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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:  811-7428

ING Mutual Funds

(Exact name of registrant as specified in charter)

7337 E. Doubletree Ranch Rd., Scottsdale, AZ 85258

(Address of principal executive offices)            (Zip code)

The Corporation Trust Incorporated, 300 E. Lombard Street, Baltimore, MD 21202

(Name and address of agent for service)

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

Date of fiscal year end:	October 31
Date of reporting period:	July 31, 2009

Item 1. Schedule of Investments

The schedules of investments as of the close of the reporting period are set forth below for:

The schedules are not audited.

	PORTFOLIO OF INVESTMENTS
ING Asia-Pacific Real Estate Fund	as of July 31, 2009 (Unaudited)

Shares			Value
COMMON STOCK: 67.0%
		Australia: 1.4%
8,100		Lend Lease Corp., Ltd.	$	52,412
			52,412
		China: 1.4%
19,000		Kwg Property Holding Ltd.	14,447
9,000		Shimao Property Holdings Ltd.	18,045
18,000		Sino-Ocean Land Holdings Ltd.	19,176
			51,668
		Hong Kong: 34.6%
22,602		Cheung Kong Holdings Ltd.	291,310
6,000		China Resources Land Ltd.	14,623
8,000		Great Eagle Holding Co.	18,519
12,000		Hang Lung Group Ltd.	62,019
24,000		Hang Lung Properties Ltd.	87,682
11,600		Henderson Land Development Co., Ltd.	76,431
18,600		Hongkong Land Holdings Ltd.	72,378
2,000		Hopewell Holdings	6,515
1,000		Hysan Development Co., Ltd.	2,731
18,000		Kerry Properties Ltd.	92,655
65,000		New World China Land Ltd.	40,930
30,500		Shui On Land Ltd.	21,550
32,000		Sino Land Co.	65,110
24,100		Sun Hung Kai Properties Ltd.	365,902
11,000		Wharf Holdings Ltd.	51,613
12,000		Wheelock & Co., Ltd.	34,017
			1,303,985
		Japan: 23.8%
2,520		Aeon Mall Co., Ltd.	53,073
1,219		Daito Trust Construction Co., Ltd.	59,778
16,100		Mitsubishi Estate Co., Ltd.	267,227
15,900		Mitsui Fudosan Co., Ltd.	291,170
42		NTT Urban Development Corp.	39,615
9,000		Sumitomo Realty & Development Co., Ltd.	184,545
			895,408
		Singapore: 5.8%
40,000		Allgreen Properties Ltd.	33,282
43,150		CapitaLand Ltd.	114,446
9,000		City Developments Ltd.	63,291
7,000		Wing Tai Holdings Ltd.	8,405
			219,424
		Total Common Stock
		(Cost $2,304,249)	2,522,897
REAL ESTATE INVESTMENT TRUSTS: 31.5%
		Australia: 18.8%
26,900		CFS Retail Property Trust	38,310
44,700		Commonwealth Property Office Fund	31,516
117,500		Dexus Property Group	71,373
171,094		GPT Group	75,525
78,800		Macquarie CountryWide Trust	34,448
57,711	@	Macquarie Goodman Group	24,525
46,324		Mirvac Group	48,840
37,184		Stockland	97,060
30,361		Westfield Group	286,200
			707,797
		Hong Kong: 0.9%
16,000		Link Real Estate Investment Trust	36,300
			36,300
		Japan: 8.9%
5		Frontier Real Estate Investment Corp.	32,201
3		Fukuoka Real Estate Investment Trust Corp.	15,339
4		Japan Excellent, Inc.	19,375
2		Japan Logistics Fund, Inc.	13,499
6		Japan Real Estate Investment Corp.	50,042
9		Kenedix Realty Investment Corp.	30,052
6		Nippon Accommodations Fund, Inc.	29,731
5		Nippon Building Fund, Inc.	44,811
6		Nomura Real Estate Office Fund, Inc.	39,299
5		Top REIT, Inc.	20,758
8		United Urban Investment Corp.	40,009
			335,116
		Singapore: 2.9%
34,000		Ascendas India Trust	20,081
26,133		Ascendas Real Estate Investment Trust	30,809
30,480		CapitaMall Trust	33,402
46,000	@	Fortune Real Estate Investment Trust	24,681
			108,973
		Total Real Estate Investment Trusts
		(Cost $1,113,156)	1,188,186
		Total Long-Term Investments
		(Cost $3,417,405)	3,711,083

	PORTFOLIO OF INVESTMENTS
ING Asia-Pacific Real Estate Fund	as of July 31, 2009 (Unaudited) (continued)

Shares				Value
SHORT-TERM INVESTMENTS: 4.6%
		Affiliated Mutual Fund: 4.6%
174,073		ING Institutional Prime Money Market Fund - Class I		$	174,073
		Total Short-Term Investments
		(Cost $174,073)		174,073
		Total Investments in Securities
		(Cost $3,591,478)*	103.1%	$	3,885,156
		Other Assets and Liabilities - Net	(3.1)	(115,801)
		Net Assets	100.0%	$	3,769,355
	@	Non-income producing security
	*	Cost for federal income tax purposes is $4,324,846.
		Net unrealized depreciation consists of:
		Gross Unrealized Appreciation		$	511,585
		Gross Unrealized Depreciation		(951,275)
		Net Unrealized Depreciation		$	(439,690)

	PORTFOLIO OF INVESTMENTS
ING Asia-Pacific Real Estate Fund	as of July 31, 2009 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Apartments	0.8%
Diversified	12.0
Holding Companies - Diversified	1.4
Lodging	1.7
Office Property	5.4
Real Estate	63.9
Shopping Centers	12.9
Warehouse/Industrial	0.4
Short-Term Investments	4.6
Other Assets and Liabilities - Net	(3.1)
Net Assets	100.0%

	PORTFOLIO OF INVESTMENTS
ING Asia-Pacific Real Estate Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

· Level 1 - quoted prices in active markets for identical investments

· Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing

in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes

of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs+		Inputs
	(Level 1)		(Level 2)		(Level 3)
Common Stock	$	—	$	2,522,897	$	—
Real Estate Investment Trusts	20,081		1,168,105		—
Short-Term Investments	174,073		—		—
Total	$	194,154	$	3,691,002	$	—
Other Financial Instruments**	—		—		—
Total	$	—	$	—	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are catagorized as Level 2 investments.

	PORTFOLIO OF INVESTMENTS
ING Disciplined International SmallCap Fund	as of July 31, 2009 (Unaudited)

Shares			Value
COMMON STOCK: 91.6%
		Australia: 4.3%
84,017		Ansell Ltd.	$	649,675
54,400		Aquarius Platinum Ltd.	227,516
608,692		Australian Infrastructure Fund	750,484
276,086	@	Australian Worldwide Exploration Ltd.	617,039
105,961		Computershare Ltd.	869,252
40,104		Felix Resources Ltd.	599,910
277,863		Incitec Pivot Ltd.	641,394
394,719		Macmahon Holdings Ltd.	147,919
119,777		Macquarie Media Group Ltd.	155,443
221,989		Metcash Ltd.	791,042
31,003		Monadelphous Group Ltd.	300,798
784,881		Pacific Brands Ltd.	781,688
494,017		Sigma Pharmaceuticals Ltd.	533,372
215,295		Tattersall’s Ltd.	440,029
			7,505,561
		Belgium: 0.9%
27,321		Euronav NV	540,925
16,948		Omega Pharma SA	533,586
14,350		Tessenderlo Chemie NV	504,058
			1,578,569
		Bermuda: 1.0%
125,538		Catlin Group Ltd.	648,190
69,481	@	Global Sources Ltd.	444,678
73,631		Lancashire Holdings Ltd.	557,379
			1,650,247
		Canada: 6.8%
57,900		Aecon Group, Inc.	542,317
48,000		AGF Management Ltd.	682,181
76,300		Alamos Gold, Inc.	686,328
12,400		Astral Media Inc.	337,842
18,800		Atco Ltd.	671,722
53,000		Biovail Corp.	706,011
90,200	@	Celestica, Inc.	720,093
200		Centerra Gold, Inc.	1,272
50,000		Chemtrade Logistics Income Fund	357,392
22,300		Cogeco Cable, Inc.	593,080
66,000		Daylight Resources Trust	496,876
25,900		Emera, Inc.	498,886
9,600		Empire Co., Ltd.	368,227
33,400		Enerflex Systems Income Fund	306,018
65,500		Gerdau AmeriSteel Corp.	454,198
37,900	@	Iamgold Corp.	401,780
120,400		Jazz Air Income Fund	410,181
18,100		Labrador Iron Ore Royalty Income Fund	638,478
17,800		Laurentian Bank of Canada	590,717
39,100		Russel Metals, Inc.	606,145
236,900		SEMAFO, Inc.	501,399
17,850		Trilogy Energy Trust	127,589
20,500		Vermilion Energy Trust	565,570
59,500		Viterra, Inc.	500,965
			11,765,267
		China: 0.3%
346,000		Xinao Gas Holdings Ltd.	574,047
			574,047
		Denmark: 0.3%
15,700		East Asiatic Co., Ltd. A/S	577,373
			577,373
		Finland: 1.1%
26,662		KCI Konecranes OYJ	727,682
120,000		Oriola-KD OYJ	560,755
30,230		Orion OYJ	530,194
			1,818,631

	PORTFOLIO OF INVESTMENTS
ING Disciplined International SmallCap Fund	as of July 31, 2009 (Unaudited) (continued)

Shares			Value
		France: 7.9%
11,882		Accor SA	$	507,402
156,194	@	Altran Technologies SA	460,359
12,944		Capgemini SA	598,257
15,239		Eurazeo	690,986
24,425	@	Eutelsat Communications	681,319
262,431		Havas SA	763,614
30,568		Ingenico	640,098
21,022		IPSOS	548,396
36,969		Lagardere SCA	1,379,418
21,619		Legrand SA	528,898
5,439		Nexans SA	365,994
18,000		Publicis Groupe	638,463
16,056		Remy Cointreau SA	635,408
56,323		Safran SA	870,696
32,432		Scor SA	779,027
20,445		Sodexho Alliance SA	1,077,186
11,481		Technip SA	695,055
17,857		Teleperformance	565,251
25,950	@	UbiSoft Entertainment	443,187
23,776		Zodiac SA	918,559
			13,787,573
		Germany: 4.6%
53,128		Aareal Bank AG	753,650
8,439		Adidas AG	356,351
4,500		Axel Springer AG	410,688
13,784		Bauer AG	496,100
12,925		Bilfinger Berger AG	678,119
24,711		Demag Cranes AG	611,787
54,371		Deutsche Lufthansa AG	733,712
50,730		Gildemeister AG	544,129
1,450		KWS Saat AG	246,812
12,803		Medion AG	146,265
15,102		MTU Aero Engines Holding AG	549,102
3,358		MVV Energie AG	149,331
5,500		Pfeiffer Vacuum Technology AG	408,437
5,000		Salzgitter AG	505,159
9,611		United Internet AG	122,420
4,648		Wacker Chemie AG	618,702
10,896		Wincor Nixdorf AG	584,076
			7,914,840
		Greece: 0.3%
27,000		Tsakos Energy Navigation Ltd.	480,330
			480,330
		Hong Kong: 4.7%
1,032,000		China Pharmaceutical Group Ltd.	587,736
2,500,000		China Travel International Inv HK	620,558
1,660,000		Cnpc Hong Kong Ltd.	1,678,329
272,000		Great Eagle Holding Co.	629,656
277,500		Hongkong & Shanghai Hotels	318,261
512,000		Hopson Development Holdings Ltd.	819,295
231,000		Hysan Development Co., Ltd.	630,892
1,806,500		Johnson Electric Holdings Ltd.	532,808
115,458		Nam Tai Electronics, Inc.	528,798
199,000		Pacific Basin Shipping Ltd.	149,428
3,288,000		Shougang Concord International Enterprises Co. Ltd.	664,115
306,000		Texwinca Holdings Ltd.	238,952
114,000		Vtech Holdings Ltd.	811,996
			8,210,824
		Ireland: 0.8%
342,945		Allied Irish Banks PLC	853,829
1,739,858	I, X	Anglo Irish Bank Corp. PLC	—
27,445		DCC PLC	587,016
			1,440,845
		Italy: 6.4%
53,747		ACEA S.p.A.	611,846
16,289		Buzzi Unicem S.p.A. RNC	139,387
113,586		Cementir S.p.A.	467,556
28,821		Danieli & Co. S.p.A.	551,714
57,971		Danieli & Co. S.p.A. RNC	620,497
75,818		Davide Campari-Milano S.p.A.	647,484

	PORTFOLIO OF INVESTMENTS
ING Disciplined International SmallCap Fund	as of July 31, 2009 (Unaudited) (continued)

Shares			Value
		Italy (continued)
39,943		Exor S.p.A.	$	671,343
127,000		Impregilo S.p.A.	484,325
221,474		Intesa Sanpaolo S.p.A. - RNC	623,572
27,308		Lottomatica S.p.A.	578,044
354,866		Maire Tecnimont S.p.A.	1,423,043
396,709		Parmalat S.p.A	991,875
180,567		Piaggio & C S.p.A.	375,030
55,460		Piccolo Credito Valtellinese Scarl	550,665
46,212		Prysmian S.p.A.	794,954
125,390		Recordati S.p.A.	838,821
54,463		Trevi Finanziaria S.p.A.	730,622
			11,100,778
		Japan: 20.8%
88,000		Akita Bank Ltd.	326,574
32,300		Alpen Co., Ltd.	569,305
70,100		Chuo Denki Kogyo Co., Ltd.	558,231
31,500		Circle K Sunkus Co., Ltd.	497,205
70,000		COMSYS Holdings Corp.	807,585
28,700		Cosmos Pharmaceutical Corp.	606,166
122,000		Daishi Bank Ltd.	484,022
65,000		DCM Japan Holdings Co., Ltd.	441,262
19,800		Fuji Soft, Inc.	397,850
176,000		Fujibo Holdings, Inc.	237,143
121,000		Fukuyama Transporting Co., Ltd.	563,194
20,000		H2O Retailing Corp.	115,988
178,000		Hanwa Co., Ltd.	720,758
25,500		HIS Co., Ltd.	521,520
50,600		Hitachi Capital Corp.	688,858
27,200		Hitachi Information Systems Ltd.	822,710
34,200		Hitachi Software Engineering Co., Ltd.	948,925
14,600		House Foods Corp.	205,447
94,000		Hyakugo Bank Ltd.	462,845
67,700		Inui Steamship Co., Ltd.	502,110
33,700		Itochu Enex Co., Ltd.	206,445
20,000		Japan Digital Laboratory Co.	248,101
108,000		Japan Radio Co., Ltd.	258,004
82,700		Japan Securities Finance Co. Ltd.	683,526
126,000		JFE Shoji Holdings, Inc.	495,777
67,000		Kagoshima Bank Ltd.	526,568
55,000		Kaken Pharmaceutical Co., Ltd.	478,797
91,000		Kandenko Co., Ltd.	601,364
68,000		Kinden Corp.	569,907
70,000		Kyowa Exeo Corp.	683,934
18,000		Kyudenko Corp.	110,110
27,000		Matsumotokiyoshi Holdings Co., Ltd.	607,454
43,100		Mimasu Semiconductor Industry Co., Ltd.	624,903
14,400		Ministop Co., Ltd.	235,446
23,300		Miraca Holdings, Inc.	580,442
182,000		Mitsubishi Steel Manufacturing Co., Ltd.	402,105
119,000		Mitsui Sugar Co., Ltd.	392,974
32,600		NEC Networks & System Integration Corp.	418,382
29,100		Nifco, Inc.	530,334
50,000		Nihon Parkerizing Co., Ltd.	570,530
78,000		Nippon Chemical Industrial Co., Ltd.	209,266
118,000		Nippon Denko Co., Ltd.	773,456
58,600		Nippon Shinyaku Co., Ltd.	766,835
120,000		Nippon Soda Co., Ltd.	589,164
74,000		Nissan Shatai Co., Ltd.	680,482
37,000		Nohmi Bosai Ltd.	315,483
54,800		NSD CO., Ltd.	573,375
43,000		O-M Ltd.	155,433
31,000		Osaka Steel Co., Ltd.	532,918
10,160		Point, Inc.	546,396
21,100		Right On Co., Ltd.	210,745
14,600		Ryosan Co., Ltd.	373,979
77,000		San-In Godo Bank Ltd.	724,097
70,000		Sanki Engineering Co., Ltd.	548,028
353,000		Shikibo Ltd.	634,614
83,800	@, I, X	Suruga Corp.	—
54,000		Taihei Dengyo Kaisha Ltd.	530,942

	PORTFOLIO OF INVESTMENTS
ING Disciplined International SmallCap Fund	as of July 31, 2009 (Unaudited) (continued)

Shares			Value
		Japan (continued)
121,000		Taihei Kogyo Co., Ltd.	$	355,323
29,300		Taikisha Ltd.	321,313
78,700		Takefuji Corp.	427,743
50,000		Tochigi Bank Ltd.	240,871
14,000		Token Corp.	433,849
160,000		Tokyo Tatemono Co., Ltd.	779,035
92,200		Tomy Co., Ltd.	817,433
116,000		Toyo Engineering Corp.	360,841
47,000		Toyo Kohan Co., Ltd.	181,597
27,000		Toyo Suisan Kaisha Ltd.	672,878
48,100		TS Tech Co., Ltd.	932,304
20,600		Tsuruha Holdings, Inc.	649,621
23,600		Unipres Corp.	300,521
90,000		Yamaguchi Financial Group, Inc.	1,227,219
23,100		Yamato Kogyo Co., Ltd.	717,808
			36,286,370
		Luxembourg: 0.4%
629,360		Regus PLC	733,279
			733,279
		Malaysia: 0.3%
131,500		Tanjong PLC	567,308
			567,308
		Netherlands: 0.9%
41,000		Binck NV	608,293
19,246		Boskalis Westminster	480,619
20,504	@	Crucell NV	508,409
			1,597,321
		Norway: 1.2%
57,200		Ementor ASA	285,235
37,800		Tandberg ASA	803,249
46,700	@	TGS Nopec Geophysical Co. ASA	530,206
70,358		Veidekke ASA	413,800
			2,032,490
		Portugal: 0.2%
94,139		REN - Redes Energeticas Nacionais SA	384,662
			384,662
		Singapore: 0.8%
526,000		SMRT Corp., Ltd.	620,809
314,000		United Overseas Land Ltd.	762,168
			1,382,977
		South Korea: 3.3%
40,000		AtlasBX Co. Ltd.	480,926
6,410		Binggrae Co., Ltd.	228,436
80,350		Daou Technology, Inc.	537,226
14,170		Dongkuk Steel Mill Co., Ltd.	364,941
22,040		Global & Yuasa Battery Co., Ltd.	442,362
27,060		Huchems Fine Chemical Corp.	668,367
4,343		Korea Zinc Co., Ltd.	495,650
55,880		LG Telecom Ltd.	392,696
31,160		Lotte Midopa Co., Ltd.	357,970
1,685		Lotte Samkang Co., Ltd.	289,160
45,060		S&T Dynamics Co., Ltd.	586,094
31,400		Silla Co. Ltd.	422,554
15,503	@	TK Corp.	416,880
			5,683,262
		Spain: 3.1%
13,596		Corporacion Financiera Alba SA	710,408
31,548		Enagas	623,758
103,611		Laboratorios Almirall SA	1,306,179
31,753		Prosegur Cia de Seguridad SA	1,103,050
9,917		Red Electrica de Espana	465,528
13,000		Tecnicas Reunidas SA	644,968
23,757		Viscofan SA	557,700
			5,411,591
		Sweden: 0.6%
43,200	@	Betsson AB	538,796
36,900		Wihlborgs Fastigheter AB	570,860
			1,109,656

	PORTFOLIO OF INVESTMENTS
ING Disciplined International SmallCap Fund	as of July 31, 2009 (Unaudited) (continued)

Shares			Value
		Switzerland: 5.3%
22,998		Adecco SA	$	1,108,237
317		Athris Holding AG	264,006
9,616		Baloise Holding AG	766,339
2,051		Flughafen Zuerich AG	561,755
2,993		Galenica AG	895,956
2,530		Geberit AG - Reg	352,928
1,585		Jelmoli Holding AG	588,146
8,061		Pargesa Holding SA	593,146
15,492	@	PSP Swiss Property AG	823,602
12,894		Schindler Holding AG	832,296
7,167		Schindler Holding AG - Reg	463,022
9,449		Sulzer AG	623,551
6,617	@	Swiss Life Holding	662,073
10,535	@	Swiss Prime Site AG	505,396
107		Vetropack Holding AG	170,494
			9,210,947
		United Kingdom: 14.8%
60,925		Aggreko PLC	557,055
50,143		Amec PLC	590,480
145,355		ARM Holdings PLC	306,510
94,209		Balfour Beatty PLC	481,338
352,195		BBA Aviation PLC	796,408
731,110		Beazley PLC	1,250,176
205,052		Brit Insurance Holdings PLC	715,294
216,720		Cable & Wireless PLC	522,052
140,603		Carillion PLC	611,432
216,899	@	Colt Telecom Group SA	403,476
130,457		Cookson Group PLC	678,435
66,785		Croda International	643,657
410,000		Debenhams PLC	608,165
610,765		Dimension Data Holdings PLC	614,767
58,715		Drax Group PLC	392,736
137,428		eaga PLC	285,426
49,350		F&C Asset Management PLC	60,430
263,526		Filtrona PLC	568,877
493,506		Friends Provident Group PLC	576,756
289,236		Game Group PLC	709,892
53,860		Greggs PLC	354,718
375,000		HMV Group PLC	682,868
184,438		Informa PLC	737,788
74,255		Intercontinental Hotels Group PLC	841,794
133,237		JKX Oil & Gas PLC	511,804
35,957		Keller Group PLC	384,171
186,387		Ladbrokes PLC	546,256
143,575		Michael Page International PLC	723,845
94,669		Micro Focus International PLC	638,651
35,895		Morgan Sindall PLC	371,212
25,000		Next PLC	712,839
129,274		Petrofac Ltd.	1,618,929
245,622		Premier Farnell PLC	588,090
161,412		PV Crystalox Solar PLC	219,768
87,382		Spectris PLC	813,268
268,096		Spirent Communications PLC	313,624
400,000	@	Sportingbet PLC	399,399
273,149		Stagecoach Group PLC	618,667
148,383		Thomas Cook Group PLC	538,119
255,920		Tomkins PLC	758,191
69,274		Weir Group PLC	632,627
89,144		WH Smith PLC	633,648
267,066		William Hill PLC	817,995
			25,831,633
		United States: 0.5%
5,582		Core Laboratories NV	479,829
66,215		PLAYTECH Ltd.	323,012
			802,841
		Total Common Stock
		(Cost $151,703,814)	159,439,222
REAL ESTATE INVESTMENT TRUSTS: 2.7%
		Australia: 0.3%
671,495		Commonwealth Property Office Fund	473,434
			473,434

	PORTFOLIO OF INVESTMENTS
ING Disciplined International SmallCap Fund	as of July 31, 2009 (Unaudited) (continued)

Shares				Value
		France: 1.1%
8,987		Fonciere Des Regions		$	787,144
14,604		Gecina SA		1,202,059
				1,989,203
		Japan: 0.9%
237		DA Office Investment Corp.		735,261
468		Nippon Commercial Investment Corp.		833,403
				1,568,664
		Singapore: 0.4%
991,000	@	Suntec Real Estate Investment Trust		749,382
				749,382
		Total Real Estate Investment Trusts
		(Cost $5,219,893)		4,780,683
EXCHANGE-TRADED FUNDS: 4.4%
		Developed Markets: 4.4%
153,000		iShares MSCI EAFE Index Fund		7,712,730
		Total Exchange-Traded Funds
		(Cost $6,945,761)		7,712,730
PREFERRED STOCK: 0.8%
		Germany: 0.4%
7,372		Draegerwerk AG		211,362
8,236		Fuchs Petrolub AG		496,044
				707,406
		Italy: 0.4%
62,280		Instituto Finanziario Industriale S.p.A.		595,188
				595,188
		Total Preferred Stock
		(Cost $1,496,698)		1,302,594
		Total Investments in Securities
		(Cost $165,366,166)*	99.5%	$	173,235,229
		Other Assets and Liabilities - Net	0.5	880,294
		Net Assets	100.0%	$	174,115,523
	@	Non-income producing security
	I	Illiquid Security
	X	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.
	*	Cost for federal income tax purposes is $167,771,003.
		Net unrealized appreciation consists of:
		Gross Unrealized Appreciation		$	28,163,119
		Gross Unrealized Depreciation		(22,698,893)
		Net Unrealized Appreciation		$	5,464,226

	PORTFOLIO OF INVESTMENTS
ING Disciplined International SmallCap Fund	as of July 31, 2009 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Advertising	1.4%
Aerospace/Defense	1.8
Agriculture	0.1
Airlines	0.7
Apparel	0.6
Auto Manufacturers	0.4
Auto Parts & Equipment	1.4
Banks	4.2
Beverages	0.7
Biotechnology	0.3
Building Materials	0.8
Chemicals	2.9
Coal	0.3
Commercial Services	2.5
Computers	2.5
Distribution/Wholesale	0.2
Diversified	1.6
Diversified Financial Services	1.8
Electric	1.9
Electrical Components & Equipment	1.8
Electronics	1.7
Energy - Alternate Sources	0.2
Engineering & Construction	7.0
Entertainment	1.9
Environmental Control	0.2
Food	3.4
Food Service	0.6
Gas	0.7
Hand/Machine Tools	1.5
Healthcare - Products	0.1
Holding Companies - Diversified	1.0
Home Builders	0.3
Household Products/Wares	0.4
Insurance	3.4
Internet	0.8
Investment Companies	1.7
Iron/Steel	2.9
Leisure Time	1.2
Lodging	1.0
Machinery - Construction & Mining	0.7
Machinery - Diversified	1.0
Media	2.0
Metal Fabricate/Hardware	0.9
Mining	2.1
Miscellaneous Manufacturing	1.6
Office Property	1.1
Oil & Gas	2.9
Oil & Gas Services	3.2
Packaging & Containers	0.1
Pharmaceuticals	4.8
Real Estate	3.7
Retail	5.0
Semiconductors	0.7
Software	1.9
Telecommunications	2.4
Textiles	0.3
Toys/Games/Hobbies	0.5
Transportation	2.3
Other Long-Term Investments	4.4
Other Assets and Liabilities - Net	0.5
Net Assets	100.0%

	PORTFOLIO OF INVESTMENTS
ING Disciplined International SmallCap Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

· Level 1 - quoted prices in active markets for identical investments

· Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs+		Inputs
	(Level 1)		(Level 2)		(Level 3)
Common Stock
Australia	$	—	$	7,505,561	$	—
Belgium	—		1,578,569		—
Bermuda	444,678		1,205,569		—
Canada	11,765,267		—		—
China	—		574,047		—
Denmark	—		577,373		—
Finland	—		1,818,631		—
France	—		13,787,573		—
Germany	—		7,914,840		—
Greece	480,330		—		—
Hong Kong	528,798		7,682,026		—
Ireland	—		1,440,845		—
Italy	—		11,100,778		—
Japan	—		36,286,370		—
Luxembourg	—		733,279		—
Malaysia	—		567,308		—
Netherlands	—		1,597,321		—
Norway	—		2,032,490		—
Portugal	—		384,662		—
Singapore	—		1,382,977		—
South Korea	—		5,683,262		—
Spain	—		5,411,591		—
Sweden	—		1,109,656		—
Switzerland	264,006		8,946,941		—
United Kingdom	—		25,831,633		—
United States	479,829		323,012		—
Total Common Stock	13,962,908		145,476,314		—
Real Estate Investment Trusts	—		4,780,683		—
Exchange-Traded Funds	7,712,730		—		—
Preferred Stock	—		1,302,594		—
Total	$	21,675,638	$	151,559,591	$	—
Other Financial Instruments**	—		—		—
Total	$	—	$	—	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are catagorized as Level 2 investments.

	PORTFOLIO OF INVESTMENTS
ING Diversified International Fund	as of July 31, 2009 (Unaudited)

Shares				Value
AFFILIATED INVESTMENT COMPANIES: 100.0%
853,718		ING Emerging Countries Fund - Class I		$	18,867,161
4,633,589		ING Foreign Fund - Class I		58,105,207
2,565,927		ING Index Plus International Equity Fund - Class I		18,910,883
6,093,270		ING International Capital Appreciation Fund - Class I		52,584,916
3,925,499		ING International Equity Dividend Fund - Class I		23,081,931
1,514,719		ING International Real Estate Fund - Class I		11,981,426
928,788		ING International SmallCap Multi-Manager Fund - Class I		26,628,346
2,366,356		ING International Value Choice Fund - Class I		22,504,045
		Total Investments in Affiliated Investment Companies
		(Cost $283,514,423)*	100.0%	$	232,663,915
		Other Assets and Liabilities - Net	(0.0)	(85,300)
		Net Assets	100.0%	$	232,578,615
	*	Cost for federal income tax purposes is $316,821,076.
		Net unrealized depreciation consists of:
		Gross Unrealized Appreciation		$	—
		Gross Unrealized Depreciation		(84,157,161)
		Net Unrealized Depreciation		$	(84,157,161)

	PORTFOLIO OF INVESTMENTS
ING Diversified International Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

· Level 1 - quoted prices in active markets for identical investments

· Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
Affiliated Investment Companies	$	232,663,915	$	—	$	—
Total	$	232,663,915	$	—	$	—
Other Financial Instruments**	—		—		—
Total	$	—	$	—	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

	PORTFOLIO OF INVESTMENTS
ING Emerging Countries Fund	as of July 31, 2009 (Unaudited)

Shares			Value
COMMON STOCK: 88.8%
		Bermuda: 1.0%
19,542		Credicorp Ltd.	$	1,303,451
			1,303,451
		Brazil: 15.9%
136,551		Banco Itau Holding Financeira SA ADR	2,442,897
314,964		BM&F BOVESPA SA	2,032,516
89,345	@	BR Malls Participacoes SA	929,006
8,841		Cia de Bebidas das Americas ADR	621,788
97,641		Cia Siderurgica Nacional SA	2,501,535
127,555		CIA Vale do Rio Doce	2,522,728
33,143		Mrv Engenharia	564,004
1,200		OGX Petroleo e Gas Participacoes SA	765,376
53,281	@	Perdigao SA	1,170,854
189,470		Petroleo Brasileiro SA	3,901,615
47,843		Petroleo Brasileiro SA ADR	1,612,309
86,519		Vale SA ADR	1,665,282
			20,729,910
		Canada: 0.5%
61,690		Pacific Rubiales Energy Corp.	646,453
			646,453
		Chile: 0.1%
7,647		Empresa Nacional de Telecom	105,649
			105,649
		China: 10.5%
4,033,000		Bank of China Ltd.	2,004,422
377,500		China Life Insurance Co., Ltd.	1,671,806
1,785,000		China Petroleum & Chemical Corp.	1,591,319
659,000		China Railway Group Ltd.	591,911
490,500		China Shenhua Energy Co., Ltd.	1,993,673
5,258,000		Industrial and Commercial Bank of China Ltd.	3,775,567
382,000		Parkson Retail Group Ltd.	636,038
596,000		Sino-Ocean Land Holdings Ltd.	634,939
1,183,000		Want Want China Holdings Ltd.	704,375
			13,604,050
		Czech Republic: 0.6%
15,500		CEZ A/S	833,317
			833,317
		Egypt: 0.5%
17,000		Orascom Construction Industries	647,397
			647,397
		Hong Kong: 7.1%
175,000		Beijing Enterprises Holdings Ltd.	878,387
739,000		C C Land Holdings Ltd.	553,180
930,000		Chaoda Modern Agriculture	628,417
315,500		China Mobile Ltd.	3,310,691
777,840		China Overseas Land & Investment Ltd.	1,913,351
1,498,000		CNOOC Ltd.	1,993,127
			9,277,153
		Hungary: 1.1%
63,570	@	OTP Bank Nyrt	1,357,131
			1,357,131
		India: 7.3%
34,252		Bharat Heavy Electricals	1,598,305
255,790		Bharti Airtel Ltd.	2,200,218
35,519		Housing Development Finance Corp.	1,885,504
104,774		ICICI Bank Ltd.	1,662,046
37,070		Larsen & Toubro Ltd.	1,168,508
24,532	@	Reliance Industries Ltd.	1,000,666
			9,515,247
		Indonesia: 1.4%
228,000		PT Astra International Tbk	672,438
1,278,000		Telekomunikasi Indonesia Tbk PT	1,142,670
			1,815,108
		Israel: 2.6%
63,751		Teva Pharmaceutical Industries Ltd. ADR	3,400,478
			3,400,478
		Mauritius: 0.4%
1,893,600		Golden Agri-Resources Ltd.	558,687
			558,687
		Mexico: 3.0%
33,619		America Movil SA de CV - Series L ADR	1,445,953
61,500	@	Cemex SA de CV ADR	577,485
262,796	@	Empresas ICA S.A.B. de C.V.	483,255
307,843	@	Grupo Financiero Banorte SA de CV	762,791
192,397	@	Wal-Mart de Mexico SA de CV	655,743
			3,925,227
		Poland: 0.7%
18,800		Bank Pekao SA	938,902
			938,902
		Russia: 5.5%
16,280		Mobile Telesystems Finance SA ADR	683,597
152,701	@	OAO Gazprom ADR	3,153,269
351,750	@	OAO Rosneft Oil Co. GDR	2,147,713
805,400		Sberbank RF	1,102,736
			7,087,315

	PORTFOLIO OF INVESTMENTS
ING Emerging Countries Fund	as of July 31, 2009 (Unaudited) (continued)

Shares					Value
			South Africa: 4.2%
50,836			ABSA Group Ltd.		$	769,440
24,600			Impala Platinum Holdings Ltd.		595,336
39,000			MTN Group Ltd.		641,850
36,200			Naspers Ltd.		1,080,705
25,636			Sasol Ltd.		917,705
82,000			Shoprite Holdings Ltd.		601,661
75,018			Standard Bank Group Ltd.		901,633
					5,508,330
			South Korea: 11.3%
14,000			Doosan Heavy Industries and Construction Co. Ltd.		797,424
13,114			GS Engineering & Construction Corp.		933,104
17,110			Hyundai Mobis		1,801,927
49,360		@	Kia Motors Corp.		622,981
10,596			KT&G Corp.		615,030
21,710			LG Corp.		1,167,912
2,800			Posco		1,137,094
9,323			Samsung Electronics Co., Ltd.		5,489,444
18,356			Samsung Techwin Co., Ltd.		1,050,013
2,579			Shinsegae Co., Ltd.		1,114,189
					14,729,118
			Taiwan: 9.2%
512,000			Cathay Financial Holding Co., Ltd.		785,708
397,223			Chunghwa Telecom Co., Ltd.		796,674
462,300			HON HAI Precision Industry Co., Ltd.		1,596,198
165,818			Hon Hai Precision Industry Co., Ltd. - GDR		1,153,244
72,144			MediaTek, Inc.		1,036,599
376,000			Taiwan Fertilizer Co., Ltd.		1,189,085
2,441,609			Taiwan Semiconductor Manufacturing Co., Ltd.		4,347,894
996,000			Uni-President Enterprises Corp.		1,033,391
					11,938,793
			Turkey: 4.3%
177,190			Arcelik A.S.		363,731
393,725			Haci Omer Sabanci Holding A/S		1,483,718
1,041,915			Turkiye Garanti Bankasi A/S		3,704,561
					5,552,010
			United Kingdom: 1.6%
163,355			Antofagasta PLC		2,066,766
					2,066,766
			Total Common Stock
			(Cost $86,657,826)		115,540,492
EXCHANGE-TRADED FUNDS: 6.1%
			Emerging Markets: 2.1%
78,500			iShares MSCI Emerging Markets Index Fund		2,804,020
					2,804,020
			South Korea: 1.5%
46,189			iShares MSCI South Korea Index Fund		1,923,310
					1,923,310
			Taiwan: 2.5%
289,500			iShares MSCI Taiwan Index Fund		3,280,035
					3,280,035
			Total Exchange-Traded Funds
			(Cost $5,949,008)		8,007,365
			Total Long-Term Investments
			(Cost $92,606,834)		123,547,857
Principal Amount					Value
SHORT-TERM INVESTMENTS: 0.1%
			Securities Lending Collateral(cc): 0.1%
$	161,615		Bank of New York Mellon Corp. Institutional Cash Reserves		$	129,292
			Total Short-Term Investments
			(Cost $161,615)		129,292
			Total Investments in Securities
			(Cost $92,768,449)*	95.0%	$	123,677,149
			Other Assets and Liabilities - Net	5.0	6,484,968
			Net Assets	100.0%	$	130,162,117
		@	Non-income producing security
		ADR	American Depositary Receipt
		GDR	Global Depositary Receipt
		cc	Securities purchased with cash collateral for securities loaned.
		*	Cost for federal income tax purposes is $104,888,837.
			Net unrealized appreciation consists of:
			Gross Unrealized Appreciation		$	19,482,060
			Gross Unrealized Depreciation		(693,748)
			Net Unrealized Appreciation		$	18,788,312

	PORTFOLIO OF INVESTMENTS
ING Emerging Countries Fund	as of July 31, 2009 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Agriculture	1.4%
Auto Manufacturers	0.5
Auto Parts & Equipment	1.4
Banks	15.3
Beverages	0.5
Building Materials	0.5
Chemicals	0.9
Coal	1.5
Diversified Financial Services	3.6
Electric	0.6
Electrical Components & Equipment	1.2
Electronics	2.1
Engineering & Construction	2.9
Food	2.7
Gas	0.7
Holding Companies - Diversified	2.5
Home Builders	0.4
Household Products/Wares	0.3
Insurance	1.9
Iron/Steel	2.8
Machinery - Diversified	0.6
Media	0.8
Mining	5.3
Oil & Gas	13.1
Oil & Gas Services	0.5
Pharmaceuticals	2.6
Real Estate	2.7
Retail	2.4
Semiconductors	9.2
Telecommunications	7.9
Other Long-Term Investments	6.1
Short-Term Investments	0.1
Other Assets and Liabilities - Net	5.0
Net Assets	100.0%

	PORTFOLIO OF INVESTMENTS
ING Emerging Countries Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

· Level 1 - quoted prices in active markets for identical investments

· Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs+		Inputs
	(Level 1)		(Level 2)		(Level 3)
Common Stock
Bermuda	$	1,303,451	$	—	$	—
Brazil	18,287,013		2,442,897		—
Canada	646,453		—		—
Chile	105,649		—		—
China	—		13,604,050		—
Czech Republic	—		833,317		—
Egypt	—		647,397		—
Hong Kong	—		9,277,153		—
Hungary	—		1,357,131		—
India	—		9,515,247		—
Indonesia	—		1,815,108		—
Israel	3,400,478		—		—
Mauritius	—		558,687		—
Mexico	3,925,227		—		—
Poland	—		938,902		—
Russia	683,597		6,403,718		—
South Africa	—		5,508,330		—
South Korea	—		14,729,118		—
Taiwan	796,674		11,142,119		—
Turkey	—		5,552,010		—
United Kingdom	—		2,066,766		—
Total Common Stock	29,148,542		86,391,950		—
Exchange-Traded Funds	8,007,365		—		—
Short-Term Investments	—		129,292		—
Total	$	37,155,907	$	86,521,242	$	—
Other Financial Instruments**	—		—		—
Total	$	—	$	—	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are catagorized as Level 2 investments.

	PORTFOLIO OF INVESTMENTS
ING Emerging Markets Fixed Income Fund	as of July 31, 2009 (Unaudited)

Principal Amount					Value
CORPORATE BONDS/NOTES: 15.6%
				Argentina: 0.4%
$	354,167		S, I	Province of Mendoza, 5.500%, due 09/04/18	$	194,792
40,368			#, ±, I	Transportadora Gas del Norte, 6.500%, due 12/31/12	11,202
200,000			±, I	Transportadora Gas del Norte, 7.500%, due 12/31/12	55,500
1,285,000			#, ±, I	Transportadora Gas del Norte, 8.000%, due 12/31/12	356,588
					618,082
				Brazil: 0.5%
645,000				Petrobras International Finance Co., 7.875%, due 03/15/19	719,369
					719,369
				Chile: 0.4%
620,000			#	Alto Parana SA, 6.375%, due 06/09/17	603,942
					603,942
				Cyprus: 0.3%
450,000			#	Alfa MTN Invest Ltd., 9.250%, due 06/24/13	421,355
					421,355
				Indonesia: 0.3%
460,000			#	Majapahit Holding BV, 7.875%, due 06/29/37	388,700
					388,700
				Kazakhstan: 2.3%
600,000			#	HSBK Europe BV, 7.250%, due 05/03/17 - Reg S	420,198
400,000			#	HSBK Europe BV, 7.250%, due 05/03/17	269,000
730,000			#	KazMunaiGaz Finance Sub BV, 8.375%, due 07/02/13	688,025
1,000,000			#	KazMunaiGaz Finance Sub BV, 9.125%, due 07/02/18	920,000
907,725				Tengizchevroil Finance Co. SARL, 6.124%, due 11/15/14	850,992
1,500,000			I	TuranAlem Finance BV, 8.250%, due 01/22/37	322,500
					3,470,715
				Mexico: 1.1%
195,000				Grupo Televisa SA, 6.000%, due 05/15/18	189,369
605,000				Pemex Project Funding Master Trust, 5.750%, due 03/01/18	598,950
955,000				Pemex Project Funding Master Trust, 6.625%, due 06/15/35	906,504
					1,694,823
				Nigeria: 0.0%
500,000			S	Central Bank of Nigeria, 5.092%, due 01/05/10	27,500
					27,500
				Peru: 1.8%
320,000			#, Z, ^, I	Interoceanica IV Finance Ltd., 5.990%, due 11/30/18	185,856
1,142,885			#, Z, ^, I	Interoceanica IV Finance Ltd., 6.340%, due 11/30/25	418,639
2,798,279			Z, I	Peru Enhanced Pass-through Finance Ltd., 3.790%, due 05/31/18	2,014,761
233,190			#, Z, I	Peru Enhanced Pass-through Finance Ltd., 3.960%, due 05/31/18	164,982
					2,784,238
				Philippines: 0.3%
450,000			S, I	National Power Corp., 9.625%, due 05/15/28	483,750
					483,750
				Russia: 3.8%
600,000				Alfa Bond Issuance PLC for OJSC Alfa Bank, 8.635%, due 02/22/17	455,250
590,000				GAZ Capital SA, 6.510%, due 03/07/22	484,685
850,000			S	Gaz Capital SA, 8.625%, due 04/28/34	890,375
1,500,000			S	Kuznetski Capital for Bank of Moscow, 7.500%, due 11/25/15	1,308,750
460,000			#	RSHB Capital SA for OJSC Russian Agricultural Bank, 7.125%, due 01/14/14	460,414
185,000				RSHB Capital SA for OJSC Russian Agricultural Bank, 9.000%, due 06/11/14	198,080
RUB		25,000,000		Sibacademfinance PLC for URSA Bank, 9.125%, due 02/26/10	786,488
$	300,000		#	TransCapitalInvest Ltd for OJSC AK Transneft, 8.700%, due 08/07/18	300,462
200,000			#	TransCapitalInvest Ltd. for OJSC AK Transneft, 7.700%, due 08/07/13	201,391
805,000				UBS Luxembourg SA for OJSC Vimpel Communications, 8.250%, due 05/23/16	725,506
					5,811,401
				South Korea: 0.4%
600,000				Korea Development Bank, 8.000%, due 01/23/14	661,566
					661,566
				Supranational: 0.3%
360,000			I	Corp Andina de Fomento, 8.125%, due 06/04/19	398,343
					398,343
				Trinidad And Tobago: 0.7%
1,315,000			I	Petroleum Co. of Trinidad & Tobago Ltd., 6.000%, due 05/08/22	1,121,038
					1,121,038
				Ukraine: 0.9%
550,000			S, I	City of Kiev Ukraine, 8.000%, due 11/06/15	316,250
500,000				Standard Bank (Nak), 8.125%, due 09/30/09	422,500
800,000			#, I	UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12	552,000
					1,290,750
				Venezuela: 2.1%
6,500,000			S	Petroleos de Venezuela SA, 5.250%, due 04/12/17	3,162,900
					3,162,900
				Total Corporate Bonds/Notes
				(Cost $30,111,442)	23,658,472
FOREIGN GOVERNMENT BONDS: 70.2%
				Argentina: 2.4%
9,005,000			S	Argentina Government International Bond, due 12/15/35	396,220
9,525,000			S	Argentina Government International Bond, due 12/15/35	366,713
2,000,000				Argentina Government International Bond, 7.000%, due 10/03/15	1,090,000

	PORTFOLIO OF INVESTMENTS
ING Emerging Markets Fixed Income Fund	as of July 31, 2009 (Unaudited) (continued)

Principal Amount								Value
							Argentina (continued)
$	5,600,000					+, #, S, I	Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35	$	1,381,801
280,000						#, S, I	Province of Buenos Aires Argentina, 9.375%, due 09/14/18	135,100
233,400						#	Provincia Del Neuquen Titulo Provincial, 8.656%, due 10/18/14	232,525
								3,602,359
							Belize: 0.1%
330,000						+, I	Belize Government International Bond, 4.250% (step rate 6.000%), due 02/20/29	153,450
								153,450
							Bosnia and Herzegovina: 0.2%
EUR				750,000		S, Z, I	Bosnia & Herzegovina Government International Bond, 15.290%, due 12/11/17	325,201
								325,201
							Brazil: 6.0%
$	405,000						Banco Nacional de Desenvolvimento Economico e Social, 6.500%, due 06/10/19	412,088
1,000,000						S	Brazil Government International Bond, 7.125%, due 01/20/37	1,106,000
1,280,000						S	Brazil Government International Bond, 8.750%, due 02/04/25	1,596,800
1,700,000							Brazil Government International Bond, 10.125%, due 05/15/27	2,397,000
950,000						S	Brazil Government International Bond, 11.000%, due 08/17/40	1,246,875
3,800,000						S	Federative Republic of Brazil, 12.500%, due 01/05/22	2,300,214
								9,058,977
							Colombia: 4.5%
1,150,000							Republic of Colombia, 7.375%, due 03/18/19	1,253,500
1,000,000							Republic of Colombia, 7.375%, due 09/18/37	1,032,500
355,000						S	Republic of Colombia, 8.125%, due 05/21/24	396,003
COP			7,300,000,000			S	Republic of Colombia, 12.000%, due 10/22/15	4,183,772
								6,865,775
							Dominican Republic: 0.2%
$	131,157					S	Dominican Republic, 9.040%, due 01/23/18	117,932
250,000						#, S	Dominican Republic International Bond, 8.625%, due 04/20/27	182,500
								300,432
							El Salvador: 0.4%
730,000						I	El Salvador Government International Bond, 7.650%, due 06/15/35	646,050
								646,050
							Ghana: 0.3%
500,000						#	Republic of Ghana, 8.500%, due 10/04/17	476,250
								476,250
							Hungary: 4.9%
HUF				650,000,000		S	Hungary Government International Bond, 6.750%, due 02/12/13	3,304,230
HUF				800,000,000		S	Hungary Government International Bond, 8.000%, due 02/12/15	4,167,878
								7,472,108
							Indonesia: 8.4%
$	915,000						Indonesia Government International Bond, 7.500%, due 01/15/16	980,719
2,300,000							Indonesia Government International Bond, 11.625%, due 03/04/19	3,073,085
IDR		10,000,000,000					Indonesia Treasury Bond, 10.750%, due 05/15/16	1,085,664
IDR		43,695,000,000					Indonesia Treasury Bond, 11.250%, due 05/15/14	4,812,063
$	2,545,000					#	Perusahaan Penerbit SBSN, 8.800%, due 04/23/14	2,763,333
								12,714,864
							Iraq: 0.6%
1,350,000						S	Republic of Iraq, 5.800%, due 01/15/28	928,125
								928,125
							Lebanon: 0.2%
210,000						I	Lebanon Government International Bond, 8.250%, due 04/12/21	219,114
								219,114
							Malaysia: 2.9%
MYR				10,000,000		S	Malaysia Government International Bond, 4.240%, due 02/07/18	2,857,584
MYR				5,000,000			Malaysia Government International Bond, 5.734%, due 07/30/19	1,583,742
								4,441,326
							Mexico: 5.8%
MXN				97,000,000		S	Mexican Bonos, 7.750%, due 12/14/17	7,271,506
$	800,000						Mexico Government International Bond, 6.750%, due 09/27/34	828,000
500,000							Mexico Government International Bond, 8.300%, due 08/15/31	606,250
								8,705,756
							Pakistan: 0.9%
1,795,000							Islamic Republic of Pakistan, 6.875%, due 06/01/17	1,292,400
								1,292,400
							Panama: 0.5%
500,000							Panama Government International Bond, 8.875%, due 09/30/27	615,000
130,000						S	Panama Government International Bond, 9.375%, due 04/01/29	164,450
								779,450
							Peru: 2.0%
800,000							Peru Government International Bond, 6.550%, due 03/14/37	792,000
PEN					6,400,000	#	Peru Government International Bond, 6.900%, due 08/12/37	2,229,364
								3,021,364
							Philippines: 2.5%
$	1,680,000						Philippine Government International Bond, 8.375%, due 06/17/19	1,948,800
600,000							Philippine Government International Bond, 8.875%, due 03/17/15	699,000
1,000,000							Philippine Government International Bond, 9.000%, due 02/15/13	1,152,500
								3,800,300
							Poland: 5.1%
PLN				14,000,000		S	Poland Government International Bond, 5.250%, due 04/25/13	4,808,939
PLN				7,000,000		S	Poland Government International Bond, 5.250%, due 10/25/17	2,317,405
$	530,000						Poland Government International Bond, 6.375%, due 07/15/19	551,624
								7,677,968
							Russia: 1.7%
RUB					662,400	S	Russia Government International Bond, 7.500%, due 03/31/30	676,310
RUB					1,300,000	S	Russia Government International Bond, 12.750%, due 06/24/28	1,927,250
								2,603,560

	PORTFOLIO OF INVESTMENTS
ING Emerging Markets Fixed Income Fund	as of July 31, 2009 (Unaudited) (continued)

Principal Amount								Value
						South Africa: 5.9%
ZAR		48,000,000				South Africa Government International Bond, 13.500%, due 09/15/15		$	7,676,722
$	805,000					South Africa Government International Bond, 5.875%, due 05/30/22		805,000
375,000						South Africa Government International Bond, 6.875%, due 05/27/19		411,563
								8,893,285
						Thailand: 5.3%
THB			70,000,000		S	Thailand Government International Bond, 4.250%, due 03/13/13		2,182,998
THB			80,000,000		S	Thailand Government International Bond, 5.125%, due 03/13/18		2,614,895
THB			100,000,000		S	Thailand Government International Bond, 5.250%, due 05/12/14		3,246,964
								8,044,857
						Turkey: 6.8%
TRY				3,000,000		Turkey Government International Bond, 14.000%, due 09/26/12		2,186,342
$	1,000,000					Turkey Government International Bond, 6.875%, due 03/17/36		955,000
1,250,000					S	Turkey Government International Bond, 7.000%, due 02/05/25		1,295,313
TRY				4,680,000	S	Turkey Government International Bond, 10.000%, due 02/15/12		3,369,333
$	950,000				S	Turkey Government International Bond, 7.000%, due 09/26/16		997,500
TRY				2,000,000	S	Turkey Government International Bond, 16.000%, due 03/07/12		1,509,909
								10,313,397
						Ukraine: 1.2%
$	800,000					Credit Suisse First Boston International for CJSC The EXIM of Ukraine, 6.800%, due 10/04/12		612,000
360,000						Ukraine Government International Bond, 6.580%, due 11/21/16		255,600
1,180,000					S	Ukraine Government International Bond, 7.650%, due 06/11/13		987,070
								1,854,670
						Uruguay: 1.1%
314,322					S	Uruguay Government International Bond, 7.625%, due 03/21/36		319,823
1,217,500					&	Uruguay Government International Bond, 7.875%, due 01/15/33		1,260,113
								1,579,936
						Venezuela: 0.3%
160,000						Venezuela Government International Bond, 9.250%, due 05/07/28		103,208
400,000						Venezuela Government International Bond, 9.375%, due 01/13/34		261,000
								364,208
						Total Other Bonds
						(Cost $108,141,949)		106,135,182
						Total Long-Term Investments
						(Cost $138,253,391)		129,793,654
						Total Investments in Securities
						(Cost $138,253,391)*	85.8%	$	129,793,654
						Other Assets and Liabilities - Net	14.2	21,455,914
						Net Assets	100.0%	$	151,249,568
					&	Payment-in-kind
					+	Step-up basis bonds. Interest rates shown reflect current and next coupon rates.
					#	Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
					I	Illiquid Security
					S	All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.
					±	Defaulted security
					^	Structured Note
					Z	Indicates Zero Coupon Bond; rate shown reflects current effective yield.
					COP	Columbian Peso
					EUR	EU Euro
					HUF	Hungarian Forint
					IDR	Indonesian Rupiah
					MXN	Mexican Peso
					MYR	Malaysian Ringgit
					PEN	Peruvian Nuevo Sol
					PLN	Polish Zloty
					RUB	Russian Ruble
					THB	Thai Baht
					TRY	Turkish Lira
					*	Cost for federal income tax purposes is $138,417,655.
						Net unrealized depreciation consists of:
						Gross Unrealized Appreciation		$	7,569,391
						Gross Unrealized Depreciation		(16,193,392)
						Net Unrealized Depreciation		$	(8,624,001)

	PORTFOLIO OF INVESTMENTS
ING Emerging Markets Fixed Income Fund	as of July 31, 2009 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Banks	2.9%
Diversified Financial Services	3.2
Electric	0.6
Foreign Government Bonds	70.2
Forest Products & Paper	0.4
Gas	0.3
Media	0.1
Multi-National	0.3
Municipal	0.2
Oil & Gas	7.1
Telecommunications	0.5
Other Assets and Liabilities - Net	14.2
Net Assets	100.0%

	PORTFOLIO OF INVESTMENTS
ING Emerging Markets Fixed Income Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

· Level 1 - quoted prices in active markets for identical investments

· Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
Corporate Bonds/Notes	$	—	$	20,391,484	$	3,266,988
Foreign Government Bonds	—		103,098,851		3,036,331
Total	$	—	$	123,490,335	$	6,303,319
Other Financial Instruments**	6,913		—		—
Total	$	6,913	$	—	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

The following is a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) for the period ended July 31, 2009:

	Beginning Balance		Net		Accrued Discounts/		Total Realized		Appreciation/		Net Transfers In/		Ending Balance
	at 10/31/08		Purchases/(Sales)		(Premiums)		Gain/(Loss)		(Depreciation)		(Out) of Level 3		at 07/31/09
Corporate Bonds/Notes	22,271,070		(21,024,953)		183,868		(4,955,612)		6,792,615		—		3,266,988
Foreign Government Bonds	5,361,313		(3,760,053)		250,037		(1,324,316)		2,509,350		—		3,036,331
Total	$	27,632,383	$	(24,785,006)	$	433,905	$	(6,279,928)	$	9,301,965	$	—	$	6,303,319

For the period ended July 31, 2009, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $2,818,407.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

	PORTFOLIO OF INVESTMENTS
ING Emerging Markets Fixed Income Fund	as of July 31, 2009 (Unaudited) (continued)

On March 19, 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (“SFAS No. 161”), “Disclosure about Derivative Instruments and Hedging Activities.” This new accounting statement requires enhanced disclosures about an entity’s derivative and hedging activities. Entities are required to provide enhanced disclosures about (a) how and why an entity invests in derivatives, (b) how derivatives are accounted for under SFAS No. 133, and (c) how derivatives affect an entity’s financial position, financial performance, and cash flows. SFAS No. 161 also requires enhanced disclosures regarding credit-risk related contingent features of derivative instruments.

The following is a summary of the fair valuations of the Fund’s derivative instruments categorized by risk exposure as of July 31, 2009:

	Derivatives Fair Value*
Interest rate contracts	$	6,913
Total	$	6,913

* Forward foreign currency contracts and futures are reported at their unrealized appreciation/depreciation at period end. Purchased options, swaps, and written options are reported at their market value at period end.

	PORTFOLIO OF INVESTMENTS
ING Emerging Markets Fixed Income Fund	as of July 31, 2009 (Unaudited) (continued)

ING Emerging Markets Fixed Income Fund Open Futures Contracts on July 31, 2009:

			Unrealized
Contract Description	Number of Contracts	Expiration Date	Appreciation/ (Depreciation)
Long Contracts
U.S. Treasury 5-Year Note	51	09/30/09	$	(5,307)
U.S. Treasury Long Bond	5	09/21/09	12,220
			$	6,913

	PORTFOLIO OF INVESTMENTS
ING European Real Estate Fund	as of July 31, 2009 (Unaudited)

Shares				Value
COMMON STOCK: 20.0%
		Austria: 1.2%
6,260	@	Immoeast Immobilien Anlagen AG		$	17,359
10,560	@	Immofinanz Immobilien Anlagen AG		22,160
				39,519
		Finland: 3.2%
36,550	@	Sponda OYJ		105,777
				105,777
		Germany: 0.6%
1,430		Colonia Real Estate AG		5,723
460		Deutsche Euroshop AG		13,969
				19,692
		Luxembourg: 1.2%
4,670		GAGFAH SA		39,441
				39,441
		Sweden: 4.3%
15,420		Castellum AB		113,274
2,120		Kungsleden AB		11,378
1,120		Wihlborgs Fastigheter AB		17,327
				141,979
		Switzerland: 3.8%
1,820	@	PSP Swiss Property AG		96,757
650	@	Swiss Prime Site AG		31,182
				127,939
		United Kingdom: 5.7%
15,640		Grainger PLC		47,840
16,220		Hansteen Holdings PLC		21,270
11,645		Helical Bar PLC		66,171
34,094		Safestore Holdings Ltd.		55,792
				191,073
		Total Common Stock
		(Cost $602,291)		665,420
REAL ESTATE INVESTMENT TRUSTS: 77.2%
		Belgium: 3.2%
595		Cofinimmo		73,982
760		Warehouses De Pauw SCA		32,371
				106,353
		France: 34.2%
684		Fonciere Des Regions		59,909
460		Gecina SA		37,863
1,240		ICADE		108,578
6,669		Klepierre		190,673
1,660		Mercialys		55,609
490		Societe Fonciere Lyonnaise SA		19,200
3,810		Unibail		665,591
				1,137,423
		Netherlands: 9.5%
2,814		Corio NV		155,776
3,380		Eurocommercial Properties NV		114,880
580		Vastned Retail NV		31,235
199		Wereldhave NV		16,089
				317,980
		United Kingdom: 30.3%
32,976		British Land Co. PLC		239,509
3,130		Derwent Valley Holdings PLC		50,464
5,483		Great Portland Estates PLC		21,296
34,779		Hammerson PLC		200,195
32,671		Land Securities Group PLC		290,795
15,426	@	Liberty International PLC		112,227
5,463		Mucklow A & J Group PLC		20,540
14,185		Segro PLC		65,399
1,683		Shaftesbury PLC		9,304
				1,009,729
		Total Real Estate Investment Trusts
		(Cost $2,768,765)		2,571,485
		Total Long-Term Investments
		(Cost $3,371,056)		3,236,905
SHORT-TERM INVESTMENTS: 2.5%
		Affiliated Mutual Fund: 2.5%
82,878		ING Institutional Prime Money Market Fund - Class I		82,878
		Total Short-Term Investments
		(Cost $82,878)		82,878
		Total Investments in Securities
		(Cost $3,453,934)*	99.7%	$	3,319,783
		Other Assets and Liabilities - Net	0.3	10,186
		Net Assets	100.0%	$	3,329,969
	@	Non-income producing security
	*	Cost for federal income tax purposes is $4,095,186.
		Net unrealized depreciation consists of:
		Gross Unrealized Appreciation		$	229,711
		Gross Unrealized Depreciation		(1,005,114)
		Net Unrealized Depreciation		$	(775,403)

	PORTFOLIO OF INVESTMENTS
ING European Real Estate Fund	as of July 31, 2009 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Diversified	69.2%
Office Property	6.1
Real Estate	18.3
Shopping Centers	0.9
Storage/Warehousing	1.7
Warehouse/Industrial	1.0
Short-Term Investments	2.5
Other Assets and Liabilities - Net	0.3
Net Assets	100.0%

	PORTFOLIO OF INVESTMENTS
ING European Real Estate Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

· Level 1 - quoted prices in active markets for identical investments

· Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs+		Inputs
	(Level 1)		(Level 2)		(Level 3)
Common Stock	$	—	$	665,420	$	—
Real Estate Investment Trusts	65,399		2,506,086		—
Short-Term Investments	82,878		—		—
Total	$	148,277	$	3,171,506	$	—
Other Financial Instruments**	—		—		—
Total	$	—	$	—	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are catagorized as Level 2 investments.

	PORTFOLIO OF INVESTMENTS
ING Foreign Fund	as of July 31, 2009 (Unaudited)

Shares			Value
COMMON STOCK: 88.7%
		Australia: 6.0%
56,409		Australia & New Zealand Banking Group Ltd.	$	871,339
85,533		BHP Billiton Ltd.	2,698,913
31,232		Commonwealth Bank of Australia	1,106,588
14,428		CSL Ltd.	366,234
61,600		Foster’s Group Ltd.	276,785
217,346		Macquarie Airports Management Ltd.	451,031
6,884		Macquarie Group Ltd.	252,984
46,016		National Australia Bank Ltd.	933,941
16,154		QBE Insurance Group Ltd.	262,958
90,183		Rio Tinto Ltd.	4,546,826
232,899		Telstra Corp., Ltd.	686,814
23,444		Wesfarmers Ltd.	505,002
60,875		Westpac Banking Corp.	1,096,254
29,758		Woodside Petroleum Ltd.	1,140,540
32,474		Woolworths Ltd.	737,428
			15,933,637
		Austria: 0.6%
37,039		OMV AG	1,469,707
10,285		Telekom Austria AG	157,005
			1,626,712
		Belgium: 0.4%
7,280		Anheuser-Busch InBev NV	288,819
1,648		Belgacom SA	59,038
154,945		Fortis	595,797
841		Solvay SA	82,418
			1,026,072
		Brazil: 0.7%
5,580		Cia Siderurgica Nacional SA	142,958
92,822		Vale SA ADR	1,831,378
			1,974,336
		Canada: 5.5%
17,548		Bank of Montreal	879,966
23,113		Bank of Nova Scotia	985,239
14,918		Barrick Gold Corp.	520,970
11,011		Bombardier, Inc. - Class B	39,046
9,835		Canadian Imperial Bank of Commerce	605,392
11,888		Canadian Natural Resources Ltd.	714,659
9,385	@	Canadian Pacific Railway Ltd.	417,305
34,406		EnCana Corp.	1,845,420
13,565		GoldCorp, Inc.	515,401
12,875		Kinross Gold Corp.	253,974
13,314	@	Manulife Financial Corp.	323,318
2,667		National Bank of Canada	143,866
31,532	@	Petro-Canada	1,302,259
2,629		Potash Corp. of Saskatchewan	244,926
10,755	@	Research In Motion Ltd.	817,380
4,687		Rogers Communications, Inc. - Class B (Canadian Denominated Security)	130,222
30,138		Royal Bank of Canada	1,434,650
4,493		Sun Life Financial, Inc.	153,569
22,762		Suncor Energy, Inc.	736,160
57,266		Talisman Energy, Inc.	885,105
16,263	@	Teck Cominco Ltd. - Class B	427,994
4,148		Thomson Corp.	133,960
19,087		Toronto Dominion Bank	1,118,200
			14,628,981
		China: 3.3%
1,159,315		Bank of China Ltd.	576,186
74,000		Bank of Communications Co. Ltd.	90,598
373,156		Beijing Capital International Airport Co., Ltd.	265,200
201,000		China Citic Bank	139,572
1,641,860		China Construction Bank	1,318,726
94,000		China COSCO Holdings Co., Ltd.	135,302
239,551		China Life Insurance Co., Ltd.	1,060,882
23,500		China Merchants Bank Co., Ltd.	55,096
1,727,198		China Petroleum & Chemical Corp.	1,539,789
75,000		China Shenhua Energy Co., Ltd.	304,843
330,000		China Telecom Corp., Ltd.	171,613
1,373,543		Industrial and Commercial Bank of China Ltd.	986,288
1,476,812		PetroChina Co., Ltd.	1,739,903
33,500		Ping An Insurance Group Co. of China Ltd.	295,791
			8,679,789
		Czech Republic: 1.5%
23,046		Komercni Banka A/S	3,973,294
			3,973,294
		Denmark: 0.6%
2,008		ALK-Abello A/S	154,072
23		AP Moller - Maersk A/S - Class B	143,221
238		Carlsberg A/S	16,495
12,377		Danske Bank A/S	256,810
14,525		Novo-Nordisk A/S	849,929
1,931	@	Vestas Wind Systems A/S	135,919
			1,556,446

	PORTFOLIO OF INVESTMENTS
ING Foreign Fund	as of July 31, 2009 (Unaudited) (continued)

Shares			Value
		Finland: 0.4%
2,194		Fortum OYJ	$	50,852
4,958		Kone OYJ	168,814
19,188		Nokia OYJ	258,010
18,341		Orion OYJ	321,677
3,916		Sampo OYJ	81,580
21,964		Stora Enso OYJ (Euro Denominated Security)	139,603
			1,020,536
		France: 9.1%
3,815		Accor SA	162,914
12,250		ADP	988,498
5,212		Air Liquide	544,476
4,154		Alstom	285,246
33,664		AXA SA	710,589
23,130		BNP Paribas	1,679,494
6,074		Bouygues SA	258,051
15,147		Carrefour SA	710,228
5,539		Casino Guichard Perrachon SA	380,573
9,069		Cie de Saint-Gobain	366,788
4,381		Compagnie Generale des Etablissements Michelin	316,257
27,313		Credit Agricole SA	389,015
4,906		Electricite de France	242,967
67,555		France Telecom SA	1,685,013
33,832		Gaz de France	1,292,595
33,122		Groupe Danone	1,773,173
7,542		Lafarge SA	544,837
4,728		LVMH Moet Hennessy Louis Vuitton SA	426,571
3,941		Pernod-Ricard SA	305,733
8,817		Peugeot SA	267,101
3,201		PPR	356,516
9,191		Publicis Groupe	326,006
13,737		Renault SA	583,754
35,064		Sanofi-Aventis	2,294,133
5,021		Schneider Electric SA	455,811
11,038		Societe Generale	707,647
64,240		Total SA	3,562,778
1,219		Vallourec	160,401
8,652		Veolia Environnement	297,410
26,283		Vinci SA	1,337,730
29,934		Vivendi	767,313
			24,179,618
		Germany: 6.6%
7,259		Adidas AG	306,523
9,833		Allianz AG	970,849
19,425		BASF AG	971,563
16,585		Bayer AG	1,016,408
6,632		Bayerische Motoren Werke AG	306,042
1,036		Beiersdorf AG	52,162
15,885		Commerzbank AG	124,434
18,916		DaimlerChrysler AG	876,576
16,342		Deutsche Bank AG	1,056,136
2,628		Deutsche Boerse AG	207,963
9,269		Deutsche Post AG	146,462
85,550		Deutsche Telekom AG	1,097,586
46,512		E.ON AG	1,757,387
65,399		Fraport AG Frankfurt Airport Services Worldwide	2,996,216
5,607		Fresenius AG	275,534
2,100		K+S AG	117,569
7,773		MAN AG	536,529
5,119		Muenchener Rueckversicherungs AG	774,727
10,362		RWE AG	874,177
19,584		SAP AG	922,347
23,391		Siemens AG	1,864,073
9,329		ThyssenKrupp AG	286,651
12,776	@	UkrTelecom GDR	26,222
			17,564,136
		Greece: 0.2%
20,089		Hellenic Telecommunications Organization SA	314,772
7,084		National Bank of Greece SA	206,360
			521,132
		Hong Kong: 3.4%
28,000		Cheung Kong Holdings Ltd.	360,883
177,461		China Merchants Holdings International Co., Ltd.	584,301
246,866		China Mobile Ltd.	2,590,482
102,000		China Overseas Land & Investment Ltd.	250,902
108,000		China Resources Land Ltd.	263,213
18,500		CLP Holdings Ltd.	125,734
361,000		CNOOC Ltd.	480,320
250,000		Denway Motors Ltd.	123,946
29,800		Esprit Holdings Ltd.	214,595
480,717		GOME Electrical Appliances Holdings Ltd.	138,528
75,000		Hang Lung Properties Ltd.	274,005
42,000		Henderson Land Development Co., Ltd.	276,733
23,100		Hong Kong Exchanges and Clearing Ltd.	433,750
171,823		Hutchison Whampoa Ltd.	1,284,340
54,000		Li & Fung Ltd.	159,106
39,000		MTR Corp.	141,260
66,000		New World Development Ltd.	157,103
29,000		Sun Hung Kai Properties Ltd.	440,299

	PORTFOLIO OF INVESTMENTS
ING Foreign Fund	as of July 31, 2009 (Unaudited) (continued)

Shares			Value
		Hong Kong (continued)
25,500		Swire Pacific Ltd.	$	286,076
63,000		Wharf Holdings Ltd.	295,601
32,500		Yue Yuen Industrial Holdings	88,300
			8,969,477
		Hungary: 0.7%
88,910	@, L	OTP Bank Nyrt	1,898,105
			1,898,105
		India: 0.4%
1,239		HDFC Bank Ltd. ADR	121,137
7,611		ICICI Bank Ltd. ADR	238,605
6,223		Infosys Technologies Ltd. ADR	267,776
29,831		ITC Ltd.	155,416
3,316	@	Reliance Industries Ltd.	135,260
10,574	L	Sterlite Industries India Ltd. ADR	140,106
			1,058,300
		Indonesia: 0.0%
155,957		Telekomunikasi Indonesia Tbk PT	139,442
			139,442
		Ireland: 0.3%
30,677		CRH PLC	744,557
			744,557
		Italy: 2.2%
18,376		Assicurazioni Generali S.p.A.	418,803
6,128		Autostrade S.p.A.	135,396
110,529		Enel S.p.A.	600,647
132,965		ENI S.p.A.	3,106,947
81,678		Intesa Sanpaolo S.p.A.	303,711
13,583		Mediaset S.p.A.	82,133
11,204		Mediobanca S.p.A.	157,186
3,246		Saipem S.p.A.	87,969
243,178		Telecom Italia S.p.A.	380,688
159,011		UniCredito Italiano S.p.A.	463,997
			5,737,477
		Japan: 9.2%
10,601		Aisin Seiki Co., Ltd.	271,649
8,800		Asahi Breweries Ltd.	139,736
16,000		Asahi Glass Co., Ltd.	138,340
28,500		Bank of Yokohama Ltd.	153,871
1,200		Benesse Corp.	51,864
16,700		Bridgestone Corp.	288,902
25,005		Canon, Inc.	926,828
39		Central Japan Railway Co.	234,576
18,800		Chiba Bank Ltd.	121,232
5,700		Daikin Industries Ltd.	205,719
19,200		Daiwa Securities Group, Inc.	112,704
14,388		Denso Corp.	422,174
1,650		Diamond Lease Co., Ltd.	50,245
6,900		East Japan Railway Co.	394,278
4,600		Eisai Co., Ltd.	163,210
1,600		FamilyMart Co., Ltd.	52,002
10,600		Fanuc Ltd.	866,112
19,000		Fujitsu Ltd.	124,257
11,000		Fukuoka Financial Group, Inc.	48,143
2,874		Hitachi Construction Machinery Co., Ltd.	50,632
48,528		Honda Motor Co., Ltd.	1,551,896
106,000		Itochu Corp.	788,818
3,886		Japan Steel Works Ltd.	50,608
5,900		JFE Holdings, Inc.	236,041
30,000		Kawasaki Heavy Industries Ltd.	76,812
38		KDDI Corp.	201,024
18,800		Kirin Brewery Co., Ltd.	280,104
26,305		Komatsu Ltd.	427,155
7,000		Konica Minolta Holdings, Inc.	75,900
24,319		Kubota Corp.	217,496
1,569		Kurita Water Industries Ltd.	51,687
3,000		Kyocera Corp.	240,714
1,200		Lawson, Inc.	49,726
2,900		Makita Corp.	71,441
42,784		Matsushita Electric Industrial Co., Ltd.	676,261
67,100		Mitsubishi Corp.	1,332,453
31,000		Mitsubishi Electric Corp.	225,891
19,000		Mitsubishi Estate Co., Ltd.	315,361
29,000		Mitsubishi Heavy Industries Ltd.	115,592
200,600		Mitsubishi UFJ Financial Group, Inc.	1,225,100
104,400		Mitsui & Co., Ltd.	1,300,828
14,500		Mitsui Fudosan Co., Ltd.	265,532
144,700		Mizuho Financial Group, Inc.	332,662
16,000		NGK Insulators Ltd.	360,231
9,500		Nidec Corp.	682,681
4,000		Nikon Corp.	79,916
901		Nintendo Co., Ltd.	242,075
32,000		Nippon Steel Corp.	127,384
6,200		Nippon Telegraph & Telephone Corp.	255,935
59,800		Nissan Motor Co., Ltd.	433,906
54,700		Nomura Holdings, Inc.	479,257
252		NTT DoCoMo, Inc.	363,933
970		ORIX Corp.	61,024
19,000		Ricoh Co., Ltd.	247,368
3,100		Seven & I Holdings Co., Ltd.	72,625

	PORTFOLIO OF INVESTMENTS
ING Foreign Fund	as of July 31, 2009 (Unaudited) (continued)

Shares			Value
		Japan (continued)
3,400		Shin-Etsu Chemical Co., Ltd.	$	182,352
5,000		Shizuoka Bank Ltd.	49,055
700		SMC Corp.	78,733
12,133		Sony Corp.	338,184
2,600		Stanley Electric Co., Ltd.	53,570
44,000		Sumitomo Metal Industries Ltd.	108,963
19,200		Sumitomo Mitsui Financial Group, Inc.	817,293
11,000		Sumitomo Realty & Development Co., Ltd.	225,555
29,900		Sumitomo Trust & Banking Co., Ltd.	162,985
31,800		Suzuki Motor Corp.	799,704
4,500		Takeda Pharmaceutical Co., Ltd.	181,281
6,300		Tokio Marine Holdings, Inc.	181,604
4,900		Tokyo Electric Power Co., Inc.	125,441
64,400		Toyota Motor Corp.	2,703,084
1,620		Uni-Charm Corp.	131,014
			24,470,729
		Luxembourg: 0.5%
35,855		ArcelorMittal	1,292,179
			1,292,179
		Mexico: 0.5%
22,516		America Movil SA de CV - Series L ADR	968,413
260,013	@	Cemex SAB de C.V.	244,679
37,123		Grupo Televisa SA	134,198
			1,347,290
		Netherlands: 3.4%
31,814		Aegon NV	232,703
3,116		European Aeronautic Defence and Space Co. NV	59,451
38,524		Heineken NV	1,532,285
25,759		Koninklijke Philips Electronics NV	586,397
45,835		Reed Elsevier NV	479,309
99,216		Royal Dutch Shell PLC	2,598,636
19,748		Royal Dutch Shell PLC - Class A	518,693
79,680		Royal KPN NV	1,198,462
6,463		TNT NV	153,606
57,038		Unilever NV	1,554,507
			8,914,049
		Norway: 1.0%
26,389		DnB NOR ASA	230,123
22,490		Norsk Hydro ASA	132,195
16,807		Orkla ASA	133,735
96,005		Statoil ASA	2,052,668
10,362		Telenor ASA	95,681
			2,644,402
		Portugal: 0.1%
37,399		Energias de Portugal SA	148,196
			148,196
		Russia: 1.9%
35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)	116,528
25,250		Lukoil-Spon ADR	1,260,802
68,506	@	MMC Norilsk Nickel ADR	685,347
3,930		Mobile Telesystems Finance SA ADR	165,021
5,300		Novatek OAO GDR	227,929
83,100	@	OAO Gazprom ADR	1,716,011
99,150	@, L	OAO Rosneft Oil Co. GDR	605,390
45,231	@, I, #	OGK-1 OAO GDR	48,366
24,646	@, I, #	OGK-3 OJSC GDR	61,989
1,247,800	@, I	RAO Energy System of East OAO	6,471
155,594	@	RusHydro	5,399
24,745	@, #	Sistema-Hals GDR	10,640
384	@, I, #	TGK-2 GDR	830
10,695		Vimpel-Communications OAO ADR	144,489
6,549	@, I, #	Yenisei Territorial - Spon GDR	4,266
			5,059,478
		Singapore: 0.5%
18,000		City Developments Ltd.	126,582
14,000		DBS Group Holdings Ltd.	135,044
25,000		Keppel Corp., Ltd.	145,594
25,000		Oversea-Chinese Banking Corp.	135,741
215,000		Singapore Telecommunications Ltd.	522,514
11,000		United Overseas Bank Ltd.	135,025
33,000		Wilmar International Ltd.	137,051
			1,337,551
		South Africa: 0.7%
1,846		Anglo Platinum Ltd.	131,682
15,924		Impala Platinum Holdings Ltd.	385,371
31,727		MTN Group Ltd.	522,153
8,491		Naspers Ltd.	253,488
14,432		Sasol Ltd.	516,630
			1,809,324
		South Korea: 3.2%
3,693		Hyundai Heavy Industries	644,983
23,931		Hyundai Motor Co.	1,714,052
3,870	@	KB Financial Group, Inc.	167,316
3,880		KT Corp.	125,434
4,774		KT&G Corp.	277,100
903	@	NHN Corp.	130,987
3,843		Posco	1,560,661
4,021	L	Posco ADR	406,402
4,383		Samsung Electronics Co., Ltd.	2,580,739

	PORTFOLIO OF INVESTMENTS
ING Foreign Fund	as of July 31, 2009 (Unaudited) (continued)

Shares			Value
		South Korea (continued)
5,300	@	Shinhan Financial Group Ltd.	$	178,298
4,589		SK Telecom Co., Ltd.	692,995
			8,478,967
		Spain: 3.6%
82,625		Banco Bilbao Vizcaya Argentaria SA	1,352,723
17,364		Banco Popular Espanol SA	156,318
276,554		Banco Santander Central Hispano SA	4,004,773
19,070	@	EDP Renovaveis SA	195,683
1,432		Grupo Ferrovial	49,184
46,799		Iberdrola Renovables	216,184
84,943		Iberdrola SA	728,279
11,273		Inditex SA	606,631
88,826		Telefonica SA	2,209,966
			9,519,741
		Sweden: 1.4%
19,073		Atlas Copco AB - Class A	227,331
18,699		Getinge AB	279,668
15,654		Hennes & Mauritz AB	932,907
55,911		Sandvik AB	532,846
40,680		SKF AB - B Shares	610,292
44,630		Svenska Cellulosa AB - B Shares	573,711
5,714		Swedish Match AB	108,928
40,210		TeliaSonera AB	257,980
20,363		Volvo AB	148,848
			3,672,511
		Switzerland: 7.3%
59,272	@	ABB Ltd.	1,083,393
2,909		Adecco SA	140,180
27,997		Credit Suisse Group	1,323,022
1,919		Flughafen Zuerich AG	525,601
239		Givaudan	159,968
6,110	@	Holcim Ltd.	370,904
100,674		Nestle SA	4,137,143
4,267		Nobel Biocare Holding AG	101,536
78,638		Novartis AG	3,592,930
18,024		Roche Holding AG - Genusschein	2,841,427
872		Swatch Group AG - BR	159,605
9,163		Swiss Reinsurance	349,974
928		Swisscom AG	304,871
2,203		Syngenta AG	506,972
65,874	@	UBS AG - Reg	964,366
172,925		Xstrata PLC	2,335,776
2,747		Zurich Financial Services AG	539,450
			19,437,118
		Taiwan: 0.6%
134,005		Taiwan Semiconductor Manufacturing Co., Ltd. ADR	1,403,032
39,971	@, L	United Microelectron ADR	135,901
			1,538,933
		Ukraine: 0.4%
5,090,724	@	JSCB Ukrsotsbank	206,861
3,938,839	@	Raiffeisen Bank Aval	158,804
11,482	@	Ukrnafta Oil Co. ADR	210,686
10,545,713		UkrTelecom	446,736
			1,023,087
		United Kingdom: 12.4%
49,146		Anglo American PLC	1,584,976
19,509		AstraZeneca PLC	908,695
110,008		Barclays PLC	559,168
22,085		BG Group PLC	368,775
103,773		BHP Billiton PLC	2,717,991
376,438		BP PLC	3,121,687
26,441		British American Tobacco PLC	820,716
91,534		BT Group PLC	193,235
55,146		Cadbury PLC	542,439
50,859		Diageo PLC	792,828
172,023		GlaxoSmithKline PLC	3,295,889
366,567		HSBC Holdings PLC	3,709,237
101,200		HSBC Holdings PLC - Hong Kong	1,013,929
18,179		Imperial Tobacco Group PLC	518,782
48,083		J Sainsbury PLC	255,085
2,488		Johnson Matthey PLC	58,844
554,058		Lloyds TSB Group PLC	787,341
3,710		Lonmin PLC	85,888
27,407		Marks & Spencer Group PLC	158,565
122,449		Old Mutual PLC	196,411
54,922		Prudential PLC	411,299
79,436		Rio Tinto PLC	3,308,349
21,784	@	Rolls-Royce Group PLC	150,885
377,723		Royal Bank of Scotland Group PLC	280,687
35,571		Standard Chartered PLC	844,484
233,940		Tesco PLC	1,432,976
1,805,678		Vodafone Group PLC	3,712,474
43,202		WM Morrison Supermarkets PLC	194,035
118,583		WPP PLC	914,586
			32,940,256
		United States: 0.1%
5,765		Southern Copper Corp.	148,506
			148,506
		Total Common Stock
		(Cost $192,782,405)	235,014,364

	PORTFOLIO OF INVESTMENTS
ING Foreign Fund	as of July 31, 2009 (Unaudited) (continued)

Shares					Value
REAL ESTATE INVESTMENT TRUSTS: 0.2%
			Australia: 0.2%
53,641			Westfield Group		$	505,651
			Total Real Estate Investment Trusts
			(Cost $494,233)		505,651
EXCHANGE-TRADED FUNDS: 8.1%
			Brazil: 0.5%
22,577		L	iShares MSCI Brazil Index Fund		1,300,435
					1,300,435
			China: 0.9%
55,799		L	iShares FTSE/Xinhua China 25 Index Fund		2,335,746
					2,335,746
			Emerging Markets: 1.0%
75,863			iShares MSCI Emerging Markets Index Fund		2,709,826
					2,709,826
			India: 1.1%
497,700			iShares MSCI India		2,871,729
					2,871,729
			Japan: 2.7%
709,410			Nomura TOPIX Exchange Traded Fund		7,167,196
					7,167,196
			Taiwan: 1.9%
455,967			iShares MSCI Taiwan Index Fund		5,166,106
					5,166,106
			Total Exchange-Traded Funds
			(Cost $19,208,256)		21,551,038
PREFERRED STOCK: 1.5%
			Brazil: 1.4%
16,630			Banco Bradesco S.A.		261,071
37,940			Banco Itau Holding Financeira SA		677,765
7,473			Centrais Eletricas Brasileiras SA		103,338
5,889			Cia Brasileira de Distribuicao Grupo Pao de Acucar		137,428
3,680			Cia de Bebidas das Americas		258,779
7,178			CIA Energetica de Minas Gerais		102,875
24,784			Gerdau SA		290,381
81,109			Petroleo Brasileiro SA		1,366,778
13,609			Usinas Siderurgicas de Minas Gerais SA		323,129
6,040			Vivo Participacoes SA		137,359
					3,658,903
			Germany: 0.1%
1,183			Porsche AG		76,962
2,114			Volkswagen AG		165,486
					242,448
			Total Preferred Stock
			(Cost $3,565,632)		3,901,351
RIGHTS: 0.0%
			South Korea: 0.0%
300			KB Financial Group, Inc.		3,887
			Total Rights
			(Cost $-)		3,887
WARRANTS: 0.0%
			Italy: 0.0%
8,269		L	Unione di Banche Italiane SCPA		605
			Total Warrants
			(Cost $-)		605
			Total Long-Term Investments
			(Cost $216,050,526)		260,976,896
SHORT-TERM INVESTMENTS: 3.1%
			Affiliated Mutual Fund: 1.9%
5,157,056			ING Institutional Prime Money Market Fund - Class I		5,157,056
			Total Mutual Fund
			(Cost $5,157,056)		5,157,056
Principal Amount					Value
			Securities Lending Collateral(cc): 1.2%
$	3,243,759		Bank of New York Mellon Corp. Institutional Cash Reserves		$	3,209,018
			Total Securities Lending Collateral
			(Cost $3,243,759)		3,209,018
			Total Short-Term Investments
			(Cost $8,400,815)		8,366,074
			Total Investments in Securities
			(Cost $224,451,341)*	101.6%	$	269,342,970
			Other Assets and Liabilities - Net	(1.6)	(4,332,865)
			Net Assets	100.0%	$	265,010,105
		@	Non-income producing security
		ADR	American Depositary Receipt
		GDR	Global Depositary Receipt
		#	Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
		cc	Securities purchased with cash collateral for securities loaned.
		I	Illiquid Security
		L	Loaned security, a portion or all of the security is on loan at July 31, 2009.
		*	Cost for federal income tax purposes is $232,354,050.
			Net unrealized appreciation consists of:
			Gross Unrealized Appreciation		$	44,394,856
			Gross Unrealized Depreciation		(7,405,936)
			Net Unrealized Appreciation		$	36,988,920

	PORTFOLIO OF INVESTMENTS
ING Foreign Fund	as of July 31, 2009 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Advertising	0.1%
Aerospace/Defense	0.1
Agriculture	0.8
Apparel	0.1
Auto Manufacturers	3.7
Auto Parts & Equipment	0.5
Banks	16.8
Beverages	1.5
Biotechnology	0.1
Building Materials	1.0
Chemicals	1.5
Coal	0.1
Commercial Services	0.1
Communications	0.0
Computers	0.5
Cosmetics/Personal Care	0.1
Distribution/Wholesale	1.4
Diversified Financial Services	0.8
Electric	2.4
Electrical Components & Equipment	0.3
Electronics	0.7
Energy - Alternate Sources	0.2
Engineering & Construction	3.0
Environmental Control	0.0
Food	4.6
Forest Products & Paper	0.3
Hand/Machine Tools	0.3
Healthcare - Products	0.2
Holding Companies - Diversified	1.1
Home Furnishings	0.4
Insurance	2.6
Internet	0.0
Iron/Steel	1.8
Lodging	0.1
Machinery - Construction & Mining	0.3
Machinery - Diversified	0.9
Media	1.0
Metal Fabricate/Hardware	0.3
Mining	8.5
Miscellaneous Manufacturing	0.8
Office/Business Equipment	0.4
Oil & Gas	12.4
Oil & Gas Services	0.1
Pharmaceuticals	5.5
Real Estate	1.1
Retail	1.2
Semiconductors	1.6
Shipbuilding	0.2
Shopping Centers	0.2
Software	0.3
Telecommunications	7.5
Toys/Games/Hobbies	0.1
Transportation	0.7
Water	0.1
Other Long-Term Investments	8.1
Short-Term Investments	3.1
Other Assets and Liabilities - Net	(1.6)
Net Assets	100.0%

	PORTFOLIO OF INVESTMENTS
ING Foreign Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

· Level 1 - quoted prices in active markets for identical investments

· Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs+		Inputs
	(Level 1)		(Level 2)		(Level 3)
Common Stock
Australia	$	—	$	15,933,637	$	—
Austria	—		1,626,712		—
Belgium	—		1,026,072		—
Brazil	1,974,336		—		—
Canada	14,628,981		—		—
China	—		8,679,789		—
Czech Republic	—		3,973,294		—
Denmark	—		1,556,446		—
Finland	—		1,020,536		—
France	—		24,179,618		—
Germany	26,222		17,537,914		—
Greece	—		521,132		—
Hong Kong	—		8,969,477		—
Hungary	—		1,898,105		—
India	767,624		290,676		—
Indonesia	—		139,442		—
Ireland	—		744,557		—
Italy	—		5,737,477		—
Japan	—		24,470,729		—
Luxembourg	—		1,292,179		—
Mexico	1,347,290		—		—
Netherlands	—		8,914,049		—
Norway	—		2,644,402		—
Portugal	—		148,196		—
Russia	326,621		4,616,329		116,528
Singapore	—		1,337,551		—
South Africa	—		1,809,324		—
South Korea	573,718		7,905,249		—
Spain	4,004,773		5,514,968		—
Sweden	—		3,672,511		—
Switzerland	—		19,437,118		—
Taiwan	1,538,933		—		—
Ukraine	365,665		657,422		—
United Kingdom	—		32,940,256		—
United States	148,506		—		—
Total Common Stock	25,702,669		209,195,167		116,528
Real Estate Investment Trusts	—		505,651		—
Exchange-Traded Funds	21,551,038		—		—
Preferred Stock	1,055,890		2,845,461		—
Rights	—		3,887		—
Warrants	—		605		—
Short-Term Investments	5,157,056		3,209,018		—
Total	$	53,466,653	$	215,759,789	$	116,528
Other Financial Instruments**	—		(1,773,272)		—
Total	$	—	$	(1,773,272)	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are catagorized as Level 2 investments.

The following is a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) for the period ended July 31, 2009:

	Beginning Balance		Net		Accrued Discounts/		Total Realized		Appreciation/		Net Transfers In/		Ending Balance
	at 10/31/08		Purchases/(Sales)		(Premiums)		Gain/(Loss)		(Depreciation)		(Out) of Level 3		at 07/31/09
Common Stock	$	58,849	$	(647)	$	—	$	(13,058)	$	71,384	$	—	$	116,528
Total	$	58,849	$	(647)	$	—	$	(13,058)	$	71,384	$	—	$	116,528

For the period ended July 31, 2009, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets

was $63,742.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

	PORTFOLIO OF INVESTMENTS
ING Foreign Fund	as of July 31, 2009 (Unaudited) (continued)

On March 19, 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (“SFAS No. 161”), “Disclosure about Derivative Instruments and Hedging Activities.” This new accounting statement requires enhanced disclosures about an entity’s derivative and hedging activities. Entities are required to provide enhanced disclosures about (a) how and why an entity invests in derivatives, (b) how derivatives are accounted for under SFAS No. 133, and ( c ) how derivatives affect an entity’s financial position, financial performance, and cash flows. SFAS No. 161 also requires enhanced disclosures regarding credit-risk related contingent features of derivative instruments.

The following is a summary of the fair valuations of the Fund’s derivative instruments categorized by risk exposure as of July 31, 2009:

	Derivatives Fair Value*
Foreign exchange contracts	$	(1,773,272)
Total	$	(1,773,272)

* Forward foreign currency contracts and futures are reported at their unrealized appreciation/depreciation at period end. Purchased options, swaps, and written options are reported at their market value at period end.

	PORTFOLIO OF INVESTMENTS
ING Foreign Fund	as of July 31, 2009 (Unaudited) (continued)

At July 31, 2009 the following forward foreign currency contracts were outstanding for the ING Foreign Fund:

Currency	Buy/Sell	Settlement Date	In Exchange For	Value	Unrealized Appreciation (Depreciation)
			USD
Canadian Dollar
CAD 8,138,672	BUY	9/16/09	7,245,775	7,556,462	$	310,687
Czech Koruna
CZK 8,713,936	BUY	9/16/09	485,313	485,270	(43)
Czech Koruna
CZK 3,054,421	BUY	10/14/09	132,398	169,939	37,541
Czech Koruna
CZK 12,308,990	BUY	10/27/09	666,071	684,518	18,447
Czech Koruna
CZK 2,180,174	BUY	10/27/09	121,321	121,242	(79)
British Pound
GBP 2,353,635	BUY	9/16/09	3,847,157	3,931,225	84,068
British Pound
GBP 1,539,971	BUY	9/16/09	2,524,859	2,572,180	47,321
Hungarian Forint
HUF 63,236,316	BUY	9/16/09	320,022	335,381	15,359
Hungarian Forint
HUF 66,713,311	BUY	9/16/09	342,964	353,822	10,858
Hungarian Forint
HUF 146,457,090	BUY	9/16/09	773,755	776,752	2,997
Japanese Yen
JPY 470,211,238	BUY	8/10/09	4,924,400	4,969,676	45,276
Japanese Yen
JPY 220,822,914	BUY	9/16/09	2,377,060	2,334,737	(42,323)
Japanese Yen
JPY 170,195,627	BUY	9/16/09	1,830,336	1,799,460	(30,876)
Polish Zloty
PLN 6,649,028	BUY	10/20/09	2,487,302	2,273,624	(213,678)
Polish Zloty
PLN 12,744,984	BUY	11/19/09	4,714,975	4,350,785	(364,190)
					$	(78,635)
Canadian Dollar
CAD 1,233,408	SELL	9/16/09	1,087,757	1,145,175	$	(57,418)
Canadian Dollar
CAD 4,058,445	SELL	9/16/09	3,503,598	3,768,119	(264,521)
Canadian Dollar
CAD 1,461,836	SELL	9/16/09	1,257,190	1,357,261	(100,071)
Czech Koruna
CZK 9,200,131	SELL	9/16/09	480,663	512,346	(31,683)
Czech Koruna
CZK 3,054,420	SELL	10/14/09	165,821	169,939	(4,118)
Czech Koruna
CZK 28,781,239	SELL	10/27/09	1,435,975	1,600,560	(164,585)
Czech Koruna
CZK 22,736,958	SELL	10/27/09	1,153,867	1,264,430	(110,563)
Czech Koruna
CZK 5,668,374	SELL	10/27/09	288,467	315,225	(26,758)
Czech Koruna
CZK 12,774,408	SELL	10/27/09	666,827	710,400	(43,573)
EU Euro
EUR 5,481,243	SELL	9/16/09	7,683,113	7,812,935	(129,822)
British Pound
GBP 662,698	SELL	9/16/09	1,080,274	1,106,891	(26,617)
Hungarian Forint
HUF 567,479,938	SELL	9/16/09	2,798,915	3,009,693	(210,778)
Polish Zloty
PLN 6,649,028	SELL	10/20/09	2,120,564	2,273,624	(153,060)
Polish Zloty
PLN 3,070,417	SELL	11/19/09	973,885	1,048,156	(74,271)
Polish Zloty
PLN 9,674,567	SELL	11/19/09	3,086,183	3,302,630	(216,447)
Swedish Krona
SEK 10,105,235	SELL	9/8/09	1,320,307	1,400,659	(80,352)
					$	(1,694,637)

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited)

Principal Amount				Value
CORPORATE BONDS/NOTES: 28.8%
			Agriculture: 0.7%
$	900,000		Altria Group, Inc., 9.700%, due 11/10/18	$	1,096,166
498,000			Philip Morris International, Inc., 6.875%, due 03/17/14	567,117
				1,663,283
			Banks: 4.0%
200,000			Bank of America Corp., 5.420%, due 03/15/17	180,304
1,177,000		@@, #	Barclays Bank PLC, 6.050%, due 12/04/17	1,100,681
636,000			BB&T Corp., 3.850%, due 07/27/12	641,232
140,000			Capital One Financial Corp., 7.375%, due 05/23/14	151,929
1,200,000			Citigroup, Inc., 5.000%, due 09/15/14	1,075,158
773,000			Citigroup, Inc., 5.250%, due 02/27/12	766,724
213,000			Citigroup, Inc., 6.125%, due 05/15/18	195,346
696,000			Fifth Third Bancorp., 8.250%, due 03/01/38	574,689
518,000			Goldman Sachs Group, Inc., 5.450%, due 11/01/12	554,240
577,000			Goldman Sachs Group, Inc., 6.000%, due 05/01/14	625,877
664,000			JPMorgan Chase & Co., 4.650%, due 06/01/14	692,376
250,000			JPMorgan Chase Bank NA, 5.875%, due 06/13/16	250,113
1,050,000			Morgan Stanley, 6.750%, due 04/15/11	1,111,071
3,000			National City Corp., 6.875%, due 05/15/19	2,948
658,000			Wachovia Bank NA, 6.000%, due 11/15/17	673,881
851,000			Wachovia Bank NA, 6.600%, due 01/15/38	862,568
				9,459,137
			Beverages: 1.4%
540,000		#	Anheuser-Busch InBev Worldwide, Inc., 5.375%, due 11/15/14	565,149
565,000		#	Anheuser-Busch InBev Worldwide, Inc., 7.750%, due 01/15/19	661,058
1,330,000			Dr Pepper Snapple Group, Inc., 6.820%, due 05/01/18	1,472,253
469,000			PepsiCo, Inc., 7.900%, due 11/01/18	591,243
				3,289,703
			Chemicals: 0.4%
473,000		#	Chevron Phillips Chemical Co. LLC, 8.250%, due 06/15/19	520,715
397,000			Dow Chemical Co., 7.600%, due 05/15/14	431,822
				952,537
			Computers: 0.7%
399,000			Hewlett-Packard Co., 2.250%, due 05/27/11	405,034
150,000			Hewlett-Packard Co., 4.750%, due 06/02/14	160,416
576,000			Hewlett-Packard Co., 5.500%, due 03/01/18	624,028
256,000			International Business Machines Corp., 8.000%, due 10/15/38	352,492
				1,541,970
			Diversified Financial Services: 1.9%
505,000			American Express Credit Corp., 7.300%, due 08/20/13	539,535
684,000		@@	BP Capital Markets PLC, 3.625%, due 05/08/14	701,590
252,000			Capital One Bank USA NA, 6.500%, due 06/13/13	254,555
631,000			Capital One Bank USA NA, 8.800%, due 07/15/19	685,597
331,000			FIA Card Services NA, 6.625%, due 06/15/12	336,508
440,000			General Electric Capital Corp., 6.875%, due 01/10/39	433,418
619,000			International Lease Finance Corp., 6.625%, due 11/15/13	428,883
150,000			John Deere Capital Corp., 5.350%, due 04/03/18	154,010
497,000			Merrill Lynch & Co., Inc., 6.050%, due 08/15/12	512,306
369,000			National Rural Utilities Cooperative Finance Corp., 10.375%, due 11/01/18	478,303
				4,524,705
			Electric: 3.1%
64,000			Commonwealth Edison Co., 4.700%, due 04/15/15	66,311
923,000			Commonwealth Edison Co., 6.150%, due 03/15/12	991,298
519,000			Constellation Energy Group, 7.600%, due 04/01/32	502,989
428,000			Duke Energy Corp., 6.300%, due 02/01/14	471,145
438,000			Entergy Texas, Inc., 7.125%, due 02/01/19	470,795
430,000			Indiana Michigan Power, 7.000%, due 03/15/19	478,434
464,000			Metropolitan Edison, 7.700%, due 01/15/19	528,264
711,000			Nevada Power Co., 7.125%, due 03/15/19	797,657
677,000			Oncor Electric Delivery Co., 5.950%, due 09/01/13	729,191
527,000			Progress Energy, Inc., 6.050%, due 03/15/14	568,970
179,000			Progress Energy, Inc., 7.050%, due 03/15/19	205,599
476,000			Southwestern Electric Power, 5.550%, due 01/15/17	470,961
874,000			Tampa Electric Co., 6.100%, due 05/15/18	920,857
				7,202,471
			Food: 1.1%
466,000			Kraft Foods, Inc., 6.125%, due 02/01/18	509,482
500,000			Kraft Foods, Inc., 6.500%, due 08/11/17	556,535
1,130,000			Safeway Inc., 5.000%, due 08/15/19	1,120,678
395,000			Unilever Capital Corp., 3.650%, due 02/15/14	404,547
				2,591,242
			Gas: 0.3%
554,000			Sempra Energy, 6.500%, due 06/01/16	609,007
				609,007

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited) (continued)

Principal Amount				Value
			Household Products/Wares: 0.4%
$	785,000		Kimberly-Clark Corp., 7.500%, due 11/01/18	$	963,007
				963,007
			Insurance: 1.3%
1,201,000			Ace INA Holdings, Inc., 5.900%, due 06/15/19	1,272,012
709,000			Metlife, Inc., 7.717%, due 02/15/19	803,237
164,000		#	Pacific Life Insurance Co., 9.250%, due 06/15/39	165,767
219,000			Principal Financial Group, Inc., 7.875%, due 05/15/14	231,695
506,000			Prudential Financial, Inc., 7.375%, due 06/15/19	537,133
				3,009,844
			Media: 2.5%
675,000			Comcast Corp., 5.700%, due 05/15/18	719,240
76,000			Comcast Corp., 5.900%, due 03/15/16	81,457
250,000			Comcast Corp., 6.300%, due 11/15/17	275,778
751,000		#	COX Communications, Inc., 6.250%, due 06/01/18	796,616
397,000			News America, Inc., 6.150%, due 03/01/37	389,276
389,000		#	News America, Inc., 6.900%, due 03/01/19	441,254
159,000			Time Warner Cable, Inc., 6.200%, due 07/01/13	172,819
350,000			Time Warner Cable, Inc., 6.750%, due 07/01/18	389,682
937,000			Time Warner Cable, Inc., 6.750%, due 06/15/39	1,017,009
303,000			Time Warner Cable, Inc., 8.750%, due 02/14/19	376,628
353,000			Time Warner, Inc., 5.500%, due 11/15/11	374,244
446,000			Time Warner, Inc., 7.700%, due 05/01/32	495,216
373,000			Viacom, Inc., 6.875%, due 04/30/36	393,370
				5,922,589
			Miscellaneous Manufacturing: 0.7%
900,000			General Electric Co., 5.250%, due 12/06/17	913,736
673,000		@@	Tyco International Finance, 8.500%, due 01/15/19	781,006
				1,694,742
			Oil & Gas: 1.6%
116,000			Anadarko Petroleum Corp., 5.750%, due 06/15/14	122,079
203,000			Anadarko Petroleum Corp., 6.950%, due 06/15/19	223,125
265,000			ConocoPhillips, 5.750%, due 02/01/19	290,889
506,000			Hess Corp., 7.000%, due 02/15/14	559,795
1,000,000		@@, #	KazMunaiGaz Finance Sub BV, 11.750%, due 01/23/15	1,045,000
424,000			Marathon Oil Corp., 6.500%, due 02/15/14	467,958
115,000			Marathon Oil Corp., 7.500%, due 02/15/19	133,034
300,000		@@	Petrobras International Finance Co., 7.875%, due 03/15/19	334,590
250,000		@@, #, S	Ras Laffan Liquefied Natural Gas Co. Ltd. III, 4.500%, due 09/30/12	254,773
250,000		@@, #	Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.500%, due 09/30/14	256,746
				3,687,989
			Oil & Gas Services: 0.1%
140,000		@@	Weatherford International, Ltd., 9.625%, due 03/01/19	173,929
				173,929
			Pharmaceuticals: 1.0%
207,000			Express Scripts, Inc., 6.250%, due 06/15/14	226,086
52,000			Express Scripts, Inc., 7.250%, due 06/15/19	60,029
428,000		@@	Novartis Securities Investment Ltd., 5.125%, due 02/10/19	451,703
604,000			Pfizer, Inc., 6.200%, due 03/15/19	684,635
790,000			Pfizer, Inc., 7.200%, due 03/15/39	995,447
				2,417,900
			Pipelines: 0.7%
411,000			Enbridge Energy Partners, 9.875%, due 03/01/19	505,826
246,000			Energy Transfer Partners, 9.700%, due 03/15/19	308,937
90,000		@@	Trans-Canada Pipelines, 7.125%, due 01/15/19	107,049
99,000		@@	Trans-Canada Pipelines, 7.625%, due 01/15/39	126,158
479,000			Transcontinental Gas Pipe Line Co. LLC, 6.050%, due 06/15/18	504,938
				1,552,908
			Real Estate: 0.3%
726,000			Simon Property Group, Inc., 6.750%, due 05/15/14	751,740
				751,740
			Retail: 1.4%
490,000			CVS Caremark Corp., 5.750%, due 06/01/17	522,408
278,000			CVS Caremark Corp., 6.600%, due 03/15/19	311,034
1,831,000			Home Depot, Inc., 5.875%, due 12/16/36	1,697,440
839,000			Wal-Mart Stores, Inc., 3.200%, due 05/15/14	846,576
				3,377,458
			Software: 0.1%
79,000			Oracle Corp., 5.000%, due 07/08/19	83,394
159,000			Oracle Corp., 5.250%, due 01/15/16	170,717
86,000			Oracle Corp., 5.750%, due 04/15/18	94,796
				348,907
			Telecommunications: 4.8%
304,000			Alltel Corp., 7.000%, due 03/15/16	342,839
737,000			AT&T, Inc., 6.550%, due 02/15/39	821,084
681,000			AT&T, Inc., 6.700%, due 11/15/13	770,187
470,000		@@	British Telecommunications PLC, 5.950%, due 01/15/18	478,526
489,000			Cisco Systems, Inc., 5.900%, due 02/15/39	521,489
438,000		@@	Deutsche Telekom International Finance BV, 5.875%, due 08/20/13	472,870
120,000			Embarq Corp., 6.738%, due 06/01/13	126,168
905,000			Embarq Corp., 7.995%, due 06/01/36	857,462
904,000		@@	France Telecom SA, 4.375%, due 07/08/14	944,307
1,048,000		@@	France Telecom SA, 5.375%, due 07/08/19	1,118,469

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited) (continued)

Principal Amount				Value
			Telecommunications (continued)
$	387,000	@@	France Telecom SA, 8.500%, due 03/01/31	$	526,923
295,000		@@	Nokia OYJ, 5.375%, due 05/15/19	308,673
409,000		@@	Telecom Italia Capital SA, 6.175%, due 06/18/14	439,854
249,000		@@	Telefonica Emisones SAU, 5.877%, due 07/15/19	273,598
770,000		@@	Telefonica Emisones SAU, 6.421%, due 06/20/16	865,003
353,000		@@	TELUS Corp., 8.000%, due 06/01/11	381,731
376,000			Verizon Communications, Inc., 8.950%, due 03/01/39	519,072
419,000		#	Verizon Wireless Capital LLC, 3.750%, due 05/20/11	431,803
1,000,000		#	Verizon Wireless Capital LLC, 5.550%, due 02/01/14	1,088,631
				11,288,689
			Transportation: 0.3%
291,000			Union Pacific Corp., 5.125%, due 02/15/14	303,347
350,000			Union Pacific Corp., 5.700%, due 08/15/18	366,454
				669,801
			Total Corporate Bonds/Notes
			(Cost $60,882,934)	67,693,558
U.S. GOVERNMENT AGENCY OBLIGATIONS:4.2%
			Federal Home Loan Mortgage Corporation##: 1.1%
1,275,000		W	5.000%, due 09/15/33	1,299,105
931,000		W	5.500%, due 08/14/36	964,312
343,000		W	6.000%, due 09/15/34	358,274
				2,621,691
			Federal National Mortgage Association##: 2.3%
114,000		W	4.000%, due 06/25/39	111,773
667,000		W	5.000%, due 09/15/18	690,658
357,025		S	5.000%, due 07/01/37	366,888
1,678,000		W	5.500%, due 09/15/20-08/01/37	1,744,016
348,987		S	5.500%, due 06/01/37	362,079
1,457,000		W	6.000%, due 09/01/39	1,522,338
475,000		W	6.500%, due 09/15/33-09/15/34	505,879
				5,303,631
			Government National Mortgage Association: 0.8%
226,000		W	4.500%, due 08/01/39	227,695
515,000			4.500%, due 08/20/39	517,740
393,000		W	5.000%, due 09/01/38	402,027
391,265			5.500%, due 03/20/39	407,748
381,826		S	6.000%, due 10/15/38	401,482
				1,956,692
			Total U.S. Government Agency Obligations
			(Cost $9,824,917)	9,882,014
U.S. TREASURY OBLIGATIONS:14.1%
			U.S. Treasury Notes: 14.1%
6,800,000		S	1.000%, due 07/31/11	6,785,128
2,100,000		S	1.125%, due 06/30/11	2,102,463
3,389,000		S	1.500%, due 07/15/12	3,380,538
5,187,000		S	2.625%, due 06/30/14-07/31/14	5,212,389
10,424,000		S	3.125%, due 05/15/19	10,104,744
372,000		S	3.250%, due 06/30/16	374,906
5,860,000		S	3.500%, due 02/15/39	5,066,163
			Total U.S. Treasury Obligations
			(Cost $32,784,912)	33,026,331
ASSET-BACKED SECURITIES:0.7%
			Automobile Asset-Backed Securities: 0.7%
348,000		#, S	Bank of America Auto Trust, 2.670%, due 07/15/13	349,655
275,000		S	Harley-Davidson Motorcycle Trust, 2.620%, due 03/15/14	276,105
267,000		S	Harley-Davidson Motorcycle Trust, 5.520%, due 11/15/13	274,806
206,000		S	Honda Auto Receivables Owner Trust, 2.310%, due 05/15/13	205,578
99,000		S	Nissan Auto Receivables Owner Trust, 4.460%, due 04/16/12	101,784
353,000		S	USAA Auto Owner Trust, 5.070%, due 06/15/13	367,899
			Total Asset-Backed Securities
			(Cost $1,579,017)	1,575,827
COLLATERALIZED MORTGAGE OBLIGATIONS:11.0%
1,917,413		S	Banc of America Funding Corp., 5.750%, due 10/25/35	1,628,124
970,000		S	Citigroup Commercial Mortgage Trust, 5.699%, due 12/10/49	830,032
2,508,095		#, S	Citigroup Mortgage Loan Trust, Inc., 5.466%, due 11/19/35	2,288,637
1,040,000		S	Commercial Mortgage Pass-through Certificates, 6.010%, due 12/10/49	886,800
2,150,530			Countrywide Home Loan Mortgage Pass-through Trust, 4.950%, due 09/25/33	1,690,295
1,977,272		S	Countrywide Home Loan Mortgage Pass-through Trust, 5.000%, due 04/25/35	1,649,237
2,028,764		S	Countrywide Home Loan Mortgage Pass-through Trust, 5.500%, due 10/25/35	1,601,682
1,220,425		S	GMAC Mortgage Corp. Loan Trust, 5.006%, due 06/25/34	1,052,885
970,000		S	Greenwich Capital Commercial Funding Corp., 5.444%, due 03/10/39	826,585
1,210,142		S	JP Morgan Mortgage Trust, 4.976%, due 08/25/35	950,945
1,873,808		S	JP Morgan Mortgage Trust, 5.294%, due 07/25/35	1,701,704
500,000		S	JPMorgan Chase Commercial Mortgage Securities Corp., 5.179%, due 12/15/44	487,908

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited) (continued)

Principal Amount						Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	700,000		S	JPMorgan Chase Commercial Mortgage Securities Corp., 5.336%, due 05/15/47		$	570,384
500,000			S	LB-UBS Commercial Mortgage Trust, 5.156%, due 02/15/31		453,308
500,000			S	LB-UBS Commercial Mortgage Trust, 6.149%, due 04/15/41		466,244
1,987,995				Lehman Mortgage Trust, 5.000%, due 12/25/35		1,468,223
1,045,169			S	Lehman Mortgage Trust, 6.436%, due 04/25/36		909,747
760,000			S	Morgan Stanley Capital I, 5.178%, due 09/15/42		769,628
930,000			S	Wachovia Bank Commercial Mortgage Trust, 5.308%, due 11/15/48		754,968
1,318,682			S	Wachovia Mortgage Loan Trust LLC, 5.155%, due 10/20/35		1,082,468
2,207,887			S	WaMu Mortgage Pass-Through Certificates, 5.232%, due 01/25/36		1,848,955
2,179,634			S	Wells Fargo Mortgage-Backed Securities Trust, 5.500%, due 11/25/35		1,891,228
				Total Collateralized Mortgage Obligations
				(Cost $26,090,782)		25,809,987
OTHER BONDS:38.4%
				Foreign Government Bonds: 38.4%
BRL		57,000,000		Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/12		30,132,961
EUR		4,000,000		Bundesobligation, 4.000%, due 10/11/13		6,093,448
EUR		3,600,000		Bundesrepublik Deutschland, 3.750%, due 01/04/19		5,342,306
EUR		3,340,000		Bundesrepublik Deutschland, 4.250%, due 01/04/14		5,137,548
EUR		1,815,000		Bundesrepublik Deutschland, 4.250%, due 07/04/17		2,795,704
EUR		4,800,000		Bundesrepublik Deutschland, 4.250%, due 07/04/39		7,146,610
CAD		2,200,000		Canadian Government International Bond, 4.250%, due 06/01/18		2,182,375
EUR		930,000		France Government International Bond, 3.250%, due 04/25/16		1,346,893
EUR		915,000		Italy Buoni Poliennali Del Tesoro, 3.750%, due 08/01/16		1,335,590
EUR		3,000,000		Italy Buoni Poliennali Del Tesoro, 5.500%, due 11/01/10		4,510,600
JPY		500,000,000		Japan Government Ten Year Bond, 1.400%, due 12/20/11		5,416,328
JPY		370,000,000		Japan Government Thirty Year Bond, 2.400%, due 09/20/38		3,978,001
JPY		800,000,000		Japan Government Two Year Bond, 0.400%, due 03/15/11		8,474,800
GBP		1,460,000		United Kingdom Gilt, 4.750%, due 12/07/38		2,533,687
GBP		1,950,000		United Kingdom Gilt Bond, 5.000%, due 03/07/18		3,613,028
UYU		6,067,000		Uruguay Government International Bond, 4.250%, due 04/05/27		218,256
				Total Other Bonds
				(Cost $81,199,966)		90,258,135
				Total Long-Term Investments
				(Cost $212,362,528)		228,245,852
SHORT-TERM INVESTMENTS:1.2%
				Commercial Paper: 0.8%
$	2,000,000		S	Louis Dreyfus Corp., 0.290%, due 09/28/09		$	1,998,898
				Total Commercial Paper
				(Cost $1,998,898)		1,998,898
Shares						Value
				Affiliated Mutual Fund: 0.4%
963,000			S	ING Institutional Prime Money Market Fund - Class I		963,000
				Total Mutual Fund
				(Cost $963,000)		963,000
				Total Short-Term Investments
				(Cost $2,961,898)		2,961,898
				Total Investments in Securities
				(Cost $215,324,426)*	98.4%	$	231,207,750
				Other Assets and Liabilities - Net	1.6	3,674,859
				Net Assets	100.0%	$	234,882,609
			@@	Foreign Issuer
			#	Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
			##	On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations.
			W	Settlement is on a when-issued or delayed-delivery basis.
			S	All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.
			BRL	Brazilian Real
			CAD	Canadian Dollar
			EUR	EU Euro
			GBP	British Pound
			JPY	Japanese Yen
			UYU	Uruguayan Peso Uruguayo
			*	Cost for federal income tax purposes is $215,490,897.
				Net unrealized appreciation consists of:
				Gross Unrealized Appreciation		$	16,807,571
				Gross Unrealized Depreciation		(1,090,718)
				Net Unrealized Appreciation		$	15,716,853

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

· Level 1 - quoted prices in active markets for identical investments

· Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
Corporate Bonds/Notes	$	—	$	67,693,558	$	—
U.S. Government Agency Obligations	—		9,882,014		—
U.S. Treasury Obligations	5,066,163		27,960,168		—
Asset-Backed Securities	—		1,575,827		—
Collateralized Mortgage Obligations	—		23,521,350		2,288,637
Foreign Government Bonds	—		59,906,918		30,351,217
Short-Term Investments	963,000		1,998,898		—
Total	$	6,029,163	$	192,538,733	$	32,639,854
Other Financial Instruments**	302,511		1,950,241		—
Total	$	302,511	$	1,950,241	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

The following is a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) for the period ended July 31, 2009:

	Beginning Balance		Net		Accrued Discounts/		Total Realized		Appreciation/		Net Transfers In/		Ending Balance
	at 10/31/08		Purchases/(Sales)		(Premiums)		Gain/(Loss)		(Depreciation)		(Out) of Level 3		at 07/31/09
Collateralized Mortgage Obligations	—		—		—		—		—		2,288,637		2,288,637
Foreign Government Bonds	16,431,794		10,687,606		(5,514)		(3,330,163)		6,567,494		—		30,351,217
Total	$	16,431,794	$	10,687,606	$	(5,514)	$	(3,330,163)	$	6,567,494	$	2,288,637	$	32,639,854

For the period ended July 31, 2009, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $4,309,176.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited) (continued)

On March 19, 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (“SFAS No. 161”), “Disclosure about Derivative Instruments and Hedging Activities.” This new accounting statement requires enhanced disclosures about an entity’s derivative and hedging activities. Entities are required to provide enhanced disclosures about (a) how and why an entity invests in derivatives, (b) how derivatives are accounted for under SFAS No. 133, and ( c ) how derivatives affect an entity’s financial position, financial performance, and cash flows. SFAS No. 161 also requires enhanced disclosures regarding credit-risk related contingent features of derivative instruments.

The following is a summary of the fair valuations of the Fund’s derivative instruments categorized by risk exposure as of July 31, 2009:

	Derivatives Fair Value*
Credit contracts	$	(219,259)
Foreign exchange contracts	1,142,778
Interest rate contracts	1,329,233
Total	$	2,252,752

* Forward foreign currency contracts and futures are reported at their unrealized appreciation/depreciation at period end. Purchased options, swaps, and written options are reported at their market value at period end.

At July 31, 2009, the Fund received $1,090,000 is cash collateral from various counterparties for open derivative instruments which is held in a segregated third-party account.

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited) (continued)

At July 31, 2009 the following forward foreign currency contracts were outstanding for the ING Global Bond Fund:

Currency	Buy/Sell	Settlement Date	In Exchange For	Value	Unrealized Appreciation (Depreciation)
			USD
Australian Dollar
AUD 11,421,600	BUY	8/14/09	8,870,174	9,541,645	$	671,471
Australian Dollar
AUD 10,089,750	BUY	8/14/09	7,947,000	8,429,013	482,013
Australian Dollar
AUD 1,809,351	BUY	8/14/09	1,476,000	1,511,539	35,539
Australian Dollar
AUD 2,759,003	BUY	8/14/09	2,250,000	2,304,881	54,881
Australian Dollar
AUD 2,163,623	BUY	8/14/09	1,790,000	1,807,498	17,498
Canadian Dollar
CAD 6,038,400	BUY	8/14/09	5,183,372	5,605,627	422,255
Canadian Dollar
CAD 2,643,711	BUY	8/14/09	2,276,000	2,454,235	178,235
Swiss Franc
CHF 12,645,900	BUY	8/28/09	11,760,619	11,836,526	75,907
Chilean Peso
CLP 2,399,999,997	BUY	8/28/09	4,440,333	4,441,567	1,234
Danish Krone
DKK 4,186,300	BUY	8/28/09	795,987	800,730	4,743
EU Euro
EUR 14,735,700	BUY	8/14/09	20,440,877	21,003,392	562,515
EU Euro
EUR 5,140,579	BUY	8/14/09	7,169,000	7,327,076	158,076
EU Euro
EUR 701,693	BUY	8/14/09	997,000	1,000,152	3,152
EU Euro
EUR 984,072	BUY	8/14/09	1,386,000	1,402,637	16,637
British Pound
GBP 2,764,842	BUY	8/28/09	4,562,000	4,618,250	56,250
Indonesian Rupiah
IDR 56,796,620,032	BUY	8/28/09	5,696,752	5,689,147	(7,605)
Indian Rupee
INR 265,450,700	BUY	8/28/09	5,507,847	5,523,627	15,780
Japanese Yen
JPY 2,795,416,000	BUY	8/14/09	30,030,692	29,545,943	(484,749)
Japanese Yen
JPY 58,836,583	BUY	8/14/09	621,000	621,869	869
South Korean Won
KRW 2,089,999,992	BUY	8/28/09	1,682,770	1,701,289	18,519
New Zealand Dollar
NZD 19,674,655	BUY	8/14/09	12,420,000	13,015,736	595,736
New Zealand Dollar
NZD 3,966,500	BUY	8/14/09	2,472,022	2,624,032	152,010
New Zealand Dollar
NZD 3,171,900	BUY	8/14/09	1,979,986	2,098,365	118,379
New Zealand Dollar
NZD 3,705,323	BUY	8/14/09	2,331,000	2,451,250	120,250
New Zealand Dollar
NZD 2,914,806	BUY	8/14/09	1,841,000	1,928,285	87,285
New Zealand Dollar
NZD 2,189,005	BUY	8/14/09	1,389,000	1,448,132	59,132
New Zealand Dollar
NZD 4,412,599	BUY	8/14/09	2,887,000	2,919,147	32,147
New Zealand Dollar
NZD 4,427,520	BUY	8/14/09	2,887,000	2,929,019	42,019
Swedish Krona
SEK 58,393,100	BUY	8/28/09	7,805,479	8,093,269	287,790
Taiwan New Dollar
TWD 25,000,000	BUY	8/28/09	762,195	763,693	1,498
					$	3,779,466
Australian Dollar
AUD 2,133,498	SELL	8/14/09	1,656,000	1,782,332	$	(126,332)
Australian Dollar
AUD 10,158,190	SELL	8/14/09	7,937,000	8,486,188	(549,188)
Australian Dollar
AUD 2,292,123	SELL	8/14/09	1,778,000	1,914,848	(136,848)
Australian Dollar
AUD 643,471	SELL	8/14/09	502,000	537,558	(35,558)

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited) (continued)

Currency	Buy/Sell	Settlement Date	In Exchange For	Value	Unrealized Appreciation (Depreciation)
			USD
Australian Dollar
AUD 2,494,406	SELL	8/14/09	2,001,000	2,083,836	$	(82,836)
Australian Dollar
AUD 900,191	SELL	8/14/09	731,000	752,023	(21,023)
Australian Dollar
AUD 3,422,502	SELL	8/14/09	2,828,000	2,859,171	(31,171)
Australian Dollar
AUD 1,064,569	SELL	8/14/09	866,000	889,344	(23,344)
Brazilian Real
BRL 34,380,000	SELL	8/28/09	17,855,103	18,321,093	(465,990)
Canadian Dollar
CAD 2,537,224	SELL	8/14/09	2,279,000	2,355,381	(76,381)
Canadian Dollar
CAD 2,741,496	SELL	8/14/09	2,455,000	2,545,013	(90,013)
Canadian Dollar
CAD 2,740,396	SELL	8/14/09	2,455,000	2,543,992	(88,992)
Canadian Dollar
CAD 2,593,525	SELL	8/14/09	2,343,000	2,407,647	(64,647)
Swiss Franc
CHF 2,701,814	SELL	8/28/09	2,483,000	2,528,891	(45,891)
Swiss Franc
CHF 3,136,881	SELL	8/28/09	2,887,000	2,936,112	(49,112)
EU Euro
EUR 1,317,905	SELL	8/14/09	1,848,000	1,878,464	(30,464)
British Pound
GBP 516,112	SELL	8/28/09	848,000	862,087	(14,087)
British Pound
GBP 8,097,600	SELL	8/28/09	13,307,231	13,525,817	(218,586)
Japanese Yen
JPY 600,534,473	SELL	8/14/09	6,502,000	6,347,305	154,695
Japanese Yen
JPY 54,038,043	SELL	8/14/09	568,000	571,151	(3,151)
Mexican Peso
MXN 19,912,200	SELL	8/14/09	1,474,488	1,504,621	(30,133)
Norwegian Krone
NOK 15,163,000	SELL	8/28/09	2,445,575	2,471,954	(26,379)
New Zealand Dollar
NZD 10,477,035	SELL	8/14/09	6,557,000	6,931,066	(374,066)
New Zealand Dollar
NZD 4,314,867	SELL	8/14/09	2,813,000	2,854,493	(41,493)
New Zealand Dollar
NZD 13,343,994	SELL	8/14/09	8,662,000	8,827,698	(165,698)
					$	(2,636,688)

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited) (continued)

ING Global Bond Fund Open Futures Contracts on July 31, 2009

			Unrealized
Contract Description	Number of Contracts	Expiration Date	Appreciation/ (Depreciation)
Long Contracts
Australia 10-Year Bond	58	09/15/09	$	23,239
Canada 10-Year Bond	12	09/21/09	(14,967)
Euro-Bobl 5-Year	54	09/08/09	91,435
Euro-Bund	91	09/08/09	361,653
Euro-Schatz	45	09/08/09	17,054
Japan 10-Year Bond (TSE)	12	09/10/09	274,977
Long Gilt	19	09/28/09	(12,832)
U.S. Treasury 2-Year Note	25	09/30/09	12,047
U.S. Treasury 5-Year Note	15	09/30/09	19,650
			$	772,256
Short Contracts
Australia 3-Year Bond	103	09/15/09	$	30,497
U.S. Treasury 10-Year Note	152	09/21/09	(182,864)
U.S. Treasury Long Bond	157	09/21/09	(317,377)
			$	(469,745)

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited) (continued)

ING Global Bond Fund Credit Default Swap Agreements Outstanding on July 31, 2009:

Credit Default Swaps on Corporate and Sovereign Issues - Buy Protection

Upfront

Unrealized

Buy

(Pay)/Receive

Termination

Notional

Market

Premium

Appreciation/

Counterparty

Reference entity/obligation

Protection (1)

Fixed Rate (%)

Date

Amount (2)

Value (3)

Paid/(Received)

(Depreciation)

The Royal Bank of Scotland PLC

Japan Government 2.000%, 03/21/22

Buy

(0.930)

06/20/14

USD

9,000,000

$

(219,259)

$

—

$

(219,259)

$

(219,259)

$

—

$

(219,259)

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited) (continued)

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

(2) The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

(3) The market values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing market values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.

	PORTFOLIO OF INVESTMENTS
ING Global Bond Fund	as of July 31, 2009 (Unaudited) (continued)

ING Global Bond Fund Interest Rate Swap Agreements Outstanding on April 30, 2009:

		Notional
	Termination	Principal		Unrealized
	Date	Amount		Appreciation
Receive a fixed rate equal to 9.250% and pay a floating rate based on 28-day MXN-TIIE-BANXICOCounterparty: Citibank N.A., New York	11/17/11	MXN	103,300,000	$	529,929
Receive a fixed rate equal to 7.800% and pay a floating rate based on 28-day MXN-TIIE-BANXICOCounterparty: Citibank N.A., New York	03/06/12	MXN	120,000,000	$	331,529
Receive a fixed rate equal to 6.650% and pay a floating rate based on 28-day MXN-TIIE-BANXICOCounterparty: Citibank N.A., New York	04/09/12	MXN	120,000,000	$	66,917
Receive a fixed rate equal to 4.710% and pay a floating rate based on 3-month NZD-BBR-FRACounterparty: UBS AG, London	06/30/11	NZD	71,300,000	$	98,347
				$	1,026,722

	PORTFOLIO OF INVESTMENTS
ING Global Equity Dividend Fund	as of July 31, 2009 (Unaudited)

Shares			Value
COMMON STOCK: 94.2%
		Australia: 5.2%
95,308		Australia & New Zealand Banking Group Ltd.	$	1,472,204
310,442		Foster’s Group Ltd.	1,394,896
337,437		Insurance Australia Group	1,032,239
352,775		Macquarie Airports Management Ltd.	732,069
187,767		Suncorp-Metway Ltd.	1,113,378
61,297		Wesfarmers Ltd.	1,320,385
			7,065,171
		Brazil: 1.6%
43,420		Tele Norte Leste Participacoes SA ADR	668,234
88,802		Vale SA ADR	1,527,394
			2,195,628
		Canada: 3.3%
212,686		Bombardier, Inc. - Class B	754,199
30,496		Enerplus Resources Fund	664,813
24,687		Toronto Dominion Bank	1,446,272
58,208	@	TransCanada Corp.	1,655,598
			4,520,882
		Finland: 0.9%
85,434		Nokia OYJ	1,148,781
			1,148,781
		France: 5.5%
15,812		Accor SA	675,227
20,447		Sanofi-Aventis	1,337,786
35,792		Total SA	1,985,040
28,386		Vinci SA	1,444,767
78,520		Vivendi	2,012,745
			7,455,565
		Germany: 5.1%
12,880		Deutsche Boerse AG	1,019,239
37,395		E.ON AG	1,412,915
10,814		MAN AG	746,433
6,885		Muenchener Rueckversicherungs AG	1,041,999
16,810		Siemens AG	1,339,621
45,916		ThyssenKrupp AG	1,410,857
			6,971,064
		Hong Kong: 1.0%
25,507		China Mobile Ltd. ADR	1,338,352
			1,338,352
		Italy: 4.2%
49,691		Banche Popolari Unite Scpa	694,069
81,464		ENI S.p.A.	1,903,541
65,292		Italcementi S.p.A. RSP	455,184
227,527		Mediaset S.p.A.	1,375,805
284,363		Snam Rete Gas S.p.A.	1,245,775
			5,674,374
		Japan: 5.7%
104,000		Mitsui OSK Lines Ltd.	630,905
6,500		Nintendo Co., Ltd.	1,746,381
810		NTT DoCoMo, Inc.	1,169,783
57,000		Shiseido Co., Ltd.	929,705
15,600		Sumitomo Mitsui Financial Group, Inc.	664,051
120,000		Sumitomo Trust & Banking Co., Ltd.	654,120
30,800		Takeda Pharmaceutical Co., Ltd.	1,240,770
19,000	@	Trend Micro, Inc.	653,625
			7,689,340
		Netherlands: 2.0%
51,653		Royal Dutch Shell PLC	1,352,880
50,362		Unilever NV	1,372,560
			2,725,440
		New Zealand: 0.5%
344,526		Telecom Corp. of New Zealand Ltd.	637,493
			637,493
		Poland: 0.9%
243,011		Telekomunikacja Polska SA	1,244,331
			1,244,331
		Singapore: 0.8%
116,500		DBS Group Holdings Ltd.	1,123,758
			1,123,758
		South Korea: 1.0%
42,992	L	KT Corp. ADR	690,452
13,875		S-Oil Corp.	660,748
			1,351,200
		Spain: 3.1%
88,933		Banco Bilbao Vizcaya Argentaria SA	1,455,996
94,686		Banco Santander Central Hispano SA	1,371,146
55,760		Telefonica SA	1,387,293
			4,214,435
		Switzerland: 2.0%
10,569		Alcon, Inc.	1,348,604
30,332		Novartis AG	1,385,854
			2,734,458

	PORTFOLIO OF INVESTMENTS
ING Global Equity Dividend Fund	as of July 31, 2009 (Unaudited) (continued)

Shares			Value
		Taiwan: 1.0%
133,189		Taiwan Semiconductor Manufacturing Co., Ltd. ADR	$	1,394,489
			1,394,489
		Thailand: 0.6%
137,600		Siam Cement PCL	745,543
			745,543
		United Kingdom: 7.0%
27,838		AstraZeneca PLC	1,296,645
239,959		BP PLC	1,989,908
69,620		GlaxoSmithKline PLC	1,333,890
152,916		HSBC Holdings PLC	1,547,334
33,967		Johnson Matthey PLC	801,965
66,737		Scottish & Southern Energy PLC	1,235,314
653,001		Vodafone Group PLC	1,342,570
			9,547,626
		United States: 42.8%
26,891		Abbott Laboratories	1,209,826
39,129		AGL Resources, Inc.	1,315,517
10,042		Air Products & Chemicals, Inc.	749,133
37,286		Altria Group, Inc.	653,624
42,676		American Electric Power Co., Inc.	1,321,249
44,391		Arthur J. Gallagher & Co.	1,016,554
75,169		AT&T, Inc.	1,971,683
18,089		Automatic Data Processing, Inc.	673,815
26,255		Bank of Hawaii Corp.	1,007,404
62,066		Bristol-Myers Squibb Co.	1,349,315
20,714		Campbell Soup Co.	642,755
29,169		Chevron Corp.	2,026,370
37,600		Coca-Cola Co.	1,873,984
32,988		Consolidated Edison, Inc.	1,298,408
67,603		Dow Chemical Co.	1,431,156
42,571		Duke Energy Corp.	658,999
44,485		EI Du Pont de Nemours & Co.	1,375,921
39,806		Emerson Electric Co.	1,448,142
25,291		Exelon Corp.	1,286,300
18,318		ExxonMobil Corp.	1,289,404
110,740		General Electric Co.	1,483,916
37,103		H&R Block, Inc.	619,249
26,743		Home Depot, Inc.	693,713
41,598		Honeywell International, Inc.	1,443,451
75,030		Intel Corp.	1,444,328
21,683		Johnson & Johnson	1,320,278
23,070		Kimberly-Clark Corp.	1,348,442
11,986	@	Kinder Morgan Energy Partners LP	636,217
71,024		Kraft Foods, Inc.	2,012,820
65,084		Leggett & Platt, Inc.	1,129,207
26,927		Linear Technology Corp.	723,528
8,935		Lorillard, Inc.	658,688
79,248		Mattel, Inc.	1,393,180
10,602		McDonald’s Corp.	583,746
44,144		Merck & Co., Inc.	1,324,761
54,117		Microsoft Corp.	1,272,832
61,438		Newell Rubbermaid, Inc.	790,707
104,120		NiSource, Inc.	1,342,107
36,592		NYSE Euronext	986,154
121,148		Pfizer, Inc.	1,929,888
27,868		Philip Morris International, Inc.	1,298,649
58,958		Pitney Bowes, Inc.	1,217,483
17,616		Procter & Gamble Co.	977,864
31,367		Reynolds American, Inc.	1,364,778
122,169		Sara Lee Corp.	1,299,878
22,987		Snap-On, Inc.	819,027
19,615		Southern Co.	615,911
56,832		Spectra Energy Corp.	1,043,436
27,888		Sunoco, Inc.	688,555
23,423		Travelers Cos., Inc.	1,008,829
			58,071,181
		Total Common Stock
		(Cost $129,478,514)	127,849,111
REAL ESTATE INVESTMENT TRUSTS: 2.6%
		Australia: 0.5%
71,714		Westfield Group	676,017
			676,017
		Netherlands: 0.5%
13,011		Corio NV	720,254
			720,254
		United Kingdom: 0.6%
103,550		British Land Co. PLC	752,097
			752,097
		United States: 1.0%
13,713		Boston Properties, Inc.	725,418
17,561		Rayonier, Inc.	684,703
			1,410,121
		Total Real Estate Investment Trusts
		(Cost $4,241,676)	3,558,489
		Total Long-Term Investments
		(Cost $133,720,190)	131,407,600

	PORTFOLIO OF INVESTMENTS
ING Global Equity Dividend Fund	as of July 31, 2009 (Unaudited) (continued)

Principal Amount					Value
SHORT-TERM INVESTMENTS: 0.1%
			Securities Lending Collateral(cc): 0.1%
$	123,900		Bank of New York Mellon Corp. Institutional Cash Reserves		$	99,120
			Total Short-Term Investments
			(Cost $123,900)		99,120
			Total Investments in Securities
			(Cost $133,844,090)*	96.9%	$	131,506,720
			Other Assets and Liabilities - Net	3.1	4,193,083
			Net Assets	100.0%	$	135,699,803
		@	Non-income producing security
		ADR	American Depositary Receipt
		cc	Securities purchased with cash collateral for securities loaned.
		L	Loaned security, a portion or all of the security is on loan at July 31, 2009.
		*	Cost for federal income tax purposes is $142,379,292.
			Net unrealized depreciation consists of:
			Gross Unrealized Appreciation		$	12,353,468
			Gross Unrealized Depreciation		(23,226,040)
			Net Unrealized Depreciation		$	(10,872,572)

	PORTFOLIO OF INVESTMENTS
ING Global Equity Dividend Fund	as of July 31, 2009 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Agriculture	2.9%
Banks	9.2
Beverages	2.4
Building Materials	0.9
Chemicals	3.2
Commercial Services	1.0
Cosmetics/Personal Care	1.4
Diversified	1.1
Diversified Financial Services	1.5
Electric	5.8
Electrical Components & Equipment	1.1
Engineering & Construction	1.6
Food	3.9
Forest Products & Paper	0.5
Gas	2.9
Hand/Machine Tools	0.6
Healthcare - Products	2.0
Household Products/Wares	1.0
Housewares	0.6
Insurance	3.0
Internet	0.5
Iron/Steel	1.0
Lodging	0.5
Machinery - Diversified	0.6
Media	2.5
Mining	1.1
Miscellaneous Manufacturing	4.5
Office Property	0.5
Office/Business Equipment	0.9
Oil & Gas	9.3
Pharmaceuticals	9.1
Pipelines	2.5
Retail	1.9
Semiconductors	2.6
Shopping Centers	0.5
Software	0.9
Telecommunications	8.5
Toys/Games/Hobbies	2.3
Transportation	0.5
Short-Term Investments	0.1
Other Assets and Liabilities - Net	3.1
Net Assets	100.0%

	PORTFOLIO OF INVESTMENTS
ING Global Equity Dividend Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

· Level 1 - quoted prices in active markets for identical investments

· Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs+		Inputs
	(Level 1)		(Level 2)		(Level 3)
Common Stock
Australia	$	—	$	7,065,171	$	—
Brazil	2,195,628		—		—
Canada	4,520,882		—		—
Finland	—		1,148,781		—
France	—		7,455,565		—
Germany	—		6,971,064		—
Hong Kong	1,338,352		—		—
Italy	—		5,674,374		—
Japan	—		7,689,340		—
Netherlands	—		2,725,440		—
New Zealand	—		637,493		—
Poland	—		1,244,331		—
Singapore	—		1,123,758		—
South Korea	690,452		660,748		—
Spain	1,371,146		2,843,289		—
Switzerland	1,348,604		1,385,854		—
Taiwan	1,394,489		—		—
Thailand	—		745,543		—
United Kingdom	—		9,547,626		—
United States	58,071,181		—		—
Total Common Stock	70,930,734		56,918,377		—
Real Estate Investment Trusts	1,410,121		2,148,368		—
Short-Term Investments	—		99,120		—
Total	$	72,340,855	$	59,165,865	$	—
Other Financial Instruments**	—		—		—
Total	$	—	$	—	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are catagorized as Level 2 investments.

	PORTFOLIO OF INVESTMENTS
ING Global Natural Resources Fund	as of July 31, 2009 (Unaudited)

Shares			Value
COMMON STOCK:99.3%
		Australia: 1.9%
20,898		BHP Billiton Ltd. ADR	$	1,315,738
103,705	@	Sino Gold Ltd.	460,681
			1,776,419
		Canada: 23.6%
3,100		Advantage Oil & Gas Ltd.	16,047
17,117	@	Agnico-Eagle Mines Ltd.	1,002,200
55,231	@	Barrick Gold Corp.	1,927,562
9,600		Baytex Energy Trust	196,055
47,583	@	Canadian Natural Resources Ltd.	2,873,537
60,601	@	Eldorado Gold Corp. (Canadian Denominated Security)	609,245
88,789	@	EnCana Corp.	4,763,530
42,388	@	GoldCorp, Inc.	1,597,604
58,905		Kinross Gold Corp.	1,156,894
111,762		Nexen, Inc.	2,325,767
65,278	@	Suncor Energy, Inc.	2,120,229
165,261	@	Talisman Energy, Inc.	2,543,367
66,861		Yamana Gold, Inc.	634,511
			21,766,548
		Netherlands: 2.1%
35,910		Royal Dutch Shell PLC ADR - Class A	1,890,302
			1,890,302
		Norway: 0.1%
10,400	@	TGS Nopec Geophysical Co. ASA	118,076
			118,076
		South Africa: 0.8%
9,504		Anglogold Ashanti Ltd. ADR	372,557
26,507		Gold Fields Ltd. ADR	319,674
			692,231
		Thailand: 0.1%
16,000		PTT Exploration & Production PCL	65,728
			65,728
		United Kingdom: 2.0%
54,489		Anglo American PLC ADR	878,363
5,589		Rio Tinto PLC ADR	936,605
			1,814,968
		United States: 68.7%
119,400		Alcoa, Inc.	1,404,144
39,100	@	Alpha Natural Resources, Inc.	1,302,421
22,749		Anadarko Petroleum Corp.	1,096,502
48,146		Apache Corp.	4,041,857
73,788		Arch Coal, Inc.	1,284,649
20,595		Atlas America, Inc.	414,165
18,275	@	Basic Energy Services, Inc.	123,356
87,691		BJ Services Co.	1,243,458
41,200	@	Cameron International Corp.	1,286,676
99,815		Chevron Corp.	6,934,151
33,731		Cimarex Energy Co.	1,206,895
15,898		Cliffs Natural Resources, Inc.	435,446
89,406		ConocoPhillips	3,907,936
45,748		Devon Energy Corp.	2,657,501
22,703		Diana Shipping, Inc.	323,291
26,287		DryShips, Inc.	172,968
27,000		ENSCO International, Inc.	1,023,030
14,949		EOG Resources, Inc.	1,106,674
110,152		ExxonMobil Corp.	7,753,599
29,184		Freeport-McMoRan Copper & Gold, Inc.	1,759,795
82,924		Halliburton Co.	1,831,791
52,500		International Paper Co.	987,525
89,694		Marathon Oil Corp.	2,892,632
58,200	@	National Oilwell Varco, Inc.	2,091,708
27,466		Newmont Mining Corp.	1,135,719
46,197		Occidental Petroleum Corp.	3,295,694
92,769		Patterson-UTI Energy, Inc.	1,281,140
32,463		Peabody Energy Corp.	1,074,850
73,238		Schlumberger Ltd.	3,918,233
49,865		Smith International, Inc.	1,253,107
14,961	@	Transocean, Ltd.	1,192,242
8,212		United States Steel Corp.	326,427
66,200		Valero Energy Corp.	1,191,600
32,102		XTO Energy, Inc.	1,291,463
			63,242,645
		Total Common Stock
		(Cost $93,933,140)	91,366,917

	PORTFOLIO OF INVESTMENTS
ING Global Natural Resources Fund	as of July 31, 2009 (Unaudited) (continued)

Shares				Value
SHORT-TERM INVESTMENTS:0.6%
		Affiliated Mutual Fund: 0.6%
610,000	S	ING Institutional Prime Money Market Fund - Class I		$	610,000
		Total Short-Term Investments
		(Cost $610,000)		610,000
		Total Investments in Securities
		(Cost $ 94,543,140)*	99.9%	$	91,976,917
		Other Assets and Liabilities - Net	0.1	62,063
		Net Assets	100.0%	$	92,038,980
	@	Non-income producing security
	ADR	American Depositary Receipt
	S	All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.
	*	Cost for federal income tax purposes is $98,557,387.
		Net unrealized depreciation consists of:
		Gross Unrealized Appreciation		$	10,234,370
		Gross Unrealized Depreciation		(16,814,840)
		Net Unrealized Depreciation		$	(6,580,470)

	PORTFOLIO OF INVESTMENTS
ING Global Natural Resources Fund	as of July 31, 2009 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Coal	4.0%
Forest Products & Paper	1.1
Iron/Steel	0.8
Mining	16.9
Oil & Gas	63.1
Oil & Gas Services	12.9
Transportation	0.3
Trucking & Leasing	0.2
Short-Term Investments	0.6
Other Assets and Liabilities - Net	0.1
Net Assets	100.0%

	PORTFOLIO OF INVESTMENTS
ING Global Natural Resources Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

· Level 1 - quoted prices in active markets for identical investments

· Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs+		Inputs
	(Level 1)		(Level 2)		(Level 3)
Common Stock
Australia	$	1,315,738	$	460,681	$	—
Canada	21,766,548		—		—
Netherlands	1,890,302		—		—
Norway	—		118,076		—
South Africa	692,231		—		—
Thailand	—		65,728		—
United Kingdom	1,814,968		—		—
United States	63,242,645		—		—
Total Common Stock	90,722,432		644,485		—
Short-Term Investments	610,000		—		—
Total	$	91,332,432	$	644,485	$	—
Other Financial Instruments**	—		—		—
Total	$	—	$	—	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are catagorized as Level 2 investments.

	PORTFOLIO OF INVESTMENTS
ING Global Real Estate Fund	as of July 31, 2009 (Unaudited)

Shares			Value
COMMON STOCK: 37.1%
		Australia: 0.5%
1,094,800		Lend Lease Corp., Ltd.	$	7,084,042
			7,084,042
		Brazil: 0.9%
1,185,700	@	BR Malls Participacoes SA	12,328,865
			12,328,865
		China: 1.2%
10,056,000		Kwg Property Holding Ltd.	7,646,211
1,349,400		Shimao Property Holdings Ltd.	2,705,541
5,964,500		Sino-Ocean Land Holdings Ltd.	6,354,183
			16,705,935
		Finland: 0.1%
591,190	@	Sponda OYJ	1,710,923
			1,710,923
		Germany: 0.1%
34,250		Deutsche Euroshop AG	1,040,089
			1,040,089
		Hong Kong: 17.8%
4,474,857		Cheung Kong Holdings Ltd.	57,675,008
4,282,500		China Resources Land Ltd.	10,437,126
599,000		Great Eagle Holding Co.	1,386,631
2,126,800		Hang Lung Group Ltd.	10,991,883
5,057,600		Hang Lung Properties Ltd.	18,477,427
1,452,000		Henderson Land Development Co., Ltd.	9,567,070
3,520,700		Hongkong Land Holdings Ltd.	13,699,980
5,019,200		Kerry Properties Ltd.	25,836,276
5,488,500		Shui On Land Ltd.	3,878,012
3,243,700		Sino Land Co.	6,599,895
5,195,000		Sun Hung Kai Properties Ltd.	78,874,287
3,110,575		Wharf Holdings Ltd.	14,595,044
			252,018,639
		India: 0.1%
1,023,600		Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.)	1,923,386
			1,923,386
		Japan: 12.8%
280,400		Aeon Mall Co., Ltd.	5,905,459
255,000		Daito Trust Construction Co., Ltd.	12,504,741
2,990,600		Mitsubishi Estate Co., Ltd.	49,637,848
3,261,700		Mitsui Fudosan Co., Ltd.	59,730,047
4,039		NTT Urban Development Corp.	3,809,675
2,406,300		Sumitomo Realty & Development Co., Ltd.	49,341,188
			180,928,958
		Luxembourg: 0.1%
172,390		GAGFAH SA	1,455,927
			1,455,927
		Singapore: 1.9%
7,949,900		CapitaLand Ltd.	21,085,384
931,000		City Developments Ltd.	6,547,105
			27,632,489
		Sweden: 0.8%
1,104,320		Castellum AB	8,112,221
572,320		Kungsleden AB	3,071,724
			11,183,945
		Switzerland: 0.5%
98,799	@	PSP Swiss Property AG	5,252,457
46,810	@	Swiss Prime Site AG	2,245,618
			7,498,075
		United Kingdom: 0.3%
2,833,565	I	Safestore Holdings Ltd.	4,636,872
			4,636,872
		Total Common Stock
		(Cost $466,401,740)	526,148,145
REAL ESTATE INVESTMENT TRUSTS: 60.0%
		Australia: 10.9%
3,749,500		CFS Retail Property Trust	5,339,909
5,862,900		Commonwealth Property Office Fund	4,133,608
37,236,545		Dexus Property Group	22,618,444
33,541,200		GPT Group	14,805,878
8,583,600		Macquarie CountryWide Trust	3,752,377
7,222,176	@	Macquarie Goodman Group	3,069,106
17,698,586		Mirvac Group	18,659,902
9,737,220		Stockland	25,416,647
5,924,754		Westfield Group	55,850,137
			153,646,008

	PORTFOLIO OF INVESTMENTS
ING Global Real Estate Fund	as of July 31, 2009 (Unaudited) (continued)

Shares			Value
		Canada: 1.0%
320,700	@, #	Calloway Real Estate Investment Trust	$	4,203,559
114,100		Canadian Real Estate Investment Trust	2,530,377
261,700		Primaris Retail Real Estate	3,133,841
279,600		RioCan Real Estate Investment Trust	4,028,213
			13,895,990
		France: 5.9%
44,617		Fonciere Des Regions	3,907,868
32,040		Gecina SA	2,637,221
72,510		ICADE	6,349,165
798,852		Klepierre	22,839,927
205,605		Mercialys	6,887,675
235,826		Unibail	41,197,812
			83,819,668
		Hong Kong: 0.7%
4,067,200		Link Real Estate Investment Trust	9,227,494
			9,227,494
		Japan: 4.2%
1,000		Frontier Real Estate Investment Corp.	6,440,167
185		Japan Excellent, Inc.	896,086
493		Japan Logistics Fund, Inc.	3,327,501
1,257		Japan Real Estate Investment Corp.	10,483,845
537		Japan Retail Fund Investment Corp.	2,687,600
1,426		Kenedix Realty Investment Corp.	4,761,620
442		Nippon Accommodations Fund, Inc.	2,190,198
1,130		Nippon Building Fund, Inc.	10,127,344
617		Nomura Real Estate Office Fund, Inc.	4,041,201
1,233		Orix JREIT, Inc.	6,043,631
586		Tokyu Real Estate Investment Trust, Inc.	3,244,641
177		Top REIT, Inc.	734,821
1,018		United Urban Investment Corp.	5,091,170
			60,069,825
		Netherlands: 1.7%
364,064	L	Corio NV	20,153,610
116,909		Eurocommercial Properties NV	3,973,525
			24,127,135
		Singapore: 1.2%
6,438,466		Ascendas Real Estate Investment Trust	7,590,393
8,373,401		CapitaMall Trust	9,176,023
			16,766,416
		United Kingdom: 4.2%
1,798,306		British Land Co. PLC	13,061,327
166,960		Derwent Valley Holdings PLC	2,691,831
1,962,076		Hammerson PLC	11,294,152
2,741,427		Land Securities Group PLC	24,400,637
929,639	@	Liberty International PLC	6,763,316
340,257		Segro PLC	1,568,738
			59,780,001
		United States: 30.2%
266,361		Acadia Realty Trust	3,649,146
224,400	L	Alexandria Real Estate Equities, Inc.	8,551,884
557,700		AMB Property Corp.	11,048,037
579,800		Apartment Investment & Management Co.	5,438,524
248,771	L	AvalonBay Communities, Inc.	14,478,472
265,900		Boston Properties, Inc.	14,066,110
317,900		BRE Properties, Inc.	7,543,767
271,100		Camden Property Trust	8,000,161
84,200		Corporate Office Properties Trust SBI MD	2,855,222
311,810	L	Digital Realty Trust, Inc.	12,643,896
404,000		Duke Realty Corp.	3,833,960
278,800		Equity Residential	6,691,200
77,600		Essex Property Trust, Inc.	5,044,776
397,300	@	Extra Space Storage, Inc.	3,488,294
318,300		Federal Realty Investment Trust	18,159,015
987,600		HCP, Inc.	25,440,576
73,800		Health Care Real Estate Investment Trust, Inc.	2,956,428
382,200		Highwoods Properties, Inc.	9,788,142
1,918,010	@	Host Hotels & Resorts, Inc.	17,415,531
646,075		Liberty Property Trust	17,941,503
1,081,878		Macerich Co.	21,280,540
537,900		Nationwide Health Properties, Inc.	15,609,858
400,800		Omega Healthcare Investors, Inc.	6,697,368
1,671,200		Prologis	14,689,848
260,454		Public Storage, Inc.	18,901,147
263,300		Regency Centers Corp.	8,446,664
1,143,728		Simon Property Group, Inc.	63,728,524
295,000	L	SL Green Realty Corp.	7,605,100
202,500		Tanger Factory Outlet Centers, Inc.	7,196,850
100,700		Taubman Centers, Inc.	2,679,627
850,409		UDR, Inc.	8,886,774
478,400		Ventas, Inc.	16,887,520
579,511		Vornado Realty Trust	29,566,651
444,700		Weingarten Realty Investors	6,861,721
			428,072,836
		Total Real Estate Investment Trusts
		(Cost $908,096,991)	849,405,373

	PORTFOLIO OF INVESTMENTS
ING Global Real Estate Fund	as of July 31, 2009 (Unaudited) (continued)

Shares					Value
MUTUAL FUNDS: 0.1%
			Luxembourg: 0.1%
358,170		@	Prologis European Properties		$	1,599,344
			Total Mutual Funds
			(Cost $1,486,593)		1,599,344
			Total Long-Term Investments
			(Cost $1,375,985,324)		1,377,152,862
SHORT-TERM INVESTMENTS: 4.4%
			Affiliated Mutual Fund: 2.5%
35,441,179			ING Institutional Prime Money Market Fund - Class I		35,441,179
			Total Mutual Fund
			(Cost $35,441,179)		35,441,179
Principal Amount					Value
			Securities Lending Collateral(cc): 1.9%
$	27,682,738		Bank of New York Mellon Corp. Institutional Cash Reserves		$	27,133,674
			Total Securities Lending Collateral
			(Cost $27,682,738)		27,133,674
			Total Short-Term Investments
			(Cost $63,123,917)		62,574,853
			Total Investments in Securities
			(Cost $1,439,109,241)*	101.6%	$	1,439,727,715
			Other Assets and Liabilities - Net	(1.6)	(23,037,770)
			Net Assets	100.0%	$	1,416,689,945
		@	Non-income producing security
		#	Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
		cc	Securities purchased with cash collateral for securities loaned.
		I	Illiquid Security
		L	Loaned security, a portion or all of the security is on loan at July 31, 2009.
		*	Cost for federal income tax purposes is $1,629,564,393.
			Net unrealized appreciation consists of:
			Gross Unrealized Appreciation		$	124,045,866
			Gross Unrealized Depreciation		(313,882,544)
			Net Unrealized Appreciation		$	(189,836,678)

	PORTFOLIO OF INVESTMENTS
ING Global Real Estate Fund	as of July 31, 2009 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Apartments	4.1%
Closed-End Funds	0.1
Diversified	23.3
Engineering & Construction	0.1
Health Care	4.8
Holding Companies - Diversified	1.0
Hotels	1.2
Lodging	0.5
Office Property	6.2
Real Estate	35.2
Regional Malls	6.2
Shopping Centers	10.5
Storage	1.6
Storage/Warehousing	0.3
Warehouse/Industrial	2.1
Short-Term Investments	4.4
Other Assets and Liabilities - Net	(1.6)
Net Assets	100.0%

	PORTFOLIO OF INVESTMENTS
ING Global Real Estate Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

·  Level 1 - quoted prices in active markets for identical investments

·  Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

·  Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs+		Inputs
	(Level 1)		(Level 2)		(Level 3)
Common Stock
Australia	$	—	$	7,084,042	$	—
Brazil	12,328,865		—		—
China	—		16,705,935		—
Finland	—		1,710,923		—
Germany	—		1,040,089		—
Hong Kong	—		252,018,639		—
India	—		1,923,386		—
Japan	—		180,928,958		—
Luxembourg	—		1,455,927		—
Singapore	—		27,632,489		—
Sweden	—		11,183,945		—
Switzerland	—		7,498,075		—
United Kingdom	—		4,636,872		—
Total Common Stock	12,328,865		513,819,280		—
Real Estate Investment Trusts	443,537,564		405,867,809		—
Mutual Funds	—		1,599,344		—
Short-Term Investments	35,441,179		27,133,674		—
Total	$	491,307,608	$	948,420,107	$	—
Other Financial Instruments**	—		—		—
Total	$	—	$	—	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are catagorized as Level 2 investments.

	PORTFOLIO OF INVESTMENTS
ING Global Value Choice Fund	as of July 31, 2009 (Unaudited)

Shares			Value
COMMON STOCK: 91.9%
		Australia: 1.5%
1,086,270		Minara Resources Ltd.	$	1,012,679
643,500	@	Mineral Deposits Ltd.	376,143
173,300	@	Moto Goldmines Ltd.	812,407
			2,201,229
		Brazil: 3.0%
203,411		Centrais Eletricas Brasileiras SA ADR - Class B	2,800,969
46,000		Cia de Saneamento Basico do Estado de Sao Paulo ADR	1,550,660
			4,351,629
		Canada: 8.8%
179,200	@	Barrick Gold Corp.	6,254,080
114,852		Cameco Corp.	3,175,658
1,527,375	@	Eastern Platinum Ltd.	850,708
1,552,678	@	Gabriel Resources Ltd.	2,666,470
			12,946,916
		Cayman Islands: 0.7%
673,645		Endeavour Financial Corp.	969,273
			969,273
		China: 0.9%
11,120	L	PetroChina Co., Ltd. ADR	1,309,380
			1,309,380
		Finland: 1.3%
182,990		UPM-Kymmene OYJ	1,917,067
			1,917,067
		France: 6.2%
23,120		Electricite de France	1,145,007
111,275		Sanofi-Aventis ADR	3,632,016
28,200		Technip SA	1,707,217
62,297		Thales SA	2,635,352
			9,119,592
		Germany: 1.0%
115,626		Deutsche Telekom AG ADR	1,478,857
			1,478,857
		India: 2.2%
49,970		ICICI Bank Ltd. ADR	1,566,560
165,250	L	Tata Motors Ltd. ADR	1,743,388
			3,309,948
		Italy: 2.0%
97,050	L	ERG S.p.A.	1,438,928
1,391,336		Telecom Italia S.p.A. RNC	1,571,069
			3,009,997
		Japan: 14.0%
72,000		Advantest Corp.	1,560,514
5,800		Hakuhodo DY Holdings, Inc.	317,826
42,400		JS Group Corp.	656,157
115,000		Kao Corp.	2,608,862
69,000		Kirin Brewery Co., Ltd.	1,028,041
123,000		Mitsui & Co., Ltd.	1,532,585
192,000		Nippon Oil Corp.	1,015,640
105,700		Nippon Telegraph & Telephone Corp.	4,363,274
42,875		Nippon Telegraph & Telephone Corp. ADR	885,369
30,600		Nissin Food Products Co., Ltd.	975,313
273,000		Sekisui House Ltd.	2,562,895
191,000		Sumitomo Trust & Banking Co., Ltd.	1,041,141
129,000		Toppan Printing Co., Ltd.	1,313,103
452		TV Asahi Corp.	693,161
			20,553,881
		Netherlands: 0.8%
50,918		TNT NV	1,210,166
			1,210,166
		Norway: 2.9%
3,998,030	@, L	Marine Harvest	2,517,724
81,000		Statoil ASA ADR	1,737,450
			4,255,174
		Papua New Guinea: 3.7%
2,293,300	@	Lihir Gold Ltd.	5,380,377
			5,380,377
		Russia: 1.0%
70,700	@	OAO Gazprom ADR	1,459,952
			1,459,952
		South Africa: 3.9%
75,515	L	Anglogold Ashanti Ltd. ADR	2,960,188
230,310		Gold Fields Ltd.	2,765,475
			5,725,663
		South Korea: 2.3%
196,850	@	Korea Electric Power Corp. ADR	2,631,885
51,810		KT Corp. ADR	832,069
			3,463,954

	PORTFOLIO OF INVESTMENTS
ING Global Value Choice Fund	as of July 31, 2009 (Unaudited) (continued)

Shares					Value
			Switzerland: 1.4%
137,535		@, L	UBS AG - Reg		$	2,027,266
					2,027,266
			Thailand: 1.1%
322,300			Bangkok Bank PCL		1,062,881
2,435,400			Krung Thai Bank PCL		600,704
					1,663,585
			Turkey: 0.8%
71,625			Turkcell Iletisim Hizmet AS ADR		1,130,243
					1,130,243
			United Kingdom: 5.7%
29,928		L	AstraZeneca PLC ADR		1,389,856
29,900			BP PLC ADR		1,496,196
366,347			Mondi PLC		1,622,105
188,500			Stolt-Nielsen SA		2,479,644
69,505			Vodafone Group PLC ADR		1,430,413
					8,418,214
			United States: 26.7%
17,515			Aetna, Inc.		472,380
82,900		@	AGCO Corp.		2,608,034
152,294			Alcoa, Inc.		1,790,977
61,700			Ameren Corp.		1,569,031
101,150			BJ Services Co.		1,434,307
37,024			ConocoPhillips		1,618,319
28,925			Consol Energy, Inc.		1,027,705
114,373		@	eBay, Inc.		2,430,426
67,480			Kroger Co.		1,442,722
42,200			Loews Corp.		1,266,844
86,150			Microsoft Corp.		2,026,248
135,715			Newmont Mining Corp.		5,611,815
66,700			Peabody Energy Corp.		2,208,437
181,075			Pfizer, Inc.		2,884,525
170,476		@, L	Smithfield Foods, Inc.		2,309,950
36,615		@	Tech Data Corp.		1,278,962
35,900			Tesoro Corp.		469,931
259,200			Tyson Foods, Inc.		2,962,656
51,030			Union Pacific Corp.		2,935,246
44,227		@	Viacom - Class B		1,024,297
					39,372,812
			Total Common Stock
			(Cost $114,310,927)		135,275,175
PREFERRED STOCK: 0.8%
			Brazil: 0.8%
539,501			Tim Participacoes SA		1,197,124
			Total Preferred Stock
			(Cost $742,335)		1,197,124
WARRANTS: 0.1%
			Cayman Islands: 0.1%
336,822			Endeavour Financial Corp.		153,208
			Total Warrants
			(Cost $139,231)		153,208
			Total Long-Term Investments
			(Cost $115,192,493)		136,625,507
SHORT-TERM INVESTMENTS: 14.4%
			Affiliated Mutual Fund: 8.4%
12,374,722			ING Institutional Prime Money Market Fund - Class I		12,374,722
			Total Mutual Fund
			(Cost $12,374,722)		12,374,722
Principal Amount					Value
			Securities Lending Collateral(cc): 6.0%
$	8,835,916		Bank of New York Mellon Corp. Institutional Cash Reserves		$	8,778,362
			Total Securities Lending Collateral
			(Cost $8,835,916)		8,778,362
			Total Short-Term Investments
			(Cost $21,210,638)		21,153,084
			Total Investments in Securities
			(Cost $136,403,131)*	107.2%	$	157,778,591
			Other Assets and Liabilities - Net	(7.2)	(10,609,338)
			Net Assets	100.0%	$	147,169,253
		@	Non-income producing security
		ADR	American Depositary Receipt
		cc	Securities purchased with cash collateral for securities loaned.
		L	Loaned security, a portion or all of the security is on loan at July 31, 2009.
		*	Cost for federal income tax purposes is $141,534,631.
			Net unrealized appreciation consists of:
			Gross Unrealized Appreciation		$	19,941,244
			Gross Unrealized Depreciation		(3,697,284)
			Net Unrealized Appreciation		$	16,243,960

	PORTFOLIO OF INVESTMENTS
ING Global Value Choice Fund	as of July 31, 2009 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Advertising	0.2%
Aerospace/Defense	1.8
Auto Manufacturers	1.2
Banks	4.3
Beverages	0.7
Building Materials	0.4
Coal	2.2
Commercial Services	0.9
Cosmetics/Personal Care	1.8
Distribution/Wholesale	1.9
Electric	5.5
Electronics	1.1
Food	6.9
Forest Products & Paper	2.4
Healthcare - Services	0.3
Home Builders	1.7
Insurance	0.9
Internet	1.6
Investment Companies	0.8
Machinery - Diversified	1.8
Media	1.2
Mining	22.9
Oil & Gas	7.2
Oil & Gas Services	2.1
Pharmaceuticals	5.4
Software	1.4
Telecommunications	8.7
Transportation	4.5
Water	1.0
Short-Term Investments	14.4
Other Assets and Liabilities - Net	(7.2)
Net Assets	100.0%

	PORTFOLIO OF INVESTMENTS
ING Global Value Choice Fund	as of July 31, 2009 (Unaudited) (continued)

Fair Value Measurements - Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

·  Level 1 - quoted prices in active markets for identical investments

·  Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

·  Level 3 - significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:

	Quoted Prices		Significant Other		Significant
	in Active Markets		Observable		Unobservable
	for Identical Investments		Inputs+		Inputs
	(Level 1)		(Level 2)		(Level 3)
Common Stock
Australia	$	812,407	$	1,388,822	$	—
Brazil	4,351,629		—		—
Canada	12,946,916		—		—
Cayman Islands	969,273		—		—
China	1,309,380		—		—
Finland	—		1,917,067		—
France	3,632,016		5,487,576		—
Germany	1,478,857		—		—
India	3,309,948		—		—
Italy	—		3,009,997		—
Japan	885,369		19,668,512		—
Netherlands	—		1,210,166		—
Norway	1,737,450		2,517,724		—
Papua New Guinea	—		5,380,377		—
Russia	—		1,459,952		—
South Africa	2,960,188		2,765,475		—
South Korea	3,463,954		—		—
Switzerland	2,027,266		—		—
Thailand	—		1,663,585		—
Turkey	1,130,243		—		—
United Kingdom	4,316,465		4,101,749		—
United States	39,372,812		—		—
Total Common Stock	84,704,173		50,571,002		—
Preferred Stock	1,197,124		—		—
Warrants	—		153,208		—
Short-Term Investments	12,374,722		8,778,362		—
Total	$	98,276,019	$	59,502,572	$	—
Other Financial Instruments**	—		—		—
Total	$	—	$	—	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

** Other financial instruments may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

+ The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are catagorized as Level 2 investments.

	PORTFOLIO OF INVESTMENTS
ING Greater China Fund	as of July 31, 2009 (Unaudited)

Shares			Value
COMMON STOCK: 94.4%
		China: 30.4%
2,424,000		Bank of China Ltd.	$	1,204,741
210,000		China Coal Energy Co. -  Class H	292,960
2,819,000		China Construction Bank	2,264,194
263,000		China High Speed Transmission Equipment Group Co., Ltd.	657,421
325,000		China Life Insurance Co., Ltd.	1,439,303
1,688,000		China Petroleum & Chemical Corp.	1,504,844
719,000		China Railway Group Ltd.	645,803
1,126,000		Datang International Power Generation Co., Ltd.	737,574
36,000		Dongfang Electrical Machinery Co., Ltd.	175,921
148,000		Fujian Zijin Mining Industry Co., Ltd.	137,521
2,398,000		Industrial and Commercial Bank of China Ltd.	1,721,911
1,390,000		PetroChina Co., Ltd.	1,637,626
440,000		Real Gold Mining Ltd.	393,443
38,000		Tencent Holdings Ltd.	512,193
292,000		Yanzhou Coal Mining Co., Ltd.	451,665
			13,777,120
		Hong Kong: 36.1%
43,440		Bank of East Asia Ltd.	144,177
157,000		Cheung Kong Holdings Ltd.	2,023,523
384,000		China Mobile Ltd.	4,029,497
236,160		China Overseas Land & Investment Ltd.	580,913
704,000		Chow Sang Sang Holdings International Ltd.	616,477
166,500		CLP Holdings Ltd.	1,131,608
970,000		CNOOC Ltd.	1,290,609
24,700		Hong Kong Exchanges and Clearing Ltd.	463,793
232,500		HongKong Electric Holdings	1,282,036
84,000		Hutchison Whampoa Ltd.	627,882
200,000		Hysan Development Co., Ltd.	546,227
183,500		MTR Corp.	664,646
265,000		Ports Design Ltd.	680,793
95,000		Sun Hung Kai Properties Ltd.	1,442,359
180,000		Wharf Holdings Ltd.	844,573
			16,369,113
		Taiwan: 27.9%
487,998		AU Optronics Corp.	541,546
11,200		AU Optronics Corp. ADR	124,768
54,000		Catcher Technology Co., Ltd.	151,326
640,000		Chi Mei Optoelectronics Corp.	357,432
713,000	@	China Life Insurance Co. Ltd.	415,378
1,379,117		China Steel Corp.