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FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-8220 | ||||||||
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ING Variable Products Trust | |||||||||
(Exact name of registrant as specified in charter) | |||||||||
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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 |
| |||||||
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Date of fiscal year end: | December 31 |
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| |||||||||
Date of reporting period: | January 1, 2013 to December 31, 2013 |
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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):
n | ING International Value Portfolio |
n | ING MidCap Opportunities Portfolio |
n | ING SmallCap Opportunities Portfolio |
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 |
President’s Letter | 1 | |||||
Market Perspective | 2 | |||||
Portfolio Managers’ Reports | 4 | |||||
Shareholder Expense Examples | 10 | |||||
Report of Independent Registered Public Accounting Firm | 11 | |||||
Statements of Assets and Liabilities | 12 | |||||
Statements of Operations | 14 | |||||
Statements of Changes in Net Assets | 15 | |||||
Financial Highlights | 17 | |||||
Notes to Financial Statements | 19 | |||||
Summary Portfolios of Investments | 32 | |||||
Tax Information | 41 | |||||
Shareholder Meeting Information | 42 | |||||
Trustee and Officer Information | 43 | |||||
Additional Information | 47 |
President and Chief Executive Officer
ING Funds
January 9, 2014
1 | Please see the “Additional Information” section regarding rebranding details on page 47. |
Index | Description | |||||
---|---|---|---|---|---|---|
Barclays 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 U.S. Aggregate Bond Index | An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities. | |||||
Barclays U.S. Corporate Investment Grade Bond Index | The corporate component of the Barclays U.S. Credit Index. The U.S. Credit Index includes publicly-issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. The index includes both corporate and non-corporate sectors. The corporate sectors are industrial, utility and finance, which includes both U.S. and non-U.S. corporations. | |||||
Barclays Long Term U.S. Treasury Index | The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. | |||||
MSCI EAFE® Index | An unmanaged index that measures the performance of securities listed on exchanges in markets in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. | |||||
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 Japan® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | |||||
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. | |||||
Russell 2000® Growth Index | An unmanaged index that measures the performance of securities of smaller U.S. companies with greater than average growth orientation. | |||||
Russell 2000® Index | An unmanaged index that measures the performance of securities of small U.S. companies. | |||||
Russell Midcap® Growth Index | An unmanaged index that measures the performance of those companies included in the Russell Midcap® Index with relatively higher price-to-book ratios and higher forecasted growth values. | |||||
Russell Midcap® Index | An unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 26% of the total market capitalization of the Russell 1000® Index. | |||||
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. |
ING INTERNATIONAL VALUE PORTFOLIO | PORTFOLIO MANAGERS’ REPORT |
Geographic Diversification as of December 31, 2013 (as a percentage of net assets) | |||||||
Japan | 20.8 | % | |||||
United Kingdom | 17.1 | % | |||||
France | 14.0 | % | |||||
Germany | 9.1 | % | |||||
Switzerland | 8.3 | % | |||||
Netherlands | 7.7 | % | |||||
Spain | 4.4 | % | |||||
Italy | 3.5 | % | |||||
Denmark | 2.5 | % | |||||
Sweden | 1.8 | % | |||||
Countries between 0.7%–1.8%ˆ | 10.2 | % | |||||
Assets in Excess of Other Liabilities* | 0.6 | % | |||||
Net Assets | 100.0 | % | |||||
* Includes short-term investments. | |||||||
ˆ Includes 9 countries, which each represents 0.7%–1.8% of net assets. | |||||||
Portfolio holdings are subject to change daily. |
Top Ten Holdings as of December 31, 2013 (as a percentage of net assets) | |||||||
Roche Holding AG — Genusschein | 2.6 | % | |||||
Novartis AG | 2.6 | % | |||||
Royal Dutch Shell PLC — Class A | 2.5 | % | |||||
Nestle S.A. | 2.1 | % | |||||
Total S.A. | 2.0 | % | |||||
AXA S.A. | 1.9 | % | |||||
Sumitomo Mitsui Financial Group, Inc. | 1.9 | % | |||||
Bayer AG | 1.9 | % | |||||
Siemens AG | 1.8 | % | |||||
British American Tobacco PLC | 1.8 | % | |||||
Portfolio holdings are subject to change daily. |
PORTFOLIO MANAGERS’ REPORT | ING INTERNATIONAL VALUE PORTFOLIO |
Average Annual Returns for the Periods Ended December 31, 2013 | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | 5 Year | 10 Year | Since Inception of Class ADV December 29, 2006 | |||||||||||||||||
Class ADV | 20.54 | % | 9.39 | % | — | 0.05 | % | |||||||||||||
Class I | 21.21 | % | 9.89 | % | 5.64 | % | — | |||||||||||||
Class S | 21.05 | % | 9.57 | % | 5.42 | % | — | |||||||||||||
MSCI EAFE® Index | 22.78 | % | 12.44 | % | 6.91 | % | 1.78 | % |
ING MIDCAP OPPORTUNITIES PORTFOLIO | PORTFOLIO MANAGERS’ REPORT |
Sector Diversification as of December 31, 2013 (as a percentage of net assets) | |||||||
Consumer Discretionary | 24.4 | % | |||||
Information Technology | 16.2 | % | |||||
Industrials | 15.2 | % | |||||
Health Care | 13.3 | % | |||||
Financials | 9.6 | % | |||||
Consumer Staples | 7.6 | % | |||||
Energy | 6.0 | % | |||||
Materials | 4.6 | % | |||||
Telecommunication Services | 1.9 | % | |||||
Assets in Excess of Other Liabilities* | 1.2 | % | |||||
Net Assets | 100.0 | % | |||||
* Includes short-term investments. | |||||||
Portfolio holdings are subject to change daily. |
Top Ten Holdings as of December 31, 2013 (as a percentage of net assets) | |||||||
Intuit, Inc. | 2.9 | % | |||||
Discovery Communications, Inc. — Class A | 2.4 | % | |||||
Cabot Oil & Gas Corp. | 2.4 | % | |||||
Alexion Pharmaceuticals, Inc. | 2.2 | % | |||||
Whole Foods Market, Inc. | 2.2 | % | |||||
Informatica Corp. | 2.1 | % | |||||
Macy’s, Inc. | 2.1 | % | |||||
Actavis PLC | 2.1 | % | |||||
IntercontinentalExchange Group, Inc. | 2.1 | % | |||||
Hershey Co. | 2.0 | % | |||||
Portfolio holdings are subject to change daily. |
* | Effective September 6, 2013, Kristin Manning was removed as a co-portfolio manager of the Portfolio. |
PORTFOLIO MANAGERS’ REPORT | ING MIDCAP OPPORTUNITIES PORTFOLIO |
Average Annual Returns for the Periods Ended December 31, 2013 | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | 5 Year | 10 Year | Since Inception of Class ADV December 29, 2006 | Since Inception of Class S2 February 27, 2009 | ||||||||||||||||||||
Class ADV | 31.34 | % | 21.89 | % | — | 11.05 | % | — | ||||||||||||||||
Class I | 31.97 | % | 22.55 | % | 11.15 | % | — | — | ||||||||||||||||
Class S | 31.68 | % | 22.23 | % | 10.88 | % | — | — | ||||||||||||||||
Class S2 | 31.49 | % | — | — | — | 26.21 | % | |||||||||||||||||
Russell Midcap® Growth Index | 35.74 | % | 23.37 | % | 9.77 | % | 8.53 | % | 27.53 | % | ||||||||||||||
Russell Midcap® Index | 34.76 | % | 22.36 | % | 10.22 | % | 7.83 | % | 27.93 | % |
ING SMALLCAP OPPORTUNITIES PORTFOLIO | PORTFOLIO MANAGERS’ REPORT |
Sector Diversification as of December 31, 2013 (as a percentage of net assets) | |||||||
Information Technology | 23.8 | % | |||||
Consumer Discretionary | 18.8 | % | |||||
Health Care | 16.3 | % | |||||
Industrials | 14.6 | % | |||||
Financials | 10.3 | % | |||||
Energy | 5.1 | % | |||||
Materials | 4.6 | % | |||||
Consumer Staples | 2.1 | % | |||||
Exchange-Traded Funds | 1.8 | % | |||||
Assets in Excess of Other Liabilities* | 2.6 | % | |||||
Net Assets | 100.0 | % | |||||
* Includes short-term investments. | |||||||
Portfolio holdings are subject to change daily. |
Top Ten Holdings as of December 31, 2013* (as a percentage of net assets) | |||||||
iShares Russell 2000 Growth Index Fund | 1.8 | % | |||||
Aspen Technology, Inc. | 1.4 | % | |||||
PTC, Inc. | 1.2 | % | |||||
Commvault Systems, Inc. | 1.2 | % | |||||
WEX, Inc. | 1.2 | % | |||||
Healthsouth Corp. | 1.1 | % | |||||
Vail Resorts, Inc. | 1.1 | % | |||||
Portfolio Recovery Associates, Inc. | 1.1 | % | |||||
Knight Transportation, Inc. | 1.1 | % | |||||
j2 Global, Inc. | 1.1 | % | |||||
* Excludes short-term investments. | |||||||
Portfolio holdings are subject to change daily. |
PORTFOLIO MANAGERS’ REPORT | ING SMALLCAP OPPORTUNITIES PORTFOLIO |
Average Annual Returns for the Periods Ended December 31, 2013 | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | 5 Year | 10 Year | Since Inception of Class ADV November 20, 2008 | Since Inception of Class S2 February 27, 2009 | ||||||||||||||||||||
Class ADV | 38.39 | % | 22.26 | % | — | 27.16 | % | — | ||||||||||||||||
Class I | 39.06 | % | 22.88 | % | 10.58 | % | — | — | ||||||||||||||||
Class S | 38.71 | % | 22.57 | % | 10.33 | % | — | — | ||||||||||||||||
Class S2 | 38.50 | % | — | — | — | 28.36 | % | |||||||||||||||||
Russell 2000® Growth Index | 43.30 | % | 22.58 | % | 9.41 | % | 28.19 | % | 28.35 | % | ||||||||||||||
Russell 2000® Index | 38.82 | % | 20.08 | % | 9.07 | % | 25.90 | % | 27.19 | % |
Actual Portfolio Return | Hypothetical (5% return before expenses) | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Account Value July 1, 2013 | Ending Account Value December 31, 2013 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2013* | Beginning Account Value July 1, 2013 | Ending Account Value December 31, 2013 | Annualized Expense Ratio | Expenses Paid During the Period Ended December 31, 2013* | ||||||||||||||||||||||||||||
ING International Value Portfolio | |||||||||||||||||||||||||||||||||||
Class ADV | $ | 1,000.00 | $ | 1,185.90 | 1.50 | % | $ | 8.26 | $ | 1,000.00 | $ | 1,017.64 | 1.50 | % | $ | 7.63 | |||||||||||||||||||
Class I | 1,000.00 | 1,188.30 | 1.00 | 5.52 | 1,000.00 | 1,020.16 | 1.00 | 5.09 | |||||||||||||||||||||||||||
Class S | 1,000.00 | 1,187.70 | 1.20 | 6.62 | 1,000.00 | 1,019.16 | 1.20 | 6.11 | |||||||||||||||||||||||||||
ING MidCap Opportunities Portfolio | |||||||||||||||||||||||||||||||||||
Class ADV | 1,000.00 | 1,164.50 | 1.30 | 7.09 | 1,000.00 | 1,018.65 | 1.30 | 6.61 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,167.40 | 0.80 | 4.37 | 1,000.00 | 1,021.17 | 0.80 | 4.08 | |||||||||||||||||||||||||||
Class S | 1,000.00 | 1,166.40 | 1.05 | 5.73 | 1,000.00 | 1,019.91 | 1.05 | 5.35 | |||||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,165.70 | 1.20 | 6.55 | 1,000.00 | 1,019.16 | 1.20 | 6.11 | |||||||||||||||||||||||||||
ING SmallCap Opportunities Portfolio | |||||||||||||||||||||||||||||||||||
Class ADV | 1,000.00 | 1,196.40 | 1.38 | 7.64 | 1,000.00 | 1,018.25 | 1.38 | 7.02 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,199.40 | 0.88 | 4.88 | 1,000.00 | 1,020.77 | 0.88 | 4.48 | |||||||||||||||||||||||||||
Class S | 1,000.00 | 1,197.80 | 1.13 | 6.26 | 1,000.00 | 1,019.51 | 1.13 | 5.75 | |||||||||||||||||||||||||||
Class S2 | 1,000.00 | 1,197.10 | 1.28 | 7.09 | 1,000.00 | 1,018.75 | 1.28 | 6.51 |
* | Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year. |
ING Variable Products Trust
February 20, 2014
ING International Value Portfolio | ING MidCap Opportunities Portfolio | ING SmallCap Opportunities Portfolio | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS: | ||||||||||||||||||
Investments in securities at fair value+* | $ | 133,880,982 | $ | 1,623,727,205 | $ | 324,200,646 | ||||||||||||
Short-term investments at fair value** | 1,043,448 | 31,400,339 | 22,866,918 | |||||||||||||||
Total investments at fair value | $ | 134,924,430 | $ | 1,655,127,544 | $ | 347,067,564 | ||||||||||||
Cash | 206 | 25,882 | 369 | |||||||||||||||
Foreign currencies at value*** | 74,008 | — | — | |||||||||||||||
Receivables: | ||||||||||||||||||
Investment securities sold | 2,623,061 | — | 541,679 | |||||||||||||||
Fund shares sold | 39,287 | 255,568 | 152,441 | |||||||||||||||
Dividends | 53,458 | 876,621 | 159,015 | |||||||||||||||
Foreign tax reclaims | 188,189 | 29,299 | — | |||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 2,979 | — | — | |||||||||||||||
Prepaid expenses | 491 | 5,872 | 1,133 | |||||||||||||||
Total assets | 137,906,109 | 1,656,320,786 | 347,922,201 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||
Payable for investment securities purchased | 2,402,317 | 8,061,482 | 1,839,255 | |||||||||||||||
Payable for fund shares redeemed | 37 | 3,894,626 | 772,719 | |||||||||||||||
Payable upon receipt of securities loaned | 688,448 | — | 12,336,787 | |||||||||||||||
Payable for investment management fees | 91,801 | 910,557 | 203,970 | |||||||||||||||
Payable for administrative fees | 11,142 | 137,192 | 27,622 | |||||||||||||||
Payable for distribution and shareholder service fees | 1,870 | 209,239 | 37,563 | |||||||||||||||
Payable for directors fees | 663 | 7,424 | 1,394 | |||||||||||||||
Other accrued expenses and liabilities | 51,324 | 169,678 | 52,501 | |||||||||||||||
Total liabilities | 3,247,602 | 13,390,198 | 15,271,811 | |||||||||||||||
NET ASSETS | $ | 134,658,507 | $ | 1,642,930,588 | $ | 332,650,390 | ||||||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||||
Paid-in capital | $ | 296,725,034 | $ | 1,115,179,689 | $ | 224,836,387 | ||||||||||||
Undistributed (distributions in excess of) net investment income | 95,861 | (15,669 | ) | (3,889 | ) | |||||||||||||
Accumulated net realized gain (loss) | (183,902,763 | ) | 220,116,558 | 26,182,531 | ||||||||||||||
Net unrealized appreciation | 21,740,375 | 307,650,010 | 81,635,361 | |||||||||||||||
NET ASSETS | $ | 134,658,507 | $ | 1,642,930,588 | $ | 332,650,390 | ||||||||||||
+ Including securities loaned at value | $ | 668,381 | $ | — | $ | 12,043,085 | ||||||||||||
* Cost of investments in securities | $ | 112,148,551 | $ | 1,316,078,378 | $ | 242,565,285 | ||||||||||||
** Cost of short-term investments | $ | 1,043,448 | $ | 31,400,339 | $ | 22,866,918 | ||||||||||||
*** Cost of foreign currencies | $ | 73,601 | $ | — | $ | — |
ING International Value Portfolio | ING MidCap Opportunities Portfolio | ING SmallCap Opportunities Portfolio | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class ADV | ||||||||||||||||||
Net assets | $ | 1,315,118 | $ | 143,299,742 | $ | 42,104,931 | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||||||||
Shares outstanding | 137,372 | 8,945,497 | 1,521,327 | |||||||||||||||
Net asset value and redemption price per share | $ | 9.57 | $ | 16.02 | $ | 27.68 | ||||||||||||
Class I | ||||||||||||||||||
Net assets | $ | 125,423,353 | $ | 796,010,155 | $ | 196,665,047 | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||||||||
Shares outstanding | 12,994,758 | 48,009,498 | 6,750,062 | |||||||||||||||
Net asset value and redemption price per share | $ | 9.65 | $ | 16.58 | $ | 29.14 | ||||||||||||
Class S | ||||||||||||||||||
Net assets | $ | 7,920,036 | $ | 689,090,992 | $ | 89,526,544 | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||||||||
Shares outstanding | 803,992 | 42,695,130 | 3,184,227 | |||||||||||||||
Net asset value and redemption price per share | $ | 9.85 | $ | 16.14 | $ | 28.12 | ||||||||||||
Class S2(1) | ||||||||||||||||||
Net assets | n/a | $ | 14,529,699 | $ | 4,353,868 | |||||||||||||
Shares authorized | n/a | unlimited | unlimited | |||||||||||||||
Par value | n/a | $ | 0.010 | $ | 0.010 | |||||||||||||
Shares outstanding | n/a | 900,925 | 156,416 | |||||||||||||||
Net asset value and redemption price per share | n/a | $ | 16.13 | $ | 27.84 |
(1) | Class S2 of ING International Value Portfolio liquidated on April 30, 2013. |
ING International Value Portfolio | ING MidCap Opportunities Portfolio | ING SmallCap Opportunities Portfolio | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
INVESTMENT INCOME: | ||||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 4,027,307 | $ | 14,057,487 | $ | 1,871,770 | ||||||||||||
Securities lending income, net | 181,945 | 138,521 | 143,916 | |||||||||||||||
Total investment income | 4,209,252 | 14,196,008 | 2,015,686 | |||||||||||||||
EXPENSES: | ||||||||||||||||||
Investment management fees | 1,060,914 | 9,908,906 | 2,075,409 | |||||||||||||||
Distribution and shareholder service fees: | ||||||||||||||||||
Class ADV | 5,857 | 605,007 | 137,995 | |||||||||||||||
Class S | 19,258 | 1,545,361 | 201,917 | |||||||||||||||
Class S2 | 7 | 56,091 | 18,541 | |||||||||||||||
Transfer agent fees | 285 | 4,025 | 881 | |||||||||||||||
Administrative service fees | 132,613 | 1,484,803 | 278,777 | |||||||||||||||
Shareholder reporting expense | 8,543 | 111,507 | 27,025 | |||||||||||||||
Registration fees | — | 9,025 | 1,400 | |||||||||||||||
Professional fees | 12,519 | 81,027 | 22,208 | |||||||||||||||
Custody and accounting expense | 52,568 | 152,805 | 29,014 | |||||||||||||||
Directors fees | 3,978 | 44,545 | 8,363 | |||||||||||||||
Miscellaneous expense | 3,840 | 41,534 | 20,187 | |||||||||||||||
Interest expense | 956 | 573 | 33 | |||||||||||||||
Total expenses | 1,301,338 | 14,045,209 | 2,821,750 | |||||||||||||||
Net recouped/waived and reimbursed fees | 47,302 | (11,218 | ) | (3,708 | ) | |||||||||||||
Net expenses | 1,348,640 | 14,033,991 | 2,818,042 | |||||||||||||||
Net investment income (loss) | 2,860,612 | 162,017 | (802,356 | ) | ||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||
Investments | 11,619,601 | 224,720,742 | 29,411,052 | |||||||||||||||
Foreign currency related transactions | (26,111 | ) | (522 | ) | — | |||||||||||||
Net realized gain | 11,593,490 | 224,720,220 | 29,411,052 | |||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||
Investments | 10,974,432 | 172,201,861 | 61,229,826 | |||||||||||||||
Foreign currency related transactions | 8,134 | 1,184 | — | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 10,982,566 | 172,203,045 | 61,229,826 | |||||||||||||||
Net realized and unrealized gain | 22,576,056 | 396,923,265 | 90,640,878 | |||||||||||||||
Increase in net assets resulting from operations | $ | 25,436,668 | $ | 397,085,282 | $ | 89,838,522 | ||||||||||||
__________________________________ * Foreign taxes withheld | $ | 420,410 | $ | 670 | $ | 1,633 |
ING International Value Portfolio | ING MidCap Opportunities Portfolio | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||
FROM OPERATIONS: | |||||||||||||||||||
Net investment income | $ | 2,860,612 | $ | 3,419,306 | $ | 162,017 | $ | 4,512,024 | |||||||||||
Net realized gain (loss) | 11,593,490 | (3,342,797 | ) | 224,720,220 | 38,292,709 | ||||||||||||||
Net change in unrealized appreciation | 10,982,566 | 23,585,558 | 172,203,045 | 83,191,903 | |||||||||||||||
Increase in net assets resulting from operations | 25,436,668 | 23,662,067 | 397,085,282 | 125,996,636 | |||||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class ADV | (24,731 | ) | (23,251 | ) | — | (211,627 | ) | ||||||||||||
Class I | (3,244,667 | ) | (3,266,996 | ) | (240,392 | ) | (3,079,188 | ) | |||||||||||
Class S | (181,650 | ) | (188,642 | ) | — | (1,767,703 | ) | ||||||||||||
Class S2(1) | (36 | ) | (90 | ) | — | (17,753 | ) | ||||||||||||
Net realized gains: | |||||||||||||||||||
Class ADV | — | — | (3,104,778 | ) | (1,672,340 | ) | |||||||||||||
Class I | — | — | (18,427,132 | ) | (14,851,704 | ) | |||||||||||||
Class S | — | — | (16,070,181 | ) | (11,557,737 | ) | |||||||||||||
Class S2 | — | — | (268,315 | ) | (148,840 | ) | |||||||||||||
Total distributions | (3,451,084 | ) | (3,478,979 | ) | (38,110,798 | ) | (33,306,892 | ) | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||||||
Net proceeds from sale of shares | 3,398,016 | 2,093,271 | 151,192,057 | 329,680,490 | |||||||||||||||
Proceeds from shares issued in merger (Note 11) | — | — | 303,156,146 | — | |||||||||||||||
Reinvestment of distributions | 3,451,047 | 3,478,889 | 38,110,798 | 33,306,892 | |||||||||||||||
6,849,063 | 5,572,160 | 492,459,001 | 362,987,382 | ||||||||||||||||
Cost of shares redeemed | (27,654,639 | ) | (37,263,739 | ) | (346,945,568 | ) | (210,453,525 | ) | |||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (20,805,576 | ) | (31,691,579 | ) | 145,513,433 | 152,533,857 | |||||||||||||
Net increase (decrease) in net assets | 1,180,008 | (11,508,491 | ) | 504,487,917 | 245,223,601 | ||||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of year or period | 133,478,499 | 144,986,990 | 1,138,442,671 | 893,219,070 | |||||||||||||||
End of year or period | $ | 134,658,507 | $ | 133,478,499 | $ | 1,642,930,588 | $ | 1,138,442,671 | |||||||||||
Undistributed (distributions in excess of) net investment income at end of year or period | $ | 95,861 | $ | 612,282 | $ | (15,669 | ) | $ | (11,133 | ) |
(1) | Class S2 of the International Value Portfolio liquidated on April 30, 2013. |
ING SmallCap Opportunities Portfolio | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
FROM OPERATIONS: | |||||||||||
Net investment (loss) | $ | (802,356 | ) | $ | (138,811 | ) | |||||
Net realized gain | 29,411,052 | 17,557,510 | |||||||||
Net change in unrealized appreciation | 61,229,826 | 11,039,728 | |||||||||
Increase in net assets resulting from operations | 89,838,522 | 28,458,427 | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||
Net realized gains: | |||||||||||
Class ADV | (1,712,645 | ) | (821,671 | ) | |||||||
Class I | (9,938,817 | ) | (12,759,239 | ) | |||||||
Class S | (4,998,362 | ) | (6,522,015 | ) | |||||||
Class S2 | (225,946 | ) | (226,396 | ) | |||||||
Total distributions | (16,875,770 | ) | (20,329,321 | ) | |||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||
Net proceeds from sale of shares | 60,766,106 | 38,981,797 | |||||||||
Reinvestment of distributions | 16,875,770 | 20,329,321 | |||||||||
77,641,876 | 59,311,118 | ||||||||||
Cost of shares redeemed | (40,377,023 | ) | (32,862,233 | ) | |||||||
Net increase in net assets resulting from capital share transactions | 37,264,853 | 26,448,885 | |||||||||
Net increase in net assets | 110,227,605 | 34,577,991 | |||||||||
NET ASSETS: | |||||||||||
Beginning of year or period | 222,422,785 | 187,844,794 | |||||||||
End of year or period | $ | 332,650,390 | $ | 222,422,785 | |||||||
Accumulated net investment loss at end of year or period | $ | (3,889 | ) | $ | (3,017 | ) |
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 | | Payment by affiliate | | Net asset value, end of year or period | | Total Return(1) | | Expenses before reductions/ additions (2)(3)(4) | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | Expenses net of all reductions/ additions (2)(3)(4) | | 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 Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.12 | 0.14 | 1.50 | 1.64 | 0.19 | — | — | 0.19 | — | 9.57 | 20.54 | 1.46 | 1.50 | 1.50 | 1.61 | 1,315 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 6.99 | 0.15 | 1.14 | 1.29 | 0.16 | — | — | 0.16 | — | 8.12 | 18.64 | 1.46 | 1.50 | 1.50 | 1.99 | 1,123 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 8.44 | (0.01 | )• | (1.26 | ) | (1.27 | ) | 0.17 | — | 0.01 | 0.18 | — | 6.99 | (15.40 | ) | 1.57 | 1.52 | 1.52 | (0.09 | ) | 1,145 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.41 | 0.11 | 0.05 | 0.16 | 0.13 | — | — | 0.13 | — | 8.44 | 2.02 | 1.56 | 1.50 | † | 1.50 | † | 1.28 | † | 31 | 155 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.74 | 0.09 | 1.70 | 1.79 | 0.12 | — | — | 0.12 | — | 8.41 | 26.88 | 1.55 | 1.51 | † | 1.51 | † | 1.10 | † | 21 | 214 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.18 | 0.19 | 1.51 | 1.70 | 0.23 | — | — | 0.23 | — | 9.65 | 21.21 | 0.96 | 1.00 | 1.00 | 2.18 | 125,423 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 7.04 | 0.19 | 1.14 | 1.33 | 0.19 | — | — | 0.19 | — | 8.18 | 19.23 | 0.96 | 1.00 | 1.00 | 2.52 | 124,728 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 8.49 | 0.21 | (1.45 | ) | (1.24 | ) | 0.20 | — | 0.01 | 0.21 | — | 7.04 | (14.96 | ) | 1.07 | 1.02 | 1.02 | 2.56 | 135,682 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.46 | 0.16 | • | 0.04 | 0.20 | 0.17 | — | — | 0.17 | — | 8.49 | 2.50 | 1.06 | 1.00 | † | 1.00 | † | 1.96 | † | 230,836 | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.77 | 0.13 | 1.68 | 1.81 | 0.12 | — | — | 0.12 | — | 8.46 | 27.18 | 1.05 | 1.01 | † | 1.01 | † | 1.70 | † | 399,689 | 214 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 8.34 | 0.18 | 1.54 | 1.72 | 0.21 | — | — | 0.21 | — | 9.85 | 21.05 | 1.21 | 1.20 | 1.20 | 1.95 | 7,920 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 7.18 | 0.18 | 1.16 | 1.34 | 0.18 | — | — | 0.18 | — | 8.34 | 18.90 | 1.21 | 1.20 | 1.20 | 2.33 | 7,623 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 8.64 | 0.19 | (1.46 | ) | (1.27 | ) | 0.18 | — | 0.01 | 0.19 | — | 7.18 | (14.99 | ) | 1.32 | 1.22 | 1.22 | 2.27 | 8,156 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.60 | 0.13 | 0.06 | 0.19 | 0.15 | — | — | 0.15 | — | 8.64 | 2.36 | 1.31 | 1.20 | † | 1.20 | † | 1.61 | † | 11,068 | 155 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.93 | 0.11 | 1.68 | 1.79 | 0.12 | — | — | 0.12 | — | 8.60 | 26.13 | 1.30 | 1.21 | † | 1.21 | † | 1.44 | † | 12,076 | 214 | |||||||||||||||||||||||||||||||||||||||||||||||||||
ING MidCap Opportunities Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.51 | (0.05 | ) | 3.92 | 3.87 | — | 0.36 | — | 0.36 | — | 16.02 | 31.34 | 1.30 | 1.30 | 1.30 | (0.34 | ) | 143,300 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.34 | 0.01 | 1.52 | 1.53 | 0.04 | 0.32 | — | 0.36 | — | 12.51 | 13.61 | 1.34 | 1.34 | 1.34 | 0.09 | 81,463 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.46 | (0.02 | ) | (0.10 | ) | (0.12 | ) | — | — | — | — | — | 11.34 | (1.05 | ) | 1.34 | 1.34 | 1.34 | (0.23 | ) | 40,497 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.88 | 0.08 | • | 2.54 | 2.62 | 0.04 | — | — | 0.04 | — | 11.46 | 29.57 | 1.36 | 1.29 | † | 1.29 | † | 0.75 | † | 15,119 | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.32 | 0.03 | • | 2.54 | 2.57 | 0.01 | — | — | 0.01 | — | 8.88 | 40.65 | 1.40 | 1.14 | † | 1.14 | † | 0.36 | † | 957 | 169 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.88 | 0.02 | 4.05 | 4.07 | 0.01 | 0.36 | — | 0.37 | — | 16.58 | 31.97 | 0.80 | 0.80 | 0.80 | 0.16 | 796,010 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.63 | 0.07 | 1.57 | 1.64 | 0.07 | 0.32 | — | 0.39 | — | 12.88 | 14.20 | 0.84 | 0.84 | 0.84 | 0.56 | 614,151 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.69 | 0.03 | (0.09 | ) | (0.06 | ) | — | — | — | — | — | 11.63 | (0.51 | ) | 0.84 | 0.84 | 0.84 | 0.24 | 435,027 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 9.03 | 0.06 | 2.67 | 2.73 | 0.07 | — | — | 0.07 | — | 11.69 | 30.36 | 0.86 | 0.79 | † | 0.79 | † | 0.62 | † | 350,626 | 96 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.40 | 0.04 | 2.61 | 2.65 | 0.02 | — | — | 0.02 | — | 9.03 | 41.44 | 0.90 | 0.64 | † | 0.64 | † | 0.46 | † | 238,426 | 169 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.57 | (0.01 | ) | 3.94 | 3.93 | — | 0.36 | — | 0.36 | — | 16.14 | 31.68 | 1.05 | 1.05 | 1.05 | (0.09 | ) | 689,091 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.37 | 0.04 | 1.53 | 1.57 | 0.05 | 0.32 | — | 0.37 | — | 12.57 | 13.92 | 1.09 | 1.09 | 1.09 | 0.29 | 435,586 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.46 | (0.00 | )* | (0.09 | ) | (0.09 | ) | — | — | — | — | — | 11.37 | (0.79 | ) | 1.09 | 1.09 | 1.09 | (0.04 | ) | 414,381 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.86 | 0.03 | • | 2.62 | 2.65 | 0.05 | — | — | 0.05 | — | 11.46 | 29.96 | 1.11 | 1.04 | † | 1.04 | † | 0.35 | † | 450,115 | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 6.29 | 0.02 | 2.56 | 2.58 | 0.01 | — | — | 0.01 | — | 8.86 | 41.04 | 1.15 | 0.89 | † | 0.89 | † | 0.25 | † | 333,376 | 169 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 12.58 | (0.03 | ) | 3.94 | 3.91 | — | 0.36 | — | 0.36 | — | 16.13 | 31.49 | 1.30 | 1.20 | 1.20 | (0.24 | ) | 14,530 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 11.38 | 0.02 | 1.54 | 1.56 | 0.04 | 0.32 | — | 0.36 | — | 12.58 | 13.79 | 1.34 | 1.24 | 1.24 | 0.18 | 7,243 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 11.49 | (0.01 | ) | (0.10 | ) | (0.11 | ) | — | — | — | — | — | 11.38 | (0.96 | ) | 1.34 | 1.24 | 1.24 | (0.13 | ) | 3,314 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 8.89 | 0.08 | • | 2.56 | 2.64 | 0.04 | — | — | 0.04 | — | 11.49 | 29.67 | 1.36 | 1.19 | † | 1.19 | † | 0.71 | † | 900 | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02-27-09(5)–12-31-09 | 5.55 | 0.01 | 3.34 | 3.35 | 0.01 | — | — | 0.01 | — | 8.89 | 60.41 | 1.40 | 1.04 | † | 1.04 | † | 0.14 | † | 5 | 169 | |||||||||||||||||||||||||||||||||||||||||||||||||||
ING SmallCap Opportunities Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class ADV | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 21.37 | (0.16 | )• | 8.07 | 7.91 | — | 1.60 | — | 1.60 | — | 27.68 | 38.39 | 1.38 | 1.38 | 1.38 | (0.63 | ) | 42,105 | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 20.73 | (0.07 | )• | 3.00 | 2.93 | — | 2.29 | — | 2.29 | — | 21.37 | 14.63 | 1.41 | 1.41 | 1.41 | (0.34 | ) | 14,236 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 20.67 | (0.14 | )• | 0.20 | 0.06 | — | — | — | — | — | 20.73 | 0.29 | 1.40 | 1.40 | 1.40 | (0.67 | ) | 4,819 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 15.69 | (0.10 | )• | 5.08 | 4.98 | — | — | — | — | — | 20.67 | 31.74 | 1.40 | 1.40 | † | 1.40 | † | (0.57 | )† | 2,120 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 12.04 | (0.08 | ) | 3.73 | 3.65 | — | — | — | — | — | 15.69 | 30.32 | 1.46 | 1.43 | † | 1.43 | † | (0.61 | )† | 88 | 139 |
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 | | Payment by affiliate | | Net asset value, end of year or period | | Total Return(1) | | Expenses before reductions/ additions (2)(3)(4) | | Expenses net of fee waivers and/or recoupments if any(2)(3)(4) | | Expenses net of all reductions/ additions (2)(3)(4) | | Net investment income (loss) (2)(3) | | Net assets, end of year or period | | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||
Year or period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | |||||||||||||||||||||||||||||||||||||
ING SmallCap Opportunities Portfolio (continued) | �� | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 22.32 | (0.04 | ) | 8.46 | 8.42 | — | 1.60 | — | 1.60 | — | 29.14 | 39.06 | 0.88 | 0.88 | 0.88 | (0.16 | ) | 196,665 | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 21.46 | 0.01 | 3.14 | 3.15 | — | 2.29 | — | 2.29 | — | 22.32 | 15.18 | 0.91 | 0.91 | 0.91 | 0.03 | 136,300 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 21.28 | (0.04 | ) | 0.22 | 0.18 | — | — | — | — | — | 21.46 | 0.85 | 0.90 | 0.90 | 0.90 | (0.17 | ) | 117,965 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 16.08 | (0.02 | ) | 5.22 | 5.20 | — | — | — | — | — | 21.28 | 32.34 | 0.90 | 0.90 | † | 0.90 | † | (0.14 | )† | 113,938 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 12.27 | (0.02 | ) | 3.83 | 3.81 | — | — | — | — | — | 16.08 | 31.05 | 0.96 | 0.93 | † | 0.93 | † | (0.12 | )† | 79,291 | 139 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 21.64 | (0.10 | )• | 8.18 | 8.08 | — | 1.60 | — | 1.60 | — | 28.12 | 38.71 | 1.13 | 1.13 | 1.13 | (0.42 | ) | 89,527 | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 20.91 | (0.05 | ) | 3.07 | 3.02 | — | 2.29 | — | 2.29 | — | 21.64 | 14.95 | 1.16 | 1.16 | 1.16 | (0.22 | ) | 68,682 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 20.80 | (0.10 | ) | 0.21 | 0.11 | — | — | — | — | — | 20.91 | 0.53 | 1.15 | 1.15 | 1.15 | (0.47 | ) | 63,588 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 15.75 | (0.07 | ) | 5.12 | 5.05 | — | — | — | — | — | 20.80 | 32.06 | 1.15 | 1.15 | † | 1.15 | † | (0.39 | )† | 71,992 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-09 | 12.05 | (0.05 | ) | 3.75 | 3.70 | — | — | — | — | — | 15.75 | 30.71 | 1.21 | 1.17 | † | 1.17 | † | (0.36 | )† | 62,253 | 139 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class S2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-13 | 21.47 | (0.13 | ) | 8.10 | 7.97 | — | 1.60 | — | 1.60 | — | 27.84 | 38.50 | 1.38 | 1.28 | 1.28 | (0.57 | ) | 4,354 | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-12 | 20.79 | (0.06 | )• | 3.03 | 2.97 | — | 2.29 | — | 2.29 | — | 21.47 | 14.79 | 1.41 | 1.31 | 1.31 | (0.27 | ) | 3,205 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-11 | 20.71 | (0.11 | )• | 0.19 | 0.08 | — | — | — | — | — | 20.79 | 0.39 | 1.40 | 1.30 | 1.30 | (0.56 | ) | 1,472 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12-31-10 | 15.71 | (0.09 | )• | 5.09 | 5.00 | — | — | — | — | — | 20.71 | 31.83 | 1.40 | �� | 1.30 | † | 1.30 | † | (0.50 | )† | 344 | 97 | |||||||||||||||||||||||||||||||||||||||||||||||||
02-27-09(5)–12-31-09 | 9.88 | (0.06 | ) | 5.89 | 5.83 | — | — | — | — | — | 15.71 | 59.01 | 1.46 | 1.33 | † | 1.33 | † | (0.54 | )† | 5 | 139 |
(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 does not reflect the effect of insurance contract 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 Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed by an 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 Portfolio 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 Portfolio. Net investment income (loss) is net of all such additions or reductions. |
(4) | Expense ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
(5) | Commencement of operations. |
• | 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. |
been approved by the Board. The valuation techniques applied in any specific instance are set forth in the Valuation Procedures and may 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 the Portfolios 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. 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 Portfolio determines its NAV or if the foreign exchange closes prior to the time a Portfolio 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 Portfolio’s NAV may not take place contemporaneously with the determination of the prices of securities held by a Portfolio in foreign securities markets. Further, the value of a Portfolio’s assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of a Portfolio. In calculating a Portfolio’s NAV, foreign securities denominated 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 Portfolio closes but before the time that a Portfolio’s 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 Portfolio determines its NAV. In such a case, a Portfolio will use the fair value of such securities as determined under a Portfolio’s Valuation Procedures. Events after the close of trading on a foreign market that could require a Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time a Portfolio 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 Portfolio’s NAV.
considers all facts it deems relevant that are reasonably available, through either public information or information available to the Investment Adviser or Sub-Adviser, when determining the fair value of the security. In the event that a security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the fair value of the security or asset will be determined in good faith by the Pricing Committee. When a Portfolio uses these fair valuation methods that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Pricing Committee believes accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. The methodologies used for valuing securities are not necessarily an indication of the risks of investing in those securities nor can it be assured a Portfolio can obtain the fair value assigned to a security if it were to sell the security.
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. |
greater with respect to securities of issuers in emerging markets.
is valued daily on a mark-to-market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be a potential loss to a Portfolio in the event that a Portfolio is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.
Purchases | Sales | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
International Value | $ | 81,591,095 | $ | 102,685,958 | ||||||
MidCap Opportunities | 1,173,436,039 | 1,366,961,889 | ||||||||
SmallCap Opportunities | 123,275,739 | 107,599,115 |
International Value | 0.80% on the first $250 million; 0.75% on the next $500 million; and 0.70% in excess of $750 million | |||||
MidCap Opportunities | 0.75% on the first $250 million; 0.70% on the next $400 million; 0.65% on the next $450 million; and 0.60% in excess of $1.1 billion | |||||
SmallCap Opportunities | 0.75% on the first $250 million; 0.70% on the next $250 million, 0.65% on the next $250 million; 0.60% on the next $250 million; and 0.55% in excess of $1 billion |
Subsidiary | Portfolios | Percentage | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
ING Life Insurance and Annuity Company | International Value | 81.26 | % | |||||||
MidCap Opportunities | 26.91 | |||||||||
SmallCap Opportunities | 38.86 | |||||||||
ING National Trust | MidCap Opportunities | 9.90 | ||||||||
SmallCap Opportunities | 24.17 | |||||||||
ING USA Annuity and Life Insurance Company | International Value | 5.21 | ||||||||
MidCap Opportunities | 36.16 | |||||||||
SmallCap Opportunities | 20.75 | |||||||||
ReliaStar Life Insurance Company | International Value | 13.03 | ||||||||
SmallCap Opportunities | 13.15 |
Portfolio | Class ADV | Class I | Class S | Class S2 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
International Value | 1.50 | % | 1.00 | % | 1.20 | % | N/A | |||||||||||
MidCap Opportunities(1) | 1.40 | % | 0.90 | % | 1.10 | % | 1.30% | |||||||||||
SmallCap Opportunities | 1.42 | % | 0.92 | % | 1.17 | % | 1.32% |
(1) | Pursuant to a side letter agreement, ING Investments has further lowered the expense limits for MidCap Opportunities to 1.35%, 0.85%, 1.10%, and 1.25% for Class ADV, Class I, Class S and Class S2, respectively. The side letter agreement will continue through May 2, 2014 unless: (i) the Board approves a modification or |
termination of the side letter agreement; or (ii) the Investment Management Agreement or the Expense Limitation Agreement has been terminated. |
December 31, | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2014 | 2015 | 2016 | Total | ||||||||||||||||
International Value | $ | 62,893 | $ | — | $ | — | $ | 62,893 |
Portfolio | Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
International Value | 16 | $ | 1,135,938 | 1.13 | % | |||||||||
MidCap Opportunities | 8 | 2,269,875 | 1.11 |
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||
International Value | ||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | 16,035 | — | 3,005 | (19,999 | ) | (959 | ) | 139,704 | — | 24,731 | (170,222 | ) | (5,787 | ) | ||||||||||||||||||||||||||||
12/31/2012 | 21,917 | — | 3,140 | (50,540 | ) | (25,483 | ) | 163,899 | — | 23,251 | (379,216 | ) | (192,066 | ) | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | 349,096 | — | 387,712 | (2,991,408 | ) | (2,254,600 | ) | 3,117,626 | — | 3,244,666 | (26,160,759 | ) | (19,798,467 | ) | ||||||||||||||||||||||||||||
12/31/2012 | 191,682 | — | 434,722 | (4,644,704 | ) | (4,018,300 | ) | 1,584,454 | — | 3,266,996 | (34,633,292 | ) | (29,781,842 | ) | ||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | 15,511 | — | 21,328 | (146,497 | ) | (109,658 | ) | 140,686 | — | 181,650 | (1,318,884 | ) | (996,548 | ) | ||||||||||||||||||||||||||||
12/31/2012 | 45,298 | — | 24,675 | (292,320 | ) | (222,347 | ) | 344,918 | — | 188,642 | (2,251,231 | ) | (1,717,671 | ) | ||||||||||||||||||||||||||||
Class S2(1) | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | — | — | — | (552 | ) | (552 | ) | — | — | — | (4,774 | ) | (4,774 | ) | ||||||||||||||||||||||||||||
12/31/2012 | — | — | — | — | — | — | — | — | — | — |
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||
MidCap Opportunities | ||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | 2,042,352 | 1,118,918 | 223,187 | (951,367 | ) | 2,433,090 | 28,755,203 | 15,307,383 | 3,104,778 | (13,992,671 | ) | 33,174,693 | ||||||||||||||||||||||||||||||
12/31/2012 | 3,262,730 | — | 156,062 | (478,994 | ) | 2,939,798 | 40,501,115 | — | 1,883,967 | (5,869,659 | ) | 36,515,423 | ||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | 6,292,943 | 6,446,546 | 1,297,736 | (13,724,218 | ) | 313,007 | 92,314,013 | 90,885,188 | 18,667,524 | (200,124,880 | ) | 1,741,845 | ||||||||||||||||||||||||||||||
12/31/2012 | 17,744,681 | — | 1,445,316 | (8,913,964 | ) | 10,276,033 | 229,130,303 | — | 17,930,893 | (113,212,077 | ) | 133,849,119 | ||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | 1,793,643 | 14,215,244 | 1,147,782 | (9,115,021 | ) | 8,041,648 | 25,214,661 | 195,532,971 | 16,070,181 | (130,827,647 | ) | 105,990,166 | ||||||||||||||||||||||||||||||
12/31/2012 | 4,459,935 | — | 1,099,327 | (7,354,907 | ) | (1,795,645 | ) | 55,627,523 | — | 13,325,440 | (90,292,802 | ) | (21,339,839 | ) | ||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | 340,396 | 103,967 | 19,163 | (138,384 | ) | 325,142 | 4,908,180 | 1,430,604 | 268,315 | (2,000,370 | ) | 4,606,729 | ||||||||||||||||||||||||||||||
12/31/2012 | 357,431 | — | 13,756 | (86,559 | ) | 284,628 | 4,421,549 | — | 166,592 | (1,078,987 | ) | 3,509,154 | ||||||||||||||||||||||||||||||
SmallCap Opportunities | ||||||||||||||||||||||||||||||||||||||||||
Class ADV | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | 895,070 | — | 73,065 | (112,951 | ) | 855,184 | 22,200,746 | — | 1,712,645 | (2,866,905 | ) | 21,046,486 | ||||||||||||||||||||||||||||||
12/31/2012 | 432,701 | — | 40,219 | (39,220 | ) | 433,700 | 9,230,774 | — | 821,671 | (831,937 | ) | 9,220,508 | ||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | 1,032,830 | — | 403,853 | (793,770 | ) | 642,913 | 26,843,417 | — | 9,938,817 | (20,518,480 | ) | 16,263,754 | ||||||||||||||||||||||||||||||
12/31/2012 | 958,527 | — | 599,307 | (948,582 | ) | 609,252 | 21,692,600 | — | 12,759,240 | (21,299,008 | ) | 13,152,832 | ||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | 432,457 | — | 210,192 | (632,802 | ) | 9,847 | 10,734,452 | — | 4,998,362 | (15,961,632 | ) | (228,818 | ) | |||||||||||||||||||||||||||||
12/31/2012 | 297,152 | — | 315,683 | (478,822 | ) | 134,013 | 6,321,495 | — | 6,522,014 | (10,423,979 | ) | 2,419,530 | ||||||||||||||||||||||||||||||
Class S2 | ||||||||||||||||||||||||||||||||||||||||||
12/31/2013 | 39,689 | — | 9,590 | (42,163 | ) | 7,116 | 987,491 | — | 225,946 | (1,030,006 | ) | 183,431 | ||||||||||||||||||||||||||||||
12/31/2012 | 81,518 | — | 11,038 | (14,063 | ) | 78,493 | 1,736,928 | — | 226,396 | (307,309 | ) | 1,656,015 |
(1) | Class S2 liquidated on April 30, 2013. |
International Value | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||||
Citigroup Global Markets | $ | 668,381 | $ | (668,381 | ) | $ | — |
(1) | Collateral with a fair value of $688,448 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes. |
SmallCap Opportunities | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Counterparty | Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | |||||||||||
BMO Capital Markets | $ | 101,320 | $ | (101,320 | ) | $ | — | |||||||
BNP PrimeBrokerage | 28,392 | (28,392 | ) | — | ||||||||||
Barclays Capital Inc. | 585,781 | (585,781 | ) | — | ||||||||||
Citigroup Global Markets | 1,355,225 | (1,355,225 | ) | — | ||||||||||
Credit Suisse Securities USA | 2,170,766 | (2,170,766 | ) | — | ||||||||||
Deutsche Bank Securities | 446,848 | (446,848 | ) | — | ||||||||||
Goldman Sachs & Company | 3,020,884 | (3,020,884 | ) | — | ||||||||||
JPMorgan Clearing Corp. | 2,019,628 | (2,019,628 | ) | — | ||||||||||
Merrill Lynch | 452,004 | (452,004 | ) | — | ||||||||||
Morgan Stanley & Co. LLC | 1,321,209 | (1,321,209 | ) | — | ||||||||||
SG Americas Security LLC | 415,524 | (415,524 | ) | — | ||||||||||
UBS Securities, LLC | 125,504 | (125,504 | ) | — | ||||||||||
Total | $ | 12,043,085 | $ | (12,043,085 | ) | $ | — |
(1) | Collateral with a fair value of $12,336,787 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes. |
Net investment income | $ | (192,772 | ) | |||
Net realized and unrealized loss on investments | $ | 410,619,707 | ||||
Net increase in net assets resulting from operations | $ | 410,426,935 |
Acquiring Portfolio | Acquired Portfolio | Total Net Assets of Acquired Portfolio (000s) | Total Net Assets of Acquiring Portfolio (000s) | Acquired Capital Loss Carryforwards | Acquired Unrealized Appreciation (000s) | Portfolio Conversion Ratio | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
MidCap Opportunities | ING Blackrock Science and Technology Opportunities Portfolio | $303,156 | $1,245,557 | $— | $659 | 0.3462 |
Paid-in Capital | Undistributed Net Investment Income | Accumulated Net Realized Gains/(Losses) | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
International Value | $ | — | $ | 74,051 | $ | (74,051 | ) | |||||||
MidCap Opportunities | (165,171 | ) | 73,839 | 91,332 | ||||||||||
SmallCap Opportunities | — | 801,484 | (801,484 | ) |
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Long-term Capital Gain | Ordinary Income | Long-term Capital Gain | ||||||||||||||||
International Value | $ | 3,451,084 | $ | — | $ | 3,478,979 | $ | — | |||||||||||
MidCap Opportunities | 240,392 | 37,870,406 | 4,876,122 | 28,430,770 | |||||||||||||||
SmallCap Opportunities | 4,941,867 | 11,933,903 | 3,546,008 | 16,783,313 |
Undistributed Ordinary Income | Undistributed Long-term Capital Gains | Unrealized Appreciation/ (Depreciation) | Short-term Capital Loss Carryforwards | Expiration | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
International Value | $ | 99,330 | $ | — | $ | 21,439,831 | $ | (76,969,718 | ) | 2016 | ||||||||||||
(104,716,147 | ) | 2017 | ||||||||||||||||||||
(1,913,497 | ) | None | ||||||||||||||||||||
$ | (183,599,362 | ) |
Undistributed Ordinary Income | Undistributed Long-term Capital Gains | Unrealized Appreciation/ (Depreciation) | Short-term Capital Loss Carryforwards | Expiration | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
MidCap Opportunities | $ | 68,656,815 | $ | 157,130,944 | $ | 302,598,500 | $ | (524,221 | ) | 2016 | ||||||||||||
(95,470 | ) | 2017 | ||||||||||||||||||||
$ | (619,691 | )* | ||||||||||||||||||||
SmallCap Opportunities | 9,025,541 | 19,308,277 | 79,484,075 | — | — |
* | Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. |
interruption of business operations or services, diversion of management’s attention from day-to-day operations, reduced access to capital, and loss of key employees or customers. The completion of the Separation Plan is expected to result in the Adviser’s loss of access to the resources of ING Groep, which could adversely affect its business. Since a portion of the shares of ING U.S., as a standalone entity, are publicly held, it is subject to the reporting requirements of the Securities Exchange Act of 1934 as well as other U.S. government and state regulations, and subject to the risk of changing regulation.
AS OF DECEMBER 31, 2013
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 98.8% | |||||||||||||||||||
Australia: 1.4% | |||||||||||||||||||
36,735 | Macquarie Group Ltd. | $ | 1,803,047 | 1.3 | |||||||||||||||
38,923 | Other Securities | 132,285 | 0.1 | ||||||||||||||||
1,935,332 | 1.4 | ||||||||||||||||||
Belgium: 1.1% | |||||||||||||||||||
27,042 | KBC Groep NV | 1,537,493 | 1.1 | ||||||||||||||||
Denmark: 2.5% | |||||||||||||||||||
91,647 | @ | Danske Bank A/S | 2,105,285 | 1.6 | |||||||||||||||
118 | Other Securities | 1,276,991 | 0.9 | ||||||||||||||||
3,382,276 | 2.5 | ||||||||||||||||||
Finland: 1.0% | |||||||||||||||||||
57,496 | Fortum OYJ | 1,315,392 | 1.0 | ||||||||||||||||
France: 14.0% | |||||||||||||||||||
93,434 | AXA S.A. | 2,601,925 | 1.9 | ||||||||||||||||
15,304 | Casino Guichard Perrachon S.A. | 1,765,875 | 1.3 | ||||||||||||||||
153,328 | Orange S.A. | 1,903,594 | 1.4 | ||||||||||||||||
227,009 | Natixis | 1,335,552 | 1.0 | ||||||||||||||||
7,494 | Kering | 1,584,092 | 1.2 | ||||||||||||||||
21,835 | Renault S.A. | 1,757,209 | 1.3 | ||||||||||||||||
21,635 | Sanofi | 2,310,517 | 1.7 | ||||||||||||||||
98,958 | Suez Environnement S.A. | 1,774,628 | 1.3 | ||||||||||||||||
42,413 | @ | Total S.A. | 2,603,297 | 2.0 | |||||||||||||||
33,720 | Other Securities | 1,229,657 | 0.9 | ||||||||||||||||
18,866,346 | 14.0 | ||||||||||||||||||
Germany: 9.1% | |||||||||||||||||||
22,416 | BASF AG | 2,392,557 | 1.8 | ||||||||||||||||
17,922 | Bayer AG | 2,516,449 | 1.9 | ||||||||||||||||
11,455 | Bayerische Motoren Werke AG | 1,345,197 | 1.0 | ||||||||||||||||
36,507 | Deutsche Post AG | 1,333,423 | 1.0 | ||||||||||||||||
18,106 | Siemens AG | 2,482,679 | 1.8 | ||||||||||||||||
132,253 | Other Securities | 2,217,468 | 1.6 | ||||||||||||||||
12,287,773 | 9.1 | ||||||||||||||||||
Hong Kong: 1.8% | |||||||||||||||||||
345,700 | AIA Group Ltd. | 1,740,077 | 1.3 | ||||||||||||||||
205,500 | Other Securities | 687,135 | 0.5 | ||||||||||||||||
2,427,212 | 1.8 | ||||||||||||||||||
Italy: 3.5% | |||||||||||||||||||
319,010 | Enel S.p.A. | 1,391,973 | 1.0 | ||||||||||||||||
54,047 | ENI S.p.A. | 1,305,978 | 1.0 | ||||||||||||||||
268,937 | UniCredit SpA | 1,983,862 | 1.5 | ||||||||||||||||
4,681,813 | 3.5 | ||||||||||||||||||
Japan: 20.8% | |||||||||||||||||||
129,000 | Ajinomoto Co., Inc. | 1,867,493 | 1.4 | ||||||||||||||||
19,400 | East Japan Railway Co. | 1,545,362 | 1.2 | ||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Japan: (continued) | |||||||||||||||||||
287,112 | Hitachi Ltd. | $ | 2,176,927 | 1.6 | |||||||||||||||
58,700 | Japan Tobacco, Inc. | 1,910,025 | 1.4 | ||||||||||||||||
66,800 | JSR Corp. | 1,294,779 | 1.0 | ||||||||||||||||
65,000 | Komatsu Ltd. | 1,334,534 | 1.0 | ||||||||||||||||
83,700 | Mitsubishi Corp. | 1,606,866 | 1.2 | ||||||||||||||||
808,000 | Mizuho Financial Group, Inc. | 1,754,193 | 1.3 | ||||||||||||||||
49,900 | Sumitomo Mitsui Financial Group, Inc. | 2,594,969 | 1.9 | ||||||||||||||||
40,100 | Tokio Marine Holdings, Inc. | 1,342,134 | 1.0 | ||||||||||||||||
35,300 | Toyota Motor Corp. | 2,152,420 | 1.6 | ||||||||||||||||
524,000 | Other Securities | 8,367,401 | 6.2 | ||||||||||||||||
27,947,103 | 20.8 | ||||||||||||||||||
Netherlands: 7.7% | |||||||||||||||||||
17,768 | European Aeronautic Defence and Space Co. NV | 1,364,059 | 1.0 | ||||||||||||||||
22,503 | Koninklijke DSM NV | 1,770,957 | 1.3 | ||||||||||||||||
49,616 | @ | Koninklijke Philips NV | 1,826,928 | 1.4 | |||||||||||||||
65,426 | Reed Elsevier NV | 1,390,554 | 1.0 | ||||||||||||||||
91,526 | Royal Dutch Shell PLC — Class A | 3,280,150 | 2.5 | ||||||||||||||||
38,100 | Other Securities(a) | 679,704 | 0.5 | ||||||||||||||||
10,312,352 | 7.7 | ||||||||||||||||||
New Zealand: 0.9% | |||||||||||||||||||
616,676 | Other Securities | 1,170,571 | 0.9 | ||||||||||||||||
Norway: 1.8% | |||||||||||||||||||
98,779 | Statoil ASA | 2,401,961 | 1.8 | ||||||||||||||||
Singapore: 0.8% | |||||||||||||||||||
388,000 | Other Securities | 1,128,349 | 0.8 | ||||||||||||||||
Spain: 4.4% | |||||||||||||||||||
216,182 | @ | Banco Popular Espanol SA | 1,305,777 | 1.0 | |||||||||||||||
183,448 | Banco Bilbao Vizcaya Argentaria S.A. | 2,269,360 | 1.7 | ||||||||||||||||
254,962 | Other Securities | 2,340,538 | 1.7 | ||||||||||||||||
5,915,675 | 4.4 | ||||||||||||||||||
Sweden: 1.8% | |||||||||||||||||||
124,573 | Telefonaktiebolaget LM Ericsson | 1,520,974 | 1.1 | ||||||||||||||||
19,310 | Other Securities | 949,411 | 0.7 | ||||||||||||||||
2,470,385 | 1.8 | ||||||||||||||||||
Switzerland: 8.3% | |||||||||||||||||||
13,556 | Cie Financiere Richemont SA | 1,354,210 | 1.0 | ||||||||||||||||
38,907 | Nestle S.A. | 2,851,496 | 2.1 |
AS OF DECEMBER 31, 2013 (CONTINUED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: (continued) | |||||||||||||||||||
Switzerland: (continued) | |||||||||||||||||||
43,076 | Novartis AG | $ | 3,452,515 | 2.6 | |||||||||||||||
12,442 | Roche Holding AG — Genusschein | 3,485,331 | 2.6 | ||||||||||||||||
11,143,552 | 8.3 | ||||||||||||||||||
United Kingdom: 17.1% | |||||||||||||||||||
199,346 | Aviva PLC | 1,491,405 | 1.1 | ||||||||||||||||
69,580 | @ | BHP Billiton PLC | 2,159,073 | 1.6 | |||||||||||||||
45,258 | British American Tobacco PLC | 2,429,195 | 1.8 | ||||||||||||||||
123,330 | @ | CNH Industrial NV | 1,405,680 | 1.0 | |||||||||||||||
117,014 | @ | HSBC Holdings PLC | 1,284,136 | 1.0 | |||||||||||||||
223,840 | Kingfisher PLC | 1,429,011 | 1.0 | ||||||||||||||||
429,284 | Legal & General Group PLC | 1,586,839 | 1.2 | ||||||||||||||||
193,696 | Rexam PLC | 1,704,184 | 1.3 | ||||||||||||||||
36,427 | Schroders PLC | 1,571,078 | 1.2 | ||||||||||||||||
309,865 | Tesco PLC | 1,720,793 | 1.3 | ||||||||||||||||
467,214 | Vodafone Group PLC | 1,839,521 | 1.4 | ||||||||||||||||
1,061,196 | Other Securities | 4,437,366 | 3.2 | ||||||||||||||||
23,058,281 | 17.1 | ||||||||||||||||||
United States: 0.8% | |||||||||||||||||||
29,200 | Other Securities | 1,032,512 | 0.8 | ||||||||||||||||
Total Common Stock (Cost $111,240,991) | 133,014,378 | 98.8 | |||||||||||||||||
PREFERRED STOCK: 0.6% | |||||||||||||||||||
Brazil: 0.6% | |||||||||||||||||||
145,934 | Other Securities | 866,604 | 0.6 | ||||||||||||||||
Total Preferred Stock (Cost $907,560) | 866,604 | 0.6 | |||||||||||||||||
Total Long-Term Investments (Cost $112,148,551) | 133,880,982 | 99.4 | |||||||||||||||||
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
SHORT-TERM INVESTMENTS: 0.8% | |||||||||||||||||||
Securities Lending Collateralcc(1): 0.5% | |||||||||||||||||||
688,448 | Morgan Stanley, Repurchase Agreement dated 12/31/13, 0.03%, due 01/02/14 (Repurchase Amount $688,449, collateralized by various U.S. Government Agency Obligations, 1.372%–8.500%, Market Value plus accrued interest $702,217, due 05/01/17–12/01/44) (Cost $688,448) | 688,448 | 0.5 | ||||||||||||||||
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Mutual Funds: 0.3% | |||||||||||||||||||
355,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.020%†† (Cost $355,000) | $ | 355,000 | 0.3 | |||||||||||||||
Total Short-Term Investments (Cost $1,043,448) | 1,043,448 | 0.8 | |||||||||||||||||
Total Investments in Securities (Cost $113,191,999) | $ | 134,924,430 | 100.2 | ||||||||||||||||
Liabilities in Excess of Other Assets | (265,923 | ) | (0.2 | ) | |||||||||||||||
Net Assets | $ | 134,658,507 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2013. |
@ | 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 $113,495,400. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 23,156,109 | ||||
Gross Unrealized Depreciation | (1,727,079 | ) | ||||
Net Unrealized Appreciation | $ | 21,429,030 |
Sector Diversification | Percentage of Net Assets | |||||
---|---|---|---|---|---|---|
Financials | 25.8 | % | ||||
Industrials | 12.1 | |||||
Consumer Discretionary | 11.0 | |||||
Health Care | 10.2 | |||||
Consumer Staples | 9.3 | |||||
Energy | 8.9 | |||||
Materials | 8.3 | |||||
Telecommunication Services | 6.3 | |||||
Utilities | 4.8 | |||||
Information Technology | 2.7 | |||||
Short-Term Investments | 0.8 | |||||
Liabilities in Excess of Other Assets | (0.2 | ) | ||||
Net Assets | 100.0 | % |
AS OF DECEMBER 31, 2013 (CONTINUED)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock | ||||||||||||||||||
Australia | $ | 1,803,047 | $ | 132,285 | $ | — | $ | 1,935,332 | ||||||||||
Belgium | — | 1,537,493 | — | 1,537,493 | ||||||||||||||
Denmark | — | 3,382,276 | — | 3,382,276 | ||||||||||||||
Finland | 1,315,392 | — | — | 1,315,392 | ||||||||||||||
France | — | 18,866,346 | — | 18,866,346 | ||||||||||||||
Germany | — | 12,287,773 | — | 12,287,773 | ||||||||||||||
Hong Kong | — | 2,427,212 | — | 2,427,212 | ||||||||||||||
Italy | — | 4,681,813 | — | 4,681,813 | ||||||||||||||
Japan | — | 27,947,103 | — | 27,947,103 | ||||||||||||||
Netherlands | 679,704 | 9,632,648 | — | 10,312,352 | ||||||||||||||
New Zealand | — | 1,170,571 | — | 1,170,571 | ||||||||||||||
Norway | — | 2,401,961 | — | 2,401,961 | ||||||||||||||
Singapore | — | 1,128,349 | — | 1,128,349 | ||||||||||||||
Spain | — | 5,915,675 | — | 5,915,675 | ||||||||||||||
Sweden | — | 2,470,385 | — | 2,470,385 | ||||||||||||||
Switzerland | — | 11,143,552 | — | 11,143,552 | ||||||||||||||
United Kingdom | 2,421,117 | 20,637,164 | — | 23,058,281 | ||||||||||||||
United States | 1,032,512 | — | — | 1,032,512 | ||||||||||||||
Total Common Stock | 7,251,772 | 125,762,606 | — | 133,014,378 | ||||||||||||||
Preferred Stock | 866,604 | — | — | 866,604 | ||||||||||||||
Short-Term Investments | 355,000 | 688,448 | — | 1,043,448 | ||||||||||||||
Total Investments, at fair value | $ | 8,473,376 | $ | 126,451,054 | $ | — | $ | 134,924,430 | ||||||||||
Other Financial Instruments+ | ||||||||||||||||||
Forward Foreign Currency Contracts | — | 2,979 | — | 2,979 | ||||||||||||||
Total Assets | $ | 8,473,376 | $ | 126,454,033 | $ | — | $ | 134,927,409 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
# | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments. |
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Citigroup, Inc. | Japanese Yen | 115,275,257 | Sell | 01/08/14 | $ | 1,097,516 | $ | 1,094,660 | $ | 2,856 | ||||||||||||||||||||
Credit Suisse Group AG | Swedish Krona | 390,179 | Sell | 01/07/14 | 60,781 | 60,658 | 123 | |||||||||||||||||||||||
$ | 2,979 |
AS OF DECEMBER 31, 2013 (CONTINUED)
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 | $ | 2,979 | ||||||
Total Asset Derivatives | $ | 2,979 |
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 | $ | (71,392 | ) | |||
Total | $ | (71,392 | ) |
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 | $ | 2,979 | ||||
Total | $ | 2,979 |
* | 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. |
Citigroup, Inc. | Credit Suisse Group AG | Totals | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets: | ||||||||||||||
Forward foreign currency contracts | $ | 2,856 | $ | 123 | $ | 2,979 | ||||||||
Total Assets | $ | 2,856 | $ | 123 | $ | 2,979 | ||||||||
Net OTC derivative instruments by counterparty, at fair value | $ | 2,856 | $ | 123 | $ | 2,979 | ||||||||
Total collateral pledged by the Portfolio/(Received from counterparty) | $ | — | $ | — | $ | — | ||||||||
Net Exposure(1) | $ | 2,856 | $ | 123 | $ | 2,979 |
(1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
AS OF DECEMBER 31, 2013
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 98.8% | |||||||||||||||||||
Consumer Discretionary: 24.4% | |||||||||||||||||||
562,318 | Best Buy Co., Inc. | $ | 22,425,242 | 1.4 | |||||||||||||||
560,578 | Brinker International, Inc. | 25,977,184 | 1.6 | ||||||||||||||||
62,477 | @ | Chipotle Mexican Grill, Inc. | 33,286,496 | 2.0 | |||||||||||||||
527,461 | Delphi Automotive PLC | 31,716,230 | 1.9 | ||||||||||||||||
437,333 | @ | Discovery Communications, Inc. — Class A | 39,543,650 | 2.4 | |||||||||||||||
589,560 | Gap, Inc. | 23,040,005 | 1.4 | ||||||||||||||||
178,941 | @ | Liberty Media Corp. | 26,205,909 | �� | 1.6 | ||||||||||||||
638,479 | Macy’s, Inc. | 34,094,779 | 2.1 | ||||||||||||||||
210,625 | @ | Michael Kors Holdings Ltd. | 17,100,644 | 1.0 | |||||||||||||||
680,960 | Newell Rubbermaid, Inc. | 22,069,914 | 1.3 | ||||||||||||||||
403,526 | Ross Stores, Inc. | 30,236,203 | 1.8 | ||||||||||||||||
638,004 | @ | Starz | 18,655,237 | 1.1 | |||||||||||||||
231,540 | @ | Ulta Salon Cosmetics & Fragrance, Inc. | 22,348,241 | 1.4 | |||||||||||||||
554,326 | @ | Urban Outfitters, Inc. | 20,565,495 | 1.3 | |||||||||||||||
1,024,725 | Other Securities | 33,819,065 | 2.1 | ||||||||||||||||
401,084,294 | 24.4 | ||||||||||||||||||
Consumer Staples: 7.6% | |||||||||||||||||||
696,872 | Coca-Cola Enterprises, Inc. | 30,752,961 | 1.9 | ||||||||||||||||
345,267 | Hershey Co. | 33,570,311 | 2.0 | ||||||||||||||||
298,968 | Mead Johnson Nutrition Co. | 25,041,560 | 1.5 | ||||||||||||||||
626,405 | Whole Foods Market, Inc. | 36,225,001 | 2.2 | ||||||||||||||||
125,589,833 | 7.6 | ||||||||||||||||||
Energy: 6.0% | |||||||||||||||||||
1,015,055 | Cabot Oil & Gas Corp. | 39,343,532 | 2.4 | ||||||||||||||||
487,328 | @ | FMC Technologies, Inc. | 25,443,395 | 1.5 | |||||||||||||||
420,451 | @ | Oasis Petroleum, Inc. | 19,748,583 | 1.2 | |||||||||||||||
177,296 | Other Securities | 14,735,071 | 0.9 | ||||||||||||||||
99,270,581 | 6.0 | ||||||||||||||||||
Financials: 9.6% | |||||||||||||||||||
130,482 | @ | Affiliated Managers Group, Inc. | 28,298,936 | 1.7 | |||||||||||||||
257,093 | Ameriprise Financial, Inc. | 29,578,550 | 1.8 | ||||||||||||||||
537,512 | Arthur J. Gallagher & Co. | 25,225,438 | 1.5 | ||||||||||||||||
482,296 | Gaming and Leisure Properties, Inc. | 24,505,460 | 1.5 | ||||||||||||||||
150,909 | IntercontinentalExchange Group, Inc. | 33,942,452 | 2.1 | ||||||||||||||||
401,286 | Nasdaq Stock Market, Inc. | 15,971,183 | 1.0 | ||||||||||||||||
157,522,019 | 9.6 | ||||||||||||||||||
Health Care: 13.3% | |||||||||||||||||||
202,868 | @ | Actavis PLC | 34,081,824 | 2.1 | |||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Health Care: (continued) | |||||||||||||||||||
382,629 | Agilent Technologies, Inc. | $ | 21,882,552 | 1.3 | |||||||||||||||
274,392 | @ | Alexion Pharmaceuticals, Inc. | 36,510,599 | 2.2 | |||||||||||||||
143,594 | Cooper Cos., Inc. | 17,782,681 | 1.1 | ||||||||||||||||
184,187 | @ | Henry Schein, Inc. | 21,045,207 | 1.3 | |||||||||||||||
676,059 | @ | Mylan Laboratories | 29,340,961 | 1.8 | |||||||||||||||
832,091 | Zoetis, Inc. | 27,201,055 | 1.6 | ||||||||||||||||
435,368 | Other Securities | 31,351,740 | 1.9 | ||||||||||||||||
219,196,619 | 13.3 | ||||||||||||||||||
Industrials: 15.2% | |||||||||||||||||||
539,824 | Ametek, Inc. | 28,432,530 | 1.7 | ||||||||||||||||
299,827 | @ | BE Aerospace, Inc. | 26,093,944 | 1.6 | |||||||||||||||
321,932 | Flowserve Corp. | 25,377,900 | 1.5 | ||||||||||||||||
428,149 | Ingersoll-Rand PLC — Class A | 26,373,978 | 1.6 | ||||||||||||||||
557,557 | KAR Auction Services, Inc. | 16,475,809 | 1.0 | ||||||||||||||||
276,881 | Nordson Corp. | 20,572,258 | 1.3 | ||||||||||||||||
202,201 | Roper Industries, Inc. | 28,041,235 | 1.7 | ||||||||||||||||
136,286 | Towers Watson & Co. | 17,391,456 | 1.1 | ||||||||||||||||
478,260 | Waste Connections, Inc. | 20,866,484 | 1.3 | ||||||||||||||||
190,237 | @ | Wesco International, Inc. | 17,324,884 | 1.0 | |||||||||||||||
504,867 | Other Securities | 22,303,689 | 1.4 | ||||||||||||||||
249,254,167 | 15.2 | ||||||||||||||||||
Information Technology: 16.2% | |||||||||||||||||||
119,414 | @ | Alliance Data Systems Corp. | 31,397,523 | 1.9 | |||||||||||||||
494,676 | Broadridge Financial Solutions ADR | 19,549,595 | 1.2 | ||||||||||||||||
249,585 | @ | F5 Networks, Inc. | 22,677,293 | 1.4 | |||||||||||||||
851,560 | @ | Informatica Corp. | 35,339,740 | 2.1 | |||||||||||||||
614,100 | Intuit, Inc. | 46,868,112 | 2.9 | ||||||||||||||||
801,204 | NetApp, Inc. | 32,961,533 | 2.0 | ||||||||||||||||
865,433 | @ | TIBCO Software, Inc. | 19,454,934 | 1.2 | |||||||||||||||
478,582 | Xilinx, Inc. | 21,976,485 | 1.3 | ||||||||||||||||
773,348 | Other Securities | 35,423,165 | 2.2 | ||||||||||||||||
265,648,380 | 16.2 | ||||||||||||||||||
Materials: 4.6% | |||||||||||||||||||
579,208 | International Paper Co. | 28,398,568 | 1.7 | ||||||||||||||||
415,279 | Packaging Corp. of America | 26,278,855 | 1.6 | ||||||||||||||||
746,592 | Other Securities | 20,239,424 | 1.3 | ||||||||||||||||
74,916,847 | 4.6 | ||||||||||||||||||
Telecommunication Services: 1.9% | |||||||||||||||||||
347,779 | @ | SBA Communications Corp. | 31,244,465 | 1.9 | |||||||||||||||
Total Common Stock (Cost $1,316,078,378) | 1,623,727,205 | 98.8 |
AS OF DECEMBER 31, 2013 (CONTINUED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 1.9% | |||||||||||||||||||
Mutual Funds: 1.9% | |||||||||||||||||||
31,400,339 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.020%†† | ||||||||||||||||||
(Cost $31,400,339) | $ | 31,400,339 | 1.9 | ||||||||||||||||
Total Short-Term Investments (Cost $31,400,339) | 31,400,339 | 1.9 | |||||||||||||||||
Total Investments in Securities (Cost $1,347,478,717) | $ | 1,655,127,544 | 100.7 | ||||||||||||||||
Liabilities in Excess of Other Assets | (12,196,956 | ) | (0.7 | ) | |||||||||||||||
Net Assets | $ | 1,642,930,588 | 100.0 |
†† | Rate shown is the 7-day yield as of December 31, 2013. |
@ | Non-income producing security |
Cost for federal income tax purposes is $1,352,530,227. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 320,030,089 | ||||
Gross Unrealized Depreciation | (17,432,772 | ) | ||||
Net Unrealized Appreciation | $ | 302,597,317 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock* | $ | 1,623,727,205 | $ | — | $ | — | $ | 1,623,727,205 | ||||||||||
Short-Term Investments | 31,400,339 | — | — | 31,400,339 | ||||||||||||||
Total Investments, at fair value | $ | 1,655,127,544 | $ | — | $ | — | $ | 1,655,127,544 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
* | For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments. |
AS OF DECEMBER 31, 2013
OPPORTUNITIES PORTFOLIO
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 95.6% | |||||||||||||||||||
Consumer Discretionary: 18.8% | |||||||||||||||||||
37,500 | @ | Bally Technologies, Inc. | $ | 2,941,875 | 0.9 | ||||||||||||||
72,900 | Cheesecake Factory | 3,518,883 | 1.1 | ||||||||||||||||
79,866 | Cinemark Holdings, Inc. | 2,661,934 | 0.8 | ||||||||||||||||
134,400 | Dana Holding Corp. | 2,636,928 | 0.8 | ||||||||||||||||
155,085 | @ | Express, Inc. | 2,895,437 | 0.9 | |||||||||||||||
105,600 | Finish Line | 2,974,752 | 0.9 | ||||||||||||||||
51,199 | @, L | Hibbett Sporting Goods, Inc. | 3,441,085 | 1.0 | |||||||||||||||
60,700 | @ | Jack in the Box, Inc. | 3,036,214 | 0.9 | |||||||||||||||
56,751 | @ | Life Time Fitness, Inc. | 2,667,297 | 0.8 | |||||||||||||||
86,956 | @ | LKQ Corp. | 2,860,852 | 0.9 | |||||||||||||||
55,904 | Monro Muffler, Inc. | 3,150,749 | 1.0 | ||||||||||||||||
205,368 | @, L | Smith & Wesson Holding Corp. | 2,770,414 | 0.8 | |||||||||||||||
50,394 | Vail Resorts, Inc. | 3,791,141 | 1.1 | ||||||||||||||||
727,403 | Other Securities(a) | 23,089,140 | 6.9 | ||||||||||||||||
62,436,701 | 18.8 | ||||||||||||||||||
Consumer Staples: 2.1% | |||||||||||||||||||
47,900 | Casey’s General Stores, Inc. | 3,364,975 | 1.0 | ||||||||||||||||
148,025 | Other Securities | 3,777,839 | 1.1 | ||||||||||||||||
7,142,814 | 2.1 | ||||||||||||||||||
Energy: 5.1% | |||||||||||||||||||
101,000 | @, L | Bill Barrett Corp. | 2,704,780 | 0.8 | |||||||||||||||
125,100 | @, L | C&J Energy Services, Inc. | 2,889,810 | 0.9 | |||||||||||||||
51,800 | @ | Unit Corp. | 2,673,916 | 0.8 | |||||||||||||||
406,450 | Other Securities(a) | 8,652,109 | 2.6 | ||||||||||||||||
16,920,615 | 5.1 | ||||||||||||||||||
Financials: 10.3% | |||||||||||||||||||
81,924 | Coresite Realty Corp. | 2,637,134 | 0.8 | ||||||||||||||||
39,933 | Financial Engines, Inc. | 2,774,545 | 0.9 | ||||||||||||||||
39,184 | MarketAxess Holdings, Inc. | 2,620,234 | 0.8 | ||||||||||||||||
69,986 | @ | Portfolio Recovery Associates, Inc. | 3,698,060 | 1.1 | |||||||||||||||
47,500 | Sovran Self Storage, Inc. | 3,095,575 | 0.9 | ||||||||||||||||
546,379 | Other Securities | 19,351,525 | 5.8 | ||||||||||||||||
34,177,073 | 10.3 | ||||||||||||||||||
Health Care: 16.3% | |||||||||||||||||||
114,931 | Healthsouth Corp. | 3,829,501 | 1.1 | ||||||||||||||||
70,500 | @ | Team Health Holdings, Inc. | 3,211,275 | 1.0 | |||||||||||||||
71,200 | @ | Thoratec Corp. | 2,605,920 | 0.8 | |||||||||||||||
38,800 | @ | WellCare Health Plans, Inc. | 2,732,296 | 0.8 | |||||||||||||||
1,298,099 | Other Securities(a) | 41,775,623 | 12.6 | ||||||||||||||||
54,154,615 | 16.3 | ||||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Industrials: 14.6% | |||||||||||||||||||
83,135 | Actuant Corp. | $ | 3,046,066 | 0.9 | |||||||||||||||
58,600 | @ | EnPro Industries, Inc. | 3,378,290 | 1.0 | |||||||||||||||
108,651 | Healthcare Services Group | 3,082,429 | 0.9 | ||||||||||||||||
79,160 | @ | HUB Group, Inc. | 3,156,901 | 0.9 | |||||||||||||||
199,600 | Knight Transportation, Inc. | 3,660,664 | 1.1 | ||||||||||||||||
36,900 | Regal-Beloit Corp. | 2,720,268 | 0.8 | ||||||||||||||||
78,800 | Simpson Manufacturing Co., Inc. | 2,894,324 | 0.9 | ||||||||||||||||
29,075 | @ | Teledyne Technologies, Inc. | 2,670,829 | 0.8 | |||||||||||||||
52,800 | Toro Co. | 3,358,080 | 1.0 | ||||||||||||||||
57,590 | Woodward Governor Co. | 2,626,680 | 0.8 | ||||||||||||||||
361,749 | Other Securities | 18,153,821 | 5.5 | ||||||||||||||||
48,748,352 | 14.6 | ||||||||||||||||||
Information Technology: 23.8% | |||||||||||||||||||
182,600 | @ | Aruba Networks, Inc. | 3,268,540 | 1.0 | |||||||||||||||
111,300 | @ | Aspen Technology, Inc. | 4,652,340 | 1.4 | |||||||||||||||
73,045 | Blackbaud, Inc. | 2,750,145 | 0.8 | ||||||||||||||||
78,882 | @ | Cardtronics, Inc. | 3,427,423 | 1.0 | |||||||||||||||
51,700 | @ | Commvault Systems, Inc. | 3,871,296 | 1.2 | |||||||||||||||
56,800 | @ | DealerTrack Holdings, Inc. | 2,730,944 | 0.8 | |||||||||||||||
71,800 | j2 Global, Inc. | 3,590,718 | 1.1 | ||||||||||||||||
48,289 | @ | Micros Systems, Inc. | 2,770,340 | 0.8 | |||||||||||||||
115,900 | @ | PTC, Inc. | 4,101,701 | 1.2 | |||||||||||||||
119,100 | @ | QLIK Technologies, Inc. | 3,171,633 | 1.0 | |||||||||||||||
38,073 | @ | WEX, Inc. | 3,770,369 | 1.2 | |||||||||||||||
1,962,514 | Other Securities | 40,990,183 | 12.3 | ||||||||||||||||
79,095,632 | 23.8 | ||||||||||||||||||
Materials: 4.6% | |||||||||||||||||||
131,793 | Commercial Metals Co. | 2,679,351 | 0.8 | ||||||||||||||||
67,100 | HB Fuller Co. | 3,491,884 | 1.0 | ||||||||||||||||
558,610 | Other Securities | 9,200,507 | 2.8 | ||||||||||||||||
15,371,742 | 4.6 | ||||||||||||||||||
Total Common Stock (Cost $238,438,773) | 318,047,544 | 95.6 | |||||||||||||||||
EXCHANGE-TRADED FUNDS: 1.8% | |||||||||||||||||||
45,407 | iShares Russell 2000 Growth Index Fund | 6,153,102 | 1.8 | ||||||||||||||||
Total Exchange-Traded Funds (Cost $4,126,512) | 6,153,102 | 1.8 | |||||||||||||||||
Total Long-Term Investments (Cost $242,565,285) | 324,200,646 | 97.4 |
AS OF DECEMBER 31, 2013 (CONTINUED)
OPPORTUNITIES PORTFOLIO
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 6.9% | |||||||||||||||||||
Securities Lending Collateralcc(1): 3.7% | |||||||||||||||||||
2,929,989 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/13, 0.01%, due 01/02/14 (Repurchase Amount $2,929,991, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%–10.500%, Market Value plus accrued interest $2,988,589, due 01/15/14–05/01/51) | $ | 2,929,989 | 0.8 | |||||||||||||||
2,929,989 | Citigroup, Inc., Repurchase Agreement dated 12/31/13, 0.02%, due 01/02/14 (Repurchase Amount $2,929,992, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 2.080%–11.000%, Market Value plus accrued interest $2,988,589, due 12/15/15–08/15/53) | 2,929,989 | 0.9 | ||||||||||||||||
2,929,989 | Deutsche Bank AG, Repurchase Agreement dated 12/31/13, 0.03%, due 01/02/14 (Repurchase Amount $2,929,994, collateralized by various U.S. Government Agency Obligations, 0.000%–8.000%, Market Value plus accrued interest $2,988,590, due 01/24/14–02/01/47) | 2,929,989 | 0.9 | ||||||||||||||||
2,929,989 | Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/31/13, 0.01%, due 01/02/14 (Repurchase Amount $2,929,991, collateralized by various U.S. Government Agency Obligations, 1.364%–7.000%, Market Value plus accrued interest $2,988,589, due 06/01/17–09/01/44) | 2,929,989 | 0.9 | ||||||||||||||||
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Securities Lending Collateralcc(1): (continued) | |||||||||||||||||||
616,831 | Royal Bank of Canada, Repurchase Agreement dated 12/31/13, 0.00%, due 01/02/14 (Repurchase Amount $616,831, collateralized by various U.S. Government Securities, 0.000%–2.500%, Market Value plus accrued interest $629,168, due 01/23/14–08/15/23) | $ | 616,831 | 0.2 | |||||||||||||||
12,336,787 | 3.7 | ||||||||||||||||||
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
Mutual Funds: 3.2% | |||||||||||||||||||
10,530,131 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.020%†† (Cost $10,530,131) | 10,530,131 | 3.2 | ||||||||||||||||
Total Short-Term Investments (Cost $22,866,918) | 22,866,918 | 6.9 | |||||||||||||||||
Total Investments in Securities (Cost $265,432,203) | $ | 347,067,564 | 104.3 | ||||||||||||||||
Liabilities in Excess of Other Assets | (14,417,174 | ) | (4.3 | ) | |||||||||||||||
Net Assets | $ | 332,650,390 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2013. |
@ | 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 December 31, 2013. |
(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 $267,583,490. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 85,208,911 | ||||
Gross Unrealized Depreciation | (5,724,836 | ) | ||||
Net Unrealized Appreciation | $ | 79,484,075 |
AS OF DECEMBER 31, 2013 (CONTINUED)
OPPORTUNITIES PORTFOLIO
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock* | $ | 318,047,544 | $ | — | $ | — | $ | 318,047,544 | ||||||||||
Exchange-Traded Funds | 6,153,102 | — | — | 6,153,102 | ||||||||||||||
Short-Term Investments | 10,530,131 | 12,336,787 | — | 22,866,918 | ||||||||||||||
Total Investments, at fair value | $ | 334,730,777 | $ | 12,336,787 | $ | — | $ | 347,067,564 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
* | For further breakdown of Common Stock by sector, please refer to the Summary Portfolio of Investments. |
Portfolio Name | Type | Per Share Amount | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
ING International Value Portfolio | ||||||||||
Class ADV | NII | $ | 0.1860 | |||||||
Class I | NII | $ | 0.2286 | |||||||
Class S | NII | $ | 0.2107 | |||||||
ING MidCap Opportunities Portfolio | ||||||||||
Class I | NII | $ | 0.0050 | |||||||
All Classes | LTCG | $ | 0.3572 | |||||||
ING SmallCap Opportunities Portfolio | ||||||||||
All Classes | STCG | $ | 0.4698 | |||||||
All Classes | LTCG | $ | 1.1345 |
ING International Value Portfolio | 0.37 | % | ||||
ING MidCap Opportunities Portfolio | 18.46 | % | ||||
ING SmallCap Opportunities Portfolio | 32.73 | % |
Creditable Foreign Taxes Paid | Per Share Amount | Portion of Ordinary Income Distribution Derived from Foreign Sourced Income* | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ING International Value Portfolio | $ | 206,200 | $ | 0.0148 | 93.87 | % |
* | None of the Portfolio’s income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code. |
3 | To approve a new investment advisory agreement for certain Portfolios with ING Investments prompted by the IPO, and to approve, under certain circumstances, any future advisory agreements prompted by Change of Control Events that occur as part of the Separation Plan. |
4 | To approve a new investment sub-advisory agreement between DSL or ING Investments, as applicable, and ING IM with respect to the certain Portfolios prompted by the IPO, and to approve, under certain circumstances, any future sub-advisory agreements prompted by Change of Control events that occur as part of the Separation Plan. |
5 | To elect 13 nominees to the Board. |
8 | To approve a modification to the current manager-of-managers policy to permit DSL or ING Investments, as applicable, subject to prior approval by the Board, to enter into and materially amend agreements with wholly owned sub-advisers without obtaining the approval of the Portfolio’s shareholders. |
Proposal | Shares voted for | Shares voted against or withheld | Shares abstained | Broker non-vote | Total Shares Voted | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ING International Value Portfolio | 3* | 8,126,022.000 | 2,048,063.000 | 398,109.000 | 0.000 | 10,572,194.000 | ||||||||||||||||||||
4* | 8,143,505.000 | 2,051,894.000 | 376,795.000 | 0.000 | 10,572,194.000 | |||||||||||||||||||||
8* | 7,791,050.334 | 2,236,193.333 | 544,950.333 | 0.000 | 10,572,194.000 |
* | Proposals Passed |
Proposal | Shares voted for | Shares voted against or withheld | Shares abstained | Broker non-vote | Total Shares Voted | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ING MidCap Opportunities Portfolio | 3* | 49,310,905.035 | 2,766,519.000 | 4,711,218.000 | 1,048.758 | 56,789,690.793 | ||||||||||||||||||||
4* | 49,183,578.035 | 3,049,784.000 | 4,555,280.000 | 1,048.758 | 56,789,690.793 | |||||||||||||||||||||
8* | 47,274,579.285 | 5,298,511.250 | 4,215,551.250 | 1,049.008 | 56,789,690.793 |
* | Proposals Passed |
Proposal | Shares voted for | Shares voted against or withheld | Shares abstained | Broker non-vote | Total Shares Voted | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ING SmallCap Opportunities Portfolio | 3* | 5,538,319.000 | 309,100.000 | 411,631.000 | 2,108.385 | 6,261,158.385 | ||||||||||||||||||||
4* | 5,521,512.250 | 364,819.250 | 372,718.250 | 2,108.635 | 6,261,158.385 | |||||||||||||||||||||
8* | 5,217,062.750 | 607,705.750 | 434,280.750 | 2,109.135 | 6,261,158.385 |
* | Proposals Passed |
ING Variable Products Trust | Proposal | For All | Withhold All | For all Except | Broker non-vote | Total Shares Voted | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Colleen D. Baldwin | 5* | 69,949,969.678 | 3,673,073.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
John V. Boyer | 5* | 70,097,531.678 | 3,525,511.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
Patricia W. Chadwick | 5* | 69,943,971.678 | 3,679,071.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
Albert E. DePrince, Jr. | 5* | 69,917,373.678 | 3,705,669.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
Peter S. Drotch | 5* | 69,853,122.678 | 3,769,920.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
J. Michael Earley | 5* | 70,015,381.678 | 3,607,661.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
Martin J. Gavin** | 5* | 70,049,658.678 | 3,573,384.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
Russell H. Jones | 5* | 70,119,389.678 | 3,503,653.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
Patrick W. Kenny | 5* | 70,026,258.678 | 3,596,784.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
Shaun P. Mathews | 5* | 70,119,431.678 | 3,503,611.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
Joseph E. Obermeyer | 5* | 69,909,488.678 | 3,713,554.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
Sheryl K. Pressler | 5* | 69,905,382.678 | 3,717,660.500 | 0.000 | 0.000 | 73,623,043.178 | ||||||||||||||||||||
Roger B. Vincent | 5* | 70,004,782.678 | 3,618,260.500 | 0.000 | 0.000 | 73,623,043.178 |
* | Proposal Passed |
** | Effective close of business September 12, 2013, Mr. Gavin resigned as Trustee. |
Name, Address and Age | Position(s) Held with the Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) — During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee(2) | Other Board Positions Held by Trustee | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Independent Trustees: | ||||||||||||||||||||||
Colleen D. Baldwin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53 | Trustee | November 2007– Present | President, Glantuam Partners, LLC, a business consulting firm (January 2009–Present). | 171 | None. | |||||||||||||||||
John V. Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60 | Chairperson/Trustee | January 2005– Present | President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008–Present). | 171 | None. | |||||||||||||||||
Patricia W. Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 65 | Trustee | January 2006– Present | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000– Present). | 171 | Wisconsin Energy Corporation (June 2006– Present) and The Royce Fund, (35 funds) (December 2009–Present). | |||||||||||||||||
Albert E. DePrince, Jr. 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 72 | Trustee | May 2013–Present | Professor of Economics and Finance, Middle Tennessee State University (August 1991–Present). | 171 | None. | |||||||||||||||||
Peter S. Drotch 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 72 | Trustee | November 2007– Present | Retired. | 171 | First Marblehead Corporation (September 2003–Present). | |||||||||||||||||
J. Michael Earley 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 68 | Trustee | February 2002– Present | Retired. | 171 | None. | |||||||||||||||||
Russell H. Jones 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69 | Trustee | May 2013–Present | Retired. | 171 | None. | |||||||||||||||||
Patrick W. Kenny 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 71 | Trustee | January 2005– Present | Retired. Formerly, President and Chief Executive Officer, International Insurance Society (June 2001–June 2009). | 171 | Assured Guaranty Ltd. (April 2004–Present). | |||||||||||||||||
Joseph E. Obermeyer 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | Trustee | May 2013–Present | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999–Present). | 171 | None. | |||||||||||||||||
Sheryl K. Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63 | Trustee | January 2006– Present | Consultant (May 2001– Present). | 171 | None. | |||||||||||||||||
Roger B. Vincent 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 68 | Trustee | February 2002– Present | Retired. Formerly, President, Springwell Corporation, a corporate finance firm (March 1989–August 2011). | 171 | UGI Corporation (February 2006–Present) and UGI Utilities, Inc. (February 2006–Present). |
Name, Address and Age | Position(s) Held with the Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) — During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee(2) | Other Board Positions Held by Trustee | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Trustee who is an “Interested Person”: | ||||||||||||||||||||||
Shaun P. Mathews(3) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58 | Trustee | November 2007– Present | President and Chief Executive Officer, ING Investments, LLC (November 2006–Present). | 171 | ING Capital Corporation, LLC (December 2005– Present) and ING Investments Distributor, LLC (December 2005– Present; ING Funds Services, LLC, ING Investments LLC and ING Investment Management, LLC (March 2006–Present); and ING Investment Trust Co. (April 2009–Present). |
(1) | Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee (“Independent Trustee”) is subject to the Board’s retirement policy, which states that each duly elected or appointed Independent Trustee who shall retire from and cease to be a member of the Board of Trustees as of the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 73. A majority vote of the Board’s other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for purposes of appointing a successor to the Trustee or otherwise comply with applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees). |
(2) | For the purpose of this table “ING Fund Complex” means the following investment companies: ING Asia Pacific High Dividend Equity Income Fund; ING Balanced Portfolio, Inc.; ING Emerging Markets High Dividend Equity Fund; ING Emerging Markets Local Bond Fund; ING Equity Trust; ING Funds Trust; ING Global Advantage and Premium Opportunity Fund; ING Global Equity Dividend and Premium Opportunity Fund; ING Global Strategic Income Fund; ING Infrastructure, Industrials and Materials Fund; ING Intermediate Bond Portfolio; ING International High Dividend Equity Income Fund; ING Investors Trust; ING Money Market Portfolio; ING Mutual Funds; ING Partners, Inc.; ING Prime Rate Trust; ING Risk Managed Natural Resources Fund; ING Senior Income Fund; ING Separate Portfolios Trust; ING Series Fund, Inc.; ING Short Duration High Income Fund; ING Strategic Allocation Portfolios, Inc.; ING Variable Funds; ING Variable Insurance Trust; ING Variable Portfolios, Inc.; and ING Variable Products Trust. The number of funds in the ING Fund Complex is as of January 31, 2014. |
(3) | “Interested person,” as defined in the 1940 Act, by virtue of this Trustee’s current affiliation with any of the Funds, ING or any of ING’s affiliates. |
Name, Address and Age | Position(s) Held With the Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) — During the Past 5 Years | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58 | President and Chief Executive Officer | November 2006–Present | President and Chief Executive Officer, ING Investments, LLC (November 2006–Present). | |||||||||||
Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 | Executive Vice President | February 2002–Present | Managing Director and Chief Operating Officer, ING Investments, LLC and ING Funds Services, LLC (April 2012–Present). Formerly, Chief Compliance Officer, Directed Services LLC and ING Investments, LLC (March 2011–December 2013); Executive Vice President and Chief Operating Officer, ING Investments, LLC and ING Funds Services, LLC (January 2007–April 2012) and Chief Compliance Officer, ING Funds (March 2011–February 2012). | |||||||||||
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 63 | Executive Vice President Chief Investment Risk Officer | November 1999–Present September 2009–Present | Executive Vice President, ING Investments, LLC (July 2000–Present) and Chief Investment Risk Officer, ING Investments, LLC (January 2003–Present). | |||||||||||
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 | Chief Compliance Officer | February 2012–Present | Senior Vice President, ING Investments, LLC (February 2012–Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (June 2004–January 2012). | |||||||||||
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46 | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | March 2005–Present | Senior Vice President, ING Funds Services, LLC (March 2005–Present). | |||||||||||
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49 | Senior Vice President | November 2003–Present | Senior Vice President, ING Investments, LLC (October 2003–Present). | |||||||||||
Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43 | Senior Vice President | May 2006–Present | Senior Vice President, Head of Division Operations, ING Funds Services, LLC (January 2006–Present). | |||||||||||
Julius A. Drelick, III 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 | Senior Vice President | July 2012–Present | Senior Vice President — Fund Compliance, ING Funds Services, LLC (June 2012–Present). Chief Compliance Officer of Directed Services LLC, and ING Investments LLC (January 2014–Present). Formerly, Vice President — Platform Product Management & Project Management, ING Investments, LLC (April 2007–June 2012). | |||||||||||
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41 | Vice President and Treasurer | September 2012–Present | Vice President, ING Funds Services, LLC (March 2012–Present). Formerly, Assistant Vice President — Director, ING Funds Services, LLC (March 2003–March 2012). | |||||||||||
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46 | Vice President | November 1999–Present | Vice President, ING Funds Services, LLC (November 1995–Present) and ING Investments, LLC (August 1997–Present). Formerly, Treasurer, ING Funds (November 1999–February 2012). | |||||||||||
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 | Vice President | September 2004–Present | Vice President, ING Funds Services, LLC (September 2004–Present). |
Name, Address and Age | Position(s) Held With the Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) — During the Past 5 Years | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60 | Vice President | February 2003–Present | Vice President, ING Investments, LLC and ING Funds Services, LLC (February 1996–Present); Director of Compliance, ING Investments, LLC (October 2004–Present); and Vice President and Money Laundering Reporting Officer, ING Investments Distributor, LLC (April 2010– Present). Formerly, Chief Compliance Officer, ING Investments Distributor, LLC (August 1995–April 2010). | |||||||||||
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 37 | Vice President | September 2012–Present | Vice President, ING Funds Services, LLC (July 2007–Present). | |||||||||||
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | Vice President | March 2006–Present | Vice President — Platform Product Management & Project Management, ING Investments, LLC (July 2012–Present); Vice President, ING Investment Management — ING Funds (March 2010–Present) and Vice President, ING Funds Services, LLC (March 2006–Present). Formerly Managing Paralegal, Registration Statements (June 2003–July 2012). | |||||||||||
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 | Assistant Vice President | May 2008–Present | Vice President — Director of Tax, ING Funds Services, LLC (March 2013–Present). Formerly, Assistant Vice President — Director of Tax, ING Funds Services, LLC (March 2008–March 2013). | |||||||||||
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50 | Secretary | August 2003–Present | Senior Vice President and Chief Counsel, ING Investment Management — ING Funds (March 2010–Present). Formerly, Chief Counsel, ING Americas, U.S. Legal Services (October 2003–March 2010). | |||||||||||
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51 | Assistant Secretary | August 2003–Present | Vice President and Senior Counsel, ING Investment Management — ING Funds (March 2010–Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008–March 2010). | |||||||||||
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62 | Assistant Secretary | June 2010–Present | Vice President and Senior Counsel, ING Investment Management — ING Funds (March 2010–Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008–March 2010). |
(1) | The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified. |
Current Registrant Name/ Current Portfolio Name | New Registrant Name/ New Portfolio Name, effective May 1, 2014 | |||||
---|---|---|---|---|---|---|
ING Variable Products Trust | Voya Variable Products Trust | |||||
ING International Value Portfolio | Voya International Value Portfolio | |||||
ING MidCap Opportunities Portfolio | Voya MidCap Opportunities Portfolio | |||||
ING SmallCap Opportunities Portfolio | Voya SmallCap Opportunities Portfolio |
ING Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
ING Funds Services, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
ING Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Dechert LLP
1900 K Street, N.W.
Washington, D.C. 20006
Item 2. Code of Ethics.
As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 10(a)(1), Exhibit 99.CODE ETH.
Item 3. Audit Committee Financial Expert.
The Board of Trustees has determined that J. Michael Earley, Peter Drotch and Colleen Baldwin are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Earley, Mr. Drotch and Ms. Baldwin are “independent” for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), the principal accountant for the audit of the registrant’s annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $63,500 for year ended December 31, 2013 and $56,700 for year ended December 31, 2012.
(b) Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $7,200 for year ended December 31, 2013 and $7,200 for year ended December 31, 2012.
(c) Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $18,618 in the year ended December 31, 2013 and $13,350 in the year ended December 31, 2012. Such services included review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state and excise tax returns, tax services related to mergers and routine consulting.
(d) All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were $9 in the year ended December 31, 2013 and $0 in the year ended December 31, 2012.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY
I.
Statement of Principles
Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the ING Funds (each a “Fund,” collectively, the “Funds”) set out on Exhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.
Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.
For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.
The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.
II.
Audit Services
The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.
The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.
The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.
III.
Audit-related Services
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-SAR or Form N-CSR.
The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.
IV.
Tax Services
The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.
The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult
outside counsel to determine that tax planning and reporting positions are consistent with this Policy.
The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.
V.
Other Services
The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.
The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.
A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.
VI.
Pre-approval of Fee levels and Budgeted Amounts
The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).
VII.
Procedures
Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.
VIII.
Delegation
The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.
IX.
Additional Requirements
The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.
Effective April 23, 2008, the KPMG LLP (“KPMG”) audit team for the ING Funds accepted the global responsibility for monitoring the auditor independence for KPMG relative to the ING Funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the ING entities that would impair KPMG independence with the respect to the ING Funds. In addition to receiving pre-approval from the ING Funds Audit Committee for services provided to the ING Funds and for services for ING entities in the Investment Company Complex, the audit team has developed a process for periodic notification via email to the ING Funds’ Audit Committee Chairpersons regarding requests to provide services to ING Groep NV and its affiliates from KPMG offices worldwide. Additionally, KPMG provides a quarterly summary of the fees for services that have commenced for ING Groep NV and Affiliates at each Audit Committee Meeting.
Last Approved: November 21, 2013
Appendix A
Pre-Approved Audit Services for the Pre-Approval Period October 1, 2013 through December 31, 2014
Service | ||
| The Fund(s) | Fee Range |
Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to |
Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters. | √ | Not to exceed |
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed |
Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed |
Audit of summary portfolio of investments | √ | Not to exceed |
____________________
1
For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.
Appendix B
Pre-Approved Audit-Related Services for the Pre-Approval Period October 1, 2013 through December 31, 2014
Service | |||
| The Fund(s) | Fund Affiliates | Fee Range |
Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | √ | √ | Not to exceed |
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.] | √ |
| Not to exceed |
Review of the Funds’ semi-annual and quarterly financial statements | √ |
| Not to exceed |
Reports to regulatory or government agencies related to the annual engagement | √ |
| Up to $5,000 per |
Regulatory compliance assistance | √ | √ | Not to exceed |
Training courses |
| √ | Not to exceed |
For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies | √ |
| Not to exceed |
Appendix C
Pre-Approved Tax Services for the Pre-Approval Period October 1, 2013 through December 31, 2014
Service | |||
| The Fund(s) | Fund Affiliates | Fee Range |
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions | √ |
| As presented to |
Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ |
| As presented to |
Assistance and advice regarding year-end reporting for 1099’s | √ |
| As presented to |
Tax assistance and advice regarding statutory, regulatory or administrative developments | √ | √ | Not to exceed |
____________________
2
For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.
Appendix C, continued
Service | |||
| The Fund(s) | Fund Affiliates | Fee Range |
Tax training courses |
| √ | Not to exceed |
Tax services associated with Fund mergers | √ | √ | Not to exceed |
Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, and similar routine tax consultations. | √ |
| Not to exceed |
Appendix D
Pre-Approved Other Services for the Pre-Approval Period October 1, 2013 through December 31, 2014
Service | |||
| The Fund(s) | Fund Affiliates | Fee Range |
Agreed-upon procedures for Class B share 12b-1 programs |
| √ | Not to exceed |
Security counts performed pursuant to Rule 17f-2 of the 1940 Act ( i.e., counts for Funds holding securities with affiliated sub-custodians) Cost to be borne 50% by the Funds and 50% by ING Investments, LLC. | √ | √ | Not to exceed |
Agreed upon procedures for 15 (c) FACT Books | √ |
| Not to exceed |
Appendix E
Prohibited Non-Audit Services
Dated:
October 1, 2013 to December 31, 2014
·
Bookkeeping or other services related to the accounting records or financial statements of the Funds
·
Financial information systems design and implementation
·
Appraisal or valuation services, fairness opinions, or contribution-in-kind reports
·
Actuarial services
·
Internal audit outsourcing services
·
Management functions
·
Human resources
·
Broker-dealer, investment adviser, or investment banking services
·
Legal services
·
Expert services unrelated to the audit
·
Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible
EXHIBIT A
ING ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND
ING BALANCED PORTFOLIO, INC.
ING EMERGING MARKETS LOCAL BOND FUND
ING EMERING MARKETS HIGH DIVIDEND EQUITY FUND
ING EQUITY TRUST
ING FUNDS TRUST
ING GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND
ING GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND
ING GLOBAL STRATEGIC INCOME FUND
ING INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND
ING INTERMEDIATE BOND PORTFOLIO
ING INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND
ING INVESTORS TRUST
ING MONEY MARKET PORTFOLIO
ING MUTUAL FUNDS
ING PARTNERS, INC.
ING PRIME RATE TRUST
ING RISK MANAGED NATURAL RESOURCES FUNDING INVESTORS TRUST
ING SENIOR INCOME FUND
ING SEPARATE PORTFOLIOS TRUST
ING SERIES FUND, INC.
ING SHORT DURATION HIGH INCOME FUND
ING STRATEGIC ALLOCATIONS PORTFOLIOS, INC.
ING VARIABLE FUNDS
ING VARIABLE INSURANCE TRUST
ING VARIABLE PORTFOLIOS INC,
ING VARIABLE PRODUCTS TRUST
(e)(2) | Percentage of services referred to in 4(b) — (4)(d) that were approved by the audit committee |
100% of the services were approved by the audit committee.
(f) | Percentage of hours expended attributable to work performed by other than full time employees of KPMG if greater than 50%. |
Not applicable.
(g) | Non-Audit Fees: The non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $1,135,567 for year ended December 31, 2013 and $2,085,015 for year ended December 31, 2012. |
(h) | Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining KPMG’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments
Summary schedule is included as part of the report to shareholders filed under Item 1 of this Form, if applicable.
Report of Independent Registered Public Accounting Firm
The Shareholders and Board of Trustees
ING Variable Products Trust
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statements of assets and liabilities, including the summary portfolios of investments, of ING International Value Portfolio, ING MidCap Opportunities Portfolio, and ING SmallCap Opportunities Portfolio, each a series of ING Variable Products Trust, as of December 31, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended and have issued our unqualified report thereon dated February 20, 2014 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). In connection with our audits of the aforementioned financial statements and financial highlights, we also audited the related portfolios of investments included in Item 6 of this Form N-CSR. The portfolios of investments are the responsibility of management. Our responsibility is to express an opinion on the portfolios of investments based on our audits.
In our opinion, the portfolios of investments, when considered in relation to the basic financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.
Boston, Massachusetts
February 26, 2014
ING International Value Portfolio | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2013 |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 98.8% | |||||||||||||||||||
Australia: 1.4% | |||||||||||||||||||
36,735 | Macquarie Group Ltd. | $ | 1,803,047 | 1.3 | |||||||||||||||
38,923 | Sydney Airport | 132,285 | 0.1 | ||||||||||||||||
1,935,332 | 1.4 | ||||||||||||||||||
Belgium: 1.1% | |||||||||||||||||||
27,042 | KBC Groep NV | 1,537,493 | 1.1 | ||||||||||||||||
Denmark: 2.5% | |||||||||||||||||||
118 | AP Moller—Maersk A/S—Class B | 1,276,991 | 0.9 | ||||||||||||||||
91,647 | @ | Danske Bank A/S | 2,105,285 | 1.6 | |||||||||||||||
3,382,276 | 2.5 | ||||||||||||||||||
Finland: 1.0% | |||||||||||||||||||
57,496 | Fortum OYJ | 1,315,392 | 1.0 | ||||||||||||||||
France: 14.0% | |||||||||||||||||||
33,720 | Alstom | 1,229,657 | 0.9 | ||||||||||||||||
93,434 | AXA S.A. | 2,601,925 | 1.9 | ||||||||||||||||
15,304 | Casino Guichard Perrachon S.A. | 1,765,875 | 1.3 | ||||||||||||||||
153,328 | Orange S.A. | 1,903,594 | 1.4 | ||||||||||||||||
227,009 | Natixis | 1,335,552 | 1.0 | ||||||||||||||||
7,494 | Kering | 1,584,092 | 1.2 | ||||||||||||||||
21,835 | Renault S.A. | 1,757,209 | 1.3 | ||||||||||||||||
21,635 | Sanofi | 2,310,517 | 1.7 | ||||||||||||||||
98,958 | Suez Environnement S.A. | 1,774,628 | 1.3 | ||||||||||||||||
42,413 | @ | Total S.A. | 2,603,297 | 2.0 | |||||||||||||||
18,866,346 | 14.0 | ||||||||||||||||||
Germany: 9.1% | |||||||||||||||||||
22,416 | BASF AG | 2,392,557 | 1.8 | ||||||||||||||||
17,922 | Bayer AG | 2,516,449 | 1.8 | ||||||||||||||||
11,455 | Bayerische Motoren Werke AG | 1,345,197 | 1.0 | ||||||||||||||||
56,391 | @ | Commerzbank AG | 910,346 | 0.7 | |||||||||||||||
36,507 | Deutsche Post AG | 1,333,423 | 1.0 | ||||||||||||||||
75,862 | Deutsche Telekom AG | 1,307,122 | 1.0 | ||||||||||||||||
18,106 | Siemens AG | 2,482,679 | 1.8 | ||||||||||||||||
12,287,773 | 9.1 | ||||||||||||||||||
Hong Kong: 1.8% | |||||||||||||||||||
345,700 | AIA Group Ltd. | 1,740,077 | 1.3 | ||||||||||||||||
205,500 | Yue Yuen Industrial Holdings | 687,135 | 0.5 | ||||||||||||||||
2,427,212 | 1.8 | ||||||||||||||||||
Italy: 3.5% | |||||||||||||||||||
319,010 | Enel S.p.A. | 1,391,973 | 1.0 | ||||||||||||||||
54,047 | ENI S.p.A. | 1,305,978 | 1.0 | ||||||||||||||||
268,937 | UniCredit SpA | 1,983,862 | 1.5 | ||||||||||||||||
4,681,813 | 3.5 | ||||||||||||||||||
Japan: 20.8% | |||||||||||||||||||
129,000 | Ajinomoto Co., Inc. | 1,867,493 | 1.4 | ||||||||||||||||
16,700 | Astellas Pharma, Inc. | 990,090 | 0.7 | ||||||||||||||||
19,400 | East Japan Railway Co. | 1,545,362 | 1.2 | ||||||||||||||||
44,000 | Fuji Heavy Industries Ltd. | 1,264,514 | 0.9 | ||||||||||||||||
287,112 | Hitachi Ltd. | 2,176,927 | 1.6 | ||||||||||||||||
137,000 | Japan Steel Works Ltd. | 767,683 | 0.6 | ||||||||||||||||
58,700 | Japan Tobacco, Inc. | 1,910,025 | 1.4 | ||||||||||||||||
66,800 | JSR Corp. | 1,294,779 | 1.0 | ||||||||||||||||
19,100 | KDDI Corp. | 1,176,852 | 0.9 | ||||||||||||||||
65,000 | Komatsu Ltd. | 1,334,534 | 1.0 | ||||||||||||||||
83,700 | Mitsubishi Corp. | 1,606,866 | 1.2 | ||||||||||||||||
30,000 | Mitsui Fudosan Co., Ltd. | 1,082,120 | 0.8 | ||||||||||||||||
808,000 | Mizuho Financial Group, Inc. | 1,754,193 | 1.3 | ||||||||||||||||
146,200 | Nomura Holdings, Inc. | 1,129,806 | 0.8 | ||||||||||||||||
88,300 | Panasonic Corp. | 1,029,332 | 0.8 | ||||||||||||||||
42,700 | Shionogi & Co., Ltd. | 927,003 | 0.7 | ||||||||||||||||
49,900 | Sumitomo Mitsui Financial Group, Inc. | 2,594,969 | 1.9 | ||||||||||||||||
40,100 | Tokio Marine Holdings, Inc. | 1,342,134 | 1.0 | ||||||||||||||||
35,300 | Toyota Motor Corp. | 2,152,421 | 1.6 | ||||||||||||||||
27,947,103 | 20.8 | ||||||||||||||||||
Netherlands: 7.7% | |||||||||||||||||||
38,100 | L | ArcelorMittal | 679,704 | 0.5 | |||||||||||||||
17,768 | European Aeronautic Defence and Space Co. NV | 1,364,059 | 1.0 | ||||||||||||||||
22,503 | Koninklijke DSM NV | 1,770,957 | 1.3 | ||||||||||||||||
49,616 | @ | Koninklijke Philips NV | 1,826,928 | 1.4 | |||||||||||||||
65,426 | Reed Elsevier NV | 1,390,554 | 1.0 | ||||||||||||||||
91,526 | Royal Dutch Shell PLC—Class A | 3,280,150 | 2.5 | ||||||||||||||||
10,312,352 | 7.7 | ||||||||||||||||||
New Zealand: 0.9% | |||||||||||||||||||
616,676 | Telecom Corp. of New Zealand Ltd. | 1,170,571 | 0.9 | ||||||||||||||||
Norway: 1.8% | |||||||||||||||||||
98,779 | Statoil ASA | 2,401,961 | 1.8 | ||||||||||||||||
Singapore: 0.8% | |||||||||||||||||||
388,000 | Singapore Telecommunications Ltd. | 1,128,349 | 0.8 | ||||||||||||||||
Spain: 4.4% | |||||||||||||||||||
216,182 | @ | Banco Popular Espanol SA | 1,305,777 | 1.0 | |||||||||||||||
183,448 | Banco Bilbao Vizcaya Argentaria S.A. | 2,269,360 | 1.7 | ||||||||||||||||
205,646 | CaixaBank | 1,071,172 | 0.8 | ||||||||||||||||
49,316 | Gas Natural SDG S.A. | 1,269,366 | 0.9 | ||||||||||||||||
5,915,675 | 4.4 | ||||||||||||||||||
Sweden: 1.8% | |||||||||||||||||||
124,573 | Telefonaktiebolaget LM Ericsson | 1,520,974 | 1.1 | ||||||||||||||||
19,310 | Svenska Handelsbanken AB | 949,411 | 0.7 | ||||||||||||||||
2,470,385 | 1.8 | ||||||||||||||||||
Switzerland: 8.3% | |||||||||||||||||||
13,556 | Cie Financiere Richemont SA | 1,354,210 | 1.0 | ||||||||||||||||
38,907 | Nestle S.A. | 2,851,496 | 2.1 | ||||||||||||||||
43,076 | Novartis AG | 3,452,515 | 2.6 |
ING International Value Portfolio | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2013 (CONTINUED) |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: (continued) | |||||||||||||||||||
Switzerland: (continued) | |||||||||||||||||||
12,442 | Roche Holding AG—Genusschein | $ | 3,485,331 | 2.6 | |||||||||||||||
11,143,552 | 8.3 | ||||||||||||||||||
United Kingdom: 17.1% | |||||||||||||||||||
199,346 | Aviva PLC | 1,491,405 | 1.1 | ||||||||||||||||
69,580 | @ | BHP Billiton PLC | 2,159,072 | 1.6 | |||||||||||||||
45,258 | British American Tobacco PLC | 2,429,195 | 1.8 | ||||||||||||||||
123,330 | @ | CNH Industrial NV | 1,405,681 | 1.0 | |||||||||||||||
117,014 | @ | HSBC Holdings PLC | 1,284,136 | 0.9 | |||||||||||||||
223,840 | Kingfisher PLC | 1,429,011 | 1.1 | ||||||||||||||||
429,284 | Legal & General Group PLC | 1,586,839 | 1.2 | ||||||||||||||||
969,719 | @ | Lloyds TSB Group PLC | 1,272,460 | 0.9 | |||||||||||||||
27,100 | @ | Noble Corp. PLC | 1,015,437 | 0.8 | |||||||||||||||
193,696 | Rexam PLC | 1,704,184 | 1.3 | ||||||||||||||||
20,085 | @ | Rio Tinto PLC | 1,135,002 | 0.8 | |||||||||||||||
36,427 | Schroders PLC | 1,571,078 | 1.2 | ||||||||||||||||
309,865 | Tesco PLC | 1,720,793 | 1.3 | ||||||||||||||||
467,214 | Vodafone Group PLC | 1,839,521 | 1.4 | ||||||||||||||||
44,292 | @ | WPP PLC | 1,014,467 | 0.7 | |||||||||||||||
23,058,281 | 17.1 | ||||||||||||||||||
United States: 0.8% | |||||||||||||||||||
29,200 | @ | Rowan Companies PLC | 1,032,512 | 0.8 | |||||||||||||||
Total Common Stock (Cost $111,240,991) | 133,014,378 | 98.8 | |||||||||||||||||
PREFERRED STOCK: 0.6% | |||||||||||||||||||
Brazil: 0.6% | |||||||||||||||||||
145,934 | Cia Energetica de Minas Gerais | 866,604 | 0.6 | ||||||||||||||||
Total Preferred Stock (Cost $907,560) | 866,604 | 0.6 | |||||||||||||||||
Total Long-Term Investments (Cost $112,148,551) | 133,880,982 | 99.4 | |||||||||||||||||
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
SHORT-TERM INVESTMENTS: 0.8% | |||||||||||||||||||
Securities Lending Collateralcc(1): 0.5% | |||||||||||||||||||
688,448 | Morgan Stanley, Repurchase Agreement dated 12/31/13, 0.03%, due 01/02/14 (Repurchase Amount $688,449, collateralized by various U.S. Government Agency Obligations, 1.372%-8.500%, Market Value plus accrued interest $702,217, due 05/01/17-12/01/44) (Cost $688,448) | 688,448 | 0.5 | ||||||||||||||||
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
Mutual Funds: 0.3% | |||||||||||||||||||
355,000 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.020%†† (Cost $355,000) | 355,000 | 0.3 | ||||||||||||||||
Total Short-Term Investments (Cost $1,043,448) | 1,043,448 | 0.8 | |||||||||||||||||
Total Investments in Securities (Cost $113,191,999) | $ | 134,924,430 | 100.2 | ||||||||||||||||
Liabilities in Excess of Other Assets | (265,923 ) | (0.2 | ) | ||||||||||||||||
Net Assets | $ | 134,658,507 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2013. |
@ | 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 December 31, 2013. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
Cost for federal income tax purposes is $113,495,400. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 23,156,109 | ||||
Gross Unrealized Depreciation | (1,727,079 | ) | ||||
Net Unrealized Appreciation | $ | 21,429,030 |
Sector Diversification | | Percentage of Net Assets | ||||
---|---|---|---|---|---|---|
Financials | 25.7 | % | ||||
Industrials | 12.1 | |||||
Consumer Discretionary | 11.1 | |||||
Health Care | 10.1 | |||||
Consumer Staples | 9.3 | |||||
Energy | 8.9 | |||||
Materials | 8.3 | |||||
Telecommunication Services | 6.4 | |||||
Utilities | 4.8 | |||||
Information Technology | 2.7 | |||||
Short-Term Investments | 0.8 | |||||
Liabilities in Excess of Other Assets | (0.2 | ) | ||||
Net Assets | 100.0 | % |
ING MidCap Opportunities Portfolio | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2013 |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 98.8% | |||||||||||||||||||
Consumer Discretionary: 24.4% | |||||||||||||||||||
562,318 | Best Buy Co., Inc. | $ | 22,425,242 | 1.4 | |||||||||||||||
560,578 | Brinker International, Inc. | 25,977,184 | 1.6 | ||||||||||||||||
62,477 | @ | Chipotle Mexican Grill, Inc. | 33,286,496 | 2.0 | |||||||||||||||
527,461 | Delphi Automotive PLC | 31,716,230 | 1.9 | ||||||||||||||||
437,333 | @ | Discovery Communications, Inc.—Class A | 39,543,650 | 2.4 | |||||||||||||||
589,560 | Gap, Inc. | 23,040,005 | 1.4 | ||||||||||||||||
178,941 | @ | Liberty Media Corp. | 26,205,909 | 1.6 | |||||||||||||||
423,090 | @ | LKQ Corp. | 13,919,661 | 0.9 | |||||||||||||||
638,479 | Macy’s, Inc. | 34,094,778 | 2.1 | ||||||||||||||||
238,960 | @ | The Madison Square Garden, Inc. | 13,759,317 | 0.8 | |||||||||||||||
210,625 | @ | Michael Kors Holdings Ltd. | 17,100,644 | 1.0 | |||||||||||||||
680,960 | Newell Rubbermaid, Inc. | 22,069,914 | 1.3 | ||||||||||||||||
403,526 | Ross Stores, Inc. | 30,236,203 | 1.8 | ||||||||||||||||
362,675 | @ | Scientific Games Corp. | 6,140,088 | 0.4 | |||||||||||||||
638,004 | @ | Starz | 18,655,237 | 1.1 | |||||||||||||||
231,540 | @ | Ulta Salon Cosmetics & Fragrance, Inc. | 22,348,241 | 1.4 | |||||||||||||||
554,326 | @ | Urban Outfitters, Inc. | 20,565,495 | 1.3 | |||||||||||||||
401,084,294 | 24.4 | ||||||||||||||||||
Consumer Staples: 7.6% | |||||||||||||||||||
696,872 | Coca-Cola Enterprises, Inc. | 30,752,961 | 1.9 | ||||||||||||||||
345,267 | Hershey Co. | 33,570,311 | 2.0 | ||||||||||||||||
298,968 | Mead Johnson Nutrition Co. | 25,041,560 | 1.5 | ||||||||||||||||
626,405 | Whole Foods Market, Inc. | 36,225,001 | 2.2 | ||||||||||||||||
125,589,833 | 7.6 | ||||||||||||||||||
Energy: 6.0% | |||||||||||||||||||
1,015,055 | Cabot Oil & Gas Corp. | 39,343,532 | 2.4 | ||||||||||||||||
487,328 | @ | FMC Technologies, Inc. | 25,443,395 | 1.5 | |||||||||||||||
420,451 | @ | Oasis Petroleum, Inc. | 19,748,583 | 1.2 | |||||||||||||||
177,296 | SM Energy Co. | 14,735,071 | 0.9 | ||||||||||||||||
99,270,581 | 6.0 | ||||||||||||||||||
Financials: 9.6% | |||||||||||||||||||
130,482 | @ | Affiliated Managers Group, Inc. | 28,298,936 | 1.7 | |||||||||||||||
257,093 | Ameriprise Financial, Inc. | 29,578,550 | 1.8 | ||||||||||||||||
537,512 | Arthur J. Gallagher & Co. | 25,225,438 | 1.5 | ||||||||||||||||
482,296 | Gaming and Leisure Properties, Inc. | 24,505,460 | 1.5 | ||||||||||||||||
150,909 | IntercontinentalExchange Group, Inc. | 33,942,452 | 2.1 | ||||||||||||||||
401,286 | Nasdaq Stock Market, Inc. | 15,971,183 | 1.0 | ||||||||||||||||
157,522,019 | 9.6 | ||||||||||||||||||
Health Care: 13.3% | |||||||||||||||||||
202,868 | @ | Actavis PLC | 34,081,824 | 2.1 | |||||||||||||||
382,629 | Agilent Technologies, Inc. | 21,882,552 | 1.3 | ||||||||||||||||
274,392 | @ | Alexion Pharmaceuticals, Inc. | 36,510,599 | 2.2 | |||||||||||||||
143,594 | Cooper Cos., Inc. | 17,782,681 | 1.1 | ||||||||||||||||
184,187 | @ | Henry Schein, Inc. | 21,045,207 | 1.3 | |||||||||||||||
51,290 | @ | Mettler Toledo International, Inc. | 12,442,441 | 0.7 | |||||||||||||||
676,059 | @ | Mylan Laboratories | 29,340,961 | 1.8 | |||||||||||||||
256,465 | @ | Premier, Inc. | 9,427,653 | 0.6 | |||||||||||||||
127,613 | @ | Vertex Pharmaceuticals, Inc. | 9,481,646 | 0.6 | |||||||||||||||
832,091 | Zoetis, Inc. | 27,201,055 | 1.6 | ||||||||||||||||
219,196,619 | 13.3 | ||||||||||||||||||
Industrials: 15.2% | |||||||||||||||||||
539,824 | Ametek, Inc. | 28,432,530 | 1.7 | ||||||||||||||||
299,827 | @ | BE Aerospace, Inc. | 26,093,944 | 1.6 | |||||||||||||||
321,932 | Flowserve Corp. | 25,377,900 | 1.5 | ||||||||||||||||
428,149 | Ingersoll-Rand PLC—Class A | 26,373,978 | 1.6 | ||||||||||||||||
557,557 | KAR Auction Services, Inc. | 16,475,809 | 1.0 | ||||||||||||||||
276,881 | Nordson Corp. | 20,572,258 | 1.2 | ||||||||||||||||
132,184 | @ | Proto Labs, Inc. | 9,408,857 | 0.6 | |||||||||||||||
202,201 | Roper Industries, Inc. | 28,041,235 | 1.7 | ||||||||||||||||
136,286 | Towers Watson & Co. | 17,391,456 | 1.1 | ||||||||||||||||
478,260 | Waste Connections, Inc. | 20,866,484 | 1.3 | ||||||||||||||||
190,237 | @ | Wesco International, Inc. | 17,324,884 | 1.1 | |||||||||||||||
372,683 | Xylem, Inc. | 12,894,832 | 0.8 | ||||||||||||||||
249,254,167 | 15.2 | ||||||||||||||||||
Information Technology: 16.2% | |||||||||||||||||||
119,414 | @ | Alliance Data Systems Corp. | 31,397,523 | 1.9 | |||||||||||||||
494,676 | Broadridge Financial Solutions ADR | 19,549,596 | 1.2 | ||||||||||||||||
160,725 | @ | Citrix Systems, Inc. | 10,165,856 | 0.6 | |||||||||||||||
249,585 | @ | F5 Networks, Inc. | 22,677,293 | 1.4 | |||||||||||||||
446,143 | Flir Systems, Inc. | 13,428,904 | 0.8 | ||||||||||||||||
166,480 | @ | Gartner, Inc. | 11,828,404 | 0.7 | |||||||||||||||
851,560 | @ | Informatica Corp. | 35,339,740 | 2.2 | |||||||||||||||
614,100 | Intuit, Inc. | 46,868,112 | 2.9 | ||||||||||||||||
801,204 | NetApp, Inc. | 32,961,533 | 2.0 | ||||||||||||||||
865,433 | @ | TIBCO Software, Inc. | 19,454,934 | 1.2 | |||||||||||||||
478,582 | Xilinx, Inc. | 21,976,485 | 1.3 | ||||||||||||||||
265,648,380 | 16.2 | ||||||||||||||||||
Materials: 4.6% | |||||||||||||||||||
157,982 | Celanese Corp. | 8,737,985 | 0.6 | ||||||||||||||||
579,208 | International Paper Co. | 28,398,568 | 1.7 | ||||||||||||||||
415,279 | Packaging Corp. of America | 26,278,855 | 1.6 | ||||||||||||||||
588,610 | Steel Dynamics, Inc. | 11,501,439 | 0.7 | ||||||||||||||||
74,916,847 | 4.6 | ||||||||||||||||||
Telecommunication Services: 1.9% | |||||||||||||||||||
347,779 | @ | SBA Communications Corp. | 31,244,465 | 1.9 | |||||||||||||||
Total Common Stock (Cost $1,316,078,378) | 1,623,727,205 | 98.8 |
ING MidCap Opportunities Portfolio | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2013 (CONTINUED) |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 1.9% | |||||||||||||||||||
Mutual Funds: 1.9% | |||||||||||||||||||
31,400,339 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.020%†† (Cost $31,400,339) | $ | 31,400,339 | 1.9 | |||||||||||||||
Total Short-Term Investments (Cost $31,400,339) | 31,400,339 | 1.9 | |||||||||||||||||
Total Investments in Securities (Cost $1,347,478,717) | $ | 1,655,127,544 | 100.7 | ||||||||||||||||
Liabilities in Excess of Other Assets | (12,196,956 ) | (0.7 | ) | ||||||||||||||||
Net Assets | $ | 1,642,930,588 | 100.0 |
†† | Rate shown is the 7-day yield as of December 31, 2013. |
@ | Non-income producing security |
Cost for federal income tax purposes is $1,352,530,227. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 320,030,089 | ||||
Gross Unrealized Depreciation | (17,432,772 | ) | ||||
Net Unrealized Appreciation | $ | 302,597,317 |
ING SmallCap Opportunities Portfolio | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2013 |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 95.6% | |||||||||||||||||||
Consumer Discretionary: 18.8% | |||||||||||||||||||
47,700 | @, L | Aeropostale, Inc. | $ | 433,593 | 0.1 | ||||||||||||||
34,511 | Arctic Cat, Inc. | 1,966,437 | 0.6 | ||||||||||||||||
37,500 | @ | Bally Technologies, Inc. | 2,941,875 | 0.9 | |||||||||||||||
45,063 | @ | Bright Horizons Family Solutions, Inc. | 1,655,615 | 0.5 | |||||||||||||||
247,593 | Callaway Golf Co. | 2,087,209 | 0.6 | ||||||||||||||||
72,900 | Cheesecake Factory | 3,518,883 | 1.1 | ||||||||||||||||
41,700 | @ | Childrens Place Retail Stores, Inc. | 2,375,649 | 0.7 | |||||||||||||||
79,866 | Cinemark Holdings, Inc. | 2,661,934 | 0.8 | ||||||||||||||||
134,400 | Dana Holding Corp. | 2,636,928 | 0.8 | ||||||||||||||||
155,085 | @ | Express, Inc. | 2,895,437 | 0.9 | |||||||||||||||
105,600 | Finish Line | 2,974,752 | 0.9 | ||||||||||||||||
29,200 | Gildan Activewear, Inc. | 1,556,652 | 0.5 | ||||||||||||||||
51,199 | @, L | Hibbett Sporting Goods, Inc. | 3,441,085 | 1.0 | |||||||||||||||
86,632 | @ | Imax Corp. | 2,553,911 | 0.8 | |||||||||||||||
60,700 | @ | Jack in the Box, Inc. | 3,036,214 | 0.9 | |||||||||||||||
56,751 | @ | Life Time Fitness, Inc. | 2,667,297 | 0.8 | |||||||||||||||
86,956 | @ | LKQ Corp. | 2,860,852 | 0.9 | |||||||||||||||
16,502 | @ | Lumber Liquidators | 1,697,891 | 0.5 | |||||||||||||||
55,904 | Monro Muffler, Inc. | 3,150,749 | 0.9 | ||||||||||||||||
44,618 | Pool Corp. | 2,594,090 | 0.8 | ||||||||||||||||
63,800 | @ | Sally Beauty Holdings, Inc. | 1,928,674 | 0.6 | |||||||||||||||
205,368 | @, L | Smith & Wesson Holding Corp. | 2,770,414 | 0.8 | |||||||||||||||
37,758 | @ | Steiner Leisure Ltd. | 1,857,316 | 0.6 | |||||||||||||||
50,394 | Vail Resorts, Inc. | 3,791,141 | 1.1 | ||||||||||||||||
32,326 | Wyndham Worldwide Corp. | 2,382,103 | 0.7 | ||||||||||||||||
62,436,701 | 18.8 | ||||||||||||||||||
Consumer Staples: 2.1% | |||||||||||||||||||
47,900 | Casey’s General Stores, Inc. | 3,364,975 | 1.0 | ||||||||||||||||
42,900 | @ | Elizabeth Arden, Inc. | 1,520,805 | 0.4 | |||||||||||||||
105,125 | Flowers Foods, Inc. | 2,257,034 | 0.7 | ||||||||||||||||
7,142,814 | 2.1 | ||||||||||||||||||
Energy: 5.1% | |||||||||||||||||||
101,000 | @, L | Bill Barrett Corp. | 2,704,780 | 0.8 | |||||||||||||||
125,100 | @, L | C&J Energy Services, Inc. | 2,889,810 | 0.9 | |||||||||||||||
50,200 | @ | Carrizo Oil & Gas, Inc. | 2,247,454 | 0.7 | |||||||||||||||
65,650 | @ | Energy XXI Bermuda Ltd. | 1,776,489 | 0.5 | |||||||||||||||
157,200 | @ | Key Energy Services, Inc. | 1,241,880 | 0.4 | |||||||||||||||
45,900 | @ | Rosetta Resources, Inc. | 2,205,036 | 0.7 | |||||||||||||||
87,500 | @, L | Swift Energy Co. | 1,181,250 | 0.3 | |||||||||||||||
51,800 | @ | Unit Corp. | 2,673,916 | 0.8 | |||||||||||||||
16,920,615 | 5.1 | ||||||||||||||||||
Financials: 10.3% | |||||||||||||||||||
85,900 | Colony Financial, Inc. | 1,742,911 | 0.5 | ||||||||||||||||
81,924 | Coresite Realty Corp. | 2,637,134 | 0.8 | ||||||||||||||||
65,831 | @ | DFC Global Corp. | 753,765 | 0.2 | |||||||||||||||
19,000 | @ | eHealth, Inc. | 883,310 | 0.3 | |||||||||||||||
39,933 | Financial Engines, Inc. | 2,774,545 | 0.8 | ||||||||||||||||
70,400 | First American Financial Corp. | 1,985,280 | 0.6 | ||||||||||||||||
79,814 | Geo Group, Inc. | 2,571,607 | 0.8 | ||||||||||||||||
28,400 | Home Properties, Inc. | 1,522,808 | 0.5 | ||||||||||||||||
39,184 | MarketAxess Holdings, Inc. | 2,620,234 | 0.8 | ||||||||||||||||
69,986 | @ | Portfolio Recovery Associates, Inc. | 3,698,060 | 1.1 | |||||||||||||||
35,500 | ProAssurance Corp. | 1,721,040 | 0.5 | ||||||||||||||||
20,776 | @ | Signature Bank | 2,231,758 | 0.7 | |||||||||||||||
47,500 | Sovran Self Storage, Inc. | 3,095,575 | 0.9 | ||||||||||||||||
49,700 | @ | Springleaf Holdings, Inc. | 1,256,416 | 0.4 | |||||||||||||||
24,258 | @ | SVB Financial Group | 2,543,694 | 0.8 | |||||||||||||||
66,800 | Tanger Factory Outlet Centers, Inc. | 2,138,936 | 0.6 | ||||||||||||||||
34,177,073 | 10.3 | ||||||||||||||||||
Health Care: 16.3% | |||||||||||||||||||
44,400 | @ | Acorda Therapeutics, Inc. | 1,296,480 | 0.4 | |||||||||||||||
38,500 | @ | Air Methods Corp. | 2,245,705 | 0.7 | |||||||||||||||
27,700 | @ | Align Technology, Inc. | 1,583,055 | 0.5 | |||||||||||||||
22,700 | @ | Alkermes PLC | 922,982 | 0.3 | |||||||||||||||
11,285 | @ | Bio-Rad Laboratories, Inc. | 1,394,939 | 0.4 | |||||||||||||||
39,754 | @ | Centene Corp. | 2,343,498 | 0.7 | |||||||||||||||
16,600 | L | Chemed Corp. | 1,271,892 | 0.4 | |||||||||||||||
18,900 | @ | Cubist Pharmaceuticals, Inc. | 1,301,643 | 0.4 | |||||||||||||||
67,100 | @ | Cynosure, Inc. | 1,790,228 | 0.5 | |||||||||||||||
56,884 | @ | Haemonetics Corp. | 2,396,523 | 0.7 | |||||||||||||||
114,931 | Healthsouth Corp. | 3,829,501 | 1.1 | ||||||||||||||||
40,705 | @ | Impax Laboratories, Inc. | 1,023,324 | 0.3 | |||||||||||||||
87,700 | @ | InterMune, Inc. | 1,291,821 | 0.4 | |||||||||||||||
23,570 | @ | IPC The Hospitalist Co., Inc. | 1,399,822 | 0.4 | |||||||||||||||
63,054 | @ | Luminex Corp. | 1,223,247 | 0.4 | |||||||||||||||
77,100 | @ | Masimo Corp. | 2,253,633 | 0.7 | |||||||||||||||
52,566 | @ | Medicines Co. | 2,030,099 | 0.6 | |||||||||||||||
39,434 | @ | Mednax, Inc. | 2,104,987 | 0.6 | |||||||||||||||
83,700 | @ | Merit Medical Systems, Inc. | 1,317,438 | 0.4 | |||||||||||||||
41,408 | @ | Momenta Pharmaceuticals, Inc. | 732,093 | 0.2 | |||||||||||||||
94,520 | @ | Nektar Therapeutics | 1,072,802 | 0.3 | |||||||||||||||
11,227 | @ | Neogen Corp. | 513,074 | 0.2 | |||||||||||||||
40,500 | @ | Omnicell, Inc. | 1,033,965 | 0.3 | |||||||||||||||
67,950 | Owens & Minor, Inc. | 2,484,252 | 0.7 | ||||||||||||||||
9,400 | @ | Salix Pharmaceuticals Ltd. | 845,436 | 0.3 | |||||||||||||||
23,000 | @ | Seattle Genetics, Inc. | 917,470 | 0.3 | |||||||||||||||
49,773 | Steris Corp. | 2,391,593 | 0.7 | ||||||||||||||||
31,500 | @ | Surgical Care Affiliates, Inc. | 1,097,460 | 0.3 | |||||||||||||||
70,500 | @ | Team Health Holdings, Inc. | 3,211,275 | 1.0 | |||||||||||||||
16,269 | @ | Theravance, Inc. | 579,990 | 0.2 | |||||||||||||||
71,200 | @ | Thoratec Corp. | 2,605,920 | 0.8 | |||||||||||||||
100,900 | @, L | Vivus, Inc. | 916,172 | 0.3 |
ING SmallCap Opportunities Portfolio | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2013 (CONTINUED) |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: (continued) | |||||||||||||||||||
Health Care: (continued) | |||||||||||||||||||
38,800 | @ | WellCare Health Plans, Inc. | $ | 2,732,296 | 0.8 | ||||||||||||||
54,154,615 | 16.3 | ||||||||||||||||||
Industrials: 14.6% | |||||||||||||||||||
83,135 | Actuant Corp. | 3,046,066 | 0.9 | ||||||||||||||||
17,600 | Acuity Brands, Inc. | 1,924,032 | 0.6 | ||||||||||||||||
35,300 | Clarcor, Inc. | 2,271,555 | 0.7 | ||||||||||||||||
32,130 | @ | Clean Harbors, Inc. | 1,926,515 | 0.6 | |||||||||||||||
27,700 | Corporate Executive Board Co. | 2,144,811 | 0.6 | ||||||||||||||||
58,600 | @ | EnPro Industries, Inc. | 3,378,290 | 1.0 | |||||||||||||||
4,000 | @ | Genesee & Wyoming, Inc. | 384,200 | 0.1 | |||||||||||||||
71,556 | Gorman-Rupp Co. | 2,392,117 | 0.7 | ||||||||||||||||
108,651 | Healthcare Services Group | 3,082,429 | 0.9 | ||||||||||||||||
79,160 | @ | HUB Group, Inc. | 3,156,901 | 1.0 | |||||||||||||||
83,800 | KAR Auction Services, Inc. | 2,476,290 | 0.7 | ||||||||||||||||
199,600 | Knight Transportation, Inc. | 3,660,664 | 1.1 | ||||||||||||||||
36,900 | Regal-Beloit Corp. | 2,720,268 | 0.8 | ||||||||||||||||
78,800 | Simpson Manufacturing Co., Inc. | 2,894,324 | 0.9 | ||||||||||||||||
29,075 | @ | Teledyne Technologies, Inc. | 2,670,829 | 0.8 | |||||||||||||||
52,800 | Toro Co. | 3,358,080 | 1.0 | ||||||||||||||||
50,063 | Waste Connections, Inc. | 2,184,249 | 0.7 | ||||||||||||||||
39,600 | Watts Water Technologies, Inc. | 2,450,052 | 0.7 | ||||||||||||||||
57,590 | Woodward Governor Co. | 2,626,680 | 0.8 | ||||||||||||||||
48,748,352 | 14.6 | ||||||||||||||||||
Information Technology: 23.8% | |||||||||||||||||||
19,507 | @ | Ansys, Inc. | 1,701,011 | 0.5 | |||||||||||||||
182,600 | @ | Aruba Networks, Inc. | 3,268,540 | 1.0 | |||||||||||||||
111,300 | @ | Aspen Technology, Inc. | 4,652,340 | 1.4 | |||||||||||||||
113,682 | @ | Bankrate, Inc. | 2,039,455 | 0.6 | |||||||||||||||
73,045 | Blackbaud, Inc. | 2,750,144 | 0.8 | ||||||||||||||||
83,800 | @ | BroadSoft, Inc. | 2,291,092 | 0.7 | |||||||||||||||
78,882 | @ | Cardtronics, Inc. | 3,427,423 | 1.0 | |||||||||||||||
33,990 | @ | Coherent, Inc. | 2,528,516 | 0.8 | |||||||||||||||
100,283 | @ | CommScope Holding Co., Inc. | 1,897,354 | 0.6 | |||||||||||||||
51,700 | @ | Commvault Systems, Inc. | 3,871,296 | 1.2 | |||||||||||||||
56,800 | @ | DealerTrack Holdings, Inc. | 2,730,944 | 0.8 | |||||||||||||||
30,200 | @ | Exa Corp. | 400,452 | 0.1 | |||||||||||||||
30,663 | @ | Faro Technologies, Inc. | 1,787,653 | 0.5 | |||||||||||||||
44,800 | Flir Systems, Inc. | 1,348,480 | 0.4 | ||||||||||||||||
149,150 | @ | Formfactor, Inc. | 897,883 | 0.3 | |||||||||||||||
40,116 | @ | Guidewire Software, Inc. | 1,968,492 | 0.6 | |||||||||||||||
43,158 | @ | Imperva, Inc. | 2,077,195 | 0.6 | |||||||||||||||
249,400 | @ | Integrated Device Technology, Inc. | 2,541,386 | 0.8 | |||||||||||||||
71,800 | j2 Global, Inc. | 3,590,718 | 1.1 | ||||||||||||||||
117,600 | @ | LivePerson, Inc. | 1,742,832 | 0.5 | |||||||||||||||
51,564 | @ | LogMeIn, Inc. | 1,729,972 | 0.5 | |||||||||||||||
48,289 | @ | Micros Systems, Inc. | 2,770,340 | 0.8 | |||||||||||||||
64,800 | MKS Instruments, Inc. | 1,940,112 | 0.6 | ||||||||||||||||
51,646 | @ | Monolithic Power Systems, Inc. | 1,790,050 | 0.5 | |||||||||||||||
71,028 | National Instruments Corp. | 2,274,317 | 0.7 | ||||||||||||||||
19,146 | @ | Plexus Corp. | 828,830 | 0.3 | |||||||||||||||
263,100 | @ | PMC—Sierra, Inc. | 1,691,733 | 0.5 | |||||||||||||||
150,500 | @ | Polycom, Inc. | 1,690,115 | 0.5 | |||||||||||||||
115,900 | @ | PTC, Inc. | 4,101,701 | 1.2 | |||||||||||||||
119,100 | @ | QLIK Technologies, Inc. | 3,171,633 | 1.0 | |||||||||||||||
62,800 | @ | Riverbed Technolgoy, Inc. | 1,135,424 | 0.3 | |||||||||||||||
73,978 | @ | Semtech Corp. | 1,870,164 | 0.6 | |||||||||||||||
23,203 | @ | SYKES Enterprises, Inc. | 506,058 | 0.2 | |||||||||||||||
74,400 | @ | Synchronoss Technologies, Inc. | 2,311,608 | 0.7 | |||||||||||||||
38,073 | @ | WEX, Inc. | 3,770,369 | 1.1 | |||||||||||||||
�� | 79,095,632 | 23.8 | |||||||||||||||||
Materials: 4.6% | |||||||||||||||||||
81,100 | @ | Boise Cascade Co. | 2,390,828 | 0.7 | |||||||||||||||
131,793 | Commercial Metals Co. | 2,679,351 | 0.8 | ||||||||||||||||
11,800 | Compass Minerals International, Inc. | 944,590 | 0.3 | ||||||||||||||||
67,100 | HB Fuller Co. | 3,491,884 | 1.1 | ||||||||||||||||
370,000 | Hecla Mining Co. | 1,139,600 | 0.3 | ||||||||||||||||
38,800 | Minerals Technologies, Inc. | 2,330,716 | 0.7 | ||||||||||||||||
56,910 | Worthington Industries | 2,394,773 | 0.7 | ||||||||||||||||
15,371,742 | 4.6 | ||||||||||||||||||
Total Common Stock (Cost $238,438,773) | 318,047,544 | 95.6 | |||||||||||||||||
EXCHANGE-TRADED FUNDS: 1.8% | |||||||||||||||||||
45,407 | iShares Russell 2000 Growth Index Fund | 6,153,102 | 1.8 | ||||||||||||||||
Total Exchange-Traded Funds (Cost $4,126,512) | 6,153,102 | 1.8 | |||||||||||||||||
Total Long-Term Investments (Cost $242,565,285) | 324,200,646 | 97.4 | |||||||||||||||||
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
SHORT-TERM INVESTMENTS: 6.9% | |||||||||||||||||||
Securities Lending Collateralcc(1): 3.7% | |||||||||||||||||||
2,929,989 | Cantor Fitzgerald, Repurchase Agreement dated 12/31/13, 0.01%, due 01/02/14 (Repurchase Amount $2,929,991, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.500%, Market Value plus accrued interest $2,988,589, due 01/15/14-05/01/51) | 2,929,989 | 0.8 |
ING SmallCap Opportunities Portfolio | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2013 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Securities Lending Collateralcc(1): (continued) | |||||||||||||||||||
2,929,989 | Citigroup, Inc., Repurchase Agreement dated 12/31/13, 0.02%, due 01/02/14 (Repurchase Amount $2,929,992, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.080%-11.000%, Market Value plus accrued interest $2,988,589, due 12/15/15-08/15/53) | $ | 2,929,989 | 0.9 | |||||||||||||||
2,929,989 | Deutsche Bank AG, Repurchase Agreement dated 12/31/13, 0.03%, due 01/02/14 (Repurchase Amount $2,929,994, collateralized by various U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $2,988,590, due 01/24/14-02/01/47) | 2,929,989 | 0.9 | ||||||||||||||||
2,929,989 | Merrill Lynch & Co., Inc., Repurchase Agreement dated 12/31/13, 0.01%, due 01/02/14 (Repurchase Amount $2,929,991, collateralized by various U.S. Government Agency Obligations, 1.364%-7.000%, Market Value plus accrued interest $2,988,589, due 06/01/17-09/01/44) | 2,929,989 | 0.9 | ||||||||||||||||
616,831 | Royal Bank of Canada, Repurchase Agreement dated 12/31/13, 0.00%, due 01/02/14 (Repurchase Amount $616,831, collateralized by various U.S. Government Securities, 0.000%-2.500%, Market Value plus accrued interest $629,168, due 01/23/14-08/15/23) | 616,831 | 0.2 | ||||||||||||||||
12,336,787 | 3.7 | ||||||||||||||||||
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
Mutual Funds: 3.2% | |||||||||||||||||||
10,530,131 | BlackRock Liquidity Funds, TempFund, Institutional Class, 0.020%†† (Cost $10,530,131) | 10,530,131 | 3.2 | ||||||||||||||||
Total Short-Term Investments (Cost $22,866,918) | 22,866,918 | 6.9 | |||||||||||||||||
Total Investments in Securities (Cost $265,432,203) | $ | 347,067,564 | 104.3 | ||||||||||||||||
Liabilities in Excess of Other Assets | (14,417,174 ) | (4.3 | ) | ||||||||||||||||
Net Assets | $ | 332,650,390 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
†† | Rate shown is the 7-day yield as of December 31, 2013. |
@ | 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 December 31, 2013. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
Cost for federal income tax purposes is $267,583,490. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 85,208,911 | ||||
Gross Unrealized Depreciation | (5,724,836 | ) | ||||
Net Unrealized Appreciation | $ | 79,484,075 |
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 minimum 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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
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(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. | |
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(b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT. |
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(3) | Not applicable. |
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 Variable Products Trust |
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By | /s/ Shaun P. Mathews |
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| Shaun P. Mathews | ||
| President and Chief Executive Officer | ||
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Date: | March 7, 2014 |
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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 |
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| Shaun P. Mathews | ||
| President and Chief Executive Officer | ||
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Date: | March 7, 2014 |
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By | /s/ Todd Modic |
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| Todd Modic Senior Vice President and |
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Date: | March 7, 2014 |
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