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

OMB APPROVAL
OMB Number: 3235-0570
Expires: January 31, 2014
Estimated average burden hours per response: 20.6

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-7978

ING Mayflower Trust

(Exact name of registrant as specified in charter)

7337 E. Doubletree Ranch Rd., Scottsdale, AZ 85258
(Address of principal executive offices)      (Zip code)

CT Corporation System, 101 Federal Street, Boston, MA 02110
(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-992-0180

Date of fiscal year end:       October 31

Date of reporting period:       November 1, 2011 to April 30, 2012

Item 1. Reports to Stockholders.

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

Semi-Annual Report

April 30, 2012

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

Global and International Funds

n	ING Diversified International Fund
n	ING Emerging Countries Fund
n	ING Emerging Markets Equity Fund
n	ING Global Bond Fund
n	ING Global Equity Dividend Fund
n	ING Global Natural Resources Fund
n	ING Global Opportunities Fund
n	ING Global Real Estate Fund
n	ING Global Value Choice Fund
n	ING Greater China Fund
n	ING Index Plus International Equity Fund
n	ING International Core Fund
n	ING International Growth Fund
n	ING International Real Estate Fund
n	ING International Small Cap Fund (formerly, ING International SmallCap Multi-Manager Fund)
n	ING International Value Choice Fund
n	ING International Value Fund
n	ING Russia Fund

  E-Delivery Sign-up – details inside

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

MUTUAL FUNDS

TABLE OF CONTENTS

President’s Letter	2
Market Perspective	3
Portfolio Managers’ Reports	6
Shareholder Expense Examples	24
Statements of Assets and Liabilities	28
Statements of Operations	38
Statements of Changes in Net Assets	43
Financial Highlights	52
Notes to Financial Statements	65
Summary Portfolios of Investments	91
Advisory Contract Approval Discussion	163

 

	Go Paperless with E-Delivery!
Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail and lower fund costs.
Just go to www.inginvestment.com, click on the E-Delivery icon from the home page, follow the directions and complete the quick 5 Steps to Enroll.
You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail.

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This report contains a summary portfolio of investments for the Funds. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Funds’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

PRESIDENT’S LETTER

Expectation vs. reality

Dear Shareholder:

After a successful career abroad, Clym Yeobright, the central character of Thomas Hardy’s 19th century novel Return of the Native, resettles in the village where he grew up, expecting to live a more peaceful life. His neighbors, however, convince themselves that he is bringing to them the excitement of the broader world he left behind. The misunderstandings that result pile animosity upon disappointment.

We can see similar patterns of misplaced expectations today in the global economy and financial markets, for example, the broad embrace of fiscal austerity as a panacea to economic ills despite private sector demand already in decline. Other illustrations come to mind too. It’s not hard to understand why investors fled stocks en masse after the Internet/technology bubble burst in 2001 or why the markets tanked in 2008 when the collapse of Lehman Brothers threw a harsh light on the risks lurking in the shadow banking system. However, it is hard to understand why investors continue to shun stocks. Research firm The Leuthold Group says the S&P 500^® Index has gained 107% in the 38 months since its March 2009 low. Yet according to the Investment Company Institute, U.S. stock mutual funds have seen net inflows in just ten of those 38 months. The phenomenon has not been limited to fund investors: as reported by news service Ignites on May 18, 2012, institutional investors were pulling money out of U.S. stocks even though that asset class, as measured by the S&P 500^® Index, had produced attractive, positive returns year-to-date.

Following the trend may be comforting, but also may make it harder to achieve your investment goals. With uncertainty and volatility still prevalent in the financial markets, we believe the most sensible approach is to avoid trends and stick with a fully invested, well-diversified strategy. Keep your investments targeted to your long-term goals, not to the appeal of short-term profits. And as always, discuss any potential portfolio changes fully with your investment advisor before taking action.

Thank you for your confidence in ING Funds. It is our privilege to serve your investing needs, and we look forward to continuing to do so in the future.

Sincerely,

 

Shaun Mathews
President and Chief Executive Officer
ING Funds
May 29, 2012

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

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

2

MARKET PERSPECTIVE:  SIX MONTHS ENDED APRIL 30, 2012

Our new fiscal year commenced in the glow of October’s 8.55% surge in global equities, represented by the MSCI World Index^SM, measured in local currencies including net reinvested dividends, based on better economic news from the U.S. The gain mostly held through December and gathered new strength in the first quarter of 2012, before new doubts arose in April. For the first half of the fiscal year the MSCI World Index^SM returned 8.71%. (The MSCI World Index^SM returned 7.54% for the six months ended April 30, 2012, measured in U.S. dollars.)

The more positive data that had started to emerge in October were mainly jobs related, with the employment report showing 103,000 new jobs in September. Improvement continued into 2012 and in March the Bureau of Labor Statistics announced 243,000 jobs created in February, with a three-month average of 245,000 and the unemployment rate down to 8.3%.

Investors’ relief at a healthier labor market was reinforced by the March results of the Federal Reserve’s stress tests on banks, which indicated that 15 out of 19 large banks could maintain adequate capital levels even in a pessimistic recession scenario. Reported fourth quarter 2011 gross domestic product (“GDP”) growth was much improved at 3.0% (quarter over quarter annualized) and closely watched purchasing managers’ indices were clearly in expansion territory.

But April brought a series of let-downs. The employment report showed only 120,000 new jobs created in March, while the paring of the unemployment rate to 8.2% was in part due to workers leaving the workforce. Weekly new jobless claims seemed stuck at about 385,000; industrial production was flat for two months; durable goods orders had the worst monthly fall in three years; first quarter 2012 GDP fell more than expected to at 2.2%. Home prices, represented by the S&P/Case-Shiller 20-City Composite Home Price Index, were still falling on an annual basis. With the latest Federal Open Market Committee minutes showing little appetite for a third round of quantitative easing, sentiment had faded as the fiscal half-year ended.

The euro zone’s enduring sovereign debt crisis continued to move markets. After months of wrangling, a second huge bailout for Greece to avoid default on maturing bonds was finalized on March 9. As a step towards fiscal union, which would reduce the need for future bailouts, euro zone leaders reached agreement in December on a fiscal-discipline treaty, complete with formal deficit limits and sanctions.

In addition, new European Central Bank (“ECB”) President Draghi announced that the ECB would lend unlimited funds to banks for three years at an interest rate of 1% in Longer Term Refinancing Operations (“LTRO”). On December 21, the ECB loaned €489 billion to 523 banks. At the end of February, 800 banks borrowed a further €530 billion.

LTRO was initially perceived to reduce greatly the risk of banks and the banking system failing in the short term for lack of liquidity. Sentiment and risk appetite improved. Stock markets surged in the first three months of 2012 and peripheral euro zone sovereign bond yields fell. But April saw disillusionment quickly set in, focused on Spain, with its uncompetitive markets, restrictive practices and nearly 25% unemployment rate. Spanish banks’ heavy drawdown from LTRO to buy Spanish government bonds, had arguably increased their vulnerability. As April ended, a growing backlash against fiscal austerity was evident, not just in Spain, Greece and Italy but in the distinctly non-peripheral Netherlands where the coalition government fell over the failure to reach a budget agreement and France where a Socialist president seemed sure to be elected in May.

In U.S. fixed income markets, the Barclays Capital U.S. Aggregate Bond Index of investment grade bonds rose 2.44% in the six months through April. The corporate investment grade bond sub-index outperformed, as investment grade corporates were seen as good value. While the Treasury sub-index underperformed, longer dated issues did well as the Treasury yield curve became flatter. The healthy risk appetite during most of the period drove the Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index up 6.91% in the six months through April.

U.S. equities, represented by the S&P 500® Index including dividends, rose by 12.77%, with small losses only in November and April. Resilient S&P 500® company earnings made up for some of the macro concerns discussed above: the trailing 12-month operating earnings yield on March 31 was estimated by Standard & Poors at nearly 7%. All sector indices rose, led by consumer discretionary with a return of over 18%, followed by technology at 16%. Energy lagged, adding less than 4%.

In currencies, the euro zone’s problems finally took their toll on the euro, the dollar appreciating 6.76% over the first half of the fiscal year. The trading range was narrower against the pound, the dollar finally losing 0.84%. Against the yen the dollar gained 5.93%, as the Bank of Japan set a 1% inflation target in February and promised strong monetary easing to achieve it.

In international markets, the MSCI Japan® Index rose 6.30% in the six months through April. The economy struggled to recover from the earthquake and tsunami of March 2011. But the Bank of Japan’s February initiatives raised hopes that asset reflation may be under way at last, before concerns about Europe and U.S. growth resurfaced in April. The MSCI Europe ex UK® Index added 4.21%, relieved at better U.S. data and by LTRO, albeit temporarily, but also depressed by falling fourth quarter GDP and unemployment perched at 10.8%, a euro-era high. The MSCI UK® Index rallied 5.50%. The economy unexpectedly re-entered recession in the face of slumping construction activity. But strong purchasing managers’ indices and a rebound in retail sales suggested that the 0.2% first quarter decline in GDP might be revised to a small gain.

Parentheses denote a negative number.

Past performance does not guarantee future results. The performance quoted represents past performance.

Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Each Fund’s performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.inginvestment.com to obtain performance data current to the most recent month end.

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

3

BENCHMARK DESCRIPTIONS

Index	Description
Barclays Capital Global Aggregate Index	Provides a broad-based measure of the global investment-grade fixed-rate debt markets.
Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index	An unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
Barclays Capital U.S. Aggregate Bond Index	An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
MSCI All Countries Golden Dragon IndexSM	A broad-based, unmanaged index of common stocks traded in China, Hong Kong and Taiwan. It is an aggregate of the MSCI Hong Kong Index, the MSCI China Free Index and the MSCI Taiwan Index.
MSCI All Country World (ex-US) IndexSM	A free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
MSCI All Country World IndexSM	A free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.
MSCI Emerging Markets IndexSM	An unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
MSCI Europe ex UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI Europe, Australasia and Far East® (“MSCI EAFE”) Index	An unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
MSCI Japan® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI Russia 10/40 Index	A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the Russian market taking into account the Undertakings for Collective Investment in Transferable Securities (UCITS III) directive which constrains the weight of any single group entity, as defined therein, at 10% of a fund’s total assets and the sum of the weights of all group entities representing more than 5% of the fund at 40% of the fund’s total assets.
MSCI UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
MSCI World IndexSM	An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
Russia Trading System Index	A capitalization-weighted index that is calculated in U.S. dollars. The index tracks the performance of Russia’s most active stocks traded on the RTS. The index is operated by the National Association of Participants in the Securities Markets, a non-profit body.
S&P 500® Index	An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

4

BENCHMARK DESCRIPTIONS (CONTINUED)

Index	Description
S&P Developed ex-US Property Index	An unmanaged float-adjusted index which defines and measures the investable universe of publicly traded property companies domiciled in developed countries, outside of the United States, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. It includes the reinvestment of dividends but is gross of withholding taxes on dividends and does not reflect fees, brokerage commissions or other expenses of investing.
S&P Developed ex-US SmallCap Index	An unmanaged float-adjusted index which captures the bottom 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float-adjusted market capitalization of US$100 million or greater and a minimum annual trading liquidity of US$50 million.
S&P Developed Property Index	An unmanaged float-adjusted index which defines and measure the investable universe of publicly traded property companies domiciled in developed countries that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment.
S&P Euro-Pacific Asia Composite SmallCap Index	An unmanaged float-adjusted index which captures the bottom 15% of companies in the developed European and Pacific markets, based on the cumulative market capitalization of each country, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US$100 million or greater and a minimum annual trading liquidity of US $50 million.
S&P North American Natural Resources Sector Index	An unmanaged index and a market-capitalization weighted index of stocks designed to measure the performance of companies in the natural resources sector, which includes energy, precious metals, timber and other sub-sectors. Each sector index is a modified-capitalization weighted index, the constituents of which are selected according to objective screening criteria. The weight of a particular stock in each Sector Index is capped at a cap level determined on a sector-by-sector basis.
S&P/Case-Shiller 20-City Composite Home Price Index	A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor’s.

 

5

ING DIVERSIFIED INTERNATIONAL FUND PORTFOLIO MANAGERS’ REPORT

Sector Diversification as of April 30, 2012 (as a percentage of net assets)
Affiliated Investment Companies	95.7	%
Exchange-Traded Funds	4.5	%
Liabilities in Excess of Other Assets	(0.2	)%
Net Assets	100.0	%
Portfolio holdings are subject to change daily.

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

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of 5.07% compared to the MSCI All Country World (ex-US) Index^SM (“MSCI ACWI (ex-US)”) which returned 2.73% for the same period.

Portfolio Specifics: Global equities started the period weakly due to the chaos created by the Greek referendum on whether to accept the terms of the euro zone bailout. The crisis deepened, driving up Italian and Spanish government bond yields. In December 2011, the European Central Bank reduced uncertainty by offering unlimited funds to banks at its first three-year liquidity action, known as the long-term refinancing operation. Global equities then posted two months of solid gains, but by period-end confidence faded. U.S. labor market data fell below expectations, Chinese growth slowed to its lowest rate in three years and worries over euro zone growth increased following Spain’s downgrades.

The Fund’s outperformance relative to its benchmark was largely due to the performance of the underlying funds. ING International Core Fund, ING International Growth Fund, ING Emerging Markets Equity Fund and ING International Small Cap Fund, which in aggregate represent close to 75% of the Fund’s assets, outperformed their respective benchmarks. The ING International Value Fund and ING International Real Estate Fund modestly underperformed their individual benchmarks and together had a minor effect on the relative performance of the Fund.

The Fund is managed to a long-term strategic asset allocation, which differs in some respects from the MSCI ACWI (ex-US). The effect of this strategic allocation was positive over the reporting period as the Fund benefited from its exposures to international small capitalization and international real estate companies.

During the period we decreased the Fund’s exposure to the ING International Value Fund and added the iShares MSCI EAFE® Value Index Fund. Over the period we made no tactical asset allocation moves.

Target Allocations as of April 30, 2012 (as a percentage of net assets)
Emerging Markets	15	%
International Core	40	%
International Growth	20	%
International Real Estate	0	%
International SmallCap	5	%
International Value	20	%
Portfolio holdings are subject to change daily.

Current Strategy and Outlook: Risk assets have moved lower across the globe as worries of slowing growth have weighed on investors’ minds. The U.S. recovery has proven to be resilient in the face of Europe’s troubles, the deceleration of emerging markets and the slowing of China. Our forecast for international developed markets is lower this year, and reflects the ongoing structural shifts in growth potential. We believe that Europe, where Greece has been unable to form a stable government following elections, will remain the epicenter of global financial risks.

Our recent strategic shifts reflect our efforts to reduce the overall volatility of the Fund and increase risk-adjusted returns. At the end of the period we reduced the Fund’s exposure to ING International Small Cap, a high volatility asset class, and eliminated its exposure to international real estate investment trusts (“REITs”). It should be noted that REITs are part of the MSCI All Country World (ex-US) Index^SM, so our exposure on a holdings level is not completely purged. We also added to developed 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.

6

PORTFOLIO MANAGERS’ REPORT ING EMERGING COUNTRIES FUND

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
South Korea	17.6	%
Brazil	16.4	%
China	15.7	%
Taiwan	7.1	%
Russia	7.0	%
South Africa	6.6	%
United States	5.5	%
Thailand	4.3	%
Mexico	4.2	%
Hong Kong	3.6	%
Countries between 0.3%–3.6%ˆ	11.3	%
Assets in Excess of Other Liabilities*	0.7	%
Net Assets	100.0	%
*  Includes short-term investments.
ˆ   Includes 13 countries, which each represents 0.3%–3.6% of net assets.
Portfolio holdings are subject to change daily.

ING Emerging Countries Fund (“Emerging Countries” or the “Fund”) seeks maximum long-term capital appreciation. The Fund’s assets are managed by two sub-advisers — J.P. Morgan Investment Management Inc. (“J.P. Morgan”) and Delaware Management Company (“Delaware”) (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). 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: George Iwanicki Jr., Managing Director and Anuj Arora, Vice President, of the portion of the Fund that is managed by J.P. Morgan, and Liu-Er Chen, CFA, Chief Investment Officer, Emerging Markets and Healthcare, of the portion of the Fund that is managed by Delaware.*

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of 2.23%, compared to the MSCI Emerging Markets Index^SM (“MSCI EM Index^SM”), which returned 3.93% for the same period.

Portfolio Specifics: ING Investment Management Advisors, B.V. (“IIM BV”) — The fund underperformed the MSCI EM Index^SM by approximately 37 basis points for the period from November 1, 2011 through February 24, 2012. Emerging market equities posted positive performance during the final months of 2011 but momentum weakened in November as a wave of uncertainty hit. As 2012 began, emerging markets moved sharply higher. The catalyst for this change was relief that the world was spared a European financial crisis as the European Central Bank launched a program to ease European banks’ liquidity needs. Russia rebounded following the controversy surrounding the Duma elections. An increasing oil price also lifted equity enthusiasm. Latin America was the weakest region as the reporting period came to an end.

At the beginning of the period under review the Fund carried above average cash positions while awaiting more clarity on the European situation and signs of easing in China. The Fund reduced overall exposure in financials by trimming weightings in Taiwan, India and Russia. Within Russia, the fund focused on what we believe are quality franchises such as Sberbank of Russia. We feel the Sberbank is better positioned in a tighter liquidity environment due to its strong deposit franchise. Within Taiwan we sold Yuanta Financial Holding Co., Ltd. and reinvested part of the proceeds in Chinatrust Commercial Bank Corporation. In India we prefer the quality of HDFC Bank Ltd., where we feel better protected against increasing credit risks in the Indian financial system and less exposed to changes in regulation. During the period, stock selection and sector allocation had a small negative effect. Stock selection detracted predominantly in the consumer staples sector and added the most value in the energy and telecommunication sectors. In terms of sector allocation, overweight in lagging telecommunications weighed on performance the most, although as noted stock selection in that sector was strong.

J.P. Morgan⁽¹⁾ — The fund outperformed the MSCI EM Index^SM by approximately 64 basis points for the period since the inception of J.P. Morgan’s management on March 12, 2012 after the transition period. From a country perspective over the period, stock selection in Korea and Brazil was the most significant contributor to relative performance. In Korea, exposure to information technology and consumer discretionary names was the most significant driver. Within information technology, strong performance came from market leaders and suppliers to Apple. Those names were seen as an inexpensive way to own Apple. In Brazil, underweight exposure to energy and strong stock selection in utilities aided performance during the period.

Alternatively, the fund’s underweight positions in Mexico and Indonesia detracted from returns during the period. Economic activity in Mexico proved resilient to adverse and uncertain conditions abroad. Indonesia, given the generally defensive posture of the companies listed in it, performed strongly in light of uncertainty in developed markets.

We have utilized derivatives to manage exposure to markets where we are awaiting local access (India), and these instruments have contributed to performance and achieved the desired exposure.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Samsung Electronics Co., Ltd.	3.1	%
Avon Products, Inc.	3.0	%
Samsung Electronics Co., Ltd. GDR	2.7	%
Petroleo Brasileiro SA ADR	2.1	%
Sberbank of Russia ADR	1.9	%
Industrial and Commercial Bank of China Ltd.	1.8	%
China Construction Bank	1.8	%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	1.6	%
Vale SA ADR	1.5	%
Itau Unibanco Holding SA ADR	1.5	%
Portfolio holdings are subject to change daily.

Delaware⁽¹⁾ — The fund underperformed the MSCI EM Index^SM by approximately 232 basis points for the period since the inception of Delaware’s management on March 12, 2012 after the transition period.

From a country perspective, the fund’s positioning and holdings in China, Argentina and Brazil detracted from relative performance during the period, while the fund’s holdings in the U.S., India and Russia contributed to performance.

From a sector perspective, the fund’s holdings in energy, industrials and financials detracted from performance while holdings in consumer staples and materials contributed to performance during the period.

From a stock perspective, detractors from performance included YPF Sociedad Anonima ADR, GOL Linhas Aereas Inteligentes, and Petrobras. YPF declined after the Argentine government effectively nationalized its largest domestic oil producer which is majority owned by Spain’s Repsol. The nationalization came after a long-running dispute regarding investment in new production and dividends. GOL, a low-cost Brazilian airline company, continued its weak performance as financial results reflected the increasingly competitive market and high fuel costs eroded margins. Petrobras declined due to weak production figures and investor concerns about its high capital expenditure budget for 2012.

The fund’s holdings in Avon Products, Samsung Electronics and Yahoo! Inc. were among the contributors to performance during the period. Avon rose after it appointed a new CEO and received an unsolicited takeover bid from Coty, an unlisted manufacturer of fragrances and cosmetics, that valued the company at a premium to its market value. Although Avon rejected the offer, investors generally believed that the offer price effectively put a floor under Avon’s share price. Strong end-user demand for its smartphones, tablets and semiconductors was the primary the reason for the rise in Samsung Electronics shares. Yahoo! rose after reporting better-than- expected operating results in its core operations as well as on renewed expectations of a deal to unlock value in its Asian internet assets.

Current Strategy & Outlook: J.P. Morgan⁽¹⁾ — Recent transactions include reducing defensive consumer staples exposure in favor of early cyclical sectors, such as information technology and consumer discretionary, which are two of our largest sector overweights. We retain a preference for energy over materials. In China, there is a risk that the authorities will not ease policy sufficiently in the coming months, but for now we continue to believe in a soft landing and remain overweight in the country. Finally, we used the large rally in Turkey to trim our position. The combination of inflation and a large current account deficit are clear risks and we no longer have exposure to financial names in this market.

Delaware⁽¹⁾ — The fund’s positioning remains largely unchanged. The fund’s sector overweights continue to be in the more traditionally defensive consumer staples and telecommunications sectors. We remain underweight the financials and consumer discretionary sectors.

Despite the strong performance of the MSCI EM Index^SM in the middle part of the period, the negative performance of the MSCI EM Index^SM in March and April 2012 appears to reflect growing investor concern about the sustainability of even modest economic growth for the rest of the fiscal year. These concerns are particularly acute in the U.S., where recent economic data suggests the recovery is losing momentum, and in Europe, where many large economies have already fallen back into recession. We therefore expect the remainder of the fiscal year to be marked by higher-than-usual volatility.

As long-term investors, we will look to those periods of market volatility with an eye towards purchasing shares (or increase positions) of companies that meet our key investment criteria of having what we believe are long-term sustainable business franchises, large market growth opportunities, and that are trading at a significant discount to our estimates of the companies’ intrinsic values. With this bottom-up approach to stock selection, we believe the fund is well-positioned for this uncertain market environment.

* Effective February 24, 2012, ING Investment Management Advisors, B.V. was removed as the sub-adviser to the Fund and effective March 12, 2012, J.P. Morgan and Delaware were added as the new sub-advisers. Subject to shareholder approval, the Fund will be merged into ING Emerging Markets Equity Fund on or about July 21, 2012.

(1) For purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING Emerging Countries 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.

7

ING EMERGING MARKETS EQUITY FUND PORTFOLIO MANAGERS’ REPORT

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	South Korea	16.9	%
	Brazil	15.7	%
	China	14.9	%
	Taiwan	7.2	%
	Russia	7.1	%
	South Africa	6.8	%
	United States	5.2	%
	Thailand	4.1	%
	Mexico	3.7	%
	Countries between 0.3%–3.6%ˆ	14.1	%
	Assets in Excess of Other Liabilities*	4.3	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 14 countries, which each represents 0.3%–3.6% of net assets.
	Portfolio holdings are subject to change daily.

ING Emerging Markets Equity Fund (“Emerging Markets Equity” or the “Fund”) seeks long-term capital appreciation. The Fund’s assets are managed by two sub-advisers — J.P. Morgan Investment Management Inc. (“J.P. Morgan”) and Delaware Management Company (“Delaware”) (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). 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: George Iwanicki Jr., Managing Director and Anuj Arora, Vice President, of the portion of the Fund that is managed by J.P. Morgan, and Liu-Er Chen, CFA, Chief Investment Officer, Emerging Markets and Healthcare, of the portion of the Fund that is managed by Delaware.

Performance: For the six-month period ended April 30, 2012, the Fund’s Class I shares, provided a total return of 6.51%, compared to the MSCI Emerging Markets Index^SM (“MSCI EM Index^SM”), which returned 3.93% for the same period.

Portfolio Specifics: J.P. Morgan Sleeve⁽¹⁾ — The fund outperformed the MSCI EM Index^SM by approximately 556 basis points during the period. From a country perspective over the period, stock selection in Korea and South Africa was the most significant contributor to performance. In Korea, exposure to information technology and consumer discretionary names was the most significant driver. Within information technology, strong performance came from market leaders and suppliers to Apple. These names were seen as an inexpensive way to own Apple. In South Africa, holdings in the consumer discretionary sector performed well during the period.

Alternatively, the Fund’s underweight positions in Mexico and Colombia detracted from returns during the period. Economic activity in Mexico proved resilient to adverse and uncertain conditions abroad. Similarly, in Colombia, economic data continued to confirm strong consumer and industrial confidence, supporting strong economic activity.

We have utilized derivatives to manage exposure to markets where we are awaiting local access (India), and these instruments have contributed to performance and achieved the desired exposure.

Delaware Sleeve⁽¹⁾ — The fund underperformed the MSCI EM Index^SM by approximately 68 basis points during the period on a net of fee basis, but outperformed prior to the deduction of expenses.

From a country perspective, the fund’s positioning and holdings in China, Argentina and Brazil detracted from relative performance during the period, while the fund’s holdings in Mexico, Taiwan and Russia contributed to performance.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Samsung Electronics Co., Ltd.	2.9	%
Avon Products, Inc.	2.8	%
Samsung Electronics Co., Ltd. GDR	2.6	%
Petroleo Brasileiro SA ADR	2.0	%
Sberbank of Russia ADR	1.9	%
Industrial and Commercial Bank of China Ltd.	1.7	%
China Construction Bank	1.7	%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	1.6	%
Lukoil OAO ADR	1.5	%
Vale SA ADR	1.5	%
Portfolio holdings are subject to change daily.

From a sector perspective, the fund’s holdings in energy, telecommunications and consumer staples detracted from performance while holdings in materials, financials and information technology contributed to performance during the fiscal period. From a stock perspective, detractors from performance included YPF Sociedad Anonima ADR, Sina Corporation, and GOL Linhas Aereas Inteligentes. YPF declined after the Argentine government effectively nationalized its largest domestic oil producer which is majority owned by Spain’s Repsol. The nationalization came after a long-running dispute regarding investment in new production and dividends. Sina Corporation, one of China’s leading internet portals, declined due to concerns over government regulation of the sector. GOL, a low-cost Brazilian airline company, continued its weak performance as financial results reflected the increasingly competitive market and high fuel costs eroded margins.

The fund’s holdings in Avon Products, Samsung Electronics and Cemex were among the contributors to performance during the fiscal period. Avon rose after it appointed a new CEO and received an unsolicited takeover bid from Coty, an unlisted manufacturer of fragrances and cosmetics that valued the company at a premium to its market value. Although Avon rejected the offer, investors generally believed that the offer price effectively put a floor under Avon’s share price. Strong end-user demand for its smartphones, tablets and semiconductors was the primary the reason for the rise in Samsung Electronics shares. Cemex shares rose during the period as investors became convinced that the company would be able to meet its debt repayments and on improving economic conditions in key markets, including the U.S.

The fund’s positioning remains largely unchanged. The fund’s sector overweights continue to be in the more traditionally defensive consumer staples and telecommunications sectors. We remain underweight the financials and consumer discretionary sectors.

Current Strategy & Outlook: J.P. Morgan Sleeve⁽¹⁾ — Recent transactions include progressively reducing holdings in defensive consumer staples and utilities since the end of 2011 in favor of early cyclical sectors, such as information technology and consumer discretionary, which are two of our largest sector overweights. We retain our long-standing preference for energy over materials. In China, we believe there is a risk that the authorities will not ease policy sufficiently in the coming months, but for now we continue to believe in a soft landing and remain overweight in the country. Finally, we used the large rally in Turkey to trim our position.

Delaware Sleeve⁽¹⁾ — Despite the strong performance of the MSCI EM Index^SM in the middle part of the period, the negative performance of the MSCI EM Index^SM in March and April 2012 appears to reflect growing investor concern about the sustainability of even modest economic growth for the rest of the fiscal year. These concerns are particularly acute in the U.S., where recent economic data suggests the recovery is losing momentum, and in Europe, where many large economies have already fallen back into recession. We therefore believe the remainder of the fiscal year may be marked by higher-than-usual volatility.

As long-term investors, we will look to those periods of market volatility with an eye towards purchasing shares (or increase positions) of companies that meet our key investment criteria of having what we believe are long-term sustainable business franchises, large market growth opportunities, and that are trading at a significant discount to our estimates of the companies’ intrinsic values. With this bottom-up approach to stock selection, we believe the fund is well-positioned for this uncertain market environment.

(1) For purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING Emerging Markets Equity 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.

8

PORTFOLIO MANAGERS’ REPORT ING GLOBAL BOND FUND

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	United States	44.0	%
	Brazil	9.5	%
	South Africa	3.0	%
	Mexico	2.7	%
	Ireland	2.6	%
	United Kingdom	1.5	%
	South Korea	0.2	%
	Countries between 0.0%–3.0%ˆ	21.3	%
	Assets in Excess of Other Liabilities*	15.2	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 30 countries, which each represents 0.0%–3.0% of net assets.
	Portfolio holdings are subject to change daily.

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

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of 2.94% compared to the Barclays Capital Global Aggregate Bond Index (“BCGA Index”), which returned 0.96% for the same period.

Portfolio Specifics: We continue to view the current economic environment as a continuation of the broader debt and deleveraging cycle that rocked financial markets in the fall of 2011. The repercussions of this dynamic were evidenced by the precipitous widening of sovereign debt spreads witnessed in peripheral European nations such as Italy and Spain late last year — the market’s acknowledgment that debt levels had surged to an unsustainable point given the muted outlook for global growth.

We expressed caution in the Fund’s orientation during this period by being overweight duration in German bunds given the overarching flight-to-quality bias in Europe, and by holding no peripheral European sovereign bonds. We also cut risk in domestic and international spread sectors in response to heightened risk aversion. We maintained an underweight to Japanese rates and added select duration overweights in markets where we expected rate cuts by central banks, particularly in Latin America and Asia. In currencies, we underweighted the euro in favor of the U.S. dollar, and cut exposures to emerging market (“EM”) currencies that sold off in sympathy with Europe. Our defensive posture in spread sectors and decision to deploy our risk budget in duration rather than currencies, particularly in growth-sensitive (EM) currencies, benefited the Fund in the final months of 2011.

When the European Central Bank (“ECB”) implemented its long-term refinancing operation (“LTRO”) in an effort to reestablish the bid for the sovereign debt of countries such as Italy and Spain, markets rallied in blockbuster fashion throughout the first quarter of 2012. Our tactical decision to add back EM currencies that had cheapened considerably but remained fundamentally strong, such as the Brazilian real, Mexican peso, Colombian peso, South Korean won and Indonesian rupiah, proved beneficial. Also, where we had previously cut allocations to domestic corporate credit, high yield and emerging market bonds in expectation that spreads would widen, we began modestly to move back into these allocations given positive fundamentals and what we believed were attractive valuations. This tactical shift contributed to performance throughout the first quarter of 2012.

Top Ten Holdings as of April 30, 2012* (as a percentage of net assets)
Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/21	6.9	%
United States Treasury Note, 1.500%, 03/31/19	3.5	%
South Africa Government Bond, 10.500%, 12/21/26	2.6	%
Italy Buoni Poliennali Del Tesoro, 5.500%, 09/01/22	2.1	%
Bundesrepublik Deutschland, 2.000%, 01/04/22	1.6	%
Petroleos Mexicanos, 7.650%, 11/24/21	1.6	%
Ireland Government Bond, 4.400%, 06/18/19	1.5	%
Freddie Mac, 2.375%, 01/13/22	1.3	%
Freddie Mac, 0.690%, 06/15/37	1.0	%
Ireland Government Bond, 4.500%, 04/18/20	1.1	%
* Excludes short-term investments.
Portfolio holdings are subject to change daily.

Though the LTRO convinced the market that the ECB would not let Europe sink, it did not resolve the structural imbalances that pushed Europe to the brink. When the effects of cheap money propping up risk markets began to subside, the sobering truths remained: leading economic indicators slowing, debt imbalances unresolved, Europe in recession and China losing steam. Toward the end of the period, the risk rally began to reverse course. Whereas currencies, particularly overweights in the emerging markets, had contributed to the Fund’s outperformance throughout most of the first quarter of 2012, renewed concerns about global growth pressured non-U.S. dollar currencies in March and April. While the Fund was overweight the U.S. dollar during this period, emerging market and other currencies that are sensitive to economic growth struggled to keep pace as investors flocked once again to the perceived “safe-haven” of the world’s reserve currency. Spread sector allocations also detracted from relative performance in the late spring as equity markets sold off and credit spreads widened.

For the reporting period, however, the Fund’s ability to tactically shift its risk budget across sectors, duration and currencies proved successful in navigating highly volatile conditions. The Fund produced positive results and outperformed the BCGA Index. The Fund uses derivative instruments such as currency forwards to manage risk and gain exposure across key markets. During the period, derivatives in aggregate added to Fund results.

Current Strategy and Outlook: We have sought to become more cautious with overall positioning. We are focusing currency risk reduction on the Mexican peso, the Brazilian real, the Russian ruble, the Norwegian krone and the Canadian dollar, which are more cyclical and commodity-driven. The Fund has a small overweight to the U.S. dollar at about 50% of the portfolio, and continues to underweight the yen and euro; overweights are in the U.K., South Africa and Turkey.

Recently we reduced exposure to high yield and cut currency exposure to emerging markets. Since we believe that rates are likely to remain low, we are maintaining allocations to high quality spread assets such as investment grade credit. We have been adding to short-duration commercial mortgage-backed securities and asset-backed securities, and continue to hold positions in sovereign and corporate emerging market debt abroad.

The Fund remains underweight duration to the United States, euro zone and Japan; it is overweight duration in emerging markets, but less so recently because rates have fallen significantly. We currently favor the U.K., Canada, South Africa, Australia, Russia, South Africa, Indonesia and Chile where interest rates are still relatively cheap. Our belief is that central banks will remain dovish across most developed and emerging markets for some time, supporting lower rates, which should continue to benefit our longer duration postures in these locales.

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.

9

ING GLOBAL EQUITY DIVIDEND FUND PORTFOLIO MANAGERS’ REPORT

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	United States	38.6	%
	United Kingdom	12.1	%
	Japan	9.1	%
	France	7.6	%
	Germany	5.8	%
	Canada	4.4	%
	Switzerland	4.1	%
	Australia	3.0	%
	Netherlands	2.6	%
	Singapore	2.1	%
	Countries between 0.5%–1.5%ˆ	7.2	%
	Assets in Excess of Other Liabilities*	3.4	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 10 countries, which each represents 0.5%–1.5% of net assets.
	Portfolio holdings are subject to change daily.

ING Global Equity Dividend Fund (the “Fund”) seeks growth of capital with dividend income as a secondary consideration. The Fund is managed by Nicolas Simar, Head of Value/High Dividend, Bruno Springael, Head of Corporate Analytics for Developed Markets, and Herman Klein, Senior Investment Manager of ING Investment Management Advisors B.V. — the Sub-Adviser.

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of 6.52%, compared to the MSCI World Index^SM, which returned 7.54% for the same period.

Portfolio Specifics: Global equities started the period weakly due to the chaos created by the Greek referendum on whether to accept the terms of the euro zone bailout. The crisis deepened, driving up Italian and Spanish government bond yields. In December 2011, the European Central Bank (“ECB”) reduced uncertainty by offering unlimited funds to banks at its first three-year liquidity auction, known as the long-term refinancing operation. Global equities then posted two months of solid gains. By period-end, however, confidence faded. U.S. labor market data fell below expectations, Chinese growth slowed to its lowest rate in three years and euro zone worries increased following Spain’s downgrade.

The Fund achieved a positive absolute return but lagged the MSCI World Index^SM. This was in aggregate due to sector allocation, which is driven by our bottom-up investment process. The most significant detractors were the Fund’s exposures in utilities, cash, consumer staples and information technology (“IT”). The IT sector performed well during the period, led by Apple Inc., the largest weight in the index. Our strict dividend investment process did not allow the Fund to hold Apple; therefore, it was the largest detractor from relative performance. Utilities trailed due to the negative impact of mild winters in Europe and the United States; GDF Suez S.A. was one of the worst performers.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Bayer AG	1.6	%
Chevron Corp.	1.6	%
ExxonMobil Corp.	1.6	%
Telefonaktiebolaget LM Ericsson	1.5	%
Royal Dutch Shell PLC	1.5	%
General Electric Co.	1.5	%
Microsoft Corp.	1.5	%
United Technologies Corp.	1.4	%
Novartis AG	1.5	%
Gaz de France	1.4	%
Portfolio holdings are subject to change daily.

The largest contribution to Fund performance came from the financial sector, followed by telecommunications services and materials. The Fund benefited from the strong performance of U.S. banks and insurers. Among the best stock picks were JPMorgan Chase & Co., PNC Financial Services Group Inc. and Arthur J. Gallagher & Co. The best performing stocks were in the consumer discretionary sector: Home Depot Inc., the world’s largest home improvement retailer, and home appliance manufacturer Whirlpool Corp. In February we implemented the Fund’s quarterly rebalancing; we had challenges finding attractively valued stocks, especially in the United States, where high dividend yielding sectors such as utilities, telecoms and consumer staples were trading near all-time highs.

This prompted us to lower weightings in utilities and telecoms. We took profits in cyclicals and financials but were able to find attractive alternatives, thus positioning in those sectors did not change radically. We lowered the North American weight in favor of the UK, developed Asia and cash.

In IT we exited our position in U.S. chipmaker Intel Inc. after a profit warning and inventory build-up issues. We bought communications and IT company Harris Corp. Finally, we made a switch in the U.S. medical technology sector, which faces low volume growth and increasing price competition. As the cardiovascular market is holding up better than other segments, we decided to buy St. Jude Medical Inc. and sell the broader based Medtronic Inc.

Current Strategy and Outlook: We maintain our constructive view of global equities. Although economic momentum seems to be decelerating and the euro zone crisis is far from over, we believe the economic recovery continues to broaden, earnings momentum remains supportive and systemic risks have been reduced thanks to policy action. In our opinion, rising oil prices generally do not pose a threat yet; for equity markets and the economy it is not the level of oil prices, but the rate of change that matters most.

We believe corporate earnings will be slightly up for U.S. companies but flat for European ones. Compared to previous recessions we only expect a moderate profit impact in Europe. We think dividends can grow at least in line with the moderate earnings growth environment we expect. In the U.S., dividend forecasts have been rising as firms return more cash to shareholders. This trend was reinforced notably when Apple announced that it would pay a dividend for the first time.

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.

10

PORTFOLIO MANAGERS’ REPORT ING GLOBAL NATURAL RESOURCES FUND

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	United States	78.6	%
	Canada	6.9	%
	United Kingdom	5.5	%
	Netherlands	3.3	%
	Norway	2.6	%
	France	1.3	%
	Assets in Excess of Other Liabilities*	1.8	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	Portfolio holdings are subject to change daily.

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

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of (2.30)% compared to the S&P North American Natural Resources Sector Index which returned (0.76)% for the same period.

Portfolio Specifics: The materials sectors as measured by the S&P North American Natural Resources Sector Index broadly declined during the reporting period, due largely to falling gold prices. In contrast, the energy sectors generally posted gains, led by oil and gas storage and transportation. Coal and consumable fuels, on the other hand, posted significant losses.

The Fund lagged its benchmark for the reporting period, mainly because of security selection in the energy sector. The Fund’s positions in coal and consumable fuels, and integrated oil and gas, accounted for the lion’s share of the drag from energy.

Our position in Arch Coal Inc., a coal consumable fuels company, was the largest detractor from relative returns. The stock declined significantly as the coal sector underperformed due to depressed natural gas prices, which cap the pricing for coal. Talk about slowdown in China’s economic growth worsened the stock’s underperformance.

The Fund’s position in integrated oil company YPF S.A. hurt returns as the Argentine government unveiled plans to seize a 51% controlling stake in YPF from Spain’s Repsol. We have since sold our position in the company.

Not owning oil and gas storage and distribution companies such as Williams Companies Inc. was unfavorable to relative returns. Williams stock rose as the company beat estimates on earnings per share. An upgrade on price target from Goldman Sachs also was favorable for the company.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
ExxonMobil Corp.	9.4	%
Chevron Corp.	7.2	%
National Oilwell Varco, Inc.	4.4	%
Halliburton Co.	4.3	%
Freeport-McMoRan Copper & Gold, Inc.	4.1	%
Schlumberger Ltd.	3.9	%
EOG Resources, Inc.	3.3	%
Royal Dutch Shell PLC — Class A ADR	3.3	%
Cameron International Corp.	3.1	%
Anadarko Petroleum Corp.	3.1	%
Portfolio holdings are subject to change daily.

Within the oil and gas exploration and production sub-sector, overweights of companies such as EOG Resources Inc. and Marathon Oil Corp. added to returns. Not owning Kinross Gold Corp. was favorable to returns as the stock had negative returns for the period.

Current Strategy and Outlook: We believe demand for oil and gas will continue to grow as demand in developing nations continues to trade off slowing demand in the developed world. The supply of these resources is constrained and the new sources of supply are costlier. We believe that the indiscriminate sell-off has resulted in undervalued companies with improved business models, stronger customer bases, pronounced competitive advantages and sturdier returns through an economic cycle. We have positioned the Fund to benefit from industry trends in more resilient oil directed drilling activity onshore and offshore, the globalization of natural gas markets and the modernization of drilling equipment.

In the non-energy or basic materials component we like exposure to iron ore given the consolidated nature of the market with the top three producers. However, we are cautious on mining companies for quarterly results as by-product credits will decline, increasing operating costs and free cash flow use for acquisitions may be received poorly. We are more conservative in our outlook for copper, with a marginal cost well below the current price and tough quarterly reports to come along with reinvestment risk. Longer term we do like copper, however, and are waiting for the right opportunity amid the sell-off. In precious metals we are generally weighted in line with the benchmark.

* Effective April 30, 2012, Jamie Swain was added as a 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.

11

ING GLOBAL OPPORTUNITIES FUND PORTFOLIO MANAGERS’ REPORT

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	United States	35.0	%
	United Kingdom	9.9	%
	Switzerland	8.3	%
	China	7.7	%
	Netherlands	6.3	%
	Japan	6.0	%
	France	3.7	%
	Indonesia	2.5	%
	India	2.1	%
	Countries between 0.3%–1.8%ˆ	17.8	%
	Assets in Excess of Other Liabilities*	0.7	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 17 countries, which each represents 0.3%–1.8% of net assets.
	Portfolio holdings are subject to change daily.

ING Global Opportunities Fund (“Global Opportunities” or the “Fund”) seeks long-term growth of capital. The Fund is managed by Huub van der Riet, Dirk-Jan Verzuu and Alex van der Laan, Portfolio Managers, of ING Investment Management Advisors B.V. — the Sub-Adviser.

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of 6.28% compared to the MSCI All Country World Index^SM (“MSCI ACWI^SM”), which returned 7.07% for the same period.

Portfolio Specifics: Global equities started the period weakly due to the chaos created by the Greek referendum on whether to accept the terms of the euro zone bailout. The crisis deepened, driving up Italian and Spanish government bond yields. In December 2011, the European Central Bank (“ECB”) reduced uncertainty by offering unlimited funds to banks at its first three-year liquidity auction, known as the long-term refinancing operation. Global equities then posted two months of solid gains, but by period-end confidence faded. U.S. labor market data fell below expectations, Chinese growth slowed to its lowest rate in three years and worries over euro zone growth increased following Spain’s downgrades.

Before deducting fees and expenses, the Fund performed about even with its benchmark. We believe investors take short-term views inconsistent with long-term fundamentals when markets are highly volatile. During such periods we added stocks we considered undervalued.

The best performing investment theme in relative terms was Shifts in Demography, where both sub-themes, Generation XYZ and Graying Population did well. The latter benefited from gains in biotechnology while Generation XYZ benefited from the strong performance of Apple Inc. Economic Growth, the Fund’s largest investment theme, was the largest contributor to total return but lagged the index due to fears regarding the impact of European austerity measures on the world economy. Stocks that did well in the Economic Growth theme were Ingersoll Rand PLC and Fiat Industrial S.p.A. while China Yurun Food Group Ltd., Portugal Telecom, SGPS, S.A. and PDG Realty S.A. in Brazil performed weakly. Within Digital Revolution the best performing sub-theme was Digital Consumer on strong performance from Samsung Electronics Co. Ltd. In contrast, Cloud Computing faced headwinds; one of our larger overweights, NetApp Inc., was among the largest detractors. Industrial and Technological Change finished flat and Social and Political Change lagged. The latter suffered from the weak performance of Credit Suisse Group AG and other financial stocks.

Within Digital Revolution we introduced Informatica Corp. and Baidu Inc. as new stocks. Informatica’s data integration software is unique in our view because of its database independence and vendor neutrality. Baidu is the leading internet search engine company in China.

Top Ten Holdings as of April 30, 2012* (as a percentage of net assets)
NetApp, Inc.	2.5	%
Novartis AG	2.4	%
Nestle S.A.	2.3	%
Microsoft Corp.	2.2	%
Apple, Inc.	2.2	%
SPDR S&P Biotech ETF	2.0	%
HSBC Holdings PLC	2.0	%
Royal Dutch Shell PLC	1.9	%
Samsung Electronics Co., Ltd.	1.8	%
Imperial Tobacco Group PLC	1.7	%
* Excludes short-term investments.
Portfolio holdings are subject to change daily.

Within our Economic Growth theme we sold energy stocks in Indonesia and the U.S. We took profits on Xstrata plc after Glencore approached the mining firm regarding a share merger. In April we reduced exposure to Hard Commodities as the components driving Chinese GDP growth began shifting from infrastructure to consumer industries. We introduced a new sub-theme, Frontier Markets, buying NAGACorp Ltd., the only casino operator in Cambodia. We expect the company to deliver strong earning growth, supported by robust gaming demand in Indochina and a strong economic outlook for Cambodia over the next five years.

Within the Shifts in Demography theme we started a position in BioMarin Pharmaceutical Inc., a biopharmaceutical company that specializes in the production of drugs for orphan genetic diseases. The firm has a number of successfully commercialized products and, we believe, upside potential from its growing mid- and late-stage pipeline.

Within Change in Consumer Behavior we bought a small position in cruise line operator Carnival Corp., which had fallen sharply after the Costa Concordia accident. We see the cruise market as a growing business in the medium to longer term and a market that is effectively a duopoly.

Within our Industrial and Technological Change theme we added slightly to our Universal Display position. This company is a leader in Organic LED (OLED) display technology. OLEDs offer significant advantages, including brightness, power efficiency, thin profile, light weight, a wider viewing angle, better video rate and potential for lower manufacturing cost.

In terms of theme exposure, we have reduced our weighting to Economic Growth and increased Digital Revolution, which is less sensitive to changes to macroeconomic data.

During the period, the Fund used currency forwards and index futures. The currency forwards had a negligible impact on results. The index futures, in contrast, had a positive impact.

Current Strategy and Outlook: We believe we will see moderate reacceleration of global growth towards the summer. In our view, monetary easing is helping the U.S. economy, China has shifted its stance towards easing and the long-term liquidity the ECB has provided to the banking sector is a significantly systemic risk in Europe. We still see a big divergence between emerging and developed market economies. We believe the effectiveness of monetary policy is greatest in emerging markets, where balance sheet problems are largely absent.

We are confident that our main investment themes represent the most important forces driving companies and economies. We believe that the level of self sustained economic growth and prosperity in some emerging markets will increase. In developed markets we expect that technology will play an even bigger role in both the industrial and the service economy.

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.

12

PORTFOLIO MANAGERS’ REPORT ING GLOBAL REAL ESTATE FUND

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	United States	47.2	%
	Japan	12.8	%
	Hong Kong	10.0	%
	Australia	7.9	%
	Singapore	4.8	%
	United Kingdom	4.6	%
	France	4.4	%
	Canada	2.5	%
	China	2.3	%
	Netherlands	0.7	%
	Countries between 0.2%–0.5%ˆ	1.1	%
	Assets in Excess of Other Liabilities*	1.7	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 4 countries, which each represents 0.2%–0.5% of net assets.
	Portfolio holdings are subject to change daily.

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

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of 9.12%, compared to the S&P Developed Property Index, which returned 9.94% for the same period.

Portfolio Specifics: The past six months have been a period of positive total return for investors in the global real estate securities market. Property companies in the Americas posted the strongest returns during the period as U.S. and Canadian markets have benefited from improving economic conditions as well as improving company fundamentals. Performance in the Asia-Pacific region has been positive, although returns in the region have slightly lagged the global benchmark. During the trailing six months, Australia and Singapore have modestly outperformed while Hong Kong and Japan have modestly underperformed. Property companies in Europe have significantly underperformed as sovereign debt concerns along with prospects for a slowdown in economic growth have negatively impacted property company performance.

The Fund’s performance trailed the benchmark during the period after the deduction of fees and expenses, primarily as the result of stock selection decisions and was primarily the result of sub-par stock selection in Japan, where our positioning in the Tokyo-focused real estate operating companies as well as the Japanese REIT sector hurt performance during the period. Stock selection in Continental Europe as well as Canada also detracted from relative performance. Stock selection in Singapore, the U.S. and Australia was positive during the period. Asset allocation decisions added value during the period, due in large part to a continued underweight to the underperforming European region. Allocation decisions in the Asia-Pacific region were a drag on performance as the result of an overweight to the underperforming Hong Kong and Japanese property markets. In the Americas, asset allocation was a slight detractor during the period as the result of a modest underweight to the outperforming U.S. market.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Simon Property Group, Inc.	6.0	%
Mitsubishi Estate Co., Ltd.	3.4	%
Mitsui Fudosan Co., Ltd.	3.2	%
Boston Properties, Inc.	2.9	%
AvalonBay Communities, Inc.	2.8	%
ProLogis, Inc.	2.8	%
Westfield Group	2.6	%
Cheung Kong Holdings Ltd.	2.5	%
Unibail	2.3	%
Macerich Co.	2.3	%
Portfolio holdings are subject to change daily.

Current Strategy and Outlook: Portfolio positioning remains focused on geographies and property sectors which we believe to have the highest probability of outperforming in the current economic environment, even if this environment encounters some bumps in the road. We continue to be overweight property companies in the U.S., underweight those in Europe and overweight those in the Asia-Pacific region. By property sector, in the U.S., we are positive on the mall, apartment, hotel and industrial sectors as we remain cautious on suburban office, health care, and shopping center names. In Europe, we favor office companies which focus on London’s West End submarket, and prefer dominant mall companies on the Continent. In the Asia-Pacific region, we remain cautious on sub-sectors including Hong Kong and Singapore residential, given deteriorating housing affordability and government policy risk, and on Japanese REITs due to an expected overhang from pending equity issuance. We are more positive on development companies in Japan and China, as well as on Hong Kong retail.

We believe that evidence from our research and underwriting of real estate companies indicates that property fundamentals generally continue to improve. This is despite a sense that patience is required as the economic recovery remains gradual. This assessment is reflected in our earnings projections which continue to have an upward bias looking forward.

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.

13

ING GLOBAL VALUE CHOICE FUND PORTFOLIO MANAGERS’ REPORT

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	United States	25.8	%
	Japan	15.3	%
	Canada	13.3	%
	France	7.9	%
	Russia	4.9	%
	South Korea	4.6	%
	United Kingdom	3.8	%
	Italy	3.6	%
	Brazil	2.8	%
	South Africa	2.7	%
	Countries between 0.0%–2.1%ˆ	13.8	%
	Assets in Excess of Other Liabilities*	1.5	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 15 countries, which each represents 0.0%–2.1% of net assets.
	Portfolio holdings are subject to change daily.

ING Global Value Choice Fund (“Global Value Choice” or the “Fund”) seeks long-term capital appreciation. The Fund is managed by Emily Alejos and Andrew Thelen, Portfolio Managers of Tradewinds Global Investors, LLC (“Tradewinds”) — the Sub-Adviser.*

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of (8.19)% compared to the MSCI All Country World Index^SM (“MSCI ACWI^SM”) which returned 7.07% for the same period.

Portfolio Specifics: The Fund had negative absolute returns during the six-month period ending April 30, 2012, and underperformed its benchmark, the MSCI ACWI^SM.

During the period the Fund underperformed versus the benchmark in all its sectors. The primary detractors were the Fund’s investments in the materials, energy and utility sectors. The Fund continues to maintain a relative overweight in the materials sector and a relative underweight in the Financials sector.

The period’s top absolute contributor to performance was Western Digital Corp. (“WDC”), one of the largest computer hard disk drive manufacturers in the world. The stock rallied in November after the European Commission conditionally approved the company’s acquisition of Hitachi Global Storage Technology. The company’s stock rose further in January after it announced guidance which was better than the markets had expected.

Another top contributor was American International Group, Inc. (“AIG”), an international insurance organization which operates worldwide property and casualty insurance networks, life insurance and retirement services. AIG has benefited from tax asset recognition, an improved balance sheet, and share buy backs from the U.S. Treasury. Both WDC and AIG positions were trimmed during the period upon price appreciation.

The Fund maintained its overweight exposure to the metals & mining industry, particularly gold stocks. Newmont Mining Company, which develops mineral properties and produces gold globally, was the top detractor to Fund’s performance during the period. While gold mining stock prices declined in general during the period, we continue to see extensive business sustainability and added to select positions on price weakness.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Electricite de France SA	4.6	%
Newmont Mining Corp.	4.0	%
Barrick Gold Corp.	3.8	%
Cameco Corp.	3.6	%
Best Buy Co., Inc.	2.6	%
Federal Hydrogenerating Co. JSC ADR	2.4	%
Nippon Telegraph & Telephone Corp.	2.3	%
Polyus Gold International Ltd. GDR	2.2	%
Thales S.A.	2.2	%
Gazprom OAO ADR	2.2	%
Portfolio holdings are subject to change daily.

Electricite de France S.A. (“EDF”), a French integrated energy company, is the leading electricity producer in Europe and the largest nuclear plant operator in the world. The Fund’s holding in EDF suffered, in our opinion, due to three reasons: (1) concerns about the French government setting low tariffs for wholesale and retail electricity; (2) fears of additional capital expenditure due to the Fukushima accident; and (3) EDF having to purchase peak power at much higher prices as a result of the unusually dry spring weather in France.

Current Strategy and Outlook: A common theme in this commentary has been the importance of well-informed conviction in the face of challenging performance. Our company-by-company views are driven by rigorous, fundamental, grass-roots research conducted by global sector analysts. This work helps us to determine our estimate of a company’s intrinsic value, and helps us to evaluate if we are being offered what we believe are attractive values as the market provides lower prices. Additionally, our research provides us with perspective on when to trim positions as companies approach what we believe is their fair value. This gives us the resolve to maintain our principles during periods of underperformance as in recent times, avoiding the dangers of straying from our methodology in a misguided effort to chase higher short-term returns.

*   Effective April 1, 2012, David Iben was replaced by Emily Alejos and Andrew Thelen as portfolio managers 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.

14

PORTFOLIO MANAGERS’ REPORT ING GREATER CHINA FUND

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	China	45.7	%
	Taiwan	28.4	%
	Hong Kong	25.6	%
	Assets in Excess of Other Liabilities	0.3	%
	Net Assets	100.0	%
	Portfolio holdings are subject to change daily.

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

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of 3.45% compared to the MSCI All Countries Golden Dragon Index^SM, which returned 5.74% for the same period.

Portfolio Specifics: During the period, the People’s Bank of China announced two cuts in its reserve requirement ratio (“RRR”) for major commercial banks by a total of 1% to stimulate loan demand. Inflation declined from 4.2% in November to 3.4% in April. Trade figures remained weak, with November exports growing at 13.8% year-over-year, then declining to 4.9% by April. Premier Wen officially revised the government’s target of GDP growth down from 8.0% to 7.5%.

After a weak March, the Chinese market rebounded in April, led by the stronger performance of its domestic A shares⁽¹⁾. Corporate earnings for the latter part of 2011 showed divergent performance from those of banks: properties and gas distributors reported better than expected earnings while insurers and materials producers disappointed.

The Fund underperformed its benchmark due to negative stock selection, slightly mitigated by positive sector allocation. Regional allocation had minimal impact. Security selection among consumer discretionary companies was the biggest detractor from relative results, followed by information technology and materials.

The most significant stocks that detracted were off-index positions in Chow Sang Sang Holdings International Ltd. and Oriental Watch Holdings Ltd., and an overweight of China Life Insurance Co. Ltd. High-end retailers Chow Sang Sang and Oriental Watch declined due to the slowdown of high-end consumer spending in China. The overweight in China Life (Taiwan) hurt as its overseas exposure to European corporate bonds deteriorated.

In contrast, the Fund benefited from its overweights of infrastructure company China Communications Construction Co. Ltd., China Minsheng Banking Corp. Ltd. and Hon Hai Precision Industry Co. Ltd. China Communications Construction gained thanks to the government’s renewed spending on the segment. An overweight in China Minsheng helped, as it delivered stronger margins than its peers thanks to its SME lending focus.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Taiwan Semiconductor Manufacturing Co., Ltd.	5.7	%
China Mobile Ltd.	5.0	%
Hon Hai Precision Industry Co., Ltd.	3.2	%
CNOOC Ltd.	3.0	%
Industrial and Commercial Bank of China Ltd.	2.9	%
China Construction Bank	2.9	%
Tencent Holdings Ltd.	2.6	%
PetroChina Co., Ltd.	2.5	%
Chow Sang Sang Holdings International Ltd.	2.4	%
AIA Group Ltd.	2.4	%
Portfolio holdings are subject to change daily.

In Hong Kong retail sales continued to perform well thanks to the strong influx of Chinese tourists. Physical property prices, after retreating from multi-year high levels in the fourth quarter of 2011 during the market correction, rebounded in the first quarter of 2012 as the low interest rate environment persisted. In Taiwan, the headwinds of capital gains taxes and higher electricity tariffs led to market underperformance. Taiwan held its presidential election on January 14 and the incumbent, President Ma, won by a larger than expected margin. The market perceived this as implying that the pro-business policies of President Ma would continue in the next term.

Current Strategy and Outlook: Earnings are still being revised downward for 2012, but we believe we are not far away from a cyclical trough. We think inflation will continue to moderate over the next few months, providing more room to normalize monetary policy. The RRR may be cut further. While we believe an outright interest rate cut looks unlikely in the first half of 2012, the government has been supporting the market by increasing loan quotas for commercial banks while relaxing their capital requirements, particularly regarding small and medium-sized enterprise lending. The market is still trading at the lower end of its five-year historical price-earnings ratio and price-to-book-value ratio. The small- to mid-cap segment looks particularly interesting: we believe many of these stocks still trade at distressed valuations. We favor energy, industrials and consumer discretionary, which we believe look cheap versus the rest of the market. The potential slowdown in the Chinese economy has hurt materials-related companies. However, recent moderation in upstream input prices makes us constructive on selected downstream manufacturing companies, whose profit margins may improve. We believe the rally could continue in the medium term and therefore remain overweight in China.

In Taiwan, valuations among financials have become more attractive as share prices have come down while their Chinese peers have bounced back from the September low. However, persistently low interest rates in the global market will probably postpone any further domestic interest rate hikes, which in turn could affect the banks’ margin expansions while credit costs are likely to trend up. We have added to the Fund’s positions in the transportation sector, as tourism growth from improvement in the cross-strait relationship should continue helping the economy. The Fund is maintaining a neutral weight in Taiwan, as its recent rally may have partially priced in the better than expected election result.

*	Michael Chiu was removed as a portfolio manager to the Fund effective May 18, 2012. Guy Uding and William Pang were added as portfolio managers to the Fund effective May 7, 2012
(1)	Domestic A shares refers to the shares traded on the Shanghai and Shenzhen Stock Exchanges, which are generally only available to mainland citizens.

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.

15

ING INDEX PLUS INTERNATIONAL EQUITY FUND PORTFOLIO MANAGERS’ REPORT

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	Japan	22.6	%
	United Kingdom	20.0	%
	Australia	8.6	%
	Germany	7.7	%
	Switzerland	7.5	%
	France	7.4	%
	Spain	4.5	%
	Sweden	3.5	%
	Netherlands	3.1	%
	Countries between 0.0%–2.4%ˆ	13.8	%
	Assets in Excess of Other Liabilities*	1.3	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 17 countries, which each represents 0.0%–2.4% of net assets.
	Portfolio holdings are subject to change daily.

ING Index Plus International Equity Fund (“Index Plus International Equity” or the “Fund”) seeks to outperform the total return performance of the MSCI Europe, Australasia and Far East® Index (“MSCI EAFE® Index”) while maintaining a market level of risk. The Fund is managed by Sam Lam and Vincent Costa, Portfolio Managers, both of ING Investment Management Co. LLC — the Sub Adviser.*

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of 2.38% compared to the MSCI EAFE® Index, which returned 2.44% for the same period.

Portfolio Specifics: In our view, the current investing environment has some parallels with 2011, e.g., weaker data surprises and lingering euro zone worries, but the differences seem far more important. Last year, the earthquake that struck Japan in March had a negative impact on global growth through severe supply chain disruptions. Later in the year, flooding in Thailand also disrupted supply chains. What’s more, the turmoil in the Middle East led to a sharp increase in the price of oil (+35%) between January and April 2011. These natural disasters and political upheavals represented exogenous shocks that are absent today. The situation in Europe is more mixed.

In 2011, emerging markets were tightening monetary policy as inflation fears were heating up because of higher energy and food prices. This year the situation is different: most emerging markets are now easing monetary policy, hoping to fight off a slowdown of economic growth.

Performance of our models was up for the reporting period, and before the deduction of fees and expenses the Fund outperformed its benchmark. Security selection and sector allocation both contributed to relative results. Security selections in the consumer staples, information technology and materials sectors had the biggest positive impact on performance. Security selection in financials, consumer discretionary and utilities had the biggest negative impact on performance.

Top Ten Holdings as of April 30, 2012* (as a percentage of net assets)
Nestle S.A.	2.2	%
Novartis AG	1.6	%
British American Tobacco PLC	1.5	%
HSBC Holdings PLC	1.4	%
Commonwealth Bank of Australia	1.2	%
BP PLC	1.1	%
Royal Dutch Shell PLC — Class B	1.1	%
Vodafone Group PLC	1.1	%
ENI S.p.A.	1.1	%
Total S.A.	1.1	%
* Excludes short-term investments.
Portfolio holdings are subject to change daily.

Positions that contributed most to positive performance were overweights in Deutsche Post AG, AMEC PLC and Arkema. Positions that detracted most from the performance were an overweight in Koninklijke KPN N.V., and underweights in Syngenta AG and Sony Corp.

During the reporting period the Fund employed currency forwards, which had a positive impact on relative results.

Current Strategy and Outlook: Our strategy uses a quantitative investment process that seeks to construct enhanced index portfolios. This process employs multiple, uncorrelated alpha streams and advance forecasting techniques to determine which stocks to over- and underweight relative to the benchmark. The process then combines the forecasted alpha with estimates of risk and trading costs for each stock to construct a portfolio that we believe is designed to maximize return and control for risk relative to the benchmark.

*   Effective November 28, 2011, Sam Lam replaced Pranay Gupta as a 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.

16

PORTFOLIO MANAGERS’ REPORT ING INTERNATIONAL CORE FUND

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	United Kingdom	21.2	%
	Japan	12.3	%
	France	11.1	%
	Switzerland	8.9	%
	Germany	7.7	%
	China	5.9	%
	Canada	4.7	%
	Brazil	3.4	%
	Sweden	3.0	%
	United States	3.0	%
	Countries between 0.1%–2.6%ˆ	18.0	%
	Assets in Excess of Other Liabilities*	0.8	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 18 countries, which each represents 0.1%-2.6% of net assets.
	Portfolio holdings are subject to change daily.

ING International Core Fund (“International Core” or the “Fund”) seeks long-term growth of capital. The Fund’s assets are managed by two sub-advisers —Wellington Management Company, LLP (“Wellington”) and Thornburg Investment Management, Inc. (“Thornburg”) (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). 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: William V. Fries, CFA, Wendy Trevisani, and Lei Wang, CFA, all Portfolio Managers of the portion of the Fund that is managed by Thornburg, and Nicolas M. Choumenkovitch, and Tara Connolly Stilwell, CFA, all Portfolio Managers the portion of the Fund that is managed by Wellington.

Performance: For the six-month period ended April 30, 2012, the Fund’s Class I shares, provided a total return of 6.23% compared to the MSCI Europe, Australasia, Far East® Index (“MSCI EAFE® Index”) and the MSCI All Country World (ex-US) Index^SM (“MSCI ACWI ex-US^SM”), which returned 2.44% and 2.73%, respectively, for the same period.

Portfolio Specifics: Wellington sleeve⁽¹⁾: The fund outperformed the MSCI ACWI ex-US^SM by approximately 437 basis points during the period. The fund’s outperformance versus its benchmark was due to both strong stock selection and allocations among sectors. Stock selection was strongest in the information technology, industrials, and materials sectors. Allocation among sectors, a result of the bottom-up stock selection process, contributed to relative returns as a result of the fund’s underweights to the materials and telecommunications sectors, as well as an overweight to the consumer staples sector. Stock selection within consumer staples, and a modest cash position partially offset positive relative results during the period.

The largest contributor to relative returns was South Korean diversified electronics manufacturer Samsung Electronics (information technology). Also contributing to relative results were Continental (consumer discretionary), a German-based manufacturer of automotive components, and France-based ophthalmic optics company Essilor International (healthcare). The top detractor from relative performance during the period was Brazilian homebuilder PDG Realty (consumer discretionary). Tesco (consumer staples), a UK-based multinational food retailer, as well as France-based commercial property company Unibail-Rodamco (financials), also detracted from relative results.

Top Ten Holdings as of April 30, 2012* (as a percentage of net assets)
BG Group PLC	2.4	%
British American Tobacco PLC	2.3	%
Air Liquide	2.1	%
Fanuc Ltd.	1.8	%
Rolls-Royce Holdings PLC	1.7	%
Canadian National Railway Co.	1.7	%
Mitsubishi UFJ Financial Group, Inc.	1.6	%
Standard Chartered PLC	1.5	%
Roche Holding AG — Genusschein	1.5	%
Novo-Nordisk A/S	1.4	%
* Excludes short-term investments.
Portfolio holdings are subject to change daily.

Thornburg sleeve⁽¹⁾: The fund outperformed the MSCI ACWI ex-US^SM by approximately 247 basis points during the period. The fund benefited from positive stock selection and overweight positions in the consumer discretionary and healthcare sectors. The information technology and financials sectors detracted the most from relative performance. Top contributors to performance for the period were Novo Nordisk A/S, Toyota Motor Corporation, and adidas AG. Primary detractors to performance were HTC Corporation, Tesco Plc, and Telefonica SA (sold out of the fund in December 2011). Use of currency forward contracts contributed to performance during the period.

Current Strategy and Outlook: Wellington sleeve⁽¹⁾: At a macro level, we see signs of economic improvement in the developed world, which we believe will remain in a low growth environment and with low interest rates. While we believe the risk of a sharp economic decline is reduced, we strive to maintain a well-balanced portfolio with investments that represent diverse economic drivers. We continue to hold the stocks of what we believe are attractively valued companies in Europe on a selective basis. Because we believe some level of market volatility will continue in Europe, our investments focus on export-oriented companies or stocks with defensive characteristics. We continue to maintain exposure to emerging markets where growth provides opportunities for companies to increase their returns on capital. While we are watching for signs of inflationary pressures in emerging markets, we have selected companies whose business models benefit from long-term structural drivers.

At the end of the period, we were most overweight the industrials, information technology, and consumer staples sectors, while most underweight financials, telecommunication services, and energy, relative to the benchmark. On a regional basis, we ended the period with our largest overweights in Europe and the United Kingdom, and our biggest underweights to the emerging markets, developed markets in Asia ex. Japan, and North America.

Thornburg sleeve⁽¹⁾: In our opinion, business development, especially in the US, seems to be sustaining a state of recovery. The reversal of stock prices from the depressed levels of last fall reflects healthy reported profits during the important fourth quarter and subsequent confidence levels in developed markets.

We believe continued sovereign funding needs in Europe and the impact of already-announced austerity measures warrant close attention. 2012 is an election year in many countries and confrontation with Iran and rising oil prices remain distinct possibilities. We are optimistic that the stocks we hold in the fund represent sound long term business models and believe they could appreciate over time from a combination of exposure to growth in profits and a rational understanding of their intrinsic value.

(1)   For purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING International Core 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.

17

ING INTERNATIONAL GROWTH FUND PORTFOLIO MANAGERS’ REPORT

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	United Kingdom	20.6	%
	Japan	13.4	%
	Switzerland	9.0	%
	Australia	5.4	%
	China	5.2	%
	Sweden	4.7	%
	France	4.5	%
	Denmark	4.2	%
	Hong Kong	3.8	%
	United States	3.0	%
	Countries between 0.1%–3.3%ˆ	27.3	%
	Liabilities in Excess of Other Assets*	(1.1	)%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 26 countries, which each represents 0.1%-3.3% of net assets.
	Portfolio holdings are subject to change daily.

ING International Growth Fund (“International Growth” or the “Fund”) seeks long-term growth of capital. The Fund’s assets are managed by two sub-advisers — Baillie Gifford Overseas Limited (“Baillie Gifford”) and T. Rowe Price Associates, Inc. (“TRPA”) (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). 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: Gerard Callahan, Iain Campbell, Joe Faraday, and Paul Faulkner, Portfolio Managers of the portion of the Fund that is managed by Baillie Gifford, and Robert W. Smith, Portfolio Manager of the portion of the Fund that is managed by TRPA.*

Performance: For the six-month period ended April 30, 2012, the Fund’s Class I shares, provided a total return of 6.71% compared to the MSCI Europe, Australasia, Far East® Index (“MSCI EAFE® Index”) and the MSCI All Country World (ex-US) Index^SM (“MSCI ACWI ex-US^SM”), which returned 2.44% and 2.73%, respectively, for the same period.

Portfolio Specifics: Baillie Gifford Sleeve⁽¹⁾ — The fund outperformed the MSCI EAFE® Index by approximately 529 basis points during the period.

Several companies based in the U.K. performed well, such as Johnson Matthey, an environmental catalyst supplier, Wood Group, the oil services company and Intertek, a leading testing and certification business. Svenska Handelsbanken, the Swedish retail bank, made a useful recovery from a wobble in its share price last year. Compared to many other banks in Europe, it is less likely to swing around with the gyrations of the euro. We think a financial institution like this, with what we believe are prudent lending standards, will be more valuable over the long run.

The main detractor from relative performance was the Australian surfwear manufacturer and retailer Billabong. Other detractors included Weir Group, the UK engineering company, and CF Alba, a Spanish holding company with significant investments in the construction industry.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Roche Holding AG — Genusschein	1.9	%
Carlsberg A/S	1.8	%
Nestle S.A.	1.7	%
Atlas Copco AB — Class B	1.5	%
BHP Billiton PLC	1.5	%
Svenska Handelsbanken AB	1.5	%
Samsung Electronics Co., Ltd. GDR	1.4	%
Cochlear Ltd.	1.3	%
Novo-Nordisk A/S	1.3	%
Li & Fung Ltd.	1.2	%
Portfolio holdings are subject to change daily.

TRPA sleeve⁽¹⁾ — The fund outperformed the MSCI ACWI ex-US^SM by approximately 235 basis points during the period. Stock selection in industrials and business services contributed. Our positions in Brenntag and Experian boosted returns. Stock selection in consumer staples added value, led by positioning in the beverages industry. Conversely, stock selection in financials detracted, due to selections such as Credit Suisse and AXA. On a regional basis, stock selection in Europe ex UK was the strongest contributor. Latin America was a significant underperformer, due to stock selection.

Current Strategy and Outlook: Baillie Gifford Sleeve⁽¹⁾ — There is always a danger to those of us close to the ‘market noise’ of allowing our own mood to irrationally swing up and down with the general short-term direction of stock markets. We believe the overhang of debt and particularly youth unemployment in many western economies will continue to throw up risks and structural headwinds, and the ‘irony’ of encouraging often overleveraged European banks to borrow their way out of a debt crisis is never far from the surface. We believe there are, however, positive drivers elsewhere. The potent mix of urbanization, education and productivity should continue to drive the spectacular long-term growth trend in China and many other large developing areas of the world. The simple observation that over half the world continues to grow at an impressive rate, whilst confidence appears to be improving from low levels in the other part, forms an important and encouraging backdrop to our stockpicking efforts. The fund remains skewed towards many of these international opportunities.

TRPA sleeve⁽¹⁾ — We are positive on international equities over the longer term, although we believe the markets may remain somewhat choppy in 2012. As always, our focus is on owning what we believe are high-quality growth companies with a competitive advantage in their respective markets that generate strong free cash flow and have seasoned management teams. We believe these are the companies best equipped to navigate and even thrive in the current environment. We are looking for growth from emerging markets fueled by rising domestic consumption, although inflation and mounting interest rates have curbed spending.

*	Effective December 29, 2011, Iain Campbell, Joe Faraday, and Paul Faulkner were added to the prospectus as portfolio managers for the portion of the Fund managed by Baillie Gifford.
(1)	For purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING International Growth 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.

18

PORTFOLIO MANAGERS’ REPORT ING INTERNATIONAL REAL ESTATE FUND

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	Japan	24.0	%
	Hong Kong	19.2	%
	Australia	15.2	%
	Singapore	9.2	%
	United Kingdom	8.3	%
	France	7.4	%
	Canada	4.1	%
	China	2.6	%
	Switzerland	1.6	%
	Sweden	1.6	%
	Countries between 0.1%–1.1%ˆ	4.0	%
	Assets in Excess of Other Liabilities	2.8	%
	Net Assets	100.0	%
	ˆ  Includes 7 countries, which each represents 0.1%–1.1% of net assets.
	Portfolio holdings are subject to change daily.

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

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of 5.50% compared to the S&P Developed ex-US Property Index which returned 5.95% for the same period.

Portfolio Specifics: The past six months have been a period of positive total return for investors in the international real estate securities market. Although a small portion of the overall market, property companies in the Americas posted the strongest returns during the period as the Canadian market benefited from improving economic conditions as well as improving company fundamentals. Performance in the Asia-Pacific region was positive, and returns in the region slightly outperformed the international benchmark. Property companies in Europe significantly underperformed as sovereign debt concerns along with prospects for a slowdown in economic growth have negatively impacted property company performance.

The Fund’s performance trailed the benchmark during the period after the deduction of fees and expenses, primarily as the result of stock selection decisions and was primarily the result of sub-par stock selection in Japan, where our positioning in the Tokyo-focused real estate operating companies as well as the Japanese real estate investment trust (“REIT”) sector hurt performance during the period. Stock selection in Canada and Australia also detracted from relative performance. Stock selection in the U.K. and Hong Kong was positive during the period and helped to offset some of the relative shortfall. Asset allocation decisions added value during the period, due in large part to a continued underweight to the underperforming European region. Allocation decisions in the Asia-Pacific region were a drag on performance as the result of an overweight to the underperforming Hong Kong property market. In the Americas, asset allocation contributed modestly to relative performance as positioning in Brazil and Canada added value during the period.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Mitsubishi Estate Co., Ltd.	6.0	%
Westfield Group	5.3	%
Mitsui Fudosan Co., Ltd.	5.0	%
Cheung Kong Holdings Ltd.	4.3	%
Unibail	3.9	%
Sun Hung Kai Properties Ltd.	3.1	%
Hang Lung Properties Ltd.	2.7	%
CapitaLand Ltd.	2.2	%
Link Real Estate Investment Trust	2.2	%
Land Securities Group PLC	2.1	%
Portfolio holdings are subject to change daily.

Current Strategy and Outlook: The Fund’s positioning remains focused on geographies and property sectors which we believe to have the highest probability of outperforming in the current economic environment, even if this environment encounters some bumps in the road. We continue to be overweight property companies in the Asia-Pacific region and underweight those in Europe. In the Asia-Pacific region, we remain cautious on sub-sectors including Hong Kong and Singapore residential, given deteriorating housing affordability and government policy risk, and on Japanese REITs due to an expected overhang from pending equity issuance. We are more positive on development companies in Japan and China, as well as on Hong Kong retail. In Europe, we favor office companies which focus on London’s West End submarket, and prefer dominant mall companies on the continent.

We believe the evidence from our research and underwriting of real estate companies indicates that property fundamentals generally continue to improve. This is despite a sense that patience is required as the economic recovery remains gradual. This assessment is reflected in our earnings projections which continue to have an upward bias looking forward.

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 SMALL CAP FUND PORTFOLIO MANAGERS’ REPORT

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	Japan	20.4	%
	United Kingdom	17.1	%
	Germany	7.7	%
	Australia	6.5	%
	Hong Kong	4.2	%
	Canada	4.0	%
	France	4.0	%
	Switzerland	3.8	%
	South Korea	3.1	%
	Netherlands	2.9	%
	Countries between 0.0%–2.9%ˆ	24.8	%
	Assets in Excess of Other Liabilities*	1.5	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 31 countries, which each represents 0.0%–2.9% of net assets.
	Portfolio holdings are subject to change daily.

ING International SmallCap Fund (“International SmallCap” or 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, Senior Vice President, Brian K. Wolahan, CFA, Senior Vice President, and Patrick J. McCafferty, CFA, Senior 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.

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of 8.43% compared to the S&P Developed ex-US SmallCap Index and the S&P Euro-Pacific Asia Composite (“EPAC”) SmallCap Index, which returned 4.46% and 5.02%, respectively, for the same period.

Portfolio Specifics: Acadian Sleeve⁽¹⁾ — The fund outperformed the S&P Developed ex-US SmallCap Index by approximately 421 basis points during the period. Alpha was driven by a combination of active stock selection and active country allocations. Stock selection was particularly successful in Japan, where a focus on industrials and consumer discretionary stocks was rewarded. There was also value added from holdings in Canada, Switzerland, Hong Kong, Korea and France. Key country weights adding to return included the underweighting in Spain and active allocation to Thailand.

Less successful markets included the U.K., where both stock selection and the country underweighting detracted return. There was also value lost from Singapore stock selection and the active allocation to India. From a sector perspective, the fund gained from underweighting financials and overweighting IT.

Schroders Sleeve⁽¹⁾ — The fund outperformed the S&P EPAC SmallCap Index by approximately 320 basis points. While international equities have made some modest progress through the six month review period, they have been volatile, buffeted by conflicting developments in the euro currency area, geopolitical concerns and volatility in economic data The performance of smaller companies has been reflective of the shifting sentiment, but they have managed some gains relative to large caps, particularly in Europe.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Forbo Holding AG	1.0	%
Drax Group PLC	0.8	%
Unipres Corp.	0.8	%
Draegerwerk AG & Co. KGaA	0.8	%
Imtech NV	0.7	%
Kanematsu Corp.	0.7	%
Delta Lloyd NV	0.7	%
Rheinmetall AG	0.7	%
Kapsch TrafficCom AG	0.7	%
Aurubis AG	0.6	%
Portfolio holdings are subject to change daily.

Relative performance for the fund has been positive. Stock selection in continental European markets was a key contributor, with some strong showings in telecommunications, consumer cyclicals, financials information technology and energy. Selection was also positive in Pacific ex Japan, the main contribution coming from materials, healthcare, consumer staples and information technology. The exposure to emerging markets also enhanced returns over the period.

Current Strategy and Outlook: Acadian Sleeve⁽¹⁾ — In the face of policy uncertainty in Europe, recent cooling of U.S. economic data, and a slowdown in China, we anticipate further volatility in global equity markets over the next few months. We see the potential for continued growth in many economies, particularly in the emerging markets, but risk factors remain elevated. Smaller-cap stocks have heightened economic sensitivity and may well respond to both good and bad news more emphatically than the broad market. We believe they will be among the first assets to anticipate and rise ahead of economic recovery. Moreover, the very deep universe of stocks in the non-U.S. small-cap arena means that we continue to find many attractive opportunities for the portfolio, with what we believe are both better value and more promising quality and earnings characteristics than the market as a whole.

Schroders Sleeve⁽¹⁾ — There have been parallels between the opening months of 2012 and last year, with upward revisions in growth expectations hand in hand with further rounds of monetary easing, a temporary papering over of euro strains and a recovery in investor sentiment. However, the more cautious mood in recent weeks chimes better with our own expectations given the broader structural constraints to growth in the developed world.

Key regional positions have remained stable through the period as we continue to focus on companies with what we believe are attractive growth prospects, strong management and relatively good balance sheets. The fund remains underweight continental Europe, the United Kingdom and Japan, while overweight Emerging markets and Pacific ex Japan. In terms of sectors, the main underweightings remain in financials, along with information technology, consumer staples, and utilities. Key overweightings are in consumer cyclicals, energy and materials.

(1)   For purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING International SmallCap 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.

20

PORTFOLIO MANAGERS’ REPORT ING INTERNATIONAL VALUE CHOICE FUND

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	Japan	29.4	%
	Canada	13.4	%
	France	11.4	%
	United Kingdom	9.3	%
	South Korea	4.4	%
	South Africa	4.3	%
	Australia	3.5	%
	Germany	3.2	%
	Italy	2.9	%
	United States	1.6	%
	Countries between 0.5%–2.8%ˆ	13.4	%
	Assets in Excess of Other Liabilities*	3.2	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 9 countries, which each represents 0.5%–2.8% of net assets.
	Portfolio holdings are subject to change daily.

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

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of (7.13)% compared to the MSCI Europe, Australasia, Far East® Index (“MSCI EAFE® Index”), which returned 2.44% for the same period.

Portfolio Specifics: For the semi-annual period ending April 30, 2012, the Fund posted negative results and trailed the benchmark. Global equities markets continued to move downward in the first month of the period but rebounded in December thru the first few months of the year. The rally was cyclical in nature as investors also considered fluctuating economic data and the likelihood of further monetary stimulus. The Fund continues to have significant exposure to Canada, Japan and the emerging markets on a regional basis. On a sector basis, the Fund is overweight telecommunication services companies, while maintaining a long held underweighted position in financial companies. Weighing on absolute performance was company specific issues with Nokia Corp and the materials sector.

The Fund’s exposure to the materials sector is mainly held in gold mining companies and underperformed other areas of investment within the sector. Many of these companies have been expanding their reserves and are among the producers of real assets which we find attractive. We continue to have conviction in our gold miner holdings despite some production shortfalls, still rising input costs and relatively lackluster stock performance following capital flight out of commodities stocks. After a substantial run to the $1,900s in the third quarter of last year, the spot price of gold has been weak. However, we see recent spot price declines as likely temporary deviations from the long-term trend of a growing level of demand finding fewer available quantities of the metal, placing well-resourced producers in an enviable position. We have frequently maintained substantial exposures to gold mining companies over the last few years as they’ve commonly been offered at what we view as “sale prices” in relation to the assets they control. We think these discounts represent tremendous values independent of any increases in gold prices.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Barrick Gold Corp.	3.2	%
Telecom Italia S.p.A. RNC	2.9	%
SK Telecom Co., Ltd. ADR	2.9	%
Cameco Corp.	2.8	%
Sanofi-Aventis	2.7	%
Nippon Telegraph & Telephone Corp. ADR	2.7	%
GlaxoSmithKline PLC	2.5	%
Newcrest Mining Ltd.	2.5	%
Dai Nippon Printing Co., Ltd.	2.4	%
Carrefour S.A.	2.4	%
Portfolio holdings are subject to change daily.

Nokia Corp was the Fund’s largest individual detractor of results for the period. Nokia operates in the mobile communication technology industry through various segments including smart devices, mobile phones, location and commerce and Nokia Siemens networks. Declining overall operating margins and delays in implementing Windows 7 as its smartphone operating system have been some of their headwinds. Nokia is a leader among handset makers, which remains a profitable component of their business, and we believe that Nokia is a strong franchise that offers future value at current levels.

A noteworthy positive contributor to absolute results was TNT Express NV. TNT offers domestic, regional and intercontinental delivery services, mainly to business-to-business customers. We eliminated the position in the Fund in the first quarter due to strong price appreciation following an unsolicited offer from UPS to purchase the company. In May 2011, TNT separated its Express business from its Mail business in order to fully recognize the Express business’ value. As a result, we believe this recent spinoff and UPS bid have allowed the market to begin to recognize its intrinsic value.

Current Strategy and Outlook: A common theme in this commentary has been the importance of well-informed conviction in the face of challenging performance. Our company-by-company views are driven by rigorous, fundamental, grass-roots research conducted by global sector analysts. We believe this work helps us to robustly determine our estimate of a company’s intrinsic value, and helps us to evaluate if we are being offered attractive values as the market provides lower prices. Additionally, our research provides us with perspective on when to trim positions as companies approach what we believe is their fair value. This gives us the resolve to maintain our principles during periods of underperformance, as in recent times, avoiding the dangers of straying from our methodology in a misguided effort to chase higher short-term returns.

* Effective April 1, 2012, Alberto Jimenez Crespo is no longer a portfolio manager to the Fund.

Fund 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 Fund 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 INTERNATIONAL VALUE FUND PORTFOLIO MANAGERS’ REPORT

Geographic Diversification as of April 30, 2012 (as a percentage of net assets)
	Japan	24.2	%
	United Kingdom	19.4	%
	France	7.7	%
	Netherlands	7.6	%
	Germany	6.0	%
	Italy	5.6	%
	Switzerland	5.3	%
	United States	2.0	%
	Sweden	1.9	%
	Canada	1.7	%
	Countries between 0.3%–1.6%ˆ	16.2	%
	Assets in Excess of Other Liabilities*	2.4	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	ˆ   Includes 17 countries, which each represents 0.3%–1.6% of net assets.
	Portfolio holdings are subject to change daily.

ING International Value Fund (“International Value” or the “Fund”) seeks long-term capital appreciation. The Fund’s assets are managed by three sub-advisers — Brandes Investment Partners, L.P. (“Brandes”), ING Investment Management Co. LLC (“ING IM”) and del Rey Global Investors, LLC (“del Rey”) (each a “Sub-Adviser and collectively, the ”Sub-Advisers“).* 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 the portion of the Fund that is managed by ING IM; and Paul Hechmer is the Portfolio Manager for the portion of the Fund that is managed by del Rey.

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of (0.26)% compared to the MSCI Europe, Australasia and Far East® Index (”MSCI EAFE® Index“), which returned 2.44% for the same period.

Portfolio Specifics: Brandes Sleeve⁽¹⁾ — The fund underperformed the MSCI EAFE® Index by approximately 275 basis points during the period. The largest regional detractor to the fund was exposure to Europe. Negative performance for companies based in France weighed heaviest on performance. France Telecom (diversified telecommunication services), Carrefour (food & staples retailing) and Total (oil gas & consumable fuels) were among the France-based holdings contributing to negative performance during the year. The fund’s holdings in Italy and Spain also weighed on performance for the period, including Telecom Italia S.p.A (Italy — diversified telecommunication services) and Telefonica (Spain — diversified telecommunication services).

From an industry perspective, underperformance for the period stemmed largely from declines for holdings in the diversified telecommunication services, oil gas & consumable fuels and food & staples retailing industries. Among the weaker-performing holdings in these industries were Nippon Telegraph & Telephone (Japan — diversified telecommunication services), Petrobras Petroleo Brasileiro (Brazil — oil gas & consumable fuels), and William Morrison Supermarkets (United Kingdom — food & staples retailing) industries.

There were some bright spots in the fund as holdings in the United Kingdom, Japan and Switzerland tended to register positive performance. Top-performers from these countries included ITV PLC (United Kingdom — media), Toyota Motor Corp. (Japan — automobiles), and Swiss Reinsurance (Switzerland — insurance).

As of April 30, 2012, the fund’s most substantial country weighting was in Japan. On an industry basis, the fund’s largest exposure was in diversified telecommunication services.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Sanofi-Aventis	2.4	%
Unilever NV	1.8	%
ENI S.p.A.	1.7	%
Royal Dutch Shell PLC — Class A	1.6	%
GlaxoSmithKline PLC	1.6	%
Total S.A.	1.5	%
Seven & I Holdings Co., Ltd.	1.5	%
Telecom Italia S.p.A. RNC	1.5	%
Siemens AG	1.5	%
Vodafone Group PLC	1.4	%
Portfolio holdings are subject to change daily.

ING IM Sleeve⁽¹⁾ — The fund outperformed the MSCI EAFE® Index by approximately 70 basis points during the period. The fund outperformed the benchmark as a result of strong stock selection, most of which originated in Japan. Negative allocation effects partially offset the positive selection result. Stock selection within the financial, information technology and telecommunication services sectors was most favorable. These gains, however, were mitigated by security selection within consumer staples, utilities and healthcare.

Within financials, Hannover Rückversicherung AG (Germany), a global reinsurance company, reported better-than-expected first quarter results. Within information technology, Hitachi Ltd. (Japan), a manufacturer of electronic and electrical equipment, was a notable contributor to performance. Hitachi reported strong fiscal year earnings despite the headwinds of the March earthquake and the floods in Thailand. European Aeronautic Defence and Space Co. N.V. (France) reported strong earnings due to significantly higher sales in its Airbus planes division. Fiat Industrial S.p.A. (Italy), a leading manufacturer of agricultural equipment, reported solid earnings due to strong tractor sales.

Within consumer staples, Metro AG (German), a supermarket chain operator, disappointed due to shortfalls in its electronic division. Tesco PLC, a leading United Kingdom food retailer, detracted from performance after it reported an earnings shortfall due to weak Christmas sales. Enel S.p.A (Italy), a provider of electricity and natural gas, performed badly due to its exposure to weak Italian and Spanish electricity markets.

del Rey Sleeve⁽¹⁾ — The fund underperformed the MSCI EAFE® Index by approximately 920 basis points during the period. Like many of the last several quarters, as went precious metals and financials, so went our relative performance, and both sectors weighed on our results during the six-month period. Our materials position lagged as the more cyclically sensitive industrial metals performed relatively well versus our precious metal holdings. Likewise, financials, a sector in which we are underweight, also detracted from our performance during the period. In addition, our selection in the information technology space also detracted. Offsetting this somewhat has been the positive contributions from our utilities and energy holdings, as names like Huaneng Power and Nexen rallied strongly. Similarly, the non-mining portions of our emerging markets exposure, especially our positions in China, contributed to our overall performance.

Current Strategy and Outlook: Brandes Sleeve⁽¹⁾ — Amid challenges facing the global economy, we continue to actively monitor and assess macroeconomic and geopolitical developments, especially those coming from Europe. We continue to identify and invest in potentially under-valued companies trading at a discount to what we believe are their estimated intrinsic values, or what we believe they are worth. Despite short-term concerns, we believe the fund is well-positioned to take advantage of opportunities created by market volatility.

ING IM Sleeve⁽¹⁾ — During the first part of the reporting period, global equity markets recovered strongly due to a more positive outlook for Europe after aggressive monetary support from the European Central Bank. In the latter part of the reporting period, markets lost some ground due to concerns that these support measures could prove inadequate to prevent a serious slowdown of the European economy. While we believe that international developed equities are attractively priced, the risk of a material economic slowdown suggests significant volatility in the coming months. Given this outlook, we have positioned the fund with a focus on what we believe are high-quality companies that may benefit from an improving outlook later this year, as well as companies that in our view potentially may provide less volatile performance than the overall market.

del Rey Sleeve⁽¹⁾ — We believe the exuberance of the last two quarters seems to be reverting to bearishness. European banks, up 20% through the first calendar quarter, are less than three weeks later back to break-even on the year. Similarly, many other cyclical companies are quickly returning the great gains of the last six months. Top down, we believe most regions face considerable risks and correspondingly present considerable concerns. But, the flip side of uncertainty is opportunity, and we are finding what we believe are good opportunities throughout the world. Rather than take big bets on any one of them, we are being cautious by remaining well-diversified. Overall, this probably leaves us somewhat defensively positioned and underweight beta.

(1) 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.

22

PORTFOLIO MANAGERS’ REPORT ING RUSSIA FUND

Sector Diversification as of April 30, 2012 (as a percentage of net assets)
	Energy	42.6	%
	Financials	17.2	%
	Materials	13.4	%
	Consumer Staples	8.5	%
	Utilities	7.8	%
	Telecommunications	6.2	%
	Information Technology	1.4	%
	Industrials	1.2	%
	Consumer Discretionary	0.7	%
	Assets in Excess of Other Liabilities*	1.0	%
	Net Assets	100.0	%
	*  Includes short-term investments.
	Portfolio holdings are subject to change daily.

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

Performance: For the six-month period ended April 30, 2012, the Fund’s Class A shares, excluding sales charges, provided a total return of 0.42% compared to the Russia Trading System (”RTS“) Index and the MSCI Russia 10/40 Index, which returned 2.61% and 1.69%, respectively, for the same period.

Portfolio Specifics: The Russian equity market was volatile over the six-month reporting period due to external and domestic events. The continuing European sovereign crisis created volatility in the markets as the Russian parliamentary and presidential elections took place in December 2011 and March 2012, respectively. The Russian economy had been performing well, supported by firm oil prices, accelerating credit growth, increased social spending and as a result, higher domestic consumption. GDP growth over this period was above 4%, while inflation was in control at around 7%. The Russian market moved generally in line with the MSCI Emerging Markets Index^SM, while it underperformed the MSCI World Index^SM.

We are seeing increasing momentum in the discussion on financial market reforms in Russia, as there currently is the plan to increase the dividends paid by state-controlled companies from the current 14% of net profits to 25%. This would raise payouts to all shareholders, foreign investors included. The main driver is the government’s push to increase revenues where it can, after the increased social spending in the election cycle caused the Russian budget to break even at an oil price of around $120. Another example of a financial reform is the introduction of a central depository including a shift to T+3 trading which makes a wider range of Russian stocks investable for international investors.

Over the last six months, the Fund had overweight positions in the domestic sectors relative to the MSCI Russia 10/40 Index, while being underweight the non-domestic sectors such as energy. While oil prices were strong during the period, we saw more interesting opportunities outside the energy and materials sectors in the Russian equity market to benefit from the growing economy. We added to the utilities sector at the beginning of the period, after pressures on the sector diminished. The sector weights in the Fund were relatively stable over the period, where most changes happened within the sectors. The Fund maintains a preference for domestic exposures such as infrastructure, consumption and banking. With the taxation debate on the rise again and the most likely targets being the energy and natural resources industries, we believe that the Fund is correctly positioned going forward.

Top Ten Holdings as of April 30, 2012 (as a percentage of net assets)
Sberbank of Russian Federation	11.4	%
NovaTek OAO GDR	8.4	%
Lukoil OAO ADR	7.7	%
Gazprom OAO	7.3	%
Magnit OAO	5.8	%
Transneft	4.4	%
RusHydro	3.8	%
Tatneft ADR	3.8	%
Uralkali GDR	3.7	%
Severstal OAO GDR	3.3	%
Portfolio holdings are subject to change daily.

During the reporting period the Fund’s sector allocation had a neutral impact on relative performance, while stock selection detracted. The best performing sectors in Russia were consumer staples, telecommunications services and financials. The worst performing sectors were materials and utilities. The results of the Fund’s sector allocations were mixed. The Fund’s overweight in telecommunications services was strongly negative but offset by positive security selection. An overweight of consumer staples helped but was mitigated by negative stock selection in the sector. The negative impact of the Fund’s significant underweight of energy was worsened by negative security selection. In contrast, security selection added value to enhance the Fund’s allocation to materials, making this the top contributing sector for the period.

In terms of stock performance, the top three relative contributors were Inter RAO UES (utility, underweight), Rostelecom (telecom, underweight) and Magnit (consumer staples, overweight). The worst three relative contributors were Transneft (energy, underweight), Federal Grid Co. UN (utility, overweight) and Mobile Telesystems (telecom, underweight).

During the period the Fund used currency forwards, which slightly contributed to relative performance.

Current Outlook and Strategy: The Fund’s strategy continues to concentrate on identifying what we believe are long-term, fundamentally attractive opportunities at both 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 our opinion, the market valuation level for Russian equities is attractive compared to other emerging markets, but it must be remembered that Russia has a market of stocks and not a stock market — as can be seen by the wide range of valuations among stocks and sectors — where premiums and discounts seem well justified given the fundamental environment. The Fund continues to seek opportunities that fit with our view of the development of the economy; looking for exposure to domestic demand growth, infrastructure spending, liberalization of markets and external trade. The Fund expects to keep its underweight in energy, materials, utilities and telecommunications service and maintain a longer-term preference for domestic over resource sectors. The majority of the portfolio risk is being taken at the stock level, where we continue to play what we believe are strong companies against weak companies within their relevant sectors.

* Effective May 8, 2012, Nathan Griffiths replaced Remco Vergeer as a 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.

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, 2011 to April 30, 2012. 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 a 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, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio			Expenses Paid During the Period Ended April 30, 2012*		Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio			Expenses Paid During the Period Ended April 30, 2012*
ING Diversified International Fund**
Class A		$1,000.00	$	1,050.70		0.50	%		$  2.55		$1,000.00	$	1,022.38		0.50	%		$  2.51
Class B		1,000.00		1,047.30		1.25			6.36		1,000.00		1,018.65		1.25			6.27
Class C		1,000.00		1,047.40		1.25			6.36		1,000.00		1,018.65		1.25			6.27
Class I		1,000.00		1,051.90		0.25			1.28		1,000.00		1,023.62		0.25			1.26
Class O		1,000.00		1,050.90		0.50			2.55		1,000.00		1,022.38		0.50			2.51
Class R		1,000.00		1,048.70		0.75			3.82		1,000.00		1,021.13		0.75			3.77
Class W		1,000.00		1,052.40		0.25			1.28		1,000.00		1,023.62		0.25			1.26
ING Emerging Countries Fund
Class A		1,000.00		1,022.70		1.85			9.30		1,000.00		1,015.66		1.85			9.27
Class B		1,000.00		1,018.60		2.60			13.05		1,000.00		1,011.93		2.60			13.01
Class C		1,000.00		1,019.00		2.60			13.05		1,000.00		1,011.93		2.60			13.01
Class I		1,000.00		1,024.10		1.50			7.55		1,000.00		1,017.40		1.50			7.52
Class W		1,000.00		1,023.80		1.60			8.05		1,000.00		1,016.91		1.60			8.02

 

*	Expenses are equal to each Funds’ respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.
**	The annualized expense ratios do not include expenses of underlying funds.

24

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio			Expenses Paid During the Period Ended April 30, 2012*		Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio			Expenses Paid During the Period Ended April 30, 2012*
ING Emerging Markets Equity Fund
Class A		$1,000.00	$	1,063.00		1.50	%		$  7.69		$1,000.00	$	1,017.40		1.50	%		$  7.52
Class C		1,000.00		1,060.20		2.25			11.53		1,000.00		1,013.67		2.25			11.26
Class I		1,000.00		1,065.10		1.25			6.42		1,000.00		1,018.65		1.25			6.27
Class R		1,000.00		1,062.00		1.75			8.97		1,000.00		1,016.16		1.75			8.77
Class W		1,000.00		1,065.10		1.25			6.42		1,000.00		1,018.65		1.25			6.27
ING Global Bond Fund
Class A		1,000.00		1,029.40		0.90			4.54		1,000.00		1,020.39		0.90			4.52
Class B		1,000.00		1,025.00		1.65			8.31		1,000.00		1,016.66		1.65			8.27
Class C		1,000.00		1,025.00		1.65			8.31		1,000.00		1,016.66		1.65			8.27
Class I		1,000.00		1,030.20		0.60			3.03		1,000.00		1,021.88		0.60			3.02
Class O		1,000.00		1,028.20		0.90			4.54		1,000.00		1,020.39		0.90			4.52
Class R		1,000.00		1,026.80		1.15			5.80		1,000.00		1,019.14		1.15			5.77
Class W		1,000.00		1,030.40		0.65			3.28		1,000.00		1,021.63		0.65			3.27
ING Global Equity Dividend Fund
Class A		1,000.00		1,065.20		1.43			7.34		1,000.00		1,017.75		1.43			7.17
Class B		1,000.00		1,060.40		2.18			11.17		1,000.00		1,014.02		2.18			10.92
Class C		1,000.00		1,060.70		2.18			11.17		1,000.00		1,014.02		2.18			10.92
Class I		1,000.00		1,066.40		1.14			5.86		1,000.00		1,019.19		1.14			5.72
Class O		1,000.00		1,065.20		1.43			7.34		1,000.00		1,017.75		1.43			7.17
Class W		1,000.00		1,066.00		1.18			6.06		1,000.00		1,019.00		1.18			5.92
ING Global Natural Resources Fund
Class A		1,000.00		977.00		1.52			7.47		1,000.00		1,017.30		1.52			7.62
Class I		1,000.00		978.40		1.21			5.95		1,000.00		1,018.85		1.21			6.07
Class W		1,000.00		977.80		1.27			6.25		1,000.00		1,018.55		1.27			6.37
ING Global Opportunities Fund
Class A		1,000.00		1,062.80		1.50			7.69		1,000.00		1,017.40		1.50			7.52
Class B		1,000.00		1,059.40		2.25			11.52		1,000.00		1,013.67		2.25			11.26
Class C		1,000.00		1,059.40		2.25			11.52		1,000.00		1,013.67		2.25			11.26
Class I		1,000.00		1,065.20		1.05			5.39		1,000.00		1,019.64		1.05			5.27
Class W		1,000.00		1,065.00		1.25			6.42		1,000.00		1,018.65		1.25			6.27
ING Global Real Estate Fund
Class A		1,000.00		1,091.20		1.33			6.92		1,000.00		1,018.25		1.33			6.67
Class B		1,000.00		1,086.50		2.08			10.79		1,000.00		1,014.52		2.08			10.42
Class C		1,000.00		1,087.10		2.08			10.79		1,000.00		1,014.52		2.08			10.42
Class I		1,000.00		1,092.30		1.00			5.20		1,000.00		1,019.89		1.00			5.02
Class O		1,000.00		1,091.20		1.33			6.92		1,000.00		1,018.25		1.33			6.67
Class R		1,000.00		1,089.30		1.58			8.21		1,000.00		1,017.01		1.58			7.92
Class W		1,000.00		1,092.30		1.08			5.62		1,000.00		1,019.49		1.08			5.42

 

* Expenses are equal to each Funds’ respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 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, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio			Expenses Paid During the Period Ended April 30, 2012*		Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio			Expenses Paid During the Period Ended April 30, 2012*
ING Global Value Choice Fund
Class A		$1,000.00	$	918.10		1.50	%		$  7.15		$1,000.00	$	1,017.40		1.50	%		$  7.52
Class B		1,000.00		914.80		2.25			10.71		1,000.00		1,013.67		2.25			11.26
Class C		1,000.00		914.90		2.25			10.71		1,000.00		1,013.67		2.25			11.26
Class I		1,000.00		919.40		1.21			5.77		1,000.00		1,018.85		1.21			6.07
Class W		1,000.00		919.40		1.25			5.97		1,000.00		1,018.65		1.25			6.27
ING Greater China Fund
Class A		1,000.00		1,034.50		2.10			10.62		1,000.00		1,014.42		2.10			10.52
Class B		1,000.00		1,030.70		2.85			14.39		1,000.00		1,010.69		2.85			14.25
Class C		1,000.00		1,030.70		2.85			14.39		1,000.00		1,010.69		2.85			14.25
Class I		1,000.00		1,036.50		1.68			8.51		1,000.00		1,016.51		1.68			8.42
Class O		1,000.00		1,034.80		2.10			10.62		1,000.00		1,014.42		2.10			10.52
Class W		1,000.00		1,035.10		1.85			9.36		1,000.00		1,015.66		1.85			9.27
ING Index Plus International Equity Fund
Class A		1,000.00		1,023.80		1.15			5.79		1,000.00		1,019.14		1.15			5.77
Class B		1,000.00		1,020.90		1.90			9.55		1,000.00		1,015.42		1.90			9.52
Class C		1,000.00		1,021.30		1.90			9.55		1,000.00		1,015.42		1.90			9.52
Class I		1,000.00		1,026.60		0.77			3.88		1,000.00		1,021.03		0.77			3.87
Class O		1,000.00		1,025.50		1.15			5.79		1,000.00		1,019.14		1.15			5.77
Class W		1,000.00		1,024.80		0.90			4.53		1,000.00		1,020.39		0.90			4.52
ING International Core Fund
Class I		1,000.00		1,062.30		0.95			4.87		1,000.00		1,020.14		0.95			4.77
ING International Growth Fund
Class I		1,000.00		1,067.10		0.99			5.09		1,000.00		1,019.94		0.99			4.97
ING International Real Estate Fund
Class A		1,000.00		1,055.00		1.50			7.66		1,000.00		1,017.40		1.50			7.52
Class B		1,000.00		1,052.30		2.25			11.48		1,000.00		1,013.67		2.25			11.26
Class C		1,000.00		1,051.10		2.25			11.47		1,000.00		1,013.67		2.25			11.26
Class I		1,000.00		1,055.60		1.20			6.13		1,000.00		1,018.90		1.20			6.02
Class W		1,000.00		1,056.20		1.25			6.39		1,000.00		1,018.65		1.25			6.27
ING International Small Cap Fund
Class A		1,000.00		1,084.30		1.69			8.76		1,000.00		1,016.46		1.69			8.47
Class B		1,000.00		1,081.00		2.34			12.11		1,000.00		1,013.23		2.34			11.71
Class C		1,000.00		1,080.90		2.34			12.11		1,000.00		1,013.23		2.34			11.71
Class I		1,000.00		1,086.80		1.26			6.54		1,000.00		1,018.60		1.26			6.32
Class O		1,000.00		1,085.00		1.59			8.24		1,000.00		1,016.96		1.59			7.97
Class W		1,000.00		1,086.20		1.34			6.95		1,000.00		1,018.20		1.34			6.72
ING International Value Choice Fund
Class A		1,000.00		928.70		1.60			7.67		1,000.00		1,016.91		1.60			8.02
Class B		1,000.00		925.70		2.35			11.25		1,000.00		1,013.18		2.35			11.76
Class C		1,000.00		926.30		2.35			11.26		1,000.00		1,013.18		2.35			11.76
Class I		1,000.00		929.90		1.35			6.48		1,000.00		1,018.15		1.35			6.77
Class W		1,000.00		929.70		1.35			6.48		1,000.00		1,018.15		1.35			6.77

 

* Expenses are equal to each Funds’ respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

26

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio			Expenses Paid During the Period Ended April 30, 2012*		Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio			Expenses Paid During the Period Ended April 30, 2012*
ING International Value Fund
Class A		$1,000.00	$	997.40		1.63	%		$  8.09		$1,000.00	$	1,016.76		1.63	%		$  8.17
Class B		1,000.00		994.00		2.33			11.55		1,000.00		1,013.28		2.33			11.66
Class C		1,000.00		994.20		2.33			11.55		1,000.00		1,013.28		2.33			11.66
Class I		1,000.00		999.10		1.23			6.11		1,000.00		1,018.75		1.23			6.17
Class W		1,000.00		999.20		1.33			6.61		1,000.00		1,018.25		1.33			6.67
ING Russia Fund
Class A		1,000.00		1,004.20		2.18			10.86		1,000.00		1,014.02		2.18			10.92
Class I		1,000.00		1,006.20		1.88			9.38		1,000.00		1,015.51		1.88			9.42
Class W		1,000.00		1,005.60		1.93			9.62		1,000.00		1,015.27		1.93			9.67

 

* Expenses are equal to each Funds’ respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

27

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2012 (UNAUDITED)

	ING Diversified International Fund			ING Emerging Countries Fund			ING Emerging Markets Equity Fund		ING Global Bond Fund
ASSETS:
Investments in securities at value+*	$	5,063,130		$	80,648,482		$	89,651,517	$	597,489,692
Investments in affiliated underlying funds**		107,815,841			—			—		—
Short-term investments at value***		—			2,063,440			3,473,684		24,295,613
Short-term investments at amortized cost		—			—			—		122,714,255
Cash		12,232			75,061			1,414,334		947,004
Cash collateral for futures		—			—			—		4,777,235
Receivable for derivatives collateral (Note 2)		—			—			64,000		22,070,000
Foreign currencies at value*****		—			165,602			554,169		1,724,011
Receivables:
Investments in affiliated underlying funds sold		11,969,161			—			—		—
Investments securities sold		—			629,430			6,461		7,289,766
Fund shares sold		175,682			43,903			9,431,364		29,528,427
Dividends		—			211,182			248,426		668
Interest		—			424			—		7,311,993
Variation margin		—			—			6,490		—
Unrealized appreciation on forward foreign currency contracts		—			—			—		14,005,491
Upfront payments paid on OTC swap agreements		—			—			—		320,393
Unrealized appreciation on OTC swap agreements		—			—			—		2,082,863
Prepaid expenses		51,327			36,798			82,331		63,814
Reimbursement due from manager		7,215			2,413			24,527		15,783
Total assets		125,094,588			83,876,735			104,957,303		834,637,008
LIABILITIES:
Payable for investments in affiliated underlying funds purchased		11,873,009			—			—		—
Payable for investment securities purchased		—			345,106			6,481		28,195,402
Payable for investment securities purchased on a delayed-delivery or when-issued basis		—			—			—		1,820,432
Payable for fund shares redeemed		336,173			46,932			7,565,282		61,729,082
Payable for foreign cash collateral for futures*******		—			—			—		542,659
Payable upon receipt of securities loaned		—			2,063,440			3,473,684		—
Unrealized depreciation on forward foreign currency contracts		—			—			—		14,729,043
Upfront payments received on OTC swap agreements		—			—			—		5,854,563
Unrealized depreciation on OTC swap agreements		—			—			—		14,425,738
Payable to affiliates		56,881			96,170			83,256		428,021
Payable for trustee fees		583			410			453		3,382
Payable for derivatives collateral (Note 2)		—			—			—		3,010,000
Other accrued expenses and liabilities		180,441			94,537			136,467		142,388
Written options, at fair valueˆ		—			—			—		733,398
Total liabilities		12,467,087			2,646,595			11,265,623		131,614,108
NET ASSETS	$	112,647,501		$	81,230,140		$	93,691,680	$	703,022,900
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	270,582,140		$	147,275,185		$	82,018,337	$	704,721,287
Undistributed (distributions in excess of) net investment income / Accumulated net investment loss		290,300			(132,638	)		295,484		(3,006,703	)
Accumulated net realized gain (loss)		(162,323,842	)		(68,579,814	)		1,574,535		671,360
Net unrealized appreciation		4,098,903			2,667,407			9,803,324		636,956
NET ASSETS	$	112,647,501		$	81,230,140		$	93,691,680	$	703,022,900
+ Including securities loaned at value	$	—		$	1,999,361		$	3,359,384	$	—
* Cost of investments in securities	$	5,266,707		$	77,980,786		$	79,831,035	$	584,885,762
** Cost of investments in affiliated underlying funds	$	103,513,362		$	—		$	—	$	—
*** Cost of short-term investments	$	—		$	2,063,440		$	3,473,684	$	24,112,619
***** Cost of foreign currencies	$	—		$	165,084		$	572,041	$	1,777,449
******* Cost of payable for foreign cash collateral for futures	$	—		$	—		$	—	$	542,659
ˆ Premiums received on written options	$	—		$	—		$	—	$	1,498,799

 

See Accompanying Notes to Financial Statements

28

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

	ING Diversified International Fund		ING Emerging Countries Fund		ING Emerging Markets Equity Fund		ING Global Bond Fund
Class A
Net assets	$	53,339,158	$	58,811,717	$	150,403	$	206,518,564
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		5,964,784		2,327,821		13,235		17,851,697
Net asset value and redemption price per share	$	8.94	$	25.26	$	11.36	$	11.57
Maximum offering price per share (5.75%)(1)	$	9.49	$	26.80	$	12.05	$	11.87	(2)
Class B
Net assets	$	9,013,607	$	1,481,770	$	n/a	$	1,912,980
Shares authorized		unlimited		unlimited		n/a		unlimited
Par value	$	—	$	—	$	n/a	$	—
Shares outstanding		1,007,558		60,252		n/a		166,942
Net asset value and redemption price per share†	$	8.95	$	24.59	$	n/a	$	11.46
Class C
Net assets	$	34,298,142	$	10,171,168	$	3,406	$	102,977,438
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		3,842,459		440,515		301		8,953,083
Net asset value and redemption price per share†	$	8.93	$	23.09	$	11.32	$	11.50
Class I
Net assets	$	10,995,533	$	7,657,980	$	91,562,581	$	359,389,511
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		1,234,416		300,182		8,046,162		31,163,846
Net asset value and redemption price per share	$	8.91	$	25.51	$	11.38	$	11.53
Class O
Net assets	$	3,976,519	$	n/a	$	n/a	$	4,124,900
Shares authorized		unlimited		n/a		n/a		unlimited
Par value	$	—	$	n/a	$	n/a	$	—
Shares outstanding		448,523		n/a		n/a		362,999
Net asset value and redemption price per share	$	8.87	$	n/a	$	n/a	$	11.36
Class R
Net assets	$	102,428	$	n/a	$	3,416	$	263,791
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—	$	n/a	$	—	$	—
Shares outstanding		11,591		n/a		301		22,833
Net asset value and redemption price per share	$	8.84	$	n/a	$	11.35	$	11.55
Class W
Net assets	$	922,114	$	3,107,505	$	1,971,874	$	27,835,716
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		103,846		116,696		173,337		2,450,564
Net asset value and redemption price per share	$	8.88	$	26.63	$	11.38	$	11.36

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

 

See Accompanying Notes to Financial Statements

29

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2012 (UNAUDITED)

	ING Global Equity Dividend Fund			ING Global Natural Resources Fund			ING Global Opportunities Fund			ING Global Real Estate Fund
ASSETS:
Investments in securities at value+*	$	74,337,035		$	105,369,764		$	56,250,580		$	3,941,888,521
Short-term investments at value***		1,132,312			1,179,000			1,602,110			78,680,581
Cash		1,045,116			740			407,246			—
Foreign currencies at value*****		1,425,757			24,678			573,444			2,255,066
Receivables:
Investments securities sold		9,533			3,510,882			25,192			9,859,037
Fund shares sold		131,287			4,979			3,585			13,521,424
Dividends		305,741			56,077			181,422			11,833,196
Foreign tax reclaims		67,357			481			57,566			90,291
Prepaid expenses		33,637			22,614			23,402			156,362
Reimbursement due from manager		9,012			—			24,658			—
Total assets		78,496,787			110,169,215			59,149,205			4,058,284,478
LIABILITIES:
Payable for investment securities purchased		9,748			2,539,423			231,312			5,459,697
Payable for fund shares redeemed		236,486			125,980			452,465			14,051,278
Payable upon receipt of securities loaned		1,132,312			—			1,602,110			24,619,816
Payable to affiliates		81,232			105,185			74,679			3,049,968
Payable for trustee fees		387			562			299			18,154
Other accrued expenses and liabilities		85,336			76,109			112,173			1,437,132
Total liabilities		1,545,501			2,847,259			2,473,038			48,636,045
NET ASSETS	$	76,951,286		$	107,321,956		$	56,676,167		$	4,009,648,433
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	157,939,521		$	111,745,103		$	162,110,931		$	4,067,038,647
Undistributed (distributions in excess of) net investment income		124,316			(176,856	)		50,941			31,676,224
Accumulated net realized loss		(83,073,276	)		(15,834,226	)		(112,522,447	)		(935,359,933	)
Net unrealized appreciation		1,960,725			11,587,935			7,036,742			846,293,495
NET ASSETS	$	76,951,286		$	107,321,956		$	56,676,167		$	4,009,648,433
+ Including securities loaned at value	$	1,089,165		$	—		$	1,536,024		$	22,936,563
* Cost of investments in securities	$	72,375,869		$	93,782,189		$	49,216,098		$	3,095,780,613
*** Cost of short-term investments	$	1,132,312		��$	1,179,000		$	1,602,110		$	78,680,581
***** Cost of foreign currencies	$	1,428,250		$	24,416		$	570,288		$	2,255,778

 

See Accompanying Notes to Financial Statements

30

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

	ING Global Equity Dividend Fund		ING Global Natural Resources Fund		ING Global Opportunities Fund		ING Global Real Estate Fund
Class A
Net assets	$	32,687,199	$	100,203,454	$	27,204,072	$	1,307,699,689
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		3,084,712		10,939,798		1,937,523		76,870,115
Net asset value and redemption price per share	$	10.60	$	9.16	$	14.04	$	17.01
Maximum offering price per share (5.75%)(1)	$	11.25	$	9.72	$	14.90	$	18.05
Class B
Net assets	$	5,016,908	$	n/a	$	3,483,995	$	13,863,478
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—	$	n/a	$	—	$	—
Shares outstanding		474,613		n/a		260,589		987,837
Net asset value and redemption price per share†	$	10.57	$	n/a	$	13.37	$	14.03
Class C
Net assets	$	20,679,275	$	n/a	$	22,473,043	$	210,709,728
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—	$	n/a	$	—	$	—
Shares outstanding		1,962,746		n/a		1,680,672		14,144,595
Net asset value and redemption price per share†	$	10.54	$	n/a	$	13.37	$	14.90
Class I
Net assets	$	3,053,576	$	5,101,254	$	3,431,994	$	2,167,016,449
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		287,773		554,014		238,654		127,367,062
Net asset value and redemption price per share	$	10.61	$	9.21	$	14.38	$	17.01
Class O
Net assets	$	13,944,276	$	n/a	$	n/a	$	14,275,300
Shares authorized		unlimited		n/a		n/a		unlimited
Par value	$	—	$	n/a	$	n/a	$	—
Shares outstanding		1,318,376		n/a		n/a		839,117
Net asset value and redemption price per share	$	10.58	$	n/a	$	n/a	$	17.01
Class R
Net assets	$	n/a	$	n/a	$	n/a	$	194,379
Shares authorized		n/a		n/a		n/a		unlimited
Par value	$	n/a	$	n/a	$	n/a	$	—
Shares outstanding		n/a		n/a		n/a		11,445
Net asset value and redemption price per share	$	n/a	$	n/a	$	n/a	$	16.98
Class W
Net assets	$	1,570,052	$	2,017,248	$	83,063	$	295,889,410
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		135,100		174,163		5,391		17,360,943
Net asset value and redemption price per share	$	11.62	$	11.58	$	15.41	$	17.04

(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.
†	Redemption price per share may be reduced for any applicable contingent deferred sales charges.

 

See Accompanying Notes to Financial Statements

31

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2012 (UNAUDITED)

	ING Global Value Choice Fund			ING Greater China Fund			ING Index Plus International Equity Fund			ING International Core Fund
ASSETS:
Investments in securities at value+*	$	296,700,643		$	31,609,521		$	85,814,053		$	336,607,424
Short-term investments at value***		9,101,221			—			2,376,549			6,011,371
Cash		115,221			34,805			—			639,115
Cash collateral for futures		—			—			149,985			—
Foreign currencies at value*****		481,292			5,805			70,246			141,551
Receivables:
Investments securities sold		9,511,045			391,353			5,559,879			36,591,766
Fund shares sold		69,311			1,198			70,657			14,526,671
Dividends		1,048,159			13,442			511,894			1,555,238
Foreign tax reclaims		—			—			115,276			389,061
Unrealized appreciation on forward foreign currency contracts		—			—			—			319,948
Prepaid expenses		59,003			43,333			44,083			2,200
Reimbursement due from manager		—			5,363			9,813			13,076
Total assets		317,085,895			32,104,820			94,722,435			396,797,421
LIABILITIES:
Payable for investment securities purchased		2,833,938			195,733			40,718			12,780,813
Payable for fund shares redeemed		5,107,882			100,261			7,200,212			44,396,225
Payable upon receipt of securities loaned		7,336,000			—			—			—
Payable to affiliates		380,131			42,211			60,206			255,895
Payable to custodian due to bank overdraft		—			—			174,394			—
Payable for trustee fees		2,583			162			468			1,782
Other accrued expenses and liabilities		86,801			68,290			233,015			168,590
Total liabilities		15,747,335			406,657			7,709,013			57,603,305
NET ASSETS	$	301,338,560		$	31,698,163		$	87,013,422		$	339,194,116
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	357,083,324		$	29,785,583		$	157,028,157		$	359,532,528
Undistributed net investment income/ accumulated net investment loss		593,516			(298,248	)		1,210,730			1,846,392
Accumulated net realized loss		(16,550,309	)		(1,913,863	)		(80,717,323	)		(30,368,030	)
Net unrealized appreciation (depreciation)		(39,787,971	)		4,124,691			9,491,858			8,183,226
NET ASSETS	$	301,338,560		$	31,698,163		$	87,013,422		$	339,194,116
+ Including securities loaned at value	$	7,032,505		$	—		$	—		$	—
* Cost of investments in securities	$	336,519,198		$	27,485,362		$	76,344,539		$	328,764,318
*** Cost of short-term investments	$	9,101,221		$	—		$	2,376,549		$	6,011,371
***** Cost of foreign currencies	$	481,278		$	5,792		$	70,096		$	141,551

 

See Accompanying Notes to Financial Statements

32

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

	ING Global Value Choice Fund		ING Greater China Fund		ING Index Plus International Equity Fund		ING International Core Fund
Class A
Net assets	$	131,779,211	$	19,583,266	$	7,283,068	$	n/a
Shares authorized		unlimited		unlimited		unlimited		n/a
Par value	$	—	$	—	$	—	$	n/a
Shares outstanding		5,010,667		1,334,013		939,228		n/a
Net asset value and redemption price per share	$	26.30	$	14.68	$	7.75	$	n/a
Maximum offering price per share (5.75%)(1)	$	27.90	$	15.58	$	8.22	$	n/a
Class B
Net assets	$	4,349,128	$	1,717,325	$	319,630	$	n/a
Shares authorized		unlimited		unlimited		unlimited		n/a
Par value	$	—	$	—	$	—	$	n/a
Shares outstanding		153,260		119,125		40,738		n/a
Net asset value and redemption price per share†	$	28.38	$	14.42	$	7.85	$	n/a
Class C
Net assets	$	85,014,508	$	3,314,725	$	1,050,236	$	n/a
Shares authorized		unlimited		unlimited		unlimited		n/a
Par value	$	—	$	—	$	—	$	n/a
Shares outstanding		3,452,304		229,883		135,569		n/a
Net asset value and redemption price per share†	$	24.63	$	14.42	$	7.75	$	n/a
Class I
Net assets	$	63,206,704	$	2,551,624	$	40,782,485	$	339,194,116
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		2,381,491		172,997		5,255,518		36,520,423
Net asset value and redemption price per share	$	26.54	$	14.75	$	7.76	$	9.29
Class O
Net assets	$	n/a	$	4,528,373	$	37,575,074	$	n/a
Shares authorized		n/a		unlimited		unlimited		n/a
Par value	$	n/a	$	—	$	—	$	n/a
Shares outstanding		n/a		311,077		4,882,440		n/a
Net asset value and redemption price per share	$	n/a	$	14.56	$	7.70	$	n/a
Class W								��
Net assets	$	16,989,009	$	2,850	$	2,929	$	n/a
Shares authorized		unlimited		unlimited		unlimited		n/a
Par value	$	—	$	—	$	—	$	n/a
Shares outstanding		640,831		193		378		n/a
Net asset value and redemption price per share	$	26.51	$	14.73	$	7.74	$	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.
†	Redemption price per share may be reduced for any applicable contingent deferred sales charges.

 

See Accompanying Notes to Financial Statements

33

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2012 (UNAUDITED)

	ING International Growth Fund			ING International Real Estate Fund			ING International Small Cap Fund			ING International Value Choice Fund
ASSETS:
Investments in securities at value+*	$	144,973,062		$	460,845,304		$	259,394,298		$	26,120,223
Short-term investments at value***		3,710,508			—			1,890,747			423,849
Cash		7,787,260			3,804,897			2,890,390			—
Foreign currencies at value*****		534			299,865			948,297			34,698
Receivables:
Investments securities sold		3,956,928			13,877,521			8,902,617			247,908
Fund shares sold		1,764,209			356,859			78,660			122,386
Dividends		479,422			2,567,402			1,178,113			112,233
Interest		—			50			—			—
Foreign tax reclaims		159,074			26,454			192,743			22,625
Prepaid expenses		16,607			44,068			56,495			40,271
Reimbursement due from manager		2,092			—			—			1,487
Total assets		162,849,696			481,822,420			275,532,360			27,125,680
LIABILITIES:
Payable for investment securities purchased		1,430,439			960,655			4,138,942			57,612
Payable for fund shares redeemed		15,074,667			6,178,859			6,622,754			31,352
Payable upon receipt of securities loaned		2,772,080			—			741,188			—
Payable to affiliates		108,367			459,873			338,867			27,273
Payable for trustee fees		761			2,317			1,364			142
Other accrued expenses and liabilities		133,968			290,030			193,111			42,699
Total liabilities		19,520,282			7,891,734			12,036,226			159,078
NET ASSETS	$	143,329,414		$	473,930,686		$	263,496,134		$	26,966,602
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	147,420,048		$	743,561,353		$	525,831,122		$	46,527,802
Undistributed (distributions in excess of) net investment income		1,419,912			1,215,122			(58,952	)		127,613
Accumulated net realized loss		(4,310,838	)		(342,446,068	)		(282,848,960	)		(15,852,448	)
Net unrealized appreciation (depreciation)		(1,199,708	)		71,600,279			20,572,924			(3,836,365	)
NET ASSETS	$	143,329,414		$	473,930,686		$	263,496,134		$	26,966,602
+ Including securities loaned at value	$	2,640,845		$	—		$	683,603		$	—
* Cost of investments in securities	$	146,174,950		$	389,279,484		$	238,846,461		$	29,958,043
*** Cost of short-term investments	$	3,710,508		$	—		$	1,890,747		$	423,849
***** Cost of foreign currencies	$	4,520		$	299,720		$	934,884		$	34,662

 

See Accompanying Notes to Financial Statements

34

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

	ING International Growth Fund		ING International Real Estate Fund		ING International Small Cap Fund		ING International Value Choice Fund
Class A
Net assets	$	n/a	$	177,122,801	$	94,763,923	$	18,274,304
Shares authorized		n/a		unlimited		unlimited		unlimited
Par value	$	n/a	$	—	$	—	$	—
Shares outstanding		n/a		21,708,499		2,513,919		2,001,593
Net asset value and redemption price per share	$	n/a	$	8.16	$	37.70	$	9.13
Maximum offering price per share (5.75%)(1)	$	n/a	$	8.66	$	40.00	$	9.69
Class B
Net assets	$	n/a	$	1,728,805	$	2,227,542	$	409,888
Shares authorized		n/a		unlimited		unlimited		unlimited
Par value	$	n/a	$	—	$	—	$	—
Shares outstanding		n/a		212,493		55,816		45,228
Net asset value and redemption price per share†	$	n/a	$	8.14	$	39.91	$	9.06
Class C
Net assets	$	n/a	$	16,646,916	$	23,039,356	$	3,736,648
Shares authorized		n/a		unlimited		unlimited		unlimited
Par value	$	n/a	$	—	$	—	$	—
Shares outstanding		n/a		2,047,626		654,589		413,509
Net asset value and redemption price per share†	$	n/a	$	8.13	$	35.20	$	9.04
Class I
Net assets	$	143,329,414	$	267,689,302	$	108,165,273	$	2,572,689
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		14,766,797		32,785,767		2,871,981		282,028
Net asset value and redemption price per share	$	9.71	$	8.16	$	37.66	$	9.12
Class O
Net assets	$	n/a	$	n/a	$	1,681,125	$	n/a
Shares authorized		n/a		n/a		unlimited		n/a
Par value	$	n/a	$	n/a	$	—	$	n/a
Shares outstanding		n/a		n/a		45,013		n/a
Net asset value and redemption price per share	$	n/a	$	n/a	$	37.35	$	n/a
Class W
Net assets	$	n/a	$	10,742,862	$	33,618,915	$	1,973,073
Shares authorized		n/a		unlimited		unlimited		unlimited
Par value	$	n/a	$	—	$	—	$	—
Shares outstanding		n/a		1,311,787		750,891		216,319
Net asset value and redemption price per share	$	n/a	$	8.19	$	44.77	$	9.12

(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.
†	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 LIABILITIES AS OF APRIL 30, 2012 (UNAUDITED)

	ING International Value Fund			ING Russia Fund
ASSETS:
Investments in securities at value+*	$	550,901,487		$	295,926,704
Short-term investments at value***		1,230,304			3,579,863
Cash		2,828,233			2,940,924
Foreign currencies at value*****		807,019			666,222
Receivables:
Investments securities sold		4,166,598			414,961
Fund shares sold		847,980			87,127
Dividends		4,848,788			347,642
Foreign tax reclaims		2,371,573			—
Prepaid expenses		49,721			26,978
Total assets		568,051,703			303,990,421
LIABILITIES:
Payable for investment securities purchased		169,327			—
Payable for fund shares redeemed		655,682			602,780
Payable upon receipt of securities loaned		1,163,203			3,579,863
Payable to affiliates		693,658			399,009
Payable for trustee fees		3,136			1,448
Other accrued expenses and liabilities		584,333			507,796
Total liabilities		3,269,339			5,090,896
NET ASSETS	$	564,782,364		$	298,899,525
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	1,557,388,761		$	326,137,929
Undistributed net investment income/ accumulated net investment loss		2,953,215			(2,476,376	)
Accumulated net realized loss		(943,316,643	)		(98,703,882	)
Net unrealized appreciation (depreciation)		(52,242,969	)		73,941,854
NET ASSETS	$	564,782,364		$	298,899,525
+ Including securities loaned at value	$	1,107,006		$	3,421,824
* Cost of investments in securities	$	603,391,460		$	222,011,774
*** Cost of short-term investments	$	1,230,304		$	3,579,863
***** Cost of foreign currencies	$	804,036		$	639,328

 

See Accompanying Notes to Financial Statements

36

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

	ING International Value Fund		ING Russia Fund
Class A
Net assets	$	231,858,204	$	285,505,264
Shares authorized		unlimited		unlimited
Par value	$	0.010	$	—
Shares outstanding		22,601,350		8,483,093
Net asset value and redemption price per share	$	10.26	$	33.66
Maximum offering price per share (5.75%)(1)	$	10.89	$	35.71
Class B
Net assets	$	941,038	$	n/a
Shares authorized		unlimited		n/a
Par value	$	0.010	$	n/a
Shares outstanding		90,738		n/a
Net asset value and redemption price per share†	$	10.37	$	n/a
Class C
Net assets	$	116,925,934	$	n/a
Shares authorized		unlimited		n/a
Par value	$	0.010	$	n/a
Shares outstanding		11,738,280		n/a
Net asset value and redemption price per share†	$	9.96	$	n/a
Class I
Net assets	$	214,774,204	$	13,387,298
Shares authorized		unlimited		unlimited
Par value	$	0.010	$	—
Shares outstanding		21,029,868		393,694
Net asset value and redemption price per share	$	10.21	$	34.00
Class W
Net assets	$	282,984	$	6,963
Shares authorized		unlimited		unlimited
Par value	$	0.010	$	—
Shares outstanding		27,698		205
Net asset value and redemption price per share	$	10.22	$	33.93

(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.
†	Redemption price per share may be reduced for any applicable contingent deferred sales charges.

 

See Accompanying Notes to Financial Statements

37

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2012 (UNAUDITED)

	ING Diversified International Fund			ING Emerging Countries Fund			ING Emerging Markets Equity Fund			ING Global Bond Fund
INVESTMENT INCOME:
Dividends from affiliated underlying funds	$	1,796,118		$	—		$	—		$	—
Dividends, net of foreign taxes withheld*		—			635,117			878,828			5,436
Interest, net of foreign taxes withheld*		—			—			54			14,101,982
Securities lending income, net		—			7,715			5,659			—
Total investment income		1,796,118			642,832			884,541			14,107,418
EXPENSES:
Investment management fees		—			407,891			450,992			1,345,247
Distribution and service fees:
Class A		69,682			102,811			67			269,492
Class B		46,572			8,001			—			9,728
Class C		176,647			50,132			16			472,413
Class O		4,550			—			—			5,006
Class R		287			—			7			106
Transfer agent fees:
Class A		58,512			49,346			10			80,961
Class B		9,912			1,343			—			733
Class C		37,736			8,423			2			35,481
Class I		11,950			3,454			4,634			33,436
Class O		4,300			—			—			1,503
Class R		112			—			2			27
Class W		1,021			2,883			35			8,908
Administrative service fees		58,064			40,788			45,099			336,309
Shareholder reporting expense		1,830			11,084			20,930			30,030
Registration fees		52,988			37,395			41,060			78,748
Professional fees		15,096			21,718			23,475			43,649
Custody and accounting expense		13,170			53,858			79,807			109,764
Trustee fees		1,752			1,230			1,360			10,145
Offering expense		—			—			39,661			—
Miscellaneous expense		7,363			6,682			7,467			16,692
Interest expense		82			—			—			1,112
Total expenses		571,626			807,039			714,624			2,889,490
Net waived and reimbursed fees		(129,289	)		(31,788	)		(149,959	)		(29,285	)
Net expenses		442,337			775,251			564,665			2,860,205
Net investment income (loss)		1,353,781			(132,419	)		319,876			11,247,213
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		—			12,488,069			1,608,099			7,627,535
Capital gain distributions from affiliated underlying funds		180,357			—			—			—
Foreign currency related transactions		—			(333,361	)		(14,406	)		(5,856,218	)
Futures		—			—			352,686			3,105,385
Swaps		—			—			—			(4,543,371	)
Sale of affiliated underlying funds		819,111			—			—			—
Written options		—			—			—			2,145,718
Net realized gain		999,468			12,154,708			1,946,379			2,479,049
Net change in unrealized appreciation (depreciation) on:
Investments		—			(10,599,236	)		3,965,930			7,436,725
Affiliated underlying funds		2,898,898			—			—			—
Foreign currency related transactions		—			4,155			(32,287	)		(163,393	)
Futures		—			—			(419,148	)		(396,273	)
Swaps		—			—			—			(2,050,266	)
Written options		—			—			—			494,242
Net change in unrealized appreciation (depreciation)		2,898,898			(10,595,081	)		3,514,495			5,321,035
Net realized and unrealized gain		3,898,366			1,559,627			5,460,874			7,800,084
Increase in net assets resulting from operations	$	5,252,147		$	1,427,208		$	5,780,750		$	19,047,297
* Foreign taxes withheld	$	—		$	32,081		$	57,799		$	3,724

 

See Accompanying Notes to Financial Statements

38

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2012 (UNAUDITED)

	ING Global Equity Dividend Fund			ING Global Natural Resources Fund			ING Global Opportunities Fund			ING Global Real Estate Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	1,291,501		$	822,087		$	558,242		$	51,064,099
Interest		1,583			—			—			—
Securities lending income, net		12,262			—			32,291			95,655
Total investment income		1,305,346			822,087			590,533			51,159,754
EXPENSES:
Investment management fees		270,088			480,710			267,279			12,855,614
Distribution and service fees:
Class A		40,607			130,331			35,197			1,533,123
Class B		27,192			—			19,963			68,836
Class C		104,996			—			116,875			1,002,064
Class O		16,857			—			—			16,852
Class R		—			—			—			161
Transfer agent fees:
Class A		24,445			92,937			31,879			1,067,101
Class B		4,059			—			4,397			11,978
Class C		15,773			—			26,368			174,366
Class I		1,681			5,856			1,774			949,578
Class O		10,181			—			—			11,730
Class R		—			—			—			56
Class W		1,192			1,870			93			233,061
Administrative service fees		38,583			55,806			29,697			1,805,409
Shareholder reporting expense		8,970			8,190			3,405			339,347
Registration fees		43,062			26,827			37,260			197,909
Professional fees		9,113			8,190			6,113			270,951
Custody and accounting expense		18,894			23,114			6,125			646,534
Trustee fees		1,164			1,683			896			54,461
Miscellaneous expense		5,658			3,619			2,840			87,693
Interest expense		12,727			—			219			—
Total expenses		655,242			839,133			590,380			21,326,824
Net waived and reimbursed fees		(9,766	)		—			(50,565	)		—
Net expenses		645,476			839,133			539,815			21,326,824
Net investment income (loss)		659,870			(17,046	)		50,718			29,832,930
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		776,276			719,534			550,902			16,455,799
Foreign currency related transactions		(52,926	)		4,076			(19,796	)		21,620
Net realized gain		723,350			723,610			531,106			16,477,419
Net change in unrealized appreciation (depreciation) on:
Investments		3,360,359			(3,326,901	)		2,830,424			288,970,835
Foreign currency related transactions		(21,698	)		(4,490	)		4,552			207,269
Net change in unrealized appreciation (depreciation)		3,338,661			(3,331,391	)		2,834,976			289,178,104
Net realized and unrealized gain (loss)		4,062,011			(2,607,781	)		3,366,082			305,655,523
Increase (decrease) in net assets resulting from operations	$	4,721,881		$	(2,624,827	)	$	3,416,800		$	335,488,453
* Foreign taxes withheld	$	72,059		$	25,330		$	55,795		$	2,686,331

 

See Accompanying Notes to Financial Statements

39

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2012 (UNAUDITED)

	ING Global Value Choice Fund			ING Greater China Fund			ING Index Plus International Equity Fund			ING International Core Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	5,076,222		$	55,812		$	1,870,476		$	4,171,728
Interest		—			—			407			—
Securities lending income, net		52,730			—			—			—
Total investment income		5,128,952			55,812			1,870,883			4,171,728
EXPENSES:
Investment management fees		2,285,892			185,505			256,212			1,329,269
Distribution and service fees:
Class A		242,841			25,085			8,924			—
Class B		25,237			8,624			1,731			—
Class C		594,624			17,550			4,801			—
Class O		—			5,705			46,846			—
Transfer agent fees:
Class A		129,045			35,589			5,262			—
Class B		3,391			3,058			255			—
Class C		79,375			6,225			709			—
Class I		57,022			2,217			5,092			551
Class O		—			8,093			27,622			—
Class W		15,132			5			3			—
Administrative service fees		256,887			16,131			46,583			177,233
Shareholder reporting expense		44,120			8,498			26,721			25,137
Registration fees		68,422			44,741			46,641			38,892
Professional fees		38,215			4,543			12,701			23,604
Custody and accounting expense		225,730			33,117			138,026			168,637
Trustee fees		7,749			487			1,406			5,346
Offering expense		—			—			—			18,540
Miscellaneous expense		2,742			5,132			8,045			9,541
Interest expense		13,062			22			—			—
Total expenses		4,089,486			410,327			637,580			1,796,750
Net waived and reimbursed fees		(46,036	)		(56,729	)		(187,931	)		(110,289	)
Brokerage commission recapture		(98,055	)		—			—			(8,151	)
Net expenses		3,945,395			353,598			449,649			1,678,310
Net investment income (loss)		1,183,557			(297,786	)		1,421,234			2,493,418
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(11,449,040	)		(654,646	)		(2,235,674	)		(9,503,130	)
Foreign currency related transactions		(58,976	)		(7,145	)		(49,376	)		430,147
Futures		—			—			282,385			—
Net realized loss		(11,508,016	)		(661,791	)		(2,002,665	)		(9,072,983	)
Net change in unrealized appreciation (depreciation) on:
Investments		(22,892,438	)		1,967,119			3,150,440			28,522,441
Foreign currency related transactions		66,766			540			54,159			61,351
Futures		—			—			(194,266	)		—
Net change in unrealized appreciation (depreciation)		(22,825,672	)		1,967,659			3,010,333			28,583,792
Net realized and unrealized gain (loss)		(34,333,688	)		1,305,868			1,007,668			19,510,809
Increase (decrease) in net assets resulting from operations	$	(33,150,131	)	$	1,008,082		$	2,428,902		$	22,004,227
* Foreign taxes withheld	$	344,437		$	151		$	147,091		$	317,614

 

See Accompanying Notes to Financial Statements

40

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2012 (UNAUDITED)

	ING International Growth Fund			ING International Real Estate Fund			ING International Small Cap Fund			ING International Value Choice Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	2,138,102		$	8,108,396		$	3,314,684		$	408,524
Interest, net of foreign taxes withheld*		107			343			82			—
Securities lending income, net		70,572			—			20,349			—
Total investment income		2,208,781			8,108,739			3,335,115			408,524
EXPENSES:
Investment management fees		567,436			2,198,318			1,356,881			141,050
Distribution and service fees:
Class A		—			217,739			164,183			24,522
Class B		—			9,230			11,619			2,248
Class C		—			85,102			112,513			20,435
Class O		—			—			1,812			—
Transfer agent fees:
Class A		—			74,012			53,799			16,836
Class B		—			784			1,324			385
Class C		—			7,224			12,915			3,507
Class I		80			34,118			19,197			621
Class O		—			—			843			—
Class W		—			4,570			17,637			576
Administrative service fees		75,657			230,441			135,686			14,105
Shareholder reporting expense		19,870			11,903			38,980			3,213
Registration fees		21,493			40,115			48,434			38,022
Professional fees		17,311			31,668			34,698			7,844
Custody and accounting expense		76,563			163,466			109,624			10,965
Trustee fees		2,282			6,951			4,093			425
Offering expense		12,115			—			—			—
Miscellaneous expense		5,020			17,270			12,252			2,986
Interest expense		—			229			700			—
Total expenses		797,827			3,133,140			2,137,190			287,740
Net waived and reimbursed fees		(47,502	)		(3,657	)		(59,483	)		(49,800	)
Brokerage commission recapture		(420	)		—			—			(6,217	)
Net expenses		749,905			3,129,483			2,077,707			231,723
Net investment income		1,458,876			4,979,256			1,257,408			176,801
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(4,181,056	)		708,589			(48,796	)		282,899
Foreign currency related transactions		(17,805	)		(4,552	)		(18,584	)		(11,878	)
Net realized gain (loss)		(4,198,861	)		704,037			(67,380	)		271,021
Net change in unrealized appreciation (depreciation) on:
Investments		12,868,115			19,301,208			17,104,147			(2,605,900	)
Foreign currency related transactions		7,631			52,292			47,709			4,295
Net change in unrealized appreciation (depreciation)		12,875,746			19,353,500			17,151,856			(2,601,605	)
Net realized and unrealized gain (loss)		8,676,885			20,057,537			17,084,476			(2,330,584	)
Increase (decrease) in net assets resulting from operations	$	10,135,761		$	25,036,793		$	18,341,884		$	(2,153,783	)
* Foreign taxes withheld	$	139,584		$	658,456		$	230,897		$	38,759

 

See Accompanying Notes to Financial Statements

41

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2012 (UNAUDITED)

	ING International Value Fund			ING Russia Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	9,687,137		$	635,493
Interest, net of foreign taxes withheld*		—			188
Securities lending income, net		6,219			217,287
Total investment income		9,693,356			852,968
EXPENSES:
Investment management fees		3,119,027			1,912,083
Distribution and service fees:
Class A		393,028			367,785
Class B		6,166			—
Class C		615,353			—
Transfer agent fees:
Class A		212,537			209,673
Class B		1,059			—
Class C		100,265			—
Class I		79,725			5,666
Class W		242			3
Administrative service fees		311,898			152,965
Shareholder reporting expense		34,456			25,985
Registration fees		42,048			30,673
Professional fees		44,075			28,825
Custody and accounting expense		163,731			572,558
Trustee fees		9,408			4,614
Miscellaneous expense		30,361			11,885
Interest expense		4,760			163
Total expenses		5,168,139			3,322,878
Net waived and reimbursed fees		(139,294	)		—
Brokerage commission recapture		(11,742	)		—
Net expenses		5,017,103			3,322,878
Net investment income (loss)		4,676,253			(2,469,910	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(36,116,913	)		(593,224	)
Foreign currency related transactions		(72,342	)		(108,661	)
Net realized loss		(36,189,255	)		(701,885	)
Net change in unrealized appreciation (depreciation) on:
Investments		26,550,126			3,269,875
Foreign currency related transactions		16,163			84,591
Net change in unrealized appreciation (depreciation)		26,566,289			3,354,466
Net realized and unrealized gain (loss)		(9,622,966	)		2,652,581
Increase (decrease) in net assets resulting from operations	$	(4,946,713	)	$	182,671
* Foreign taxes withheld	$	828,327		$	53,726

 

See Accompanying Notes to Financial Statements

42

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Diversified International Fund						ING Emerging Countries Fund
	Six Months Ended April 30, 2012			Year Ended October 31, 2011			Six Months Ended April 30, 2012			Year Ended October 31, 2011
FROM OPERATIONS:
Net investment income (loss)	$	1,353,781		$	1,061,111		$	(132,419	)	$	647,671
Net realized gain		999,468			18,677,621			12,154,708			1,766,395
Net change in unrealized appreciation (depreciation)		2,898,898			(28,118,960	)		(10,595,081	)		(28,437,751	)
Increase (decrease) in net assets resulting from operations		5,252,147			(8,380,228	)		1,427,208			(26,023,685	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(702,513	)		(849,416	)		—			(1,500	)
Class B		(25,317	)		(6,446	)		—			(47	)
Class C		(95,652	)		(41,009	)		—			(284	)
Class I		(173,157	)		(101,208	)		—			(104,897	)
Class O		(47,020	)		(31,234	)		—			—
Class R		(1,361	)		(1,151	)		—			—
Class W		(14,983	)		(30,647	)		—			(6,703	)
Return of capital:
Class A		—			(101,282	)		—			—
Class B		—			(16,186	)		—			—
Class C		—			(58,887	)		—			—
Class I		—			(8,943	)		—			—
Class O		—			(3,222	)		—			—
Class R		—			(181	)		—			—
Class W		—			(2,634	)		—			—
Total distributions		(1,060,003	)		(1,252,446	)		—			(113,431	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		3,562,894			22,363,258			4,818,299			38,195,069
Payment from distribution/payment by affiliate		—			—			92,743			—
Reinvestment of distributions		865,547			1,031,590			—			111,428
		4,428,441			23,394,848			4,911,042			38,306,497
Cost of shares redeemed		(23,035,525	)		(79,537,970	)		(10,816,361	)		(111,202,692	)
Net decrease in net assets resulting from capital share transactions		(18,607,084	)		(56,143,122	)		(5,905,319	)		(72,896,195	)
Net decrease in net assets		(14,441,490	)		(65,775,796	)		(4,478,111	)		(99,033,311	)
NET ASSETS:
Beginning of year or period		127,062,441			192,838,237			85,708,251			184,741,562
End of year or period	$	112,647,501		$	127,062,441		$	81,230,140		$	85,708,251
Undistributed (distributions in excess of) net investment income/Accumulated net investment loss at end of year or period	$	290,300		$	(3,478	)	$	(132,638	)	$	(219	)

 

See Accompanying Notes to Financial Statements

43

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Emerging Markets Equity Fund						ING Global Bond Fund
	Six Months Ended April 30, 2012			October 11, 2011(1) to October 31, 2011			Six Months Ended April 30, 2012			Year Ended October 31, 2011
FROM OPERATIONS:
Net investment income	$	319,876		$	28,875		$	11,247,213		$	21,852,387
Net realized gain		1,946,379			8,717			2,479,049			16,073,329
Net change in unrealized appreciation (depreciation)		3,514,495			6,288,829			5,321,035			(32,404,908	)
Increase in net assets resulting from operations		5,780,750			6,326,421			19,047,297			5,520,808
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		—			—			(4,743,177	)		(10,319,094	)
Class B		—			—			(36,204	)		(123,842	)
Class C		—			—			(1,704,299	)		(3,634,043	)
Class I		(24,341	)		—			(7,524,710	)		(12,386,732	)
Class O		—			—			(88,924	)		(182,335	)
Class R		—			—			(913	)		(28	)
Class W		(51	)		—			(552,211	)		(781,331	)
Net realized gains:
Class A		(97	)		—			(6,235,923	)		(1,887,005	)
Class B		—			—			(47,758	)		(32,368	)
Class C		(15	)		—			(2,125,652	)		(837,018	)
Class I		(412,144	)		—			(5,881,245	)		(2,007,676	)
Class O		—			—			(92,866	)		(33,672	)
Class R		(15	)		—			(67	)		(2	)
Class W		(29	)		—			(540,781	)		(135,360	)
Total distributions		(436,692	)		—			(29,574,730	)		(32,360,506	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		16,862,533			86,370,258			305,474,753			391,678,723
Reinvestment of distributions		436,632			—			25,074,200			28,050,981
		17,299,165			86,370,258			330,548,953			419,729,704
Cost of shares redeemed		(19,206,004	)		(2,442,218	)		(251,784,194	)		(284,914,258	)
Net increase (decrease) in net assets resulting from capital share transactions		(1,906,839	)		83,928,040			78,764,759			134,815,446
Net increase in net assets		3,437,219			90,254,461			68,237,326			107,975,748
NET ASSETS:
Beginning of year or period		90,254,461			—			634,785,574			526,809,826
End of year or period	$	93,691,680		$	90,254,461		$	703,022,900		$	634,785,574
Undistributed (distributions in excess of) net investment income at end of year or period	$	295,484		$	—		$	(3,006,703	)	$	396,522
(1) Commencement of operations.

 

See Accompanying Notes to Financial Statements

44

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Global Equity Dividend Fund						ING Global Natural Resources Fund
	Six Months Ended April 30, 2012			Year Ended October 31, 2011			Six Months Ended April 30, 2012			Year Ended October 31, 2011
FROM OPERATIONS:
Net investment income (loss)	$	659,870		$	2,570,973		$	(17,046	)	$	(7,619	)
Net realized gain		723,350			10,591,735			723,610			7,013,328
Net change in unrealized appreciation (depreciation)		3,338,661			(10,445,478	)		(3,331,391	)		(823,473	)
Increase (decrease) in net assets resulting from operations		4,721,881			2,717,230			(2,624,827	)		6,182,236
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(323,018	)		(874,518	)		(148,637	)		(48,857	)
Class B		(33,421	)		(119,042	)		—			—
Class C		(135,093	)		(405,823	)		—			—
Class I		(36,644	)		(183,379	)		(8,098	)		(4,269	)
Class O		(134,441	)		(333,562	)		—			—
Class W		(15,702	)		(177,709	)		(1,999	)		(286	)
Total distributions		(678,319	)		(2,094,033	)		(158,734	)		(53,412	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		4,676,502			16,908,904			6,973,679			25,951,963
Payment from distribution/payment by affiliate		—			—			72,582			—
Reinvestment of distributions		408,494			1,331,676			136,580			45,055
		5,084,996			18,240,580			7,182,841			25,997,018
Cost of shares redeemed		(12,175,982	)		(86,143,790	)		(10,141,717	)		(23,993,332	)
Net increase (decrease) in net assets resulting from capital share transactions		(7,090,986	)		(67,903,210	)		(2,958,876	)		2,003,686
Net increase (decrease) in net assets		(3,047,424	)		(67,280,013	)		(5,742,437	)		8,132,510
NET ASSETS:
Beginning of year or period		79,998,710			147,278,723			113,064,393			104,931,883
End of year or period	$	76,951,286		$	79,998,710		$	107,321,956		$	113,064,393
Undistributed (distributions in excess of) net investment income at end of year or period	$	124,316		$	142,765		$	(176,856	)	$	(1,076	)

 

See Accompanying Notes to Financial Statements

45

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Global Opportunities Fund						ING Global Real Estate Fund
	Six Months Ended April 30, 2012			Year Ended October 31, 2011			Six Months Ended April 30, 2012			Year Ended October 31, 2011
FROM OPERATIONS:
Net investment income (loss)	$	50,718		$	(175,281	)	$	29,832,930		$	49,759,483
Net realized gain		531,106			14,706,708			16,477,419			8,516,485
Net change in unrealized appreciation (depreciation)		2,834,976			(15,687,588	)		289,178,104			(70,803,600	)
Increase (decrease) in net assets resulting from operations		3,416,800			(1,156,161	)		335,488,453			(12,527,632	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		—			(1,182,323	)		(5,439,733	)		(35,022,501	)
Class B		—			(118,277	)		(22,846	)		(493,908	)
Class C		—			(655,582	)		(294,639	)		(5,139,321	)
Class I		—			(248,370	)		(11,944,248	)		(45,540,364	)
Class O		—			—			(59,179	)		(398,628	)
Class R		—			—			(419	)		(11	)
Class W		—			(5,789	)		(1,481,474	)		(8,822,397	)
Return of capital:
Class A		—			—			(6,643,351	)		(11,743,583	)
Class B		—			—			(90,736	)		(178,053	)
Class C		—			—			(1,219,932	)		(2,200,041	)
Class I		—			—			(9,755,753	)		(14,846,105	)
Class O		—			—			(71,921	)		(126,017	)
Class R		—			—			(216	)		(9	)
Class W		—			—			(1,442,394	)		(2,781,899	)
Total distributions		—			(2,210,341	)		(38,466,841	)		(127,292,837	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		2,221,969			8,643,382			1,006,513,765			1,702,326,514
Reinvestment of distributions		—			1,766,239			33,816,256			109,936,296
		2,221,969			10,409,621			1,040,330,021			1,812,262,810
Cost of shares redeemed		(14,526,594	)		(66,323,076	)		(768,578,606	)		(1,128,349,528	)
Net increase (decrease) in net assets resulting from capital share transactions		(12,304,625	)		(55,913,455	)		271,751,415			683,913,282
Net increase (decrease) in net assets		(8,887,825	)		(59,279,957	)		568,773,027			544,092,813
NET ASSETS:
Beginning of year or period		65,563,992			124,843,949			3,440,875,406			2,896,782,593
End of year or period	$	56,676,167		$	65,563,992		$	4,009,648,433		$	3,440,875,406
Undistributed net investment income at end of year or period	$	50,941		$	223		$	31,676,224		$	21,085,832

 

See Accompanying Notes to Financial Statements

46

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Global Value Choice Fund						ING Greater China Fund
	Six Months Ended April 30, 2012			Year Ended October 31, 2011			Six Months Ended April 30, 2012			Year Ended October 31, 2011
FROM OPERATIONS:
Net investment income (loss)	$	1,183,557		$	4,470,605		$	(297,786	)	$	81,193
Net realized gain (loss)		(11,508,016	)		72,126,776			(661,791	)		2,278,877
Net change in unrealized appreciation (depreciation)		(22,825,672	)		(72,744,924	)		1,967,659			(7,368,825	)
Increase (decrease) in net assets resulting from operations		(33,150,131	)		3,852,457			1,008,082			(5,008,755	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(2,085,355	)		(3,111,531	)		—			(325,406	)
Class B		—			(43,014	)		—			(12,309	)
Class C		(366,940	)		(1,315,055	)		—			(29,517	)
Class I		(2,716,719	)		(2,957,286	)		—			(33,759	)
Class O		—			—			—			(55,567	)
Class W		(288,924	)		(584,591	)		—			—
Net realized gains:
Class A		(20,838,644	)		—			—			—
Class B		(485,497	)		—			—			—
Class C		(13,221,208	)		—			—			—
Class I		(19,281,134	)		—			—			—
Class W		(2,277,810	)		—			—			—
Total distributions		(61,562,231	)		(8,011,477	)		—			(456,558	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		47,659,956			389,319,314			3,551,716			9,633,718
Payment from distribution/payment by affiliate		364,932			—			—			—
Reinvestment of distributions		36,770,613			4,386,066			—			354,275
		84,795,501			393,705,380			3,551,716			9,987,993
Cost of shares redeemed		(328,909,604	)		(243,707,957	)		(6,750,833	)		(15,867,785	)
Net increase (decrease) in net assets resulting from capital share transactions		(244,114,103	)		149,997,423			(3,199,117	)		(5,879,792	)
Net increase (decrease) in net assets		(338,826,465	)		145,838,403			(2,191,035	)		(11,345,105	)
NET ASSETS:
Beginning of year or period		640,165,025			494,326,622			33,889,198			45,234,303
End of year or period	$	301,338,560		$	640,165,025		$	31,698,163		$	33,889,198
Undistributed (distributions in excess of) net investment income/Accumulated net investment loss at end of year or period	$	593,516		$	4,867,897		$	(298,248	)	$	(462	)

 

See Accompanying Notes to Financial Statements

47

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Index Plus International Equity Fund						ING International Core Fund
	Six Months Ended April 30, 2012			Year Ended October 31, 2011			Six Months Ended April 30, 2012			February 8, 2011(1) to October 31, 2011
FROM OPERATIONS:
Net investment income	$	1,421,234		$	2,130,084		$	2,493,418		$	3,449,116
Net realized gain (loss)		(2,002,665	)		7,773,885			(9,072,983	)		(22,238,217	)
Net change in unrealized appreciation (depreciation)		3,010,333			(10,985,298	)		28,583,792			(20,400,566	)
Increase (decrease) in net assets resulting from operations		2,428,902			(1,081,329	)		22,004,227			(39,189,667	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(172,400	)		(119,991	)		—			—
Class B		(4,426	)		(2,716	)		—			—
Class C		(15,082	)		(5,994	)		—			—
Class I		(1,376,087	)		(1,354,511	)		(3,175,306	)		—
Class O		(927,783	)		(609,056	)		—			—
Class W		(83	)		—			—			—
Total distributions		(2,495,861	)		(2,092,268	)		(3,175,306	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		6,976,017			51,836,203			45,842,415			448,417,065
Reinvestment of distributions		1,596,949			1,504,647			3,175,306			—
		8,572,966			53,340,850			49,017,721			448,417,065
Cost of shares redeemed		(16,221,527	)		(93,789,046	)		(78,265,979	)		(59,613,945	)
Net increase (decrease) in net assets resulting from capital share transactions		(7,648,561	)		(40,448,196	)		(29,248,258	)		388,803,120
Net increase (decrease) in net assets		(7,715,520	)		(43,621,793	)		(10,419,337	)		349,613,453
NET ASSETS:
Beginning of year or period		94,728,942			138,350,735			349,613,453			—
End of year or period	$	87,013,422		$	94,728,942		$	339,194,116		$	349,613,453
Undistributed net investment income at end of year or period	$	1,210,730		$	2,285,357		$	1,846,392		$	2,528,280
(1) Commencement of operations.

 

See Accompanying Notes to Financial Statements

48

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING International Growth Fund						ING International Real Estate Fund
	Six Months Ended April 30, 2012			January 6, 2011(1) to October 31, 2011			Six Months Ended April 30, 2012			Year Ended October 31, 2011
FROM OPERATIONS:
Net investment income	$	1,458,876		$	2,459,539		$	4,979,256		$	11,496,038
Net realized gain (loss)		(4,198,861	)		420,453			704,037			17,996,396
Net change in unrealized appreciation (depreciation)		12,875,746			(14,075,454	)		19,353,500			(65,296,033	)
Increase (decrease) in net assets resulting from operations		10,135,761			(11,195,462	)		25,036,793			(35,803,599	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		—			—			(1,643,594	)		(12,831,675	)
Class B		—			—			(10,311	)		(124,007	)
Class C		—			—			(95,397	)		(1,079,933	)
Class I		(2,431,169	)		—			(2,930,272	)		(18,649,312	)
Class W		—			—			(108,960	)		(569,593	)
Net realized gains:
Class I		(618,543	)		—			—			—
Total distributions		(3,049,712	)		—			(4,788,534	)		(33,254,520	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		14,484,563			199,737,196			74,623,608			137,494,697
Reinvestment of distributions		3,049,712			—			1,108,859			13,943,866
		17,534,275			199,737,196			75,732,467			151,438,563
Cost of shares redeemed		(31,522,616	)		(38,310,028	)		(96,710,227	)		(248,151,949	)
Net increase (decrease) in net assets resulting from capital share transactions		(13,988,341	)		161,427,168			(20,977,760	)		(96,713,386	)
Net increase (decrease) in net assets		(6,902,292	)		150,231,706			(729,501	)		(165,771,505	)
NET ASSETS:
Beginning of year or period		150,231,706			—			474,660,187			640,431,692
End of year or period	$	143,329,414		$	150,231,706		$	473,930,686		$	474,660,187
Undistributed net investment income at end of year or period	$	1,419,912		$	2,392,205		$	1,215,122		$	1,024,400
(1) Commencement of operations.

 

See Accompanying Notes to Financial Statements

49

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING International Small Cap Fund						ING International Value Choice Fund
	Six Months Ended April 30, 2012			Year Ended October 31, 2011			Six Months Ended April 30, 2012			Year Ended October 31, 2011
FROM OPERATIONS:
Net investment income	$	1,257,408		$	4,194,520		$	176,801		$	729,357
Net realized gain (loss)		(67,380	)		44,928,242			271,021			(265,944	)
Net change in unrealized appreciation (depreciation)		17,151,856			(62,985,420	)		(2,601,605	)		(4,469,597	)
Increase (decrease) in net assets resulting from operations		18,341,884			(13,862,658	)		(2,153,783	)		(4,006,184	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(1,557,769	)		(540,772	)		(562,622	)		(190,808	)
Class B		(10,775	)		(56	)		(7,167	)		—
Class C		(230,441	)		(572	)		(80,404	)		(12,953	)
Class I		(3,055,854	)		(1,827,105	)		(122,253	)		(187,574	)
Class O		(25,934	)		(6,464	)		—			—
Class W		(458,648	)		(240,091	)		(1,980	)		(516	)
Total distributions		(5,339,421	)		(2,615,060	)		(774,426	)		(391,851	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		17,672,517			79,921,323			6,486,511			22,439,247
Payment from distribution/payment by affiliate		821,983			136,362			—			—
Reinvestment of distributions		3,263,088			1,515,427			677,136			351,441
		21,757,588			81,573,112			7,163,647			22,790,688
Cost of shares redeemed		(78,932,884	)		(192,605,155	)		(7,191,621	)		(35,264,069	)
Net decrease in net assets resulting from capital share transactions		(57,175,296	)		(111,032,043	)		(27,974	)		(12,473,381	)
Net decrease in net assets		(44,172,833	)		(127,509,761	)		(2,956,183	)		(16,871,416	)
NET ASSETS:
Beginning of year or period		307,668,967			435,178,728			29,922,785			46,794,201
End of year or period	$	263,496,134		$	307,668,967		$	26,966,602		$	29,922,785
Undistributed (distributions in excess of) net investment income at end of year or period	$	(58,952	)	$	4,023,061		$	127,613		$	725,238

 

See Accompanying Notes to Financial Statements

50

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING International Value Fund						ING Russia Fund
	Six Months Ended April 30, 2012			Year Ended October 31, 2011			Six Months Ended April 30, 2012			Year Ended October 31, 2011
FROM OPERATIONS:
Net investment income (loss)	$	4,676,253		$	16,501,957		$	(2,469,910	)	$	(1,256,315	)
Net realized gain (loss)		(36,189,255	)		(15,527,252	)		(701,885	)		1,651,353
Net change in unrealized appreciation (depreciation)		26,566,289			(63,706,978	)		3,354,466			(29,282,257	)
Increase (decrease) in net assets resulting from operations		(4,946,713	)		(62,732,273	)		182,671			(28,887,219	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(7,601,085	)		(10,059,110	)		—			—
Class B		(20,538	)		(81	)		—			—
Class C		(2,495,707	)		(2,824,431	)		—			—
Class I		(7,967,223	)		(9,798,033	)		—			—
Class W		(9,108	)		(545,238	)		—			—
Total distributions		(18,093,661	)		(23,226,893	)		—			—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		25,862,919			158,710,188			16,600,643			62,067,223
Payment from distribution/payment by affiliate		860,591			115,624			—			—
Reinvestment of distributions		14,532,214			18,121,879			—			—
		41,255,724			176,947,691			16,600,643			62,067,223
Redemption fee proceeds		—			—			42,398			217,940
Cost of shares redeemed		(157,213,480	)		(623,758,163	)		(46,171,140	)		(131,466,024	)
Net decrease in net assets resulting from capital share transactions		(115,957,756	)		(446,810,472	)		(29,528,099	)		(69,180,861	)
Net decrease in net assets		(138,998,130	)		(532,769,638	)		(29,345,428	)		(98,068,080	)
NET ASSETS:
Beginning of year or period		703,780,494			1,236,550,132			328,244,953			426,313,033
End of year or period	$	564,782,364		$	703,780,494		$	298,899,525		$	328,244,953
Undistributed net investment income at end of year or period	$	2,953,215		$	16,370,623		$	(2,476,376	)	$	(6,466	)

 

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 Diversified International Fund
Class A
04-30-12		8.62		0.11			0.32			0.43			0.11			—		—		0.11		—		—		8.94		5.07			0.72		0.50		0.50		2.63			53,339		16
10-31-11		9.33		0.08			(0.70	)		(0.62	)		0.08			—		0.01		0.09		—		—		8.62		(6.73	)		0.68		0.50		0.50		0.97			61,325		112
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
Class B
04-30-12		8.57		0.08			0.32			0.40			0.02			—		—		0.02		—		—		8.95		4.73			1.47		1.25		1.25		1.86			9,014		16
10-31-11		9.27		0.02			(0.71	)		(0.69	)		0.00	*		—		0.01		0.01		—		—		8.57		(7.42	)		1.43		1.25		1.25		0.18			10,193		112
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
Class C
04-30-12		8.55		0.08			0.32			0.40			0.02			—		—		0.02		—		—		8.93		4.74			1.47		1.25		1.25		1.84			34,298		16
10-31-11		9.26		0.01			(0.70	)		(0.69	)		0.01			—		0.01		0.02		—		—		8.55		(7.51	)		1.43		1.25		1.25		0.15			38,542		112
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
Class I
04-30-12		8.61		0.11			0.32			0.43			0.13			—		—		0.13		—		—		8.91		5.19			0.47		0.25		0.25		2.70			10,996		16
10-31-11		9.32		0.08	•		(0.67	)		(0.59	)		0.11			—		0.01		0.12		—		—		8.61		(6.46	)		0.28		0.25		0.25		0.81			11,957		112
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
Class O	��
04-30-12		8.56		0.11			0.31			0.42			0.11			—		—		0.11		—		—		8.87		5.09			0.72		0.50		0.50		2.48			3,977		16
10-31-11		9.28		0.07			(0.69	)		(0.62	)		0.09			—		0.01		0.10		—		—		8.56		(6.75	)		0.68		0.50		0.50		0.62			3,516		112
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
04-30-12		8.52		0.10			0.31			0.41			0.09			—		—		0.09		—		—		8.84		4.87			0.97		0.75		0.75		2.76			102		16
10-31-11		9.22		0.05			(0.68	)		(0.63	)		0.06			—		0.01		0.07		—		—		8.52		(6.89	)		0.93		0.75		0.75		0.58			137		112
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
04-30-12		8.58		0.13			0.30			0.43			0.13			—		—		0.13		—		—		8.88		5.24			0.47		0.25		0.25		2.88			922		16
10-31-11		9.30		0.12	•		(0.72	)		(0.60	)		0.11			—		0.01		0.12		—		—		8.58		(6.55	)		0.43		0.25		0.25		1.29			1,392		112
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

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 Emerging Countries Fund
Class A
04-30-12		24.71		(0.03	)		0.55			0.52			—			—		—		—			0.03		—		25.26		2.23	(a)		1.96		1.85		1.85		(0.28	)		58,812			20
10-31-11		28.88		0.09			(4.26	)		(4.17	)		0.00	*		—		—		0.00	*		—		—		24.71		(14.44	)		1.95		1.81		1.81		0.31			61,675			91
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			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
Class B
04-30-12		24.15		(0.14	)		0.55			0.41			—			—		—		—			0.03		—		24.59		1.82	(a)		2.61		2.60		2.60		(1.08	)		1,482			20
10-31-11		28.43		(0.15	)•		(4.13	)		(4.28	)		0.00	*		—		—		0.00	*		—		—		24.15		(15.05	)		2.60		2.56		2.56		(0.54	)		1,900			91
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			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
Class C																																										��
04-30-12		22.67		(0.11	)		0.50			0.39			—			—		—		—			0.03		—		23.09		1.85	(a)		2.61		2.60		2.60		(0.97	)		10,171			20
10-31-11		26.69		(0.13	)		(3.89	)		(4.02	)		0.00	*		—		—		0.00	*		—		—		22.67		(15.06	)		2.60		2.56		2.56		(0.46	)		10,669			91
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			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
Class I
04-30-12		24.92		0.01			0.55			0.56			—			—		—		—			0.03		—		25.51		2.37	(a)		1.51		1.50		1.50		0.07			7,658			20
10-31-11		29.03		0.23	•		(4.30	)		(4.07	)		0.04			—		—		0.04			—		—		24.92		(14.03	)		1.44		1.40		1.40		0.80			8,104			91
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			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
Class W
04-30-12		26.02		(0.01	)		0.59			0.58			—			—		—		—			0.03		—		26.63		2.34	(a)		1.61		1.60		1.60		(0.09	)		3,108			20
10-31-11		30.36		0.14	•		(4.45	)		(4.31	)		0.03			—		—		0.03			—		—		26.02		(14.21	)		1.60		1.56		1.56		0.48			3,361			91
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			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 Emerging Markets Equity Fund
Class A
04-30-12		10.74		0.03	•		0.64			0.67			—			0.05		—		0.05			—		—		11.36		6.30			1.83		1.50		1.50		0.45			150			15
10-11-11(4)–10-31-11		10.00		(0.00	)*		0.74			0.74			—			—		—		—			—		—		10.74		7.40			1.77		1.50		1.50		(0.99	)		21			1
Class C
04-30-12		10.73		(0.02	)		0.66			0.64			—			0.05		—		0.05			—		—		11.32		6.02			2.58		2.25		2.25		(0.32	)		3			15
10-11-11(4)–10-31-11		10.00		(0.00	)*		0.73			0.73			—			—		—		—			—		—		10.73		7.30			2.52		2.25		2.25		(0.28	)		3			1
Class I
04-30-12		10.74		0.04			0.65			0.69			0.00	*		0.05		—		0.05			—		—		11.38		6.51			1.58		1.25		1.25		0.71			91,563			15
10-11-11(4)–10-31-11		10.00		0.00	*		0.74			0.74			—			—		—		—			—		—		10.74		7.40			1.52		1.25		1.25		0.62			90,224			1
Class R
04-30-12		10.74		0.01			0.65			0.66			—			0.05		—		0.05			—		—		11.35		6.20			2.08		1.75		1.75		0.20			3			15
10-11-11(4)–10-31-11		10.00		0.00	*		0.74			0.74			—			—		—		—			—		—		10.74		7.40			2.02		1.75		1.75		0.23			3			1
Class W
04-30-12		10.74		0.04	•		0.65			0.69			0.00	*		0.05		—		0.05			—		—		11.38		6.51			1.58		1.25		1.25		0.74			1,972			15
10-11-11(4)–10-31-11		10.00		0.00	*		0.74			0.74			—			—		—		—			—		—		10.74		7.40			1.52		1.25		1.25		0.69			3			1

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 Bond Fund
Class A
04-30-12		11.76		0.18			0.15			0.33			0.25		0.27		—		0.52		—		—		11.57		2.94			0.91			0.90			0.90			3.22			206,519		259
10-31-11		12.32		0.46	•		(0.32	)		0.14			0.59		0.11		—		0.70		—		—		11.76		1.32			0.96	†		0.90	†		0.90	†		3.88	†		266,155		440
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
Class B
04-30-12		11.66		0.14			0.14			0.28			0.21		0.27		—		0.48		—		—		11.46		2.50			1.66			1.65			1.65			2.57			1,913		259
10-31-11		12.21		0.42			(0.36	)		0.06			0.50		0.11		—		0.61		—		—		11.66		0.65			1.71	†		1.65	†		1.65	†		3.33	†		2,086		440
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
Class C
04-30-12		11.70		0.15			0.13			0.28			0.21		0.27		—		0.48		—		—		11.50		2.50			1.66			1.65			1.65			2.55			102,977		259
10-31-11		12.25		0.38			(0.31	)		0.07			0.51		0.11		—		0.62		—		—		11.70		0.65			1.71	†		1.65	†		1.65	†		3.25	†		89,510		440
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
Class I
04-30-12		11.73		0.22			0.12			0.34			0.27		0.27		—		0.54		—		—		11.53		3.02			0.61			0.60			0.60			3.64			359,390		259
10-31-11		12.28		0.51	•		(0.32	)		0.19			0.63		0.11		—		0.74		—		—		11.73		1.75			0.62	†		0.56	†		0.56	†		4.34	†		251,112		440
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
Class O
04-30-12		11.57		0.19			0.12			0.31			0.25		0.27		—		0.52		—		—		11.36		2.82			0.91			0.90			0.90			3.30			4,125		259
10-31-11		12.12		0.46	•		(0.31	)		0.15			0.59		0.11		—		0.70		—		—		11.57		1.43			0.96	†		0.90	†		0.90	†		3.98	†		3,985		440
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 R
04-30-12		11.75		0.17	•		0.13			0.30			0.23		0.27		—		0.50		—		—		11.55		2.68			1.16			1.15			1.15			2.99			264		259
08-05-11(4)–10-31-11		12.06		0.12	•		(0.31	)		(0.19	)		0.11		0.01		—		0.12		—		—		11.75		(1.59	)		1.21	†		1.15	†		1.15	†		4.22	†		3		440
Class W
04-30-12		11.56		0.21			0.12			0.33			0.26		0.27		—		0.53		—		—		11.36		3.04			0.66			0.65			0.65			3.55			27,836		259
10-31-11		12.12		0.48			(0.31	)		0.17			0.62		0.11		—		0.73		—		—		11.56		1.60			0.71	†		0.65	†		0.65	†		4.07	†		21,934		440
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 Global Equity Dividend Fund
Class A
04-30-12		10.05		0.10			0.55			0.65			0.10		—		—		0.10		—		—		10.60		6.52			1.46			1.43			1.43			1.95			32,687		38
10-31-11		10.31		0.28	•		(0.29	)		(0.01	)		0.25		—		—		0.25		—		—		10.05		(0.16	)		1.42			1.39			1.39			2.67			33,494		83
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

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 Global Equity Dividend Fund (continued)
Class B
04-30-12		10.03		0.07			0.53			0.60			0.06			—		—		0.06			—		—		10.57		6.04			2.21			2.18			2.18			1.18			5,017		38
10-31-11		10.28		0.20	•		(0.29	)		(0.09	)		0.16			—		—		0.16			—		—		10.03		(0.86	)		2.17			2.14			2.14			1.87			6,108		83
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
Class C
04-30-12		10.00		0.06			0.55			0.61			0.07			—		—		0.07			—		—		10.54		6.07			2.21			2.18			2.18			1.19			20,679		38
10-31-11		10.26		0.20	•		(0.29	)		(0.09	)		0.17			—		—		0.17			—		—		10.00		(0.91	)		2.17			2.14			2.14			1.94			21,985		83
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
Class I
04-30-12		10.06		0.11			0.56			0.67			0.12			—		—		0.12			—		—		10.61		6.64			1.17			1.14			1.14			2.23			3,054		38
10-31-11		10.32		0.34	•		(0.31	)		0.03			0.29			—		—		0.29			—		—		10.06		0.21			1.03			1.00			1.00			3.21			3,261		83
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
04-30-12		10.03		0.10			0.55			0.65			0.10			—		—		0.10			—		—		10.58		6.52			1.46			1.43			1.43			1.96			13,944		38
10-31-11		10.29		0.28			(0.29	)		(0.01	)		0.25			—		—		0.25			—		—		10.03		(0.16	)		1.42			1.39			1.39			2.68			13,358		83
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
04-30-12		11.01		0.13			0.59			0.72			0.11			—		—		0.11			—		—		11.62		6.60			1.21			1.18			1.18			2.20			1,570		38
10-31-11		11.26		0.23	•		(0.23	)		0.00	*		0.25			—		—		0.25			—		—		11.01		0.00			1.17			1.14		��	1.14			1.98			1,792		83
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
04-30-12		9.39		(0.00	)*		(0.23	)		(0.23	)		0.01			—		—		0.01			0.01		—		9.16		(2.30	)(b)		1.52			1.52			1.52			(0.04	)		100,203		17
10-31-11		8.81		(0.00	)*		0.58			0.58			0.00	*		—		—		0.00	*		—		—		9.39		6.63			1.46			1.46			1.46			(0.02	)		106,363		73
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
Class I
04-30-12		9.43		0.01			(0.22	)		(0.21	)		0.02			—		—		0.02			0.01		—		9.21		(2.16	)(b)		1.21			1.21			1.21			0.13			5,101		17
10-31-11		8.82		0.03			0.59			0.62			0.01			—		—		0.01			—		—		9.43		7.04			1.13			1.13			1.13			0.31			4,961		73
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

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 Natural Resources Fund (continued)
Class W
04-30-12		11.86		0.01			(0.28	)		(0.27	)		0.02		—		—		0.02		0.01		—		11.58		(2.22	)(b)		1.27			1.27			1.27			0.14			2,017		17
10-31-11		11.10		0.03			0.74			0.77			0.01		—		—		0.01		—		—		11.86		6.91			1.21			1.21			1.21			0.20			1,741		73
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 Opportunities Fund
Class A
04-30-12		13.21		0.04			0.79			0.83			—		—		—		—		—		—		14.04		6.28			1.67			1.50			1.50			0.49			27,204		14
10-31-11		14.07		0.01			(0.55	)		(0.54	)		0.32		—		—		0.32		—		—		13.21		(3.96	)		1.72			1.51			1.51			0.13			30,587	��	67
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
Class B
04-30-12		12.62		(0.02	)		0.77			0.75			—		—		—		—		—		—		13.37		5.94			2.42			2.25			2.25			(0.28	)		3,484		14
10-31-11		13.44		(0.09	)•		(0.54	)		(0.63	)		0.19		—		—		0.19		—		—		12.62		(4.78	)		2.47			2.26			2.26			(0.63	)		4,793		67
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
Class C
04-30-12		12.62		(0.02	)		0.77			0.75			—		—		—		—		—		—		13.37		5.94			2.42			2.25			2.25			(0.26	)		22,473		14
10-31-11		13.44		(0.09	)•		(0.54	)		(0.63	)		0.19		—		—		0.19		—		—		12.62		(4.76	)		2.47			2.26			2.26			(0.63	)		25,973		67
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
Class I
04-30-12		13.50		0.07			0.81			0.88			—		—		—		—		—		—		14.38		6.52			1.22			1.05			1.05			0.91			3,432		14
10-31-11		14.38		0.09	•		(0.58	)		(0.49	)		0.39		—		—		0.39		—		—		13.50		(3.55	)		1.41			1.06			1.06			0.59			4,117		67
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
Class W																		��
04-30-12		14.47		0.06			0.88			0.94			—		—		—		—		—		—		15.41		6.50			1.42			1.25			1.25			0.75			83		14
10-31-11		15.36		0.03	•		(0.62	)		(0.59	)		0.30		—		—		0.30		—		—		14.47		(3.94	)		1.47			1.26			1.26			0.20			94		67
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 Global Real Estate Fund
Class A
04-30-12		15.74		0.12			1.30			1.42			0.07		—		0.08		0.15		—		—		17.01		9.12			1.33			1.33			1.33			1.52			1,307,700		18
10-31-11		16.25		0.23			(0.15	)		0.08			0.45		—		0.14		0.59		—		—		15.74		0.52			1.31	†		1.31	†		1.31	†		1.34	†		1,212,619		37
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

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 Global Real Estate Fund (continued)
Class B
04-30-12		13.02		0.05	•		1.07			1.12			0.03		—		0.08		0.11		—		—		14.03		8.65			2.08			2.08			2.08			0.75			13,863		18
10-31-11		13.54		0.08	•		(0.11	)		(0.03	)		0.35		—		0.14		0.49		—		—		13.02		(0.19	)		2.06	†		2.06	†		2.06	†		0.57	†		14,716		37
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
Class C
04-30-12		13.81		0.05	•		1.15			1.20			0.03		—		0.08		0.11		—		—		14.90		8.71			2.08			2.08			2.08			0.75			210,710		18
10-31-11		14.33		0.10			(0.13	)		(0.03	)		0.35		—		0.14		0.49		—		—		13.81		(0.19	)		2.06	†		2.06	†		2.06	†		0.58	†		207,588		37
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
Class I
04-30-12		15.75		0.14	•		1.30			1.44			0.10		—		0.08		0.18		—		—		17.01		9.23			1.00			1.00			1.00			1.83			2,167,016		18
10-31-11		16.25		0.27	•		(0.12	)		0.15			0.51		—		0.14		0.65		—		—		15.75		0.92			0.99	†		0.99	†		0.99	†		1.65	†		1,709,220		37
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
Class O
04-30-12		15.74		0.12			1.30			1.42			0.07		—		0.08		0.15		—		—		17.01		9.12			1.33			1.33			1.33			1.51			14,275		18
10-31-11		16.25		0.20			(0.12	)		0.08			0.45		—		0.14		0.59		—		—		15.74		0.51			1.31	†		1.31	†		1.31	†		1.33	†		13,521		37
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 R
04-30-12		15.73		0.10	*		1.29			1.39			0.06		—		0.08		0.14		—		—		16.98		8.93			1.58			1.58			1.58			1.27			194		18
08-05-11(4)–10-31-11		15.54		(0.02	)•		0.31			0.29			0.05		—		0.05		0.10		—		—		15.73		1.98			1.56	†		1.56	†		1.56	†		(0.56	)†		3		37
Class W
04-30-12		15.77		0.14			1.30			1.44			0.09		—		0.08		0.17		—		—		17.04		9.23			1.08			1.08			1.08			1.75			295,889		18
10-31-11		16.28		0.26	•		(0.14	)		0.12			0.49		—		0.14		0.63		—		—		15.77		0.78			1.06	†		1.06	†		1.06	†		1.59	†		283,208		37
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
ING Global Value Choice Fund
Class A
04-30-12		32.23		0.09	•		(2.68	)		(2.59	)		0.31		3.05		—		3.36		0.02		—		26.30		(8.19	)(c)		1.53			1.50			1.46			0.62			131,779		18
10-31-11		31.83		0.21			0.66			0.87			0.47		—		—		0.47		—		—		32.23		2.69			1.43			1.43			1.42			0.70			233,166		67
10-31-10		26.25		0.10			5.61			5.71			0.17		—		—		0.17		0.04		—		31.83		21.97	(d)		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

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 Global Value Choice Fund (continued)
Class B
04-30-12		34.28		(0.00	)*•		(2.87	)		(2.87	)		—		3.05			—		3.05		0.02		—		28.38		(8.52	)(c)		2.28			2.25			2.21			(0.02	)		4,349		18
10-31-11		33.82		(0.04	)•		0.70			0.66			0.20		—			—		0.20		—		—		34.28		1.94			2.18			2.18			2.17			(0.12	)		5,771		67
10-31-10		28.00		(0.11	)		5.96			5.85			0.07		—			—		0.07		0.04		—		33.82		21.07	(d)		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
Class C
04-30-12		30.27		(0.01	)•		(2.52	)		(2.53	)		0.08		3.05			—		3.13		0.02		—		24.63		(8.51	)(c)		2.28			2.25			2.21			(0.10	)		85,015		18
10-31-11		30.03		(0.01	)•		0.60			0.59			0.35		—			—		0.35		—		—		30.27		1.93			2.18			2.18			2.17			(0.05	)		134,665		67
10-31-10		24.88		(0.09	)•		5.28			5.19			0.08		—			—		0.08		0.04		—		30.03		21.04	(d)		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
Class I
04-30-12		32.58		0.09	•		(2.67	)		(2.58	)		0.43		3.05			—		3.48		0.02		—		26.54		(8.06	)(c)		1.21			1.21			1.17			0.62			63,207		18
10-31-11		32.14		0.37	•		0.62			0.99			0.55		—			—		0.55		—		—		32.58		3.04			1.08			1.08			1.07			1.09			241,105		67
10-31-10		26.46		0.25	•		5.63			5.88			0.24		—			—		0.24		0.04		—		32.14		22.49	(d)		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
Class W
04-30-12		32.50		0.15			(2.72	)		(2.57	)		0.39		3.05			—		3.44		0.02		—		26.51		(8.06	)(c)		1.28			1.25			1.21			0.91			16,989		18
10-31-11		32.07		0.29	•		0.68			0.97			0.54		—			—		0.54		—		—		32.50		2.98			1.18			1.18			1.17			0.87			25,458		67
10-31-10		26.46		0.21	•		5.60			5.81			0.24		—			—		0.24		0.04		—		32.07		22.23	(d)		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 Greater China Fund
Class A
04-30-12		14.19		(0.13	)		0.62			0.49			—		—			—		—		—		—		14.68		3.45			2.45			2.10			2.10			(1.75	)		19,583		37
10-31-11		16.40		0.05			(2.08	)		(2.03	)		0.18		—			—		0.18		—		—		14.19		(12.53	)		2.11			2.10			2.10			0.29			21,370		129
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
Class B
04-30-12		13.99		(0.18	)		0.61			0.43			—		—			—		—		—		—		14.42		3.07			3.20			2.85			2.85			(2.51	)		1,717		37
10-31-11		16.18		(0.08	)•		(2.04	)		(2.12	)		0.07		—			—		0.07		—		—		13.99		(13.14	)		2.86			2.85			2.85			(0.51	)		1,771		129
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
Class C
04-30-12		13.99		(0.18	)•		0.61			0.43			—		—			—		—		—		—		14.42		3.07			3.20			2.85			2.85			(2.50	)		3,315		37
10-31-11		16.19		(0.06	)		(2.06	)		(2.12	)		0.08		—			—		0.08		—		—		13.99		(13.16	)		2.86			2.85			2.85			(0.39	)		4,186		129
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

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 Greater China Fund (continued)
Class I
04-30-12		14.23		(0.09	)		0.61			0.52			—			—			—		—			—			—		14.75		3.65			2.03			1.68			1.68			(1.37	)		2,552		37
10-31-11		16.44		0.12	•		(2.10	)		(1.98	)		0.23			—			—		0.23			—			—		14.23		(12.20	)		1.78			1.77			1.77			0.74			1,924		129
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
Class O
04-30-12		14.07		(0.13	)		0.62			0.49			—			—			—		—			—			—		14.56		3.48			2.45			2.10			2.10			(1.76	)		4,528		37
10-31-11		16.27		0.07			(2.08	)		(2.01	)		0.19			—			—		0.19			—			—		14.07		(12.51	)		2.11			2.10			2.10			0.48			4,636		129
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
Class W
04-30-12		14.23		(0.11	)		0.61			0.50			—			—			—		—			—			—		14.73		3.51			2.20			1.85			1.85			(1.50	)		3		37
08-05-11(4)–10-31-11		15.51		0.02			(1.30	)		(1.28	)		0.00	*		—			—		0.00	*		—			—		14.23		(8.25	)		1.86			1.85			1.85			0.61			3		129
ING Index Plus International Equity Fund
Class A
04-30-12		7.77		0.11			0.06			0.17			0.19			—			—		0.19			—			—		7.75		2.38			1.55			1.15			1.15			2.88			7,283		78
10-31-11		8.36		0.18			(0.66	)		(0.48	)		0.11			—			—		0.11			—			—		7.77		(5.81	)		1.48	†		1.15	†		1.15	†		1.98	†		7,322		140
10-31-10		7.80		0.13			0.58			0.71			0.15			—			—		0.15			0.00	*		0.00		8.36		9.17	(e)		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
Class B
04-30-12		7.79		0.08	•		0.07			0.15			0.09			—			—		0.09			—			—		7.85		2.09			2.30			1.90			1.90			2.04			320		78
10-31-11		8.36		0.10	•		(0.64	)		(0.54	)		0.03			—			—		0.03			—			—		7.79		(6.47	)		2.23	†		1.90	†		1.90	†		1.16	†		387		140
10-31-10		7.80		0.06	•		0.58			0.64			0.08			—			—		0.08			0.00	*��		—		8.36		8.30	(e)		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
Class C
04-30-12		7.72		0.07			0.08			0.15			0.12			—			—		0.12			—			—		7.75		2.13			2.30			1.90			1.90			2.14			1,050		78
10-31-11		8.30		0.10	•		(0.64	)		(0.54	)		0.04			—			—		0.04			—			—		7.72		(6.52	)		2.23	†		1.90	†		1.90	†		1.23	†		943		140
10-31-10		7.75		0.07	•		0.57			0.64			0.09			—			—		0.09			0.00	*		—		8.30		8.35	(e)		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
Class I
04-30-12		7.80		0.14			0.04			0.18			0.22			—			—		0.22			—			—		7.76		2.66			1.17			0.77			0.77			3.25			40,782		78
10-31-11		8.38		0.17			(0.61	)		(0.44	)		0.14			—			—		0.14			—			—		7.80		(5.34	)		1.04	†		0.71	†		0.71	†		2.02	†		47,132		140
10-31-10		7.81		0.14	•		0.59			0.73			0.16			—			—		0.16			0.00	*		—		8.38		9.46	(e)		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

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 Index Plus International Equity Fund (continued)
Class O
04-30-12		7.71		0.11			0.07			0.18			0.19		—		—		0.19			—			—		7.70		2.55			1.55			1.15			1.15			2.87			37,575		78
10-31-11		8.30		0.17			(0.65	)		(0.48	)		0.11		—		—		0.11			—			—		7.71		(5.85	)		1.48	†		1.15	†		1.15	†		1.98	†		38,942		140
10-31-10		7.75		0.14			0.56			0.70			0.15		—		—		0.15			0.00	*		—		8.30		9.10	(e)		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
Class W
04-30-12		7.79		0.12			0.05			0.17			0.22		—		—		0.22			—			—		7.74		2.48			1.30			0.90			0.90			3.13			3		78
08-05-11(4)–10-31-11		7.93		0.03			(0.17	)		(0.14	)		—		—		—		—	��		—			—		7.79		(1.77	)		1.23	†		0.90	†		0.90	†		1.73	†		3		140
ING International Core Fund
Class I
04-30-12		8.83		0.06			0.48			0.54			0.08		—		—		0.08			—			—		9.29		6.23			1.01			0.95			0.95			1.41			339,194		33
02-08-11(4)–10-31-11		10.00		0.11	•		(1.28	)		(1.17	)		—		—		—		—			—			—		8.83		(11.70	)		1.00			0.95			0.95			1.56			349,613		57
ING International Growth Fund
Class I
04-30-12		9.30		0.10			0.50			0.60			0.15		0.04		—		0.19			—			—		9.71		6.71			1.06			0.99			0.99			1.93			143,329		12
01-06-11(4)–10-31-11		10.00		0.15			(0.85	)		(0.70	)		—		—		—		—			—			—		9.30		(7.00	)		1.07			0.99			0.99			1.91			150,232		33
ING International Real Estate Fund
Class A
04-30-12		7.81		0.08			0.34			0.42			0.07		—		—		0.07			—			—		8.16		5.50			1.50			1.50			1.50			2.00			177,123		21
10-31-11		8.85		0.15			(0.73	)		(0.58	)		0.46		—		—		0.46			—			—		7.81		(6.96	)		1.47			1.47			1.47			1.84			189,499		63
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
Class B
04-30-12		7.78		0.05			0.35			0.40			0.04		—		—		0.04			—			—		8.14		5.23			2.25			2.25			2.25			1.24			1,729		21
10-31-11		8.82		0.09	•		(0.74	)		(0.65	)		0.39		—		—		0.39			—			—		7.78		(7.79	)		2.22			2.22			2.22			1.06			2,088		63
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
Class C
04-30-12		7.78		0.05			0.34			0.39			0.04		—		—		0.04			—			—		8.13		5.11			2.25			2.25			2.25			1.24			16,647		21
10-31-11		8.81		0.11			(0.75	)		(0.64	)		0.39		—		—		0.39			—			—		7.78		(7.64	)		2.22			2.22			2.22			1.12			18,966		63
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
Class I
04-30-12		7.82		0.09			0.34			0.43			0.09		—		—		0.09			—			—		8.16		5.56			1.20			1.20			1.20			2.33			267,689		21
10-31-11		8.87		0.19			(0.75	)		(0.56	)		0.49		—		—		0.49			—			—		7.82		(6.75	)		1.14			1.14			1.14			2.08			253,837		63
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

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 Real Estate Fund (continued)
Class W
04-30-12		7.84		0.09			0.34			0.43			0.08			—			—		0.08			—			—		8.19		5.62			1.25			1.25			1.25			2.23			10,743			21
10-31-11		8.89		0.19	•		(0.75	)		(0.56	)		0.49			—			—		0.49			—			—		7.84		(6.76	)		1.22			1.22			1.22			2.21			10,270			63
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 Small Cap Fund
Class A
04-30-12		35.39		0.14	•		2.64			2.78			0.57			—			—		0.57			0.10			—		37.70		8.43	(g)		1.75			1.70			1.70			0.78			94,764	��		13
10-31-11		37.55		0.29	•		(2.32	)		(2.03	)		0.14			—			—		0.14			0.01			—		35.39		(5.41	)(h)		1.72			1.70			1.70			0.74			99,873			37
10-31-10		31.45		0.14	•		6.28			6.42			0.40			—			—		0.40			0.08			—		37.55		20.85	(i)		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	(j)		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
Class B
04-30-12		37.10		0.02	•		2.86			2.88			0.17			—			—		0.17			0.10			—		39.91		8.10	(g)		2.40			2.35			2.35			0.09			2,228			13
10-31-11		39.49		(0.00	)*•		(2.41	)		(2.41	)		0.00	*		—			—		0.00	*		0.02			—		37.10		(6.05	)(h)		2.37			2.35			2.35			(0.01	)		2,592			37
10-31-10		33.01		(0.09	)•		6.62			6.53			0.13			—			—		0.13			0.08			—		39.49		20.07	(i)		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	(j)		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
Class C
04-30-12		32.93		0.02	•		2.49			2.51			0.33			—			—		0.33			0.09			—		35.20		8.09	(g)		2.40			2.35			2.35			0.13			23,039			13
10-31-11		35.04		0.04	•		(2.16	)		(2.12	)		0.00	*		—			—		0.00	*		0.01			—		32.93		(6.02	)(h)		2.37			2.35			2.35			0.11			23,410			37
10-31-10		29.41		(0.07	)•		5.87			5.80			0.24			—			—		0.24			0.07			—		35.04		20.05	(i)		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	(j)		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
Class I
04-30-12		35.50		0.20	•		2.63			2.83			0.77			—			—		0.77			0.10			—		37.66		8.65	(g)		1.32			1.27			1.27			1.14			108,165			13
10-31-11		37.66		0.50	•		(2.35	)		(1.85	)		0.32			—			—		0.32			0.01			—		35.50		(4.97	)(h)		1.27			1.25			1.25			1.26			153,676			37
10-31-10		31.53		0.33			6.27			6.60			0.55			—			—		0.55			0.08			—		37.66		21.45	(i)		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	(j)		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
Class O
04-30-12		35.13		0.18			2.59			2.77			0.65			—			—		0.65			0.10			—		37.35		8.50	(g)		1.65			1.60			1.60			0.96			1,681			13
10-31-11		37.30		0.39	•		(2.37	)		(1.98	)		0.20			—			—		0.20			0.01			—		35.13		(5.32	)(h)		1.62			1.60			1.60			1.00			1,425			37
10-31-10		31.28		0.19			6.22			6.41			0.47			—			—		0.47			0.08			—		37.30		20.95	(i)		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	(j)		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
04-30-12		42.00		0.27			3.22			3.49			0.72			—			—		0.72			0.00	*		—		44.77		8.62	(g)		1.40			1.35			1.35			1.21			33,619			13
10-31-11		44.49		0.53	•		(2.79	)		(2.26	)		0.25			—			—		0.25			0.02			—		42.00		(5.08	)(h)		1.37			1.35			1.35			1.14			26,693			37
10-31-10		37.21		0.32	•		7.41			7.73			0.54			—			—		0.54			0.09			—		44.49		21.24	(i)		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	(j)		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

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 International Value Choice Fund
Class A
04-30-12		10.13		0.07			(0.80	)		(0.73	)		0.27			—		—		0.27			—			—		9.13		(7.13	)		1.97			1.60			1.56			1.32			18,274		9
10-31-11		10.96		0.16			(0.90	)		(0.74	)		0.09			—		—		0.09			—			—		10.13		(6.82	)		1.82	†		1.60	†		1.60	†		1.42	†		21,037		48
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
Class B
04-30-12		9.95		0.03			(0.77	)		(0.74	)		0.15			—		—		0.15			—			—		9.06		(7.43	)		2.72			2.35			2.31			0.57			410		9
10-31-11		10.77		0.08	•		(0.90	)		(0.82	)		—			—		—		—			—			—		9.95		(7.61	)		2.57	†		2.35	†		2.35	†		0.58	†		481		48
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
Class C
04-30-12		9.96		0.04			(0.78	)		(0.74	)		0.18			—		—		0.18			—			—		9.04		(7.37	)		2.72			2.35			2.31			0.56			3,737		9
10-31-11		10.80		0.09			(0.90	)		(0.81	)		0.03			—		—		0.03			—			—		9.96		(7.55	)		2.57	†		2.35	†		2.35	†		0.69	†		4,449		48
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
Class I
04-30-12		10.14		0.07	•		(0.79	)		(0.72	)		0.30			—		—		0.30			—			—		9.12		(7.01	)		1.59			1.35			1.31			1.46			2,573		9
10-31-11		10.96		0.23	•		(0.93	)		(0.70	)		0.12			—		—		0.12			—			—		10.14		(6.50	)		1.38	†		1.28	†		1.28	†		1.82	†		3,892		48
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
Class W
04-30-12		10.14		0.13	•		(0.85	)		(0.72	)		0.30			—		—		0.30			—			—		9.12		(7.03	)		1.72			1.35			1.31			2.89			1,973		9
10-31-11		10.97		0.22			(0.94	)		(0.72	)		0.11			—		—		0.11			—			—		10.14		(6.62	)		1.57	†		1.35	†		1.35	†		2.06	†		63		48
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 International Value Fund
Class A
04-30-12		10.59		0.07	•		(0.13	)		(0.06	)		0.28			—		—		0.28			0.01			—		10.26		(0.26	)(k)		1.67			1.63			1.62			1.46			231,858		18
10-31-11		11.78		0.20	•		(1.16	)		(0.96	)		0.23			—		—		0.23			0.00	*		—		10.59		(8.33	)(l)		1.65			1.64			1.64			1.68			306,024		116
10-31-10		11.30		0.18	•		0.45			0.63			0.17			—		—		0.17			0.02			—		11.78		5.78	(m)		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	(n)		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
Class B
04-30-12		10.61		0.04	•		(0.13	)		(0.09	)		0.16			—		—		0.16			0.01			—		10.37		(0.60	)(k)		2.37			2.33			2.32			0.73			941		18
10-31-11		11.66		0.11	•		(1.16	)		(1.05	)		0.00	*		—		—		0.00	*		0.00	*		—		10.61		(9.00	)(l)		2.35			2.34			2.34			0.94			1,430		116
10-31-10		11.14		0.11	•		0.43			0.54			0.04			—		—		0.04			0.02			—		11.66		5.07	(m)		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	(n)		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

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 International Value Fund (continued)
Class C
04-30-12		10.23		0.04	•		(0.13	)		(0.09	)		0.19		—		—		0.19		0.01			—		9.96		(0.58	)(k)		2.37			2.33			2.32			0.81			116,926		18
10-31-11		11.40		0.11	•		(1.12	)		(1.01	)		0.16		—		—		0.16		0.00	*		—		10.23		(8.98	)(l)		2.35			2.34			2.34			0.98			137,199		116
10-31-10		10.95		0.11	•		0.43			0.54			0.11		—		—		0.11		0.02			—		11.40		5.07	(m)		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	(n)		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
Class I
04-30-12		10.58		0.10			(0.15	)		(0.05	)		0.33		—		—		0.33		0.01			—		10.21		(0.09	)(k)		1.27			1.23			1.22			1.90			214,774		18
10-31-11		11.77		0.23	•		(1.16	)		(0.93	)		0.26		—		—		0.26		0.00	*		—		10.58		(8.04	)(l)		1.29			1.28			1.28			1.97			258,683		116
10-31-10		11.30		0.23	•		0.44			0.67			0.22		—		—		0.22		0.02			—		11.77		6.15	(m)		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	(n)	��	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
Class W
04-30-12		10.57		0.09	•		(0.14	)		(0.05	)		0.31		—		—		0.31		0.01			—		10.22		(0.08	)(k)		1.37			1.33			1.32			1.86			283		18
10-31-11		11.76		0.08	•		(1.01	)		(0.93	)		0.26		—		—		0.26		0.00	*		—		10.57		(8.06	)(l)		1.35			1.34			1.34			0.70			445		116
10-31-10		11.30		0.22			0.44			0.66			0.22		—		—		0.22		0.02			—		11.76		6.04	(m)		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	(n)		1.33	†		1.33	†		1.33	†		0.20	†		3		92
ING Russia Fund
Class A
04-30-12		33.52		(0.28	)		0.42			0.14			—		—		—		—		—			—		33.66		0.42			2.18			2.18			2.18			(1.63	)		285,505		21
10-31-11		36.52		(0.12	)•		(2.88	)		(3.00	)		—		—		—		—		—			—		33.52		(8.21	)		2.03			2.03			2.03			(0.29	)		317,715		31
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
Class I
04-30-12		33.79		(0.22	)•		0.43			0.21			—		—		—		—		—			—		34.00		0.62			1.88			1.88			1.88			(1.33	)		13,387		21
10-31-11		36.64		(0.02	)		(2.83	)		(2.85	)		—		—		—		—		—			—		33.79		(7.78	)		1.73			1.73			1.73			(0.04	)		10,528		31
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
Class W
04-30-12		33.74		(0.22	)•		0.41			0.19			—		—		—		—		—			—		33.93		0.56			1.93			1.93			1.93			(1.29	)		7		21
08-05-11(4)–10-31-11		39.53		(0.03	)		(5.76	)		(5.79	)		—		—		—		—		—			—		33.74		(14.65	)		1.78			1.78			1.78			(0.41	)		3		31

 

⁽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 an Investment Adviser and/or Distributor but prior to reductions from brokerage service 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.

^(a) Excluding a distribution payment from settlement of a regulatory matter during the six months ended April 30, 2012, Emerging Countries total return would have been 2.16%, 1.75%, 1.79%, 2.30% and 2.27% on Classes A, B, C, I and W, respectively.

^(b) Excluding a distribution payment from settlement of a regulatory matter during the six months ended April 30, 2012, Global Natural Resources total return would have been (2.37)%, (2.22)% and (2.29)% on Classes A, I and W, respectively.

^(c) Excluding a distribution payment from settlement of a regulatory matter during the six months ended April 30, 2012, Global Value Choice total return would have been (8.25)%, (8.58)%, (8.58)%, (8.13)% and (8.13)% on Classes A, B, C, I and W, respectively.

^(d) 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.

See Accompanying Notes to Financial Statements

63

FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)

^(e) There was no impact on total return by the payment from distribution settlement.

^(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 distribution payment from settlement of a regulatory matter during the six months ended April 30, 2012, International Small Cap total return would have been 8.14%, 7.82%, 7.79%, 8.38%, 8.20% and 8.32% on Classes A, B, C, I, O and W, respectively.

^(h) Excluding a payment from distribution settlement in the fiscal year ended October 31, 2011, International Small Cap total return would have been (5.45)%, (6.09)%, (6.06)%, (5.01)%, (5.36)% and (5.12)% on Classes A,B,C,I, O and W, respectively.

⁽ⁱ⁾ Excluding a payment from distribution settlement in the fiscal year ended October 31, 2010, International Small Cap 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.

^(j) Excluding a payment by affiliate in the fiscal year ended October 31, 2009, International Small Cap 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.

^(k) Excluding a distribution payment from settlement of a regulatory matter during the six months ended April 30, 2012, International Value total return would have been (0.39)%, (0.73)%, (0.71)%, (0.22)% and (0.21)% on Classes A, B, C, I and W, respectively.

^(l) Excluding a payment from distribution settlement in the fiscal year ended October 31, 2011, International Value total return would have been (8.34)%, (9.02)%, (9.00)%, (8.05)% and (8.07)% on Classes A,B,C,I and W, respectively.

^(m) 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.

⁽ⁿ⁾ 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.

^• Calculated using average number of shares outstanding throughout the period.

* Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

^† Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio.

See Accompanying Notes to Financial Statements

64

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED)

NOTE 1 — 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 on December 18, 1992 with seventeen separate active series, all of which are included in this report, (each, a “Fund” and collectively, the “IMF Funds”): Diversified International, Emerging Countries, Emerging Markets Equity, Global Bond, Global Equity Dividend, Global Natural Resources, Global Opportunities, Global Real Estate, Global Value Choice, Greater China, Index Plus International Equity, International Core, International Growth, International Real Estate, International Small Cap, International Value Choice and Russia. IMT is a Massachusetts business trust organized on 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 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. Distributions 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.

During the period, Global Value Choice was closed to new investments except for investments by: (1) existing shareholders of record as of July 29, 2011; and (2) retirement plans that purchase shares of the Fund prior to October 31, 2011. The closure does not affect share purchases through the reinvestment of dividends and distributions. In addition, ING Investments, LLC and ING Investments Distributor, LLC, each reserve the right, at any time, to modify or eliminate these restrictions, including on a case-by-case basis.

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 (“GAAP”) 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

65

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 of Trustees (“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 (“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

66

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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, 2012, 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,

67

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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

68

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

arrangements, established within the Funds International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter (“OTC”) derivative and forward foreign currency contracts, entered into by the Funds and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

The Funds may also enter into collateral agreements with certain counterparties to further mitigate 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, 2012, the maximum amount of loss that International Core would incur if the counterparties to its derivative transactions failed to perform would be $319,948, which represents the unrealized appreciation on forward foreign currency contracts. No collateral was pledged by any counterparty to the above Fund as of April 30, 2012.

In addition to the above Fund, the maximum amount of loss that Global Bond would incur if its counterparties failed to perform would be $17,849,822, 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, 2012. To reduce the amount of potential loss to Global Bond, various counterparties have posted $3,010,000 in cash collateral and $1,280,000 principal amount in U.S. Treasury Notes as of April 30, 2012.

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.

Global Bond had a liability position of $35,742,742 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, 2012, Global Bond could have been required to pay this amount in cash to its counterparties. As of April 30, 2012, Global Bond had posted $22,070,000 to its counterparties in cash collateral for its open derivatives transactions.

E.  Forward Foreign Currency Transactions and Futures Contracts. Each Fund and Underlying Fund may enter into forward foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar, generally in connection with the planned purchases or sales of securities. The Funds and Underlying Funds either enter into these transactions on 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.

During the six months ended April 30, 2012, Index Plus International Equity, International Growth and International Small Cap had average contract amounts on forward foreign currency contracts to buy of $808,306, $88,401 and $238,566, respectively. In addition to the above, Index Plus International Equity, International Core and International Small Cap had average contract amounts on forward foreign currency contract to sell of $889,308, $9,988,353 and $27,492, respectively. The above Funds used forward foreign currency contracts primarily to protect their non-U.S. dollar denominated holdings from adverse currency movements. Please refer to the tables following each respective Summary Portfolio of Investments for open forward foreign currency contracts at April 30, 2012.

69

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

During the six months ended April 30, 2012, Global Bond had average contract amounts on forward foreign currency contracts to buy and sell of $749,531,812 and $539,256,718, respectively. The Fund used forward foreign currency contracts to protect its non-U.S. dollar denominated holdings from adverse currency movement and to gain exposure to currencies for the purposes of risk management or enhanced return. Please refer to the tables following the Summary Portfolio of Investments for open forward foreign currency contracts at April 30, 2012.

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the six months ended April 30, 2012, Emerging Markets Equity and 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, 2012, 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, 2012, Emerging Markets Equity and Index Plus International Equity had an average notional value of $2,811,464 and $2,061,710, respectively, on futures contracts purchased.

During the six months ended April 30, 2012, Global Bond had an average notional value of $221,270,124 and $187,840,809 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 they own or in which they 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

70

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2012, Global Bond has purchased and written foreign currency options to gain exposure to currencies and to generate income.

During the six months ended April 30, 2012, Global Bond has purchased and written interest rate swaptions to gain exposure to interest rates and to generate income.

During the six months ended April 30, 2012, Global Bond has purchased and written options on U.S. Treasuries to gain exposure to different parts of the yield curve and to generate income.

During the six months ended April 30, 2012, Global Bond has purchased and written credit default swaptions to manage exposure to credit risk and generate income.

Please refer to the Summary Portfolio of Investments for Global Bond for open purchased options and the table following the Summary Portfolio of Investments for open written options at April 30, 2012.

Please refer to Note 10 for the volume of purchased and written option activity during the six months ended April 30, 2012.

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

71

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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) 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, 2012, 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, 2012, 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, 2012, Global Bond had an average notional amount of $14,643,072 and $18,940,738 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

Please refer to the table following the Summary Portfolio of Investments for open credit default swaps at April 30, 2012.

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, 2012, 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 $469,151,936.

72

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

For the six months ended April 30, 2012, 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 $479,067,442.

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, 2012.

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, and International Real Estate, which pay dividends, if any, quarterly and Global Bond, which pays 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 (except Diversified International) 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 with the following exception: Effective October 1, 2011, BNY provides each Fund and Underlying Fund indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements. 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 (except Diversified International) 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 (except Diversified International) 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.

73

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

N.  Offering Costs. Costs incurred with the offering of shares of a 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.

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended April 30, 2012, 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
Diversified International	$	19,411,855	$	39,392,955
Emerging Countries		81,928,246		16,406,727
Emerging Markets Equity		15,281,594		13,198,891
Global Bond		699,234,451		670,571,539
Global Equity Dividend		28,063,722		35,343,264
Global Natural Resources		18,388,554		21,302,884
Global Opportunities		8,559,334		22,630,365
Global Real Estate		883,046,784		640,485,917
Global Value Choice		91,189,377		381,282,868
Greater China		11,882,886		14,937,387
Index Plus International Equity		71,486,015		78,831,571
International Core		112,258,873		132,880,581
International Growth		17,786,853		30,306,998
International Real Estate		96,896,954		126,939,540
International Small Cap		34,714,081		93,105,963
International Value Choice		2,604,397		3,634,777
International Value		110,928,110		262,531,803
Russia		65,523,350		85,954,732

 

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

	Purchases		Sales
Global Bond	$	895,071,032	$	916,287,323

 

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, 2012 and the year ended October 31, 2011 were $42,397 and $217,940, 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
Diversified International	0.00%
Emerging Countries	1.00%
Emerging Markets Equity	1.00%
Global Bond	0.40%
Global Equity Dividend	0.70%
Global Natural Resources	1.00% on first $50 million; and 0.75% thereafter
Global Opportunities	0.90% on the first $500 million; and 0.85% 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
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 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 Small Cap(1)	1.00% on first $500 million; 0.90% on next $500 million; and 0.85% thereafter
International Value Choice(2)	1.00%
International Value(1)	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)
Russia	1.25%

 

⁽¹⁾ ING Investments has contractually agreed to waive a portion of the advisory fee for International Small Cap and International Value. These agreements will only renew if ING Investments elects to renew them.

⁽²⁾ Pursuant to a side agreement, ING Investments has agreed to waive 0.10% of the advisory fee for International Value Choice. 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 Small Cap and International Value. The waiver is calculated as 50% of the difference between the former sub-advisory fee rate minus the new sub-advisory fee.

For the six months ended April 30, 2012, ING Investments waived $40,438, $68,217 and $14,105 in

74

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

advisory fees for International Small Cap, 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
Emerging Countries	J.P. Morgan Investment Management Inc. and Delaware Management Company
Emerging Markets Equity	J.P. Morgan Investment Management Inc. and Delaware Management Company
Global Bond	ING Investment Management Co. LLC*
Global Equity Dividend	ING Investment Management Advisors B.V*
Global Natural Resources	ING Investment Management Co. LLC*
Global Opportunities	ING Investment Management Advisors B.V.*
Global Real Estate	CBRE Clarion Securities LLC
Global Value Choice	Tradewinds Global Investors, LLC
Greater China	ING Investment Management Asia/Pacific (Hong Kong) Limited*
Index Plus International Equity	ING Investment Management Co. LLC*
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	CBRE Clarion Securities LLC
International Small Cap	Acadian Asset Management LLC and Schroder Investment Management North America Inc.
International Value Choice	Tradewinds Global Investors, LLC
International Value	Brandes Investment Partners, L.P., del Rey Global Investors, LLC and ING Investment Management Co. LLC*
Russia	ING Investment Management Advisors B.V*

 

For Diversified International, ING Investment Management Co. LLC is a consultant (the “Consultant” or “ING IM”) to the Investment Adviser. The Consultant provides tactical allocation recommendations to the Investment Adviser. The Investment Adviser has set up an Investment Committee made up of a team of professionals to consider, review and implement the recommendations of the Consultant, and retains discretion over implementation of the Consultant’s recommendations. The Consultant provides ongoing recommendations to the Investment Committee of the Investment Adviser quarterly or as warranted by market conditions.

ING Funds 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 Investment Management Advisors B.V., ING Investment Management Asia Pacific (Hong Kong) Limited 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 Adviser and its immediate affiliates, would be separated from ING Groep by the end of 2013. To achieve this goal, in a series of announcements beginning November 2010, ING Groep announced that it plans to pursue transactions to restructure certain businesses, including an initial public offering for its U.S. based insurance, retirement services, and investment management operations; and other transactions, which could include an initial public offering or other type of transaction, for its European based insurance and investment management operations and Asian based insurance and investment management operations. There can be no assurance that all or part of the restructuring plan will be carried out.

The restructuring plan and the uncertainty about its implementation, whether implemented through the planned 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 loss of access to services and resources of ING Groep, which could adversely affect its businesses and profitability. In addition, the divestment of ING businesses, including the Investment Adviser, may potentially be deemed a “change of control” of each

75

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

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, 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:

	Class A			Class B			Class C			Class O			Class R
Diversified International		0.25	%		1.00	%		1.00	%		0.25	%		0.50	%
Emerging Countries		0.35	%(1)		1.00	%		1.00	%		N/A			N/A
Emerging Markets Equity		0.25	%		N/A			1.00	%		N/A			0.50	%
Global Bond		0.25	%		1.00	%		1.00	%		0.25	%		0.50	%
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 Opportunities		0.25	%		1.00	%		1.00	%		N/A			N/A
Global Real Estate		0.25	%		1.00	%		1.00	%		0.25	%		0.50	%
Global Value Choice		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 Real Estate		0.25	%		1.00	%		1.00	%		N/A			N/A
International Small Cap		0.35	%		1.00	%		1.00	%		0.25	%		N/A
International Value Choice		0.25	%		1.00	%		1.00	%		N/A			N/A
International Value		0.30	%		1.00	%		1.00	%		N/A			N/A
Russia		0.25	%		N/A			N/A			N/A			N/A

 

⁽¹⁾ The Distributor has agreed to waive 0.10% of the Distribution Fee for Class A shares of Emerging Countries. For the six months ended April 30, 2012, the Distributor waived $29,374 for Class A shares of Emerging Countries.

The Distributor may also retain 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, 2012, the Distributor retained the following amounts in sales charges from the following Funds:

	Class A		Class C
Initial Sales Charges:
Diversified International	$	1,303	$—
Emerging Countries		2,475	—
Emerging Markets Equity		5	—
Global Bond		29,863	—
Global Equity Dividend		3,284	—
Global Natural Resources		8,575	—
Global Opportunities		848	—
Global Real Estate		48,090	—
Global Value Choice		4,075	—
Greater China		4,537	—
Index Plus International Equity		128	—
International Real Estate		1,774	—
International Small Cap		1,559	—
International Value Choice		1,391	—
International Value		413	—
Russia		29,312	—
Contingent Deferred Sales Charges:
Diversified International	$	—	$272
Emerging Countries		—	45
Global Bond		10,368	1,187
Global Equity Dividend		—	253
Global Opportunities		—	420
Global Real Estate		274	1,848
Global Value Choice		329	2,916
Greater China		—	102
International Real Estate		—	98
International Small Cap		—	95
International Value		—	409
Russia		67	—

 

76

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2012, 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
Diversified International	$	—	$	9,269	$	47,612	$	56,881
Emerging Countries		67,501		6,750		21,919		96,170
Emerging Markets Equity		75,656		7,565		35		83,256
Global Bond		240,302		60,075		127,644		428,021
Global Equity Dividend		44,198		6,314		30,720		81,232
Global Natural Resources		75,971		8,763		20,451		105,185
Global Opportunities		42,594		4,733		27,352		74,679
Global Real Estate		2,283,292		321,057		445,619		3,049,968
Global Value Choice		243,766		27,085		109,280		380,131
Greater China		30,356		2,640		9,215		42,211
Index Plus International Equity		42,238		7,679		10,289		60,206
International Core		225,790		30,105		—		255,895
International Growth		95,618		12,749		—		108,367
International Real Estate		370,088		38,843		50,942		459,873
International Small Cap		268,625		22,000		48,242		338,867
International Value Choice		17,743		2,246		7,284		27,273
International Value		495,999		47,618		150,041		693,658
Russia		313,936		25,114		59,959		399,009

 

At April 30, 2012, the following indirect, wholly-owned subsidiaries of ING Groep owned more than 5% of the following Funds:

ING Portfolios/Funds or Subsidiaries	Fund	Percentage
ING Capital Allocation Fund	Emerging Markets Equity		15.14	%
	Index Plus International Equity		23.05
ING Direct Investing, Inc.	Global Equity Dividend		17.52
	Greater China		14.35
	Index Plus International Equity		41.50
Diversified International	Emerging Markets Equity		18.09
	International Core		13.32
	International Growth		15.74
ING Global Target Payment Fund	Emerging Markets Equity		9.46
	Index Plus International Equity		20.23
ING Life Insurance and Annuity Company	International Small Cap		8.61
ING National Trust	International Value Choice		6.01
	International Value		14.96
ING Solution 2015 Portfolio	Global Bond		6.76
	International Core		9.28
	International Growth		10.98
ING Solution 2025 Portfolio	Emerging Markets Equity		13.80
	Global Bond		11.08
	International Core		18.99
	International Growth		27.02
ING Solution 2035 Portfolio	Emerging Markets Equity		23.91
	International Core		32.98
	International Growth		23.39
ING Solution 2045 Portfolio	Emerging Markets Equity		15.60
	International Core		21.52
	International Growth		20.37
Reliastar Life Insurance Company	Emerging Countries		7.05

 

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 in the Statement of Operations is recognized as brokerage commission recapture.

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.

77

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES

At April 30, 2012, 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
Greater China	Transfer Agent	$	39,500
International Value Choice	Postage		12,221
	Transfer Agent		13,136
International Value	Postage		170,661
	Transfer Agent		170,093
Russia	Custody		402,794

 

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
Diversified International(1)		0.50	%		1.25	%		1.25	%		0.25	%		0.50	%		0.75	%		0.25	%
Emerging Countries		2.25	%		2.90	%		2.90	%		1.75	%		N/A			N/A			1.90	%
Emerging Markets Equity		1.60	%		N/A			2.35	%		1.35	%		N/A			1.85	%		1.35	%
Global Bond		0.90	%		1.65	%		1.65	%		0.61	%		0.90	%		1.15	%		0.65	%
Global Equity Dividend		1.40	%		2.15	%		2.15	%		1.15	%		1.40	%		N/A			1.15	%
Global Natural Resources		2.00	%		N/A			N/A			1.75	%		N/A			N/A			1.75	%
Global Opportunities		1.50	%		2.25	%		2.25	%		1.15	%		N/A			N/A			1.25	%
Global Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		1.75	%		2.00	%		1.50	%
Global Value Choice		1.50	%		2.25	%		2.25	%		1.25	%		N/A			N/A			1.25	%
Greater China		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			0.90	%
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 Small Cap		1.95	%		2.60	%		2.60	%		1.40	%		1.85	%		N/A			1.60	%
International Value Choice		1.70	%		2.45	%		2.45	%		1.45	%		N/A			N/A			1.45	%
International Value		1.80	%		2.50	%		2.50	%		1.50	%		N/A			N/A			1.50	%
Russia		2.75	%		N/A			N/A			2.50	%		N/A			N/A			2.50	%

 

⁽¹⁾ 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.

Pursuant to side agreements, ING Investments has further lowered the expense limits for the following Funds. If ING Investments elects not to renew a side agreement, the expense limits will revert to the limits listed in the table above, except in the case of Greater China which will no longer have an expense limit. There is no guarantee that these side agreements will continue. Each side agreement will only renew if ING Investments elects to renew it.

	Class A			Class B			Class C			Class I			Class O			Class R			Class W
Emerging Countries(1)		1.85	%		2.60	%		2.60	%		1.50	%		N/A			N/A			1.65	%
Emerging Markets Equity		1.60	%		N/A			2.35	%		1.25	%		N/A			1.85	%		1.35	%
Global Natural Resources(1)(2)		1.60	%		N/A			N/A			1.35	%		N/A			N/A			1.35	%
Global Opportunities		1.50	%		2.25	%		2.25	%		1.05	%		N/A			N/A			1.25	%
Global Real Estate(1)		1.65	%		2.40	%		2.40	%		1.40	%		1.65	%		1.90	%		1.40	%
Greater China(1)		2.10	%		2.85	%		2.85	%		1.85	%		2.10	%		N/A			1.85	%
International SmallCap(1)(3)		1.80	%		2.45	%		2.45	%		1.25	%		1.70	%		N/A			1.45	%
International Value Choice		1.60	%		2.35	%		2.35	%		1.35	%		N/A			N/A			1.35	%
International Value(1)(3)		1.60	%		2.30	%		2.30	%		1.30	%		N/A			N/A			1.30	%
Russia(1)(3)		2.25	%		N/A			N/A			2.00	%		N/A			N/A			2.00	%

 

⁽¹⁾ Any fees waived pursuant to the side agreement shall not be eligible for recoupment.

⁽²⁾ Prior to January 1, 2012, pursuant to a side agreement, the expense limits were 1.85%, 1.60% and 1.60% for Class A, I and W shares, respectively.

⁽³⁾ Prior to January 1, 2012, the Fund did not have a side agreement.

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

As of April 30, 2012, 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:

78

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 9 — EXPENSE LIMITATION AGREEMENTS (continued)

	2013		2014		2015		Total
Diversified International	$	499,006	$	214,342	$	129,289	$	842,637
Emerging Markets Equity		—		—		162,231		162,231
Global Bond		257,987		467,756		147,364		873,107
Global Equity Dividend		82,448		—		28,734		111,182
Global Opportunities		—		194,656		53,568		248,224
Index Plus International Equity		22,838		167,005		401,354		591,197
International Core		—		28,368		193,774		222,142
International Growth		—		27,483		117,220		144,703
International Small Cap		—		—		35,765		35,765
International Value Choice		—		—		19,065		19,065

 

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, 2012, are as follows:

		2013		2014		2015		Total
Diversified International
Class A		$	39,721	$	31,517	$	102,828	$	174,066
Class B			5,831		5,039		16,427		27,297
Class C			21,687		18,076		60,857		100,620
Class O			3,159		1,122		4,110		8,391
Class R			54		56		191		301
Class W			3,964		753		2,519		7,236
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		7,716		10,886
Class W			737		388		—		1,125
Global Value Choice
Class A		$	—	$	—	$	25,887	$	25,887
Class B			—		—		786		786
Class C			—		—		16,224		16,224
Class W			—		—		3,138		3,138
Index Plus International Equity
Class A		$	18,784	$	3,030	$	—	$	21,814
Class B			2,328		293		—		2,621
Class C			2,952		441		—		3,393
Class O			99,705		15,815		—		115,520
International Real Estate
Class A		$	158,438	$	405	$	3,143	$	161,986
Class B			6,996		96		30		7,122
Class C			51,655		612		291		52,558
Class W			—		—		193		193
International Value Choice
Class A		$	15,874	$	27,795	$	13,167	$	56,836
Class B			1,164		910		303		2,377
Class C			3,756		6,165		2,750		12,671
Class W			21		90		409		520

 

The expense limitation agreements are contractual and shall renew automatically for one-year terms unless ING Investments or IMF or IMT 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, 2012 were as follows:

	AUD Notional			Cost
Balance at 10/31/11		—		$	—
Options Purchased		44,600,000			423,078
Options Terminated in Closing Sell Transactions		(44,600,000	)		(423,078	)
Options Expired		—			—
Balance at 4/30/12		—		$	—

 

Transactions in purchased foreign currency options for Global Bond for the six months ended April 30, 2012 were as follows:

	EUR Notional			Cost
Balance at 10/31/11		11,600,000		$	348,378
Options Purchased		—			—
Options Terminated in Closing Sell Transactions		—			—
Options Expired		(11,600,000	)		(348,378	)
Balance at 4/30/12		—		$	—

 

Transactions in purchased foreign currency options for Global Bond for the six months ended April 30, 2012 were as follows:

	USD Notional			Cost
Balance at 10/31/11		141,800,000		$	2,168,314
Options Purchased		91,800,000			343,082
Options Terminated in Closing Sell Transactions		468,700,000	)		(6,503,144	)
Options Expired		(78,900,000	)		618,113	)
Balance at 4/30/12		86,000,000		$	1,390,139

 

Transactions in purchased options on U.S. Treasuries for Global Bond for the six months ended April 30, 2012 were as follows:

	USD Notional			Cost
Balance at 10/31/11		—		$	—
Options Purchased		5,635,000			82,764
Options Terminated in Closing Sell Transactions		—			—
Options Expired		(5,635,000	)		(82,764	)
Balance at 4/30/12		—		$	—

 

79

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 10 — PURCHASED AND WRITTEN OPTIONS (continued)

Transactions in purchased interest rate swaptions for Global Bond for the six months ended April 30, 2012 were as follows:

	Number of Contracts		Cost
Balance at 10/31/11		—	$	—
Options Purchased		39,800,000		398,000
Options Terminated in Closing Sell Transactions		—		—
Options Expired		—		—
Balance at 4/30/12		39,800,000	$	398,000

 

Transactions in purchased swaptions on CDS indices for Global Bond for the six months ended April 30, 2012 were as follows:

	Number of Contracts			Cost
Balance at 10/31/11		—		$	—
Options Purchased		62,945,000			1,601,057
Options Terminated in Closing Sell Transactions		(34,970,000	)		(656,369	)
Options Expired		—			—
Balance at 4/30/12		27,975,000		$	944,688

 

Transactions in written foreign currency options for Global Bond for the six months ended April 30, 2012 were as follows:

	AUD Notional			Premiums Received
Balance at 10/31/11		—		$	—
Options Written		44,600,000			449,223
Options Terminated in Closing Purchase Transactions		(44,600,000	)		(449,223	)
Options Expired		—			—
Balance at 4/30/12		—		$	—

 

Transactions in written foreign currency options for Global Bond for the six months ended April 30, 2012 were as follows:

	EUR Notional			Premiums Received
Balance at 10/31/11		11,600,000		$	284,546
Options Written		—			—
Options Terminated in Closing Purchase Transactions		—			—
Options Expired		(11,600,000	)		(284,546	)
Balance at 4/30/12		—		$	—

 

Transactions in written foreign currency options for Global Bond for the six months ended April 30, 2012 were as follows:

	USD Notional			Premiums Received
Balance at 10/31/11		110,600,000		$	1,266,276
Options Written		566,600,000			5,241,403
Options Terminated in Closing Purchase Transactions		(378,100,000	)		(4,375,261	)
Options Expired		(232,200,000	)		(1,507,200	)
Balance at 4/30/12		66,900,000		$	625,219

 

Transactions in written options on U.S. Treasuries for Global Bond the period ended April 30, 2012 were as follows:

	USD Notional			Premiums Received
Balance at 10/31/11		—		$	—
Options Written		(16,905,000	)		(66,916	)
Options Terminated in Closing Purchase Transactions		—			—
Options Expired		16,905,000			66,916
Balance at 4/30/12		—		$	—

 

Transactions in written interest rate swaptions for Global Bond for the period ended April 30, 2012 were as follows:

	Number of Contracts		Premiums Received
Balance at 10/31/2011		—	$	—
Options Written		79,600,000		398,000
Options Terminated in Closing Purchase Transactions		—		—
Options Expired		—		—
Balance at 4/30/12		79,600,000	$	398,000

 

Transactions in written swaptions on CDS indices for Global Bond for the period ended April 30, 2012 were as follows:

	Number of Contracts			Premiums Received
Balance at 10/31/2011		—		$	—
Options Written		45,460,000			645,185
Options Terminated in Closing Purchase Transactions		(17,485,000	)		(169,605	)
Options Expired		—			—
Balance at 4/30/12		27,975,000		$	475,580

 

80

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

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 pay a commitment fee equal to 0.08% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

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, 2012:

Fund	Days Utilized		Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
Diversified International		2	$	1,215,000		1.23	%
Global Bond		9		3,560,000		1.27
Global Equity Dividend		3		550,000		1.30
Global Opportunities		11		586,818		1.24
Global Value Choice		17		21,800,294		1.29
Greater China		1		665,000		1.23
International Real Estate		7		974,286		1.23
International Small Cap		11		946,364		1.23
International Value		78		1,786,667		1.25
Russia		4		1,167,500		1.28

 

NOTE 12 — CAPITAL SHARES

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	#		#		#		#			#		#			($)		$		($)		($)		$		($)			$		($)
Diversified International
Class A
4-30-12		157,894		—		78,991		(1,383,470	)		—		(1,146,585	)		1,375,146		—		—		635,082		—		(11,941,606	)		—		(9,931,378	)
10-31-11		790,343		—		90,062		(4,745,194	)		—		(3,864,789	)		7,627,783		—		—		863,699		—		(45,428,470	)		—		(36,936,988	)
Class B
04-30-12		254		—		2,703		(184,533	)		—		(181,576	)		4,845		—		—		21,787		—		(1,577,993	)		—		(1,551,361	)
10-31-11		607		—		2,021		(605,231	)		—		(602,603	)		6,016		—		—		19,384		—		(5,756,366	)		—		(5,730,966	)
Class C
04-30-12		60,276		—		9,250		(733,509	)		—		(663,983	)		521,123		—		—		74,369		—		(6,216,291	)		—		(5,620,799	)
10-31-11		194,020		—		8,099		(2,071,989	)		—		(1,869,870	)		1,836,873		—		—		77,503		—		(19,497,794	)		—		(17,583,418	)
Class I
04-30-12		97,655		—		14,746		(266,432	)		—		(154,031	)		836,682		—		—		117,965		—		(2,272,553	)		—		(1,317,906	)
10-31-11		1,060,810		—		3,807		(661,463	)		—		403,154			10,315,904		—		—		36,391		—		(6,155,133	)		—		4,197,162
Class O
04-30-12		84,387		—		—		(46,707	)		—		37,680			727,049		—		—		—		—		(398,253	)		—		328,796
10-31-11		209,526		—		—		(116,325	)		—		93,201			1,989,309		—		—		—		—		(1,059,969	)		—		929,340
Class R
04-30-12		—		—		171		(4,697	)		—		(4,526	)		40		—		—		1,361		—		(38,892	)		—		(37,491	)
10-31-11		—		—		140		(2,802	)		—		(2,662	)		—		—		—		1,332		—		(27,610	)		—		(26,278	)
Class W
04-30-12		11,337		—		1,880		(71,575	)		—		(58,358	)		98,008		—		—		14,983		—		(589,937	)		—		(476,946	)
10-31-11		66,855		—		3,496		(170,541	)		—		(100,190	)		587,373		—		—		33,281		—		(1,612,628	)		—		(991,974	)
Emerging Countries
Class A
04-30-12		60,891		—		—		(228,548	)		—		(167,657	)		1,535,835		67,331		—		—		—		(5,488,439	)		—		(3,885,273	)
10-31-11		152,170		—		60		(651,910	)		—		(499,680	)		4,411,448		—		—		1,388		—		(18,621,671	)		—		(14,208,835	)
Class B
04-30-12		32		—		—		(18,438	)		—		(18,406	)		741		1,893		—		—		—		(446,068	)		—		(443,434	)
10-31-11		3,213		—		1		(61,760	)		—		(58,546	)		91,802		—		—		36		—		(1,758,758	)		—		(1,666,920	)
Class C
04-30-12		43,781		—		—		(73,876	)		—		(30,095	)		1,026,183		11,210		—		—		—		(1,646,702	)		—		(609,309	)
10-31-11		30,879		—		11		(154,996	)		—		(124,106	)		813,881		—		—		235		—		(4,101,579	)		—		(3,287,463	)
Class I
04-30-12		40,355		—		—		(65,296	)		—		(24,941	)		994,221		8,701		—		—		—		(1,614,631	)		—		(611,709	)
10-31-11		1,081,015		—		3,429		(3,241,619	)		—		(2,157,175	)		31,154,841		—		—		103,143		—		(82,565,009	)		—		(51,307,025	)

 

81

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (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	#		#		#		#			#		#			($)		$		($)		($)		$		($)			$		($)
Emerging Countries (continued)
Class W
04-30-12		48,297		—		—		(60,796	)		—		(12,499	)		1,261,319		3,607		—		—		—		(1,620,522	)		—		(355,596	)
10-31-11		54,828		—		211		(136,623	)		—		(81,584	)		1,723,097		—		—		6,626		—		(4,155,675	)		—		(2,425,952	)
Emerging Markets Equity
Class A
04-30-12		11,563		—		8		(300	)		—		11,271			133,981		—		—		82		—		(3,489	)		—		130,574
10-11-11- 10-31-11		1,965		—		—		(1	)		—		1,964			19,841		—		—		—		—		(10	)		—		19,831
Class C
04-30-12		—		—		—		—			—		—			—		—		—		—		—		—			—		—
10-11-11- 10-31-11		302		—		—		(1	)		—		301			3,020		—		—		—		—		(10	)		—		3,010
Class I
04-30-12		1,301,068		—		43,651		(1,699,046	)		—		(354,327	)		14,568,391		—		—		436,485		—		(19,004,709	)		—		(3,999,833	)
10-11-11- 10-31-11		8,629,474		—		—		(228,984	)		—		8,400,490			86,341,357		—		—		—		—		(2,442,177	)		—		83,899,180
Class R
04-30-12		—		—		—		—			—		—			—		—		—		—		—		—			—		—
10-11-11- 10-31-11		302		—		—		(1	)		—		301			3,020		—		—		—		—		(10	)		—		3,010
Class W
04-30-12		190,465		—		6		(17,435	)		—		173,036			2,160,161		—		—		65		—		(197,806	)		—		1,962,420
10-11-11- 10-31-11		302		—		—		(1	)		—		301			3,020		—		—		—		—		(10	)		—		3,010
Global Bond
Class A
04-30-12		4,767,821		—		867,613		(10,410,164	)		—		(4,774,730	)		55,062,222		—		—		9,883,646		—		(118,130,849	)		—		(53,184,981	)
10-31-11		14,837,384		—		940,858		(8,773,526	)		—		7,004,716			176,621,769		—		—		11,116,131		—		(103,775,875	)		—		83,962,025
Class B
04-30-12		15,076		—		5,289		(32,385	)		—		(12,020	)		171,527		—		—		59,703		—		(369,765	)		—		(138,535	)
10-31-11		25,063		—		10,171		(194,167	)		—		(158,933	)		293,547		��		—		119,021		—		(2,285,314	)		—		(1,872,746	)
Class C
04-30-12		2,169,337		—		218,920		(1,085,266	)		—		1,302,991			24,919,008		—		—		2,480,397		—		(12,450,285	)		—		14,949,120
10-31-11		2,435,405		—		249,324		(2,416,578	)		—		268,151			28,754,106		—		—		2,929,190		—		(28,391,280	)		—		3,292,016
Class I
04-30-12		18,725,219		—		1,016,694		(9,989,749	)		—		9,752,164			213,742,277		—		—		11,583,298		—		(114,935,447	)		—		110,390,128
10-31-11		14,003,879		—		1,101,842		(11,781,300	)		—		3,324,421			165,827,791		—		—		12,984,986		—		(138,649,671	)		—		40,163,106
Class O
04-30-12		90,861		—		2		(72,446	)		—		18,417			1,028,758		—		—		18		—		(820,347	)		—		208,429
10-31-11		174,442		—		—		(125,060	)		—		49,382			2,039,436		—		—		—		—		(1,455,707	)		—		583,729
Class R
04-30-12		22,510		—		74		—			—		22,584			259,762		—		—		855		—		—			—		260,617
08-05-11- 10-31-11		249		—		—		—			—		249			3,000		—		—		—		—		—			—		3,000
Class W
04-30-12		909,251		—		95,151		(451,110	)		—		553,292			10,291,199		—		—		1,066,283		—		(5,077,501	)		—		6,279,981
10-31-11		1,541,709		—		77,641		(889,160	)		—		730,190			18,139,074		—		—		901,653		—		(10,356,411	)		—		8,684,316
Global Equity Dividend
Class A
04-30-12		208,135		—		25,408		(480,731	)		—		(247,188	)		2,119,226		—		—		263,066		—		(4,890,182	)		—		(2,507,890	)
10-31-11		500,530		—		69,470		(1,359,857	)		—		(789,857	)		5,322,885		—		—		714,783		—		(14,359,575	)		—		(8,321,907	)
Class B
04-30-12		7,892		—		2,396		(144,765	)		—		(134,477	) ��		80,609		—		—		24,732		—		(1,469,397	)		—		(1,364,056	)
10-31-11		9,268		—		8,456		(498,877	)		—		(481,153	)		96,524		—		—		87,101		—		(5,286,367	)		—		(5,102,742	)
Class C
04-30-12		85,728		—		8,096		(330,028	)		—		(236,204	)		874,098		—		—		83,302		—		(3,361,314	)		—		(2,403,914	)
10-31-11		214,192		—		24,967		(832,092	)		—		(592,933	)		2,264,204		—		—		255,463		—		(8,619,469	)		—		(6,099,802	)
Class I
04-30-12		52,909		—		1,795		(90,949	)		—		(36,245	)		532,160		—		—		18,613		—		(930,285	)		—		(379,512	)
10-31-11		297,406		—		11,881		(1,185,723	)		—		(876,436	)		3,207,782		—		—		125,874		—		(13,016,981	)		—		(9,683,325	)

 

82

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (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 O
04-30-12		102,172		—		463		(115,631	)		—		(12,996	)		1,049,425		—		—		4,783		—		(1,190,085	)		—		(135,877	)
10-31-11		182,639		—		1,235		(282,490	)		—		(98,616	)		1,915,918		—		—		12,673		—		(2,974,561	)		—		(1,045,970	)
Class W
04-30-12		1,890		—		1,234		(30,772	)		—		(27,648	)		20,984		—		—		13,997		—		(334,719	)		—		(299,738	)
10-31-11		360,187		—		11,903		(3,567,775	)		—		(3,195,685	)		4,101,591		—		—		135,782		—		(41,886,837	)		—		(37,649,464	)
Global Natural Resources
Class A
04-30-12		492,200		—		14,824		(897,270	)		—		(390,246	)		4,683,139		68,377		—		130,898		—		(8,390,346	)		—		(3,507,932	)
10-31-11		1,896,425		—		4,458		(2,102,330	)		—		(201,447	)		19,501,873		—		—		43,516		—		(21,032,478	)		—		(1,487,089	)
Class I
04-30-12		98,889		—		415		(71,366	)		—		27,938			898,766		3,153		—		3,684		—		(672,405	)		—		233,198
10-31-11		346,115		—		128		(157,521	)		—		188,722			3,455,433		—		—		1,253		—		(1,568,677	)		—		1,888,009
Class W
04-30-12		119,767		—		179		(92,585	)		—		27,361			1,391,775		1,053		—		1,998		—		(1,078,967	)		—		315,859
10-31-11		219,268		—		23		(106,544	)		—		112,747			2,994,657		—		—		286		—		(1,392,177	)		—		1,602,766
Global Opportunities
Class A
04-30-12		106,128		—		—		(484,612	)		—		(378,484	)		1,424,833		—		—		—		—		(6,457,029	)		—		(5,032,196	)
10-31-11		394,079		—		74,951		(2,099,213	)		—		(1,630,183	)		5,729,924		—		—		1,058,855		—		(29,965,774	)		—		(23,176,995	)
Class B
04-30-12		—		—		—		(119,154	)		—		(119,154	)		—		—		—		—		—		(1,529,118	)		—		(1,529,118	)
10-31-11		1,629		—		6,844		(305,512	)		—		(297,039	)		22,273		—		—		92,973		—		(4,201,481	)		—		(4,086,235	)
Class C
04-30-12		26,733		—		—		(403,513	)		—		(376,780	)		330,249		—		—		—		—		(5,115,532	)		—		(4,785,283	)
10-31-11		44,579		—		36,650		(1,688,401	)		—		(1,607,172	)		615,566		—		—		497,929		—		(23,236,007	)		—		(22,122,512	)
Class I
04-30-12		36,068		—		—		(102,432	)		—		(66,364	)		466,887		—		—		—		—		(1,410,022	)		—		(943,135	)
10-31-11		149,528		—		7,802		(510,535	)		—		(353,205	)		2,265,528		—		—		112,177		—		(7,480,912	)		—		(5,103,207	)
Class W
04-30-12		—		—		—		(1,097	)		—		(1,097	)		—		—		—		—		—		(14,893	)		—		(14,893	)
10-31-11		616		—		278		(91,171	)		—		(90,277	)		10,091		—		—		4,305		—		(1,438,902	)		—		(1,424,506	)
Global Real Estate
Class A
04-30-12		25,322,281		—		668,494		(26,147,754	)		—		(156,979	)		396,038,060		—		—		10,590,722		—		(402,138,119	)		—		4,490,663
10-31-11		35,678,698		—		2,539,908		(33,801,169	)		—		4,417,437			583,010,229		—		—		40,568,806		—		(539,329,675	)		—		84,249,360
Class B
04-30-12		8,280		—		6,900		(157,768	)		—		(142,588	)		109,665		—		—		90,207		—		(2,070,850	)		—		(1,870,978	)
10-31-11		15,686		—		40,781		(428,772	)		—		(372,305	)		211,758		—		—		543,851		—		(5,856,328	)		—		(5,100,719	)
Class C
04-30-12		842,251		—		77,204		(1,808,617	)		—		(889,162	)		11,815,989		—		—		1,073,316		—		(25,063,313	)		—		(12,174,008	)
10-31-11		3,871,056		—		368,665		(3,233,525	)		—		1,006,196			55,991,916		—		—		5,190,100		—		(46,083,893	)		—		15,098,123
Class I
04-30-12		34,793,198		—		1,214,269		(17,194,900	)		—		18,812,567			544,239,216		—		—		19,323,551		—		(273,798,563	)		—		289,764,204
10-31-11		55,667,213		—		3,313,362		(26,245,082	)		—		32,735,493			909,749,138		—		—		52,673,272		—		(416,986,757	)		—		545,435,653
Class O
04-30-12		58,642		—		368		(78,723	)		—		(19,713	)		927,906		—		—		5,837		—		(1,262,768	)		—		(329,025	)
10-31-11		115,732		—		1,039		(172,483	)		—		(55,712	)		1,892,052		—		—		16,607		—		(2,819,602	)		—		(910,943	)
Class R
04-30-12		11,433		—		37		(218	)		—		11,252			187,143		—		—		622		—		(3,581	)		—		184,184
08-05-11- 10-31-11		193		—		—		—			—		193			2,998		—		—		—		—		—			—		2,998
Class W
04-30-12		3,320,384		—		171,737		(4,088,330	)		—		(596,209	)		53,195,785		—		—		2,732,001		—		(64,241,412	)		—		(8,313,626	)
10-31-11		9,234,130		—		684,225		(7,206,362	)		—		2,711,993			151,468,423		—		—		10,943,660		—		(117,273,273	)		—		45,138,810
Global Value Choice
Class A
04-30-12		439,342		—		716,447		(3,380,295	)		—		(2,224,506	)		12,531,140		137,703		—		19,236,583		—		(94,903,752	)		—		(62,998,326	)
10-31-11		4,265,625		—		79,834		(3,420,485	)		—		924,974			144,603,799		—		—		2,641,663		—		(114,217,071	)		—		33,028,391
Class B
04-30-12		1,255		—		14,887		(31,225	)		—		(15,083	)		36,498		3,331		—		432,452		—		(969,501	)		—		(497,220	)
10-31-11		13,043		—		1,069		(69,196	)		—		(55,084	)		471,719		—		—		37,866		—		(2,483,644	)		—		(1,974,059	)

 

83

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (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 C
04-30-12		230,657		—		300,547		(1,527,737	)		—		(996,533	)		5,935,428		79,799		—		7,576,794		—		(39,908,254	)		—		(26,316,233	)
10-31-11		1,679,621		—		21,518		(705,689	)		—		995,450			53,663,379		—		—		673,274		—		(22,048,879	)		—		32,287,774
Class I
04-30-12		989,162		—		258,210		(6,266,955	)		—		(5,019,583	)		27,546,687		129,275		—		6,989,761		—		(184,887,604	)		—		(150,221,881	)
10-31-11		4,607,087		—		13,983		(1,953,720	)		—		2,667,350			157,033,879		—		—		466,333		—		(65,663,284	)		—		91,836,928
Class W
04-30-12		55,459		—		93,751		(291,590	)		—		(142,380	)		1,610,203		14,824		—		2,535,022		—		(8,240,493	)		—		(4,080,444	)
10-31-11		981,538		—		17,025		(1,153,978	)		—		(155,415	)		33,546,538		—		—		566,930		—		(39,295,079	)		—		(5,181,611	)
Greater China
Class A
04-30-12		126,740		—		—		(298,600	)		—		(171,860	)		1,878,557		—		—		—		—		(4,199,746	)		—		(2,321,189	)
10-31-11		313,197		—		18,389		(652,246	)		—		(320,660	)		5,042,890		—		—		301,511		—		(10,568,981	)		—		(5,224,580	)
Class B
04-30-12		15		—		—		(7,490	)		—		(7,475	)		200		—		—		—		—		(106,586	)		—		(106,386	)
10-31-11		3,916		—		588		(49,224	)		—		(44,720	)		58,950		—		—		9,565		—		(777,885	)		—		(709,370	)
Class C
04-30-12		7,007		—		—		(76,323	)		—		(69,316	)		96,383		—		—		—		—		(1,073,672	)		—		(977,289	)
10-31-11		51,777		—		1,543		(110,619	)		—		(57,299	)		847,711		—		—		25,099		—		(1,734,536	)		—		(861,726	)
Class I
04-30-12		64,868		—		—		(27,101	)		—		37,767			864,167		—		—		—		—		(394,459	)		—		469,708
10-31-11		52,454		—		1,104		(52,883	)		—		675			873,097		—		—		18,083		—		(857,921	)		—		33,259
Class O
04-30-12		49,687		—		—		(68,182	)		—		(18,495	)		712,409		—		—		—		—		(976,371	)		—		(263,962	)
10-31-11		174,314		—		1		(123,202	)		—		51,113			2,808,070		—		—		17		—		(1,928,462	)		—		879,625
Class W
04-30-12		—		—		—		—			—		—			—		—		—		—		—		—			—		—
08-05-11- 10-31-11		193		—		—		—			—		193			3,000		—		—		—		—		—			—		3,000
Index Plus International Equity
Class A
04-30-12		37,712		—		23,845		(64,765	)		—		(3,208	)		291,261		—		—		166,913		—		(495,988	)		—		(37,814	)
10-31-11		104,858		—		13,812		(249,258	)		—		(130,588	)		900,553		—		—		115,330		—		(2,118,993	)		—		(1,103,110	)
Class B
04-30-12		1,213		—		544		(10,707	)		—		(8,950	)		9,491		—		—		3,863		—		(84,840	)		—		(71,486	)
10-31-11		13		—		278		(42,996	)		—		(42,705	)		112		—		—		2,340		—		(377,578	)		—		(375,126	)
Class C
04-30-12		19,163		—		1,589		(7,279	)		—		13,473			149,492		—		—		11,133		—		(55,564	)		—		105,061
10-31-11		6,716		—		529		(29,920	)		—		(22,675	)		56,268		—		—		4,422		—		(250,290	)		—		(189,600	)
Class I
04-30-12		618,563		—		196,582		(1,600,677	)		—		(785,532	)		4,659,889		—		—		1,374,111		—		(12,376,217	)		—		(6,342,217	)
10-31-11		5,759,325		—		161,820		(9,597,420	)		—		(3,676,275	)		47,802,176		—		—		1,352,813		—		(83,821,515	)		—		(34,666,526	)
Class O
04-30-12		253,211		—		5,898		(424,925	)		—		(165,816	)		1,865,885		—		—		40,929		—		(3,208,919	)		—		(1,302,105	)
10-31-11		366,085		—		3,588		(856,544	)		—		(486,871	)		3,074,094		—		—		29,742		—		(7,220,670	)		—		(4,116,834	)
Class W
04-30-12		—		—		—		—			—		—			—		—		—		—		—		—			—		—
08-05-11- 10-31-11		378		—		—		—			—		378			3,000		—		—		—		—		—			—		3,000
International Core
Class I
04-30-12		5,128,278		—		393,151		(8,573,754	)		—		(3,052,325	)		45,842,415		—		—		3,175,306		—		(78,265,978	)		—		(29,248,257	)
02-08-11- 10-31-11		45,815,728		—		—		(6,242,980	)		—		39,572,748			448,417,065		—		—		—		—		(59,613,945	)		—		388,803,120
International Growth
Class I
04-30-12		1,564,667		—		363,928		(3,316,487	)		—		(1,387,892	)		14,484,563		—		—		3,049,712		—		(31,522,616	)		—		(13,988,341	)
01-06-11- 10-31-11		19,924,126		—		—		(3,769,437	)		—		16,154,689			199,737,196		—		—		—		—		(38,310,028	)		—		161,427,168

 

84

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (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
Class A
04-30-12		625,371		—		56,185		(3,243,090	)		—		(2,561,534	)		4,760,115		—			—		419,923		—		(24,124,511	)		—		(18,944,473	)
10-31-11		7,227,357		—		1,171,944		(11,322,447	)		—		(2,923,146	)		62,494,032		—			—		10,119,648		—		(96,244,789	)		—		(23,631,109	)
Class B
04-30-12		2,349		—		977		(59,086	)		—		(55,760	)		17,611		—			—		7,230		—		(452,147	)		—		(427,306	)
10-31-11		3,697		—		9,939		(87,778	)		—		(74,142	)		31,996		—			—		85,732		—		(742,635	)		—		(624,907	)
Class C
04-30-12		57,257		—		8,346		(456,305	)		—		(390,702	)		437,642		—			—		61,658		—		(3,464,800	)		—		(2,965,500	)
10-31-11		304,400		—		80,431		(855,106	)		—		(470,275	)		2,651,330		—			—		693,114		—		(7,322,661	)		—		(3,978,217	)
Class I
04-30-12		8,321,266		—		77,519		(8,091,087	)		—		307,698			62,273,393		—			—		584,979		—		(61,708,020	)		—		1,150,352
10-31-11		7,030,985		—		329,211		(16,139,496	)		—		(8,779,300	)		60,667,094		—			—		2,824,850		—		(138,463,131	)		—		(74,971,187	)
Class W
04-30-12		939,138		—		4,648		(942,261	)		—		1,525			7,134,847		—			—		35,069		—		(6,960,750	)		—		209,166
10-31-11		1,339,658		—		25,637		(640,252	)		—		725,043			11,650,245		—			—		220,522		—		(5,378,733	)		—		6,492,034
International Small Cap
Class A
04-30-12		162,691		—		40,026		(511,159	)		—		(308,442	)		5,889,780		270,209			—		1,274,839		—		(18,036,639	)		—		(10,601,811	)
10-31-11		622,313		—		11,418		(1,662,144	)		—		(1,028,413	)		24,861,014		43,448			—		445,420		—		(65,716,954	)		—		(40,367,072	)
Class B
04-30-12		15		—		282		(14,341	)		—		(14,044	)		498		6,794			—		9,527		—		(539,491	)		—		(522,672	)
10-31-11		148		—		1		(59,948	)		—		(59,799	)		6,278		1,163			—		49		—		(2,536,178	)		—		(2,528,688	)
Class C
04-30-12		11,621		—		6,506		(74,512	)		—		(56,385	)		388,801		64,016			—		193,956		—		(2,470,326	)		—		(1,823,553	)
10-31-11		15,965		—		15		(191,906	)		—		(175,926	)		598,166		10,010			—		477		—		(7,103,227	)		—		(6,494,574	)
Class I
04-30-12		147,782		—		42,183		(1,647,325	)		—		(1,457,360	)		5,085,397		402,186			—		1,340,151		—		(55,574,112	)		—		(48,746,378	)
10-31-11		1,087,598		—		21,402		(2,380,895	)		—		(1,271,895	)		43,168,247		70,572			—		834,463		—		(90,223,469	)		—		(46,150,187	)
Class O
04-30-12		11,067		—		—		(6,611	)		—		4,456			396,763		3,932			—		—		—		(232,003	)		—		168,692
10-31-11		23,889		—		—		(14,538	)		—		9,351			947,636		597			—		—		—		(569,560	)		—		378,673
Class W
04-30-12		152,256		—		11,768		(48,712	)		—		115,312			5,911,278		74,847			—		444,615		—		(2,080,313	)		—		4,350,427
10-31-11		223,881		—		5,091		(543,204	)		—		(314,232	)		10,339,982		10,572			—		235,018		—		(26,455,767	)		—		(15,870,195	)
International Value Choice
Class A
04-30-12		297,597		—		61,290		(434,966	)		—		(76,079	)		2,830,125		—			—		549,768		—		(4,098,956	)		—		(719,063	)
10-31-11		700,913		—		16,673		(710,198	)		—		7,388			7,732,588		—			—		183,909		—		(7,787,412	)		—		129,085
Class B
04-30-12		143		—		642		(3,880	)		—		(3,095	)		1,279		—			—		5,729		—		(37,136	)		—		(30,128	)
10-31-11		2,967		—		—		(62,387	)		—		(59,420	)		32,117		—			—		—		—		(676,895	)		—		(644,778	)
Class C																			��
04-30-12		24,801		—		6,462		(64,355	)		—		(33,092	)		231,358		—			—		57,515		—		(609,506	)		—		(320,633	)
10-31-11		102,250		—		874		(137,507	)		—		(34,383	)		1,109,821		—			—		9,548		—		(1,454,328	)		—		(334,959	)
Class I
04-30-12		135,697		—		6,943		(244,545	)		—		(101,905	)		1,254,999		—			—		62,143		—		(2,263,692	)		—		(946,550	)
10-31-11		1,211,619		—		14,302		(2,458,363	)		—		(1,232,442	)		13,488,923		—			—		157,468		—		(25,305,252	)		—		(11,658,861	)
Class W
04-30-12		229,519		—		221		(19,669	)		—		210,071			2,168,749		—			—		1,980		—		(182,330	)		—		1,988,399
10-31-11		6,762		—		47		(3,616	)		—		3,193			75,798		—			—		516		—		(40,182	)		—		36,132
International Value
Class A
04-30-12		1,102,615		—		624,186		(8,035,697	)		—		(6,308,896	)	��	11,144,399		370,454			—		5,904,795		—		(81,782,530	)		—		(64,362,882	)
10-31-11		2,713,615		—		687,338		(21,092,834	)		—		(17,691,881	)		31,514,665		48,376			—		7,909,938		—		(245,656,346	)		—		(206,183,367	)
Class B
04-30-12		3,308		—		1,473		(48,860	)		—		(44,079	)		33,148		1,679			—		14,127		—		(511,196	)		—		(462,242	)
10-31-11		953		—		5		(134,706	)		—		(133,748	)		15,458		233			—		57		—		(1,596,187	)		—		(1,580,439	)
Class C
04-30-12		76,811		—		203,326		(1,953,700	)		—		(1,673,563	)		720,115		166,718			—		1,872,630		—		(19,315,366	)		—		(16,555,903	)
10-31-11		125,441		—		190,553		(5,369,143	)		—		(5,053,149	)		1,422,732		21,392			—		2,131,679		—		(60,913,970	)		—		(57,338,167	)

 

85

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (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 (continued)
Class I
04-30-12		1,364,559		—		716,678		(5,507,937	)		—		(3,426,700	)		13,965,256		321,337		—		6,736,772		—			(55,454,535	)		—		(34,431,170	)
10-31-11		10,647,783		—		658,850		(25,034,873	)		—		(13,728,240	)		125,628,816		45,553		—		7,549,252		—			(291,421,213	)		—		(158,197,592	)
Class W
04-30-12		—		—		413		(14,784	)		—		(14,371	)		—		403		—		3,889		—			(149,852	)		—		(145,560	)
10-31-11		11,107		—		46,331		(2,099,066	)		—		(2,041,628	)		128,517		70		—		530,953		—			(24,170,447	)		—		(23,510,907	)
Russia
Class A
04-30-12		299,174		—		—		(1,294,379	)		—		(995,205	)		9,946,253		—		—		—		(31,559	)		(42,191,321	)		—		(32,213,509	)
10-31-11		1,257,704		—		—		(3,228,676	)		—		(1,970,972	)		51,432,518		—		—		—		(180,692	)		(124,889,133	)		—		(73,275,923	)
Class I
04-30-12		198,593		—		—		(116,463	)		—		82,130			6,650,140		—		—		—		(10,838	)		(3,979,819	)		—		2,681,159
10-31-11		263,755		—		—		(174,657	)		—		89,098			10,631,704		—		—		—		(37,248	)		(6,576,891	)		—		4,092,061
Class W
04-30-12		129		—		—		—			—		129			4,250		—		—		—		—			—			—		4,250
08-05-11- 10-31-11(1)		76		—		—		—			—		76			3,001		—		—		—		—			—			—		3,001

 

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

86

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 13 — CONCENTRATION OF RISKS (continued)

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 (except Diversified International) 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 with the following exception: Effective October 1, 2011, BNY provides the Funds indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements

Currently, the cash collateral is invested in overnight repurchase agreements that are collateralized at 102% with securities issued or fully guaranteed by the United States Treasury; United States government or any agency, instrumentality or authority of the United States government. The securities purchased with cash collateral received are reflected in the Summary Portfolio of Investments under Securities Lending Collateral.

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, 2012, the following Funds had securities on loan with the following market values:

Fund	Value of Securities Loaned		Cash Collateral Received
Emerging Countries	$	1,999,361	$	2,063,440
Emerging Markets Equity		3,359,384		3,473,684
Global Equity Dividend		1,089,165		1,132,312
Global Opportunities		1,536,024		1,602,110
Global Real Estate		22,936,563		24,619,816
Global Value Choice		7,032,505		7,336,000
International Growth		2,640,845		2,772,080
International Small Cap		683,603		741,188
International Value		1,107,006		1,163,203
Russia		3,421,824		3,579,863

 

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.

87

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 15 — FEDERAL INCOME TAXES (continued)

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

	Six Months Ended April 30, 2012						Year Ended October 31, 2011
	Ordinary Income		Long-term Capital Gains		Return of Capital		Ordinary Income		Return of Capital
Diversified International	$	1,060,003	$	—	$	—	$	1,061,111	$	191,335
Emerging Countries		—		—		—		113,431		—
Emerging Markets Equity		196,323		240,369		—		—		—
Global Bond		22,796,982		6,777,748		—		32,360,506		—
Global Equity Dividend		678,319		—		—		2,094,033		—
Global Natural Resources		158,734		—		—		53,412		—
Global Opportunities		—		—		—		2,210,341		—
Global Real Estate(1)		13,883,216		—		6,244,733		42,768,770		44,855,276
Global Value Choice		32,519,187		29,043,044		—		8,011,477		—
Greater China		—		—		—		456,558		—
Index Plus International Equity		2,495,861		—		—		2,092,268		—
International Core		3,175,306		—		—		—		—
International Growth		3,049,712		—		—		—		—
International Real Estate		4,788,534		—		—		33,254,520		—
International Small Cap		5,339,421		—		—		2,615,060		—
International Value Choice		774,426		—		—		391,851		—
International Value		18,093,661		—		—		23,226,893		—

 

⁽¹⁾ Composition of dividends and distributions presented herein is based on the Fund’s current tax period (four months ended April 30, 2012) and tax year ended December 31, 2011. Composition of current period amounts may change after the Fund’s tax year-end of December 31, 2012.

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, 2011 were:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards			Expiration
Diversified International	$	—	$	—	$	(6,674,750	)	$	(28,060,058	)		2016
									(93,445,922	)		2017
									(33,117,873	)		2018
									(824,702	)		2019
								$	(155,448,555	)
Emerging Countries		—		—		8,140,668			(34,410,065	)		2016
									(41,200,730	)		2017
								$	(75,610,795	)
Emerging Markets Equity		170,335		238,655		5,920,296			—			—
Global Bond		8,144,042		6,774,863		(6,088,537	)		—			—
Global Equity Dividend		145,373		—		(2,471,040	)		(11,027,596	)		2016
									(71,676,150	)		2017
								$	(82,703,746	)
Global Natural Resources		—		—		12,800,832			(14,439,138	)		2017
Global Opportunities		—		—		3,787,774			(32,434,268	)		2016
									(80,200,325	)		2017
								$	(112,634,593	)
Global Real Estate(1)(2)		—		—		173,819,626			(164,232,218	)		2016
									(414,424,595	)		2017
									(79,668,453	)		2018
									(33,295,670	)(3)		N/A
								$	(691,620,936	)

 

88

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 15 — FEDERAL INCOME TAXES (continued)

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards			Expiration
Global Value Choice	$	31,929,361	$	29,040,761	$	(22,000,980	)	$	—		$	—
Greater China		—		—		1,020,998			(116,039	)		2017
Index Plus International Equity		2,232,942		—		1,903,233			(27,339,841	)		2016
									(46,742,747	)		2017
								$	(74,082,588	)
International Core		2,806,773		—		(25,065,340	)		(16,908,766	)		2019
International Growth		3,010,653		—		(14,187,336	)		—			—
International Real Estate		1,028,620		—		(13,011,772	)		(26,312	)		2014
									(2,556,095	)		2015
									(67,952,089	)		2016
									(159,911,905	)		2017
									(43,046,092	)		2018
									(4,399,061	)		2019
								$	(277,891,554	)
International Small Cap		4,065,962		—		1,483,935			(77,906,736	)		2016
									(202,973,948	)		2017
								$	(280,880,684	)
International Value Choice		725,910		—		(2,450,294	)		(14,545,893	)		2017
									(362,042	)		2019
								$	(14,907,935	)
International Value		16,474,089		—		(96,572,670	)		(810,539,013	)		2017
									(70,133,094	)		2018
									(8,757,263	)		2019
								$	(889,429,370	)
Russia		—		—		60,506,771			(66,111,223	)		2017
									(21,810,157	)		2018
								$	(87,921,380	)			��

 

⁽¹⁾ As of the Fund’s tax year ended December 31, 2011.

⁽²⁾ The Fund also had post-October capital losses deferred of $2,950,661 and late year ordinary losses deferred of $14,507,115.

⁽³⁾ $(31,975,045) is short-term and $(1,320,625) is long-term.

The Funds’ major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2006.

As of April 30, 2012, 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 (December 31, 2011 for Global Real Estate). 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.

NOTE 16 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS

On July 20, 2005, the Securities and Exchange Commission (“Commission” or “SEC”) entered into a settlement of an administrative proceeding against CIBC World Markets Corp. and Canadian Imperial Holdings Inc. (collectively “Respondents”). As part of the settlement, the Respondents have established the 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

89

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

NOTE 16 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)

Respondents, as described in the order. The Fund is comprised of disgorgement in the amount of $125 million which was paid by the Respondents. The dollar amount available for distribution to mutual funds and shareholders of affected mutual funds (“Distributable Amount”) includes the original $125 million plus interest earned by the Fund.

On December 5, 2011, the SEC issued an order approving the proposed plan of distribution. In connection with this settlement, the following funds received:

Emerging Countries	$	92,742
Global Natural Resources		72,583
Global Value Choice		364,932
International Small Cap		821,984
International Value		860,591

 

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
Index Plus International Equity		14,363
International Capital Appreciation		17,464
International SmallCap		1,034,530
International Value		2,544,969

 

On May 7, 2007, the Securities and Exchange Commission (“Commission” or “SEC”) entered into a settlement of an administrative proceeding against Zurich Capital Markets, Inc., (“ZCM” or “Respondent”). As part of the settlement, the Respondent has established a Fair 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 Funds are comprised of disgorgement in the amount of approximately $16.8 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 $16.8 million plus interest earned by the Fund.

On June 3, 2010, the SEC issued an order approving the proposed plan of distribution. In connection with this settlement, the following Funds received:

International SmallCap	$	136,362
International Value		115,624

 

NOTE 17 — SUBSEQUENT EVENTS

Dividends: Subsequent to April 30, 2012, the following Fund paid dividends of:

	Per Share Amount		Payable Date	Record Date
Global Bond
Class A	$	0.0417	May 2, 2012	April 30, 2012
Class B	$	0.0348	May 2, 2012	April 30, 2012
Class C	$	0.0346	May 2, 2012	April 30, 2012
Class I	$	0.0446	May 2, 2012	April 30, 2012
Class O	$	0.0417	May 2, 2012	April 30, 2012
Class R	$	0.0393	May 2, 2012	April 30, 2012
Class W	$	0.0441	May 2, 2012	April 30, 2012
Class A	$	0.0417	June 4, 2012	May 31, 2012
Class B	$	0.0347	June 4, 2012	May 31, 2012
Class C	$	0.0346	June 4, 2012	May 31, 2012
Class I	$	0.0447	June 4, 2012	May 31, 2012
Class O	$	0.0418	June 4, 2012	May 31, 2012
Class R	$	0.0394	June 4, 2012	May 31, 2012
Class W	$	0.0442	June 4, 2012	May 31, 2012

 

Effective May 7, 2012, Global Value choice was reopened to all new investors who meet the eligibility and minimum initial investment requirements described in the Fund’s prospectus.

Subject to shareholder approval, Emerging Countries will be merged into Emerging Markets Equity on or about July 21, 2012.

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

90

PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING DIVERSIFIED INTERNATIONAL FUND

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 4.5%
111,400	iShares MSCI EAFE Value Index	$	5,063,130			4.5
	Total Exchange-Traded Funds
	(Cost $5,266,707)		5,063,130			4.5
MUTUAL FUNDS: 95.7%
	Affiliated Investment Companies: 95.7%
1,488,695	ING Emerging Markets Equity Fund — Class I		16,941,344			15.0
4,863,662	ING International Core Fund — Class I		45,183,422			40.1
2,325,066	ING International Growth Fund — Class I		22,576,390			20.1
149,896	ING International SmallCap Fund — Class I		5,646,578			5.0
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
1,710,882	ING International Value Fund — Class I	$	17,468,107			15.5
	Total Mutual Funds
	(Cost $103,513,362)		107,815,841			95.7
	Total Investments in Securities (Cost $108,780,069)	$	112,878,971			100.2
	Liabilities in Excess of Other Assets		(231,470	)		(0.2	)
	Net Assets	$	112,647,501			100.0

 

Cost for federal income tax purposes is $110,204,694.
Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	5,077,012
Gross Unrealized Depreciation		(2,402,735	)
Net Unrealized Appreciation	$	2,674,277

 

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Exchange-Traded Funds	$	5,063,130	$	—	$	—	$	5,063,130
Mutual Funds		107,815,841		—		—		107,815,841
Total Investments, at value	$	112,878,971	$	—	$	—	$	112,878,971

 

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, 2012.

See Accompanying Notes to Financial Statements

91

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING EMERGING COUNTRIES FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 98.9%
		Argentina: 0.3%
17,500		Other Securities	$	255,150		0.3
		Brazil: 16.4%
48,700		BRF — Brasil Foods SA ADR		897,541		1.1
19,200		Cia de Bebidas das Americas ADR		806,016		1.0
6,900		Cia de Saneamento Basico do Estado de Sao Paulo ADR		546,204		0.7
20,500		Cia Energetica de Minas Gerais ADR		505,735		0.6
65,100		Gerdau SA ADR		611,289		0.7
78,700		Itau Unibanco Holding SA ADR		1,234,803		1.5
93,240		Petroleo Brasileiro SA ADR		2,163,212		2.7
30,300		Telefonica Brasil SA ADR		862,641		1.1
17,200		Tim Participacoes SA ADR		514,796		0.6
97,600		Vale SA ADR		2,133,660		2.6
305,880		Other Securities(a)		3,057,033		3.8
				13,332,930		16.4
		China: 15.7%
2,210,000		Bank of China Ltd.		920,292		1.1
1,868,000		China Construction Bank		1,449,651		1.8
25,500		China Mobile Ltd.		282,120		0.4
127,500	@	China Shenhua Energy Co., Ltd.		563,047		0.7
29,600	L	China Unicom Hong Kong Ltd. ADR		514,448		0.6
418,000		CNOOC Ltd.		883,296		1.1
52,500		Hengan International Group Co., Ltd.		554,748		0.7
2,196,000		Industrial and Commercial Bank of China Ltd.		1,459,097		1.8
2,400		PetroChina Co., Ltd. ADR		357,168		0.4
538,000		PetroChina Co., Ltd.		802,533		1.0
69,000		Ping An Insurance Group Co. of China Ltd.		573,132		0.7
3,237,400		Other Securities(a)		4,408,869		5.4
				12,768,401		15.7
		Hong Kong: 3.6%
12,400		China Mobile Ltd. ADR		686,216		0.8
3,000		CNOOC Ltd. ADR		634,950		0.8
1,204,400		Other Securities		1,634,831		2.0
				2,955,997		3.6
		India: 3.3%
12,600		Infosys Technologies Ltd. ADR		596,610		0.7
24,238	#	Reliance Industries Ltd. GDR		685,546		0.9
22,400		Tata Motors Ltd. ADR ADR		666,400		0.8
21,200		Other Securities		723,792		0.9
				2,672,348		3.3
COMMON STOCK: (continued)
		Indonesia: 1.5%
175,500		United Tractors Tbk PT	$	562,986		0.7
616,500		Other Securities		687,835		0.8
				1,250,821		1.5
		Israel: 0.5%
36,763		Other Securities		420,526		0.5
		Kazakhstan: 0.4%
15,031		Other Securities		299,958		0.4
		Malaysia: 0.9%
786,100		Other Securities		701,048		0.9
		Mexico: 4.2%
143,936	@	Cemex SAB de CV ADR		1,040,657		1.3
38,900		Grupo Televisa SAB ADR		854,633		1.0
348,900		Other Securities		1,514,067		1.9
				3,409,357		4.2
		Netherlands: 0.5%
37,400		Other Securities		381,106		0.5
		Peru: 0.3%
5,100		Other Securities		210,477		0.3
		Poland: 0.9%
222,643		Other Securities		719,420		0.9
		Russia: 7.0%
77,300		Gazprom OAO ADR		892,042		1.1
20,056		Lukoil OAO ADR		1,230,435		1.5
118,167		Sberbank of Russia ADR		1,530,263		1.9
13,974		Tatneft ADR		518,706		0.6
115,836		Other Securities		1,521,663		1.9
				5,693,109		7.0
		South Africa: 6.6%
21,066		Exxaro Resources Ltd.		561,629		0.7
26,163		Imperial Holdings Ltd.		568,888		0.7
8,800		Sasol Ltd. ADR		417,384		0.5
15,228		Sasol Ltd.		724,008		0.9
37,844		Standard Bank Group Ltd.		559,043		0.7
14,001		Tiger Brands Ltd.		513,511		0.6
141,324		Other Securities		2,021,916		2.5
				5,366,379		6.6
		South Korea: 17.6%
4,058		Hyundai Motor Co.		957,973		1.2
18,700		KB Financial Group, Inc. ADR		634,491		0.8
2,891		KCC Corp.		739,292		0.9
7,674		Kia Motors Corp.		563,110		0.7
61,900		KT Corp. ADR		795,415		1.0
2,093		Samsung Electronics Co., Ltd.		2,561,751		3.1
3,570		Samsung Electronics Co., Ltd. GDR		2,178,553		2.7

See Accompanying Notes to Financial Statements

92

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING EMERGING COUNTRIES FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: (continued)
		South Korea: (continued)
3,550	#	Samsung Life Insurance Co. Ltd.	$	313,387		0.4
55,000		SK Telecom Co., Ltd. ADR		743,600		0.9
133,911		Other Securities		4,804,860		5.9
				14,292,432		17.6
		Taiwan: 7.1%
102,484		Hon Hai Precision Industry Co., Ltd. GDR		620,258		0.8
304,000		Hon Hai Precision Industry Co., Ltd.		955,830		1.2
232,000		Taiwan Semiconductor Manufacturing Co., Ltd.		685,708		0.8
86,700		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,350,786		1.6
2,059,000		Other Securities		2,185,601		2.7
				5,798,183		7.1
		Thailand: 4.3%
385,400		Charoen Pokphand Foods PCL		509,520		0.6
98,200		PTT PCL		1,119,935		1.4
984,500		Other Securities		1,854,564		2.3
				3,484,019		4.3
		Turkey: 1.3%
219,313		Other Securities		1,043,015		1.3
		United Arab Emirates: 0.5%
45,268		Other Securities		432,343		0.5
		United Kingdom: 0.5%
20,600		Other Securities		397,168		0.5
		United States: 5.5%
29,300		Archer-Daniels-Midland Co.		903,319		1.1
111,700		Avon Products, Inc.		2,412,720		3.0
47,300	@	Yahoo!, Inc.		735,042		0.9
6,700		Other Securities		432,150		0.5
				4,483,231		5.5
		Total Common Stock
		(Cost $77,703,034)		80,367,418		98.9
EXCHANGE-TRADED FUNDS: 0.4%
47,800		Other Securities		281,064		0.4
		Total Exchange-Traded Funds
		(Cost $277,752)		281,064		0.4
		Total Long-Term Investments
		(Cost $77,980,786)		80,648,482		99.3

 

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.5%
	Securities Lending Collateralcc(1): 2.5%
1,000,000	Cantor Fitzgerald, Repurchase Agreement dated 04/30/12, 0.22%, due 05/01/12 (Repurchase Amount $1,000,006, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–7.125%, Market Value plus accrued interest $1,020,000, due 05/01/51–09/01/49)	$	1,000,000			1.2
1,000,000	Daiwa Capital Markets, Repurchase Agreement dated 04/30/12, 0.24%, due 05/01/12 (Repurchase Amount $1,000,007, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–8.875%, Market Value plus accrued interest $1,020,000, due 05/17/12–08/01/47)		1,000,000			1.2
63,440	Mizuho Securities USA Inc., Repurchase Agreement dated 04/30/12, 0.23%, due 05/01/12 (Repurchase Amount $63,440, collateralized by various U.S. Government Agency Obligations, 0.000%–7.500%, Market Value plus accrued interest $64,709, due 02/01/26–02/25/44)		63,440			0.1
			2,063,440			2.5
	Total Short-Term Investments
	(Cost $2,063,440)		2,063,440			2.5
	Total Investments in Securities (Cost $80,044,226)	$	82,711,922			101.8
	Liabilities in Excess of Other Assets		(1,481,782	)		(1.8	)
	Net Assets	$	81,230,140			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, 2012.

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.

See Accompanying Notes to Financial Statements

93

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING EMERGING COUNTRIES FUND

@ Non-income producing security

ADR American Depositary Receipt

GDR Global Depositary Receipt

cc Securities purchased with cash collateral for securities loaned.

L Loaned security, a portion or all of the security is on loan at April 30, 2012.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $81,768,023.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	7,899,716
Gross Unrealized Depreciation		(6,955,817	)
Net Unrealized Appreciation	$	943,899

 

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		8.0	%
Consumer Staples		13.5
Energy		16.4
Exchange-Traded Funds		0.4
Financials		16.4
Industrials		4.7
Information Technology		17.1
Materials		12.5
Telecommunications		8.7
Utilities		1.6
Short-Term Investments		2.5
Liabilities in Excess of Other Assets		(1.8	)
Net Assets		100.0	%

 

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Argentina	$	255,150	$	—	$	—	$	255,150
Brazil		12,098,127		1,234,803		—		13,332,930
China		2,228,788		10,539,613		—		12,768,401
Hong Kong		1,738,226		1,217,771		—		2,955,997
India		1,986,802		685,546		—		2,672,348
Indonesia		—		1,250,821		—		1,250,821
Israel		—		420,526		—		420,526
Kazakhstan		—		299,958		—		299,958
Malaysia		—		701,048		—		701,048
Mexico		3,409,357		—		—		3,409,357
Netherlands		381,106		—		—		381,106
Peru		210,477		—		—		210,477
Poland		—		719,420		—		719,420
Russia		4,041,984		1,651,125		—		5,693,109
South Africa		417,384		4,948,995		—		5,366,379
South Korea		2,664,261		11,628,171		—		14,292,432
Taiwan		1,350,786		4,447,397		—		5,798,183
Thailand		—		3,484,019		—		3,484,019
Turkey		325,068		717,947		—		1,043,015
United Arab Emirates		—		432,343		—		432,343
United Kingdom		—		397,168		—		397,168
United States		4,483,231		—		—		4,483,231
Total Common Stock		35,590,747		44,776,671		—		80,367,418
Exchange-Traded Funds		281,064		—		—		281,064
Short-Term Investments		—		2,063,440		—		2,063,440
Total Investments, at value	$	35,871,811	$	46,840,111	$	—	$	82,711,922

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

See Accompanying Notes to Financial Statements

94

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING EMERGING MARKETS EQUITY FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 95.7%
		Argentina: 0.3%
18,000		Other Securities	$	262,440		0.3
		Brazil: 15.7%
53,100		BRF — Brasil Foods SA ADR		978,633		1.0
21,800		Cia de Bebidas das Americas ADR		915,164		1.0
7,700		Cia de Saneamento Basico do Estado de Sao Paulo ADR		609,532		0.7
22,900		Cia Energetica de Minas Gerais ADR		564,943		0.6
70,700		Gerdau SA ADR		663,873		0.7
87,500		Itau Unibanco Holding SA ADR		1,372,875		1.5
103,700		Petroleo Brasileiro SA ADR		2,404,942		2.6
33,100		Telefonica Brasil SA ADR		942,357		1.0
19,600		Tim Participacoes SA ADR		586,628		0.6
108,700		Vale SA ADR		2,376,204		2.5
327,720		Other Securities(a)		3,305,570		3.5
				14,720,721		15.7
		China: 14.9%
2,591,000		Bank of China Ltd.		1,078,949		1.1
2,001,000		China Construction Bank		1,552,865		1.7
29,000		China Mobile Ltd.		320,842		0.3
140,000	@	China Shenhua Energy Co., Ltd.		618,247		0.7
445,000		CNOOC Ltd.		940,351		1.0
57,000		Hengan International Group Co., Ltd.		602,298		0.6
2,383,000		Industrial and Commercial Bank of China Ltd.		1,583,346		1.7
2,600		PetroChina Co., Ltd. ADR		386,932		0.4
594,000		PetroChina Co., Ltd.		886,068		0.9
76,000		Ping An Insurance Group Co. of China Ltd.		631,276		0.7
3,580,200		Other Securities(a)		5,394,564		5.8
				13,995,738		14.9
		Hong Kong: 3.6%
15,400		China Mobile Ltd. ADR		852,236		0.9
3,200		CNOOC Ltd. ADR		677,280		0.7
584,000		Lenovo Group Ltd.		558,494		0.6
802,600		Other Securities		1,320,922		1.4
				3,408,932		3.6
		India: 3.0%
13,700	L	Infosys Technologies Ltd. ADR		648,695		0.7
25,000	#	Reliance Industries Ltd. GDR		707,098		0.7
23,800		Tata Motors Ltd. ADR ADR		708,050		0.8
23,100		Other Securities		788,975		0.8
				2,852,818		3.0
COMMON STOCK: (continued)
		Indonesia: 1.4%
177,500		United Tractors Tbk PT	$	569,402		0.6
674,000		Other Securities		740,192		0.8
				1,309,594		1.4
		Israel: 0.5%
37,600		Other Securities		430,100		0.5
		Kazakhstan: 0.4%
17,900		Other Securities		357,211		0.4
		Malaysia: 0.8%
846,500		Other Securities		766,323		0.8
		Mexico: 3.7%
127,192	@	Cemex SAB de CV ADR		919,598		1.0
42,700		Grupo Televisa SAB ADR		938,119		1.0
377,064		Other Securities		1,649,761		1.7
				3,507,478		3.7
		Netherlands: 0.5%
42,000		Other Securities		427,980		0.5
		Peru: 0.2%
5,600		Other Securities		231,112		0.2
		Poland: 0.9%
253,900		Other Securities		831,024		0.9
		Qatar: 0.3%
6,600		Other Securities		241,255		0.3
		Russia: 7.1%
88,900		Gazprom OAO ADR		1,025,906		1.1
23,600		Lukoil OAO ADR		1,447,860		1.5
136,500		Sberbank of Russia ADR		1,767,675		1.9
17,100		Tatneft ADR		634,741		0.7
132,906		Other Securities(a)		1,731,756		1.9
				6,607,938		7.1
		South Africa: 6.8%
23,800		Exxaro Resources Ltd.		634,519		0.7
29,300		Imperial Holdings Ltd.		637,099		0.7
9,800		Sasol Ltd. ADR		464,814		0.5
16,900		Sasol Ltd.		803,502		0.8
42,325		Standard Bank Group Ltd.		625,238		0.7
15,800		Tiger Brands Ltd.		579,492		0.6
177,780		Other Securities		2,614,731		2.8
				6,359,395		6.8
		South Korea: 16.9%
4,400		Hyundai Motor Co.		1,038,709		1.1
20,700		KB Financial Group, Inc. ADR		702,351		0.8
3,145		KCC Corp.		804,246		0.9
8,000		Kia Motors Corp.		587,032		0.6

See Accompanying Notes to Financial Statements

95

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING EMERGING MARKETS EQUITY FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: (continued)
		South Korea: (continued)
67,310		KT Corp. ADR	$	864,933		0.9
2,233		Samsung Electronics Co., Ltd.		2,733,106		2.9
4,000		Samsung Electronics Co., Ltd. GDR		2,440,956		2.6
5,310	#	Samsung Life Insurance Co. Ltd.		468,756		0.5
60,000		SK Telecom Co., Ltd. ADR		811,200		0.9
149,415		Other Securities		5,356,832		5.7
				15,808,121		16.9
		Taiwan: 7.2%
123,900		Hon Hai Precision Industry Co., Ltd. GDR		749,872		0.8
337,000		Hon Hai Precision Industry Co., Ltd.		1,059,587		1.1
251,000		Taiwan Semiconductor Manufacturing Co., Ltd.		741,865		0.8
93,900		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,462,962		1.6
2,263,400		Other Securities		2,692,479		2.9
				6,706,765		7.2
		Thailand: 4.1%
457,700		Charoen Pokphand Foods PCL		605,104		0.6
107,100		PTT PCL		1,221,437		1.3
1,080,800		Other Securities		2,042,603		2.2
				3,869,144		4.1
		Turkey: 1.2%
241,400		Other Securities		1,153,524		1.2
		United Arab Emirates: 0.5%
51,400		Other Securities		490,908		0.5
		United Kingdom: 0.5%
22,500		Other Securities		433,800		0.5
		United States: 5.2%
32,200		Archer-Daniels- Midland Co.		992,726		1.0
120,000		Avon Products, Inc.		2,592,000		2.8
53,000	@	Yahoo!, Inc.		823,620		0.9
7,300		Other Securities		470,850		0.5
				4,879,196		5.2
		Total Common Stock
		(Cost $79,831,035)		89,651,517		95.7
Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.7%
		Securities Lending Collateralcc(1): 3.7%
1,000,000		Barclays Bank PLC, Repurchase Agreement dated 04/30/12, 0.20%, due 05/01/12 (Repurchase Amount $1,000,005, collateralized by various U.S. Government Agency Obligations, 3.000%–5.000%, Market Value plus accrued interest $1,020,002, due 04/01/27–09/01/41)	$	1,000,000		1.0
473,684		Credit Suisse Securities, Repurchase Agreement dated 04/30/12, 0.18%, due 05/01/12 (Repurchase Amount $473,686, collateralized by various U.S. Government Securities, 0.625%–2.375%, Market Value plus accrued interest $483,159, due 04/30/13–02/15/41)		473,684		0.5
1,000,000		Deutsche Bank AG, Repurchase Agreement dated 04/30/12, 0.22%, due 05/01/12 (Repurchase Amount $1,000,006, collateralized by various U.S. Government Agency Obligations, 2.491%–7.000%, Market Value plus accrued interest $1,020,000, due 08/01/25–04/01/42)		1,000,000		1.1
1,000,000		UBS Warburg LLC, Repurchase Agreement dated 04/30/12, 0.22%, due 05/01/12 (Repurchase Amount $1,000,006, collateralized by various U.S. Government Agency Obligations, 3.500%–6.000%, Market Value plus accrued interest $1,020,000, due 02/01/20–01/01/48)		1,000,000		1.1
				3,473,684		3.7
		Total Short-Term Investments
		(Cost $3,473,684)		3,473,684		3.7
		Total Investments in Securities (Cost $83,304,719)	$	93,125,201		99.4
		Assets in Excess of Other Liabilities		566,479		0.6
		Net Assets	$	93,691,680		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, 2012.

See Accompanying Notes to Financial Statements

96

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING EMERGING MARKETS EQUITY FUND

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.

@ Non-income producing security

ADR American Depositary Receipt

GDR Global Depositary Receipt

cc Securities purchased with cash collateral for securities loaned.

L Loaned security, a portion or all of the security is on loan at April 30, 2012.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is the same as for financial statement purposes.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	12,593,221
Gross Unrealized Depreciation		(2,772,739	)
Net Unrealized Appreciation	$	9,820,482

 

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		7.3	%
Consumer Staples		12.8
Energy		15.7
Financials		16.2
Industrials		4.7
Information Technology		16.6
Materials		11.8
Telecommunications		9.0
Utilities		1.6
Short-Term Investments		3.7
Assets in Excess of Other Liabilities		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, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Argentina	$	262,440	$	—	$	—	$	262,440
Brazil		13,347,846		1,372,875		—		14,720,721
China		2,418,618		11,577,120		—		13,995,738
Hong Kong		2,006,156		1,402,776		—		3,408,932
India		2,145,720		707,098		—		2,852,818
Indonesia		—		1,309,594		—		1,309,594
Israel		—		430,100		—		430,100
Kazakhstan		—		357,211		—		357,211
Malaysia		—		766,323		—		766,323
Mexico		3,507,478		—		—		3,507,478
Netherlands		427,980		—		—		427,980
Peru		231,112		—		—		231,112
Poland		—		831,024		—		831,024
Qatar		—		241,255		—		241,255
Russia		4,683,497		1,924,441		—		6,607,938
South Africa		464,814		5,894,581		—		6,359,395
South Korea		2,917,708		12,890,413		—		15,808,121
Taiwan		1,754,174		4,952,591		—		6,706,765
Thailand		—		3,869,144		—		3,869,144
Turkey		342,372		811,152		—		1,153,524
United Arab Emirates		—		490,908		—		490,908
United Kingdom		—		433,800		—		433,800
United States		4,879,196		—		—		4,879,196
Total Common Stock		39,389,111		50,262,406		—		89,651,517
Short-Term Investments		—		3,473,684		—		3,473,684
Total Investments, at value	$	39,389,111	$	53,736,090	$	—	$	93,125,201

See Accompanying Notes to Financial Statements

97

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING EMERGING MARKETS EQUITY FUND

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs # (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 4/30/2012
Other Financial Instruments+
Futures	$	763	$	—	$	—	$	763
Total Assets	$	39,389,874	$	53,736,090	$	—	$	93,125,964

 

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, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards 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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

ING Emerging Markets Equity Fund Open Futures Contracts on April 30, 2012:

Contract Description	Number of Contracts		Expiration Date		Notional Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
SGX S&P CNX Nifty Index		55		05/31/12	$	579,315	$	763
					$	579,315	$	763

 

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, 2012 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*	$	763
Total Asset Derivatives		$	763

 

*     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, 2012 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	$	352,686
Total	$	352,686

 

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	$	(419,148	)
Total	$	(419,148	)

 

See Accompanying Notes to Financial Statements

98

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING GLOBAL BOND FUND

Principal Amount†			Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 31.1%
		Australia: 3.0%
730,000	#	FMG Resources August 2006 Pty Ltd., 6.000%, 04/01/17	$	744,600		0.1
350,000	#	FMG Resources August 2006 Pty Ltd., 7.000%, 11/01/15		364,000		0.1
AUD 4,478,000		New South Wales Treasury Corp., 6.000%, 04/01/15		4,950,249		0.7
AUD 4,478,000		New South Wales Treasury Corp., 6.000%, 03/01/22		5,196,256		0.7
AUD 4,478,000		Queensland Treasury Corp., 6.000%, 10/21/15		4,942,863		0.7
AUD 4,478,000		Queensland Treasury Corp., 6.000%, 07/21/22		5,026,699		0.7
				21,224,667		3.0
		Bermuda: 0.1%
600,000	#	China Resources Gas Group Ltd, 4.500%, 04/05/22		595,769		0.1
		Brazil: 1.9%
1,945,000	#	Banco do Brasil SA, 5.875%, 01/26/22		2,032,525		0.3
BRL 3,899,000	#	Banco Votorantim SA, 6.250%, 05/16/16		2,286,852		0.3
505,000	#	Itau Unibanco Holding SA/Cayman Island, 6.200%, 12/21/21		530,250		0.1
1,196,750	#	QGOG Atlantic / Alaskan Rigs Ltd., 5.250%, 07/30/18		1,208,717		0.2
588,000	#	Voto-Votorantim Ltd., 6.750%, 04/05/21		664,440		0.1
6,243,000		Other Securities		6,695,987		0.9
				13,418,771		1.9
		British Virgin Islands: 0.2%
1,336,000		Other Securities		1,321,952		0.2
		Canada: 0.3%
445,000	#	Bombardier, Inc., 7.500%, 03/15/18		495,063		0.1
900,000	#	Bombardier, Inc., 7.750%, 03/15/20		1,010,250		0.1
575,000		Other Securities		658,375		0.1
				2,163,688		0.3
		Cayman Islands: 0.7%
1,611,000	#	IPIC GMTN Ltd., 5.500%, 03/01/22		1,691,550		0.3
240,000	#	Odebrecht Finance Ltd., 7.500%, 09/29/49		249,000		0.0
CORPORATE BONDS/NOTES: (continued)
		Cayman Islands: (continued)
665,000	#	Sable International Finance Ltd., 8.750%, 02/01/20	$	709,887		0.1
1,935,000		Other Securities		2,135,325		0.3
				4,785,762		0.7
		Chile: 0.4%
645,000	#	Inversiones CMPC SA, 6.125%, 11/05/19		726,435		0.1
2,300,000		Other Securities		2,424,090		0.3
				3,150,525		0.4
		China: 0.0%
250,000	#	Mega Advance Investments Ltd., 6.375%, 05/12/41		281,408		0.0
		Colombia: 0.3%
1,360,000	#	Banco de Bogota SA, 5.000%, 01/15/17		1,415,760		0.2
719,000	#	Empresa de Energia de Bogota SA, 6.125%, 11/10/21		762,140		0.1
				2,177,900		0.3
		France: 0.1%
904,000		Other Securities		962,812		0.1
		Hong Kong: 0.1%
915,000		Other Securities		984,716		0.1
		Italy: 0.2%
1,191,000		Other Securities		1,218,920		0.2
		Kazakhstan: 0.4%
2,297,000	#	KazMunaiGaz Finance Sub BV, 7.000%, 05/05/20		2,644,421		0.4
150,000		Other Securities		172,688		0.0
				2,817,109		0.4
		Luxembourg: 0.3%
600,000	#	Evraz Group SA, 7.400%, 04/24/17		606,000		0.1
1,315,000		Other Securities		1,535,263		0.2
				2,141,263		0.3
		Mexico: 2.6%
359,000	#	Comision Federal de Electricidad, 5.750%, 02/14/42		367,975		0.1
MXN 140,000,000	#	Petroleos Mexicanos, 7.650%, 11/24/21		11,013,247		1.6
1,936,000		Petroleos Mexicanos, 5.500%, 01/21/21		2,164,448		0.3
432,000	#	Petroleos Mexicanos, 4.875%, 01/24/22		461,361		0.0

See Accompanying Notes to Financial Statements

99

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

Principal Amount†			Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
		Mexico: (continued)
2,190,000		Southern Copper Corp., 6.750%, 04/16/40	$	2,437,251		0.4
1,585,000		Other Securities		1,688,025		0.2
				18,132,307		2.6
		Netherlands: 0.5%
550,000	#	LyondellBasell Industries NV, 6.000%, 11/15/21		596,750		0.1
480,000	#	Schaeffler Finance BV, 7.750%, 02/15/17		511,200		0.1
245,000	#	Schaeffler Finance BV, 8.500%, 02/15/19		263,988		0.0
740,000	#	UPCB Finance VI Ltd., 6.875%, 01/15/22		764,050		0.1
1,133,000		Other Securities		1,187,064		0.2
				3,323,052		0.5
		New Zealand: 0.1%
800,000	#	Reynolds Group Issuer, Inc., 7.125%, 04/15/19		840,000		0.1
		Peru: 0.1%
785,000	#	Volcan Cia Minera SAA, 5.375%, 02/02/22		817,185		0.1
		Qatar: 0.1%
440,000	#	Nakilat, Inc., 6.067%, 12/31/33		480,700		0.1
		Russia: 0.0%
400,000	#	Gazprom OAO Via Gaz Capital SA, 5.999%, 01/23/21		428,160		0.0
		South Korea: 0.1%
492,000	#	Korea Gas Corp., 6.250%, 01/20/42		566,562		0.1
		United Arab Emirates: 0.3%
1,080,000	#	Abu Dhabi National Energy Co., 5.875%, 12/13/21		1,167,750		0.2
732,000	#	Dolphin Energy Ltd., 5.500%, 12/15/21		783,240		0.1
				1,950,990		0.3
		United Kingdom: 0.6%
627,000	#	Barclays Bank PLC, 6.050%, 12/04/17		631,796		0.1
250,000	#	Ineos Finance PLC, 8.375%, 02/15/19		268,750		0.0
665,000	#	Lloyds TSB Bank PLC, 6.500%, 09/14/20		637,338		0.1
2,286,000		Other Securities		2,410,008		0.4
				3,947,892		0.6
CORPORATE BONDS/NOTES: (continued)
		United States: 17.8%
426,000	#	Allegheny Energy Supply Co. LLC, 5.750%, 10/15/19	$	469,917		0.1
735,000	#	AMC Networks, Inc., 7.750%, 07/15/21		825,038		0.1
2,718,000		American Express Credit Corp., 2.750%–5.125%, 08/25/14–09/15/15		2,911,283		0.4
785,000	#	Arch Coal, Inc., 7.250%, 06/15/21		704,537		0.1
3,762,000		AT&T, Inc., 2.500%–5.350%, 08/15/15–09/01/40		4,018,619		0.6
590,000	#	Calpine Corp., 7.875%, 07/31/20		646,050		0.1
250,000	#	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19		236,250		0.0
370,000	#	CHS/Community Health Systems, Inc., 8.000%, 11/15/19		391,275		0.0
1,208,000		Citigroup, Inc., 5.000%–8.500%, 09/15/14–05/22/19		1,325,166		0.2
1,923,000		Comcast Corp., 5.700%, 05/15/18		2,284,459		0.3
718,000		Comcast Corp., 6.550%, 07/01/39		892,026		0.1
720,000	#	Delphi Corp., 5.875%, 05/15/19		759,600		0.1
1,226,000		Devon Energy Corp., 5.600%, 07/15/41		1,411,132		0.2
500,000	#	DPL, Inc., 6.500%, 10/15/16		545,000		0.1
560,000	#	Fidelity National Information Services, Inc., 5.000%, 03/15/22		562,800		0.1
600,000	#	Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19		612,000		0.1
605,000		General Electric Capital Corp., 2.250%, 11/09/15		619,586		0.1
2,493,000		General Electric Capital Corp., 4.375%, 09/16/20		2,674,685		0.4
991,000	#	Hyatt Hotels Corp., 6.875%, 08/15/19		1,166,115		0.2
1,888,000	#	Hyundai Capital America, 4.000%, 06/08/17		1,952,989		0.3
500,000	#	JBS USA LLC/JBS USA Finance, Inc., 8.250%, 02/01/20		507,500		0.1

See Accompanying Notes to Financial Statements

100

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

Principal Amount†			Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
		United States: (continued)
2,036,000		JPMorgan Chase & Co., 4.400%, 07/22/20	$	2,158,641		0.3
2,632,000		Kellogg Co., 4.000%, 12/15/20		2,841,270		0.4
500,000	#	Kinder Morgan Finance Co. LLC, 6.000%, 01/15/18		527,500		0.1
885,000	#	Lamar Media Corp., 5.875%, 02/01/22		913,762		0.1
885,000	#	Mediacom LLC/ Mediacom Capital Corp., 7.250%, 02/15/22		902,700		0.1
220,000	#	Meritage Homes Corp., 7.000%, 04/01/22		223,850		0.0
500,000	#	Mylan, Inc., 6.000%, 11/15/18		527,500		0.1
525,000	#	Mylan, Inc./PA, 7.875%, 07/15/20		590,625		0.1
2,334,000		Oracle Corp., 5.375%, 07/15/40		2,766,392		0.4
857,000	#	Pacific Life Insurance Co., 9.250%, 06/15/39		1,122,883		0.2
840,000	#	Peabody Energy Corp., 6.000%, 11/15/18		856,800		0.1
125,000	#	Peabody Energy Corp., 6.250%, 11/15/21		127,187		0.0
1,000,000	#	Reliance Holdings USA, Inc., 5.400%, 02/14/22		1,003,833		0.1
1,100,000	#	Sealed Air Corp., 8.375%, 09/15/21		1,254,000		0.2
400,000	#	Valeant Pharmaceuticals International, 7.000%, 10/01/20		407,500		0.1
720,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22		721,800		0.1
480,000	#	WPX Energy, Inc., 6.000%, 01/15/22		469,200		0.1
735,000	#	XM Satellite Radio, Inc., 7.625%, 11/01/18		804,825		0.1
73,060,000		Other Securities		81,217,885		11.5
				124,954,180		17.8
		Venezuela: 0.9%
5,023,995		Petroleos de Venezuela, 5.000%, 10/28/15		4,335,708		0.6
2,240,900		Other Securities		1,820,483		0.3
				6,156,191		0.9
		Total Corporate Bonds/Notes
		(Cost $207,268,367)		218,842,481		31.1
COLLATERALIZED MORTGAGE OBLIGATIONS: 9.7%
		United States: 9.7%
1,685,000	#	American General Mortgage Loan Trust, 5.750%, 09/25/48	$	1,732,035		0.2
2,144,102		Banc of America Alternative Loan Trust, 4.750%, 02/25/19		2,196,150		0.3
1,215,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.320%, 07/10/43		1,172,565		0.2
580,000	#	Bear Stearns Commercial Mortgage Securities, 5.714%, 04/12/38		534,427		0.1
610,000	#	Bear Stearns Deutsche Bank Trust, 5.008%, 09/15/27		649,491		0.1
583,515	#	Commercial Mortgage Pass Through Certificates, 0.420%, 06/15/22		567,483		0.1
2,365,739		Credit Suisse Mortgage Capital Certificates, 5.589%, 09/15/40		2,376,714		0.3
500,000		Credit Suisse Mortgage Capital Certificates, 5.867%, 06/15/39		544,637		0.1
1,967,182	#	Credit Suisse Mortgage Capital Certificates, 5.165%, 07/27/37		2,001,333		0.3
2,227,253		CW Capital Cobalt Ltd., 5.930%, 05/15/46		2,245,299		0.3
3,180,000		GMAC Commercial Mortgage Securities, Inc., 4.619%, 05/10/43		3,318,853		0.5
2,165,000	#	GS Mortgage Securities Corp. II, 5.309%, 01/10/40		2,182,344		0.3
1,630,000	#	Heller Financial Commercial Mortgage Asset, 6.500%, 05/15/31		1,632,044		0.2
2,935,345		JP Morgan Chase Commercial Mortgage Securities Corp., 5.247%–5.988%, 01/12/43–06/15/49		2,945,624		0.4
2,000,000		LB-UBS Commercial Mortgage Trust, 6.087%, 06/15/38		1,651,071		0.3
660,000	#	LB-UBS Commercial Mortgage Trust, 5.032%, 10/15/36		630,372		0.1
260,000	#	LB-UBS Commercial Mortgage Trust, 5.750%, 01/15/36		260,112		0.0

See Accompanying Notes to Financial Statements

101

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

Principal Amount†			Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
		United States: (continued)
GBP 2,841,000		MBNA Credit Card Master Note Trust, 6.100%, 05/17/13	$	4,753,596		0.7
2,583,982		Morgan Stanley Capital I, 5.782%, 04/12/49		2,659,461		0.4
1,330,000	#	Morgan Stanley Capital I, 5.599%, 01/13/41		1,323,213		0.2
1,760,000		Morgan Stanley Capital I, 5.073%–5.302%, 01/14/42–08/13/42		1,730,699		0.2
2,600,000	#	Morgan Stanley Reremic Trust, 5.854%, 12/17/43		2,652,100		0.4
960,000	#	RBSCF Trust, 5.305%, 01/16/49		974,780		0.1
2,502,142		Wachovia Bank Commercial Mortgage Trust, 5.922%, 06/15/49		2,550,328		0.4
2,600,000		Wachovia Bank Commercial Mortgage Trust, 5.383%–5.927%, 12/15/43–06/15/49		2,729,954		0.4
3,824,342		Wells Fargo Mortgage Backed Securities Trust, 2.655%–5.500%, 05/25/35–09/25/37		3,784,663		0.5
18,624,001		Other Securities		18,376,300		2.6
		Total Collateralized Mortgage Obligations
		(Cost $68,197,788)		68,175,648		9.7
FOREIGN GOVERNMENT BONDS: 27.5%
		Argentina: 0.6%
9,013,556		Argentina Government International Bond, 0.000%–8.280%, 09/12/13–12/15/35		4,129,634		0.6
		Brazil: 7.6%
BRL 95,901,000		Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/21		48,475,750		6.9
1,164,000		Federal Republic of Brazil, 5.625%, 01/07/41		1,390,980		0.2
2,217,000		Federal Republic of Brazil, 10.125%, 05/15/27		3,748,947		0.5
				53,615,677		7.6
		Canada: 1.2%
CAD 3,000,000		Canadian Government Bond, 1.750%, 03/01/13		3,049,258		0.4
CAD 1,000,000		Canadian Government Bond, 3.000%, 12/01/15		1,064,210		0.2
CAD 2,000,000		Canadian Government Bond, 3.500%, 06/01/20		2,259,716		0.3
CAD 1,800,000		Canadian Government Bond, 4.000%, 06/01/41		2,335,071		0.3
				8,708,255		1.2
FOREIGN GOVERNMENT BONDS: (continued)
		Colombia: 0.4%
1,853,000		Colombia Government International Bond, 6.125%, 01/18/41	$	2,349,604		0.3
306,000		Colombia Government International Bond, 7.375%, 09/18/37		441,864		0.1
				2,791,468		0.4
		Dominican Republic: 0.7%
DOP 188,000,000	#	Dominican Republic International Bond, 16.950%, 02/04/22		4,862,982		0.7
		Germany: 1.7%
EUR 410,000		Bundesobligation, 1.250%, 10/14/16		560,367		0.1
EUR 8,090,000		Bundesrepublik Deutschland, 2.000%, 01/04/22		11,120,628		1.6
				11,680,995		1.7
		Hungary: 0.2%
1,813,000		Other Securities		1,749,731		0.2
		Indonesia: 0.6%
2,057,000	#	Indonesia Government International Bond, 3.750%, 04/25/22		2,036,430		0.3
1,692,000		Indonesia Government International Bond, 4.875%–6.625%, 05/05/21–02/17/37		1,960,040		0.3
				3,996,470		0.6
		Ireland: 2.6%
EUR 8,976,000		Ireland Government Bond, 4.400%, 06/18/19		10,596,756		1.5
EUR 6,440,000		Ireland Government Bond, 4.500%, 04/18/20		7,432,776		1.1
				18,029,532		2.6
		Italy: 2.1%
EUR 11,090,000		Italy Buoni Poliennali Del Tesoro, 5.500%, 09/01/22		14,585,113		2.1
		Lithuania: 0.3%
1,729,000	#	Lithuania Government International Bond, 5.125%–6.625%, 09/14/17–02/01/22		1,863,756		0.3
		Mexico: 0.1%
658,000		Other Securities		824,145		0.1

See Accompanying Notes to Financial Statements

102

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

Principal Amount†			Value		Percentage of Net Assets
FOREIGN GOVERNMENT BONDS: (continued)
		Panama: 0.4%
1,966,000		Panama Government International Bond, 5.200%–7.125%, 01/30/20–01/26/36	$	2,552,762		0.4
		Peru: 0.4%
1,822,000		Peru Government International Bond, 8.750%, 11/21/33		2,928,865		0.4
		Philippines: 0.5%
3,247,000		Philippine Government International Bond, 4.000%–7.750%, 01/15/21–01/14/31		3,920,732		0.5
		Poland: 0.3%
2,194,000		Poland Government International Bond, 5.000%–6.375%, 07/15/19–03/23/22		2,436,051		0.3
		Russia: 1.8%
3,092,189	#	Russia Government Bond, 7.500%, 03/31/30		3,714,493		0.5
RUB 200,000,000		Russian Federal Bond — OFZ, 7.500%, 03/15/18		6,803,080		1.0
751,440		Russian Foreign Bond — Eurobond, 7.500%, 03/31/30		902,667		0.1
600,000	#	Russian Foreign Bond — Eurobond, 3.250%, 04/04/17		609,750		0.1
800,000	#	Russian Foreign Bond — Eurobond, 5.625%, 04/04/42		850,960		0.1
				12,880,950		1.8
		South Africa: 3.0%
ZAR 120,000,000		South Africa Government Bond, 10.500%, 12/21/26		18,469,890		2.6
2,136,000		South Africa Government International Bond, 5.500%, 03/09/20		2,440,380		0.4
				20,910,270		3.0
		South Korea: 0.1%
500,000	#	Korea Housing Finance Corp., 4.125%, 12/15/15		529,319		0.1
		Turkey: 0.8%
1,851,000		Turkey Government International Bond, 7.500%, 11/07/19		2,230,455		0.3
3,005,000		Turkey Government International Bond, 5.125%–7.000%, 09/26/16–09/26/22		3,260,526		0.5
				5,490,981		0.8
FOREIGN GOVERNMENT BONDS: (continued)
		Ukraine: 0.7%
1,049,000	#	Ukraine Government International Bond, 6.250%, 06/17/16	$	970,325		0.1
1,342,000	#	Ukraine Government International Bond, 7.650%, 06/11/13		1,335,290		0.2
2,363,000		Ukraine Government International Bond, 6.250%–7.650%, 06/11/13–06/17/16		2,339,565		0.4
				4,645,180		0.7
		United Kingdom: 0.9%
GBP 3,600,000		United Kingdom Gilt, 4.250%–4.750%, 03/07/13–12/07/40		6,632,957		0.9
		Uruguay: 0.4%
UYU 6,067,000		Uruguay Government International Bond, 4.250%, 04/05/27		496,690		0.1
1,637,267	&	Uruguay Government International Bond, 6.875%–7.875%, 09/28/25–03/21/36		2,269,243		0.3
				2,765,933		0.4
		Venezuela: 0.1%
606,600		Other Securities		608,116		0.1
		Total Foreign Government Bonds
		(Cost $193,630,479)		193,139,874		27.5
U.S. GOVERNMENT AGENCY OBLIGATIONS: 8.9%
		Federal Home Loan Mortgage Corporation: 3.8%##
7,432,903		0.690%, due 06/15/37		7,451,086		1.0
2,533,000		1.750%, due 05/30/19		2,553,221		0.4
8,793,000		2.375%, due 01/13/22		8,859,071		1.3
14,661,376	ˆ	6.410%, due 02/15/41		3,319,922		0.5
16,561,004	ˆ	5.000%–5.810%, due 11/15/32–07/15/40		4,268,790		0.6
				26,452,090		3.8
		Federal National Mortgage Association: 3.0%##
1,366,674		32.256%, due 11/25/36		2,315,925		0.3
32,741,745	ˆ, W	3.500%–23.045%, due 05/25/18–02/25/42		18,651,791		2.7
				20,967,716		3.0
		Government National Mortgage Association: 2.1%
3,139,877		0.760%, due 12/20/38		3,152,640		0.5
1,583,346		21.271%, due 03/20/37		2,337,592		0.3
42,119,831	ˆ	4.000%–24.419%, due 04/16/37–10/20/60		9,341,785		1.3
				14,832,017		2.1
		Total U.S. Government Agency Obligations
		(Cost $60,639,219)		62,251,823		8.9

See Accompanying Notes to Financial Statements

103

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

Principal Amount†			Value		Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 7.6%
		U.S. Treasury Bonds: 2.1%
7,282,000		2.000%, due 02/15/22	$	7,333,200		1.1
7,245,000		3.125%, due 11/15/41		7,257,454		1.0
				14,590,654		2.1
		U.S. Treasury Notes: 5.5%
6,279,000		0.250%, due 03/31/14		6,279,245		0.9
875,000		0.375%, due 03/15/15		875,137		0.1
5,612,000		1.000%, due 03/31/17		5,668,120		0.8
24,435,000		1.500%, due 03/31/19		24,759,521		3.5
1,466,000		Other Securities		1,466,114		0.2
				39,048,137		5.5
		Total U.S. Treasury Obligations
		(Cost $52,417,082)		53,638,791		7.6
# of Contracts			Value		Percentage of Net Assets
PURCHASED OPTIONS: 0.2%
		Credit Default Swaptions: 0.1%
27,975,000	@	Call on OTC Swaption, CDX.NA.HY.18, Fund Receives, Strike @ 94.000, Exp. 09/19/12 Counterparty: Morgan Stanley		700,836		0.1
		Interest Rate Swaptions: 0.0%
39,800,000	@	Call OTC Swaption, 3-month USD-LIBOR-BBA, Fund Receives, Strike @ 2.400%, Exp. 07/11/22 Counterparty: Citigroup, Inc.		170,280		0.0
		Options On Currencies: 0.1%
36,400,000	@	EUR Put vs. USD Call Currency Option, Strike @ 1.300, Exp. 05/25/12 Counterparty: Barclays Bank PLC		110,092		0.0
35,100,000	@	JPY Put vs. USD Call Currency Option, Strike @ 82.000, Exp. 09/10/12 Counterparty: Morgan Stanley		396,448		0.1
PURCHASED OPTIONS: (continued)
		Options On Currencies: (continued)
14,500,000	@	USD Put vs. BRL Call Currency Option, Strike @ 1.865, Exp. 06/21/12 Counterparty: Deutsche Bank AG	$	63,419		0.0
				569,959		0.1
		Total Purchased Options
		(Cost $2,732,827)		1,441,075		0.2
		Total Long-Term Investments
		(Cost $584,885,762)		597,489,692		85.0
Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 20.9%
		Commercial Paper: 8.2%
5,000,000		Comcast, 0.440%, 06/15/12		4,997,189		0.7
5,000,000		Concord Minutemen, 0.490%, 10/02/12		4,989,500		0.7
5,000,000		Crown Point, 0.490%, 10/02/12		4,989,500		0.7
5,677,000		CVS Caremark, 0.330%, 05/01/12		5,676,948		0.8
6,300,000		Devon Energy Corp., 0.390%, 05/07/12		6,299,522		0.9
4,800,000		Florida Power Corp., 0.420%, 05/03/12		4,799,832		0.7
5,000,000		Kraft Foods, 0.450%, 06/28/12		4,996,276		0.7
7,000,000		Kroger Co., 0.400%, 05/01/12		6,999,922		1.0
7,000,000		Pacific Gas & Electric, 0.440%, 05/24/12		6,997,947		1.0
7,000,000		Volkswagen Credit, 0.420%, 05/11/12		6,999,102		1.0
				57,745,738		8.2
		Foreign Government Bonds: 5.6%
KRW 22,309,080,000		Korea Monetary Stabilization Bond, 3.460%, 10/09/12		19,788,612		2.8
MXN 255,636,000		Mexico Cetes, 4.330%, 06/14/12		19,519,518		2.8
				39,308,130		5.6

 

See Accompanying Notes to Financial Statements

104

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreement: 6.5%
45,449,000	Deutsche Bank AG Repurchase Agreement dated 04/30/12, 0.190%, due 05/01/12, $45,449,240 to be received upon repurchase (Collateralized by $46,242,400, United States Treasury, 0.875%, Market Value plus accrued interest $46,358,006 due 04/30/17) (Cost $45,449,000)	$	45,449,000			6.5
	Mutual Funds: 0.6%
4,507,000	BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $4,507,000)		4,507,000			0.6
	Total Short-Term Investments
	(Cost $146,826,874)		147,009,868			20.9
	Total Investments in Securities (Cost $731,712,636)	$	744,499,560			105.9
	Liabilities in Excess of Other Assets		(41,476,660	)		(5.9	)
	Net Assets	$	703,022,900			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, 2012.

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.

@ Non-income producing security

& Payment-in-kind

W Settlement is on a when-issued or delayed-delivery basis.

ˆ Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

DOP Dominican Peso

EUR EU Euro

GBP British Pound

KRW South Korean Won

MXN Mexican Peso

RUB Russian Ruble

UYU Uruguayan Peso Uruguayo

ZAR South African Rand

Cost for federal income tax purposes is $732,043,066.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	20,642,248
Gross Unrealized Depreciation		(8,185,754	)
Net Unrealized Appreciation	$	12,456,494

 

Sector Diversification	Percentage of Net Assets
Collateralized Mortgage Obligations		9.7	%
Consumer Discretionary		4.0
Consumer Staples		2.2
Corporate Bonds/Notes		0.8
Credit Default Swaptions		0.1
Energy		5.3
Federal Home Loan Mortgage Corporation		2.4
Federal National Mortgage Association		3.0
Financials		9.3
Foreign Government Bonds		28.1
Government National Mortgage Association		2.1
Health Care		1.5
Industrials		0.7
Information Technology		1.2
Interest Rate Swaptions		0.0
Materials		1.8
Options On Currencies		0.1
Telecommunication Services		1.8
Telecommunications		0.3
U.S. Government Agency Obligations		1.4
U.S. Treasury Bonds		2.1
U.S. Treasury Notes		5.3
U.S. Treasury Obligations		0.2
Utilities		1.6
Short-Term Investments		20.9
Liabilities in Excess of Other Assets		(5.9	)
Net Assets		100.0	%

 

See Accompanying Notes to Financial Statements

105

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Purchased Options	$	—		$	1,441,075		$	—	$	1,441,075
Corporate Bonds/Notes		—			218,842,481			—		218,842,481
Collateralized Mortgage Obligations		—			68,175,648			—		68,175,648
Short-Term Investments		4,507,000			142,502,868			—		147,009,868
Foreign Government Bonds		—			193,139,874			—		193,139,874
U.S. Treasury Obligations		—			53,638,791			—		53,638,791
U.S. Government Agency Obligations		—			62,251,823			—		62,251,823
Total Investments, at value	$	4,507,000		$	739,992,560		$	—	$	744,499,560
Other Financial Instruments+
Swaps	$	—		$	2,156,268		$	—	$	2,156,268
Futures		1,445,804			—			—		1,445,804
Forward Foreign Currency Contracts		—			14,005,491			—		14,005,491
Total Assets	$	5,952,804		$	756,154,319		$	—	$	762,107,123
Liabilities Table
Other Financial Instruments+
Swaps	$	—		$	(20,033,313	)	$	—	$	(20,033,313	)
Futures		(1,239,438	)		—			—		(1,239,438	)
Written Options		—			(733,398	)		—		(733,398	)
Forward Foreign Currency Contracts		—			(14,729,043	)		—		(14,729,043	)
Total Liabilities	$	(1,239,438	)	$	(35,495,754	)	$	—	$	(36,735,192	)

 

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, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards 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, 2012.

The following is a reconciliation of the fair valuations using significant observable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2012:

Asset Table	Beginning Balance on 10/31/2011		Purchases		Sales			Accrued Discounts/ (Premiums)		Total Realized Gain (Loss)		Total Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers Out of Level 3		Ending Balance on 4/30/2012
Investments, at value
Corporate Bonds/Notes	$	19,149,143	$	—	$	(20,422,064	)	$	—	$	85,920	$	1,187,001	$	—	$	—	$	—
Total Investments, at value	$	19,149,143	$	—	$	(20,422,064	)	$	—	$	85,920	$	1,187,001	$	—	$	—	$	—

 

As of April 30, 2012, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $—.

At April 30, 2012 , 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)
Barclays Bank PLC	Canadian Dollar	2,801,441	Buy	05/18/12	$	2,827,000	$	2,834,778	$	7,778
Barclays Bank PLC	EU Euro	2,809,763	Buy	05/18/12		3,690,000		3,719,540		29,540
Barclays Bank PLC	EU Euro	11,213,119	Buy	05/18/12		14,742,000		14,843,831		101,831
Barclays Bank PLC	Malaysian Ringgit	24,058,852	Buy	05/18/12		7,781,000		7,939,387		158,387
Barclays Bank PLC	Norwegian Krone	16,731,390	Buy	07/13/12		2,908,000		2,914,935		6,935
Barclays Bank PLC	Swedish Krona	20,183,759	Buy	07/13/12		2,973,342		2,994,034		20,692
Barclays Bank PLC	Danish Krone	6,953,272	Buy	07/13/12		1,218,973		1,237,922		18,949
Barclays Bank PLC	Mexican Peso	58,681,377	Buy	05/18/12		4,538,000		4,496,674		(41,326	)

See Accompanying Notes to Financial Statements

106

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

Counterparty	Currency	Contract Amount	Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Russian Ruble	413,505,295	Buy	05/18/12	$	13,489,000	$	14,030,696	$	541,696
Barclays Bank PLC	Turkish Lira	1,958,427	Buy	05/18/12		1,041,524		1,110,353		68,829
Barclays Bank PLC	Argentine Peso	34,676,775	Buy	09/24/12		7,339,000		7,235,172		(103,828	)
Citigroup, Inc.	Turkish Lira	30,111,161	Buy	05/18/12		17,038,090		17,071,867		33,777
Citigroup, Inc.	Turkish Lira	20,541,085	Buy	05/18/12		11,624,836		11,646,003		21,167
Citigroup, Inc.	EU Euro	2,189,391	Buy	05/18/12		2,873,000		2,898,297		25,297
Citigroup, Inc.	EU Euro	21,066,728	Buy	05/18/12		27,640,073		27,887,954		247,881
Citigroup, Inc.	EU Euro	11,123,962	Buy	05/18/12		14,542,000		14,725,806		183,806
Citigroup, Inc.	Canadian Dollar	26,250	Buy	05/18/12		26,409		26,563		154
Citigroup, Inc.	EU Euro	8,169,270	Buy	05/18/12		10,722,967		10,814,409		91,442
Citigroup, Inc.	Colombian Peso	15,311,806,319	Buy	05/18/12		8,573,240		8,665,472		92,232
Citigroup, Inc.	Colombian Peso	17,400,643,526	Buy	05/18/12		9,770,154		9,847,616		77,462
Citigroup, Inc.	Hungarian Forint	4,111,479,005	Buy	07/13/12		18,086,244		18,774,555		688,311
Citigroup, Inc.	Turkish Lira	12,055,453	Buy	05/18/12		6,744,000		6,834,977		90,977
Citigroup, Inc.	South African Rand	4,547,162	Buy	05/18/12		580,699		583,330		2,631
Citigroup, Inc.	British Pound	14,174,403	Buy	07/13/12		22,430,596		22,993,175		562,579
Citigroup, Inc.	Norwegian Krone	49,178,820	Buy	07/13/12		8,443,200		8,567,911		124,711
Citigroup, Inc.	Mexican Peso	49,859,061	Buy	05/18/12		3,849,592		3,820,633		(28,959	)
Citigroup, Inc.	Canadian Dollar	6,822,373	Buy	05/18/12		6,816,000		6,903,560		87,560
Citigroup, Inc.	Mexican Peso	86,983,735	Buy	05/18/12		6,555,863		6,665,446		109,583
Citigroup, Inc.	EU Euro	3,793,714	Buy	05/18/12		4,941,392		5,022,086		80,694
Citigroup, Inc.	Canadian Dollar	29,852,707	Buy	05/18/12		29,354,617		30,207,955		853,338
Citigroup, Inc.	EU Euro	28,989,945	Buy	05/18/12		37,455,182		38,376,640		921,458
Citigroup, Inc.	Polish Zloty	434,996	Buy	05/18/12		128,641		137,672		9,031
Credit Suisse First Boston	EU Euro	11,009,750	Buy	05/18/12		14,631,000		14,574,613		(56,387	)
Credit Suisse First Boston	EU Euro	1,097,580	Buy	05/18/12		1,462,609		1,452,967		(9,642	)
Credit Suisse First Boston	Japanese Yen	151,340,018	Buy	05/18/12		1,811,000		1,895,852		84,852
Credit Suisse First Boston	Japanese Yen	567,740,828	Buy	05/18/12		7,042,000		7,112,148		70,148
Credit Suisse First Boston	Norwegian Krone	14,341,750	Buy	07/13/12		2,488,000		2,498,613		10,613
Credit Suisse First Boston	Singapore Dollar	12,661,302	Buy	07/13/12		10,120,953		10,233,467		112,514
Credit Suisse First Boston	Mexican Peso	167,136,468	Buy	05/18/12		12,841,489		12,807,441		(34,048	)
Credit Suisse First Boston	Mexican Peso	54,684,581	Buy	05/18/12		4,088,017		4,190,406		102,389
Deutsche Bank AG	Turkish Lira	12,449,662	Buy	05/18/12		7,006,000		7,058,478		52,478
Deutsche Bank AG	Japanese Yen	246,005,878	Buy	05/18/12		3,020,000		3,081,741		61,741
Deutsche Bank AG	EU Euro	4,255,180	Buy	05/18/12		5,591,000		5,632,971		41,971
Deutsche Bank AG	Turkish Lira	20,823,673	Buy	05/18/12		11,561,000		11,806,220		245,220
Deutsche Bank AG	Mexican Peso	141,836,026	Buy	05/18/12		10,686,539		10,868,702		182,163
Deutsche Bank AG	Japanese Yen	202,778,688	Buy	05/18/12		2,512,000		2,540,230		28,230
Deutsche Bank AG	Canadian Dollar	5,033,115	Buy	05/18/12		5,064,000		5,093,009		29,009
Deutsche Bank AG	Mexican Peso	74,970,752	Buy	05/18/12		5,889,436		5,744,907		(144,529	)
Deutsche Bank AG	Russian Ruble	243,655,825	Buy	05/18/12		8,197,000		8,267,514		70,514
Deutsche Bank AG	Colombian Peso	9,325,696,000	Buy	05/18/12		5,248,000		5,277,728		29,728
Deutsche Bank AG	Japanese Yen	570,458,129	Buy	05/18/12		7,055,000		7,146,188		91,188
Deutsche Bank AG	Japanese Yen	569,908,544	Buy	05/18/12		7,055,000		7,139,303		84,303
Deutsche Bank AG	Swiss Franc	1,761,679	Buy	07/13/12		1,943,000		1,942,789		(211	)
Deutsche Bank AG	Norwegian Krone	50,096,706	Buy	07/13/12		8,724,000		8,727,825		3,825
Deutsche Bank AG	Swedish Krona	11,429,124	Buy	07/13/12		1,703,000		1,695,383		(7,617	)
Deutsche Bank AG	Swiss Franc	1,562,166	Buy	07/13/12		1,707,000		1,722,765		15,765
Deutsche Bank AG	EU Euro	5,187,621	Buy	05/18/12		6,923,000		6,867,329		(55,671	)
Deutsche Bank AG	British Pound	1,859,903	Buy	07/13/12		2,983,000		3,017,064		34,064
Deutsche Bank AG	Mexican Peso	149,955,408	Buy	05/18/12		11,591,563		11,490,880		(100,683	)
Deutsche Bank AG	Swiss Franc	1,551,377	Buy	07/13/12		1,697,000		1,710,866		13,866
Deutsche Bank AG	South African Rand	196,099,900	Buy	05/18/12		25,020,721		25,156,561		135,840
Deutsche Bank AG	Brazilian Real	18,998,569	Buy	07/13/12		10,111,000		9,825,754		(285,246	)
Deutsche Bank AG	EU Euro	1,406,496	Buy	05/18/12		1,866,000		1,861,908		(4,092	)
Deutsche Bank AG	Japanese Yen	218,310,596	Buy	05/18/12		2,740,000		2,734,799		(5,201	)
Deutsche Bank AG	Canadian Dollar	13,699,628	Buy	05/18/12		13,694,000		13,862,654		168,654
Deutsche Bank AG	Polish Zloty	47,795,615	Buy	05/18/12		14,990,000		15,126,863		136,863
Deutsche Bank AG	EU Euro	14,120,741	Buy	05/18/12		18,728,000		18,692,916		(35,084	)
Deutsche Bank AG	EU Euro	7,630,813	Buy	05/18/12		10,033,000		10,101,604		68,604
Deutsche Bank AG	Canadian Dollar	2,953,525	Buy	05/18/12		2,948,000		2,988,672		40,672
Deutsche Bank AG	Canadian Dollar	13,382,933	Buy	05/18/12		13,304,000		13,542,190		238,190
Deutsche Bank AG	Polish Zloty	36,374,400	Buy	05/18/12		11,156,015		11,512,155		356,140

See Accompanying Notes to Financial Statements

107

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

Counterparty	Currency	Contract Amount	Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG	EU Euro	5,059,901	Buy	05/18/12	$	6,593,000	$	6,698,253	$	105,253
Deutsche Bank AG	Mexican Peso	79,114,137	Buy	05/18/12		6,003,000		6,062,409		59,409
Deutsche Bank AG	Japanese Yen	7,515,815,670	Buy	05/18/12		97,493,409		94,151,397		(3,342,012	)
Deutsche Bank AG	Malaysian Ringgit	40,257,467	Buy	05/18/12		12,911,311		13,284,908		373,597
Deutsche Bank AG	Malaysian Ringgit	22,009,735	Buy	05/18/12		6,985,000		7,263,182		278,182
HSBC	EU Euro	8,230,322	Buy	05/18/12		10,900,000		10,895,230		(4,770	)
HSBC	Chilean Peso	8,978,793,418	Buy	07/13/12		18,418,000		18,343,819		(74,181	)
HSBC	Indian Rupee	781,445,953	Buy	07/13/12		14,867,552		14,591,777		(275,775	)
HSBC	Russian Ruble	323,225,420	Buy	05/18/12		10,142,792		10,967,399		824,607
HSBC	South African Rand	93,610,325	Buy	05/18/12		11,457,532		12,008,746		551,214
HSBC	Chinese Yuan	69,676,320	Buy	08/24/12		11,087,893		11,015,325		(72,568	)
JPMorgan Chase & Co.	Canadian Dollar	2,931,470	Buy	05/18/12		2,979,000		2,966,355		(12,645	)
JPMorgan Chase & Co.	EU Euro	11,093,652	Buy	05/18/12		14,565,000		14,685,682		120,682
JPMorgan Chase & Co.	South African Rand	71,337,098	Buy	05/18/12		9,089,000		9,151,438		62,438
JPMorgan Chase & Co.	EU Euro	11,205,006	Buy	05/18/12		14,673,000		14,833,091		160,091
JPMorgan Chase & Co.	EU Euro	11,254,078	Buy	05/18/12		14,708,000		14,898,053		190,053
JPMorgan Chase & Co.	EU Euro	11,218,290	Buy	05/18/12		14,742,000		14,850,677		108,677
JPMorgan Chase & Co.	Japanese Yen	271,347,132	Buy	05/18/12		3,288,000		3,399,193		111,193
JPMorgan Chase & Co.	EU Euro	10,948,202	Buy	05/18/12		14,555,000		14,493,137		(61,863	)
JPMorgan Chase & Co.	EU Euro	10,923,168	Buy	05/18/12		14,568,000		14,459,997		(108,003	)
JPMorgan Chase & Co.	EU Euro	5,763,107	Buy	05/18/12		7,509,000		7,629,152		120,152
JPMorgan Chase & Co.	Swiss Franc	7,025,249	Buy	07/13/12		7,761,000		7,747,480		(13,520	)
JPMorgan Chase & Co.	EU Euro	3,925,640	Buy	05/18/12		5,229,000		5,196,729		(32,271	)
JPMorgan Chase & Co.	Swiss Franc	1,555,433	Buy	07/13/12		1,709,000		1,715,339		6,339
JPMorgan Chase & Co.	Japanese Yen	448,197,876	Buy	05/18/12		5,580,000		5,614,621		34,621
JPMorgan Chase & Co.	Mexican Peso	100,335,083	Buy	05/18/12		7,716,000		7,688,541		(27,459	)
Morgan Stanley	Canadian Dollar	3,092,250	Buy	05/18/12		3,116,000		3,129,048		13,048
Morgan Stanley	Czech Koruna	252,859,710	Buy	05/18/12		13,694,000		13,417,701		(276,299	)
Morgan Stanley	British Pound	1,806,071	Buy	07/13/12		2,912,000		2,929,739		17,739
Morgan Stanley	Canadian Dollar	6,805,771	Buy	05/18/12		6,813,000		6,886,760		73,760
Morgan Stanley	Chilean Peso	500,149,900	Buy	07/13/12		1,017,289		1,021,815		4,526
Morgan Stanley	Canadian Dollar	6,822,714	Buy	05/18/12		6,816,000		6,903,904		87,904
Morgan Stanley	Peruvian Nuevo Sol	141,428	Buy	05/18/12		52,419		53,557		1,138
Morgan Stanley	Israeli New Shekel	21,506,009	Buy	05/18/12		5,671,513		5,706,922		35,409
UBS Warburg LLC	EU Euro	11,203,466	Buy	05/18/12		14,673,000		14,831,052		158,052
UBS Warburg LLC	Norwegian Krone	17,646,543	Buy	07/13/12		3,074,000		3,074,372		372
UBS Warburg LLC	Norwegian Krone	20,465,359	Buy	07/13/12		3,561,000		3,565,465		4,465
UBS Warburg LLC	Australian Dollar	14,139,165	Buy	07/13/12		14,581,000		14,618,358		37,358
UBS Warburg LLC	Swedish Krona	23,458,561	Buy	07/13/12		3,459,000		3,479,815		20,815
UBS Warburg LLC	Japanese Yen	25,466,175	Buy	05/18/12		333,000		319,017		(13,983	)
									$	6,101,493
Barclays Bank PLC	South African Rand	71,835,876	Sell	05/18/12	$	8,915,737	$	9,215,423	$	(299,686	)
Barclays Bank PLC	EU Euro	2,044,864	Sell	05/18/12		2,701,000		2,706,974		(5,974	)
Barclays Bank PLC	Russian Ruble	199,702,960	Sell	05/18/12		6,788,000		6,776,144		11,856
Barclays Bank PLC	British Pound	1,926,133	Sell	07/13/12		3,108,000		3,124,499		(16,499	)
Barclays Bank PLC	Chilean Peso	8,496,163,500	Sell	07/13/12		17,138,000		17,357,798		(219,798	)
Barclays Bank PLC	British Pound	1,878,395	Sell	07/13/12		3,026,000		3,047,060		(21,060	)
Barclays Bank PLC	British Pound	1,708,073	Sell	07/13/12		2,737,000		2,770,770		(33,770	)
Barclays Bank PLC	Australian Dollar	1,739,561	Sell	07/13/12		1,785,000		1,798,517		(13,517	)
Barclays Bank PLC	Malaysian Ringgit	41,794,386	Sell	05/18/12		13,764,000		13,792,089		(28,089	)
Barclays Bank PLC	Japanese Yen	117,162,677	Sell	05/18/12		1,515,000		1,467,709		47,291
Barclays Bank PLC	Japanese Yen	103,639,114	Sell	05/18/12		1,331,000		1,298,298		32,702
Barclays Bank PLC	Czech Koruna	189,525,569	Sell	05/18/12		9,612,253		10,056,949		(444,696	)
Citigroup, Inc.	Mexican Peso	26,546	Sell	05/18/12		2,014		2,034		(20	)
Citigroup, Inc.	Swiss Franc	910,312	Sell	07/13/12		987,850		1,003,896		(16,046	)
Citigroup, Inc.	Hungarian Forint	3,112,251,601	Sell	07/13/12		13,422,491		14,211,708		(789,217	)
Citigroup, Inc.	EU Euro	8,271,139	Sell	05/18/12		10,992,385		10,949,263		43,122
Citigroup, Inc.	EU Euro	5,690,931	Sell	05/18/12		7,562,707		7,533,606		29,101
Citigroup, Inc.	Mexican Peso	241,181,873	Sell	05/18/12		18,860,598		18,481,440		379,158
Citigroup, Inc.	Mexican Peso	74,057,998	Sell	05/18/12		5,787,347		5,674,964		112,383
Citigroup, Inc.	Mexican Peso	19,831,647	Sell	05/18/12		1,495,000		1,519,672		(24,672	)
Credit Suisse First Boston	Japanese Yen	589,725,837	Sell	05/18/12		7,293,000		7,387,556		(94,556	)

See Accompanying Notes to Financial Statements

108

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

Counterparty	Currency	Contract Amount	Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Credit Suisse First Boston	Canadian Dollar	2,937,201	Sell	05/18/12	$	2,968,000	$	2,972,154	$	(4,154	)
Credit Suisse First Boston	Canadian Dollar	5,042,062	Sell	05/18/12		5,083,000		5,102,062		(19,062	)
Credit Suisse First Boston	EU Euro	11,000,495	Sell	05/18/12		14,631,000		14,562,362		68,638
Credit Suisse First Boston	Japanese Yen	549,451,333	Sell	05/18/12		6,730,000		6,883,033		(153,033	)
Credit Suisse First Boston	EU Euro	5,376,930	Sell	05/18/12		7,055,000		7,117,934		(62,934	)
Credit Suisse First Boston	Swedish Krona	12,773,983	Sell	07/13/12		1,895,000		1,894,877		123
Credit Suisse First Boston	Japanese Yen	180,512,795	Sell	05/18/12		2,226,000		2,261,302		(35,302	)
Credit Suisse First Boston	Swedish Krona	21,430,525	Sell	07/13/12		3,183,000		3,178,978		4,022
Credit Suisse First Boston	Swedish Krona	11,716,246	Sell	07/13/12		1,731,000		1,737,974		(6,974	)
Credit Suisse First Boston	Norwegian Krone	29,184,436	Sell	07/13/12		5,083,000		5,084,499		(1,499	)
Credit Suisse First Boston	Norwegian Krone	15,757,402	Sell	07/13/12		2,729,000		2,745,247		(16,247	)
Credit Suisse First Boston	Swedish Krona	11,702,739	Sell	07/13/12		1,730,000		1,735,970		(5,970	)
Credit Suisse First Boston	Swiss Franc	3,113,965	Sell	07/13/12		3,408,000		3,434,096		(26,096	)
Credit Suisse First Boston	Japanese Yen	241,065,390	Sell	05/18/12		3,165,000		3,019,851		145,149
Deutsche Bank AG	EU Euro	4,541,309	Sell	05/18/12		5,995,000		6,011,746		(16,746	)
Deutsche Bank AG	Turkish Lira	26,434,200	Sell	05/18/12		14,754,966		14,987,172		(232,206	)
Deutsche Bank AG	Canadian Dollar	3,028,294	Sell	05/18/12		3,038,000		3,064,330		(26,330	)
Deutsche Bank AG	Japanese Yen	245,389,184	Sell	05/18/12		3,021,000		3,074,016		(53,016	)
Deutsche Bank AG	EU Euro	754,932	Sell	05/18/12		996,000		999,373		(3,373	)
Deutsche Bank AG	Japanese Yen	252,235,163	Sell	05/18/12		3,121,000		3,159,776		(38,776	)
Deutsche Bank AG	Russian Ruble	217,552,500	Sell	05/18/12		7,325,000		7,381,799		(56,799	)
Deutsche Bank AG	EU Euro	10,922,202	Sell	05/18/12		14,568,000		14,458,717		109,283
Deutsche Bank AG	EU Euro	10,904,069	Sell	05/18/12		14,568,000		14,434,714		133,286
Deutsche Bank AG	Japanese Yen	606,995,134	Sell	05/18/12		7,254,000		7,603,891		(349,891	)
Deutsche Bank AG	EU Euro	5,262,442	Sell	05/18/12		6,998,000		6,966,375		31,625
Deutsche Bank AG	Swiss Franc	1,573,691	Sell	07/13/12		1,730,000		1,735,474		(5,474	)
Deutsche Bank AG	Australian Dollar	2,246,310	Sell	07/13/12		2,293,000		2,322,441		(29,441	)
Deutsche Bank AG	EU Euro	5,143,040	Sell	05/18/12		6,923,000		6,808,313		114,687
Deutsche Bank AG	Australian Dollar	2,595,025	Sell	07/13/12		2,654,000		2,682,974		(28,974	)
Deutsche Bank AG	Swedish Krona	11,618,993	Sell	07/13/12		1,719,000		1,723,547		(4,547	)
Deutsche Bank AG	Australian Dollar	2,093,570	Sell	07/13/12		2,150,000		2,164,523		(14,523	)
Deutsche Bank AG	Norwegian Krone	16,876,971	Sell	07/13/12		2,924,000		2,940,298		(16,298	)
Deutsche Bank AG	New Zealand Dollar	19,849,753	Sell	07/13/12		16,221,000		16,151,272		69,728
Deutsche Bank AG	South Korean Won	13,188,909,180	Sell	07/13/12		11,530,783		11,611,516		(80,733	)
Deutsche Bank AG	South African Rand	34,692,354	Sell	05/18/12		4,445,000		4,450,488		(5,488	)
Deutsche Bank AG	Mexican Peso	83,248,980	Sell	05/18/12		6,476,000		6,379,256		96,744
Deutsche Bank AG	EU Euro	182,402	Sell	05/18/12		239,765		241,462		(1,697	)
Deutsche Bank AG	EU Euro	10,335,375	Sell	05/18/12		13,633,000		13,681,881		(48,881	)
Deutsche Bank AG	Canadian Dollar	13,439,135	Sell	05/18/12		13,459,000		13,599,061		(140,061	)
Deutsche Bank AG	EU Euro	7,668,555	Sell	05/18/12		10,033,000		10,151,567		(118,567	)
Deutsche Bank AG	Mexican Peso	41,315,020	Sell	05/18/12		3,154,276		3,165,914		(11,638	)
Deutsche Bank AG	Colombian Peso	29,881,540,000	Sell	05/18/12		16,360,000		16,910,979		(550,979	)
Deutsche Bank AG	Japanese Yen	392,171,551	Sell	05/18/12		5,148,000		4,912,773		235,227
Deutsche Bank AG	Israeli New Shekel	15,711,168	Sell	05/18/12		4,128,000		4,169,180		(41,180	)
Deutsche Bank AG	Mexican Peso	194,299,380	Sell	05/18/12		14,598,000		14,888,898		(290,898	)
Deutsche Bank AG	South African Rand	109,749,110	Sell	05/18/12		13,566,021		14,079,101		(513,080	)
Deutsche Bank AG	Mexican Peso	30,723,404	Sell	05/18/12		2,308,000		2,354,293		(46,293	)
Deutsche Bank AG	Colombian Peso	13,615,037,164	Sell	05/18/12		7,407,529		7,705,213		(297,684	)
Deutsche Bank AG	Taiwan New Dollar	310,515,064	Sell	05/18/12		10,347,053		10,631,856		(284,803	)
Deutsche Bank AG	South African Rand	83,727,846	Sell	05/18/12		10,034,016		10,740,978		(706,962	)
HSBC	South African Rand	72,633,978	Sell	05/18/12		9,153,967		9,317,808		(163,841	)
HSBC	Russian Ruble	200,368,000	Sell	05/18/12		6,760,282		6,798,710		(38,428	)
HSBC	Brazilian Real	40,936,239	Sell	07/13/12		21,955,671		21,171,564		784,107
HSBC	Polish Zloty	43,669,488	Sell	05/18/12		13,472,000		13,820,983		(348,983	)
HSBC	Peruvian Nuevo Sol	141,428	Sell	05/18/12		52,197		53,557		(1,360	)
JPMorgan Chase & Co.	EU Euro	10,992,583	Sell	05/18/12		14,573,967		14,551,888		22,079
JPMorgan Chase & Co.	EU Euro	5,077,310	Sell	05/18/12		6,731,000		6,721,300		9,700
JPMorgan Chase & Co.	Japanese Yen	252,440,440	Sell	05/18/12		3,100,000		3,162,347		(62,347	)
JPMorgan Chase & Co.	EU Euro	11,086,390	Sell	05/18/12		14,565,000		14,676,068		(111,068	)
JPMorgan Chase & Co.	Turkish Lira	23,544,734	Sell	05/18/12		13,075,475		13,348,956		(273,481	)
JPMorgan Chase & Co.	EU Euro	11,073,772	Sell	05/18/12		14,542,000		14,659,365		(117,365	)
JPMorgan Chase & Co.	EU Euro	11,170,951	Sell	05/18/12		14,673,000		14,788,010		(115,010	)
JPMorgan Chase & Co.	EU Euro	11,247,529	Sell	05/18/12		14,708,000		14,889,383		(181,383	)

See Accompanying Notes to Financial Statements

109

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

Counterparty	Currency	Contract Amount	Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
JPMorgan Chase & Co.	Canadian Dollar	3,782,103	Sell	05/18/12	$	3,766,000	$	3,827,111	$	(61,111	)
JPMorgan Chase & Co.	EU Euro	11,230,708	Sell	05/18/12		14,742,000		14,867,115		(125,115	)
JPMorgan Chase & Co.	EU Euro	10,953,344	Sell	05/18/12		14,555,000		14,499,942		55,058
JPMorgan Chase & Co.	Japanese Yen	412,646,952	Sell	05/18/12		4,957,000		5,169,271		(212,271	)
JPMorgan Chase & Co.	Canadian Dollar	822,797	Sell	05/18/12		829,000		832,589		(3,589	)
JPMorgan Chase & Co.	Australian Dollar	2,092,899	Sell	07/13/12		2,146,000		2,163,830		(17,830	)
JPMorgan Chase & Co.	New Zealand Dollar	5,987,356	Sell	07/13/12		4,869,840		4,871,769		(1,929	)
JPMorgan Chase & Co.	Australian Dollar	15,521,409	Sell	07/13/12		15,907,317		16,047,447		(140,130	)
Morgan Stanley	EU Euro	11,193,244	Sell	05/18/12		14,673,000		14,817,521		(144,521	)
Morgan Stanley	Canadian Dollar	7,558,245	Sell	05/18/12		7,584,000		7,648,188		(64,188	)
Morgan Stanley	Canadian Dollar	5,899,729	Sell	05/18/12		5,943,000		5,969,936		(26,936	)
Morgan Stanley	Canadian Dollar	7,271,377	Sell	05/18/12		7,266,000		7,357,907		(91,907	)
Morgan Stanley	Canadian Dollar	14,025,655	Sell	05/18/12		13,981,000		14,192,561		(211,561	)
Morgan Stanley	South Korean Won	4,096,287,800	Sell	07/13/12		3,586,000		3,606,372		(20,372	)
Morgan Stanley	Canadian Dollar	13,731,220	Sell	05/18/12		13,694,000		13,894,622		(200,622	)
Morgan Stanley	Mexican Peso	106,369,776	Sell	05/18/12		8,292,000		8,150,972		141,028
Morgan Stanley	Taiwan New Dollar	354,440,900	Sell	05/18/12		11,924,000		12,135,852		(211,852	)
UBS Warburg LLC	EU Euro	11,240,710	Sell	05/18/12		14,742,000		14,880,356		(138,356	)
UBS Warburg LLC	EU Euro	2,304,678	Sell	05/18/12		3,021,000		3,050,913		(29,913	)
UBS Warburg LLC	Swedish Krona	19,360,893	Sell	07/13/12		2,872,000		2,871,972		28
UBS Warburg LLC	Swiss Franc	1,566,897	Sell	07/13/12		1,725,000		1,727,982		(2,982	)
UBS Warburg LLC	Norwegian Krone	46,415,635	Sell	07/13/12		8,058,000		8,086,510		(28,510	)
									$	(6,825,045	)

 

ING Global Bond Fund Open Futures Contracts on April 30, 2012:

Contract Description	Number of Contracts			Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
30-year German Government Bond		144			06/07/12	$	24,588,992		$	525,464
90-Day Eurodollar		148			03/17/14		36,742,850			139,842
90-Day Eurodollar		148			03/14/16		36,313,650			240,794
Australia 3-Year Bond		3			06/15/12		339,391			593
Canada 10-Year Bond		53			06/20/12		7,084,729			36,294
Euro-Bobl 5-Year		2			06/07/12		331,718			3,527
Euro-Bund		14			06/07/12		2,614,645			73,217
Long Gilt		149			06/27/12		27,955,938			287,258
Short Gilt		66			06/27/12		11,181,376			(9,625	)
U.S. Treasury 10-Year Note		66			06/20/12		8,730,563			59,523
U.S. Treasury Ultra Long Bond		62			06/20/12		9,784,375			66,079
						$	165,668,227		$	1,422,966
Short Contracts
90-Day Eurodollar		(296	)		03/16/15	$	(73,108,300	)	$	(415,416	)
Australia 10-Year Bond		(43	)		06/15/12		(5,368,380	)		(95,303	)
Euro-Schatz		(287	)		06/07/12		(42,017,049	)		(101,729	)
Medium Gilt		(55	)		06/27/12		(10,036,353	)		13,213
U.S. Treasury 2-Year Note		(11	)		06/29/12		(2,426,016	)		(543	)
U.S. Treasury 5-Year Note		(190	)		06/29/12		(23,521,407	)		(297,148	)
U.S. Treasury Long Bond		(257	)		06/20/12		(36,718,875	)		(319,674	)
						$	(193,196,380	)	$	(1,216,600	)

 

See Accompanying Notes to Financial Statements

110

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

ING Global Bond Fund Over-the-Counter Credit Default Swap Agreements Outstanding on April 30, 2012:

Credit Default Swaps on Credit Indices—Buy Protection⁽¹⁾

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate (%)	Termination Date	Notional Amount(2)	Fair Value(3)			Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	CDX.EM.17	Buy	(5.000)	06/20/17	USD 28,540,000	$	(3,309,717	)	$	(3,146,982	)	$	(162,735	)
						$	(3,309,717	)	$	(3,146,982	)	$	(162,735	)

 

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 Payments Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Citigroup, Inc.	Republic of Turkey	Buy	(1.000)	03/20/17	USD  1,666,873	$	96,962	$	97,989	$	(1,027	)
Deutsche Bank AG	United Mexican States	Buy	(1.000)	03/20/17	USD 13,722,342		83,562		222,404		(138,842	)
						$	180,524	$	320,393	$	(139,869	)

 

Credit Default Swaps on Corporate and Sovereign Issues—Sell Protection⁽⁴⁾

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate (%)	Termination Date	Implied Credit Spread at 04/30/12 (%)(5)		Notional Amount(2)	Fair Value(3)			Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Morgan Stanley	Federal Republic of Germany	Sell	0.250	06/20/17		0.863	USD 33,200,000	$	(1,013,514	)	$	(866,281	)	$	(147,233	)
Deutsche Bank AG	Federative Republic of Brazil	Sell	1.000	03/20/17		1.198	USD 13,722,342		(127,835	)		(234,954	)		107,119
Morgan Stanley	Ireland	Sell	1.000	03/20/17		5.719	USD  8,233,000		(1,498,977	)		(1,446,506	)		(52,471	)
Citigroup, Inc.	Romania	Sell	1.000	03/20/17		3.384	USD  1,666,873		(175,245	)		(159,840	)		(15,405	)
								$	(2,815,571	)	$	(2,707,581	)	$	(107,990	)

 

(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.

(4) If the Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally either 1.) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or 2.) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

(5) 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 Portfolio’s Portfolio of Investment and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting market values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing 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.

See Accompanying Notes to Financial Statements

111

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

ING Global Bond Fund Over-the-Counter Interest Rate Swap Agreements Outstanding on April 30, 2012:

	Termination Date	Notional Amount	Fair Value	Upfront Payments Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Receive a floating rate based on the Brazil Cetip Interbank Deposit Rate Annualized and pay a fixed rate equal to 10.360% Counterparty: Bank of America	01/02/17	BRL 84,000,000	$(642,104)	$	—	$	(642,104	)
Receive a floating rate based on the Brazil Cetip Interbank Deposit Rate Annualized and pay a fixed rate equal to 10.365% Counterparty: Deutsche Bank AG	01/02/17	BRL 47,000,000	(362,619)		—		(362,619	)
Receive a floating rate based on the Brazil Cetip Interbank Deposit Rate Annualized and pay a fixed rate equal to 10.360% Counterparty: Morgan Stanley	01/02/17	BRL 48,000,000	(366,916)		—		(366,916	)
Receive a fixed rate equal to 2.538% and pay a floating rate based on the 3-month CAD-BA-CDOR Counterparty: Citigroup, Inc.	04/24/22	CAD 39,788,000	(59,115)		—		(59,115	)
Receive a fixed rate equal to 4.750% and pay a floating rate based on the 6-month CLP-CHIBNOM Counterparty: Bank of America	02/01/17	CLP 7,250,000,000	(470,904)		—		(470,904	)
Receive a fixed rate equal to 4.790% and pay a floating rate based on the 6-month CLP-CHIBNOM Counterparty: Bank of America	02/02/17	CLP 7,250,000,000	(444,549)		—		(444,549	)
Receive a fixed rate equal to 4.830% and pay a floating rate based on the 6-month CLP-CHIBNOM Counterparty: Bank of America	02/03/17	CLP 7,250,000,000	(418,189)		—		(418,189	)
Receive a floating rate based on the 6-month CZK-PRIBOR-PRBO and pay a fixed rate equal to 1.850% Counterparty: Bank of America	03/23/17	CZK 265,000,000	(46,836)		—		(46,836	)
Receive a floating rate based on 6-month CZK-PRIBOR-PRBO and pay a fixed rate equal to 1.755% Counterparty: Deutsche Bank AG	12/12/16	CZK 288,000,000	(1,141)		—		(1,141	)
Receive a floating rate based on 3-month ILS-TELBOR01-Reuters and pay a fixed rate equal to 2.66% Counterparty: Deutsche Bank AG	02/13/14	ILS 126,000,000	142,315		—		142,315
Receive a fixed rate equal to 4.350% and pay a floating rate based on the 3-month ILS-TELBOR01-Reuters Counterparty: Deutsche Bank AG	02/13/22	ILS 29,500,000	(339,524)		—		(339,524	)
Receive a fixed rate equal to 7.530% and pay a floating rate based on the INR-MIBOR-OIS-COMPOUND Counterparty: Credit Suisse First Boston	02/24/17	INR 800,000,000	(126,157)		—		(126,157	)
Receive a floating rate based on the 3-month KRW-CD-KSDA-Bloomberg and pay a fixed rate equal to 3.665% Counterparty: Bank of America	04/05/17	KRW 17,000,000,000	(117,706)		—		(117,706	)
Receive a floating rate based on the 3-month KRW-CD-KSDA-Bloomberg and pay a fixed rate equal to 3.660% Counterparty: Credit Suisse First Boston	03/26/17	KRW 17,000,000,000	(114,371)		—		(114,371	)
Receive a fixed rate equal to 4.860% and pay a floating rate based on the 28-day MXN-TIIE-BANXICO Counterparty: Bank of America	04/30/14	MXN 465,000,000	(8,680)		—		(8,680	)

See Accompanying Notes to Financial Statements

112

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

	Termination Date	Notional Amount	Fair Value		Upfront Payments Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Receive a floating rate based on the 28-day MXN-TIIE-BANXICO and pay a fixed rate equal to 5.680% Counterparty: Bank of America	03/27/17	MXN 219,000,000	$(145,209	)	$	—	$	(145,209	)
Receive a floating rate based on the 28-day MXN-TIIE-BANXICO and pay a fixed rate equal to 6.520% Counterparty: Citigroup, Inc.	03/30/22	MXN 111,000,000	(73,576	)		—		(73,576	)
Receive a fixed rate equal to 4.660% and pay a floating rate based on the 28-day MXN-TIIE-BANXICO Counterparty: Credit Suisse First Boston	04/22/14	MXN 230,000,000	(70,856	)		—		(70,856	)
Receive a fixed rate equal to 4.900% and pay a floating rate based on the 28-day MXN-TIIE-BANXICO Counterparty: Credit Suisse First Boston	04/30/14	MXN 465,000,000	19,194			—		19,194
Receive a floating rate based on the 28-day MXN-TIIE-BANXICO and pay a fixed rate equal to 5.380% Counterparty: Credit Suisse First Boston	04/18/17	MXN 200,000,000	88,173			—		88,173
Receive a fixed rate equal to 6.370% and pay a floating rate based on the 28-day MXN-TIIE-BANXICO Counterparty: Credit Suisse First Boston	04/12/22	MXN 57,000,000	(17,158	)		—		(17,158	)
Receive a fixed rate equal to 4.830% and pay a floating rate based on the 28-day MXN-TIIE-BANXICO Counterparty: Deutsche Bank AG	08/09/13	MXN 165,116,773	9,004			—		9,004
Receive a fixed rate equal to 4.830% and pay a floating rate based on the 28-day MXN-TIIE-BANXICO Counterparty: Deutsche Bank AG	04/28/14	MXN 450,000,000	(27,019	)		—		(27,019	)
Receive a floating rate based on the 28-day MXN-TIIE-BANXICO and pay a fixed rate equal to 5.580% Counterparty: Deutsche Bank AG	08/05/16	MXN 144,477,176	(102,516	)		—		(102,516	)
Receive a fixed rate equal to 6.480% and pay a floating rate based on the 28-day MXN-TIIE-BANXICO Counterparty: Deutsche Bank AG	07/30/21	MXN 41,279,193	37,754			—		37,754
Receive a floating rate based on the 28-day MXN-TIIE-BANXICO and pay a fixed rate equal to 6.520% Counterparty: Deutsche Bank AG	03/30/22	MXN 112,000,000	(74,239	)		—		(74,239	)
Receive a fixed rate equal to 4.660% and pay a floating rate based on the 28-day MXN-TIIE-BANXICO Counterparty: Morgan Stanley	04/22/14	MXN 230,000,000	(70,856	)		—		(70,856	)
Receive a floating rate based on the 28-day MXN-TIIE-BANXICO and pay a fixed rate equal to 5.370% Counterparty: Morgan Stanley	04/18/17	MXN 195,000,000	92,851			—		92,851
Receive a floating rate based on the 28-day MXN-TIIE-BANXICO and pay a fixed rate equal to 6.650% Counterparty: Morgan Stanley	03/28/22	MXN 110,000,000	(163,853	)		—		(163,853	)
Receive a fixed rate equal to 6.350% and pay a floating rate based on the 28-day MXN-TIIE-BANXICO Counterparty: Morgan Stanley	04/12/22	MXN 57,000,000	(24,300	)		—		(24,300	)
Receive a fixed rate equal to 4.830% and pay a floating rate based on the 6-month PLN-WIBOR-WIBO Counterparty: Bank of America	01/16/14	PLN 121,000,000	(96,718	)		—		(96,718	)

See Accompanying Notes to Financial Statements

113

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

	Termination Date	Notional Amount	Fair Value		Upfront Payments Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 4.850% and pay a floating rate based on the 6-month PLN-WIBOR-WIBO Counterparty: Bank of America	01/30/14	PLN 115,000,000	$(76,995	)	$	—	$	(76,995	)
Receive a floating rate based on 6-month PLZ-WIBOR-WIBO and pay a fixed rate equal to 5.095% Counterparty: Bank of America	12/01/16	PLN 48,500,000	(105,703	)		—		(105,703	)
Receive a floating rate based on the 6-month PLN-WIBOR-WIBO and pay a fixed rate equal to 4.860% Counterparty: Bank of America	01/16/17	PLN 52,000,000	46,939			—		46,939
Receive a fixed rate equal to 2.190% and pay a floating rate based on the 3-month SEK-STIBOR-SIDE Counterparty: Credit Suisse First Boston	04/23/17	SEK 261,600,000	(9,218	)		—		(9,218	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.478% Counterparty: Citigroup, Inc.	05/11/20	USD 10,271,000	(1,363,602	)		—		(1,363,602	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.444% Counterparty: Credit Suisse First Boston	12/24/20	USD 45,000,000	(5,886,160	)		—		(5,886,160	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 2.083% Counterparty: Deutsche Bank AG	04/26/22	USD 39,788,000	(211,540	)		—		(211,540	)
Receive a fixed rate equal to 2.788% and pay a floating rate based on the 3-month USD-LIBOR-BBA Counterparty: Morgan Stanley	03/16/20	USD 73,700,000	1,444,011			—		1,444,011
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.453% Counterparty: Morgan Stanley	03/16/45	USD 29,000,000	(1,759,400	)		—		(1,759,400	)
Receive a fixed rate equal to 7.550% and pay a floating rate based on the 3-month ZAR-JIBAR-SAFEX Counterparty: Deutsche Bank AG	04/24/22	ZAR 79,500,000	7,500			—		7,500
Receive a fixed rate equal to 6.820% and pay a floating rate based on the 3-month ZAR-JIBAR-SAFEX Counterparty: Morgan Stanley	11/16/16	ZAR 127,000,000	88,003			—		88,003
Receive a fixed rate equal to 6.670% and pay a floating rate based on the 3-month ZAR-JIBAR-SAFEX Counterparty: Morgan Stanley	01/30/17	ZAR 122,000,000	(40,571	)		—		(40,571	)
Receive a fixed rate equal to 6.680% and pay a floating rate based on the 3-month ZAR-JIBAR-SAFEX Counterparty: Morgan Stanley	02/06/17	ZAR 119,000,000	(37,127	)		—		(37,127	)
Receive a fixed rate equal to 6.690% and pay a floating rate based on the 3-month ZAR-JIBAR-SAFEX Counterparty: UBS Warburg LLC	02/06/17	ZAR 126,000,000	(32,598	)		—		(32,598	)
			$(11,932,281	)	$	—	$	(11,932,281	)

 

See Accompanying Notes to Financial Statements

114

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

ING Global Bond Fund Written Swaptions Open on April 30, 2012:

Written Swaptions on CDS Indices

Description	Counterparty	Floating Rate Index/Underlying Reference Entity	Pay/ Receive Floating	Strike Price	Expiration Date		Notional Amount	Premiums Received		Fair Value
Put OTC Swaption	Morgan Stanley	CDX.NA.HY.18	Pay	89.000%		06/20/17	USD 27,975,000	$	475,580	$	(335,805	)
								$	475,580	$	(335,805	)

 

ING Global Bond Fund Written OTC Options on April 30, 2012:

# of Contracts	Counterparty	Description	Exercise Price	Expiration Date		Premiums Received		Fair Value
Options On Currencies
14,500,000	Deutsche Bank AG	JPY Put vs. USD Call Currency Option	1.990 USD		06/21/12	$	147,755	$	(124,107	)
36,400,000	Barclays Bank PLC	USD Put vs. EUR Call Currency Option	1.340 USD		05/25/12		155,064		(129,372	)
16,000,000	Deutsche Bank AG	USD Put vs. JPY Call Currency Option	75.000 USD		07/03/12		322,400		(15,914	)
			Total Written OTC Options			$	625,219	$	(269,393	)

 

ING Global Bond Fund Written Swaptions Open on April 30, 2012:

Written Interest Rate Swaptions

Description	Counterparty	Floating Rate Index/Underlying Reference Entity	Pay/ Receive Floating	Exercise Rate	Expiration Date		Notional Amount	Premiums Received		Fair Value
Put OTC Swaption	Citigroup, Inc.	3-month USD-LIBOR-BBA	Pay	2.648%		07/09/12	USD 79,600,000	$	398,000	$	(128,200	)
Total Written Swaptions								$	398,000	$	(128,200	)

 

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, 2012 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Credit contracts	Investments in securities at value*	$	700,836
Foreign exchange contracts	Investments in securities at value*		569,959
Interest rate contracts	Investments in securities at value*		170,280
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		14,005,491
Credit contracts	Upfront payments paid on OTC swap agreements		320,393
Credit contracts	Unrealized appreciation on OTC swap agreements		107,119
Interest rate contracts	Unrealized appreciation on OTC swap agreements		1,975,744
Interest rate contracts	Net Assets- Unrealized appreciation**		1,445,804
Total Asset Derivatives		$	19,295,626
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	14,729,043
Credit contracts	Upfront payments received on OTC swap agreements		5,854,563
Credit contracts	Unrealized depreciation on OTC swap agreements		517,713
Interest rate contracts	Unrealized depreciation on OTC swap agreements		13,908,025
Interest rate contracts	Net Assets- Unrealized depreciation**		1,239,438
Credit contracts	Written options, at fair value		335,805
Foreign exchange contracts	Written options, at fair value		269,393
Interest rate contracts	Written options, at fair value		128,200
Total Liability Derivatives		$	36,982,180

 

* Includes purchased options.

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

See Accompanying Notes to Financial Statements

115

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL BOND FUND

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2012 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	$	(245,078	)	$	—		$	—	$	596,508		$	193,349	$	544,779
Foreign exchange contracts		(506,558	)		(7,055,539	)		—		—			1,885,453		(5,676,644	)
Interest rate contracts		(56,350	)		—			3,105,385		(5,139,880	)		66,916		(2,023,929	)
Total	$	(807,986	)	$	(7,055,539	)	$	3,105,385	$	(4,543,372	)	$	2,145,718	$	(7,155,794	)

 

	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	$	(243,851	)	$	—		$	—		$	(410,594	)	$	139,775	$	(514,670	)
Foreign exchange contracts		(85,919	)		(212,147	)		—			—			84,667		(213,399	)
Interest rate contracts		(227,720	)		—			(396,273	)		(1,639,672	)		269,800		(1,993,865	)
Total	$	(557,490	)	$	(212,147	)	$	(396,273	)	$	(2,050,266	)	$	494,242	$	(2,721,934	)

 

* 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

116

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING GLOBAL EQUITY DIVIDEND FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 96.6%
		Australia: 3.0%
99,981		Amcor Ltd.	$	780,342		1.0
190,234		Other Securities		1,565,824		2.0
				2,346,166		3.0
		Brazil: 0.5%
16,513		Other Securities		365,928		0.5
		Canada: 4.4%
10,400		Canadian Imperial Bank of Commerce		784,646		1.0
38,058		Shaw Communications, Inc. — Class B		784,391		1.0
18,119		TransCanada Corp.		797,137		1.1
20,390		Other Securities		985,603		1.3
				3,351,777		4.4
		France: 7.6%
18,615		Cie de Saint-Gobain		781,557		1.0
45,771		Gaz de France		1,053,841		1.4
10,343		Sanofi-Aventis		790,015		1.0
16,161		Vinci S.A.		749,553		1.0
66,612		Other Securities		2,491,653		3.2
				5,866,619		7.6
		Germany: 5.8%
17,401		Bayer AG		1,226,139		1.6
40,008		Deutsche Post AG		747,105		0.9
111,738		Other Securities (a)		2,520,868		3.3
				4,494,112		5.8
		Hong Kong: 1.0%
13,414		China Mobile Ltd. ADR		742,331		1.0
		Israel: 0.8%
55,401		Other Securities		633,722		0.8
		Italy: 0.5%
242,906		Other Securities		368,209		0.5
		Japan: 9.1%
19,400		Astellas Pharma, Inc.		786,778		1.0
49,600		Mitsui & Co., Ltd.		774,534		1.0
346,635		Other Securities		5,405,210		7.1
				6,966,522		9.1
		Luxembourg: 0.9%
38,947		Other Securities		676,584		0.9
		Netherlands: 2.6%
32,744		Royal Dutch Shell PLC		1,167,838		1.5
58,784		Other Securities		831,938		1.1
				1,999,776		2.6
		Portugal: 0.4%
120,668		Other Securities		345,074		0.4
COMMON STOCK: (continued)
		Singapore: 2.1%
313,000		Singapore Telecommunications Ltd.	$	787,342		1.0
53,000		United Overseas Bank Ltd.		822,316		1.1
				1,609,658		2.1
		South Korea: 0.5%
11,910		Other Securities		380,570		0.5
		Sweden: 1.5%
119,320	@	Telefonaktiebolaget LM Ericsson		1,182,875		1.5
		Switzerland: 4.1%
20,168		Novartis AG		1,113,601		1.5
4,235		Roche Holding AG — Genusschein		773,991		1.0
3,266	@	Zurich Financial Services AG		800,180		1.0
20,704		Other Securities		495,217		0.6
				3,182,989		4.1
		Taiwan: 1.1%
52,349		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		815,597		1.1
		United Kingdom: 12.1%
108,413		BP PLC		783,188		1.0
15,100		Ensco International PLC ADR		825,215		1.1
87,620		HSBC Holdings PLC		790,962		1.0
19,338		Imperial Tobacco Group PLC		773,336		1.0
66,776		Prudential PLC		818,402		1.0
13,056		Reckitt Benckiser PLC		760,035		1.0
91,063		Reed Elsevier PLC		753,553		1.0
528,403		Other Securities		3,827,006		5.0
				9,331,697		12.1
		United States: 38.6%
12,278		Abbott Laboratories		761,973		1.0
77,600		Arch Coal, Inc.		757,376		1.0
25,498		AT&T, Inc.		839,139		1.1
23,100		Bristol-Myers Squibb Co.		770,847		1.0
24,746		Carnival Corp.		803,998		1.0
20,400		CenturyTel, Inc.		786,624		1.0
11,400		Chevron Corp.		1,214,784		1.6
14,000		ExxonMobil Corp.		1,208,760		1.6
19,927		Freeport-McMoRan Copper & Gold, Inc.		763,204		1.0
58,461		General Electric Co.		1,144,666		1.5
33,800		Hewlett-Packard Co.		836,888		1.1
21,381		Kraft Foods, Inc.		852,460		1.1

See Accompanying Notes to Financial Statements

117

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL EQUITY DIVIDEND FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: (continued)
		United States: (continued)
35,525		Microsoft Corp.	$	1,137,511		1.5
12,794		PepsiCo, Inc.		844,404		1.1
33,547		Pfizer, Inc.		769,233		1.0
45,611	L	Pitney Bowes, Inc.		781,316		1.0
28,342		PPL Corp.		775,154		1.0
19,300		St. Jude Medical, Inc.		747,296		1.0
13,500		Tyco International Ltd.		757,755		1.0
28,700		UGI Corp.		837,466		1.1
13,800		United Technologies Corp.		1,126,632		1.4
22,258		Wells Fargo & Co.		744,085		1.0
304,012		Other Securities		10,415,258		13.5
				29,676,829		38.6
		Total Common Stock
		(Cost $72,375,869)		74,337,035		96.6

 

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.5%
	Securities Lending Collateralcc(1): 1.5%
132,312	Citigroup, Inc., Repurchase Agreement dated 04/30/12, 0.21%, due 05/01/12 (Repurchase Amount $132,313, collateralized by various U.S. Government Agency Obligations, 3.500%–5.500%, Market Value plus accrued interest $134,958, due 04/15/24–05/01/42)		132,312		0.2
1,000,000	Merrill Lynch & Co., Inc., Repurchase Agreement dated 04/30/12, 0.21%, due 05/01/12 (Repurchase Amount $1,000,006, collateralized by various U.S. Government Agency Obligations, 4.000%, Market Value plus accrued interest $1,020,000, due 08/15/41–12/20/41)		1,000,000		1.3
			1,132,312		1.5
	Total Short-Term Investments
	(Cost $1,132,312)		1,132,312		1.5
	Total Investments in Securities (Cost $73,508,181)	$	75,469,347		98.1
	Assets in Excess of Other Liabilities		1,481,939		1.9
	Net Assets	$	76,951,286		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, 2012.

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.

@ Non-income producing security

ADR American Depositary Receipt

cc Securities purchased with cash collateral for securities loaned.

L Loaned security, a portion or all of the security is on loan at April 30, 2012.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $74,121,686.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	5,591,623
Gross Unrealized Depreciation		(4,243,962	)
Net Unrealized Appreciation	$	1,347,661

 

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		8.5	%
Consumer Staples		7.7
Energy		11.2
Financials		17.9
Health Care		11.3
Industrials		12.4
Information Technology		8.6
Materials		7.0
Telecommunications		6.3
Utilities		5.7
Short-Term Investments		1.5
Assets in Excess of Other Liabilities		1.9
Net Assets		100.0	%

 

See Accompanying Notes to Financial Statements

118

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (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, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	2,346,166		$	—	$	2,346,166
Brazil		365,928		—			—		365,928
Canada		3,351,777		—			—		3,351,777
France		—		5,866,619			—		5,866,619
Germany		—		4,494,112			—		4,494,112
Hong Kong		742,331		—			—		742,331
Israel		—		633,722			—		633,722
Italy		—		368,209			—		368,209
Japan		—		6,966,522			—		6,966,522
Luxembourg		—		676,584			—		676,584
Netherlands		—		1,999,776			—		1,999,776
Portugal		—		345,074			—		345,074
Singapore		—		1,609,658	��		—		1,609,658
South Korea		—		380,570			—		380,570
Sweden		—		1,182,875			—		1,182,875
Switzerland		495,217		2,687,772			—		3,182,989
Taiwan		815,597		—			—		815,597
United Kingdom		825,215		8,506,482			—		9,331,697
United States		29,676,829		—			—		29,676,829
Total Common Stock		36,272,894		38,064,141			—		74,337,035
Short-Term Investments		—		1,132,312			—		1,132,312
Total Investments, at value	$	36,272,894	$	39,196,453		$	—	$	75,469,347

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

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

119

PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING GLOBAL NATURAL RESOURCES FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 98.2%
		Canada: 6.9%
26,900		Centerra Gold, Inc.	$	348,283		0.3
41,508		GoldCorp, Inc.		1,588,096		1.5
53,300	@	Harry Winston Diamond Corp.		760,773		0.7
138,500	@	Lundin Mining Corp.		672,977		0.6
75,829		Teck Cominco Ltd. — Class B		2,830,696		2.7
34,917	@	Thompson Creek Metals Co., Inc.		207,058		0.2
66,189		Trican Well Services Ltd.		957,474		0.9
				7,365,357		6.9
		France: 1.3%
12,202		Technip S.A.		1,385,660		1.3
		Netherlands: 3.3%
49,373		Royal Dutch Shell PLC — Class A ADR		3,532,145		3.3
		Norway: 2.6%
105,200		Statoil ASA ADR		2,830,932		2.6
		United Kingdom: 5.5%
31,800		Antofagasta PLC		612,370		0.6
83,301		BG Group PLC		1,965,506		1.8
40,965		Ensco International PLC ADR		2,238,737		2.1
11,800		Randgold Resources Ltd. ADR		1,051,970		1.0
				5,868,583		5.5
		United States: 78.6%
45,300		Anadarko Petroleum Corp.		3,316,413		3.1
117,009		Arch Coal, Inc.		1,142,008		1.1
73,000	@	Basic Energy Services, Inc.		1,051,200		1.0
65,500	@	Cameron International Corp.		3,356,875		3.1
72,767		Chevron Corp.		7,754,052		7.2
28,080		Cimarex Energy Co.		1,940,609		1.8
35,000		Cliffs Natural Resources, Inc.		2,179,100		2.0
31,500		ConocoPhillips		2,256,345		2.1
38,900		Devon Energy Corp.		2,717,165		2.5
17,300		Domtar Corp.		1,513,404		1.4
44,700	@	Energy XXI Bermuda Ltd.		1,684,296		1.6
32,200		EOG Resources, Inc.		3,535,882		3.3
38,200		EQT Corp.		1,903,124		1.8
117,564		ExxonMobil Corp.		10,150,476		9.4
15,100	@	Forum Energy Technologies, Inc.		349,112		0.3
114,200		Freeport-McMoRan Copper & Gold, Inc.		4,373,860		4.1
COMMON STOCK: (continued)
		United States: (continued)
59,700	@	FX Energy, Inc.	$	339,096		0.3
134,128		Halliburton Co.		4,589,860		4.3
18,300		Hess Corp.		954,162		0.9
106,900	@	Key Energy Services, Inc.		1,353,354		1.3
19,900	@	Laredo Petroleum Holdings, Inc.		525,758		0.5
14,200		Marathon Oil Corp.		416,628		0.4
18,700		Mosaic Co/The		987,734		0.9
20,300		Murphy Oil Corp.		1,115,891		1.0
62,978		National Oilwell Varco, Inc.		4,771,213		4.4
41,100	@	Newfield Exploration Co.		1,475,490		1.4
65,100		Newmont Mining Corp.		3,102,015		2.9
11,900		Occidental Petroleum Corp.		1,085,518		1.0
28,900		Patterson-UTI Energy, Inc.		467,313		0.4
44,500		Range Resources Corp.		2,966,370		2.8
84,300	@	Rowan Cos., Inc.		2,910,879		2.7
56,260		Schlumberger Ltd.		4,171,116		3.9
74,300	@	Southwestern Energy Co.		2,346,394		2.2
37,500	@	Unit Corp.		1,584,375		1.5
				84,387,087		78.6
		Total Common Stock
		(Cost $93,782,189)		105,369,764		98.2
SHORT-TERM INVESTMENTS: 1.1%
		Mutual Funds: 1.1%
1,179,000		BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $1,179,000)		1,179,000		1.1
		Total Short-Term Investments
		(Cost $1,179,000)		1,179,000		1.1
		Total Investments in Securities (Cost $94,961,189)	$	106,548,764		99.3
		Assets in Excess of Other Liabilities		773,192		0.7
		Net Assets	$	107,321,956		100.0

 

@ Non-income producing security

ADR American Depositary Receipt

Cost for federal income tax purposes is $96,838,668.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	15,917,411
Gross Unrealized Depreciation		(6,207,315	)
Net Unrealized Appreciation	$	9,710,096

 

See Accompanying Notes to Financial Statements

120

PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL NATURAL RESOURCES FUND

Sector Diversification	Percentage of Net Assets
Energy		79.3	%
Materials		18.9
Short-Term Investments		1.1
Assets in Excess of Other Liabilities		0.7
Net Assets		100.0	%

 

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Canada	$	7,365,357	$	—	$	—	$	7,365,357
France		—		1,385,660		—		1,385,660
Netherlands		3,532,145		—		—		3,532,145
Norway		2,830,932		—		—		2,830,932
United Kingdom		2,238,737		3,629,846		—		5,868,583
United States		84,387,087		—		—		84,387,087
Total Common Stock		100,354,258		5,015,506		—		105,369,764
Short-Term Investments		1,179,000		—		—		1,179,000
Total Investments, at value	$	101,533,258	$	5,015,506	$	—	$	106,548,764

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

See Accompanying Notes to Financial Statements

121

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING GLOBAL OPPORTUNITIES FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 97.3%
		Brazil: 1.4%
108,020		Other Securities	$	801,597		1.4
		Cambodia: 0.3%
386,000		Other Securities		179,153		0.3
		Canada: 1.8%
21,500		Suncor Energy, Inc.		710,174		1.2
24,600		Other Securities		321,741		0.6
				1,031,915		1.8
		China: 7.7%
493,000	@	China Communications Construction Co., Ltd.		491,226		0.9
175,000		China Resources Enterprise		633,444		1.1
2,452,375		Other Securities(a)		3,258,863		5.7
				4,383,533		7.7
		Denmark: 1.0%
3,842		Novo-Nordisk A/S		566,399		1.0
		France: 3.7%
4,673		LVMH Moet Hennessy Louis Vuitton S.A.		775,229		1.4
11,538		Vinci S.A.		535,136		0.9
42,344		Other Securities		815,216		1.4
				2,125,581		3.7
		Germany: 1.8%
8,010		Bayer AG		564,415		1.0
23,828		Other Securities(a)		435,364		0.8
				999,779		1.8
		Hong Kong: 1.6%
1,364,000		Hengdeli Holdings Ltd.		543,501		0.9
223,000		Other Securities		397,513		0.7
				941,014		1.6
		India: 2.1%
135,000		ITC Ltd.		628,224		1.1
136,322		Other Securities		558,435		1.0
				1,186,659		2.1
		Indonesia: 2.5%
92,753		Astra International Tbk PT		714,270		1.3
859,828		Bank Mandiri Persero TBK PT		689,539		1.2
				1,403,809		2.5
		Ireland: 0.9%
11,500		Ingersoll-Rand PLC		488,980		0.9
		Italy: 0.9%
43,000		Fiat Industrial SpA		488,139		0.9
		Japan: 6.0%
13,728		Honda Motor Co., Ltd.		494,060		0.9
166,669		Other Securities		2,916,495		5.1
				3,410,555		6.0
COMMON STOCK: (continued)
		Malaysia: 0.5%
259,900		Other Securities	$	285,147		0.5
		Netherlands: 6.3%
52,213		Koninklijke KPN NV		468,761		0.8
30,152		Royal Dutch Shell PLC		1,075,393		1.9
152,137		TNT NV		662,026		1.2
27,332		Unilever NV		936,236		1.7
49,561		Other Securities		413,477		0.7
				3,555,893		6.3
		Norway: 0.8%
24,641		Telenor ASA		452,936		0.8
		Peru: 0.6%
2,669		Other Securities		349,399		0.6
		Poland: 0.5%
24,877		Other Securities		266,818		0.5
		Portugal: 0.8%
81,000		Other Securities(a)		435,870		0.8
		Russia: 1.5%
50,717		Gazprom OAO ADR		585,274		1.0
10,614		Other Securities		268,530		0.5
				853,804		1.5
		Singapore: 1.1%
85,000		Oversea-Chinese Banking Corp.		613,827		1.1
		South Korea: 1.8%
826		Samsung Electronics Co., Ltd.		1,010,992		1.8
		Sweden: 0.5%
27,355		Other Securities		271,183		0.5
		Switzerland: 8.3%
35,000	@	ABB Ltd.		637,801		1.1
7,500		Compagnie Financiere Richemont S.A.		464,240		0.8
21,051		Nestle S.A.		1,290,200		2.3
24,965		Novartis AG		1,378,474		2.4
40,915		Other Securities		963,043		1.7
				4,733,758		8.3
		United Kingdom: 9.9%
38,677		BG Group PLC		912,593		1.6
128,669		BP PLC		929,519		1.6
123,419		HSBC Holdings PLC		1,114,127		2.0
24,701		Imperial Tobacco Group PLC		987,806		1.7
7,982		Rio Tinto PLC		447,430		0.8
22,976		Standard Chartered PLC		561,664		1.0
34,183		Other Securities		653,226		1.2
				5,606,365		9.9

See Accompanying Notes to Financial Statements

122

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL OPPORTUNITIES FUND

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		United States: 33.0%
17,399	@	Adobe Systems, Inc.	$	583,911			1.0
2,110	@	Apple, Inc.		1,232,746			2.2
10,007	@	Celgene Corp.		729,711			1.3
27,051		Citigroup, Inc.		893,765			1.6
1,618	@	Google, Inc. — Class A		979,262			1.7
17,600		Halliburton Co.		602,272			1.1
7,089		Mead Johnson Nutrition Co.		606,535			1.1
39,157		Microsoft Corp.		1,253,807			2.2
35,998	@	NetApp, Inc.		1,397,802			2.5
5,638		Occidental Petroleum Corp.		514,298			0.9
22,037	@	Quanta Services, Inc.		487,459			0.9
6,300		Schlumberger Ltd.		467,082			0.8
31,415	@	Symantec Corp.		518,976			0.9
10,785		Thermo Fisher Scientific, Inc.		600,185			1.0
35,000	@	Weatherford International Ltd.		499,450			0.9
15,000		Wells Fargo & Co.		501,450			0.9
8,225		Yum! Brands, Inc.		598,204			1.0
186,999		Other Securities(a)		6,219,370			11.0
				18,686,285			33.0
		Total Common Stock
		(Cost $48,529,862)		55,129,390			97.3
EXCHANGE-TRADED FUNDS: 2.0%
13,784	@	SPDR S&P Biotech ETF		1,121,190			2.0
		Total Exchange-Traded Funds
		(Cost $686,236)		1,121,190			2.0
		Total Long-Term Investments
		(Cost $49,216,098)		56,250,580			99.3
Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.8%
		Securities Lending Collateralcc(1): 2.8%
1,000,000		Cantor Fitzgerald, Repurchase Agreement dated 04/30/12, 0.22%, due 05/01/12 (Repurchase Amount $1,000,006, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–7.125%, Market Value plus accrued interest $1,020,000, due 05/01/51–09/01/49)		1,000,000			1.8
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral: (continued)
602,110		Daiwa Capital Markets, Repurchase Agreement dated 04/30/12, 0.24%, due 05/01/12 (Repurchase Amount $602,114, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–8.875%, Market Value plus accrued interest $614,152, due 05/17/12–08/01/47)	$	602,110			1.0
				1,602,110			2.8
		Total Short-Term Investments
		(Cost $1,602,110)		1,602,110			2.8
		Total Investments in Securities (Cost $50,818,208)	$	57,852,690			102.1
		Liabilities in Excess of Other Assets		(1,176,523	)		(2.1	)
		Net Assets	$	56,676,167			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, 2012.

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.

@ Non-income producing security

ADR American Depositary Receipt

cc Securities purchased with cash collateral for securities loaned.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $51,258,519.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	10,359,788
Gross Unrealized Depreciation		(3,765,617	)
Net Unrealized Appreciation	$	6,594,171

 

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		10.7	%
Consumer Staples		12.3
Energy		13.0
Exchange-Traded Funds		2.0
Financials		15.2
Health Care		7.6
Industrials		9.0
Information Technology		22.0
Materials		3.9
Telecommunications		2.4
Utilities		1.2
Short-Term Investments		2.8
Liabilities in Excess of Other Assets		(2.1	)
Net Assets		100.0	%

 

See Accompanying Notes to Financial Statements

123

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL OPPORTUNITIES FUND

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Brazil	$	801,597	$	—	$	—	$	801,597
Cambodia		—		179,153		—		179,153
Canada		1,031,915		—		—		1,031,915
China		318,480		4,065,053		—		4,383,533
Denmark		—		566,399		—		566,399
France		—		2,125,581		—		2,125,581
Germany		—		999,779		—		999,779
Hong Kong		143,014		792,896		5,104		941,014
India		—		1,186,659		—		1,186,659
Indonesia		—		1,403,809		—		1,403,809
Ireland		488,980		—		—		488,980
Italy		—		488,139		—		488,139
Japan		—		3,410,555		—		3,410,555
Malaysia		—		285,147		—	��	285,147
Netherlands		—		3,555,893		—		3,555,893
Norway		—		452,936		—		452,936
Peru		349,399		—		—		349,399
Poland		—		266,818		—		266,818
Portugal		—		435,870		—		435,870
Russia		585,274		268,530		—		853,804
Singapore		—		613,827		—		613,827
South Korea		—		1,010,992		—		1,010,992
Sweden		—		271,183		—		271,183
Switzerland		1,066,500		3,667,258		—		4,733,758
United Kingdom		—		5,606,365		—		5,606,365
United States		18,686,285		—		—		18,686,285
Total Common Stock		23,471,444		31,652,842		5,104		55,129,390
Exchange-Traded Funds		1,121,190		—		—		1,121,190
Short-Term Investments		—		1,602,110		—		1,602,110
Total Investments, at value	$	24,592,634	$	33,254,952	$	5,104	$	57,852,690

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

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.

The following is a reconciliation of the fair valuations using significant observable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2012:

Asset Table	Beginning Balance on 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain (Loss)		Total Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers Out of Level 3		Ending Balance on 4/30/2012
Investments, at value
Common Stock	$	5,097	$	—	$	—	$	—	$	—	$	7	$	—	$	—	$	5,104
Total Investments, at value	$	5,097	$	—	$	—	$	—	$	—	$	7	$	—	$	—	$	5,104

 

As of April 30, 2012, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $7.

See Accompanying Notes to Financial Statements

124

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING GLOBAL REAL ESTATE FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 98.3%
		Australia: 7.9%
47,788,716		Dexus Property Group	$	46,365,770		1.2
11,096,005		Goodman Group		41,485,745		1.0
10,762,775		Investa Office Fund		30,549,857		0.8
11,027,134		Westfield Group		105,434,264		2.6
15,730,581		Westfield Retail Trust		44,390,531		1.1
17,753,338		Other Securities		46,451,387		1.2
				314,677,554		7.9
		Brazil: 0.2%
504,600		Other Securities		8,153,440		0.2
		Canada: 2.5%
1,671,000		Brookfield Properties Co.		30,345,360		0.7
2,109,100		Other Securities		71,329,990		1.8
				101,675,350		2.5
		China: 2.3%
73,900,000	L	Evergrande Real Estate Group Ltd.		42,425,009		1.1
75,943,500		Other Securities		48,922,847		1.2
				91,347,856		2.3
		France: 4.4%
492,229		Unibail		92,104,537		2.3
1,458,155		Other Securities		83,320,281		2.1
				175,424,818		4.4
		Germany: 0.4%
518,844		Other Securities(a)		17,267,727		0.4
		Hong Kong: 10.0%
7,613,763		Cheung Kong Holdings Ltd.		100,692,463		2.5
11,966,245		Hang Lung Properties Ltd.		43,994,210		1.1
8,269,000		Kerry Properties Ltd.		37,519,986		0.9
10,052,900		Link Real Estate Investment Trust		41,824,125		1.1
26,739,200		Sino Land Co.		45,867,058		1.2
4,400,000		Sun Hung Kai Properties Ltd.		52,702,754		1.3
14,719,640		Other Securities		76,262,929		1.9
				398,863,525		10.0
		Japan: 12.8%
577,700		Daito Trust Construction Co., Ltd.		51,951,525		1.3
5,182		Japan Real Estate Investment Corp.		45,906,593		1.1
7,598,230		Mitsubishi Estate Co., Ltd.		134,324,115		3.4
7,035,088		Mitsui Fudosan Co., Ltd.		128,860,377		3.2
7,637,000		Tokyo Tatemono Co., Ltd.		28,200,038		0.7
2,084,763		Other Securities		125,333,399		3.1
				514,576,047		12.8
		Netherlands: 0.7%
663,120		Corio NV		29,705,889		0.7
COMMON STOCK: (continued)
		Singapore: 4.8%
29,610,000	L	CapitaCommercial Trust	$	30,794,974		0.8
26,025,950		CapitaLand Ltd.		61,516,975		1.5
31,203,600	@	Global Logistic Properties Ltd.		51,782,696		1.3
29,249,891		Other Securities		46,987,778		1.2
				191,082,423		4.8
		Sweden: 0.5%
1,772,304		Other Securities		21,023,509		0.5
		United Kingdom: 4.6%
1,064,770		Derwent Valley Holdings PLC		30,107,862		0.8
5,559,961		Hammerson PLC		37,692,797		0.9
4,374,261		Land Securities Group PLC		51,657,106		1.3
15,508,251		Other Securities		63,969,036		1.6
				183,426,801		4.6
		United States: 47.2%
782,508		AvalonBay Communities, Inc.		113,776,663		2.8
1,085,900		Boston Properties, Inc.		117,548,675		2.9
943,700		BRE Properties, Inc.		49,544,250		1.2
2,942,200		DDR Corp.		43,544,560		1.1
1,449,800		Equity Residential		89,075,712		2.2
370,100		Essex Property Trust, Inc.		58,464,697		1.5
281,300		Federal Realty Investment Trust		28,315,658		0.7
3,706,111		General Growth Properties, Inc.		65,968,776		1.6
1,047,529		HCP, Inc.		43,420,077		1.1
935,300		Health Care Real Estate Investment Trust, Inc.		52,994,098		1.3
5,197,135		Host Hotels & Resorts, Inc.		86,480,327		2.2
2,423,700		Kimco Realty Corp.		47,044,017		1.2
1,449,575		Liberty Property Trust		52,837,009		1.3
1,472,141		Macerich Co.		90,639,721		2.3
831,700		Post Properties, Inc.		40,503,790		1.0
3,090,902		ProLogis, Inc.		110,592,474		2.8
456,524		Public Storage, Inc.		65,401,628		1.6
1,537,920		Simon Property Group, Inc.		239,300,352		6.0
1,010,830		SL Green Realty Corp.		83,332,825		2.1
910,900		Starwood Hotels & Resorts Worldwide, Inc.		53,925,280		1.3
579,700		Taubman Centers, Inc.		44,741,246		1.1
2,397,555		UDR, Inc.		63,127,623		1.6
1,095,304		Ventas, Inc.		64,392,922		1.6
1,053,802		Vornado Realty Trust		90,458,364		2.2
3,205,600		Other Securities		98,623,378		2.5
				1,894,054,122		47.2
		Total Common Stock
		(Cost $3,095,780,613)		3,941,279,061		98.3

See Accompanying Notes to Financial Statements

125

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL REAL ESTATE FUND

Shares		Value			Percentage of Net Assets
RIGHTS: 0.0%
	Germany: 0.0%
518,844	Other Securities(a)	$	609,460			0.0
	Total Rights
	(Cost $—)		609,460			0.0
	Total Long-Term Investments
	(Cost $3,095,780,613)		3,941,888,521			98.3
Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.0%
	Securities Lending Collateralcc(1): 0.6%
1,230,992	Barclays Bank PLC, Repurchase Agreement dated 04/30/12, 0.18%, due 05/01/12 (Repurchase Amount $1,230,998, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $1,255,612, due 05/15/14–02/15/42)		1,230,992			0.0
5,847,206	BNP Paribas Bank, Repurchase Agreement dated 04/30/12, 0.21%, due 05/01/12 (Repurchase Amount $5,847,240, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–4.625%, Market Value plus accrued interest $5,964,154, due 05/08/12–04/30/17)		5,847,206			0.1
5,847,206	Credit Suisse Securities, Repurchase Agreement dated 04/30/12, 0.18%, due 05/01/12 (Repurchase Amount $5,847,235, collateralized by various U.S. Government Securities, 0.625%–2.375%, Market Value plus accrued interest $5,964,170, due 04/30/13–02/15/41)		5,847,206			0.1
5,847,206	Deutsche Bank AG, Repurchase Agreement dated 04/30/12, 0.22%, due 05/01/12 (Repurchase Amount $5,847,241, collateralized by various U.S. Government Agency Obligations, 2.491%–7.000%, Market Value plus accrued interest $5,964,153, due 08/01/25–04/01/42)		5,847,206			0.2
SHORT-TERM INVESTMENTS: (continued)
	Securities Lending Collateralcc(1): (continued)
5,847,206	Goldman Sachs & Co., Repurchase Agreement dated 04/30/12, 0.20%, due 05/01/12 (Repurchase Amount $5,847,238, collateralized by various U.S. Government Agency Obligations, 3.500%–5.500%, Market Value plus accrued interest $5,964,150, due 02/01/18–07/15/41)	$	5,847,206			0.2
			24,619,816			0.6
Shares		Value			Percentage of Net Assets
	Mutual Funds: 1.4%
54,060,765	BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $54,060,765)		54,060,765			1.4
	Total Short-Term Investments
	(Cost $78,680,581)		78,680,581			2.0
	Total Investments in Securities (Cost $3,174,461,194)	$	4,020,569,102			100.3
	Liabilities in Excess of Other Assets		(10,920,669	)		(0.3	)
	Net Assets	$	4,009,648,433			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, 2012.

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.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

L Loaned security, a portion or all of the security is on loan at April 30, 2012.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $3,378,819,152.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	813,830,055
Gross Unrealized Depreciation		(172,080,105	)
Net Unrealized Appreciation	$	641,749,950

 

See Accompanying Notes to Financial Statements

126

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL REAL ESTATE FUND

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		1.3	%
Financials		97.0
Short-Term Investments		2.0
Liabilities in Excess of Other Assets		(0.3	)
Net Assets		100.0	%

 

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	314,677,554	$	—	$	314,677,554
Brazil		8,153,440		—		—		8,153,440
Canada		101,675,350		—		—		101,675,350
China		—		91,347,856		—		91,347,856
France		12,243,023		163,181,795		—		175,424,818
Germany		—		17,267,727		—		17,267,727
Hong Kong		—		398,863,525		—		398,863,525
Japan		—		514,576,047		—		514,576,047
Netherlands		—		29,705,889		—		29,705,889
Singapore		—		191,082,423		—		191,082,423
Sweden		—		21,023,509		—		21,023,509
United Kingdom		—		183,426,801		—		183,426,801
United States		1,894,054,122		—		—		1,894,054,122
Total Common Stock		2,016,125,935		1,925,153,126		—		3,941,279,061
Rights		—		609,460		—		609,460
Short-Term Investments		54,060,765		24,619,816		—		78,680,581
Total Investments, at value	$	2,070,186,700	$	1,950,382,402	$	—	$	4,020,569,102

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

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

127

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING GLOBAL VALUE CHOICE FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 98.0%
		Australia: 1.9%
215,733		Newcrest Mining Ltd.	$	5,878,735		1.9
		Brazil: 2.8%
537,190		Centrais Eletricas Brasileiras SA ADR		6,419,420		2.1
423,500		Other Securities		1,902,056		0.7
				8,321,476		2.8
		Canada: 13.3%
742,000	@	Bankers Petroleum Ltd.		2,568,851		0.8
282,668		Barrick Gold Corp.		11,428,267		3.8
485,837	L	Cameco Corp.		10,736,998		3.6
541,503	@	Uranium Participation Corp.		3,020,379		1.0
6,835,721		Other Securities(a)		12,318,486		4.1
				40,072,981		13.3
		China: 0.0%
12,100,000		Other Securities		70,278		0.0
		Egypt: 1.9%
1,054,342		Telecom Egypt		2,262,076		0.8
1,316,521		Other Securities		3,429,931		1.1
				5,692,007		1.9
		Finland: 0.8%
691,297		Nokia OYJ ADR		2,523,234		0.8
		France: 7.9%
650,000		Electricite de France SA		13,770,843		4.6
187,152		Thales S.A.		6,488,214		2.2
189,835		Other Securities(a)		3,455,044		1.1
				23,714,101		7.9
		Greece: 0.5%
171,616		Other Securities		1,533,717		0.5
		Hong Kong: 0.7%
1,781,000		Other Securities(a)		2,013,417		0.7
		Hungary: 0.5%
24,316		Other Securities		1,623,473		0.5
		India: 0.3%
276,205		Other Securities		981,687		0.3
		Indonesia: 1.6%
89,200		Telekomunikasi Indonesia Tbk PT ADR		3,229,932		1.1
6,840,000		Other Securities		1,557,755		0.5
				4,787,687		1.6
		Italy: 3.6%
833,583		ERG S.p.A.		6,281,960		2.1
3,160,000	@	Telecom Italia S.p.A. RNC		2,959,740		1.0
372,500		Other Securities(a)		1,602,368		0.5
				10,844,068		3.6
COMMON STOCK: (continued)
		Japan: 15.3%
1,295,550		Chuo Mitsui Trust Holdings, Inc.	$	3,795,368		1.2
766,000		Daiwa Securities Group, Inc.		2,894,722		1.0
100,900		East Japan Railway Co.		6,277,711		2.1
158,000		Futaba Corp.		2,461,837		0.8
681,000		Japan Steel Works Ltd.		4,142,291		1.4
276,000		Kamigumi Co., Ltd.		2,218,209		0.7
187,500		Mitsui & Co., Ltd.		2,927,925		1.0
166,500		Mitsui Sumitomo Insurance Group Holdings, Inc.		3,069,615		1.0
153,200		Nippon Telegraph & Telephone Corp.		6,931,635		2.3
1,590		TV Asahi Corp.		2,374,843		0.8
903,700		Other Securities		8,958,183		3.0
				46,052,339		15.3
		Lebanon: 0.5%
106,939	#	Solidere GDR		1,403,040		0.5
		Norway: 1.0%
5,964,105		Marine Harvest		3,060,972		1.0
		Russia: 4.9%
558,200		Gazprom OAO ADR		6,441,628		2.2
2,092,000		Federal Hydrogenerating Co. JSC ADR		7,278,827		2.4
27,429,700		Other Securities		987,082		0.3
				14,707,537		4.9
		Slovenia: 0.5%
22,274		Other Securities		1,402,996		0.5
		South Africa: 2.7%
133,600		AngloGold Ashanti Ltd ADR		4,593,168		1.5
144,750		Impala Platinum Holdings Ltd.		2,825,687		1.0
3,250,000		Other Securities		706,581		0.2
				8,125,436		2.7
		South Korea: 4.1%
330,028		Korea Electric Power Corp. ADR		3,135,266		1.0
363,987		KT Corp. ADR		4,677,233		1.5
348,000		SK Telecom Co., Ltd. ADR		4,704,960		1.6
				12,517,459		4.1
		Switzerland: 1.5%
91,744		Actelion Ltd. — Reg		3,885,170		1.3
11,250		Other Securities		621,183		0.2
				4,506,353		1.5
		Turkey: 2.1%
511,507	@	Turkcell Iletisim Hizmet AS ADR		6,322,227		2.1

See Accompanying Notes to Financial Statements

128

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL VALUE CHOICE FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: (continued)
		United Kingdom: 3.8%
2,170,128	@	Polyus Gold International Ltd. GDR	$	6,727,397		2.2
262,800		Stolt-Nielsen Ltd.		4,699,003		1.6
				11,426,400		3.8
		United States: 25.8%
70,068		Alliant Techsystems, Inc.		3,734,624		1.2
133,000	@	American International Group, Inc.		4,525,990		1.5
529,869		Arch Coal, Inc.		5,171,521		1.7
350,274	L	Best Buy Co., Inc.		7,730,547		2.6
313,426		Chesapeake Energy Corp.		5,779,575		1.9
151,250		Computer Sciences Corp.		4,244,075		1.4
81,000		Eli Lilly & Co.		3,352,590		1.1
90,676		Exelon Corp.		3,537,271		1.2
123,605	@	Ingram Micro, Inc.		2,405,353		0.8
137,487		Kroger Co.		3,199,323		1.1
97,487		Microsoft Corp.		3,121,534		1.0
255,200		Newmont Mining Corp.		12,160,280		4.0
313,002		Old Republic International Corp.		3,114,370		1.0
725,786		Southwest Airlines Co.		6,009,508		2.0
142,975	@	Western Digital Corp.		5,548,860		1.9
123,436		Other Securities		4,103,610		1.4
				77,739,031		25.8
		Total Common Stock
		(Cost $334,100,198)		295,320,651		98.0
PREFERRED STOCK: 0.5%
		South Korea: 0.5%
74,600		Other Securities		1,332,028		0.5
		Total Preferred Stock
		(Cost $2,419,000)		1,332,028		0.5
RIGHTS: 0.0%
		Hong Kong: 0.0%
404,500		Other Securities		47,964		0.0
		Total Rights
		(Cost $—)		47,964		0.0
		Total Long-Term Investments
		(Cost $336,519,198)		296,700,643		98.5
Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.0%
		Securities Lending Collateralcc(1): 2.4%
1,742,300		BNP Paribas Bank, Repurchase Agreement dated 04/30/12, 0.21%, due 05/01/12 (Repurchase Amount $1,742,310, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–4.625%, Market Value plus accrued interest $1,777,147, due 05/08/12–04/30/17)	$	1,742,300		0.6
366,800		Credit Suisse Securities, Repurchase Agreement dated 04/30/12, 0.18%, due 05/01/12 (Repurchase Amount $366,802, collateralized by various U.S. Government Securities, 0.625%–2.375%, Market Value plus accrued interest $374,137, due 04/30/13–02/15/41)		366,800		0.1
1,742,300		Deutsche Bank AG, Repurchase Agreement dated 04/30/12, 0.22%, due 05/01/12 (Repurchase Amount $1,742,311, collateralized by various U.S. Government Agency Obligations, 2.491%–7.000%, Market Value plus accrued interest $1,777,147, due 08/01/25–04/01/42)		1,742,300		0.6
1,742,300		JPMorgan Chase & Co., Repurchase Agreement dated 04/30/12, 0.21%, due 05/01/12 (Repurchase Amount $1,742,310, collateralized by various U.S. Government Agency Obligations, 1.988%–6.297%, Market Value plus accrued interest $1,777,149, due 05/01/17–11/01/41)		1,742,300		0.6
1,742,300		Royal Bank of Canada, Repurchase Agreement dated 04/30/12, 0.20%, due 05/01/12 (Repurchase Amount $1,742,310, collateralized by various U.S. Government Agency Obligations, 0.000%–5.000%, Market Value plus accrued interest $1,777,146, due 07/30/12–03/01/42)		1,742,300		0.5
				7,336,000		2.4

 

See Accompanying Notes to Financial Statements

129

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL VALUE CHOICE FUND

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.6%
1,765,221	BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $1,765,221)	$	1,765,221			0.6
	Total Short-Term Investments
	(Cost $9,101,221)		9,101,221			3.0
	Total Investments in Securities (Cost $345,620,419)	$	305,801,864			101.5
	Liabilities in Excess of Other Assets		(4,463,304	)		(1.5	)
	Net Assets	$	301,338,560			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, 2012.

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.

@ Non-income producing security

ADR American Depositary Receipt

GDR Global Depositary Receipt

cc Securities purchased with cash collateral for securities loaned.

L Loaned security, a portion or all of the security is on loan at April 30, 2012.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $350,718,550.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	15,906,251
Gross Unrealized Depreciation		(60,822,937	)
Net Unrealized Depreciation	$	(44,916,686	)

 

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		5.2	%
Consumer Staples		3.2
Energy		15.4
Financials		8.3
Health Care		4.2
Industrials		16.0
Information Technology		6.8
Materials		17.1
Telecommunications		10.7
Utilities		11.6
Short-Term Investments		3.0
Liabilities in Excess of Other Assets		(1.5	)
Net Assets		100.0	%

 

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	5,878,735	$	—	$	5,878,735
Brazil		8,321,476		—		—		8,321,476
Canada		40,072,981		—		—		40,072,981
China		—		—		70,278		70,278
Egypt		3,915,858		1,776,149		—		5,692,007
Finland		2,523,234		—		—		2,523,234
France		1,846,609		21,867,492		—		23,714,101
Greece		—		1,533,717		—		1,533,717
Hong Kong		—		2,013,417		—		2,013,417
Hungary		—		1,623,473		—		1,623,473
India		—		981,687		—		981,687
Indonesia		3,229,932		1,557,755		—		4,787,687
Italy		—		10,844,068		—		10,844,068
Japan		—		46,052,339		—		46,052,339
Lebanon		1,403,040		—		—		1,403,040
Norway		—		3,060,972		—		3,060,972
Russia		7,428,710		7,278,827		—		14,707,537
Slovenia		—		1,402,996		—		1,402,996
South Africa		5,299,749		2,825,687		—		8,125,436

See Accompanying Notes to Financial Statements

130

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GLOBAL VALUE CHOICE FUND

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs # (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 4/30/2012
South Korea	$	12,517,459	$	—	$	—	$	12,517,459
Switzerland		—		4,506,353		—		4,506,353
Turkey		6,322,227		—		—		6,322,227
United Kingdom		6,727,397		4,699,003		—		11,426,400
United States		77,739,031		—		—		77,739,031
Total Common Stock		177,347,703		117,902,670		70,278		295,320,651
Preferred Stock		—		1,332,028		—		1,332,028
Rights		—		47,964		—		47,964
Short-Term Investments		1,765,221		7,336,000		—		9,101,221
Total Investments, at value	$	179,112,924	$	126,618,662	$	70,278	$	305,801,864

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

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.

The following is a reconciliation of the fair valuations using significant observable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2012:

Asset Table	Beginning Balance on 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain (Loss)		Total Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers Out of Level 3		Ending Balance on 4/30/2012
Investments, at value
Common Stock	$	554,471	$	—	$	—	$	—	$	—	$	(484,193	)	$	—	$	—	$	70,278
Total Investments, at value	$	554,471	$	—	$	—	$	—	$	—	$	(484,193	)	$	—	$	—	$	70,278

 

As of April 30, 2012, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $(484,193).

See Accompanying Notes to Financial Statements

131

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING GREATER CHINA FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 99.7%
		China: 45.7%
208,000		Agile Property Holdings Ltd.	$	270,627		0.9
96,000	@	Anhui Conch Cement Co., Ltd.		319,348		1.0
1,435,400		Bank of China Ltd.		597,732		1.9
290,000	@	China Coal Energy Co. — Class H		331,322		1.0
603,000	@	China Communications Construction Co., Ltd.		600,830		1.9
932,000		China Communications Services Corp., Ltd.		478,082		1.5
1,200,960		China Construction Bank		931,998		2.9
165,000	@	China Life Insurance Co., Ltd.		439,320		1.4
438,000		China Minsheng Banking Corp. Ltd		453,237		1.4
144,000		China Mobile Ltd.		1,593,147		5.0
398,000		China Petroleum & Chemical Corp.		422,720		1.3
1,371,000		China Power International Development Ltd.		309,625		1.0
76,500	@	China Shenhua Energy Co., Ltd.		337,828		1.1
134,000	#,@	CITIC Securities Co. Ltd.		280,132		0.9
448,000		CNOOC Ltd.		946,691		3.0
756,000		Datang International Power Generation Co., Ltd.		267,942		0.8
72,000	#,@	Haitong Securities Co. Ltd.		100,780		0.3
1,409,140		Industrial and Commercial Bank of China Ltd.		936,281		2.9
530,000		PetroChina Co., Ltd.		790,599		2.5
40,500		Ping An Insurance Group Co. of China Ltd.		336,404		1.1
25,900		Tencent Holdings Ltd.		810,250		2.6
5,392,088		Other Securities		2,946,270		9.3
				14,501,165		45.7
		Hong Kong: 25.6%
216,000		AIA Group Ltd.		764,396		2.4
56,000		Cheung Kong Holdings Ltd.		740,603		2.3
170,000		China Everbright Ltd.		268,344		0.8
307,000		Chow Sang Sang Holdings International Ltd.		776,297		2.4
194,000		Cnpc Hong Kong Ltd.		340,453		1.1
323,280		Dah Sing Banking Group Ltd.		334,094		1.1
97,000	@	Galaxy Entertainment Group Ltd.		302,391		1.0
412,000	@	HKT Trust / HKT Ltd.		320,205		1.0
24,000		Hong Kong Exchanges and Clearing Ltd.		381,672		1.2
49,000		Hutchison Whampoa Ltd.		469,422		1.5
COMMON STOCK: (continued)
		Hong Kong: (continued)
62,500		Kerry Properties Ltd.	$	283,589		0.9
150,000		Li & Fung Ltd.		319,867		1.0
79,500		MTR Corp.		281,957		0.9
194,000		Sino Land Co.		332,778		1.0
31,000		Sun Hung Kai Properties Ltd.		371,315		1.2
34,000		Television Broadcasts Ltd.		249,084		0.8
100,500		Wharf Holdings Ltd.		596,002		1.9
2,245,400		Other Securities		981,248		3.1
				8,113,717		25.6
		Taiwan: 28.4%
363,522		China Life Insurance Co., Ltd.		322,312		1.0
295,000		Compal Electronics, Inc.		337,727		1.1
720,745		E.Sun Financial Holding Co., Ltd.		380,480		1.2
459,000		Eva Airways Corp.		274,351		0.9
234,110		Far Eastern New Century Corp.		262,836		0.8
358,000		Fubon Financial Holding Co., Ltd.		370,377		1.2
326,256		Hon Hai Precision Industry Co., Ltd.		1,025,806		3.2
25,492		HTC Corp.		382,642		1.2
482,000		Mega Financial Holdings Co., Ltd.		378,958		1.2
117,000		Taiwan Fertilizer Co., Ltd.		278,396		0.9
616,000		Taiwan Semiconductor Manufacturing Co., Ltd.		1,820,672		5.7
743,000		United Microelectronics Corp.		388,643		1.2
598,159		Yuanta Financial Holding Co., Ltd.		284,937		0.9
2,156,042		Other Securities		2,486,502		7.9
				8,994,639		28.4
		Total Common Stock
		(Cost $27,485,362)		31,609,521		99.7
		Assets in Excess of Other Liabilities		88,642		0.3
		Net Assets	$	31,698,163		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, 2012.

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

See Accompanying Notes to Financial Statements

132

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING GREATER CHINA FUND

Cost for federal income tax purposes is $28,537,844.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	5,461,718
Gross Unrealized Depreciation		(2,390,041	)
Net Unrealized Appreciation	$	3,071,677

 

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		6.9	%
Consumer Staples		1.5
Energy		11.2
Financials		36.5
Industrials		9.0
Information Technology		19.5
Materials		4.4
Telecommunications		8.3
Utilities		2.4
Assets in Excess of Other Liabilities		0.3
Net Assets		100.0	%

 

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
China	$	274,494	$	13,983,819	$	242,852	$	14,501,165
Hong Kong		320,205		7,793,512		—		8,113,717
Taiwan		—		8,994,639		—		8,994,639
Total Common Stock		594,699		30,771,970		242,852		31,609,521
Total Investments, at value	$	594,699	$	30,771,970	$	242,852	$	31,609,521

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

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.

The following is a reconciliation of the fair valuations using significant observable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2012:

Asset Table	Beginning Balance on 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain (Loss)		Total Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers Out of Level 3		Ending Balance on 4/30/2012
Investments, at value
Common Stock	$	83,824	$	—	$	—	$	—	$	—	$	110	$	158,918	$	—	$	242,852
Total Investments, at value	$	83,824	$	—	$	—	$	—	$	—	$	110	$	158,918	$	—	$	242,852

 

As of April 30, 2012, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $110.

See Accompanying Notes to Financial Statements

133

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING INDEX PLUS INTERNATIONAL
EQUITY FUND

Shares		Value		Percentage of Net Assets
COMMON STOCK: 98.1%
	Australia: 8.6%
23,124	BHP Billiton Ltd.	$	858,067		1.0
19,971	Commonwealth Bank of Australia		1,077,294		1.2
25,740	Iluka Resources Ltd.		449,637		0.5
20,309	National Australia Bank Ltd.		530,863		0.6
24,463	Westpac Banking Corp.		576,500		0.7
539,000	Other Securities		3,991,576		4.6
			7,483,937		8.6
	Austria: 0.4%
24,947	Other Securities		369,433		0.4
	Belgium: 0.9%
5,643	Groupe Bruxelles Lambert S.A.		391,629		0.5
22,465	Other Securities		359,185		0.4
			750,814		0.9
	China: 0.2%
104,000	Other Securities		206,258		0.2
	Denmark: 0.5%
10,304	Other Securities		430,075		0.5
	Finland: 1.6%
12,682	Metso OYJ		544,725		0.6
19,045	Orion Oyj		388,493		0.5
9,049	Other Securities		451,678		0.5
			1,384,896		1.6
	France: 7.4%
6,022	Sanofi-Aventis		459,970		0.5
18,067	Societe Generale		427,722		0.5
19,485	Total S.A.		935,349		1.1
215,232	Other Securities		4,634,784		5.3
			6,457,825		7.4
	Germany: 7.1%
11,057	BASF AG		910,355		1.1
4,449	Bayerische Motoren Werke AG		423,153		0.5
30,915	Deutsche Post AG		577,303		0.7
742	Volkswagen AG		126,752		0.1
92,352	Other Securities		4,110,776		4.7
			6,148,339		7.1
	Greece: 0.1%
12,072	Other Securities		92,650		0.1
	Hong Kong: 2.4%
803,203	Other Securities		2,101,339		2.4
	India: 0.0%
1,440	Other Securities		28,541		0.0
COMMON STOCK: (continued)
	Israel: 0.6%
17,878	Other Securities	$	480,813		0.6
	Italy: 2.7%
139,692	Enel S.p.A.		458,105		0.5
42,795	ENI S.p.A.		950,895		1.1
359,741	Other Securities		966,676		1.1
			2,375,676		2.7
	Japan: 22.6%
8,600	Canon, Inc.		389,820		0.5
141,000	Chuo Mitsui Trust Holdings, Inc.		413,066		0.5
46,400	Dainippon Sumitomo Pharma Co., Ltd.		464,689		0.5
3,700	Hirose Electric Co., Ltd.		387,433		0.4
99	Japan Tobacco, Inc.		548,429		0.6
1,700	Keyence Corp.		401,242		0.5
48,800	Sumitomo Corp.		693,506		0.8
16,090	Toyota Motor Corp.		659,332		0.8
7,180	Yamada Denki Co., Ltd.		465,923		0.5
1,749,602	Other Securities		15,262,012		17.5
			19,685,452		22.6
	Luxembourg: 0.9%
19,648	Tenaris S.A.		382,450		0.5
18,194	Other Securities		346,181		0.4
			728,631		0.9
	Macau: 0.2%
48,400	Other Securities		189,500		0.2
	Mexico: 0.3%
11,035	Other Securities		281,163		0.3
	Netherlands: 3.1%
17,631	Royal Dutch Shell PLC — Class A		628,827		0.7
26,536	Royal Dutch Shell PLC — Class B		971,074		1.1
11,543	Unilever NV		395,397		0.5
23,682	Other Securities		721,734		0.8
			2,717,032		3.1
	New Zealand: 0.1%
47,302	Other Securities		101,697		0.1
	Norway: 0.9%
41,280	Other Securities		737,572		0.9
	Portugal: 0.2%
41,735	Other Securities		168,303		0.2
	Singapore: 1.8%
483,000	Other Securities		1,566,909		1.8

See Accompanying Notes to Financial Statements

134

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INDEX PLUS INTERNATIONAL
EQUITY FUND

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Spain: 4.5%
124,146		Banco Santander Central Hispano S.A.	$	779,464			0.9
432,964		Other Securities		3,104,384			3.6
				3,883,848			4.5
		Sweden: 3.5%
189,083		Other Securities		3,055,086			3.5
		Switzerland: 7.5%
30,638		Nestle S.A.		1,877,781			2.2
25,352		Novartis AG		1,399,842			1.6
4,301		Roche Holding AG — Genusschein		786,053			0.9
509	#	Synthes, Inc.		87,786			0.1
2,672	@	Zurich Financial Services AG		654,648			0.7
73,216		Other Securities		1,704,994			2.0
				6,511,104			7.5
		United Kingdom: 20.0%
27,754		Amec PLC		512,532			0.6
19,391		AstraZeneca PLC		849,742			1.0
18,106		BHP Billiton PLC		582,867			0.7
136,595		BP PLC		986,778			1.1
24,852		British American Tobacco PLC		1,274,650			1.5
184,207		BT Group PLC		630,072			0.7
32,448		Diageo PLC		818,446			0.9
26,916		GlaxoSmithKline PLC		621,801			0.7
130,982		HSBC Holdings PLC		1,182,399			1.4
20,299		Imperial Tobacco Group PLC		811,767			0.9
62,698		National Grid PLC		677,048			0.8
21,132		Pearson PLC		398,039			0.5
10,562		Reckitt Benckiser PLC		614,851			0.7
14,767		Shire PLC		481,296			0.5
345,727		Vodafone Group PLC		956,960			1.1
2,047,943		Other Securities		5,978,996			6.9
				17,378,244			20.0
		Total Common Stock
		(Cost $75,922,280)		85,315,137			98.1
PREFERRED STOCK: 0.6%
		Germany: 0.6%
2,632		Volkswagen AG		498,916			0.6
		Total Preferred Stock
		(Cost $422,259)		498,916			0.6
		Total Long-Term Investments
		(Cost $76,344,539)		85,814,053			98.7
SHORT-TERM INVESTMENTS: 2.7%
		Mutual Funds: 2.7%
2,376,549		BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $2,376,549)	$	2,376,549			2.7
		Total Short-Term Investments
		(Cost $2,376,549)		2,376,549			2.7
		Total Investments in Securities (Cost $78,721,088)	$	88,190,602			101.4
		Liabilities in Excess of Other Assets		(1,177,180	)		(1.4	)
		Net Assets	$	87,013,422			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, 2012.

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

Cost for federal income tax purposes is $81,601,602.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	11,914,140
Gross Unrealized Depreciation		(5,325,140	)
Net Unrealized Appreciation	$	6,589,000

 

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		10.5	%
Consumer Staples		11.3
Energy		8.5
Financials		22.6
Health Care		9.3
Industrials		12.2
Information Technology		4.8
Materials		10.2
Telecommunications		5.3
Utilities		4.0
Short-Term Investments		2.7
Liabilities in Excess of Other Assets		(1.4	)
Net Assets		100.0	%

 

See Accompanying Notes to Financial Statements

135

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INDEX PLUS INTERNATIONAL
EQUITY FUND

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	7,483,937	$	—	$	7,483,937
Austria		—		369,433		—		369,433
Belgium		71,157		679,657		—		750,814
China		—		206,258		—		206,258
Denmark		—		430,075		—		430,075
Finland		—		1,384,896		—		1,384,896
France		—		6,457,825		—		6,457,825
Germany		—		6,148,339		—		6,148,339
Greece		63,716		28,934		—		92,650
Hong Kong		9,461		2,091,878		—		2,101,339
India		—		28,541		—		28,541
Israel		—		480,813		—		480,813
Italy		—		2,375,676		—		2,375,676
Japan		—		19,685,452		—		19,685,452
Luxembourg		—		728,631		—		728,631
Macau		—		189,500		—		189,500
Mexico		—		281,163		—		281,163
Netherlands		201,445		2,515,587		—		2,717,032
New Zealand		—		101,697		—		101,697
Norway		—		737,572		—		737,572
Portugal		—		168,303		—		168,303
Singapore		—		1,566,909		—		1,566,909
Spain		54,173		3,829,675		—		3,883,848
Sweden		—		3,055,086		—		3,055,086
Switzerland		174,960		6,336,144		—		6,511,104
United Kingdom		—		17,378,244		—		17,378,244
Total Common Stock		574,912		84,740,225		—		85,315,137
Preferred Stock		—		498,916		—		498,916
Short-Term Investments		2,376,549		—		—		2,376,549
Total Investments, at value	$	2,951,461	$	85,239,141	$	—	$	88,190,602
Other Financial Instruments+
Futures		14,023		—		—		14,023
Total Assets	$	2,965,484	$	85,239,141	$	—	$	88,204,625

 

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, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards 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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

See Accompanying Notes to Financial Statements

136

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INDEX PLUS INTERNATIONAL
EQUITY FUND

ING Index Plus International Equity Fund Open Futures Contracts on April 30, 2012:

Contract Description	Number of Contracts		Expiration Date		Notional Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
MSCI EAFE Mini Index		27		06/15/12	$	2,033,910	$	14,023
					$	2,033,910	$	14,023

 

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, 2012 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*	$	14,023
Total Asset Derivatives		$	14,023

 

*   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	Foreign currency related transactions*			Futures		Total
Equity contracts	$	—		$	282,385	$	282,385
Foreign exchange contracts		(14,070	)		—		(14,070	)
Total	$	(14,070	)	$	282,385	$	268,315

 

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Foreign currency related transactions*		Futures			Total
Equity contracts	$	—	$	(194,266	)	$	(194,266	)
Foreign exchange contracts		53,771		—			53,771
Total	$	53,771	$	(194,266	)	$	(140,495	)

 

*     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

137

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING INTERNATIONAL CORE FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 98.2%
		Australia: 0.6%
57,262		Other Securities	$	2,124,833		0.6
		Belgium: 0.9%
54,511		Umicore		2,960,147		0.9
		Brazil: 3.4%
946,327		Other Securities		11,566,876		3.4
		Canada: 4.7%
66,101		Canadian National Railway Co.		5,640,851		1.7
311,471		Other Securities		10,386,289		3.0
				16,027,140		4.7
		Chile: 0.3%
45,300		Other Securities		918,231		0.3
		China: 5.9%
1,560,565		CNOOC Ltd.		3,297,706		1.0
6,934,331		Other Securities		16,769,995		4.9
				20,067,701		5.9
		Denmark: 1.4%
33,400		Novo-Nordisk A/S		4,923,928		1.4
		Finland: 0.4%
24,191		Other Securities		1,318,364		0.4
		France: 11.1%
56,503		Air Liquide		7,267,797		2.1
38,969		Cie Generale D’Optique Essilor International S.A.		3,433,823		1.0
66,454		Groupe Danone		4,678,289		1.4
23,500		LVMH Moet Hennessy Louis Vuitton S.A.		3,898,541		1.2
35,929		Pernod-Ricard S.A.		3,728,256		1.1
77,457		Safran S.A.		2,870,931		0.8
18,447		Unibail		3,451,752		1.0
205,750		Other Securities		8,353,510		2.5
				37,682,899		11.1
		Germany: 6.8%
51,417		Adidas AG		4,288,677		1.3
24,507		Allianz AG		2,733,537		0.8
42,911		Fresenius Medical Care AG & Co. KGaA		3,047,183		0.9
58,232		SAP AG		3,861,561		1.1
30,880		Siemens AG		2,866,287		0.9
276,672		Other Securities		6,206,931		1.8
				23,004,176		6.8
		Hong Kong: 2.0%
903,000		AIA Group Ltd.		3,195,601		0.9
700,500		Other Securities		3,722,823		1.1
				6,918,424		2.0
COMMON STOCK: (continued)
		India: 0.5%
366,414		Other Securities	$	1,705,111		0.5
		Ireland: 0.5%
119,900		Other Securities		1,653,421		0.5
		Israel: 2.6%
73,980	@	Check Point Software Technologies		4,300,457		1.3
96,923		Teva Pharmaceutical Industries Ltd. ADR		4,433,258		1.3
				8,733,715		2.6
		Italy: 1.1%
757,780		Snam Rete Gas S.p.A.		3,599,887		1.1
		Japan: 12.3%
36,400		Daito Trust Construction Co., Ltd.		3,273,387		1.0
35,903		Fanuc Ltd.		6,055,060		1.8
137,730		Komatsu Ltd.		3,963,868		1.2
1,118,400		Mitsubishi UFJ Financial Group, Inc.		5,370,012		1.6
87,804		Toyota Motor Corp.		3,598,012		1.0
702,936		Other Securities		19,459,801		5.7
				41,720,140		12.3
		Macau: 0.5%
434,400		Other Securities		1,700,800		0.5
		Malaysia: 0.1%
330,200		Other Securities		362,276		0.1
		Mexico: 0.7%
813,395		Other Securities		2,326,046		0.7
		Netherlands: 1.2%
125,510		Other Securities		3,958,191		1.2
		Norway: 0.8%
133,990		Other Securities		2,592,679		0.8
		South Korea: 2.1%
12,092		Hyundai Motor Co.		2,854,562		0.8
3,458		Samsung Electronics Co., Ltd.		4,232,458		1.3
				7,087,020		2.1
		Sweden: 3.0%
101,059		Assa Abloy AB		2,941,467		0.9
79,793	@	Hennes & Mauritz AB		2,735,991		0.8
248,659		Other Securities		4,624,627		1.3
				10,302,085		3.0
		Switzerland: 8.9%
3,169	@	Givaudan		3,076,416		0.9
61,800		Nestle S.A.		3,787,677		1.1
54,108		Novartis AG		2,987,641		0.9

See Accompanying Notes to Financial Statements

138

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL CORE FUND

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Switzerland: (continued)
27,533		Roche Holding AG — Genusschein	$	5,031,946			1.5
55,054	@	Swiss Re Ltd.		3,457,010			1.0
239,024		Other Securities		12,023,743			3.5
				30,364,433			8.9
		Taiwan: 2.1%
1,140,000		Taiwan Semiconductor Manufacturing Co., Ltd.		3,369,426			1.0
1,107,271		Other Securities		3,735,506			1.1
				7,104,932			2.1
		United Arab Emirates: 0.1%
112,386		Other Securities		382,110			0.1
		United Kingdom: 21.2%
344,122		BG Group PLC		8,119,637			2.4
453,283		BP PLC		3,274,568			1.0
151,908		British American Tobacco PLC		7,791,303			2.3
355,009		HSBC Holdings PLC		3,210,117			0.9
84,233		Imperial Tobacco Group PLC		3,368,521			1.0
581,831		Kingfisher PLC		2,743,895			0.8
395,557		National Grid PLC		4,271,442			1.2
71,129		Reckitt Benckiser PLC		4,140,665			1.2
52,917		Rio Tinto PLC		2,966,256			0.9
436,378	@	Rolls-Royce Holdings PLC		5,834,571			1.7
208,158		Standard Chartered PLC		5,088,566			1.5
704,587		Tesco PLC		3,630,514			1.1
1,087,940		Vodafone Group PLC		3,011,381			0.9
48,674,213		Other Securities		14,458,574			4.3
				71,910,010			21.2
		United States: 3.0%
48,471		Schlumberger Ltd.		3,593,640			1.1
176,752		Other Securities		6,530,538			1.9
				10,124,178			3.0
		Total Common Stock
		(Cost $325,540,693)		333,139,753			98.2
PREFERRED STOCK: 0.9%
		Germany: 0.9%
16,425		Volkswagen AG		3,113,490			0.9
		Total Preferred Stock
		(Cost $2,761,387)		3,113,490			0.9
RIGHTS: 0.0%
		Germany: 0.0%
22,987		Other Securities		27,002			0.0
		Total Rights
		(Cost $—)		27,002			0.0
WARRANTS: 0.1%
		Telecommunications: 0.1%
55,503		Other Securities	$	327,179			0.1
		Total Warrants
		(Cost $462,238)		327,179			0.1
		Total Long-Term Investments
		(Cost $328,764,318)		336,607,424			99.2
SHORT-TERM INVESTMENTS: 1.8%
		Mutual Funds: 1.8%
6,011,371		BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $6,011,371)		6,011,371			1.8
		Total Short-Term Investments
		(Cost $6,011,371)		6,011,371			1.8
		Total Investments in Securities (Cost $334,775,689)	$	342,618,795			101.0
		Liabilities in Excess of Other Assets		(3,424,679	)		(1.0	)
		Net Assets	$	339,194,116			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, 2012.

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 $337,673,645.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	22,052,680
Gross Unrealized Depreciation		(17,107,530	)
Net Unrealized Appreciation	$	4,945,150

 

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		15.8	%
Consumer Staples		12.8
Energy		8.3
Financials		16.5
Health Care		10.0
Industrials		15.2
Information Technology		9.4
Materials		7.1
Telecommunications		2.4
Utilities		1.7
Short-Term Investments		1.8
Liabilities in Excess of Other Assets		(1.0	)
Net Assets		100.0	%

 

See Accompanying Notes to Financial Statements

139

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL CORE FUND

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	2,124,833	$	—	$	2,124,833
Belgium		—		2,960,147		—		2,960,147
Brazil		10,150,069		1,416,807		—		11,566,876
Canada		16,027,140		—		—		16,027,140
Chile		918,231		—		—		918,231
China		916,692		19,151,009		—		20,067,701
Denmark		—		4,923,928		—		4,923,928
Finland		—		1,318,364		—		1,318,364
France		—		37,682,899		—		37,682,899
Germany		—		23,004,176		—		23,004,176
Hong Kong		—		6,918,424		—		6,918,424
India		—		1,705,111		—		1,705,111
Ireland		1,653,421		—		—		1,653,421
Israel		8,733,715		—		—		8,733,715
Italy		—		3,599,887		—		3,599,887
Japan		—		41,720,140		—		41,720,140
Macau		—		1,700,800		—		1,700,800
Malaysia		—		362,276		—		362,276
Mexico		2,326,046		—		—		2,326,046
Netherlands		3,958,191		—		—		3,958,191
Norway		—		2,592,679		—		2,592,679
South Korea		—		7,087,020		—		7,087,020
Sweden		—		10,302,085		—		10,302,085
Switzerland		1,117,013		29,247,420		—		30,364,433
Taiwan		—		7,104,932		—		7,104,932
United Arab Emirates		382,110		—		—		382,110
United Kingdom		2,328,090		69,581,920		—		71,910,010
United States		10,043,157		81,021		—		10,124,178
Total Common Stock		58,553,875		274,585,878		—		333,139,753
Preferred Stock		—		3,113,490		—		3,113,490
Rights		—		27,002		—		27,002
Warrants		—		327,179		—		327,179
Short-Term Investments		6,011,371		—		—		6,011,371
Total Investments, at value	$	64,565,246	$	278,053,549	$	—	$	342,618,795
Other Financial Instruments+
Forward Foreign Currency Contracts		—		319,948		—		319,948
Total Assets	$	64,565,246	$	278,373,497	$	—	$	342,938,743

 

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, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards 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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

See Accompanying Notes to Financial Statements

140

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL CORE FUND

The following is a reconciliation of the fair valuations using significant observable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2012:

Asset Table	Beginning Balance on 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain (Loss)		Total Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers Out of Level 3			Ending Balance on 4/30/2012
Investments, at value
Common Stock	$	43,686	$	—	$	—	$	—	$	—	$	—	$	—	$	(43,686	)	$	—
Total Investments, at value	$	43,686	$	—	$	—	$	—	$	—	$	—	$	—	$	(43,686	)	$	—

 

As of April 30, 2012, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $—.

At April 30, 2012 , 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)
State Street	EU Euro	6,499,600	Sell	05/09/12	$	8,923,756	$	8,603,808	$	319,948
									$	319,948

 

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, 2012 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	$	319,948
Total Asset Derivatives		$	319,948

 

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	$	529,239
Total	$	529,239

 

	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	$	31,593
Total	$	31,593

 

*     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

141

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING INTERNATIONAL GROWTH FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 101.0%
		Australia: 5.4%
322,970	L	Aristocrat Leisure Ltd.	$	1,039,430		0.7
129,314		Brambles Ltd.		970,246		0.7
27,624		Cochlear Ltd.		1,881,422		1.3
129,644		Seek Ltd.		958,794		0.7
385,714		Other Securities		2,931,359		2.0
				7,781,251		5.4
		Belgium: 1.4%
13,139		Anheuser-Busch InBev NV		946,997		0.7
20,294		Other Securities(a)		1,080,066		0.7
				2,027,063		1.4
		Brazil: 2.6%
65,800		Itau Unibanco Holding SA ADR		1,032,402		0.7
309,700		Other Securities		2,709,312		1.9
				3,741,714		2.6	��
		Canada: 1.9%
86,000		Other Securities		2,732,078		1.9
		China: 5.2%
8,500	@	Baidu.com ADR		1,127,950		0.8
30,015		Mindray Medical International Ltd. ADR		983,291		0.7
3,426,000		Other Securities		5,313,465		3.7
				7,424,706		5.2
		Denmark: 4.2%
29,749		Carlsberg A/S		2,567,986		1.8
12,646		Novo-Nordisk A/S		1,864,311		1.3
53,451		Other Securities		1,527,193		1.1
				5,959,490		4.2
		Finland: 1.2%
23,971		Kone OYJ		1,483,420		1.0
72,307		Other Securities		261,874		0.2
				1,745,294		1.2
		France: 4.5%
25,858		Total S.A.		1,241,275		0.9
124,426		Other Securities		5,199,410		3.6
				6,440,685		4.5
		Germany: 3.3%
14,508		Adidas AG		1,210,108		0.9
70,315		Other Securities		3,483,804		2.4
				4,693,912		3.3
		Hong Kong: 3.8%
348,000		Cafe de Coral Holdings Ltd.		953,327		0.7
850,000		Li & Fung Ltd.		1,812,577		1.2
487,050		Other Securities		2,742,920		1.9
				5,508,824		3.8
		India: 1.7%
7,769	#	Reliance Industries Ltd. GDR		219,737		0.1
COMMON STOCK: (continued)
		India: (continued)
353,054		Other Securities	$	2,282,845		1.6
				2,502,582		1.7
		Indonesia: 0.4%
507,838		Other Securities		605,096		0.4
		Ireland: 0.3%
7,600		Other Securities		493,620		0.3
		Israel: 0.5%
106,753		Other Securities(a)		741,933		0.5
		Italy: 1.4%
79,044		Fiat Industrial SpA		897,313		0.6
75,059		Other Securities		1,053,847		0.8
				1,951,160		1.4
		Japan: 13.4%
57,100		Asahi Group Holdings, Ltd		1,285,734		0.9
4,700		Fast Retailing Co., Ltd.		1,050,300		0.7
204		Inpex Holdings, Inc.		1,346,912		1.0
48,700		Kao Corp.		1,304,933		0.9
77,100		Namco Bandai Holdings, Inc.		1,102,430		0.8
907		Rakuten, Inc.		1,011,621		0.7
26,000		Sankyo Co., Ltd.		1,253,598		0.9
51,700		THK Co., Ltd.		1,033,887		0.7
367,469		Other Securities		9,802,070		6.8
				19,191,485		13.4
		Kazakhstan: 0.6%
40,600		Other Securities(a)		810,211		0.6
		Malaysia: 0.2%
126,800		Other Securities		309,862		0.2
		Mexico: 0.2%
9,039		Other Securities		230,307		0.2
		Netherlands: 1.3%
71,152		Other Securities		1,927,248		1.3
		Norway: 1.1%
26,583		SeaDrill Ltd.		1,030,677		0.7
19,825		Other Securities		513,447		0.4
				1,544,124		1.1
		Portugal: 0.3%
23,798		Other Securities		445,365		0.3
		Russia: 0.4%
30,874		Other Securities		549,953		0.4
		Singapore: 1.6%
86,775		United Overseas Bank Ltd.		1,346,348		0.9
303,000		Other Securities		968,168		0.7
				2,314,516		1.6

See Accompanying Notes to Financial Statements

142

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL GROWTH FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: (continued)
		South Africa: 0.6%
138,563		Other Securities	$	833,305		0.6
		South Korea: 1.9%
3,277		Samsung Electronics Co., Ltd. GDR		1,999,753		1.4
2,708		Other Securities		696,579		0.5
				2,696,332		1.9
		Spain: 1.5%
193,915	@	Distribuidora Internacional de Alimentacion SA		931,033		0.6
79,358		Other Securities		1,242,206		0.9
				2,173,239		1.5
		Sweden: 4.7%
103,016		Atlas Copco AB — Class B		2,163,363		1.5
51,944		Scania AB — B Shares		1,061,475		0.7
65,044		Svenska Handelsbanken AB		2,105,368		1.5
60,134		Other Securities(a)		1,365,216		1.0
				6,695,422		4.7
		Switzerland: 9.0%
15,049		Compagnie Financiere Richemont S.A.		931,513		0.7
4,492	@	Geberit AG — Reg		949,769		0.7
5,572	@	Mettler Toledo International, Inc.		999,171		0.7
40,307		Nestle S.A.		2,470,387		1.7
15,013		Roche Holding AG — Genusschein		2,743,784		1.9
8,118		Schindler Holding AG		1,050,611		0.7
128,959		Other Securities		3,701,012		2.6
				12,846,247		9.0
		Taiwan: 1.4%
99,000		Taiwan Semiconductor Manufacturing Co., Ltd.		292,608		0.2
61,600		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		959,728		0.7
195,290		Other Securities		732,193		0.5
				1,984,529		1.4
		Thailand: 0.1%
35,400		Other Securities		187,590		0.1
		Turkey: 1.1%
343,895	@	Turkiye Garanti Bankasi A/S		1,266,064		0.9
6,910		Other Securities		288,209		0.2
				1,554,273		1.1
		United Arab Emirates: 0.3%
36,577		Other Securities		418,454		0.3
		United Kingdom: 20.6%
76,564		BG Group PLC		1,806,545		1.2
COMMON STOCK: (continued)
		United Kingdom: (continued)
66,316		BHP Billiton PLC	$	2,134,839		1.5
31,000		Imperial Tobacco Group PLC		1,239,706		0.9
43,760		Intertek Group PLC		1,786,673		1.2
131,795		John Wood Group PLC		1,673,592		1.2
42,000		Johnson Matthey PLC		1,577,162		1.1
54,387		Rightmove PLC		1,360,757		0.9
65,607		Standard Chartered PLC		1,603,808		1.1
38,466		Unilever PLC		1,314,077		0.9
80,670		WPP PLC		1,092,352		0.8
7,325,714		Other Securities		13,993,606		9.8
				29,583,117		20.6
		United States: 2.9%
34,715		Coca-Cola Enterprises, Inc.		1,045,616		0.7
124,587		Other Securities		3,136,290		2.2
				4,181,906		2.9
		Total Common Stock
		(Cost $146,028,781)		144,826,893		101.0
PREFERRED STOCK: 0.1%
		United States: 0.1%
4,440		Other Securities		146,169		0.1
		Total Preferred Stock
		(Cost $146,169)		146,169		0.1
		Total Long-Term Investments
		(Cost $146,174,950)		144,973,062		101.1
Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.6%
		Securities Lending Collateralcc(1): 1.9%
772,080		Credit Suisse Securities, Repurchase Agreement dated 04/30/12, 0.18%, due 05/01/12 (Repurchase Amount $772,084, collateralized by various U.S. Government Securities, 0.625%–2.375%, Market Value plus accrued interest $787,524, due 04/30/13–02/15/41)		772,080		0.5
1,000,000		Deutsche Bank AG, Repurchase Agreement dated 04/30/12, 0.22%, due 05/01/12 (Repurchase Amount $1,000,006, collateralized by various U.S. Government Agency Obligations, 2.491%–7.000%, Market Value plus accrued interest $1,020,000, due 08/01/25–04/01/42)		1,000,000		0.7

See Accompanying Notes to Financial Statements

143

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL GROWTH FUND

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Securities Lending Collateralcc(1): (continued)
1,000,000	Royal Bank of Canada, Repurchase Agreement dated 04/30/12, 0.20%, due 05/01/12 (Repurchase Amount $1,000,005, collateralized by various U.S. Government Agency Obligations, 0.000%–5.000%, Market Value plus accrued interest $1,020,000, due 07/30/12–03/01/42)	$	1,000,000			0.7
			2,772,080			1.9
Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.7%
938,428	T. Rowe Price Reserve Investment Fund (Cost $938,428)		938,428			0.7
	Total Short-Term Investments
	(Cost $3,710,508)		3,710,508			2.6
	Total Investments in Securities (Cost $149,885,458)	$	148,683,570			103.7
	Liabilities in Excess of Other Assets		(5,354,156	)		(3.7	)
	Net Assets	$	143,329,414			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, 2012.

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.

@ Non-income producing security

ADR American Depositary Receipt

GDR Global Depositary Receipt

cc Securities purchased with cash collateral for securities loaned.

L Loaned security, a portion or all of the security is on loan at April 30, 2012.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $150,191,452.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	11,991,244
Gross Unrealized Depreciation		(13,499,126	)
Net Unrealized Depreciation	$	(1,507,882	)

 

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		19.8	%
Consumer Staples		13.7
Energy		9.0
Financials		18.0
Health Care		9.7
Industrials		16.5
Information Technology		6.2
Materials		6.9
Telecommunications		1.2
Utilities		0.1
Short-Term Investments		2.6
Liabilities in Excess of Other Assets		(3.7	)
Net Assets		100.0	%

 

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	7,781,251	$	—	$	7,781,251
Belgium		946,997		1,080,066		—		2,027,063
Brazil		2,709,312		1,032,402		—		3,741,714
Canada		2,732,078		—		—		2,732,078
China		2,850,547		4,574,159		—		7,424,706
Denmark		—		5,959,490		—		5,959,490
Finland		—		1,745,294		—		1,745,294
France		—		6,440,685		—		6,440,685
Germany		—		4,693,912		—		4,693,912
Hong Kong		—		5,508,824		—		5,508,824
India		321,980		2,180,602		—		2,502,582

See Accompanying Notes to Financial Statements

144

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL GROWTH FUND

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs # (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 4/30/2012
Indonesia	$	406,743	$	198,353	$	—	$	605,096
Ireland		493,620		—		—		493,620
Israel		741,933		—		—		741,933
Italy		—		1,951,160		—		1,951,160
Japan		708,885		18,482,600		—		19,191,485
Kazakhstan		—		810,211		—		810,211
Malaysia		—		309,862		—		309,862
Mexico		—		230,307		—		230,307
Netherlands		419,173		1,508,075		—		1,927,248
Norway		—		1,544,124		—		1,544,124
Portugal		—		445,365		—		445,365
Russia		242,385		307,568		—		549,953
Singapore		—		2,314,516		—		2,314,516
South Africa		—		833,305		—		833,305
South Korea		—		2,696,332		—		2,696,332
Spain		—		2,173,239		—		2,173,239
Sweden		—		6,695,422		—		6,695,422
Switzerland		2,003,320		10,842,927		—		12,846,247
Taiwan		959,728		1,024,801		—		1,984,529
Thailand		—		187,590		—		187,590
Turkey		—		1,554,273		—		1,554,273
United Arab Emirates		—		418,454		—		418,454
United Kingdom		—		29,583,117		—		29,583,117
United States		4,181,906		—		—		4,181,906
Total Common Stock		19,718,607		125,108,286		—		144,826,893
Preferred Stock		—		—		146,169		146,169
Short-Term Investments		938,428		2,772,080		—		3,710,508
Total Investments, at value	$	20,657,035	$	127,880,366	$	146,169	$	148,683,570

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

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.

The following is a reconciliation of the fair valuations using significant observable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2012:

Asset Table	Beginning Balance on 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain (Loss)		Total Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers Out of Level 3			Ending Balance on 4/30/2012
Investments, at value
Common Stock	$	5,661	$	—	$	—	$	—	$	—	$	—	$	—	$	(5,661	)	$	—
Preferred Stock		—		—		—		—		—		—		146,169		—			146,169
Total Investments, at value	$	5,661	$	—	$	—	$	—	$	—	$	—	$	146,169	$	(5,661	)	$	146,169

 

As of April 30, 2012, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $—.

See Accompanying Notes to Financial Statements

145

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL GROWTH FUND

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2012 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	$	8,876
Total	$	8,876

 

	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	$	3,916
Total	$	3,916

 

*     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

146

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING INTERNATIONAL REAL ESTATE FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 97.2%
		Australia: 15.2%
2,593,800		CFS Retail Property Trust	$	5,188,292		1.1
8,049,257		Dexus Property Group		7,809,584		1.6
2,257,044		Goodman Group		8,438,636		1.8
980,639		GPT Group		3,338,578		0.7
1,378,900		Investa Office Fund		3,913,972		0.8
3,166,817		Mirvac Group		4,255,220		0.9
1,899,800		Stockland		6,102,977		1.3
2,625,976		Westfield Group		25,107,870		5.3
7,699,890		Other Securities		7,942,064		1.7
				72,097,193		15.2
		Austria: 0.8%
943,118		Other Securities		3,678,531		0.8
		Brazil: 0.4%
145,000		Other Securities		1,915,642		0.4
		Canada: 4.1%
65,900		Boardwalk Real Estate Investment Trust		3,923,247		0.8
507,450		Brookfield Properties Co.		9,215,292		2.0
224,100		RioCan Real Estate Investment Trust		6,156,880		1.3
				19,295,419		4.1
		China: 2.6%
10,885,100	@	Country Garden Holdings Co. Ltd.		4,694,365		1.0
7,800,000		Evergrande Real Estate Group Ltd.		4,477,876		0.9
3,469,000		Other Securities		3,074,492		0.7
				12,246,733		2.6
		Finland: 0.2%
291,610		Other Securities		966,005		0.2
		France: 7.4%
58,436		Fonciere Des Regions		4,527,804		0.9
58,245	@	ICADE		4,913,911		1.0
148,055		Klepierre		4,693,647		1.0
97,808		Unibail		18,301,564		3.9
28,921		Other Securities		2,861,986		0.6
				35,298,912		7.4
		Germany: 0.9%
311,725		Other Securities		4,037,796		0.9
		Hong Kong: 19.2%
1,549,965		Cheung Kong Holdings Ltd.		20,498,378		4.3
3,448,895		Hang Lung Properties Ltd.		12,679,952		2.7
1,396,694		Hongkong Land Holdings Ltd.		8,646,987		1.8
1,770,600		Kerry Properties Ltd.		8,033,969		1.7
2,450,400		Link Real Estate Investment Trust		10,194,654		2.2
4,688,200		Sino Land Co.		8,041,899		1.7
1,220,800		Sun Hung Kai Properties Ltd.		14,622,618		3.1
COMMON STOCK: (continued)
		Hong Kong: (continued)
679,285		Wharf Holdings Ltd.	$	4,028,407		0.8
1,849,000		Other Securities		4,478,379		0.9
				91,225,243		19.2
		Italy: 0.1%
1,179,920		Other Securities		655,402		0.1
		Japan: 24.0%
2,400		Advance Residence Investment Corp.		4,639,842		1.0
167,600		Aeon Mall Co., Ltd.		3,716,712		0.8
102,200		Daito Trust Construction Co., Ltd.		9,190,663		1.9
804		Japan Real Estate Investment Corp.		7,122,520		1.5
4,223		Japan Retail Fund Investment Corp.		6,733,278		1.4
1,814		Kenedix Realty Investment Corp.		6,324,291		1.3
1,601,400		Mitsubishi Estate Co., Ltd.		28,310,098		6.0
1,288,477		Mitsui Fudosan Co., Ltd.		23,600,789		5.0
528		Nippon Building Fund, Inc.		5,017,144		1.0
252,100		Sumitomo Realty & Development Co., Ltd.		6,011,764		1.3
1,745,000		Tokyo Tatemono Co., Ltd.		6,443,507		1.4
4,023		United Urban Investment Corp.		4,740,102		1.0
305		Other Securities		2,013,970		0.4
				113,864,680		24.0
		Netherlands: 1.1%
91,732		Corio NV		4,109,333		0.9
27,410		Other Securities		961,624		0.2
				5,070,957		1.1
		Philippines: 0.5%
50,000,000		Other Securities		2,556,872		0.5
		Singapore: 9.2%
6,860,900		CapitaCommercial Trust		7,135,469		1.5
4,488,400		CapitaLand Ltd.		10,609,134		2.2
4,124,683		CapitaMall Trust		5,988,466		1.3
4,650,000		CapitaMalls Asia Ltd.		5,763,588		1.2
3,616,600	@	Global Logistic Properties Ltd.		6,001,785		1.3
7,437,400		Other Securities		7,997,898		1.7
				43,496,340		9.2
		Sweden: 1.6%
302,796		Castellum AB		3,834,105		0.8
359,903		Other Securities		3,603,801		0.8
				7,437,906		1.6
		Switzerland: 1.6%
47,683	@	PSP Swiss Property AG		4,285,042		0.9
39,774	@	Swiss Prime Site AG		3,317,180		0.7
				7,602,222		1.6

See Accompanying Notes to Financial Statements

147

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL REAL ESTATE FUND

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom: 8.3%
602,230	British Land Co. PLC	$	4,784,169		1.0
568,753	Great Portland Estates PLC		3,324,361		0.7
1,006,959	Hammerson PLC		6,826,505		1.4
840,681	Land Securities Group PLC		9,927,882		2.1
6,256,427	Other Securities		14,466,613		3.1
			39,329,530		8.3
	Total Common Stock
	(Cost $389,279,484)		460,775,383		97.2
RIGHTS: 0.0%
	Germany: 0.0%
59,525	Other Securities		69,921		0.0
	Total Rights
	(Cost $—)		69,921		0.0
	Total Investments in Securities (Cost $389,279,484)	$	460,845,304		97.2
	Assets in Excess of Other Liabilities		13,085,382		2.8
	Net Assets	$	473,930,686		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, 2012.

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 $443,803,558.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	59,346,428
Gross Unrealized Depreciation		(42,304,682	)
Net Unrealized Appreciation	$	17,041,746

 

Sector Diversification	Percentage of Net Assets
Financials		97.2	%
Assets in Excess of Other Liabilities		2.8
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, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	72,097,193	$	—	$	72,097,193
Austria		—		3,678,531		—		3,678,531
Brazil		1,915,642		—		—		1,915,642
Canada		19,295,419		—		—		19,295,419
China		—		12,246,733		—		12,246,733
Finland		—		966,005		—		966,005
France		1,481,361		33,817,551		—		35,298,912
Germany		—		4,037,796		—		4,037,796
Hong Kong		—		91,225,243		—		91,225,243
Italy		—		655,402		—		655,402
Japan		—		113,864,680		—		113,864,680
Netherlands		—		5,070,957		—		5,070,957
Philippines		—		2,556,872		—		2,556,872
Singapore		—		43,496,340		—		43,496,340
Sweden		—		7,437,906		—		7,437,906
Switzerland		—		7,602,222		—		7,602,222
United Kingdom		3,187,834		36,141,696		—		39,329,530
Total Common Stock		25,880,256		434,895,127		—		460,775,383
Rights		—		69,921		—		69,921
Total Investments, at value	$	25,880,256	$	434,965,048	$	—	$	460,845,304

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

See Accompanying Notes to Financial Statements

148

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING INTERNATIONAL SMALL CAP FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 98.4%
		Australia: 6.5%
160,913		Amcor Ltd.	$	1,255,911		0.5
79,479		Ansell Ltd.		1,223,583		0.5
143,254		Computershare Ltd.		1,249,416		0.5
589,494	@	Starpharma Holdings Ltd.		1,135,330		0.4
7,476,291		Other Securities		12,133,694		4.6
				16,997,934		6.5
		Austria: 1.9%
20,000		Kapsch TrafficCom AG		1,787,502		0.7
14,000		Mayr Melnhof Karton AG		1,427,173		0.6
28,000		Rosenbauer International AG		1,663,980		0.6
3,098		Other Securities		28,700		0.0
				4,907,355		1.9
		Belgium: 1.2%
42,688		Tessenderlo Chemie NV		1,353,298		0.5
264,993		Other Securities		1,764,212		0.7
				3,117,510		1.2
		Bermuda: 0.0%
6,361		Other Securities		39,184		0.0
		Brazil: 0.5%
146,939		Other Securities		1,424,114		0.5
		Canada: 4.0%
43,500		Dorel Industries, Inc.		1,316,207		0.5
1,125,815		Other Securities		9,273,723		3.5
				10,589,930		4.0
		China: 2.8%
2,366,000		GZI Transport Ltd.		1,138,648		0.5
16,740,388		Other Securities(a)		6,140,226		2.3
				7,278,874		2.8
		Denmark: 0.7%
60,914		Other Securities		1,717,549		0.7
		Egypt: 0.0%
22,862		Other Securities		44,924		0.0
		Finland: 0.1%
41,224		Other Securities		237,517		0.1
		France: 4.0%
40,000		Bourbon SA		1,171,610		0.5
160,000		Groupe Eurotunnel S.A.		1,346,177		0.5
499,495		Other Securities		7,880,230		3.0
				10,398,017		4.0
		Germany: 7.7%
31,742		Aurubis AG		1,766,661		0.6
28,338		Bechtle AG		1,276,440		0.5
18,414		Draegerwerk AG & Co. KGaA		2,074,217		0.8
90,000		Freenet AG		1,565,252		0.6
32,000		Rheinmetall AG		1,798,211		0.7
COMMON STOCK: (continued)
		Germany: (continued)
70,000	@	Tom Tailor Holding AG	$	1,302,353		0.5
565,832		Other Securities(a)		10,543,396		4.0
				20,326,530		7.7
		Hong Kong: 4.2%
1,021,500		Techtronic Industries Co.		1,226,077		0.5
49,596,821		Other Securities		9,886,966		3.7
				11,113,043		4.2
		India: 0.9%
934,949		Other Securities		2,435,791		0.9
		Indonesia: 0.6%
16,224,000		Ciputra Property TBK PT		1,393,405		0.5
8,253,500		Other Securities		259,091		0.1
				1,652,496		0.6
		Ireland: 1.8%
60,000		DCC Plc		1,509,314		0.6
686,430		Other Securities		3,248,717		1.2
				4,758,031		1.8
		Israel: 0.1%
36,957		Other Securities		189,081		0.1
		Italy: 2.9%
140,000		Azimut Holding S.p.A.		1,375,392		0.5
1,381,912		Other Securities		6,156,299		2.4
				7,531,691		2.9
		Japan: 20.4%
306,000		JFE Shoji Trade Corp.		1,518,457		0.6
1,566,000	@	Kanematsu Corp.		1,870,144		0.7
58,000		Modec, Inc.		1,213,499		0.5
55,900		Musashi Seimitsu Industry Co., Ltd.		1,308,670		0.5
80,000		Nihon Parkerizing Co., Ltd.		1,194,750		0.4
138,000		Nippo Corp.		1,419,846		0.5
61,300		Trusco Nakayama Corp.		1,300,184		0.5
68,634		Unipres Corp.		2,156,975		0.8
1,018,000		Yuasa Trading Co., Ltd.		1,764,372		0.7
6,446,924		Other Securities(a)		40,096,284		15.2
				53,843,181		20.4
		Malaysia: 1.0%
853,572		Kulim Malaysia BHD		1,190,455		0.4
2,117,000		Other Securities		1,528,123		0.6
				2,718,578		1.0
		Mexico: 0.1%
90,600		Other Securities		357,686		0.1
		Netherlands: 2.9%
110,000		Delta Lloyd NV		1,855,179		0.7
69,500		Imtech NV		1,965,324		0.7
39,500		Ten Cate NV		1,206,009		0.5
499,821		Other Securities		2,706,326		1.0
				7,732,838		2.9

See Accompanying Notes to Financial Statements

149

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL SMALL CAP FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: (continued)
		New Zealand: 1.1%
328,324		Fletcher Building Ltd.	$	1,674,979		0.6
392,395		Other Securities		1,177,128		0.5
				2,852,107		1.1
		Norway: 0.7%
781,264		Other Securities(a)		1,947,197		0.7
		Pakistan: 0.1%
1,375,131		Other Securities		246,184		0.1
		Philippines: 0.2%
132,990		Other Securities		425,914		0.2
		Poland: 0.1%
101,700		Other Securities		150,853		0.1
		Russia: 0.1%
120,000		Other Securities		270,619		0.10
		Singapore: 2.7%
239,618	@	Flextronics International Ltd.		1,595,856		0.6
6,849,039		Other Securities		5,484,576		2.1
				7,080,432		2.7
		South Africa: 0.1%
131,169		Other Securities		371,484		0.10
		South Korea: 3.1%
27,840		Hankook Tire Co. Ltd		1,174,450		0.4
7,920		Mando Corp.		1,261,270		0.5
17,584		SeAH Steel Corp.		1,367,699		0.5
483,739		Other Securities		4,378,245		1.7
				8,181,664		3.1
		Spain: 0.2%
39,797		Other Securities		502,831		0.2
		Sweden: 1.2%
208,096		Byggmax Group AB		1,315,633		0.5
468,069		Other Securities		1,844,455		0.7
				3,160,088		1.2
		Switzerland: 3.8%
3,834	@	Forbo Holding AG		2,774,060		1.0
42,000	@	Gategroup Holding AG		1,424,336		0.5
4,430		Helvetia Holding AG		1,588,941		0.6
6,054		Valora Holding AG		1,269,488		0.5
51,858		Other Securities		3,059,221		1.2
				10,116,046		3.8
		Taiwan: 1.7%
7,355,113		Other Securities		4,474,642		1.7
		Thailand: 1.1%
2,422,600		Other Securities		2,847,597		1.1
COMMON STOCK: (continued)
		Turkey: 0.2%
376,010		Other Securities	$	636,270		0.2
		United Arab Emirates: 0.3%
140,000		Other Securities		791,900		0.3
		United Kingdom: 17.0%
250,000		Devro PLC		1,251,146		0.5
249,497		Drax Group PLC		2,198,440		0.8
708,979	@	EnQuest PLC		1,458,531		0.6
254,900		Investec PLC		1,463,850		0.6
488,956		Senior Plc		1,690,625		0.6
17,292,150		Other Securities		36,718,322		13.9
				44,780,914		17.0
		United States: 0.4%
359,481		Other Securities		1,053,018		0.4
		Total Common Stock
		(Cost $238,846,461)		259,301,614		98.4
RIGHTS: 0.1%
		Israel: 0.0%
4,275		Other Securities		957		0.0
		United Kingdom: 0.1%
36,000		Other Securities		91,727		0.1
		Total Rights
		(Cost $—)		92,684		0.1
		Total Long-Term Investments
		(Cost $238,846,461)		259,394,298		98.5
Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.7%
		Securities Lending Collateralcc(1): 0.3%
741,188		Morgan Stanley, Repurchase Agreement dated 04/30/12, 0.22%, due 05/01/12 (Repurchase Amount $741,192, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–8.000%, Market Value plus accrued interest $756,012, due 05/15/12–04/01/44) (Cost $741,188)		741,188		0.3

 

See Accompanying Notes to Financial Statements

150

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL SMALL CAP FUND

Shares		Value		Percentage of Net Assets
	Mutual Funds: 0.4%
1,149,559	BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $1,149,559)	$	1,149,559		0.4
	Total Short-Term Investments (Cost $1,890,747)		1,890,747		0.7
	Total Investments in Securities (Cost $240,737,208)	$	261,285,045		99.2
	Assets in Excess of Other Liabilities		2,211,089		0.8
	Net Assets	$	263,496,134		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, 2012.

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.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $242,489,844.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	51,691,269
Gross Unrealized Depreciation		(32,896,068	)
Net Unrealized Appreciation	$	18,795,201

 

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		18.7	%
Consumer Staples		5.9
Energy		5.7
Financials		12.1
Health Care		4.5
Industrials		24.2
Information Technology		11.9
Materials		12.3
Rights		0.1
Telecommunication Services		0.0
Telecommunications		1.9
Utilities		1.2
Short-Term Investments		0.7
Assets in Excess of Other Liabilities		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, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Australia	$	836,120	$	16,161,814	$	—	$	16,997,934
Austria		—		4,907,355		—		4,907,355
Belgium		—		3,117,510		—		3,117,510
Bermuda		39,184		—		—		39,184
Brazil		1,424,114		—		—		1,424,114
Canada		10,558,501		31,429		—		10,589,930
China		1,967,895		5,284,986		25,993		7,278,874
Denmark		—		1,717,549		—		1,717,549
Egypt		44,924		—		—		44,924
Finland		—		237,517		—		237,517
France		196,792		10,201,225		—		10,398,017
Germany		1,397,961		18,928,569		—		20,326,530
Hong Kong		10,773		10,106,751		995,519		11,113,043
India		—		2,389,474		46,317		2,435,791
Indonesia		—		1,652,496		—		1,652,496
Ireland		1,737,683		3,020,348		—		4,758,031
Israel		—		189,081		—		189,081
Italy		560,499		6,971,192		—		7,531,691
Japan		145,401		53,697,780		—		53,843,181
Malaysia		—		2,718,578		—		2,718,578
Mexico		357,686		—		—		357,686
Netherlands		67,608		7,665,230		—		7,732,838
New Zealand		—		2,852,107		—		2,852,107
Norway		1,091,583		855,614		—		1,947,197

See Accompanying Notes to Financial Statements

151

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL SMALL CAP FUND

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs # (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 4/30/2012
Pakistan	$	37,850	$	208,334	$	—	$	246,184
Philippines		—		425,914		—		425,914
Poland		—		150,853		—		150,853
Russia		—		270,619		—		270,619
Singapore		1,595,856		5,484,576		—		7,080,432
South Africa		—		371,484		—		371,484
South Korea		60,967		8,120,697		—		8,181,664
Spain		22,883		479,948		—		502,831
Sweden		179,653		2,980,435		—		3,160,088
Switzerland		1,162,618		8,953,428		—		10,116,046
Taiwan		531,498		3,943,144		—		4,474,642
Thailand		—		2,847,597		—		2,847,597
Turkey		—		636,270		—		636,270
United Arab Emirates		—		791,900		—		791,900
United Kingdom		3,192,416		41,588,498		—		44,780,914
United States		1,053,018		—		—		1,053,018
Total Common Stock		28,273,483		229,960,302		1,067,829		259,301,614
Rights		92,684		—		—		92,684
Short-Term Investments		1,149,559		741,188		—		1,890,747
Total Investments, at value	$	29,515,726	$	230,701,490	$	1,067,829	$	261,285,045

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

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.

The following is a reconciliation of the fair valuations using significant observable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2012:

	Beginning Balance on 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain (Loss)		Total Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers Out of Level 3			Ending Balance on 4/30/2012
Asset Table
Investments, at value
Common Stock	$	178,430	$	—	$	—	$	—	$	—	$	(46,001	)	$	978,975	$	(43,575	)	$	1,067,829
Total Investments, at value	$	178,430	$	—	$	—	$	—	$	—	$	(46,001	)	$	978,975	$	(43,575	)	$	1,067,829

 

As of April 30, 2012, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $441.

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2012 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	$	40,109
Total	$	40,109

 

See Accompanying Notes to Financial Statements

152

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL SMALL CAP FUND

	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	$	11,635
Total	$	11,635

 

*     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

153

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING INTERNATIONAL
VALUE CHOICE FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 96.8%
		Australia: 3.5%
24,119		Newcrest Mining Ltd.	$	657,244		2.5
232,116		Other Securities		277,253		1.0
				934,497		3.5
		Belgium: 2.8%
17,591		Belgacom S.A.		499,850		1.8
143,770		Other Securities		261,982		1.0
				761,832		2.8
		Brazil: 1.4%
6,600		Centrais Eletricas Brasileiras SA		56,473		0.2
28,198		Centrais Eletricas Brasileiras SA ADR		336,966		1.2
				393,439		1.4
		Canada: 13.4%
21,252		Barrick Gold Corp.		859,218		3.2
34,339		Cameco Corp.		758,892		2.8
65,355		Kinross Gold Corp.		584,927		2.2
30,563		Nexen, Inc.		591,394		2.2
9,949		Niko Resources Ltd.		419,170		1.5
30,427		Talisman Energy, Inc.		397,377		1.5
				3,610,978		13.4
		Finland: 1.4%
104,439		Nokia OYJ ADR		381,202		1.4
		France: 11.4%
8,470		Alstom		302,926		1.1
16,106	@	Areva SA		281,950		1.1
32,347		Carrefour S.A.		649,736		2.4
17,393		Electricite de France SA		368,487		1.4
9,643		Sanofi-Aventis		736,548		2.7
12,543		Thales S.A.		434,843		1.6
15,805		Vivendi		292,337		1.1
				3,066,827		11.4
		Germany: 3.2%
4,124		Allianz AG		459,995		1.7
4,311		Siemens AG		400,148		1.5
				860,143		3.2
		Indonesia: 0.5%
3,803		Other Securities		137,707		0.5
		Italy: 2.9%
828,571	@	Telecom Italia S.p.A. RNC		776,062		2.9
		Japan: 29.4%
108,390		Chuo Mitsui Trust Holdings, Inc.		317,533		1.2
29,800		Coca-Cola West Co., Ltd.		537,899		2.0
74,000		Dai Nippon Printing Co., Ltd.		656,742		2.4
22,300		Fuji Photo Film Co., Ltd.		472,992		1.8
12,800		Mabuchi Motor Co., Ltd.		535,483		2.0
33,500		Mitsui Sumitomo Insurance Group Holdings, Inc.		617,610		2.3
COMMON STOCK: (continued)
		Japan: (continued)
2,800		Nintendo Co., Ltd.	$	377,955		1.4
32,622		Nippon Telegraph & Telephone Corp. ADR		735,626		2.7
8,400		Rohm Co., Ltd.		378,829		1.4
7,800		Sankyo Co., Ltd.		376,079		1.4
46,000		Sekisui House Ltd.		426,438		1.6
14,700		Seven & I Holdings Co., Ltd.		444,972		1.6
30,000		Shiseido Co., Ltd.		525,213		1.9
5,172		Toyota Motor Corp. ADR		422,966		1.6
32,000		Wacoal Holdings Corp.		371,165		1.4
85,500		Other Securities		721,748		2.7
				7,919,250		29.4
		Netherlands: 1.6%
25,683		Wolters Kluwer NV		443,991		1.6
		Norway: 1.2%
623,957		Marine Harvest		320,235		1.2
		Russia: 1.5%
36,432		Gazprom OAO ADR		420,425		1.5
		South Africa: 4.3%
16,892		AngloGold Ashanti Ltd ADR		580,747		2.1
35,536		Gold Fields Ltd.		455,212		1.7
6,966		Other Securities		135,984		0.5
				1,171,943		4.3
		South Korea: 4.4%
43,950		Korea Electric Power Corp. ADR		417,525		1.5
57,022		SK Telecom Co., Ltd. ADR		770,937		2.9
				1,188,462		4.4
		Sweden: 1.1%
30,841		Telefonaktiebolaget LM Ericsson ADR		308,256		1.1
		Switzerland: 1.9%
40,529	@	UBS AG		501,344		1.9
		United Kingdom: 9.3%
14,783		AstraZeneca PLC		647,813		2.4
28,941		GlaxoSmithKline PLC		668,581		2.5
180,203		Home Retail Group		311,746		1.1
92,452	@	Polyus Gold International Ltd. GDR		286,601		1.1
210,535		Vodafone Group PLC		582,754		2.2
				2,497,495		9.3
		United States: 1.6%
12,526		Axis Capital Holdings Ltd.		426,135		1.6
		Total Common Stock
		(Cost $29,958,043)		26,120,223		96.8

See Accompanying Notes to Financial Statements

154

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL
VALUE CHOICE FUND

Shares		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.6%
	Mutual Funds: 1.6%
423,849	BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $423,849)	$	423,849		1.6
	Total Short-Term Investments (Cost $423,849)		423,849		1.6
	Total Investments in Securities (Cost $30,381,892)	$	26,544,072		98.4
	Assets in Excess of Other Liabilities		422,530		1.6
	Net Assets	$	26,966,602		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, 2012.

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

GDR Global Depositary Receipt

Cost for federal income tax purposes is $31,481,288.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	1,760,729
Gross Unrealized Depreciation		(6,697,945	)
Net Unrealized Depreciation	$	(4,937,216	)

 

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		9.6	%
Consumer Staples		9.1
Energy		10.6
Financials		9.7
Health Care		8.5
Industrials		9.5
Information Technology		7.1
Materials		14.3
Telecommunications		14.1
Utilities		4.3
Short-Term Investments		1.6
Assets in Excess of Other Liabilities		1.6
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, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	934,497	$	—	$	934,497
Belgium		—		761,832		—		761,832
Brazil393,439				—		—		393,439
Canada		3,610,978		—		—		3,610,978
Finland		381,202		—		—		381,202
France		281,950		2,784,877		—		3,066,827
Germany		—		860,143		—		860,143
Indonesia		137,707		—		—		137,707
Italy		—		776,062		—		776,062
Japan		1,158,592		6,760,658		—		7,919,250
Netherlands		—		443,991		—		443,991
Norway		—		320,235		—		320,235
Russia		420,425		—		—		420,425
South Africa		580,747		591,196		—		1,171,943
South Korea		1,188,462		—		—		1,188,462
Sweden		308,256		—		—		308,256
Switzerland		501,344		—		—		501,344
United Kingdom		286,601		2,210,894		—		2,497,495
United States		426,135		—		—		426,135
Total Common Stock		9,675,838		16,444,385		—		26,120,223
Short-Term Investments		423,849		—		—		423,849
Total Investments, at value	$	10,099,687	$	16,444,385	$	—	$	26,544,072

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

See Accompanying Notes to Financial Statements

155

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING INTERNATIONAL VALUE FUND

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.6%
			Australia: 1.5%
375,340			Other Securities	$	8,363,591		1.5
			Belgium: 1.1%
133,329			Belgacom S.A.		3,788,559		0.7
124,258			Other Securities		2,408,989		0.4
					6,197,548		1.1
			Brazil: 1.6%
555,032			Other Securities		9,219,228		1.6
			Canada: 1.7%
94,700			Barrick Gold Corp.		3,828,721		0.7
321,300			Other Securities		5,615,300		1.0
					9,444,021		1.7
			China: 1.6%
9,391,000			Other Securities		9,042,082		1.6
			Finland: 0.9%
962,442			Other Securities		4,791,888		0.9
			France: 7.7%
317,435			France Telecom S.A.		4,351,409		0.8
178,697			Sanofi-Aventis		13,649,171		2.4
183,420			Total S.A.		8,804,804		1.5
729,781			Other Securities		16,828,527		3.0
					43,633,911		7.7
			Germany: 6.0%
252,093			Deutsche Post AG		4,707,557		0.8
481,861	��		Deutsche Telekom AG		5,432,839		1.0
70,837			Hannover Rueckversicheru — Reg		4,286,858		0.8
92,315			Siemens AG		8,568,694		1.5
259,182			Other Securities		10,658,712		1.9
					33,654,660		6.0
			Hong Kong: 1.3%
8,105,800			Other Securities		7,268,333		1.3
			Israel: 0.5%
268,244			Other Securities		3,068,396		0.5
			Italy: 5.6%
432,795			ENI S.p.A.		9,616,603		1.7
2,917,707		@	Telecom Italia S.p.A.		3,310,087		0.6
9,155,221		@	Telecom Italia S.p.A. RNC		8,575,024		1.5
3,704,161			Other Securities		10,391,157		1.8
					31,892,871		5.6
			Japan: 24.2%
94,800			Canon, Inc.		4,297,080		0.7
625,000			Dai Nippon Printing Co., Ltd.		5,546,809		1.0
291,800			Fuji Photo Film Co., Ltd.		6,189,195		1.1
809,888			Hitachi Ltd.		5,158,374		0.9
COMMON STOCK: (continued)
			Japan: (continued)
133,500			Honda Motor Co., Ltd.	$	4,804,557		0.8
1,056			Japan Tobacco, Inc.		5,849,910		1.0
93,300			Mabuchi Motor Co., Ltd.		3,903,171		0.7
97,200			Nippon Telegraph & Telephone Corp.		4,397,878		0.8
444,200			Nissan Motor Co., Ltd.		4,618,364		0.8
2,240			NTT DoCoMo, Inc.		3,824,802		0.7
179,900			Omron Corp.		3,822,111		0.7
285,900			Seven & I Holdings Co., Ltd.		8,654,248		1.5
205,400			Sumitomo Mitsui Financial Group, Inc.		6,572,550		1.2
87,000			Takeda Pharmaceutical Co., Ltd.		3,796,254		0.7
281,200			Tokio Marine Holdings, Inc.		7,194,114		1.3
69,300			Tokyo Electron Ltd.		3,840,335		0.7
2,986,276			Other Securities		54,173,482		9.6
					136,643,234		24.2
			Mexico: 0.7%
223,344			Other Securities		3,859,729		0.7
			Netherlands: 7.6%
259,624			Royal Dutch Shell PLC — Class A		9,259,750		1.6
109,906			Royal Dutch Shell PLC — Class B		4,021,967		0.7
216,359		@	Koninklijke Philips Electronics NV		4,305,633		0.8
296,256			Unilever NV		10,148,019		1.8
248,166			Wolters Kluwer NV		4,290,133		0.8
1,078,585			Other Securities		10,953,151		1.9
					42,978,653		7.6
			Norway: 0.5%
110,120			Other Securities		2,954,783		0.5
			Portugal: 0.7%
1,198,165			Other Securities (a)		3,994,403		0.7
			Russia: 0.4%
33,400			Other Securities		2,049,090		0.4
			Singapore: 1.5%
1,612,600			Other Securities		8,286,743		1.5
			South Africa: 1.0%
292,586			Other Securities		5,788,916		1.0
			South Korea: 1.5%
297,900			KT Corp. ADR		3,828,015		0.7
85,742			Other Securities		4,556,337		0.8
					8,384,352		1.5

See Accompanying Notes to Financial Statements

156

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL VALUE FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: (continued)
		Spain: 1.1%
820,623		Other Securities	$	6,376,182		1.1
		Sweden: 1.9%
761,520	@	Telefonaktiebolaget LM Ericsson		7,549,301		1.3
197,845		Other Securities		3,265,950		0.6
				10,815,251		1.9
		Switzerland: 5.3%
75,646		Nestle S.A.		4,636,289		0.8
123,663		Novartis AG		6,828,208		1.2
34,837		Roche Holding AG — Genusschein		6,366,829		1.1
93,384	@	Swiss Re Ltd.		5,863,869		1.1
472,100		Other Securities		5,959,717		1.1
				29,654,912		5.3
		Thailand: 0.3%
308,000		Other Securities		1,632,139		0.3
		United Kingdom: 19.4%
126,530		AstraZeneca PLC		5,544,732		1.0
885,312		BAE Systems PLC		4,242,628		0.8
1,638,604		Barclays PLC		5,801,237		1.0
201,686		BHP Billiton PLC		6,492,660		1.2
917,681		BP PLC		6,629,431		1.2
388,533		GlaxoSmithKline PLC		8,975,708		1.6
2,397,620		Home Retail Group		4,147,815		0.7
655,312		HSBC Holdings PLC		5,915,626		1.0
70,814		Rio Tinto PLC		3,969,470		0.7
163,695		Standard Chartered PLC		4,001,637		0.7
1,329,803		Tesco PLC		6,852,055		1.2
2,834,439		Vodafone Group PLC		7,845,630		1.4
12,967,252		Other Securities		39,145,581		6.9
				109,564,210		19.4
		United States: 2.0%
313,234		Other Securities		11,342,361		2.0
		Total Common Stock (Cost $603,391,460)		550,901,487		97.6
Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.2%
		Securities Lending Collateralcc(1): 0.2%
163,203		Citigroup, Inc., Repurchase Agreement dated 04/30/12, 0.21%, due 05/01/12 (Repurchase Amount $163,204, collateralized by various U.S. Government Agency Obligations, 3.500%– 5.500%, Market Value plus accrued interest $166,467, due 04/15/24–05/01/42)		163,203		0.0
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateralcc(1): (continued)
1,000,000		Merrill Lynch & Co., Inc., Repurchase Agreement dated 04/30/12, 0.21%, due 05/01/12 (Repurchase Amount $1,000,006, collateralized by various U.S. Government Agency Obligations, 4.000%, Market Value plus accrued interest $1,020,000, due 08/15/41–12/20/41)	$	1,000,000		0.2
				1,163,203		0.2
Shares			Value		Percentage of Net Assets
		Mutual Funds: 0.0%
67,101		BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $67,101)		67,101		0.0
		Total Short-Term Investments Cost $1,230,304)		1,230,304		0.2
		Total Investments in Securities (Cost $604,621,764)	$	552,131,791		97.8
		Assets in Excess of Other Liabilities		12,650,573		2.2
		Net Assets	$	564,782,364		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, 2012.

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.

@ Non-income producing security

ADR American Depositary Receipt

cc Securities purchased with cash collateral for securities loaned.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

(a) This grouping contains securities on loan.

Cost for federal income tax purposes is $614,421,315.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	44,304,621
Gross Unrealized Depreciation		(106,594,145	)
Net Unrealized Depreciation	$	(62,289,524	)

 

See Accompanying Notes to Financial Statements

157

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL VALUE FUND

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		8.0	%
Consumer Staples		9.6
Energy		11.0
Financials		18.6
Health Care		9.6
Industrials		8.4
Information Technology		9.2
Materials		8.7
Telecommunications		11.6
Utilities		2.9
Short-Term Investments		0.2
Assets in Excess of Other Liabilities		2.2
Net Assets		100.0	%

 

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	8,363,591	$	—	$	8,363,591
Belgium		—		6,197,548		—		6,197,548
Brazil		9,219,228		—		—		9,219,228
Canada		9,444,021		—		—		9,444,021
China		—		9,042,082		—		9,042,082
Finland		—		4,791,888		—		4,791,888
France		—		43,633,911		—		43,633,911
Germany		—		33,654,660		—		33,654,660
Hong Kong		—		6,568,450		699,883		7,268,333
Israel		—		3,068,396		—		3,068,396
Italy		—		31,892,871		—		31,892,871
Japan		—		136,643,234		—		136,643,234
Mexico		3,859,729		—		—		3,859,729
Netherlands		—		42,978,653		—		42,978,653
Norway		—		2,954,783		—		2,954,783
Portugal		—		3,994,403		—		3,994,403
Russia		2,049,090		—		—		2,049,090
Singapore		—		8,286,743		—		8,286,743
South Africa		—		5,788,916		—		5,788,916
South Korea		3,828,015		4,556,337		—		8,384,352
Spain		—		6,376,182		—		6,376,182
Sweden		—		10,815,251		—		10,815,251
Switzerland		—		29,654,912		—		29,654,912
Thailand		—		1,632,139		—		1,632,139
United Kingdom		8,616,774		100,947,436		—		109,564,210
United States		11,342,361		—		—		11,342,361
Total Common Stock		48,359,218		501,842,386		699,883		550,901,487
Short-Term Investments		67,101		1,163,203		—		1,230,304
Total Investments, at value	$	48,426,319	$	503,005,589	$	699,883	$	552,131,791

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

See Accompanying Notes to Financial Statements

158

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING INTERNATIONAL VALUE FUND

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.

The following is a reconciliation of the fair valuations using significant observable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2012:

	Beginning Balance on 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain (Loss)		Total Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers Out of Level 3		Ending Balance on 4/30/2012
Asset Table
Investments, at value
Common Stock	$	829,594	$	—	$	—	$	—	$	—	$	(129,711	)	$	—	$	—	$	699,883
Total Investments, at value	$	829,594	$	—	$	—	$	—	$	—	$	(129,711	)	$	—	$	—	$	699,883

 

As of April 30, 2012, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $914.

See Accompanying Notes to Financial Statements

159

PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

ING RUSSIA FUND

Shares			Value		Percentage of Net Assets
COMMON STOCK: 99.0%
		Consumer Discretionary: 0.7%
186,200		CTC Media, Inc.	$	2,016,546		0.7
		Consumer Staples: 8.5%
138,800		Magnit OAO		17,476,270		5.8
20,940		Magnit OJSC		2,636,550		0.9
100,000	#,@	MHP SA GDR		1,370,809		0.5
152,400	@	X5 Retail Group N.V. GDR		3,855,661		1.3
				25,339,290		8.5
		Energy: 42.6%
55,900		Eurasia Drilling Co. Ltd. GDR		1,598,105		0.6
3,768,600		Gazprom OAO		21,696,824		7.3
91,600		KazMunaiGas Exploration Production GDR		1,827,964		0.6
377,300		Lukoil OAO ADR		23,147,355		7.7
196,800		NovaTek OAO GDR		25,127,761		8.4
1,349,800	@	Rosneft Oil Co. GDR		9,665,260		3.2
723,100	L	Surgutneftegas OJSC ADR		7,242,747		2.4
14,432,300		Surgutneftegas OJSC		9,608,190		3.2
302,833		Tatneft ADR		11,240,972		3.8
973,600		TNK-BP Holding		2,978,081		1.0
7,000		Transneft		13,055,311		4.4
				127,188,570		42.6
		Financials: 17.2%
445,000	@	Bank St Petersburg OJSC		1,233,968		0.4
5,143	@	Halyk Savings Bank of Kazakhstan JSC GDR		34,698		0.0
1,041,480		LSR Group GDR		5,574,621		1.8
93,900	@	NOMOS-BANK GDR		1,262,503		0.4
10,612,821	@	Sberbank of Russian Federation		33,961,749		11.4
2,263,600		VTB Bank OJSC GDR		9,492,877		3.2
				51,560,416		17.2
		Industrials: 1.2%
120,000		Global Ports Investment Ltd. GDR		1,785,600		0.6
95,900		Globaltrans Investment PLC GDR		1,878,352		0.6
				3,663,952		1.2
		Information Technology: 1.4%
58,600	@	Mail.ru Group Ltd. GDR		2,534,336		0.9
65,100	@	Yandex NV		1,544,172		0.5
				4,078,508		1.4
		Materials: 13.4%
100,000	@,L	Mechel ADR		340,000		0.1
251,800	@,L	Mechel OAO ADR		2,188,142		0.7
244,187		MMC Norilsk Nickel ADR		4,344,016		1.4
31,100		MMC Norilsk Nickel		5,504,781		1.9
1,451,500		Novolipetsk Steel		3,134,800		1.1
137,500		Petropavlovsk PLC		1,066,854		0.4
169,200	@	Polymetal International PLC		2,512,545		0.8
COMMON STOCK: (continued)
		Materials: (continued)
725,600	L	Severstal OAO GDR	$	9,869,714		3.3
291,390		Uralkali GDR		11,026,291		3.7
				39,987,143		13.4
		Telecommunications: 6.2%
118,900		Mobile Telesystems OJSC		943,604		0.3
346,500		Mobile Telesystems OJSC ADR		6,777,540		2.3
1,487,300		Rostelecom OJSC		4,780,720		1.6
322,000		Sistema JSFC GDR		6,122,711		2.0
				18,624,575		6.2
		Utilities: 7.8%
893,395,900		Federal Grid Co. Unified Energy System JSC		8,154,462		2.7
32,253,200	@	IDGC Holding JSC		2,951,593		1.0
10,843,200	@	OGK-4 OJSC		979,749		0.3
321,703,448	@	RusHydro		11,381,900		3.8
				23,467,704		7.8
		Total Common Stock (Cost $222,011,774)		295,926,704		99.0
Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.2%
		Securities Lending Collateralcc(1): 1.2%
1,000,000		Barclays Bank PLC, Repurchase Agreement dated 04/30/12, 0.20%, due 05/01/12 (Repurchase Amount $1,000,005, collateralized by various U.S. Government Agency Obligations, 3.000%–5.000%, Market Value plus accrued interest $1,020,002, due 04/01/27–09/01/41)		1,000,000		0.4
579,863		Credit Suisse Securities, Repurchase Agreement dated 04/30/12, 0.18%, due 05/01/12 (Repurchase Amount $579,866, collateralized by various U.S. Government Securities, 0.625%–2.375%, Market Value plus accrued interest $591,462, due 04/30/13–02/15/41)		579,863		0.2
1,000,000		Deutsche Bank AG, Repurchase Agreement dated 04/30/12, 0.22%, due 05/01/12 (Repurchase Amount $1,000,006, collateralized by various U.S. Government Agency Obligations, 2.491%–7.000%, Market Value plus accrued interest $1,020,000, due 08/01/25–04/01/42)		1,000,000		0.3

 

See Accompanying Notes to Financial Statements

160

PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING RUSSIA FUND

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Securities Lending Collateralcc(1): (continued)
1,000,000	UBS Warburg LLC, Repurchase Agreement dated 04/30/12, 0.22%, due 05/01/12 (Repurchase Amount $1,000,006, collateralized by various U.S. Government Agency Obligations, 3.500%–6.000%, Market Value plus accrued interest $1,020,000, due 02/01/20–01/01/48)	$	1,000,000			0.3
			3,579,863			1.2
	Total Short-Term Investments (Cost $3,579,863)		3,579,863			1.2
	Total Investments in Securities (Cost $225,591,637)	$	299,506,567			100.2
	Liabilities in Excess of Other Assets		(607,042	)		(0.2	)
	Net Assets	$	298,899,525			100.0

 

† 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.

@ Non-income producing security

ADR American Depositary Receipt

GDR Global Depositary Receipt

cc Securities purchased with cash collateral for securities loaned.

L Loaned security, a portion or all of the security is on loan at April 30, 2012.

(1) Collateral received from brokers for securities lending was invested into these short-term investments.

Cost for federal income tax purposes is $235,434,050.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	87,317,002
Gross Unrealized Depreciation		(23,244,485	)
Net Unrealized Appreciation	$	64,072,517

 

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2012 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 4/30/2012
Asset Table
Investments, at value
Common Stock
Consumer Discretionary	$	2,016,546	$	—	$	—	$	2,016,546
Consumer Staples		20,112,820		5,226,470		—		25,339,290
Energy		70,485,761		56,702,809		—		127,188,570
Financials		35,195,717		16,364,699		—		51,560,416
Industrials		1,785,600		1,878,352		—		3,663,952
Information Technology		1,544,172		2,534,336		—		4,078,508
Materials		13,680,268		26,306,875		—		39,987,143
Telecommunications		11,558,260		7,066,315		—		18,624,575
Utilities		12,085,804		11,381,900		—		23,467,704
Total Common Stock		168,464,948		127,461,756		—		295,926,704
Short-Term Investments		—		3,579,863		—		3,579,863
Total Investments, at value	$	168,464,948	$	131,041,619	$	—	$	299,506,567

 

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 Fund 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 Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended April 30, 2012.

See Accompanying Notes to Financial Statements

161

PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

ING RUSSIA FUND

The following is a reconciliation of the fair valuations using significant observable inputs (Level 3) for the Fund’s assets and liabilities during the period ended April 30, 2012:

	Beginning Balance on 10/31/2011		Purchases		Sales			Accrued Discounts/ (Premiums)		Total Realized Gain (Loss)		Total Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers Out of Level 3		Ending Balance on 4/30/2012
Asset Table
Investments, at value
Mutual Funds	$	1,296,952	$	—	$	(1,300,565	)	$	—	$	548,269	$	(544,656	)	$	—	$	—	$	—
Total Investments, at value	$	1,296,952	$	—	$	(1,300,565	)	$	—	$	548,269	$	(544,656	)	$	—	$	—	$	—

 

As of April 30, 2012, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $—.

See Accompanying Notes to Financial Statements

162

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 17, 2011, 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 Portfolio (each a “Sub-Adviser” and collectively, the “Sub-Advisers”).

The Independent Trustees also held separate meetings on October 12 and November 15, 2011 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 17, 2011 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 Board considered at the same meeting the advisory contracts and sub-advisory contracts that were subject to renewal for the funds under its jurisdiction, 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 the request of the Independent Trustees 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, 2012. 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

The Board follows a structured process pursuant to which it seeks and considers relevant information when it decides whether to approve new or existing advisory and sub-advisory arrangements for the investment companies in the ING Fund complex under its jurisdiction, including the Funds’ existing Advisory and Sub-Advisory Contracts. Among other actions, the Independent Trustees of the Board: retain 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; evaluate industry best practices in regards to the consideration of investment advisory and sub-advisory contracts; established a specific format in which certain requested information is provided to the Board; and determine the process for reviewing such information in connection with advisory and sub-advisory contract renewals and approvals. The result is a process (the “Contract Review Process”) employed by the Board and its Independent Trustees to review and analyze information in connection with the annual renewal of the ING Funds’ advisory and sub-advisory contracts, as well as the review and approval of new advisory and sub-advisory relationships.

Since the Contract Review 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, the Independent Trustees have reviewed and refined the renewal and approval process at least annually in order to request additional information from Management and address certain unique characteristics related to the introduction of new Funds.

The Board has established two Investment Review Committees (each, an “IRC”), which meet

163

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

independently and, at times, jointly, and a Contracts Committee. Among other matters, the Contracts Committee provides oversight with respect to the contracts renewal and approval process, and each Fund is assigned to an IRC which provides oversight regarding, among other matters, the investment performance of the Adviser and Sub-Adviser, as well as the oversight by the Adviser of the performance of the Sub-Adviser. The IRCs may apply a heightened level of scrutiny in cases where performance has lagged a Fund’s relevant 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 Fund complex. In addition, the Contracts Committee routinely employs 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 IRCs review benchmarks used to assess the performance of funds in the ING Fund 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, 2012. 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, 2012, 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 the Independent Trustees and provided to the Board, K&L Gates and/or independent consultants that assist the Independent Trustees prior to the November 17, 2011 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(s); (9) independent analyses of Fund performance by the Trust’s Chief Investment Risk Officer; (10) for open-end Funds, information regarding net asset flows into and out of the Fund; and (11) other information relevant to the Board’s evaluations.

The Board also noted that ING Groep, N.V. (“ING Groep”) the ultimate parent company of the Adviser and certain Sub-Advisers, has announced plans for the separation of its U.S.-based insurance, retirement services and investment management operations, which include the Adviser and certain Sub-Advisers, into an independent, standalone company by the end

164

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

of 2013. In addition ING Groep also announced that it will pursue an initial public offering for its European based insurance and investment management operations and explore options other than an initial public offering for its Asian insurance and investment management operations which may include certain Sub-Advisers. The Board further noted that this separation may result in the Adviser and Sub-Advisers’ loss of access to the services and resources of their current ultimate parent company, which could adversely affect their businesses and profitability. The Board recognized that, if the separation plans are deemed to be a change of control, the investment advisory and subadvisory agreements for the Funds would terminate and trigger the necessity for new agreements, which would require the approval of the Board and, potentially, the shareholders of a Fund. The Board also recognized that there can be no assurance that the separation plan will be carried out. The Board considered the potential effects of the separation on the Funds and the Adviser and Sub-Advisers, including their ability prior to, during and after the separation to perform the same level of service to the Funds as the Adviser and Sub-Advisers currently provide. In this regard, the Board noted that the Adviser and Sub-Advisers did not currently anticipate that the separation would have a material adverse impact on the Funds or their operations and administration.

For each Fund, Class A shares were used for purposes of certain comparisons between the Fund and its Selected Peer Group. 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 the Adviser. The Board recognized that the Adviser is responsible for monitoring the investment program and performance of the Sub-Adviser under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature and quality of the services the Sub-Adviser provide to the applicable Funds and the Sub-Adviser’s compliance with applicable laws and regulations. The Board noted that to assist in the selection and monitoring of Sub-Adviser, the Adviser has developed an oversight process formulated by its Manager Research & Selection Group (“MRSG”), which analyzes both qualitative (such as in-person meetings and telephonic meetings with the Sub-Adviser and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the Sub-Adviser and the Funds that it manages. The Board recognized that the MRSG also typically provides in-person reports to the IRCs at their meetings prior to any Sub-Adviser presentations. In addition, the Board noted that the MRSG prepares periodic due diligence reports regarding the Sub-Adviser based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the Sub-Adviser’s investment process and to try to identify issues that may be relevant to the Sub-Adviser’s services to a Fund and/or its performance. The Board also noted that the MRSG provides written reports on these due diligence analyses to the pertinent IRC. The Board noted the resources that the Adviser and Management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them 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 IRCs to analyze the key factors underlying investment performance for the funds in the ING Fund complex.

The Board also considered the techniques that the Adviser has developed to screen and perform due diligence on new sub-advisers if and when the Adviser recommends to the Board a new sub-adviser to manage a Fund in the ING Fund complex. The Board noted that, for new non-ING-affiliated sub-advisers, the MSRG is responsible for: identifying qualified candidates; analyzing their investment process, personnel and resources; conducting due diligence on the candidates; and selecting the firm to propose as a new sub-adviser, as well as preparing written materials and reports to the Committees and the Board as part of the process of approving any new sub-adviser for a Fund.

The Board also considered that in the course of monitoring performance of the Sub-Adviser, the MRSG has developed, based on guidance from the IRCs, a methodology for comparing performance of each Fund to a Selected Peer Group. The Board also recognized that the MRSG provides the IRCs with regular updates on the Funds and alerts the IRCs to potential issues as they arise. The Board noted that another service provided by the MSRG is the preparation of the Fund Dispersion Report. This report seeks to monitor any

165

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

dispersion between Funds managed by non-ING-affiliated Sub-Advisers and their similarly managed retail counterparts and again assists the Board in carrying out its general oversight duties. The Board also noted that the Adviser regularly monitors performance, personnel, compliance and myriad other issues that may arise on a day-to-day basis with regards to the Sub-Adviser and noted that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the Committees to assist with addressing any issues that arise.

The Board noted that the Funds also benefit from the services of the Adviser’s Investment Risk Management Department (the “IRMD”), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Funds and the Adviser. The Board noted that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Funds. The Board also noted that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying trends in Fund performance and other areas over consecutive periods. The Board noted that the services provided by the IRMD are meant to provide an additional perspective for the benefit of the Committees, which may vary from the perspective of the MRSG.

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 IRCs, has taken to advocate or recommend, when it believed appropriate, changes designed to assist in improving the Funds’ performance.

In considering the Funds’ Advisory Contracts, the Board also considered the extent of benefits provided to the Funds’ shareholders, beyond advisory services, from being part of the ING family of funds. This includes, in most cases, the right to exchange or transfer investments, without a sales charge, between the same class of shares of such funds or among ING Funds available on a product platform, and the wide range of ING Funds available for exchange or transfer. The Board also took into account the Adviser’s ongoing efforts 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 Fund complex more balanced and efficient by the launch of new investment products and the 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 Fund 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 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

166

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

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, 2011. In addition, the Board also considered at its November 17, 2011 meeting certain additional data regarding performance and Fund asset levels as of October 31, 2011. 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 likely will be realized by the Adviser and Sub-Adviser as a Fund grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board noted any breakpoints in advisory fee schedules that will result in a lower advisory fee rate when a Fund achieves sufficient asset levels to receive a breakpoint discount. In the case of sub-advisory fees, the Board considered that breakpoints would inure to the benefit of the Adviser, except to the extent that there are corresponding advisory fee breakpoints or waivers. The Board also considered that some of the Portfolios that 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, industry information on this topic and the Funds’ investment performance.

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 relevant institutional accounts. When fee rates offered to other clients differed materially from those charged to a Fund, the Board considered any underlying rationale provided by the Adviser or the Sub-Adviser for these differences. For non-ING-affiliated Sub-Advisers, the Board did not view this information as being a key factor in its deliberations because of the arm’s-length nature of negotiations between the Adviser and non-ING-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 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, including the portion of the contractual advisory fees that are paid to each Sub-Adviser, as compared to the portion retained by the Adviser. 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 separately determined that the fees payable to the Adviser and the fees payable to 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 the 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. 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-ING-affiliated Sub-Advisers with respect to

167

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

the negotiation of sub-advisory fee rates. In this regard, the Board also noted that the Adviser (and not a Portfolio) pays the sub-advisory fees earned by a non-ING-affiliated Sub-Adviser. In addition, the Board noted that many of the Portfolios’ Sub-Advisers traditionally have not accounted for their profits on an account-by-account basis.

Although the 15(c) Methodology Guide establishes certain standards for profit calculation, the Board recognized that profitability analysis on a client-by-client basis is not an exact science and there is no uniform methodology within the asset management industry for determining profitability for this purpose. In this context, the Board realized that Management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds’ operations may not be fully reflected in the expenses allocated to each Fund in determining profitability, and that the information presented may not portray all of the costs borne by the Adviser and Management or capture their 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 as to the reasonableness of the advisory and sub-advisory fees of the Adviser and 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 regarding certain Funds. These remedial actions have included, among others: reductions in fee rates; changes in Sub-Adviser 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 17, 2011 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 average, as well as 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, 2011: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the third quintile of its Morningstar category for the three-year and five-year periods, the fourth quintile for the year-to-date and one-year periods, and the fifth (lowest) quintile for the most recent calendar quarter.

In analyzing this performance data, the Board took into account: (1) Management’s analysis regarding the rationale for underperformance, including its analysis regarding the underperformance of certain of these Underlying Funds in which the Fund invests; (2) Management’s representations regarding the effect that changes to the Underlying Fund Universe in which the Fund may invest would have on performance; and (3) that Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance.

In considering the fees payable under the Advisory 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; 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.

In analyzing the fee data, the Board took into account that the Fund indirectly bears the fees payable by the Underlying Funds in which the Fund invests.

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

168

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

ending November 30, 2012. 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, 2011: (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 most recent calendar quarter and one-year periods, and the fifth (lowest) quintile for the year-to-date, three-year, five-year, and ten-year periods.

In analyzing this performance data, the Board took into account: (1) Management’s representations that, in July 2010, the Fund’s management team was modified; (2) that Management, at the Board’s request, would present to the Board a plan to address the Fund’s investment performance; and (3) that Management would continue to monitor, and the Board or its IRC would 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 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 below 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 regarding the reasonableness 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 Management would continue to monitor, and the Board or its IRC would review, the Fund’s performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2012. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Approval of New Sub-Advisory Contracts

ING Emerging Countries Fund had been sub-advised by ING Investment Management Advisors, B.V. (“IIM BV”) since June 2008. At a meeting of the Board held on January 12, 2012, the Board, including a majority of the Independent Trustees, determined to approve the merger of the Fund with and into ING Emerging Markets Equity Fund (“Emerging Markets Equity Fund”), a series of the Trust in July 2012 (the “Merger”), subject to shareholder approval of the Merger. At a special telephonic meeting of the Board held on February 10, 2012, the Board, including a majority of the Independent Trustees, determined to: (1) terminate IIM BV as sub-adviser to the Fund effective February 24, 2012; (2) appoint Delaware Management Company (“Delaware”) and J.P. Morgan Investment Management Company (“J.P. Morgan”) as sub-advisers to the Fund; and (3) approve interim sub-advisory agreements with Delaware and J.P. Morgan that became effective in March 2012 (the “Interim Agreements”), under which Delaware and J.P. Morgan would serve as sub-advisers to the Fund providing day-to-day management services to the Portfolio for a period of up to 150 days. The Interim Agreement was put into place to bridge the period between the termination of IIM BV and the date of a Special Meeting of Shareholders that was called for the purpose of determining whether to approve the Merger.

In determining whether to approve the Interim Agreements with each of Delaware and J.P. Morgan, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the Interim Agreements with Delaware and J.P. Morgan should be approved for Emerging Countries Fund. The materials provided to the Board to inform its consideration of whether to approve the Interim Agreements with Delaware and J.P. Morgan included the following: (1) memoranda and related materials provided to the Board in advance of the Meeting discussing Management’s rationale for recommending that Delaware and J.P. Morgan serve as sub-advisers to Emerging Countries Fund; (2) Management’s presentation provided in connection with the previously approved merger of Emerging Countries Fund with Emerging Markets Equity Fund

169

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

discussing: (a) Management’s rationale for recommending the Merger, (b) hypothetical performance of Emerging Markets Equity Fund comprised of combined composite results of Delaware and J.P. Morgan split 50/50, adjusted for the expenses of Emerging Markets Equity Fund through October 2011, plus the actual performance of Emerging Markets Equity Fund since inception date through November 30, 2011; (3) Delaware and J.P. Morgan’s responses to inquiries from K&L Gates LLP, counsel to the Non-Interested Trustees; (4) supporting documentation, including copies of the forms of the proposed Interim Agreements with Delaware and J.P. Morgan; and (5) other information relevant to the Board’s evaluation.

In reaching its decision to engage Delaware and J.P. Morgan, the Board, including a majority of the Non-Interested Trustees, considered a number of factors, including, but not limited to, the following: (1) the view of ING Investments, LLC (“IIL”) with respect to the reputation of Delaware and J.P. Morgan as a manager to other portfolios in the ING Funds complex, including Emerging Markets Equity Fund; (2) the strength and reputation of Delaware and J.P. Morgan in the industry; (3) the nature and quality of the services to be provided by Delaware and J.P. Morgan under the proposed Interim Agreements; (4) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Delaware and J.P. Morgan and their fit among the stable of managers in the ING Funds line-up; (5) the compensation under the Interim Agreements in light of the services to be provided by Delaware and J.P. Morgan; (6) the costs for the services to be provided by Delaware and J.P. Morgan, including that the management fee would not change upon the appointment of Delaware and J.P. Morgan; (7) the sub-advisory fee payable by IIL to Delaware and J.P. Morgan; (8) Delaware and J.P. Morgan’s operations and compliance programs, including the policies and procedures intended to assure compliance with the Federal securities laws; (9) the appropriateness of the selection of Delaware and J.P. Morgan in light of Emerging Countries Fund’s investment objective and investor base; and (10) Delaware and J.P. Morgan’s Code of Ethics, which had previously been approved by the Board and related procedures for complying with that Code.

After its deliberation, the Board reached the following conclusions: (1) each of Delaware and J.P. Morgan should be appointed to serve as a sub-adviser to the Emerging Countries Fund under the Interim Agreements with IIL; (2) the sub-advisory fee rate payable by IIL to each of Delaware and J.P. Morgan is reasonable in the context of all factors considered by the Board; and (3) Delaware and J.P. Morgan each maintains appropriate compliance programs, with this conclusion based upon, among other things, a representation from the Emerging Countries Fund’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 Interim Agreements for Emerging Countries Fund. During their deliberations, 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, the Board considered that, based on performance data for the periods ended June 30, 2011: (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 most recent calendar quarter, year-to-date, and one-year periods, and the fifth (lowest) 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 deleterious effect of recent economic conditions on the Fund’s performance; (2) that, in June 2010, the Fund changed its sub-adviser and, in May 2011, the Fund’s portfolio management team was modified; and (3) that Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to 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 equal to the median and below the average expense ratios of the Funds in its Selected Peer Group.

170

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

In analyzing this fee data, the Board took into account: (1) Management’s representations regarding the competitiveness of the Fund’s expense ratio; and (2) that, as of the most recent semi-annual period, the net management fee (after waivers) is below the median and the average management fees 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) taking into account that the Fund’s sub-adviser was changed in June 2010 and the portfolio management team was modified in May 2011, it is reasonable to permit the Sub-Adviser time to establish a longer performance record for the purposes of evaluating 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, 2012. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Bond Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Bond Fund, the Board considered that, based on performance data for the periods ended June 30, 2011: (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, and the fourth quintile for the most recent calendar quarter, year-to-date, and one-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 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, 2012. 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, 2011: (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 underperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it outperformed; and (3) the Fund is ranked in the second quintile of its Morningstar category for the most recent calendar quarter, the third quintile for the year-to-date period, the fourth quintile for the three-year period, and the fifth (lowest) quintile for the one-year and five-year periods.

In analyzing this performance data, the Board took into account: (1) Management’s representations regarding the effect that the Fund’s dividend strategy and value had on its relative performance; and (2) Management’s confidence in the Fund’s investment strategy and its expectation that the Fund’s characteristics will be attractive to investors.

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

171

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

an Advisory Contract with a level fee rate that does not include breakpoints; (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, 2012. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Natural Resources Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Natural Resources Fund, the Board considered that, based on performance data for the periods ended June 30, 2011: (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 underperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it outperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the ten-year period, the second quintile for the year-to-date, one-year, three-year, and five-year periods, and the fourth quintile for the most recent calendar quarter.

In analyzing this performance data, the Board took into account: (1) that, in August 2011, the Fund’s portfolio management team was modified; and (2) Management’s analysis of favorable performance during certain 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 fee rate, which result in lower fees at higher asset levels; (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, at the Board’s request, Management agreed to reduce the expense limits with respect to each share class effective January 1, 2012.

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, 2012. 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, 2011: (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 five-year period, and the second 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 fee rate, which result

172

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

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 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, 2012. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Value Choice Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Value Choice Fund, the Board considered that, based on performance data for the periods ended June 30, 2011: (1) the Fund outperformed its Morningstar category median 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; (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 three-year and five-year periods, the second quintile for the ten-year period, the fourth quintile for the one-year period, and the fifth (lowest) 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 fee rate, 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 below the median and above 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 that the Fund’s expense ratio as reported in its most recent semi-annual report has declined from its fiscal year-end level and is now below the median and average 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, 2012. 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, 2011: (1) the Fund underperformed its Morningstar category median for all periods presented with the exceptions of the most recent calendar quarter and one-year periods, during which it outperformed; (2) the Fund outperformed its primary benchmark for all periods presented with the exception of the year-to-date period, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, the second quintile for the one-year period, and the third quintile for the year-to-date, three-year, and five-year periods.

In analyzing this performance data, the Board took into account that Management will continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance.

173

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with 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 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 IRC would periodically review, the Fund’s performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2012. 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, 2011: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the one-year and five-year periods, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the five-year period, during which it underperformed; and (3) the Fund is ranked in the second quintile of its Morningstar category for the most recent calendar quarter and year-to-date periods, the third quintile for the one-year and three-year periods, and the fourth quintile for the five-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 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, 2012. 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, 2011: (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 year-to-date period, during which its performance was equal to that of the primary benchmark; and (3) the Fund is ranked in the third quintile of its Morningstar category for the five-year period, the fourth quintile for the year-to-date, one-year, and three-year periods, and the fifth (lowest) quintile for the most recent calendar quarter.

In analyzing this performance data, the Board took into account: (1) Management’s analysis of the effect that stock selection had on the Fund’s performance; (2) that Management, at the request of the Board, would present to the Board a plan to address the Fund’s

174

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

investment performance; and (3) that Management would continue to monitor and the Board or its IRC would 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 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 below 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 regarding advisory fee waivers that had been put into place, which lower the effective management fee rate 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) that Management would continue to monitor, and the Board or its IRC would review, the Fund’s performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2012. 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, 2011: (1) the Fund outperformed its Morningstar category median for the most recent calendar quarter and five-year periods, but underperformed for the year-to-date, one-year, and three-year periods; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the one-year and three-year periods, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the five-year period, the second quintile for the most recent calendar quarter, the third quintile for the one-year period, and the fourth quintile for the year-to-date and three-year periods.

In analyzing this performance data, the Board took into account: (1) Management’s representations that, in March 2011, the Fund’s portfolio management team was modified; (2) Management’s representations regarding the competitiveness of the Fund’s performance during certain periods; (3) Management’s expectation that the Fund’s longer-term performance will improve and its confidence in the Sub-Adviser’s ability to execute the Fund’s investment strategy; and (4) that Management would continue to monitor, and the Board or its IRC would 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 equal to the median and below 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 the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) that Management would continue to monitor, and the Board or its IRC would review, the Fund’s performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2012. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

175

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

ING International SmallCap Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International SmallCap Fund (formerly, ING International SmallCap Multi-Manager Fund), the Board considered that, based on performance data for the periods ended June 30, 2011: (1) the Fund outperformed its Morningstar category median 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; (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 year-to-date and one-year periods, the third quintile for the most recent calendar quarter, the fourth quintile for the three-year and five-year periods, and the fifth (lowest) quintile for the ten-year period.

In analyzing this performance data, the Board took into account: (1) effective January 2010, one of the three sub-advisers to the Fund was removed from the Fund; (2) Management’s confidence in the ability of the Fund’s remaining Sub-Advisers to execute the Fund’s investment strategy and its expectation that the Fund’s longer-term performance will improve; and (3) that Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to 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, at the Board’s request, Management agreed to reduce the expense limits with respect to each share class effective January 1, 2012.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that one of the three Sub-Advisers to the Fund was removed in January 2010, it is reasonable to permit the Fund time to establish a longer performance record for the purposes of evaluating the performance of the remaining Sub-Advisers in relation to the Fund; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Advisers 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, 2012. 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, 2011: (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 ten-year period, during which it outperformed; and (3) the Fund is ranked in the third quintile of its Morningstar category for the three-year and ten-year periods, the fourth quintile for the most recent calendar quarter, year-to-date, and five-year periods, and the fifth (lowest) quintile for the one-year period.

In analyzing this performance data, the Board took into account: (1) that, in February 2011, an additional Sub-Adviser was added to the Fund; (2) the portfolio management team that managed a portion of the Fund’s assets was modified in December 2010 and April 2011; (3) the effect that sector weightings and stock selection had on the Fund’s performance; (4) Management’s confidence in the investment strategies employed in managing the Fund; and (5) that Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance.

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

176

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

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) that, at the Board’s request, Management agreed to reduce the expense limits with respect to each share class at the Board’s request effective January 1, 2012; and (2) that, in February 2011, a new sub-adviser was added to 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) that Management will continue to monitor, and the Board or its IRC would review the Fund’s performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2012. 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, 2011: (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 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 five-year period, the second quintile for the three-year period, and the fifth (lowest) quintile for the most recent calendar quarter, year-to-date, and one-year periods.

In 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 below the average expense ratios of the funds in its Selected Peer Group.

In analyzing this fee data, the Board took into consideration: (1) Management’s representations regarding advisory fee waivers that had been instituted that lower the effective management fee rate payable by the Fund; and (2) Management’s representation regarding 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, 2012. 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, 2011: (1) the Fund outperformed its Morningstar category median for the one-year, five-year, and ten-year periods, but underperformed for the most recent calendar quarter, year-to-date, and three-year periods; (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the five-year period, during which it outperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the five-year and ten-year periods, the second quintile for the one-year period, and the fifth (lowest) quintile for the most recent calendar quarter, year-to-date, and three-year periods.

In analyzing this performance data, the Board took into account: (1) Management’s analysis of the negative

177

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

effect that sector allocation had on the Fund’s performance; (2) Management’s confidence in the Sub-Adviser’s ability to execute the Fund’s investment strategy and Management’s expectation that the Fund’s longer-term performance will improve; and (3) that Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a 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 that, at the Board’s request, Management agreed to reduce the expense limits with respect to each share class at the Board’s request effective January 1, 2012.

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 Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2012. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

178

(THIS PAGE INTENTIONALLY LEFT BLANK)

(THIS PAGE INTENTIONALLY LEFT BLANK)

(THIS PAGE INTENTIONALLY LEFT BLANK)

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.inginvestment.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     (0412-062212)

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.

ING INTERNATIONAL VALUE FUND PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED)

Shares				Value	Percentage of Net Assets
COMMON STOCK: 97.6%
		Australia: 1.5%
129,480		Iluka Resources Ltd.		2,261,810	0 .4
119,621		National Australia Bank Ltd.		3,126,808	0 .6
126,239		Westpac Banking Corp.		2,974,973	0 .5
			8,363,591		1 .5
		Belgium: 1.1%
133,329		Belgacom S.A.		3,788,559	0 .7
124,258		KBC Groep NV		2,408,989	0 .4
			6,197,548		1 .1
		Brazil: 1.6%
49,892		Banco do Brasil S.A.		619,020	0 .1
196,071	@	Centrais Eletricas Brasileiras SA ADR		1,670,525	0 .3
20,322	@	Oi SA ADR		135,548	0 .0
69,439	@	Oi SA ADR		1,245,041	0 .2
120,170		Petroleo Brasileiro SA ADR		2,662,967	0 .5
55,530		Telefonica Brasil SA ADR		1,580,939	0 .3
43,608		Tim Participacoes SA ADR		1,305,188	0 .2
			9,219,228		1 .6
		Canada: 1.7%
94,700		Barrick Gold Corp.		3,828,721	0 .7
177,000		Kinross Gold Corp.		1,584,150	0 .3
53,800		Nexen, Inc.		1,041,030	0 .2
90,500		Suncor Energy, Inc.		2,990,120	0 .5
			9,444,021		1 .7
		China: 1.6%
3,662,000		China Construction Bank		2,841,874	0 .5
279,000		China Mobile Ltd.		3,086,723	0 .5
5,260,000	@	Huaneng Power International, Inc.		3,113,485	0 .6
190,000	X	Sino-Forest Corp.		–	–
			9,042,082		1 .6
		Finland: 0.9%
557,149		Nokia OYJ		2,017,825	0 .4
405,293		Stora Enso OYJ (Euro Denominated Security)		2,774,063	0 .5
			4,791,888		0 .9
		France: 7.7%
21,802		Air Liquide		2,804,320	0 .5
151,336		Carrefour S.A.		3,039,802	0 .5
42,343		Cie Generale des Etablissements Michelin		3,164,398	0 .6
317,435		France Telecom S.A.		4,351,409	0 .8
332,128		Natixis		1,012,462	0 .2
61,599		Renault S.A.		2,802,178	0 .5
178,697		Sanofi-Aventis		13,649,171	2 .4
107,769		Societe Generale		2,551,344	0 .4
12,804		Technip S.A.		1,454,023	0 .2
183,420		Total S.A.		8,804,804	1 .6
			43,633,911		7 .7
		Germany: 6.0%
32,300		BASF AG		2,659,353	0 .5
52,070		Deutsche Bank AG		2,260,514	0 .4
252,093		Deutsche Post AG		4,707,557	0 .8
481,861		Deutsche Telekom AG		5,432,839	1 .0
134,035		E.ON AG		3,034,784	0 .5
70,837		Hannover Rueckversicheru - Reg		4,286,858	0 .8
40,777		SAP AG		2,704,061	0 .5
92,315		Siemens AG		8,568,694	1 .5
			33,654,660		6 .0
		Hong Kong: 1.3%
642,800		AIA Group Ltd.		2,274,787	0 .4
6,582,000	@,X	Chaoda Modern Agriculture Holdings Ltd.		699,883	0 .1
328,000		HongKong Electric Holdings		2,448,835	0 .5
553,000		Yue Yuen Industrial Holdings		1,844,828	0 .3
			7,268,333		1 .3
		Israel: 0.5%
268,244		Israel Chemicals Ltd.		3,068,396	0 .5
		Italy: 5.6%
600,216		Enel S.p.A.		1,968,342	0 .3
432,795		ENI S.p.A.		9,616,603	1 .7
283,221		Fiat Industrial SpA		3,215,147	0 .6
1,939,890		Intesa Sanpaolo S.p.A.		2,940,585	0 .5
469,900		Intesa Sanpaolo SpA		628,029	0 .1
2,917,707	@	Telecom Italia S.p.A.		3,310,087	0 .6
9,155,221	@	Telecom Italia S.p.A. RNC		8,575,024	1 .5
410,934		UniCredit SpA		1,639,054	0 .3
			31,892,871		5 .6
		Japan: 24.2%
71,600		Astellas Pharma, Inc.		2,903,780	0 .5
94,800		Canon, Inc.		4,297,080	0 .8
804,590		Chuo Mitsui Trust Holdings, Inc.		2,357,080	0 .4
625,000		Dai Nippon Printing Co., Ltd.		5,546,809	1 .0
147,036		Daiichi Sankyo Co., Ltd.		2,525,103	0 .4
291,800		Fuji Photo Film Co., Ltd.		6,189,195	1 .1
241,000		Hachijuni Bank Ltd.		1,311,594	0 .2
809,888		Hitachi Ltd.		5,158,374	0 .9
133,500		Honda Motor Co., Ltd.		4,804,557	0 .9
144,500		Hoya Corp.		3,314,413	0 .6
420		Inpex Holdings, Inc.		2,773,054	0 .5
1,056		Japan Tobacco, Inc.		5,849,910	1 .0
108,000		JGC Corp.		3,109,870	0 .5
50,300		Kao Corp.		1,347,806	0 .2
110,600		Komatsu Ltd.		3,183,067	0 .6
93,300		Mabuchi Motor Co., Ltd.		3,903,171	0 .7
391,500		Mitsubishi UFJ Financial Group, Inc.		1,879,792	0 .3
158,800		Mitsui Sumitomo Insurance Group Holdings, Inc.		2,927,657	0 .5
14,200		Nintendo Co., Ltd.		1,916,772	0 .3
97,200		Nippon Telegraph & Telephone Corp.		4,397,878	0 .8
444,200		Nissan Motor Co., Ltd.		4,618,364	0 .8

ING INTERNATIONAL VALUE FUND PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

Shares				Value	Percentage of Net Assets
COMMON STOCK: (continued)
		Japan: (continued)
83,000		NKSJ Holdings, Inc.		1,708,449	0 .3
2,240		NTT DoCoMo, Inc.		3,824,802	0 .7
179,900		Omron Corp.		3,822,111	0 .7
37,000		Ono Pharmaceutical Co., Ltd.		2,094,956	0 .4
22,930		ORIX Corp.		2,192,356	0 .4
52,400		Rohm Co., Ltd.		2,363,172	0 .4
47,100		Sankyo Co., Ltd.		2,270,940	0 .4
55,200		Secom Co., Ltd.		2,611,887	0 .5
95,200		Sega Sammy Holdings, Inc.		1,997,533	0 .4
285,900		Seven & I Holdings Co., Ltd.		8,654,248	1 .5
163,500		Shiseido Co., Ltd.		2,862,411	0 .5
83,000		Sony Corp.		1,342,425	0 .2
205,400		Sumitomo Mitsui Financial Group, Inc.		6,572,550	1 .2
14,100		Taisho Pharmaceutical Holdings Co. Ltd.		1,128,410	0 .2
87,000		Takeda Pharmaceutical Co., Ltd.		3,796,254	0 .7
31,200		TDK Corp.		1,629,169	0 .3
281,200		Tokio Marine Holdings, Inc.		7,194,114	1 .3
69,300		Tokyo Electron Ltd.		3,840,335	0 .7
59,100		Toyota Motor Corp.		2,421,786	0 .4
			136,643,234		24 .2
		Mexico: 0.7%
115,600		America Movil SAB de CV ADR		3,080,740	0 .6
107,744	@	Cemex SAB de CV ADR		778,989	0 .1
			3,859,729		0 .7
		Netherlands: 7.6%
780,601	@	Aegon NV		3,631,025	0 .6
38,187		Akzo Nobel NV		2,047,993	0 .4
73,685		European Aeronautic Defence and Space Co. NV		2,911,925	0 .5
186,112		Koninklijke Ahold NV		2,362,208	0 .4
259,624		Royal Dutch Shell PLC - Class A		9,259,750	1 .6
109,906		Royal Dutch Shell PLC - Class B		4,021,967	0 .7
216,359	@	Koninklijke Philips Electronics NV		4,305,633	0 .8
296,256		Unilever NV		10,148,019	1 .8
248,166		Wolters Kluwer NV		4,290,133	0 .8
			42,978,653		7 .6
		Norway: 0.5%
110,120		Statoil ASA		2,954,783	0 .5
		Portugal: 0.7%
972,889		Energias de Portugal S.A.		2,782,168	0 .5
225,276	L	Portugal Telecom SGPS S.A.		1,212,235	0 .2
			3,994,403		0 .7
		Russia: 0.4%
33,400		Lukoil OAO ADR		2,049,090	0 .4
		Singapore: 1.5%
334,000		Oversea-Chinese Banking Corp.		2,411,977	0 .4
1,074,100		Singapore Telecommunications Ltd.		2,701,868	0 .5
204,500		United Overseas Bank Ltd.		3,172,898	0 .6
			8,286,743		1 .5
		South Africa: 1.0%
72,429		AngloGold Ashanti Ltd		2,483,507	0 .4
147,857		Gold Fields Ltd.		1,894,029	0 .3
72,300		Impala Platinum Holdings Ltd.		1,411,380	0 .3
			5,788,916		1 .0
		South Korea: 1.5%
69,510	@	Korea Electric Power Corp.		1,333,477	0 .2
297,900		KT Corp. ADR		3,828,015	0 .7
6,047		Posco		2,003,241	0 .4
10,185		SK Telecom Co., Ltd.		1,219,619	0 .2
			8,384,352		1 .5
		Spain: 1.1%
366,236		Banco Popular Espanol S.A.		1,171,188	0 .2
338,985		Indra Sistemas S.A.		3,519,811	0 .6
115,402		Telefonica S.A.		1,685,183	0 .3
			6,376,182		1 .1
		Sweden: 1.9%
761,520	@	Telefonaktiebolaget LM Ericsson		7,549,301	1 .3
197,845		Swedbank AB		3,265,950	0 .6
			10,815,251		1 .9
		Switzerland: 5.3%
75,646		Nestle S.A.		4,636,289	0 .8
123,663		Novartis AG		6,828,208	1 .2
34,837		Roche Holding AG - Genusschein		6,366,829	1 .1
316,700		STMicroelectronics NV		1,823,505	0 .3
93,384	@	Swiss Re Ltd.		5,863,869	1 .1
6,100		Swisscom AG		2,271,725	0 .4
149,300	@	UBS AG - Reg		1,864,487	0 .4
			29,654,912		5 .3
		Thailand: 0.3%
308,000		Kasikornbank PCL		1,632,139	0 .3
		United Kingdom: 19.4%
126,530		AstraZeneca PLC		5,544,732	1 .0
885,312		BAE Systems PLC		4,242,628	0 .8
1,638,604		Barclays PLC		5,801,237	1 .0
201,686		BHP Billiton PLC		6,492,659	1 .2
917,681		BP PLC		6,629,431	1 .2
70,400		BP PLC ADR		3,056,064	0 .5
145,918		CRH PLC		2,957,788	0 .5
54,900		Ensco International PLC ADR		3,000,285	0 .5
388,533		GlaxoSmithKline PLC		8,975,708	1 .6
2,397,620		Home Retail Group		4,147,815	0 .7
655,312		HSBC Holdings PLC		5,915,626	1 .0
57,998		Imperial Tobacco Group PLC		2,319,370	0 .4
1,244,934		ITV PLC		1,691,646	0 .3
270,300		J Sainsbury PLC		1,351,214	0 .2
400,200		Kingfisher PLC		1,887,330	0 .3

ING INTERNATIONAL VALUE FUND PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2012 (UNAUDITED) (CONTINUED)

	Shares				Value	Percentage of Net Assets
	COMMON STOCK: (continued)
			United Kingdom: (continued)
	1,714,270		Legal & General Group PLC		3,273,238	0 .6
	7,472,290	@	Lloyds TSB Group PLC		3,750,673	0 .7
	469,251		Marks & Spencer Group PLC		2,719,676	0 .5
	265,565		Prudential PLC		3,254,745	0 .6
	24,000		Randgold Resources Ltd. ADR		2,139,600	0 .4
	70,814		Rio Tinto PLC		3,969,470	0 .7
	52,500		Signet Jewelers Ltd.		2,560,425	0 .5
	163,695		Standard Chartered PLC		4,001,637	0 .7
	1,329,803		Tesco PLC		6,852,055	1 .2
	2,834,439		Vodafone Group PLC		7,845,629	1 .4
	515,231		WM Morrison Supermarkets PLC		2,346,759	0 .4
	209,495		WPP PLC		2,836,770	0 .5
				109,564,210		19 .4
			United States: 2.0%
	115,900		Coca-Cola Enterprises, Inc.		3,490,908	0 .6
	69,600		Newmont Mining Corp.		3,316,440	0 .6
	63,300	@	Rowan Cos., Inc.		2,185,749	0 .4
	64,434	@	TE Connectivity Ltd.		2,349,264	0 .4
				11,342,361		2 .0
		Total Common Stock
		(Cost $603,391,460)		550,901,487		97 .6
	Principal Amount†				Value	Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.2%
			Securities Lending Collateralcc(1): 0.2%
	163,203		Citigroup, Inc., Repurchase Agreement dated 04/30/12, 0.21%, due 05/01/12 (Repurchase Amount $163,204, collateralized by various U.S. Government Agency Obligations, 3.500%-5.500%, Market Value plus accrued interest $166,467, due 04/15/24-05/01/42)		163,203	0 .0
	1,000,000		Merrill Lynch & Co., Inc., Repurchase Agreement dated 04/30/12, 0.21%, due 05/01/12 (Repurchase Amount $1,000,006, collateralized by various U.S. Government Agency Obligations, 4.000%, Market Value plus accrued interest $1,020,000, due 08/15/41-12/20/41)		1,000,000	0 .2
				1,163,203		0 .2
	Shares				Value	Percentage of Net Assets
			Mutual Funds: 0.0%
	67,101		BlackRock Liquidity Funds, TempFund, Institutional Class
			(Cost $67,101)		67,101	0 .0
		Total Short-Term Investments
		(Cost $1,230,304)		1,230,304		0 .2
		Total Investments in Securities (Cost $604,621,764)		$   552,131,791		97 .8
		Assets in Excess of Other Liabilities		12,650,573		2 .2
		Net Assets		$   564,782,364		100 .0

†	Unless otherwise indicated, principal amount is shown in USD.
@	Non-income producing security
ADR	American Depositary Receipt
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at April 30, 2012.
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 into these short-term investments.

Cost for federal income tax purposes is $614,421,315.
Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$44,304,621
Gross Unrealized Depreciation	(106,594,145)
Net Unrealized Depreciation	$(62,289,524)

Sector Diversification	Percentage of Net Assets
Consumer Discretionary	8.1%
Consumer Staples	9.6
Energy	11.0
Financials	18.6
Health Care	9.5
Industrials	8.3
Information Technology	9.3
Materials	8.7
Telecommunications	11.6
Utilities	2.9
Short-Term Investments	0.2
Assets in Excess of Other Liabilities	2.2
Net Assets	100.0%

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 3, 2012

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 3, 2012
By	/s/ Todd Modic
	Todd Modic Senior Vice President and Chief Financial Officer
Date:	July 3, 2012