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SECURITIES AND EXCHANGE COMMISSION
REGISTERED MANAGEMENT INVESTMENT COMPANIES
7337 E. Doubletree Ranch Rd., Scottsdale, AZ | 85258 | |
(Address of principal executive offices) | (Zip code) |
(Name and address of agent for service)
Date of fiscal year end: | October 31 | |||||||
Date of reporting period: | November 1, 2007 to October 31, 2008 |
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n | ING International SmallCap Multi-Manager Fund (formerly, ING International SmallCap Fund) |
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as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357701.gif)
(1) | This MSCI World Indexsm is an unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of October 31, 2008
(as a percent of net assets)
ENI S.p.A. | 1.7 | % | ||
BP PLC | 1.6 | % | ||
Bank of America Corp. | 1.6 | % | ||
Total SA | 1.6 | % | ||
General Electric Co. | 1.5 | % | ||
Vivendi | 1.5 | % | ||
BNP Paribas | 1.5 | % | ||
Pfizer, Inc. | 1.4 | % | ||
Intesa Sanpaolo S.p.A. | 1.4 | % | ||
Citigroup, Inc. | 1.4 | % |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357773.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||||||||||||||||||
Since Inception | Since Inception | Since Inception | Since Inception | Since Inception | Since Inception | |||||||||||||||||||||||||||
of Class A | of Class B | of Class C | of Class I | of Class O | of Class W | |||||||||||||||||||||||||||
1 Year | 5 Year | September 17, 2003 | October 24, 2003 | October 29, 2003 | August 1, 2007 | November 15, 2006 | February 12, 2008 | |||||||||||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||||||||||||||
Class A(1) | (44.25 | )% | 2.22 | % | 3.13 | % | — | — | — | — | — | |||||||||||||||||||||
Class B(2) | (43.93 | )% | 2.39 | % | — | 2.89 | % | — | — | — | — | |||||||||||||||||||||
Class C(3) | (41.81 | )% | 2.70 | % | — | — | 2.78 | % | — | — | ||||||||||||||||||||||
Class I | (40.49 | )% | — | — | — | — | (30.13 | )% | — | — | ||||||||||||||||||||||
Class O | (40.83 | )% | — | — | — | — | — | (17.78 | )% | — | ||||||||||||||||||||||
Class W | — | — | — | — | — | — | — | (31.78 | )% | |||||||||||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||||||||||||||
Class A | (40.84 | )% | 3.44 | % | 4.33 | % | — | — | — | — | — | |||||||||||||||||||||
Class B | (41.32 | )% | 2.69 | % | — | 3.04 | % | — | — | — | — | |||||||||||||||||||||
Class C | (41.29 | )% | 2.70 | % | — | 2.78 | % | — | — | — | ||||||||||||||||||||||
Class I | (40.49 | )% | — | — | — | — | (30.13 | )% | — | — | ||||||||||||||||||||||
Class O | (40.83 | )% | — | — | — | — | (17.78 | )% | — | |||||||||||||||||||||||
Class W | — | — | — | — | — | — | — | (31.78 | )% | |||||||||||||||||||||||
MSCI World Indexsm(4) | (41.85 | )% | 1.73 | % | 2.86 | %(5) | 1.73 | %(6) | 1.73 | %(6) | (31.13 | )% | (16.33 | )%(7) | (33.50 | )%(8) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 1%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The MSCI World Indexsm is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
(5) | Since inception performance for the index is shown from October 1, 2003. |
(6) | Since inception performance for the index is shown from November 1, 2003. |
(7) | Since inception performance for the index is shown from November 1, 2006. |
(8) | Since inception performance for the index is shown from February 1, 2008. |
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as of October 31, 2008
(as a percent of net assets)
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(1) | The S&P 500® Index is an unmanaged index that measures the performance of securities of approximately 500 of the largest companies in the United States. |
(2) | The S&P North American Natural Resources Sector Index (formerly, the S&P GSSI Natural Resources Index) is an unmanaged index and a market-capitalization weighted index of stocks designed to measure the performance of companies in the natural resources sector, which includes energy, precious metals, timber and other sub-sectors. Each sector index is a modified-capitalization weighted index, the constituents of which are selected according to objective screening criteria. The weight of a particular stock in each Sector Index is capped at a cap level determined on a sector-by-sector basis. |
as of October 31, 2008
(as a percent of net assets)
ExxonMobil Corp. | 12.0 | % | ||
Chevron Corp. | 8.8 | % | ||
Schlumberger Ltd. | 5.0 | % | ||
ConocoPhillips | 4.9 | % | ||
Encana Corp. | 4.7 | % | ||
Apache Corp. | 4.7 | % | ||
Occidental Petroleum Corp. | 4.6 | % | ||
Devon Energy Corp. | 4.2 | % | ||
Marathon Oil Corp. | 3.5 | % | ||
Royal Dutch Shell PLC ADR – Class A | 3.5 | % |
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Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||||||
Since Inception | Since Inception | |||||||||||||||||||
of Class I | of Class W | |||||||||||||||||||
1 Year | 5 Year | 10 Year | August 1, 2007 | February 12, 2008 | ||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||
Class A(1) | (44.53 | )% | 4.37 | % | 9.99 | % | — | |||||||||||||
Class I | (40.87 | )% | — | — | (25.50 | )% | — | |||||||||||||
Class W | — | — | — | — | (34.66 | )% | ||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||
Class A | (41.12 | )% | 5.60 | % | 10.63 | % | — | — | ||||||||||||
Class I | (40.87 | )% | — | — | (25.20 | )% | — | |||||||||||||
Class W | — | — | — | — | (34.66 | )% | ||||||||||||||
S&P 500® Index(2) | (36.10 | )% | 0.26 | % | 0.40 | % | (26.24 | )% | (28.56 | )%(4) | ||||||||||
S&P North American Natural Resources Sector Index(3) | (39.50 | )% | 13.17 | % | 8.31 | % | (26.70 | )% | (33.57 | )%(4) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | The S&P 500® Index is an unmanaged index that measures the performance of securities of approximately 500 of the largest companies in the United States. |
(3) | The S&P North American Natural Resources Sector Index (formerly, the S&P GSSI Natural Resources Index) is an unmanaged index and a market-capitalization weighted index of stocks designed to measure the performance of companies in the natural resources sector, which includes energy, precious metals, timber and other sub-sectors. Each sector index is a modified-capitalization weighted index, the constituents of which are selected according to objective screening criteria. The weight of a particular stock in each Sector Index is capped at a cap level determined on a sector-by-sector basis. |
(4) | Since inception performance for index is shown from February 1, 2008. |
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as of October 31, 2008
(as a percent of net assets)
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as of October 31, 2008
(as a percent of net assets)
Westfield Group | 6.0 | % | ||
Mitsubishi Estate Co., Ltd. | 5.4 | % | ||
Simon Property Group, Inc. | 5.0 | % | ||
Unibail | 4.3 | % | ||
Cheung Kong Holdings Ltd. | 3.8 | % | ||
Mitsui Fudosan Co., Ltd. | 3.5 | % | ||
Federal Realty Investment Trust | 2.7 | % | ||
Vornado Realty Trust | 2.7 | % | ||
Ventas, Inc. | 2.4 | % | ||
Sun Hung Kai Properties Ltd. | 2.3 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund and securities lending collateral. |
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Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||||||||||||||||||
Since Inception | Since Inception | Since Inception | Since Inception | Since Inception | Since Inception | |||||||||||||||||||||||||||
of Class A | of Class B | of Class C | of Class I | of Class O | of Class W | |||||||||||||||||||||||||||
1 Year | 5 Year | November 5, 2001 | March 15, 2002 | January 8, 2002 | June 3, 2005 | November 15, 2006 | February 12, 2008 | |||||||||||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||||||||||||||
Class A(1) | (49.11 | )% | 5.43 | % | 9.40 | % | — | — | — | — | — | |||||||||||||||||||||
Class B(2) | (48.98 | )% | 5.60 | % | — | 8.25 | % | — | — | — | — | |||||||||||||||||||||
Class C(3) | (46.90 | )% | 5.94 | % | — | — | 8.55 | % | — | — | — | |||||||||||||||||||||
Class I | (45.77 | )% | — | — | — | — | (1.68 | )% | — | — | ||||||||||||||||||||||
Class O | (46.03 | )% | — | — | — | — | — | (21.35 | )% | — | ||||||||||||||||||||||
Class W | — | — | — | — | — | — | — | (33.53 | )% | |||||||||||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||||||||||||||
Class A | (46.00 | )% | 6.69 | % | 10.33 | % | — | — | — | — | — | |||||||||||||||||||||
Class B | (46.40 | )% | 5.89 | % | — | 8.25 | % | — | — | — | — | |||||||||||||||||||||
Class C | (46.38 | )% | 5.91 | % | — | — | 8.55 | % | — | — | — | |||||||||||||||||||||
Class I | (45.77 | )% | — | — | — | — | (1.68 | )% | — | — | ||||||||||||||||||||||
Class O | (46.03 | )% | — | — | — | — | — | (21.35 | )% | — | ||||||||||||||||||||||
Class W | — | — | — | — | — | — | — | (33.53 | )% | |||||||||||||||||||||||
S&P Developed Property Index(4) | (51.48 | )% | 4.01 | % | 8.14 | %(5) | 6.96 | %(6) | 7.48 | %(7) | (5.38 | )%(8) | (28.45 | )%(9) | (13.33 | )%(10) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The S&P Developed Property Index (formerly, the S&P/Citigroup BMI World Property Index) is an unmanaged float-adjusted index which defines and measure the investable universe of publicly traded property companies domiciled in developed countries that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. |
(5) | Since inception performance for index is shown from November 1, 2001. |
(6) | Since inception performance for index is shown from March 1, 2002. |
(7) | Since inception performance for index is shown from January 1, 2002. |
(8) | Since inception performance for index is shown from June 1, 2005. |
(9) | Since inception performance for index is shown from November 1, 2006. |
(10) | Since inception performance for index is shown from February 1, 2008. |
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as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a5.gif)
(1) | The MSCI ACWIsm is a free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. |
as of October 31, 2008
(as a percent of net assets)
Nippon Telegraph & Telephone Corp. ADR | 4.5 | % | ||
Anglogold Ashanti Ltd. ADR | 4.0 | % | ||
Newmont Mining Corp. | 3.9 | % | ||
Sanofi-Aventis ADR | 3.8 | % | ||
Barrick Gold Corp. | 3.5 | % | ||
Korea Electric Power Corp. ADR | 3.2 | % | ||
Stolt-Nielsen SA | 3.0 | % | ||
Centrais Eletricas Brasileiras SA ADR – Class B | 2.9 | % | ||
Sekisui House Ltd. | 2.8 | % | ||
UBS AG – New | 2.6 | % |
* | Excludes short-term investments related to securities lending collateral. |
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Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||
Since Inception | ||||||||||||||||
of Class I | ||||||||||||||||
1 Year | 5 Year | 10 Year | September 6, 2006 | |||||||||||||
Including Sales Charge: | ||||||||||||||||
Class A(1) | (43.77 | )% | 1.73 | % | 1.89 | % | — | |||||||||
Class B(2) | (43.77 | )% | 1.88 | % | 1.80 | % | — | |||||||||
Class C(3) | (41.39 | )% | 2.25 | % | 1.81 | % | — | |||||||||
Class I | (40.13 | )% | — | — | (9.71 | )% | ||||||||||
Class Q | (40.31 | )% | 3.18 | % | 2.74 | % | — | |||||||||
Excluding Sales Charge: | ||||||||||||||||
Class A | (40.34 | )% | 2.94 | % | 2.49 | % | — | |||||||||
Class B | (40.81 | )% | 2.25 | % | 1.80 | % | — | |||||||||
Class C | (40.79 | )% | 2.25 | % | 1.81 | % | — | |||||||||
Class I | (40.13 | )% | — | — | (9.71 | )% | ||||||||||
Class Q | (40.31 | )% | 3.18 | % | 2.74 | % | — | |||||||||
MSCI ACWISM(4) | (43.57 | )% | 2.13 | % | 1.60 | %(5) | (13.21 | )%(6) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The MSCI ACWISM is a free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. |
(5) | Net return for index is shown from November 1, 2002. |
(6) | Since inception performance for the index is shown from September 1, 2006. |
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Japan | 43.9 | % | |||
Hong Kong | 30.4 | % | |||
Australia | 22.2 | % | |||
Singapore | 8.0 | % | |||
New Zealand | 1.3 | % | |||
Other Assets and Liabilities – Net | (5.8 | )% | |||
Net Assets | 100.0 | % |
(1) | The S&P Asia-Pacific Property Index is an unmanaged float-adjusted index which defines and measures the investable universe of publicly traded property companies domiciled in developed countries in the Asia Pacific region, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. |
as of October 31, 2008
(as a percent of net assets)
Mitsubishi Estate Co., Ltd. | 12.6 | % | ||
Westfield Group | 12.5 | % | ||
Mitsui Fudosan Co., Ltd. | 9.6 | % | ||
Cheung Kong Holdings Ltd. | 8.8 | % | ||
Sun Hung Kai Properties Ltd. | 6.3 | % | ||
Nippon Building Fund, Inc. | 4.6 | % | ||
Japan Real Estate Investment Corp. | 4.1 | % | ||
Sumitomo Realty & Development Co., Ltd. | 3.7 | % | ||
Hang Lung Properties Ltd. | 3.5 | % | ||
Stockland | 2.7 | % |
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Cumulative Total Returns for the Period Ended October 31, 2008 | ||||
Since Inception | ||||
of Classes A, B, C, and I | ||||
November 1, 2007 | ||||
Including Sales Charge: | ||||
Class A(1) | (56.90 | )% | ||
Class B(2) | (56.88 | )% | ||
Class C(3) | (55.07 | )% | ||
Class I | (54.25 | )% | ||
Excluding Sales Charge: | ||||
Class A | (54.27 | )% | ||
Class B | (54.63 | )% | ||
Class C | (54.62 | )% | ||
Class I | (54.25 | )% | ||
S&P Asia-Pacific Property Index(4) | (57.16 | )% |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% for the since inception return. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the since inception return. |
(4) | The S&P Asia-Pacific Property Index is an unmanaged float-adjusted index which defines and measures the investable universe of publicly traded property companies domiciled in developed countries in the Asia Pacific region, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. |
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Japan | 27.1 | % | |||
United Kingdom | 13.7 | % | |||
France | 10.7 | % | |||
Germany | 8.1 | % | |||
Canada | 6.9 | % | |||
Switzerland | 6.9 | % | |||
Italy | 5.9 | % | |||
Australia | 5.1 | % | |||
South Korea | 3.2 | % | |||
Netherlands | 2.3 | % | |||
Hong Kong | 2.0 | % | |||
Belgium | 1.8 | % | |||
Countries less than 1.8%(1) | 6.9 | % | |||
Other Assets and Liabilities – Net* | (0.6 | )% | |||
Net Assets | 100.0 | % |
* | Includes short-term investments related to repurchase agreement. |
(1) | Includes ten countries, which each represents less than 1.8% of net assets. |
(1) | The S&P Developed ex-US SmallCap Index (formerly, the S&P/Citigroup Extended Market Index World ex-U.S.) is an unmanaged float-adjusted index which captures the smallest 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US $100 million or greater and a minimum annual trading liquidity of US $50 million. |
Instituto Finanziario Industriale S.p.A. | 1.2 | % | |||
Rinnai Corp. | 1.2 | % | |||
Brit Insurance Holdings PLC | 1.2 | % | |||
WH Smith PLC | 1.2 | % | |||
Catlin Group Ltd. | 1.2 | % | |||
Fuji Soft, Inc. | 1.1 | % | |||
PSP Swiss Property AG | 1.1 | % | |||
Safran SA | 1.1 | % | |||
Deutsche Lufthansa AG | 1.1 | % | |||
Norddeutsche Affinerie AG | 1.0 | % |
* | Excludes short-term investments related to repurchase agreement. |
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Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||
Since Inception | ||||||||
of Classes A, B, C and I | ||||||||
1 Year | December 20, 2006 | |||||||
Including Sales Charge: | ||||||||
Class A(1) | (56.32 | )% | (28.98 | )% | ||||
Class B(2) | (56.29 | )% | (28.78 | )% | ||||
Class C(3) | (54.49 | )% | (27.24 | )% | ||||
Class I | (53.58 | )% | (26.49 | )% | ||||
Excluding Sales Charge: | ||||||||
Class A | (53.65 | )% | (26.69 | )% | ||||
Class B | (54.04 | )% | (27.24 | )% | ||||
Class C | (54.04 | )% | (27.24 | )% | ||||
Class I | (53.58 | )% | (26.49 | )% | ||||
S&P Developed ex-US SmallCap Index(4) | (53.76 | )% | (27.90 | )%(5) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 4%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The S&P Developed ex-US SmallCap Index (formerly, the S&P/Citigroup Extended Market Index ex-U.S.) is an unmanaged float-adjusted index which captures the smallest 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US $100 million or greater and a minimum annual trading liquidity of US $50 million. |
(5) | Since inception performance for the index is shown from January 1, 2007. |
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as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357796.gif)
(1) | Effective June 10, 2008, IIMA began sub-advising the Fund. Prior the June 10, 2008, the Fund was sub-advised by Brandes Investment Partners, L.P. |
(2) | The MSCI EM Indexsm is an unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of October 31, 2008
(as a percent of net assets)
Teva Pharmaceutical Industries Ltd. ADR | 4.4 | % | ||
China Mobile Ltd. | 4.1 | % | ||
Taiwan Semiconductor Manufacturing Co., Ltd. | 3.9 | % | ||
Samsung Electronics Co., Ltd. | 3.9 | % | ||
iShares MSCI Taiwan Index Fund | 3.7 | % | ||
OAO Gazprom ADR | 2.8 | % | ||
Bharti Airtel Ltd. | 2.7 | % | ||
iShares FTSE/Xinhua China 25 Index Fund | 2.6 | % | ||
OAO Rosneft Oil Co. GDR | 2.2 | % | ||
Housing Development Finance Corp. | 2.2 | % |
* | Excludes short-term investments related to securities lending collateral. |
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Average Annual Total Returns For The Periods Ended October 31, 2008 | ||||||||||||||||||||
Since Inception | Since Inception | |||||||||||||||||||
of Class I | of Class W | |||||||||||||||||||
1 Year | 5 Year | 10 Year | December 21, 2005 | February 12, 2008 | ||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||
Class A(1) | (61.96 | )% | (1.36 | )% | 3.18 | % | — | — | ||||||||||||
Class B(2) | (61.88 | )% | (1.29 | )% | 3.13 | % | — | — | ||||||||||||
Class C(3) | (60.31 | )% | (0.92 | )% | 2.99 | % | — | — | ||||||||||||
Class I | (59.48 | )% | — | — | (12.96 | )% | ||||||||||||||
Class Q | (59.53 | )% | (0.04 | )% | 3.95 | % | — | — | ||||||||||||
Class W | — | — | — | — | (53.42 | )% | ||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||
Class A | (59.64 | )% | (0.18 | )% | 3.79 | % | — | — | ||||||||||||
Class B | (59.94 | )% | (0.91 | )% | 3.13 | % | — | — | ||||||||||||
Class C | (59.92 | )% | (0.92 | )% | 2.99 | % | — | — | ||||||||||||
Class I | (59.48 | )% | — | — | (12.96 | )% | ||||||||||||||
Class Q | (59.53 | )% | (0.04 | )% | 3.95 | % | — | — | ||||||||||||
Class W | — | — | — | — | (53.42 | )% | ||||||||||||||
MSCI EM IndexSM(4) | (56.35 | )% | 9.51 | %(5) | 10.05 | % | (5.09 | )%(6) | (46.51 | )%(7) |
* | Prior to October 31, 2001, the MSCI EM IndexSM did not include the deduction of withholding taxes. |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The MSCI EM 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. |
(5) | Net return for index is shown from November 1, 2002. |
(6) | Since inception performance for index is shown from January 1, 2006. |
(7) | Since inception performance for index is shown from February 1, 2008. |
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as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a6.gif)
(1) | The S&P Europe Property Index is an unmanaged float-adjusted index which defines and measures the investable universe of publicly traded property companies domiciled in developed European countries, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. |
as of October 31, 2008
(as a percent of net assets)
Unibail | 19.9 | % | ||
Land Securities Group PLC | 13.9 | % | ||
British Land Co. PLC | 6.5 | % | ||
Hammerson PLC | 4.7 | % | ||
Corio NV | 4.6 | % | ||
Wereldhave NV | 4.5 | % | ||
Societe Immobiliere de Location pour l’Industrie et le Commerce | 3.5 | % | ||
Mercialys | 3.2 | % | ||
Eurocommercial Properties NV | 3.1 | % | ||
Deutsche Euroshop AG | 2.9 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund. |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357780.gif)
Cumulative Total Returns for the Period Ended October 31, 2008 | ||||
Since Inception | ||||
of Classes A, B, C and I | ||||
November 1, 2007 | ||||
Including Sales Charge: | ||||
Class A(1) | (49.03) | % | ||
Class B(2) | (49.00) | % | ||
Class C(3) | (47.10) | % | ||
Class I | (45.77) | % | ||
Excluding Sales Charge: | ||||
Class A | (45.92) | % | ||
Class B | (46.34) | % | ||
Class C | (46.57) | % | ||
Class I | (45.77) | % | ||
S&P Europe Property Index(4) | (56.24) | % |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% for the since inception return. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the since inception return. |
(4) | The S&P Europe Property Index is an unmanaged float-adjusted index which defines and measures the investable universe of publicly traded property companies domiciled in developed European countries, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. |
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Table of Contents
as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a7.gif)
(1) | The MSCI ACWI (ex-US) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the US. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of October 31, 2008
(as a percent of net assets)
Lyxor ETF DJ Stoxx 600 Banks | 4.9 | % | ||
Total SA | 3.8 | % | ||
Nestle SA | 2.9 | % | ||
Sanofi-Aventis | 2.6 | % | ||
Komercni Banka A/S | 2.5 | % | ||
E.ON AG | 2.4 | % | ||
Unilever NV | 2.3 | % | ||
Tracker Fund of Hong Kong | 2.2 | % | ||
Roche Holding AG | 2.1 | % | ||
Novartis AG | 2.1 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund and securities lending collateral. |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357781.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||||||||||||||||||
Since Inception | Since Inception | Since Inception | Since Inception | Since Inception | Since Inception | |||||||||||||||||||||||||||
of Class A | of Class B | of Class C | of Class I | of Class Q | of Class W | |||||||||||||||||||||||||||
1 Year | 5 Year | July 1, 2003 | July 8, 2003 | July 7, 2003 | September 8, 2003 | July 10, 2003 | February 12, 2008 | |||||||||||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||||||||||||||
Class A(1) | (50.07 | )% | 2.82 | % | 4.51 | % | — | — | — | — | — | |||||||||||||||||||||
Class B(2) | (49.87 | )% | 2.91 | % | — | 4.19 | % | — | — | — | — | |||||||||||||||||||||
Class C(3) | (47.89 | )% | 3.26 | % | — | — | 4.41 | % | — | — | — | |||||||||||||||||||||
Class I | (46.82 | )% | 4.36 | % | — | — | — | 5.02 | % | — | — | |||||||||||||||||||||
Class Q | (47.00 | )% | 4.09 | % | — | — | — | 5.47 | % | — | ||||||||||||||||||||||
Class W | — | — | — | — | — | — | — | (37.94) | % | |||||||||||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||||||||||||||
Class A | (47.01 | )% | 4.04 | % | 5.67 | % | — | — | — | — | — | |||||||||||||||||||||
Class B | (47.42 | )% | 3.26 | % | — | 4.35 | % | — | — | — | — | |||||||||||||||||||||
Class C | (47.40 | )% | 3.26 | % | — | — | 4.41 | % | — | — | — | |||||||||||||||||||||
Class I | (46.82 | )% | 4.36 | % | — | — | — | 5.02 | % | — | — | |||||||||||||||||||||
Class Q | (47.00 | )% | 4.09 | % | — | — | — | 5.47 | % | — | ||||||||||||||||||||||
Class W | — | — | — | — | — | — | — | (37.94) | % | |||||||||||||||||||||||
MSCI ACWI (ex-US)(4) | (48.53 | )% | 4.61 | % | 7.20 | % | 7.20 | %(5) | 7.20 | %(5) | 6.30 | %(6) | 7.20 | %(5) | (39.43) | %(7) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The MSCI ACWI (ex-US) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
(5) | Since inception performance for the index is shown from July 1, 2003. |
(6) | Since inception performance for the index is shown from September 1, 2003. |
(7) | Since inception performance for the index is shown from February 1, 2008. |
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Table of Contents
as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a8.gif)
(1) | The MSCI All Countries Golden Dragon Index is a broad-based, unmanaged index of common stocks traded in China, Hong Kong and Taiwan. It is an aggregate of the MSCI Hong Kong Index, the MSCI China Free Index and the MSCI Taiwan Index. |
as of October 31, 2008
(as a percent of net assets)
China Mobile Ltd. | 10.0 | % | ||
China Life Insurance Co., Ltd. | 4.8 | % | ||
Chunghwa Telecom Co., Ltd. | 4.4 | % | ||
AU Optronics Corp. | 3.8 | % | ||
Taiwan Semiconductor Manufacturing Co., Ltd. | 3.7 | % | ||
Hong Kong Exchanges and Clearing Ltd. | 3.6 | % | ||
Hutchison Whampoa Ltd. | 3.6 | % | ||
China Overseas Land & Investment Ltd. | 3.6 | % | ||
Industrial and Commercial Bank of China Ltd. | 3.5 | % | ||
CNOOC Ltd. | 3.4 | % |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357782.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||||||||||
Since Inception | Since Inception | Since Inception | Since Inception | Since Inception | ||||||||||||||||||||
of Class A | of Class B | of Class C | of Class I | of Class O | ||||||||||||||||||||
1 Year | December 21, 2005 | January 6, 2006 | January 11, 2006 | May 8, 2006 | June 4, 2008 | |||||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||||||
Class A(1) | (60.06 | )% | (0.71 | )% | — | — | — | — | ||||||||||||||||
Class B(2) | (59.83 | )% | — | (2.37 | )% | — | — | — | ||||||||||||||||
Class C(3) | (58.32 | )% | — | — | (1.66 | )% | — | — | ||||||||||||||||
Class I | (57.42 | )% | — | — | — | (7.86 | )% | — | ||||||||||||||||
Class O | — | — | — | — | — | (44.98 | )% | |||||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||||||
Class A | (57.63 | )% | 1.36 | % | — | — | — | — | ||||||||||||||||
Class B | (57.95 | )% | — | (1.43 | )% | — | — | — | ||||||||||||||||
Class C | (57.94 | )% | — | — | (1.66 | )% | — | — | ||||||||||||||||
Class I | (57.42 | )% | — | — | — | (7.86 | )% | — | ||||||||||||||||
Class O | — | — | — | — | — | (44.98 | )% | |||||||||||||||||
MSCI All Countries Golden Dragon Index(4) | (58.18 | )% | (5.86 | )%(5) | (5.86 | )%(5) | (5.86 | )%(5) | (12.02 | )%(6) | (48.56 | )%(7) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The MSCI All Countries Golden Dragon Index is a broad-based, unmanaged index of common stocks traded in China, Hong Kong and Taiwan. It is an aggregate of the MSCI Hong Kong Index, the MSCI China Free Index and the MSCI Taiwan Index. |
(5) | Since inception performance for the index is shown from January 1, 2006. |
(6) | Since inception performance for the index is shown from May 1, 2006. |
(7) | Since inception performance for the index is shown from June 1, 2008. |
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Table of Contents
as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a9.gif)
(1) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of October 31, 2008
(as a percent of net assets)
Novartis AG | 2.0 | % | ||
Total SA | 1.9 | % | ||
Roche Holding AG | 1.8 | % | ||
BP PLC | 1.7 | % | ||
Nestle SA | 1.7 | % | ||
Telefonica SA | 1.4 | % | ||
HSBC Holdings PLC | 1.4 | % | ||
Royal Dutch Shell PLC – Class B | 1.4 | % | ||
AstraZeneca PLC | 1.3 | % | ||
Nokia OYJ | 1.2 | % |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357783.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||
Since Inception | Since Inception | Since Inception | ||||||||||||||
of Classes A and I | of Classes B and C | of Class O | ||||||||||||||
1 Year | December 21, 2005 | January 12, 2006 | November 9, 2007 | |||||||||||||
Including Sales Charge: | ||||||||||||||||
Class A(1) | (51.47 | )% | (11.84 | )% | — | — | ||||||||||
Class B(2) | (51.14 | )% | — | (12.76 | )% | |||||||||||
Class C(3) | (49.37 | )% | — | (12.02 | )% | |||||||||||
Class I | (48.12 | )% | (9.41 | )% | — | — | ||||||||||
Class O | — | — | — | (45.16 | )% | |||||||||||
Excluding Sales Charge: | ||||||||||||||||
Class A | (48.51 | )% | (10.00 | )% | — | — | ||||||||||
Class B | (48.88 | )% | — | (11.94 | )% | |||||||||||
Class C | (48.91 | )% | — | (12.02 | )% | |||||||||||
Class I | (48.12 | )% | (9.41 | )% | — | — | ||||||||||
Class O | — | — | — | (45.16 | )% | |||||||||||
MSCI EAFE® Index(4) | (46.62 | )% | (7.86 | )%(5) | (7.86 | )%(5) | (46.62 | )%(6) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in markets in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
(5) | Since inception performance for the index is shown from January 1, 2006. |
(6) | Since inception performance for the index is shown from November 1, 2007. |
25
Table of Contents
as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a10.gif)
(1) | The MSCI ACWI (ex-US) is a free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of October 31, 2008
(as a percent of net assets)
Roche Holding AG | 2.6 | % | ||
Rogers Communications, Inc. | 2.4 | % | ||
Iliad SA | 2.4 | % | ||
Autonomy Corp. PLC | 2.3 | % | ||
Novartis AG | 2.1 | % | ||
Esprit Holdings Ltd. | 2.1 | % | ||
Nintendo Co., Ltd. | 2.0 | % | ||
Focus Media Holding Ltd. ADR | 2.0 | % | ||
Manulife Financial Corp. | 2.0 | % | ||
Telefonica SA | 1.9 | % |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357784.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||
Since Inception | Since Inception | Since Inception | ||||||||||||||
of Classes A and I | of Class B | of Class C | ||||||||||||||
1 Year | December 21, 2005 | January 9, 2006 | January 24, 2006 | |||||||||||||
Including Sales Charge: | ||||||||||||||||
Class A(1) | (55.42 | )% | (12.60 | )% | — | — | ||||||||||
Class B(2) | (55.26 | )% | — | (13.80 | )% | — | ||||||||||
Class C(3) | (53.44 | )% | — | — | (12.65 | )% | ||||||||||
Class I | (52.48 | )% | (10.47 | )% | — | — | ||||||||||
Excluding Sales Charge: | ||||||||||||||||
Class A | (52.69 | )% | (10.77 | )% | — | — | ||||||||||
Class B | (53.01 | )% | — | (12.92 | )% | — | ||||||||||
Class C | (52.99 | )% | — | — | 12.65 | % | ||||||||||
Class I | (52.48 | )% | (10.47 | )% | — | — | ||||||||||
MSCI ACWI (ex-US)(4) | (48.53 | )% | (7.24 | )%(5) | (7.24 | )%(5) | (9.69 | )%(6) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The MSCI ACWI (ex-US) is a free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
(5) | Since inception performance for the index is shown from January 1, 2006. |
(6) | Since inception performance for the index is shown from February 1, 2006. |
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Table of Contents
as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a11.gif)
(1) | The MSCI World ex-US IndexSM is an unmanaged index that comprises the entire developed world less the United States. The designation of a country as developed arises primarily as a measurement of GDP per capital. |
as of October 31, 2008
(as a percent of net assets)
Royal Dutch Shell PLC | 2.2 | % | ||
Total SA | 2.2 | % | ||
BP PLC | 2.2 | % | ||
ENI S.p.A. | 2.2 | % | ||
United Utilities Group PLC | 2.1 | % | ||
Enerplus Resources Fund | 2.0 | % | ||
Sanofi-Aventis | 1.9 | % | ||
AstraZeneca PLC | 1.9 | % | ||
E.ON AG | 1.9 | % | ||
Scottish & Southern Energy PLC | 1.9 | % |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357785.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||
Since Inception | Since Inception | |||||||||||
of Classes A, B, C and I | of Class W | |||||||||||
1 Year | June 28, 2007 | February 12, 2008 | ||||||||||
Including Sales Charge: | ||||||||||||
Class A(1) | (49.82 | )% | (37.61 | )% | — | |||||||
Class B(2) | (49.73 | )% | (37.12 | )% | — | |||||||
Class C(3) | (47.70 | )% | (35.27 | )% | — | |||||||
Class I | (46.64 | )% | (34.62 | )% | — | |||||||
Class W | — | — | (37.11 | )% | ||||||||
Excluding Sales Charge: | ||||||||||||
Class A | (46.79 | )% | (34.80 | )% | — | |||||||
Class B | (47.19 | )% | (35.26 | )% | — | |||||||
Class C | (47.20 | )% | (35.27 | )% | — | |||||||
Class I | (46.64 | )% | (34.62 | )% | — | |||||||
Class W | — | — | (37.11 | )% | ||||||||
MSCI World ex-US IndexSM(4) | (46.55 | )% | (34.15 | )%(5) | (37.69 | )%(6) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 4%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | 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 capita. |
(5) | Since inception performance for the index is shown from July 1, 2007. |
(6) | Since inception performance for the index is shown from February 1, 2008. |
29
Table of Contents
as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a12.gif)
(1) | The MSCI EAFE® Growth Indexsm is an unmanaged index that measures the performance in 20 countries within Europe, Australasia and the Far East with a greater-than-average growth orientation. |
as of October 31, 2008
(as a percent of net assets)
Anglo American PLC | 4.2 | % | ||
Bayer AG | 4.1 | % | ||
ARM Holdings PLC | 4.0 | % | ||
Tesco PLC | 4.0 | % | ||
Namco Bandai Holdings, Inc. | 3.9 | % | ||
Mitsubishi UFJ Financial Group PLC | 3.8 | % | ||
Imperial Tobacco Group PLC | 3.7 | % | ||
Nokia OYJ | 3.6 | % | ||
InBev NV | 3.6 | % | ||
Li & Fung Ltd. | 3.5 | % |
* | Excludes short-term investments related to securities lending collateral. |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357786.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||||||||||||||
Since Inception | Since Inception | Since Inception | Since Inception | |||||||||||||||||||||||||
of Class B | of Class C | of Class I | of Class Q | |||||||||||||||||||||||||
1 Year | 5 Year | 10 Year | August 22, 2000 | September 15, 2000 | January 15, 2002 | February 26, 2001 | ||||||||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||||||||||
Class A(1) | (57.61 | )% | (2.46 | )% | 0.40 | % | — | — | — | — | ||||||||||||||||||
Class B(2) | (57.27 | )% | (2.33 | )% | — | (4.97 | )% | — | — | — | ||||||||||||||||||
Class C(3) | (55.74 | )% | (2.02 | )% | — | — | (4.40 | )% | — | — | ||||||||||||||||||
Class I | (54.86 | )% | (0.90 | )% | — | — | — | (0.21 | )% | — | ||||||||||||||||||
Class Q | (54.96 | )% | (1.15 | )% | — | — | — | — | (2.72 | )% | ||||||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||||||||||
Class A | (55.03 | )% | (1.30 | )% | 1.00 | % | — | — | — | — | ||||||||||||||||||
Class B | (55.41 | )% | (2.03 | )% | — | (4.97 | )% | — | — | — | ||||||||||||||||||
Class C | (55.36 | )% | (2.02 | )% | — | — | (4.40 | )% | — | — | ||||||||||||||||||
Class I | (54.86 | )% | (0.90 | )% | — | — | — | (0.21 | )% | — | ||||||||||||||||||
Class Q | (54.96 | )% | (1.15 | )% | — | — | — | — | (2.72 | )% | ||||||||||||||||||
MSCI EAFE Growth IndexSM(4) | (44.85 | )% | 3.35 | % | (0.24 | )% | (4.73 | )%(5) | (3.96 | )%(5) | 1.52 | %(6) | (1.77 | )%(7) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The MSCI EAFE 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. |
(5) | Since inception performance for the index is shown from September 1, 2000. |
(6) | Since inception performance for the index is shown from January 1, 2002. |
(7) | Since inception performance for the index is shown from March 1, 2001. |
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as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a13.gif)
(1) | The S&P Developed ex-US Property Index (formerly, the S&P/Citigroup BMI World Property ex-US Index) is an unmanaged float-adjusted index which defines and measure the investable universe of publicly traded property companies domiciled in developed countries, outside of the United States, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. |
as of October 31, 2008
(as a percent of net assets)
Westfield Group | 9.8 | % | ||
Mitsubishi Estate Co., Ltd. | 8.7 | % | ||
Unibail | 7.6 | % | ||
Cheung Kong Holdings Ltd. | 7.1 | % | ||
Mitsui Fudosan Co., Ltd. | 6.2 | % | ||
Sun Hung Kai Properties Ltd. | 3.6 | % | ||
Land Securities Group PLC | 3.5 | % | ||
Japan Real Estate Investment Corp. | 2.8 | % | ||
Nippon Building Fund, Inc. | 2.7 | % | ||
Link Real Estate Investment Trust | 2.4 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund. |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357787.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||
Since Inception | Since Inception | |||||||||||
of Classes A, B, C and I | of Class W | |||||||||||
1 Year | February 28, 2006 | February 12, 2008 | ||||||||||
Including Sales Charge: | ||||||||||||
Class A(1) | (53.17 | )% | (12.31 | )% | — | |||||||
Class B(2) | (53.09 | )% | (11.95 | )% | — | |||||||
Class C(3) | (51.16 | )% | (11.02 | )% | — | |||||||
Class I | (50.14 | )% | (10.07 | )% | — | |||||||
Class W | — | — | (38.91 | )% | ||||||||
Excluding Sales Charge: | ||||||||||||
Class A | (50.31 | )% | (10.35 | )% | — | |||||||
Class B | (50.72 | )% | (11.00 | )% | — | |||||||
Class C | (50.69 | )% | (11.02 | )% | — | |||||||
Class I | (50.14 | )% | (10.07 | )% | — | |||||||
Class W | — | — | (38.91 | )% | ||||||||
S&P Developed ex-US Property Index(4) | (56.64 | )% | (15.31 | )%(5) | (47.93 | )%(6) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The S&P Developed ex-US Property Index (formerly, the S&P/Citigroup BMI World Property ex-US Index) is an unmanaged float-adjusted index which defines and measure the investable universe of publicly traded property companies domiciled in developed countries, outside of the United States, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. |
(5) | Since inception performance of the index is shown from March 1, 2006. |
(6) | Since inception performance of the index is shown from February 1, 2008. |
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as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a14.gif)
(1) | Schroders began managing its portion of the Fund effective December 17, 2007. |
(2) | The S&P Developed ex-US SmallCap Index (formerly, the S&P/Citigroup Extended Market Index (“EMI”) World ex-US Index) is an unmanaged float-adjusted index which captures the bottom 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US$100 million or greater and a minimum annual trading liquidity of US$50 million. |
(3) | The S&P EPAC SmallCap Index (formerly, the S&P/Citigroup EMI EPAC Index) is an unmanaged float-adjusted index which captures the bottom 15% of companies in the developed European and Pacific markets, based on the cumulative market capitalization of each country, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US $100 million or greater and a minimum annual trading liquidity of US $50 million. |
as of October 31, 2008
(as a percent of net assets)
Singapore Petroleum Co., Ltd. | 1.4 | % | ||
Norddeutsche Affinerie AG | 1.2 | % | ||
Australian Worldwide Exploration Ltd. | 1.2 | % | ||
MTU Aero Engines Holding AG | 1.0 | % | ||
Rallye SA | 1.0 | % | ||
Centennial Coal Co., Ltd. | 1.0 | % | ||
Methanex Corp. | 1.0 | % | ||
Aggreko PLC | 1.0 | % | ||
Galenica AG | 0.9 | % | ||
Celestica, Inc. | 0.9 | % |
* | Excludes short-term investments related to securities lending collateral. |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357788.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||||||||||
Since Inception | Since Inception | Since Inception | ||||||||||||||||||||||
of Class I | of Class O | of Class W | ||||||||||||||||||||||
1 Year | 5 Year | 10 Year | December 21, 2005 | June 4, 2008 | February 12, 2008 | |||||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||||||
Class A(1) | (62.14 | )% | 0.10 | % | 5.60 | % | — | — | — | |||||||||||||||
Class B(2) | (61.82 | )% | 0.29 | % | 5.55 | % | — | — | — | |||||||||||||||
Class C(3) | (60.45 | )% | 0.63 | % | 5.53 | % | — | — | — | |||||||||||||||
Class I | (59.66 | )% | — | — | (13.12 | )% | — | — | ||||||||||||||||
Class O | — | — | — | — | (51.88 | )% | — | |||||||||||||||||
Class Q | (59.78 | )% | 1.48 | % | 6.45 | % | — | — | — | |||||||||||||||
Class W | — | — | — | — | — | (47.08 | )% | |||||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||||||
Class A | (59.84 | )% | 1.29 | % | 6.22 | % | — | — | — | |||||||||||||||
Class B | (60.10 | )% | 0.64 | % | 5.55 | % | — | — | — | |||||||||||||||
Class C | (60.11 | )% | 0.63 | % | 5.53 | % | — | — | — | |||||||||||||||
Class I | (59.66 | )% | — | — | (13.12 | )% | — | — | ||||||||||||||||
Class O | — | — | — | — | (51.88 | )% | — | |||||||||||||||||
Class Q | (59.78 | )% | 1.48 | % | 6.45 | % | — | — | — | |||||||||||||||
Class W | — | — | — | — | — | (47.08 | )% | |||||||||||||||||
S&P Developed ex-US SmallCap Index(4) | (53.76 | )% | 3.78 | % | 4.62 | % | (11.37 | )%(7) | (47.61 | )%(8) | (43.22 | )%(9) | ||||||||||||
S&P EPAC SmallCap Index(5) | (53.00 | )% | 3.95 | %(6) | 4.40 | % | (11.05 | )%(7) | (46.84 | )%(8) | (42.32 | )%(9) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The S&P Developed ex-US SmallCap Index (formerly, the S&P/Citigroup EMI World ex-US Index) is an unmanaged float-adjusted index which captures the bottom 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US $100 million or greater and a minimum annual trading liquidity of US $50 million. |
(5) | The S&P EPAC SmallCap Index (formerly, the S&P/Citigroup EMI EPAC Index) is an unmanaged float-adjusted index which captures the bottom 15% of companies in the developed European and Pacific markets, based on the cumulative market capitalization of each country, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US $100 million or greater and a minimum annual trading liquidity of US $50 million. |
(6) | Net return for index is shown from November 1, 2001. |
(7) | Since inception performance for the indices is shown from January 1, 2006. |
(8) | Since inception performance for the indices is shown from June 1, 2008. |
(9) | Since inception performance for the indices is shown from February 1, 2008. |
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Table of Contents
as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a15.gif)
(1) | ING IM began managing its portion of the Fund effective October 27, 2008 and the Fund will reopen to the public effective November 3, 2008. |
(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 October 31, 2008
(as a percent of net assets)
Deutsche Telekom AG | 3.1 | % | ||
Sanofi-Aventis | 3.0 | % | ||
Mitsubishi UFJ Financial Group, Inc. | 2.6 | % | ||
Telefonaktiebolaget LM Ericsson | 2.3 | % | ||
Mizuho Financial Group, Inc. | 2.1 | % | ||
Portugal Telecom SGPS SA | 2.0 | % | ||
Carrefour SA | 2.0 | % | ||
Ono Pharmaceutical Co., Ltd. | 2.0 | % | ||
Mitsui Sumitomo Insurance Group Holdings, Inc. | 2.0 | % | ||
AstraZeneca PLC | 1.9 | % |
* | Excludes short-term investments related to securities lending collateral. |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357789.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||||||
Since Inception | Since Inception | |||||||||||||||||||
of Class I | of Class Q | |||||||||||||||||||
1 Year | 5 Year | 10 Year | June 18, 2001 | January 24, 2000 | ||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||
Class A(1) | (45.88 | )% | 3.39 | % | 6.22 | % | — | — | ||||||||||||
Class B(2) | (45.40 | )% | 3.63 | % | 6.10 | % | — | — | ||||||||||||
Class C(3) | (43.42 | )% | 3.93 | % | 6.11 | % | — | — | ||||||||||||
Class I | (42.37 | )% | 5.03 | % | — | 4.07 | % | — | ||||||||||||
Class Q | (42.38 | )% | 4.86 | % | — | — | 3.19 | % | ||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||
Class A | (42.58 | )% | 4.62 | % | 6.85 | % | — | — | ||||||||||||
Class B | (43.00 | )% | 3.90 | % | 6.10 | % | — | — | ||||||||||||
Class C | (42.94 | )% | 3.93 | % | 6.11 | % | — | — | ||||||||||||
Class I | (42.37 | )% | 5.03 | % | — | 4.07 | % | — | ||||||||||||
Class Q | (42.38 | )% | 4.86 | % | — | — | 3.19 | % | ||||||||||||
MSCI EAFE® Index(4) | (46.62 | )% | 3.60 | % | 1.67 | % | 2.05 | %(5) | (1.10 | )%(6) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
(5) | Since inception performance for index is shown from July 1, 2001. |
(6) | Since inception performance for index is shown from February 1, 2000. |
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Table of Contents
as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a16.gif)
(1) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in markets in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of October 31, 2008
(as a percent of net assets)
Sanofi-Aventis | 4.1 | % | ||
Dai Nippon Printing Co., Ltd. | 3.9 | % | ||
Royal Dutch Shell PLC ADR – Class B | 3.8 | % | ||
Stora Enso OYJ (Euro Denominated Security) | 3.7 | % | ||
Nippon Telegraph & Telephone Corp. ADR | 3.4 | % | ||
Anglogold Ashanti Ltd. ADR | 3.3 | % | ||
Fuji Photo Film Co., Ltd. | 3.1 | % | ||
Mabuchi Motor Co., Ltd. | 3.0 | % | ||
Nippon Oil Corp. | 2.8 | % | ||
Newmont Mining Corp. | 2.7 | % |
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Table of Contents
![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357790.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||
Since Inception | Since Inception | Since Inception | ||||||||||||||
of Classes A and B | of Class C | of Class I | ||||||||||||||
1 Year | February 1, 2005 | February 4, 2005 | December 21, 2005 | |||||||||||||
Including Sales Charge: | ||||||||||||||||
Class A(1) | (43.66 | )% | (3.43 | )% | — | — | ||||||||||
Class B(2) | (43.16 | )% | (3.27 | )% | — | — | ||||||||||
Class C(3) | (41.12 | )% | — | (2.62 | )% | — | ||||||||||
Class I | (39.96 | )% | — | — | (6.26 | )% | ||||||||||
Excluding Sales Charge: | ||||||||||||||||
Class A | (40.21 | )% | (1.89 | )% | — | — | ||||||||||
Class B | (40.63 | )% | (2.63 | )% | — | — | ||||||||||
Class C | (40.62 | )% | — | (2.62 | )% | — | ||||||||||
Class I | (39.96 | )% | — | — | (6.26 | )% | ||||||||||
MSCI EAFE® Index(4) | (46.62 | )% | (2.28 | )% | (2.28 | )%(5) | (7.86 | )%(6) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in markets in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
(5) | Since inception performance for index is shown from February 1, 2005. |
(6) | Since inception performance for index is shown from January 1, 2006. |
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Table of Contents
as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a17.gif)
(1) | Mr. Vergeer was added as a portfolio manager to the Fund effective May 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 October 31, 2008
(as a percent of net assets)
Lukoil-Spon ADR | 13.7 | % | ||
OAO Rosneft Oil Co. GDR | 9.0 | % | ||
OAO Gazprom | 8.0 | % | ||
Surgutneftegaz ADR | 5.8 | % | ||
Novatek OAO GDR | 5.4 | % | ||
MMC Norilsk Nickel ADR | 4.2 | % | ||
Sberbank RF | 4.2 | % | ||
VTB Bank OJSC GDR | 3.6 | % | ||
Tatneft GDR | 3.1 | % | ||
OAO Gazprom ADR | 2.9 | % |
* | Excludes short-term investments related to securities lending collateral. |
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![GRAPH](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357791.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||
1 Year | 5 Year | 10 Year | ||||||||||
Including Sales Charge: | ||||||||||||
Class A(1) | (63.91 | )% | 9.18 | % | 28.34 | % | ||||||
Excluding Sales Charge: | ||||||||||||
Class A | (61.70 | )%(2) | 10.48 | % | 29.11 | % | ||||||
MSCI EM IndexSM(3) | (56.35 | )% | 9.51 | %(4) | 10.05 | % | ||||||
RTS Index(5) | (65.00 | )% | 9.74 | % | 29.64 | % |
* | The graph above illustrates the gross returns for the MSCI EM IndexSM for the first three years of the ten year period and net index returns for last seven years of the ten year period. |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Redemptions on shares held less than 365 days are subject to a redemption fee of 2% of the redemption proceeds. |
(3) | The 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. |
(4) | Net return for index is shown from November 1, 2001. |
(5) | 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. |
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Table of Contents
as of October 31, 2008
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577a18.gif)
(1) | The JPMorgan EMB Index Global Diversified is a uniquely-weighted version of the Emerging Markets Bond Index Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. |
Mexican Bonos, 7.750%, due 12/14/17 | 4.8 | % | ||
Malaysia Government International Bond, 4.240%, due 02/07/18 | 3.6 | % | ||
Federal Republic of Brazil, 12.500%, due 01/05/16 | 2.8 | % | ||
Hungary Government International Bond, 6.750%, due 02/12/13 | 2.5 | % | ||
Republic of Iraq, 5.800%, due 01/15/28 | 2.0 | % | ||
Petroleos de Venezuela SA, 5.375%, due 04/12/27 | 1.9 | % | ||
JPMorgan Chase London, Discount Note, due 06/17/21 | 1.9 | % | ||
Russia Government International Bond, 7.500%, due 03/31/30 | 1.8 | % | ||
KazMunaiGaz Finance Sub BV, 9.125%, due 07/02/18 | 1.7 | % | ||
Turkey Government International Bond, 16.000%, due 03/07/12 | 1.6 | % |
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![GRAPH](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357792.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||||
Since Inception | Since Inception | Since Inception | Since Inception | |||||||||||||||
of Class A | of Class B | of Class C | of Class I | |||||||||||||||
1 Year | December 21, 2005 | January 4, 2006 | March 1, 2006 | February 7, 2006 | ||||||||||||||
Including Sales Charge: | ||||||||||||||||||
Class A(1) | (32.91)% | (9.15) | % | |||||||||||||||
Class B(2) | (34.90)% | (9.36) | % | |||||||||||||||
Class C(3) | (32.34)% | (10.35) | % | |||||||||||||||
Class I | (30.95)% | (16.15) | % | |||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||
Class A | (31.16)% | (7.25) | % | |||||||||||||||
Class B | (31.67)% | (8.53) | % | |||||||||||||||
Class C | (31.69)% | (10.35) | % | |||||||||||||||
Class I | (30.95)% | (16.15) | % | |||||||||||||||
JPMorgan EMB Index Global Diversified(4) | (20.22)% | (2.63) | %(5) | (2.63) | %(5) | (4.01) | % | (8.84) | %(6) |
(1) | Effective July 31, 2006, the maximum Class A sales charge was lowered to 2.50%. Return calculations with a starting date prior to July 31, 2006 are based on a 5.75% sales charge, while returns with a starting date on or after July 31, 2006 are based on a 2.50% sales charge. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The 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. |
(5) | Since inception performance for index is shown from January 1, 2006. |
(6) | Since inception performance for index is shown from January 1, 2007. |
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![](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357702.gif)
(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. |
Canadian Government International Bond, 2.750%, due 12/01/10 | 14.1 | % | ||
U.S. Treasury Note, 1.500%, due 10/31/10 | 8.7 | % | ||
Bundesobligation, 3.500%, due 04/08/11 | 8.1 | % | ||
Bundesobligation, Discount Note, due 10/11/13 | 4.6 | % | ||
United Kingdom Gilt Bond, 4.750%, due 06/07/10 | 4.4 | % | ||
Federal National Mortgage Association, 6.000%, due 11/15/33 | 4.0 | % | ||
Federal National Mortgage Association, 5.500%, due 11/13/33 | 3.5 | % | ||
U.S. Treasury Note, 3.125%, due 09/30/13 | 3.5 | % | ||
Bundesrepublik Deutschland, 4.250%, due 07/04/17 | 3.1 | % | ||
Federal National Mortgage Association, 5.000%, due 11/15/37 | 2.5 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund. |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357793.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||
Since Inception | Since Inception | |||||||||||
of Classes A, B, C and I | of Class O | |||||||||||
1 Year | June 30, 2006 | June 4, 2008 | ||||||||||
Including Sales Charge: | ||||||||||||
Class A(1) | 0.47 | % | 4.53 | % | — | |||||||
Class B(2) | (2.56 | )% | 4.70 | % | — | |||||||
Class C(3) | 1.34 | % | 5.98 | % | — | |||||||
Class I | 3.78 | % | 7.22 | % | — | |||||||
Class O | — | — | (3.61 | )% | ||||||||
Excluding Sales Charge: | ||||||||||||
Class A | 3.04 | % | 6.73 | % | — | |||||||
Class B | 2.26 | % | 5.90 | % | — | |||||||
Class C | 2.31 | % | 5.98 | % | — | |||||||
Class I | 3.78 | % | 7.22 | % | — | |||||||
Class O | — | — | (3.70 | )% | ||||||||
Lehman Brothers Global Aggregate Index(4) | (2.57 | )% | 3.94%(5) | (7.30)%(6) |
(1) | Effective July 31, 2006, the maximum Class A sales charge was lowered to 2.50% Return calculations with a starting date prior to July 31, 2006 are based on a 4.75% sales charge, while returns with a starting date on or after July 31, 2006 are based on a 2.50% sales charge. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The 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. |
(5) | Since inception performance for the index is shown from July 1, 2006. |
(6) | Since inception performance for the index is shown from June 1, 2008. |
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ING Emerging Countries Fund – Class I | 4.1 | % | |||
ING Foreign Fund – Class I | 25.0 | % | |||
ING Index Plus International Equity Fund – Class I | 10.5 | % | |||
ING International Capital Appreciation Fund – Class I | 17.9 | % | |||
ING International Equity Dividend Fund – Class I | 12.5 | % | |||
ING International Growth Opportunities Fund – Class I | 4.3 | % | |||
ING International Real Estate Fund – Class I | 5.7 | % | |||
ING International SmallCap Multi-Manager Fund – Class I | 7.5 | % | |||
ING International Value Choice Fund – Class I | 12.4 | % | |||
Other Assets and Liabilities – Net | 0.1 | % | |||
100 | % | ||||
(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-US)sm measures the returns of equities of companies which are domiciled outside the U.S. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
International Core | 37.0 | % | ||
International Growth | 17.5 | % | ||
International Value | 17.5 | % | ||
International Small Cap | 8.0 | % | ||
Emerging Markets | 15.0 | % | ||
International Real Estate | 5.0 | % |
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![(GRAPH)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp1357794.gif)
Average Annual Total Returns for the Periods Ended October 31, 2008 | ||||||||||||||||||||
Since Inception | Since Inception | Since Inception | Since Inception | |||||||||||||||||
of Classes A, B, C and I | of Class O | of Class R | of Class W | |||||||||||||||||
1 Year | December 21, 2005 | June 4, 2008 | December 12, 2006 | February 12, 2008 | ||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||
Class A(1) | (52.90) | % | (11.32) | % | — | — | — | |||||||||||||
Class B(2) | (52.86) | % | (11.08) | % | — | — | — | |||||||||||||
Class C(3) | (50.91) | % | (10.16) | % | — | — | — | |||||||||||||
Class I | (49.97) | % | (9.37) | % | — | — | — | |||||||||||||
Class O | — | — | (43.88) | % | — | — | ||||||||||||||
Class R | (50.18) | % | — | (23.07) | % | |||||||||||||||
Class W | — | — | — | — | (40.10) | % | ||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||
Class A | (50.04) | % | (9.47) | % | — | — | — | |||||||||||||
Class B | (50.43) | % | (10.15) | % | — | — | — | |||||||||||||
Class C | (50.43) | % | (10.16) | % | — | — | — | |||||||||||||
Class I | (49.97) | % | (9.37) | % | — | — | — | |||||||||||||
Class O | — | — | (43.88) | % | — | — | ||||||||||||||
Class R | (50.18) | % | — | — | (23.07) | % | — | |||||||||||||
Class W | — | — | — | — | (40.10) | % | ||||||||||||||
MSCI ACWI (ex-US) IndexSM(4) | (48.53) | % | (7.24) | %(5) | (44.11) | %(6) | (19.62) | %(7) | (39.43) | %(8) |
(1) | Reflects deduction of the maximum Class A sales charge of 5.75%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | The MSCI ACWI (ex-US) measures the returns of equities of companies which are domiciled outside the U.S. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
(5) | Since inception performance of the index is shown from January 1, 2006. |
(6) | Since inception performance of the index is shown from June 1, 2008. |
(7) | Since inception performance of the index is shown from December 1, 2006. |
(8) | Since inception performance of the index is shown from February 1, 2008. |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Global Equity Dividend Fund | May 1, 2008 | October 31, 2008 | Ratio | October 31, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 660.40 | 1.41 | % | $ | 5.88 | ||||||||
Class B | 1,000.00 | 657.80 | 2.16 | 9.00 | ||||||||||||
Class C | 1,000.00 | 657.80 | 2.16 | 9.00 | ||||||||||||
Class I | 1,000.00 | 662.30 | 1.06 | 4.43 | ||||||||||||
Class O | 1,000.00 | 660.90 | 1.41 | 5.89 | ||||||||||||
Class W | 1,000.00 | 661.40 | 1.06 | 4.43 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.05 | 1.41 | % | $ | 7.15 | ||||||||
Class B | 1,000.00 | 1,014.28 | 2.16 | 10.94 | ||||||||||||
Class C | 1,000.00 | 1,014.28 | 2.16 | 10.94 | ||||||||||||
Class I | 1,000.00 | 1,019.81 | 1.06 | 5.38 | ||||||||||||
Class O | 1,000.00 | 1,018.05 | 1.41 | 7.15 | ||||||||||||
Class W | 1,000.00 | 1,019.81 | 1.06 | 5.38 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year. |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Global Natural Resources Fund | May 1, 2008 | October 31, 2008 | Ratio | October 31, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 568.80 | 1.46 | % | $ | 5.76 | ||||||||
Class I | 1,000.00 | 570.10 | 1.11 | 4.38 | ||||||||||||
Class W | 1,000.00 | 570.40 | 1.11 | 4.38 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.80 | 1.46 | % | $ | 7.41 | ||||||||
Class I | 1,000.00 | 1,019.56 | 1.11 | 5.63 | ||||||||||||
Class W | 1,000.00 | 1,019.56 | 1.11 | 5.63 | ||||||||||||
ING Global Real Estate Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 609.80 | 1.41 | % | $ | 5.71 | ||||||||
Class B | 1,000.00 | 607.90 | 2.16 | 8.73 | ||||||||||||
Class C | 1,000.00 | 607.90 | 2.16 | 8.73 | ||||||||||||
Class I | 1,000.00 | 611.40 | 1.01 | 4.09 | ||||||||||||
Class O | 1,000.00 | 609.80 | 1.41 | 5.71 | ||||||||||||
Class W | 1,000.00 | 611.30 | 1.01 | 4.09 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.05 | 1.41 | % | $ | 7.15 | ||||||||
Class B | 1,000.00 | 1,014.28 | 2.16 | 10.94 | ||||||||||||
Class C | 1,000.00 | 1,014.28 | 2.16 | 10.94 | ||||||||||||
Class I | 1,000.00 | 1,020.06 | 1.01 | 5.13 | ||||||||||||
Class O | 1,000.00 | 1,018.05 | 1.41 | 7.15 | ||||||||||||
Class W | 1,000.00 | 1,020.06 | 1.01 | 5.13 | ||||||||||||
ING Global Value Choice Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 653.50 | 1.55 | % | $ | 6.44 | ||||||||
Class B | 1,000.00 | 650.60 | 2.30 | 9.54 | ||||||||||||
Class C | 1,000.00 | 650.70 | 2.30 | 9.54 | ||||||||||||
Class I | 1,000.00 | 654.50 | 1.22 | 5.07 | ||||||||||||
Class Q | 1,000.00 | 653.50 | 1.47 | 6.11 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.34 | 1.55 | % | $ | 7.86 | ||||||||
Class B | 1,000.00 | 1,013.57 | 2.30 | 11.64 | ||||||||||||
Class C | 1,000.00 | 1,013.57 | 2.30 | 11.64 | ||||||||||||
Class I | 1,000.00 | 1,019.00 | 1.22 | 6.19 | ||||||||||||
Class Q | 1,000.00 | 1,017.75 | 1.47 | 7.46 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year. |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Asia-Pacific Real Estate Fund | May 1, 2008 | October 31, 2008 | Ratio | October 31, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 567.80 | 1.75 | % | $ | 6.90 | ||||||||
Class B | 1,000.00 | 565.60 | 2.50 | 9.84 | ||||||||||||
Class C | 1,000.00 | 565.50 | 2.50 | 9.84 | ||||||||||||
Class I | 1,000.00 | 568.10 | 1.50 | 5.91 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.34 | 1.75 | % | $ | 8.87 | ||||||||
Class B | 1,000.00 | 1,012.57 | 2.50 | 12.65 | ||||||||||||
Class C | 1,000.00 | 1,012.57 | 2.50 | 12.65 | ||||||||||||
Class I | 1,000.00 | 1,017.60 | 1.50 | 7.61 | ||||||||||||
ING Disciplined International SmallCap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 548.60 | 1.13 | % | $ | 4.40 | ||||||||
Class B | 1,000.00 | 546.40 | 1.88 | 7.31 | ||||||||||||
Class C | 1,000.00 | 546.40 | 1.88 | 7.31 | ||||||||||||
Class I | 1,000.00 | 549.00 | 0.83 | 3.23 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.46 | 1.13 | % | $ | 5.74 | ||||||||
Class B | 1,000.00 | 1,015.69 | 1.88 | 9.53 | ||||||||||||
Class C | 1,000.00 | 1,015.69 | 1.88 | 9.53 | ||||||||||||
Class I | 1,000.00 | 1,020.96 | 0.83 | 4.22 | ||||||||||||
ING Emerging Countries Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 432.90 | 1.96 | % | $ | 7.06 | ||||||||
Class B | 1,000.00 | 431.00 | 2.71 | 9.75 | ||||||||||||
Class C | 1,000.00 | 431.10 | 2.71 | 9.75 | ||||||||||||
Class I | 1,000.00 | 434.00 | 1.63 | 5.88 | ||||||||||||
Class Q | 1,000.00 | 433.60 | 1.88 | 6.78 | ||||||||||||
Class W | 1,000.00 | 434.00 | 1.63 | 5.88 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,015.28 | 1.96 | % | $ | 9.93 | ||||||||
Class B | 1,000.00 | 1,011.51 | 2.71 | 13.70 | ||||||||||||
Class C | 1,000.00 | 1,011.51 | 2.71 | 13.70 | ||||||||||||
Class I | 1,000.00 | 1,016.94 | 1.63 | 8.26 | ||||||||||||
Class Q | 1,000.00 | 1,015.69 | 1.88 | 9.53 | ||||||||||||
Class W | 1,000.00 | 1,016.94 | 1.63 | 8.26 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year. |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING European Real Estate Fund | May 1, 2008 | October 31, 2008 | Ratio | October 31, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 572.80 | 1.75 | % | $ | 6.92 | ||||||||
Class B | 1,000.00 | 570.50 | 2.50 | 9.87 | ||||||||||||
Class C | 1,000.00 | 568.50 | 2.50 | 9.86 | ||||||||||||
Class I | 1,000.00 | 573.20 | 1.40 | 5.54 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.34 | 1.75 | % | $ | 8.87 | ||||||||
Class B | 1,000.00 | 1,012.57 | 2.50 | 12.65 | ||||||||||||
Class C | 1,000.00 | 1,012.57 | 2.50 | 12.65 | ||||||||||||
Class I | 1,000.00 | 1,018.10 | 1.40 | 7.10 | ||||||||||||
ING Foreign Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 589.30 | 1.60 | % | $ | 6.39 | ||||||||
Class B | 1,000.00 | 587.40 | 2.35 | 9.38 | ||||||||||||
Class C | 1,000.00 | 587.20 | 2.35 | 9.38 | ||||||||||||
Class I | 1,000.00 | 590.40 | 1.27 | 5.08 | ||||||||||||
Class Q | 1,000.00 | 589.20 | 1.52 | 6.07 | ||||||||||||
Class W | 1,000.00 | 590.60 | 1.27 | 5.08 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.09 | 1.60 | % | $ | 8.11 | ||||||||
Class B | 1,000.00 | 1,013.32 | 2.35 | 11.89 | ||||||||||||
Class C | 1,000.00 | 1,013.32 | 2.35 | 11.89 | ||||||||||||
Class I | 1,000.00 | 1,018.75 | 1.27 | 6.44 | ||||||||||||
Class Q | 1,000.00 | 1,017.50 | 1.52 | 7.71 | ||||||||||||
Class W | 1,000.00 | 1,018.75 | 1.27 | 6.44 | ||||||||||||
ING Greater China Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 518.80 | 1.96 | % | $ | 7.48 | ||||||||
Class B | 1,000.00 | 516.50 | 2.71 | 10.33 | ||||||||||||
Class C | 1,000.00 | 516.80 | 2.71 | 10.33 | ||||||||||||
Class I | 1,000.00 | 520.50 | 1.70 | 6.50 | ||||||||||||
Class O(1) | 1,000.00 | 550.20 | 1.96 | 6.23 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,015.28 | 1.96 | % | $ | 9.93 | ||||||||
Class B | 1,000.00 | 1,011.51 | 2.71 | 13.70 | ||||||||||||
Class C | 1,000.00 | 1,011.51 | 2.71 | 13.70 | ||||||||||||
Class I | 1,000.00 | 1,016.59 | 1.70 | 8.62 | ||||||||||||
Class O | 1,000.00 | 1,015.28 | 1.96 | 9.93 |
(1) | Commencement of operations for Class O was June 4, 2008. Expenses paid reflect the 150 day period ended October 31, 2008. |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year. |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Index Plus International Equity Fund | May 1, 2008 | October 31, 2008 | Ratio | October 31, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 583.10 | 1.17 | % | $ | 4.66 | ||||||||
Class B | 1,000.00 | 581.30 | 1.92 | 7.63 | ||||||||||||
Class C | 1,000.00 | 580.40 | 1.92 | 7.63 | ||||||||||||
Class I | 1,000.00 | 586.30 | 0.50 | 1.99 | ||||||||||||
Class O | 1,000.00 | 582.60 | 1.19 | 4.73 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.25 | 1.17 | % | $ | 5.94 | ||||||||
Class B | 1,000.00 | 1,015.48 | 1.92 | 9.73 | ||||||||||||
Class C | 1,000.00 | 1,015.48 | 1.92 | 9.73 | ||||||||||||
Class I | 1,000.00 | 1,022.62 | 0.50 | 2.54 | ||||||||||||
Class O | 1,000.00 | 1,019.15 | 1.19 | 6.04 | ||||||||||||
ING International Capital Appreciation Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 526.70 | 1.46 | % | $ | 5.60 | ||||||||
Class B | 1,000.00 | 524.70 | 2.21 | 8.47 | ||||||||||||
Class C | 1,000.00 | 525.10 | 2.21 | 8.47 | ||||||||||||
Class I | 1,000.00 | 527.80 | 1.13 | 4.34 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.80 | 1.46 | % | $ | 7.41 | ||||||||
Class B | 1,000.00 | 1,014.03 | 2.21 | 11.19 | ||||||||||||
Class C | 1,000.00 | 1,014.03 | 2.21 | 11.19 | ||||||||||||
Class I | 1,000.00 | 1,019.46 | 1.13 | 5.74 | ||||||||||||
ING International Equity Dividend Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 587.90 | 1.40 | % | $ | 5.59 | ||||||||
Class B | 1,000.00 | 585.80 | 2.15 | 8.57 | ||||||||||||
Class C | 1,000.00 | 585.60 | 2.15 | 8.57 | ||||||||||||
Class I | 1,000.00 | 588.90 | 1.06 | 4.23 | ||||||||||||
Class W | 1,000.00 | 587.50 | 1.06 | 4.23 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.10 | 1.40 | % | $ | 7.10 | ||||||||
Class B | 1,000.00 | 1,014.33 | 2.15 | 10.89 | ||||||||||||
Class C | 1,000.00 | 1,014.33 | 2.15 | 10.89 | ||||||||||||
Class I | 1,000.00 | 1,019.81 | 1.06 | 5.38 | ||||||||||||
Class W | 1,000.00 | 1,019.81 | 1.06 | 5.38 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year. |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING International Growth Opportunities Fund | May 1, 2008 | October 31, 2008 | Ratio | October 31, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 492.00 | 1.74 | % | $ | 6.53 | ||||||||
Class B | 1,000.00 | 489.90 | 2.49 | 9.33 | ||||||||||||
Class C | 1,000.00 | 489.90 | 2.49 | 9.33 | ||||||||||||
Class I | 1,000.00 | 492.90 | 1.37 | 5.14 | ||||||||||||
Class Q | 1,000.00 | 492.00 | 1.50 | 5.63 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.39 | 1.74 | % | $ | 8.82 | ||||||||
Class B | 1,000.00 | 1,012.62 | 2.49 | 12.60 | ||||||||||||
Class C | 1,000.00 | 1,012.62 | 2.49 | 12.60 | ||||||||||||
Class I | 1,000.00 | 1,018.25 | 1.37 | 6.95 | ||||||||||||
Class Q | 1,000.00 | 1,017.60 | 1.50 | 7.61 | ||||||||||||
ING International Real Estate Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 579.50 | 1.50 | % | $ | 5.96 | ||||||||
Class B | 1,000.00 | 576.90 | 2.25 | 8.92 | ||||||||||||
Class C | 1,000.00 | 577.20 | 2.25 | 8.92 | ||||||||||||
Class I | 1,000.00 | 580.60 | 1.18 | 4.69 | ||||||||||||
Class W | 1,000.00 | 579.40 | 1.20 | 4.76 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.60 | 1.50 | % | $ | 7.61 | ||||||||
Class B | 1,000.00 | 1,013.83 | 2.25 | 11.39 | ||||||||||||
Class C | 1,000.00 | 1,013.83 | 2.25 | 11.39 | ||||||||||||
Class I | 1,000.00 | 1,019.20 | 1.18 | 5.99 | ||||||||||||
Class W | 1,000.00 | 1,019.10 | 1.20 | 6.09 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year. |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING International SmallCap Multi-Manager Fund | May 1, 2008 | October 31, 2008 | Ratio | October 31, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 488.70 | 1.70 | % | $ | 6.36 | ||||||||
Class B | 1,000.00 | 487.30 | 2.35 | 8.79 | ||||||||||||
Class C | 1,000.00 | 487.00 | 2.35 | 8.78 | ||||||||||||
Class I | 1,000.00 | 489.80 | 1.29 | 4.83 | ||||||||||||
Class O(1) | 1,000.00 | 481.20 | 1.60 | 4.86 | ||||||||||||
Class Q | 1,000.00 | 489.10 | 1.54 | 5.76 | ||||||||||||
Class W | 1,000.00 | 490.10 | 1.29 | 4.83 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.59 | 1.70 | % | $ | 8.62 | ||||||||
Class B | 1,000.00 | 1,013.32 | 2.35 | 11.89 | ||||||||||||
Class C | 1,000.00 | 1,013.32 | 2.35 | 11.89 | ||||||||||||
Class I | 1,000.00 | 1,018.65 | 1.29 | 6.55 | ||||||||||||
Class O | 1,000.00 | 1,017.09 | 1.60 | 8.11 | ||||||||||||
Class Q | 1,000.00 | 1,017.39 | 1.54 | 7.81 | ||||||||||||
Class W | 1,000.00 | 1,018.65 | 1.29 | 6.55 | ||||||||||||
ING International Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 629.90 | 1.58 | % | $ | 6.47 | ||||||||
Class B | 1,000.00 | 627.50 | 2.28 | 9.33 | ||||||||||||
Class C | 1,000.00 | 627.70 | 2.18 | 8.92 | ||||||||||||
Class I | 1,000.00 | 631.20 | 1.28 | 5.25 | ||||||||||||
Class Q | 1,000.00 | 630.90 | 1.28 | 5.25 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.19 | 1.58 | % | $ | 8.01 | ||||||||
Class B | 1,000.00 | 1,013.67 | 2.28 | 11.54 | ||||||||||||
Class C | 1,000.00 | 1,014.18 | 2.18 | 11.04 | ||||||||||||
Class I | 1,000.00 | 1,018.70 | 1.28 | 6.50 | ||||||||||||
Class Q | 1,000.00 | 1,018.70 | 1.28 | 6.50 |
(1) | Commencement of operations for Class O was June 4, 2008. Expenses paid reflect the 150 day period ended October 31, 2008. |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year. |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING International Value Choice Fund | May 1, 2008 | October 31, 2008 | Ratio | October 31, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 632.10 | 1.65 | % | $ | 6.77 | ||||||||
Class B | 1,000.00 | 630.00 | 2.40 | 9.83 | ||||||||||||
Class C | 1,000.00 | 630.10 | 2.40 | 9.83 | ||||||||||||
Class I | 1,000.00 | 633.50 | 1.30 | 5.34 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.84 | 1.65 | % | $ | 8.36 | ||||||||
Class B | 1,000.00 | 1,013.07 | 2.40 | 12.14 | ||||||||||||
Class C | 1,000.00 | 1,013.07 | 2.40 | 12.14 | ||||||||||||
Class I | 1,000.00 | 1,018.60 | 1.30 | 6.60 | ||||||||||||
ING Russia Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 388.10 | 2.06 | % | $ | 7.19 | ||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,014.78 | 2.06 | % | $ | 10.43 | ||||||||
ING Emerging Markets Fixed Income Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 694.00 | 1.15 | % | $ | 4.90 | ||||||||
Class B | 1,000.00 | 691.50 | 1.90 | 8.08 | ||||||||||||
Class C | 1,000.00 | 690.40 | 1.90 | 8.07 | ||||||||||||
Class I | 1,000.00 | 695.20 | 0.86 | 3.66 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.36 | 1.15 | % | $ | 5.84 | ||||||||
Class B | 1,000.00 | 1,015.58 | 1.90 | 9.63 | ||||||||||||
Class C | 1,000.00 | 1,015.58 | 1.90 | 9.63 | ||||||||||||
Class I | 1,000.00 | 1,020.81 | 0.86 | 4.37 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year. |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Global Bond Fund | May 1, 2008 | October 31, 2008 | Ratio | October 31, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 946.10 | 0.93 | % | $ | 4.55 | ||||||||
Class B | 1,000.00 | 943.00 | 1.68 | 8.21 | ||||||||||||
Class C | 1,000.00 | 943.30 | 1.68 | 8.21 | ||||||||||||
Class I | 1,000.00 | 948.70 | 0.62 | 3.04 | ||||||||||||
Class O(1) | 1,000.00 | 963.00 | 0.93 | 3.74 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.46 | 0.93 | % | $ | 4.72 | ||||||||
Class B | 1,000.00 | 1,016.69 | 1.68 | 8.52 | ||||||||||||
Class C | 1,000.00 | 1,016.69 | 1.68 | 8.52 | ||||||||||||
Class I | 1,000.00 | 1,022.02 | 0.62 | 3.15 | ||||||||||||
Class O | 1,000.00 | 1,020.46 | 0.93 | 4.72 | ||||||||||||
ING Diversified International Fund(2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 560.20 | 0.31 | % | $ | 1.22 | ||||||||
Class B | 1,000.00 | 557.50 | 1.06 | 4.15 | ||||||||||||
Class C | 1,000.00 | 557.60 | 1.06 | 4.15 | ||||||||||||
Class I | 1,000.00 | 560.20 | 0.06 | 0.24 | ||||||||||||
Class O(1) | 1,000.00 | 561.20 | 0.31 | 0.99 | ||||||||||||
Class R | 1,000.00 | 559.30 | 0.56 | 2.19 | ||||||||||||
Class W | 1,000.00 | 559.50 | 0.06 | 0.24 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,023.58 | 0.31 | % | $ | 1.58 | ||||||||
Class B | 1,000.00 | 1,019.81 | 1.06 | 5.38 | ||||||||||||
Class C | 1,000.00 | 1,019.81 | 1.06 | 5.38 | ||||||||||||
Class I | 1,000.00 | 1,024.83 | 0.06 | 0.31 | ||||||||||||
Class O(1) | 1,000.00 | 1,023.58 | 0.31 | 1.58 | ||||||||||||
Class R | 1,000.00 | 1,022.32 | 0.56 | 2.85 | ||||||||||||
Class W | 1,000.00 | 1,024.83 | 0.06 | 0.31 |
(1) | Commencement of operations for Class O was June 4, 2008. Expenses paid reflect the 150 day period ended October 31, 2008. |
(2) | The annualized expense ratios do not include expenses of underlying funds. |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half-year. |
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![(KPMG LLP)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577s2.gif)
57
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ING | ING | ING | ING | |||||||||||||
Global | Global | Global | Global | |||||||||||||
Equity | Natural | Real | Value | |||||||||||||
Dividend | Resources | Estate | Choice | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 144,700,977 | $ | 81,476,367 | $ | 1,258,639,279 | $ | 71,768,235 | ||||||||
Investments in affiliates** | — | — | 673,737 | — | ||||||||||||
Short-term investments*** | 7,031,111 | — | 136,229,615 | 12,656,612 | ||||||||||||
Short-term investments in affiliates at amortized cost | — | 1,950,000 | 83,965,902 | 1,521,276 | ||||||||||||
Cash | 4,002,677 | — | — | — | ||||||||||||
Foreign currencies at value**** | 645,223 | 236,003 | 255,386 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 627,685 | 678,055 | 2,867,160 | 489,803 | ||||||||||||
Fund shares sold | 127,669 | 107,687 | 9,536,856 | 364,642 | ||||||||||||
Dividends and interest | 433,842 | 50,917 | 3,714,361 | 146,880 | ||||||||||||
Prepaid expenses | 49,483 | 21,597 | 102,532 | 31,187 | ||||||||||||
Reimbursement due from manager | 25,949 | — | — | — | ||||||||||||
Total assets | 157,644,616 | 84,520,626 | 1,495,984,828 | 86,978,635 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 657,143 | 381,674 | 47,026,541 | 462,294 | ||||||||||||
Payable for fund shares redeemed | 497,980 | 205,872 | 5,923,836 | 239,449 | ||||||||||||
Payable upon receipt of securities loaned | 7,140,453 | — | 138,652,357 | 12,910,571 | ||||||||||||
Payable to affiliates | 188,399 | 88,390 | 1,273,319 | 90,467 | ||||||||||||
Payable to custodian due to bank overdraft | — | 1,392 | 32,298 | — | ||||||||||||
Payable for directors fees | 560 | 19,242 | 3,493 | 20,548 | ||||||||||||
Other accrued expenses and liabilities | 176,136 | 82,721 | 1,114,903 | 93,195 | ||||||||||||
Total liabilities | 8,660,671 | 779,291 | 194,026,747 | 13,816,524 | ||||||||||||
NET ASSETS | $ | 148,983,945 | $ | 83,741,335 | $ | 1,301,958,081 | $ | 73,162,111 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 255,536,647 | $ | 117,183,795 | $ | 2,130,801,646 | $ | 262,723,343 | ||||||||
Distributions in excess of net investment income | (917 | ) | — | (42,244,315 | ) | (3,478 | ) | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency related transactions | (31,531,647 | ) | 3,240,279 | (259,595,775 | ) | (149,034,423 | ) | |||||||||
Net unrealized depreciation on investments and foreign currency related transactions | (75,020,138 | ) | (36,682,739 | ) | (527,003,475 | ) | (40,523,331 | ) | ||||||||
NET ASSETS | $ | 148,983,945 | $ | 83,741,335 | $ | 1,301,958,081 | $ | 73,162,111 | ||||||||
+ Including securities loaned at value | $ | 6,784,510 | $ | — | $ | 143,983,741 | $ | 12,549,229 | ||||||||
* Cost of investments in securities | $ | 219,587,966 | $ | 118,132,510 | $ | 1,781,646,449 | $ | 112,044,055 | ||||||||
** Cost of investments in affiliates | $ | — | $ | — | $ | 2,242,416 | $ | — | ||||||||
*** Cost of short-term investments | $ | 7,140,453 | $ | — | $ | 138,652,357 | $ | 12,910,571 | ||||||||
**** Cost of foreign currencies | $ | 641,877 | $ | 262,179 | $ | 253,545 | $ | — |
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ING | ING | ING | ING | |||||||||||||
Global | Global | Global | Global | |||||||||||||
Equity | Natural | Real | Value | |||||||||||||
Dividend | Resources | Estate | Choice | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 63,133,997 | $ | 83,713,299 | $ | 836,314,069 | $ | 38,258,339 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 7,200,269 | 12,413,051 | 66,559,493 | 2,271,585 | ||||||||||||
Net asset value and redemption price per share | $ | 8.77 | $ | 6.74 | $ | 12.56 | $ | 16.84 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 9.31 | $ | 7.15 | $ | 13.33 | $ | 17.87 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 21,311,013 | n/a | $ | 23,663,249 | $ | 6,721,846 | |||||||||
Shares authorized | unlimited | n/a | unlimited | unlimited | ||||||||||||
Par value | $ | — | n/a | $ | — | $ | — | |||||||||
Shares outstanding | 2,437,803 | n/a | 2,220,705 | 371,298 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 8.74 | n/a | $ | 10.66 | $ | 18.10 | |||||||||
Maximum offering price per share | $ | 8.74 | n/a | $ | 10.66 | $ | 18.10 | |||||||||
Class C: | ||||||||||||||||
Net assets | $ | 48,566,998 | n/a | $ | 153,109,514 | $ | 21,044,828 | |||||||||
Shares authorized | unlimited | n/a | unlimited | unlimited | ||||||||||||
Par value | $ | — | n/a | $ | — | $ | — | |||||||||
Shares outstanding | 5,569,378 | n/a | 13,649,727 | 1,308,743 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 8.72 | n/a | $ | 11.22 | $ | 16.08 | |||||||||
Maximum offering price per share | $ | 8.72 | n/a | $ | 11.22 | $ | 16.08 | |||||||||
Class I: | ||||||||||||||||
Net assets | $ | 1,206,732 | $ | 674 | $ | 225,880,580 | $ | 5,793,987 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 137,472 | 100 | 17,973,329 | 342,389 | ||||||||||||
Net asset value and redemption price per share | $ | 8.78 | $ | 6.75 | $ | 12.57 | $ | 16.92 | ||||||||
Maximum offering price per share | $ | 8.78 | $ | 6.75 | $ | 12.57 | $ | 16.92 | ||||||||
Class O: | ||||||||||||||||
Net assets | $ | 14,695,213 | n/a | $ | 12,758,157 | n/a | ||||||||||
Shares authorized | unlimited | n/a | unlimited | n/a | ||||||||||||
Par value | $ | — | n/a | $ | — | n/a | ||||||||||
Shares outstanding | 1,678,318 | n/a | 1,016,307 | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 8.76 | n/a | $ | 12.55 | n/a | ||||||||||
Maximum offering price per share | $ | 8.76 | n/a | $ | 12.55 | n/a | ||||||||||
Class Q: | ||||||||||||||||
Net assets | n/a | n/a | n/a | $ | 1,343,111 | |||||||||||
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 | 67,887 | ||||||||||||
Net asset value and redemption price per share | n/a | n/a | n/a | $ | 19.78 | |||||||||||
Maximum offering price per share | n/a | n/a | n/a | $ | 19.78 | |||||||||||
Class W: | ||||||||||||||||
Net assets | $ | 69,992 | $ | 27,362 | $ | 50,232,512 | n/a | |||||||||
Shares authorized | unlimited | unlimited | unlimited | n/a | ||||||||||||
Par value | $ | — | $ | — | $ | — | n/a | |||||||||
Shares outstanding | 7,343 | 3,262 | 3,988,910 | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 9.53 | $ | 8.39 | $ | 12.59 | n/a | |||||||||
Maximum offering price per share | $ | 9.53 | $ | 8.39 | $ | 12.59 | 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. |
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ING | ING | ING | ||||||||||||||
Asia-Pacific | Disciplined | ING | European | |||||||||||||
Real | International | Emerging | Real | |||||||||||||
Estate | SmallCap | Countries | Estate | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 7,082,457 | $ | 220,889,459 | $ | 94,901,237 | $ | 3,004,462 | ||||||||
Investments in affiliates** | — | 321,880 | — | — | ||||||||||||
Short-term investments*** | — | — | 12,022,302 | — | ||||||||||||
Short-term investments in affiliates at amortized cost | — | — | — | 149,159 | ||||||||||||
Short-term investments at amortized cost | — | 14,271,000 | — | — | ||||||||||||
Cash | — | 961 | 4,836,473 | — | ||||||||||||
Foreign currencies at value**** | 2,032 | 1,115,615 | 2,627,085 | 3,951 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 184,684 | 5,068,105 | 6,756,314 | 117,929 | ||||||||||||
Fund shares sold | — | 255,453 | 251,411 | 3,230 | ||||||||||||
Dividends and interest | 37,713 | 819,490 | 245,104 | 8,602 | ||||||||||||
Prepaid expenses | 29,158 | 29,298 | 47,467 | 29,101 | ||||||||||||
Reimbursement due from manager | 20,328 | — | — | 20,675 | ||||||||||||
Total assets | 7,356,372 | 242,771,261 | 121,687,393 | 3,337,109 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 154,992 | 22,730,096 | 6,256,326 | 90,076 | ||||||||||||
Payable for fund shares redeemed | 224,654 | — | 208,381 | — | ||||||||||||
Payable upon receipt of securities loaned | — | — | 12,164,927 | — | ||||||||||||
Payable to affiliates | 11,402 | 127,009 | 154,824 | 4,153 | ||||||||||||
Payable to custodian due to bank overdraft | 251,198 | — | — | — | ||||||||||||
Payable for directors fees | 1,578 | 1,252 | 38,839 | 2,260 | ||||||||||||
Other accrued expenses and liabilities | 17,361 | 109,680 | 175,400 | 25,002 | ||||||||||||
Total liabilities | 661,185 | 22,968,037 | 18,998,697 | 121,491 | ||||||||||||
NET ASSETS | $ | 6,695,187 | $ | 219,803,224 | $ | 102,688,696 | $ | 3,215,618 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 12,134,679 | $ | 431,184,688 | $ | 217,789,598 | $ | 6,059,270 | ||||||||
Undistributed net investment income | 10,178 | 7,905,967 | 2,746,170 | 95,557 | ||||||||||||
Accumulated net realized loss on investments and foreign currency related transactions | (2,033,363 | ) | (79,181,144 | ) | (63,181,013 | ) | (1,259,955 | ) | ||||||||
Net unrealized depreciation on investments and foreign currency related transactions | (3,416,307 | ) | (140,106,287 | ) | (54,666,059 | ) | (1,679,254 | ) | ||||||||
NET ASSETS | $ | 6,695,187 | $ | 219,803,224 | $ | 102,688,696 | $ | 3,215,618 | ||||||||
+ Including securities loaned at value | $ | — | $ | — | $ | 11,598,481 | $ | — | ||||||||
* Cost of investments in securities | $ | 10,499,719 | $ | 361,063,303 | $ | 149,413,719 | $ | 4,682,616 | ||||||||
** Cost of investments in affiliates | $ | — | $ | 598,955 | $ | — | $ | — | ||||||||
*** Cost of short-term investments | $ | — | $ | — | $ | 12,164,927 | $ | — | ||||||||
**** Cost of foreign currencies | $ | 1,948 | $ | 1,020,422 | $ | 2,626,939 | $ | 4,072 |
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ING | ING | ING | ||||||||||||||
Asia-Pacific | Disciplined | ING | European | |||||||||||||
Real | International | Emerging | Real | |||||||||||||
Estate | SmallCap | Countries | Estate | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 3,144,161 | $ | 72,766 | $ | 60,206,569 | $ | 3,156,626 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 697,281 | 13,314 | 3,752,536 | 591,978 | ||||||||||||
Net asset value and redemption price per share | $ | 4.51 | $ | 5.47 | $ | 16.04 | $ | 5.33 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 4.79 | $ | 5.80 | $ | 17.02 | $ | 5.66 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 18,209 | $ | 2,941 | $ | 4,311,837 | $ | 10,335 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 4,046 | 543 | 274,171 | 1,943 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 4.50 | $ | 5.42 | $ | 15.73 | $ | 5.32 | ||||||||
Maximum offering price per share | $ | 4.50 | $ | 5.42 | $ | 15.73 | $ | 5.32 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 3,532,362 | $ | 70,190 | $ | 14,585,899 | $ | 48,119 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 784,891 | 12,946 | 984,373 | 9,076 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 4.50 | $ | 5.42 | $ | 14.82 | $ | 5.30 | ||||||||
Maximum offering price per share | $ | 4.50 | $ | 5.42 | $ | 14.82 | $ | 5.30 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 455 | $ | 219,657,327 | $ | 18,428,828 | $ | 538 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 101 | 39,999,676 | 1,143,910 | 101 | ||||||||||||
Net asset value and redemption price per share | $ | 4.50 | $ | 5.49 | $ | 16.11 | $ | 5.33 | ||||||||
Maximum offering price per share | $ | 4.50 | $ | 5.49 | $ | 16.11 | $ | 5.33 | ||||||||
Class Q: | ||||||||||||||||
Net assets | n/a | n/a | $ | 5,119,691 | 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 | 307,489 | n/a | ||||||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 16.65 | n/a | |||||||||||
Maximum offering price per share | n/a | n/a | $ | 16.65 | n/a | |||||||||||
Class W: | ||||||||||||||||
Net assets | n/a | n/a | $ | 35,872 | 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 | 2,129 | n/a | ||||||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 16.85 | n/a | |||||||||||
Maximum offering price per share | n/a | n/a | $ | 16.85 | 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. |
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Table of Contents
ING | ING | |||||||||||||||
ING | Index Plus | International | ||||||||||||||
ING | Greater | International | Capital | |||||||||||||
Foreign | China | Equity | Appreciation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 306,285,392 | $ | 25,235,351 | $ | 102,951,516 | $ | 49,964,322 | ||||||||
Short-term investments** | 7,449,055 | — | — | — | ||||||||||||
Short-term investments in affiliates at amortized cost | 15,469,336 | — | — | — | ||||||||||||
Cash | — | 39,066 | 845,869 | 99,005 | ||||||||||||
Foreign currencies at value*** | 15,861,673 | 26,876 | 4,400,141 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 36,551,293 | 478,338 | 65 | 964,530 | ||||||||||||
Fund shares sold | 321,151 | 29,536 | 41,111 | 12,484 | ||||||||||||
Dividends and interest | 1,460,038 | 73,941 | 608,820 | 226,393 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 23,422,334 | — | — | — | ||||||||||||
Prepaid expenses | 48,862 | 42,946 | 50,279 | 34,364 | ||||||||||||
Reimbursement due from manager | — | — | 241,857 | — | ||||||||||||
Total assets | 406,869,134 | 25,926,054 | 109,139,658 | 51,301,098 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 46,946,795 | 475,429 | — | 526,458 | ||||||||||||
Payable for fund shares redeemed | 1,528,590 | 36,017 | 92,281 | 64,127 | ||||||||||||
Payable upon receipt of securities loaned | 7,602,351 | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 9,017,154 | — | — | — | ||||||||||||
Payable to affiliates | 487,215 | 39,653 | 128,316 | 45,793 | ||||||||||||
Payable to custodian due to bank overdraft | 166,651 | — | — | — | ||||||||||||
Payable to custodian due to foreign currency overdraft**** | — | — | — | 106,098 | ||||||||||||
Payable for directors fees | 516 | 221 | 2,666 | 420 | ||||||||||||
Other accrued expenses and liabilities | 386,054 | 54,134 | 211,581 | 56,486 | ||||||||||||
Payable for borrowings against line of credit | — | — | — | 340,000 | ||||||||||||
Total liabilities | 66,135,326 | 605,454 | 434,844 | 1,139,382 | ||||||||||||
NET ASSETS | $ | 340,733,808 | $ | 25,320,600 | $ | 108,704,814 | $ | 50,161,716 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 473,508,998 | $ | 38,539,556 | $ | 209,074,684 | $ | 93,443,806 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) | (3,840,375 | ) | 1,754,292 | 4,340,300 | 1,056,223 | |||||||||||
Accumulated net realized loss on investments, foreign currency related transactions, and futures | (100,294,397 | ) | (201,885 | ) | (46,071,339 | ) | (9,838,467 | ) | ||||||||
Net unrealized depreciation on investments and foreign currency related transactions | (28,640,418 | ) | (14,771,363 | ) | (58,638,831 | ) | (34,499,846 | ) | ||||||||
NET ASSETS | $ | 340,733,808 | $ | 25,320,600 | $ | 108,704,814 | $ | 50,161,716 | ||||||||
+ Including securities loaned at value | $ | 6,888,038 | $ | — | $ | — | $ | — | ||||||||
* Cost of investments in securities | $ | 349,338,659 | $ | 40,005,814 | $ | 161,277,901 | $ | 84,454,490 | ||||||||
** Cost of short-term investments | $ | 7,602,351 | $ | — | $ | — | $ | — | ||||||||
*** Cost of foreign currencies | $ | 15,872,309 | $ | 27,020 | $ | 4,721,198 | $ | — | ||||||||
**** Cost of foreign currency overdraft | $ | — | $ | — | $ | — | $ | 106,098 |
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Table of Contents
ING | ING | |||||||||||||||
ING | Index Plus | International | ||||||||||||||
ING | Greater | International | Capital | |||||||||||||
Foreign | China | Equity | Appreciation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 151,246,448 | $ | 20,481,140 | $ | 9,445,716 | $ | 1,612,429 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 12,950,289 | 2,217,532 | 1,488,104 | 240,482 | ||||||||||||
Net asset value and redemption price per share | $ | 11.68 | $ | 9.24 | $ | 6.35 | $ | 6.70 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 12.39 | $ | 9.80 | $ | 6.74 | $ | 7.11 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 18,831,416 | $ | 1,900,536 | $ | 1,570,636 | $ | 277,792 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 1,683,304 | 209,316 | 249,822 | 42,199 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 11.19 | $ | 9.08 | $ | 6.29 | $ | 6.58 | ||||||||
Maximum offering price per share | $ | 11.19 | $ | 9.08 | $ | 6.29 | $ | 6.58 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 102,273,644 | $ | 2,694,220 | $ | 1,310,836 | $ | 353,676 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 9,123,617 | 296,448 | 208,596 | 53,609 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 11.21 | $ | 9.09 | $ | 6.28 | $ | 6.60 | ||||||||
Maximum offering price per share | $ | 11.21 | $ | 9.09 | $ | 6.28 | $ | 6.60 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 68,019,790 | $ | 39,020 | $ | 54,838,439 | $ | 47,917,819 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 5,707,434 | 4,206 | 8,543,926 | 7,121,169 | ||||||||||||
Net asset value and redemption price per share | $ | 11.92 | $ | 9.28 | $ | 6.42 | $ | 6.73 | ||||||||
Maximum offering price per share | $ | 11.92 | $ | 9.28 | $ | 6.42 | $ | 6.73 | ||||||||
Class O: | ||||||||||||||||
Net assets | n/a | $ | 205,684 | $ | 41,539,187 | n/a | ||||||||||
Shares authorized | n/a | unlimited | unlimited | n/a | ||||||||||||
Par value | n/a | $ | — | $ | — | n/a | ||||||||||
Shares outstanding | n/a | 22,211 | 6,580,359 | n/a | ||||||||||||
Net asset value and redemption price per share | n/a | $ | 9.26 | $ | 6.31 | n/a | ||||||||||
Maximum offering price per share | n/a | $ | 9.26 | $ | 6.31 | n/a | ||||||||||
Class Q: | ||||||||||||||||
Net assets | $ | 66,432 | 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 | 5,663 | n/a | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 11.73 | n/a | n/a | n/a | |||||||||||
Maximum offering price per share | $ | 11.73 | n/a | n/a | n/a | |||||||||||
Class W: | ||||||||||||||||
Net assets | $ | 296,078 | 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 | 23,296 | n/a | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 12.71 | n/a | n/a | n/a | |||||||||||
Maximum offering price per share | $ | 12.71 | 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. |
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ING | ING | ING | ING | |||||||||||||
International | International | International | International | |||||||||||||
Equity | Growth | Real | SmallCap | |||||||||||||
Dividend | Opportunities | Estate | Multi-Manager | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 35,303,021 | $ | 62,084,898 | $ | 406,891,066 | $ | 392,088,172 | ||||||||
Investments in affiliates** | — | — | — | 391,776 | ||||||||||||
Short-term investments*** | — | 6,150,930 | — | 6,972,221 | ||||||||||||
Short-term investments in affiliates at amortized cost | — | — | 11,711,220 | — | ||||||||||||
Cash | 549,977 | — | — | 6,248,254 | ||||||||||||
Foreign currencies at value**** | 55,895 | 295,949 | 91,777 | 964,026 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 90,532 | 983,219 | 396,795 | 8,167,586 | ||||||||||||
Fund shares sold | 834 | 84,482 | 3,107,134 | 745,051 | ||||||||||||
Dividends and interest | 97,417 | 334,624 | 2,014,997 | 1,545,227 | ||||||||||||
Prepaid expenses | 41,671 | 29,542 | 26,848 | 74,106 | ||||||||||||
Reimbursement due from manager | 20,408 | — | 9,716 | 3,905 | ||||||||||||
Total assets | 36,159,755 | 69,963,644 | 424,249,553 | 417,200,324 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | — | 1,184 | 989,954 | 9,090,494 | ||||||||||||
Payable for fund shares redeemed | 51,816 | 138,696 | 1,779,049 | 1,182,305 | ||||||||||||
Payable upon receipt of securities loaned | — | 6,221,322 | — | 7,042,553 | ||||||||||||
Payable to affiliates | 29,285 | 84,436 | 467,863 | 513,167 | ||||||||||||
Payable to custodian due to bank overdraft | — | 235,954 | — | — | ||||||||||||
Payable for directors fees | 1,132 | 18,703 | 521 | 835 | ||||||||||||
Other accrued expenses and liabilities | 38,221 | 75,668 | 190,739 | 409,552 | ||||||||||||
Payable for borrowings against line of credit | — | — | — | 3,330,000 | ||||||||||||
Total liabilities | 120,454 | 6,775,963 | 3,428,126 | 21,568,906 | ||||||||||||
NET ASSETS | $ | 36,039,301 | $ | 63,187,681 | $ | 420,821,427 | $ | 395,631,418 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 66,974,548 | $ | 120,059,478 | $ | 769,225,735 | $ | 842,488,646 | ||||||||
Undistributed net investment income (distribution in excess of net investment income) | (63 | ) | 186,726 | (10,247 | ) | 10,631,527 | ||||||||||
Accumulated net realized loss on investments and foreign currency related transactions | (10,277,194 | ) | (5,056,803 | ) | (108,529,946 | ) | (159,372,381 | ) | ||||||||
Net unrealized depreciation on investments and foreign currency related transactions | (20,657,990 | ) | (52,001,720 | ) | (239,864,115 | ) | (298,116,374 | ) | ||||||||
NET ASSETS | $ | 36,039,301 | $ | 63,187,681 | $ | 420,821,427 | $ | 395,631,418 | ||||||||
+ Including securities loaned at value | $ | — | $ | 5,666,508 | $ | — | $ | 6,608,433 | ||||||||
* Cost of investments in securities | $ | 55,952,546 | $ | 114,001,970 | $ | 646,758,388 | $ | 690,226,911 | ||||||||
** Cost of investments in affiliates | $ | — | $ | — | $ | — | $ | 375,295 | ||||||||
*** Cost of short-term investments | $ | — | $ | 6,221,322 | $ | — | $ | 7,042,553 | ||||||||
**** Cost of foreign currencies | $ | 53,972 | $ | 308,982 | $ | 90,340 | $ | 967,050 |
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ING | ING | ING | ING | |||||||||||||
International | International | International | International | |||||||||||||
Equity | Growth | Real | SmallCap | |||||||||||||
Dividend | Opportunities | Estate | Multi-Manager | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 1,520,567 | $ | 25,104,359 | $ | 89,623,401 | $ | 160,896,312 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 283,907 | 4,264,349 | 12,971,793 | 7,079,874 | ||||||||||||
Net asset value and redemption price per share | $ | 5.36 | $ | 5.89 | $ | 6.91 | $ | 22.73 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 5.69 | $ | 6.25 | $ | 7.33 | $ | 24.12 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 164,539 | $ | 4,475,757 | $ | 4,003,577 | $ | 11,891,978 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 30,783 | 805,491 | 581,538 | 506,574 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 5.35 | $ | 5.56 | $ | 6.88 | $ | 23.48 | ||||||||
Maximum offering price per share | $ | 5.35 | $ | 5.56 | $ | 6.88 | $ | 23.48 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 730,239 | $ | 6,657,204 | $ | 36,660,790 | $ | 29,760,281 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 136,571 | 1,195,934 | 5,329,561 | 1,406,812 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 5.35 | $ | 5.57 | $ | 6.88 | $ | 21.15 | ||||||||
Maximum offering price per share | $ | 5.35 | $ | 5.57 | $ | 6.88 | $ | 21.15 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 33,612,246 | $ | 16,963,877 | $ | 290,226,800 | $ | 139,212,589 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 6,274,454 | 2,886,381 | 41,937,961 | 6,093,000 | ||||||||||||
Net asset value and redemption price per share | $ | 5.36 | $ | 5.88 | $ | 6.92 | $ | 22.85 | ||||||||
Maximum offering price per share | $ | 5.36 | $ | 5.88 | $ | 6.92 | $ | 22.85 | ||||||||
Class O: | ||||||||||||||||
Net assets | n/a | n/a | n/a | $ | 61,776 | |||||||||||
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 | 2,716 | ||||||||||||
Net asset value and redemption price per share | n/a | n/a | n/a | $ | 22.75 | |||||||||||
Maximum offering price per share | n/a | n/a | n/a | $ | 22.75 | |||||||||||
Class Q: | ||||||||||||||||
Net assets | n/a | $ | 9,986,484 | n/a | $ | 43,442,661 | ||||||||||
Shares authorized | n/a | unlimited | n/a | unlimited | ||||||||||||
Par value | n/a | $ | — | n/a | $ | — | ||||||||||
Shares outstanding | n/a | 1,713,035 | n/a | 1,755,618 | ||||||||||||
Net asset value and redemption price per share | n/a | $ | 5.83 | n/a | $ | 24.74 | ||||||||||
Maximum offering price per share | n/a | $ | 5.83 | n/a | $ | 24.74 | ||||||||||
Class W: | ||||||||||||||||
Net assets | $ | 11,710 | n/a | $ | 306,859 | $ | 10,365,821 | |||||||||
Shares authorized | unlimited | n/a | unlimited | unlimited | ||||||||||||
Par value | $ | — | n/a | $ | — | $ | — | |||||||||
Shares outstanding | 2,185 | n/a | 44,380 | 386,280 | ||||||||||||
Net asset value and redemption price per share | $ | 5.36 | n/a | $ | 6.91 | $ | 26.83 | |||||||||
Maximum offering price per share | $ | 5.36 | n/a | $ | 6.91 | $ | 26.83 |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
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Table of Contents
ING | ING | |||||||||||
International | International | ING | ||||||||||
Value | Value Choice | Russia | ||||||||||
Fund | Fund | Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in securities at value+* | $ | 1,956,416,835 | $ | 48,357,442 | $ | 222,895,209 | ||||||
Short-term investments** | 110,326,097 | — | 32,130,516 | |||||||||
Short-term investments in affiliates at amortized cost | 21,129,814 | — | — | |||||||||
Cash | 150 | — | 24,874,542 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 123,710,357 | 1,587,733 | 22,945,545 | |||||||||
Fund shares sold | 1,638,529 | 16,825 | 677,572 | |||||||||
Dividends and interest | 15,103,419 | 175,973 | 4,888,498 | |||||||||
Prepaid expenses | 66,072 | 21,997 | 28,432 | |||||||||
Total assets | 2,228,391,273 | 50,159,970 | 308,440,314 | |||||||||
LIABILITIES: | ||||||||||||
Payable for investment securities purchased | 7,604,934 | 413 | 9,673,451 | |||||||||
Payable for fund shares redeemed | 9,917,750 | 1,016,156 | 3,644,916 | |||||||||
Payable upon receipt of securities loaned | 111,387,120 | — | 32,873,094 | |||||||||
Payable to affiliates | 2,733,198 | 55,278 | 372,434 | |||||||||
Payable to custodian due to bank overdraft | — | 15,199 | — | |||||||||
Payable to custodian due to foreign currency overdraft*** | 3,021,923 | 1,366 | — | |||||||||
Payable for directors fees | 24,564 | 1,399 | 18,811 | |||||||||
Other accrued expenses and liabilities | 1,590,203 | 35,910 | 730,239 | |||||||||
Total liabilities | 136,279,692 | 1,125,721 | 47,312,945 | |||||||||
NET ASSETS | $ | 2,092,111,581 | $ | 49,034,249 | $ | 261,127,369 | ||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||
Paid-in capital | $ | 2,968,551,186 | $ | 76,742,270 | $ | 405,877,023 | ||||||
Undistributed net investment income | 63,338,094 | 557,203 | — | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency related transactions | 256,975,690 | (1,044,972 | ) | 81,796,694 | ||||||||
Net unrealized depreciation on investments and foreign currency related transactions | (1,196,753,389 | ) | (27,220,252 | ) | (226,546,348 | ) | ||||||
NET ASSETS | $ | 2,092,111,581 | $ | 49,034,249 | $ | 261,127,369 | ||||||
+ Including securities loaned at value | $ | 100,135,669 | $ | — | $ | 31,708,315 | ||||||
* Cost of investments in securities | $ | 3,159,672,707 | $ | 75,597,882 | $ | 448,548,296 | ||||||
** Cost of short-term investments | $ | 111,387,120 | $ | — | $ | 32,873,094 | ||||||
*** Cost of foreign currency overdraft | $ | 3,009,379 | $ | 1,332 | $ | — |
66
Table of Contents
ING | ING | |||||||||||
International | International | ING | ||||||||||
Value | Value Choice | Russia | ||||||||||
Fund | Fund | Fund | ||||||||||
Class A: | ||||||||||||
Net assets | $ | 931,161,998 | $ | 8,939,869 | $ | 261,127,369 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | — | $ | — | ||||||
Shares outstanding | 83,633,665 | 1,182,801 | 10,201,207 | |||||||||
Net asset value and redemption price per share | $ | 11.13 | $ | 7.56 | $ | 25.60 | ||||||
Maximum offering price per share (5.75%)(1) | $ | 11.81 | $ | 8.02 | $ | 27.16 | ||||||
Class B: | ||||||||||||
Net assets | $ | 85,873,276 | $ | 1,738,374 | n/a | |||||||
Shares authorized | unlimited | unlimited | n/a | |||||||||
Par value | $ | 0.01 | $ | — | n/a | |||||||
Shares outstanding | 7,890,386 | 233,739 | n/a | |||||||||
Net asset value and redemption price per share(2) | $ | 10.88 | $ | 7.44 | n/a | |||||||
Maximum offering price per share | $ | 10.88 | $ | 7.44 | n/a | |||||||
Class C: | ||||||||||||
Net assets | $ | 326,811,972 | $ | 2,267,459 | n/a | |||||||
Shares authorized | unlimited | unlimited | n/a | |||||||||
Par value | $ | 0.01 | $ | — | n/a | |||||||
Shares outstanding | 30,283,030 | 304,004 | n/a | |||||||||
Net asset value and redemption price per share(2) | $ | 10.79 | $ | 7.46 | n/a | |||||||
Maximum offering price per share | $ | 10.79 | $ | 7.46 | n/a | |||||||
Class I: | ||||||||||||
Net assets | $ | 735,621,537 | $ | 36,088,547 | n/a | |||||||
Shares authorized | unlimited | unlimited | n/a | |||||||||
Par value | $ | 0.01 | $ | — | n/a | |||||||
Shares outstanding | 65,921,935 | 4,770,258 | n/a | |||||||||
Net asset value and redemption price per share | $ | 11.16 | $ | 7.57 | n/a | |||||||
Maximum offering price per share | $ | 11.16 | $ | 7.57 | n/a | |||||||
Class Q: | ||||||||||||
Net assets | $ | 12,642,798 | n/a | n/a | ||||||||
Shares authorized | unlimited | n/a | n/a | |||||||||
Par value | $ | 0.01 | n/a | n/a | ||||||||
Shares outstanding | 1,130,648 | n/a | n/a | |||||||||
Net asset value and redemption price per share | $ | 11.18 | n/a | n/a | ||||||||
Maximum offering price per share | $ | 11.18 | 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. |
67
Table of Contents
ING | ||||||||||||
Emerging | ING | ING | ||||||||||
Markets | Global | Diversified | ||||||||||
Fixed Income | Bond | International | ||||||||||
Fund | Fund | Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in securities at value* | $ | 177,402,904 | $ | 100,285,342 | $ | — | ||||||
Investments in affiliates** | — | — | 267,830,664 | |||||||||
Short-term investments*** | — | 794,889 | — | |||||||||
Short-term investments in affiliates at amortized cost | — | 21,125,000 | — | |||||||||
Short-term investments at amortized cost | — | 568,000 | — | |||||||||
Cash | 45,642,803 | 11,563,563 | 1,123,333 | |||||||||
Cash collateral for futures | 98,600 | 1,994,764 | — | |||||||||
Foreign currencies at value**** | — | 6,778,146 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold on a delayed-delivery or when-issued basis | — | 22,388,945 | — | |||||||||
Investment securities sold | 10,238,563 | 7,353,008 | 337,507 | |||||||||
Fund shares sold | 307,334 | 355,143 | 521,864 | |||||||||
Dividends and interest | 5,010,376 | 918,502 | — | |||||||||
Variation margin | — | 160,121 | — | |||||||||
Unrealized appreciation on forward foreign currency contracts | 1,776,184 | 4,464,332 | — | |||||||||
Upfront payments made on swap agreements | — | 45,647 | — | |||||||||
Unrealized appreciation on swap agreements | — | 944,995 | — | |||||||||
Prepaid expenses | 40,585 | 45,966 | 83,396 | |||||||||
Reimbursement due from manager | — | 19,174 | 150,170 | |||||||||
Total assets | 240,517,349 | 179,805,537 | 270,046,934 | |||||||||
LIABILITIES: | ||||||||||||
Payable for investment securities purchased on a delayed-delivery or when-issued basis | — | 38,012,644 | — | |||||||||
Payable for investment securities purchased | — | 22,396,713 | 4,493 | |||||||||
Payable for terminated investment contracts | — | 163,367 | — | |||||||||
Payable for fund shares redeemed | 25,477 | 687,664 | 1,495,521 | |||||||||
Payable for futures variation margin | 8,157 | 198,768 | — | |||||||||
Unrealized depreciation on forward foreign currency contracts | 3,620,004 | 4,059,554 | — | |||||||||
Upfront payments received on swap agreements | — | 2,549 | — | |||||||||
Unrealized depreciation on swap agreements | — | 866,400 | — | |||||||||
Income distribution payable | — | 675 | — | |||||||||
Payable to affiliates | 145,880 | 91,759 | 153,811 | |||||||||
Payable to custodian due to foreign currency overdraft***** | 4,369,669 | — | — | |||||||||
Payable for directors fees | 361 | 724 | 1,157 | |||||||||
Other accrued expenses and liabilities | 67,538 | 55,196 | 263,369 | |||||||||
Total liabilities | 8,237,086 | 66,536,013 | 1,918,351 | |||||||||
NET ASSETS | $ | 232,280,263 | $ | 113,269,524 | $ | 268,128,583 | ||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||
Paid-in capital | $ | 339,327,103 | $ | 118,621,609 | $ | 466,155,686 | ||||||
Undistributed net investment income | 782,266 | 23,882 | 20,777,313 | |||||||||
Accumulated net realized gain (loss) on investments, foreign currency related transactions, futures, swaps, and written options | (8,327,885 | ) | 1,074,790 | (41,077,362 | ) | |||||||
Net unrealized depreciation on investments, foreign currency related transactions, futures, and swaps | (99,501,221 | ) | (6,450,757 | ) | (177,727,054 | ) | ||||||
NET ASSETS | $ | 232,280,263 | $ | 113,269,524 | $ | 268,128,583 | ||||||
* Cost of investments in securities | $ | 274,923,243 | $ | 107,872,266 | $ | — | ||||||
** Cost of investments in affiliates | $ | — | $ | — | $ | 445,557,718 | ||||||
*** Cost of short-term investments | $ | — | $ | 910,610 | $ | — | ||||||
**** Cost of foreign currencies | $ | — | $ | 7,055,370 | $ | — | ||||||
***** Cost of foreign currency overdraft | $ | 4,351,163 | $ | — | $ | — |
68
Table of Contents
ING | ||||||||||||
Emerging | ING | ING | ||||||||||
Markets | Global | Diversified | ||||||||||
Fixed Income | Bond | International | ||||||||||
Fund | Fund | Fund | ||||||||||
Class A: | ||||||||||||
Net assets | $ | 2,779,145 | $ | 79,450,550 | $ | 167,282,067 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 414,392 | 7,793,109 | 22,930,865 | |||||||||
Net asset value and redemption price per share | $ | 6.71 | $ | 10.19 | $ | 7.30 | ||||||
Maximum offering price per share | $ | 6.88 | (1) | $ | 10.46 | (1) | $ | 7.75 | (2) | |||
Class B: | ||||||||||||
Net assets | $ | 209,545 | $ | 4,085,028 | $ | 20,167,431 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 31,335 | 401,978 | 2,792,787 | |||||||||
Net asset value and redemption price per share(3) | $ | 6.69 | $ | 10.16 | $ | 7.22 | ||||||
Maximum offering price per share | $ | 6.69 | $ | 10.16 | $ | 7.22 | ||||||
Class C: | ||||||||||||
Net assets | $ | 1,017,535 | $ | 29,009,097 | $ | 78,834,425 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 152,245 | 2,843,781 | 10,933,555 | |||||||||
Net asset value and redemption price per share(3) | $ | 6.68 | $ | 10.20 | $ | 7.21 | ||||||
Maximum offering price per share | $ | 6.68 | $ | 10.20 | $ | 7.21 | ||||||
Class I: | ||||||||||||
Net assets | $ | 228,274,038 | $ | 502,999 | $ | 15,596 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 34,124,602 | 49,271 | 2,135 | |||||||||
Net asset value and redemption price per share | $ | 6.69 | $ | 10.21 | $ | 7.30 | ||||||
Maximum offering price per share | $ | 6.69 | $ | 10.21 | $ | 7.30 | ||||||
Class O: | ||||||||||||
Net assets | n/a | $ | 221,850 | $ | 140,170 | |||||||
Shares authorized | n/a | unlimited | unlimited | |||||||||
Par value | n/a | $ | — | $ | — | |||||||
Shares outstanding | n/a | 21,855 | 19,217 | |||||||||
Net asset value and redemption price per share | n/a | $ | 10.15 | $ | 7.29 | |||||||
Maximum offering price per share | n/a | $ | 10.15 | $ | 7.29 | |||||||
Class R: | ||||||||||||
Net assets | n/a | n/a | $ | 182,563 | ||||||||
Shares authorized | n/a | n/a | unlimited | |||||||||
Par value | n/a | n/a | $ | — | ||||||||
Shares outstanding | n/a | n/a | 25,283 | |||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 7.22 | ||||||||
Maximum offering price per share | n/a | n/a | $ | 7.22 | ||||||||
Class W: | ||||||||||||
Net assets | n/a | n/a | $ | 1,506,331 | ||||||||
Shares authorized | n/a | n/a | unlimited | |||||||||
Par value | n/a | n/a | $ | — | ||||||||
Shares outstanding | n/a | n/a | 206,489 | |||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 7.29 | ||||||||
Maximum offering price per share | n/a | n/a | $ | 7.29 |
(1) | Maximum offering price is 2.50% and is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced. |
(2) | Maximum offering price is 5.75% and computed at 100/94.25 of net asset value. On purchases of $100,000 or more, the offering price is reduced. |
(3) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
69
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ING | ING | ING | ING | |||||||||||||
Global | Global | Global | Global | |||||||||||||
Equity | Natural | Real | Value | |||||||||||||
Dividend | Resources | Estate | Choice | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 14,287,405 | $ | 2,580,793 | $ | 47,024,008 | $ | 1,980,620 | ||||||||
Interest | 69,793 | 6,570 | 841,511 | 120,168 | ||||||||||||
Securities lending income, net | 112,977 | — | 696,647 | 162,461 | ||||||||||||
Total investment income | 14,470,175 | 2,587,363 | 48,562,166 | 2,263,249 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 1,921,120 | 1,183,178 | 11,202,285 | 1,076,022 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 305,554 | 352,700 | 2,610,344 | 154,334 | ||||||||||||
Class B | 403,751 | — | 408,133 | 149,987 | ||||||||||||
Class C | 898,175 | — | 2,410,335 | 339,081 | ||||||||||||
Class O | 53,929 | — | 50,489 | — | ||||||||||||
Class Q | — | — | — | 5,466 | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 191,365 | 149,162 | 1,888,451 | 93,863 | ||||||||||||
Class B | 63,586 | — | 73,466 | 25,076 | ||||||||||||
Class C | 141,732 | — | 434,467 | 55,790 | ||||||||||||
Class I | 266 | — | 55,290 | 1,204 | ||||||||||||
Class O | 32,986 | — | 36,425 | — | ||||||||||||
Class Q | — | — | — | 327 | ||||||||||||
Class W | 14 | — | 8,186 | — | ||||||||||||
Administrative service fees | 274,441 | 141,088 | 1,537,802 | 117,223 | ||||||||||||
Shareholder reporting expense | 316,284 | 100,090 | 1,420,133 | 70,376 | ||||||||||||
Registration fees | 98,203 | 53,738 | 192,631 | 62,195 | ||||||||||||
Professional fees | 44,933 | 25,362 | 144,842 | 21,041 | ||||||||||||
Custody and accounting expense | 94,278 | 38,370 | 519,348 | 31,937 | ||||||||||||
Directors fees | 8,562 | 2,928 | 42,106 | 10,301 | ||||||||||||
Miscellaneous expense | 11,940 | 9,276 | 38,006 | 9,726 | ||||||||||||
Interest expense | 456 | 7,001 | 1,725 | 832 | ||||||||||||
Foreign overdraft expense | 19,829 | — | — | — | ||||||||||||
Total expenses | 4,881,404 | 2,062,893 | 23,074,464 | 2,224,781 | ||||||||||||
Net waived and reimbursed fees | (46,818 | ) | (276 | ) | (7,607 | ) | (74,748 | ) | ||||||||
Brokerage commission recapture | — | — | (447 | ) | (17,971 | ) | ||||||||||
Net expenses | 4,834,586 | 2,062,617 | 23,066,410 | 2,132,062 | ||||||||||||
Net investment income | 9,635,589 | 524,746 | 25,495,756 | 131,187 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS: | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (30,213,467 | ) | 6,588,019 | (220,841,645 | ) | 6,461,914 | ||||||||||
Foreign currency related transactions | (631,243 | ) | (23,721 | ) | (602,190 | ) | (91,681 | ) | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (30,844,710 | ) | 6,564,298 | (221,443,835 | ) | 6,370,233 | ||||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | (106,332,585 | ) | (68,152,816 | ) | (761,672,499 | ) | (59,945,807 | ) | ||||||||
Foreign currency related transactions | (43,417 | ) | (32,227 | ) | (27,631 | ) | 8,283 | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (106,376,002 | ) | (68,185,043 | ) | (761,700,130 | ) | (59,937,524 | ) | ||||||||
Net realized and unrealized loss on investments and foreign currency related transactions | (137,220,712 | ) | (61,620,745 | ) | (983,143,965 | ) | (53,567,291 | ) | ||||||||
Decrease in net assets resulting from operations | $ | (127,585,123 | ) | $ | (61,095,999 | ) | $ | (957,648,209 | ) | $ | (53,436,104 | ) | ||||
* Foreign taxes withheld | $ | 886,730 | $ | 99,620 | $ | 3,898,366 | $ | 108,121 | ||||||||
(1) Dividends from affiliates | $ | — | $ | 12,150 | $ | 243,833 | $ | 5,392 |
70
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ING | ING | ING | ||||||||||||||
Asia-Pacific | Disciplined | ING | European | |||||||||||||
Real | International | Emerging | Real | |||||||||||||
Estate | SmallCap | Countries | Estate | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 197,766 | $ | 9,416,705 | $ | 8,324,779 | $ | 165,579 | ||||||||
Interest | 3,486 | 1,015,599 | 673,679 | 3,256 | ||||||||||||
Securities lending income, net | — | — | 152,335 | — | ||||||||||||
Total investment income | 201,252 | 10,432,304 | 9,150,793 | 168,835 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 59,451 | 2,131,092 | 3,044,161 | 51,356 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 10,782 | 235 | 519,164 | 12,633 | ||||||||||||
Class B | 197 | 44 | 118,167 | 103 | ||||||||||||
Class C | 16,120 | 425 | 395,060 | 712 | ||||||||||||
Class Q | — | — | 37,420 | — | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 6,890 | 45 | 187,671 | 5,205 | ||||||||||||
Class B | 7 | 2 | 14,935 | 15 | ||||||||||||
Class C | 577 | 22 | 49,941 | 81 | ||||||||||||
Class I | 1 | 4,473 | 11,759 | — | ||||||||||||
Class Q | — | — | 7,278 | — | ||||||||||||
Class W | — | — | 17 | — | ||||||||||||
Administrative service fees | 5,945 | 355,178 | 243,529 | 5,135 | ||||||||||||
Shareholder reporting expense | 2,520 | 54,848 | 205,088 | 2,789 | ||||||||||||
Registration fees | 13,040 | 52,428 | 92,922 | 14,234 | ||||||||||||
Professional fees | 15,281 | 50,838 | 35,356 | 17,886 | ||||||||||||
Custody and accounting expense | 27,936 | 265,630 | 297,644 | 16,865 | ||||||||||||
Directors fees | 1,738 | 10,364 | 9,551 | 2,402 | ||||||||||||
Offering expense | 95,526 | — | — | 93,519 | ||||||||||||
Miscellaneous expense | 3,117 | 15,617 | 13,771 | 6,632 | ||||||||||||
Interest expense | — | 14,677 | 11,290 | — | ||||||||||||
Total expenses | 259,128 | 2,955,918 | 5,294,724 | 229,567 | ||||||||||||
Net waived and reimbursed fees | (142,894 | ) | — | (237,321 | ) | (138,639 | ) | |||||||||
Brokerage commission recapture | — | — | (43,884 | ) | — | |||||||||||
Net expenses | 116,234 | 2,955,918 | 5,013,519 | 90,928 | ||||||||||||
Net investment income | 85,018 | 7,476,386 | 4,137,274 | 77,907 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS: | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (2,015,703 | ) | (72,489,793 | ) | (63,120,629 | ) | (1,146,491 | ) | ||||||||
Foreign currency related transactions | (28,539 | ) | 18,800 | (1,129,591 | ) | (23,492 | ) | |||||||||
Net realized loss on investments and foreign currency related transactions | (2,044,242 | ) | (72,470,993 | ) | (64,250,220 | ) | (1,169,983 | ) | ||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | (3,417,262 | ) | (163,316,064 | ) | (112,316,226 | ) | (1,678,154 | ) | ||||||||
Foreign currency related transactions | 955 | 268,556 | (12,051 | ) | (1,100 | ) | ||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (3,416,307 | ) | (163,047,508 | ) | (112,328,277 | ) | (1,679,254 | ) | ||||||||
Net realized and unrealized loss on investments and foreign currency related transactions | (5,460,549 | ) | (235,518,501 | ) | (176,578,497 | ) | (2,849,237 | ) | ||||||||
Decrease in net assets resulting from operations | $ | (5,375,531 | ) | $ | (228,042,115 | ) | $ | (172,441,223 | ) | $ | (2,771,330 | ) | ||||
* Foreign taxes withheld | $ | 20,239 | $ | 956,791 | $ | 706,291 | $ | 26,944 | ||||||||
(1) Dividends from affiliates | $ | 1,438 | $ | — | $ | — | $ | 652 |
71
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ING | ING | |||||||||||||||
ING | Index Plus | International | ||||||||||||||
ING | Greater | International | Capital | |||||||||||||
Foreign | China | Equity | Appreciation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 14,534,000 | $ | 1,314,461 | $ | 6,768,633 | $ | 2,586,595 | ||||||||
Interest | 1,101,840 | 21,541 | 297,839 | 145,328 | ||||||||||||
Securities lending income, net | 188,212 | — | — | — | ||||||||||||
Total investment income | 15,824,052 | 1,336,002 | 7,066,472 | 2,731,923 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 6,139,143 | 672,510 | 1,150,534 | 1,044,605 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 741,749 | 116,587 | 41,747 | 10,696 | ||||||||||||
Class B | 380,723 | 48,725 | 31,685 | 7,179 | ||||||||||||
Class C | 1,865,596 | 68,723 | 22,963 | 9,350 | ||||||||||||
Class O | — | 128 | 161,422 | — | ||||||||||||
Class Q | 1,643 | — | — | — | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 283,379 | 64,909 | 71,410 | 3,623 | ||||||||||||
Class B | 36,392 | 6,797 | 13,770 | 614 | ||||||||||||
Class C | 178,180 | 9,601 | 9,842 | 790 | ||||||||||||
Class I | 16,106 | 63 | 4,135 | 3,596 | ||||||||||||
Class O | — | 71 | 279,472 | — | ||||||||||||
Class Q | 34 | — | — | — | ||||||||||||
Class W | 7 | — | — | — | ||||||||||||
Administrative service fees | 627,837 | 58,478 | 209,188 | 122,893 | ||||||||||||
Shareholder reporting expense | 286,423 | 26,906 | 172,571 | 12,807 | ||||||||||||
Registration fees | 108,290 | 66,184 | 78,736 | 59,224 | ||||||||||||
Professional fees | 66,125 | 15,577 | 98,592 | 14,238 | ||||||||||||
Custody and accounting expense | 667,681 | 73,890 | 140,544 | 58,190 | ||||||||||||
Directors fees | 20,092 | 1,176 | 8,868 | 2,230 | ||||||||||||
Miscellaneous expense | 20,818 | 5,637 | 22,841 | 4,966 | ||||||||||||
Interest expense | 2,763 | 875 | 52,262 | 3,370 | ||||||||||||
Foreign overdraft expense | — | — | 267,146 | — | ||||||||||||
Total expenses | 11,442,981 | 1,236,837 | 2,837,728 | 1,358,371 | ||||||||||||
Net recouped (waived and reimbursed) fees | (31,310 | ) | (1 | ) | (900,183 | ) | 66,285 | |||||||||
Brokerage commission recapture | (5,073 | ) | — | — | (3,066 | ) | ||||||||||
Net expenses | 11,406,598 | 1,236,836 | 1,937,545 | 1,421,590 | ||||||||||||
Net investment income | 4,417,454 | 99,166 | 5,128,927 | 1,310,333 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, AND FUTURES: | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (98,278,832 | ) | 2,393,183 | (47,890,487 | ) | (8,119,504 | ) | |||||||||
Foreign currency related transactions | (13,646,911 | ) | (38,797 | ) | (610,889 | ) | (240,497 | ) | ||||||||
Futures | — | — | 2,338,608 | — | ||||||||||||
Net realized gain (loss) on investments, foreign currency related transactions, and futures | (111,925,743 | ) | 2,354,386 | (46,162,768 | ) | (8,360,001 | ) | |||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | (256,093,107 | ) | (47,932,045 | ) | (75,097,252 | ) | (62,260,229 | ) | ||||||||
Foreign currency related transactions | 21,570,344 | (1,365 | ) | (349,909 | ) | (8,896 | ) | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (234,522,763 | ) | (47,933,410 | ) | (75,447,161 | ) | (62,269,125 | ) | ||||||||
Net realized and unrealized loss on investments, foreign currency related transactions, and futures | (346,448,506 | ) | (45,579,024 | ) | (121,609,929 | ) | (70,629,126 | ) | ||||||||
Decrease in net assets resulting from operations | $ | (342,031,052 | ) | $ | (45,479,858 | ) | $ | (116,481,002 | ) | $ | (69,318,793 | ) | ||||
* Foreign taxes withheld | $ | 1,659,112 | $ | 116,293 | $ | 721,041 | $ | 267,060 | ||||||||
(1) Dividends from affiliates | $ | 87,076 | $ | — | $ | — | $ | — |
72
Table of Contents
ING | ING | ING | ||||||||||||||
International | International | ING | International | |||||||||||||
Equity | Growth | International | SmallCap | |||||||||||||
Dividend | Opportunities | Real Estate | Multi-Manager | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 2,812,816 | $ | 2,552,617 | $ | 19,144,421 | $ | 23,530,276 | ||||||||
Interest | 56,972 | 6,938 | 424,229 | 590,200 | ||||||||||||
Securities lending income, net | — | 46,577 | — | 419,886 | ||||||||||||
Total investment income | 2,869,788 | 2,606,132 | 19,568,650 | 24,540,362 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 406,444 | 1,191,453 | 5,449,831 | 7,916,854 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 8,157 | 129,567 | 491,898 | 1,240,697 | ||||||||||||
Class B | 2,488 | 118,384 | 78,751 | 363,589 | ||||||||||||
Class C | 13,881 | 152,469 | 849,931 | 685,971 | ||||||||||||
Class O | — | — | — | 37 | ||||||||||||
Class Q | — | 59,725 | — | 230,927 | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 4,814 | 64,882 | 179,531 | 354,981 | ||||||||||||
Class B | 352 | 14,907 | 7,175 | 36,388 | ||||||||||||
Class C | 2,037 | 19,092 | 77,409 | 68,686 | ||||||||||||
Class I | 22,648 | 2,023 | 55,368 | 112,315 | ||||||||||||
Class O | — | — | — | 15 | ||||||||||||
Class Q | 77 | 2,885 | — | 37,364 | ||||||||||||
Class S | 28 | — | — | — | ||||||||||||
Class W | — | — | 263 | 605 | ||||||||||||
Administrative service fees | 54,192 | 119,144 | 588,103 | 825,270 | ||||||||||||
Shareholder reporting expense | 9,956 | 115,460 | 173,694 | 368,939 | ||||||||||||
Registration fees | 63,962 | 63,914 | 87,306 | 143,101 | ||||||||||||
Professional fees | 14,125 | 30,016 | 46,206 | 206,597 | ||||||||||||
Custody and accounting expense | 46,201 | 83,594 | 306,692 | 659,085 | ||||||||||||
Directors fees | 2,172 | 3,827 | 15,836 | 24,699 | ||||||||||||
Offering expense | 70,682 | — | — | — | ||||||||||||
Miscellaneous expense | 6,007 | 13,800 | 14,358 | 36,861 | ||||||||||||
Interest expense | — | 5,772 | 2,705 | 108,972 | ||||||||||||
Total expenses | 728,223 | 2,190,914 | 8,425,057 | 13,421,953 | ||||||||||||
Net recouped (waived and reimbursed) fees | (122,873 | ) | (31,854 | ) | 137,094 | (89 | ) | |||||||||
Brokerage commission recapture | — | — | — | (10,373 | ) | |||||||||||
Net expenses | 605,350 | 2,159,060 | 8,562,151 | 13,411,491 | ||||||||||||
Net investment income | 2,264,438 | 447,072 | 11,006,499 | 11,128,871 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS: | ||||||||||||||||
Net realized loss on: | ||||||||||||||||
Investments (net of Indian capital gains tax withheld)** | (9,991,605 | ) | (5,096,807 | ) | (91,534,522 | ) | (157,669,074 | ) | ||||||||
Foreign currency related transactions | (297,232 | ) | (112,209 | ) | (738,804 | ) | (1,147,362 | ) | ||||||||
Net realized loss on investments and foreign currency related transactions | (10,288,837 | ) | (5,209,016 | ) | (92,273,326 | ) | (158,816,436 | ) | ||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | (24,079,693 | ) | (77,305,228 | ) | (314,324,666 | ) | (509,341,588 | ) | ||||||||
Foreign currency related transactions | (7,936 | ) | (38,041 | ) | (10,627 | ) | 267,370 | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (24,087,629 | ) | (77,343,269 | ) | (314,335,293 | ) | (509,074,218 | ) | ||||||||
Net realized and unrealized loss on investments and foreign currency related transactions, and futures | (34,376,466 | ) | (82,552,285 | ) | (406,608,619 | ) | (667,890,654 | ) | ||||||||
Decrease in net assets resulting from operations | $ | (32,112,028 | ) | $ | (82,105,213 | ) | $ | (395,602,120 | ) | $ | (656,761,783 | ) | ||||
* Foreign taxes withheld | $ | 307,338 | $ | 225,550 | $ | 2,464,573 | $ | 2,371,564 | ||||||||
** Foreign tax on sale of Indian investments | $ | — | $ | 40,004 | $ | — | $ | 23,280 | ||||||||
(1) Dividends from affiliates | $ | — | $ | 89,024 | $ | 97,662 | $ | 2,573 |
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�� | ING | |||||||||||
ING | International | |||||||||||
International | Value | ING | ||||||||||
Value | Choice | Russia | ||||||||||
Fund | Fund | Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 136,676,276 | $ | 1,525,096 | $ | 11,007,833 | ||||||
Interest | 1,426,213 | 75,899 | 113,014 | |||||||||
Securities lending income, net | 851,049 | — | 760,593 | |||||||||
Total investment income | 138,953,538 | 1,600,995 | 11,881,440 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 39,611,610 | 757,506 | 10,207,354 | |||||||||
Distribution and service fees: | ||||||||||||
Class A | 5,006,016 | 36,872 | 2,041,471 | |||||||||
Class B | 1,884,057 | 30,816 | — | |||||||||
Class C | 5,829,967 | 38,955 | — | |||||||||
Class Q | 52,661 | — | — | |||||||||
Transfer agent fees: | ||||||||||||
Class A | 1,526,757 | 15,601 | 789,917 | |||||||||
Class B | 175,237 | 3,215 | — | |||||||||
Class C | 534,090 | 4,061 | — | |||||||||
Class I | 865,404 | 2,859 | — | |||||||||
Class Q | 11,476 | — | — | |||||||||
Administrative service fees | 3,961,108 | 75,749 | 816,580 | |||||||||
Shareholder reporting expense | 1,306,285 | 21,741 | 470,864 | |||||||||
Registration fees | 108,305 | 48,541 | 57,184 | |||||||||
Professional fees | 314,210 | 15,849 | 66,564 | |||||||||
Custody and accounting expense | 1,179,413 | 28,068 | 2,256,540 | |||||||||
Directors fees | 115,722 | 1,810 | 38,332 | |||||||||
Miscellaneous expense | 774,291 | 9,835 | 11,270 | |||||||||
Interest expense | 57,989 | 261 | 25,617 | |||||||||
Total expenses | 63,314,598 | 1,091,739 | 16,781,693 | |||||||||
Net recouped (waived and reimbursed) fees | (587,700 | ) | 19,213 | — | ||||||||
Brokerage commission recapture | (154,041 | ) | (2,659 | ) | — | |||||||
Net expenses | 62,572,857 | 1,108,293 | 16,781,693 | |||||||||
Net investment income (loss) | 76,380,681 | 492,702 | (4,900,253 | ) | ||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 518,317,287 | (237,571 | ) | 165,653,180 | ||||||||
Foreign currency related transactions | (13,210,374 | ) | (163,819 | ) | (95,243 | ) | ||||||
Net realized gain (loss) on investments and foreign currency related transactions | 505,106,913 | (401,390 | ) | 165,557,937 | ||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||
Investments | (2,422,088,781 | ) | (35,729,481 | ) | (675,569,278 | ) | ||||||
Foreign currency related transactions | 7,358,563 | 20,682 | (151,924 | ) | ||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (2,414,730,218 | ) | (35,708,799 | ) | (675,721,202 | ) | ||||||
Net realized and unrealized loss on investments and foreign currency related transactions | (1,909,623,305 | ) | (36,110,189 | ) | (510,163,265 | ) | ||||||
Decrease in net assets resulting from operations | $ | (1,833,242,624 | ) | $ | (35,617,487 | ) | $ | (515,063,518 | ) | |||
* Foreign taxes withheld | $ | 14,233,084 | $ | 132,497 | $ | 1,880,909 | ||||||
(1) Dividends from affiliates | $ | 45,276 | $ | 4,723 | $ | — |
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ING | ||||||||||||
Emerging | ||||||||||||
Markets | ING | ING | ||||||||||
Fixed | Global | Diversified | ||||||||||
Income | Bond | International | ||||||||||
Fund | Fund | Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends | $ | 165,430 | $ | — | $ | — | ||||||
Dividends from affiliates | — | 716,132 | — | |||||||||
Dividends from affiliated underlying funds | — | — | 8,821,631 | |||||||||
Interest | 23,005,092 | 2,301,575 | — | |||||||||
Total investment income | 23,170,522 | 3,017,707 | 8,821,631 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 1,924,618 | 351,474 | — | |||||||||
Distribution and service fees: | ||||||||||||
Class A | 15,601 | 164,591 | 820,374 | |||||||||
Class B | 3,471 | 27,411 | 365,716 | |||||||||
Class C | 17,128 | 188,855 | 1,459,396 | |||||||||
Class O | — | 103 | 68 | |||||||||
Class R | — | — | 1,652 | |||||||||
Transfer agent fees: | ||||||||||||
Class A | 2,473 | 43,998 | 362,225 | |||||||||
Class B | 144 | 1,901 | 40,599 | |||||||||
Class C | 709 | 13,169 | 162,846 | |||||||||
Class I | 7,681 | 49 | 28 | |||||||||
Class O | — | 34 | 97 | |||||||||
Class R | — | — | 361 | |||||||||
Class W | — | — | 1,854 | |||||||||
Administrative service fees | 300,110 | 87,867 | 511,849 | |||||||||
Shareholder reporting expense | 45,255 | 13,957 | 270,689 | |||||||||
Registration fees | 68,855 | 67,467 | 120,150 | |||||||||
Professional fees | 44,433 | 14,730 | 100,880 | |||||||||
Custody and accounting expense | 120,598 | 72,245 | 35,962 | |||||||||
Directors fees | 8,911 | 2,554 | 16,334 | |||||||||
Miscellaneous expense | 6,998 | 13,480 | 22,928 | |||||||||
Interest expense | 607 | 837 | — | |||||||||
Foreign overdraft expense | 51,171 | 16,587 | — | |||||||||
Total expenses | 2,618,763 | 1,081,309 | 4,294,008 | |||||||||
Net waived and reimbursed fees | — | (107,136 | ) | (1,337,950 | ) | |||||||
Net expenses | 2,618,763 | 974,173 | 2,956,058 | |||||||||
Net investment income | 20,551,759 | 2,043,534 | 5,865,573 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, INVESTMENTS IN AFFILIATED UNDERLYING FUNDS, FOREIGN CURRENCY RELATED TRANSACTIONS, FUTURES, SWAPS, AND WRITTEN OPTIONS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (8,196,900 | ) | 1,342,139 | — | ||||||||
Distributions of realized gains from affiliated underlying funds | — | — | 40,616,904 | |||||||||
Sale of investments in affiliated underlying funds | — | — | (59,139,484 | ) | ||||||||
Foreign currency related transactions | (5,040,473 | ) | 1,690,360 | — | ||||||||
Futures | 549,810 | 164,762 | — | |||||||||
Swaps | — | (18,705 | ) | — | ||||||||
Written options | — | 8,160 | — | |||||||||
Net realized gain (loss) on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options | (12,687,563 | ) | 3,186,716 | (18,522,580 | ) | |||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||
Investments | (98,188,231 | ) | (8,952,481 | ) | — | |||||||
Investments in affiliated underlying funds | — | — | (292,969,322 | ) | ||||||||
Foreign currency related transactions | (2,096,695 | ) | (9,778 | ) | — | |||||||
Futures | 109,777 | 1,229,015 | — | |||||||||
Swaps | — | 113,764 | — | |||||||||
Net change in unrealized appreciation or depreciation on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, and swaps | (100,175,149 | ) | (7,619,480 | ) | (292,969,322 | ) | ||||||
Net realized and unrealized loss on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options | (112,862,712 | ) | (4,432,764 | ) | (311,491,902 | ) | ||||||
Decrease in net assets resulting from operations | $ | (92,310,953 | ) | $ | (2,389,230 | ) | $ | (305,626,329 | ) | |||
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ING Global Equity Dividend Fund | ING Global Natural Resources Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 9,635,589 | $ | 9,943,310 | $ | 524,746 | $ | (367,759 | ) | |||||||
Net realized gain (loss) on investments and foreign currency related transactions | (30,844,710 | ) | 27,811,655 | 6,564,298 | 26,954,117 | |||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (106,376,002 | ) | 6,761,896 | (68,185,043 | ) | 21,662,769 | ||||||||||
Increase (decrease) in net assets resulting from operations | (127,585,123 | ) | 44,516,861 | (61,095,999 | ) | 48,249,127 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (4,919,694 | ) | (5,670,697 | ) | (1,172,269 | ) | (2,937,873 | ) | ||||||||
Class B | (1,311,619 | ) | (1,472,137 | ) | — | — | ||||||||||
Class C | (2,963,675 | ) | (2,980,276 | ) | — | — | ||||||||||
Class I | (16,676 | ) | (8 | ) | (25 | ) | — | |||||||||
Class O | (927,480 | ) | (499,649 | ) | — | — | ||||||||||
Class W | (1,617 | ) | — | — | — | |||||||||||
Net realized gains: | ||||||||||||||||
Class A | (12,404,290 | ) | (5,696,724 | ) | (27,001,614 | ) | (3,999,909 | ) | ||||||||
Class B | (3,985,012 | ) | (2,232,186 | ) | — | — | ||||||||||
Class C | (8,739,875 | ) | (3,980,153 | ) | — | — | ||||||||||
Class I | (77 | ) | — | (401 | ) | — | ||||||||||
Class O | (1,777,436 | ) | (83,443 | ) | — | — | ||||||||||
Return of capital: | ||||||||||||||||
Class A | (432,988 | ) | — | — | — | |||||||||||
Class B | (143,749 | ) | — | — | — | |||||||||||
Class C | (322,744 | ) | — | — | — | |||||||||||
Class I | (1,297 | ) | — | — | — | |||||||||||
Class O | (80,273 | ) | — | — | — | |||||||||||
Class W | (86 | ) | — | — | — | |||||||||||
Total distributions | (38,028,588 | ) | (22,615,273 | ) | (28,174,309 | ) | (6,937,782 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 50,356,257 | 202,562,312 | 20,082,371 | 16,678,962 | ||||||||||||
Reinvestment of distributions | 26,212,767 | 14,663,596 | 25,092,370 | 6,190,526 | ||||||||||||
76,569,024 | 217,225,908 | 45,174,741 | 22,869,488 | |||||||||||||
Cost of shares redeemed | (151,235,644 | ) | (81,136,802 | ) | (29,532,033 | ) | (27,924,321 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (74,666,620 | ) | 136,089,106 | 15,642,708 | (5,054,833 | ) | ||||||||||
Net increase (decrease) in net assets | (240,280,331 | ) | 157,990,694 | (73,627,600 | ) | 36,256,512 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 389,264,276 | 231,273,582 | 157,368,935 | 121,112,423 | ||||||||||||
End of year | $ | 148,983,945 | $ | 389,264,276 | $ | 83,741,335 | $ | 157,368,935 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of year | $ | (917 | ) | $ | 2,265,845 | $ | — | $ | 515,975 | |||||||
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ING Global Real Estate Fund | ING Global Value Choice Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 25,495,756 | $ | 9,309,818 | $ | 131,187 | $ | (279,174 | ) | |||||||
Net realized gain (loss) on investments and foreign currency related transactions | (221,443,835 | ) | 3,038,303 | 6,370,233 | 20,403,387 | |||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (761,700,130 | ) | 111,748,957 | (59,937,524 | ) | 11,089,799 | ||||||||||
Increase (decrease) in net assets resulting from operations | (957,648,209 | ) | 124,097,078 | (53,436,104 | ) | 31,214,012 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (38,019,770 | ) | (36,353,919 | ) | (330,676 | ) | — | |||||||||
Class B | (1,594,287 | ) | (2,289,473 | ) | — | — | ||||||||||
Class C | (8,408,664 | ) | (9,440,529 | ) | (28,732 | ) | — | |||||||||
Class I | (6,003,778 | ) | (1,235,834 | ) | (77,786 | ) | — | |||||||||
Class O | (781,015 | ) | (800,532 | ) | — | — | ||||||||||
Class Q | — | — | (15,997 | ) | — | |||||||||||
Class W | (687,839 | ) | — | — | — | |||||||||||
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 | (58,280,223 | ) | (60,464,454 | ) | (453,191 | ) | — | |||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 1,452,693,092 | 1,452,457,984 | 48,823,856 | 23,951,269 | ||||||||||||
Reinvestment of distributions | 45,987,277 | 46,781,605 | 305,217 | — | ||||||||||||
1,498,680,369 | 1,499,239,589 | 49,129,073 | 23,951,269 | |||||||||||||
Cost of shares redeemed | (760,365,301 | ) | (602,805,919 | ) | (52,760,826 | ) | (30,529,879 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 738,315,068 | 896,433,670 | (3,631,753 | ) | (6,578,610 | ) | ||||||||||
Net increase (decrease) in net assets | (277,613,364 | ) | 960,066,294 | (57,521,048 | ) | 24,635,402 | ||||||||||
NET ASSETS: | �� | |||||||||||||||
Beginning of year | 1,579,571,445 | 619,505,151 | 130,683,159 | 106,047,757 | ||||||||||||
End of year | $ | 1,301,958,081 | $ | 1,579,571,445 | $ | 73,162,111 | $ | 130,683,159 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of year | $ | (42,244,315 | ) | $ | (8,882,330 | ) | $ | (3,478 | ) | $ | 409,172 | |||||
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ING Asia-Pacific Real Estate Fund | ING Disciplined International SmallCap Fund | |||||||||||
Year Ended | Year Ended | December 20, 2006(1) | ||||||||||
October 31, | October 31, | to October 31, | ||||||||||
2008 | 2008 | 2007 | ||||||||||
FROM OPERATIONS: | ||||||||||||
Net investment income | $ | 85,018 | $ | 7,476,386 | $ | 2,228,967 | ||||||
Net realized gain (loss) on investments and foreign currency related transactions | (2,044,242 | ) | (72,470,993 | ) | 2,282,503 | |||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (3,416,307 | ) | (163,047,508 | ) | 22,941,221 | |||||||
Increase (decrease) in net assets resulting from operations | (5,375,531 | ) | (228,042,115 | ) | 27,452,691 | |||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Net investment income: | ||||||||||||
Class A | (59,954 | ) | (541 | ) | — | |||||||
Class B | (206 | ) | (2 | ) | — | |||||||
Class C | (8,444 | ) | (25 | ) | — | |||||||
Class I | (12 | ) | (2,965,190 | ) | — | |||||||
Net realized gains: | ||||||||||||
Class A | — | (1,783 | ) | — | ||||||||
Class B | — | (84 | ) | — | ||||||||
Class C | — | (892 | ) | — | ||||||||
Class I | — | (7,916,891 | ) | — | ||||||||
Total distributions | (68,616 | ) | (10,885,408 | ) | — | |||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Net proceeds from sale of shares | 13,425,429 | 185,423,219 | 492,620,976 | |||||||||
Reinvestment of distributions | 7,752 | 10,885,000 | — | |||||||||
13,433,181 | 196,308,219 | 492,620,976 | ||||||||||
Cost of shares redeemed | (1,293,847 | ) | (203,364,251 | ) | (54,286,888 | ) | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | 12,139,334 | (7,056,032 | ) | 438,334,088 | ||||||||
Net increase (decrease) in net assets | 6,695,187 | (245,983,555 | ) | 465,786,779 | ||||||||
NET ASSETS: | ||||||||||||
Beginning of period | — | 465,786,779 | — | |||||||||
End of period | $ | 6,695,187 | $ | 219,803,224 | $ | 465,786,779 | ||||||
Undistributed net investment income at end of period | $ | 10,178 | $ | 7,905,967 | $ | 2,461,339 | ||||||
(1) | Commencement of operations |
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ING Emerging Countries Fund | ING European Real Estate Fund | |||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
October 31, | October 31, | October 31, | ||||||||||
2008 | 2007 | 2008 | ||||||||||
FROM OPERATIONS: | ||||||||||||
Net investment income | $ | 4,137,274 | $ | 3,516,628 | $ | 77,907 | ||||||
Net realized gain (loss) on investments and foreign currency related transactions | (64,250,220 | ) | 46,867,839 | (1,169,983 | ) | |||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (112,328,277 | ) | 39,650,088 | (1,679,254 | ) | |||||||
Increase (decrease) in net assets resulting from operations | (172,441,223 | ) | 90,034,555 | (2,771,330 | ) | |||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Net investment income: | ||||||||||||
Class A | (2,167,642 | ) | (1,896,150 | ) | (76,349 | ) | ||||||
Class B | (57,378 | ) | (83,261 | ) | (197 | ) | ||||||
Class C | (291,243 | ) | (323,450 | ) | (619 | ) | ||||||
Class I | (594,705 | ) | (446,558 | ) | (15 | ) | ||||||
Class M | — | (13,746 | ) | — | ||||||||
Class Q | (242,630 | ) | (179,954 | ) | — | |||||||
Net realized gains: | ||||||||||||
Class A | (5,291,718 | ) | — | — | ||||||||
Class B | (440,600 | ) | — | — | ||||||||
Class C | (1,550,833 | ) | — | — | ||||||||
Class I | (1,150,536 | ) | — | — | ||||||||
Class Q | (551,176 | ) | — | — | ||||||||
Class W | (11 | ) | — | — | ||||||||
Total distributions | (12,338,472 | ) | (2,943,119 | ) | (77,180 | ) | ||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Net proceeds from sale of shares | 76,881,539 | 112,724,921 | 6,945,489 | |||||||||
Reinvestment of distributions | 10,561,811 | 2,492,354 | 14,148 | |||||||||
87,443,350 | 115,217,275 | 6,959,637 | ||||||||||
Cost of shares redeemed | (130,619,438 | ) | (79,923,522 | ) | (895,509 | ) | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | (43,176,088 | ) | 35,293,753 | 6,064,128 | ||||||||
Net increase (decrease) in net assets | (227,955,783 | ) | 122,385,189 | 3,215,618 | ||||||||
NET ASSETS: | ||||||||||||
Beginning of year | 330,644,479 | 208,259,290 | — | |||||||||
End of year | $ | 102,688,696 | $ | 330,644,479 | $ | 3,215,618 | ||||||
Undistributed net investment income at end of year | $ | 2,746,170 | $ | 3,092,434 | $ | 95,557 | ||||||
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ING Foreign Fund | ING Greater China Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 4,417,454 | $ | 2,085,807 | $ | 99,166 | $ | 210,200 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (111,925,743 | ) | 47,020,133 | 2,354,386 | 7,910,177 | |||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (234,522,763 | ) | 111,918,325 | (47,933,410 | ) | 29,642,227 | ||||||||||
Increase (decrease) in net assets resulting from operations | (342,031,052 | ) | 161,024,265 | (45,479,858 | ) | 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 | (20,918,671 | ) | (8,170,693 | ) | (6,348,739 | ) | (219 | ) | ||||||||
Class B | (3,020,180 | ) | (1,424,431 | ) | (607,794 | ) | (24 | ) | ||||||||
Class C | (13,831,219 | ) | (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 | (44,423,200 | ) | (17,894,461 | ) | (8,234,614 | ) | (143,130 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 177,808,541 | 228,656,436 | 21,915,224 | 51,182,704 | ||||||||||||
Reinvestment of distributions | 32,055,604 | 12,389,371 | 5,628,333 | 73,388 | ||||||||||||
209,864,145 | 241,045,807 | 27,543,557 | 51,256,092 | |||||||||||||
Cost of shares redeemed | (224,896,551 | ) | (116,454,629 | ) | (42,164,045 | ) | (23,031,761 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (15,032,406 | ) | 124,591,178 | (14,620,488 | ) | 28,224,331 | ||||||||||
Net increase (decrease) in net assets | (401,486,658 | ) | 267,720,982 | (68,334,960 | ) | 65,843,805 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 742,220,466 | 474,499,484 | 93,655,560 | 27,811,755 | ||||||||||||
End of year | $ | 340,733,808 | $ | 742,220,466 | $ | 25,320,600 | $ | 93,655,560 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of year | $ | (3,840,375 | ) | $ | 6,305,480 | $ | 1,754,292 | $ | 197,081 | |||||||
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ING Index Plus International Equity Fund | ING International Capital Appreciation Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 5,128,927 | $ | 1,813,920 | $ | 1,310,333 | $ | 420,935 | ||||||||
Net realized gain (loss) on investments, foreign currency related transactions, and futures | (46,162,768 | ) | 12,541,967 | (8,360,001 | ) | 5,266,719 | ||||||||||
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, and futures | (75,447,161 | ) | 7,978,045 | (62,269,125 | ) | 24,274,753 | ||||||||||
Increase (decrease) in net assets resulting from operations | (116,481,002 | ) | 22,333,932 | (69,318,793 | ) | 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 | 110,662,967 | 62,111,210 | 24,115,204 | 73,718,329 | ||||||||||||
Proceeds from shares issued in merger (Note 14) | 128,431,314 | — | — | — | ||||||||||||
Reinvestment of distributions | 14,382,164 | 2,857,702 | 6,792,519 | 1,517,633 | ||||||||||||
253,476,445 | 64,968,912 | 30,907,723 | 75,235,962 | |||||||||||||
Cost of shares redeemed | (136,788,066 | ) | (52,958,552 | ) | (51,860,888 | ) | (7,155,866 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 116,688,379 | 12,010,360 | (20,953,165 | ) | 68,080,096 | |||||||||||
Net increase (decrease) in net assets | (14,312,613 | ) | 31,125,156 | (97,244,511 | ) | 96,397,667 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 123,017,427 | 91,892,271 | 147,406,227 | 51,008,560 | ||||||||||||
End of year | $ | 108,704,814 | $ | 123,017,427 | $ | 50,161,716 | $ | 147,406,227 | ||||||||
Undistributed net investment income at end of year | $ | 4,340,300 | $ | 2,158,663 | $ | 1,056,223 | $ | 1,765,493 | ||||||||
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ING International Equity Dividend Fund | ING International Growth Opportunities Fund | |||||||||||||||
Year Ended | June 28, 2007(1) | Year Ended | Year Ended | |||||||||||||
October 31, | to October 31, | October 31, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 2,264,438 | $ | 193,602 | $ | 447,072 | $ | 128,203 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (10,288,837 | ) | 130,192 | (5,209,016 | ) | 23,520,588 | ||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (24,087,629 | ) | 3,429,639 | (77,343,269 | ) | 11,840,950 | ||||||||||
Increase (decrease) in net assets resulting from operations | (32,112,028 | ) | 3,753,433 | (82,105,213 | ) | 35,489,741 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (126,779 | ) | — | (83,294 | ) | (680,068 | ) | |||||||||
Class B | (8,400 | ) | — | — | (66,840 | ) | ||||||||||
Class C | (45,080 | ) | — | — | (70,208 | ) | ||||||||||
Class I | (2,166,707 | ) | — | (34,259 | ) | (212,485 | ) | |||||||||
Class Q | — | — | (72,032 | ) | (379,024 | ) | ||||||||||
Class W | (479 | ) | — | — | — | |||||||||||
Net realized gains: | ||||||||||||||||
Class A | (15,847 | ) | — | (9,478,153 | ) | (5,041,992 | ) | |||||||||
Class B | (884 | ) | — | (2,585,626 | ) | (1,473,205 | ) | |||||||||
Class C | (6,628 | ) | — | (2,917,744 | ) | (1,405,761 | ) | |||||||||
Class I | (212,974 | ) | — | (1,529,095 | ) | (1,170,829 | ) | |||||||||
Class Q | — | — | (4,653,527 | ) | (2,425,795 | ) | ||||||||||
Return of capital: | ||||||||||||||||
Class A | (11,426 | ) | — | — | — | |||||||||||
Class B | (931 | ) | — | — | — | |||||||||||
Class C | (5,015 | ) | — | — | — | |||||||||||
Class I | (179,688 | ) | — | — | — | |||||||||||
Class W | (40 | ) | — | — | — | |||||||||||
Total distributions | (2,780,878 | ) | — | (21,353,730 | ) | (12,926,207 | ) | |||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 24,737,239 | 57,663,013 | 48,218,002 | 24,042,736 | ||||||||||||
Reinvestment of distributions | 2,727,933 | — | 18,757,432 | 11,571,000 | ||||||||||||
27,465,172 | 57,663,013 | 66,975,434 | 35,613,736 | |||||||||||||
Cost of shares redeemed | (17,839,256 | ) | (110,155 | ) | (44,157,319 | ) | (46,253,686 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 9,625,916 | 57,552,858 | 22,818,115 | (10,639,950 | ) | |||||||||||
Net increase (decrease) in net assets | (25,266,990 | ) | 61,306,291 | (80,640,828 | ) | 11,923,584 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 61,306,291 | — | 143,828,509 | 131,904,925 | ||||||||||||
End of period | $ | 36,039,301 | $ | 61,306,291 | $ | 63,187,681 | $ | 143,828,509 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of period | $ | (63 | ) | $ | 314,015 | $ | 186,726 | $ | 118,948 | |||||||
(1) | Commencement of operations |
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ING International Real | ING International SmallCap | |||||||||||||||
Estate Fund | Multi-Manager Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 11,006,499 | $ | 2,572,223 | $ | 11,128,871 | $ | 6,261,927 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (92,273,326 | ) | (5,927,606 | ) | (158,816,436 | ) | 139,620,023 | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (314,335,293 | ) | 67,077,885 | (509,074,218 | ) | 138,128,121 | ||||||||||
Increase (decrease) in net assets resulting from operations | (395,602,120 | ) | 63,722,502 | (656,761,783 | ) | 284,010,071 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (6,762,764 | ) | (3,122,648 | ) | (2,482,496 | ) | (1,450,677 | ) | ||||||||
Class B | (208,426 | ) | (87,059 | ) | — | — | ||||||||||
Class C | (2,311,512 | ) | (800,946 | ) | — | (3,361 | ) | |||||||||
Class I | (9,218,250 | ) | (1,247,020 | ) | (2,905,473 | ) | (1,454,644 | ) | ||||||||
Class Q | — | — | (658,389 | ) | (542,824 | ) | ||||||||||
Class W | (3,394 | ) | — | — | — | |||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | — | (60,574,187 | ) | — | |||||||||||
Class B | — | — | (7,140,703 | ) | — | |||||||||||
Class C | — | — | (12,894,884 | ) | — | |||||||||||
Class I | — | — | (43,991,753 | ) | — | |||||||||||
Class O | — | — | (1 | ) | — | |||||||||||
Class Q | — | — | (14,059,252 | ) | — | |||||||||||
Class W | — | — | (131 | ) | — | |||||||||||
Return of capital: | ||||||||||||||||
Class A | (3,653,580 | ) | — | — | — | |||||||||||
Class B | (146,325 | ) | — | — | — | |||||||||||
Class C | (1,612,691 | ) | — | — | — | |||||||||||
Class I | (4,371,301 | ) | — | — | — | |||||||||||
Class W | (1,599 | ) | — | — | — | |||||||||||
Total distributions | (28,289,842 | ) | (5,257,673 | ) | (144,707,269 | ) | (3,451,506 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 609,238,402 | 476,221,868 | 267,975,778 | 582,975,064 | ||||||||||||
Reinvestment of distributions | 13,626,372 | 3,314,796 | 106,441,115 | 2,386,090 | ||||||||||||
622,864,774 | 479,536,664 | 374,416,893 | 585,361,154 | |||||||||||||
Cost of shares redeemed | (309,952,586 | ) | (97,047,896 | ) | (378,623,842 | ) | (251,064,888 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 312,912,188 | 382,488,768 | (4,206,949 | ) | 334,296,266 | |||||||||||
Net increase (decrease) in net assets | (110,979,774 | ) | 440,953,597 | (805,676,001 | ) | 614,854,831 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 531,801,201 | 90,847,604 | 1,201,307,419 | 586,452,588 | ||||||||||||
End of year | $ | 420,821,427 | $ | 531,801,201 | $ | 395,631,418 | $ | 1,201,307,419 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of year | $ | (10,247 | ) | $ | 18,780,674 | $ | 10,631,527 | $ | 6,310,276 | |||||||
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ING International Value | ||||||||||||||||
ING International Value Fund | Choice Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 76,380,681 | $ | 56,997,675 | $ | 492,702 | $ | 961,863 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | 505,106,913 | 773,210,681 | (401,390 | ) | 11,127,404 | |||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (2,414,730,218 | ) | 111,070,822 | (35,708,799 | ) | 5,114,818 | ||||||||||
Increase (decrease) in net assets resulting from operations | (1,833,242,624 | ) | 941,279,178 | (35,617,487 | ) | 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 | (3,792,184 | ) | (2,584,599 | ) | — | — | ||||||||||
Total distributions | (827,333,216 | ) | (525,054,655 | ) | (12,582,634 | ) | (1,533,977 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 671,204,202 | 981,748,449 | 29,490,166 | 62,085,850 | ||||||||||||
Reinvestment of distributions | 592,109,119 | 372,072,665 | 11,960,549 | 1,417,746 | ||||||||||||
1,263,313,321 | 1,353,821,114 | 41,450,715 | 63,503,596 | |||||||||||||
Cost of shares redeemed | (1,909,403,374 | ) | (1,219,257,275 | ) | (29,962,847 | ) | (56,041,699 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (646,090,053 | ) | 134,563,839 | 11,487,868 | 7,461,897 | |||||||||||
Net increase (decrease) in net assets | (3,306,665,893 | ) | 550,788,362 | (36,712,253 | ) | 23,132,005 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 5,398,777,474 | 4,847,989,112 | 85,746,502 | 62,614,497 | ||||||||||||
End of year | $ | 2,092,111,581 | $ | 5,398,777,474 | $ | 49,034,249 | $ | 85,746,502 | ||||||||
Undistributed net investment income at end of year | $ | 63,338,094 | $ | 52,954,318 | $ | 557,203 | $ | 809,824 | ||||||||
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ING Emerging Markets | ||||||||||||||||
ING Russia Fund | Fixed Income Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (4,900,253 | ) | $ | (4,511,889 | ) | $ | 20,551,759 | $ | 7,527,851 | ||||||
Net realized gain (loss) on investments, foreign currency related transactions, and futures | 165,557,937 | 142,284,643 | (12,687,563 | ) | (723,798 | ) | ||||||||||
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, and futures | (675,721,202 | ) | 177,636,410 | (100,175,149 | ) | 406,474 | ||||||||||
Increase (decrease) in net assets resulting from operations | (515,063,518 | ) | 315,409,164 | (92,310,953 | ) | 7,210,527 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | — | — | (292,759 | ) | (1,326,791 | ) | ||||||||||
Class B | — | — | (13,847 | ) | (17,775 | ) | ||||||||||
Class C | — | — | (66,887 | ) | (40,349 | ) | ||||||||||
Class I | — | — | (14,370,474 | ) | (6,243,283 | ) | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | (137,654,710 | ) | (43,574,710 | ) | — | (71,166 | ) | |||||||||
Class B | — | — | — | (814 | ) | |||||||||||
Class C | — | — | — | (946 | ) | |||||||||||
Return of capital: | ||||||||||||||||
Class A | — | — | (104,244 | ) | — | |||||||||||
Class B | — | — | (6,301 | ) | — | |||||||||||
Class C | — | — | (31,271 | ) | — | |||||||||||
Class I | — | — | (5,361,910 | ) | — | |||||||||||
Total distributions | (137,654,710 | ) | (43,574,710 | ) | (20,247,693 | ) | (7,701,124 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 221,879,155 | 280,987,914 | 133,122,757 | 310,896,270 | ||||||||||||
Reinvestment of distributions | 116,874,956 | 37,402,991 | 20,075,844 | 6,461,870 | ||||||||||||
338,754,111 | 318,390,905 | 153,198,601 | 317,358,140 | |||||||||||||
Redemption fee proceeds (Note 4) | 1,344,090 | 3,086,432 | — | — | ||||||||||||
Cost of shares redeemed | (348,756,344 | ) | (422,755,301 | ) | (124,022,111 | ) | (27,962,963 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (8,658,143 | ) | (101,277,964 | ) | 29,176,490 | 289,395,177 | ||||||||||
Net increase (decrease) in net assets | (661,376,371 | ) | 170,556,490 | (83,382,156 | ) | 288,904,580 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 922,503,740 | 751,947,250 | 315,662,419 | 26,757,839 | ||||||||||||
End of year | $ | 261,127,369 | $ | 922,503,740 | $ | 232,280,263 | $ | 315,662,419 | ||||||||
Undistributed net investment income at end of year | $ | — | $ | — | $ | 782,266 | $ | — | ||||||||
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ING Diversified | ||||||||||||||||
ING Global Bond Fund | International Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 2,043,534 | $ | 823,069 | $ | 5,865,573 | $ | 431,276 | ||||||||
Net realized gain (loss) on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options | 3,186,716 | 798,273 | (18,522,580 | ) | 7,816,137 | |||||||||||
Net change in unrealized appreciation or depreciation on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, and swaps | (7,619,480 | ) | 939,686 | (292,969,322 | ) | 97,142,153 | ||||||||||
Increase (decrease) in net assets resulting from operations | (2,389,230 | ) | 2,561,028 | (305,626,329 | ) | 105,389,566 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (3,359,515 | ) | (1,111,960 | ) | (6,883,232 | ) | (968,683 | ) | ||||||||
Class B | (100,198 | ) | (6,982 | ) | (519,915 | ) | (17,195 | ) | ||||||||
Class C | (710,709 | ) | (15,266 | ) | (2,156,592 | ) | (76,872 | ) | ||||||||
Class I | (9,087 | ) | (47 | ) | (586 | ) | (55 | ) | ||||||||
Class O | (1,127 | ) | — | — | — | |||||||||||
Class R | — | — | (6,279 | ) | (472 | ) | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | (369,378 | ) | (443,199 | ) | (2,346,495 | ) | — | |||||||||
Class B | (6,552 | ) | (718 | ) | (269,552 | ) | — | |||||||||
Class C | (30,696 | ) | (756 | ) | (1,057,058 | ) | — | |||||||||
Class I | (12 | ) | (18 | ) | (180 | ) | — | |||||||||
Class R | — | — | (2,520 | ) | — | |||||||||||
Total distributions | (4,587,274 | ) | (1,578,946 | ) | (13,242,409 | ) | (1,063,277 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 125,112,248 | 4,813,090 | 166,546,295 | 299,856,179 | ||||||||||||
Reinvestment of distributions | 2,140,936 | 44,534 | 9,865,969 | 792,330 | ||||||||||||
127,253,184 | 4,857,624 | 176,412,264 | 300,648,509 | |||||||||||||
Cost of shares redeemed | (37,864,589 | ) | (830,470 | ) | (185,570,371 | ) | (71,791,916 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 89,388,595 | 4,027,154 | (9,158,107 | ) | 228,856,593 | |||||||||||
Net increase (decrease) in net assets | 82,412,091 | 5,009,236 | (328,026,845 | ) | 333,182,882 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 30,857,433 | 25,848,197 | 596,155,428 | 262,972,546 | ||||||||||||
End of year | $ | 113,269,524 | $ | 30,857,433 | $ | 268,128,583 | $ | 596,155,428 | ||||||||
Undistributed net investment income at end of year | $ | 23,882 | $ | 24,974 | $ | 20,777,313 | $ | 3,523,584 | ||||||||
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Class A | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 16.84 | 15.76 | 13.07 | 12.41 | 10.49 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.56 | 0.54 | * | 0.54 | 0.47 | * | 0.44 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.84 | ) | 1.84 | 2.85 | 0.92 | 1.87 | |||||||||||||||
Total from investment operations | $ | (6.28 | ) | 2.38 | 3.39 | 1.39 | 2.31 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.54 | 0.55 | 0.51 | 0.54 | 0.39 | ||||||||||||||||
Net realized gains on investments | $ | 1.20 | 0.75 | 0.19 | 0.19 | — | ||||||||||||||||
Return of capital | $ | 0.05 | — | — | — | — | ||||||||||||||||
Total distributions | $ | 1.79 | 1.30 | 0.70 | 0.73 | 0.39 | ||||||||||||||||
Net asset value, end of year | $ | 8.77 | 16.84 | 15.76 | 13.07 | 12.41 | ||||||||||||||||
Total Return(1) | % | (40.84 | ) | 15.80 | 26.56 | 11.45 | 22.59 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 63,134 | 182,669 | 108,911 | 73,186 | 11,316 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment | % | 1.42 | 1.26 | 1.27 | 1.28 | 3.44 | ||||||||||||||||
Net expenses after expense waiver/recoupment(2) | % | 1.41 | 1.26 | 1.33 | 1.40 | 1.40 | ||||||||||||||||
Net investment income after expense waiver/recoupment(2) | % | 3.85 | 3.31 | 3.76 | 3.60 | 4.39 | ||||||||||||||||
Portfolio turnover rate | % | 46 | 36 | 50 | 57 | 60 | ||||||||||||||||
Class B | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 16.79 | 15.72 | 13.05 | 12.37 | 10.49 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.46 | 0.39 | 0.43 | 0.37 | * | 0.42 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.82 | ) | 1.86 | 2.84 | 0.92 | 1.82 | |||||||||||||||
Total from investment operations | $ | (6.36 | ) | 2.25 | 3.27 | 1.29 | 2.24 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.44 | 0.43 | 0.41 | 0.42 | 0.36 | ||||||||||||||||
Net realized gains on investments | $ | 1.20 | 0.75 | 0.19 | 0.19 | — | ||||||||||||||||
Return of capital | $ | 0.05 | — | — | — | — | ||||||||||||||||
Total distributions | $ | 1.69 | 1.18 | 0.60 | 0.61 | 0.36 | ||||||||||||||||
Net asset value, end of year | $ | 8.74 | 16.79 | 15.72 | 13.05 | 12.37 | ||||||||||||||||
Total Return(1) | % | (41.32 | ) | 14.94 | 25.55 | 10.65 | 21.92 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 21,311 | 58,093 | 44,936 | 28,811 | 3,303 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment | % | 2.17 | 2.01 | 2.02 | 2.03 | 4.19 | ||||||||||||||||
Net expenses after expense waiver/recoupment(2) | % | 2.16 | 2.01 | 2.08 | 2.15 | 2.15 | ||||||||||||||||
Net investment income after expense waiver/recoupment(2) | % | 3.11 | 2.53 | 3.05 | 2.83 | 4.03 | ||||||||||||||||
Portfolio turnover rate | % | 46 | 36 | 50 | 57 | 60 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 16.75 | 15.69 | 13.02 | 12.37 | 10.48 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.44 | 0.39 | 0.43 | 0.37 | * | 0.39 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.78 | ) | 1.86 | 2.84 | 0.90 | 1.86 | |||||||||||||||
Total from investment operations | $ | (6.34 | ) | 2.25 | 3.27 | 1.27 | 2.25 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.44 | 0.44 | 0.41 | 0.43 | 0.36 | ||||||||||||||||
Net realized gains on investments | $ | 1.20 | 0.75 | 0.19 | 0.19 | — | ||||||||||||||||
Return of capital | $ | 0.05 | — | — | — | — | ||||||||||||||||
Total distributions | $ | 1.69 | 1.19 | 0.60 | 0.62 | 0.36 | ||||||||||||||||
Net asset value, end of year | $ | 8.72 | 16.75 | 15.69 | 13.02 | 12.37 | ||||||||||||||||
Total Return(2) | % | (41.29 | ) | 14.94 | 25.62 | 10.51 | 21.99 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 48,567 | 124,765 | 77,426 | 48,965 | 3,655 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment | % | 2.17 | 2.01 | 2.02 | 2.03 | 4.19 | ||||||||||||||||
Net expenses after expense waiver/recoupment(4) | % | 2.16 | 2.01 | 2.08 | 2.15 | 2.15 | ||||||||||||||||
Net investment income after expense waiver/recoupment(4) | % | 3.13 | 2.54 | 3.03 | 2.82 | 3.99 | ||||||||||||||||
Portfolio turnover rate | % | 46 | 36 | 50 | 57 | 60 | ||||||||||||||||
Class I | ||||||||||
Year | August 1, | |||||||||
Ended | 2007(1) to | |||||||||
October 31, | 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 | $ | 0.47 | 0.12 | * | ||||||
Net realized and unrealized gain (loss) on investments | $ | (6.68 | ) | 1.03 | ||||||
Total from investment operations | $ | (6.21 | ) | 1.15 | ||||||
Less distributions from: | ||||||||||
Net investment income | $ | 0.59 | 0.13 | |||||||
Net realized gains on investments | $ | 1.20 | — | |||||||
Return of capital | $ | 0.05 | — | |||||||
Total distributions | $ | 1.84 | 0.13 | |||||||
Net asset value, end of period | $ | 8.78 | 16.83 | |||||||
Total Return(2) | % | (40.49 | ) | 7.26 | ||||||
Ratios and Supplemental Data: | ||||||||||
Net assets, end of period (000’s) | $ | 1,207 | 1 | |||||||
Ratios to average net assets: | ||||||||||
Gross expenses prior to expense waiver(3) | % | 1.07 | 0.90 | |||||||
Net expense after expense waiver(3)(4) | % | 1.06 | 0.90 | |||||||
Net investment income after expense waiver(3)(4) | % | 3.16 | 2.98 | |||||||
Portfolio turnover rate | % | 46 | 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 commissions, extraordinary expenses and acquired fund fees and 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 O | ||||||||||
Year | November 15, | |||||||||
Ended | 2006(1) to | |||||||||
October 31, | 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 | $ | 0.51 | * | 0.55 | * | |||||
Net realized and unrealized gain (loss) on investments | $ | (6.78 | ) | 1.74 | ||||||
Total from investment operations | $ | (6.27 | ) | 2.29 | ||||||
Less distributions from: | ||||||||||
Net investment income | $ | 0.55 | 0.57 | |||||||
Net realized gains on investments | $ | 1.20 | 0.75 | |||||||
Return of capital | $ | 0.05 | — | |||||||
Total distributions | $ | 1.80 | 1.32 | |||||||
Net asset value, end of period | $ | 8.76 | 16.83 | |||||||
Total Return(2) | % | (40.83 | ) | 15.12 | ||||||
Ratios and Supplemental Data: | ||||||||||
Net assets, end of period (000’s) | $ | 14,695 | 23,737 | |||||||
Ratios to average net assets: | ||||||||||
Gross expenses prior to expense waiver(3) | % | 1.42 | 1.26 | |||||||
Net expense after expense waiver(3)(4) | % | 1.41 | 1.26 | |||||||
Net investment income after expense waiver(3)(4) | % | 3.95 | 3.46 | |||||||
Portfolio turnover rate | % | 46 | 36 | |||||||
Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
October 31, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 14.51 | ||||
Income (loss) from investment operations: | ||||||
Net investment income | $ | 0.35 | ||||
Net realized and unrealized loss on investments | $ | (4.83 | ) | |||
Total from investment operations | $ | (4.48 | ) | |||
Less distributions from: | ||||||
Net investment income | $ | 0.46 | ||||
Return of capital | $ | 0.04 | ||||
Total distributions | $ | 0.50 | ||||
Net asset value, end of period | $ | 9.53 | ||||
Total Return(2) | % | (31.78 | ) | |||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 70 | ||||
Ratios to average net assets: | ||||||
Gross expenses prior to expense waiver(3) | % | 1.07 | ||||
Net expense after expense waiver(3)(4) | % | 1.06 | ||||
Net investment income after expense waiver(3)(4) | % | 3.38 | ||||
Portfolio turnover rate | % | 46 | ||||
(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. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. |
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Class A | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 14.18 | 10.46 | 7.34 | 7.09 | 6.94 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.05 | (0.03 | ) | (0.06 | ) | (0.06 | ) | (0.05 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (4.92 | ) | 4.36 | 3.20 | 0.54 | 0.20 | |||||||||||||||
Total from investment operations | $ | (4.87 | ) | 4.33 | 3.14 | 0.48 | 0.15 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.11 | 0.26 | 0.02 | 0.23 | — | ||||||||||||||||
Net realized gains on investments | $ | 2.46 | 0.35 | — | — | — | ||||||||||||||||
Total distributions | $ | 2.57 | 0.61 | 0.02 | 0.23 | — | ||||||||||||||||
Net asset value, end of year | $ | 6.74 | 14.18 | 10.46 | 7.34 | 7.09 | ||||||||||||||||
Total Return(2) | % | (41.12 | ) | 43.22 | 42.76 | 6.81 | 2.16 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 83,713 | 157,367 | 121,112 | 87,441 | 91,756 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Expenses | % | 1.46 | † | 1.44 | † | 1.42 | 1.56 | 1.44 | ||||||||||||||
Net investment income (loss) | % | 0.37 | † | (0.28 | )† | (0.61 | ) | (0.77 | ) | (0.69 | ) | |||||||||||
Portfolio turnover rate | % | 116 | 121 | 158 | 78 | 77 | ||||||||||||||||
Class I | ||||||||||
Year | August 1, | |||||||||
Ended | 2007(1) to | |||||||||
October 31, | 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 | $ | 0.12 | * | 0.00 | ** | |||||
Net realized and unrealized gain (loss) on investments | $ | (4.95 | ) | 2.12 | ||||||
Total from investment operations | $ | (4.83 | ) | 2.12 | ||||||
Less distributions from: | ||||||||||
Net investment income | $ | 0.15 | — | |||||||
Net realized gains on investments | $ | 2.46 | — | |||||||
Total distributions | $ | 2.61 | — | |||||||
Net asset value, end of period | $ | 6.75 | 14.19 | |||||||
Total Return(2) | % | (40.87 | ) | 17.56 | ||||||
Ratios and Supplemental Data: | ||||||||||
Net assets, end of period (000’s) | $ | 1 | 2 | |||||||
Ratios to average net assets: | ||||||||||
Expenses(3) | % | 1.11 | † | 1.08 | † | |||||
Net investment income(3) | % | 1.04 | † | 0.09 | † | |||||
Portfolio turnover rate | % | 116 | 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 and net investment income or loss ratio. |
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Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
October 31, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 12.84 | ||||
Income (loss) from investment operations: | ||||||
Net investment income | $ | 0.03 | * | |||
Net realized and unrealized loss on investments | $ | (4.48 | ) | |||
Total from investment operations | $ | (4.45 | ) | |||
Net asset value, end of period | $ | 8.39 | ||||
Total Return(2) | % | (34.66 | ) | |||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 27 | ||||
Ratios to average net assets: | ||||||
Expenses(3) | % | 1.11 | † | |||
Net investment income(3) | % | 0.38 | † | |||
Portfolio turnover rate | % | 116 | ||||
(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 period. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on expense ratio and net investment income ratio. |
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Class A | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 24.19 | 22.23 | 17.14 | 15.40 | 13.06 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.33 | * | 0.22 | * | 0.20 | * | 0.26 | *† | 0.27 | ||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (11.19 | ) | 3.13 | 6.41 | 2.94 | † | 3.26 | ||||||||||||||
Total from investment operations | $ | (10.86 | ) | 3.35 | 6.61 | 3.20 | 3.53 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.73 | 1.08 | 0.46 | 0.54 | 0.43 | ||||||||||||||||
Net realized gains on investments | $ | 0.04 | 0.31 | 1.06 | 0.92 | 0.76 | ||||||||||||||||
Total distributions | $ | 0.77 | 1.39 | 1.52 | 1.46 | 1.19 | ||||||||||||||||
Net asset value, end of year | $ | 12.56 | 24.19 | 22.23 | 17.14 | 15.40 | ||||||||||||||||
Total Return(1) | % | (46.00 | ) | 15.44 | 41.09 | 21.95 | 28.90 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 836,314 | 1,115,493 | 467,405 | 138,314 | 95,561 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 1.41 | 1.30 | 1.39 | 1.50 | 1.55 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 1.41 | †† | 1.30 | 1.39 | 1.59 | 1.75 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.41 | †† | 1.30 | 1.39 | 1.59 | 1.75 | |||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.76 | †† | 0.96 | 1.04 | 1.58 | † | 2.55 | ||||||||||||||
Portfolio turnover rate | % | 44 | 57 | 39 | 91 | 129 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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, increase net realized and unrealized gain on investments per share by $0.12 and decrease the ratio of net investment income to average net assets from 2.31% to 1.58% for Class A. | |
†† | 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 and net investment income ratio. |
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Class B | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 20.67 | 19.20 | 15.01 | 13.67 | 11.74 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.16 | * | 0.04 | * | 0.05 | * | 0.12 | *† | 0.14 | ||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (9.52 | ) | 2.69 | 5.56 | 2.59 | † | 2.90 | ||||||||||||||
Total from investment operations | $ | (9.36 | ) | 2.73 | 5.61 | 2.71 | 3.04 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.61 | 0.95 | 0.36 | 0.45 | 0.35 | ||||||||||||||||
Net realized gains on investments | $ | 0.04 | 0.31 | 1.06 | 0.92 | 0.76 | ||||||||||||||||
Total distributions | $ | 0.65 | 1.26 | 1.42 | 1.37 | 1.11 | ||||||||||||||||
Net asset value, end of year | $ | 10.66 | 20.67 | 19.20 | 15.01 | 13.67 | ||||||||||||||||
Total Return(1) | % | (46.40 | ) | 14.59 | 40.04 | 21.05 | 27.89 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 23,663 | 57,837 | 31,677 | 12,302 | 4,736 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 2.16 | 2.05 | 2.14 | 2.25 | 2.30 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 2.16 | †† | 2.05 | 2.14 | 2.34 | 2.50 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 2.16 | †† | 2.05 | 2.14 | 2.34 | 2.50 | |||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2) | % | 0.99 | †† | 0.22 | 0.31 | 0.79 | † | 1.78 | ||||||||||||||
Portfolio turnover rate | % | 44 | 57 | 39 | 91 | 129 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 $0.10, increase net realized and unrealized gain on investments per share by $0.10 and decrease the ratio of net investment income to average net assets from 1.51% to 0.79% for Class B. | |
†† | 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 and net investment income ratio. |
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Class C | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 21.70 | 20.10 | 15.65 | 14.19 | 12.14 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.16 | 0.04 | * | 0.05 | * | 0.12 | *† | 0.14 | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (9.99 | ) | 2.82 | 5.82 | 2.71 | † | 3.02 | ||||||||||||||
Total from investment operations | $ | (9.83 | ) | 2.86 | 5.87 | 2.83 | 3.16 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.61 | 0.95 | 0.36 | 0.45 | 0.35 | ||||||||||||||||
Net realized gains on investments | $ | 0.04 | 0.31 | 1.06 | 0.92 | 0.76 | ||||||||||||||||
Total distributions | $ | 0.65 | 1.26 | 1.42 | 1.37 | 1.11 | ||||||||||||||||
Net asset value, end of year | $ | 11.22 | 21.70 | 20.10 | 15.65 | 14.19 | ||||||||||||||||
Total Return(1) | % | (46.38 | ) | 14.57 | 40.06 | 21.11 | 27.93 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 153,110 | 303,235 | 109,197 | 27,989 | 7,817 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 2.16 | 2.05 | 2.14 | 2.25 | 2.30 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 2.16 | †† | 2.05 | 2.14 | 2.34 | 2.50 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 2.16 | †† | 2.05 | 2.14 | 2.34 | 2.50 | |||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2) | % | 0.99 | 0.20 | 0.29 | 0.78 | † | 1.72 | |||||||||||||||
Portfolio turnover rate | % | 44 | 57 | 39 | 91 | 129 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commission, extraordinary expenses and acquired fund fees and 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. | |
†† | 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 and net investment income ratio. |
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Class I | ||||||||||||||||||
June 3, | ||||||||||||||||||
Year Ended | 2005(1) to | |||||||||||||||||
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 | $ | 0.38 | * | 0.28 | * | 0.28 | * | 0.14 | *†† | |||||||||
Net realized and unrealized gain (loss) on investments | $ | (11.17 | ) | 3.16 | 6.39 | 0.86 | †† | |||||||||||
Total from investment operations | $ | (10.79 | ) | 3.44 | 6.67 | 1.00 | ||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.81 | 1.15 | 0.52 | 0.18 | |||||||||||||
Net realized gains on investments | $ | 0.04 | 0.31 | 1.06 | — | |||||||||||||
Total distributions | $ | 0.85 | 1.46 | 1.58 | 0.18 | |||||||||||||
Net asset value, end of period | $ | 12.57 | 24.21 | 22.23 | 17.14 | |||||||||||||
Total Return(2) | % | (45.77 | ) | 15.88 | 41.49 | 6.14 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 225,881 | 76,869 | 11,226 | 1,681 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.01 | 0.95 | 1.06 | 1.22 | |||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.01 | † | 0.95 | 1.06 | 1.30 | ||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.01 | † | 0.95 | 1.06 | 1.30 | ||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.12 | † | 1.24 | 1.40 | 0.85 | †† | |||||||||||
Portfolio turnover rate | % | 44 | 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 commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. | |
†† | 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 O | ||||||||||
Year | November 15, | |||||||||
Ended | 2006(1) to | |||||||||
October 31, | 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 | $ | 0.33 | * | 0.20 | * | |||||
Net realized and unrealized gain (loss) on investments | $ | (11.19 | ) | 3.20 | ||||||
Total from investment operations | $ | (10.86 | ) | 3.40 | ||||||
Less distributions from: | ||||||||||
Net investment income | $ | 0.74 | 1.10 | |||||||
Net realized gains on investments | $ | 0.04 | 0.31 | |||||||
Total distributions | $ | 0.78 | 1.41 | |||||||
Net asset value, end of period | $ | 12.55 | 24.19 | |||||||
Total Return(2) | % | (46.03 | ) | 15.68 | ||||||
Ratios and Supplemental Data: | ||||||||||
Net assets, end of period (000’s) | $ | 12,758 | 26,137 | |||||||
Ratios to average net assets: | ||||||||||
Gross expenses prior to brokerage commission recapture(3) | % | 1.41 | 1.30 | |||||||
Net expenses after brokerage commission recapture(3) | % | 1.41 | † | 1.30 | ||||||
Net investment income after brokerage commission recapture(3) | % | 1.74 | † | 0.90 | ||||||
Portfolio turnover rate | % | 44 | 57 | |||||||
Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
October 31, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 19.29 | ||||
Income (loss) from investment operations: | ||||||
Net investment income | $ | 0.28 | ||||
Net realized and unrealized loss on investments | $ | (6.65 | ) | |||
Total from investment operations | $ | (6.37 | ) | |||
Less distributions from: | ||||||
Net investment income | $ | 0.33 | ||||
Total distributions | $ | 0.33 | ||||
Net asset value, end of period | $ | 12.59 | ||||
Total Return(2) | % | (33.53 | ) | |||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 50,233 | ||||
Ratios to average net assets: | ||||||
Expenses(3) | % | 1.01 | † | |||
Net investment income(3) | % | 1.95 | † | |||
Portfolio turnover rate | % | 44 | ||||
(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. | |
† | 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 and net investment income ratio. |
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Class A | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 28.40 | 21.72 | 18.16 | 15.96 | 14.76 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.11 | 0.01 | 0.08 | 0.09 | (0.04 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (11.51 | ) | 6.67 | 3.62 | 2.11 | 1.24 | |||||||||||||||
Total from investment operations | $ | (11.40 | ) | 6.68 | 3.70 | 2.20 | 1.20 | |||||||||||||||
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 year | $ | 16.84 | 28.40 | 21.72 | 18.16 | 15.96 | ||||||||||||||||
Total Return(1) | % | (40.34 | ) | 30.76 | 20.48 | 13.78 | † | 8.13 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 38,258 | 58,600 | 47,305 | 41,941 | 46,133 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 1.62 | 1.77 | 1.78 | 1.90 | 1.77 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 1.55 | †† | 1.82 | 1.78 | 1.85 | 1.85 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.53 | †† | 1.81 | 1.77 | 1.85 | 1.85 | |||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(2) | % | 0.41 | †† | 0.04 | 0.40 | 0.46 | (0.21 | ) | ||||||||||||||
Portfolio turnover rate | % | 73 | 66 | 77 | 129 | 101 | ||||||||||||||||
Class B | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 30.58 | 23.54 | 19.67 | 17.39 | 16.19 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment loss | $ | (0.11 | )* | (0.17 | )* | (0.04 | ) | (0.04 | ) | (0.17 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | $ | (12.37 | ) | 7.21 | 3.91 | 2.32 | 1.37 | |||||||||||||||
Total from investment operations | $ | (12.48 | ) | 7.04 | 3.87 | 2.28 | 1.20 | |||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | |||||||||||||||
Net asset value, end of year | $ | 18.10 | 30.58 | 23.54 | 19.67 | 17.39 | ||||||||||||||||
Total Return(1) | % | (40.81 | ) | 29.91 | 19.67 | 13.11 | † | 7.41 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 6,722 | 22,049 | 21,364 | 23,483 | 28,559 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 2.37 | 2.42 | 2.43 | 2.55 | 2.42 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 2.30 | †† | 2.47 | 2.43 | 2.50 | 2.50 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 2.28 | †† | 2.46 | 2.42 | 2.50 | 2.50 | |||||||||||||||
Net investment loss after expense waiver/recoupment and brokerage commission recapture(2) | % | (0.39 | )†† | (0.62 | ) | (0.25 | ) | (0.19 | ) | (0.87 | ) | |||||||||||
Portfolio turnover rate | % | 73 | 66 | 77 | 129 | 101 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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. | |
†† | 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 and net investment income or loss ratio. |
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Class C | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 27.18 | 20.93 | 17.50 | 15.48 | 14.41 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment loss | $ | (0.09 | ) | (0.14 | )* | (0.05 | ) | (0.04 | ) | (0.15 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | $ | (10.99 | ) | 6.39 | 3.50 | 2.06 | 1.22 | |||||||||||||||
Total from investment operations | $ | (11.08 | ) | 6.25 | 3.45 | 2.02 | 1.07 | |||||||||||||||
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 year | $ | 16.08 | 27.18 | 20.93 | 17.50 | 15.48 | ||||||||||||||||
Total Return(2) | % | (40.79 | ) | 29.86 | 19.73 | 13.05 | † | 7.43 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 21,045 | 39,537 | 31,612 | 30,918 | 35,784 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 2.37 | 2.42 | 2.43 | 2.55 | 2.42 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(4) | % | 2.30 | †† | 2.47 | 2.43 | 2.50 | 2.50 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(4) | % | 2.28 | †† | 2.46 | 2.42 | 2.50 | 2.50 | |||||||||||||||
Net investment loss after expense waiver/recoupment and brokerage commission recapture(4) | % | (0.36 | )†† | (0.60 | ) | (0.26 | ) | (0.19 | ) | (0.87 | ) | |||||||||||
Portfolio turnover rate | % | 73 | 66 | 77 | 129 | 101 | ||||||||||||||||
Class I | ||||||||||||||
September 6, | ||||||||||||||
Year Ended | 2006(1) to | |||||||||||||
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) | $ | 0.22 | 0.15 | (0.11 | ) | |||||||||
Net realized and unrealized gain (loss) on investments | $ | (11.59 | ) | 6.69 | 0.53 | |||||||||
Total from investment operations | $ | (11.37 | ) | 6.84 | 0.42 | |||||||||
Less distribution from: | ||||||||||||||
Net investment income | $ | 0.28 | — | — | ||||||||||
Total distributions | $ | 0.28 | — | — | ||||||||||
Net asset value, end of period | $ | 16.92 | 28.57 | 21.73 | ||||||||||
Total Return(2) | % | (40.13 | ) | 31.48 | 1.97 | |||||||||
Ratios/Supplemental Data: | ||||||||||||||
Net assets, end of period (000’s) | $ | 5,794 | 7,845 | 3,010 | ||||||||||
Ratio to average net assets: | ||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.22 | 1.25 | 1.27 | ||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.22 | †† | 1.30 | 1.26 | |||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.20 | †† | 1.29 | 1.26 | |||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 0.76 | †† | 0.67 | (0.69 | ) | ||||||||
Portfolio turnover rate | % | 73 | 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 commissions, extraordinary expenses and acquired fund fees and 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. | |
†† | Impact on waiving advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio and net investment or loss ratio. |
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Class Q | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 33.36 | 25.44 | 21.25 | 18.61 | 17.17 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.13 | 0.08 | * | 0.18 | * | 0.15 | 0.01 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (13.51 | ) | 7.84 | 4.20 | 2.49 | 1.43 | |||||||||||||||
Total from investment operations | $ | (13.38 | ) | 7.92 | 4.38 | 2.64 | 1.44 | |||||||||||||||
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 year | $ | 19.78 | 33.36 | 25.44 | 21.25 | 18.61 | ||||||||||||||||
Total Return(1) | % | (40.31 | ) | 31.13 | 20.75 | 14.19 | † | 8.39 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 1,343 | 2,652 | 2,757 | 4,387 | 4,223 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 1.47 | 1.50 | 1.52 | 1.60 | 1.51 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 1.47 | †† | 1.55 | 1.52 | 1.55 | 1.59 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.45 | †† | 1.54 | 1.51 | 1.55 | 1.59 | |||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2) | % | 0.46 | †† | 0.29 | 0.75 | 0.75 | 0.05 | |||||||||||||||
Portfolio turnover rate | % | 73 | 66 | 77 | 129 | 101 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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. | |
†† | 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 and net investment income ratio. |
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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 | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||||
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 | $ | 0.11 | 0.07 | 0.06 | * | 0.13 | ||||||||||||
Net realized and unrealized loss on investments | $ | (5.50 | ) | (5.51 | ) | (5.50 | ) | (5.51 | ) | |||||||||
Total from investment operations | $ | (5.39 | ) | (5.44 | ) | (5.44 | ) | (5.38 | ) | |||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.10 | 0.06 | 0.06 | 0.12 | |||||||||||||
Total distributions | $ | 0.10 | 0.06 | 0.06 | 0.12 | |||||||||||||
Net asset value, end of period | $ | 4.51 | 4.50 | 4.50 | 4.50 | |||||||||||||
Total Return(2) | % | (54.27 | ) | (54.63 | ) | (54.62 | ) | (54.25 | ) | |||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,144 | 18 | 3,532 | 0 | ** | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 4.14 | 4.89 | 4.89 | 3.89 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.75 | 2.50 | 2.50 | 1.50 | |||||||||||||
Net investment income after expense waiver(3)(4) | % | 1.54 | 1.15 | 1.12 | 1.77 | |||||||||||||
Portfolio turnover rate | % | 81 | 81 | 81 | 81 | |||||||||||||
(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 commissions, extraordinary expense and acquired fund fees and 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 $500. |
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Class A | Class B | |||||||||||||||||
Year | December 20, | Year | December 20, | |||||||||||||||
Ended | 2006(1) to | Ended | 2006(1) to | |||||||||||||||
October 31, | October 31, | October 31, | 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 | $ | 0.18 | * | 0.14 | * | 0.10 | * | 0.06 | * | |||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.55 | ) | 1.95 | (6.50 | ) | 1.96 | |||||||||||
Total from investment operations | $ | (6.37 | ) | 2.09 | (6.40 | ) | 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 | $ | 5.47 | 12.09 | 5.42 | 12.02 | |||||||||||||
Total Return(2) | % | (53.65 | ) | 20.90 | (54.04 | ) | 20.20 | |||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 73 | 69 | 3 | 5 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Expenses(3) | % | 1.13 | 1.11 | 1.88 | 1.86 | |||||||||||||
Net investment income(3) | % | 1.96 | 1.37 | 1.13 | 0.67 | |||||||||||||
Portfolio turnover rate | % | 148 | 116 | 148 | 116 | |||||||||||||
Class C | Class I | |||||||||||||||||
Year | December 20, | Year | December 20, | |||||||||||||||
Ended | 2006(1) to | Ended | 2006(1) to | |||||||||||||||
October 31, | October 31, | October 31, | 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 | $ | 0.03 | * | 0.02 | * | 0.20 | * | 0.13 | * | |||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.43 | ) | 2.00 | (6.58 | ) | 2.00 | |||||||||||
Total from investment operations | $ | (6.40 | ) | 2.02 | (6.38 | ) | 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 | $ | 5.42 | 12.02 | 5.49 | 12.13 | |||||||||||||
Total Return(2) | % | (54.04 | ) | 20.20 | (53.58 | ) | 21.30 | |||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 70 | 55 | 219,657 | 465,657 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Expenses(3) | % | 1.88 | 1.86 | 0.83 | 0.86 | |||||||||||||
Net investment income(3) | % | 0.34 | 0.25 | 2.11 | 1.29 | |||||||||||||
Portfolio turnover rate | % | 148 | 116 | 148 | 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. |
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Class A | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 41.48 | 29.62 | 23.60 | 19.40 | 17.32 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.71 | 0.47 | 0.48 | 0.19 | 0.09 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (24.59 | ) | 11.82 | 5.68 | 3.98 | 2.08 | |||||||||||||||
Total from investment operations | $ | (23.88 | ) | 12.29 | 6.16 | 4.17 | 2.17 | |||||||||||||||
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 year | $ | 16.04 | 41.48 | 29.62 | 23.60 | 19.40 | ||||||||||||||||
Total Return(1) | % | (59.64 | ) | 41.93 | 26.19 | 21.76 | †† | 12.58 | † | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 60,207 | 197,307 | 123,219 | 87,143 | 67,282 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 2.10 | 1.99 | 2.02 | 2.09 | 2.10 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 1.96 | 1.89 | 1.92 | 2.00 | 2.20 | ||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.94 | 1.86 | 1.91 | 2.00 | 2.20 | ||||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.86 | 1.42 | 1.80 | 0.91 | 0.41 | ||||||||||||||||
Portfolio turnover rate | % | 177 | 51 | 35 | 124 | 88 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 the disposition of an investment not meeting the Fund’s investment restrictions. Excluding this item, total return would have been 12.52% for Class A. | |
†† | In 2005, 0.26% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 21.50% for Class A. |
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Class B | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 40.67 | 29.04 | 23.17 | 19.17 | 17.15 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.36 | * | 0.24 | * | 0.28 | * | 0.04 | (0.04 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (24.05 | ) | 11.57 | 5.59 | 3.91 | 2.06 | |||||||||||||||
Total from investment operations | $ | (23.69 | ) | 11.81 | 5.87 | 3.95 | 2.02 | |||||||||||||||
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 year | $ | 15.73 | 40.67 | 29.04 | 23.17 | 19.17 | ||||||||||||||||
Total Return(1) | % | (59.94 | ) | 40.85 | 25.33 | 20.87 | †† | 11.78 | † | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 4,312 | 16,648 | 13,575 | 12,562 | 12,581 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 2.75 | 2.64 | 2.67 | 2.74 | 2.75 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 2.71 | 2.64 | 2.67 | 2.74 | 2.85 | ||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 2.69 | 2.61 | 2.66 | 2.74 | 2.85 | ||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.10 | 0.67 | 1.06 | 0.14 | (0.30 | ) | |||||||||||||||
Portfolio turnover rate | % | 177 | 51 | 35 | 124 | 88 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 11.72% for Class B. | |
†† | In 2005, 0.26% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 20.61% for Class B. |
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Class C | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 38.45 | 27.53 | 22.04 | 18.24 | 16.32 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.34 | * | 0.20 | 0.25 | 0.03 | (0.03 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (22.65 | ) | 10.97 | 5.31 | 3.72 | 1.95 | |||||||||||||||
Total from investment operations | $ | (22.31 | ) | 11.17 | 5.56 | 3.75 | 1.92 | |||||||||||||||
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 year | $ | 14.82 | 38.45 | 27.53 | 22.04 | 18.24 | ||||||||||||||||
Total Return(1) | % | (59.92 | ) | 40.82 | 25.29 | 20.83 | †† | 11.76 | † | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 14,586 | 53,885 | 35,847 | 20,985 | 9,680 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 2.75 | 2.64 | 2.67 | 2.74 | 2.75 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 2.71 | 2.64 | 2.67 | 2.74 | 2.85 | ||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 2.69 | 2.61 | 2.66 | 2.74 | 2.85 | ||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.11 | 0.65 | 1.12 | 0.25 | (0.20 | ) | |||||||||||||||
Portfolio turnover rate | % | 177 | 51 | 35 | 124 | 88 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 11.70% for Class C. | |
†† | In 2005, 0.27% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 20.56% for Class C. |
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Class I | ||||||||||||||
December 21, | ||||||||||||||
Year Ended | 2005(1) to | |||||||||||||
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 | $ | 0.56 | * | 0.55 | 0.65 | * | ||||||||
Net realized and unrealized gain (loss) on investments | $ | (24.40 | ) | 11.90 | 3.55 | |||||||||
Total from investment operations | $ | (23.84 | ) | 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 | $ | 16.11 | 41.63 | 29.72 | ||||||||||
Total Return(2) | % | (59.48 | ) | 42.41 | 16.46 | |||||||||
Ratios and Supplemental Data: | ||||||||||||||
Net assets, end of period (000’s) | $ | 18,429 | 41,551 | 23,456 | ||||||||||
Ratio to average net assets: | ||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.67 | 1.56 | 1.55 | ||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.63 | 1.56 | 1.55 | ||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.61 | 1.53 | 1.54 | ||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.79 | 1.71 | 2.73 | ||||||||||
Portfolio turnover rate | % | 177 | 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 commissions, extraordinary expenses and acquired fund fees and 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 Q | Class W | |||||||||||||||||||||||||
February 12, | ||||||||||||||||||||||||||
Year Ended | 2008(1) to | |||||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2008 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 42.92 | 30.62 | 24.38 | 20.03 | 17.89 | 36.18 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.91 | 0.44 | 0.59 | * | 0.26 | 0.09 | 0.54 | * | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (25.58 | ) | 12.31 | 5.81 | 4.07 | 2.17 | (19.86 | ) | |||||||||||||||||
Total from investment operations | $ | (24.67 | ) | 12.75 | 6.40 | 4.33 | 2.26 | (19.32 | ) | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.49 | 0.45 | 0.16 | 0.03 | 0.12 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.11 | — | — | — | — | 0.01 | |||||||||||||||||||
Total distributions | $ | 1.60 | 0.45 | 0.16 | 0.03 | 0.12 | 0.01 | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.05 | 0.00 | ** | — | ||||||||||||||||||
Net asset value, end of period | $ | 16.65 | 42.92 | 30.62 | 24.38 | 20.03 | 16.85 | |||||||||||||||||||
Total Return(2) | % | (59.53 | ) | 42.05 | 26.37 | 21.89 | †† | 12.70 | † | (53.42 | ) | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 5,120 | 21,253 | 10,700 | 10,776 | 8,929 | 36 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.92 | 1.81 | 1.80 | 1.85 | 2.00 | 1.67 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.88 | 1.81 | 1.80 | 1.85 | 2.10 | 1.63 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.86 | 1.78 | 1.79 | 1.85 | 2.10 | 1.61 | |||||||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.98 | 1.49 | 2.09 | 1.12 | 0.36 | 2.48 | |||||||||||||||||||
Portfolio turnover rate | % | 177 | 51 | 35 | 124 | 88 | 177 | |||||||||||||||||||
(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 commissions, extraordinary expenses and acquired fund fees and 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% for Class Q. | |
†† | In 2005, 0.25% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 21.64% for Class Q. |
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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 | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||||
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 | $ | 0.13 | * | 0.07 | * | 0.09 | 0.15 | * | ||||||||||
Net realized and unrealized loss on investments | $ | (4.68 | ) | (4.68 | ) | (4.72 | ) | (4.68 | ) | |||||||||
Total from investment operations | $ | (4.55 | ) | (4.61 | ) | (4.63 | ) | (4.53 | ) | |||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.12 | 0.07 | 0.07 | 0.14 | |||||||||||||
Total distributions | $ | 0.12 | 0.07 | 0.07 | 0.14 | |||||||||||||
Net asset value, end of period | $ | 5.33 | 5.32 | 5.30 | 5.33 | |||||||||||||
Total Return(2) | % | (45.92 | ) | (46.34 | ) | (46.57 | ) | (45.77 | ) | |||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,157 | 10 | 48 | 1 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 4.45 | 5.20 | 5.20 | 4.10 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.75 | † | 2.50 | † | 2.50 | † | 1.40 | † | |||||||||
Net investment income after expense waiver(3)(4) | % | 1.52 | † | 0.85 | † | 1.13 | † | 1.75 | † | |||||||||
Portfolio turnover rate | % | 162 | 162 | 162 | 162 | |||||||||||||
(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 commissions, extraordinary expense and acquired fund fees and 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 and net investment income ratio. |
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Class A | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 23.54 | 18.56 | 14.79 | 12.38 | 11.01 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.18 | * | 0.10 | 0.08 | * | 0.06 | 0.11 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (10.65 | ) | 5.56 | 4.05 | 2.35 | 1.44 | |||||||||||||||
Total from investment operations | $ | (10.47 | ) | 5.66 | 4.13 | 2.41 | 1.55 | |||||||||||||||
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 year | $ | 11.68 | 23.54 | 18.56 | 14.79 | 12.38 | ||||||||||||||||
Total Return(1) | % | (47.01 | ) | 31.32 | 28.39 | 19.47 | 14.25 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 151,246 | 349,917 | 219,819 | 122,883 | 62,949 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 1.61 | 1.54 | 1.58 | 1.66 | 1.95 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 1.60 | † | 1.54 | 1.65 | 1.68 | 1.70 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.60 | † | 1.54 | 1.65 | 1.68 | 1.70 | |||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2) | % | 0.93 | † | 0.59 | 0.49 | 0.53 | 0.37 | |||||||||||||||
Portfolio turnover rate | % | 116 | 69 | 65 | 81 | 141 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. |
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Class B | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 22.78 | 18.11 | 14.55 | 12.26 | 10.99 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.02 | * | (0.03 | ) | (0.04 | )* | (0.03 | ) | (0.05 | )* | |||||||||||
Net realized and unrealized gain (loss) on investments | $ | (10.22 | ) | 5.38 | 3.96 | 2.32 | 1.49 | |||||||||||||||
Total from investment operations | $ | (10.20 | ) | 5.35 | 3.92 | 2.29 | 1.44 | |||||||||||||||
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 year | $ | 11.19 | 22.78 | 18.11 | 14.55 | 12.26 | ||||||||||||||||
Total Return(1) | % | (47.42 | ) | 30.35 | 27.40 | 18.68 | 13.32 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 18,831 | 50,276 | 38,136 | 22,944 | 11,263 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 2.36 | 2.29 | 2.33 | 2.41 | 2.70 | ||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(2) | % | 2.35 | † | 2.29 | 2.40 | 2.43 | 2.45 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 2.35 | † | 2.29 | 2.40 | 2.43 | 2.45 | |||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(2) | % | 0.11 | † | (0.16 | ) | (0.24 | ) | (0.23 | ) | (0.46 | ) | |||||||||||
Portfolio turnover rate | % | 116 | 69 | 65 | 81 | 141 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. |
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Class C | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 22.81 | 18.14 | 14.57 | 12.28 | 11.01 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.03 | * | (0.03 | ) | (0.04 | )* | (0.03 | ) | (0.04 | )* | |||||||||||
Net realized and unrealized gain (loss) on investments | $ | (10.24 | ) | 5.38 | 3.97 | 2.32 | 1.48 | |||||||||||||||
Total from investment operations | $ | (10.21 | ) | 5.35 | 3.93 | 2.29 | 1.44 | |||||||||||||||
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 year | $ | 11.21 | 22.81 | 18.14 | 14.57 | 12.28 | ||||||||||||||||
Total Return(1) | % | (47.40 | ) | 30.30 | 27.43 | 18.65 | 13.28 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 102,274 | 232,439 | 154,101 | 87,877 | 41,424 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 2.36 | 2.29 | 2.33 | 2.41 | 2.70 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 2.35 | † | 2.29 | 2.40 | 2.43 | 2.45 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 2.35 | † | 2.29 | 2.40 | 2.43 | 2.45 | |||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(2) | % | 0.14 | † | (0.14 | ) | (0.26 | ) | (0.27 | ) | (0.41 | ) | |||||||||||
Portfolio turnover rate | % | 116 | 69 | 65 | 81 | 141 | ||||||||||||||||
(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. Total return for less than one year is not annualized. | |
(2) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. |
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Class I | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 23.91 | 18.78 | 14.93 | 12.45 | 11.05 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.24 | * | 0.16 | 0.13 | * | 0.34 | 0.19 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (10.84 | ) | 5.65 | 4.08 | 2.14 | 1.39 | |||||||||||||||
Total from investment operations | $ | (10.60 | ) | 5.81 | 4.21 | 2.48 | 1.58 | |||||||||||||||
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 year | $ | 11.92 | 23.91 | 18.78 | 14.93 | 12.45 | ||||||||||||||||
Total Return(1) | % | (46.82 | ) | 31.76 | 28.67 | 19.92 | 14.53 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 68,020 | 108,732 | 61,248 | 1,049 | 2,547 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 1.28 | 1.21 | 1.28 | 1.34 | 1.50 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 1.27 | † | 1.21 | 1.35 | 1.35 | 1.25 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.27 | † | 1.21 | 1.34 | 1.35 | 1.25 | |||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.26 | † | 0.94 | 0.78 | 0.97 | 1.58 | |||||||||||||||
Portfolio turnover rate | % | 116 | 69 | 65 | 81 | 141 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. |
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Class Q | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 23.63 | 18.61 | 14.82 | 12.40 | 11.02 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.18 | * | 0.17 | * | 0.07 | * | 0.08 | 0.09 | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (10.69 | ) | 5.53 | 4.08 | 2.34 | 1.46 | |||||||||||||||
Total from investment operations | $ | (10.51 | ) | 5.70 | 4.15 | 2.42 | 1.55 | |||||||||||||||
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 year | $ | 11.73 | 23.63 | 18.61 | 14.82 | 12.40 | ||||||||||||||||
Total Return(1) | % | (47.00 | ) | 31.45 | 28.47 | 19.52 | 14.28 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 66 | 856 | 1,196 | 1,079 | 1,054 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture | % | 1.53 | 1.45 | 1.53 | 1.59 | 1.85 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2) | % | 1.52 | † | 1.45 | 1.60 | 1.60 | 1.60 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2) | % | 1.52 | † | 1.45 | 1.60 | 1.60 | 1.60 | |||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2) | % | 0.94 | † | 0.82 | 0.43 | 0.53 | 0.34 | |||||||||||||||
Portfolio turnover rate | % | 116 | 69 | 65 | 81 | 141 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. |
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Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
October 31, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 20.48 | ||||
Income (loss) from investment operations: | ||||||
Net investment income | $ | 0.27 | * | |||
Net realized and unrealized loss on investments | $ | (8.04 | ) | |||
Total from investment operations | $ | (7.77 | ) | |||
Net asset value, end of period | $ | 12.71 | ||||
Total Return(2) | % | (37.94 | ) | |||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 296 | ||||
Ratios to average net assets: | ||||||
Gross expenses prior to expense waiver(3) | % | 1.28 | ||||
Net expenses after expense waiver(3)(4) | % | 1.27 | † | |||
Net investment income after expense waiver(3)(4) | % | 2.03 | † | |||
Portfolio turnover rate | % | 116 | ||||
(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 commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. |
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Class A | Class B | |||||||||||||||||||||||||
December 21, | January 6, | |||||||||||||||||||||||||
Year Ended | 2005(1) to | Year Ended | 2006(1) to | |||||||||||||||||||||||
October 31, | October 31, | 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) | $ | 0.05 | * | 0.07 | 0.06 | (0.05 | ) | (0.03 | )* | 0.05 | * | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (13.12 | ) | 11.93 | 2.43 | (12.95 | ) | 11.79 | 1.77 | |||||||||||||||||
Total from investment operations | $ | (13.07 | ) | 12.00 | 2.49 | (13.00 | ) | 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 | $ | 9.24 | 24.43 | 12.49 | 9.08 | 24.14 | 12.42 | |||||||||||||||||||
Total Return(2) | % | (57.63 | ) | 96.41 | 24.90 | (57.95 | ) | 94.92 | 17.17 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 20,481 | 73,804 | 23,709 | 1,901 | 7,414 | 1,957 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Expenses(3) | % | 1.96 | 1.91 | 2.64 | 2.71 | 2.66 | 3.39 | |||||||||||||||||||
Net investment income (loss)(3) | % | 0.32 | 0.54 | 0.75 | (0.33 | ) | (0.19 | ) | 0.47 | |||||||||||||||||
Portfolio turnover rate | % | 159 | 109 | 108 | 159 | 109 | 108 | |||||||||||||||||||
Class C | Class I | Class O | ||||||||||||||||||||||||||||
January 11, | May 8, | June 4, | ||||||||||||||||||||||||||||
Year Ended | 2006(1) to | Year Ended | 2006(1) to | 2008(1) to | ||||||||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2008 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.16 | 12.43 | 10.67 | 24.46 | 12.50 | 12.84 | 16.83 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.09 | )* | (0.03 | )* | 0.05 | * | 0.16 | * | 0.11 | 0.08 | 0.11 | * | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (12.92 | ) | 11.79 | 1.71 | (13.18 | ) | 11.93 | (0.42 | ) | (7.68 | ) | ||||||||||||||||||
Total from investment operations | $ | (13.01 | ) | 11.76 | 1.76 | (13.02 | ) | 12.04 | (0.34 | ) | (7.57 | ) | ||||||||||||||||||
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 | $ | 9.09 | 24.16 | 12.43 | 9.28 | 24.46 | 12.50 | 9.26 | ||||||||||||||||||||||
Total Return(2) | % | (57.94 | ) | 94.75 | 16.49 | (57.42 | ) | 96.81 | (2.65 | ) | (44.98 | ) | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,694 | 12,386 | 2,124 | 39 | 52 | 22 | 206 | ||||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||||
Expenses(3) | % | 2.71 | 2.66 | 3.39 | 1.70 | 1.66 | 2.39 | 1.96 | ||||||||||||||||||||||
Net investment income (loss)(3) | % | (0.52 | ) | (0.20 | ) | 0.53 | 1.02 | 0.73 | 1.47 | 2.23 | ||||||||||||||||||||
Portfolio turnover rate | % | 159 | 109 | 108 | 159 | 109 | 108 | 159 | ||||||||||||||||||||||
(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 | |||||||||||||||||||||||||
December 21, | January 12, | |||||||||||||||||||||||||
Year Ended | 2005(1) to | Year Ended | 2006(1) to | |||||||||||||||||||||||
October 31, | October 31, | 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 | $ | 0.19 | * | 0.14 | * | 0.14 | * | 0.12 | * | 0.09 | * | 0.06 | * | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.24 | ) | 2.48 | 1.54 | (6.20 | ) | 2.51 | 1.14 | |||||||||||||||||
Total from investment operations | $ | (6.05 | ) | 2.62 | 1.68 | (6.08 | ) | 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 | $ | 6.35 | 13.95 | 11.68 | 6.29 | 13.90 | 11.63 | |||||||||||||||||||
Total Return(2) | % | (48.51 | ) | 22.98 | 16.80 | (48.88 | ) | 22.85 | 11.51 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 9,446 | 2,233 | 12,513 | 1,571 | 734 | 264 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.73 | 1.13 | 1.30 | 2.48 | 1.89 | 2.05 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.30 | 1.16 | 1.15 | 2.05 | 1.92 | 1.90 | |||||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 1.93 | 1.17 | 1.50 | 1.22 | 0.67 | 0.64 | |||||||||||||||||||
Portfolio turnover rate | % | 215 | 213 | 188 | 215 | 213 | 188 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||
January 12, | December 21, | |||||||||||||||||||||||||
Year Ended | 2006(1) to | Year Ended | 2005(1) to | |||||||||||||||||||||||
October 31, | October 31, | 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 | $ | 0.12 | * | 0.09 | * | 0.08 | * | 0.29 | * | 0.20 | 0.16 | * | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.20 | ) | 2.50 | 1.10 | (6.32 | ) | 2.55 | 1.54 | |||||||||||||||||
Total from investment operations | $ | (6.08 | ) | 2.59 | 1.18 | (6.03 | ) | 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 | $ | 6.28 | 13.89 | 11.61 | 6.42 | 14.06 | 11.70 | |||||||||||||||||||
Total Return(2) | % | (48.91 | ) | 22.81 | 11.31 | (48.12 | ) | 24.14 | 17.00 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,311 | 1,126 | 534 | 54,838 | 118,924 | 78,581 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 2.48 | 1.89 | 2.05 | 1.05 | 0.84 | 1.05 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 2.05 | 1.92 | 1.90 | 0.62 | 0.87 | 0.90 | |||||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 1.16 | 0.69 | 0.87 | 2.80 | 1.78 | 1.69 | |||||||||||||||||||
Portfolio turnover rate | % | 215 | 213 | 188 | 215 | 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 commissions, extraordinary expenses and acquired fund fees and 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 O | ||||||
November 12, | ||||||
2007(1) to | ||||||
October 31, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 13.09 | ||||
Income (loss) from investment operations: | ||||||
Net investment income | $ | 0.19 | * | |||
Net realized and unrealized loss on investments | $ | (5.36 | ) | |||
Total from investment operations | $ | (5.17 | ) | |||
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 | $ | 6.31 | ||||
Total Return(2) | % | (45.16 | ) | |||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 41,539 | ||||
Ratios to average net assets: | ||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.73 | ||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.30 | ||||
Net investment income after expense waiver/recoupment(3)(4) | % | 2.03 | ||||
Portfolio turnover rate | % | 215 | ||||
(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 commissions, extraordinary expenses and acquired fund fees and 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 | |||||||||||||||||||||||||
December 21, | January 9, | |||||||||||||||||||||||||
Year Ended | 2005(1) to | Year Ended | 2006(1) to | |||||||||||||||||||||||
October 31, | October 31, | 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) | $ | 0.12 | 0.01 | * | 0.04 | (0.01 | )* | (0.09 | ) | (0.04 | )* | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.64 | ) | 3.76 | 1.35 | (7.47 | ) | 3.71 | 0.95 | |||||||||||||||||
Total from investment operations | $ | (7.52 | ) | 3.77 | 1.39 | (7.48 | ) | 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 | $ | 6.70 | 14.86 | 11.39 | 6.58 | 14.67 | 11.33 | |||||||||||||||||||
Total Return(2) | % | (52.69 | ) | 33.89 | 13.90 | (53.01 | ) | 32.67 | 8.73 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,612 | 4,592 | 3,677 | 278 | 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) | % | 1.46 | 1.50 | 1.50 | 2.21 | 2.25 | 2.25 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.46 | 1.50 | 1.50 | 2.21 | 2.25 | 2.25 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 0.73 | 0.08 | 0.32 | (0.11 | ) | (0.88 | ) | (0.43 | ) | ||||||||||||||||
Portfolio turnover rate | % | 83 | 71 | 91 | 83 | 71 | 91 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||
January 24, | December 21, | |||||||||||||||||||||||||
Year Ended | 2006(1) to | Year Ended | 2005(1) to | |||||||||||||||||||||||
October 31, | October 31, | 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) | $ | 0.00 | *,** | (0.12 | ) | (0.03 | ) | 0.17 | 0.06 | * | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.50 | ) | 3.73 | 1.10 | (7.67 | ) | 3.75 | 1.41 | |||||||||||||||||
Total from investment operations | $ | (7.50 | ) | 3.61 | 1.07 | (7.50 | ) | 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 | $ | 6.60 | 14.71 | 11.35 | 6.73 | 14.90 | 11.43 | |||||||||||||||||||
Total Return(2) | % | (52.99 | ) | 32.45 | 10.41 | (52.48 | ) | 34.14 | 14.30 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 354 | 971 | 65 | 47,918 | 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 | 1.08 | 1.13 | 1.56 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 2.21 | 2.25 | 2.25 | 1.13 | 1.15 | 1.22 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.21 | 2.25 | 2.25 | 1.13 | 1.15 | 1.22 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 0.01 | (0.97 | ) | (0.50 | ) | 1.09 | 0.47 | 0.39 | |||||||||||||||||
Portfolio turnover rate | % | 83 | 71 | 91 | 83 | 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 commissions, extraordinary expenses and acquired fund fees and 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 | |||||||||||||||||
June 28, | June 28, | |||||||||||||||||
Year Ended | 2007(1) to | Year Ended | 2007(1) to | |||||||||||||||
October 31, | October 31, | October 31, | 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 | $ | 0.38 | 0.06 | * | 0.29 | * | 0.03 | * | ||||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.18 | ) | 0.51 | (5.15 | ) | 0.52 | |||||||||||
Total from investment operations | $ | (4.80 | ) | 0.57 | (4.86 | ) | 0.55 | |||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.34 | — | 0.27 | — | |||||||||||||
Net realized gains on investments | $ | 0.04 | — | 0.04 | — | |||||||||||||
Return of capital | 0.03 | — | 0.03 | — | ||||||||||||||
Total distributions | $ | 0.41 | — | 0.34 | — | |||||||||||||
Net asset value, end of period | $ | 5.36 | 10.57 | 5.35 | 10.55 | |||||||||||||
Total Return(2) | % | (46.79 | ) | 5.70 | (47.19 | ) | 5.50 | |||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,521 | 4,122 | 165 | 239 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.63 | 1.64 | 2.38 | 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) | % | 4.02 | 1.81 | 3.43 | 1.09 | |||||||||||||
Portfolio turnover rate | % | 66 | 7 | 66 | 7 | |||||||||||||
Class C | Class I | Class W | ||||||||||||||||||||
June 28, | June 28, | February 12, | ||||||||||||||||||||
Year Ended | 2007(1) to | Year Ended | 2007(1) to | 2008(1) to | ||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||||
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 | $ | 0.28 | * | 0.03 | * | 0.36 | * | 0.07 | * | 0.22 | * | |||||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.14 | ) | 0.52 | (5.14 | ) | 0.51 | (3.41 | ) | |||||||||||||
Total from investment operations | $ | (4.86 | ) | 0.55 | (4.78 | ) | 0.58 | (3.19 | ) | |||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.27 | — | 0.37 | — | 0.29 | ||||||||||||||||
Net realized gains on investments | $ | 0.04 | — | 0.04 | — | — | ||||||||||||||||
Return of capital | 0.03 | — | 0.03 | — | 0.02 | |||||||||||||||||
Total distributions | $ | 0.34 | — | 0.44 | — | 0.31 | ||||||||||||||||
Net asset value, end of period | $ | 5.35 | 10.55 | 5.36 | 10.58 | 5.36 | ||||||||||||||||
Total Return(2) | % | (47.20 | ) | 5.50 | (46.64 | ) | 5.80 | (37.11 | ) | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 730 | 1,334 | 33,612 | 55,611 | 12 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.38 | 2.39 | 1.29 | 1.39 | 1.29 | ||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.15 | 2.15 | 1.06 | 1.15 | 1.06 | ||||||||||||||||
Net investment income after expense waiver(3)(4) | % | 3.25 | 1.08 | 4.22 | 1.95 | 4.06 | ||||||||||||||||
Portfolio turnover rate | % | 66 | 7 | 66 | 7 | 66 | ||||||||||||||||
(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 commissions, extraordinary expenses and acquired fund fees and 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 | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 15.61 | 13.20 | 10.97 | 9.78 | 8.48 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.07 | 0.03 | 0.12 | 0.10 | 0.09 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.47 | ) | 3.67 | 2.28 | 1.18 | 1.22 | |||||||||||||||
Total from investment operations | $ | (7.40 | ) | 3.70 | 2.40 | 1.28 | 1.31 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.02 | 0.15 | 0.17 | 0.10 | 0.01 | ||||||||||||||||
Net realized gains on investments | $ | 2.30 | 1.14 | — | — | — | ||||||||||||||||
Total distributions | $ | 2.32 | 1.29 | 0.17 | 0.10 | 0.01 | ||||||||||||||||
Redemption fees applied to capital | $ | — | — | — | — | 0.00 | ** | |||||||||||||||
Payment by affiliate | $ | — | — | — | 0.01 | — | ||||||||||||||||
Net asset value, end of year | $ | 5.89 | 15.61 | 13.20 | 10.97 | 9.78 | ||||||||||||||||
Total Return(1) | % | (55.03 | ) | 30.37 | 22.12 | 13.30 | †† | 15.49 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 25,104 | 64,631 | 58,697 | 51,193 | 47,551 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment | % | 1.74 | 1.65 | 1.65 | 1.65 | 1.64 | ||||||||||||||||
Net expenses after expense waiver/recoupment(2) | % | 1.74 | 1.65 | † | 1.65 | 1.65 | 1.68 | |||||||||||||||
Net investment income after expense waiver/recoupment(2) | % | 0.45 | 0.23 | † | 0.96 | 0.94 | 0.78 | |||||||||||||||
Portfolio turnover rate | % | 146 | 130 | 173 | 116 | 90 | ||||||||||||||||
Class B | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 14.96 | 12.69 | 10.55 | 9.43 | 8.22 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | (0.04 | )* | (0.07 | )* | 0.03 | * | 0.02 | (0.00 | )** | ||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.06 | ) | 3.53 | 2.20 | 1.14 | 1.21 | |||||||||||||||
Total from investment operations | $ | (7.10 | ) | 3.46 | 2.23 | 1.16 | 1.21 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | 0.05 | 0.09 | 0.05 | — | ||||||||||||||||
Net realized gains of investments | $ | 2.30 | 1.14 | — | — | — | ||||||||||||||||
Total distributions | $ | 2.30 | 1.19 | 0.09 | 0.05 | — | ||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.01 | — | ||||||||||||||||
Net asset value, end of year | $ | 5.56 | 14.96 | 12.69 | 10.55 | 9.43 | ||||||||||||||||
Total Return(1) | % | (55.41 | ) | 29.42 | 21.23 | 12.41 | †† | 14.72 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 4,476 | 17,311 | 16,822 | 16,338 | 15,069 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment | % | 2.49 | 2.40 | 2.40 | 2.40 | 2.39 | ||||||||||||||||
Net expenses after expense waiver/recoupment(2) | % | 2.49 | 2.40 | † | 2.40 | 2.40 | 2.43 | |||||||||||||||
Net investment income (loss) after expense waiver/recoupment(2) | % | (0.38 | ) | (0.51 | )† | 0.22 | 0.19 | (0.02 | ) | |||||||||||||
Portfolio turnover rate | % | 146 | 130 | 173 | 116 | 90 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 and net investment income or loss 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 | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 14.97 | 12.70 | 10.55 | 9.42 | 8.22 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | (0.04 | ) | (0.07 | ) | 0.04 | 0.03 | (0.00 | )** | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.06 | ) | 3.54 | 2.19 | 1.13 | 1.20 | |||||||||||||||
Total from investment operations | $ | (7.10 | ) | 3.47 | 2.23 | 1.16 | 1.20 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | 0.06 | 0.08 | 0.04 | — | ||||||||||||||||
Net realized gains on investments | $ | 2.30 | 1.14 | — | — | — | ||||||||||||||||
Total distributions | $ | 2.30 | 1.20 | 0.08 | 0.04 | — | ||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.01 | — | ||||||||||||||||
Net asset value, end of year | $ | 5.57 | 14.97 | 12.70 | 10.55 | 9.42 | ||||||||||||||||
Total Return(1) | % | (55.36 | ) | 29.46 | 21.25 | 12.46 | †† | 14.60 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 6,657 | 19,104 | 15,918 | 15,008 | 16,230 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment | % | 2.49 | 2.40 | 2.40 | 2.40 | 2.39 | ||||||||||||||||
Net expenses after expense waiver/recoupment(2) | % | 2.49 | 2.40 | † | 2.40 | 2.40 | 2.43 | |||||||||||||||
Net investment income (loss) after expense waiver/recoupment(2) | % | (0.30 | ) | (0.52 | )† | 0.21 | 0.18 | (0.04 | ) | |||||||||||||
Portfolio turnover rate | % | 146 | 130 | 173 | 116 | 90 | ||||||||||||||||
Class I | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 15.57 | 13.16 | 10.94 | 9.76 | 8.45 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.09 | * | 0.06 | * | 0.15 | * | 0.14 | 0.09 | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.43 | ) | 3.70 | 2.29 | 1.18 | 1.25 | |||||||||||||||
Total from investment operations | $ | (7.34 | ) | 3.76 | 2.44 | 1.32 | 1.34 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.05 | 0.21 | 0.22 | 0.15 | 0.03 | ||||||||||||||||
Net realized gains on investments | $ | 2.30 | 1.14 | — | — | — | ||||||||||||||||
Total distributions | $ | 2.35 | 1.35 | 0.22 | 0.15 | 0.03 | ||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.01 | — | ||||||||||||||||
Net asset value, end of year | $ | 5.88 | 15.57 | 13.16 | 10.94 | 9.76 | ||||||||||||||||
Total Return(1) | % | (54.86 | ) | 31.02 | 22.56 | 13.73 | †† | 15.94 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 16,964 | 10,251 | 13,354 | 23,452 | 17,211 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment | % | 1.37 | 1.28 | 1.25 | 1.26 | 1.22 | ||||||||||||||||
Net expenses after expense waiver/recoupment(2) | % | 1.37 | 1.28 | † | 1.25 | 1.26 | 1.26 | |||||||||||||||
Net investment income after expense waiver/recoupment(2) | % | 0.87 | 0.46 | † | 1.27 | 1.34 | 1.13 | |||||||||||||||
Portfolio turnover rate | % | 146 | 130 | 173 | 116 | 90 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 and net investment income or loss 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 | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 15.47 | 13.10 | 10.89 | 9.72 | 8.43 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.09 | 0.05 | 0.14 | 0.08 | 0.06 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.39 | ) | 3.64 | 2.27 | 1.20 | 1.25 | |||||||||||||||
Total from investment operations | $ | (7.30 | ) | 3.69 | 2.41 | 1.28 | 1.31 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.04 | 0.18 | 0.20 | 0.12 | 0.02 | ||||||||||||||||
Net realized gains on investments | $ | 2.30 | 1.14 | — | — | — | ||||||||||||||||
Total distributions | $ | 2.34 | 1.32 | 0.20 | 0.12 | 0.02 | ||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.01 | — | ||||||||||||||||
Net asset value, end of year | $ | 5.83 | 15.47 | 13.10 | 10.89 | 9.72 | ||||||||||||||||
Total Return(1) | % | (54.96 | ) | 30.55 | 22.38 | 13.41 | †† | 15.61 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 9,986 | 32,532 | 27,114 | 14,544 | 7,274 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment | % | 1.62 | 1.52 | 1.50 | 1.51 | 1.56 | ||||||||||||||||
Net expenses after expense waiver/recoupment(2) | % | 1.50 | 1.52 | † | 1.50 | 1.51 | 1.60 | |||||||||||||||
Net investment income after expense waiver/recoupment(2) | % | 0.68 | 0.40 | † | 1.19 | 1.00 | 0.73 | |||||||||||||||
Portfolio turnover rate | % | 146 | 130 | 173 | 116 | 90 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 and net investment income 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 | |||||||||||||||||||||||||
February 28, | Year | February 28, | ||||||||||||||||||||||||
Year Ended | 2006(1) to | Ended | 2006(1) to | |||||||||||||||||||||||
October 31, | October 31, | 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 | $ | 0.33 | 0.13 | * | 0.09 | * | 0.25 | 0.03 | * | 0.04 | * | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.43 | ) | 3.14 | 1.60 | (7.41 | ) | 3.14 | 1.59 | |||||||||||||||||
Total from investment operations | $ | (7.10 | ) | 3.27 | 1.69 | (7.16 | ) | 3.17 | 1.63 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.36 | 0.34 | 0.06 | 0.27 | 0.26 | 0.04 | |||||||||||||||||||
Return of capital | $ | 0.19 | — | — | 0.19 | — | — | |||||||||||||||||||
Total distributions | $ | 0.55 | 0.34 | 0.06 | 0.46 | 0.26 | 0.04 | |||||||||||||||||||
Net asset value, end of period | $ | 6.91 | 14.56 | 11.63 | 6.88 | 14.50 | 11.59 | |||||||||||||||||||
Total Return(2) | % | (50.31 | ) | 28.49 | 16.94 | (50.72 | ) | 27.69 | 16.38 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 89,623 | 271,425 | 49,798 | 4,004 | 11,819 | 1,639 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.48 | 1.51 | 2.01 | 2.23 | 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) | % | 1.76 | † | 0.99 | 1.33 | 1.00 | † | 0.25 | 0.51 | |||||||||||||||||
Portfolio turnover rate | % | 46 | 44 | 29 | 46 | 44 | 29 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||
February 28, | February 28, | |||||||||||||||||||||||||
Year Ended | 2006(1) to | Year Ended | 2006(1) to | |||||||||||||||||||||||
October 31, | October 31, | 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 | $ | 0.29 | 0.03 | * | 0.04 | * | 0.23 | * | 0.16 | * | 0.08 | * | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.44 | ) | 3.13 | 1.59 | (7.31 | ) | 3.15 | 1.63 | |||||||||||||||||
Total from investment operations | $ | (7.15 | ) | 3.16 | 1.63 | (7.08 | ) | 3.31 | 1.71 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.27 | 0.26 | 0.04 | 0.39 | 0.37 | 0.07 | |||||||||||||||||||
Return of capital | $ | 0.19 | — | — | 0.19 | — | — | |||||||||||||||||||
Total distributions | $ | 0.46 | 0.26 | 0.04 | 0.58 | 0.37 | 0.07 | |||||||||||||||||||
Net asset value, end of period | $ | 6.88 | 14.49 | 11.59 | 6.92 | 14.58 | 11.64 | |||||||||||||||||||
Total Return(2) | % | (50.69 | ) | 27.58 | 16.31 | (50.14 | ) | 28.80 | 17.23 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 36,661 | 121,529 | 17,075 | 290,227 | 127,029 | 22,336 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 2.23 | 2.26 | 2.76 | 1.16 | 1.26 | 1.76 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 2.25 | † | 2.25 | 2.25 | 1.18 | † | 1.25 | 1.25 | |||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 1.00 | † | 0.24 | 0.54 | 2.22 | † | 1.22 | 1.09 | |||||||||||||||||
Portfolio turnover rate | % | 46 | 44 | 29 | 46 | 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 commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. |
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Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
October 31, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 11.48 | ||||
Income (loss) from investment operations: | ||||||
Net investment income | $ | 0.17 | * | |||
Net realized and unrealized loss on investments | $ | (4.59 | ) | |||
Total from investment operations | $ | (4.42 | ) | |||
Less distributions from: | ||||||
Net investment income | $ | 0.10 | ||||
Return of capital | $ | 0.05 | ||||
Total distributions | $ | 0.15 | ||||
Net asset value, end of period | $ | 6.91 | ||||
Total Return(2) | % | (38.91 | ) | |||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 307 | ||||
Ratios to average net assets: | ||||||
Gross expenses prior to expense recoupment(3) | % | 1.18 | ||||
Net expenses after expense recoupment(3)(4) | % | 1.20 | † | |||
Net investment income after expense recoupment(3)(4) | % | 2.45 | † | |||
Portfolio turnover rate | % | 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 expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. |
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Class A | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 66.43 | 47.15 | 37.75 | 29.27 | 25.37 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.65 | 0.31 | 0.29 | 0.33 | * | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (36.15 | ) | 19.25 | 9.44 | 8.05 | 3.86 | |||||||||||||||
Total from investment operations | $ | (35.50 | ) | 19.56 | 9.73 | 8.38 | 3.88 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.32 | 0.28 | 0.33 | — | 0.00 | ** | |||||||||||||||
Net realized gains 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 year | $ | 22.73 | 66.43 | 47.15 | 37.75 | 29.27 | ||||||||||||||||
Total Return(1) | % | (59.84 | ) | 41.67 | 25.91 | 28.97 | †† | 15.39 | † | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 160,896 | 523,535 | 243,020 | 173,612 | 154,658 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment | % | 1.70 | 1.60 | 1.66 | 1.74 | 1.72 | ||||||||||||||||
Net expenses after expense waiver/recoupment(2) | % | 1.70 | 1.60 | 1.66 | 1.74 | 1.75 | ||||||||||||||||
Net investment income after expense waiver/recoupment(2) | % | 1.27 | 0.67 | 0.67 | 0.98 | 0.07 | ||||||||||||||||
Portfolio turnover rate | % | 84 | 93 | 85 | 124 | 106 | ||||||||||||||||
Class B | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 68.31 | 48.53 | 38.83 | 30.30 | 26.43 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.21 | * | 0.00 | * ** | (0.01 | )* | 0.10 | * | (0.19 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | $ | (37.16 | ) | 19.78 | 9.75 | 8.33 | 4.04 | |||||||||||||||
Total from investment operations | $ | (36.95 | ) | 19.78 | 9.74 | 8.43 | 3.85 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | — | 0.04 | — | — | ||||||||||||||||
Net realized gains on investments | $ | 7.88 | — | — | — | — | ||||||||||||||||
Total distributions | $ | 7.88 | — | 0.04 | — | — | ||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.10 | 0.02 | ||||||||||||||||
Net asset value, end of year | $ | 23.48 | 68.31 | 48.53 | 38.83 | 30.30 | ||||||||||||||||
Total Return(1) | % | (60.10 | ) | 40.76 | 25.10 | 28.15 | †† | 14.64 | † | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 11,892 | 65,619 | 58,469 | 57,131 | 58,318 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment | % | 2.35 | 2.25 | 2.31 | 2.39 | 2.37 | ||||||||||||||||
Net expenses after expense waiver/recoupment(2) | % | 2.35 | 2.25 | 2.31 | 2.39 | 2.40 | ||||||||||||||||
Net investment income (loss) after expense waiver/recoupment(2) | % | 0.45 | 0.00 | ** | (0.03 | ) | 0.29 | (0.60 | ) | |||||||||||||
Portfolio turnover rate | % | 84 | 93 | 85 | 124 | 106 | ||||||||||||||||
(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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and 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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Class C | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 62.48 | 44.39 | 35.59 | 27.77 | 24.23 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.34 | 0.00 | * ** | (0.00 | )** | 0.10 | * | (0.17 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (33.79 | ) | 18.09 | 8.91 | 7.62 | 3.70 | |||||||||||||||
Total from investment operations | $ | (33.45 | ) | 18.09 | 8.91 | 7.72 | 3.53 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | 0.00 | ** | 0.11 | — | — | |||||||||||||||
Net realized gains on investments | $ | 7.88 | — | — | — | — | ||||||||||||||||
Total distributions | $ | 7.88 | 0.00 | ** | 0.11 | — | — | |||||||||||||||
Payment by affiliate | $ | — | — | — | 0.10 | 0.01 | ||||||||||||||||
Net asset value, end of year | $ | 21.15 | 62.48 | 44.39 | 35.59 | 27.77 | ||||||||||||||||
Total Return(2) | % | (60.11 | ) | 40.76 | 25.09 | 28.16 | †† | 14.61 | † | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 29,760 | 104,274 | 65,534 | 52,420 | 47,793 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 2.35 | 2.25 | 2.31 | 2.39 | 2.37 | ||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 2.35 | 2.25 | 2.31 | 2.39 | 2.40 | ||||||||||||||||
Net investment income (loss) after expense waiver/recoupment(3)(4) | % | 0.58 | 0.01 | (0.01 | ) | 0.30 | (0.60 | ) | ||||||||||||||
Portfolio turnover rate | % | 84 | 93 | 85 | 124 | 106 | ||||||||||||||||
Class I | Class O | |||||||||||||||||
December 21, | June 4, | |||||||||||||||||
Year Ended | 2005(1) to | 2008(1) to | ||||||||||||||||
October 31, | October 31, | October 31, | ||||||||||||||||
2008 | 2007 | 2006 | 2008 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 66.72 | 47.35 | 40.64 | 47.28 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income | $ | 0.78 | 0.60 | 0.39 | * | 0.18 | * | |||||||||||
Net realized and unrealized gain (loss) on investments | $ | (36.25 | ) | 19.25 | 6.32 | (24.71 | ) | |||||||||||
Total from investment operations | $ | (35.47 | ) | 19.85 | 6.71 | (24.53 | ) | |||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.52 | 0.48 | — | — | |||||||||||||
Net realized gains on investments | $ | 7.88 | — | — | — | |||||||||||||
Total distributions | $ | 8.40 | 0.48 | — | — | |||||||||||||
Net asset value, end of period | $ | 22.85 | 66.72 | 47.35 | 22.75 | |||||||||||||
Total Return(2) | % | (59.66 | ) | 42.24 | 16.51 | (51.88 | ) | |||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 139,213 | 376,737 | 137,184 | 62 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.29 | 1.20 | 1.20 | 1.60 | |||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.29 | 1.20 | 1.20 | 1.60 | |||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 1.71 | 1.12 | 1.02 | 1.39 | |||||||||||||
Portfolio turnover rate | % | 84 | 93 | 85 | 84 | |||||||||||||
(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 commissions, extraordinary expenses and acquired fund fees and 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 | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 71.41 | 50.65 | 40.53 | 31.34 | 27.11 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.79 | 0.48 | 0.37 | 0.43 | * | 0.10 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (39.21 | ) | 20.62 | 10.16 | 8.66 | 4.13 | |||||||||||||||
Total from investment operations | $ | (38.42 | ) | 21.10 | 10.53 | 9.09 | 4.23 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.37 | 0.34 | 0.41 | — | 0.01 | ||||||||||||||||
Net realized gains 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 year | $ | 24.74 | 71.41 | 50.65 | 40.53 | 31.34 | ||||||||||||||||
Total Return(2) | % | (59.78 | ) | 41.87 | 26.14 | 29.32 | †† | 15.66 | † | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 43,443 | 131,142 | 82,245 | 57,846 | 61,166 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.54 | 1.45 | 1.48 | 1.49 | 1.47 | ||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.54 | 1.45 | 1.48 | 1.49 | 1.50 | ||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 1.47 | 0.81 | 0.83 | 1.18 | 0.28 | ||||||||||||||||
Portfolio turnover rate | % | 84 | 93 | 85 | 124 | 106 | ||||||||||||||||
Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
October 31, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 50.70 | ||||
Income (loss) from investment operations: | ||||||
Net investment income | $ | 0.50 | * | |||
Net realized and unrealized loss on investments | $ | (24.37 | ) | |||
Total from investment operations | $ | (23.87 | ) | |||
Net asset value, end of period | $ | 26.83 | ||||
Total Return(2) | % | (47.08 | ) | |||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 10,366 | ||||
Ratios to average net assets: | ||||||
Expenses(3) | % | 1.29 | ||||
Net investment income(3) | % | 1.80 | ||||
Portfolio turnover rate | % | 84 | ||||
(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 commissions, extraordinary expenses and acquired fund fees and 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 | ||||||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 23.15 | 21.52 | 18.33 | 16.90 | 13.71 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.39 | 0.24 | * | 0.18 | * | 0.17 | 0.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (8.83 | ) | 3.73 | 4.58 | 2.28 | 3.15 | |||||||||||||||||||
Total from investment operations | $ | (8.44 | ) | 3.97 | 4.76 | 2.45 | 3.28 | |||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.23 | 0.20 | 0.16 | 0.22 | 0.09 | ||||||||||||||||||||
Net realized gains on investments | $ | 3.35 | 2.14 | 1.41 | 0.80 | — | ||||||||||||||||||||
Total distributions | $ | 3.58 | 2.34 | 1.57 | 1.02 | 0.09 | ||||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | |||||||||||||||||||
Net asset value, end of year | $ | 11.13 | 23.15 | 21.52 | 18.33 | 16.90 | ||||||||||||||||||||
Total Return(1) | % | (42.58 | ) | 19.87 | 27.64 | 15.06 | † | 24.03 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 931,162 | 2,136,218 | 1,995,027 | 1,732,332 | 1,869,868 | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to brokerage commission recapture | % | 1.58 | 1.59 | 1.60 | 1.60 | 1.61 | ||||||||||||||||||||
Net expenses after brokerage commission recapture | % | 1.57 | †† | 1.59 | 1.60 | 1.60 | 1.61 | |||||||||||||||||||
Net investment income after brokerage commission recapture | % | 1.95 | †† | 1.08 | 0.90 | 0.88 | 0.79 | |||||||||||||||||||
Portfolio turnover rate | % | 23 | 32 | 25 | 21 | 29 | ||||||||||||||||||||
Class B | ||||||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 22.64 | 21.07 | 17.95 | 16.58 | 13.45 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.19 | * | 0.08 | * | 0.04 | * | 0.05 | 0.02 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (8.58 | ) | 3.66 | 4.50 | 2.23 | 3.11 | |||||||||||||||||||
Total from investment operations | $ | (8.39 | ) | 3.74 | 4.54 | 2.28 | 3.13 | |||||||||||||||||||
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 | — | ||||||||||||||||||||
Total distributions | $ | 3.37 | 2.17 | 1.42 | 0.91 | — | ||||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | |||||||||||||||||||
Net asset value, end of year | $ | 10.88 | 22.64 | 21.07 | 17.95 | 16.58 | ||||||||||||||||||||
Total Return(1) | % | (43.00 | ) | 19.03 | 26.81 | 14.21 | † | 23.27 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 85,873 | 301,705 | 368,952 | 411,071 | 454,952 | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to brokerage commission recapture | % | 2.28 | 2.29 | 2.30 | 2.30 | 2.31 | ||||||||||||||||||||
Net expenses after brokerage commission recapture | % | 2.27 | †† | 2.29 | 2.30 | 2.30 | 2.31 | |||||||||||||||||||
Net investment income (loss) after brokerage commission recapture | % | 1.12 | †† | 0.39 | 0.20 | 0.17 | 0.09 | |||||||||||||||||||
Portfolio turnover rate | % | 23 | 32 | 25 | 21 | 29 | ||||||||||||||||||||
(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. | |
* | 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. | |
†† | 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 and net investment income or loss ratio. |
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Class C | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 22.52 | 20.98 | 17.91 | 16.54 | 13.42 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.27 | 0.08 | * | 0.05 | 0.04 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (8.57 | ) | 3.65 | 4.46 | 2.24 | 3.10 | |||||||||||||||
Total from investment operations | $ | (8.30 | ) | 3.73 | 4.51 | 2.28 | 3.12 | |||||||||||||||
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 | — | ||||||||||||||||
Total distributions | $ | 3.43 | 2.19 | 1.44 | 0.91 | — | ||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | |||||||||||||||
Net asset value, end of year | $ | 10.79 | 22.52 | 20.98 | 17.91 | 16.54 | ||||||||||||||||
Total Return(1) | % | (42.94 | ) | 19.10 | 26.71 | 14.25 | † | 23.25 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 326,812 | 757,941 | 729,067 | 663,626 | 675,039 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture | % | 2.28 | 2.29 | 2.30 | 2.30 | 2.31 | ||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture | % | 2.18 | †† | 2.28 | 2.30 | 2.30 | 2.31 | |||||||||||||||
Net expenses after expense waiver and brokerage commission recapture | % | 2.17 | †† | 2.28 | 2.30 | 2.30 | 2.31 | |||||||||||||||
Net investment income after expense waiver and brokerage commission recapture | % | 1.34 | †† | 0.38 | 0.20 | 0.15 | 0.09 | |||||||||||||||
Portfolio turnover rate | % | 23 | 32 | 25 | 21 | 29 | ||||||||||||||||
Class I | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 23.22 | 21.58 | 18.38 | 16.96 | 13.74 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.47 | 0.32 | * | 0.25 | 0.20 | 0.16 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (8.87 | ) | 3.74 | 4.60 | 2.31 | 3.20 | |||||||||||||||
Total from investment operations | $ | (8.40 | ) | 4.06 | 4.85 | 2.51 | 3.36 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.31 | 0.28 | 0.24 | 0.29 | 0.14 | ||||||||||||||||
Net realized gains on investments | $ | 3.35 | 2.14 | 1.41 | 0.80 | — | ||||||||||||||||
Total distributions | $ | 3.66 | 2.42 | 1.65 | 1.09 | 0.14 | ||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | |||||||||||||||
Net asset value, end of year | $ | 11.16 | 23.22 | 21.58 | 18.38 | 16.96 | ||||||||||||||||
Total Return(1) | % | (42.37 | ) | 20.31 | 28.15 | 15.42 | † | 24.67 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 735,622 | 2,176,402 | 1,728,560 | 1,221,594 | 831,142 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to brokerage commission recapture | % | 1.28 | 1.23 | 1.22 | 1.23 | 1.21 | ||||||||||||||||
Net expenses after brokerage commission recapture | % | 1.27 | †† | 1.23 | 1.22 | 1.23 | 1.21 | |||||||||||||||
Net investment income after brokerage commission recapture | % | 2.23 | †† | 1.45 | 1.26 | 1.18 | 1.18 | |||||||||||||||
Portfolio turnover rate | % | 23 | 32 | 25 | 21 | 29 | ||||||||||||||||
(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. | |
* | Calculated using average number of shares outstanding through the period. | |
** | Amount is less than $0.005. | |
† | In 2005, there was no impact on total return due to payment by affiliate. | |
†† | 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 and net investment income ratio. |
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Class Q | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 23.26 | 21.57 | 18.37 | 16.94 | 13.73 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.43 | 0.31 | * | 0.21 | * | 0.19 | 0.14 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (8.85 | ) | 3.74 | 4.59 | 2.29 | 3.17 | |||||||||||||||
Total from investment operations | $ | (8.42 | ) | 4.05 | 4.80 | 2.48 | 3.31 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.31 | 0.22 | 0.19 | 0.25 | 0.10 | ||||||||||||||||
Net realized gains on investments | $ | 3.35 | 2.14 | 1.41 | 0.80 | — | ||||||||||||||||
Total distributions | $ | 3.66 | 2.36 | 1.60 | 1.05 | 0.10 | ||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | |||||||||||||||
Net asset value, end of year | $ | 11.18 | 23.26 | 21.57 | 18.37 | 16.94 | ||||||||||||||||
Total Return(1) | % | (42.38 | ) | 20.25 | 27.82 | 15.20 | † | 24.32 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 12,643 | 26,512 | 26,383 | 27,993 | 28,862 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture | % | 1.53 | 1.48 | 1.47 | 1.48 | 1.46 | ||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture | % | 1.28 | †† | 1.27 | 1.47 | 1.48 | 1.46 | |||||||||||||||
Net expenses after expense waiver and brokerage commission recapture | % | 1.27 | †† | 1.27 | 1.47 | 1.48 | 1.46 | |||||||||||||||
Net investment income after expense waiver brokerage commission recapture | % | 2.30 | †† | 1.40 | 1.06 | 0.99 | 0.89 | |||||||||||||||
Portfolio turnover rate | % | 23 | 32 | 25 | 21 | 29 | ||||||||||||||||
(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. | |
* | 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. | |
†† | 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 and net investment income ratio. |
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Class A | ||||||||||||||||||
February 1, | ||||||||||||||||||
Year Ended | 2005(1) to | |||||||||||||||||
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 | $ | 0.06 | 0.10 | * | 0.12 | * | 0.11 | * | ||||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.31 | ) | 2.65 | 1.86 | 0.59 | ||||||||||||
Total from investment operations | $ | (5.25 | ) | 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 | $ | 7.56 | 14.89 | 12.42 | 10.70 | |||||||||||||
Total Return(2) | % | (40.21 | ) | 22.48 | 18.82 | 7.00 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 8,940 | 16,598 | 17,962 | 6,115 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.62 | 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) | % | 0.52 | † | 0.77 | 1.04 | 1.08 | ||||||||||||
Portfolio turnover rate | % | 73 | 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 commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. |
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Class B | ||||||||||||||||||
February 1, | ||||||||||||||||||
Year Ended | 2005(1) to | |||||||||||||||||
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) | $ | (0.03 | )* | 0.00 | * ** | 0.04 | * | 0.04 | * | |||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.22 | ) | 2.61 | 1.82 | 0.61 | ||||||||||||
Total from investment operations | $ | (5.25 | ) | 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 | $ | 7.44 | 14.67 | 12.27 | 10.65 | |||||||||||||
Total Return(2) | % | (40.63 | ) | 21.54 | 17.77 | 6.50 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,738 | 3,805 | 3,565 | 1,427 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 2.37 | 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) | % | (0.27 | )† | 0.01 | 0.35 | 0.36 | ||||||||||||
Portfolio turnover rate | % | 73 | 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 commissions, extraordinary expenses and acquired fund fees and 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. | |
† | 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 and net investment income ratio. |
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Class C | ||||||||||||||||||
February 4, | ||||||||||||||||||
Year Ended | 2005(1) to | |||||||||||||||||
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) | $ | (0.03 | )* | 0.00 | ** | 0.04 | * | 0.04 | * | |||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.23 | ) | 2.62 | 1.83 | 0.61 | ||||||||||||
Total from investment operations | $ | (5.26 | ) | 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 | $ | 7.46 | 14.70 | 12.29 | 10.66 | |||||||||||||
Total Return(2) | % | (40.62 | ) | 21.58 | 17.78 | 6.49 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,267 | 4,930 | 4,189 | 1,796 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 2.37 | 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) | % | (0.25 | )† | 0.00 | ** | 0.33 | 0.35 | |||||||||||
Portfolio turnover rate | % | 73 | 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 commissions, extraordinary expenses and acquired fund fees and 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%. | |
† | 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 and net investment income ratio. |
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Class I | ||||||||||||||
December 21, | ||||||||||||||
Year Ended | 2005(1) to | |||||||||||||
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 | $ | 0.09 | 0.17 | * | 0.16 | * | ||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.30 | ) | 2.64 | 1.22 | |||||||||
Total from investment operations | $ | (5.21 | ) | 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 | $ | 7.57 | 14.92 | 12.42 | ||||||||||
Total Return(2) | % | (39.96 | ) | 23.04 | 12.50 | |||||||||
Ratios and Supplemental Data: | ||||||||||||||
Net assets, end of period (000’s) | $ | 36,089 | 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) | % | 1.30 | † | 1.31 | 1.35 | |||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 1.29 | † | 1.31 | 1.34 | |||||||||
Net investment income after expense waiver and brokerage commission recapture(3)(4) | % | 0.80 | † | 1.29 | 1.56 | |||||||||
Portfolio turnover rate | % | 73 | 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 commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. |
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Class A | ||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of year | $ | 78.13 | 55.81 | 33.49 | 25.01 | 19.13 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | (0.48 | ) | (0.33 | )* | (0.27 | ) | (0.00 | )** | 0.04 | ||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (40.46 | ) | 25.77 | 22.37 | 8.39 | 5.69 | |||||||||||||||
Total from investment operations | $ | (40.94 | ) | 25.44 | 22.10 | 8.39 | 5.73 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | — | — | 0.01 | 0.02 | ||||||||||||||||
Net realized gains on investments | $ | 11.59 | 3.12 | — | — | — | ||||||||||||||||
Total distributions | $ | 11.59 | 3.12 | — | 0.01 | 0.02 | ||||||||||||||||
Redemption fees applied to capital | $ | 0.00 | ** | 0.00 | ** | 0.22 | 0.10 | 0.17 | ||||||||||||||
Net asset value, end of year | $ | 25.60 | 78.13 | 55.81 | 33.49 | 25.01 | ||||||||||||||||
Total Return(1) | % | (61.70 | ) | 47.16 | 66.65 | 33.98 | 30.88 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 261,127 | 922,504 | 751,947 | 271,603 | 212,180 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Expenses | % | 2.06 | 1.96 | 1.98 | 2.13 | 2.01 | ||||||||||||||||
Net investment income (loss) | % | (0.60 | ) | (0.52 | ) | (0.64 | ) | (0.01 | ) | 0.15 | ||||||||||||
Portfolio turnover rate | % | 43 | 12 | 20 | 26 | 54 | ||||||||||||||||
(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. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is more than $(0.005) or less than $0.005. |
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Class A | Class B | |||||||||||||||||||||||||
December 21, | January 4, | |||||||||||||||||||||||||
Year Ended | 2005(1) to | Year Ended | 2006(1) to | |||||||||||||||||||||||
October 31, | October 31, | 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 | $ | 0.72 | 0.66 | * | 0.64 | * | 0.58 | 0.54 | * | 0.59 | * | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (3.77 | ) | 0.06 | 0.26 | (3.69 | ) | 0.10 | 0.09 | |||||||||||||||||
Total from investment operations | $ | (3.05 | ) | 0.72 | 0.90 | (3.11 | ) | 0.64 | 0.68 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.45 | 0.63 | 0.57 | 0.38 | 0.55 | 0.53 | |||||||||||||||||||
Net realized gains on investments | $ | — | 0.03 | — | — | 0.03 | — | |||||||||||||||||||
Return of capital | $ | 0.18 | — | — | 0.18 | — | — | |||||||||||||||||||
Total distributions | $ | 0.63 | 0.66 | 0.57 | 0.56 | 0.58 | 0.53 | |||||||||||||||||||
Net asset value, end of period | $ | 6.71 | 10.39 | 10.33 | 6.69 | 10.36 | 10.30 | |||||||||||||||||||
Total Return(2) | % | (31.16 | ) | 7.18 | 9.28 | (31.67 | ) | 6.40 | 6.92 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,779 | 10,539 | 26,121 | 210 | 404 | 293 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(4) | % | 1.15 | 1.12 | 2.41 | 1.90 | 1.87 | 3.16 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.15 | 1.20 | 1.25 | 1.90 | 1.95 | 2.00 | |||||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 6.49 | 6.39 | 7.36 | 5.80 | 5.22 | 6.91 | |||||||||||||||||||
Portfolio turnover rate | % | 61 | 29 | 56 | 61 | 29 | 56 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||||||
March 1, | Year | December 20, | May 1, | February 7, | ||||||||||||||||||||||||||
Year Ended | 2006(1) to | Ended | 2006(5) to | 2006 to | 2006(1) to | |||||||||||||||||||||||||
October 31, | October 31, | October 31, | 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 | $ | 0.59 | 0.53 | 0.61 | * | 0.65 | 0.54 | 0.26 | * | 0.28 | * | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (3.70 | ) | 0.11 | (0.34 | ) | (3.66 | ) | (0.11 | ) | (0.28 | ) | (0.19 | ) | ||||||||||||||||
Total from investment operations | $ | (3.11 | ) | 0.64 | 0.27 | (3.01 | ) | 0.43 | (0.02 | ) | 0.09 | |||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.38 | 0.55 | 0.41 | 0.48 | 0.55 | 0.06 | 0.15 | ||||||||||||||||||||||
Net realized gains on investments | $ | — | 0.03 | — | — | — | — | — | ||||||||||||||||||||||
Return of capital | $ | 0.18 | — | — | 0.18 | — | — | — | ||||||||||||||||||||||
Total distributions | $ | 0.56 | 0.58 | 0.41 | 0.66 | 0.55 | 0.06 | 0.15 | ||||||||||||||||||||||
Net asset value, end of period | $ | 6.68 | 10.35 | 10.29 | 6.69 | 10.36 | 10.10 | 10.18 | ||||||||||||||||||||||
Total Return(2) | % | (31.69 | ) | 6.41 | 2.75 | (30.95 | ) | 4.25 | (0.15 | ) | 0.91 | |||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,018 | 1,564 | 344 | 228,274 | 303,156 | 13 | 13 | ||||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(4) | % | 1.90 | 1.87 | 3.16 | 0.86 | 0.84 | 2.33 | 2.65 | ||||||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.90 | 1.95 | 2.00 | 0.86 | 0.92 | 1.06 | 1.00 | ||||||||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 5.81 | 4.87 | 7.09 | 6.86 | 5.36 | 8.32 | 7.79 | ||||||||||||||||||||||
Portfolio turnover rate | % | 61 | 29 | 56 | 61 | 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 commissions, extraordinary expenses and acquired fund fees and 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 | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
Year Ended | 2006(1) to | Year Ended | 2006(1) to | |||||||||||||||||||||||
October 31, | October 31, | 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 | $ | 0.27 | * | 0.31 | * | 0.08 | * | 0.18 | * | 0.25 | * | 0.06 | * | |||||||||||||
Net realized and unrealized gain on investments | $ | 0.07 | 0.64 | 0.23 | 0.08 | 0.62 | 0.22 | |||||||||||||||||||
Total from investment operations | $ | 0.34 | 0.95 | 0.31 | 0.26 | 0.87 | 0.28 | |||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.62 | 0.43 | 0.06 | 0.53 | 0.38 | 0.04 | |||||||||||||||||||
Net realized gains on investments | $ | 0.12 | 0.18 | — | 0.12 | 0.18 | — | |||||||||||||||||||
Total distributions | $ | 0.74 | 0.61 | 0.06 | 0.65 | 0.56 | 0.04 | |||||||||||||||||||
Net asset value, end of period | $ | 10.19 | 10.59 | 10.25 | 10.16 | 10.55 | 10.24 | |||||||||||||||||||
Total Return(2) | % | 3.04 | 9.61 | 3.13 | 2.26 | 8.74 | 2.84 | |||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 79,451 | 28,887 | 25,784 | 4,085 | 342 | 28 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.05 | 1.46 | 1.38 | 1.80 | 2.21 | 2.13 | |||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 0.93 | † | 0.90 | † | 0.90 | 1.68 | † | 1.65 | † | 1.65 | |||||||||||||||
Net investment income after expense waiver(3)(4) | % | 2.53 | † | 3.08 | 2.41 | 1.71 | 2.44 | 2.00 | ||||||||||||||||||
Portfolio turnover rate | % | 830 | 858 | 451 | 830 | 858 | 451 | |||||||||||||||||||
Class C | Class I | Class O | ||||||||||||||||||||||||||||
June 30, | June 30, | June 4, | ||||||||||||||||||||||||||||
Year Ended | 2006(1) to | Year Ended | 2006(1) to | 2008(1) to | ||||||||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2008 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.59 | 10.24 | 10.00 | 10.58 | 10.25 | 10.00 | 10.65 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.18 | * | 0.24 | * | 0.06 | * | 0.28 | * | 0.35 | * | 0.09 | * | 0.10 | * | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | 0.09 | 0.64 | 0.22 | 0.14 | 0.63 | 0.23 | (0.49) | ||||||||||||||||||||||
Total from investment operations | $ | 0.27 | 0.88 | 0.28 | 0.42 | 0.98 | 0.32 | (0.39) | ||||||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.54 | 0.35 | 0.04 | 0.67 | 0.47 | 0.07 | 0.11 | ||||||||||||||||||||||
Net realized gains on investments | $ | 0.12 | 0.18 | — | 0.12 | 0.18 | — | — | ||||||||||||||||||||||
Total distributions | $ | 0.66 | 0.53 | 0.04 | 0.79 | 0.65 | 0.07 | 0.11 | ||||||||||||||||||||||
Net asset value, end of period | $ | 10.20 | 10.59 | 10.24 | 10.21 | 10.58 | 10.25 | 10.15 | ||||||||||||||||||||||
Total Return(2) | % | 2.31 | 8.90 | 2.82 | 3.78 | 9.88 | 3.23 | (3.70) | ||||||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 29,009 | 1,627 | 36 | 503 | 1 | 1 | 222 | ||||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.80 | 2.21 | 2.13 | 0.74 | 1.00 | 1.03 | 1.05 | ||||||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.68 | † | 1.65 | † | 1.65 | 0.62 | † | 0.61 | † | 0.55 | 0.93 | † | |||||||||||||||||
Net investment income after expense waiver(3)(4) | % | 1.71 | † | 2.33 | 1.68 | 2.69 | 3.47 | 2.68 | 2.47 | † | ||||||||||||||||||||
Portfolio turnover rate | % | 830 | 858 | 451 | 830 | 858 | 451 | 830 | ||||||||||||||||||||||
(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 commissions, extraordinary expenses and acquired fund fees and 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 and net investment income ratio. |
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Class A | Class B | |||||||||||||||||||||||||
December 21, | December 21, | |||||||||||||||||||||||||
Year Ended | 2005(1) to | Year Ended | 2005(1) to | |||||||||||||||||||||||
October 31, | October 31, | 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) | $ | 0.17 | 0.05 | * | (0.03 | )* | 0.07 | (0.04 | ) | (0.10 | )* | |||||||||||||||
Net realized and unrealized gain (loss) on investments in affiliates | $ | (7.50 | ) | 3.38 | 1.64 | (7.43 | ) | 3.35 | 1.64 | |||||||||||||||||
Total from investment operations | $ | (7.33 | ) | 3.43 | 1.61 | (7.36 | ) | 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 | $ | 7.30 | 14.98 | 11.61 | 7.22 | 14.84 | 11.54 | |||||||||||||||||||
Total Return(2) | % | (50.04 | ) | 29.66 | 16.10 | (50.43 | ) | 28.68 | 15.40 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 167,282 | 383,364 | 170,108 | 20,167 | 43,667 | 23,035 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(4)(5) | % | 0.57 | 0.55 | 0.66 | 1.32 | 1.30 | 1.41 | |||||||||||||||||||
Net expenses after expense waiver(3)(4)(5) | % | 0.31 | 0.21 | 0.35 | 1.06 | 0.96 | 1.10 | |||||||||||||||||||
Net investment income (loss) after expense waiver(3)(4)(5) | % | 1.41 | 0.37 | (0.35 | ) | 0.67 | (0.34 | ) | (1.10 | ) | ||||||||||||||||
Portfolio turnover rate | % | 55 | 32 | 30 | 55 | 32 | 30 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||
December 21, | December 21, | |||||||||||||||||||||||||
Year Ended | 2005(1) to | Year Ended | 2005(1) to | |||||||||||||||||||||||
October 31, | October 31, | 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) | $ | 0.07 | (0.05 | )* | (0.10 | )* | 0.21 | 0.03 | * | (0.01 | )* | |||||||||||||||
Net realized and unrealized gain (loss) on investments in affiliates | $ | (7.42 | ) | 3.35 | 1.64 | (7.53 | ) | 3.41 | 1.64 | |||||||||||||||||
Total from investment operations | $ | (7.35 | ) | 3.30 | 1.54 | (7.32 | ) | 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 | $ | 7.21 | 14.83 | 11.54 | 7.30 | 14.99 | 11.63 | |||||||||||||||||||
Total Return(2) | % | (50.43 | ) | 28.63 | 15.40 | (49.97 | ) | 29.69 | 16.30 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 78,834 | 168,661 | 69,825 | 16 | 32 | 4 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(4)(5) | % | 1.32 | 1.30 | 1.41 | 0.32 | 0.30 | 0.45 | |||||||||||||||||||
Net expenses after expense waiver(3)(4)(5) | % | 1.06 | 0.96 | 1.10 | 0.06 | 0.09 | 0.10 | |||||||||||||||||||
Net investment income (loss) after expense waiver(3)(4)(5) | % | 0.67 | (0.39 | ) | (1.10 | ) | 1.69 | 0.21 | (0.13 | ) | ||||||||||||||||
Portfolio turnover rate | % | 55 | 32 | 30 | 55 | 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 commissions, extraordinary expenses and acquired fund fees and 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 O | Class R | Class W | ||||||||||||||||
June 4, | December 12, | February 12, | ||||||||||||||||
2008(1) to | Year Ended | 2006(1) to | 2008(1) to | |||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||||
2008 | 2008 | 2007 | 2008 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 12.99 | 14.82 | 12.19 | 12.17 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income (loss) | $ | 0.02 | * | 0.15 | (0.05 | )* | 0.06 | * | ||||||||||
Net realized and unrealized gain (loss) on investments in affiliates | $ | (5.72 | ) | (7.44 | ) | 2.76 | (4.94 | ) | ||||||||||
Total from investment operations | $ | (5.70 | ) | (7.29 | ) | 2.71 | (4.88 | ) | ||||||||||
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 | $ | 7.29 | 7.22 | 14.82 | 7.29 | |||||||||||||
Total Return(2) | % | (43.88 | ) | (50.18 | ) | 22.33 | (40.10 | ) | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 140 | 183 | 432 | 1,506 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3)(5) | % | 0.57 | 0.82 | 0.80 | 0.32 | |||||||||||||
Net expenses after expense waiver(3)(4)(5) | % | 0.31 | 0.56 | 0.46 | 0.06 | |||||||||||||
Net investment income (loss) after expense waiver(3)(4)(5) | % | 0.48 | 1.26 | (0.46 | ) | 0.80 | ||||||||||||
Portfolio turnover rate | % | 55 | 55 | 32 | 55 | |||||||||||||
(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 commissions, extraordinary expenses and acquired fund fees and 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 |
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bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities are valued at prices obtained from independent services or from one or more dealers making markets in the securities and may be adjusted based on the Funds’ valuation procedures. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. |
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B. | Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method. |
C. | Foreign Currency Translation. The books and records of the Funds and Underlying Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: |
(1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day. | |
(2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
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D. | Forward Foreign Currency Transactions and Futures Contracts. Each Fund and Underlying Fund may enter into forward foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar, generally in connection with the planned purchases or sales of securities. The Funds and Underlying Funds either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or may use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar. |
E. | Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date. Each Fund pays dividends and capital gains, if any, annually (except, Global Equity Dividend, Global Real Estate, Asia-Pacific Real Estate, European Real Estate, International Equity Dividend and International Real Estate, which pay dividends, if any, quarterly and Emerging Markets Fixed Income and Global Bond, which pay dividends 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. |
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F. | Federal Income Taxes. It is the policy of the Funds to comply with subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized capital gains to their shareholders. Therefore, no federal income tax provision is required. Management has considered the sustainability of the Funds’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expire. |
G. | Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
H. | Organization Expenses and Offering Costs. Costs incurred with the organization of the Funds and Underlying Funds are expensed as incurred. Costs incurred with the offering of shares of the Funds and Underlying Funds are deferred and amortized over a twelve-month period on a straight-line basis. |
I. | Repurchase Agreements. Each Fund and Underlying Fund may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Fund and Underlying Fund will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Fund or Underlying Fund. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral. |
J. | Securities Lending. Each Fund and Underlying Fund has the option to temporarily loan up to 30% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, each Fund and Underlying Fund has the right to use collateral to offset losses incurred. There would be potential loss to a Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral. Each Fund and Underlying Fund bears the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund or Underlying Fund. |
K. | Options Contracts. 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 |
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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 the 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, if any, are recognized by marking-to-market the value of the swap and are recorded as an unrealized gain or loss on the Statements of Operations. Upfront payments made and/or received by the Portfolio, are recorded as an asset or liability on the Statements of Assets or Liabilities. Periodic payments made and/or received are recorded as a realized gain or loss on the Statements of Operations. Derivatives are also subject to credit risks related to the counterparty’s ability to perform, and any deterioration in the counterparty’s creditworthiness could adversely affect the instrument. |
M. | Illiquid and Restricted Securities. Each Fund and Underlying Fund may not invest more than 15% of its net assets in illiquid securities. Illiquid securities are not readily marketable. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Funds and Underlying Funds to sell them promptly at an acceptable price. Each Fund and Underlying Fund may also invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Certain restricted securities may be considered liquid pursuant to procedures adopted by the Board or may be deemed illiquid because they may not be readily marketable. Illiquid and restricted securities are valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board. |
N. | Delayed Delivery or When-Issued Transaction. The Funds and Underlying Funds may purchase or sell securities on a when-issued or forward commitment basis. The price of the securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of these securities is identified in each Fund’s Portfolio of Investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds and Underlying Funds are required to segregate liquid assets sufficient to cover the purchase price. |
O. | Indemnifications. In the normal course of business, each Trust may enter into contracts that provide certain indemnifications. Each Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based |
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on experience, the risk of loss from such claims is considered remote. |
Purchases | Sales | |||||||
Global Equity Dividend | $ | 123,620,083 | $ | 222,693,001 | ||||
Global Natural Resources | 164,039,949 | 178,176,681 | ||||||
Global Real Estate | 1,366,748,164 | 665,210,599 | ||||||
Global Value Choice | 81,776,009 | 81,823,369 | ||||||
Asia-Pacific Real Estate | 17,352,817 | 4,835,839 | ||||||
Disciplined International SmallCap | 524,467,401 | 530,843,661 | ||||||
Emerging Countries | 422,374,632 | 479,223,866 | ||||||
European Real Estate | 13,778,810 | 7,949,703 | ||||||
Foreign | 684,011,257 | 755,846,060 | ||||||
Greater China | 91,561,024 | 111,796,741 | ||||||
Index Plus International Equity | 524,418,473 | 418,864,192 | ||||||
International Capital Appreciation | 101,146,539 | 124,692,642 | ||||||
International Equity Dividend | 46,789,468 | 33,932,211 | ||||||
International Growth Opportunities | 173,364,050 | 168,996,075 | ||||||
International Real Estate | 561,169,901 | 265,364,029 | ||||||
International SmallCap Multi-Manager | 693,737,147 | 808,645,406 | ||||||
International Value | 1,041,462,518 | 918,332,432 | ||||||
International Value Choice | 56,005,686 | 52,504,273 | ||||||
Russia | 334,686,560 | 514,439,861 | ||||||
Emerging Markets Fixed Income | 170,256,783 | 168,129,297 | ||||||
Global Bond | 94,584,257 | 41,729,743 | ||||||
Diversified International | 281,314,738 | 297,506,334 |
Purchases | Sales | |||||||
Global Bond | $ | 566,529,692 | $ | 542,839,228 |
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(3) | 1.00% on the first $5 billion; 0.95% on the next $2.5 billion; 0.90% on the next $2.5 billion; and 0.85% thereafter | |
International Value Choice | 1.00% | |
Russia | 1.25% | |
Emerging Markets Fixed Income | 0.65% on the first $250 million; 0.60% on the next $250 million; and 0.55% thereafter | |
Global Bond | 0.40% | |
Diversified International | 0.00% |
(1) | Prior to January 2, 2008, the investment management 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) | 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. |
(3) | Prior to October 27, 2008 the investment management fee was 1.00% of average daily net assets. |
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Global Natural Resources | $ | 276 | ||
Global Real Estate | 7,607 | |||
Global Value Choice | 171 | |||
Asia-Pacific Real Estate | 46 | |||
European Real Estate | 21 | |||
Foreign | 2,645 | |||
Index Plus International Equity | 57 | |||
International Growth Opportunities | 2,222 | |||
International Real Estate | 3,125 | |||
International SmallCap Multi-Manager | 89 | |||
International Value | 1,727 | |||
International Value Choice | 153 | |||
Global Bond | 20,639 |
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) | 1.00 | %(1) | 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 | % | 0.25 | % | N/A | N/A | |||||||||||||||
Index Plus International Equity | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | N/A | |||||||||||||||
International Capital Appreciation | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
International Equity Dividend | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
International Growth Opportunities | 0.25% | 1.00 | % | 1.00 | % | N/A | 0.25 | % | N/A | |||||||||||||||
International Real Estate | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
International SmallCap Multi-Manager | 0.35% | 1.00 | % | 1.00 | % | 0.25 | % | 0.25 | % | N/A | ||||||||||||||
International Value | 0.30% | 1.00 | % | 1.00 | %(3) | N/A | 0.25 | %(3) | N/A | |||||||||||||||
International Value Choice | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Russia | 0.25% | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Emerging Markets Fixed Income | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Global Bond | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | N/A | |||||||||||||||
Diversified International | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | 0.50 | % |
(1) | Prior to January 2, 2008 the fee for Global Value Choice Class A was 0.35%. The Distributor voluntarily has agreed to waive a portion of the service fee on Class A, Class B and Class C shares. |
(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. |
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(3) | The Distributor has voluntarily agreed to waive 0.25% of the Distribution Fee for Class Q shares and a portion of the Distribution Fee for Class C shares of International Value for the period from January 1, 2007 through December 31, 2008. |
Class A | Class C | |||||||
Shares | Shares | |||||||
Initial Sales Charges: | ||||||||
Global Equity Dividend | $ | 31,112 | N/A | |||||
Global Natural Resources | 46,274 | N/A | ||||||
Global Real Estate | 204,247 | N/A | ||||||
Global Value Choice | 19,334 | N/A | ||||||
Asia-Pacific Real Estate | 1,128 | N/A | ||||||
Disciplined International SmallCap | 223 | N/A | ||||||
Emerging Countries | 24,864 | N/A | ||||||
European Real Estate | 2,050 | N/A | ||||||
Foreign | 42,978 | N/A | ||||||
Greater China | 36,194 | N/A | ||||||
Index Plus International Equity | 1,538 | N/A | ||||||
International Capital Appreciation | 4,007 | N/A | ||||||
International Equity Dividend | 2,078 | N/A | ||||||
International Growth Opportunities | 4,356 | N/A | ||||||
International Real Estate | 26,026 | N/A | ||||||
International SmallCap Multi-Manager | 27,155 | N/A | ||||||
International Value | 1,141 | N/A | ||||||
International Value Choice | 5,426 | N/A | ||||||
Russia | 507,712 | N/A | ||||||
Emerging Markets Fixed Income | 1,391 | N/A | ||||||
Global Bond | 38,003 | N/A | ||||||
Diversified International | 141,086 | N/A | ||||||
Contingent Deferred Sales Charges: | ||||||||
Global Equity Dividend | 2,950 | 13,206 | ||||||
Global Natural Resources | 13 | — | ||||||
Global Real Estate | 14,354 | 102,953 | ||||||
Global Value Choice | 388 | 4,474 | ||||||
Asia-Pacific Real Estate | — | 70 | ||||||
Disciplined International SmallCap | — | 274 | ||||||
Emerging Countries | 4,189 | 15,227 | ||||||
European Real Estate | — | 282 | ||||||
Foreign | 5,387 | 20,139 | ||||||
Greater China | 2,612 | 11,709 | ||||||
Index Plus International Equity | — | 313 | ||||||
International Capital Appreciation | — | 231 | ||||||
International Equity Dividend | — | 330 | ||||||
International Growth Opportunities | — | 534 | ||||||
International Real Estate | 18,455 | 30,095 | ||||||
International SmallCap Multi-Manager | 8,432 | 17,549 | ||||||
International Value | 2,933 | 1,186 | ||||||
International Value Choice | — | 899 | ||||||
Emerging Markets Fixed Income | — | 1,097 | ||||||
Global Bond | 3,285 | 18,407 | ||||||
Diversified International Fund | 10,334 | 43,462 |
Accrued | ||||||||||||||||||||
Accrued | Shareholder | |||||||||||||||||||
Investment | Accrued | Service and | ||||||||||||||||||
Management | Administrative | Distribution | Accrued | |||||||||||||||||
Fund | Fees | Fees | Fees | Recoupment | Total | |||||||||||||||
Global Equity Dividend | $ | 93,387 | $ | 13,341 | $ | 81,671 | $ | — | $ | 188,399 | ||||||||||
Global Natural Resources | 63,603 | 7,083 | 17,704 | — | 88,390 | |||||||||||||||
Global Real Estate | 818,899 | 111,980 | 342,440 | — | 1,273,319 | |||||||||||||||
Global Value Choice | 58,560 | 6,515 | 25,392 | — | 90,467 | |||||||||||||||
Asia-Pacific Real Estate | 6,390 | 640 | 4,372 | — | 11,402 | |||||||||||||||
Disciplined International SmallCap | 108,797 | 18,133 | 79 | — | 127,009 | |||||||||||||||
Emerging Countries | 114,118 | 9,129 | 31,391 | 186 | 154,824 | |||||||||||||||
European Real Estate | 3,045 | 305 | 803 | — | 4,153 | |||||||||||||||
Foreign | 311,767 | 31,216 | 144,232 | — | 487,215 | |||||||||||||||
Greater China | 27,843 | 2,421 | 9,389 | — | 39,653 | |||||||||||||||
Index Plus International Equity | 53,761 | 9,775 | 64,780 | — | 128,316 | |||||||||||||||
International Capital Appreciation | 40,016 | 4,707 | 1,070 | — | 45,793 | |||||||||||||||
International Equity Dividend | 24,822 | 3,310 | 1,153 | — | 29,285 | |||||||||||||||
International Growth Opportunities | 59,619 | 5,962 | 18,855 | — | 84,436 | |||||||||||||||
International Real Estate | 361,373 | 37,989 | 58,796 | 9,705 | 467,863 | |||||||||||||||
International SmallCap Multi-Manager | 373,461 | 37,035 | 102,671 | — | 513,167 | |||||||||||||||
International Value | 1,911,075 | 191,257 | 630,866 | — | 2,733,198 | |||||||||||||||
International Value Choice | 44,955 | 4,503 | 5,820 | — | 55,278 | |||||||||||||||
Russia | 290,964 | 23,277 | 58,193 | — | 372,434 | |||||||||||||||
Emerging Markets Fixed Income | 124,753 | 19,206 | 1,921 | — | 145,880 | |||||||||||||||
Global Bond | 36,676 | 9,657 | 45,426 | — | 91,759 | |||||||||||||||
Diversified International | — | 24,676 | 129,135 | — | 153,811 |
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Affiliated | Commissions | |||||
Fund | Brokers | Paid | ||||
Global Real Estate | ING Baring LLC | $ | 129,492 | |||
Asia Pacific Real Estate | ING Baring LLC | 1,444 | ||||
Emerging Countries | ING Baring LLC | 11,862 | ||||
Foreign | ING Baring LLC | 11,736 | ||||
ING Financial Markets LLC | 5,664 | |||||
Greater China | ING Baring LLC | 27,010 | ||||
International Real Estate | ING Baring LLC | 74,990 | ||||
Russia | ING Baring LLC | 27,824 |
Fund | Accrued Expenses | Amount | ||||
European Real Estate | Audit | $ | 9,137 | |||
Index Plus International Equity | Custody | 37,846 | ||||
Transfer Agent | 68,566 | |||||
Audit | 37,440 | |||||
Postage | 22,599 | |||||
Printing | 23,707 | |||||
International Equity Dividend | Custody | 8,697 | ||||
Transfer Agent | 8,918 | |||||
Audit | 8,131 | |||||
Diversified International | Transfer Agent | 119,825 |
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 | % |
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Class A | Class B | Class C | Class I | Class O | Class Q | Class R | Class W | |||||||||||||||||||||||||
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 | % | 1.85 | % | 1.85 | % | N/A | 1.60 | % | |||||||||||||||||
International Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
International Value Choice | 1.70 | % | 2.45 | % | 2.45 | % | 1.45 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||
Russia | 3.35 | % | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Emerging Markets Fixed Income | 1.25 | % | 2.00 | % | 2.00 | % | 1.00 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Global Bond | 0.90 | % | 1.65 | % | 1.65 | % | 0.61 | % | 0.90 | % | N/A | N/A | N/A | |||||||||||||||||||
Diversified International(6) | 0.35 | % | 1.10 | % | 1.10 | % | 0.10 | % | 0.35 | % | 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% 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 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. Effective December 17, 2007, the expense limit for Class O shares is 2.10% through March 1, 2010. 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. |
2009 | 2010 | 2011 | Total | |||||||||||||
Global Equity Dividend | $ | — | $ | — | $ | 46,818 | $ | 46,818 | ||||||||
Asia-Pacific Real Estate | — | — | 142,848 | 142,848 | ||||||||||||
European Real Estate | — | — | 138,620 | 138,620 | ||||||||||||
Index Plus International Equity | — | — | 936,939 | 936,939 | ||||||||||||
International Equity Dividend | — | 24,309 | 122,873 | 147,182 | ||||||||||||
Global Bond | 39,924 | 148,408 | 86,497 | 274,829 | ||||||||||||
Diversified International | 372,357 | 1,428,892 | 1,337,950 | 3,139,199 |
EUR | ||||||||
Notional | Premium | |||||||
Balance at 10/31/07 | — | $ | — | |||||
Options Written | 5,000,000 | 8,160 | ||||||
Options Expired | (5,000,000 | ) | (8,160 | ) | ||||
Balance at 10/31/08 | — | $ | — | |||||
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Table of Contents
Approximate | ||||||||||||
Weighted | ||||||||||||
Approximate | Average | |||||||||||
Average Daily | Interest Rate | |||||||||||
Days | Balance for | for Days | ||||||||||
Fund | Utilized | Days Utilized | Utilized | |||||||||
Global Equity Dividend | 6 | $ | 1,555,000 | 1.79 | % | |||||||
Global Natural Resources | 109 | 669,725 | 3.51 | % | ||||||||
Global Real Estate | 6 | 3,320,000 | 3.17 | % | ||||||||
Global Value Choice | 15 | 825,667 | 2.46 | % | ||||||||
Disciplined International SmallCap | 64 | 2,698,906 | 3.11 | % | ||||||||
Emerging Countries | 30 | 5,178,000 | 2.66 | % | ||||||||
Foreign | 13 | 5,256,923 | 1.48 | % | ||||||||
Greater China | 29 | 685,517 | 1.61 | % | ||||||||
Index Plus International Equity | 66 | 7,209,318 | 4.02 | % | ||||||||
International Capital Appreciation(1) | 64 | 834,219 | 2.31 | % | ||||||||
International Growth Opportunities | 54 | 1,080,741 | 3.62 | % | ||||||||
International Real Estate | 7 | 10,635,714 | 1.33 | % | ||||||||
International SmallCap Multi-Manager(2) | 200 | 4,936,120 | 4.04 | % | ||||||||
International Value | 69 | 12,254,638 | 2.51 | % | ||||||||
International Value Choice | 6 | 535,000 | 2.98 | % | ||||||||
Russia | 49 | 7,842,041 | 2.44 | % | ||||||||
Emerging Markets Fixed Income | 5 | 1,670,000 | 2.66 | % | ||||||||
Global Bond | 6 | 1,075,000 | 4.75 | % |
(1) | At October 31, 2008, International Capital Appreciation had an outstanding balance of $340,000. |
(2) | At October 31, 2008, International SmallCap Multi-Manager had an outstanding balance of $3,300,000. |
151
Table of Contents
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Global Equity Dividend (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,684,371 | 6,497,494 | 209,008 | 1,035,641 | 939,460 | 3,220,887 | ||||||||||||||||||
Reinvestment of distributions | 898,653 | 465,717 | 285,087 | 161,965 | 532,700 | 259,339 | ||||||||||||||||||
Shares redeemed | (6,232,831 | ) | (3,024,146 | ) | (1,516,147 | ) | (595,508 | ) | (3,351,816 | ) | (965,038 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (3,649,807 | ) | 3,939,065 | (1,022,052 | ) | 602,098 | (1,879,656 | ) | 2,515,188 | |||||||||||||||
Global Equity Dividend ($) | ||||||||||||||||||||||||
Shares sold | $ | 22,771,615 | $ | 104,816,704 | $ | 2,887,159 | $ | 16,616,360 | $ | 12,444,478 | $ | 51,629,780 | ||||||||||||
Reinvestment of distributions | 12,354,667 | 7,440,753 | 3,919,259 | 2,570,336 | 7,312,315 | 4,112,436 | ||||||||||||||||||
Shares redeemed | (80,691,472 | ) | (48,779,296 | ) | (19,421,680 | ) | (9,575,960 | ) | (42,088,864 | ) | (15,559,185 | ) | ||||||||||||
Net increase (decrease) | $ | (45,565,190 | ) | $ | 63,478,161 | $ | (12,615,262 | ) | $ | 9,610,736 | $ | (22,332,071 | ) | $ | 40,183,031 | |||||||||
Class I | Class O | Class W | ||||||||||||||||||||||
August 1, | November 15, | February 12, | ||||||||||||||||||||||
Year Ended | 2007(1) to | Year Ended | 2006(1) to | 2008(1) to | ||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||
Global Equity Dividend (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 138,648 | 64 | 782,090 | 1,823,965 | 7,672 | |||||||||||||||||||
Reinvestment of distributions | 1,647 | — | 191,680 | 33,142 | 89 | |||||||||||||||||||
Shares redeemed | (2,887 | ) | — | (706,072 | ) | (446,487 | ) | (418 | ) | |||||||||||||||
Net increase in shares outstanding | 137,408 | 64 | 267,698 | 1,410,620 | 7,343 | |||||||||||||||||||
Global Equity Dividend ($) | ||||||||||||||||||||||||
Shares sold | $ | 1,611,488 | $ | 1,018 | $ | 10,540,572 | $ | 29,498,450 | $ | 100,945 | ||||||||||||||
Reinvestment of distributions | 17,934 | — | 2,607,486 | 540,071 | 1,106 | |||||||||||||||||||
Shares redeemed | (27,782 | ) | — | (9,001,556 | ) | (7,222,361 | ) | (4,290 | ) | |||||||||||||||
Net increase | $ | 1,601,640 | $ | 1,018 | $ | 4,146,502 | $ | 22,816,160 | $ | 97,761 | ||||||||||||||
Class A | Class I | Class W | ||||||||||||||||||||||
August 1, | February 12, | |||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | 2007(1) to | 2008(1) to | ||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||
Global Natural Resources (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,790,153 | 1,398,112 | 7 | 157 | 4,103 | |||||||||||||||||||
Reinvestment of distributions | 2,336,443 | 570,030 | 20 | — | (1 | ) | ||||||||||||||||||
Shares redeemed | (2,810,465 | ) | (2,449,466 | ) | (83 | ) | (1 | ) | (840 | ) | ||||||||||||||
Net increase (decrease) in shares outstanding | 1,316,131 | (481,324 | ) | (56 | ) | 156 | 3,262 | |||||||||||||||||
Global Natural Resources ($) | ||||||||||||||||||||||||
Shares sold | $ | 20,032,450 | $ | 16,676,935 | $ | 100 | $ | 2,027 | $ | 49,821 | ||||||||||||||
Reinvestment of distributions | 25,092,175 | 6,190,526 | 209 | — | (14 | ) | ||||||||||||||||||
Shares redeemed | (29,521,523 | ) | (27,924,309 | ) | (913 | ) | (12 | ) | (9,597 | ) | ||||||||||||||
Net increase (decrease) | $ | 15,603,102 | $ | (5,056,848 | ) | $ | (604 | ) | $ | 2,015 | $ | 40,210 | ||||||||||||
(1) | Commencement of operations. |
Table of Contents
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Global Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 51,167,781 | 44,628,840 | 352,926 | 1,826,489 | 5,702,611 | 11,726,737 | ||||||||||||||||||
Reinvestment of distributions | 1,640,309 | 1,488,668 | 77,469 | 108,319 | 352,125 | 364,760 | ||||||||||||||||||
Shares redeemed | (32,356,404 | ) | (21,034,520 | ) | (1,008,421 | ) | (786,045 | ) | (6,377,998 | ) | (3,551,184 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 20,451,686 | 25,082,988 | (578,026 | ) | 1,148,763 | (323,262 | ) | 8,540,313 | ||||||||||||||||
Global Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 937,189,621 | $ | 1,053,431,057 | $ | 5,817,538 | $ | 37,270,066 | $ | 98,932,052 | $ | 250,279,742 | ||||||||||||
Reinvestment of distributions | 31,783,397 | 34,928,676 | 1,303,042 | 2,180,962 | 6,199,754 | 7,711,845 | ||||||||||||||||||
Shares redeemed | (577,604,547 | ) | (490,048,454 | ) | (15,872,425 | ) | (15,294,287 | ) | (104,028,388 | ) | (72,337,353 | ) | ||||||||||||
Net increase (decrease) | $ | 391,368,471 | $ | 598,311,279 | $ | (8,751,845 | ) | $ | 24,156,741 | $ | 1,103,418 | $ | 185,654,234 | |||||||||||
Class I | Class O | Class W | ||||||||||||||||||||||
November 15, | February 12, | |||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | 2006(1) to | 2008(1) to | ||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||
Global Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 17,361,717 | 2,833,616 | 353,337 | 1,927,071 | 4,363,284 | |||||||||||||||||||
Reinvestment of distributions | 287,474 | 51,336 | 38,884 | 32,070 | 36,962 | |||||||||||||||||||
Shares redeemed | (2,851,439 | ) | (214,363 | ) | (456,536 | ) | (878,519 | ) | (411,336 | ) | ||||||||||||||
Net increase (decrease) in shares outstanding | 14,797,752 | 2,670,589 | (64,315 | ) | 1,080,622 | 3,988,910 | ||||||||||||||||||
Global Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 322,700,380 | $ | 65,388,279 | $ | 6,903,345 | $ | 46,088,840 | $ | 81,150,156 | ||||||||||||||
Reinvestment of distributions | 5,302,392 | 1,203,302 | 762,024 | 756,820 | 636,668 | |||||||||||||||||||
Shares redeemed | (47,800,551 | ) | (4,776,229 | ) | (8,610,674 | ) | (20,349,596 | ) | (6,448,716 | ) | ||||||||||||||
Net increase (decrease) | $ | 280,202,221 | $ | 61,815,352 | $ | (945,305 | ) | $ | 26,496,064 | $ | 75,338,108 | |||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Global Value Choice (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,396,794 | 413,843 | 108,879 | 125,643 | 271,913 | 224,819 | ||||||||||||||||||
Reinvestment of distributions | 7,665 | — | — | — | 565 | — | ||||||||||||||||||
Shares redeemed | (1,196,047 | ) | (528,474 | ) | (458,496 | ) | (312,118 | ) | (418,092 | ) | (281,123 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 208,412 | (114,631 | ) | (349,617 | ) | (186,475 | ) | (145,614 | ) | (56,304 | ) | |||||||||||||
Global Value Choice ($) | ||||||||||||||||||||||||
Shares sold | $ | 34,725,305 | $ | 10,390,704 | $ | 2,970,432 | $ | 3,421,856 | $ | 6,485,007 | $ | 5,420,100 | ||||||||||||
Reinvestment of distributions | 197,906 | — | — | — | 14,032 | — | ||||||||||||||||||
Shares redeemed | (27,864,080 | ) | (13,039,443 | ) | (12,293,459 | ) | (8,358,692 | ) | (9,480,420 | ) | (6,746,051 | ) | ||||||||||||
Net increase (decrease) | $ | 7,059,131 | $ | (2,648,739 | ) | $ | (9,323,027 | ) | $ | (4,936,836 | ) | $ | (2,981,381 | ) | $ | (1,325,951 | ) | |||||||
(1) | Commencement of operations. |
153
Table of Contents
Class I | Class Q | |||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||||||||
Global Value Choice (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 164,533 | 185,884 | 17,033 | 9,271 | ||||||||||||||||||||
Reinvestment of distributions | 3,007 | — | 511 | — | ||||||||||||||||||||
Shares redeemed | (99,756 | ) | (49,776 | ) | (29,161 | ) | (38,134 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | 67,784 | 136,108 | (11,617 | ) | (28,863 | ) | ||||||||||||||||||
Global Value Choice ($) | ||||||||||||||||||||||||
Shares sold | $ | 4,158,310 | $ | 4,448,082 | $ | 484,802 | $ | 270,527 | ||||||||||||||||
Reinvestment of distributions | 77,786 | — | 15,493 | — | ||||||||||||||||||||
Shares redeemed | (2,306,604 | ) | (1,272,296 | ) | (816,263 | ) | (1,113,397 | ) | ||||||||||||||||
Net increase (decrease) | $ | 1,929,492 | $ | 3,175,786 | $ | (315,968 | ) | $ | (842,870 | ) | ||||||||||||||
Class A | Class B | Class C | Class I | |||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||
Asia-Pacific Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 780,760 | 4,402 | 974,716 | 102 | ||||||||||||||||||||
Reinvestment of distributions | 980 | 26 | 110 | — | ||||||||||||||||||||
Shares redeemed | (84,459 | ) | (382 | ) | (189,935 | ) | (1 | ) | ||||||||||||||||
Net increase in shares outstanding | 697,281 | 4,046 | 784,891 | 101 | ||||||||||||||||||||
Asia-Pacific Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 6,996,175 | $ | 35,352 | $ | 6,392,882 | $ | 1,020 | ||||||||||||||||
Reinvestment of distributions | 6,748 | 201 | 803 | — | ||||||||||||||||||||
Shares redeemed | (456,097 | ) | (3,153 | ) | (834,587 | ) | (10 | ) | ||||||||||||||||
Net increase | $ | 6,546,826 | $ | 32,400 | $ | 5,559,098 | $ | 1,010 | ||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
December 20, | December 20, | December 20, | ||||||||||||||||||||||
Year Ended | 2006(1) to | Year Ended | 2006(1) to | Year Ended | 2006(1) to | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Disciplined International SmallCap (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 19,758 | 9,086 | 217 | 439 | 12,431 | 5,041 | ||||||||||||||||||
Reinvestment of distributions | 191 | — | 7 | — | 88 | — | ||||||||||||||||||
Shares redeemed | (12,354 | ) | (3,367 | ) | (120 | ) | — | (4,187 | ) | (427 | ) | |||||||||||||
Net increase in shares outstanding | 7,595 | 5,719 | 104 | 439 | 8,332 | 4,614 | ||||||||||||||||||
Disciplined International SmallCap ($) | ||||||||||||||||||||||||
Shares sold | $ | 202,660 | $ | 103,553 | $ | 2,108 | $ | 4,533 | $ | 107,822 | $ | 57,840 | ||||||||||||
Reinvestment of distributions | 1,955 | — | 67 | — | 897 | — | ||||||||||||||||||
Shares redeemed | (131,071 | ) | (37,185 | ) | (1,189 | ) | — | (38,859 | ) | (4,978 | ) | |||||||||||||
Net increase | $ | 73,544 | $ | 66,368 | $ | 986 | $ | 4,533 | $ | 69,860 | $ | 52,862 | ||||||||||||
(1) | Commencement of operations. |
154
Table of Contents
Class I | ||||||||||||||||||||||||
December 20, | ||||||||||||||||||||||||
Year Ended | 2006(1) to | |||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
Disciplined International SmallCap (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 21,115,273 | 43,082,677 | ||||||||||||||||||||||
Reinvestment of distributions | 1,061,868 | — | ||||||||||||||||||||||
Shares redeemed | (20,578,255 | ) | (4,681,887 | ) | ||||||||||||||||||||
Net increase in shares outstanding | 1,598,886 | 38,400,790 | ||||||||||||||||||||||
Disciplined International SmallCap ($) | ||||||||||||||||||||||||
Shares sold | $ | 185,110,629 | $ | 492,455,050 | ||||||||||||||||||||
Reinvestment of distributions | 10,882,081 | — | ||||||||||||||||||||||
Shares redeemed | (203,193,132 | ) | (54,244,725 | ) | ||||||||||||||||||||
Net increase (decrease) | $ | (7,200,422 | ) | $ | 438,210,325 | |||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Emerging Countries (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 822,906 | 1,677,506 | 48,419 | 120,366 | 173,763 | 415,931 | ||||||||||||||||||
Proceeds from shares issued in merger | — | 48,167 | — | — | — | — | ||||||||||||||||||
Reinvestment of distributions | 176,088 | 49,397 | 12,124 | 2,139 | 40,672 | 6,705 | ||||||||||||||||||
Shares redeemed | (2,002,850 | ) | (1,177,964 | ) | (195,755 | ) | (180,617 | ) | (631,418 | ) | (323,475 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (1,003,856 | ) | 597,106 | (135,212 | ) | (58,112 | ) | (416,983 | ) | 99,161 | ||||||||||||||
Emerging Countries ($) | ||||||||||||||||||||||||
Shares sold | $ | 28,711,056 | $ | 61,051,631 | $ | 1,665,983 | $ | 4,540,140 | $ | 5,571,813 | $ | 14,223,797 | ||||||||||||
Proceeds from shares issued in merger | — | 1,570,432 | — | — | — | — | ||||||||||||||||||
Reinvestment of distributions | 6,292,464 | 1,591,065 | 427,641 | 67,985 | 1,351,224 | 201,560 | ||||||||||||||||||
Shares redeemed | (63,446,626 | ) | (42,526,644 | ) | (5,956,437 | ) | (6,583,827 | ) | (17,685,013 | ) | (10,757,579 | ) | ||||||||||||
Net increase (decrease) | $ | (28,443,106 | ) | $ | 21,686,484 | $ | (3,862,813 | ) | $ | (1,975,702 | ) | $ | (10,761,976 | ) | $ | 3,667,778 | ||||||||
Class I | Class M | Class Q | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Emerging Countries (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,116,587 | 517,678 | — | 49 | 108,895 | 383,862 | ||||||||||||||||||
Proceeds from shares issued in merger | — | — | — | (48,826 | ) | — | — | |||||||||||||||||
Reinvestment of distributions | 48,781 | 13,851 | — | 425 | 20,139 | 5,154 | ||||||||||||||||||
Shares redeemed | (1,019,536 | ) | (322,580 | ) | — | (1,853 | ) | (316,696 | ) | (243,283 | ) | |||||||||||||
Net increase (decrease) in shares outstanding | 145,832 | 208,949 | — | (50,205 | ) | (187,662 | ) | 145,733 | ||||||||||||||||
Emerging Countries ($) | ||||||||||||||||||||||||
Shares sold | $ | 36,867,641 | $ | 18,694,152 | $ | — | $ | 1,496 | $ | 3,902,063 | $ | 14,213,705 | ||||||||||||
Proceeds from shares issued in merger | — | — | — | (1,570,432 | ) | — | — | |||||||||||||||||
Reinvestment of distributions | 1,745,240 | 446,558 | — | 13,499 | 745,231 | 171,687 | ||||||||||||||||||
Redemption fee proceeds | — | — | — | — | — | — | ||||||||||||||||||
Shares redeemed | (33,127,020 | ) | (11,228,172 | ) | — | (57,877 | ) | (10,326,260 | ) | (8,769,423 | ) | |||||||||||||
Net increase (decrease) | $ | 5,485,861 | $ | 7,912,538 | $ | — | $ | (1,613,314 | ) | $ | (5,678,966 | ) | $ | 5,615,969 | ||||||||||
(1) | Commencement of operations. |
155
Table of Contents
Class W | ||||||||||||||||||||||||
February 12, | ||||||||||||||||||||||||
2008(1) to | ||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||
2008 | ||||||||||||||||||||||||
Emerging Countries (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 4,607 | |||||||||||||||||||||||
Reinvestment of distributions | 1 | |||||||||||||||||||||||
Shares redeemed | (2,479 | ) | ||||||||||||||||||||||
Net increase in shares outstanding | 2,129 | |||||||||||||||||||||||
Emerging Countries ($) | ||||||||||||||||||||||||
Shares sold | $ | 162,983 | ||||||||||||||||||||||
Reinvestment of distributions | 11 | |||||||||||||||||||||||
Shares redeemed | (78,082 | ) | ||||||||||||||||||||||
Net increase | $ | 84,912 | ||||||||||||||||||||||
Class A | Class B | Class C | Class I | |||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||
European Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 693,672 | 3,076 | 19,205 | 102 | ||||||||||||||||||||
Reinvestment of distributions | 1,632 | 24 | 66 | — | ||||||||||||||||||||
Shares redeemed | (103,326 | ) | (1,157 | ) | (10,195 | ) | (1 | ) | ||||||||||||||||
Net increase in shares outstanding | 591,978 | 1,943 | 9,076 | 101 | ||||||||||||||||||||
European Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 6,733,767 | $ | 28,991 | $ | 181,711 | $ | 1,020 | ||||||||||||||||
Reinvestment of distributions | 13,407 | 196 | 545 | — | ||||||||||||||||||||
Shares redeemed | (796,654 | ) | (9,393 | ) | (89,452 | ) | (10 | ) | ||||||||||||||||
Net increase | $ | 5,950,520 | $ | 19,794 | $ | 92,804 | $ | 1,010 | ||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Foreign (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 4,911,276 | 5,586,881 | 239,123 | 465,033 | 1,811,561 | 2,788,802 | ||||||||||||||||||
Reinvestment of distributions | 689,975 | 268,335 | 113,030 | 54,324 | 458,623 | 201,179 | ||||||||||||||||||
Shares redeemed | (7,518,393 | ) | (2,834,087 | ) | (876,325 | ) | (418,014 | ) | (3,336,522 | ) | (1,297,440 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (1,917,142 | ) | 3,021,129 | (524,172 | ) | 101,343 | (1,066,338 | ) | 1,692,541 | |||||||||||||||
Foreign ($) | ||||||||||||||||||||||||
Shares sold | $ | 94,565,312 | $ | 116,065,154 | $ | 4,648,104 | $ | 9,375,051 | $ | 33,659,479 | $ | 55,924,710 | ||||||||||||
Reinvestment of distributions | 14,109,997 | 5,170,819 | 2,230,091 | 1,019,661 | 9,062,384 | 3,781,772 | ||||||||||||||||||
Shares redeemed | (128,973,992 | ) | (58,600,260 | ) | (15,036,348 | ) | (8,375,577 | ) | (57,534,479 | ) | (26,171,530 | ) | ||||||||||||
Net increase (decrease) | $ | (20,298,683 | ) | $ | 62,635,713 | $ | (8,158,153 | ) | $ | 2,019,135 | $ | (14,812,616 | ) | $ | 33,534,952 | |||||||||
(1) | Commencement of operations. |
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Table of Contents
Class I | Class Q | Class W | ||||||||||||||||||||||
February 12, | ||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | 2008(1) to | ||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||
Foreign (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 2,258,533 | 2,245,294 | — | 234 | 42,471 | |||||||||||||||||||
Reinvestment of distributions | 317,295 | 121,586 | 2,445 | 2,264 | — | |||||||||||||||||||
Shares redeemed | (1,415,836 | ) | (1,080,849 | ) | (33,010 | ) | (30,513 | ) | (19,175 | ) | ||||||||||||||
Net increase (decrease) in shares outstanding | 1,159,992 | 1,286,031 | (30,565 | ) | (28,015 | ) | 23,296 | |||||||||||||||||
Foreign ($) | ||||||||||||||||||||||||
Shares sold | $ | 44,056,759 | $ | 47,286,509 | $ | — | $ | 5,012 | $ | 878,887 | ||||||||||||||
Reinvestment of distributions | 6,602,918 | 2,373,357 | 50,214 | 43,762 | — | |||||||||||||||||||
Shares redeemed | (22,601,262 | ) | (22,654,368 | ) | (440,821 | ) | (652,894 | ) | (309,649 | ) | ||||||||||||||
Net increase (decrease) | $ | 28,058,415 | $ | 27,005,498 | $ | (390,607 | ) | $ | (604,120 | ) | $ | 569,238 | ||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Greater China (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 947,515 | 2,196,767 | 92,034 | 295,918 | 173,882 | 559,664 | ||||||||||||||||||
Reinvestment of distributions | 239,370 | 4,251 | 29,578 | 626 | 49,298 | 357 | ||||||||||||||||||
Shares redeemed | (1,990,551 | ) | (1,077,963 | ) | (219,342 | ) | (146,993 | ) | (439,357 | ) | (218,283 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (803,666 | ) | 1,123,055 | (97,730 | ) | 149,551 | (216,177 | ) | 341,738 | |||||||||||||||
Greater China ($) | ||||||||||||||||||||||||
Shares sold | $ | 16,713,689 | $ | 36,379,127 | $ | 1,652,070 | $ | 4,827,247 | $ | 3,131,398 | $ | 9,969,510 | ||||||||||||
Reinvestment of distributions | 4,242,198 | 59,565 | 517,910 | 8,720 | 863,707 | 4,978 | ||||||||||||||||||
Shares redeemed | (31,428,443 | ) | (17,193,019 | ) | (3,355,264 | ) | (2,430,746 | ) | (7,284,343 | ) | (3,407,996 | ) | ||||||||||||
Net increase (decrease) | $ | (10,472,556 | ) | $ | 19,245,673 | $ | (1,185,284 | ) | $ | 2,405,221 | $ | (3,289,238 | ) | $ | 6,566,492 | |||||||||
Class I | Class O | |||||||||||||||||||||||
June 4, | ||||||||||||||||||||||||
Year Ended | Year Ended | 2008(1) to | ||||||||||||||||||||||
October 31, | October 31, | October 31, | ||||||||||||||||||||||
2008 | 2007 | 2008 | ||||||||||||||||||||||
Greater China (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,864 | 338 | 29,666 | |||||||||||||||||||||
Reinvestment of distributions | 255 | 9 | — | |||||||||||||||||||||
Shares redeemed | (31 | ) | — | (7,455 | ) | |||||||||||||||||||
Net increase in shares outstanding | 2,088 | 347 | 22,211 | |||||||||||||||||||||
Greater China ($) | ||||||||||||||||||||||||
Shares sold | $ | 28,250 | $ | 6,820 | $ | 389,817 | ||||||||||||||||||
Reinvestment of distributions | 4,518 | 125 | — | |||||||||||||||||||||
Shares redeemed | (628 | ) | — | (95,367 | ) | |||||||||||||||||||
Net increase | $ | 32,140 | $ | 6,945 | $ | 294,450 | ||||||||||||||||||
(1) | Commencement of operations. |
157
Table of Contents
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Index Plus International Equity (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 127,395 | 128,123 | 12,177 | 32,179 | 30,434 | 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 | (898,337 | ) | (1,041,019 | ) | (177,202 | ) | (2,719 | ) | (106,330 | ) | (18,988 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 1,327,950 | (910,907 | ) | 197,003 | 30,092 | 127,527 | 35,063 | |||||||||||||||||
Index Plus International Equity ($) | ||||||||||||||||||||||||
Shares sold | $ | 1,262,851 | $ | 1,644,502 | $ | 132,214 | $ | 413,854 | $ | 324,453 | $ | 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 | (9,088,911 | ) | (13,003,326 | ) | (1,667,340 | ) | (36,087 | ) | (1,040,718 | ) | (234,315 | ) | ||||||||||||
Net increase (decrease) | $ | 17,167,205 | $ | (11,335,182 | ) | $ | 2,761,537 | $ | 385,260 | $ | 1,695,241 | $ | 454,920 | |||||||||||
Class I | Class O | |||||||||||||||||||||||
November 9, | ||||||||||||||||||||||||
Year Ended | Year Ended | 2007(1) to | ||||||||||||||||||||||
October 31, | October 31, | October 31, | ||||||||||||||||||||||
2008 | 2007 | 2008 | ||||||||||||||||||||||
Index Plus International Equity (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 8,828,357 | 4,628,592 | 1,292,028 | |||||||||||||||||||||
Proceeds from shares issued in merger | 523,573 | — | 7,673,371 | |||||||||||||||||||||
Reinvestment of distributions | 1,189,238 | 237,356 | 62 | |||||||||||||||||||||
Shares redeemed | (10,454,928 | ) | (3,125,186 | ) | (2,385,102 | ) | ||||||||||||||||||
Net increase in shares outstanding | 86,240 | 1,740,762 | 6,580,359 | |||||||||||||||||||||
Index Plus International Equity($) | ||||||||||||||||||||||||
Shares sold | $ | 95,723,393 | $ | 59,372,768 | $ | 13,220,056 | ||||||||||||||||||
Proceeds from shares issued in merger | 6,258,727 | — | 90,795,795 | |||||||||||||||||||||
Reinvestment of distributions | 14,056,792 | 2,817,418 | 730 | |||||||||||||||||||||
Shares redeemed | (102,148,610 | ) | (39,684,824 | ) | (22,842,487 | ) | ||||||||||||||||||
Net increase | $ | 13,890,302 | $ | 22,505,362 | $ | 81,174,094 | ||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Capital Appreciation (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 96,218 | 192,965 | 46,616 | 61,628 | 53,113 | 66,475 | ||||||||||||||||||
Reinvestment of distributions | 4,821 | 413 | 2,138 | 115 | 1,936 | 123 | ||||||||||||||||||
Shares redeemed | (169,646 | ) | (207,146 | ) | (70,820 | ) | (3,275 | ) | (67,450 | ) | (6,361 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (68,607 | ) | (13,768 | ) | (22,066 | ) | 58,468 | (12,401 | ) | 60,237 | ||||||||||||||
International Capital Appreciation ($) | ||||||||||||||||||||||||
Shares sold | $ | 1,239,482 | $ | 2,368,777 | $ | 580,009 | $ | 807,880 | $ | 645,740 | $ | 888,507 | ||||||||||||
Reinvestment of distributions | 62,381 | 4,867 | 27,323 | 1,344 | 24,821 | 1,448 | ||||||||||||||||||
Shares redeemed | (1,327,786 | ) | (2,460,407 | ) | (807,705 | ) | (40,301 | ) | (714,775 | ) | (80,137 | ) | ||||||||||||
Net increase (decrease) | $ | (25,923 | ) | $ | (86,763 | ) | $ | (200,373 | ) | $ | 768,923 | $ | (44,214 | ) | $ | 809,818 | ||||||||
(1) | Commencement of operations. |
158
Table of Contents
Class I | ||||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
International Capital Appreciation (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,662,796 | 5,530,264 | ||||||||||||||||||||||
Reinvestment of distributions | 515,675 | 128,072 | ||||||||||||||||||||||
Shares redeemed | (4,514,825 | ) | (331,815 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | (2,336,354 | ) | 5,326,521 | |||||||||||||||||||||
International Capital Appreciation ($) | ||||||||||||||||||||||||
Shares sold | $ | 21,649,973 | $ | 69,653,165 | ||||||||||||||||||||
Reinvestment of distributions | 6,677,994 | 1,509,974 | ||||||||||||||||||||||
Shares redeemed | (49,010,622 | ) | (4,575,021 | ) | ||||||||||||||||||||
Net increase (decrease) | $ | (20,682,655 | ) | $ | 66,588,118 | |||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
June 28, | June 28, | June 28, | ||||||||||||||||||||||
Year Ended | 2007(1) to | Year Ended | 2007(1) to | Year Ended | 2007(1) to | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Equity Dividend (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 131,103 | 393,069 | 10,393 | 22,651 | 81,875 | 126,454 | ||||||||||||||||||
Reinvestment of distributions | 13,987 | — | 134 | — | 5,557 | — | ||||||||||||||||||
Shares redeemed | (251,121 | ) | (3,131 | ) | (2,364 | ) | (31 | ) | (77,315 | ) | — | |||||||||||||
Net increase (decrease) in shares outstanding | (106,031 | ) | 389,938 | 8,163 | 22,620 | 10,117 | 126,454 | |||||||||||||||||
International Equity Dividend ($) | ||||||||||||||||||||||||
Shares sold | $ | 1,187,362 | $ | 3,902,205 | $ | 97,508 | $ | 218,286 | $ | 786,475 | $ | 1,252,342 | ||||||||||||
Reinvestment of distributions | 119,484 | — | 1,126 | — | 47,456 | — | ||||||||||||||||||
Shares redeemed | (2,057,092 | ) | (31,138 | ) | (16,666 | ) | (310 | ) | (635,175 | ) | — | |||||||||||||
Net increase (decrease) | $ | (750,246 | ) | $ | 3,871,067 | $ | 81,968 | $ | 217,976 | $ | 198,756 | $ | 1,252,342 | |||||||||||
Class I | Class W | |||||||||||||||||||||||
June 28, | February 12, | |||||||||||||||||||||||
Year Ended | 2007(1) to | 2008(1) to | ||||||||||||||||||||||
October 31, | October 31, | October 31, | ||||||||||||||||||||||
2008 | 2007 | 2008 | ||||||||||||||||||||||
International Equity Dividend (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 2,645,507 | 5,265,562 | 2,222 | |||||||||||||||||||||
Reinvestment of distributions | 307,787 | — | 67 | |||||||||||||||||||||
Shares redeemed | (1,936,510 | ) | (7,892 | ) | (104 | ) | ||||||||||||||||||
Net increase in shares outstanding | 1,016,784 | 5,257,670 | 2,185 | |||||||||||||||||||||
International Equity Dividend ($) | ||||||||||||||||||||||||
Shares sold | $ | 22,644,879 | $ | 52,290,180 | $ | 21,015 | ||||||||||||||||||
Reinvestment of distributions | 2,559,356 | — | 511 | |||||||||||||||||||||
Shares redeemed | (15,129,428 | ) | (78,707 | ) | (895 | ) | ||||||||||||||||||
Net increase | $ | 10,074,807 | $ | 52,211,473 | $ | 20,631 | ||||||||||||||||||
(1) | Commencement of operations. |
159
Table of Contents
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Growth Opportunities (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 689,059 | 606,666 | 78,682 | 90,648 | 215,015 | 150,534 | ||||||||||||||||||
Reinvestment of distributions | 724,639 | 424,904 | 184,188 | 101,617 | 136,334 | 65,339 | ||||||||||||||||||
Shares redeemed | (1,288,594 | ) | (1,337,839 | ) | (614,692 | ) | (360,538 | ) | (431,904 | ) | (192,575 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 125,104 | (306,269 | ) | (351,822 | ) | (168,273 | ) | (80,555 | ) | 23,298 | ||||||||||||||
International Growth Opportunities ($) | ||||||||||||||||||||||||
Shares sold | $ | 7,810,339 | $ | 8,143,922 | $ | 878,212 | $ | 1,180,526 | $ | 2,394,268 | $ | 1,979,430 | ||||||||||||
Reinvestment of distributions | 8,779,114 | 5,354,882 | 2,121,081 | 1,234,642 | 1,571,233 | 793,868 | ||||||||||||||||||
Shares redeemed | (13,206,986 | ) | (17,966,521 | ) | (6,290,257 | ) | (4,705,424 | ) | (3,806,058 | ) | (2,507,472 | ) | ||||||||||||
Net increase (decrease) | $ | 3,382,467 | $ | (4,467,717 | ) | $ | (3,290,964 | ) | $ | (2,290,256 | ) | $ | 159,443 | $ | 265,826 | |||||||||
Class I | Class Q | |||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||||||||
International Growth Opportunities (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 2,932,823 | 360,989 | 476,814 | 594,965 | ||||||||||||||||||||
Reinvestment of distributions | 129,807 | 110,577 | 394,356 | 225,064 | ||||||||||||||||||||
Shares redeemed | (834,771 | ) | (827,433 | ) | (1,261,072 | ) | (787,068 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | 2,227,859 | (355,867 | ) | (389,902 | ) | 32,961 | ||||||||||||||||||
International Growth Opportunities ($) | ||||||||||||||||||||||||
Shares sold | $ | 31,597,804 | $ | 4,754,225 | $ | 5,537,379 | $ | 7,984,633 | ||||||||||||||||
Reinvestment of distributions | 1,563,352 | 1,383,313 | 4,722,652 | 2,804,295 | ||||||||||||||||||||
Shares redeemed | (7,367,699 | ) | (10,767,823 | ) | (13,486,319 | ) | (10,306,446 | ) | ||||||||||||||||
Net increase (decrease) | $ | 25,793,457 | $ | (4,630,285 | ) | $ | (3,226,288 | ) | $ | 482,482 | ||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 8,574,151 | 19,878,781 | 71,839 | 767,102 | 2,194,498 | 8,245,988 | ||||||||||||||||||
Reinvestment of distributions | 545,171 | 123,340 | 23,566 | 5,012 | 169,409 | 30,706 | ||||||||||||||||||
Shares redeemed | (14,791,771 | ) | (5,641,413 | ) | (329,118 | ) | (98,193 | ) | (5,422,977 | ) | (1,361,519 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (5,672,449 | ) | 14,360,708 | (233,713 | ) | 673,921 | (3,059,070 | ) | 6,915,175 | |||||||||||||||
International Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 100,590,258 | $ | 265,384,203 | $ | 857,933 | $ | 10,170,413 | $ | 25,813,659 | $ | 109,483,769 | ||||||||||||
Reinvestment of distributions | 6,416,280 | 1,645,656 | 282,366 | 65,277 | 2,032,768 | 401,088 | ||||||||||||||||||
Shares redeemed | (154,954,852 | ) | (74,585,692 | ) | (3,544,764 | ) | (1,277,012 | ) | (56,377,064 | ) | (17,644,347 | ) | ||||||||||||
Net increase (decrease) | $ | (47,948,314 | ) | $ | 192,444,167 | $ | (2,404,465 | ) | $ | 8,958,678 | $ | (28,530,637 | ) | $ | 92,240,510 | |||||||||
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Class I | Class W | |||||||||||||||||||||||
February 12, | ||||||||||||||||||||||||
Year Ended | Year Ended | 2008(1) to | ||||||||||||||||||||||
October 31, | October 31, | October 31, | ||||||||||||||||||||||
2008 | 2007 | 2008 | ||||||||||||||||||||||
International Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 43,441,169 | 6,969,530 | 52,809 | |||||||||||||||||||||
Reinvestment of distributions | 428,870 | 90,632 | 124 | |||||||||||||||||||||
Shares redeemed | (10,642,891 | ) | (268,863 | ) | (8,553 | ) | ||||||||||||||||||
Net increase in shares outstanding | 33,227,148 | 6,791,299 | 44,380 | |||||||||||||||||||||
International Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 481,407,853 | $ | 91,183,483 | $ | 568,699 | ||||||||||||||||||
Reinvestment of distributions | 4,893,801 | 1,202,775 | 1,157 | |||||||||||||||||||||
Shares redeemed | (95,017,074 | ) | (3,540,845 | ) | (58,832 | ) | ||||||||||||||||||
Net increase | $ | 391,284,580 | $ | 88,845,413 | $ | 511,024 | ||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International SmallCap Multi-Manager (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 2,979,636 | 5,045,814 | 50,690 | 120,228 | 219,882 | 517,439 | ||||||||||||||||||
Reinvestment of distributions | 998,861 | 20,929 | 118,804 | — | 221,078 | 53 | ||||||||||||||||||
Shares redeemed | (4,779,374 | ) | (2,339,921 | ) | (623,581 | ) | (364,409 | ) | (703,134 | ) | (324,780 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (800,877 | ) | 2,726,822 | (454,087 | ) | (244,181 | ) | (262,174 | ) | 192,712 | ||||||||||||||
International SmallCap Multi-Manager ($) | ||||||||||||||||||||||||
Shares sold | $ | 136,744,112 | $ | 301,848,369 | $ | 2,540,227 | $ | 7,497,411 | $ | 9,721,747 | $ | 29,552,044 | ||||||||||||
Reinvestment of distributions | 47,137,719 | 1,059,446 | 5,829,623 | — | 9,767,028 | 2,524 | ||||||||||||||||||
Shares redeemed | (202,990,223 | ) | (137,896,302 | ) | (28,106,960 | ) | (21,737,439 | ) | (27,322,204 | ) | (17,907,434 | ) | ||||||||||||
Net increase (decrease) | $ | (19,108,392 | ) | $ | 165,011,513 | $ | (19,737,110 | ) | $ | (14,240,028 | ) | $ | (7,833,429 | ) | $ | 11,647,134 | ||||||||
Class I | Class Q | Class O | Class W | |||||||||||||||||||||
June 4, | February 12, | |||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | 2008(1) to | 2008(1) to | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2008 | |||||||||||||||||||
International SmallCap Multi-Manager (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,741,676 | 3,249,235 | 441,947 | 851,771 | 4,615 | 424,319 | ||||||||||||||||||
Reinvestment of distributions | 627,880 | 16,186 | 273,392 | 9,277 | — | 2 | ||||||||||||||||||
Shares redeemed | (1,922,882 | ) | (516,468 | ) | (796,120 | ) | (648,584 | ) | (1,899 | ) | (38,041 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 446,674 | 2,748,953 | (80,781 | ) | 212,464 | 2,716 | 386,280 | |||||||||||||||||
International SmallCap Multi-Manager ($) | ||||||||||||||||||||||||
Shares sold | $ | 77,860,724 | $ | 188,727,994 | $ | 21,564,716 | $ | 55,349,246 | $ | 150,303 | $ | 19,393,949 | ||||||||||||
Reinvestment of distributions | 29,679,191 | 819,983 | 14,027,428 | 504,137 | — | 126 | ||||||||||||||||||
Shares redeemed | (82,207,122 | ) | (32,274,836 | ) | (36,553,425 | ) | (41,248,877 | ) | (54,844 | ) | (1,389,064 | ) | ||||||||||||
Net increase (decrease) | $ | 25,332,793 | $ | 157,273,141 | $ | (961,281 | ) | $ | 14,604,506 | $ | 95,459 | $ | 18,005,011 | |||||||||||
(1) | Commencement of operations. |
161
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Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Value (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 15,008,226 | 16,368,193 | 413,342 | 453,105 | 1,347,145 | 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 | (37,372,970 | ) | (24,751,517 | ) | (7,626,050 | ) | (6,016,199 | ) | (9,292,377 | ) | (4,638,571 | ) | ||||||||||||
Net decrease in shares outstanding | (8,626,031 | ) | (432,837 | ) | (5,435,673 | ) | (4,185,801 | ) | (3,377,601 | ) | (1,082,353 | ) | ||||||||||||
International Value ($) | ||||||||||||||||||||||||
Shares sold | $ | 263,356,450 | $ | 353,613,593 | $ | 7,656,523 | $ | 9,307,026 | $ | 24,318,686 | $ | 16,733,659 | ||||||||||||
Reinvestment of distributions | 253,006,563 | 162,571,673 | 32,199,846 | 27,711,130 | 81,988,970 | 54,463,672 | ||||||||||||||||||
Shares redeemed | (604,941,068 | ) | (539,661,218 | ) | (129,928,893 | ) | (129,493,665 | ) | (144,620,438 | ) | (98,807,462 | ) | ||||||||||||
Net decrease | $ | (88,578,055 | ) | $ | (23,475,952 | ) | $ | (90,072,524 | ) | $ | (92,475,509 | ) | $ | (38,312,782 | ) | $ | (27,610,131 | ) | ||||||
Class I | Class Q | |||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||||||||
International Value (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 21,346,501 | 27,853,117 | 80,922 | 4,986 | ||||||||||||||||||||
Reinvestment of distributions | 12,048,408 | 6,124,030 | 168,251 | 102,040 | ||||||||||||||||||||
Shares redeemed | (61,196,377 | ) | (20,350,068 | ) | (258,323 | ) | (190,516 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | (27,801,468 | ) | 13,627,079 | (9,150 | ) | (83,490 | ) | |||||||||||||||||
International Value ($) | ||||||||||||||||||||||||
Shares sold | $ | 374,519,708 | $ | 601,984,171 | $ | 1,352,835 | $ | 110,000 | ||||||||||||||||
Reinvestment of distributions | 221,811,196 | 125,236,405 | 3,102,544 | 2,089,785 | ||||||||||||||||||||
Shares redeemed | (1,025,849,999 | ) | (447,151,806 | ) | (4,062,976 | ) | (4,143,124 | ) | ||||||||||||||||
Net increase (decrease) | $ | (429,519,095 | ) | $ | 280,068,770 | $ | 392,403 | $ | (1,943,339 | ) | ||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Value Choice (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 686,849 | 196,008 | 42,499 | 40,254 | 63,426 | 85,318 | ||||||||||||||||||
Reinvestment of distributions | 176,805 | 26,003 | 29,707 | 3,151 | 39,133 | 4,177 | ||||||||||||||||||
Shares redeemed | (795,921 | ) | (553,686 | ) | (97,833 | ) | (74,651 | ) | (133,854 | ) | (94,956 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 67,733 | (331,675 | ) | (25,627 | ) | (31,246 | ) | (31,295 | ) | (5,461 | ) | |||||||||||||
International Value Choice ($) | ||||||||||||||||||||||||
Shares sold | $ | 7,157,841 | $ | 2,591,527 | $ | 499,053 | $ | 523,398 | $ | 741,122 | $ | 1,113,930 | ||||||||||||
Reinvestment of distributions | 2,075,696 | 334,923 | 345,496 | 40,274 | 456,287 | 53,511 | ||||||||||||||||||
Shares redeemed | (7,750,036 | ) | (7,400,948 | ) | (1,061,670 | ) | (971,726 | ) | (1,515,447 | ) | (1,252,071 | ) | ||||||||||||
Net increase (decrease) | $ | 1,483,501 | $ | (4,474,498 | ) | $ | (217,121 | ) | $ | (408,054 | ) | $ | (318,038 | ) | $ | (84,630 | ) | |||||||
162
Table of Contents
Class I | ||||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
International Value Choice (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,789,120 | 4,387,177 | ||||||||||||||||||||||
Reinvestment of distributions | 775,006 | 76,908 | ||||||||||||||||||||||
Shares redeemed | (1,843,757 | ) | (3,383,938 | ) | ||||||||||||||||||||
Net increase in shares outstanding | 720,369 | 1,080,147 | ||||||||||||||||||||||
International Value Choice ($) | ||||||||||||||||||||||||
Shares sold | $ | 21,092,150 | $ | 57,856,995 | ||||||||||||||||||||
Reinvestment of distributions | 9,083,070 | 989,038 | ||||||||||||||||||||||
Shares redeemed | (19,635,694 | ) | (46,416,954 | ) | ||||||||||||||||||||
Net increase | $ | 10,539,526 | $ | 12,429,079 | ||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
Russia (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 3,508,454 | 4,435,492 | ||||||||||||||||||||||
Reinvestment of distributions | 1,701,980 | 613,999 | ||||||||||||||||||||||
Shares redeemed | (6,816,631 | ) | (6,715,298 | ) | ||||||||||||||||||||
Net decrease in shares outstanding | (1,606,197 | ) | (1,665,807 | ) | ||||||||||||||||||||
Russia ($) | ||||||||||||||||||||||||
Shares sold | $ | 221,879,155 | $ | 280,987,914 | ||||||||||||||||||||
Reinvestment of distributions | 116,874,956 | 37,402,991 | ||||||||||||||||||||||
Redemption fee proceeds | 1,344,090 | 3,086,432 | ||||||||||||||||||||||
Shares redeemed | (348,756,344 | ) | (422,755,301 | ) | ||||||||||||||||||||
Net decrease | $ | (8,658,143 | ) | $ | (101,277,964 | ) | ||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Emerging Markets Fixed Income (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 252,204 | 574,996 | 3,762 | 12,563 | 71,595 | 121,704 | ||||||||||||||||||
Reinvestment of distributions | 26,782 | 17,007 | 1,607 | 1,367 | 6,655 | 2,892 | ||||||||||||||||||
Shares redeemed | (878,847 | ) | (2,107,447 | ) | (13,009 | ) | (3,405 | ) | (77,077 | ) | (6,959 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (599,861 | ) | (1,515,444 | ) | (7,640 | ) | 10,525 | 1,173 | 117,637 | |||||||||||||||
Emerging Markets Fixed Income ($) | ||||||||||||||||||||||||
Shares sold | $ | 2,502,888 | $ | 5,985,060 | $ | 36,830 | $ | 129,139 | $ | 714,968 | $ | 1,261,502 | ||||||||||||
Reinvestment of distributions | 263,152 | 174,982 | 15,738 | 14,047 | 64,586 | 29,610 | ||||||||||||||||||
Shares redeemed | (8,666,811 | ) | (21,814,799 | ) | (118,714 | ) | (34,681 | ) | (688,196 | ) | (71,700 | ) | ||||||||||||
Net increase (decrease) | $ | (5,900,771 | ) | $ | (15,654,757 | ) | $ | (66,146 | ) | $ | 108,505 | $ | 91,358 | $ | 1,219,412 | |||||||||
163
Table of Contents
Class I | ||||||||||||||||||||||||
December 20, | ||||||||||||||||||||||||
Year Ended | 2006(1) to | |||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
Emerging Markets Fixed Income (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 14,539,689 | 29,241,272 | ||||||||||||||||||||||
Reinvestment of distributions | 2,018,022 | 617,893 | ||||||||||||||||||||||
Shares redeemed | (11,690,948 | ) | (601,326 | ) | ||||||||||||||||||||
Net increase in shares outstanding | 4,866,763 | 29,257,839 | ||||||||||||||||||||||
Emerging Markets Fixed Income ($) | ||||||||||||||||||||||||
Shares sold | $ | 129,868,071 | $ | 303,520,569 | ||||||||||||||||||||
Reinvestment of distributions | 19,732,368 | 6,243,231 | ||||||||||||||||||||||
Shares redeemed | (114,548,390 | ) | (6,041,783 | ) | ||||||||||||||||||||
Net increase | $ | 35,052,049 | $ | 303,722,017 | ||||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Global Bond (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 7,456,121 | 274,870 | 482,365 | 33,601 | 3,471,699 | 160,111 | ||||||||||||||||||
Reinvestment of distributions | 137,999 | 3,007 | 7,800 | 658 | 50,068 | 673 | ||||||||||||||||||
Shares redeemed | (2,528,202 | ) | (66,579 | ) | (120,595 | ) | (4,564 | ) | (831,577 | ) | (10,660 | ) | ||||||||||||
Net increase in shares outstanding | 5,065,918 | 211,298 | 369,570 | 29,695 | 2,690,190 | 150,124 | ||||||||||||||||||
Global Bond ($) | ||||||||||||||||||||||||
Shares sold | $ | 80,606,536 | $ | 2,826,384 | $ | 5,209,000 | $ | 339,806 | $ | 37,418,779 | $ | 1,646,890 | ||||||||||||
Reinvestment of distributions | 1,503,470 | 30,842 | 84,783 | 6,727 | 547,180 | 6,965 | ||||||||||||||||||
Shares redeemed | (26,720,683 | ) | (676,036 | ) | (1,265,336 | ) | (45,456 | ) | (8,772,866 | ) | (108,978 | ) | ||||||||||||
Net increase | $ | 55,389,323 | $ | 2,181,190 | $ | 4,028,447 | $ | 301,077 | $ | 29,193,093 | $ | 1,544,877 | ||||||||||||
Class I | Class O | |||||||||||||||||||||||
June 4, | ||||||||||||||||||||||||
Year Ended | Year Ended | 2008(1) to | ||||||||||||||||||||||
October 31, | October 31, | October 31, | ||||||||||||||||||||||
2008 | 2007 | 2008 | ||||||||||||||||||||||
Global Bond (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 146,220 | 1 | 27,965 | |||||||||||||||||||||
Reinvestment of distributions | 511 | — | 2 | |||||||||||||||||||||
Shares redeemed | (97,562 | ) | — | (6,112 | ) | |||||||||||||||||||
Net increase in shares outstanding | 49,169 | 1 | 21,855 | |||||||||||||||||||||
Global Bond ($) | ||||||||||||||||||||||||
Shares sold | $ | 1,585,456 | $ | 10 | $ | 292,477 | ||||||||||||||||||
Reinvestment of distributions | 5,482 | — | 21 | |||||||||||||||||||||
Shares redeemed | (1,042,215 | ) | — | (63,489 | ) | |||||||||||||||||||
Net increase | $ | 548,723 | $ | 10 | $ | 229,009 | ||||||||||||||||||
(1) | Commencement of operations. |
164
Table of Contents
Class A | Class B | Class C | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Diversified International (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 8,841,423 | 14,796,567 | 654,048 | 1,227,737 | 3,391,624 | 6,505,341 | ||||||||||||||||||
Reinvestment of distributions | 515,063 | 58,638 | 48,497 | 1,114 | 164,842 | 4,093 | ||||||||||||||||||
Shares redeemed | (12,019,529 | ) | (3,910,709 | ) | (851,393 | ) | (282,859 | ) | (3,992,949 | ) | (1,190,161 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (2,663,043 | ) | 10,944,496 | (148,848 | ) | 945,992 | (436,483 | ) | 5,319,273 | |||||||||||||||
Diversified International ($) | ||||||||||||||||||||||||
Shares sold | $ | 111,719,950 | $ | 196,674,148 | $ | 8,251,659 | $ | 16,173,010 | $ | 42,957,806 | $ | 85,984,708 | ||||||||||||
Reinvestment of distributions | 6,979,408 | 727,447 | 654,909 | 13,771 | 2,222,086 | 50,585 | ||||||||||||||||||
Shares redeemed | (131,771,713 | ) | (51,884,948 | ) | (9,548,622 | ) | (3,741,472 | ) | (43,316,760 | ) | (15,544,550 | ) | ||||||||||||
Net increase (decrease) | $ | (13,072,355 | ) | $ | 145,516,647 | $ | (642,054 | ) | $ | 12,445,309 | $ | 1,863,132 | $ | 70,490,743 | ||||||||||
Class I | Class O | Class R | Class W | |||||||||||||||||||||
June 4, | December 12, | February 12, | ||||||||||||||||||||||
Year Ended | Year Ended | 2008(1) to | Year Ended | 2006(1) to | 2008(1) to | |||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2007 | 2008 | |||||||||||||||||||
Diversified International (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 7 | 36,440 | 29,313 | 1,146 | 39,818 | 294,208 | ||||||||||||||||||
Reinvestment of distributions | 57 | 4 | — | 655 | 38 | — | ||||||||||||||||||
Shares redeemed | (47 | ) | (34,712 | ) | (10,096 | ) | (5,672 | ) | (10,702 | ) | (87,719 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 17 | 1,732 | 19,217 | (3,871 | ) | 29,154 | 206,489 | |||||||||||||||||
Diversified International ($) | ||||||||||||||||||||||||
Shares sold | $ | 100 | $ | 522,197 | $ | 279,607 | $ | 14,594 | $ | 502,116 | $ | 3,322,579 | ||||||||||||
Reinvestment of distributions | 766 | 55 | — | 8,800 | 472 | — | ||||||||||||||||||
Shares redeemed | (640 | ) | (476,693 | ) | (91,526 | ) | (68,665 | ) | (144,253 | ) | (772,445 | ) | ||||||||||||
Net increase (decrease) | $ | 226 | $ | 45,559 | $ | 188,081 | $ | (45,271 | ) | $ | 358,335 | $ | 2,550,134 | |||||||||||
(1) | Commencement of operations. |
Initial | Percent | |||||||||||||||||||
Acquisition | of Net | |||||||||||||||||||
Fund | Security | Shares | Date | Cost | Value | Assets | ||||||||||||||
Global Natural Resources | Shore Gold, Inc. | 189,116 | 09/19/07 | $ | 660,013 | $ | 98,849 | 0.1 | % | |||||||||||
$ | 660,013 | $ | 98,849 | 0.1 | % | |||||||||||||||
Global Real Estate | Safestore Holdings Ltd. | 3,353,865 | 03/09/07 | $ | 13,805,038 | $ | 5,023,489 | 0.4 | % | |||||||||||
$ | 13,805,038 | $ | 5,023,489 | 0.4 | % | |||||||||||||||
Emerging Countries | LSR Group GDR | 190,392 | 06/17/08 | $ | 2,949,961 | $ | 474,076 | 0.5 | % | |||||||||||
$ | 2,949,961 | $ | 474,076 | 0.5 | % | |||||||||||||||
Foreign | Federal Grid Co Unitied Energy System JSC GDR | 70,735 | 08/28/08 | $ | 431,484 | $ | 109,745 | 0.1 | % | |||||||||||
Inter Rao Ues OAO GDR | 14,630 | 08/28/08 | 92,169 | 31,345 | 0.0 | % | ||||||||||||||
Kusbassenergo OJSC — Spon GDR | 4,865 | 08/28/08 | 25,663 | 8,087 | 0.0 | % | ||||||||||||||
Mosenergo OAO — Spon GDR | 23,485 | 08/28/08 | 114,489 | 37,001 | 0.0 | % | ||||||||||||||
Wholesale Power-1 OAO GDR | 67,340 | 08/28/08 | 153,199 | 24,876 | 0.0 | % | ||||||||||||||
Wholesale Power-2 OAO GDR | 17,500 | 08/28/08 | 76,125 | 17,907 | 0.0 | % |
165
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Initial | Percent | |||||||||||||||||||
Acquisition | of Net | |||||||||||||||||||
Fund | Security | Shares | Date | Cost | Value | Assets | ||||||||||||||
Wholesale Power-3 OAO GDR | 28,770 | 08/28/08 | $ | 97,099 | $ | 18,439 | 0.0 | % | ||||||||||||
Wholesale Power-6 OAO GDR | 20,405 | 08/28/08 | 71,418 | 18,467 | 0.0 | % | ||||||||||||||
Open Investments | 200 | 09/25/07 | 58,144 | 7,887 | 0.0 | % | ||||||||||||||
Silvinit BRD | 1,897 | 05/10/07 | 562,232 | 369,915 | 0.1 | % | ||||||||||||||
Territorial Generating Co.-1 — Spon GDR | 26,740 | 08/28/08 | 72,867 | 14,817 | 0.0 | % | ||||||||||||||
Territorial Generating Co.-14 JSC — Spon GDR | 1,120 | 08/28/08 | 9,072 | 2,358 | 0.0 | % | ||||||||||||||
Territorial Generating Co.-2 — Spon GDR | 4,515 | 08/28/08 | 44,473 | 9,840 | 0.0 | % | ||||||||||||||
Territorial Generating Co.-4 — Spon GDR | 11,095 | 08/28/08 | 57,417 | 21,722 | 0.0 | % | ||||||||||||||
Territorial Generating Co.-9 — Spon GDR | 11,760 | 08/28/08 | 35,280 | 12,164 | 0.0 | % | ||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 35 | 11/21/07 | 13,706 | 6,063 | 0.0 | % | ||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 35 | 11/21/07 | 374,865 | 52,786 | 0.0 | % | ||||||||||||||
URSA Bank | 141,747 | 05/10/07 | 305,862 | 25,514 | 0.0 | % | ||||||||||||||
Territorial Generating Co. — Spon GDR | 11,690 | 08/28/08 | 63,711 | 11,228 | 0.0 | % | ||||||||||||||
Wimm-Bill-Dann Foods — Class S | 6,550 | 07/03/07 | 556,784 | 85,150 | 0.1 | % | ||||||||||||||
Yenisei Territorial — Spon GDR | 12,040 | 08/28/08 | 26,789 | 8,829 | 0.0 | % | ||||||||||||||
$ | 3,242,848 | $ | 894,140 | 0.3 | % | |||||||||||||||
Greater China | Chuang’s China Investments | 2,921,000 | 07/25/07 | 540,505 | 26,647 | 0.1 | % | |||||||||||||
$ | 540,505 | $ | 26,647 | 0.1 | % | |||||||||||||||
International Real Estate | Central Pattana PCL | 1,929,000 | 03/01/06 | $ | 1,293,212 | $ | 519,454 | 0.2 | % | |||||||||||
Safestore Holdings Ltd. | 1,457,200 | 03/09/07 | 5,133,073 | 2,182,625 | 0.5 | % | ||||||||||||||
Yatra Capital Ltd. | 90,700 | 11/27/06 | 1,191,305 | 464,752 | 0.1 | % | ||||||||||||||
$ | 7,617,590 | $ | 3,166,831 | 0.8 | % | |||||||||||||||
International SmallCap Multi-Manager | Meiban Group Ltd. | 1,973,000 | 07/02/07 | �� | $ | 731,136 | $ | 159,649 | 0.1 | % | ||||||||||
Octaviar Ltd. | 673,856 | 09/11/06 | 2,852,642 | 62,693 | 0.0 | % | ||||||||||||||
Super Coffeemix Manufacturing Ltd. | 336,000 | 06/10/08 | 191,413 | 111,048 | 0.0 | % | ||||||||||||||
Waseda Academy Co., Ltd. | 14,000 | 01/18/07 | 249,325 | 120,800 | 0.0 | % | ||||||||||||||
$ | 4,024,516 | $ | 454,190 | 0.1 | % | |||||||||||||||
Russia | Bank St. Petersburg BRD — Class S | 1,709,000 | 11/02/07 | $ | 8,893,549 | $ | 512,700 | 0.2 | % | |||||||||||
Efes Breweries International NV GDR | 300,400 | 01/25/06 | $ | 9,188,514 | 1,813,454 | 0.7 | % | |||||||||||||
LSR Group GDR | 811,680 | 11/09/07 | $ | 11,769,360 | 2,021,083 | 0.8 | % | |||||||||||||
Moscow City Telephone | 135,000 | 04/18/02 | $ | 1,079,980 | 1,458,000 | 0.5 | % | |||||||||||||
Novorossiysk Sea Trade Port BRD | 6,060,000 | 11/02/07 | $ | 1,551,360 | 303,000 | 0.1 | % | |||||||||||||
Open Investments | 33,000 | 11/07/07 | $ | 9,071,850 | 1,301,370 | 0.5 | % | |||||||||||||
RBC Information Systems | 1,324,122 | 06/16/04 | $ | 7,874,627 | 1,721,359 | 0.7 | % | |||||||||||||
RenShares Utilities Ltd. | 1,899,872 | 08/26/05 | $ | 2,744,925 | 2,659,821 | 1.0 | % | |||||||||||||
Uralsvyazinform | 68,909,100 | 06/18/99 | $ | 1,335,399 | 964,727 | 0.4 | % | |||||||||||||
Vsmpo-Avisma Corp. | 36,800 | 04/06/04 | $ | 5,412,132 | 1,840,000 | 0.7 | % | |||||||||||||
$ | 58,921,696 | $ | 14,595,514 | 5.6 | % | |||||||||||||||
Emerging Markets Fixed Income* | Alfa Bond Issuance PLC for OJSC Alfa Bank, 8.635%, due 02/22/17 | 1,200,000 | 05/02/07 | $ | 1,202,706 | $ | 535,821 | 0.2 | % | |||||||||||
Alfa MTN Invest Ltd., 9.250%, due 06/24/13 | 1,150,000 | 06/19/08 | 1,150,000 | 610,158 | 0.3 | % | ||||||||||||||
Alto Parana SA, 6.375%, due 06/09/17 | 620,000 | 06/07/07 | 615,660 | 516,088 | 0.2 | % | ||||||||||||||
Banco Credito Del Peru, 7.170%, due 10/15/22 | 3,900,000 | 10/19/07 | 1,291,391 | 1,272,218 | 0.5 | % | ||||||||||||||
Banco Do Brasil, 9.750%, due 07/18/17 | 2,300,000 | 07/13/07 | 1,235,364 | 756,404 | 0.3 | % | ||||||||||||||
Banco Safra Ltd., 10.875%, due 04/03/17 | 2,400,000 | 06/11/07 | 1,271,694 | 675,744 | 0.3 | % |
166
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Initial | Percent | |||||||||||||||||||
Acquisition | of Net | |||||||||||||||||||
Fund | Security | Shares | Date | Cost | Value | Assets | ||||||||||||||
Banco Votorantim, 10.625%, due 04/10/14 | 250,000 | 03/29/07 | $ | 121,869 | $ | 38,327 | 0.0 | % | ||||||||||||
Banco Votorantim, 10.625%, due 04/10/14 | 2,300,000 | 06/11/07 | 1,235,076 | 767,021 | 0.3 | % | ||||||||||||||
Bangkok Bank PCL/Hong Kong | 800,000 | 12/11/07 | 896,515 | 463,682 | 0.2 | % | ||||||||||||||
Barclays Bank CLN, Discount Note, due 12/17/12 | 1,300,000 | 12/14/07 | 1,494,976 | 961,740 | 0.4 | % | ||||||||||||||
Barclays Bank CLN, Discount Note, due 03/17/13 | 1,200,000 | 12/13/07 | 1,474,339 | 895,680 | 0.4 | % | ||||||||||||||
Belize Government International Bond, 4.250% (step rate 6.000%), due 02/20/29 | 330,000 | 05/02/07 | 288,229 | 173,250 | 0.1 | % | ||||||||||||||
Bosnia & Herzegovina Government International Bond, 17.500%, due 12/11/17 | 750,000 | 08/29/06 | 417,906 | 219,938 | 0.1 | % | ||||||||||||||
Cia de Transporte de Energia Electrica de Alta Tension SA, 8.875%, due 12/15/16 | 100,000 | 12/15/06 | 100,000 | 32,500 | 0.0 | % | ||||||||||||||
Citic Resources Finance Ltd., 6.750%, due 05/15/14 | 265,000 | 05/14/07 | 264,274 | 139,125 | 0.1 | % | ||||||||||||||
Citic Resources Finance Ltd., 6.750%, due 05/15/14 | 400,000 | 09/20/07 | 390,309 | 190,000 | 0.1 | % | ||||||||||||||
City of Kiev Ukraine, 8.000%, due 11/06/15 | 550,000 | 02/17/06 | 574,320 | 211,750 | 0.1 | % | ||||||||||||||
Earls Eight Ltd., 8.000% (step rate 9.000%), due 12/31/12 | 200,000 | 12/07/06 | 194,537 | 117,260 | 0.1 | % | ||||||||||||||
El Salvador Government International Bond, 8.250%, due 04/10/32 | 2,440,000 | 08/30/06 | 2,981,005 | 1,598,200 | 0.7 | % | ||||||||||||||
Credit Suisse First Boston International for CJSC The EXIM of Ukraine, 6.800%, due 10/04/12 | 1,400,000 | 05/01/07 | 1,386,447 | 637,000 | 0.3 | % | ||||||||||||||
HSBK Europe BV, 7.250%, due 05/03/17 | 400,000 | 04/26/07 | 399,436 | 206,000 | 0.1 | % | ||||||||||||||
HSBK Europe BV, 7.250%, due 05/03/17 | 600,000 | 06/28/07 | 585,000 | 270,000 | 0.1 | % | ||||||||||||||
Interoceanica IV Finance Ltd., 6.020%, due 11/30/25 | 1,181,082 | 05/03/07 | 619,964 | 435,347 | 0.2 | % | ||||||||||||||
JPMorgan Chase London, Discount Note, due 06/17/21 | 4,920,000 | 09/03/08 | 5,796,588 | 4,392,576 | 1.9 | % | ||||||||||||||
Kazkommerts International BV, 7.500%, due 11/29/16 | 1,410,000 | 11/21/06 | 1,356,809 | 613,686 | 0.3 | % | ||||||||||||||
Kuznetski Capital for Bank of Moscow, 7.500%, due 11/25/15 | 1,500,000 | 10/20/06 | 1,546,822 | 574,470 | 0.2 | % | ||||||||||||||
Lebanon Government International Bond, 8.250%, due 04/12/21 | 210,000 | 01/18/07 | 207,468 | 155,925 | 0.1 | % | ||||||||||||||
Majapahit Holding BV, 7.250%, due 06/28/17 | 1,480,000 | 06/22/07 | 1,456,522 | 885,969 | 0.4 | % | ||||||||||||||
Majapahit Holding BV, 7.875%, due 06/29/37 | 2,235,000 | 06/21/07 | 2,200,323 | 1,195,725 | 0.5 | % | ||||||||||||||
Majapahit Holding BV, 7.750%, due 10/17/16 | 100,000 | 10/11/06 | 98,976 | 65,500 | 0.0 | % | ||||||||||||||
Majapahit Holding BV, 7.750%, due 10/17/16 | 650,000 | 05/25/07 | 685,704 | 391,056 | 0.2 | % | ||||||||||||||
Province of Mendoza, 5.500%, due 09/04/18 | 781,950 | 10/24/06 | 601,268 | 340,148 | 0.1 | % | ||||||||||||||
Standard Bank (Nak), 8.125%, due 09/30/09 | 500,000 | 05/02/07 | 503,606 | 251,375 | 0.1 | % | ||||||||||||||
National Power Corp., 9.625%, due 05/15/28 | 450,000 | 02/01/06 | 493,747 | 348,750 | 0.1 | % | ||||||||||||||
National Power Corp., 6.875%, due 11/02/16 | 305,000 | 10/25/06 | 305,446 | 230,275 | 0.1 | % | ||||||||||||||
National Power Corp., 6.875%, due 11/02/16 | 1,300,000 | 08/28/07 | 1,258,755 | 881,685 | 0.4 | % | ||||||||||||||
Pakistan Government International Bond, 7.125%, due 03/31/16 | 610,000 | 10/31/07 | 577,583 | 232,057 | 0.1 | % |
167
Table of Contents
Initial | Percent | |||||||||||||||||||
Acquisition | of Net | |||||||||||||||||||
Fund | Security | Shares | Date | Cost | Value | Assets | ||||||||||||||
Islamic Republic of Pakistan, 6.875%, due 06/01/17 | 3,695,000 | 07/25/07 | $ | 3,277,055 | $ | 1,339,438 | 0.6 | % | ||||||||||||
Peru Enhanced Pass-through Finance Ltd., 6.910%, due 05/31/18 | 246,100 | 12/14/06 | 171,997 | 128,398 | 0.1 | % | ||||||||||||||
Peru Enhanced Pass-through Finance Ltd., 7.030%, due 05/31/18 | 2,953,201 | 06/28/07 | 2,080,498 | 1,540,780 | 0.6 | % | ||||||||||||||
Peru Government International Bond, 6.900%, due 08/12/37 | 5,000,000 | 07/20/07 | 1,583,531 | 1,144,098 | 0.5 | % | ||||||||||||||
Petroleum Co. of Trinidad & Tobago Ltd., 6.000%, due 05/08/22 | 2,515,000 | 06/28/07 | 2,422,046 | 1,935,041 | 0.8 | % | ||||||||||||||
Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35 | 4,550,000 | 05/30/06 | 2,056,260 | 548,275 | 0.2 | % | ||||||||||||||
Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35 | 1,050,000 | 01/27/06 | 510,725 | 126,525 | 0.1 | % | ||||||||||||||
Province of Buenos Aires Argentina, 9.625%, due 04/18/28 | 4,130,000 | 05/01/07 | 4,124,477 | 753,725 | 0.3 | % | ||||||||||||||
Province of Buenos Aires Argentina, 9.375%, due 09/14/18 | 2,480,000 | 11/02/06 | 2,153,946 | 452,600 | 0.2 | % | ||||||||||||||
Provincia Del Neuquen Titulo Provincial, 8.656%, due 10/18/14 | 444,500 | 05/21/07 | 459,606 | 317,818 | 0.1 | % | ||||||||||||||
Republic of Iraq, 5.800%, due 01/15/28 | 9,050,000 | 05/03/06 | 5,707,814 | 4,570,250 | 2.0 | % | ||||||||||||||
Shinhan Bank, 6.819%, due 09/20/36 | 1,280,000 | 09/24/07 | 1,251,027 | 617,236 | 0.3 | % | ||||||||||||||
Sibacademfinance PLC for URSA Bank, 9.125%, due 02/26/10 | 25,000,000 | 06/04/07 | 981,573 | 648,765 | 0.3 | % | ||||||||||||||
Standard Bank PLC, 15.000%, due 03/12/12 | 2,025,785 | 06/28/07 | 2,025,785 | 1,489,059 | 0.6 | % | ||||||||||||||
Standard Bank PLC, 16.000%, due 07/20/09 | 143,584 | 01/26/07 | 143,584 | 135,756 | 0.1 | % | ||||||||||||||
Transportadora Gas del Norte, 8.000%, due 12/31/12 | 1,285,000 | 05/24/07 | 1,270,865 | 584,675 | 0.3 | % | ||||||||||||||
Transportadora Gas del Norte, 6.500% (step rate 7.500%), due 12/31/12 | 40,368 | 10/31/06 | 39,093 | 18,367 | 0.0 | % | ||||||||||||||
TuranAlem Finance BV, 8.250%, due 01/22/37 | 1,500,000 | 08/30/07 | 1,306,426 | 483,750 | 0.2 | % | ||||||||||||||
UBS AG, 9.850%, due 08/02/17 | 2,000,000 | 07/26/07 | 1,997,040 | 2,005,457 | 0.8 | % | ||||||||||||||
UBS AG, Discount Note, due 09/04/17 | 1,200,000 | 12/13/07 | 1,198,466 | 1,232,068 | 0.5 | % | ||||||||||||||
UBS AG, Discount Note, due 12/27/13 | 400,000 | 01/05/07 | 397,866 | 445,491 | 0.2 | % | ||||||||||||||
UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12 | 2,800,000 | 01/25/07 | 2,776,562 | 868,000 | 0.4 | % | ||||||||||||||
Ukraine Government International Bond, 6.580%, due 11/21/16 | 360,000 | 07/31/07 | 350,276 | 149,400 | 0.1 | % | ||||||||||||||
Ukraine Government International Bond, 7.650%, due 06/11/13 | 1,180,000 | 10/20/06 | 1,235,661 | 601,800 | 0.3 | % | ||||||||||||||
Woori Bank, 6.208%, due 05/02/37 | 1,230,000 | 09/20/07 | 1,141,071 | 897,157 | 0.3 | % | ||||||||||||||
$ | 77,943,884 | $ | 45,316,379 | 19.5 | % | |||||||||||||||
* | Due to market conditions, ING Fund Compliance requested that all sub-advisors complete an additional certification to confirm that a recent assessment of the liquidity of each funds holdings was conducted. All sub-advisers responded affirmatively, with Emerging Markets Fixed Income reporting an increased number of illiquid securities due to recent market conditions. |
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Acquired | ||||||||||||||||||||||
Capital Loss | Acquired Fund | |||||||||||||||||||||
Acquiring | Acquired | Total Net Assets of | Total Net Assets of | Carry forwards | Unrealized | Conversion | ||||||||||||||||
Fund | Fund | Acquired Fund (000’s) | Acquiring Fund (000’s) | (000’s) | Depreciation (000’s) | Ratio | ||||||||||||||||
Index Plus International Equity | ING International Equity Fund | $ | 128,431 | $ | 122,957 | $ | 13,594 | $ | 3,120 | 1.0243 |
169
Table of Contents
Value of | ||||||||
Securities | Value of | |||||||
Fund | Loaned | Collateral | ||||||
Global Equity Dividend | $ | 6,784,510 | $ | 7,031,111 | ||||
Global Real Estate | 143,983,741 | 136,229,615 | ||||||
Global Value Choice | 12,549,229 | 12,656,612 | ||||||
Emerging Countries | 11,598,481 | 12,022,302 | ||||||
Foreign | 6,888,038 | 7,449,055 | ||||||
International Growth Opportunities | 5,666,508 | 6,150,930 | ||||||
International SmallCap Multi-Manager | 6,608,433 | 6,972,221 | ||||||
International Value | 100,135,669 | 110,326,097 | ||||||
Russia | 31,708,315 | 32,130,516 |
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Table of Contents
Undistributed | Accumulated | |||||||||||||||
Paid-in | Net Investment Income | Net Realized | ||||||||||||||
Capital | On Investments | Gains / (Losses) | ||||||||||||||
Global Equity Dividend | $ | 356,453 | $ | (1,761,590 | ) | $ | 1,405,137 | |||||||||
Global Natural Resources | 2,046,139 | 131,573 | (2,177,712 | ) | ||||||||||||
Global Real Estate(1) | 4,315,681 | (3,362,388 | ) | (953,293 | ) | |||||||||||
Global Value Choice | (405,632 | ) | (90,646 | ) | 496,278 | |||||||||||
Asia-Pacific Real Estate | (4,655 | ) | (6,224 | ) | 10,879 | |||||||||||
Disciplined International SmallCap | (21,851 | ) | 934,000 | (912,149 | ) | |||||||||||
Emerging Countries | (3,321,808 | ) | (1,129,940 | ) | 4,451,748 | |||||||||||
European Real Estate | (4,858 | ) | 94,830 | (89,972 | ) | |||||||||||
Foreign | (483,610 | ) | (14,563,309 | ) | 15,046,919 | |||||||||||
Greater China | 704,722 | 1,664,981 | (2,369,703 | ) | ||||||||||||
Index Plus International Equity | — | (771,486 | ) | 771,486 | ||||||||||||
International Capital Appreciation | — | (245,490 | ) | 245,490 | ||||||||||||
International Equity Dividend | (765 | ) | (231,071 | ) | 231,836 | |||||||||||
International Growth Opportunities | (1,838,680 | ) | (189,709 | ) | 2,028,389 | |||||||||||
International Real Estate | (12 | ) | (11,293,074 | ) | 11,293,086 | |||||||||||
International SmallCap Multi-Manager | 2 | (761,262 | ) | 761,260 | ||||||||||||
International Value | 261,128,276 | (13,018,757 | ) | (248,109,519 | ) | |||||||||||
International Value Choice | — | 60,962 | (60,962 | ) | ||||||||||||
Russia | 78,258,958 | 4,900,253 | (83,159,211 | ) | ||||||||||||
Emerging Markets Fixed Income | — | (5,025,526 | ) | 5,025,526 | ||||||||||||
Global Bond | — | 2,136,010 | (2,136,010 | ) | ||||||||||||
Diversified International | — | 20,954,760 | (20,954,760 | ) |
(1) | As of the Fund’s tax year ended December 31, 2007. |
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Year Ended October 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||||||||||
Dividends Paid | Dividends Paid | |||||||||||||||||||||||||||
Ordinary | Long-Term | Return of | Deduction on | Ordinary | Long-Term | Deduction on | ||||||||||||||||||||||
Income | Capital Gains | Capital | Redemptions | Income | Capital Gains | Redemptions | ||||||||||||||||||||||
Global Equity Dividend | $ | 16,829,413 | $ | 20,212,116 | $ | 987,059 | $ | — | $ | 18,796,716 | $ | 3,818,557 | $ | 362,377 | ||||||||||||||
Global Natural Resources | 20,465,025 | 7,709,284 | — | 2,046,138 | 2,937,873 | 3,999,909 | — | |||||||||||||||||||||
Global Real Estate(1) | 54,457,206 | 3,823,017 | — | 4,315,681 | 51,930,847 | 8,533,607 | — | |||||||||||||||||||||
Global Value Choice | 453,191 | — | — | — | — | — | — | |||||||||||||||||||||
Asia-Pacific Real Estate | 68,616 | — | — | — | — | — | — | |||||||||||||||||||||
Disciplined International SmallCap | 10,885,408 | — | — | — | — | — | — | |||||||||||||||||||||
Emerging Countries | 3,353,946 | 8,984,526 | — | — | 2,943,119 | — | — | |||||||||||||||||||||
European Real Estate | 77,180 | — | — | — | — | — | — | |||||||||||||||||||||
Foreign | 4,162,876 | 40,260,324 | — | — | 5,017,181 | 12,877,280 | — | |||||||||||||||||||||
Greater China | 6,807,369 | 1,427,245 | — | 704,722 | 143,130 | — | — | |||||||||||||||||||||
Index Plus International Equity | 11,803,802 | 2,716,188 | — | — | 3,219,136 | — | — | |||||||||||||||||||||
International Capital Appreciation | 5,739,016 | 1,233,537 | — | — | 1,644,836 | — | — | |||||||||||||||||||||
International Equity Dividend | 2,583,013 | — | 197,865 | — | — | — | — | |||||||||||||||||||||
International Growth Opportunities | 10,559,321 | 10,794,409 | — | — | 3,156,568 | 9,769,639 | — | |||||||||||||||||||||
International Real Estate | 18,504,346 | — | 9,785,496 | — | 5,257,673 | — | — | |||||||||||||||||||||
International SmallCap Multi-Manager | 78,413,094 | 66,294,175 | — | — | 3,451,506 | — | — | |||||||||||||||||||||
International Value | 169,348,535 | 657,984,681 | — | 122,133,081 | 122,228,627 | 402,826,028 | 83,732,774 | |||||||||||||||||||||
International Value Choice | 4,885,936 | 7,696,698 | — | — | 1,154,606 | 379,371 | — | |||||||||||||||||||||
Russia | — | 137,654,710 | — | 54,251,300 | — | 43,574,710 | 23,691,103 | |||||||||||||||||||||
Emerging Markets Fixed Income | 14,743,967 | — | 5,503,726 | — | 7,701,124 | — | — | |||||||||||||||||||||
Global Bond | 4,587,274 | — | — | — | 1,570,829 | 8,117 | — | |||||||||||||||||||||
Diversified International | 11,317,059 | 1,925,350 | — | — | 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, 2007. |
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Undistributed | Undistributed | Unrealized | Post-October | Post-October | ||||||||||||||||||||||||
Ordinary | Long-Term | Appreciation/ | Capital Loss | PFIC Loss | Capital Loss | Expiration | ||||||||||||||||||||||
Income | Capital Gains | (Depreciation) | Deferred | Deferred | Carryforwards | Dates | ||||||||||||||||||||||
Global Equity Dividend | $ | — | $ | — | $ | (81,657,462 | ) | $ | — | $ | — | $ | (24,895,240 | ) | 2016 | |||||||||||||
Global Natural Resources | — | 5,302,516 | (38,744,976 | ) | — | — | — | — | ||||||||||||||||||||
Global Real Estate(1) | — | 1,490,719 | (613,765,103 | ) | (13,204,478 | ) | (35,512,284 | ) | — | — | ||||||||||||||||||
Global Value Choice | — | — | (40,890,857 | ) | — | — | (60,707,345 | ) | 2009 | |||||||||||||||||||
(81,779,077 | ) | 2010 | ||||||||||||||||||||||||||
(6,183,953 | ) | 2011 | ||||||||||||||||||||||||||
$ | (148,670,375 | ) | ||||||||||||||||||||||||||
Asia-Pacific Real Estate | 10,095 | — | (4,117,756 | ) | — | — | (1,331,831 | ) | 2016 | |||||||||||||||||||
Disciplined International SmallCap | 7,938,474 | — | (146,070,521 | ) | — | — | (73,249,417 | ) | 2016 | |||||||||||||||||||
Emerging Countries | 2,746,170 | — | (64,756,716 | ) | — | — | (53,090,356 | ) | 2016 | |||||||||||||||||||
European Real Estate | 95,760 | — | (2,067,073 | ) | — | — | (872,339 | ) | 2016 | |||||||||||||||||||
Foreign | 10,422,707 | — | (70,517,583 | ) | — | — | (72,680,314 | ) | 2016 | |||||||||||||||||||
Greater China | 1,754,292 | 255,507 | (15,228,755 | ) | — | — | — | — | ||||||||||||||||||||
Index Plus International Equity | 4,340,365 | — | (66,977,435 | ) | — | — | (37,732,800 | ) | 2016 | |||||||||||||||||||
International Capital Appreciation | 1,054,798 | — | (38,079,789 | ) | — | — | (6,257,099 | ) | 2016 | |||||||||||||||||||
International Equity Dividend | — | — | (21,245,454 | ) | — | — | (9,689,793 | ) | 2016 | |||||||||||||||||||
International Growth Opportunities | 187,257 | — | (52,137,198 | ) | — | — | (4,921,856 | ) | 2016 | |||||||||||||||||||
International Real Estate | — | — | (276,937,528 | ) | — | — | (26,312 | ) | 2014 | |||||||||||||||||||
(2,515,843 | ) | 2015 | ||||||||||||||||||||||||||
(68,924,625 | ) | 2016 | ||||||||||||||||||||||||||
$ | (71,466,780 | ) | ||||||||||||||||||||||||||
International SmallCap Multi-Manager | 10,691,669 | — | (304,493,075 | ) | — | — | (153,055,822 | ) | 2016 | |||||||||||||||||||
International Value | 94,762,532 | 257,239,139 | (1,228,441,276 | ) | — | — | — | — | ||||||||||||||||||||
International Value Choice | 568,651 | — | (28,080,682 | ) | — | — | (195,990 | ) | 2016 | |||||||||||||||||||
Russia | — | 82,386,197 | (227,135,851 | ) | — | — | — | — | ||||||||||||||||||||
Emerging Markets Fixed Income | — | — | (98,866,204 | ) | — | — | (593,649 | ) | 2015 | |||||||||||||||||||
(7,586,987 | ) | 2016 | ||||||||||||||||||||||||||
$ | (8,180,636 | ) | ||||||||||||||||||||||||||
Global Bond | 1,841,225 | — | (7,192,635 | ) | — | — | — | — | ||||||||||||||||||||
Diversified International | 20,777,313 | — | (190,744,358 | ) | — | — | (28,060,058 | ) | 2016 |
(1) | As of the Fund’s tax year ended December 31, 2007. |
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174
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Net Investment | Short-Term | Long-Term | Payable | Record | ||||||||||||||||
Income | Capital Gains | Capital Gains | Date | Date | ||||||||||||||||
International Value | ||||||||||||||||||||
Class A | $ | 0.3445 | $ | 0.1686 | $ | 1.2129 | November 5, 2008 | October 31, 2008 | ||||||||||||
Class B | $ | 0.1618 | $ | 0.1686 | $ | 1.2129 | November 5, 2008 | October 31, 2008 | ||||||||||||
Class C | $ | 0.2302 | $ | 0.1686 | $ | 1.2129 | November 5, 2008 | October 31, 2008 | ||||||||||||
Class I | $ | 0.4094 | $ | 0.1686 | $ | 1.2129 | November 5, 2008 | October 31, 2008 | ||||||||||||
Class Q | $ | 0.4124 | $ | 0.1686 | $ | 1.2129 | November 5, 2008 | October 31, 2008 | ||||||||||||
Russia | ||||||||||||||||||||
Class A | $ | — | $ | — | $ | 8.0810 | November 5, 2008 | October 31, 2008 | ||||||||||||
Emerging Markets Fixed Income | ||||||||||||||||||||
Class A | $ | 0.0300 | $ | — | $ | — | November 5, 2008 | October 31, 2008 | ||||||||||||
Class B | $ | 0.0256 | $ | — | $ | — | November 5, 2008 | October 31, 2008 | ||||||||||||
Class C | $ | 0.0256 | $ | — | $ | — | November 5, 2008 | October 31, 2008 | ||||||||||||
Class I | $ | 0.0327 | $ | — | $ | — | November 5, 2008 | October 31, 2008 | ||||||||||||
Class A | $ | 0.0060 | $ | — | $ | — | December 3, 2008 | November 28, 2008 | ||||||||||||
Class B | $ | 0.0021 | $ | — | $ | — | December 3, 2008 | November 28, 2008 | ||||||||||||
Class C | $ | 0.0020 | $ | — | $ | — | December 3, 2008 | November 28, 2008 | ||||||||||||
Class I | $ | 0.0085 | $ | — | $ | — | December 3, 2008 | November 28, 2008 | ||||||||||||
Global Bond | ||||||||||||||||||||
Class A | $ | 0.0025 | $ | — | $ | — | December 1, 2008 | Daily | ||||||||||||
Class B | $ | — | $ | — | $ | — | December 1, 2008 | Daily | ||||||||||||
Class C | $ | — | $ | — | $ | — | December 1, 2008 | Daily | ||||||||||||
Class I | $ | 0.0132 | $ | — | $ | — | December 1, 2008 | Daily | ||||||||||||
Class O | $ | 0.0112 | $ | — | $ | — | December 1, 2008 | Daily |
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• | ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the SEC. ING Investments reported to the Boards that the indemnification commitments made by ING Funds related to mutual fund trading have been settled and restitution amounts prepared by an independent consultant have been paid to the affected ING Funds. The net aggregate settlement amounts received by the Funds on December 17, 2008 are as follows: |
Emerging Countries | $ | 437,763 | ||
International Growth Opportunities | $ | 194,530 | ||
International SmallCap Multi-Manager | $ | 1,028,303 | ||
International Value | $ | 55,278 |
• | ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements. |
176
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Shares | Value | |||||||||||||
COMMON STOCK: 95.1% | ||||||||||||||
Australia: 6.4% | ||||||||||||||
125,793 | Australia & New Zealand Banking Group Ltd. | $ | 1,474,608 | |||||||||||
163,045 | Crown Ltd. | 729,694 | ||||||||||||
426,341 | Foster’s Group Ltd. | 1,629,812 | ||||||||||||
633,732 | Insurance Australia Group | 1,605,322 | ||||||||||||
534,026 | Macquarie Airports Management Ltd. | 759,478 | ||||||||||||
196,563 | Suncorp-Metway Ltd. | 1,058,134 | ||||||||||||
173,761 | TABCORP Holdings Ltd. | 796,628 | ||||||||||||
102,717 | Wesfarmers Ltd. | 1,476,203 | ||||||||||||
9,529,879 | ||||||||||||||
Belgium: 1.5% | ||||||||||||||
43,307 | Belgacom SA | 1,481,732 | ||||||||||||
25,304 | Elia System Operator SA | 791,265 | ||||||||||||
2,272,997 | ||||||||||||||
Bermuda: 0.5% | ||||||||||||||
175,860 | Hiscox Ltd. | 696,845 | ||||||||||||
696,845 | ||||||||||||||
Brazil: 0.5% | ||||||||||||||
56,975 | Tele Norte Leste Participacoes SA ADR | 773,721 | ||||||||||||
773,721 | ||||||||||||||
Canada: 3.6% | ||||||||||||||
48,806 | @,# | Bell Aliant Regional Communications Income Fund | 972,232 | |||||||||||
35,716 | Enerplus Resources Fund | 953,974 | ||||||||||||
145,951 | Precision Drilling Trust | 1,574,183 | ||||||||||||
61,994 | TransCanada Corp. | 1,873,244 | ||||||||||||
5,373,633 | ||||||||||||||
Finland: 0.4% | ||||||||||||||
42,721 | Nokia OYJ | 654,409 | ||||||||||||
654,409 | ||||||||||||||
France: 9.9% | ||||||||||||||
41,102 | Accor SA | 1,599,088 | ||||||||||||
30,605 | BNP Paribas | 2,209,723 | ||||||||||||
39,414 | Bouygues SA | 1,678,261 | ||||||||||||
60,590 | France Telecom SA | 1,527,813 | ||||||||||||
23,570 | Sanofi-Aventis | 1,493,328 | ||||||||||||
42,023 | Total SA | 2,311,831 | ||||||||||||
46,504 | Vinci SA | 1,673,557 | ||||||||||||
86,183 | Vivendi | 2,252,748 | ||||||||||||
14,746,349 | ||||||||||||||
Germany: 2.0% | ||||||||||||||
45,340 | E.ON AG | 1,735,201 | ||||||||||||
9,607 | Muenchener Rueckversicherungs AG | 1,272,631 | ||||||||||||
3,007,832 | ||||||||||||||
Hungary: 1.1% | ||||||||||||||
99,007 | L | Magyar Telekom Telecommunications PLC ADR | 1,574,211 | |||||||||||
1,574,211 | ||||||||||||||
Ireland: 1.0% | ||||||||||||||
213,586 | Allied Irish Banks PLC | 1,155,554 | ||||||||||||
87,499 | Irish Life & Permanent PLC | 272,510 | ||||||||||||
1,428,064 | ||||||||||||||
Israel: 0.6% | ||||||||||||||
418,199 | Bank Hapoalim BM | 946,977 | ||||||||||||
946,977 | ||||||||||||||
Italy: 8.4% | ||||||||||||||
44,411 | Banche Popolari Unite Scpa | 749,219 | ||||||||||||
252,930 | Enel S.p.A. | 1,692,167 | ||||||||||||
105,576 | ENI S.p.A. | 2,519,905 | ||||||||||||
566,258 | Intesa Sanpaolo S.p.A. | 2,072,444 | ||||||||||||
99,564 | Italcementi S.p.A. RNC | 692,818 | ||||||||||||
326,810 | Mediaset S.p.A. | 1,775,554 | ||||||||||||
284,395 | Snam Rete Gas S.p.A. | 1,439,650 | ||||||||||||
1,862,599 | Telecom Italia S.p.A. RNC | 1,567,423 | ||||||||||||
12,509,180 | ||||||||||||||
Japan: 0.8% | ||||||||||||||
3,600 | Nintendo Co., Ltd. | 1,156,710 | ||||||||||||
1,156,710 | ||||||||||||||
Netherlands: 2.9% | ||||||||||||||
20,620 | Akzo Nobel NV | 857,092 | ||||||||||||
42,892 | Randstad Holdings NV | 833,724 | ||||||||||||
53,024 | @ | Royal Dutch Shell PLC | 1,469,665 | |||||||||||
45,484 | Unilever NV | 1,096,141 | ||||||||||||
4,256,622 | ||||||||||||||
New Zealand: 0.5% | ||||||||||||||
532,404 | Telecom Corp. of New Zealand Ltd. | 721,683 | ||||||||||||
721,683 | ||||||||||||||
Poland: 1.1% | ||||||||||||||
218,205 | Telekomunikacja Polska SA | 1,648,794 | ||||||||||||
1,648,794 | ||||||||||||||
Singapore: 0.6% | ||||||||||||||
116,000 | DBS Group Holdings Ltd. | 885,485 | ||||||||||||
885,485 | ||||||||||||||
South Korea: 1.1% | ||||||||||||||
56,943 | L | KT Corp. ADR | 714,635 | |||||||||||
17,771 | S-Oil Corp. | 900,386 | ||||||||||||
1,615,021 | ||||||||||||||
Spain: 3.3% | ||||||||||||||
138,106 | Banco Bilbao Vizcaya Argentaria SA | 1,602,903 | ||||||||||||
179,912 | Banco Santander Central Hispano SA | 1,945,778 | ||||||||||||
74,907 | Telefonica SA | 1,386,899 | ||||||||||||
4,935,580 | ||||||||||||||
Sweden: 1.7% | ||||||||||||||
191,807 | Svenska Cellulosa AB — B Shares | 1,416,379 | ||||||||||||
125,094 | L | Swedbank AB | 1,033,767 | |||||||||||
2,450,146 | ||||||||||||||
Taiwan: 1.1% | ||||||||||||||
206,331 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,704,294 | ||||||||||||
1,704,294 | ||||||||||||||
Thailand: 0.5% | ||||||||||||||
250,100 | Siam Cement PCL | 756,463 | ||||||||||||
756,463 | ||||||||||||||
United Kingdom: 12.6% | ||||||||||||||
35,231 | AstraZeneca PLC | 1,493,035 | ||||||||||||
297,490 | Aviva PLC | 1,774,529 | ||||||||||||
463,398 | BBA Aviation PLC | 594,618 | ||||||||||||
284,434 | BP PLC | 2,318,565 | ||||||||||||
61,040 | British American Tobacco PLC | 1,674,283 | ||||||||||||
1,029,728 | Cattles PLC | 549,194 | ||||||||||||
46,844 | Diageo PLC | 714,863 | ||||||||||||
104,644 | GlaxoSmithKline PLC | 2,011,670 | ||||||||||||
123,908 | HSBC Holdings PLC | 1,467,592 |
177
Table of Contents
Shares | Value | |||||||||||||
United Kingdom (continued) | ||||||||||||||
1,210,440 | Legal & General Group PLC | $ | 1,392,116 | |||||||||||
196,763 | Marks & Spencer Group PLC | 697,556 | ||||||||||||
193,255 | Tate & Lyle PLC | 1,148,897 | ||||||||||||
130,467 | United Utilities Group PLC | 1,473,232 | ||||||||||||
761,195 | Vodafone Group PLC | 1,464,321 | ||||||||||||
18,774,471 | ||||||||||||||
United States: 33.0% | ||||||||||||||
52,129 | AGL Resources, Inc. | 1,584,722 | ||||||||||||
41,130 | Altria Group, Inc. | 789,285 | ||||||||||||
45,517 | L | Ameren Corp. | 1,477,027 | |||||||||||
33,484 | Arthur J. Gallagher & Co. | 815,670 | ||||||||||||
53,803 | AT&T, Inc. | 1,440,306 | ||||||||||||
95,879 | Bank of America Corp. | 2,317,395 | ||||||||||||
91,915 | Bristol-Myers Squibb Co. | 1,888,853 | ||||||||||||
29,253 | L | Carnival Corp. | 743,026 | |||||||||||
147,457 | Citigroup, Inc. | 2,012,788 | ||||||||||||
35,739 | Coca-Cola Co. | 1,574,660 | ||||||||||||
32,988 | Consolidated Edison, Inc. | 1,429,040 | ||||||||||||
59,451 | Dow Chemical Co. | 1,585,558 | ||||||||||||
41,739 | Duke Energy Corp. | 683,685 | ||||||||||||
35,335 | EI Du Pont de Nemours & Co. | 1,130,720 | ||||||||||||
13,641 | Exelon Corp. | 739,888 | ||||||||||||
111,862 | L | Fifth Third Bancorp. | 1,213,703 | |||||||||||
59,833 | Foot Locker, Inc. | 874,758 | ||||||||||||
117,387 | L | General Electric Co. | 2,290,220 | |||||||||||
35,697 | L | Home Depot, Inc. | 842,092 | |||||||||||
12,628 | Kinder Morgan Energy Partners LP | 682,543 | ||||||||||||
58,496 | Kraft Foods, Inc. | 1,704,573 | ||||||||||||
89,070 | L | Leggett & Platt, Inc. | 1,546,255 | |||||||||||
72,162 | Macy’s, Inc. | 886,871 | ||||||||||||
114,376 | L | Masco Corp. | 1,160,916 | |||||||||||
46,524 | MeadWestvaco Corp. | 652,732 | ||||||||||||
48,929 | Merck & Co., Inc. | 1,514,353 | ||||||||||||
51,861 | Newell Rubbermaid, Inc. | 713,089 | ||||||||||||
108,811 | NiSource, Inc. | 1,410,191 | ||||||||||||
120,097 | Pfizer, Inc. | 2,126,918 | ||||||||||||
36,509 | Philip Morris International, Inc. | 1,587,046 | ||||||||||||
28,646 | Reynolds American, Inc. | 1,402,508 | ||||||||||||
158,843 | L | Sara Lee Corp. | 1,775,865 | |||||||||||
87,914 | Seagate Technology, Inc. | 595,178 | ||||||||||||
46,605 | Southern Co. | 1,600,416 | ||||||||||||
46,047 | Spectra Energy Corp. | 890,089 | ||||||||||||
27,952 | Sunoco, Inc. | 852,536 | ||||||||||||
45,533 | US Bancorp. | 1,357,339 | ||||||||||||
19,659 | UST, Inc. | 1,328,752 | ||||||||||||
49,221,566 | ||||||||||||||
Total Common Stock (Cost $214,327,058 ) | 141,640,932 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 2.0% | ||||||||||||||
Australia: 0.5% | ||||||||||||||
74,151 | Westfield Group | 818,977 | ||||||||||||
818,977 | ||||||||||||||
Germany: 0.1% | ||||||||||||||
22,502 | Alstria Office AG | 143,886 | ||||||||||||
143,886 | ||||||||||||||
Netherlands: 0.5% | ||||||||||||||
12,736 | Corio NV | 680,609 | ||||||||||||
680,609 | ||||||||||||||
United States: 0.9% | ||||||||||||||
51,122 | Duke Realty Corp. | 721,331 | ||||||||||||
21,017 | L | Rayonier, Inc. | 695,242 | |||||||||||
1,416,573 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $5,260,908 ) | 3,060,045 | |||||||||||||
Total Long-Term Investments (Cost $219,587,966 ) | 144,700,977 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 4.7% | ||||||||||||||
Securities Lending Collateralcc: 4.7% | ||||||||||||||
$ | 7,140,453 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 7,031,111 | ||||||||||
Total Short-Term Investments (Cost $7,140,453) | 7,031,111 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $226,728,419)* | 101.8 | % | $ | 151,732,088 | ||||||||||
Other Assets and Liabilities - Net | (1.8 | ) | (2,748,143 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 148,983,945 | ||||||||||
@ | 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 October 31, 2008. | |
* | Cost for federal income tax purposes is $233,364,094. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 607,179 | ||
Gross Unrealized Depreciation | (82,239,185 | ) | ||
Net Unrealized Depreciation | $ | (81,632,006 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Aerospace/Defense | 0.4 | % | ||
Agriculture | 4.5 | |||
Banks | 15.8 | |||
Beverages | 2.6 | |||
Building Materials | 1.7 | |||
Chemicals | 2.4 | |||
Commercial Services | 0.6 | |||
Computers | 0.4 | |||
Diversified | 0.9 | |||
Diversified Financial Services | 0.5 | |||
Electric | 6.8 | |||
Engineering & Construction | 2.8 | |||
Entertainment | 0.5 | |||
Food | 3.8 | |||
Forest Products & Paper | 1.9 | |||
Gas | 3.0 | |||
Housewares | 0.5 | |||
Insurance | 5.1 | |||
Leisure Time | 0.5 | |||
Lodging | 1.6 | |||
Media | 2.7 | |||
Miscellaneous Manufacturing | 3.6 |
178
Table of Contents
Percentage of | ||||
Industry | Net Assets | |||
Office Property | 0.1 | % | ||
Oil & Gas | 8.7 | |||
Pharmaceuticals | 7.1 | |||
Pipelines | 2.3 | |||
Retail | 2.2 | |||
Semiconductors | 1.1 | |||
Shopping Centers | 0.5 | |||
Telecommunications | 10.7 | |||
Toys/Games/Hobbies | 0.8 | |||
Water | 1.0 | |||
Short-Term Investments | 4.7 | |||
Other Assets and Liabilities — Net | (1.8 | ) | ||
Net Assets | 100.0 | % | ||
179
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 97.3% | ||||||||||||||
Australia: 0.9% | ||||||||||||||
520,600 | Boart Longyear Group | $ | 151,049 | |||||||||||
333,200 | @ | Centamin Egypt Ltd. | 157,574 | |||||||||||
110,467 | @ | Sino Gold Ltd. | 254,439 | |||||||||||
161,081 | @ | White Energy Co., Ltd. | 210,180 | |||||||||||
773,242 | ||||||||||||||
Barbados: 0.9% | ||||||||||||||
53,645 | @ | Nabors Industries Ltd. | 771,415 | |||||||||||
771,415 | ||||||||||||||
Bermuda: 0.7% | ||||||||||||||
20,400 | Nordic American Tanker Shipping | 604,860 | ||||||||||||
604,860 | ||||||||||||||
Brazil: 0.4% | ||||||||||||||
11,300 | Petroleo Brasileiro SA ADR | 303,857 | ||||||||||||
303,857 | ||||||||||||||
Canada: 15.3% | ||||||||||||||
33,006 | Barrick Gold Corp. | 749,896 | ||||||||||||
23,160 | Canadian Natural Resources Ltd. | 1,170,043 | ||||||||||||
420,484 | @ | Catalyst Paper Corp. | 136,056 | |||||||||||
186,187 | @ | Consolidated Thompson Iron Mines Ltd. | 301,223 | |||||||||||
73,267 | @ | Eldorado Gold Corp. (Canadian Denominated Security) | 302,721 | |||||||||||
77,655 | Encana Corp. | 3,953,416 | ||||||||||||
250,983 | @ | European Goldfields Ltd. | 314,432 | |||||||||||
20,372 | GoldCorp, Inc. | 380,142 | ||||||||||||
68,624 | Iamgold Corp. | 226,459 | ||||||||||||
41,505 | Kinross Gold Corp. | 432,897 | ||||||||||||
43,027 | @ | MAG Silver Corp. | 178,134 | |||||||||||
21,268 | Major Drilling Group International | 291,326 | ||||||||||||
44,474 | Nexen, Inc. | 711,139 | ||||||||||||
135,723 | @ | Premier Gold Mines Ltd. | 182,420 | |||||||||||
189,116 | @,I | Shore Gold, Inc. | 98,849 | |||||||||||
24,137 | @ | Sino-Forest Corp. | 225,890 | |||||||||||
43,915 | Suncor Energy, Inc. | 1,050,447 | ||||||||||||
174,788 | Talisman Energy, Inc. | 1,761,863 | ||||||||||||
49,264 | @ | Viterra, Inc. | 312,677 | |||||||||||
12,780,030 | ||||||||||||||
France: 2.0% | ||||||||||||||
30,468 | Total SA ADR | 1,689,146 | ||||||||||||
1,689,146 | ||||||||||||||
Italy: 1.2% | ||||||||||||||
20,774 | ENI S.p.A. ADR | 998,191 | ||||||||||||
998,191 | ||||||||||||||
Netherlands: 3.4% | ||||||||||||||
51,836 | Royal Dutch Shell PLC ADR — Class A | 2,892,967 | ||||||||||||
2,892,967 | ||||||||||||||
United Kingdom: 1.0% | ||||||||||||||
11,077 | BP PLC ADR | 550,527 | ||||||||||||
8,567 | Randgold Resources Ltd. ADR | 265,663 | ||||||||||||
816,190 | ||||||||||||||
United States: 71.5% | ||||||||||||||
42,414 | Anadarko Petroleum Corp. | 1,497,214 | ||||||||||||
47,434 | Apache Corp. | 3,905,241 | ||||||||||||
18,503 | Arch Coal, Inc. | 396,149 | ||||||||||||
140,792 | BJ Services Co. | 1,809,177 | ||||||||||||
98,825 | Chevron Corp. | 7,372,344 | ||||||||||||
28,786 | Cimarex Energy Co. | 1,164,682 | ||||||||||||
79,104 | ConocoPhillips | 4,114,990 | ||||||||||||
12,065 | Consol Energy, Inc. | 378,720 | ||||||||||||
43,278 | Devon Energy Corp. | 3,499,459 | ||||||||||||
43,757 | Diana Shipping, Inc. | 727,679 | ||||||||||||
6,600 | EOG Resources, Inc. | 534,072 | ||||||||||||
135,328 | ExxonMobil Corp. | 10,030,511 | ||||||||||||
17,439 | Freeport-McMoRan Copper & Gold, Inc. | 507,475 | ||||||||||||
101,374 | Halliburton Co. | 2,006,191 | ||||||||||||
25,373 | Hess Corp. | 1,527,708 | ||||||||||||
108,558 | @ | Key Energy Services, Inc. | 673,060 | |||||||||||
102,116 | Marathon Oil Corp. | 2,971,576 | ||||||||||||
13,063 | Newmont Mining Corp. | 344,079 | ||||||||||||
69,067 | Occidental Petroleum Corp. | 3,835,981 | ||||||||||||
101,409 | Patterson-UTI Energy, Inc. | 1,345,697 | ||||||||||||
18,893 | Peabody Energy Corp. | 651,997 | ||||||||||||
81,388 | Schlumberger Ltd. | 4,203,693 | ||||||||||||
4,451 | Smith International, Inc. | 153,470 | ||||||||||||
15,431 | @ | Stone Energy Corp. | 468,177 | |||||||||||
12,760 | Sunoco, Inc. | 389,180 | ||||||||||||
36,770 | Tidewater, Inc. | 1,603,540 | ||||||||||||
32,603 | @ | Transocean, Inc. | 2,684,205 | |||||||||||
14,481 | W&T Offshore, Inc. | 277,601 | ||||||||||||
21,491 | XTO Energy, Inc. | 772,601 | ||||||||||||
59,846,469 | ||||||||||||||
Total Common Stock (Cost $118,132,510 ) | 81,476,367 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 2.3% | ||||||||||||||
Affiliated Mutual Fund: 2.3% | ||||||||||||||
$ | 1,950,000 | ING Institutional Prime Money Market Fund | $ | 1,950,000 | ||||||||||
Total Short-Term Investments (Cost $1,950,000) | 1,950,000 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $120,082,510)* | 99.6 | % | $ | 83,426,367 | ||||||||||
Other Assets and Liabilities - Net | 0.4 | 314,968 | ||||||||||||
Net Assets | 100.0 | % | $ | 83,741,335 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
I | Illiquid Security | |
* | Cost for federal income tax purposes is $122,144,747. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 62,534 | ||
Gross Unrealized Depreciation | (38,780,914 | ) | ||
Net Unrealized Depreciation | $ | (38,718,380 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Coal | 1.9 | % | ||
Engineering & Construction | 0.2 | |||
Forest Products & Paper | 0.4 | |||
Iron/Steel | 0.4 | |||
Mining | 5.6 | |||
Oil & Gas | 74.3 | |||
Oil & Gas Services | 10.6 | |||
Transportation | 3.9 | |||
Short-Term Investments | 2.3 | |||
Other Assets and Liabilities — Net | 0.4 | |||
Net Assets | 100.0 | % | ||
180
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 24.9% | ||||||||||||||
Brazil: 0.3% | ||||||||||||||
815,700 | @ | BR Malls Participacoes SA | $ | 3,012,047 | ||||||||||
322,500 | Brascan Residential Properties SA (Brazil) (Issuer: Merrill Lynch) | 459,970 | ||||||||||||
3,472,017 | ||||||||||||||
Canada: 0.2% | ||||||||||||||
266,900 | L | Brookfield Properties Co. (U.S. Denominated Security) | 2,693,021 | |||||||||||
2,693,021 | ||||||||||||||
Finland: 0.2% | ||||||||||||||
1,365,966 | L | Citycon OYJ | 3,237,386 | |||||||||||
3,237,386 | ||||||||||||||
Germany: 0.4% | ||||||||||||||
220,337 | Deutsche Euroshop AG | 5,646,326 | ||||||||||||
5,646,326 | ||||||||||||||
Hong Kong: 10.4% | ||||||||||||||
5,107,300 | Cheung Kong Holdings Ltd. | 49,037,869 | ||||||||||||
3,578,000 | Hang Lung Group Ltd. | 11,513,914 | ||||||||||||
6,053,000 | Hang Lung Properties Ltd. | 14,790,469 | ||||||||||||
2,476,700 | Hongkong Land Holdings Ltd. | 6,735,405 | ||||||||||||
2,279,000 | Hysan Development Co., Ltd. | 3,573,611 | ||||||||||||
1,331,800 | Kerry Properties Ltd. | 3,345,541 | ||||||||||||
8,681,700 | Sino Land Co. | 7,632,782 | ||||||||||||
3,482,200 | Sun Hung Kai Properties Ltd. | 30,507,915 | ||||||||||||
4,173,975 | Wharf Holdings Ltd. | 8,328,001 | ||||||||||||
135,465,507 | ||||||||||||||
India: 0.1% | ||||||||||||||
1,023,600 | @ | Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.) | 1,001,865 | |||||||||||
1,001,865 | ||||||||||||||
Japan: 10.8% | ||||||||||||||
227,300 | Aeon Mall Co., Ltd. | 5,611,101 | ||||||||||||
3,951,100 | Mitsubishi Estate Co., Ltd. | 70,579,884 | ||||||||||||
2,633,600 | Mitsui Fudosan Co., Ltd. | 45,938,594 | ||||||||||||
2,648 | NTT Urban Development Corp. | 2,716,607 | ||||||||||||
937,200 | Sumitomo Realty & Development Co., Ltd. | 15,269,653 | ||||||||||||
140,115,839 | ||||||||||||||
Singapore: 0.7% | ||||||||||||||
4,555,400 | CapitaLand Ltd. | 9,129,780 | ||||||||||||
9,129,780 | ||||||||||||||
Sweden: 0.7% | ||||||||||||||
530,700 | Castellum AB | 3,602,564 | ||||||||||||
971,656 | Hufvudstaden AB | 6,142,272 | ||||||||||||
9,744,836 | ||||||||||||||
Switzerland: 0.7% | ||||||||||||||
197,530 | @ | PSP Swiss Property AG | 8,546,181 | |||||||||||
8,546,181 | ||||||||||||||
United Kingdom: 0.4% | ||||||||||||||
3,353,865 | I | Safestore Holdings Ltd. | 5,023,489 | |||||||||||
5,023,489 | ||||||||||||||
Total Common Stock (Cost $465,169,602) | 324,076,247 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 71.7% | ||||||||||||||
Australia: 8.7% | ||||||||||||||
7,263,300 | CFS Retail Property Trust | 9,770,099 | ||||||||||||
4,124,400 | Commonwealth Property Office Fund | 3,644,548 | ||||||||||||
9,171,200 | DB Rreef Trust | 4,570,406 | ||||||||||||
4,883,600 | GPT Group | 2,443,952 | ||||||||||||
992,465 | Macquarie CountryWide Trust | 158,637 | ||||||||||||
2,319,031 | Macquarie Goodman Group | 1,463,130 | ||||||||||||
2,237,600 | X | Mirvac Group | 1,464,690 | |||||||||||
4,267,800 | Stockland | 11,476,448 | ||||||||||||
7,101,754 | Westfield Group | 78,436,930 | ||||||||||||
113,428,840 | ||||||||||||||
Belgium: 0.3% | ||||||||||||||
35,514 | Cofinimmo | 4,425,391 | ||||||||||||
4,425,391 | ||||||||||||||
Canada: 1.6% | ||||||||||||||
295,000 | @,# | Calloway Real Estate Investment Trust | 3,610,098 | |||||||||||
193,078 | Canadian Real Estate Investment Trust | 4,156,952 | ||||||||||||
932,900 | RioCan Real Estate Investment Trust | 13,010,909 | ||||||||||||
20,777,959 | ||||||||||||||
France: 5.9% | ||||||||||||||
113,789 | Klepierre | 2,620,996 | ||||||||||||
441,219 | L | Mercialys | 14,369,384 | |||||||||||
38,013 | Societe Immobiliere de Location pour l’Industrie et le Commerce | 3,388,562 | ||||||||||||
375,396 | Unibail | 56,303,706 | ||||||||||||
76,682,648 | ||||||||||||||
Hong Kong: 1.4% | ||||||||||||||
10,171,500 | Link Real Estate Investment Trust | 18,186,803 | ||||||||||||
18,186,803 | ||||||||||||||
Japan: 4.9% | ||||||||||||||
462 | Japan Logistics Fund, Inc. | 2,920,583 | ||||||||||||
3,110 | Japan Real Estate Investment Corp. | 27,539,360 | ||||||||||||
894 | Japan Retail Fund Investment Corp. | 3,228,768 | ||||||||||||
1,126 | Kenedix Realty Investment Corp. | 1,631,984 | ||||||||||||
331 | Nippon Accommodations Fund, Inc. | 1,621,661 | ||||||||||||
2,722 | Nippon Building Fund, Inc. | 26,155,671 | ||||||||||||
63,098,027 | ||||||||||||||
Netherlands: 2.3% | ||||||||||||||
399,070 | Corio NV | 21,326,218 | ||||||||||||
153,123 | Eurocommercial Properties NV | 5,070,627 | ||||||||||||
46,178 | Wereldhave NV | 3,838,106 | ||||||||||||
30,234,951 | ||||||||||||||
Singapore: 1.4% | ||||||||||||||
5,854,400 | @ | Ascendas Real Estate Investment Trust | 6,514,641 | |||||||||||
7,297,948 | @ | CapitaMall Trust | 9,677,866 | |||||||||||
3,605,600 | @ | Macquarie MEAG Prime Real Estate Investment Trust | 1,274,778 | |||||||||||
17,467,285 | ||||||||||||||
United Kingdom: 5.2% | ||||||||||||||
983,600 | British Land Co. PLC | 9,808,048 | ||||||||||||
387,128 | Brixton PLC | 1,041,296 |
181
Table of Contents
Shares | Value | |||||||||||||
United Kingdom (continued) | ||||||||||||||
169,330 | Derwent Valley Holdings PLC | $ | 1,983,279 | |||||||||||
696,596 | Great Portland Estates PLC | 3,102,006 | ||||||||||||
1,185,632 | Hammerson PLC | 13,665,011 | ||||||||||||
1,502,317 | Land Securities Group PLC | 26,667,214 | ||||||||||||
669,159 | Liberty International PLC | 7,445,480 | ||||||||||||
925,900 | Segro PLC | 4,180,015 | ||||||||||||
67,892,349 | ||||||||||||||
United States: 40.0% | ||||||||||||||
144,200 | Acadia Realty Trust | 2,605,694 | ||||||||||||
232,200 | AMB Property Corp. | 5,579,766 | ||||||||||||
211,610 | AvalonBay Communities, Inc. | 15,028,542 | ||||||||||||
276,200 | BioMed Realty Trust, Inc. | 3,880,610 | ||||||||||||
420,700 | L | Boston Properties, Inc. | 29,819,216 | |||||||||||
336,900 | L | BRE Properties, Inc. | 11,727,489 | |||||||||||
191,800 | L | Corporate Office Properties Trust SBI MD | 5,963,062 | |||||||||||
331,110 | L | Digital Realty Trust, Inc. | 11,085,563 | |||||||||||
392,100 | Douglas Emmett, Inc. | 5,920,710 | ||||||||||||
800,200 | L | Equity Residential | 27,950,986 | |||||||||||
151,800 | L | Essex Property Trust, Inc. | 14,770,140 | |||||||||||
322,300 | L | Extra Space Storage, Inc. | 3,709,673 | |||||||||||
575,600 | L | Federal Realty Investment Trust | 35,267,012 | |||||||||||
410,100 | L | General Growth Properties, Inc. | 1,697,814 | |||||||||||
501,500 | HCP, Inc. | 15,009,895 | ||||||||||||
410,400 | L | Health Care Real Estate Investment Trust, Inc. | 18,266,904 | |||||||||||
250,000 | Highwoods Properties, Inc. | 6,205,000 | ||||||||||||
232,800 | L | Home Properties, Inc. | 9,426,072 | |||||||||||
1,325,710 | L | Host Hotels & Resorts, Inc. | 13,707,841 | |||||||||||
615,400 | Kimco Realty Corp. | 13,895,732 | ||||||||||||
97,400 | LaSalle Hotel Properties | 1,371,392 | ||||||||||||
437,575 | Liberty Property Trust | 10,436,164 | ||||||||||||
518,300 | L | Macerich Co. | 15,248,386 | |||||||||||
630,900 | Nationwide Health Properties, Inc. | 18,826,056 | ||||||||||||
400,800 | Omega Healthcare Investors, Inc. | 6,040,056 | ||||||||||||
606,400 | Prologis | 8,489,600 | ||||||||||||
338,554 | Public Storage, Inc. | 27,592,151 | ||||||||||||
162,200 | L | Regency Centers Corp. | 6,400,412 | |||||||||||
962,250 | Simon Property Group, Inc. | 64,499,618 | ||||||||||||
96,300 | L | SL Green Realty Corp. | 4,048,452 | |||||||||||
363,900 | Tanger Factory Outlet Centers, Inc. | 13,162,263 | ||||||||||||
370,400 | L | Taubman Centers, Inc. | 12,304,688 | |||||||||||
748,000 | L | UDR, Inc. | 14,780,480 | |||||||||||
867,900 | L | Ventas, Inc. | 31,296,474 | |||||||||||
499,400 | L | Vornado Realty Trust | 35,232,670 | |||||||||||
521,246,583 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $1,311,909,624) | 933,440,836 | |||||||||||||
MUTUAL FUNDS: 0.1% | ||||||||||||||
Luxembourg: 0.1% | ||||||||||||||
338,640 | Prologis European Properties | 1,122,196 | ||||||||||||
1,122,196 | ||||||||||||||
United Kingdom: 0.0% | ||||||||||||||
1,266,400 | ** | ING UK Real Estate Income Trust Ltd. | 673,737 | |||||||||||
673,737 | ||||||||||||||
Total Mutual Funds (Cost $6,809,639) | 1,795,933 | |||||||||||||
Total Long-Term Investments (Cost $1,783,888,865) | 1,259,313,016 | |||||||||||||
SHORT-TERM INVESTMENTS: 16.9% | ||||||||||||||
Affiliated Mutual Fund: 6.4% | ||||||||||||||
83,965,902 | ** | ING Institutional Prime Money Market Fund | 83,965,902 | |||||||||||
Total Mutual Fund (Cost $83,965,902) | 83,965,902 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 10.5% | ||||||||||||||
$ | 138,652,357 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 136,229,615 | ||||||||||
Total Securities Lending Collateral (Cost $138,652,357) | 136,229,615 | |||||||||||||
Total Short-Term Investments (Cost $222,618,259) | 220,195,517 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $2,006,507,124)* | 113.6 | % | $ | 1,479,508,533 | ||||||||||
Other Assets and Liabilities - Net | (13.6 | ) | (177,550,452 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 1,301,958,081 | ||||||||||
@ | 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. | |
I | Illiquid Security | |
L | Loaned security, a portion or all of the security is on loan at October 31, 2008. | |
** | Investment in affiliate | |
X | Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees. | |
* | Cost for federal income tax purposes is $2,093,122,656. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 2,285,362 | ||
Gross Unrealized Depreciation | (615,899,485 | ) | ||
Net Unrealized Depreciation | $ | (613,614,123 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Apartments | 7.3 | % | ||
Closed-End Funds | 0.1 | |||
Diversified | 19.9 | |||
Engineering & Construction | 0.1 | |||
Health Care | 6.9 | |||
Holding Companies — Diversified | 0.6 | |||
Home Builders | 0.0 | |||
Hotels | 1.2 | |||
Office Property | 9.5 | |||
Real Estate | 23.8 | |||
Regional Malls | 7.2 | |||
Shopping Centers | 16.0 | |||
Storage | 2.4 | |||
Storage/Warehousing | 0.4 | |||
Warehouse/Industrial | 1.3 | |||
Short-Term Investments | 16.9 | |||
Other Assets and Liabilities — Net | (13.6 | ) | ||
Net Assets | 100.0 | % | ||
182
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 98.1% | ||||||||||||||
Australia: 1.2% | ||||||||||||||
53,600 | L | Alumina Ltd. ADR | $ | 306,592 | ||||||||||
313,300 | Minara Resources Ltd. | 216,128 | ||||||||||||
400,500 | @ | Mineral Deposits Ltd. | 157,639 | |||||||||||
222,400 | @ | Moto Goldmines Ltd. | 182,673 | |||||||||||
863,032 | ||||||||||||||
Brazil: 3.3% | ||||||||||||||
191,800 | L | Centrais Eletricas Brasileiras SA ADR — Class B | 2,114,883 | |||||||||||
11,700 | L | Cia de Saneamento Basico do Estado de Sao Paulo ADR | 269,100 | |||||||||||
2,383,983 | ||||||||||||||
Canada: 8.6% | ||||||||||||||
43,264 | @,L | AbitibiBowater, Inc. | 84,365 | |||||||||||
112,000 | Barrick Gold Corp. | 2,544,640 | ||||||||||||
100,600 | L | Cameco Corp. | 1,631,732 | |||||||||||
182,700 | @,L | Crystallex International Corp. | 71,253 | |||||||||||
302,000 | @ | Eastern Platinum Ltd. | 90,202 | |||||||||||
457,800 | @ | Gabriel Resources Ltd. | 474,778 | |||||||||||
50,100 | @,L | Ivanhoe Mines Ltd. | 133,767 | |||||||||||
71,100 | @ | Patheon, Inc. | 116,799 | |||||||||||
12,700 | L | Petro-Canada | 316,992 | |||||||||||
4,100 | @ | Rona, Inc. | 39,969 | |||||||||||
33,900 | Suncor Energy, Inc. | 810,888 | ||||||||||||
6,315,385 | ||||||||||||||
Cayman Islands: 0.3% | ||||||||||||||
152,500 | @,L | Apex Silver Mines Ltd. | 202,825 | |||||||||||
202,825 | ||||||||||||||
China: 0.8% | ||||||||||||||
7,320 | PetroChina Co., Ltd. ADR | 545,926 | ||||||||||||
545,926 | ||||||||||||||
Finland: 1.7% | ||||||||||||||
88,300 | UPM-Kymmene OYJ | 1,248,591 | ||||||||||||
1,248,591 | ||||||||||||||
France: 7.5% | ||||||||||||||
13,500 | Electricite de France | 811,128 | ||||||||||||
88,800 | Sanofi-Aventis ADR | 2,807,856 | ||||||||||||
5,050 | Technip SA | 151,223 | ||||||||||||
11,300 | Technip SA ADR | 342,390 | ||||||||||||
34,775 | Thales SA | 1,395,351 | ||||||||||||
5,507,948 | ||||||||||||||
India: 2.7% | ||||||||||||||
72,150 | L | ICICI Bank Ltd. ADR | 1,233,044 | |||||||||||
129,600 | L | Tata Motors Ltd. ADR | 758,160 | |||||||||||
1,991,204 | ||||||||||||||
Italy: 1.4% | ||||||||||||||
32,000 | ERG S.p.A. | 427,831 | ||||||||||||
737,600 | Telecom Italia S.p.A. RNC | 620,709 | ||||||||||||
1,048,540 | ||||||||||||||
Japan: 19.5% | ||||||||||||||
29,300 | Advantest Corp. | 420,988 | ||||||||||||
300 | Fields Corp. | 371,451 | ||||||||||||
5,800 | Hakuhodo DY Holdings, Inc. | 264,103 | ||||||||||||
42,400 | JS Group Corp. | 549,039 | ||||||||||||
35,000 | Kao Corp. | 1,023,456 | ||||||||||||
27,000 | Kissei Pharmaceutical Co., Ltd. | 615,725 | ||||||||||||
241,000 | Nippon Oil Corp. | 989,248 | ||||||||||||
163,000 | Nippon Telegraph & Telephone Corp. ADR | 3,317,050 | ||||||||||||
97,800 | Paramount Bed Co., Ltd. | 1,274,497 | ||||||||||||
202,000 | Sekisui House Ltd. | 2,025,564 | ||||||||||||
282,000 | Sumitomo Osaka Cement Co., Ltd. | 443,030 | ||||||||||||
120,000 | Sumitomo Trust & Banking Co., Ltd. | 555,729 | ||||||||||||
98,000 | Toppan Printing Co., Ltd. | 720,587 | ||||||||||||
21,000 | Toppan Printing Co., Ltd. ADR | 735,000 | ||||||||||||
33,100 | Toyo Seikan Kaisha Ltd. | 408,374 | ||||||||||||
452 | TV Asahi Corp. | 570,736 | ||||||||||||
14,284,577 | ||||||||||||||
Norway: 2.0% | ||||||||||||||
4,210,400 | @,L | Marine Harvest | 680,087 | |||||||||||
38,800 | L | Statoil ASA ADR | 779,880 | |||||||||||
1,459,967 | ||||||||||||||
Papua New Guinea: 1.4% | ||||||||||||||
820,004 | @ | Lihir Gold Ltd. | 1,023,181 | |||||||||||
1,023,181 | ||||||||||||||
South Africa: 6.0% | ||||||||||||||
161,665 | Anglogold Ashanti Ltd. ADR | 2,950,385 | ||||||||||||
208,700 | Gold Fields Ltd. | 1,452,867 | ||||||||||||
4,403,252 | ||||||||||||||
South Korea: 3.8% | ||||||||||||||
235,750 | L | Korea Electric Power Corp. ADR | 2,333,925 | |||||||||||
35,200 | L | KT Corp. ADR | 441,760 | |||||||||||
2,775,685 | ||||||||||||||
Switzerland: 3.7% | ||||||||||||||
56,800 | Addax Petroleum Corp. | 848,254 | ||||||||||||
111,500 | @,L | UBS AG — New | 1,884,350 | |||||||||||
2,732,604 | ||||||||||||||
Thailand: 0.6% | ||||||||||||||
3,897,200 | Krung Thai Bank PCL | 443,086 | ||||||||||||
443,086 | ||||||||||||||
Turkey: 0.6% | ||||||||||||||
35,600 | L | Turkcell Iletisim Hizmet AS ADR | 436,812 | |||||||||||
436,812 | ||||||||||||||
United Kingdom: 8.1% | ||||||||||||||
30,600 | L | AstraZeneca PLC ADR | 1,299,276 | |||||||||||
17,800 | BP PLC ADR | 884,660 | ||||||||||||
32,139 | @ | Lighthouse Caledonia ASA | 17,736 | |||||||||||
183,500 | Mondi PLC | 665,987 | ||||||||||||
209,100 | Stolt-Nielsen SA | 2,161,458 | ||||||||||||
46,200 | Vodafone Group PLC ADR | 890,274 | ||||||||||||
5,919,391 | ||||||||||||||
United States: 24.9% | ||||||||||||||
109,751 | @ | Allied Waste Industries, Inc. | 1,143,605 | |||||||||||
7,330 | @ | Amgen, Inc. | 438,994 | |||||||||||
56,600 | BJ Services Co. | 727,310 | ||||||||||||
252 | CA, Inc. | 4,486 | ||||||||||||
14,900 | ConocoPhillips | 775,098 | ||||||||||||
16,200 | Consol Energy, Inc. | 508,518 | ||||||||||||
96,425 | @ | eBay, Inc. | 1,472,410 | |||||||||||
34,300 | Idacorp, Inc. | 914,438 | ||||||||||||
45,825 | Microsoft Corp. | 1,023,272 | ||||||||||||
107,000 | L | Newmont Mining Corp. | 2,818,380 | |||||||||||
30,850 | Peabody Energy Corp. | 1,064,634 | ||||||||||||
142,600 | @,L | Smithfield Foods, Inc. | 1,500,152 | |||||||||||
394,600 | Sprint Nextel Corp. | 1,235,098 | ||||||||||||
43,000 | @ | Tech Data Corp. | 922,350 | |||||||||||
35,900 | L | Tesoro Petroleum Corp. | 347,153 | |||||||||||
201,200 | Tyson Foods, Inc. | 1,758,488 |
183
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Shares | Value | |||||||||||||
United States (continued) | ||||||||||||||
31,000 | @ | Viacom — Class B | $ | 626,820 | ||||||||||
28,000 | Wyeth | 901,040 | ||||||||||||
18,182,246 | ||||||||||||||
Total Common Stock (Cost $112,044,055 ) | 71,768,235 | |||||||||||||
SHORT-TERM INVESTMENTS: 19.8% | ||||||||||||||
Affiliated Mutual Fund: 2.1% | ||||||||||||||
1,521,276 | ING Institutional Prime Money Market Fund | 1,521,276 | ||||||||||||
Total Mutual Fund (Cost $1,521,276 ) | 1,521,276 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 17.3% | ||||||||||||||
$ | 12,910,571 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 12,656,612 | ||||||||||
Total Securities Lending Collateral (Cost $12,910,571) | 12,656,612 | |||||||||||||
Total Short-Term Investments (Cost $14,431,847) | 14,177,888 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $126,475,902)* | 117.5 | % | $ | 85,946,123 | ||||||||||
Other Assets and Liabilities - Net | (17.5 | ) | (12,784,012 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 73,162,111 | ||||||||||
@ | 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 October 31, 2008. | |
* | Cost for federal income tax purposes is $126,839,950. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 494,172 | ||
Gross Unrealized Depreciation | (41,387,999 | ) | ||
Net Unrealized Depreciation | $ | (40,893,827 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 0.4 | % | ||
Aerospace/Defense | 1.9 | |||
Auto Manufacturers | 1.0 | |||
Banks | 5.6 | |||
Biotechnology | 0.6 | |||
Building Materials | 1.4 | |||
Coal | 2.1 | |||
Commercial Services | 2.0 | |||
Cosmetics/Personal Care | 1.4 | |||
Distribution/Wholesale | 1.3 | |||
Electric | 8.4 | |||
Electronics | 0.6 | |||
Environmental Control | 1.6 | |||
Food | 5.4 | |||
Forest Products & Paper | 2.7 | |||
Healthcare — Products | 1.7 | |||
Home Builders | 2.8 | |||
Internet | 2.0 | |||
Leisure Time | 0.5 | |||
Media | 1.6 | |||
Mining | 19.5 | |||
Oil & Gas | 9.2 | |||
Oil & Gas Services | 1.7 | |||
Packaging & Containers | 0.6 | |||
Pharmaceuticals | 7.8 | |||
Retail | 0.1 | |||
Software | 1.4 | |||
Telecommunications | 9.5 | |||
Transportation | 2.9 | |||
Water | 0.4 | |||
Short-Term Investments | 19.4 | |||
Other Assets and Liabilities — Net | (17.5 | ) | ||
Net Assets | 100.0 | % | ||
184
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Shares | Value | |||||||||||||
COMMON STOCK: 61.5% | ||||||||||||||
Australia: 0.6% | ||||||||||||||
8,000 | Lend Lease Corp., Ltd. | $ | 37,018 | |||||||||||
37,018 | ||||||||||||||
Hong Kong: 27.7% | ||||||||||||||
61,600 | Cheung Kong Holdings Ltd. | 591,454 | ||||||||||||
38,000 | China Resources Land Ltd. | 38,465 | ||||||||||||
36,000 | Hang Lung Group Ltd. | 115,847 | ||||||||||||
95,000 | Hang Lung Properties Ltd. | 232,132 | ||||||||||||
21,900 | Henderson Land Development Co., Ltd. | 79,199 | ||||||||||||
49,600 | Hongkong Land Holdings Ltd. | 134,888 | ||||||||||||
14,000 | Hopewell Holdings | 43,527 | ||||||||||||
50,000 | Hysan Development Co., Ltd. | 78,403 | ||||||||||||
10,000 | Kerry Properties Ltd. | 25,120 | ||||||||||||
27,000 | Shun TAK Holdings Ltd. | 5,381 | ||||||||||||
72,000 | Sino Land Co. | 63,301 | ||||||||||||
48,400 | Sun Hung Kai Properties Ltd. | 424,037 | ||||||||||||
11,000 | Wharf Holdings Ltd. | 21,947 | ||||||||||||
1,853,701 | ||||||||||||||
Japan: 29.5% | ||||||||||||||
6,000 | Aeon Mall Co., Ltd. | 148,115 | ||||||||||||
47,100 | Mitsubishi Estate Co., Ltd. | 841,364 | ||||||||||||
36,900 | Mitsui Fudosan Co., Ltd. | 643,658 | ||||||||||||
98 | NTT Urban Development Corp. | 100,539 | ||||||||||||
15,000 | Sumitomo Realty & Development Co., Ltd. | 244,393 | ||||||||||||
1,978,069 | ||||||||||||||
Singapore: 3.7% | ||||||||||||||
89,000 | CapitaLand Ltd. | 178,371 | ||||||||||||
16,000 | City Developments Ltd. | 70,753 | ||||||||||||
249,124 | ||||||||||||||
Total Common Stock (Cost $6,095,063 ) | 4,117,912 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 44.3% | ||||||||||||||
Australia: 21.6% | ||||||||||||||
135,000 | CFS Retail Property Trust | 181,593 | ||||||||||||
91,000 | Commonwealth Property Office Fund | 80,413 | ||||||||||||
149,000 | Dexus Property Group | 74,253 | ||||||||||||
72,400 | GPT Group | 36,232 | ||||||||||||
41,300 | Macquarie Goodman Group | 26,057 | ||||||||||||
38,600 | Mirvac Group | 25,267 | ||||||||||||
68,000 | Stockland | 182,857 | ||||||||||||
76,000 | Westfield Group | 839,399 | ||||||||||||
1,446,071 | ||||||||||||||
Hong Kong: 2.7% | ||||||||||||||
100,000 | Link Real Estate Investment Trust | 178,802 | ||||||||||||
178,802 | ||||||||||||||
Japan: 14.4% | ||||||||||||||
14 | Frontier Real Estate Investment Corp. | 76,611 | ||||||||||||
12 | Fukuoka Real Estate Investment Trust Corp. | 47,160 | ||||||||||||
31 | Japan Real Estate Investment Corp. | 274,508 | ||||||||||||
8 | Nippon Accommodations Fund, Inc. | 39,194 | ||||||||||||
32 | Nippon Building Fund, Inc. | 307,488 | ||||||||||||
26 | Nomura Real Estate Office Fund, Inc. | 147,816 | ||||||||||||
12 | Tokyu Real Estate Investment Trust, Inc. | 69,141 | ||||||||||||
961,918 | ||||||||||||||
New Zealand: 1.3% | ||||||||||||||
141,000 | Kiwi Income Property Trust | 86,407 | ||||||||||||
86,407 | ||||||||||||||
Singapore: 4.3% | ||||||||||||||
106,000 | @ | Ascendas Real Estate Investment Trust | 117,954 | |||||||||||
59,000 | @ | CapitaCommercial Trust | 40,532 | |||||||||||
83,200 | @ | CapitaMall Trust | 110,332 | |||||||||||
68,000 | @ | Fortune Real Estate Investment Trust | 17,190 | |||||||||||
15,100 | @ | Macquarie MEAG Prime Real Estate Investment Trust | 5,339 | |||||||||||
291,347 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $4,404,656 ) | 2,964,545 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $10,499,719)* | 105.8 | % | $ | 7,082,457 | ||||||||||
Other Assets and Liabilities - Net | (5.8 | ) | (387,270 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 6,695,187 | ||||||||||
@ | Non-income producing security | |
* | Cost for federal income tax purposes is $11,201,251. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 200 | ||
Gross Unrealized Depreciation | (4,118,994 | ) | ||
Net Unrealized Depreciation | $ | (4,118,794 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Apartments | 0.6 | % | ||
Diversified | 9.5 | |||
Holding Companies — Diversified | 0.3 | |||
Lodging | 1.1 | |||
Office Property | 13.1 | |||
Real Estate | 60.1 | |||
Shopping Centers | 21.1 | |||
Other Assets and Liabilities — Net | (5.8 | ) | ||
Net Assets | 100.0 | % | ||
185
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 95.8% | ||||||||||||||
Australia: 4.5% | ||||||||||||||
165,303 | Ansell Ltd. | $ | 1,390,635 | |||||||||||
111,258 | Ausenco Ltd. | 322,900 | ||||||||||||
387,760 | Australian Infrastructure Fund | 420,187 | ||||||||||||
940,579 | @ | Australian Worldwide Exploration Ltd. | 1,571,162 | |||||||||||
1,211,604 | Challenger Financial Services Group Ltd. | 1,335,946 | ||||||||||||
85,584 | Computershare Ltd. | 483,850 | ||||||||||||
40,104 | Felix Resources Ltd. | 319,143 | ||||||||||||
30,862 | Flight Centre Ltd. | 288,887 | ||||||||||||
390,542 | Goodman Fielder Ltd. | 433,408 | ||||||||||||
411,083 | Incitec Pivot Ltd. | 1,102,124 | ||||||||||||
394,719 | Macmahon Holdings Ltd. | 191,579 | ||||||||||||
119,777 | Macquarie Media Group Ltd. | 100,127 | ||||||||||||
179,305 | Metcash Ltd. | 483,950 | ||||||||||||
31,003 | Monadelphous Group Ltd. | 166,016 | ||||||||||||
67,247 | @,X | Octaviar Ltd. | 6,256 | |||||||||||
1,635,809 | Pacific Brands Ltd. | 1,097,363 | ||||||||||||
255,543 | PMP Ltd. | 164,294 | ||||||||||||
9,877,827 | ||||||||||||||
Belgium: 1.8% | ||||||||||||||
5,010 | EVS Broadcast Equipment SA | 323,516 | ||||||||||||
52,413 | Omega Pharma SA | 1,930,566 | ||||||||||||
21,240 | @ | RHJ International | 114,965 | |||||||||||
29,905 | Tessenderlo Chemie NV | 1,183,016 | ||||||||||||
22,993 | Umicore | 411,191 | ||||||||||||
3,963,254 | ||||||||||||||
Bermuda: 1.4% | ||||||||||||||
461,235 | Catlin Group Ltd. | 2,577,449 | ||||||||||||
75,500 | @ | Global Sources Ltd. | 596,450 | |||||||||||
3,173,899 | ||||||||||||||
Canada: 6.9% | ||||||||||||||
49,400 | AGF Management Ltd. | 543,880 | ||||||||||||
11,900 | Astral Media Inc. | 275,162 | ||||||||||||
19,300 | Atco Ltd. | 629,936 | ||||||||||||
315,100 | @ | Celestica, Inc. | 1,524,129 | |||||||||||
68,300 | Chemtrade Logistics Income Fund | 633,530 | ||||||||||||
265,300 | Daylight Resources Trust | 1,738,878 | ||||||||||||
39,400 | Emera, Inc. | 701,832 | ||||||||||||
79,000 | Enerflex Systems Income Fund | 688,210 | ||||||||||||
44,400 | Energy Savings Income Fund | 449,415 | ||||||||||||
54,100 | Forzani Group Ltd. | 392,745 | ||||||||||||
237,900 | Gerdau AmeriSteel Corp. | 1,273,090 | ||||||||||||
75,400 | @ | Great Canadian Gaming Corp. | 312,785 | |||||||||||
1 | Harvest Energy Trust | 6 | ||||||||||||
120,400 | Jazz Air Income Fund | 424,542 | ||||||||||||
16,800 | Labrador Iron Ore Royalty Income Fund | 461,641 | ||||||||||||
18,000 | Laurentian Bank of Canada | 610,504 | ||||||||||||
12,800 | Northbridge Financial Corp. | 317,743 | ||||||||||||
385,500 | @ | Northgate Minerals Corp. | 246,275 | |||||||||||
69,800 | Russel Metals, Inc. | 1,253,771 | ||||||||||||
56,900 | Silvercorp Metals, Inc. | 110,467 | ||||||||||||
41,700 | Superior Plus Income Fund | 414,820 | ||||||||||||
73,800 | Teranet Income Fund | 581,681 | ||||||||||||
23,000 | Transcontinental, Inc. | 232,805 | ||||||||||||
53,700 | Trilogy Energy Trust | 269,547 | ||||||||||||
42,700 | Vermilion Energy Trust | 1,059,263 | ||||||||||||
15,146,657 | ||||||||||||||
Denmark: 0.0% | ||||||||||||||
8,650 | @ | Alm. Brand Skadesforsikring A/S | 117,241 | |||||||||||
117,241 | ||||||||||||||
Finland: 0.8% | ||||||||||||||
97,746 | KCI Konecranes OYJ | 1,661,048 | ||||||||||||
1,661,048 | ||||||||||||||
France: 9.8% | ||||||||||||||
36,694 | Accor SA | 1,427,593 | ||||||||||||
26,346 | Air France-KLM | 379,585 | ||||||||||||
243,083 | @ | Altran Technologies SA | 1,221,604 | |||||||||||
13,873 | Arkema | 317,530 | ||||||||||||
4,771 | Bacou Dalloz | 293,461 | ||||||||||||
8,081 | Capgemini SA | 260,368 | ||||||||||||
30,896 | @ | Compagnie Generale de Geophysique SA | 499,570 | |||||||||||
34,556 | Eurazeo | 2,080,496 | ||||||||||||
50,904 | @ | Eutelsat Communications | 1,092,566 | |||||||||||
590 | Generale de Sante | 6,194 | ||||||||||||
853,757 | Havas SA | 1,703,504 | ||||||||||||
61,802 | Ingenico | 965,219 | ||||||||||||
33,666 | IPSOS | 846,330 | ||||||||||||
21,316 | Lagardere SCA | 847,525 | ||||||||||||
45,056 | Legrand SA | 749,772 | ||||||||||||
28,187 | Nexans SA | 1,607,785 | ||||||||||||
24,041 | Remy Cointreau SA | 1,000,329 | ||||||||||||
188,579 | Safran SA | 2,393,363 | ||||||||||||
101,683 | Scor SA | 1,665,937 | ||||||||||||
26,967 | Sechilienne-Sidec | 1,035,434 | ||||||||||||
17,191 | Technip SA | 514,788 | ||||||||||||
2,604 | @ | UbiSoft Entertainment | 137,645 | |||||||||||
4,646 | Vilmorin & Cie | 453,970 | ||||||||||||
21,500,568 | ||||||||||||||
Germany: 7.5% | ||||||||||||||
148,714 | Aareal Bank AG | 1,199,479 | ||||||||||||
8,439 | Adidas AG | 288,987 | ||||||||||||
10,043 | Deutsche Beteiligungs AG | 133,592 | ||||||||||||
169,635 | Deutsche Lufthansa AG | 2,360,204 | ||||||||||||
47,222 | @ | Freenet AG | 284,876 | |||||||||||
147,998 | Gildemeister AG | 1,443,663 | ||||||||||||
62,162 | Hypo Real Estate Holding AG | 397,012 | ||||||||||||
72,411 | IWKA AG | 1,258,104 | ||||||||||||
30,088 | @ | Jenoptik AG | 182,391 | |||||||||||
1,450 | KWS Saat AG | 179,138 | ||||||||||||
25,085 | Leoni AG | 317,844 | ||||||||||||
42,093 | MAN AG | 2,044,267 | ||||||||||||
114,395 | Medion AG | 1,073,480 | ||||||||||||
8,695 | MVV Energie AG | 342,013 | ||||||||||||
70,204 | Norddeutsche Affinerie AG | 2,247,904 | ||||||||||||
23,583 | Salzgitter AG | 1,550,863 | ||||||||||||
9,611 | United Internet AG | 86,252 | ||||||||||||
9,685 | Wacker Chemie AG | 1,053,839 | ||||||||||||
16,443,908 | ||||||||||||||
Hong Kong: 2.0% | ||||||||||||||
380,000 | Great Eagle Holding Co. | 436,244 | ||||||||||||
2,597,000 | Henderson Investment Ltd. | 120,634 | ||||||||||||
482,400 | Hkr International Ltd. | 118,375 | ||||||||||||
277,500 | Hongkong & Shanghai Hotels | 262,109 | ||||||||||||
344,000 | Hopewell Holdings | 1,069,525 | ||||||||||||
736,000 | Hysan Development Co., Ltd. | 1,154,093 | ||||||||||||
43,500 | @ | Khd Humboldt Wedag International | 742,980 | |||||||||||
199,000 | Pacific Basin Shipping Ltd. | 106,554 | ||||||||||||
836,000 | Texwinca Holdings Ltd. | 390,701 | ||||||||||||
4,401,215 | ||||||||||||||
Ireland: 0.2% | ||||||||||||||
92,976 | United Drug PLC | 361,274 | ||||||||||||
361,274 | ||||||||||||||
Italy: 4.7% | ||||||||||||||
56,362 | Banca Popolare dell’Etruria e del Lazio | 369,697 | ||||||||||||
12,343 | Biesse S.p.A. | 79,500 |
186
Table of Contents
Shares | Value | |||||||||||||
Italy (continued) | ||||||||||||||
16,289 | Buzzi Unicem S.p.A. RNC | $ | 138,818 | |||||||||||
188,631 | Cementir S.p.A. | 592,048 | ||||||||||||
296,184 | Davide Campari-Milano S.p.A. | 2,067,370 | ||||||||||||
248,810 | IMMSI S.p.A. | 221,561 | ||||||||||||
84,009 | Indesit Co. S.p.A. | 684,450 | ||||||||||||
27,425 | Permasteelisa S.p.A. | 399,144 | ||||||||||||
342,607 | Piaggio & C S.p.A. | 612,711 | ||||||||||||
99,734 | Piccolo Credito Valtellinese Scarl | 753,584 | ||||||||||||
120,165 | Recordati S.p.A. | 567,942 | ||||||||||||
152,609 | Safilo Group S.p.A. | 150,167 | ||||||||||||
19,516,317 | @ | Seat Pagine Gialle S.p.A. | 1,712,289 | |||||||||||
162,565 | Trevi Finanziaria S.p.A. | 1,888,919 | ||||||||||||
10,238,200 | ||||||||||||||
Japan: 26.9% | ||||||||||||||
138,000 | Akita Bank Ltd. | 573,740 | ||||||||||||
63,000 | Asahi Diamond Industrial Co., Ltd | 293,544 | ||||||||||||
78,000 | Bank of Nagoya Ltd. | 469,540 | ||||||||||||
40,600 | Chudenko Corp. | 609,312 | ||||||||||||
70,100 | Chuo Denki Kogyo Co., Ltd. | 506,425 | ||||||||||||
182,000 | Daishi Bank Ltd. | 708,691 | ||||||||||||
225,200 | DCM Japan Holdings Co., Ltd. | 1,650,520 | ||||||||||||
13,300 | Fuji Machine Manufacturing Co., Ltd. | 114,848 | ||||||||||||
148,400 | Fuji Soft, Inc. | 2,490,967 | ||||||||||||
718,000 | Fujibo Holdings, Inc. | 635,990 | ||||||||||||
121,000 | Fukuyama Transporting Co., Ltd. | 514,058 | ||||||||||||
137,200 | Glory Ltd. | 1,966,227 | ||||||||||||
54,000 | H2O Retailing Corp. | 329,449 | ||||||||||||
70,000 | Higo Bank Ltd. | 387,453 | ||||||||||||
164,000 | Hitachi Capital Corp. | 1,309,263 | ||||||||||||
40,700 | Hitachi Information Systems Ltd. | 755,280 | ||||||||||||
63,000 | Hitachi Kokusai Electric, Inc. | 299,341 | ||||||||||||
34,200 | Hitachi Software Engineering Co., Ltd. | 482,393 | ||||||||||||
393,000 | Hokkoku Bank Ltd. | 1,479,480 | ||||||||||||
66,900 | House Foods Corp. | 1,087,434 | ||||||||||||
94,000 | Hyakugo Bank Ltd. | 527,967 | ||||||||||||
33,700 | Itochu Enex Co., Ltd. | 169,956 | ||||||||||||
181,000 | Itoham Foods, Inc. | 555,708 | ||||||||||||
20,000 | Japan Digital Laboratory Co. | 190,653 | ||||||||||||
108,000 | Japan Radio Co., Ltd. | 187,960 | ||||||||||||
64,000 | Jeol Ltd. | 181,202 | ||||||||||||
117,000 | Juroku Bank Ltd. | 431,534 | ||||||||||||
101,000 | Kagoshima Bank Ltd. | 640,322 | ||||||||||||
83,000 | Kaken Pharmaceutical Co., Ltd. | 689,337 | ||||||||||||
240,000 | Kandenko Co., Ltd. | 1,261,110 | ||||||||||||
33,000 | Kanto Auto Works Ltd. | 400,991 | ||||||||||||
65,000 | Keiyo Bank Ltd. | 291,403 | ||||||||||||
192,000 | Kinden Corp. | 1,603,147 | ||||||||||||
59,100 | Koa Corp. | 306,079 | ||||||||||||
95,100 | Komori Corp. | 1,087,287 | ||||||||||||
57,000 | Kyudenko Corp. | 404,761 | ||||||||||||
56,400 | Matsumotokiyoshi Holdings Co., Ltd. | 1,105,617 | ||||||||||||
214,000 | Mitsubishi Steel Manufacturing Co., Ltd. | 607,670 | ||||||||||||
738,000 | Mitsui Mining Co., Ltd. | 1,408,478 | ||||||||||||
209,000 | Mitsui Sugar Co., Ltd. | 734,344 | ||||||||||||
52,200 | NEC Networks & System Integration Corp. | 591,548 | ||||||||||||
162,000 | Nichirei Corp. | 687,247 | ||||||||||||
29,100 | Nifco, Inc. | 427,703 | ||||||||||||
84,000 | Nihon Parkerizing Co., Ltd. | 990,551 | ||||||||||||
78,000 | Nippon Chemical Industrial Co., Ltd. | 137,508 | ||||||||||||
119,600 | Nippon Shinyaku Co., Ltd. | 1,182,444 | ||||||||||||
128,000 | Nippon Synthetic Chemical Industry Co., Ltd. | 297,262 | ||||||||||||
111,000 | Nissan Shatai Co., Ltd. | 724,985 | ||||||||||||
800,000 | Nitto Boseki Co., Ltd. | 1,187,567 | ||||||||||||
199,400 | NSD CO., Ltd. | 1,486,046 | ||||||||||||
10,100 | Okinawa Electric Power Co., Inc. | 592,140 | ||||||||||||
132,000 | O-M Ltd. | 523,900 | ||||||||||||
72,900 | Rinnai Corp. | 2,665,848 | ||||||||||||
33,800 | Ryosan Co., Ltd. | 643,090 | ||||||||||||
239,000 | Sanden Corp. | 668,338 | ||||||||||||
115,000 | San-In Godo Bank Ltd. | 823,208 | ||||||||||||
33,000 | Sanken Electric Co., Ltd. | 117,956 | ||||||||||||
95,100 | Shima Seiki Manufacturing Ltd. | 1,761,066 | ||||||||||||
20,500 | Sugi Pharmacy Co., Ltd. | 492,995 | ||||||||||||
83,800 | @ | Suruga Corp. | — | |||||||||||
54,000 | Taihei Dengyo Kaisha Ltd. | 446,272 | ||||||||||||
29,600 | Taikisha Ltd. | 422,503 | ||||||||||||
211,000 | Tamura Corp. | 474,501 | ||||||||||||
50,000 | Tochigi Bank Ltd. | 308,019 | ||||||||||||
569,000 | Toho Zinc Co., Ltd. | 1,167,784 | ||||||||||||
212,500 | Tokai Rika Co., Ltd. | 2,149,611 | ||||||||||||
138,000 | Tomy Co., Ltd. | 901,594 | ||||||||||||
836 | Tosei Corp. | 126,503 | ||||||||||||
47,000 | Toyo Kohan Co., Ltd. | 138,256 | ||||||||||||
76,000 | Toyo Suisan Kaisha Ltd. | 1,959,553 | ||||||||||||
193,300 | TS Tech Co., Ltd. | 1,447,950 | ||||||||||||
60,600 | Unipres Corp. | 496,454 | ||||||||||||
122,000 | Wacoal Holdings Corp. | 1,321,685 | ||||||||||||
90,000 | Yamaguchi Financial Group, Inc. | 860,844 | ||||||||||||
64,500 | Yamanashi Chuo Bank Ltd. | 366,851 | ||||||||||||
45,500 | Yamato Kogyo Co., Ltd. | 1,075,336 | ||||||||||||
59,114,599 | ||||||||||||||
Netherlands: 2.3% | ||||||||||||||
60,294 | Boskalis Westminster | 1,990,499 | ||||||||||||
107,909 | @ | Crucell NV | 1,255,889 | |||||||||||
34,851 | @ | Gemalto NV | 976,431 | |||||||||||
51,459 | OCE NV | 238,138 | ||||||||||||
43,365 | OPG Groep NV | 624,015 | ||||||||||||
5,084,972 | ||||||||||||||
Norway: 0.6% | ||||||||||||||
192,800 | @ | Ementor ASA | 587,450 | |||||||||||
38,600 | Norwegian Property ASA | 57,529 | ||||||||||||
28,700 | @ | ODIM ASA | 174,926 | |||||||||||
70,000 | @ | TGS Nopec Geophysical Co. ASA | 389,229 | |||||||||||
70,358 | Veidekke ASA | 217,807 | ||||||||||||
1,426,941 | ||||||||||||||
South Korea: 3.2% | ||||||||||||||
113,202 | Asiana Airlines | 337,978 | ||||||||||||
6,410 | Binggrae Co., Ltd. | 176,865 | ||||||||||||
90,880 | Daesang Corp. | 341,565 | ||||||||||||
229,750 | Daou Technology, Inc. | 516,764 | ||||||||||||
14,170 | Dongkuk Steel Mill Co., Ltd. | 230,422 | ||||||||||||
27,060 | Huchems Fine Chemical Corp. | 435,162 | ||||||||||||
4,482 | @ | KISCO Corp. | 70,135 | |||||||||||
96,680 | Kolon Engineering & Construction Co., Ltd. | 288,227 | ||||||||||||
79,100 | @ | Kolon Industries, Inc. | 1,312,100 | |||||||||||
1,357 | Korea Iron & Steel Co., Ltd. | 26,480 | ||||||||||||
204,452 | Korea Technology Investment Corp. | 159,483 | ||||||||||||
20,708 | Korea Zinc Co., Ltd. | 1,037,759 | ||||||||||||
10,520 | Kumho Electric, Inc. | 143,224 | ||||||||||||
9,794 | @ | LG Life Sciences Ltd. | 232,649 | |||||||||||
55,880 | LG Telecom Ltd. | 398,337 | ||||||||||||
31,160 | @ | Lotte Midopa Co., Ltd. | 153,396 | |||||||||||
1,685 | Lotte Samkang Co., Ltd. | 155,707 | ||||||||||||
67,470 | S&T Dynamics Co., Ltd. | 384,466 | ||||||||||||
584,000 | STX Pan Ocean Co., Ltd. | 318,323 | ||||||||||||
22,108 | @ | TK Corp. | 358,415 | |||||||||||
7,077,457 | ||||||||||||||
187
Table of Contents
Shares | Value | |||||||||||||
Spain: 1.1% | ||||||||||||||
28,334 | Corporacion Financiera Alba SA | $ | 834,694 | |||||||||||
292,277 | Iberia Lineas Aereas de Espana | 689,535 | ||||||||||||
49,512 | Viscofan SA | 851,609 | ||||||||||||
2,375,838 | ||||||||||||||
Sweden: 0.8% | ||||||||||||||
90,000 | @ | Betsson AB | 765,527 | |||||||||||
5,275 | Lundbergforetagen AB — B Shares | 167,915 | ||||||||||||
137,400 | @ | PA Resources AB | 345,979 | |||||||||||
216,414 | RNB Retail and Brands AB | 116,273 | ||||||||||||
33,700 | Wihlborgs Fastigheter AB | 356,849 | ||||||||||||
1,752,543 | ||||||||||||||
Switzerland: 6.9% | ||||||||||||||
52,145 | Adecco SA | 1,813,962 | ||||||||||||
33,502 | Baloise Holding AG | 1,791,168 | ||||||||||||
7,124 | Bobst Group AG | 257,827 | ||||||||||||
2,051 | Flughafen Zuerich AG | 546,478 | ||||||||||||
4,361 | Galenica AG | 1,318,632 | ||||||||||||
2,530 | Geberit AG — Reg | 262,853 | ||||||||||||
317 | Jelmoli Holding AG | 558,671 | ||||||||||||
27,160 | Pargesa Holding SA | 2,080,519 | ||||||||||||
55,606 | @ | PSP Swiss Property AG | 2,405,806 | |||||||||||
3,362 | Rieter Holding AG | 582,560 | ||||||||||||
2,889 | Schweizerhall Holding AG | 598,282 | ||||||||||||
13,790 | @ | Swiss Life Holding | 1,242,564 | |||||||||||
27,726 | @ | Swiss Prime Site AG | 1,275,853 | |||||||||||
20,204 | @ | Temenos Group AG — Reg | 253,042 | |||||||||||
172 | Vetropack Holding AG | 230,619 | ||||||||||||
15,218,836 | ||||||||||||||
United Kingdom: 13.6% | ||||||||||||||
104,504 | Amec PLC | 874,339 | ||||||||||||
392,412 | ARM Holdings PLC | 611,820 | ||||||||||||
25,920 | Axon Group PLC | 264,576 | ||||||||||||
196,344 | Balfour Beatty PLC | 793,438 | ||||||||||||
50,126 | Bellway PLC | 436,686 | ||||||||||||
896,149 | Brit Insurance Holdings PLC | 2,635,519 | ||||||||||||
142,877 | Britvic PLC | 524,818 | ||||||||||||
216,720 | Cable & Wireless PLC | 429,536 | ||||||||||||
57,611 | Capital & Regional PLC | 42,510 | ||||||||||||
23,801 | Chemring Group PLC | 610,609 | ||||||||||||
216,899 | @ | Colt Telecom Group SA | 222,854 | |||||||||||
45,907 | De La Rue PLC | 662,245 | ||||||||||||
1,195,888 | Dimension Data Holdings PLC | 574,514 | ||||||||||||
17,917 | Drax Group PLC | 166,490 | ||||||||||||
426,375 | Filtrona PLC | 856,495 | ||||||||||||
1,028,540 | Friends Provident PLC | 1,179,412 | ||||||||||||
794,081 | Game Group PLC | 1,665,712 | ||||||||||||
71,076 | Greene King PLC | 367,047 | ||||||||||||
5,386 | Greggs PLC | 282,996 | ||||||||||||
131,742 | Informa PLC | 446,337 | ||||||||||||
199,504 | JKX Oil & Gas PLC | 489,259 | ||||||||||||
35,957 | Keller Group PLC | 302,441 | ||||||||||||
154,381 | Meggitt PLC | 338,205 | ||||||||||||
417,484 | Millennium & Copthorne Hotels PLC | 1,422,932 | ||||||||||||
70,997 | Mondi PLC | 257,674 | ||||||||||||
51,133 | Morgan Sindall PLC | 414,183 | ||||||||||||
259,617 | Pennon Group PLC | 2,246,645 | ||||||||||||
33,274 | Petrofac Ltd. | 230,348 | ||||||||||||
161,412 | PV Crystalox Solar PLC | 352,505 | ||||||||||||
195,732 | Spectris PLC | 1,571,079 | ||||||||||||
138,030 | Spirax-Sarco Engineering PLC | 1,775,995 | ||||||||||||
1,894,609 | Spirent Communications PLC | 1,657,409 | ||||||||||||
627,081 | Stagecoach Group PLC | 1,882,850 | ||||||||||||
103,727 | Weir Group PLC | 582,718 | ||||||||||||
437,081 | WH Smith PLC | 2,627,875 | ||||||||||||
29,800,071 | ||||||||||||||
United States: 0.8% | ||||||||||||||
6,400 | Core Laboratories NV | 471,680 | ||||||||||||
223,500 | Virgin Media, Inc. | 1,287,360 | ||||||||||||
1,759,040 | ||||||||||||||
Total Common Stock (Cost $343,866,758) | 210,495,388 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 1.9% | ||||||||||||||
Australia: 0.4% | ||||||||||||||
3,152,135 | Centro Retail Trust | 235,619 | ||||||||||||
671,495 | Commonwealth Property Office Fund | 593,370 | ||||||||||||
828,989 | ||||||||||||||
France: 0.9% | ||||||||||||||
28,793 | Gecina SA | 1,999,539 | ||||||||||||
1,999,539 | ||||||||||||||
Japan: 0.2% | ||||||||||||||
237 | DA Office Investment Corp. | 457,182 | ||||||||||||
457,182 | ||||||||||||||
Netherlands: 0.0% | ||||||||||||||
1,181 | Nieuwe Steen Investments Funds NV | 20,618 | ||||||||||||
20,618 | ||||||||||||||
Singapore: 0.4% | ||||||||||||||
1,917,000 | @ | Suntec Real Estate Investment Trust | 917,634 | |||||||||||
917,634 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $7,477,480) | 4,223,962 | |||||||||||||
EXCHANGE-TRADED FUNDS: 0.8% | ||||||||||||||
Developed Markets: 0.8% | ||||||||||||||
41,700 | iShares MSCI EAFE Index Fund | 1,860,654 | ||||||||||||
Total Exchange-Traded Funds (Cost $1,733,572) | 1,860,654 | |||||||||||||
MUTUAL FUNDS: 0.3% | ||||||||||||||
Australia: 0.2% | ||||||||||||||
438,977 | ** | ING Office Fund | 321,880 | |||||||||||
321,880 | ||||||||||||||
United Kingdom: 0.1% | ||||||||||||||
11,117 | Caledonia Investments PLC | 271,539 | ||||||||||||
271,539 | ||||||||||||||
Total Mutual Funds (Cost $1,049,301) | 593,419 | |||||||||||||
PREFERRED STOCK: 1.8% | ||||||||||||||
Germany: 0.6% | ||||||||||||||
17,512 | Draegerwerk AG | 676,343 | ||||||||||||
17,879 | Fuchs Petrolub AG | 634,629 | ||||||||||||
1,310,972 | ||||||||||||||
Italy: 1.2% | ||||||||||||||
312,333 | @ | Instituto Finanziario Industriale S.p.A. | 2,726,944 | |||||||||||
2,726,944 | ||||||||||||||
Total Preferred Stock (Cost $7,535,147) | 4,037,916 | |||||||||||||
Total Long-Term Investments (Cost $361,662,258) | 221,211,339 | |||||||||||||
188
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 6.5% | ||||||||||||||
Repurchase Agreement: 6.5% | ||||||||||||||
$ | 14,271,000 | Deutsche Bank Repurchase Agreement dated 10/31/08, 0.200%, due 11/03/08, $14,271,238 to be received upon repurchase (Collateralized by $14,786,000 various U.S. Government Agency Obligations, 5.125% – 5.520%, Market Value plus accrued interest $14,557,313, due 06/18/18-04/12/19) | $ | 14,271,000 | ||||||||||
Total Short-Term Investments (Cost $14,271,000) | 14,271,000 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $375,933,258)* | 107.1 | % | $ | 235,482,339 | ||||||||||
Other Assets and Liabilities - Net | (7.1 | ) | (15,679,115 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 219,803,224 | ||||||||||
@ | Non-income producing security | |
** | Investment in affiliate | |
X | Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees. | |
* | Cost for federal income tax purposes is $381,864,985. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 491,492 | ||
Gross Unrealized Depreciation | (146,874,138 | ) | ||
Net Unrealized Depreciation | $ | (146,382,646 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 1.2 | % | ||
Aerospace/Defense | 1.2 | |||
Agriculture | 0.3 | |||
Airlines | 1.9 | |||
Apparel | 0.7 | |||
Auto Manufacturers | 0.5 | |||
Auto Parts & Equipment | 2.5 | |||
Banks | 5.1 | |||
Beverages | 1.6 | |||
Biotechnology | 0.6 | |||
Building Materials | 1.7 | |||
Chemicals | 3.5 | |||
Closed-End Funds | 0.1 | |||
Coal | 0.2 | |||
Commercial Services | 1.9 | |||
Computers | 1.9 | |||
Distribution/Wholesale | 0.6 | |||
Diversified | 1.3 | |||
Diversified Financial Services | 1.5 | |||
Electric | 1.0 | |||
Electrical Components & Equipment | 1.3 | |||
Electronics | 2.6 | |||
Energy — Alternate Sources | 0.5 | |||
Engineering & Construction | 6.0 | |||
Entertainment | 0.5 | |||
Environmental Control | 0.3 | |||
Food | 3.5 | |||
Forest Products & Paper | 0.1 | |||
Gas | 0.2 | |||
Hand/Machine Tools | 2.1 | |||
Healthcare — Products | 0.4 | |||
Healthcare — Services | 0.0 | |||
Holding Companies — Diversified | 1.3 | |||
Home Builders | 0.2 | |||
Home Furnishings | 0.3 | |||
Household Products/Wares | 0.5 | |||
Insurance | 5.3 | |||
Internet | 1.1 | |||
Investment Companies | 2.6 | |||
Iron/Steel | 3.0 | |||
Leisure Time | 0.5 | |||
Lodging | 1.4 | |||
Machinery — Diversified | 4.0 | |||
Media | 1.5 | |||
Metal Fabricate/Hardware | 1.7 | |||
Mining | 1.8 | |||
Miscellaneous Manufacturing | 1.8 | |||
Office Property | 0.5 | |||
Office/Business Equipment | 0.1 | |||
Oil & Gas | 2.8 | |||
Oil & Gas Services | 1.7 | |||
Open-End Funds | 0.2 | |||
Packaging & Containers | 0.1 | |||
Pharmaceuticals | 3.4 | |||
Real Estate | 3.3 | |||
Retail | 4.5 | |||
Semiconductors | 0.5 | |||
Shopping Centers | 0.1 | |||
Software | 2.3 | |||
Telecommunications | 2.7 | |||
Textiles | 1.0 | |||
Toys/Games/Hobbies | 0.4 | |||
Transportation | 1.3 | |||
Venture Capital | 0.1 | |||
Water | 1.0 | |||
Other Long-Term Investments | 0.8 | |||
Short-Term Investments | 6.5 | |||
Other Assets and Liabilities — Net | (7.1 | ) | ||
Net Assets | 100.0 | % | ||
189
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 81.7% | ||||||||||||||
Bermuda: 1.0% | ||||||||||||||
25,876 | Credicorp Ltd. | $ | 1,016,151 | |||||||||||
1,016,151 | ||||||||||||||
Brazil: 9.9% | ||||||||||||||
27,217 | Cia de Bebidas das Americas ADR | 1,156,723 | ||||||||||||
87,000 | L | Cia Energetica de Minas Gerais ADR | 1,323,270 | |||||||||||
117,411 | L | Cia Vale do Rio Doce ADR | 1,540,432 | |||||||||||
130,597 | Cia Vale do Rio Doce SP ADR | 1,529,291 | ||||||||||||
113,949 | Petroleo Brasileiro SA | 1,508,450 | ||||||||||||
82,293 | Petroleo Brasileiro SA ADR | 1,816,207 | ||||||||||||
20,871 | Uniao de Bancos Brasileiros SA GDR | 1,316,543 | ||||||||||||
10,190,916 | ||||||||||||||
Chile: 2.9% | ||||||||||||||
33,150 | L | Empresa Nacional de Electricidad SA ADR | 1,233,180 | |||||||||||
121,394 | Enersis SA ADR | 1,748,074 | ||||||||||||
2,981,254 | ||||||||||||||
China: 5.8% | ||||||||||||||
504,500 | China Life Insurance Co., Ltd. | 1,348,223 | ||||||||||||
451,000 | China National Building Material Co., Ltd. | 262,642 | ||||||||||||
959,000 | China Shenhua Energy Co., Ltd. | 1,820,739 | ||||||||||||
3,344,000 | L | Industrial and Commercial Bank of China Ltd. | 1,573,421 | |||||||||||
3,176,000 | @ | Shanghai Electric Group Co., Ltd. | 961,039 | |||||||||||
5,966,064 | ||||||||||||||
Czech Republic: 1.5% | ||||||||||||||
13,300 | CEZ A/S | 581,691 | ||||||||||||
44,253 | Telefonica O2 Czech Republic A/S | 945,657 | ||||||||||||
1,527,348 | ||||||||||||||
Hong Kong: 8.3% | ||||||||||||||
498,000 | Beijing Enterprises Holdings Ltd. | 1,927,730 | ||||||||||||
483,000 | China Mobile Ltd. | 4,252,002 | ||||||||||||
1,143,000 | L | China Overseas Land & Investment Ltd. | 1,290,753 | |||||||||||
1,290,000 | CNOOC Ltd. | 1,059,193 | ||||||||||||
8,529,678 | ||||||||||||||
India: 9.2% | ||||||||||||||
72,305 | Bharat Heavy Electricals | 1,920,900 | ||||||||||||
205,233 | @ | Bharti Airtel Ltd. | 2,771,308 | |||||||||||
86,573 | Hindustan Lever Ltd. | 393,172 | ||||||||||||
61,019 | Housing Development Finance Corp. | 2,214,946 | ||||||||||||
186,107 | ICICI Bank Ltd. | 1,545,252 | ||||||||||||
409,507 | Jaiprakash Associates Ltd. | 616,959 | ||||||||||||
9,462,537 | ||||||||||||||
Indonesia: 1.9% | ||||||||||||||
7,020,300 | X | Bumi Resources Tbk PT | 1,376,185 | |||||||||||
1,217,500 | Telekomunikasi Indonesia Tbk PT | 609,099 | ||||||||||||
1,985,284 | ||||||||||||||
Israel: 5.3% | ||||||||||||||
79,900 | Israel Chemicals Ltd. | 805,862 | ||||||||||||
18,765 | Makhteshim-Agan Industries Ltd. | 71,056 | ||||||||||||
106,344 | L | Teva Pharmaceutical Industries Ltd. ADR | 4,560,031 | |||||||||||
5,436,949 | ||||||||||||||
Malaysia: 0.2% | ||||||||||||||
431,500 | @ | Proton Holdings Bhd | 250,550 | |||||||||||
250,550 | ||||||||||||||
Mauritius: 0.8% | ||||||||||||||
5,947,000 | Golden Agri-Resources Ltd. | 793,618 | ||||||||||||
793,618 | ||||||||||||||
Mexico: 5.4% | ||||||||||||||
45,947 | America Movil SA de CV ADR | 1,421,600 | ||||||||||||
29,565 | Fomento Economico Mexicano SA de CV ADR | 747,699 | ||||||||||||
330,900 | Grupo Financiero Banorte SA de CV | 606,125 | ||||||||||||
82,100 | Grupo Televisa SA ADR | 1,449,886 | ||||||||||||
487,400 | Wal-Mart de Mexico SA de CV | 1,310,592 | ||||||||||||
5,535,902 | ||||||||||||||
Peru: 0.6% | ||||||||||||||
47,341 | Cia de Minas Buenaventura SA ADR | 598,390 | ||||||||||||
598,390 | ||||||||||||||
Russia: 6.9% | ||||||||||||||
190,392 | @,I | LSR Group GDR | 474,076 | |||||||||||
38,300 | @ | Mobile Telesystems Finance SA ADR | 1,499,445 | |||||||||||
144,851 | @ | OAO Gazprom ADR | 2,884,430 | |||||||||||
488,100 | @ | OAO Rosneft Oil Co. GDR | 2,240,105 | |||||||||||
7,098,056 | ||||||||||||||
South Africa: 4.4% | ||||||||||||||
273,900 | Imperial Holdings Ltd. | 1,564,014 | ||||||||||||
241,520 | Jd Group Ltd. | 694,919 | ||||||||||||
78,000 | MTN Group Ltd. | 875,871 | ||||||||||||
47,300 | Sasol Ltd. | 1,396,197 | ||||||||||||
4,531,001 | ||||||||||||||
South Korea: 7.5% | ||||||||||||||
15,300 | L | GS Engineering & Construction Corp. | 726,687 | |||||||||||
9,432 | Samsung Electronics Co., Ltd. | 3,976,566 | ||||||||||||
81,610 | L | Samsung Techwin Co., Ltd. | 1,729,785 | |||||||||||
3,580 | Shinsegae Co., Ltd. | 1,256,532 | ||||||||||||
7,689,570 | ||||||||||||||
Taiwan: 7.5% | ||||||||||||||
794,970 | Chunghwa Telecom Co., Ltd. | 1,315,304 | ||||||||||||
252,490 | Hon Hai Precision Industry Co., Ltd. — GDR | 1,233,304 | ||||||||||||
2,765,722 | Taiwan Semiconductor Manufacturing Co., Ltd. | 4,024,275 | ||||||||||||
1,308,000 | Uni-President Enterprises Corp. | 1,118,077 | ||||||||||||
7,690,960 | ||||||||||||||
Turkey: 2.0% | ||||||||||||||
1,229,861 | @ | Turkiye Garanti Bankasi A/S | 2,065,654 | |||||||||||
2,065,654 | ||||||||||||||
United Kingdom: 0.6% | ||||||||||||||
91,658 | Antofagasta PLC | 566,303 | ||||||||||||
566,303 | ||||||||||||||
Total Common Stock (Cost $135,057,981) | 83,916,185 | |||||||||||||
EXCHANGE-TRADED FUNDS: 9.6% | ||||||||||||||
China: 2.6% | ||||||||||||||
106,900 | L | iShares FTSE/Xinhua China 25 Index Fund | 2,689,604 | |||||||||||
2,689,604 | ||||||||||||||
190
Table of Contents
Shares | Value | |||||||||||||
Hong Kong: 0.9% | ||||||||||||||
580,600 | @ | iShares Asia Trust — MSCI China Tracker | $ | 907,978 | ||||||||||
907,978 | ||||||||||||||
South Korea: 1.1% | ||||||||||||||
39,200 | iShares MSCI South Korea Index Fund | 1,103,088 | ||||||||||||
1,103,088 | ||||||||||||||
United States: 5.0% | ||||||||||||||
429,800 | L | iShares MSCI Taiwan Index Fund | 3,790,836 | |||||||||||
51,200 | iShares S&P Latin America 40 Index Fund | 1,361,920 | ||||||||||||
5,152,756 | ||||||||||||||
Total Exchange-Traded Funds (Cost $12,219,405) | 9,853,426 | |||||||||||||
PREFERRED STOCK: 1.1% | ||||||||||||||
Brazil: 1.1% | ||||||||||||||
354,800 | Investimentos Itau SA | 1,131,626 | ||||||||||||
Total Preferred Stock (Cost $2,136,333) | 1,131,626 | |||||||||||||
Total Long-Term Investments (Cost $149,413,719) | 94,901,237 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 11.7% | ||||||||||||||
Securities Lending CollateralCC: 11.7% | ||||||||||||||
$ | 12,164,927 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 12,022,302 | ||||||||||
Total Short-Term Investments (Cost $12,164,927) | 12,022,302 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $161,578,646)* | 104.1 | % | $ | 106,923,539 | ||||||||||
Other Assets and Liabilities - Net | (4.1 | ) | (4,234,843 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 102,688,696 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
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 October 31, 2008. | |
X | Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees. | |
* | Cost for federal income tax purposes is $171,669,303. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 742,125 | ||
Gross Unrealized Depreciation | (65,487,889 | ) | ||
Net Unrealized Depreciation | $ | (64,745,764 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Agriculture | 0.8 | % | ||
Auto Manufacturers | 0.2 | |||
Banks | 7.3 | |||
Beverages | 1.9 | |||
Building Materials | 0.3 | |||
Chemicals | 0.9 | |||
Coal | 3.1 | |||
Diversified Financial Services | 2.7 | |||
Electric | 4.8 | |||
Electrical Components & Equipment | 1.9 | |||
Electronics | 1.2 | |||
Engineering & Construction | 1.3 | |||
Food | 1.1 | |||
Holding Companies — Diversified | 4.5 | |||
Household Products/Wares | 0.4 | |||
Insurance | 1.3 | |||
Machinery — Diversified | 0.9 | |||
Media | 1.4 | |||
Mining | 4.1 | |||
Oil & Gas | 10.6 | |||
Pharmaceuticals | 4.4 | |||
Real Estate | 1.7 | |||
Retail | 3.2 | |||
Semiconductors | 9.5 | |||
Telecommunications | 13.3 | |||
Other Long-Term Investments | 9.6 | |||
Short-Term Investments | 11.7 | |||
Other Assets and Liabilities — Net | (4.1 | ) | ||
Net Assets | 100.0 | % | ||
191
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 13.5% | ||||||||||||||
Austria: 0.4% | ||||||||||||||
12,400 | @ | Immofinanz Immobilien Anlagen AG | $ | 13,831 | ||||||||||
13,831 | ||||||||||||||
Finland: 1.7% | ||||||||||||||
23,334 | Citycon OYJ | 55,302 | ||||||||||||
55,302 | ||||||||||||||
Germany: 2.9% | ||||||||||||||
3,600 | Deutsche Euroshop AG | 92,253 | ||||||||||||
92,253 | ||||||||||||||
Sweden: 1.7% | ||||||||||||||
7,800 | Castellum AB | 52,949 | ||||||||||||
52,949 | ||||||||||||||
Switzerland: 4.0% | ||||||||||||||
1,390 | @ | PSP Swiss Property AG | 60,139 | |||||||||||
1,500 | @ | Swiss Prime Site AG | 69,025 | |||||||||||
129,164 | ||||||||||||||
United Kingdom: 2.8% | ||||||||||||||
5,043 | Helical Bar PLC | 24,246 | ||||||||||||
44,600 | Safestore Holdings Ltd. | 66,803 | ||||||||||||
91,049 | ||||||||||||||
Total Common Stock (Cost $699,027) | 434,548 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 79.4% | ||||||||||||||
Belgium: 2.6% | ||||||||||||||
680 | Cofinimmo | 84,735 | ||||||||||||
84,735 | ||||||||||||||
France: 30.3% | ||||||||||||||
580 | Fonciere Des Regions | 38,353 | ||||||||||||
730 | ICADE | 43,635 | ||||||||||||
1,618 | Klepierre | 37,269 | ||||||||||||
3,160 | Mercialys | 102,913 | ||||||||||||
1,280 | Societe Immobiliere de Location pour l’Industrie et le Commerce | 114,102 | ||||||||||||
4,260 | Unibail | 638,935 | ||||||||||||
975,207 | ||||||||||||||
Netherlands: 12.7% | ||||||||||||||
2,755 | Corio NV | 147,227 | ||||||||||||
2,990 | Eurocommercial Properties NV | 99,013 | ||||||||||||
900 | Nieuwe Steen Investments Funds NV | 15,712 | ||||||||||||
1,739 | Wereldhave NV | 144,538 | ||||||||||||
406,490 | ||||||||||||||
United Kingdom: 33.8% | ||||||||||||||
20,920 | British Land Co. PLC | 208,605 | ||||||||||||
10,917 | Brixton PLC | 29,365 | ||||||||||||
7,300 | Derwent Valley Holdings PLC | 85,501 | ||||||||||||
3,740 | Great Portland Estates PLC | 16,655 | ||||||||||||
13,028 | Hammerson PLC | 150,154 | ||||||||||||
25,100 | Land Securities Group PLC | 445,543 | ||||||||||||
7,890 | Liberty International PLC | 87,789 | ||||||||||||
9,500 | Segro PLC | 42,888 | ||||||||||||
3,840 | Shaftesbury PLC | 20,655 | ||||||||||||
1,087,155 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $3,927,107) | 2,553,587 | |||||||||||||
MUTUAL FUNDS: 0.5% | ||||||||||||||
Luxembourg: 0.5% | ||||||||||||||
4,927 | Prologis European Properties | 16,327 | ||||||||||||
Total Mutual Funds (Cost $56,482 ) | 16,327 | |||||||||||||
Total Long-Term Investments (Cost $4,682,616 ) | 3,004,462 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 4.7% | ||||||||||||||
Affiliated Mutual Fund: 4.7% | ||||||||||||||
$ | 149,159 | ING Institutional Prime Money Market Fund | $ | 149,159 | ||||||||||
Total Short-Term Investments (Cost $149,159 ) | 149,159 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $4,831,775)* | 98.1 | % | $ | 3,153,621 | ||||||||||
Other Assets and Liabilities - Net | 1.9 | 61,997 | ||||||||||||
Net Assets | 100.0 | % | $ | 3,215,618 | ||||||||||
@ | Non-income producing security | |
* | Cost for federal income tax purposes is $5,219,391. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 454 | ||
Gross Unrealized Depreciation | (2,066,224 | ) | ||
Net Unrealized Depreciation | $ | (2,065,770 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Closed-End Funds | 0.5 | % | ||
Diversified | 71.3 | |||
Office Property | 8.1 | |||
Real Estate | 11.4 | |||
Storage/Warehousing | 2.1 | |||
Short-Term Investments | 4.7 | |||
Other Assets and Liabilities — Net | 1.9 | |||
Net Assets | 100.0 | % | ||
192
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 81.6% | ||||||||||||||
Australia: 0.8% | ||||||||||||||
23,046 | BHP Billiton Ltd. | $ | 442,742 | |||||||||||
845,981 | Macquarie Airports Management Ltd. | 1,203,133 | ||||||||||||
23,069 | Newcrest Mining Ltd. | 317,117 | ||||||||||||
13,241 | Rio Tinto Ltd. | 684,994 | ||||||||||||
2,647,986 | ||||||||||||||
Austria: 0.4% | ||||||||||||||
4,643 | Flughafen Wien AG | 190,243 | ||||||||||||
26,992 | OMV AG | 864,012 | ||||||||||||
24,541 | Telekom Austria AG | 301,538 | ||||||||||||
1,355,793 | ||||||||||||||
Belgium: 0.0% | ||||||||||||||
53,967 | Fortis | 62,525 | ||||||||||||
2,148 | Kbc Ancora | 63,852 | ||||||||||||
126,377 | ||||||||||||||
Bermuda: 0.1% | ||||||||||||||
13,337 | @,L | Central European Media Enterprises Ltd. | 356,231 | |||||||||||
356,231 | ||||||||||||||
Canada: 1.3% | ||||||||||||||
105,489 | Barrick Gold Corp. | 2,412,077 | ||||||||||||
73,289 | @ | Eldorado Gold Corp. (Canadian Denominated Security) | 302,812 | |||||||||||
63,516 | @ | Ivanhoe Mines Ltd. | 165,996 | |||||||||||
93,869 | Kinross Gold Corp. | 977,396 | ||||||||||||
7,633 | @,L | Research In Motion Ltd. | 384,932 | |||||||||||
29,529 | Talisman Energy, Inc. | 291,787 | ||||||||||||
4,535,000 | ||||||||||||||
China: 0.1% | ||||||||||||||
534,732 | L | Beijing Capital International Airport Co., Ltd. | 301,530 | |||||||||||
301,530 | ||||||||||||||
Cyprus: 0.1% | ||||||||||||||
55,108 | Bank of Cyprus Public Co., Ltd. | 286,927 | ||||||||||||
286,927 | ||||||||||||||
Czech Republic: 2.5% | ||||||||||||||
54,985 | S | Komercni Banka A/S | 8,372,251 | |||||||||||
8,372,251 | ||||||||||||||
Denmark: 0.7% | ||||||||||||||
2,008 | @ | ALK-Abello A/S | 159,316 | |||||||||||
44,505 | Novo-Nordisk A/S | 2,385,609 | ||||||||||||
2,544,925 | ||||||||||||||
Finland: 2.0% | ||||||||||||||
20,823 | Fortum OYJ | 511,747 | ||||||||||||
321,845 | Nokia OYJ | 4,930,088 | ||||||||||||
17,987 | OKO Bank | 242,007 | ||||||||||||
25,562 | Orion OYJ | 375,634 | ||||||||||||
90,164 | Stora Enso OYJ (Euro Denominated Security) | 838,474 | ||||||||||||
6,897,950 | ||||||||||||||
France: 17.1% | ||||||||||||||
4,126 | Accor SA | 160,523 | ||||||||||||
27,576 | ADP | 1,641,324 | ||||||||||||
5,741 | Air Liquide | 495,420 | ||||||||||||
7,315 | Alstom | 362,559 | ||||||||||||
35,878 | AXA SA | 685,415 | ||||||||||||
14,992 | Bouygues SA | 638,364 | ||||||||||||
54,374 | Carrefour SA | 2,297,029 | ||||||||||||
8,027 | Casino Guichard Perrachon SA | 561,111 | ||||||||||||
25,530 | Cie de Saint-Gobain | 985,122 | ||||||||||||
21,795 | Electricite de France | 1,309,521 | ||||||||||||
5,471 | Eurazeo | 329,390 | ||||||||||||
231,198 | France Telecom SA | 5,829,795 | ||||||||||||
141,474 | Gaz de France | 6,297,529 | ||||||||||||
88,487 | Groupe Danone | 4,927,037 | ||||||||||||
4,604 | Lafarge SA | 304,359 | ||||||||||||
19,005 | L’Oreal SA | 1,439,137 | ||||||||||||
36,393 | LVMH Moet Hennessy Louis Vuitton SA | 2,421,736 | ||||||||||||
16,451 | PPR | 1,048,430 | ||||||||||||
4,248 | Remy Cointreau SA | 176,756 | ||||||||||||
4,946 | Renault SA | 151,584 | ||||||||||||
140,735 | Sanofi-Aventis | 8,916,570 | ||||||||||||
5,357 | Schneider Electric SA | 321,086 | ||||||||||||
18,075 | @ | Suez Environnement SA | 345,563 | |||||||||||
233,803 | S | Total SA | 12,862,317 | |||||||||||
25,323 | Vinci SA | 911,308 | ||||||||||||
109,208 | Vivendi | 2,854,602 | ||||||||||||
58,273,587 | ||||||||||||||
Germany: 11.0% | ||||||||||||||
3,261 | Adidas AG | 111,671 | ||||||||||||
9,180 | Allianz AG | 690,790 | ||||||||||||
70,943 | BASF AG | 2,381,617 | ||||||||||||
47,546 | Bayer AG | 2,659,409 | ||||||||||||
3,543 | @ | Continental AG | 261,958 | |||||||||||
18,856 | DaimlerChrysler AG | 647,802 | ||||||||||||
11,486 | Deutsche Post AG | 125,794 | ||||||||||||
396,658 | Deutsche Telekom AG | 5,889,754 | ||||||||||||
213,014 | E.ON AG | 8,152,228 | ||||||||||||
81,292 | L | Fraport AG Frankfurt Airport Services Worldwide | 2,594,487 | |||||||||||
26,215 | Fresenius AG | 1,553,761 | ||||||||||||
59,738 | Fresenius Medical Care AG & Co. KGaA | 2,672,070 | ||||||||||||
6,808 | Henkel KGaA | 166,044 | ||||||||||||
4,439 | Merck KGaA | 392,241 | ||||||||||||
4,377 | Muenchener Rueckversicherungs AG | 579,817 | ||||||||||||
75,095 | Rhoen Klinikum AG | 1,615,057 | ||||||||||||
38,019 | RWE AG | 3,161,576 | ||||||||||||
28,308 | SAP AG | 999,175 | ||||||||||||
46,644 | Siemens AG | 2,801,968 | ||||||||||||
12,776 | @ | UkrTelecom GDR | 29,262 | |||||||||||
37,486,481 | ||||||||||||||
Greece: 0.2% | ||||||||||||||
25,684 | Hellenic Telecommunications Organization SA | 362,504 | ||||||||||||
99,745 | Veterin SA | 143,051 | ||||||||||||
505,555 | ||||||||||||||
Hong Kong: 0.3% | ||||||||||||||
265,461 | China Merchants Holdings International Co., Ltd. | 632,433 | ||||||||||||
310,871 | @,L | Galaxy Entertainment Group Ltd. | 22,956 | |||||||||||
652,303 | GOME Electrical Appliances Holdings Ltd. | 130,294 | ||||||||||||
1,381,040 | Shun TAK Holdings Ltd. | 275,259 | ||||||||||||
1,060,942 | ||||||||||||||
Hungary: 2.5% | ||||||||||||||
652,022 | Magyar Telekom Telecommunications PLC | 2,062,996 | ||||||||||||
353,913 | @,S,L | OTP Bank Nyrt | 5,861,524 | |||||||||||
3,242 | Richter Gedeon Nyrt | 447,926 | ||||||||||||
8,372,446 | ||||||||||||||
193
Table of Contents
Shares | Value | |||||||||||||
India: 1.0% | ||||||||||||||
126,055 | @,# | State Bank of India Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.) | $ | 2,828,781 | ||||||||||
24,142 | @,# | State Bank of India Ltd.(Participation Certificate, Issuer: Citigroup Global Markets) | 541,767 | |||||||||||
3,370,548 | ||||||||||||||
Ireland: 0.5% | ||||||||||||||
48,326 | CRH PLC | 1,064,992 | ||||||||||||
206,636 | @ | Dragon Oil PLC | 534,644 | |||||||||||
1,599,636 | ||||||||||||||
Italy: 2.8% | ||||||||||||||
25,398 | Assicurazioni Generali S.p.A. | 641,398 | ||||||||||||
75,233 | Buzzi Unicem S.p.A. | 914,229 | ||||||||||||
88,665 | Credito Emiliano S.p.A. | 567,553 | ||||||||||||
313,217 | Enel S.p.A. | 2,095,503 | ||||||||||||
221,359 | ENI S.p.A. | 5,283,433 | ||||||||||||
14,645 | Italcementi S.p.A. | 170,691 | ||||||||||||
9,672,807 | ||||||||||||||
Japan: 5.2% | ||||||||||||||
6,601 | Aisin Seiki Co., Ltd. | 116,808 | ||||||||||||
27,005 | S | Canon, Inc. | 944,949 | |||||||||||
114 | Central Japan Railway Co. | 936,461 | ||||||||||||
5,700 | Daikin Industries Ltd. | 128,207 | ||||||||||||
14,608 | Daiwa Securities Group, Inc. | 82,587 | ||||||||||||
15,888 | Denso Corp. | 309,666 | ||||||||||||
194 | East Japan Railway Co. | 1,380,505 | ||||||||||||
8,200 | Eisai Co., Ltd. | 266,047 | ||||||||||||
5,100 | Fanuc Ltd. | 339,806 | ||||||||||||
91 | Fuji Television Network, Inc. | 108,953 | ||||||||||||
64,228 | S | Honda Motor Co., Ltd. | 1,597,056 | |||||||||||
15,000 | Itochu Corp. | 79,271 | ||||||||||||
158 | Japan Tobacco, Inc. | 560,533 | ||||||||||||
146 | KDDI Corp. | 874,764 | ||||||||||||
18,505 | Komatsu Ltd. | 203,438 | ||||||||||||
15,319 | Kubota Corp. | 76,891 | ||||||||||||
3,000 | Kyocera Corp. | 176,215 | ||||||||||||
35,484 | Matsushita Electric Industrial Co., Ltd. | 571,425 | ||||||||||||
10,700 | Mitsubishi Corp. | 179,352 | ||||||||||||
59,000 | Mitsubishi Electric Corp. | 365,760 | ||||||||||||
14,000 | Mitsui & Co., Ltd. | 135,653 | ||||||||||||
7,723 | Mitsui Fudosan Co., Ltd. | 134,714 | ||||||||||||
2,700 | Nidec Corp. | 145,215 | ||||||||||||
2,901 | Nintendo Co., Ltd. | 932,115 | ||||||||||||
48 | Nippon Telegraph & Telephone Corp. | 195,875 | ||||||||||||
13,707 | Nissan Motor Co., Ltd. | 68,074 | ||||||||||||
12,355 | Nomura Holdings, Inc. | 117,055 | ||||||||||||
584 | NTT DoCoMo, Inc. | 926,194 | ||||||||||||
3,167 | Olympus Corp. | 61,034 | ||||||||||||
11,000 | Ricoh Co., Ltd. | 118,382 | ||||||||||||
8,486 | Seven & I Holdings Co., Ltd. | 238,270 | ||||||||||||
12,000 | Sharp Corp. | 85,647 | ||||||||||||
6,000 | Shin-Etsu Chemical Co., Ltd. | 318,933 | ||||||||||||
8,033 | Sony Corp. | 190,385 | ||||||||||||
13,200 | Suzuki Motor Corp. | 193,701 | ||||||||||||
10,300 | Takeda Pharmaceutical Co., Ltd. | 511,758 | ||||||||||||
99,000 | S | Toyota Motor Corp. | 3,866,041 | |||||||||||
3,310 | Yamada Denki Co., Ltd. | 180,164 | ||||||||||||
17,717,904 | ||||||||||||||
Luxembourg: 0.1% | ||||||||||||||
16,369 | @ | Arcelor | 425,748 | |||||||||||
425,748 | ||||||||||||||
Mexico: 0.0% | ||||||||||||||
45,023 | Grupo Cementos Chihuahua | 118,930 | ||||||||||||
118,930 | ||||||||||||||
Netherlands: 5.5% | ||||||||||||||
28,389 | Aegon NV | 117,961 | ||||||||||||
23,463 | Heineken NV | 791,483 | ||||||||||||
22,135 | Koninklijke Philips Electronics NV | 409,051 | ||||||||||||
16,734 | Reed Elsevier NV | 223,668 | ||||||||||||
255,018 | @ | Royal Dutch Shell PLC | 7,068,326 | |||||||||||
144,452 | Royal KPN NV | 2,034,347 | ||||||||||||
7,518 | TNT NV | 158,660 | ||||||||||||
325,658 | Unilever NV | 7,848,193 | ||||||||||||
18,651,689 | ||||||||||||||
New Zealand: 0.2% | ||||||||||||||
495,417 | Auckland International Airport Ltd. | 530,296 | ||||||||||||
530,296 | ||||||||||||||
Poland: 3.4% | ||||||||||||||
4,534 | @ | Bank BPH | 73,952 | |||||||||||
45,482 | Bank Handlowy w Warszawie | 733,682 | ||||||||||||
115,991 | Bank Pekao SA | 5,275,413 | ||||||||||||
334,129 | Powszechna Kasa Oszczednosci Bank Polski SA | 3,774,929 | ||||||||||||
243,771 | Telekomunikacja Polska SA | 1,841,975 | ||||||||||||
11,699,951 | ||||||||||||||
Portugal: 0.1% | ||||||||||||||
68,109 | Energias de Portugal SA | 231,986 | ||||||||||||
231,986 | ||||||||||||||
Romania: 0.3% | ||||||||||||||
198,352 | Romanian Bank for Development SA | 524,855 | ||||||||||||
5,988,667 | SNP Petrom SA | 338,608 | ||||||||||||
863,463 | ||||||||||||||
Russia: 0.2% | ||||||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 52,786 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 6,063 | |||||||||||
35 | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | — | ||||||||||||
70,735 | @,#,I | Federal Grid Co Unitied Energy System JSC GDR | 109,745 | |||||||||||
14,630 | @,#,I | Inter Rao Ues OAO GDR | 31,345 | |||||||||||
4,865 | @,#,I | Kusbassenergo OJSC — Spon GDR | 8,087 | |||||||||||
23,485 | @,#,I | Mosenerga OAO — Spon GDR | 37,001 | |||||||||||
67,340 | @,#,I | Wholesale Power-1 OAO GDR | 24,876 | |||||||||||
17,500 | @,#,I | Wholesale Power-2 OAO GDR | 17,907 | |||||||||||
28,770 | @,#,I | Wholesale Power-3 OJSC — Spon GDR | 18,439 | |||||||||||
20,405 | @,#,I | Wholesale Power-6 OAO GDR | 18,467 | |||||||||||
200 | @,I | Open Investments | 7,887 | |||||||||||
3,500,000 | @ | RAO Energy System of East OAO | 3,850 | |||||||||||
45,519 | @,#,L | Sistema-Hals GDR | 13,656 | |||||||||||
11,690 | @,#,I | Territorial Generating Co. — Spon GDR | 11,228 | |||||||||||
1,120 | @,#,I | Territorial Generating Co. 14 JSC — Spon GDR | 2,358 | |||||||||||
26,740 | @,#,I | Territorial Generating Co.-1 — Spon GDR | 14,817 | |||||||||||
4,515 | @,#,I | Territorial Generating Co.-2 — Spon GDR | 9,840 |
194
Table of Contents
Shares | Value | |||||||||||||
Russia (continued) | ||||||||||||||
11,095 | @,#,I | Territorial Generating Co.-4 — Spon GDR | $ | 21,722 | ||||||||||
11,760 | @,#,I | Territorial Generating Co.-9 — Spon GDR | 12,164 | |||||||||||
6,550 | @,I | Wimm-Bill-Dann Foods — Class S | 85,150 | |||||||||||
12,040 | @,#,I | Yenisei Territorial — Spon GDR | 8,829 | |||||||||||
516,217 | ||||||||||||||
Spain: 1.9% | ||||||||||||||
84,522 | @ | EDP Renovaveis SA | 434,049 | |||||||||||
46,799 | @ | Iberdrola Renovables | 142,374 | |||||||||||
291,358 | Iberdrola SA | 2,108,660 | ||||||||||||
10,634 | Inditex SA | 359,456 | ||||||||||||
189,090 | Telefonica SA | 3,500,992 | ||||||||||||
6,545,531 | ||||||||||||||
Sweden: 0.4% | ||||||||||||||
28,188 | Getinge AB | 394,242 | ||||||||||||
10,262 | Hennes & Mauritz AB | 367,989 | ||||||||||||
67,837 | Svenska Cellulosa AB — B Shares | 500,935 | ||||||||||||
40,210 | TeliaSonera AB | 176,911 | ||||||||||||
1,440,077 | ||||||||||||||
Switzerland: 8.5% | ||||||||||||||
33,022 | @ | ABB Ltd. | 433,285 | |||||||||||
5,048 | BKW FMB Energie AG | 456,326 | ||||||||||||
26,963 | Compagnie Financiere Richemont SA | 566,834 | ||||||||||||
3,144 | Flughafen Zuerich AG | 837,701 | ||||||||||||
24,314 | Holcim Ltd. | 1,381,017 | ||||||||||||
250,910 | Nestle SA | 9,757,141 | ||||||||||||
7,125 | Nobel Biocare Holding AG | 122,398 | ||||||||||||
141,118 | Novartis AG | 7,162,870 | ||||||||||||
47,730 | Roche Holding AG | 7,299,198 | ||||||||||||
4,204 | Swatch Group AG — BR | 656,009 | ||||||||||||
2,495 | Synthes, Inc. | 321,961 | ||||||||||||
28,994,740 | ||||||||||||||
Taiwan: 0.0% | ||||||||||||||
589 | Cathay Financial Holding Co., Ltd. GDR | 6,288 | ||||||||||||
6,288 | ||||||||||||||
Ukraine: 0.3% | ||||||||||||||
5,090,724 | @ | JSCB Ukrsotsbank | 199,501 | |||||||||||
3,938,839 | @ | Raiffeisen Bank Aval | 160,348 | |||||||||||
11,482 | @ | Ukrnafta Oil Co. ADR | 188,134 | |||||||||||
10,545,713 | UkrTelecom | 552,225 | ||||||||||||
1,100,208 | ||||||||||||||
United Kingdom: 12.0% | ||||||||||||||
51,146 | BHP Billiton PLC | 868,486 | ||||||||||||
431,019 | BP PLC | 3,513,441 | ||||||||||||
66,100 | British American Tobacco PLC | 1,813,075 | ||||||||||||
392,988 | Cadbury PLC | 3,592,339 | ||||||||||||
244,824 | S | Diageo PLC | 3,736,137 | |||||||||||
345,112 | GlaxoSmithKline PLC | 6,634,412 | ||||||||||||
85,421 | Imperial Tobacco Group PLC | 2,289,411 | ||||||||||||
112,411 | National Grid PLC | 1,266,322 | ||||||||||||
6,040 | Peter Hambro Mining PLC | 20,011 | ||||||||||||
22,644 | Reckitt Benckiser PLC | 957,836 | ||||||||||||
22,380 | Rio Tinto PLC | 1,045,417 | ||||||||||||
77,388 | @ | Rolls-Royce Group PLC | 409,453 | |||||||||||
4,426,594 | @ | Rolls-Royce Group PLC — B Shares Entitlement | 7,124 | |||||||||||
37,443 | Scottish & Southern Energy PLC | 733,946 | ||||||||||||
294,637 | Smith & Nephew PLC | 2,697,793 | ||||||||||||
968,972 | Tesco PLC | 5,309,100 | ||||||||||||
2,402,350 | S | Vodafone Group PLC | 4,621,434 | |||||||||||
300,328 | WM Morrison Supermarkets PLC | 1,278,777 | ||||||||||||
39,828 | WPP Group PLC | 238,241 | ||||||||||||
41,032,755 | ||||||||||||||
United States: 0.1% | ||||||||||||||
9,771 | @ | Dr Pepper Snapple Group, Inc. | 223,756 | |||||||||||
223,756 | ||||||||||||||
Total Common Stock (Cost $321,474,645) | 277,866,511 | |||||||||||||
EXCHANGE-TRADED FUNDS: 8.2% | ||||||||||||||
France: 4.9% | ||||||||||||||
664,710 | Lyxor ETF DJ Stoxx 600 Banks | 16,859,416 | ||||||||||||
16,859,416 | ||||||||||||||
Hong Kong: 2.2% | ||||||||||||||
4,066,000 | Tracker Fund of Hong Kong | 7,344,985 | ||||||||||||
7,344,985 | ||||||||||||||
South Korea: 1.1% | ||||||||||||||
132,149 | iShares MSCI South Korea Index Fund | 3,718,673 | ||||||||||||
3,718,673 | ||||||||||||||
Total Exchange-Traded Funds (Cost $26,863,981) | 27,923,074 | |||||||||||||
MUTUAL FUNDS: 0.0% | ||||||||||||||
Russia: 0.0% | ||||||||||||||
82,957 | @ | RenShares Utilities Ltd. | 100,378 | |||||||||||
Total Mutual Funds (Cost $131,939) | 100,378 | |||||||||||||
PREFERRED STOCK: 0.1% | ||||||||||||||
Russia: 0.1% | ||||||||||||||
1,897 | I | Silvinit BRD | 369,915 | |||||||||||
141,747 | I | URSA Bank | 25,514 | |||||||||||
Total Preferred Stock (Cost $868,094) | 395,429 | |||||||||||||
Total Long-Term Investments (Cost $349,338,659) | 306,285,392 | |||||||||||||
SHORT-TERM INVESTMENTS: 6.7% | ||||||||||||||
Affiliated Mutual Fund: 4.5% | ||||||||||||||
15,469,336 | ING Institutional Prime Money Market Fund | 15,469,336 | ||||||||||||
Total Mutual Fund (Cost $15,469,336) | 15,469,336 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 2.2% | ||||||||||||||
$ | 7,602,351 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 7,449,055 | ||||||||||
Total Securities Lending Collateral (Cost $7,602,351) | 7,449,055 | |||||||||||||
Total Short-Term Investments (Cost $23,071,687) | 22,918,391 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $372,410,346)* | 96.6 | % | $ | 329,203,783 | ||||||||||
Other Assets and Liabilities - Net | 3.4 | 11,530,025 | ||||||||||||
Net Assets | 100.0 | % | $ | 340,733,808 | ||||||||||
195
Table of Contents
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
cc | Securities purchased with cash collateral for securities loaned. | |
I | Illiquid Security | |
S | All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities. | |
L | Loaned security, a portion or all of the security is on loan at October 31, 2008. | |
* | Cost for federal income tax purposes is $400,024,429. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 10,918,817 | ||
Gross Unrealized Depreciation | (81,739,463 | ) | ||
Net Unrealized Depreciation | $ | (70,820,646 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Aerospace/Defense | 0.1 | % | ||
Agriculture | 1.4 | |||
Apparel | 0.0 | |||
Auto Manufacturers | 1.9 | |||
Auto Parts & Equipment | 0.2 | |||
Banks | 8.7 | |||
Beverages | 1.4 | |||
Building Materials | 1.5 | |||
Chemicals | 1.8 | |||
Computers | 0.1 | |||
Cosmetics/Personal Care | 0.4 | |||
Distribution/Wholesale | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Electric | 6.0 | |||
Electrical Components & Equipment | 0.2 | |||
Electronics | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Engineering & Construction | 2.7 | |||
Food | 10.5 | |||
Forest Products & Paper | 0.4 | |||
Gas | 1.9 | |||
Healthcare — Products | 1.5 | |||
Healthcare — Services | 1.3 | |||
Hedge Fund | 0.0 | |||
Holding Companies — Diversified | 0.9 | |||
Home Furnishings | 0.3 | |||
Household Products/Wares | 0.3 | |||
Insurance | 0.8 | |||
Investment Companies | 0.1 | |||
Iron/Steel | 0.1 | |||
Lodging | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Machinery — Diversified | 0.2 | |||
Media | 1.1 | |||
Mining | 2.1 | |||
Miscellaneous Manufacturing | 0.8 | |||
Office/Business Equipment | 0.3 | |||
Oil & Gas | 9.1 | |||
Pharmaceuticals | 10.2 | |||
Real Estate | 0.1 | |||
Retail | 1.0 | |||
Software | 0.3 | |||
Telecommunications | 10.0 | |||
Toys/Games/Hobbies | 0.3 | |||
Transportation | 0.8 | |||
Water | 0.1 | |||
Other Long-Term Investments | 8.2 | |||
Short-Term Investments | 6.7 | |||
Other Assets and Liabilities — Net | 3.4 | |||
Net Assets | 100.0 | % | ||
In | Unrealized | |||||||||||||||||||
Settlement | Exchange | Appreciation | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
Australian Dollar AUD 9,494,143 | BUY | 11/7/08 | 6,237,462 | 6,304,895 | $ | 67,433 | ||||||||||||||
Australian Dollar AUD 3,680,817 | BUY | 1/29/09 | 2,258,844 | 2,427,099 | 168,255 | |||||||||||||||
Canadian Dollar CAD 22,756,144 | BUY | 11/6/08 | 18,324,390 | 18,878,813 | 554,423 | |||||||||||||||
Canadian Dollar CAD 1,704,642 | BUY | 12/22/08 | 1,609,292 | 1,414,327 | (194,965 | ) | ||||||||||||||
Czech Koruna CZK 51,326,863 | BUY | 12/9/08 | 2,959,259 | 2,723,472 | (235,787 | ) | ||||||||||||||
Czech Koruna CZK 28,389,217 | BUY | 12/9/08 | 1,435,975 | 1,506,370 | 70,395 | |||||||||||||||
Czech Koruna CZK 22,442,721 | BUY | 12/9/08 | 1,153,867 | 1,190,841 | 36,974 | |||||||||||||||
Czech Koruna CZK 5,596,257 | BUY | 12/9/08 | 288,467 | 296,945 | 8,478 | |||||||||||||||
Czech Koruna CZK 54,550,605 | BUY | 12/9/08 | 2,828,141 | 2,894,528 | 66,387 | |||||||||||||||
Czech Koruna CZK 72,372,501 | BUY | 12/9/08 | 3,840,409 | 3,840,182 | (227 | ) | ||||||||||||||
Czech Koruna CZK 12,308,990 | BUY | 10/27/09 | 666,071 | 650,081 | (15,990 | ) | ||||||||||||||
EU Euro EUR 7,035,719 | BUY | 12/2/08 | 10,418,070 | 8,956,774 | (1,461,296 | ) | ||||||||||||||
EU Euro EUR 4,778,731 | BUY | 12/2/08 | 6,153,332 | 6,083,530 | (69,802 | ) | ||||||||||||||
EU Euro EUR 17,876,553 | BUY | 12/8/08 | 26,313,929 | 22,755,944 | (3,557,985 | ) | ||||||||||||||
EU Euro EUR 4,965,386 | BUY | 12/8/08 | 6,173,946 | 6,320,684 | 146,738 | |||||||||||||||
EU Euro EUR 2,824,525 | BUY | 12/8/08 | 3,627,820 | 3,595,477 | (32,343 | ) | ||||||||||||||
EU Euro EUR 15,322,681 | BUY | 12/8/08 | 19,849,768 | 19,504,995 | (344,773 | ) | ||||||||||||||
EU Euro EUR 623,190 | BUY | 12/8/08 | 800,612 | 793,289 | (7,323 | ) | ||||||||||||||
EU Euro EUR 3,442,896 | BUY | 12/8/08 | 4,426,531 | 4,382,631 | (43,900 | ) | ||||||||||||||
British Pound GBP 7,812,924 | BUY | 11/7/08 | 12,649,904 | 12,568,239 | (81,665 | ) | ||||||||||||||
Japanese Yen JPY 390,512,085 | BUY | 11/4/08 | 3,634,530 | 3,964,753 | 330,223 | |||||||||||||||
Japanese Yen JPY 2,658,780,768 | BUY | 11/10/08 | 24,618,340 | 26,999,589 | 2,381,249 | |||||||||||||||
Japanese Yen JPY 390,512,085 | BUY | 12/29/08 | 4,180,176 | 3,975,917 | (204,259 | ) | ||||||||||||||
South Korean Won KRW 858,097,223 | BUY | 11/4/08 | 846,751 | 665,185 | (181,566 | ) | ||||||||||||||
South Korean Won KRW 1,421,138,145 | BUY | 12/4/08 | 1,271,143 | 1,107,368 | (163,775 | ) | ||||||||||||||
Mexican Peso MXN 19,657,329 | BUY | 11/21/08 | 1,836,739 | 1,518,078 | (318,661 | ) | ||||||||||||||
Mexican Peso MXN 5,276,722 | BUY | 11/21/08 | 428,122 | 407,506 | (20,616 | ) | ||||||||||||||
Mexican Peso MXN 6,418,885 | BUY | 11/21/08 | 535,152 | 495,712 | (39,440 | ) | ||||||||||||||
Mexican Peso MXN 4,919,886 | BUY | 11/21/08 | 359,588 | 379,948 | 20,360 | |||||||||||||||
Polish Zloty PLN 3,000,784 | BUY | 11/19/08 | 973,885 | 1,082,793 | 108,908 | |||||||||||||||
Polish Zloty PLN 9,674,567 | BUY | 11/19/08 | 3,158,217 | 3,490,937 | 332,720 | |||||||||||||||
Polish Zloty PLN 3,651,867 | BUY | 12/9/08 | 1,415,233 | 1,315,932 | (99,301 | ) | ||||||||||||||
Polish Zloty PLN 1,030,981 | BUY | 12/9/08 | 411,405 | 371,509 | (39,896 | ) | ||||||||||||||
Polish Zloty PLN 6,649,028 | BUY | 12/9/08 | 2,162,497 | 2,395,944 | 233,447 | |||||||||||||||
Polish Zloty PLN 9,913,949 | BUY | 12/9/08 | 3,358,759 | 3,572,442 | 213,683 |
196
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In | Unrealized | |||||||||||||||||||
Settlement | Exchange | Appreciation | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
Polish Zloty PLN 2,603,615 | BUY | 12/9/08 | 922,940 | 938,200 | 15,260 | |||||||||||||||
Polish Zloty PLN 23,810,938 | BUY | 12/9/08 | 8,440,602 | 8,580,153 | 139,551 | |||||||||||||||
Polish Zloty PLN 6,649,028 | BUY | 10/20/09 | 2,487,302 | 2,381,960 | (105,342 | ) | ||||||||||||||
Polish Zloty PLN 12,744,984 | BUY | 11/19/09 | 4,714,975 | 4,565,787 | (149,188 | ) | ||||||||||||||
$ | (2,473,616 | ) | ||||||||||||||||||
Canadian Dollar CAD 1,704,642 | SELL | 12/22/08 | 1,606,183 | 1,414,327 | $ | 191,856 | ||||||||||||||
Czech Koruna CZK 137,540,223 | SELL | 12/9/08 | 7,879,252 | 7,298,069 | 581,183 | |||||||||||||||
Czech Koruna CZK 103,945,975 | SELL | 12/9/08 | 5,911,496 | 5,515,513 | 395,983 | |||||||||||||||
Czech Koruna CZK 15,295,317 | SELL | 1/14/09 | 829,104 | 809,963 | 19,141 | |||||||||||||||
Czech Koruna CZK 15,202,458 | SELL | 1/14/09 | 829,104 | 805,045 | 24,059 | |||||||||||||||
Czech Koruna CZK 4,088,610 | SELL | 1/21/09 | 217,624 | 216,378 | 1,246 | |||||||||||||||
Czech Koruna CZK 4,735,251 | SELL | 4/20/09 | 253,033 | 250,119 | 2,914 | |||||||||||||||
Czech Koruna CZK 3,042,813 | SELL | 7/14/09 | 165,821 | 160,702 | 5,119 | |||||||||||||||
Czech Koruna CZK 3,054,420 | SELL | 10/14/09 | 165,821 | 161,315 | 4,506 | |||||||||||||||
Czech Koruna CZK 28,781,239 | SELL | 10/27/09 | 1,435,975 | 1,520,037 | (84,062 | ) | ||||||||||||||
Czech Koruna CZK 22,736,958 | SELL | 10/27/09 | 1,153,867 | 1,200,818 | (46,951 | ) | ||||||||||||||
Czech Koruna CZK 5,668,374 | SELL | 10/27/09 | 288,467 | 299,367 | (10,900 | ) | ||||||||||||||
EU Euro EUR 11,814,449 | SELL | 12/2/08 | 17,221,686 | 15,040,304 | 2,181,382 | |||||||||||||||
EU Euro EUR 19,388,767 | SELL | 12/8/08 | 27,857,199 | 24,680,916 | 3,176,283 | |||||||||||||||
EU Euro EUR 20,701,078 | SELL | 12/8/08 | 29,579,460 | 26,351,421 | 3,228,039 | |||||||||||||||
EU Euro EUR 9,599,567 | SELL | 12/8/08 | 13,878,814 | 12,219,761 | 1,659,053 | |||||||||||||||
EU Euro EUR 8,116,698 | SELL | 12/8/08 | 11,370,844 | 10,332,144 | 1,038,700 | |||||||||||||||
EU Euro EUR 18,275,099 | SELL | 4/21/09 | 24,457,566 | 23,214,942 | 1,242,624 | |||||||||||||||
Japanese Yen JPY 390,512,085 | SELL | 11/4/08 | 4,164,130 | 3,964,753 | 199,377 | |||||||||||||||
Japanese Yen JPY 513,652,561 | SELL | 11/10/08 | 4,794,442 | 5,216,078 | (421,636 | ) | ||||||||||||||
Japanese Yen JPY 779,914,680 | SELL | 11/10/08 | 7,601,545 | 7,919,937 | (318,392 | ) | ||||||||||||||
Japanese Yen JPY 227,522,792 | SELL | 11/10/08 | 2,391,704 | 2,310,466 | 81,238 | |||||||||||||||
Japanese Yen JPY 390,512,085 | SELL | 12/29/08 | 4,116,286 | 3,975,917 | 140,369 | |||||||||||||||
South Korean Won KRW 858,097,223 | SELL | 11/4/08 | 753,874 | 665,185 | 88,689 | |||||||||||||||
South Korean Won KRW 1,421,138,145 | SELL | 12/4/08 | 1,248,145 | 1,107,368 | 140,777 | |||||||||||||||
Mexican Peso MXN 36,272,822 | SELL | 11/21/08 | 3,513,957 | 2,801,243 | 712,714 | |||||||||||||||
Polish Zloty PLN 12,675,351 | SELL | 11/19/08 | 5,556,688 | 4,573,730 | 982,958 | |||||||||||||||
Polish Zloty PLN 23,655,611 | SELL | 12/9/08 | 9,751,232 | 8,524,182 | 1,227,050 | |||||||||||||||
Polish Zloty PLN 12,671,672 | SELL | 12/9/08 | 5,146,483 | 4,566,174 | 580,309 | |||||||||||||||
Polish Zloty PLN 6,649,028 | SELL | 12/9/08 | 2,684,402 | 2,395,944 | 288,458 | |||||||||||||||
Polish Zloty PLN 7,524,351 | SELL | 12/9/08 | 3,045,186 | 2,711,363 | 333,823 | |||||||||||||||
Polish Zloty PLN 6,649,028 | SELL | 10/20/09 | 2,120,564 | 2,381,960 | (261,396 | ) | ||||||||||||||
Polish Zloty PLN 3,070,417 | SELL | 11/19/09 | 973,886 | 1,099,952 | (126,066 | ) | ||||||||||||||
Polish Zloty PLN 9,674,567 | SELL | 11/19/09 | 3,086,184 | 3,465,835 | (379,651 | ) | ||||||||||||||
$ | 16,878,796 | |||||||||||||||||||
197
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 97.1% | ||||||||||||||
China: 25.0% | ||||||||||||||
229,000 | China Coal Energy Co. — Shares H | $ | 138,890 | |||||||||||
167,000 | China COSCO Holdings Co., Ltd. | 89,966 | ||||||||||||
263,000 | China High Speed Transmission Equipment Group Co., Ltd. | 159,496 | ||||||||||||
456,000 | China Life Insurance Co., Ltd. | 1,218,612 | ||||||||||||
440,000 | China Petroleum & Chemical Corp. | 288,933 | ||||||||||||
161,500 | China Shenhua Energy Co., Ltd. | 306,621 | ||||||||||||
1,956,000 | China Shipping Container Lines Co., Ltd. | 217,052 | ||||||||||||
1,428,000 | China Telecom Corp., Ltd. | 508,229 | ||||||||||||
490,020 | China Vanke Co., Ltd. | 289,597 | ||||||||||||
900,000 | Fujian Zijin Mining Industry Co., Ltd. | 267,095 | ||||||||||||
480,800 | Guangzhou R&F Properties Co., Ltd. | 231,038 | ||||||||||||
1,906,000 | Industrial and Commercial Bank of China Ltd. | 896,812 | ||||||||||||
624,000 | Jiangsu Expressway Co., Ltd. | 436,460 | ||||||||||||
1,102,000 | PetroChina Co., Ltd. | 828,584 | ||||||||||||
80,000 | Ping An Insurance Group Co. of China Ltd. | 342,138 | ||||||||||||
451,000 | Travelsky Technology Ltd. | 108,515 | ||||||||||||
6,328,038 | ||||||||||||||
Hong Kong: 47.6% | ||||||||||||||
1,026,000 | Agile Property Holdings Ltd. | 340,920 | ||||||||||||
89,000 | Cheung Kong Holdings Ltd. | 854,536 | ||||||||||||
288,500 | China Mobile Ltd. | 2,539,757 | ||||||||||||
812,000 | China Overseas Land & Investment Ltd. | 916,965 | ||||||||||||
312,000 | China Resources Land Ltd. | 315,821 | ||||||||||||
482,000 | China Unicom Ltd. | 684,125 | ||||||||||||
494,000 | Chow Sang Sang Holdings International Ltd. | 220,198 | ||||||||||||
2,921,000 | I | Chuang’s China Investments | 26,647 | |||||||||||
93,000 | CLP Holdings Ltd. | 627,189 | ||||||||||||
1,052,000 | CNOOC Ltd. | 863,776 | ||||||||||||
76,500 | Esprit Holdings Ltd. | 434,680 | ||||||||||||
43,100 | Hang Seng Bank Ltd. | 537,780 | ||||||||||||
90,900 | Hong Kong Exchanges and Clearing Ltd. | 921,800 | ||||||||||||
170,000 | Hutchison Whampoa Ltd. | 918,658 | ||||||||||||
370,000 | Hysan Development Co., Ltd. | 580,183 | ||||||||||||
380,500 | MTR Corp. | 843,162 | ||||||||||||
48,000 | Sun Hung Kai Properties Ltd. | 420,533 | ||||||||||||
12,046,730 | ||||||||||||||
Taiwan: 24.5% | ||||||||||||||
1,370,998 | AU Optronics Corp. | 957,323 | ||||||||||||
246,750 | Cathay Financial Holding Co., Ltd. | 265,007 | ||||||||||||
670,340 | Chunghwa Telecom Co., Ltd. | 1,109,098 | ||||||||||||
684,280 | Far Eastern Textile Co., Ltd. | 397,162 | ||||||||||||
124,200 | Hon Hai Precision Industry Co., Ltd. — GDR | 606,663 | ||||||||||||
119,600 | Huang Hsiang Construction Co. | 46,012 | ||||||||||||
81,365 | MediaTek, Inc. | 728,656 | ||||||||||||
613,742 | Radium Life Tech Co., Ltd. | 222,121 | ||||||||||||
38,987 | @ | Taiwan Basket (Issuer: Deutsche Bank AG London) | 152,829 | |||||||||||
321,180 | Taiwan Cement Corp. | 164,921 | ||||||||||||
285,000 | Taiwan Fertilizer Co., Ltd. | 351,687 | ||||||||||||
635,512 | Taiwan Semiconductor Manufacturing Co., Ltd. | 924,706 | ||||||||||||
16,921 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 139,767 | ||||||||||||
120,400 | # | Wintek Corp. GDR | 150,945 | |||||||||||
6,216,897 | ||||||||||||||
Total Common Stock (Cost $39,182,050) | 24,591,665 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 2.6% | ||||||||||||||
Hong Kong: 2.6% | ||||||||||||||
360,000 | Link Real Estate Investment Trust | 643,686 | ||||||||||||
Total Real Estate Investment Trusts (Cost $823,764) | 643,686 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $40,005,814)* | 99.7 | % | $ | 25,235,351 | ||||||||||
Other Assets and Liabilities - Net | 0.3 | 85,249 | ||||||||||||
Net Assets | 100.0 | % | $ | 25,320,600 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
I | Illiquid 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. | |
* | Cost for federal income tax purposes is $40,463,206. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 103,975 | ||
Gross Unrealized Depreciation | (15,331,830 | ) | ||
Net Unrealized Depreciation | $ | (15,227,855 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Apparel | 3.3 | % | ||
Banks | 5.7 | |||
Building Materials | 0.6 | |||
Chemicals | 1.4 | |||
Coal | 1.8 | |||
Commercial Services | 1.7 | |||
Diversified Financial Services | 3.6 | |||
Electric | 2.5 | |||
Electrical Components & Equipment | 0.6 | |||
Electronics | 6.8 | |||
Equity Fund | 0.6 | |||
Holding Companies — Diversified | 3.7 | |||
Insurance | 7.2 | |||
Mining | 1.1 | |||
Oil & Gas | 7.8 | |||
Real Estate | 16.7 | |||
Retail | 0.9 | |||
Semiconductors | 7.1 | |||
Shopping Centers | 2.6 | |||
Software | 0.4 | |||
Telecommunications | 19.1 | |||
Transportation | 4.5 | |||
Other Assets and Liabilities — Net | 0.3 | |||
Net Assets | 100.0 | % | ||
198
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 94.0% | ||||||||||||||
Australia: 4.8% | ||||||||||||||
21,438 | Alumina Ltd. | $ | 30,509 | |||||||||||
7,106 | Australia & New Zealand Banking Group Ltd. | 83,300 | ||||||||||||
12,573 | Babcock & Brown Ltd. | 10,987 | ||||||||||||
21,860 | Bendigo Bank Ltd. | 192,843 | ||||||||||||
40,902 | BHP Billiton Ltd. | 785,777 | ||||||||||||
122,971 | BlueScope Steel Ltd. | 361,679 | ||||||||||||
10,814 | Brambles Ltd. | 57,682 | ||||||||||||
39,111 | Caltex Australia Ltd. | 246,332 | ||||||||||||
28,556 | Coca-Cola Amatil Ltd. | 154,146 | ||||||||||||
2,167 | Commonwealth Bank of Australia | 59,237 | ||||||||||||
14,682 | Computershare Ltd. | 83,005 | ||||||||||||
11,671 | CSL Ltd. | 283,836 | ||||||||||||
166,382 | Harvey Norman Holdings Ltd. | 287,189 | ||||||||||||
18,754 | Lion Nathan Ltd. | 110,827 | ||||||||||||
300,614 | Macquarie Airports Management Ltd. | 427,526 | ||||||||||||
21,971 | Macquarie Group Ltd. | 435,884 | ||||||||||||
46,817 | National Australia Bank Ltd. | 759,657 | ||||||||||||
80,250 | Qantas Airways Ltd. | 130,347 | ||||||||||||
151,436 | Telstra Corp., Ltd. | 416,843 | ||||||||||||
6,367 | Woodside Petroleum Ltd. | 179,900 | ||||||||||||
3,550 | Woolworths Ltd. | 66,178 | ||||||||||||
5,163,684 | ||||||||||||||
Austria: 0.9% | ||||||||||||||
1,281 | Erste Bank der Oesterreichischen Sparkassen AG | 34,151 | ||||||||||||
12,778 | @ | Immoeast Immobilien Anlagen AG | 15,406 | |||||||||||
83,100 | @ | Immofinanz Immobilien Anlagen AG | 92,690 | |||||||||||
15,993 | OMV AG | 511,935 | ||||||||||||
3,848 | Telekom Austria AG | 47,281 | ||||||||||||
9,116 | Voestalpine AG | 222,471 | ||||||||||||
923,934 | ||||||||||||||
Belgium: 0.6% | ||||||||||||||
3,125 | Dexia | 16,621 | ||||||||||||
5,625 | Fortis | 6,517 | ||||||||||||
4,142 | @ | Fortis — STRIP VVPR | 53 | |||||||||||
1,066 | Groupe Bruxelles Lambert SA | 78,311 | ||||||||||||
13,051 | InBev NV | 526,388 | ||||||||||||
627,890 | ||||||||||||||
Bermuda: 0.0% | ||||||||||||||
3,400 | SeaDrill Ltd. ADR | 32,735 | ||||||||||||
32,735 | ||||||||||||||
Denmark: 0.5% | ||||||||||||||
3,100 | Danske Bank A/S | 45,890 | ||||||||||||
1,375 | Novo-Nordisk A/S | 73,704 | ||||||||||||
9,093 | @ | Vestas Wind Systems A/S | 372,450 | |||||||||||
492,044 | ||||||||||||||
Finland: 1.5% | ||||||||||||||
15,667 | Elisa OYJ | 235,671 | ||||||||||||
493 | Kesko OYJ | 11,540 | ||||||||||||
84,412 | Nokia OYJ | 1,293,040 | ||||||||||||
3,622 | Sampo OYJ | 72,584 | ||||||||||||
3,631 | YIT OYJ | 22,611 | ||||||||||||
1,635,446 | ||||||||||||||
France: 7.0% | ||||||||||||||
2,285 | AXA SA | 43,653 | ||||||||||||
5,084 | BNP Paribas | 367,072 | ||||||||||||
332 | Bouygues SA | 14,137 | ||||||||||||
16,362 | Carrefour SA | 691,212 | ||||||||||||
195 | Christian Dior SA | 11,814 | ||||||||||||
2,168 | @ | Compagnie Generale de Geophysique SA | 35,055 | |||||||||||
8,617 | Compagnie Generale des Etablissements Michelin | 443,526 | ||||||||||||
4,089 | Credit Agricole SA | 59,156 | ||||||||||||
271 | Eiffage SA | 10,411 | ||||||||||||
31,724 | France Telecom SA | 799,940 | ||||||||||||
2,142 | Gaz de France | 95,348 | ||||||||||||
3,294 | Lafarge SA | 217,758 | ||||||||||||
7,650 | Natixis | 16,941 | ||||||||||||
21,134 | Peugeot SA | 563,958 | ||||||||||||
852 | PPR | 54,298 | ||||||||||||
1,371 | Renault SA | 42,018 | ||||||||||||
8,755 | Sanofi-Aventis | 554,692 | ||||||||||||
11,223 | Schneider Electric SA | 672,680 | ||||||||||||
566 | @ | Suez Environnement SA | 10,821 | |||||||||||
1,030 | Technip SA | 30,844 | ||||||||||||
37,851 | Total SA | 2,082,315 | ||||||||||||
1,458 | Vinci SA | 52,470 | ||||||||||||
27,613 | Vivendi | 721,780 | ||||||||||||
7,591,899 | ||||||||||||||
Germany: 8.5% | ||||||||||||||
1,607 | Allianz AG | 120,926 | ||||||||||||
18,975 | BASF AG | 637,007 | ||||||||||||
9,440 | Bayer AG | 528,011 | ||||||||||||
1,762 | Bayerische Motoren Werke AG | 44,737 | ||||||||||||
901 | Continental AG | 38,809 | ||||||||||||
15,100 | Deutsche Bank AG | 573,861 | ||||||||||||
7,998 | Deutsche Boerse AG | 628,618 | ||||||||||||
28,337 | Deutsche Lufthansa AG | 394,265 | ||||||||||||
34,584 | Deutsche Post AG | 378,762 | ||||||||||||
24,183 | Deutsche Telekom AG | 359,080 | ||||||||||||
31,359 | E.ON AG | 1,200,136 | ||||||||||||
3,743 | Fresenius Medical Care AG & Co. KGaA | 167,424 | ||||||||||||
6,134 | Muenchener Rueckversicherungs AG | 812,566 | ||||||||||||
12,380 | RWE AG | 1,029,493 | ||||||||||||
11,530 | SAP AG | 406,970 | ||||||||||||
9,863 | Siemens AG | 592,484 | ||||||||||||
18,141 | ThyssenKrupp AG | 339,939 | ||||||||||||
4,220 | TUI AG | 50,807 | ||||||||||||
1,622 | Volkswagen AG | 981,756 | ||||||||||||
9,285,651 | ||||||||||||||
Greece: 0.8% | ||||||||||||||
7,656 | Alpha Bank AE | 111,777 | ||||||||||||
3,970 | Coca-Cola Hellenic Bottling Co. SA | 55,404 | ||||||||||||
20,218 | Hellenic Telecommunications Organization SA | 285,357 | ||||||||||||
14,971 | National Bank of Greece SA | 328,887 | ||||||||||||
2,951 | OPAP SA | 64,434 | ||||||||||||
3,116 | Piraeus Bank SA | 39,528 | ||||||||||||
885,387 | ||||||||||||||
Hong Kong: 1.7% | ||||||||||||||
7,000 | Cheung Kong Holdings Ltd. | 67,211 | ||||||||||||
25,000 | Hang Lung Properties Ltd. | 61,087 | ||||||||||||
40,649 | Hang Seng Bank Ltd. | 507,197 | ||||||||||||
202,000 | Hong Kong & China Gas | 355,880 | ||||||||||||
18,500 | HongKong Electric Holdings | 99,713 | ||||||||||||
21,000 | Hopewell Holdings | 65,291 | ||||||||||||
9,000 | Hutchison Whampoa Ltd. | 48,635 | ||||||||||||
90,400 | Lee & Man Paper Manufacturing Ltd. | 29,553 | ||||||||||||
479,556 | New World Development Ltd. | 399,199 | ||||||||||||
25,500 | Orient Overseas International Ltd. | 45,537 | ||||||||||||
132,000 | X | PCCW Ltd. | 49,393 | |||||||||||
10,000 | Shangri-La Asia Ltd. | 14,158 | ||||||||||||
11,000 | Swire Pacific Ltd. | 77,470 | ||||||||||||
1,820,324 | ||||||||||||||
Ireland: 0.3% | ||||||||||||||
56,337 | Allied Irish Banks PLC | 304,797 | ||||||||||||
304,797 | ||||||||||||||
199
Table of Contents
Shares | Value | |||||||||||||
Italy: 4.8% | ||||||||||||||
14,192 | Banche Popolari Unite Scpa | $ | 239,421 | |||||||||||
27,108 | Banco Popolare Scarl | 338,171 | ||||||||||||
133,063 | Enel S.p.A. | 890,226 | ||||||||||||
26,816 | ENI S.p.A. | 640,049 | ||||||||||||
68,364 | Fiat S.p.A | 542,461 | ||||||||||||
3,229 | Finmeccanica S.p.A. | 40,047 | ||||||||||||
2,794 | Fondiaria-Sai S.p.A. | 52,490 | ||||||||||||
200,454 | Intesa Sanpaolo S.p.A. | 733,640 | ||||||||||||
1,117 | Italcementi S.p.A. | 13,019 | ||||||||||||
1,514 | Italcementi S.p.A. RNC | 10,535 | ||||||||||||
19,849 | Lottomatica S.p.A. | 463,434 | ||||||||||||
2,141 | Mediaset S.p.A. | 11,632 | ||||||||||||
307,995 | Parmalat S.p.A | 540,771 | ||||||||||||
131,444 | Pirelli & C S.p.A. | 46,344 | ||||||||||||
9,301 | Telecom Italia S.p.A. | 10,685 | ||||||||||||
272,966 | UniCredito Italiano S.p.A. | 668,227 | ||||||||||||
6,537 | Unipol S.p.A. | 11,598 | ||||||||||||
5,252,750 | ||||||||||||||
Japan: 22.8% | ||||||||||||||
11,160 | Acom Co., Ltd. | 426,301 | ||||||||||||
3,000 | Amada Co., Ltd. | 13,777 | ||||||||||||
8,600 | Asahi Breweries Ltd. | 141,953 | ||||||||||||
14,700 | Astellas Pharma, Inc. | 592,098 | ||||||||||||
1,500 | Casio Computer Co., Ltd. | 9,635 | ||||||||||||
68 | Central Japan Railway Co. | 558,591 | ||||||||||||
12,000 | Chiba Bank Ltd. | 59,312 | ||||||||||||
38,100 | Credit Saison Co., Ltd. | 404,336 | ||||||||||||
8,000 | Dai Nippon Printing Co., Ltd. | 94,521 | ||||||||||||
13,000 | Daihatsu Motor Co., Ltd. | 96,251 | ||||||||||||
19,500 | Daiichi Sankyo Co., Ltd. | 399,846 | ||||||||||||
21,800 | Hitachi High-Technologies Corp. | 353,579 | ||||||||||||
138,000 | Hitachi Ltd. | 647,917 | ||||||||||||
125,000 | Hokugin Financial Group, Inc. | 247,352 | ||||||||||||
32 | Inpex Holdings, Inc. | 185,773 | ||||||||||||
82,000 | Isuzu Motors Ltd. | 144,069 | ||||||||||||
2,900 | Ito En Ltd. | 46,189 | ||||||||||||
61,000 | Itochu Corp. | 322,370 | ||||||||||||
2,500 | Itochu Techno-Solutions Corp. | 58,579 | ||||||||||||
8,000 | Iyo Bank Ltd. | 86,304 | ||||||||||||
4,900 | JSR Corp. | 55,271 | ||||||||||||
25,000 | Kao Corp. | 731,040 | ||||||||||||
138 | KDDI Corp. | 826,832 | ||||||||||||
400 | Keyence Corp. | 76,652 | ||||||||||||
6,000 | Kirin Brewery Co., Ltd. | 66,361 | ||||||||||||
7,600 | Konami Corp. | 137,491 | ||||||||||||
61,500 | Konica Minolta Holdings, Inc. | 403,889 | ||||||||||||
3,200 | Kyushu Electric Power Co., Inc. | 73,360 | ||||||||||||
7,700 | Makita Corp. | 139,619 | ||||||||||||
19,000 | Matsushita Electric Industrial Co., Ltd. | 305,971 | ||||||||||||
15,900 | Millea Holdings, Inc. | 490,450 | ||||||||||||
9,000 | Mitsubishi Electric Corp. | 55,794 | ||||||||||||
196,000 | Mitsubishi UFJ Financial Group, Inc. | 1,231,698 | ||||||||||||
74,000 | Mitsui & Co., Ltd. | 717,024 | ||||||||||||
32,000 | Mitsui OSK Lines Ltd. | 167,101 | ||||||||||||
20 | Mizuho Financial Group, Inc. | 48,836 | ||||||||||||
58,000 | NGK Insulators Ltd. | 602,426 | ||||||||||||
11,000 | NHK Spring Co., Ltd. | 44,332 | ||||||||||||
200 | Nintendo Co., Ltd. | 64,262 | ||||||||||||
8,000 | Nippon Electric Glass Co., Ltd. | 48,120 | ||||||||||||
14,000 | Nippon Oil Corp. | 57,467 | ||||||||||||
199,000 | Nippon Steel Corp. | 669,817 | ||||||||||||
21 | Nippon Telegraph & Telephone Corp. | 85,695 | ||||||||||||
92,000 | Nippon Yusen KK | 444,883 | ||||||||||||
234,000 | Nishi-Nippon City Bank Ltd. | 509,779 | ||||||||||||
600 | Nitto Denko Corp. | 13,288 | ||||||||||||
5,800 | NOK Corp. | 55,222 | ||||||||||||
37 | NTT DoCoMo, Inc. | 58,680 | ||||||||||||
94,000 | Okuma Corp. | 413,301 | ||||||||||||
201,000 | Osaka Gas Co., Ltd. | 710,986 | ||||||||||||
10,700 | Otsuka Corp. | 538,192 | ||||||||||||
22,200 | Promise Co., Ltd. | 398,472 | ||||||||||||
473 | Resona Holdings, Inc. | 496,002 | ||||||||||||
33,000 | Ricoh Co., Ltd. | 355,147 | ||||||||||||
500 | Sankyo Co., Ltd. | 22,247 | ||||||||||||
40,000 | @ | Sanyo Electric Co., Ltd. | 60,716 | |||||||||||
2,800 | Secom Co., Ltd. | 106,799 | ||||||||||||
20,900 | Seven & I Holdings Co., Ltd. | 586,830 | ||||||||||||
15,700 | Shimano, Inc. | 449,106 | ||||||||||||
18,300 | Shin-Etsu Chemical Co., Ltd. | 972,745 | ||||||||||||
800 | SMC Corp. | 75,522 | ||||||||||||
35,100 | Sony Corp. | 831,882 | ||||||||||||
53,900 | Stanley Electric Co., Ltd. | 677,655 | ||||||||||||
62,200 | Sumitomo Electric Industries Ltd. | 503,605 | ||||||||||||
38,000 | Sumitomo Metal Mining Co., Ltd. | 284,975 | ||||||||||||
8 | Sumitomo Mitsui Financial Group, Inc. | 32,071 | ||||||||||||
47,000 | Suruga Bank Ltd. | 442,434 | ||||||||||||
2,400 | Suzuken Co., Ltd. | 51,280 | ||||||||||||
4,400 | Suzuki Motor Corp. | 64,567 | ||||||||||||
12,900 | Takeda Pharmaceutical Co., Ltd. | 640,939 | ||||||||||||
22,000 | Toho Gas Co., Ltd. | 126,985 | ||||||||||||
58,200 | Tokai Rika Co., Ltd. | 588,740 | ||||||||||||
161,000 | Tokyo Gas Co., Ltd. | 692,293 | ||||||||||||
51,700 | Toyota Boshoku Corp. | 461,158 | ||||||||||||
20,200 | Toyota Motor Corp. | 788,829 | ||||||||||||
18 | West Japan Railway Co. | 79,211 | ||||||||||||
5,000 | Yamato Holdings Co., Ltd. | 55,237 | ||||||||||||
2,300 | Yamato Kogyo Co., Ltd. | 54,358 | ||||||||||||
41,000 | Yaskawa Electric Corp. | 179,924 | ||||||||||||
24,812,321 | ||||||||||||||
Luxembourg: 0.6% | ||||||||||||||
27,016 | Arcelor Mittal | 661,119 | ||||||||||||
661,119 | ||||||||||||||
Mauritius: 0.3% | ||||||||||||||
2,242,000 | Golden Agri-Resources Ltd. | 299,191 | ||||||||||||
299,191 | ||||||||||||||
Netherlands: 5.2% | ||||||||||||||
63,019 | Aegon NV | 261,855 | ||||||||||||
17,849 | ASML Holding NV | 312,471 | ||||||||||||
19,273 | Heineken NV | 650,141 | ||||||||||||
37,647 | Koninklijke Philips Electronics NV | 695,710 | ||||||||||||
43,815 | Reed Elsevier NV | 585,634 | ||||||||||||
525 | @ | Royal Dutch Shell PLC | 14,551 | |||||||||||
46,344 | Royal Dutch Shell PLC — Class A | 1,273,289 | ||||||||||||
55,679 | Royal Dutch Shell PLC — Class B | 1,509,555 | ||||||||||||
4,960 | Royal KPN NV | 69,853 | ||||||||||||
3,303 | @ | TomTom | 25,179 | |||||||||||
11,264 | Unilever NV | 271,457 | ||||||||||||
5,669,695 | ||||||||||||||
New Zealand: 0.2% | ||||||||||||||
67,205 | Fletcher Building Ltd. | 228,198 | ||||||||||||
228,198 | ||||||||||||||
Norway: 0.0% | ||||||||||||||
7,200 | DnB NOR ASA | 41,726 | ||||||||||||
600 | Statoil ASA | 12,068 | ||||||||||||
53,794 | ||||||||||||||
Portugal: 0.1% | ||||||||||||||
18,191 | Energias de Portugal SA | 61,960 | ||||||||||||
7,663 | Portugal Telecom SGPS SA | 50,400 | ||||||||||||
112,360 | ||||||||||||||
Singapore: 1.5% | ||||||||||||||
275,000 | CapitaLand Ltd. | 551,146 | ||||||||||||
19,000 | City Developments Ltd. | 84,019 | ||||||||||||
15,000 | Jardine Cycle & Carriage Ltd. | 96,216 | ||||||||||||
312,000 | Keppel Land Ltd. | 401,077 | ||||||||||||
7,000 | Singapore Airlines Ltd. | 53,631 |
200
Table of Contents
Shares | Value | |||||||||||||
Singapore (continued) | ||||||||||||||
306,000 | United Overseas Land Ltd. | $ | 400,562 | |||||||||||
7,000 | Wilmar International Ltd. | 12,106 | ||||||||||||
1,598,757 | ||||||||||||||
Spain: 4.5% | ||||||||||||||
14,981 | ACS Actividades de Construccion y Servicios SA | 556,226 | ||||||||||||
76,509 | Banco Bilbao Vizcaya Argentaria SA | 887,988 | ||||||||||||
7,601 | Banco Popular Espanol SA | 69,174 | ||||||||||||
113,249 | Banco Santander Central Hispano SA | 1,224,807 | ||||||||||||
1,819 | Gas Natural SDG SA | 55,985 | ||||||||||||
66,004 | Iberdrola SA | 477,694 | ||||||||||||
1,553 | Inditex SA | 52,495 | ||||||||||||
1,158 | Promotora de Informaciones SA (PRISA) | 4,536 | ||||||||||||
2,271 | Repsol YPF SA | 43,185 | ||||||||||||
82,706 | Telefonica SA | 1,531,298 | ||||||||||||
4,903,388 | ||||||||||||||
Sweden: 0.0% | ||||||||||||||
3,300 | Electrolux AB | 30,380 | ||||||||||||
1,200 | Sandvik AB | 7,788 | ||||||||||||
1,109 | Tele2 AB — B Shares | 9,463 | ||||||||||||
47,631 | ||||||||||||||
Switzerland: 9.8% | ||||||||||||||
61,918 | @ | ABB Ltd. | 812,433 | |||||||||||
199 | Baloise Holding AG | 10,639 | ||||||||||||
24,549 | Credit Suisse Group | 917,982 | ||||||||||||
11,806 | Holcim Ltd. | 670,572 | ||||||||||||
46,130 | Nestle SA | 1,793,857 | ||||||||||||
42,542 | Novartis AG | 2,159,347 | ||||||||||||
813 | Pargesa Holding SA | 62,278 | ||||||||||||
13,129 | Roche Holding AG | 2,007,777 | ||||||||||||
63 | SGS SA | 62,026 | ||||||||||||
4,027 | @ | Swiss Life Holding | 362,857 | |||||||||||
14,525 | Swiss Reinsurance | 605,746 | ||||||||||||
310 | Syngenta AG | 57,949 | ||||||||||||
2,058 | Synthes, Inc. | 265,569 | ||||||||||||
6,119 | @ | UBS AG — Reg | 103,823 | |||||||||||
21,915 | Xstrata PLC | 374,841 | ||||||||||||
2,048 | Zurich Financial Services AG | 415,493 | ||||||||||||
10,683,189 | ||||||||||||||
United Kingdom: 17.6% | ||||||||||||||
4,711 | 3i Group PLC | 41,092 | ||||||||||||
5,623 | Anglo American PLC | 141,088 | ||||||||||||
32,849 | AstraZeneca PLC | 1,392,090 | ||||||||||||
26,671 | Aviva PLC | 159,093 | ||||||||||||
133,220 | BAE Systems PLC | 748,824 | ||||||||||||
127,452 | Barclays PLC | 365,351 | ||||||||||||
31,038 | BG Group PLC | 456,381 | ||||||||||||
56,462 | BHP Billiton PLC | 958,755 | ||||||||||||
230,564 | BP PLC | 1,879,437 | ||||||||||||
2,512 | British American Tobacco PLC | 68,902 | ||||||||||||
13,662 | British Energy Group PLC | 163,410 | ||||||||||||
100,945 | BT Group PLC | 189,680 | ||||||||||||
253,740 | Cable & Wireless PLC | 502,909 | ||||||||||||
13,156 | Capita Group PLC | 135,941 | ||||||||||||
456 | Carnival PLC | 10,028 | ||||||||||||
34,749 | Carphone Warehouse Group | 75,437 | ||||||||||||
157,602 | Centrica PLC | 774,427 | ||||||||||||
27,282 | Compass Group PLC | 126,864 | ||||||||||||
74,420 | Daily Mail & General Trust | 350,440 | ||||||||||||
67,693 | Diageo PLC | 1,033,029 | ||||||||||||
10,158 | Experian Group Ltd. | 56,021 | ||||||||||||
45,769 | GlaxoSmithKline PLC | 879,860 | ||||||||||||
160,149 | HBOS PLC | 262,232 | ||||||||||||
128,893 | HSBC Holdings PLC | 1,526,635 | ||||||||||||
8,883 | Imperial Tobacco Group PLC | 238,078 | ||||||||||||
70,152 | International Power PLC | 250,969 | ||||||||||||
24,631 | Investec PLC | 93,539 | ||||||||||||
122,706 | J Sainsbury PLC | 560,542 | ||||||||||||
19,088 | Ladbrokes PLC | 48,644 | ||||||||||||
362,186 | Legal & General Group PLC | 416,547 | ||||||||||||
19,909 | Marks & Spencer Group PLC | 70,581 | ||||||||||||
13,428 | Mondi PLC | 48,735 | ||||||||||||
6,569 | National Grid PLC | 74,000 | ||||||||||||
429,033 | Old Mutual PLC | 347,418 | ||||||||||||
51,269 | Persimmon PLC | 248,205 | ||||||||||||
14,349 | Punch Taverns PLC | 36,101 | ||||||||||||
1,716 | Reckitt Benckiser PLC | 72,586 | ||||||||||||
7,553 | Reed Elsevier PLC | 66,272 | ||||||||||||
8,190 | Rio Tinto PLC | 382,572 | ||||||||||||
516,981 | Royal Bank of Scotland Group PLC | 569,463 | ||||||||||||
29,900 | Sage Group PLC | 83,706 | ||||||||||||
13,198 | Shire Ltd. | 172,941 | ||||||||||||
24,621 | Standard Chartered PLC | 406,912 | ||||||||||||
25,325 | Standard Life PLC | 98,034 | ||||||||||||
12,794 | Tate & Lyle PLC | 76,060 | ||||||||||||
94,203 | Tesco PLC | 516,148 | ||||||||||||
24,342 | Thomas Cook Group PLC | 66,036 | ||||||||||||
5,882 | Unilever PLC | 132,144 | ||||||||||||
436,725 | Vodafone Group PLC | 840,134 | ||||||||||||
160,099 | WM Morrison Supermarkets PLC | 681,691 | ||||||||||||
24,272 | Wolseley PLC | 132,832 | ||||||||||||
9,372 | WPP Group PLC | 56,061 | ||||||||||||
19,084,877 | ||||||||||||||
Total Common Stock (Cost $160,245,585 ) | 102,171,061 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.6% | ||||||||||||||
France: 0.5% | ||||||||||||||
3,764 | Unibail | 564,543 | ||||||||||||
564,543 | ||||||||||||||
Singapore: 0.1% | ||||||||||||||
103,000 | @ | CapitaCommercial Trust | 70,759 | |||||||||||
70,759 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $805,457 ) | 635,302 | |||||||||||||
PREFERRED STOCK: 0.1% | ||||||||||||||
Germany: 0.1% | ||||||||||||||
452 | Bayerische Motoren Werke AG | 9,013 | ||||||||||||
4,185 | Henkel KGaA — Vorzug | 119,656 | ||||||||||||
149 | Porsche AG | 13,139 | ||||||||||||
1,084 | ProSieben SAT.1 Media AG | 3,345 | ||||||||||||
Total Preferred Stock (Cost $226,859 ) | 145,153 | |||||||||||||
RIGHTS: 0.0% | ||||||||||||||
Belgium: 0.0% | ||||||||||||||
5,625 | Fortis | — | ||||||||||||
Total Rights (Cost $-) | — | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $161,277,901)* | 94.7 | % | $ | 102,951,516 | ||||||||||
Other Assets and Liabilities - Net | 5.3 | 5,753,298 | ||||||||||||
Net Assets | 100.0 | % | $ | 108,704,814 | ||||||||||
201
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@ | Non-income producing security | |
ADR | American Depositary Receipt | |
STRIP | Separate Trading of Registered Interest and Principal of Securities | |
X | Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees. | |
* | Cost for federal income tax purposes is $169,616,440. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 624,452 | ||
Gross Unrealized Depreciation | (67,289,376 | ) | ||
Net Unrealized Depreciation | $ | (66,664,924 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Aerospace/Defense | 0.7 | % | ||
Agriculture | 0.6 | |||
Airlines | 0.5 | |||
Apparel | 0.0 | |||
Auto Manufacturers | 3.0 | |||
Auto Parts & Equipment | 2.6 | |||
Banks | 13.8 | |||
Beverages | 2.6 | |||
Biotechnology | 0.3 | |||
Building Materials | 1.0 | |||
Chemicals | 2.1 | |||
Commercial Services | 0.5 | |||
Computers | 0.6 | |||
Cosmetics/Personal Care | 0.7 | |||
Distribution/Wholesale | 1.5 | |||
Diversified | 0.6 | |||
Diversified Financial Services | 2.2 | |||
Electric | 4.0 | |||
Electrical Components & Equipment | 1.7 | |||
Electronics | 1.5 | |||
Engineering & Construction | 1.7 | |||
Entertainment | 0.5 | |||
Food | 4.9 | |||
Food Service | 0.1 | |||
Forest Products & Paper | 0.1 | |||
Gas | 2.6 | |||
Hand/Machine Tools | 0.2 | |||
Healthcare — Products | 0.2 | |||
Healthcare — Services | 0.2 | |||
Holding Companies — Diversified | 0.2 | |||
Home Builders | 0.2 | |||
Home Furnishings | 1.1 | |||
Household Products/Wares | 0.2 | |||
Insurance | 3.9 | |||
Investment Companies | 0.1 | |||
Iron/Steel | 2.1 | |||
Leisure Time | 0.5 | |||
Lodging | 0.1 | |||
Machinery — Diversified | 0.4 | |||
Media | 1.7 | |||
Mining | 2.7 | |||
Miscellaneous Manufacturing | 0.9 | |||
Office/Business Equipment | 0.3 | |||
Oil & Gas | 8.4 | |||
Oil & Gas Services | 0.1 | |||
Pharmaceuticals | 8.2 | |||
Real Estate | 1.9 | |||
Retail | 1.1 | |||
Semiconductors | 0.3 | |||
Software | 0.6 | |||
Telecommunications | 7.0 | |||
Toys/Games/Hobbies | 0.1 | |||
Transportation | 1.6 | |||
Venture Capital | 0.0 | |||
Water | 0.0 | |||
Other Assets and Liabilities — Net | 5.3 | |||
Net Assets | 100.0 | % | ||
202
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 99.6% | ||||||||||||||
Australia: 3.9% | ||||||||||||||
42,188 | BHP Billiton Ltd. | $ | 810,483 | |||||||||||
12,598 | Rio Tinto Ltd. | 651,730 | ||||||||||||
17,922 | Woodside Petroleum Ltd. | 506,388 | ||||||||||||
1,968,601 | ||||||||||||||
Austria: 1.1% | ||||||||||||||
20,530 | Erste Bank der Oesterreichischen Sparkassen AG | 547,330 | ||||||||||||
547,330 | ||||||||||||||
Brazil: 4.4% | ||||||||||||||
51,731 | Banco Itau Holding Financeira SA ADR | 572,145 | ||||||||||||
58,217 | Cia Vale do Rio Doce ADR | 763,807 | ||||||||||||
32,343 | Petroleo Brasileiro SA ADR | 869,703 | ||||||||||||
2,205,655 | ||||||||||||||
Canada: 7.6% | ||||||||||||||
57,538 | Cameco Corp. | 933,266 | ||||||||||||
50,199 | Manulife Financial Corp. | 1,008,498 | ||||||||||||
41,735 | Rogers Communications, Inc. | 1,211,570 | ||||||||||||
26,606 | Suncor Energy, Inc. | 636,416 | ||||||||||||
3,789,750 | ||||||||||||||
China: 5.2% | ||||||||||||||
757,000 | China Communications Construction Co., Ltd. | 536,202 | ||||||||||||
340,000 | China Merchants Bank Co., Ltd. | 520,896 | ||||||||||||
54,452 | @ | Focus Media Holding Ltd. ADR | 1,008,996 | |||||||||||
1,536,000 | @ | Foxconn International Holdings Ltd. | 565,183 | |||||||||||
2,631,277 | ||||||||||||||
Denmark: 1.6% | ||||||||||||||
19,118 | @ | Vestas Wind Systems A/S | 783,074 | |||||||||||
783,074 | ||||||||||||||
France: 6.6% | ||||||||||||||
13,919 | Electricite de France | 836,303 | ||||||||||||
13,630 | Groupe Danone | 758,931 | ||||||||||||
14,951 | Iliad SA | 1,182,431 | ||||||||||||
8,063 | LVMH Moet Hennessy Louis Vuitton SA | 536,544 | ||||||||||||
3,314,209 | ||||||||||||||
Germany: 7.0% | ||||||||||||||
13,729 | Adidas AG | 470,140 | ||||||||||||
11,739 | Deutsche Boerse AG | 922,649 | ||||||||||||
24,361 | E.ON AG | 932,316 | ||||||||||||
17,957 | SAP AG ADR | 634,421 | ||||||||||||
5,119 | Wacker Chemie AG | 557,006 | ||||||||||||
3,516,532 | ||||||||||||||
Hong Kong: 4.3% | ||||||||||||||
1,786,000 | Agile Property Holdings Ltd. | 593,453 | ||||||||||||
181,400 | Esprit Holdings Ltd. | 1,030,733 | ||||||||||||
262,000 | Li & Fung Ltd. | 525,838 | ||||||||||||
2,150,024 | ||||||||||||||
India: 2.6% | ||||||||||||||
9,153 | HDFC Bank Ltd. ADR | 600,437 | ||||||||||||
23,739 | Infosys Technologies Ltd. ADR | 696,027 | ||||||||||||
1,296,464 | ||||||||||||||
Israel: 1.8% | ||||||||||||||
21,255 | Teva Pharmaceutical Industries Ltd. ADR | 911,414 | ||||||||||||
911,414 | ||||||||||||||
Italy: 1.5% | ||||||||||||||
39,418 | Saipem S.p.A. | 740,902 | ||||||||||||
740,902 | ||||||||||||||
Japan: 11.8% | ||||||||||||||
27,100 | Denso Corp. | 528,195 | ||||||||||||
12,800 | Fanuc Ltd. | 852,847 | ||||||||||||
63,000 | NGK Insulators Ltd. | 654,360 | ||||||||||||
3,200 | Nintendo Co., Ltd. | 1,028,187 | ||||||||||||
8,230 | ORIX Corp. | 845,576 | ||||||||||||
18,100 | Shin-Etsu Chemical Co., Ltd. | 962,114 | ||||||||||||
14,300 | Toyota Motor Corp. | 558,428 | ||||||||||||
9,350 | Yamada Denki Co., Ltd. | 508,922 | ||||||||||||
5,938,629 | ||||||||||||||
Luxembourg: 1.3% | ||||||||||||||
16,241 | @ | Millicom International Cellular SA | 649,640 | |||||||||||
649,640 | ||||||||||||||
Mexico: 1.2% | ||||||||||||||
21,882 | Wal-Mart de Mexico SA de CV ADR | 582,061 | ||||||||||||
582,061 | ||||||||||||||
Netherlands: 1.1% | ||||||||||||||
30,977 | Koninklijke Philips Electronics NV- NY Shares | 573,075 | ||||||||||||
573,075 | ||||||||||||||
Norway: 1.1% | ||||||||||||||
59,810 | @ | Renewable Energy Corp. A/S | 564,298 | |||||||||||
564,298 | ||||||||||||||
Russia: 1.7% | ||||||||||||||
42,446 | @ | OAO Gazprom ADR | 845,231 | |||||||||||
845,231 | ||||||||||||||
Singapore: 1.2% | ||||||||||||||
186,000 | Keppel Corp., Ltd. | 579,891 | ||||||||||||
579,891 | ||||||||||||||
South Africa: 1.4% | ||||||||||||||
64,389 | MTN Group Ltd. | 723,031 | ||||||||||||
723,031 | ||||||||||||||
South Korea: 1.4% | ||||||||||||||
3,382 | # | Samsung Electronics GDR | 700,790 | |||||||||||
700,790 | ||||||||||||||
Spain: 5.2% | ||||||||||||||
66,792 | Banco Bilbao Vizcaya Argentaria SA | 775,210 | ||||||||||||
78,135 | Banco Santander Central Hispano SA | 845,043 | ||||||||||||
52,236 | Telefonica SA | 967,147 | ||||||||||||
2,587,400 | ||||||||||||||
Switzerland: 10.4% | ||||||||||||||
44,369 | @ | ABB Ltd. | 582,170 | |||||||||||
24,935 | Credit Suisse Group | 932,416 | ||||||||||||
21,336 | Nestle SA | 829,693 | ||||||||||||
31,679 | Nobel Biocare Holding AG | 544,204 | ||||||||||||
20,330 | Novartis AG | 1,031,910 | ||||||||||||
8,462 | Roche Holding AG | 1,294,067 | ||||||||||||
5,214,460 | ||||||||||||||
United Kingdom: 14.2% | ||||||||||||||
416,961 | ARM Holdings PLC | 650,095 | ||||||||||||
71,815 | @ | Autonomy Corp. PLC | 1,138,673 | |||||||||||
40,448 | BG Group PLC | 594,745 | ||||||||||||
81,617 | British Sky Broadcasting PLC | 496,669 | ||||||||||||
119,172 | ICAP PLC | 593,824 | ||||||||||||
146,154 | Prudential PLC | 734,180 | ||||||||||||
88,602 | Smith & Nephew PLC | 811,269 |
203
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Shares | Value | |||||||||||||
United Kingdom (continued) | ||||||||||||||
38,990 | Standard Chartered PLC | $ | 644,388 | |||||||||||
139,865 | Tesco PLC | 766,335 | ||||||||||||
52,019 | Vedanta Resources PLC | 720,406 | ||||||||||||
7,150,584 | ||||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $84,454,490)* | 99.6 | % | $ | 49,964,322 | ||||||||||
Other Assets and Liabilities - Net | 0.4 | 197,394 | ||||||||||||
Net Assets | 100.0 | % | $ | 50,161,716 | ||||||||||
@ | 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 $88,035,858. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 157,733 | ||
Gross Unrealized Depreciation | (38,229,269 | ) | ||
Net Unrealized Depreciation | $ | (38,071,536 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 2.0 | % | ||
Apparel | 3.0 | |||
Auto Manufacturers | 1.1 | |||
Auto Parts & Equipment | 1.1 | |||
Banks | 10.8 | |||
Chemicals | 3.0 | |||
Distribution/Wholesale | 1.0 | |||
Diversified Financial Services | 4.7 | |||
Electric | 3.5 | |||
Electrical Components & Equipment | 1.6 | |||
Electronics | 2.4 | |||
Energy — Alternate Sources | 1.1 | |||
Engineering & Construction | 2.2 | |||
Food | 4.7 | |||
Healthcare — Products | 2.7 | |||
Holding Companies — Diversified | 2.2 | |||
Insurance | 3.5 | |||
Internet | 2.4 | |||
Machinery — Diversified | 1.7 | |||
Media | 1.0 | |||
Mining | 7.7 | |||
Oil & Gas | 6.9 | |||
Oil & Gas Services | 1.5 | |||
Pharmaceuticals | 6.5 | |||
Real Estate | 1.2 | |||
Retail | 2.2 | |||
Semiconductors | 2.7 | |||
Software | 4.9 | |||
Telecommunications | 8.2 | |||
Toys/Games/Hobbies | 2.1 | |||
Other Assets and Liabilities — Net | 0.4 | |||
Net Assets | 100.0 | % | ||
204
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 96.8% | ||||||||||||||
Australia: 8.6% | ||||||||||||||
40,159 | Australia & New Zealand Banking Group Ltd. | $ | 470,764 | |||||||||||
71,286 | Crown Ltd. | 319,035 | ||||||||||||
135,723 | Foster’s Group Ltd. | 518,841 | ||||||||||||
163,037 | Insurance Australia Group | 412,993 | ||||||||||||
192,238 | Macquarie Airports Management Ltd. | 273,396 | ||||||||||||
64,079 | Suncorp-Metway Ltd. | 344,949 | ||||||||||||
65,147 | TABCORP Holdings Ltd. | 298,674 | ||||||||||||
32,792 | Wesfarmers Ltd. | 471,272 | ||||||||||||
3,109,924 | ||||||||||||||
Belgium: 3.1% | ||||||||||||||
11,060 | Belgacom SA | 378,414 | ||||||||||||
5,680 | Delhaize Group | 319,435 | ||||||||||||
12,925 | Elia System Operator SA | 404,169 | ||||||||||||
1,102,018 | ||||||||||||||
Bermuda: 0.9% | ||||||||||||||
79,008 | Hiscox Ltd. | 313,069 | ||||||||||||
313,069 | ||||||||||||||
Brazil: 0.6% | ||||||||||||||
14,463 | Tele Norte Leste Participacoes SA ADR | 196,408 | ||||||||||||
196,408 | ||||||||||||||
Canada: 6.3% | ||||||||||||||
22,738 | Bell Aliant Regional Communications Income Fund | 452,949 | ||||||||||||
26,599 | Enerplus Resources Fund | 710,459 | ||||||||||||
56,447 | Precision Drilling Trust | 608,820 | ||||||||||||
16,581 | TransCanada Corp. | 501,021 | ||||||||||||
2,273,249 | ||||||||||||||
Finland: 2.3% | ||||||||||||||
21,332 | Nokia OYJ | 326,768 | ||||||||||||
35,973 | UPM-Kymmene OYJ | 508,670 | ||||||||||||
835,438 | ||||||||||||||
France: 12.5% | ||||||||||||||
8,896 | Accor SA | 346,102 | ||||||||||||
8,613 | BNP Paribas | 621,870 | ||||||||||||
13,060 | Bouygues SA | 556,099 | ||||||||||||
13,540 | France Telecom SA | 341,419 | ||||||||||||
10,899 | Sanofi-Aventis | 690,530 | ||||||||||||
14,220 | Total SA | 782,292 | ||||||||||||
14,276 | Vinci SA | 513,756 | ||||||||||||
24,349 | Vivendi | 636,462 | ||||||||||||
4,488,530 | ||||||||||||||
Germany: 3.8% | ||||||||||||||
6,731 | Bayerische Motoren Werke AG | 170,901 | ||||||||||||
17,636 | E.ON AG | 674,945 | ||||||||||||
4,012 | Muenchener Rueckversicherungs AG | 531,466 | ||||||||||||
1,377,312 | ||||||||||||||
Hong Kong: 0.5% | ||||||||||||||
27,500 | CLP Holdings Ltd. | 185,459 | ||||||||||||
185,459 | ||||||||||||||
Hungary: 0.7% | ||||||||||||||
14,885 | Magyar Telekom Telecommunications PLC ADR | 236,672 | ||||||||||||
236,672 | ||||||||||||||
Ireland: 1.1% | ||||||||||||||
59,608 | Allied Irish Banks PLC | 322,494 | ||||||||||||
27,337 | Irish Life & Permanent PLC | 85,139 | ||||||||||||
407,633 | ||||||||||||||
Israel: 0.8% | ||||||||||||||
127,069 | Bank Hapoalim BM | 287,737 | ||||||||||||
287,737 | ||||||||||||||
Italy: 9.9% | ||||||||||||||
21,948 | Banche Popolari Unite Scpa | 370,266 | ||||||||||||
93,021 | Enel S.p.A. | 622,335 | ||||||||||||
32,571 | ENI S.p.A. | 777,410 | ||||||||||||
134,564 | Intesa Sanpaolo S.p.A. | 492,490 | ||||||||||||
32,363 | Italcementi S.p.A. RNC | 225,198 | ||||||||||||
69,556 | Mediaset S.p.A. | 377,897 | ||||||||||||
113,277 | Milano Assicurazioni S.p.A. | 370,323 | ||||||||||||
403,385 | Telecom Italia S.p.A. RNC | 339,459 | ||||||||||||
3,575,378 | ||||||||||||||
Japan: 0.5% | ||||||||||||||
500 | Nintendo Co., Ltd. | 160,654 | ||||||||||||
160,654 | ||||||||||||||
Netherlands: 5.1% | ||||||||||||||
7,233 | Akzo Nobel NV | 300,647 | ||||||||||||
13,176 | Randstad Holdings NV | 256,112 | ||||||||||||
28,419 | Royal Dutch Shell PLC | 787,686 | ||||||||||||
21,012 | Unilever NV | 506,379 | ||||||||||||
1,850,824 | ||||||||||||||
New Zealand: 0.8% | ||||||||||||||
219,570 | Telecom Corp. of New Zealand Ltd. | 297,631 | ||||||||||||
297,631 | ||||||||||||||
Norway: 1.1% | ||||||||||||||
65,562 | DnB NOR ASA | 379,954 | ||||||||||||
379,954 | ||||||||||||||
Poland: 0.8% | ||||||||||||||
38,052 | Telekomunikacja Polska SA | 287,527 | ||||||||||||
287,527 | ||||||||||||||
Singapore: 0.7% | ||||||||||||||
32,000 | DBS Group Holdings Ltd. | 244,272 | ||||||||||||
244,272 | ||||||||||||||
South Korea: 1.7% | ||||||||||||||
19,179 | KT Corp. ADR | 240,696 | ||||||||||||
7,524 | S-Oil Corp. | 381,211 | ||||||||||||
621,907 | ||||||||||||||
Spain: 5.9% | ||||||||||||||
51,293 | Banco Bilbao Vizcaya Argentaria SA | 595,323 | ||||||||||||
55,414 | Banco Santander Central Hispano SA | 599,312 | ||||||||||||
76,580 | Iberdrola SA | 554,236 | ||||||||||||
21,228 | Telefonica SA | 393,035 | ||||||||||||
2,141,906 | ||||||||||||||
Sweden: 2.0% | ||||||||||||||
55,817 | Svenska Cellulosa AB — B Shares | 412,175 | ||||||||||||
39,218 | Swedbank AB | 324,094 | ||||||||||||
736,269 | ||||||||||||||
Switzerland: 3.3% | ||||||||||||||
10,566 | Novartis AG | 536,309 | ||||||||||||
23,158 | STMicroelectronics NV | 190,366 | ||||||||||||
2,265 | Zurich Financial Services AG | 459,518 | ||||||||||||
1,186,193 | ||||||||||||||
Taiwan: 1.1% | ||||||||||||||
47,693 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 393,944 | ||||||||||||
393,944 | ||||||||||||||
205
Table of Contents
Shares | Value | |||||||||||||
Thailand: 0.7% | ||||||||||||||
85,800 | Siam Cement PCL | $ | 259,514 | |||||||||||
259,514 | ||||||||||||||
United Kingdom: 22.0% | ||||||||||||||
16,178 | AstraZeneca PLC | 685,599 | ||||||||||||
67,395 | Aviva PLC | 402,011 | ||||||||||||
111,162 | BBA Aviation PLC | 142,640 | ||||||||||||
95,956 | BP PLC | 782,183 | ||||||||||||
14,132 | British American Tobacco PLC | 387,631 | ||||||||||||
162,451 | BT Group PLC | 305,253 | ||||||||||||
11,066 | Carnival PLC | 243,358 | ||||||||||||
382,532 | Cattles PLC | 204,019 | ||||||||||||
17,075 | Diageo PLC | 260,573 | ||||||||||||
33,133 | GlaxoSmithKline PLC | 636,947 | ||||||||||||
40,065 | Greene King PLC | 206,901 | ||||||||||||
55,989 | HSBC Holdings PLC | 663,145 | ||||||||||||
74,471 | Marks & Spencer Group PLC | 264,012 | ||||||||||||
63,360 | Rexam PLC | 381,795 | ||||||||||||
34,193 | Scottish & Southern Energy PLC | 670,241 | ||||||||||||
64,654 | Tate & Lyle PLC | 384,367 | ||||||||||||
66,622 | United Utilities Group PLC | 752,295 | ||||||||||||
291,612 | Vodafone Group PLC | 560,978 | ||||||||||||
7,933,948 | ||||||||||||||
Total Common Stock (Cost $55,299,756 ) | 34,883,370 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 1.2% | ||||||||||||||
Australia: 0.5% | ||||||||||||||
15,845 | Westfield Group | 175,004 | ||||||||||||
175,004 | ||||||||||||||
Netherlands: 0.7% | ||||||||||||||
4,578 | Corio NV | 244,647 | ||||||||||||
244,647 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $652,790 ) | 419,651 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $55,952,546)* | 98.0 | % | $ | 35,303,021 | ||||||||||
Other Assets and Liabilities - Net | 2.0 | 736,280 | ||||||||||||
Net Assets | 100.0 | % | $ | 36,039,301 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
* | Cost for federal income tax purposes is $56,539,947. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 22,934 | ||
Gross Unrealized Depreciation | (21,259,860 | ) | ||
Net Unrealized Depreciation | $ | (21,236,926 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Aerospace/Defense | 0.4 | % | ||
Agriculture | 1.1 | |||
Auto Manufacturers | 0.5 | |||
Banks | 15.9 | |||
Beverages | 2.2 | |||
Building Materials | 1.3 | |||
Chemicals | 0.8 | |||
Commercial Services | 0.7 | |||
Diversified | 0.7 | |||
Diversified Financial Services | 0.8 | |||
Electric | 8.6 | |||
Engineering & Construction | 3.7 | |||
Entertainment | 0.8 | |||
Food | 3.4 | |||
Forest Products & Paper | 2.6 | |||
Insurance | 6.9 | |||
Leisure Time | 0.7 | |||
Lodging | 1.8 | |||
Media | 2.8 | |||
Miscellaneous Manufacturing | 1.3 | |||
Oil & Gas | 13.4 | |||
Packaging & Containers | 1.1 | |||
Pharmaceuticals | 7.1 | |||
Pipelines | 1.4 | |||
Retail | 1.3 | |||
Semiconductors | 1.6 | |||
Shopping Centers | 0.5 | |||
Telecommunications | 12.1 | |||
Toys/Games/Hobbies | 0.4 | |||
Water | 2.1 | |||
Other Assets and Liabilities — Net | 2.0 | |||
Net Assets | 100.0 | % | ||
206
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 97.8% | ||||||||||||||
Belgium: 3.6% | ||||||||||||||
56,675 | L | InBev NV | $ | 2,285,882 | ||||||||||
2,285,882 | ||||||||||||||
Brazil: 3.0% | ||||||||||||||
166,600 | @ | Cosan SA Industria e Comercio | 821,273 | |||||||||||
40,300 | Petroleo Brasileiro SA ADR | 1,083,667 | ||||||||||||
1,904,940 | ||||||||||||||
Canada: 8.2% | ||||||||||||||
89,500 | Barrick Gold Corp. | 2,033,440 | ||||||||||||
32,400 | EnCana Corp. | 1,645,940 | ||||||||||||
29,600 | @,L | Research In Motion Ltd. | 1,492,728 | |||||||||||
5,172,108 | ||||||||||||||
China: 1.5% | ||||||||||||||
97,649 | L | Aluminum Corp. of China Ltd. ADR | 915,948 | |||||||||||
915,948 | ||||||||||||||
Finland: 5.1% | ||||||||||||||
150,350 | Nokia OYJ | 2,303,092 | ||||||||||||
68,902 | Outotec OYJ | 920,852 | ||||||||||||
3,223,944 | ||||||||||||||
France: 1.7% | ||||||||||||||
49,976 | @ | Eutelsat Communications | 1,072,649 | |||||||||||
1,072,649 | ||||||||||||||
Germany: 6.2% | ||||||||||||||
46,442 | Bayer AG | 2,597,659 | ||||||||||||
90,965 | GEA Group AG | 1,310,887 | ||||||||||||
3,908,546 | ||||||||||||||
Greece: 1.8% | ||||||||||||||
52,860 | National Bank of Greece SA | 1,161,244 | ||||||||||||
1,161,244 | ||||||||||||||
Hong Kong: 5.8% | ||||||||||||||
1,096,000 | Li & Fung Ltd. | 2,199,689 | ||||||||||||
1,731,000 | New World Development Ltd. | 1,440,943 | ||||||||||||
3,640,632 | ||||||||||||||
Italy: 2.3% | ||||||||||||||
121,242 | Prysmian S.p.A. | 1,470,795 | ||||||||||||
1,470,795 | ||||||||||||||
Japan: 10.9% | ||||||||||||||
582 | Japan Tobacco, Inc. | 2,064,747 | ||||||||||||
382,200 | Mitsubishi UFJ Financial Group, Inc. | 2,401,811 | ||||||||||||
237,700 | Namco Bandai Holdings, Inc. | 2,444,364 | ||||||||||||
6,910,922 | ||||||||||||||
Russia: 4.4% | ||||||||||||||
60,064 | @,L | OAO Gazprom ADR | 1,196,059 | |||||||||||
15,308 | @,X | Unified Energy System ADR | 1,561,416 | |||||||||||
2,757,475 | ||||||||||||||
South Korea: 1.9% | ||||||||||||||
44,498 | Hyundai Development Co. | 1,204,140 | ||||||||||||
1,204,140 | ||||||||||||||
Switzerland: 8.0% | ||||||||||||||
33,898 | Credit Suisse Group | 1,267,577 | ||||||||||||
66,469 | @,L | Logitech International | 983,077 | |||||||||||
96,040 | Xstrata PLC | 1,642,697 | ||||||||||||
5,814 | Zurich Financial Services AG | 1,179,531 | ||||||||||||
5,072,882 | ||||||||||||||
Taiwan: 6.1% | ||||||||||||||
607,522 | HON HAI Precision Industry Co., Ltd. | 1,466,373 | ||||||||||||
1,178,600 | Synnex Technology International Corp. | 1,529,861 | ||||||||||||
707,000 | Taiwan Fertilizer Co., Ltd. | 872,429 | ||||||||||||
3,868,663 | ||||||||||||||
United Kingdom: 27.3% | ||||||||||||||
106,626 | Anglo American PLC | 2,675,378 | ||||||||||||
1,631,060 | ARM Holdings PLC | 2,543,027 | ||||||||||||
392,029 | Compass Group PLC | 1,822,967 | ||||||||||||
344,204 | Game Group PLC | 722,023 | ||||||||||||
86,743 | Imperial Tobacco Group PLC | 2,324,842 | ||||||||||||
225,469 | Inmarsat PLC | 1,537,246 | ||||||||||||
265,543 | International Power PLC | 949,980 | ||||||||||||
50,176 | Reckitt Benckiser PLC | 2,122,433 | ||||||||||||
459,527 | Tesco PLC | 2,517,797 | ||||||||||||
17,215,693 | ||||||||||||||
Total Common Stock (Cost $112,232,194) | 61,786,463 | |||||||||||||
PREFERRED STOCK: 0.5% | ||||||||||||||
Russia: 0.5% | ||||||||||||||
609,051 | TNK-BP Holding | 298,435 | ||||||||||||
Total Preferred Stock (Cost $1,769,776) | 298,435 | |||||||||||||
Total Long-Term Investments (Cost $114,001,970) | 62,084,898 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 9.7% | ||||||||||||||
Securities Lending Collateralcc: 9.7% | ||||||||||||||
$ | 6,221,322 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 6,150,930 | ||||||||||
Total Short-Term Investments (Cost $6,221,322) | 6,150,930 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $120,223,292)* | 108.0 | % | $ | 68,235,828 | ||||||||||
Other Assets and Liabilities - Net | (8.0 | ) | (5,048,147 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 63,187,681 | ||||||||||
@ | 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 October 31, 2008. | |
X | Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees. | |
* | Cost for federal income tax purposes is $120,358,239. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | — | ||
Gross Unrealized Depreciation | (52,122,411 | ) | ||
Net Unrealized Depreciation | $ | (52,122,411 | ) | |
207
Table of Contents
Percentage of | ||||
Industry | Net Assets | |||
Agriculture | 7.0 | % | ||
Banks | 7.6 | |||
Beverages | 3.6 | |||
Chemicals | 5.5 | |||
Computers | 3.9 | |||
Distribution/Wholesale | 3.5 | |||
Electric | 4.0 | |||
Electrical Components & Equipment | 2.3 | |||
Electronics | 4.7 | |||
Food | 5.3 | |||
Food Service | 2.9 | |||
Holding Companies — Diversified | 4.5 | |||
Home Builders | 1.9 | |||
Household Products/Wares | 3.4 | |||
Insurance | 1.9 | |||
Machinery — Construction & Mining | 1.5 | |||
Mining | 11.5 | |||
Oil & Gas | 6.7 | |||
Real Estate | 2.3 | |||
Retail | 1.1 | |||
Semiconductors | 4.0 | |||
Telecommunications | 5.3 | |||
Toys/Games/Hobbies | 3.9 | |||
Short-Term Investments | 9.7 | |||
Other Assets and Liabilities — Net | (8.0 | ) | ||
Net Assets | 100.0 | % | ||
208
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 42.1% | ||||||||||||||
Australia: 0.5% | ||||||||||||||
487,100 | Lend Lease Corp., Ltd. | $ | 2,253,932 | |||||||||||
2,253,932 | ||||||||||||||
Brazil: 0.6% | ||||||||||||||
671,900 | @ | BR Malls Participacoes SA | 2,481,052 | |||||||||||
2,481,052 | ||||||||||||||
Canada: 0.3% | ||||||||||||||
129,250 | Brookfield Properties Co. (U.S. Denominated Security) | 1,304,133 | ||||||||||||
1,304,133 | ||||||||||||||
Finland: 0.5% | ||||||||||||||
822,853 | Citycon OYJ | 1,950,190 | ||||||||||||
1,950,190 | ||||||||||||||
Germany: 0.6% | ||||||||||||||
102,459 | Deutsche Euroshop AG | 2,625,601 | ||||||||||||
2,625,601 | ||||||||||||||
Hong Kong: 17.0% | ||||||||||||||
3,117,300 | Cheung Kong Holdings Ltd. | 29,930,834 | ||||||||||||
1,951,200 | Hang Lung Group Ltd. | 6,278,913 | ||||||||||||
2,706,400 | Hang Lung Properties Ltd. | 6,613,072 | ||||||||||||
1,869,600 | Hongkong Land Holdings Ltd. | 5,084,392 | ||||||||||||
782,300 | Kerry Properties Ltd. | 1,965,173 | ||||||||||||
3,953,700 | Sino Land Co. | 3,476,016 | ||||||||||||
1,712,800 | Sun Hung Kai Properties Ltd. | 15,006,018 | ||||||||||||
1,547,850 | Wharf Holdings Ltd. | 3,088,302 | ||||||||||||
71,442,720 | ||||||||||||||
India: 0.1% | ||||||||||||||
382,800 | @ | Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.) | 374,672 | |||||||||||
374,672 | ||||||||||||||
Japan: 18.0% | ||||||||||||||
115,100 | Aeon Mall Co., Ltd. | 2,841,345 | ||||||||||||
2,040,800 | Mitsubishi Estate Co., Ltd. | 36,455,525 | ||||||||||||
1,502,700 | Mitsui Fudosan Co., Ltd. | 26,212,001 | ||||||||||||
1,975 | NTT Urban Development Corp. | 2,026,171 | ||||||||||||
504,600 | Sumitomo Realty & Development Co., Ltd. | 8,221,369 | ||||||||||||
75,756,411 | ||||||||||||||
Philippines: 0.3% | ||||||||||||||
8,527,200 | Ayala Land, Inc. | 1,034,534 | ||||||||||||
1,034,534 | ||||||||||||||
Singapore: 1.2% | ||||||||||||||
2,466,600 | CapitaLand Ltd. | 4,943,477 | ||||||||||||
4,943,477 | ||||||||||||||
Sweden: 1.3% | ||||||||||||||
264,047 | Castellum AB | 1,792,437 | ||||||||||||
589,301 | Hufvudstaden AB | 3,725,235 | ||||||||||||
5,517,672 | ||||||||||||||
Switzerland: 1.0% | ||||||||||||||
96,890 | @ | PSP Swiss Property AG | 4,191,968 | |||||||||||
4,191,968 | ||||||||||||||
Thailand: 0.1% | ||||||||||||||
1,929,000 | I | Central Pattana PCL | 519,454 | |||||||||||
519,454 | ||||||||||||||
United Kingdom: 0.6% | ||||||||||||||
1,457,200 | I | Safestore Holdings Ltd. | 2,182,625 | |||||||||||
90,700 | @,I | Yatra Capital Ltd. | 464,752 | |||||||||||
2,647,377 | ||||||||||||||
Total Common Stock (Cost $270,836,905 ) | 177,043,193 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 54.5% | ||||||||||||||
Australia: 14.8% | ||||||||||||||
4,759,300 | CFS Retail Property Trust | 6,401,888 | ||||||||||||
3,293,700 | Challenger Diversified Property Group | 1,250,452 | ||||||||||||
1,548,100 | Charter Hall Group | 460,363 | ||||||||||||
1,563,500 | Commonwealth Property Office Fund | 1,381,595 | ||||||||||||
5,028,600 | Dexus Property Group | 2,505,969 | ||||||||||||
2,816,100 | GPT Group | 1,409,291 | ||||||||||||
363,000 | Macquarie CountryWide Trust | 58,022 | ||||||||||||
1,051,400 | Macquarie Goodman Group | 663,352 | ||||||||||||
878,000 | Mirvac Group | 574,722 | ||||||||||||
2,346,800 | Stockland | 6,310,729 | ||||||||||||
3,727,939 | Westfield Group | 41,174,066 | ||||||||||||
62,190,449 | ||||||||||||||
Belgium: 0.6% | ||||||||||||||
18,993 | Cofinimmo | 2,366,713 | ||||||||||||
2,366,713 | ||||||||||||||
Canada: 3.6% | ||||||||||||||
102,800 | @,# | Calloway Real Estate Investment Trust | 1,258,027 | |||||||||||
127,700 | Canadian Real Estate Investment Trust | 2,749,369 | ||||||||||||
293,500 | Cominar Real Estate Investment Trust | 4,794,669 | ||||||||||||
467,600 | RioCan Real Estate Investment Trust | 6,521,493 | ||||||||||||
15,323,558 | ||||||||||||||
France: 9.5% | ||||||||||||||
78,530 | Klepierre | 1,808,846 | ||||||||||||
131,451 | Mercialys | 4,281,026 | ||||||||||||
18,349 | Societe Immobiliere de Location pour l’Industrie et le Commerce | 1,635,670 | ||||||||||||
214,302 | Unibail | 32,142,049 | ||||||||||||
39,867,591 | ||||||||||||||
Germany: 0.2% | ||||||||||||||
130,700 | Alstria Office AG | 835,746 | ||||||||||||
835,746 | ||||||||||||||
Hong Kong: 2.4% | ||||||||||||||
5,685,800 | Link Real Estate Investment Trust | 10,166,300 | ||||||||||||
10,166,300 | ||||||||||||||
Japan: 7.8% | ||||||||||||||
281 | Japan Logistics Fund, Inc. | 1,776,372 | ||||||||||||
1,354 | Japan Real Estate Investment Corp. | 11,989,805 | ||||||||||||
467 | Japan Retail Fund Investment Corp. | 1,686,616 | ||||||||||||
968 | Kenedix Realty Investment Corp. | 1,402,985 | ||||||||||||
118 | Nippon Accommodations Fund, Inc. | 578,115 | ||||||||||||
1,177 | Nippon Building Fund, Inc. | 11,309,781 | ||||||||||||
724 | Tokyu Real Estate Investment Trust, Inc. | 4,171,532 | ||||||||||||
32,915,206 | ||||||||||||||
209
Table of Contents
Shares | Value | |||||||||||||
Netherlands: 3.7% | ||||||||||||||
163,580 | Corio NV | $ | 8,741,681 | |||||||||||
75,683 | Eurocommercial Properties NV | 2,506,222 | ||||||||||||
53,200 | Wereldhave NV | 4,421,743 | ||||||||||||
15,669,646 | ||||||||||||||
Singapore: 2.8% | ||||||||||||||
3,089,400 | @ | Ascendas Real Estate Investment Trust | 3,437,813 | |||||||||||
3,650,300 | @ | CapitaCommercial Trust | 2,507,675 | |||||||||||
3,451,781 | @ | CapitaMall Trust | 4,577,434 | |||||||||||
3,667,500 | @ | Macquarie MEAG Prime Real Estate Investment Trust | 1,296,663 | |||||||||||
11,819,585 | ||||||||||||||
United Kingdom: 9.1% | ||||||||||||||
560,300 | British Land Co. PLC | 5,587,077 | ||||||||||||
298,327 | Brixton PLC | 802,439 | ||||||||||||
121,600 | Derwent Valley Holdings PLC | 1,424,241 | ||||||||||||
286,100 | Great Portland Estates PLC | 1,274,030 | ||||||||||||
646,016 | Hammerson PLC | 7,445,663 | ||||||||||||
826,580 | Land Securities Group PLC | 14,672,393 | ||||||||||||
343,200 | Liberty International PLC | 3,818,657 | ||||||||||||
512,800 | Segro PLC | 2,315,057 | ||||||||||||
154,400 | Shaftesbury PLC | 830,500 | ||||||||||||
38,170,057 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $373,807,797 ) | 229,324,851 | |||||||||||||
MUTUAL FUNDS: 0.1% | ||||||||||||||
Luxembourg: 0.1% | ||||||||||||||
157,830 | Prologis European Properties | 523,022 | ||||||||||||
Total Mutual Funds (Cost $2,113,686 ) | 523,022 | |||||||||||||
Total Long-Term Investments (Cost $646,758,388 ) | 406,891,066 | |||||||||||||
SHORT-TERM INVESTMENTS: 2.8% | ||||||||||||||
Affiliated Mutual Fund: 2.8% | ||||||||||||||
11,711,220 | ING Institutional Prime Money Market Fund | 11,711,220 | ||||||||||||
Total Short-Term Investments (Cost $11,711,220 ) | 11,711,220 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $658,469,608)* | 99.5 | % | $ | 418,602,286 | ||||||||||
Other Assets and Liabilities - Net | 0.5 | 2,219,141 | ||||||||||||
Net Assets | 100.0 | % | $ | 420,821,427 | ||||||||||
@ | Non-income producing security | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
I | Illiquid Security | |
* | Cost for federal income tax purposes is $695,532,774. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | — | ||
Gross Unrealized Depreciation | (276,930,488 | ) | ||
Net Unrealized Depreciation | $ | (276,930,488 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Apartments | 0.1 | % | ||
Closed-End Funds | 0.1 | |||
Diversified | 28.3 | |||
Engineering & Construction | 0.1 | |||
Holding Companies — Diversified | 0.8 | |||
Office Property | 8.3 | |||
Real Estate | 40.7 | |||
Shopping Centers | 17.4 | |||
Storage/Warehousing | 0.5 | |||
Warehouse/Industrial | 0.4 | |||
Short-Term Investments | 2.8 | |||
Other Assets and Liabilities — Net | 0.5 | |||
Net Assets | 100.0 | % | ||
210
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 97.2% | ||||||||||||||
Australia: 4.9% | ||||||||||||||
319,200 | Aditya Birla Minerals Ltd. | $ | 58,316 | |||||||||||
90,080 | Ansell Ltd. | 757,810 | ||||||||||||
84,614 | Ausenco Ltd. | 245,572 | ||||||||||||
2,757,924 | @ | Australian Worldwide Exploration Ltd. | 4,606,891 | |||||||||||
225,105 | @ | Babcock & Brown Capital Ltd. | 293,806 | |||||||||||
18,268 | Bank of Queensland Ltd. | 163,518 | ||||||||||||
171,385 | Bradken Ltd. | 565,229 | ||||||||||||
652,480 | @ | Carbon Energy Ltd. | 125,780 | |||||||||||
1,638,624 | Centennial Coal Co., Ltd. | 3,853,340 | ||||||||||||
157,637 | Computershare Ltd. | 891,202 | ||||||||||||
124,306 | Downer EDI Ltd. | 403,692 | ||||||||||||
141,393 | Flight Centre Ltd. | 1,323,523 | ||||||||||||
88,364 | @ | Iluka Resources Ltd. | 213,671 | |||||||||||
201,300 | Incitec Pivot Ltd. | 539,690 | ||||||||||||
81,161 | L | JB Hi-Fi Ltd. | 476,425 | |||||||||||
53,813 | @ | Karoon Gas Australia Ltd. | 77,192 | |||||||||||
30,599 | MacArthur Coal Ltd. | 123,507 | ||||||||||||
183,999 | Macmahon Holdings Ltd. | 89,305 | ||||||||||||
65,686 | Mineral Resources Ltd. | 108,755 | ||||||||||||
449,400 | @,X | Mount Gibson Iron Ltd. | 120,953 | |||||||||||
673,856 | @,I | Octaviar Ltd. | 62,693 | |||||||||||
226,821 | PMP Ltd. | 145,828 | ||||||||||||
350,154 | Publishing & Broadcasting Ltd. | 479,155 | ||||||||||||
162,860 | @ | Riversdale Mining Ltd. | 332,519 | |||||||||||
491,660 | Seven Network Ltd. | 2,063,296 | ||||||||||||
5,061 | Sims Group Ltd. | 48,533 | ||||||||||||
23,076 | Sonic Healthcare Ltd. | 210,884 | ||||||||||||
42,938 | Spotless Group Ltd. | 72,063 | ||||||||||||
151,200 | Straits Resources Ltd. | 131,806 | ||||||||||||
430,430 | Sunland Group Ltd. | 284,584 | ||||||||||||
149,714 | Tower Australia Group Ltd. | 209,517 | ||||||||||||
54,610 | Transpacific Industries Group Ltd. | 130,026 | ||||||||||||
35,074 | United Group Ltd. | 222,564 | ||||||||||||
19,431,645 | ||||||||||||||
Austria: 0.4% | ||||||||||||||
11,000 | Andritz AG | 313,260 | ||||||||||||
10,504 | @ | bwin Interactive Entertainment | 189,795 | |||||||||||
10,000 | Kapsch TrafficCom AG | 205,250 | ||||||||||||
20,000 | Rosenbauer International AG | 499,770 | ||||||||||||
12,000 | Schoeller-Bleckmann Oilfield Equipment AG | 425,952 | ||||||||||||
1,634,027 | ||||||||||||||
Belgium: 1.4% | ||||||||||||||
52,991 | @ | AGFA-Gevaert NV | 221,788 | |||||||||||
4,005 | Bekaert SA | 394,103 | ||||||||||||
4,915 | D’ieteren SA | 752,941 | ||||||||||||
18,500 | EVS Broadcast Equipment SA | 1,194,622 | ||||||||||||
9,294 | Mobistar SA | 616,750 | ||||||||||||
15,000 | Oriflame Cosmetics SA | 468,622 | ||||||||||||
39,700 | @ | Telenet Group Holding NV | 616,598 | |||||||||||
29,855 | Tessenderlo Chemie NV | 1,181,038 | ||||||||||||
5,446,462 | ||||||||||||||
Bermuda: 0.7% | ||||||||||||||
227,988 | Catlin Group Ltd. | 1,274,031 | ||||||||||||
166,200 | Hiscox Ltd. | 658,567 | ||||||||||||
156,142 | Lancashire Holdings Ltd. | 861,578 | ||||||||||||
2,794,176 | ||||||||||||||
British Virgin Islands: 0.0% | ||||||||||||||
14,069 | Empire Online Ltd. | 3,170 | ||||||||||||
3,170 | ||||||||||||||
Canada: 6.2% | ||||||||||||||
31,598 | @ | Aastra Technologies Ltd. | 271,334 | |||||||||||
17,856 | @ | ACE Aviation Holdings, Inc. | 81,480 | |||||||||||
11,600 | Aecon Group, Inc. | 72,277 | ||||||||||||
40,800 | AGF Management Ltd. | 449,196 | ||||||||||||
28,400 | @ | Air Canada | 118,756 | |||||||||||
36,700 | Alimentation Couche-Tard, Inc. | 494,794 | ||||||||||||
11,100 | Atco Ltd. | 362,295 | ||||||||||||
11,400 | @ | Atrium Innovations, Inc. | 99,217 | |||||||||||
177,900 | Biovail Corp. | 1,529,116 | ||||||||||||
17,800 | Cascades, Inc. | 72,216 | ||||||||||||
704,728 | @ | Celestica, Inc. | 3,408,749 | |||||||||||
340,913 | @ | CGI Group, Inc. — Class A | 2,720,968 | |||||||||||
49,239 | Chemtrade Logistics Income Fund | 456,726 | ||||||||||||
61,900 | Daylight Resources Trust | 405,716 | ||||||||||||
66,100 | Dorel Industries, Inc. | 1,453,289 | ||||||||||||
8,200 | Emera, Inc. | 146,067 | ||||||||||||
3,100 | Empire Co., Ltd. | 118,311 | ||||||||||||
69,300 | Gerdau AmeriSteel Corp. | 370,850 | ||||||||||||
10,376 | Home Capital Group, Inc. | 240,267 | ||||||||||||
7,300 | Industrial Alliance Insurance | 151,415 | ||||||||||||
12,700 | Jean Coutu Group, Inc. | 76,813 | ||||||||||||
21,500 | Keyera Facilities Income Fund | 325,720 | ||||||||||||
24,884 | Laurentian Bank of Canada | 843,987 | ||||||||||||
21,000 | Manitoba Telecom Services, Inc. | 742,048 | ||||||||||||
9,600 | Maple Leaf Foods, Inc. | 65,869 | ||||||||||||
337,200 | Methanex Corp. | 3,829,974 | ||||||||||||
12,100 | Metro, Inc. — Class A | 304,683 | ||||||||||||
18,400 | Northbridge Financial Corp. | 456,756 | ||||||||||||
44,467 | Nova Chemicals Corp. | 577,374 | ||||||||||||
27,600 | Onex Corp. | 477,441 | ||||||||||||
50,600 | @ | Open Text Corp. | 1,282,947 | |||||||||||
1,300 | @ | Pan Orient Energy Corp. | 5,231 | |||||||||||
105,960 | @ | QuADRa Mining Ltd. | 439,559 | |||||||||||
14,900 | @ | Rona, Inc. | 145,254 | |||||||||||
92,467 | Superior Plus Income Fund | 919,837 | ||||||||||||
3,100 | West Fraser Timber Co., Ltd. | 82,329 | ||||||||||||
33,700 | @ | Westjet Airlines Ltd. | 292,180 | |||||||||||
70,600 | Westshore Terminals Income Fund | 644,907 | ||||||||||||
24,535,948 | ||||||||||||||
China: 0.3% | ||||||||||||||
175,000 | Beijing Jingkelong Co., Ltd. | 40,767 | ||||||||||||
238,000 | China Molybdenum Co., Ltd. | 74,529 | ||||||||||||
302,000 | China National Building Material Co., Ltd. | 175,871 | ||||||||||||
6,207 | Ctrip.com International Ltd. ADR | 189,810 | ||||||||||||
268,000 | People’s Food Holdings Ltd. | 73,319 | ||||||||||||
122,000 | Stella International Holdings Ltd. | 102,861 | ||||||||||||
847,000 | SunVic Chemical Holdings Ltd. | 87,812 | ||||||||||||
742,000 | Want Want China Holdings Ltd. | 279,370 | ||||||||||||
1,024,339 | ||||||||||||||
Denmark: 1.1% | ||||||||||||||
6,250 | @ | Alm. Brand Skadesforsikring A/S | 84,711 | |||||||||||
5,251 | Amagerbanken A/S | 60,601 | ||||||||||||
2,175 | Coloplast A/S | 157,699 | ||||||||||||
24,600 | East Asiatic Co., Ltd. A/S | 838,823 | ||||||||||||
63,400 | H Lundbeck A/S | 1,132,615 | ||||||||||||
74,360 | Sydbank A/S | 1,155,728 | ||||||||||||
47,700 | @ | TK Development | 206,236 | |||||||||||
1,775 | @ | Topdanmark A/S | 191,766 | |||||||||||
7,100 | TrygVesta A/S | 426,917 | ||||||||||||
4,255,096 | ||||||||||||||
Finland: 0.9% | ||||||||||||||
20,000 | Elisa OYJ | 300,850 | ||||||||||||
100,000 | F-Secure OYJ | 311,935 | ||||||||||||
83,484 | KCI Konecranes OYJ | 1,418,686 | ||||||||||||
46,200 | OKO Bank | 621,601 | ||||||||||||
59,937 | Oriola-KD OYJ | 116,241 | ||||||||||||
5,791 | Orion OYJ | 85,099 | ||||||||||||
6,651 | Sanoma-WSOY OYJ | 101,787 | ||||||||||||
19,308 | Sponda OYJ | 86,507 |
211
Table of Contents
Shares | Value | |||||||||||||
Finland (continued) | ||||||||||||||
16,921 | Tietoenator OYJ | $ | 187,663 | |||||||||||
7,400 | Wartsila OYJ | 187,489 | ||||||||||||
14,307 | YIT OYJ | 89,093 | ||||||||||||
3,506,951 | ||||||||||||||
France: 5.4% | ||||||||||||||
13,000 | Altamir Amboise | 52,122 | ||||||||||||
25,592 | @ | Alten | 644,954 | |||||||||||
51,700 | @ | Altran Technologies SA | 259,816 | |||||||||||
6,643 | Bacou Dalloz | 408,607 | ||||||||||||
63,080 | Beneteau SA | 586,519 | ||||||||||||
23,345 | BioMerieux | 1,895,467 | ||||||||||||
8,814 | Bonduelle S.C.A. | 739,408 | ||||||||||||
1,820 | Bongrain SA | 101,214 | ||||||||||||
12,700 | Bourbon SA | 358,092 | ||||||||||||
9,610 | CNP Assurances | 774,354 | ||||||||||||
1,300 | @ | Easydentic | 23,931 | |||||||||||
157,381 | @ | Groupe Eurotunnel SA | 1,079,464 | |||||||||||
21,242 | @ | Homair SA | 52,958 | |||||||||||
45,374 | IMS-International Metal Service | 802,665 | ||||||||||||
14,800 | Ipsen | 562,548 | ||||||||||||
12,000 | Lagardere SCA | 477,121 | ||||||||||||
9,000 | @ | Meetic | 126,905 | |||||||||||
10,256 | Nexans SA | 585,002 | ||||||||||||
1,972 | Pierre & Vacances | 90,310 | ||||||||||||
196,071 | Rallye SA | 3,971,259 | ||||||||||||
7,200 | Rubis | 398,782 | ||||||||||||
27,900 | @ | Saft Groupe SA | 815,107 | |||||||||||
24,900 | SEB SA | 836,706 | ||||||||||||
4,718 | Sopra Group SA | 209,366 | ||||||||||||
17,600 | @ | Store Electronic | 268,994 | |||||||||||
13,000 | Sword Group | 229,630 | ||||||||||||
13,716 | Teleperformance | 295,972 | ||||||||||||
384,843 | @ | Thomson | 539,570 | |||||||||||
40,949 | @ | UbiSoft Entertainment | 2,164,532 | |||||||||||
55,474 | Valeo SA | 966,307 | ||||||||||||
3,700 | Virbac SA | 242,002 | ||||||||||||
24,900 | Zodiac SA | 973,628 | ||||||||||||
21,533,312 | ||||||||||||||
Germany: 7.8% | ||||||||||||||
58,681 | Aareal Bank AG | 473,302 | ||||||||||||
47,813 | Adidas AG | 1,637,321 | ||||||||||||
5,189 | AMB Generali Holding AG | 567,481 | ||||||||||||
48,630 | @,L | Arques Industries AG | 175,914 | |||||||||||
22,450 | Bauer AG | 800,409 | ||||||||||||
56,528 | Bechtle AG | 746,608 | ||||||||||||
13,000 | Bilfinger Berger AG | 588,120 | ||||||||||||
7,200 | @ | Centrotherm Photovoltaics AG | 212,295 | |||||||||||
49,823 | Demag Cranes AG | 966,896 | ||||||||||||
2,359 | Fielmann AG | 131,454 | ||||||||||||
10,353 | Fresenius Medical Care AG & Co. KGaA | 463,088 | ||||||||||||
16,600 | GEA Group AG | 239,221 | ||||||||||||
3,546 | Gerry Weber International AG | 65,586 | ||||||||||||
4,336 | Gesco AG | 199,067 | ||||||||||||
240,385 | Gildemeister AG | 2,344,863 | ||||||||||||
11,000 | Grenkeleasing AG | 300,837 | ||||||||||||
56,873 | Hannover Rueckversicheru — Reg | 1,410,796 | ||||||||||||
7,000 | Hawesko Holding AG | 150,079 | ||||||||||||
30,934 | IWKA AG | 537,462 | ||||||||||||
6,200 | K+S AG | 241,102 | ||||||||||||
44,667 | @ | KarstadtQuelle AG | 107,773 | |||||||||||
155,609 | Kloeckner & Co. AG | 2,269,309 | ||||||||||||
7,945 | Koenig & Bauer AG | 85,960 | ||||||||||||
751 | KWS Saat AG | 92,781 | ||||||||||||
35,450 | Leoni AG | 449,175 | ||||||||||||
7,390 | MAN AG | 358,899 | ||||||||||||
167,732 | Medion AG | 1,573,992 | ||||||||||||
2,750 | @ | Morphosys AG | 168,656 | |||||||||||
204,919 | MTU Aero Engines Holding AG | 4,038,139 | ||||||||||||
152,287 | Norddeutsche Affinerie AG | 4,876,170 | ||||||||||||
1,098 | @ | Open Business Club AG | 35,966 | |||||||||||
13,750 | Phoenix Solar AG | 419,423 | ||||||||||||
20,550 | Rheinmetall AG | 626,283 | ||||||||||||
37,535 | Salzgitter AG | 2,468,373 | ||||||||||||
29,100 | Tognum AG | 324,563 | ||||||||||||
5,800 | Wacker Chemie AG | 631,106 | ||||||||||||
30,778,469 | ||||||||||||||
Greece: 0.3% | ||||||||||||||
149,223 | Anek Lines SA | 211,818 | ||||||||||||
16,000 | @ | Babis Vovos International Technical Co. | 299,908 | |||||||||||
4,900 | Fourlis Holdings SA | 54,503 | ||||||||||||
7,200 | Frigoglass SA | 45,103 | ||||||||||||
7,700 | Hellenic Exchanges SA Holding Clearing Settlement and Registry | 67,285 | ||||||||||||
7,000 | Jumbo SA | 71,056 | ||||||||||||
68,570 | Sidenor Steel Production & Manufacturing Co. SA | 303,057 | ||||||||||||
31,664 | Veterin SA | 45,411 | ||||||||||||
1,098,141 | ||||||||||||||
Hong Kong: 2.6% | ||||||||||||||
310,000 | Agile Property Holdings Ltd. | 103,007 | ||||||||||||
246,000 | China Everbright Ltd. | 230,979 | ||||||||||||
160,000 | China Insurance International Holdings Co., Ltd. | 373,014 | ||||||||||||
320,000 | China Pharmaceutical Group Ltd. | 63,045 | ||||||||||||
108,000 | Citic Pacific Ltd. | 69,677 | ||||||||||||
474,400 | Dah Sing Banking Group Ltd. | 264,445 | ||||||||||||
490,000 | First Pacific Co. | 197,959 | ||||||||||||
4,408,000 | @ | Global Green Tech Group Ltd. | 200,002 | |||||||||||
176,000 | Hang Lung Group Ltd. | 566,364 | ||||||||||||
71,000 | Hysan Development Co., Ltd. | 111,332 | ||||||||||||
180,000 | Industrial & Commercial Bank of China (Asia) Ltd. | 189,675 | ||||||||||||
147,436 | Jinhui Shipping & Transportation Ltd. | 198,860 | ||||||||||||
750,000 | Luk Fook Holdings International Ltd. | 179,715 | ||||||||||||
2,002,000 | Midland Holdings Ltd. | 833,267 | ||||||||||||
7,128,000 | Minmetals Resources Ltd. | 704,590 | ||||||||||||
105,000 | MTR Corp. | 232,673 | ||||||||||||
23,700 | Nam Tai Electronics, Inc. | 180,120 | ||||||||||||
935,870 | OM Holdings Ltd. | 676,812 | ||||||||||||
5,494,221 | Pacific Basin Shipping Ltd. | 2,941,866 | ||||||||||||
850,000 | Prime Success International Group | 171,051 | ||||||||||||
848,000 | @ | Regal Hotels International Holdings Ltd. | 157,563 | |||||||||||
260,000 | Shenyin Wanguo HK Ltd. | 82,456 | ||||||||||||
656,000 | Shougang Concord Century Holding | 22,772 | ||||||||||||
62,385 | @ | Sino Union Petroleum & Chemical International Ltd. | 4,261 | |||||||||||
6,898,000 | Sinolink Worldwide Holdings | 396,071 | ||||||||||||
124,000 | Techtronic Industries Co. | 46,967 | ||||||||||||
42,000 | Television Broadcasts Ltd. | 116,804 | ||||||||||||
604,000 | Texwinca Holdings Ltd. | 282,277 | ||||||||||||
168,194 | Vtech Holdings Ltd. | 626,473 | ||||||||||||
10,224,097 | ||||||||||||||
India: 0.7% | ||||||||||||||
12,126 | Axis Bank Ltd. | 140,458 | ||||||||||||
10,698 | Bajaj Auto Ltd. | 74,395 | ||||||||||||
26,410 | Bank of Baroda | 129,658 | ||||||||||||
85,241 | Canara Bank | 286,406 | ||||||||||||
341,170 | Chambal Fertilizers & Chemicals Ltd. | 319,563 | ||||||||||||
171,923 | Chennai Petroleum Corp., Ltd. | 428,305 | ||||||||||||
90,344 | Great Eastern Shipping Co., Ltd. | 410,111 | ||||||||||||
78,162 | Indian Bank | 207,751 |
212
Table of Contents
Shares | Value | |||||||||||||
India (continued) | ||||||||||||||
46,794 | Satyam Computer Services Ltd. | $ | 288,287 | |||||||||||
12,486 | Tata Steel Ltd. | 54,424 | ||||||||||||
9,356 | Tata Tea Ltd. | 98,120 | ||||||||||||
228,314 | UCO Bank | 131,657 | ||||||||||||
35,927 | Union Bank of India | 92,523 | ||||||||||||
2,661,658 | ||||||||||||||
Ireland: 0.5% | ||||||||||||||
12,000 | DCC PLC | 187,687 | ||||||||||||
2,100 | FBD Holdings PLC | 30,576 | ||||||||||||
137,552 | Glanbia PLC | 526,203 | ||||||||||||
37,200 | Kerry Group PLC | 846,619 | ||||||||||||
55,700 | United Drug PLC | 216,432 | ||||||||||||
1,807,517 | ||||||||||||||
Israel: 0.1% | ||||||||||||||
55,000 | @ | Oridion Systems Ltd. | 348,107 | |||||||||||
348,107 | ||||||||||||||
Italy: 1.8% | ||||||||||||||
41,100 | ACEA S.p.A. | 535,914 | ||||||||||||
249,974 | @ | AS Roma S.p.A. | 191,472 | |||||||||||
84,000 | Azimut Holding S.p.A. | 482,141 | ||||||||||||
48,655 | BasicNet S.p.A. | 81,865 | ||||||||||||
100,900 | Brembo S.p.A. | 748,785 | ||||||||||||
278,000 | CIR-Compagnie Industriali Riunite S.p.A. | 298,639 | ||||||||||||
12,299 | Davide Campari-Milano S.p.A. | 85,847 | ||||||||||||
38,500 | ERG S.p.A. | 514,734 | ||||||||||||
2,941 | Fondiaria-Sai S.p.A. | 55,252 | ||||||||||||
815 | @ | GreenergyCapital S.p.A. | 516 | |||||||||||
122,821 | Indesit Co. S.p.A. | 1,000,665 | ||||||||||||
110,500 | Landi Renzo S.p.A. | 415,409 | ||||||||||||
226,700 | Maire Tecnimont S.p.A. | 413,527 | ||||||||||||
117,247 | Parmalat S.p.A | 205,860 | ||||||||||||
80,714 | Premafin Finanziaria S.p.A. | 143,615 | ||||||||||||
30,163 | Prima Industrie S.p.A. | 383,657 | ||||||||||||
82,100 | Prysmian S.p.A. | 995,961 | ||||||||||||
128,734 | Recordati S.p.A. | 608,442 | ||||||||||||
9,900 | Trevi Finanziaria S.p.A. | 115,033 | ||||||||||||
7,277,334 | ||||||||||||||
Japan: 26.2% | ||||||||||||||
34,000 | 77 Bank Ltd. | 160,189 | ||||||||||||
58,000 | Adores, Inc. | 107,074 | ||||||||||||
33,700 | Aica Kogyo Co., Ltd. | 299,163 | ||||||||||||
66,000 | Aichi Machine Industry Co., Ltd. | 130,656 | ||||||||||||
8,176 | Aisan Industry Co., Ltd. | 52,218 | ||||||||||||
295,200 | @ | Allied Telesis Holdings KK | 118,760 | |||||||||||
11,400 | Aloka Co., Ltd. | 94,103 | ||||||||||||
31,600 | Alpen Co., Ltd. | 549,506 | ||||||||||||
65,700 | Alpine Electronics, Inc. | 577,955 | ||||||||||||
56,200 | Alps Electric Co., Ltd. | 309,168 | ||||||||||||
232,000 | Aozora Bank Ltd. | 193,723 | ||||||||||||
36,800 | Arcs Co., Ltd. | 524,211 | ||||||||||||
63 | Bals Corp. | 77,280 | ||||||||||||
7,000 | Bank of Kyoto Ltd. | 73,631 | ||||||||||||
58,000 | Calsonic Kansei Corp. | 100,473 | ||||||||||||
35,400 | Canon Sales Co., Inc. | 592,212 | ||||||||||||
130,000 | Century Leasing System, Inc. | 852,252 | ||||||||||||
1,008,000 | @ | Chori Co., Ltd. | 1,036,307 | |||||||||||
85,000 | Chugoku Marine Paints Ltd. | 432,686 | ||||||||||||
13,000 | Chuo Denki Kogyo Co., Ltd. | 93,916 | ||||||||||||
34,100 | Circle K Sunkus Co., Ltd. | 579,750 | ||||||||||||
213,000 | Cosmo Oil Co., Ltd. | 453,108 | ||||||||||||
97,900 | CSK Corp. | 818,256 | ||||||||||||
83,000 | Daido Steel Co., Ltd. | 263,071 | ||||||||||||
64,000 | Daihatsu Diesel Manufacturing Co., Ltd. | 308,952 | ||||||||||||
57,000 | Daiichi Jitsugyo Co., Ltd. | 162,846 | ||||||||||||
13,100 | Daiichikosho Co., Ltd. | 112,424 | ||||||||||||
52,000 | Daishi Bank Ltd. | 202,483 | ||||||||||||
12,000 | Daito Bank Ltd. | 7,944 | ||||||||||||
5,200 | Daito Trust Construction Co., Ltd. | 219,362 | ||||||||||||
235,000 | Daiwa Industries Ltd. | 627,918 | ||||||||||||
32,300 | DC Co., Ltd. | 77,516 | ||||||||||||
67,900 | DCM Japan Holdings Co., Ltd. | 497,648 | ||||||||||||
63,000 | Dowa Holdings Co., Ltd. | 189,881 | ||||||||||||
11,200 | DTS Corp. | 92,757 | ||||||||||||
20,000 | Eagle Industry Co., Ltd. | 65,657 | ||||||||||||
12,000 | Excel Co., Ltd. | 82,107 | ||||||||||||
47,400 | Exedy Corp. | 679,109 | ||||||||||||
51,800 | FamilyMart Co., Ltd. | 2,052,270 | ||||||||||||
5,400 | Fancl Corp. | 67,704 | ||||||||||||
15,900 | Ferrotec Corp. | 175,929 | ||||||||||||
25,000 | Fuji Heavy Industries Ltd. | 87,942 | ||||||||||||
80,000 | Fuji Machine Manufacturing Co., Ltd. | 690,812 | ||||||||||||
40,100 | Fuji Oil Co., Ltd. | 460,335 | ||||||||||||
9,000 | Fuji Soft, Inc. | 151,069 | ||||||||||||
38,000 | Fujikura Kasei Co., Ltd. | 201,900 | ||||||||||||
17,300 | Fujitsu Frontech Ltd. | 124,005 | ||||||||||||
16,000 | Furukawa-Sky Aluminum Corp. | 31,948 | ||||||||||||
23,400 | Futaba Industrial Co., Ltd. | 145,725 | ||||||||||||
755 | Geo Co., Ltd. | 548,942 | ||||||||||||
6,500 | Glory Ltd. | 93,152 | ||||||||||||
152 | Gourmet Navigator, Inc. | 300,434 | ||||||||||||
28,000 | Gunma Bank Ltd. | 142,972 | ||||||||||||
224,000 | Hanwa Co., Ltd. | 591,332 | ||||||||||||
17,400 | HIS Co., Ltd. | 251,869 | ||||||||||||
22,000 | Hisaka Works Ltd. | 253,697 | ||||||||||||
5,800 | Hitachi Information Systems Ltd. | 107,632 | ||||||||||||
31,100 | Hitachi Software Engineering Co., Ltd. | 438,667 | ||||||||||||
36,400 | Hitachi Transport System Ltd. | 486,774 | ||||||||||||
23,000 | Hokkoku Bank Ltd. | 86,585 | ||||||||||||
139,400 | Hosiden Corp. | 1,463,959 | ||||||||||||
98,000 | Hosokawa Micron Corp. | 369,373 | ||||||||||||
31,000 | Hyakugo Bank Ltd. | 174,117 | ||||||||||||
19,000 | Hyakujushi Bank Ltd. | 94,840 | ||||||||||||
68,600 | IBJ Leasing Co., Ltd. | 829,393 | ||||||||||||
9,100 | Ichiyoshi Securities Co., Ltd. | 72,869 | ||||||||||||
5,900 | Icom, Inc. | 113,436 | ||||||||||||
754 | @ | IDU Co. | 48,314 | |||||||||||
65,400 | Inabata & Co., Ltd. | 246,326 | ||||||||||||
125,900 | Ines Corp. | 629,870 | ||||||||||||
4,800 | Information Services International-Dentsu Ltd. | 30,484 | ||||||||||||
35,100 | Inui Steamship Co., Ltd. | 264,702 | ||||||||||||
41,037 | @ | IT Holdings Corp. | 442,951 | |||||||||||
13,300 | Itochu Techno-Solutions Corp. | 311,643 | ||||||||||||
241,000 | Itoham Foods, Inc. | 739,921 | ||||||||||||
45,000 | Izumiya Co., Ltd. | 267,397 | ||||||||||||
5,000 | @ | Izutsuya Co., Ltd. | 2,631 | |||||||||||
778,000 | JFE Shoji Holdings, Inc. | 2,455,708 | ||||||||||||
69,000 | Jidosha Buhin Kogyo Co., Ltd. | 127,484 | ||||||||||||
176,000 | J-Oil Mills, Inc. | 711,809 | ||||||||||||
40,300 | JSP Corp. | 281,902 | ||||||||||||
12,000 | Kagawa Bank Ltd. | 66,821 | ||||||||||||
29,000 | Kagoshima Bank Ltd. | 183,855 | ||||||||||||
25,000 | Kaken Pharmaceutical Co., Ltd. | 207,632 | ||||||||||||
2,102,000 | @ | Kanematsu Corp. | 1,681,387 | |||||||||||
122,400 | Kanto Auto Works Ltd. | 1,487,313 | ||||||||||||
17,333 | Kanto Tsukuba Bank Ltd. | 76,062 | ||||||||||||
108,000 | Kawai Musical Instruments Manufacturing Co., Ltd. | 102,956 | ||||||||||||
24,600 | L | Keiyo Co., Ltd. | 128,271 | |||||||||||
25,000 | Kikkoman Corp. | 252,078 | ||||||||||||
45,000 | Kinden Corp. | 375,738 | ||||||||||||
16,000 | Kintetsu World Express, Inc. | 232,222 | ||||||||||||
172,000 | Kinugawa Rubber Industrial Co., Ltd. | 242,082 | ||||||||||||
1,170 | @ | KK DaVinci Advisors | 94,869 | |||||||||||
3,700 | Kobayashi Pharmaceutical Co., Ltd. | 118,545 |
213
Table of Contents
Shares | Value | |||||||||||||
Japan (continued) | ||||||||||||||
93,000 | Koito Manufacturing Co., Ltd. | $ | 722,203 | |||||||||||
629 | @ | Kurimoto Ltd. | 432 | |||||||||||
24,800 | Kuroda Electric Co., Ltd. | 193,333 | ||||||||||||
28,100 | Kyoden Co., Ltd. | 24,246 | ||||||||||||
36,000 | Kyodo Printing Co., Ltd. | 82,022 | ||||||||||||
436,000 | Kyodo Shiryo Co., Ltd. | 497,060 | ||||||||||||
324 | Kyoei Tanker Co., Ltd. | 713 | ||||||||||||
80,000 | Kyowa Exeo Corp. | 784,371 | ||||||||||||
2,500 | Lawson, Inc. | 122,191 | ||||||||||||
26,000 | Lintec Corp. | 304,193 | ||||||||||||
145,000 | Marudai Food Co., Ltd. | 350,928 | ||||||||||||
38,900 | Matsumotokiyoshi Holdings Co., Ltd. | 762,562 | ||||||||||||
42,000 | Meiji Dairies Corp. | 191,561 | ||||||||||||
43,000 | Meiji Seika Kaisha Ltd. | 175,833 | ||||||||||||
18,500 | Mikuni Coca-Cola Bottling Co., Ltd. | 177,132 | ||||||||||||
24,212 | Mimasu Semiconductor Industry Co., Ltd. | 216,534 | ||||||||||||
32,000 | Ministop Co., Ltd. | 594,092 | ||||||||||||
93,000 | Miraca Holdings, Inc. | 1,499,786 | ||||||||||||
1,133,000 | Mitsubishi Paper Mills Ltd. | 1,631,708 | ||||||||||||
99,000 | Mitsubishi Steel Manufacturing Co., Ltd. | 281,118 | ||||||||||||
264,000 | Mitsui Sugar Co., Ltd. | 927,592 | ||||||||||||
6,900 | Miura Co., Ltd. | 141,733 | ||||||||||||
76,200 | Musashi Seimitsu Industry Co., Ltd. | 956,215 | ||||||||||||
22,000 | Nabtesco Corp. | 134,174 | ||||||||||||
92,000 | Nachi-Fujikoshi Corp. | 186,656 | ||||||||||||
30,000 | Nagoya Railroad Co., Ltd. | 93,297 | ||||||||||||
4,183 | Namura Shipbuilding Co., Ltd. | 9,617 | ||||||||||||
11,400 | NEC Leasing Ltd. | 100,453 | ||||||||||||
14,600 | NEC Networks & System Integration Corp. | 165,452 | ||||||||||||
635 | Net One systems Co., Ltd. | 1,035,772 | ||||||||||||
144,000 | NHK Spring Co., Ltd. | 580,351 | ||||||||||||
17,000 | Nichi-iko Pharmaceutical Co., Ltd. | 359,288 | ||||||||||||
562,000 | Nichirei Corp. | 2,384,151 | ||||||||||||
12,200 | Nidec Copal Corp. | 111,338 | ||||||||||||
64,700 | Nifco, Inc. | 950,941 | ||||||||||||
7,980 | Nihon Chouzai Co., Ltd. | 122,143 | ||||||||||||
37,000 | Nihon Parkerizing Co., Ltd. | 436,314 | ||||||||||||
36,200 | Nihon Unisys Ltd. | 348,227 | ||||||||||||
81,000 | Nippon Chemical Industrial Co., Ltd. | 142,797 | ||||||||||||
199,000 | Nippon Denko Co., Ltd. | 912,314 | ||||||||||||
37,000 | Nippon Flour Mills Co., Ltd. | 168,267 | ||||||||||||
8,000 | Nippon Meat Packers, Inc. | 109,728 | ||||||||||||
660 | Nippon Paper Group, Inc. | 1,763,945 | ||||||||||||
23,000 | Nippon Seiki Co., Ltd. | 152,295 | ||||||||||||
94,000 | Nippon Shinyaku Co., Ltd. | 929,346 | ||||||||||||
86,000 | Nippon Soda Co., Ltd. | 244,636 | ||||||||||||
137,000 | Nippon Steel Trading Co., Ltd. | 230,557 | ||||||||||||
67,000 | Nippon Synthetic Chemical Industry Co., Ltd. | 155,598 | ||||||||||||
71,000 | Nippon Thompson Co., Ltd. | 355,560 | ||||||||||||
36,000 | Nipro Corp. | 551,911 | ||||||||||||
49,400 | @ | NIS Group Co., Ltd. | 19,683 | |||||||||||
17,000 | Nishimatsuya Chain Co. Ltd. | 171,299 | ||||||||||||
228,000 | Nishi-Nippon City Bank Ltd. | 496,708 | ||||||||||||
310,000 | Nissan Shatai Co., Ltd. | 2,024,732 | ||||||||||||
174,000 | Nissay Dowa General Insurance Co., Ltd. | 774,006 | ||||||||||||
8,500 | Nissha Printing Co., Ltd. | 472,683 | ||||||||||||
168,000 | Nisshin Oillio Group Ltd. | 794,641 | ||||||||||||
93,000 | Nisshin Steel Co., Ltd. | 124,544 | ||||||||||||
1,700 | Nissin Food Products Co., Ltd. | 48,594 | ||||||||||||
27,300 | Nitta Corp. | 305,041 | ||||||||||||
199,000 | Nittetsu Mining Co., Ltd. | 509,720 | ||||||||||||
2,370 | Obic Co., Ltd. | 290,094 | ||||||||||||
33,000 | Ogaki Kyoritsu Bank Ltd. | 163,997 | ||||||||||||
40,512 | Oiles Corp. | 437,736 | ||||||||||||
39,000 | Oita Bank Ltd. | 242,077 | ||||||||||||
18,000 | OJI Paper Co., Ltd. | 68,725 | ||||||||||||
218,000 | @ | Oki Electric Industry Ltd. | 180,528 | |||||||||||
36,670 | Okinawa Electric Power Co., Inc. | 2,149,878 | ||||||||||||
106,000 | O-M Ltd. | 420,708 | ||||||||||||
90 | Optex Co., Ltd. | 834 | ||||||||||||
16,500 | Pigeon Corp. | 479,353 | ||||||||||||
210 | Pilot Corp. | 411,839 | ||||||||||||
192,300 | Pioneer Corp. | 570,434 | ||||||||||||
26,500 | QP Corp. | 304,712 | ||||||||||||
194 | Raysum Co., Ltd. | 65,515 | ||||||||||||
71,016 | Ricoh Leasing Co., Ltd. | 956,067 | ||||||||||||
16,700 | Right On Co., Ltd. | 228,630 | ||||||||||||
3,400 | Rinnai Corp. | 124,333 | ||||||||||||
600 | L | Round One Corp. | 301,339 | |||||||||||
105,300 | L | Saizeriya Co., Ltd. | 1,562,771 | |||||||||||
292,000 | Sanden Corp. | 816,547 | ||||||||||||
22,000 | San-In Godo Bank Ltd. | 157,483 | ||||||||||||
375,500 | @,L | Sanix, Inc. | 509,465 | |||||||||||
140,000 | Sanki Engineering Co., Ltd. | 907,683 | ||||||||||||
332,000 | @ | Sanyo Electric Co., Ltd. | 503,939 | |||||||||||
144,000 | Sanyo Special Steel Co., Ltd. | 412,467 | ||||||||||||
2,200 | Sato Corp. | 21,989 | ||||||||||||
4,500 | Shimachu Co., Ltd. | 102,633 | ||||||||||||
118,000 | Shinmaywa Industries Ltd. | 309,614 | ||||||||||||
292,000 | Shinsho Corp. | 530,657 | ||||||||||||
101,000 | Shizuoka Gas Co., Ltd. | 492,280 | ||||||||||||
67,800 | Showa Shell Sekiyu KK | 553,877 | ||||||||||||
72,800 | Siix Corp. | 227,292 | ||||||||||||
1,638 | Sky Perfect Jsat Corp. | 617,836 | ||||||||||||
22,100 | Sumida Corp. | 126,387 | ||||||||||||
611,000 | Sumikin Bussan Corp. | 1,276,673 | ||||||||||||
63,200 | Sumitomo Densetsu Co., Ltd. | 358,799 | ||||||||||||
21,220 | Sumitomo Real Estate Sales | 574,985 | ||||||||||||
5,200 | Suzuken Co., Ltd. | 111,106 | ||||||||||||
48,600 | Tachi-S Co., Ltd. | 227,104 | ||||||||||||
96,000 | Taihei Kogyo Co., Ltd. | 220,865 | ||||||||||||
75,580 | Takefuji Corp. | 607,639 | ||||||||||||
77,000 | Tanabe Seiyaku Co., Ltd. | 810,399 | ||||||||||||
87,000 | TBK Co., Ltd. | 168,052 | ||||||||||||
1,225 | Telepark Corp. | 1,030,535 | ||||||||||||
7,500 | TKC Corp. | 132,824 | ||||||||||||
483,000 | @ | Toa Corp. | 597,299 | |||||||||||
138,000 | TOA Road Corp. | 129,785 | ||||||||||||
382,000 | Toagosei Co., Ltd. | 819,706 | ||||||||||||
28,000 | Toho Gas Co., Ltd. | 161,617 | ||||||||||||
61,600 | Toho Pharmaceutical Co., Ltd. | 660,425 | ||||||||||||
496 | Tohto Suisan Co., Ltd. | 656 | ||||||||||||
246,000 | Tokyo Dome Corp. | 803,267 | ||||||||||||
136,000 | Tokyo Tekko Co., Ltd. | 311,679 | ||||||||||||
7,900 | Tokyo Tomin Bank Ltd. | 106,361 | ||||||||||||
2,700 | Tokyu Community Corp. | 38,498 | ||||||||||||
248,000 | @ | Tonichi Carlife Group, Inc. | 115,637 | |||||||||||
131,000 | Toshiba Tec Corp. | 404,487 | ||||||||||||
200,000 | Toyo Engineering Corp. | 574,864 | ||||||||||||
304,000 | Toyo Kohan Co., Ltd. | 894,253 | ||||||||||||
237,000 | Toyo Securities Co., Ltd. | 432,082 | ||||||||||||
55,700 | Toyo Seikan Kaisha Ltd. | 687,203 | ||||||||||||
17,000 | Toyo Suisan Kaisha Ltd. | 438,321 | ||||||||||||
325,000 | Toyo Tire & Rubber Co., Ltd. | 798,646 | ||||||||||||
24,700 | Toyoda Gosei Co., Ltd. | 346,779 | ||||||||||||
129,800 | Toyota Auto Body Co., Ltd. | 2,080,948 | ||||||||||||
24,000 | Trusco Nakayama Corp. | 315,033 | ||||||||||||
118,600 | TS Tech Co., Ltd. | 888,395 | ||||||||||||
207,000 | Tsubakimoto Chain Co. | 577,369 | ||||||||||||
37,000 | Tsudakoma Corp. | 37,721 | ||||||||||||
3,600 | Tsumura & Co. | 92,132 | ||||||||||||
6,300 | Tsuruha Holdings, Inc. | 154,420 | ||||||||||||
9,500 | Tsutsumi Jewelry Co., Ltd. | 185,079 | ||||||||||||
129,000 | Ube Industries Ltd. | 271,423 | ||||||||||||
82,000 | Uchida Yoko Co., Ltd. | 345,735 | ||||||||||||
1,200 | Uni-Charm Corp. | 86,069 | ||||||||||||
17,200 | Union Tool Co. | 381,404 |
214
Table of Contents
Shares | Value | |||||||||||||
Japan (continued) | ||||||||||||||
12,400 | Unipres Corp. | $ | 101,585 | |||||||||||
244,588 | @ | Usen Corp. | 334,262 | |||||||||||
41,000 | U-Shin Ltd. | 224,359 | ||||||||||||
14,000 | I | Waseda Academy Co., Ltd. | 120,800 | |||||||||||
7,400 | Weathernews, Inc. | 87,544 | ||||||||||||
418 | Works Applications Co., Ltd. | 256,850 | ||||||||||||
57 | Wowow, Inc. | 55,955 | ||||||||||||
11,000 | Yamanashi Chuo Bank Ltd. | 62,564 | ||||||||||||
38,500 | Yamato Kogyo Co., Ltd. | 909,900 | ||||||||||||
73,000 | Yamazaki Baking Co., Ltd. | 969,943 | ||||||||||||
345,200 | Yamazen Corp. | 1,090,705 | ||||||||||||
31,000 | Yonekyu Corp. | 352,338 | ||||||||||||
10,200 | Yorozu Corp. | 84,195 | ||||||||||||
1,124,000 | Yuasa Trading Co., Ltd. | 1,130,680 | ||||||||||||
7,700 | Yusen Air & Sea Service Co., Ltd. | 82,676 | ||||||||||||
103,721,613 | ||||||||||||||
Liechtenstein: 0.0% | ||||||||||||||
1,051 | Verwalt & Privat-Bank AG | 145,798 | ||||||||||||
145,798 | ||||||||||||||
Luxembourg: 0.3% | ||||||||||||||
28,756 | GAGFAH SA | 165,675 | ||||||||||||
1,325,618 | Regus PLC | 997,355 | ||||||||||||
1,163,030 | ||||||||||||||
Malaysia: 0.3% | ||||||||||||||
825,200 | Kulim Malaysia BHD | 911,693 | ||||||||||||
1,142,300 | Lion Industries Corp. Bhd | 202,359 | ||||||||||||
1,114,052 | ||||||||||||||
Mexico: 0.2% | ||||||||||||||
229,705 | @ | Grupo Simec SAB de CV | 424,867 | |||||||||||
194,702 | @ | Industrias CH SA — Series B | 393,111 | |||||||||||
817,978 | ||||||||||||||
Netherlands: 2.6% | ||||||||||||||
4,800 | Accell Group | 109,165 | ||||||||||||
20,000 | Arcadis NV | 236,697 | ||||||||||||
58,184 | L | Draka Holding | 702,608 | |||||||||||
15,000 | Exact Holding NV | 349,839 | ||||||||||||
25,600 | Fugro NV | 914,798 | ||||||||||||
15,100 | @ | Gemalto NV | 423,061 | |||||||||||
17,600 | Grontmij | 383,647 | ||||||||||||
58,800 | Imtech NV | 898,311 | ||||||||||||
38,000 | Innoconcepts | 309,156 | ||||||||||||
60,763 | James Hardie Industries NV | 172,819 | ||||||||||||
17,900 | Koninklijke DSM NV | 498,487 | ||||||||||||
14,500 | Nutreco Holding NV | 462,313 | ||||||||||||
302,736 | OCE NV | 1,400,978 | ||||||||||||
38,700 | SBM Offshore NV | 680,735 | ||||||||||||
16,000 | @ | Smartrac NV | 225,689 | |||||||||||
16,850 | SNS Reaal | 123,606 | ||||||||||||
45,424 | Ten Cate NV | 963,089 | ||||||||||||
20,740 | TKH Group NV | 330,555 | ||||||||||||
13,849 | Unit 4 Agresso NV | 207,445 | ||||||||||||
11,973 | USG People NV | 125,142 | ||||||||||||
168,944 | @ | Van der Moolen Holding NV | 574,962 | |||||||||||
10,093,102 | ||||||||||||||
New Zealand: 0.2% | ||||||||||||||
15,713 | Contact Energy Ltd. | 66,619 | ||||||||||||
124,911 | Fisher & Paykel Healthcare Corp. | 217,732 | ||||||||||||
56,550 | Fletcher Building Ltd. | 192,019 | ||||||||||||
117,488 | Telecom Corp. of New Zealand Ltd. | 159,257 | ||||||||||||
635,627 | ||||||||||||||
Norway: 0.2% | ||||||||||||||
127,950 | @ | Norske Skogindustrier ASA | 441,036 | |||||||||||
50,095 | @ | ODIM ASA | 305,328 | |||||||||||
45,000 | @ | Pronova BioPharma AS | 116,906 | |||||||||||
60,000 | @ | StepStone ASA | 68,634 | |||||||||||
931,904 | ||||||||||||||
Philippines: 0.0% | ||||||||||||||
857,000 | Energy Development Corp. | 52,030 | ||||||||||||
4,770 | Globe Telecom, Inc. | 88,578 | ||||||||||||
140,608 | ||||||||||||||
Poland: 0.0% | ||||||||||||||
1,646 | @ | Grupa Lotos SA | 11,650 | |||||||||||
11,650 | ||||||||||||||
Portugal: 0.1% | ||||||||||||||
58,100 | Jeronimo Martins | 296,497 | ||||||||||||
296,497 | ||||||||||||||
Singapore: 2.5% | ||||||||||||||
720,000 | # | ARA Asset Management Ltd. | 160,216 | |||||||||||
285,000 | Aztech Systems Ltd. | 19,775 | ||||||||||||
186,000 | ComfortDelgro Corp., Ltd. | 152,566 | ||||||||||||
288,000 | Goodpack Ltd. | 240,715 | ||||||||||||
452,000 | Hong Leong Asia Ltd. | 183,146 | ||||||||||||
89,000 | Jardine Cycle & Carriage Ltd. | 570,880 | ||||||||||||
3,765,000 | LC Development Ltd. | 221,140 | ||||||||||||
1,865,000 | Macquarie International Infrastructure Fund Ltd. | 496,555 | ||||||||||||
1,973,000 | I | Meiban Group Ltd. | 159,649 | |||||||||||
5,970,000 | Mercator Lines Singapore Ltd. | 603,566 | ||||||||||||
67,000 | MobileOne Ltd. | 59,646 | ||||||||||||
399,960 | L | Neptune Orient Lines Ltd. | 337,809 | |||||||||||
950,000 | @,L | Oceanus Group Ltd. | 91,809 | |||||||||||
148,000 | Parkway Holdings Ltd. | 158,681 | ||||||||||||
3,810,000 | Singapore Petroleum Co., Ltd. | 5,433,587 | ||||||||||||
164,000 | Singapore Post Ltd. | 78,649 | ||||||||||||
317,000 | SMRT Corp., Ltd. | 333,903 | ||||||||||||
102,000 | StarHub Ltd. | 165,598 | ||||||||||||
336,000 | I | Super Coffeemix Manufacturing Ltd. | 111,048 | |||||||||||
51,000 | Venture Corp., Ltd. | 186,373 | ||||||||||||
223,000 | Yanlord Land Group Ltd. | 114,401 | ||||||||||||
4,188,000 | @ | Yongnam Holdings Ltd. | 174,286 | |||||||||||
10,053,998 | ||||||||||||||
South Africa: 0.1% | ||||||||||||||
51,148 | Aveng Ltd. | 252,878 | ||||||||||||
21,752 | Murray & Roberts Holdings Ltd. | 147,262 | ||||||||||||
11,324 | Sappi Ltd. | 69,811 | ||||||||||||
469,951 | ||||||||||||||
South Korea: 2.5% | ||||||||||||||
26,822 | C-motech Co., Ltd. | 161,068 | ||||||||||||
21,280 | Dongbu Insurance Co., Ltd. | 216,656 | ||||||||||||
64,790 | Dongbu Steel Co., Ltd. | 317,311 | ||||||||||||
10,540 | Dongkuk Steel Mill Co., Ltd. | 171,393 | ||||||||||||
24,720 | @ | Forhuman Co., Ltd. | 146,292 | |||||||||||
99,680 | From30 Co., Ltd. | 199,949 | ||||||||||||
12,700 | Global & Yuasa Battery Co., Ltd. | 122,245 | ||||||||||||
88,434 | @,L | Halim Co., Ltd. | 79,340 | |||||||||||
8,470 | Hana Financial Group, Inc. | 134,514 | ||||||||||||
10,820 | Hanshin Construction | 83,402 | ||||||||||||
710 | @ | Hite Brewery Co., Ltd. | 94,872 | |||||||||||
5,470 | @ | Hite Holdings Co., Ltd. | 96,237 | |||||||||||
17,610 | L | Honam Petrochemical Corp. | 720,834 | |||||||||||
1,447 | Hyundai Department Store Co., Ltd. | 70,717 | ||||||||||||
17,400 | Hyundai DSF Co., Ltd. | 80,926 | ||||||||||||
81,380 | Hyundai Marine & Fire Insurance Co., Ltd. | 691,878 | ||||||||||||
41,360 | Industrial Bank of Korea | 237,754 | ||||||||||||
66,890 | L | Jinheung Mutual Savings Bank | 125,859 | |||||||||||
448 | KCC Corp. | 87,423 | ||||||||||||
8,327 | KCC Engineering & Construction | 127,588 |
215
Table of Contents
Shares | Value | |||||||||||||
South Korea (continued) | ||||||||||||||
72,600 | @ | Kia Motors Corp. | $ | 611,572 | ||||||||||
6,843 | @ | KISCO Corp. | 107,075 | |||||||||||
2,073 | Korea Iron & Steel Co., Ltd. | 40,452 | ||||||||||||
18,360 | Korea Kumho Petrochemical | 248,706 | ||||||||||||
19,690 | L | Korean Petrochemical Industrial Co. | 261,847 | |||||||||||
23,890 | @ | KP Chemical Corp. | 69,465 | |||||||||||
7,146 | Kyeryong Construction Industrial Co., Ltd. | 65,326 | ||||||||||||
26,400 | @ | LG Micron Ltd. | 532,336 | |||||||||||
152,240 | LG Telecom Ltd. | 1,085,233 | ||||||||||||
54,430 | LIG Non-Life Insurance Co., Ltd. | 633,822 | ||||||||||||
44,384 | People & Telecommunication, Inc. | 131,411 | ||||||||||||
4,093 | Samsung Corp. | 131,151 | ||||||||||||
2,591 | Samsung Engineering Co., Ltd. | 103,626 | ||||||||||||
4,791 | @ | Samsung SDI Co., Ltd. | 269,007 | |||||||||||
17,700 | Seah Besteel Corp. | 269,156 | ||||||||||||
26,220 | SeAH Steel Corp. | 842,179 | ||||||||||||
36,144 | L | Taesan LCD Co., Ltd. | 30,802 | |||||||||||
15,938 | @ | TK Corp. | 258,387 | |||||||||||
704 | Yuhan Corp. | 102,407 | ||||||||||||
9,760,218 | ||||||||||||||
Spain: 2.2% | ||||||||||||||
38,500 | Banco Espanol de Credito SA (Banesto) | 486,286 | ||||||||||||
3,919 | Construcciones y Auxiliar de Ferrocarriles SA | 1,095,556 | ||||||||||||
453,110 | L | Corp. Mapfre SA | 1,442,036 | |||||||||||
11,300 | Corporacion Financiera Alba SA | 332,888 | ||||||||||||
5,543 | Ebro Puleva SA | 72,071 | ||||||||||||
31,000 | Enagas | 605,667 | ||||||||||||
39,300 | Grifols SA | 782,102 | ||||||||||||
33,400 | Grupo Catalana Occidente SA | 525,281 | ||||||||||||
33,200 | Indra Sistemas SA | 645,111 | ||||||||||||
13,076 | Laboratorios Almirall SA | 115,840 | ||||||||||||
2,279 | Laboratorios Farmaceuticos Rovi SA | 18,439 | ||||||||||||
5,406 | Pescanova SA | 195,818 | ||||||||||||
41,000 | Red Electrica de Espana | 1,797,082 | ||||||||||||
4,449 | SOS Cuetara SA | 61,960 | ||||||||||||
181,263 | Tubos Reunidos SA | 480,389 | ||||||||||||
12,351 | Viscofan SA | 212,438 | ||||||||||||
8,868,964 | ||||||||||||||
Sweden: 1.9% | ||||||||||||||
147,100 | BE Group AB | 431,276 | ||||||||||||
41,200 | @ | Betsson AB | 350,441 | |||||||||||
22,000 | Bure Equity AB | 95,821 | ||||||||||||
3,502 | Elekta AB | 44,287 | ||||||||||||
15,300 | Getinge AB | 213,988 | ||||||||||||
258,536 | JM AB | 1,386,056 | ||||||||||||
1,644 | Lundbergforetagen AB — B Shares | 52,332 | ||||||||||||
267,700 | NCC AB | 2,187,452 | ||||||||||||
215,200 | L | Peab AB | 603,802 | |||||||||||
81,317 | L | Peab AB | 334,626 | |||||||||||
6,012 | Ratos AB | 106,121 | ||||||||||||
19,000 | Saab AB | 198,192 | ||||||||||||
108,000 | @ | SAS AB | 571,089 | |||||||||||
41,500 | Swedish Match AB | 576,305 | ||||||||||||
857,000 | @ | West Siberian Resources Ltd. GDR | 346,609 | |||||||||||
7,498,397 | ||||||||||||||
Switzerland: 5.0% | ||||||||||||||
31,500 | Addax Petroleum Corp. | 470,422 | ||||||||||||
1,228 | Adecco SA | 42,718 | ||||||||||||
1,339 | AFG Arbonia-Forster Holding | 168,756 | ||||||||||||
768 | Allreal Holding AG | 78,194 | ||||||||||||
26,300 | @ | Aryzta AG | 938,579 | |||||||||||
16,225 | Baloise Holding AG | 867,462 | ||||||||||||
13,000 | Bank Sarasin & Compagnie AG | 382,570 | ||||||||||||
211 | @ | Barry Callebaut AG | 105,444 | |||||||||||
5,060 | Bellevue Group AG | 175,009 | ||||||||||||
6,400 | BKW FMB Energie AG | 578,543 | ||||||||||||
2,541 | Bobst Group AG | 91,962 | ||||||||||||
800 | Bucher Industries AG | 86,438 | ||||||||||||
3,400 | Compagnie Financiere Tradition (CFT) | 282,913 | ||||||||||||
2,486 | Dufry Group | 51,502 | ||||||||||||
1,972 | Flughafen Zuerich AG | 525,428 | ||||||||||||
4,809 | @ | Forbo Holding AG | 1,182,209 | |||||||||||
11,277 | Galenica AG | 3,409,816 | ||||||||||||
7,280 | @ | Georg Fischer AG | 1,632,361 | |||||||||||
7,189 | Helvetia Holding AG | 1,232,369 | ||||||||||||
8 | Huber & Suhner AG | 263 | ||||||||||||
1,343 | Kuehne & Nagel International AG | 81,313 | ||||||||||||
3,767 | Kuoni Reisen Holding | 1,103,695 | ||||||||||||
4,700 | Lonza Group AG | 390,066 | ||||||||||||
1,700 | @ | Meyer Burger Technology AG | 237,084 | |||||||||||
14,949 | @ | Micronas Semiconductor Hold | 56,159 | |||||||||||
63,500 | Mobilezone Holding AG | 410,667 | ||||||||||||
7,000 | @ | Newave Energy Holding SA | 241,273 | |||||||||||
10,800 | Pargesa Holding SA | 827,305 | ||||||||||||
20,233 | @ | PSP Swiss Property AG | 875,385 | |||||||||||
2,319 | Schweizerhall Holding AG | 480,241 | ||||||||||||
330 | Sika AG | 260,197 | ||||||||||||
468 | Swatch Group AG — BR | 73,029 | ||||||||||||
5,548 | @ | Swiss Life Holding | 499,909 | |||||||||||
2,140 | @ | Swiss Prime Site AG | 98,475 | |||||||||||
5,585 | Syngenta AG | 1,044,022 | ||||||||||||
29,200 | @ | Temenos Group AG — Reg | 365,711 | |||||||||||
3,207 | Valiant Holding | 552,568 | ||||||||||||
411 | Valora Holding AG | 59,590 | ||||||||||||
19,959,647 | ||||||||||||||
Taiwan: 2.1% | ||||||||||||||
181,405 | Altek Corp. | 180,045 | ||||||||||||
835,059 | @ | Chia Hsin Cement Corp. | 258,246 | |||||||||||
601,000 | Chung HWA Pulp | 165,584 | ||||||||||||
13,521,000 | Chunghwa Picture Tubes Ltd. | 1,369,842 | ||||||||||||
823,791 | Eastern Media International Corp. | 92,930 | ||||||||||||
734 | Everlight Electronics Co., Ltd. | 1,109 | ||||||||||||
230,000 | Feng Hsin Iron & Steel Co. | 161,362 | ||||||||||||
260,295 | Gamania Digital Entertainment Co., Ltd. | 113,953 | ||||||||||||
503,000 | Gigabyte Technology Co., Ltd. | 177,093 | ||||||||||||
1,590,000 | @ | Grand Pacific Petrochemical Corp. | 223,783 | |||||||||||
2,933,757 | HannStar Display Corp. | 534,095 | ||||||||||||
121,000 | Inventec Appliances Corp. | 116,338 | ||||||||||||
1,962,000 | KGI Securities Co., Ltd. | 454,786 | ||||||||||||
953,309 | King Yuan Electronics Co., Ltd. | 253,541 | ||||||||||||
2,366,334 | Macronix International | 660,280 | ||||||||||||
1,112,198 | Micro-Star International Co., Ltd. | 464,485 | ||||||||||||
214,000 | Mitac International | 79,204 | ||||||||||||
605 | Powertech Technology, Inc. | 855 | ||||||||||||
60,000 | Sinon Corp. | 16,310 | ||||||||||||
261,000 | Taishin Financial Holdings Co., Ltd. | 38,959 | ||||||||||||
254,000 | @ | Taiwan Business Bank | 49,791 | |||||||||||
160,022 | Taiwan Surface Mounting Technology Co., Ltd. | 126,206 | ||||||||||||
9,469,000 | @ | Tatung Co., Ltd. | 1,681,023 | |||||||||||
615,000 | TSRC Corp. | 430,168 | ||||||||||||
160,000 | Ttet Union Corp. | 122,462 | ||||||||||||
226 | Unimicron Technology Corp. | 125 | ||||||||||||
2,017,050 | Yieh Phui Enterprise | 581,435 | ||||||||||||
8,354,010 | ||||||||||||||
216
Table of Contents
Shares | Value | |||||||||||||
Thailand: 0.2% | ||||||||||||||
1,354,400 | Charoen Pokphand Foods PCL | $ | 118,426 | |||||||||||
454,600 | CP ALL PCL | 100,362 | ||||||||||||
71,100 | Electricity Generating PCL | 120,975 | ||||||||||||
21,999,700 | G Steel PCL | 249,527 | ||||||||||||
9,287,500 | Tata Steel Thailand PCL | 185,704 | ||||||||||||
125,500 | Thai Union Frozen Products PCL | 59,438 | ||||||||||||
123,900 | Total Access Communication PCL | 88,554 | ||||||||||||
922,986 | ||||||||||||||
Turkey: 0.7% | ||||||||||||||
316,793 | @ | Aksa Akrilik Kimya Sanayii | 327,324 | |||||||||||
171,008 | Anadolu Sigorta | 90,433 | ||||||||||||
1 | Bolu Cimento Sanayii | 1 | ||||||||||||
276,305 | Bossa Ticaret Sanayi Isletme | 257,364 | ||||||||||||
293,012 | @ | Dogan Sriketler Grubu Holdings | 231,030 | |||||||||||
266,973 | Eczacibasi Ilac Sanayi | 209,282 | ||||||||||||
77,264 | Ford Otomotiv Sanayi A/S | 243,053 | ||||||||||||
28,916 | @ | Goodyear Lastikleri TAS | 143,073 | |||||||||||
49,616 | Mardin Cimento Sanayii | 113,055 | ||||||||||||
1 | @ | Petrol Ofisi | 2 | |||||||||||
244,931 | @ | Turk Hava Yollari | 759,795 | |||||||||||
495,074 | @ | Vestel Elektronik Sanayi | 285,435 | |||||||||||
2,659,847 | ||||||||||||||
United Kingdom: 14.7% | ||||||||||||||
11,194 | 3i Group PLC | 97,640 | ||||||||||||
553,400 | @ | Afren PLC | 424,616 | |||||||||||
540,463 | Aggreko PLC | 3,781,948 | ||||||||||||
83,907 | Albemarle & Bond Holdings | 252,596 | ||||||||||||
88,100 | Amec PLC | 737,093 | ||||||||||||
437,000 | Amlin PLC | 2,237,693 | ||||||||||||
33,337 | Arriva PLC | 322,516 | ||||||||||||
83,972 | @ | ASOS PLC | 352,501 | |||||||||||
72,503 | AssetCo PLC | 83,556 | ||||||||||||
155,879 | Atkins WS PLC | 1,338,977 | ||||||||||||
138,069 | Aveva Group PLC | 1,760,103 | ||||||||||||
97,047 | @ | Avocet Mining PLC | 110,603 | |||||||||||
1,019,324 | Beazley Group PLC | 1,737,813 | ||||||||||||
28,571 | Bespak PLC | 160,932 | ||||||||||||
88,866 | Bodycote International | 177,880 | ||||||||||||
397,474 | Brit Insurance Holdings PLC | 1,168,947 | ||||||||||||
98,100 | British Energy Group PLC | 1,173,365 | ||||||||||||
48,224 | BSS Group PLC | 177,296 | ||||||||||||
41,985 | Burberry Group PLC | 186,857 | ||||||||||||
37,377 | @ | Cape PLC | 44,270 | |||||||||||
282,765 | Cattles PLC | 150,810 | ||||||||||||
228,725 | Charter International PLC | 1,490,797 | ||||||||||||
526,952 | Chaucer Holdings PLC | 492,369 | ||||||||||||
19,059 | Chemring Group PLC | 488,954 | ||||||||||||
87,045 | Chloride Group PLC | 184,888 | ||||||||||||
27,000 | Close Brothers Group PLC | 234,936 | ||||||||||||
240,200 | Cobham PLC | 730,009 | ||||||||||||
17,860 | Connaught PLC | 98,658 | ||||||||||||
21,962 | Cranswick PLC | 224,264 | ||||||||||||
92,137 | @ | CSR PLC | 307,277 | |||||||||||
50,000 | Daily Mail & General Trust | 235,447 | ||||||||||||
74,349 | Dairy Crest Group PLC | 371,465 | ||||||||||||
43,400 | @ | Dana Petroleum PLC | 698,199 | |||||||||||
97,788 | De La Rue PLC | 1,410,670 | ||||||||||||
32,417 | Dechra Pharmaceuticals PLC | 206,037 | ||||||||||||
398,512 | Dimension Data Holdings PLC | 212,014 | ||||||||||||
191,255 | Drax Group PLC | 1,777,193 | ||||||||||||
116,470 | eaga PLC | 224,028 | ||||||||||||
195,556 | Elementis PLC | 184,110 | ||||||||||||
130,252 | Evolution Group PLC | 174,022 | ||||||||||||
98,070 | Ferrexpo PLC | 61,507 | ||||||||||||
3,923 | Forth Ports PLC | 62,054 | ||||||||||||
628,624 | Future PLC | 131,518 | ||||||||||||
1,164,749 | Game Group PLC | 2,443,248 | ||||||||||||
224,900 | GKN PLC | 431,251 | ||||||||||||
8,223 | Greggs PLC | 432,060 | ||||||||||||
42,913 | Group 4 Securicor PLC | 129,970 | ||||||||||||
195,200 | Halfords Group PLC | �� | 696,567 | |||||||||||
36,059 | Hamworthy KSE | 137,396 | ||||||||||||
698,107 | HMV Group PLC | 1,118,222 | ||||||||||||
49,814 | Home Retail Group | 158,771 | ||||||||||||
25,000 | Hunting PLC | 173,112 | ||||||||||||
259,429 | IG Group Holdings PLC | 1,212,054 | ||||||||||||
174,900 | IMI PLC | 774,056 | ||||||||||||
60,000 | Inchcape PLC | 76,504 | ||||||||||||
34,836 | Intertek Group PLC | 412,566 | ||||||||||||
74,500 | Investec PLC | 338,163 | ||||||||||||
81,291 | ITE Group PLC | 110,836 | ||||||||||||
141,912 | Jardine Lloyd Thompson Group PLC | 1,012,259 | ||||||||||||
157,498 | Keller Group PLC | 1,324,746 | ||||||||||||
31,760 | Kier Group PLC | 346,782 | ||||||||||||
63,698 | Lavendon Group PLC | 143,747 | ||||||||||||
39,282 | Liontrust Asset Management PLC | 73,630 | ||||||||||||
77,153 | Micro Focus International PLC | 326,205 | ||||||||||||
80,300 | Misys PLC | 143,785 | ||||||||||||
67,355 | Mitie Group | 204,329 | ||||||||||||
72,877 | Northumbrian Water Group PLC | 366,236 | ||||||||||||
57,634 | Oxford Instruments PLC | 173,502 | ||||||||||||
1,307,068 | Pendragon PLC | 107,141 | ||||||||||||
30,000 | Pennon Group PLC | 259,611 | ||||||||||||
131,100 | Petrofac Ltd. | 907,575 | ||||||||||||
12,500 | @ | Premier Oil PLC | 149,855 | |||||||||||
23,824 | Provident Financial PLC | 303,692 | ||||||||||||
175,657 | PZ Cussons PLC | 354,568 | ||||||||||||
50,428 | Ricardo PLC | 213,510 | ||||||||||||
59,542 | Rotork PLC | 713,482 | ||||||||||||
26,586 | Sage Group PLC | 74,428 | ||||||||||||
267,455 | Savills PLC | 988,284 | ||||||||||||
45,459 | @ | SDL PLC | 177,594 | |||||||||||
111,162 | Senior PLC | 102,011 | ||||||||||||
10,429 | Serco Group PLC | 62,194 | ||||||||||||
6,388 | Severn Trent PLC | 141,196 | ||||||||||||
30,443 | Shanks Group PLC | 61,531 | ||||||||||||
18,730 | SIG PLC | 73,467 | ||||||||||||
259,778 | Smiths News PLC | 238,091 | ||||||||||||
85,290 | Spectris PLC | 684,596 | ||||||||||||
25,883 | Speedy Hire PLC | 99,797 | ||||||||||||
318,199 | Spice PLC | 484,252 | ||||||||||||
53,804 | Spirax-Sarco Engineering PLC | 692,281 | ||||||||||||
926,252 | Spirent Communications PLC | 810,287 | ||||||||||||
1,520,091 | @ | Sportingbet PLC | 622,399 | |||||||||||
31,856 | SSL International PLC | 215,151 | ||||||||||||
36,000 | St. Ives Group PLC | 50,694 | ||||||||||||
284,546 | Stagecoach Group PLC | 854,367 | ||||||||||||
6,550 | Stolt-Nielsen SA | 67,707 | ||||||||||||
17,314 | Synergy Health PLC | 104,969 | ||||||||||||
103,391 | Tate & Lyle PLC | 614,657 | ||||||||||||
308,100 | Taylor Nelson Sofres PLC | 1,215,958 | ||||||||||||
62,718 | Thomas Cook Group PLC | 170,143 | ||||||||||||
383,816 | Trinity Mirror PLC | 215,616 | ||||||||||||
151,400 | TUI Travel PLC | 462,142 | ||||||||||||
136,620 | Tullett Prebon PLC | 523,574 | ||||||||||||
34,963 | Ultra Electronics Holdings | 620,235 | ||||||||||||
23,403 | Venture Production PLC | 152,732 | ||||||||||||
141,307 | Vitec Group PLC | 399,066 | ||||||||||||
194,497 | VT Group PLC | 1,566,732 | ||||||||||||
57,634 | Wetherspoon (J.D.) PLC | 239,794 | ||||||||||||
478,126 | WH Smith PLC | 2,874,651 | ||||||||||||
12,834 | L | Willis Group Holdings Ltd. | 336,764 | |||||||||||
58,245,219 | ||||||||||||||
United States: 0.1% | ||||||||||||||
71,800 | L | Virgin Media, Inc. | 413,568 | |||||||||||
413,568 | ||||||||||||||
Total Common Stock (Cost $674,569,015) | 384,639,113 | |||||||||||||
217
Table of Contents
Shares | Value | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 1.0% | ||||||||||||||
Australia: 0.2% | ||||||||||||||
350,000 | Commonwealth Property Office Fund | $ | 309,279 | |||||||||||
6,421,222 | Macquarie DDR Trust | 398,272 | ||||||||||||
707,551 | ||||||||||||||
Belgium: 0.0% | ||||||||||||||
824 | Cofinimmo | 102,678 | ||||||||||||
102,678 | ||||||||||||||
Canada: 0.1% | ||||||||||||||
8,400 | Dundee Real Estate Investment Trust | 131,718 | ||||||||||||
131,718 | ||||||||||||||
France: 0.0% | ||||||||||||||
2,535 | Mercialys | 82,559 | ||||||||||||
82,559 | ||||||||||||||
Germany: 0.0% | ||||||||||||||
9,032 | Alstria Office AG | 57,754 | ||||||||||||
57,754 | ||||||||||||||
Hong Kong: 0.0% | ||||||||||||||
300,000 | @ | Champion Real Estate Investment Trust | 72,028 | |||||||||||
72,028 | ||||||||||||||
Japan: 0.1% | ||||||||||||||
145 | Nippon Commercial Investment Corp. | 89,245 | ||||||||||||
24 | Nippon Residential Investment Corp. | 12,915 | ||||||||||||
24 | Orix JREIT, Inc. | 110,020 | ||||||||||||
212,180 | ||||||||||||||
Netherlands: 0.2% | ||||||||||||||
3,685 | Eurocommercial Properties NV | 122,028 | ||||||||||||
15,943 | Nieuwe Steen Investments Funds NV | 278,335 | ||||||||||||
31,155 | Vastned Offices | 410,829 | ||||||||||||
1,513 | Vastned Retail NV | 77,405 | ||||||||||||
888,597 | ||||||||||||||
United Kingdom: 0.4% | ||||||||||||||
78,455 | Brixton PLC | 211,028 | ||||||||||||
52,285 | Great Portland Estates PLC | 232,830 | ||||||||||||
8,751 | Hammerson PLC | 100,860 | ||||||||||||
205,321 | Segro PLC | 926,930 | ||||||||||||
1,471,648 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $11,130,096) | 3,726,713 | |||||||||||||
MUTUAL FUNDS: 0.1% | ||||||||||||||
Australia: 0.1% | ||||||||||||||
534,300 | ** | ING Office Fund | 391,776 | |||||||||||
Total Mutual Funds (Cost $375,295) | 391,776 | |||||||||||||
PREFERRED STOCK: 0.9% | ||||||||||||||
Brazil: 0.2% | ||||||||||||||
27,400 | Cia Paranaense de Energia | 301,255 | ||||||||||||
47,500 | Metalurgica Gerdau SA | 423,806 | ||||||||||||
725,061 | ||||||||||||||
Germany: 0.4% | ||||||||||||||
19,905 | Draegerwerk AG | 768,764 | ||||||||||||
16,103 | Fresenius AG | 1,027,919 | ||||||||||||
3,259 | Jungheinrich AG | 43,357 | ||||||||||||
1,840,040 | ||||||||||||||
Italy: 0.3% | ||||||||||||||
131,001 | @ | Instituto Finanziario Industriale S.p.A. | 1,143,755 | |||||||||||
1,143,755 | ||||||||||||||
Total Preferred Stock (Cost $6,526,539) | 3,708,856 | |||||||||||||
RIGHTS: 0.0% | ||||||||||||||
Germany: 0.0% | ||||||||||||||
7,200 | Centrotherm Photovoltaics AG | 13,490 | ||||||||||||
Total Rights (Cost $—) | 13,490 | |||||||||||||
Total Long-Term Investments (Cost $690,602,206) | 392,479,948 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 1.8% | ||||||||||||||
Securities Lending CollateralCC: 1.8% | ||||||||||||||
$ | 7,042,553 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 6,972,221 | ||||||||||
Total Short-Term Investments (Cost $7,042,553) | 6,972,221 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $697,644,759)* | 101.0 | % | $ | 399,452,169 | ||||||||||
Other Assets and Liabilities - Net | (1.0 | ) | (3,820,751 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 395,631,418 | ||||||||||
@ | 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 October 31, 2008. | |
** | Investment in affiliate | |
X | Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees. | |
* | Cost for federal income tax purposes is $703,961,318. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 1,530,239 | ||
Gross Unrealized Depreciation | (306,039,388 | ) | ||
Net Unrealized Depreciation | $ | (304,509,149 | ) | |
218
Table of Contents
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 0.4 | % | ||
Aerospace/Defense | 2.0 | |||
Agriculture | 0.4 | |||
Airlines | 0.5 | |||
Apartments | 0.0 | |||
Apparel | 0.6 | |||
Auto Manufacturers | 1.9 | |||
Auto Parts & Equipment | 3.2 | |||
Banks | 2.5 | |||
Beverages | 0.2 | |||
Biotechnology | 0.0 | |||
Building Materials | 1.0 | |||
Chemicals | 3.8 | |||
Coal | 1.1 | |||
Commercial Services | 2.8 | |||
Computers | 2.9 | |||
Cosmetics/Personal Care | 0.4 | |||
Distribution/Wholesale | 3.4 | |||
Diversified | 0.6 | |||
Diversified Financial Services | 2.7 | |||
Electric | 1.8 | |||
Electrical Components & Equipment | 2.0 | |||
Electronics | 3.3 | |||
Energy — Alternate Sources | 0.1 | |||
Engineering & Construction | 4.0 | |||
Entertainment | 0.3 | |||
Environmental Control | 0.2 | |||
Food | 4.7 | |||
Forest Products & Paper | 1.1 | |||
Gas | 0.5 | |||
Hand/Machine Tools | 1.2 | |||
Healthcare — Products | 0.9 | |||
Healthcare — Services | 0.7 | |||
Holding Companies — Diversified | 1.1 | |||
Home Builders | 0.1 | |||
Home Furnishings | 1.4 | |||
Household Products/Wares | 0.1 | |||
Insurance | 5.5 | |||
Internet | 0.3 | |||
Investment Companies | 0.7 | |||
Iron/Steel | 3.1 | |||
Leisure Time | 1.4 | |||
Lodging | 0.1 | |||
Machinery — Diversified | 2.1 | |||
Media | 1.3 | |||
Metal Fabricate/Hardware | 2.4 | |||
Mining | 1.1 | |||
Miscellaneous Manufacturing | 1.8 | |||
Office Property | 0.3 | |||
Office/Business Equipment | 0.4 | |||
Oil & Gas | 3.8 | |||
Oil & Gas Services | 1.1 | |||
Open-End Funds | 0.1 | |||
Packaging & Containers | 0.2 | |||
Pharmaceuticals | 3.8 | |||
Real Estate | 1.5 | |||
Retail | 6.3 | |||
Semiconductors | 0.5 | |||
Shipbuilding | 0.0 | |||
Shopping Centers | 0.1 | |||
Software | 2.2 | |||
Storage/Warehousing | 0.2 | |||
Telecommunications | 2.0 | |||
Textiles | 0.1 | |||
Transportation | 2.6 | |||
Trucking & Leasing | 0.1 | |||
Venture Capital | 0.0 | |||
Water | 0.2 | |||
Short-Term Investments | 1.8 | |||
Other Assets and Liabilities — Net | (1.0 | ) | ||
Net Assets | 100.0 | % | ||
219
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 92.7% | ||||||||||||||
Bermuda: 2.0% | ||||||||||||||
1,473,134 | Tyco Electronics Ltd. | $ | 28,637,725 | |||||||||||
1,300,000 | L | XL Capital Ltd. | 12,610,000 | |||||||||||
41,247,725 | ||||||||||||||
Brazil: 3.3% | ||||||||||||||
192,259 | L | Brasil Telecom Participacoes SA ADR | 6,584,871 | |||||||||||
2,489,671 | Centrais Eletricas Brasileiras SA ADR — Class A | 30,125,019 | ||||||||||||
3,542,186 | L | Contax Participacoes SA ADR | 2,160,733 | |||||||||||
256,300 | Petroleo Brasileiro SA ADR | 6,891,907 | ||||||||||||
1,130,854 | L | Tele Norte Leste Participacoes SA ADR | 15,356,997 | |||||||||||
34,858 | L | Telemig Celular Participation SA ADR | 1,102,559 | |||||||||||
220,358 | L | Tim Participacoes SA ADR | 3,186,377 | |||||||||||
298,261 | @,L | Vivo Participacoes SA ADR | 3,262,975 | |||||||||||
68,671,438 | ||||||||||||||
Canada: 0.8% | ||||||||||||||
876,800 | Bombardier, Inc. — Class B | 3,382,660 | ||||||||||||
75,100 | EnCana Corp. | 3,815,127 | ||||||||||||
243,900 | GoldCorp, Inc. | 4,551,174 | ||||||||||||
3,464,370 | @,L | Nortel Networks Corp. | 4,330,463 | |||||||||||
16,079,424 | ||||||||||||||
China: 0.1% | ||||||||||||||
4,908,000 | Huaneng Power International, Inc. | 2,387,672 | ||||||||||||
2,387,672 | ||||||||||||||
France: 11.0% | ||||||||||||||
245,300 | Air France-KLM | 3,534,211 | ||||||||||||
12,675,820 | @,L | Alcatel SA | 32,732,112 | |||||||||||
299,800 | AXA SA ADR | 5,609,258 | ||||||||||||
48,600 | BNP Paribas | 3,508,986 | ||||||||||||
1,005,436 | Carrefour SA | 42,474,628 | ||||||||||||
1,356,000 | Credit Agricole SA | 19,617,280 | ||||||||||||
1,249,162 | France Telecom SA | 31,498,364 | ||||||||||||
6,179,328 | L | Natixis | 13,684,448 | |||||||||||
237,600 | Peugeot SA | 6,340,326 | ||||||||||||
994,550 | Sanofi-Aventis | 63,011,862 | ||||||||||||
135,600 | Total SA | 7,459,828 | ||||||||||||
229,471,303 | ||||||||||||||
Germany: 4.4% | ||||||||||||||
394,000 | Deutsche Post AG | 4,315,069 | ||||||||||||
4,357,619 | Deutsche Telekom AG | 64,703,858 | ||||||||||||
137,600 | E.ON AG | 5,266,070 | ||||||||||||
389,300 | L | Hypo Real Estate Holding AG | 2,486,355 | |||||||||||
3,113,300 | @ | Infineon Technologies AG | 9,739,257 | |||||||||||
530,090 | @,L | Qimonda AG ADR | 121,921 | |||||||||||
84,000 | Siemens AG | 5,045,994 | ||||||||||||
91,678,524 | ||||||||||||||
Hong Kong: 0.7% | ||||||||||||||
779,000 | Henderson Land Development Co., Ltd. | 2,817,170 | ||||||||||||
1,423,000 | Hongkong Land Holdings Ltd. | 3,869,860 | ||||||||||||
999,500 | Swire Pacific Ltd. | 7,039,215 | ||||||||||||
13,726,245 | ||||||||||||||
India: 0.4% | ||||||||||||||
306,400 | ICICI Bank Ltd. ADR | 5,236,376 | ||||||||||||
273,500 | Maruti Udyog Ltd. | 3,191,910 | ||||||||||||
8,428,286 | ||||||||||||||
Italy: 4.4% | ||||||||||||||
351,100 | ENI S.p.A. | 8,380,113 | ||||||||||||
10,135,782 | Intesa Sanpaolo S.p.A. | 37,095,885 | ||||||||||||
9,779,185 | Telecom Italia S.p.A. | 11,234,004 | ||||||||||||
35,875,700 | Telecom Italia S.p.A. RNC | 30,190,294 | ||||||||||||
1,950,300 | Terna S.p.A | 6,289,977 | ||||||||||||
93,190,273 | ||||||||||||||
Japan: 28.4% | ||||||||||||||
2,488,400 | L | Aiful Corp. | 11,531,318 | |||||||||||
701,000 | Akita Bank Ltd. | 2,914,430 | ||||||||||||
478,300 | Astellas Pharma, Inc. | 19,265,327 | ||||||||||||
324,700 | Bridgestone Corp. | 5,676,727 | ||||||||||||
211,100 | Canon, Inc. ADR | 7,234,397 | ||||||||||||
1,892,000 | Dai Nippon Printing Co., Ltd. | 22,354,252 | ||||||||||||
1,039,736 | Daiichi Sankyo Co., Ltd. | 21,319,703 | ||||||||||||
500 | East Japan Railway Co. | 3,558,001 | ||||||||||||
908,900 | Fuji Photo Film Co., Ltd. | 20,923,211 | ||||||||||||
4,468,700 | Hitachi Ltd. | 20,980,786 | ||||||||||||
8,800,800 | Mitsubishi UFJ Financial Group, Inc. | 55,305,741 | ||||||||||||
1,489,000 | @ | Mitsui Sumitomo Insurance Group Holdings, Inc. | 41,376,920 | |||||||||||
4,006,000 | Mitsui Trust Holdings, Inc. | 15,805,238 | ||||||||||||
18,274 | Mizuho Financial Group, Inc. | 44,621,485 | ||||||||||||
322,900 | Namco Bandai Holdings, Inc. | 3,320,510 | ||||||||||||
8,200,000 | NEC Corp. | 24,311,066 | ||||||||||||
654,000 | Nippon Express Co., Ltd. | 2,639,707 | ||||||||||||
9,352 | Nippon Telegraph & Telephone Corp. | 38,162,919 | ||||||||||||
934,400 | Ono Pharmaceutical Co., Ltd. | 41,652,491 | ||||||||||||
777,300 | Rohm Co., Ltd. | 37,454,740 | ||||||||||||
533,100 | Seven & I Holdings Co., Ltd. | 14,968,364 | ||||||||||||
872,700 | Sony Corp. | 20,683,297 | ||||||||||||
480,900 | Sumitomo Corp. | 4,230,978 | ||||||||||||
8,869 | Sumitomo Mitsui Financial Group, Inc. | 35,554,626 | ||||||||||||
270,000 | Taisho Pharmaceutical Co., Ltd. | 4,863,179 | ||||||||||||
1,891,600 | Takefuji Corp. | 15,207,863 | ||||||||||||
481,900 | TDK Corp. | 16,283,060 | ||||||||||||
164,600 | Tokyo Electron Ltd. | 5,488,398 | ||||||||||||
891,700 | Tokio Marine Holdings, Inc. | 27,505,284 | ||||||||||||
213,900 | Toyota Motor Corp. | 8,352,992 | ||||||||||||
593,547,010 | ||||||||||||||
Luxembourg: 0.3% | ||||||||||||||
250,700 | ArcelorMittal | 6,575,401 | ||||||||||||
6,575,401 | ||||||||||||||
Mexico: 1.5% | ||||||||||||||
1,125,220 | L | Telefonos de Mexico SA de CV ADR | 20,163,942 | |||||||||||
1,013,720 | L | Telmex Internacional SAB de CV ADR | 10,633,923 | |||||||||||
30,797,865 | ||||||||||||||
Netherlands: 6.8% | ||||||||||||||
5,945,747 | Aegon NV | 24,705,583 | ||||||||||||
600,500 | Akzo Nobel NV | 24,960,420 | ||||||||||||
2,244,212 | Koninklijke Ahold NV | 24,092,465 | ||||||||||||
499,300 | Royal KPN NV | 7,031,743 | ||||||||||||
846,179 | SNS Reaal | 6,207,308 | ||||||||||||
1,605,800 | Unilever NV | 38,698,970 | ||||||||||||
907,832 | Wolters Kluwer NV | 16,070,761 | ||||||||||||
141,767,250 | ||||||||||||||
New Zealand: 0.7% | ||||||||||||||
11,223,072 | Telecom Corp. of New Zealand Ltd. | 15,213,069 | ||||||||||||
15,213,069 | ||||||||||||||
Portugal: 2.0% | ||||||||||||||
6,516,376 | Portugal Telecom SGPS SA | 42,858,384 | ||||||||||||
42,858,384 | ||||||||||||||
220
Table of Contents
Shares | Value | |||||||||||||
Russia: 0.1% | ||||||||||||||
103,600 | @ | OAO Gazprom ADR | $ | 2,062,995 | ||||||||||
2,062,995 | ||||||||||||||
Singapore: 0.2% | ||||||||||||||
398,000 | United Overseas Bank Ltd. | 3,598,221 | ||||||||||||
3,598,221 | ||||||||||||||
South Korea: 3.3% | ||||||||||||||
1,463,610 | Korea Electric Power Corp. | 29,082,873 | ||||||||||||
1,371,710 | L | KT Corp. ADR | 17,214,961 | |||||||||||
148,585 | SK Telecom Co., Ltd. | 23,583,249 | ||||||||||||
69,881,083 | ||||||||||||||
Spain: 0.7% | ||||||||||||||
795,902 | Telefonica SA | 14,736,087 | ||||||||||||
14,736,087 | ||||||||||||||
Sweden: 2.5% | ||||||||||||||
418,600 | Nordea Bank AB | 3,355,136 | ||||||||||||
7,218,960 | Telefonaktiebolaget LM Ericsson | 49,142,373 | ||||||||||||
52,497,509 | ||||||||||||||
Switzerland: 4.6% | ||||||||||||||
101,500 | Credit Suisse Group ADR | 3,796,100 | ||||||||||||
4,576,400 | STMicroelectronics NV | 37,619,380 | ||||||||||||
413,000 | STMicroelectronics NV-NY SHR | 3,411,380 | ||||||||||||
471,310 | Swiss Reinsurance | 19,655,357 | ||||||||||||
76,400 | Swisscom AG | 23,344,888 | ||||||||||||
281,100 | Xstrata PLC | 4,808,018 | ||||||||||||
21,900 | Zurich Financial Services AG | 4,443,020 | ||||||||||||
97,078,143 | ||||||||||||||
Taiwan: 0.7% | ||||||||||||||
56,300,059 | United Microelectronics Corp. | 15,458,816 | ||||||||||||
15,458,816 | ||||||||||||||
Turkey: 0.3% | ||||||||||||||
960,600 | @ | KOC Holding A/S | 1,792,244 | |||||||||||
2,132,300 | @ | Turkiye Garanti Bankasi A/S | 3,581,376 | |||||||||||
5,373,620 | ||||||||||||||
United Kingdom: 13.5% | ||||||||||||||
959,050 | AstraZeneca PLC | 40,643,055 | ||||||||||||
3,284,691 | Barclays PLC | 9,415,831 | ||||||||||||
82,600 | Barclays PLC ADR | 889,602 | ||||||||||||
185,400 | BP PLC ADR | 9,214,380 | ||||||||||||
2,807,000 | British Sky Broadcasting PLC | 17,081,596 | ||||||||||||
544,800 | Cadbury PLC | 4,980,067 | ||||||||||||
139,300 | Diageo PLC ADR | 8,663,067 | ||||||||||||
2,052,666 | GlaxoSmithKline PLC | 39,460,327 | ||||||||||||
2,363,760 | HSBC Holdings PLC | 27,996,860 | ||||||||||||
51,009,626 | ITV PLC | 24,635,785 | ||||||||||||
14,411,400 | Kingfisher PLC | 26,599,756 | ||||||||||||
7,008,351 | Marks & Spencer Group PLC | 24,845,725 | ||||||||||||
92,000 | Rio Tinto PLC | 4,297,514 | ||||||||||||
16,436,349 | Royal Bank of Scotland Group PLC | 18,104,901 | ||||||||||||
6,128,631 | WM Morrison Supermarkets PLC | 26,095,312 | ||||||||||||
282,923,778 | ||||||||||||||
Total Common Stock (Cost $3,144,647,546) | 1,939,250,121 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.3% | ||||||||||||||
France: 0.3% | ||||||||||||||
42,600 | Unibail | 6,389,354 | ||||||||||||
6,389,354 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $5,881,402) | 6,389,354 | |||||||||||||
EXCHANGE-TRADED FUNDS: 0.5% | ||||||||||||||
Developed Markets: 0.2% | ||||||||||||||
117,000 | iShares MSCI EAFE Index Fund | 5,220,540 | ||||||||||||
5,220,540 | ||||||||||||||
Emerging Markets: 0.3% | ||||||||||||||
218,000 | iShares MSCI Emerging Markets Index Fund | 5,556,820 | ||||||||||||
5,556,820 | ||||||||||||||
Total Exchange-Traded Funds (Cost $9,143,759) | 10,777,360 | |||||||||||||
Total Long-Term Investments (Cost $3,159,672,707) | 1,956,416,835 | |||||||||||||
SHORT-TERM INVESTMENTS: 6.3% | ||||||||||||||
Affiliated Mutual Fund: 1.0% | ||||||||||||||
21,129,814 | ING Institutional Prime Money Market Fund | 21,129,814 | ||||||||||||
Total Mutual Fund (Cost $21,129,814) | 21,129,814 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 5.3% | ||||||||||||||
$ | 111,387,120 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 110,326,097 | ||||||||||
Total Securities Lending Collateral (Cost $111,387,120) | 110,326,097 | |||||||||||||
Total Short-Term Investments (Cost $132,516,937) | 131,455,911 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $3,292,189,641)* | 99.8 | % | $ | 2,087,872,746 | ||||||||||
Other Assets and Liabilities - Net | 0.2 | 4,238,835 | ||||||||||||
Net Assets | 100.0 | % | $ | 2,092,111,581 | ||||||||||
@ | 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 October 31, 2008. | |
* | Cost for federal income tax purposes is $3,322,562,337. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 86,768,836 | ||
Gross Unrealized Depreciation | (1,321,458,427 | ) | ||
Net Unrealized Depreciation | $ | (1,234,689,591 | ) | |
221
Table of Contents
Percentage of | ||||
Industry | Net Assets | |||
Airlines | 0.2 | % | ||
Auto Manufacturers | 0.9 | |||
Auto Parts & Equipment | 0.3 | |||
Banks | 14.9 | |||
Beverages | 0.4 | |||
Chemicals | 1.2 | |||
Commercial Services | 1.2 | |||
Computers | 0.8 | |||
Distribution/Wholesale | 0.2 | |||
Diversified | 0.3 | |||
Diversified Financial Services | 1.3 | |||
Electric | 3.5 | |||
Electrical Components & Equipment | 1.0 | |||
Electronics | 2.5 | |||
Food | 6.5 | |||
Holding Companies — Diversified | 0.4 | |||
Home Furnishings | 1.0 | |||
Insurance | 6.5 | |||
Iron/Steel | 0.3 | |||
Media | 2.8 | |||
Mining | 0.6 | |||
Miscellaneous Manufacturing | 1.4 | |||
Office/Business Equipment | 0.3 | |||
Oil & Gas | 1.8 | |||
Pharmaceuticals | 11.0 | |||
Real Estate | 0.3 | |||
Retail | 3.2 | |||
Semiconductors | 5.2 | |||
Telecommunications | 22.3 | |||
Toys/Games/Hobbies | 0.2 | |||
Transportation | 0.5 | |||
Other Long-Term Investments | 0.5 | |||
Short-Term Investments | 6.3 | |||
Other Assets and Liabilities — Net | 0.2 | |||
Net Assets | 100.0 | % | ||
222
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 98.6% | ||||||||||||||
Australia: 2.1% | ||||||||||||||
429,986 | Alumina Ltd. | $ | 611,931 | |||||||||||
31,061 | Newcrest Mining Ltd. | 426,979 | ||||||||||||
1,038,910 | ||||||||||||||
Belgium: 1.6% | ||||||||||||||
22,390 | Belgacom SA | 766,065 | ||||||||||||
766,065 | ||||||||||||||
Brazil: 1.8% | ||||||||||||||
29,882 | Centrais Eletricas Brasileiras SA | 358,198 | ||||||||||||
46,350 | Centrais Eletricas Brasileiras SA ADR — Class B | 511,078 | ||||||||||||
869,276 | ||||||||||||||
Canada: 8.8% | ||||||||||||||
53,204 | Barrick Gold Corp. | 1,208,795 | ||||||||||||
71,450 | @ | Ivanhoe Mines Ltd. | 190,772 | |||||||||||
37,216 | Magna International, Inc. | 1,258,273 | ||||||||||||
92,427 | @ | OPTI Canada, Inc. | 246,155 | |||||||||||
25,750 | Petro-Canada | 642,720 | ||||||||||||
32,653 | Suncor Energy, Inc. | 781,060 | ||||||||||||
4,327,775 | ||||||||||||||
Finland: 3.7% | ||||||||||||||
192,690 | Stora Enso OYJ (Euro Denominated Security) | 1,791,907 | ||||||||||||
1,791,907 | ||||||||||||||
France: 11.3% | ||||||||||||||
320,550 | @ | Alcatel SA | 827,740 | |||||||||||
700 | Areva SA | 354,243 | ||||||||||||
31,890 | Sanofi-Aventis | 2,020,460 | ||||||||||||
6,190 | Societe Generale | 337,386 | ||||||||||||
31,925 | Technip SA | 956,001 | ||||||||||||
26,610 | Thales SA | 1,067,730 | ||||||||||||
5,563,560 | ||||||||||||||
Germany: 2.2% | ||||||||||||||
18,139 | Siemens AG | 1,089,634 | ||||||||||||
1,089,634 | ||||||||||||||
Italy: 2.7% | ||||||||||||||
1,583,790 | Telecom Italia S.p.A. RNC | 1,332,799 | ||||||||||||
1,332,799 | ||||||||||||||
Japan: 38.4% | ||||||||||||||
62,200 | Coca-Cola West Holdings Co., Ltd. | 1,247,480 | ||||||||||||
160,000 | Dai Nippon Printing Co., Ltd. | 1,890,420 | ||||||||||||
66,400 | Fuji Photo Film Co., Ltd. | 1,528,552 | ||||||||||||
79,300 | JS Group Corp. | 1,026,858 | ||||||||||||
37,700 | Mabuchi Motor Co., Ltd. | 1,491,204 | ||||||||||||
30,300 | Mitsui Sumitomo Insurance Group Holdings, Inc. | 841,988 | ||||||||||||
334,000 | Nippon Oil Corp. | 1,370,992 | ||||||||||||
82,060 | Nippon Telegraph & Telephone Corp. ADR | 1,669,921 | ||||||||||||
18,300 | Rohm Co., Ltd. | 881,798 | ||||||||||||
100,900 | Sega Sammy Holdings, Inc. | 762,785 | ||||||||||||
124,000 | Sekisui House Ltd. | 1,243,415 | ||||||||||||
28,400 | Seven & I Holdings Co., Ltd. | 797,414 | ||||||||||||
48,600 | Shiseido Co., Ltd. | 999,958 | ||||||||||||
135,000 | Sumitomo Trust & Banking Co., Ltd. | 625,196 | ||||||||||||
68,010 | Takefuji Corp. | 546,779 | ||||||||||||
69,700 | Toyo Seikan Kaisha Ltd. | 859,929 | ||||||||||||
96,000 | Wacoal Holdings Corp. | 1,040,015 | ||||||||||||
18,824,704 | ||||||||||||||
Netherlands: 5.4% | ||||||||||||||
27,214 | @ | Gemalto NV | 762,463 | |||||||||||
33,997 | Royal Dutch Shell PLC ADR — Class B | 1,879,694 | ||||||||||||
2,642,157 | ||||||||||||||
Papua New Guinea: 0.7% | ||||||||||||||
272,160 | @ | Lihir Gold Ltd. | 339,595 | |||||||||||
339,595 | ||||||||||||||
South Africa: 5.5% | ||||||||||||||
87,848 | Anglogold Ashanti Ltd. ADR | 1,603,226 | ||||||||||||
89,850 | Gold Fields Ltd. | 625,492 | ||||||||||||
42,150 | Gold Fields Ltd. ADR | 280,298 | ||||||||||||
16,506 | Impala Platinum Holdings Ltd. | 172,285 | ||||||||||||
2,681,301 | ||||||||||||||
South Korea: 5.7% | ||||||||||||||
68,930 | Korea Electric Power Corp. ADR | 682,407 | ||||||||||||
89,650 | KT Corp. ADR | 1,125,108 | ||||||||||||
57,780 | SK Telecom Co., Ltd. ADR | 994,394 | ||||||||||||
2,801,909 | ||||||||||||||
Sweden: 1.0% | ||||||||||||||
72,970 | Telefonaktiebolaget LM Ericsson ADR | 515,898 | ||||||||||||
515,898 | ||||||||||||||
Switzerland: 1.5% | ||||||||||||||
43,480 | @ | UBS AG | 734,812 | |||||||||||
734,812 | ||||||||||||||
United Kingdom: 3.5% | ||||||||||||||
28,714 | Lonmin PLC | 535,519 | ||||||||||||
601,970 | Vodafone Group PLC | 1,158,018 | ||||||||||||
1,693,537 | ||||||||||||||
United States: 2.7% | ||||||||||||||
51,010 | Newmont Mining Corp. | 1,343,603 | ||||||||||||
1,343,603 | ||||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $75,597,882)* | 98.6 | % | $ | 48,357,442 | ||||||||||
Other Assets and Liabilities - Net | 1.4 | 676,807 | ||||||||||||
Net Assets | 100.0 | % | $ | 49,034,249 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
* | Cost for federal income tax purposes is $76,446,864. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 128,804 | ||
Gross Unrealized Depreciation | (28,218,226 | ) | ||
Net Unrealized Depreciation | $ | (28,089,422 | ) | |
223
Table of Contents
Percentage of | ||||
Industry | Net Assets | |||
Aerospace/Defense | 2.2 | % | ||
Apparel | 2.1 | |||
Auto Parts & Equipment | 2.6 | |||
Banks | 3.5 | |||
Beverages | 2.5 | |||
Building Materials | 2.1 | |||
Commercial Services | 3.9 | |||
Computers | 1.6 | |||
Cosmetics/Personal Care | 2.0 | |||
Diversified Financial Services | 1.1 | |||
Electric | 3.2 | |||
Electronics | 3.0 | |||
Energy — Alternate Sources | 0.7 | |||
Forest Products & Paper | 3.7 | |||
Home Builders | 2.5 | |||
Insurance | 1.7 | |||
Leisure Time | 1.6 | |||
Mining | 15.0 | |||
Miscellaneous Manufacturing | 5.3 | |||
Oil & Gas | 10.0 | |||
Oil & Gas Services | 1.9 | |||
Packaging & Containers | 1.8 | |||
Pharmaceuticals | 4.1 | |||
Retail | 1.6 | |||
Semiconductors | 1.8 | |||
Telecommunications | 17.1 | |||
Other Assets and Liabilities — Net | 1.4 | |||
Net Assets | 100.0 | % | ||
224
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 83.1% | ||||||||||||||
Banks: 8.0% | ||||||||||||||
1,709,000 | I | Bank St. Petersburg BRD — Class S | $ | 512,700 | ||||||||||
11,517,221 | Sberbank RF | 10,908,709 | ||||||||||||
3,000,000 | VTB Bank OJSC GDR | 9,470,859 | ||||||||||||
20,892,268 | ||||||||||||||
Beverages: 0.7% | ||||||||||||||
300,400 | @,I | Efes Breweries International NV GDR | 1,813,454 | |||||||||||
1,813,454 | ||||||||||||||
Chemicals: 2.3% | ||||||||||||||
288,600 | Uralkali GDR | 6,033,112 | ||||||||||||
6,033,112 | ||||||||||||||
Coal: 0.5% | ||||||||||||||
572,600 | Raspadskaya — Class S | 1,212,574 | ||||||||||||
1,212,574 | ||||||||||||||
Electric: 1.3% | ||||||||||||||
180,000,000 | @ | RusHydro | 3,323,700 | |||||||||||
3,323,700 | ||||||||||||||
Food: 2.3% | ||||||||||||||
77,200 | @,L | Wimm-Bill-Dann Foods OJSC ADR | 3,392,168 | |||||||||||
263,800 | @ | X5 Retail Group N.V. GDR | 2,690,760 | |||||||||||
6,082,928 | ||||||||||||||
Internet: 0.7% | ||||||||||||||
1,324,122 | @,I | RBC Information Systems | 1,721,359 | |||||||||||
1,721,359 | ||||||||||||||
Iron/Steel: 1.4% | ||||||||||||||
139,947 | @,L | Mechel OAO ADR | 1,283,314 | |||||||||||
2,571,400 | Novolipetsk Steel | 2,385,269 | ||||||||||||
3,668,583 | ||||||||||||||
Metal Fabricate/Hardware: 2.1% | ||||||||||||||
344,700 | @,L | TMK OAO GDR | 3,724,448 | |||||||||||
36,800 | I | Vsmpo-Avisma Corp. | 1,840,000 | |||||||||||
5,564,448 | ||||||||||||||
Mining: 5.8% | ||||||||||||||
1,098,068 | MMC Norilsk Nickel ADR | 11,019,861 | ||||||||||||
381,500 | L | Polyus Gold Co. ZAO ADR | 4,233,595 | |||||||||||
15,253,456 | ||||||||||||||
Oil & Gas: 48.0% | ||||||||||||||
933,100 | L | Lukoil-Spon ADR | 35,822,667 | |||||||||||
353,700 | Novatek OAO GDR | 13,987,373 | ||||||||||||
4,239,600 | OAO Gazprom | 20,882,001 | ||||||||||||
385,497 | @ | OAO Gazprom ADR | 7,676,433 | |||||||||||
5,143,300 | @,L | OAO Rosneft Oil Co. GDR | 23,604,864 | |||||||||||
2,330,700 | L | Surgutneftegaz ADR | 15,067,269 | |||||||||||
187,600 | L | Tatneft GDR | 8,217,334 | |||||||||||
125,257,941 | ||||||||||||||
Pharmaceuticals: 2.4% | ||||||||||||||
388,600 | @ | Pharmstandard — Reg S GDR | 6,217,600 | |||||||||||
6,217,600 | ||||||||||||||
Real Estate: 1.3% | ||||||||||||||
811,680 | @,I | LSR Group GDR | 2,021,083 | |||||||||||
33,000 | @,I | Open Investments | 1,301,370 | |||||||||||
3,322,453 | ||||||||||||||
Retail: 2.3% | ||||||||||||||
378,100 | @ | Magnit OAO | 6,049,600 | |||||||||||
6,049,600 | ||||||||||||||
Telecommunications: 3.9% | ||||||||||||||
422,400 | @ | Comstar United Telesystems GDR | 1,183,077 | |||||||||||
127,200 | @,L | Mobile Telesystems Finance SA ADR | 4,979,880 | |||||||||||
135,000 | I | Moscow City Telephone | 1,458,000 | |||||||||||
68,909,100 | I | Uralsvyazinform | 964,727 | |||||||||||
2,225,000 | VolgaTelecom | 1,617,900 | ||||||||||||
10,203,584 | ||||||||||||||
Transportation: 0.1% | ||||||||||||||
6,060,000 | I | Novorossiysk Sea Trade Port BRD | 303,000 | |||||||||||
303,000 | ||||||||||||||
Total Common Stock (Cost $442,488,043 ) | 216,920,060 | |||||||||||||
EXCHANGE-TRADED FUNDS: 1.3% | ||||||||||||||
Exchange-Traded Funds: 1.3% | ||||||||||||||
175,900 | Market Vectors Russia ETF | 3,315,328 | ||||||||||||
3,315,328 | ||||||||||||||
Total Exchange-Traded Funds (Cost $3,315,328 ) | 3,315,328 | |||||||||||||
HEDGE FUNDS: 1.0% | ||||||||||||||
Hedge Fund: 1.0% | ||||||||||||||
1,899,872 | @,I | RenShares Utilities Ltd. | 2,659,821 | |||||||||||
Total Mutual Funds (Cost $2,744,925 ) | 2,659,821 | |||||||||||||
Total Long-Term Investments (Cost $448,548,296 ) | 222,895,209 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 12.3% | ||||||||||||||
Securities Lending CollateralCC: 12.3% | ||||||||||||||
$ | 32,873,094 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 32,130,516 | ||||||||||
Total Short-Term Investments (Cost $32,873,094) | 32,130,516 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $481,421,390)* | 97.7 | % | $ | 255,025,725 | ||||||||||
Other Assets and Liabilities - Net | 2.3 | 6,101,644 | ||||||||||||
Net Assets | 100.0 | % | $ | 261,127,369 | ||||||||||
@ | Non-income producing security, | |
ADR | American Depositary Receipt, | |
GDR | Global Depositary Receipt, | |
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 October 31, 2008. | |
* | Cost for federal income tax purposes is $482,010,893. | |
Net unrealized depreciation consists of |
Gross Unrealized Appreciation | $ | 3,989,175 | ||
Gross Unrealized Depreciation | (230,974,343 | ) | ||
Net Unrealized Depreciation | $ | (226,985,168 | ) | |
225
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
CORPORATE BONDS/NOTES: 28.9% | ||||||||||||||
Argentina: 0.5% | ||||||||||||||
$ | 100,000 | #,C,I | Cia de Transporte de Energia Electrica de Alta Tension SA, 8.875%, due 12/15/16 | $ | 32,500 | |||||||||
200,000 | +,#,I | Earls Eight Ltd. CLN, 8.000% (step rate 9.000%), due 12/31/12 | 117,260 | |||||||||||
781,950 | I,S | Province of Mendoza, 5.500%, due 09/04/18 | 340,148 | |||||||||||
40,368 | +,#,C, I,S | Transportadora Gas del Norte, 6.500% (step rate 7.500%), due 12/31/12 | 18,367 | |||||||||||
1,285,000 | #,I | Transportadora Gas del Norte, 8.000%, due 12/31/12 | 584,675 | |||||||||||
1,092,950 | ||||||||||||||
Brazil: 4.0% | ||||||||||||||
1,000,000 | Banco BMG SA, 9.150%, due 01/15/16 | 580,000 | ||||||||||||
BRL | 2,300,000 | #,I | Banco Do Brasil, 9.750%, due 07/18/17 | 756,404 | ||||||||||
BRL | 2,400,000 | #,I | Banco Safra Ltd., 10.875%, due 04/03/17 | 675,744 | ||||||||||
BRL | 2,300,000 | I | Banco Votorantim, 10.625%, due 04/10/14 | 767,021 | ||||||||||
BRL | 250,000 | #,I | Banco Votorantim, 10.625%, due 04/10/14 | 38,327 | ||||||||||
$ | 252,290 | S | Citigroup Funding, Inc. CLN, 6.000%, due 08/17/10 | 292,033 | ||||||||||
2,401,717 | # | Citigroup Funding, Inc. CLN, 6.000%, due 05/18/15 | 2,006,784 | |||||||||||
2,800,000 | Citigroup Funding, Inc. CLN, due 01/03/17 | 1,806,578 | ||||||||||||
1,490,000 | C | Petrobras International Finance Co., 5.875%, due 03/01/18 | 1,177,113 | |||||||||||
1,410,000 | C | Usiminas Commercial Ltd., 7.250%, due 01/18/18 | 1,120,950 | |||||||||||
9,220,954 | ||||||||||||||
Cayman Islands: 0.2% | ||||||||||||||
800,000 | #,C | Braskem Finance Ltd., 7.250%, due 06/05/18 | 576,000 | |||||||||||
576,000 | ||||||||||||||
Chile: 0.2% | ||||||||||||||
620,000 | #,C,I | Alto Parana SA, 6.375%, due 06/09/17 | 516,088 | |||||||||||
516,088 | ||||||||||||||
Colombia: 1.0% | ||||||||||||||
835,000 | Bancolombia SA, 6.875%, due 05/25/17 | 655,475 | ||||||||||||
695,000 | #,C | EEB International Ltd., 8.750%, due 10/31/14 | 569,900 | |||||||||||
1,300,000 | #,C | TGI International Ltd., 9.500%, due 10/03/17 | 1,007,500 | |||||||||||
2,232,875 | ||||||||||||||
Cyprus: 0.3% | ||||||||||||||
1,150,000 | #,I | Alfa MTN Invest Ltd., 9.250%, due 06/24/13 | 610,158 | |||||||||||
610,158 | ||||||||||||||
Dominican Republic: 0.7% | ||||||||||||||
2,025,785 | #,I | Standard Bank PLC CLN, 15.000%, due 03/12/12 | 1,489,059 | |||||||||||
143,584 | I | Standard Bank PLC CLN, 16.000%, due 07/20/09 | 135,756 | |||||||||||
1,624,815 | ||||||||||||||
Hong Kong: 0.3% | ||||||||||||||
800,000 | I | Bangkok Bank PCL, 9.025%, due 03/15/29 | 463,682 | |||||||||||
265,000 | #,C,I | Citic Resources Finance Ltd., 6.750%, due 05/15/14 | 139,125 | |||||||||||
400,000 | C,I | Citic Resources Finance Ltd., 6.750%, due 05/15/14 | 190,000 | |||||||||||
792,807 | ||||||||||||||
Indonesia: 1.9% | ||||||||||||||
1,300,000 | #,I | Barclays Bank CLN, due 12/17/12 | 961,740 | |||||||||||
1,200,000 | #,I | Barclays Bank CLN, due 03/17/13 | 895,680 | |||||||||||
1,480,000 | #,I | Majapahit Holding BV, 7.250%, due 06/28/17 | 885,969 | |||||||||||
100,000 | #,I,S | Majapahit Holding BV, 7.750%, due 10/17/16 | 65,500 | |||||||||||
650,000 | I,S | Majapahit Holding BV, 7.750%, due 10/17/16 | 391,056 | |||||||||||
2,235,000 | #,I | Majapahit Holding BV, 7.875%, due 06/29/37 | 1,195,725 | |||||||||||
4,395,670 | ||||||||||||||
Israel: 0.6% | ||||||||||||||
1,500,000 | C | Israel Electric Corp., Ltd., 7.250%, due 01/15/19 | 1,344,588 | |||||||||||
1,344,588 | ||||||||||||||
Kazakhstan: 2.8% | ||||||||||||||
600,000 | I | HSBK Europe BV, 7.250%, due 05/03/17 | 270,000 | |||||||||||
400,000 | #,I | HSBK Europe BV, 7.250%, due 05/03/17 | 206,000 | |||||||||||
1,410,000 | #,I | Kazkommerts International BV, 7.500%, due 11/29/16 | 613,686 | |||||||||||
1,700,000 | # | KazMunaiGaz Finance Sub BV, 8.375%, due 07/02/13 | 1,147,500 | |||||||||||
6,400,000 | # | KazMunaiGaz Finance Sub BV, 9.125%, due 07/02/18 | 3,872,000 | |||||||||||
1,500,000 | I | TuranAlem Finance BV, 8.250%, due 01/22/37 | 483,750 | |||||||||||
6,592,936 | ||||||||||||||
226
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Principal | ||||||||||||||
Amount | Value | |||||||||||||
Mexico: 1.4% | ||||||||||||||
$ | 1,100,000 | C | Grupo Televisa SA, 6.000%, due 05/15/18 | $ | 802,145 | |||||||||
2,105,000 | #,C | Pemex Project Funding Master Trust, 5.750%, due 03/01/18 | 1,652,425 | |||||||||||
955,000 | # | Pemex Project Funding Master Trust, 6.625%, due 06/15/35 | 716,241 | |||||||||||
3,170,811 | ||||||||||||||
Nigeria: 1.6% | ||||||||||||||
400,000 | #,I | UBS AG CLN, due 12/27/13 | 445,491 | |||||||||||
1,200,000 | #,I | UBS AG CLN, due 09/04/17 | 1,232,068 | |||||||||||
2,000,000 | I | UBS AG CLN, 9.850%, due 08/02/17 | 2,005,457 | |||||||||||
3,683,016 | ||||||||||||||
Peru: 1.5% | ||||||||||||||
3,900,000 | I | Banco Credito Del Peru, 7.170%, due 10/15/22 | 1,272,218 | |||||||||||
320,000 | #,Z | Interoceanica IV Finance Ltd. CLN, 5.870%, due 11/30/18 | 179,968 | |||||||||||
1,181,082 | #,I,Z | Interoceanica IV Finance Ltd. CLN, 6.020%, due 11/30/25 | 435,347 | |||||||||||
246,100 | #,I,Z | Peru Enhanced Pass-through Finance Ltd., 6.910%, due 05/31/18 | 128,398 | |||||||||||
2,953,201 | I,Z | Peru Enhanced Pass-through Finance Ltd., 7.030%, due 05/31/18 | 1,540,780 | |||||||||||
3,556,711 | ||||||||||||||
Philippines: 0.6% | ||||||||||||||
1,300,000 | I,S | National Power Corp., 6.875%, due 11/02/16 | 881,685 | |||||||||||
305,000 | #,I,S | National Power Corp., 6.875%, due 11/02/16 | 230,275 | |||||||||||
450,000 | I,S | National Power Corp., 9.625%, due 05/15/28 | 348,750 | |||||||||||
1,460,710 | ||||||||||||||
Russia: 4.1% | ||||||||||||||
1,200,000 | C,I | Alfa Bond Issuance PLC for OJSC Alfa Bank, 8.635%, due 02/22/17 | 535,821 | |||||||||||
1,350,000 | S | Gaz Capital for Gazprom, 8.625%, due 04/28/34 | 945,000 | |||||||||||
590,000 | S | GAZ Capital SA, 6.510%, due 03/07/22 | 324,500 | |||||||||||
1,500,000 | C,I,S | Kuznetski Capital for Bank of Moscow, 7.500%, due 11/25/15 | 574,470 | |||||||||||
545,000 | #,C | Lukoil International Finance BV, 6.656%, due 06/07/22 | 273,863 | |||||||||||
2,400,000 | Morgan Stanley Bank AG for OAO Gazprom, 9.625%, due 03/01/13 | 2,059,322 | ||||||||||||
1,060,000 | # | RSHB Capital SA for OJSC Russian Agricultural Bank, 7.125%, due 01/14/14 | 715,500 | |||||||||||
995,000 | # | RSHB Capital SA for OJSC Russian Agricultural Bank, 7.750%, due 05/29/18 | 631,825 | |||||||||||
RUB | 25,000,000 | I | Sibacademfinance PLC for URSA Bank, 9.125%, due 02/26/10 | 648,765 | ||||||||||
2,000,000 | # | TransCapitalInvest Ltd. for OJSC AK Transneft, 6.103%, due 06/27/12 | 1,200,864 | |||||||||||
700,000 | # | TransCapitalInvest Ltd for OJSC AK Transneft, 8.700%, due 08/07/18 | 413,549 | |||||||||||
200,000 | # | TransCapitalInvest Ltd. for OJSC AK Transneft, 7.700%, due 08/07/13 | 132,117 | |||||||||||
1,205,000 | UBS Luxembourg SA for OJSC Vimpel Communications, 8.250%, due 05/23/16 | 617,563 | ||||||||||||
1,000,000 | # | VIP FIN (Vimpelcom), 9.125%, due 04/30/18 | 517,342 | |||||||||||
9,590,501 | ||||||||||||||
South Korea: 0.7% | ||||||||||||||
1,280,000 | C,I | Shinhan Bank, 6.819%, due 09/20/36 | 617,236 | |||||||||||
1,230,000 | C,I | Woori Bank, 6.208%, due 05/02/37 | 897,157 | |||||||||||
1,514,393 | ||||||||||||||
Trinidad And Tobago: 0.8% | ||||||||||||||
2,515,000 | C,I | Petroleum Co. of Trinidad & Tobago Ltd., 6.000%, due 05/08/22 | 1,935,041 | |||||||||||
1,935,041 | ||||||||||||||
Turkey: 0.1% | ||||||||||||||
TRY | 400,000 | S | European Investment Bank, 10.000%, due 01/28/11 | 217,732 | ||||||||||
217,732 | ||||||||||||||
Ukraine: 0.6% | ||||||||||||||
$ | 550,000 | S,I | City of Kiev Ukraine, 8.000%, due 11/06/15 | 211,750 | ||||||||||
500,000 | I | Standard Bank (Nak), 8.125%, due 09/30/09 | 251,375 | |||||||||||
2,800,000 | #,I | UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12 | 868,000 | |||||||||||
1,331,125 | ||||||||||||||
United Kingdom: 1.9% | ||||||||||||||
4,920,000 | I | JPMorgan Chase London, Discount Note, due 06/17/21 | 4,392,576 | |||||||||||
4,392,576 | ||||||||||||||
Venezuela: 3.1% | ||||||||||||||
7,500,000 | C | Petroleos de Venezuela SA, 5.250%, due 04/12/17 | 2,868,750 | |||||||||||
12,315,000 | C | Petroleos de Venezuela SA, 5.375%, due 04/12/27 | 4,402,613 | |||||||||||
7,271,363 | ||||||||||||||
Total Corporate Bonds/Notes (Cost $105,324,349) | 67,123,820 | |||||||||||||
227
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Principal | ||||||||||||||
Amount | Value | |||||||||||||
FOREIGN GOVERNMENT BONDS: 47.5% | ||||||||||||||
Argentina: 1.4% | ||||||||||||||
$ | 2,000,000 | Argentina Government International Bond, 7.000%, due 10/03/15 | $ | 401,000 | ||||||||||
9,005,000 | S | Argentina Government International Bond, Series $GDP, due 12/15/35 | 405,225 | |||||||||||
ARS | 9,530,000 | S | Argentina Government International Bond, Series PGDP, due 12/15/35 | 362,050 | ||||||||||
$ | 5,600,000 | +,#,I, S | Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35 | 674,800 | ||||||||||
2,480,000 | #,I | Province of Buenos Aires Argentina, 9.375%, due 09/14/18 | 452,600 | |||||||||||
4,130,000 | I,S | Province of Buenos Aires Argentina, 9.625%, due 04/18/28 | 753,725 | |||||||||||
444,500 | #,I | Provincia Del Neuquen Titulo Provincial, 8.656%, due 10/18/14 | 317,818 | |||||||||||
3,367,218 | ||||||||||||||
Belize: 0.1% | ||||||||||||||
330,000 | +,C,I | Belize Government International Bond, 4.250% (step rate 6.000%), due 02/20/29 | 173,250 | |||||||||||
173,250 | ||||||||||||||
Bosnia and Herzegovina: 0.1% | ||||||||||||||
DEM | 750,000 | S,Z,I | Bosnia & Herzegovina Government International Bond, 17.500%, due 12/11/17 | 219,938 | ||||||||||
219,938 | ||||||||||||||
Brazil: 5.7% | ||||||||||||||
$ | 1,570,000 | # | Banco Nacional de Desenvolvimento Economico e Social, 6.369%, due 06/16/18 | 1,248,150 | ||||||||||
2,800,000 | Brazil Government International Bond, 7.125%, due 01/20/37 | 2,585,800 | ||||||||||||
1,080,000 | S | Brazil Government International Bond, 8.750%, due 02/04/25 | 1,107,000 | |||||||||||
1,300,000 | C,S | Brazil Government International Bond, 11.000%, due 08/17/40 | 1,518,400 | |||||||||||
BRL | 16,000,000 | Federal Republic of Brazil, 12.500%, due 01/05/16 | 6,462,036 | |||||||||||
$ | 310,000 | C | Federative Republic of Brazil, 6.000%, due 01/17/17 | 281,325 | ||||||||||
13,202,711 | ||||||||||||||
Colombia: 1.2% | ||||||||||||||
50,000 | S | Colombia Government International Bond, 10.000%, due 01/23/12 | 52,250 | |||||||||||
1,115,000 | S | Republic of Colombia, 7.375%, due 01/27/17 | 1,009,075 | |||||||||||
1,055,000 | S | Republic of Colombia, 8.125%, due 05/21/24 | 965,325 | |||||||||||
COP | 2,061,000,000 | Republic of Colombia, 9.850%, due 06/28/27 | 672,785 | |||||||||||
2,699,435 | ||||||||||||||
Dominican Republic: 1.0% | ||||||||||||||
$ | 2,267,927 | S | Dominican Republic, 9.040%, due 01/23/18 | 1,361,890 | ||||||||||
2,115,000 | #,S | Dominican Republic International Bond, 8.625%, due 04/20/27 | 920,025 | |||||||||||
2,281,915 | ||||||||||||||
El Salvador: 1.0% | ||||||||||||||
1,230,000 | El Salvador Government International Bond, 7.650%, due 06/15/35 | 658,050 | ||||||||||||
2,440,000 | I,S | El Salvador Government International Bond, 8.250%, due 04/10/32 | 1,598,200 | |||||||||||
2,256,250 | ||||||||||||||
Ghana: 0.2% | ||||||||||||||
900,000 | # | Republic of Ghana, 8.500%, due 10/04/17 | 526,500 | |||||||||||
526,500 | ||||||||||||||
Hungary: 3.8% | ||||||||||||||
HUF | 1,450,000,000 | Hungary Government International Bond, 6.750%, due 02/12/13 | 5,855,627 | |||||||||||
HUF | 700,000,000 | Hungary Government International Bond, 8.000%, due 02/12/15 | 2,949,632 | |||||||||||
8,805,259 | ||||||||||||||
Indonesia: 1.5% | ||||||||||||||
$ | 2,415,000 | Indonesia Government International Bond, 7.500%, due 01/15/16 | 1,742,435 | |||||||||||
1,110,000 | # | Indonesia Government International Bond, 7.750%, due 01/17/38 | 727,050 | |||||||||||
1,470,000 | S | Indonesia Government International Bond, 8.500%, due 10/12/35 | 938,573 | |||||||||||
3,408,058 | ||||||||||||||
Iraq: 2.0% | ||||||||||||||
9,050,000 | C,I,S | Republic of Iraq, 5.800%, due 01/15/28 | 4,570,250 | |||||||||||
4,570,250 | ||||||||||||||
Lebanon: 0.1% | ||||||||||||||
210,000 | I | Lebanon Government International Bond, 8.250%, due 04/12/21 | 155,925 | |||||||||||
155,925 | ||||||||||||||
Malaysia: 3.6% | ||||||||||||||
MYR | 30,000,000 | Malaysia Government International Bond, 4.240%, due 02/07/18 | 8,366,688 | |||||||||||
8,366,688 | ||||||||||||||
228
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Mexico: 5.6% | ||||||||||||||
MXN | 152,000,000 | Mexican Bonos, 7.750%, due 12/14/17 | $ | 11,101,579 | ||||||||||
$ | 600,000 | Mexico Government International Bond, 7.500%, due 04/08/33 | 579,000 | |||||||||||
1,300,000 | Mexico Government International Bond, 8.300%, due 08/15/31 | 1,345,500 | ||||||||||||
13,026,079 | ||||||||||||||
Nigeria: 0.0% | ||||||||||||||
500,000 | S | Central Bank of Nigeria, 5.092%, due 01/05/10 | 68,750 | |||||||||||
68,750 | ||||||||||||||
Pakistan: 0.7% | ||||||||||||||
3,695,000 | I | Islamic Republic of Pakistan, 6.875%, due 06/01/17 | 1,339,438 | |||||||||||
610,000 | I | Pakistan Government International Bond, 7.125%, due 03/31/16 | 232,057 | |||||||||||
�� | ||||||||||||||
1,571,495 | ||||||||||||||
Panama: 1.0% | ||||||||||||||
50,000 | Panama Government International Bond, 6.700%, due 01/26/36 | 39,250 | ||||||||||||
1,595,000 | S | Panama Government International Bond, 7.125%, due 01/29/26 | 1,323,850 | |||||||||||
1,000,000 | Panama Government International Bond, 8.875%, due 09/30/27 | 935,000 | ||||||||||||
130,000 | S | Panama Government International Bond, 9.375%, due 04/01/29 | 126,750 | |||||||||||
2,424,850 | ||||||||||||||
Peru: 1.2% | ||||||||||||||
1,400,000 | Peru Government International Bond, 6.550%, due 03/14/37 | 973,000 | ||||||||||||
PEN | 5,000,000 | #,I | Peru Government International Bond, 6.900%, due 08/12/37 | 1,144,098 | ||||||||||
$ | 720,000 | S | Peru Government International Bond, 7.350%, due 07/21/25 | 612,000 | ||||||||||
2,729,098 | ||||||||||||||
Philippines: 0.9% | ||||||||||||||
600,000 | Philippine Government International Bond, 8.875%, due 03/17/15 | 603,000 | ||||||||||||
1,500,000 | Philippine Government International Bond, 9.000%, due 02/15/13 | 1,522,500 | ||||||||||||
2,125,500 | ||||||||||||||
Russia: 3.2% | ||||||||||||||
4,792,200 | S | Russia Government International Bond, 7.500%, due 03/31/30 | 4,196,161 | |||||||||||
2,800,000 | S | Russia Government International Bond, 12.750%, due 06/24/28 | 3,248,605 | |||||||||||
7,444,766 | ||||||||||||||
South Africa: 0.5% | ||||||||||||||
1,705,000 | South Africa Government International Bond, 5.875%, due 05/30/22 | 1,095,242 | ||||||||||||
1,095,242 | ||||||||||||||
Turkey: 7.2% | ||||||||||||||
4,050,000 | S | Republic of Turkey, 7.000%, due 09/26/16 | 3,300,750 | |||||||||||
TRY | 4,800,000 | Turkey Government International Bond, due 04/14/10 | 2,276,840 | |||||||||||
TRY | 3,000,000 | Turkey Government International Bond, 14.000%, due 09/26/12 | 1,459,434 | |||||||||||
TRY | 3,000,000 | Turkey Government International Bond, 20.240%, due 06/26/13 | 1,997,020 | |||||||||||
$ | 1,000,000 | Turkey Government International Bond, 6.875%, due 03/17/36 | 685,000 | |||||||||||
2,250,000 | S | Turkey Government International Bond, 7.375%, due 02/05/25 | 1,766,250 | |||||||||||
TRY | 3,080,000 | Turkey Government International Bond, 10.000%, due 02/15/12 | 1,560,297 | |||||||||||
TRY | 130,000 | Turkey Government International Bond, 14.000%, due 01/19/11 | 70,578 | |||||||||||
TRY | 7,000,000 | Turkey Government International Bond, 16.000%, due 03/07/12 | 3,732,305 | |||||||||||
16,848,474 | ||||||||||||||
Ukraine: 0.6% | ||||||||||||||
$ | 1,400,000 | I | Credit Suisse First Boston International for CJSC The EXIM of Ukraine, 6.800%, due 10/04/12 | 637,000 | ||||||||||
360,000 | I | Ukraine Government International Bond, 6.580%, due 11/21/16 | 149,400 | |||||||||||
1,180,000 | I,S | Ukraine Government International Bond, 7.650%, due 06/11/13 | 601,800 | |||||||||||
1,388,200 | ||||||||||||||
Uruguay: 2.0% | ||||||||||||||
314,322 | S | Oriental Republic of Uruguay, 7.625%, due 03/21/36 | 190,165 | |||||||||||
3,517,500 | & | Uruguay Government International Bond, 7.875%, due 01/15/33 | 2,198,438 | |||||||||||
3,300,000 | S | Uruguay Government International Bond, 8.000%, due 11/18/22 | 2,260,500 | |||||||||||
4,649,103 | ||||||||||||||
Venezuela: 2.9% | ||||||||||||||
2,200,000 | Bolivarian Republic of Venezuela, 9.375%, due 01/13/34 | 1,133,000 | ||||||||||||
860,000 | Republic of Venezuela, 6.000%, due 12/09/20 | 359,050 |
229
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Venezuela (continued) | ||||||||||||||
$ | 2,400,000 | Republic of Venezuela, 7.000%, due 03/31/38 | $ | 996,000 | ||||||||||
2,000,000 | S | Venezuela Government International Bond, 5.750%, due 02/26/16 | 930,000 | |||||||||||
4,900,000 | Venezuela Government International Bond, 7.000%, due 12/01/18 | 2,266,250 | ||||||||||||
1,340,000 | Venezuela Government International Bond, 7.650%, due 04/21/25 | 609,700 | ||||||||||||
540,000 | Venezuela Government International Bond, 9.000%, due 05/07/23 | 261,630 | ||||||||||||
160,000 | Venezuela Government International Bond, 9.250%, due 05/07/28 | 78,800 | ||||||||||||
340,000 | S | Venezuela Government International Bond, 13.625%, due 08/15/18 | 239,700 | |||||||||||
6,874,130 | ||||||||||||||
Total Foreign Government Bonds (Cost $169,598,894) | 110,279,084 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $274,923,243)* | 76.4 | % | $ | 177,402,904 | ||||||||||
Other Assets and Liabilities - Net | 23.6 | 54,877,359 | ||||||||||||
Net Assets | 100.0 | % | $ | 232,280,263 | ||||||||||
& | 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 | |
S | All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities. | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
CLN | Credit Linked Notes | |
ARS | Argentine Peso | |
BRL | Brazilian Real | |
COP | Colombian Peso | |
DEM | German Mark | |
HUF | Hungarian Forint | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
PEN | Peruvian Nuevo Sol | |
RUB | Russian Ruble | |
TRY | Turkish Lira | |
* | Cost for federal income tax purposes is $274,964,153. |
Net unrealized depreciation consists of: | ||||
Gross Unrealized Appreciation | $ | 88,374 | ||
Gross Unrealized Depreciation | (97,649,623 | ) | ||
Net Unrealized Depreciation | $ | (97,561,249 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Banks | 7.7 | % | ||
Chemicals | 0.3 | |||
Diversified Financial Services | 5.7 | |||
Electric | 2.6 | |||
Foreign Government Bonds | 48.4 | |||
Forest Products & Paper | 0.2 | |||
Gas | 0.3 | |||
Iron/Steel | 0.5 | |||
Media | 0.3 | |||
Multi-National | 0.1 | |||
Municipal | 0.1 | |||
Oil & Gas | 9.3 | |||
Telecommunications | 0.5 | |||
Transportation | 0.4 | |||
Other Assets and Liabilities — Net | 23.6 | |||
Net Assets | 100.0 | % | ||
In | Unrealized | |||||||||||||||||||
Settlement | Exchange | Appreciation | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
Brazilian Real BRL 5,100,000 | BUY | 11/6/08 | 2,094,455 | 2,348,295 | $ | 253,840 | ||||||||||||||
Chilean Peso CLP 2,800,000,000 | BUY | 11/24/08 | 5,253,283 | 4,161,735 | (1,091,548 | ) | ||||||||||||||
Czech Koruna CZK 152,000,000 | BUY | 11/24/08 | 9,129,677 | 8,070,258 | (1,059,419 | ) | ||||||||||||||
EU Euro EUR 2,000,000 | BUY | 11/24/08 | 2,875,200 | 2,546,741 | (328,459 | ) | ||||||||||||||
Malaysian Ringgit MYR 15,500,000 | BUY | 11/12/08 | 4,511,192 | 4,363,936 | (147,256 | ) | ||||||||||||||
Peruvian Nuevo Sol PEN 9,500,000 | BUY | 11/6/08 | 3,164,557 | 3,086,611 | (77,946 | ) | ||||||||||||||
Polish Zloty PLN 29,000,000 | BUY | 11/24/08 | 10,552,362 | 10,459,644 | (92,718 | ) | ||||||||||||||
Russian Ruble RUB 200,000,000 | BUY | 11/10/08 | 7,860,090 | 7,303,881 | (556,209 | ) | ||||||||||||||
South African Rand ZAR 17,500,000 | BUY | 11/6/08 | 2,053,750 | 1,787,301 | (266,449 | ) | ||||||||||||||
South African Rand ZAR 89,093,741 | BUY | 11/28/08 | 8,279,318 | 9,043,638 | 764,320 | |||||||||||||||
$ | (2,601,844 | ) | ||||||||||||||||||
Brazilian Real BRL 5,100,000 | SELL | 11/6/08 | 2,526,003 | 2,348,296 | $ | 177,707 | ||||||||||||||
Hungarian Forint HUF 274,000,000 | SELL | 11/6/08 | 1,539,758 | 1,344,452 | 195,306 | |||||||||||||||
Mexican Peso MXN 52,800,000 | SELL | 11/18/08 | 4,093,817 | 4,081,271 | 12,546 | |||||||||||||||
Russian Ruble RUB 200,000,000 | SELL | 11/10/08 | 7,421,150 | 7,303,881 | 117,269 | |||||||||||||||
Turkish Lira TRY 2,400,000 | SELL | 11/6/08 | 1,806,549 | 1,551,353 | 255,196 | |||||||||||||||
$ | 758,024 | |||||||||||||||||||
Number of | Expiration | Unrealized | ||||||||||
Contract Description | Contracts | Date | Appreciation | |||||||||
Long Contracts | ||||||||||||
U.S. Treasury 5-Year Note | 58 | 12/31/08 | $ | 106,339 | ||||||||
$ | 106,339 | |||||||||||
230
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
CORPORATE BONDS/NOTES: 13.1% | ||||||||||||||
Aerospace/Defense: 0.2% | ||||||||||||||
$ | 250,000 | C,S | United Technologies Corp., 5.375%, due 12/15/17 | $ | 220,429 | |||||||||
220,429 | ||||||||||||||
Agriculture: 0.5% | ||||||||||||||
400,000 | S | Philip Morris International, Inc., 4.875%, due 05/16/13 | 371,646 | |||||||||||
250,000 | S | Philip Morris International, Inc., 6.375%, due 05/16/38 | 198,734 | |||||||||||
570,380 | ||||||||||||||
Airlines: 0.1% | ||||||||||||||
150,000 | C,S | Delta Airlines, Inc., 7.570%, due 11/18/10 | 124,500 | |||||||||||
124,500 | ||||||||||||||
Banks: 2.3% | ||||||||||||||
700,000 | C,S | Bank of America Corp., 8.000%, due 12/29/49 | 524,868 | |||||||||||
500,000 | C,S | Bank of America Corp., 8.125%, due 12/29/49 | 388,090 | |||||||||||
885,000 | C,S | Citigroup, Inc., 8.400%, due 04/29/49 | 616,270 | |||||||||||
400,000 | S | Fifth Third Bancorp., 8.250%, due 03/01/38 | 284,569 | |||||||||||
850,000 | C,S | JPMorgan Chase & Co., 7.900%, due 04/29/49 | 690,647 | |||||||||||
3,000 | S | National City Corp., 6.875%, due 05/15/19 | 2,240 | |||||||||||
77,000 | C,S | Wachovia Corp., 7.980%, due 02/08/49 | 58,295 | |||||||||||
2,564,979 | ||||||||||||||
Beverages: 1.3% | ||||||||||||||
BRL 900,000 | @@, #, S | Ambev International Finance Co., Ltd., 9.500%, due 07/24/17 | 299,100 | |||||||||||
$ | 750,000 | #,C, S | Dr Pepper Snapple Group, Inc., 6.820%, due 05/01/18 | 657,740 | ||||||||||
469,000 | C,S | PepsiCo, Inc., 7.900%, due 11/01/18 | 495,659 | |||||||||||
1,452,499 | ||||||||||||||
Computers: 0.7% | ||||||||||||||
251,000 | C,S | Hewlett-Packard Co., 5.500%, due 03/01/18 | 216,141 | |||||||||||
278,000 | C,S | International Business Machines Corp., 7.625%, due 10/15/18 | 288,166 | |||||||||||
256,000 | C,S | International Business Machines Corp., 8.000%, due 10/15/38 | 266,302 | |||||||||||
770,609 | ||||||||||||||
Diversified Financial Services: 0.5% | ||||||||||||||
90,000 | S | American Express Co., 8.150%, due 03/19/38 | 70,662 | |||||||||||
83,000 | S | Caterpillar Financial Services Corp., 5.450%, due 04/15/18 | 68,419 | |||||||||||
92,000 | S | John Deere Capital Corp., 5.750%, due 09/10/18 | 76,822 | |||||||||||
369,000 | C,S | National Rural Utilities Cooperative Finance Corp., 10.375%, due 11/01/18 | 391,778 | |||||||||||
607,681 | ||||||||||||||
Electric: 0.3% | ||||||||||||||
64,000 | C,S | Commonwealth Edison Co., 4.700%, due 04/15/15 | 52,652 | |||||||||||
319,000 | C,S | Constellation Energy Group, 7.600%, due 04/01/32 | 263,268 | |||||||||||
315,920 | ||||||||||||||
Food: 0.4% | ||||||||||||||
66,000 | S | Kraft Foods, Inc., 6.125%, due 02/01/18 | 56,643 | |||||||||||
500,000 | S | Kraft Foods, Inc., 6.500%, due 08/11/17 | 440,243 | |||||||||||
496,886 | ||||||||||||||
Household Products/Wares: 0.7% | ||||||||||||||
785,000 | S | Kimberly-Clark Corp., 7.500%, due 11/01/18 | 798,506 | |||||||||||
798,506 | ||||||||||||||
Media: 2.0% | ||||||||||||||
250,000 | C,S | Comcast Corp., 5.700%, due 05/15/18 | 206,928 | |||||||||||
76,000 | C,S | Comcast Corp., 5.900%, due 03/15/16 | 65,497 | |||||||||||
250,000 | C,S | Comcast Corp., 6.300%, due 11/15/17 | 216,400 | |||||||||||
84,000 | C,S | Comcast Corp., 6.950%, due 08/15/37 | 68,679 | |||||||||||
451,000 | #,C, S | COX Communications, Inc., 6.250%, due 06/01/18 | 368,602 | |||||||||||
397,000 | C,S | News America, Inc., 6.150%, due 03/01/37 | 289,886 | |||||||||||
159,000 | C,S | Time Warner Cable, Inc., 6.200%, due 07/01/13 | 145,195 | |||||||||||
350,000 | C,S | Time Warner Cable, Inc., 6.750%, due 07/01/18 | 300,691 | |||||||||||
446,000 | C,S | Time Warner, Inc., 7.700%, due 05/01/32 | 361,137 | |||||||||||
373,000 | C,S | Viacom, Inc., 6.875%, due 04/30/36 | 262,752 | |||||||||||
2,285,767 | ||||||||||||||
Miscellaneous Manufacturing: 0.2% | ||||||||||||||
310,000 | C,S | Honeywell International, Inc., 5.300%, due 03/01/18 | 273,257 | |||||||||||
273,257 | ||||||||||||||
Retail: 0.1% | ||||||||||||||
87,000 | C,S | CVS Caremark Corp., 5.750%, due 06/01/17 | 70,325 | |||||||||||
70,325 | ||||||||||||||
Software: 0.2% | ||||||||||||||
159,000 | C,S | Oracle Corp., 5.250%, due 01/15/16 | 140,439 | |||||||||||
86,000 | C,S | Oracle Corp., 5.750%, due 04/15/18 | 75,384 | |||||||||||
215,823 | ||||||||||||||
231
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Telecommunications: 2.1% | ||||||||||||||
$ | 290,000 | @@, C, S | British Telecommunications PLC, 5.950%, due 01/15/18 | $ | 230,046 | |||||||||
138,000 | @@, C, S | Deutsche Telekom International Finance BV, 5.875%, due 08/20/13 | 125,003 | |||||||||||
120,000 | C,S | Embarq Corp., 6.738%, due 06/01/13 | 104,498 | |||||||||||
87,000 | @@, C, S | France Telecom SA, 8.500%, due 03/01/31 | 82,174 | |||||||||||
420,000 | @@, C, S | Telefonica Emisones SAU, 6.421%, due 06/20/16 | 365,114 | |||||||||||
580,000 | C,S | Verizon Communications, Inc., 8.750%, due 11/01/18 | 593,218 | |||||||||||
570,000 | C,S | Verizon Communications, Inc., 8.950%, due 03/01/39 | 579,975 | |||||||||||
420,000 | @@, C, S | Vodafone Group PLC, 5.625%, due 02/27/17 | 343,385 | |||||||||||
2,423,413 | ||||||||||||||
Transportation: 1.5% | ||||||||||||||
50,000 | C,S | Burlington Northern Santa Fe Corp., 5.750%, due 03/15/18 | 43,863 | |||||||||||
162,000 | C,S | Burlington Northern Santa Fe Corp., 6.150%, due 05/01/37 | 127,280 | |||||||||||
200,000 | C,S | Burlington Northern Santa Fe Corp., 6.200%, due 08/15/36 | 157,590 | |||||||||||
518,000 | C,S | CSX Corp., 6.250%, due 03/15/18 | 417,664 | |||||||||||
33,000 | C,S | CSX Corp., 7.450%, due 04/01/38 | 25,468 | |||||||||||
200,000 | C,S | Norfolk Southern Corp., 5.750%, due 04/01/18 | 172,453 | |||||||||||
42,000 | C,S | Norfolk Southern Corp., 7.050%, due 05/01/37 | 36,371 | |||||||||||
250,000 | C,S | Norfolk Southern Corp., 7.700%, due 05/15/17 | 246,178 | |||||||||||
350,000 | C,S | Union Pacific Corp., 5.700%, due 08/15/18 | 294,901 | |||||||||||
127,000 | C,S | Union Pacific Corp., 6.625%, due 02/01/29 | 103,456 | |||||||||||
24,000 | C,S | Union Pacific Corp., 7.875%, due 01/15/19 | 23,795 | |||||||||||
1,649,019 | ||||||||||||||
Total Corporate Bonds/Notes (Cost $15,220,743 ) | 14,839,993 | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 13.7% | ||||||||||||||
Federal National Mortgage Association: 11.5% | ||||||||||||||
667,000 | W | 5.000%, due 11/15/20 | 652,097 | |||||||||||
3,044,000 | W | 5.000%, due 11/15/37 | 2,884,665 | |||||||||||
646,000 | W | 5.500%, due 11/15/18 | 644,082 | |||||||||||
4,065,000 | W | 5.500%, due 11/13/33 | 3,971,631 | |||||||||||
383,442 | S | 5.500%, due 06/01/37 | 374,893 | |||||||||||
4,577,000 | W | 6.000%, due 11/15/33 | 4,577,000 | |||||||||||
13,104,368 | ||||||||||||||
Government National Mortgage Association: 2.2% | ||||||||||||||
1,084,000 | W | 5.000%, due 03/15/38 | 1,034,373 | |||||||||||
1,460,000 | W | 5.500%, due 12/19/30 | 1,428,519 | |||||||||||
2,462,892 | ||||||||||||||
Total U.S. Government Agency Obligations (Cost $15,992,561 ) | 15,567,260 | |||||||||||||
U.S. TREASURY OBLIGATIONS: 17.3% | ||||||||||||||
U.S. Treasury Bonds: 2.1% | ||||||||||||||
995,000 | S | 4.000%, due 08/15/18 | 996,633 | |||||||||||
1,347,000 | S | 4.375%, due 02/15/38 | 1,351,421 | |||||||||||
2,348,054 | ||||||||||||||
U.S. Treasury Notes: 12.2% | ||||||||||||||
9,888,000 | S | 1.500%, due 10/31/10 | 9,871,012 | |||||||||||
3,849,000 | S | 3.125%, due 09/30/13 | 3,912,751 | |||||||||||
13,783,763 | ||||||||||||||
Treasury Inflation Indexed Protected Securitiesip: 3.0% | ||||||||||||||
1,280,135 | S | 1.375%, due 07/15/18 | 1,077,891 | |||||||||||
2,516,618 | S | 2.375%, due 04/15/11 | 2,386,660 | |||||||||||
3,464,551 | ||||||||||||||
Total U.S. Treasury Obligations (Cost $19,794,603 ) | 19,596,368 | |||||||||||||
ASSET-BACKED SECURITIES: 1.3% | ||||||||||||||
Other Asset-Backed Securities: 1.3% | ||||||||||||||
1,000,000 | #,C, S | Grand Horn Ltd., 5.419%, due 01/12/22 | 840,000 | |||||||||||
767,793 | @@, #, C, S | Liberty Square CDO Ltd., 4.846%, due 04/15/13 | 651,664 | |||||||||||
Total Asset-Backed Securities (Cost $1,663,888 ) | 1,491,664 | |||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 3.8% | ||||||||||||||
700,000 | C,S | GE Capital Commercial Mortgage Corp., 5.340%, due 03/10/44 | 549,058 | |||||||||||
122,000 | C,S | Greenwich Capital Commercial Funding Corp., 5.117%, due 04/10/37 | 115,145 | |||||||||||
700,000 | C,S | Greenwich Capital Commercial Funding Corp., 5.475%, due 03/10/39 | 423,508 | |||||||||||
500,000 | C,S | Greenwich Capital Commercial Funding Corp., 5.736%, due 12/10/49 | 373,756 | |||||||||||
1,027,000 | C,S | GS Mortgage Securities Corp. II, 5.560%, due 11/10/39 | 794,435 | |||||||||||
250,000 | C,S | JPMorgan Chase Commercial Mortgage Securities Corp., 4.865%, due 03/15/46 | 221,815 | |||||||||||
700,000 | C,S | JPMorgan Chase Commercial Mortgage Securities Corp., 5.345%, due 12/15/44 | 563,116 | |||||||||||
97,000 | C,S | LB-UBS Commercial Mortgage Trust, 5.103%, due 11/15/30 | 91,344 |
232
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
$ | 500,000 | C,S | LB-UBS Commercial Mortgage Trust, 5.156%, due 02/15/31 | $ | 387,814 | |||||||||
500,000 | C,S | LB-UBS Commercial Mortgage Trust, 6.150%, due 04/15/41 | 398,902 | |||||||||||
500,000 | C,S | LB-UBS Commercial Mortgage Trust, 6.320%, due 04/15/41 | 388,553 | |||||||||||
Total Collateralized Mortgage Obligations (Cost $5,315,001 ) | 4,307,446 | |||||||||||||
MUNICIPAL BONDS: 0.7% | ||||||||||||||
Louisiana: 0.4% | ||||||||||||||
400,000 | C,S | State of Louisiana, 5.000%, due 10/15/17 | 408,856 | |||||||||||
408,856 | ||||||||||||||
Washington: 0.3% | ||||||||||||||
400,000 | C,S | State of Washington, 5.000%, due 01/01/33 | 373,920 | |||||||||||
373,920 | ||||||||||||||
Total Municipal Bonds (Cost $817,928 ) | 782,776 | |||||||||||||
OTHER BONDS: 38.7% | ||||||||||||||
Foreign Government Bonds: 38.7% | ||||||||||||||
EUR 7,040,000 | @@,S | Bundesobligation, 3.500%, due 04/08/11 | 9,131,362 | |||||||||||
EUR 4,000,000 | Bundesobligation, 4.000%, due 10/11/13 | 5,193,860 | ||||||||||||
EUR 2,665,000 | @@,S | Bundesrepublik Deutschland, 4.250%, due 07/04/17 | 3,488,620 | |||||||||||
EUR 1,810,000 | @@,S | Bundesrepublik Deutschland, 4.250%, due 07/04/39 | 2,224,130 | |||||||||||
CAD 19,000,000 | @@,S | Canadian Government International Bond, 2.750%, due 12/01/10 | 15,996,698 | |||||||||||
EUR 930,000 | @@,S | France Government International Bond, 3.250%, due 04/25/16 | 1,125,751 | |||||||||||
EUR 915,000 | @@,S | Italy Buoni Poliennali Del Tesoro, 3.750%, due 08/01/16 | 1,091,762 | |||||||||||
GBP 230,000 | @@,S | United Kingdom Gilt Bond, 4.250%, due 03/07/36 | 347,176 | |||||||||||
GBP 3,000,000 | @@,S | United Kingdom Gilt Bond, 4.750%, due 06/07/10 | 4,964,477 | |||||||||||
UYU 6,067,000 | @@,S | Uruguay Government International Bond, 4.250%, due 04/05/27 | 135,999 | |||||||||||
Total Other Bonds (Cost $49,067,542 ) | 43,699,835 | |||||||||||||
Total Long-Term Investments (Cost $107,872,266 ) | 100,285,342 | |||||||||||||
Shares | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 19.9% | ||||||||||||||
Affiliated Mutual Fund: 18.7% | ||||||||||||||
21,125,000 | S | ING Institutional Prime Money Market Fund | $ | 21,125,000 | ||||||||||
Total Mutual Fund (Cost $21,125,000 ) | 21,125,000 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Foreign Government Securities: 0.7% | ||||||||||||||
$ | 630,000 | Z | German Treasury Bill, 3.330%, due 02/18/09 | $ | 794,889 | |||||||||
Total Foreign Government Securities (Cost $910,610 ) | 794,889 | |||||||||||||
Repurchase Agreement: 0.5% | ||||||||||||||
568,000 | S | Deutsche Bank Repurchase Agreement dated 10/31/08, 0.200%, due 11/03/08, $568,009 to be received upon repurchase (Collateralized by $585,000 Federal Home Loan Bank, 5.125%, Market Value plus accrued interest $581,249, due 10/19/16) | 568,000 | |||||||||||
Total Repurchase Agreement (Cost $568,000 ) | 568,000 | |||||||||||||
Total Short-Term Investments (Cost $22,603,610 ) | 22,487,889 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $130,475,876)* | 108.4 | % | $ | 122,773,231 | ||||||||||
Other Assets and Liabilities - Net | (8.4 | ) | (9,503,707 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 113,269,524 | ||||||||||
@@ | 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. | |
ip | Treasury inflation indexed protected security whose principal value is adjusted in accordance with changes to the Consumer Price Index. | |
W | Settlement is on a when-issued or delayed-delivery basis. | |
S | All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities. | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
EUR | EU Euro | |
GBP | British Pound | |
UYU | Uruguayan Peso | |
* | Cost for federal income tax purposes is $130,560,608. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 136,325 | ||
Gross Unrealized Depreciation | (7,923,702 | ) | ||
Net Unrealized Depreciation | $ | (7,787,377 | ) | |
233
Table of Contents
Unrealized | ||||||||||||||||||||
Settlement | In Exchange | Appreciation | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 1,903,100 | BUY | 11/17/08 | 1,332,474 | 1,262,547 | $ | (69,927 | ) | |||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 2,032,717 | BUY | 11/17/08 | 1,390,000 | 1,348,537 | (41,463 | ) | ||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 1,034,982 | BUY | 11/17/08 | 715,000 | 686,624 | (28,376 | ) | ||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 842,121 | BUY | 11/17/08 | 567,000 | 558,677 | (8,323 | ) | ||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 4,966,724 | BUY | 11/17/08 | 3,321,000 | 3,295,005 | (25,995 | ) | ||||||||||||||
BRL | ||||||||||||||||||||
Brazilian Real 1,494,250 | BUY | 11/6/08 | 695,000 | 688,028 | (6,972 | ) | ||||||||||||||
CAD | ||||||||||||||||||||
Canadian Dollar 1,151,351 | BUY | 11/17/08 | 973,000 | 955,061 | (17,939 | ) | ||||||||||||||
CAD | ||||||||||||||||||||
Canadian Dollar 619,848 | BUY | 11/17/08 | 509,000 | 514,172 | 5,172 | |||||||||||||||
CAD | ||||||||||||||||||||
Canadian Dollar 993,795 | BUY | 11/17/08 | 793,000 | 824,366 | 31,366 | |||||||||||||||
CAD | ||||||||||||||||||||
Canadian Dollar 970,536 | BUY | 11/17/08 | 773,000 | 805,072 | 32,072 | |||||||||||||||
CAD | ||||||||||||||||||||
Canadian Dollar 1,277,320 | BUY | 11/17/08 | 990,000 | 1,059,553 | 69,553 | |||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 311,900 | BUY | 11/6/08 | 286,611 | 268,972 | (17,639 | ) | ||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 873,130 | BUY | 11/6/08 | 807,000 | 752,956 | (54,044 | ) | ||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 1,382,072 | BUY | 11/6/08 | 1,206,000 | 1,191,851 | (14,149 | ) | ||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 893,893 | BUY | 11/6/08 | 785,000 | 770,862 | (14,138 | ) | ||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 861,179 | BUY | 11/6/08 | 763,000 | 742,651 | (20,349 | ) | ||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 1,758,375 | BUY | 11/6/08 | 1,548,000 | 1,516,361 | (31,639 | ) | ||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 1,173,380 | BUY | 11/6/08 | 1,035,000 | 1,011,881 | (23,119 | ) | ||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 852,181 | BUY | 11/6/08 | 751,000 | 734,891 | (16,109 | ) | ||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 357,531 | BUY | 11/6/08 | 315,000 | 308,322 | (6,678 | ) | ||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 731,439 | BUY | 11/6/08 | 630,000 | 630,767 | 767 | |||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 819,554 | BUY | 11/6/08 | 707,000 | 706,755 | (245 | ) | ||||||||||||||
DKK | ||||||||||||||||||||
Danish Krone 2,200,000 | BUY | 11/6/08 | 431,522 | 376,397 | (55,125 | ) | ||||||||||||||
EUR | ||||||||||||||||||||
EU Euro 3,449,500 | BUY | 11/17/08 | 4,724,090 | 4,393,678 | (330,412 | ) | ||||||||||||||
EUR | ||||||||||||||||||||
EU Euro 1,569,540 | BUY | 11/17/08 | 2,113,000 | 1,999,146 | (113,854 | ) | ||||||||||||||
EUR | ||||||||||||||||||||
EU Euro 1,621,536 | BUY | 11/17/08 | 2,174,000 | 2,065,374 | (108,626 | ) | ||||||||||||||
EUR | ||||||||||||||||||||
EU Euro 903,506 | BUY | 11/17/08 | 1,179,000 | 1,150,808 | (28,192 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 752,673 | BUY | 11/6/08 | 1,383,000 | 1,210,860 | (172,140 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 419,299 | BUY | 11/6/08 | 760,000 | 674,547 | (85,453 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 361,126 | BUY | 11/6/08 | 645,000 | 580,961 | (64,039 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 458,593 | BUY | 11/6/08 | 813,000 | 737,760 | (75,240 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 460,846 | BUY | 11/6/08 | 813,000 | 741,386 | (71,614 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 630,549 | BUY | 11/6/08 | 1,102,000 | 1,014,394 | (87,606 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 563,480 | BUY | 11/6/08 | 989,000 | 906,497 | (82,503 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 309,116 | BUY | 11/6/08 | 538,000 | 497,290 | (40,710 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 314,899 | BUY | 11/6/08 | 538,000 | 506,592 | (31,408 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 1,980,961 | BUY | 11/6/08 | 3,439,000 | 3,186,866 | (252,134 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 973,870 | BUY | 11/6/08 | 1,707,000 | 1,566,711 | (140,289 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 965,336 | BUY | 11/6/08 | 1,668,000 | 1,552,982 | (115,018 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 385,041 | BUY | 11/6/08 | 650,000 | 619,434 | (30,566 | ) | ||||||||||||||
GBP | ||||||||||||||||||||
British Pound 372,359 | BUY | 11/6/08 | 580,000 | 599,032 | 19,032 | |||||||||||||||
GBP | ||||||||||||||||||||
British Pound 172,676 | BUY | 11/6/08 | 282,000 | 277,791 | (4,209 | ) | ||||||||||||||
JPY | ||||||||||||||||||||
Japanese Yen 1,981,733,900 | BUY | 11/17/08 | 19,541,202 | 20,129,288 | 588,086 | |||||||||||||||
JPY | ||||||||||||||||||||
Japanese Yen 64,159,998 | BUY | 11/17/08 | 641,000 | 651,700 | 10,700 | |||||||||||||||
JPY | ||||||||||||||||||||
Japanese Yen 111,641,401 | BUY | 11/17/08 | 1,133,000 | 1,133,988 | 988 | |||||||||||||||
JPY | ||||||||||||||||||||
Japanese Yen 103,255,556 | BUY | 11/17/08 | 1,116,000 | 1,048,809 | (67,191 | ) | ||||||||||||||
JPY | ||||||||||||||||||||
Japanese Yen 103,199,756 | BUY | 11/17/08 | 1,116,000 | 1,048,242 | (67,758 | ) | ||||||||||||||
JPY | ||||||||||||||||||||
Japanese Yen 137,086,985 | BUY | 11/17/08 | 1,412,000 | 1,392,449 | (19,551 | ) | ||||||||||||||
KRW | ||||||||||||||||||||
South Korean Won 1,359,700,006 | BUY | 11/17/08 | 1,075,712 | 1,056,510 | (19,202 | ) | ||||||||||||||
MXN | ||||||||||||||||||||
Mexican Peso 3,918,600 | BUY | 11/20/08 | 317,006 | 302,713 | (14,293 | ) | ||||||||||||||
MXN | ||||||||||||||||||||
Mexican Peso 7,604,920 | BUY | 11/20/08 | 564,000 | 587,482 | 23,482 | |||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 4,196,256 | BUY | 11/6/08 | 701,000 | 622,724 | (78,276 | ) | ||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 8,537,853 | BUY | 11/6/08 | 1,385,000 | 1,267,017 | (117,983 | ) | ||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 9,151,759 | BUY | 11/6/08 | 1,471,000 | 1,358,120 | (112,880 | ) | ||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 4,534,336 | BUY | 11/6/08 | 695,000 | 672,895 | (22,105 | ) | ||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 4,327,262 | BUY | 11/6/08 | 630,000 | 642,165 | 12,165 | |||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 4,282,351 | BUY | 11/6/08 | 628,000 | 635,501 | 7,501 | |||||||||||||||
NZD | ||||||||||||||||||||
New Zealand Dollar 1,657,193 | BUY | 11/17/08 | 1,035,000 | 962,962 | (72,038 | ) | ||||||||||||||
NZD | ||||||||||||||||||||
New Zealand Dollar 1,624,198 | BUY | 11/17/08 | 1,001,000 | 943,789 | (57,211 | ) | ||||||||||||||
NZD | ||||||||||||||||||||
New Zealand Dollar 1,479,474 | BUY | 11/17/08 | 878,000 | 859,693 | (18,307 | ) | ||||||||||||||
NZD | ||||||||||||||||||||
New Zealand Dollar 2,406,472 | BUY | 11/17/08 | 1,432,000 | 1,398,353 | (33,647 | ) | ||||||||||||||
NZD | ||||||||||||||||||||
New Zealand Dollar 1,447,809 | BUY | 11/17/08 | 847,000 | 841,293 | (5,707 | ) | ||||||||||||||
PLN | ||||||||||||||||||||
Polish Zloty 1,000,000 | BUY | 11/28/08 | 391,567 | 360,550 | (31,017 | ) | ||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 13,975,400 | BUY | 11/6/08 | 2,110,389 | 1,800,616 | (309,773 | ) | ||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 3,346,927 | BUY | 11/6/08 | 477,000 | 431,224 | (45,776 | ) | ||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 6,027,093 | BUY | 11/6/08 | 849,000 | 776,542 | (72,458 | ) | ||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 4,396,916 | BUY | 11/6/08 | 573,000 | 566,506 | (6,494 | ) | ||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 4,485,582 | BUY | 11/6/08 | 571,000 | 577,930 | 6,930 | |||||||||||||||
TWD | ||||||||||||||||||||
Taiwan New Dollar 14,000,000 | BUY | 11/28/08 | 433,262 | 426,096 | (7,166 | ) | ||||||||||||||
$ | (2,657,261 | ) | ||||||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 798,663 | SELL | 11/17/08 | 560,000 | 529,846 | $ | 30,154 | ||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 805,490 | SELL | 11/17/08 | 556,000 | 534,375 | 21,625 | |||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 2,101,444 | SELL | 11/17/08 | 1,390,000 | 1,394,132 | (4,132 | ) | ||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 2,024,805 | SELL | 11/17/08 | 1,390,000 | 1,343,288 | 46,712 | |||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 2,080,136 | SELL | 11/17/08 | 1,430,000 | 1,379,996 | 50,004 | |||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 2,625,340 | SELL | 11/17/08 | 1,598,000 | 1,741,693 | (143,693 | ) | ||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 1,367,086 | SELL | 11/17/08 | 849,000 | 906,947 | (57,947 | ) | ||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 1,273,998 | SELL | 11/17/08 | 847,000 | 845,191 | 1,809 |
234
Table of Contents
Unrealized | ||||||||||||||||||||
Settlement | In Exchange | Appreciation | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
AUD | ||||||||||||||||||||
Australian Dollar 1,048,852 | SELL | 11/17/08 | 714,000 | 695,826 | $ | 18,174 | ||||||||||||||
BRL | ||||||||||||||||||||
Brazilian Real 1,408,920 | SELL | 11/6/08 | 597,000 | 648,737 | (51,737 | ) | ||||||||||||||
BRL | ||||||||||||||||||||
Brazilian Real 695,147 | SELL | 11/21/08 | 347,400 | 318,128 | 29,272 | |||||||||||||||
CAD | ||||||||||||||||||||
Canadian Dollar 2,407,665 | SELL | 11/17/08 | 2,098,000 | 1,997,189 | 100,811 | |||||||||||||||
CAD | ||||||||||||||||||||
Canadian Dollar 16,139,600 | SELL | 11/17/08 | 13,917,048 | 13,388,008 | 529,040 | |||||||||||||||
CAD | ||||||||||||||||||||
Canadian Dollar 1,517,335 | SELL | 11/17/08 | 1,192,000 | 1,258,649 | (66,649 | ) | ||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 823,316 | SELL | 11/6/08 | 760,000 | 709,998 | 50,002 | |||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 471,094 | SELL | 11/6/08 | 421,000 | 406,255 | 14,745 | |||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 597,577 | SELL | 11/6/08 | 533,000 | 515,330 | 17,670 | |||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 1,114,911 | SELL | 11/6/08 | 981,000 | 961,460 | 19,540 | |||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 764,001 | SELL | 11/6/08 | 673,000 | 658,848 | 14,152 | |||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 449,993 | SELL | 11/6/08 | 396,000 | 388,058 | 7,942 | |||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 1,597,788 | SELL | 11/6/08 | 1,415,000 | 1,377,876 | 37,124 | |||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 850,239 | SELL | 11/6/08 | 751,000 | 733,217 | 17,783 | |||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 1,219,169 | SELL | 11/6/08 | 1,048,000 | 1,051,368 | (3,368 | ) | ||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 1,070,703 | SELL | 11/6/08 | 928,000 | 923,337 | 4,663 | |||||||||||||||
CHF | ||||||||||||||||||||
Swiss Franc 806,166 | SELL | 11/6/08 | 712,000 | 695,209 | 16,791 | |||||||||||||||
EUR | ||||||||||||||||||||
EU Euro 287,179 | SELL | 11/17/08 | 392,000 | 365,784 | 26,216 | |||||||||||||||
EUR | ||||||||||||||||||||
EU Euro 266,553 | SELL | 11/17/08 | 344,000 | 339,512 | 4,488 | |||||||||||||||
EUR | ||||||||||||||||||||
EU Euro 588,346 | SELL | 11/17/08 | 743,000 | 749,385 | (6,385 | ) | ||||||||||||||
EUR | ||||||||||||||||||||
EU Euro 793,719 | SELL | 11/17/08 | 990,000 | 1,010,971 | (20,971 | ) | ||||||||||||||
EUR | ||||||||||||||||||||
EU Euro 873,726 | SELL | 11/17/08 | 1,130,000 | 1,112,878 | 17,122 | |||||||||||||||
EUR | ||||||||||||||||||||
EU Euro 663,094 | SELL | 11/17/08 | 856,000 | 844,592 | 11,408 | |||||||||||||||
GBP | ||||||||||||||||||||
British Pound 3,466,200 | SELL | 11/6/08 | 6,399,669 | 5,576,240 | 823,429 | |||||||||||||||
GBP | ||||||||||||||||||||
British Pound 376,249 | SELL | 11/6/08 | 691,000 | 605,289 | 85,711 | |||||||||||||||
GBP | ||||||||||||||||||||
British Pound 353,785 | SELL | 11/6/08 | 617,000 | 569,151 | 47,849 | |||||||||||||||
GBP | ||||||||||||||||||||
British Pound 718,989 | SELL | 11/6/08 | 1,262,000 | 1,156,672 | 105,328 | |||||||||||||||
GBP | ||||||||||||||||||||
British Pound 962,746 | SELL | 11/6/08 | 1,668,000 | 1,548,815 | 119,185 | |||||||||||||||
GBP | ||||||||||||||||||||
British Pound 1,224,647 | SELL | 11/6/08 | 2,117,000 | 1,970,147 | 146,853 | |||||||||||||||
GBP | ||||||||||||||||||||
British Pound 557,776 | SELL | 11/6/08 | 907,000 | 897,321 | 9,679 | |||||||||||||||
GBP | ||||||||||||||||||||
British Pound 637,860 | SELL | 11/6/08 | 1,031,000 | 1,026,156 | 4,844 | |||||||||||||||
GBP | ||||||||||||||||||||
British Pound 620,280 | SELL | 11/6/08 | 968,000 | 997,874 | (29,874 | ) | ||||||||||||||
JPY | ||||||||||||||||||||
Japanese Yen 85,635,807 | SELL | 11/17/08 | 839,000 | 869,838 | (30,838 | ) | ||||||||||||||
JPY | ||||||||||||||||||||
Japanese Yen 106,762,973 | SELL | 11/17/08 | 1,056,000 | 1,084,436 | (28,436 | ) | ||||||||||||||
JPY | ||||||||||||||||||||
Japanese Yen 55,762,985 | SELL | 11/17/08 | 573,000 | 566,408 | 6,592 | |||||||||||||||
JPY | ||||||||||||||||||||
Japanese Yen 39,033,025 | SELL | 11/17/08 | 410,000 | 396,475 | 13,525 | |||||||||||||||
MXN | ||||||||||||||||||||
Mexican Peso 7,316,960 | SELL | 11/20/08 | 556,000 | 565,237 | (9,237 | ) | ||||||||||||||
MXN | ||||||||||||||||||||
Mexican Peso 7,607,040 | SELL | 11/20/08 | 566,000 | 587,646 | (21,646 | ) | ||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 856,600 | SELL | 11/6/08 | 151,442 | 127,119 | 24,323 | |||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 3,261,527 | SELL | 11/6/08 | 576,000 | 484,010 | 91,990 | |||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 3,196,410 | SELL | 11/6/08 | 563,000 | 474,347 | 88,653 | |||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 4,920,489 | SELL | 11/6/08 | 785,000 | 730,200 | 54,800 | |||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 8,669,456 | SELL | 11/6/08 | 1,402,000 | 1,286,547 | 115,453 | |||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 8,752,399 | SELL | 11/6/08 | 1,399,000 | 1,298,855 | 100,145 | |||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 5,668,489 | SELL | 11/6/08 | 858,000 | 841,203 | 16,797 | |||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 9,775,987 | SELL | 11/6/08 | 1,415,000 | 1,450,757 | (35,757 | ) | ||||||||||||||
NOK | ||||||||||||||||||||
Norwegian Krone 3,759,763 | SELL | 11/6/08 | 565,000 | 557,948 | 7,052 | |||||||||||||||
NZD | ||||||||||||||||||||
New Zealand Dollar 780,600 | SELL | 11/17/08 | 483,886 | 453,591 | 30,295 | |||||||||||||||
NZD | ||||||||||||||||||||
New Zealand Dollar 1,905,602 | SELL | 11/17/08 | 1,140,000 | 1,107,308 | 32,692 | |||||||||||||||
NZD | ||||||||||||||||||||
New Zealand Dollar 2,827,880 | SELL | 11/17/08 | 1,724,000 | 1,643,225 | 80,775 | |||||||||||||||
NZD | ||||||||||||||||||||
New Zealand Dollar 502,229 | SELL | 11/17/08 | 304,000 | 291,835 | 12,165 | |||||||||||||||
NZD | ||||||||||||||||||||
New Zealand Dollar 1,336,719 | SELL | 11/17/08 | 736,000 | 776,742 | (40,742 | ) | ||||||||||||||
NZD | ||||||||||||||||||||
New Zealand Dollar 592,047 | SELL | 11/17/08 | 325,000 | 344,028 | (19,028 | ) | ||||||||||||||
RUB | ||||||||||||||||||||
Russian Ruble 56,940,000 | SELL | 11/6/08 | 2,261,466 | 2,089,003 | 172,463 | |||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 3,818,564 | SELL | 11/6/08 | 563,000 | 491,991 | 71,009 | |||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 2,931,928 | SELL | 11/6/08 | 421,000 | 377,755 | 43,245 | |||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 4,784,731 | SELL | 11/6/08 | 673,000 | 616,473 | 56,527 | |||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 5,015,988 | SELL | 11/6/08 | 707,000 | 646,269 | 60,731 | |||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 2,016,464 | SELL | 11/6/08 | 283,000 | 259,805 | 23,195 | |||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 9,975,410 | SELL | 11/6/08 | 1,399,000 | 1,285,251 | 113,749 | |||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 5,673,922 | SELL | 11/6/08 | 707,000 | 731,039 | (24,039 | ) | ||||||||||||||
SEK | ||||||||||||||||||||
Swedish Krona 4,305,926 | SELL | 11/6/08 | 565,000 | 554,783 | 10,217 | |||||||||||||||
$ | 3,062,039 | |||||||||||||||||||
235
Table of Contents
Unrealized | ||||||||||||
Number of | Expiration | Appreciation/ | ||||||||||
Contract Description | Contracts | Date | (Depreciation) | |||||||||
Long Contracts | ||||||||||||
90-Day Sterling | 100 | 03/17/10 | $ | 384,293 | ||||||||
Australia 3-Year Bond | 177 | 12/15/08 | 282,647 | |||||||||
Euro-Bund | 25 | 12/08/08 | 53,018 | |||||||||
Euro-Schatz | 159 | 12/08/08 | 532,143 | |||||||||
Japan 10-Year Bond (TSE) | 12 | 12/11/08 | (80,696 | ) | ||||||||
Japanese Government Bonds 10-Year Mini | 4 | 12/10/08 | 13 | |||||||||
Long Gilt | 62 | 12/29/08 | 142,187 | |||||||||
$ | 1,313,605 | |||||||||||
Short Contracts | ||||||||||||
90-Day Sterling | 100 | 03/18/09 | $ | (472,964 | ) | |||||||
Australia 10-Year Bond | 40 | 12/15/08 | (15,021 | ) | ||||||||
U.S. Treasury Long Bond | 110 | 12/19/08 | 328,666 | |||||||||
$ | (159,319 | ) | ||||||||||
Unrealized | ||||||||||||||||||||||||
Buy/Sell | (Pay)/Receive | Termination | Notional | Appreciation/ | ||||||||||||||||||||
Counterparty | Reference Entity/Obligation | Protection(1) | Fixed Rate (%) | Date | Amount | (Depreciation) | ||||||||||||||||||
UBS AG | Australia and New Zealand Banking Group Ltd. 4.450%, 02/05/15 | Buy | (0.350) | 09/20/17 | USD | 50,000 | $ | 3,130 | ||||||||||||||||
Citibank N.A., New York | Bank of Scotland PLC 5.125%, 12/05/13 | Buy | (0.660) | 09/20/17 | USD | 100,000 | 4,787 | |||||||||||||||||
UBS AG | Bank of Scotland PLC 5.125%, 12/05/13 | Buy | (0.410) | 09/20/17 | USD | 50,000 | 3,277 | |||||||||||||||||
Citibank N.A., New York | BNP Paribas 5.250%, 12/17/12 | Buy | (0.520) | 09/20/17 | USD | 100,000 | 2,120 | |||||||||||||||||
Citibank N.A., New York | CDX.EM.9 Index | Buy | (2.650) | 06/20/13 | USD | 1,000,000 | 148,711 | |||||||||||||||||
Citibank N.A., New York | CDX.NA.IG.10 Index | Sell | 1.550 | 06/20/13 | USD | 16,592,000 | (478,410 | ) | ||||||||||||||||
UBS AG | HSBC Bank PLC 4.250%, 03/18/16 | Buy | (0.400) | 09/20/17 | USD | 50,000 | 3,013 | |||||||||||||||||
Citibank N.A., New York | LCDX.NA.9 Index (15-100% Tranche) | Buy | (1.080) | 12/20/12 | USD | 2,000,000 | 176,818 | |||||||||||||||||
UBS AG | Royal Bank of Scotland PLC 6.000%, 05/10/13 | Buy | (0.400) | 09/20/17 | USD | 50,000 | 3,206 | |||||||||||||||||
Citibank N.A., New York | Societe Generale 6.625%, 04/27/15 | Buy | (0.510) | 09/20/17 | USD | 100,000 | 4,136 | |||||||||||||||||
UBS AG | Societe Generale 6.625%, 04/27/15 | Buy | (0.380) | 09/20/17 | USD | 50,000 | 2,534 | |||||||||||||||||
Citibank N.A., New York | Standard Chartered Bank 3.625%, 02/03/17 | Buy | (0.670) | 09/20/17 | USD | 100,000 | 13,092 | |||||||||||||||||
UBS AG | Standard Chartered Bank 3.625%, 02/03/17 | Buy | (0.420) | 09/20/17 | USD | 50,000 | 7,376 | |||||||||||||||||
UBS AG | Westpac Banking Corp. 5.875%, 04/29/18 | Buy | (0.350) | 09/20/17 | USD | 50,000 | 5,653 | |||||||||||||||||
$ | (100,557 | ) | ||||||||||||||||||||||
(1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund must pay to the buyer of the protection the notional value of the swap contract less the value of the reference entity/obligation, and in certain instances take delivery of the reference entity/obligation. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will receive from the seller of protection the notional value of the swap contract less the value of the reference entity/obligation, which may have little or no value, and in certain instances deliver the reference entity/obligation to the seller. |
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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 | $ | 40,227 | |||||||||
Receive a fixed rate equal to 7.640% and pay a floating rate based on 3-month NZD-BBR-FRA Counterparty: UBS AG, London | 11/02/10 | NZD | 19,300,000 | 276,040 | ||||||||||
Receive a fixed rate equal to 7.380% and pay a floating rate based on 3-month NZD-BBR-FRA Counterparty: UBS AG, London | 01/12/11 | NZD | 11,700,000 | 141,655 | ||||||||||
Receive a fixed rate equal to 7.060% and pay a floating rate based on 3-month NZD-BBR-FRA Counterparty: UBS AG, London | 01/28/11 | NZD | 9,290,000 | 82,613 | ||||||||||
Receive a fixed rate equal to 7.015% and pay a floating rate based on 3-month NZD-BBR-FRA Counterparty: UBS AG, London | 02/04/11 | NZD | 4,700,000 | 26,607 | ||||||||||
Receive a floating rate based on 3-month NZD-BBR-FRA and pay a fixed rate equal to 7.410% Counterparty: UBS AG, London | 11/02/15 | NZD | 6,530,000 | (201,859 | ) | |||||||||
Receive a floating rate based on 3-month NZD-BBR-FRA and pay a fixed rate equal to 7.1825% Counterparty: UBS AG, London | 01/12/16 | NZD | 4,000,000 | (95,219 | ) | |||||||||
Receive a floating rate based on 3-month NZD-BBR-FRA and pay a fixed rate equal to 7.055% Counterparty: UBS AG, London | 01/28/16 | NZD | 3,158,000 | (62,794 | ) | |||||||||
Receive a floating rate based on 3-month NZD-BBR-FRA and pay a fixed rate equal to 7.000% Counterparty: UBS AG, London | 02/04/16 | NZD | 1,580,000 | (24,352 | ) | |||||||||
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 | (3,766 | ) | |||||||||
$ | 179,152 | |||||||||||||
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Table of Contents
Shares | Value | |||||||||||||
AFFILIATED INVESTMENT COMPANIES: 99.9% | ||||||||||||||
684,101 | ING Emerging Countries Fund — Class I | $ | 11,020,818 | |||||||||||
4,389,431 | ING Index Plus International Equity Fund — Class I | 28,180,124 | ||||||||||||
7,121,168 | ING International Capital Appreciation Fund — Class I | 47,925,431 | ||||||||||||
6,274,452 | ING International Equity Dividend Fund — Class I | 33,631,050 | ||||||||||||
1,967,835 | ING International Growth Opportunities Fund — Class I | 11,570,843 | ||||||||||||
2,200,546 | ING International Real Estate Fund — Class I | 15,227,777 | ||||||||||||
879,171 | ING International SmallCap Fund — Class I | 20,089,014 | ||||||||||||
4,374,932 | ING International Value Choice Fund — Class I | 33,118,224 | ||||||||||||
5,626,470 | ING Foreign Fund — Class I | 67,067,383 | ||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $445,557,718)* | 99.9 | % | $ | 267,830,664 | ||||||||||
Other Assets and Liabilities - Net | 0.1 | 297,919 | ||||||||||||
Net Assets | 100.0 | % | $ | 268,128,583 | ||||||||||
* | Cost for federal income tax purposes is $458,575,022. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | — | ||
Gross Unrealized Depreciation | (190,744,358 | ) | ||
Net Unrealized Depreciation | $ | (190,744,358 | ) | |
238
Table of Contents
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. |
239
Table of Contents
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. |
240
Table of Contents
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. |
** | The proposals did not pass. |
241
Table of Contents
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. Proposals 1 and 2 did not pass. |
242
Table of Contents
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 |
* | The Proposals did not pass |
1 | To approve the appointment of ING Investment Management Co. (“ING IM”) as an additional sub-adviser to the Fund and the implementation of an additional sub-advisory agreement for the Fund between ING Investments, LLC, the Fund’s investment adviser, and ING IM. |
Shares | ||||||||||||||||||||||||
Voted | ||||||||||||||||||||||||
Shares | Against | Total | ||||||||||||||||||||||
Voted | or | Shares | Broker | Shares | ||||||||||||||||||||
Proposal | For | Withheld | Abstained | Non-Vote | Voted | |||||||||||||||||||
ING International Value Fund | 1 | * | 65,816,825.483 | 8,384,545.398 | 5,114,530.878 | 79,315,901.759 |
* | The Shareholder Meeting for ING International Value Fund was adjourned to August 15, 2008. |
1 | To approve the appointment of ING Investment Management Co. (“ING IM”) as an additional sub-adviser to the Fund and the implementation of an additional sub-advisory agreement for the Fund between ING Investments, LLC, the Fund’s investment adviser, and ING IM. |
Shares | ||||||||||||||||||||||||
Voted | ||||||||||||||||||||||||
Shares | Against | Total | ||||||||||||||||||||||
Voted | or | Shares | Broker | Shares | ||||||||||||||||||||
Proposal* | For | Withheld | Abstained | Non-Vote | Voted | |||||||||||||||||||
ING International Value Fund | 1 | 84,129,954.732 | 9,099,806.359 | 6,040,595.816 | 99,270,356.907 |
* | The Shareholder Meeting for ING International Value Fund was adjourned to October 17, 2008. |
243
Table of Contents
1 | To approve a new sub-advisory agreement for ING Emerging Countries Fund (the “Fund”) between ING Investments, LLC, the Fund’s investment adviser, and ING Investment Management Advisors B.V. (“IIMA”), under which IIMA would become the sub-adviser to the Fund. |
Shares | ||||||||||||||||||||||||
Voted | ||||||||||||||||||||||||
Shares | Against | Total | ||||||||||||||||||||||
Voted | or | Shares | Broker | Shares | ||||||||||||||||||||
Proposal | For | Withheld | Abstained | Non-Vote | Voted | |||||||||||||||||||
ING Emerging Countries Fund | 1 | * | 3,699,461.237 | 135,945.150 | 194,436.337 | 4,029,842.724 |
* | The Proposal passed. |
1 | To approve the appointment of ING Investment Management Co. (“ING IM”) as an additional sub-adviser to the Fund and the implementation of an additional sub-advisory agreement for the Fund between ING Investments, LLC, the Fund’s investment adviser, and ING IM. |
Shares | ||||||||||||||||||||||||
Voted | ||||||||||||||||||||||||
Shares | Against | Total | ||||||||||||||||||||||
Voted | or | Shares | Broker | Shares | ||||||||||||||||||||
Proposal | For | Withheld | Abstained | Non-vote | Voted | |||||||||||||||||||
ING International Value Fund | 1 | * | 97,319,749.661 | 16,519,574.440 | 7,459,025.792 | 121,298,349.893 |
* | The Proposal passed. |
244
Table of Contents
Per Share | ||||||||
Fund Name | Type | Amount | ||||||
ING Global Equity Dividend Fund | ||||||||
Class A | NII | $ | 0.5408 | |||||
Class B | NII | $ | 0.4371 | |||||
Class C | NII | $ | 0.4385 | |||||
Class I | NII | $ | 0.5946 | |||||
Class O | NII | $ | 0.5492 | |||||
Class W | NII | $ | 0.4610 | |||||
All Classes, except Class W | ROC | $ | 0.0474 | |||||
Class W | ROC | $ | 0.0371 | |||||
All Classes* | STCG | $ | 0.2984 | |||||
All Classes* | LTCG | $ | 0.9018 | |||||
ING Global Natural Resources Fund | ||||||||
Class A | NII | $ | 0.1053 | |||||
Class I | NII | $ | 0.1486 | |||||
All Classes* | STCG | $ | 1.7562 | |||||
All Classes* | LTCG | $ | 0.7018 | |||||
ING Global Real Estate Fund | ||||||||
Class A | NII | $ | 0.7329 | |||||
Class B | NII | $ | 0.6114 | |||||
Class C | NII | $ | 0.6058 | |||||
Class I | NII | $ | 0.8120 | |||||
Class O | NII | $ | 0.7352 | |||||
Class W | NII | $ | 0.3333 | |||||
All Classes* | STCG | $ | 0.0147 | |||||
All Classes* | LTCG | $ | 0.0564 | |||||
ING Global Value Choice Fund | ||||||||
Class A | NII | $ | 0.1575 | |||||
Class B | NII | $ | — | |||||
Class C | NII | $ | 0.0192 | |||||
Class I | NII | $ | 0.2806 | |||||
Class Q | NII | $ | 0.2031 | |||||
ING Asia-Pacific Real Estate Fund | ||||||||
Class A | NII | $ | 0.0995 | |||||
Class B | NII | $ | 0.0623 | |||||
Class C | NII | $ | 0.0631 | |||||
Class I | NII | $ | 0.1172 | |||||
ING Disciplined International SmallCap Fund | ||||||||
Class A | NII | $ | 0.0579 | |||||
Class B | NII | $ | 0.0053 | |||||
Class C | NII | $ | 0.0052 | |||||
Class I | NII | $ | 0.0714 | |||||
All Classes | STCG | $ | 0.1921 | |||||
ING Emerging Countries Fund | ||||||||
Class A | NII | $ | 0.4549 | |||||
Class B | NII | $ | 0.1444 | |||||
Class C | NII | $ | 0.2125 | |||||
Class I | NII | $ | 0.5739 | |||||
Class Q | NII | $ | 0.4889 | |||||
Class W | NII | $ | — | |||||
All Classes* | LTCG | $ | 1.1113 | |||||
ING European Real Estate Fund | ||||||||
Class A | NII | $ | 0.1215 | |||||
Class B | NII | $ | 0.0707 | |||||
Class C | NII | $ | 0.0674 | |||||
Class I | NII | $ | 0.1441 | |||||
ING Foreign Fund | ||||||||
All Classes* | STCG | $ | 0.1302 | |||||
All Classes* | LTCG | $ | 1.2459 | |||||
ING Greater China Fund | ||||||||
Class A | NII | $ | 0.0643 | |||||
Class B | NII | $ | — | |||||
Class C | NII | $ | — | |||||
Class I | NII | $ | 0.1007 | |||||
Class O** | NII | $ | — | |||||
All Classes** | STCG | $ | 1.6975 | |||||
All Classes** | LTCG | $ | 0.3671 | |||||
ING Index Plus International Equity Fund | ||||||||
Class A | NII | $ | 0.1768 | |||||
Class B | NII | $ | 0.1568 | |||||
Class C | NII | $ | 0.1575 | |||||
Class I | NII | $ | 0.2430 | |||||
Class O | NII | $ | 0.2430 | |||||
All Classes | STCG | $ | 1.0653 | |||||
All Classes | LTCG | $ | 0.3012 | |||||
ING International Capital Appreciation Fund | ||||||||
Class A | NII | $ | 0.1369 | |||||
Class B | NII | $ | 0.1057 | |||||
Class C | NII | $ | 0.1106 | |||||
Class I | NII | $ | 0.1732 | |||||
All Classes | STCG | $ | 0.3826 | |||||
All Classes | LTCG | $ | 0.1191 | |||||
ING International Equity Dividend Fund | ||||||||
Class A | NII | $ | 0.3401 | |||||
Class B | NII | $ | 0.2737 | |||||
Class C | NII | $ | 0.2740 | |||||
Class I | NII | $ | 0.3705 | |||||
Class W | NII | $ | 0.2903 | |||||
All Classes, except Class W | ROC | $ | 0.0305 | |||||
Class W | ROC | $ | 0.0234 | |||||
All Classes* | STCG | $ | 0.0387 | |||||
ING International Growth Opportunities Fund | ||||||||
Class A | NII | $ | 0.0213 | |||||
Class B | NII | $ | — | |||||
Class C | NII | $ | — | |||||
Class I | NII | $ | 0.0526 | |||||
Class Q | NII | $ | 0.0356 | |||||
All Classes | STCG | $ | 1.1255 | |||||
All Classes | LTCG | $ | 1.1738 | |||||
ING International Real Estate Fund | ||||||||
Class A | NII | $ | 0.3552 | |||||
Class B | NII | $ | 0.2662 | |||||
Class C | NII | $ | 0.2671 | |||||
Class I | NII | $ | 0.3918 | |||||
Class W | NII | $ | 0.1046 | |||||
All Classes, except Class W | ROC | $ | 0.1918 | |||||
Class W | ROC | $ | 0.0470 | |||||
ING International SmallCap Multi-Manager Fund | ||||||||
Class A | NII | $ | 0.3231 | |||||
Class B | NII | $ | — | |||||
Class C | NII | $ | — | |||||
Class I | NII | $ | 0.5207 | |||||
Class Q | NII | $ | 0.3692 | |||||
All Classes*,** | STCG | $ | 4.1139 | |||||
All Classes*,** | LTCG | $ | 3.7698 | |||||
ING International Value Fund | ||||||||
Class A | NII | $ | 0.2265 | |||||
Class B | NII | $ | 0.0204 | |||||
Class C | NII | $ | 0.0753 | |||||
Class I | NII | $ | 0.3129 | |||||
Class Q | NII | $ | 0.3123 | |||||
All Classes | STCG | $ | 0.5038 | |||||
All Classes | LTCG | $ | 2.8486 | |||||
ING International Value Choice Fund | ||||||||
Class A | NII | $ | 0.1008 | |||||
Class B | NII | $ | 0.0012 | |||||
Class C | NII | $ | — | |||||
Class I | NII | $ | 0.1639 | |||||
All Classes | STCG | $ | 0.6865 | |||||
All Classes | LTCG | $ | 1.2975 | |||||
ING Russia Fund | ||||||||
Class A | LTCG | $ | 11.5873 | |||||
ING Emerging Markets Fixed Income Fund | ||||||||
Class A | NII | $ | 0.4510 | |||||
Class B | NII | $ | 0.3782 | |||||
Class C | NII | $ | 0.3793 | |||||
Class I | NII | $ | 0.4813 | |||||
All Classes | ROC | $ | 0.1765 |
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Per Share | ||||||||
Fund Name | Type | Amount | ||||||
ING Global Bond Fund | ||||||||
Class A | NII | $ | 0.6235 | |||||
Class B | NII | $ | 0.5290 | |||||
Class C | NII | $ | 0.5356 | |||||
Class I | NII | $ | 0.6708 | |||||
Class O*** | NII | $ | 0.1090 | |||||
All Classes** | STCG | $ | 0.1218 | |||||
ING Diversified International Fund | ||||||||
Class A | NII | $ | 0.2555 | |||||
Class B | NII | $ | 0.1680 | |||||
Class C | NII | $ | 0.1777 | |||||
Class I | NII | $ | 0.2829 | |||||
Class R | NII | $ | 0.2170 | |||||
Class W | NII | $ | — | |||||
All Classes*,** | STCG | $ | 0.0414 | |||||
All Classes*,** | LTCG | $ | 0.0456 |
* | Except Class W, which launched after the Fund’s capital gain distributions were declared. |
** | Except Class O, which launched after the Fund’s capital gain distributions were declared. |
*** | Commenced operations June 4, 2008. |
Global Equity Dividend | 33.50% | |
Global Natural Resources | 7.89% | |
Global Value Choice | 81.79% | |
Disciplined International SmallCap | 0.03% | |
Foreign | 0.83% | |
International Growth Opportunities | 0.82% | |
International SmallCap Multi-Manager | 0.01% | |
International Value Choice | 0.28% |
Global Equity Dividend | 86.33% | |
Global Natural Resources | 9.34% | |
Global Value Choice | 87.60% | |
Asia-Pacific Real Estate | 88.76% | |
Disciplined International SmallCap | 37.73% | |
Emerging Countries | 100.00% | |
European Real Estate | 66.31% | |
Foreign | 100.00% | |
Greater China | 3.77% | |
Index Plus International Equity | 25.44% | |
International Capital Appreciation | 26.77% | |
International Equity Dividend | 88.64% | |
International Growth Opportunities | 22.36% | |
International Real Estate | 20.23% | |
International SmallCap Multi-Manager | 22.63% | |
International Value | 72.22% | |
International Value Choice | 38.93% | |
Diversified International | 41.61% |
Global Equity Dividend | 0.34% | |
Global Natural Resources | 0.71% | |
Global Value Choice | 5.47% | |
Asia-Pacific Real Estate | 1.63% | |
Disciplined International SmallCap | 6.10% | |
Emerging Countries | 4.00% | |
European Real Estate | 1.07% | |
Greater China | 0.03% | |
Index Plus International Equity | 0.44% | |
International Capital Appreciation | 1.75% | |
International Equity Dividend | 1.65% | |
International Growth Opportunities | 1.96% | |
International Real Estate | 1.89% | |
International SmallCap Multi-Manager | 4.36% | |
International Value | 4.38% | |
International Value Choice | 10.15% | |
Emerging Markets Fixed Income | 100.00% | |
Global Bond | 37.24% |
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Global Equity Dividend | ||
Global Natural Resources | ||
Disciplined International SmallCap | ||
Foreign | ||
Greater China | ||
Index Plus International Equity | ||
International Capital Appreciation | ||
International Equity Dividend | ||
International Growth Opportunities | ||
International SmallCap Multi-Manager | ||
International Value | ||
International Value Choice | ||
Global Bond | ||
Diversified International |
Global Natural Resources | $2,046,138 | |
Greater China | $704,722 | |
International Value | $122,133,081 | |
Russia | $54,251,300 |
Portion of | ||||||||||||
Ordinary Income | ||||||||||||
Distribution | ||||||||||||
Creditable | Derived from | |||||||||||
Foreign | Per Share | Foreign Sourced | ||||||||||
Taxes Paid | Amount | Income* | ||||||||||
Global Equity Dividend | $ | 812,300 | $ | 0.0476 | 70.23% | |||||||
Asia-Pacific Real Estate | $ | 2,672 | $ | 0.0017 | 99.05% | |||||||
Disciplined International SmallCap | $ | 833,666 | $ | 0.0209 | 94.25% | |||||||
Emerging Countries | $ | 702,197 | $ | 0.1086 | 98.14% | |||||||
European Real Estate | $ | 17,281 | $ | 0.0287 | 99.31% | |||||||
Foreign | $ | 1,561,614 | $ | 0.0529 | 96.55% | |||||||
Greater China | $ | 104,009 | $ | 0.0378 | 99.91% | |||||||
Index Plus International Equity | $ | 658,240 | $ | 0.0385 | 98.10% | |||||||
International Capital Appreciation | $ | 248,364 | $ | 0.0333 | 91.37% | |||||||
International Equity Dividend | $ | 247,755 | $ | 0.0368 | 98.24% | |||||||
International Growth Opportunities | $ | 228,405 | $ | 0.0210 | 90.43% | |||||||
International Real Estate | $ | 921,568 | $ | 0.0152 | 99.50% | |||||||
International SmallCap Multi-Manager | $ | 2,218,077 | $ | 0.1285 | 98.06% | |||||||
International Value | $ | 13,355,892 | $ | 0.0705 | 98.30% | |||||||
International Value Choice | $ | 130,712 | $ | 0.0197 | 98.39% |
* | None of the funds listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code. |
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Number of | ||||||||||
Funds in | ||||||||||
Position(s) | Complex(2) | Other Directorships/ | ||||||||
held with | Term of Office | Overseen | Trusteeships | |||||||
Fund/ | and Length of | Principal Occupation(s) | by Director/ | held by Director/ | ||||||
Name, Address and Age | Portfolio | Time Served(1) | during the Past 5 Years | Trustee | Trustee | |||||
Colleen D. Baldwin 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 48 | Director/ Trustee | IMF November 2007 — Present IMT December 2007 — Present | President, National Charity League/Canaan Parish Board (June 2008 — Present) and Consultant (January 2005 — Present) Formerly, Chief Operating Officer, Ivy Asset Management Group (April 2002 — October 2004). | 170 | None | |||||
John V. Boyer(3) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 55 | Director/ Trustee | January 2005 — Present | President, Bechtler Arts Foundation (March 2008 — Present). Formerly, Consultant (July 2007 — February 2008); President and Chief Executive Officer, Franklin and Eleanor Roosevelt Institute (March 2006 — July 2007); and Executive Director, The Mark Twain House & Museum (September 1989 — November 2005). | 170 | None | |||||
Patricia W. Chadwick 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 60 | Director/ Trustee | January 2006 — Present | Consultant and President of self-owned company, Ravengate Partners LLC (January 2000 — Present). | 170 | Wisconsin Energy Corporation (June 2006 — Present). | |||||
Peter S. Drotch 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 66 | Director/ Trustee | IMF November 2007 — Present IMT December 2007 — Present | Retired partner, PricewaterhouseCoopers, LLP. | 170 | First Marblehead Corporation (October 2003 — Present). | |||||
J. Michael Earley 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 63 | Director/ Trustee | February 2002 — Present | President, Chief Executive Officer and Director, Bankers Trust Company, N.A., Des Moines (June 1992 — Present). | 170 | Midamerica Financial Corporation (December 2002 — Present). | |||||
Patrick W. Kenny 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 65 | Director/ Trustee | January 2005 — Present | President and Chief Executive Officer, International Insurance Society (June 2001 — Present). | 170 | Assured Guaranty Ltd. (April 2004 — Present) and Odyssey Re Holdings Corporation (November 2006 — Present). | |||||
Sheryl K. Pressler 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 57 | Director/ Trustee | January 2006 — Present | Consultant (May 2001 — Present). | 170 | Global Alternative Asset Management, Inc. (October 2007 — Present) and Stillwater Mining Company (May 2002 — Present). | |||||
Roger B. Vincent 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 63 | Chairman and Director/ Trustee | February 2002 — Present | President, Springwell Corporation (March 1989 — Present). | 170 | UGI Corporation (February 2006 — Present) and UGI Utilities, Inc. (February 2006 — Present). | |||||
Directors/Trustees who are “Interested Persons” | ||||||||||
Robert W. Crispin(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 61 | Director/ Trustee | IMF November 2007 — Present IMT December 2007 — Present | Retired. Chairman and Chief Investment Officer, ING Investment Management Co. (June 2001 — December 2007). | 170 | ING Canada Inc. (December 2004 — Present) and ING Bank, fsb (June 2001 — Present). |
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Number of | ||||||||||
Funds in | ||||||||||
Position(s) | Complex(2) | Other Directorships/ | ||||||||
held with | Term of Office | Overseen | Trusteeships | |||||||
Fund/ | and Length of | Principal Occupation(s) | by Director/ | held by Director/ | ||||||
Name, Address and Age | Portfolio | Time Served(1) | during the Past 5 Years | Trustee | Trustee | |||||
Shaun P. Mathews(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 53 | Director/ Trustee | IMF November 2007 — Present IMT December 2007 — Present | President and Chief Executive Officer, ING Investments, LLC(5) (November 2006 — Present). Formerly, President, ING Mutual Funds and Investment Products (November 2004 — November 2006); Chief Marketing Officer, ING USFS (April 2002 — October 2004); and Head of Rollover/Payout (October 2001 — December 2003). | 208 | ING Services Holding Company, Inc. (May 2000 — Present); Southland Life Insurance Company (June 2002 — Present); and ING Capital Corporation, LLC, ING Funds Distributor, LLC(6), ING Funds Services, LLC(7), ING Investments, LLC(5) and ING Pilgrim Funding, Inc. (December 2006 — Present). |
(1) | Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee is subject to the Board’s retirement policy, which states that each Independent Trustee shall retire from service as a Trustee at the conclusion of the first regularly scheduled meeting of the Board that is held after (a) the Trustee reaches the age of 70, if that Trustee qualifies for a retirement benefit as discussed in the board’s retirement policy; or (b) the Trustee reaches the age of 72 or has served as a Trustee for 15 years, whichever comes first, if that Trustee does not qualify for the retirement benefit. A unanimous vote of the Board may extend the retirement date of a Trustee for up to one year. An extension may be permitted if the retirement would trigger a requirement to hold a meeting of shareholders of the Fund under applicable law, whether for purposes of appointing a successor to the Trustee or if otherwise necessary under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer needed. | |
(2) | For the purposes of this table (except for Mr. Mathews),“Fund Complex” means the following investment companies: ING Asia Pacific High Dividend Equity Income Fund, ING Equity Trust; ING Funds Trust; ING Global Equity Dividend and Premium Opportunity Fund; ING Global Advantage and Premium Opportunity Fund; ING International High Dividend Equity Income Fund; ING Investors Trust; ING Mayflower Trust; ING Mutual Funds; ING Prime Rate Trust; ING Risk Managed Natural Resources Fund; ING Senior Income Fund; ING Separate Portfolios Trust; ING Variable Insurance Trust; ING Variable Products Trust; and ING Partners, Inc. For Mr. Mathews, the Fund Complex also includes the following investment companies: ING GET Fund; ING Series Fund, Inc.; ING Strategic Allocation Portfolios, Inc.; ING Variable Funds; ING Variable Portfolios, Inc.; ING VP Balanced Portfolio, Inc.; ING VP Intermediate Bond Portfolio; and ING VP Money Market Portfolio. | |
(3) | Shaun Mathews, President, ING USFS Mutual Funds and Investment Products, has held a seat on the Board of Directors of The Mark Twain House & Museum since September 19, 2002. ING Groep N.V. makes non-material, charitable contributions to The Mark Twain House & Museum. | |
(4) | Messrs. Mathews and Crispin are deemed to be “interested persons” of the Trust as defined in the 1940 Act because of their relationship with ING Groep, the parent corporation of the Adviser, ING Investments, LLC and the Distributor, ING Funds Distributor, LLC. | |
(5) | ING Investments, LLC was previously named ING Pilgrim Investments, LLC. ING Pilgrim Investments, LLC is the successor in interest to ING Pilgrim Investments, Inc., which was previously known as Pilgrim Investments, Inc. and before that was known as Pilgrim America Investments, Inc. | |
(6) | ING Funds Distributor, LLC is the successor in interest to ING Funds Distributor, Inc., which was previously known as ING Pilgrim Securities, Inc., and before that was known as Pilgrim Securities, Inc., and before that was known as Pilgrim America Securities, Inc. | |
(7) | ING Funds Services, LLC was previously named ING Pilgrim Group, LLC. ING Pilgrim Group, LLC is the successor in interest to ING Pilgrim Group, Inc., which was previously known as Pilgrim Group, Inc. and before that was known as Pilgrim America Group, Inc. |
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Term of Office | ||||||
Position(s) Held | and Length of | Principal Occupation(s) | ||||
Name, Address and Age | with Fund | Time Served(1) | during the Past 5 Years | |||
Shaun P. Mathews 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 53 | President and Chief Executive Officer | November 2006 — Present | President and Chief Executive Officer, ING Investments, LLC(2) (November 2006 — Present). Formerly, President, ING Mutual Funds and Investment Products (November 2004 — November 2006); Chief Marketing Officer, ING USFS (April 2002 — October 2004); and Head of Rollover/Payout (October 2001 — December 2003) | |||
Michael J. Roland 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 50 | Executive Vice President | February 2002 — Present | Head of Mutual Fund Platform (February 2007 — Present) and Executive Vice President, ING Investments, LLC(2) and ING Funds Services, LLC(3) (December 2001 — Present). Formerly, Executive Vice President, Head of Product Management (January 2005 — January 2007); Chief Compliance Officer, ING Investments, LLC(2) and Directed Services LLC(5) (October 2004 — December 2005); and Chief Financial Officer and Treasurer, ING Investments, LLC(2) (December 2001 — March 2005) | |||
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 58 | Executive Vice President | ING Mutual Funds May 1999 — Present ING Mayflower Trust November 1999 — Present | Executive Vice President, ING Investments, LLC(2) (July 2000 — Present) and Chief Investment Risk Officer, ING Investments, LLC(2) (January 2003 — Present) | |||
Joseph M. O’Donnell 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 53 | Executive Vice President and Chief Compliance Officer | Executive Vice President March 2006 — Present Chief Compliance Officer November 2004 — Present | Chief Compliance Officer of the ING Funds (November 2004 — Present) and Executive Vice President of the ING Funds (March 2006 — Present). Formerly, Chief Compliance Officer of ING Investments, LLC(2) (March 2006 — July 2008); Investment Advisor Chief Compliance Officer, Directed Services LLC(5) (March 2006 — July 2008) ING Life Insurance and Annuity Company (March 2006 — December 2006); and Vice President, Chief Legal Counsel, Chief Compliance Officer and Secretary of Atlas Securities, Inc., Atlas Advisers, Inc. and Atlas Funds (October 2001 — October 2004) | |||
Todd Modic 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 40 | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | March 2005 — Present | Senior Vice President, ING Funds Services, LLC(3) (March 2005 — Present). Formerly, Vice President, ING Funds Services, LLC(3) (September 2002 — March 2005) | |||
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 44 | Senior Vice President | November 2003 — Present | Senior Vice President, ING Investments, LLC(2) (October 2003 — Present). Formerly, Vice President and Assistant Secretary, ING Investments, LLC(2) (January 2001 — October 2003) | |||
Robert Terris 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 38 | Senior Vice President | May 2006 — Present | Senior Vice President, Head of Division Operations, ING Funds Services, LLC(3) (May 2006 — Present). Formerly, Vice President of Administration, ING Funds Services, LLC(3) (October 2001 — March 2006) |
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Term of Office | ||||||
Position(s) Held | and Length of | Principal Occupation(s) | ||||
Name, Address and Age | with Fund | Time Served(1) | during the Past 5 Years | |||
Ernest J. C’DeBaca 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 39 | Senior Vice President | May 2006 — Present | Chief Compliance Officer, ING Investments, LLC(2) (July 2008 — Present); Investment Advisor Chief Compliance Officer, Directed Services LLC(5) (July 2008 — Present); Head of Retail Compliance, ING Funds Distributor, LLC(4) and ING Funds Services, LLC(3), (July 2008 — Present); and Senior Vice President, ING Investments, LLC(2) (December 2006 — Present), ING Funds Services, LLC(3) (April 2006 — Present), ING Funds Distributor, LLC(4) (July 2008 — Present), and Directed Services LLC(5) (July 2008 — Present). Formerly, Counsel, ING Americas, U.S. Legal Services (January 2004 — March 2006) and Attorney-Adviser, U.S. Securities and Exchange Commission (May 2001 — December 2003) | |||
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 41 | Vice President and Treasurer | May 1999 — Present IMT November 1999 — Present | Vice President and Treasurer, ING Funds Services, LLC(3) (November 1995 — Present) and ING Investments, LLC(2) (August 1997 — Present) | |||
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 54 | Vice President | February 2003 — Present | Vice President and Chief Compliance Officer, ING Funds Distributor, LLC(4) (August 1995 — Present); Vice President, ING Investments, LLC(2) and ING Funds Services, LLC(3) (February 1996 — Present); and Director of Compliance, ING Investments, LLC(2) (October 2004 — Present). Formerly, Chief Compliance Officer, ING Investments, LLC(2) (October 2001 — October 2004) | |||
William Evans 10 State House Square Hartford, Ct 06103 Age: 36 | Vice President | September 2007 — Present | Vice President, Head of Mutual Fund Advisory Group (April 2007 — Present). Formerly, Vice President, U.S. Mutual Funds and Investment Products (May 2005 — April 2007) and Senior Fund Analyst, U.S. Mutual Funds and Investment Products (May 2002 — May 2005) | |||
Maria M. Anderson 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 50 | Vice President | September 2004 — Present | Vice President, ING Funds Services, LLC(3) (September 2004 — Present). Formerly, Assistant Vice President, ING Funds Services, LLC(3) (October 2001 — September 2004) | |||
Denise Lewis 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 45 | Vice President | January 2007 — Present | Vice President, ING Funds Services, LLC(3) (December 2006 — Present). Formerly, Senior Vice President, UMB Investment Services Group, LLC (November 2003 — December 2006) | |||
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 51 | Vice President | March 2006 — Present | Vice President, ING Funds Services, LLC(3) (March 2006 — Present). Formerly, Assistant Vice President, ING Funds Services, LLC(3) (August 2004 — March 2006) and Manager, Registration Statements, ING Funds Services, LLC(3) (May 2003 — August 2004) |
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Term of Office | ||||||
Position(s) Held | and Length of | Principal Occupation(s) | ||||
Name, Address and Age | with Fund | Time Served(1) | during the Past 5 Years | |||
Susan P. Kinens 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 31 | Assistant Vice President | February 2003 — Present | Assistant Vice President, ING Funds Services, LLC(3) (December 2002 — Present) | |||
Craig Wheeler 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 39 | Assistant Vice President | May 2008 — Present | Assistant Vice President — Director of Tax, ING Funds Services (March 2008 — Present). Formerly, Tax Manager, ING Funds Services (March 2005 — March 2008); Tax Senior , ING Funds Services (January 2004 — March 2005); and Tax Senior, KPMG LLP (August 2002 — December 2003) | |||
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 44 | Secretary | August 2003 — Present | Chief Counsel, ING Americas, U.S. Legal Services (September 2003 — Present). Formerly, Counsel, ING Americas, U.S. Legal Services (November 2002 — September 2003) | |||
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 45 | Assistant Secretary | August 2003 — Present | Senior Counsel, ING Americas, U.S. Legal Services (April 2008 — Present). Formerly, Counsel, ING Americas, U.S. Legal Services (April 2003 — April 2008) | |||
Kathleen Nichols 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 33 | Assistant Secretary | May 2008 — Present | Counsel, ING Americas, U.S. Legal Services (February 2008 — Present). Formerly, Associate, Ropes & Gray LLP (September 2005 — February 2008) |
(1) | The officers hold office until the next annual meeting of the Trustees and until their successors shall have been elected and qualified. | |
(2) | ING Investments, LLC was previously named ING Pilgrim Investments, LLC. ING Pilgrim Investments, LLC is the sucessor in interest to ING Pilgrim Investments, Inc., which was previously known as Pilgrim Investments, Inc. and before that was known as Pilgrim America Investments, Inc. | |
(3) | ING Funds Services, LLC was previously named ING Pilgrim Group, LLC. ING Pilgrim Group, LLC is the sucessor in interest to ING Pilgrim Group, Inc., which was previously known as Pilgrim Group, Inc. and before that was known as Pilgrim America Group, Inc. | |
(4) | ING Funds Distributor, LLC is the sucessor in interest to ING Funds Distributor, Inc., which was previously known as ING Pilgrim Securities, Inc., and before that was known as Pilgrim Securities, Inc., and before that was known as Pilgrim America Securities, Inc. | |
(5) | Directed Services, LLC is the sucessor in interest to Directed Services, Inc. |
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* | An investment in the funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. |
Table of Contents
Accounting Firm
![(ING FUNDS LOGO)](https://capedge.com/proxy/N-CSR/0000950153-09-000013/p13577bp13577l2.gif)
(a) | Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), the principal accountant for the audit of the registrant’s annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $158,162 for year ended October 31, 2008 and $153,511 for year ended October 31, 2007. | |
(b) | Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $2,150 for the year ended October 31, 2008 and $235,893 for the year ended October 31, 2007. | |
(c) | Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $16,067 in the year ended October 31, 2008 and $5,200 in the year ended October 31, 2007. Such services induced review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state and excise tax returns, tax services related to mergers and routine consulting. | |
None | ||
(d) | All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were $7,500 for the year ended October 31, 2008 and $0 for the year ended October 31, 2007. | |
(e) | (1) Audit Committee Pre-Approval Policies and Procedures |
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PRE-APPROVAL POLICY
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The Fund(s) | Fee Range | |||
Statutory audits or financial audits (including tax services associated with audit services) | ü | As presented to Audit Committee1 | ||
Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters. | ü | Not to exceed $9,750 per filing | ||
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | ü | Not to exceed $8,000 during the Pre-Approval Period | ||
Seed capital audit and related review and issuance of consent on the N-2 registration statement | ü | Not to exceed $12,600 per audit |
1 | For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling. |
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The Fund(s) | Fund Affiliates | Fee Range | ||||
Services related to Fund mergers (Excludes tax services - - See Appendix C for tax services associated with Fund mergers) | ü | ü | Not to exceed $10,000 per merger | |||
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.] | ü | Not to exceed $5,000 per occurrence during the Pre-Approval Period | ||||
Review of the Funds’ semi-annual financial statements | ü | Not to exceed $2,200 per set of financial statements per fund | ||||
Reports to regulatory or government agencies related to the annual engagement | ü | Up to $5,000 per occurrence during the Pre-Approval Period | ||||
Regulatory compliance assistance | ü | ü | Not to exceed $5,000 per quarter | |||
Training courses | ü | Not to exceed $2,000 per course | ||||
For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies | ü | Not to exceed $9,450 per quarter | ||||
For Prime Rate Trust and Senior Income Fund, agreed upon procedures for the Revolving Credit and Security Agreement with Citigroup | ü | Not to exceed $21,000 per fund per year |
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The Fund(s) | Affiliates | Fee Range | ||||
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions | ü | As presented to Audit Committee2 | ||||
Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | ü | As presented to Audit Committee2 | ||||
Assistance and advice regarding year-end reporting for 1099’s | ü | As presented to Audit Committee2 | ||||
Tax assistance and advice regarding statutory, regulatory or administrative developments | ü | ü | Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre-Approval Period |
2 | For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling. |
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Fund | ||||||
The Fund(s) | Affiliates | Fee Range | ||||
Tax training courses | ü | Not to exceed $2,000 per course during the Pre-Approval Period | ||||
Tax services associated with Fund mergers | ü | ü | Not to exceed $4,000 per fund per merger during the Pre-Approval Period | |||
Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, and similar routine tax consultations. | ü | Not to exceed $120,000 during the Pre-Approval Period |
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The Fund(s) | Fund Affiliates | Fee Range | ||||
Agreed-upon procedures for Class B share 12b-1 programs | ü | Not to exceed $50,000 during the Pre-Approval Period | ||||
Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians) Cost to be borne 50% by the Funds and 50% by ING Investments, LLC. | ü | ü | Not to exceed $5,000 per Fund during the Pre-Approval Period | |||
Agreed upon procedures for 15 (c) FACT Books | ü | Not to exceed $35,000 during the Pre-Approval Period |
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Dated: January 1, 2008
• | Bookkeeping or other services related to the accounting records or financial statements of the Funds | ||
• | Financial information systems design and implementation | ||
• | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports | ||
• | Actuarial services | ||
• | Internal audit outsourcing services | ||
• | Management functions | ||
• | Human resources | ||
• | Broker-dealer, investment adviser, or investment banking services | ||
• | Legal services | ||
• | Expert services unrelated to the audit | ||
• | Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible |
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ING FUNDS TRUST
ING ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND
ING GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND
ING GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND
ING INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND
ING RISK MANAGED NATURAL RESOURCES FUND
ING INVESTMENT FUNDS, INC.
ING INVESTORS TRUST
ING MAYFLOWER TRUST
ING MUTUAL FUNDS
ING PARTNERS, INC.
ING PRIME RATE TRUST
ING SENIOR INCOME FUND
ING SEPARATE PORTFOLIOS TRUST
ING VARIABLE INSURANCE TRUST
ING VARIABLE PRODUCTS TRUST
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(e)(2) | Percentage of services referred to in 4(b) — (4)(d) that were approved by the audit committee | |
100% of the services were approved by the audit committee. | ||
(f) | Percentage of hours expended attributable to work performed by other than full time employees of KPMG if greater than 50%. | |
Not applicable. | ||
(g) | Non-Audit Fees: The non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $2,168,685 for year ended October 31, 2008 and $212,850 for year ended October 31, 2007. | |
(h) | Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining KPMG’s independence. |
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(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. |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT. | |
(b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT. | |
(3) | Not applicable. |
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By | /s/ Shaun P, Mathews | |||
President and Chief Executive Officer |
By | /s/ Shaun P. Mathews | |||
President and Chief Executive Officer |
By | /s/ Todd Modic | |||
Senior Vice President and Chief Financial Officer |