ING International SmallCap Multi-Manager Fund (the “Fund”) seeks maximum long-term capital appreciation. The Fund’s assets are managed by two sub-advisers — Acadian Asset Management LLC (“Acadian”) and Schroder Investment Management North America Inc. (“Schroders”). Each manages a portion of the Fund’s assets that is allocated to the sub-adviser. The following individuals are primarily responsible for the day-to-day management of their respective portions of the Fund: John R. Chisholm, CFA, Executive Vice President and Chief Investment Officer, Constantine P. Papageorgiou, CFA, Vice President, Brian K. Wolahan, CFA, Senior Vice President, and Patrick J. McCafferty, CFA, Vice President, all Portfolio Managers of the portion of the Fund that is managed by Acadian, and Matthew Dobbs, Portfolio Manager of the portion of the Fund that is managed by Schroders.*
One country position that underperformed was our overweight in Japan, as this market trailed significantly following the disasters of March. Allocations to China, Taiwan and India were also detrimental. Emerging markets saw volatile results over the period, as investors assessed China’s interest rate policy and the likely impact of rising oil prices. Events in Africa and the Middle East appeared to only impact stock markets locally, however, with little sign of “contagion” spreading to the emerging asset class as a whole.
On the stock selection side, the portfolio gained active return from positions in Japan, Korea, Australia, Switzerland, Sweden, France and Hong Kong, all of which outperformed the index. Canada and the U.K. were the only markets to see any significant negative stock return. Overall it was a solid period for stock alpha in the portfolio, particularly from industrial and consumer selections.
It has been yet another strong period of relative performance for small-caps, with smaller company equities outpacing larger peers in most markets. Cyclical sectors such as materials, industrials and information technology, along with energy, led the way while financials, telecoms and health care lagged.
The fund (gross of fees) modestly outperformed the S&P EPAC SmallCap Index by approximately 77bps, primarily thanks to strong stock selection in the United Kingdom and in the Pacific ex-Japan region. In the United Kingdom the main contribution came from our stock positions in the industrial and consumer cyclical sectors. In Pacific ex-Japan the main contributions came from selection in the materials, information technology and consumer cyclical sectors. The only significant headwind came from the emerging market exposure which detracted from relative returns.
Within our framework, we believe many stocks are attractive. The discount to quality remains present and we continue to see a wide spread of factor scores on key company attributes, creating a favorable environment for active stock selection.
PORTFOLIO MANAGERS’ REPORT | | ING INTERNATIONAL VALUE FUND
|
| | Country Allocation
as of April 30, 2011
(as a percent of net assets)
|
| | Japan | | | | | 23.6 | % |
| | France | | | | | 13.9 | % |
| | United Kingdom | | | | | 12.6 | % |
| | Netherlands | | | | | 7.0 | % |
| | Germany | | | | | 6.1 | % |
| | Switzerland | | | | | 5.8 | % |
| | Italy | | | | | 4.4 | % |
| | Canada | | | | | 3.2 | % |
| | Brazil | | | | | 2.7 | % |
| | Spain | | | | | 2.1 | % |
| | Countries between 0.2%–2.0%ˆ | | | | | 16.7 | % |
| | Other Assets and Liabilities — Net* | | | | | 1.9 | % |
| | Net Assets | | | | | 100.0 | % |
| | * Includes short-term investments. |
| | ˆ Includes 18 countries, which each represents 0.2%–2.0% of net assets. |
| | Portfolio holdings are subject to change daily.
|
ING International Value Fund (the “Fund”) seeks long-term capital appreciation. The Fund’s assets are managed by three sub-advisers — Brandes Investment Partners, L.P. (“Brandes”), ING Investment Management Co. (“ING IM”) and del Rey Global Investors, LLC (“del Rey”).* Each manages a portion of the Fund’s assets that is allocated to the sub-adviser. The following people are responsible for the day-to-day operations of the Fund: Glenn R. Carlson, CFA, Chief Executive Officer, Brent V. Woods, CFA, Managing Director — Investments, Amelia Maccoun Morris, CFA, Director — Investments, W. James Brown, CFA, Director — Investments, Brent Fredberg, Senior Analyst and Jeffrey Germain, Analyst, comprise the voting members of Brandes’ Large Cap Investment Committee; Martin Jansen, David Rabinowitz and Joseph Vultaggio are the Portfolio Managers for ING IM; and Paul Hechmer is the Portfolio Manager for del Rey.(1)
Performance: For the six-month period ended April 30, 2011, the Fund’s Class A shares, excluding sales charges, provided a total return of 10.10% compared to the MSCI Europe, Australasia and Far East® Index (“MSCI EAFE® Index”), which returned 12.71% for the same period.
Portfolio Specifics: Brandes Sleeve(2) — Despite achieving positive gains during the 6-month period ending April 30, 2011, the fund underperformed its benchmark. Stock selection in France- and Japan-based companies accounted for much of the performance shortfall relative to the index. At the same time, individual issue selection among our emerging markets holdings had a positive impact on returns compared to the MSCI EAFE® Index.
Looking at absolute returns for the fund, positions in the diversified telecommunication services, insurance, pharmaceuticals, and communications equipment industries had a positive impact on performance. Returns for securities based in these industries, such as Deutsche Telekom (Germany — diversified telecommunication services), Swiss Reinsurance (Switzerland — insurance), Ono Pharmaceutical (Japan — pharmaceuticals), and Alcatel-Lucent (France — communications equipment) helped drive performance. Conversely, negative results for positions such as Carrefour (France — food & staples retailing) and Sony (Japan — household durables) adversely affected performance.
From a country perspective, securities based in the Netherlands, Japan, Switzerland, and the United Kingdom tended to have the most positive impact on performance on an absolute basis. Some of the top-performers from these countries were Aegon (Netherlands — insurance), Mizuho Financial Group (Japan — commercial banks), TE Connectivity (Switzerland — electronic equipment instruments & components), and GlaxoSmithKline (United Kingdom — pharmaceuticals).
Top Ten Holdings
as of April 30, 2011
(as a percent of net assets)
|
| Sanofi-Aventis SA | | | | | 2.4 | % | |
| Total SA | | | | | 2.3 | % | |
| Novartis AG | | | | | 1.9 | % | |
| Seven & I Holdings Co., Ltd. | | | | | 1.8 | % | |
| GlaxoSmithKline PLC | | | | | 1.6 | % | |
| Deutsche Telekom AG | | | | | 1.6 | % | |
| Unilever NV | | | | | 1.5 | % | |
| Telecom Italia S.p.A. | | | | | 1.5 | % | |
| Royal Dutch Shell PLC — Class A | | | | | 1.3 | % | |
| Vodafone Group PLC | | | | | 1.3 | % | |
| | | | | | | | |
Portfolio holdings are subject to change daily.
|
ING IM Sleeve(2) — The fund underperformed its benchmark due to weak security selection that was centered in the industrials and consumer staples sectors. From a regional perspective, our modest allocation to emerging markets detracted from the result. By contrast, strong selection in utilities and energy helped to bolster performance. Moreover, strong selection in Japan benefited the Fund.
Outperformers during the period included Inpex Corp., Norilsk Nickel Mining & Metallurgical Co. and Suncor Energy Inc. We believe Inpex Corp., a Japanese oil and gas production company, is well placed to benefit from the need in Japan to diversify away from nuclear energy. Both Norilsk Nickel and Suncor have benefited from steeply rising hard commodity prices.
Stocks hurting performance included Gafisa SA, Danske Bank SA — which underperformed following an unexpected rights issue — and China Railway Group Ltd., which posted disappointing earnings growth.
del Rey Sleeve(2) — For the period from inception* through April 30, 2011, the fund (on a net basis) underperformed its benchmark by approximately 286bps. Most of this underperformance can be attributed to our overweight position in Japan and resulting underweight position in Europe versus the EAFE Index. During the period under review the Japanese market (as measured by the Topix Index) fell 10% in yen terms, having been roughly flat until the earthquake. By contrast, Europe was down about 2% in the same period. Exacerbating these results were currency movements as the Euro appreciated approximately 7% against the Japanese Yen between February 11th and April 30th. Overall, in dollar terms, Europe outperformed Japan by approximately 16% during the period under review.
Aside from the regional mismatch, no individual sectors stood out either good or bad during the period. Weightings within energy, telecom, materials and technology sectors delivered positive contributions to portfolio performance, while consumer discretionary, consumer staples, and industrials detracted.
Broadly speaking, during the reporting period, we benefited from our Eurozone and Canadian exposures, but were hurt by the strong performers of 2010, our overweights in Japan and the materials sector, along with our positions closely tied to the consumer. Most individual stocks remained somewhat range-bound with Alcatel-Lucent (Franco-American telecom equipment) acting as an outlier on the positive side. The reporting period’s top five individual security contributors to portfolio returns were: Alcatel-Lucent, Indra Sistemas, Telecom Italia, Sanofi-Aventis, and Nexen. Lastly, the reporting period’s bottom five individual security detractors from portfolio performance were: Nintendo, Shiseido, Fujifilm, Sega Sammy, and Dai Nippon Printing.
Current Strategy and Outlook: Brandes Sleeve(2) — In all market environments, we search for and hold stocks whose shares are trading at discounts to our estimates of their fair values. Our investment philosophy continues to focus on fundamental company analysis with a long-term perspective — not “top-down” forecasts or opinions regarding interest rates, economic growth, or other macroeconomic variables. Country and industry exposures are the result of our individual security selection. As of April 30, 2011, the fund’s most substantial weightings were in Japan and in the diversified telecommunication services industry.
ING IM Sleeve(2) — While headline risks, including rising inflationary pressures in emerging markets, unrest in the Middle East and the serious earthquake in Japan, dominated headlines, international markets took comfort from a stabilizing European sovereign debt outlook and continued monetary ease. The increasing focus on curtailing fiscal deficits did not undermine market sentiment.
Given this backdrop we believe that international equity markets will continue to benefit from positive returns. Most markets have shown great resiliency in the face of adverse geopolitical risk and natural disasters. Since the last commentary we have reduced our emerging market and Japan exposure, favoring European stocks. In addition, we have increased the number of holdings in the fund, seeking to achieve an improved risk/reward ratio.
del Rey Sleeve(2) — The fund’s primary objective continues to be providing our clients with a favorable return over time commensurate with the additional risk they take by investing in equities through our properly diversified and fully invested portfolio. The fund seeks to preserve and thereafter create wealth, on an absolute basis. We strive to outperform the relevant benchmark over an economic cycle, by a large enough margin to deliver superior risk-adjusted returns through an active, research-driven, fundamentals-based investment process. The fund continues to seek, in our opinion, potential investments that trade at attractive absolute valuations, possess strong franchise quality and offer good downside protection/risk-reward.
| * | | Effective February 11, 2011, del Rey was added as a third sub-adviser. |
| (1) | | Effective December 13, 2010, Philip A. Schwartz has left ING Investment Management, Co., and Martin Jansen joined the investment team as a portfolio manager for the Fund. Effective April 14, 2011, John Pairaktaridis was removed as a portfolio manager to the Fund and David Rabinowitz was added. |
| (2) | | For purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING International Value Fund. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
19
ING INTERNATIONAL VALUE CHOICE FUND | | PORTFOLIO MANAGERS’ REPORT
|
| | Country Allocation
as of April 30, 2011
(as a percent of net assets)
|
| | Japan | | | | | 32.2 | % |
| | France | | | | | 11.5 | % |
| | Canada | | | | | 10.6 | % |
| | United Kingdom | | | | | 8.4 | % |
| | South Africa | | | | | 4.8 | % |
| | South Korea | | | | | 4.2 | % |
| | Netherlands | | | | | 4.0 | % |
| | Australia | | | | | 3.2 | % |
| | Germany | | | | | 2.6 | % |
| | Countries between 1.0%–2.5%ˆ | | | | | 14.7 | % |
| | Other Assets and Liabilities — Net* | | | | | 3.8 | % |
| | Net Assets | | | | | 100.0 | % |
| | * Includes short-term investments. |
| | ˆ Includes 9 countries, which each represents 1.0%–2.5% of net assets. |
| | Portfolio holdings are subject to change daily.
|
ING International Value Choice Fund (the “Fund”) seeks long-term capital appreciation. The Fund is managed by Peter Boardman and Alberto Jimenez Crespo, Portfolio Managers of Tradewinds Global Investors, LLC — the Sub-Adviser.
Performance: For the six-month period ended April 30, 2011, the Fund’s Class A shares, excluding sales charges, provided a total return of 8.36% compared to the MSCI Europe, Australasia, Far East® Index (“MSCI EAFE® Index”), which returned 12.71% for the same period.
Portfolio Specifics: Though the Fund posted positive results for the period ending April 30, 2011, it trailed that of the benchmark MSCI EAFE® Index in U.S. Dollar (“USD”) terms. Relative to the benchmark, the Fund continues to have a significant allocation to Japan, which was one of the more muted performing regional equity markets. Not surprisingly, the Fund’s Japanese holdings did not contribute much to absolute returns and was a significant detractor to relative performance. Japanese investments were further dampened in USD terms, as the Yen declined, unlike other major currencies. On a sector basis, the Fund generally benefitted on an absolute and relative basis from its holdings in energy companies but was more than offset by its relative holdings in the materials, industrials and information technology sectors.
Invested across a number of different countries, the Fund’s materials holdings, primarily represented by metals and mining companies, generally contributed to absolute results. But as mentioned above, the Fund’s materials sector was a relative detractor, as the materials sector within the benchmark contained construction materials and chemicals companies which had higher returns. One of the larger individual detractors to absolute results came from this sector. Kinross Gold Corp, the world’s sixth largest gold producer, was under pressure during the period following the release of preliminary operating results and subsequently after posting their fourth quarter and year end results, which were below previous company guidance and market expectations. On a relative basis between the portfolio and the benchmark, industrials compared similarly to materials’ attribution.
For the Fund, information technology was the only sector with a negative return overall. Both the Fund’s overweighted allocation and the holdings therein detracted from relative returns. Nokia, a mobile communication company, which supplies mobile phones and provides mobile and IP networks, was a top individual detractor to Fund results. Nokia’s share price declined following its announcement of making Microsoft Windows Phone 7 its smartphone operating system, while not providing detailed guidance on the transition, and not providing an update on any future pipeline products.
Top Ten Holdings
as of April 30, 2011*
(as a percent of net assets)
|
| Sanofi-Aventis SA | | | | | 3.3 | % | |
| Coca-Cola West Co., Ltd. | | | | | 3.3 | % | |
| Barrick Gold Corp. | | | | | 3.1 | % | |
| SK Telecom Co., Ltd. ADR | | | | | 2.9 | % | |
| Nippon Telegraph & Telephone Corp. ADR | | | | | 2.8 | % | |
| AngloGold Ashanti Ltd ADR | | | | | 2.7 | % | |
| GlaxoSmithKline PLC | | | | | 2.7 | % | |
| AstraZeneca PLC | | | | | 2.6 | % | |
| Kinross Gold Corp. | | | | | 2.6 | % | |
| Royal Dutch Shell PLC ADR | | | | | 2.5 | % | |
| | | | | | | | |
| * Excludes short-term investments. |
| | | | | | | | |
Portfolio holdings are subject to change daily.
|
Energy was the top performing sector for both the benchmark and the Fund during the period. Rising oil prices have caused a reevaluation of the enormous worth inherent in companies such as Nexen Inc, Royal Dutch Shell PLC, and Suncor Energy, which drill, produce, refine and distribute this scarce commodity. Natural gas companies like Gazprom OAO have also performed quite well, despite a relatively flat gas price. Sentiment toward the role of abundantly available natural gas in the global energy matrix has turned more favorable in light of increased instability in oil producing countries. Further, the speed with which both oil and natural gas facilities can come online to serve demand compares favorably to the increasingly long lead-time for nuclear power, a difference which is growing more impactful in fulfilling energy needs.
Current Strategy and Outlook: The world seems to be experiencing a particularly trying time as of late, with natural disasters, political unrest and economic disruptions weighing heavily on the minds of investors. It is easy to retreat into dour pessimism in such an atmosphere, and indeed, it isn’t difficult to find commentators who proclaim doom. Many markets produced positive returns for the quarter, however, and it is not difficult to find optimistic pundits who firmly trust that we have passed through the worst of our challenges. The effort of investors to navigate through these polarizing sentiments goes a long way toward explaining the volatility in the markets during the first quarter. We believe excellent businesses which produce real wealth can provide investors with a sensible vehicle to chart a course through the ambiguity of the future. Though we are convinced that several elements currently propping up markets are unsustainable, it’s impossible to tell exactly how long such irrationality will hold sway. Knowing that the future is unknowable, we seek out extraordinary discounts on world-class companies, as we’re persuaded that such an approach is the best way to protect client investments through a wide variety of outcomes.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
20
PORTFOLIO MANAGERS’ REPORT | | ING RUSSIA FUND
|
| | Industry Allocation
as of April 30, 2011
(as a percent of net assets)
|
| | Energy | | | | | 37.0 | % |
| | Materials | | | | | 26.8 | % |
| | Financials | | | | | 15.7 | % |
| | Consumer Staples | | | | | 6.9 | % |
| | Utilities | | | | | 5.2 | % |
| | Telecommunications | | | | | 4.9 | % |
| | Industrials | | | | | 0.9 | % |
| | Health Care | | | | | 0.7 | % |
| | Consumer Discretionary | | | | | 0.7 | % |
| | Other Assets and Liabilities — Net* | | | | | 1.2 | % |
| | Net Assets | | | | | 100.0 | % |
| | * Includes short-term investments. |
| | Portfolio holdings are subject to change daily.
|
ING Russia Fund (the “Fund”) seeks long-term capital appreciation through investment primarily in equity securities of Russian companies. The Fund is managed by Angus Robertson and Remco Vergeer, Portfolio Managers, of ING Investment Management Advisors, B.V. — the Sub-Adviser.*
Performance: For the six-month period ended April 30, 2011, the Fund’s Class A shares, excluding sales charges, provided a total return of 20.78% compared to the Russia Trading System (“RTS”) Index and the MSCI Russia 10/40 Index, which returned 28.12% and 25.24%, respectively, for the same period.
Portfolio Specifics: The Russian equity market continued its upward momentum since the passing of the financial markets crisis of 2008-2009, helped further in the last six months by the rise in energy and metals commodities. Over this period the price of crude oil rose over 40% while nickel gained 17%, gold 14% and copper 12% all in U.S.-dollar terms. (These returns were boosted by a weaker dollar). With events in the Middle East and the resulting spike in oil prices, global investors have been looking to gain exposure to energy related markets, and Russia has been a clear beneficiary of this. The MSCI Russia 10/40 Index rose 25.24% in U.S.-dollar terms over the period; the domestic indices, the RTS Index in U.S.-dollar and the MICEX Index in rubles, rose 28.12% and 14.3% respectively.
Over the period, the Fund suffered from its overweight exposure to the domestic sectors relative to the MSCI Russia 10/40 Index; it was the non-domestic or resources sectors (both energy and metals) that were in the spotlight. Over the course of 2010 the Fund had narrowed its large underweight in energy, as we believed that valuations were simply too low; there were a number of stock-specific catalysts that looked to be playing out too. Yet, the Fund remained underweight relative to the MSCI Russia 10/40 Index; for liquidity reasons, short term sector rotation in the domestic sectors was not desirable. What’s more, we did not foresee events in the Middle East, and the Fund began 2011 still with an underweight in energy and metals. Early in 2011, we moved to defend the Fund against changing energy prices, increasing exposure to the energy sector by selling the liquid metals and utilities sectors. The metals sector had performed well, while in utilities we became more cautious about the government’s intentions to restrict pricing liberalization. The Fund maintains a preference for domestic exposure (infrastructure, consumption and banking); with the taxation debate re-emerging and the most likely targets being energy and resources companies, we believe the Fund is correctly positioned going forward.
Over the period, both the Fund’s sector allocation and stock selection detracted from relative performance. Energy and materials were the best performing sectors within the MSCI Russia 10/40 Index, rising 32% and 41% respectively, while the Fund held underweights in both sectors. The non-resource or domestic sectors, where the Fund was overweighted and to which it remains committed, underperformed. The negative sector allocation effect was partially offset by an underweight in utilities; however, this was not enough to erase the drag to Fund results from being underweight resources and overweight domestic exposure. Stock selection produced mixed results for the period: contributions from the energy, telecommunications and financial sectors were more than offset by detractions from materials, utilities and industrials.
Top Ten Holdings
as of April 30, 2011*
(as a percent of net assets)
|
| Sberbank of Russian Federation | | | | �� | 10.7 | % | |
| Gazprom OAO | | | | | 10.3 | % | |
| Lukoil-Spon ADR | | | | | 9.3 | % | |
| NovaTek OAO GDR | | | | | 6.3 | % | |
| MMC Norilsk Nickel ADR | | | | | 5.2 | % | |
| Uralkali GDR | | | | | 4.9 | % | |
| Mechel OAO ADR | | | | | 4.8 | % | |
| Magnit OAO | | | | | 4.6 | % | |
| Rosneft Oil Co. GDR | | | | | 4.0 | % | |
| VTB Bank OJSC GDR | | | | | 2.8 | % | |
| | | | | | | | |
| * Excludes short-term investments. |
| | | | | | | | |
Portfolio holdings are subject to change daily.
|
The top three contributing stock positions were underweights in VTB Bank Jsc and Rushydro Jsc (electricity generation); and an overweight in Novatek Oao (gas production). The worst three detractors were an underweight of Norilsk Nickel (mining), an overweight of IDGC Holdings (electricity distribution) and an underweight of Polyus Gold Oao (mining). The Fund’s cash position, which averaged less than 2% over the period, also detracted from relative performance as the market was on an upward trend.
Current Outlook and Strategy: The strategy of the Fund remains unchanged — we concentrate on seeking to identify long-term, fundamentally attractive opportunities at the stock and sector levels. While we are acutely aware of the impact of external dynamics on the Russian equity market and the volatility that this can bring, we hold our conviction on positioning and do not aim to make significant short-term portfolio changes. In terms of the outlook for Russian equities, we believe the market valuation level in comparison to other emerging markets is attractive, but it must be remembered that Russia has a market of stocks and not a stock market — this can be explained by the wide range of equity valuations seen on different stocks / sectors within Russia, where premiums and discounts are well justified given the fundamental environment for these companies. The Fund continues to seek opportunities that fit well with our view of the development of the Russian economy, thus looking for exposure to domestic demand growth, infrastructure spending, liberalization of markets and external trade. The Fund narrowed its underweight in the energy sector but maintains a longer-term preference for domestic sectors over resource sectors, while the utilities sector has been used as a funding source and is now the Fund’s largest underweight relative to the MSCI Russia 10/40 Index. The majority of the portfolio risk is being taken at the stock level, where we continue to play what we believe to be strong companies against weak companies within their relevant sectors.
| * | | Effective April 1, 2011, Remco Vergeer was added as a co-portfolio manager to the Fund. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
21
ING GLOBAL BOND FUND | | PORTFOLIO MANAGERS’ REPORT
|
| | Investment Type Allocation
as of April 30, 2011
(as a percent of net assets)
|
| | Other Bonds | | | | | 31.6 | % |
| | Corporate Bonds/Notes | | | | | 28.1 | % |
| | U.S. Government Agency Obligations | | | | | 14.9 | % |
| | Collateralized Mortgage Obligations | | | | | 13.0 | % |
| | U.S. Treasury Obligations | | | | | 10.7 | % |
| | Asset-Backed Securities | | | | | 5.3 | % |
| | Purchased Options | | | | | 0.5 | % |
| | Municipal Bonds | | | | | 0.2 | % |
| | Other Assets and Liabilities — Net* | | | | | (4.3) | % |
| | Net Assets | | | | | 100.0 | % |
| | * Includes short-term investments. |
| | Portfolio holdings are subject to change daily.
|
ING Global Bond Fund (the “Fund”) seeks to maximize total return through a combination of current income and capital appreciation. The Fund is managed by Christine Hurtsellers and Michael Mata, Portfolio Managers, of ING Investment Management Co. — the Sub-Adviser.*
Performance: For the six-month period ended April 30, 2011, the Fund’s Class A shares, excluding sales charges, provided a total return of 2.04% compared to the Barclays Capital Global Aggregate Bond Index (“BCGA Index”), which returned 1.72% for the same period.
Portfolio Specifics: For much of the reporting period, volatility reigned supreme in the financial markets, prompting a “risk-on/risk-off” mentality — buying risky assets such as stocks, then quickly turning to safer investments when uncertainty reared up. Conflict in the Middle East and the rising potential for oil shocks, natural disasters in Japan, fiscal worries in the United States and renewed concern that Greece might default on its debt pushed many investors into risk-off mode, which led to brief episodes of lockstep market movements. Tightening interest-rate measures in Europe were a headwind against the international developed markets. Yet, corporate profits were impressive: In April, S&P 500® Index companies reported their sixth consecutive quarter of double-digit earnings growth. As investors adjusted to each new crisis, they returned to risk-on mode and bought stocks.
Security selection made a significant contribution to results; currency positioning also contributed, though to a lesser extent. Regrettably, these positives were largely offset by the negative impact of the Fund’s duration and yield curve positioning and by a minor drag from sector allocation.
In the early part of the period, the Fund’s overweight to corporate credit contributed to outperformance, as did its high yield corporate bond overweight. Security selection within investment grade corporate bonds also was a positive. Interest rate positioning detracted from results. The Fund held an underweight position in the euro, Japanese yen and UK pound and a neutral position in the U.S. dollar; the euro underweight helped results. Allocation to certain emerging market (“EM”) currencies such as the Indonesian rupiah and the Philippine peso also contributed to performance.
During the latter part of the period, the Fund’s underweight to the Japanese yen was beneficial as the yen declined in the wake of the devastating earthquake and tsunami. The Fund also benefited from overweights of the Korean won, Australian dollar, Swedish krona and Norwegian krone. Sector allocation was a modest detractor from performance. Several spread sectors, or non-Treasury credits, underperformed during the period as the geopolitical events in Japan and in Northern Africa caused risk aversion to increase. This drag was offset, however, by security selection among the portfolio’s investment-grade credit and mortgage-backed holdings.
Top Ten Holdings
as of April 30, 2011
(as a percent of net assets)
|
Brazil Notas do Tesouro Nacional Serie F,
10.000%, 01/01/14 | | | | | 9.2 | % | |
| Korea Treasury Bond, 4.750%, 12/10/11 | | | | | 4.0 | % | |
Mexican Federal Treasury Certificates (CETES),
4.630%, 09/22/11 | | | | | 2.7 | % | |
MBNA Credit Card Master Note Trust,
5.600%, 07/17/14 | | | | | 2.3 | % | |
| Mexican Udibonos, 4.000%, 06/13/19 | | | | | 2.1 | % | |
| Fannie Mae, 4.500%, 06/01/37 | | | | | 2.1 | % | |
United States Treasury Note,
1.250%, 04/15/14 | | | | | 2.0 | % | |
United States Treasury Inflation Indexed Bonds,
0.500%, 04/15/15 | | | | | 1.9 | % | |
Bundesrepublik Deutschland,
3.750%, 01/04/19 | | | | | 1.9 | % | |
| Fannie Mae, 5.000%, 06/01/37 | | | | | 1.7 | % | |
| | | | | | | | |
Portfolio holdings are subject to change daily.
|
Current Strategy and Outlook: April ended with the announcement of a larger than expected drop in the rate of economic growth in the United States. U.S. Gross domestic product growth fell to 1.8% in the first quarter of 2011 compared to a fourth quarter 2010 reading of slightly better than 3%. Nonetheless, we believe economic expansion in the U.S. will support risk asset outperformance for the remainder of the year. We believe a struggling housing market and employment slack will keep domestic core inflation contained. The Fund remains overweight across most spread sectors. We continue to like both investment grade and high yield corporate bonds: strong earnings and clean balance sheets make for attractive credit fundamentals, in our opinion.
In our opinion, we still see risks within peripheral Europe, as the PIIG nations (Portugal, Italy, Ireland and Greece) struggle with fiscal problems and threats of restructuring. Japan is in rebuilding mode from natural disasters. In the UK, austerity measures are likely increasing the chances of downside surprises there. We remain underweight U.S. Treasuries and Japanese government bonds in duration terms but favor UK, Germany, Brazil and Mexico by maintaining overweight duration allocations in these and other select countries where interest rates and stages of monetary cycles are much more attractive.
The Fund is slightly underweight the U.S. dollar, underweight the yen, Australian dollar, Swiss franc and New Zealand dollar. At this juncture we favor the Korean won, South African rand, Norwegian krone, Mexican peso and Colombian peso.
We continue to see value in emerging market debt. Inflation pressures in several emerging markets are showing signs of moderating and in our opinion strong fundamentals remain intact. So far the political uncertainties in the Middle East remain contained. We are seeing attractive value in local currency bonds with the weakening U.S. dollar. Also, in many EM countries yield curves have steepened significantly. In our view, there are several cases where they are pricing in over-aggressive tightening and consequently are now presenting attractive opportunities.
| * | | Effective April 12, 2011, Chris Diaz was removed as a portfolio manager to the Fund and Christine Hurtsellers was added. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
22
PORTFOLIO MANAGERS’ REPORT | | ING DIVERSIFIED INTERNATIONAL FUND
|
| | Asset Allocation
as of April 30, 2011
(as a percent of net assets)
|
| | ING International Core Fund — Class I | | | | | 25.1 | % |
| | ING International Growth Fund — Class I | | | | | 20.2 | % |
| | ING Emerging Countries Fund — Class I | | | | | 19.8 | % |
| | ING International Value Fund — Class I | | | | | 10.6 | % |
| | ING International SmallCap Multi-Manager Fund — Class I | | | | | 10.1 | % |
| | ING International Value Choice Fund — Class I | | | | | 9.6 | % |
| | ING International Real Estate Fund — Class I | | | | | 5.0 | % |
| | Other Assets and Liabilities — Net | | | | | (0.4)
| % |
| | Net Assets | | | | | 100.0 | % |
ING Diversified International Fund (the “Fund”) seeks long term growth of capital. The Fund invests in a combination of other ING Funds (“Underlying Funds”) according to target allocations determined by ING Investments, LLC. The Fund is managed by ING Investments, LLC, under the guidance of an Asset Allocation Committee.(1)
Performance: For the six-month period ended April 30, 2011, the Fund’s Class A shares, excluding sales charges, provided a total return of 11.88% compared to the MSCI All Country World IndexSM (ex-US) (“MSCI ACWI (ex-US)”) which returned 12.44% for the same period.
Portfolio Specifics: During the period we implemented a few changes to the Underlying Funds. We replaced ING Index Plus International Equity Fund, managed by ING IM B.V., with ING International Core Fund, managed by Wellington Management Company, LLP and Thornburg Investment Management, Inc. In addition, ING International Capital Appreciation Fund, managed by Hansberger Global Investors, Inc., was replaced with ING International Growth Fund, managed by T. Rowe Price Associates, Inc. and Baillie Gifford Overseas Limited.
The Fund’s underperformance relative to its benchmark was related to the performance of the Underlying Funds. The majority of the Underlying Funds underperformed their individual benchmarks over the reporting period and detracted for the Fund’s over all performance. ING International Value Choice Fund, ING Emerging Countries Fund, ING International Value Fund and ING Index Plus International Equity Fund had the largest negative impact. ING International Capital Appreciation Fund had the largest positive impact, while the effects of ING International Core Fund, and ING International Small Cap Muli-Manager Fund were relatively minor. The Fund is managed to a long term strategic asset allocation, which differs in some respects from the asset allocation underlying MSCI ACWI (ex-US). The effect of this was largely neutral over the reporting period as the beneficial effect of the Fund’s specific allocation to international small caps was offset by the drag from the Fund’s specific allocation to lagging real estate stocks and its underweight to outperforming Canadian stocks.
Target Allocations
as of April 30, 2011
(as a percent of net assets)
|
| International Core | | | | | 25 | % | |
| International Growth | | | | | 20 | % | |
| International Value | | | | | 20 | % | |
| International Small Cap | | | | | 10 | % | |
| Emerging Markets | | | | | 20 | % | |
| International Real Estate | | | | | 5 | % | |
| | | | | | | | |
Portfolio holdings are subject to change daily.
|
Over the period, tightening measures in Europe were a headwind against the international developed markets. These measures included value-added tax (VAT) hikes and budget cuts. Credit default spreads in the European periphery widened, particularly for Greece, Portugal and Spain. Europe continued to face sovereign debt concerns with large government bond issues expected to put pressure on the euro exchange rate.
The Fund departs from its long term strategic asset allocation to take advantage of perceived shorter-term tactical opportunities. Early in the reporting period, the Fund had an overweight in large cap growth versus value. Later on this was reversed with value favored over growth. Both of these tactical moves contributed to performance. An overweight position in emerging markets funded by an underweight in large cap core was initially profitable but ultimately detracted as emerging markets fell out of favor.
Current Strategy and Outlook: Given our renewed confidence in the growth potential of emerging economies, the Fund is currently overweight emerging markets and underweight developed markets. We believe that the fundamentals that propelled emerging market equities to outperformance in 2009 and 2010 — strong economic growth, low debt levels, superior profitability and increasing global importance — remain in place. What’s more, in our view, price momentum and investor fund flows are trending favorably for emerging markets.
| (1) | | The members of the Asset Allocation Committee are: William A. Evans, Paul Zemsky and Heather Hackett. |
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.
23
SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2010 to April 30, 2011. The Funds’ expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Actual Fund Return
| | Hypothetical (5% return before expenses)
|
|
|---|
| | | | Beginning
Account
Value
November 1,
2010
| | Ending
Account
Value
April 30,
2011
| | Annualized
Expense
Ratio
| | Expenses Paid
During the
Period Ended
April 30,
2011*
| | Beginning
Account
Value
November 1,
2010
| | Ending
Account
Value
April 30,
2011
| | Annualized
Expense
Ratio
| | Expenses Paid
During the
Period Ended
April 30,
2011*
|
|---|
ING Global Equity Dividend Fund |
| Class A | | | | $ | 1,000.00 | | | $ | 1,107.90 | | | | 1.40 | % | | $ | 7.32 | | | $ | 1,000.00 | | | $ | 1,017.85 | | | | 1.40 | % | | $ | 7.00 | |
| Class B | | | | | 1,000.00 | | | | 1,104.00 | | | | 2.15 | | | | 11.22 | | | | 1,000.00 | | | | 1,014.13 | | | | 2.15 | | | | 10.74 | |
| Class C | | | | | 1,000.00 | | | | 1,102.50 | | | | 2.15 | | | | 11.21 | | | | 1,000.00 | | | | 1,014.13 | | | | 2.15 | | | | 10.74 | |
| Class I | | | | | 1,000.00 | | | | 1,110.00 | | | | 1.00 | | | | 5.23 | | | | 1,000.00 | | | | 1,019.84 | | | | 1.00 | | | | 5.01 | |
| Class O | | | | | 1,000.00 | | | | 1,108.20 | | | | 1.40 | | | | 7.32 | | | | 1,000.00 | | | | 1,017.85 | | | | 1.40 | | | | 7.00 | |
| Class W | | | | | 1,000.00 | | | | 1,108.90 | | | | 1.15 | | | | 6.01 | | | | 1,000.00 | | | | 1,019.09 | | | | 1.15 | | | | 5.76 | |
ING Global Natural Resources Fund
|
| Class A | | | | | 1,000.00 | | | | 1,284.30 | | | | 1.45 | | | | 8.21 | | | | 1,000.00 | | | | 1,017.60 | | | | 1.45 | | | | 7.25 | |
| Class I | | | | | 1,000.00 | | | | 1,288.30 | | | | 1.04 | | | | 5.90 | | | | 1,000.00 | | | | 1,019.64 | | | | 1.04 | | | | 5.21 | |
| Class W | | | | | 1,000.00 | | | | 1,286.40 | | | | 1.20 | | | | 6.80 | | | | 1,000.00 | | | | 1,018.84 | | | | 1.20 | | | | 6.01 | |
| * | | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year. |
24
SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)
| | | | Actual Fund Return
| | Hypothetical (5% return before expenses)
|
|
|---|
| | | | Beginning
Account
Value
November 1,
2010
| | Ending
Account
Value
April 30,
2011
| | Annualized
Expense
Ratio
| | Expenses Paid
During the
Period Ended
April 30,
2011*
| | Beginning
Account
Value
November 1,
2010
| | Ending
Account
Value
April 30,
2011
| | Annualized
Expense
Ratio
| | Expenses Paid
During the
Period Ended
April 30,
2011*
|
|---|
ING Global Real Estate Fund |
| Class A | | | | $ | 1,000.00 | | | $ | 1,102.20 | | | | 1.29 | % | | $ | 6.72 | | | $ | 1,000.00 | | | $ | 1,018.40 | | | | 1.29 | % | | $ | 6.46 | |
| Class B | | �� | | | 1,000.00 | | | | 1,098.80 | | | | 2.04 | | | | 10.62 | | | | 1,000.00 | | | | 1,014.68 | | | | 2.04 | | | | 10.19 | |
| Class C | | | | | 1,000.00 | | | | 1,098.30 | | | | 2.04 | | | | 10.61 | | | | 1,000.00 | | | | 1,014.68 | | | | 2.04 | | | | 10.19 | |
| Class I | | | | | 1,000.00 | | | | 1,104.50 | | | | 0.97 | | | | 5.06 | | | | 1,000.00 | | | | 1,019.98 | | | | 0.97 | | | | 4.86 | |
| Class O | | | | | 1,000.00 | | | | 1,102.10 | | | | 1.29 | | | | 6.72 | | | | 1,000.00 | | | | 1,018.40 | | | | 1.29 | | | | 6.46 | |
| Class W | | | | | 1,000.00 | | | | 1,104.00 | | | | 1.04 | | | | 5.43 | | | | 1,000.00 | | | | 1,019.64 | | | | 1.04 | | | | 5.21 | |
ING Global Value Choice Fund
|
| Class A | | | | | 1,000.00 | | | | 1,131.50 | | | | 1.41 | | | | 7.45 | | | | 1,000.00 | | | | 1,017.80 | | | | 1.41 | | | | 7.05 | |
| Class B | | | | | 1,000.00 | | | | 1,127.30 | | | | 2.16 | | | | 11.39 | | | | 1,000.00 | | | | 1,014.08 | | | | 2.16 | | | | 10.79 | |
| Class C | | | | | 1,000.00 | | | | 1,127.40 | | | | 2.16 | | | | 11.39 | | | | 1,000.00 | | | | 1,014.08 | | | | 2.16 | | | | 10.79 | |
| Class I | | | | | 1,000.00 | | | | 1,133.20 | | | | 1.06 | | | | 5.61 | | | | 1,000.00 | | | | 1,019.54 | | | | 1.06 | | | | 5.31 | |
| Class W | | | | | 1,000.00 | | | | 1,133.00 | | | | 1.16 | | | | 6.13 | | | | 1,000.00 | | | | 1,019.04 | | | | 1.16 | | | | 5.81 | |
ING Emerging Countries Fund
|
| Class A | | | | | 1,000.00 | | | | 1,062.30 | | | | 1.77 | | | | 9.05 | | | | 1,000.00 | | | | 1,016.02 | | | | 1.77 | | | | 8.85 | |
| Class B | | | | | 1,000.00 | | | | 1,058.40 | | | | 2.52 | | | | 12.86 | | | | 1,000.00 | | | | 1,012.30 | | | | 2.52 | | | | 12.57 | |
| Class C | | | | | 1,000.00 | | | | 1,058.40 | | | | 2.52 | | | | 12.86 | | | | 1,000.00 | | | | 1,012.30 | | | | 2.52 | | | | 12.57 | |
| Class I | | | | | 1,000.00 | | | | 1,064.60 | | | | 1.38 | | | | 7.06 | | | | 1,000.00 | | | | 1,017.95 | | | | 1.38 | | | | 6.90 | |
| Class W | | | | | 1,000.00 | | | | 1,063.30 | | | | 1.52 | | | | 7.78 | | | | 1,000.00 | | | | 1,017.26 | | | | 1.52 | | | | 7.60 | |
ING Global Opportunities Fund
|
| Class A | | | | | 1,000.00 | | | | 1,125.40 | | | | 1.51 | | | | 7.96 | | | | 1,000.00 | | | | 1,017.31 | | | | 1.51 | | | | 7.55 | |
| Class B | | | | | 1,000.00 | | | | 1,120.40 | | | | 2.26 | | | | 11.88 | | | | 1,000.00 | | | | 1,013.59 | | | | 2.26 | | | | 11.28 | |
| Class C | | | | | 1,000.00 | | | | 1,120.50 | | | | 2.26 | | | | 11.88 | | | | 1,000.00 | | | | 1,013.59 | | | | 2.26 | | | | 11.28 | |
| Class I | | | | | 1,000.00 | | | | 1,128.10 | | | | 1.06 | | | | 5.59 | | | | 1,000.00 | | | | 1,019.54 | | | | 1.06 | | | | 5.31 | |
| Class W | | | | | 1,000.00 | | | | 1,124.50 | | | | 1.26 | | | | 6.64 | | | | 1,000.00 | | | | 1,018.55 | | | | 1.26 | | | | 6.31 | |
ING Greater China Fund
|
| Class A | | | | | 1,000.00 | | | | 1,054.00 | | | | 2.02 | | | | 10.29 | | | | 1,000.00 | | | | 1,014.78 | | | | 2.02 | | | | 10.09 | |
| Class B | | | | | 1,000.00 | | | | 1,049.90 | | | | 2.77 | | | | 14.08 | | | | 1,000.00 | | | | 1,011.06 | | | | 2.77 | | | | 13.81 | |
| Class C | | | | | 1,000.00 | | | | 1,050.30 | | | | 2.77 | | | | 14.08 | | | | 1,000.00 | | | | 1,011.06 | | | | 2.77 | | | | 13.81 | |
| Class I | | | | | 1,000.00 | | | | 1,055.00 | | | | 1.77 | | | | 9.02 | | | | 1,000.00 | | | | 1,016.02 | | | | 1.77 | | | | 8.85 | |
| Class O | | | | | 1,000.00 | | | | 1,053.90 | | | | 2.02 | | | | 10.29 | | | | 1,000.00 | | | | 1,014.78 | | | | 2.02 | | | | 10.09 | |
ING Index Plus International Equity Fund
|
| Class A | | | | | 1,000.00 | | | | 1,127.40 | | | | 1.15 | | | | 6.07 | | | | 1,000.00 | | | | 1,019.09 | | | | 1.15 | | | | 5.76 | |
| Class B | | | | | 1,000.00 | | | | 1,123.80 | | | | 1.90 | | | | 10.01 | | | | 1,000.00 | | | | 1,015.37 | | | | 1.90 | | | | 9.49 | |
| Class C | | | | | 1,000.00 | | | | 1,123.70 | | | | 1.90 | | | | 10.00 | | | | 1,000.00 | | | | 1,015.37 | | | | 1.90 | | | | 9.49 | |
| Class I | | | | | 1,000.00 | | | | 1,131.10 | | | | 0.65 | | | | 3.43 | | | | 1,000.00 | | | | 1,021.57 | | | | 0.65 | | | | 3.26 | |
| Class O | | | | | 1,000.00 | | | | 1,127.10 | | | | 1.15 | | | | 6.07 | | | | 1,000.00 | | | | 1,019.09 | | | | 1.15 | | | | 5.76 | |
ING International Capital Appreciation Fund
|
| Class A | | | | | 1,000.00 | | | | 1,148.80 | | | | 1.46 | | | | 7.78 | | | | 1,000.00 | | | | 1,017.55 | | | | 1.46 | | | | 7.30 | |
| Class B | | | | | 1,000.00 | | | | 1,145.10 | | | | 2.21 | | | | 11.75 | | | | 1,000.00 | | | | 1,013.84 | | | | 2.21 | | | | 11.03 | |
| Class C | | | | | 1,000.00 | | | | 1,144.50 | | | | 2.21 | | | | 11.75 | | | | 1,000.00 | | | | 1,013.84 | | | | 2.21 | | | | 11.03 | |
| Class I | | | | | 1,000.00 | | | | 1,150.90 | | | | 1.00 | | | | 5.33 | | | | 1,000.00 | | | | 1,019.84 | | | | 1.00 | | | | 5.01 | |
| Class W | | | | | 1,000.00 | | | | 1,150.90 | | | | 1.21 | | | | 6.45 | | | | 1,000.00 | | | | 1,018.79 | | | | 1.21 | | | | 6.06 | |
| * | | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year. |
25
SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)
| | | | Actual Fund Return
| | Hypothetical (5% return before expenses)
|
|
|---|
| | | | Beginning
Account
Value
November 1,
2010
| | Ending
Account
Value
April 30,
2011
| | Annualized
Expense
Ratio
| | Expenses Paid
During the
Period Ended
April 30,
2011*
| | Beginning
Account
Value
November 1,
2010
| | Ending
Account
Value
April 30,
2011
| | Annualized
Expense
Ratio
| | Expenses Paid
During the
Period Ended
April 30,
2011*
|
|---|
ING International Core Fund |
Class I(1) | | | | $ | 1,000.00 | | | $ | 1,055.00 | | | | 0.95 | % | | $ | 2.19 | | | $ | 1,000.00 | | | $ | 1,020.08 | | | | 0.95 | % | | $ | 4.76 | |
ING International Growth Fund
|
Class I(2) | | | | | 1,000.00 | | | | 1,089.00 | | | | 0.99 | | | | 3.26 | | | | 1,000.00 | | | | 1,019.89 | | | | 0.99 | | | | 4.96 | |
ING International Real Estate Fund
|
| Class A | | | | | 1,000.00 | | | | 1,071.20 | | | | 1.42 | | | | 7.29 | | | | 1,000.00 | | | | 1,017.75 | | | | 1.42 | | | | 7.10 | |
| Class B | | | | | 1,000.00 | | | | 1,066.50 | | | | 2.17 | | | | 11.12 | | | | 1,000.00 | | | | 1,014.03 | | | | 2.17 | | | | 10.84 | |
| Class C | | | | | 1,000.00 | | | | 1,067.00 | | | | 2.17 | | | | 11.12 | | | | 1,000.00 | | | | 1,014.03 | | | | 2.17 | | | | 10.84 | |
| Class I | | | | | 1,000.00 | | | | 1,071.40 | | | | 1.11 | | | | 5.70 | | | | 1,000.00 | | | | 1,019.29 | | | | 1.11 | | | | 5.56 | |
| Class W | | | | | 1,000.00 | | | | 1,072.40 | | | | 1.17 | | | | 6.01 | | | | 1,000.00 | | | | 1,018.99 | | | | 1.17 | | | | 5.86 | |
ING International SmallCap Multi-Manager Fund
|
| Class A | | | | | 1,000.00 | | | | 1,165.30 | | | | 1.73 | | | | 9.29 | | | | 1,000.00 | | | | 1,016.22 | | | | 1.73 | | | | 8.65 | |
| Class B | | | | | 1,000.00 | | | | 1,161.60 | | | | 2.38 | | | | 12.76 | | | | 1,000.00 | | | | 1,012.99 | | | | 2.38 | | | | 11.88 | |
| Class C | | | | | 1,000.00 | | | | 1,161.80 | | | | 2.38 | | | | 12.76 | | | | 1,000.00 | | | | 1,012.99 | | | | 2.38 | | | | 11.88 | |
| Class I | | | | | 1,000.00 | | | | 1,168.40 | | | | 1.25 | | | | 6.72 | | | | 1,000.00 | | | | 1,018.60 | | | | 1.25 | | | | 6.26 | |
| Class O | | | | | 1,000.00 | | | | 1,165.90 | | | | 1.63 | | | | 8.75 | | | | 1,000.00 | | | | 1,016.71 | | | | 1.63 | | | | 8.15 | |
| Class W | | | | | 1,000.00 | | | | 1,167.50 | | | | 1.38 | | | | 7.42 | | | | 1,000.00 | | | | 1,017.95 | | | | 1.38 | | | | 6.90 | |
ING International Value Fund
|
| Class A | | | | | 1,000.00 | | | | 1,101.00 | | | | 1.63 | | | | 8.49 | | | | 1,000.00 | | | | 1,016.71 | | | | 1.63 | | | | 8.15 | |
| Class B | | | | | 1,000.00 | | | | 1,096.90 | | | | 2.33 | | | | 12.11 | | | | 1,000.00 | | | | 1,013.24 | | | | 2.33 | | | | 11.63 | |
| Class C | | | | | 1,000.00 | | | | 1,097.80 | | | | 2.33 | | | | 12.12 | | | | 1,000.00 | | | | 1,013.24 | | | | 2.33 | | | | 11.63 | |
| Class I | | | | | 1,000.00 | | | | 1,102.90 | | | | 1.25 | | | | 6.52 | | | | 1,000.00 | | | | 1,018.60 | | | | 1.25 | | | | 6.26 | |
| Class W | | | | | 1,000.00 | | | | 1,102.90 | | | | 1.33 | | | | 6.93 | | | | 1,000.00 | | | | 1,018.20 | | | | 1.33 | | | | 6.66 | |
ING International Value Choice Fund
|
| Class A | | | | | 1,000.00 | | | | 1,083.60 | | | | 1.60 | | | | 8.27 | | | | 1,000.00 | | | | 1,016.86 | | | | 1.60 | | | | 8.00 | |
| Class B | | | | | 1,000.00 | | | | 1,079.90 | | | | 2.35 | | | | 12.12 | | | | 1,000.00 | | | | 1,013.14 | | | | 2.35 | | | | 11.73 | |
| Class C | | | | | 1,000.00 | | | | 1,080.40 | | | | 2.35 | | | | 12.12 | | | | 1,000.00 | | | | 1,013.14 | | | | 2.35 | | | | 11.73 | |
| Class I | | | | | 1,000.00 | | | | 1,086.20 | | | | 1.26 | | | | 6.52 | | | | 1,000.00 | | | | 1,018.55 | | | | 1.26 | | | | 6.31 | |
| Class W | | | | | 1,000.00 | | | | 1,084.90 | | | | 1.35 | | | | 6.98 | | | | 1,000.00 | | | | 1,018.10 | | | | 1.35 | | | | 6.76 | |
ING Russia Fund
|
| Class A | | | | | 1,000.00 | | | | 1,207.80 | | | | 1.97 | | | | 10.78 | | | | 1,000.00 | | | | 1,015.03 | | | | 1.97 | | | | 9.84 | |
| Class I | | | | | 1,000.00 | | | | 1,209.30 | | | | 1.63 | | | | 8.93 | | | | 1,000.00 | | | | 1,016.71 | | | | 1.63 | | | | 8.15 | |
ING Global Bond Fund
|
| Class A | | | | | 1,000.00 | | | | 1,020.40 | | | | 0.91 | | | | 4.56 | | | | 1,000.00 | | | | 1,020.28 | | | | 0.91 | | | | 4.56 | |
| Class B | | | | | 1,000.00 | | | | 1,017.60 | | | | 1.66 | | | | 8.30 | | | | 1,000.00 | | | | 1,016.56 | | | | 1.66 | | | | 8.30 | |
| Class C | | | | | 1,000.00 | | | | 1,017.60 | | | | 1.66 | | | | 8.30 | | | | 1,000.00 | | | | 1,016.56 | | | | 1.66 | | | | 8.30 | |
| Class I | | | | | 1,000.00 | | | | 1,023.10 | | | | 0.56 | | | | 2.81 | | | | 1,000.00 | | | | 1,022.02 | | | | 0.56 | | | | 2.81 | |
| Class O | | | | | 1,000.00 | | | | 1,020.80 | | | | 0.91 | | | | 4.56 | | | | 1,000.00 | | | | 1,020.28 | | | | 0.91 | | | | 4.56 | |
| Class W | | | | | 1,000.00 | | | | 1,022.10 | | | | 0.66 | | | | 3.31 | | | | 1,000.00 | | | | 1,021.52 | | | | 0.66 | | | | 3.31 | |
| * | | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year. |
(1) | | Commencement of operations was February 8, 2011. Expenses paid for the Actual Fund Return reflect the 82-day period ended April 30, 2011. |
(2) | | Commencement of operations was January 5, 2011. Expenses paid for the Actual Fund Return reflect the 115-day period ended April 30, 2011. |
26
SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)
| | | | Actual Fund Return
| | Hypothetical (5% return before expenses)
|
|
|---|
| | | | Beginning
Account
Value
November 1,
2010
| | Ending
Account
Value
April 30,
2011
| | Annualized
Expense
Ratio
| | Expenses Paid
During the
Period Ended
April 30,
2011*
| | Beginning
Account
Value
November 1,
2010
| | Ending
Account
Value
April 30,
2011
| | Annualized
Expense
Ratio
| | Expenses Paid
During the
Period Ended
April 30,
2011*
|
|---|
ING Diversified International Fund** |
| Class A | | | | $ | 1,000.00 | | | $ | 1,118.80 | | | | 0.50 | % | | $ | 2.63 | | | $ | 1,000.00 | | | $ | 1,022.32 | | | | 0.50 | % | | $ | 2.51 | |
| Class B | | | | | 1,000.00 | | | | 1,114.80 | | | | 1.25 | | | | 6.55 | | | | 1,000.00 | | | | 1,018.60 | | | | 1.25 | | | | 6.26 | |
| Class C | | | | | 1,000.00 | | | | 1,113.10 | | | | 1.25 | | | | 6.55 | | | | 1,000.00 | | | | 1,018.60 | | | | 1.25 | | | | 6.26 | |
| Class I | | | | | 1,000.00 | | | | 1,120.10 | | | | 0.25 | | | | 1.31 | | | | 1,000.00 | | | | 1,023.55 | | | | 0.25 | | | | 1.25 | |
| Class O | | | | | 1,000.00 | | | | 1,117.70 | | | | 0.50 | | | | 2.63 | | | | 1,000.00 | | | | 1,022.32 | | | | 0.50 | | | | 2.51 | |
| Class R | | | | | 1,000.00 | | | | 1,116.80 | | | | 0.75 | | | | 3.94 | | | | 1,000.00 | | | | 1,021.08 | | | | 0.75 | | | | 3.76 | |
| Class W | | | | | 1,000.00 | | | | 1,119.60 | | | | 0.25 | | | | 1.31 | | | | 1,000.00 | | | | 1,023.55 | | | | 0.25 | | | | 1.25 | |
| * | | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year. |
| ** | | The annualized expense ratios do not include expenses of underlying funds. |
27
STATEMENTS OF ASSETS AND LIABILITIESAS OFAPRIL30, 2011 (UNAUDITED)
| | | | ING
Global
Equity Dividend
Fund | | ING
Global
Natural Resources
Fund | | ING
Global
Real Estate
Fund | | ING
Global
Value Choice
Fund |
|---|
ASSETS:
| | | | | | | | | | | | | | | | | | |
| Investments in securities at value+* | | | | $ | 105,290,903 | | | $ | 140,549,458 | | | $ | 3,685,095,261 | | | $ | 685,513,206 | |
| Short-term investments** | | | | | 338,970 | | | | 3,787,000 | | | | 164,943,916 | | | | 71,235,282 | |
| Cash | | | | | 2,844,135 | | | | 640 | | | | — | | | | — | |
| Foreign currencies at value*** | | | | | 506,813 | | | | 25,765 | | | | 1,451,739 | | | | — | |
| Receivables: | | | | | | | | | | | | | | | | | | |
| Investment securities sold | | | | | 3,997,167 | | | | 447,219 | | | | 4,563,232 | | | | 12,784,269 | |
| Fund shares sold | | | | | 9,664 | | | | 289,012 | | | | 24,711,536 | | | | 5,574,371 | |
| Dividends and interest | | | | | 514,752 | | | | 23,470 | | | | 9,138,947 | | | | 2,230,807 | |
| Prepaid expenses | | | | | 39,951 | | | | 27,253 | | | | 143,285 | | | | 77,113 | |
| Reimbursement due from manager | | | | | 880 | | | | — | | | | — | | | | — | |
| Total assets | | | | | 113,543,235 | | | | 145,149,817 | | | | 3,890,047,916 | | | | 777,415,048 | |
| |
LIABILITIES:
| | | | | | | | | | | | | | | | | | |
| Payable for investment securities purchased | | | | | 1,546,507 | | | | 376,028 | | | | 29,528 | | | | 14,394,494 | |
| Payable for fund shares redeemed | | | | | 296,661 | | | | 53,662 | | | | 5,386,715 | | | | 2,457,532 | |
| Payable upon receipt of securities loaned | | | | | 363,750 | | | | — | | | | 83,318,176 | | | | 20,378,083 | |
| Unrealized depreciation on forward foreign currency contracts | | | | | — | | | | — | | | | — | | | | 160 | |
| Payable to affiliates | | | | | 113,011 | | | | 137,698 | | | | 2,892,034 | | | | 756,144 | |
| Payable for directors fees | | | | | 630 | | | | 636 | | | | 16,295 | | | | 3,157 | |
| Other accrued expenses and liabilities | | | | | 144,643 | | | | 98,788 | | | | 1,311,513 | | | | 170,274 | |
| Total liabilities | | | | | 2,465,202 | | | | 666,812 | | | | 92,954,261 | | | | 38,159,844 | |
NET ASSETS | | | | $ | 111,078,033 | | | $ | 144,483,005 | | | $ | 3,797,093,655 | | | $ | 739,255,204 | |
| |
NET ASSETS WERE COMPRISED OF:
| | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 184,682,424 | | | $ | 121,814,280 | | | $ | 3,803,738,474 | | | $ | 629,908,626 | |
| Undistributed (distributions in excess of) net investment income | | | | | 329,807 | | | | (212,923 | ) | | | 5,432,027 | | | | 747,227 | |
| Accumulated net realized gain (loss) | | | | | (87,027,223 | ) | | | (18,982,513 | ) | | | (938,398,751 | ) | | | 31,493,111 | |
| Net unrealized appreciation | | | | | 13,093,025 | | | | 41,864,161 | | | | 926,321,905 | | | | 77,106,240 | |
NET ASSETS | | | | $ | 111,078,033 | | | $ | 144,483,005 | | | $ | 3,797,093,655 | | | $ | 739,255,204 | |
| | | | | | | | | | | | | | | | | | |
| + Including securities loaned at value | | | | $ | 356,055 | | | $ | — | | | $ | 81,261,848 | | | $ | 19,702,381 | |
| * Cost of investments in securities | | | | $ | 92,194,894 | | | $ | 98,686,258 | | | $ | 2,758,307,147 | | | $ | 608,379,476 | |
| ** Cost of short-term investments | | | | $ | 363,750 | | | $ | 3,787,000 | | | $ | 165,492,980 | | | $ | 71,292,836 | |
| *** Cost of foreign currencies | | | | $ | 494,854 | | | $ | 24,867 | | | $ | 1,444,724 | | | $ | — | |
See Accompanying Notes to Financial Statements
28
STATEMENTS OF ASSETS AND LIABILITIESAS OFAPRIL 30, 2011 (UNAUDITED) (CONTINUED)
| | | | ING
Global
Equity Dividend
Fund | | ING
Global
Natural Resources
Fund | | ING
Global
Real Estate
Fund | | ING
Global
Value Choice
Fund |
|---|
Class A:
| | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 41,703,829 | | | $ | 136,373,337 | | | $ | 1,447,084,008 | | | $ | 284,336,018 | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 3,678,531 | | | | 12,053,667 | | | | 82,767,245 | | | | 8,008,036 | |
| Net asset value and redemption price per share | | | | $ | 11.34 | | | $ | 11.31 | | | $ | 17.48 | | | $ | 35.51 | |
Maximum offering price per share (5.75%)(1) | | | | $ | 12.03 | | | $ | 12.00 | | | $ | 18.55 | | | $ | 37.68 | |
| |
Class B:
| | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 8,884,290 | | | | n/a | | | $ | 18,447,750 | | | $ | 7,305,037 | |
| Shares authorized | | | | | unlimited | | | | n/a | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | | n/a | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 785,705 | | | | n/a | | | | 1,272,566 | | | | 192,697 | |
Net asset value and redemption price per share(2) | | | | $ | 11.31 | | | | n/a | | | $ | 14.50 | | | $ | 37.91 | |
| |
Class C: | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 28,386,331 | | | | n/a | | | $ | 235,604,873 | | | $ | 151,224,155 | |
| Shares authorized | | | | | unlimited | | | | n/a | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | | n/a | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 2,517,732 | | | | n/a | | | | 15,336,688 | | | | 4,517,375 | |
Net asset value and redemption price per share(2) | | | | $ | 11.27 | | | | n/a | | | $ | 15.36 | | | $ | 33.48 | |
| |
Class I:
| | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 14,273,167 | | | $ | 5,476,753 | | | $ | 1,729,491,091 | | | $ | 245,590,368 | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 1,257,741 | | | | 482,571 | | | | 98,888,968 | | | | 6,854,202 | |
| Net asset value and redemption price per share | | | | $ | 11.35 | | | $ | 11.35 | | | $ | 17.49 | | | $ | 35.83 | |
| |
Class O:
| | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 15,360,883 | | | | n/a | | | $ | 15,366,619 | | | | n/a | |
| Shares authorized | | | | | unlimited | | | | n/a | | | | unlimited | | | | n/a | |
| Par value | | | | $ | — | | | | n/a | | | $ | — | | | | n/a | |
| Shares outstanding | | | | | 1,357,260 | | | | n/a | | | | 878,873 | | | | n/a | |
| Net asset value and redemption price per share | | | | $ | 11.32 | | | | n/a | | | $ | 17.48 | | | | n/a | |
| |
Class W:
| | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 2,469,533 | | | $ | 2,632,915 | | | $ | 351,099,314 | | | $ | 50,799,626 | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 199,016 | | | | 184,462 | | | | 20,043,462 | | | | 1,420,692 | |
| Net asset value and redemption price per share | | | | $ | 12.41 | | | $ | 14.27 | | | $ | 17.52 | | | $ | 35.76 | |
| | | | | | | | | | | | | | | | | | |
(1) Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
See Accompanying Notes to Financial Statements
29
STATEMENTS OF ASSETS AND LIABILITIESAS OFAPRIL 30, 2011 (UNAUDITED)
| | | | ING
Emerging
Countries
Fund | | ING
Global
Opportunities
Fund | | ING
Greater
China
Fund | | ING
Index Plus
International Equity
Fund |
|---|
ASSETS:
| | | | | | | | | | | | | | | | | | |
| Investments in securities at value+* | | | | $ | 175,087,123 | | | $ | 96,521,270 | | | $ | 44,445,236 | | | $ | 99,767,911 | |
| Short-term investments** | | | | | 2,774,892 | | | | 498,083 | | | | — | | | | 1,375,000 | |
| Cash | | | | | — | | | | 3,907,393 | | | | 45,700 | | | | 84,062 | |
| Cash collateral for futures | | | | | — | | | | — | | | | — | | | | 171,887 | |
| Foreign currencies at value*** | | | | | 268,714 | | | | 1,266,231 | | | | 150,420 | | | | 364,309 | |
| Receivables: | | | | | | | | | | | | | | | | | | |
| Investment securities sold | | | | | 294,431 | | | | 1,988,332 | | | | 644,344 | | | | 5,011 | |
| Fund shares sold | | | | | 89,296 | | | | 9,040 | | | | 53,139 | | | | 22,827 | |
| Dividends and interest | | | | | 351,785 | | | | 452,119 | | | | 104,020 | | | | 604,475 | |
| Prepaid expenses | | | | | 41,105 | | | | 47,195 | | | | 39,879 | | | | 40,546 | |
| Reimbursement due from manager | | | | | — | | | | 1,223 | | | | 21,107 | | | | 27,212 | |
| Total assets | | | | | 178,907,346 | | | | 104,690,886 | | | | 45,503,845 | | | | 102,463,240 | |
| |
LIABILITIES:
| | | | | | | | | | | | | | | | | | |
| Payable for investment securities purchased | | | | | 142 | | | | 2,650,787 | | | | 350,702 | | | | 245 | |
| Payable for fund shares redeemed | | | | | 396,023 | | | | 543,907 | | | | 50,718 | | | | 29,308 | |
| Payable upon receipt of securities loaned | | | | | 2,807,215 | | | | 532,824 | | | | — | | | | — | |
| Payable to affiliates | | | | | 184,477 | | | | 140,901 | | | | 59,837 | | | | 66,929 | |
| Payable to custodian due to bank overdraft | | | | | 31,380 | | | | — | | | | — | | | | — | |
| Payable for directors fees | | | | | 850 | | | | 551 | | | | 228 | | | | 605 | |
| Other accrued expenses and liabilities | | | | | 159,223 | | | | 319,195 | | | | 62,999 | | | | 123,780 | |
| Total liabilities | | | | | 3,579,310 | | | | 4,188,165 | | | | 524,484 | | | | 220,867 | |
NET ASSETS | | | | $ | 175,328,036 | | | $ | 100,502,721 | | | $ | 44,979,361 | | | $ | 102,242,373 | |
| |
NET ASSETS WERE COMPRISED OF:
| | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 206,105,214 | | | $ | 195,685,438 | | | $ | 36,771,465 | | | $ | 155,246,719 | |
| Undistributed (distributions in excess of) net investment income | | | | | (322,803 | ) | | | (241,341 | ) | | | (330,078 | ) | | | 846,067 | |
| Accumulated net realized loss | | | | | (73,701,971 | ) | | | (115,264,147 | ) | | | (1,294,768 | ) | | | (75,355,488 | ) |
| Net unrealized appreciation | | | | | 43,247,596 | | | | 20,322,771 | | | | 9,832,742 | | | | 21,505,075 | |
NET ASSETS | | | | $ | 175,328,036 | | | $ | 100,502,721 | | | $ | 44,979,361 | | | $ | 102,242,373 | |
| | | | | | | | | | | | | | | | | | |
| + Including securities loaned at value | | | | $ | 2,604,376 | | | $ | 490,628 | | | $ | — | | | $ | — | |
| * Cost of investments in securities | | | | $ | 131,812,373 | | | $ | 76,248,313 | | | $ | 34,613,864 | | | $ | 78,519,936 | |
| ** Cost of short-term investments | | | | $ | 2,807,215 | | | $ | 532,824 | | | $ | — | | | $ | 1,375,000 | |
| *** Cost of foreign currencies | | | | $ | 268,323 | | | $ | 1,217,393 | | | $ | 149,195 | | | $ | 355,629 | |
See Accompanying Notes to Financial Statements
30
STATEMENTS OF ASSETS AND LIABILITIESAS OFAPRIL 30, 2011 (UNAUDITED) (CONTINUED)
| | | | ING
Emerging
Countries
Fund | | ING
Global
Opportunities
Fund | | ING
Greater
China
Fund | | ING
Index Plus
International Equity
Fund |
|---|
Class A:
| | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 82,239,334 | | | $ | 46,851,540 | | | $ | 28,613,845 | | | $ | 9,319,867 | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 2,680,870 | | | | 3,026,466 | | | | 1,673,191 | | | | 1,002,288 | |
| Net asset value and redemption price per share | | | | $ | 30.68 | | | $ | 15.48 | | | $ | 17.10 | | | $ | 9.30 | |
Maximum offering price per share (5.75%)(1) | | | | $ | 32.55 | | | $ | 16.42 | | | $ | 18.13 | | | $ | 9.87 | |
| |
Class B: | | | | | | | | �� | | | | | | | | | | |
| Net assets | | | | $ | 3,023,284 | | | $ | 7,535,932 | | | $ | 2,529,042 | | | $ | 629,192 | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 100,480 | | | | 507,371 | | | | 149,515 | | | | 67,256 | |
Net asset value and redemption price per share(2) | | | | $ | 30.09 | | | $ | 14.85 | | | $ | 16.91 | | | $ | 9.36 | |
| |
Class C:
| | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 14,595,999 | | | $ | 38,350,064 | | | $ | 6,072,641 | | | $ | 1,231,368 | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 516,753 | | | | 2,581,682 | | | | 358,836 | | | | 132,745 | |
Net asset value and redemption price per share(2) | | | | $ | 28.25 | | | $ | 14.85 | | | $ | 16.92 | | | $ | 9.28 | |
| |
Class I:
| | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 69,846,661 | | | $ | 7,598,712 | | | $ | 2,077,620 | | | $ | 42,408,484 | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 2,263,529 | | | | 481,351 | | | | 121,463 | | | | 4,550,539 | |
| Net asset value and redemption price per share | | | | $ | 30.86 | | | $ | 15.79 | | | $ | 17.10 | | | $ | 9.32 | |
| |
Class O:
| | | | | | | | | | | | | | | | | | |
| Net assets | | | | | n/a | | | | n/a | | | $ | 5,686,213 | | | $ | 48,653,462 | |
| Shares authorized | | | | | n/a | | | | n/a | | | | unlimited | | | | unlimited | |
| Par value | | | | | n/a | | | | n/a | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | n/a | | | | n/a | | | | 335,399 | | | | 5,269,878 | |
| Net asset value and redemption price per share | | | | | n/a | | | | n/a | | | $ | 16.95 | | | $ | 9.23 | |
| |
Class W:
| | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 5,622,758 | | | $ | 166,473 | | | | n/a | | | | n/a | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | n/a | | | | n/a | |
| Par value | | | | $ | — | | | $ | — | | | | n/a | | | | n/a | |
| Shares outstanding | | | | | 174,338 | | | | 9,825 | | | | n/a | | | | n/a | |
| Net asset value and redemption price per share | | | | $ | 32.25 | | | $ | 16.94 | | | | 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. |
See Accompanying Notes to Financial Statements
31
STATEMENTS OF ASSETS AND LIABILITIESAS OF APRIL 30, 2011 (UNAUDITED)
| | | | ING
International
Capital Appreciation
Fund | | ING
International
Core
Fund | | ING
International
Growth
Fund | | ING
International
Real Estate
Fund |
|---|
ASSETS:
| | | | | | | | | | | | | | | | | | |
| Investments in securities at value+* | | | | $ | 51,948,361 | | | $ | 267,884,610 | | | $ | 175,703,709 | | | $ | 651,987,440 | |
| Short-term investments** | | | | | 782,347 | | | | 5,048,939 | | | | 4,005,605 | | | | — | |
| Short-term investments at amortized cost | | | | | — | | | | — | | | | 312,718 | | | | — | |
| Cash | | | | | 145,179 | | | | 526,102 | | | | 930,134 | | | | 7,215,814 | |
| Foreign currencies at value*** | | | | | 7,118 | | | | 53,909 | | | | 466,946 | | | | 337,469 | |
| Receivables: | | | | | | | | | | | | | | | | | | |
| Investment securities sold | | | | | 115,180 | | | | 3,677,864 | | | | 2,115,773 | | | | 1,997,604 | |
| Fund shares sold | | | | | 9,917 | | | | 20,099 | | | | 11,504 | | | | 2,685,452 | |
| Dividends and interest | | | | | 245,822 | | | | 1,163,392 | | | | 688,662 | | | | 3,014,350 | |
| Unrealized appreciation on forward foreign currency contracts | | | | | — | | | | 390 | | | | — | | | | — | |
| Prepaid Offering | | | | | — | | | | 52,315 | | | | 45,891 | | | | — | |
| Prepaid expenses | | | | | 40,085 | | | | — | | | | 21,225 | | | | 52,035 | |
| Reimbursement due from manager | | | | | 20,169 | | | | 9,148 | | | | 6,231 | | | | — | |
| Total assets | | | | | 53,314,178 | | | | 278,436,768 | | | | 184,308,398 | | | | 667,290,164 | |
LIABILITIES: | | | | | | | | | | | | | | | | | | |
| Payable for investment securities purchased | | | | | 101 | | | | 3,229,822 | | | | 941,226 | | | | 489,025 | |
| Payable for fund shares redeemed | | | | | 38,064 | | | | 265,795 | | | | 178,470 | | | | 2,207,746 | |
| Payable upon receipt of securities loaned | | | | | 798,300 | | | | — | | | | 4,005,605 | | | | — | |
| Unrealized depreciation on forward foreign currency contracts | | | | | — | | | | 145,737 | | | | 950 | | | | — | |
| Payable to affiliates | | | | | 52,620 | | | | 192,436 | | | | 121,758 | | | | 614,150 | |
| Payable to custodian due to bank overdraft | | | | | — | | | | — | | | | — | | | | — | |
| Payable for directors fees | | | | | 381 | | | | 1,237 | | | | 783 | | | | 3,197 | |
| Other accrued expenses and liabilities | | | | | 105,172 | | | | 100,247 | | | | 80,427 | | | | 280,502 | |
| Total liabilities | | | | | 994,638 | | | | 3,935,274 | | | | 5,329,219 | | | | 3,594,620 | |
NET ASSETS | | | | $ | 52,319,540 | | | $ | 274,501,494 | | | $ | 178,979,179 | | | $ | 663,695,544 | |
| |
NET ASSETS WERE COMPRISED OF:
| | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 93,702,609 | | | $ | 257,989,791 | | | $ | 164,568,527 | | | $ | 865,738,231 | |
| Undistributed net investment income | | | | | 67,139 | | | | 1,358,319 | | | | 1,071,441 | | | | 1,291,042 | |
| Accumulated net realized gain (loss) | | | | | (52,093,557 | ) | | | (1,874,901 | ) | | | 892,115 | | | | (345,788,679 | ) |
| Net unrealized appreciation | | | | | 10,643,349 | | | | 17,028,285 | | | | 12,447,096 | | | | 142,454,950 | |
NET ASSETS | | | | $ | 52,319,540 | | | $ | 274,501,494 | | | $ | 178,979,179 | | | $ | 663,695,544 | |
| | | | | | | | | | | | | | | | | | |
| + Including securities loaned at value | | | | $ | 760,153 | | | $ | — | | | $ | 3,023,116 | | | $ | — | |
| * Cost of investments in securities | | | | $ | 41,301,098 | | | $ | 250,727,943 | | | $ | 163,273,033 | | | $ | 509,564,112 | |
| ** Cost of short-term investments | | | | $ | 798,300 | | | $ | 5,048,939 | | | $ | 4,005,605 | | | $ | — | |
| *** Cost of foreign currencies | | | | $ | 7,135 | | | $ | 53,909 | | | $ | 465,918 | | | $ | 335,072 | |
See Accompanying Notes to Financial Statements
32
STATEMENTS OF ASSETS AND LIABILITIESAS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
| | | | ING
International
Capital Appreciation
Fund | | ING
International
Core
Fund | | ING
International
Growth
Fund | | ING
International
Real Estate
Fund |
|---|
Class A:
| | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 24,206,315 | | | | n/a | | | | n/a | | | $ | 281,909,165 | |
| Shares authorized | | | | | unlimited | | | | n/a | | | | n/a | | | | unlimited | |
| Par value | | | | $ | ��� | | | | n/a | | | | n/a | | | $ | — | |
| Shares outstanding | | | | | 2,097,157 | | | | n/a | | | | n/a | | | | 30,942,317 | |
| Net asset value and redemption price per share | | | | $ | 11.54 | | | | n/a | | | | n/a | | | $ | 9.11 | |
Maximum offering price per share (5.75%)(1) | | | | $ | 12.24 | | | | n/a | | | | n/a | | | $ | 9.67 | |
| |
Class B: | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 1,732,742 | | | | n/a | | | | n/a | | | $ | 2,821,560 | |
| Shares authorized | | | | | unlimited | | | | n/a | | | | n/a | | | | unlimited | |
| Par value | | | | $ | — | | | | n/a | | | | n/a | | | $ | — | |
| Shares outstanding | | | | | 152,793 | | | | n/a | | | | n/a | | | | 310,736 | |
Net asset value and redemption price per share(2) | | | | $ | 11.34 | | | | n/a | | | | n/a | | | $ | 9.08 | |
| |
Class C: | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 8,059,565 | | | | n/a | | | | n/a | | | $ | 24,439,034 | |
| Shares authorized | | | | | unlimited | | | | n/a | | | | n/a | | | | unlimited | |
| Par value | | | | $ | — | | | | n/a | | | | n/a | | | $ | — | |
| Shares outstanding | | | | | 708,157 | | | | n/a | | | | n/a | | | | 2,693,189 | |
Net asset value and redemption price per share(2) | | | | $ | 11.38 | | | | n/a | | | | n/a | | | $ | 9.07 | |
| |
Class I: | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 6,954,230 | | | $ | 274,501,494 | | | $ | 178,979,179 | | | $ | 340,271,166 | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 603,855 | | | | 26,020,149 | | | | 16,440,417 | | | | 37,306,804 | |
| Net asset value and redemption price per share | | | | $ | 11.52 | | | $ | 10.55 | | | $ | 10.89 | | | $ | 9.12 | |
| |
Class W: | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 11,366,688 | | | | n/a | | | | n/a | | | $ | 14,254,619 | |
| Shares authorized | | | | | unlimited | | | | n/a | | | | n/a | | | | unlimited | |
| Par value | | | | $ | — | | | | n/a | | | | n/a | | | $ | — | |
| Shares outstanding | | | | | 983,924 | | | | n/a | | | | n/a | | | | 1,558,397 | |
| Net asset value and redemption price per share | | | | $ | 11.55 | | | | n/a | | | | n/a | | | $ | 9.15 | |
| | | | | | | | | | | | | | | | | | |
(1) Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
See Accompanying Notes to Financial Statements
33
STATEMENTS OF ASSETS AND LIABILITIESAS OF APRIL 30, 2011 (UNAUDITED)
| | | | ING
International SmallCap
Multi-Manager
Fund | | ING
International
Value
Fund | | ING
International
Value Choice
Fund | | ING
Russia
Fund |
|---|
ASSETS: | | | | | | | | | | | | | | | | | | |
| Investments in securities at value+* | | | | $ | 481,309,243 | | | $ | 1,039,045,533 | | | $ | 52,670,607 | | | $ | 501,783,820 | |
| Short-term investments** | | | | | 3,267,451 | | | | 11,167,988 | | | | 1,886,858 | | | | 27,182,557 | |
| Short-term investments at amortized cost | | | | | — | | | | — | | | | — | | | | — | |
| Cash | | | | | 2,179,636 | | | | — | | | | — | | | | 6,454,475 | |
| Foreign currencies at value*** | | | | | 995,102 | | | | 3,812,002 | | | | 53,736 | | | | — | |
| Receivables: | | | | | | | | | | | | | | | | | | |
| Investment securities sold | | | | | 5,457,009 | | | | 5,158,362 | | | | — | | | | — | |
| Fund shares sold | | | | | 665,762 | | | | 441,421 | | | | 109,184 | | | | 534,965 | |
| Dividends and interest | | | | | 1,908,467 | | | | 10,546,360 | | | | 201,085 | | | | 1,226,549 | |
| Unrealized appreciation on forward foreign currency contracts | | | | | 19,591 | | | | 1,846 | | | | — | | | | — | |
| Prepaid expenses | | | | | 50,781 | | | | 56,175 | | | | 44,243 | | | | 23,523 | |
| Total assets | | | | | 495,853,042 | | | | 1,070,229,687 | | | | 54,965,713 | | | | 537,205,889 | |
| |
LIABILITIES: | | | | | | | | | | | | | | | | | | |
| Payable for investment securities purchased | | | | | 2,847,173 | | | | 3,879,756 | | | | 181 | | | | — | |
| Payable for fund shares redeemed | | | | | 396,350 | | | | 3,533,142 | | | | 93,198 | | | | 891,766 | |
| Payable upon receipt of securities loaned | | | | | 1,715,346 | | | | 1,951,588 | | | | — | | | | 27,350,847 | |
| Unrealized depreciation on forward foreign currency contracts | | | | | — | | | | 426 | | | | — | | | | — | |
| Payable to affiliates | | | | | 500,180 | | | | 1,220,639 | | | | 54,398 | | | | 676,586 | |
| Payable to custodian due to bank overdraft | | | | | — | | | | 182,842 | | | | — | | | | — | |
| Payable to custodian due to foreign currency overdraft**** | | | | | — | | | | — | | | | — | | | | 196 | |
| Payable for directors fees | | | | | 2,309 | | | | 5,677 | | | | 268 | | | | 2,395 | |
| Other accrued expenses and liabilities | | | | | 431,689 | | | | 942,237 | | | | 46,224 | | | | 598,920 | |
| Total liabilities | | | | | 5,893,047 | | | | 11,716,307 | | | | 194,269 | | | | 29,520,710 | |
NET ASSETS | | | | $ | 489,959,995 | | | $ | 1,058,513,380 | | | $ | 54,771,444 | | | $ | 507,685,179 | |
| |
NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 680,139,341 | | | $ | 1,856,938,290 | | | $ | 63,199,380 | | | $ | 420,359,300 | |
| Undistributed net investment income (accumulated net investment loss) | | | | | 612,332 | | | | 5,874,076 | | | | 255,764 | | | | (2,787,438 | ) |
| Accumulated net realized loss | | | | | (298,124,198 | ) | | | (871,263,889 | ) | | | (14,608,417 | ) | | | (100,180,269 | ) |
| Net unrealized appreciation | | | | | 107,332,520 | | | | 66,964,903 | | | | 5,924,717 | | | | 190,293,586 | |
NET ASSETS | | | | $ | 489,959,995 | | | $ | 1,058,513,380 | | | $ | 54,771,444 | | | $ | 507,685,179 | |
| | | | | | | | | | | | | | | | | | |
| + Including securities loaned at value | | | | $ | 1,577,804 | | | $ | 1,909,831 | | | $ | — | | | $ | 26,002,607 | |
| * Cost of investments in securities | | | | $ | 374,052,372 | | | $ | 972,441,092 | | | $ | 46,748,918 | | | $ | 311,337,973 | |
| ** Cost of short-term investments | | | | $ | 3,283,390 | | | $ | 11,408,446 | | | $ | 1,886,858 | | | $ | 27,350,847 | |
| *** Cost of foreign currencies | | | | $ | 978,050 | | | $ | 3,801,286 | | | $ | 53,794 | | | $ | — | |
| **** Cost of foreign currency overdraft | | | | $ | — | | | $ | — | | | $ | — | | | $ | 191 | |
See Accompanying Notes to Financial Statements
34
STATEMENTS OF ASSETS AND LIABILITIESAS OFAPRIL 30, 2011 (UNAUDITED) (CONTINUED)
| | | | ING
International SmallCap
Multi-Manager
Fund | | ING
International
Value
Fund | | ING
International
Value Choice
Fund | | ING
Russia
Fund |
|---|
Class A: | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 145,798,798 | | | $ | 483,742,150 | | | $ | 26,228,665 | | | $ | 496,638,527 | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | 0.01 | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 3,343,814 | | | | 38,029,071 | | | | 2,226,025 | | | | 11,259,339 | |
| Net asset value and redemption price per share | | | | $ | 43.60 | | | $ | 12.72 | | | $ | 11.78 | | | $ | 44.11 | |
Maximum offering price per share (5.75%)(1) | | | | $ | 46.26 | | | $ | 13.50 | | | $ | 12.50 | | | $ | 46.80 | |
| |
Class B: | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 4,284,438 | | | $ | 2,394,605 | | | $ | 844,182 | | | | n/a | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | n/a | |
| Par value | | | | $ | — | | | $ | 0.01 | | | $ | — | | | | n/a | |
| Shares outstanding | | | | | 93,403 | | | | 187,188 | | | | 72,605 | | | | n/a | |
Net asset value and redemption price per share(2) | | | | $ | 45.87 | | | $ | 12.79 | | | $ | 11.63 | | | | n/a | |
| |
Class C: | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 32,384,596 | | | $ | 192,543,675 | | | $ | 5,829,554 | | | | n/a | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | n/a | |
| Par value | | | | $ | — | | | $ | 0.01 | | | $ | — | | | | n/a | |
| Shares outstanding | | | | | 795,578 | | | | 15,607,940 | | | | 500,897 | | | | n/a | |
Net asset value and redemption price per share(2) | | | | $ | 40.71 | | | $ | 12.34 | | | $ | 11.64 | | | | n/a | |
| |
Class I: | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 255,088,354 | | | $ | 379,092,163 | | | $ | 21,759,063 | | | $ | 11,046,652 | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | 0.01 | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 5,844,404 | | | | 29,878,436 | | | | 1,847,310 | | | | 249,284 | |
| Net asset value and redemption price per share | | | | $ | 43.65 | | | $ | 12.69 | | | $ | 11.78 | | | $ | 44.31 | |
| |
Class O: | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 1,691,507 | | | | 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 | | | | | 39,097 | | | | n/a | | | | n/a | | | | n/a | |
| Net asset value and redemption price per share | | | | $ | 43.26 | | | | n/a | | | | n/a | | | | n/a | |
| |
Class W: | | | | | | | | | | | | | | | | | | |
| Net assets | | | | $ | 50,712,302 | | | $ | 740,787 | | | $ | 109,980 | | | | n/a | |
| Shares authorized | | | | | unlimited | | | | unlimited | | | | unlimited | | | | n/a | |
| Par value | | | | $ | — | | | $ | 0.01 | | | $ | — | | | | n/a | |
| Shares outstanding | | | | | 981,662 | | | | 58,428 | | | | 9,334 | | | | n/a | |
| Net asset value and redemption price per share | | | | $ | 51.66 | | | $ | 12.68 | | | $ | 11.78 | | | | 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. |
See Accompanying Notes to Financial Statements
35
STATEMENTS OF ASSETS AND LIABILITIESAS OF APRIL 30, 2011 (UNAUDITED)
| | | | ING
Global
Bond
Fund | | ING
Diversified
International
Fund |
|---|
ASSETS: | | | | | | | | | | |
| Investments in securities at value* | | | | $ | 548,523,537 | | | $ | — | |
| Investments in affiliates** | | | | | — | | | | 180,596,338 | |
| Short-term investments*** | | | | | 2,497,000 | | | | — | |
| Short-term investments at amortized cost | | | | | 5,999,872 | | | | — | |
| Cash | | | | | 16,677 | | | | 30,511 | |
| Derivatives collateral at broker (Note 2) | | | | | 2,770,000 | | | | — | |
| Cash collateral for futures | | | | | 1,105,489 | | | | — | |
| Foreign currencies at value**** | | | | | 9,659,690 | | | | — | |
| Foreign Cash Collateral for Futures***** | | | | | 1,515,962 | | | | — | |
| Receivables: | | | | | | | | | | |
| Investment securities sold | | | | | 11,953,798 | | | | 340,226 | |
| Investment securities sold on a delayed-delivery or when-issued basis | | | | | 41,697,748 | | | | — | |
| Fund shares sold | | | | | 1,213,987 | | | | 41,047 | |
| Dividends and interest | | | | | 5,148,610 | | | | — | |
| Unrealized appreciation on forward foreign currency contracts | | | | | 23,145,523 | | | | — | |
| Unrealized appreciation on swap agreements | | | | | 450,924 | | | | — | |
| Prepaid expenses | | | | | 85,391 | | | | 55,600 | |
| Reimbursement due from manager | | | | | 31,167 | | | | 16,318 | |
| Total assets | | | | | 655,815,375 | | | | 181,080,040 | |
| |
LIABILITIES: | | | | | | | | | | |
| Payable for investment securities purchased | | | | | 4,647,797 | | | | — | |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | | | | | 92,214,357 | | | | — | |
| Payable for fund shares redeemed | | | | | 3,071,196 | | | | 832,070 | |
| Payable to counterparty for derivatives collateral (Note 2) | | | | | 460,000 | | | | — | |
| Unrealized depreciation on forward foreign currency contracts | | | | | 20,096,078 | | | | — | |
| Unrealized depreciation on swap agreements | | | | | 2,516,677 | | | | — | |
| Payable to affiliates | | | | | 322,232 | | | | 91,043 | |
| Payable for directors fees | | | | | 2,584 | | | | 925 | |
| Other accrued expenses and liabilities | | | | | 237,700 | | | | 230,215 | |
| Written options, at fair valueˆ | | | | | 2,538,770 | | | | — | |
| Payable for borrowings against line of credit | | | | | 3,715,000 | | | | — | |
| Total liabilities | | | | | 129,822,391 | | | | 1,154,253 | |
NET ASSETS | | | | $ | 525,992,984 | | | $ | 179,925,787 | |
| |
NET ASSETS WERE COMPRISED OF: | | | | | | | | | | |
| Paid-in capital | | | | $ | 498,678,267 | | | $ | 313,630,432 | |
| Undistributed net investment income | | | | | 1,571,498 | | | | 264,706 | |
| Accumulated net realized loss | | | | | (2,066,720 | ) | | | (160,326,071 | ) |
| Net unrealized appreciation | | | | | 27,809,939 | | | | 26,356,720 | |
NET ASSETS | | | | $ | 525,992,984 | | | $ | 179,925,787 | |
| | | | | | | | | | |
| * Cost of investments in securities | | | | $ | 521,964,532 | | | $ | — | |
| ** Cost of investments in affiliates | | | | $ | — | | | $ | 154,239,618 | |
| *** Cost of short-term investments | | | | $ | 2,497,000 | | | $ | — | |
| **** Cost of foreign currencies | | | | $ | 9,408,154 | | | $ | — | |
| ***** Cost of foreign cash collateral for futures | | | | $ | 1,515,962 | | | $ | — | |
| ˆ Premiums received on written options | | | | $ | 1,178,590 | | | $ | — | |
See Accompanying Notes to Financial Statements
36
STATEMENTS OF ASSETS AND LIABILITIESAS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
| | | | ING
Global
Bond
Fund | | ING
Diversified
International
Fund |
|---|
Class A: | | | | | | | | | | |
| Net assets | | | | $ | 188,564,012 | | | $ | 95,797,527 | |
| Shares authorized | | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 15,541,736 | | | | 9,265,301 | |
| Net asset value and redemption price per share | | | | $ | 12.13 | | | $ | 10.34 | |
| Maximum offering price per share | | | | $ | 12.44 | (1) | | $ | 10.97 | (2) |
| |
Class B: | | | | | | | | | | |
| Net assets | | | | $ | 2,545,798 | | | $ | 14,752,841 | |
| Shares authorized | | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 211,705 | | | | 1,430,097 | |
Net asset value and redemption price per share(3) | | | | $ | 12.03 | | | $ | 10.32 | |
| |
Class C: | | | | | | | | | | |
| Net assets | | | | $ | 81,761,804 | | | $ | 54,446,524 | |
| Shares authorized | | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 6,774,092 | | | | 5,289,770 | |
Net asset value and redemption price per share(3) | | | | $ | 12.07 | | | $ | 10.29 | |
| |
Class I: | | | | | | | | | | |
| Net assets | | | | $ | 237,315,482 | | | $ | 8,150,928 | |
| Shares authorized | | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 19,617,254 | | | | 790,538 | |
| Net asset value and redemption price per share | | | | $ | 12.10 | | | $ | 10.31 | |
| |
Class O: | | | | | | | | | | |
| Net assets | | | | $ | 3,544,615 | | | $ | 4,009,475 | |
| Shares authorized | | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 297,032 | | | | 390,766 | |
| Net asset value and redemption price per share | | | | $ | 11.93 | | | $ | 10.26 | |
| |
Class R: | | | | | | | | | | |
| Net assets | | | | | n/a | | | $ | 170,220 | |
| Shares authorized | | | | | n/a | | | | unlimited | |
| Par value | | | | | n/a | | | $ | — | |
| Shares outstanding | | | | | n/a | | | | 16,649 | |
| Net asset value and redemption price per share | | | | | n/a | | | $ | 10.22 | |
| |
Class W: | | | | | | | | | | |
| Net assets | | | | $ | 12,261,273 | | | $ | 2,598,272 | |
| Shares authorized | | | | | unlimited | | | | unlimited | |
| Par value | | | | $ | — | | | $ | — | |
| Shares outstanding | | | | | 1,027,777 | | | | 252,828 | |
| Net asset value and redemption price per share | | | | $ | 11.93 | | | $ | 10.28 | |
| | | | | | | | | | |
(1) Maximum offering price is 2.50% and is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced. |
(2) Maximum offering price is 5.75% and is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(3) Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
See Accompanying Notes to Financial Statements
37
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDEDAPRIL 30, 2011 (UNAUDITED)
| | | | ING
Global
Equity Dividend
Fund | | ING
Global
Natural Resources
Fund | | ING
Global
Real Estate
Fund | | ING
Global
Value Choice
Fund |
|---|
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | |
Dividends, net of foreign taxes withheld*(1) | | | | $ | 2,095,954 | | | $ | 748,932 | | | $ | 38,582,577 | | | $ | 5,204,351 | |
| Interest, net of foreign taxes withheld* | | | | | — | | | | 42 | | | | 1,071 | | | | — | |
| Securities lending income, net | | | | | 2,886 | | | | — | | | | 111,057 | | | | 22,950 | |
| Total investment income | | | | | 2,098,840 | | | | 748,974 | | | | 38,694,705 | | | | 5,227,301 | |
| |
EXPENSES: | | | | | | | | | | | | | | | | | | |
| Investment management fees | | | | | 437,354 | | | | 535,235 | | | | 11,529,540 | | | | 2,752,414 | |
| Distribution and service fees: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | 51,573 | | | | 150,970 | | | | 1,584,299 | | | | 304,800 | |
| Class B | | | | | 49,143 | | | | — | | | | 94,976 | | | | 37,264 | |
| Class C | | | | | 138,407 | | | | — | | | | 1,059,693 | | | | 641,336 | |
| Class O | | | | | 18,331 | | | | — | | | | 18,277 | | | | — | |
| Transfer agent fees: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | 38,350 | | | | 94,685 | | | | 1,037,797 | | | | 147,528 | |
| Class B | | | | | 9,115 | | | | — | | | | 15,457 | | | | 4,499 | |
| Class C | | | | | 25,681 | | | | — | | | | 173,054 | | | | 77,480 | |
| Class I | | | | | 2,114 | | | | 46 | | | | 673,217 | | | | 23,008 | |
| Class O | | | | | 13,606 | | | | — | | | | 11,921 | | | | — | |
| Class W | | | | | 17,298 | | | | 856 | | | | 238,528 | | | | 25,109 | |
| Administrative service fees | | | | | 62,478 | | | | 63,099 | | | | 1,616,067 | | | | 313,063 | |
| Shareholder reporting expense | | | | | 17,905 | | | | 18,232 | | | | 257,070 | | | | 21,643 | |
| Registration fees | | | | | 40,592 | | | | 23,023 | | | | 197,451 | | | | 75,574 | |
| Professional fees | | | | | 13,088 | | | | 4,923 | | | | 145,164 | | | | 24,344 | |
| Custody and accounting expense | | | | | 24,000 | | | | 11,153 | | | | 373,663 | | | | 57,858 | |
| Directors fees | | | | | 2,528 | | | | 2,167 | | | | 57,027 | | | | 7,399 | |
| Miscellaneous expense | | | | | 3,797 | | | | 3,162 | | | | 51,296 | | | | 10,595 | |
| Interest expense | | | | | 2,589 | | | | — | | | | — | | | | — | |
| Total expenses | | | | | 967,949 | | | | 907,551 | | | | 19,134,497 | | | | 4,523,914 | |
| Net recouped (waived and reimbursed) fees | | | | | 206 | | | | (247 | ) | | | (4,788 | ) | | | (712 | ) |
| Brokerage commission recapture | | | | | — | | | | — | | | | — | | | | (39,381 | ) |
| Net expenses | | | | | 968,155 | | | | 907,304 | | | | 19,129,709 | | | | 4,483,821 | |
| Net investment income (loss) | | | | | 1,130,685 | | | | (158,330 | ) | | | 19,564,996 | | | | 743,480 | |
| |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 7,940,190 | | | | 4,597,215 | | | | 22,059,910 | | | | 52,348,889 | |
| Capital gain distributions from affiliated underlying funds | | | | | — | | | | 542 | | | | — | | | | 11,448 | |
| Foreign currency related transactions | | | | | (241,561 | ) | | | (4,376 | ) | | | (104,824 | ) | | | (198,004 | ) |
| Net realized gain | | | | | 7,698,629 | | | | 4,593,381 | | | | 21,955,086 | | | | 52,162,333 | |
| Net change in unrealized appreciation or depreciation on: | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 4,000,930 | | | | 26,120,359 | | | | 298,450,433 | | | | 21,329,227 | |
| Foreign currency related transactions | | | | | 24,553 | | | | 1,004 | | | | (47,519 | ) | | | (5,611 | ) |
| Net change in unrealized appreciation or depreciation | | | | | 4,025,483 | | | | 26,121,363 | | | | 298,402,914 | | | | 21,323,616 | |
| Net realized and unrealized gain | | | | | 11,724,112 | | | | 30,714,744 | | | | 320,358,000 | | | | 73,485,949 | |
Increase in net assets resulting from operations | | | | $ | 12,854,797 | | | $ | 30,556,414 | | | $ | 339,922,996 | | | $ | 74,229,429 | |
| | | | | | | | | | | | | | | | | | |
| * Foreign taxes withheld | | | | $ | 101,319 | | | $ | 30,985 | | | $ | 2,264,305 | | | $ | 279,069 | |
(1) Dividends from affiliates | | | | $ | — | | | $ | 194 | | | $ | 4,489 | | | $ | 5,188 | |
See Accompanying Notes to Financial Statements
38
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED APRIL 30, 2011 (UNAUDITED)
| | | | ING
Emerging
Countries
Fund | | ING
Global
Opportunities
Fund | | ING
Greater
China
Fund | | ING
Index Plus
International Equity
Fund |
|---|
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | |
Dividends, net of foreign taxes withheld*(1) | | | | $ | 1,208,531 | | | $ | 687,182 | | | $ | 155,933 | | | $ | 1,541,988 | |
| Interest, net of foreign taxes withheld* | | | | | — | | | | 689 | | | | — | | | | — | |
| Securities lending income, net | | | | | 8,138 | | | | 57,009 | | | | — | | | | — | |
| Total investment income | | | | | 1,216,669 | | | | 744,880 | | | | 155,933 | | | | 1,541,988 | |
| |
EXPENSES: | | | | | | | | | | | | | | | | | | |
| Investment management fees | | | | | 920,149 | | | | 491,393 | | | | 259,546 | | | | 330,191 | |
| Distribution and service fees: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | 143,564 | | | | 62,294 | | | | 36,638 | | | | 11,283 | |
| Class B | | | | | 17,055 | | | | 40,696 | | | | 13,192 | | | | 3,435 | |
| Class C | | | | | 74,627 | | | | 212,323 | | | | 29,457 | | | | 5,847 | |
| Class O | | | | | — | | | | — | | | | 6,319 | | | | 57,457 | |
| Transfer agent fees: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | 62,508 | | | | 64,641 | | | | 17,194 | | | | 12,109 | |
| Class B | | | | | 2,582 | | | | 10,545 | | | | 1,548 | | | | 925 | |
| Class C | | | | | 11,348 | | | | 55,273 | | | | 3,606 | | | | 1,568 | |
| Class I | | | | | 2,668 | | | | 5,711 | | | | 1,370 | | | | 5,688 | |
| Class O | | | | | — | | | | — | | | | 3,275 | | | | 61,685 | |
| Class W | | | | | 4,605 | | | | 701 | | | | — | | | | — | |
| Administrative service fees | | | | | 84,319 | | | | 54,599 | | | | 22,569 | | | | 60,034 | |
| Shareholder reporting expense | | | | | 16,151 | | | | 30,641 | | | | 9,774 | | | | 28,487 | |
| Registration fees | | | | | 36,524 | | | | 36,568 | | | | 33,823 | | | | 37,779 | |
| Professional fees | | | | | 19,118 | | | | 16,642 | | | | 13,377 | | | | 8,797 | |
| Custody and accounting expense | | | | | 97,862 | | | | 97,175 | | | | 27,574 | | | | 49,736 | |
| Directors fees | | | | | 3,221 | | | | 2,238 | | | | 849 | | | | 2,455 | |
| Miscellaneous expense | | | | | 36,495 | | | | 6,293 | | | | 5,642 | | | | 1,463 | |
| Interest expense | | | | | 1,646 | | | | 2,539 | | | | 186 | | | | 1,502 | |
| Total expenses | | | | | 1,534,442 | | | | 1,190,272 | | | | 485,939 | | | | 680,441 | |
| Net recouped (waived and reimbursed) fees | | | | | (105,640 | ) | | | (197,826 | ) | | | — | | | | (144,764 | ) |
| Net expenses | | | | | 1,428,802 | | | | 992,446 | | | | 485,939 | | | | 535,677 | |
| Net investment income (loss) | | | | | (212,133 | ) | | | (247,566 | ) | | | (330,006 | ) | | | 1,006,311 | |
| |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | �� | | | | | | | | | | | |
| Investments | | | | | 9,455,909 | | | | 12,740,673 | | | | 2,361,097 | | | | 10,263,404 | |
| Capital gain distributions from affiliated underlying funds | | | | | — | | | | — | | | | — | | | | 60 | |
| Foreign currency related transactions | | | | | (390,338 | ) | | | (110,116 | ) | | | (11,006 | ) | | | 110,238 | |
| Futures | | | | | — | | | | — | | | | — | | | | 443,837 | |
| Net realized gain | | | | | 9,065,571 | | | | 12,630,557 | | | | 2,350,091 | | | | 10,817,539 | |
| Net change in unrealized appreciation or depreciation on: | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 1,551,200 | | | | 387,259 | | | | 305,407 | | | | 3,803,999 | |
| Foreign currency related transactions | | | | | (3,842 | ) | | | 46,158 | | | | 1,478 | | | | 10,064 | |
| Futures | | | | | — | | | | — | | | | — | | | | 224,189 | |
| Net change in unrealized appreciation or depreciation | | | | | 1,547,358 | | | | 433,417 | | | | 306,885 | | | | 4,038,252 | |
| Net realized and unrealized gain | | | | | 10,612,929 | | | | 13,063,974 | | | | 2,656,976 | | | | 14,855,791 | |
Increase in net assets resulting from operations | | | | $ | 10,400,796 | | | $ | 12,816,408 | | | $ | 2,326,970 | | | $ | 15,862,102 | |
| | | | | | | | | | | | | | | | | | |
| * Foreign taxes withheld | | | | $ | 76,215 | | | $ | 50,017 | | | $ | 8,153 | | | $ | 141,103 | |
(1) Dividends from affiliates | | | | $ | — | | | $ | — | | | $ | — | | | $ | 9 | |
See Accompanying Notes to Financial Statements
39
STATEMENTS OF OPERATIONS (UNAUDITED)
| | | | ING
International
Capital Appreciation
Fund | | ING
International
Core
Fund | | ING
International
Growth
Fund | | ING
International
Real Estate
Fund |
|---|
| | | | Six Months Ended
April 30,
2011 | | February 8, 2011(1)
to April 30,
2011 | | January 5, 2011(1)
to April 30,
2011 | | Six Months Ended
April 30,
2011 |
|---|
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | |
Dividends, net of foreign taxes withheld*(1) | | | | $ | 583,343 | | | $ | 1,886,333 | | | $ | 1,559,983 | | | $ | 9,638,412 | |
| Interest, net of foreign taxes withheld* | | | | | — | | | | — | | | | 50 | | | | 713 | |
| Securities lending income, net | | | | | 49,028 | | | | — | | | | — | | | | — | |
| Total investment income | | | | | 632,371 | | | | 1,886,333 | | | | 1,560,033 | | | | 9,639,125 | |
| |
EXPENSES: | | | | | | | | | | | | | | | | | | |
| Investment management fees | | | | | 321,090 | | | | 416,819 | | | | 369,857 | | | | 2,908,767 | |
| Distribution and service fees: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | 29,459 | | | | — | | | | — | | | | 319,089 | |
| Class B | | | | | 10,553 | | | | — | | | | — | | | | 14,065 | |
| Class C | | | | | 38,125 | | | | — | | | | — | | | | 121,039 | |
| Transfer agent fees: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | 24,337 | | | | 596 | | | | 518 | | | | 78,625 | |
| Class B | | | | | 2,169 | | | | — | | | | — | | | | 858 | |
| Class C | | | | | 7,865 | | | | — | | | | — | | | | 7,389 | |
| Class I | | | | | 231 | | | | — | | | | — | | | | 11,096 | |
| Class W | | | | | 11,212 | | | | — | | | | — | | | | 3,257 | |
| Administrative service fees | | | | | 37,775 | | | | 55,575 | | | | 49,314 | | | | 317,103 | |
| Shareholder reporting expense | | | | | 9,400 | | | | 13,548 | | | | 22,715 | | | | 25,771 | |
| Registration fees | | | | | 38,257 | | | | 6,738 | | | | 5,791 | | | | 54,074 | |
| Professional fees | | | | | 15,171 | | | | 7,867 | | | | 14,663 | | | | 38,063 | |
| Custody and accounting expense | | | | | 41,159 | | | | 35,956 | | | | 27,206 | | | | 145,581 | |
| Directors fees | | | | | 1,614 | | | | 1,417 | | | | 1,048 | | | | 6,815 | |
| Offering expense | | | | | — | | | | 14,685 | | | | 21,109 | | | | — | |
| Miscellaneous expense | | | | | 5,342 | | | | 3,181 | | | | 3,854 | | | | 12,745 | |
| Interest expense | | | | | 493 | | | | — | | | | — | | | | 907 | |
| Total expenses | | | | | 594,252 | | | | 556,382 | | | | 516,075 | | | | 4,065,244 | |
| Net recouped (waived and reimbursed) fees | | | | | (94,168 | ) | | | (28,368 | ) | | | (27,483 | ) | | | 14 | |
| Brokerage commission recapture | | | | | (669 | ) | | | — | | | | — | | | | — | |
| Net expenses | | | | | 499,415 | | | | 528,014 | | | | 488,592 | | | | 4,065,258 | |
| Net investment income | | | | | 132,956 | | | | 1,358,319 | | | | 1,071,441 | | | | 5,573,867 | |
| |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 13,593,471 | | | | (1,606,285 | ) | | | 940,165 | | | | 14,046,234 | |
| Foreign currency related transactions | | | | | (23,651 | ) | | | (268,616 | ) | | | (48,050 | ) | | | (26,862 | ) |
| Net realized gain (loss) | | | | | 13,569,820 | | | | (1,874,901 | ) | | | 892,115 | | | | 14,019,372 | |
| Net change in unrealized appreciation or depreciation on: | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (3,395,352 | ) | | | 17,156,667 | | | | 12,430,676 | | | | 24,921,117 | |
| Foreign currency related transactions | | | | | 6,562 | | | | (128,382 | ) | | | 16,420 | | | | (8,979 | ) |
| Net change in unrealized appreciation or depreciation | | | | | (3,388,790 | ) | | | 17,028,285 | | | | 12,447,096 | | | | 24,912,138 | |
| Net realized and unrealized gain | | | | | 10,181,030 | | | | 15,153,384 | | | | 13,339,211 | | | | 38,931,510 | |
Increase in net assets resulting from operations | | | | $ | 10,313,986 | | | $ | 16,511,703 | | | $ | 14,410,652 | | | $ | 44,505,377 | |
| | | | | | | | | | | | | | | | | | |
| * Foreign taxes withheld | | | | $ | 37,356 | | | $ | 167,440 | | | $ | 132,663 | | | $ | 832,959 | |
(1) Commencement of operations | | | | | | | | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
40
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED APRIL 30, 2011 (UNAUDITED)
| | | | ING
International SmallCap
Multi-Manager
Fund | | ING
International
Value
Fund | | ING
International
Value Choice
Fund | | ING
Russia
Fund |
|---|
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | |
Dividends, net of foreign taxes withheld*(1) | | | | $ | 4,025,767 | | | $ | 14,925,799 | | | $ | 671,674 | | | $ | 1,813,917 | |
| Securities lending income, net | | | | | 10,765 | | | | 13,421 | | | | — | | | | 59,839 | |
| Total investment income | | | | | 4,036,532 | | | | 14,939,220 | | | | 671,674 | | | | 1,873,756 | |
| |
EXPENSES: | | | | | | | | | | | | | | | | | | |
| Investment management fees | | | | | 2,289,739 | | | | 5,629,886 | | | | 265,667 | | | | 2,969,515 | |
| Distribution and service fees: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | 251,537 | | | | 748,879 | | | | 30,476 | | | | 582,154 | |
| Class B | | | | | 23,424 | | | | 13,300 | | | | 4,823 | | | | — | |
| Class C | | | | | 155,735 | | | | 982,839 | | | | 27,107 | | | | — | |
| Class O | | | | | 1,751 | | | | — | | | | — | | | | — | |
| Transfer agent fees: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | 109,438 | | | | 365,002 | | | | 23,500 | | | | 283,026 | |
| Class B | | | | | 3,616 | | | | 1,947 | | | | 921 | | | | — | |
| Class C | | | | | 23,558 | | | | 143,331 | | | | 5,217 | | | | — | |
| Class I | | | | | 25,562 | | | | 152,579 | | | | 1,000 | | | | 1,607 | |
| Class O | | | | | 1,017 | | | | — | | | | — | | | | — | |
| Class W | | | | | 34,500 | | | | 6,291 | | | | 59 | | | | — | |
| Administrative service fees | | | | | 228,972 | | | | 562,982 | | | | 26,566 | | | | 237,559 | |
| Shareholder reporting expense | | | | | 69,613 | | | | 60,029 | | | | 6,669 | | | | 52,490 | |
| Registration fees | | | | | 43,305 | | | | 45,443 | | | | 36,949 | | | | 25,385 | |
| Professional fees | | | | | 29,341 | | | | 78,031 | | | | 8,564 | | | | 27,859 | |
| Custody and accounting expense | | | | | 174,866 | | | | 262,908 | | | | 12,050 | | | | 465,681 | |
| Directors fees | | | | | 8,404 | | | | 22,830 | | | | 2,167 | | | | 8,395 | |
| Miscellaneous expense | | | | | 4,625 | | | | 27,051 | | | | 651 | | | | 7,464 | |
| Interest expense | | | | | 476 | | | | 13,243 | | | | — | | | | 59 | |
| Total expenses | | | | | 3,479,479 | | | | 9,116,571 | | | | 452,386 | | | | 4,661,194 | |
| Net waived and reimbursed fees | | | | | (44,102 | ) | | | (62,202 | ) | | | (40,830 | ) | | | — | |
| Brokerage commission recapture | | | | | — | | | | (4,001 | ) | | | — | | | | — | |
| Net expenses | | | | | 3,435,377 | | | | 9,050,368 | | | | 411,556 | | | | 4,661,194 | |
| Net investment income (loss) | | | | | 601,155 | | | | 5,888,852 | | | | 260,118 | | | | (2,787,438 | ) |
| |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 29,829,084 | | | | 20,899,098 | | | | 1,250,325 | | | | (503,904 | ) |
| Capital gain distributions from affiliated underlying funds | | | | | 308 | | | | 3,993 | | | | 236 | | | | — | |
| Foreign currency related transactions | | | | | (20,915 | ) | | | (452,126 | ) | | | (1,689 | ) | | | (9,273 | ) |
| Net realized gain (loss) | | | | | 29,808,477 | | | | 20,450,965 | | | | 1,248,872 | | | | (513,177 | ) |
| Net change in unrealized appreciation or depreciation on: | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 40,893,854 | | | | 81,927,690 | | | | 2,692,656 | | | | 90,407,414 | |
| Foreign currency related transactions | | | | | 32,178 | | | | 139,493 | | | | (2,776 | ) | | | 16,527 | |
| Net change in unrealized appreciation or depreciation | | | | | 40,926,032 | | | | 82,067,183 | | | | 2,689,880 | | | | 90,423,941 | |
| Net realized and unrealized gain | | | | | 70,734,509 | | | | 102,518,148 | | | | 3,938,752 | | | | 89,910,764 | |
Increase in net assets resulting from operations | | | | $ | 71,335,664 | | | $ | 108,407,000 | | | $ | 4,198,870 | | | $ | 87,123,326 | |
| | | | | | | | | | | | | | | | | | |
| * Foreign taxes withheld | | | | $ | 298,414 | | | $ | 1,735,079 | | | $ | 69,319 | | | $ | 399,650 | |
(1) Dividends from affiliates | | | | $ | 224 | | | $ | 740 | | | $ | 90 | | | $ | — | |
See Accompanying Notes to Financial Statements
41
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED APRIL 30, 2011 (UNAUDITED)
| | | | ING
Global
Bond
Fund | | ING
Diversified
International
Fund |
|---|
INVESTMENT INCOME: | | | | | | | | | | |
Dividends(1) | | | | $ | 5,020 | | | $ | — | |
| Dividends from affiliated underlying funds | | | | | — | | | | 2,230,467 | |
| Interest, net of foreign taxes withheld* | | | | | 12,680,914 | | | | — | |
| Total investment income | | | | | 12,685,934 | | | | 2,230,467 | |
EXPENSES: | | | | | | | | | | |
| Investment management fees | | | | | 1,025,233 | | | | — | |
| Distribution and service fees: | | | | | | | | | | |
| Class A | | | | | 236,187 | | | | 122,214 | |
| Class B | | | | | 15,837 | | | | 76,627 | |
| Class C | | | | | 421,989 | | | | 279,388 | |
| Class O | | | | | 4,255 | | | | 4,121 | |
| Class R | | | | | — | | | | 442 | |
| Transfer agent fees: | | | | | | | | | | |
| Class A | | | | | 102,751 | | | | 95,432 | |
| Class B | | | | | 1,696 | | | | 14,940 | |
| Class C | | | | | 45,528 | | | | 54,475 | |
| Class I | | | | | 13,508 | | | | 6,624 | |
| Class O | | | | | 1,836 | | | | 3,218 | |
| Class R | | | | | — | | | | 173 | |
| Class W | | | | | 7,545 | | | | 2,502 | |
| Administrative service fees | | | | | 256,306 | | | | 91,736 | |
| Shareholder reporting expense | | | | | 30,899 | | | | 49,974 | |
| Registration fees | | | | | 84,556 | | | | 47,405 | |
| Professional fees | | | | | 28,322 | | | | 16,059 | |
| Custody and accounting expense | | | | | 136,844 | | | | 14,410 | |
| Directors fees | | | | | 7,780 | | | | 3,575 | |
| Miscellaneous expense | | | | | 20,371 | | | | 5,632 | |
| Interest expense | | | | �� | 1,719 | | | | — | |
| Total expenses | | | | | 2,443,162 | | | | 888,947 | |
| Net waived and reimbursed fees | | | | | (190,246 | ) | | | (175,630 | ) |
| Net expenses | | | | | 2,252,916 | | | | 713,317 | |
| Net investment income | | | | | 10,433,018 | | | | 1,517,150 | |
REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | |
| Investments | | | | | (6,042,568 | ) | | | — | |
| Capital gain distributions from affiliated underlying funds | | | | | 529 | | | | — | |
| Sale of investments in affiliated underlying funds | | | | | — | | | | 21,674,860 | |
| Foreign currency related transactions | | | | | 3,908,366 | | | | — | |
| Futures | | | | | 561,431 | | | | — | |
| Swaps | | | | | (1,986,909 | ) | | | — | |
| Written options | | | | | 3,276,486 | | | | — | |
| Net realized gain (loss) | | | | | (282,665 | ) | | | 21,674,860 | |
| Net change in unrealized appreciation or depreciation on: | | | | | | | | | | |
| Investments | | | | | 183,611 | | | | — | |
| Investment in affiliated underlying funds | | | | | — | | | | (2,962,245 | ) |
| Foreign currency related transactions | | | | | 1,948,796 | | | | — | |
| Futures | | | | | 1,542,709 | | | | — | |
| Swaps | | | | | (1,862,766 | ) | | | — | |
| Written options | | | | | (1,723,241 | ) | | | — | |
| Net change in unrealized appreciation or depreciation | | | | | 89,109 | | | | (2,962,245 | ) |
| Net realized and unrealized gain | | | | | (193,556 | ) | | | 18,712,615 | |
Increase in net assets resulting from operations | | | | $ | 10,239,462 | | | $ | 20,229,765 | |
| | | | | | | | | | |
| * Foreign taxes withheld | | | | $ | 1,981 | | | $ | — | |
(1) Dividends from affiliates | | | | $ | 516 | | | $ | — | |
See Accompanying Notes to Financial Statements
42
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
| | | | ING Global Equity Dividend Fund
| | ING Global Natural Resources Fund
| |
|---|
| | | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 |
|---|
FROM OPERATIONS: | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | $ | 1,130,685 | | | $ | 3,435,716 | | | $ | (158,330 | ) | | $ | 131,066 | |
| Net realized gain | | | | | 7,698,629 | | | | 9,295,314 | | | | 4,593,381 | | | | 3,243,879 | |
| Net change in unrealized appreciation or depreciation | | | | | 4,025,483 | | | | 3,895,767 | | | | 26,121,363 | | | | 8,482,012 | |
| Increase in net assets resulting from operations | | | | | 12,854,797 | | | | 16,626,797 | | | | 30,556,414 | | | | 11,856,957 | |
| |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | |
| Net investment income: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | (296,351 | ) | | | (1,099,380 | ) | | | (48,857 | ) | | | (297,867 | ) |
| Class B | | | | | (33,185 | ) | | | (232,057 | ) | | | — | | | | — | |
| Class C | | | | | (102,462 | ) | | | (572,183 | ) | | | — | | | | — | |
| Class I | | | | | (121,837 | ) | | | (173,783 | ) | | | (4,269 | ) | | | (4,054 | ) |
| Class O | | | | | (108,436 | ) | | | (380,980 | ) | | | — | | | | — | |
| Class W | | | | | (144,307 | ) | | | (776,958 | ) | | | (286 | ) | | | (986 | ) |
| Total distributions | | | | | (806,578 | ) | | | (3,235,341 | ) | | | (53,412 | ) | | | (302,907 | ) |
| |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 12,094,546 | | | | 42,190,089 | | | | 18,235,195 | | | | 17,893,170 | |
| Reinvestment of distributions | | | | | 543,105 | | | | 2,013,907 | | | | 45,055 | | | | 265,592 | |
| | | | | | 12,637,651 | | | | 44,203,996 | | | | 18,280,250 | | | | 18,158,762 | |
| Cost of shares redeemed | | | | | (60,886,560 | ) | | | (49,087,115 | ) | | | (9,232,130 | ) | | | (25,151,505 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | (48,248,909 | ) | | | (4,883,119 | ) | | | 9,048,120 | | | | (6,992,743 | ) |
| Net increase (decrease) in net assets | | | | | (36,200,690 | ) | | | 8,508,337 | | | | 39,551,122 | | | | 4,561,307 | |
| |
NET ASSETS: | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 147,278,723 | | | | 138,770,386 | | | | 104,931,883 | | | | 100,370,576 | |
| End of period | | | | $ | 111,078,033 | | | $ | 147,278,723 | | | $ | 144,483,005 | | | $ | 104,931,883 | |
| Undistributed (distributions in excess of) net investment income at end of period | | | | $ | 329,807 | | | $ | 5,700 | | | $ | (212,923 | ) | | $ | (1,181 | ) |
See Accompanying Notes to Financial Statements
43
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
| | | | ING Global Real Estate Fund
| | ING Global Value Choice Fund
| |
|---|
| | | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 |
|---|
FROM OPERATIONS: | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 19,564,996 | | | $ | 36,629,428 | | | $ | 743,480 | | | $ | 973,501 | |
| Net realized gain (loss) | | | | | 21,955,086 | | | | (57,066,926 | ) | | | 52,162,333 | | | | 29,566,223 | |
| Net change in unrealized appreciation or depreciation | | | | | 298,402,914 | | | | 466,607,069 | | | | 21,323,616 | | | | 30,438,831 | |
| Increase in net assets resulting from operations | | | | | 339,922,996 | | | | 446,169,571 | | | | 74,229,429 | | | | 60,978,555 | |
| |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | |
| Net investment income: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | (30,920,509 | ) | | | (52,577,111 | ) | | | (3,110,805 | ) | | | (751,278 | ) |
| Class B | | | | | (499,098 | ) | | | (1,269,597 | ) | | | (42,997 | ) | | | (18,461 | ) |
| Class C | | | | | (5,145,484 | ) | | | (8,728,497 | ) | | | (1,314,609 | ) | | | (160,740 | ) |
| Class I | | | | | (36,483,078 | ) | | | (38,316,201 | ) | | | (2,956,545 | ) | | | (97,710 | ) |
| Class O | | | | | (356,045 | ) | | | (742,011 | ) | | | — | | | | — | |
| Class Q | | | | | — | | | | — | | | | — | | | | (5,431 | ) |
| Class W | | | | | (7,472,234 | ) | | | (9,909,852 | ) | | | (584,512 | ) | | | (17,043 | ) |
| Total distributions | | | | | (80,876,448 | ) | | | (111,543,269 | ) | | | (8,009,468 | ) | | | (1,050,663 | ) |
| |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 996,545,023 | | | | 1,542,276,839 | | | | 257,306,804 | | | | 376,846,120 | |
| Payment from Distribution settlement/affiliate (Note 16) | | | | | — | | | | — | | | | — | | | | 389,524 | |
| Reinvestment of distributions | | | | | 69,638,801 | | | | 90,697,315 | | | | 4,384,975 | | | | 760,106 | |
| | | | | | 1,066,183,824 | | | | 1,632,974,154 | | | | 261,691,779 | | | | 377,995,750 | |
| Cost of shares redeemed | | | | | (424,919,310 | ) | | | (759,323,843 | ) | | | (82,983,158 | ) | | | (119,767,474 | ) |
| Net increase in net assets resulting from capital share transactions | | | | | 641,264,514 | | | | 873,650,311 | | | | 178,708,621 | | | | 258,228,276 | |
| Net increase in net assets | | | | | 900,311,062 | | | | 1,208,276,613 | | | | 244,928,582 | | | | 318,156,168 | |
| |
NET ASSETS: | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 2,896,782,593 | | | | 1,688,505,980 | | | | 494,326,622 | | | | 176,170,454 | |
| End of period | | | | $ | 3,797,093,655 | | | $ | 2,896,782,593 | | | $ | 739,255,204 | | | $ | 494,326,622 | |
| Undistributed (distributions in excess of) net investment income at end of period | | | | $ | 5,432,027 | | | $ | (10,030,598 | ) | | $ | 747,227 | | | $ | 8,013,215 | |
See Accompanying Notes to Financial Statements
44
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
| | | | ING Emerging Countries Fund
| | ING Global Opportunities Fund
| |
|---|
| | | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 |
|---|
FROM OPERATIONS: | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | $ | (212,133 | ) | | $ | (279,306 | ) | | $ | (247,566 | ) | | $ | 392,350 | |
| Net realized gain | | | | | 9,065,571 | | | | 19,585,960 | | | | 12,630,557 | | | | 34,377,727 | |
| Net change in unrealized appreciation or depreciation | | | | | 1,547,358 | | | | 10,439,846 | | | | 433,417 | | | | (23,110,637 | ) |
| Increase in net assets resulting from operations | | | | | 10,400,796 | | | | 29,746,500 | | | | 12,816,408 | | | | 11,659,440 | |
| |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | |
| Net investment income: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | — | | | | — | | | | (1,180,126 | ) | | | — | |
| Class B | | | | | — | | | | — | | | | (117,935 | ) | | | — | |
| Class C | | | | | — | | | | — | | | | (653,715 | ) | | | — | |
| Class I | | | | | (104,699 | ) | | | — | | | | (248,053 | ) | | | — | |
| Class W | | | | | (6,626 | ) | | | — | | | | (5,783 | ) | | | — | |
| Total distributions | | | | | (111,325 | ) | | | — | | | | (2,205,612 | ) | | | — | |
| |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 26,630,269 | | | | 74,363,135 | | | | 3,382,664 | | | | 23,504,697 | |
| Reinvestment of distributions | | | | | 109,513 | | | | — | | | | 1,762,455 | | | | — | |
| | | | | | 26,739,782 | | | | 74,363,135 | | | | 5,145,119 | | | | 23,504,697 | |
| Cost of shares redeemed | | | | | (46,442,779 | ) | | | (57,366,562 | ) | | | (40,097,143 | ) | | | (160,748,061 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | (19,702,997 | ) | | | 16,996,573 | | | | (34,952,024 | ) | | | (137,243,364 | ) |
| Net increase (decrease) in net assets | | | | | (9,413,526 | ) | | | 46,743,073 | | | | (24,341,228 | ) | | | (125,583,924 | ) |
| |
NET ASSETS: | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 184,741,562 | | | | 137,998,489 | | | | 124,843,949 | | | | 250,427,873 | |
| End of period | | | | $ | 175,328,036 | | | $ | 184,741,562 | | | $ | 100,502,721 | | | $ | 124,843,949 | |
| Undistributed (distributions in excess of) net investment income at end of period | | | | $ | (322,803 | ) | | $ | 655 | | | $ | (241,341 | ) | | $ | 2,211,837 | |
See Accompanying Notes to Financial Statements
45
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
| | | | ING Greater China Fund
| | ING Index Plus International Equity Fund
| |
|---|
| | | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 |
|---|
FROM OPERATIONS: | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | $ | (330,006 | ) | | $ | 79,602 | | | $ | 1,006,311 | | | $ | 2,073,406 | |
| Net realized gain | | | | | 2,350,091 | | | | 3,911,260 | | | | 10,817,539 | | | | 5,432,248 | |
| Net change in unrealized appreciation or depreciation | | | | | 306,885 | | | | 2,259,255 | | | | 4,038,252 | | | | 8,811,031 | |
| Increase in net assets resulting from operations | | | | | 2,326,970 | | | | 6,250,117 | | | | 15,862,102 | | | | 16,316,685 | |
| |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | |
| Net investment income: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | (325,107 | ) | | | (506,388 | ) | | | (119,991 | ) | | | (169,055 | ) |
| Class B | | | | | (12,283 | ) | | | (27,549 | ) | | | (2,716 | ) | | | (11,703 | ) |
| Class C | | | | | (29,457 | ) | | | (72,785 | ) | | | (5,994 | ) | | | (16,513 | ) |
| Class I | | | | | (33,732 | ) | | | (13,810 | ) | | | (1,354,512 | ) | | | (1,026,008 | ) |
| Class O | | | | | (55,501 | ) | | | (55,680 | ) | | | (609,056 | ) | | | (889,985 | ) |
| Total distributions | | | | | (456,080 | ) | | | (676,212 | ) | | | (2,092,269 | ) | | | (2,113,264 | ) |
| |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 6,065,604 | | | | 15,613,491 | | | | 28,771,282 | | | | 51,021,784 | |
| Payment from Distribution settlement/affiliate (Note 16) | | | | | — | | | | — | | | | — | | | | 14,363 | |
| Reinvestment of distributions | | | | | 353,901 | | | | 551,175 | | | | 1,504,646 | | | | 1,254,275 | |
| | | | | | 6,419,505 | | | | 16,164,666 | | | | 30,275,928 | | | | 52,290,422 | |
| Cost of shares redeemed | | | | | (8,545,337 | ) | | | (22,447,403 | ) | | | (80,154,123 | ) | | | (38,109,545 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | (2,125,832 | ) | | | (6,282,737 | ) | | | (49,878,195 | ) | | | 14,180,877 | |
| Net increase (decrease) in net assets | | | | | (254,942 | ) | | | (708,832 | ) | | | (36,108,362 | ) | | | 28,384,298 | |
| |
NET ASSETS: | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 45,234,303 | | | | 45,943,135 | | | | 138,350,735 | | | | 109,966,437 | |
| End of period | | | | $ | 44,979,361 | | | $ | 45,234,303 | | | $ | 102,242,373 | | | $ | 138,350,735 | |
| Undistributed (distributions in excess of) net investment income at end of period | | | | $ | (330,078 | ) | | $ | 456,008 | | | $ | 846,067 | | | $ | 1,932,025 | |
See Accompanying Notes to Financial Statements
46
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
| | | | ING International Capital Appreciation Fund
| | ING International Core Fund
| |
|---|
| | | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 | | February 8, 2011(1)
to April 30,
2011 | |
|---|
FROM OPERATIONS: | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 132,956 | | | $ | 604,292 | | | $ | 1,358,319 | | |
| Net realized gain (loss) | | | | | 13,569,820 | | | | 6,952,425 | | | | (1,874,901 | ) | |
| Net change in unrealized appreciation or depreciation | | | | | (3,388,790 | ) | | | 4,654,819 | | | | 17,028,285 | | |
| Increase in net assets resulting from operations | | | | | 10,313,986 | | | | 12,211,536 | | | | 16,511,703 | | |
| |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | |
| Net investment income: | | | | | | | | | | | | | | | |
| Class A | | | | | (83,454 | ) | | | — | | | | — | | |
| Class B | | | | | (1,646 | ) | | | — | | | | — | | |
| Class C | | | | | (5,304 | ) | | | — | | | | — | | |
| Class I | | | | | (457,301 | ) | | | — | | | | — | | |
| Class W | | | | | (69,778 | ) | | | — | | | | — | | |
| Total distributions | | | | | (617,483 | ) | | | — | | | | — | | |
| |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 2,312,186 | | | | 25,162,278 | | | | 281,252,698 | | |
| Payment from Distribution settlement/affiliate (Note 16) | | | | | — | | | | 17,464 | | | | — | | |
| Reinvestment of distributions | | | | | 605,775 | | | | — | | | | — | | |
| | | | | | 2,917,961 | | | | 25,179,742 | | | | 281,252,698 | | |
| Cost of shares redeemed | | | | | (63,805,483 | ) | | | (42,618,091 | ) | | | (23,262,907 | ) | |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | (60,887,522 | ) | | | (17,438,349 | ) | | | 257,989,791 | | |
| Net increase (decrease) in net assets | | | | | (51,191,019 | ) | | | (5,226,813 | ) | | | 274,501,494 | | |
| |
NET ASSETS: | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 103,510,559 | | | | 108,737,372 | | | | — | | |
| End of period | | | | $ | 52,319,540 | | | $ | 103,510,559 | | | $ | 274,501,494 | | |
| Undistributed net investment income at end of period | | | | $ | 67,139 | | | $ | 551,666 | | | $ | 1,358,319 | | |
| | | | | | | | | | | | | | | |
(1) Commencement of operations |
See Accompanying Notes to Financial Statements
47
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
| | | | ING International Growth Fund
| | ING International Real Estate Fund
| |
|---|
| | | | January 5, 2011(1)
to April 30,
2011 | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 | |
|---|
FROM OPERATIONS: | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 1,071,441 | | | $ | 5,573,867 | | | $ | 10,587,951 | | |
| Net realized gain (loss) | | | | | 892,115 | | | | 14,019,372 | | | | (25,939,550 | ) | |
| Net change in unrealized appreciation or depreciation | | | | | 12,447,096 | | | | 24,912,138 | | | | 83,023,827 | | |
| Increase in net assets resulting from operations | | | | | 14,410,652 | | | | 44,505,377 | | | | 67,672,228 | | |
| |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | |
| Net investment income: | | | | | | | | | | | | | | | |
| Class A | | | | | — | | | | (9,964,258 | ) | | | (10,206,548 | ) | |
| Class B | | | | | — | | | | (101,221 | ) | | | (247,391 | ) | |
| Class C | | | | | — | | | | (878,156 | ) | | | (1,741,535 | ) | |
| Class I | | | | | — | | | | (14,381,306 | ) | | | (28,888,201 | ) | |
| Class W | | | | | — | | | | (402,315 | ) | | | (197,296 | ) | |
| Total distributions | | | | | — | | | | (25,727,256 | ) | | | (41,280,971 | ) | |
| |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 186,803,372 | | | | 80,763,438 | | | | 240,789,962 | | |
| Reinvestment of distributions | | | | | — | | | | 12,096,004 | | | | 16,644,023 | | |
| | | | | | 186,803,372 | | | | 92,859,442 | | | | 257,433,985 | | |
| Cost of shares redeemed | | | | | (22,234,845 | ) | | | (88,373,711 | ) | | | (180,122,321 | ) | |
| Net increase in net assets resulting from capital share transactions | | | | | 164,568,527 | | | | 4,485,731 | | | | 77,311,664 | | |
| Net increase in net assets | | | | | 178,979,179 | | | | 23,263,852 | | | | 103,702,921 | | |
| |
NET ASSETS: | | | | | | | | | | | | | | | |
| Beginning of period | | | | | — | | | | 640,431,692 | | | | 536,728,771 | | |
| End of period | | | | $ | 178,979,179 | | | $ | 663,695,544 | | | $ | 640,431,692 | | |
| Undistributed net investment income at end of period | | | | $ | 1,071,441 | | | $ | 1,291,042 | | | $ | 21,444,431 | | |
| | | | | | | | | | | | | | | |
(1) Commencement of operations |
See Accompanying Notes to Financial Statements
48
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
| | | | ING International SmallCap Multi-Manager Fund
| | ING International Value Fund
| |
|---|
| | | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 |
|---|
FROM OPERATIONS: | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 601,155 | | | $ | 2,716,015 | | | $ | 5,888,852 | | | $ | 24,236,719 | |
| Net realized gain (loss) | | | | | 29,808,477 | | | | 33,364,816 | | | | 20,450,965 | | | | (67,022,980 | ) |
| Net change in unrealized appreciation or depreciation | | | | | 40,926,032 | | | | 42,545,269 | | | | 82,067,183 | | | | 109,889,727 | |
| Increase in net assets resulting from operations | | | | | 71,335,664 | | | | 78,626,100 | | | | 108,407,000 | | | | 67,103,466 | |
| |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | |
| Net investment income: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | (538,492 | ) | | | (2,214,496 | ) | | | (10,041,643 | ) | | | (10,943,798 | ) |
| Class B | | | | | — | | | | (27,325 | ) | | | — | | | | (133,023 | ) |
| Class C | | | | | — | | | | (246,685 | ) | | | (2,816,330 | ) | | | (2,639,332 | ) |
| Class I | | | | | (1,823,618 | ) | | | (2,893,717 | ) | | | (9,781,908 | ) | | | (11,909,194 | ) |
| Class O | | | | | (6,432 | ) | | | (9,289 | ) | | | — | | | | — | |
| Class Q | | | | | — | | | | (284,494 | ) | | | — | | | | (415,057 | ) |
| Class W | | | | | (239,610 | ) | | | (288,761 | ) | | | (545,212 | ) | | | (75,790 | ) |
| Total distributions | | | | | (2,608,152 | ) | | | (5,964,767 | ) | | | (23,185,093 | ) | | | (26,116,194 | ) |
| |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 52,409,473 | | | | 109,000,144 | | | | 102,956,827 | | | | 176,559,300 | |
| Payment from Distribution settlement/affiliate (Note 16) | | | | | — | | | | 1,034,530 | | | | — | | | | 2,544,969 | |
| Reinvestment of distributions | | | | | 1,510,812 | | | | 3,818,283 | | | | 18,089,595 | | | | 19,300,834 | |
| | | | | | 53,920,285 | | | | 113,852,957 | | | | 121,046,422 | | | | 198,405,103 | |
| Cost of shares redeemed | | | | | (67,866,530 | ) | | | (178,117,169 | ) | | | (384,305,081 | ) | | | (676,759,545 | ) |
| Net decrease in net assets resulting from capital share transactions | | | | | (13,946,245 | ) | | | (64,264,212 | ) | | | (263,258,659 | ) | | | (478,354,442 | ) |
| Net increase (decrease) in net assets | | | | | 54,781,267 | | | | 8,397,121 | | | | (178,036,752 | ) | | | (437,367,170 | ) |
| |
NET ASSETS: | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 435,178,728 | | | | 426,781,607 | | | | 1,236,550,132 | | | | 1,673,917,302 | |
| End of period | | | | $ | 489,959,995 | | | $ | 435,178,728 | | | $ | 1,058,513,380 | | | $ | 1,236,550,132 | |
| Undistributed net investment income at end of period | | | | $ | 612,332 | | | $ | 2,619,329 | | | $ | 5,874,076 | | | $ | 23,170,317 | |
See Accompanying Notes to Financial Statements
49
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
| | | | ING International Value Choice Fund
| | ING Russia Fund
| |
|---|
| | | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 |
|---|
FROM OPERATIONS: | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | $ | 260,118 | | | $ | 471,083 | | | $ | (2,787,438 | ) | | $ | (3,970,449 | ) |
| Net realized gain (loss) | | | | | 1,248,872 | | | | 267,607 | | | | (513,177 | ) | | | (28,250,872 | ) |
| Net change in unrealized appreciation or depreciation | | | | | 2,689,880 | | | | 5,286,894 | | | | 90,423,941 | | | | 115,182,951 | |
| Increase in net assets resulting from operations | | | | | 4,198,870 | | | | 6,025,584 | | | | 87,123,326 | | | | 82,961,630 | |
| |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | |
| Net investment income: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | (190,808 | ) | | | (131,060 | ) | | | — | | | | — | |
| Class B | | | | | — | | | | (1,702 | ) | | | — | | | | — | |
| Class C | | | | | (12,952 | ) | | | (4,059 | ) | | | — | | | | — | |
| Class I | | | | | (187,574 | ) | | | (227,476 | ) | | | — | | | | — | |
| Class W | | | | | (516 | ) | | | (27 | ) | | | — | | | | — | |
| Total distributions | | | | | (391,850 | ) | | | (364,324 | ) | | | — | | | | — | |
| |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 17,724,542 | | | | 22,686,014 | | | | 41,574,532 | | | | 71,709,252 | |
| Reinvestment of distributions | | | | | 351,442 | | | | 350,219 | | | | — | | | | — | |
| | | | | | 18,075,984 | | | | 23,036,233 | | | | 41,574,532 | | | | 71,709,252 | |
| Redemption fee proceeds (Note 4) | | | | | — | | | | — | | | | 83,814 | | | | 374,780 | |
| Cost of shares redeemed | | | | | (13,905,761 | ) | | | (31,051,386 | ) | | | (47,409,526 | ) | | | (101,984,599 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | 4,170,223 | | | | (8,015,153 | ) | | | (5,751,180 | ) | | | (29,900,567 | ) |
| Net increase (decrease) in net assets | | | | | 7,977,243 | | | | (2,353,893 | ) | | | 81,372,146 | | | | 53,061,063 | |
| |
NET ASSETS: | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 46,794,201 | | | | 49,148,094 | | | | 426,313,033 | | | | 373,251,970 | |
| End of period | | | | $ | 54,771,444 | | | $ | 46,794,201 | | | $ | 507,685,179 | | | $ | 426,313,033 | |
| Undistributed net investment income (accumulated net investment loss) at end of period | | | | $ | 255,764 | | | $ | 387,496 | | | $ | (2,787,438 | ) | | $ | — | |
See Accompanying Notes to Financial Statements
50
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
| | | | ING Global Bond Fund
| | ING Diversified International Fund
| |
|---|
| | | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 | | Six Months Ended
April 30,
2011 | | Year Ended
October 31,
2010 |
|---|
FROM OPERATIONS: | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 10,433,018 | | | $ | 18,339,354 | | | $ | 1,517,150 | | | $ | 927,344 | |
| Net realized gain (loss) | | | | | (282,665 | ) | | | 5,162,548 | | | | 21,674,860 | | | | (29,774,620 | ) |
| Net change in unrealized appreciation or depreciation | | | | | 89,109 | | | | 7,134,786 | | | | (2,962,245 | ) | | | 53,786,539 | |
| Increase in net assets resulting from operations | | | | | 10,239,462 | | | | 30,636,688 | | | | 20,229,765 | | | | 24,939,263 | |
| |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | |
| Net investment income: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | (5,130,619 | ) | | | (8,503,345 | ) | | | (950,698 | ) | | | (846,171 | ) |
| Class B | | | | | (79,618 | ) | | | (249,779 | ) | | | (22,631 | ) | | | (896 | ) |
| Class C | | | | | (1,997,491 | ) | | | (3,217,253 | ) | | | (99,895 | ) | | | — | |
| Class I | | | | | (6,339,081 | ) | | | (10,213,440 | ) | | | (110,151 | ) | | | (29,093 | ) |
| Class O | | | | | (93,501 | ) | | | (214,190 | ) | | | (34,456 | ) | | | (20,511 | ) |
| Class R | | | | | — | | | | — | | | | (1,332 | ) | | | (977 | ) |
| Class W | | | | | (387,391 | ) | | | (318,477 | ) | | | (33,281 | ) | | | (29,696 | ) |
| Net realized gains: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | (1,738,418 | ) | | | (516,361 | ) | | | — | | | | — | |
| Class B | | | | | (31,155 | ) | | | (18,877 | ) | | | — | | | | — | |
| Class C | | | | | (786,791 | ) | | | (213,755 | ) | | | — | | | | — | |
| Class I | | | | | (1,855,102 | ) | | | (548,181 | ) | | | — | | | | — | |
| Class O | | | | | (31,372 | ) | | | (14,374 | ) | | | — | | | | — | |
| Class W | | | | | (122,951 | ) | | | (13,604 | ) | | | — | | | | — | |
| Return of capital: | | | | | | | | | | | | | | | | | | |
| Class A | | | | | — | | | | — | | | | — | | | | (200,627 | ) |
| Class B | | | | | — | | | | — | | | | — | | | | (25,512 | ) |
| Class C | | | | | — | | | | — | | | | — | | | | (57,030 | ) |
| Class I | | | | | — | | | | — | | | | — | | | | (4,115 | ) |
| Class O | | | | | — | | | | — | | | | — | | | | (2,799 | ) |
| Class R | | | | | — | | | | — | | | | — | | | | (256 | ) |
| Class W | | | | | — | | | | — | | | | — | | | | (3,548 | ) |
| Total distributions | | | | | (18,593,490 | ) | | | (24,041,636 | ) | | | (1,252,444 | ) | | | (1,221,231 | ) |
| |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 121,097,341 | | | | 383,281,955 | | | | 9,494,546 | | | | 30,343,239 | |
| Reinvestment of distributions | | | | | 15,961,659 | | | | 20,137,963 | | | | 1,031,590 | | | | 996,905 | |
| | | | | | 137,059,000 | | | | 403,419,918 | | | | 10,526,136 | | | | 31,340,144 | |
| Cost of shares redeemed | | | | | (129,521,814 | ) | | | (178,206,588 | ) | | | (42,415,907 | ) | | | (91,798,664 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | 7,537,186 | | | | 225,213,330 | | | | (31,889,771 | ) | | | (60,458,520 | ) |
| Net increase (decrease) in net assets | | | | | (816,842 | ) | | | 231,808,382 | | | | (12,912,450 | ) | | | (36,740,488 | ) |
| |
NET ASSETS: | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 526,809,826 | | | | 295,001,444 | | | | 192,838,237 | | | | 229,578,725 | |
| End of period | | | | $ | 525,992,984 | | | $ | 526,809,826 | | | $ | 179,925,787 | | | $ | 192,838,237 | |
| Undistributed net investment income at end of period | | | | $ | 1,571,498 | | | $ | 5,166,181 | | | $ | 264,706 | | | $ | — | |
See Accompanying Notes to Financial Statements
51
FINANCIAL HIGHLIGHTS (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net realized
and unrealized
gain (loss)
|
| Total from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees
applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING Global Equity Dividend Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.31 | | | | 0.11 | | | | 1.00 | | | | 1.11 | | | | 0.08 | | | | — | | | | — | | | | 0.08 | | | | — | | | | — | | | | 11.34 | | | | 10.79 | | | | 1.40 | | | | 1.40 | | | | 1.40 | | | | 2.02 | | | | 41,704 | | | | 36 | |
| 10-31-10 | | | | | 9.41 | | | | 0.26 | • | | | 0.89 | | | | 1.15 | | | | 0.25 | | | | — | | | | — | | | | 0.25 | | | | — | | | | — | | | | 10.31 | | | | 12.46 | | | | 1.38 | | | | 1.40 | | | | 1.40 | | | | 2.65 | | | | 42,502 | | | | 58 | |
| 10-31-09 | | | | | 8.77 | | | | 0.26 | • | | | 0.62 | | | | 0.88 | | | | 0.22 | | | | — | | | | 0.02 | | | | 0.24 | | | | — | | | | — | | | | 9.41 | | | | 10.41 | | | | 1.54 | | | | 1.40 | | | | 1.40 | | | | 3.24 | | | | 46,871 | | | | 93 | |
| 10-31-08 | | | | | 16.84 | | | | 0.56 | | | | (6.84 | ) | | | (6.28 | ) | | | 0.54 | | | | 1.20 | | | | 0.05 | | | | 1.79 | | | | — | | | | — | | | | 8.77 | | | | (40.84 | ) | | | 1.42 | | | | 1.41 | | | | 1.41 | | | | 3.85 | | | | 63,134 | | | | 46 | |
| 10-31-07 | | | | | 15.76 | | | | 0.54 | • | | | 1.84 | | | | 2.38 | | | | 0.55 | | | | 0.75 | | | | — | | | | 1.30 | | | | — | | | | — | | | | 16.84 | | | | 15.80 | | | | 1.26 | | | | 1.26 | | | | 1.26 | | | | 3.31 | | | | 182,669 | | | | 36 | |
| 10-31-06 | | | | | 13.07 | | | | 0.54 | | | | 2.85 | | | | 3.39 | | | | 0.51 | | | | 0.19 | | | | — | | | | 0.70 | | | | — | | | | — | | | | 15.76 | | | | 26.56 | | | | 1.27 | | | | 1.33 | | | | 1.33 | | | | 3.76 | | | | 108,911 | | | | 50 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.28 | | | | 0.07 | | | | 1.00 | | | | 1.07 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | — | | | | — | | | | 11.31 | | | | 10.40 | | | | 2.15 | | | | 2.15 | | | | 2.15 | | | | 1.27 | | | | 8,884 | | | | 36 | |
| 10-31-10 | | | | | 9.38 | | | | 0.19 | • | | | 0.88 | | | | 1.07 | | | | 0.17 | | | | — | | | | — | | | | 0.17 | | | | — | | | | — | | | | 10.28 | | | | 11.62 | | | | 2.13 | | | | 2.15 | | | | 2.15 | | | | 1.91 | | | | 11,212 | | | | 58 | |
| 10-31-09 | | | | | 8.74 | | | | 0.21 | | | | 0.61 | | | | 0.82 | | | | 0.16 | | | | — | | | | 0.02 | | | | 0.18 | | | | — | | | | — | | | | 9.38 | | | | 9.60 | | | | 2.29 | | | | 2.15 | | | | 2.15 | | | | 2.48 | | | | 16,147 | | | | 93 | |
| 10-31-08 | | | | | 16.79 | | | | 0.46 | | | | (6.82 | ) | | | (6.36 | ) | | | 0.44 | | | | 1.20 | | | | 0.05 | | | | 1.69 | | | | — | | | | — | | | | 8.74 | | | | (41.32 | ) | | | 2.17 | | | | 2.16 | | | | 2.16 | | | | 3.11 | | | | 21,311 | | | | 46 | |
| 10-31-07 | | | | | 15.72 | | | | 0.39 | | | | 1.86 | | | | 2.25 | | | | 0.43 | | | | 0.75 | | | | — | | | | 1.18 | | | | — | | | | — | | | | 16.79 | | | | 14.94 | | | | 2.01 | | | | 2.01 | | | | 2.01 | | | | 2.53 | | | | 58,093 | | | | 36 | |
| 10-31-06 | | | | | 13.05 | | | | 0.43 | | | | 2.84 | | | | 3.27 | | | | 0.41 | | | | 0.19 | | | | — | | | | 0.60 | | | | — | | | | — | | | | 15.72 | | | | 25.55 | | | | 2.02 | | | | 2.08 | | | | 2.08 | | | | 3.05 | | | | 44,936 | | | | 50 | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.26 | | | | 0.07 | | | | 0.98 | | | | 1.05 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | — | | | | — | | | | 11.27 | | | | 10.25 | | | | 2.15 | | | | 2.15 | | | | 2.15 | | | | 1.28 | | | | 28,386 | | | | 36 | |
| 10-31-10 | | | | | 9.36 | | | | 0.19 | • | | | 0.89 | | | | 1.08 | | | | 0.18 | | | | — | | | | — | | | | 0.18 | | | | — | | | | — | | | | 10.26 | | | | 11.66 | | | | 2.13 | | | | 2.15 | | | | 2.15 | | | | 1.92 | | | | 28,635 | | | | 58 | |
| 10-31-09 | | | | | 8.72 | | | | 0.21 | | | | 0.61 | | | | 0.82 | | | | 0.16 | | | | — | | | | 0.02 | | | | 0.18 | | | | — | | | | — | | | | 9.36 | | | | 9.63 | | | | 2.29 | | | | 2.15 | | | | 2.15 | | | | 2.48 | | | | 37,687 | | | | 93 | |
| 10-31-08 | | | | | 16.75 | | | | 0.44 | | | | (6.78 | ) | | | (6.34 | ) | | | 0.44 | | | | 1.20 | | | | 0.05 | | | | 1.69 | | | | — | | | | — | | | | 8.72 | | | | (41.29 | ) | | | 2.17 | | | | 2.16 | | | | 2.16 | | | | 3.13 | | | | 48,567 | | | | 46 | |
| 10-31-07 | | | | | 15.69 | | | | 0.39 | | | | 1.86 | | | | 2.25 | | | | 0.44 | | | | 0.75 | | | | — | | | | 1.19 | | | | — | | | | — | | | | 16.75 | | | | 14.94 | | | | 2.01 | | | | 2.01 | | | | 2.01 | | | | 2.54 | | | | 124,765 | | | | 36 | |
| 10-31-06 | | | | | 13.02 | | | | 0.43 | | | | 2.84 | | | | 3.27 | | | | 0.41 | | | | 0.19 | | | | — | | | | 0.60 | | | | — | | | | — | | | | 15.69 | | | | 25.62 | | | | 2.02 | | | | 2.08 | | | | 2.08 | | | | 3.03 | | | | 77,426 | | | | 50 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.32 | | | | 0.13 | | | | 1.00 | | | | 1.13 | | | | 0.10 | | | | — | | | | — | | | | 0.10 | | | | — | | | | — | | | | 11.35 | | | | 11.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 2.43 | | | | 14,273 | | | | 36 | |
| 10-31-10 | | | | | 9.42 | | | | 0.27 | • | | | 0.92 | | | | 1.19 | | | | 0.29 | | | | — | | | | — | | | | 0.29 | | | | — | | | | — | | | | 10.32 | | | | 12.90 | | | | 0.99 | | | | 1.01 | | | | 1.01 | | | | 2.80 | | | | 12,390 | | | | 58 | |
| 10-31-09 | | | | | 8.78 | | | | 0.29 | • | | | 0.63 | | | | 0.92 | | | | 0.26 | | | | — | | | | 0.02 | | | | 0.28 | | | | — | | | | — | | | | 9.42 | | | | 10.92 | | | | 1.07 | | | | 0.93 | | | | 0.93 | | | | 3.61 | | | | 1,824 | | | | 93 | |
| 10-31-08 | | | | | 16.83 | | | | 0.47 | | | | (6.68 | ) | | | (6.21 | ) | | | 0.59 | | | | 1.20 | | | | 0.05 | | | | 1.84 | | | | — | | | | — | | | | 8.78 | | | | (40.49 | ) | | | 1.07 | | | | 1.06 | | | | 1.06 | | | | 3.16 | | | | 1,207 | | | | 46 | |
08-01-07(4)–10-31-07 | | | | | 15.81 | | | | 0.12 | • | | | 1.03 | | | | 1.15 | | | | 0.13 | | | | — | | | | — | | | | 0.13 | | | | — | | | | — | | | | 16.83 | | | | 7.26 | | | | 0.90 | | | | 0.90 | | | | 0.90 | | | | 2.98 | | | | 1 | | | | 36 | |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.29 | | | | 0.11 | | | | 1.00 | | | | 1.11 | | | | 0.08 | | | | — | | | | — | | | | 0.08 | | | | — | | | | — | | | | 11.32 | | | | 10.82 | | | | 1.40 | | | | 1.40 | | | | 1.40 | | | | 2.02 | | | | 15,361 | | | | 36 | |
| 10-31-10 | | | | | 9.40 | | | | 0.26 | • | | | 0.89 | | | | 1.15 | | | | 0.26 | | | | — | | | | — | | | | 0.26 | | | | — | | | | — | | | | 10.29 | | | | 12.41 | | | | 1.38 | | | | 1.40 | | | | 1.40 | | | | 2.65 | | | | 14,721 | | | | 58 | |
| 10-31-09 | | | | | 8.76 | | | | 0.26 | • | | | 0.62 | | | | 0.88 | | | | 0.22 | | | | — | | | | 0.02 | | | | 0.24 | | | | — | | | | — | | | | 9.40 | | | | 10.41 | | | | 1.54 | | | | 1.40 | | | | 1.40 | | | | 3.18 | | | | 14,920 | | | | 93 | |
| 10-31-08 | | | | | 16.83 | | | | 0.51 | • | | | (6.78 | ) | | | (6.27 | ) | | | 0.55 | | | | 1.20 | | | | 0.05 | | | | 1.80 | | | | — | | | | — | | | | 8.76 | | | | (40.83 | ) | | | 1.42 | | | | 1.41 | | | | 1.41 | | | | 3.95 | | | | 14,695 | | | | 46 | |
11-15-06(4)–10-31-07 | | | | | 15.86 | | | | 0.55 | • | | | 1.74 | | | | 2.29 | | | | 0.57 | | | | 0.75 | | | | — | | | | 1.32 | | | | — | | | | — | | | | 16.83 | | | | 15.12 | | | | 1.26 | | | | 1.26 | | | | 1.26 | | | | 3.46 | | | | 23,737 | | | | 36 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 11.26 | | | | 0.10 | • | | | 1.12 | | | | 1.22 | | | | 0.07 | | | | — | | | | — | | | | 0.07 | | | | — | | | | — | | | | 12.41 | | | | 10.89 | | | | 1.15 | | | | 1.15 | | | | 1.15 | | | | 1.81 | | | | 2,470 | | | | 36 | |
| 10-31-10 | | | | | 10.25 | | | | 0.31 | • | | | 0.98 | | | | 1.29 | | | | 0.28 | | | | — | | | | — | | | | 0.28 | | | | — | | | | — | | | | 11.26 | | | | 12.79 | | | | 1.13 | | | | 1.15 | | | | 1.15 | | | | 2.87 | | | | 37,819 | | | | 58 | |
| 10-31-09 | | | | | 9.53 | | | | 0.26 | • | | | 0.74 | | | | 1.00 | | | | 0.26 | | | | — | | | | 0.02 | | | | 0.28 | | | | — | | | | — | | | | 10.25 | | | | 10.92 | | | | 1.07 | | | | 0.93 | | | | 0.93 | | | | 2.68 | | | | 21,321 | | | | 93 | |
02-12-08(4)–10-31-08 | | | | | 14.51 | | | | 0.35 | | | | (4.83 | ) | | | (4.48 | ) | | | 0.46 | | | | — | | | | 0.04 | | | | 0.50 | | | | — | | | | — | | | | 9.53 | | | | (31.78 | ) | | | 1.07 | | | | 1.06 | | | | 1.06 | | | | 3.38 | | | | 70 | | | | 46 | |
| |
ING Global Natural Resources Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.81 | | | | (0.01 | ) | | | 2.51 | | | | 2.50 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.31 | | | | 28.43 | | | | 1.45 | | | | 1.45 | † | | | 1.45 | † | | | (0.26 | )† | | | 136,373 | | | | 16 | |
| 10-31-10 | | | | | 7.82 | | | | 0.01 | | | | 1.00 | | | | 1.01 | | | | 0.02 | | | | — | | | | — | | | | 0.02 | | | | — | | | | — | | | | 8.81 | | | | 12.99 | | | | 1.53 | | | | 1.53 | † | | | 1.53 | † | | | 0.11 | † | | | 101,577 | | | | 57 | |
| 10-31-09 | | | | | 6.74 | | | | 0.03 | | | | 1.50 | | | | 1.53 | | | | 0.02 | | | | 0.43 | | | | — | | | | 0.45 | | | | — | | | | — | | | | 7.82 | | | | 24.38 | | | | 1.64 | | | | 1.64 | † | | | 1.64 | † | | | 0.45 | † | | | 99,674 | | | | 81 | |
| 10-31-08 | | | | | 14.18 | | | | 0.05 | | | | (4.92 | ) | | | (4.87 | ) | | | 0.11 | | | | 2.46 | | | | — | | | | 2.57 | | | | — | | | | — | | | | 6.74 | | | | (41.12 | ) | | | 1.46 | | | | 1.46 | † | | | 1.46 | † | | | 0.37 | † | | | 83,713 | | | | 116 | |
| 10-31-07 | | | | | 10.46 | | | | (0.03 | ) | | | 4.36 | | | | 4.33 | | | | 0.26 | | | | 0.35 | | | | — | | | | 0.61 | | | | — | | | | — | | | | 14.18 | | | | 43.22 | | | | 1.44 | | | | 1.44 | † | | | 1.44 | † | | | (0.28 | )† | | | 157,367 | | | | 121 | |
| 10-31-06 | | | | | 7.34 | | | | (0.06 | ) | | | 3.20 | | | | 3.14 | | | | 0.02 | | | | — | | | | — | | | | 0.02 | | | | — | | | | — | | | | 10.46 | | | | 42.76 | | | | 1.42 | | | | 1.42 | | | | 1.42 | | | | (0.61 | ) | | | 121,112 | | | | 158 | |
See Accompanying Notes to Financial Statements
52
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net
realized
and unrealized
gain
(loss)
|
| Total from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING Global Natural Resources Fund (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.82 | | | | 0.01 | | | | 2.53 | | | | 2.54 | | | | 0.01 | | | | — | | | | — | | | | 0.01 | | | | — | | | | — | | | | 11.35 | | | | 28.83 | | | | 1.04 | | | | 1.04 | † | | | 1.04 | † | | | 0.11 | † | | | 5,477 | | | | 16 | |
| 10-31-10 | | | | | 7.83 | | | | 0.04 | • | | | 1.01 | | | | 1.05 | | | | 0.06 | | | | — | | | | — | | | | 0.06 | | | | — | | | | — | | | | 8.82 | | | | 13.43 | | | | 1.11 | | | | 1.11 | † | | | 1.11 | † | | | 0.52 | † | | | 2,977 | | | | 57 | |
| 10-31-09 | | | | | 6.75 | | | | 0.05 | • | | | 1.52 | | | | 1.57 | | | | 0.06 | | | | 0.43 | | | | — | | | | 0.49 | | | | — | | | | — | | | | 7.83 | | | | 25.10 | | | | 1.19 | | | | 1.19 | † | | | 1.19 | † | | | 0.68 | † | | | 510 | | | | 81 | |
| 10-31-08 | | | | | 14.19 | | | | 0.12 | • | | | (4.95 | ) | | | (4.83 | ) | | | 0.15 | | | | 2.46 | | | | — | | | | 2.61 | | | | — | | | | — | | | | 6.75 | | | | (40.87 | ) | | | 1.11 | | | | 1.11 | † | | | 1.11 | † | | | 1.04 | † | | | 1 | | | | 116 | |
08-01-07(4)–10-31-07 | | | | | 12.07 | | | | 0.00 | * | | | 2.12 | | | | 2.12 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 14.19 | | | | 17.56 | | | | 1.08 | | | | 1.08 | † | | | 1.08 | † | | | 0.09 | † | | | 2 | | | | 121 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 11.10 | | | | (0.02 | )• | | | 3.20 | | | | 3.18 | | | | 0.01 | | | | — | | | | — | | | | 0.01 | | | | — | | | | — | | | | 14.27 | | | | 28.64 | | | | 1.20 | | | | 1.20 | † | | | 1.20 | † | | | (0.35 | )† | | | 2,633 | | | | 16 | |
| 10-31-10 | | | | | 9.86 | | | | 0.05 | | | | 1.24 | | | | 1.29 | | | | 0.05 | | | | — | | | | — | | | | 0.05 | | | | — | | | | — | | | | 11.10 | | | | 13.17 | | | | 1.28 | | | | 1.28 | † | | | 1.28 | † | | | 0.36 | † | | | 378 | | | | 57 | |
| 10-31-09 | | | | | 8.39 | | | | 0.05 | • | | | 1.91 | | | | 1.96 | | | | 0.06 | | | | 0.43 | | | | — | | | | 0.49 | | | | — | | | | — | | | | 9.86 | | | | 24.84 | | | | 1.19 | | | | 1.19 | † | | | 1.19 | † | | | 0.64 | † | | | 186 | | | | 81 | |
02-12-08(4)–10-31-08 | | | | | 12.84 | | | | 0.03 | • | | | (4.48 | ) | | | (4.45 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 8.39 | | | | (34.66 | ) | | | 1.11 | | | | 1.11 | † | | | 1.11 | † | | | 0.38 | † | | | 27 | | | | 116 | |
| |
ING Global Real Estate Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 16.25 | | | | 0.09 | • | | | 1.54 | | | | 1.63 | | | | 0.40 | | | | — | | | | — | | | | 0.40 | | | | — | | | | — | | | | 17.48 | | | | 10.22 | | | | 1.29 | | | | 1.29 | † | | | 1.29 | † | | | 1.10 | † | | | 1,447,084 | | | | 20 | |
| 10-31-10 | | | | | 14.26 | | | | 0.23 | • | | | 2.55 | | | | 2.78 | | | | 0.79 | | | | — | | | | — | | | | 0.79 | | | | — | | | | — | | | | 16.25 | | | | 20.20 | | | | 1.39 | | | | 1.39 | † | | | 1.39 | † | | | 1.58 | † | | | 1,179,941 | | | | 53 | |
| 10-31-09 | | | | | 12.56 | | | | 0.32 | • | | | 1.75 | | | | 2.07 | | | | 0.27 | | | | 0.01 | | | | 0.09 | | | | 0.37 | | | | — | | | | — | | | | 14.26 | | | | 17.37 | | | | 1.49 | | | | 1.49 | † | | | 1.49 | † | | | 2.74 | † | | | 893,470 | | | | 66 | |
| 10-31-08 | | | | | 24.19 | | | | 0.33 | • | | | (11.19 | ) | | | (10.86 | ) | | | 0.73 | | | | 0.04 | | | | — | | | | 0.77 | | | | — | | | | — | | | | 12.56 | | | | (46.00 | ) | | | 1.41 | | | | 1.41 | † | | | 1.41 | † | | | 1.76 | † | | | 836,314 | | | | 44 | |
| 10-31-07 | | | | | 22.23 | | | | 0.22 | • | | | 3.13 | | | | 3.35 | | | | 1.08 | | | | 0.31 | | | | — | | | | 1.39 | | | | — | | | | — | | | | 24.19 | | | | 15.44 | | | | 1.30 | | | | 1.30 | | | | 1.30 | | | | 0.96 | | | | 1,115,493 | | | | 57 | |
| 10-31-06 | | | | | 17.14 | | | | 0.20 | • | | | 6.41 | | | | 6.61 | | | | 0.46 | | | | 1.06 | | | | — | | | | 1.52 | | | | — | | | | — | | | | 22.23 | | | | 41.09 | | | | 1.39 | | | | 1.39 | | | | 1.39 | | | | 1.04 | | | | 467,405 | | | | 39 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 13.54 | | | | 0.02 | • | | | 1.29 | | | | 1.31 | | | | 0.35 | | | | — | | | | — | | | | 0.35 | | | | — | | | | — | | | | 14.50 | | | | 9.88 | | | | 2.04 | | | | 2.04 | † | | | 2.04 | † | | | 0.35 | † | | | 18,448 | | | | 20 | |
| 10-31-10 | | | | | 12.01 | | | | 0.11 | • | | | 2.13 | | | | 2.24 | | | | 0.71 | | | | — | | | | — | | | | 0.71 | | | | — | | | | — | | | | 13.54 | | | | 19.33 | | | | 2.14 | | | | 2.14 | † | | | 2.14 | † | | | 0.88 | † | | | 20,350 | | | | 53 | |
| 10-31-09 | | | | | 10.66 | | | | 0.20 | • | | | 1.46 | | | | 1.66 | | | | 0.22 | | | | 0.01 | | | | 0.08 | | | | 0.31 | | | | — | | | | — | | | | 12.01 | | | | 16.39 | | | | 2.24 | | | | 2.24 | † | | | 2.24 | † | | | 2.06 | † | | | 22,218 | | | | 66 | |
| 10-31-08 | | | | | 20.67 | | | | 0.16 | • | | | (9.52 | ) | | | (9.36 | ) | | | 0.61 | | | | 0.04 | | | | — | | | | 0.65 | | | | — | | | | — | | | | 10.66 | | | | (46.40 | ) | | | 2.16 | | | | 2.16 | † | | | 2.16 | † | | | 0.99 | † | | | 23,663 | | | | 44 | |
| 10-31-07 | | | | | 19.20 | | | | 0.04 | • | | | 2.69 | | | | 2.73 | | | | 0.95 | | | | 0.31 | | | | — | | | | 1.26 | | | | — | | | | — | | | | 20.67 | | | | 14.59 | | | | 2.05 | | | | 2.05 | | | | 2.05 | | | | 0.22 | | | | 57,837 | | | | 57 | |
| 10-31-06 | | | | | 15.01 | | | | 0.05 | • | | | 5.56 | | | | 5.61 | | | | 0.36 | | | | 1.06 | | | | — | | | | 1.42 | | | | — | | | | — | | | | 19.20 | | | | 40.04 | | | | 2.14 | | | | 2.14 | | | | 2.14 | | | | 0.31 | | | | 31,677 | | | | 39 | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 14.33 | | | | 0.03 | • | | | 1.35 | | | | 1.38 | | | | 0.35 | | | | — | | | | — | | | | 0.35 | | | | — | | | | — | | | | 15.36 | | | | 9.83 | | | | 2.04 | | | | 2.04 | † | | | 2.04 | † | | | 0.35 | † | | | 235,605 | | | | 20 | |
| 10-31-10 | | | | | 12.67 | | �� | | 0.11 | • | | | 2.26 | | | | 2.37 | | | | 0.71 | | | | — | | | | — | | | | 0.71 | | | | — | | | | — | | | | 14.33 | | | | 19.33 | | | | 2.14 | | | | 2.14 | † | | | 2.14 | † | | | 0.83 | † | | | 201,027 | | | | 53 | |
| 10-31-09 | | | | | 11.22 | | | | 0.21 | • | | | 1.54 | | | | 1.75 | | | | 0.22 | | | | 0.01 | | | | 0.07 | | | | 0.30 | | | | — | | | | — | | | | 12.67 | | | | 16.40 | | | | 2.24 | | | | 2.24 | † | | | 2.24 | † | | | 2.03 | † | | | 149,943 | | | | 66 | |
| 10-31-08 | | | | | 21.70 | | | | 0.16 | | | | (9.99 | ) | | | (9.83 | ) | | | 0.61 | | | | 0.04 | | | | — | | | | 0.65 | | | | — | | | | — | | | | 11.22 | | | | (46.38 | ) | | | 2.16 | | | | 2.16 | † | | | 2.16 | † | | | 0.99 | † | | | 153,110 | | | | 44 | |
| 10-31-07 | | | | | 20.10 | | | | 0.04 | • | | | 2.82 | | | | 2.86 | | | | 0.95 | | | | 0.31 | | | | — | | | | 1.26 | | | | — | | | | — | | | | 21.70 | | | | 14.57 | | | | 2.05 | | | | 2.05 | | | | 2.05 | | | | 0.20 | | | | 303,235 | | | | 57 | |
| 10-31-06 | | | | | 15.65 | | | | 0.05 | • | | | 5.82 | | | | 5.87 | | | | 0.36 | | | | 1.06 | | | | — | | | | 1.42 | | | | — | | | | — | | | | 20.10 | | | | 40.06 | | | | 2.14 | | | | 2.14 | | | | 2.14 | | | | 0.29 | | | | 109,197 | | | | 39 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 16.25 | | | | 0.12 | • | | | 1.55 | | | | 1.67 | | | | 0.43 | | | | — | | | | — | | | | 0.43 | | | | — | | | | — | | | | 17.49 | | | | 10.45 | | | | 0.97 | | | | 0.97 | † | | | 0.97 | † | | | 1.42 | † | | | 1,729,491 | | | | 20 | |
| 10-31-10 | | | | | 14.26 | | | | 0.28 | • | | | 2.56 | | | | 2.84 | | | | 0.85 | | | | — | | | | — | | | | 0.85 | | | | — | | | | — | | | | 16.25 | | | | 20.65 | | | | 0.99 | | | | 0.99 | † | | | 0.99 | † | | | 1.89 | † | | | 1,232,413 | | | | 53 | |
| 10-31-09 | | | | | 12.57 | | | | 0.35 | • | | | 1.76 | | | | 2.11 | | | | 0.30 | | | | 0.01 | | | | 0.11 | | | | 0.42 | | | | — | | | | — | | | | 14.26 | | | | 17.76 | | | | 1.12 | | | | 1.12 | † | | | 1.12 | † | | | 2.96 | † | | | 457,742 | | | | 66 | |
| 10-31-08 | | | | | 24.21 | | | | 0.38 | • | | | (11.17 | ) | | | (10.79 | ) | | | 0.81 | | | | 0.04 | | | | — | | | | 0.85 | | | | — | | | | — | | | | 12.57 | | | | (45.77 | ) | | | 1.01 | | | | 1.01 | † | | | 1.01 | † | | | 2.12 | † | | | 225,881 | | | | 44 | |
| 10-31-07 | | | | | 22.23 | | | | 0.28 | • | | | 3.16 | | | | 3.44 | | | | 1.15 | | | | 0.31 | | | | — | | | | 1.46 | | | | — | | | | — | | | | 24.21 | | | | 15.88 | | | | 0.95 | | | | 0.95 | | | | 0.95 | | | | 1.24 | | | | 76,869 | | | | 57 | |
| 10-31-06 | | | | | 17.14 | | | | 0.28 | • | | | 6.39 | | | | 6.67 | | | | 0.52 | | | | 1.06 | | | | — | | | | 1.58 | | | | — | | | | — | | | | 22.23 | | | | 41.49 | | | | 1.06 | | | | 1.06 | | | | 1.06 | | | | 1.40 | | | | 11,226 | | | | 39 | |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 16.25 | | | | 0.09 | • | | | 1.54 | | | | 1.63 | | | | 0.40 | | | | — | | | | — | | | | 0.40 | | | | — | | | | — | | | | 17.48 | | | | 10.21 | | | | 1.29 | | | | 1.29 | † | | | 1.29 | † | | | 1.10 | † | | | 15,367 | | | | 20 | |
| 10-31-10 | | | | | 14.26 | | | | 0.24 | • | | | 2.54 | | | | 2.78 | | | | 0.79 | | | | — | | | | — | | | | 0.79 | | | | — | | | | — | | | | 16.25 | | | | 20.19 | | | | 1.39 | | | | 1.39 | † | | | 1.39 | † | | | 1.61 | † | | | 14,861 | | | | 53 | |
| 10-31-09 | | | | | 12.55 | | | | 0.32 | • | | | 1.76 | | | | 2.08 | | | | 0.27 | | | | 0.01 | | | | 0.09 | | | | 0.37 | | | | — | | | | — | | | | 14.26 | | | | 17.38 | | | | 1.49 | | | | 1.49 | † | | | 1.49 | † | | | 2.76 | † | | | 13,575 | | | | 66 | |
| 10-31-08 | | | | | 24.19 | | | | 0.33 | • | | | (11.19 | ) | | | (10.86 | ) | | | 0.74 | | | | 0.04 | | | | — | | | | 0.78 | | | | — | | | | — | | | | 12.55 | | | | (46.03 | ) | | | 1.41 | | | | 1.41 | † | | | 1.41 | † | | | 1.74 | † | | | 12,758 | | | | 44 | |
11-15-06(4)–10-31-07 | | | | | 22.20 | | | | 0.20 | • | | | 3.20 | | | | 3.40 | | | | 1.10 | | | | 0.31 | | | | — | | | | 1.41 | | | | — | | | | — | | | | 24.19 | | | | 15.68 | | | | 1.30 | | | | 1.30 | | | | 1.30 | | | | 0.90 | | | | 26,137 | | | | 57 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 16.28 | | | | 0.11 | • | | | 1.55 | | | | 1.66 | | | | 0.42 | | | | — | | | | — | | | | 0.42 | | | | — | | | | — | | | | 17.52 | | | | 10.40 | | | | 1.04 | | | | 1.04 | † | | | 1.04 | † | | | 1.35 | † | | | 351,099 | | | | 20 | |
| 10-31-10 | | | | | 14.28 | | | | 0.27 | • | | | 2.56 | | | | 2.83 | | | | 0.83 | | | | — | | | | — | | | | 0.83 | | | | — | | | | — | | | | 16.28 | | | | 20.52 | | | | 1.14 | | | | 1.14 | † | | | 1.14 | † | | | 1.81 | † | | | 248,192 | | | | 53 | |
| 10-31-09 | | | | | 12.59 | | | | 0.34 | • | | | 1.78 | | | | 2.12 | | | | 0.31 | | | | 0.01 | | | | 0.11 | | | | 0.43 | | | | — | | | | — | | | | 14.28 | | | | 17.78 | | | | 1.12 | | | | 1.12 | † | | | 1.12 | † | | | 2.88 | † | | | 151,558 | | | | 66 | |
02-12-08(4)–10-31-08 | | | | | 19.29 | | | | 0.28 | | | | (6.65 | ) | | | (6.37 | ) | | | 0.33 | | | | — | | | | — | | | | 0.33 | | | | — | | | | — | | | | 12.59 | | | | (33.53 | ) | | | 1.01 | | | | 1.01 | † | | | 1.01 | † | | | 1.95 | † | | | 50,233 | | | | 44 | |
See Accompanying Notes to Financial Statements
53
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net realized
and unrealized
gain
(loss)
|
| Total from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING Global Value Choice Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 31.83 | | | | 0.04 | • | | | 4.11 | | | | 4.15 | | | | 0.47 | | | | — | | | | — | | | | 0.47 | | | | — | | | | — | | | | 35.51 | | | | 13.15 | | | | 1.41 | | | | 1.41 | † | | | 1.40 | † | | | 0.26 | † | | | 284,336 | | | | 37 | |
| 10-31-10 | | | | | 26.25 | | | | 0.10 | | | | 5.61 | | | | 5.71 | | | | 0.17 | | | | — | | | | — | | | | 0.17 | | | | 0.04 | | | | — | | | | 31.83 | | | | 21.97 | (b) | | | 1.50 | | | | 1.49 | | | | 1.48 | | | | 0.44 | | | | 200,835 | | | | 49 | |
| 10-31-09 | | | | | 16.84 | | | | 0.12 | • | | | 9.29 | | | | 9.41 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 26.25 | | | | 55.88 | | | | 1.58 | | | | 1.50 | † | | | 1.49 | † | | | 0.56 | † | | | 107,499 | | | | 81 | |
| 10-31-08 | | | | | 28.40 | | | | 0.11 | | | | (11.51 | ) | | | (11.40 | ) | | | 0.16 | | | | — | | | | — | | | | 0.16 | | | | — | | | | — | | | | 16.84 | | | | (40.34 | ) | | | 1.62 | | | | 1.55 | † | | | 1.53 | † | | | 0.41 | † | | | 38,258 | | | | 73 | |
| 10-31-07 | | | | | 21.72 | | | | 0.01 | | | | 6.67 | | | | 6.68 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 28.40 | | | | 30.76 | | | | 1.77 | | | | 1.82 | | | | 1.81 | | | | 0.04 | | | | 58,600 | | | | 66 | |
| 10-31-06 | | | | | 18.16 | | | | 0.08 | | | | 3.62 | | | | 3.70 | | | | 0.14 | | | | — | | | | — | | | | 0.14 | | | | — | | | | — | | | | 21.72 | | | | 20.48 | | | | 1.78 | | | | 1.78 | | | | 1.77 | | | | 0.40 | | | | 47,305 | | | | 77 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 33.82 | | | | (0.10 | )• | | | 4.39 | | | | 4.29 | | | | 0.20 | | | | — | | | | — | | | | 0.20 | | | | — | | | | — | | | | 37.91 | | | | 12.73 | | | | 2.16 | | | | 2.16 | † | | | 2.15 | † | | | (0.54 | )† | | | 7,305 | | | | 37 | |
| 10-31-10 | | | | | 28.00 | | | | (0.11 | ) | | | 5.96 | | | | 5.85 | | | | 0.07 | | | | — | | | | — | | | | 0.07 | | | | 0.04 | | | | — | | | | 33.82 | | | | 21.07 | (b) | | | 2.25 | | | | 2.24 | | | | 2.23 | | | | (0.34 | ) | | | 7,557 | | | | 49 | |
| 10-31-09 | | | | | 18.10 | | | | (0.05 | ) | | | 9.95 | | | | 9.90 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 28.00 | | | | 54.70 | | | | 2.33 | | | | 2.25 | † | | | 2.24 | † | | | (0.19 | )† | | | 7,105 | | | | 81 | |
| 10-31-08 | | | | | 30.58 | | | | (0.11 | )• | | | (12.37 | ) | | | (12.48 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 18.10 | | | | (40.81 | ) | | | 2.37 | | | | 2.30 | † | | | 2.28 | † | | | (0.39 | )† | | | 6,722 | | | | 73 | |
| 10-31-07 | | | | | 23.54 | | | | (0.17 | )• | | | 7.21 | | | | 7.04 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 30.58 | | | | 29.91 | | | | 2.42 | | | | 2.47 | | | | 2.46 | | | | (0.62 | ) | | | 22,049 | | | | 66 | |
| 10-31-06 | | | | | 19.67 | | | | (0.04 | ) | | | 3.91 | | | | 3.87 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 23.54 | | | | 19.67 | | | | 2.43 | | | | 2.43 | | | | 2.42 | | | | (0.25 | ) | | | 21,364 | | | | 77 | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 30.03 | | | | (0.08 | )• | | | 3.88 | | | | 3.80 | | | | 0.35 | | | | — | | | | — | | | | 0.35 | | | | — | | | | — | | | | 33.48 | | | | 12.74 | | | | 2.16 | | | | 2.16 | † | | | 2.15 | † | | | (0.49 | )† | | | 151,224 | | | | 37 | |
| 10-31-10 | | | | | 24.88 | | | | (0.09 | )• | | | 5.28 | | | | 5.19 | | | | 0.08 | | | | — | | | | — | | | | 0.08 | | | | 0.04 | | | | — | | | | 30.03 | | | | 21.04 | (b) | | | 2.25 | | | | 2.24 | | | | 2.23 | | | | (0.33 | ) | | | 103,709 | | | | 49 | |
| 10-31-09 | | | | | 16.08 | | | | (0.05 | ) | | | 8.85 | | | | 8.80 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 24.88 | | | | 54.73 | | | | 2.33 | | | | 2.25 | † | | | 2.24 | † | | | (0.30 | )† | | | 48,308 | | | | 81 | |
| 10-31-08 | | | | | 27.18 | | | | (0.09 | ) | | | (10.99 | ) | | | (11.08 | ) | | | 0.02 | | | | — | | | | — | | | | 0.02 | | | | — | | | | — | | | | 16.08 | | | | (40.79 | ) | | | 2.37 | | | | 2.30 | † | | | 2.28 | † | | | (0.36 | )† | | | 21,045 | | | | 73 | |
| 10-31-07 | | | | | 20.93 | | | | (0.14 | )• | | | 6.39 | | | | 6.25 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 27.18 | | | | 29.86 | | | | 2.42 | | | | 2.47 | | | | 2.46 | | | | (0.60 | ) | | | 39,537 | | | | 66 | |
| 10-31-06 | | | | | 17.50 | | | | (0.05 | ) | | | 3.50 | | | | 3.45 | | | | 0.02 | | | | — | | | | — | | | | 0.02 | | | | — | | | | — | | | | 20.93 | | | | 19.73 | | | | 2.43 | | | | 2.43 | | | | 2.42 | | | | (0.26 | ) | | | 31,612 | | | | 77 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 32.14 | | | | 0.11 | • | | | 4.13 | | | | 4.24 | | | | 0.55 | | | | — | | | | — | | | | 0.55 | | | | — | | | | — | | | | 35.83 | | | | 13.32 | | | | 1.06 | | | | 1.06 | † | | | 1.05 | † | | | 0.63 | † | | | 245,590 | | | | 37 | |
| 10-31-10 | | | | | 26.46 | | | | 0.25 | • | | | 5.63 | | | | 5.88 | | | | 0.24 | | | | — | | | | — | | | | 0.24 | | | | 0.04 | | | | — | | | | 32.14 | | | | 22.49 | (b) | | | 1.12 | | | | 1.11 | | | | 1.10 | | | | 0.84 | | | | 152,120 | | | | 49 | |
| 10-31-09 | | | | | 16.92 | | | | 0.18 | • | | | 9.36 | | | | 9.54 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 26.46 | | | | 56.38 | | | | 1.18 | | | | 1.17 | † | | | 1.16 | † | | | 0.82 | † | | | 10,388 | | | | 81 | |
| 10-31-08 | | | | | 28.57 | | | | 0.22 | | | | (11.59 | ) | | | (11.37 | ) | | | 0.28 | | | | — | | | | — | | | | 0.28 | | | | — | | | | — | | | | 16.92 | | | | (40.13 | ) | | | 1.22 | | | | 1.22 | † | | | 1.20 | † | | | 0.76 | † | | | 5,794 | | | | 73 | |
| 10-31-07 | | | | | 21.73 | | | | 0.15 | | | | 6.69 | | | | 6.84 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 28.57 | | | | 31.48 | | | | 1.25 | | | | 1.30 | | | | 1.29 | | | | 0.67 | | | | 7,845 | | | | 66 | |
09-06-06(4)–10-31-06 | | | | | 21.31 | | | | (0.11 | ) | | | 0.53 | | | | 0.42 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 21.73 | | | | 1.97 | | | | 1.27 | | | | 1.26 | | | | 1.26 | | | | (0.69 | ) | | | 3,010 | | | | 77 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 32.07 | | | | 0.09 | • | | | 4.14 | | | | 4.23 | | | | 0.54 | | | | — | | | | — | | | | 0.54 | | | | — | | | | — | | | | 35.76 | | | | 13.30 | | | | 1.16 | | | | 1.16 | † | | | 1.15 | † | | | 0.53 | † | | | 50,800 | | | | 37 | |
| 10-31-10 | | | | | 26.46 | | | | 0.21 | • | | | 5.60 | | | | 5.81 | | | | 0.24 | | | | — | | | | — | | | | 0.24 | | | | 0.04 | | | | — | | | | 32.07 | | | | 22.23 | (b) | | | 1.25 | | | | 1.24 | | | | 1.23 | | | | 0.73 | | | | 30,105 | | | | 49 | |
06-01-09(4)–10-31-09 | | | | | 24.24 | | | | (0.08 | )• | | | 2.30 | | | | 2.22 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 26.46 | | | | 9.16 | | | | 1.18 | | | | 1.17 | † | | | 1.16 | † | | | (0.79 | )† | | | 250 | | | | 81 | |
| |
ING Emerging Countries Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 28.88 | | | | (0.05 | ) | | | 1.85 | | | | 1.80 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 30.68 | | | | 6.23 | | | | 1.94 | | | | 1.77 | | | | 1.77 | | | | (0.33 | ) | | | 82,239 | | | | 53 | |
| 10-31-10 | | | | | 23.64 | | | | (0.07 | ) | | | 5.31 | | | | 5.24 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 28.88 | | | | 22.17 | | | | 2.15 | | | | 1.91 | | | | 1.91 | | | | (0.25 | ) | | | 86,497 | | | | 98 | |
| 10-31-09 | | | | | 16.04 | | | | 0.05 | • | | | 7.82 | | | | 7.87 | | | | 0.50 | | | | — | | | | — | | | | 0.50 | | | | 0.23 | | | | — | | | | 23.64 | | | | 52.02 | (e) | | | 2.28 | | | | 2.04 | | | | 2.04 | | | | 0.29 | | | | 77,556 | | | | 148 | |
| 10-31-08 | | | | | 41.48 | | | | 0.71 | | | | (24.59 | ) | | | (23.88 | ) | | | 0.45 | | | | 1.11 | | | | — | | | | 1.56 | | | | — | | | | — | | | | 16.04 | | | | (59.64 | ) | | | 2.10 | | | | 1.96 | | | | 1.94 | | | | 1.86 | | | | 60,207 | | | | 177 | |
| 10-31-07 | | | | | 29.62 | | | | 0.47 | | | | 11.82 | | | | 12.29 | | | | 0.43 | | | | — | | | | — | | | | 0.43 | | | | — | | | | — | | | | 41.48 | | | | 41.93 | | | | 1.99 | | | | 1.89 | | | | 1.86 | | | | 1.42 | | | | 197,307 | | | | 51 | |
| 10-31-06 | | | | | 23.60 | | | | 0.48 | | | | 5.68 | | | | 6.16 | | | | — | | | | 0.14 | | | | — | | | | 0.14 | | | | — | | | | — | | | | 29.62 | | | | 26.19 | | | | 2.02 | | | | 1.92 | | | | 1.91 | | | | 1.80 | | | | 123,219 | | | | 35 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 28.43 | | | | (0.16 | )• | | | 1.82 | | | | 1.66 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 30.09 | | | | 5.84 | | | | 2.59 | | | | 2.52 | | | | 2.52 | | | | (1.13 | ) | | | 3,023 | | | | 53 | |
| 10-31-10 | | | | | 23.45 | | | | (0.26 | )• | | | 5.24 | | | | 4.98 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 28.43 | | | | 21.24 | | | | 2.80 | | | | 2.66 | | | | 2.66 | | | | (1.03 | ) | | | 3,901 | | | | 98 | |
| 10-31-09 | | | | | 15.73 | | | | (0.08 | )• | | | 7.74 | | | | 7.66 | | | | 0.17 | | | | — | | | | — | | | | 0.17 | | | | 0.23 | | | | — | | | | 23.45 | | | | 50.68 | (e) | | | 2.93 | | | | 2.79 | | | | 2.79 | | | | (0.44 | ) | | | 4,973 | | | | 148 | |
| 10-31-08 | | | | | 40.67 | | | | 0.36 | • | | | (24.05 | ) | | | (23.69 | ) | | | 0.14 | | | | 1.11 | | | | — | | | | 1.25 | | | | — | | | | — | | | | 15.73 | | | | (59.94 | ) | | | 2.75 | | | | 2.71 | | | | 2.69 | | | | 1.10 | | | | 4,312 | | | | 177 | |
| 10-31-07 | | | | | 29.04 | | | | 0.24 | • | | | 11.57 | | | | 11.81 | | | | 0.18 | | | | — | | | | — | | | | 0.18 | | | | — | | | | — | | | | 40.67 | | | | 40.85 | | | | 2.64 | | | | 2.64 | | | | 2.61 | | | | 0.67 | | | | 16,648 | | | | 51 | |
| 10-31-06 | | | | | 23.17 | | | | 0.28 | • | | | 5.59 | | | | 5.87 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 29.04 | | | | 25.33 | | | | 2.67 | | | | 2.67 | | | | 2.66 | | | | 1.06 | | | | 13,575 | | | | 35 | |
See Accompanying Notes to Financial Statements
54
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net realized
and unrealized
gain (loss)
|
| Total from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees
applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING Emerging Countries Fund (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 26.69 | | | | (0.15 | )• | | | 1.71 | | | | 1.56 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 28.25 | | | | 5.84 | | | | 2.59 | | | | 2.52 | | | | 2.52 | | | | (1.09 | ) | | | 14,596 | | | | 53 | |
| 10-31-10 | | | | | 22.01 | | | | (0.24 | )• | | | 4.92 | | | | 4.68 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 26.69 | | | | 21.26 | | | | 2.80 | | | | 2.66 | | | | 2.66 | | | | (1.00 | ) | | | 15,873 | | | | 98 | |
| 10-31-09 | | | | | 14.82 | | | | (0.07 | )• | | | 7.26 | | | | 7.19 | | | | 0.22 | | | | — | | | | — | | | | 0.22 | | | | 0.22 | | | | — | | | | 22.01 | | | | 50.69 | (e) | | | 2.93 | | | | 2.79 | | | | 2.79 | | | | (0.42 | ) | | | 16,868 | | | | 148 | |
| 10-31-08 | | | | | 38.45 | | | | 0.34 | • | | | (22.65 | ) | | | (22.31 | ) | | | 0.21 | | | | 1.11 | | | | — | | | | 1.32 | | | | — | | | | — | | | | 14.82 | | | | (59.92 | ) | | | 2.75 | | | | 2.71 | | | | 2.69 | | | | 1.11 | | | | 14,586 | | | | 177 | |
| 10-31-07 | | | | | 27.53 | | | | 0.20 | | | | 10.97 | | | | 11.17 | | | | 0.25 | | | | — | | | | — | | | | 0.25 | | | | — | | | | — | | | | 38.45 | | | | 40.82 | | | | 2.64 | | | | 2.64 | | | | 2.61 | | | | 0.65 | | | | 53,885 | | | | 51 | |
| 10-31-06 | | | | | 22.04 | | | | 0.25 | | | | 5.31 | | | | 5.56 | | | | 0.07 | | | | — | | | | — | | | | 0.07 | | | | — | | | | — | | | | 27.53 | | | | 25.29 | | | | 2.67 | | | | 2.67 | | | | 2.66 | | | | 1.12 | | | | 35,847 | | | | 35 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 29.03 | | | | 0.01 | | | | 1.86 | | | | 1.87 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | — | | | | — | | | | 30.86 | | | | 6.46 | | | | 1.45 | | | | 1.38 | | | | 1.38 | | | | 0.09 | | | | 69,847 | | | | 53 | |
| 10-31-10 | | | | | 23.66 | | | | 0.06 | | | | 5.31 | | | | 5.37 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 29.03 | | | | 22.70 | | | | 1.61 | | | | 1.47 | | | | 1.47 | | | | 0.28 | | | | 72,072 | | | | 98 | |
| 10-31-09 | | | | | 16.11 | | | | 0.13 | • | | | 7.82 | | | | 7.95 | | | | 0.63 | | | | — | | | | — | | | | 0.63 | | | | 0.23 | | | | — | | | | 23.66 | | | | 52.74 | (e) | | | 1.74 | | | | 1.60 | | | | 1.60 | | | | 0.71 | | | | 30,758 | | | | 148 | |
| 10-31-08 | | | | | 41.63 | | | | 0.56 | • | | | (24.40 | ) | | | (23.84 | ) | | | 0.57 | | | | 1.11 | | | | — | | | | 1.68 | | | | — | | | | — | | | | 16.11 | | | | (59.48 | ) | | | 1.67 | | | | 1.63 | | | | 1.61 | | | | 1.79 | | | | 18,429 | | | | 177 | |
| 10-31-07 | | | | | 29.72 | | | | 0.55 | | | | 11.90 | | | | 12.45 | | | | 0.54 | | | | — | | | | — | | | | 0.54 | | | | — | | | | — | | | | 41.63 | | | | 42.41 | | | | 1.56 | | | | 1.56 | | | | 1.53 | | | | 1.71 | | | | 41,551 | | | | 51 | |
12-21-05(4)–10-31-06 | | | | | 25.52 | | | | 0.65 | • | | | 3.55 | | | | 4.20 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 29.72 | | | | 16.46 | | | | 1.55 | | | | 1.55 | | | | 1.54 | | | | 2.73 | | | | 23,456 | | | | 35 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 30.36 | | | | (0.03 | ) | | | 1.95 | | | | 1.92 | | | | 0.03 | | | | — | | | | — | | | | 0.03 | | | | — | | | | — | | | | 32.25 | | | | 6.33 | | | | 1.59 | | | | 1.52 | | | | 1.52 | | | | (0.11 | ) | | | 5,623 | | | | 53 | |
| 10-31-10 | | | | | 24.77 | | | | (0.07 | ) | | | 5.66 | | | | 5.59 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 30.36 | | | | 22.57 | | | | 1.80 | | | | 1.66 | | | | 1.66 | | | | (0.33 | ) | | | 6,398 | | | | 98 | |
| 10-31-09 | | | | | 16.85 | | | | 0.01 | • | | | 8.31 | | | | 8.32 | | | | 0.64 | | | | — | | | | — | | | | 0.64 | | | | 0.24 | | | | — | | | | 24.77 | | | | 52.70 | (e) | | | 1.74 | | | | 1.60 | | | | 1.60 | | | | 0.04 | | | | 93 | | | | 148 | |
02-12-08(4)–10-31-08 | | | | | 36.18 | | | | 0.54 | • | | | (19.86 | ) | | | (19.32 | ) | | | — | | | | 0.01 | | | | — | | | | 0.01 | | | | — | | | | — | | | | 16.85 | | | | (53.42 | ) | | | 1.67 | | | | 1.63 | | | | 1.61 | | | | 2.48 | | | | 36 | | | | 177 | |
| |
ING Global Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 14.07 | | | | (0.00 | )* | | | 1.73 | | | | 1.73 | | | | 0.32 | | | | — | | | | — | | | | 0.32 | | | | — | | | | — | | | | 15.48 | | | | 12.54 | | | | 1.86 | | | | 1.51 | | | | 1.51 | | | | (0.14 | ) | | | 46,852 | | | | 38 | |
| 10-31-10 | | | | | 12.85 | | | | 0.05 | • | | | 1.17 | | | | 1.22 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 14.07 | | | | 9.49 | | | | 1.84 | | | | 1.63 | | | | 1.63 | | | | 0.39 | | | | 55,541 | | | | 156 | |
| 10-31-09 | | | | | 11.68 | | | | 0.12 | • | | | 1.50 | | | | 1.62 | | | | 0.45 | | | | — | | | | — | | | | 0.45 | | | | — | | | | — | | | | 12.85 | | | | 14.38 | | | | 1.78 | | | | 1.70 | † | | | 1.70 | † | | | 1.13 | † | | | 93,829 | | | | 176 | |
| 10-31-08 | | | | | 23.54 | | | | 0.18 | ��� | | | (10.65 | ) | | | (10.47 | ) | | | — | | | | 1.39 | | | | — | | | | 1.39 | | | | — | | | | — | | | | 11.68 | | | | (47.01 | ) | | | 1.61 | | | | 1.60 | † | | | 1.60 | † | | | 0.93 | † | | | 151,246 | | | | 116 | |
| 10-31-07 | | | | | 18.56 | | | | 0.10 | | | | 5.56 | | | | 5.66 | | | | — | | | | 0.68 | | | | — | | | | 0.68 | | | | — | | | | — | | | | 23.54 | | | | 31.32 | | | | 1.54 | | | | 1.54 | | | | 1.54 | | | | 0.59 | | | | 349,917 | | | | 69 | |
| 10-31-06 | | | | | 14.79 | | | | 0.08 | • | | | 4.05 | | | | 4.13 | | | | — | | | | 0.36 | | | | — | | | | 0.36 | | | | — | | | | — | | | | 18.56 | | | | 28.39 | | | | 1.58 | | | | 1.65 | | | | 1.65 | | | | 0.49 | | | | 219,819 | | | | 65 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 13.44 | | | | (0.06 | )• | | | 1.66 | | | | 1.60 | | | | 0.19 | | | | — | | | | — | | | | 0.19 | | | | — | | | | — | | | | 14.85 | | | | 12.04 | | | | 2.61 | | | | 2.26 | | | | 2.26 | | | | (0.89 | ) | | | 7,536 | | | | 38 | |
| 10-31-10 | | | | | 12.36 | | | | (0.04 | ) | | | 1.12 | | | | 1.08 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 13.44 | | | | 8.74 | | | | 2.59 | | | | 2.38 | | | | 2.38 | | | | (0.35 | ) | | | 9,094 | | | | 156 | |
| 10-31-09 | | | | | 11.19 | | | | 0.04 | • | | | 1.43 | | | | 1.47 | | | | 0.30 | | | | — | | | | — | | | | 0.30 | | | | — | | | | �� | | | | 12.36 | | | | 13.42 | | | | 2.53 | | | | 2.45 | † | | | 2.45 | † | | | 0.38 | † | | | 14,077 | | | | 176 | |
| 10-31-08 | | | | | 22.78 | | | | 0.02 | • | | | (10.22 | ) | | | (10.20 | ) | | | — | | | | 1.39 | | | | — | | | | 1.39 | | | | — | | | | — | | | | 11.19 | | | | (47.42 | ) | | | 2.36 | | | | 2.35 | † | | | 2.35 | † | | | 0.11 | † | | | 18,831 | | | | 116 | |
| 10-31-07 | | | | | 18.11 | | | | (0.03 | ) | | | 5.38 | | | | 5.35 | | | | — | | | | 0.68 | | | | — | | | | 0.68 | | | | — | | | | — | | | | 22.78 | | | | 30.35 | | | | 2.29 | | | | 2.29 | | | | 2.29 | | | | (0.16 | ) | | | 50,276 | | | | 69 | |
| 10-31-06 | | | | | 14.55 | | | | (0.04 | )• | | | 3.96 | | | | 3.92 | | | | — | | | | 0.36 | | | | — | | | | 0.36 | | | | — | | | | — | | | | 18.11 | | | | 27.40 | | | | 2.33 | | | | 2.40 | | | | 2.40 | | | | (0.24 | ) | | | 38,136 | | | | 65 | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 13.44 | | | | (0.06 | )• | | | 1.66 | | | | 1.60 | | | | 0.19 | | | | — | | | | — | | | | 0.19 | | | | — | | | | — | | | | 14.85 | | | | 12.05 | | | | 2.61 | | | | 2.26 | | | | 2.26 | | | | (0.89 | ) | | | 38,350 | | | | 38 | |
| 10-31-10 | | | | | 12.36 | | | | (0.04 | ) | | | 1.12 | | | | 1.08 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 13.44 | | | | 8.74 | | | | 2.59 | | | | 2.38 | | | | 2.38 | | | | (0.35 | ) | | | 49,256 | | | | 156 | |
| 10-31-09 | | | | | 11.21 | | | | 0.04 | • | | | 1.43 | | | | 1.47 | | | | 0.32 | | | | — | | | | — | | | | 0.32 | | | | — | | | | — | | | | 12.36 | | | | 13.43 | | | | 2.53 | | | | 2.45 | † | | | 2.45 | † | | | 0.38 | † | | | 76,677 | | | | 176 | |
| 10-31-08 | | | | | 22.81 | | | | 0.03 | • | | | (10.24 | ) | | | (10.21 | ) | | | — | | | | 1.39 | | | | — | | | | 1.39 | | | | — | | | | — | | | | 11.21 | | | | (47.40 | ) | | | 2.36 | | | | 2.35 | † | | | 2.35 | † | | | 0.14 | † | | | 102,274 | | | | 116 | |
| 10-31-07 | | | | | 18.14 | | | | (0.03 | ) | | | 5.38 | | | | 5.35 | | | | — | | | | 0.68 | | | | — | | | | 0.68 | | | | — | | | | — | | | | 22.81 | | | | 30.30 | | | | 2.29 | | | | 2.29 | | | | 2.29 | | | | (0.14 | ) | | | 232,439 | | | | 69 | |
| 10-31-06 | | | | | 14.57 | | | | (0.04 | )• | | | 3.97 | | | | 3.93 | | | | — | | | | 0.36 | | | | — | | | | 0.36 | | | | — | | | | — | | | | 18.14 | | | | 27.43 | | | | 2.33 | | | | 2.40 | | | | 2.40 | | | | (0.26 | ) | | | 154,101 | | | | 65 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 14.38 | | | | 0.02 | • | | | 1.78 | | | | 1.80 | | | | 0.39 | | | | — | | | | — | | | | 0.39 | | | | — | | | | — | | | | 15.79 | | | | 12.81 | | | | 1.49 | | | | 1.06 | | | | 1.06 | | | | 0.31 | | | | 7,599 | | | | 38 | |
| 10-31-10 | | | | | 13.08 | | | | 0.13 | • | | | 1.17 | �� | | | 1.30 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 14.38 | | | | 9.94 | | | | 1.38 | | | | 1.31 | | | | 1.31 | | | | 0.94 | | | | 9,467 | | | | 156 | |
| 10-31-09 | | | | | 11.92 | | | | 0.16 | • | | | 1.54 | | | | 1.70 | | | | 0.54 | | | | — | | | | — | | | | 0.54 | | | | — | | | | — | | | | 13.08 | | | | 14.82 | | | | 1.33 | | | | 1.31 | † | | | 1.31 | † | | | 1.44 | † | | | 65,256 | | | | 176 | |
| 10-31-08 | | | | | 23.91 | | | | 0.24 | • | | | (10.84 | ) | | | (10.60 | ) | | | — | | | | 1.39 | | | | — | | | | 1.39 | | | | — | | | | — | | | | 11.92 | | | | (46.82 | ) | | | 1.28 | | | | 1.27 | † | | | 1.27 | † | | | 1.26 | † | | | 68,020 | | | | 116 | |
| 10-31-07 | | | | | 18.78 | | | | 0.16 | | | | 5.65 | | | | 5.81 | | | | — | | | | 0.68 | | | | — | | | | 0.68 | | | | — | | | | — | | | | 23.91 | | | | 31.76 | | | | 1.21 | | | | 1.21 | | | | 1.21 | | | | 0.94 | | | | 108,732 | | | | 69 | |
| 10-31-06 | | | | | 14.93 | | | | 0.13 | • | | | 4.08 | | | | 4.21 | | | | — | | | | 0.36 | | | | — | | | | 0.36 | | | | — | | | | — | | | | 18.78 | | | | 28.67 | | | | 1.28 | | | | 1.35 | | | | 1.34 | | | | 0.78 | | | | 61,248 | | | | 65 | |
See Accompanying Notes to Financial Statements
55
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net realized
and unrealized
gain (loss)
|
| Total from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees
applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING Global Opportunities Fund (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 15.36 | | | | 0.00 | •, * | | | 1.88 | | | | 1.88 | | | | 0.30 | | | | — | | | | — | | | | 0.30 | | | | — | | | | — | | | | 16.94 | | | | 12.45 | | | | 1.61 | | | | 1.26 | | | | 1.26 | | | | 0.06 | | | | 166 | | | | 38 | |
| 10-31-10 | | | | | 13.98 | | | | 0.10 | • | | | 1.28 | | | | 1.38 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 15.36 | | | | 9.87 | | | | 1.59 | | | | 1.38 | | | | 1.38 | | | | 0.68 | | | | 1,486 | | | | 156 | |
| 10-31-09 | | | | | 12.71 | | | | 0.18 | • | | | 1.63 | | | | 1.81 | | | | 0.54 | | | | — | | | | — | | | | 0.54 | | | | — | | | | — | | | | 13.98 | | | | 14.79 | | | | 1.33 | | | | 1.31 | † | | | 1.31 | † | | | 1.47 | † | | | 566 | | | | 176 | |
02-12-08(4)–10-31-08 | | | | | 20.48 | | | | 0.27 | • | | | (8.04 | ) | | | (7.77 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 12.71 | | | | (37.94 | ) | | | 1.28 | | | | 1.27 | † | | | 1.27 | † | | | 2.03 | † | | | 296 | | | | 116 | |
| |
ING Greater China Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 16.40 | | | | (0.12 | ) | | | 1.00 | | | | 0.88 | | | | 0.18 | | | | — | | | | — | | | | 0.18 | | | | — | | | | — | | | | 17.10 | | | | 5.40 | | | | 2.02 | | | | 2.02 | | | | 2.02 | | | | (1.34 | ) | | | 28,614 | | | | 58 | |
| 10-31-10 | | | | | 14.28 | | | | 0.04 | • | | | 2.29 | | | | 2.33 | | | | 0.21 | | | | — | | | | — | | | | 0.21 | | | | — | | | | — | | | | 16.40 | | | | 16.49 | | | | 2.11 | | | | 2.10 | | | | 2.10 | | | | 0.27 | | | | 29,947 | | | | 90 | |
| 10-31-09 | | | | | 9.24 | | | | 0.07 | • | | | 5.78 | | | | 5.85 | | | | 0.21 | | | | 0.60 | | | | — | | | | 0.81 | | | | — | | | | — | | | | 14.28 | | | | 67.10 | | | | 2.29 | | | | 2.11 | | | | 2.11 | | | | 0.58 | | | | 32,860 | | | | 134 | |
| 10-31-08 | | | | | 24.43 | | | | 0.05 | • | | | (13.12 | ) | | | (13.07 | ) | | | 0.06 | | | | 2.06 | | | | — | | | | 2.12 | | | | — | | | | — | | | | 9.24 | | | | (57.63 | ) | | | 1.96 | | | | 1.96 | | | | 1.96 | | | | 0.32 | | | | 20,481 | | | | 159 | |
| 10-31-07 | | | | | 12.49 | | | | 0.07 | | | | 11.93 | | | | 12.00 | | | | 0.06 | | | | 0.00 | * | | | — | | | | 0.06 | | | | — | | | | — | | | | 24.43 | | | | 96.41 | | | | 1.91 | | | | 1.91 | | | | 1.91 | | | | 0.54 | | | | 73,804 | | | | 109 | |
12-21-05(4)–10-31-06 | | | | | 10.00 | | | | 0.06 | | | | 2.43 | | | | 2.49 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 12.49 | | | | 24.90 | | | | 2.64 | | | | 2.64 | | | | 2.64 | | | | 0.75 | | | | 23,709 | | | | 108 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 16.18 | | | | (0.17 | ) | | | 0.97 | | | | 0.80 | | | | 0.07 | | | | — | | | | — | | | | 0.07 | | | | — | | | | — | | | | 16.91 | | | | 4.99 | | | | 2.77 | | | | 2.77 | | | | 2.77 | | | | (2.09 | ) | | | 2,529 | | | | 58 | |
| 10-31-10 | | | | | 14.11 | | | | (0.07 | )• | | | 2.26 | | | | 2.19 | | | | 0.12 | | | | — | | | | — | | | | 0.12 | | | | — | | | | — | | | | 16.18 | | | | 15.61 | | | | 2.86 | | | | 2.85 | | | | 2.85 | | | | (0.45 | ) | | | 2,772 | | | | 90 | |
| 10-31-09 | | | | | 9.08 | | | | (0.03 | )• | | | 5.72 | | | | 5.69 | | | | 0.06 | | | | 0.60 | | | | — | | | | 0.66 | | | | — | | | | — | | | | 14.11 | | | | 65.73 | | | | 3.04 | | | | 2.86 | | | | 2.86 | | | | (0.29 | ) | | | 3,246 | | | | 134 | |
| 10-31-08 | | | | | 24.14 | | | | (0.05 | ) | | | (12.95 | ) | | | (13.00 | ) | | | — | | | | 2.06 | | | | — | | | | 2.06 | | | | — | | | | — | | | | 9.08 | | | | (57.95 | ) | | | 2.71 | | | | 2.71 | | | | 2.71 | | | | (0.33 | ) | | | 1,901 | | | | 159 | |
| 10-31-07 | | | | | 12.42 | | | | (0.03 | )• | | | 11.79 | | | | 11.76 | | | | 0.04 | | | | 0.00 | * | | | — | | | | 0.04 | | | | — | | | | — | | | | 24.14 | | | | 94.92 | | | | 2.66 | | | | 2.66 | | | | 2.66 | | | | (0.19 | ) | | | 7,414 | | | | 109 | |
01-06-06(4)–10-31-06 | | | | | 10.60 | | | | 0.05 | • | | | 1.77 | | | | 1.82 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 12.42 | | | | 17.17 | | | | 3.39 | | | | 3.39 | | | | 3.39 | | | | 0.47 | | | | 1,957 | | | | 108 | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 16.19 | | | | (0.17 | ) | | | 0.98 | | | | 0.81 | | | | 0.08 | | | | — | | | | — | | | | 0.08 | | | | — | | | | — | | | | 16.92 | | | | 5.03 | | | | 2.77 | | | | 2.77 | | | | 2.77 | | | | (2.07 | ) | | | 6,073 | | | | 58 | |
| 10-31-10 | | | | | 14.15 | | | | (0.08 | )• | | | 2.28 | | | | 2.20 | | | | 0.16 | | | | — | | | | — | | | | 0.16 | | | | — | | | | — | | | | 16.19 | | | | 15.64 | | | | 2.86 | | | | 2.85 | | | | 2.85 | | | | (0.53 | ) | | | 5,772 | | | | 90 | |
| 10-31-09 | | | | | 9.09 | | | | (0.02 | )• | | | 5.73 | | | | 5.71 | | | | 0.05 | | | | 0.60 | | | | — | | | | 0.65 | | | | — | | | | — | | | | 14.15 | | | | 65.77 | | | | 3.04 | | | | 2.86 | | | | 2.86 | | | | (0.15 | ) | | | 6,182 | | | | 134 | |
| 10-31-08 | | | | | 24.16 | | | | (0.09 | )• | | | (12.92 | ) | | | (13.01 | ) | | | — | | | | 2.06 | | | | — | | | | 2.06 | | | | — | | | | — | | | | 9.09 | | | | (57.94 | ) | | | 2.71 | | | | 2.71 | | | | 2.71 | | | | (0.52 | ) | | | 2,694 | | | | 159 | |
| 10-31-07 | | | | | 12.43 | | | | (0.03 | )• | | | 11.79 | | | | 11.76 | | | | 0.03 | | | | 0.00 | * | | | — | | | | 0.03 | | | | — | | | | — | | | | 24.16 | | | | 94.75 | | | | 2.66 | | | | 2.66 | | | | 2.66 | | | | (0.20 | ) | | | 12,386 | | | | 109 | |
01-11-06(4)–10-31-06 | | | | | 10.67 | | | | 0.05 | • | | | 1.71 | | | | 1.76 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 12.43 | | | | 16.49 | | | | 3.39 | | | | 3.39 | | | | 3.39 | | | | 0.53 | | | | 2,124 | | | | 108 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 16.44 | | | | (0.09 | )• | | | 0.98 | | | | 0.89 | | | | 0.23 | | | | — | | | | — | | | | 0.23 | | | | — | | | | — | | | | 17.10 | | | | 5.50 | | | | 1.77 | | | | 1.77 | | | | 1.77 | | | | (1.10 | ) | | | 2,078 | | | | 58 | |
| 10-31-10 | | | | | 14.31 | | | | 0.17 | • | | | 2.23 | | | | 2.40 | | | | 0.27 | | | | — | | | | — | | | | 0.27 | | | | — | | | | — | | | | 16.44 | | | | 16.97 | | | | 1.72 | | | | 1.71 | | | | 1.71 | | | | 1.15 | | | | 2,212 | | | | 90 | |
| 10-31-09 | | | | | 9.28 | | | | 0.19 | • | | | 5.72 | | | | 5.91 | | | | 0.28 | | | | 0.60 | | | | — | | | | 0.88 | | | | — | | | | — | | | | 14.31 | | | | 67.79 | | | | 1.86 | | | | 1.68 | | | | 1.68 | | | | 1.48 | | | | 690 | | | | 134 | |
| 10-31-08 | | | | | 24.46 | | | | 0.16 | • | | | (13.18 | ) | | | (13.02 | ) | | | 0.10 | | | | 2.06 | | | | — | | | | 2.16 | | | | — | | | | — | | | | 9.28 | | | | (57.42 | ) | | | 1.70 | | | | 1.70 | | | | 1.70 | | | | 1.02 | | | | 39 | | | | 159 | |
| 10-31-07 | | | | | 12.50 | | | | 0.11 | | | | 11.93 | | | | 12.04 | | | | 0.08 | | | | 0.00 | * | | | — | | | | 0.08 | | | | — | | | | — | | | | 24.46 | | | | 96.81 | | | | 1.66 | | | | 1.66 | | | | 1.66 | | | | 0.73 | | | | 52 | | | | 109 | |
05-08-06(4)–10-31-06 | | | | | 12.84 | | | | 0.08 | | | | (0.42 | ) | | | (0.34 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 12.50 | | | | (2.65 | ) | | | 2.39 | | | | 2.39 | | | | 2.39 | | | | 1.47 | | | | 22 | | | | 108 | |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 16.27 | | | | (0.10 | ) | | | 0.97 | | | | 0.87 | | | | 0.19 | | | | — | | | | — | | | | 0.19 | | | | — | | | | — | | | | 16.95 | | | | 5.39 | | | | 2.02 | | | | 2.02 | | | | 2.02 | | | | (1.28 | ) | | | 5,686 | | | | 58 | |
| 10-31-10 | | | | | 14.19 | | | | 0.07 | • | | | 2.24 | | | | 2.31 | | | | 0.23 | | | | — | | | | — | | | | 0.23 | | | | — | | | | — | | | | 16.27 | | | | 16.49 | | | | 2.11 | | | | 2.10 | | | | 2.10 | | | | 0.49 | | | | 4,530 | | | | 90 | |
| 10-31-09 | | | | | 9.26 | | | | 0.11 | • | | | 5.70 | | | | 5.81 | | | | 0.28 | | | | 0.60 | | | | — | | | | 0.88 | | | | — | | | | — | | | | 14.19 | | | | 66.79 | | | | 2.29 | | | | 2.11 | | | | 2.11 | | | | 0.85 | | | | 2,966 | | | | 134 | |
06-04-08(4)–10-31-08 | | | | | 16.83 | | | | 0.11 | • | | | (7.68 | ) | | | (7.57 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 9.26 | | | | (44.98 | ) | | | 1.96 | | | | 1.96 | | | | 1.96 | | | | 2.23 | | | | 206 | | | | 159 | |
| |
ING Index Plus International Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.36 | | | | 0.08 | | | | 0.97 | | | | 1.05 | | | | 0.11 | | | | — | | | | — | | | | 0.11 | | | | — | | | | — | | | | 9.30 | | | | 12.74 | | | | 1.40 | | | | 1.15 | † | | | 1.15 | † | | | 1.66 | † | | | 9,320 | | | | 60 | |
| 10-31-10 | | | | | 7.80 | | | | 0.13 | | | | 0.58 | | | | 0.71 | | | | 0.15 | | | | — | | | | — | | | | 0.15 | | | | 0.00 | * | | | — | | | | 8.36 | | | | 9.17 | (a) | | | 1.31 | | | | 1.16 | † | | | 1.16 | † | | | 1.65 | † | | | 8,969 | | | | 171 | |
| 10-31-09 | | | | | 6.35 | | | | 0.16 | • | | | 1.49 | | | | 1.65 | | | | 0.23 | | | | — | | | | — | | | | 0.23 | | | | 0.03 | | | | — | | | | 7.80 | | | | 27.40 | (f) | | | 1.53 | | | | 1.15 | | | | 1.15 | | | | 2.58 | | | | 8,828 | | | | 169 | |
| 10-31-08 | | | | | 13.95 | | | | 0.19 | • | | | (6.24 | ) | | | (6.05 | ) | | | 0.18 | | | | 1.37 | | | | — | | | | 1.55 | | | | — | | | | — | | | | 6.35 | | | | (48.51 | ) | | | 1.73 | | | | 1.30 | | | | 1.30 | | | | 1.93 | | | | 9,446 | | | | 215 | |
| 10-31-07 | | | | | 11.68 | | | | 0.14 | • | | | 2.48 | | | | 2.62 | | | | 0.08 | | | | 0.27 | | | | — | | | | 0.35 | | | | — | | | | — | | | | 13.95 | | | | 22.98 | | | | 1.13 | | | | 1.16 | | | | 1.16 | | | | 1.17 | | | | 2,233 | | | | 213 | |
12-21-05(4)–10-31-06 | | | | | 10.00 | | | | 0.14 | • | | | 1.54 | | | | 1.68 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.68 | | | | 16.80 | | | | 1.30 | | | | 1.15 | | | | 1.15 | | | | 1.50 | | | | 12,513 | | | | 188 | |
See Accompanying Notes to Financial Statements
56
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net realized
and unrealized
gain (loss)
|
| Total from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees
applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING Index Plus International Equity Fund (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.36 | | | | 0.03 | • | | | 1.00 | | | | 1.03 | | | | 0.03 | | | | — | | | | — | | | | 0.03 | | | | — | | | | — | | | | 9.36 | | | | 12.38 | | | | 2.15 | | | | 1.90 | † | | | 1.90 | † | | | 0.79 | † | | | 629 | | | | 60 | |
| 10-31-10 | | | | | 7.80 | | | | 0.06 | • | | | 0.58 | | | | 0.64 | | | | 0.08 | | | | — | | | | — | | | | 0.08 | | | | 0.00 | * | | | — | | | | 8.36 | | | | 8.30 | (a) | | | 2.06 | | | | 1.91 | † | | | 1.91 | † | | | 0.86 | † | | | 772 | | | | 171 | |
| 10-31-09 | | | | | 6.29 | | | | 0.11 | • | | | 1.49 | | | | 1.60 | | | | 0.12 | | | | — | | | | — | | | | 0.12 | | | | 0.03 | | | | — | | | | 7.80 | | | | 26.41 | (f) | | | 2.28 | | | | 1.90 | | | | 1.90 | | | | 1.74 | | | | 1,221 | | | | 169 | |
| 10-31-08 | | | | | 13.90 | | | | 0.12 | • | | | (6.20 | ) | | | (6.08 | ) | | | 0.16 | | | | 1.37 | | | | — | | | | 1.53 | | | | — | | | | — | | | | 6.29 | | | | (48.88 | ) | | | 2.48 | | | | 2.05 | | | | 2.05 | | | | 1.22 | | | | 1,571 | | | | 215 | |
| 10-31-07 | | | | | 11.63 | | | | 0.09 | • | | | 2.51 | | | | 2.60 | | | | 0.06 | | | | 0.27 | | | | — | | | | 0.33 | | | | — | | | | — | | | | 13.90 | | | | 22.85 | | | | 1.89 | | | | 1.92 | | | | 1.92 | | | | 0.67 | | | | 734 | | | | 213 | |
01-12-06(4)–10-31-06 | | | | | 10.43 | | | | 0.06 | • | | | 1.14 | | | | 1.20 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.63 | | | | 11.51 | | | | 2.05 | | | | 1.90 | | | | 1.90 | | | | 0.64 | | | | 264 | | | | 188 | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.30 | | | | 0.05 | | | | 0.97 | | | | 1.02 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | — | | | | — | | | | 9.28 | | | | 12.37 | | | | 2.15 | | | | 1.90 | † | | | 1.90 | † | | | 0.89 | † | | | 1,231 | | | | 60 | |
| 10-31-10 | | | | | 7.75 | | | | 0.07 | • | | | 0.57 | | | | 0.64 | | | | 0.09 | | | | — | | | | — | | | | 0.09 | | | | 0.00 | * | | | — | | | | 8.30 | | | | 8.35 | (a) | | | 2.06 | | | | 1.91 | † | | | 1.91 | † | | | 0.93 | † | | | 1,202 | | | | 171 | |
| 10-31-09 | | | | | 6.28 | | | | 0.11 | • | | | 1.48 | | | | 1.59 | | | | 0.15 | | | | — | | | | — | | | | 0.15 | | | | 0.03 | | | | — | | | | 7.75 | | | | 26.45 | (f) | | | 2.28 | | | | 1.90 | | | | 1.90 | | | | 1.78 | | | | 1,445 | | | | 169 | |
| 10-31-08 | | | | | 13.89 | | | | 0.12 | • | | | (6.20 | ) | | | (6.08 | ) | | | 0.16 | | | | 1.37 | | | | — | | | | 1.53 | | | | — | | | | — | | | | 6.28 | | | | (48.91 | ) | | | 2.48 | | | | 2.05 | | | | 2.05 | | | | 1.16 | | | | 1,311 | | | | 215 | |
| 10-31-07 | | | | | 11.61 | | | | 0.09 | • | | | 2.50 | | | | 2.59 | | | | 0.04 | | | | 0.27 | | | | — | | | | 0.31 | | | | — | | | | — | | | | 13.89 | | | | 22.81 | | | | 1.89 | | | | 1.92 | | | | 1.92 | | | | 0.69 | | | | 1,126 | | | | 213 | |
01-12-06(4)–10-31-06 | | | | | 10.43 | | | | 0.08 | • | | | 1.10 | | | | 1.18 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.61 | | | | 11.31 | | | | 2.05 | | | | 1.90 | | | | 1.90 | | | | 0.87 | | | | 534 | | | | 188 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.38 | | | | 0.07 | • | | | 1.01 | | | | 1.08 | | | | 0.14 | | | | — | | | | — | | | | 0.14 | | | | — | | | | — | | | | 9.32 | | | | 13.11 | | | | 0.90 | | | | 0.65 | † | | | 0.65 | † | | | 1.70 | † | | | 42,408 | | | | 60 | |
| 10-31-10 | | | | | 7.81 | | | | 0.14 | • | | | 0.59 | | | | 0.73 | | | | 0.16 | | | | — | | | | — | | | | 0.16 | | | | 0.00 | * | | | — | | | | 8.38 | | | | 9.46 | (a) | | | 0.85 | | | | 0.83 | † | | | 0.83 | † | | | 1.86 | † | | | 81,470 | | | | 171 | |
| 10-31-09 | | | | | 6.42 | | | | 0.18 | • | | | 1.50 | | | | 1.68 | | | | 0.32 | | | | — | | | | — | | | | 0.32 | | | | 0.03 | | | | — | | | | 7.81 | | | | 27.81 | (f) | | | 0.92 | | | | 0.90 | | | | 0.90 | | | | 2.83 | | | | 51,144 | | | | 169 | |
| 10-31-08 | | | | | 14.06 | | | | 0.29 | • | | | (6.32 | ) | | | (6.03 | ) | | | 0.24 | | | | 1.37 | | | | — | | | | 1.61 | | | | — | | | | — | | | | 6.42 | | | | (48.12 | ) | | | 1.05 | | | | 0.62 | | | | 0.62 | | | | 2.80 | | | | 54,838 | | | | 215 | |
| 10-31-07 | | | | | 11.70 | | | | 0.20 | | | | 2.55 | | | | 2.75 | | | | 0.12 | | | | 0.27 | | | | — | | | | 0.39 | | | | — | | | | — | | | | 14.06 | | | | 24.14 | | | | 0.84 | | | | 0.87 | | | | 0.87 | | | | 1.78 | | | | 118,924 | | | | 213 | |
12-21-05(4)–10-31-06 | | | | | 10.00 | | | | 0.16 | • | | | 1.54 | | | | 1.70 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.70 | | | | 17.00 | | | | 1.05 | | | | 0.90 | | | | 0.90 | | | | 1.69 | | | | 78,581 | | | | 188 | |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.30 | | | | 0.07 | | | | 0.97 | | | | 1.04 | | | | 0.11 | | | | — | | | | — | | | | 0.11 | | | | — | | | | — | | | | 9.23 | | | | 12.71 | | | | 1.40 | | | | 1.15 | † | | | 1.15 | † | | | 1.66 | † | | | 48,653 | | | | 60 | |
| 10-31-10 | | | | | 7.75 | | | | 0.14 | | | | 0.56 | | | | 0.70 | | | | 0.15 | | | | — | | | | — | | | | 0.15 | | | | 0.00 | * | | | — | | | | 8.30 | | | | 9.10 | (a) | | | 1.31 | | | | 1.16 | † | | | 1.16 | † | | | 1.65 | † | | | 45,938 | | | | 171 | |
| 10-31-09 | | | | | 6.31 | | | | 0.16 | • | | | 1.49 | | | | 1.65 | | | | 0.24 | | | | — | | | | — | | | | 0.24 | | | | 0.03 | | | | — | | | | 7.75 | | | | 27.60 | (f) | | | 1.53 | | | | 1.15 | | | | 1.15 | | | | 2.53 | | | | 47,328 | | | | 169 | |
11-09-07(4)–10-31-08 | | | | | 13.09 | | | | 0.19 | • | | | (5.36 | ) | | | (5.17 | ) | | | 0.24 | | | | 1.37 | | | | — | | | | 1.61 | | | | — | | | | — | | | | 6.31 | | | | (45.16 | ) | | | 1.73 | | | | 1.30 | | | | 1.30 | | | | 2.03 | | | | 41,539 | | | | 215 | |
| |
ING International Capital Appreciation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.08 | | | | 0.03 | | | | 1.47 | | | | 1.50 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | — | | | | — | | | | 11.54 | | | | 14.88 | | | | 1.71 | | | | 1.46 | | | | 1.46 | | | | 0.41 | | | | 24,206 | | | | 31 | |
| 10-31-10 | | | | | 9.03 | | | | 0.04 | | | | 1.01 | | | | 1.05 | | | | — | | | | — | | | | — | | | | — | | | | 0.00 | * | | | — | | | | 10.08 | | | | 11.63 | (a) | | | 1.70 | | | | 1.46 | | | | 1.45 | | | | 0.42 | | | | 24,553 | | | | 63 | |
| 10-31-09 | | | | | 6.70 | | | | 0.00 | •,* | | | 2.49 | | | | 2.49 | | | | 0.15 | | | | — | | | | 0.01 | | | | 0.16 | | | | — | | | | — | | | | 9.03 | | | | 37.80 | | | | 1.55 | | | | 1.51 | | | | 1.50 | | | | 0.01 | | | | 25,819 | | | | 75 | |
| 10-31-08 | | | | | 14.86 | | | | 0.12 | | | | (7.64 | ) | | | (7.52 | ) | | | 0.14 | | | | 0.50 | | | | — | | | | 0.64 | | | | — | | | | — | | | | 6.70 | | | | (52.69 | ) | | | 1.41 | | | | 1.46 | | | | 1.46 | | | | 0.73 | | | | 1,612 | | | | 83 | |
| 10-31-07 | | | | | 11.39 | | | | 0.01 | • | | | 3.76 | | | | 3.77 | | | | 0.05 | | | | 0.25 | | | | — | | | | 0.30 | | | | — | | | | — | | | | 14.86 | | | | 33.89 | | | | 1.48 | | | | 1.50 | | | | 1.50 | | | | 0.08 | | | | 4,592 | | | | 71 | |
12-21-05(4)–10-31-06 | | | | | 10.00 | | | | 0.04 | | | | 1.35 | | | | 1.39 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.39 | | | | 13.90 | | | | 1.84 | | | | 1.50 | | | | 1.50 | | | | 0.32 | | | | 3,677 | | | | 91 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 9.91 | | | | (0.02 | )• | | | 1.46 | | | | 1.44 | | | | 0.01 | | | | — | | | | — | | | | 0.01 | | | | — | | | | — | | | | 11.34 | | | | 14.51 | | | | 2.46 | | | | 2.21 | | | | 2.21 | | | | (0.44 | ) | | | 1,733 | | | | 31 | |
| 10-31-10 | | | | | 8.95 | | | | (0.04 | ) | | | 1.00 | | | | 0.96 | | | | — | | | | — | | | | — | | | | — | | | | 0.00 | * | | | — | | | | 9.91 | | | | 10.73 | (a) | | | 2.45 | | | | 2.21 | | | | 2.20 | | | | (0.33 | ) | | | 2,597 | | | | 63 | |
| 10-31-09 | | | | | 6.58 | | | | (0.06 | )• | | | 2.47 | | | | 2.41 | | | | 0.03 | | | | — | | | | 0.01 | | | | 0.04 | | | | — | | | | — | | | | 8.95 | | | | 36.68 | | | | 2.30 | | | | 2.26 | | | | 2.25 | | | | (0.75 | ) | | | 4,460 | | | | 75 | |
| 10-31-08 | | | | | 14.67 | | | | (0.01 | )• | | | (7.47 | ) | | | (7.48 | ) | | | 0.11 | | | | 0.50 | | | | — | | | | 0.61 | | | | — | | | | — | | | | 6.58 | | | | (53.01 | ) | | | 2.16 | | | | 2.21 | | | | 2.21 | | | | (0.11 | ) | | | 278 | | | | 83 | |
| 10-31-07 | | | | | 11.33 | | | | (0.09 | ) | | | 3.71 | | | | 3.62 | | | | 0.03 | | | | 0.25 | | | | — | | | | 0.28 | | | | — | | | | — | | | | 14.67 | | | | 32.67 | | | | 2.23 | | | | 2.25 | | | | 2.25 | | | | (0.88 | ) | | | 943 | | | | 71 | |
01-09-06(4)–10-31-06 | | | | | 10.42 | | | | (0.04 | )• | | | 0.95 | | | | 0.91 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.33 | | | | 8.73 | | | | 2.59 | | | | 2.25 | | | | 2.25 | | | | (0.43 | ) | | | 66 | | | | 91 | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 9.95 | | | | (0.01 | ) | | | 1.45 | | | | 1.44 | | | | 0.01 | | | | — | | | | — | | | | 0.01 | | | | — | | | | — | | | | 11.38 | | | | 14.45 | | | | 2.46 | | | | 2.21 | | | | 2.21 | | | | (0.33 | ) | | | 8,060 | | | | 31 | |
| 10-31-10 | | | | | 8.98 | | | | (0.03 | ) | | | 1.00 | | | | 0.97 | | | | — | | | | — | | | | — | | | | — | | | | 0.00 | * | | | — | | | | 9.95 | | | | 10.80 | (a) | | | 2.45 | | | | 2.21 | | | | 2.20 | | | | (0.32 | ) | | | 7,495 | | | | 63 | |
| 10-31-09 | | | | | 6.60 | | | | (0.06 | )• | | | 2.47 | | | | 2.41 | | | | 0.02 | | | | — | | | | 0.01 | | | | 0.03 | | | | — | | | | — | | | | 8.98 | | | | 36.38 | | | | 2.30 | | | | 2.26 | | | | 2.25 | | | | (0.69 | ) | | | 7,825 | | | | 75 | |
| 10-31-08 | | | | | 14.71 | | | | 0.00 | •,* | | | (7.50 | ) | | | (7.50 | ) | | | 0.11 | | | | 0.50 | | | | — | | | | 0.61 | | | | — | | | | — | | | | 6.60 | | | | (52.99 | ) | | | 2.16 | | | | 2.21 | | | | 2.21 | | | | 0.01 | | | | 354 | | | | 83 | |
| 10-31-07 | | | | | 11.35 | | | | (0.12 | ) | | | 3.73 | | | | 3.61 | | | | 0.00 | • | | | 0.25 | | | | — | | | | 0.25 | | | | — | | | | — | | | | 14.71 | | | | 32.45 | | | | 2.23 | | | | 2.25 | | | | 2.25 | | | | (0.97 | ) | | | 971 | | | | 71 | |
01-24-06(4)–10-31-06 | | | | | 10.28 | | | | (0.03 | ) | | | 1.10 | | | | 1.07 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.35 | | | | 10.41 | | | | 2.59 | | | | 2.25 | | | | 2.25 | | | | (0.50 | ) | | | 65 | | | | 91 | |
See Accompanying Notes to Financial Statements
57
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net realized
and unrealized
gain (loss)
|
| Total
from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees
applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING International Capital Appreciation Fund (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.09 | | | | 0.02 | • | | | 1.49 | | | | 1.51 | | | | 0.08 | | | | — | | | | — | | | | 0.08 | | | | — | | | | — | | | | 11.52 | | | | 15.09 | | | | 1.25 | | | | 1.00 | | | | 1.00 | | | | 0.40 | | | | 6,954 | | | | 31 | |
| 10-31-10 | | | | | 9.00 | | | | 0.08 | | | | 1.01 | | | | 1.09 | | | | — | | | | — | | | | — | | | | — | | | | 0.00 | * | | | — | | | | 10.09 | | | | 12.11 | (a) | | | 1.20 | | | | 0.96 | | | | 0.95 | | | | 0.89 | | | | 58,078 | | | | 63 | |
| 10-31-09 | | | | | 6.73 | | | | 0.09 | • | | | 2.41 | | | | 2.50 | | | | 0.22 | | | | — | | | | 0.01 | | | | 0.23 | | | | — | | | | — | | | | 9.00 | | | | 38.21 | | | | 1.18 | | | | 1.14 | | | | 1.13 | | | | 1.17 | | | | 58,959 | | | | 75 | |
| 10-31-08 | | | | | 14.90 | | | | 0.17 | | | | (7.67 | ) | | | (7.50 | ) | | | 0.17 | | | | 0.50 | | | | — | | | | 0.67 | | | | — | | | | — | | | | 6.73 | | | | (52.48 | ) | | | 1.08 | | | | 1.13 | | | | 1.13 | | | | 1.09 | | | | 47,918 | | | | 83 | |
| 10-31-07 | | | | | 11.43 | | | | 0.06 | • | | | 3.75 | | | | 3.81 | | | | 0.09 | | | | 0.25 | | | | — | | | | 0.34 | | | | — | | | | — | | | | 14.90 | | | | 34.14 | | | | 1.13 | | | | 1.15 | | | | 1.15 | | | | 0.47 | | | | 140,901 | | | | 71 | |
12-21-05(4)–10-31-06 | | | | | 10.00 | | | | 0.02 | | | | 1.41 | | | | 1.43 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.43 | | | | 14.30 | | | | 1.56 | | | | 1.22 | | | | 1.22 | | | | 0.39 | | | | 47,200 | | | | 91 | |
Class W(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.10 | | | | 0.04 | | | | 1.48 | | | | 1.52 | | | | 0.07 | | | | — | | | | — | | | | 0.07 | | | | — | | | | — | | | | 11.55 | | | | 15.09 | | | | 1.46 | | | | 1.21 | | | | 1.21 | | | | 0.67 | | | | 11,367 | | | | 31 | |
| 10-31-10 | | | | | 9.03 | | | | 0.07 | | | | 1.00 | | | | 1.07 | | | | — | | | | — | | | | — | | | | — | | | | 0.00 | * | | | — | | | | 10.10 | | | | 11.85 | (a) | | | 1.46 | | | | 1.22 | | | | 1.21 | | | | 0.66 | | | | 10,787 | | | | 63 | |
08-07-09(4)–10-31-09 | | | | | 8.59 | | | | 0.00 | •,* | | | 0.44 | | | | 0.44 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 9.03 | | | | 5.12 | | | | 1.43 | | | | 1.39 | | | | 1.38 | | | | 0.04 | | | | 11,675 | | | | 75 | |
| |
ING International Core Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
02-08-11(4)–04-30-11 | | | | | 10.00 | | | | 0.05 | | | | 0.50 | | | | 0.55 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 10.55 | | | | 5.50 | | | | 1.00 | | | | 0.95 | | | | 0.95 | | | | 2.44 | | | | 274,501 | | | | 20 | |
| |
ING International Growth Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
01-05-11(4)–04-30-11 | | | | | 10.00 | | | | 0.07 | | | | 0.82 | | | | 0.89 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 10.89 | | | | 8.90 | | | | 1.05 | | | | 0.99 | | | | 0.99 | | | | 2.17 | | | | 178,979 | | | | 14 | |
| |
ING International Real Estate Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.85 | | | | 0.06 | | | | 0.55 | | | | 0.61 | | | | 0.35 | | | | — | | | | — | | | | 0.35 | | | | — | | | | — | | | | 9.11 | | | | 7.12 | | | | 1.42 | | | | 1.42 | | | | 1.42 | | | | 1.69 | | | | 281,909 | | | | 43 | |
| 10-31-10 | | | | | 8.48 | | | | 0.14 | • | | | 0.85 | | | | 0.99 | | | | 0.62 | | | | — | | | | — | | | | 0.62 | | | | — | | | | — | | | | 8.85 | | | | 12.46 | | | | 1.50 | | | | 1.50 | † | | | 1.50 | † | | | 1.77 | † | | | 240,779 | | | | 60 | |
| 10-31-09 | | | | | 6.91 | | | | 0.17 | | | | 1.57 | | | | 1.74 | | | | 0.17 | | | | — | | | | — | | | | 0.17 | | | | — | | | | — | | | | 8.48 | | | | 25.77 | | | | 1.73 | | | | 1.53 | † | | | 1.53 | † | | | 2.43 | † | | | 116,989 | | | | 72 | |
| 10-31-08 | | | | | 14.56 | | | | 0.33 | | | | (7.43 | ) | | | (7.10 | ) | | | 0.36 | | | | — | | | | 0.19 | | | | 0.55 | | | | — | | | | — | | | | 6.91 | | | | (50.31 | ) | | | 1.48 | | | | 1.50 | † | | | 1.50 | † | | | 1.76 | † | | | 89,623 | | | | 46 | |
| 10-31-07 | | | | | 11.63 | | | | 0.13 | • | | | 3.14 | | | | 3.27 | | | | 0.34 | | | | — | | | | — | | | | 0.34 | | | | — | | | | — | | | | 14.56 | | | | 28.49 | | | | 1.51 | | | | 1.50 | | | | 1.50 | | | | 0.99 | | | | 271,425 | | | | 44 | |
02-28-06(4)–10-31-06 | | | | | 10.00 | | | | 0.09 | • | | | 1.60 | | | | 1.69 | | | | 0.06 | | | | — | | | | — | | | | 0.06 | | | | — | | | | — | | | | 11.63 | | | | 16.94 | | | | 2.01 | | | | 1.50 | | | | 1.50 | | | | 1.33 | | | | 49,798 | | | | 29 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.82 | | | | 0.04 | • | | | 0.53 | | | | 0.57 | | | | 0.31 | | | | — | | | | — | | | | 0.31 | | | | — | | | | — | | | | 9.08 | | | | 6.65 | | | | 2.17 | | | | 2.17 | | | | 2.17 | | | | 0.91 | | | | 2,822 | | | | 43 | |
| 10-31-10 | | | | | 8.44 | | | | 0.08 | • | | | 0.86 | | | | 0.94 | | | | 0.56 | | | | — | | | | — | | | | 0.56 | | | | — | | | | — | | | | 8.82 | | | | 11.74 | | | | 2.25 | | | | 2.25 | † | | | 2.25 | † | | | 1.05 | † | | | 3,019 | | | | 60 | |
| 10-31-09 | | | | | 6.88 | | | | 0.12 | | | | 1.56 | | | | 1.68 | | | | 0.12 | | | | — | | | | — | | | | 0.12 | | | | — | | | | — | | | | 8.44 | | | | 24.82 | | | | 2.48 | | | | 2.28 | † | | | 2.28 | † | | | 1.78 | † | | | 3,875 | | | | 72 | |
| 10-31-08 | | | | | 14.50 | | | | 0.25 | | | | (7.41 | ) | | | (7.16 | ) | | | 0.27 | | | | — | | | | 0.19 | | | | 0.46 | | | | — | | | | — | | | | 6.88 | | | | (50.72 | ) | | | 2.23 | | | | 2.25 | † | | | 2.25 | † | | | 1.00 | † | | | 4,004 | | | | 46 | |
| 10-31-07 | | | | | 11.59 | | | | 0.03 | • | | | 3.14 | | | | 3.17 | | | | 0.26 | | | | — | | | | — | | | | 0.26 | | | | — | | | | — | | | | 14.50 | | | | 27.69 | | | | 2.26 | | | | 2.25 | | | | 2.25 | | | | 0.25 | | | | 11,819 | | | | 44 | |
02-28-06(4)–10-31-06 | | | | | 10.00 | | | | 0.04 | • | | | 1.59 | | | | 1.63 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | — | | | | — | | | | 11.59 | | | | 16.38 | | | | 2.76 | | | | 2.25 | | | | 2.25 | | | | 0.51 | | | | 1,639 | | | | 29 | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.81 | | | | 0.04 | • | | | 0.53 | | | | 0.57 | | | | 0.31 | | | | — | | | | — | | | | 0.31 | | | | — | | | | — | | | | 9.07 | | | | 6.70 | | | | 2.17 | | | | 2.17 | | | | 2.17 | | | | 1.01 | | | | 24,439 | | | | 43 | |
| 10-31-10 | | | | | 8.44 | | | | 0.08 | • | | | 0.85 | | | | 0.93 | | | | 0.56 | | | | — | | | | — | | | | 0.56 | | | | — | | | | — | | | | 8.81 | | | | 11.65 | | | | 2.25 | | | | 2.25 | † | | | 2.25 | † | | | 1.05 | † | | | 25,632 | | | | 60 | |
| 10-31-09 | | | | | 6.88 | | | | 0.13 | | | | 1.54 | | | | 1.67 | | | | 0.11 | | | | — | | | | — | | | | 0.11 | | | | — | | | | — | | | | 8.44 | | | | 24.76 | | | | 2.48 | | | | 2.28 | † | | | 2.28 | † | | | 1.81 | † | | | 26,520 | | | | 72 | |
| 10-31-08 | | | | | 14.49 | | | | 0.29 | | | | (7.44 | ) | | | (7.15 | ) | | | 0.27 | | | | — | | | | 0.19 | | | | 0.46 | | | | — | | | | — | | | | 6.88 | | | | (50.69 | ) | | | 2.23 | | | | 2.25 | † | | | 2.25 | † | | | 1.00 | † | | | 36,661 | | | | 46 | |
| 10-31-07 | | | | | 11.59 | | | | 0.03 | • | | | 3.13 | | | | 3.16 | | | | 0.26 | | | | — | | | | — | | | | 0.26 | | | | — | | | | — | | | | 14.49 | | | | 27.58 | | | | 2.26 | | | | 2.25 | | | | 2.25 | | | | 0.24 | | | | 121,529 | | | | 44 | |
02-28-06(4)–10-31-06 | | | | | 10.00 | | | | 0.04 | • | | | 1.59 | | | | 1.63 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | — | | | | — | | | | 11.59 | | | | 16.31 | | | | 2.76 | | | | 2.25 | | | | 2.25 | | | | 0.54 | | | | 17,075 | | | | 29 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.87 | | | | 0.09 | | | | 0.52 | | | | 0.61 | | | | 0.36 | | | | — | | | | — | | | | 0.36 | | | | — | | | | — | | | | 9.12 | | | | 7.14 | | | | 1.11 | | | | 1.11 | | | | 1.11 | | | | 1.86 | | | | 340,271 | | | | 43 | |
| 10-31-10 | | | | | 8.49 | | | | 0.18 | | | | 0.85 | | | | 1.03 | | | | 0.65 | | | | — | | | | — | | | | 0.65 | | | | — | | | | — | | | | 8.87 | | | | 12.90 | | | | 1.17 | | | | 1.17 | † | | | 1.17 | † | | | 2.13 | † | | | 365,799 | | | | 60 | |
| 10-31-09 | | | | | 6.92 | | | | 0.19 | | | | 1.57 | | | | 1.76 | | | | 0.19 | | | | — | | | | — | | | | 0.19 | | | | — | | | | — | | | | 8.49 | | | | 26.12 | | | | 1.23 | | | | 1.23 | † | | | 1.23 | † | | | 2.80 | † | | | 387,251 | | | | 72 | |
| 10-31-08 | | | | | 14.58 | | | | 0.23 | • | | | (7.31 | ) | | | (7.08 | ) | | | 0.39 | | | | — | | | | 0.19 | | | | 0.58 | | | | — | | | | — | | | | 6.92 | | | | (50.14 | ) | | | 1.16 | | | | 1.18 | † | | | 1.18 | † | | | 2.22 | † | | | 290,227 | | | | 46 | |
| 10-31-07 | | | | | 11.64 | | | | 0.16 | • | | | 3.15 | | | | 3.31 | | | | 0.37 | | | | — | | | | — | | | | 0.37 | | | | — | | | | — | | | | 14.58 | | | | 28.80 | | | | 1.26 | | | | 1.25 | | | | 1.25 | | | | 1.22 | | | | 127,029 | | | | 44 | |
02-28-06(4)–10-31-06 | | | | | 10.00 | | | | 0.08 | • | | | 1.63 | | | | 1.71 | | | | 0.07 | | | | — | | | | — | | | | 0.07 | | | | — | | | | — | | | | 11.64 | | | | 17.23 | | | | 1.76 | | | | 1.25 | | | | 1.25 | | | | 1.09 | | | | 22,336 | | | | 29 | |
See Accompanying Notes to Financial Statements
58
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net realized
and unrealized
gain (loss)
|
| Total
from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING International Real Estate Fund (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 8.89 | | | | 0.09 | • | | | 0.53 | | | | 0.62 | | | | 0.36 | | | | — | | | | — | | | | 0.36 | | | | — | | | | — | | | | 9.15 | | | | 7.24 | | | | 1.17 | | | | 1.17 | | | | 1.17 | | | | 2.10 | | | | 14,255 | | | | 43 | |
| 10-31-10 | | | | | 8.51 | | | | 0.16 | • | | | 0.86 | | | | 1.02 | | | | 0.64 | | | | — | | | | — | | | | 0.64 | | | | — | | | | — | | | | 8.89 | | | | 12.80 | | | | 1.25 | | | | 1.25 | † | | | 1.25 | † | | | 2.01 | † | | | 5,202 | | | | 60 | |
| 10-31-09 | | | | | 6.91 | | | | 0.19 | | | | 1.60 | | | | 1.79 | | | | 0.19 | | | | — | | | | — | | | | 0.19 | | | | — | | | | — | | | | 8.51 | | | | 26.61 | | | | 1.23 | | | | 1.23 | † | | | 1.23 | † | | | 2.85 | † | | | 2,094 | | | | 72 | |
02-12-08(4)–10-31-08 | | | | | 11.48 | | | | 0.17 | • | | | (4.59 | ) | | | (4.42 | ) | | | 0.10 | | | | — | | | | 0.05 | | | | 0.15 | | | | — | | | | — | | | | 6.91 | | | | (38.91 | ) | | | 1.18 | | | | 1.20 | † | | | 1.20 | † | | | 2.45 | † | | | 307 | | | | 46 | |
| |
ING International SmallCap Multi-Manager Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 37.55 | | | | 0.01 | | | | 6.18 | | | | 6.19 | | | | 0.14 | | | | — | | | | — | | | | 0.14 | | | | — | | | | — | | | | 43.60 | | | | 16.53 | | | | 1.75 | | | | 1.73 | † | | | 1.73 | † | | | 0.00 | † | | | 145,799 | | | | 22 | |
| 10-31-10 | | | | | 31.45 | | | | 0.14 | • | | | 6.28 | | | | 6.42 | | | | 0.40 | | | | — | | | | — | | | | 0.40 | | | | 0.08 | | | | — | | | | 37.55 | | | | 20.85 | (c) | | | 1.81 | | | | 1.79 | † | | | 1.79 | † | | | 0.42 | † | | | 144,594 | | | | 63 | |
| 10-31-09 | | | | | 22.73 | | | | 0.21 | • | | | 9.04 | | | | 9.25 | | | | 0.71 | | | | — | | | | — | | | | 0.71 | | | | 0.18 | | | | — | | | | 31.45 | | | | 42.73 | (g) | | | 1.95 | | | | 1.95 | † | | | 1.95 | † | | | 0.85 | † | | | 177,914 | | | | 103 | |
| 10-31-08 | | | | | 66.43 | | | | 0.65 | | | | (36.15 | ) | | | (35.50 | ) | | | 0.32 | | | | 7.88 | | | | — | | | | 8.20 | | | | — | | | | — | | | | 22.73 | | | | (59.84 | ) | | | 1.70 | | | | 1.70 | | | | 1.70 | | | | 1.27 | | | | 160,896 | | | | 84 | |
| 10-31-07 | | | | | 47.15 | | | | 0.31 | | | | 19.25 | | | | 19.56 | | | | 0.28 | | | | — | | | | — | | | | 0.28 | | | | — | | | | — | | | | 66.43 | | | | 41.67 | | | | 1.60 | | | | 1.60 | | | | 1.60 | | | | 0.67 | | | | 523,535 | | | | 93 | |
| 10-31-06 | | | | | 37.75 | | | | 0.29 | | | | 9.44 | | | | 9.73 | | | | 0.33 | | | | — | | | | — | | | | 0.33 | | | | — | | | | — | | | | 47.15 | | | | 25.91 | | | | 1.66 | | | | 1.66 | | | | 1.66 | | | | 0.67 | | | | 243,020 | | | | 85 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 39.49 | | | | (0.15 | )• | | | 6.53 | | | | 6.38 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 45.87 | | | | 16.16 | | | | 2.40 | | | | 2.38 | † | | | 2.38 | † | | | (0.70 | )† | | | 4,284 | | | | 22 | |
| 10-31-10 | | | | | 33.01 | | | | (0.09 | )• | | | 6.62 | | | | 6.53 | | | | 0.13 | | | | — | | | | — | | | | 0.13 | | | | 0.08 | | | | — | | | | 39.49 | | | | 20.07 | (c) | | | 2.46 | | | | 2.44 | † | | | 2.44 | † | | | (0.27 | )† | | | 5,120 | | | | 63 | |
| 10-31-09 | | | | | 23.48 | | | | 0.06 | • | | | 9.45 | | | | 9.51 | | | | 0.17 | | | | — | | | | — | | | | 0.17 | | | | 0.19 | | | | — | | | | 33.01 | | | | 41.60 | (g) | | | 2.60 | | | | 2.60 | † | | | 2.60 | † | | | 0.24 | † | | | 8,383 | | | | 103 | |
| 10-31-08 | | | | | 68.31 | | | | 0.21 | • | | | (37.16 | ) | | | (36.95 | ) | | | — | | | | 7.88 | | | | — | | | | 7.88 | | | | — | | | | — | | | | 23.48 | | | | (60.10 | ) | | | 2.35 | | | | 2.35 | | | | 2.35 | | | | 0.45 | | | | 11,892 | | | | 84 | |
| 10-31-07 | | | | | 48.53 | | | | 0.00 | •,* | | | 19.78 | | | | 19.78 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 68.31 | | | | 40.76 | | | | 2.25 | | | | 2.25 | | | | 2.25 | | | | 0.00 | * | | | 65,619 | | | | 93 | |
| 10-31-06 | | | | | 38.83 | | | | (0.01 | )• | | | 9.75 | | | | 9.74 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | — | | | | — | | | | 48.53 | | | | 25.10 | | | | 2.31 | | | | 2.31 | | | | 2.31 | | | | (0.03 | ) | | | 58,469 | | | | 85 | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 35.04 | | | | (0.10 | ) | | | 5.77 | | | | 5.67 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 40.71 | | | | 16.18 | | | | 2.40 | | | | 2.38 | † | | | 2.38 | † | | | (0.63 | )† | | | 32,385 | | | | 22 | |
| 10-31-10 | | | | | 29.41 | | | | (0.07 | )• | | | 5.87 | | | | 5.80 | | | | 0.24 | | | | — | | | | — | | | | 0.24 | | | | 0.07 | | | | — | | | | 35.04 | | | | 20.05 | (c) | | | 2.46 | | | | 2.44 | † | | | 2.44 | † | | | (0.23 | )† | | | 31,078 | | | | 63 | |
| 10-31-09 | | | | | 21.15 | | | | 0.05 | • | | | 8.46 | | | | 8.51 | | | | 0.42 | | | | — | | | | — | | | | 0.42 | | | | 0.17 | | | | — | | | | 29.41 | | | | 41.80 | (g) | | | 2.60 | | | | 2.60 | † | | | 2.60 | † | | | 0.21 | † | | | 31,928 | | | | 103 | |
| 10-31-08 | | | | | 62.48 | | | | 0.34 | | | | (33.79 | ) | | | (33.45 | ) | | | — | | | | 7.88 | | | | — | | | | 7.88 | | | | — | | | | — | | | | 21.15 | | | | (60.11 | ) | | | 2.35 | | | | 2.35 | | | | 2.35 | | | | 0.58 | | | | 29,760 | | | | 84 | |
| 10-31-07 | | | | | 44.39 | | | | 0.00 | •,* | | | 18.09 | | | | 18.09 | | | | 0.00 | * | | | — | | | | — | | | | 0.00 | * | | | — | | | | — | | | | 62.48 | | | | 40.76 | | | | 2.25 | | | | 2.25 | | | | 2.25 | | | | 0.01 | | | | 104,274 | | | | 93 | |
| 10-31-06 | | | | | 35.59 | | | | (0.00 | )* | | | 8.91 | | | | 8.91 | | | | 0.11 | | | | — | | | | — | | | | 0.11 | | | | — | | | | — | | | | 44.39 | | | | 25.09 | | | | 2.31 | | | | 2.31 | | | | 2.31 | | | | (0.01 | ) | | | 65,534 | | | | 85 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 37.66 | | | | 0.10 | | | | 6.20 | | | | 6.30 | | | | 0.31 | | | | — | | | | — | | | | 0.31 | | | | — | | | | — | | | | 43.65 | | | | 16.84 | | | | 1.27 | | | | 1.25 | † | | | 1.25 | † | | | 0.54 | † | | | 255,088 | | | | 22 | |
| 10-31-10 | | | | | 31.53 | | | | 0.33 | | | | 6.27 | | | | 6.60 | | | | 0.55 | | | | — | | | | — | | | | 0.55 | | | | 0.08 | | | | — | | | | 37.66 | | | | 21.45 | (c) | | | 1.28 | | | | 1.26 | † | | | 1.26 | † | | | 0.99 | † | | | 210,965 | | | | 63 | |
| 10-31-09 | | | | | 22.85 | | | | 0.32 | • | | | 9.09 | | | | 9.41 | | | | 0.91 | | | | — | | | | — | | | | 0.91 | | | | 0.18 | | | | — | | | | 31.53 | | | | 43.57 | (g) | | | 1.45 | | | | 1.45 | † | | | 1.45 | † | | | 1.29 | † | | | 164,985 | | | | 103 | |
| 10-31-08 | | | | | 66.72 | | | | 0.78 | | | | (36.25 | ) | | | (35.47 | ) | | | 0.52 | | | | 7.88 | | | | — | | | | 8.40 | | | | — | | | | — | | | | 22.85 | | | | (59.66 | ) | | | 1.29 | | | | 1.29 | | | | 1.29 | | | | 1.71 | | | | 139,213 | | | | 84 | |
| 10-31-07 | | | | | 47.35 | | | | 0.60 | | | | 19.25 | | | | 19.85 | | | | 0.48 | | | | — | | | | — | | | | 0.48 | | | | — | | | | — | | | | 66.72 | | | | 42.24 | | | | 1.20 | | | | 1.20 | | | | 1.20 | | | | 1.12 | | | | 376,737 | | | | 93 | |
12-21-05(4)–10-31-06 | | | | | 40.64 | | | | 0.39 | • | | | 6.32 | | | | 6.71 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 47.35 | | | | 16.51 | | | | 1.20 | | | | 1.20 | | | | 1.20 | | | | 1.02 | | | | 137,184 | | | | 85 | |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 37.30 | | | | 0.04 | | | | 6.12 | | | | 6.16 | | | | 0.20 | | | | — | | | | — | | | | 0.20 | | | | — | | | | — | | | | 43.26 | | | | 16.59 | | | | 1.65 | | | | 1.63 | † | | | 1.63 | † | | | 0.27 | † | | | 1,692 | | | | 22 | |
| 10-31-10 | | | | | 31.28 | | | | 0.19 | | | | 6.22 | | | | 6.41 | | | | 0.47 | | | | — | | | | — | | | | 0.47 | | | | 0.08 | | | | — | | | | 37.30 | | | | 20.95 | (c) | | | 1.71 | | | | 1.69 | † | | | 1.69 | † | | | 0.66 | † | | | 1,164 | | | | 63 | |
| 10-31-09 | | | | | 22.75 | | | | 0.18 | • | | | 9.07 | | | | 9.25 | | | | 0.90 | | | | — | | | | — | | | | 0.90 | | | | 0.18 | | | | — | | | | 31.28 | | | | 43.07 | (g) | | | 1.85 | | | | 1.85 | † | | | 1.85 | † | | | 0.69 | † | | | 565 | | | | 103 | |
06-04-08(4)–10-31-08 | | | | | 47.28 | | | | 0.18 | • | | | (24.71 | ) | | | (24.53 | ) | | | — | | | | 0.00 | * | | | — | | | | — | | | | — | | | | — | | | | 22.75 | | | | (51.88 | ) | | | 1.60 | | | | 1.60 | | | | 1.60 | | | | 1.39 | | | | 62 | | | | 84 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 44.49 | | | | 0.09 | | | | 7.33 | | | | 7.42 | | | | 0.25 | | | | — | | | | — | | | | 0.25 | | | | — | | | | — | | | | 51.66 | | | | 16.75 | | | | 1.40 | | | | 1.38 | † | | | 1.38 | † | | | 0.40 | † | | | 50,712 | | | | 22 | |
| 10-31-10 | | | | | 37.21 | | | | 0.32 | • | | | 7.41 | | | | 7.73 | | | | 0.54 | | | | — | | | | — | | | | 0.54 | | | | 0.09 | | | | — | | | | 44.49 | | | | 21.24 | (c) | | | 1.46 | | | | 1.44 | † | | | 1.44 | † | | | 0.82 | † | | | 42,257 | | | | 63 | |
| 10-31-09 | | | | | 26.83 | | | | 0.37 | | | | 10.71 | | | | 11.08 | | | | 0.92 | | | | — | | | | — | | | | 0.92 | | | | 0.22 | | | | — | | | | 37.21 | | | | 43.54 | (g) | | | 1.45 | | | | 1.45 | † | | | 1.45 | † | | | 1.32 | † | | | 12,096 | | | | 103 | |
02-12-08(4)–10-31-08 | | | | | 50.70 | | | | 0.50 | • | | | (24.37 | ) | | | (23.87 | ) | | | — | | | | 0.00 | * | | | — | | | | — | | | | — | | | | — | | | | 26.83 | | | | (47.08 | ) | | | 1.29 | | | | 1.29 | | | | 1.29 | | | | 1.80 | | | | 10,366 | | | | 84 | |
See Accompanying Notes to Financial Statements
59
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net realized
and unrealized
gain (loss)
|
| Total from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees
applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING International Value Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 11.78 | | | | 0.07 | • | | | 1.10 | | | | 1.17 | | | | 0.23 | | | | — | | | | — | | | | 0.23 | | | | — | | | | — | | | | 12.72 | | | | 10.10 | | | | 1.64 | | | | 1.63 | † | | | 1.63 | † | | | 1.05 | † | | | 483,742 | | | | 83 | |
| 10-31-10 | | | | | 11.30 | | | | 0.18 | • | | | 0.45 | | | | 0.63 | | | | 0.17 | | | | — | | | | — | | | | 0.17 | | | | 0.02 | | | | — | | | | 11.78 | | | | 5.78 | (d) | | | 1.62 | | | | 1.62 | † | | | 1.62 | † | | | 1.63 | † | | | 549,016 | | | | 81 | |
| 10-31-09 | | | | | 11.13 | | | | 0.14 | | | | 1.88 | | | | 2.02 | | | | 0.35 | | | | 1.51 | | | | — | | | | 1.86 | | | | 0.01 | | | | — | | | | 11.30 | | | | 21.74 | (h) | | | 1.75 | | | | 1.75 | † | | | 1.75 | † | | | 1.25 | † | | | 725,329 | | | | 92 | |
| 10-31-08 | | | | | 23.15 | | | | 0.39 | | | | (8.83 | ) | | | (8.44 | ) | | | 0.23 | | | | 3.35 | | | | — | | | | 3.58 | | | | — | | | | — | | | | 11.13 | | | | (42.58 | ) | | | 1.58 | | | | 1.58 | † | | | 1.57 | † | | | 1.95 | † | | | 931,162 | | | | 23 | |
| 10-31-07 | | | | | 21.52 | | | | 0.24 | • | | | 3.73 | | | | 3.97 | | | | 0.20 | | | | 2.14 | | | | — | | | | 2.34 | | | | — | | | | — | | | | 23.15 | | | | 19.87 | | | | 1.59 | | | | 1.59 | | | | 1.59 | | | | 1.08 | | | | 2,136,218 | | | | 32 | |
| 10-31-06 | | | | | 18.33 | | | | 0.18 | • | | | 4.58 | | | | 4.76 | | | | 0.16 | | | | 1.41 | | | | — | | | | 1.57 | | | | — | | | | — | | | | 21.52 | | | | 27.64 | | | | 1.60 | | | | 1.60 | | | | 1.60 | | | | 0.90 | | | | 1,995,027 | | | | 25 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 11.66 | | | | 0.02 | • | | | 1.11 | | | | 1.13 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 12.79 | | | | 9.69 | | | | 2.34 | | | | 2.33 | † | | | 2.33 | † | | | 0.29 | † | | | 2,395 | | | | 83 | |
| 10-31-10 | | | | | 11.14 | | | | 0.11 | • | | | 0.43 | | | | 0.54 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | 0.02 | | | | — | | | | 11.66 | | | | 5.07 | (d) | | | 2.32 | | | | 2.32 | † | | | 2.32 | † | | | 0.96 | † | | | 3,132 | | | | 81 | |
| 10-31-09 | | | | | 10.88 | | | | 0.06 | • | | | 1.87 | | | | 1.93 | | | | 0.17 | | | | 1.51 | | | | — | | | | 1.68 | | | | 0.01 | | | | — | | | | 11.14 | | | | 20.91 | (h) | | | 2.45 | | | | 2.45 | † | | | 2.45 | † | | | 0.65 | † | | | 37,743 | | | | 92 | |
| 10-31-08 | | | | | 22.64 | | | | 0.19 | • | | | (8.58 | ) | | | (8.39 | ) | | | 0.02 | | | | 3.35 | | | | — | | | | 3.37 | | | | — | | | | — | | | | 10.88 | | | | (43.00 | ) | | | 2.28 | | | | 2.28 | † | | | 2.27 | † | | | 1.12 | † | | | 85,873 | | | | 23 | |
| 10-31-07 | | | | | 21.07 | | | | 0.08 | • | | | 3.66 | | | | 3.74 | | | | 0.03 | | | | 2.14 | | | | — | | | | 2.17 | | | | — | | | | — | | | | 22.64 | | | | 19.03 | | | | 2.29 | | | | 2.29 | | | | 2.29 | | | | 0.39 | | | | 301,705 | | | | 32 | |
| 10-31-06 | | | | | 17.95 | | | | 0.04 | • | | | 4.50 | | | | 4.54 | | | | 0.01 | | | | 1.41 | | | | — | | | | 1.42 | | | | — | | | | — | | | | 21.07 | | | | 26.81 | | | | 2.30 | | | | 2.30 | | | | 2.30 | | | | 0.20 | | | | 368,952 | | | | 25 | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 11.40 | | | | 0.04 | | | | 1.06 | | | | 1.10 | | | | 0.16 | | | | — | | | | — | | | | 0.16 | | | | — | | | | — | | | | 12.34 | | | | 9.78 | | | | 2.34 | | | | 2.33 | † | | | 2.33 | † | | | 0.36 | † | | | 192,544 | | | | 83 | |
| 10-31-10 | | | | | 10.95 | | | | 0.11 | • | | | 0.43 | | | | 0.54 | | | | 0.11 | | | | — | | | | — | | | | 0.11 | | | | 0.02 | | | | — | | | | 11.40 | | | | 5.07 | (d) | | | 2.32 | | | | 2.26 | † | | | 2.26 | † | | | 0.99 | † | | | 210,574 | | | | 81 | |
| 10-31-09 | �� | | | | 10.79 | | | | 0.05 | • | | | 1.85 | | | | 1.90 | | | | 0.24 | | | | 1.51 | | | | — | | | | 1.75 | | | | 0.01 | | | | — | | | | 10.95 | | | | 20.92 | (h) | | | 2.45 | | | | 2.40 | † | | | 2.40 | † | | | 0.58 | † | | | 279,060 | | | | 92 | |
| 10-31-08 | | | | | 22.52 | | | | 0.27 | | | | (8.57 | ) | | | (8.30 | ) | | | 0.08 | | | | 3.35 | | | | — | | | | 3.43 | | | | — | | | | — | | | | 10.79 | | | | (42.94 | ) | | | 2.28 | | | | 2.18 | † | | | 2.17 | † | | | 1.34 | † | | | 326,812 | | | | 23 | |
| 10-31-07 | | | | | 20.98 | | | | 0.08 | • | | | 3.65 | | | | 3.73 | | | | 0.05 | | | | 2.14 | | | | — | | | | 2.19 | | | | — | | | | — | | | | 22.52 | | | | 19.10 | | | | 2.29 | | | | 2.28 | | | | 2.28 | | | | 0.38 | | | | 757,941 | | | | 32 | |
| 10-31-06 | | | | | 17.91 | | | | 0.05 | | | | 4.46 | | | | 4.51 | | | | 0.03 | | | | 1.41 | | | | — | | | | 1.44 | | | | — | | | | — | | | | 20.98 | | | | 26.71 | | | | 2.30 | | | | 2.30 | | | | 2.30 | | | | 0.20 | | | | 729,067 | | | | 25 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 11.77 | | | | 0.09 | | | | 1.09 | | | | 1.18 | | | | 0.26 | | | | — | | | | — | | | | 0.26 | | | | — | | | | — | | | | 12.69 | | | | 10.29 | | | | 1.26 | | | | 1.25 | † | | | 1.25 | † | | | 1.38 | † | | | 379,092 | | | | 83 | |
| 10-31-10 | | | | | 11.30 | | | | 0.23 | • | | | 0.44 | | | | 0.67 | | | | 0.22 | | | | — | | | | — | | | | 0.22 | | | | 0.02 | | | | — | | | | 11.77 | | | | 6.15 | (d) | | | 1.27 | | | | 1.27 | † | | | 1.27 | † | | | 2.02 | † | | | 449,321 | | | | 81 | |
| 10-31-09 | | | | | 11.16 | | | | 0.16 | • | | | 1.90 | | | | 2.06 | | | | 0.42 | | | | 1.51 | | | | — | | | | 1.93 | | | | 0.01 | | | | — | | | | 11.30 | | | | 22.23 | (h) | | | 1.33 | | | | 1.33 | † | | | 1.33 | † | | | 1.65 | † | | | 607,517 | | | | 92 | |
| 10-31-08 | | | | | 23.22 | | | | 0.47 | | | | (8.87 | ) | | | (8.40 | ) | | | 0.31 | | | | 3.35 | | | | — | | | | 3.66 | | | | — | | | | — | | | | 11.16 | | | | (42.37 | ) | | | 1.28 | | | | 1.28 | † | | | 1.27 | † | | | 2.23 | † | | | 735,622 | | | | 23 | |
| 10-31-07 | | | | | 21.58 | | | | 0.32 | • | | | 3.74 | | | | 4.06 | | | | 0.28 | | | | 2.14 | | | | — | | | | 2.42 | | | | — | | | | — | | | | 23.22 | | | | 20.31 | | | | 1.23 | | | | 1.23 | | | | 1.23 | | | | 1.45 | | | | 2,176,402 | | | | 32 | |
| 10-31-06 | | | | | 18.38 | | | | 0.25 | | | | 4.60 | | | | 4.85 | | | | 0.24 | | | | 1.41 | | | | — | | | | 1.65 | | | | — | | | | — | | | | 21.58 | | | | 28.15 | | | | 1.22 | | | | 1.22 | | | | 1.22 | | | | 1.26 | | | | 1,728,560 | | | | 25 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 11.76 | | | | 0.03 | • | | | 1.15 | | | | 1.18 | | | | 0.26 | | | | — | | | | — | | | | 0.26 | | | | — | | | | — | | | | 12.68 | | | | 10.29 | | | | 1.34 | | | | 1.33 | † | | | 1.33 | † | | | 0.55 | † | | | 741 | | | | 83 | |
| 10-31-10 | | | | | 11.30 | | | | 0.22 | | | | 0.44 | | | | 0.66 | | | | 0.22 | | | | — | | | | — | | | | 0.22 | | | | 0.02 | | | | — | | | | 11.76 | | | | 6.04 | (d) | | | 1.32 | | | | 1.32 | † | | | 1.32 | † | | | 1.99 | † | | | 24,507 | | | | 81 | |
07-20-09(4)–10-31-09 | | | | | 10.42 | | | | 0.01 | • | | | 0.87 | | | | 0.88 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.30 | | | | 8.45 | | | | 1.33 | | | | 1.33 | † | | | 1.33 | † | | | 0.20 | † | | | 3 | | | | 92 | |
| |
ING International Value Choice Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.96 | | | | 0.05 | | | | 0.86 | | | | 0.91 | | | | 0.09 | | | | — | | | | — | | | | 0.09 | | | | — | | | | — | | | | 11.78 | | | | 8.36 | | | | 1.79 | | | | 1.60 | † | | | 1.60 | † | | | 0.98 | † | | | 26,229 | | | | 26 | |
| 10-31-10 | | | | | 9.68 | | | | 0.08 | • | | | 1.26 | | | | 1.34 | | | | 0.06 | | | | — | | | | — | | | | 0.06 | | | | — | | | | — | | | | 10.96 | | | | 13.95 | | | | 1.78 | �� | | | 1.70 | † | | | 1.70 | † | | | 0.77 | † | | | 22,683 | | | | 43 | |
| 10-31-09 | | | | | 7.56 | | | | 0.06 | | | | 2.14 | | | | 2.20 | | | | 0.08 | | | | — | | | | — | | | | 0.08 | | | | — | | | | — | | | | 9.68 | | | | 29.22 | | | | 1.83 | | | | 1.70 | † | | | 1.70 | † | | | 0.86 | † | | | 15,615 | | | | 44 | |
| 10-31-08 | | | | | 14.89 | | | | 0.06 | | | | (5.31 | ) | | | (5.25 | ) | | | 0.10 | | | | 1.98 | | | | — | | | | 2.08 | | | | — | | | | — | | | | 7.56 | | | | (40.21 | ) | | | 1.62 | | | | 1.65 | † | | | 1.64 | † | | | 0.52 | † | | | 8,940 | | | | 73 | |
| 10-31-07 | | | | | 12.42 | | | | 0.10 | • | | | 2.65 | | | | 2.75 | | | | 0.07 | | | | 0.21 | | | | — | | | | 0.28 | | | | — | | | | — | | | | 14.89 | | | | 22.48 | | | | 1.63 | | | | 1.70 | | | | 1.70 | | | | 0.77 | | | | 16,598 | | | | 88 | |
| 10-31-06 | | | | | 10.70 | | | | 0.12 | • | | | 1.86 | | | | 1.98 | | | | 0.10 | | | | 0.16 | | | | — | | | | 0.26 | | | | — | | | | — | | | | 12.42 | | | | 18.82 | | | | 1.71 | | | | 1.70 | | | | 1.69 | | | | 1.04 | | | | 17,962 | | | | 31 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.77 | | | | 0.00 | •, * | | | 0.86 | | | | 0.86 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.63 | | | | 7.99 | | | | 2.54 | | | | 2.35 | † | | | 2.35 | † | | | 0.07 | † | | | 844 | | | | 26 | |
| 10-31-10 | | | | | 9.53 | | | | 0.01 | • | | | 1.24 | | | | 1.25 | | | | 0.01 | | | | — | | | | — | | | | 0.01 | | | | — | | | | — | | | | 10.77 | | | | 13.11 | | | | 2.53 | | | | 2.45 | † | | | 2.45 | † | | | 0.09 | † | | | 1,160 | | | | 43 | |
| 10-31-09 | | | | | 7.44 | | | | 0.02 | • | | | 2.07 | | | | 2.09 | | | | 0.00 | * | | | — | | | | — | | | | 0.00 | * | | | — | | | | — | | | | 9.53 | | | | 28.13 | | | | 2.58 | | | | 2.45 | † | | | 2.45 | † | | | 0.18 | † | | | 1,786 | | | | 44 | |
| 10-31-08 | | | | | 14.67 | | | | (0.03 | )• | | | (5.22 | ) | | | (5.25 | ) | | | 0.00 | * | | | 1.98 | | | | — | | | | 1.98 | | | | — | | | | — | | | | 7.44 | | | | (40.63 | ) | | | 2.37 | | | | 2.40 | † | | | 2.39 | † | | | (0.27 | )† | | | 1,738 | | | | 73 | |
| 10-31-07 | | | | | 12.27 | | | | 0.00 | •,* | | | 2.61 | | | | 2.61 | | | | — | | | | 0.21 | | | | — | | | | 0.21 | | | | — | | | | — | | | | 14.67 | | | | 21.54 | | | | 2.38 | | | | 2.45 | | | | 2.45 | | | | 0.01 | | | | 3,805 | | | | 88 | |
| 10-31-06 | | | | | 10.65 | | | | 0.04 | • | | | 1.82 | | | | 1.86 | | | | 0.08 | | | | 0.16 | | | | — | | | | 0.24 | | | | — | | | | — | | | | 12.27 | | | | 17.77 | | | | 2.46 | | | | 2.45 | | | | 2.44 | | | | 0.35 | | | | 3,565 | | | | 31 | |
See Accompanying Notes to Financial Statements
60
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net realized
and unrealized
gain (loss)
|
| Total from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees
applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee
waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING International Value Choice Fund (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.80 | | | | 0.01 | | | | 0.86 | | | | 0.87 | | | | 0.03 | | | | — | | | | — | | | | 0.03 | | | | — | | | | — | | | | 11.64 | | | | 8.04 | | | | 2.54 | | | | 2.35 | † | | | 2.35 | † | | | 0.23 | † | | | 5,830 | | | | 26 | |
| 10-31-10 | | | | | 9.56 | | | | 0.01 | • | | | 1.24 | | | | 1.25 | | | | 0.01 | | | | — | | | | — | | | | 0.01 | | | | — | | | | — | | | | 10.80 | | | | 13.07 | | | | 2.53 | | | | 2.45 | † | | | 2.45 | † | | | 0.06 | † | | | 5,195 | | | | 43 | |
| 10-31-09 | | | | | 7.46 | | | | 0.01 | • | | | 2.09 | | | | 2.10 | | | | 0.00 | * | | | — | | | | — | | | | 0.00 | * | | | — | | | | — | | | | 9.56 | | | | 28.19 | | | | 2.58 | | | | 2.45 | † | | | 2.45 | † | | | 0.14 | † | | | 4,091 | | | | 44 | |
| 10-31-08 | | | | | 14.70 | | | | (0.03 | )• | | | (5.23 | ) | | | (5.26 | ) | | | — | | | | 1.98 | | | | — | | | | 1.98 | | | | — | | | | — | | | | 7.46 | | | | (40.62 | ) | | | 2.37 | | | | 2.40 | † | | | 2.39 | † | | | (0.25 | )† | | | 2,267 | | | | 73 | |
| 10-31-07 | | | | | 12.29 | | | | 0.00 | * | | | 2.62 | | | | 2.62 | | | | — | | | | 0.21 | | | | — | | | | 0.21 | | | | — | | | | — | | | | 14.70 | | | | 21.58 | | | | 2.38 | | | | 2.45 | | | | 2.45 | | | | 0.00 | * | | | 4,930 | | | | 88 | |
| 10-31-06 | | | | | 10.66 | | | | 0.04 | • | | | 1.83 | | | | 1.87 | | | | 0.08 | | | | 0.16 | | | | — | | | | 0.24 | | | | — | | | | — | | | | 12.29 | | | | 17.78 | | | | 2.46 | | | | 2.45 | | | | 2.44 | | | | 0.33 | | | | 4,189 | | | | 31 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.96 | | | | 0.08 | | | | 0.86 | | | | 0.94 | | | | 0.12 | | | | — | | | | — | | | | 0.12 | | | | — | | | | — | | | | 11.78 | | | | 8.62 | | | | 1.36 | | | | 1.26 | † | | | 1.26 | † | | | 1.20 | † | | | 21,759 | | | | 26 | |
| 10-31-10 | | | | | 9.67 | | | | 0.12 | • | | | 1.25 | | | | 1.37 | | | | 0.08 | | | | — | | | | — | | | | 0.08 | | | | — | | | | — | | | | 10.96 | | | | 14.26 | | | | 1.35 | | | | 1.35 | † | | | 1.35 | † | | | 1.24 | † | | | 17,722 | | | | 43 | |
| 10-31-09 | | | | | 7.57 | | | | 0.10 | • | | | 2.12 | | | | 2.22 | | | | 0.12 | | | | — | | | | — | | | | 0.12 | | | | — | | | | — | | | | 9.67 | | | | 29.58 | | | | 1.39 | | | | 1.39 | † | | | 1.39 | † | | | 1.19 | † | | | 27,654 | | | | 44 | |
| 10-31-08 | | | | | 14.92 | | | | 0.09 | | | | (5.30 | ) | | | (5.21 | ) | | | 0.16 | | | | 1.98 | | | | — | | | | 2.14 | | | | — | | | | — | | | | 7.57 | | | | (39.96 | ) | | | 1.27 | | | | 1.30 | † | | | 1.29 | † | | | 0.80 | † | | | 36,089 | | | | 73 | |
| 10-31-07 | | | | | 12.42 | | | | 0.17 | • | | | 2.64 | | | | 2.81 | | | | 0.10 | | | | 0.21 | | | | — | | | | 0.31 | | | | — | | | | — | | | | 14.92 | | | | 23.04 | | | | 1.24 | | | | 1.31 | | | | 1.31 | | | | 1.29 | | | | 60,413 | | | | 88 | |
12-21-05(4)–10-31-06 | | | | | 11.04 | | | | 0.16 | • | | | 1.22 | | | | 1.38 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 12.42 | | | | 12.50 | | | | 1.36 | | | | 1.35 | | | | 1.34 | | | | 1.56 | | | | 36,899 | | | | 31 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10.97 | | | | 0.09 | • | | | 0.83 | | | | 0.92 | | | | 0.11 | | | | — | | | | — | | | | 0.11 | | | | — | | | | — | | | | 11.78 | | | | 8.49 | | | | 1.54 | | | | 1.35 | † | | | 1.35 | † | | | 1.53 | † | | | 110 | | | | 26 | |
| 10-31-10 | | | | | 9.68 | | | | 0.12 | • | | | 1.25 | | | | 1.37 | | | | 0.08 | | | | — | | | | — | | | | 0.08 | | | | — | | | | — | | | | 10.97 | | | | 14.27 | | | | 1.53 | | | | 1.45 | † | | | 1.45 | † | | | 1.15 | † | | | 34 | | | | 43 | |
06-01-09(4)–10-31-09 | | | | | 9.18 | | | | 0.01 | • | | | 0.49 | | | | 0.50 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 9.68 | | | | 5.45 | | | | 1.39 | | | | 1.39 | † | | | 1.39 | † | | | 0.30 | † | | | 3 | | | | 44 | |
| |
ING Russia Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 36.52 | | | | (0.24 | )• | | | 7.83 | | | | 7.59 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 44.11 | | | | 20.78 | | | | 1.97 | | | | 1.97 | | | | 1.97 | | | | (1.18 | ) | | | 496,639 | | | | 20 | |
| 10-31-10 | | | | | 29.53 | | | | (0.33 | )• | | | 7.32 | | | | 6.99 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 36.52 | | | | 23.67 | | | | 2.11 | | | | 2.11 | | | | 2.11 | | | | (0.98 | ) | | | 418,162 | | | | 30 | |
| 10-31-09 | | | | | 25.60 | | | | (0.19 | ) | | | 12.20 | | | | 12.01 | | | | — | | | | 8.08 | | | | — | | | | 8.08 | | | | — | | | | — | | | | 29.53 | | | | 65.55 | | | | 2.21 | | | | 2.21 | | | | 2.21 | | | | (0.98 | ) | | | 373,249 | | | | 46 | |
| 10-31-08 | | | | | 78.13 | | | | (0.48 | ) | | | (40.46 | ) | | | (40.94 | ) | | | — | | | | 11.59 | | | | — | | | | 11.59 | | | | — | | | | 0.00 | * | | | 25.60 | | | | (61.70 | ) | | | 2.06 | | | | 2.06 | | | | 2.06 | | | | (0.60 | ) | | | 261,127 | | | | 43 | |
| 10-31-07 | | | | | 55.81 | | | | (0.33 | )• | | | 25.77 | | | | 25.44 | | | | — | | | | 3.12 | | | | — | | | | 3.12 | | | | — | | | | 0.00 | * | | | 78.13 | | | | 47.16 | | | | 1.96 | | | | 1.96 | | | | 1.96 | | | | (0.52 | ) | | | 922,504 | | | | 12 | |
| 10-31-06 | | | | | 33.49 | | | | (0.27 | ) | | | 22.37 | | | | 22.10 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 0.22 | | | | 55.81 | | | | 66.65 | | | | 1.98 | | | | 1.98 | | | | 1.98 | | | | (0.64 | ) | | | 751,947 | | | | 20 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 36.64 | | | | (0.15 | ) | | | 7.82 | | | | 7.67 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 44.31 | | | | 20.93 | | | | 1.63 | | | | 1.63 | | | | 1.63 | | | | (0.81 | ) | | | 11,047 | | | | 20 | |
| 10-31-10 | | | | | 29.54 | | | | (0.10 | ) | | | 7.20 | | | | 7.10 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 36.64 | | | | 24.04 | | | | 1.71 | | | | 1.71 | | | | 1.71 | | | | (0.38 | ) | | | 8,151 | | | | 30 | |
09-30-09(4)–10-31-09 | | | | | 28.27 | | | | (0.04 | )• | | | 1.31 | | | | 1.27 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 29.54 | | | | 4.49 | | | | 1.68 | | | | 1.68 | | | | 1.68 | | | | (1.68 | ) | | | 3 | | | | 46 | |
| |
ING Global Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 12.32 | | | | 0.24 | • | | | 0.00 | * | | | 0.24 | | | | 0.32 | | | | 0.11 | | | | — | | | | 0.43 | | | | — | | | | — | | | | 12.13 | | | | 2.04 | | | | 0.98 | | | | 0.91 | † | | | 0.91 | † | | | 4.05 | † | | | 188,564 | | | | 160 | |
| 10-31-10 | | | | | 12.25 | | | | 0.53 | • | | | 0.30 | | | | 0.83 | | | | 0.71 | | | | 0.05 | | | | — | | | | 0.76 | | | | — | | | | — | | | | 12.32 | | | | 7.14 | | | | 1.00 | | | | 0.90 | † | | | 0.90 | † | | | 4.43 | † | | | 192,384 | | | | 440 | |
| 10-31-09 | | | | | 10.19 | | | | 0.32 | | | | 2.13 | | | | 2.45 | | | | 0.15 | | | | 0.24 | | | | — | | | | 0.39 | | | | — | | | | — | | | | 12.25 | | | | 24.43 | | | | 1.06 | | | | 0.91 | † | | | 0.91 | † | | | 3.30 | † | | | 103,255 | | | | 396 | |
| 10-31-08 | | | | | 10.59 | | | | 0.27 | • | | | 0.07 | | | | 0.34 | | | | 0.62 | | | | 0.12 | | | | — | | | | 0.74 | | | | — | | | | — | | | | 10.19 | | | | 3.04 | | | | 1.05 | | | | 0.93 | † | | | 0.93 | † | | | 2.53 | † | | | 79,451 | | | | 830 | |
| 10-31-07 | | | | | 10.25 | | | | 0.31 | • | | | 0.64 | | | | 0.95 | | | | 0.43 | | | | 0.18 | | | | — | | | | 0.61 | | | | — | | | | — | | | | 10.59 | | | | 9.61 | | | | 1.46 | | | | 0.90 | † | | | 0.90 | † | | | 3.08 | | | | 28,887 | | | | 858 | |
06-30-06(4)–10-31-06 | | | | | 10.00 | | | | 0.08 | • | | | 0.23 | | | | 0.31 | | | | 0.06 | | | | — | | | | — | | | | 0.06 | | | | — | | | | — | | | | 10.25 | | | | 3.13 | | | | 1.38 | | | | 0.90 | | | | 0.90 | | | | 2.41 | | | | 25,784 | | | | 451 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 12.21 | | | | 0.20 | • | | | 0.00 | * | | | 0.20 | | | | 0.27 | | | | 0.11 | | | | — | | | | 0.38 | | | | — | | | | — | | | | 12.03 | | | | 1.76 | | | | 1.73 | | | | 1.66 | † | | | 1.66 | † | | | 3.37 | † | | | 2,546 | | | | 160 | |
| 10-31-10 | | | | | 12.16 | | | | 0.46 | | | | 0.27 | | | | 0.73 | | | | 0.63 | | | | 0.05 | | | | — | | | | 0.68 | | | | — | | | | — | | | | 12.21 | | | | 6.22 | | | | 1.75 | | | | 1.65 | † | | | 1.65 | † | | | 3.79 | † | | | 4,125 | | | | 440 | |
| 10-31-09 | | | | | 10.16 | | | | 0.29 | | | | 2.07 | | | | 2.36 | | | | 0.12 | | | | 0.24 | | | | — | | | | 0.36 | | | | — | | | | — | | | | 12.16 | | | | 23.56 | | | | 1.81 | | | | 1.66 | † | | | 1.66 | † | | | 2.59 | † | | | 5,135 | | | | 396 | |
| 10-31-08 | | | | | 10.55 | | | | 0.18 | • | | | 0.08 | | | | 0.26 | | | | 0.53 | | | | 0.12 | | | | — | | | | 0.65 | | | | — | | | | — | | | | 10.16 | | | | 2.26 | | | | 1.80 | | | | 1.68 | † | | | 1.68 | † | | | 1.71 | | | | 4,085 | | | | 830 | |
| 10-31-07 | | | | | 10.24 | | | | 0.25 | • | | | 0.62 | | | | 0.87 | | | | 0.38 | | | | 0.18 | | | | — | | | | 0.56 | | | | — | | | | — | | | | 10.55 | | | | 8.74 | | | | 2.21 | | | | 1.65 | † | | | 1.65 | † | | | 2.44 | | | | 342 | | | | 858 | |
06-30-06(4)–10-31-06 | | | | | 10.00 | | | | 0.06 | • | | | 0.22 | | | | 0.28 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | — | | | | — | | | | 10.24 | | | | 2.84 | | | | 2.13 | | | | 1.65 | | | | 1.65 | | | | 2.00 | | | | 28 | | | | 451 | |
See Accompanying Notes to Financial Statements
61
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net realized
and unrealized
gain (loss)
|
| Total from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees
applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING Global Bond Fund (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | �� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 12.25 | | | | 0.19 | | | | 0.01 | | | | 0.20 | | | | 0.27 | | | | 0.11 | | | | — | | | | 0.38 | | | | — | | | | — | | | | 12.07 | | | | 1.76 | | | | 1.73 | | | | 1.66 | † | | | 1.66 | † | | | 3.30 | † | | | 81,762 | | | | 160 | |
| 10-31-10 | | | | | 12.20 | | | | 0.43 | • | | | 0.30 | | | | 0.73 | | | | 0.63 | | | | 0.05 | | | | — | | | | 0.68 | | | | — | | | | — | | | | 12.25 | | | | 6.23 | | | | 1.75 | | | | 1.65 | † | | | 1.65 | † | | | 3.65 | † | | | 90,458 | | | | 440 | |
| 10-31-09 | | | | | 10.20 | | | | 0.28 | • | | | 2.08 | | | | 2.36 | | | | 0.12 | | | | 0.24 | | | | — | | | | 0.36 | | | | — | | | | — | | | | 12.20 | | | | 23.48 | | | | 1.81 | | | | 1.66 | † | | | 1.66 | † | | | 2.54 | † | | | 45,773 | | | | 396 | |
| 10-31-08 | | | | | 10.59 | | | | 0.18 | • | | | 0.09 | | | | 0.27 | | | | 0.54 | | | | 0.12 | | | | — | | | | 0.66 | | | | — | | | | — | | | | 10.20 | | | | 2.31 | | | | 1.80 | | | | 1.68 | † | | | 1.68 | † | | | 1.71 | † | | | 29,009 | | | | 830 | |
| 10-31-07 | | | | | 10.24 | | | | 0.24 | • | | | 0.64 | | | | 0.88 | | | | 0.35 | | | | 0.18 | | | | — | | | | 0.53 | | | | — | | | | — | | | | 10.59 | | | | 8.90 | | | | 2.21 | | | | 1.65 | † | | | 1.65 | † | | | 2.33 | | | | 1,627 | | | | 858 | |
06-30-06(4)–10-31-06 | | | | | 10.00 | | | | 0.06 | • | | | 0.22 | | | | 0.28 | | | | 0.04 | | | | — | | | | — | | | | 0.04 | | | | — | | | | — | | | | 10.24 | | | | 2.82 | | | | 2.13 | | | | 1.65 | | | | 1.65 | | | | 1.68 | | | | 36 | | | | 451 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 12.28 | | | | 0.26 | • | | | 0.01 | | | | 0.27 | | | | 0.34 | | | | 0.11 | | | | — | | | | 0.45 | | | | — | | | | — | | | | 12.10 | | | | 2.31 | | | | 0.63 | | | | 0.56 | † | | | 0.56 | † | | | 4.38 | † | | | 237,315 | | | | 160 | |
| 10-31-10 | | | | | 12.22 | | | | 0.56 | • | | | 0.31 | | | | 0.87 | | | | 0.76 | | | | 0.05 | | | | — | | | | 0.81 | | | | — | | | | — | | | | 12.28 | | | | 7.44 | | | | 0.65 | | | | 0.55 | † | | | 0.55 | † | | | 4.73 | † | | | 222,123 | | | | 440 | |
| 10-31-09 | | | | | 10.21 | | | | 0.45 | • | | | 2.04 | | | | 2.49 | | | | 0.24 | | | | 0.24 | | | | — | | | | 0.48 | | | | — | | | | — | | | | 12.22 | | | | 24.94 | | | | 0.71 | | | | 0.56 | † | | | 0.56 | † | | | 3.89 | † | | | 136,178 | | | | 396 | |
| 10-31-08 | | | | | 10.58 | | | | 0.28 | • | | | 0.14 | | | | 0.42 | | | | 0.67 | | | | 0.12 | | | | — | | | | 0.79 | | | | — | | | | — | | | | 10.21 | | | | 3.78 | | | | 0.74 | | | | 0.62 | † | | | 0.62 | † | | | 2.69 | | | | 503 | | | | 830 | |
| 10-31-07 | | | | | 10.25 | | | | 0.35 | • | | | 0.63 | | | | 0.98 | | | | 0.47 | | | | 0.18 | | | | — | | | | 0.65 | | | | — | | | | — | | | | 10.58 | | | | 9.88 | | | | 1.00 | | | | 0.61 | † | | | 0.61 | † | | | 3.47 | | | | 1 | | | | 858 | |
06-30-06(4)–10-31-06 | | | | | 10.00 | | | | 0.09 | • | | | 0.23 | | | | 0.32 | | | | 0.07 | | | | — | | | | — | | | | 0.07 | | | | — | | | | — | | | | 10.25 | | | | 3.23 | | | | 1.03 | | | | 0.55 | | | | 0.55 | | | | 2.68 | | | | 1 | | | | 451 | |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 12.12 | | | | 0.23 | | | | 0.01 | | | | 0.24 | | | | 0.32 | | | | 0.11 | | | | — | | | | 0.43 | | | | — | | | | — | | | | 11.93 | | | | 2.08 | | | | 0.98 | | | | 0.91 | † | | | 0.91 | † | | | 4.02 | † | | | 3,545 | | | | 160 | |
| 10-31-10 | | | | | 12.06 | | | | 0.53 | • | | | 0.29 | | | | 0.82 | | | | 0.71 | | | | 0.05 | | | | — | | | | 0.76 | | | | — | | | | — | | | | 12.12 | | | | 7.17 | | | | 1.00 | | | | 0.90 | † | | | 0.90 | † | | | 4.53 | † | | | 3,578 | | | | 440 | |
| 10-31-09 | | | | | 10.15 | | | | 0.37 | • | | | 2.04 | | | | 2.41 | | | | 0.26 | | | | 0.24 | | | | — | | | | 0.50 | | | | — | | | | — | | | | 12.06 | | | | 24.26 | | | | 1.06 | | | | 0.91 | † | | | 0.91 | † | | | 3.30 | † | | | 3,126 | | | | 396 | |
06-04-08(4)–10-31-08 | | | | | 10.65 | | | | 0.10 | • | | | (0.49 | ) | | | (0.39 | ) | | | 0.11 | | | | — | | | | — | | | | 0.11 | | | | — | | | | — | | | | 10.15 | | | | (3.70 | ) | | | 1.05 | | | | 0.93 | † | | | 0.93 | † | | | 2.47 | † | | | 222 | | | | 830 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 12.12 | | | | 0.25 | | | | (0.00 | )* | | | 0.25 | | | | 0.33 | | | | 0.11 | | | | — | | | | 0.44 | | | | — | | | | — | | | | 11.93 | | | | 2.21 | | | | 0.73 | | | | 0.66 | † | | | 0.66 | † | | | 4.30 | † | | | 12,261 | | | | 160 | |
| 10-31-10 | | | | | 12.06 | | | | 0.52 | • | | | 0.34 | | | | 0.86 | | | | 0.75 | | | | 0.05 | | | | — | | | | 0.80 | | | | — | | | | — | | | �� | 12.12 | | | | 7.45 | | | | 0.75 | | | | 0.65 | † | | | 0.65 | † | | | 4.44 | † | | | 14,142 | | | | 440 | |
06-01-09(4)–10-31-09 | | | | | 11.22 | | | | 0.14 | • | | | 1.03 | | | | 1.17 | | | | 0.33 | | | | — | | | | — | | | | 0.33 | | | | — | | | | — | | | | 12.06 | | | | 10.54 | | | | 0.71 | | | | 0.56 | † | | | 0.56 | † | | | 2.85 | † | | | 1,533 | | | | 396 | |
| |
ING Diversified International Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | �� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 9.33 | | | | 0.09 | | | | 1.01 | | | | 1.10 | | | | 0.09 | | | | — | | | | — | | | | 0.09 | | | | — | | | | — | | | | 10.34 | | | | 11.88 | | | | 0.69 | | | | 0.50 | | | | 0.50 | | | | 1.94 | | | | 95,798 | | | | 75 | |
| 10-31-10 | | | | | 8.27 | | | | 0.06 | | | | 1.07 | | | | 1.13 | | | | 0.06 | | | | — | | | | 0.01 | | | | 0.07 | | | | — | | | | — | | | | 9.33 | | | | 13.71 | | | | 0.63 | | | | 0.39 | | | | 0.39 | | | | 0.76 | | | | 102,460 | | | | 49 | |
| 10-31-09 | | | | | 7.30 | | | | 0.24 | • | | | 1.59 | | | | 1.83 | | | | 0.86 | | | | — | | | | — | | | | 0.86 | | | | — | | | | — | | | | 8.27 | | | | 28.22 | | | | 0.76 | | | | 0.38 | | | | 0.38 | | | | 3.45 | | | | 129,966 | | | | 32 | |
| 10-31-08 | | | | | 14.98 | | | | 0.17 | • | | | (7.50 | ) | | | (7.33 | ) | | | 0.26 | | | | 0.09 | | | | — | | | | 0.35 | | | | — | | | | — | | | | 7.30 | | | | (50.04 | ) | | | 0.57 | | | | 0.31 | | | | 0.31 | | | | 1.41 | | | | 167,282 | | | | 55 | |
| 10-31-07 | | | | | 11.61 | | | | 0.05 | • | | | 3.38 | | | | 3.43 | | | | 0.06 | | | | — | | | | — | | | | 0.06 | | | | — | | | | — | | | | 14.98 | | | | 29.66 | | | | 0.55 | | | | 0.21 | | | | 0.21 | | | | 0.37 | | | | 383,364 | | | | 32 | |
12-21-05(4)–10-31-06 | | | | | 10.00 | | | | (0.03 | )• | | | 1.64 | | | | 1.61 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.61 | | | | 16.10 | | | | 0.66 | | | | 0.35 | | | | 0.35 | | | | (0.35 | ) | | | 170,108 | | | | 30 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 9.27 | | | | 0.06 | | | | 1.00 | | | | 1.06 | | | | 0.01 | | | | — | | | | — | | | | 0.01 | | | | — | | | | — | | | | 10.32 | | | | 11.48 | | | | 1.44 | | | | 1.25 | | | | 1.25 | | | | 1.17 | | | | 14,753 | | | | 75 | |
| 10-31-10 | | | | | 8.23 | | | | (0.00 | )* | | | 1.05 | | | | 1.05 | | | | — | | | | — | | | | 0.01 | | | | 0.01 | | | | — | | | | — | | | | 9.27 | | | | 12.78 | | | | 1.38 | | | | 1.14 | | | | 1.14 | | | | (0.03 | ) | | | 16,616 | | | | 49 | |
| 10-31-09 | | | | | 7.22 | | | | 0.17 | • | | | 1.61 | | | | 1.78 | | | | 0.77 | | | | — | | | | — | | | | 0.77 | | | | — | | | | — | | | | 8.23 | | | | 27.46 | | | | 1.51 | | | | 1.13 | | | | 1.13 | | | | 2.43 | | | | 19,919 | | | | 32 | |
| 10-31-08 | | | | | 14.84 | | | | 0.07 | | | | (7.43 | ) | | | (7.36 | ) | | | 0.17 | | | | 0.09 | | | | — | | | | 0.26 | | | | — | | | | — | | | | 7.22 | | | | (50.43 | ) | | | 1.32 | | | | 1.06 | | | | 1.06 | | | | 0.67 | | | | 20,167 | | | | 55 | |
| 10-31-07 | | | | | 11.54 | | | | (0.04 | ) | | | 3.35 | | | | 3.31 | | | | 0.01 | | | | — | | | | — | | | | 0.01 | | | | — | | | | — | | | | 14.84 | | | | 28.68 | | | | 1.30 | | | | 0.96 | | | | 0.96 | | | | (0.34 | ) | | | 43,667 | | | | 32 | |
12-21-05(4)–10-31-06 | | | | | 10.00 | | | | (0.10 | )• | | | 1.64 | | | | 1.54 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.54 | | | | 15.40 | | | | 1.41 | | | | 1.10 | | | | 1.10 | | | | (1.10 | ) | | | 23,035 | | | | 30 | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 9.26 | | | | 0.06 | | | | 0.99 | | | | 1.05 | | | | 0.02 | | | | — | | | | — | | | | 0.02 | | | | — | | | | — | | | | 10.29 | | | | 11.31 | | | | 1.44 | | | | 1.25 | | | | 1.25 | | | | 1.16 | | | | 54,447 | | | | 75 | |
| 10-31-10 | | | | | 8.21 | | | | (0.00 | )* | | | 1.06 | | | | 1.06 | | | | — | | | | — | | | | 0.01 | | | | 0.01 | | | | — | | | | — | | | | 9.26 | | | | 12.88 | | | | 1.38 | | | | 1.14 | | | | 1.14 | | | | (0.01 | ) | | | 59,015 | | | | 49 | |
| 10-31-09 | | | | | 7.21 | | | | 0.17 | • | | | 1.60 | | | | 1.77 | | | | 0.77 | | | | — | | | | — | | | | 0.77 | | | | — | | | | — | | | | 8.21 | | | | 27.32 | | | | 1.51 | | | | 1.13 | | | | 1.13 | | | | 2.54 | | | | 71,831 | | | | 32 | |
| 10-31-08 | | | | | 14.83 | | | | 0.07 | | | | (7.42 | ) | | | (7.35 | ) | | | 0.18 | | | | 0.09 | | | | — | | | | 0.27 | | | | — | | | | — | | | | 7.21 | | | | (50.43 | ) | | | 1.32 | | | | 1.06 | | | | 1.06 | | | | 0.67 | | | | 78,834 | | | | 55 | |
| 10-31-07 | | | | | 11.54 | | | | (0.05 | )• | | | 3.35 | | | | 3.30 | | | | 0.01 | | | | — | | | | — | | | | 0.01 | | | | — | | | | — | | | | 14.83 | | | | 28.63 | | | | 1.30 | | | | 0.96 | | | | 0.96 | | | | (0.39 | ) | | | 168,661 | | | | 32 | |
12-21-05(4)–10-31-06 | | | | | 10.00 | | | | (0.10 | )• | | | 1.64 | | | | 1.54 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.54 | | | | 15.40 | | | | 1.41 | | | | 1.10 | | | | 1.10 | | | | (1.10 | ) | | | 69,825 | | | | 30 | |
See Accompanying Notes to Financial Statements
62
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | Income (loss)
from investment
operations
|
| | | Less distributions
|
| | | | | | | | | | | Ratios to average
net assets
| | Supplemental
data
| |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| | | | Net asset
value,
beginning
of year
or period
|
| Net
investment
income
(loss)
|
| Net realized
and unrealized
gain (loss)
|
| Total from
investment
operations
|
| From net
investment
income
|
| From net
realized
gains
|
| From
return of
capital
|
| Total
distributions
|
| Payments
from
Distribution
settlement/
affiliate
|
| Redemption
fees
applied
to capital
|
| Net asset
value,
end of
year or
period
|
| Total
Return(1)
|
| Expenses
before
reductions/
additions(2)
|
| Expenses
net of
fee waivers
and/or
recoupments,
if any(2)(3)
|
| Expenses
net of
all
reductions/
additions(2)(3)
|
| Net
investment
income
(loss)(2)(3)
|
| Net assets,
end of
year or
period
|
| Portfolio
turnover
rate
|
|---|
Year or period ended
|
|
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| ($)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| (%)
|
| ($000’s)
|
| (%)
|
|---|
ING Diversified International Fund (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 9.32 | | | | 0.10 | | | | 1.01 | | | | 1.11 | | | | 0.12 | | | | — | | | | — | | | | 0.12 | | | | — | | | | — | | | | 10.31 | | | | 12.01 | | | | 0.40 | | | | 0.25 | | | | 0.25 | | | | 2.22 | | | | 8,151 | | | | 75 | |
| 10-31-10 | | | | | 8.26 | | | | 0.03 | • | | | 1.12 | | | | 1.15 | | | | 0.08 | | | | — | | | | 0.01 | | | | 0.09 | | | | — | | | | — | | | | 9.32 | | | | 13.98 | | | | 0.35 | | | | 0.14 | | | | 0.14 | | | | 0.36 | | | | 9,188 | | | | 49 | |
| 10-31-09 | | | | | 7.30 | | | | 0.31 | • | | | 1.55 | | | | 1.86 | | | | 0.90 | | | | — | | | | — | | | | 0.90 | | | | — | | | | — | | | | 8.26 | | | | 28.78 | | | | 0.48 | | | | 0.10 | | | | 0.10 | | | | 4.55 | | | | 3,209 | | | | 32 | |
| 10-31-08 | | | | | 14.99 | | | | 0.21 | | | | (7.53 | ) | | | (7.32 | ) | | | 0.28 | | | | 0.09 | | | | — | | | | 0.37 | | | | — | | | | — | | | | 7.30 | | | | (49.97 | ) | | | 0.32 | | | | 0.06 | | | | 0.06 | | | | 1.69 | | | | 16 | | | | 55 | |
| 10-31-07 | | | | | 11.63 | | | | 0.03 | • | | | 3.41 | | | | 3.44 | | | | 0.08 | | | | — | | | | — | | | | 0.08 | | | | — | | | | — | | | | 14.99 | | | | 29.69 | | | | 0.30 | | | | 0.09 | | | | 0.09 | | | | 0.21 | | | | 32 | | | | 32 | |
12-21-05(4)–10-31-06 | | | | | 10.00 | | | | (0.01 | )• | | | 1.64 | | | | 1.63 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11.63 | | | | 16.30 | | | | 0.45 | | | | 0.10 | | | | 0.10 | | | | (0.13 | ) | | | 4 | | | | 30 | |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 9.28 | | | | 0.09 | | | | 0.99 | | | | 1.08 | | | | 0.10 | | | | — | | | | — | | | | 0.10 | | | | — | | | | — | | | | 10.26 | | | | 11.77 | | | | 0.69 | | | | 0.50 | | | | 0.50 | | | | 1.74 | | | | 4,009 | | | | 75 | |
| 10-31-10 | | | | | 8.24 | | | | 0.05 | • | | | 1.08 | | | | 1.13 | | | | 0.08 | | | | — | | | | 0.01 | | | | 0.09 | | | | — | | | | — | | | | 9.28 | | | | 13.81 | | | | 0.63 | | | | 0.34 | | | | 0.34 | | | | 0.55 | | | | 2,947 | | | | 49 | |
| 10-31-09 | | | | | 7.29 | | | | 0.10 | • | | | 1.74 | | | | 1.84 | | | | 0.89 | | | | — | | | | — | | | | 0.89 | | | | — | | | | — | | | | 8.24 | | | | 28.45 | | | | 0.76 | | | | 0.38 | | | | 0.38 | | | | 1.30 | | | | 1,911 | | | | 32 | |
06-04-08(4)–10-31-08 | | | | | 12.99 | | | | 0.02 | • | | | (5.72 | ) | | | (5.70 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 7.29 | | | | (43.88 | ) | | | 0.57 | | | | 0.31 | | | | 0.31 | | | | 0.48 | | | | 140 | | | | 55 | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 9.22 | | | | 0.08 | | | | 0.99 | | | | 1.07 | | | | 0.07 | | | | — | | | | — | | | | 0.07 | | | | — | | | | — | | | | 10.22 | | | | 11.68 | | | | 0.94 | | | | 0.75 | | | | 0.75 | | | | 1.57 | | | | 170 | | | | 75 | |
| 10-31-10 | | | | | 8.18 | | | | 0.04 | • | | | 1.05 | | | | 1.09 | | | | 0.04 | | | | — | | | | 0.01 | | | | 0.05 | | | | — | | | | — | | | | 9.22 | | | | 13.40 | | | | 0.88 | | | | 0.64 | | | | 0.64 | | | | 0.47 | | | | 173 | | | | 49 | |
| 10-31-09 | | | | | 7.22 | | | | 0.20 | | | | 1.60 | | | | 1.80 | | | | 0.84 | | | | — | | | | — | | | | 0.84 | | | | — | | | | — | | | | 8.18 | | | | 28.13 | | | | 1.01 | | | | 0.63 | | | | 0.63 | | | | 2.94 | | | | 198 | | | | 32 | |
| 10-31-08 | | | | | 14.82 | | | | 0.15 | | | | (7.44 | ) | | | (7.29 | ) | | | 0.22 | | | | 0.09 | | | | — | | | | 0.31 | | | | — | | | | — | | | | 7.22 | | | | (50.18 | ) | | | 0.82 | | | | 0.56 | | | | 0.56 | | | | 1.26 | | | | 183 | | | | 55 | |
12-12-06(4)–10-31-07 | | | | | 12.19 | | | | (0.05 | )• | | | 2.76 | | | | 2.71 | | | | 0.08 | | | | — | | | | — | | | | 0.08 | | | | — | | | | — | | | | 14.82 | | | | 22.33 | | | | 0.80 | | | | 0.46 | | | | 0.46 | | | | (0.46 | ) | | | 432 | | | | 32 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 9.30 | | | | 0.10 | | | | 1.00 | | | | 1.10 | | | | 0.12 | | | | — | | | | — | | | | 0.12 | | | | — | | | | — | | | | 10.28 | | | | 11.96 | | | | 0.44 | | | | 0.25 | | | | 0.25 | | | | 2.13 | | | | 2,598 | | | | 75 | |
| 10-31-10 | | | | | 8.25 | | | | 0.09 | • | | | 1.06 | | | | 1.15 | | | | 0.09 | | | | — | | | | 0.01 | | | | 0.10 | | | | — | | | | — | | | | 9.30 | | | | 14.07 | | | | 0.38 | | | | 0.09 | | | | 0.09 | | | | 1.03 | | | | 2,440 | | | | 49 | |
| 10-31-09 | | | | | 7.29 | | | | 0.21 | • | | | 1.65 | | | | 1.86 | | | | 0.90 | | | | — | | | | — | | | | 0.90 | | | | — | | | | — | | | | 8.25 | | | | 28.84 | | | | 0.48 | | | | 0.10 | | | | 0.10 | | | | 2.96 | | | | 2,545 | | | | 32 | |
02-12-08(4)–10-31-08 | | | | | 12.17 | | | | 0.06 | • | | | (4.94 | ) | | | (4.88 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 7.29 | | | | (40.10 | ) | | | 0.32 | | | | 0.06 | | | | 0.06 | | | | 0.80 | | | | 1,506 | | | | 55 | |
(1) | | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. |
(2) | | Annualized for periods less than one year. |
(3) | | Expense ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor but prior to reductions from brokerage commission recapture arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
(4) | | Commencement of operations. |
(5) | | Class W shares’ financial highlights include Class Q shares which were converted to Class W on March 5, 2010. Class W shares will retain the commencement of operations date of August 7, 2009 which represents the original commencement of operations date of Class Q shares. |
† | | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio. |
| * | | Amount is more than $(0.005) or more than (0.005)% or less than $0.005 or less than 0.005%. |
• | | Calculated using average number of shares outstanding throughout the period. |
(a) | | There was no impact on total return by the payment from distribution settlement. |
(b) | | Excluding a payment from distribution settlement in the fiscal year ended October 31, 2010, Global Value Choice total return would have been 21.82%, 20.92%, 20.89%, 22.34% and 22.08% on Classes A,B,C,I and W, respectively. |
(c) | | Excluding a payment from distribution settlement in the fiscal year ended October 31, 2010, International SmallCap Multi-Manager total return would have been 20.60%, 19.82%, 19.80%, 21.20%, 20.70% and 20.98% on Classes A,B,C,I,O and W, respectively. |
(d) | | Excluding a payment from distribution settlement in the fiscal year ended October 31, 2010, International Value total return would have been 5.61%, 4.90%, 4.90%, 5.98% and 5.87% on Classes A,B,C,I, and W, respectively. |
(e) | | Excluding a payment by affiliate in the fiscal year ended October 31, 2009, Emerging Countries total return would have been 50.54%, 49.21%, 49.19%, 51.26% and 51.22% on Classes A,B,C,I and W, respectively. |
(f) | | Excluding a payment by affiliate in the fiscal year ended October 31, 2009, Index Plus International Equity total return would have been 26.91%, 25.92%, 25.96%, 27.32% and 27.11% on Classes A, B, C, I and O, respectively. |
(g) | | Excluding a payment by affiliate in the fiscal year ended October 31, 2009, International SmallCap Multi-Manager total return would have been 41.91%, 40.78%, 40.97%, 42.75%, 42.20% and 42.70% on Classes A,B,C,I,O and W, respectively. |
(h) | | Excluding a payment by affiliate in the fiscal year ended October 31, 2009, International Value total return would have been 21.64%, 20.80%, 20.81% and 22.12% on Classes A,B,C and I, respectively. |
See Accompanying Notes to Financial Statements
63
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED)
NOTE 1 — ORGANIZATION
Organization. The ING Funds included in this report are comprised of ING Mutual Funds (“IMF”) and ING Mayflower Trust (“IMT”) (each a “Registrant” and collectively, the “Registrants”); both are organized as open-end investment management companies registered under the Investment Company Act of 1940, as amended (“1940 Act”).
IMF is a Delaware statutory trust organized December 18, 1992 with seventeen separate active series, all of which are included in this report, (each, a “Fund” and collectively, the “IMF Funds”): Global Equity Dividend, Global Natural Resources, Global Real Estate, Global Value Choice, Emerging Countries, Global Opportunities, Greater China, Index Plus International Equity, International Capital Appreciation, International Core, International Growth, International Real Estate, International SmallCap Multi-Manager, International Value Choice, Russia, Global Bond and Diversified International. IMT is a Massachusetts business trust organized August 18, 1993 with one series, International Value (a “Fund” and together with the IMF Funds, the “Funds”). The investment objective of each Fund is described in the Funds’ prospectuses, each dated February 28, 2011.
Each Fund offers at least one or more of the following classes of shares: Class A, Class B, Class C, Class I, Class O, Class R and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees and transfer agent fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the portfolio pro rata based on the average daily net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Dividends are determined separately for each class based on income and expenses allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution and shareholder servicing fees, if applicable.
Class B shares of the Funds are closed to new investment, provided that: (1) Class B shares of the Funds may be purchased through the reinvestment of dividends issued by Class B Shares of the Funds; and (2) subject to the terms and conditions of relevant exchange privileges and as permitted under their respective prospectuses, Class B shares of the Funds may be acquired through exchange of Class B shares of other funds in the ING Mutual Funds Complex. Class B shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase.
Emerging Countries does not impose any front-end sales charge (load) on purchases of Class A shares of Emerging Countries by its former Class M shareholders for the life of their account.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements, and such policies are in conformity with U.S. generally accepted accounting principles for investment companies.
A. Security Valuation. All investments in securities are recorded at their estimated fair value, as described below. Investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by National Association of Securities Dealers Automated Quotation System (“NASDAQ”) will be valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale, securities traded in the over-the-counter-market, gold and silver bullion, platinum and palladium are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities acquired with more than 60 days to maturity are valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as yields, maturities, liquidity, ratings and traded prices in similar or identical securities. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair value obtained from yield data relating to investments or securities with similar characteristics. Investments in open-end mutual funds are valued at the net asset value. Investments in securities of sufficient credit quality, maturing 60 days or less from date of acquisition are valued at amortized cost which approximates fair value.
Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as
64
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
to their sale) are valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Funds’ Board in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that a Fund calculates its next net asset value (“NAV”) may also be valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of a Fund’s Board, in accordance with methods that are specifically authorized by the Board. The valuation techniques applied in any specific instance are likely to vary from case to case. With respect to a restricted security, for example, consideration is generally given to the cost of the investment, the market value of any unrestricted securities of the same class at the time of valuation, the potential expiration of restrictions on the security, the existence of any registration rights, the costs to a Fund related to registration of the security, as well as factors relevant to the issuer itself. Consideration may also be given to the price and extent of any public trading in similar securities of the issuer or comparable companies’ securities.
For all Funds, the value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time a Fund determines its NAV or if the foreign exchange closes prior to the time the Fund determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of a Fund’s NAV may not take place contemporaneously with the determination of the prices of securities held by a Fund in foreign securities markets. Further, the value of a Fund’s assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of the Fund. In calculating a Fund’s NAV, foreign securities in foreign currency are converted to U.S. dollar equivalents.
If an event occurs after the time at which the market for foreign securities held by a Fund closes but before the time that a Fund’s next NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time a Fund determines its NAV. In such a case, a Fund will use the fair value of such securities as determined under the Funds’ valuation procedures. Events after the close of trading on a foreign market that could require a Fund to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time a Fund calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that a Fund could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, a Fund is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes a Fund to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time a Fund determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in a Fund’s NAV.
For Diversified International and other Funds with holdings in open end investment companies, the valuations of the Funds’ investments in Underlying Funds are based on the NAVs of the Underlying Funds each business day. In general, assets of the Underlying Funds are valued based on actual or estimated market value, with special provisions for assets not having readily available market quotations and short-term debt securities, and for situations where market quotations are deemed unreliable. Investments held in Underlying Funds maturing in 60 days or less from the date of acquisition are valued at amortized cost which generally approximates fair value. Securities prices may be obtained from automated pricing services. Shares of investment companies held by the Underlying Funds
65
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
will generally be valued at the latest NAV reported by that investment company.
Fair value is defined as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each investment asset or liability of the Funds is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and unobservable inputs, including the adviser’s or sub-adviser’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Funds’ investments under these levels of classification is included following the Summary Portfolios of Investments.
For the six months ended April 30, 2011, there have been no significant changes to the fair valuation methodologies.
B. Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.
For Diversified International, capital gain dividends from Underlying Funds, if any, are recorded as distributions of realized gains from affiliated Underlying Funds.
Global Real Estate estimates components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If the Fund no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.
C. Foreign Currency Translation. The books and records of the Funds and Underlying Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
| (1) | | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day. |
| (2) | | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Funds and Underlying Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities that are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
D. Risk Exposures and the use of Derivative Instruments. The Funds’ investment strategies permit them to enter into various types of derivatives
66
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to market risk factors. This may allow the Funds to pursue their objectives more quickly, and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.
Market Risk Factors. In pursuit of their investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risk factors:
Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer durations, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter durations.
Risks of Investing in Derivatives. The Funds use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of the Funds to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Funds are required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. The Funds derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Funds intend to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Funds generally enter into master netting arrangements, established within the Funds International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter (“OTC”) derivative and forward foreign currency contracts, entered into by the Funds and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right
67
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
The Funds may also enter into collateral agreements with certain counterparties to further mitigate counterparty risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Funds is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
As of April 30, 2011, the maximum amount of loss the below Fund’s would incur if the counterparties to their derivative transactions failed to perform and they were to be unwound is disclosed below by derivative type:
| | | | Forward foreign
currency contracts
|
|---|
| International SmallCap Multi-Manager | | | | $ | 19,591 | |
| International Value | | | | | 1,846 | |
| International Core | | | | | 390 | |
In addition to the above, Global Bond’s maximum amount of loss was $26,455,134 which represents the gross payments to be received on open purchased options, forward foreign currency contracts and swaps were they to be unwound as of April 30, 2011.To reduce the amount of potential loss to Global Bond, various counterparties have posted $460,000 in cash collateral as of April 30, 2011.
The Funds have credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Funds. Credit related contingent features are established between the Funds and their derivatives counterparties to reduce the risk that the Funds will not fulfill their payment obligations to their counterparties. These triggering features include, but are not limited to, a percentage decrease in a Fund’s net assets and or a percentage decrease in a Fund’s NAV, which could cause a Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Funds Master Agreements.
As of April 30, 2011, the below Fund’s were in a liability position as disclosed below by derivative type. If a contingent feature would have been triggered as of April 30, 2011, the funds would have been required to pay this amount in cash to its counterparties.
| | | | Forward foreign
currency contracts
|
|---|
| Global Value Choice | | | | $ | 160 | |
| International Value | | | | | 426 | |
| International Core | | | | | 145,737 | |
| International Growth | | | | | 950 | |
In addition to the above, Global Bond had a liability position of $25,146,398 on forward foreign currency contracts, swaps and written options with credit related contingent features. If a contingent feature would have been triggered as of April 30, 2011, Global Bond could have been required to pay this amount in cash to its counterparties. As of April 30, 2011, Global Bond had posted $2,770,000 to its counterparties in cash collateral for its open OTC derivative transactions.
E. Forward Foreign Currency Transactions and Futures Contracts. Each Fund and Underlying Fund may enter into forward foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar, generally in connection with the planned purchases or sales of securities. The Funds and Underlying Funds either enter into these transactions on 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.
| | | | Buy
| | Sell
|
|---|
| Global Value Choice* | | | | $ | — | | | $ | 10,647 | |
| International Core* | | | | | 24,201 | | | | 911,842 | |
| International Growth* | | | | | — | | | | 38,442 | |
| International SmallCap Multi-Manager* | | | | | 265,431 | | | | — | |
| International Value* | | | | | 164,596 | | | | 32,139 | |
| Global Bond** | | | | | 608,613,581 | | | | 465,947,405 | |
| * | | For the period ended April 30, 2011, the Fund used forward foreign currency contracts primarily to protect its non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the table following the Summary Portfolio of Investments for open forward foreign currency contracts at April 30, 2011. |
| ** | | For the period ended April 30, 2011, the Fund used forward foreign currency contracts to protect its non-U.S. dollar-denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or enhanced return. Please refer to the table following the Summary Portfolio of Investments for open forward foreign currency contracts at April 30, 2011. |
Each Fund and Underlying Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. Each Fund and
68
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Underlying Fund intends to limit its use of futures contracts and futures options to “bona fide hedging” transactions, as such term is defined in applicable regulations, interpretations and practice. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price. Upon entering into such a contract, a Fund or an Underlying Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Fund or an Underlying Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund or an Underlying Fund. When the contract is closed, the Fund or Underlying Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the six months ended April 30, 2011, Index Plus International Equity had purchased futures contracts on equity indices to gain additional exposure to the foreign equity markets. During the six months ended April 30, 2011, Global Bond had both purchased and sold futures contracts on various bonds and notes to gain exposure to different parts of the yield curve to assist the Fund with its duration strategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
During the six months ended April 30, 2011, Index Plus International Equity had an average notional value of $3,039,040 on futures contracts purchased.
During the six months ended April 30, 2011, Global Bond had an average notional value of $223,482,762 and $97,931,668 on futures contracts purchased and sold, respectively.
F. Options Contracts. The Funds may write call and put options on futures, swaps (“swaptions”), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Funds’ exposure to the underlying instrument. Writing call options tends to decrease the Funds’ exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Funds may not be able to enter into a closing transaction because of an illiquid market.
The Funds may also purchase put and call options. Purchasing call options tends to increase the Funds exposure to the underlying instrument. Purchasing put options tends to decrease the Funds exposure to the underlying instrument. The Funds pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.
During the six months ended April 30, 2011, Global Bond had purchased and written foreign currency options to gain exposure to currencies and to generate income. Global Bond also entered into purchased and written options on exchange-traded futures contracts to gain exposure to different parts of the yield curve and to generate income. Please refer to the Summary
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NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Portfolio of Investments for open purchased options and the table following the Summary Portfolio of Investments for open written options at April 30, 2011.
Please refer to Note 10 for the volume of purchased and written option activity during the six months ended April 30, 2011.
G. Swap Agreements. Certain Funds may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Fund may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Fund’s Summary Portfolio of Investments.
Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on each Fund’s Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by a Fund when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Fund’s Statement of Operations upon termination or maturity of the swap. A Fund also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.
Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Fund’s Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.
Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.
A Fund is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Fund may execute these contracts to manage its exposure to the market or certain sectors of the market. A Fund may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).
Certain Funds may sell credit default swaps which expose these Funds to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/ moratorium. If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii)
70
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Fund’s Summary Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of April 30, 2011, for which a Fund is seller of protection, are disclosed following each Fund’s Summary Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.
For the six months ended April 30, 2011, Global Bond has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and to hedge against anticipated potential credit events.
For the six months ended April 30, 2011, Global Bond had an average notional amount of $9,000,000 on credit default swaps to buy protection.
Interest Rate Swap Agreements. Certain Funds may enter into interest rate swaps. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.
For the six months ended April 30, 2011, Global Bond has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amounts on long interest rate swaps were $145,148,551.
For the six months ended April 30, 2011, Global Bond has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps were $107,860,471.
Global Bond enters into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the table following the Summary Portfolio of Investments for open interest rate swaps at April 30, 2011.
Cross-Currency Swap Agreements. Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.
For the six months ended April 30, 2011, Global Bond has entered into cross-currency swaps to increase exposure to both foreign exchange and interest rate risk (inflation hedge). Please refer to the table following the Summary Portfolio of Investments for open cross-currency swaps at April 30, 2011.
71
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
For the six months ended April 30, 2011, Global Bond had average notional amounts (local currency) of 5,968,037 and 987,409,000 on currency bought and sold, respectively, on cross-currency swaps.
H. Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date. Each Fund pays dividends and capital gains, if any, annually (except, Global Equity Dividend, Global Real Estate, International Equity Dividend and International Real Estate, which pay dividends, if any, quarterly and Global Bond, which pay dividends, if any, monthly). The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies.
I. Federal Income Taxes. It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.
The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
J. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
K. Securities Lending. Each Fund and Underlying Fund has the option to temporarily loan up to 33-1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, each Fund and Underlying Fund has the right to use collateral to offset losses incurred. There would be potential loss to a Fund or Underlying Fund in the event the Fund or Underlying Fund is 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.
L. Restricted Securities. Each Fund and Underlying Fund may 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. Restricted securities are fair 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.
M. 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 fair value of these securities is identified in each Fund’s Summary 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.
N. Offering Costs. Costs incurred with the offering of shares of the Fund are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations.
O. Indemnifications. In the normal course of business, each Trust may enter into contracts that provide certain indemnifications. Each Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.
72
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 3 — INVESTMENT TRANSACTIONS
For the six months ended April 30, 2011, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities, were as follows:
| | | | Purchases
| | Sales
|
|---|
| Global Equity Dividend | | | | $ | 42,952,112 | | | $ | 89,123,523 | |
| Global Natural Resources | | | | | 27,205,460 | | | | 19,764,611 | |
| Global Real Estate | | | | | 1,163,545,883 | | | | 635,127,673 | |
| Global Value Choice | | | | | 388,621,215 | | | | 209,288,705 | |
| Emerging Countries | | | | | 89,700,538 | | | | 99,141,755 | |
| Global Opportunities | | | | | 41,075,946 | | | | 80,979,423 | |
| Greater China | | | | | 26,127,422 | | | | 28,769,891 | |
| Index Plus International Equity | | | | | 71,086,747 | | | | 122,098,673 | |
| International Capital Appreciation | | | | | 21,897,246 | | | | 83,116,030 | |
| International Core | | | | | 303,276,024 | | | | 50,941,791 | |
| International Growth | | | | | 183,657,172 | | | | 21,324,302 | |
| International Real Estate | | | | | 270,525,840 | | | | 290,082,055 | |
| International SmallCap Multi-Manager | | | | | 98,678,747 | | | | 114,439,927 | |
| International Value | | | | | 925,487,882 | | | | 1,200,823,447 | |
| International Value Choice | | | | | 16,023,748 | | | | 13,216,666 | |
| Russia | | | | | 99,848,693 | | | | 91,372,802 | |
| Global Bond | | | | | 162,236,270 | | | | 149,801,231 | |
| Diversified International | | | | | 138,001,540 | | | | 169,412,474 | |
Purchases and sales of long-term U.S. government securities not included above were as follows:
| | | | Purchases
| | Sales
|
|---|
| Global Bond | | | | $ | 728,100,236 | | | $ | 713,545,667 | |
NOTE 4 — REDEMPTION FEES
A 2% redemption fee is charged on shares of Russia that are redeemed (including in connection with an exchange) within 365 days or less from their date of purchase. The redemption fee is recorded as an addition to paid-in capital. Total redemption fee proceeds for the six months ended April 30, 2011 and year ended October 31, 2010 were $83,814 and $374,780, respectively, and are set forth in the Statements of Changes in Net Assets.
NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES
Each of the Funds has entered into an investment management agreement (“Management Agreements”) with ING Investments, LLC (“ING Investments” or “Investment Adviser”). The Management Agreements compensate the Investment Adviser with a fee based on the average daily net assets of each Fund, at the following annual rates:
| | | | As a Percentage of Average
Daily Net Assets
|
|---|
| Global Equity Dividend | | | | 0.70% |
| Global Natural Resources | | | | 1.00% on first $50 million; and 0.75% thereafter |
| Global Real Estate | | | | 0.80% on the first $250 million; 0.775% on the next $250 million; and 0.70% thereafter |
| Global Value Choice | | | | 0.90% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter |
Emerging Countries(1) | | | | 1.00% |
Global Opportunities | | | | 0.90% on the first $500 million; and 0.85% 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(2) | | | | 0.85% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter |
| International Core | | | | 0.75% |
| International Growth | | | | 0.75% |
| 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(2) | | | | 1.00% on first $500 million; 0.90% on next $500 million; and 0.85% thereafter |
International Value(2),(3) | | | | 1.00% on the first $1.5 billion; 0.70% on the next $750 million; and 0.65% thereafter (applied to all assets of the Fund) |
International Value Choice(4) | | | | 1.00% |
| Russia | | | | 1.25% |
| Global Bond | | | | 0.40% |
| Diversified International | | | | 0.00% |
(1) | | Effective January 1, 2011, the advisory fee for Emerging Countries was revised from 1.25% to the fee set forth in the table above and the sharing waiver was eliminated. |
(2) | | ING Investments has contractually agreed to waive a portion of the advisory fee for International Capital Appreciation, International SmallCap Multi-Manager and International Value. These advisory fee waivers will continue through at least March 1, 2012 for International Capital Appreciation, International SmallCap Multi-Manager and International Value. There is no guarantee that these waivers will continue after this date. These agreements will only renew if ING Investments elects to renew them. |
(3) | | Effective February 1, 2011, the advisory fees for International Value were revised from 1.00% on the first $5 billion; 0.95% on the next $2.5 billion; 0.90% on the next $2.5 billion and 0.85% of assets in excess of $10 billion to the fees set forth in the table above. |
(4) | | Pursuant to a side agreement, ING Investments has agreed to waive 0.10% of the advisory fee for International Value Choice through March 1, 2012 for the Fund. There is no guarantee that this waiver will continue after that date. The waiver agreement will only renew if ING Investments elects to renew it. |
ING Investments has contractually agreed to waive a portion of the advisory fee for International Capital Appreciation, International SmallCap Multi-Manager and International Value. Previously, ING Investments had agreed to waive a portion of the advisory fee for Global Opportunities. This waiver expired on January 1, 2011. The waiver is calculated as 50% of the difference
73
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)
between the former sub-advisory fee rate minus the new sub-advisory fee.For the six months ended April 30, 2011, ING Investments waived $64,622, $14,989, $43,885, $61,017 and $26,566 in advisory fees for Emerging Countries, International Capital Appreciation, International SmallCap Multi-Manager, International Value and International Value Choice, respectively.
Each of the Funds has entered into a sub-advisory agreement with each sub-adviser. These sub-advisers provide investment advice for the various Funds and are paid by the Investment Adviser based on the average daily net assets of the respective Funds. The sub-adviser of each of the Funds are as follows (*denotes a related party sub-adviser or sub-advisers):
Fund
| | | | Sub Adviser
|
|---|
| Global Equity Dividend | | | | ING Investment Management Advisors B.V* |
| Global Natural Resources | | | | ING Investment Management Co.* |
| Global Real Estate | | | | ING Clarion Real Estate Securities, LLC* |
| Global Value Choice | | | | Tradewinds Global Investors, LLC |
| Emerging Countries | | | | ING Investment Management Advisors B.V* |
| Global Opportunities | | | | ING Investment Management Advisors B.V.* |
| Greater China | | | | ING Investment Management Asia/Pacific (Hong Kong) Limited* |
| Index Plus International Equity | | | | ING Investment Management Co.* |
| International Capital Appreciation | | | | Hansberger Global Investors, Inc. |
| International Core | | | | Thornburg Investment Management, Inc. and Wellington Management Company, LLP |
| International Growth | | | | Baillie Gifford Overseas Limited and T. Rowe Price Associates, Inc. |
| International Real Estate | | | | ING Clarion Real Estate Securities, LLC* |
| International SmallCap Multi-Manager | | | | Acadian Asset Management LLC and Schroder Investment Management North America, Inc. |
| International Value | | | | Brandes Investment Partners, L.P., del Rey Global Investors, LLC and ING Investment Management Co.* |
| International Value Choice | | | | Tradewinds Global Investors, LLC |
| Russia | | | | ING Investment Management Advisors B.V* |
| Global Bond | | | | ING Investment Management Co.* |
For Diversified International, ING Investment Management Co. (the “Consultant” or “ING IM”) is a consultant to the Investment Adviser. The Consultant provides tactical allocation recommendations to the Investment Adviser. The Investment Adviser has set up an Investment Committee made up of a team of professionals to consider, review and implement the recommendations of the Consultant, and retains discretion over implementation of the Consultant’s recommendations. The Consultant provides ongoing recommendations to the Investment Committee of the Investment Adviser quarterly or as warranted by market conditions.
During the period, ING Funds were permitted to invest end-of-day cash balances into ING Institutional Prime Money Market Fund. Investment management fees paid by the Funds were reduced by an amount equal to the management fees paid indirectly to ING Institutional Prime Money Market Fund with respect to assets invested by the Funds. For the six months ended April 30, 2011, the following funds waived such management fees which are not subject to recoupment:
| Global Natural Resources | | | | | | | $ 247 | |
| Global Real Estate | | | | | | | 4,788 | |
| Global Value Choice | | | | | | | 5,126 | |
| Index Plus International Equity | | | | | | | 47 | |
| International SmallCap Multi-Manager | | | | | | | 217 | |
| International Value | | | | | | | 1,185 | |
| International Value Choice | | | | | | | 94 | |
| Global Bond | | | | | | | 762 | |
Effective December 20, 2010, ING Institutional Prime Money Market Fund was liquidated. As a result of this liquidation, the Funds will no longer invest end-of-day cash balances into ING Institutional Prime Money Market Fund.
ING Funds Services, LLC (the “Administrator”), serves as administrator to each Fund. The Funds pay the Administrator a fee calculated at an annual rate of 0.10% of each Fund’s average daily net assets.
The Investment Adviser, ING IM, ING CRES, IIMA, ING Asia and the Administrator are indirect, wholly-owned subsidiaries of ING Groep N.V. (“ING Groep”). ING Groep is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services.
ING Groep has adopted a formal restructuring plan that was approved by the European Commission in November 2009 under which the ING life insurance businesses, including the retirement services and investment management businesses, which include the Investment Adviser and its affiliates, would be divested by ING Groep by the end of 2013. To achieve this goal, ING Groep announced in November 2010 that it plans to pursue two separate Initial Public Offerings: one a U.S. focused offering that would include U.S. based insurance, retirement services, and investment management operations: and the other a European based offering for European and Asian based insurance and investment management operations. There can be
74
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)
no assurance that the restructuring plan will be carried out through two offerings or at all.The restructuring plan and the uncertainty about its implementation, whether implemented through the planned Initial Public Offerings or through other means, in whole or in part, may be disruptive to the businesses of ING entities, including the ING entities that service the Funds, and may cause, among other things, interruption or reduction of business and services, diversion of management’s attention from day-to day operations, and loss of key employees or customers. A failure to complete the offerings or other means of implementation on favorable terms could have a material adverse impact on the operations of the businesses subject to the restructuring plan. The restructuring plan may result in the Investment Adviser’s and/or Sub-Advisers’ loss of access to services and resources of ING Groep, which could adversely affect their businesses and profitability. In addition, the divestment of ING businesses, including the Investment Adviser and Sub-Advisers, may potentially be deemed a “change of control” of each entity. A change of control would result in the termination of the Funds’ advisory and sub-advisory agreements, which would trigger the necessity for new agreements that would require approval of the Board, and may trigger the need for shareholder approval. Currently, the Investment Adviser does not anticipate that the restructuring will have a material adverse impact on the Funds or their operations and administration.
NOTE 6 — DISTRIBUTION AND SERVICE FEES
Each share class of the Funds, except Class I and Class W(1), has adopted a Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plans”), whereby ING Investments Distributor, LLC (“IID” or the “Distributor”), an indirect, wholly-owned subsidiary of ING Groep, is reimbursed or compensated (depending on the class of shares) by the Funds for expenses incurred in the distribution of each Fund’s shares (“Distribution Fees”). Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month for expenses incurred in the distribution and promotion of each Fund’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees (“Service Fees”) paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plans, each class of shares of a Fund pays the Distributor a Distribution and/or Service Fee based on average daily net assets at the following annual rates:
(1) | | Class Q shareholders of Global Value Choice, Global Opportunities, International SmallCap Multi-Manager and International Value incurred a service fee of 0.25% until conversion to Class W shares of each respective Fund on November 20, 2009. Class Q shareholder of Emerging Countries and International Capital Appreciation incurred a service fee of 0.25% until conversion to Class W shares of each Fund on March 8, 2010. |
| | | | Class A
| | Class B
| | Class C
| | Class O
| | Class R
|
|---|
| Global Equity Dividend | | | | | 0.25 | % | | | 1.00 | % | | | 1.00 | % | | | 0.25 | % | | | N/A | |
| Global Natural Resources | | | | | 0.25 | % | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
| Global Real Estate | | | | | 0.25 | % | | | 1.00 | % | | | 1.00 | % | | | 0.25 | % | | | N/A | |
| Global Value Choice | | | | | 0.25 | % | | | 1.00 | % | | | 1.00 | % | | | N/A | | | | N/A | |
| Emerging Countries | | | | | 0.35 | %(1) | | | 1.00 | % | | | 1.00 | % | | | N/A | | | | N/A | |
| Global Opportunities | | | | | 0.25 | % | | | 1.00 | % | | | 1.00 | % | | | N/A | | | | N/A | |
| Greater China | | | | | 0.25 | % | | | 1.00 | % | | | 1.00 | % | | | 0.25 | % | | | N/A | |
| Index Plus International Equity | | | | | 0.25 | % | | | 1.00 | % | | | 1.00 | % | | | 0.25 | % | | | N/A | |
| International Capital Appreciation | | | | | 0.25 | % | | | 1.00 | % | | | 1.00 | % | | | N/A | | | | N/A | |
| International Real Estate | | | | | 0.25 | % | | | 1.00 | % | | | 1.00 | % | | | N/A | | | | N/A | |
| International SmallCap Multi-Manager | | | | | 0.35 | % | | | 1.00 | % | | | 1.00 | % | | | 0.25 | % | | | N/A | |
| International Value | | | | | 0.30 | % | | | 1.00 | % | | | 1.00 | % | | | N/A | | | | N/A | |
| International Value Choice | | | | | 0.25 | % | | | 1.00 | % | | | 1.00 | % | | | N/A | | | | N/A | |
| Russia | | | | | 0.25 | % | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
| Global Bond | | | | | 0.25 | % | | | 1.00 | % | | | 1.00 | % | | | 0.25 | % | | | N/A | |
| Diversified International | | | | | 0.25 | % | | | 1.00 | % | | | 1.00 | % | | | 0.25 | % | | | 0.50 | % |
(1) | | The Distributor has agreed to waive 0.10% of the Distribution Fee for Class A shares of Emerging Countries through March 1, 2012. For the six months ended April 30, 2011, the Distributor waived $41,018 for Class A shares of Emerging Countries. |
The Distributor also receives the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the six months ended April 30, 2011, the Distributor retained the following amounts in sales charges for the Funds:
| | | | Class A
Shares
| | Class C
Shares
|
|---|
Initial Sales Charges: | | | | | | | | | | |
| Global Equity Dividend | | | | $ | 3,760 | | | N/A |
| Global Natural Resources | | | | | 37,282 | | | N/A |
| Global Real Estate | | | | | 102,962 | | | N/A |
| Global Value Choice | | | | | 92,407 | | | N/A |
| Emerging Countries | | | | | 5,128 | | | N/A |
| Global Opportunities | | | | | 961 | | | N/A |
| Greater China | | | | | 7,231 | | | N/A |
75
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 6 — DISTRIBUTION AND SERVICE FEES (continued)
| | | | Class A
Shares
| | Class C
Shares
|
|---|
| Index Plus International Equity | | | | $ | 168 | | | N/A |
| International Capital Appreciation | | | | | 560 | | | N/A |
| International Real Estate | | | | | 6,747 | | | N/A |
| International SmallCap Multi-Manager | | | | | 1,734 | | | N/A |
| International Value | | | | | 1,732 | | | N/A |
| International Value Choice | | | | | 1,822 | | | N/A |
| Russia | | | | | 103,559 | | | N/A |
| Global Bond | | | | | 18,088 | | | N/A |
| Diversified International | | | | | 3,120 | | | N/A |
| |
Contingent Deferred Sales Charges: | | | | | | | | | | |
| Global Equity Dividend | | | | | — | | | 647 |
| Global Natural Resources | | | | | — | | | N/A |
| Global Real Estate | | | | | 67,924 | | | 5,631 |
| Global Value Choice | | | | | 702 | | | 1,550 |
| Emerging Countries | | | | | 4 | | | 139 |
| Global Opportunities | | | | | 520 | | | 362 |
| Greater China | | | | | 202 | | | 155 |
| Index Plus International Equity | | | | | — | | | 4 |
| International Capital Appreciation | | | | | 178 | | | 202 |
| International Real Estate | | | | | 253 | | | 321 |
| International SmallCap Multi-Manager | | | | | — | | | 331 |
| International Value | | | | | 2,327 | | | 901 |
| International Value Choice | | | | | 398 | | | 82 |
| Russia | | | | | 29 | | | N/A |
| Global Bond | | | | | — | | | 8,593 |
| Diversified International | | | | | 485 | | | 1,570 |
NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At April 30, 2011, the Funds had the following amounts recorded as payable to affiliates on the accompanying Statements of Assets and Liabilities (See Notes 5 and 6):
Fund
| | | | Accrued
Investment
Management Fees
| | Accrued
Administrative Fees
| | Accrued
Shareholder
Service and
Distribution Fees
| | Total
|
|---|
| Global Equity Dividend | | | | $ | 62,529 | | | $ | 8,933 | | | $ | 41,549 | | | $ | 113,011 | |
| Global Natural Resources | | | | | 98,259 | | | | 11,731 | | | | 27,708 | | | | 137,698 | |
| Global Real Estate | | | | | 2,108,810 | | | | 296,119 | | | | 487,105 | | | | 2,892,034 | |
| Global Value Choice | | | | | 513,731 | | | | 59,079 | | | | 183,334 | | | | 756,144 | |
| Emerging Countries | | | | | 139,132 | | | | 13,913 | | | | 31,432 | | | | 184,477 | |
| Global Opportunities | | | | | 85,835 | | | | 8,177 | | | | 46,889 | | | | 140,901 | |
| Greater China | | | | | 42,176 | | | | 3,667 | | | | 13,994 | | | | 59,837 | |
| Index Plus International Equity | | | | | 45,636 | | | | 8,297 | | | | 12,996 | | | | 66,929 | |
| International Capital Appreciation | | | | | 35,687 | | | | 4,198 | | | | 12,735 | | | | 52,620 | |
| International Core | | | | | 169,797 | | | | 22,639 | | | | — | | | | 192,436 | |
| International Growth | | | | | 107,434 | | | | 14,324 | | | | — | | | | 121,758 | |
| International Real Estate | | | | | 483,966 | | | | 52,789 | | | | 77,395 | | | | 614,150 | |
| International SmallCap Multi-Manager | | | | | 390,451 | | | | 39,045 | | | | 70,684 | | | | 500,180 | |
| International Value | | | | | 859,818 | | | | 85,981 | | | | 274,840 | | | | 1,220,639 | |
| International Value Choice | | | | | 39,405 | | | | 4,378 | | | | 10,615 | | | | 54,398 | |
| Russia | | | | | 530,359 | | | | 42,428 | | | | 103,799 | | | | 676,586 | |
| Global Bond | | | | | 171,185 | | | | 42,796 | | | | 108,251 | | | | 322,232 | |
| Diversified International | | | | | — | | | | 14,586 | | | | 76,457 | | | | 91,043 | |
At April 30, 2011, the following indirect, wholly-owned subsidiaries of ING Groep owned more than 5% of the following Funds:
ING Portfolios or Subsidiaries
| | | | Fund
| | Percentage
|
|---|
| ING Capital Allocation Fund | | | | Emerging Countries | | | 9.58 | % |
| | | | | Global Equity Dividend | | | 6.67 | % |
| | | | | Index Plus International Equity | | | 24.24 | % |
| Diversified International | | | | Emerging Countries | | | 20.11 | % |
| | | | | International Core | | | 16.50 | % |
| | | | | International Growth | | | 20.30 | % |
| | | | | International Value Choice | | | 31.51 | % |
| ING Global Target Payment Fund | | | | Index Plus International Equity | | | 13.42 | % |
| ING Life Insurance & Annuity Company | | | | International Smallcap Multi Manager | | | 7.71 | % |
| ING National Trust | | | | International Capital Appreciation | | | 19.24 | % |
| | | | | International Value | | | 15.50 | % |
| ING Solution 2015 Portfolio | | | | Global Bond | | | 8.09 | % |
| | | | | International Core | | | 10.95 | % |
| | | | | International Growth | | | 9.58 | % |
| ING Solution 2025 Portfolio | | | | Global Bond | | | 12.86 | % |
| | | | | International Core | | | 27.37 | % |
| | | | | International Growth | | | 22.97 | % |
| ING Solution 2035 Portfolio | | | | Global Bond | | | 5.52 | % |
| | | | | International Core | | | 25.61 | % |
| | | | | International Growth | | | 26.26 | % |
| ING Solution 2045 Portfolio | | | | International Core | | | 16.55 | % |
| | | | | International Growth | | | 17.00 | % |
| ING Direct Investing, Inc. | | | | Global Equity Dividend | | | 13.30 | % |
| | | | | Greater China | | | 21.71 | % |
| | | | | Index Plus International Equity | | | 45.56 | % |
| Reliance Trust Company | | | | International Capital Appreciation | | | 12.20 | % |
76
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates to include companies that are under common control. Therefore, because certain Funds have a common owner that owns over 25% of the outstanding securities of the Funds, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Funds.
The Investment Adviser may request that the Funds’ portfolio managers use their best efforts (subject to obtaining best execution of each transaction) to allocate a portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amount credited to a Fund is recognized as brokerage commission recapture in the Statements of Operations.
The Funds have adopted a Deferred Compensation Plan (the “Plan”), which allows eligible non-affiliated trustees as described in the Plan to defer the receipt of all or a portion of the trustees fees payable. Amounts deferred are treated as though invested in various “notional” funds advised by ING Investments until distribution in accordance with the Plan.
NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES
At April 30, 2011, the Funds had the following payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceeded 5% of total liabilities:
Fund
| | | | Accrued Expenses
| | Amount
|
|---|
| Global Natural Resources | | | | Transfer Agent | | $ | 43,506 | |
| | | | | Postage | | | 34,476 | |
| Index Plus International Equity | | | | Transfer Agent | | | 65,881 | |
| | | | | Postage | | | 49,151 | |
| International Value Choice | | | | Custody | | | 10,140 | |
| | | | | Transfer Agent | | | 13,201 | |
| | | | | Postage | | | 12,129 | |
| Diversified International | | | | Transfer Agent | | | 114,818 | |
| | | | | Postage | | | 87,247 | |
NOTE 9 — EXPENSE LIMITATION AGREEMENTS
The Investment Adviser and/or Distributor have agreed to limit expenses, excluding interest expense, taxes, brokerage commissions and extraordinary expenses (and acquired fund fees and expenses) to the levels listed below:
Maximum Operating Expense Limit (as a percentage of average net assets)
| | | | Class A
| | Class B
| | Class C
| | Class I
| | Class O
| | Class R
| | Class W
|
|---|
| Global Equity Dividend | | | | | 1.40 | % | | | 2.15 | % | | | 2.15 | % | | | 1.15 | % | | | 1.40 | % | | | N/A | | | | 1.15 | % |
Global Natural Resources(1) | | | | | 2.00 | % | | | N/A | | | | N/A | | | | 1.75 | % | | | N/A | | | | N/A | | | | 1.75 | % |
Global Real Estate(2) | | | | | 1.75 | % | | | 2.50 | % | | | 2.50 | % | | | 1.50 | % | | | 1.75 | % | | | N/A | | | | 1.50 | % |
| Global Value Choice | | | | | 1.50 | % | | | 2.25 | % | | | 2.25 | % | | | 1.25 | % | | | N/A | | | | N/A | | | | 1.25 | % |
Emerging Countries(3) | | | | | 2.25 | % | | | 2.90 | % | | | 2.90 | % | | | 1.75 | % | | | N/A | | | | N/A | | | | 1.90 | % |
Global Opportunities(4) | | | | | 1.50 | % | | | 2.25 | % | | | 2.25 | % | | | 1.15 | % | | | N/A | | | | N/A | | | | 1.25 | % |
Greater China(5) | | | | | 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 | |
| International Capital Appreciation | | | | | 1.50 | % | | | 2.25 | % | | | 2.25 | % | | | 1.25 | % | | | N/A | | | | N/A | | | | 1.25 | % |
| International Core | | | | | N/A | | | | N/A | | | | N/A | | | | 0.95 | % | | | N/A | | | | N/A | | | | N/A | |
| International Growth | | | | | N/A | | | | N/A | | | | N/A | | | | 0.99 | % | | | N/A | | | | N/A | | | | N/A | |
| International Real Estate | | | | | 1.50 | % | | | 2.25 | % | | | 2.25 | % | | | 1.25 | % | | | N/A | | | | N/A | | | | 1.25 | % |
| International SmallCap Multi-Manager | | | | | 1.95 | % | | | 2.60 | % | | | 2.60 | % | | | 1.40 | % | | | 1.85 | % | | | N/A | | | | 1.60 | % |
International Value | | | | | 1.80 | % | | | 2.50 | % | | | 2.50 | % | | | 1.50 | % | | | N/A | | | | N/A | | | | 1.50 | % |
International Value Choice(6) | | | | | 1.70 | % | | | 2.45 | % | | | 2.45 | % | | | 1.45 | % | | | N/A | | | | N/A | | | | 1.45 | % |
| Russia | | | | | 2.75 | % | | | N/A | | | | N/A | | | | 2.50 | % | | | N/A | | | | N/A | | | | N/A | |
| Global Bond | | | | | 0.90 | % | | | 1.65 | % | | | 1.65 | % | | | 0.61 | % | | | 0.90 | % | | | N/A | | | | 0.65 | % |
Diversified International(7) | | | | | 0.50 | % | | | 1.25 | % | | | 1.25 | % | | | 0.25 | % | | | 0.50 | % | | | 0.75 | % | | | 0.25 | % |
(1) | | Pursuant to a side agreement, ING Investments has lowered the expense limits for Global Natural Resources through at least March 1, 2012. The expense limits for Global Natural Resources are 1.85%, 1.60% and 1.60% for Class A, I and W shares, respectively. If, after March 1, 2012, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it. Any fees waived pursuant to the side agreement shall not be eligible for recoupment. |
(2) | | Pursuant to a side agreement, ING Investments has lowered the expense limits for Global Real Estate through at least March 1, 2012. The expense limits for Global Real Estate are 1.65%, 2.40%, 2.40%, 1.40%, 1.65% and 1.40% for Class A, B, C, I, O and W shares, respectively. If, after March 1, 2012, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it. Any fees waived pursuant to the side agreement shall not be eligible for recoupment. |
(3) | | Pursuant to a side agreement, ING Investments has lowered the expense limits for Emerging Countries through at least March 1, 2012. The expense limits for Emerging Countries are 1.85%, 2.60%, 2.60%, 1.50% and 1.65% for Class A, B, C, I and W shares, respectively. If, after March 1, 2012, 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 |
77
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 9 — EXPENSE LIMITATION AGREEMENTS (continued)
| | | will only renew if ING Investments elects to renew it. Any fees waived pursuant to the side agreement shall not be eligible for recoupment. |
(4) | | Effective June 30, 2010, pursuant to a side agreement, ING Investments has lowered the expense limit for Global Opportunities to 1.05% for Class I shares through at least March 1, 2012. If, after March 1, 2012, ING Investments elects not to renew the side agreement, the expense limit will revert to the limit 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. |
(5) | | Pursuant to a side agreement, the expense limits for Greater China are 2.10%, 2.85%, 2.85%, 1.85% and 2.10% for Class A, B, C, I and O shares, respectively, through March 1, 2012. 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. |
(6) | | Pursuant to a side agreement, the expense limits for International Value Choice are 1.60%, 2.35%, 2.35%, 1.35% and 1.35% for Class A, B, C, I and W shares, respectively, through March 1, 2012. If after March 1, 2012, 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. |
(7) | | The operating expense limits for Diversified International set out above apply only at the fund level and do not limit the fees payable by the underlying investment companies in which the fund invests. Including the expenses of the underlying investment companies, the expense limits for Diversified International are 1.65%, 2.40%, 2.40%, 1.40%, 1.65%, 1.90% and 1.40% for Class A, B, C, I, O, R and W shares, respectively. |
The Investment Adviser may at a later date recoup from a Fund management and/or class specific fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations for each Fund. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities for each Fund.
As of April 30, 2011, the amounts of waived or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, are as follows:
| | | | 2012
| | 2013
| | 2014
| | Total
|
|---|
| Global Equity Dividend | | | | $ | 110,823 | | | $ | 82,448 | | | $ | — | | | $ | 193,271 | |
| Global Opportunities | | | | | — | | | | — | | | | 194,656 | | | | 194,656 | |
| Index Plus International Equity | | | | | 936,939 | | | | 22,838 | | | | 167,005 | | | | 1,126,782 | |
| International Capital Appreciation | | | | | 25,287 | | | | 90,988 | | | | 181,829 | | | | 298,104 | |
| International Core | | | | | — | | | | — | | | | 28,368 | | | | 28,368 | |
| International Growth | | | | | — | | | | — | | | | 27,483 | | | | 27,483 | |
| Global Bond | | | | | 180,782 | | | | 257,987 | | | | 467,756 | | | | 906,525 | |
| Diversified International | | | | | 1,429,314 | | | | 499,006 | | | | 304,377 | | | | 2,232,697 | |
In addition to the above waived or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of April 30, 2011, are as follows:
| | | | 2012
| | 2013
| | 2014
| | Total
|
|---|
| Global Opportunities | | | | | | | | | | | | | | | | | | |
| Class A | | | | $ | — | | | $ | 100,498 | | | $ | 10,326 | | | $ | 110,824 | |
| Class B | | | | | — | | | | 15,072 | | | | 1,604 | | | | 16,676 | |
| Class C | | | | | — | | | | 82,986 | | | | 8,745 | | | | 91,731 | |
| Class I | | | | | — | | | | — | | | | 3,170 | | | | 3,170 | |
| Class W | | | | | — | | | | 737 | | | | 388 | | | | 1,125 | |
| Index Plus International Equity | | | | | | | | | | | | | | | | | | |
| Class A | | | | $ | 20,368 | | | $ | 18,784 | | | $ | 3,030 | | | $ | 42,182 | |
| Class B | | | | | 3,039 | | | | 2,328 | | | | 293 | | | | 5,660 | |
| Class C | | | | | 2,902 | | | | 2,952 | | | | 441 | | | | 6,295 | |
| Class O | | | | | 91,828 | | | | 99,705 | | | | 15,815 | | | | 207,348 | |
| International Real Estate | | | | | | | | | | | | | | | | | | |
| Class A | | | | $ | — | | | $ | 158,438 | | | $ | 405 | | | $ | 158,843 | |
| Class B | | | | | — | | | | 6,996 | | | | 96 | | | | 7,092 | |
| Class C | | | | | — | | | | 51,655 | | | | 612 | | | | 52,267 | |
| International Value Choice | | | | | | | | | | | | | | | | | | |
| Class A | | | | $ | — | | | $ | 14,359 | | | $ | 26,517 | | | $ | 40,876 | |
| Class B | | | | | — | | | | 2,217 | | | | 1,536 | | | | 3,753 | |
| Class C | | | | | — | | | | 4,058 | | | | 6,113 | | | | 10,171 | |
| Class W | | | | | — | | | | — | | | | 53 | | | | 53 | |
| Diversified International | | | | | | | | | | | | | | | | | | |
| Class A | | | | $ | — | | | $ | 39,721 | | | $ | 31,517 | | | $ | 71,238 | |
| Class B | | | | | — | | | | 5,831 | | | | 5,039 | | | | 10,870 | |
| Class C | | | | | — | | | | 21,687 | | | | 18,076 | | | | 39,763 | |
| Class O | | | | | — | | | | 3,159 | | | | 1,122 | | | | 4,281 | |
| Class R | | | | | — | | | | 54 | | | | 56 | | | | 110 | |
| Class W | | | | | — | | | | 3,964 | | | | 753 | | | | 4,717 | |
The expense limitation agreements are contractual and shall renew automatically for one-year terms unless ING Investments or IMF provides written notice of the termination of the expense limitation agreement at least 90 days prior to the end of the then current term.
NOTE 10 — PURCHASED AND WRITTEN OPTIONS
Transactions in purchased foreign currency options for Global Bond for the six months ended April 30, 2011 were as follows:
| | | | | USD
Notional | | | | Cost | |
|---|
| Balance at 10/31/10 | | | | | 155,000,000 | | | $ | 2,192,817 | |
| Options Purchased | | | | | 511,250,000 | | | | 4,051,988 | |
| Options Terminated in Closing Sell Transactions | | | | | (13,200,000 | ) | | | (87,780 | ) |
| Options Expired | | | | | (390,400,000 | ) | | | (4,396,279 | ) |
| Balance at 04/30/2011 | | | | | 262,650,000 | | | $ | 1,760,746 | |
78
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 10 — PURCHASED AND WRITTEN OPTIONS (continued)
Transactions in written foreign currency options for Global Bond for the six months ended April 30, 2011 were as follows:
| | | | | USD
Notional | | | | Premiums
Received | |
|---|
| Balance at 10/31/10 | | | | | 206,800,000 | | | $ | 1,924,987 | |
| Options Written | | | | | 562,150,000 | | | | 2,474,509 | |
| Options Terminated in Closing Purchase Transactions | | | | | — | | | | — | |
| Options Expired | | | | | (480,500,000 | ) | | | (3,255,961 | ) |
| Balance at 04/30/2011 | | | | | 288,450,000 | | | $ | 1,143,535 | |
Transactions in purchased options on exchange-traded futures contracts for Global Bond for the six months ended April 30, 2011 were as follows:
| | | | | Number of
Contracts | | | | Cost | |
|---|
| Balance at 10/31/10 | | | | | — | | | $ | — | |
| Options Purchased | | | | | 491 | | | | 385,555 | |
| Options Terminated in Closing Sell Transactions | | | | | (163 | ) | | | (230,985 | ) |
| Options Expired | | | | | — | | | | — | |
| Balance at 04/30/2011 | | | | | 328 | | | $ | 154,570 | |
Transactions in written options on exchange-traded futures contracts for Global Bond for the six months ended April 30, 2011 were as follows:
| | | | | Number of
Contracts | | | | Premiums
Received | |
|---|
| Balance at 10/31/10 | | | | | — | | | $ | — | |
| Options Written | | | | | 491 | | | | 128,506 | |
| Options Terminated in Closing Purchase Transactions | | | | | (163 | ) | | | (93,451 | ) |
| Options Expired | | | | | — | | | | — | |
| Balance at 04/30/2011 | | | | | 328 | | | $ | 35,055 | |
NOTE 11 — LINE OF CREDIT
All of the Funds included in this report, in addition to certain other funds managed by the Investment Adviser or an affiliate of the investment adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $125,000,000. The proceeds may be used only to: (1) temporarily finance the purchase and sale of securities; or (2) finance the redemption of shares of an investor in the Funds. The Funds to which the line of credit is available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears for the six months ended April 30, 2011.
Generally, borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The following Funds utilized the line of credit during the six months ended April 30, 2011:
Fund
| | | | Days
Utilized
| | Approximate
Average
Daily Balance
for Days
Utilized
| | Approximate
Weighted
Average
Interest Rate
for Days
Utilized
|
|---|
| Global Equity Dividend | | | | | 4 | | | $ | 16,635,000 | | | | 1.42 | % |
| Emerging Countries | | | | | 36 | | | | 1,183,472 | | | | 1.41 | % |
| Global Opportunities | | | | | 39 | | | | 1,661,667 | | | | 1.43 | % |
| Greater China | | | | | 7 | | | | 693,571 | | | | 1.40 | % |
| Index Plus International Equity | | | | | 21 | | | | 1,864,524 | | | | 1.40 | % |
| International Capital Appreciation | | | | | 26 | | | | 487,308 | | | | 1.42 | % |
| International Real Estate | | | | | 12 | | | | 1,929,167 | | | | 1.43 | % |
| International SmallCap Multi-Manager | | | | | 17 | | | | 714,412 | | | | 1.43 | % |
| International Value | | | | | 109 | | | | 3,123,028 | | | | 1.42 | % |
| Russia | | | | | 1 | | | | 1,545,000 | | | | 1.39 | % |
Global Bond(1) | | | | | 37 | | | | 1,193,919 | | | | 1.42 | % |
(1) | | At April 30, 2011, Global Bond had an outstanding balance of $3,715,000. |
Transactions in capital shares and dollars were as follows:
Year or
| | | | Shares
sold
| | Shares
issued in
merger
| | Reinvestment
of
distributions
| | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
in shares
outstanding
| | Shares
sold
| | Payments from
Distribution
settlement/
affiliate
(Note 16)
| | Proceeds
from shares
issued in
merger
| | Reinvestment
of
distributions
| | Redemption
fee
proceeds
| | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
|
|---|
period ended
| | | | #
| | #
| | #
| | #
| | #
| | #
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
|
|---|
Global Equity Dividend |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 304,367 | | | | — | | | | 22,709 | | | | (770,302 | ) | | | — | | | | (443,226 | ) | | | 3,238,718 | | | | — | | | | — | | | | 243,093 | | | | — | | | | (8,203,943 | ) | | | — | | | | (4,722,132 | ) |
| 10-31-10 | | | | | 866,925 | | | | — | | | | 86,029 | | | | (1,812,822 | ) | | | — | | | | (859,868 | ) | | | 8,475,129 | | | | — | | | | — | | | | 826,073 | | | | — | | | | (17,858,240 | ) | | | — | | | | (8,557,038 | ) |
79
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 12 — CAPITAL SHARES (continued)
Year or
| | | | Shares
sold
| | Shares
issued in
merger
| | Reinvestment
of
distributions
| | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
in shares
outstanding
| | Shares
sold
| | Payments from
Distribution
settlement/
affiliate
(Note 16)
| | Proceeds
from shares
issued in
merger
| | Reinvestment
of
distributions
| | Redemption
fee
proceeds
| | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
|
|---|
period ended
| | | | #
| | #
| | #
| | #
| | #
| | #
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
|
|---|
Global Equity Dividend (continued) |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 7,923 | | | | — | | | | 2,294 | | | | (314,755 | ) | | | — | | | | (304,538 | ) | | | 82,887 | | | | — | | | | — | | | | 24,563 | | | | — | | | | (3,350,173 | ) | | | — | | | | (3,242,723 | ) |
| 10-31-10 | | | | | 35,025 | | | | — | | | | 17,471 | | | | (683,413 | ) | | | — | | | | (630,917 | ) | | | 342,001 | | | | — | | | | — | | | | 165,967 | | | | — | | | | (6,646,863 | ) | | | — | | | | (6,138,895 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 183,476 | | | | — | | | | 6,030 | | | | (463,657 | ) | | | — | | | | (274,151 | ) | | | 1,950,444 | | | | — | | | | — | | | | 64,427 | | | | — | | | | (4,893,724 | ) | | | — | | | | (2,878,853 | ) |
| 10-31-10 | | | | | 188,781 | | | | — | | | | 35,118 | | | | (1,459,491 | ) | | | — | | | | (1,235,592 | ) | | | 1,859,348 | | | | — | | | | — | | | | 332,680 | | | | — | | | | (14,234,997 | ) | | | — | | | | (12,042,969 | ) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 174,133 | | | | — | | | | 9,488 | | | | (126,334 | ) | | | — | | | | 57,287 | | | | 1,865,541 | | | | — | | | | — | | | | 101,679 | | | | — | | | | (1,343,399 | ) | | | — | | | | 623,821 | |
| 10-31-10 | | | | | 1,198,519 | | | | — | | | | 12,480 | | | | (204,185 | ) | | | — | | | | 1,006,814 | | | | 11,619,730 | | | | — | | | | — | | | | 121,733 | | | | — | | | | (1,987,575 | ) | | | — | | | | 9,753,888 | |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 99,817 | | | | — | | | | 389 | | | | (172,933 | ) | | | — | | | | (72,727 | ) | | | 1,065,238 | | | | — | | | | — | | | | 4,161 | | | | — | | | | (1,845,392 | ) | | | — | | | | (775,993 | ) |
| 10-31-10 | | | | | 218,071 | | | | — | | | | 1,672 | | | | (377,480 | ) | | | — | | | | (157,737 | ) | | | 2,141,770 | | | | — | | | | — | | | | 16,065 | | | | — | | | | (3,735,705 | ) | | | — | | | | (1,577,870 | ) |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 341,706 | | | | — | | | | 9,152 | | | | (3,510,275 | ) | | | — | | | | (3,159,417 | ) | | | 3,891,718 | | | | — | | | | — | | | | 105,182 | | | | — | | | | (41,249,929 | ) | | | — | | | | (37,253,029 | ) |
| 10-31-10 | | | | | 1,658,473 | | | | — | | | | 52,701 | | | | (432,567 | ) | | | — | | | | 1,278,607 | | | | 17,752,111 | | | | — | | | | — | | | | 551,389 | | | | — | | | | (4,623,735 | ) | | | — | | | | 13,679,765 | |
Global Natural Resources |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 1,323,450 | | | | — | | | | 4,458 | | | | (805,731 | ) | | | — | | | | 522,177 | | | | 13,847,738 | | | | — | | | | — | | | | 43,516 | | | | — | | | | (8,410,778 | ) | | | — | | | | 5,480,476 | |
| 10-31-10 | | | | | 1,360,810 | | | | — | | | | 31,815 | | | | (2,599,161 | ) | | | — | | | | (1,206,536 | ) | | | 11,296,166 | | | | — | | | | — | | | | 260,562 | | | | — | | | | (21,434,666 | ) | | | — | | | | (9,877,938 | ) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 181,082 | | | | — | | | | 128 | | | | (35,993 | ) | | | — | | | | 145,217 | | | | 1,873,683 | | | | — | | | | — | | | | 1,253 | | | | — | | | | (385,154 | ) | | | — | | | | 1,489,782 | |
| 10-31-10 | | | | | 758,038 | | | | — | | | | 495 | | | | (486,327 | ) | | | — | | | | 272,206 | | | | 6,403,842 | | | | — | | | | — | | | | 4,044 | | | | — | | | | (3,683,147 | ) | | | — | | | | 2,724,739 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 182,563 | | | | — | | | | 23 | | | | (32,179 | ) | | | — | | | | 150,407 | | | | 2,513,774 | | | | — | | | | — | | | | 286 | | | | — | | | | (436,198 | ) | | | — | | | | 2,077,862 | |
| 10-31-10 | | | | | 18,326 | | | | — | | | | 96 | | | | (3,258 | ) | | | — | | | | 15,164 | | | | 193,162 | | | | — | | | | — | | | | 986 | | | | — | | | | (33,692 | ) | | | — | | | | 160,456 | |
Global Real Estate |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 21,050,622 | | | | — | | | | 1,638,175 | | | | (12,531,209 | ) | | | — | | | | 10,157,588 | | | | 346,625,064 | | | | — | | | | — | | | | 26,839,315 | | | | — | | | | (205,808,415 | ) | | | — | | | | 167,655,964 | |
| 10-31-10 | | | | | 36,101,595 | | | | — | | | | 2,747,909 | | | | (28,902,801 | ) | | | — | | | | 9,946,703 | | | | 529,789,609 | | | | — | | | | — | | | | 40,220,542 | | | | — | | | | (426,260,118 | ) | | | — | | | | 143,750,033 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 12,485 | | | | — | | | | 29,731 | | | | (272,380 | ) | | | — | | | | (230,164 | ) | | | 169,416 | | | | — | | | | — | | | | 404,086 | | | | — | | | | (3,734,630 | ) | | | — | | | | (3,161,128 | ) |
| 10-31-10 | | | | | 65,343 | | | | — | | | | 81,945 | | | | (494,090 | ) | | | — | | | | (346,802 | ) | | | 819,763 | | | | — | | | | — | | | | 1,003,378 | | | | — | | | | (5,993,064 | ) | | | — | | | | (4,169,923 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 2,577,535 | | | | — | | | | 252,117 | | | | (1,520,525 | ) | | | — | | | | 1,309,127 | | | | 37,283,939 | | | | — | | | | — | | | | 3,631,733 | | | | — | | | | (22,037,183 | ) | | | — | | | | 18,878,489 | |
| 10-31-10 | | | | | 4,642,825 | | | | — | | | | 479,930 | | | | (2,927,692 | ) | | | — | | | | 2,195,063 | | | | 60,749,179 | | | | — | | | | — | | | | 6,210,490 | | | | — | | | | (37,954,330 | ) | | | — | | | | 29,005,339 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 31,051,114 | | | | — | | | | 1,932,155 | | | | (9,913,304 | ) | | | — | | | | 23,069,965 | | | | 510,824,023 | | | | — | | | | — | | | | 31,681,147 | | | | — | | | | (163,043,787 | ) | | | — | | | | 379,461,383 | |
| 10-31-10 | | | | | 56,047,518 | | | | — | | | | 2,362,378 | | | | (14,694,987 | ) | | | — | | | | 43,714,909 | | | | 819,376,161 | | | | — | | | | — | | | | 34,557,613 | | | | — | | | | (216,539,062 | ) | | | — | | | | 637,394,712 | |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 67,558 | | | | — | | | | 689 | | | | (103,914 | ) | | | — | | | | (35,667 | ) | | | 1,111,096 | | | | — | | | | — | | | | 11,290 | | | | — | | | | (1,710,073 | ) | | | — | | | | (587,687 | ) |
| 10-31-10 | | | | | 149,356 | | | | — | | | | 1,790 | | | | (188,857 | ) | | | — | | | | (37,711 | ) | | | 2,206,785 | | | | — | | | | — | | | | 26,198 | | | | — | | | | (2,797,854 | ) | | | — | | | | (564,871 | ) |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 6,099,091 | | | | — | | | | 430,581 | | | | (1,731,369 | ) | | | — | | | | 4,798,303 | | | | 100,531,485 | | | | — | | | | — | | | | 7,071,230 | | | | — | | | | (28,585,222 | ) | | | — | | | | 79,017,493 | |
| 10-31-10 | | | | | 8,813,884 | | | | — | | | | 591,867 | | | | (4,773,471 | ) | | | — | | | | 4,632,280 | | | | 129,335,342 | | | | — | | | | — | | | | 8,679,094 | | | | — | | | | (69,779,415 | ) | | | — | | | | 68,235,021 | |
Global Value Choice |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 2,893,856 | | | | — | | | | 79,816 | | | | (1,275,835 | ) | | | — | | | | 1,697,837 | | | | 98,266,804 | | | | — | | | | — | | | | 2,641,110 | | | | — | | | | (43,203,046 | ) | | | — | | | | 57,704,868 | |
| 10-31-10 | | | | | 5,123,750 | | | | — | | | | 19,446 | | | | (2,928,701 | ) | | | — | | | | 2,214,495 | | | | 148,107,340 | | | | 218,157 | | | | — | | | | 545,422 | | | | — | | | | (85,125,992 | ) | | | — | | | | 63,744,927 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 10,789 | | | | — | | | | 1,068 | | | | (42,587 | ) | | | — | | | | (30,730 | ) | | | 390,743 | | | | — | | | | — | | | | 37,853 | | | | — | | | | (1,539,803 | ) | | | — | | | | (1,111,207 | ) |
| 10-31-10 | | | | | 53,756 | | | | — | | | | 526 | | | | (84,564 | ) | | | — | | | | (30,282 | ) | | | 1,632,312 | | | | 10,831 | | | | — | | | | 15,683 | | | | — | | | | (2,589,534 | ) | | | — | | | | (930,708 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 1,284,843 | | | | — | | | | 21,509 | | | | (242,364 | ) | | | — | | | | 1,063,988 | | | | 41,093,402 | | | | — | | | | — | | | | 673,029 | | | | — | | | | (7,773,362 | ) | | | — | | | | 33,993,069 | |
| 10-31-10 | | | | | 2,121,677 | | | | — | | | | 3,072 | | | | (613,310 | ) | | | — | | | | 1,511,439 | | | | 58,258,559 | | | | 94,969 | | | | — | | | | 81,317 | | | | — | | | | (16,836,867 | ) | | | — | | | | 41,597,978 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 2,737,466 | | | | — | | | | 13,977 | | | | (630,964 | ) | | | — | | | | 2,120,479 | | | | 92,912,532 | | | | — | | | | — | | | | 466,130 | | | | — | | | | (21,687,117 | ) | | | — | | | | 71,691,545 | |
| 10-31-10 | | | | | 4,714,094 | | | | — | | | | 3,454 | | | | (376,334 | ) | | | — | | | | 4,341,214 | | | | 139,901,518 | | | | 52,839 | | | | — | | | | 97,710 | | | | — | | | | (10,950,977 | ) | | | — | | | | 129,101,090 | |
80
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 12 — CAPITAL SHARES (continued)
Year or
| | | | Shares
sold
| | Shares
issued in
merger
| | Reinvestment
of
distributions
| | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
in shares
outstanding
| | Shares
sold
| | Payments from
Distribution
settlement/
affiliate
(Note 16)
| | Proceeds
from shares
issued in
merger
| | Reinvestment
of
distributions
| | Redemption
fee
proceeds
| | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
|
|---|
period ended
| | | | #
| | #
| | #
| | #
| | #
| | #
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
|
|---|
Global Value Choice (continued)
|
Class Q(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| 10-31-10 | | | | | 94,329 | | | | — | | | | 141 | | | | (90,249 | ) | | | (89,157 | ) | | | (84,936 | ) | | | 164,212 | | | | — | | | | — | | | | 4,706 | | | | — | | | | (35,023 | ) | | | (2,937,993 | ) | | | (2,804,098 | ) |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 721,931 | | | | — | | | | 17,023 | | | | (256,888 | ) | | | — | | | | 482,066 | | | | 24,643,323 | | | | — | | | | — | | | | 566,853 | | | | — | | | | (8,779,830 | ) | | | — | | | | 16,430,346 | |
| 10-31-10 | | | | | 968,515 | | | | — | | | | 544 | | | | (144,162 | ) | | | 104,290 | | | | 929,187 | | | | 28,782,179 | | | | 12,728 | | | | — | | | | 15,268 | | | | — | | | | (4,229,081 | ) | | | 2,937,993 | | | | 27,519,087 | |
Emerging Countries |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 105,628 | | | | — | | | | — | | | | (419,916 | ) | | | — | | | | (314,288 | ) | | | 3,115,838 | | | | — | | | | — | | | | — | | | | — | | | | (12,317,921 | ) | | | — | | | | (9,202,083 | ) |
| 10-31-10 | | | | | 391,234 | | | | — | | | | — | | | | (677,274 | ) | | | — | | | | (286,040 | ) | | | 10,144,971 | | | | — | | | | — | | | | — | | | | — | | | | (17,371,829 | ) | | | — | | | | (7,226,858 | ) |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 2,670 | | | | — | | | | — | | | | (39,394 | ) | | | — | | | | (36,724 | ) | | | 77,863 | | | | — | | | | — | | | | — | | | | — | | | | (1,139,276 | ) | | | — | | | | (1,061,413 | ) |
| 10-31-10 | | | | | 9,310 | | | | — | | | | — | | | | (84,210 | ) | | | — | | | | (74,900 | ) | | | 241,118 | | | | — | | | | — | | | | — | | | | — | | | | (2,117,568 | ) | | | — | | | | (1,876,450 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 21,618 | | | | — | | | | — | | | | (99,581 | ) | | | — | | | | (77,963 | ) | | | 587,846 | | | | — | | | | — | | | | — | | | | — | | | | (2,698,097 | ) | | | — | | | | (2,110,251 | ) |
| 10-31-10 | | | | | 73,192 | | | | — | | | | — | | | | (244,887 | ) | | | — | | | | (171,695 | ) | | | 1,764,576 | | | | — | | | | — | | | | — | | | | — | | | | (5,865,221 | ) | | | — | | | | (4,100,645 | ) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 699,307 | | | | — | | | | 3,421 | | | | (921,497 | ) | | | — | | | | (218,769 | ) | | | 21,228,842 | | | | — | | | | — | | | | 102,964 | | | | — | | | | (27,572,699 | ) | | | — | | | | (6,240,893 | ) |
| 10-31-10 | | | | | 2,259,040 | | | | — | | | | — | | | | (1,076,917 | ) | | | — | | | | 1,182,123 | | | | 60,266,679 | | | | — | | | | — | | | | — | | | | — | | | | (27,249,282 | ) | | | — | | | | 33,017,397 | |
Class Q(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| 10-31-10 | | | | | 32,646 | | | | — | | | | — | | | | (91,200 | ) | | | (256,659 | ) | | | (315,213 | ) | | | 859,069 | | | | — | | | | — | | | | — | | | | — | | | | (2,418,652 | ) | | | (6,866,484 | ) | | | (8,426,067 | ) |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 51,273 | | | | — | | | | 208 | | | | (87,922 | ) | | | — | | | | (36,441 | ) | | | 1,619,880 | | | | — | | | | — | | | | 6,549 | | | | — | | | | (2,714,786 | ) | | | — | | | | (1,088,357 | ) |
| 10-31-10 | | | | | 39,306 | | | | — | | | | — | | | | (86,880 | ) | | | 254,590 | | | | 207,016 | | | | 1,086,722 | | | | — | | | | — | | | | — | | | | — | | | | (2,344,010 | ) | | | 6,866,484 | | | | 5,609,196 | |
Global Opportunities |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 160,183 | | | | — | | | | 74,798 | | | | (1,154,705 | ) | | | — | | | | (919,724 | ) | | | 2,332,254 | | | | — | | | | — | | | | 1,056,894 | | | | — | | | | (16,799,468 | ) | | | — | | | | (13,410,320 | ) |
| 10-31-10 | | | | | 614,053 | | | | — | | | | — | | | | (3,972,450 | ) | | | — | | | | (3,358,397 | ) | | | 8,153,063 | | | | — | | | | — | | | | — | | | | — | | | | (52,591,257 | ) | | | — | | | | (44,438,194 | ) |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 1,625 | | | | — | | | | 6,822 | | | | (177,858 | ) | | | — | | | | (169,411 | ) | | | 22,218 | | | | — | | | | — | | | | 92,709 | | | | — | | | | (2,499,578 | ) | | | — | | | | (2,384,651 | ) |
| 10-31-10 | | | | | 1,570 | | | | — | | | | — | | | | (464,057 | ) | | | — | | | | (462,487 | ) | | | 21,114 | | | | — | | | | — | | | | — | | | | — | | | | (5,819,434 | ) | | | — | | | | (5,798,320 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 29,166 | | | | — | | | | 36,540 | | | | (1,148,648 | ) | | | — | | | | (1,082,942 | ) | | | 406,593 | | | | — | | | | — | | | | 496,576 | | | | — | | | | (16,066,968 | ) | | | — | | | | (15,163,799 | ) |
| 10-31-10 | | | | | 327,260 | | | | — | | | | — | | | | (2,866,616 | ) | | | — | | | | (2,539,356 | ) | | | 4,200,079 | | | | — | | | | — | | | | — | | | | — | | | | (36,057,889 | ) | | | — | | | | (31,857,810 | ) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 41,188 | | | | — | | | | 7,787 | | | | (225,847 | ) | | | — | | | | (176,872 | ) | | | 611,529 | | | | — | | | | — | | | | 111,976 | | | | — | | | | (3,341,469 | ) | | | — | | | | (2,617,964 | ) |
| 10-31-10 | | | | | 698,191 | | | | — | | | | — | | | | (5,029,565 | ) | | | — | | | | (4,331,374 | ) | | | 9,920,604 | | | | — | | | | — | | | | — | | | | — | | | | (65,889,490 | ) | | | — | | | | (55,968,886 | ) |
Class Q(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| 10-31-10 | | | | | — | | | | — | | | | — | | | | — | | | | (1,775 | ) | | | (1,775 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (24,700 | ) | | | (24,700 | ) |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 614 | | | | — | | | | 278 | | | | (87,832 | ) | | | — | | | | (86,940 | ) | | | 10,070 | | | | — | | | | — | | | | 4,300 | | | | — | | | | (1,389,660 | ) | | | — | | | | (1,375,290 | ) |
| 10-31-10 | | | | | 82,610 | | | | — | | | | — | | | | (28,018 | ) | | | 1,677 | | | | 56,269 | | | | 1,209,837 | | | | — | | | | — | | | | — | | | | — | | | | (389,991 | ) | | | 24,700 | | | | 844,546 | |
Greater China |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 186,946 | | | | — | | | | 18,368 | | | | (358,656 | ) | | | — | | | | (153,342 | ) | | | 3,153,933 | | | | — | | | | — | | | | 301,232 | | | | — | | | | (5,990,520 | ) | | | — | | | | (2,535,355 | ) |
| 10-31-10 | | | | | 562,404 | | | | — | | | | 30,852 | | | | (1,068,369 | ) | | | — | | | | (475,113 | ) | | | 8,263,372 | | | | — | | | | — | | | | 455,094 | | | | — | | | | (15,405,908 | ) | | | — | | | | (6,687,442 | ) |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 2,151 | | | | — | | | | 586 | | | | (24,542 | ) | | | — | | | | (21,805 | ) | | | 35,867 | | | | — | | | | — | | | | 9,542 | | | | — | | | | (399,485 | ) | | | — | | | | (354,076 | ) |
| 10-31-10 | | | | | 11,223 | | | | — | | | | 1,446 | | | | (71,364 | ) | | | — | | | | (58,695 | ) | | | 163,319 | | | | — | | | | — | | | | 21,202 | | | | — | | | | (1,011,153 | ) | | | — | | | | (826,632 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 39,536 | | | | — | | | | 1,538 | | | | (38,736 | ) | | | — | | | | 2,338 | | | | 655,088 | | | | — | | | | — | | | | 25,045 | | | | — | | | | (643,069 | ) | | | — | | | | 37,064 | |
| 10-31-10 | | | | | 125,268 | | | | — | | | | 4,167 | | | | (209,770 | ) | | | — | | | | (80,335 | ) | | | 1,852,886 | | | | — | | | | — | | | | 61,091 | | | | — | | | | (3,035,530 | ) | | | — | | | | (1,121,553 | ) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 22,890 | | | | — | | | | 1,102 | | | | (37,084 | ) | | | — | | | | (13,092 | ) | | | 383,628 | | | | — | | | | — | | | | 18,065 | | | | — | | | | (618,319 | ) | | | — | | | | (216,626 | ) |
| 10-31-10 | | | | | 139,550 | | | | — | | | | 938 | | | | (54,154 | ) | | | — | | | | 86,334 | | | | 2,090,745 | | | | — | | | | — | | | | 13,788 | | | | — | | | | (795,411 | ) | | | — | | | | 1,309,122 | |
(2) | | Effective November 20, 2009, Class Q shareholders of Global Value Choice, Global Opportunities, International SmallCap Multi-Manager and International Value were converted to Class W shares of each respective Fund.
|
(3) | | Effective March 8, 2010, Class Q shareholders of Emerging Countries and International Capital Appreciation were converted to Class W shares of each respective Fund. |
81
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 12 — CAPITAL SHARES (continued)
Year or
| | | | Shares
sold
| | Shares
issued in
merger
| | Reinvestment
of
distributions
| | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
in shares
outstanding
| | Shares
sold
| | Payments from
Distribution
settlement/
affiliate
(Note 16)
| | Proceeds
from shares
issued in
merger
| | Reinvestment
of
distributions
| | Redemption
fee
proceeds
| �� | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
|
|---|
period ended
| | | | #
| | #
| | #
| | #
| | #
| | #
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
|
|---|
Greater China (continued) |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 111,332 | | | | — | | | | 1 | | | | (54,393 | ) | | | — | | | | 56,940 | | | | 1,837,088 | | | | — | | | | — | | | | 17 | | | | — | | | | (893,944 | ) | | | — | | | | 943,161 | |
| 10-31-10 | | | | | 221,453 | | | | — | | | | — | | | | (152,009 | ) | | | — | | | | 69,444 | | | | 3,243,169 | | | | — | | | | — | | | | — | | | | — | | | | (2,199,401 | ) | | | — | | | | 1,043,768 | |
Index Plus International Equity |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 62,597 | | | | — | | | | 13,812 | | | | (147,145 | ) | | | — | | | | (70,736 | ) | | | 542,026 | | | | — | | | | — | | | | 115,330 | | | | — | | | | (1,274,257 | ) | | | — | | | | (616,901 | ) |
| 10-31-10 | | | | | 126,350 | | | | — | | | | 19,995 | | | | (204,662 | ) | | | — | | | | (58,317 | ) | | | 1,002,690 | | | | 1,182 | | | | — | | | | 158,654 | | | | — | | | | (1,604,935 | ) | | | — | | | | (442,409 | ) |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 13 | | | | — | | | | 278 | | | | (25,428 | ) | | | — | | | | (25,137 | ) | | | 112 | | | | — | | | | — | | | | 2,339 | | | | — | | | | (223,668 | ) | | | — | | | | (221,217 | ) |
| 10-31-10 | | | | | 1,442 | | | | — | | | | 1,260 | | | | (66,899 | ) | | | — | | | | (64,197 | ) | | | 11,844 | | | | 127 | | | | — | | | | 10,068 | | | | — | | | | (524,252 | ) | | | — | | | | (502,213 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 2,157 | | | | — | | | | 529 | | | | (14,713 | ) | | | — | | | | (12,027 | ) | | | 18,801 | | | | — | | | | — | | | | 4,422 | | | | — | | | | (126,151 | ) | | | — | | | | (102,928 | ) |
| 10-31-10 | | | | | 16,860 | | | | — | | | | 1,572 | | | | (59,997 | ) | | | — | | | | (41,565 | ) | | | 133,565 | | | | 178 | | | | — | | | | 12,475 | | | | — | | | | (461,012 | ) | | | — | | | | (314,794 | ) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 3,062,278 | | | | — | | | | 161,820 | | | | (8,390,884 | ) | | | — | | | | (5,166,786 | ) | | | 26,198,305 | | | | — | | | | — | | | | 1,352,813 | | | | — | | | | (74,192,991 | ) | | | — | | | | (46,641,873 | ) |
| 10-31-10 | | | | | 6,522,224 | | | | — | | | | 129,035 | | | | (3,480,056 | ) | | | — | | | | 3,171,203 | | | | 46,778,930 | | | | 6,746 | | | | — | | | | 1,023,724 | | | | — | | | | (27,889,386 | ) | | | — | | | | 19,920,014 | |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 236,849 | | | | — | | | | 3,588 | | | | (505,686 | ) | | | — | | | | (265,249 | ) | | | 2,012,038 | | | | — | | | | — | | | | 29,742 | | | | — | | | | (4,337,056 | ) | | | — | | | | (2,295,276 | ) |
| 10-31-10 | | | | | 396,697 | | | | — | | | | 6,275 | | | | (975,579 | ) | | | — | | | | (572,607 | ) | | | 3,094,755 | | | | 6,130 | | | | — | | | | 49,354 | | | | — | | | | (7,629,960 | ) | | | — | | | | (4,479,721 | ) |
International Capital Appreciation |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 123,813 | | | | — | | | | 7,316 | | | | (470,003 | ) | | | — | | | | (338,874 | ) | | | 1,327,874 | | | | — | | | | — | | | | 76,020 | | | | — | | | | (4,970,903 | ) | | | — | | | | (3,567,009 | ) |
| 10-31-10 | | | | | 254,793 | | | | — | | | | — | | | | (676,394 | ) | | | — | | | | (421,601 | ) | | | 2,406,542 | | | | 4,565 | | | | — | | | | — | | | | — | | | | (6,403,411 | ) | | | — | | | | (3,992,304 | ) |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 5 | | | | — | | | | 141 | | | | (109,410 | ) | | | — | | | | (109,264 | ) | | | 49 | | | | — | | | | — | | | | 1,462 | | | | — | | | | (1,154,016 | ) | | | — | | | | (1,152,505 | ) |
| 10-31-10 | | | | | 12,264 | | | | — | | | | — | | | | (248,489 | ) | | | — | | | | (236,225 | ) | | | 120,843 | | | | 720 | | | | — | | | | — | | | | — | | | | (2,291,677 | ) | | | — | | | | (2,170,114 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 6,990 | | | | — | | | | 267 | | | | (52,549 | ) | | | — | | | | (45,292 | ) | | | 73,746 | | | | — | | | | — | | | | 2,780 | | | | — | | | | (556,027 | ) | | | — | | | | (479,501 | ) |
| 10-31-10 | | | | | 30,886 | | | | — | | | | — | | | | (148,512 | ) | | | — | | | | (117,626 | ) | | | 293,890 | | | | 1,413 | | | | — | | | | — | | | | — | | | | (1,390,616 | ) | | | — | | | | (1,095,313 | ) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 74,152 | | | | — | | | | 44,069 | | | | (5,270,413 | ) | | | — | | | | (5,152,192 | ) | | | 778,790 | | | | — | | | | — | | | | 455,742 | | | | — | | | | (56,031,171 | ) | | | — | | | | (54,796,639 | ) |
| 10-31-10 | | | | | 2,169,135 | | | | — | | | | — | | | | (2,964,930 | ) | | | — | | | | (795,795 | ) | | | 20,494,871 | | | | 8,679 | | | | — | | | | — | | | | — | | | | (28,544,870 | ) | | | — | | | | (8,041,320 | ) |
Class Q(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| 10-31-10 | | | | | 37,938 | | | | — | | | | — | | | | (104,931 | ) | | | (1,225,201 | ) | | | (1,292,194 | ) | | | 364,883 | | | | — | | | | — | | | | — | | | | — | | | | (1,009,772 | ) | | | (11,746,943 | ) | | | (12,391,832 | ) |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 12,164 | | | | — | | | | 6,724 | | | | (102,435 | ) | | | — | | | | (83,547 | ) | | | 131,727 | | | | — | | | | — | | | | 69,771 | | | | — | | | | (1,093,366 | ) | | | — | | | | (891,868 | ) |
| 10-31-10 | | | | | 155,240 | | | | — | | | | — | | | | (312,970 | ) | | | 1,225,201 | | | | 1,067,471 | | | | 1,481,249 | | | | 2,087 | | | | — | | | | — | | | | — | | | | (2,977,745 | ) | | | 11,746,943 | | | | 10,252,534 | |
International Core |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
02-08-11(1)-04-30-11 | | | | | 28,295,624 | | | | — | | | | — | | | | (2,275,475 | ) | | | — | | | | 26,020,149 | | | | 281,252,698 | | | | — | | | | — | | | | — | | | | — | | | | (23,262,907 | ) | | | — | | | | 257,989,791 | |
International Growth |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
01-05-11(1)-04-30-11 | | | | | 18,552,948 | | | | — | | | | — | | | | (2,112,531 | ) | | | — | | | | 16,440,417 | | | | 186,803,372 | | | | — | | | | — | | | | — | | | | — | | | | (22,234,845 | ) | | | — | | | | 164,568,527 | |
International Real Estate |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 4,872,588 | | | | — | | | | 1,053,092 | | | | (2,176,542 | ) | | | — | | | | 3,749,138 | | | | 42,645,420 | | | | — | | | | — | | | | 9,113,043 | | | | — | | | | (19,042,091 | ) | | | — | | | | 32,716,372 | |
| 10-31-10 | | | | | 17,430,471 | | | | — | | | | 1,077,729 | | | | (5,113,917 | ) | | | — | | | | 13,394,283 | | | | 143,696,684 | | | | — | | | | — | | | | 8,750,749 | | | | — | | | | (40,981,653 | ) | | | — | | | | 111,465,780 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 2,277 | | | | — | | | | 8,092 | | | | (42,028 | ) | | | — | | | | (31,659 | ) | | | 19,660 | | | | — | | | | — | | | | 69,857 | | | | — | | | | (368,104 | ) | | | — | | | | (278,587 | ) |
| 10-31-10 | | | | | 6,840 | | | | — | | | | 24,106 | | | | (147,551 | ) | | | — | | | | (116,605 | ) | | | 56,443 | | | | — | | | | — | | | | 195,645 | | | | — | | | | (1,177,651 | ) | | | — | | | | (925,563 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 236,485 | | | | — | | | | 65,511 | | | | (517,409 | ) | | | — | | | | (215,413 | ) | | | 2,065,855 | | | | — | | | | — | | | | 564,912 | | | | — | | | | (4,502,889 | ) | | | — | | | | (1,872,122 | ) |
| 10-31-10 | | | | | 522,991 | | | | — | | | | 141,243 | | | | (897,985 | ) | | | — | | | | (233,751 | ) | | | 4,272,321 | | | | — | | | | — | | | | 1,145,053 | | | | — | | | | (7,065,323 | ) | | | — | | | | (1,647,949 | ) |
(1) | | Commencement of operations. |
(3) | | Effective March 8, 2010, Class Q shareholders of Emerging Countries and International Capital Appreciation were converted to Class W shares of each respective Fund. |
82
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 12 — CAPITAL SHARES (continued)
Year or
| | | | Shares
sold
| | Shares
issued in
merger
| | Reinvestment
of
distributions
| | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
in shares
outstanding
| | Shares
sold
| | Payments from
Distribution
settlement/
affiliate
(Note 16)
| | Proceeds
from shares
issued in
merger
| | Reinvestment
of
distributions
| | Redemption
fee
proceeds
| | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
|
|---|
period ended
| | | | #
| | #
| | #
| | #
| | #
| | #
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
|
|---|
International Real Estate (continued) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 3,025,078 | | | | — | | | | 251,489 | | | | (7,227,132 | ) | | | — | | | | (3,950,565 | ) | | | 26,508,997 | | | | — | | | | — | | | | 2,179,937 | | | | — | | | | (63,262,317 | ) | | | — | | | | (34,573,383 | ) |
| 10-31-10 | | | | | 11,079,060 | | | | — | | | | 793,073 | | | | (16,225,470 | ) | | | — | | | | (4,353,337 | ) | | | 88,767,647 | | | | — | | | | — | | | | 6,460,402 | | | | — | | | | (129,642,398 | ) | | | — | | | | (34,414,349 | ) |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 1,089,641 | | | | — | | | | 19,360 | | | | (135,822 | ) | | | — | | | | 973,179 | | | | 9,523,506 | | | | — | | | | — | | | | 168,255 | | | | — | | | | (1,198,310 | ) | | | — | | | | 8,493,451 | |
| 10-31-10 | | | | | 485,261 | | | | — | | | | 11,307 | | | | (157,469 | ) | | | — | | | | 339,099 | | | | 3,996,867 | | | | — | | | | — | | | | 92,174 | | | | — | | | | (1,255,296 | ) | | | — | | | | 2,833,745 | |
International SmallCap Multi-Manager |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 410,300 | | | | — | | | | 11,363 | | | | (928,623 | ) | | | — | | | | (506,960 | ) | | | 16,411,922 | | | | — | | | | — | | | | 443,542 | | | | — | | | | (37,139,560 | ) | | | — | | | | (20,284,096 | ) |
| 10-31-10 | | | | | 818,452 | | | | — | | | | 46,987 | | | | (2,671,591 | ) | | | — | | | | (1,806,152 | ) | | | 27,484,915 | | | | 418,709 | | | | — | | | | 1,540,998 | | | | — | | | | (89,612,983 | ) | | | — | | | | (60,168,361 | ) |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 139 | | | | — | | | | — | | | | (36,395 | ) | | | — | | | | (36,256 | ) | | | 5,748 | | | | — | | | | — | | | | — | | | | — | | | | (1,544,739 | ) | | | — | | | | (1,538,991 | ) |
| 10-31-10 | | | | | 2,789 | | | | — | | | | 673 | | | | (127,761 | ) | | | — | | | | (124,299 | ) | | | 98,399 | | | | 16,420 | | | | — | | | | 23,427 | | | | — | | | | (4,445,789 | ) | | | — | | | | (4,307,543 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 11,548 | | | | — | | | | — | | | | (102,870 | ) | | | — | | | | (91,322 | ) | | | 438,292 | | | | — | | | | — | | | | — | | | | — | | | | (3,859,779 | ) | | | — | | | | (3,421,487 | ) |
| 10-31-10 | | | | | 33,453 | | | | — | | | | 6,523 | | | | (238,730 | ) | | | — | | | | (198,754 | ) | | | 1,058,863 | | | | 74,919 | | | | — | | | | 201,523 | | | | — | | | | (7,456,868 | ) | | | — | | | | (6,121,563 | ) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 723,467 | | | | — | | | | 21,352 | | | | (501,651 | ) | | | — | | | | 243,168 | | | | 28,792,807 | | | | — | | | | — | | | | 832,718 | | | | — | | | | (20,158,814 | ) | | | — | | | | 9,466,711 | |
| 10-31-10 | | | | | 2,065,296 | | | | — | | | | 45,547 | | | | (1,742,521 | ) | | | — | | | | 368,322 | | | | 69,833,855 | | | | 426,266 | | | | — | | | | 1,490,905 | | | | — | | | | (57,692,823 | ) | | | — | | | | 14,058,203 | |
Class Q(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| 10-31-10 | | | | | 11,395 | | | | — | | | | 7,743 | | | | (7,889 | ) | | | (910,998 | ) | | | (899,749 | ) | | | 402,874 | | | | — | | | | — | | | | 276,272 | | | | — | | | | (280,396 | ) | | | (31,864,997 | ) | | | (31,466,247 | ) |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 16,238 | | | | — | | | | — | | | | (8,347 | ) | | | — | | | | 7,891 | | | | 650,927 | | | | — | | | | — | | | | — | | | | — | | | | (338,845 | ) | | | — | | | | 312,082 | |
| 10-31-10 | | | | | 24,913 | | | | — | | | | — | | | | (11,765 | ) | | | — | | | | 13,148 | | | | 826,270 | | | | 2,233 | | | | — | | | | — | | | | — | | | | (390,320 | ) | | | — | | | | 438,183 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 128,313 | | | | — | | | | 5,079 | | | | (101,541 | ) | | | — | | | | 31,851 | | | | 6,109,777 | | | | — | | | | — | | | | 234,552 | | | | — | | | | (4,824,793 | ) | | | — | | | | 1,519,536 | |
| 10-31-10 | | | | | 238,386 | | | | — | | | | 7,339 | | | | (462,917 | ) | | | 841,925 | | | | 624,733 | | | | 9,294,968 | | | | 95,983 | | | | — | | | | 285,158 | | | | — | | | | (18,237,990 | ) | | | 31,864,997 | | | | 23,303,116 | |
International Value |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 1,677,135 | | | | — | | | | 686,040 | | | | (10,936,230 | ) | | | — | | | | (8,573,055 | ) | | | 20,027,853 | | | | — | | | | — | | | | 7,896,325 | | | | — | | | | (130,810,096 | ) | | | — | | | | (102,885,918 | ) |
| 10-31-10 | | | | | 7,026,226 | | | | — | | | | 710,866 | | | | (25,323,864 | ) | | | — | | | | (17,586,772 | ) | | | 78,387,641 | | | | 1,067,929 | | | | — | | | | 8,359,125 | | | | — | | | | (284,580,757 | ) | | | — | | | | (196,766,062 | ) |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 951 | | | | — | | | | — | | | | (82,328 | ) | | | — | | | | (81,377 | ) | | | 15,442 | | | | — | | | | — | | | | — | | | | — | | | | (989,269 | ) | | | — | | | | (973,827 | ) |
| 10-31-10 | | | | �� | 21,536 | | | | — | | | | 9,206 | | | | (3,151,447 | ) | | | — | | | | (3,120,705 | ) | | | 252,668 | | | | 36,943 | | | | — | | | | 106,986 | | | | — | | | | (34,636,502 | ) | | | — | | | | (34,239,905 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 105,058 | | | | — | | | | 189,953 | | | | (3,152,063 | ) | | | — | | | | (2,857,052 | ) | | | 1,195,212 | | | | — | | | | — | | | | 2,125,598 | | | | — | | | | (36,657,744 | ) | | | — | | | | (33,336,934 | ) |
| 10-31-10 | | | | | 181,612 | | | | — | | | | 173,077 | | | | (7,377,003 | ) | | | — | | | | (7,022,314 | ) | | | 2,030,780 | | | | 413,632 | | | | — | | | | 1,980,048 | | | | — | | | | (80,336,446 | ) | | | — | | | | (75,911,986 | ) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 6,698,590 | | | | — | | | | 657,656 | | | | (15,662,618 | ) | | | — | | | | (8,306,372 | ) | | | 81,589,803 | | | | — | | | | — | | | | 7,536,733 | | | | — | | | | (191,868,919 | ) | | | — | | | | (102,742,383 | ) |
| 10-31-10 | | | | | 8,233,085 | | | | — | | | | 725,981 | | | | (24,554,669 | ) | | | — | | | | (15,595,603 | ) | | | 92,823,046 | | | | 990,243 | | | | — | | | | 8,507,693 | | | | — | | | | (272,895,909 | ) | | | — | | | | (170,574,927 | ) |
Class Q(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| 10-31-10 | | | | | 31,392 | | | | — | | | | 24,859 | | | | (5,338 | ) | | | (2,194,061 | ) | | | (2,143,148 | ) | | | 360,000 | | | | — | | | | — | | | | 293,336 | | | | — | | | | (63,436 | ) | | | (25,186,398 | ) | | | (24,596,498 | ) |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 11,107 | | | | — | | | | 46,330 | | | | (2,082,706 | ) | | | — | | | | (2,025,269 | ) | | | 128,517 | | | | — | | | | — | | | | 530,939 | | | | — | | | | (23,979,053 | ) | | | — | | | | (23,319,597 | ) |
| 10-31-10 | | | | | 254,958 | | | | — | | | | 4,697 | | | | (374,961 | ) | | | 2,198,715 | | | | 2,083,409 | | | | 2,705,165 | | | | 36,222 | | | | — | | | | 53,646 | | | | — | | | | (4,246,495 | ) | | | 25,186,398 | | | | 23,734,936 | |
International Value Choice |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 453,695 | | | | — | | | | 16,674 | | | | (314,628 | ) | | | — | | | | 155,741 | | | | 5,100,408 | | | | — | | | | — | | | | 183,909 | | | | — | | | | (3,562,857 | ) | | | — | | | | 1,721,460 | |
| 10-31-10 | | | | | 1,310,027 | | | | — | | | | 11,876 | | | | (864,727 | ) | | | — | | | | 457,176 | | | | 13,301,696 | | | | — | | | | — | | | | 118,571 | | | | — | | | | (8,753,759 | ) | | | — | | | | 4,666,508 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 2,188 | | | | — | | | | — | | | | (37,327 | ) | | | — | | | | (35,139 | ) | | | 24,464 | | | | — | | | | — | | | | — | | | | — | | | | (414,578 | ) | | | — | | | | (390,114 | ) |
| 10-31-10 | | | | | 31,091 | | | | — | | | | 142 | | | | (110,862 | ) | | | — | | | | (79,629 | ) | | | 311,747 | | | | — | | | | — | | | | 1,400 | | | | — | | | | (1,113,782 | ) | | | — | | | | (800,635 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 77,547 | | | | — | | | | 874 | | | | (58,508 | ) | | | — | | | | 19,913 | | | | 854,169 | | | | — | | | | — | | | | 9,548 | | | | — | | | | (647,714 | ) | | | — | | | | 216,003 | |
| 10-31-10 | | | | | 153,510 | | | | — | | | | 281 | | | | (100,652 | ) | | | — | | | | 53,139 | | | | 1,531,145 | | | | — | | | | — | | | | 2,772 | | | | — | | | | (1,009,276 | ) | | | — | | | | 524,641 | |
(2) | | Effective November 20, 2009, Class Q shareholders of Global Value Choice, Global Opportunities, International SmallCap Multi-Manager and International Value were converted to Class W shares of each respective Fund. |
83
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 12 — CAPITAL SHARES (continued)
Year or
| | | | Shares
sold
| | Shares
issued in
merger
| | Reinvestment
of
distributions
| | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
in shares
outstanding
| | Shares
sold
| | Payments from
Distribution
settlement/
affiliate
(Note 16)
| | Proceeds
from shares
issued in
merger
| | Reinvestment
of
distributions
| | Redemption
fee
proceeds
| | Shares
redeemed
| | Shares
converted
| | Net
increase
(decrease)
|
|---|
period ended
| | | | #
| | #
| | #
| | #
| | #
| | #
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
| | ($)
|
|---|
International Value Choice (continued) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 1,045,716 | | | | — | | | | 14,302 | | | | (829,083 | ) | | | — | | | | 230,935 | | | | 11,669,703 | | | | — | | | | — | | | | 157,469 | | | | — | | | | (9,274,535 | ) | | | — | | | | 2,552,637 | |
| 10-31-10 | | | | | 730,868 | | | | — | | | | 22,826 | | | | (1,997,018 | ) | | | — | | | | (1,243,324 | ) | | | 7,510,456 | | | | — | | | | — | | | | 227,476 | | | | — | | | | (20,171,373 | ) | | | — | | | | (12,433,441 | ) |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 6,762 | | | | — | | | | 47 | | | | (530 | ) | | | — | | | | 6,279 | | | | 75,798 | | | | — | | | | — | | | | 516 | | | | — | | | | (6,077 | ) | | | — | | | | 70,237 | |
| 10-31-10 | | | | | 3,055 | | | | — | | | | — | | | | (327 | ) | | | — | | | | 2,728 | | | | 30,970 | | | | — | | | | — | | | | — | | | | — | | | | (3,196 | ) | | | — | | | | 27,774 | |
Russia |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 894,738 | | | | — | | | | — | | | | (1,084,669 | ) | | | — | | | | (189,931 | ) | | | 37,743,055 | | | | — | | | | — | | | | — | | | | 83,654 | | | | (44,852,141 | ) | | | — | | | | (7,025,432 | ) |
| 10-31-10 | | | | | 1,844,234 | | | | — | | | | — | | | | (3,034,687 | ) | | | — | | | | (1,190,453 | ) | | | 62,096,502 | | | | — | | | | — | | | | — | | | | 369,837 | | | | (99,820,501 | ) | | | — | | | | (37,354,162 | ) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 90,067 | | | | — | | | | — | | | | (63,249 | ) | | | — | | | | 26,818 | | | | 3,831,477 | | | | — | | | | — | | | | — | | | | 160 | | | | (2,557,385 | ) | | | — | | | | 1,274,252 | |
| 10-31-10 | | | | | 287,155 | | | | — | | | | — | | | | (64,795 | ) | | | — | | | | 222,360 | | | | 9,612,750 | | | | — | | | | — | | | | — | | | | 4,943 | | | | (2,164,098 | ) | | | — | | | | 7,453,595 | |
Global Bond |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 4,744,166 | | | | — | | | | 526,984 | | | | (5,351,126 | ) | | | — | | | | (79,976 | ) | | | 56,482,661 | | | | — | | | | — | | | | 6,190,845 | | | | — | | | | (62,988,931 | ) | | | — | | | | (315,425 | ) |
| 10-31-10 | | | | | 13,465,862 | | | | — | | | | 605,364 | | | | (6,875,428 | ) | | | — | | | | 7,195,798 | | | | 161,645,282 | | | | — | | | | — | | | | 7,244,781 | | | | — | | | | (81,981,963 | ) | | | — | | | | 86,908,100 | |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 5,072 | | | | — | | | | 7,352 | | | | (138,614 | ) | | | — | | | | (126,190 | ) | | | 59,062 | | | | — | | | | — | | | | 85,696 | | | | — | | | | (1,628,444 | ) | | | — | | | | (1,483,686 | ) |
| 10-31-10 | | | | | 118,350 | | | | — | | | | 16,671 | | | | (219,538 | ) | | | — | | | | (84,517 | ) | | | 1,409,240 | | | | — | | | | — | | | | 198,357 | | | | — | | | | (2,595,047 | ) | | | — | | | | (987,450 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 852,050 | | | | — | | | | 156,077 | | | | (1,615,976 | ) | | | — | | | | (607,849 | ) | | | 10,045,839 | | | | — | | | | — | | | | 1,824,150 | | | | — | | | | (18,925,467 | ) | | | — | | | | (7,055,478 | ) |
| 10-31-10 | | | | | 4,660,773 | | | | — | | | | 175,740 | | | | (1,206,636 | ) | | | — | | | | 3,629,877 | | | | 55,719,364 | | | | — | | | | — | | | | 2,096,768 | | | | — | | | | (14,299,244 | ) | | | — | | | | 43,516,888 | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 4,278,739 | | | | — | | | | 628,105 | | | | (3,376,851 | ) | | | — | | | | 1,529,993 | | | | 50,244,872 | | | | — | | | | — | | | | 7,360,851 | | | | — | | | | (39,626,111 | ) | | | — | | | | 17,979,612 | |
| 10-31-10 | | | | | 12,403,809 | | | | — | | | | 863,246 | | | | (6,327,409 | ) | | | — | | | | 6,939,646 | | | | 147,582,012 | | | | — | | | | — | | | | 10,302,051 | | | | — | | | | (74,903,934 | ) | | | — | | | | 82,980,129 | |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 74,981 | | | | — | | | | — | | | | (73,150 | ) | | | — | | | | 1,831 | | | | 872,087 | | | | — | | | | — | | | | — | | | | — | | | | (847,469 | ) | | | — | | | | 24,618 | |
| 10-31-10 | | | | | 230,740 | | | | — | | | | 26 | | | | (194,721 | ) | | | — | | | | 36,045 | | | | 2,729,158 | | | | — | | | | — | | | | 304 | | | | — | | | | (2,281,700 | ) | | | — | | | | 447,762 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 292,689 | | | | — | | | | 43,263 | | | | (475,257 | ) | | | — | | | | (139,305 | ) | | | 3,392,820 | | | | — | | | | — | | | | 500,117 | | | | — | | | | (5,505,392 | ) | | | — | | | | (1,612,455 | ) |
| 10-31-10 | | | | | 1,197,217 | | | | — | | | | 25,142 | | | | (182,411 | ) | | | — | | | | 1,039,948 | | | | 14,196,899 | | | | — | | | | — | | | | 295,702 | | | | — | | | | (2,144,700 | ) | | | — | | | | 12,347,901 | |
Diversified International |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 633,837 | | | | — | | | | 90,062 | | | | (2,434,757 | ) | | | — | | | | (1,710,858 | ) | | | 6,138,403 | | | | — | | | | — | | | | 863,699 | | | | — | | | | (23,612,906 | ) | | | — | | | | (16,610,804 | ) |
| 10-31-10 | | | | | 1,461,752 | | | | — | | | | 100,614 | | | | (6,298,412 | ) | | | — | | | | (4,736,046 | ) | | | 12,661,601 | | | | — | | | | — | | | | 873,328 | | | | — | | | | (54,252,662 | ) | | | — | | | | (40,717,733 | ) |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 238 | | | | — | | | | 2,021 | | | | (363,899 | ) | | | — | | | | (361,640 | ) | | | 2,284 | | | | — | | | | — | | | | 19,384 | | | | — | | | | (3,521,593 | ) | | | — | | | | (3,499,925 | ) |
| 10-31-10 | | | | | 23,616 | | | | — | | | | 2,543 | | | | (656,163 | ) | | | — | | | | (630,004 | ) | | | 203,485 | | | | — | | | | — | | | | 22,049 | | | | — | | | | (5,597,453 | ) | | | — | | | | (5,371,919 | ) |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 116,742 | | | | — | | | | 8,099 | | | | (1,211,384 | ) | | | — | | | | (1,086,543 | ) | | | 1,120,166 | | | | — | | | | — | | | | 77,503 | | | | — | | | | (11,676,277 | ) | | | — | | | | (10,478,608 | ) |
| 10-31-10 | | | | | 407,538 | | | | — | | | | 5,029 | | | | (2,790,681 | ) | | | — | | | | (2,378,114 | ) | | | 3,485,817 | | | | — | | | | — | | | | 43,547 | | | | — | | | | (23,814,316 | ) | | | — | | | | (20,284,952 | ) |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 77,454 | | | | — | | | | 3,807 | | | | (276,016 | ) | | | — | | | | (194,755 | ) | | | 742,646 | | | | — | | | | — | | | | 36,391 | | | | — | | | | (2,667,890 | ) | | | — | | | | (1,888,853 | ) |
| 10-31-10 | | | | | 1,277,026 | | | | — | | | | 3,793 | | | | (684,094 | ) | | | — | | | | 596,725 | | | | 11,308,009 | | | �� | — | | | | — | | | | 32,808 | | | | — | | | | (5,797,291 | ) | | | — | | | | 5,543,526 | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | — | | | | — | | | | 140 | | | | (2,270 | ) | | | — | | | | (2,130 | ) | | | — | | | | — | | | | — | | | | 1,332 | | | | — | | | | (22,585 | ) | | | — | | | | (21,253 | ) |
| 10-31-10 | | | | | — | | | | — | | | | 143 | | | | (5,607 | ) | | | — | | | | (5,464 | ) | | | — | | | | — | | | | — | | | | 1,233 | | | | — | | | | (44,650 | ) | | | — | | | | (43,417 | ) |
Class O | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 122,058 | | | | — | | | | — | | | | (48,934 | ) | | | — | | | | 73,124 | | | | 1,179,465 | | | | — | | | | — | | | | — | | | | — | | | | (469,694 | ) | | | — | | | | 709,771 | |
| 10-31-10 | | | | | 192,733 | | | | — | | | | — | | | | (107,174 | ) | | | — | | | | 85,559 | | | | 1,656,643 | | | | — | | | | — | | | | — | | | | — | | | | (908,188 | ) | | | — | | | | 748,455 | |
Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 04-30-11 | | | | | 33,092 | | | | — | | | | 3,496 | | | | (46,154 | ) | | | — | | | | (9,566 | ) | | | 311,582 | | | | — | | | | — | | | | 33,281 | | | | — | | | | (444,962 | ) | | | — | | | | (100,099 | ) |
| 10-31-10 | | | | | 117,957 | | | | — | | | | 2,777 | | | | (166,936 | ) | | | — | | | | (46,202 | ) | | | 1,027,684 | | | | — | | | | — | | | | 23,940 | | | | — | | | | (1,384,104 | ) | | | — | | | | (332,480 | ) |
84
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 13 — CONCENTRATION OF RISKS
All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. A Fund’s risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by the Funds and their corresponding risks, see each Fund’s most recent Prospectus and/or the Statement of Additional Information.
Diversified International is also affected by other kinds of risks, depending on the types of securities held or strategies used by an Underlying Fund.
Investment by Funds-of-Funds (Certain Funds). Each of the Underlying Funds’ shares may be purchased by other investment companies. In some cases, an Underlying Fund may experience large inflows or redemptions due to allocations or rebalancings. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. The Investment Adviser will monitor transactions by each Underlying Fund and will attempt to minimize any adverse effects on the Underlying Funds and the Fund as a result of these transactions. So long as an Underlying Fund accepts investments by other investment companies, it will not purchase securities of other investment companies, except to the extent permitted by the 1940 Act or under the terms of an exemptive order granted by the SEC.
Foreign Securities (All Funds). Investments in foreign securities may entail risks not present in domestic investments. Since securities in which the Funds and Underlying Funds may invest are denominated in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds and Underlying Funds. Foreign investments may also subject the Funds and Underlying Funds to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, as well as changes vis-a-vis the U.S. dollar from movements in currency, and changes in security value and interest rate, all of which could affect the market and/or credit risk of the Funds’ and Underlying Funds’ investments.
Non-Diversified (Global Natural Resources, Global Real Estate, International Real Estate, Russia and Global Bond). Certain of the Funds and Underlying Funds are classified as non-diversified investment companies under the 1940 Act, which means that they are not limited by the 1940 Act in the proportion of assets that they may invest in the obligations of a single issuer. Declines in the value of that single company can significantly impact the value of a Fund or Underlying Fund. The investment of a large percentage of a Fund’s or Underlying Fund’s assets in the securities of a small number of issuers may cause a Fund’s share price to fluctuate more than that of a diversified investment company. Conversely, even though classified as non-diversified, a Fund or Underlying Fund may actually maintain a portfolio that is diversified with a large number of issuers. In such an event, a Fund or Underlying Fund would benefit less from appreciation in a single corporate issuer than if it had greater exposure to that issuer.
NOTE 14 — SECURITIES LENDING
Under an agreement with The Bank of New York Mellon (“BNY”), the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Funds on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the “Agreement”). The Funds bear the risk of loss with respect to the investment of collateral. Currently, the cash collateral is invested in the BNY Mellon Overnight Government Fund (formerly, The BNY Institutional Cash Reserves Fund — Series A) and the BNY Institutional Cash Reserves Fund — Series B (“BICR — Series B), each a series within the BNY Institutional Cash Reserves Trust (collectively, the “BICR Fund”). BNY serves as investment manager, custodian and operational trustee of the BICR Fund. As of April 30, 2011 and throughout the period covered by this report, BICR — Series B held certain defaulted securities issued by Lehman Brothers Holdings, Inc. (the “Lehman Securities”). The Lehman Securities have market values significantly below amortized cost. On May 22, 2009, the Funds agreed to the terms of a capital support agreement (the “Capital Support Agreement”) extended by The Bank of New York Mellon Corporation (“BNYC”), an affiliated company of BNY, for the Lehman Securities held by BICR — Series B. Under the terms of the Capital Support Agreement, BNYC will support the value of the Lehman Securities up to 80%
85
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 14 — SECURITIES LENDING (continued)
of the par value (the remaining 20% of the par value represents an unrealized loss to the Funds) and subject, in part, to the Funds’ continued participation in the BNY securities lending program through September 15, 2011. At September 15, 2011, if the Funds have complied with the requirements under the Capital Support Agreement to continue to participate in the BNY securities lending program and if such securities have not otherwise been sold, the Funds will have the right to sell the defaulted securities to BNYC at a price equal to 80% of par value. The recorded value of each Fund’s investment in BICR — Series B includes the value of the underlying securities held by BICR — Series B and the estimated value of the support to be provided by BNYC. The investments in the BNY Overnight Government Fund and in BICR — Series B are included in the Summary Portfolio of Investments under Securities Lending Collateral and the unrealized loss on BICR — Series B is included in Net Unrealized Depreciation on the Statements of Assets and Liabilities.
Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund. At April 30, 2011, the following Funds had securities on loan with the following market values:
| | | | | Value of
Securities
Loaned | | | | Cash
Collateral
Received* | |
|---|
| Global Equity Dividend | | | | $ | 356,055 | | | $ | 363,750 | |
| Global Real Estate | | | | | 81,261,848 | | | | 83,318,176 | |
| Global Value Choice | | | | | 19,702,381 | | | | 20,378,083 | |
| Emerging Countries | | | | | 2,604,376 | | | | 2,807,215 | |
| Global Opportunities | | | | | 490,628 | | | | 532,824 | |
| International Capital Appreciation | | | | | 760,153 | | | | 798,300 | |
| International Growth | | | | | 3,023,116 | | | | 4,005,605 | |
| International SmallCap Multi-Manager | | | | | 1,577,804 | | | | 1,715,346 | |
| International Value | | | | | 1,909,831 | | | | 1,951,588 | |
| Russia | | | | | 26,002,607 | | | | 27,350,847 | |
| * | | Cash collateral received was invested in the BICR Fund, the fair value of which is presented in the respective Funds’ Summary Portfolios of Investments. |
NOTE 15 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, income from passive foreign investment companies (PFICs), wash sale deferrals and the expiration of capital loss carryforwards. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.
Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
| | | | Six Months Ended
April 30, 2011
| | Year Ended October 31, 2010
| |
|---|
| | | | Ordinary
Income
| | Ordinary
Income
| | Return
of Capital
|
|---|
| Global Equity Dividend | | | | $ | 806,578 | | | $ | 3,235,341 | | | $ | — | |
| Global Natural Resources | | | | | 53,412 | | | | 302,907 | | | | — | |
Global Real Estate(1) | | | | | 22,868,765 | | | | 102,494,757 | | | | — | |
| Global Value Choice | | | | | 8,009,468 | | | | 1,050,663 | | | | — | |
| Emerging Countries | | | | | 111,325 | | | | — | | | | — | |
| Global Opportunities | | | | | 2,205,612 | | | | — | | | | — | |
| Greater China | | | | | 456,080 | | | | 676,212 | | | | — | |
| Index Plus International Equity | | | | | 2,092,269 | | | | 2,113,264 | | | | — | |
| International Capital Appreciation | | | | | 617,483 | | | | — | | | | — | |
| International Real Estate | | | | | 25,727,256 | | | | 41,280,971 | | | | — | |
| International SmallCap Multi-Manager | | | | | 2,608,152 | | | | 5,964,767 | | | | — | |
| International Value | | | | | 23,185,093 | | | | 26,116,194 | | | | — | |
86
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 15 — FEDERAL INCOME TAXES (continued)
| | | | Six Months Ended
April 30, 2011
| | Year Ended October 31, 2010
| |
|---|
| | | | Ordinary
Income
| | Ordinary
Income
| | Return
of Capital
|
|---|
| International Value Choice | | | | $ | 391,850 | | | $ | 364,324 | | | $ | — | |
| Global Bond | | | | | 18,593,490 | | | | 24,041,636 | | | | — | |
| Diversified International | | | | | 1,252,444 | | | | 927,344 | | | | 293,887 | |
(1) | | Composition of dividends and distributions presented herein is based on the Fund’s current tax period (four months ended April 30, 2011) and tax year ended December 31, 2010. Composition of current period amounts may change after the Fund’s tax year-end of December 31, 2011. |
The tax-basis components of distributable earnings and the expiration dates of the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of October 31, 2010 were:
| | | | Undistributed
Ordinary
Income
| | Unrealized
Appreciation/
(Depreciation)
| | Post-October
Capital Loss
Deferred
| | Post-October
Currency Loss
Deferred
| | Capital Loss
Carryforwards
| | Expiration
Dates
|
|---|
| Global Equity Dividend | | | | $ | — | | | $ | 3,854,875 | | | $ | — | | | $ | — | | | $ | (17,831,335 | ) | | | 2016 | |
| | | | | | | | | | | | | | | | | | | | | | (71,676,150 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | $ | (89,507,485 | ) | | | | |
| Global Natural Resources | | | | | — | | | | 11,642,855 | | | | — | | | | — | | | | (19,477,132 | ) | | | 2017 | |
Global Real Estate(1) | | | | | — | | | | 28,444,650 | | | | (6,975,138 | ) | | | (57,546 | ) | | | (164,232,218 | ) | | | 2016 | |
| | | | | | | | | | | | | | | | | | | | | | (414,424,595 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | $ | (578,656,813 | ) | | | | |
| Global Value Choice | | | | | 8,009,193 | | | | 49,250,763 | | | | — | | | | — | | | | (6,183,953 | ) | | | 2011 | |
| | | | | | | | | | | | | | | | | | | | | | (7,949,386 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | $ | (14,133,339 | ) | | | | |
| Emerging Countries | | | | | — | | | | 36,965,247 | | | | — | | | | — | | | | (36,831,166 | ) | | | 2016 | |
| | | | | | | | | | | | | | | | | | | | | | (41,200,730 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | $ | (78,031,896 | ) | | | | |
| Global Opportunities | | | | | 2,205,502 | | | | 19,134,222 | | | | — | | | | — | | | | (46,932,911 | ) | | | 2016 | |
| | | | | | | | | | | | | | | | | | | | | | (80,200,325 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | $ | (127,133,236 | ) | | | | |
| Greater China | | | | | 456,008 | | | | 7,976,988 | | | | — | | | | — | | | | (2,095,990 | ) | | | 2017 | |
| Index Plus International Equity | | | | | 1,932,073 | | | | 12,290,637 | | | | — | | | | — | | | | (34,254,142 | ) | | | 2016 | |
| | | | | | | | | | | | | | | | | | | | | | (46,742,747 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | $ | (80,996,889 | ) | | | | |
| International Capital Appreciation | | | | | 553,444 | | | | 10,435,936 | | | | — | | | | — | | | | (242,281 | ) | | | 2015 | |
| | | | | | | | | | | | | | | | | | | | | | (46,983,912 | ) | | | 2016 | |
| | | | | | | | | | | | | | | | | | | | | | (14,842,759 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | $ | (62,068,952 | )* | | | | |
| International Real Estate | | | | | 21,471,797 | | | | 31,199,888 | | | | — | | | | — | | | | (26,312 | ) | | | 2014 | |
| | | | | | | | | | | | | | | | | | | | | | (2,556,095 | ) | | | 2015 | |
| | | | | | | | | | | | | | | | | | | | | | (67,952,089 | ) | | | 2016 | |
| | | | | | | | | | | | | | | | | | | | | | (159,911,905 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | | (43,046,092 | ) | | | 2018 | |
| | | | | | | | | | | | | | | | | | | | | $ | (273,492,493 | ) | | | | |
| International SmallCap Multi-Manager | | | | | 2,607,725 | | | | 63,232,091 | | | | — | | | | — | | | | (121,772,726 | ) | | | 2016 | |
| | | | | | | | | | | | | | | | | | | | | | (202,973,948 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | $ | (324,746,674 | ) | | | | |
| International Value | | | | | 23,183,084 | | | | (26,157,794 | ) | | | — | | | | — | | | | (810,539,013 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | | (70,133,094 | ) | | | 2018 | |
| | | | | | | | | | | | | | | | | | | | | $ | (880,672,107 | ) | | | | |
| International Value Choice | | | | | 387,496 | | | | 1,923,441 | | | | — | | | | — | | | | (14,545,893 | ) | | | 2017 | |
| Russia | | | | | — | | | | 92,994,862 | | | | — | | | | — | | | | (70,982,152 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | | (21,810,157 | ) | | | 2018 | |
| | | | | | | | | | | | | | | | | | | | | $ | (92,792,309 | ) | | | | |
87
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 15 — FEDERAL INCOME TAXES (continued)
| | | | Undistributed
Ordinary
Income
| | Unrealized
Appreciation/
(Depreciation)
| | Post-October
Capital Loss
Deferred
| | Post-October
Currency Loss
Deferred
| | Capital Loss
Carryforwards
| | Expiration
Dates
|
|---|
| Global Bond | | | | $ | 10,615,176 | | | $ | 25,053,569 | | | $ | — | | | $ | — | | | $ | — | | | | | |
| Diversified International | | | | | — | | | | 1,941,887 | | | | — | | | | — | | | | (28,060,058 | ) | | | 2016 | |
| | | | | | | | | | | | | | | | | | | | | | (93,445,922 | ) | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | | (33,117,873 | ) | | | 2018 | |
| | | | | | | | | | | | | | | | | | | | | $ | (154,623,853 | ) | | | | |
(1) | | As of the Fund’s tax year ended December 31, 2010. |
| * | | Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. |
The Funds’ major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2005.
As of April 30, 2011, no provisions for income tax would be required in the Funds’ financial statements as a result of tax positions taken on federal income tax returns for open tax years. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.
The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act makes changes to several tax rules impacting the Funds. In general, the provisions of the Act will be effective for the Funds’ tax year ending October 31, 2012. Although the Act provides several benefits, including the unlimited carryforward of future capital losses, there may be a greater likelihood that all or a portion of the funds’ pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards. Relevant information regarding the impact of the Act on the Funds, if any, will be contained within the “Federal Income Taxes” section of the financial statement notes for the fiscal year ending October 31, 2012.
NOTE 16 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS
As discussed in earlier supplements that were previously filed with the SEC, ING agreed with the Funds to indemnify and hold harmless the Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the U.S. Securities and Exchange Commission in connection with investigations related to mutual funds and variable insurance products. On December 17, 2008, ING settled its indemnification commitments by making payments to the affected Funds. In connection with the settlement, ING paid:
| Emerging Countries | | | | | $1,400,280 | |
| Index Plus International Equity | | | | | 497,810 | |
| International SmallCap Multi-Manager | | | | | 2,661,920 | |
| International Value | | | | | 955,441 | |
On August 28, 2006, the Securities and Exchange Commission (“Commission” or “SEC”) entered into a settlement of an administrative proceeding against Prudential Equity Group, LLC, formerly known as Prudential Securities, Inc. (“PSI” or “Respondent”). As part of the settlement, the Respondent has established the PSI Distribution Fund (“Fund”) for the benefit of shareholders who may have been affected by the market timing activity in certain mutual funds where such trading was found to have been facilitated by the Respondent, as described in the order. The Fund is comprised of disgorgement in the amount of $270 million which was paid by the Respondent. The dollar amount available for distribution to mutual funds and shareholders of affected mutual funds (“Distributable Amount”) includes the original $270 million plus interest earned by the Fund.
On February 4, 2010, the SEC issued an order approving the proposed plan of distribution. In connection with this settlement, the following funds received:
| Global Value Choice | | | | | $ 389,524 | |
| International Capital Appreciation | | | | | 17,464 | |
| Index Plus International Equity | | | | | 14,363 | |
| International SmallCap Multi-Manager | | | | | 1,034,530 | |
| International Value | | | | | 2,544,969 | |
88
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
NOTE 17 — SUBSEQUENT EVENTS
Subsequent to April 30, 2011, the following Fund paid dividends from net investment income:
| | | | | Per Share
Amount | | Payable
Date | | Record
Date |
|---|
| Global Bond | | | | | | | | | |
| Class A | | | | $ | 0.0400 | | May 3, 2011 | | April 29, 2011 |
| Class B | | | | $ | 0.0324 | | May 3, 2011 | | April 29, 2011 |
| Class C | | | | $ | 0.0326 | | May 3, 2011 | | April 29, 2011 |
| Class I | | | | $ | 0.0435 | | May 3, 2011 | | April 29, 2011 |
| Class O | | | | $ | 0.0401 | | May 3, 2011 | | April 29, 2011 |
| Class W | | | | $ | 0.0424 | | May 3, 2011 | | April 29, 2011 |
| Class A | | | | $ | 0.0400 | | June 2, 2011 | | May 31, 2011 |
| Class B | | | | $ | 0.0324 | | June 2, 2011 | | May 31, 2011 |
| Class C | | | | $ | 0.0324 | | June 2, 2011 | | May 31, 2011 |
| Class I | | | | $ | 0.0437 | | June 2, 2011 | | May 31, 2011 |
| Class O | | | | $ | 0.0401 | | June 2, 2011 | | May 31, 2011 |
| Class W | | | | $ | 0.0426 | | June 2, 2011 | | May 31, 2011 |
In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. generally accepted accounting principles (“GAAP”) and the International Financial Reporting Standards (“IFRSs”). The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. As of April 30, 2011, management of the Funds is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.
Effective May 1, 2011, Tycho van Wijk and Tjeert Keijzer were removed as portfolio managers to Global Opportunities and Huub van der Riet and Alex van der Laan were added. Effective June 1, 2011, Moudy El Khodr was removed as portfolio manager to Global Equity Dividend and Bruno Springael was added.
ING Groep, NV, the indirect parent of both ING Investments, the Investment Adviser to Global Real Estate and International Real Estate and ING Clarion Real Estate Securities, LLC (“Clarion”), the Sub-Adviser to Global Real Estate and International Real Estate, have conditionally agreed to sell Clarion and other affiliated entities to CB Richard Ellis Group, Inc. (the “Transaction”). This was approved by shareholders on June 14, 2011 and it is anticipated that the Transaction will close on or about July 1, 2011.
The Funds have evaluated events occurring after the Statements of Assets and Liabilities date (subsequent events) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
89
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
ING GLOBAL EQUITY DIVIDEND FUND
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 94.8%
|
| | | | | | | |
| 45,944 | | | | | | Australia & New Zealand Banking Group Ltd. | | $ | 1,223,819 | | | | 1.1 | |
| 388,673 | | | | | | Telstra Corp., Ltd. | | | 1,241,456 | | | | 1.1 | |
| 941,241 | | | | | | Other Securities | | | 2,649,275 | | | | 2.4 | |
| | | | | | | | | | 5,114,550 | | | | 4.6 | |
| |
| | | | | | | |
| 6,461 | | | | | | Other Securities | | | 588,726 | | | | 0.5 | |
| |
| | | | | | | |
| 68,494 | | | | | | Other Securities | | | 1,551,571 | | | | 1.4 | |
| |
| | | | | | | |
| 28,351 | | | | | | TransCanada Corp. | | | 1,219,858 | | | | 1.1 | |
| 18,670 | | | | | | Other Securities | | | 1,126,724 | | | | 1.0 | |
| | | | | | | | | | 2,346,582 | | | | 2.1 | |
| |
| | | | | | | |
| 497,105 | | | | | | Other Securities | | | 1,033,680 | | | | 0.9 | |
| |
| | | | | | | |
| 15,342 | | | | | | Other Securities | | | 549,810 | | | | 0.5 | |
| |
| | | | | | | |
| 91,754 | | | | | | Other Securities | | | 845,275 | | | | 0.8 | |
| |
| | | | | | | |
| 15,279 | | | | | | BNP Paribas | | | 1,207,876 | | | | 1.1 | |
| 25,730 | | | | | | Carrefour SA | | | 1,219,143 | | | | 1.1 | |
| 29,472 | | | | | | GDF Suez | | | 1,205,091 | | | | 1.1 | |
| 21,982 | | | | | | Sanofi-Aventis SA | | | 1,739,152 | | | | 1.5 | |
| 25,928 | | | | | | Total SA | | | 1,660,468 | | | | 1.5 | |
| 13,008 | | | | | | Other Securities | | | 868,305 | | | | 0.8 | |
| | | | | | | | | | 7,900,035 | | | | 7.1 | |
| |
| | | | | | | |
| 7,920 | | | | | | Allianz SE | | | 1,244,322 | | | | 1.1 | |
| 85,595 | | | | @ | | Deutsche Post AG | | | 1,691,669 | | | | 1.6 | |
| 36,262 | | | | | | E.ON AG | | | 1,239,405 | | | | 1.1 | |
| | | | | | | | | | 4,175,396 | | | | 3.8 | |
| |
| | | | | | | |
| 25,661 | | | | | | China Mobile Ltd. ADR | | | 1,182,715 | | | | 1.1 | |
| |
| | | | | | | |
| 49,883 | | | | | | CRH PLC | | | 1,228,268 | | | | 1.1 | |
| |
| | | | | | | |
| 63,767 | | | | | | ENI S.p.A. | | | 1,707,277 | | | | 1.5 | |
| 363,837 | | | | | | Intesa Sanpaolo S.p.A | | | 1,208,470 | | | | 1.1 | |
| | | | | | | | | | 2,915,747 | | | | 2.6 | |
| |
| | | | | | | |
| 53,100 | | | | | | Hoya Corp. | | | 1,143,647 | | | | 1.1 | |
| 6,100 | | | | | | Nintendo Co., Ltd. | | | 1,443,345 | | | | 1.4 | |
| 661 | | | | | | NTT DoCoMo, Inc. | | | 1,226,403 | | | | 1.1 | |
| 1,173,400 | | | | | | Other Securities | | | 8,243,069 | | | | 7.4 | |
| | | | | | | | | | 12,056,464 | | | | 11.0 | |
| |
COMMON STOCK: (continued)
|
| | | | | | | |
| 76,249 | | | | | | Koninklijke KPN NV | | $ | 1,210,113 | | | | 1.0 | |
| 58,765 | | | | | | Other Securities | | | 1,940,845 | | | | 1.8 | |
| | | | | | | | | | 3,150,958 | | | | 2.8 | |
| |
| | | | | | | |
| 133,960 | | | | | | Other Securities | | | 547,293 | | | | 0.5 | |
| |
| | | | | | | |
| 470,000 | | | | | | Singapore Telecommunications Ltd. | | | 1,199,735 | | | | 1.0 | |
| 69,500 | | | | | | Other Securities | | | 851,512 | | | | 0.8 | |
| | | | | | | | | | 2,051,247 | | | | 1.8 | |
| |
| | | | | | | |
| 9,670 | | | | | | Other Securities | | | 558,790 | | | | 0.5 | |
| |
| | | | | | | |
| 20,525 | | | | | | KT&G Corp. | | | 1,214,803 | | | | 1.1 | |
| 15,930 | | | | | | Other Securities | | | 532,377 | | | | 0.5 | |
| | | | | | | | | | 1,747,180 | | | | 1.6 | |
| |
| | | | | | | |
| 51,316 | | | | | | Abertis Infraestructuras SA | | | 1,215,653 | | | | 1.1 | |
| 45,404 | | | | | | Other Securities | | | 579,832 | | | | 0.5 | |
| | | | | | | | | | 1,795,485 | | | | 1.6 | |
| |
| | | | | | | |
| 61,808 | | | | | | Other Securities | | | 937,845 | | | | 0.8 | |
| |
| | | | | | | |
| 26,463 | | | | | | Credit Suisse Group AG | | | 1,204,508 | | | | 1.1 | |
| 7,883 | | | | | | Roche Holding AG | | | 1,279,568 | | | | 1.1 | |
| | | | | | | | | | 2,484,076 | | | | 2.2 | |
| |
| | | | | | | |
| 92,022 | | | | | | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 1,242,297 | | | | 1.1 | |
| |
| | | | | | | |
| 23,690 | | | | | | AstraZeneca PLC | | | 1,175,442 | | | | 1.1 | |
| 55,955 | | | | | | GlaxoSmithKline PLC | | | 1,222,334 | | | | 1.1 | |
| 109,417 | | | | | | HSBC Holdings PLC | | | 1,193,504 | | | | 1.0 | |
| 54,275 | | | | | | Scottish & Southern Energy Plc | | | 1,231,320 | | | | 1.1 | |
| 478,100 | | | | | | Other Securities | | | 2,645,263 | | | | 2.4 | |
| | | | | | | | | | 7,467,863 | | | | 6.7 | |
| |
| | | | | | | |
| 23,797 | | | | | | Abbott Laboratories | | | 1,238,396 | | | | 1.1 | |
| 34,069 | | | | | | American Electric Power Co., Inc. | | | 1,242,837 | | | | 1.1 | |
| 53,093 | | | | | | AT&T, Inc. | | | 1,652,254 | | | | 1.5 | |
| 28,723 | | | | | | Baxter International, Inc. | | | 1,634,339 | | | | 1.5 | |
| 15,274 | | | | | | Chevron Corp. | | | 1,671,586 | | | | 1.5 | |
| 47,780 | | | | | | ConAgra Foods, Inc. | | | 1,168,221 | | | | 1.1 | |
| 32,711 | | | | | | Exelon Corp. | | | 1,378,769 | | | | 1.3 | |
| 59,458 | | | | | | General Electric Co. | | | 1,215,916 | | | | 1.1 | |
See Accompanying Notes to Financial Statements
90
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
ING GLOBAL EQUITY DIVIDEND FUND
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: (continued)
|
| | | | | | | United States: (continued)
|
| 72,753 | | | | | | Intel Corp. | | $ | 1,687,142 | | | | 1.6 | |
| 18,466 | | | | | | Johnson & Johnson | | | 1,213,586 | | | | 1.1 | |
| 18,703 | | | | | | Kimberly-Clark Corp. | | | 1,235,521 | | | | 1.1 | |
| 35,863 | | | | | | Kraft Foods, Inc. | | | 1,204,280 | | | | 1.1 | |
| 15,461 | | | | | | McDonald’s Corp. | | | 1,210,751 | | | | 1.1 | |
| 46,076 | | | | | | Merck & Co., Inc. | | | 1,656,432 | | | | 1.4 | |
| 61,760 | | | | | | Microsoft Corp. | | | 1,606,995 | | | | 1.4 | |
| 24,376 | | | | | | Molson Coors Brewing Co. | | | 1,188,330 | | | | 1.1 | |
| 88,973 | | | | | | People’s United Financial, Inc. | | | 1,218,040 | | | | 1.1 | |
| 17,723 | | | | | | PepsiCo, Inc. | | | 1,220,938 | | | | 1.1 | |
| 78,251 | | | | | | Pfizer, Inc. | | | 1,640,141 | | | | 1.5 | |
| 44,208 | | | | | | PPL Corp. | | | 1,212,625 | | | | 1.1 | |
| 20,235 | | | | | | Travelers Cos, Inc. | | | 1,280,472 | | | | 1.2 | |
| 21,781 | | | | | | Wal-Mart Stores, Inc. | | | 1,197,519 | | | | 1.1 | |
| 364,236 | | | | | | Other Securities | | | 11,843,960 | | | | 10.5 | |
| | | | | | | | | | 41,819,050 | | | | 37.7 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $92,194,894) | | | 105,290,903 | | | | 94.8 | |
| |
SHORT-TERM INVESTMENTS: 0.3%
|
| | | | | | | |
| 239,850 | | | | | | BNY Mellon Overnight Government Fund(1) | | | 239,850 | | | | 0.2 | |
| 123,900 | | | | R | | BNY Institutional Cash Reserves Fund, Series B(1)(2) | | | 99,120 | | | | 0.1 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $363,750) | | | 338,970 | | | | 0.3 | |
| |
| | | | | | | Total Investments in Securities
(Cost $92,558,644)* | | $ | 105,629,873 | | | | 95.1 | |
| | | | | | | Assets in Excess of Other Liabilities | | | 5,448,160 | | | | 4.9 | |
| | | | | | | Net Assets | | $ | 111,078,033 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| @ | | Non-income producing security |
| |
| ADR | | American Depositary Receipt |
| |
| R | | Restricted Security |
| |
| (1) | | Collateral received from brokers for securities lending was invested in these short-term investments. |
| |
| (2) | | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Portfolio’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. |
| |
| * | | Cost for federal income tax purposes is $95,372,342. |
| Net unrealized appreciation consists of: | | | | | | |
| Gross Unrealized Appreciation | | | | $ | 14,713,732 | |
| Gross Unrealized Depreciation | | | | | (4,456,201 | ) |
| Net Unrealized appreciation | | | | $ | 10,257,531 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 4.5 | % |
| Consumer Staples | | | | | 13.7 | |
| Energy | | | | | 10.3 | |
| Financials | | | | | 18.1 | |
| Health Care | | | | | 12.5 | |
| Industrials | | | | | 8.3 | |
| Information Technology | | | | | 9.0 | |
| Materials | | | | | 2.5 | |
| Telecommunications | | | | | 7.6 | |
| Utilities | | | | | 8.3 | |
| Short-Term Investments | | | | | 0.3 | |
| Other Assets and Liabilities — Net | | | | | 4.9 | |
Net Assets | | | | | 100.0 | % |
See Accompanying Notes to Financial Statements
91
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
ING GLOBAL EQUITY DIVIDEND FUND
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the Fund’s assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 556,090 | | | $ | 4,558,460 | | | $ | — | | | $ | 5,114,550 | |
| Barbados | | | | | 588,726 | | | | — | | | | — | | | | 588,726 | |
| Brazil | | | | | 1,551,571 | | | | — | | | | — | | | | 1,551,571 | |
| Canada | | | | | 2,346,582 | | | | — | | | | — | | | | 2,346,582 | |
| China | | | | | — | | | | 1,033,680 | | | | — | | | | 1,033,680 | |
| Denmark | | | | | — | | | | 549,810 | | | | — | | | | 549,810 | |
| Finland | | | | | — | | | | 845,275 | | | | — | | | | 845,275 | |
| France | | | | | — | | | | 7,900,035 | | | | — | | | | 7,900,035 | |
| Germany | | | | | — | | | | 4,175,396 | | | | — | | | | 4,175,396 | |
| Hong Kong | | | | | 1,182,715 | | | | — | | | | — | | | | 1,182,715 | |
| Ireland | | | | | — | | | | 1,228,268 | | | | — | | | | 1,228,268 | |
| Italy | | | | | — | | | | 2,915,747 | | | | — | | | | 2,915,747 | |
| Japan | | | | | — | | | | 12,056,464 | | | | — | | | | 12,056,464 | |
| Netherlands | | | | | 1,210,113 | | | | 1,940,845 | | | | — | | | | 3,150,958 | |
| Portugal | | | | | — | | | | 547,293 | | | | — | | | | 547,293 | |
| Singapore | | | | | — | | | | 2,051,247 | | | | — | | | | 2,051,247 | |
| South Africa | | | | | — | | | | 558,790 | | | | — | | | | 558,790 | |
| South Korea | | | | | — | | | | 1,747,180 | | | | — | | | | 1,747,180 | |
| Spain | | | | | 579,832 | | | | 1,215,653 | | | | — | | | | 1,795,485 | |
| Sweden | | | | | — | | | | 937,845 | | | | — | | | | 937,845 | |
| Switzerland | | | | | — | | | | 2,484,076 | | | | — | | | | 2,484,076 | |
| Taiwan | | | | | 1,242,297 | | | | — | | | | — | | | | 1,242,297 | |
| United Kingdom | | | | | — | | | | 7,467,863 | | | | — | | | | 7,467,863 | |
| United States | | | | | 41,819,050 | | | | — | | | | — | | | | 41,819,050 | |
| Total Common Stock | | | | | 51,076,976 | | | | 54,213,927 | | | | — | | | | 105,290,903 | |
| Short-Term Investments | | | | | 239,850 | | | | — | | | | 99,120 | | | | 338,970 | |
| Total Investments, at value | | | | $ | 51,316,826 | | | $ | 54,213,927 | | | $ | 99,120 | | | $ | 105,629,873 | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2011:
| | | | Beginning
Balance
10/31/2010
| | Purchases
| | Sales
| | Accrued
Discounts/
(Premiums)
| | Total
Realized
Gain/(Loss)
| | Total Unrealized
Appreciation/
(Depreciation)
| | Transfers
Into
Level 3
| | Transfers
Out of
Level 3
| | Ending
Balance
4/30/2011
|
|---|
Asset Table
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short-Term Investments | | | | $ | 99,120 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 99,120 | |
| Total Investments, at value | | | | $ | 99,120 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 99,120 | |
As of April 30, 2011, the net change in unrealized appreciation or depreciation on Level 3 investments still held at period end and included in the change in net assets was $0.
Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period.
See Accompanying Notes to Financial Statements
92
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
ING GLOBAL NATURAL RESOURCES FUND
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 97.3% |
| | | | | | | |
| 273,500 | | | | | | OneSteel Ltd. | | $ | 641,159 | | | | 0.4 | |
| 260,247 | | | | | | Other Securities | | | 781,378 | | | | 0.6 | |
| | | | | | | | | | 1,422,537 | | | | 1.0 | |
| |
| | | | | | | |
| 24,500 | | | | | | Petroleo Brasileiro SA ADR | | | 914,585 | | | | 0.6 | |
| |
| | | | | | | |
| 78,749 | | | | | | Barrick Gold Corp. | | | 4,016,986 | | | | 2.9 | |
| 114,774 | | | | | | Canadian Natural Resources Ltd. | | | 5,389,787 | | | | 3.7 | |
| 51,500 | | | | | | Centerra Gold, Inc. | | | 957,988 | | | | 0.7 | |
| 19,400 | | | | | | Domtar Corp. | | | 1,804,588 | | | | 1.2 | |
| 38,907 | | | | | | EnCana Corp. | | | 1,304,163 | | | | 0.9 | |
| 48,100 | | | | | | Ensign Energy Services, Inc. | | | 928,803 | | | | 0.6 | |
| 27,008 | | | | | | GoldCorp, Inc. | | | 1,507,857 | | | | 1.0 | |
| 51,100 | | | | @ | | Harry Winston Diamond Corp. | | | 869,534 | | | | 0.6 | |
| 47,917 | | | | | | Nexen, Inc. | | | 1,266,446 | | | | 0.9 | |
| 104,900 | | | | | | Pengrowth Energy Corp. | | | 1,483,286 | | | | 1.0 | |
| 146,232 | | | | @ | | Precision Drilling Corp. | | | 2,213,952 | | | | 1.5 | |
| 158,765 | | | | | | Suncor Energy, Inc. | | | 7,309,541 | | | | 5.1 | |
| 37,429 | | | | | | Teck Resources Ltd. | | | 2,030,523 | | | | 1.4 | |
| 141,500 | | | | | | Other Securities | | | 712,336 | | | | 0.5 | |
| | | | | | | | | | 31,795,790 | | | | 22.0 | |
| |
| | | | | | | |
| 1,363,334 | | | | | | China Petroleum & Chemical Corp. | | | 1,374,200 | | | | 1.0 | |
| |
| | | | | | | |
| 18,031 | | | | | | Tenaris SA ADR | | | 915,794 | | | | 0.6 | |
| |
| | | | | | | |
| 161,100 | | | | | | Mitsui OSK Lines Ltd. | | | 898,539 | | | | 0.6 | |
| |
| | | | | | | |
| 39,373 | | | | | | Royal Dutch Shell PLC ADR | | | 3,050,620 | | | | 2.1 | |
| |
| | | | | | | |
| 110,790 | | | | | | Gazprom OAO ADR | | | 1,890,078 | | | | 1.3 | |
| 20,896 | | | | | | Lukoil-Spon ADR | | | 1,456,451 | | | | 1.0 | |
| | | | | | | | | | 3,346,529 | | | | 2.3 | |
| |
| | | | | | | |
| 18,860 | | | | | | Rio Tinto PLC ADR | | | 1,380,741 | | | | 1.0 | |
| 5,000 | | | | | | Other Securities | | | 432,850 | | | | 0.3 | |
| | | | | | | | | | 1,813,591 | | | | 1.3 | |
| |
| | | | | | | |
| 43,229 | | | | @ | | Alpha Natural Resources, Inc. | | | 2,514,631 | | | | 1.7 | |
| 39,887 | | | | | | Apache Corp. | | | 5,319,729 | | | | 3.7 | |
| 70,509 | | | | | | Arch Coal, Inc. | | | 2,418,459 | | | | 1.7 | |
| |
COMMON STOCK: (continued) |
| | | | | | | United States: (continued)
|
| 24,000 | | | | @ | | Bill Barrett Corp. | | $ | 1,001,520 | | | | 0.7 | |
| 66,967 | | | | | | Chevron Corp. | | | 7,328,868 | | | | 5.1 | |
| 9,600 | | | | | | Cliffs Natural Resources, Inc. | | | 899,712 | | | | 0.6 | |
| 39,600 | | | | @ | | Coeur d’Alene Mines Corp. | | | 1,255,716 | | | | 0.9 | |
| 132,516 | | | | | | ConocoPhillips | | | 10,459,488 | | | | 7.2 | |
| 93,500 | | | | @ | | Denbury Resources, Inc. | | | 2,110,295 | | | | 1.5 | |
| 40,565 | | | | | | Ensco PLC ADR | | | 2,418,485 | | | | 1.7 | |
| 34,900 | | | | | | EOG Resources, Inc. | | | 3,940,559 | | | | 2.7 | |
| 163,564 | | | | | | Exxon Mobil Corp. | | | 14,393,631 | | | | 9.9 | |
| 30,428 | | | | | | Halliburton Co. | | | 1,536,005 | | | | 1.1 | |
| 47,600 | | | | | | Hess Corp. | | | 4,091,696 | | | | 2.8 | |
| 83,170 | | | | | | International Paper Co. | | | 2,568,290 | | | | 1.8 | |
| 31,300 | | | | @ | | McMoRan Exploration Co. | | | 573,103 | | | | 0.4 | |
| 44,500 | | | | | | Murphy Oil Corp. | | | 3,447,860 | | | | 2.4 | |
| 58,178 | | | | | | National Oilwell Varco, Inc. | | | 4,461,671 | | | | 3.1 | |
| 45,700 | | | | | | Newmont Mining Corp. | | | 2,678,477 | | | | 1.8 | |
| 64,500 | | | | @ | | PetroHawk Energy Corp. | | | 1,742,145 | | | | 1.2 | |
| 29,400 | | | | | | Range Resources Corp. | | | 1,659,630 | | | | 1.1 | |
| 112,560 | | | | | | Schlumberger Ltd. | | | 10,102,260 | | | | 7.0 | |
| 44,800 | | | | @ | | Tetra Technologies, Inc. | | | 661,696 | | | | 0.5 | |
| 14,158 | | | | @ | | Transocean Ltd. | | | 1,029,995 | | | | 0.7 | |
| 10,404 | | | | @ | | Unit Corp. | | | 655,660 | | | | 0.5 | |
| 18,044 | | | | | | United States Steel Corp. | | | 860,879 | | | | 0.6 | |
| 71,400 | | | | | | Valero Energy Corp. | | | 2,020,620 | | | | 1.4 | |
| 98,000 | | | | @ | | Weatherford International Ltd. | | | 2,114,840 | | | | 1.5 | |
| 76,508 | | | | | | Other Securities | | | 751,353 | | | | 0.5 | |
| | | | | | | | | | 95,017,273 | | | | 65.8 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $98,686,258) | | | 140,549,458 | | | | 97.3 | |
| |
SHORT-TERM INVESTMENTS: 2.6%
|
| | | | | | | |
| 3,787,000 | | | | | | BlackRock Liquidity Funds,TempFund, Institutional Class
(Cost $3,787,000) | | | 3,787,000 | | | | 2.6 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $3,787,000) | | | 3,787,000 | | | | 2.6 | |
| |
| | | | | | | Total Investments in Securities | | | | | | | | |
| | | | | | | (Cost $102,473,258)* | | $ | 144,336,458 | | | | 99.9 | |
| | | | | | | Assets in Excess of Other Liabilities | | | 146,547 | | | | 0.1 | |
| | | | | | | Net Assets | | $ | 144,483,005 | | | | 100.0 | |
See Accompanying Notes to Financial Statements
93
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
ING GLOBAL NATURAL RESOURCES FUND
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| @ | | Non-income producing security |
| |
| ADR | | American Depositary Receipt |
| |
| * | | Cost for federal income tax purposes is $106,395,047. |
| Net unrealized appreciation consists of: | | | | | | |
| Gross Unrealized Appreciation | | | | $ | 42,169,042 | |
| Gross Unrealized Depreciation | | | | | (4,227,631 | ) |
| Net Unrealized appreciation | | | | $ | 37,941,411 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Energy | | | | | 80.7 | % |
| Industrials | | | | | 0.6 | |
| Materials | | | | | 16.0 | |
| Short-Term Investments | | | | | 2.6 | |
| Other Assets and Liabilities — Net | | | | | 0.1 | |
Net Assets | | | | | 100.0 | % |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | — | | | $ | 1,422,537 | | | $ | — | | | $ | 1,422,537 | |
| Brazil | | | | | 914,585 | | | | — | | | | — | | | | 914,585 | |
| Canada | | | | | 31,795,790 | | | | — | | | | — | | | | 31,795,790 | |
| China | | | | | — | | | | 1,374,200 | | | | — | | | | 1,374,200 | |
| Italy | | | | | 915,794 | | | | — | | | | — | | | | 915,794 | |
| Japan | | | | | — | | | | 898,539 | | | | — | | | | 898,539 | |
| Netherlands | | | | | 3,050,620 | | | | — | | | | — | | | | 3,050,620 | |
| Russia | | | | | 3,346,529 | | | | — | | | | — | | | | 3,346,529 | |
| United Kingdom | | | | | 1,380,741 | | | | 432,850 | | | | — | | | | 1,813,591 | |
| United States | | | | | 95,017,273 | | | | — | | | | — | | | | 95,017,273 | |
| Total Common Stock | | | | | 136,421,332 | | | | 4,128,126 | | | | — | | | | 140,549,458 | |
| Short-Term Investments | | | | | 3,787,000 | | | | — | | | | — | | | | 3,787,000 | |
| Total Investments, at value | | | | $ | 140,208,332 | | | $ | 4,128,126 | | | $ | — | | | $ | 144,336,458 | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
See Accompanying Notes to Financial Statements
94
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
ING GLOBAL REAL ESTATE FUND
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 97.1%
|
| | | | | | | |
| 47,641,916 | | | | | | Dexus Property Group NPV | | $ | 46,071,555 | | | | 1.2 | |
| 43,523,027 | | | | | | Goodman Group. | | | 33,952,140 | | | | 0.9 | |
| 15,690,020 | | | | | | GPT Group | | | 54,503,580 | | | | 1.4 | |
| 12,887,560 | | | | | | Stockland | | | 53,504,316 | | | | 1.4 | |
| 7,070,532 | | | | | | Westfield Group | | | 70,066,884 | | | | 1.9 | |
| 16,091,181 | | | | | | Westfield Retail Trust | | | 46,739,261 | | | | 1.2 | |
| 54,318,309 | | | | | | Other Securities | | | 54,676,941 | | | | 1.5 | |
| | | | | | | | | | 359,514,677 | | | | 9.5 | |
| |
| | | | | | | |
| 504,600 | | | | | | Other Securities | | | 7,585,679 | | | | 0.2 | |
| |
| | | | | | | |
| 1,940,100 | | | | | | Brookfield Properties Corp. | | | 38,375,178 | | | | 1.0 | |
| 1,482,900 | | | | | | RioCan Real Estate Investment Trust | | | 39,731,031 | | | | 1.0 | |
| 1,646,200 | | | | | | Other Securities | | | 45,640,155 | | | | 1.3 | |
| | | | | | | | | | 123,746,364 | | | | 3.3 | |
| |
| | | | | | | |
| 10,715,000 | | | | | | Other Securities | | | 17,091,191 | | | | 0.5 | |
| |
| | | | | | | |
| 277,020 | | | | | | ICADE | | | 35,513,186 | | | | 0.9 | |
| 688,626 | | | | | | Unibail-Rodamco SE | | | 161,107,919 | | | | 4.2 | |
| 1,770,692 | | | | | | Other Securities | | | 87,812,849 | | | | 2.4 | |
| | | | | | | | | | 284,433,954 | | | | 7.5 | |
| |
| | | | | | | |
| 1,859,150 | | | | | | Other Securities | | | 27,313,474 | | | | 0.7 | |
| |
| | | | | | | |
| 6,155,763 | | | | | | Cheung Kong Holdings Ltd. | | | 97,153,028 | | | | 2.6 | |
| 9,087,900 | | | | | | Hongkong Land Holdings Ltd. | | | 68,152,071 | | | | 1.8 | |
| 13,749,000 | | | | | | Link REIT | | | 43,331,746 | | | | 1.1 | |
| 6,812,000 | | | | | | Sun Hung Kai Properties Ltd. | | | 106,692,968 | | | | 2.9 | |
| 4,146,346 | | | | | | Wharf Holdings Ltd. | | | 30,427,026 | | | | 0.8 | |
| 17,669,400 | | | | | | Other Securities | | | 86,463,686 | | | | 2.2 | |
| | | | | | | | | | 432,220,525 | | | | 11.4 | |
| |
| | | | | | | |
| 342,000 | | | | | | Daito Trust Construction Co., Ltd. | | | 27,360,013 | | | | 0.7 | |
| 3,675 | | | | | | Japan Real Estate Investment Corp. | | | 36,378,849 | | | | 1.0 | |
| 6,450,530 | | | | | | Mitsubishi Estate Co., Ltd. | | | 112,882,910 | | | | 3.0 | |
| 4,370,088 | | | | | | Mitsui Fudosan Co., Ltd. | | | 75,843,826 | | | | 2.0 | |
| 2,797 | | | | | | Nippon Building Fund, Inc. | | | 28,150,575 | | | | 0.7 | |
| 2,675,100 | | | | | | Sumitomo Realty & Development Co., Ltd. | | | 55,372,340 | | | | 1.5 | |
| 2,413,847 | | | | | | Other Securities | | | 124,173,724 | | | | 3.2 | |
| | | | | | | | | | 460,162,237 | | | | 12.1 | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 636,045 | | | | | | Other Securities | | $ | 43,210,036 | $ | | | 1.1 | |
| |
| | | | | | | |
| 1,436,757 | | | | | | Other Securities | | | 2,902,997 | | | | 0.1 | |
| |
| | | | | | | |
| 27,634,000 | | | | L | | CapitaCommercial Trust | | | 32,552,719 | | | | 0.9 | |
| 16,846,350 | | | | @ | | CapitaLand Ltd. | | | 46,854,487 | | | | 1.1 | |
| 25,489,600 | | | | @ | | Global Logistic Properties Ltd. | | | 40,213,032 | | | | 1.0 | |
| 24,320,891 | | | | | | Other Securities | | | 45,500,133 | | | | 1.3 | |
| | | | | | | | | | 165,120,371 | | | | 4.3 | |
| |
| | | | | | | |
| 1,271,730 | | | | | | Other Securities | | | 18,140,746 | | | | 0.5 | |
| |
| | | | | | | |
| 180,390 | | | | | | Other Securities | | | 15,046,403 | | | | 0.4 | |
| |
| | | | | | | |
| 3,041,617 | | | | | | British Land Co. PLC | | | 30,624,802 | | | | 0.8 | |
| 1,248,000 | | | | | | Derwent London PLC | | | 37,441,036 | | | | 1.0 | |
| 4,314,809 | | | | | | Land Securities Group PLC | | | 56,717,245 | | | | 1.4 | |
| 13,262,482 | | | | | | Other Securities | | | 58,994,023 | | | | 1.6 | |
| | | | | | | | | | 183,777,106 | | | | 4.8 | |
| |
| | | | | | | |
| 468,600 | | | | L | | Alexandria Real Estate Equities, Inc. | | | 38,495,490 | | | | 1.0 | |
| 877,200 | | | | L | | AMB Property Corp. | | | 31,930,080 | | | | 0.8 | |
| 1,414,900 | | | | | | Apartment Investment & Management Co. | | | 38,145,704 | | | | 1.0 | |
| 536,108 | | | | | | AvalonBay Communities, Inc. | | | 67,876,634 | | | | 1.8 | |
| 1,052,600 | | | | L | | Boston Properties, Inc. | | | 110,028,278 | | | | 2.9 | |
| 750,800 | | | | L | | BRE Properties, Inc. | | | 38,080,576 | | | | 1.0 | |
| 2,309,800 | | | | | | Developers Diversified Realty Corp. | | | 34,046,453 | | | | 0.9 | |
| 1,957,300 | | | | L | | Equity Residential | | | 116,889,955 | | | | 3.0 | |
| 477,900 | | | | | | Federal Realty Investment Trust | | | 41,844,924 | | | | 1.1 | |
| 3,599,111 | | | | | | General Growth Properties, Inc. | | | 60,105,154 | | | | 1.6 | |
| 1,487,129 | | | | L | | HCP, Inc. | | | 58,920,051 | | | | 1.6 | |
| 4,221,235 | | | | L | | Host Hotels & Resorts, Inc. | | | 75,095,771 | | | | 2.0 | |
| 1,359,775 | | | | | | Liberty Property Trust | | | 47,823,287 | | | | 1.3 | |
| 1,418,141 | | | | | | Macerich Co. | | | 74,906,208 | | | | 2.0 | |
| 995,300 | | | | | | Nationwide Health Properties, Inc. | | | 43,594,140 | | | | 1.1 | |
| 3,658,250 | | | | L | | ProLogis | | | 59,592,893 | | | | 1.6 | |
| 350,924 | | | | L | | Public Storage, Inc. | | | 41,166,894 | | | | 1.1 | |
| 804,030 | | | | | | Regency Centers Corp. | | | 37,837,652 | | | | 1.0 | |
| 1,186,950 | | | | L | | Simon Property Group, Inc. | | | 135,953,252 | | | | 3.5 | |
| 641,030 | | | | | | SL Green Realty Corp. | | | 52,904,206 | | | | 1.4 | |
See Accompanying Notes to Financial Statements
95
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
ING GLOBAL REAL ESTATE FUND
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: (continued) |
| | | | | | | United States: (continued) |
| 756,100 | | | | | | Starwood Hotels & Resorts Worldwide, Inc. | | $ | 45,040,877 | | | | 1.2 | |
| 1,933,055 | | | | | | UDR, Inc. | | | 50,046,794 | | | | 1.3 | |
| 1,125,502 | | | | | | Vornado Realty Trust | | | 108,813,533 | | | | 2.9 | |
| 4,069,800 | | | | | | Other Securities | | | 135,690,695 | | | | 3.6 | |
| | | | | | | | | | 1,544,829,501 | | | | 40.7 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $2,758,307,147) | | | 3,685,095,261 | | | | 97.1 | |
| |
SHORT-TERM INVESTMENTS: 4.3% |
| | | | | | | |
| 80,572,859 | | | | | | BNY Mellon Overnight Government Fund(1) | | | 80,572,859 | | | | 2.1 | |
| 2,745,317 | | | | R | | BNY Institutional Cash Reserves Fund, Series B(1)(2) | | | 2,196,253 | | | | 0.0 | |
| |
| | | | | | | Total Securities Lending | | | | | | | | |
| | | | | | | (Cost $83,318,176) | | | 82,769,112 | | | | 2.1 | |
| |
| | | | | | | |
| 82,174,804 | | | | | | BlackRock Liquidity Funds,TempFund, Institutional Class | | | | | | | | |
| | | | | | | (Cost $82,174,804) | | | 82,174,804 | | | | 2.2 | |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $165,492,980) | | | 164,943,916 | | | | 4.3 | |
| |
| | | | | | | Total Investments in Securities | | | | | | | | |
| | | | | | | (Cost $2,923,800,127)* | | $ | 3,850,039,177 | | | | 101.4 | |
| | | | | | | Liabilities in Excess of Other Assets | | | (52,945,522 ) | | | | (1.4 | ) |
| | | | | | | Net Assets | | $ | 3,797,093,655 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
|
| @ | | Non-income producing security |
| |
| R | | Restricted Security |
| |
| L | | Loaned security, a portion or all of the security is on loan at April 30, 2011. |
| |
| (1) | | Collateral received from brokers for securities lending was invested in these short-term investments. |
| |
| (2) | | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Portfolio’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. |
| |
| * | | Cost for federal income tax purposes is $3,188,867,342. |
| Net unrealized appreciation consists of: | | | | | | |
| Gross Unrealized Appreciation | | | | $ | 809,820,750 | |
| Gross Unrealized Depreciation | | | | | (148,648,915 | ) |
| Net Unrealized appreciation | | | | $ | 661,171,835 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 1.0 | % |
| Financials | | | | | 96.1 | |
| Short-Term Investments | | | | | 4.3 | |
| Other Assets and Liabilities — Net | | | | | (1.4 | ) |
Net Assets | | | | | 100.0 | % |
See Accompanying Notes to Financial Statements
96
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
ING GLOBAL REAL ESTATE FUND
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 46,739,261 | | | $ | 312,775,416 | | | $ | — | | | $ | 359,514,677 | |
| Brazil | | | | | 7,585,679 | | | | — | | | | — | | | | 7,585,679 | |
| Canada | | | | | 123,746,364 | | | | — | | | | — | | | | 123,746,364 | |
| China | | | | | — | | | | 17,091,191 | | | | — | | | | 17,091,191 | |
| France | | | | | 10,962,564 | | | | 273,471,390 | | | | — | | | | 284,433,954 | |
| Germany | | | | | 27,313,474 | | | | — | | | | — | | | | 27,313,474 | |
| Hong Kong | | | | | — | | | | 432,220,525 | | | | — | | | | 432,220,525 | |
| Japan | | | | | — | | | | 460,162,237 | | | | — | | | | 460,162,237 | |
| Netherlands | | | | | — | | | | 43,210,036 | | | | — | | | | 43,210,036 | |
| Norway | | | | | — | | | | 2,902,997 | | | | — | | | | 2,902,997 | |
| Singapore | | | | | — | | | | 165,120,371 | | | | — | | | | 165,120,371 | |
| Sweden | | | | | — | | | | 18,140,746 | | | | — | | | | 18,140,746 | |
| Switzerland | | | | | 15,046,403 | | | | — | | | | — | | | | 15,046,403 | |
| United Kingdom | | | | | 13,427,618 | | | | 170,349,488 | | | | — | | | | 183,777,106 | |
| United States | | | | | 1,544,829,501 | | | | — | | | | — | | | | 1,544,829,501 | |
| Total Common Stock | | | | | 1,789,650,864 | | | | 1,895,444,397 | | | | — | | | | 3,685,095,261 | |
| Short-Term Investments | | | | | 162,747,663 | | | | — | | | | 2,196,253 | | | | 164,943,916 | |
| Total Investments, at value | | | | $ | 1,952,398,527 | | | $ | 1,895,444,397 | | | $ | 2,196,253 | | | $ | 3,850,039,177 | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2011:
| | | | Beginning
Balance
10/31/2010
| | Purchases
| | Sales
| | Accrued
Discounts/
(Premiums)
| | Total
Realized
Gain/(Loss)
| | Total Unrealized
Appreciation/
(Depreciation)
| | Transfers
Into
Level 3
| | Transfers
Out of
Level 3
| | Ending
Balance
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short-Term Investments | | | | $ | 2,196,253 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,196,253 | |
| Total Investments, at value | | �� | | $ | 2,196,253 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,196,253 | |
As of April 30, 2011, the net change in unrealized appreciation or depreciation on Level 3 investments still held at period end and included in the change in net assets was $0.
Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period.
See Accompanying Notes to Financial Statements
97
ING GLOBAL VALUE CHOICE FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent of Net Assets
|
|---|
| |
COMMON STOCK: 92.6%
|
| | | | | | | |
| 1,006,500 | | | | | | Downer EDI Ltd. | | $ | 4,097,384 | | | | 0.6 | |
| 396,700 | | | | | | Newcrest Mining Ltd. | | | 18,067,552 | | | | 2.4 | |
| | | | | | | | | | 22,164,936 | | | | 3.0 | |
| |
| | | | | | | |
| 101,900 | | | | | | Other Securities | | | 3,603,184 | | | | 0.5 | |
| |
| | | | | | | |
| 780,941 | | | | | | Centrais Eletricas Brasileiras SA ADR | | | 14,634,834 | | | | 1.9 | |
| 484,551 | | | | | | Other Securities | | | 4,892,674 | | | | 0.7 | |
| | | | | | | | | | 19,527,508 | | | | 2.6 | |
| |
| | | | | | | |
| 6,968,000 | | | | | | Other Securities | | | 1,662,355 | | | | 0.2 | |
| |
| | | | | | | |
| 558,800 | | | | | | Barrick Gold Corp. | | | 28,504,388 | | | | 3.8 | |
| 892,000 | | | | | | Cameco Corp. | | | 26,296,160 | | | | 3.5 | |
| 801,100 | | | | @ | | Gabriel Resources Ltd. | | | 6,113,134 | | | | 0.8 | |
| 1,063,100 | | | | @, L | | Uranium Participation Corp. | | | 7,404,565 | | | | 1.0 | |
| 659,604 | | | | | | Other Securities | | | 8,912,584 | | | | 1.3 | |
| | | | | | | | | | 77,230,831 | | | | 10.4 | |
| |
| | | | | | | |
| 12,100,000 | | | | | | Other Securities | | | 1,023,120 | | | | 0.1 | |
| |
| | | | | | | |
| 861,751 | | | | @ | | Oriental Weavers | | | 4,564,945 | | | | 0.6 | |
| 1,138,420 | | | | | | Other Securities | | | 3,318,105 | | | | 0.5 | |
| | | | | | | | | | 7,883,050 | | | | 1.1 | |
| |
| | | | | | | |
| 105,485 | | | | @ | | Areva SA | | | 4,858,232 | | | | 0.6 | |
| 724,400 | | | | | | EDF SA | | | 30,471,025 | | | | 4.1 | |
| 493,800 | | | | L | | Thales SA | | | 21,811,461 | | | | 3.0 | |
| | | | | | | | | | 57,140,718 | | | | 7.7 | |
| |
| | | | | | | |
| 280,000 | | | | | | Other Securities | | | 3,525,760 | | | | 0.5 | |
| |
| | | | | | | |
| 300,000 | | | | | | Telekomunikasi Indonesia Tbk PT ADR | | | 10,842,000 | | | | 1.5 | |
| 4,799,500 | | | | | | Other Securities | | | 1,546,764 | | | | 0.2 | |
| | | | | | | | | | 12,388,764 | | | | 1.7 | |
| |
| | | | | | | |
| 1,135,000 | | | | | | ERG S.p.A. | | | 16,778,649 | | | | 2.3 | |
| |
| | | | | | | |
| 4,038,550 | | | | | | Chuo Mitsui Trust Holdings, Inc. | | | 13,903,671 | | | | 1.9 | |
| 2,480,000 | | | | | | Daiwa Securities Group, Inc. | | | 10,703,728 | | | | 1.4 | |
| 324,300 | | | | | | East Japan Railway Co. | | | 18,024,764 | | | | 2.5 | |
| |
COMMON STOCK: (continued)
|
| | | | | | | |
| 618,000 | | | | | | Kamigumi Co., Ltd. | | $ | 5,293,046 | | | | 0.7 | |
| 427,000 | | | | @ | | Kirin Holdings Co., Ltd. | | | 6,008,472 | | | | 0.8 | |
| 402,100 | | | | | | Mitsui & Co., Ltd. | | | 7,155,406 | | | | 1.0 | |
| 413,600 | | | | | | MS&AD Insurance Group Holdings | | | 9,685,628 | | | | 1.3 | |
| 563,100 | | | | | | Nippon Telegraph & Telephone Corp. | | | 26,238,977 | | | | 3.5 | |
| 88,100 | | | | | | Sankyo Co., Ltd. | | | 4,581,687 | | | | 0.6 | |
| 107,500 | | | | | | Shin-Etsu Chemical Co., Ltd. | | | 5,592,510 | | | | 0.8 | |
| 2,635,000 | | | | | | Sumitomo Osaka Cement Co., Ltd. | | | 7,164,490 | | | | 0.9 | |
| 806,000 | | | | @ | | Toppan Printing Co., Ltd. | | | 6,335,562 | | | | 0.9 | |
| 3,050 | | | | | | TV Asahi Corp. | | | 4,686,383 | | | | 0.7 | |
| 1,712 | | | | | | West Japan Railway Co. | | | 6,243,211 | | | | 0.8 | |
| 1,892,500 | | | | | | Other Securities | | | 18,060,056 | | | | 2.4 | |
| | | | | | | | | | 149,677,591 | | | | 20.2 | |
| |
| | | | | | | |
| 148,389 | | | | # | | Solidere GDR | | | 2,708,099 | | | | 0.4 | |
| |
| | | | | | | |
| 383,300 | | | | L | | Statoil ASA ADR | | | 11,234,523 | | | | 1.5 | |
| |
| | | | | | | |
| 459,408 | | | | | | Gazprom OAO ADR | | | 7,837,500 | | | | 1.1 | |
| 319,000 | | | | | | Polyus Gold OJSC ADR | | | 11,627,550 | | | | 1.6 | |
| 2,777,000 | | | | @, L | | Federal Hydrogenerating Co. JSC ADR | | | 14,477,454 | | | | 1.9 | |
| | | | | | | | | | 33,942,504 | | | | 4.6 | |
| |
| | | | | | | |
| 2,790,000 | | | | | | Singapore Telecommunications Ltd. | | | 7,121,827 | | | | 1.0 | |
| |
| | | | | | | |
| 136,000 | | | | | | AngloGold Ashanti Ltd ADR | | | 6,933,280 | | | | 0.9 | |
| 678,000 | | | | | | Gold Fields Ltd. | | | 12,126,950 | | | | 1.7 | |
| 16,900,000 | | | | | | Other Securities | | | 2,059,406 | | | | 0.3 | |
| | | | | | | | | | 21,119,636 | | | | 2.9 | |
| |
| | | | | | | |
| 659,500 | | | | | | Korea Electric Power Corp. ADR | | | 7,979,950 | | | | 1.1 | |
| 363,800 | | | | | | KT Corp. ADR | | | 7,385,140 | | | | 1.0 | |
| 595,400 | | | | | | SK Telecom Co., Ltd. ADR | | | 11,300,692 | | | | 1.5 | |
| | | | | | | | | �� | 26,665,782 | | | | 3.6 | |
| |
| | | | | | | |
| 306,800 | | | | | | Other Securities | | | 1,750,966 | | | | 0.2 | |
| |
| | | | | | | |
| 601,863 | | | | | | Turkcell Iletisim Hizmet AS ADR | | | 8,907,572 | | | | 1.2 | |
See Accompanying Notes to Financial Statements
98
ING GLOBAL VALUE CHOICE FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent of Net Assets
|
|---|
| |
COMMON STOCK: (continued)
|
| | | | | | | |
| 360,000 | | | | | | Stolt-Nielsen Ltd. | | $ | 8,714,215 | | | | 1.2 | |
| |
| | | | | | | |
| 355,000 | | | | | | Aetna, Inc. | | | 14,689,900 | | | | 2.0 | |
| 245,100 | | | | | | Best Buy Co., Inc. | | | 7,652,022 | | | | 1.0 | |
| 206,357 | | | | | | Chesapeake Energy Corp. | | | 6,948,040 | | | | 0.9 | |
| 950,600 | | | | | | Eli Lilly & Co. | | | 35,181,705 | | | | 4.9 | |
| 554,037 | | | | | | Exelon Corp. | | | 23,352,660 | | | | 3.2 | |
| 142,100 | | | | @ | | Forest Laboratories, Inc. | | | 4,712,036 | | | | 0.6 | |
| 145,800 | | | | | | Lockheed Martin Corp. | | | 11,554,650 | | | | 1.6 | |
| 690,000 | | | | | | Microsoft Corp. | | | 17,953,800 | | | | 2.4 | |
| 597,600 | | | | | | Newmont Mining Corp. | | | 35,025,336 | | | | 4.8 | |
| 362,000 | | | | | | Tyson Foods, Inc. | | | 7,203,800 | | | | 1.0 | |
| 258,650 | | | | | | Wal-Mart Stores, Inc. | | | 14,220,577 | | | | 1.9 | |
| 520,400 | | | | | | Other Securities | | | 10,427,690 | | | | 1.4 | |
| | | | | | | | | | 188,922,216 | | | | 25.7 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $606,548,729) | | | 683,693,806 | | | | 92.6 | |
| |
PREFERRED STOCK: 0.2%
|
| | | | | | | |
| 54,160 | | | | | | Other Securities | | | 1,819,400 | | | | 0.2 | |
| |
| | | | | | | Total Preferred Stock | | | | | | | | |
| | | | | | | (Cost $1,830,747) | | | 1,819,400 | | | | 0.2 | |
| |
| | | | | | | Total Long-Term Investments | | | | | | | | |
| | | | | | | (Cost $608,379,476) | | | 685,513,206 | | | | 92.8 | |
| |
SHORT-TERM INVESTMENTS: 9.6%
|
| | | | | | | |
| 20,090,311 | | | | | | BNY Mellon Overnight Government Fund(1) | | | 20,090,311 | | | | 2.7 | |
| 287,772 | | | | R | | BNY Institutional Cash Reserves Fund, Series B(1)(2) | | | 230,218 | | | | 0.0 | |
| |
| | | | | | | Total Securities Lending | | | | | | | | |
| | | | | | | (Cost $20,378,083) | | | 20,320,529 | | | | 2.7 | |
| |
| | | | | | | |
| 50,914,753 | | | | | | BlackRock Liquidity Funds,TempFund, Institutional Class | | | | | | | | |
| | | | | | | (Cost $50,914,753) | | | 50,914,753 | | | | 6.9 | |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $71,292,836) | | | 71,235,282 | | | | 9.6 | |
| | | | | | | Total Investments in Securities | | | | | | | | |
| | | | | | | (Cost $679,672,312)* | | $ | 756,748,488 | | | | 102.4 | |
| | | | | | | Liabilities in Excess of Other Assets | | | (17,493,284 | ) | | | (2.4 | ) |
| | | | | | | Net Assets | | $ | 739,255,204 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| # | | 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. |
| |
| @ | | Non-income producing security |
| |
| ADR | | American Depositary Receipt |
| |
| GDR | | Global Depositary Receipt |
| |
| R | | Restricted Security |
| |
| L | | Loaned security, a portion or all of the security is on loan at April 30, 2011. |
| |
| (1) | | Collateral received from brokers for securities lending was invested in these short-term investments. |
| |
| (2) | | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Portfolio’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. |
| |
| * | | Cost for federal income tax purposes is $685,577,508. |
| Net unrealized appreciation consists of: | | | | | | |
| Gross Unrealized Appreciation | | | | $ | 81,716,299 | |
| Gross Unrealized Depreciation | | | | | (10,545,319 | ) |
| Net Unrealized appreciation | | | | $ | 71,170,980 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 3.5 | % |
| Consumer Staples | | | | | 5.0 | |
| Energy | | | | | 10.5 | |
| Financials | | | | | 8.5 | |
| Health Care | | | | | 7.6 | |
| Industrials | | | | | 14.0 | |
| Information Technology | | | | | 3.4 | |
| Materials | | | | | 18.0 | |
| Telecommunications | | | | | 9.8 | |
| Utilities | | | | | 12.5 | |
| Short-Term Investments | | | | | 9.6 | |
| Other Assets and Liabilities — Net | | | | | (2.4 | ) |
Net Assets | | | | | 100.0 | % |
See Accompanying Notes to Financial Statements
99
ING GLOBAL VALUE CHOICE FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED)
|
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | — | | | $ | 22,164,936 | | | $ | — | | | $ | 22,164,936 | |
| Bermuda | | | | | 3,603,184 | | | | — | | | | — | | | | 3,603,184 | |
| Brazil | | | | | 19,527,508 | | | | — | | | | — | | | | 19,527,508 | |
| Cambodia | | | | | — | | | | 1,662,355 | | | | — | | | | 1,662,355 | |
| Canada | | | | | 77,230,831 | | | | — | | | | — | | | | 77,230,831 | |
| China | | | | | — | | | | — | | | | 1,023,120 | | | | 1,023,120 | |
| Egypt | | | | | — | | | | 7,883,050 | | | | — | | | | 7,883,050 | |
| France | | | | | 4,858,232 | | | | 52,282,486 | | | | — | | | | 57,140,718 | |
| Hong Kong | | | | | — | | | | 3,525,760 | | | | — | | | | 3,525,760 | |
| Indonesia | | | | | 10,842,000 | | | | 1,546,764 | | | | — | | | | 12,388,764 | |
| Italy | | | | | — | | | | 16,778,649 | | | | — | | | | 16,778,649 | |
| Japan | | | | | — | | | | 149,677,591 | | | | — | | | | 149,677,591 | |
| Lebanon | | | | | 2,708,099 | | | | — | | | | — | | | | 2,708,099 | |
| Norway | | | | | 11,234,523 | | | | — | | | | — | | | | 11,234,523 | |
| Russia | | | | | 19,465,050 | | | | 14,477,454 | | | | — | | | | 33,942,504 | |
| Singapore | | | | | — | | | | 7,121,827 | | | | — | | | | 7,121,827 | |
| South Africa | | | | | 8,992,686 | | | | 12,126,950 | | | | — | | | | 21,119,636 | |
| South Korea | | | | | 26,665,782 | | | | — | | | | — | | | | 26,665,782 | |
| Thailand | | | | | — | | | | 1,750,966 | | | | — | | | | 1,750,966 | |
| Turkey | | | | | 8,907,572 | | | | — | | | | — | | | | 8,907,572 | |
| United Kingdom | | | | | 8,714,215 | | | | — | | | | — | | | | 8,714,215 | |
| United States | | | | | 188,922,216 | | | | — | | | | — | | | | 188,922,216 | |
| Total Common Stock | | | | | 391,671,898 | | | | 290,998,788 | | | | 1,023,120 | | | | 683,693,806 | |
| Preferred Stock | | | | | 1,819,400 | | | | — | | | | — | | | | 1,819,400 | |
| Short-Term Investments | | | | | 71,005,064 | | | | — | | | | 230,218 | | | | 71,235,282 | |
| Total Investments, at value | | | | $ | 464,496,362 | | | $ | 290,998,788 | | | $ | 1,253,338 | | | $ | 756,748,488 | |
| |
Liabilities Table | | | | | | | | | | | | | | | | | | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | — | | | $ | (160 | ) | | $ | — | | | $ | (160 | ) |
| Total Liabilities | | | | $ | — | | | $ | (160 | ) | | $ | — | | | $ | (160 | ) |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
See Accompanying Notes to Financial Statements
100
ING GLOBAL VALUE CHOICE FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED)
|
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2011:
| | | | Beginning
Balance
10/31/2010
| | Purchases
| | Sales
| | Accrued
Discounts/
(Premiums)
| | Total
Realized
Gain/(Loss)
| | Total Unrealized
Appreciation/
(Depreciation)
| | Transfers
Into
Level 3
| | Transfers
Out of
Level 3
| | Ending
Balance
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,023,120 | | | $ | — | | | $ | 1,023,120 | |
| Short-Term Investments | | | | | 230,218 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 230,218 | |
| Total Investments, at value | | | | $ | 230,218 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,023,120 | | | $ | — | | | $ | 1,253,338 | |
As of April 30, 2011, the net change in unrealized appreciation or depreciation on Level 3 investments still held at period end and included in the change in net assets was $0.
Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period.
At April 30, 2011, the following forward foreign currency contracts were outstanding for the ING Global Value Choice Fund:
Counterparty
| | | | Currency
| | Contract
Amount
| | Buy/Sell
| | Settlement
Date
| | In Exchange For
| | Fair Value
| | Unrealized
Appreciation
(Depreciation)
|
|---|
| Brown Brothers Harriman & Co. | | | | Japanese Yen | | 2,603,763 | | Sell | | 05/09/11 | | $ | 31,941 | | | $ | 32,101 | | | $(160) |
| | | | | | | | | | | | | | | | | | | | | $(160) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of April 30, 2011 was as follows:
Derivatives not accounted for as
hedging instruments
| | | | Location on Statement
of Assets and Liabilities
| | Fair Value
|
|---|
Liability Derivatives
| | | | | | | | |
| Foreign exchange contracts | | | | Unrealized depreciation on forward foreign currency contracts | | | $160 | |
Total Liability Derivatives | | | | | | | $160 | |
The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2011 was as follows:
| | | | Amount of Realized Gain or (Loss)
on Derivatives Recognized in Income
| |
|---|
Derivatives not accounted for as hedging instruments
| | | | Foreign currency related transactions*
| |
|---|
| Foreign exchange contracts | | | | | $370,773 | | | | | |
Total | | | | | $370,773 | | | | | |
| | | | Change in Unrealized Appreciation
or Depreciation on Derivatives
Recognized in Income
| |
|---|
Derivatives not accounted for as hedging instruments
| | | | Foreign currency related transactions*
| |
|---|
| Foreign exchange contracts | | | | | $(160) | | | | | |
Total | | | | | $(160) | | | | | |
| * | | Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions. |
See Accompanying Notes to Financial Statements
101
ING EMERGING VALUE COUNTRIES FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 92.9% |
| | | | | | | |
| 217,147 | | | | | | Aquarius Platinum Ltd. | | $ | 1,251,709 | | | | 0.7 | |
| |
| | | | | | | |
| 194,062 | | | | | | SA | | | 1,456,822 | | | | 0.8 | |
| 83,784 | | | | | | Itau Unibanco Holding SA ADR | | | 1,989,869 | | | | 1.2 | |
| 193,587 | | | | @ | | OGX Petroleo e Gas Participacoes SA | | | 2,045,141 | | | | 1.2 | |
| 50,707 | | | | | | Petroleo Brasileiro SA ADR | | | 1,692,093 | | | | 1.0 | |
| 194,269 | | | | | | Petroleo Brasileiro SA | | | 3,552,706 | | | | 2.1 | |
| 39,125 | | | | | | Vale SA ADR | | | 1,306,775 | | | | 0.7 | |
| 97,836 | | | | | | Vale SA | | | 3,209,583 | | | | 1.9 | |
| 629,448 | | | | | | Other Securities | | | 9,204,651 | | | | 5.1 | |
| | | | | | | | | | 24,457,640 | | | | 14.0 | |
| |
| | | | | | | |
| 53,890 | | | | | | Pacific Rubiales Energy Corp. | | | 1,637,518 | | | | 0.9 | |
| |
| | | | | | | |
| 3,254,618 | | | | | | China Construction Bank | | | 3,081,870 | | | | 1.8 | |
| 1,357,000 | | | | | | China Shanshui Cement Group Ltd. | | | 1,521,825 | | | | 0.8 | |
| 417,000 | | | | | | China Yurun Food Group Ltd. | | | 1,532,145 | | | | 1.0 | |
| 735,000 | | | | | | CNOOC Ltd. | | | 1,826,899 | | | | 1.0 | |
| 3,641,525 | | | | | | Industrial & Commercial Bank of China | | | 3,088,789 | | | | 1.8 | |
| 510,739 | | | | | | Yanzhou Coal Mining Co., Ltd. | | | 2,008,997 | | | | 1.2 | |
| 9,595,408 | | | | | | Other Securities | | | 14,211,249 | | | | 8.1 | |
| | | | | | | | | | 27,271,774 | | | | 15.7 | |
| |
| | | | | | | |
| 5,478 | | | | | | Komercni Banka AS | | | 1,444,168 | | | | 0.8 | |
| |
| | | | | | | |
| 163,387 | | | | | | Other Securities | | | 756,403 | | | | 0.4 | |
| |
| | | | | | | |
| 272,000 | | | | | | China Mobile Ltd. | | | 2,501,987 | | | | 1.5 | |
| 4,440,640 | | | | | | Other Securities | | | 4,622,038 | | | | 2.6 | |
| | | | | | | | | | 7,124,025 | | | | 4.1 | |
| |
| | | | | | | |
| 26,680 | | | | | | Other Securities | | | 1,549,819 | | | | 0.9 | |
| |
| | | | | | | |
| 112,634 | | | | | | Housing Development Finance Corp. | | | 1,801,845 | | | | 1.1 | |
| 51,632 | | | | | | ICICI Bank Ltd. | | | 1,304,815 | | | | 0.7 | |
| 38,529 | | | | | | Infosys Technologies Ltd. | | | 2,532,953 | | | | 1.4 | |
| 47,322 | | | | | | Larsen & Toubro Ltd. | | | 1,709,922 | | | | 1.0 | |
| 536,554 | | | | | | Other Securities | | | 5,482,333 | | | | 3.1 | |
| | | | | | | | | | 12,831,868 | | | | 7.3 | |
| |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 1,685,796 | | | | | | Bank Mandiri Persero TBK PT | | $ | 1,409,957 | | | | 0.8 | |
| 1,448,000 | | | | | | Telekomunikasi Indonesia Tbk PT | | | 1,305,150 | | | | 0.7 | |
| 4,110,400 | | | | | | Other Securities | | | 3,072,189 | | | | 1.8 | |
| | | | | | | | | | 5,787,296 | | | | 3.3 | |
| |
| | | | | | | |
| 64,441 | | | | | | Other Securities | | | 2,179,210 | | | | 1.2 | |
| |
| | | | | | | |
| 518,700 | | | | | | Other Securities | | | 1,598,821 | | | | 0.9 | |
| |
| | | | | | | |
| 56,108 | | | | | | America Movil SAB de CV ADR | | | 3,209,377 | | | | 1.8 | |
| 427,548 | | | | @ | | Wal-Mart de Mexico SA de CV | | | 1,337,051 | | | | 0.8 | |
| 284,541 | | | | | | Other Securities | | | 1,081,393 | | | | 0.6 | |
| | | | | | | | | | 5,627,821 | | | | 3.2 | |
| |
| | | | | | | |
| 21,733 | | | | | | Other Securities | | | 768,698 | | | | 0.4 | |
| |
| | | | | | | |
| 7,510 | | | | | | Other Securities | | | 436,707 | | | | 0.2 | |
| |
| | | | | | | |
| 7,934 | | | | | | Other Securities | | | 222,152 | | | | 0.1 | |
| |
| | | | | | | |
| 3,276,200 | | | | | | Other Securities | | | 517,541 | | | | 0.3 | |
| |
| | | | | | | |
| 315,076 | | | | | | Gazprom OAO ADR | | | 5,375,196 | | | | 3.0 | |
| 32,671 | | | | | | Lukoil-Spon ADR | | | 2,277,169 | | | | 1.3 | |
| 55,487 | | | | | | Mechel OAO ADR | | | 1,585,264 | | | | 0.9 | |
| 13,286 | | | | | | NovaTek OAO GDR | | | 1,873,618 | | | | 1.1 | |
| 956,726 | | | | | | Sberbank of Russian Federation | | | 3,489,891 | | | | 2.0 | |
| | | | | | | | | | 14,601,138 | | | | 8.3 | |
| |
| | | | | | | |
| 25,019 | | | | | | AngloGold Ashanti Ltd | | | 1,274,093 | | | | 0.7 | |
| 95,390 | | | | | | Imperial Holdings Ltd. | | | 1,716,336 | | | | 1.0 | |
| 79,583 | | | | | | MTN Group Ltd. | | | 1,770,113 | | | | 1.0 | |
| 45,767 | | | | | | Naspers Ltd. | | | 2,756,188 | | | | 1.6 | |
| 82,066 | | | | | | Standard Bank Group Ltd. | | | 1,288,890 | | | | 0.7 | |
| | | | | | | | | | 8,805,620 | | | | 5.0 | |
| |
| | | | | | | |
| 110,480 | | | | @ | | BS Financial Group, Inc. | | | 1,608,256 | | | | 0.9 | |
| 6,080 | | | | | | Hyundai Mobis | | | 2,039,283 | | | | 1.2 | |
| 36,640 | | | | | | KB Financial Group, Inc. | | | 1,964,104 | | | | 1.1 | |
| 30,571 | | | | | | Kia Motors Corp. | | | 2,199,235 | | | | 1.2 | |
| 4,511 | | | | | | LG Chem Ltd. | | | 2,241,147 | | | | 1.3 | |
See Accompanying Notes to Financial Statements
102
ING EMERGING VALUE COUNTRIES FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 5,380 | | | | | | POSCO | | $ | 2,360,935 | | | | 1.3 | |
| 6,118 | | | | | | Samsung Electronics Co., Ltd. | | | 5,110,249 | | | | 3.0 | |
| 9,940 | | | | | | Samsung Engineering Co. Ltd | | | 2,210,637 | | | | 1.3 | |
| 87,720 | | | | | | Other Securities | | | 4,068,595 | | | | 2.3 | |
| | | | | | | | | | 23,802,441 | | | | 13.6 | |
| |
| | | | | | | |
| 1,941,733 | | | | | | Chinatrust Financial Holding Co., Ltd. | | | 1,783,952 | | | | 1.0 | |
| 1,047,748 | | | | | | Far Eastern New Century Corp. | | | 1,649,511 | | | | 0.9 | |
| 501,300 | | | | | | HON HAI Precision Industry Co., Ltd. | | | 1,903,698 | | | | 1.1 | |
| 1,409,431 | | | | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 3,645,475 | | | | 2.1 | |
| 2,369,997 | | | | | | Other Securities | | | 3,478,868 | | | | 2.0 | |
| | | | | | | | | | 12,461,504 | | | | 7.1 | |
| |
| | | | | | | |
| 444,000 | | | | | | Siam Commercial Bank PCL | | | 1,727,973 | | | | 1.0 | |
| 154,300 | | | | | | Other Securities | | | 957,630 | | | | 0.5 | |
| | | | | | | | | | 2,685,603 | | | | 1.5 | |
| |
| | | | | | | |
| 423,863 | | | | | | Other Securities | | | 2,657,945 | | | | 1.5 | |
| |
| | | | | | | |
| 37,292 | | | | | | Vedanta Resources PLC | | | 1,456,230 | | | | 0.9 | |
| 57,800 | | | | | | Other Securities | | | 1,118,581 | | | | 0.6 | |
| | | | | | | | | | 2,574,811 | | | | 1.5 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $120,558,793) | | | 163,052,232 | | | | 92.9 | |
| |
EXCHANGE-TRADED FUNDS: 5.1%
|
| | | | | | | |
| 935,700 | | | | | | iShares FTSE/Xinhua A50 CHINA Index ETF | | | 1,614,470 | | | | 0.9 | |
| |
| | | | | | | |
| 221,992 | | | | | | iShares MSCI Malaysia Index Fund | | | 3,332,100 | | | | 1.9 | |
| |
| | | | | | | |
| 249,332 | | | | L | | iShares MSCI Taiwan Index Fund | | | 3,989,312 | | | | 2.3 | |
| |
| | | | | | | Total Exchange-Traded Funds | | | | | | | | |
| | | | | | | (Cost $8,350,095) | | | 8,935,882 | | | | 5.1 | |
| |
PREFERRED STOCK: 1.8%
|
| | | | | | | |
| 65,916 | | | | | | Cia Energetica de Minas Gerais | | | 1,341,616 | | | | 0.8 | |
| 26,200 | | | | #, @ | | Itau Unibanco Holding SA ADR | | | 622,250 | | | | 0.4 | |
| |
PREFERRED STOCK: (continued)
|
| | | | | | | |
| 95,243 | | | | | | Other Securities | | $ | 1,135,143 | | | | 0.6 | |
| |
| | | | | | | Total Preferred Stock | | | | | | | | |
| | | | | | | (Cost $2,903,485) | | | 3,099,009 | | | | 1.8 | |
| |
| | | | | | | Total Long-Term Investments | | | | | | | | |
| | | | | | | (Cost $131,812,373) | | | 175,087,123 | | | | 99.8 | |
| |
SHORT-TERM INVESTMENTS: 1.6%
|
| | | | | | | |
| 2,645,600 | | | | | | BNY Mellon Overnight Government Fund(1) | | | 2,645,600 | | | | 1.5 | |
| 161,615 | | | | R | | BNY Institutional Cash Reserves Fund, Series B(1)(2) | | | 129,292 | | | | 0.1 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $2,807,215) | | | 2,774,892 | | | | 1.6 | |
| |
| | | | | | | Total Investments in Securities | | | | | | | | |
| | | | | | | (Cost $134,619,588)* | | $ | 177,862,015 | | | | 101.4 | |
| | | | | | | Liabilities in Excess of Other Assets | | | (2,533,979 | ) | | | (1.4 | ) |
| | | | | | | Net Assets | | $ | 175,328,036 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| # | | 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. |
| |
| @ | | Non-income producing security |
| |
| ADR | | American Depositary Receipt |
| |
| GDR | | Global Depositary Receipt |
| |
| R | | Restricted Security |
| |
| L | | Loaned security, a portion or all of the security is on loan at April 30, 2011. |
| |
| (1) | | Collateral received from brokers for securities lending was invested in these short-term investments. |
| |
| (2) | | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Portfolio’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. |
| |
| * | | Cost for federal income tax purposes is $140,099,712. |
| | Net unrealized appreciation consists of: | | | | | | |
| | Gross Unrealized Appreciation | | | | $ | 45,359,095 | |
| | Gross Unrealized Depreciation | | | | | (7,596,792 | ) |
| | Net Unrealized appreciation | | | | $ | 37,762,303 | |
See Accompanying Notes to Financial Statements
103
ING EMERGING VALUE COUNTRIES FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 8.0 | % |
| Consumer Staples | | | | | 5.3 | |
| Energy | | | | | 15.1 | |
| Financials | | | | | 26.0 | |
| Industrials | | | | | 6.7 | |
| Information Technology | | | | | 10.4 | |
| Materials | | | | | 14.9 | |
| Telecommunications | | | | | 6.6 | |
| Utilities | | | | | 1.7 | |
| Other Long-Term Investments | | | | | 5.1 | |
| Short-Term Investments | | | | | 1.6 | |
| Other Assets and Liabilities — Net | | | | | (1.4 | ) |
Net Assets | | | | | 100.0 | % |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | — | | | $ | 1,251,709 | | | $ | — | | | $ | 1,251,709 | |
| Brazil | | | | | 22,467,771 | | | | 1,989,869 | | | | — | | | | 24,457,640 | |
| Canada | | | | | 1,637,518 | | | | — | | | | — | | | | 1,637,518 | |
| China | | | | | 918,188 | | | | 26,353,586 | | | | — | | | | 27,271,774 | |
| Czech Republic | | | | | — | | | | 1,444,168 | | | | — | | | | 1,444,168 | |
| Egypt | | | | | — | | | | 756,403 | | | | — | | | | 756,403 | |
| Hong Kong | | | | | — | | | | 7,124,025 | | | | — | | | | 7,124,025 | |
| Hungary | | | | | — | | | | 1,549,819 | | | | — | | | | 1,549,819 | |
| India | | | | | — | | | | 12,831,868 | | | | — | | | | 12,831,868 | |
| Indonesia | | | | | — | | | | 5,787,296 | | | | — | | | | 5,787,296 | |
| Luxembourg | | | | | 984,226 | | | | 1,194,984 | | | | — | | | | 2,179,210 | |
| Malaysia | | | | | 717,630 | | | | 881,191 | | | | — | | | | 1,598,821 | |
| Mexico | | | | | 5,627,821 | | | | — | | | | — | | | | 5,627,821 | |
| Netherlands | | | | | — | | | | 768,698 | | | | — | | | | 768,698 | |
| Panama | | | | | 436,707 | | | | — | | | | — | | | | 436,707 | |
| Peru | | | | | 222,152 | | | | — | | | | — | | | | 222,152 | |
| Philippines | | | | | — | | | | 517,541 | | | | — | | | | 517,541 | |
| Russia | | | | | 12,727,520 | | | | 1,873,618 | | | | — | | | | 14,601,138 | |
| South Africa | | | | | — | | | | 8,805,620 | | | | — | | | | 8,805,620 | |
| South Korea | | | | | 1,608,256 | | | | 22,194,185 | | | | — | | | | 23,802,441 | |
| Taiwan | | | | | — | | | | 12,461,504 | | | | — | | | | 12,461,504 | |
| Thailand | | | | | — | | | | 2,685,603 | | | | — | | | | 2,685,603 | |
| Turkey | | | | | — | | | | 2,657,945 | | | | — | | | | 2,657,945 | |
| United Kingdom | | | | | 695,410 | | | | 1,879,401 | | | | — | | | | 2,574,811 | |
| Total Common Stock | | | | | 48,043,199 | | | | 115,009,033 | | | | — | | | | 163,052,232 | |
| Exchange-Traded Funds | | | | | 8,935,882 | | | | — | | | | — | | | | 8,935,882 | |
| Preferred Stock | | | | | 2,476,759 | | | | 622,250 | | | | — | | | | 3,099,009 | |
| Short-Term Investments | | | | | 2,645,600 | | | | — | | | | 129,292 | | | | 2,774,892 | |
| Total Investments, at value | | | | $ | 62,101,440 | | | $ | 115,631,283 | | | $ | 129,292 | | | $ | 177,862,015 | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
See Accompanying Notes to Financial Statements
104
ING EMERGING VALUE COUNTRIES FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2011:
| | | | Beginning
Balance
10/31/2010
| | Purchases
| | Sales
| | Accrued
Discounts/
(Premiums)
| | Total
Realized
Gain/(Loss)
| | Total Unrealized
Appreciation/
(Depreciation)
| | Transfers
Into
Level 3
| | Transfers
Out of
Level 3
| | Ending
Balance
4/30/2011
|
|---|
Asset Table | | | �� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | $ | 683,409 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (683,409 | ) | | $ | — | |
| Short-Term Investments | | | | | 129,292 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 129,292 | |
| Total Investments, at value | | | | $ | 812,701 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (683,409 | ) | | $ | 129,292 | |
As of April 30, 2011, the net change in unrealized appreciation or depreciation on Level 3 investments still held at period end and included in the change in net assets was $0.
Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period.
See Accompanying Notes to Financial Statements
105
ING GLOBAL OPPORTUNITIES FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 93.9% |
| | | | | | | |
| 3,982 | | | | | | Other Securities | | $ | 384,343 | | | | 0.4 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 23,281 | | | | | | Petroleo Brasileiro SA ADR | | | 869,080 | | | | 0.9 | |
| 95,949 | | | | | | SLC Agricola SA | | | 1,206,376 | | | | 1.2 | |
| 134,425 | | | | | | Other Securities | | | 1,542,976 | | | | 1.5 | |
| | | | | | | | | | 3,618,432 | | | | 3.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 31,190 | | | | | | Suncor Energy, Inc. | | | 1,437,611 | | | | 1.4 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 255,000 | | | | | | China Yurun Food Group Ltd. | | | 936,923 | | | | 0.9 | |
| 1,814,475 | | | | | | Other Securities | | | 2,861,949 | | | | 2.9 | |
| | | | | | | | | | 3,798,872 | | | | 3.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 13,666 | | | | | | Other Securities | | | 893,919 | | | | 0.9 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 6,923 | | | | | | LVMH Moet Hennessy Louis Vuitton SA | | | 1,242,937 | | | | 1.2 | |
| 23,735 | | | | | | Other Securities | | | 1,551,444 | | | | 1.6 | |
| | | | | | | | | | 2,794,381 | | | | 2.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 5,333 | | | | | | Allianz SE | | | 837,875 | | | | 0.8 | |
| 9,135 | | | | @ | | BASF SE | | | 938,019 | | | | 0.9 | |
| 18,425 | | | | | | Bayer AG | | | 1,617,618 | | | | 1.7 | |
| 5,678 | | | | | | Siemens AG | | | 825,916 | | | | 0.8 | |
| | | | | | | | | | 4,219,428 | | | | 4.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 207,000 | | | | | | China Resources Enterprise | | | 835,909 | | | | 0.8 | |
| 2,098,393 | | | | | | Other Securities | | | 1,205,531 | | | | 1.2 | |
| | | | | | | | | | 2,041,440 | | | | 2.0 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 254,757 | | | | | | Astra International Tbk PT | | | 1,674,352 | | | | 1.7 | |
| 2,278,392 | | | | | | Bank Mandiri Persero TBK PT | | | 1,905,589 | | | | 1.9 | |
| 1,331,500 | | | | | | Other Securities | | | 535,034 | | | | 0.5 | |
| | | | | | | | | | 4,114,975 | | | | 4.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 35,000 | | | | | | Other Securities | | | 519,959 | | | | 0.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 23,128 | | | | | | Honda Motor Co., Ltd. | | | 889,136 | | | | 0.9 | |
| 49,000 | | | | | | Mitsubishi Estate Co., Ltd. | | | 857,490 | | | | 0.9 | |
| 52,700 | | | | | | Mitsui & Co., Ltd. | | | 937,801 | | | | 0.8 | |
| 473,519 | | | | | | Other Securities | | | 5,203,553 | | | | 5.2 | |
| | | | | | | | | | 7,887,980 | | | | 7.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 30,969 | | | | | | Other Securities | | | 474,583 | | | | 0.5 | |
| | | | | | | | | | | | | | | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 246,614 | | | | | | Other Securities | | $ | 608,410 | | | | 0.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 11,935 | | | | | | Akzo Nobel NV | | | 925,419 | | | | 0.9 | |
| 38,544 | | | | | | Unilever NV | | | 1,268,895 | | | | 1.3 | |
| 54,333 | | | | | | Other Securities | | | 1,193,375 | | | | 1.2 | |
| | | | | | | | | | 3,387,689 | | | | 3.4 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 41,997 | | | | | | Other Securities | | | 725,527 | | | | 0.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 69,392 | | | | | | Powszechna Kasa Oszczednosci Bank Polski SA | | | 1,194,141 | | | | 1.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 108,784 | | | | | | Gazprom OAO ADR | | | 1,855,855 | | | | 1.8 | |
| | | | | | | | | | | | | | �� | |
| | | | | | | |
| 117,000 | | | | | | Oversea-Chinese Banking Corp., Ltd. | | | 913,679 | | | | 0.9 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 21,311 | | | | | | Shinhan Financial Group Co., Ltd. | | | 1,045,477 | | | | 1.1 | |
| 893 | | | | | | Other Securities | | | 745,906 | | | | 0.7 | |
| | | | | | | | | | 1,791,383 | | | | 1.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 29,841 | | | | | | Other Securities | | | 801,684 | | | | 0.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 40,619 | | | | @ | | ABB Ltd. | | | 1,121,705 | | | | 1.1 | |
| 15,650 | | | | | | Compagnie Financiere Richemont SA | | | 1,012,229 | | | | 1.0 | |
| 32,384 | | | | | | Credit Suisse Group AG | | | 1,474,012 | | | | 1.5 | |
| 76,162 | | | | @ | | UBS AG | | | 1,524,197 | | | | 1.5 | |
| 34,661 | | | | | | Other Securities | | | 2,075,858 | | | | 2.1 | |
| | | | | | | | | | 7,208,001 | | | | 7.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 57,321 | | | | | | BG Group PLC | | | 1,476,100 | | | | 1.4 | |
| 20,236 | | | | | | BHP Billiton PLC | | | 855,575 | | | | 0.9 | |
| 190,889 | | | | | | BP PLC | | | 1,467,409 | | | | 1.5 | |
| 140,760 | | | | | | HSBC Holdings PLC | | | 1,535,389 | | | | 1.5 | |
| 23,757 | | | | | | Imperial Tobacco Group PLC | | | 837,963 | | | | 0.8 | |
| 152,954 | | | | | | Other Securities | | | 2,283,020 | | | | 2.3 | |
| | | | | | | | | | 8,455,456 | | | | 8.4 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 34,683 | | | | @ | | Adobe Systems, Inc. | | | 1,163,615 | | | | 1.2 | |
| 5,700 | | | | @ | | Apple, Inc. | | | 1,984,912 | | | | 2.1 | |
| 401,341 | | | | @ | | Citigroup, Inc. | | | 1,842,155 | | | | 1.9 | |
| 12,000 | | | | @ | | Citrix Systems, Inc. | | | 1,012,080 | | | | 1.0 | |
See Accompanying Notes to Financial Statements
106
ING GLOBAL OPPORTUNITIES FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: (continued) |
| | | | | | | United States: (continued) |
| 15,366 | | | | | | Exxon Mobil Corp. | | $ | 1,352,208 | | | | 1.3 | |
| 2,400 | | | | @ | | Google, Inc. | | | 1,305,840 | | | | 1.3 | |
| 30,751 | | | | | | Hewlett-Packard Co. | | | 1,241,418 | | | | 1.2 | |
| 21,659 | | | | | | JPMorgan Chase & Co. | | | 988,300 | | | | 1.0 | |
| 21,775 | | | | @ | | Juniper Networks, Inc. | | | 834,636 | | | | 0.8 | |
| 15,207 | | | | | | Marathon Oil Corp. | | | 821,786 | | | | 0.8 | |
| 16,514 | | | | | | Mead Johnson Nutrition Co. | | | 1,104,456 | | | | 1.1 | |
| 72,000 | | | | @ | | NetApp, Inc. | | | 3,742,561 | | | | 3.8 | |
| 9,066 | | | | | | Occidental Petroleum Corp. | | | 1,036,153 | | | | 1.0 | |
| 18,901 | | | | @ | | Southwestern Energy Co. | | | 828,998 | | | | 0.8 | |
| 41,693 | | | | @ | | Symantec Corp. | | | 819,267 | | | | 0.8 | |
| 16,096 | | | | @ | | Teradata Corp. | | | 900,088 | | | | 0.9 | |
| 17,685 | | | | @ | | Thermo Fisher Scientific, Inc. | | | 1,060,923 | | | | 1.0 | |
| 70,719 | | | | @ | | Weatherford International Ltd. | | | 1,526,117 | | | | 1.6 | |
| 32,293 | | | | | | Wells Fargo & Co. | | | 940,049 | | | | 0.9 | |
| 305,070 | | | | | | Other Securities | | | 10,731,742 | | | | 10.6 | |
| | | | | | | | | | 35,237,304 | | | | 35.1 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $74,793,548) | | | 94,365,052 | | | | 93.9 | |
| |
EXCHANGE-TRADED FUNDS: 2.1%
|
| | | | | | | |
| 29,221 | | | | L | | SPDR S&P Biotech ETF | | | 2,156,218 | | | | 2.1 | |
| |
| | | | | | | Total Exchange-Traded Funds | | | | | | | | |
| | | | | | | (Cost $1,454,765) | | | 2,156,218 | | | | 2.1 | |
| |
| | | | | | | Total Long-Term Investments | | | | | | | | |
| | | | | | | (Cost $76,248,313) | | | 96,521,270 | | | | 96.0 | |
| |
SHORT-TERM INVESTMENTS: 0.5%
|
| | | | | | | |
| 359,117 | | | | | | BNY Mellon Overnight Government Fund(1) | | | 359,117 | | | | 0.4 | |
| 173,707 | | | | R | | BNY Institutional Cash Reserves Fund, Series B(1)(2) | | | 138,966 | | | | 0.1 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $532,824) | | | 498,083 | | | | 0.5 | |
| |
| | | | | | | Total Investments in Securities
(Cost $76,781,137)* | | $ | 97,019,353 | | | | 96.5 | |
| | | | | | | Assets in Excess of
Other Liabilities | | | 3,483,368 | | | | 3.5 | |
| | | | | | | Net Assets | | $ | 100,502,721 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| @ | | Non-income producing security |
| |
| ADR | | American Depositary Receipt |
| |
| R | | Restricted Security |
| |
| L | | Loaned security, a portion or all of the security is on loan at April 30, 2011. |
| |
| (1) | | Collateral received from brokers for securities lending was invested in these short-term investments. |
| |
| (2) | | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Portfolio’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. |
| |
| * | | Cost for federal income tax purposes is $77,301,394. |
| | Net unrealized appreciation consists of: | | | | | | |
| | Gross Unrealized Appreciation | | | | $ | 21,323,473 | |
| | Gross Unrealized Depreciation | | | | | (1,605,514 | ) |
| | Net Unrealized appreciation | | | | $ | 19,717,959 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 7.3 | % |
| Consumer Staples | | | | | 7.8 | |
| Energy | | | | | 15.9 | |
| Financials | | | | | 19.9 | |
| Health Care | | | | | 7.0 | |
| Industrials | | | | | 8.9 | |
| Information Technology | | | | | 17.1 | |
| Materials | | | | | 7.4 | |
| Telecommunications | | | | | 2.1 | |
| Utilities | | | | | 0.5 | |
| Other Long-Term Investments | | | | | 2.1 | |
| Short-Term Investments | | | | | 0.5 | |
| Other Assets and Liabilities — Net | | | | | 3.5 | |
Net Assets | | | | | 100.0 | % |
See Accompanying Notes to Financial Statements
107
ING GLOBAL OPPORTUNITIES FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs #
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Bermuda | | | | $ | 384,343 | | | $ | — | | | $ | — | | | $ | 384,343 | |
| Brazil | | | | | 3,618,432 | | | | — | | | | — | | | | 3,618,432 | |
| Canada | | | | | 1,437,611 | | | | — | | | | — | | | | 1,437,611 | |
| China | | | | | — | | | | 3,798,872 | | | | — | | | | 3,798,872 | |
| Denmark | | | | | — | | | | 893,919 | | | | — | | | | 893,919 | |
| France | | | | | — | | | | 2,794,381 | | | | — | | | | 2,794,381 | |
| Germany | | | | | — | | | | 4,219,428 | | | | — | | | | 4,219,428 | |
| Hong Kong | | | | | — | | | | 2,041,440 | | | | — | | | | 2,041,440 | |
| Indonesia | | | | | — | | | | 4,114,975 | | | | — | | | | 4,114,975 | |
| Italy | | | | | 519,959 | | | | — | | | | — | | | | 519,959 | |
| Japan | | | | | — | | | | 7,887,980 | | | | — | | | | 7,887,980 | |
| Kazakhstan | | | | | — | | | | 474,583 | | | | — | | | | 474,583 | |
| Mexico | | | | | 608,410 | | | | — | | | | — | | | | 608,410 | |
| Netherlands | | | | | 608,794 | | | | 2,778,895 | | | | — | | | | 3,387,689 | |
| Norway | | | | | — | | | | 725,527 | | | | — | | | | 725,527 | |
| Poland | | | | | — | | | | 1,194,141 | | | | — | | | | 1,194,141 | |
| Russia | | | | | 1,855,855 | | | | — | | | | — | | | | 1,855,855 | |
| Singapore | | | | | — | | | | 913,679 | | | | — | | | | 913,679 | |
| South Korea | | | | | — | | | | 1,791,383 | | | | — | | | | 1,791,383 | |
| Spain | | | | | — | | | | 801,684 | | | | — | | | | 801,684 | |
| Switzerland | | | | | — | | | | 7,208,001 | | | | — | | | | 7,208,001 | |
| United Kingdom | | | | | — | | | | 8,455,456 | | | | — | | | | 8,455,456 | |
| United States | | | | | 35,237,304 | | | | — | | | | — | | | | 35,237,304 | |
| Total Common Stock | | | | | 44,270,708 | | | | 50,094,344 | | | | — | | | | 94,365,052 | |
| Exchange-Traded Funds | | | | | 2,156,218 | | | | — | | | | — | | | | 2,156,218 | |
| Short-Term Investments | | | | | 359,117 | | | | — | | | | 138,966 | | | | 498,083 | |
| Total Investments, at value | | | | $ | 46,786,043 | | | $ | 50,094,344 | | | $ | 138,966 | | | $ | 97,019,353 | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2011:
| | | | Beginning
Balance
10/31/2010
| | Purchases
| | Sales
| | Accrued
Discounts/
(Premiums)
| | Total
Realized
Gain/(Loss)
| | Total Unrealized
Appreciation/
(Depreciation)
| | Transfers
Into
Level 3
| | Transfers
Out of
Level 3
| | Ending
Balance
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short-Term Investments | | | | $ | 138,966 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 138,966 | |
| Total Investments, at value | | | | $ | 138,966 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 138,966 | |
As of April 30, 2011, the net change in unrealized appreciation or depreciation on Level 3 investments still held at period end and included in the change in net assets was $0.
Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period.
See Accompanying Notes to Financial Statements
108
ING GREATER CHINA FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED)
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Shares
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| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 98.7% |
| | | | | | | |
| 606,000 | | | | @ | | Agricultural Bank of China Ltd. | | $ | 358,845 | | | | 0.8 | |
| 2,273,400 | | | | | | Bank of China Ltd. | | | 1,258,291 | | | | 2.8 | |
| 1,295,960 | | | | | | China Construction Bank | | | 1,227,173 | | | | 2.7 | |
| 241,000 | | | | | | China Life Insurance Co., Ltd. | | | 861,435 | | | | 1.9 | |
| 872,500 | | | | | | China Minsheng Banking Corp. Ltd | | | 838,007 | | | | 1.9 | |
| 390,000 | | | | | | China Petroleum & Chemical Corp. | | | 393,108 | | | | 0.9 | |
| 535,000 | | | | | | CNOOC Ltd. | | | 1,329,785 | | | | 2.9 | |
| 743,000 | | | | | | Evergrande Real Estate Group Ltd. | | | 531,293 | | | | 1.2 | |
| 1,689,140 | | | | | | Industrial & Commercial Bank of China | | | 1,432,752 | | | | 3.3 | |
| 794,000 | | | | | | PetroChina Co., Ltd. | | | 1,152,570 | | | | 2.6 | |
| 51,000 | | | | | | Ping An Insurance Group Co. of China Ltd. | | | 556,051 | | | | 1.2 | |
| 578,000 | | | | | | Real Gold Mining Ltd. | | | 823,070 | | | | 1.8 | |
| 493,500 | | | | | | Shimao Property Holdings Ltd. | | | 672,375 | | | | 1.5 | |
| 637,000 | | | | | | China National Materials Co. Ltd. | | | 628,916 | | | | 1.4 | |
| 43,300 | | | | | | Tencent Holdings Ltd. | | | 1,236,393 | | | | 2.7 | |
| 236,000 | | | | | | Yanzhou Coal Mining Co., Ltd. | | | 928,308 | | | | 2.1 | |
| 3,997,600 | | | | | | Other Securities | | | 3,074,195 | | | | 6.8 | |
| | | | | | | | | | 17,302,567 | | | | 38.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 152,800 | | | | @ | | AIA Group Ltd. | | | 515,317 | | | | 1.1 | |
| 125,000 | | | | | | BOC Hong Kong Holdings Ltd. | | | 392,942 | | | | 0.9 | |
| 30,000 | | | | | | Cheung Kong Holdings Ltd. | | | 473,474 | | | | 1.1 | |
| 109,500 | | | | | | China Mobile Ltd. | | | 1,007,234 | | | | 2.3 | |
| 186,000 | | | | | | China Unicom Hong Kong Ltd. | | | 380,424 | | | | 0.8 | |
| 490,000 | | | | | | Chow Sang Sang Holdings International Ltd. | | | 1,345,368 | | | | 3.0 | |
| 299,680 | | | | | | Dah Sing Banking Group Ltd. | | | 485,028 | | | | 1.1 | |
| 2,456,000 | | | | @ | | Fook Woo Group Holdings Ltd. | | | 764,177 | | | | 1.6 | |
| 79,000 | | | | | | Hang Lung Properties Ltd. | | | 352,273 | | | | 0.8 | |
| 55,200 | | | | | | Hong Kong Exchanges and Clearing Ltd. | | | 1,262,316 | | | | 2.7 | |
| 140,000 | | | | | | HongKong Electric Holdings | | | 980,360 | | | | 2.2 | |
| 65,000 | | | | | | Hutchison Whampoa Ltd. | | | 743,374 | | | | 1.7 | |
| 130,000 | | | | | | Kerry Properties Ltd. | | | 695,151 | | | | 1.5 | |
| 642,000 | | | | | | Oriental Watch Holdings | | | 352,276 | | | | 0.8 | |
| 210,500 | | | | | | Ports Design Ltd. | | | 580,812 | | | | 1.3 | |
| 198,000 | | | | | | Sino Land Co. | | | 349,185 | | | | 0.8 | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 28,000 | | | | | | Sun Hung Kai Properties Ltd. | | $ | 438,550 | | | | 1.0 | |
| 104,500 | | | | | | Wharf Holdings Ltd. | | | 766,850 | | | | 1.7 | |
| 3,682,000 | | | | | | Other Securities | | | 2,070,554 | | | | 4.6 | |
| | | | | | | | | | 13,955,665 | | | | 31.0 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 225,250 | | | | | | Cathay Financial Holding Co., Ltd. | | | 376,611 | | | | 0.8 | |
| 905,913 | | | | | | China Life Insurance Co., Ltd. | | | 1,060,950 | | | | 2.5 | |
| 264,600 | | | | | | Chunghwa Telecom Co., Ltd. | | | 841,733 | | | | 1.9 | |
| 215,000 | | | | @ | | E Ink Holdings, Inc. | | | 439,152 | | | | 1.0 | |
| 1,351,701 | | | | | | E.Sun Financial Holding Co., Ltd. | | | 959,138 | | | | 2.1 | |
| 132,170 | | | | | | Entire Technology Co. Ltd. | | | 487,884 | | | | 1.1 | |
| 141,000 | | | | | | Formosa Chemicals & Fibre Co. | | | 570,186 | | | | 1.3 | |
| 92,000 | | | | | | Formosa Plastics Corp. | | | 376,753 | | | | 0.8 | |
| 482,000 | | | | | | Fubon Financial Holding Co., Ltd. | | | 708,043 | | | | 1.6 | |
| 145,960 | | | | | | HON HAI Precision Industry Co., Ltd. | | | 554,286 | | | | 1.2 | |
| 21,040 | | | | | | HTC Corp. | | | 957,670 | | | | 2.0 | |
| 138,186 | | | | | | Huaku Development Co. Ltd | | | 406,287 | | | | 0.9 | |
| 713,000 | | | | | | King Yuan Electronics Co., Ltd. | | | 401,245 | | | | 0.9 | |
| 119,000 | | | | | | Nan Ya Plastics Corp. | | | 365,519 | | | | 0.8 | |
| 168,000 | | | | | | Taiwan Fertilizer Co., Ltd. | | | 566,844 | | | | 1.3 | |
| 828,000 | | | | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 2,141,610 | | | | 4.7 | |
| 1,720,907 | | | | | | Other Securities | | | 1,937,622 | | | | 4.3 | |
| | | | | | | | | | 13,151,533 | | | | 29.2 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $34,613,864) | | | 44,409,765 | | | | 98.7 | |
| |
RIGHTS: 0.1%
|
| | | | | | | |
| 119,295 | | | | | | Other Securities | | | 35,211 | | | | 0.1 | |
| |
| | | | | | | Total Rights | | | | | | | | |
| | | | | | | (Cost $—) | | | 35,211 | | | | 0.1 | |
| |
WARRANTS: 0.0%
|
| | | | | | | |
| 9,400 | | | | | | Other Securities | | | 260 | | | | 0.0 | |
| |
| | | | | | | Total Warrants | | | | | | | | |
| | | | | | | (Cost $—) | | | 260 | | | | 0.0 | |
| |
| | | | | | | Total Investments in Securities
(Cost $34,613,864)* | | $ | 44,445,236 | | | | 98.8 | |
| | | | | | | Assets in Excess of
Other Liabilities | | | 534,125 | | | | 1.2 | |
| | | | | | | Net Assets | | $ | 44,979,361 | | | | 100.0 | |
See Accompanying Notes to Financial Statements
109
ING GREATER CHINA FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OFAPRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| @ | | Non-income producing security |
| |
| * | | Cost for federal income tax purposes is $35,812,348. |
| | Net unrealized appreciation consists of: | | | | | | |
| | Gross Unrealized Appreciation | | | | $ | 10,249,266 | |
| | Gross Unrealized Depreciation | | | | | (1,616,378 | ) |
| | Net Unrealized appreciation | | | | $ | 8,632,888 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 9.3 | % |
| Consumer Staples | | | | | 1.2 | |
| Energy | | | | | 9.0 | |
| Financials | | | | | 41.6 | |
| Industrials | | | | | 6.0 | |
| Information Technology | | | | | 15.2 | |
| Materials | | | | | 7.9 | |
| Telecommunications | | | | | 6.2 | |
| Utilities | | | | | 2.4 | |
| Other Assets and Liabilities — Net | | | | | 1.2 | |
Net Assets | | | | | 100.0 | % |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs #
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| China | | | | $ | 58,103 | | | $ | 17,244,464 | | | $ | — | | | $ | 17,302,567 | |
| Hong Kong | | | | | — | | | | 13,955,665 | | | | — | | | | 13,955,665 | |
| Taiwan | | | | | — | | | | 13,151,533 | | | | — | | | | 13,151,533 | |
| Total Common Stock | | | | | 58,103 | | | | 44,351,662 | | | | — | | | | 44,409,765 | |
| Rights | | | | | — | | | | 35,211 | | | | — | | | | 35,211 | |
| Warrants | | | | | 260 | | | | — | | | | — | | | | 260 | |
| Total Investments, at value | | | | $ | 58,363 | | | $ | 44,386,873 | | | $ | — | | | $ | 44,445,236 | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
See Accompanying Notes to Financial Statements
110
ING INDEX PLUS INTERNATIONAL
EQUITY FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 96.5% |
| | | | | | | | | | | | | | | |
| 22,665 | | | | | | Australia & New Zealand Banking Group Ltd. | | $ | 603,731 | | | | 0.6 | |
| 28,068 | | | | S | | BHP Billiton Ltd. | | | 1,421,065 | | | | 1.4 | |
| 11,438 | | | | | | Commonwealth Bank of Australia | | | 675,213 | | | | 0.8 | |
| 18,867 | | | | | | National Australia Bank Ltd. | | | 561,721 | | | | 0.5 | |
| 20,331 | | | | | | Westpac Banking Corp. | | | 555,037 | | | | 0.5 | |
| 19,137 | | | | | | Woolworths Ltd. | | | 556,906 | | | | 0.5 | |
| 554,261 | | | | | | Other Securities | | | 4,141,638 | | | | 4.0 | |
| | | | | | | | | | 8,515,311 | | | | 8.3 | |
| |
| | | | | | | | | | | | | | | |
| 14,032 | | | | | | Other Securities | | | 658,201 | | | | 0.6 | |
| |
| | | | | | | | | | | | | | | |
| 22,936 | | | | | | Other Securities | | | 839,102 | | | | 0.8 | |
| |
| | | | | | | | | | | | | | | |
| 5,830 | | | | | | Other Securities | | | 206,836 | | | | 0.2 | |
| |
| | | | | | | | | | | | | | | |
| 7,008 | | | | | | Other Securities | | | 734,348 | | | | 0.7 | |
| |
| | | | | | | | | | | | | | | |
| 93,354 | | | | | | Other Securities | | | 1,762,800 | | | | 1.7 | |
| |
| | | | | | | | | | | | | | | |
| 8,251 | | | | | | BNP Paribas | | | 652,281 | | | | 0.7 | |
| 8,538 | | | | | | Danone | | | 625,122 | | | | 0.7 | |
| 17,966 | | | | | | GDF Suez | | | 734,618 | | | | 0.7 | |
| 7,785 | | | | | | Sanofi-Aventis SA | | | 615,927 | | | | 0.6 | |
| 4,040 | | | | | | Schneider Electric SA | | | 713,759 | | | | 0.8 | |
| 16,830 | | | | | | Total SA | | | 1,077,818 | | | | 1.1 | |
| 120,867 | | | | | | Other Securities | | | 5,148,262 | | | | 4.9 | |
| | | | | | | | | | 9,567,787 | | | | 9.5 | |
| |
| | | | | | | | | | | | | | | |
| 4,634 | | | | | | Allianz SE | | | 728,054 | | | | 0.8 | |
| 11,145 | | | | @ | | BASF SE | | | 1,144,415 | | | | 1.2 | |
| 8,493 | | | | | | Bayer AG | | | 745,640 | | | | 0.8 | |
| 6,686 | | | | | | Bayerische Motoren Werke AG | | | 629,479 | | | | 0.5 | |
| 8,680 | | | | | | Deutsche Bank AG | | | 565,323 | | | | 0.6 | |
| 9,499 | | | | | | SAP AG | | | 612,022 | | | | 0.6 | |
| 8,815 | | | | | | Siemens AG | | | 1,282,221 | | | | 1.2 | |
| 288 | | | | @ | | Volkswagen AG | | | 51,287 | | | | 0.1 | |
| 114,336 | | | | | | Other Securities | | | 3,276,933 | | | | 3.0 | |
| | | | | | | | | | 9,035,374 | | | | 8.8 | |
| |
| | | | | | | | | | | | | | | |
| 21,601 | | | | | | Other Securities | | | 357,424 | | | | 0.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| 27,292 | | | | | | Other Securities | | | 138,208 | | | | 0.1 | |
| |
COMMON STOCK: (continued) |
| | | | | | | | | | | | | | | |
| 799,462 | | | | | | Other Securities | | $ | 2,727,337 | | | | 2.7 | |
| |
| | | | | | | | | | | | | | | |
| 6,744 | | | | | | Other Securities | | | 166,057 | | | | 0.2 | |
| |
| | | | | | | | | | | | | | | |
| 41,602 | | | | | | Other Securities | | | 697,841 | | | | 0.7 | |
| |
| | | | | | | | | | | | | | | |
| 112,758 | | | | | | Enel S.p.A. | | | 804,117 | | | | 0.8 | |
| 40,165 | | | | | | ENI S.p.A. | | | 1,075,365 | | | | 1.1 | |
| 638,950 | | | | | | Other Securities | | | 1,668,873 | | | | 1.6 | |
| | | | | | | | | | 3,548,355 | | | | 3.5 | |
| |
| | | | | | | | | | | | | | | |
| 21,600 | | | | | | Mitsubishi Corp. | | | 585,958 | | | | 0.7 | |
| 33,292 | | | | | | Mitsui & Co., Ltd. | | | 592,435 | | | | 0.7 | |
| 11,751 | | | | | | Takeda Pharmaceutical Co., Ltd. | | | 569,487 | | | | 0.6 | |
| 22,990 | | | | | | Toyota Motor Corp. | | | 917,097 | | | | 0.8 | |
| 1,175,836 | | | | | | Other Securities | | | 16,023,553 | | | | 15.6 | |
| | | | | | | | | | 18,688,530 | | | | 18.4 | |
| |
| | | | | | | | | | | | | | | |
| 4,100 | | | | | | Other Securities | | | 135,627 | | | | 0.1 | |
| |
| | | | | | | | | | | | | | | |
| 18,800 | | | | | | Other Securities | | | 67,094 | | | | 0.1 | |
| |
| | | | | | | | | | | | | | | |
| 22,000 | | | | | | Other Securities | | | 39,074 | | | | 0.0 | |
| |
| | | | | | | | | | | | | | | |
| 4,166 | | | | | | Other Securities | | | 114,814 | | | | 0.1 | |
| |
| | | | | | | | | | | | | | | |
| 525 | | | | | | Royal Dutch Shell PLC | | | 20,280 | | | | 0.0 | |
| 32,595 | | | | | | Royal Dutch Shell PLC — Class A | | | 1,269,624 | | | | 1.3 | |
| 27,196 | | | | | | Royal Dutch Shell PLC — Class B | | | 1,058,047 | | | | 1.0 | |
| 24,130 | | | | | | Unilever NV | | | 794,376 | | | | 0.8 | |
| 66,116 | | | | | | Other Securities | | | 1,792,244 | | | | 1.7 | |
| | | | | | | | | | 4,934,571 | | | | 4.8 | |
| |
| | | | | | | | | | | | | | | |
| 136,457 | | | | | | Other Securities | | | 239,289 | | | | 0.2 | |
| |
| | | | | | | | | | | | | | | |
| 28,952 | | | | | | Other Securities | | | 543,631 | | | | 0.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| 66,637 | | | | | | Other Securities | | | 746,709 | | | | 0.7 | |
| |
| | | | | | | | | | | | | | | |
| 277,000 | | | | | | Other Securities | | | 1,603,763 | | | | 1.6 | |
See Accompanying Notes to Financial Statements
111
ING INDEX PLUS INTERNATIONAL
EQUITY FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: (continued) |
| | | | | | | | | | | | | | | |
| 70,089 | | | | | | Banco Santander SA | | $ | 895,072 | | | | 0.8 | |
| 21,847 | | | | | | Repsol YPF SA | | | 779,922 | | | | 0.8 | |
| 29,237 | | | | @ | | Telefonica SA | | | 785,458 | | | | 0.8 | |
| 105,705 | | | | | | Other Securities | | | 1,326,209 | | | | 1.3 | |
| | | | | | | | | | 3,786,661 | | | | 3.7 | |
| |
| | | | | | | | | | | | | | | |
| 19,863 | | | | | | Atlas Copco AB | | | 583,381 | | | | 0.7 | |
| 26,470 | | | | | | Sandvik AB | | | 561,157 | | | | 0.6 | |
| 125,919 | | | | | | Other Securities | | | 2,329,429 | | | | 2.1 | |
| | | | | | | | | | 3,473,967 | | | | 3.4 | |
| |
| | | | | | | | | | | | | | | |
| 9,006 | | | | | | Compagnie Financiere Richemont SA | | | 582,500 | | | | 0.6 | |
| 21,747 | | | | | | Nestle SA | | | 1,349,801 | | | | 1.3 | |
| 19,755 | | | | | | Novartis AG | | | 1,171,475 | | | | 1.2 | |
| 6,611 | | | | | | Roche Holding AG | | | 1,073,097 | | | | 1.0 | |
| 256 | | | | # | | Synthes, Inc. | | | 44,120 | | | | 0.0 | |
| 28,334 | | | | @ | | UBS AG | | | 567,036 | | | | 0.6 | |
| 49,975 | | | | | | Other Securities | | | 1,906,710 | | | | 1.8 | |
| | | | | | | | | | 6,694,739 | | | | 6.5 | |
| |
| | | | | | | | | | | | | | | |
| 17,359 | | | | | | Anglo American PLC | | | 909,938 | | | | 0.9 | |
| 16,727 | | | | | | AstraZeneca PLC | | | 829,954 | | | | 0.8 | |
| 18,294 | | | | | | BHP Billiton PLC | | | 773,467 | | | | 0.8 | |
| 158,964 | | | | | | BP PLC | | | 1,221,995 | | | | 1.1 | |
| 25,794 | | | | | | British American Tobacco PLC | | | 1,127,118 | | | | 1.2 | |
| 32,187 | | | | | | Diageo PLC | | | 654,787 | | | | 0.6 | |
| 42,193 | | | | | | GlaxoSmithKline PLC | | | 921,703 | | | | 0.9 | |
| 129,197 | | | | | | HSBC Holdings PLC | | | 1,409,260 | | | | 1.5 | |
| 18,783 | | | | | | Imperial Tobacco Group PLC | | | 662,519 | | | | 0.6 | |
| 60,592 | | | | | | National Grid PLC | | | 621,676 | | | | 0.6 | |
| 11,186 | | | | | | Rio Tinto PLC | | | 816,186 | | | | 0.8 | |
| 356,620 | | | | | | Vodafone Group PLC | | | 1,030,913 | | | | 0.9 | |
| 1,826,506 | | | | | | Other Securities | | | 7,614,770 | | | | 7.6 | |
| | | | | | | | | | 18,594,286 | | | | 18.3 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $77,469,032) | | | 98,617,736 | | | | 96.5 | |
| | | | | | | | | | | | | | | |
PREFERRED STOCK: 1.1%
|
| | | | | | | |
| 3,468 | | | | @ | | Volkswagen AG | | | 682,567 | | | | 0.6 | |
| 14,715 | | | | | | Other Securities | | | 467,608 | | | | 0.5 | |
| |
| | | | | | | Total Preferred Stock | | | | | | | | |
| | | | | | | (Cost $1,050,904) | | | 1,150,175 | | | | 1.1 | |
| |
| | | | | | | Total Long-Term Investments | | | | | | | | |
| | | | | | | (Cost $78,519,936) | | | 99,767,911 | | | | 97.6 | |
| | | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS: 1.3%
|
| | | | | | | |
| 1,375,000 | | | | | | BlackRock Liquidity Funds,TempFund, Institutional Class
(Cost $1,375,000) | | $ | 1,375,000 | | | | 1.3 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $1,375,000) | | | 1,375,000 | | | | 1.3 | |
| |
| | | | | | | Total Investments in Securities
(Cost $79,894,936)* | | $ | 101,142,911 | | | | 98.9 | |
| | | | | | | Assets in Excess of
Other Liabilities | | | 1,099,462 | | | | 1.1 | |
| | | | | | | Net Assets | | $ | 102,242,373 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| # | | 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. |
| |
| @ | | Non-income producing security |
| |
| S | | All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign currency contracts and/or when-issued or delayed-delivery securities. |
| |
| * | | Cost for federal income tax purposes is $83,546,540. |
| | Net unrealized appreciation consists of: |
| | Gross Unrealized Appreciation | | | | $ | 21,630,482 | |
| | Gross Unrealized Depreciation | | | | | (4,034,111 | ) |
| | Net Unrealized appreciation | | | | $ | 17,596,371 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 10.6 | % |
| Consumer Staples | | | | | 9.6 | |
| Energy | | | | | 8.8 | |
| Financials | | | | | 23.0 | |
| Health Care | | | | | 8.1 | |
| Industrials | | | | | 11.9 | |
| Information Technology | | | | | 4.4 | |
| Materials | | | | | 11.0 | |
| Telecommunications | | | | | 5.5 | |
| Utilities | | | | | 4.7 | |
| Short-Term Investments | | | | | 1.3 | |
| Other Assets and Liabilities — Net | | | | | 1.1 | |
Net Assets | | | | | 100.0 | % |
See Accompanying Notes to Financial Statements
112
ING INDEX PLUS INTERNATIONAL
EQUITY FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 61,741 | | | $ | 8,453,570 | | | $ | — | | | $ | 8,515,311 | |
| Austria | | | | | — | | | | 658,201 | | | | — | | | | 658,201 | |
| Belgium | | | | | 63 | | | | 839,039 | | | | — | | | | 839,102 | |
| Bermuda | | | | | — | | | | 206,836 | | | | — | | | | 206,836 | |
| Denmark | | | | | — | | | | 734,348 | | | | — | | | | 734,348 | |
| Finland | | | | | — | | | | 1,762,800 | | | | — | | | | 1,762,800 | |
| France | | | | | — | | | | 9,567,787 | | | | — | | | | 9,567,787 | |
| Germany | | | | | 1,000,845 | | | | 8,034,529 | | | | — | | | | 9,035,374 | |
| Greece | | | | | — | | | | 357,424 | | | | — | | | | 357,424 | |
| Guernsey | | | | | — | | | | 138,208 | | | | — | | | | 138,208 | |
| Hong Kong | | | | | 91,329 | | | | 2,636,008 | | | | — | | | | 2,727,337 | |
| Ireland | | | | | — | | | | 166,057 | | | | — | | | | 166,057 | |
| Israel | | | | | — | | | | 697,841 | | | | — | | | | 697,841 | |
| Italy | | | | | — | | | | 3,548,355 | | | | — | | | | 3,548,355 | |
| Japan | | | | | — | | | | 18,688,530 | | | | — | | | | 18,688,530 | |
| Luxembourg | | | | | — | | | | 135,627 | | | | — | | | | 135,627 | |
| Macau | | | | | — | | | | 67,094 | | | | — | | | | 67,094 | |
| Malaysia | | | | | — | | | | 39,074 | | | | — | | | | 39,074 | |
| Mexico | | | | | — | | | | 114,814 | | | | — | | | | 114,814 | |
| Netherlands | | | | | 318,649 | | | | 4,615,922 | | | | — | | | | 4,934,571 | |
| New Zealand | | | | | — | | | | 239,289 | | | | — | | | | 239,289 | |
| Norway | | | | | — | | | | 543,631 | | | | — | | | | 543,631 | |
| Portugal | | | | | — | | | | 746,709 | | | | — | | | | 746,709 | |
| Singapore | | | | | — | | | | 1,603,763 | | | | — | | | | 1,603,763 | |
| Spain | | | | | 929,180 | | | | 2,857,481 | | | | — | | | | 3,786,661 | |
| Sweden | | | | | — | | | | 3,473,967 | | | | — | | | | 3,473,967 | |
| Switzerland | | | | | — | | | | 6,694,739 | | | | — | | | | 6,694,739 | |
| United Kingdom | | | | | 217,558 | | | | 18,376,728 | | | | — | | | | 18,594,286 | |
| Total Common Stock | | | | | 2,619,365 | | | | 95,998,371 | | | | — | | | | 98,617,736 | |
| Preferred Stock | | | | | 86,837 | | | | 1,063,338 | | | | — | | | | 1,150,175 | |
| Short-Term Investments | | | | | 1,375,000 | | | | — | | | | — | | | | 1,375,000 | |
| Total Investments, at value | | | | $ | 4,081,202 | | | $ | 97,061,709 | | | $ | — | | | $ | 101,142,911 | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | |
| Futures | | | | | 223,189 | | | | — | | | | — | | | | 223,189 | |
| Total Assets | | | | $ | 4,304,391 | | | $ | 97,061,709 | | | $ | — | | | $ | 101,366,100 | |
| | | | | | | | | | | | | | | | | | | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
ING Index Plus International Equity Fund Open Futures Contracts on 4/30/2011:
Contract Description
| | | | Number
of Contracts
| | Expiration Date
| | Notional Value
| | Unrealized
Appreciation/
(Depreciation)
|
|---|
Long Contracts
| | | | | | | | | | | | | | | | | | |
| E-Mini MSCI EAFE Index | | | | | 21 | | | | 06/17/11 | | | $ | 1,887,060 | | | $ | 223,189 | |
| | | | | | | | | | | | | $ | 1,887,060 | | | $ | 223,189 | |
See Accompanying Notes to Financial Statements
113
ING INDEX PLUS INTERNATIONAL
EQUITY FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of April 30, 2011 was as follows:
Derivatives not accounted for as
hedging instruments
| | | | Location on Statement
of Assets and Liabilities
| | Fair Value
|
|---|
Asset Derivatives | | | | | | | | | | |
| Equity contracts | | | | Net Assets — Unrealized appreciation* | | $ | 223,189 | |
Total Asset Derivatives | | | | | | $ | 223,189 | |
| * | | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2011 was as follows:
| | | | Amount of Realized Gain or (Loss)
on Derivatives Recognized in Income | |
|---|
Derivatives not accounted for as hedging instruments
| | | | Futures
| |
|---|
| Equity contracts | | | | | $443,837 | | | | | |
Total | | | | | $443,837 | | | | | |
| | | | Change in Unrealized Appreciation
or Depreciation on Derivatives
Recognized in Income | |
|---|
Derivatives not accounted for as hedging instruments
| | | | Futures
| |
|---|
| Equity contracts | | | | | $224,189 | | | | | |
Total | | | | | $224,189 | | | | | |
See Accompanying Notes to Financial Statements
114
ING INTERNATIONAL CAPITAL
APPRECIATION FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 99.3% |
| | | | | | | |
| 20,287 | | | | | | BHP Billiton Ltd. | | $ | 1,027,118 | | | | 2.0 | |
| 15,159 | | | | | | CSL Ltd. | | | 572,030 | | | | 1.1 | |
| 16,594 | | | | | | Macquarie Group Ltd. | | | 641,540 | | | | 1.2 | |
| 9,963 | | | | | | Rio Tinto Ltd. | | | 901,903 | | | | 1.7 | |
| 11,299 | | | | | | Woodside Petroleum Ltd. | | | 581,022 | | | | 1.1 | |
| 25,268 | | | | | | WorleyParsons Ltd. | | | 843,775 | | | | 1.6 | |
| | | | | | | | | | 4,567,388 | | | | 8.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 12,189 | | | | | | Anheuser-Busch InBev NV | | | 777,878 | | | | 1.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 49,867 | | | | @ | | Cia Energetica de Minas Gerais ADR | | | 1,040,724 | | | | 2.0 | |
| 29,248 | | | | | | Itau Unibanco Holding SA ADR | | | 694,640 | | | | 1.3 | |
| 22,799 | | | | | | Vale SA ADR | | | 761,487 | | | | 1.5 | |
| | | | | | | | | | 2,496,851 | | | | 4.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 11,678 | | | | | | Bank of Nova Scotia | | | 712,825 | | | | 1.3 | |
| 28,617 | | | | | | Cameco Corp. | | | 843,629 | | | | 1.6 | |
| 39,526 | | | | | | Manulife Financial Corp. | | | 710,282 | | | | 1.4 | |
| 22,056 | | | | | | Suncor Energy, Inc. | | | 1,015,459 | | | | 2.0 | |
| | | | | | | | | | 3,282,195 | | | | 6.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 9,889 | | | | | | Sociedad Quimica y Minera de Chile SA ADR | | | 603,526 | | | | 1.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 688,000 | | | | | | Agile Property Holdings Ltd. | | | 1,122,177 | | | | 2.1 | |
| 221,000 | | | | | | China Merchants Bank Co., Ltd. | | | 570,901 | | | | 1.1 | |
| 723,000 | | | | | | Industrial & Commercial Bank of China | | | 613,258 | | | | 1.2 | |
| 5,275 | | | | @ | | New Oriental Education & Technology Group ADR | | | 657,476 | | | | 1.3 | |
| 480,000 | | | | | | PetroChina Co., Ltd. | | | 696,768 | | | | 1.3 | |
| 58,000 | | | | | | Ping An Insurance Group Co. of China Ltd. | | | 632,372 | | | | 1.2 | |
| 28,300 | | | | | | Tencent Holdings Ltd. | | | 808,082 | | | | 1.5 | |
| | | | | | | | | | 5,101,034 | | | | 9.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 16,728 | | | | @ | | Vestas Wind Systems A/S | | | 592,755 | | | | 1.2 | |
| 4,305 | | | | | | Other Securities | | | 544,984 | | | | 1.0 | |
| | | | | | | | | | 1,137,739 | | | | 2.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 26,854 | | | | | | AXA SA | | | 602,015 | | | | 1.2 | |
| 11,733 | | | | | | BNP Paribas | | | 927,548 | | | | 1.7 | |
| 5,282 | | | | | | Iliad SA | | | 679,115 | | | | 1.3 | |
| 9,486 | | | | | | Total SA ADR | | | 609,286 | | | | 1.2 | |
| | | | | | | | | | 2,817,964 | | | | 5.4 | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 11,959 | | | | | | Adidas AG | | $ | 891,225 | | | | 1.7 | |
| 18,156 | | | | L | | Aixtron AG | | | 771,075 | | | | 1.5 | |
| 6,871 | | | | | | Bayer AG | | | 603,237 | | | | 1.2 | |
| 10,582 | | | | | | Bayerische Motoren Werke AG | | | 996,283 | | | | 1.8 | |
| 7,338 | | | | | | Deutsche Boerse AG | | | 609,193 | | | | 1.2 | |
| 3,604 | | | | | | Wacker Chemie AG | | | 892,305 | | | | 1.7 | |
| | | | | | | | | | 4,763,318 | | | | 9.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 342,000 | | | | | | China Resources Land Ltd. | | | 591,156 | | | | 1.1 | |
| 110,425 | | | | | | Li & Fung Ltd. | | | 565,142 | | | | 1.1 | |
| 126,015 | | | | | | Other Securities | | | 525,904 | | | | 1.0 | |
| | | | | | | | | | 1,682,202 | | | | 3.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 3,702 | | | | | | HDFC Bank Ltd. ADR | | | 637,114 | | | | 1.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 12,444 | | | | | | Teva Pharmaceutical Industries Ltd. ADR | | | 569,064 | | | | 1.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 14,974 | | | | | | Saipem S.p.A. | | | 850,514 | | | | 1.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 18,100 | | | | | | Canon, Inc. | | | 852,375 | | | | 1.6 | |
| 5,900 | | | | | | Fanuc Ltd. | | | 987,657 | | | | 1.9 | |
| 18,700 | | | | | | Komatsu Ltd. | | | 659,351 | | | | 1.3 | |
| 2,294 | | | | | | Samsung Electronics | | | 955,789 | | | | 1.9 | |
| 5,900 | | | | | | SMC Corp. | | | 1,077,784 | | | | 2.0 | |
| 38,900 | | | | | | Sony Financial Holdings, Inc. | | | 723,013 | | | | 1.4 | |
| 25,400 | | | | | | Toyota Motor Corp. | | | 1,013,235 | | | | 1.9 | |
| | | | | | | | | | 6,269,204 | | | | 12.0 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 7,752 | | | | | | Millicom International Cellular SA | | | 839,852 | | | | 1.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 20,798 | | | | @ | | Wal-Mart de Mexico SA de CV ADR | | | 651,185 | | | | 1.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 34,892 | | | | | | Telenor ASA | | | 602,784 | | | | 1.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 45,200 | | | | | | Gazprom OAO ADR | | | 771,112 | | | | 1.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 26,523 | | | | | | Atlas Copco AB | | | 778,986 | | | | 1.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 26,885 | | | | @ | | ABB Ltd. | | | 742,437 | | | | 1.4 | |
| 9,208 | | | | | | Adecco SA | | | 658,049 | | | | 1.3 | |
See Accompanying Notes to Financial Statements
115
ING INTERNATIONAL CAPITAL
APPRECIATION FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 10,363 | | | | | | Compagnie Financiere Richemont SA | | $ | 670,270 | | | | 1.3 | |
| 12,855 | | | | | | Credit Suisse Group AG | | | 585,117 | | | | 1.1 | |
| 6,673 | | | | | | Holcim Ltd. | | | 581,432 | | | | 1.1 | |
| 9,996 | | | | | | Nestle SA | | | 620,436 | | | | 1.2 | |
| 3,602 | | | | | | Roche Holding AG | | | 584,676 | | | | 1.1 | |
| | | | | | | | | | 4,442,417 | | | | 8.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 15,688 | | | | | | Anglo American PLC | | | 822,345 | | | | 1.5 | |
| 57,378 | | | | | | ARM Holdings PLC | | | 594,692 | | | | 1.1 | |
| 35,212 | | | | @ | | Autonomy Corp. PLC | | | 950,314 | | | | 1.9 | |
| 24,919 | | | | | | BG Group PLC | | | 641,701 | | | | 1.2 | |
| 59,534 | | | | | | British Sky Broadcasting Group PLC | | | 837,303 | | | | 1.6 | |
| 15,114 | | | | | | HSBC Holdings PLC ADR | | | 823,259 | | | | 1.5 | |
| 61,474 | | | | | | Prudential PLC | | | 795,311 | | | | 1.5 | |
| 5,817,963 | | | | @ | | Rolls-Royce Group PLC | | | 654,694 | | | | 1.3 | |
| 23,006 | | | | | | Standard Chartered PLC | | | 639,377 | | | | 1.2 | |
| 108,853 | | | | | | Tesco PLC | | | 733,873 | | | | 1.4 | |
| 20,824 | | | | | | Vedanta Resources PLC | | | 813,165 | | | | 1.6 | |
| | | | | | | | | | 8,306,034 | | | | 15.8 | |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $41,301,098) | | | 51,948,361 | | | | 99.3 | |
| |
SHORT-TERM INVESTMENTS: 1.5%
|
| | | | | | | |
| 718,536 | | | | | | BNY Mellon Overnight Government Fund(1) | | | 718,536 | | | | 1.4 | |
| 79,764 | | | | R | | BNY Institutional Cash Reserves Fund, Series B(1)(2) | | | 63,811 | | | | 0.1 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $798,300) | | | 782,347 | | | | 1.5 | |
| |
| | | | | | | Total Investments in Securities
(Cost $42,099,398)* | | $ | 52,730,708 | | | | 100.8 | |
| | | | | | | Liabilities in Excess of Other Assets | | | (411,168 | ) | | | (0.8 | ) |
| | | | | | | Net Assets | | $ | 52,319,540 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| @ | | Non-income producing security |
| |
| ADR | | American Depositary Receipt |
| |
| R | | Restricted Security |
| |
| L | | Loaned security, a portion or all of the security is on loan at April 30, 2011. |
| |
| (1) | | Collateral received from brokers for securities lending was invested in these short-term investments. |
| |
| (2) | | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Portfolio’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. |
| |
| * | | Cost for federal income tax purposes is $43,636,520. |
| | Net unrealized appreciation consists of: | | | | | | |
| | Gross Unrealized Appreciation | | | | $ | 11,135,014 | |
| | Gross Unrealized Depreciation | | | | | (2,040,826 | ) |
| | Net Unrealized appreciation | | | | $ | 9,094,188 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 11.8 | % |
| Consumer Staples | | | | | 5.3 | |
| Energy | | | | | 13.1 | |
| Financials | | | | | 24.1 | |
| Health Care | | | | | 5.5 | |
| Industrials | | | | | 11.8 | |
| Information Technology | | | | | 9.4 | |
| Materials | | | | | 12.2 | |
| Telecommunications | | | | | 4.1 | |
| Utilities | | | | | 2.0 | |
| Short-Term Investments | | | | | 1.5 | |
| Other Assets and Liabilities — Net | | | | | (0.8 | ) |
Net Assets | | | | | 100.0 | % |
See Accompanying Notes to Financial Statements
116
ING INTERNATIONAL CAPITAL
APPRECIATION FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | — | | | $ | 4,567,388 | | | $ | — | | | $ | 4,567,388 | |
| Belgium | | | | | — | | | | 777,878 | | | | — | | | | 777,878 | |
| Brazil | | | | | 1,802,211 | | | | 694,640 | | | | — | | | | 2,496,851 | |
| Canada | | | | | 3,282,195 | | | | — | | | | — | | | | 3,282,195 | |
| Chile | | | | | — | | | | 603,526 | | | | — | | | | 603,526 | |
| China | | | | | 657,476 | | | | 4,443,558 | | | | — | | | | 5,101,034 | |
| Denmark | | | | | — | | | | 1,137,739 | | | | — | | | | 1,137,739 | |
| France | | | | | 609,286 | | | | 2,208,678 | | | | — | | | | 2,817,964 | |
| Germany | | | | | — | | | | 4,763,318 | | | | — | | | | 4,763,318 | |
| Hong Kong | | | | | — | | | | 1,682,202 | | | | — | | | | 1,682,202 | |
| India | | | | | 637,114 | | | | — | | | | — | | | | 637,114 | |
| Israel | | | | | 569,064 | | | | — | | | | — | | | | 569,064 | |
| Italy | | | | | — | | | | 850,514 | | | | — | | | | 850,514 | |
| Japan | | | | | 955,789 | | | | 5,313,415 | | | | — | | | | 6,269,204 | |
| Luxembourg | | | | | 839,852 | | | | — | | | | — | | | | 839,852 | |
| Mexico | | | | | 651,185 | | | | — | | | | — | | | | 651,185 | |
| Norway | | | | | — | | | | 602,784 | | | | — | | | | 602,784 | |
| Russia | | | | | 771,112 | | | | — | | | | — | | | | 771,112 | |
| Sweden | | | | | — | | | | 778,986 | | | | — | | | | 778,986 | |
| Switzerland | | | | | — | | | | 4,442,417 | | | | — | | | | 4,442,417 | |
| United Kingdom | | | | | 2,255,254 | | | | 6,050,780 | | | | — | | | | 8,306,034 | |
| Total Common Stock | | | | | 13,030,538 | | | | 38,917,823 | | | | — | | | | 51,948,361 | |
| Short-Term Investments | | | | | 718,536 | | | | — | | | | 63,811 | | | | 782,347 | |
| Total Investments, at value | | | | $ | 13,749,074 | | | $ | 38,917,823 | | | $ | 63,811 | | | $ | 52,730,708 | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2011:
| | | | Beginning
Balance
10/31/2010
| | Purchases
| | Sales
| | Accrued
Discounts/
(Premiums)
| | Total
Realized
Gain/(Loss)
| | Total Unrealized
Appreciation/
(Depreciation)
| | Transfers
Into
Level 3
| | Transfers
Out of
Level 3
| | Ending
Balance
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short-Term Investments | | | | $ | 63,811 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 63,811 | |
| Total Investments, at value | | | | $ | 63,811 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 63,811 | |
As of April 30, 2011, the net change in unrealized appreciation or depreciation on Level 3 investments still held at period end and included in the change in net assets was $0.
Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period.
See Accompanying Notes to Financial Statements
117
| ING INTERNATIONAL CORE FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 95.8% |
| | | | | | | |
| 49,462 | | | | | | BHP Billiton Ltd. | | $ | 2,504,230 | | | | 0.9 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 63,687 | | | | | | Other Securities | | | 1,921,374 | | | | 0.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 981,991 | | | | | | Other Securities | | | 12,675,402 | | | | 4.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 28,191 | | | | | | Canadian National Railway Co. | | | 2,186,691 | | | | 0.8 | |
| 88,916 | | | | | | Canadian Natural Resources Ltd. | | | 4,182,900 | | | | 1.5 | |
| 64,395 | | | | | | Potash Corp. of Saskatchewan, Inc. | | | 3,630,590 | | | | 1.3 | |
| 70,900 | | | | | | Other Securities | | | 2,787,361 | | | | 1.1 | |
| | | | | | | | | | 12,787,542 | | | | 4.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 33,600 | | | | | | Other Securities | | | 717,696 | | | | 0.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 1,144,000 | | | | | | CNOOC Ltd. | | | 2,843,500 | | | | 1.0 | |
| 3,006,000 | | | | | | Industrial & Commercial Bank of China | | | 2,549,729 | | | | 0.9 | |
| 3,304,240 | | | | | | Other Securities | | | 11,303,600 | | | | 4.2 | |
| | | | | | | | | | 16,696,829 | | | | 6.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 10,300 | | | | | | Other Securities | | | 682,375 | | | | 0.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 23,950 | | | | | | Novo Nordisk A/S | | | 3,031,910 | | | | 1.1 | |
| 77,326 | | | | | | Other Securities | | | 2,852,949 | | | | 1.0 | |
| | | | | | | | | | 5,884,859 | | | | 2.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 24,936 | | | | | | Other Securities | | | 1,343,828 | | | | 0.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 15,200 | | | | | | Air Liquide SA | | | 2,245,866 | | | | 0.8 | |
| 72,410 | | | | | | BNP Paribas | | | 5,724,346 | | | | 2.1 | |
| 30,444 | | | | | | Lafarge SA | | | 2,155,506 | | | | 0.8 | |
| 18,100 | | | | | | LVMH Moet Hennessy Louis Vuitton SA | | | 3,249,628 | | | | 1.2 | |
| 16,478 | | | | | | Schneider Electric SA | | | 2,911,220 | | | | 1.1 | |
| 21,658 | | | | | | Vallourec SA | | | 2,701,981 | | | | 1.0 | |
| 155,063 | | | | | | Other Securities | | | 10,549,706 | | | | 3.8 | |
| | | | | | | | | | 29,538,253 | | | | 10.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 15,343 | | | | | | Allianz SE | | | 2,410,560 | | | | 0.9 | |
| 34,336 | | | | | | Deutsche Bank AG | | | 2,236,283 | | | | 0.8 | |
| 33,311 | | | | | | Fresenius Medical Care AG & Co. KGaA | | | 2,619,816 | | | | 0.9 | |
| 89,163 | | | | | | SAP AG | | | 5,744,783 | | | | 2.1 | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 21,880 | | | | | | Siemens AG | | $ | 3,182,643 | | | | 1.2 | |
| 72,670 | | | | | | Other Securities | | | 5,622,140 | | | | 2.0 | |
| | | | | | | | | | 21,816,225 | | | | 7.9 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 801,600 | | | | @ | | AIA Group Ltd. | | | 2,703,391 | | | | 1.0 | |
| 131,600 | | | | | | Hong Kong Exchanges and Clearing Ltd. | | | 3,009,438 | | | | 1.1 | |
| 1,326,500 | | | | | | Other Securities | | | 2,736,137 | | | | 1.0 | |
| | | | | | | | | | 8,448,966 | | | | 3.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 9,414 | | | | # | | Reliance Industries Ltd. GDR | | | 415,158 | | | | 0.1 | |
| 14,900 | | | | | | Other Securities | | | 971,182 | | | | 0.4 | |
| | | | | | | | | | 1,386,340 | | | | 0.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 88,724 | | | | | | CRH PLC | | | 2,184,650 | | | | 0.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 66,723 | | | | | | Teva Pharmaceutical Industries Ltd. ADR | | | 3,051,243 | | | | 1.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 491,577 | | | | | | Other Securities | | | 2,285,130 | | | | 0.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 22,020 | | | | | | Fanuc Ltd. | | | 3,686,136 | | | | 1.3 | |
| 104,400 | | | | | | Komatsu Ltd. | | | 3,681,081 | | | | 1.3 | |
| 633,100 | | | | | | Mitsubishi UFJ Financial Group, Inc. | | | 3,038,620 | | | | 1.1 | |
| 64,100 | | | | | | Toyota Motor Corp. | | | 2,557,022 | | | | 0.9 | |
| 621,606 | | | | | | Other Securities | | | 14,673,447 | | | | 5.5 | |
| | | | | | | | | | 27,636,306 | | | | 10.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 70,544 | | | | | | ArcelorMittal | | | 2,607,019 | | | | 0.9 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 248,600 | | | | | | Other Securities | | | 241,404 | | | | 0.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 49,085 | | | | | | America Movil SAB de CV ADR | | | 2,807,662 | | | | 1.0 | |
| 681,095 | | | | @ | | Wal-Mart de Mexico SA de CV | | | 2,129,956 | | | | 0.8 | |
| | | | | | | | | | 4,937,618 | | | | 1.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 118,383 | | | | | | Other Securities | | | 2,803,056 | | | | 1.0 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 195,945 | | | | | | Other Securities | | | 2,618,204 | | | | 1.0 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 50,485 | | | | | | Other Securities | | | 1,578,810 | | | | 0.6 | |
| | | | | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
118
| ING INTERNATIONAL CORE FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
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|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 13,446 | | | | | | Hyundai Motor Co. | | $ | 3,101,309 | | | | 1.1 | |
| 3,217 | | | | | | Samsung Electronics Co., Ltd. | | | 2,687,098 | | | | 1.0 | |
| | | | | | | | | | 5,788,407 | | | | 2.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 105,111 | | | | @ | | Telefonica SA | | | 2,823,828 | | | | 1.0 | |
| 55,851 | | | | | | Other Securities | | | 715,426 | | | | 0.3 | |
| | | | | | | | | | 3,539,254 | | | | 1.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 72,854 | | | | | | Assa Abloy AB | | | 2,188,548 | | | | 0.8 | |
| 73,193 | | | | | | Hennes & Mauritz AB | | | 2,586,801 | | | | 0.9 | |
| 133,667 | | | | | | Other Securities | | | 2,978,472 | | | | 1.1 | |
| | | | | | | | | | 7,753,821 | | | | 2.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 65,620 | | | | | | Credit Suisse Group AG | | | 2,986,804 | | | | 1.1 | |
| 42,500 | | | | | | Nestle SA | | | 2,637,907 | | | | 0.9 | |
| 51,108 | | | | | | Novartis AG | | | 3,030,714 | | | | 1.1 | |
| 189,100 | | | | @ | | UBS AG | | | 3,784,376 | | | | 1.4 | |
| 164,132 | | | | | | Other Securities | | | 9,923,738 | | | | 3.6 | |
| | | | | | | | | | 22,363,539 | | | | 8.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 19,100 | | | | | | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 257,850 | | | | 0.1 | |
| 762,000 | | | | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 1,970,902 | | | | 0.7 | |
| 759,000 | | | | | | Other Securities | | | 3,418,101 | | | | 1.3 | |
| | | | | | | | | | 5,646,853 | | | | 2.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 310,394 | | | | | | Other Securities | | | 1,607,576 | | | | 0.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 190,647 | | | | | | BG Group PLC | | | 4,909,443 | | | | 1.8 | |
| 71,900 | | | | | | British American Tobacco PLC | | | 3,141,806 | | | | 1.2 | |
| 63,517 | | | | | | Carnival PLC | | | 2,557,372 | | | | 0.9 | |
| 79,782 | | | | | | Imperial Tobacco Group PLC | | | 2,814,090 | | | | 1.0 | |
| 246,918 | | | | | | National Grid PLC | | | 2,533,389 | | | | 0.9 | |
| 40,400 | | | | | | Reckitt Benckiser Group PLC | | | 2,248,131 | | | | 0.8 | |
| 42,918 | | | | | | Rio Tinto PLC | | | 3,131,509 | | | | 1.1 | |
| 143,967 | | | | | | Standard Chartered PLC | | | 4,001,093 | | | | 1.5 | |
| 440,224 | | | | | | Tesco PLC | | | 2,967,935 | | | | 1.1 | |
| 974,776 | | | | | | Vodafone Group PLC | | | 2,817,871 | | | | 1.0 | |
| 1,370,074 | | | | | | Other Securities | | | 12,008,719 | | | | 4.4 | |
| | | | | | | | | | 43,131,358 | | | | 15.7 | |
| | | | | | | | | | | | | | | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 29,421 | | | | | | Schlumberger Ltd. | | $ | 2,640,535 | | | | 1.0 | |
| 84,452 | | | | | | Other Securities | | | 4,177,061 | | | | 1.5 | |
| | | | | | | | | | 6,817,596 | | | | 2.5 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $246,431,266) | | | 262,995,763 | | | | 95.8 | |
| |
EXCHANGE-TRADED FUNDS: 0.2%
|
| | | | | | | |
| 9,000 | | | | | | Other Securities | | | 571,140 | | | | 0.2 | |
| |
| | | | | | | Total Exchange-Traded Funds | | | | | | | | |
| | | | | | | (Cost $546,044) | | | 571,140 | | | | 0.2 | |
| |
PREFERRED STOCK: 1.3%
|
| | | | | | | |
| 17,400 | | | | @ | | Volkswagen AG | | | 3,424,640 | | | | 1.3 | |
| |
| | | | | | | Total Preferred Stock | | | | | | | | |
| | | | | | | (Cost $2,953,359) | | | 3,424,640 | | | | 1.3 | |
| |
WARRANTS: 0.3%
|
| | | | | | | |
| 104,301 | | | | | | Other Securities | | | 893,067 | | | | 0.3 | |
| |
| | | | | | | Total Warrants | | | | | | | | |
| | | | | | | (Cost $797,274) | | | 893,067 | | | | 0.3 | |
| |
| | | | | | | Total Long-Term Investments | | | | | | | | |
| | | | | | | (Cost $250,727,943) | | | 267,884,610 | | | | 97.6 | |
| |
SHORT-TERM INVESTMENTS: 1.8%
|
| | | | | | | |
| 5,048,939 | | | | | | BlackRock Liquidity Funds,TempFund, Institutional Class
(Cost $5,048,939) | | | 5,048,939 | | | | 1.8 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $5,048,939) | | | 5,048,939 | | | | 1.8 | |
| |
| | | | | | | Total Investments in Securities
(Cost $255,776,882)* | | $ | 272,933,549 | | | | 99.4 | |
| | | | | | | Assets in Excess of
Other Liabilities | | | 1,567,945 | | | | 0.6 | |
| | | | | | | Net Assets | | $ | 274,501,494 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
See Accompanying Notes to Financial Statements
119
| ING INTERNATIONAL CORE FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| # | | 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. |
| |
| @ | | Non-income producing security |
| |
| ADR | | American Depositary Receipt |
| |
| GDR | | Global Depositary Receipt |
| |
| * | | Cost for federal income tax purposes is $256,256,464. |
| | Net unrealized appreciation consists of: | | | | | | |
| | Gross Unrealized Appreciation | | | | $ | 20,073,064 | |
| | Gross Unrealized Depreciation | | | | | (3,395,979 | ) |
| | Net Unrealized appreciation | | | | $ | 16,677,085 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 14.1 | % |
| Consumer Staples | | | | | 9.1 | |
| Energy | | | | | 9.3 | |
| Financials | | | | | 20.8 | |
| Health Care | | | | | 6.8 | |
| Industrials | | | | | 14.5 | |
| Information Technology | | | | | 7.4 | |
| Materials | | | | | 9.8 | |
| Telecommunication Services | | | | | 0.4 | |
| Telecommunications | | | | | 3.6 | |
| Utilities | | | | | 1.3 | |
| Warrants | | | | | 0.3 | |
| Other Long-Term Investments | | | | | 0.2 | |
| Short-Term Investments | | | | | 1.8 | |
| Other Assets and Liabilities — Net | | | | | 0.6 | |
Net Assets | | | | | 100.0 | % |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | — | | | $ | 2,504,230 | | | $ | — | | | $ | 2,504,230 | |
| Bermuda | | | | | — | | | | 1,921,374 | | | | — | | | | 1,921,374 | |
| Brazil | | | | | 10,841,902 | | | | 1,833,500 | | | | — | | | | 12,675,402 | |
| Canada | | | | | 12,787,542 | | | | — | | | | — | | | | 12,787,542 | |
| Chile | | | | | 717,696 | | | | — | | | | — | | | | 717,696 | |
| China | | | | | 3,139,092 | | | | 13,557,737 | | | | — | | | | 16,696,829 | |
| Colombia | | | | | 682,375 | | | | — | | | | — | | | | 682,375 | |
| Denmark | | | | | — | | | | 5,884,859 | | | | — | | | | 5,884,859 | |
| Finland | | | | | — | | | | 1,343,828 | | | | — | | | | 1,343,828 | |
| France | | | | | — | | | | 29,538,253 | | | | — | | | | 29,538,253 | |
| Germany | | | | | 7,187,525 | | | | 14,628,700 | | | | — | | | | 21,816,225 | |
| Hong Kong | | | | | — | | | | 8,448,966 | | | | — | | | | 8,448,966 | |
| India | | | | | 971,182 | | | | 415,158 | | | | — | | | | 1,386,340 | |
| Ireland | | | | | — | | | | 2,184,650 | | | | — | | | | 2,184,650 | |
| Israel | | | | | 3,051,243 | | | | — | | | | — | | | | 3,051,243 | |
| Italy | | | | | — | | | | 2,285,130 | | | | — | | | | 2,285,130 | |
| Japan | | | | | — | | | | 27,636,306 | | | | — | | | | 27,636,306 | |
| Luxembourg | | | | | — | | | | 2,607,019 | | | | — | | | | 2,607,019 | |
| Malaysia | | | | | — | | | | 241,404 | | | | — | | | | 241,404 | |
| Mexico | | | | | 4,937,618 | | | | — | | | | — | | | | 4,937,618 | |
| Netherlands | | | | | 2,803,056 | | | | — | | | | — | | | | 2,803,056 | |
| Russia | | | | | 1,817,368 | | | | 800,836 | | | | — | | | | 2,618,204 | |
| South Africa | | | | | — | | | | 1,578,810 | | | | — | | | | 1,578,810 | |
| South Korea | | | | | — | | | | 5,788,407 | | | | — | | | | 5,788,407 | |
| Spain | | | | | — | | | | 3,539,254 | | | | — | | | | 3,539,254 | |
| Sweden | | | | | — | | | | 7,753,821 | | | | — | | | | 7,753,821 | |
| Switzerland | | | | | — | | | | 22,363,539 | | | | — | | | | 22,363,539 | |
| Taiwan | | | | | 257,850 | | | | 5,389,003 | | | | — | | | | 5,646,853 | |
| Turkey | | | | | — | | | | 1,607,576 | | | | — | | | | 1,607,576 | |
| United Kingdom | | | | | 1,639,731 | | | | 41,491,627 | | | | — | | | | 43,131,358 | |
| United States | | | | | 6,817,596 | | | | — | | | | — | | | | 6,817,596 | |
| Total Common Stock | | | | | 57,651,776 | | | | 205,343,987 | | | | — | | | | 262,995,763 | |
See Accompanying Notes to Financial Statements
120
| ING INTERNATIONAL CORE FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
| Exchange-Traded Funds | | | | $ | 571,140 | | | $ | — | | | $ | — | | | $ | 571,140 | |
| Preferred Stock | | | | | — | | | | 3,424,640 | | | | — | | | | 3,424,640 | |
| Warrants | | | | | — | | | | 893,067 | | | | — | | | | 893,067 | |
| Short-Term Investments | | | | | 5,048,939 | | | | — | | | | — | | | | 5,048,939 | |
| Total Investments, at value | | | | $ | 63,271,855 | | | $ | 209,661,694 | | | $ | — | | | $ | 272,933,549 | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | | — | | | | 390 | | | | — | | | | 390 | |
| Total Assets | | | | $ | 63,271,855 | | | $ | 209,662,084 | | | $ | — | | | $ | 272,933,939 | |
Liabilities Table | | | | | | | | | | | | | | | | | | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | — | | | $ | (145,737 | ) | | $ | — | | | $ | (145,737 | ) |
| Total Liabilities | | | | $ | — | | | $ | (145,737 | ) | | $ | — | | | $ | (145,737 | ) |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
At April 30, 2011, the following forward foreign currency contracts were outstanding for the ING International Core Fund:
Counterparty
| | | | Currency
| | Contract
Amount
| | Buy/Sell
| | Settlement
Date
| | In Exchange For
| | Fair Value
| | Unrealized
Appreciation
(Depreciation)
|
|---|
| Brown Brothers Harriman & Co. | | | | Japanese Yen | | 5,920,514 | | Buy | | 05/09/11 | | $ | 72,602 | | | $ | 72,992 | | | | $390 | |
| | | | | | | | | | | | | | | | | | | | | | $390 | |
| |
| Royal Bank of Scotland Group PLC | | | | Japanese Yen | | 11,326,462 | | Sell | | 05/09/11 | | $ | 138,637 | | | $ | 139,640 | | | | $(1,003 | ) |
| State Street Bank & Trust Co. | | | | Mexican Peso | | 31,630,900 | | Sell | | 05/24/11 | | | 2,596,890 | | | | 2,741,624 | | | | (144,734 | ) |
| | | | | | | | | | | | | | | | | | | | | | $(145,737 | ) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of April 30, 2011 was as follows:
Derivatives not accounted for as
hedging instruments
| | | | Location on Statement
of Assets and Liabilities
| | Fair Value
|
|---|
Asset Derivatives | | | | | | | | |
| Foreign exchange contracts | | | | Unrealized appreciation on forward foreign currency contracts | | $ | 390 | |
Total Asset Derivatives | | | | | | $ | 390 | |
| |
Liability Derivatives | | | | | | | | |
| Foreign exchange contracts | | | | Unrealized depreciation on forward foreign currency contracts | | $ | 145,737 | |
Total Liability Derivatives | | | | | | $ | 145,737 | |
See Accompanying Notes to Financial Statements
121
| ING INTERNATIONAL CORE FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2011 was as follows:
| | | | Amount of Realized Gain or (Loss)
on Derivatives Recognized in Income
| |
|---|
Derivatives not accounted for as hedging instruments
| | | | Foreign currency related transactions*
| |
|---|
| Foreign exchange contracts | | | | | $(1,085,943) | | | | | |
Total | | | | | $(1,085,943) | | | | | |
| | | | Change in Unrealized Appreciation
or Depreciation on Derivatives
Recognized in Income
| |
|---|
Derivatives not accounted for as hedging instruments
| | | | Foreign currency related transactions*
| |
|---|
| Foreign exchange contracts | | | | | $(145,347) | | | | | |
Total | | | | | $(145,347) | | | | | |
| * | | Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions. |
See Accompanying Notes to Financial Statements
122
| ING INTERNATIONAL GROWTH FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
|
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| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 98.2% |
| | | | | | | |
| 149,673 | | | | | | Brambles Ltd. | | $ | 1,108,513 | | | | 0.6 | |
| 13,415 | | | | | | Cochlear Ltd. | | | 1,186,032 | | | | 0.7 | |
| 551,268 | | | | | | Other Securities | | | 3,846,141 | | | | 2.1 | |
| | | | | | | | | | 6,140,686 | | | | 3.4 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 19,255 | | | | | | Groupe Bruxelles Lambert SA | | | 1,908,091 | | | | 1.1 | |
| 33,480 | | | | | | Other Securities | | | 2,019,774 | | | | 1.1 | |
| | | | | | | | | | 3,927,865 | | | | 2.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 37,132 | | | | | | SeaDrill Ltd. | | | 1,317,367 | | | | 0.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 85,400 | | | | | | Itau Unibanco Holding SA ADR | | | 2,028,250 | | | | 1.1 | |
| 45,900 | | | | | | Petroleo Brasileiro SA ADR | | | 1,531,683 | | | | 0.9 | |
| 242,200 | | | | | | Other Securities | | | 3,025,471 | | | | 1.7 | |
| | | | | | | | | | 6,585,404 | | | | 3.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 58,600 | | | | | | Other Securities | | | 2,565,957 | | | | 1.4 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 3,111,900 | | | | | | Other Securities | | | 6,256,680 | | | | 3.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 20,849 | | | | | | Carlsberg A/S | | | 2,473,838 | | | | 1.4 | |
| 27,936 | | | | @ | | Jyske Bank | | | 1,388,430 | | | | 0.8 | |
| 14,797 | | | | | | Novo Nordisk A/S | | | 1,873,201 | | | | 1.0 | |
| 6,760 | | | | | | Novozymes A/S | | | 1,169,013 | | | | 0.7 | |
| 6,557 | | | | | | Other Securities | | | 1,639,493 | | | | 0.9 | |
| | | | | | | | | | 8,543,975 | | | | 4.8 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 27,261 | | | | | | Kone Oyj | | | 1,707,496 | | | | 0.9 | |
| 72,307 | | | | | | Other Securities | | | 666,122 | | | | 0.4 | |
| | | | | | | | | | 2,373,618 | | | | 1.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 55,397 | | | | | | AXA SA | | | 1,241,895 | | | | 0.7 | |
| 11,018 | | | | | | BioMerieux | | | 1,197,918 | | | | 0.7 | |
| 26,421 | | | | | | Legrand SA | | | 1,206,347 | | | | 0.7 | |
| 29,695 | | | | | | Total SA | | | 1,901,712 | | | | 1.1 | |
| 65,247 | | | | | | Other Securities | | | 6,056,301 | | | | 3.3 | |
| | | | | | | | | | 11,604,173 | | | | 6.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 51,809 | | | | | | Celesio AG | | | 1,258,464 | | | | 0.7 | |
| 17,180 | | | | | | Deutsche Boerse AG | | | 1,426,265 | | | | 0.8 | |
| 78,184 | | | | | | Other Securities | | | 4,997,079 | | | | 2.8 | |
| | | | | | | | | | 7,681,808 | | | | 4.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 1,405,200 | | | | | | Other Securities | | | 5,253,266 | | | | 2.9 | |
| | | | | | | | | | | | | | | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 13,040 | | | | # | | Reliance Industries Ltd. GDR | | $ | 575,065 | | | | 0.3 | |
| 74,047 | | | | | | Other Securities | | | 1,672,221 | | | | 1.0 | |
| | | | | | | | | | 2,247,286 | | | | 1.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 610,838 | | | | | | Other Securities | | | 604,928 | | | | 0.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 15,800 | | | | | | Other Securities | | | 902,654 | | | | 0.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 131,043 | | | | | | Other Securities | | | 1,227,326 | | | | 0.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 139,921 | | | | | | Other Securities | | | 730,566 | | | | 0.4 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 32,900 | | | | | | Canon, Inc. | | | 1,549,345 | | | | 0.9 | |
| 169 | | | | | | Inpex Corp. | | | 1,299,236 | | | | 0.7 | |
| 393 | | | | | | Japan Tobacco, Inc. | | | 1,527,315 | | | | 0.9 | |
| 71,800 | | | | | | Mitsui & Co., Ltd. | | | 1,277,687 | | | | 0.7 | |
| 108,600 | | | | | | Namco Bandai Holdings, Inc. | | | 1,199,333 | | | | 0.7 | |
| 5,373 | | | | | | Samsung Electronics | | | 2,238,646 | | | | 1.3 | |
| 665,335 | | | | | | Other Securities | | | 20,594,754 | | | | 11.4 | |
| | | | | | | | | | 29,686,316 | | | | 16.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 112,500 | | | | | | Other Securities | | | 935,802 | | | | 0.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 37,863 | | | | | | Royal Dutch Shell PLC — Class B | | | 1,473,042 | | | | 0.8 | |
| 53,184 | | | | | | Other Securities | | | 1,291,154 | | | | 0.7 | |
| | | | | | | | | | 2,764,196 | | | | 1.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 41,885 | | | | | | Other Securities | | | 686,982 | | | | 0.4 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 12,429 | | | | | | Other Securities | | | 349,425 | | | | 0.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 100,000 | | | | | | United Overseas Bank Ltd. | | | 1,604,487 | | | | 0.9 | |
| 61,000 | | | | | | Other Securities | | | 747,371 | | | | 0.4 | |
| | | | | | | | | | 2,351,858 | | | | 1.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 157,002 | | | | | | Other Securities | | | 1,050,522 | | | | 0.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 19,881 | | | | | | Corporacion Financiera Alba SA | | | 1,225,365 | | | | 0.7 | |
| 273,810 | | | | | | Other Securities | | | 3,130,730 | | | | 1.7 | |
| | | | | | | | | | 4,356,095 | | | | 2.4 | |
| | | | | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
123
| ING INTERNATIONAL GROWTH FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 142,061 | | | | L | | Atlas Copco AB | | $ | 3,823,265 | | | | 2.1 | |
| 59,002 | | | | | | Scania AB | | | 1,532,880 | | | | 0.9 | |
| 71,929 | | | | | | Svenska Handelsbanken AB | | | 2,494,443 | | | | 1.4 | |
| 51,014 | | | | | | Other Securities | | | 1,347,506 | | | | 0.7 | |
| | | | | | | | | | 9,198,094 | | | | 5.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 27,655 | | | | | | Credit Suisse Group AG | | | 1,258,763 | | | | 0.7 | |
| 5,220 | | | | | | Geberit AG | | | 1,221,339 | | | | 0.7 | |
| 6,932 | | | | @ | | Mettler Toledo International, Inc. | | | 1,299,057 | | | | 0.7 | |
| 58,440 | | | | | | Nestle SA | | | 3,627,277 | | | | 2.0 | |
| 15,913 | | | | | | Roche Holding AG | | | 2,582,997 | | | | 1.5 | |
| 10,543 | | | | | | Schindler Holding AG | | | 1,364,532 | | | | 0.8 | |
| 72,502 | | | | @ | | UBS AG | | | 1,450,951 | | | | 0.8 | |
| 55,299 | | | | | | Other Securities | | | 3,754,655 | | | | 2.1 | |
| | | | | | | | | | 16,559,571 | | | | 9.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 193,300 | | | | | | Other Securities | | | 1,885,571 | | | | 1.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 232,579 | | | | | | Turkiye Garanti Bankasi AS | | | 1,204,561 | | | | 0.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 44,633 | | | | @ | | ASOS PLC | | | 1,727,148 | | | | 1.0 | |
| 84,154 | | | | | | BG Group PLC | | | 2,167,090 | | | | 1.2 | |
| 41,429 | | | | | | BHP Billiton PLC | | | 1,751,611 | | | | 1.0 | |
| 191,000 | | | | @ | | Cairn Energy Plc | | | 1,445,042 | | | | 0.8 | |
| 114,000 | | | | | | Hargreaves Lansdown PLC | | | 1,228,199 | | | | 0.7 | |
| 36,000 | | | | | | Imperial Tobacco Group PLC | | | 1,269,801 | | | | 0.7 | |
| 35,000 | | | | | | Intertek Group PLC | | | 1,243,367 | | | | 0.7 | |
| 134,992 | | | | | | John Wood Group PLC | | | 1,566,342 | | | | 0.9 | |
| 69,824 | | | | | | Standard Chartered PLC | | | 1,940,530 | | | | 1.1 | |
| 188,028 | | | | | | Tesco PLC | | | 1,267,661 | | | | 0.7 | |
| 40,600 | | | | | | Unilever PLC | | | 1,318,943 | | | | 0.7 | |
| 120,041 | | | | | | WPP PLC | | | 1,572,344 | | | | 0.9 | |
| 6,938,396 | | | | | | Other Securities | | | 14,710,695 | | | | 8.2 | |
| | | | | | | | | | 33,208,773 | | | | 18.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 39,688 | | | | | | Coca-Cola Enterprises, Inc. | | | 1,127,536 | | | | 0.6 | |
| 65,250 | | | | | | Other Securities | | | 2,374,848 | | | | 1.4 | |
| | | | | | | | | | 3,502,384 | | | | 2.0 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $163,273,033) | | | 175,703,709 | | | | 98.2 | |
| |
SHORT-TERM INVESTMENTS: 2.4%
|
| | | | | | | |
| 4,005,605 | | | | | | BNY Mellon Overnight Government Fund(1)
(Cost $4,005,605) | | | 4,005,605 | | | | 2.2 | |
| |
SHORT-TERM INVESTMENTS: (continued) |
| | | | | | | |
| 312,718 | | | | | | T. Rowe Price Reserve Investment Fund
(Cost $312,718) | | $ | 312,718 | | | | 0.2 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $4,318,323) | | | 4,318,323 | | | | 2.4 | |
| |
| | | | | | | Total Investments in Securities
(Cost $167,591,356)* | | $ | 180,022,032 | | | | 100.6 | |
| | | | | | | Liabilities in Excess of Other Assets | | | (1,042,853 | ) | | | (0.6 | ) |
| | | | | | | Net Assets | | $ | 178,979,179 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| # | | 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. |
| |
| @ | | Non-income producing security |
| |
| ADR | | American Depositary Receipt |
| |
| GDR | | Global Depositary Receipt |
| |
| L | | Loaned security, a portion or all of the security is on loan at April 30, 2011. |
| |
| (1) | | Collateral received from brokers for securities lending was invested in these short-term investments. |
| |
| * | | Cost for federal income tax purposes is $167,695,039. |
| | Net unrealized appreciation consists of: | | | | | | |
| | Gross Unrealized Appreciation | | | | $ | 15,329,368 | |
| | Gross Unrealized Depreciation | | | | | (3,002,375 | ) |
| | Net Unrealized appreciation | | | | $ | 12,326,993 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 15.6 | % |
| Consumer Staples | | | | | 13.7 | |
| Energy | | | | | 9.8 | |
| Financials | | | | | 20.8 | |
| Health Care | | | | | 8.3 | |
| Industrials | | | | | 15.9 | |
| Information Technology | | | | | 7.5 | |
| Materials | | | | | 5.0 | |
| Telecommunications | | | | | 1.6 | |
| Short-Term Investments | | | | | 2.4 | |
| Other Assets and Liabilities — Net | | | | | (0.6 | ) |
Net Assets | | | | | 100.0 | % |
See Accompanying Notes to Financial Statements
124
| ING INTERNATIONAL GROWTH FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | — | | | $ | 6,140,686 | | | $ | — | | | $ | 6,140,686 | |
| Belgium | | | | | — | | | | 3,927,865 | | | | — | | | | 3,927,865 | |
| Bermuda | | | | | — | | | | 1,317,367 | | | | — | | | | 1,317,367 | |
| Brazil | | | | | 4,557,154 | | | | 2,028,250 | | | | — | | | | 6,585,404 | |
| Canada | | | | | 2,565,957 | | | | — | | | | — | | | | 2,565,957 | |
| China | | | | | 1,666,039 | | | | 4,590,641 | | | | — | | | | 6,256,680 | |
| Denmark | | | | | — | | | | 8,543,975 | | | | — | | | | 8,543,975 | |
| Finland | | | | | — | | | | 2,373,618 | | | | — | | | | 2,373,618 | |
| France | | | | | — | | | | 11,604,173 | | | | — | | | | 11,604,173 | |
| Germany | | | | | 792,197 | | | | 6,889,611 | | | | — | | | | 7,681,808 | |
| Hong Kong | | | | | — | | | | 5,253,266 | | | | — | | | | 5,253,266 | |
| India | | | | | 1,672,221 | | | | 575,065 | | | | — | | | | 2,247,286 | |
| Indonesia | | | | | 281,805 | | | | 323,123 | | | | — | | | | 604,928 | |
| Ireland | | | | | 902,654 | | | | — | | | | — | | | | 902,654 | |
| Israel | | | | | 1,227,326 | | | | — | | | | — | | | | 1,227,326 | |
| Italy | | | | | 284,424 | | | | 446,142 | | | | — | | | | 730,566 | |
| Japan | | | | | 2,238,646 | | | | 27,447,670 | | | | — | | | | 29,686,316 | |
| Mexico | | | | | 935,802 | | | | — | | | | — | | | | 935,802 | |
| Netherlands | | | | | — | | | | 2,764,196 | | | | — | | | | 2,764,196 | |
| Portugal | | | | | — | | | | 686,982 | | | | — | | | | 686,982 | |
| Russia | | | | | — | | | | 349,425 | | | | — | | | | 349,425 | |
| Singapore | | | | | — | | | | 2,351,858 | | | | — | | | | 2,351,858 | |
| South Africa | | | | | — | | | | 1,050,522 | | | | — | | | | 1,050,522 | |
| Spain | | | | | 880,499 | | | | 3,475,596 | | | | — | | | | 4,356,095 | |
| Sweden | | | | | — | | | | 9,198,094 | | | | — | | | | 9,198,094 | |
| Switzerland | | | | | 1,299,057 | | | | 15,260,514 | | | | — | | | | 16,559,571 | |
| Taiwan | | | | | 936,900 | | | | 948,671 | | | | — | | | | 1,885,571 | |
| Turkey | | | | | — | | | | 1,204,561 | | | | — | | | | 1,204,561 | |
| United Kingdom | | | | | 1,618,602 | | | | 31,590,171 | | | | — | | | | 33,208,773 | |
| United States | | | | | 3,502,384 | | | | — | | | | — | | | | 3,502,384 | |
| Total Common Stock | | | | | 25,361,667 | | | | 150,342,042 | | | | — | | | | 175,703,709 | |
| Short-Term Investments | | | | | 4,318,323 | | | | — | | | | — | | | | 4,318,323 | |
| Total Investments, at value | | | | $ | 29,679,990 | | | $ | 150,342,042 | | | $ | — | | | $ | 180,022,032 | |
Liabilities Table | | | | | | | | | | | | | | | | | | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | — | | | $ | (950 | ) | | $ | — | | | $ | (950 | ) |
| Total Liabilities | | | | $ | — | | | $ | (950 | ) | | $ | — | | | $ | (950 | ) |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
At April 30, 2011, the following forward foreign currency contracts were outstanding for the ING International Growth Fund:
Counterparty
| | | | Currency
| | Contract
Amount
| | Buy/Sell
| | Settlement
Date
| | In Exchange For
| | Fair Value
| | Unrealized
Appreciation
(Depreciation)
|
|---|
| The Bank of New York Mellon Corp. | | | | Japanese Yen | | 9,431,411 | | Sell | | 05/09/11 | | $ | 115,327 | | | $ | 116,277 | | | | $(950) | |
| | | | | | | | | | | | | | | | | | | | | | $(950) | |
See Accompanying Notes to Financial Statements
125
| ING INTERNATIONAL GROWTH FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of April 30, 2011 was as follows:
Derivatives not accounted for as
hedging instruments
| | | | Location on Statement
of Assets and Liabilities
| | Fair Value
|
|---|
Liability Derivatives | | | | | | | | | | |
| Foreign exchange contracts | | | | Unrealized depreciation on forward foreign currency contracts | | $ | 950 | |
Total Liability Derivatives | | | | | | $ | 950 | |
The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2011 was as follows:
| | | | Amount of Realized Gain or (Loss)
on Derivatives Recognized in Income
| |
|---|
Derivatives not accounted for as hedging instruments
| | | | Foreign currency related transactions*
| |
|---|
| Foreign exchange contracts | | | | | $377,681 | | | | | |
Total | | | | | $377,681 | | | | | |
| | | | Change in Unrealized Appreciation
or Depreciation on Derivatives
Recognized in Income
| |
|---|
Derivatives not accounted for as hedging instruments
| | | | Foreign currency related transactions*
| |
|---|
| Foreign exchange contracts | | | | | $(950) | | | | | |
Total | | | | | $(950) | | | | | |
| * | | Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions. |
See Accompanying Notes to Financial Statements
126
| ING INTERNATIONAL REAL ESTATE FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
|
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|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 98.1% |
| | | | | | | |
| 8,645,857 | | | | | | Dexus Property Group
NPV | | $ | 8,360,874 | | | | 1.3 | |
| 12,685,622 | | | | | | Goodman Group. | | | 9,896,003 | | | | 1.5 | |
| 3,360,140 | | | | | | GPT Group | | | 11,672,366 | | | | 1.8 | |
| 7,411,600 | | | | ** | | ING Office Fund | | | 5,131,245 | | | | 0.8 | |
| 4,949,417 | | | | | | Mirvac Group | | | 6,906,106 | | | | 1.0 | |
| 4,441,900 | | | | | | Stockland | | | 18,441,103 | | | | 2.8 | |
| 2,037,079 | | | | | | Westfield Group | | | 20,186,852 | | | | 3.0 | |
| 4,614,594 | | | | | | Westfield Retail Trust | | | 13,403,784 | | | | 2.0 | |
| 7,836,000 | | | | | | Other Securities | | | 14,579,871 | | | | 2.2 | |
| | | | | | | | | | 108,578,204 | | | | 16.4 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 884,418 | | | | | | Other Securities | | | 4,203,389 | | | | 0.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 32,500 | | | | | | Other Securities | | | 488,574 | | | | 0.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 684,150 | | | | | | Brookfield Properties Corp. | | | 13,532,487 | | | | 2.0 | |
| 517,300 | | | | | | RioCan Real Estate Investment Trust | | | 13,859,911 | | | | 2.0 | |
| 258,400 | | | | | | Other Securities | | | 8,014,968 | | | | 1.3 | |
| | | | | | | | | | 35,407,366 | | | | 5.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 989,000 | | | | | | Other Securities | | | 1,577,526 | | | | 0.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 950,690 | | | | | | Sponda OYJ | | | 5,606,879 | | | | 0.9 | |
| 471,110 | | | | | | Other Securities | | | 2,232,914 | | | | 0.3 | |
| | | | | | | | | | 7,839,793 | | | | 1.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 55,558 | | | | | | ICADE | | | 7,122,380 | | | | 1.1 | |
| 143,216 | | | | | | Klepierre | | | 5,885,422 | | | | 0.9 | |
| 78,410 | | | | | | Nexity SA | | | 4,264,382 | | | | 0.6 | |
| 128,329 | | | | | | Unibail-Rodamco SE | | | 30,023,289 | | | | 4.5 | |
| 96,627 | | | | | | Other Securities | | | 7,220,834 | | | | 1.1 | |
| | | | | | | | | | 54,516,307 | | | | 8.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 510,383 | | | | | | Other Securities | | | 7,370,596 | | | | 1.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 1,903,965 | | | | | | Cheung Kong Holdings Ltd. | | | 30,049,234 | | | | 4.5 | |
| 1,418,700 | | | | | | Great Eagle Holding Co. | | | 5,051,598 | | | | 0.8 | |
| 3,180,900 | | | | | | Hang Lung Properties Ltd. | | | 14,184,112 | | | | 2.1 | |
| 2,108,800 | | | | | | Hongkong Land Holdings Ltd. | | | 15,814,334 | | | | 2.4 | |
| 1,518,100 | | | | | | Hysan Development Co., Ltd. | | | 7,097,908 | | | | 1.1 | |
| 1,500,600 | | | | | | Kerry Properties Ltd. | | | 8,024,178 | | | | 1.2 | |
| 3,779,400 | | | | | | Link REIT | | | 11,911,266 | | | | 1.8 | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 2,866,000 | | | | | | Sino Land Co. | | $ | 5,054,362 | | | | 0.8 | |
| 2,042,700 | | | | | | Sun Hung Kai Properties Ltd. | | | 31,993,793 | | | | 4.7 | |
| 676,285 | | | | | | Other Securities | | | 4,844,138 | | | | 0.8 | |
| | | | | | | | | | 134,024,923 | | | | 20.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 3,087,157 | | | | | | Other Securities | | | 3,495,230 | | | | 0.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 2,600 | | | | | | Advance Residence Investment Corp. | | | 5,445,521 | | | | 0.8 | |
| 191,000 | | | | | | Aeon Mall Co., Ltd. | | | 4,593,611 | | | | 0.7 | |
| 90,400 | | | | | | Daito Trust Construction Co., Ltd. | | | 7,232,003 | | | | 1.1 | |
| 641 | | | | | | Frontier Real Estate Investment Corp. | | | 5,942,839 | | | | 0.9 | |
| 764 | | | | | | Japan Real Estate Investment Corp. | | | 7,562,841 | | | | 1.1 | |
| 3,480 | | | | | | Japan Retail Fund Investment Corp. | | | 5,626,151 | | | | 0.8 | |
| 2,036,500 | | | | | | Mitsubishi Estate Co., Ltd. | | | 35,638,318 | | | | 5.5 | |
| 1,248,477 | | | | | | Mitsui Fudosan Co., Ltd. | | | 21,667,589 | | | | 3.3 | |
| 785 | | | | | | Nippon Accommodations Fund, Inc. | | | 5,762,774 | | | | 0.9 | |
| 955 | | | | | | Nippon Building Fund, Inc. | | | 9,611,655 | | | | 1.4 | |
| 732,100 | | | | | | Sumitomo Realty & Development Co., Ltd. | | | 15,153,860 | | | | 2.3 | |
| 405,962 | | | | | | Other Securities | | | 14,538,544 | | | | 2.1 | |
| | | | | | | | | | 138,775,706 | | | | 20.9 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 103,460 | | | | | | Corio NV | | | 7,325,632 | | | | 1.2 | |
| 52,540 | | | | | | Wereldhave NV | | | 5,491,600 | | | | 0.8 | |
| 124,995 | | | | | | Other Securities | | | 4,107,673 | | | | 0.6 | |
| | | | | | | | | | 16,924,905 | | | | 2.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 774,619 | | | | | | Other Securities | | | 1,565,134 | | | | 0.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 7,387,900 | | | | | | CapitaCommercial Trust | | | 8,702,911 | | | | 1.3 | |
| 4,891,100 | | | | @ | | CapitaLand Ltd. | | | 13,603,539 | | | | 1.9 | |
| 496,900 | | | | | | City Developments Ltd. | | | 4,813,184 | | | | 0.7 | |
| 4,042,100 | | | | @ | | Global Logistic Properties Ltd. | | | 6,376,918 | | | | 1.0 | |
| 1,181,000 | | | | | | UOL Group Ltd. | | | 4,675,842 | | | | 0.7 | |
| 8,624,183 | | | | | | Other Securities | | | 15,210,089 | | | | 2.4 | |
| | | | | | | | | | 53,382,483 | | | | 8.0 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 316,727 | | | | | | Castellum AB | | | 4,909,951 | | | | 0.8 | |
| 389,601 | | | | | | Other Securities | | | 6,229,343 | | | | 0.9 | |
| | | | | | | | | | 11,139,294 | | | | 1.7 | |
| | | | | | | | | | | | | | | |
See Accompanying Notes to Financial Statements
127
| ING INTERNATIONAL REAL ESTATE FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
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| Value
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| Percent
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Assets
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| |
COMMON STOCK: (continued) |
| | | | | | | |
| 58,650 | | | | @ | | PSP Swiss Property AG | | $ | 5,339,225 | | | | 0.8 | |
| 61,819 | | | | | | Swiss Prime Site AG | | | 5,156,348 | | | | 0.8 | |
| | | | | | | | | | 10,495,573 | | | | 1.6 | |
| | | | | | | | | | | | | | | |
| | | | | | | |
| 1,094,041 | | | | | | British Land Co. PLC | | | 11,015,454 | | | | 1.7 | |
| 173,851 | | | | | | Derwent London PLC | | | 5,215,674 | | | | 0.8 | |
| 844,574 | | | | | | Hammerson PLC | | | 6,639,861 | | | | 1.0 | |
| 1,043,993 | | | | | | Land Securities Group PLC | | | 13,723,066 | | | | 2.0 | |
| 4,875,400 | | | | @ | | LXB Retail Properties PLC | | | 9,039,377 | | | | 1.4 | |
| 6,113,132 | | | | | | Other Securities | | | 16,569,005 | | | | 2.5 | |
| | | | | | | | | | 62,202,437 | | | | 9.4 | |
| |
| | | | | | | Total Common Stock* | | | | | | | | |
| | | | | | | (Cost $509,564,112) | | | 651,987,440 | | | | 98.2 | |
| | | | | | | Assets in Excess of
Other Liabilities | | | 11,708,104 | | | | 1.8 | |
| | | | | | | Net Assets | | $ | 663,695,544 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| @ | | Non-income producing security |
| |
| ** | | Investment in affiliate |
| |
| * | | Cost for federal income tax purposes is $580,552,855. |
| | Net unrealized appreciation consists of: | | | | | | |
| | Gross Unrealized Appreciation | | | | $ | 115,248,815 | |
| | Gross Unrealized Depreciation | | | | | (43,814,230 | ) |
| | Net Unrealized appreciation | | | | $ | 71,434,585 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 1.1 | % |
| Financials | | | | | 97.0 | |
| Other Assets and Liabilities — Net | | | | | 1.9 | |
Net Assets | | | | | 100.0 | % |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 13,403,784 | | | $ | 95,174,420 | | | $ | — | | | $ | 108,578,204 | |
| Austria | | | | | — | | | | 4,203,389 | | | | — | | | | 4,203,389 | |
| Brazil | | | | | 488,574 | | | | — | | | | — | | | | 488,574 | |
| Canada | | | | | 35,407,366 | | | | — | | | | — | | | | 35,407,366 | |
| China | | | | | — | | | | 1,577,526 | | | | — | | | | 1,577,526 | |
| Finland | | | | | 2,232,914 | | | | 5,606,879 | | | | — | | | | 7,839,793 | |
| France | | | | | 2,219,957 | | | | 52,296,350 | | | | — | | | | 54,516,307 | |
| Germany | | | | | 7,370,596 | | | | — | | | | — | | | | 7,370,596 | |
| Hong Kong | | | | | — | | | | 134,024,923 | | | | — | | | | 134,024,923 | |
| Italy | | | | | — | | | | 3,495,230 | | | | — | | | | 3,495,230 | |
| Japan | | | | | — | | | | 138,775,706 | | | | — | | | | 138,775,706 | |
| Netherlands | | | | | 1,471,489 | | | | 15,453,416 | | | | — | | | | 16,924,905 | |
| Norway | | | | | — | | | | 1,565,134 | | | | — | | | | 1,565,134 | |
| Singapore | | | | | — | | | | 53,382,483 | | | | — | | | | 53,382,483 | |
| Sweden | | | | | 364,983 | | | | 10,774,311 | | | | — | | | | 11,139,294 | |
| Switzerland | | | | | 5,156,348 | | | | 5,339,225 | | | | — | | | | 10,495,573 | |
| United Kingdom | | | | | 14,176,416 | | | | 48,026,021 | | | | — | | | | 62,202,437 | |
| Total Common Stock | | | | | 82,292,427 | | | | 569,695,013 | | | | — | | | | 651,987,440 | |
| Total Investments, at value | | | | $ | 82,292,427 | | | $ | 569,695,013 | | | $ | — | | | $ | 651,987,440 | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
See Accompanying Notes to Financial Statements
128
ING INTERNATIONAL SMALL CAP
MULTI- MANAGER FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
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Assets
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|---|
| |
COMMON STOCK: 98.2% |
| | | | | | | |
| 290,054 | | | | | | Amcor Ltd. | | $ | 2,229,526 | | | | 0.4 | |
| 157,506 | | | | | | Ansell Ltd. | | | 2,409,531 | | | | 0.5 | |
| 151,034 | | | | | | Caltex Australia Ltd. | | | 2,353,782 | | | | 0.4 | |
| 297,312 | | | | | | Computershare Ltd. | | | 3,163,779 | | | | 0.7 | |
| 9,922,016 | | | | | | Other Securities | | | 18,898,710 | | | | 3.9 | |
| | | | | | | | | | 29,055,328 | | | | 5.9 | |
| |
| | | | | | | |
| 18,709 | | | | | | Mayr Melnhof Karton AG | | | 2,272,292 | | | | 0.5 | |
| 86,727 | | | | | | Other Securities | | | 4,993,906 | | | | 1.0 | |
| | | | | | | | | | 7,266,198 | | | | 1.5 | |
| |
| | | | | | | |
| 490,189 | | | | | | Other Securities | | | 9,494,930 | | | | 1.9 | |
| |
| | | | | | | |
| 1,215,617 | | | | | | Other Securities | | | 2,612,996 | | | | 0.5 | |
| |
| | | | | | | |
| 192,372 | | | | | | Other Securities | | | 2,383,671 | | | | 0.5 | |
| |
| | | | | | | British Virgin Islands: 0.0% |
| 961,940 | | | | | | Other Securities | | | 95,281 | | | | 0.0 | |
| |
| | | | | | | |
| 87,700 | | | | | | Alimentation Couche-Tard, Inc. | | | 2,303,382 | | | | 0.6 | |
| 62,600 | | | | | | Dorel Industries, Inc. | | | 2,081,483 | | | | 0.5 | |
| 36,360 | | | | | | West Fraser Timber Co., Ltd. | | | 2,067,502 | | | | 0.3 | |
| 1,772,527 | | | | | | Other Securities | | | 18,003,794 | | | | 3.6 | |
| | | | | | | | | | 24,456,161 | | | | 5.0 | |
| |
| | | | | | | |
| 14,596,749 | | | | | | Other Securities | | | 9,620,851 | | | | 2.0 | |
| |
| | | | | | | |
| 4,469 | | | | | | Other Securities | | | 171,033 | | | | 0.0 | |
| |
| | | | | | | |
| 25,000 | | | | | | Solar A/S | | | 2,189,628 | | | | 0.5 | |
| 35,000 | | | | | | TrygVesta AS | | | 2,237,247 | | | | 0.5 | |
| 145,934 | | | | | | Other Securities | | | 4,677,050 | | | | 0.9 | |
| | | | | | | | | | 9,103,925 | | | | 1.9 | |
| |
| | | | | | | |
| 187,254 | | | | | | Other Securities | | | 966,946 | | | | 0.2 | |
| |
| | | | | | | |
| 22,608 | | | | | | Arkema SA | | | 2,354,626 | | | | 0.5 | |
| 55,000 | | | | | | Bourbon SA | | | 2,606,743 | | | | 0.5 | |
| 180,000 | | | | | | Groupe Eurotunnel SA | | | 1,957,015 | | | | 0.4 | |
| 66,331 | | | | @ | | Peugeot SA | | | 3,010,304 | | | | 0.6 | |
| 67,638 | | | | | | Rallye SA | | | 3,556,597 | | | | 0.8 | |
| 25,000 | | | | | | Rubis | | | 3,069,923 | | | | 0.6 | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 42,781 | | | | | | Valeo SA | | $ | 2,725,033 | | | | 0.6 | |
| 516,065 | | | | | | Other Securities | | | 10,822,755 | | | | 2.1 | |
| | | | | | | | | | 30,102,996 | | | | 6.1 | |
| |
| | | | | | | |
| 35,062 | | | | | | Aurubis AG | | | 2,072,192 | | | | 0.5 | |
| 54,544 | | | | | | Bechtle AG | | | 2,597,334 | | | | 0.6 | |
| 23,000 | | | | @ | | Bilfinger Berger AG | | | 2,214,174 | | | | 0.5 | |
| 18,000 | | | | @ | | Brenntag AG | | | 2,212,842 | | | | 0.5 | |
| 19,767 | | | | | | Draegerwerk AG & Co. KGaA | | | 2,074,457 | | | | 0.4 | |
| 215,000 | | | | | | Freenet AG | | | 2,734,074 | | | | 0.6 | |
| 43,000 | | | | | | Rheinmetall AG | | | 3,854,877 | | | | 0.7 | |
| 949,503 | | | | | | Other Securities | | | 24,320,370 | | | | 4.8 | |
| | | | | | | | | | 42,080,320 | | | | 8.6 | |
| |
| | | | | | | |
| 74,675 | | | | | | Other Securities | | | 710,370 | | | | 0.1 | |
| |
| | | | | | | |
| 827,500 | | | | | | Ports Design Ltd. | | | 2,283,241 | | | | 0.6 | |
| 52,672,308 | | | | | | Other Securities | | | 11,904,757 | | | | 2.3 | |
| | | | | | | | | | 14,187,998 | | | | 2.9 | |
| |
| | | | | | | |
| 1,537,856 | | | | | | Other Securities | | | 6,687,767 | | | | 1.4 | |
| |
| | | | | | | |
| 19,115,000 | | | | | | Other Securities | | | 2,696,431 | | | | 0.6 | |
| |
| | | | | | | |
| 585,009 | | | | | | Other Securities | | | 3,692,598 | | | | 0.8 | |
| |
| | | | | | | |
| 204,036 | | | | | | Other Securities | | | 1,503,486 | | | | 0.3 | |
| |
| | | | | | | |
| 203,333 | | | | | | Azimut Holding S.p.A. | | | 2,600,120 | | | | 0.5 | |
| 3,307,884 | | | | | | Other Securities | | | 10,781,526 | | | | 2.2 | |
| | | | | | | | | | 13,381,646 | | | | 2.7 | |
| |
| | | | | | | |
| 28,300 | | | | | | OSAKA Titanium Technologies Co. | | | 2,198,085 | | | | 0.4 | |
| 14,611,040 | | | | | | Other Securities | | | 81,112,251 | | | | 16 .5 | |
| | | | | | | | | | 83,310,336 | | | | 16 .9 | |
| |
| | | | | | | |
| 749,500 | | | | | | Other Securities | | | 2,726,937 | | | | 0.6 | |
| |
| | | | | | | |
| 2,315,772 | | | | | | Other Securities | | | 1,856,689 | | | | 0.4 | |
| |
| | | | | | | |
| 20,300 | | | | | | Other Securities | | | 70,057 | | | | 0.0 | |
See Accompanying Notes to Financial Statements
129
ING INTERNATIONAL SMALLCAP
MULTI-MANAGER FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
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| Value
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| Percent
of Net
Assets
|
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| |
COMMON STOCK: (continued) |
| | | | | | | |
| 120,000 | | | | | | Delta Lloyd NV | | $ | 3,157,263 | | | | 0.6 | |
| 21,000 | | | | | | Fugro NV | | | 1,924,895 | | | | 0.4 | |
| 74,848 | | | | | | Imtech NV | | | 2,842,503 | | | | 0.6 | |
| 42,000 | | | | | | Ten Cate NV | | | 1,943,937 | | | | 0.4 | |
| 608,416 | | | | | | Other Securities | | | 5,834,285 | | | | 1.2 | |
| | | | | | | | | | 15,702,883 | | | | 3.2 | |
| |
| | | | | | | |
| 365,317 | | | | | | Fletcher Building Ltd. | | | 2,723,375 | | | | 0.6 | |
| 84,353 | | | | | | Other Securities | | | 623,960 | | | | 0.1 | |
| | | | | | | | | | 3,347,335 | | | | 0.7 | |
| |
| | | | | | | |
| 1,429,638 | | | | | | Other Securities | | | 5,690,078 | | | | 1.2 | |
| |
| | | | | | | |
| 1,714,421 | | | | | | Other Securities | | | 259,591 | | | | 0.1 | |
| |
| | | | | | | |
| 33,460 | | | | | | Other Securities | | | 103,365 | | | | 0.0 | |
| |
| | | | | | | |
| 14,548 | | | | | | Other Securities | | | 183,018 | | | | 0.0 | |
| |
| | | | | | | |
| 2,261,000 | | | | @ | | Biosensors International Group Ltd. | | | 2,495,700 | | | | 0.5 | |
| 59,959 | | | | @ | | China Yuchai International Ltd. | | | 1,985,841 | | | | 0.5 | |
| 12,504,050 | | | | | | Other Securities | | | 10,836,095 | | | | 2.1 | |
| | | | | | | | | | 15,317,636 | | | | 3.1 | |
| |
| | | | | | | |
| 14,028 | | | | | | Other Securities | | | 81,732 | | | | 0.0 | |
| |
| | | | | | | |
| 63,360 | | | | | | Hankook Tire Co. Ltd | | | 2,544,819 | | | | 0.6 | |
| 14,425 | | | | | | Samsung SDI Co., Ltd. | | | 2,584,833 | | | | 0.6 | |
| 35,016 | | | | | | SeAH Steel Corp. | | | 2,990,701 | | | | 0.7 | |
| 394,999 | | | | | | Other Securities | | | 8,831,469 | | | | 1.6 | |
| | | | | | | | | | 16,951,822 | | | | 3.5 | |
| |
| | | | | | | |
| 65,544 | | | | | | Other Securities | | | 2,166,122 | | | | 0.4 | |
| |
| | | | | | | |
| 220,000 | | | | | | Byggmax Group AB | | | 2,111,726 | | | | 0.5 | |
| 79,295 | | | | | | NCC AB | | | 2,120,475 | | | | 0.4 | |
| 657,409 | | | | | | Other Securities | | | 4,866,579 | | | | 1.0 | |
| | | | | | | | | | 9,098,780 | | | | 1.9 | |
| |
| | | | | | | |
| 127,345 | | | | @ | | Clariant AG | | | 2,643,673 | | | | 0.6 | |
| 4,054 | | | | @ | | Forbo Holding AG | | | 3,317,400 | | | | 0.7 | |
| 55,000 | | | | @ | | Gategroup Holding AG | | | 2,947,705 | | | | 0.5 | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 8,218 | | | | | | Valora Holding AG | | $ | 2,807,421 | | | | 0.6 | |
| 190,541 | | | | | | Other Securities | | | 9,856,068 | | | | 2.0 | |
| | | | | | | | | | 21,572,267 | | | | 4.4 | |
| |
| | | | | | | |
| 11,420,928 | | | | | | Other Securities | | | 7,032,843 | | | | 1.4 | |
| |
| | | | | | | |
| 3,264,200 | | | | | | Krung Thai Bank PCL | | | 2,147,455 | | | | 0.5 | |
| 7,896,100 | | | | | | Other Securities | | | 821,512 | | | | 0.1 | |
| | | | | | | | | | 2,968,967 | | | | 0.6 | |
| |
| | | | | | | |
| 254,124 | | | | | | Other Securities | | | 513,930 | | | | 0.1 | |
| |
| | | | | | | United Arab Emirates: 0.6% |
| 390,000 | | | | | | Other Securities | | | 2,743,491 | | | | 0.6 | |
| |
| | | | | | | |
| 86,000 | | | | | | DCC Group PLC | | | 2,902,179 | | | | 0.6 | |
| 334,992 | | | | | | Drax Group PLC | | | 2,467,278 | | | | 0.5 | |
| 657,302 | | | | | | Home Retail Group PLC | | | 2,426,150 | | | | 0.6 | |
| 60,000 | | | | @ | | Premier Oil PLC | | | 2,016,608 | | | | 0.4 | |
| 750,476 | | | | | | Senior Plc | | | 1,917,498 | | | | 0.4 | |
| 12,539,645 | | | | | | Other Securities | | | 63,371,232 | | | | 12.8 | |
| | | | | | | | | | 75,100,945 | | | | 15.3 | |
| |
| | | | | | | |
| 55,373 | | | | | | Willis Group Holdings PLC | | | 2,288,013 | | | | 0.5 | |
| 469,022 | | | | | | Other Securities | | | 1,941,518 | | | | 0.4 | |
| | | | | | | | | | 4,229,531 | | | | 0.9 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $374,052,372) | | | 481,299,287 | | | | 98.2 | |
| |
RIGHTS: 0.0% |
| | | | | | | |
| 5,960,300 | | | | | | Other Securities | | | 9,956 | | | | 0.0 | |
| |
| | | | | | | Total Rights | | | | | | | | |
| | | | | | | (Cost $—) | | | 9,956 | | | | 0.0 | |
| |
| | | | | | | Total Long-Term Investments | | | | | | | | |
| | | | | | | (Cost $374,052,372) | | | 481,309,243 | | | | 98.2 | |
| |
SHORT-TERM INVESTMENTS: 0.7%
|
| | | | | | | |
| 1,635,650 | | | | | | BNY Mellon Overnight Government Fund(1) | | | 1,635,650 | | | | 0.3 | |
| 79,696 | | | | R | | BNY Institutional Cash Reserves Fund, Series B(1)(2) | | | 63,757 | | | | 0.1 | |
| |
| | | | | | | Total Securities Lending | | | | | | | | |
| | | | | | | (Cost $1,715,346) | | | 1,699,407 | | | | 0.4 | |
See Accompanying Notes to Financial Statements
130
ING INTERNATIONAL SMALLCAP
MULTI-MANAGER FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
SHORT-TERM INVESTMENTS: (continued) |
| | | | | | | |
| 1,568,044 | | | | | | BlackRock Liquidity Funds,TempFund, Institutional Class | | | | | | | | |
| | | | | | | (Cost $1,568,044) | | $ | 1,568,044 | | | | 0.3 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $3,283,390) | | | 3,267,451 | | | | 0.7 | |
| |
| | | | | | | Total Investments in Securities | | | | | | | | |
| | | | | | | (Cost $377,335,762)* | | $ | 484,576,694 | | | | 98.9 | |
| | | | | | | Assets in Excess of
Other Liabilities | | | 5,383,301 | | | | 1.1 | |
| | | | | | | Net Assets | | $ | 489,959,995 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| @ | | Non-income producing security |
| (1) | | Collateral received from brokers for securities lending was invested in these short-term investments. |
| (2) | | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Portfolio’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. |
| * | | Cost for federal income tax purposes is $379,909,433. |
| Net unrealized appreciation consists of: | | | | | | |
| Gross Unrealized Appreciation | | | | $ | 128,610,031 | |
| Gross Unrealized Depreciation | | | | | (23,942,770 | ) |
| Net Unrealized appreciation | | | | $ | 104,667,261 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 19.8 | % |
| Consumer Staples | | | | | 7.6 | |
| Energy | | | | | 5.4 | |
| Financials | | | | | 10.5 | |
| Health Care | | | | | 4.3 | |
| Industrials | | | | | 24.1 | |
| Information Technology | | | | | 10.6 | |
| Materials | | | | | 13.8 | |
| Telecommunications | | | | | 0.9 | |
| Utilities | | | | | 1.2 | |
| Short-Term Investments | | | | | 0.7 | |
| Other Assets and Liabilities — Net | | | | | 1.1 | |
Net Assets | | | | | 100.0 | % |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 1,045,484 | | | $ | 28,009,844 | | | $ | — | | | $ | 29,055,328 | |
| Austria | | | | | 5,929,257 | | | | 1,336,941 | | | | — | | | | 7,266,198 | |
| Belgium | | | | | 3,314,666 | | | | 6,180,264 | | | | — | | | | 9,494,930 | |
| Bermuda | | | | | 1,854,889 | | | | 758,107 | | | | — | | | | 2,612,996 | |
| Brazil | | | | | 2,383,671 | | | | — | | | | — | | | | 2,383,671 | |
| British Virgin Islands | | | | | 95,281 | | | | — | | | | — | | | | 95,281 | |
| Canada | | | | | 24,456,161 | | | | — | | | | — | | | | 24,456,161 | |
| China | | | | | 2,544,423 | | | | 6,767,179 | | | | 309,249 | | | | 9,620,851 | |
| Colombia | | | | | 171,033 | | | | — | | | | — | | | | 171,033 | |
| Denmark | | | | | 2,845,516 | | | | 6,258,409 | | | | — | | | | 9,103,925 | |
| Finland | | | | | 375,538 | | | | 591,408 | | | | — | | | | 966,946 | |
| France | | | | | 5,736,323 | | | | 24,366,673 | | | | — | | | | 30,102,996 | |
| Germany | | | | | 20,102,787 | | | | 21,977,533 | | | | — | | | | 42,080,320 | |
| Greece | | | | | 710,370 | | | | — | | | | — | | | | 710,370 | |
| Hong Kong | | | | | 443,559 | | | | 13,744,439 | | | | — | | | | 14,187,998 | |
| India | | | | | — | | | | 6,687,767 | | | | — | | | | 6,687,767 | |
| Indonesia | | | | | — | | | | 2,696,431 | | | | — | | | | 2,696,431 | |
| Ireland | | | | | 710,064 | | | | 2,982,534 | | | | — | | | | 3,692,598 | |
| Israel | | | | | 1,360,102 | | | | 143,384 | | | | — | | | | 1,503,486 | |
| Italy | | | | | 2,843,837 | | | | 10,537,809 | | | | — | | | | 13,381,646 | |
See Accompanying Notes to Financial Statements
131
ING INTERNATIONAL SMALLCAP
MULTI-MANAGER FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
| | | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
| Japan | | | | $ | 48,505 | | | $ | 83,261,831 | | | $ | — | | | $ | 83,310,336 | |
| Luxembourg | | | | | 1,263,053 | | | | 1,463,884 | | | | — | | | | 2,726,937 | |
| Malaysia | | | | | — | | | | 1,856,689 | | | | — | | | | 1,856,689 | |
| Mexico | | | | | 70,057 | | | | — | | | | — | | | | 70,057 | |
| Netherlands | | | | | 1,113,388 | | | | 14,589,495 | | | | — | | | | 15,702,883 | |
| New Zealand | | | | | — | | | | 3,347,335 | | | | — | | | | 3,347,335 | |
| Norway | | | | | 2,126,636 | | | | 3,563,442 | | | | — | | | | 5,690,078 | |
| Pakistan | | | | | 250,404 | | | | 9,187 | | | | — | | | | 259,591 | |
| Poland | | | | | 42,714 | | | | 60,651 | | | | — | | | | 103,365 | |
| Portugal | | | | | — | | | | 183,018 | | | | — | | | | 183,018 | |
| Singapore | | | | | 2,208,634 | | | | 13,109,002 | | | | — | | | | 15,317,636 | |
| South Africa | | | | | 81,732 | | | | — | | | | — | | | | 81,732 | |
| South Korea | | | | | 1,568,550 | | | | 15,257,344 | | | | 125,928 | | | | 16,951,822 | |
| Spain | | | | | 824,252 | | | | 1,341,870 | | | | — | | | | 2,166,122 | |
| Sweden | | | | | 3,459,019 | | | | 5,639,761 | | | | — | | | | 9,098,780 | |
| Switzerland | | | | | 9,324,028 | | | | 12,248,239 | | | | — | | | | 21,572,267 | |
| Taiwan | | | | | — | | | | 7,032,843 | | | | — | | | | 7,032,843 | |
| Thailand | | | | | — | | | | 2,968,967 | | | | — | | | | 2,968,967 | |
| Turkey | | | | | — | | | | 513,930 | | | | — | | | | 513,930 | |
| United Arab Emirates | | | | | 1,563,773 | | | | 1,179,718 | | | | — | | | | 2,743,491 | |
| United Kingdom | | | | | 20,745,145 | | | | 54,207,720 | | | | 148,080 | | | | 75,100,945 | |
| United States | | | | | 4,229,531 | | | | — | | | | — | | | | 4,229,531 | |
| Total Common Stock | | | | | 125,842,382 | | | | 354,873,648 | | | | 583,257 | | | | 481,299,287 | |
| Rights | | | | | — | | | | 9,956 | | | | — | | | | 9,956 | |
| Short-Term Investments | | | | | 3,203,694 | | | | — | | | | 63,757 | | | | 3,267,451 | |
| Total Investments, at value | | | | $ | 129,046,076 | | | $ | 354,883,604 | | | $ | 647,014 | | | $ | 484,576,694 | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | | — | | | | 19,591 | | | | — | | | | 19,591 | |
| Total Assets | | | | $ | 129,046,076 | | | $ | 354,903,195 | | | $ | 647,014 | | | $ | 484,596,285 | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2011:
| | | | Beginning
Balance
10/31/2010
| | Purchases
| | Sales
| | Accrued
Discounts/
(Premiums)
| | Total
Realized
Gain/(Loss)
| | Total Unrealized
Appreciation/
(Depreciation)
| | Transfers
Into
Level 3
| | Transfers
Out of
Level 3
| | Ending
Balance
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | $ | 46,547 | | | $ | 42,604 | | | $ | — | | | $ | — | | | $ | — | | | $ | (1,259 | ) | | $ | 495,365 | | | $ | — | | | $ | 583,257 | |
| Short-Term Investments | | | | | 63,757 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 63,757 | |
| Total Investments, at value | | | | $ | 110,304 | | | $ | 42,604 | | | $ | — | | | $ | — | | | $ | — | | | $ | (1,259 | ) | | $ | 495,365 | | | $ | — | | | $ | 647,014 | |
As of April 30, 2011, the net change in unrealized appreciation or depreciation on Level 3 investments still held at period end and included in the change in net assets was $(1,259).
Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period.
See Accompanying Notes to Financial Statements
132
ING INTERNATIONAL SMALLCAP
MULTI-MANAGER FUND | SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
At April 30, 2011, the following forward foreign currency contracts were outstanding for the ING International SmallCap Multi-Manager Fund:
Counterparty
| | | | Currency
| | Contract
Amount
| | Buy/Sell
| | Settlement
Date
| | In Exchange For
| | Fair Value
| | Unrealized
Appreciation
(Depreciation)
|
|---|
| The Bank of New York Mellon Corp. | | | | EU Euro | | 518,276 | | Buy | | 05/06/11 | | $ | 748,059 | | | $ | 767,514 | | | $ | 19,455 | |
| State Street Bank & Trust Co. | | | | Japanese Yen | | 3,923,293 | | Buy | | 05/09/11 | | | 48,233 | | | | 48,369 | | | | 136 | |
| | | | | | | | | | | | | | | | | | | | | $ | 19,591 | |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of April 30, 2011 was as follows:
Derivatives not accounted for as
hedging instruments
| | | | Location on Statement
of Assets and Liabilities
| | Fair Value
|
|---|
Asset Derivatives
| | | | | | | |
| Foreign exchange contracts | | | | Unrealized appreciation on forward foreign currency contracts | | $ | 19,591 |
| | | | | | | $ | 19,591 |
The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2011 was as follows:
| | | | Amount of Realized Gain or (Loss)
on Derivatives Recognized in Income | |
|---|
Derivatives not accounted for as hedging instruments
| | | | Foreign currency related transactions*
| |
|---|
| Foreign exchange contracts | | | | $ | (57,534 | ) |
Total | | | | $ | (57,534 | ) |
| | | | Change in Unrealized Appreciation
or Depreciation on Derivatives
Recognized in Income |
|---|
Derivatives not accounted for as hedging instruments
| | | | Foreign currency related transactions*
| |
|---|
| Foreign exchange contracts | | | | $ | 19,591 | |
Total | | | | $ | 19,591 | | |
| * | | Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions. |
See Accompanying Notes to Financial Statements
133
ING INTERNATIONAL VALUE FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 98.1% |
| | | | | | | |
| 180,567 | | | | | | BHP Billiton Ltd. | | $ | 9,141,994 | | | | 0.9 | |
| |
| | | | | | | |
| 155,829 | | | | | | Other Securities | | | 6,127,228 | | | | 0.6 | |
| |
| | | | | | | |
| 1,432,416 | | | | | | Other Securities | | | 28,158,241 | | | | 2.7 | |
| |
| | | | | | | |
| 224,400 | | | | | | Barrick Gold Corp. | | | 11,446,644 | | | | 1.1 | |
| 248,900 | | | | | | Suncor Energy, Inc. | | | 11,459,356 | | | | 1.1 | |
| 305,700 | | | | | | Other Securities | | | 11,002,064 | | | | 1.0 | |
| | | | | | | | | | 33,908,064 | | | | 3.2 | |
| |
| | | | | | | |
| 15,560,000 | | | | | | Huaneng Power International, Inc. | | | 8,593,307 | | | | 0.8 | |
| 11,944,000 | | | | | | Other Securities | | | 9,396,843 | | | | 0.9 | |
| | | | | | | | | | 17,990,150 | | | | 1.7 | |
| |
| | | | | | | |
| 286,444 | | | | | | Other Securities | | | 12,336,535 | | | | 1.2 | |
| |
| | | | | | | |
| 954,449 | | | | | | Nokia OYJ | | | 8,792,773 | | | | 0.8 | |
| 691,714 | | | | | | Other Securities | | | 12,510,178 | | | | 1.2 | |
| | | | | | | | | | 21,302,951 | | | | 2.0 | |
| |
| | | | | | | |
| 1,323,541 | | | | @ | | Alcatel-Lucent | | | 8,576,496 | | | | 0.8 | |
| 438,177 | | | | | | AXA SA | | | 9,823,093 | | | | 0.9 | |
| 137,505 | | | | | | BNP Paribas | | | 10,870,407 | | | | 1.1 | |
| 219,874 | | | | | | Carrefour SA | | | 10,418,105 | | | | 1.0 | |
| 406,335 | | | | | | France Telecom SA | | | 9,522,214 | | | | 0.9 | |
| 98,051 | | | | | | Compagnie Generale des Etablissements Michelin | | | 9,828,065 | | | | 0.9 | |
| 335,322 | | | | | | Sanofi-Aventis SA | | | 26,529,718 | | | | 2.4 | |
| 380,949 | | | | | | Total SA | | | 24,396,542 | | | | 2.3 | |
| 1,399,355 | | | | | | Other Securities | | | 37,106,648 | | | | 3.6 | |
| | | | | | | | | | 147,071,288 | | | | 13.9 | |
| |
| | | | | | | |
| 70,045 | | | | | | Allianz SE | | | 11,004,865 | | | | 1.1 | |
| 1,048,024 | | | | | | Deutsche Telekom AG | | | 17,319,932 | | | | 1.6 | |
| 68,531 | | | | | | Siemens AG | | | 9,968,451 | | | | 0.9 | |
| 350,109 | | | | | | Other Securities | | | 26,643,586 | | | | 2.5 | |
| | | | | | | | | | 64,936,834 | | | | 6.1 | |
| |
| | | | | | | |
| 5,741,500 | | | | | | Other Securities | | | 17,157,639 | | | | 1.6 | |
| |
| | | | | | | |
| 504,484 | | | | | | Other Securities | | | 9,069,828 | | | | 0.9 | |
| |
| | | | | | | |
| 65,900 | | | | | | Other Securities | | | 3,013,607 | | | | 0.3 | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 344,300 | | | | | | ENI S.p.A. | | $ | 9,218,177 | | | | 0.9 | |
| 12,713,021 | | | | | | Telecom Italia S.p.A. | | | 16,393,667 | | | | 1.5 | |
| 2,695,039 | | | | | | Other Securities | | | 20,730,151 | | | | 2.0 | |
| | | | | | | | | | 46,341,995 | | | | 4.4 | |
| |
| | | | | | | |
| 888,000 | | | | | | Dai Nippon Printing Co., Ltd. | | | 10,652,432 | | | | 1.1 | |
| 378,900 | | | | | | Fuji Film Holdings Corp. | | | 11,779,200 | | | | 1.0 | |
| 1,611,000 | | | | | | Hitachi Ltd. | | | 8,744,072 | | | | 0.8 | |
| 1,548 | | | | | | Inpex Corp. | | | 11,900,691 | | | | 1.1 | |
| 353,000 | | | | | | JGC Corp. | | | 8,837,841 | | | | 0.8 | |
| 175,300 | | | | | | Mabuchi Motor Co., Ltd. | | | 8,697,231 | | | | 0.8 | |
| 360,300 | | | | | | Mitsubishi Corp. | | | 9,774,101 | | | | 0.9 | |
| 370,200 | | | | | | MS&AD Insurance Group Holdings | | | 8,669,292 | | | | 0.8 | |
| 1,310,200 | | | | | | Nissan Motor Co., Ltd. | | | 12,606,107 | | | | 1.2 | |
| 186,600 | | | | | | Nippon Telegraph & Telephone Corp. | | | 8,695,068 | | | | 0.8 | |
| 4,407 | | | | | | NTT DoCoMo, Inc. | | | 8,176,638 | | | | 0.8 | |
| 299,400 | | | | | | Omron Corp. | | | 8,234,896 | | | | 0.8 | |
| 150,300 | | | | | | Rohm Co., Ltd. | | | 9,051,978 | | | | 0.9 | |
| 764,900 | | | | | | Seven & I Holdings Co., Ltd. | | | 19,249,553 | | | | 1.8 | |
| 338,300 | | | | | | Sumitomo Mitsui Financial Group, Inc. | | | 10,508,231 | | | | 1.0 | |
| 457,300 | | | | | | Tokio Marine Holdings, Inc. | | | 12,792,711 | | | | 1.1 | |
| 6,555,671 | | | | | | Other Securities | | | 82,409,832 | | | | 7.9 | |
| | | | | | | | | | 250,779,874 | | | | 23.6 | |
| |
| | | | | | | |
| 116,865 | | | | | | Other Securities | | | 2,187,713 | | | | 0.2 | |
| |
| | | | | | | |
| 369,887 | | | | | | Royal Dutch Shell PLC — Class A | | | 14,407,649 | | | | 1.3 | |
| 235,306 | | | | | | Royal Dutch Shell PLC — Class B | | | 9,154,466 | | | | 0.9 | |
| 492,937 | | | | | | Unilever NV | | | 16,227,827 | | | | 1.5 | |
| 346,725 | | | | | | Wolters Kluwer NV | | | 8,078,480 | | | | 0.8 | |
| 1,767,630 | | | | | | Other Securities | | | 25,942,414 | | | | 2.5 | |
| | | | | | | | | | 73,810,836 | | | | 7.0 | |
| |
| | | | | | | |
| 1,300,865 | | | | | | Other Securities | | | 2,281,179 | | | | 0.2 | |
| |
| | | | | | | |
| 331,833 | | | | | | Other Securities | | | 5,710,391 | | | | 0.5 | |
| |
| | | | | | | |
| 1,752,451 | | | | | | Other Securities | | | 9,994,829 | | | | 0.9 | |
| |
| | | | | | | |
| 497,000 | | | | | | Other Securities | | | 7,974,301 | | | | 0.8 | |
See Accompanying Notes to Financial Statements
134
ING INTERNATIONAL VALUE FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 513,486 | | | | | | Other Securities | | $ | 14,201,887 | | | | 1.3 | |
| |
| | | | | | | |
| 79,800 | | | | | | SK Telecom Co., Ltd. | | | 12,090,769 | | | | 1.2 | |
| 143,410 | | | | | | Other Securities | | | 3,435,990 | | | | 0.3 | |
| | | | | | | | | | 15,526,759 | | | | 1.5 | |
| |
| | | | | | | |
| 428,985 | | | | | | Indra Sistemas SA | | | 9,730,037 | | | | 0.9 | |
| 1,133,663 | | | | | | Other Securities | | | 12,799,707 | | | | 1.2 | |
| | | | | | | | | | 22,529,744 | | | | 2.1 | |
| |
| | | | | | | |
| 644,530 | | | | | | Other Securities | | | 9,829,626 | | | | 0.9 | |
| |
| | | | | | | |
| 335,395 | | | | | | Novartis AG | | | 19,888,984 | | | | 1.9 | |
| 595,233 | | | | @ | | UBS AG | | | 11,912,141 | | | | 1.1 | |
| 438,829 | | | | | | Xstrata PLC | | | 11,255,529 | | | | 1.1 | |
| 411,786 | | | | | | Other Securities | | | 18,105,869 | | | | 1.7 | |
| | | | | | | | | | 61,162,523 | | | | 5.8 | |
| |
| | | | | | | |
| 200,530 | | | | | | AstraZeneca PLC | | | 9,949,827 | | | | 0.9 | |
| 1,608,312 | | | | | | BAE Systems PLC | | | 8,828,480 | | | | 0.9 | |
| 1,736,755 | | | | | | Barclays PLC | | | 8,256,517 | | | | 0.7 | |
| 1,038,481 | | | | | | BP PLC | | | 7,983,053 | | | | 0.8 | |
| 230,900 | | | | | | BP PLC ADR | | | 10,653,726 | | | | 1.0 | |
| 803,814 | | | | | | GlaxoSmithKline PLC | | | 17,559,259 | | | | 1.6 | |
| 2,441,820 | | | | | | Home Retail Group PLC | | | 9,012,937 | | | | 0.8 | |
| 4,594,565 | | | | | | Vodafone Group PLC | | | 13,281,914 | | | | 1.3 | |
| 9,018,128 | | | | | | Other Securities | | | 48,231,943 | | | | 4.6 | |
| | | | | | | | | | 133,757,656 | | | | 12.6 | |
| |
| | | | | | | |
| 152,600 | | | | | | Newmont Mining Corp. | | | 8,943,886 | | | | 0.8 | |
| 104,934 | | | | | | Other Securities | | | 3,761,884 | | | | 0.4 | |
| | | | | | | | | | 12,705,770 | | | | 1.2 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $972,441,092) | | | 1,039,009,442 | | | | 98.1 | |
| |
RIGHTS: 0.0%
|
| | | | | | | |
| 487,341 | | | | | | Other Securities | | | 36,091 | | | | 0.0 | |
| |
| | | | | | | Total Rights | | | | | | | | |
| | | | | | | (Cost $—) | | | 36,091 | | | | 0.0 | |
| |
| | | | | | | Total Long-Term Investments | | | | | | | | |
| | | | | | | (Cost $972,441,092) | | | 1,039,045,533 | | | | 98.1 | |
| |
SHORT-TERM INVESTMENTS: 1.1%
|
| | | | | | | |
| 749,296 | | | | | | BNY Mellon Overnight Government Fund(1) | | $ | 749,296 | | | | 0.1 | |
| 1,202,292 | | | | R | | BNY Institutional Cash Reserves Fund, Series B(1)(2) | | | 961,834 | | | | 0.1 | |
| |
| | | | | | | Total Securities Lending | | | | | | | | |
| | | | | | | (Cost $1,951,588) | | | 1,711,130 | | | | 0.2 | |
| |
| | | | | | | |
| 9,456,858 | | | | | | BlackRock Liquidity Funds,TempFund, Institutional Class | | | | | | | | |
| | | | | | | (Cost $9,456,858) | | | 9,456,858 | | | | 0.9 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $11,408,446) | | | 11,167,988 | | | | 1.1 | |
| |
| | | | | | | Total Investments in Securities | | | | | | | | |
| | | | | | | (Cost $983,849,538)* | | $ | 1,050,213,521 | | | | 99.2 | |
| | | | | | | Assets in Excess of
Other Liabilities | | | 8,299,859 | | | | 0.8 | |
| | | | | | | Net Assets | | $ | 1,058,513,380 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| @ | | Non-income producing security |
| ADR | | American Depositary Receipt |
| (1) | | Collateral received from brokers for securities lending was invested in these short-term investments. |
| (2) | | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Portfolio’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. |
See Accompanying Notes to Financial Statements
135
ING INTERNATIONAL VALUE FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
| * | | Cost for federal income tax purposes is $1,001,868,016. |
| Net unrealized appreciation consists of: | | | | | | |
| Gross Unrealized Appreciation | | | | $ | 136,142,496 | |
| Gross Unrealized Depreciation | | | | | (87,796,991 | ) |
| Net Unrealized appreciation | | | | $ | 48,345,505 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 8.7 | % |
| Consumer Staples | | | | | 8.4 | |
| Energy | | | | | 10.1 | |
| Financials | | | | | 19.2 | |
| Health Care | | | | | 9.3 | |
| Industrials | | | | | 7.4 | |
| Information Technology | | | | | 10.1 | |
| Materials | | | | | 9.2 | |
| Telecommunications | | | | | 11.1 | |
| Utilities | | | | | 4.6 | |
| Short-Term Investments | | | | | 1.1 | |
| Other Assets and Liabilities — Net | | | | | 0.8 | |
Net Assets | | | | | 100.0 | % |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | — | | | $ | 9,141,994 | | | $ | — | | | $ | 9,141,994 | |
| Belgium | | | | | — | | | | 6,127,228 | | | | — | | | | 6,127,228 | |
| Brazil | | | | | 28,158,241 | | | | — | | | | — | | | | 28,158,241 | |
| Canada | | | | | 33,908,064 | | | | — | | | | — | | | | 33,908,064 | |
| China | | | | | — | | | | 17,990,150 | | | | — | | | | 17,990,150 | |
| Denmark | | | | | — | | | | 12,336,535 | | | | — | | | | 12,336,535 | |
| Finland | | | | | — | | | | 21,302,951 | | | | — | | | | 21,302,951 | |
| France | | | | | — | | | | 147,071,288 | | | | — | | | | 147,071,288 | |
| Germany | | | | | 13,433,543 | | | | 51,503,291 | | | | — | | | | 64,936,834 | |
| Hong Kong | | | | | — | | | | 17,157,639 | | | | — | | | | 17,157,639 | |
| Ireland | | | | | — | | | | 9,069,828 | | | | — | | | | 9,069,828 | |
| Israel | | | | | 3,013,607 | | | | — | | | | — | | | | 3,013,607 | |
| Italy | | | | | 5,510,788 | | | | 40,831,207 | | | | — | | | | 46,341,995 | |
| Japan | | | | | — | | | | 250,779,874 | | | | — | | | | 250,779,874 | |
| Mexico | | | | | 2,187,713 | | | | — | | | | — | | | | 2,187,713 | |
| Netherlands | | | | | — | | | | 73,810,836 | | | | — | | | | 73,810,836 | |
| New Zealand | | | | | — | | | | 2,281,179 | | | | — | | | | 2,281,179 | |
| Poland | | | | | — | | | | 5,710,391 | | | | — | | | | 5,710,391 | |
| Portugal | | | | | — | | | | 9,994,829 | | | | — | | | | 9,994,829 | |
| Singapore | | | | | — | | | | 7,974,301 | | | | — | | | | 7,974,301 | |
| South Africa | | | | | — | | | | 14,201,887 | | | | — | | | | 14,201,887 | |
| South Korea | | | | | — | | | | 15,526,759 | | | | — | | | | 15,526,759 | |
| Spain | | | | | 6,780,112 | | | | 15,749,632 | | | | — | | | | 22,529,744 | |
| Sweden | | | | | — | | | | 9,829,626 | | | | — | | | | 9,829,626 | |
| Switzerland | | | | | — | | | | 61,162,523 | | | | — | | | | 61,162,523 | |
| United Kingdom | | | | | 10,653,726 | | | | 123,103,930 | | | | — | | | | 133,757,656 | |
| United States | | | | | 12,705,770 | | | | — | | | | — | | | | 12,705,770 | |
| Total Common Stock | | | | | 116,351,564 | | | | 922,657,878 | | | | — | | | | 1,039,009,442 | |
| Rights | | | | | — | | | | 36,091 | | | | — | | | | 36,091 | |
| Short-Term Investments | | | | | 10,206,154 | | | | — | | | | 961,834 | | | | 11,167,988 | |
| Total Investments, at value | | | | $ | 126,557,718 | | | $ | 922,693,969 | | | $ | 961,834 | | | $ | 1,050,213,521 | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | | — | | | | 1,846 | | | | — | | | | 1,846 | |
| Total Assets | | | | $ | 126,557,718 | | | $ | 922,695,815 | | | $ | 961,834 | | | $ | 1,050,215,367 | |
See Accompanying Notes to Financial Statements
136
ING INTERNATIONAL VALUE FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
| | | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Liabilities Table | | | | | | | | | | | | | | | | | | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | — | | | $ | (426 | ) | | $ | — | | | $ | (426 | ) |
| Total Liabilities | | | | $ | — | | | $ | (426 | ) | | $ | — | | | $ | (426 | ) |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2011:
| | | | Beginning
Balance
10/31/2010
| | Purchases
| | Sales
| | Accrued
Discounts/
(Premiums)
| | Total
Realized
Gain/(Loss)
| | Total Unrealized
Appreciation/
(Depreciation)
| | Transfers
Into
Level 3
| | Transfers
Out of
Level 3
| | Ending
Balance
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short-Term Investments | | | | $ | 961,834 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 961,834 | |
| Total Investments, at value | | | | $ | 961,834 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 961,834 | |
As of April 30, 2011, the net change in unrealized appreciation or depreciation on Level 3 investments still held at period end and included in the change in net assets was $0.
Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period.
At April 30, 2011, the following forward foreign currency contracts were outstanding for the ING International Value Fund:
Counterparty
| | | | Currency
| | Contract
Amount
| | Buy/Sell
| | Settlement Date
| | In Exchange For
| | Fair Value
| | Unrealized
Appreciation
(Depreciation)
|
|---|
| Bank of America | | | | Japanese Yen | | 40,201,658 | | Buy | | 05/09/11 | | $ | 493,787 | | | $ | 495,633 | | | $ | 1,846 | |
| | | | | | | | | | | | | | | | | | | | | $ | 1,846 | |
| The Bank of New York Mellon Corp. | | | | Japanese Yen | | 7,855,137 | | Sell | | 05/09/11 | | $ | 96,418 | | | $ | 96,844 | | | $ | (426 | ) |
| | | | | | | | | | | | | | | | | | | | | $ | (426 | ) |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of April 30, 2011 was as follows:
Derivatives not accounted for as
hedging instruments
| | | | Location on Statement
of Assets and Liabilities
| | Fair Value
|
|---|
| |
Asset Derivatives | | | | | | | | |
| Foreign exchange contracts | | | | Unrealized appreciation on forward foreign currency contracts | | $ | 1,846 | |
Total Asset Derivatives | | | | | | $ | 1,846 | |
| |
Liability Derivatives | | | | | | | | |
| Foreign exchange contracts | | | | Unrealized depreciation on forward foreign currency contracts | | $ | 426 | |
Total Liability Derivatives | | | | | | $ | 426 | |
See Accompanying Notes to Financial Statements
137
ING INTERNATIONAL VALUE FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2011 was as follows:
| | | | Amount of Realized Gain or (Loss)
on Derivatives Recognized in Income | |
|---|
Derivatives not accounted for as hedging instruments
| | | | Foreign currency related transactions*
| |
|---|
| Foreign exchange contracts | | | | $ | 222,819 | | | | | |
Total | | | | $ | 222,819 | | | | | |
| | | | Change in Unrealized Appreciation
or Depreciation on Derivatives
Recognized in Income | |
|---|
Derivatives not accounted for as hedging instruments
| | | | Foreign currency related transactions*
| |
|---|
| Foreign exchange contracts | | | | $ | 1,420 | | | | | |
Total | | | | $ | 1,420 | | | | | |
| * | | Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions. |
See Accompanying Notes to Financial Statements
138
ING INTERNATIONAL VALUE
CHOICE FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 96.2% |
| | | | | | | |
| 227,680 | | | | | | Alumina Ltd. | | $ | 570,226 | | | | 1.0 | |
| 25,751 | | | | | | Newcrest Mining Ltd. | | | 1,172,820 | | | | 2.2 | |
| | | | | | | | | | 1,743,046 | | | | 3.2 | |
| |
| | | | | | | |
| 26,936 | | | | | | Belgacom SA | | | 1,059,129 | | | | 1.9 | |
| |
| | | | | | | |
| 22,255 | | | | | | Axis Capital Holdings Ltd. | | | 786,937 | | | | 1.4 | |
| |
| | | | | | | |
| 43,933 | | | | | | Centrais Eletricas Brasileiras SA ADR | | | 823,304 | | | | 1.5 | |
| 66,876 | | | | | | Embraer SA | | | 529,244 | | | | 1.0 | |
| | | | | | | | | | 1,352,548 | | | | 2.5 | |
| |
| | | | | | | |
| 34,132 | | | | | | Barrick Gold Corp. | | | 1,741,073 | | | | 3.1 | |
| 17,671 | | | | | | Cameco Corp. | | | 520,941 | | | | 1.0 | |
| 88,347 | | | | | | Kinross Gold Corp. | | | 1,399,416 | | �� | | 2.6 | |
| 40,514 | | | | | | Nexen, Inc. | | | 1,070,785 | | | | 2.0 | |
| 23,661 | | | | | | Suncor Energy, Inc. | | | 1,089,353 | | | | 1.9 | |
| | | | | | | | | | 5,821,568 | | | | 10.6 | |
| |
| | | | | | | |
| 124,237 | | | | | | Nokia OYJ ADR | | | 1,146,708 | | | | 2.1 | |
| |
| | | | | | | |
| 13,994 | | | | @ | | Areva SA | | | 644,420 | | | | 1.2 | |
| 27,455 | | | | | | Carrefour SA | | | 1,300,877 | | | | 2.4 | |
| 20,249 | | | | | | EDF SA | | | 851,750 | | | | 1.6 | |
| 22,541 | | | | | | Sanofi-Aventis SA | | | 1,783,380 | | | | 3.3 | |
| 8,362 | | | | | | Societe Generale | | | 558,814 | | | | 1.0 | |
| 26,591 | | | | | | Thales SA | | | 1,174,542 | | | | 2.0 | |
| | | | | | | | | | 6,313,783 | | | | 11.5 | |
| |
| | | | | | | |
| 3,777 | | | | | | Allianz SE | | | 593,410 | | | | 1.1 | |
| 5,698 | | | | | | Siemens AG | | | 828,825 | | | | 1.5 | |
| | | | | | | | | | 1,422,235 | | | | 2.6 | |
| |
| | | | | | | |
| 18,023 | | | | | | Telekomunikasi Indonesia Tbk PT ADR | | | 651,351 | | | | 1.2 | |
| |
| | | | | | | |
| 970,481 | | | | | | Telecom Italia S.p.A. | | | 1,251,453 | | | | 2.3 | |
| |
| | | | | | | |
| 165,390 | | | | | | Chuo Mitsui Trust Holdings, Inc. | | | 569,395 | | | | 1.0 | |
| 83,500 | | | | | | Coca-Cola West Co., Ltd. | | | 1,729,303 | | | | 3.3 | |
| 107,000 | | | | | | Dai Nippon Printing Co., Ltd. | | | 1,283,570 | | | | 2.3 | |
| 32,400 | | | | | | Fuji Film Holdings Corp. | | | 1,007,248 | | | | 1.9 | |
| 22,700 | | | | | | Mabuchi Motor Co., Ltd. | | | 1,126,224 | | | | 2.1 | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 58,000 | | | | | | MS&AD Insurance Group Holdings | | $ | 1,358,236 | | | | 2.5 | |
| 3,000 | | | | | | Nintendo Co., Ltd. | | | 709,842 | | | | 1.3 | |
| 67,190 | | | | | | Nippon Telegraph & Telephone Corp. ADR | | | 1,555,449 | | | | 2.8 | |
| 12,200 | | | | | | Rohm Co., Ltd. | | | 734,758 | | | | 1.3 | |
| 15,600 | | | | | | Sankyo Co., Ltd. | | | 811,286 | | | | 1.5 | |
| 87,000 | | | | | | Sekisui House Ltd. | | | 843,355 | | | | 1.6 | |
| 40,200 | | | | | | Seven & I Holdings Co., Ltd. | | | 1,011,677 | | | | 1.8 | |
| 53,600 | | | | | | Shiseido Co., Ltd. | | | 891,552 | | | | 1.6 | |
| 9,154 | | | | | | Toyota Motor Corp. ADR | | | 729,391 | | | | 1.3 | |
| 62,000 | | | | | | Wacoal Holdings Corp. | | | 807,133 | | | | 1.5 | |
| 121,737 | | | | | | Other Securities | | | 2,450,039 | | | | 4.4 | |
| | | | | | | | | | 17,618,458 | | | | 32.2 | |
| |
| | | | | | | |
| 17,693 | | | | | | Royal Dutch Shell PLC ADR | | | 1,386,424 | | | | 2.5 | |
| 35,132 | | | | | | Wolters Kluwer NV | | | 818,554 | | | | 1.5 | |
| | | | | | | | | | 2,204,978 | | | | 4.0 | |
| |
| | | | | | | |
| 18,197 | | | | | | Statoil ASA | | | 533,061 | | | | 1.0 | |
| |
| | | | | | | |
| 31,378 | | | | | | Gazprom OAO ADR | | | 535,309 | | | | 1.0 | |
| |
| | | | | | | |
| 28,831 | | | | | | AngloGold Ashanti Ltd ADR | | | 1,469,805 | | | | 2.7 | |
| 64,136 | | | | | | Gold Fields Ltd. | | | 1,147,159 | | | | 2.1 | |
| | | | | | | | | | 2,616,964 | | | | 4.8 | |
| |
| | | | | | | |
| 60,781 | | | | | | Korea Electric Power Corp. ADR | | | 735,450 | | | | 1.3 | |
| 83,396 | | | | | | SK Telecom Co., Ltd. ADR | | | 1,582,856 | | | | 2.9 | |
| | | | | | | | | | 2,318,306 | | | | 4.2 | |
| |
| | | | | | | |
| 35,275 | | | | | | UBS AG | | | 705,500 | | | | 1.3 | |
| |
| | | | | | | |
| 28,601 | | | | | | AstraZeneca PLC | | | 1,419,114 | | | | 2.6 | |
| 67,330 | | | | | | GlaxoSmithKline PLC | | | 1,470,820 | | | | 2.7 | |
| 167,622 | | | | | | Home Retail Group PLC | | | 618,705 | | | | 1.1 | |
| 373,820 | | | | | | Vodafone Group PLC | | | 1,080,634 | | | | 2.0 | |
| | | | | | | | | | 4,589,273 | | | | 8.4 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $46,748,918) | | | 52,670,607 | | | | 96.2 | |
See Accompanying Notes to Financial Statements
139
ING INTERNATIONAL VALUE
CHOICE FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
SHORT-TERM INVESTMENTS: 3.4%
|
| | | | | | | |
| 1,886,858 | | | | | | BlackRock Liquidity Funds,TempFund, Institutional Class | | | | | | | | |
| | | | | | | (Cost $1,886,858) | | $ | 1,886,858 | $ | | | 3.4 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $1,886,858) | | | 1,886,858 | | | | 3.4 | |
| |
| | | | | | | Total Investments in Securities | | | | | | | | |
| | | | | | | (Cost $48,635,776)* | | $ | 54,557,465 | | | | 99.6 | |
| | | | | | | Assets in Excess of
Other Liabilities | | | 213,979 | | | | 0.4 | |
| | | �� | | | | Net Assets | | $ | 54,771,444 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| @ | | Non-income producing security |
| ADR | | American Depositary Receipt |
| * | | Cost for federal income tax purposes is $49,883,134. |
| Net unrealized appreciation consists of: | | | | | | |
| Gross Unrealized Appreciation | | | | $ | 8,250,444 | |
| Gross Unrealized Depreciation | | | | | (3,576,113 | ) |
| Net Unrealized appreciation | | | | $ | 4,674,331 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Consumer Discretionary | | | | | 9.4 | % |
| Consumer Staples | | | | | 9.9 | |
| Energy | | | | | 9.4 | |
| Financials | | | | | 8.3 | |
| Health Care | | | | | 9.8 | |
| Industrials | | | | | 11.6 | |
| Information Technology | | | | | 6.6 | |
| Materials | | | | | 13.7 | |
| Telecommunications | | | | | 13.1 | |
| Utilities | | | | | 4.4 | |
| Short-Term Investments | | | | | 3.4 | |
| Other Assets and Liabilities — Net | | | | | 0.4 | |
Net Assets | | | | | 100.0 | % |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | — | | | $ | 1,743,046 | | | $ | — | | | $ | 1,743,046 | |
| Belgium | | | | | — | | | | 1,059,129 | | | | — | | | | 1,059,129 | |
| Bermuda | | | | | 786,937 | | | | — | | | | — | | | | 786,937 | |
| Brazil | | | | | 1,352,548 | | | | — | | | | — | | | | 1,352,548 | |
| Canada | | | | | 5,821,568 | | | | — | | | | — | | | | 5,821,568 | |
| Finland | | | | | 1,146,708 | | | | — | | | | — | | | | 1,146,708 | |
| France | | | | | 644,420 | | | | 5,669,363 | | | | — | | | | 6,313,783 | |
| Germany | | | | | — | | | | 1,422,235 | | | | — | | | | 1,422,235 | |
| Indonesia | | | | | 651,351 | | | | — | | | | — | | | | 651,351 | |
| Italy | | | | | — | | | | 1,251,453 | | | | — | | | | 1,251,453 | |
| Japan | | | | | 2,284,840 | | | | 15,333,618 | | | | — | | | | 17,618,458 | |
| Netherlands | | | | | 1,386,424 | | | | 818,554 | | | | — | | | | 2,204,978 | |
| Norway | | | | | — | | | | 533,061 | | | | — | | | | 533,061 | |
| Russia | | | | | 535,309 | | | | — | | | | — | | | | 535,309 | |
| South Africa | | | | | 1,469,805 | | | | 1,147,159 | | | | — | | | | 2,616,964 | |
| South Korea | | | | | 2,318,306 | | | | — | | | | — | | | | 2,318,306 | |
| Switzerland | | | | | 705,500 | | | | — | | | | — | | | | 705,500 | |
| United Kingdom | | | | | — | | | | 4,589,273 | | | | — | | | | 4,589,273 | |
| Total Common Stock | | | | | 19,103,716 | | | | 33,566,891 | | | | — | | | | 52,670,607 | |
| Short-Term Investments | | | | | 1,886,858 | | | | — | | | | — | | | | 1,886,858 | |
| Total Investments, at value | | | | $ | 20,990,574 | | | $ | 33,566,891 | | | $ | — | | | $ | 54,557,465 | |
See Accompanying Notes to Financial Statements
140
ING INTERNATIONAL VALUE
CHOICE FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
See Accompanying Notes to Financial Statements
141
ING RUSSIA FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
COMMON STOCK: 98.8% |
| | | | | | | Consumer Discretionary: 0.7% |
| 107,000 | | | | | | CTC Media, Inc. | | $ | 2,521,990 | | | | 0.5 | |
| 814,188 | | | | @ | | RBC Information Systems | | | 1,150,361 | | | | 0.2 | |
| | | | | | | | | | 3,672,351 | | | | 0.7 | |
| |
| | | | | | | |
| 200,000 | | | | @ | | Avangardco Investments Public Ltd. GDR | | | 3,860,000 | | | | 0.8 | |
| 175,200 | | | | | | Magnit OAO | | | 23,252,580 | | | | 4.6 | |
| 100,000 | | | | #, @ | | MHP SA GDR | | | 1,850,000 | | | | 0.4 | |
| 66,000 | | | | @ | | Synergy Co. | | | 2,772,000 | | | | 0.5 | |
| 91,800 | | | | @ | | X5 Retail Group N.V. GDR | | | 3,246,974 | | | | 0.6 | |
| | | | | | | | | | 34,981,554 | | | | 6.9 | |
| |
| | | | | | | |
| 6,188,900 | | | | | | Gazprom OAO | | | 52,311,062 | | | | 10.3 | |
| 677,700 | | | | | | Lukoil-Spon ADR | | | 47,235,690 | | | | 9.3 | |
| 228,000 | | | | | | NovaTek OAO GDR | | | 32,153,003 | | | | 6.3 | |
| 100,000 | | | | | | OAO Gazprom ADR | | | 2,527,000 | | | | 0.5 | |
| 2,265,013 | | | | @ | | Rosneft Oil Co. GDR | | | 20,285,909 | | | | 4.0 | |
| 16,444,400 | | | | L | | Surgutneftegas OJSC | | | 9,605,395 | | | | 1.9 | |
| 934,300 | | | | L | | Surgutneftegas OJSC ADR | | | 9,990,817 | | | | 2.0 | |
| 302,833 | | | | L | | Tatneft ADR | | | 13,679,716 | | | | 2.7 | |
| | | | | | | | | | 187,788,592 | | | | 37.0 | |
| |
| | | | | | | |
| 1,149,500 | | | | @ | | Bank St Petersburg OJSC | | | 5,958,832 | | | | 1.2 | |
| 190,700 | | | | @ | | Nomos — Bank | | | 3,365,855 | | | | 0.7 | |
| 190,141 | | | | @, X | | Renaissance Asset Managers Global Funds — Russian Power Utilities Fund | | | 1,667,251 | | | | 0.3 | |
| 14,836,321 | | | | | | Sberbank of Russian Federation | | | 54,119,096 | | | | 10.7 | |
| 2,214,600 | | | | @ | | VTB Bank OJSC GDR | | | 14,377,015 | | | | 2.8 | |
| | | | | | | | | | 79,488,049 | | | | 15.7 | |
| |
| | | | | | | |
| 146,965 | | | | @ | | Pharmstandard — Reg S GDR GDR | | | 3,795,252 | | | | 0.7 | |
| |
| | | | | | | |
| 1,659,400 | | | | | | Aeroflot — Russian Airlines OJSC | | | 4,156,903 | | | | 0.8 | |
| 4,247,469 | | | | @ | | Novorossiysk Commercial Sea Port PJSC | | | 529,715 | | | | 0.1 | |
| | | | | | | | | | 4,686,618 | | | | 0.9 | |
| |
| | | | | | | |
| 34,000 | | | | | | Akron JSC | | | 1,513,000 | | | | 0.3 | |
| 257,100 | | | | @, L | | Evraz Group SA GDR | | | 8,736,578 | | | | 1.7 | |
| 490,680 | | | | | | LSR Group GDR | | | 4,601,020 | | | | 0.9 | |
| 100,000 | | | | | | Mechel ADR | | | 972,000 | | | | 0.2 | |
| 858,600 | | | | L | | Mechel OAO ADR | | | 24,530,202 | | | | 4.8 | |
| 32,900 | | | | | | MMC Norilsk Nickel | | | 8,613,586 | | | | 1.7 | |
| 945,621 | | | | | | MMC Norilsk Nickel ADR | | | 26,176,021 | | | | 5.2 | |
| 1,451,500 | | | | | | Novolipetsk Steel | | | 5,650,682 | | | | 1.1 | |
| |
COMMON STOCK: (continued) |
| | | | | | | |
| 265,400 | | | | | | Petropavlovsk PLC | | $ | 3,976,797 | | | | 0.8 | |
| 497,600 | | | | @, L | | Polymetal GDR | | | 9,524,064 | | | | 1.9 | |
| 572,600 | | | | @ | | Raspadskaya | | | 3,806,258 | | | | 0.7 | |
| 452,800 | | | | | | Severstal OAO GDR | | | 8,190,775 | | | | 1.6 | |
| 100,000 | | | | @ | | Sibirskiy Cement OAO | | | 2,530,000 | | | | 0.5 | |
| 1,562,000 | | | | @, L | | United Co. RUSAL | | | 2,395,092 | | | | 0.5 | |
| 590,290 | | | | L | | Uralkali GDR | | | 24,886,717 | | | | 4.9 | |
| | | | | | | | | | 136,102,792 | | | | 26.8 | |
| |
| | | | | | | |
| 144,122 | | | | @ | | Comstar United Telesystems GDR | | | 1,051,540 | | | | 0.2 | |
| 458,800 | | | | | | Mobile Telesystems OJSC ADR | | | 9,703,620 | | | | 1.9 | |
| 588,552 | | | | | | Rostelecom | | | 3,565,830 | | | | 0.7 | |
| 368,700 | | | | | | Sistema JSFC GDR | | | 10,440,937 | | | | 2.1 | |
| | | | | | | | | | 24,761,927 | | | | 4.9 | |
| |
| | | | | | | |
| 371,841,500 | | | | @ | | Federal Grid Co. Unified Energy System JSC | | | 4,906,724 | | | | 1.0 | |
| 35,749,700 | | | | @ | | IDGC Holding JSC | | | 5,422,373 | | | | 1.1 | |
| 20,000,000 | | | | | | Mosenergo OAO | | | 1,982,227 | | | | 0.4 | |
| 47,808,200 | | | | @ | | OGK-2 OAO | | | 2,714,724 | | | | 0.5 | |
| 185,198,748 | | | | | | RusHydro | | | 9,381,429 | | | | 1.8 | |
| 3,486,013,800 | | | | | | Territorial Generating Co. No 1 | | | 2,099,208 | | | | 0.4 | |
| | | | | | | | | | 26,506,685 | | | | 5.2 | |
| |
| | | | | | | Total Common Stock | | | | | | | | |
| | | | | | | (Cost $311,337,973) | | | 501,783,820 | | | | 98.8 | |
| |
SHORT-TERM INVESTMENTS: 5.4%
|
| | | | | | | |
| 26,509,399 | | | | | | BNY Mellon Overnight Government Fund(1) | | | 26,509,399 | | | | 5.2 | |
| 841,448 | | | | R | | BNY Institutional Cash Reserves Fund, Series B(1)(2) | | | 673,158 | | | | 0.2 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $27,350,847) | | | 27,182,557 | | | | 5.4 | |
| |
| | | | | | | Total Investments in Securities | | | | | | | | |
| | | | | | | (Cost $338,688,820)* | | $ | 528,966,377 | | | | 104.2 | |
| | | | | | | Liabilities in Excess
of Other Assets | | | (21,281,198 | ) | | | (4.2 | ) |
| | | | | | | Net Assets | | $ | 507,685,179 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
See Accompanying Notes to Financial Statements
142
ING RUSSIA FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
| # | | 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. |
| @ | | Non-income producing security |
| ADR | | American Depositary Receipt |
| GDR | | Global Depositary Receipt |
| L | | Loaned security, a portion or all of the security is on loan at April 30, 2011. |
| X | | Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees. |
| (1) | | Collateral received from brokers for securities lending was invested in these short-term investments. |
| (2) | | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Portfolio’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. |
| * | | Cost for federal income tax purposes is $349,686,896. |
| Net unrealized appreciation consists of: | | | | | | |
| Gross Unrealized Appreciation | | | | $ | 196,037,344 | |
| Gross Unrealized Depreciation | | | | | (16,757,863 | ) |
| Net Unrealized appreciation | | | | $ | 179,279,481 | |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
| | Significant
Other
Observable
Inputs#
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | |
| Consumer Discretionary | | | | $ | 3,672,351 | | | $ | — | | | $ | — | | | $ | 3,672,351 | |
| Consumer Staples | | | | | 31,734,580 | | | | 3,246,974 | | | | — | | | | 34,981,554 | |
| Energy | | | | | 111,679,147 | | | | 76,109,445 | | | | — | | | | 187,788,592 | |
| Financials | | | | | 63,443,783 | | | | 14,377,015 | | | | 1,667,251 | | | | 79,488,049 | |
| Health Care | | | | | — | | | | 3,795,252 | | | | — | | | | 3,795,252 | |
| Industrials | | | | | 4,686,618 | | | | — | | | | — | | | | 4,686,618 | |
| Materials | | | | | 48,526,206 | | | | 87,576,586 | | | | — | | | | 136,102,792 | |
| Telecommunications | | | | | 14,320,990 | | | | 10,440,937 | | | | — | | | | 24,761,927 | |
| Utilities | | | | | 17,125,256 | | | | 9,381,429 | | | | — | | | | 26,506,685 | |
| Total Common Stock | | | | | 295,188,931 | | | | 204,927,638 | | | | 1,667,251 | | | | 501,783,820 | |
| Short-Term Investments | | | | | 26,509,399 | | | | — | | | | 673,158 | | | | 27,182,557 | |
| Total Investments, at value | | | | $ | 321,698,330 | | | $ | 204,927,638 | | | $ | 2,340,409 | | | $ | 528,966,377 | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| # | | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2011:
| | | | Beginning
Balance
10/31/2010
| | Purchases
| | Sales
| | Accrued
Discounts/
(Premiums)
| | Total
Realized
Gain/(Loss)
| | Total Unrealized
Appreciation/
(Depreciation)
| | Transfers
Into
Level 3
| | Transfers
Out of
Level 3
| | Ending
Balance
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | $ | 1,633,280 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 33,971 | | | $ | — | | | $ | — | | | $ | 1,667,251 | |
| Short-Term Investments | | | | | 673,158 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 673,158 | |
| Total Investments, at value | | | | $ | 2,306,438 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 33,971 | | | $ | — | | | $ | — | | | $ | 2,340,409 | |
As of April 30, 2011, the net change in unrealized appreciation or depreciation on Level 3 investments still held at period end and included in the change in net assets was $33,971.
Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period.
See Accompanying Notes to Financial Statements
143
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED)
|
Principal
Amount†
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
CORPORATE BONDS/NOTES: 28.1%
|
| | | | | | | Consumer Discretionary: 4.6%
|
| $2,677,000 | | | | S | | DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.500%–6.375%, 03/01/16–03/01/41 | | $ | 2,760,438 | | | | 0.6 | |
| 991,000 | | | | # | | Hyatt Hotels Corp., 6.875%, 08/15/19 | | | 1,099,674 | | | | 0.2 | |
| 800,000 | | | | # | | Myriad International Holding BV, 6.375%, 07/28/17 | | | 860,000 | | | | 0.2 | |
| 1,314,000 | | | | # | | NBC Universal, Inc., 2.875%, 04/01/16 | | | 1,300,317 | | | | 0.2 | |
| 270,000 | | | | # | | NBC Universal, Inc., 3.650%, 04/30/15 | | | 279,897 | | | | 0.1 | |
| 442,000 | | | | # | | NBC Universal, Inc., 5.150%, 04/30/20 | | | 462,547 | | | | 0.1 | |
| 510,000 | | | | # | | QVC, Inc., 7.375%, 10/15/20 | | | 538,050 | | | | 0.1 | |
| 230,000 | | | | #, S | | QVC, Inc., 7.500%, 10/01/19 | | | 245,525 | | | | 0.0 | |
| 910,000 | | | | # | | Rent-A-Center, Inc., 6.625%, 11/15/20 | | | 915,688 | | | | 0.2 | |
| 255,000 | | | | # | | Sigma Alimentos SA de CV, 5.625%, 04/14/18 | | | 256,913 | | | | 0.0 | |
| 1,813,000 | | | | S | | Time Warner, Inc., 3.150%–7.700%, 07/15/15–05/01/32 | | | 2,130,976 | | | | 0.5 | |
| 12,294,000 | | | | | | Other Securities | | | 13,199,034 | | | | 2.4 | |
| | | | | | | | | | 24,049,059 | | | | 4.6 | |
| |
| | | | | | | |
| 1,000,000 | | | | # | | JBS Finance II Ltd., 8.250%, 01/29/18 | | | 1,042,500 | | | | 0.2 | |
| 2,632,000 | | | | S | | Kellogg Co., 4.000%, 12/15/20 | | | 2,612,196 | | | | 0.6 | |
| 6,884,000 | | | | | | Other Securities | | | 7,956,316 | | | | 1.4 | |
| | | | | | | | | | 11,611,012 | | | | 2.2 | |
| |
| | | | | | | |
| 555,000 | | | | # | | CNPC HK Overseas Capital Ltd., 5.950%, 04/28/41 | | | 560,124 | | | | 0.1 | |
| 500,000 | | | | # | | Gazprom OAO Via Gaz Capital SA, 5.092%, 11/29/15 | | | 525,000 | | | | 0.1 | |
| 357,000 | | | | # | | Kazatomprom, 6.250%, 05/20/15 | | | 381,098 | | | | 0.1 | |
| 521,000 | | | | # | | KazMunayGas National Co., 7.000%, 05/05/20 | | | 568,411 | | | | 0.1 | |
| 1,000,000 | | | | # | | KazMunayGas National Co., 11.750%, 01/23/15 | | | 1,255,000 | | | | 0.2 | |
| 500,000 | | | | # | | Kinder Morgan Finance Co. LLC, 6.000%, 01/15/18 | | | 518,750 | | | | 0.1 | |
| 1,080,000 | | | | # | | Lukoil International Finance BV, 6.125%, 11/09/20 | | | 1,104,300 | | | | 0.2 | |
| 450,000 | | | | # | | Novatek Finance Ltd., 6.604%, 02/03/21 | | | 475,875 | | | | 0.1 | |
| |
CORPORATE BONDS/NOTES: (continued) |
| | | | | | | |
| $ 1,200,000 | | | | # | | Novatek Finance Ltd.., 5.326%, 02/03/16 | | $ | 1,247,598 | | | | 0.3 | |
| 260,000 | | | | # | | Odebrecht Drilling Norbe VIII/IX Ltd., 6.350%, 06/30/21 | | | 275,210 | | | | 0.1 | |
| 500,000 | | | | # | | Reliance Holdings USA, Inc., 4.500%, 10/19/20 | | | 473,921 | | | | 0.1 | |
| 300,000 | | | | # | | Reliance Holdings USA, Inc., 6.250%, 10/19/40 | | | 286,615 | | | | 0.1 | |
| 8,848,000 | | | | | | Other Securities | | | 9,730,918 | | | | 1.8 | |
| | | | | | | | | | 17,402,820 | | | | 3.4 | |
| |
| | | | | | | |
| 600,000 | | | | # | | Alfa Bank OJSC Via Alfa Bond Issuance PLC, 7.750%, 04/28/21 | | | 612,000 | | | | 0.1 | |
| 2,718,000 | | | | S | | American Express Credit Corp., 2.750%–5.125%, 08/25/14–09/15/15 | | | 2,890,170 | | | | 0.6 | |
| 540,000 | | | | # | | Banco de Credito del Peru, 5.375%, 09/16/20 | | | 503,550 | | | | 0.1 | |
| 800,000 | | | | # | | Banco Votorantim SA, 7.375%, 01/21/20 | | | 844,000 | | | | 0.1 | |
| 300,000 | | | | # | | Banco Votorantim SA, 5.250%, 02/11/16 | | | 304,500 | | | | 0.1 | |
| 1,028,000 | | | | # | | Barclays Bank PLC, 5.926%, 09/29/49 | | | 992,020 | | | | 0.2 | |
| 627,000 | | | | # | | Barclays Bank PLC, 6.050%, 12/04/17 | | | 667,585 | | | | 0.1 | |
| 2,124,000 | | | | S | | Citigroup, Inc., 5.000%–8.500%, 09/15/14–05/22/19 | | | 2,425,132 | | | | 0.5 | |
| 530,000 | | | | # | | Ferrexpo Finance PLC, 7.875%, 04/07/16 | | | 550,055 | | | | 0.1 | |
| 2,361,000 | | | | S | | General Electric Capital Corp., 2.250%–6.000%, 11/09/15–09/16/20 | | | 2,354,066 | | | | 0.4 | |
| 1,982,000 | | | | S | | Goldman Sachs Group, Inc., 5.375%, 03/15/20 | | | 2,064,799 | | | | 0.4 | |
| 500,000 | | | | S | | Goldman Sachs Group, Inc., 6.250%, 09/01/17 | | | 557,302 | | | | 0.1 | |
| 2,126,000 | | | | S | | HSBC USA, Inc., 5.000%, 09/27/20 | | | 2,132,889 | | | | 0.4 | |
| 325,000 | | | | # | | Hyundai Capital America, 3.750%, 04/06/16 | | | 323,260 | | | | 0.1 | |
| 762,000 | | | | # | | ICICI Bank Ltd., 5.750%, 11/16/20 | | | 767,706 | | | | 0.1 | |
| 139,000 | | | | # | | International Lease Finance Corp., 8.625%, 09/15/15 | | | 153,248 | | | | 0.0 | |
| 1,219,000 | | | | # | | Lloyds TSB Bank PLC, 6.500%, 09/14/20 | | | 1,246,120 | | | | 0.3 | |
| 2,338,000 | | | | S | | Morgan Stanley, 4.100%–7.300%, 01/26/15–05/13/19 | | | 2,589,904 | | | | 0.5 | |
See Accompanying Notes to Financial Statements
144
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Principal
Amount†
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
CORPORATE BONDS/NOTES: (continued) |
| | | | | | | |
| $857,000 | | | | # | | Pacific Life Insurance Co., 9.250%, 06/15/39 | | $ | 1,153,665 | | | | 0.2 | |
| 500,000 | | | | # | | Sinochem Overseas Capital Co. Ltd., 4.500%, 11/12/20 | | | 477,695 | | | | 0.1 | |
| 762,000 | | | | # | | Sinochem Overseas Capital Co. Ltd., 6.300%, 11/12/40 | | | 745,116 | | | | 0.1 | |
| 400,000 | | | | # | | Vnesheconombank Via VEB Finance Ltd, 6.902%, 07/09/20 | | | 430,000 | | | | 0.1 | |
| 588,000 | | | | # | | Voto-Votorantim Ltd., 6.750%, 04/05/21 | | | 629,160 | | | | 0.1 | |
| 1,000,000 | | | | # | | VTB Bank Via VTB Capital SA, 6.551%, 10/13/20 | | | 1,021,300 | | | | 0.1 | |
| 17,169,000 | | | | | | Other Securities | | | 18,914,302 | | | | 3.6 | |
| | | | | | | | | | 45,349,544 | | | | 8.5 | |
| |
| | | | | | | |
| 425,000 | | | | # | | Hypermarcas SA, 6.500%, 04/20/21 | | | 431,375 | | | | 0.1 | |
| 500,000 | | | | # | | Mylan, Inc./PA, 7.625%, 07/15/17 | | | 550,000 | | | | 0.1 | |
| 2,078,000 | | | | S | | St Jude Medical, Inc., 2.500%, 01/15/16 | | | 2,074,731 | | | | 0.3 | |
| 400,000 | | | | # | | Valeant Pharmaceuticals International, Inc., 7.000%, 10/01/20 | | | 395,000 | | | | 0.1 | |
| 1,095,000 | | | | | | Other Securities | | | 1,147,950 | | | | 0.3 | |
| | | | | | | | | | 4,599,056 | | | | 0.9 | |
| |
| | | | | | | |
| 445,000 | | | | # | | Bombardier, Inc., 7.500%, 03/15/18 | | | 495,619 | | | | 0.1 | |
| 600,000 | | | | # | | Cemex SAB de CV, 9.000%, 01/11/18 | | | 624,750 | | | | 0.1 | |
| 473,000 | | | | # | | Chevron Phillips Chemical Co. LLC, 8.250%, 06/15/19 | | | 584,257 | | | | 0.1 | |
| 851,000 | | | | # | | Lyondell Chemical Co., 8.000%, 11/01/17 | | | 950,993 | | | | 0.2 | |
| 500,000 | | | | # | | SPX Corp., 6.875%, 09/01/17 | | | 537,500 | | | | 0.1 | |
| 5,832,000 | | | | | | Other Securities | | | 6,193,251 | | | | 1.2 | |
| | | | | | | | | | 9,386,370 | | | | 1.8 | |
| |
| | | | | | | Information Technology: 0.6%
|
| 3,056,000 | | | | | | Other Securities | | | 3,147,458 | | | | 0.6 | |
| |
| | | | | | | |
| 740,000 | | | | # | | ALROSA Finance SA, 7.750%, 11/03/20 | | | 801,050 | | | | 0.2 | |
| 416,000 | | | | #, S | | Celulosa Arauco y Constitucion SA, 5.000%, 01/21/21 | | | 417,653 | | | | 0.1 | |
| 1,079,000 | | | | # | | Fibria Overseas Finance Ltd., 7.500%, 05/04/20 | | | 1,194,992 | | | | 0.2 | |
| |
CORPORATE BONDS/NOTES: (continued) |
| | | | | | | |
| $735,000 | | | | # | | Georgia Pacific, LLC, 5.400%, 11/01/20 | | $ | 742,881 | | | | 0.1 | |
| 880,000 | | | | # | | Gerdau Trade, Inc., 5.750%, 01/30/21 | | | 893,200 | | | | 0.2 | |
| 672,000 | | | | # | | Inversiones CMPC SA, 4.750%, 01/19/18 | | | 664,926 | | | | 0.1 | |
| 645,000 | | | | # | | Inversiones CMPC SA, 6.125%, 11/05/19 | | | 687,999 | | | | 0.1 | |
| 462,000 | | | | # | | Sino-Forest Corp., 6.250%, 10/21/17 | | | 456,225 | | | | 0.1 | |
| 231,000 | | | | # | | Xstrata Finance Canada Ltd., 5.500%, 11/16/11 | | | 236,923 | | | | 0.0 | |
| 1,393,000 | | | | | | Other Securities | | | 1,488,751 | | | | 0.3 | |
| | | | | | | | | | 7,584,600 | | | | 1.4 | |
| |
| | | | | | | |
| 842,000 | | | | | | Other Securities | | | 885,985 | | | | 0.2 | |
| |
| | | | | | | |
| 500,000 | | | | # | | STATS ChipPAC Ltd., 7.500%, 08/12/15 | | | 542,500 | | | | 0.1 | |
| |
| | | | | | | |
| 1,055,000 | | | | # | | Oracle Corp., 5.375%, 07/15/40 | | | 1,058,009 | | | | 0.2 | |
| |
| | | | | | | |
| 2,040,000 | | | | S | | AT&T, Inc., 2.500%, 08/15/15 | | | 2,047,387 | | | | 0.4 | |
| 1,250,000 | | | | # | | Qtel International Finance Ltd., 3.375%, 10/14/16 | | | 1,224,885 | | | | 0.2 | |
| 500,000 | | | | # | | Qtel International Finance Ltd., 4.750%, 02/16/21 | | | 474,943 | | | | 0.1 | |
| 500,000 | | | | # | | Vimpel Communications Via VIP Finance Ireland Ltd.. OJSC, 6.493%, 02/02/16 | | | 522,500 | | | | 0.1 | |
| 400,000 | | | | # | | Vimpel Communications Via VIP Finance Ireland Ltd.. OJSC, 7.748%, 02/02/21 | | | 424,000 | | | | 0.1 | |
| 6,429,000 | | | | | | Other Securities | | | 7,018,741 | | | | 1.3 | |
| | | | | | | | | | 11,712,456 | | | | 2.2 | |
| |
| | | | | | | |
| 1,683,000 | | | | # | | SCF Capital Ltd., 5.375%, 10/27/17 | | | 1,668,358 | | | | 0.3 | |
| |
| | | | | | | |
| 426,000 | | | | # | | Allegheny Energy Supply Co. LLC, 5.750%, 10/15/19 | | | 441,191 | | | | 0.1 | |
| 728,000 | | | | # | | Iberdrola Finance Ireland Ltd., 5.000%, 09/11/19 | | | 721,490 | | | | 0.1 | |
See Accompanying Notes to Financial Statements
145
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Principal
Amount†
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
CORPORATE BONDS/NOTES: (continued) |
| | | | | | | |
| $ 7,157,000 | | | | | | Other Securities | | $ | 7,764,955 | | | | 1.5 | |
| | | | | | | | | | 8,927,636 | | | | 1.7 | |
| |
| | | | | | | Total Corporate Bonds/Notes | | | | | | | | |
| | | | | | | (Cost $139,093,672) | | | 147,924,863 | | | | 28.1 | |
| |
COLLATERALIZED MORTGAGE OBLIGATIONS: 13.0%
|
| | | | | | | |
| 1,685,000 | | | | # | | American General Mortgage Loan Trust, 5.750%, 09/25/48 | | | 1,720,555 | | | | 0.3 | |
| 1,910,000 | | | | S | | Banc of America Commercial Mortgage, Inc., 5.802%, 06/10/49 | | | 2,058,193 | | | | 0.4 | |
| 3,020,000 | | | | S | | Banc of America Commercial Mortgage, Inc., 5.243%–5.802%, 07/10/43–06/10/49 | | | 3,090,159 | | | | 0.5 | |
| 550,000 | | | | # | | Banc of America Large Loan, Inc., 5.912%, 10/10/45 | | | 543,401 | | | | 0.1 | |
| 630,000 | | | | # | | Banc of America Large Loan, Inc., 6.010%, 10/10/45 | | | 619,627 | | | | 0.1 | |
| 2,298,062 | | | | S | | Chase Mortgage Finance Corp., 5.396%, 12/25/35 | | | 2,236,905 | | | | 0.4 | |
| 1,000,000 | | | | # | | DBUBS Mortgage Trust, 5.729%, 11/10/46 | | | 989,398 | | | | 0.2 | |
| 420,000 | | | | # | | DBUBS Mortgage Trust, 5.729%, 11/10/46 | | | 429,328 | | | | 0.1 | |
| 750,000 | | | | # | | FREMF Mortgage Trust, 5.532%, 12/26/46 | | | 773,910 | | | | 0.1 | |
| 2,230,000 | | | | S | | Greenwich Capital Commercial Funding Corp., 5.736%, 12/10/49 | | | 2,419,781 | | | | 0.4 | |
| 730,000 | | | | S | | Greenwich Capital Commercial Funding Corp., 6.078%, 07/10/38 | | | 810,721 | | | | 0.2 | |
| 900,000 | | | | # | | GS Mortgage Securities Corp. II, 6.053%, 07/12/38 | | | 975,113 | | | | 0.2 | |
| 6,125,000 | | | | S | | JP Morgan Chase Commercial Mortgage Securities Corp., 5.372%–6.288%, 05/15/45–02/15/51 | | | 6,506,647 | | | | 1.2 | |
| 1,460,000 | | | | S | | LB Commercial Conduit Mortgage Trust, 6.141%, 07/15/44 | | | 1,475,292 | | | | 0.3 | |
| 990,000 | | | | S | | LB Commercial Conduit Mortgage Trust, 6.141%, 07/15/44 | | | 1,098,801 | | | | 0.2 | |
| 2,290,000 | | | | S | | LB-UBS Commercial Mortgage Trust, 5.323%–5.424%, 02/15/40–11/15/40 | | | 2,437,123 | | | | 0.5 | |
| |
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| | | | | | | |
| $3,780,000 | | | | S | | LB-UBS Commercial Mortgage Trust, 4.986%–6.098%, 06/15/38–02/15/40 | | $ | 3,805,751 | | | | 0.8 | |
| 980,000 | | | | # | | Morgan Stanley Capital I, 5.442%, 09/15/47 | | | 978,990 | | | | 0.2 | |
| 600,000 | | | | # | | Morgan Stanley Capital I, 5.442%, 09/15/47 | | | 583,970 | | | | 0.1 | |
| 881,251 | | | | S | | Morgan Stanley Capital I, 5.610%, 04/15/49 | | | 897,086 | | | | 0.2 | |
| 2,333,535 | | | | S | | Morgan Stanley Capital I, 5.777%, 04/12/49 | | | 2,397,889 | | | | 0.5 | |
| 190,000 | | | | # | | Morgan Stanley Dean Witter Capital I, 6.500%, 11/15/36 | | | 84,148 | | | | 0.0 | |
| 1,000,000 | | | | # | | RBSCF Trust, 5.420%, 01/19/49 | | | 1,041,409 | | | | 0.2 | |
| 2,366,024 | | | | +, S | | Structured Asset Securities Corp., 4.550%, 02/25/34 | | | 2,408,911 | | | | 0.5 | |
| 1,353,866 | | | | S | | Structured Asset Securities Corp., 2.547%–5.000%, 09/25/33–05/25/35 | | | 1,318,553 | | | | 0.3 | |
| 1,830,000 | | | | S | | Wachovia Bank Commercial Mortgage Trust, 5.342%, 12/15/43 | | | 1,950,155 | | | | 0.4 | |
| 790,000 | | | | # | | Wachovia Bank Commercial Mortgage Trust, 5.125%, 08/15/35 | | | 816,473 | | | | 0.2 | |
| 2,480,000 | | | | S | | Wachovia Bank Commercial Mortgage Trust, 5.246%–5.383%, 12/15/43 | | | 2,514,970 | | | | 0.4 | |
| 4,051,584 | | | | S | | Wells Fargo Mortgage Backed Securities Trust, 2.808%–5.255%, 05/25/35–11/25/36 | | | 3,988,187 | | | | 0.8 | |
| 2,311,328 | | | | S | | Wells Fargo Mortgage Backed Securities Trust, 5.367%, 08/25/35 | | | 2,321,091 | | | | 0.4 | |
| 15,159,970 | | | | | | Other Securities | | | 15,066,436 | | | | 2.8 | |
| |
| | | | | | | Total Collateralized Mortgage Obligations | | | | | | | | |
| | | | | | | (Cost $65,924,882) | | | 68,358,973 | | | | 13.0 | |
| |
MUNICIPAL BONDS: 0.2%
|
| | | | | | | |
| 988,000 | | | | | | Other Securities | | | 991,567 | | | | 0.2 | |
| |
| | | | | | | Total Municipal Bonds | | | | | | | | |
| | | | | | | (Cost $987,723) | | | 991,567 | | | | 0.2 | |
See Accompanying Notes to Financial Statements
146
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Principal
Amount†
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
OTHER BONDS: 31.6%
|
| | | | | | | Foreign Government Bonds: 31.9%
|
| ARS 12,177,000 | | | | | | Argentina Bonos, 2.000%, 09/30/14 | | $ | 4,287,098 | | | | 0.8 | |
| EUR 6,500,000 | | | | | | Bundesrepublik Deutschland, 3.750%, 01/04/19 | | | 10,109,327 | | | | 1.9 | |
| EUR 4,400,000 | | | | | | Bundesrepublik Deutschland, 4.250%, 07/04/39 | | | 7,101,749 | | | | 1.4 | |
| EUR 4,459,000 | | | | | | Italy Buoni Poliennali Del Tesoro, 3.750%, 03/01/21 | | | 6,130,549 | | | | 1.2 | |
| CAD 2,000,000 | | | | | | Canadian Government Bond, 3.500%, 06/01/20 | | | 2,164,033 | | | | 0.4 | |
| 1,426,000 | | | | # | | Eskom Holdings Ltd.., 5.750%, 01/26/21 | | | 1,461,650 | | | | 0.3 | |
| EUR 4,289,000 | | | | | | Italy Buoni Poliennali Del Tesoro, 3.000%, 11/01/15 | | | 6,138,273 | | | | 1.2 | |
| JPY 370,000,000 | | | | | | Japan Government Bond, 2.400%, 09/20/38 | | | 4,824,095 | | | | 0.9 | |
| JPY 500,000,000 | | | | | | Japan Government Bond, 1.400%, 12/20/11 | | | 6,210,294 | | | | 1.2 | |
| JPY 500,000,000 | | | | | | Japan Government Bond, 2.300%, 03/20/40 | | | 6,395,889 | | | | 1.2 | |
| 500,000 | | | | # | | Korea Housing Finance Corp., 4.125%, 12/15/15 | | | 515,668 | | | | 0.1 | |
| KRW 21,931,000,000 | | | | | | Korea Treasury Bond, 4.750%, 12/10/11 | | | 20,638,981 | | | | 4.0 | |
| MXN168,000,000 | | | | | | Mexican Federal Treasury Certificates (CETES), 4.630%, 09/22/11 | | | 14,326,927 | | | | 2.7 | |
| MXN 121,679,891 | | | | | | Mexican Udibonos, 4.000%, 06/13/19 | | | 11,305,384 | | | | 2.1 | |
| BRL 80,096,000 | | | | | | Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/14 | | | 47,957,418 | | | | 9.2 | |
| ZAR 26,950,000 | | | | | | South Africa Government Bond, 7.250%, 01/15/20 | | | 3,823,090 | | | | 0.7 | |
| ZAR 24,506,880 | | | | | | South Africa Government Bond, 2.750%, 01/31/22 | | | 3,759,837 | | | | 0.7 | |
| EUR 2,381,000 | | | | | | Spain Government Bond, 3.250%, 04/30/16 | | | 3,340,714 | | | | 0.6 | |
| EUR 2,214,000 | | | | | | Spain Government Bond, 5.500%, 04/30/21 | | | 3,333,933 | | | | 0.6 | |
| JPY 116,200,234 | | | | | | Other Securities | | | 2,032,481 | | | | 0.4 | |
| |
| | | | | | | Total Other Bonds | | | | | | | | |
| | | | | | | (Cost $153,371,869) | | | 165,857,390 | | | | 31.6 | |
| |
U.S. TREASURY OBLIGATIONS: 10.7%
|
| | | | | | | Treasury Inflation Indexed Protected Securities: 1.9%
|
| $ 9,349,000 | | | | S | | 0.500%, due 4/15/2015 | | $ | 10,097,006 | | | | 1.9 | |
| |
| | | | | | | U.S. Treasury Bonds: 4.3%
|
| 5,943,000 | | | | S | | 3.625%, due 2/15/2021 | | | 6,105,505 | | | | 1.2 | |
| 7,828,000 | | | | S | | 3.375%, due 11/15/2019 | | | 8,021,868 | | | | 1.5 | |
| 8,932,000 | | | | S | | 4.250%, due 11/15/2040 | | | 8,684,977 | | | | 1.6 | |
| | | | | | | | | | 22,812,350 | | | | 4.3 | |
| |
| | | | | | | U.S. Treasury Notes: 4.5%
|
| 2,691,000 | | | | S | | 0.750%, due 3/31/2013 | | | 2,700,462 | | | | 0.5 | |
| 9,725,000 | | | | | | 1.250%, due 4/15/2014 | | | 9,795,661 | | | | 2.0 | |
| 6,646,000 | | | | S | | 2.250%, due 3/31/2016 | | | 6,744,667 | | | | 1.3 | |
| 3,850,000 | | | | S | | 2.750%, due 2/28/2018 | | | 3,879,780 | | | | 0.7 | |
| | | | | | | | | | 23,120,570 | | | | 4.5 | |
| |
| | | | | | | Total U.S. Treasury Obligations | | | | | | | | |
| | | | | | | (Cost $55,641,180) | | | 56,029,926 | | | | 10.7 | |
| |
ASSET-BACKED SECURITIES: 5.3%
|
| | | | | | | Automobile Asset-Backed Securities: 1.2%
|
| 2,359,000 | | | | S | | CarMax Auto Owner Trust, 1.290%–2.160%, 09/15/15–09/15/16 | | | 2,375,384 | | | | 0.4 | |
| 925,000 | | | | # | | Chrysler Financial Auto Securitization Trust, 5.570%, 08/08/14 | | | 955,419 | | | | 0.2 | |
| 968,000 | | | | # | | Chrysler Financial Auto Securitization Trust, 6.250%, 05/08/14 | | | 1,003,740 | | | | 0.2 | |
| 1,836,000 | | | | # | | Chrysler Financial Auto Securitization Trust, 6.540%, 11/10/14 | | | 1,913,776 | | | | 0.4 | |
| | | | | | | | | | 6,248,319 | | | | 1.2 | |
| |
| | | | | | | Credit Card Asset-Backed Securities: 4.1%
|
| 3,288,000 | | | | | | Capital One Multi-Asset Execution Trust, 0.509%–5.750%, 03/17/14–07/15/20 | | | 3,431,830 | | | | 0.6 | |
| 2,661,000 | | | | S | | Citibank Credit Card Issuance Trust, 6.950%, 02/18/14 | | | 2,780,301 | | | | 0.5 | |
| 2,211,000 | | | | S | | Citibank Credit Card Issuance Trust, 0.629%–6.300%, 07/15/13–07/15/14 | | | 2,233,597 | | | | 0.4 | |
| EUR 7,553,000 | | | | | | MBNA Credit Card Master Note Trust, 5.600%, 07/17/14 | | | 11,420,093 | | | | 2.3 | |
| 527,000 | | | | S | | MBNA Credit Card Master Note Trust, 0.639%–1.569%, 10/15/14–07/15/15 | | | 523,510 | | | | 0.1 | |
| 1,335,000 | | | | | | Other Securities | | | 1,491,133 | | | | 0.2 | |
| | | | | | | | | | 21,880,464 | | | | 4.1 | |
| |
| | | | | | | Total Asset-Backed Securities | | | | | | | | |
| | | | | | | (Cost $27,251,078) | | | 28,128,783 | | | | 5.3 | |
See Accompanying Notes to Financial Statements
147
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Principal
Amount†
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| | | | | | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS: 14.9%
|
| | | | | Federal Home Loan Mortgage
Corporation: 5.2%## |
| $7,610,000 | | W | | 4.000%, due 6/15/2041 | | | | $7,537,469 | | 1.4 | |
| 3,934,000 | | W | | 4.500%, due 6/15/2038 | | | | 4,028,046 | | 0.8 |
| 2,013,084 | | S | | 5.000%, due 1/1/2041 | | | | 2,127,133 | | 0.4 | |
| 1,880,621 | | S | | 5.500%, due 11/15/2032 | | | | 2,045,427 | | 0.4 |
| 6,498,000 | | W | | 5.500%, due 5/1/2037 | | | | 6,983,323 | | 1.3 | |
| 2,401,000 | | W | | 6.000%, due 5/1/2037 | | | | 2,621,969 | | 0.5 |
| 1,948,000 | | W | | 5.000%–6.500%, due 03/15/38–06/01/39 | | | | 2,147,087 | | 0.4 | |
| | | | | | | | | 27,490,454 | | 5.2 |
| | | | | | | | | | | | |
| | | | | Federal National Mortgage
Association: 7.8%## |
| 10,216,000 | | W | | 4.500%, due 6/1/2037 | | | | 10,476,190 | | 2.1 | |
| 8,699,000 | | W | | 5.000%, due 6/1/2037 | | | | 9,150,261 | | 1.7 |
| 1,955,762 | | S | | 5.000%, due 1/1/2041 | | | | 2,068,092 | | 0.4 | |
| 1,983,854 | | S | | 5.000%, due 2/1/2041 | | | | 2,100,277 | | 0.4 |
| 16,403,327 | | W | | 4.000%–7.294%, due 04/25/33–01/01/41 | | | | 17,314,527 | | 3.2 | |
| | | | | | | | | 41,109,347 | | 7.8 |
| | | | | | | | | | | | |
| | | | | Government National Mortgage Association: 1.9% |
| 3,453,000 | | W | | 4.000%, due 11/15/2040 | | | | 3,485,911 | | 0.7 | |
| | 1,885,267 | | S | | 5.500%, due 2/15/2041 | | | | 2,055,151 | | 0.4 |
| 3,905,326 | | ˆˆ, W | | 4.500%–5.500%, due 01/15/39–10/20/60 | | | | 4,201,735 | | 0.8 | |
| | | | | | | | | 9,742,797 | | 1.9 |
| | | | | | | | | | | | |
| | | | | Total U.S. Government Agency Obligations | | | | | | | |
| | | | | (Cost $77,778,812) | | | | 78,342,598 | | 14.9 |
# of
Contracts
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
PURCHASED OPTIONS: 0.5%
|
| | | | | | | Options On Currencies: 0.5% |
| 26,100,000 | | | | | | CHF vs. USD Currency Call Option 05/11, Strike @ 0.900, Exp. 05/25/11 Counterparty: Deutsche Bank AG | | | 29,709 | | | | 0.0 | |
| 25,900,000 | | | | | | JPY vs USD Currency Call Option 05/11, Strike @ 83.500, Exp. 05/19/11 Counterparty: Deutsche Bank AG | | | 41,054 | | | | 0.0 | |
| 26,100,000 | | | | | | JPY vs USD Currency Call Option 05/11, Strike @ 83.000, Exp. 05/23/11 Counterparty: Deutsche Bank AG | | | 75,068 | | | | 0.0 | |
| 25,650,000 | | | | | | JPY vs USD Currency Put Option 05/11, Strike @ 80.000, Exp. 05/06/11 Counterparty: Morgan Stanley | | | 41,493 | | | | 0.0 | |
| |
PURCHASED OPTIONS: (continued)
|
| | | | | | | Options On Currencies: (continued) |
| 25,800,000 | | | | | | JPY vs USD Currency Put Option 05/11, Strike @ 84.500, Exp. 05/09/11 Counterparty: Morgan Stanley | | $ | 1,078,085 | | | | 0.2 | |
| 51,300,000 | | | | | | JPY vs USD Currency Put Option 05/11, Strike @ 83.500, Exp. 05/06/11 Counterparty: Morgan Stanley | | | 1,515,310 | | | | 0.3 | |
| 55,600,000 | | | | | | USD vs EUR Currency Call Option 05/11, Strike @ 1.410, Exp. 05/04/11 Counterparty: Morgan Stanley | | | 127 | | | | 0.0 | |
| 26,200,000 | | | | | | USD vs EUR Currency Call Option 05/11, Strike @ 1.440, Exp. 05/27/11 Counterparty: Deutsche Bank AG | | | 77,841 | | | | 0.0 | |
| | | | | | | | | | 2,858,687 | | | | 0.5 | |
| | | | | | | | | | | | | | | |
| | | | | | | Options on Exchange Traded Futures Contracts: 0.0% |
| 328 | | | | | | U.S. Treasury 10-Year Note June Futures, Strike @ 119.000, Exp. 05/20/11 Counterparty: Put Option CBOT | | | 30,750 | | | | 0.0 | |
| |
| | | | | | | Total Purchased Options | | | | | | | | |
| | | | | | | (Cost $1,915,316) | | | 2,889,437 | | | | 0.5 | |
| |
| | | | | | | Total Long-Term Investments | | | | | | | | |
| | | | | | | (Cost $521,964,532) | | | 548,523,537 | | | | 104.3 | |
Principal
Amount†
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
SHORT-TERM INVESTMENTS: 1.6%
|
| | | | | | | |
| $2,000,000 | | | | | | United HealthCare, 0.250%, 05/02/11 | | | 1,999,972 | | | | 0.4 | |
| 4,000,000 | | | | | | Volkswagen Group of America, Inc, 0.300%, 05/03/11 | | | 3,999,900 | | | | 0.7 | |
| | | | | | | | | | 5,999,872 | | | | 1.1 | |
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| | | | | | | |
| 2,497,000 | | | | | | BlackRock Liquidity Funds,TempFund, Institutional Class
(Cost $2,497,000) | | | 2,497,000 | | | | 0.5 | |
| |
| | | | | | | Total Short-Term Investments | | | | | | | | |
| | | | | | | (Cost $8,496,872) | | | 8,496,872 | | | | 1.6 | |
See Accompanying Notes to Financial Statements
148
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| | | | | | | Mutual Funds: (continued) |
| |
| | | | | | | Total Investments in Securities
(Cost $530,461,404)* | | $ | 557,020,409 | | | | 105.9 | |
| | | | | | | Liabilities in Excess of Other Assets | | | (31,027,425 | ) | | | (5.9 | ) |
| | | | | | | Net Assets | | $ | 525,992,984 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2011.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| † | | Unless otherwise indicated, principal amount is shown in USD. |
| # | | 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. |
| ## | | On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations. |
| + | | Step-up basis bonds. Interest rates shown reflect current and next coupon rates. |
| W | | Settlement is on a when-issued or delayed-delivery basis. |
| S | | All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign currency contracts and/or when-issued or delayed-delivery securities. |
| ˆˆ | | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| UYU | | Uruguayan Peso Uruguayo |
| * | | Cost for federal income tax purposes is $530,655,415. |
| Net unrealized appreciation consists of: | | | | | | |
| Gross Unrealized Appreciation | | | | $ | 29,988,903 | |
| Gross Unrealized Depreciation | | | | | (2,000,646 | ) |
| Net Unrealized appreciation | | | | $ | 27,988,257 | |
Industry
| | | | Percentage of
Net Assets
|
|---|
| Automobile Asset-Backed Securities | | | | | 1.2 | % |
| Collateralized Mortgage Obligations | | | | | 13.0 | |
| Consumer Discretionary | | | | | 4.6 | |
| Consumer Staples | | | | | 2.2 | |
| Credit Card Asset-Backed Securities | | | | | 4.2 | |
| Energy | | | | | 3.3 | |
| Federal Home Loan Mortgage Corporation | | | | | 5.2 | |
| Federal National Mortgage Association | | | | | 7.8 | |
| Financials | | | | | 8.6 | |
| Foreign Government Bonds | | | | | 31.6 | |
| Government National Mortgage Association | | | | | 1.9 | |
| Health Care | | | | | 0.9 | |
| Industrials | | | | | 1.8 | |
| Information Technology | | | | | 0.6 | |
| Materials | | | | | 1.4 | |
| Municipal | | | | | 0.2 | |
| Options On Currencies | | | | | 0.5 | |
| Options on Exchange Traded Futures Contracts | | | | | 0.0 | |
| Real Estate | | | | | 0.2 | |
| Semiconductors | | | | | 0.1 | |
| Software | | | | | 0.2 | |
| Telecommunications | | | | | 2.2 | |
| Transportation | | | | | 0.3 | |
| Treasury Inflation Indexed Protected Securities | | | | | 1.9 | |
| U.S. Treasury Bonds | | | | | 4.3 | |
| U.S. Treasury Notes | | | | | 4.4 | |
| Utilities | | | | | 1.7 | |
| Short-Term Investments | | | | | 1.6 | |
| Other Assets and Liabilities — Net | | | | | (5.9 | ) |
Net Assets | | | | | 100.0 | % |
See Accompanying Notes to Financial Statements
149
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Purchased Options | | | | $ | 30,750 | | | $ | 2,858,687 | | | $ | — | | | $ | 2,889,437 | |
| Corporate Bonds/Notes | | | | | — | | | | 147,924,863 | | | | — | | | | 147,924,863 | |
| Collateralized Mortgage Obligations | | | | | — | | | | 68,358,973 | | | | — | | | | 68,358,973 | |
| Municipal Bonds | | | | | — | | | | 991,567 | | | | — | | | | 991,567 | |
| Other Bonds | | | | | — | | | | 165,857,390 | | | | — | | | | 165,857,390 | |
| Short-Term Investments | | | | | 2,497,000 | | | | 5,999,872 | | | | — | | | | 8,496,872 | |
| U.S. Government Agency Obligations | | | | | — | | | | 77,507,334 | | | | 835,264 | | | | 78,342,598 | |
| U.S. Treasury Obligations | | | | | — | | | | 56,029,926 | | | | — | | | | 56,029,926 | |
| Asset-Backed Securities | | | | | — | | | | 28,128,783 | | | | — | | | | 28,128,783 | |
| Total Investments, at value | | | | $ | 2,527,750 | | | $ | 553,657,395 | | | $ | 835,264 | | | $ | 557,020,409 | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | |
| Swaps | | | | | — | | | | 167,043 | | | | 283,882 | | | | 450,925 | |
| Futures | | | | | 2,066,930 | | | | — | | | | — | | | | 2,066,930 | |
| Forward Foreign Currency Contracts | | | | | — | | | | 23,145,523 | | | | — | | | | 23,145,523 | |
| Total Assets | | | | $ | 4,594,680 | | | $ | 576,969,961 | | | $ | 1,119,146 | | | $ | 582,683,787 | |
Liabilities Table | | | | | | | | | | | | | | | | | | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | |
| Swaps | | | | $ | — | | | $ | (2,516,676 | ) | | $ | — | | | $ | (2,516,676 | ) |
| Written OTC Call Options | | | | | — | | | | (2,533,643 | ) | | | — | | | | (2,533,643 | ) |
| Futures | | | | | (757,838 | ) | | | — | | | | — | | | | (757,838 | ) |
| Written Options | | | | | (5,127 | ) | | | — | | | | — | | | | (5,127 | ) |
| Forward Foreign Currency Contracts | | | | | — | | | | (20,096,078 | ) | | | — | | | | (20,096,078 | ) |
| Total Liabilities | | | | $ | (762,965 | ) | | $ | (25,146,397 | ) | | $ | — | | | $ | (25,909,362 | ) |
| | | | | | | | | | | | | | | | | | | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2011:
| | | | Beginning
Balance
10/31/2010
| | Purchases
| | Sales
| | Accrued
Discounts/
(Premiums)
| | Total
Realized
Gain/(Loss)
| | Total Unrealized
Appreciation/
(Depreciation)
| | Transfers
Into
Level 3
| | Transfers
Out of
Level 3
| | Ending
Balance
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Government Agency Obligations | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 835,264 | | | $ | — | | | $ | 835,264 | |
| Total Investments, at value | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 835,264 | | | $ | — | | | $ | 835,264 | |
Other Financial Instruments+: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swaps | | | | | (7,345 | ) | | | — | | | | — | | | | — | | | | — | | | | 291,227 | | | | — | | | | — | | | | 283,882 | |
| Total Assets | | | | $ | (7,345 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 291,227 | | | $ | — | | | $ | — | | | $ | 283,882 | |
As of April 30, 2011, the net change in unrealized appreciation or depreciation on Level 3 investments still held at period end and included in the change in net assets was $291,227.
Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period.
See Accompanying Notes to Financial Statements
150
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
At April 30, 2011, the following forward foreign currency contracts were outstanding for the ING Global Bond Fund:
Counterparty
| | | | Currency
| | Contract
Amount
| | Buy/Sell
| | Settlement
Date
| | In Exchange For
| | Fair Value
| | Unrealized
Appreciation
(Depreciation)
|
|---|
| Citigroup, Inc. | | | | Swedish Krona | | 19,389,271 | | Buy | | 05/09/11 | | $ | 3,174,000 | | | $ | 3,207,279 | | | $ | 33,279 | |
| Citigroup, Inc. | | | | Norwegian Krone | | 18,032,184 | | Buy | | 05/09/11 | | | 3,364,000 | | | | 3,435,103 | | | | 71,103 | |
| Citigroup, Inc. | | | | Norwegian Krone | | 36,204,472 | | Buy | | 05/09/11 | | | 6,675,000 | | | | 6,896,896 | | | | 221,896 | |
| Citigroup, Inc. | | | | Philippine Peso | | 448,995,305 | | Buy | | 05/09/11 | | | 10,373,000 | | | | 10,482,957 | | | | 109,957 | |
| Citigroup, Inc. | | | | South African Rand | | 52,831,699 | | Buy | | 05/24/11 | | | 7,728,000 | | | | 8,018,193 | | | | 290,193 | |
| Citigroup, Inc. | | | | Norwegian Krone | | 35,084,257 | | Buy | | 05/09/11 | | | 6,409,000 | | | | 6,683,497 | | | | 274,497 | |
| Citigroup, Inc. | | | | Norwegian Krone | | 4,270,082 | | Buy | | 05/09/11 | | | 772,000 | | | | 813,444 | | | | 41,444 | |
| Citigroup, Inc. | | | | EU Euro | | 46,745,780 | | Buy | | 05/24/11 | | | 66,498,023 | | | | 69,190,078 | | | | 2,692,055 | |
| Citigroup, Inc. | | | | Japanese Yen | | 3,479,339,602 | | Buy | | 05/24/11 | | | 41,451,601 | | | | 42,898,395 | | | | 1,446,794 | |
| Credit Suisse First Boston | | | | Swiss Franc | | 2,497,024 | | Buy | | 05/09/11 | | | 2,861,000 | | | | 2,886,893 | | | | 25,893 | |
| Credit Suisse First Boston | | | | British Pound | | 7,893,753 | | Buy | | 05/09/11 | | | 13,110,000 | | | | 13,183,677 | | | | 73,677 | |
| Credit Suisse First Boston | | | | Swiss Franc | | 2,339,164 | | Buy | | 05/09/11 | | | 2,665,000 | | | | 2,704,386 | | | | 39,386 | |
| Credit Suisse First Boston | | | | Swiss Franc | | 11,542,938 | | Buy | | 05/09/11 | | | 13,130,000 | | | | 13,345,177 | | | | 215,177 | |
| Credit Suisse First Boston | | | | Japanese Yen | | 1,074,080,993 | | Buy | | 05/24/11 | | | 13,069,000 | | | | 13,242,844 | | | | 173,844 | |
| Credit Suisse First Boston | | | | EU Euro | | 8,222,714 | | Buy | | 05/24/11 | | | 12,003,000 | | | | 12,170,729 | | | | 167,729 | |
| Credit Suisse First Boston | | | | Japanese Yen | | 1,270,763,040 | | Buy | | 05/24/11 | | | 15,543,000 | | | | 15,667,828 | | | | 124,828 | |
| Credit Suisse First Boston | | | | Japanese Yen | | 211,824,797 | | Buy | | 05/24/11 | | | 2,570,000 | | | | 2,611,686 | | | | 41,686 | |
| Credit Suisse First Boston | | | | Swedish Krona | | 5,608,420 | | Buy | | 05/09/11 | | | 902,000 | | | | 927,718 | | | | 25,718 | |
| Credit Suisse First Boston | | | | Norwegian Krone | | 35,082,174 | | Buy | | 05/09/11 | | | 6,409,000 | | | | 6,683,100 | | | | 274,100 | |
| Credit Suisse First Boston | | | | Norwegian Krone | | 31,533,842 | | Buy | | 05/09/11 | | | 5,731,000 | | | | 6,007,148 | | | | 276,148 | |
| Credit Suisse First Boston | | | | British Pound | | 3,569,362 | | Buy | | 05/09/11 | | | 5,737,000 | | | | 5,961,337 | | | | 224,337 | |
| Credit Suisse First Boston | | | | British Pound | | 3,652,606 | | Buy | | 05/09/11 | | | 5,837,000 | | | | 6,100,366 | | | | 263,366 | |
| Credit Suisse First Boston | | | | Japanese Yen | | 24,065,381 | | Buy | | 05/24/11 | | | 287,000 | | | | 296,713 | | | | 9,713 | |
| Credit Suisse First Boston | | | | Australian Dollar | | 4,942,245 | | Buy | | 05/24/11 | | | 5,166,000 | | | | 5,400,323 | | | | 234,323 | |
| Credit Suisse First Boston | | | | Canadian Dollar | | 7,801,733 | | Buy | | 05/20/11 | | | 8,065,816 | | | | 8,241,936 | | | | 176,120 | |
| Credit Suisse First Boston | | | | British Pound | | 7,896,848 | | Buy | | 05/09/11 | | | 12,789,000 | | | | 13,188,846 | | | | 399,846 | |
| Credit Suisse First Boston | | | | British Pound | | 4,152,310 | | Buy | | 05/09/11 | | | 6,686,000 | | | | 6,934,942 | | | | 248,942 | |
| Credit Suisse First Boston | | | | Japanese Yen | | 1,092,137,421 | | Buy | | 05/24/11 | | | 12,907,000 | | | | 13,465,470 | | | | 558,470 | |
| Credit Suisse First Boston | | | | Danish Krone | | 6,953,272 | | Buy | | 05/09/11 | | | 1,323,188 | | | | 1,380,683 | | | | 57,495 | |
| Credit Suisse First Boston | | | | Swedish Krona | | 98,696,740 | | Buy | | 05/09/11 | | | 15,706,345 | | | | 16,325,936 | | | | 619,591 | |
| Deutsche Bank AG | | | | Norwegian Krone | | 17,265,296 | | Buy | | 05/09/11 | | | 3,222,000 | | | | 3,289,012 | | | | 67,012 | |
| Deutsche Bank AG | | | | Norwegian Krone | | 17,261,865 | | Buy | | 05/09/11 | | | 3,222,000 | | | | 3,288,359 | | | | 66,359 | |
| Deutsche Bank AG | | | | Swedish Krona | | 20,908,781 | | Buy | | 05/09/11 | | | 3,359,000 | | | | 3,458,629 | | | | 99,629 | |
| Deutsche Bank AG | | | | Hungarian Forint | | 869,881,800 | | Buy | | 05/24/11 | | | 4,794,058 | | | | 4,863,848 | | | | 69,790 | |
| Deutsche Bank AG | | | | Japanese Yen | | 576,046,166 | | Buy | | 05/24/11 | | | 7,059,000 | | | | 7,102,341 | | | | 43,341 | |
| Deutsche Bank AG | | | | New Zealand Dollar | | 12,946,961 | | Buy | | 05/24/11 | | | 10,403,000 | | | | 10,459,950 | | | | 56,950 | |
| Deutsche Bank AG | | | | Japanese Yen | | 681,769,847 | | Buy | | 05/24/11 | | | 8,337,000 | | | | 8,405,857 | | | | 68,857 | |
| Deutsche Bank AG | | | | Australian Dollar | | 3,252,282 | | Buy | | 05/24/11 | | | 3,409,000 | | | | 3,553,724 | | | | 144,724 | |
| Deutsche Bank AG | | | | Japanese Yen | | 2,148,648,692 | | Buy | | 05/24/11 | | | 26,003,000 | | | | 26,491,689 | | | | 488,689 | |
| Deutsche Bank AG | | | | Brazilian Real | | 21,046,560 | | Buy | | 09/23/11 | | | 13,040,000 | | | | 13,097,767 | | | | 57,767 | |
| Deutsche Bank AG | | | | Norwegian Krone | | 17,766,071 | | Buy | | 05/09/11 | | | 3,301,000 | | | | 3,384,409 | | | | 83,409 | |
| Deutsche Bank AG | | | | Swiss Franc | | 2,528,814 | | Buy | | 05/09/11 | | | 2,835,000 | | | | 2,923,647 | | | | 88,647 | |
| Deutsche Bank AG | | | | Canadian Dollar | | 4,411,701 | | Buy | | 05/20/11 | | | 4,584,000 | | | | 4,660,626 | | | | 76,626 | |
| Deutsche Bank AG | | | | Swiss Franc | | 7,222,011 | | Buy | | 05/09/11 | | | 7,828,000 | | | | 8,349,609 | | | | 521,609 | |
| Deutsche Bank AG | | | | Swedish Krona | | 80,587,354 | | Buy | | 05/09/11 | | | 12,704,000 | | | | 13,330,369 | | | | 626,369 | |
| Deutsche Bank AG | | | | New Zealand Dollar | | 2,744,630 | | Buy | | 05/24/11 | | | 2,188,000 | | | | 2,217,408 | | | | 29,408 | |
| Deutsche Bank AG | | | | Australian Dollar | | 8,055,857 | | Buy | | 05/24/11 | | | 8,448,000 | | | | 8,802,524 | | | | 354,524 | |
| Deutsche Bank AG | | | | New Zealand Dollar | | 2,312,134 | | Buy | | 05/24/11 | | | 1,829,000 | | | | 1,867,991 | | | | 38,991 | |
| Deutsche Bank AG | | | | Australian Dollar | | 2,717,116 | | Buy | | 05/24/11 | | | 2,838,000 | | | | 2,968,955 | | | | 130,955 | |
| Deutsche Bank AG | | | | New Zealand Dollar | | 2,244,268 | | Buy | | 05/24/11 | | | 1,753,000 | | | | 1,813,161 | | | �� | 60,161 | |
| Deutsche Bank AG | | | | Australian Dollar | | 2,800,894 | | Buy | | 05/24/11 | | | 2,911,000 | | | | 3,060,498 | | | | 149,498 | |
| Deutsche Bank AG | | | | Norwegian Krone | | 15,311,635 | | Buy | | 05/09/11 | | | 2,733,000 | | | | 2,916,843 | | | | 183,843 | |
| Deutsche Bank AG | | | | Norwegian Krone | | 15,227,465 | | Buy | | 05/09/11 | | | 2,711,000 | | | | 2,900,808 | | | | 189,808 | |
| Deutsche Bank AG | | | | Brazilian Real | | 8,116,047 | | Buy | | 05/09/11 | | | 4,857,000 | | | | 5,156,486 | | | | 299,486 | |
| Deutsche Bank AG | | | | Japanese Yen | | 374,195,716 | | Buy | | 05/24/11 | | | 4,411,000 | | | | 4,613,633 | | | | 202,633 | |
| HSBC | | | | Chilean Peso | | 2,328,364,290 | | Buy | | 05/09/11 | | | 5,019,000 | | | | 5,051,198 | | | | 32,198 | |
| HSBC | | | | Philippine Peso | | 446,909,590 | | Buy | | 05/09/11 | | | 10,349,921 | | | | 10,434,261 | | | | 84,340 | |
| HSBC | | | | Czech Koruna | | 134,034,509 | | Buy | | 05/24/11 | | | 7,968,000 | | | | 8,208,813 | | | | 240,813 | |
| HSBC | | | | Mexican Peso | | 94,277,610 | | Buy | | 05/24/11 | | | 7,966,000 | | | | 8,171,559 | | | | 205,559 | |
| HSBC | | | | Colombian Peso | | 18,420,240,000 | | Buy | | 05/24/11 | | | 10,011,000 | | | | 10,414,564 | | | | 403,564 | |
| HSBC | | | | Indian Rupee | | 447,792,030 | | Buy | | 05/24/11 | | | 10,011,000 | | | | 10,078,882 | | | | 67,882 | |
| JPMorgan Chase & Co. | | | | British Pound | | 1,152,024 | | Buy | | 05/09/11 | | | 1,898,000 | | | | 1,924,042 | | | | 26,042 | |
See Accompanying Notes to Financial Statements
151
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Counterparty
| | | | Currency
| | Contract
Amount
| | Buy/Sell
| | Settlement
Date
| | In Exchange For
| | Fair Value
| | Unrealized
Appreciation
(Depreciation)
|
|---|
| JPMorgan Chase & Co. | | | | Japanese Yen | | 1,063,969,507 | | Buy | | 05/24/11 | | $ | 13,069,000 | | | $ | 13,118,175 | | | $ | 49,175 | |
| JPMorgan Chase & Co. | | | | EU Euro | | 8,508,684 | | Buy | | 05/24/11 | | | 12,433,000 | | | | 12,594,004 | | | | 161,004 | |
| JPMorgan Chase & Co. | | | | Canadian Dollar | | 3,496,016 | | Buy | | 05/20/11 | | | 3,654,000 | | | | 3,693,274 | | | | 39,274 | |
| JPMorgan Chase & Co. | | | | Japanese Yen | | 346,740,878 | | Buy | | 05/24/11 | | | 4,201,000 | | | | 4,275,130 | | | | 74,130 | |
| JPMorgan Chase & Co. | | | | Mexican Peso | | 91,250,543 | | Buy | | 05/24/11 | | | 7,693,000 | | | | 7,909,186 | | | | 216,186 | |
| JPMorgan Chase & Co. | | | | New Zealand Dollar | | 1,523,119 | | Buy | | 05/24/11 | | | 1,165,000 | | | | 1,230,539 | | | | 65,539 | |
| JPMorgan Chase & Co. | | | | British Pound | | 4,586,626 | | Buy | | 05/09/11 | | | 7,497,000 | | | | 7,660,310 | | | | 163,310 | |
| JPMorgan Chase & Co. | | | | Japanese Yen | | 16,021,709 | | Buy | | 05/24/11 | | | 192,000 | | | | 197,539 | | | | 5,539 | |
| JPMorgan Chase & Co. | | | | Norwegian Krone | | 20,274,547 | | Buy | | 05/09/11 | | | 3,610,000 | | | | 3,862,270 | | | | 252,270 | |
| JPMorgan Chase & Co. | | | | New Zealand Dollar | | 3,140,820 | | Buy | | 05/24/11 | | | 2,468,000 | | | | 2,537,493 | | | | 69,493 | |
| JPMorgan Chase & Co. | | | | EU Euro | | 12,558,228 | | Buy | | 05/24/11 | | | 18,149,000 | | | | 18,587,876 | | | | 438,876 | |
| JPMorgan Chase & Co. | | | | British Pound | | 2,789,047 | | Buy | | 05/09/11 | | | 4,461,000 | | | | 4,658,101 | | | | 197,101 | |
| JPMorgan Chase & Co. | | | | Australian Dollar | | 3,849,738 | | Buy | | 05/24/11 | | | 4,028,000 | | | | 4,206,556 | | | | 178,556 | |
| JPMorgan Chase & Co. | | | | New Zealand Dollar | | 2,177,167 | | Buy | | 05/24/11 | | | 1,696,000 | | | | 1,758,950 | | | | 62,950 | |
| JPMorgan Chase & Co. | | | | Australian Dollar | | 3,838,627 | | Buy | | 05/24/11 | | | 4,027,000 | | | | 4,194,415 | | | | 167,415 | |
| JPMorgan Chase & Co. | | | | Norwegian Krone | | 22,855,273 | | Buy | | 05/09/11 | | | 4,111,000 | | | | 4,353,894 | | | | 242,894 | |
| JPMorgan Chase & Co. | | | | EU Euro | | 10,008,733 | | Buy | | 05/24/11 | | | 14,291,000 | | | | 14,814,279 | | | | 523,279 | |
| JPMorgan Chase & Co. | | | | Japanese Yen | | 1,094,424,542 | | Buy | | 05/24/11 | | | 12,907,000 | | | | 13,493,669 | | | | 586,669 | |
| JPMorgan Chase & Co. | | | | Japanese Yen | | 1,096,984,000 | | Buy | | 05/24/11 | | | 12,907,000 | | | | 13,525,226 | | | | 618,226 | |
| JPMorgan Chase & Co. | | | | Japanese Yen | | 851,164,634 | | Buy | | 05/24/11 | | | 9,973,000 | | | | 10,494,405 | | | | 521,405 | |
| JPMorgan Chase & Co. | | | | Norwegian Krone | | 48,920,934 | | Buy | | 05/09/11 | | | 8,789,661 | | | | 9,319,362 | | | | 529,701 | |
| Morgan Stanley | | | | South Korean Won | | 4,073,130,900 | | Buy | | 05/09/11 | | | 3,753,000 | | | | 3,798,467 | | | | 45,467 | |
| Morgan Stanley | | | | South Korean Won | | 5,199,066,000 | | Buy | | 05/09/11 | | | 4,790,000 | | | | 4,848,477 | | | | 58,477 | |
| Morgan Stanley | | | | Australian Dollar | | 9,564,786 | | Buy | | 05/24/11 | | | 10,255,000 | | | | 10,451,310 | | | | 196,310 | |
| Morgan Stanley | | | | New Zealand Dollar | | 2,298,982 | | Buy | | 05/24/11 | | | 1,847,000 | | | | 1,857,365 | | | | 10,365 | |
| Morgan Stanley | | | | Mexican Peso | | 66,016,200 | | Buy | | 05/24/11 | | | 5,640,000 | | | | 5,721,987 | | | | 81,987 | |
| Morgan Stanley | | | | Chilean Peso | | 2,425,440,000 | | Buy | | 08/12/11 | | | 5,216,000 | | | | 5,201,359 | | | | (14,641 | ) |
| Morgan Stanley | | | | South Korean Won | | 2,367,486,000 | | Buy | | 05/09/11 | | | 2,178,000 | | | | 2,207,839 | | | | 29,839 | |
| Morgan Stanley | | | | South Korean Won | | 6,096,222,000 | | Buy | | 05/09/11 | | | 5,598,000 | | | | 5,685,135 | | | | 87,135 | |
| Morgan Stanley | | | | South Korean Won | | 3,704,088,800 | | Buy | | 05/09/11 | | | 3,397,000 | | | | 3,454,311 | | | | 57,311 | |
| Morgan Stanley | | | | South Korean Won | | 3,559,941,000 | | Buy | | 05/09/11 | | | 3,269,000 | | | | 3,319,884 | | | | 50,884 | |
| Morgan Stanley | | | | Norwegian Krone | | 70,553,480 | | Buy | | 05/09/11 | | | 12,743,000 | | | | 13,440,329 | | | | 697,329 | |
| Morgan Stanley | | | | Australian Dollar | | 12,425,405 | | Buy | | 05/24/11 | | | 12,928,000 | | | | 13,577,069 | | | | 649,069 | |
| Morgan Stanley | | | | British Pound | | 3,651,383 | | Buy | | 05/09/11 | | | 5,849,000 | | | | 6,098,322 | | | | 249,322 | |
| Morgan Stanley | | | | South Korean Won | | 2,718,344,200 | | Buy | | 05/09/11 | | | 2,431,000 | | | | 2,535,038 | | | | 104,038 | |
| Morgan Stanley | | | | Australian Dollar | | 885,062 | | Buy | | 05/24/11 | | | 918,000 | | | | 967,096 | | | | 49,096 | |
| Morgan Stanley | | | | British Pound | | 7,431,441 | | Buy | | 05/09/11 | | | 12,099,590 | | | | 12,411,552 | | | | 311,962 | |
| Morgan Stanley | | | | South Korean Won | | 3,141,590,400 | | Buy | | 05/09/11 | | | 2,797,000 | | | | 2,929,744 | | | | 132,744 | |
| Morgan Stanley | | | | Singapore Dollar | | 14,396,363 | | Buy | | 05/09/11 | | | 11,373,961 | | | | 11,761,197 | | | | 387,236 | |
| Morgan Stanley | | | | Indonesian Rupiah | | 88,883,768,000 | | Buy | | 05/24/11 | | | 10,238,886 | | | | 10,333,005 | | | | 94,119 | |
| | | | | | | | | | | | | | | | | | | | | $ | 23,112,131 | |
| Citigroup, Inc. | | | | Swedish Krona | | 20,448,230 | | Sell | | 05/09/11 | | $ | 3,240,000 | | | $ | 3,382,447 | | | $ | (142,447 | ) |
| Citigroup, Inc. | | | | Norwegian Krone | | 69,347,291 | | Sell | | 05/09/11 | | | 12,681,000 | | | | 13,210,551 | | | | (529,551 | ) |
| Citigroup, Inc. | | | | Norwegian Krone | | 22,565,952 | | Sell | | 05/09/11 | | | 4,145,000 | | | | 4,298,779 | | | | (153,779 | ) |
| Citigroup, Inc. | | | | Norwegian Krone | | 21,580,137 | | Sell | | 05/09/11 | | | 3,946,000 | | | | 4,110,983 | | | | (164,983 | ) |
| Citigroup, Inc. | | | | Swedish Krona | | 80,117,115 | | Sell | | 05/09/11 | | | 12,704,000 | | | | 13,252,584 | | | | (548,584 | ) |
| Citigroup, Inc. | | | | Swedish Krona | | 9,403,924 | | Sell | | 05/09/11 | | | 1,484,000 | | | | 1,555,551 | | | | (71,551 | ) |
| Citigroup, Inc. | | | | South Korean Won | | 11,706,549,470 | | Sell | | 05/09/11 | | | 10,411,374 | | | | 10,917,141 | | | | (505,767 | ) |
| Citigroup, Inc. | | | | South African Rand | | 43,287,256 | | Sell | | 05/24/11 | | | 6,419,870 | | | | 6,569,647 | | | | (149,777 | ) |
| Citigroup, Inc. | | | | New Zealand Dollar | | 2,149,711 | | Sell | | 05/24/11 | | | 1,644,194 | | | | 1,736,769 | | | | (92,575 | ) |
| Credit Suisse First Boston | | | | British Pound | | 7,838,842 | | Sell | | 05/09/11 | | | 13,040,000 | | | | 13,091,969 | | | | (51,969 | ) |
| Credit Suisse First Boston | | | | British Pound | | 2,270,755 | | Sell | | 05/09/11 | | | 3,747,000 | | | | 3,792,480 | | | | (45,480 | ) |
| Credit Suisse First Boston | | | | British Pound | | 1,717,570 | | Sell | | 05/09/11 | | | 2,815,000 | | | | 2,868,584 | | | | (53,584 | ) |
| Credit Suisse First Boston | | | | Japanese Yen | | 1,075,181,402 | | Sell | | 05/24/11 | | | 13,069,000 | | | | 13,256,411 | | | | (187,411 | ) |
| Credit Suisse First Boston | | | | Norwegian Krone | | 21,452,079 | | Sell | | 05/09/11 | | | 3,916,000 | | | | 4,086,588 | | | | (170,588 | ) |
| Credit Suisse First Boston | | | | Japanese Yen | | 1,284,798,369 | | Sell | | 05/24/11 | | | 15,543,000 | | | | 15,840,877 | | | | (297,877 | ) |
| Credit Suisse First Boston | | | | Norwegian Krone | | 70,417,332 | | Sell | | 05/09/11 | | | 12,704,000 | | | | 13,414,394 | | | | (710,394 | ) |
| Credit Suisse First Boston | | | | Canadian Dollar | | 4,804,264 | | Sell | | 05/20/11 | | | 5,013,000 | | | | 5,075,338 | | | | (62,338 | ) |
| Credit Suisse First Boston | | | | EU Euro | | 5,624,794 | | Sell | | 05/24/11 | | | 8,113,000 | | | | 8,325,456 | | | | (212,456 | ) |
| Credit Suisse First Boston | | | | Japanese Yen | | 112,255,575 | | Sell | | 05/24/11 | | | 1,327,000 | | | | 1,384,051 | | | | (57,051 | ) |
| Credit Suisse First Boston | | | | Swedish Krona | | 18,145,336 | | Sell | | 05/09/11 | | | 2,856,000 | | | | 3,001,513 | | | | (145,513 | ) |
| Credit Suisse First Boston | | | | British Pound | | 7,884,447 | | Sell | | 05/09/11 | | | 12,796,000 | | | | 13,168,135 | | | | (372,135 | ) |
| Credit Suisse First Boston | | | | Swiss Franc | | 3,965,804 | | Sell | | 05/09/11 | | | 4,391,717 | | | | 4,584,999 | | | | (193,282 | ) |
See Accompanying Notes to Financial Statements
152
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Counterparty
| | | | Currency
| | Contract
Amount
| | Buy/Sell
| | Settlement
Date
| | In Exchange For
| | Fair Value
| | Unrealized
Appreciation
(Depreciation)
|
|---|
| Deutsche Bank AG | | | | Brazilian Real | | 20,655,360 | | Sell | | 05/09/11 | | $ | 13,040,000 | | | $ | 13,123,270 | | | $ | (83,270 | ) |
| Deutsche Bank AG | | | | Norwegian Krone | | 17,053,106 | | Sell | | 05/09/11 | | | 3,202,000 | | | | 3,248,590 | | | | (46,590 | ) |
| Deutsche Bank AG | | | | South Korean Won | | 5,680,611,000 | | Sell | | 05/09/11 | | | 5,238,000 | | | | 5,297,550 | | | | (59,550 | ) |
| Deutsche Bank AG | | | | Swedish Krona | | 11,807,942 | | Sell | | 05/09/11 | | | 1,932,000 | | | | 1,953,212 | | | | (21,212 | ) |
| Deutsche Bank AG | | | | Swedish Krona | | 52,942,271 | | Sell | | 05/09/11 | | | 8,676,000 | | | | 8,757,453 | | | | (81,453 | ) |
| Deutsche Bank AG | | | | Swedish Krona | | 19,358,245 | | Sell | | 05/09/11 | | | 3,174,000 | | | | 3,202,147 | | | | (28,147 | ) |
| Deutsche Bank AG | | | | Swiss Franc | | 15,155,230 | | Sell | | 05/09/11 | | | 16,832,000 | | | | 17,521,469 | | | | (689,469 | ) |
| Deutsche Bank AG | | | | Canadian Dollar | | 3,169,531 | | Sell | | 05/20/11 | | | 3,330,000 | | | | 3,348,367 | | | | (18,367 | ) |
| Deutsche Bank AG | | | | New Zealand Dollar | | 5,081,580 | | Sell | | 05/24/11 | | | 4,056,000 | | | | 4,105,447 | | | | (49,447 | ) |
| Deutsche Bank AG | | | | Australian Dollar | | 14,072,382 | | Sell | | 05/24/11 | | | 15,023,000 | | | | 15,376,699 | | | | (353,699 | ) |
| Deutsche Bank AG | | | | Australian Dollar | | 9,585,029 | | Sell | | 05/24/11 | | | 10,262,000 | | | | 10,473,429 | | | | (211,429 | ) |
| Deutsche Bank AG | | | | New Zealand Dollar | | 16,306,767 | | Sell | | 05/24/11 | | | 12,966,000 | | | | 13,174,363 | | | | (208,363 | ) |
| Deutsche Bank AG | | | | Australian Dollar | | 2,899,936 | | Sell | | 05/24/11 | | | 3,082,000 | | | | 3,168,720 | | | | (86,720 | ) |
| Deutsche Bank AG | | | | New Zealand Dollar | | 2,886,431 | | Sell | | 05/24/11 | | | 2,269,000 | | | | 2,331,970 | | | | (62,970 | ) |
| Deutsche Bank AG | | | | Hungarian Forint | | 869,881,800 | | Sell | | 05/24/11 | | | 4,668,000 | | | | 4,863,848 | | | | (195,848 | ) |
| Deutsche Bank AG | | | | Australian Dollar | | 12,545,578 | | Sell | | 05/24/11 | | | 13,085,000 | | | | 13,708,380 | | | | (623,380 | ) |
| Deutsche Bank AG | | | | Japanese Yen | | 1,085,610,506 | | Sell | | 05/24/11 | | | 12,829,000 | | | | 13,384,997 | | | | (555,997 | ) |
| Deutsche Bank AG | | | | Japanese Yen | | 2,181,707,375 | | Sell | | 05/24/11 | | | 25,750,000 | | | | 26,899,286 | | | | (1,149,286 | ) |
| Deutsche Bank AG | | | | Norwegian Krone | | 42,134,131 | | Sell | | 05/09/11 | | | 7,781,000 | | | | 8,026,487 | | | | (245,487 | ) |
| Deutsche Bank AG | | | | Peruvian Nuevo Sol | | 5,499,975 | | Sell | | 05/09/11 | | | 1,950,000 | | | | 1,943,926 | | | | 6,074 | |
| Deutsche Bank AG | | | | Japanese Yen | | 54,259,598 | | Sell | | 05/24/11 | | | 653,000 | | | | 668,992 | | | | (15,992 | ) |
| Deutsche Bank AG | | | | EU Euro | | 4,942,450 | | Sell | | 05/24/11 | | | 7,153,000 | | | | 7,315,494 | | | | (162,494 | ) |
| Deutsche Bank AG | | | | Peruvian Nuevo Sol | | 23,489,875 | | Sell | | 05/09/11 | | | 8,315,000 | | | | 8,302,323 | | | | 12,677 | |
| Deutsche Bank AG | | | | New Zealand Dollar | | 16,507,562 | | Sell | | 05/24/11 | | | 12,893,000 | | | | 13,336,586 | | | | (443,586 | ) |
| Deutsche Bank AG | | | | Mexican Peso | | 93,301,063 | | Sell | | 05/24/11 | | | 7,849,000 | | | | 8,086,916 | | | | (237,916 | ) |
| Deutsche Bank AG | | | | Swedish Krona | | 10,554,755 | | Sell | | 05/09/11 | | | 1,650,000 | | | | 1,745,916 | | | | (95,916 | ) |
| Deutsche Bank AG | | | | Norwegian Krone | | 25,254,463 | | Sell | | 05/09/11 | | | 4,503,000 | | | | 4,810,936 | | | | (307,936 | ) |
| Deutsche Bank AG | | | | Australian Dollar | | 2,664,122 | | Sell | | 05/24/11 | | | 2,764,000 | | | | 2,911,050 | | | | (147,050 | ) |
| HSBC | | | | Brazilian Real | | 9,029,368 | | Sell | | 05/09/11 | | | 5,686,000 | | | | 5,736,760 | | | | (50,760 | ) |
| HSBC | | | | Czech Koruna | | 85,803,582 | | Sell | | 05/24/11 | | | 5,083,000 | | | | 5,254,957 | | | | (171,957 | ) |
| HSBC | | | | South Korean Won | | 3,879,057,600 | | Sell | | 05/09/11 | | | 3,564,000 | | | | 3,617,481 | | | | (53,481 | ) |
| HSBC | | | | Philippine Peso | | 446,909,590 | | Sell | | 05/09/11 | | | 10,287,264 | | | | 10,434,261 | | | | (146,997 | ) |
| JPMorgan Chase & Co. | | | | British Pound | | 7,946,031 | | Sell | | 05/09/11 | | | 13,072,000 | | | | 13,270,989 | | | | (198,989 | ) |
| JPMorgan Chase & Co. | | | | Swiss Franc | | 850,084 | | Sell | | 05/09/11 | | | 969,000 | | | | 982,811 | | | | (13,811 | ) |
| JPMorgan Chase & Co. | | | | Swiss Franc | | 552,214 | | Sell | | 05/09/11 | | | 627,000 | | | | 638,433 | | | | (11,433 | ) |
| JPMorgan Chase & Co. | | | | British Pound | | 1,135,110 | | Sell | | 05/09/11 | | | 1,877,000 | | | | 1,895,794 | | | | (18,794 | ) |
| JPMorgan Chase & Co. | | | | Swiss Franc | | 2,754,563 | | Sell | | 05/09/11 | | | 3,116,000 | | | | 3,184,642 | | | | (68,642 | ) |
| JPMorgan Chase & Co. | | | | Swiss Franc | | 2,899,465 | | Sell | | 05/09/11 | | | 3,256,000 | | | | 3,352,168 | | | | (96,168 | ) |
| JPMorgan Chase & Co. | | | | British Pound | | 3,604,044 | | Sell | | 05/09/11 | | | 5,883,000 | | | | 6,019,260 | | | | (136,260 | ) |
| JPMorgan Chase & Co. | | | | British Pound | | 889,470 | | Sell | | 05/09/11 | | | 1,445,000 | | | | 1,485,540 | | | | (40,540 | ) |
| JPMorgan Chase & Co. | | | | Australian Dollar | | 1,995,671 | | Sell | | 05/24/11 | | | 2,142,000 | | | | 2,180,643 | | | | (38,643 | ) |
| JPMorgan Chase & Co. | | | | Canadian Dollar | | 3,478,700 | | Sell | | 05/20/11 | | | 3,599,000 | | | | 3,674,981 | | | | (75,981 | ) |
| JPMorgan Chase & Co. | | | | New Zealand Dollar | | 2,199,107 | | Sell | | 05/24/11 | | | 1,760,000 | | | | 1,776,675 | | | | (16,675 | ) |
| JPMorgan Chase & Co. | | | | New Zealand Dollar | | 2,929,654 | | Sell | | 05/24/11 | | | 2,325,000 | | | | 2,366,890 | | | | (41,890 | ) |
| JPMorgan Chase & Co. | | | | Japanese Yen | | 405,159,791 | | Sell | | 05/24/11 | | | 4,914,000 | | | | 4,995,403 | | | | (81,403 | ) |
| JPMorgan Chase & Co. | | | | Mexican Peso | | 70,890,355 | | Sell | | 05/24/11 | | | 6,018,000 | | | | 6,144,457 | | | | (126,457 | ) |
| JPMorgan Chase & Co. | | | | Japanese Yen | | 1,070,394,470 | | Sell | | 05/24/11 | | | 12,953,000 | | | | 13,197,391 | | | | (244,391 | ) |
| JPMorgan Chase & Co. | | | | Norwegian Krone | | 21,022,965 | | Sell | | 05/09/11 | | | 3,886,000 | | | | 4,004,842 | | | | (118,842 | ) |
| JPMorgan Chase & Co. | | | | British Pound | | 2,281,300 | | Sell | | 05/09/11 | | | 3,676,000 | | | | 3,810,092 | | | | (134,092 | ) |
| JPMorgan Chase & Co. | | | | British Pound | | 10,430,753 | | Sell | | 05/09/11 | | | 16,754,000 | | | | 17,420,824 | | | | (666,824 | ) |
| JPMorgan Chase & Co. | | | | Mexican Peso | | 60,896,029 | | Sell | | 05/24/11 | | | 5,174,000 | | | | 5,278,194 | | | | (104,194 | ) |
| JPMorgan Chase & Co. | | | | Mexican Peso | | 62,499,210 | | Sell | | 05/24/11 | | | 5,262,000 | | | | 5,417,150 | | | | (155,150 | ) |
| JPMorgan Chase & Co. | | | | EU Euro | | 12,563,313 | | Sell | | 05/24/11 | | | 18,149,000 | | | | 18,595,403 | | | | (446,403 | ) |
| JPMorgan Chase & Co. | | | | Japanese Yen | | 1,096,687,139 | | Sell | | 05/24/11 | | | 12,907,000 | | | | 13,521,566 | | | | (614,566 | ) |
| JPMorgan Chase & Co. | | | | Japanese Yen | | 1,076,962,478 | | Sell | | 05/24/11 | | | 12,829,000 | | | | 13,278,371 | | | | (449,371 | ) |
| JPMorgan Chase & Co. | | | | Australian Dollar | | 8,576,934 | | Sell | | 05/24/11 | | | 8,826,000 | | | | 9,371,898 | | | | (545,898 | ) |
| Morgan Stanley | | | | South Korean Won | | 4,320,557,150 | | Sell | | 05/09/11 | | | 3,997,000 | | | | 4,029,209 | | | | (32,209 | ) |
| Morgan Stanley | | | | South Korean Won | | 3,245,966,500 | | Sell | | 05/09/11 | | | 2,963,000 | | | | 3,027,081 | | | | (64,081 | ) |
| Morgan Stanley | | | | Indonesian Rupiah | | 43,889,505,000 | | Sell | | 05/24/11 | | | 5,071,000 | | | | 5,102,287 | | | | (31,287 | ) |
| Morgan Stanley | | | | South Korean Won | | 3,541,464,000 | | Sell | | 05/09/11 | | | 3,232,000 | | | | 3,302,652 | | | | (70,652 | ) |
| Morgan Stanley | | | | Brazilian Real | | 8,669,232 | | Sell | | 05/09/11 | | | 5,473,000 | | | | 5,507,949 | | | | (34,949 | ) |
| Morgan Stanley | | | | South Korean Won | | 1,996,896,000 | | Sell | | 05/09/11 | | | 1,830,000 | | | | 1,862,239 | | | | (32,239 | ) |
| Morgan Stanley | | | | South Korean Won | | 3,269,700,000 | | Sell | | 05/09/11 | | | 3,000,000 | | | | 3,049,214 | | | | (49,214 | ) |
See Accompanying Notes to Financial Statements
153
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Counterparty
| | | | Currency
| | Contract
Amount
| | Buy/Sell
| | Settlement
Date
| | In Exchange For
| | Fair Value
| | Unrealized
Appreciation
(Depreciation)
|
|---|
| Morgan Stanley | | | | South Korean Won | | 4,496,678,550 | | Sell | | 05/09/11 | | $ | 4,067,000 | | | $ | 4,193,454 | | | $ | (126,454 | ) |
| Morgan Stanley | | | | Brazilian Real | | 68,410,378 | | Sell | | 05/09/11 | | | 40,747,143 | | | | 43,464,161 | | | | (2,717,018 | ) |
| Morgan Stanley | | | | Mexican Peso | | 72,669,876 | | Sell | | 05/24/11 | | | 6,101,636 | | | | 6,298,698 | | | | (197,062 | ) |
| Morgan Stanley | | | | Czech Koruna | | 124,652,179 | | Sell | | 05/24/11 | | | 7,256,501 | | | | 7,634,201 | | | | (377,700 | ) |
| Morgan Stanley | | | | Australian Dollar | | 6,083,091 | | Sell | | 05/24/11 | | | 6,267,615 | | | | 6,646,909 | | | | (379,294 | ) |
| | | | | | | | | | | | | | | | | | | | | $ | (20,062,686 | ) |
ING Global Bond Fund Open Futures Contracts on April 30, 2011:
Contract Description
| | | | | Number
of Contracts
| | Expiration Date
| | Notional Value
| | Unrealized
Appreciation/
(Depreciation)
|
|---|
Long Contracts
| | | | | | | | | | | | | | | | | | |
| Australia 10-Year Bond | | | | | 42 | | | | 06/15/11 | | | $ | 4,800,430 | | | $ | 20,848 | |
| Canada 10-Year Bond | | | | | 63 | | | | 06/21/11 | | | | 8,096,810 | | | | 199,196 | |
| Euro-Bobl 5-Year | | | | | 9 | | | | 06/08/11 | | | | 1,536,190 | | | | 8,029 | |
| Euro-Bund | | | | | 192 | | | | 06/08/11 | | | | 34,956,100 | | | | 434,152 | |
| Euro-Schatz | | | | | 480 | | | | 06/08/11 | | | | 76,288,800 | | | | 139,350 | |
| Japan 10-Year Bond (TSE) | | | | | 30 | | | | 06/09/11 | | | | 51,796,800 | | | | 347,748 | |
| Long Gilt | | | | | 181 | | | | 06/28/11 | | | | 36,025,900 | | | | 451,208 | |
| Short Gilt | | | | | 79 | | | | 06/28/11 | | | | 14,287,000 | | | | 138,592 | |
| U.S. Treasury 2-Year Note | | | | | 82 | | | | 06/30/11 | | | | 17,968,300 | | | | 23,905 | |
| U.S. Treasury 5-Year Note | | | | | 200 | | | | 06/30/11 | | | | 23,693,800 | | | | 272,422 | |
| U.S. Treasury Ultra Long Bond | | | | | 8 | | | | 06/21/11 | | | | 1,007,000 | | | | 31,480 | |
| | | | | | | | | | | | | $ | 270,457,130 | | | $ | 2,066,930 | |
Short Contracts | | | | | | | | | | | | | | | | | | |
| Australia 3-Year Bond | | | | | 19 | | | | 06/15/11 | | | $ | 2,133,530 | | | $ | (1,416 | ) |
| Medium Gilt | | | | | 124 | | | | 06/28/11 | | | | 23,831,500 | | | | (541,334 | ) |
| U.S. Treasury 10-Year Note | | | | | 83 | | | | 06/21/11 | | | | 10,054,700 | | | | (79,661 | ) |
| U.S. Treasury Long Bond | | | | | 46 | | | | 06/21/11 | | | | 5,629,250 | | | | (135,427 | ) |
| | | | | | | | | | | | | $ | 41,648,980 | | | $ | (757,838 | ) |
ING Global Bond Fund Credit Default Swap Agreements Outstanding on April 30, 2011:
Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection(1)
Counterparty
| | | | Reference Entity/
Obligation
| | Buy/Sell
Protection
| | (Pay)/Receive
Fixed Rate (%)
| | Termination
Date
| | Notional
Amount(2)
| | Fair
Value(3)
| | Upfront
Premiums
Paid/(Received)
| Unrealized
Appreciation/
(Depreciation)
| |
|---|
The Royal Bank of
Scotland PLC | | | | Japanese Government Bond | | Buy | | (0.610) | | 12/20/14 | | USD 9,000,000 | | $ | (13,011 | ) | | $ | — | | $(13,011) | |
| | | | | | | | | | | | | | | | | $ | (13,011 | ) | | $ | — | | $(13,011) | |
| (1) | | If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either 1.) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or 2.) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | | The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement. |
| (3) | | The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring. |
See Accompanying Notes to Financial Statements
154
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
ING Global Bond Fund Interest Rate Swap Agreements Outstanding on April 30, 2011:
| | | | Termination
Date
| | Notional
Amount
| | Fair
Value
| | Upfront
Premiums
Paid/(Received)
| | Unrealized
Appreciation/
(Depreciation)
| |
|---|
| Pay a fixed rate equal to 2.853% and receive a floating rate based on the 3-month CAD-BA-CDOR Counterparty: Morgan Stanley | | | | 02/28/16 | | CAD 9,666,000 | | $(80,999) | | $ | — | | | $ | (80,999 | ) |
| Pay a fixed rate equal to 3.623% and receive a floating rate based on the 3-month CAD-BA-CDOR Counterparty: Morgan Stanley | | | | 02/28/21 | | CAD 6,540,000 | | (49,376) | | | — | | | | (49,376 | ) |
| Pay a fixed rate equal to 4.140% and receive a floating rate based on the 6-month Tasa Nominal Anual Promedio (TNA) Counterparty: Deutsche Bank AG | | | | 10/19/12 | | CLP 4,917,045,000 | | 251,467 | | | — | | | | 251,467 | |
| Receive a fixed rate equal to 2.824% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters Counterparty: Morgan Stanley | | | | 03/02/16 | | EUR 7,368,000 | | (80,270) | | | — | | | | (80,270 | ) |
| Receive a fixed rate equal to 3.422% and pay a floating rate based on the 6-month EUR-EURIBOR-Reuters Counterparty: Morgan Stanley | | | | 03/02/21 | | EUR 4,926,000 | | (66,458) | | | — | | | | (66,458 | ) |
| Receive a fixed rate equal to 1.158% and pay a floating rate based on the 3-month GBP-LIBOR-BBA Counterparty: Citigroup, Inc. | | | | 08/01/12 | | GBP 80,000,000 | | 22,249 | | | — | | | | 22,249 | |
| Receive a fixed rate equal to 7.550% and pay a floating rate based on the INR-MIBOR-OIS-COMPOUND Counterparty: Deutsche Bank AG | | | | 03/09/13 | | INR 1,027,100,000 | | (148,113) | | | — | | | | (148,113 | ) |
| Pay a fixed rate equal to 8.110% and receive a floating rate based on the INR-MIBOR-OIS-COMPOUND Counterparty: Deutsche Bank AG | | | | 03/09/16 | | INR 461,800,000 | | 61,495 | | | — | | | | 61,495 | |
| Receive a fixed rate equal to 5.400% and pay a floating rate based on the 28-day MXN-TIIE-BANXICO Counterparty: Deutsche Bank AG | | | | 07/17/12 | | MXN 1,522,400,000 | | 83,298 | | | — | | | | 83,298 | |
| Pay a fixed rate equal to 0.998% and receive a floating rate based on the 3-month USD-LIBOR-BBA Counterparty: Citigroup, Inc. | | | | 02/10/13 | | USD 60,000,000 | | (358,592) | | | — | | | | (358,592 | ) |
| Pay a fixed rate equal to 2.535% and receive a floating rate based on the 3-month USD-LIBOR-BBA Counterparty: Citigroup, Inc. | | | | 02/10/16 | | USD 35,000,000 | | (757,306) | | | — | | | | (757,306 | ) |
| Pay a fixed rate equal to 3.478% and receive a floating rate based on the 3-month USD-LIBOR-BBA Counterparty: Citigroup, Inc. | | | | 05/11/20 | | USD 10,271,000 | | (217,411) | | | — | | | | (217,411 | ) |
| Pay a fixed rate equal to 2.870% and receive a floating rate based on the 3-month USD-LIBOR-BBA Counterparty: Credit Suisse First Boston | | | | 12/24/17 | | USD 25,000,000 | | (264,402) | | | — | | | | (264,402 | ) |
| Pay a fixed rate equal to 3.444% and receive a floating rate based on the 3-month USD-LIBOR-BBA Counterparty: Credit Suisse First Boston | | | | 12/24/20 | | USD 45,000,000 | | (480,739) | | | — | | | | (480,739 | ) |
| | | | | | | | | $(2,085,157) | | $ | — | | | $ | (2,085,157 | ) |
ING Global Bond Fund Written Options Open on April 30, 2011:
Options on Exchange Traded Futures Contracts
Description/Name of Issuer
| | | | Exercise
Price
| | Expiration
Date
| | # of
Contracts
| | Premiums
Received
| | Value
|
|---|
| U.S. Treasury 10-Year Note June Futures Put Option CBOT | | | | USD 117.00 | | 05/20/11 | | 328 | | $ | 35,055 | | | $ | (5,127 | ) |
| | | | | | | | | | | $ | 35,055 | | | $ | (5,127 | ) |
ING Global Bond Fund Written OTC Call Options on April 30, 2011
# of
Contracts
| | | | Counterparty
| | Description
| | Exercise
Price
| | Expiration
Date
| | Premiums
Received
| | Fair Value
|
|---|
Options On Currencies
| |
|---|
| 26,100,000 | | | | Deutsche Bank AG | | JPY vs USD Currency Call Option 05/11 | | 85.00 USD | | | 05/23/11 | | | $ | 53,244 | | | $ | (18,289 | ) |
| 25,900,000 | | | | Deutsche Bank AG | | JPY vs USD Currency Call Option 05/11 | | 85.50 USD | | | 05/19/11 | | | | 49,469 | | | | (9,486 | ) |
| 51,300,000 | | | | Morgan Stanley | | JPY vs USD Currency Put Option 05/11 | | 80.00 USD | | | 05/06/11 | | | | 41,040 | | | | (82,987 | ) |
See Accompanying Notes to Financial Statements
155
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
# of
Contracts
| | | | Counterparty
| | Description
| | Exercise
Price
| | Expiration
Date
| | Premiums
Received
| | Fair Value
|
|---|
Options On Currencies
| |
|---|
| 51,600,000 | | | | Morgan Stanley | | JPY vs USD Currency Put Option 05/11 | | | 83.25 USD | | | | 05/09/11 | | | $ | 268,320 | | | $ | (1,390,240 | ) |
| 25,650,000 | | | | Morgan Stanley | | JPY vs USD Currency Put Option 05/11 | | | 83.50 USD | | | | 05/06/11 | | | | 409,759 | | | | (757,655 | ) |
| 26,100,000 | | | | Deutsche Bank AG | | USD vs CHF Currency Put Option 05/11 | | | 0.86 USD | | | | 05/25/11 | | | | 115,362 | | | | (256,918 | ) |
| 26,200,000 | | | | Deutsche Bank AG | | USD vs EUR Currency Call Option 05/11 | | | 1.40 USD | | | | 05/27/11 | | | | 45,101 | | | | (18,063 | ) |
| 55,600,000 | | | | Morgan Stanley | | USD vs EUR Currency Call Option 05/11 | | | 1.38 USD | | | | 05/04/11 | | | | 161,240 | | | | (5 | ) |
| | | | | | Total Written OTC Call Options | | | $ | 1,143,535 | | | $ | (2,533,643 | ) |
ING Global Bond Fund Cross-Currency Inflation-Linked Swap Agreements Outstanding on April 30, 2011:
Counterparty
| | | | Notional Amount
or Fixed Rate
(Currency Received)
| | Notional Amount
or Floating Rate
(Currency Delivered)
| | Floating Rate
| | Fixed Rate
| | Termination
Date
| | Fair
Value
| | Upfront
Premiums
Paid (Received)
| | Unrealized
Appreciation
(Depreciation)
|
|---|
| Deutsche Bank AG | | | | U.F. 230,187 | | CLP 4,917,045,000 | | 6-month Tasa Nominal
Anual Promedio (TNA) | | 0.88% | | | 10/19/12 | | | $ | 32,415 | | | $ | — | | | $ | 32,415 | |
| | | | | | | | | | | | | | | | | $ | 32,415 | | | $ | — | | | $ | 32,415 | |
Unidad de Fomento (U.F.). A Chilean currency unit indexed according to inflation. The index is calculated on a monthly basis effective on the 10th day of the current month until the 9th day of the following month, with the value of the U.F. adjusted daily.
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of April 30, 2011 was as follows:
Derivatives not accounted for as
hedging instruments
| | | | Location on Statement
of Assets and Liabilities
| | Fair Value
|
|---|
| |
Asset Derivatives | | | | | | | | |
| Foreign exchange contracts | | | | Investments in securities at value* | | $ | 2,858,687 | |
| Interest rate contracts | | | | Investments in securities at value* | | | 30,750 | |
| Foreign exchange contracts | | | | Unrealized appreciation on forward foreign currency contracts | | | 23,145,523 | |
| Foreign exchange contracts | | | | Unrealized appreciation on swap agreements | | | 32,415 | |
| Interest rate contracts | | | | Unrealized appreciation on swap agreements | | | 418,509 | |
| Interest rate contracts | | | | Net Assets — Unrealized appreciation** | | | 2,066,930 | |
Total Asset Derivatives | | | | | | $ | 28,552,814 | |
Liability Derivatives | | | | | | | | |
| Foreign exchange contracts | | | | Unrealized depreciation on forward foreign currency contracts | | $ | 20,096,078 | |
| Credit contracts | | | | Unrealized depreciation on swap agreements | | | 13,011 | |
| Credit contracts | | | | Unrealized depreciation on swap agreements | | | 2,503,666 | |
| Interest rate contracts | | | | Net Assets — Unrealized depreciation** | | | 757,838 | |
| Foreign exchange contracts | | | | Written options, at fair value | | | 2,533,643 | |
| Interest rate contracts | | | | Written options, at fair value | | | 5,127 | |
Total Liability Derivatives | | | | | | $ | 25,909,363 | |
| * | | Includes purchased options. |
| * | | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2011 was as follows:
| | | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| |
|---|
Derivatives not accounted for as
hedging instruments
| | | | Investments*
| | Foreign currency
related transactions**
| | Futures
| | Swaps
| | Written
options
| | Total
|
|---|
| Credit contracts | | | | $ | — | | | $ | — | | | $ | — | | | | (260,613 | ) | | $ | — | | | $ | (260,613 | ) |
| Foreign exchange contracts | | | | | (3,989,059 | ) | | | (625,519 | ) | | | — | | | | — | | | | 3,255,961 | | | | (1,358,617 | ) |
| Interest rate contracts | | | | | 106,678 | | | | — | | | | 561,431 | | | | (1,726,296 | ) | | | 20,525 | | | | (1,037,662 | ) |
Total | | | | $ | (3,882,381 | ) | | $ | (625,519 | ) | | $ | 561,431 | | | $ | (1,986,909 | ) | | $ | 3,276,486 | | | $ | (2,656,892 | ) |
See Accompanying Notes to Financial Statements
156
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
| | | | Change in Unrealized Appreciation or Depreciation on Derivatives Recognized in Income
| |
|---|
Derivatives not accounted for as
hedging instruments
| | | | Investments*
| | Foreign currency
related transactions**
| | Futures
| | Swaps
| | Written
options
| | Total
|
|---|
| Credit contracts | | | | $ | — | | | $ | — | | | $ | — | | | $ | 52,455 | | | $ | — | | | $ | 52,455 | |
| Foreign exchange contracts | | | | | 1,535,931 | | | | 1,722,956 | | | | — | | | | 63,051 | | | | (1,753,169 | ) | | | 1,568,769 | |
| Interest rate contracts | | | | | (123,820 | ) | | | — | | | | 1,542,709 | | | | (1,978,272 | ) | | | 29,928 | | | | (529,455 | ) |
Total | | | | $ | 1,412,111 | | | $ | 1,722,956 | | | $ | 1,542,709 | | | $ | (1,862,766 | ) | | $ | (1,723,241 | ) | | $ | 1,091,769 | |
| * | | Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. |
| ** | | Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions. |
See Accompanying Notes to Financial Statements
157
ING GLOBAL BOND FUND |
SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2011 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
| Value
|
| Percent
of Net
Assets
|
|---|
| |
AFFILIATED INVESTMENT COMPANIES: 100.4% |
| 1,152,276 | | | | | | ING Emerging Countries Fund — Class I | | $ | 35,559,233 | | | | 19.8 | |
| 4,287,999 | | | | @ | | ING International Core Fund — Class I | | | 45,238,390 | | | | 25.1 | |
| 3,334,570 | | | | @ | | ING International Growth Fund — Class I | | | 36,313,462 | | | | 20.2 | |
| 993,236 | | | | | | ING International Real Estate Fund — Class I | | | 9,058,314 | | | | 5.0 | |
| 414,666 | | | | | | ING International SmallCap Multi-Manager Fund — Class I | | | 18,100,157 | | | | 10.1 | |
| 1,464,483 | | | | | | ING International Value Choice Fund — Class I | | | 17,251,610 | | | | 9.6 | |
| 1,503,166 | | | | | | ING International Value Fund — Class I | | | 19,075,172 | | | | 10.6 | |
| |
AFFILIATED INVESTMENT COMPANIES: (continued) |
| |
| | | | | | | Total Investments in Affiliated Investment Companies | | | | | | | | |
| | | | | | | (Cost $154,239,618)* | | $ | 180,596,338 | | | | 100.4 | |
| | | | | | | Liabilities in Excess of Other Assets | | | (670,551 | ) | | | (0.4 | ) |
| | | | | | | Net Assets | | $ | 179,925,787 | | | | 100.0 | |
| @ | | Non-income producing security |
| * | | Cost for federal income tax purposes is $168,226,733. |
| Net unrealized appreciation consists of: | | | | | | |
| Gross Unrealized Appreciation | | | | $ | 26,803,027 | |
| Gross Unrealized Depreciation | | | | | (14,433,422 | ) |
| Net Unrealized appreciation | | | | $ | 12,369,605 | |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities:
| | | | Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
| | Significant
Other
Observable
Inputs
(Level 2)
| | Significant
Unobservable
Inputs
(Level 3)
| | Fair Value
at
4/30/2011
|
|---|
Asset Table | | | | | | | | | | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | |
| Affiliated Investment Companies | | | | $ | 180,596,338 | | | $ | — | | | $ | — | | | $ | 180,596,338 | |
| Total Investments, at value | | | | $ | 180,596,338 | | | $ | — | | | $ | — | | | $ | 180,596,338 | |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011.
See Accompanying Notes to Financial Statements
158
ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)
BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”) provides that, after an initial period, the Funds’ existing investment advisory and sub-advisory contracts will remain in effect only if the Boards of Trustees (the “Board”) of ING Mutual Funds and ING Mayflower Trust (together, the “Trust”), including a majority of Board members who have no direct or indirect interest in the advisory and sub-advisory contracts, and who are not “interested persons” of the Funds, as such term is defined under the 1940 Act (the “Independent Trustees”), annually review and approve them. Thus, at a meeting held on November 18, 2010, the Board, including a majority of the Independent Trustees, considered whether to renew the investment advisory contracts (the “Advisory Contracts”) between ING Investments, LLC (the “Adviser”) and the Funds and the sub-advisory contracts (“Sub-Advisory Contracts”) with the sub-adviser to each Fund (each a “Sub-Adviser” and collectively, the “Sub-Advisers”).
The Independent Trustees also held separate meetings on October 21 and November 16, 2010 to consider the renewal of the Advisory Contracts and Sub-Advisory Contracts. As a result, subsequent references herein to factors considered and determinations made by the Independent Trustees include, as applicable, factors considered and determinations made on those earlier dates by the Independent Trustees.
At its November 18, 2010 meeting, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Funds. In reaching these decisions, the Board took into account information furnished to it throughout the year at regular meetings of the Board and the Board’s committees, as well as information prepared specifically in connection with the annual renewal process. Determinations by the Independent Trustees also took into account various factors that they believed, in light of the legal advice furnished to them by K&L Gates LLP (“K&L Gates”), their independent legal counsel, and their own business judgment, to be relevant. Further, while the advisory contracts and sub-advisory contracts for all the Funds were considered at the same Board meeting, the Trustees considered each Fund’s advisory and sub-advisory relationships separately.
Provided below is an overview of the Board’s contract approval process in general, as well as a discussion of certain specific factors that the Board considered at its renewal meeting. While the Board gave its attention to the information furnished, at its request, that was most relevant to its considerations, discussed below are a number of the primary factors relevant to the Board’s consideration as to whether to renew the Advisory and Sub-Advisory Contracts for the one-year period ending November 30, 2011. Each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Fund’s advisory and sub-advisory arrangements.
Overview of the Contract Renewal and Approval Process
Several years ago, the Independent Trustees instituted a revised process by which they seek and consider relevant information when they decide whether to approve new or existing advisory and sub-advisory arrangements for the investment companies in the ING Funds complex under their jurisdiction, including the Funds’ existing Advisory and Sub-Advisory Contracts. Among other actions, the Independent Trustees: retained the services of independent consultants with experience in the mutual fund industry to assist the Independent Trustees in working with the personnel employed by the Adviser or its affiliates who administer the Funds (“Management”) to identify the types of information presented to the Board to inform its deliberations with respect to advisory and sub-advisory relationships and to help evaluate that information; established a specific format in which certain requested information is provided to the Board; and determined the process for reviewing such information in connection with advisory and sub-advisory contract renewals and approvals. The end result was an enhanced process which is currently employed by the Independent Trustees to review and analyze information in connection with their annual renewal of the ING Funds’ advisory and sub-advisory contracts, as well as their review and approval of new advisory relationships.
Since the current renewal and approval process was first implemented, the Board’s membership has changed substantially through periodic retirements of some Trustees and the appointment and election of new Trustees. In addition, throughout this period the Independent Trustees have reviewed and refined the renewal and approval process at least annually. The Board also established a Contracts Committee and two Investment Review Committees. Among other matters, the Contracts Committee provides oversight with respect to the contracts renewal and approval process, and each Fund is assigned to an Investment Review Committees which provides oversight regarding, among other matters, investment performance. The Investment Review Committees may apply a heightened level of scrutiny in cases where performance has lagged an ING Fund’s relevant
159
ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
benchmark and/or selected peer group of investment companies (“Selected Peer Groups”).
The type and format of the information provided to the Board or to legal counsel for the Independent Trustees in connection with the contract approval and renewal process has been codified in the ING Funds’ 15(c) Methodology Guide. This Guide was developed under the direction of the Independent Trustees and sets out a blueprint pursuant to which the Independent Trustees request certain information that they deem important to facilitate an informed review in connection with initial and annual approvals of advisory and sub-advisory contracts.
Management provides certain of the information requested by the 15(c) Methodology Guide in Fund Analysis and Comparison Tables (“FACT sheets”) prior to the Independent Trustees’ review of advisory and sub-advisory arrangements (including the Funds’ Advisory and Sub-Advisory Contracts). The Independent Trustees previously retained an independent firm to verify and test the accuracy of certain FACT sheet data for a representative sample of funds in the ING Funds complex. In addition, in recent years the Contracts Committee employed the services of an independent consultant to assist in its review and analysis of, among other matters, the 15(c) Methodology Guide, the content and format of the FACT sheets, and Selected Peer Groups to be used by the Funds for certain comparison purposes during the renewal process. As part of an ongoing process, the Contracts Committee recommends or considers recommendations from Management for refinements to the 15(c) Methodology Guide and other aspects of the review process, and the Board’s Investment Review Committees review benchmarks used to assess the performance of funds in the ING Funds complex.
The Board employed its process for reviewing contracts when considering the renewals of the Funds’ Advisory and Sub-Advisory Contracts that would be effective through November 30, 2011. Set forth below is a discussion of many of the Board’s primary considerations and conclusions resulting from this process.
Nature, Extent and Quality of Service
In determining whether to approve the Advisory and Sub-Advisory Contracts for the Funds for the year ending November 30, 2011, the Independent Trustees received and evaluated such information as they deemed necessary regarding the nature, extent and quality of services provided to the Funds by the Adviser and Sub-Adviser. This included information regarding the Adviser and Sub-Adviser provided throughout the year at regular meetings of the Board and its committees, as well as information furnished in connection with the contract renewal meetings.
The materials requested by and provided to the Board and/or to K&L Gates prior to the November 18, 2010 Board meeting included, among other information, the following items for each Fund: (1) FACT sheets that provided information regarding the performance and expenses of the Fund and other similarly managed funds in its Selected Peer Group, as well as information regarding the Fund’s investment portfolio, objective and strategies; (2) reports providing risk and attribution analyses of the Fund; (3) the 15(c) Methodology Guide, which describes how the FACT sheets were prepared, including the manner in which each Fund’s benchmark and Selected Peer Group were selected and how profitability was determined; (4) responses from the Adviser and Sub-Adviser to a series of questions posed by K&L Gates on behalf of the Independent Trustees; (5) copies of the forms of Advisory and Sub-Advisory Contracts; (6) copies of the Forms ADV for the Adviser and Sub-Adviser; (7) financial statements for the Adviser and Sub-Adviser; (8) a draft of a narrative summary addressing key factors the Board customarily considers in evaluating the renewals of the ING Funds’ (including the Fund’s) advisory contracts and sub-advisory contracts, including a written analysis for the Fund of how performance, fees and expenses compare to its Selected Peer Group and/or designated benchmark; (9) independent analyses of Fund performance by the Trust’s Chief Investment Risk Officer; (10) information regarding net asset flows into and out of the Fund; and (11) other information relevant to the Board’s evaluations.
For each Fund Class A shares were used for purposes of certain comparisons between the Funds and their Selected Peer Groups. Class A shares generally were selected so that a Fund’s share class with the longest performance history was compared to the analogous class of shares for each fund in its Selected Peer Group. The mutual funds included in the Funds’ Selected Peer Groups were selected based upon criteria designed to mirror the Fund share class being compared to the Selected Peer Groups.
In arriving at its conclusions with respect to the Advisory Contracts, the Board was mindful of the “manager-of-managers” platform of the ING Funds that has been developed by Management. The Board also considered the techniques that the Adviser has developed, at the Board’s direction, to screen and perform due diligence on the Sub-Adviser that are recommended to the Board to manage the investment portfolios of the funds in the ING Funds complex. The
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Board noted the resources that the Adviser has committed to the Board and the Investment Review Committees to assist the Board and the Investment Review Committees with their assessment of the investment performance of the Funds on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the Board’s Investment Review Committees to analyze the key factors underlying investment performance for the funds in the ING Funds complex.
The Board also noted the techniques used by the Adviser to monitor the performance of the Sub-Adviser and the proactive approach that the Adviser, working in cooperation with the Investment Review Committees, has taken to advocate or recommend, when it believed appropriate, changes designed to assist in improving the Funds’ performance.
In considering the Funds’ Advisory Contracts, the Board also considered the extent of benefits provided to the Funds’ shareholders, beyond advisory services, from being part of the ING family of funds. This includes, in most cases, the right to exchange or transfer investments, without a sales charge, between the same class of shares of such funds or among ING Funds available on a product platform, and the wide range of ING Funds available for exchange or transfer. The Board also took into account the Adviser’s efforts in recent years to reduce the expenses of the ING Funds through renegotiated arrangements with the ING Funds’ service providers. In addition, the Board considered the efforts of the Adviser and the expenses that it incurred in recent years to help make the ING Funds complex more efficient by combinations of similar funds.
Further, the Board received periodic reports showing that the investment policies and restrictions for each Fund were consistently complied with and other periodic reports covering matters such as compliance by Adviser and Sub-Adviser personnel with codes of ethics. The Board considered reports from the Trust’s Chief Compliance Officer (“CCO”) evaluating whether the regulatory compliance systems and procedures of the Adviser and each Sub-Adviser are reasonably designed to assure compliance with the federal securities laws, including those related to, among others, late trading and market timing, best execution, fair value pricing, proxy voting and trade allocation practices. The Board also took into account the CCO’s annual and periodic reports and recommendations with respect to service provider compliance programs. In this regard, the Board also considered the policies and procedures developed by the CCO in consultation with the Board’s Compliance Committee that guide the CCO’s compliance oversight function.
The Board reviewed the level of staffing, quality and experience of each Fund’s portfolio management team. The Board took into account the respective resources and reputations of the Adviser and Sub-Adviser, and evaluated the ability of the Adviser and the Sub-Adviser to attract and retain qualified investment advisory personnel. The Board also considered the adequacy of the resources committed to the Funds (and other relevant funds in the ING Funds complex) by the Adviser and Sub-Adviser, and whether those resources are commensurate with the needs of the Funds and are sufficient to sustain appropriate levels of performance and compliance needs. In this regard, the Board considered the financial stability of the Adviser and the Sub-Adviser.
Based on their deliberations and the materials presented to them, the Board concluded that the advisory and related services provided by the Adviser and each Sub-Adviser are appropriate in light of the Funds’ operations, the competitive landscape of the investment company business, and investor needs, and that the nature and quality of the overall services provided by the Adviser and the Sub-Adviser were appropriate.
Fund Performance
In assessing advisory and sub-advisory relationships, the Board placed emphasis on the net investment returns of each Fund. While the Board considered the performance reports and discussions with portfolio managers at Board and committee meetings during the year, particular attention in assessing performance was given to the FACT sheets furnished in connection with the renewal process. The FACT sheet prepared for each Fund included its investment performance compared to the Fund’s Morningstar category median and/or Lipper category median, Selected Peer Group and primary benchmark. The FACT sheet performance data was as of June 30, 2010. In addition, the Board also considered at its November 18, 2010 meeting certain additional data regarding performance and Fund asset levels as of September 30, 2010. The Board’s findings specific to each Fund’s performance are discussed under “Fund-by-Fund Analysis” below.
Economies of Scale
When evaluating the reasonableness of advisory fee rates, the Board also considered whether economies of scale will be realized by the Adviser and Sub-Adviser as a Fund grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board noted any breakpoints in advisory
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fee schedules that will result in a lower advisory fee rate when a Fund achieves sufficient asset levels to receive a breakpoint discount. In the case of sub-advisory fees, the Board considered that breakpoints would inure to the benefit of the Adviser, except to the extent that there are corresponding advisory fee breakpoints or waivers. The Board also considered that some of the Funds do not have advisory fee breakpoints do have fee waiver or expense reimbursement arrangements. In this connection, the Board considered the extent to which economies of scale could be realized through such fee waivers, expense reimbursements or other expense reductions. In evaluating fee breakpoint arrangements and economies of scale, the Independent Trustees also considered prior periodic management reports and industry information on this topic.
The Board considered that there has not been a full year recovery for many Funds from the substantial decline in assets caused by adverse economic conditions in recent years. As a result of these asset declines, the Board considered that there were fewer opportunities for certain of the Funds to realize economies of scale.
Information Regarding Services to Other Clients
The Board requested and considered information regarding the nature of services and fee rates offered by the Adviser and Sub-Adviser to other clients, including other registered investment companies and institutional accounts. When fee rates offered to other clients differed materially from those charged to the Funds, the Board considered any underlying rationale provided by the Adviser or a Sub-Adviser for these differences. For non-affiliated Sub-Advisers, the Board did not view this information as being a key factor in its deliberations because of the arms-length nature of negotiations between the Adviser and non-affiliated Sub-Advisers with respect to sub-advisory fee rates. The Board also noted that the fee rates charged to the Funds and other institutional clients of the Adviser or a Sub-Adviser (including other investment companies) may differ materially due to, among other reasons: differences in services; different regulatory requirements associated with registered investment companies, such as the Funds, as compared to non-registered investment company clients; market differences in fee rates that existed when a Fund first was organized; differences in the original sponsors of Funds that now are managed by the Adviser; investment capacity constraints that existed when certain contracts were first agreed upon or that might exist at present; and different pricing structures that are necessary to be competitive in different marketing channels.
Fee Rates and Profitability
The Board reviewed and considered each contractual investment advisory fee rate, combined with the administrative fee rate, payable by each Fund to the Adviser. The Board also considered the contractual sub-advisory fee rate payable by the Adviser to each Sub-Adviser for sub-advisory services for each Fund. In addition, the Board considered fee waivers and expense limitations applicable to the fees payable by the Funds.
The Board considered: (1) the fee structure of each Fund as it relates to the services provided under the contracts; and (2) the potential fall-out benefits to the Adviser and the Sub-Adviser and their respective affiliates from their association with the Funds. For each Fund, the Board determined that the fees payable to the Adviser and the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature and quality of the services that each has performed and is expected to perform.
For each Fund, the Board considered information on revenues, costs and profits realized by the Adviser and each affiliated Sub-Adviser, which was prepared by Management in accordance with the allocation methodology (including related assumptions) specified in the 15(c) Methodology Guide. In analyzing the profitability of the Adviser in connection with its services to a Fund, the Board took into account the sub-advisory fee rate payable by the Adviser to each Sub-Adviser. The Board also considered that there has not yet been a full recovery for many Funds from the substantial decline in assets caused by adverse economic conditions in recent years, which, in many cases, has adversely impacted profits realized by the Adviser and Sub-Adviser. In addition, the Board considered information that it requested and was provided by Management with respect to the profitability of service providers affiliated with the Adviser. The Board did not request profitability data from the Sub-Advisers that were not affiliated with the Adviser because the Board did not view this data as imperative to its deliberations, given the arm’s-length nature of the relationship between the Adviser and these non-affiliated Sub-Advisers with respect to the negotiation of sub-advisory fee rates, as well as the fact that many of the Funds’ Sub-Advisers traditionally have not accounted for their profits on an account-by-account basis.
The Board recognized that profitability analysis is not an exact science and there is no uniform methodology for determining profitability for this purpose. In this context, the Board realized that Management’s calculations regarding its costs incurred in establishing the
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infrastructure necessary for the Funds’ operations may not be fully reflected in the expenses allocated to each Fund in determining profitability, and that the information presented may not portray all of the costs borne by Management or capture Management’s entrepreneurial risk associated with offering and managing a mutual fund complex in the current regulatory and market environment. In addition, the Board recognized that the use of different methodologies for purposes of calculating profit data can give rise to dramatically different profit and loss results.
In making its determinations, the Board based its conclusions on the reasonableness of the advisory and sub-advisory fees of the Adviser and affiliated Sub-Adviser primarily on the factors described for each Fund below. At the request of the Board, the Adviser has from time to time agreed to implement remedial actions from Certain Funds. These remedial actions have included, among others: reductions in fee rates; changes in Sub-Advisers or portfolio managers; and strategy modifications.
Fund-by-Fund Analysis
The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its November 18, 2010 meeting in relation to renewing each Fund’s current Advisory and Sub-Advisory Contracts. These specific factors are in addition to those considerations discussed above. In each case, the Fund’s performance was compared to its Morningstar category median and its primary benchmark, a broad-based securities market index that appears in the Fund’s prospectus. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. Each Fund’s management fee and expense ratio were compared to the fees and expense ratios of the funds in its Selected Peer Group.
ING Diversified International Fund
In considering whether to approve the renewal of the Advisory Contract for ING Diversified International Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for the most recent calendar quarter and year-to-date periods, but underperformed for the one-year and three-year periods; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, the second quintile for the year-to- date and one-year periods, and the third quintile for the three-year period.
The Fund operates as a fund-of-fund and invests in a combination of ING mutual funds (“Underlying Funds”) that, in turn, invest directly in a wide range of portfolio securities (such as stocks and bonds). In considering the fees payable under the Advisory Contract for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints, but where there may be discounts at the Underlying Fund level; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; and (3) the Fund’s performance is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory Contract for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING Emerging Countries Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Emerging Countries Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the fourth quintile of its Morningstar category for the year-to-date and one-year periods, and the fifth (lowest) quintile for the most recent calendar quarter, three-year, five-year, and ten-year periods.
In analyzing this performance data, the Board took into account: (1) that in June 2010 there was a change in Sub-Adviser to the Fund and in July 2010, the Fund’s portfolio management team was modified;
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(2) Management’s representations regarding changes that had been made to the Sub-Adviser’s emerging markets platform; and (3) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Fund’s investment performance.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) Management’s representations regarding the competitiveness of the Fund’s management fee and expense ratio; and (2) that advisory fee waivers, that were put into place at the request of the Board, lower the Fund’s effective management fee.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) in June 2010 the Fund’s Sub-Adviser was changed and in July 2010 its portfolio management team was modified, and it is reasonable to permit the Fund to establish a longer performance record for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING Global Opportunities Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Opportunities Fund (formerly, ING Foreign Fund), the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter and one-year period, during which it outperformed; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the second quintile of its Morningstar category for the most recent calendar quarter, the third quintile for the year-to-date, one-year, and five-year periods, and the fourth quintile for the three-year period.
In analyzing this performance data, the Board took into account: (1) that in June 2010 the Fund changed its principal investment strategy and Sub-Adviser; and (2) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Fund’s investment performance.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account that, in conjunction with the Sub-Adviser and principal investment strategy change, the expense limits for the Fund were lowered on all classes of shares.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) in June 2010 the Fund’s Sub-Adviser and principal investment strategy was changed and it is reasonable to permit the Fund to establish a longer performance record for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
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ING Global Bond Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Bond Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter and three-year periods, the second quintile for the one-year period, and the third quintile for the year-to-date period.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING Global Equity Dividend Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Equity Dividend Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it outperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it underperformed; and (3) the Fund is ranked in the third quintile of its Morningstar category for the most recent calendar quarter, year-to-date, and one-year periods, and the fourth quintile for the three-year and five-year periods.
In analyzing this performance data, the Board took into account: (1) Management’s analysis regarding the effect that the Fund’s dividend focus had on its performance; (2) Management’s representations regarding its confidence in the current style employed by the Sub-Adviser and its expectation that the Fund’s longer-term performance will improve; and (3) Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Fund’s performance.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Fund’s investment performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
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ING Global Natural Resources Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Natural Resources Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the year-to-date period, during which it underperformed; (2) the Fund outperformed its primary benchmark for the three-year, five-year, and ten-year periods, but underperformed for the most recent calendar quarter, year-to-date, and one-year periods; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the five-year and ten-year periods, and the third quintile for the most recent calendar quarter, year-to-date, one-year, and three-year periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) Management’s representations with respect to the competitiveness of the Fund’s management fee and expense ratios; and (2) that in January 2010 the expense limits for certain classes of the Fund were lowered at the request of the Board.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING Global Real Estate Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund underperformed its Morningstar category median for the most recent calendar quarter, year-to-date, and one-year periods, but outperformed for the three-year and five-year periods; (2) the Fund underperformed its primary benchmark for the most recent calendar quarter, year-to-date, and one-year periods, but outperformed for the three-year and five-year periods; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the three-year and five-year periods, the third quintile for the one-year period, and the fourth quintile for the most recent calendar quarter and year-to-date periods.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account that in January 2011 the expense limits for each class of shares of the Fund were lowered at the request of the Board.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have
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given different weight to different individual factors and related conclusions.
ING Global Value Choice Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Value Choice Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the ten-year period, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, year-to-date, one-year, three-year, and five-year periods, and the third quintile for the ten-year period.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account that: (1) the Adviser had waived a portion of its advisory fee to meet an expense limitation agreement with respect to the Fund; and (2) Management’s representations with respect to the competitiveness of the Fund’s expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING Greater China Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Greater China Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exception of the three-year period, during which it outperformed; (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed; and (3) the Fund is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the most recent calendar quarter, the fourth quintile for the year-to-date period, and the fifth (lowest) quintile for the one-year period.
In analyzing this performance data, the Board took into account: (1) Management’s analysis with respect to the composition of the Fund’s Morningstar category and its implications for purposes of relative performance evaluations; (2) Management’s discussion of the effect of the Fund’s investment approach on Fund performance; (3) in February 2010 there was a change to the Fund’s portfolio management team; and (4) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Fund’s performance.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account Management’s representations with respect to the competitiveness of the Fund’s expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by
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the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) that in February 2010 there was a change to the Fund’s portfolio management team and it is reasonable to permit the Fund to establish a longer performance record for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING Index Plus International Equity Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Index Plus International Equity Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the fourth quintile of its Morningstar category for all periods presented.
In analyzing this performance data, the Board took into account: (1) in June 2010 the Fund’s Sub-Adviser was changed and (2) Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Fund’s performance.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) that in June 2010 the Fund’s Sub-Adviser was changed and it is reasonable to permit the Fund to establish a longer performance records for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING International Capital Appreciation Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Capital Appreciation Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the fourth quintile of its Morningstar category for the one-year and three-year periods, and the fifth (lowest) quintile for the most recent calendar quarter and year-to-date periods.
In analyzing this performance data, the Board took into account: (1) Management’s analysis of the negative effect that stock selection had on the Fund’s performance and (2) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Fund’s investment performance.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and above the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in
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the context of all factors considered by the Board; (3) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Fund’s investment performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING International Real Estate Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed; and (3) the Fund is ranked in the third quintile of its Morningstar category for the three-year period, and the fifth (lowest) quintile for the most recent calendar quarter, year-to-date, and one-year periods.
In analyzing this performance data, the Board took into account: (1) Management’s analysis of the negative effect that sector allocation and stock selection had on the Fund’s performance; (2) that Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Fund’s performance.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and equal to the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account that: (1) the Adviser had waived a portion of its advisory fee to meet an expense limitation agreement with respect to the Fund; and (2) Management’s representations with respect to the competitiveness of the Fund’s expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) Management would continue to monitor, and the Board or its Investment Review Committee would periodically review, the Fund’s investment performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING International SmallCap Multi-Manager Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International SmallCap Multi-Manager Fund (formerly, ING International SmallCap Fund), the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed; (2) the Fund outperformed its primary benchmark for the most recent calendar quarter, year-to-date, and one-year periods, but underperformed for the three-year, five-year, and ten-year periods; and (3) the Fund is ranked in the second quintile of its Morningstar category for the one-year period, the third quintile for the most recent calendar quarter, year-to-date, and five-year periods, and the fifth (lowest) quintile for the three-year and ten-year periods.
In analyzing this performance data, the Board took into account: (1) Management’s analysis of the performance of each of the Sub-Advisers to the Fund; (2) in January 2010, a Sub-Adviser that managed a portion of the Fund’s assets was terminated; (3) in June 2010, the portfolio management team managing a portion of the Fund’s assets was changed; and (4) Management’s confidence in the ability of the Fund’s current Sub-Advisers to execute the Fund’s investment strategy and its expectation that the Portfolio’s longer-term performance will improve.
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In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to reach breakpoint discounts have been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) Management’s representations regarding advisory fee waivers that had been put into place at the request of the Board, which lower the effective management fee rate payable by the Fund; and (2) Management’s representations regarding the competitiveness of the Fund’s management fee and expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) that in January 2010 a Sub-Adviser that managed a portion of the Fund’s assets was terminated and in June 2010 the portfolio management team of another of the Fund’s sub-advisers was changed and it is reasonable to permit the Fund to establish a longer performance record for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and each Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING International Value Choice Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Value Choice Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, year-to-date, three-year, and five-year periods, and the second quintile for the one-year period.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into consideration that, at its October 21, 2010 meeting, the Board approved new advisory fee waivers and expense limitation arrangements for the Fund that would be implemented in November 2010, and would have the effect of lowering the management fee and expense ratios payable by the Fund.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING International Value Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Value Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the one-year period, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods
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presented, with the exception of the one-year and three-year periods, during which it underperformed; and (3) the Fund is ranked in the second quintile of its Morningstar category for the most recent calendar quarter, year-to-date, and five-year periods, the third quintile for the three-year and ten-year periods, and the fifth (lowest) quintile for the one-year period.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into account: (1) the Fund’s per account shareholder service fees were eliminated in April 2010; (2) new expense limitation arrangement’s were implemented for the Fund in April 2010; and (3) that in September 2010 the Board approved the addition of a new sub-adviser to the Fund and, if the engagement of the new sub-adviser is approved by shareholders, new advisory fee waivers would be implemented to share the benefit of the sub-adviser’s lower sub-advisory fee rate with Fund investors.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) that in January 2010 the portfolio management team of one of the Fund’s sub-advisers was changed and in September 2010 the Board approved arrangements with a new Sub-Adviser to the Fund and it is reasonable to permit the Fund to establish a longer performance record for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to each Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and each of the Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING Russia Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Russia Fund, the Board considered that, based on performance data for the periods ended June 30, 2010: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the year-to-date, one-year, three-year, five-year, and ten-year periods, and the fourth quintile for the most recent calendar quarter.
In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into consideration that: (1) in January 2010, at the direction of the Board following the 2009 contract renewal process, Management implemented lower expense limits on the Fund; (2) the Fund is one of just three pure Russia funds offered in the market and a higher management fee rate and expense ratio is charged due to the Sub-Adviser’s unique experience in this developing market; and (3) Management’s representations with respect to the competitiveness of the Fund’s expense ratio.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors
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considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2011. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
BOARD CONSIDERATION AND APPROVAL OF NEW INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS
ING Global Real Estate Fund and ING International Real Estate Fund
ING Clarion Real Estate Securities, LLC (“Clarion”) has served as sub-adviser to the ING Global Real Estate Fund (“Global Real Estate Fund”) since November 2001 and ING International Real Estate Fund (“International Real Estate Fund” and together with Global Real Estate Fund, the “Clarion Funds”) since February 2006 pursuant to sub-advisory agreements which were last approved for renewal by the Board on November 12, 2010 (the “Former Agreements”). On February 15, 2011, CB Richard Ellis Group, Inc. (“Richard Ellis”) entered into a definitive agreement to acquire the real estate investment management business of ING Group, N.V., including Clarion (the “Transaction”). The completion of the Transaction would result in the assignment and automatic termination of the Former Agreements with Clarion.
The 1940 Act requires that an agreement under which a registered investment adviser serves as the sub-adviser to an investment company must provide for the automatic termination of the agreement in the event of its “assignment” (as such term is defined under the 1940 Act). A sale of an investment adviser generally is deemed to result in an assignment of the investment adviser’s advisory agreements. The consummation of the Transaction therefore resulted in the assignment and automatic termination of the Former Agreements.
In anticipation of the Transaction, at a meeting of the Board held on March 3, 2011, the Board, including a majority of the Independent Trustees, determined to appoint Clarion as the sub-adviser to each Clarion Fund under its Proposed Sub-Advisory Agreement. In determining whether to approve each Proposed Sub-Advisory Agreement, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the agreement should be approved. The materials provided to the Board in support of the sub-advisory arrangement with Clarion included the following: (1) a memorandum discussing the change of control of Clarion and the resulting assignment and automatic termination of each Former Agreement; (2) responses from Clarion to questions posed by independent legal counsel to the Independent Trustees; (3) supporting documentation, including a copy of the form of each Proposed Sub-Advisory Agreement; and (4) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by the Clarion Fund’s adviser, ING Investments, LLC (“ING Investments”), or its affiliates who administer the Funds (“Management”) in connection with its management of the funds in the ING Funds Complex, including the Clarion Funds, and a presentation by Clarion at the Joint Meeting of the Investment Review Committees of the Board held on January 13, 2011. Such information included, among other things, a detailed analysis of the Clarion Funds’ performance, including attribution analyses, which had not been provided at regular Board meetings.
The Board’s consideration of whether to approve each Clarion Fund’s Proposed Sub-Advisory Agreement took into account several factors including, but not limited to, the following: (1) ING Investments’ and the Board’s positive view of Clarion’s performance in serving as the Sub-Adviser to each Fund; (2) the nature and quality of the services to be provided by Clarion under each Proposed Sub-Advisory Agreement, including the fact that the Proposed Sub-Advisory Agreements are materially identical to the Current Sub-Advisory Agreements, except with respect to effective dates and duration; (3) the Board’s positive view of Clarion’s personnel, operations, and investment management capabilities and Clarion’s representations that the portfolio management personnel providing day-to-day management services to the Funds would remain in place through the closing of the Transaction and would continue to manage assets after the closing; (4) ING Groep’s representations that neither it nor its respective affiliates have any understanding or arrangement that would reasonably be expected to impose an unfair burden on the Funds or would make unavailable to ING Groep or its affiliates the safe harbor contained in Section 15(f) of the 1940 Act; (5) the fairness of the compensation under each Proposed Sub-Advisory Agreement in light of the services to be provided by Clarion, including the fact that the sub-advisory fees under the Proposed Sub-Advisory Agreements would be paid by ING Investments, and not directly by the Funds; (6) that the sub-advisory fee rate payable by ING Investments would remain unchanged after the Transaction is completed and the Transaction would not affect the advisory fee payable by each respective Fund to ING Investments; (7) the advisory fee and expense ratio
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of each respective Fund as compared to the fee rates and expense ratios of a peer group of comparable investment companies, and the fee rates and expenses charged by Clarion to the respective Funds as compared to other clients for which Clarion provides comparable services; (8) Clarion’s representations that the Transaction would not adversely affect the nature and quality of services to be provided to each respective Fund and was not expected to have a material adverse effect on the ability of Clarion to provide those services; (9) ING Investments’ and the Board’s familiarity with Clarion’s operations and compliance programs, including Clarion’s policies and procedures intended to assure compliance with the federal securities laws, and Clarion’s representations that it did not anticipate material changes to these operations and compliance programs in connection with the Transaction; and (10) Clarion’s representations regarding its Code of Ethics and related procedures for complying with that Code of Ethics, including a representation that Clarion did not anticipate that the Code of Ethics and related procedures would change materially in connection with the Transaction.
In addition, in evaluating the Proposed Sub-Advisory Agreements and ING Investments’ recommendation that the Board approve these agreements, the Board, including the Independent Trustees, recognized the fact that the amount of proceeds to be received by ING Groep in connection with the Transaction would depend, in part, on the amount of assets under management by Clarion immediately following the Transaction. Specifically, the Board recognized that if Clarion was not permitted to serve as the Sub-Adviser of one or more of the Funds after the Transaction, ING Groep would receive fewer proceeds from the Transaction.
After its deliberations, the Board reached the following conclusions: (1) Clarion should be appointed as the sub-adviser to each Fund under the relevant Proposed Sub-Advisory Agreement and continue to provide advisory services to each respective Fund; and (2) the sub-advisory fee rate payable by ING Investments to Clarion with respect to each Fund is reasonable in the context of all factors considered by the Board.
Based on these conclusions and other factors, the Board voted to approve the relevant Proposed Sub-Advisory Agreement on behalf of each Fund. During this approval process, different Board members may have given different weight to different individual factors and related conclusions.
ING International Value Fund
The ING International Value Fund has been sub-advised by Brandes Investment Partners, LP (“Brandes”) since March 1995 and ING Investment Management Co. since October 2008. At its September 30, 2010 meeting, the Board determined to: (1) appoint each of del Rey Global Investors, LLC (“del Rey”), ING Investment Management Advisors B.V. (“IIM Europe”), and ING Investment Management Asia/Pacific (Hong Kong) Limited (“IIM Asia/Pacific” and collectively, “ING IM”) as a sub-adviser to the Portfolio; and (2) approve Sub-Advisory Contracts with del Rey, IIM Europe and IIM Asia Pacific under which each would serve as a Sub-Adviser to the Portfolio.
In determining whether to approve the Sub-Advisory Contract with del Rey for International Value, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the Sub-Advisory Contract should be approved for the Fund. The materials provided to the Board to inform its consideration of whether to approve the Sub-Advisory Contract with del Rey included the following: (1) del Rey’s presentation before the Investment Review Committee for the International/Balanced/Fixed Income Funds at its September 29, 2010 meeting; (2) memoranda and related materials provided to the Board in advance of the Meeting discussing: (a) Management’s rationale for recommending that del Rey serve as an additional sub-adviser to International Value, (b) the performance of del Rey in managing the International Equity Composite, which is managed in an investment style that mirrors its proposed management of International Value (with such performance being compared against relevant benchmark indices and Morningstar Category averages), (c) the expertise of del Rey in managing an international value strategy, and (d) the Adviser’s view of the benefits of having a third sub-adviser appointed to manage a sleeve of International Value’s assets; (3) Fund Analysis and Comparison Tables for International Value that provide information about the performance of the International Equity Composite and the performance of the Fund’s proposed Selected Peer Group; (4) del Rey’s responses to inquiries from K&L Gates LLP; (5) supporting documentation, including a copy of the form of Sub-Advisory Contract with del Rey; (6) an analysis regarding the effect that the proposed sub-adviser addition would have on the Adviser’s profitability; and (7) other information relevant to the Board’s evaluation.
In determining whether to approve the Sub-Advisory Contracts with IIM Asia/Pacific and IIM BV, the Board received and evaluated such information as it deemed
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necessary for an informed determination of whether the Sub-Advisory Contracts should be approved for International Value. The materials provided to the Board to inform its consideration of whether to approve the Sub-Advisory Contracts with IIM Asia/Pacific and IIM BV included the following: (1) memoranda and related materials provided to the Board in advance of the Meeting discussing: (a) Management’s rationale for recommending that IIM Asia/Pacific and IIM BV each serve as a sub-adviser to International Value, and (b) the “global ING IM multi-manager” approach utilized when engaging ING-affiliated sub-advisers to manage the assets of an ING Fund; (2) responses from each of IIM Asia/Pacific and IIM BV to inquiries from K&L Gates LLP; (3) supporting documentation, including copies of the forms of the Sub-Advisory Contracts with IIM Asia/Pacific and IIM BV; and (4) other information relevant to the Board’s evaluation. The Board also considered Management’s representations that there was no intention to allocate assets of the Portfolio to be managed on a day-to-day basis by IIM Asia/Pacific and IIM BV at this time, and that at such time as either IIM Asia/Pacific or IIM BV is directed by the Adviser to provide investment advisory services to all or a portion of International Value’s assets, Management will undertake to provide the Board and counsel to the Non-Interested Directors with additional information regarding its services relevant to the Board’s evaluation.
In reaching its decision to engage each of del Rey, IIM Asia/Pacific and IIM BV as an additional sub-adviser to International Value, the Board, including a majority of the Independent Trustees, considered a number of factors, including, but not limited to, the following: (1) the Adviser’s view with respect to the reputation of each of del Rey, IIM Asia/Pacific and IIM BV as a manager to similar funds; (2) each of del Rey’s, IIM Asia/Pacific’s and IIM BV’s strength and reputation in the industry; (3) the nature and quality of the services to be provided by each of del Rey, IIM Asia/Pacific and IIM BV under the proposed Sub-Advisory Contracts; (4) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of each of del Rey, IIM Asia/Pacific and IIM BV and its fit among the stable of managers in the ING Funds line-up; (5) the fairness of the compensation under the Sub-Advisory Contracts in light of the services to be provided by each of del Rey, IIM Asia/Pacific and IIM BV and the projected profitability of del Rey as one of International Value’s sub-advisers; (6) the costs for the services to be provided by each of del Rey, IIM Asia/Pacific and IIM BV, including that the management fee would not change after the appointment of each of del Rey, IIM Asia/Pacific and IIM BV; (7) the sub-advisory fee payable by the Adviser to each of del Rey, IIM Asia/Pacific and IIM BV; (8) each of del Rey’s, IIM Asia/Pacific’s and IIM BV’s operations and compliance program, including its policies and procedures intended to assure compliance with the Federal securities laws; (9) the appropriateness of the selection of each of del Rey, IIM Asia/Pacific and IIM BV in light of International Value’s investment objective and investor base; (10) del Rey’s Code of Ethics that had been approved by the Board at this Meeting and related procedures for complying with that Code; and (11) the Code of Ethics and related procedures for complying with that Code IIM Asia/Pacific and IIM BV which have been previously approved by the Board.
After its deliberation, the Board reached the following conclusions: (1) each of del Rey, IIM Asia/Pacific and IIM BV should be appointed to serve as an additional sub-adviser to International Value under the new Sub-Advisory Contracts; (2) the sub-advisory fee rate payable by the Adviser to each of del Rey, IIM Asia/Pacific and IIM BV is reasonable in the context of all factors considered by the Board; and (3) each of del Rey, IIM Asia/Pacific and IIM BV maintains an appropriate compliance program, with this conclusion based upon, among other things, a representation from International Value’s CCO that each sub-adviser’s compliance policies and procedures are reasonably designed to assure compliance with the Federal securities laws. Based on these conclusions and other factors, the Board voted to approve the Sub-Advisory Contracts for International Value. During their deliberations, different Board members may have given different weight to different individual factors and related conclusions.
ING International Core Fund
At a meeting held on November 18, 2010, the Board considered the initial approval of Advisory and Sub-Advisory Contracts for ING International Core Fund.
In determining whether to initially approve the Advisory and Sub-Advisory Contracts for ING International Core Fund, the Board received and evaluated such information as it deemed necessary for an informed determination of whether each agreement, and the proposed policies and procedures for the Fund, should be approved. The materials provided to the Board in support of the Fund’s advisory and sub-advisory contracts included the following: (1) a memorandum presenting Management’s rationale for requesting the launch of the Fund that discusses, among other things: (a) the Adviser’s experience and expertise in the management of other funds within the ING Funds complex, (b) the experience
174
ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
of the Adviser overseeing sub-advisers to other funds within the ING Fund complex, (c) the experience of Thornburg Investment Management, Inc. (“Thornburg”) in managing its International Equity Strategy; and (d) the experience of Wellington Management Company, LLP (“Wellington”) in managing its International Opportunities Strategy; (2) information about the Fund’s investment objective and strategies and anticipated portfolio characteristics; (3) FACT sheets for the Fund that compare the Fund’s fee structure to its comparable selected peer group (“Selected Peer Group”) and Morningstar/Lipper category medians; (4) supporting documentation, including copies of the Advisory and Sub-Advisory Contracts for the Fund; and (5) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by the Adviser in the context of the Adviser’s oversight of other sub-advisers managing Funds in the ING Funds complex, and by Thornburg and Wellington at the November 17, 2010 International/Balanced/Fixed Income Funds Investment Review Committee meeting regarding the Fund.
The Board’s consideration of whether to approve the Advisory Contract with the Adviser on behalf of the Fund took into account several factors including, but not limited to, the following: (1) the nature and quality of the services to be provided by the Adviser to the Fund under the Advisory Contract; (2) the Adviser’s experience as a manager-of-managers overseeing sub-advisers to other funds within the ING Funds complex; (3) the Adviser’s strength and reputation within the industry; (4) the fairness of the compensation under the proposed Advisory Contract in light of the services to be provided to the Fund and taking into account the sub-advisory fees payable by the Adviser to Thornburg and Wellington, respectively; (5) the fairness of the Adviser’s compensation under an Advisory Contract with a level fee rate that does not include breakpoints; (6) the pricing structure (including the estimated expense ratio to be borne by shareholders) of the Fund, including that: (a) the proposed net management fee is equal to the median and below the average management fee of the funds in the Fund’s proposed Selected Peer Group, and (b) the proposed expense ratio for the Fund is below the median and the average expense ratio of the funds in the Fund’s proposed Selected Peer Group; (7) the projected profitability of the Adviser when sub-advisory fees payable by the Adviser to Thornburg and Wellington, respectively are taken into account; (8) the personnel, operations, financial condition, and investment management capabilities and resources of the Adviser; (9) the Adviser’s compliance capabilities, as demonstrated by, among other things, its policies and procedures designed to prevent violations of the Federal securities laws, which had previously been approved by the Board in connection with its oversight of other funds in the ING Funds complex; (10) the information that had been provided by the Adviser at regular Board meetings with respect to its capabilities as a manager-of-managers in overseeing similar funds; and (11) “fall-out benefits” to the Adviser and its affiliates that were anticipated to arise from the Adviser’s management of the Fund.
In reviewing the proposed Sub-Advisory Contract with Thornburg, the Board considered a number of factors, including, but not limited to, the following: (1) the Adviser’s view of the reputation of Thornburg and its sub-advisory services; (2) Thornburg’s strength and reputation in the industry; (3) the information that had been provided by Thornburg in advance of the November 17, 2010 International/Balanced/Fixed Income Funds Investment Review Committee meeting at which Thornburg presented with respect to Thornburg’s sub-advisory services; (4) the nature and quality of the services to be provided by Thornburg under the proposed Sub-Advisory Contract; (5) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Thornburg; (6) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by Thornburg as the Fund’s Sub-Adviser; (7) Thornburg’s operations and compliance program, including its policies and procedures intended to assure compliance with the Federal securities laws, which had been reviewed and evaluated by the Trust’s Chief Compliance Officer; (8) Thornburg’s financial condition; (9) the appropriateness of the selection of Thornburg in light of the Fund’s investment objective and prospective investor base; and (10) Thornburg’s Code of Ethics, which were previously approved by the Board.
In reviewing the proposed Sub-Advisory Contract with Wellington, the Board considered a number of factors, including, but not limited to, the following: (1) the Adviser’s view of the reputation of Wellington and its sub-advisory services; (2) Wellington’s strength and reputation in the industry; (3) the information that had been provided by Wellington in advance of the November 17, 2010 International/Balanced/Fixed Income Funds Investment Review Committee meeting at which Wellington presented with respect to Wellington’s sub-advisory services; (4) the nature and quality of the services to be provided by Thornburg under the proposed Sub-Advisory Contract; (5) the personnel, operations, financial condition, and investment management capabilities, methodologies
175
ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
and resources of Wellington; (6) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by Wellington as the Fund’s Sub-Adviser; (7) Wellington’s operations and compliance program, including its policies and procedures intended to assure compliance with the Federal securities laws, which had been reviewed and evaluated by the Trust’s Chief Compliance Officer; (8) Wellington’s financial condition; (9) the appropriateness of the selection of Wellington in light of the Fund’s investment objective and prospective investor base; and (10) Wellington’s Code of Ethics, which were approved by the Board at its November 18, 2010 meeting.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s proposed management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s estimated expense ratio is reasonable in the context of all factors considered by the Board; (3) the sub-advisory fee rate payable by the Adviser to Thornburg is reasonable in the context of all factors considered by the Board; (4) the sub-advisory fee rate payable by the Adviser to Wellington is reasonable in the context of all factors considered by the Board; (5) the Adviser maintains an appropriate compliance program, with this conclusion based upon the Board’s previous and ongoing review of its compliance programs; and (6) each of Thornburg and Wellington maintains an appropriate compliance program, with this conclusion based upon, among other things, a representation from the Trust’s Chief Compliance Officer that each of Thornburg and Wellington’s compliance policies and procedures are reasonably designed to assure compliance with the Federal securities laws. Based on these conclusions and other factors, the Board voted to approve the Advisory and Sub-Advisory Contracts for the Fund. During the Board’s deliberations, different Board members may have given different weight to different individual factors and related conclusions.
ING International Growth Fund
At a meeting held on November 18, 2010, the Board considered the initial approval of Advisory and Sub-Advisory Contracts for ING International Growth Fund.
In determining whether to initially approve the Advisory and Sub-Advisory Contracts for ING International Growth Fund, the Board received and evaluated such information as it deemed necessary for an informed determination of whether each agreement, and the proposed policies and procedures for the Fund, should be approved. The materials provided to the Board in support of the Fund’s advisory and sub-advisory contracts included the following: (1) a memorandum presenting Management’s rationale for requesting the launch of the Fund that discusses, among other things: (a) the Adviser’s experience and expertise in the management of other funds within the ING Funds complex, (b) the experience of the Adviser overseeing sub-advisers to other funds within the ING Fund complex, (c) the experience of Baillie Gifford Overseas Limited (“Baillie Gifford”) in managing its EAFE Focus strategy; and (d) the experience of T.Rowe Price Associates, Inc., T.Rowe Price International Inc., and T.Rowe Price Global Toshi Komon (collectively, “T.Rowe Price”) in managing its International Growth Equity strategy; (2) information about the Fund’s investment objective and strategies and anticipated portfolio characteristics; (3) FACT sheets for the Fund that compare the Fund’s fee structure to its comparable Selected Peer Group and Morningstar/Lipper category medians; (4) supporting documentation, including copies of the Advisory and Sub-Advisory Contracts for the Fund; and (5) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by the Adviser in the context of the Adviser’s oversight of other sub-advisers managing Funds in the ING Funds complex, and by Baillie Gifford and T.Rowe Price at the September 29, 2010 International/Balanced/Fixed Income Funds Investment Review Committee meeting regarding the Fund.
The Board’s consideration of whether to approve the Advisory Contract with the Adviser on behalf of the Fund took into account several factors including, but not limited to, the following: (1) the nature and quality of the services to be provided by the Adviser to the Fund under the Advisory Contract; (2) the Adviser’s experience as a manager-of-managers overseeing sub-advisers to other funds within the ING Funds complex; (3) the Adviser’s strength and reputation within the industry; (4) the fairness of the compensation under the proposed Advisory Contract in light of the services to be provided to the Fund and taking into account the sub-advisory fees payable by the Adviser to Baillie Gifford and T.Rowe Price, respectively; (5) the fairness of the Adviser’s compensation under an Advisory Contract with level fees that does not include breakpoints; (6) the pricing structure (including the estimated expense ratio to be borne by shareholders) of the Fund, including that: (a) the proposed net management fee is equal to the median and below the average management fee of the funds in the Fund’s Selected Peer Group, and (b) proposed expense ratio for the Fund is below the median and the average expense ratio of the funds in the Fund’s proposed Selected Peer Group; (7) the projected profitability of the Adviser when sub-advisory fees payable by the Adviser to Baillie Gifford and T.Rowe Price, respectively, are taken
176
ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
into account; (8) the personnel, operations, financial condition, and investment management capabilities and resources of the Adviser; (9) the Adviser’s compliance capabilities, as demonstrated by, among other things, its policies and procedures designed to prevent violations of the Federal securities laws, which had previously been approved by the Board in connection with its oversight of other funds in the ING Funds complex; (10) the information that had been provided by the Adviser at regular Board meetings with respect to its capabilities as a manager-of-managers in overseeing similar funds; and (11) “fall-out benefits” to the Adviser and its affiliates that were anticipated to arise from the Adviser’s management of the Fund.
In reviewing the proposed Sub-Advisory Contract with Baillie Gifford, the Board considered a number of factors, including, but not limited to, the following: (1) the Adviser’s view of the reputation of Baillie Gifford and its sub-advisory services; (2) Baillie Gifford’s strength and reputation in the industry; (3) the information that had been provided by Baillie Gifford in advance of the September 29, 2010 International/Balanced/Fixed Income Funds Investment Review Committee meeting at which Baillie Gifford presented with respect to Baillie Gifford’s sub-advisory services; (4) the nature and quality of the services to be provided by Baillie Gifford under the proposed Sub-Advisory Contract; (5) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Baillie Gifford; (6) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by Baillie Gifford as the Fund’s Sub-Adviser; (7) the costs for the services to be provided by Baillie Gifford; (8) Baillie Gifford’s operations and compliance program, including its policies and procedures intended to assure compliance with the Federal securities laws, which had been reviewed and evaluated by the Trust’s Chief Compliance Officer; (9) Baillie Gifford’s financial condition; (10) the appropriateness of the selection of Baillie Gifford in light of the Fund’s investment objective and prospective investor base; and (11) Baillie Gifford’s Code of Ethics, which were approved by the Board at its November 18, 2010 meeting.
In reviewing the proposed Sub-Advisory Contract with T.Rowe Price Associates, Inc. the proposed Investment Subadvisory Agreement with T.Rowe Price International, Inc. and the Investment Management Sub-Delegation Agreement with T.Rowe Price Global Toshi Komon (collectively, the “Sub-Advisory Contract”), the Board considered a number of factors, including, but not limited to, the following: (1) the Adviser’s view of the reputation of T.Rowe Price and its sub-advisory services; (2) T.Rowe Price’s strength and reputation in the industry; (3) the information that had been provided by T.Rowe Price in advance of the September 29, 2010 International/Balanced/Fixed Income Funds Investment Review Committee meeting at which T.Rowe Price presented with respect to T.Rowe Price’s sub-advisory services; (4) the nature and quality of the services to be provided by Baillie Gifford under the proposed Sub-Advisory Contract; (5) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of T.Rowe Price; (6) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by T.Rowe Price as the Fund’s Sub-Adviser; (7) the costs for the services to be provided by T.Rowe Price; (8) T.Rowe Price’s operations and compliance program, including its policies and procedures intended to assure compliance with the Federal securities laws, which had been reviewed and evaluated by the Trust’s Chief Compliance Officer; (9) T.Rowe Price’s financial condition; (10) the appropriateness of the selection of T.Rowe Price in light of the Fund’s investment objective and prospective investor base; and (11) T.Rowe Price’s Code of Ethics, which were approved by the Board at its November 18, 2010 meeting.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s proposed management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s estimated expense ratio is reasonable in the context of all factors considered by the Board; (3) the sub-advisory fee rate payable by the Adviser to Baillie Gifford is reasonable in the context of all factors considered by the Board; (4) the sub-advisory fee rate payable by the Adviser to T.Rowe Price is reasonable in the context of all factors considered by the Board; (5) the Adviser maintains an appropriate compliance program, with this conclusion based upon the Board’s previous and ongoing review of its compliance programs; and (6) each of Baillie Gifford and T.Rowe Price maintains an appropriate compliance program, with this conclusion based upon, among other things, a representation from the Trust’s Chief Compliance Officer that each of Baillie Gifford and T.Rowe Price’s compliance policies and procedures are reasonably designed to assure compliance with the Federal securities laws. Based on these conclusions and other factors, the Board voted to approve the Advisory and Sub-Advisory Contracts for the Fund. During the Board’s deliberations, different Board members may have given different weight to different individual factors and related conclusions.
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ING Investments Distributor, LLC offers the funds listed below. Before investing in a fund, shareholders should carefully review the fund’s prospectus. Investors may obtain a copy of a prospectus of any ING Fund by calling (800) 992-0180 or by going to www.ingfunds.com.
Domestic Equity and Income Funds
ING Core Equity Research Fund
ING Real Estate Fund
Domestic Equity Fund-of-Funds
ING Capital Allocation Fund
Domestic Equity Growth Funds
ING Corporate Leaders 100 Fund
ING Equity Dividend Fund
ING Growth Opportunities Fund
ING MidCap Opportunities Fund
ING Small Company Fund
ING SmallCap Opportunities Fund
ING Tactical Asset Allocation Fund
Domestic Equity Index Funds
ING Index Plus LargeCap Fund
ING Index Plus MidCap Fund
ING Index Plus SmallCap Fund
Domestic Equity Value Fund
ING Value Choice Fund
Fixed-Income Funds
ING GNMA Income Fund
ING High Yield Bond Fund
ING Intermediate Bond Fund
Global Equity Funds
ING Global Equity Dividend Fund
ING Global Natural Resources Fund
ING Global Real Estate Fund
ING Global Value Choice Fund
International Equity Funds
ING Alternative Beta Fund
ING Emerging Countries Fund
ING Global Opportunities Fund
ING Greater China Fund
ING Index Plus International Equity Fund
ING International Capital Appreciation Fund
ING International Core Fund
ING International Growth Fund
ING International Real Estate Fund
ING International SmallCap Multi-Manager Fund
ING International Value Fund
ING International Value Choice Fund
ING Russia Fund
Global and International Fixed-Income Fund
ING Global Bond Fund
Global and International Funds-of-Funds
ING Diversified International Fund
ING Global Target Payment Fund
Loan Participation Funds
ING Senior Income Fund
ING Floating Rate Fund
Money Market Fund*
ING Money Market Fund
| * | | An investment in the funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. |
Investment Adviser
ING Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Administrator
ING Funds Services, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
ING Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Custodian
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Legal Counsel
Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006
For more complete information, or to obtain a prospectus on any ING Fund, please call your Investment Professional or ING Investments Distributor, LLC at (800) 992-0180 or log on to www.ingfunds.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.
SAR-UINTALL (0411-062411)
|
|
Item 2. Code of Ethics.
Not required for semi-annual filing.
Item 3. Audit Committee Financial Expert.
Not required for semi-annual filing.
Item 4. Principal Accountant Fees and Services.
Not required for semi-annual filing.
Item 5. Audit Committee Of Listed Registrants.
Not required for semi-annual filing.
Item 6. Schedule of Investments.
Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL VALUE FUND
as of April 30, 2011 (Unaudited)
| | Shares | | | | Value | Percentage
of Net
Assets |
| COMMON STOCK: 98.1% |
| | | | Australia: 0.9% |
| | 180,567 | | BHP Billiton Ltd. | $ 9,141,994 | 0.9 |
| | | | | | |
| | | | Belgium: 0.6% |
| | 155,829 | | Belgacom SA | 6,127,228 | 0.6 |
| | | | | | |
| | | | Brazil: 2.7% |
| | 426,092 | | Banco do Brasil SA | 7,827,395 | 0.8 |
| | 267,871 | | Centrais Eletricas Brasileiras SA ADR | 3,969,848 | 0.4 |
| | 378,900 | @ | Gafisa SA ADR | 4,683,204 | 0.4 |
| | 120,170 | | Petroleo Brasileiro SA ADR | 4,010,073 | 0.4 |
| | 108,154 | | Tele Norte Leste Participacoes SA ADR | 1,844,026 | 0.2 |
| | 62,758 | @,L | Tim Participacoes SA ADR | 2,960,922 | 0.2 |
| | 68,471 | | Vivo Participacoes SA ADR | 2,862,773 | 0.3 |
| | | | | 28,158,241 | 2.7 |
| | | | | | |
| | | | Canada: 3.2% |
| | 224,400 | | Barrick Gold Corp. | 11,446,644 | 1.1 |
| | 87,000 | | Kinross Gold Corp. | 1,378,080 | 0.1 |
| | 154,800 | | Nexen, Inc. | 4,091,364 | 0.4 |
| | 248,900 | | Suncor Energy, Inc. | 11,459,356 | 1.1 |
| | 63,900 | | Toronto-Dominion Bank | 5,532,620 | 0.5 |
| | | | | 33,908,064 | 3.2 |
| | | | | | |
| | | | China: 1.7% |
| | 8,464,000 | | China Construction Bank | 8,014,749 | 0.8 |
| | 3,480,000 | | Guangshen Railway Co. Ltd. | 1,382,094 | 0.1 |
| | 15,560,000 | | Huaneng Power International, Inc. | 8,593,307 | 0.8 |
| | | | | 17,990,150 | 1.7 |
| | | | | | |
| | | | Denmark: 1.2% |
| | 57,668 | | Carlsberg A/S | 6,842,598 | 0.7 |
| | 228,776 | @ | Danske Bank A/S | 5,493,937 | 0.5 |
| | | | | 12,336,535 | 1.2 |
| | | | | | |
| | | | Finland: 2.0% |
| | 186,421 | | Fortum OYJ | 6,418,245 | 0.6 |
| | 954,449 | | Nokia OYJ | 8,792,773 | 0.8 |
| | 505,293 | | Stora Enso OYJ | 6,091,933 | 0.6 |
| | | | | 21,302,951 | 2.0 |
| | | | | | |
| | | | France: 13.9% |
| | 155,049 | | Accor SA | 6,890,081 | 0.7 |
| | 430,570 | @ | Air France-KLM | 7,599,720 | 0.7 |
| | 1,323,541 | @ | Alcatel-Lucent | 8,576,496 | 0.8 |
| | 57,716 | | Alstom SA | 3,837,408 | 0.4 |
| | 438,177 | | AXA SA | 9,823,093 | 0.9 |
| | 137,505 | | BNP Paribas | 10,870,407 | 1.1 |
| | 105,858 | | Cap Gemini SA | 6,411,939 | 0.6 |
| | 219,874 | | Carrefour SA | 10,418,105 | 1.0 |
| | 406,335 | | France Telecom SA | 9,522,214 | 0.9 |
| | 98,051 | | Compagnie Generale des Etablissements Michelin | 9,828,065 | 0.9 |
| | 393,328 | | Natixis | 2,260,958 | 0.2 |
| | 335,322 | | Sanofi-Aventis SA | 26,529,718 | 2.4 |
| | 45,720 | | Societe Generale | 3,055,372 | 0.3 |
| | 380,949 | | Total SA | 24,396,542 | 2.3 |
| | 211,114 | | Veolia Environnement | 7,051,170 | 0.7 |
| | | | | 147,071,288 | 13.9 |
| | | | | | |
| | | | Germany: 6.1% |
| | 70,045 | | Allianz SE | 11,004,865 | 1.1 |
| | 116,741 | | Deutsche Bank AG | 7,603,271 | 0.7 |
| | 1,048,024 | | Deutsche Telekom AG | 17,319,932 | 1.6 |
| | 76,395 | | Metro AG | 5,606,772 | 0.5 |
| | 32,985 | | Muenchener Rueckversicherungs AG | 5,444,980 | 0.5 |
| | 123,988 | | SAP AG | 7,988,563 | 0.8 |
| | 68,531 | | Siemens AG | 9,968,451 | 0.9 |
| | | | | 64,936,834 | 6.1 |
| | | | | | |
| | | | Hong Kong: 1.6% |
| | 4,112,000 | | Chaoda Modern Agriculture Holdings Ltd. | 2,567,243 | 0.2 |
| | 285,000 | | Cheung Kong Holdings Ltd. | 4,497,999 | 0.4 |
| | 308,500 | | China Mobile Ltd. | 2,837,732 | 0.3 |
| | 1,036,000 | | HongKong Electric Holdings | 7,254,665 | 0.7 |
| | | | | 17,157,639 | 1.6 |
| | | | | | |
| | | | Ireland: 0.9% |
| | 200,000 | | CRH PLC | 4,924,597 | 0.5 |
| | 304,484 | @ | Smurfit Kappa PLC | 4,145,231 | 0.4 |
| | | | | 9,069,828 | 0.9 |
| | | | | | |
| | | | Israel: 0.3% |
| | 65,900 | | Teva Pharmaceutical Industries Ltd. ADR | 3,013,607 | 0.3 |
| | | | | | |
| | | | Italy: 4.4% |
| | 867,135 | | Enel S.p.A. | 6,183,842 | 0.6 |
| | 344,300 | | ENI S.p.A. | 9,218,177 | 0.9 |
| | 570,374 | | Fiat S.p.A. | 6,090,775 | 0.6 |
| | 370,948 | @ | Fiat Industrial SpA | 5,510,788 | 0.5 |
| | 886,582 | | Intesa Sanpaolo S.p.A | 2,944,746 | 0.3 |
| | 12,713,021 | | Telecom Italia S.p.A. | 16,393,667 | 1.5 |
| | | | | 46,341,995 | 4.4 |
| | | | | | |
| | | | Japan: 23.6% |
| | 210,000 | | Akita Bank Ltd. | 620,058 | 0.1 |
| | 132,400 | | Astellas Pharma, Inc. | 5,056,784 | 0.5 |
| | 45,000 | | Canon, Inc. | 2,119,165 | 0.2 |
| | 1,265,590 | | Chuo Mitsui Trust Holdings, Inc. | 4,357,095 | 0.4 |
| | 888,000 | | Dai Nippon Printing Co., Ltd. | 10,652,432 | 1.1 |
| | 225,836 | | Daiichi Sankyo Co., Ltd. | 4,437,555 | 0.4 |
| | 378,900 | | Fuji Film Holdings Corp. | 11,779,200 | 1.0 |
PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL VALUE FUND
as of April 30, 2011 (Unaudited) (Continued)
| | Shares | | | | Value | Percentage
of Net
Assets |
| COMMON STOCK: (continued) |
| | | | Japan: (continued) |
| | 492,000 | | Hachijuni Bank Ltd./The | $ 2,937,101 | 0.3 |
| | 1,611,000 | | Hitachi Ltd. | 8,744,072 | 0.8 |
| | 1,548 | | Inpex Corp. | 11,900,691 | 1.1 |
| | 1,045 | | Japan Tobacco, Inc. | 4,061,181 | 0.4 |
| | 353,000 | | JGC Corp. | 8,837,841 | 0.8 |
| | 175,300 | | Mabuchi Motor Co., Ltd. | 8,697,231 | 0.8 |
| | 360,300 | | Mitsubishi Corp. | 9,774,101 | 0.9 |
| | 735,400 | | Mitsubishi UFJ Financial Group, Inc. | 3,529,617 | 0.3 |
| | 1,327,500 | | Mizuho Financial Group, Inc. | 2,103,219 | 0.2 |
| | 370,200 | | MS&AD Insurance Group Holdings | 8,669,292 | 0.8 |
| | 22,700 | | Nintendo Co., Ltd. | 5,371,141 | 0.5 |
| | 1,310,200 | | Nissan Motor Co., Ltd. | 12,606,107 | 1.2 |
| | 186,600 | | Nippon Telegraph & Telephone Corp. | 8,695,068 | 0.8 |
| | 4,407 | | NTT DoCoMo, Inc. | 8,176,638 | 0.8 |
| | 299,400 | | Omron Corp. | 8,234,896 | 0.8 |
| | 59,500 | | Ono Pharmaceutical Co., Ltd. | 3,020,499 | 0.3 |
| | 150,300 | | Rohm Co., Ltd. | 9,051,978 | 0.9 |
| | 236,600 | | Sega Sammy Holdings, Inc. | 4,144,303 | 0.4 |
| | 420,000 | | Sekisui House Ltd. | 4,071,365 | 0.4 |
| | 764,900 | | Seven & I Holdings Co., Ltd. | 19,249,553 | 1.8 |
| | 289,300 | | Shiseido Co., Ltd. | 4,812,052 | 0.5 |
| | 122,100 | | Sony Corp. | 3,447,552 | 0.3 |
| | 338,300 | | Sumitomo Mitsui Financial Group, Inc. | 10,508,231 | 1.0 |
| | 90,000 | | Taisho Pharmaceutical Co., Ltd. | 2,122,493 | 0.2 |
| | 132,600 | | Takeda Pharmaceutical Co., Ltd. | 6,426,172 | 0.6 |
| | 31,200 | | TDK Corp. | 1,609,761 | 0.2 |
| | 457,300 | | Tokio Marine Holdings, Inc. | 12,792,711 | 1.1 |
| | 116,800 | | Tokyo Electron Ltd. | 6,762,025 | 0.6 |
| | 296,500 | | Toyo Seikan Kaisha Ltd. | 5,040,537 | 0.5 |
| | 89,600 | | Toyota Motor Corp. | 3,574,247 | 0.3 |
| | 214,000 | | Wacoal Holdings Corp. | 2,785,910 | 0.3 |
| | | | | 250,779,874 | 23.6 |
| | | | | | |
| | | | Mexico: 0.2% |
| | 116,865 | L | Telefonos de Mexico SAB de CV ADR | 2,187,713 | 0.2 |
| | | | | | |
| | | | Netherlands: 7.0% |
| | 941,001 | @ | Aegon NV | 7,479,491 | 0.7 |
| | 25,600 | | Akzo Nobel NV | 1,984,980 | 0.2 |
| | 194,995 | @ | European Aeronautic Defence and Space Co. NV | 6,033,355 | 0.6 |
| | 381,312 | | Koninklijke Ahold NV | 5,354,967 | 0.5 |
| | 51,743 | | Nutreco Holding NV | 4,026,888 | 0.4 |
| | 369,887 | | Royal Dutch Shell PLC - Class A | 14,407,649 | 1.3 |
| | 235,306 | | Royal Dutch Shell PLC - Class B | 9,154,466 | 0.9 |
| | 172,979 | @ | SNS Reaal NV | 1,062,733 | 0.1 |
| | 492,937 | | Unilever NV | 16,227,827 | 1.5 |
| | 346,725 | | Wolters Kluwer NV | 8,078,480 | 0.8 |
| | | | | 73,810,836 | 7.0 |
| | | | | | |
| | | | New Zealand: 0.2% |
| | 1,300,865 | | Telecom Corp. of New Zealand Ltd. | 2,281,179 | 0.2 |
| | | | | | |
| | | | Poland: 0.5% |
| | 331,833 | | Powszechna Kasa Oszczednosci Bank Polski SA | 5,710,391 | 0.5 |
| | | | | | |
| | | | Portugal: 0.9% |
| | 1,404,675 | | EDP - Energias de Portugal SA | 5,738,791 | 0.5 |
| | 347,776 | | Portugal Telecom SGPS SA | 4,256,038 | 0.4 |
| | | | | 9,994,829 | 0.9 |
| | | | | | |
| | | | Singapore: 0.8% |
| | 497,000 | | United Overseas Bank Ltd. | 7,974,301 | 0.8 |
| | | | | | |
| | | | South Africa: 1.3% |
| | 114,429 | | AngloGold Ashanti Ltd | 5,827,299 | 0.5 |
| | 306,657 | | Gold Fields Ltd. | 5,484,977 | 0.5 |
| | 92,400 | | Impala Platinum Holdings Ltd. | 2,889,611 | 0.3 |
| | | | | 14,201,887 | 1.3 |
| | | | | | |
| | | | South Korea: 1.5% |
| | 143,410 | @ | Korea Electric Power Corp. | 3,435,990 | 0.3 |
| | 79,800 | | SK Telecom Co., Ltd. | 12,090,769 | 1.2 |
| | | | | 15,526,759 | 1.5 |
| | | | | | |
| | | | Spain: 2.1% |
| | 487,341 | | Banco Popular Espanol SA | 2,919,297 | 0.3 |
| | 530,920 | | Banco Santander SA | 6,780,112 | 0.6 |
| | 428,985 | | Indra Sistemas SA | 9,730,037 | 0.9 |
| | 115,402 | @ | Telefonica SA | 3,100,298 | 0.3 |
| | | | | 22,529,744 | 2.1 |
| | | | | | |
| | | | Sweden: 0.9% |
| | 326,860 | | Telefonaktiebolaget LM Ericsson | 4,959,618 | 0.4 |
| | 317,670 | | Svenska Cellulosa AB | 4,870,008 | 0.5 |
| | | | | 9,829,626 | 0.9 |
| | | | | | |
| | | | Switzerland: 5.8% |
| | 335,395 | | Novartis AG | 19,888,984 | 1.9 |
| | 293,700 | | STMicroelectronics NV | 3,475,595 | 0.3 |
| | 90,910 | | Swiss Reinsurance Co., Ltd. | 5,424,283 | 0.5 |
| | 8,800 | | Swisscom AG | 4,039,052 | 0.4 |
| | 595,233 | @ | UBS AG | 11,912,141 | 1.1 |
| | 438,829 | | Xstrata PLC | 11,255,529 | 1.1 |
PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL VALUE FUND
as of April 30, 2011 (Unaudited) (Continued)
| | Shares | | | | Value | Percentage
of Net
Assets |
| COMMON STOCK: (continued) |
| | | | Switzerland: (continued) |
| | 18,376 | | Zurich Financial Services AG | $ 5,166,939 | 0.5 |
| | | | | 61,162,523 | 5.8 |
| | | | | | |
| | | | United Kingdom: 12.6% |
| | 145,791 | | Anglo American PLC | 7,642,186 | 0.7 |
| | 200,530 | | AstraZeneca PLC | 9,949,827 | 0.9 |
| | 1,608,312 | | BAE Systems PLC | 8,828,480 | 0.9 |
| | 1,736,755 | | Barclays PLC | 8,256,517 | 0.7 |
| | 1,038,481 | | BP PLC | 7,983,053 | 0.8 |
| | 230,900 | | BP PLC ADR | 10,653,726 | 1.0 |
| | 803,814 | | GlaxoSmithKline PLC | 17,559,259 | 1.6 |
| | 2,441,820 | | Home Retail Group PLC | 9,012,937 | 0.8 |
| | 733,712 | | HSBC Holdings PLC | 8,003,220 | 0.8 |
| | 1,482,634 | @ | ITV PLC | 1,888,105 | 0.2 |
| | 894,105 | | J Sainsbury Plc | 5,207,977 | 0.5 |
| | 259,097 | | Kazakhmys PLC | 6,018,478 | 0.6 |
| | 919,000 | | Kingfisher PLC | 4,222,392 | 0.4 |
| | 2,750,039 | @ | Lloyds Banking Group Plc | 2,730,383 | 0.3 |
| | 836,151 | | Marks & Spencer Group PLC | 5,432,606 | 0.5 |
| | 4,594,565 | | Vodafone Group PLC | 13,281,914 | 1.3 |
| | 928,631 | | WM Morrison Supermarkets PLC | 4,581,412 | 0.4 |
| | 68,968 | | Wolseley PLC | 2,505,184 | 0.2 |
| | | | | 133,757,656 | 12.6 |
| | | | | | |
| | | | United States: 1.2% |
| | 152,600 | | Newmont Mining Corp. | 8,943,886 | 0.8 |
| | 104,934 | @ | TE Connectivity Ltd. | 3,761,884 | 0.4 |
| | | | | 12,705,770 | 1.2 |
| | | | | | |
| | | Total Common Stock | | | |
| | | (Cost $972,441,092) | 1,039,009,442 | 98.1 |
| | | | | |
| RIGHTS: 0.0% |
| | | | Spain: 0.0% |
| | 487,341 | | Banco Popular Espanol SA | 36,091 | 0.0 |
| | | | | | |
| | | Total Rights | | | |
| | | (Cost $–) | 36,091 | 0.0 |
| | | | | |
| | | Total Long-Term Investments | | | |
| | | (Cost $972,441,092) | 1,039,045,533 | 98.1 |
| | | | | |
| SHORT-TERM INVESTMENTS: 1.1% |
| | | | Securities Lending: 0.2% |
| | 749,296 | | BNY Mellon Overnight Government Fund(1) | 749,296 | 0.1 |
| | 1,202,292 | R | BNY Institutional Cash Reserves Fund, Series B(1)(2) | 961,834 | 0.1 |
| | | Total Securities Lending | | |
| | | (Cost $1,951,588) | 1,711,130 | 0.2 |
| | | | | |
| | | | Mutual Funds: 0.9% |
| | 9,456,858 | | BlackRock Liquidity Funds,TempFund, Institutional Class | | |
| | | | (Cost $9,456,858) | $ 9,456,858 | 0.9 |
| | | | | | |
| | | Total Short-Term Investments | | | |
| | | (Cost $11,408,446) | 11,167,988 | 1.1 |
| | | | | |
| | | Total Investments in Securities
(Cost $983,849,538)* | $ 1,050,213,521 | 99.2 |
| | | Assets in Excess of Other Liabilities | 8,299,859 | 0.8 |
| | | Net Assets | $ 1,058,513,380 | 100.0 |
| |
| @ | Non-income producing security
|
| ADR | American Depositary Receipt |
| R | Restricted Security |
| L | Loaned security, a portion or all of the security is on loan at April 30, 2011. |
| (1) | Collateral received from brokers for securities lending was invested in these short-term investments. |
| (2) | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Portfolio's position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. |
| * | Cost for federal income tax purposes is $1,001,868,016. |
| | Net unrealized appreciation consists of: |
| | Gross Unrealized Appreciation | $136,142,496 |
| | Gross Unrealized Depreciation | (87,796,991) |
| | Net Unrealized appreciation | $48,345,505 |
| |
| Industry | Percentage
of Net Assets | |
| Consumer Discretionary | 8.7 | % |
| Consumer Staples | 8.4 | |
| Energy | 10.1 | |
| Financials | 19.2 | |
| Health Care | 9.3 | |
| Industrials | 7.4 | |
| Information Technology | 10.1 | |
| Materials | 9.2 | |
| Telecommunications | 11.1 | |
| Utilities | 4.6 | |
| Short-Term Investments | 1.1 | |
| Other Assets and Liabilities - Net | 0.8 | |
| Net Assets | 100.0 | % |
| |
PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL VALUE FUND
as of April 30, 2011 (Unaudited) (Continued)
| Fair Value Measurements^ |
| The following is a summary of the fair valuations according to the inputs used as of April 30, 2011 in valuing the assets and liabilities: |
| |
| | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | Significant
Other
Observable
Inputs #
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Fair Value
at
4/30/2011 |
| Asset Table | | | | | | | |
| Investments, at value | | | | | | | |
| Common Stock | | | | | | | |
| Australia | $ – | | $ 9,141,994 | | $ – | | $ 9,141,994 |
| Belgium | – | | 6,127,228 | | – | | 6,127,228 |
| Brazil | 28,158,241 | | – | | – | | 28,158,241 |
| Canada | 33,908,064 | | – | | – | | 33,908,064 |
| China | – | | 17,990,150 | | – | | 17,990,150 |
| Denmark | – | | 12,336,535 | | – | | 12,336,535 |
| Finland | – | | 21,302,951 | | – | | 21,302,951 |
| France | – | | 147,071,288 | | – | | 147,071,288 |
| Germany | 13,433,543 | | 51,503,291 | | – | | 64,936,834 |
| Hong Kong | – | | 17,157,639 | | – | | 17,157,639 |
| Ireland | – | | 9,069,828 | | – | | 9,069,828 |
| Israel | 3,013,607 | �� | – | | – | | 3,013,607 |
| Italy | 5,510,788 | | 40,831,207 | | – | | 46,341,995 |
| Japan | – | | 250,779,874 | | – | | 250,779,874 |
| Mexico | 2,187,713 | | – | | – | | 2,187,713 |
| Netherlands | – | | 73,810,836 | | – | | 73,810,836 |
| New Zealand | – | | 2,281,179 | | – | | 2,281,179 |
| Poland | – | | 5,710,391 | | – | | 5,710,391 |
| Portugal | – | | 9,994,829 | | – | | 9,994,829 |
| Singapore | – | | 7,974,301 | | – | | 7,974,301 |
| South Africa | – | | 14,201,887 | | – | | 14,201,887 |
| South Korea | – | | 15,526,759 | | – | | 15,526,759 |
| Spain | 6,780,112 | | 15,749,632 | | – | | 22,529,744 |
| Sweden | – | | 9,829,626 | | – | | 9,829,626 |
| Switzerland | – | | 61,162,523 | | – | | 61,162,523 |
| United Kingdom | 10,653,726 | | 123,103,930 | | – | | 133,757,656 |
| United States | 12,705,770 | | – | | – | | 12,705,770 |
| Total Common Stock | 116,351,564 | | 922,657,878 | | – | | 1,039,009,442 |
| Rights | – | | 36,091 | | – | | 36,091 |
| Short-Term Investments | 10,206,154 | | – | | 961,834 | | 11,167,988 |
| Total Investments, at value | $ 126,557,718 | | $ 922,693,969 | | $ 961,834 | | $ 1,050,213,521 |
| Other Financial Instruments+ | | | | | | | |
| Forward Foreign Currency Contracts | – | | 1,846 | | – | | 1,846 |
| Total Assets | $ 126,557,718 | | $ 922,695,815 | | $ 961,834 | | $ 1,050,215,367 |
| Liabilities Table | | | | | | | |
| Other Financial Instruments+ | | | | | | | |
| Forward Foreign Currency Contracts | $ – | | $ (426) | | $ – | | $ (426) |
| Total Liabilities | $ – | | $ (426) | | $ – | | $ (426) |
| |
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| + | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio's investments are categorized as Level 2 investments. |
| |
There were no significant transfers between Level 1 and 2 during the period ended April 30, 2011. |
| |
Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period. |
PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL VALUE FUND
as of April 30, 2011 (Unaudited) (Continued)
| At April 30, 2011 , the following forward foreign currency contracts were outstanding for the ING International Value Fund: | | |
| Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | |
| Bank of America | Japanese Yen | 40,201,658 | Buy | 05/09/11 | $ 493,787 | $ 495,633 | $ 1,846 |
| | | | | | | | $ 1,846 |
| | | | | | | | |
| The Bank of New York Mellon Corp. | Japanese Yen | 7,855,137 | Sell | 05/09/11 | $ 96,418 | $ 96,844 |
$ (426) |
| | | | | | | | $ (426) |
| |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-end Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-end Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-end Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board. (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minium qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.
The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.
The secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.
Item 11. Controls and Procedures.
| (a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. |
| |
| (b) | There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
| (a)(1) | The Code of Ethics is not required for the semi-annual filing. |
| |
| (a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT. |
| |
| (a)(3) | Not required for semi-annual filing. |
| |
| (b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): ING Mayflower Trust
| | | | | |
| By | | /s/ Shaun P. Mathews | | |
| |
| | |
| | Shaun P. Mathews
President and Chief Executive Officer | | |
| | | | | |
| Date: | | July 7, 2011 | | |
| |
| | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | | |
| By | | /s/ Shaun P. Mathews | | |
| |
| | |
| | Shaun P. Mathews
President and Chief Executive Officer | | |
| | | | | |
| Date: | | July 7, 2011 | | |
| |
| | |
| | | | | |
| By | | /s/ Todd Modic | | |
| |
| | |
| | Todd Modic
Senior Vice President and Chief Financial Officer | | |
| | | | | |
| Date: | | July 7, 2011 | | |
| |
| | |
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