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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-7428

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 Company, 1209 Orange Street, Wilmington, DE 19801
(Name and address of agent for service)

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

Date of fiscal year end:       October 31

Date of reporting period:       November 1, 2006 to April 30, 2007

Item 1. Reports to Stockholders.

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

Funds

Semi-Annual Report

April 30, 2007

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

Global Equity Funds

• ING Global Equity Dividend Fund
• ING Global Natural Resources Fund
• ING Global Real Estate Fund
• ING Global Value Choice Fund
Global and Internation International Equity Funds

• ING Disciplined International SmallCap Fund
• ING Emerging Countries Fund
• ING Foreign Fund
• ING Greater China Fund
• ING Index Plus International Equity Fund
• ING International Capital Appreciation Fund
• ING International Growth Opportunities Fund
(formerly, ING International Fund)
• ING International Real Estate Fund
• ING International SmallCap Fund
• ING International Value Fund
• ING International Value Choice Fund
• ING International Value Opportunities Fund
• ING Russia Fund
International Fund-of-Funds

• ING Diversified International Fund al Fixed-Income Funds

• ING Emerging Markets Fixed Income Fund
• ING Global Bond Fund

 E-Delivery Sign-up — details inside

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

TABLE OF CONTENTS

President’s Letter	1
Market Perspective	2
Portfolio Managers’ Reports	4
Shareholder Expense Examples	24
Statements of Assets and Liabilities	32
Statements of Operations	42
Statements of Changes in Net Assets	47
Financial Highlights	57
Notes to Financial Statements	94
Portfolios of Investments	127
Advisory Contract Approval Discussion	185
EX-99.CERT
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You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail.

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330; and is available upon request from the Funds by calling Shareholder Services toll-free at (800) 992-0180.

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PRESIDENT’S LETTER

Dear Shareholder,

The year is far from over but already investors have witnessed some remarkable events. The bad news came in the form of global market tremors that followed February’s single-day freefall in Chinese stocks. There was also fallout following a downturn in the U.S. sub-prime mortgage industry.

But there have also been many positive developments as well. Here at home, the U.S. Federal Reserve Board appears confident about the future and, so far this year, we have seen several record-setting days in the markets. The news has been even better for international markets. Some analysts believe valuations remain more attractive in Europe and in emerging markets than those in the U.S. and are predicting continued growth in a number of countries including France, Germany and Japan.

What do we make of these contrasting signals? When friends and colleagues in the industry voice concerns about such seemingly divergent signposts, I remind them that

such events underscore the importance of a well-diversified investment strategy. Study after study shows that a portfolio allocated across a diverse group of asset classes and investment sectors can help provide an investor with solid footing for the long-term, despite the short-term commotions.

We at ING Funds remain committed to providing our clients with a diverse and comprehensive line-up of innovative investment products, including a range of global and international investment solutions and retirement products — all designed for the long-term. Whatever your investing goals, we look forward to continuing to serve you.

Sincerely,

Shaun P. Mathews

President

ING Funds

May 1, 2007

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

International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.

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

1

MARKET PERSPECTIVE:      SIX MONTHS ENDED APRIL 30, 2007

In our last annual report, we described global equities markets recovering after a pullback due to interest rate concerns. The first half of the current fiscal year also saw investors knocked off balance, but this time it was a distant market generally closed to them that caused the scare. The China stock market had practically doubled in 2006 and the long expected correction eventually came on February 27, 2007 when the Shanghai Composite Index fell 9%. The effect on sentiment was to shake relative risk strategies worldwide. Yet, by the end of April much of the effect had faded and reversed itself as investors’ attention reverted to local issues. The Morgan Stanley Capital International World Index^SM(1) (“MSCI World Index^SM”) measured in local currencies, including net reinvested dividends (“MSCI” for regions discussed below) gained 9.7% for the half year. And the China market ended 26% higher than on February 26, 2007.

In currencies the dollar suffered from expectations that European interest rates would rise faster than those in the U.S., losing 6.5% against the euro, which reached a new all time high on April 27, 2007, and 4.65% against the pound. The yen however was buffeted by the “carry trade”: speculators borrow in yen at tiny interest rates and buy higher yielding securities in other currencies, often leveraged, riskily betting that the yen will not strengthen. Thus, the dollar gained 2.2% against the yen.

U.S. equities, represented by the Standard and Poor’s 500^® Composite Stock Price Index⁽²⁾ (“S&P 500^® Index”), entered the new fiscal year against a backdrop of a stable federal funds rate since June 2006 and a slowing economy dragged by a slumping housing market. By the end of December 2006, this was showing some signs of bottoming out with unexpectedly good new and existing home sales figures reported in the last few days of 2006, along with rebounding consumer confidence. Early reports in 2007, sustained this view and estimated fourth quarter 2006 gross domestic product (“GDP”) growth was an impressive 3.5%.

However, from February it soon became apparent that the improvement in housing figures had only reflected the mild weather of early winter. New housing starts, sales and prices were now falling. GDP growth was sharply revised down below 3%. To make matters worse the country’s largest sub-prime mortgage lenders were reporting major losses.

Despite all this and a 3.5% drop in reaction to events in China, the S&P 500^® Index held up well. Fourth quarter 2006 earnings figures showed a 14^th straight double digit average increase, while the next merger or acquisition to revive investors’ spirits never seemed far away. The Federal Open Market Committee (“FOMC”), removed its tightening bias on March 21, 2007. By that time, the consensus was that sub-prime distress would be unlikely to spread to the broad economy. April was the best month for the market since 2003, even as the initial estimate of first quarter 2007 GDP growth was a slim 1.3%. For the half year, the S&P 500^® Index returned 8.6% including dividends and ended just 3% below its record set more than seven years earlier.

Investors in international equities also enjoyed good to excellent returns based on MSCI indices. In Japan the economic recovery was losing impetus as our fiscal year started. Growth was only coming from exports and capital spending. Consumers were not participating despite the lowest unemployment rate, 4% since 1998 and prices that were barely rising. Yet business confidence remained high and profits healthy. And when a rebound in GDP growth at the fastest quarterly rate in three years was announced, supported at last by the consumer, it seemed the corner had been turned. The MSCI index was up over 13% for the fiscal year when the China market dropped. Most of that gain was erased over the next few days, before a succession of mixed economic reports, including the first year over year increase in land prices for 16 years, but also the resumption of consumer price deflation, allowed only partial retracement. For the six-month period, the MSCI Japan^® Index⁽³⁾ advanced 6.9%.

European ex UK markets at first bore some similarity. The Eurozone’s GDP growth was running out of steam and the third quarter’s annualized rate fell to 2%. Other headwinds in the form of a strengthening euro, a hawkish European Central Bank that raised rates twice and the rise in German sales tax should have dampened sentiment. Yet business confidence stayed buoyant and cheered by extensive merger and acquisition activity, markets in this region proved the most resilient of the major groupings in the face of China’s sharp fall. While a 10% gain almost vanished within days, the environment for stocks had improved due unexpectedly to the fastest GDP growth in years and the lowest unemployment for the Eurozone since records began. The MSCI Europe ex UK^® Index⁽⁴⁾ raced to a 13.6% return for the half year.

2

MARKET PERSPECTIVE:      SIX MONTHS ENDED APRIL 30, 2007

In the UK, the MSCI UK^® Index⁽⁵⁾ was more subdued, rising 7.8% over the six months. The price of housing continued to power ahead with average prices up more than 10% in 2006. This and a robust service sector appear to have raised the UK’s growth trajectory with fourth quarter 2006 GDP 3% higher than a year earlier and first quarter 2007 2.9% higher. The problem has been an acceleration of inflation to 3.1%, the highest in ten years, two interest rate increases by the Bank of England to 5.25% and the certainty of more to come if inflation does not subside. Again however, it was widespread, large-scale mergers and acquisitions energizing a market that clawed back all of its 6% loss after February 27, 2007 and more.

⁽¹⁾ The MSCI World Index^SM is an unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.

⁽²⁾ The S&P 500^® Index is an unmanaged index that measures the performance of securities of approximately 500 of the largest companies in the United States.

⁽³⁾ The MSCI Japan^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.

⁽⁴⁾ The MSCI Europe ex UK^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.

⁽⁵⁾ The MSCI UK^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.

All indices are unmanaged and investors cannot invest directly in an index.

Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Funds’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.ingfunds.com to obtain performance data current to the most recent month end.

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

3

ING GLOBAL EQUITY DIVIDEND FUND

PORTFOLIO MANAGERS’ REPORT

ING Global Equity Dividend Fund (the “Fund”) seeks growth of capital with dividend income as a secondary consideration. The Fund is managed by Nicolas Simar, Head of Value/ High Dividend and Moudy El Khodr, Senior Investment Manager Equities both of ING Investment Management Advisors B.V. — the Sub-Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 11.60% compared to the Morgan Stanley Capital International World Index^SM(1) (“MSCI World Index^SM”), which returned 11.87% for the same period.

Portfolio Specifics: In the six-month period ended April 30, 2007, the markets experienced increased levels of volatility. The Fund benefited by posting respectable returns, both absolute and relative to its benchmark. The last few months of 2006 were slightly positive, with mixed economic data being the main catalyst for stock market moves. In November, economic news was slightly weak. However, positive economic news in December paved the way for a strong start to 2007. Throughout the period, various events caused the markets to vacillate wildly. These included intense merger and acquisition activity, speculation on future U.S. interest rate movements, a sell-off in China, and better-than-expected company earnings’ reports. Oil prices also experienced increased levels of volatility, which impacted the energy and utilities sectors. China became the center of attention in February as rumors circulated that the country’s government might implement a capital gains tax, which caused investors to flee equities markets, particularly emerging markets. The financials sector was particularly impacted by worries over the U.S. sub-prime mortgage market and the uncertainty surrounding the direction of interest rates. Heightened merger and acquisition activity included Dutch bank ABN Amro being the subject of a bidding war between Barclays, and a consortium including Royal Bank of Scotland, Fortis and Santander. In addition, U.S. utility company TXU became a private equity takeover target. This activity served to boost interest in equities in the later part of the period.

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

The Fund’s holdings in the financials sector outperformed significantly over the period. Despite some worries around February and March relating to sub-prime lending, the sector surged ahead. This came as U.S. brokers, who were assumed to have significant exposure to the U.S. sub-prime market, posted strong results. The ABN Amro takeover battle also helped financials in Europe. Our underweight positions in healthcare and information technology helped as the two sectors underperformed. Information technology experienced a turbulent period in February and March when the sector was negatively impacted by a flight to safety.

In contrast, underweight positions in industrials and materials acted as a drag as both sectors outperformed. The sectors experienced positive earnings results on the back of higher commodity prices and increased merger and acquisition activity. Sentiment was boosted in these sectors by reorganization and bid speculation in companies like Temple Inland (paper and packaging) and industrials Deutsche Post.

We took profits by selling our entire position in Public Service Enterprises, a U.S. utilities company, which performed well during the period. In financials, our position in ABN Amro Holdings NV also helped. Telecommunications services company Magyar Telekom, the Hungarian fixed-line operator, performed well after Deutsche Telekom, the majority owner of Magyar Telekom, confirmed it would not sell its stake to a Russian company. The market viewed this move positively. Also, in general the Fund benefited from its zero weight in Japan.

In contrast, consumer discretionary company DSG International, a UK consumer electronics retailer, reported a loss in second-half earnings related to its Italian operations and declining domestic sales. A position in Washington Mutual, the U.S. retail bank, also hurt the Fund. Concerns surrounding the U.S. housing market weighed on the stock even though the company reported improved profitability for 2006.

Current Strategy and Outlook: Our outlook for the Fund remains positive as investments in defensive companies may deliver downside protection as these companies, in our view, are less dependent on the cyclical economic environment and offer stable, high-dividend yields. We believe these positions may outperformance versus global equities, especially if we experience downward pressures and profit taking by investors. If the equity markets move sideways, we believe stock selection and our consistent, disciplined strategy will add value. In our opinion, this should result in positive absolute returns and outperformance relative to global equities. Only in the case of a strong rally, will it be difficult to outperform global equities. If the rally is broadly driven, investments in financials and industrials are also expected

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     BCE, Inc. 1.7%     

     Bank of America Corp. 1.6%     

     Citigroup, Inc. 1.5%     

     ENI S.p.A. 1.5%     

     Royal Bank of Scotland Group PLC 1.5%     

     Washington Mutual, Inc. 1.5%     

     Altria Group, Inc. 1.5%     

     UST, Inc. 1.4%     

     Precision Drilling Trust 1.2%     

     TransCanada Corp. 1.2%     

     *  Excluding short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

to perform well. However, a rally driven by growth stocks (especially IT or healthcare) we believe will be the most difficult environment for the strategy. Nevertheless, we do not believe that absolute returns will be negative under this scenario. Regardless, the strategy will continue to look for sectors or individual stocks and exploit temporary undervaluations when they occur.

⁽¹⁾ The MSCI World Index^SM is an unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

4

ING GLOBAL NATURAL RESOURCES FUND

PORTFOLIO MANAGERS’ REPORT

ING Global Natural Resources Fund (the “Fund”) seeks to attain long-term capital appreciation. The Fund is managed by James A. Vail, CFA, Portfolio Manager and Anthony Socci, Vice President and Portfolio Manager both of ING Investment Management Co. — the Sub-Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 14.24% compared to the Standard & Poor’s 500^® Composite Stock Price Index⁽¹⁾ (“S&P 500^® Index”) and the Goldman Sachs Natural Resources Index⁽²⁾ which returned 8.60% and 14.64%, respectively, for the same period.

Portfolio Specifics: The last six months have produced attractive returns in the natural resources space after fears of a global economic slowdown failed to materialize. The energy sector rose significantly in March and April as colder weather in the U.S. pushed natural gas prices higher. The materials sector saw a significant surge in base metal prices, led by nickel which was up by more than 60%. Additionally, prices for copper, tin, lead and zinc rose significantly during this period. This strength reflects continued global economic expansion, lower inventory levels, and recurrent supply concerns.

During this period, the Fund benefited from favorable stock selection in the materials and utility sectors. In materials, the

Country Allocation

as of April 30, 2007

(as a percent of net assets)

     United States 75.6%     

     Canada 11.5%     

     Brazil 2.9%     

     Netherlands 2.6%     

     Australia 2.2%     

     France 1.5%     

     Papua New Guinea 1.0%     

     United Kingdom 1.0%     

     Jersey 0.5%     

     Russia 0.5%     

     South Africa 0.5%     

     Bermuda 0.3%     

     Other Assets and Liabilities – Net (0.1)%     

     Net Assets 100.0%     

Portfolio holdings are subject to change daily.

decision to overweight steel was the largest positive contributor. Strength in this industry reflected stronger-than-expected product prices and tighter export fees on Chinese steel. Our decision to not own Barrick Gold and Newmont Mining in the gold sub-sector also helped returns. In the utility sector, our investment in Mirant Corp. continued to benefit from rising power prices, exposure to regions with supply constraints and recent news that it may be a takeover candidate.

In contrast, weak stock selection in energy detracted from performance. Our investment in Evergreen Energy continued to experience negative investor sentiment toward its proprietary coal process. Other detractors were Hercules Offshore and Diamond Offshore Drilling, both reflecting concerns over natural gas inventories. Finally, our decision to underweight ConocoPhillips and Chevron Corp. hurt the portfolio as both companies continued to generate strong profits.

Current Strategy and Outlook: We continue to believe that we are in the midst of an extended positive natural resource cycle, fueled by healthy demand and a lack of a meaningful response from the supply side. We believe, a lack of investment across the board will continue to support higher prices. Additionally, given the inability of new supplies to come on stream rapidly, we believe prices will remain high going forward. As recently as the first week in April, analysts increased earnings estimates to reflect higher-than-expected commodity prices. We believe this trend should continue. In our opinion, the stocks in the broadly defined natural resource

Top Ten Holdings

as of April 30, 2007

(as a percent of net assets)

     ExxonMobil Corp. 7.8%     

     ConocoPhillips 7.0%     

     Schlumberger Ltd. 5.1%     

     Occidental Petroleum Corp. 3.6%     

     Hess Corp. 3.1%     

     Valero Energy Corp. 3.1%     

     Chevron Corp. 3.0%     

     Newfield Exploration Co. 2.5%     

     Cabot Oil & Gas Corp. 2.5%     

     Plains Exploration & Production Co. 2.5%     

Portfolio holdings are subject to change daily.

sector continue to reflect doubt as to the length and breadth of the cycle. We believe this doubt represents an attractive opportunity for the Fund.

⁽¹⁾ The S&P 500^® Index is an unmanaged index that measures the performance of securities of approximately 500 large-capitalization U.S. companies whose securities are traded on major U.S. stock markets.

⁽²⁾ The Goldman Sachs Natural Resources Index is an unmanaged index and a market-capitalization-weighted index of 112 stocks designed to measure the performance of companies in the natural resources sector, which includes energy, precious metals, timber and other sub-sectors.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

5

ING GLOBAL REAL ESTATE FUND

PORTFOLIO MANAGERS’ REPORT

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

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 13.74% compared to the Standard & Poor’s/ Citigroup World Property Index⁽¹⁾ (“S&P/ Citigroup World Property Index”), which returned 15.84% for the same period.

Portfolio Specifics: Overall performance for the six months ended April 30, 2007, was driven by the Asia-Pacific and European regions. Asian property stocks garnered the best performance by major region of the world with a total return of 25.3% (in USD), driven by Singapore’s total return of 52.7%. In our opinion, Singapore continues to show signs of economic expansion. Japan, 2007’s surprise story, generated a total return of 24.8%, as fundamentals continue to improve.

The European region followed with a total return of 17.5%, led by Continental Europe, where returns were consistently positive across all major property markets. The U.K. market saw all of the large-capitalization property companies convert to a real estate investment trust (“REIT”) structure in January. This positive event; however, was offset by a surprise rate increase by the Bank of England that knocked the wind out of the U.K. property stocks, which are down close to 7%

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

year-to-date. North America total return was 7.1%, as the U.S. markets, which opened 2007 on a strong note, sold off in recent months.

Thematically, some of the more significant events among world property stocks over the past six months have been: 1) the conversion of over $50 billion of listed property companies to the REIT structure in the U.K. in January 2007; 2) continued mergers and acquisitions (“M&A”) activity, especially in the U.S., culminating with the Equity Office privatization deal, the largest ever in the REIT market, which closed in early February; 3) improving fundamentals in all major markets as the global economy, especially in Pacific Rim countries; 4) continued syndicate activity with the formation of new property companies worldwide; and 5) the approval of the REIT structure in Germany.

Stock selection in the Hong Kong and Singapore markets were positive contributors to relative performance for the period, while stock selection in the U.S. and Germany detracted slightly from performance. Overweights in Tokyo-focused companies Mitsubishi Estate Co., Ltd. and Mitsui Fudosan Co., Ltd. were positive contributors to the relative performance of the Fund. Property sector and stock selection within the retail and office sectors were additive to relative performance and security selection within the apartment and diversified sectors were a slight drag on relative performance.

Current Strategy and Outlook: The Fund, while maintaining a core of higher dividend yielding, defensively positioned stocks, is in our opinion, positioned to take advantage of the higher growth countries and sectors which will likely respond better to sustained economic recovery. The Fund has decreased its exposure to U.S. property stocks during the past six

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     Mitsubishi Estate Co., Ltd. 4.6%     

     Mitsui Fudosan Co., Ltd. 4.5%     

     Westfield Group 4.1%     

     Simon Property Group, Inc. 3.4%     

     Land Securities Group PLC 3.4%     

     British Land Co. PLC 2.4%     

     Sun Hung Kai Properties Ltd. 2.4%     

     Boston Properties, Inc. 2.3%     

     Sumitomo Realty & Development Co., Ltd. 2.0%     

     General Growth Properties, Inc. 1.8%     

     *  Excluding short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

months, maintained a slight underweight in continental Europe and added exposure to the recovering economies of the Asia-Pacific region, particularly Japan and Singapore which are exhibiting improving property fundamentals and economic growth. Through an average 3% dividend yield plus 5-10% prospective annual earnings growth, global property stocks, we believe, continue to be well-positioned to conservatively deliver attractive total returns over the next several years.

⁽¹⁾ The S&P/ Citigroup World Property Index is an unmanaged market weighted total return index which consists of many companies from developed markets whose floats are larger than $100 million and derive more than half of their revenue from property-related activities.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

6

ING GLOBAL VALUE CHOICE FUND

PORTFOLIO MANAGERS’ REPORT

ING Global Value Choice Fund (the “Fund”) seeks long-term capital appreciation. The Fund is managed by David B. Iben, CFA, Chief Investment Officer and Managing Director of Tradewinds Global Investors, LLC⁽¹⁾ (“Tradewinds”) — the Sub-Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 14.46% compared to the Morgan Stanley Capital International All Country World Index^SM(2) (“MSCI All Country World Index^SM”) and the Morgan Stanley Capital International World Index^SM(3) (“MSCI World Index^SM”), which returned 12.50% and 11.87%, respectively, for the same period.

Portfolio Specifics: For the six months ended April 30, 2007, global equity markets continued their upward momentum, despite a dramatic, but temporary reversal, when a plunge in China’s stock exchanges in late February triggered downturns across markets worldwide.

During the period, the Fund’s exposure in the industrials sector paced the Fund’s positive performance. Agco Corp., a manufacturer and distributor of agricultural equipment, was the Fund’s single largest contributor to performance as the agricultural industry continued to work its way out of a cyclical bottom. Railroad operator Union Pacific Corp’s stock price appreciated over the period after the company announced in late January its best year ever, achieving all-time records for operating revenue, operating income and net income. The company also announced a share repurchase and increased the quarterly dividend on the company’s common stock. Consumer staples holding Tyson Foods, Inc. is the world’s largest protein provider and supplies beef, chicken, and pork to the global marketplace and we believe that the company has the potential to benefit from increased foreign demand. The Fund’s Tyson Foods, Inc. holding was one of the largest individual contributors to performance.

The Fund’s information technology holdings hindered performance the most. In

Country Allocation

as of April 30, 2007

(as a percent of net assets)

     United States 44.0%     

     Japan 13.4%     

     Canada 10.5%     

     South Korea 6.1%     

     United Kingdom 5.2%     

     France 4.6%     

     Netherlands 4.2%     

     Taiwan 2.0%     

     Australia 1.9%     

     South Africa 1.9%     

     Italy 1.7%     

     Finland 1.6%     

     Countries less than 1.6%⁽¹⁾ 4.0%     

     Other Assets and Liabilities – Net* (1.1)%     

     Net Assets 100.0%     

*	Includes short-term investments related to securities lending collateral and U.S. government agency obligations.
(1)	Includes four countries, which each represents less than 1.6% of net assets.

Portfolio holdings are subject to change daily.

particular, Korean-based Samsung SDI Co., Ltd., one of the world’s largest cathode ray tube and plasma display panel manufacturers, suffered during the period due to increased competition and price deterioration of its products. We continue to believe, however, that

the company is a quality franchise, with a strong balance sheet and dominant market share. Canada’s Barrick Gold Corp. shares experienced volatility throughout the period, but ended the period as a detractor from performance. The company, like many others in the industry, is being challenged by rising operating and labor costs. We continue to believe that long-term worldwide demand for many basic materials will outpace long-term supply. Barrick Gold Corp. is the world’s largest gold producer and remains one of the Fund’s largest holdings.

While the Fund’s investments represented numerous countries from around the world, U.S. investments contributed the most to performance while the Fund’s South Korean holdings detracted the most from performance. The Fund remains heavily overweighted in materials and heavily underweighted in financial sector stocks.

Current Strategy and Outlook: Although today’s markets offer a challenging environment, we continue to look for buying opportunities created by investor over-reaction to such things as inclement weather, lower than expected earnings announcements, unfavorable court rulings and regulatory changes, political risk, etc. Tradewinds seeks to invest the Fund in companies that we feel trade below their intrinsic value and in our opinion are mispriced by the market. Tradewinds favors strong business franchises with significant barriers to entry that have the potential to create value over the long-term. We continue to believe the Fund is well positioned in food, agriculture, commodities, and basic materials companies worldwide and continue to diligently search the world for investment opportunities.

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     Royal Dutch Shell PLC ADR 4.2%     

     Apex Silver Mines Ltd. 3.7%     

     Smithfield Foods, Inc. 3.7%     

     Union Pacific Corp. 3.6%     

     Newmont Mining Corp. 3.4%     

     Barrick Gold Corp. 3.3%     

     AGCO Corp. 3.3%     

     Tyson Foods, Inc. 3.2%     

     Chevron Corp. 3.1%     

     Kao Corp. ADR 2.9%     

     *  Excludes short-term investments related to securities lending collateral and U.S. government agency obligations.

Portfolio holdings are subject to change daily.

⁽¹⁾ Effective February 28, 2007, Tradewinds NWQ Global Investors, LLC changed its name to Tradewinds Global Investors, LLC.

⁽²⁾ The MSCI All Country World Index^SM is an unmanaged index of developed- and emerging-market equities in nations throughout the world.

⁽³⁾ The MSCI World Index^SM is an unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

7

ING DISCIPLINED INTERNATIONAL SMALLCAP FUND

PORTFOLIO MANAGERS’ REPORT

ING Disciplined International SmallCap Fund (the “Fund”) seeks long-term capital appreciation. The Fund is managed by Omar Aguilar, Ph.D., Portfolio Manager and Vincent Costa, CFA, Portfolio Manager, both of ING Investment Management Co. — the Sub-Adviser.

Performance: Since the Fund’s inception on December 20, 2006 through April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 13.00% compared to the Standard and Poor’s Citigroup Extended Market Index World Ex. U.S.⁽¹⁾ (“S&P/ Citigroup EMI World Ex. U.S.”), which returned 11.65%, for the period from January 1, 2007 through April 30, 2007.

Portfolio Specifics: Security selection drove returns over the period. Selection in financials and materials particularly helped performance. Sector allocation materially benefited returns during the period; particularly due to overweight positions in consumer discretionary and utilities.

Notable stock performers in financials included Astroc Mediterraneo, a Spanish real estate company and Kyobo Securities, a Korean financial services company. Both rose over the period. Positions in bwin Interactive Entertainment, an Austria-based provider of online gaming entertainment and Italian motorcycles manufacturer Ducati Motor Holding S.p.A., which gained due to improved operational income, also helped. Another significant contributor came from a position in International Power, a utilities company which gained during the period due to positive earnings news.

Country Allocation

as of April 30, 2007

(as a percent of net assets)

     United Kingdom 19.7%     

     Japan 17.0%     

     France 10.5%     

     Germany 8.1%     

     Canada 7.1%     

     Italy 7.1%     

     Switzerland 6.0%     

     Australia 5.7%     

     South Korea 4.7%     

     Netherlands 3.6%     

     Spain 3.6%     

     Sweden 2.2%     

     Countries between 1.1% – 1.8%⁽¹⁾ 4.2%     

     Countries less than 1.1%⁽²⁾ 4.3%     

     Other Assets and Liabilities – Net* (3.8)%     

     Net Assets 100.0%     

*	Includes short-term investments related to repurchase agreement.
(1)	Includes three countries, which each represents 1.1% – 1.8% of net assets.
(2)	Includes eleven countries, which each represents less than 1.1% of net assets.

Portfolio holdings are subject to change daily.

In contrast, Jessops PLC, a photographic products and services retailer, acted as a drag as the company fell on profit warnings. While Bodycote International, gained during the period, increased levels of volatility during the period meant the position acted as a net detractor to returns.

Current Strategy and Outlook: Our research builds structured portfolios of stocks with fundamental characteristics that we believe will translate into a performance advantage over the benchmark. Our analysis positions the Fund to capitalize on what we believe are high-quality companies with superior business momentum, growing earnings and attractive valuations.

At the end of the period, the Fund was overweight energy and underweight industrials and consumer discretionary.

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     Holcim Ltd. 0.8%     

     Accor SA 0.8%     

     Alstom 0.7%     

     International Power PLC 0.6%     

     Infineon Technologies AG 0.6%     

     Lagardere SCA 0.6%     

     Vallourec 0.6%     

     Adecco SA 0.5%     

     Swatch Group AG 0.5%     

     Fresenius Medical Care AG & Co. KGaA 0.5%     

     *  Excludes short-term investments related to repurchase agreement.

Portfolio holdings are subject to change daily.

⁽¹⁾ The S&P/ Citigroup EMI World Ex. U.S. is an unmanaged index which consists of the smaller capitalization stocks of the Citigroup Broad Market Index.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

8

ING EMERGING COUNTRIES FUND

PORTFOLIOS MANAGERS’ REPORT

ING Emerging Countries Fund (the “Fund”) seeks maximum long-term capital appreciation. The Fund is managed by Brandes Investment Partners, L.P. (“Brandes”), the Sub-Adviser. Brandes’ Emerging Markets Investment Committee is responsible for making the day-to-day investment decisions for the Fund. Alphonse Chan, CFA, Portfolio Manager, Christopher Garrett, CFA, Institutional Portfolio Manager, Douglas Edman, CFA, Director — Investments, Gerardo Zamorano, CFA, Senior Analyst, Greg Rippel, CFA, Senior Analyst, and Steven Leonard, CFA, Senior Analyst, are the six voting members of Brandes’ Emerging Markets Investment Committee.

Performance: For the six month period ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 22.32% compared to the Morgan Stanley Capital International Emerging Markets Index^SM(1) (“MSCI EM Index^SM”), which returned 20.27% for the same period.

Portfolio Specifics: Gains for positions in the diversified telecommunication services, chemicals, and wireless telecommunication services industries generally advanced. Holdings from the industries registering advances in the period included Brasil Telecom Participacoes SA ADR (Brazil — diversified telecommunication services), Sinopec Yizheng Chemical (China — chemicals), and Partner Communications (Israel — wireless telecommunication services). Among the Fund holdings experiencing price declines during the six month period were Taro

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

Pharmaceuticals Industries (Israel — pharmaceuticals) and Far EasTone Telecommunications Co., Ltd (Taiwan — wireless telecommunication services).

On a country level, price advances for the Fund’s holdings based in Brazil, China, and South Korea made positive contributions to returns. Top performers from these countries included Vivo Participações (Brazil — wireless telecommunication services), Brilliance China Auto Holdings (China — automobiles), and LG Chemical (South Korea — chemicals).

Relative to the index, the Fund benefited from an underweight exposure to the oil, gas & consumable fuels industry and an overweight exposure to the diversified telecommunication services industry. The Fund’s stock selection in the automobiles industry also helped performance relative to the MSCI EM Index^SM. Conversely, stock selection in the wireless telecommunication services industry has a modest negative impact on relative performance. Industry exposures are the result of our individual security selection — not top-down industry forecasts.

During the period, we sold select positions as their market prices advanced toward our estimates of their intrinsic values, including Manila Electric (Philippines — electric utilities), Posco (South Korea — metals & mining), and DBS Group Holdings (Singapore — commercial banking). We purchased shares of companies at prices that we consider attractive, including Charoen Pokphand Foods PCL (Thailand — food products), Koor Industries Ltd. (Israel — industrials), and Bangkok Bank PCL (Thailand — commercial banking).

Current Strategy and Outlook: While we monitor short-term events in

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     LG Electronics, Inc. 3.7%     

     LG Chem Ltd. 3.5%     

     Banco Latinoamericano de Exportaciones SA 3.1%     

     SK Telecom Co., Ltd. ADR 3.0%     

     First Pacific Co. 2.9%     

     Weiqiao Textile Co. 2.9%     

     AFP Provida SA ADR 2.8%     

     KT Freetel Co., Ltd. 2.5%     

     Brasil Telecom Participacoes SA ADR 2.5%     

     Vivo Participacoes SA ADR 2.4%     

     *  Excludes short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

emerging markets, our investment philosophy focuses on company-by-company analysis. We take a long-term perspective and believe that none or very little of the short-term “market news” provides useful information to investors.

⁽¹⁾ The MSCI EM Index^SM is an unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

9

ING FOREIGN FUND

PORTFOLIO MANAGERS’ REPORT

ING Foreign Fund (the “Fund”) seeks long-term growth of capital. The Fund is managed by Rudolph-Riad Younes, CFA, Senior Vice President and Head of International Equity and Richard Pell, Senior Vice President and Chief Investment Officer, both of Julius Baer Investment Management LLC — the Sub-Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 17.70% compared to the Morgan Stanley Capital International All Country World ex-US Index^SM(1) (“MSCI All Country World ex US Index^SM”) and the Morgan Stanley Capital International — Europe, Australasia and Far East^® Index⁽²⁾ (“MSCI EAFE^® Index”) which returned 15.89% and 15.46%, respectively, for the same period.

Portfolio Specifics: During the review period, we continued to favor Central and Eastern European investments which benefited performance results. In particular, Poland, Russia and Hungary were positive contributors. OTP Bank Nyrt (Hungary), PKO Bank Polski and Bank Polska Kasa Opieki (Poland) were all top relative contributors to results and largely explained the positive contribution of financials over the period. Within Russia, although positions held in Gazprom ADRs and OJSC Rosneft GDRs detracted from results, our exposure to Sberbank RF and UES Russia GDRs more than made up for this weakness. In other emerging markets, warrants on Bharti Televentures (India) had a positive contribution whereas Samsung Electronics Co., Ltd. (S. Korea) detracted from results.

Our decision to underweight Japanese equities was supportive to results, although stock selection reduced this positive impact. In the United Kingdom, stock selection as well as our underweight to this market contributed to results. In Asia ex-Japan, stock selection had a negative impact on results. Positions held in Melco International Development and Shun TAK Holdings

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

Ltd. (Hong Kong), both of which are involved in the fast growing real estate market in Macau, experienced profit taking over the period. In the dollar bloc markets, we were negatively impacted in the materials sector. In particular, our overweighted position in Newcrest Mining Ltd. (Australia) which lagged the Index, was a detractor to results. However, our underweight as well as stock selection in Canada helped results.

Our focus on laggard economies in Europe and those industries poised to benefit from economic improvement supported results in markets such as Germany, France and Italy. The position held in Commerzbank AG (Germany) further contributed to results within financials. The healthcare sector was also a positive contributor due to stock selection. Fresenius AG (Germany), the world’s biggest provider of kidney dialysis was a top contributor in this sector. Within energy, our underweight as well as stock selection supported results.

Current Strategy and Outlook: In our opinion, Continental European markets remain attractive amid a wave of structural change in the corporate environment. We believe globalization is finally being perceived as a real threat to companies, particularly in France, Germany & Italy, and companies are coming to grips with improving productivity. Germany in particular, is interesting where, we believe the backdrop is improving, and we are focusing on banking, retailing and real estate related companies. In our opinion, valuations in Continental Europe are not demanding and we anticipate corporate earnings to advance more quickly in Europe than in other developed markets.

In our opinion, companies in the United Kingdom have improved corporate profitability, a process which we believe may be coming to an end. Also, we believe the consumer has likely reached a point where it will be difficult to rely on them to continue to spend more and keep the economy moving, and we remain underweight.

Within Japan, corporate governance remains a concern and we continue to find valuations extended, and we prefer opportunities in Continental Europe. In our opinion, the market is also vulnerable to global imbalances, particularly in the U.S.

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     OTP Bank Nyrt 2.3%     

     Komercni Banka AS 1.9%     

     Vodafone Group PLC 1.4%     

     Nestle SA 1.3%     

     Total SA 1.3%     

     OMV AG 1.2%     

     Lafarge SA 1.2%     

     GlaxoSmithKline PLC 1.2%     

     Commerzbank AG 1.2%     

     State Bank of India Ltd. 1.0%     

     *  Excludes short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

We remain focused on Central and Eastern Europe which continues to exhibit strong growth prospects. We remain underweight in China amid continued concerns over corporate governance issues and vulnerability from a potential global slowdown.

⁽¹⁾ The MSCI All Country World ex US Index^SM measures the returns of equities of companies which are domiciled outside the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

⁽²⁾ The MSCI EAFE^® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or fees of investing.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

10

ING GREATER CHINA FUND

PORTFOLIO MANAGERS’ REPORT

ING Greater China Fund (the “Fund”) seeks long-term capital appreciation. The Fund is managed by Nick Toovey, CFA, Bratin Sanyal, Oscar Leung Kin Fai, CFA and Michael Hon Lung Chiu, CFA, all of ING Investment Management Asia/ Pacific (Hong Kong) Limited — the Sub-Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 18.19% compared to the Morgan Stanley Capital International (“MSCI”) All Countries Golden Dragon Index⁽¹⁾, which returned 16.89% for the same period.

Portfolio Specifics: The Fund benefited from its overweight in China as the country outperformed. However, its equity markets suffered a short-term correction in February led by concerns over macroeconomic controls as well as government measures related to the domestic ’A’-share market. These concerns were short-lived and the market subsequently rebounded.

China reported a strong set of macroeconomic figures including gross domestic product (“GDP”) which grew at 10.4% and 11.1% year over year for the fourth quarter of 2006 and the first quarter of 2007, respectively. As a result, China’s central bank, the People’s Bank of China, continued to raise interest rates and increase the reserve ratio of the commercial banks in order to dampen lending growth. Despite these measures, companies in China reported positive results in their 2006 and first-quarter 2007 financial reports. Currency appreciation was another positive factor as the Chinese Renminbi appreciated 2.2%, during the period.

In Hong Kong, GDP growth remained high at 7.0% year over year for the fourth quarter 2006. Local politics in Taiwan remained deadlocked. Concerns over U.S. economic growth also hurt the performance of the information

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

technology sector, which underperformed the broader market. GDP growth in Taiwan slowed to 4.02% year over year for the fourth quarter 2006 due to a decline in consumer confidence.

Thanks to the strong performance of the domestic Chinese ’A’-share market, our overweight position there contributed positively to the Fund. In particular, overweight positions in Shanghai Pudong Development Bank and China Merchants Bank were major contributors to the portfolio. Overweight positions in Hong Kong property companies, including Hang Lung Group Ltd., also performed well. Consumer stocks in China performed favorably as a group, including our position in China Resources Enterprises, which successfully turned its business around.

In contrast, our position in Chinese property company SPG Land Holdings Ltd. acted as a drag as it underperformed. The Fund was also hurt by underweight positions in China Steel Corp. and Formosa Plastics, which performed well during the period.

Current Strategy and Outlook: The Chinese domestic ’A’-share market has stabilized, and has even reached new highs since the correction in February. In our view, corporate earnings growth is on track and earnings revisions are positive. The continuous appreciation of Renminbi and an increase in the Qualified Domestic Institutional Investor quota is also likely, we believe, to help Hong Kong-listed Chinese shares. The correction in February was not unexpected and valuations of some Chinese stocks have started to look attractive again. The recently announced strong GDP numbers may provide a further catalyst. As a result, we have become more positive about the Chinese market.

Top Ten Holdings

as of April 30, 2007

(as a percent of net assets)

     Taiwan Semiconductor Manufacturing Co., Ltd. 6.2%     

     China Mobile Ltd. 5.4%     

     PetroChina Co., Ltd. 4.3%     

     HON HAI Precision Industry Co., Ltd. 4.1%     

     China Overseas Land & Investment Ltd. 3.8%     

     Cheung Kong Holdings Ltd. 3.3%     

     Hutchison Whampoa Ltd. 3.2%     

     Nan Ya Plastics Corp. 3.2%     

     Bank of East Asia Ltd. 3.2%     

     MediaTek, Inc. 3.2%     

Portfolio holdings are subject to change daily.

In Hong Kong, sales volume for the domestic property market are picking up, while asset prices remain stable. Interest rates are at relatively low levels and in our opinion, companies with good corporate results are likely to outperform. In Taiwan, the continuing political struggle between ruling President Chen’s government and opposition parties continues to weigh on domestic sentiment. Nevertheless, we believe the longer-term outlook for Taiwan remains positive once its political deadlock is resolved. However, we have an underweight exposure as we believe global economic headwinds do not favor the country.

⁽¹⁾ The MSCI All Countries Golden Dragon Index is a broad-based, unmanaged index of common stocks traded in China, Hong Kong and Taiwan.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

11

ING INDEX PLUS INTERNATIONAL EQUITY FUND

PORTFOLIO MANAGERS’ REPORT

ING Index Plus International Equity Fund (the “Fund”) seeks to outperform the total return performance of the Morgan Stanley Capital International — Europe, Australasia and Far East^® Index⁽¹⁾ (“MSCI EAFE^® Index”) while maintaining a market level of risk. The Fund is managed by Carl Ghielen, Portfolio Manager and Martin Jansen, Portfolio Manager, both of ING Investment Management Advisors B.V. — the Sub Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 15.40% compared to the MSCI EAFE^® Index, which returned 15.46% for the same period.

Portfolio Specifics: The Fund is designed to add value to the MSCI EAFE^® benchmark through bottom-up security selection on the basis of customized sector models while maintaining approximate benchmark weights of regions/countries, sectors and industries represented in the benchmark. The active risk is substantially controlled by the relatively large number of securities in the portfolio (between 340 and 430). As a first step, the best ranked 200 stocks are selected for inclusion across countries, sectors and industries. To ensure that appropriate index weights and an index-like profile are maintained, an additional 140-230 of the next most attractive securities are added. The Fund is rebalanced monthly to maintain the desired tilt to stocks ranking well in the individual sectors and industries represented in the benchmark.

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

The Fund performed in line with its benchmark for the period under review. Security selection was especially strong in Europe (ex-United Kingdom) and Developed Asia (ex-Japan). Stock selection added modest value in the UK and Japan. By design, the Fund’s sector and regional weights approximate that of the benchmark; consequently no value was added through sector allocation or regional allocation. The predictive power of the individual factors included in each of the international sector models for a particular reporting period substantially determines the impact of stock selection in each sector.

For this period, our holdings in materials benefited returns due largely to the predictive strength of the Fund’s price to earnings factors. In industrials and consumer discretionary cash flow factors helped, while health care benefited from price momentum and price reversal. Return on invested capital benefited performance in energy. Stock selection in information technology, telecommunication services and utilities benefited performance. The only sector that acted as a drag was financials, where price to earnings factors were unsuccessful.

Current Strategy and Outlook: By design, the Fund maintains approximate benchmark weights of the regions, economic sectors, and industries constituting the MSCI EAFE^® and is expected to track the benchmark relatively closely. Stock selection is driven by in-sector/industry ranking models. Portfolio construction and risk control are utilized to ensure the characteristics of the Fund are in an acceptable band around the benchmark. Our most attractive ranking stocks may have individual overweight positions of up to 1%, while for risk control purposes the maximum allowable underweight position per security is 0.50%. In this context, the Fund currently has a modest tilt towards lower-valuation and smaller-capitalization stocks and has a modest focus on stocks linked primarily to local economies. The current portfolio of stocks generates an historic earnings growth, dividend yield, and return on equity similar to the benchmark, but has less leverage.

Top Ten Holdings

as of April 30, 2007

(as a percent of net assets)

     Toyota Motor Corp. 1.9%     

     Royal Bank of Scotland Group PLC 1.7%     

     Allianz AG 1.6%     

     Roche Holding AG 1.6%     

     Credit Suisse Group 1.6%     

     iShares MSCI EAFE Index Fund 1.5%     

     BNP Paribas 1.3%     

     BHP Billiton PLC 1.3%     

     Royal Dutch Shell PLC – Class B 1.3%     

     Volvo AB 1.2%     

Portfolio holdings are subject to change daily.

⁽¹⁾ The MSCI EAFE^® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or fees of investing.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

12

ING INTERNATIONAL CAPITAL APPRECIATION FUND

PORTFOLIO MANAGERS’ REPORT

ING International Capital Appreciation Fund (the “Fund”) seeks capital appreciation. The Fund is managed by a team of investment professionals led by Thomas R.H. Tibbles, CFA, Barry A. Lockhart, CFA, Trevor Graham, CFA, and Patrick Tan all of Hansberger Global Investors, Inc. (“HGI”) — the Sub-Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 14.70% compared to the Morgan Stanley Capital International All Country World ex US Index^SM(1) (“MSCI All Country World ex US Index^SM”), which returned 15.89% for the same period.

Portfolio Specifics: The past six months provided favorable returns for international equity investors. All sectors and regions provided positive absolute returns for the MSCI All Country World ex US Index. Pacific ex Japan and Emerging Markets lead the way regionally and from a sector perspective, the industrials, materials, consumer staples and utilities sectors were the strongest performing sectors on an absolute basis.

HGI’s growth strategy invests in companies that are industry leaders which have the ability to generate sustainable earnings growth. Our analytical resources are dedicated to those companies that have demonstrated sustainable competitive advantages in their industries. For the period under review, smaller capitalization and lower quality names out-performed, and the Fund trailed these more speculative situations that do not meet our strict investment criteria. The Fund’s overweight to information technology also had a negative impact on performance since the broad sector under-performed the benchmark and our holdings within the sector under-performed within the sector. From a relative perspective the consumer discretionary and materials sectors joined information technology and financials as the largest under-performers relative to the benchmark for the period while industrials and energy were the top relative performing sectors for the Fund. The out-performance in industrials and energy was driven by strong stock selection in these sectors.

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

The Fund’s leading contributors to performance for the period came primarily from the industrials, consumer discretionary, energy and telecommunication services sectors. The best performing stocks were: Denmark based wind turbine producer Vestas Wind Systems A/S (industrials); Japan based ceramics products producer NGK Insulators Ltd. (industrials); UK based recruitment consultancy firm Michael Page International PLC; and Hong Kong based retailer, Esprit Holdings Ltd. The greatest detractors to performance came from Japan, due to volatile Asian markets during the period. The worst performing stocks for the period under review were: Sumitomo Mitsui Financial Group, Inc. (financials); followed by Nitto Denko Corp. (materials) and Nidec Corp. (information technology).

Current Strategy and Outlook: International equity markets, in our opinion, appear to be transitioning from favoring value style investing to rewarding more of a growth style. After seven years during which Value outperformed Growth, returns to growth investing have now surpassed those of Value during the last six months as measured by the MSCI All Country World ex US Index^SM style indexes.

With the global economy seemingly decelerating in aggregate, we believe it would not be unusual for the market to increasingly reward companies that have steady growth prospects going forward and accord a premium valuation to these forms over companies whose earnings may be downgraded more significantly with a slowing economy. For this reason, we are optimistic about the profile of companies held in the Fund which emphasizes quality, secular growth in earnings.

We believe one long term risk to global capital markets is the growing current account imbalances between nations. Diffusing these imbalances may cause

Top Ten Holdings

as of April 30, 2007

(as a percent of net assets)

     UniCredito Italiano S.p.A. 2.4%     

     NGK Insulators Ltd. 2.2%     

     Vestas Wind Systems A/ S 2.1%     

     Prudential PLC 2.1%     

     Esprit Holdings Ltd. 2.1%     

     Novartis AG 2.1%     

     UBS AG – Reg 2.1%     

     Roche Holding AG 2.0%     

     Millicom International Cellular SA 1.9%     

     Toyota Motor Corp. 1.9%     

Portfolio holdings are subject to change daily.

economic or capital market disruptions. We believe another risk to capital markets would be if carry trades were to unwind rapidly. In our opinion, the Fund continues to be structured favorably in the event that risk premiums widen in global equity markets in the future. The Fund remains slightly underweight in the basic materials and industrials sectors. This allows the Fund to be opportunistic in these areas in the event that prices in high quality companies become attractive through out the year. Within the broader interest rate sensitive areas, such as financials and utilities, the Fund is also positioned with a relative underweight versus the benchmark. The largest relative overweight positions in the Fund are in the consumer discretionary, information technology and healthcare sectors all of which are the result of a collection of very company specific growth profiles. In general, the Fund remains fully invested in equities of reasonably priced, high quality companies that have demonstrated their ability to create their own opportunities for growth over the long term.

⁽¹⁾ The MSCI All Country World ex US Index^SM measures the returns of equities of companies which are domiciled outside the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

13

ING INTERNATIONAL GROWTH OPPORTUNITIES FUND

PORTFOLIO MANAGERS’ REPORT

ING International Growth Opportunities Fund⁽¹⁾ (the “Fund”) seeks long-term growth of capital through investment in equity securities and equity equivalents of companies outside the U.S. The Fund is managed by Uri Landesman, Senior Vice President and Head of International Equity of ING Investment Management Co. — Sub-Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 12.75% compared to the Morgan Stanley Capital International — Europe, Australasia and Far East Growth Index^SM(2) (“MSCI EAFE Growth Index^SM”) and the Morgan Stanley Capital International — Europe, Australasia and Far East^® Index⁽³⁾ (“MSCI EAFE^® Index”) which returned 15.81% and 15.46%, respectively for the same period.

Portfolio Specifics: The first four months, beginning in November 2006, saw healthy growth in international markets. Tightening global liquidity, however, and a regulatory scare initiated by the Chinese government as part of an attempt to cool its overheated domestic market led to a sharp global sell-off in equities in late February and early March. However, the positive momentum stemming from the prior months regained steam, spurred on by robust merger and acquisitions activity, which ultimately resulted in several international markets reaching newfound highs.

Positive performance was mainly attributable to an overweight position and stock selection in industrials. Selection in financials benefited returns. An underweight in energy and financials helped bolster returns. An underweight position in Japan and selection in Europe also proved to be effective.

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

In contrast, security selection and an overweight position in information technology hurt performance. Furthermore, selection combined with an underweight position in utilities and an overweight in non-benchmark emerging markets and selection in developed Asia also hurt returns.

On an individual security basis, Capita Group PLC, a British human resources company, saw its shares appreciate on rising net income and increased sales. Sandvik AB, a Swedish manufacturer of industrial cutting tools, announced rising first-quarter profits and its stock reacted positively. Net Servicos de Comunicacao SA, Brazilian cable TV and broadband provider, also rose after it reported increased growth in TV subscriptions.

In contrast, OAO Gazprom ADR, a Russian oil company, saw its shares decline after being downgraded by analysts and on the back of media reports regarding inefficiency. Seven & I Holdings Co., Ltd., a Japanese holdings company, responsible for managing convenient stores, reacted negatively after missing its profits target. Yahoo! Japan Corp., the internet search engine, declined amid stiffening competition from Google.

Current Strategy and Outlook: With abating inflationary pressures, the outlook for international markets has improved in recent months. Consequently, we remain overweight emerging markets as the outlook, in our view, remains robust. We continue to maintain an underweight position in utilities and telecommunication services and we are overweight in information technology and consumer staples. One major risk factor that may occur in the future includes a potential slowdown of global growth, stemming from central banks further tightening, which could result, in our opinion, in reduced global liquidity.

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     Roche Holding AG 3.9%     

     Anglo American PLC 3.3%     

     Diageo PLC 2.9%     

     Monsanto Co. 2.6%     

     UniCredito Italiano S.p.A. 2.5%     

     Capita Group PLC 2.3%     

     Yamada Denki Co., Ltd. 2.3%     

     Telefonaktiebolaget LM Ericsson 2.2%     

     Mizuho Financial Group, Inc. 2.0%     

     Seven & I Holdings Co., Ltd. 2.0%     

     *  Excludes short-term investments related to ING Institutional
Prime Money Market Fund.

Portfolio holdings are subject to change daily.

⁽¹⁾ Effective February 28, 2007, the Fund changed its name from ING International Fund to ING International Growth Opportunities Fund.

⁽²⁾ The MSCI EAFE Growth Index^SM is an unmanaged index that measures the performance in 20 countries within Europe, Australasia and the Far East with a greater-than-average growth orientation.

⁽³⁾ The MSCI EAFE^® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or fees of investing.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

14

ING INTERNATIONAL REAL ESTATE FUND

PORTFOLIO MANAGERS’ REPORT

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

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 20.77% compared to the Standard & Poor’s/ Citigroup World Property Index ex US⁽¹⁾ (“S&P/ Citigroup World Property Index ex US”) which returned 22.24% for the same period.

Portfolio Specifics: International property stocks were 22.2% for the six month period ended April 30, 2007, led by Asian-Pacific and European property stocks which were 25.3% and 17.5%, respectively.

Asian property stocks garnered the best performance with a total return of 25.3% (in USD), driven by Singapore’s total return of 52.7%. In our opinion, Singapore continues to show signs of economic expansion. Japan, 2007’s surprise story, generated a total return of 24.8%, as fundamentals continue to improve.

The European region followed with a total return of 17.5%, led by Continental Europe where returns were consistently positive across all major property markets. The U.K. market saw all of the large-capitalization property companies convert to a real estate investment trust (“REIT”) structure in January. This positive event; however, was offset by a surprise rate increase by the Bank of England that knocked the wind out of the U.K. property stocks, which are down close to 7% year-to-date.

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

Thematically, some of the more significant events among world property stocks over the past six months have been: 1) the conversion of all of the large-capitalization property companies to the REIT structure in the U.K. in January 2007; 2) improving fundamentals in all major markets as the global economy continues to expand, especially in Pacific Rim countries; 3) continued

syndicate activity with the formation of new property companies worldwide; and 4) the approval of the REIT structure in Germany.

While overweights in Tokyo-focused companies Mitsubishi Estate Co., Ltd. and Mitsui Fudosan Co., Ltd. were positive contributors to the relative performance of the Fund, the Fund’s underweight to J-REITS offset some of the positive impact to performance. J-REITs, which trade at significant premiums to their underlying asset valuations, continue to be strong performers as Japanese investors are bidding up prices to buy these securities, which offer a higher rate of yield than available in the Japanese market. The Fund’s overweight allocation to the U.K. market detracted from relative performance, as the U.K. market returned 8.0% for the past six months. U.K. property stocks are attractively valued and earnings, along with other fundamental valuation measures, are and will, in our opinion, continue to improve.

Current Strategy and Outlook: In our opinion, international property companies have provided strong absolute and relative returns when compared to broad equities over the past several years. We believe valuation disparities continue to provide investment opportunities to an investor with a global scope. We believe international property stocks continue to be well-positioned to conservatively deliver attractive total returns over the next several years.

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     Mitsubishi Estate Co., Ltd. 7.3%     

     Mitsui Fudosan Co., Ltd. 6.4%     

     Westfield Group 5.8%     

     Land Securities Group PLC 4.7%     

     British Land Co. PLC 3.6%     

     Sun Hung Kai Properties Ltd. 3.3%     

     Sumitomo Realty & Development Co., Ltd. 3.0%     

     Cheung Kong Holdings Ltd. 2.6%     

     GPT Group 2.3%     

     Derwent Valley Holdings PLC 2.1%     

     *  Excludes short-term investments related to U.S. government agency obligations.

Portfolio holdings are subject to change daily.

⁽¹⁾ The S&P/ Citigroup World Property Index, ex U.S., is an unmanaged market-weighted total return index which consists of many companies from developed markets, excluding the United States, whose floats are larger than $100 million and derive more than half of their revenue from property-related activities.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

15

ING INTERNATIONAL SMALLCAP FUND

PORTFOLIO MANAGERS’ REPORT

ING International SmallCap Fund (the “Fund”) seeks maximum long term capital appreciation. The Fund’s assets are managed by two sub-advisers — Acadian Asset Management, Inc. (“Acadian”) and Batterymarch Financial Management, Inc. (“Batterymarch”). Each manages a portion of the Fund’s assets that is allocated to the sub-adviser. John R. Chisholm, CFA, Executive Vice President and Co-Chief Investment Officer and Matthew J. Cohen, CFA, Senior Vice President, Portfolio Managers both of Acadian. Charles F. Lovejoy, CFA, Director and Senior Portfolio Manager and Christopher W. Floyd, CFA, Portfolio Manager both of Batterymarch.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 27.66% compared to the S&P/Citigroup Extended Market Index World Ex. U.S.⁽¹⁾ (“S&P/Citigroup EMI World Ex. U.S.”) and the Morgan Stanley Capital International — Europe, Australasia and Far East Small Cap Index⁽²⁾ (“MSCI EAFE SmallCap Index”), which returned 20.74% and 18.66%, respectively, for the same period.

Portfolio Specifics: Acadian — The following investments helped the Fund’s performance for the six month period ended April 30, 2007: Germany: German stock selection was a key source of value added, and was enhanced by the market overweighting. Capital equipment selections were particularly successful, including SGL Carbon AG, MTU Aero Engines Holdings AG and Duetz AG. Japan: Japanese stock selection contributed meaningfully to active return, although the net gain was partially reduced by value lost from an overweighting in this market. Key holdings in Japan included materials companies Yamato Kogyo Co., Ltd. and Pacific Metals Co., Ltd., which benefited from firm global demand and persistently high prices. Korea: Stock selection in Korea, combined with an overweighted country allocation, was another major source of positive return. Materials selections such as LG Chemical, Hanwha Chemical and LG Petrochemical rose notably as Chinese manufacturers boosted imports from these ethylene producers. Canada: Canadian stock selection added substantial value, modestly reduced by a small market overweighting. Metal and mining companies surged as copper and nickel prices reached record levels during the period. These included LionOre, Aur Resources and Inmet. Spain: Stock selection and a market underweighting generated positive active return, in Spain. The top performer was telecom Avanzit. Iberia Airlines was another key holding contributing value added, as the stock rose on takeover speculation.

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

The following investments detracted from the Fund’s performance for the review period: Turkey: The active allocation to Turkey was costly. Exposure to home furnishings manufacturer Park Elektrik was a significant source of value detracted. France: An unsuccessful underweighting in France offset a small amount of value added from stock selection, and resulted in a net negative return. The Fund did not have exposure to such benchmark contributors as equipment manufacturer Alstom, tire maker Michelin and hotel Accor.

Batterymarch — Our investment process emphasizes stock selection, which was the primary source of relative outperformance for the review period. Stock selection was particularly strong in continental Europe, with selection adding the most value in the industrials, materials and consumer discretionary sectors. Greek holdings Sidenor Metal, a steel manufacturer buoyed by the possibility of consolidation, and Jumbo, a retail distributor of children’s toys, are two examples of major contributors to performance. Stock selection was also strong in the Australia, New Zealand and Canada region.

Our weakest area for stock selection during the period was in the financials ex banks sector in Japan where the Fund was hurt by holdings in Es-Con Japan Ltd, a Japanese condominium developer impacted by fears that its golf course redevelopment project in Fukuoka was not financially viable.

In keeping with our investment process and philosophy which emphasizes bottom up stock selection and risk control, overall region and sector allocations had little impact on relative Fund performance. The cash position did have a negative impact, given the positive return of the benchmark.

Current Strategy and Outlook: Acadian — Country and sector weightings are driven by bottom-up stock selection. The Fund is currently overweighted in Japan, Australia and Korea, with active allocations to Turkey and Taiwan. Significant underweightings include the U.K., France, Spain and Italy. The sector focus is on materials, technology and durables stocks.

Our bottom-up process continues to favor Europe over Asia, as fundamentals remain solid, with healthy employment figures and recovering domestic demand helping key economies maintain moderate growth, in our view. Additionally, we believe that valuations are reasonable relative to other developed markets. We are most positive with respect to the outlook for Finland, the Netherlands and Ireland. In our opinion, New Zealand’s forecast is the most positive in the Asia-Pacific. Canada is also modestly positive in our framework.

Our short-term forecasts call for mixed results across the emerging markets. Latin America leads our rankings, driven by the region’s positive correlation to commodity prices. The EMEA region is mixed, with Russia and Turkey leading the region and central European markets negatively ranked. Asian markets’ forecasts cover a wide range from positive to negative. We view Thailand and Taiwan as most attractive, but are less favorable on China and India.

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     Michael Page International PLC 1.9%     

     Nexity 1.8%     

     SGL Carbon AG 1.6%     

     Lionore Mining International Ltd. 1.6%     

     Tandberg ASA 1.5%     

     MTU Aero Engines Holding AG 1.4%     

     Aur Resources Inc. 1.4%     

     Yamato Kogyo Co., Ltd. 1.0%     

     Dana Petroleum PLC 1.0%     

     Mori Seiki Co., Ltd. 1.0%     

     *  Excludes short-term investments related to U.S. government
agency obligations.

Portfolio holdings are subject to change daily.

Batterymarch — In our opinion, the continental European economy is set for decent growth in 2007 despite an expected slowdown in export demand. The economic picture in the UK is solid but in our view more mixed, and is expected to slow, along with the rest of the developed world, into 2007 and 2008.

For Japan, barring major moves in currency, earnings growth of nearly 10% is expected for the year ended March 2008, but we believe companies have been overly cautious in the past five years: Some commentators expect the leading economic indicators to bottom in the summer of 2007.

⁽¹⁾ The S&P/ Citigroup EMI World Ex. U.S. is an unmanaged index which consists of the smaller capitalization stocks of the Citigroup Broad Market Index.

⁽²⁾ The MSCI EAFE^® SmallCap Index is an unmanaged, market weighted index that represents the smallcap segments in 21 developed equity markets outside of North America.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

16

ING INTERNATIONAL VALUE FUND

PORTFOLIO MANAGERS’ REPORT

ING International Value Fund (the “Fund”) seeks long-term capital appreciation. The Fund is managed by Brandes Investment Partners, L.P. (“Brandes”), the Sub-Adviser. Brandes’ Large Cap Investment Committee is responsible for making the day-to-day investment decisions for the Fund. Glenn R. Carlson, CFA, Chief Executive Officer, Brent V. Woods, CFA, Managing Director — Investments, Amelia Maccoun Morris, CFA, Director — Investments, Brent Fredberg, Senior Analyst, W. James Brown, CFA, Director — Investments and Keith Colestock, CFA, Director — Investments, comprise the voting members of Brandes’ Large Cap Investment Committee.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 15.36% compared to the Morgan Stanley Capital International — Europe, Australasia and Far East^® Index⁽¹⁾ (“MSCI EAFE^® Index”), which returned 15.46% for the same period.

Portfolio Specifics: Gains for holdings in the food & staples retailing, diversified telecommunication services, and food products industries had the most positive impact on the Fund’s performance for the six month period ended April 30, 2007. Some of the top performing positions within these industries included William Morrison Supermarkets (United Kingdom — food & staples retailing), Telefónica (Spain — diversified telecommunication services), and Nestlé (Switzerland — food products). Outside of these industries, other positions posting positive results included DaimlerChysler (Germany — automobiles) and ABM Amro

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

(Netherlands — commercial banking). However, weakening share prices for the Fund’s positions in the consumer finance industry, including Aiful (Japan) and Takefuji (Japan), dampened gains. Also detracting from performance relative to the MSCI EAFE^® Index was stock selection in the diversified telecommunication services industry combined with a larger weighting than the index.

Among countries, advances for holdings based in the United Kingdom, the Netherlands and Germany proved most favorable to returns. Within these regions, some of the strongest performers included J Sainsbury PLC (United Kingdom — food & staples

retailing), Akzo Nobel NV (Netherlands — chemicals), and Deutsche Telekom AG (Germany — diversified telecommunication services). Select holdings in Japan declined in the six month period, including Mitsubishi UFJ Financial Group, Inc. (commercial banking) and Millea Holdings, Inc. (insurance).

Relative to the index, the Fund benefited from stock selection in the commercial banking and automobiles industries, an overweight exposure to the food & staples retailing industry, and a lack of exposure to the oil, gas & consumable fuels industry. Conversely, the Fund’s stock selection in the electric utilities industry and underweight exposure to the metals & mining industry detracted from performance relative to the index.

Note that the Fund’s industry exposure is a result of a focus on fundamentals and valuations of individual companies. We invest in firms that we believe offer a “margin of safety” — companies selling at a price below our estimate of fair value. This often involves investing in unpopular firms and industries. In our opinion, industry exposures are substantially driven by stock selection, and not by any “industry allocation” decision. We believe quality businesses with margins of safety attractive to us represent compelling opportunities for long-term gains.

Current Strategy and Outlook: While we monitor short-term events in international markets, our investment philosophy focuses on company-by-company analysis. We take a long-term perspective and believe that none

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     Nestle SA 3.5%     

     Deutsche Telekom AG 3.2%     

     WM Morrison Supermarkets PLC 3.1%     

     Sanofi-Aventis 3.0%     

     Koninklijke Ahold NV 3.0%     

     Telefonica SA 2.9%     

     Alcatel SA 2.6%     

     Carrefour SA 2.5%     

     Akzo Nobel NV 2.5%     

     GlaxoSmithKline PLC 2.5%     

     *  Excludes short-term investments related to securities lending collateral and U.S. government agency obligations.

Portfolio holdings are subject to change daily.

or very little of the short-term “market news” provides useful information to investors.

⁽¹⁾ The MSCI EAFE^® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or fees of investing.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

17

ING INTERNATIONAL VALUE CHOICE FUND

PORTFOLIO MANAGERS’ REPORT

ING International Value Choice Fund (the “Fund”) seeks long term capital appreciation. The Fund is managed by Paul J. Hechmer, Managing Director and International Portfolio Manager of Tradewinds Global Investors, LLC⁽¹⁾ — the Sub-Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 8.99% compared to the Morgan Stanley Capital International — Europe, Australasia, Far East^® Index⁽²⁾ (“MSCI EAFE^® Index”), which returned 15.46% for the same period.

Portfolio Specifics: The Fund generated positive absolute returns for the six month period ending April 30, 2007. Returns, however, fell short of the MSCI EAFE^® Index return.

While the Fund’s overall sector allocations created from bottom-up stock selection, generally aided returns, individual securities led the Fund to lag the broad EAFE market on a relative basis. The largest detractor from a sector perspective was telecom services. Nippon Telegraph and Telephone Corporation and KT Corp, one of the Fund’s larger sector positions, both came under pressure and failed to keep up with the overall benchmark telecom average. Overall, we still have high conviction in both these companies. Whilst two of the four companies in the information technology sector posted positive returns, they failed to keep pace with the information technology benchmark average. This was primarily led by a weakness in NEC Electronics Corp., a leading Japanese semiconductor manufacturer, who indicated that its restructuring efforts will extend beyond their initially indicated time frame.

From a relative performance perspective, the Fund’s positions in energy companies were the best performing sector; exposure in such companies as

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

Nippon Oil Corp., added to the Fund during the period, and Technip SA helped boost overall performance. And, as in the past, the materials sector and the Fund’s respective holdings generated strong positive returns with some of the Fund’s largest performance contributors coming from this area, including Impala Platinum Holdings Ltd., Rio Tinto PLC and Stora Enso OYJ. Also part of the materials sector, Barrick Gold was the largest detractor from performance, with its weakness in price over the six month period and its significant weighting in the portfolio. For the period, the largest net contributor to results was Premiere AG. The stock rallied significantly on positive news that the company retained rights to broadcast live soccer.

Healthcare was the worst performing sector in the benchmark, and an underweight positioning to this area of the market was additive to relative returns.

The overall market rally continued to be focused on European securities and those companies where there is heightened takeover speculation or mergers and acquisitions activity. The Fund’s general underweight to Europe and thus its underweighting to the euro and the sterling accounted for about 2% of the relative underperformance, as both currencies continued to appreciate over the six month period; however, good stock selection in France, Germany and the UK somewhat offset this underweight. Regionally, the Fund’s overweight to Asia and Canada detracted from an allocation perspective. Within the emerging markets, exposure to South Korea was a large detractor; however, positive stock selection in South Africa helped mitigate the shortfall in relative underperformance.

Current Strategy and Outlook: International markets continued their impressive run over the most recent period, although stock market volatility increased towards the latter portion of the period. The majority of investors, in our opinion, still appear to believe that current earnings levels and earnings growth will be sustainable over the long term and are therefore willing to continue to push share prices across the globe higher. We believe that certain markets offer pockets of opportunity, in particular in the materials and telecommunications sectors and to a growing extent in the energy sector, in addition to other individual stock opportunities that fit our criteria. Our focus is unchanged on providing superior risk adjusted returns over the long term.

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     Barrick Gold Corp. 4.4%     

     Chunghwa Telecom Co., Ltd. ADR 3.8%     

     Telecom Italia S.p.A. 3.7%     

     Rio Tinto PLC 3.1%     

     Royal Dutch Shell PLC ADR 3.1%     

     Premiere AG 3.0%     

     Stora Enso OYJ (Euro Denominated Security) 3.0%     

     Dai Nippon Printing Co., Ltd. 3.0%     

     KT Corp. ADR 2.9%     

     Vodafone Group PLC 2.9%     

     *  Excludes short-term investments related to U.S. government agency obligations.

Portfolio holdings are subject to change daily.

⁽¹⁾ Effective February 28, 2007, Tradewinds NWQ Global Investors, LLC changed its name to Tradewinds Global Investors, LLC.

⁽²⁾ The MSCI EAFE^® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or fees of investing.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

18

ING INTERNATIONAL VALUE OPPORTUNITIES FUND

PORTFOLIO MANAGERS’ REPORT

ING International Value Opportunities Fund (the “Fund”) seeks long term capital appreciation. The Fund is managed by Nicolas Simar, Senior Investment Manager Equities and Head of the Value Team and Frederic Degembe, Investment Manager Equities, both of ING Investment Management Advisor, B.V. — the Sub-Adviser.

Performance: Since the Fund’s inception on February 28, 2007 through April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 4.00% compared to the Morgan Stanley Capital International — Europe, Australasia, Far East^® Value Index⁽¹⁾ (“MSCI EAFE^® Value Index”) and the Morgan Stanley Capital International — Europe, Australasia, Far East^® Index⁽²⁾ (“MSCI EAFE^® Index”), which returned 6.55% and to 7.10%, respectively, for the period from March 1, 2007 through April 30, 2007.

Portfolio Specifics: The Fund was launched on February 28, 2007. During the two-month period ending April 30, 2007, rumors about potential merger and acquisition activity, created a higher volatility environment. But such rumors combined with positive guidance and increased liquidity served to drive markets higher. Our value positioning, however, did not benefit as the markets clearly favored growth stocks and cyclical sectors including industrials, materials and consumer discretionary. As a result, we ended the period below our benchmark, the MSCI EAFE^® Value Index.

The energy sector performed strongly after a very difficult 2006 and the Fund particularly benefited from its positioning in integrated oil companies. These companies outperformed the market during the

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

period and also provide a defensive position should the markets decline. Consumer staples also did well thanks to improving fundamentals, although some companies’ higher raw materials costs put pressure on margins. Our underweight in financials benefited returns as banks and insurance companies lagged.

In contrast, the outperformance of industrials and materials hurt during the period. Due to its value positioning, the Fund was not positioned to benefit from this rise. Telecommunications services’ poor performance also detracted from results.

Turning to stock selection, we benefited from an overweight in Nikko Cordial Corp. (Japan). Citigroup made an offer for the company at a premium to our purchase price. Santos Ltd., the Australian oil company also performed well. Positions in Volvo AB, which benefited from improved performance in the truck market, and National Bank of Greece SA also helped returns. Other companies that helped included Telstra Corp., Ltd, an Australian telecommunications company, industrial company; Arcelor Mittal, which has seen its competitive position improve; and insurer Aegon NV, which in our view has been undervalued by the market.

In contrast, Fund performance suffered due to our holdings in Japan, as positions in Tohoku Electric Power Co. Inc., Resona Holdings, Inc. and SBI Holding underperformed.

Current Strategy and Outlook: If companies’ earnings forecasts are accurate, we believe that markets overall are not particularly expensive. However, as we go further in the cycle, the quality of earnings in some areas has declined. We question whether companies will be able to maintain their all-time high margins and still deliver strong earnings growth or will go through a period where companies report disappointing numbers. The conjunction of higher interest rates, declining real estate markets, weakened consumer spending, higher commodity costs, unfavorable foreign exchange markets and corporate margin pressure, in

Top Ten Holdings

as of April 30, 2007

(as a percent of net assets)

     HSBC Holdings PLC 4.8%     

     Royal Dutch Shell PLC – Class A 4.2%     

     BP PLC 4.0%     

     Telecom Italia S.p.A. 3.2%     

     Aegon NV 2.8%     

     Vivendi 2.7%     

     HBOS PLC 2.7%     

     Royal Bank of Scotland Group PLC 2.6%     

     Sanofi-Aventis 2.6%     

     Fortis 2.5%     

Portfolio holdings are subject to change daily.

our opinion, could be a dangerous cocktail for equity markets. Ultimately, we will attempt to benefit from these trends through opportunistic positioning of the Fund.

⁽¹⁾ The MSCI EAFE^® Value Index is an unmanaged index of the value stocks within the MSCI EAFE^® Index. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or fees of investing.

⁽²⁾ The MSCI EAFE^® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or fees of investing.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

19

ING RUSSIA FUND

PORTFOLIO MANAGERS’ REPORT

ING Russia Fund (the “Fund”) seeks long-term capital appreciation through investment primarily in equity securities of Russian companies. The Fund is managed by Samuel Oubadia, Portfolio Manager, Bernard Mignon and Jan-Wim Derks all of ING Investment Management Advisors B.V. — the Sub-Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 20.52% compared to the Morgan Stanley Capital International Emerging Markets Index^SM(1) (“MSCI EM Index^SM”) and the Russian Trading System Index⁽²⁾ (“RTS Index”), which returned 20.11% and 19.95%, respectively, for the same period.

Portfolio Specifics: The Russian market performed well over the six-month period despite the fact that energy stocks, which make up the bulk of the Russian universe, were largely unchanged. Nevertheless, a number of the market’s large capitalization stocks outperformed. These included companies operating in the banking and utilities sectors. One of the underlying themes over the period was the strong performance of stocks whose fortunes were tied to the growth in personal consumption. This is hardly surprising given that real disposable per-capita income has increased, on average, by more than 14% per annum in the past four years. The biggest beneficiaries of this trend were telecommunication, retailers, and food and beverage stocks.

Throughout the period, the Fund was overweight in telecommunication services. This benefited the Fund as both the mobile and fixed-line companies saw significant gains in their share price. Russia’s mobile operators also performed well. After several quarters of declining average revenue per user (“ARPU”), the trend began to reverse. Moreover, the

Industry Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

ARPU figures also exceeded analysts’ estimates. The fixed-line operators also surprised market participants as several begun to restructure their organizations sooner than anticipated. This led to financial results that were better than expected.

On an individual security basis, Sberbank RF was one of the better-performing stocks during the period. Sberbank RF is Russia’s largest bank as measured by assets and total loans. Its share price gained more than 76% as commercial lending continued to grow at a very strong pace. Consumer and mortgage lending are still in their early stages in Russia. As the bank with Russia’s largest retail network, Sberbank RF stands to capture a large portion of the market for retail loans. Sberbank RF was one of the Fund’s largest positions.

In contrast, Efes Breweries International NV GDR (“EBI”) did not perform well. The brewer operates in a number of markets in Central Europe including Russia, Kazakhstan, Serbia and Moldova. EBI’s share price fell more than 13% over the period. EBI’s shares were held back due to a $300 million rights issue that was used to finance a major acquisition and capacity expansion. An over proliferation of brands also caused concern among investors. Given that Russia is one of the fastest growing beer markets in Europe, the Fund held an overweight position in the company.

Current Strategy and Outlook: Since the start of 2007, the Russian equity market (as represented by the RTS Index) has not changed markedly. However, we believe this is somewhat misleading. In our view, most Russian indexes, which are dominated by the energy sector, are flat or have even lost ground. Nevertheless, there are still several stocks outside the energy sector that have produced double-digit returns. As such, the Fund is likely to continue to increase its exposure to companies operating in sectors such as banking and consumer non-cyclical at the expense of energy and basic materials.

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     Sberbank RF 14.6%     

     Lukoil-Spon ADR 10.9%     

     OAO Gazprom 7.8%     

     Unified Energy System 5.6%     

     MMC Norilsk Nickel ADR 5.4%     

     OAO Rosneft Oil Co. GDR 3.3%     

     Vimpel-Communications OAO ADR 3.0%     

     Mobile Telesystems Finance SA ADR 2.9%     

     NovaTek OAO GDR 2.9%     

     Surgutneftegaz ADR 2.8%     

     *  Excludes short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

⁽¹⁾ The MSCI EM Index^SM is an unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or fees of investing.

⁽²⁾ The RTS Index is a capitalization-weighted index that is calculated in U.S. dollars. The index tracks the performance of Russia’s most active stocks traded on the RTS. The index is operated by the National Association of Participants in the Securities Markets, a non-profit body. The Russian market was closed due to national holidays observed on April 30, 2007 and May 1, 2007, as a result there was no corresponding value for the RTS Index on those dates.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

20

ING EMERGING MARKETS FIXED INCOME FUND

PORTFOLIO MANAGERS’ REPORT

ING Emerging Markets Fixed Income Fund (the “Fund”) seeks to maximize total return. The Fund is managed by Gorky Urquieta, Senior Investment Manager and Daniel Eustaquio⁽¹⁾, Senior Portfolio Manager of ING Investment Management Advisors B.V. — the Sub-Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 6.49% compared to the JPMorgan Emerging Markets Bond Index Global Diversified⁽²⁾ (“JPMorgan EMB Index Global Diversified Index”), which returned 5.09% for the same period.

Portfolio Specifics: During the period, sovereign spreads tightened 0.24% to 1.78%, while the index’s yield declined 0.17% to 6.51% as U.S. Treasury yields dipped slightly. The last two months of 2006 were positive for the asset class as large inflows came from investors positioning themselves for the coming year. Nevertheless, the start of 2007 proved less promising than in previous years. Risk aversion hit global markets in late February and the riskiest markets sold off the most. This occurred after several events shook investor confidence. First, Chinese authorities announced measures to restrict speculative stock investment which sent the domestic index to a 9% one-day loss. Second, investors reacted nervously to the news and proceeded to unwind carry trades by selling positions in emerging markets to repay Japanese yen denominated loans. Third, former Chairman Alan Greenspan declared that the U.S. economy stood a one in three chance of being in recession by 2008. Lastly, concerns relating to sub-prime lending and weak durable goods orders contributed to the flight to quality for U.S. Treasuries. The reaction in emerging market debt (“EMD”) was quite impressive as the index spread widened just 0.20% at its most extreme. The Fund’s lower average credit quality, relative to the benchmark, helped performance during the period.

Overweight positions in Brazil (0.07%), the Ivory Coast (0.09%), and Uruguay (0.06%) along with an underweight in Lebanon (0.07%) were the most important contributors to Fund performance. A zero exposure to Malaysia also benefited returns.

Country Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

In contrast, allocations to Argentina, Russia and Kazakhstan acted as a drag. In Argentina, sovereigns produced a - -0.12% return, with most of the underperformance coming in the last month of the period. An overweight in Russia, which underperformed, dragged down performance by 0.07%. Finally, an overweight position in Kazakhstan, an off-index allocation, hurt returns by 0.05%.

On a security selection basis, the main contributors to the Fund’s performance over the period came from Argentina (0.33%), Brazil (0.19%), Mexico (0.12%) and Turkey (0.12%). In Argentina, our position in gross domestic product warrants and issues from the Province of Buenos Aires were the main positive drivers. In Brazil, our local currency allocation allowed us to profit on falling rates in the domestic market, where our focus on the long end of the yield curve was beneficial as spreads compressed 0.23%. Finally, falling interest rates in Mexico helped the Fund. In contrast, selection in Nigeria reduced returns by 0.06% for the period.

Current Strategy and Outlook: In general, we are positive about the prospects for EMD. One negative, however, is that spreads have tightened to record lows, and we consider EMD spreads on the expensive side. However, we believe positive emerging market fundamentals, credit rating upgrades, global environment and supportive emerging market technicals outweigh the potential impact of pricey spreads. Emerging market fundamentals remain very positive with strong economic growth, just below 6%. In our view, this favorable environment is aided by an overall surplus in many countries current accounts, a declining external indebtedness ratio and an increase in responsible fiscal policies. As such, we believe many countries’ economies will be capable of absorbing external shocks if and when they occur. Crude oil prices, a key ingredient of many of these developing economies, continue to be broadly supportive even after the correction from their highs in early August. Any slowdown in global economic growth is likely to be moderate, helped by healthy growth rates in Europe and Asia. Inflation risks are expected to remain well contained and liquidity is still very supportive. In Europe, the market is bracing for more tightening as economic activity continues to surprise on the upside. In the U.S., the economy is showing weaker numbers, but it is still expected to recover in the second half of this year. Technical market conditions are still supportive as investors have returned to the asset class even after the end of February sell-off. The new issuance outlook for 2007 continues to be supportive as payments due from coupons and amortizations are expected to exceed new sovereign issuance by some $14 billion. Taking in to consideration new inflows, this outlook becomes even more constructive.

Top Ten Holdings

as of April 30, 2007

(as a percent of net assets)

     Venezuela Government International Bond,

      5.750%, due 02/26/16 1.2%     

     Mexico Government International Bond,

      6.750%, due 09/27/34 1.0%     

     Russia Government International Bond,

      12.750%, due 06/24/28 1.0%     

     Brazil Government International Bond,

      10.125%, due 05/15/27 0.8%     

     Philippine Government International Bond,

      7.750%, due 01/14/31 0.7%     

     Turkey Government International Bond,

      7.375%, due 02/05/25 0.7%     

     Ukraine Government International Bond,

      7.650%, due 06/11/13 0.6%     

     Province of Buenos Aires Argentina

      (step rate 3.000%), 2.000%, due 05/15/35 0.5%     

     Turkey Government International Bond,

      8.000%, due 02/14/34 0.5%     

     Brazil Government International Bond,

      8.750%, due 02/04/25 0.5%     

Portfolio holdings are subject to change daily.

⁽¹⁾ Effective May 1, 2007, Rob Drijkoningen was replaced by Daniel Eustaquio as a portfolio manager to the Fund.

⁽²⁾ The JPMorgan EMB Index Global Diversified is a uniquely-weighted version of the Emerging Markets Bond Index Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

21

ING GLOBAL BOND FUND

PORTFOLIO MANAGERS’ REPORT

ING Global Bond Fund (the “Fund”) seeks to maximize total return through a combination of current income and capital appreciation. The Fund is managed by James B. Kauffmann, Portfolio Manager of ING Investment Management Co. — the Sub-Adviser.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 3.31% compared to the Lehman Brothers Global Aggregate Index⁽¹⁾, which returned 3.54% for the same period.

Portfolio Specifics: Economic uncertainty continued to be a dominant theme over the period, causing large swings in investors’ expectations of future interest rates. However, considering the significant movement in yields over the period, the 10-year Treasury still ended the period down 0.03% from where it began. A stronger-than-expected fourth quarter 2006 report saw the economy grow by 2.5%, with a preliminary estimate of 1.3% for the first quarter of 2007. Core inflation fell from 2.8% to 2.4%, thus alleviating some pressure on the U.S. Federal Reserve Board (the “Fed”) to take action to contain inflation. While a strong employment market has boosted sentiment around future consumer spending and the health of the economy, gas prices, which have surged 33% over the past six months, we believe will likely begin to weigh on the consumer in the near term.

On March 21, 2007, the Fed slightly changed its policy statement and removed its reference to a “tightening bias.” However, the Fed continued to indicate that their “predominant policy concern remains the risk that inflation will fail to moderate as expected.” At the end of the period, the Fed funds futures market suggested a market consensus of at least one easing in 2007. Fed Chairman Ben Bernanke also sought to calm investors’ fears earlier in the period after a one-day free fall in Chinese stocks in late February. Combined with headlines about impaired American sub-prime mortgages, most major stock markets declined sharply. Since then, global equity markets have recovered all of their losses and continued to show, in our opinion, impressive strength.

Europe continued to exhibit strong growth. In particular, Germany posted the strongest year-over-year gross domestic product (“GDP”) growth of the G7 countries. Growth in Germany has exceeded 3.5% and is running 2% above estimates. UK growth and inflation figures came in higher than expected.

Global tightening continued as the European Central Bank increased rates from 3.50% to 3.75% due to inflationary concerns. The Bank of England increased rates by 0.25% to 5.25%.

Investment Type Allocation

as of April 30, 2007

(as a percent of net assets)

Portfolio holdings are subject to change daily.

As expected, the Bank of Japan increased its overnight call rate to 0.50%. The U.S. and Canadian central banks left rates unchanged during the period. Global long-term interest rates moved higher, primarily due to stronger growth and inflation expectations. Germany, UK, and Canadian 10-year government rates

increased 0.38%, 0.53%, and 0.13%, respectively, while Japan saw rates decline by 0.10%. Changes in the shape of the yield curve were very modest over the period. Yield curves in Germany and Canada flattened slightly as maturities on the shorter end underperformed longer-dated maturities. The U.S., UK, and Japan experienced steeper curves, with the U.S. leading the way as two-year yields declined 0.12% more than 10-year yields. Over the period, the U.S. dollar declined significantly against the British pound and euro declining 5% and 7%, respectively. At the same time, the yen continued to depreciate against the U.S. dollar, as investors’ risk appetite and the carry trade continued to expand.

During the period, the Fund was underweight the U.S. dollar as we chose to spread our allocation across the Norwegian krone, British pound, Mexican peso, Argentinean peso, and the New Zealand dollar. The Fund’s position in the New Zealand dollar was the biggest contributor to returns as the currency appreciated more than 10%. Most currencies appreciated against the U.S. dollar index which declined approximately 4.5% over the period. The Fund’s interest rate strategy also benefited returns. The Fund maintained a similar U.S. interest rate exposure to the index but was shorter in the UK and the eurozone. This enhanced returns as rates increased in these regions, reflecting their strong economic fundamentals. The Fund remained underweight higher-risk corporate bonds. This detracted slightly from performance as these securities provided superior returns relative to similar maturity Treasuries.

Current Strategy and Outlook: In our opinion, global macroeconomic performance continues to be characterized by low volatility. The theme of U.S. economic underperformance relative to the rest of the world, in particular Europe, also continued. We believe market participants continue to expect the Fed to lower interest rates by the end of the year. Pricing in the U.S. Fed funds market suggests a single 0.25% easing, while further interest rate hikes are expected in Europe and Asia. We continue to believe that the Fed will not be in a position to lower interest rates this year. The drag from housing is likely to dissipate, the inventory cycle appears to be turning, and employment conditions remain favorable making a significant downturn in growth unlikely, in our view. Inflation remains outside of the Fed’s stated comfort zone, although it has moderated recently. However, with strong global growth putting upward pressure on energy and commodity prices, it is difficult to see much relief in the pricing of goods. The most significant question for global investors continues to be: can global growth remain robust while U.S. growth continues to slow? The U.S. comprises 30% of world GDP, with the U.S. consumer accounts for 20%. We continue to believe the global economy can decouple from a U.S. slowdown but not a recession.

In this environment, we will continue to position the Fund with the expectation of low volatility. Focus will remain on areas where we believe growth will be stronger than the U.S. We expect growth outperformance in Europe and thus will continue to overweight currency allocations while minimizing interest rate exposure. The currency revaluation process will likely continue in

Top Ten Holdings*

as of April 30, 2007

(as a percent of net assets)

     Bundesobligation, 3.500%, due 10/09/09 16.7%     

     Japan Government International Bond, 1.200%,

      due 09/20/11 8.1%     

     Japan Government International Bond, 1.700%,

      due 03/20/17 6.0%     

     Italy Buoni Poliennali Del Tesoro, 3.750%, due 08/01/16 4.5%     

     France Government International Bond OAT, 3.250%,

      due 04/25/16 4.5%     

     United Kingdom Gilt, 4.000%, due 09/07/16 4.2%     

     Federal National Mortgage Association, 5.000%,

      due 06/01/37 3.6%     

     Federal National Mortgage Association, 5.500%,

      due 05/01/35 3.2%     

     U.S. Treasury Note, 4.500%, due 04/30/12 2.9%     

     U.S. Treasury Note, 4.750%, due 02/15/10 2.1%     

     *  Excludes short-term investments related to foreign government securities and ING Institutional Prime Money Market Fund.

Portfolio holdings are subject to change daily.

China and we will remain overweight Asian currencies that stand to benefit from this process. We will also maintain exposure to the so called “commodity” countries. These are countries, such as Australia and Canada, which benefit from exporting commodities at elevated prices.

⁽¹⁾ The Lehman Brothers Global Aggregate Index provides a broad based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

22

ING DIVERSIFIED INTERNATIONAL FUND

PORTFOLIO MANAGERS’ REPORT

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

Portfolio Specifics: The Fund’s current target allocations (expressed as a percentage of its net assets) among the international equities sub-classes are set out below. As these are Target Allocations, the actual allocations of the Fund’s assets are likely to differ from the percentages shown due to cash flows and the changing composition of the Underlying Funds over time.

Assets will be allocated among the Underlying Funds and markets based on judgments made by ING Investments, LLC. The performance of the Fund reflects the performance of the Underlying Funds in which it invests and the relative success of asset allocation among the international equities sub-classes.

There is a risk that the Fund may from time to time allocate assets

Asset Allocation

as of April 30, 2007

(as a percent of net assets)

Underlying Affiliated Funds

     ING Emerging Countries Fund – Class I 5.4%     

     ING Foreign Fund – Class I 20.2%     

     ING Index Plus International Equity Fund – Class I 23.8%     

     ING International Capital Appreciation Fund – Class I 23.2%     

     ING International Real Estate Fund – Class I 3.0%     

     ING International SmallCap Fund – Class I 5.9%     

     ING International Value Choice Fund – Class I 18.1%     

     Other Assets and Liabilities – Net 0.4%     

     Net Assets 100.0%     

Portfolio holdings are subject to change daily.

to one or more Underlying Funds or international equities sub-classes that under perform.

Performance: For the six months ended April 30, 2007, the Fund’s Class A shares, excluding sales charges, provided a total return of 15.99% compared to the 15.89% return for the Fund’s benchmark, the Morgan Stanley Capital International All Country World ex US Index^SM (“MSCI All Country World ex US Index^SM”) for the same period. The Fund’s small margin of out performance to the benchmark can be attributed to the following.

a.  The Underlying Funds on balance slightly exceeded their respective benchmarks. ING Foreign Fund and ING International SmallCap Fund significantly out performed, but this was mostly offset by under performance in ING International Value Choice Fund.

b.  Asset allocation had a beneficial effect on performance because the Fund’s Target Allocations at the beginning of the period included a lower allocation to Canadian stocks than the MSCI All Country World ex US Index^SM, and this region materially under performed international stocks in general. Conversely the Fund’s Target Allocations involve heavier weightings than the MSCI All Country World ex US Index^SM in the small cap and real estate sub-sectors, which were relatively strong.

c.  The effect of asset allocation changes during the period, measured in terms of the resulting changes in allocations to the Underlying Funds, detracted from performance by a little more than the gain in a. above.

Current Strategy and Outlook: We adopted a new strategic neutral allocation on March 1, which gave greater emphasis to the specialty International Growth and International Value styles within International Core, which was reduced as a result. The new strategic neutral allocation also entrenched and increased the allocation to

International Real Estate, to which the Fund had introduced exposure last October. The strategic neutral allocation to Emerging Markets was reduced to make way for this.

On a tactical basis however we wished to remain over weight large caps at the expense of small caps, maintaining a bias towards International Growth at the expense of International Value and to

remain underweight Real Estate. We also wished to go over weight in Emerging Markets.

Thus the net impact in March of implementing the new strategic neutral allocations adjusted by our tactical positioning, to achieve the Target Allocations shown in Portfolio Specifics above, required only small additions to International Growth, International Value and Emerging Markets, financed out of International Core.

Target Allocation

     International Core 35.0%     

     International Growth 17.5%     

     International Value 17.5%     

     International SmallCap 10.0%     

     Emerging Markets 15.0%     

     International Real Estate 5.0%     

⁽¹⁾ The members of the Investment Review Committee are: William A. Evans Michael J. Roland, and Stanley D. Vyner.

⁽²⁾ The MSCI ACWI ex US Index^SM measures the returns of equities of companies which are domiciled outside the U.S. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

23

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2006 to April 30, 2007. The Funds’ expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

Actual Expenses

The first section of the table shown, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Period Ended
ING Global Equity Dividend Fund	November 1, 2006		April 30, 2007		Ratio			April 30, 2007*
Actual Fund Return
Class A	$	1,000.00	$	1,116.00		1.23	%	$	6.45
Class B		1,000.00		1,111.70		1.98			10.37
Class C		1,000.00		1,112.10		1.98			10.37
Class O(a)		1,000.00		1,109.30		1.18			6.17
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,018.70		1.23	%	$	6.16
Class B		1,000.00		1,014.98		1.98			9.89
Class C		1,000.00		1,014.98		1.98			9.89
Class O		1,000.00		1,018.94		1.18			5.91

 * Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year (except “Actual Fund Return” information for share class footnoted above).

(a)  Commencement of operations was November 15, 2006. Expenses paid reflect the 167-day period ended April 30, 2007.

24

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

		Beginning		Ending					Expenses Paid
		Account		Account		Annualized			During the
		Value		Value		Expense			Period Ended
ING Global Natural Resources Fund		November 1, 2006		April 30, 2007		Ratio			April 30, 2007*
	Actual Fund Return	$	1,000.00	$	1,142.40		1.48	%	$	7.86
	Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.46		1.48	%	$	7.40
ING Global Real Estate Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,137.40		1.27	%	$	6.73
	Class B		1,000.00		1,133.40		2.02			10.69
	Class C		1,000.00		1,133.40		2.02			10.69
	Class I		1,000.00		1,139.40		0.92			4.88
	Class O(a)		1,000.00		1,139.40		1.27			6.74
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,018.50		1.27	%	$	6.36
	Class B		1,000.00		1,014.78		2.02			10.09
	Class C		1,000.00		1,014.78		2.02			10.09
	Class I		1,000.00		1,020.23		0.92			4.61
	Class O		1,000.00		1,018.50		1.27			6.36
ING Global Value Choice Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,144.60		1.84	%	$	9.78
	Class B		1,000.00		1,140.60		2.49			13.22
	Class C		1,000.00		1,140.50		2.49			13.22
	Class I		1,000.00		1,147.70		1.33			7.08
	Class Q		1,000.00		1,145.80		1.55			8.25
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,015.67		1.84	%	$	9.20
	Class B		1,000.00		1,012.35		2.49			12.42
	Class C		1,000.00		1,012.45		2.49			12.42
	Class I		1,000.00		1,018.20		1.33			6.66
	Class Q		1,000.00		1,017.11		1.55			7.75

 * Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year (except “Actual Fund Return” information for share class footnoted above).

(a)  Commencement of operations was November 15, 2006. Expenses paid reflect the 167-day period ended April 30, 2007.

25

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

		Beginning		Ending					Expenses Paid
		Account		Account		Annualized			During the
ING Disciplined International SmallCap		Value		Value		Expense			Period Ended
Fund		November 1, 2006		April 30, 2007		Ratio			April 30, 2007*
	Actual Fund Return
	Class A	$	1,000.00	$	1,129.00		1.20	%	$	6.33
	Class B		1,000.00		1,127.00		1.95			10.28
	Class C		1,000.00		1,127.00		1.95			10.28
	Class I		1,000.00		1,131.00		0.95			5.02
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,018.84		1.20	%	$	6.01
	Class B		1,000.00		1,015.12		1.95			9.74
	Class C		1,000.00		1,015.12		1.95			9.74
	Class I		1,000.00		1,020.08		0.95			4.76
ING Emerging Countries Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,223.20		1.84	%	$	10.14
	Class B		1,000.00		1,218.40		2.59			14.25
	Class C		1,000.00		1,218.50		2.59			14.25
	Class I		1,000.00		1,225.30		1.49			8.22
	Class Q		1,000.00		1,223.90		1.74			9.59
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,015.67		1.84	%	$	9.20
	Class B		1,000.00		1,011.95		2.59			12.92
	Class C		1,000.00		1,011.95		2.59			12.92
	Class I		1,000.00		1,017.41		1.49			7.45
	Class Q		1,000.00		1,016.17		1.74			8.70
ING Foreign Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,177.00		1.55	%	$	8.37
	Class B		1,000.00		1,173.10		2.30			12.39
	Class C		1,000.00		1,172.80		2.30			12.39
	Class I		1,000.00		1,179.30		1.24			6.70
	Class Q		1,000.00		1,178.20		1.49			8.05
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,017.11		1.55	%	$	7.75
	Class B		1,000.00		1,013.39		2.30			11.48
	Class C		1,000.00		1,013.39		2.30			11.48
	Class I		1,000.00		1,018.65		1.24			6.21
	Class Q		1,000.00		1,017.41		1.49			7.45

  *  Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

26

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

		Beginning		Ending					Expenses Paid
		Account		Account		Annualized			During the
		Value		Value		Expense			Period Ended
ING Greater China Fund		November 1, 2006		April 30, 2007		Ratio			April 30, 2007*
	Actual Fund Return
	Class A	$	1,000.00	$	1,181.90		2.00	%	$	10.82
	Class B		1,000.00		1,177.30		2.75			14.85
	Class C		1,000.00		1,176.90		2.75			14.84
	Class I		1,000.00		1,182.80		1.73			9.36
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,014.88		2.00	%	$	9.99
	Class B		1,000.00		1,011.16		2.75			13.71
	Class C		1,000.00		1,011.16		2.75			13.71
	Class I		1,000.00		1,016.22		1.73			8.65
ING Index Plus International Equity Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,154.00		1.13	%	$	6.04
	Class B		1,000.00		1,148.00		1.88			10.01
	Class C		1,000.00		1,149.40		1.88			10.02
	Class I		1,000.00		1,155.70		0.83			4.44
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,019.19		1.13	%	$	5.66
	Class B		1,000.00		1,015.47		1.88			9.39
	Class C		1,000.00		1,015.47		1.88			9.39
	Class I		1,000.00		1,020.68		0.83			4.16
ING International Capital Appreciation Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,147.00		1.50	%	$	7.99
	Class B		1,000.00		1,141.30		2.25			11.95
	Class C		1,000.00		1,140.80		2.25			11.94
	Class I		1,000.00		1,147.80		1.16			6.18
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,017.36		1.50	%	$	7.50
	Class B		1,000.00		1,013.64		2.25			11.23
	Class C		1,000.00		1,013.64		2.25			11.23
	Class I		1,000.00		1,019.04		1.16			5.81

  *  Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

27

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

		Beginning		Ending					Expenses Paid
		Account		Account		Annualized			During the
ING International Growth Opportunities		Value		Value		Expense			Period Ended
Fund		November 1, 2006		April 30, 2007		Ratio			April 30, 2007*
	Actual Fund Return
	Class A	$	1,000.00	$	1,127.50		1.63	%	$	8.60
	Class B		1,000.00		1,123.80		2.38			12.53
	Class C		1,000.00		1,123.40		2.38			12.53
	Class I		1,000.00		1,130.10		1.25			6.60
	Class Q		1,000.00		1,128.30		1.50			7.92
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,016.71		1.63	%	$	8.15
	Class B		1,000.00		1,012.99		2.38			11.88
	Class C		1,000.00		1,012.99		2.38			11.88
	Class I		1,000.00		1,018.60		1.25			6.26
	Class Q		1,000.00		1,017.36		1.50			7.50
ING International Real Estate Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,207.70		1.50	%	$	8.21
	Class B		1,000.00		1,203.90		2.25			12.30
	Class C		1,000.00		1,203.50		2.25			12.29
	Class I		1,000.00		1,208.50		1.25			6.84
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,017.36		1.50	%	$	7.50
	Class B		1,000.00		1,013.64		2.25			11.23
	Class C		1,000.00		1,013.64		2.25			11.23
	Class I		1,000.00		1,018.60		1.25			6.26
ING International SmallCap Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,276.60		1.60	%	$	9.03
	Class B		1,000.00		1,272.40		2.25			12.68
	Class C		1,000.00		1,272.20		2.25			12.68
	Class I		1,000.00		1,279.10		1.18			6.67
	Class Q		1,000.00		1,277.20		1.43			8.07
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,016.86		1.60	%	$	8.00
	Class B		1,000.00		1,013.64		2.25			11.23
	Class C		1,000.00		1,013.64		2.25			11.23
	Class I		1,000.00		1,018.94		1.18			5.91
	Class Q		1,000.00		1,017.70		1.43			7.15

  *  Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

28

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

		Beginning		Ending					Expenses Paid
		Account		Account		Annualized			During the
		Value		Value		Expense			Period Ended
ING International Value Fund		November 1, 2006		April 30, 2007		Ratio			April 30, 2007*
	Actual Fund Return
	Class A	$	1,000.00	$	1,153.60		1.60	%	$	8.54
	Class B		1,000.00		1,149.30		2.30			12.26
	Class C		1,000.00		1,149.70		2.30			12.26
	Class I		1,000.00		1,155.40		1.23			6.57
	Class Q		1,000.00		1,154.90		1.31			7.00
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,016.86		1.60	%	$	8.00
	Class B		1,000.00		1,013.44		2.30			11.48
	Class C		1,000.00		1,013.39		2.30			11.48
	Class I		1,000.00		1,018.70		1.23			6.16
	Class Q		1,000.00		1,018.30		1.31			6.56
ING International Value Choice Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,089.90		1.64	%	$	8.50
	Class B		1,000.00		1,086.10		2.39			12.36
	Class C		1,000.00		1,086.80		2.39			12.37
	Class I		1,000.00		1,093.50		1.23			6.38
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,016.66		1.64	%	$	8.20
	Class B		1,000.00		1,012.94		2.39			11.93
	Class C		1,000.00		1,012.94		2.39			11.93
	Class I		1,000.00		1,018.70		1.23			6.16
ING International Value Opportunities Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,040.00		1.40	%	$	7.08
	Class B		1,000.00		1,039.00		2.15			10.87
	Class C		1,000.00		1,039.00		2.15			10.87
	Class I		1,000.00		1,041.00		1.05			5.31
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,017.85		1.40	%	$	7.00
	Class B		1,000.00		1,014.13		2.15			10.74
	Class C		1,000.00		1,014.13		2.15			10.74
	Class I		1,000.00		1,019.59		1.05			5.26

  *  Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

29

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

		Beginning		Ending					Expenses Paid
		Account		Account		Annualized			During the
		Value		Value		Expense			Period Ended
ING Russia Fund		November 1, 2006		April 30, 2007		Ratio			April 30, 2007*
	Actual Fund Return	$	1,000.00	$	1,205.20		1.91	%	$	10.44
	Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.32		1.91	%	$	9.54
ING Emerging Markets Fixed Income Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,064.90		1.25	%	$	6.40
	Class B		1,000.00		1,061.30		2.00			10.22
	Class C		1,000.00		1,062.30		2.00			10.23
	Class I		1,000.00		1,035.00		1.00			5.05
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,018.60		1.25	%	$	6.26
	Class B		1,000.00		1,014.88		2.00			9.99
	Class C		1,000.00		1,014.88		2.00			9.99
	Class I		1,000.00		1,019.84		1.00			5.01
ING Global Bond Fund
	Actual Fund Return
	Class A	$	1,000.00	$	1,033.10		0.90	%	$	4.54
	Class B		1,000.00		1,029.00		1.65			8.30
	Class C		1,000.00		1,030.20		1.65			8.31
	Class I		1,000.00		1,035.90		0.61			3.08
	Hypothetical (5% return before expenses)
	Class A	$	1,000.00	$	1,020.33		0.90	%	$	4.51
	Class B		1,000.00		1,016.61		1.65			8.25
	Class C		1,000.00		1,016.61		1.65			8.25
	Class I		1,000.00		1,021.77		0.61			3.06

  *  Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

30

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Period Ended
ING Diversified International Fund	November 1, 2006		April 30, 2007		Ratio			April 30, 2007*
Actual Fund Return
Class A	$	1,000.00	$	1,159.90		0.35	%	$	1.87
Class B		1,000.00		1,155.90		1.10			5.88
Class C		1,000.00		1,155.30		1.10			5.88
Class I		1,000.00		1,161.10		0.10			0.54
Class R		1,000.00		1,096.20		0.60			3.12
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,023.06		0.35	%	$	1.76
Class B		1,000.00		1,019.34		1.10			5.51
Class C		1,000.00		1,019.34		1.10			5.51
Class I		1,000.00		1,024.30		0.10			0.50
Class R		1,000.00		1,021.82		0.60			3.01

  *  Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

31

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2007 (UNAUDITED)

			ING		ING			ING			ING
			Global		Global			Global			Global
			Equity		Natural			Real			Value
			Dividend		Resources			Estate			Choice
			Fund		Fund			Fund			Fund
ASSETS:
Investments in securities at value+*			$	338,058,905	$	126,806,926		$	1,278,884,561		$	118,456,589
Investments in affiliates**				—		—			2,943,858			—
Short-term investments at amortized cost				25,983,246		—			61,472,070			29,829,869
Cash				23,189,808		—			46,015,860			505,223
Foreign currencies at value***				586,157		—			3,827,853			6,582
Receivables:
	Investment securities sold			802,016		4,329,004			1,210,778			720,639
	Fund shares sold			3,088,012		43,708			27,818,083			125,119
	Dividends and interest			1,478,143		53,641			2,149,014			325,850
Prepaid expenses				34,063		16,725			105,705			37,798
		Total assets		393,220,350		131,250,004			1,424,427,782			150,007,669
LIABILITIES:
Payable for investment securities purchased				5,215,803		4,083,351			24,626,824			4,658,754
Payable for fund shares redeemed				386,545		296,648			2,844,029			353,540
Payable upon receipt of securities loaned				25,983,246		—			61,472,070			27,565,174
Unrealized depreciation on forward currency contracts				—		—			520			—
Payable to affiliates				403,269		124,793			1,339,134			185,856
Payable to custodian due to bank overdraft				—		7,578			—			—
Payable to custodian due to foreign currency overdraft				—		674			—			—
Payable for directors fees				133		40,745			1,381			25,006
Other accrued expenses and liabilities				107,549		63,756			328,132			94,991
		Total liabilities		32,096,545		4,617,545			90,612,090			32,883,321
NET ASSETS			$	361,123,805	$	126,632,459		$	1,333,815,692		$	117,124,348
NET ASSETS WERE COMPRISED OF:
Paid-in capital				308,790,507		100,511,367			1,147,933,135			269,458,158
Undistributed net investment income (distributions in excess of net investment income/accumulated net investment loss)				1,080,159		(189,583	)		(31,646,979	)		(21,270	)
Accumulated net realized gain (loss) on investments and foreign currency related transactions				6,787,509		7,421,845			14,606,461			(167,905,986	)
Net unrealized appreciation on investments and foreign currency related transactions				44,465,630		18,888,830			202,923,075			15,593,446
NET ASSETS			$	361,123,805	$	126,632,459		$	1,333,815,692		$	117,124,348
+ Including securities loaned at value			$	25,013,265	$	—		$	59,043,606		$	26,407,843
* Cost of investments in securities			$	293,629,488	$	107,919,551		$	1,076,621,327		$	102,865,152
** Cost of investments in affiliates			$	—	$	—		$	2,242,416		$	—
*** Cost of foreign currencies			$	588,052	$	—		$	3,837,367		$	6,548

See Accompanying Notes to Financial Statements

32

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

	ING		ING		ING		ING
	Global		Global		Global		Global
	Equity		Natural		Real		Value
	Dividend		Resources		Estate		Choice
	Fund		Fund		Fund		Fund
Class A:
Net assets	$	173,956,054	$	126,632,459	$	945,603,778	$	51,008,923
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		10,520,050		11,192,292		39,217,476		2,052,260
Net asset value and redemption price per share	$	16.54	$	11.31	$	24.11	$	24.86
Maximum offering price per share (5.75%)(1)	$	17.55	$	12.00	$	25.58	$	26.38
Class B:
Net assets	$	57,274,089		n/a	$	59,228,919	$	21,478,208
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—		n/a	$	—	$	—
Shares outstanding		3,472,396		n/a		2,868,794		799,835
Net asset value and redemption price per share (2)	$	16.49		n/a	$	20.65	$	26.85
Maximum offering price per share	$	16.49		n/a	$	20.65	$	26.85
Class C:
Net assets	$	113,593,690		n/a	$	275,290,503	$	34,936,452
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—		n/a	$	—	$	—
Shares outstanding		6,902,779		n/a		12,705,894		1,463,738
Net asset value and redemption price per share (2)	$	16.46		n/a	$	21.67	$	23.87
Maximum offering price per share	$	16.46		n/a	$	21.67	$	23.87
Class I:
Net assets		n/a		n/a	$	22,079,937	$	6,907,891
Shares authorized		n/a		n/a		unlimited		unlimited
Par value		n/a		n/a	$	—	$	—
Shares outstanding		n/a		n/a		915,574		277,031
Net asset value and redemption price per share		n/a		n/a	$	24.12	$	24.94
Maximum offering price per share		n/a		n/a	$	24.12	$	24.94
Class O:
Net assets	$	16,299,972		n/a	$	31,612,555		n/a
Shares authorized		unlimited		n/a		unlimited		n/a
Par value	$	—		n/a	$	—		n/a
Shares outstanding		985,825		n/a		1,311,549		n/a
Net asset value and redemption price per share	$	16.53		n/a	$	24.10		n/a
Maximum offering price per share	$	16.53		n/a	$	24.10		n/a
Class Q:
Net assets		n/a		n/a		n/a	$	2,792,874
Shares authorized		n/a		n/a		n/a		unlimited
Par value		n/a		n/a		n/a	$	—
Shares outstanding		n/a		n/a		n/a		95,800
Net asset value and redemption price per share		n/a		n/a		n/a	$	29.15
Maximum offering price per share		n/a		n/a		n/a	$	29.15

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

See Accompanying Notes to Financial Statements

33

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2007 (UNAUDITED)

			ING
			Disciplined			ING					ING
			International			Emerging			ING		Greater
			SmallCap			Countries			Foreign		China
			Fund			Fund			Fund		Fund
ASSETS:
Investments in securities at value+*			$	130,249,252		$	255,591,798		$	582,478,524	$	46,014,497
Short-term investments at amortized cost				108,110,000			48,737,122			13,810,417		—
Cash				7,451,669			1,156,037			3,726,072		1,111,913
Foreign currencies at value**				217,857			129,451			20,559,139		250,525
Receivables:
	Investment securities sold			9,822,957			77,254			6,427,038		1,217,707
	Fund shares sold			218,520			1,347,263			4,064,862		631,953
	Dividends and interest			99,795			1,604,928			1,125,648		68,057
Unrealized appreciation on forward currency contracts				—			—			75,291		—
Prepaid expenses				103,733			46,530			51,602		33,373
Reimbursement due from manager				1,944			—			—		—
		Total assets		256,275,727			308,690,383			632,318,593		49,328,025
LIABILITIES:
Payable for investment securities purchased				124,330,838			1,209,979			10,227,315		—
Payable for fund shares redeemed				6,400,000			382,994			615,955		2,803,607
Payable upon receipt of securities loaned				—			39,762,331			10,086,919		—
Unrealized depreciation on forward currency contracts				—			—			450,601		—
Payable to affiliates				9,695			370,710			784,031		66,133
Payable for directors fees				398			34,286			492		2,630
Other accrued expenses and liabilities				76,060			183,287			355,489		71,525
		Total liabilities		130,816,991			41,943,587			22,520,802		2,943,895
NET ASSETS			$	125,458,736		$	266,746,796		$	609,797,791	$	46,384,130
NET ASSETS WERE COMPRISED OF:
Paid-in capital				124,365,286			243,466,112			431,009,379		37,694,046
Undistributed net investment income (distributions in excess of investment income)				111,561			1,686,349			115,546		(229,299	)
Accumulated net realized gain (loss) on investments and foreign currency related transactions				1,147,806			(23,196,444	)		17,621,217		1,673,633
Net unrealized appreciation or depreciation on investments and foreign currency related transactions				(165,917	)		44,790,779			161,051,649		7,245,750
NET ASSETS			$	125,458,736		$	266,746,796		$	609,797,791	$	46,384,130
+ Including securities loaned at value			$	—		$	37,309,738		$	9,611,526	$	—
* Cost of investments in securities			$	130,397,420		$	210,814,597		$	421,123,414	$	38,768,110
** Cost of foreign currencies			$	216,355		$	129,192		$	20,502,618	$	251,085

See Accompanying Notes to Financial Statements

34

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

	ING
	Disciplined		ING				ING
	International		Emerging		ING		Greater
	SmallCap		Countries		Foreign		China
	Fund		Fund		Fund		Fund
Class A:
Net assets	$	49,069	$	162,121,755	$	281,256,730	$	38,255,077
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		4,345		4,534,785		13,326,948		2,602,985
Net asset value and redemption price per share	$	11.29	$	35.75	$	21.10	$	14.70
Maximum offering price per share (5.75%)(1)	$	11.98	$	37.93	$	22.39	$	15.60
Class B:
Net assets	$	4,935	$	15,209,721	$	44,699,241	$	3,563,298
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		438		432,346		2,180,435		244,384
Net asset value and redemption price per share(2)	$	11.27	$	35.18	$	20.50	$	14.58
Maximum offering price per share	$	11.27	$	35.18	$	20.50	$	14.58
Class C:
Net assets	$	1,138	$	44,118,181	$	199,003,865	$	4,540,101
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		101		1,326,172		9,692,532		310,963
Net asset value and redemption price per share(2)	$	11.27	$	33.27	$	20.53	$	14.60
Maximum offering price per share	$	11.27	$	33.27	$	20.53	$	14.60
Class I:
Net assets	$	125,403,594	$	30,292,238	$	83,585,097	$	25,654
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		11,084,849		845,566		3,905,649		1,745
Net asset value and redemption price per share	$	11.31	$	35.82	$	21.40	$	14.70
Maximum offering price per share	$	11.31	$	35.82	$	21.40	$	14.70
Class Q:
Net assets		n/a	$	15,004,901	$	1,252,858		n/a
Shares authorized		n/a		unlimited		unlimited		n/a
Par value		n/a	$	—	$	—		n/a
Shares outstanding		n/a		405,783		59,166		n/a
Net asset value and redemption price per share		n/a	$	36.98	$	21.18		n/a
Maximum offering price per share		n/a	$	36.98	$	21.18		n/a

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

See Accompanying Notes to Financial Statements

35

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2007 (UNAUDITED)

			ING		ING		ING
			Index Plus		International		International		ING
			International		Capital		Growth		International
			Equity		Appreciation		Opportunities		Real Estate
			Fund		Fund		Fund		Fund
ASSETS:
Investments in securities at value+*			$	95,858,082	$	95,315,344	$	129,990,493	$	306,617,611
Investments in affiliates**				56,901		—		—		—
Short-term investments in affiliates at amortized cost				—		—		3,300,000		—
Short-term investments at amortized cost				—		—		1,854,088		12,802,275
Cash				3,218,469		1,349,793		—		1,428,331
Foreign currencies at value***				1,051,035		40,519		126,266		432,071
Receivables:
	Investment securities sold			—		1,082,789		5,949,866		3,226,880
	Fund shares sold			905,220		903,814		208,775		7,198,452
	Dividends and interest			429,824		216,754		678,161		647,386
Prepaid expenses				36,866		32,125		42,430		40,982
Reimbursement due from manager				—		—		—		2,431
		Total assets		101,556,397		98,941,138		142,150,079		332,396,419
LIABILITIES:
Payable for investment securities purchased				—		903,535		7,313,612		10,803,510
Payable for fund shares redeemed				—		16,284		152,490		212,787
Payable upon receipt of securities loaned				—		—		1,854,088		—
Unrealized depreciation on forward currency contracts				—		—		—		3,512
Payable to affiliates				54,355		90,666		167,625		366,839
Payable to custodian due to bank overdraft				—		—		83,031		—
Payable for directors fees				1,021		529		20,031		2,247
Other accrued expenses and liabilities				82,613		83,054		85,430		155,308
		Total liabilities		137,989		1,094,068		9,676,307		11,544,203
NET ASSETS			$	101,418,408	$	97,847,070	$	132,473,772	$	320,852,216
NET ASSETS WERE COMPRISED OF:
Paid-in capital				82,027,874		84,821,296		107,196,691		287,593,325
Undistributed net investment income				950,534		280,950		210,101		122,472
Accumulated net realized gain (loss) on investments and foreign currency related transactions				7,053,449		1,561,777		5,749,370		(1,485,584	)
Net unrealized appreciation on investments and foreign currency related transactions				11,386,551		11,183,047		19,317,610		34,622,003
NET ASSETS			$	101,418,408	$	97,847,070	$	132,473,772	$	320,852,216
+ Including securities loaned at value			$	—	$	—	$	1,769,700	$	—
* Cost of investments in securities			$	84,493,852	$	84,131,849	$	110,685,364	$	271,980,750
** Cost of investments in affiliates			$	53,384	$	—	$	—	$	—
*** Cost of foreign currencies			$	1,036,545	$	40,584	$	139,303	$	433,653

See Accompanying Notes to Financial Statements

36

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

	ING		ING		ING
	Index Plus		International		International		ING
	International		Capital		Growth		International
	Equity		Appreciation		Opportunities		Real Estate
	Fund		Fund		Fund		Fund
Class A:
Net assets	$	3,956,770	$	3,299,721	$	60,026,252	$	188,608,726
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		302,190		259,204		4,445,077		13,709,966
Net asset value and redemption price per share	$	13.09	$	12.73	$	13.50	$	13.76
Maximum offering price per share (5.75%)(1)	$	13.89	$	13.51	$	14.32	$	14.60
Class B:
Net assets	$	445,352	$	137,977	$	16,861,622	$	8,479,648
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		34,292		10,931		1,298,499		618,886
Net asset value and redemption price per share (2)	$	12.98	$	12.62	$	12.99	$	13.70
Maximum offering price per share	$	12.98	$	12.62	$	12.99	$	13.70
Class C:
Net assets	$	724,203	$	126,131	$	16,588,775	$	77,470,418
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		55,702		9,959		1,276,800		5,656,053
Net asset value and redemption price per share (2)	$	13.00	$	12.67	$	12.99	$	13.70
Maximum offering price per share	$	13.00	$	12.67	$	12.99	$	13.70
Class I:
Net assets	$	96,292,083	$	94,283,241	$	8,158,351	$	46,293,424
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		7,354,606		7,393,729		607,265		3,360,763
Net asset value and redemption price per share	$	13.09	$	12.75	$	13.43	$	13.77
Maximum offering price per share	$	13.09	$	12.75	$	13.43	$	13.77
Class Q:
Net assets		n/a		n/a	$	30,838,772		n/a
Shares authorized		n/a		n/a		unlimited		n/a
Par value		n/a		n/a	$	—		n/a
Shares outstanding		n/a		n/a		2,306,899		n/a
Net asset value and redemption price per share		n/a		n/a	$	13.37		n/a
Maximum offering price per share		n/a		n/a	$	13.37		n/a

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

See Accompanying Notes to Financial Statements

37

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2007 (UNAUDITED)

								ING		ING
				ING		ING		International		International
				International		International		Value		Value
				SmallCap		Value		Choice		Opportunities
				Fund		Fund		Fund		Fund
ASSETS:
Investments in securities at value+*				$	887,842,484	$	5,363,330,502	$	97,082,718	$	10,119,857
Short-term investments at amortized cost					25,303,591		389,777,477		5,807,218		—
Cash					3,373,968		17,352,618		646,405		171,290
Foreign currencies at value**					5,039,958		789,539		4,004		4,509
Receivables:
		Investment securities sold			5,232,820		—		478,296		—
		Fund shares sold			6,784,467		6,806,009		722,478		5,587
		Dividends and interest			2,436,057		25,715,725		196,922		58,838
Unrealized appreciation on forward currency contracts					—		34,927		—		—
Prepaid expenses					54,225		97,890		25,581		57,418
Reimbursement due from manager					—		—		979		5,387
			Total assets		936,067,570		5,803,904,687		104,964,601		10,422,886
LIABILITIES:
Payable for investment securities purchased					18,747,687		40,661,582		129,387		—
Payable for fund shares redeemed					901,378		10,807,117		919,134		24
Payable upon receipt of securities loaned					—		235,612,249		—		—
Payable to affiliates					1,003,411		6,444,655		105,635		9,829
Payable for directors fees					205		16,513		1,554		124
Other accrued expenses and liabilities					275,887		2,665,992		37,338		6,065
			Total liabilities		20,928,568		296,208,108		1,193,048		16,042
NET ASSETS				$	915,139,002	$	5,507,696,579	$	103,771,553	$	10,406,844
NET ASSETS WERE COMPRISED OF:
Paid-in capital					671,608,629		3,666,722,509		93,611,377		10,008,643
Undistributed net investment income					2,466,426		23,922,302		577,638		97,064
Accumulated net realized gain on investments and foreign currency related transactions					77,053,145		285,136,617		2,649,559		2,840
Net unrealized appreciation on investments and foreign currency related transactions					164,010,802		1,531,915,151		6,932,979		298,297
NET ASSETS				$	915,139,002	$	5,507,696,579	$	103,771,553	$	10,406,844
	+ Including securities loaned at value			$	—	$	219,761,219	$	—	$	—
	* Cost of investments in securities			$	723,805,564	$	3,831,510,129	$	90,150,629	$	9,822,160
** Cost of foreign currencies				$	5,030,492	$	840,656	$	2,941	$	4,522

See Accompanying Notes to Financial Statements

38

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

					ING		ING
	ING		ING		International		International
	International		International		Value		Value
	SmallCap		Value		Choice		Opportunities
	Fund		Fund		Fund		Fund
Class A:
Net assets	$	373,290,139	$	2,209,074,783	$	18,256,776	$	10,403,662
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		6,236,532		99,156,709		1,377,519		1,000,537
Net asset value and redemption price per share	$	59.86	$	22.28	$	13.25	$	10.40
Maximum offering price per share (5.75%)(1)	$	63.51	$	23.64	$	14.06	$	11.03
Class B:
Net assets	$	66,174,836	$	364,677,375	$	3,687,286	$	1,060
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		1,071,697		16,682,895		281,249		102
Net asset value and redemption price per share(2)	$	61.75	$	21.86	$	13.11	$	10.39
Maximum offering price per share	$	61.75	$	21.86	$	13.11	$	10.39
Class C:
Net assets	$	85,457,109	$	779,059,650	$	4,792,582	$	1,060
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		1,513,214		35,837,582		364,721		102
Net asset value and redemption price per share(2)	$	56.47	$	21.74	$	13.14	$	10.39
Maximum offering price per share	$	56.47	$	21.74	$	13.14	$	10.39
Class I:
Net assets	$	278,240,813	$	2,126,665,592	$	77,034,909	$	1,062
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		4,636,982		95,362,125		5,811,101		102
Net asset value and redemption price per share	$	60.00	$	22.30	$	13.26	$	10.41
Maximum offering price per share	$	60.00	$	22.30	$	13.26	$	10.41
Class Q:
Net assets	$	111,976,105	$	28,219,179		n/a		n/a
Shares authorized		unlimited		unlimited		n/a		n/a
Par value	$	—	$	—		n/a		n/a
Shares outstanding		1,741,607		1,263,313		n/a		n/a
Net asset value and redemption price per share	$	64.29	$	22.34		n/a		n/a
Maximum offering price per share	$	64.29	$	22.34		n/a		n/a

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

See Accompanying Notes to Financial Statements

39

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2007 (UNAUDITED)

						ING
						Emerging		ING			ING
			ING			Markets		Global			Diversified
			Russia			Fixed-Income		Bond			International
			Fund			Fund		Fund			Fund
ASSETS:
Investments in securities at value+*			$	916,268,128		$	29,280,978	$	23,377,558		$	—
Investments in affiliates**				—			—		—			404,251,670
Short-term investments at amortized cost				102,746,288			—		1,841,343			—
Short-term investments in affiliates at amortized cost				—			—		3,750,000			—
Cash				21,351,832			90,134,199		—			449,663
Cash collateral for futures				—			14,000		23,104			—
Foreign currencies at value***				—			—		601,869			—
Receivables:
	Investment securities sold			—			65,627		1,845,307			—
	Fund shares sold			3,296,308			216,198		4,383			4,371,893
	Dividends and interest			2,875,663			460,460		205,243			—
	Variation margin receivable			—			—		15,148			—
Unrealized appreciation on forward currency contracts				—			—		47,246			—
Prepaid expenses				57,380			30,335		42,542			67,519
Reimbursement due from manager				—			1,336		27,508			57,710
		Total assets		1,046,595,599			120,203,133		31,781,251			409,198,455
LIABILITIES:
Payable for investment securities purchased				—			99,167		4,852,218			2,426,623
Payable for fund shares redeemed				3,984,448			5,800,000		—			700,331
Payable for futures variation margin				—			11,813		24,575			—
Payable upon receipt of securities loaned				102,746,288			—		—			—
Unrealized depreciation on forward currency contracts				—			—		21,575			—
Income distribution payable				—			—		94,198			—
Payable to affiliates				1,258,158			25,462		16,135			200,106
Payable to custodian due to bank overdraft				—			—		245,407			—
Payable to custodian due to foreign currency overdraft****				—			2,312		—			—
Payable for directors fees				17,398			2,215		479			946
Other accrued expenses and liabilities				1,434,603			48,194		23,259			103,976
		Total liabilities		109,440,895			5,989,163		5,277,846			3,431,982
NET ASSETS			$	937,154,704		$	114,213,970	$	26,503,405		$	405,766,473
NET ASSETS WERE COMPRISED OF:
Paid-in capital				512,145,695			112,956,927		25,943,960			342,562,261
Undistributed net investment income (accumulated net investment loss/distribution in excess of net investment income)				(2,914,281	)		180,158		(136,147	)		190,875
Accumulated net realized gain on investments, foreign currency related transactions, and futures				32,139,101			84,868		347,899			4,981,783
Net unrealized appreciation on investments, foreign currency related transactions, and futures				395,784,189			992,017		347,693			58,031,554
NET ASSETS			$	937,154,704		$	114,213,970	$	26,503,405		$	405,766,473
+ Including securities loaned at value			$	101,144,244		$	—	$	—		$	—
* Cost of investments in securities			$	520,484,309		$	28,294,556	$	23,059,295		$	—
** Cost of investments in affiliates			$	—		$	—	$	—		$	346,220,116
*** Cost of foreign currencies			$	—		$	—	$	587,379		$	—
**** Cost of foreign currency overdraft			$	—		$	2,267	$	—		$	—

See Accompanying Notes to Financial Statements

40

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

			ING
			Emerging			ING			ING
	ING		Markets			Global			Diversified
	Russia		Fixed Income			Bond			International
	Fund		Fund			Fund			Fund
Class A:
Net assets	$	937,154,704	$	23,943,156		$	26,198,120		$	259,548,999
Shares authorized		unlimited		unlimited			unlimited			unlimited
Par value	$	—	$	—		$	—		$	—
Shares outstanding		14,645,120		2,254,779			2,564,802			19,364,232
Net asset value and redemption price per share	$	63.99	$	10.62		$	10.21		$	13.40
Maximum offering price per share (5.75%) (1)	$	67.89	$	10.89	(3)	$	10.47	(3)	$	14.22
Class B:
Net assets		n/a	$	312,284		$	182,535		$	33,086,891
Shares authorized		n/a		unlimited			unlimited			unlimited
Par value		n/a	$	—		$	—		$	—
Shares outstanding		n/a		29,498			17,948			2,481,658
Net asset value and redemption price per share(2)		n/a	$	10.59		$	10.17		$	13.33
Maximum offering price per share		n/a	$	10.59		$	10.17		$	13.33
Class C:
Net assets		n/a	$	653,617		$	121,718		$	112,681,425
Shares authorized		n/a		unlimited			unlimited			unlimited
Par value		n/a	$	—		$	—		$	—
Shares outstanding		n/a		61,746			11,922			8,456,910
Net asset value and redemption price per share(2)		n/a	$	10.59		$	10.21		$	13.32
Maximum offering price per share		n/a	$	10.59		$	10.21		$	13.32
Class I:
Net assets		n/a	$	89,304,913		$	1,032		$	9,744
Shares authorized		n/a		unlimited			unlimited			unlimited
Par value		n/a	$	—		$	—		$	—
Shares outstanding		n/a		8,433,644			101			726
Net asset value and redemption price per share		n/a	$	10.59		$	10.22		$	13.42
Maximum offering price per share		n/a	$	10.59		$	10.22		$	13.42
Class R:
Net assets		n/a		n/a			n/a		$	439,414
Shares authorized		n/a		n/a			n/a			unlimited
Par value		n/a		n/a			n/a		$	—
Shares outstanding		n/a		n/a			n/a			33,093
Net asset value and redemption price per share		n/a		n/a			n/a		$	13.28
Maximum offering price per share		n/a		n/a			n/a		$	13.28

(1)	Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced.
(2)	Redemption price per share may be reduced for any applicable contingent deferred sales charges.
(3)	Maximum offering price per share for ING Emerging Markets Fixed Income Fund and ING Global Bond Fund is computed at 100/97.50 of net asset value. On purchases of $99,999 or more, the offering price is reduced.

See Accompanying Notes to Financial Statements

41

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED)

		ING			ING						ING
		Global			Global			ING			Global
		Equity			Natural			Global			Value
		Dividend			Resources			Real Estate			Choice
		Fund			Fund			Fund			Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)		$	6,110,963		$	736,680		$	9,935,274		$	1,018,841
Interest			109,085			4,779			790,406			114,328
Securities lending income			20,647			—			32,922			34,361
	Total investment income		6,240,695			741,459			10,758,602			1,167,530
EXPENSES:
Investment management fees			1,009,130			517,294			3,572,755			559,197
Distribution and service fees:
	Class A		171,983			151,769			876,587			86,398
	Class B		253,621			—			224,404			107,336
	Class C		468,639			—			919,552			167,663
	Class O		7,854			—			17,059			—
	Class Q		—			—			—			3,480
Transfer agent fees:
	Class A		63,767			82,628			380,722			42,008
	Class B		23,517			—			24,378			18,739
	Class C		43,444			—			99,353			29,217
	Class I		—			—			251			512
	Class O		1,361			—			6,890			—
	Class Q		—			—			—			238
Administrative service fees			144,160			60,707			479,395			55,919
Shareholder reporting expense			31,247			35,996			88,290			17,142
Registration fees			31,604			14,493			72,132			34,595
Professional fees			20,159			9,697			46,253			9,955
Custody and accounting expense			39,331			14,661			97,647			13,928
Directors fees			4,534			1,448			17,515			1,810
Miscellaneous expense			5,386			6,747			8,842			6,430
Interest expense			—			3,463			1,554			—
	Total expenses		2,319,737			898,903			6,933,579			1,154,567
	Net recouped fees		—			—			—			45,901
	Brokerage commission recapture		—			—			—			(6,714	)
	Net expenses		2,319,737			898,903			6,933,579			1,193,754
Net investment income (loss)			3,920,958			(157,444	)		3,825,023			(26,224	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS:
Net realized gain (loss) on:
	Investments		7,895,001			7,619,006			18,636,153			7,688,564
	Foreign currency related transactions		(98,015	)		(14,625	)		(901,289	)		26,379
Net realized gain on investments and foreign currency related transactions			7,796,986			7,604,381			17,734,864			7,714,943
Net change in unrealized appreciation or depreciation on:
	Investments		19,835,635			9,047,614			80,029,919			7,270,013
	Foreign currency related transactions		36,027			1,681			(54,542	)		(961	)
Net change in unrealized appreciation or depreciation on investments			19,871,662			9,049,295			79,975,377			7,269,052
Net realized and unrealized gain on investments and foreign currency related transactions			27,668,648			16,653,676			97,710,241			14,983,995
Increase in net assets resulting from operations		$	31,589,606		$	16,496,232		$	101,535,264		$	14,957,771
* Foreign taxes withheld		$	375,539		$	36,267		$	833,035		$	82,971

(1)  Dividends for the six months ended April 30, 2007 for ING Global Real Estate Fund includes dividends from affiliate of $39,575 for ING UK Real Estate Income Trust.

See Accompanying Notes to Financial Statements

42

STATEMENTS OF OPERATIONS (UNAUDITED)

		ING
		Disciplined			ING						ING
		International			Emerging			ING			Greater
		SmallCap			Countries			Foreign			China
		Fund			Fund			Fund			Fund
		December 20,			Six Months			Six Months			Six Months
		2006(1) to			Ended			Ended			Ended
		April 30,			April 30,			April 30,			April 30,
		2007			2007			2007			2007
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	143,232		$	3,829,937		$	4,066,431		$	220,864
Interest			21,839			124,634			171,991			—
Securities lending income			—			62,626			10,642			—
Settlement income(2)			—			47,008			—			—
	Total investment income		165,071			4,064,205			4,249,064			220,864
EXPENSES:
Investment management fees			33,783			1,496,141			2,661,428			241,017
Distribution and service fees:
	Class A		5			251,545			308,045			43,599
	Class B		9			72,025			205,047			15,792
	Class C		4			198,956			869,569			19,263
	Class M(3)		—			1,986			—			—
	Class Q		—			15,956			1,568			—
Transfer agent fees:
	Class A		2			91,064			113,745			21,497
	Class B		1			9,114			18,890			1,927
	Class C		—			25,169			80,282			2,357
	Class I		4,754			2,608			10,563			13
	Class M(3)		—			572			—			—
	Class Q		—			1,333			139			—
Administrative service fees			5,630			119,690			268,279			20,958
Shareholder reporting expense			3,449			26,520			38,652			5,908
Registration fees			2,189			41,185			44,290			24,736
Professional fees			5,012			26,243			33,645			6,729
Custody and accounting expense			4,002			87,604			188,976			22,782
Directors fees			563			2,534			9,363			1,905
Offering expense			237			—			—			13,699
Miscellaneous expense			1,328			4,425			8,583			3,080
Interest expense			—			1,302			1,018			—
	Total expenses		60,968			2,475,972			4,862,082			445,262
	Net waived and reimbursed fees		(7,458	)		(71,860	)		—			—
	Brokerage commission recapture		—			(46,075	)		(1,129	)		—
	Net expenses		53,510			2,358,037			4,860,953			445,262
Net investment income (loss)			111,561			1,706,168			(611,889	)		(224,398	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS:
Net realized gain (loss) on:
	Investments		1,168,384			18,488,789			23,521,112			1,763,408
	Foreign currency related transactions		(20,578	)		(15,352	)		(3,379,536	)		(12,491	)
Net realized gain on investments and foreign currency related transactions			1,147,806			18,473,437			20,141,576			1,750,917
Net change in unrealized appreciation or depreciation on:
	Investments		(148,168	)		26,767,284			66,678,456			3,726,512
	Foreign currency related transactions		(17,749	)		11,365			409,173			(582	)
Net change in unrealized appreciation or depreciation on investments			(165,917	)		26,778,649			67,087,629			3,725,930
Net realized and unrealized gain on investments and foreign currency related transactions			981,889			45,252,086			87,229,205			5,476,847
Increase in net assets resulting from operations		$	1,093,450		$	46,958,254		$	86,617,316		$	5,252,449
* Foreign taxes withheld		$	16,877		$	359,340		$	456,237		$	616

(1)	Commencement of operations
(2)	Income related Fair Fund litigation settlement.
(3)	Effective January 2, 2007, Class M shareholders of ING Emerging Countries Fund were converted to Class A shares of the Fund.

See Accompanying Notes to Financial Statements

43

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED)

		ING			ING			ING
		Index Plus			International			International			ING
		International			Capital			Growth			International
		Equity			Appreciation			Opportunities			Real Estate
		Fund			Fund			Fund			Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)		$	1,439,489		$	632,744		$	1,221,028		$	2,169,144
Interest(2)			19,204			27,410			59,934			215,527
Securities lending income			—			—			9,468			—
Settlement income(3)			—			—			96,798			—
	Total investment income		1,458,693			660,154			1,387,228			2,384,671
EXPENSES:
Investment management fees			279,565			283,256			661,552			956,144
Distribution and service fees:
	Class A		11,137			4,470			74,907			136,407
	Class B		1,752			516			83,880			23,492
	Class C		3,067			496			81,365			214,111
	Class Q		—			—			35,637			—
Transfer agent fees:
	Class A		2,227			2,104			41,986			58,299
	Class B		89			51			11,237			2,522
	Class C		149			47			10,876			22,905
	Class I		1,561			8,307			325			18,607
	Class Q		—			—			855			—
Administrative service fees			50,829			33,324			66,154			96,108
Shareholder reporting expense			3,416			1,620			5,973			8,250
Registration fees			27,583			23,636			42,200			20,864
Professional fees			8,079			4,291			9,740			11,807
Custody and accounting expense			31,208			22,874			28,744			30,220
Directors fees			1,980			905			1,557			3,687
Offering expense			13,699			13,699			—			32,876
Miscellaneous expense			—			4,357			3,606			2,503
Interest expense			6,110			—			1,887			—
	Total expenses		442,451			403,953			1,162,481			1,638,802
	Net waived and reimbursed fees		—			(9,617	)		(77	)		(64,261	)
	Brokerage commission recapture		—			(86	)		—			—
	Net expenses		442,451			382,933			1,162,404			1,574,541
Net investment income			1,016,242			265,904			224,824			810,130
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS:
Net realized gain (loss) on:
	Investments (net of foreign tax on sale of Indian investments)**		7,523,568			2,057,955			9,910,660			1,389,167
	Foreign currency related transactions		(2,732	)		(33,455	)		65,860			(327,467	)
Net realized gain on investments and foreign currency related transactions			7,520,836			2,024,500			9,976,520			1,061,700
Net change in unrealized appreciation or depreciation on:
	Investments		5,657,584			7,690,472			5,810,815			27,245,820
Foreign currency related transactions			18,406			(1,951	)		6,196			(17,110	)
Net change in unrealized appreciation or depreciation on investments			5,675,990			7,688,521			5,817,011			27,228,710
Net realized and unrealized gain on investments and foreign currency related transactions			13,196,826			9,713,021			15,793,531			28,290,410
Increase in net assets resulting from operations		$	14,213,068		$	9,978,925		$	16,018,355		$	29,100,540
* Foreign taxes withheld		$	111,242		$	54,708		$	99,047		$	273,988
** Foreign tax on sale of Indian investments		$	—		$	—		$	30,582		$	—

(1)	Dividends for the six months ended April 30, 2007 for ING Index Plus International Equity Fund includes dividends from affiliate of $605 for ING Industrial Fund.
(2)	Interest for the six months ended April 30, 2007 for ING International Growth Opportunities Fund includes interest from affiliate of $346 for ING Institutional Prime Money Market Fund.
(3)	Income related to Fair Fund litigation settlement.

See Accompanying Notes to Financial Statements

44

STATEMENTS OF OPERATIONS (UNAUDITED)

								ING			ING
		ING			ING			International			International
		International			International			Value			Value
		SmallCap			Value			Choice			Opportunities
		Fund			Fund			Fund			Fund
		Six Months Ended			Six Months Ended			Six Months Ended			February 28, 2007(1)
		April 30,			April 30,			April 30,			to April 30,
		2007			2007			2007			2007
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	7,268,909		$	64,321,475		$	1,092,911		$	119,167
Interest			346,093			3,768,576			134,835			1,733
Securities lending income			350,350			114,917			—			—
Settlement income(2)			43,037			—			—			—
	Total investment income		8,008,389			68,204,968			1,227,746			120,900
EXPENSES:
Investment management fees			3,392,006			25,730,447			390,528			13,383
Distribution and service fees:
	Class A		497,945			3,143,303			23,723			4,180
	Class B		306,053			1,821,228			18,149			2
	Class C		363,233			3,746,157			22,953			2
	Class Q		113,332			33,782			—			—
Transfer agent fees:
	Class A		146,556			1,268,512			15,238			1,505
	Class B		31,710			220,448			2,916			—
	Class C		37,410			453,522			3,668			—
	Class I		29,394			495,924			738			—
	Class Q		14,457			7,018			—			—
Administrative service fees			349,337			3,006,418			39,052			1,673
Shareholder reporting expense			22,616			345,960			3,357			1,338
Registration fees			43,339			54,710			22,259			2,393
Professional fees			36,919			260,125			8,145			502
Custody and accounting expense			132,130			781,015			12,670			4,676
Directors fees			9,973			97,765			1,660			167
Offering expense			—			—			—			300
Miscellaneous expense			10,372			109,270			2,233			167
Interest expense			—			3,101			—			—
	Total expenses		5,536,782			41,578,705			567,289			30,288
	Net waived and reimbursed fees		—			(22,523	)		—			(6,452	)
	Brokerage commission recapture		—			(165,261	)		(1,100	)		—
	Net expenses		5,536,782			41,390,921			566,189			23,836
Net investment income			2,471,607			26,814,047			661,557			97,064
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS:
Net realized gain (loss) on:
	Investments		79,197,083			285,368,376			2,689,977			(2,724	)
	Foreign currency related transactions		78,848			(202,830	)		(38,419	)		5,564
Net realized gain on investments and foreign currency related transactions			79,275,931			285,165,546			2,651,558			2,840
Net change in unrealized appreciation or depreciation on:
	Investments		91,216,790			425,070,155			3,558,428			297,697
	Foreign currency related transactions		(35,711	)		(61,011	)		822			600
Net change in unrealized appreciation or depreciation on investments			91,181,079			425,009,144			3,559,250			298,297
Net realized and unrealized gain on investments and foreign currency related transactions			170,457,010			710,174,690			6,210,808			301,137
Increase in net assets resulting from operations		$	172,928,617		$	736,988,737		$	6,872,365		$	398,201
* Foreign taxes withheld		$	751,135		$	6,576,678		$	127,490		$	12,335

(1)	Commencement of operations
(2)	Income related to Fair Fund litigation settlement.

See Accompanying Notes to Financial Statements

45

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED)

					ING
					Emerging			ING			ING
		ING			Markets			Global			Diversified
		Russia			Fixed Income			Bond			International
		Fund			Fund			Fund			Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	5,415,949		$	—		$	16,016		$	2,267,429
Interest(1)			—			1,163,975			479,308			—
Securities lending income			165,641			—			—			—
	Total investment income		5,581,590			1,163,975			495,324			2,267,429
EXPENSES:
Investment management fees			5,555,109			91,762			51,439			—
Distribution and service fees:
	Class A		1,111,019			34,364			31,971			262,370
	Class B		—			1,523			397			138,336
	Class C		—			2,191			309			446,683
	Class R		—			—			—			498
Transfer agent fees:
	Class A		390,546			6,744			7,383			110,195
	Class B		—			73			28			14,525
	Class C		—			123			20			46,902
	Class I		—			—			—			5
	Class R		—			—			—			104
Administrative service fees			444,404			14,117			12,860			163,553
Shareholder reporting expense			83,042			8,280			21,792			32,272
Registration fees			46,560			26,458			11,346			46,472
Professional fees			60,022			6,518			6,701			40,184
Custody and accounting expense			774,676			6,288			4,675			4,706
Directors fees			16,918			1,086			272			5,476
Offering expense			—			13,698			54,482			80,071
Miscellaneous expense			13,575			—			1,181			9,076
Interest expense			—			2,892			—			—
	Total expenses		8,495,871			216,117			204,856			1,401,428
	Net waived and reimbursed fees		—			(36,838	)		(87,747	)		(388,150	)
	Net expenses		8,495,871			179,279			117,109			1,013,278
Net investment income (loss)			(2,914,281	)		984,696			378,215			1,254,151
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, AND FUTURES:
Net realized gain (loss) on:
	Investments		32,994,770			76,875			231,382			6,547,222
	Foreign currency related transactions		(11,725	)		6,015			156,163			—
	Futures		—			(9,465	)		(19,301	)		—
Net realized gain on investments, foreign currency related transactions, and futures			32,983,045			73,425			368,244			6,547,222
Net change in unrealized appreciation or depreciation on:
	Investments		124,245,443			697,745			34,032			39,931,439
	Foreign currency related transactions		302			977			87,166			—
	Futures		—			25,841			(2,542	)		—
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, and futures			124,245,745			724,563			118,656			39,931,439
Net realized and unrealized gain on investments, foreign currency related transactions, and futures			157,228,790			797,988			486,900			46,478,661
Increase in net assets resulting from operations		$	154,314,509		$	1,782,684		$	865,115		$	47,732,812
* Foreign taxes withheld		$	782,480		$	4,090		$	42		$	—

(1)  Interest for the six months ended April 30, 2007 for ING Global Bond Fund includes interest from affiliate of $33,114 for ING Institutional Prime Money Market Fund.

See Accompanying Notes to Financial Statements

46

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

		ING Global Equity						ING Global Natural
		Dividend Fund						Resources Fund
		Six Months						Six Months
		Ended			Year Ended			Ended			Year Ended
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
FROM OPERATIONS:
Net investment income (loss)		$	3,920,958		$	6,077,893		$	(157,444	)	$	(736,753	)
Net realized gain on investments and foreign currency related transactions			7,796,986			11,756,201			7,604,381			44,515,644
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions			19,871,662			23,693,909			9,049,295			(6,717,073	)
Net increase in net assets resulting from operations			31,589,606			41,528,003			16,496,232			37,061,818
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
	Class A		(2,051,659	)		(2,877,316	)		(2,937,873	)		(180,375	)
	Class B		(573,048	)		(1,049,974	)		—			—
	Class C		(1,078,988	)		(1,773,737	)		—			—
	Class O		(94,844	)		—			—			—
Net realized gains:
	Class A		(5,696,724	)		(1,118,180	)		(3,999,909	)		—
	Class B		(2,232,186	)		(431,639	)		—			—
	Class C		(3,980,153	)		(736,438	)		—			—
	Class O		(83,443	)		—			—			—
Total distributions			(15,791,045	)		(7,987,284	)		(6,937,782	)		(180,375	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			125,392,823			95,777,433			5,249,736			22,092,980
Dividends reinvested			10,224,929			4,690,850			6,190,526			161,561
			135,617,752			100,468,283			11,440,262			22,254,541
Cost of shares redeemed			(21,566,090	)		(53,698,155	)		(15,478,676	)		(25,464,330	)
Net increase (decrease) in net assets resulting from capital share transactions			114,051,662			46,770,128			(4,038,414	)		(3,209,789	)
Net increase in net assets			129,850,223			80,310,847			5,520,036			33,671,654
NET ASSETS:
Beginning of period			231,273,582			150,962,735			121,112,423			87,440,769
End of period		$	361,123,805		$	231,273,582		$	126,632,459		$	121,112,423
Undistributed net investment income (accumulated net investment loss) at end of period		$	1,080,159		$	957,740		$	(189,583	)	$	2,905,734

See Accompanying Notes to Financial Statements

47

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

		ING Global Real Estate Fund						ING Global Value Choice Fund
		Six Months						Six Months
		Ended			Year Ended			Ended			Year Ended
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
FROM OPERATIONS:
Net investment income (loss)		$	3,825,023		$	2,837,465		$	(26,224	)	$	78,035
Net realized gain on investments and foreign currency related transactions			17,734,864			13,064,195			7,714,943			14,298,259
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions			79,975,377			96,617,009			7,269,052			4,744,044
Net increase in net assets resulting from operations			101,535,264			112,518,669			14,957,771			19,120,338
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
	Class A		(24,614,517	)		(5,490,053	)		—			(322,489	)
	Class B		(1,710,200	)		(386,380	)		—			—
	Class C		(6,716,751	)		(986,253	)		—			(35,318	)
	Class I		(552,178	)		(149,037	)		—			—
	Class O		(497,427	)		—			—			—
	Class Q		—			—			—			(39,663	)
Net realized gains:
	Class A		(7,533,676	)		(8,946,554	)		—			—
	Class B		(577,495	)		(920,111	)		—			—
	Class C		(2,018,085	)		(2,017,572	)		—			—
	Class I		(167,262	)		(103,752	)		—			—
	Class O		(47,650	)		—			—			—
Total distributions			(44,435,241	)		(18,999,712	)		—			(397,470	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			844,621,947			386,972,514			10,965,772			22,826,540
Dividends reinvested			34,151,200			13,607,657			—			232,139
			878,773,147			400,580,171			10,965,772			23,058,679
Cost of shares redeemed			(221,562,629	)		(54,880,614	)		(14,846,952	)		(36,462,732	)
Net increase (decrease) in net assets resulting from capital share transactions			657,210,518			345,699,557			(3,881,180	)		(13,404,053	)
Net increase in net assets			714,310,541			439,218,514			11,076,591			5,318,815
NET ASSETS:
Beginning of period			619,505,151			180,286,637			106,047,757			100,728,942
End of period		$	1,333,815,692		$	619,505,151		$	117,124,348		$	106,047,757
Undistributed net investment income (accumulated net investment loss) at end of period		$	(31,646,979	)	$	(1,380,929	)	$	(21,270	)	$	4,954

See Accompanying Notes to Financial Statements

48

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

		ING Disciplined
		International
		SmallCap Fund			ING Emerging Countries Fund
		December 20,			Six Months
		2006(1) to			Ended			Year Ended
		April 30,			April 30,			October 31,
		2007			2007			2006
FROM OPERATIONS:
Net investment income		$	111,561		$	1,706,168		$	2,988,696
Net realized gain on investments and foreign currency related transactions			1,147,806			18,473,437			19,176,929
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions			(165,917	)		26,778,649			14,193,064
Net increase in net assets resulting from operations			1,093,450			46,958,254			36,358,689
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
	Class A		—			(1,896,150	)		(521,510	)
	Class B		—			(83,261	)		—
	Class C		—			(323,450	)		(76,339	)
	Class I		—			(446,558	)		—
	Class M		—			(13,746	)		(1,172	)
	Class Q		—			(179,954	)		(72,796	)
Total distributions			—			(2,943,119	)		(671,817	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			130,765,273			49,251,283			104,928,041
Dividends reinvested			—			2,492,354			558,626
			130,765,273			51,743,637			105,486,667
Cost of shares redeemed			(6,399,987	)		(37,271,266	)		(65,590,355	)
Net increase in net assets resulting from capital share transactions			124,365,286			14,472,371			39,896,312
Net increase in net assets			125,458,736			58,487,506			75,583,184
NET ASSETS:
Beginning of period			—			208,259,290			132,676,106
End of period		$	125,458,736		$	266,746,796		$	208,259,290
Undistributed net investment income at end of period		$	111,561		$	1,686,349		$	2,923,300

(1)  Commencement of operations

See Accompanying Notes to Financial Statements

49

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

		ING Foreign Fund						ING Greater China Fund
		Six Months						Six Months			December 21,
		Ended			Year Ended			Ended			2005(1) to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
FROM OPERATIONS:
Net investment income (loss)		$	(611,889	)	$	678,207		$	(224,398	)	$	119,633
Net realized gain (loss) on investments and foreign currency related transactions			20,141,576			15,514,636			1,750,917			(99,352	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions			67,087,629			63,917,689			3,725,930			3,519,820
Net increase in net assets resulting from operations			86,617,316			80,110,532			5,252,449			3,540,101
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
	Class A		—			—			(127,573	)		—
	Class B		—			—			(9,360	)		—
	Class C		—			—			(5,789	)		—
	Class I		—			—			(143	)		—
Net realized gains:
	Class A		(8,170,693	)		(3,149,065	)		(219	)		—
	Class B		(1,424,431	)		(602,429	)		(24	)		—
	Class C		(5,882,217	)		(2,293,757	)		(21	)		—
	Class I		(2,373,358	)		(25,483	)		—			—
	Class Q		(43,762	)		(26,071	)		—			—
Total distributions			(17,894,461	)		(6,096,805	)		(143,129	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			104,932,788			225,899,108			24,868,566			26,394,340
Dividends reinvested			12,389,371			3,983,760			73,388			—
			117,322,159			229,882,868			24,941,954			26,394,340
Cost of shares redeemed			(50,746,707	)		(65,228,166	)		(11,478,899	)		(2,122,686	)
Net increase in net assets resulting from capital share transactions			66,575,452			164,654,702			13,463,055			24,271,654
Net increase in net assets			135,298,307			238,668,429			18,572,375			27,811,755
NET ASSETS:
Beginning of period			474,499,484			235,831,055			27,811,755			—
End of period		$	609,797,791		$	474,499,484		$	46,384,130		$	27,811,755
Undistributed net investment income (accumulated net investment loss) at end of period		$	115,546		$	727,435		$	(229,299	)	$	137,964

(1)  Commencement of operations

See Accompanying Notes to Financial Statements

50

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

		ING Index Plus International						ING International Capital
		Equity Fund						Appreciation Fund
		Six Months			December 21,			Six Months			December 21,
		Ended			2005(1) to			Ended			2005(1) to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
FROM OPERATIONS:
Net investment income		$	1,016,242		$	816,012		$	265,904		$	105,745
Net realized gain on investments and foreign currency related transactions			7,520,836			1,855,644			2,024,500			1,085,185
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions			5,675,990			5,710,561			7,688,521			3,494,526
Net increase in net assets resulting from operations			14,213,068			8,382,217			9,978,925			4,685,456
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
	Class A		(87,342	)		—			(23,107	)		—
	Class B		(1,478	)		—			(260	)		—
	Class C		(2,010	)		—			(23	)		—
	Class I		(863,636	)		—			(383,682	)		—
Net realized gains:
	Class A		(291,175	)		—			(108,029	)		—
	Class B		(6,890	)		—			(1,967	)		—
	Class C		(12,818	)		—			(1,476	)		—
	Class I		(1,953,787	)		—			(1,126,292	)		—
Total distributions			(3,219,136	)		—			(1,644,836	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			28,144,057			26,394,340			39,776,121			58,564,363
Dividends reinvested			2,857,592			—			1,517,633			—
			31,001,649			26,394,340			41,293,754			58,564,363
Cost of shares redeemed			(32,469,444	)		(7,694,903	)		(2,789,333	)		(12,241,259	)
Net increase (decrease) in net assets resulting from capital share transactions			(1,467,795	)		83,510,054			38,504,421			46,323,104
Net increase in net assets			9,526,137			91,892,271			46,838,510			51,008,560
NET ASSETS:
Beginning of period			91,892,271			—			51,008,560			—
End of period		$	101,418,408		$	91,892,271		$	97,847,070		$	51,008,560
Undistributed net investment income at end of period		$	950,534		$	888,758		$	280,950		$	422,118

See Accompanying Notes to Financial Statements

51

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

		ING International Growth						ING International
		Opportunities Fund						Real Estate Fund
		Six Months						Six Months			February 28,
		Ended			Year Ended			Ended			2006(1) to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
FROM OPERATIONS:
Net investment income		$	224,824		$	1,076,925		$	810,130		$	264,817
Net realized gain (loss) on investments and foreign currency related transactions			9,976,520			18,604,719			1,061,700			(265,508	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions			5,817,011			4,910,755			27,228,710			7,393,293
Net increase in net assets resulting from operations			16,018,355			24,592,399			29,100,540			7,392,602
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
	Class A		(680,068	)		(808,009	)		(1,740,766	)		(120,231	)
	Class B		(66,840	)		(134,209	)		(63,192	)		(1,428	)
	Class C		(70,208	)		(114,855	)		(544,522	)		(19,994	)
	Class I		(212,485	)		(475,409	)		(730,486	)		(34,816	)
	Class Q		(379,024	)		(281,619	)		—			—
Net realized gains:
	Class A		(5,041,991	)		—			—			—
	Class B		(1,473,205	)		—			—			—
	Class C		(1,405,761	)		—			—			—
	Class I		(1,170,829	)		—			—			—
	Class Q		(2,425,795	)		—			—			—
Total distributions			(12,926,206	)		(1,814,101	)		(3,078,966	)		(176,469	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			16,136,319			40,612,022			219,708,742			92,161,082
Dividends reinvested			11,571,000			1,681,978			1,827,066			62,630
			27,707,319			42,294,000			221,535,808			92,223,712
Redemption fee proceeds			—			257			—			—
Cost of shares redeemed			(30,230,621	)		(53,702,310	)		(17,552,770	)		(8,592,241	)
Net increase (decrease) in net assets resulting from capital share transactions			(2,523,302	)		(11,408,053	)		203,983,038			83,631,471
Net increase in net assets			568,847			11,370,245			230,004,612			90,847,604
NET ASSETS:
Beginning of period			131,904,925			120,534,680			90,847,604			—
End of period		$	132,473,772		$	131,904,925		$	320,852,216		$	90,847,604
Undistributed net investment income at end of period		$	210,101		$	1,393,902		$	122,472		$	2,391,308

(1)  Commencement of operations

See Accompanying Notes to Financial Statements

52

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

		ING International SmallCap Fund						ING International Value Fund
		Six Months						Six Months
		Ended			Year Ended			Ended			Year Ended
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
FROM OPERATIONS:
Net investment income		$	2,471,607		$	2,559,972		$	26,814,047		$	38,146,974
Net realized gain on investments and foreign currency related transactions			79,275,931			62,907,548			285,165,546			492,808,704
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions			91,181,079			32,230,993			425,009,144			552,897,031
Net increase in net assets resulting from operations			172,928,617			97,698,513			736,988,737			1,083,852,709
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
	Class A		(1,450,677	)		(1,533,625	)		(18,482,190	)		(14,654,043	)
	Class B		—			—			(533,208	)		(194,108	)
	Class C		(3,361	)		(57,978	)		(1,845,996	)		(1,042,925	)
	Class I		(1,454,643	)		(164,327	)		(22,422,943	)		(15,430,051	)
	Class Q		(542,824	)		(617,820	)		(267,155	)		(268,368	)
Net realized gains:
	Class A		—			—			(197,689,141	)		(133,758,480	)
	Class B		—			—			(36,175,155	)		(30,856,576	)
	Class C		—			—			(73,056,964	)		(51,541,230	)
	Class I		—			—			(171,997,304	)		(94,544,982	)
	Class Q		—			—			(2,584,599	)		(2,101,201	)
Total distributions			(3,451,505	)		(2,373,750	)		(525,054,655	)		(344,391,964	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			231,463,666			309,748,096			616,988,480			828,247,984
Dividends reinvested			2,386,090			—			372,072,665			245,908,881
			233,849,756			309,748,096			989,061,145			1,074,156,865
Cost of shares redeemed			(74,640,454	)		(161,509,548	)		(541,287,760	)		(1,022,244,408	)
Net increase in net assets resulting from capital share transactions			159,209,302			150,118,225			447,773,385			51,912,457
Net increase in net assets			328,686,414			245,442,988			659,707,467			791,373,202
NET ASSETS:
Beginning of period			586,452,588			341,009,600			4,847,989,112			4,056,615,910
End of period		$	915,139,002		$	586,452,588		$	5,507,696,579		$	4,847,989,112
Undistributed net investment income at end of period		$	2,466,426		$	3,446,324		$	23,922,302		$	40,659,747

See Accompanying Notes to Financial Statements

53

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

								ING
								International
								Value
		ING International Value						Opportunities
		Choice Fund						Fund
		Six Months						February 28,
		Ended			Year Ended			2007(1) to
		April 30,			October 31,			April 30,
		2007			2006			2007
FROM OPERATIONS:
Net investment income		$	661,557		$	403,477		$	97,064
Net realized gain on investments and foreign currency related transactions			2,651,558			1,062,416			2,840
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions			3,559,250			3,116,419			298,297
Net increase in net assets resulting from operations			6,872,365			4,582,312			398,201
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
	Class A		(98,246	)		(65,003	)		—
	Class B		—			(16,400	)		—
	Class C		—			(15,496	)		—
	Class I		(317,928	)		—			—
Net realized gains:
	Class A		(310,768	)		(106,743	)		—
	Class B		(60,822	)		(32,501	)		—
	Class C		(75,307	)		(33,480	)		—
	Class I		(671,110	)		—			—
Total distributions			(1,534,181	)		(269,623	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			38,835,617			58,821,061			10,008,707
Dividends reinvested			1,417,746			176,320			—
			40,253,363			58,997,381			10,008,707
Cost of shares redeemed			(4,434,491	)		(10,034,154	)		(64	)
Net increase in net assets resulting from capital share transactions			35,818,872			48,963,227			10,008,643
Net increase in net assets			41,157,056			53,275,916			10,406,844
NET ASSETS:
Beginning of period			62,614,497			9,338,581			—
End of period		$	103,771,553		$	62,614,497		$	10,406,844
Undistributed net investment income at end of period		$	577,638		$	332,255		$	97,064

(1)  Commencement of operations

See Accompanying Notes to Financial Statements

54

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

								ING Emerging Markets
		ING Russia Fund						Fixed Income Fund
		Six Months						Six Months			December 21,
		Ended			Year Ended			Ended			2005(1)to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
FROM OPERATIONS:
Net investment income (loss)		$	(2,914,281	)	$	(3,690,687	)	$	984,696		$	707,511
Net realized gain on investments, foreign currency related transactions, and futures			32,983,045			46,256,786			73,425			82,947
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, and futures			124,245,745			174,358,878			724,563			267,454
Net increase in net assets resulting from operations			154,314,509			216,924,977			1,782,684			1,057,912
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
	Class A		—			—			(896,912	)		(587,392	)
	Class B		—			—			(8,884	)		(4,028	)
	Class C		—			—			(12,203	)		(9,308	)
	Class I		—			—			(24	)		(513	)
Net realized gains:
	Class A		(43,574,710	)		—			(71,166	)		—
	Class B		—			—			(814	)		—
	Class C		—			—			(946	)		—
Total distributions			(43,574,710	)		—			(990,949	)		(601,241	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			204,350,598			528,911,241			92,646,020			26,474,530
Dividends reinvested			37,399,004			—			76,897			29,467
			241,749,602			528,911,241			92,722,917			26,503,997
Redemption fee proceeds			1,360,381			2,984,157			—			—
Cost of shares redeemed			(168,642,328	)		(268,475,876	)		(6,058,521	)		(202,829	)
Net increase in net assets resulting from capital share transactions			74,467,655			263,419,522			86,664,396			26,301,168
Net increase in net assets			185,207,454			480,344,499			87,456,131			26,757,839
NET ASSETS:
Beginning of period			751,947,250			271,602,751			26,757,839			—
End of period		$	937,154,704		$	751,947,250		$	114,213,970		$	26,757,839
Undistributed net investment income (accumulated net investment loss) at end of period		$	(2,914,281	)	$	—		$	180,158		$	113,485

(1)  Commencement of operations

See Accompanying Notes to Financial Statements

55

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

		ING Global Bond Fund						ING Diversified International Fund
		Six Months			June 30,			Six Months			December 21,
		Ended			2006(1) to			Ended			2005(1) to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
FROM OPERATIONS:
Net investment income (loss)		$	378,215		$	200,566		$	1,254,151		$	(741,875	)
Net realized gain (loss) on investments, foreign currency related transactions, and futures			368,244			348,838			6,547,222			(1,565,439	)
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, and futures			118,656			229,037			39,931,439			18,100,115
Net increase in net assets resulting from operations			865,115			778,441			47,732,812			15,792,801
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
	Class A		(500,589	)		(154,905	)		(968,682	)		—
	Class B		(1,668	)		(8	)		(17,195	)		—
	Class C		(1,037	)		(71	)		(76,872	)		—
	Class I		(22	)		(7	)		(55	)		—
	Class R		—			—			(472	)		—
Net realized gains:
	Class A		(443,199	)		—			—			—
	Class B		(718	)		—			—			—
	Class C		(756	)		—			—			—
	Class I		(18	)		—			—			—
Total distributions			(948,007	)		(154,991	)		(1,063,276	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			982,061			25,224,747			126,100,353			264,857,407
Dividends reinvested			13,253			—			792,330			—
			995,314			25,224,747			126,892,683			264,857,407
Cost of shares redeemed			(257,214	)		—			(30,768,292	)		(17,677,662	)
Net increase in net assets resulting from capital share transactions			738,100			25,224,747			96,124,391			247,179,745
Net increase in net assets			655,208			25,848,197			142,793,927			262,972,546
NET ASSETS:
Beginning of period			25,848,197			—			262,972,546			—
End of period		$	26,503,405		$	25,848,197		$	405,766,473		$	262,972,546
Undistributed net investment income (accumulated net investment loss) at end of period		$	(136,147	)	$	(11,046	)	$	190,875		$	—

(1)  Commencement of operations

See Accompanying Notes to Financial Statements

56

ING GLOBAL EQUITY DIVIDEND FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A
		Six Months										September 17,
		Ended			Year Ended October 31,							2003(1) to
		April 30,										October 31,
		2007			2006		2005			2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		15.76			13.07		12.41			10.49		10.00
Income from investment operations:
Net investment income	$		0.24	*		0.54		0.47	*		0.44		0.02
Net realized and unrealized gain on investments	$		1.52			2.85		0.92			1.87		0.47
Total from investment operations	$		1.76			3.39		1.39			2.31		0.49
Less distributions from:
Net investment income	$		0.23			0.51		0.54			0.39		—
Net realized gains on investments	$		0.75			0.19		0.19			—		—
Total distributions	$		0.98			0.70		0.73			0.39		—
Net asset value, end of period	$		16.54			15.76		13.07			12.41		10.49
Total Return(2)	%		11.60			26.56		11.45			22.59		4.90
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		173,956			108,911		73,186			11,316		4,274
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment(3)	%		1.23			1.27		1.28			3.44		7.00
Net expenses after expense reimbursement/ recoupment (3)(4)	%		1.23			1.33		1.40			1.40		1.40
Net investment income after expense reimbursement/ recoupment(3)(4)	%		3.10			3.76		3.60			4.39		3.58
Portfolio turnover rate	%		14			50		57			60		3

		Class B
		Six Months										October 24,
		Ended			Year Ended October 31,							2003(1) to
		April 30,										October 31,
		2007			2006		2005			2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		15.72			13.05		12.37			10.49		10.31
Income from investment operations:
Net investment income	$		0.18	*		0.43		0.37	*		0.42		0.00	**
Net realized and unrealized gain on investments	$		1.52			2.84		0.92			1.82		0.18
Total from investment operations	$		1.70			3.27		1.29			2.24		0.18
Less distributions from:
Net investment income	$		0.18			0.41		0.42			0.36		—
Net realized gains on investments	$		0.75			0.19		0.19			—		—
Total distributions	$		0.93			0.60		0.61			0.36		—
Net asset value, end of period	$		16.49			15.72		13.05			12.37		10.49
Total Return(2)	%		11.17			25.55		10.65			21.92		1.75
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		57,274			44,936		28,811			3,303		12
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment(3)	%		1.98			2.02		2.03			4.19		7.75
Net expenses after expense reimbursement/ recoupment (3)(4)	%		1.98			2.08		2.15			2.15		2.15
Net investment income (loss) after expense reimbursement/ recoupment(3)(4)	%		2.28			3.05		2.83			4.03		(0.67	)
Portfolio turnover rate	%		14			50		57			60		3

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

See Accompanying Notes to Financial Statements

57

ING GLOBAL EQUITY DIVIDEND FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class C
		Six Months										October 29,
		Ended			Year Ended October 31,							2003(1) to
		April 30,										October 31,
		2007			2006		2005			2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		15.69			13.02		12.37			10.48		10.44
Income from investment operations:
Net investment income	$		0.18	*		0.43		0.37	*		0.39		0.00	**
Net realized and unrealized gain on investments	$		1.52			2.84		0.90			1.86		0.04
Total from investment operations	$		1.70			3.27		1.27			2.25		0.04
Less distributions from:
Net investment income	$		0.18			0.41		0.43			0.36		—
Net realized gains on investments	$		0.75			0.19		0.19			—		—
Total distributions	$		0.93			0.60		0.62			0.36		—
Net asset value, end of period	$		16.46			15.69		13.02			12.37		10.48
Total Return(2)	%		11.21			25.62		10.51			21.99		0.38
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		113,594			77,426		48,965			3,655		19
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment(3)	%		1.98			2.02		2.03			4.19		7.75
Net expenses after expense reimbursement/ recoupment (3)(4)	%		1.98			2.08		2.15			2.15		2.15
Net investment income (loss) after expense reimbursement/ recoupment(3)(4)	%		2.33			3.03		2.82			3.99		(0.88	)
Portfolio turnover rate	%		14			50		57			60		3

		Class O
		November 15,
		2006(1) to
		April 30,
		2007
Per Share Operating Performance:
Net asset value, beginning of period	$		15.86
Income from investment operations:
Net investment income	$		0.28	*
Net realized and unrealized gain on investments	$		1.39
Total from investment operations	$		1.67
Less distributions from:
Net investment income	$		0.25
Net realized gains on investments	$		0.75
Total distributions	$		1.00
Net asset value, end of period	$		16.53
Total Return(2)	%		10.93
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		16,300
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment(3)	%		1.18
Net expenses after expense reimbursement/ recoupment(3)(4)	%		1.18
Net investment income (loss) after expense reimbursement/ recoupment(3)(4)	%		3.80
Portfolio turnover rate	%		14

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Advisor within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

See Accompanying Notes to Financial Statements

58

ING GLOBAL NATURAL RESOURCES FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		10.46			7.34			7.09			6.94			4.40			3.05
Income (loss) from investment operations:
Net investment loss	$		(0.01	)		(0.06	)		(0.06	)		(0.05	)		(0.02	)		(0.01	)
Net realized and unrealized gain on investments	$		1.47			3.20			0.54			0.20			2.56			1.38
Total from investment operations	$		1.46			3.14			0.48			0.15			2.54			1.37
Less distributions from:
Net investment income	$		0.26			0.02			0.23			—			—			0.02
Net realized gains on investments	$		0.35			—			—			—			—			—
Total distributions	$		0.61			0.02			0.23			—			—			0.02
Net asset value, end of period	$		11.31			10.46			7.34			7.09			6.94			4.40
Total Return(1)	%		14.24			42.76			6.81			2.16			57.73			45.01
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		126,632			121,112			87,441			91,756			101,696			72,346
Ratios to average net assets:
Expenses(2)	%		1.48			1.42			1.56			1.44			1.57			1.73
Net investment loss(2)	%		(0.26	)		(0.61	)		(0.77	)		(0.69	)		(0.36	)		(0.33	)
Portfolio turnover rate	%		49			158			78			77			94			54

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

59

ING GLOBAL REAL ESTATE FUND (UNAUDITED) FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A
		Six Months													November 5,
		Ended			Year Ended October 31,										2001(1) to
		April 30,													October 31,
		2007			2006			2005			2004		2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		22.23			17.14			15.40			13.06		10.40		10.01
Income from investment operations:
Net investment income	$		0.12	*		0.20	*		0.26	*†		0.27		0.57		0.45
Net realized and unrealized gain on investments	$		2.89			6.41			2.94†			3.26		2.79		0.31
Total from investment operations	$		3.01			6.61			3.20			3.53		3.36		0.76
Less distributions from:
Net investment income	$		0.82			0.46			0.54			0.43		0.54		0.37
Net realized gains on investments	$		0.31			1.06			0.92			0.76		0.16		—
Total distributions	$		1.13			1.52			1.46			1.19		0.70		0.37
Net asset value, end of period	$		24.11			22.23			17.14			15.40		13.06		10.40
Total Return(2)	%		13.74			41.09			21.95			28.90		33.77		7.47
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		945,604			467,405			138,314			95,561		41,549		25,440
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment(3)	%		1.27			1.39			1.50			1.55		1.95		2.46
Net expenses after expense reimbursement/recoupment(3)(4)	%		1.27			1.39			1.59			1.75		1.75		1.76
Net investment income after expense reimbursement/recoupment(3)(4)	%		0.98			1.04			1.58	†		2.55		5.14		4.12
Portfolio turnover rate	%		21			39			91			129		124		141

		Class B
		Six Months													March 15,
		Ended			Year Ended October 31,										2002(1) to
		April 30,													October 31,
		2007			2006			2005			2004		2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		19.20			15.01			13.67			11.74		9.43		10.03
Income (loss) from investment operations:
Net investment income	$		0.02	*		0.05	*		0.12	*†		0.14		0.48		0.16
Net realized and unrealized gain (loss) on investments	$		2.50			5.56			2.59†			2.90		2.47		(0.58	)
Total from investment operations	$		2.52			5.61			2.71			3.04		2.95		(0.42	)
Less distributions from:
Net investment income	$		0.76			0.36			0.45			0.35		0.48		0.18
Net realized gains on investments	$		0.31			1.06			0.92			0.76		0.16		—
Total distributions	$		1.07			1.42			1.37			1.11		0.64		0.18
Net asset value, end of period	$		20.65			19.20			15.01			13.67		11.74		9.43
Total Return(2)	%		13.34			40.04			21.05			27.89		32.83		(4.29	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		59,229			31,677			12,302			4,736		1,506		677
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment(3)	%		2.02			2.14			2.25			2.30		2.70		3.19
Net expenses after expense reimbursement/recoupment(3)(4)	%		2.02			2.14			2.34			2.50		2.50		2.52
Net investment income after expense reimbursement/recoupment(3)(4)	%		0.23			0.31			0.79	†		1.78		4.44		3.74
Portfolio turnover rate	%		21			39			91			129		124		141

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

^* Per share numbers have been calculated using average number of shares outstanding throughout the period.

^†   Effective November 1, 2004, the Fund adopted a policy to reduce cost of investments for financial statement purposes by the distributions received in excess of income from Real Estate Investment Trusts. The effect of this change for the twelve months ended October 31, 2005 was to decrease the net investment income per share by $0.12 and $0.10, increase net realized and unrealized gain on investments per share by $0.12 and $0.10 and decrease the ratio of net investment income to average net assets from 2.31% to 1.58% and 1.51% to 0.79% on Class A and Class B.

See Accompanying Notes to Financial Statements

60

ING GLOBAL REAL ESTATE FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class C
		Six Months													January 8,
		Ended			Year Ended October 31,										2002(1) to
		April 30,													October 31,
		2007			2006			2005			2004		2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		20.10			15.65			14.19			12.14		9.70		9.99
Income (loss) from investment operations:
Net investment income	$		0.02	*		0.05	*		0.12	*†		0.14		0.45		0.19
Net realized and unrealized gain (loss) on investments	$		2.62			5.82			2.71	†		3.02		2.60		(0.31	)
Total from investment operations	$		2.64			5.87			2.83			3.16		3.05		(0.12	)
Less distributions from:
Net investment income	$		0.76			0.36			0.45			0.35		0.45		0.17
Net realized gains on investments	$		0.31			1.06			0.92			0.76		0.16		—
Total distributions	$		1.07			1.42			1.37			1.11		0.61		0.17
Net asset value, end of period	$		21.67			20.10			15.65			14.19		12.14		9.70
Total Return(2)	%		13.34			40.06			21.11			27.93		32.89		(1.24	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		275,291			109,197			27,989			7,817		1,732		2,320
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment(3)	%		2.02			2.14			2.25			2.30		2.70		3.19
Net expenses after expense reimbursement/ recoupment(3)(4)	%		2.02			2.14			2.34			2.50		2.50		2.52
Net investment income after expense reimbursement/ recoupment(3)(4)	%		0.21			0.29			0.78	†		1.72		4.60		3.51
Portfolio turnover rate	%		21			39			91			129		124		141

		Class I
		Six Months			Year			June 3,
		Ended			Ended			2005(1) to
		April 30,			October 31,			October 31,
		2007			2006			2005
Per Share Operating Performance:
Net asset value, beginning of period	$		22.23			17.14			16.32
Income from investment operations:
Net investment income	$		0.16	*		0.28	*		0.14	*††
Net realized and unrealized gain on investments	$		2.89			6.39			0.86	††
Total from investment operations	$		3.05			6.67			1.00
Less distributions from:
Net investment income	$		0.85			0.52			0.18
Net realized gains on investments	$		0.31			1.06			—
Total distributions	$		1.16			1.58			0.18
Net asset value, end of period	$		24.12			22.23			17.14
Total Return(2)	%		13.94			41.49			6.14
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		22,080			11,226			1,681
Ratios to average net assets:
Gross expenses prior to expense reimbursement /recoupment(3)	%		0.92			1.06			1.22
Net expenses after expense reimbursement/ recoupment (3)(4)	%		0.92			1.06			1.30
Net investment income after expense reimbursement/ recoupment(3)(4)	%		1.35			1.40			0.85	†
Portfolio turnover rate	%		21			39			91

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

†   Effective November 1, 2004, the Fund adopted a policy to reduce cost of investments for financial statement purposes by the distributions received in excess of income from Real Estate Investment Trusts. The effect of this change for the twelve months ended October 31, 2005 was to decrease the net investment income per share by $0.11, increase net realized and unrealized gain on investments per share by $0.11 and decrease the ratio of net investment income to average net assets from 1.51% to 0.78% for Class C.

††   Effective November 1, 2004, the Fund adopted a policy to reduce cost of investments for financial statement purposes by the distributions received in excess of income from Real Estate Investment Trusts. The effect of this change for the five months ended October 31, 2005 was to decrease the net investment income per share by $0.30, increase net realized and unrealized gain on investments per share by $0.30 and decrease the ratio of net investment income to average net assets from 2.60% to 0.85% for Class I.

See Accompanying Notes to Financial Statements

61

ING GLOBAL REAL ESTATE FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class O
		November 15,
		2006(1) to
		April 30,
		2007
Per Share Operating Performance:
Net asset value, beginning of period	$		22.20
Income from investment operations:
Net investment income	$		0.10	*
Net realized and unrealized gain on investments	$		2.95
Total from investment operations	$		3.05
Less distributions from:
Net investment income	$		0.84
Net realized gains on investments	$		0.31
Total distributions	$		1.15
Net asset value, end of period	$		24.10
Total Return(2)	%		13.94
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		31,613
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment(3)	%		1.27
Net expenses after expense reimbursement/ recoupment(3)(4)	%		1.27
Net investment income (loss) after expense reimbursement/ recoupment(3)(4)	%		0.82
Portfolio turnover rate	%		21

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

62

ING GLOBAL VALUE CHOICE FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A
		Six Months
		Ended		Year Ended October 31,
		April 30,
		2007		2006		2005			2004			2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		21.72		18.16		15.96			14.76			12.36			15.45
Income (loss) from investment operations:
Net investment income (loss)	$		0.03		0.08		0.09			(0.04	)		(0.06	)		(0.12	)*
Net realized and unrealized gain (loss) on investments	$		3.11		3.62		2.11			1.24			2.46			(2.97	)*
Total from investment operations	$		3.14		3.70		2.20			1.20			2.40			(3.09	)
Less distributions from:
Net investment income	$		—		0.14		—			—			—			—
Total distributions	$		—		0.14		—			—			—			—
Payment by affiliate	$		—		—		0.00	**		—			—			—
Net asset value, end of period	$		24.86		21.72		18.16			15.96			14.76			12.36
Total Return(1)	%		14.46		20.48		13.78	†		8.13			19.42			(20.00	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		51,009		47,305		41,941			46,133			56,877			69,478
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment and brokerage commission recapture(2)	%		1.77		1.78		1.90			1.77			1.93			1.96
Net expenses after expense reimbursement/recoupment and prior to brokerage commission recapture(2)(3)	%		1.85		1.78		1.85			1.85			1.85			1.86
Net expenses after expense reimbursement/ recoupment and brokerage commission recapture(2)(3)	%		1.84		1.77		1.85			1.85			1.85			1.86
Net investment income (loss) after expense reimbursement/ recoupment and brokerage commission recapture(2)(3)	%		0.24		0.40		0.46			(0.21	)		(0.35	)		(0.83	)
Portfolio turnover rate	%		28		77		129			101			125			281

		Class B
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		23.54			19.67			17.39			16.19			13.65			17.19
Income (loss) from investment operations:
Net investment loss	$		(0.06	)*		(0.04	)		(0.04	)		(0.17	)		(0.16	)		(0.25	)*
Net realized and unrealized gain (loss) on investments	$		3.37			3.91			2.32			1.37			2.70			(3.29	)*
Total from investment operations	$		3.31			3.87			2.28			1.20			2.54			(3.54	)
Payment by affiliate	$		—			—			0.00	**		—			—			—
Net asset value, end of period	$		26.85			23.54			19.67			17.39			16.19			13.65
Total Return(1)	%		14.06			19.67			13.11	†		7.41			18.61			(20.59	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		21,478			21,364			23,483			28,559			35,459			38,603
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment and brokerage commission recapture(2)	%		2.42			2.43			2.55			2.42			2.58			2.61
Net expenses after expense reimbursement/recoupment and prior to brokerage commission recapture(2)(3)	%		2.50			2.43			2.50			2.50			2.50			2.51
Net expenses after expense reimbursement/ recoupment and brokerage commission recapture(2)(3)	%		2.49			2.42			2.50			2.50			2.50			2.51
Net investment loss after expense reimbursement/ recoupment and brokerage commission recapture(2)(3)	%		(0.45	)		(0.25	)		(0.19	)		(0.87	)		(1.00	)		(1.46	)
Portfolio turnover rate	%		28			77			129			101			125			281

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

†   In 2005, there was no impact on total return due to payment by affiliate.

See Accompanying Notes to Financial Statements

63

ING GLOBAL VALUE CHOICE FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class C
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		20.93			17.50			15.48			14.41			12.14			15.29
Income (loss) from investment operations:
Net investment loss	$		(0.05	)		(0.05	)		(0.04	)		(0.15	)		(0.15	)		(0.22	)*
Net realized and unrealized gain (loss) on investments	$		2.99			3.50			2.06			1.22			2.42			(2.93	)
Total from investment operations	$		2.94			3.45			2.02			1.07			2.27			(3.15	)
Less distributions from:
Net investment income	$		—			0.02			—			—			—			—
Total distributions	$		—			0.02			—			—			—			—
Payment by affiliate	$		—			—			0.00	**		—			—			—
Net asset value, end of period	$		23.87			20.93			17.50			15.48			14.41			12.14
Total Return(2)	%		14.05			19.73			13.05	†		7.43			18.70			(20.60	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		34,936			31,612			30,918			35,784			45,476			51,868
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment and brokerage commission recapture(3)	%		2.42			2.43			2.55			2.42			2.58			2.61
Net expenses after expense reimbursement/recoupment and prior to brokerage commission recapture(3)(4)	%		2.50			2.43			2.50			2.50			2.50			2.51
Net expenses after expense reimbursement/ recoupment and brokerage commission recapture(3)(4)	%		2.49			2.42			2.50			2.50			2.50			2.51
Net investment loss after expense reimbursement/ recoupment and brokerage commission recapture(3)(4)	%		(0.40	)		(0.26	)		(0.19	)		(0.87	)		(1.01	)		(1.46	)
Portfolio turnover rate	%		28			77			129			101			125			281

		Class I
		Six Months			September 6,
		Ended			2006(1) to
		April 30,			October 31,
		2007			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		21.73			21.31
Income from investment operations:
Net investment gain (loss)	$		0.12	*		(0.11	)
Net realized and unrealized gain on investments	$		3.09			0.53
Total from investment operations	$		3.21			0.42
Net asset value, end of period	$		24.94			21.73
Total Return(2)	%		14.77			1.97
Ratios/ Supplemental Data:
Net assets, end of period (000’s)	$		6,908			3,010
Ratio to average net assets:
Gross expenses prior to expense reimbursement/ recoupment and brokerage commission recapture(3)(4)	%		1.26			1.27
Net expenses after expense reimbursement/ recoupment and prior to brokerage commission recapture	%		1.34			1.26
Net expenses after expense reimbursement/ recoupment and brokerage commission recapture(3)(4)	%		1.33			1.26
Net investment gain (loss) after expense reimbursement/recoupment and brokerage commission recapture(3)(4)	%		1.02			(0.69	)
Portfolio turnover rate	%		28			77

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

†   In 2005, there was no impact on total return due to payment by affiliate.

See Accompanying Notes to Financial Statements

64

ING GLOBAL VALUE CHOICE FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class Q
		Six Months
		Ended		Year Ended October 31,
		April 30,
		2007		2006			2005			2004		2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		25.44		21.25			18.61			17.17		14.34			17.87
Income (loss) from investment operations:
Net investment income (loss)	$		0.07		0.18	*		0.15			0.01		(0.01	)		(0.08	)*
Net realized and unrealized gain (loss) on investments	$		3.64		4.20			2.49			1.43		2.84			(3.45	)*
Total from investment operations	$		3.71		4.38			2.64			1.44		2.83			(3.53	)
Less distributions from:
Net investment income	$		—		0.19			—			—		—			—
Total distributions	$		—		0.19			—			—		—			—
Payment by affiliate	$		—		—			0.00	**		—		—			—
Net asset value, end of period	$		29.15		25.44			21.25			18.61		17.17			14.34
Total Return(1)	%		14.58		20.75			14.19	†		8.39		19.74			(19.75	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		2,793		2,757			4,387			4,223		6,454			8,194
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment and brokerage commission recapture (2)	%		1.48		1.52			1.60			1.51		1.62			1.59
Net expenses after expense reimbursement/recoupment and prior to brokerage commission recapture(2)(3)	%		1.56		1.52			1.55			1.59		1.54			1.49
Net expenses after expense reimbursement/recoupment and brokerage commission recapture(2)(3)	%		1.55		1.51			1.55			1.59		1.54			1.49
Net investment income (loss) after expense reimbursement/recoupment and brokerage commission recapture (2)(3)	%		0.50		0.75			0.75			0.05		(0.04	)		(0.47	)
Portfolio turnover rate	%		28		77			129			101		125			281

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized periods less than one year.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

†   In 2005, there was no impact on total return due to payment by affiliate.

See Accompanying Notes to Financial Statements

65

ING DISCIPLINED INTERNATIONAL SMALLCAP FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout the period.

		Class A			Class B			Class C			Class I
		December 20,			December 20,			December 20,			December 20,
		2006(1) to			2006(1) to			2006(1) to			2006(1) to
		April 30,			April 30,			April 30,			April 30,
		2007			2007			2007			2007
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00			10.00			10.00			10.00
Income from investment operations:
Net investment income	$		0.10	*		0.03	*		0.00	**		0.07	*
Net realized and unrealized gain on investments	$		1.19			1.24			1.27			1.24
Total from investment operations	$		1.29			1.27			1.27			1.31
Net asset value, end of period	$		11.29			11.27			11.27			11.31
Total Return(2)	%		12.90			12.70			12.70			13.10
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		49			5			1			125,404
Ratios to average net assets:
Gross expenses prior to expense reimbursement (3)	%		1.32			2.07			2.07			1.07
Net expenses after expense reimbursement(3)(4)	%		1.20			1.95			1.95			0.95
Net investment income after expense reimbursement(3)(4)	%		2.75			0.77			0.02			1.97
Portfolio turnover rate	%		38			38			38			38

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

See Accompanying Notes to Financial Statements

66

ING EMERGING COUNTRIES FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

________________________________________________________________________________

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A
		Six Months
		Ended		Year Ended October 31,
		April 30,
		2007		2006		2005			2004			2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		29.62		23.60		19.40			17.32			12.44		11.87
Income (loss) from investment operations:
Net investment income (loss)	$		0.23		0.48		0.19			0.09			0.03		(0.10	)
Net realized and unrealized gain on investments (net of Indian tax)	$		6.33		5.68		3.98			2.08			4.85		0.67
Total from investment operations	$		6.56		6.16		4.17			2.17			4.88		0.57
Less distributions from:
Net investment income	$		0.43		0.14		0.02			0.09			—		(0.00	)**
Total distributions	$		0.43		0.14		0.02			0.09			—		—
Payment by affiliate	$		—		—		0.05			0.00	**		—		—
Net asset value, end of period	$		35.75		29.62		23.60			19.40			17.32		12.44
Total Return(1)	%		22.32		26.19		21.76	††		12.58	†		39.23		4.80
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		162,122		123,219		87,143			67,282			71,953		62,063
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment and brokerage commission recapture(2)	%		1.98		2.02		2.09			2.10			2.37		2.26
Net expenses after expense reimbursement/recoupment and prior to brokerage commission recapture(2)(3)	%		1.88		1.92		2.00			2.20			2.27		2.32
Net expenses after expense reimbursement/ recoupment and brokerage commission recapture(2)(3)	%		1.84		1.91		2.00			2.20			2.27		2.32
Net investment income (loss) after expense reimbursement/ recoupment and brokerage commission recapture(2)(3)	%		1.56		1.80		0.91			0.41			0.22		(0.56	)
Portfolio turnover rate	%		21		35		124			88			135		124

		Class B
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		29.04			23.17			19.17			17.15			12.39			11.85
Income (loss) from investment operations:
Net investment income (loss)	$		0.12	*		0.28	*		0.04			(0.04	)		(0.06	)		(0.16	)
Net realized and unrealized gain on investments (net of Indian tax)	$		6.20			5.59			3.91			2.06			4.82			0.70
Total from investment operations	$		6.32			5.87			3.95			2.02			4.76			0.54
Less distributions from:
Net investment income	$		0.18			—			—			—			—			—
Total distributions	$		0.18			—			—			—			—			—
Payment by affiliate	$		—			—			0.05			0.00	**		—			—
Net asset value, end of period	$		35.18			29.04			23.17			19.17			17.15			12.39
Total Return(1)	%		21.84			25.33			20.87	††		11.78	†		38.42			4.56
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		15,210			13,575			12,562			12,581			16,425			15,150
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment and brokerage commission recapture(2)	%		2.63			2.67			2.74			2.75			3.02			2.91
Net expenses after expense reimbursement/recoupment and prior to brokerage commission recapture(2)(3)	%		2.63			2.67			2.74			2.85			2.92			2.97
Net expenses after expense reimbursement/recoupment and brokerage commission recapture(2)(3)	%		2.59			2.66			2.74			2.85			2.92			2.97
Net investment income (loss) after expense reimbursement/ recoupment and brokerage commission recapture(2)(3)	%		0.76			1.06			0.14			(0.30	)		(0.40	)		(1.23	)
Portfolio turnover rate	%		21			35			124			88			135			124

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

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

†  In 2004, 0.06% of the total return consists of a gain on the disposition of an investment not meeting the Fund’s investment restrictions. Excluding this item, total return would have been 12.52% and 11.72% for Class A and Class B, respectively.

††  In 2005, 0.26% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 21.50% and 20.61% for Class A and Class B, respectively.

See Accompanying Notes to Financial Statements

67

ING EMERGING COUNTRIES FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class C
		Six Months
		Ended		Year Ended October 31,
		April 30,
		2007		2006		2005			2004			2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		27.53		22.04		18.24			16.32			11.79			11.41
Income (loss) from investment operations:
Net investment income (loss)	$		0.12		0.25		0.03			(0.03	)		(0.06	)		(0.25	)
Net realized and unrealized gain on investments (net of Indian tax)	$		5.87		5.31		3.72			1.95			4.59			0.63
Total from investment operations	$		5.99		5.56		3.75			1.92			4.53			0.38
Less distributions from:
Net investment income	$		0.25		0.07		—			—			—			0.04
Total distributions	$		0.25		0.07		—			—			—			0.04
Payment by affiliate	$		—		—		0.05			0.00	**		—			—
Net asset value, end of period	$		33.27		27.53		22.04			18.24			16.32			11.79
Total Return(2)	%		21.85		25.29		20.83	††		11.76	†		38.42			3.33
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		44,118		35,847		20,985			9,680			10,033			9,519
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment and brokerage commission recapture (3)	%		2.63		2.67		2.74			2.75			3.02			2.91
Net expenses after expense reimbursement/recoupment and prior to brokerage commission recapture(3)(4)	%		2.63		2.67		2.74			2.85			2.92			2.97
Net expenses after expense reimbursement/recoupment and brokerage commission recapture(3)(4)	%		2.59		2.66		2.74			2.85			2.92			2.97
Net investment income (loss) after expense reimbursement/recoupment and brokerage commission recapture (3)(4)	%		0.79		1.12		0.25			(0.20	)		(0.40	)		(1.20	)
Portfolio turnover rate	%		21		35		124			88			135			124

		Class I
		Six Months		December 21,
		Ended		2005(1) to
		April 30,		October 31,
		2007		2006
Per Share Operating Performance:
Net asset value, beginning of period	$		29.72		25.52
Income from investment operations:
Net investment income	$		0.29		0.65	*
Net realized and unrealized gain on investments (net of Indian tax)	$		6.35		3.55
Total from investment operations	$		6.64		4.20
Less distribution from:
Net investment income	$		0.54		—
Total distributions	$		0.54		—
Net asset value, end of period	$		35.82		29.72
Total Return(2)	%		22.53		16.46
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		30,292		23,456
Ratio to average net assets:
Gross expenses prior to expense reimbursement/ recoupment and brokerage commission recapture(3)	%		1.53		1.55
Net expenses after expense reimbursement/ recoupment and prior to brokerage commission recapture(3)(4)	%		1.53		1.55
Net expenses after expense reimbursement/ recoupment and brokerage commission recapture(3)(4)	%		1.49		1.54
Net investment income after expense reimbursement/ recoupment and brokerage commission recapture(3)(4)	%		1.88		2.73
Portfolio turnover rate	%		21		35

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

†  In 2004, 0.06% of the total return consists of a gain on an investment not meeting the Fund’s investment restrictions. Excluding this item, total return would have been 11.70%.

††  In 2005, 0.27% of the total return on Class C consists of a payment by affiliate. Excluding this item, total return would have been 20.56%.

See Accompanying Notes to Financial Statements

68

ING EMERGING COUNTRIES FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class Q
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006			2005			2004			2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		30.62			24.38			20.03			17.89			12.80		12.26
Income (loss) from investment operations:
Net investment income (loss)	$		0.29	*		0.59	*		0.26			0.09			0.12		(0.14	)
Net realized and unrealized gain on investments (net of Indian tax)	$		6.52			5.81			4.07			2.17			4.97		0.68
Total from investment operations	$		6.81			6.40			4.33			2.26			5.09		0.54
Less distributions from:
Net investment income	$		0.45			0.16			0.03			0.12			—		0.00	**
Total distributions	$		0.45			0.16			0.03			0.12			—		0.00	**
Payment by affiliate	$		—			—			0.05			0.00	**		—		—
Net asset value, end of period	$		36.98			30.62			24.38			20.03			17.89		12.80
Total Return(2)	%		22.39			26.37			21.89	††		12.70	†		39.77		4.41
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		15,005			10,700			10,776			8,929			18,168		21,132
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment and brokerage commission recapture(4)	%		1.78			1.80			1.85			2.00			2.03		1.94
Net expenses after expense reimbursement/recoupment and prior to brokerage commission recapture(3)(4)	%		1.78			1.80			1.85			2.10			1.93		2.00
Net expenses after expense reimbursement/recoupment and brokerage commission recapture(3)(4)	%		1.74			1.79			1.85			2.10			1.93		2.00
Net investment income (loss) after expense reimbursement/ recoupment and brokerage commission recapture(3)(4)	%		1.73			2.09			1.12			0.36			0.59		(0.24	)
Portfolio turnover rate	%		21			35			124			88			135		124

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sale changes. Total return for less than one year is not annualized.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

⁽⁴⁾ Annualized for periods less than one year.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

†   In 2004, 0.06% of the total return consists of a gain on an investment not meeting the Fund’s investment restrictions. Excluding this item, total return would have been 12.01% and 12.64% for Class M and Class Q respectively.

††   In 2005, 0.26% and 0.25% of the total return on Class M and Class Q, respectively, consists of a payment by affiliate. Excluding this item, total return would have been 20.89% and 21.64% for Class M and Class Q respectively.

See Accompanying Notes to Financial Statements

69

ING FOREIGN FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A
		Six Months										July 1,
		Ended			Year Ended October 31,							2003(1) to
		April 30,										October 31,
		2007			2006			2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		18.56			14.79			12.38		11.01		10.00
Income (loss) from investment operations:
Net investment income (loss)	$		(0.00	)**		0.08	*		0.06		0.11		(0.00	)**
Net realized and unrealized gain on investments	$		3.22			4.05			2.35		1.44		1.01
Total from investment operations	$		3.22			4.13			2.41		1.55		1.01
Less distributions from:
Net investment income	$		—			—			—		0.04		—
Return of capital	$		—			—			—		0.10		—
Net realized gains on investments	$		0.68			0.36			—		0.04		—
Total distributions	$		0.68			0.36			—		0.18		—
Net asset value, end of period	$		21.10			18.56			14.79		12.38		11.01
Total Return(2)	%		17.70			28.39			19.47		14.25		10.10
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		281,249			219,819			122,883		62,949		6,598
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment and brokerage commission recapture(3)	%		1.56			1.58			1.66		1.95		6.03
Net expenses after expense reimbursement/recoupment and prior to brokerage commission recapture(3)(4)	%		1.56			1.65			1.68		1.70		1.95
Net expenses after expense reimbursement/recoupment and brokerage commission recapture(3)(4)	%		1.55			1.65			1.68		1.70		1.95
Net investment income (loss) after expense reimbursement/ recoupment and brokerage commission recapture(3)(4)	%		0.03			0.49			0.53		0.37		(0.32	)
Portfolio turnover rate	%		29			65			81		141		50

		Class B
		Six Months												July 8,
		Ended			Year Ended October 31,									2003(1) to
		April 30,												October 31,
		2007			2006			2005			2004			2003
Per Share Operating Performance:
Net asset value, beginning of period	$		18.11			14.55			12.26			10.99			10.29
Income (loss) from investment operations:
Net investment loss	$		(0.07	)		(0.04	)*		(0.03	)		(0.05	)*		(0.01	)
Net realized and unrealized gains on investments	$		3.14			3.96			2.32			1.49			0.71
Total from investment operations	$		3.07			3.92			2.29			1.44			0.70
Less distributions from:
Net investment income	$		—			—			—			0.03			—
Return of capital	$		—			—			—			0.10			—
Net realized gains on investments	$		0.68			0.36			—			0.04			—
Total distributions	$		0.68			0.36			—			0.17			—
Net asset value, end of period	$		20.50			18.11			14.55			12.26			10.99
Total Return(2)	%		17.31			27.40			18.68			13.32			6.80
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		44,698			38,136			22,944			11,263			1,344
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment and brokerage commission recapture(3)	%		2.31			2.33			2.41			2.70			6.78
Net expenses after expense reimbursement and prior to brokerage commission recapture(3)(4)	%		2.31			2.40			2.43			2.45			2.70
Net expenses after expense reimbursement/recoupment and brokerage commission recapture(3)(4)	%		2.30			2.40			2.43			2.45			2.70
Net investment loss after expense reimbursement/recoupment and brokerage commission recapture(3)(4)	%		(0.75	)		(0.24	)		(0.23	)		(0.46	)		(1.03	)
Portfolio turnover rate	%		29			65			81			141			50

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

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

See Accompanying Notes to Financial Statements

70

ING FOREIGN FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class C
		Six Months												July 7,
		Ended			Year Ended October 31,									2003(1) to
		April 30,												October 31,
		2007			2006			2005			2004			2003
Per Share Operating Performance:
Net asset value, beginning of period	$		18.14			14.57			12.28			11.01			10.27
Income (loss) from investment operations:
Net investment loss	$		(0.07	)		(0.04	)*		(0.03	)		(0.04	)*		(0.01	)
Net realized and unrealized gain on investments	$		3.14			3.97			2.32			1.48			0.75
Total from investment operations	$		3.07			3.93			2.29			1.44			0.74
Less distributions from:
Net investment income	$		—			—			—			0.03			—
Return of capital	$		—			—			—			0.10			—
Net realized gains on investments	$		0.68			0.36			—			0.04			—
Total distributions	$		0.68			0.36			—			0.17			—
Net asset value, end of period	$		20.53			18.14			14.57			12.28			11.01
Total Return(2)	%		17.28			27.43			18.65			13.28			7.21
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		198,999			154,101			87,877			41,424			5,601
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment and brokerage commission recapture(3)	%		2.31			2.33			2.41			2.70			6.78
Net expenses after expense reimbursement/recoupment and prior to brokerage commission recapture(3)(4)	%		2.31			2.40			2.43			2.45			2.70
Net expenses after expense reimbursement/recoupment and brokerage commission recapture(3)(4)	%		2.30			2.40			2.43			2.45			2.70
Net investment loss after expense reimbursement/recoupment and brokerage commission recapture(3)(4)	%		(0.72	)		(0.26	)		(0.27	)		(0.41	)		(1.03	)
Portfolio turnover rate	%		29			65			81			141			50

		Class I
		Six Months		Year Ended							September 8,
		Ended		October 31,							2003(1) to
		April 30,									October 31,
		2007		2006			2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		18.78		14.93			12.45		11.05		10.63
Income from investment operations:
Net investment income	$		0.03		0.13	*		0.34		0.19		0.00	**
Net realized and unrealized gain on investments	$		3.27		4.08			2.14		1.39		0.42
Total from investment operations	$		3.30		4.21			2.48		1.58		0.42
Less distributions from:
Net investment income	$		—		—			—		0.04		—
Return of capital	$		—		—			—		0.10		—
Net realized gains on investments	$		0.68		0.36			—		0.04		—
Total distributions	$		0.68		0.36			—		0.18		—
Net asset value, end of period	$		21.40		18.78			14.93		12.45		11.05
Total Return(2)	%		17.93		28.67			19.92		14.53		3.95
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		83,599		61,248			1,049		2,547		188
Ratios to average net assets:
Gross expenses prior to expense reimbursement/ recoupment and brokerage commission recapture(3)	%		1.25		1.28			1.34		1.50		5.51
Net expenses after expense reimbursement/ recoupment and prior to brokerage commission recapture(3)(4)	%		1.25		1.35			1.35		1.25		1.43
Net expenses after expense reimbursement/ recoupment and brokerage commission recapture(3)(4)	%		1.24		1.34			1.35		1.25		1.43
Net investment income after expense reimbursement/ recoupment and brokerage commission recapture(3)(4)	%		0.37		0.78			0.97		1.58		0.21
Portfolio turnover rate	%		29		65			81		141		50

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

See Accompanying Notes to Financial Statements

71

ING FOREIGN FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class Q
		Six Months		Year Ended							July 10,
		Ended		October 31,							2003(1) to
		April 30,									October 31,
		2007		2006			2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		18.61		14.82			12.40		11.02		10.13
Income (loss) from investment operations:
Net investment income (loss)	$		0.01		0.07	*		0.08		0.09		(0.00	)**
Net realized and unrealized gain on investments	$		3.24		4.08			2.34		1.46		0.89
Total from investment operations	$		3.25		4.15			2.42		1.55		0.89
Less distributions from:
Net investment income	$		—		—			—		0.03		—
Return of capital	$		—		—			—		0.10		—
Net realized gains on investments	$		0.68		0.36			—		0.04		—
Total distributions	$		0.68		0.36			—		0.17		—
Net asset value, end of period	$		21.18		18.61			14.82		12.40		11.02
Total Return(2)	%		17.82		28.47			19.52		14.28		8.79
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		1,253		1,196			1,079		1,054		421
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment and brokerage commission recapture(3)	%		1.49		1.53			1.59		1.85		5.93
Net expenses after expense reimbursement/recoupment and prior to brokerage commission recapture(3)(4)	%		1.49		1.60			1.60		1.60		1.85
Net expenses after expense reimbursement/recoupment and brokerage commission recapture(3)(4)	%		1.49		1.60			1.60		1.60		1.85
Net investment income (loss) after expense reimbursement/recoupment and brokerage commission recapture(3)(4)	%		0.09		0.43			0.53		0.34		(0.17	)
Portfolio turnover rate	%		29		65			81		141		50

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is more than $(0.005).

See Accompanying Notes to Financial Statements

72

ING GREATER CHINA FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A					Class B
		Six Months			December 21,		Six Months			January 6,
		Ended			2005(1) to		Ended			2006(1) to
		April 30,			October 31,		April 30,			October 31,
		2007			2006		2007			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		12.49			10.00		12.42			10.60
Income (loss) from investment operations:
Net investment income	$		(0.07	)		0.06		(0.12	)*		0.05	*
Net realized and unrealized gain (loss) on investments	$		2.34			2.43		2.32			1.77
Total from investment operations	$		2.27			2.49		2.20			1.82
Less distributions from:
Net investment income	$		0.06			—		0.04			—
Total distributions	$		0.06			—		0.04			—
Net asset value, end of period	$		14.70			12.49		14.58			12.42
Total Return(2)	%		18.19			24.90		17.73			17.17
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		38,255			23,709		3,563			1,957
Ratios to average net assets:
Expenses(3)	%		2.00			2.64		2.75			3.39
Net investment income(3)	%		(0.95	)		0.75		(1.69	)		0.47
Portfolio turnover rate	%		44			108		44			108

		Class C						Class I
		Six Months			January 11,			Six Months			May 8,
		Ended			2006(1) to			Ended			2006(1) to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		12.43			10.67			12.50			12.84
Income (loss) from investment operations:
Net investment income	$		(0.12	)*		0.05	*		(0.05	)		0.08
Net realized and unrealized gain (loss) on investments	$		2.32			1.71			2.33			(0.42	)
Total from investment operations	$		2.20			1.76			2.28			(0.34	)
Less distributions from:
Net investment income	$		0.03			—			0.08			—
Total distributions	$		0.03			—			0.08			—
Net asset value, end of period	$		14.60			12.43			14.70			12.50
Total Return(2)	%		17.69			16.49			18.28			(2.65	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		4,540			2,124			26			22
Ratios to average net assets:
Expenses(3)	%		2.75			3.39			1.73			2.39
Net investment income(3)	%		(1.70	)		0.53			(0.66	)		1.47
Portfolio turnover rate	%		44			108			44			108

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

73

ING INDEX PLUS INTERNATIONAL EQUITY FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A						Class B
		Six Months			December 21,			Six Months			January 12,
		Ended			2005(1) to			Ended			2006(1) to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		11.68			10.00			11.63			10.43
Income from investment operations:
Net investment income	$		0.07	*		0.14	*		0.08	*		0.06	*
Net realized and unrealized gain on investments	$		1.69			1.54			1.61			1.14
Total from investment operations	$		1.76			1.68			1.69			1.20
Less distributions from:
Net investment income	$		0.08			—			0.06			—
Net realized gains on investments	$		0.27			—			0.27			—
Total distributions	$		0.35			—			0.33			—
Net asset value, end of period	$		13.09			11.68			12.99			11.63
Total Return(2)	%		15.40			16.80			14.80			11.51
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		3,957			12,513			445			264
Ratios to average net assets:
Gross expenses prior to expense reimbursement(3)	%		1.13			1.30			1.88			2.05
Net expenses after expense reimbursement(3)(4)	%		1.13			1.15			1.88			1.90
Net investment income after expense reimbursement (3)(4)	%		1.20			1.50			1.24			0.64
Portfolio turnover rate	%		107			188			107			188

		Class C						Class I
		Six Months			January 12,			Six Months		December 21,
		Ended			2006(1) to			Ended		2005(1) to
		April 30,			October 31,			April 30,		October 31,
		2007			2006			2007		2006
Per Share Operating Performance:
Net asset value, beginning of period	$		11.61			10.43			11.70		10.00
Income from investment operations:
Net investment income	$		0.08	*		0.08	*		0.12		0.16	*
Net realized and unrealized gain on investments	$		1.62			1.10			1.66		1.54
Total from investment operations	$		1.70			1.18			1.78		1.70
Less distributions from:
Net investment income	$		0.04			—			0.12		—
Net realized gains on investments	$		0.27			—			0.27		—
Total distributions	$		0.31			—			0.39		—
Net asset value, end of period	$		13.00			11.61			13.09		11.70
Total Return(2)	%		14.94			11.31			15.57		17.00
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		724			534			96,292		78,581
Ratios to average net assets:
Gross expenses prior to expense reimbursement(3)	%		1.88			2.05			0.83		1.05
Net expenses after expense reimbursement(3)(4)	%		1.88			1.90			0.83		0.90
Net investment income after expense reimbursement (3)(4)	%		1.24			0.87			2.08		1.69
Portfolio turnover rate	%		107			188			107		188

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

74

ING INTERNATIONAL CAPITAL APPRECIATION FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A					Class B
		Six Months			December 21,		Six Months			January 9,
		Ended			2005(1) to		Ended			2006(1) to
		April 30,			October 31,		April 30,			October 31,
		2007			2006		2007			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		11.39			10.00		11.33			10.42
Income (loss) from investment operations:
Net investment income (loss)	$		0.00	**		0.04		(0.02	)*		(0.04	)*
Net realized and unrealized gain on investments	$		1.64			1.35		1.59			0.95
Total from investment operations	$		1.64			1.39		1.57			0.91
Less distributions from:
Net investment income	$		0.05			—		0.03			—
Net realized gains on investments	$		0.25			—		0.25			—
Total distributions	$		0.30			—		0.28			—
Net asset value, end of period	$		12.73			11.39		12.62			11.33
Total Return(2)	%		14.70			13.90		14.13			8.73
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		3,300			3,677		138			66
Ratios to average net assets:
Gross expenses prior to expense reimbursement and brokerage commission recapture(3)	%		1.54			1.84		2.28			2.59
Net expenses after expense reimbursement and prior to brokerage commission recapture(3)(4)	%		1.50			1.50		2.25			2.25
Net expenses after expense reimbursement and brokerage commission recapture(3)(4)	%		1.50			1.50		2.25			2.25
Net investment income (loss) after expense reimbursement and brokerage commission recapture(3)(4)	%		0.21			0.32		(0.40	)		(0.43	)
Portfolio turnover rate	%		34			91		34			91

		Class C						Class I
		Six Months			January 24,			Six Months			December 21,
		Ended			2006(1) to			Ended			2005(1) to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		11.35			10.28			11.43			10.00
Income (loss) from investment operations:
Net investment income (loss)	$		(0.02	)*		(0.03	)		0.05	*		0.02
Net realized and unrealized gain on investments	$		1.59			1.10			1.61			1.41
Total from investment operations	$		1.57			1.07			1.66			1.43
Less distributions from:
Net investment income	$		—			—			0.09			—
Net realized gains on investments	$		0.25			—			0.25			—
Total distributions	$		0.25			—			0.34			—
Net asset value, end of period	$		12.67			11.35			12.75			11.43
Total Return(2)	%		14.08			10.41			14.78			14.30
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		126			65			94,283			47,200
Ratios to average net assets:
Gross expenses prior to expense reimbursement and brokerage commission recapture(3)	%		2.28			2.59			1.19			1.56
Net expenses after expense reimbursement and prior to brokerage commission recapture(3)(4)	%		2.25			2.25			1.16			1.22
Net expenses after expense reimbursement and brokerage commission recapture(3)(4)	%		2.25			2.25			1.16			1.22
Net investment income (loss) after expense reimbursement and brokerage commission recapture(3)(4)	%		(0.27	)		(0.50	)		0.84			0.39
Portfolio turnover rate	%		34			91			34			91

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

See Accompanying Notes to Financial Statements

75

ING INTERNATIONAL GROWTH OPPORTUNITIES FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006		2005			2004			2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		13.20			10.97		9.78			8.48			7.05		8.09
Income (loss) from investment operations:
Net investment income (loss)	$		0.03			0.12		0.10			0.09			0.04		(0.02	)
Net realized and unrealized gain (loss) on investments	$		1.56			2.28		1.18			1.22			1.37		(1.04	)
Total from investment operations	$		1.59			2.40		1.28			1.31			1.41		(1.06	)
Less distributions from:
Net investment income	$		0.15			0.17		0.10			0.01			0.03		—
Net realized gains on investments	$		1.14			—		—			—			—		—
Total distributions	$		1.29			0.17		0.10			0.01			0.03		—
Redemption fees applied to capital	$		—			—		—			0.00	**		0.05		0.02
Payment by affiliate	$		—			—		0.01			—			—		—
Net asset value, end of period	$		13.50			13.20		10.97			9.78			8.48		7.05
Total Return(1)	%		12.75			22.12		13.30	†		15.49			20.72		(12.86	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		60,026			58,697		51,193			47,551			43,821		43,314
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment(2)	%		1.63			1.65		1.65			1.64			1.87		2.18
Net expenses after expense reimbursement/recoupment (2)(3)	%		1.63	(4)		1.65		1.65			1.68			1.85		2.14
Net investment income (loss) after expense reimbursement/recoupment(2)(3)	%		0.48	(4)		0.96		0.94			0.78			0.64		(0.32	)
Portfolio turnover rate	%		58			173		116			90			100		126

		Class B
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		12.69			10.55			9.43			8.22			6.91			8.03
Income (loss) from investment operations:
Net investment income (loss)	$		(0.01	)		0.03	*		0.02			(0.00	)**		(0.00	)**		(0.02	)
Net realized and unrealized gain (loss) on investments	$		1.50			2.20			1.14			1.21			1.31			(1.10	)
Total from investment operations	$		1.49			2.23			1.16			1.21			1.31			(1.12	)
Less distributions from:
Net investment income	$		0.05			0.09			0.05			—			—			—
Net realized gains of investments	$		1.14			—			—			—			—			—
Total distributions	$		1.19			0.09			0.05			—			—			—
Payment by affiliate	$		—			—			0.01			—			—			—
Net asset value, end of period	$		12.99			12.69			10.55			9.43			8.22			6.91
Total Return(1)	%		12.38			21.23			12.41	†		14.72			18.96			(13.95	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		16,862			16,822			16,338			15,069			12,466			10,246
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment(2)	%		2.38			2.40			2.40			2.39			2.62			2.83
Net expenses after expense reimbursement/recoupment (2)(3)	%		2.38	(4)		2.40			2.40			2.43			2.60			2.76
Net investment income (loss) after expense reimbursement/recoupment(2)(3)	%		(0.27	)(4)		0.22			0.19			(0.02	)		(0.05	)		(1.10	)
Portfolio turnover rate	%		58			173			116			90			100			126

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by ING Investments, LLC within three years of being incurred.

⁽⁴⁾ Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

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

†   In 2005, 0.10% of the total return on Class A and Class B, consists of a payment by affiliate. Excluding this item, total return would have been 13.20% and 12.31% for Class A and Class B, respectively.

See Accompanying Notes to Financial Statements

76

ING INTERNATIONAL GROWTH OPPORTUNITIES FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class C
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006		2005			2004			2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		12.70			10.55		9.42			8.22			6.91			8.02
Income (loss) from investment operations:
Net investment income (loss)	$		(0.02	)		0.04		0.03			(0.00	)**		(0.00	)**		(0.02	)
Net realized and unrealized gain (loss) on investments	$		1.51			2.19		1.13			1.20			1.31			(1.09	)
Total from investment operations	$		1.49			2.23		1.16			1.20			1.31			(1.11	)
Less distributions from:
Net investment income	$		0.06			0.08		0.04			—			0.00	**		—
Net realized gains on investments	$		1.14			—		—			—			—			—
Total distributions	$		1.20			0.08		0.04			—			0.00	**		—
Payment by affiliate	$		—			—		0.01			—			—			—
Net asset value, end of period	$		12.99			12.70		10.55			9.42			8.22			6.91
Total Return(2)	%		12.34			21.25		12.46	†		14.60			18.97			(13.84	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		16,589			15,918		15,008			16,230			14,526			12,384
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment(4)	%		2.38			2.40		2.40			2.39			2.62			2.84
Net expenses after expense reimbursement/recoupment (3)(4)	%		2.38	(5)		2.40		2.40			2.43			2.60			2.76
Net investment income (loss) after expense reimbursement/recoupment(3)(4)	%		(0.25	) (5)		0.21		0.18			(0.04	)		(0.05	)		(1.18	)
Portfolio turnover rate	%		58			173		116			90			100			126

		Class I
		Six Months													January 15,
		Ended			Year Ended October 31,										2002 to
		April 30,													October 31,
		2007			2006			2005			2004		2003		2002(1)
Per Share Operating Performance:
Net asset value, beginning of period	$		13.16			10.94			9.76			8.45		7.06		8.25
Income (loss) from investment operations:
Net investment income	$		0.03	*		0.15	*		0.14			0.09		0.10		0.05
Net realized and unrealized gain (loss) on investments	$		1.59			2.29			1.18			1.25		1.34		(1.24	)
Total from investment operations	$		1.62			2.44			1.32			1.34		1.44		(1.19	)
Less distributions from:
Net investment income	$		0.21			0.22			0.15			0.03		0.05		—
Net realized gains on investments	$		1.14			—			—			—		—		—
Total distributions	$		1.35			0.22			0.15			0.03		0.05		—
Payment by affiliate	$		—			—			0.01			—		—		—
Net asset value, end of period	$		13.43			13.16			10.94			9.76		8.45		7.06
Total Return(2)	%		13.01			22.56			13.73	†		15.94		20.53		(14.42	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		8,158			13,354			23,452			17,211		11,582		6,384
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment(4)	%		1.25			1.25			1.26			1.22		1.34		1.53
Net expenses after expense reimbursement/recoupment(3)(4)	%		1.25	(5)		1.25			1.26			1.26		1.33		1.48
Net investment income after expense reimbursement/recoupment(3)(4)	%		0.54	(5)		1.27			1.34			1.13		1.29		0.72
Portfolio turnover rate	%		58			173			116			90		100		126

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

⁽⁴⁾ Annualized for periods less than one year.

⁽⁵⁾ Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

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

†   In 2005, 0.10% of the total return on Class C and Class I, consists of a payment by affiliate. Excluding this item, total return would have been 12.36% and 13.63% for Class C and Class I, respectively.

See Accompanying Notes to Financial Statements

77

ING INTERNATIONAL GROWTH OPPORTUNITIES FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class Q
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006		2005			2004		2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		13.10			10.89		9.72			8.43		7.04		8.10
Income (loss) from investment operations:
Net investment income (loss)	$		0.04			0.14		0.08			0.06		0.07		(0.03	)
Net realized and unrealized gain (loss) on investments	$		1.55			2.27		1.20			1.25		1.37		(1.03	)
Total from investment operations	$		1.59			2.41		1.28			1.31		1.44		(1.06	)
Less distributions from:
Net investment income	$		0.18			0.20		0.12			0.02		0.05		—
Net realized gains on investments	$		1.14			—		—			—		—		—
Total distributions	$		1.32			0.20		0.12			0.02		0.05		—
Payment by affiliate	$		—			—		0.01			—		—		—
Net asset value, end of period	$		13.37			13.10		10.89			9.72		8.43		7.04
Total Return(1)	%		12.83			22.38		13.41	†		15.61		20.51		(13.09	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		30,839			27,114		14,544			7,274		14,755		6,949
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment(2)	%		1.50			1.50		1.51			1.56		1.59		1.70
Net expenses after expense reimbursement/recoupment (2)(3)	%		1.50	(4)		1.50		1.51			1.60		1.59		1.61
Net investment income (loss) after expense reimbursement/recoupment(2)(3)	%		0.67	(4)		1.19		1.00			0.73		0.91		(0.08	)
Portfolio turnover rate	%		58			173		116			90		100		126

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

⁽⁴⁾ Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio.

†   In 2005, 0.10% of the total return on Class Q, consists of a payment by affiliate. Excluding this item, total return would have been 13.31% for Class Q.

See Accompanying Notes to Financial Statements

78

ING INTERNATIONAL REAL ESTATE FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A						Class B
		Six Months			February 28,			Six Months			February 28,
		Ended			2006(1) to			Ended			2006(1) to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		11.63			10.00			11.59			10.00
Income (loss) from investment operations:
Net investment income	$		0.06	*		0.09	*		0.02	*		0.04	*
Net realized and unrealized gain on investments	$		2.34			1.60			2.33			1.59
Total from investment operations	$		2.40			1.69			2.35			1.63
Less distributions from:
Net investment income	$		0.27			0.06			0.24			0.04
Total distributions	$		0.27			0.06			0.24			0.04
Net asset value, end of period	$		13.76			11.63			13.70			11.59
Total Return(2)	%		20.77			16.94			20.39			16.38
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		188,609			49,798			8,480			1,639
Ratios to average net assets:
Gross expenses prior to expense reimbursement(4)	%		1.57			2.01			2.32			2.76
Net expenses after expense reimbursement(3)(4)	%		1.50			1.50			2.25			2.25
Net investment income after expense reimbursement (3)(4)	%		0.98			1.33			0.26			0.51
Portfolio turnover rate	%		16			29			16			29

		Class C						Class I
		Six Months			February 28,			Six Months			February 28,
		Ended			2006(1) to			Ended			2006(1) to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		11.59			10.00			11.64			10.00
Income (loss) from investment operations:
Net investment income	$		0.02	*		0.04	*		0.08	*		0.08	*
Net realized and unrealized gain on investments	$		2.32			1.59			2.33			1.63
Total from investment operations	$		2.34			1.63			2.41			1.71
Less distributions from:
Net investment income	$		0.23			0.04			0.28			0.07
Total distributions	$		0.23			0.04			0.28			0.07
Net asset value, end of period	$		13.70			11.59			13.77			11.64
Total Return(2)	%		20.35			16.31			20.85			17.23
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		77,470			17,075			46,293			22,336
Ratios to average net assets:
Gross expenses prior to expense reimbursement(4)	%		2.32			2.76			1.32			1.76
Net expenses after expense reimbursement(3)(4)	%		2.25			2.25			1.25			1.25
Net investment income after expense reimbursement (3)(4)	%		0.23			0.54			1.23			1.09
Portfolio turnover rate	%		16			29			16			29

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

⁽⁴⁾ Annualized for periods less than one year.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

79

ING INTERNATIONAL SMALLCAP FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A
		Six Months
		Ended		Year Ended October 31,
		April 30,
		2007		2006		2005			2004			2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		47.15		37.75		29.27			25.37			18.35		21.85
Income (loss) from investment operations:
Net investment income (loss)	$		0.16		0.29		0.33	*		0.02			0.01		(0.07	)
Net realized and unrealized gain (loss) on investments	$		12.83		9.44		8.05			3.86			7.01		(3.43	)
Total from investment operations	$		12.99		9.73		8.38			3.88			7.02		(3.50	)
Less distributions from:
Net investment income	$		0.28		0.33		—			0.00	**		—		—
Total distributions	$		0.28		0.33		—			0.00	**		—		—
Payment by affiliate	$		—		—		0.10			0.02			—		—
Net asset value, end of period	$		59.86		47.15		37.75			29.27			25.37		18.35
Total Return(1)	%		27.66		25.91		28.97	††		15.39	†		38.26		(16.02	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		373,290		243,020		173,612			154,658			150,043		123,206
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment(2)	%		1.60		1.66		1.74			1.72			1.94		1.99
Net expenses after expense reimbursement/recoupment (2)(3)	%		1.60		1.66		1.74			1.75			1.95		1.95
Net investment income (loss) after expense reimbursement/recoupment(2)(3)	%		0.68		0.67		0.98			0.07			0.00		(0.32	)
Portfolio turnover rate	%		56		85		124			106			114		149

		Class B
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		48.53			38.83			30.30			26.43			19.25			23.06
Income (loss) from investment operations:
Net investment income (loss)	$		(0.02	)*		(0.01	)*		0.10	*		(0.19	)		(0.24	)		(0.32	)
Net realized and unrealized gain (loss) on investments	$		13.24			9.75			8.33			4.04			7.42			(3.49	)
Total from investment operations	$		13.22			9.74			8.43			3.85			7.18			(3.81	)
Less distributions from:
Net investment income	$		—			0.04			—			—			—			—
Total distributions	$		—			0.04			—			—			—			—
Payment by affiliate	$		—			—			0.10			0.02			—			—
Net asset value, end of period	$		61.75			48.53			38.83			30.30			26.43			19.25
Total Return(1)	%		27.24			25.10			28.15	††		14.64	†		37.30			(16.52	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		66,175			58,469			57,131			58,318			62,104			52,661
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment(2)	%		2.25			2.31			2.39			2.37			2.59			2.63
Net expenses after expense reimbursement/recoupment (2)(3)	%		2.25			2.31			2.39			2.40			2.60			2.60
Net investment income (loss) after expense reimbursement/recoupment(2)(3)	%		(0.08	)		(0.03	)		0.29			(0.60	)		(0.68	)		(0.98	)
Portfolio turnover rate	%		56			85			124			106			114			149

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by ING Investments, LLC within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

†   In 2004, the Sub-Adviser fully reimbursed the Fund for a loss incurred from a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.07%.

††   In 2005, 0.34% and 0.33% of the total return on Class A and Class B, respectively, consists of a payment by affiliate. Excluding this item, total return would have been 28.63% and 27.82% on Class A and Class B, respectively.

See Accompanying Notes to Financial Statements

80

ING INTERNATIONAL SMALLCAP FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class C
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006			2005			2004			2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		44.39			35.59			27.77			24.23			17.65			21.14
Income (loss) from investment operations:
Net investment income (loss)	$		(0.01	)		(0.00	)**		0.10	*		(0.17	)		(0.29	)		(0.32	)
Net realized and unrealized gain (loss) on investments	$		12.09			8.91			7.62			3.70			6.87			(3.17	)
Total from investment operations	$		12.08			8.91			7.72			3.53			6.58			(3.49	)
Less distributions from:
Net investment income	$		—			0.11			—			—			—			—
Total distributions	$		—			0.11			—			—			—			—
Payment by affiliate	$		—			—			0.10			0.01			—			—
Net asset value, end of period	$		56.47			44.39			35.59			27.77			24.23			17.65
Total Return(2)	%		27.22			25.09			28.16	††		14.61	†		37.28			(16.51	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		85,457			65,534			52,420			47,793			50,227			46,703
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment(3)	%		2.25			2.31			2.39			2.37			2.59			2.63
Net expenses after expense reimbursement/recoupment (3)(4)	%		2.25			2.31			2.39			2.40			2.60			2.60
Net investment income (loss) after expense reimbursement/recoupment(3)(4)	%		(0.03	)		(0.01	)		0.30			(0.60	)		(0.68	)		(0.99	)
Portfolio turnover rate	%		56			85			124			106			114			149

		Class I
		Six Months		December 21,
		Ended		2005(1) to
		April 30,		October 31,
		2007		2006
Per Share Operating Performance:
Net asset value, beginning of period	$		47.35		40.64
Income from investment operations:
Net investment income	$		0.31		0.39	*
Net realized and unrealized gain on investments	$		12.82		6.32
Total from investment operations	$		13.13		6.71
Less distributions from:
Net investment income	$		0.48		—
Total distributions	$		0.48		—
Net asset value, end of period	$		60.00		47.35
Total Return(2)	%		27.91		16.51
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		278,241		137,184
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment(3)	%		1.18		1.20
Net expenses after expense reimbursement/recoupment (3)(4)	%		1.18		1.20
Net investment income after expense reimbursement/recoupment(3)(4)	%		1.25		1.02
Portfolio turnover rate	%		56		85

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is more than $(0.005).

†   In 2004, the Sub-Adviser fully reimbursed the Fund for a loss incurred from a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.07%.

††   In 2005, 0.36% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 27.80%.

See Accompanying Notes to Financial Statements

81

ING INTERNATIONAL SMALLCAP FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class Q
		Six Months
		Ended		Year Ended October 31,
		April 30,
		2007		2006		2005			2004			2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		50.65		40.53		31.34			27.11			19.54		23.19
Income (loss) from investment operations:
Net investment income	$		0.21		0.37		0.43	*		0.10			0.21		0.04
Net realized and unrealized gain (loss) on investments	$		13.77		10.16		8.66			4.13			7.36		(3.69	)
Total from investment operations	$		13.98		10.53		9.09			4.23			7.57		(3.65	)
Less distributions from:
Net investment income	$		0.34		0.41		—			0.01			—		—
Total distributions	$		0.34		0.41		—			0.01			—		—
Payment by affiliate	$		—		—		0.10			0.01			—		—
Net asset value, end of period	$		64.29		50.65		40.53			31.34			27.11		19.54
Total Return(1)	%		27.72		26.14		29.32	††		15.66	†		38.74		(15.74	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		111,976		82,245		57,846			61,166			79,140		70,404
Ratios to average net assets:
Gross expenses prior to expense reimbursement/recoupment(2)	%		1.43		1.48		1.49			1.47			1.58		1.59
Net expenses after expense reimbursement/recoupment (2)(3)	%		1.43		1.48		1.49			1.50			1.59		1.55
Net investment income after expense reimbursement/recoupment(2)(3)	%		0.79		0.83		1.18			0.28			0.35		0.07
Portfolio turnover rate	%		56		85		124			106			114		149

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

†   In 2004, the Sub-Adviser fully reimbursed the Fund for a loss incurred from a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.07%.

†† In 2005, 0.36% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 28.96%.

See Accompanying Notes to Financial Statements

82

ING INTERNATIONAL VALUE FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A
		Six Months
		Ended		Year Ended October 31,
		April 30,
		2007		2006			2005			2004		2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		21.52		18.33			16.90			13.71		10.40		12.33
Income (loss) from investment operations:
Net investment income	$		0.11		0.18	*		0.17			0.13		0.08		0.06
Net realized and unrealized gain (loss) on investments	$		2.99		4.58			2.28			3.15		3.48		(1.64	)
Total from investment operations	$		3.10		4.76			2.45			3.28		3.56		(1.58	)
Less distributions from:
Net investment income	$		0.20		0.16			0.22			0.09		0.05		0.09
Net realized gains on investments	$		2.14		1.41			0.80			—		0.20		0.26
Total distributions	$		2.34		1.57			1.02			0.09		0.25		0.35
Payment by affiliate	$		—		—			0.00	**		—		—		—
Net asset value, end of period	$		22.28		21.52			18.33			16.90		13.71		10.40
Total Return(1)	%		15.36		27.64			15.06	†		24.03		35.11		(13.31	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		2,209,075		1,995,027			1,732,332			1,869,868		1,641,943		1,356,334
Ratios to average net assets:
Gross expenses prior to brokerage commission recapture(2)	%		1.60		1.60			1.60			1.61		1.74		1.76
Net expenses after brokerage commission recapture (2)	%		1.60		1.60			1.60			1.61		1.74		1.76
Net investment income after brokerage commission recapture(2)	%		1.04		0.90			0.88			0.79		0.66		0.58
Portfolio turnover rate	%		15		25			21			29		9		20

		Class B
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006			2005			2004		2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		21.07			17.95			16.58			13.45		10.23			12.13
Income (loss) from investment operations:
Net investment income (loss)	$		0.03	*		0.04	*		0.05			0.02		(0.00	)**		(0.02	)
Net realized and unrealized gain (loss) on investments	$		2.93			4.50			2.23			3.11		3.42			(1.62	)
Total from investment operations	$		2.96			4.54			2.28			3.13		3.42			(1.64	)
Less distributions from:
Net investment income	$		0.03			0.01			0.11			—		—			0.00	**
Net realized gains on investments	$		2.14			1.41			0.80			—		0.20			0.26
Total distributions	$		2.17			1.42			0.91			—		0.20			0.26
Payment by affiliate	$		—			—			0.00	**		—		—			—
Net asset value, end of period	$		21.86			21.07			17.95			16.58		13.45			10.23
Total Return(1)	%		14.93			26.81			14.21	†		23.27		34.11			(13.90	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		364,677			368,952			411,071			454,952		420,651			375,967
Ratios to average net assets:
Gross expenses prior to brokerage commission recapture (2)	%		2.30			2.30			2.30			2.31		2.44			2.45
Net expenses after brokerage commission recapture(2)	%		2.30			2.30			2.30			2.31		2.44			2.45
Net investment income (loss) after brokerage commission recapture(2)	%		0.30			0.20			0.17			0.09		(0.04	)		(0.13	)
Portfolio turnover rate	%		15			25			21			29		9			20

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

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

†   In 2005, there was no impact on total return due to payment by affiliate.

See Accompanying Notes to Financial Statements

83

ING INTERNATIONAL VALUE FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class C
		Six Months
		Ended		Year Ended October 31,
		April 30,
		2007		2006		2005			2004		2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		20.98		17.91		16.54			13.42		10.21			12.10
Income (loss) from investment operations:
Net investment income (loss)	$		0.03		0.05		0.04			0.02		(0.00	)*		(0.02	)
Net realized and unrealized gain (loss) on investments	$		2.92		4.46		2.24			3.10		3.41			(1.61	)
Total from investment operations	$		2.95		4.51		2.28			3.12		3.41			(1.63	)
Less distributions from:
Net investment income	$		0.05		0.03		0.11			—		—			0.00	*
Net realized gains on investments	$		2.14		1.41		0.80			—		0.20			0.26
Total distributions	$		2.19		1.44		0.91			—		0.20			0.26
Payment by affiliate	$		—		—		0.00	*		—		—			—
Net asset value, end of period	$		21.74		20.98		17.91			16.54		13.42			10.21
Total Return(1)	%		14.97		26.71		14.25	†		23.25		34.08			(13.85	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		779,060		729,067		663,626			675,039		628,704			573,712
Ratios to average net assets:
Gross expenses prior to brokerage commission recapture(2)	%		2.30		2.30		2.30			2.31		2.44			2.46
Net expenses after brokerage commission recapture (2)	%		2.30		2.30		2.30			2.31		2.44			2.46
Net investment income (loss) after brokerage commission recapture(2)	%		0.33		0.20		0.15			0.09		(0.04	)		(0.13	)
Portfolio turnover rate	%		15		25		21			29		9			20

		Class I
		Six Months
		Ended		Year Ended October 31,
		April 30,
		2007		2006		2005			2004		2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		21.58		18.38		16.96			13.74		10.43		12.35
Income (loss) from investment operations:
Net investment income	$		0.16		0.25		0.20			0.16		0.13		0.16
Net realized and unrealized gain (loss) on investments	$		2.98		4.60		2.31			3.20		3.48		(1.68	)
Total from investment operations	$		3.14		4.85		2.51			3.36		3.61		(1.52	)
Less distributions from:
Net investment income	$		0.28		0.24		0.29			0.14		0.10		0.14
Net realized gains on investments	$		2.14		1.41		0.80			—		0.20		0.26
Total distributions	$		2.42		1.65		1.09			0.14		0.30		0.40
Payment by affiliate	$		—		—		0.00	*		—		—		—
Net asset value, end of period	$		22.30		21.58		18.38			16.96		13.74		10.43
Total Return(1)	%		15.54		28.15		15.42	†		24.67		35.58		(12.89	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		2,126,666		1,728,560		1,221,594			831,142		482,047		372,352
Ratios to average net assets:
Gross expenses prior to brokerage commission recapture(2)	%		1.23		1.22		1.23			1.21		1.29		1.32
Net expenses after brokerage commission recapture (2)	%		1.23		1.22		1.23			1.21		1.29		1.32
Net investment income after brokerage commission recapture(2)	%		1.46		1.26		1.18			1.18		1.12		1.04
Portfolio turnover rate	%		15		25		21			29		9		20

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

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

†   In 2005, there was no impact on total return due to payment by affiliate.

See Accompanying Notes to Financial Statements

84

ING INTERNATIONAL VALUE FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class Q
		Six Months
		Ended		Year Ended October 31,
		April 30,
		2007		2006			2005			2004		2003		2002
Per Share Operating Performance:
Net asset value, beginning of period	$		21.57		18.37			16.94			13.73		10.44		12.34
Income (loss) from investment operations:
Net investment income	$		0.15		0.21	*		0.19			0.14		0.10		0.07
Net realized and unrealized gain (loss) on investments	$		2.98		4.59			2.29			3.17		3.49		(1.63	)
Total from investment operations	$		3.13		4.80			2.48			3.31		3.59		(1.56	)
Less distributions from:
Net investment income	$		0.22		0.19			0.25			0.10		0.10		0.08
Net realized gains on investments	$		2.14		1.41			0.80			—		0.20		0.26
Total distributions	$		2.36		1.60			1.05			0.10		0.30		0.34
Payment by affiliate	$		—		—			0.00	**		—		—		—
Net asset value, end of period	$		22.34		21.57			18.37			16.94		13.73		10.44
Total Return(1)	%		15.49		27.82			15.20	†		24.32		35.37		(13.11	)
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		28,219		26,383			27,993			28,862		29,319		29,836
Ratios to average net assets:
Gross expenses prior to expense waiver and brokerage commission recapture(2)	%		1.48		1.47			1.48			1.46		1.54		1.49
Net expenses after expense waiver and prior to brokerage commission recapture	%		1.32		1.47			1.48			1.46		1.54		1.49
Net expenses after expense waiver and brokerage commission recapture(2)	%		1.31		1.47			1.48			1.46		1.54		1.49
Net investment income after expense waiver brokerage commission recapture(2)	%		1.32		1.06			0.99			0.89		0.87		0.63
Portfolio turnover rate	%		15		25			21			29		9		20

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

†   In 2005, there was no impact on total return due to payment by affiliate.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.005.

See Accompanying Notes to Financial Statements

85

ING INTERNATIONAL VALUE CHOICE FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A
		Six Months					February 1,
		Ended		Year Ended			2005(1) to
		April 30,		October 31,			October 31,
		2007		2006			2005
Per Share Operating Performance:
Net asset value, beginning of period	$		12.42		10.70			10.00
Income from investment operations:
Net investment income	$		0.08		0.12	*		0.11	*
Net realized and unrealized gain on investments	$		1.03		1.86			0.59
Total from investment operations	$		1.11		1.98			0.70
Less distributions from:
Net investment income	$		0.07		0.10			—
Net realized gains on investments	$		0.21		0.16			—
Total distributions	$		0.28		0.26			—
Net asset value, end of period	$		13.25		12.42			10.70
Total Return(2)	%		8.99		18.82			7.00
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		18,257		17,962			6,115
Ratios to average net assets:
Gross expenses prior to expense reimbursement and brokerage commission recapture(3)	%		1.64		1.71			3.44
Net expenses after expense reimbursement and prior to brokerage commission recapture(3)(4)	%		1.64		1.70			1.70
Net expenses after expense reimbursement and brokerage commission recapture(3)(4)	%		1.64		1.69			1.70
Net investment income after expense reimbursement and brokerage commission recapture(3)(4)	%		1.17		1.04			1.08
Portfolio turnover rate	%		15		31			24

		Class B
		Six Months					February 1,
		Ended		Year Ended			2005(1) to
		April 30,		October 31,			October 31,
		2007		2006			2005
Per Share Operating Performance:
Net asset value, beginning of period	$		12.27		10.65			10.00
Income from investment operations:
Net investment income	$		0.03		0.04	*		0.04	*
Net realized and unrealized gain on investments	$		1.02		1.82			0.61
Total from investment operations	$		1.05		1.86			0.65
Less distributions from:
Net investment income	$		—		0.08			—
Net realized gains on investments	$		0.21		0.16			—
Total distributions	$		0.21		0.24			—
Net asset value, end of period	$		13.11		12.27			10.65
Total Return(2)	%		8.61		17.77			6.50
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		3,687		3,565			1,427
Ratios to average net assets:
Gross expenses prior to expense reimbursement and brokerage commission recapture(3)	%		2.39		2.46			4.19
Net expenses after expense reimbursement and prior to brokerage commission recapture(3)(4)	%		2.39		2.45			2.45
Net expenses after expense reimbursement and brokerage commission recapture(3)(4)	%		2.39		2.44			2.45
Net investment income after expense reimbursement and brokerage commission recapture(3)(4)	%		0.45		0.35			0.36
Portfolio turnover rate	%		15		31			24

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

86

ING INTERNATIONAL VALUE CHOICE FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class C
		Six Months					February 4,
		Ended		Year Ended			2005(1) to
		April 30,		October 31,			October 31,
		2007		2006			2005
Per Share Operating Performance:
Net asset value, beginning of period	$		12.29		10.66			10.00
Income from investment operations:
Net investment income	$		0.03		0.04	*		0.04	*
Net realized and unrealized gain on investments	$		1.03		1.83			0.61
Total from investment operations	$		1.06		1.87			0.65
Less distributions from:
Net investment income	$		—		0.08			—
Net realized gains on investments	$		0.21		0.16			—
Total distributions	$		0.21		0.24			—
Net asset value, end of period	$		13.14		12.29			10.66
Total Return(2)	%		8.68		17.78			6.49
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		4,793		4,189			1,796
Ratios to average net assets:
Gross expenses prior to expense reimbursement and brokerage commission recapture(3)	%		2.39		2.46			4.19
Net expenses after expense reimbursement and prior to brokerage commission recapture(3)(4)	%		2.39		2.45			2.45
Net expenses after expense reimbursement and brokerage commission recapture(3)(4)	%		2.39		2.44			2.45
Net investment income after expense reimbursement and brokerage commission recapture(3)(4)	%		0.47		0.33			0.35
Portfolio turnover rate	%		15		31			24

		Class I
		Six Months			December 21,
		Ended			2005(1) to
		April 30,			October 31,
		2007			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		12.42			11.04
Income from investment operations:
Net investment income	$		0.13	*		0.16	*
Net realized and unrealized gain on investments	$		1.02			1.22
Total from investment operations	$		1.15			1.38
Less distributions from:
Net investment income	$		0.10			—
Net realized gains on investments	$		0.21			—
Total distributions	$		0.31			—
Net asset value, end of period	$		13.26			12.42
Total Return(2)	%		9.35			12.50
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		77,035			36,899
Ratios to average net assets:
Gross expenses prior to expense reimbursement and brokerage commission recapture(3)	%		1.23			1.36
Net expenses after expense reimbursement and prior to brokerage commission recapture(3)(4)	%		1.23			1.35
Net expenses after expense reimbursement and brokerage commission recapture(3)(4)	%		1.23			1.34
Net investment income after expense reimbursement and brokerage commission recapture(3)(4)	%		2.09			1.56
Portfolio turnover rate	%		15			31

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

87

ING INTERNATIONAL VALUE OPPORTUNITIES FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout the period.

		Class A		Class B		Class C		Class I
		February 28,		February 28,		February 28,		February 28,
		2007(1) to		2007(1) to		2007(1) to		2007(1) to
		April 30,		April 30,		April 30,		April 30,
		2007		2007		2007		2007
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00		10.00		10.00		10.00
Income from investment operations:
Net investment income	$		0.10		0.08		0.08		0.10
Net realized and unrealized gain on investments	$		0.30		0.31		0.31		0.31
Total from investment operations	$		0.40		0.39		0.39		0.41
Net asset value, end of period	$		10.40		10.39		10.39		10.41
Total Return(2)	%		4.00		3.90		3.90		4.10
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		10,404		1		1		1
Ratios to average net assets:
Gross expenses prior to expense reimbursement(3)	%		1.78		2.53		2.53		1.43
Net expenses after expense reimbursement(3)(4)	%		1.40		2.15		2.15		1.05
Net investment income after expense reimbursement (3)(4)	%		5.71		4.69		4.69		5.78
Portfolio turnover rate	%		6		6		6		6

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

88

ING RUSSIA FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A
		Six Months
		Ended			Year Ended October 31,
		April 30,
		2007			2006			2005			2004		2003			2002
Per Share Operating Performance:
Net asset value, beginning of period	$		55.81			33.49			25.01			19.13		12.15			8.04
Income (loss) from investment operations:
Net investment income (loss)	$		(0.20	)		(0.27	)		(0.00	)*		0.04		(0.00	)*		0.17
Net realized and unrealized gain on investments	$		11.50			22.37			8.39			5.69		7.06			3.92
Total from investment operations	$		11.30			22.10			8.39			5.73		7.06			4.09
Less distributions from:
Net investment income	$		—			—			0.01			0.02		0.12			—
Net realized gains on investments	$		3.12			—			—			—		—			—
Total distributions	$		3.12			—			0.01			0.02		0.12			—
Redemption fees applied to capital	$		—			0.22			0.10			0.17		0.04			0.02
Net asset value, end of period	$		63.99			55.81			33.49			25.01		19.13			12.15
Total Return(1)	%		20.52			66.65			33.98			30.88		58.98			51.12
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		937,155			751,947			271,603			212,180		161,601			85,658
Ratios to average net assets:
Gross expenses prior to expense reimbursement(2)	%		1.91			1.98			2.13			2.01		2.09			2.20
Net expenses after expense reimbursement (2)(3)	%		1.91			1.98			2.13			2.01		2.09			1.77
Net investment income (loss) after expense reimbursement(2)(3)	%		(0.66	)		(0.64	)		(0.01	)		0.15		(0.02	)		1.33
Portfolio turnover rate	%		5			20			26			54		23			32

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Amount is more than $(0.005).

See Accompanying Notes to Financial Statements

89

ING EMERGING MARKETS FIXED INCOME FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A						Class B
		Six Months			December 21,			Six Months		January 4,
		Ended			2005(1) to			Ended		2006(1) to
		April 30,			October 31,			April 30,		October 31,
		2007			2006			2007		2006
Per Share Operating Performance:
Net asset value, beginning of period	$		10.33			10.00			10.30		10.15
Income (loss) from investment operations:
Net investment income	$		0.36	*		0.64	*		0.32		0.59	*
Net realized and unrealized gain (loss) on investments	$		0.30			0.26			0.30		0.09
Total from investment operations	$		0.66			0.90			0.62		0.68
Less distributions from:
Net investment income	$		0.34			0.57			0.30		0.53
Net realized gains on investments	$		0.03			—			0.03		—
Total distributions	$		0.37			0.57			0.33		0.53
Net asset value, end of period	$		10.62			10.33			10.59		10.30
Total Return(2)	%		6.49			9.28			6.13		6.92
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		23,943			26,121			312		293
Ratios to average net assets:
Gross expenses prior to expense reimbursement(4)	%		1.51			2.41			2.26		3.16
Net expenses after expense reimbursement(3)(4)	%		1.25			1.25			2.00		2.00
Net investment income after expense reimbursement (3)(4)	%		6.94			7.36			6.20		6.91
Portfolio turnover rate	%		29			56			29		56

		Class C					Class I
		Six Months		March 1,			December 20,			May 1,			February 7,
		Ended		2006(1) to			2006(1) to			2006 to			2006(1) to
		April 30,		October 31,			April 30,			August 24,			April 30,
		2007		2006			2007			2006(5)			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		10.29		10.43			10.48			10.18			10.24
Income (loss) from investment operations:
Net investment income	$		0.31		0.61	*		0.07	*		0.26	*		0.28	*
Net realized and unrealized gain (loss) on investments	$		0.32		(0.34	)		0.29			(0.28	)		(0.19	)
Total from investment operations	$		0.63		0.27			0.36			(0.02	)		0.09
Less distributions from:
Net investment income	$		0.30		0.41			0.25			0.06			0.15
Net realized gains on investments	$		0.03		—			—			—			—
Total distributions	$		0.33		0.41			0.25			0.06			0.15
Net asset value, end of period	$		10.59		10.29			10.59			10.10			10.18
Total Return(2)	%		6.23		2.75			3.50			(0.15	)		0.91
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		654		344			89,305			13			13
Ratios to average net assets:
Gross expenses prior to expense reimbursement(4)	%		2.26		3.16			1.26			2.33			2.65
Net expenses after expense reimbursement(3)(4)	%		2.00		2.00			1.00			1.06			1.00
Net investment income after expense reimbursement(3)(4)	%		6.22		7.09			1.85			8.32			7.79
Portfolio turnover rate	%		29		56			29			29			26

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

⁽⁴⁾ Annualized for periods less than one year.

⁽⁵⁾ Class I was fully redeemed on August 25, 2006 and re-commenced operations on December 20, 2006.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

90

ING GLOBAL BOND FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A						Class B
		Six Months			June 30,			Six Months			June 30,
		Ended			2006(1) to			Ended			2006(1) to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		10.25			10.00			10.24			10.00
Income from investment operations:
Net investment income	$		0.15			0.08	*		0.12	*		0.06	*
Net realized and unrealized gain on investments	$		0.19			0.23			0.18			0.22
Total from investment operations	$		0.34			0.31			0.30			0.28
Less distributions from:
Net investment income	$		0.20			0.06			0.19			0.04
Net realized gains on investments	$		0.18			—			0.18			—
Total distributions	$		0.38			0.06			0.37			0.04
Net asset value, end of period	$		10.21			10.25			10.17			10.24
Total Return(2)	%		3.31			3.13			2.90			2.84
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		26,198			25,784			183			28
Ratios to average net assets:
Gross expenses prior to expense reimbursement(3)	%		1.58			1.38			2.33			2.13
Net expenses after expense reimbursement(3)(4)	%		0.90	(5)		0.90			1.65	(5)		1.65
Net investment income after expense reimbursement (3)(4)	%		2.95	(5)		2.41			2.35	(5)		2.00
Portfolio turnover rate	%		549			451			549			451

		Class C						Class I
		Six Months			June 30,			Six Months			June 30,
		Ended			2006(1) to			Ended			2006(1) to
		April 30,			October 31,			April 30,			October 31,
		2007			2006			2007			2006
Per Share Operating Performance:
Net asset value, beginning of period	$		10.24			10.00			10.25			10.00
Income from investment operations:
Net investment income	$		0.12	*		0.06	*		0.16			0.09	*
Net realized and unrealized gain on investments	$		0.19			0.22			0.21			0.23
Total from investment operations	$		0.31			0.28			0.37			0.32
Less distributions from:
Net investment income	$		0.16			0.04			0.22			0.07
Net realized gains on investments	$		0.18			—			0.18			—
Total distributions	$		0.34			0.04			0.40			0.07
Net asset value, end of period	$		10.21			10.24			10.22			10.25
Total Return(2)	%		3.02			2.82			3.59			3.23
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		122			36			1			1
Ratios to average net assets:
Gross expenses prior to expense reimbursement(3)	%		2.33			2.13			1.29			1.03
Net expenses after expense reimbursement(3)(4)	%		1.65	(5)		1.65			0.61	(5)		0.55
Net investment income after expense reimbursement (3)(4)	%		2.32	(5)		1.68			3.32	(5)		2.68
Portfolio turnover rate	%		549			451			549			451

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charge. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

⁽⁵⁾ Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

91

ING DIVERSIFIED INTERNATIONAL FUND (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class A					Class B
		Six Months		December 21,			Six Months		December 21,
		Ended		2005(1) to			Ended		2005(1) to
		April 30,		October 31,			April 30,		October 31,
		2007		2006			2007		2006
Per Share Operating Performance:
Net asset value, beginning of period	$		11.61		10.00			11.54		10.00
Income (loss) from investment operations:
Net investment loss	$		0.07		(0.03	)*		0.02		(0.10	)*
Net realized and unrealized gain on investments in affiliates	$		1.78		1.64			1.78		1.64
Total from investment operations	$		1.85		1.61			1.80		1.54
Less distributions from:
Net investment income	$		0.06		—			0.01		—
Total distributions	$		0.06		—			0.01		—
Net asset value, end of period	$		13.40		11.61			13.33		11.54
Total Return(2)	%		15.99		16.10			15.59		15.40
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		259,549		170,108			33,087		23,035
Ratios to average net assets:
Gross expenses prior to expense reimbursement (4)(5)	%		0.59		0.66			1.34		1.41
Net expenses after expense reimbursement(3)(4)(5)	%		0.35		0.35			1.10		1.10
Net investment loss after expense reimbursement (3)(4)	%		1.04		(0.35	)		0.30		(1.10	)
Portfolio turnover rate	%		14		30			14		30

		Class C					Class I
		Six Months		December 21,			Six Months		December 21,
		Ended		2005(1) to			Ended		2005(1) to
		April 30		October 31,			April 30		October 31,
		2007		2006			2007		2006
Per Share Operating Performance:
Net asset value, beginning of period	$		11.54		10.00			11.63		10.00
Income (loss) from investment operations:
Net investment loss	$		0.02		(0.10	)*		0.09		(0.01	)*
Net realized and unrealized gain on investments in affiliates	$		1.77		1.64			1.78		1.64
Total from investment operations	$		1.79		1.54			1.87		1.63
Less distributions from:
Net investment income	$		0.01		—			0.08		—
Total distributions	$		0.01		—			0.08		—
Net asset value, end of period	$		13.32		11.54			13.42		11.63
Total Return(2)	%		15.53		15.40			16.11		16.30
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		112,681		69,825			10		4
Ratios to average net assets:
Gross expenses prior to expense reimbursement (4)(5)	%		1.34		1.41			0.34		0.45
Net expenses after expense reimbursement(3)(4)(5)	%		1.10		1.10			0.10		0.10
Net investment loss after expense reimbursement (3)(4)	%		0.27		(1.10	)		1.39		(0.13	)
Portfolio turnover rate	%		14		30			14		30

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charge. Total return for less than one year is not annualized.

⁽³⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

⁽⁴⁾ Annualized for periods less than one year.

⁽⁵⁾ Expense ratios do not include expenses of Underlying Funds.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

92

ING DIVERSIFIED INTERNATIONAL FUND (UNAUDITED) (CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout the period.

		Class R
		December 12,
		2006(1) to
		April 30,
		2007
Per Share Operating Performance:
Net asset value, beginning of period	$		12.19
Income from investment operations:
Net investment income	$		(0.02	)*
Net realized and unrealized gain on investments	$		1.19
Total from investment operations	$		1.17
Less distributions from:
Net investment income	$		0.08
Total distributions	$		0.08
Net asset value, end of period	$		13.28
Total Return(2)	%		9.62
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		439
Ratios to average net assets:
Gross expenses prior to expense reimbursement (3)	%		0.84
Net expenses after expense reimbursement(3)(4)	%		0.60
Net investment income after expense reimbursement(3)(4)	%		(0.41	)
Portfolio turnover rate	%		14

⁽¹⁾ Commencement of operations.

⁽²⁾ Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

* Per share numbers have been calculated using average number of shares outstanding throughout the period.

93

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED)

NOTE 1 — ORGANIZATION

Organization. The ING Funds included in this report are comprised of ING Mutual Funds (“IMF”) and ING Mayflower Trust (“IMT”) (each a “Registrant” and collectively, the “Registrants”); both are organized as open-end investment management companies registered under the Investment Company Act of 1940, as amended (“1940 Act”).

IMF is a Delaware statutory trust organized December 18, 1992 with nineteen separate series, all of which are included in this report, (each, a “Fund” and collectively, the “IMF Funds”): ING Global Equity Dividend Fund (“Global Equity Dividend”), ING Global Natural Resources Fund (“Global Natural Resources”), ING Global Real Estate Fund (“Global Real Estate”), ING Global Value Choice Fund (“Global Value Choice”), ING Disciplined International SmallCap Fund (“Disciplined International SmallCap”), ING Emerging Countries Fund (“Emerging Countries”), ING Foreign Fund (“Foreign”), ING Greater China Fund (“Greater China”), ING Index Plus International Equity Fund (“Index Plus International Equity”), ING International Capital Appreciation Fund (“International Capital Appreciation”), ING International Growth Opportunities Fund (“International Growth Opportunities”), ING International Real Estate Fund (“International Real Estate”), ING International SmallCap Fund (“International SmallCap”), ING International Value Choice Fund (“International Value Choice”), ING International Value Opportunities Fund (“International Value Opportunities”), ING Russia Fund (“Russia”), ING Emerging Markets Fixed Income Fund (“Emerging Markets Fixed Income”), ING Global Bond Fund (“Global Bond”) and ING Diversified International Fund (“Diversified International”). IMT is a Massachusetts business trust organized August 18, 1993 with one series, ING International Value Fund (“International Value”) (a “Fund” and together with the IMF Funds, the “Funds”). The investment objective of each Fund is described in the Funds’ prospectus.

Each Fund offers one or more of the following classes of shares: Class A, Class B, Class C, Class I, Class O, Class Q and Class R. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees and transfer agent fees. Shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the portfolio pro rata based on the average daily net assets of each class, without distinction between share classes. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution and shareholder servicing fees. Class B shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares approximately eight years after purchase.

International Value is closed to new investments except for shares purchased (1) through the reinvestment of dividends and distributions; (2) by 401(k), 403(b) and 457 plans that have selected International Value as an investment option prior to June 28, 2002; (3) by shareholders participating in mutual fund wrap fee programs who were invested in International Value prior to June 28, 2002; (4) by new 401(k), 403(b) and 457 plans and new shareholders participating in mutual fund wrap fee programs subject to approval by the Investment Adviser and Sub-Adviser based on their assessment of the Fund’s ability to invest the monies consistent with the Fund’s objectives in light of market conditions, the size of the purchase, and other relevant factors relating to International Value; (5) by certain institutional and separately managed account investors that are pre-existing clients of the Sub-Adviser; and (6) by employees of the Investment Adviser or Sub-Adviser and their affiliates. Proof of eligibility may be required. Institutional and separately managed account investors that are pre-existing clients of the Sub-Adviser and employees of the Investment Adviser or Sub-Adviser and their affiliates must identify themselves as such at the time of purchase. Failure to do so may result in a rejection of the purchase. The Fund may reopen in the future subject to the discretion of the Board of Trustees of IMT.

Effective July 31, 2006, Class B shares of Global Bond and Emerging Markets Fixed Income are closed to new investment, provided that (1) Class B shares of Global Bond and Emerging Markets Fixed Income may be purchased through the reinvestment of dividends issued by Class B shares; and (2) subject to the terms and conditions of relevant exchange privileges and as permitted under their respective prospectuses, Class B shares of Global Bond and Emerging Markets Fixed Income may be acquired through exchange of Class B shares of other funds in the ING mutual funds complex.

Effective July 31, 2006, the maximum Class A sales charge for Emerging Markets Fixed Income and

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NOTE 1 — ORGANIZATION (continued)

Global Bond has been lowered to 2.50%. Return calculations with a starting date prior to July 31, 2006

are based on a 5.75% sales charge for Emerging Markets Fixed Income and 4.75% sales charge for Global Bond, while returns with a starting date on or after July 31, 2006 are based on a 2.50% sales charge for Emerging Markets Fixed Income and Global Bond.

Effective January 2, 2007, Class M shareholders of Emerging Countries were converted to Class A shares of Emerging Countries. In addition, Emerging Countries does not impose any front-end sales charge (load) on purchases of Class A shares of Emerging Countries by its former Class M shareholders for the life of their account.

Diversified International seeks to achieve its investment objective by investing in other ING Funds (“Underlying Funds”) and uses asset allocation strategies to determine how much to invest in the Underlying Funds.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements, and such policies are in conformity with U.S. generally accepted accounting principles for investment companies.

A.	Security Valuation. For all Funds except Russia and Diversified International, investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by NASDAQ will be valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale, securities traded in the over-the-counter-market, gold and silver bullion, platinum and palladium are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities are valued at prices obtained from independent services or from one or more dealers making markets in the securities and may be adjusted based on the Funds’ valuation procedures. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics.
	Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as to their sale) are valued at their fair values as determined in good faith by or under the supervision of the Funds’ Board in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that a Fund calculates its next net asset value (“NAV”) may also be valued at their fair values as determined in good faith by or under the supervision of a Fund’s Board, in accordance with methods that are specifically authorized by the Board. The valuation techniques applied in any specific instance are likely to vary from case to case. With respect to a restricted security, for example, consideration is generally given to the cost of the investment, the market value of any unrestricted securities of the same class at the time of valuation, the potential expiration of restrictions on the security, the existence of any registration rights, the costs to a Fund related to registration of the security, as well as factors relevant to the issuer itself. Consideration may also be given to the price and extent of any public trading in similar securities of the issuer or comparable companies’ securities.
	The value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time a Fund determines its NAV or if the foreign exchange closes prior to the time the Fund determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of a Fund’s NAV may not take place contemporaneously with the determination of the prices of securities held by a Fund in foreign securities markets. Further, the value of a Fund’s assets may be significantly affected by foreign

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

	trading on days when a shareholder cannot purchase or redeem shares of the Fund. In calculating a Fund’s NAV, foreign securities in foreign currency are converted to U.S. dollar equivalents.
	If an event occurs after the time at which the market for foreign securities held by a Fund closes but before the time that a Fund’s next NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time a Fund determines its NAV. In such a case, a Fund will use the fair value of such securities as determined under the Funds’ valuation procedures. Events after the close of trading on a foreign market that could require a Fund to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time a Fund calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that a Fund could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, a Fund is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes a Fund to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time the Fund determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in the Fund’s NAV. Investments in securities maturing in 60 days or less are valued at amortized cost, which, when combined with accrued interest approximates market value.
	For the Russia Fund, the valuation procedures for Russian equity securities are to price local shares according to the most recent available bid prices. If securities are not listed on the Russian Trade System or on any other pricing service that lists available bid quotes, then the mean of at least two broker bid quotes is used. For equity securities of an issuer in Russia for which there are no readily available reliable market value quotations, the following benchmark pricing procedure shall apply on any day on which the largest securities exchange in Russia (the “RTS”) declines by 2.5% or more; the price of the security shall be adjusted by the amount of the downward change in a composite of the other companies that are publicly traded in the same sector as the issuer, if ascertainable, and if not ascertainable, by the amount of downward change in the RTS.
	For Diversified International, the valuation of the Fund’s investments in its Underlying Funds is based on the NAVs of the Underlying Funds each business day.
B.	Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds and Underlying Funds. Premium amortization and discount accretion are determined by the effective yield method.
	Global Real Estate and International Real Estate estimate components of distributions from real estate investment trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If the Funds no longer own the applicable

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

	securities, any distributions received in excess of income are recorded as realized gains.
C.	Foreign Currency Translation. The books and records of the Funds and Underlying Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)	Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day.
(2)	Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

	Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Funds and Underlying Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities that are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
	Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s or an Underlying Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.
D.	Foreign Currency Transactions and Futures Contracts. Each Fund and Underlying Fund may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar, generally in connection with the planned purchases or sales of securities. The Funds and Underlying Funds either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or may use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
	Each Fund and Underlying Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. Each Fund and Underlying Fund intends to limit its use of futures contracts and futures options to “bona fide hedging” transactions, as such term is defined in applicable regulations, interpretations and practice. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price. Upon entering into such a contract, a Fund or an Underlying Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Fund or an Underlying Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

	variation margin and are recorded as unrealized gains or losses by the Fund or an Underlying Fund. When the contract is closed, the Fund or Underlying Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
E.	Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date. Each Fund pays dividends and capital gains, if any, annually (except, Global Equity Dividend, Global Real Estate and International Real Estate, which pay dividends, if any, quarterly and Emerging Markets Fixed Income and Global Bond, which pay dividends monthly). The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies.
F.	Federal Income Taxes. It is the policy of the Funds to comply with subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized capital gains to their shareholders. Therefore, no federal income tax provision is required. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expire.
	The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
G.	Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
H.	Organization Expenses and Offering Costs. Costs incurred with the organization of the Funds and Underlying Funds are expensed as incurred. Costs incurred with the offering of shares of the Funds and Underlying Funds are deferred and amortized over a twelve-month period on a straight-line basis.
I.	Repurchase Agreements. Each Fund and Underlying Fund may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Fund and Underlying Fund will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Fund or Underlying Fund. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.
J.	Securities Lending. Each Fund and Underlying Fund has the option to temporarily loan up to 30% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, each Fund and Underlying Fund has the right to use collateral to offset losses incurred. There would be potential loss to a Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral. Each Fund and Underlying Fund bears the risk of loss with respect to the investment of collateral. Engaging in securities

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

	lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund or Underlying Fund.
K.	Options Contracts. All Funds and Underlying Funds may purchase put and call options and may write (sell) put options and covered call options. The Funds and Underlying Funds may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. The Funds and Underlying Funds will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a call option is that the Funds and Underlying Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds and Underlying Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds and Underlying Funds pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.
L.	Illiquid and Restricted Securities. Each Fund and Underlying Fund may not invest more than 15% of its net assets in illiquid securities. Illiquid securities are not readily marketable. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Funds and Underlying Funds to sell them promptly at an acceptable price. Each Fund and Underlying Fund may also invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Certain restricted securities may be considered liquid pursuant to procedures adopted by the Board or may be deemed illiquid because they may not be readily marketable. Illiquid and restricted securities are valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined under procedures approved by the Board.
M.	Delayed Delivery Transaction. The Funds and Underlying Funds may purchase or sell securities on a when-issued or forward commitment basis. The price of the securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of these securities is identified in the Funds’ Portfolio of Investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds and Underlying Funds are required to segregate liquid assets sufficient to cover the purchase price.

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended April 30, 2007, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities, were as follows:

	Purchases		Sales
Global Equity Dividend	$	129,836,156	$	37,646,659
Global Natural Resources		59,735,720		69,789,602
Global Real Estate		785,665,845		193,630,392
Global Value Choice		36,826,804		29,726,032
Disciplined International SmallCap		143,496,717		14,556,500
Emerging Countries		62,674,366		49,389,479
Foreign		192,692,278		152,772,329
Greater China		31,140,587		17,385,096
Index Plus International Equity		105,786,432		111,120,600
International Capital Appreciation		58,948,223		22,923,831
International Growth Opportunities		75,079,938		89,602,792
International Real Estate		227,795,645		29,209,539
International SmallCap		548,992,161		391,742,035
International Value		729,092,692		832,693,654
International Value Choice		44,758,140		11,173,225
International Value Opportunities		10,425,941		601,057
Russia		75,211,189		41,633,966
Emerging Markets Fixed Income		11,807,802		7,699,060

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NOTE 3 — INVESTMENT TRANSACTIONS (continued)

	Purchases		Sales
Global Bond	$	33,435,208	$	31,636,251
Diversified International		142,407,153		46,613,358

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

	Purchases		Sales
Global Bond	$	100,004,828	$	100,608,240

NOTE 4 — REDEMPTION FEES

A 2% redemption fee is charged on shares of Russia that are redeemed (included in connection with an exchange) within 365 days or less from their date of purchase. The redemption fee is recorded as an addition to paid-in capital. Total redemption fee proceeds for the six months ended April 30, 2007 and year ended October 31, 2006 were $1,360,381 and $2,984,157, respectively, and are set forth in the Statements of Changes in Net Assets.

Up through April 2, 2006, International Growth Opportunities imposed a 2% redemption fee on Class A shares redeemed (including in connection with an exchange) within 30 days or less from their date of purchase. The redemption fee is recorded as an addition to paid-in capital. Total redemption fee proceeds through April 2, 2006 were $257 and are set forth in the Statements of Changes in Net Assets. Effective April 3, 2006, International Growth Opportunities no longer charges a redemption fee.

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

Each of the Funds has entered into an investment management agreement (“Management Agreements”) with ING Investments, LLC (“ING Investments” or “Investment Adviser”). The Management Agreements compensate the Investment Adviser with a fee, computed daily and payable monthly, based on the average daily net assets of each Fund, at the following annual rates:

	As a Percentage of Average Net Assets
Global Equity Dividend	0.70%
Global Natural Resources	1.00% on first $50 million; and 0.75% thereafter
Global Real Estate(1)	0.80% on the first $250 million; 0.775% on the next $250 million; and 0.70% thereafter
Global Value Choice	1.00% on the first $250 million; 0.90% on the next $250 million; 0.80% on the next $500 million; and 0.75% thereafter
Disciplined International SmallCap	0.60%
Emerging Countries	1.25%
Foreign	1.00% on the first $500 million; and 0.90% thereafter
Greater China	1.15% on the first $100 million; 1.05% of the next $150 million; and 0.95% thereafter
Index Plus International Equity	0.55%
International Capital Appreciation	0.85% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter
International Growth Opportunities	1.00%
International Real Estate	1.00% on the first $250 million; 0.90% on the next $250 million; and 0.80% thereafter
International SmallCap	1.00% on first $500 million; 0.90% on next $500 million; and 0.85% thereafter
International Value	1.00%
International Value Choice	1.00%
International Value Opportunities	0.80% on first $1 billion; and 0.75% thereafter
Russia	1.25%
Emerging Markets Fixed Income	0.65% on the first $250 million; 0.60% on the next $250 million; and 0.55% thereafter
Global Bond	0.40%
Diversified International	0.00%

⁽¹⁾  Prior to April 28, 2006, the investment management fees for Global Real Estate were 1.00% on the first $250 million; 0.90% on the next $250 million; and 0.80% thereafter.

ING Investment Management Advisors B.V. (“IIMA”), a registered investment adviser, serves as the Sub-Adviser to Global Equity Dividend, Index Plus International Equity, International Value Opportunities, Russia and Emerging Markets Fixed Income pursuant to a sub-advisory agreement between the Investment Adviser and IIMA.

ING Clarion Real Estate Securities L.P. (“INGCRES”) a registered investment adviser, serves as the Sub-Adviser to Global Real Estate and International Real Estate pursuant to a sub-advisory agreement between the Investment Adviser and INGCRES.

Tradewinds Global Investors, LLC (“Tradewinds”), a registered investment adviser, serves as the Sub-Adviser to Global Value Choice and International Value Choice pursuant to a sub-advisory agreement between the Investment Adviser and Tradewinds.

Brandes Investment Partners, L.P. (“Brandes”), a registered investment adviser, serves as the Sub-Adviser to Emerging Countries and International Value pursuant to a sub-advisory agreement between the Investment Adviser and Brandes.

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NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

Julius Baer Investment Management LLC (“JBIM”), a registered investment adviser wholly-owned by the Julius Baer Securities, serves as Sub-Adviser to Foreign pursuant to a sub-advisory agreement between the Investment Adviser and JBIM.

ING Investment Management Co. (“ING IM”), a registered investment adviser, serves as sub-adviser to Disciplined International SmallCap, Global Natural Resources, International Growth Opportunities, and Global Bond pursuant to a sub-advisory agreement between the Investment Adviser and ING IM.

Acadian Asset Management, Inc. (“Acadian”), a registered investment adviser, serves as one of the Sub-Advisers to International SmallCap pursuant to a sub-advisory agreement between the Investment Adviser and Acadian. Batterymarch Financial Management, Inc. (“Batterymarch”) serves as the second Sub-Adviser to International SmallCap pursuant to a sub-advisory agreement between the Investment Adviser and Batterymarch.

ING Investment Management Asia/ Pacific (Hong Kong) Limited (“ING Asia”), a registered investment adviser, serves as the Sub-Adviser to Greater China pursuant to a sub-advisory agreement between the Investment Adviser and ING Asia.

Hansberger Global Investors, Inc. (“HGI”), a registered investment adviser, serves as the Sub-Adviser to International Capital Appreciation pursuant to a sub-advisory agreement between the Investment Adviser and HGI.

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

Effective November 1, 2006, certain ING Funds sub-advised by ING IM are permitted to invest end-of-day cash balances into ING Institutional Prime Money Market Fund. Investment management fees paid by the Funds will be reduced by an amount equal to the management fees paid indirectly to ING Institutional Prime Money Market Fund with respect to assets invested by the Funds. For the six months ended April 30, 2007, International Growth Opportunities and Global Bond waived $77 and $552 of such management fees, respectively. These fees are not subject to recoupment.

ING Funds Services, LLC (the “Administrator”), serves as administrator to each Fund. The Funds pay the Administrator a fee calculated at an annual rate of 0.10% of each Fund’s average daily net assets.

International Value also pays the Administrator an annual shareholder account-servicing fee of $5.00 for each account of beneficial owners of shares.

The Investment Adviser, ING IM, INGCRES, IIMA, ING Asia and the Administrator are indirect, wholly-owned subsidiaries of ING Groep N.V. (“ING Groep”). ING Groep is one of the largest financial services organizations in the world, and offers an array of banking, insurance and asset management services to both individual and institutional investors.

NOTE 6 — DISTRIBUTION AND SERVICE FEES

Each share class of the Funds, except Class I, has adopted a Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plans”), whereby ING Funds Distributor, LLC (“IFD” or the “Distributor”), an indirect, wholly-owned subsidiary of ING Groep, is reimbursed or compensated (depending on the class of shares) by the Funds for expenses incurred in the distribution of each Funds’ shares (“Distribution Fees”). Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month for expenses incurred in the distribution and promotion of each Fund’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees (“Service Fees”) paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plans, each class of shares of a Fund pays the Distributor a Distribution

101

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 6 — DISTRIBUTION AND SERVICE FEES (continued)

and/or Service Fee based on average daily net assets at the following annual rates:

	Class A			Class B			Class C			Class O			Class Q			Class R
Global Equity Dividend		0.25	%		1.00	%		1.00	%		0.25	%		N/A			N/A
Global Natural Resources		0.25	%		N/A			N/A			N/A			N/A			N/A
Global Real Estate		0.25	%		1.00	%		1.00	%		0.25	%		N/A			N/A
Global Value Choice		0.35	%		1.00	%		1.00	%		N/A			0.25	%		N/A
Disciplined International SmallCap		0.25	%		1.00	%		1.00	%		N/A			N/A			N/A
Emerging Countries		0.35	% (1)		1.00	%		1.00	%		N/A			0.25	%		N/A
Foreign		0.25	%		1.00	%		1.00	%		N/A			0.25	%		N/A
Greater China		0.25	%		1.00	%		1.00	%		N/A			N/A			N/A
Index Plus International Equity		0.25	%		1.00	%		1.00	%		N/A			N/A			N/A
International Capital Appreciation		0.25	%		1.00	%		1.00	%		N/A			N/A			N/A
International Growth Opportunities		0.25	%		1.00	%		1.00	%		N/A			0.25	%		N/A
International Real Estate		0.25	%		1.00	%		1.00	%		N/A			N/A			N/A
International SmallCap		0.35	%		1.00	%		1.00	%		N/A			0.25	%		N/A
International Value		0.30	%		1.00	%		1.00	%		N/A			0.25	% (2)		N/A
International Value Choice		0.25	%		1.00	%		1.00	%		N/A			N/A			N/A
International Value Opportunities		0.25	%		1.00	%		1.00	%		N/A			N/A			N/A
Russia		0.25	%		N/A			N/A			N/A			N/A			N/A
Emerging Markets Fixed Income		0.25	%		1.00	%		1.00	%		N/A			N/A			N/A
Global Bond		0.25	%		1.00	%		1.00	%		N/A			N/A			N/A
Diversified International		0.25	%		1.00	%		1.00	%		N/A			N/A			0.50%

(1)	The Distributor has agreed to waive 0.10% of the Distribution Fee for Class A shares of Emerging Countries for the period from January 1, 2007 through December 31, 2007. Previously, the Distributor had agreed to waive 0.10% of the Distribution Fee for Class A shares of Emerging Countries for the period from January 1, 2006 through December 31, 2006.
(2)	The Distributor has agreed to waive 0.25% of the Distribution Fee for Class Q shares of International Value for the period from January 1, 2007 through December 31, 2007.

Fees paid to the Distributor by class during the six months ended April 30, 2007 are shown in the accompanying Statements of Operations.

The Distributor also receives the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A, Class C and Class M shares. For the six months ended April 30, 2007, the Distributor retained the following amounts in sales charges for the Funds:

	Class A		Class C		Class M
	Shares		Shares		Shares
Initial Sales Charges:
Global Equity Dividend	$	115,326		N/A		N/A
Global Natural Resources		12,985		N/A		N/A
Global Real Estate		751,082		N/A		N/A
Global Value Choice		2,766		N/A		N/A
Disciplined International SmallCap		20		N/A		N/A
Emerging Countries		28,277		N/A	$	8
Foreign		61,265		N/A		N/A
Greater China		63,010		N/A		N/A
Index Plus International Equity		1,379		N/A		N/A
International Capital Appreciation		742		N/A		N/A
International Growth Opportunities		4,670		N/A		N/A
International Real Estate		170,570		N/A		N/A
International SmallCap		28,748		N/A		N/A
International Value		718		N/A		N/A
International Value Choice		8,190		N/A		N/A
International Value Opportunities		—		N/A		N/A
Russia		720,680		N/A		N/A
Emerging Markets Fixed Income		1,157		N/A		N/A
Global Bond		981		N/A		N/A
Diversified International		158,872		N/A		N/A
Contingent Deferred Sales Charges:
Global Equity Dividend	$	146	$	1,373		N/A
Global Natural Resources		—		—		N/A
Global Real Estate		3,860		20,813		N/A
Global Value Choice		136		67		N/A
Disciplined International SmallCap		—		—		N/A
Emerging Countries		276		496		N/A
Foreign		1,761		4,596		N/A
Greater China		225		2,392		N/A
Index Plus International Equity		—		778		N/A
International Capital Appreciation		—		—		N/A
International Growth Opportunities		—		88		N/A
International Real Estate		4,387		2,495		N/A
International SmallCap		1,209		1,294		N/A
International Value		6,018		589		N/A
International Value Choice		108		483		N/A
International Value Opportunities		—		—		N/A
Russia		—		—		N/A
Emerging Markets Fixed Income		—		—		N/A
Global Bond		—		—		N/A
Diversified International Fund		127		12,167		N/A

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2007, the Funds had the following amounts recorded in payable to affiliates on the accompanying Statements of Assets and Liabilities (See Notes 5 and 6):

					Accrued
	Accrued				Shareholder
	Investment		Accrued		Service and
	Management		Administrative		Distribution		Accrued
Fund	Fees		Fees		Fees		Recoupment		Total
Global Equity Dividend	$	200,138	$	28,591	$	174,540	$	—	$	403,269
Global Natural Resources		88,355		10,411		26,027		—		124,793
Global Real Estate		776,068		105,729		457,337		—		1,339,134

102

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

					Accrued
	Accrued				Shareholder
	Investment		Accrued		Service and
	Management		Administrative		Distribution		Accrued
Fund	Fees		Fees		Fees		Recoupment		Total
Global Value Choice	$	97,031	$	9,703	$	62,210	$	16,912	$	185,856
Disciplined International SmallCap		8,302		1,384		9		—		9,695
Emerging Countries		266,363		21,309		83,038		—		370,710
Foreign		482,047		48,994		252,990		—		784,031
Greater China		46,726		4,063		15,344		—		66,133
Index Plus International Equity		44,505		8,092		1,758		—		54,355
International Capital Appreciation		66,395		7,811		895		15,565		90,666
International Growth Opportunities		109,906		11,138		46,581		—		167,625
International Real Estate		241,930		24,567		100,342		—		366,839
International SmallCap		686,396		71,699		245,316		—		1,003,411
International Value		4,506,784		450,673		1,487,198		—		6,444,655
International Value Choice		86,105		8,513		11,017		—		105,635
International Value Opportunities		6,836		855		2,138		—		9,829
Russia		982,937		78,634		196,587		—		1,258,158
Emerging Markets Fixed Income		16,185		2,489		6,788		—		25,462
Global Bond		8,414		2,158		5,563		—		16,135
Diversified International		—		32,354		167,752		—		200,106

At April 30, 2007, the following indirect, wholly owned subsidiaries of ING Groep owned the following Funds:

ING Life Insurance and Annuity Company (“ILIAC”) — Emerging Markets Fixed Income (17.82%); Global Bond (96.37%); Greater China (27.16%); and International SmallCap (6.52%).

ING Diversified International — Emerging Countries (8.05%); Foreign (13.12%); Index Plus International Equity (94.90%); International Capital Appreciation (96.33%); and International Value Choice (70.17%).

ING Lifestyle Growth Portfolio — Emerging Markets Fixed Income (36.10%).

ING Lifestyle Moderate Growth Portfolio — Emerging Markets Fixed Income (27.77%).

ING Lifestyle Moderate Portfolio — Emerging Markets Fixed Income (14.37%).

ING National Trust — International Growth Opportunities (19.84%).

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. Investment activities of these shareholders could have a material impact on the Funds.

The Investment Adviser may request that the Funds’ portfolio managers use their best efforts (subject to obtaining best execution of each transaction) to allocate a portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amounts credited to a Fund are reflected as a reimbursement of expenses in the Statements of Operations.

The Registrants have adopted a Retirement Policy covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on an annual rate as defined in the plan agreement.

The following Funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were:

	Affiliated	Commissions
Fund	Brokers	Received
Emerging Countries	ING Baring LLC	$	2,373
Foreign	ING Baring LLC		11,136
	ING Securities		1,882
Global Equity Dividend	ING Baring LLC		29
	ING Securities		349
Greater China	ING Baring LLC		6,642
International Value	ING Baring LLC		6,616

The following is a summary of the transactions during the six months ended April 30, 2007 in which the issuer was an affiliate of the ING Family of Funds.

					Unrealized
					Gain on
	Sales				Investment		Value
					Securities at		at
	Shares		Cost		4/30/2007		4/30/2007
Index Plus International Equity
ING Industrial Fund		48,546	$	37,803	$	1,830	$	56,901

NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES

At April 30, 2007, the Funds had the following payables included in Other Accrued Expenses and Liabilities on the Statement of Assets and Liabilities that exceeded 5% of total liabilities:

Fund	Expense		Amount
Index Plus International Equity		Custody	$	33,546
		Offering		15,188
		Postage		8,093
		Printing		8,405
International Value Opportunities		Custody		2,676
		Transfer Agent		1,384

103

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 9 — EXPENSE LIMITATIONS

The Investment Adviser has agreed to limit expenses, excluding interest, taxes, brokerage and extraordinary expenses to the levels listed below:

Maximum Operating Expense Limit (as a percentage of average net assets)

	Class A			Class B			Class C			Class I			Class O			Class Q			Class R
Global Equity Dividend		1.40	%		2.15	%		2.15	%		N/A			1.40	%		N/A			N/A
Global Natural Resources		2.75	%		N/A			N/A			N/A			N/A			N/A			N/A
Global Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		1.75	%		N/A			N/A
Global Value Choice		1.85	%		2.50	%		2.50	%		1.50	%		N/A			1.75	%		N/A
Disciplined International SmallCap		1.20	%		1.95	%		1.95	%		0.95	%		N/A			N/A			N/A
Emerging Countries(1)		2.25	%		2.90	%		2.90	%		1.75	%		N/A			2.15	%		N/A
Foreign(2)		1.95	%		2.70	%		2.70	%		1.60	%		N/A			1.85	%		N/A
Greater China		N/A			N/A			N/A			N/A			N/A			N/A			N/A
Index Plus International Equity		1.15	%		1.90	%		1.90	%		0.90	%		N/A			N/A			N/A
International Capital Appreciation		1.50	%		2.25	%		2.25	%		1.25	%		N/A			N/A			N/A
International Growth Opportunities(3)		2.75	%		3.50	%		3.50	%		2.50	%		N/A			2.75	%		N/A
International Real Estate		1.50	%		2.25	%		2.25	%		1.25	%		N/A			N/A			N/A
International SmallCap		1.95	%		2.60	%		2.60	%		1.40	%		N/A			1.85	%		N/A
International Value		N/A			N/A			N/A			N/A			N/A			N/A			N/A
International Value Choice		1.70	%		2.45	%		2.45	%		1.45	%		N/A			N/A			N/A
International Value Opportunities		1.40	%		2.15	%		2.15	%		1.15	%		N/A			N/A			N/A
Russia		3.35	%		N/A			N/A			N/A			N/A			N/A			N/A
Emerging Markets Fixed Income		1.25	%		2.00	%		2.00	%		1.00	%		N/A			N/A			N/A
Global Bond		0.90	%		1.65	%		1.65	%		0.61	%		N/A			N/A			N/A
Diversified International		0.35	%		1.10	%		1.10	%		0.10	%		N/A			N/A			0.60%

(1)	Effective January 1, 2006, pursuant to a side agreement, ING Investments has lowered the expense limits for Emerging Countries through at least December 31, 2007. The expense limits for Emerging Countries are 2.10%, 2.85%, 2.85% and 2.10% for Class A, B, C and Q shares, respectively. If, after December 31, 2007, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it. Any fees waived pursuant to the side agreement shall not be eligible for recoupment.
(2)	Pursuant to a side agreement dated March 1, 2007, ING Investments has lowered the expense limits for Foreign through at least March 1, 2008. The expense limits for the Foreign are 1.70%, 2.45%, 2.45%, 1.35% and 1.60% for Class A, B, C, I and Q, respectively. If, after March 1, 2008, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it.
(3)	Pursuant to a side agreement dated March 1, 2007, ING Investments has lowered the expense limits for International Growth Opportunities through at least March 1, 2008. The expense limits for International Growth Opportunities are 1.95%, 2.70%, 2.70%, 1.60% and 1.85% for Class A, B, C, I and Q, respectively. If, after March 1, 2008, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it.

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

As of April 30, 2007, the amounts of waived or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, are as follows:

	April 30,
	2008		2009		2010		Total
Global Value Choice	$	—	$	16,658	$	—	$	16,658
Disciplined International SmallCap		—		—		7,458		7,458
Index Plus International Equity		—		51,540		21,296		72,836
International Capital Appreciation		—		51,475		52,116		103,591
International Real Estate		—		30,679		153,131		183,810
International Value Choice		9,658		69,356		—		79,014
International Value Opportunities		—		—		6,869		6,869
Emerging Markets Fixed Income		—		50,885		97,547		148,432
Global Bond		—		—		127,119		127,119
Diversified International		—		80,054		680,452		760,506

The expense limitation agreements are contractual and shall renew automatically for one-year terms unless ING Investments or IMF provides written notice of the termination of the expense limitation agreement at least 30 days prior to the end of the then current term.

104

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 10 — LINE OF CREDIT

All of the Funds included in this report, in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York (“BNY”) for an aggregate amount of $125,000,000. The proceeds may be used only to: (1) temporarily finance the purchase and sale of securities; (2) finance the redemption of shares of an investor in the Funds; and (3) enable the Funds to meet other emergency expenses as defined in the Credit Agreement. The Funds to which the line of credit is available pay a commitment fee equal to 0.09% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

The following Funds utilized the line of credit during the six months ended April 30, 2007:

					Approximate
					Weighted
			Approximate		Average
			Average Daily		Interest Rate
	Days		Balance for		for Days
Fund	Utilized		Days Utilized		Utilized
Emerging Countries		3	$	2,753,333		5.75	%
Emerging Markets Fixed Income		8		2,300,000		5.74	%
Foreign		1		6,440,000		5.77	%
Global Natural Resources		32		687,719		5.74	%
Global Real Estate		1		9,850,000		5.76	%
Index Plus International Equity		16		2,426,563		5.74	%
International Growth Opportunities		14		859,643		5.72	%
International Value		2		9,775,000		5.79	%

NOTE 11 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Class A						Class B
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Global Equity Dividend (Number of Shares)
Shares sold		4,052,774			3,804,463			711,307			980,380
Dividends reinvested		323,364			163,319			124,541			68,137
Shares redeemed		(767,099	)		(2,656,504	)		(221,209	)		(399,091	)
Net increase in shares outstanding		3,609,039			1,311,278			614,639			649,426
Global Equity Dividend ($)
Shares sold	$	64,520,366		$	55,618,277		$	11,290,307		$	14,217,375
Dividends reinvested		5,087,118			2,341,599			1,952,815			973,435
Shares redeemed		(12,168,367	)		(37,587,681	)		(3,525,060	)		(5,809,722	)
Net increase	$	57,439,117		$	20,372,195		$	9,718,062		$	9,381,088

	Class C						Class O
	Six Months						November 15,
	Ended			Year Ended			2006(1) to
	April 30,			October 31,			April 30,
	2007			2006			2007
Global Equity Dividend (Number of Shares)
Shares sold		2,046,459			1,792,162			1,075,384
Dividends reinvested		192,909			96,575			10,506
Shares redeemed		(270,435	)		(714,422	)		(100,065	)
Net increase in shares outstanding		1,968,933			1,174,315			985,825
Global Equity Dividend ($)
Shares sold	$	32,398,890		$	25,941,781		$	17,183,260
Dividends reinvested		3,018,994			1,375,816			166,002
Shares redeemed		(4,279,146	)		(10,300,752	)		(1,593,517	)
Net increase	$	31,138,738		$	17,016,845		$	15,755,745

105

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 11 — CAPITAL SHARES (continued)

	Class A
	Six Months
	Ended			Year Ended
	April 30,			October 31,
	2007			2006
Global Natural Resources (Number of Shares)
Shares sold		498,001			2,142,869
Dividends reinvested		570,030			18,990
Shares redeemed		(1,453,983	)		(2,493,021	)
Net decrease in shares outstanding		(385,952	)		(331,162	)
Global Natural Resources ($)
Shares sold	$	5,249,736		$	22,092,980
Dividends reinvested		6,190,526			161,561
Shares redeemed		(15,478,676	)		(25,464,330	)
Net decrease	$	(4,038,414	)	$	(3,209,789	)

	Class A						Class B
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Global Real Estate (Number of Shares)
Shares sold		25,286,950			14,446,150			1,322,249			958,288
Dividends reinvested		1,082,495			599,957			86,158			63,626
Shares redeemed		(8,176,788	)		(2,090,498	)		(189,581	)		(191,662	)
Net increase in shares outstanding		18,192,657			12,955,609			1,218,826			830,252
Global Real Estate ($)
Shares sold	$	607,638,728		$	287,936,127		$	27,261,646		$	16,479,220
Dividends reinvested		25,499,893			10,752,914			1,741,613			973,780
Shares redeemed		(200,040,707	)		(40,748,408	)		(3,887,712	)		(3,240,748	)
Net increase	$	433,097,914		$	257,940,633		$	25,115,547		$	14,212,252

	Class C						Class I
	Six Months						Six Months			June 3,
	Ended			Year Ended			Ended			2005(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Global Real Estate (Number of Shares)
Shares sold		7,540,809			4,044,423			423,830			503,082
Dividends reinvested		275,864			112,442			23,981			3,220
Shares redeemed		(543,455	)		(512,505	)		(37,225	)		(99,415	)
Net increase in shares outstanding		7,273,218			3,644,360			410,586			406,887
Global Real Estate ($)
Shares sold	$	163,393,120		$	72,912,712		$	10,110,706		$	9,644,455
Dividends reinvested		5,860,154			1,815,573			567,470			65,390
Shares redeemed		(11,694,130	)		(8,989,662	)		(893,419	)		(1,901,796	)
Net increase	$	157,559,144		$	65,738,623		$	9,784,757		$	7,808,049

(1)  Commencement of operations.

106

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 11 — CAPITAL SHARES (continued)

	Class O
	November 15,
	2006(1) to
	April 30,
	2007
Global Real Estate (Number of Shares)
Shares sold		1,500,488
Dividends reinvested		20,213
Shares redeemed		(209,152	)
Net increase in shares outstanding		1,311,549
Global Real Estate ($)
Shares sold	$	36,217,747
Dividends reinvested		482,070
Shares redeemed		(5,046,661	)
Net increase	$	31,653,156

	Class A						Class B
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Global Value Choice (Number of Shares)
Shares sold		164,498			681,706			49,597			92,289
Dividends reinvested		—			9,174			—			—
Shares redeemed		(290,042	)		(822,178	)		(157,152	)		(378,702	)
Net decrease in shares outstanding		(125,544	)		(131,298	)		(107,555	)		(286,413	)
Global Value Choice ($)
Shares sold	$	3,850,646		$	13,807,227		$	1,269,684		$	2,050,988
Dividends reinvested		—			177,004			—			—
Shares redeemed		(6,843,761	)		(16,601,505	)		(3,983,204	)		(8,338,011	)
Net decrease	$	(2,993,115	)	$	(2,617,274	)	$	(2,713,520	)	$	(6,287,023	)

	Class C						Class I
	Six Months						Six Months			September 6,
	Ended			Year Ended			Ended			2006(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Global Value Choice (Number of Shares)
Shares sold		87,535			133,353			157,676			139,822
Dividends reinvested		—			901			—			—
Shares redeemed		(134,458	)		(390,058	)		(19,142	)		(1,325	)
Net increase (decrease) in shares outstanding		(46,923	)		(255,804	)		138,534			138,497
Global Value Choice ($)
Shares sold	$	1,975,736		$	2,605,554		$	3,689,841		$	2,977,626
Dividends reinvested		—			16,685			—			—
Shares redeemed		(3,051,825	)		(7,611,834	)		(444,422	)		(27,524	)
Net increase (decrease)	$	(1,076,089	)	$	(4,989,595	)	$	3,245,419		$	2,950,102

(1)  Commencement of operations.

107

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 11 — CAPITAL SHARES (continued)

	Class Q
	Six Months
	Ended			Year Ended
	April 30,			October 31,
	2007			2006
Global Value Choice (Number of Shares)
Shares sold		6,371			58,539
Dividends reinvested		—			1,706
Shares redeemed		(18,938	)		(158,326	)
Net decrease in shares outstanding		(12,567	)		(98,081	)
Global Value Choice ($)
Shares sold	$	179,865		$	1,385,145
Dividends reinvested		—			38,450
Shares redeemed		(523,740	)		(3,883,858	)
Net decrease	$	(343,875	)	$	(2,460,263	)

	Class A		Class B		Class C		Class I
	December 20,		December 20,		December 20,		December 20,
	2006(1) to		2006(1) to		2006(1) to		2006(1) to
	April 30,		April 30,		April 30,		April 30,
	2007		2007		2007		2007
Disciplined International SmallCap (Number of Shares)
Shares sold		4,344		438		101		11,650,220
Shares redeemed		1		—		—		(565,371	)
Net increase in shares outstanding		4,345		438		101		11,084,849
Disciplined International SmallCap ($)
Shares sold	$	48,777	$	4,523	$	1,010	$	130,710,963
Shares redeemed		13		—		—		(6,400,000	)
Net increase	$	48,790	$	4,523	$	1,010	$	124,310,963

	Class A(2)						Class B
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Emerging Countries (Number of Shares)
Shares sold		791,666			1,554,745			29,218			158,904
Shares converted		48,167			—			—			—
Dividends reinvested		49,397			17,399			2,139			—
Shares redeemed		(513,731	)		(1,105,391	)		(66,506	)		(233,526	)
Net increase (decrease) in shares outstanding		375,499			466,753			(35,149	)		(74,622	)
Emerging Countries ($)
Shares sold	$	26,139,666		$	42,544,352		$	954,875		$	4,284,432
Shares converted		1,570,432			—			—			—
Dividends reinvested		1,591,065			440,876			67,985			—
Shares redeemed		(16,825,161	)		(30,177,710	)		(2,129,059	)		(6,263,528	)
Net increase (decrease) outstanding	$	12,476,002		$	12,807,518		$	(1,106,199	)	$	(1,979,096	)

(1)	Commencement of operations.
(2)	Effective January 2, 2007, Class M Shareholders of ING Emerging Countries Fund were converted to Class A shares of the Fund.

108

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 11 — CAPITAL SHARES (continued)

	Class C						Class I
	Six Months						Six Months			December 21,
	Ended			Year Ended			Ended			2005(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Emerging Countries (Number of Shares)
Shares sold		182,299			650,919			280,869			1,259,659
Dividends reinvested		6,705			2,002			13,851			—
Shares redeemed		(165,027	)		(302,871	)		(238,283	)		(470,530	)
Net increase in shares outstanding		23,977			350,050			56,437			789,129
Emerging Countries ($)
Shares sold	$	5,656,446		$	16,487,366		$	9,282,091		$	35,774,589
Dividends reinvested		201,560			47,440			446,558			—
Shares redeemed		(5,029,313	)		(7,797,300	)		(7,859,073	)		(470,530	)
Net increase	$	828,693		$	8,737,506		$	1,869,576		$	35,304,059

	Class M(2)						Class Q
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Emerging Countries (Number of Shares)
Shares sold		49			2,691			211,243			203,459
Shares converted		(48,826	)		—			—			—
Dividends reinvested		425			46			5,154			2,644
Shares redeemed		(1,853	)		(4,694	)		(160,032	)		(298,675	)
Net increase (decrease) in shares outstanding		(50,205	)		(1,957	)		56,365			(92,572	)
Emerging Countries ($)
Shares sold	$	1,496		$	75,928		$	7,216,709		$	5,761,374
Shares converted		(1,570,432	)		—			—			—
Dividends reinvested		13,499			1,146			171,687			69,164
Shares redeemed		(57,877	)		(130,478	)		(5,370,783	)		(8,528,955	)
Net increase (decrease)	$	(1,613,314	)	$	(53,404	)	$	2,017,613		$	(2,698,417	)

	Class A						Class B
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Foreign (Number of Shares)
Shares sold		2,520,944			5,804,035			205,964			859,893
Dividends reinvested		268,335			134,508			54,324			27,967
Shares redeemed		(1,308,633	)		(2,401,362	)		(185,986	)		(359,114	)
Net increase in shares outstanding		1,480,646			3,537,181			74,302			528,746
Foreign ($)
Shares sold	$	49,812,796		$	98,299,748		$	3,955,635		$	14,233,385
Dividends reinvested		5,170,819			2,082,190			1,019,661			425,093
Redemption fee proceeds		—			(40,561,430	)		—			(6,018,453	)
Shares redeemed		(25,723,426	)		59,820,508			(3,550,397	)		8,640,025
Net increase	$	29,260,189		$	119,641,016		$	1,424,899		$	17,280,050

(1)	Commencement of operations.
(2)	Effective January 2, 2007, Class M Shareholders of ING Emerging Countries Fund were converted to Class A shares of the Fund.

109

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 11 — CAPITAL SHARES (continued)

	Class C						Class I
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Foreign (Number of Shares)
Shares sold		1,553,442			3,422,194			1,056,751			3,238,230
Dividends reinvested		201,179			93,622			121,586			1,630
Shares redeemed		(559,503	)		(1,050,690	)		(534,099	)		(48,706	)
Net increase in shares outstanding		1,195,118			2,465,126			644,238			3,191,154
Foreign ($)
Shares sold	$	29,971,835		$	56,926,173		$	21,192,510		$	56,439,802
Dividends reinvested		3,781,772			1,424,923			2,373,357			25,483
Redemption fee proceeds		—			(17,589,538	)		—			(883,854	)
Shares redeemed		(10,713,581	)		40,761,558			(10,607,803	)		55,581,431
Net increase	$	23,040,026		$	81,523,116		$	12,958,064		$	111,162,862

	Class Q
	Six Months
	Ended			Year Ended
	April 30,			October 31,
	2007			2006
Foreign (Number of Shares)
Dividends reinvested		2,264			1,680
Shares redeemed		(7,341	)		(10,236	)
Net decrease in shares outstanding		(5,077	)		(8,556	)
Foreign ($)
Shares sold	$	12		$	—
Dividends reinvested		43,762			26,071
Redemption fee proceeds		—			(174,891	)
Shares redeemed		(151,500	)		(148,820	)
Net decrease	$	(107,726	)	$	(297,640	)

	Class A						Class B
	Six Months			December 21,			Six Months			January 6,
	Ended			2005(1) to			Ended			2006(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Greater China (Number of Shares)
Shares sold		1,309,493			2,060,629			180,147			173,344
Dividends reinvested		4,251			—			626			—
Shares redeemed		(608,902	)		(162,486	)		(93,884	)		(15,849	)
Net increase in shares outstanding		704,842			1,898,143			86,889			157,495
Greater China ($)
Shares sold	$	18,850,874		$	22,315,810		$	2,554,569		$	2,005,078
Dividends reinvested		59,565			—			8,720			—
Shares redeemed		(8,701,820	)		(1,889,215	)		(1,339,702	)		(183,820	)
Net increase	$	10,208,619		$	20,426,595		$	1,223,587		$	1,821,258

(1)  Commencement of operations.

110

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 11 — CAPITAL SHARES (continued)

	Class C						Class I
	Six Months			January 11,			Six Months			May 8,
	Ended			2006(1) to			Ended			2006(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Greater China (Number of Shares)
Shares sold		239,587			175,293			199			1,771
Dividends reinvested		357			—			9			—
Shares redeemed		(99,868	)		(4,406	)		(234	)		—
Net increase (decrease) in shares outstanding		140,076			170,887			(26	)		1,771
Greater China ($)
Shares sold	$	3,460,311		$	2,052,770		$	2,812		$	20,682
Dividends reinvested		4,978			—			125			—
Shares redeemed		(1,433,861	)		(49,651	)		(3,516	)		—
Net increase (decrease)	$	2,031,428		$	2,003,119		$	(579	)	$	20,682

	Class A						Class B
	Six Months			December 21,			Six Months			January 12,
	Ended			2005(1) to			Ended			2006(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Index Plus International Equity (Number of Shares)
Shares sold		59,604			1,593,260			10,943			23,222
Dividends reinvested		1,979			—			632			—
Shares redeemed		(830,454	)		(522,199	)		(10	)		(495	)
Net increase (decrease) in shares outstanding		(768,871	)		1,071,061			11,565			22,727
Index Plus International Equity ($)
Shares sold	$	741,460		$	16,004,839		$	133,964		$	250,885
Dividends reinvested		23,527			—			7,493			—
Shares redeemed		(10,212,335	)		(5,896,965	)		(123	)		(5,729	)
Net increase (decrease)	$	(9,447,348	)	$	10,107,874		$	141,334		$	245,156

	Class C						Class I
	Six Months			January 12,			Six Months			December 21,
	Ended			2006(1) to			Ended			2005(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Index Plus International Equity (Number of Shares)
Shares sold		21,546			47,884			2,196,289			6,879,841
Dividends reinvested		773			—			237,357			—
Shares redeemed		(12,623	)		(1,878	)		(1,795,964	)		(162,917	)
Net increase in shares outstanding		9,696			46,006			637,682			6,716,924
Index Plus International Equity ($)
Shares sold	$	260,093		$	512,540		$	27,008,540		$	74,436,693
Dividends reinvested		9,149			—			2,817,423			—
Shares redeemed		(150,097	)		(21,900	)		(22,106,889	)		(1,770,309	)
Net increase	$	119,145		$	490,640		$	7,719,074		$	72,666,384

(1)  Commencement of operations.

111

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 11 — CAPITAL SHARES (continued)

	Class A						Class B
	Six Months			December 21,			Six Months			January 9,
	Ended			2005(1) to			Ended			2006(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International Capital Appreciation (Number of Shares)
Shares sold		137,057			635,018			7,388			6,175
Dividends reinvested		413			—			115			—
Shares redeemed		(201,123	)		(312,161	)		(2,369	)		(378	)
Net increase (decrease) in shares outstanding		(63,653	)		322,857			5,134			5,797
International Capital Appreciation ($)
Shares sold	$	1,600,653		$	6,494,040		$	87,623		$	65,827
Dividends reinvested		4,867			—			1,344			—
Shares redeemed		(2,377,262	)		(3,430,448	)		(28,452	)		(3,952	)
Net increase (decrease)	$	(771,742	)	$	3,063,592		$	60,515		$	61,875

	Class C						Class I
	Six Months			January 24,			Six Months			December 21,
	Ended			2006(1) to			Ended			2005(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International Capital Appreciation (Number of Shares)
Shares sold		6,459			12,621			3,165,346			4,893,411
Dividends reinvested		123			—			128,072			—
Shares redeemed		(2,396	)		(6,848	)		(30,691	)		(762,409	)
Net increase in shares outstanding		4,186			5,773			3,262,727			4,131,002
International Capital Appreciation ($)
Shares sold	$	76,199		$	136,078		$	38,011,646		$	51,868,418
Dividends reinvested		1,448			—			1,509,974			—
Shares redeemed		(28,232	)		(77,684	)		(355,387	)		(8,729,175	)
Net increase	$	49,415		$	58,394		$	39,166,233		$	43,139,243

	Class A						Class B
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International Growth Opportunities (Number of Shares)
Shares sold		420,068			1,130,290			54,252			222,011
Dividends reinvested		424,904			65,163			101,617			9,571
Shares redeemed		(845,409	)		(1,417,023	)		(182,956	)		(454,724	)
Net decrease in shares outstanding		(437	)		(221,570	)		(27,087	)		(223,142	)
International Growth Opportunities ($)
Shares sold	$	5,504,428		$	13,974,139		$	678,487		$	2,619,810
Dividends reinvested		5,354,882			754,581			1,234,642			107,204
Redemption fee proceeds		—			257			—			—
Shares redeemed		(11,050,444	)		(17,628,847	)		(2,301,564	)		(5,368,489	)
Net decrease	$	(191,134	)	$	(2,899,870	)	$	(388,435	)	$	(2,641,475	)

(1)  Commencement of operations.

112

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 11 — CAPITAL SHARES (continued)

	Class C						Class I
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International Growth Opportunities (Number of Shares)
Shares sold		75,871			125,967			280,000			413,947
Dividends reinvested		65,339			5,646			110,577			41,301
Shares redeemed		(117,601	)		(300,691	)		(797,701	)		(1,585,422	)
Net increase (decrease) in shares outstanding		23,609			(169,078	)		(407,124	)		(1,130,174	)
International Growth Opportunities ($)
Shares sold	$	930,361		$	1,518,241		$	3,587,394		$	5,055,453
Dividends reinvested		793,868			63,297			1,383,313			475,409
Shares redeemed		(1,484,925	)		(3,586,904	)		(10,211,335	)		(18,368,063	)
Net increase (decrease)	$	239,304		$	(2,005,366	)	$	(5,240,628	)	$	(12,837,201	)

	Class Q
	Six Months
	Ended			Year Ended
	April 30,			October 31,
	2007			2006
International Growth Opportunities (Number of Shares)
Shares sold		418,232			1,426,062
Dividends reinvested		225,064			24,539
Shares redeemed		(406,373	)		(716,043	)
Net increase in shares outstanding		236,923			734,558
International Growth Opportunities ($)
Shares sold	$	5,435,649		$	17,444,379
Dividends reinvested		2,804,295			281,487
Shares redeemed		(5,182,353	)		(8,750,007	)
Net increase	$	3,057,591		$	8,975,859

	Class A						Class B
	Six Months			February 28,			Six Months			February 28,
	Ended			2006(1) to			Ended			2006(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International Real Estate (Number of Shares)
Shares sold		10,460,011			4,696,588			480,179			142,380
Dividends reinvested		61,839			2,698			3,688			65
Shares redeemed		(1,095,418	)		(415,752	)		(6,311	)		(1,115	)
Net increase in shares outstanding		9,426,432			4,283,534			477,556			141,330
International Real Estate ($)
Shares sold	$	138,100,277		$	50,099,143		$	6,268,345		$	1,531,684
Dividends reinvested		797,915			28,565			46,947			667
Shares redeemed		(14,440,101	)		(4,560,851	)		(84,146	)		(11,288	)
Net increase	$	124,458,091		$	45,566,857		$	6,231,146		$	1,521,063

(1)  Commencement of operations.

113

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 11 — CAPITAL SHARES (continued)

	Class C						Class I
	Six Months			February 28,			Six Months			February 28,
	Ended			2006(1) to			Ended			2006(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International Real Estate (Number of Shares)
Shares sold		4,360,155			1,486,965			1,422,017			2,253,191
Dividends reinvested		21,140			697			55,448			2,409
Shares redeemed		(198,698	)		(14,206	)		(36,216	)		(336,086	)
Net increase in shares outstanding		4,182,597			1,473,456			1,441,249			1,919,514
International Real Estate ($)
Shares sold	$	57,092,306		$	15,819,755		$	18,247,814		$	24,710,500
Dividends reinvested		268,991			7,117			713,213			26,281
Shares redeemed		(2,547,715	)		(149,297	)		(480,808	)		(3,870,805	)
Net increase	$	54,813,582		$	15,677,575		$	18,480,219		$	20,865,976

	Class A						Class B
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International SmallCap (Number of Shares)
Shares sold		1,850,025			2,618,183			32,658			153,065
Dividends reinvested		20,929			28,203			—			1,067
Shares redeemed		(788,352	)		(2,091,324	)		(165,803	)		(420,654	)
Net increase (decrease) in shares outstanding		1,082,602			555,062			(133,145	)		(266,522	)
International SmallCap ($)
Shares sold	$	101,971,900		$	115,137,984		$	1,825,756		$	6,805,314
Dividends reinvested		1,059,446			1,143,069			—			44,742
Shares redeemed		(41,700,084	)		(91,030,509	)		(8,996,366	)		(19,055,708	)
Net increase (decrease)	$	61,331,262		$	25,250,544		$	(7,170,610	)	$	(12,205,652	)

	Class C						Class I
	Six Months						Six Months			December 21,
	Ended			Year Ended			Ended			2005(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International SmallCap (Number of Shares)
Shares sold		167,073			305,463			1,836,382			3,311,088
Dividends reinvested		53			3,317			16,186			—
Shares redeemed		(130,186	)		(305,228	)		(112,959	)		(413,715	)
Net increase in shares outstanding		36,940			3,552			1,739,609			2,897,373
International SmallCap ($)
Shares sold	$	8,775,089		$	12,733,141		$	100,291,149		$	146,345,932
Dividends reinvested		2,524			127,269			819,983			—
Shares redeemed		(6,544,204	)		(12,614,364	)		(6,202,967	)		(18,478,631	)
Net increase	$	2,233,409		$	246,046		$	94,908,165		$	127,867,301

(1)  Commencement of operations.

114

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 11 — CAPITAL SHARES (continued)

	Class Q
	Six Months
	Ended			Year Ended
	April 30,			October 31,
	2007			2006
International SmallCap (Number of Shares)
Shares sold		304,611			618,175
Dividends reinvested		9,277			12,988
Shares redeemed		(196,216	)		(434,452	)
Net increase in shares outstanding		117,672			196,711
International SmallCap ($)
Shares sold	$	18,599,772		$	28,725,725
Dividends reinvested		504,137			564,597
Shares redeemed		(11,196,833	)		(20,330,336	)
Net increase	$	7,907,076		$	8,959,986

	Class A						Class B
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International Value (Number of Shares)
Shares sold		10,404,589			17,704,351			398,295			723,662
Dividends reinvested		7,950,487			6,154,438			1,377,293			1,288,590
Shares redeemed		(11,890,900	)		(25,674,523	)		(2,604,553	)		(7,398,801	)
Net increase (decrease) in shares outstanding		6,464,176			(1,815,734	)		(828,965	)		(5,386,549	)
International Value ($)
Shares sold	$	219,834,019		$	345,076,004		$	8,108,227		$	13,483,084
Dividends reinvested		162,571,673			110,779,870			27,711,130			22,846,698
Shares redeemed		(252,644,257	)		(504,762,828	)		(54,501,169	)		(142,311,210	)
Net increase (decrease)	$	129,761,435		$	(48,906,954	)	$	(18,681,812	)	$	(105,981,428	)

	Class C						Class I
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International Value (Number of Shares)
Shares sold		822,840			696,527			17,583,253			23,235,247
Dividends reinvested		2,721,822			2,160,993			6,124,030			4,027,145
Shares redeemed		(2,450,064	)		(5,174,229	)		(8,441,482	)		(13,614,582	)
Net increase (decrease) in shares outstanding		1,094,598			(2,316,709	)		15,265,801			13,647,810
International Value ($)
Shares sold	$	16,481,901		$	12,393,004		$	372,544,333		$	456,863,861
Dividends reinvested		54,463,672			38,163,141			125,236,405			72,448,346
Shares redeemed		(51,109,051	)		(98,746,989	)		(181,687,114	)		(268,395,382	)
Net increase (decrease)	$	19,836,522		$	(48,190,844	)	$	316,093,624		$	260,916,825

115

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

	Class Q
	Six Months
	Ended			Year Ended
	April 30,			October 31,
	2007			2006
International Value (Number of Shares)
Shares sold		963			22,383
Dividends reinvested		102,040			92,721
Shares redeemed		(62,978	)		(415,890	)
Net increase (decrease) in shares outstanding		40,025			(300,786	)
International Value ($)
Shares sold	$	20,000		$	432,031
Dividends reinvested		2,089,785			1,670,826
Shares redeemed		(1,346,169	)		(8,027,999	)
Net increase (decrease)	$	763,616		$	(5,925,142	)

	Class A						Class B
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International Value Choice (Number of Shares)
Shares sold		133,517			1,260,518			27,505			204,077
Dividends reinvested		26,003			9,873			3,151			2,909
Shares redeemed		(228,744	)		(394,876	)		(40,019	)		(50,448	)
Net increase (decrease) in shares outstanding		(69,224	)		875,515			(9,363	)		156,538
International Value Choice ($)
Shares sold	$	1,729,113		$	14,712,291		$	347,762		$	2,359,933
Dividends reinvested		334,923			109,590			40,274			32,117
Shares redeemed		(2,983,386	)		(4,737,083	)		(507,335	)		(590,545	)
Net increase (decrease)	$	(919,350	)	$	10,084,798		$	(119,299	)	$	1,801,505

	Class C						Class I
	Six Months						Six Months			December 21,
	Ended			Year Ended			Ended			2005(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
International Value Choice (Number of Shares)
Shares sold		63,983			216,216			2,794,051			3,307,214
Dividends reinvested		4,177			3,130			76,908			—
Shares redeemed		(44,199	)		(47,102	)		(29,600	)		(337,472	)
Net increase in shares outstanding		23,961			172,244			2,841,359			2,969,742
International Value Choice ($)
Shares sold	$	822,982		$	2,519,790		$	35,935,760		$	39,229,047
Dividends reinvested		53,511			34,613			989,038			—
Shares redeemed		(570,617	)		(550,017	)		(373,153	)		(4,156,509	)
Net increase	$	305,876		$	2,004,386		$	36,551,645		$	35,072,538

(1)  Commencement of operations.

116

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

	Class A			Class B			Class C			Class I
	February 28,			February 28,			February 28,			February 28,
	2007(1) to			2007(1) to			2007(1) to			2007(1) to
	April 30,			April 30,			April 30,			April 30,
	2007			2007			2007			2007
International Value Opportunities (Number of Shares)
Shares sold		1,000,540			103			103			103
Shares redeemed		(3	)		(1	)		(1	)		(1	)
Net increase in shares outstanding		1,000,537			102			102			102
International Value Opportunities ($)
Shares sold	$	10,005,617		$	1,030		$	1,030		$	1,030
Shares redeemed		(34	)		(10	)		(10	)		(10	)
Net increase	$	10,005,583		$	1,020		$	1,020		$	1,020

	Class A
	Six Months
	Ended			Year Ended
	April 30,			October 31,
	2007			2006
Russia (Number of Shares)
Shares sold		3,308,619			10,885,015
Dividends reinvested		613,998			—
Shares redeemed		(2,750,708	)		(5,521,528	)
Net increase in shares outstanding		1,171,909			5,363,487
Russia ($)
Shares sold	$	204,350,598		$	528,911,241
Dividends reinvested		37,399,004			—
Redemption fee proceeds		1,360,381			2,984,157
Shares redeemed		(168,642,328	)		(268,475,876	)
Net increase	$	74,467,655		$	263,419,522

	Class A						Class B
	Six Months			December 21,			Six Months			January 4,
	Ended			2005(1) to			Ended			2006(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Emerging Markets Fixed Income (Number of Shares)
Shares sold		283,716			2,546,831			1,902			28,060
Dividends reinvested		5,627			1,763			687			356
Shares redeemed		(564,261	)		(18,897	)		(1,541	)		34
Net increase (decrease) in shares outstanding		(274,918	)		2,529,697			1,048			28,450
Emerging Markets Fixed Income ($)
Shares sold	$	2,976,573		$	25,848,505		$	19,826		$	284,262
Dividends reinvested		58,695			17,545			7,132			3,546
Shares redeemed		(5,989,794	)		(190,292	)		(16,088	)		349
Net increase (decrease)	$	(2,954,526	)	$	25,675,758		$	10,870		$	288,157

(1)  Commencement of operations.

117

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 11 — CAPITAL SHARES (continued)

	Class C					Class I
	Six Months			March 1,		Six Months		February 7
	Ended			2006(1) to		Ended(2)		2006(1) to
	April 30,			October 31,		April 30,		October 31,
	2007			2006		2007		2006
Emerging Markets Fixed Income (Number of Shares)
Shares sold		32,322			32,643		8,433,644		1,225
Dividends reinvested		1,065			792		—		51
Shares redeemed		(5,076	)		—		—		(1,276	)
Net increase in shares outstanding		28,311			33,435		8,433,644		—
Emerging Markets Fixed Income ($)
Shares sold	$	337,366		$	329,390	$	89,312,255	$	12,373
Dividends reinvested		11,070			7,863		—		513
Shares redeemed		(52,639	)		—		—		(12,886	)
Net increase	$	295,797		$	337,253	$	89,312,255	$	—

	Class A					Class B
	Six Months			June 30,		Six Months		June 30,
	Ended			2006(1) to		Ended		2006(1) to
	April 30,			October 31,		April 30,		October 31,
	2007			2006		2007		2006
Global Bond (Number of Shares)
Shares sold		70,179			2,515,893		15,003		2,713
Dividends reinvested		1,009			—		232		—
Shares redeemed		(22,279	)		—		—		—
Net increase in shares outstanding		48,909			2,515,893		15,235		2,713
Global Bond ($)
Shares sold	$	715,270		$	25,161,326	$	151,170	$	27,335
Dividends reinvested		10,222			—		2,353		—
Shares redeemed		(226,824	)		—		—		—
Net increase	$	498,668		$	25,161,326	$	153,523	$	27,335

	Class C					Class I
	Six Months			June 30,		Six Months		June 30,
	Ended			2006(1) to		Ended		2006(1) to
	April 30,			October 31,		April 30,		October 31,
	2007			2006		2007		2006
Global Bond (Number of Shares)
Shares sold		11,346			3,467		—		101
Dividends reinvested		67			—		—		—
Shares redeemed		(2,958	)		—		—		—
Net increase in shares outstanding		8,455			3,467		—		101
Global Bond ($)
Shares sold	$	115,621		$	35,076	$	—	$	1,010
Dividends reinvested		678			—		—		—
Shares redeemed		(30,390	)		—		—		—
Net increase	$	85,909		$	35,076	$	—	$	1,010

(1)	Commencement of operations.
(2)	Class I fully redeemed on August 25, 2006 and recommenced operations on December 20, 2006.

118

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

	Class A						Class B
	Six Months			December 21,			Six Months			December 21,
	Ended			2005(1) to			Ended			2005(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Diversified International (Number of Shares)
Shares sold		6,409,083			15,920,455			584,656			2,066,270
Dividends reinvested		58,638			—			1,114			—
Shares redeemed		(1,752,901	)		(1,271,043	)		(99,755	)		(70,627	)
Net increase in shares outstanding		4,714,820			14,649,412			486,015			1,995,643
Diversified International ($)
Shares sold	$	80,675,602		$	173,676,549		$	7,327,537		$	22,435,250
Dividends reinvested		727,447			—			13,771			—
Shares redeemed		(22,044,785	)		(13,776,784	)		(1,239,163	)		(779,687	)
Net increase	$	59,358,264		$	159,899,765		$	6,102,145		$	21,655,563

	Class C						Class I
	Six Months			December 21,			Six Months			December 21,
	Ended			2005(1) to			Ended			2005(1) to
	April 30,			October 31,			April 30,			October 31,
	2007			2006			2007			2006
Diversified International (Number of Shares)
Shares sold		2,995,240			6,338,569			336			486
Dividends reinvested		4,093			—			4			—
Shares redeemed		(593,188	)		(287,804	)		—			(100	)
Net increase in shares outstanding		2,406,145			6,050,765			340			386
Diversified International ($)
Shares sold	$	37,595,141		$	68,740,074		$	3,948		$	5,534
Dividends reinvested		50,585			—			55			—
Shares redeemed		(7,397,890	)		(3,120,028	)		(103	)		(1,163	)
Net increase	$	30,247,836		$	65,620,046		$	3,900		$	4,371

	Class R
	December 12,
	2006(1) to
	April 30,
	2007
Diversified International (Number of Shares)
Shares sold		39,527
Dividends reinvested		38
Shares redeemed		(6,472	)
Net increase in shares outstanding		33,093
Diversified International ($)
Shares sold	$	498,125
Dividends reinvested		472
Shares redeemed		(86,351	)
Net increase	$	412,246

(1)  Commencement of operations.

119

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 12 — ILLIQUID SECURITIES

Pursuant to guidelines adopted by the Funds’ Board, the following securities have been deemed to be illiquid. The Funds currently limit investments in illiquid securities to 15% of a Fund’s net assets, at market value, at time of purchase.

				Initial						Percent
				Acquisition						of Net
Fund	Security	Shares		Date		Cost		Value		Assets
Global Natural Resources	Triangle Petroleum Corp.		26,300		02/26/07	$	52,600	$	58,386		0.0	%
	Cano Petroleum, Inc.		241,171		10/09/06		1,131,756		1,278,206		1.0	%
	PetroHawk Energy Corp.		42,344		10/09/06		447,027		611,871		0.5	%
						$	1,631,383	$	1,948,463		1.5	%
Foreign	Centrenergo ADR		1,530		12/17/03	$	3,623	$	50,216		0.0	%
	Open Investments		1,306		04/26/07		385,270		368,292		0.1	%
	Polyus Gold Co. ZAO		5,126		06/02/06		259,789		231,950		0.0	%
	Ukrnafta Oil Co. ADR		87		12/28/04		10,005		39,416		0.0	%
	Wumart Stores, Inc.		337,572		09/02/04		144,487		237,350		0.0	%
						$	803,174	$	927,224		0.1	%
International SmallCap	JM AB		262,800		08/23/05	$	3,756,665	$	9,037,265		1.0	%
	Generale de Sante		9,479		01/18/07		369,864		420,404		0.0	%
	NETeller PLC		56,010		09/28/05		777,084		128,802		0.0	%
						$	4,903,613	$	9,586,471		1.0	%
Russia	Baskets — Russian Exchange		500		07/29/05	$	6,236,000	$	10,800,000		1.2	%

NOTE 13 — CONCENTRATION OF RISKS

Foreign Securities (All Funds). Investments in foreign securities may entail risks not present in domestic investments. Since securities in which the Funds and Underlying Funds may invest are denominated in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds and Underlying Funds. Foreign investments may also subject the Funds and Underlying Funds to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, as well as changes vis-a-vis the U.S. dollar from movements in currency, and changes in security value and interest rate, all of which could affect the market and/or credit risk of the Funds’ and Underlying Funds’ investments.

Emerging Markets Investments (All Funds except Index Plus International Equity). Because of less developed markets and economies and, in some countries, less mature governments and governmental institutions, the risks of investing in foreign securities can be intensified in the case of investments in issuers domiciled or doing substantial business in emerging market countries.

Industry Concentration (Global Natural Resources, Global Real Estate and International Real Estate). As a result of the Funds’ and Underlying Funds’ concentrating their assets in securities related to a particular industry, each Fund or Underlying Fund may be subject to greater market fluctuation than a fund that invests in securities representing a broader range of investment alternatives.

Geographic Concentration (Greater China and Russia). As a result of the Funds’ concentrating their assets in a single region of the world, the Fund’s performance may be more volatile than that of a fund that invests globally. If securities in the region that each Fund is concentrated fall out of favor, it may cause a Fund to underperform in relation to funds that focus on other types of stocks.

Non-Diversified (Global Natural Resources, Global Real Estate, Disciplined International SmallCap, Greater China, International Real Estate, Russia, Emerging Markets Fixed Income and Global Bond). The Funds and Underlying Funds are each classified as non-diversified investment companies under the 1940 Act, which means that each Fund or Underlying Fund is not limited by the 1940 Act in the proportion of assets that they may invest in the obligations of a single issuer. Declines in the value of that single company can significantly impact the value of a Fund or Underlying Fund. The investment of a large percentage of a Funds’ or Underlying Fund’s assets in the securities of a small number of issuers may cause the Funds’ share price to fluctuate more than that of a diversified investment company. Conversely, even though classified as non-diversified, a Fund or Underlying Fund may actually maintain a portfolio

120

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 13 — CONCENTRATION OF RISKS (continued)

that is diversified with a large number of issuers. In such an event, a Fund or Underlying Fund would benefit less from appreciation in a single corporate issuer than if it had greater exposure to that issuer.

Restricted and Illiquid Securities (Greater China and Emerging Markets Fixed Income). If a security is illiquid, a Fund may not be able to sell the security at a time when the Investment Adviser or a Sub-Adviser might wish to sell, and the security could have the effect of decreasing the overall level of a Fund’s liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount a Fund could realize upon disposition. Restricted securities, i.e., securities subject to legal or contractual restrictions on resale, may be illiquid. However, some restricted securities may be treated as liquid, although they may be less liquid than registered securities traded on established secondary markets.

Rule 144A Securities (Global Value Choice, Greater China and International Value Choice). Rule 144A securities are securities that are not registered, but which are bought and sold solely by institutional investors. The Fund generally considers Rule 144A securities to be “liquid” although the market for such securities typically is less active than public securities markets and may lead to less ability to sell these securities.

NOTE 14 — SECURITIES LENDING

Under an agreement with BNY, the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be in an amount equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the “Agreement”). The securities purchased with cash collateral received are reflected in the Portfolio of Investments. Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security, however there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising their right to dispose of the collateral. The Funds bear the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund. At April 30, 2007, the following Funds had securities on loan with the following market values:

	Value of
	Securities		Value of
Fund	Loaned		Collateral
Global Equity Dividend	$	25,013,265	$	25,983,246
Global Real Estate		59,043,606		61,472,070
Global Value Choice		26,407,843		27,565,174
Emerging Countries		37,309,738		39,762,331
Foreign		9,611,526		10,086,919
International Growth Opportunities		1,769,700		1,854,088
International Value		219,761,219		235,612,249
Russia		101,144,244		102,746,288

NOTE 15 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as distributions of paid-in capital.

121

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 15 — FEDERAL INCOME TAXES (continued)

Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

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

	Six Months Ended April 30, 2007				Year Ended October 31, 2006
	Ordinary		Long-Term		Ordinary		Long-Term
	Income		Capital Gains		Income		Capital Gains
Global Equity Dividend	$	11,972,488	$	3,818,557	$	7,159,143	$	828,141
Global Natural Resources		2,937,873		3,999,909		180,375		—
Global Real Estate(1)		35,901,634		8,533,607		14,209,504		4,790,208
Global Value Choice		—		—		397,470		—
Emerging Countries		2,943,119		—		671,817		—
Foreign		5,017,181		12,877,280		—		6,096,805
Greater China		143,129		—		—		—
Index Plus International Equity		3,219,136		—		—		—
International Capital Appreciation		1,644,836		—		—		—
International Growth Opportunities		3,156,567		9,769,639		1,814,101		—
International Real Estate		3,078,966		—		176,469		—
International SmallCap		3,451,505		—		2,373,750		—
International Value		122,228,627		402,826,028		49,299,049		295,092,915
International Value Choice		1,154,810		379,371		269,623		—
Russia		—		43,574,710		—		—
Emerging Markets Fixed Income		990,949		—		601,241		—
Global Bond		939,890		8,117		154,991		—
Diversified International		1,063,276		—		—		—

⁽¹⁾  Composition of dividends and distributions presented herein is based on the Fund’s tax year-end of December 31.

The tax-basis components of distributable earnings and the expiration dates of the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of October 31, 2006 were:

							Post-October
	Undistributed		Undistributed		Unrealized		Currency
	Ordinary		Long Term		Appreciation/		Losses			Capital Loss			Expiration
	Income		Capital Gains		Depreciation		Deferred			Carryforwards			Dates
Global Equity Dividend	$	9,076,395	$	3,813,556	$	23,645,122	$	—		$	—			—
Global Natural Resources		2,905,734		3,999,425		9,657,483		—			—			—
Global Real Estate(1)		550,631		302,897		103,992,810		(81,995	)		—			—
Global Value Choice		—		—		8,215,415		—		$	(87,543,966	)		2009
											(81,779,077	)		2010
											(6,183,953	)		2011
										$	(175,506,996	)
Emerging Countries	$	2,922,994	$	—	$	17,887,431	$	—		$	(177,555	)		2007
											(6,643,620	)		2008
											(16,457,274	)		2009
											(18,266,429	)		2010
										$	(41,544,878	)*
Foreign		5,015,491		12,874,403		92,175,663		—			—			—
Greater China		138,040		—		3,442,724		—			—			—
Index Plus International Equity		3,147,511		—		5,249,091		—			—			—
International Capital Appreciation		1,639,181		—		3,052,504		—			—			—
International Growth Opportunities		3,140,604		9,768,824		13,093,588		—		$	(756,192	)		2007
											(3,061,891	)		2008
										$	(3,818,083	)*
International Real Estate		2,395,596		—		4,868,033		—		$	(26,312	)		2014
International SmallCap		3,446,225		—		71,319,803		—		$	(712,769	)		2010
International Value		119,317,732		402,816,251		1,106,906,005		—			—			—
International Value Choice		1,070,581		379,357		3,372,054		—			—			—
Russia		—		43,574,849		270,694,361		—			—			—
Emerging Markets Fixed Income		186,408		—		278,900		—			—			—
Global Bond		462,599		8,000		208,853		—			—			—
Diversified International		—		—		17,236,137		—		$	(701,461	)		2014

 ^*  Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

⁽¹⁾  As of the Fund’s tax year ended December 31, 2005.

122

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 16 — OTHER ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes.” This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as “more-likely-than-not” to be sustained upon challenge by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. FIN 48 is effective for fiscal years beginning after December 15, 2006, with early application permitted if no interim financial statements have been issued. However, acknowledging the unique issues that FIN 48 presents for investment companies that calculate NAVs, the U.S. Securities and Exchange Commission (the “SEC”) has indicated that they would not object if a fund implements FIN 48 in its NAV calculation as late as its last NAV calculation in the first required financial statement reporting period for its fiscal year beginning after December 15, 2006. For October year-end funds, this would be no later than their April 30, 2008 NAV and the effects of FIN 48 would be reflected in the funds’ semi-annual financial statements contained in their Form N-CSR filing. At adoption, companies must adjust their financial statements to reflect only those tax positions that are more likely-than-not to be sustained as of the adoption date. Management of the Funds has assessed the impact of adopting FIN 48 and currently does not believe that there will be a material impact to the Funds.

On September 15, 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (“SFAS No. 157”), “Fair Value Measurements.” The 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. SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). SFAS No. 157 also stipulates that, as a market-based measurement, fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability, and establishes a fair value hierarchy that distinguishes between (a) market participant assumptions developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (b) the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. As of April 30, 2007, management of the Funds is currently assessing the impact, if any, that will result from adopting SFAS No. 157.

NOTE 17 — SUBSEQUENT EVENTS

Dividends. Subsequent to April 30, 2007, the following Funds declared dividends and distributions from net investment income:

		Per Share		Payable		Record
		Amount		Date		Date
Emerging Markets Fixed Income
	Class A	$	0.0600		May 3, 2007		April 30, 2007
	Class B	$	0.0545		May 3, 2007		April 30, 2007
	Class C	$	0.0544		May 3, 2007		April 30, 2007
	Class I	$	0.0606		May 3, 2007		April 30, 2007
	Class A	$	0.0600		June 4, 2007		May 31, 2007
	Class B	$	0.0531		June 4, 2007		May 31, 2007
	Class C	$	0.0536		June 4, 2007		May 31, 2007
	Class I	$	0.0607		June 4, 2007		May 31, 2007

NOTE 18 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS

ING Investments reported to the Boards of Directors/ Trustees (the “Boards”) of the ING Funds that, like many U.S. financial services companies, ING Investments and certain of its U.S. affiliates have received informal and formal requests for information since September 2003 from various governmental and self-regulatory agencies in connection with investigations related to mutual funds and variable insurance products. ING Investments has advised the Boards that it and its affiliates have cooperated fully with each request.

In addition to responding to regulatory and governmental requests, ING Investments reported that management of U.S. affiliates of ING Groep including ING Investments (collectively, “ING”), on their own initiative, have conducted, through independent special counsel and a national accounting firm, an extensive internal review of trading in ING insurance, retirement, and mutual fund products. The goal of this review was to identify any instances of inappropriate trading in those products

123

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 18 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)

by third parties or by ING investment professionals and other ING personnel. ING’s internal review related to mutual fund trading is now substantially completed. ING has reported that, of the millions of customer relationships that ING maintains, the internal review identified several isolated arrangements allowing third parties to engage in frequent trading of mutual funds within ING’s variable insurance and mutual fund products, and identified other circumstances where frequent trading occurred, despite measures taken by ING intended to combat market timing. ING further reported that each of these arrangements has been terminated and fully disclosed to regulators. The results of the internal review were also reported to the independent members of the Boards.

ING Investments has advised the Boards that most of the identified arrangements were initiated prior to ING’s acquisition of the businesses in question in the U.S. ING Investments further reported that the companies in question did not receive special benefits in return for any of these arrangements, which have all been terminated.

Based on the internal review, ING Investments has advised the Boards that the identified arrangements do not represent a systemic problem in any of the companies that were involved.

In September 2005, IFD, the distributor of certain ING Funds, settled an administrative proceeding with the NASD regarding three arrangements, dating from 1995, 1996 and 1998, under which the administrator to the then-Pilgrim Funds, which subsequently became part of the ING Funds, entered into formal and informal arrangements that permitted frequent trading. Under the terms of the Letter of Acceptance, Waiver and Consent (“AWC”) with the NASD, under which IFD neither admitted nor denied the allegations or findings, IFD consented to the following sanctions: (i) a censure; (ii) a fine of $1.5 million; (iii) restitution of approximately $1.44 million to certain ING Funds for losses attributable to excessive trading described in the AWC; and (iv) agreement to make certification to NASD regarding the review and establishment of certain procedures.

In addition to the arrangements discussed above, ING Investments reported to the Boards that, at this time, these instances include the following, in addition to the arrangements subject to the AWC discussed above:

•  Aeltus Investment Management, Inc. (a predecessor entity to ING IM) identified two investment professionals who engaged in extensive frequent trading in certain ING Funds. One was subsequently terminated for cause and incurred substantial financial penalties in connection with this conduct and the second has been disciplined.

•  ReliaStar Life Insurance Company (“ReliaStar”) entered into agreements seven years ago permitting the owner of policies issued by the insurer to engage in frequent trading and to submit orders until 4pm Central Time. In 2001 ReliaStar also entered into a selling agreement with a broker-dealer that engaged in frequent trading. Employees of ING affiliates were terminated and/or disciplined in connection with these matters.

•  In 1998, Golden American Life Insurance Company entered into arrangements permitting a broker-dealer to frequently trade up to certain specific limits in a fund available in an ING variable annuity product. No employee responsible for this arrangement remains at the company.

For additional information regarding these matters, you may consult the Form 8-K and Form 8-K/ A for each of four life insurance companies, ING USA Annuity and Life Insurance Company, ILIAC, ING Insurance Company of America, and ReliaStar Life Insurance Company of New York, each filed with the SEC on October 29, 2004 and September 8, 2004. These Forms 8-K and Forms 8-K/ A can be accessed through the SEC’s Web site at http://www.sec.gov. Despite the extensive internal review conducted through independent special counsel and a national accounting firm, there can be no assurance that the instances of inappropriate trading reported to the Boards are the only instances of such trading respecting the ING Funds.

ING Investments reported to the Boards that ING is committed to conducting its business with the highest standards of ethical conduct with zero tolerance for noncompliance. Accordingly, ING Investments advised the Boards that ING management was disappointed that its voluntary internal review identified these situations. Viewed in the context of the breadth and magnitude of its U.S. business as a whole, ING management does not believe that ING’s acquired companies had systemic ethical or compliance issues in these areas. Nonetheless, ING Investments reported

124

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 18 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)

that given ING’s refusal to tolerate any lapses, it has taken the steps noted below, and will continue to seek opportunities to further strengthen the internal controls of its affiliates.

•  ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the SEC. ING Investments reported to the Board that ING management believes that the total amount of any indemnification obligations will not be material to ING or its U.S. business.

•  ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements.

•  The ING Funds, upon a recommendation from ING, updated their respective Codes of Ethics applicable to investment professionals with ING entities and certain other fund personnel, requiring such personnel to pre-clear any purchases or sales of ING Funds that are not systematic in nature (i.e., dividend reinvestment), and imposing minimum holding periods for shares of ING Funds.

•  ING instituted excessive trading policies for all customers in its variable insurance and retirement products and for shareholders of the ING Funds sold to the public through financial intermediaries. ING does not make exceptions to these policies.

•  ING reorganized and expanded its U.S. Compliance Department, and created an Enterprise Compliance team to enhance controls and consistency in regulatory compliance.

Other Regulatory Matters

The New York Attorney General (the “NYAG”) and other federal and state regulators are also conducting broad inquiries and investigations involving the insurance industry. These initiatives currently focus on, among other things, compensation and other sales incentives; potential conflicts of interest; potential anti-competitive activity; reinsurance; marketing practices (including suitability); specific product types (including group annuities and indexed annuities); fund selection for investment products and brokerage sales; and disclosure. It is likely that the scope of these industry investigations will further broaden before they conclude. ING has received formal and informal requests in connection with such investigations, and is cooperating fully with each request. In connection with one such investigation, affiliates of ING Investments were named in a petition for relief and cease and desist order filed by the New Hampshire Bureau of Securities Regulation (the “NH Bureau”) concerning their administration of the New Hampshire state employees deferred compensation plan.

On October 10, 2006, an affiliate of ING Investments entered into an assurance of discontinuance with the NYAG (the “NYAG Agreement”) regarding the endorsement of its products by the New York State United Teachers Union Member Benefits Trust (“NYSUT”) and the sale of their products to NYSUT members. Under the terms of the NYAG Agreement, the affiliate of ING Investments, without admitting or denying the NYAG’s findings, will distribute $30 million to NYSUT members, and/or former NYSUT members, who participated in the NYSUT-endorsed products at any point between January 1, 2001 and June 30, 2006. The affiliate also agreed with the NYAG’s office to develop a one-page disclosure that will further improve transparency and disclosure regarding retirement product fees (the “One-Page Disclosure”). Pursuant to the terms of the NYAG Agreement, the affiliate has agreed for a five year period to provide its retirement product customers with the One-Page Disclosure.

In addition, on the same date, these affiliates of ING Investments entered into a consent agreement with the NH Bureau (the “NH Agreement”) to resolve this petition for relief and cease and desist order. Under the terms of the NH Agreement, these affiliates of ING Investments, without admitting or denying the NH Bureau’s claims, have agreed to pay $3 million to resolve the matter, and for a five year period to provide their retirement product customers with the One-Page Disclosure described above.

Other federal and state regulators could initiate similar actions in this or other areas of ING’s businesses.

These regulatory initiatives may result in new legislation and regulation that could significantly affect the financial services industry, including businesses in which ING is engaged.

125

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

NOTE 18 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)

In light of these and other developments, ING continuously reviews whether modifications to its business practices are appropriate.

At this time, in light of the current regulatory factors, ING U.S. is actively engaged in reviewing whether any modifications in our practices are appropriate for the future.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares, or other adverse consequences to ING Funds.

126

PORTFOLIO OF INVESTMENTS

ING GLOBAL EQUITY DIVIDEND FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 91.6%
			Australia: 6.5%
	141,610		Australia & New Zealand Banking Group Ltd.	$	3,577,964
	243,592		Coca-Cola Amatil Ltd.		1,913,825
	648,000		Foster’s Group Ltd.		3,420,999
	115,175		Publishing & Broadcasting Ltd.		1,949,815
	219,372		Stockland		1,562,021
	149,342		Suncorp-Metway Ltd.		2,643,640
	121,831		TABCORP Holdings Ltd.		1,825,667
	112,575		Wesfarmers Ltd.		3,645,650
	171,537		Westfield Group		2,970,057
					23,509,638
			Belgium: 2.4%
	80,000		Belgacom SA		3,516,129
	40,000		Elia System Operator SA		1,685,083
	79,000		Fortis		3,550,158
					8,751,370
			Brazil: 2.6%
	42,164	L	Cia Siderurgica Nacional SA ADR		1,813,474
	39,900		Petroleo Brasileiro SA ADR		3,559,878
	239,000	L	Tele Norte Leste Participacoes SA ADR		3,912,430
					9,285,782
			Canada: 5.7%
	187,000		BCE, Inc.		6,299,603
	7,854	@,#,X	Bell Aliant Regional Communications Income Fund		221,718
	62,051		Bell Aliant Regional Communications Income Fund		1,751,561
	40,541		Enerplus Resources Fund		1,763,534
	76,955		Fording Canadian Coal Trust		1,849,998
	186,546		Precision Drilling Trust		4,467,423
	121,000		TransCanada Corp.		4,313,875
					20,667,712
			China: 1.0%
	3,134,000		PetroChina Co., Ltd.		3,519,284
					3,519,284
			Denmark: 0.9%
	73,600		Danske Bank A/ S		3,436,986
					3,436,986
			France: 4.2%
	32,000		BNP Paribas		3,712,335
	128,000		France Telecom SA		3,742,999
	20,000		Societe Generale		4,238,475
	88,000		Vivendi		3,629,936
					15,323,745
			Germany: 1.0%
	200,000		Deutsche Telekom AG		3,660,955
					3,660,955
			Greece: 1.0%
	91,620		OPAP SA		3,466,765
					3,466,765
			Hong Kong: 0.9%
	463,000		Citic Pacific Ltd.		1,735,773
	229,668		CLP Holdings Ltd.		1,677,557
					3,413,330
			Hungary: 1.0%
	124,000	L	Magyar Telekom Telecommunications PLC ADR		3,565,000
					3,565,000
			Ireland: 1.0%
	116,000		Allied Irish Banks PLC		3,502,647
					3,502,647
			Israel: 0.6%
	435,000		Bank Hapoalim BM		2,269,478
					2,269,478
			Italy: 7.8%
	372,660		Enel S.p.A.		4,235,076
	165,000		ENI S.p.A.		5,472,016
	465,000		Intesa Sanpaolo S.p.A.		3,896,256
	318,000		Mediaset S.p.A.		3,595,963
	540,000		Snam Rete Gas S.p.A.		3,449,159
	1,493,390		Telecom Italia S.p.A.		3,648,299
	373,000		UniCredito Italiano S.p.A.		3,832,319
					28,129,088
			Netherlands: 2.4%
	73,962		ABN Amro Holding NV		3,588,552
	9,965		Rodamco Europe NV		1,467,531
	102,000		Royal Dutch Shell PLC		3,542,296
	1,000		Royal Dutch Shell PLC — Class A		34,735
					8,633,114
			New Zealand: 0.5%
	502,788		Telecom Corp. of New Zealand Ltd.		1,792,893
					1,792,893
			Norway: 1.0%
	244,000		DNB NOR ASA		3,481,153
					3,481,153
			Poland: 0.9%
	402,000		Telekomunikacja Polska SA		3,219,613
					3,219,613
			Singapore: 1.0%
	251,000		United Overseas Bank Ltd.		3,508,839
					3,508,839
			South Africa: 1.0%
	188,576		Edgars Consolidated Stores Ltd.		1,217,083
	97,000		Telkom SA Ltd.		2,368,562
					3,585,645
			South Korea: 1.1%
	81,286		KT Corp. ADR		1,841,941
	29,151		S-Oil Corp.		2,242,158
					4,084,099
			Sweden: 1.0%
	68,500		Svenska Cellulosa AB		3,523,012
					3,523,012
			Taiwan: 0.5%
	183,093		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,929,800
					1,929,800

See Accompanying Notes to Financial Statements

127

PORTFOLIO OF INVESTMENTS

ING GLOBAL EQUITY DIVIDEND FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Thailand: 0.7%
	587,900		Advanced Info Service PCL	$	1,268,451
	174,200		Siam Cement PCL		1,185,301
					2,453,752
			United Kingdom: 14.8%
	230,000		Aviva PLC		3,608,431
	233,000		Barclays PLC		3,363,754
	289,928		BBA Aviation PLC		1,630,174
	331,000		BP PLC		3,713,361
	117,000		British American Tobacco PLC		3,621,212
	169,000		Diageo PLC		3,562,505
	1,115,000		DSG International PLC		3,569,295
	129,300		GlaxoSmithKline PLC		3,729,433
	96,430		HSBC Holdings PLC		1,779,235
	1,136,000		Legal & General Group PLC		3,483,800
	307,000		Lloyds TSB Group PLC		3,545,030
	98,290		Provident Financial PLC		1,511,787
	142,000		Royal Bank of Scotland Group PLC		5,437,004
	307,782		Scottish & Newcastle PLC		3,776,908
	118,000		Severn Trent PLC		3,490,128
	294,100		Tate & Lyle PLC		3,646,843
					53,468,900
			United States: 30.1%
	39,000		AGL Resources, Inc.		1,698,060
	76,000		Altria Group, Inc.		5,237,920
	70,400		Ameren Corp.		3,700,928
	62,102	L	American Capital Strategies Ltd.		3,023,125
	55,883	L	Arthur J Gallagher & Co.		1,562,489
	84,000		AT&T, Inc.		3,252,480
	110,000		Bank of America Corp.		5,599,000
	123,000		Bristol-Myers Squibb Co.		3,549,780
	103,000		Citigroup, Inc.		5,522,860
	224,000		Citizens Communications Co.		3,487,680
	65,695		Consolidated Edison, Inc.		3,367,526
	17,382	L	Developers Diversified Realty Corp.		1,131,568
	78,800		Dow Chemical Co.		3,515,268
	80,423		Duke Energy Corp.		1,650,280
	25,450		Duke Realty Corp.		1,097,150
	67,000		Energy East Corp.		1,622,740
	42,000		Fifth Third Bancorp		1,704,780
	87,000	L	First Horizon National Corp.		3,411,270
	24,825		Hospitality Properties Trust		1,130,282
	22,632		iStar Financial, Inc.		1,084,525
	96,000		Keycorp		3,425,280
	38,000		Kinder Morgan Energy Partners LP		2,107,100
	30,000		Kinder Morgan, Inc.		3,196,800
	38,753		Kraft Foods, Inc.		1,297,063
	22,749		Liberty Property Trust		1,100,824
	76,700		Merck & Co., Inc.		3,945,448
	142,500		NiSource, Inc.		3,504,075
	140,400		Pfizer, Inc.		3,714,984
	40,500	L	Rayonier, Inc.		1,756,485
	56,500	L	Reynolds American, Inc.		3,630,690
	91,000		Southern Co.		3,438,890
	68,781		Spectra Energy Corp.		1,795,184
	64,000		Thornburg Mortgage, Inc.		1,779,200
	103,700		US Bancorp		3,562,095
	89,941	L	UST, Inc.		5,097,856
	67,000	L	Wachovia Corp.		3,721,180
	127,400		Washington Mutual, Inc.		5,348,252
					108,771,117
			Total Common Stock (Cost $286,637,356 )		330,953,717
EQUITY-LINKED SECURITIES: 0.9%
			Taiwan: 0.9%
	941,596	X	Formosa Chemicals & Fibre Corp. (Counterparty: Merrill)		1,751,369
	1,075,935	X	Lite-On Technology Corp. (Counterparty: Citigroup)		1,334,159
			Total Equity-Linked Securities (Cost $2,888,718 )		3,085,528
WARRANTS: 1.1%
			Luxembourg: 0.5%
	370,000	X	Novatek Microelectronics Corp., Ltd. (Counterparty: Merrill)		1,831,500
					1,831,500
			Taiwan: 0.6%
	320,000	X	Lite-On Technology Corp. (Counterparty: Citigroup)		396,800
	2,799,000	X	Mega Financial Holding Co., Ltd. (Counterparty: Morgan Stanley)		1,791,360
					2,188,160
			Total Warrants (Cost $4,103,414)		4,019,660
			Total Long-Term Investments (Cost $293,629,488)		338,058,905

Principal
Amount			Value
SHORT-TERM INVESTMENTS: 7.2%
		Securities Lending CollateralCC: 7.2%
$	25,983,246	The Bank of New York Institutional Cash Reserves Fund	$	25,983,246
		Total Short-Term Investments (Cost $25,983,246)		25,983,246

Total Investments in Securities (Cost $319,612,734)*	100.8	%	$	364,042,151
Other Assets and Liabilities-Net	(0.8	)		(2,918,346	)
Net Assets	100.0	%	$	361,123,805

@	Non-income producing security
ADR	American Depositary Receipt
#	Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. These securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at April 30, 2007.
X	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.
*	Cost for federal income tax purposes is $320,600,232.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	45,559,036
Gross Unrealized Depreciation		(2,117,117	)
Net Unrealized Appreciation	$	43,441,919

See Accompanying Notes to Financial Statements

128

PORTFOLIO OF INVESTMENTS

ING GLOBAL EQUITY DIVIDEND FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

	Percentage of
Industry	Net Assets
Aerospace/ Defense		0.4	%
Agriculture		4.9
Banks		22.4
Beverages		3.5
Building Materials		0.3
Chemicals		1.5
Coal		0.5
Computers		0.5
Diversified Financial Services		2.9
Electric		5.9
Entertainment		1.5
Food		1.4
Forest Products & Paper		1.0
Gas		2.4
Holding Companies — Diversified		0.5
Insurance		2.4
Investment Companies		0.8
Iron/ Steel		0.5
Media		2.5
Miscellaneous Manufacturing		1.0
Oil & Gas		7.8
Pharmaceuticals		4.1
Pipelines		3.2
Real Estate		1.3
Real Estate Investment Trusts		2.4
Retail		1.3
Savings & Loans		1.5
Semiconductors		1.0
Telecommunications		13.2
Water		1.0
Short-Term Investments		7.2
Other Assets and Liabilities — Net		(0.8	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

129

PORTFOLIO OF INVESTMENTS

ING GLOBAL NATURAL RESOURCES FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 100.1%
			Australia: 2.2%
	738,300	@	Boart Longyear Group	$	1,183,468
	24,150	@	InterOil Corp.		685,377
	121,400	@	Paladin Resources Ltd.		951,599
					2,820,444
			Bermuda: 0.3%
	86,100	@	Energy XXI Acquisition Corp. Bermuda Ltd.		411,558
					411,558
			Brazil: 2.9%
	24,400		Cia Vale do Rio Doce ADR		990,884
	106,800		Petroleo Brasileiro SA		2,726,395
					3,717,279
			Canada: 11.5%
	7,450		Aber Diamond Corp.		269,988
	15,000		Agnico-Eagle Mines Ltd.		529,200
	17,000		Alcan, Inc.		1,000,790
	25,400	@	Banro Corp.		250,190
	30,500		Cameco Corp.		1,420,714
	220,250	@	Eldorado Gold Corp.		1,275,978
	126,500	@	European Goldfields Limited		632,557
	17,600		First Quantum Minerals Ltd.		1,215,144
	54,249		GoldCorp, Inc.		1,320,421
	54,800	@	Great Basin Gold Ltd.		125,410
	49,100	@	Kinross Gold Corp.		654,503
	101,400	@	MAG Silver Corp.		826,804
	45,400	@	Major Drilling Group International		1,429,615
	9,300	@	Novagold Resources, Inc.		132,060
	195,900	@	Shore Gold, Inc.		972,528
	293,709	@	Solid Resources Ltd.		264,627
	23,954	@	SXR Uranium One, Inc.		359,342
	18,100		Teck Cominco Ltd.		1,376,143
	26,300	@,I	Triangle Petroleum Corp.		58,386
	36,000		Yamana Gold, Inc.		502,920
					14,617,320
			France: 1.5%
	26,400		Total SA ADR		1,945,416
					1,945,416
			Jersey: 0.5%
	24,700		Randgold Resources Ltd. ADR		591,565
					591,565
			Netherlands: 2.6%
	12,000		Arcelor Mittal		641,040
	37,247		Royal Dutch Shell PLC ADR		2,583,079
					3,224,119
			Papua New Guinea: 1.0%
	510,200	@	Lihir Gold Ltd.		1,257,628
					1,257,628
			Russia: 0.5%
	49,600	@,#	Polymetal GDR		337,280
	8,500	@,#	TMK OAO GDR		309,400
					646,680
			South Africa: 0.5%
	16,200		Gold Fields Ltd.		289,693
	1,261,400	@	Merafe Resources Ltd.		289,032
					578,725
			United Kingdom: 1.0%
	5,200		Rio Tinto PLC ADR		1,268,800
					1,268,800
			United States: 75.6%
	76,775	@	Allis-Chalmers Energy, Inc.		1,485,596
	59,000	@	American Oil & Gas, Inc.		274,350
	43,300		Arch Coal, Inc.		1,561,831
	87,400		Cabot Oil & Gas Corp.		3,183,108
	11,300	@	Cameron International Corp.		729,641
	241,171	@,I	Cano Petroleum, Inc.		1,278,206
	49,400		Chevron Corp.		3,842,826
	11,100		Cleveland-Cliffs, Inc.		769,119
	128,100		ConocoPhillips		8,883,733
	32,735	@	Delta Petroleum Corp.		710,022
	15,700	@	Denbury Resources, Inc.		519,513
	19,100		ENSCO International, Inc.		1,076,858
	15,700		EOG Resources, Inc.		1,153,008
	42,500	@	Evergreen Energy, Inc.		256,275
	103,832	@	EXCO Resources, Inc.		1,743,339
	124,100	S	ExxonMobil Corp.		9,851,058
	34,300		Freeport-McMoRan Copper & Gold, Inc.		2,303,588
	6,912	@	GeoMet, Inc.		64,005
	12,300		GlobalSantaFe Corp.		786,339
	9,617	@	Goodrich Petroleum Corp.		337,845
	22,000	@	Grant Prideco, Inc.		1,133,880
	89,100	@	Hecla Mining Co.		784,971
	34,165	@	Hercules Offshore, Inc.		1,073,806
	68,900		Hess Corp.		3,910,075
	61,500	@	Key Energy Services, Inc.		1,146,975
	175,605	@	Kodiak Oil & Gas Corp.		1,088,751
	24,400		Marathon Oil Corp.		2,477,820
	23,800	@	McDermott International, Inc.		1,277,108
	23,675	@	Meridian Gold, Inc.		597,794
	23,110	@	Mirant Corp.		1,036,946
	11,040		MV Oil Trust		254,582
	72,900	@	Newfield Exploration Co.		3,189,375
	10,200		Nucor Corp.		647,292
	91,000		Occidental Petroleum Corp.		4,613,700
	89,991	@	Parallel Petroleum Corp.		2,079,692
	114,774	@	Particle Drilling Technologies, Inc.		433,846
	24,600		Peabody Energy Corp.		1,180,308
	42,344	@,I	PetroHawk Energy Corp.		611,871
	71,754	@	Petroquest Energy, Inc.		819,431
	67,700	@	Plains Exploration & Production Co.		3,181,223
	31,526	@	Quicksilver Resources, Inc.		1,319,678
	9,200		Royal Gold, Inc.		269,836
	87,200		Schlumberger Ltd.		6,437,976
	60,300	@	Southwestern Energy Co.		2,532,600
	17,300		Sunoco, Inc.		1,306,669
	10,500	@	Superior Energy Services		381,465
	13,600	@	Targa Resources Partners LP		435,472
	17,375	@	Todco		789,868
	3,800	@	Transocean, Inc.		327,560
	14,700	@	Unit Corp.		840,105
	6,000		United States Steel Corp.		609,240
	55,200		Valero Energy Corp.		3,876,696
	21,100	@	Weatherford International Ltd.		1,107,539
	57,700		XTO Energy, Inc.		3,131,379
					95,715,789
			Total Common Stock (Cost $107,910,460)		126,795,323

See Accompanying Notes to Financial Statements

130

PORTFOLIO OF INVESTMENTS

ING GLOBAL NATURAL RESOURCES FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
WARRANTS: 0.0%
			Canada: 0.0%
	27,400	@	Great Basin Gold Ltd.	$	11,603
			Total Warrants (Cost $9,091)		11,603

Total Investments in Securities (Cost $107,919,551)*	100.1	%	$	126,806,926
Other Assets and Liabilities-Net	(0.1	)		(174,467	)
Net Assets	100.0	%	$	126,632,459

@	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
#	Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. These securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
S	Segregated securities for certain derivatives, when-issued or delayed delivery securities and forward currency exchange contracts.
I	Illiquid security
*	Cost for federal income tax purposes is $108,093,770.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	19,434,244
Gross Unrealized Depreciation		(721,088	)
Net Unrealized Appreciation	$	18,713,156

	Percentage of
Industry	Net Assets
Coal		2.2	%
Electric		0.8
Energy — Alternate Sources		0.2
Engineering & Construction		1.9
Investment Companies		0.3
Iron/ Steel		2.1
Metal Fabricate/ Hardware		0.3
Mining		19.3
Oil & Gas		61.6
Oil & Gas Services		11.0
Pipelines		0.4
Other Assets and Liabilities — Net		(0.1	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

131

PORTFOLIO OF INVESTMENTS

ING GLOBAL REAL ESTATE FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 95.8%
			Australia: 10.6%
	850,699		Centro Properties Group	$	6,582,498
	1,687,400		DB Rreef Trust		2,511,782
	5,579,500		GPT Group		22,852,048
	582,900		Investa Property Group		1,286,982
	3,588,600		Macquarie CountryWide Trust		6,347,192
	3,512,400		Macquarie Goodman Group		20,600,992
	1,133,000		Mirvac Group		4,919,485
	2,436,100		Stockland		17,346,059
	3,682,600		Valad Property Group		6,851,379
	2,968,978		Westfield Group		51,406,027
					140,704,444
			Austria: 0.9%
	569,700	@	Conwert Immobilien Invest AG		12,569,822
					12,569,822
			Canada: 1.8%
	157,000		Calloway Real Estate Investment Trust		3,889,990
	244,500		Dundee Real Estate Investment Trust		8,833,634
	480,600		RioCan Real Estate Investment Trust		11,128,408
					23,852,032
			China: 0.5%
	2,713,200		Guangzhou R&F Properties Co., Ltd.		6,498,334
					6,498,334
			Finland: 1.5%
	1,048,400		Citycon OYI		8,363,522
	706,640		Sponda OYJ		11,966,078
					20,329,600
			France: 2.9%
	86,800		Klepierre		16,738,393
	43,600		Societe de la Tour Eiffel		7,398,605
	50,300		Unibail		13,942,563
					38,079,561
			Germany: 0.7%
	42,055		Deutsche Wohnen AG		2,456,504
	125,255		DIC Asset AG		5,032,344
	53,100		IVG Immobilien AG		2,388,308
					9,877,156
			Guernsey: 0.4%
	1,266,400	**	ING UK Real Estate Income Trust Ltd.		2,943,858
	32,800		Mapeley Ltd.		2,427,456
					5,371,314
			Hong Kong: 8.3%
	7,657,300		Agile Property Holdings Ltd.		8,021,925
	1,963,950	@	Champion Real Estate Investment Trust		1,124,697
	985,700		Cheung Kong Holdings Ltd.		12,769,952
	2,051,500		Hang Lung Properties Ltd.		7,859,861
	3,375,300		Hang Lung Properties Ltd.		9,998,766
	4,021,400		Hongkong Land Holdings Ltd.		18,714,618
	2,331,000		Kerry Properties Ltd.		11,646,780
	2,678,700		Link Real Estate Investment Trust		6,090,402
	3,032,700	@	Shui On Land Ltd.		2,597,986
	2,760,000		Sun Hung Kai Properties Ltd.		32,246,961
					111,071,948
			Isle Of Man: 0.1%
	135,300	@	Hirco PLC		1,068,699
					1,068,699
			Italy: 0.5%
	3,732,600		Beni Stabili S.p.A.		6,324,699
					6,324,699
			Japan: 14.6%
	790		Japan Logistics Fund, Inc.		7,968,720
	784		Japan Retail Fund Investment Corp.		7,891,403
	526		Kenedix Realty Investment Corp.		3,946,657
	1,958,600		Mitsubishi Estate Co., Ltd.		60,723,473
	2,061,600		Mitsui Fudosan Co., Ltd.		60,177,257
	866		New City Residence Investment Corp.		4,914,179
	508		Nippon Accommodations Fund, Inc.		3,956,815
	909		Nippon Building Fund, Inc.		14,693,287
	428	@,L	Nomura Real Estate Residential Fund, Inc.		3,359,953
	715,700		Sumitomo Realty & Development Co., Ltd.		26,417,232
					194,048,976
			Netherlands: 1.2%
	1,085		Eurocommercial Properties NV		62,722
	63,780		Rodamco Europe NV		9,392,789
	61,700		Vastned Retail NV		6,019,495
					15,475,006
			Norway: 0.3%
	319,100	@	Norwegian Property ASA		3,819,378
					3,819,378
			Singapore: 3.2%
	355,500		Allgreen Properties Ltd.		422,336
	3,699,000		CapitaLand Ltd.		20,460,039
	3,611,000	@	CapitaMall Trust		9,406,070
	265,000		City Developments Ltd.		2,774,846
	1,244,600		Keppel Land Ltd.		7,187,025
	1,233,500		Wing Tai Holdings Ltd.		2,703,642
					42,953,958
			South Korea: 0.0%
	20,000	#,L	Lotte Shopping Co. GDR		373,853
					373,853
			Sweden: 1.2%
	1,090,700		Castellum AB		16,559,955
					16,559,955
			United Kingdom: 10.0%
	1,110,000		British Land Co. PLC		32,422,077
	347,800		Derwent Valley Holdings PLC		14,748,570
	878,896		Great Portland Estates PLC		12,574,390
	389,028		Hammerson PLC		11,765,272
	1,172,027		Land Securities Group PLC		45,627,235
	2,838,804	@	Safestore Holdings Ltd.		13,964,681
	172,700		Slough Estates PLC		2,644,567
					133,746,792

See Accompanying Notes to Financial Statements

132

PORTFOLIO OF INVESTMENTS

ING GLOBAL REAL ESTATE FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			United States: 37.1%
	125,100		AMB Property Corp.	$	7,619,841
	356,500		Archstone-Smith Trust		18,577,215
	166,500	L	AvalonBay Communities, Inc.		20,356,290
	231,900	L	BioMed Realty Trust, Inc.		6,657,849
	265,200	L	Boston Properties, Inc.		31,176,912
	223,700	L	BRE Properties, Inc.		13,430,948
	255,000	L	Brookfield Properties Co. (U.S. Denominated Security)		10,472,850
	124,300		Camden Property Trust		8,657,495
	163,300	L	Corporate Office Properties Trust SBI MD		7,693,063
	194,900	L	Developers Diversified Realty Corp.		12,687,990
	239,300		Douglas Emmett, Inc.		6,233,765
	236,100	L	Equity Residential		10,962,123
	166,000	L	Extra Space Storage, Inc.		3,105,860
	180,300	L	Federal Realty Investment Trust		16,257,651
	385,700		General Growth Properties, Inc.		24,626,945
	277,800		Health Care Property Investors, Inc.		9,831,342
	248,500	L	Highwoods Properties, Inc.		10,133,830
	245,300		Hilton Hotels Corp.		8,340,200
	93,100	L	Home Properties, Inc.		5,185,670
	931,210		Host Hotels & Resorts, Inc.		23,876,224
	102,000	L	Kilroy Realty Corp.		7,744,860
	207,165	L	Kimco Realty Corp.		9,958,422
	79,200		LaSalle Hotel Properties		3,677,256
	211,700		Liberty Property Trust		10,244,163
	182,800	L	Macerich Co.		17,387,936
	52,700		Maguire Properties, Inc.		1,898,781
	304,200		Nationwide Health Properties, Inc.		9,752,652
	313,900		Omega Healthcare Investors, Inc.		5,273,520
	324,800	L	Prologis		21,047,040
	164,054		Public Storage, Inc.		15,309,519
	217,100		Regency Centers Corp.		17,889,040
	396,600	L	Simon Property Group, Inc.		45,720,048
	138,400	L	SL Green Realty Corp.		19,500,560
	174,300	L	Strategic Hotel Capital, Inc.		3,773,595
	183,100		Sunstone Hotel Investors, Inc.		5,222,012
	106,500		Taubman Centers, Inc.		5,969,325
	281,500	L	UDR, Inc.		8,456,260
	151,000		Ventas, Inc.		6,366,160
	203,100		Vornado Realty Trust		24,093,753
					495,168,965
			Total Common Stock (Cost $1,074,981,888)		1,277,894,492
PURCHASED OPTIONS: 0.3%
			Brazil: 0.3%
	517,500		American Style Call Option OTC Brascan Residential Properties SA Zero Strike Option Exp 10/22/07		3,933,927
			Total Purchased Options (Cost $3,881,855)		3,933,927
			Total Long-Term Investments (Cost $1,078,863,743)		1,281,828,419

Principal
Amount			Value
SHORT-TERM INVESTMENTS: 4.6%
		Securities Lending CollateralCC: 4.6%
$	61,472,070	The Bank of New York Institutional Cash Reserves Fund	$	61,472,070
		Total Short-Term Investments (Cost $61,472,070)		61,472,070

Total Investments in Securities (Cost $1,142,054,729)*	100.7	%	$	1,343,300,489
Other Assets and Liabilities-Net	(0.7	)		(9,484,797	)
Net Assets	100.0	%	$	1,333,815,692

@	Non-income producing security
GDR	Global Depositary Receipt
#	Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. These securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at April 30, 2007.
**	Investment in affiliate
*	Cost for federal income tax purposes is $1,179,971,393.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	164,841,712
Gross Unrealized Depreciation		(1,512,616	)
Net Unrealized Appreciation	$	163,329,096

	Percentage of
Industry	Net Assets
Closed-End Funds		0.2	%
Diversified Property Holdings		15.3
Health Care		2.3
Offices		9.4
Property Trust		10.6
Real Estate Management/ Services		9.5
Real Estate Operation/ Development		18.5
Residential: Apartments		7.1
Residential: Hotels		3.4
Retail: Department Stores		0.0
Retail: Regional Malls		7.0
Retail: Shopping Centers		7.6
Storage		2.4
Warehouse/ Industrial		2.8
Short-Term Investments		4.6
Other Assets and Liabilities — Net		(0.7	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

133

PORTFOLIO OF INVESTMENTS

ING GLOBAL REAL ESTATE FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

At April 30, 2007, the following forward currency contracts were outstanding for the ING Global Real Estate Fund:

					In				Unrealized
			Settlement		Exchange				Appreciation/
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD
Japanese Yen JPY 16,977,742		Buy		05/07/07		142,383	$	142,233	$	(150	)
Japanese Yen JPY 12,239,590		Buy		05/07/07		102,647		102,538		(109	)
Japanese Yen JPY 29,545,692		Buy		05/07/07		247,783		247,522		(261	)
									$	(520	)

See Accompanying Notes to Financial Statements

134

PORTFOLIO OF INVESTMENTS

ING GLOBAL VALUE CHOICE FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 100.4%
			Australia: 1.9%
	146,760		Alumina Ltd.	$	866,442
	68,400		Newcrest Mining Ltd.		1,320,431
					2,186,873
			Brazil: 1.0%
	51,200	L	Centrais Eletricas Brasileiras SA ADR		602,056
	16,500		Cia de Saneamento Basico do Estado de Sao Paulo ADR		570,075
					1,172,131
			Canada: 10.5%
	139,059	L	Barrick Gold Corp.		3,908,948
	182,700	@,L	Crystallex International Corp.		728,973
	125,400	@,L	Domtar Corp.		1,222,650
	119,200	@,L	Ivanhoe Mines Ltd.		1,481,656
	169,872	@,L	Kinross Gold Corp.		2,264,394
	23,800		Magna International, Inc.		1,883,770
	198,100	@	Patheon, Inc.		876,359
					12,366,750
			Finland: 1.6%
	105,000		Stora Enso OYJ (Euro Denominated Security)		1,916,054
					1,916,054
			France: 4.6%
	900		Areva SA		942,126
	14,800		Technip SA ADR		1,101,860
	54,300		Thales SA		3,299,368
					5,343,354
			Germany: 0.9%
	52,000	@	Premiere AG		1,096,358
					1,096,358
			Italy: 1.7%
	811,926		Telecom Italia S.p.A.		1,983,506
					1,983,506
			Japan: 13.4%
	12,300		Kao Corp. ADR		3,386,218
	34,000		Kissei Pharmaceutical Co., Ltd.		648,245
	31,000	@,L	NEC Electronics Corp.		758,725
	134,300		Nippon Telegraph & Telephone Corp. ADR		3,342,727
	84,000		Sekisui House Ltd.		1,239,717
	96,800		Takefuji Corp.		3,253,361
	54,000		Toppan Printing Co., Ltd.		547,754
	29,300		Toppan Printing Co., Ltd. ADR		1,495,586
	81,000		Wacoal Holdings Corp.		1,009,611
					15,681,944
			Netherlands: 4.2%
	69,783	L	Royal Dutch Shell PLC ADR		4,934,356
					4,934,356
			Papua New Guinea: 1.3%
	603,204	@	Lihir Gold Ltd.		1,486,880
					1,486,880
			Portugal: 0.8%
	164,402		Energias de Portugal SA		899,647
					899,647
			South Africa: 1.9%
	49,600	L	Anglogold Ashanti Ltd. ADR		2,210,672
					2,210,672
			South Korea: 5.4%
	142,450		Korea Electric Power Corp. ADR		2,948,448
	77,700		KT Corp. ADR		1,760,682
	28,300		Samsung SDI Co., Ltd.		1,654,599
					6,363,729
			Taiwan: 2.0%
	118,932		Chunghwa Telecom Co., Ltd. ADR		2,366,747
					2,366,747
			United Kingdom: 5.2%
	58,300		Anglo American PLC		3,070,102
	8,600		BP PLC ADR		578,952
	38,900		Stolt-Nielsen SA ADR		1,175,169
	437,500		Vodafone Group PLC		1,244,669
					6,068,892
			United States: 44.0%
	92,700	@,L	AGCO Corp.		3,868,371
	48,500		Alcoa, Inc.		1,721,265
	220,500	@,L	Allied Waste Industries, Inc.		2,948,085
	292,400	@,L	Apex Silver Mines Ltd.		4,383,077
	49,300	L	Bowater, Inc.		1,079,177
	18,400	L	CDW Corp.		1,324,984
	47,200		Chevron Corp.		3,671,688
	154,500	@,L	GrafTech International Ltd.		1,541,910
	34,300		Idacorp, Inc.		1,183,988
	55,200		Microsoft Corp.		1,652,688
	92,800	@,L	Mosaic Co.		2,737,600
	94,400	L	Newmont Mining Corp.		3,936,480
	29,000		Peabody Energy Corp.		1,391,420
	55,100		PNM Resources, Inc.		1,793,505
	92,100		Puget Energy, Inc.		2,378,022
	18,900	@	Scholastic Corp.		583,443
	142,400	@,L	Smithfield Foods, Inc.		4,353,168
	72,200		Sprint Nextel Corp.		1,446,166
	45,600	@	Tech Data Corp.		1,620,624
	176,200	L	Tyson Foods, Inc.		3,693,151
	37,400		Union Pacific Corp.		4,272,950
					51,581,762
			Total Common Stock (Cost $101,835,111)		117,659,655
PREFERRED STOCK: 0.7%
			South Korea: 0.7%
	20,000		Samsung SDI Co., Ltd.		796,934
			Total Preferred Stock (Cost $1,030,041)		796,934
			Total Long-Term Investments (Cost $102,865,152)		118,456,589

See Accompanying Notes to Financial Statements

135

PORTFOLIO OF INVESTMENTS

ING GLOBAL VALUE CHOICE FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Principal
Amount			Value
SHORT-TERM INVESTMENTS: 25.5%
		U.S. Government Agency Obligations: 1.9%
$	2,265,000	Federal Home Loan Bank, 4.850%, due 05/01/07	$	2,264,695
		Total U.S. Government Agency Obligations (Cost $2,264,695)		2,264,695
		Securities Lending CollateralCC: 23.6%
	27,565,174	The Bank of New York Institutional Cash Reserves Fund		27,565,174
		Total Securities Lending Collateral (Cost $27,565,174)		27,565,174
		Total Short-Term Investments (Cost $29,829,869)		29,829,869

Total Investments in Securities (Cost $132,695,021)*	126.6	%	$	148,286,458
Other Assets and Liabilities-Net	(26.6	)		(31,162,110	)
Net Assets	100.0	%	$	117,124,348

@	Non-income producing security
ADR	American Depositary Receipt
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at April 30, 2007.
*	Cost for federal income tax purposes is $132,808,955.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	19,403,860
Gross Unrealized Depreciation		(3,926,357	)
Net Unrealized Appreciation	$	15,477,503

	Percentage of
Industry	Net Assets
Aerospace/ Defense		2.8	%
Apparel		0.9
Auto Parts & Equipment		1.6
Chemicals		2.3
Coal		1.2
Commercial Services		1.7
Cosmetics/ Personal Care		2.9
Distribution/ Wholesale		2.5
Diversified Financial Services		2.8
Electric		8.4
Electrical Components & Equipment		1.3
Electronics		2.1
Energy — Alternate Sources		0.8
Environmental Control		2.5
Food		6.9
Forest Products & Paper		3.6
Home Builders		1.1
Machinery — Diversified		3.3
Media		1.4
Mining		23.4
Oil & Gas		7.8
Oil & Gas Services		0.9
Pharmaceuticals		1.3
Semiconductors		0.6
Software		1.4
Telecommunications		10.4
Transportation		4.7
Water		0.5
Short-Term Investments		25.5
Other Assets and Liabilties — Net		(26.6	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

136

PORTFOLIO OF INVESTMENTS

ING DISCIPLINED INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 103.4%
			Australia: 5.7%
	5,215		Alinta Ltd.	$	64,822
	42,954		Ansell Ltd.		396,469
	105,081		Australian Infrastructure Fund		254,382
	79,626		Australian Pharmaceutical Industries Ltd.		145,139
	31,416		Cabcharge Australia Ltd.		302,833
	181,536		Centro Retail Trust		252,662
	256,289		CFS Retail Property Trust		490,106
	374,788		Commonwealth Property Office Fund		447,130
	17,151		Felix Resources Ltd.		83,216
	12,184		Macquarie CountryWide Trust		21,550
	77,247		Macquarie Media Group Ltd.		277,177
	74,391		Metcash Ltd.		322,501
	66,809		Minara Resources Ltd.		407,821
	26,681		Monadelphous Group Ltd.		301,176
	193,214		Oxiana Ltd.		486,152
	138,861		Pacific Brands Ltd.		371,524
	18,835		Perilya Ltd.		65,324
	103,718		Rubicon America Trust		88,638
	295,405		Rubicon Europe Trust Group		245,083
	42,715		Seven Network Ltd.		401,048
	193,108		Smorgon Steel Group Ltd.		350,384
	261,266	#	Spark Infrastructure Group		423,140
	15,000		Sydney Roads Group		17,729
	15,834		Transfield Services Ltd.		167,525
	93,266		Veda Advantage Ltd.		271,551
	22,115		WorleyParsons Ltd.		502,258
					7,157,340
			Austria: 1.1%
	745		Agrana Beteiligungs AG		78,472
	26,725	@	Austrian Airlines		408,565
	14,121	@	CA Immobilien Anlagen AG		471,320
	20,401	@	Conwert Immobilien Invest AG		450,126
					1,408,483
			Belgium: 1.0%
	20,062		AGFA-Gevaert NV		485,150
	17		Banque Nationale de Belgique		83,351
	5,286		Omega Pharma SA		427,549
	5,315	@	RHJ Intl		107,346
	4,813	@	Telenet Group Holding NV		159,124
					1,262,520
			Bermuda: 0.2%
	0		Catlin Group Ltd.		3
	13,890	@	Global Sources Ltd.		237,519
					237,522
			Canada: 7.1%
	25,186		Aeroplan Income Fund		442,497
	13,167		Agricore United		241,179
	22,941	@	Angiotech Pharmaceuticals, Inc.		125,670
	3,467		Astral Media Inc.		135,256
	22,199		Baytex Energy Trust		420,019
	218,165	@	Breakwater Resources Ltd.		412,782
	36,956	@	CanWest Global Communications Corp.		355,609
	15,146		Emera, Inc.		293,531
	22,764	@	Emergis, Inc.		131,059
	13,007	@	GSI Group Inc.		132,158
	24,746	@	HudBay Minerals, Inc.		464,642
	6,938		Industrial Alliance Insurance		224,036
	54,604		Jazz Air Income Fund		399,481
	20,108		Kingsway Financial Services, Inc.		416,690
	9,563		Laurentian Bank of Canada		277,783
	19,297		Methanex Corp.		459,866
	3,110		Metro Inc.		108,580
	7,455		Northbridge Financial Corp.		215,946
	89,810	@	Northern Orion Resources, Inc.		414,296
	72,773	@	Northgate Minerals Corp.		266,858
	515		Parkland Income Fund		19,720
	4,673		Pason Systems Inc.		65,638
	9,446	@	Petrolifera Petroleum Ltd.		146,469
	32,750		Progress Energy Trust		410,740
	12,774	@	QLT, Inc.		84,592
	32,229	@	QuADRa Mining Ltd.		374,006
	16,494		Shawcor Ltd.		438,542
	34,303		Sherritt International Corp.		457,415
	7,764	@	Stantec, Inc.		231,192
	14,037		Vermilion Energy Trust		426,839
	4,442		WEST FRASER TIMBER CO., Ltd.		163,128
	3,742		West Fraser Timber Co., Ltd.		137,421
					8,893,640
			China: 0.1%
	60,000		Xinao Gas Holdings Ltd.		68,265
					68,265
			Denmark: 0.4%
	8,371		East Asiatic Co., Ltd. A/S		435,955
	1,961		Forstaedernes Bank A/S		91,931
					527,886
			Finland: 0.1%
	24,713		Oriola-KD OYJ		116,154
					116,154
			France: 10.5%
	10,554		Accor SA		994,109
	12,216		Air France-KLM		623,016
	6,084	@	Alstom		904,615
	46,085	@	Altran Technologies SA		436,924
	6,227		BIC		454,979
	636		Bollore Investissement		140,444
	1,227		Bonduelle S.C.A.		143,090
	2,062		Ciments Francais SA		467,484
	4,279		CNP Assurances		545,479
	2,691	@	Compagnie Generale de Geophysique SA		557,172
	1,176		Compagnie Generale des Etablissements Michelin		149,833
	1,199		Eramet SLN		287,046
	1,218		Etam Developpement SA		97,352
	590		Generale de Sante		26,167
	18,566		GFI Informatique		190,767
	12,090		Haulotte Group		412,264
	4,979		IMS-Intl Metal Service		205,379
	6,757		Ipsen		358,165
	3,949		Kaufman & Broad SA		300,557
	9,339		Lagardere SCA		734,003
	14,660	@	Legrand SA		499,711
	23,558		Natixis		642,654
	634		Pierre & Vacances		92,497
	680		Provimi SA		31,551
	22,079		Safran SA		533,379
	18,685	@	Silicon-On-Insulator Technologies		437,447
	8,120		Sodexho Alliance SA		643,620
	4,813		Technip SA		379,568
	28,464	@	Thomson		548,512
	229		Unibail		63,476

See Accompanying Notes to Financial Statements

137

PORTFOLIO OF INVESTMENTS

ING DISCIPLINED INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			France (continued)
	2,573		Vallourec	$	700,754
	3,187		Wendel Investissement		549,730
					13,151,744
			Germany: 8.1%
	8,421	@	Aareal Bank AG		442,668
	2,698		AMB Generali Holding AG		426,958
	8,158		Celesio AG		584,522
	1,655		Continental AG		230,369
	15,249		Curanum AG		165,681
	8,975		Deutsche Beteiligungs AG		312,881
	1,470		Deutsche Boerse AG		344,619
	1,054		Deutsche Euroshop AG		84,502
	20,145		Deutsche Lufthansa AG		601,053
	16,446		Drillisch AG		178,665
	21,749		EpCos. AG		462,943
	15,036	@	Freenet AG		468,240
	5,493		Fresenius AG		452,608
	4,516		Fresenius Medical Care AG & Co. KGaA		676,565
	19,085		Gildemeister AG		410,366
	2,972		HeidelbergCement AG		473,704
	10,075		Heidelberger Druckmaschinen		475,250
	47,824	@	Infineon Technologies AG		742,530
	850		KWS Saat AG		121,215
	41,782	@	Landesbank Berlin Holding AG		387,121
	9,386		Leoni AG		421,533
	505		MAN AG		67,267
	11,521		Praktiker Bau- und Heimwerkermaerkte AG		475,615
	3,674		Salzgitter AG		603,914
	9,240	@	Suess Microtec		111,211
	4,136		Vossloh AG		427,276
					10,149,276
			Greece: 0.6%
	12,536	@	Corinth Pipeworks SA		107,876
	15,748		Sidenor Steel Production & Manufacturing Co. SA		354,301
	10,670		Terna SA		181,381
	11,284	@	Veterin SA		67,528
					711,086
			Hong Kong: 1.8%
	47,889	@	CDC Corp.		428,607
	144,000		Chinese Estates Holdings Ltd.		199,021
	92,000		Great Eagle Holding Co.		336,860
	109,000		Hopewell Holdings		479,615
	164,000		Hysan Development Co., Ltd.		434,586
	2,851	@	Khd Humboldt Wedag International		137,658
	380,000		Pacific Century Premium Developments Ltd.		121,264
	372,000		Sinolink Worldwide Holdings		85,627
	182,000	@	Tianjin Port Development Holdings Ltd.		101,445
					2,324,683
			Ireland: 0.4%
	17,178		Kerry Group PLC		513,362
					513,362
			Italy: 6.7%
	20,873		ACEA S.p.A.		461,646
	127,528		AEM S.p.A.		498,554
	6,801		Amplifon S.p.A.		64,409
	36,296		Banca Popolare di Milano Scrl		610,208
	6,697		Banche Popolari Unite Scpa		202,644
	24,074		Benetton Group S.p.A.		417,556
	261,232		Beni Stabili S.p.A.		442,644
	7,136		Buzzi Unicem S.p.A.		167,032
	24,061		Danieli & Co. S.p.A.		428,545
	10,301		De Longhi S.p.A.		65,310
	46,358	@	DeA Capital S.p.A.		253,391
	207,715	@	Ducati Motor Holding S.p.A.		405,709
	10,059	@	Eutelia		87,462
	130,815		IMMSI S.p.A.		418,554
	8,640		Italcementi S.p.A.		180,195
	2,710		Italmobiliare S.p.A.		272,477
	8,829		Mariella Burani S.p.A.		293,287
	34,281		Meliorbanca S.p.A.		225,712
	6,813		Permasteelisa S.p.A.		183,530
	85,805	@	Piaggio & C S.p.A.		418,598
	24,692		Piccolo Credito Valtellinese Scarl		434,711
	35,178		Premafin Finanziaria S.p.A.		127,222
	48,581		Recordati S.p.A.		409,447
	3,443		SAES Getters S.p.A.		136,726
	71,296	@	Safilo Group S.p.A.		442,550
	99,284	@	Sorin S.p.A.		250,009
	119,763		Unipol S.p.A.		476,162
					8,374,290
			Japan: 17.0%
	7,500		Alfresa Holdings Corp.		460,620
	14,000		AOKI Holdings, Inc.		268,847
	14,400		Aoyama Trading Co., Ltd.		440,306
	251,000		Atsugi Co., Ltd.		403,018
	12,300		Autobacs Seven Co., Ltd.		426,275
	4,400		Bank of Iwate Ltd.		253,596
	5,100		Bank of the Ryukyus Ltd.		108,481
	44,500		Best Denki Co., Ltd.		271,511
	26,600		Credia Co., Ltd.		100,560
	33,000		Daimei Telecom Engineering Corp.		350,283
	47,000		Daishi Bank Ltd.		199,119
	22,000		Daiwa Industries Ltd.		154,781
	47,000		Ehime Bank Ltd.		157,803
	32,000		Eighteenth Bank Ltd.		143,780
	19,000		Ezaki Glico Co., Ltd.		233,259
	9,400		Fuji Machine Manufacturing Co., Ltd.		176,823
	35,000		Higashi-Nippon Bank Ltd.		154,790
	30,200		Hitachi Maxell Ltd.		381,784
	17,600		Hitachi Software Engineering Co., Ltd.		420,117
	43,000		Hokkoku Bank Ltd.		188,643
	22,800		Hosiden Corp.		306,721
	39,000		Hyakujushi Bank Ltd.		226,315
	29,300		Ines Corp.		207,659
	35,500		Itoki Corp.		300,536
	93,000		Jaccs Co., Ltd.		390,937
	26,400		Japan Airport Terminal Co., Ltd.		483,631
	38		Japan Single-Residence REIT, Inc.		158,677
	16,200		Kaga Electronics Co., Ltd.		297,618
	27,000		Kagoshima Bank Ltd.		199,884
	8,000		Kansai Paint Co., Ltd.		64,528
	39,000		Kato Works Co., Ltd.		198,183
	66,000		Keiyo Bank Ltd.		377,907
	45,000		Kinden Corp.		425,347
	25,300		Koa Corp.		329,587
	11,200		Kobayashi Pharmaceutical Co., Ltd.		419,032
	134,000		Kumagai Gumi Co., Ltd.		243,291
	48,000		Kurabo Industries Ltd.		130,658
	26,000		Maeda Road Construction Co., Ltd.		204,689
	36,000	@	Maruetsu, Inc.		149,926
	24,000		Mie Bank Ltd.		114,931

See Accompanying Notes to Financial Statements

138

PORTFOLIO OF INVESTMENTS

ING DISCIPLINED INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Japan (continued)
	43,000		Minato Bank Ltd.	$	96,445
	8,600		Mitsubishi Pencil Co., Ltd.		144,148
	49,000		Mory Industries, Inc.		236,526
	71,000		Nichirei Corp.		424,471
	12,300		Nifco, Inc.		290,675
	27,000		Nihon Nohyaku Co., Ltd.		102,204
	74,000		Nippon Beet Sugar Manufacturing Co., Ltd.		215,332
	90,000		Nippon Soda Co., Ltd.		411,160
	24,000		Nippon Steel Trading Co., Ltd.		67,340
	60,000		Nippon Valqua Industries Ltd.		218,541
	35,000		Nisshinbo Industries, Inc.		453,743
	48,000		Nittetsu Mining Co., Ltd.		399,972
	26,000		Oita Bank Ltd.		182,003
	38,000		Okabe Co., Ltd.		191,077
	8,500		Paramount Bed Co., Ltd.		155,685
	35		Prospect Residential Investment Corp.		122,862
	8,500		Rock Field Co., Ltd.		144,260
	9,000		Ryosan Co., Ltd.		226,158
	40,000		Sakai Chemical Industry Co., Ltd.		295,722
	15,800		Sanyo Shinpan Finance Co., Ltd.		406,749
	2,000		Sanyo Special Steel Co., Ltd.		11,540
	39,000		Shibusawa Warehouse Co., Ltd.		214,111
	15,500		Shimachu Co., Ltd.		420,448
	36,000		Shinagawa Refractories Co., Ltd.		144,046
	21,500		Shizuoka Gas Co., Ltd.		149,550
	22,600		Sintokogio Ltd.		320,665
	57,500		Snow Brand Milk Products Co., Ltd.		212,718
	23,400		Sohgo Security Services Co., Ltd.		451,564
	42,000		Sumitomo Forestry Co., Ltd.		434,313
	21,000		Taihei Dengyo Kaisha Ltd.		178,130
	19,000		Takagi Securities Co., Ltd.		79,235
	44,000		Takasago Thermal Engineering Co., Ltd.		411,488
	36,000		Tamura Corp.		174,113
	15,600		Toho Pharmaceutical Co., Ltd.		261,814
	29,000		Tokyo Style Co., Ltd.		345,521
	46,000		Toshiba Plant Systems & Services Corp.		354,467
	69,000		Toyo Kanetsu K K		183,495
	73,000		Toyo Securities Co., Ltd.		299,372
	39,000		Uchida Yoko Co., Ltd.		175,665
	93,000	@	Wakachiku Construction Co., Ltd.		100,349
	15,400		Xebio Co., Ltd.		397,961
	68,000		Yamatane Corp.		100,138
	14,200		Yamato Kogyo Co., Ltd.		466,091
	40,000		Yuken Kogyo Co., Ltd.		155,325
					21,351,645
			Luxembourg: 0.2%
	82,135	@	Colt Telecom Group SA		260,767
					260,767
			Netherlands: 3.6%
	14,418		Chicago Bridge & Iron Co. NV		495,185
	10,686		CNH Global NV		462,597
	100		Euronext NV		12,522
	4,883		Hunter Douglas NV		441,718
	4,357		Rodamco Europe NV		641,649
	15,067		SBM Offshore NV		539,865
	18,510		SNS Reaal		464,079
	10,823		Telegraaf Media Groep NV		370,273
	7,750	@	Unit 4 Agresso NV		207,870
	6,909		Univar NV		379,280
	3,256		Wereldhave NV		471,022
					4,486,060
			Norway: 1.3%
	23,540		Aker Yards AS		422,086
	14,550		Cermaq ASA		254,447
	7,596		Expert ASA		171,519
	14,270		Leroy Seafood Group ASA		302,045
	5,937		NorGani Hotels ASA		73,166
	19,760	@	TGS Nopec Geophysical Co. ASA		451,922
					1,675,185
			Portugal: 0.7%
	48,171	@	Grupo Soares da Costa SGPS SA		89,865
	105,898		Portucel Empresa Produtora de Pasta e Papel SA		403,631
	25,370		Semapa-Sociedade de Investimento e Gestao		405,537
					899,033
			Singapore: 0.1%
	69,000		Hong Leong Asia Ltd.		101,953
	23,000	@	STATS ChipPAC Ltd.		27,613
					129,566
			South Korea: 4.7%
	1,516		Amorepacific Corp.		284,216
	11,050		Cheil Industries, Inc.		419,352
	7,190	@	Daesang Corp.		81,124
	17,280		Daishin Securities Co., Ltd.		418,033
	32,410		Daou Technology, Inc.		302,433
	14,448	@	Hanarotelecom, Inc.		145,761
	16,330		Handsome Co., Ltd.		281,548
	2,971		Honam Petrochemical Corp.		246,216
	631		Hyundai Department Store Co., Ltd.		64,572
	1,176		KCC Corp.		483,235
	21,590		Kolon Engineering & Construction Co., Ltd.		351,068
	9,360		Korean Air Lines Co., Ltd.		439,824
	6,920	@	LG Life Sciences Ltd.		283,508
	12,310		LG Petrochemical Co., Ltd.		413,813
	163		Lotte Confectionery Co., Ltd.		203,373
	23,070	@	Lotte Midopa Co., Ltd.		379,945
	12,630		Macquarie Korea Infrastructure Fund		99,178
	18,010		Poonglim Industrial Co., Ltd.		162,844
	337,490		Seoul Securities Co., Ltd.		419,673
	23,040		Solomon Mutual Savings Bank		365,728
					5,845,444
			Spain: 3.6%
	20,940		Acerinox SA		494,381
	1,436	@	Banco Sabadell SA		65,070
	90,096		Corp. Mapfre SA		469,248
	6,081		Corporacion Financiera Alba SA		467,246
	34,234		Duro Felguera SA		395,017
	20,219		Ebro Puleva SA		468,107
	87,912		Iberia Lineas Aereas de Espana		452,058
	3,844		Metrovacesa SA		441,688
	18,984		Promotora de Informaciones SA (PRISA)		425,845

See Accompanying Notes to Financial Statements

139

PORTFOLIO OF INVESTMENTS

ING DISCIPLINED INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Spain (continued)
	10,123		Red Electrica de Espana	$	465,128
	14,557		Viscofan SA		339,932
					4,483,720
			Sweden: 2.2%
	9,252		Alfa Laval AB		562,378
	191,107	@	Bure Equity AB		110,156
	10,397		Holmen AB		463,325
	26,543		Kinnevik Investment AB		522,293
	13,560		Peab AB		431,174
	15,937		Trelleborg AB		491,436
	9,939		Wallenstam Byggnads AB		228,163
					2,808,925
			Switzerland: 6.0%
	9,943		Adecco SA		683,671
	567	@	Barry Callebaut AG		466,416
	1,739		Bucher Industries AG		260,654
	24,279		Converium Holding AG		460,659
	648		Flughafen Zuerich AG		256,211
	1,198		Galenica AG		419,212
	9,789		Holcim Ltd.		1,048,601
	15,401	@	Micronas Semiconductor Hold		317,931
	895	@	OC Oerlikon Corp. AG		481,565
	7,843	@	PSP Swiss Property AG		468,915
	852		Rieter Holding AG		470,964
	2,362		Swatch Group AG		676,786
	2,534	@	Swiss Life Holding		652,220
	2,997	@	Swiss Prime Site AG		183,066
	1,257	@	Syngenta AG		249,704
	1,423		Valora Holding AG		411,535
					7,508,110
			United Kingdom: 19.7%
	68,484	@	Acambis PLC		191,261
	47,683		Antofagasta PLC		505,358
	186,251		ARM Holdings PLC		495,517
	4,988		Axon Group PLC		75,905
	11,543		Babcock International Group		101,246
	54,310		Balfour Beatty PLC		502,338
	16,452		Bellway PLC		495,409
	14,885	@	Berkeley Group Holdings PLC		512,448
	11,475		Bespak PLC		171,912
	33,220		Blacks Leisure Group PLC		173,713
	71,353		Bodycote International		419,851
	20,886		Bovis Homes Group PLC		467,967
	67,182		Brit Insurance Holdings PLC		471,800
	56,162	@	British Airways PLC		564,982
	8,949		Caledonia Investments PLC		380,256
	14,887		Capital & Regional PLC		455,326
	24,635		Centaur Media PLC		70,485
	10,538		Chemring Group PLC		433,922
	15,623	@	CLS Holdings PLC		222,720
	5,967		Cranswick PLC		101,180
	2,736		Crest Nicholson		33,708
	775		Daejan Holdings		76,206
	31,889		De La Rue PLC		451,093
	4,388		Diploma PLC		85,976
	128,749		Elementis PLC		221,413
	105,849		Enodis PLC		437,371
	26,409		Expro International Group		442,946
	107,212		F&C Asset Management PLC		403,739
	165,591		Friends Provident PLC		623,461
	20,179		George Wimpey PLC		233,766
	22,883		Greene King PLC		488,449
	1,282		Greggs PLC		130,404
	47,002	@	Gyrus Group PLC		443,245
	6,204		Hanson PLC		105,598
	6,058		Imperial Chemical Industries PLC		64,145
	46,287		Informa PLC		545,304
	92,371		International Power PLC		807,658
	419,650		Jessops PLC		155,080
	31,334		Kelda Group PLC		579,762
	21,495		Keller Group PLC		431,256
	46,233		Kiln PLC		108,630
	71,378		Kingston Communications PLC		106,104
	6,836		Lavendon Group PLC		75,456
	24,580		Liberty International PLC		589,386
	9,672		Lonmin PLC		632,183
	26,716		Luminar PLC		424,209
	53,898		Marston’s PLC		461,005
	2,254		Meggitt PLC		13,716
	116,181		Melrose PLC		432,183
	32,902		Millennium & Copthorne Hotels PLC		474,340
	12,624		Morgan Sindall PLC		332,210
	69,449		N Brown Group PLC		413,205
	4,479		Northern Rock PLC		95,777
	231,842		Northgate Information Solutions PLC		403,223
	23,188		Persimmon PLC		620,094
	18,405	@	Premier Oil PLC		440,932
	23,903		Punch Taverns PLC		617,305
	12,686		ROK PLC		268,675
	19,278		Schroders PLC		493,507
	19,199		Schroders PLC		445,747
	44,968	@	SCI Entertainment Group PLC		416,492
	76,793		Shanks Group PLC		426,037
	39,811		Slough Estates PLC		609,629
	34,638		St Ives Group PLC		221,301
	26,114	@	Telent PLC		229,244
	37,277	@	THUS Group PLC		123,677
	13,134		Travis Perkins PLC		523,530
	17,880		Vedanta Resources PLC		486,844
	4,529	@	Venture Production PLC		61,806
	9,839		Warner Estate Holdings PLC		153,464
	37,171		Weir Group PLC		478,251
					24,752,338
			United States: 0.5%
	26,419		Virgin Media, Inc.		666,551
					666,551
			Total Common Stock (Cost $129,916,408)		129,763,595
PREFERRED STOCK: 0.4%
			Italy: 0.4%
	12,262	@	Instituto Finanziario Industriale S.p.A.		484,013
			Total Preferred Stock (Cost $481,012)		484,013
RIGHTS: 0.0%
			Austria: 0.0%
	1,150	@	CA IMMOBILIEN ANLAGEN AG — RIGHTS		—
					—
			Sweden: 0.0%
	1,219	@	FABEGE AB RIGHTS		591
	1,000	@	JM AB REDEMPTION RIGHTS		—
					591

See Accompanying Notes to Financial Statements

140

PORTFOLIO OF INVESTMENTS

ING DISCIPLINED INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Switzerland: 0.0%
	80	@	AFG ARBONIA FOSTER HOLD — RTS	$	1,053
					1,053
			Total Rights (Cost $—)		1,644
			Total Long-Term Investments (Cost $130,397,420)		130,249,252

Principal
Amount				Value
SHORT-TERM INVESTMENTS: 86.2%
			Repurchase Agreement: 86.2%
$	108,110,000	S	Deutsche Bank Repurchase Agreement dated 04/30/07, 5.220%, due 05/01/07, $108,125,676 to be received upon repurchase (Collateralized by $109,103,000 various U.S. Government Agency Obligations, 4.750%-5.400%, Market Value plus accrued interest $110,274,410, due 09/26/07-02/02/12)	$	108,110,000
			Total Short-Term Investments (Cost $108,110,000)		108,110,000

Total Investments in Securities (Cost $238,507,420)*	190.0	%	$	238,359,252
Other Assets and Liabilities-Net	(90.0	)		(112,900,516	)
Net Assets	100.0	%	$	125,458,736

@	Non-income producing security
#	Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. These securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
S	Segregated securities for certain derivatives, when-issued or delayed delivery securities and forward currency exchange contracts.
*	Cost for federal income tax purposes is $238,507,750. Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	837,429
Gross Unrealized Depreciation		(985,927	)
Net Unrealized Depreciation	$	(148,498	)

	Percentage of
Industry	Net Assets
Advertising		0.4	%
Aerospace/Defense		0.4
Agriculture		0.3
Airlines		2.8
Apparel		1.4
Auto Parts & Equipment		0.5
Banks		5.2
Beverages		0.8
Building Materials		3.1
Chemicals		2.4
Coal		0.1
Commercial Services		2.3
Computers		0.6
Cosmetics/ Personal Care		0.2
Distribution/ Wholesale		0.5
Diversified Financial Services		3.9
Electric		2.0
Electrical Components & Equipment		1.2
Electronics		1.8
Engineering & Construction		5.7
Environmental Control		0.3
Food		4.1
Food Service		0.5
Forest Products & Paper		1.3
Gas		0.2
Hand/ Machine Tools		0.3
Healthcare — Products		1.2
Healthcare — Services		1.1
Holding Companies — Diversified		2.0
Home Builders		2.1
Home Furnishings		0.9
Household Products/ Wares		0.8
Housewares		0.4
Insurance		4.2
Internet		1.0
Investment Companies		2.3
Iron/ Steel		1.9
Leisure Time		0.7
Lodging		1.2
Machinery — Construction & Mining		0.8
Machinery — Diversified		3.5
Media		2.4
Metal Fabricate/ Hardware		0.8
Mining		4.1
Miscellaneous Manufacturing		2.3
Office Furnishings		0.2
Office/ Business Equipment		0.1
Oil & Gas		1.5
Oil & Gas Services		2.3
Pharmaceuticals		3.5
Real Estate		5.4
Real Estate Investment Trusts		2.2
Retail		5.1
Semiconductors		2.2
Shipbuilding		0.3
Software		0.9
Storage/ Warehousing		0.3
Telecommunications		2.1
Textiles		0.5
Transportation		0.1
Venture Capital		0.3
Water		0.5
Other Long-Term Investments		0.3
Short-Term Investments		86.2
Other Assets and Liabilities — Net		(90.0	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

141

PORTFOLIO OF INVESTMENTS

ING EMERGING COUNTRIES FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 95.8%
			Argentina: 1.5%
	178,070	@,L	Telecom Argentina SA ADR	$	4,017,259
					4,017,259
			Brazil: 14.6%
	105,898,352		AES Tiete SA		3,910,382
	127,000		Brasil Telecom Participacoes SA ADR		6,734,810
	472,200		Centrais Eletricas Brasileiras SA ADR		5,349,270
	44,145,500		Cia de Saneamento Basico do Estado de Sao Paulo		6,110,080
	3,004,200		Contax Participacoes SA		2,987,782
	64,500	L	Contax Participacoes SA ADR		64,100
	224,680	L	Tele Norte Leste Participacoes SA ADR		3,678,012
	99,900	L	Tim Participacoes SA ADR		3,602,394
	1,416,788	L	Vivo Participacoes SA ADR		6,460,553
					38,897,383
			Chile: 2.8%
	256,520	L	AFP Provida SA ADR		7,500,645
					7,500,645
			China: 4.2%
	2,676,000		People’s Food Holdings Ltd.		3,444,588
	4,339,500		Weiqiao Textile Co.		7,792,103
					11,236,691
			Czech: 1.6%
	146,168		Telefonica O2 Czech Republic AS		4,366,169
					4,366,169
			Estonia: 1.0%
	77,771		As Eesti Telekom GDR		2,649,222
					2,649,222
			Greece: 1.2%
	225,400	@,L	Hellenic Telecommunications Organization SA ADR		3,302,110
					3,302,110
			Hong Kong: 4.2%
	12,162,000		First Pacific Co.		7,836,631
	4,882,000		SCMP Group Ltd.		1,872,315
	1,395,000		SmarTone Telecommunications Holding Ltd.		1,600,795
					11,309,741
			Hungary: 2.4%
	1,088,359		Magyar Telekom Telecommunications PLC		6,304,588
					6,304,588
			Indonesia: 1.0%
	2,178,000		Gudang Garam Tbk PT		2,581,293
					2,581,293
			Israel: 5.8%
	2,336,530		Bezeq Israeli Telecommunication Corp., Ltd.		3,725,066
	64,460	@	Koor Industries Ltd.		4,095,710
	348,759		Makhteshim-Agan Industries Ltd.		2,533,059
	174,499		Partner Communications		2,850,219
	378,310	@,L	Taro Pharmaceuticals Industries		2,196,090
					15,400,144
			Malaysia: 1.7%
	2,504,014		Proton Holdings Bhd		4,654,411
					4,654,411
			Mexico: 3.5%
	732,180		Alfa SA de CV		5,482,041
	109,800		Telefonos de Mexico SA de CV ADR		3,748,572
					9,230,613
			Panama: 3.1%
	418,800	L	Banco Latinoamericano de Exportaciones SA		8,204,290
					8,204,290
			Singapore: 0.7%
	1,355,000		MobileOne Ltd.		1,994,083
					1,994,083
			South Korea: 22.5%
	460,970		Daeduck Electronics Co.		3,763,089
	89,960		Korea Electric Power Corp.		3,668,524
	123,910		KT Corp.		5,561,751
	221,200	L	KT Freetel Co., Ltd.		6,785,444
	405,310	L	Kumho Tire Co., Inc.		5,062,505
	160,970		LG Chem Ltd.		9,366,366
	149,250		LG Electronics, Inc.		9,954,264
	2,047		Lotte Chilsung Beverage Co., Ltd.		2,641,097
	8,625		Samsung Electronics Co., Ltd.		5,274,698
	322,140	L	SK Telecom Co., Ltd. ADR		7,998,736
					60,076,474
			Taiwan: 17.3%
	7,105,500		China Motor Corp.		6,117,846
	194,820		Chunghwa Telecom Co., Ltd.		370,118
	219,320		Chunghwa Telecom Co., Ltd. ADR		4,364,468
	4,395,000		Far EasTone Telecommunications Co., Ltd.		4,953,374
	5,414,000		Fu Sheng Industrial Co., Ltd.		5,327,449
	6,654,000		Oriental Union Chemical Corp.		4,907,784
	2,822,000	@	Taishin Financial Holdings Co., Ltd.		1,373,485
	4,470,182		United Microelectronics Corp.		2,576,388
	810,474	L	United Microelectronics Corp. ADR		2,658,355
	8,482,000	@	Walsin Lihwa Corp.		4,339,594
	4,492,500		Wan Hai Lines Ltd.		2,976,101
	7,243,000	@	Winbond Electronics Corp.		2,428,111
	1,899,718	@,L	Yageo Corp. GDR		3,763,531
					46,156,604

See Accompanying Notes to Financial Statements

142

PORTFOLIO OF INVESTMENTS

ING EMERGING COUNTRIES FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Thailand: 4.5%
	1,450,200		Bangkok Bank PCL	$	4,667,988
	46,167,100		Charoen Pokphand Foods PCL		6,005,986
	492,000		Siam Makro PCL		1,191,316
					11,865,290
			Turkey: 1.1%
	547,810	@	Petkim Petrokimya Holding		3,042,902
					3,042,902
			Venezuela: 1.1%
	191,910	L	Cia Anonima Nacional Telefonos de Venezuela - CANTV ADR		2,801,886
					2,801,886
			Total Common Stock (Cost $210,814,597)		255,591,798

Principal
Amount			Value
SHORT-TERM INVESTMENTS: 18.3%
		U.S. Government Agency Obligations: 3.4%
$	8,976,000	Federal Home Loan Bank, 4.850%, due 05/01/07	$	8,974,791
		Total U.S. Government Agency Obligations (Cost $8,974,791)		8,974,791
		Securities Lending CollateralCC: 14.9%
	39,762,331	The Bank of New York Institutional Cash Reserves Fund		39,762,331
		Total Securities Lending Collateral (Cost $39,762,331)		39,762,331
		Total Short-Term Investments (Cost $48,737,122)		48,737,122

Total Investments in Securities (Cost $259,551,719)*	114.1	%	$	304,328,920
Other Assets and Liabilities-Net	(14.1	)		(37,582,124	)
Net Assets	100.0	%	$	266,746,796

@	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at April 30, 2007.
*	Cost for federal income tax purposes is $259,612,103. Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	48,787,965
Gross Unrealized Depreciation		(4,071,148	)
Net Unrealized Appreciation	$	44,716,817

	Percentage of
Industry	Net Assets
Agriculture		3.2	%
Auto Manufacturers		4.0
Auto Parts & Equipment		1.9
Banks		5.3
Beverages		1.0
Chemicals		7.4
Commercial Services		1.2
Electric		4.9
Electrical Components & Equipment		5.4
Electronics		2.8
Food		1.3
Holding Companies — Diversified		6.5
Investment Companies		2.8
Leisure Time		2.0
Media		0.7
Pharmaceuticals		0.8
Retail		0.5
Semiconductors		4.9
Telecommunications		32.9
Textiles		2.9
Transportation		1.1
Water		2.3
Short-Term Investments		18.3
Other Assets and Liabilities — Net		(14.1	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

143

PORTFOLIO OF INVESTMENTS

ING FOREIGN FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 92.9%
			Australia: 2.8%
	178,733		BHP Billiton Ltd.	$	4,363,655
	78,492	@	Brambles Ltd.		856,241
	16,332		CSL Ltd.		1,176,425
	87,067		John Fairfax Holdings Ltd.		376,669
	1,519,735		Macquarie Airports Management Ltd.		5,006,500
	118,632		Newcrest Mining Ltd.		2,290,137
	22,034		Publishing & Broadcasting Ltd.		373,017
	38,302		Rio Tinto Ltd.		2,615,780
					17,058,424
			Austria: 4.1%
	8,867	@	CA Immobilien Anlagen AG		295,956
	55,893		Erste Bank der Oesterreichischen Sparkassen AG		4,475,337
	4,643		Flughafen Wien AG		504,274
	211,102	@	Immoeast Immobilien Anlagen AG		2,985,505
	116,607		OMV AG		7,380,620
	28,161		Raiffeisen International Bank Holding AG		3,890,807
	66,289		Telekom Austria AG		1,874,734
	18,361		Wiener Staedtische Allgemeine Versicherung AG		1,378,137
	28,039		Wienerberger AG		2,016,296
					24,801,666
			Belgium: 1.8%
	29,075		Almancora Comm Va		4,811,596
	42,170		Fortis		1,895,066
	32,966	S	KBC Groep NV		4,361,535
					11,068,197
			Bermuda: 0.2%
	13,315	@,L	Central European Media Enterprises Ltd.		1,200,214
					1,200,214
			British Virgin Islands: 0.1%
	104,109	@	RenShares Utilities Ltd.		393,532
					393,532
			Bulgaria: 0.0%
	60,720	@	Bulgaria Compensation Notes		18,699
	25,950	@	Bulgaria Housing Compensation Notes		7,861
	117,641	@	Bulgaria Reg Compensation Vouchers		35,505
					62,065
			Canada: 0.9%
	44,793	@	Eldorado Gold Corp.		259,500
	255,178	@	Ivanhoe Mines Ltd.		3,161,274
	80,683	@	Kinross Gold Corp.		1,073,689
	6,915		Potash Corp. of Saskatchewan		1,238,582
					5,733,045
			Chile: 0.1%
	2,086	L	Sociedad Quimica y Minera de Chile SA ADR		328,795
					328,795
			China: 0.4%
	2,451,974		Beijing Capital International Airport Co., Ltd.		2,384,007
	337,572	@,I	Wumart Stores, Inc.		237,350
					2,621,357
			Cyprus: 0.9%
	349,658		Bank of Cyprus Public Co., Ltd.		5,507,139
					5,507,139
			Czech: 1.9%
	62,961	S	Komercni Banka AS		11,736,286
					11,736,286
			Denmark: 0.6%
	3,115		ALK-Abello A/ S		609,569
	2,668		Carlsberg A/ S		298,820
	17,269		Novo-Nordisk A/ S		1,690,505
	1,641		Rockwool International AS		373,921
	2,025		Royal UNIBREW A/ S		274,547
	6,369	@	Vestas Wind Systems A/ S		411,788
					3,659,150
			Finland: 3.1%
	9,496		Elisa OYJ		276,327
	119,582		Fortum OYJ		3,702,395
	7,389		Kemira OYJ		179,833
	5,171		Kesko OYJ		358,754
	161,775	@,S	Nokia OYJ		4,080,935
	6,054		Nokian Renkaat OYJ		185,891
	12,100		Orion OYJ		287,449
	89,818		Ramirent OYJ		2,213,207
	45,397		Sampo OYJ		1,414,325
	39,668		Sanoma-WSOY OYJ		1,171,251
	21,469		Stockmann OYJ Abp		1,069,899
	5,168		Wartsila OYJ		345,530
	94,110		YIT OYJ		3,335,734
					18,621,530
			France: 13.2%
	2,906		Accor SA		273,722
	30,236	@	ADP		3,002,186
	15,573	S	Air Liquide		3,860,729
	122	@	Alstom		18,140
	2,814	@	Atos Origin		201,757
	39,554		BNP Paribas		4,588,678
	26,576		Bouygues SA		2,117,605
	15,062		Carrefour SA		1,157,680
	35,646		Cie de Saint-Gobain		3,806,267
	1,940	@	EDF Energies Nouvelles S.A.		113,796
	39,385		Electricite de France		3,422,909
	5,547		Eurazeo		875,510
	96,627		France Telecom SA		2,825,584
	5,985		Gaz de France		280,853
	45,472		Havas SA		253,804
	3,253		Hermes International		469,727
	17,075		JC Decaux SA		530,312
	44,907		Lafarge SA		7,290,521
	7,556	S	Lagardere SCA		593,867
	44,712		LVMH Moet Hennessy Louis Vuitton SA		5,211,672
	74,868		Lyxor ETF CAC 40		6,099,455
	26,620		Natixis		726,185
	8,072	@	Neuf Cegetel		328,135
	3,221		Nexity		279,015
	16,434		Pernod-Ricard SA		3,499,393
	15,281		PPR		2,655,663
	4,977		Publicis Groupe		236,801
	3,346		Remy Cointreau SA		244,578
	6,543		Renault SA		849,378
	40,826		Sanofi-Aventis		3,737,083
	15,971		Societe Generale		3,384,634
	4,060		Sodexho Alliance SA		321,810
	52,894		Suez SA		3,014,494
	4,632		Thales SA		281,449
	109,871	S	Total SA		8,099,481
	11,391	S	Veolia Environnement		940,125
	13,931		Vinci SA		2,240,845

See Accompanying Notes to Financial Statements

144

PORTFOLIO OF INVESTMENTS

ING FOREIGN FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			France (continued)
	49,625		Vivendi	$	2,046,995
	1,802		Wendel Investissement		310,830
					80,191,668
			Germany: 9.7%
	4,619		Adidas AG		274,774
	18,691		Bilfinger Berger AG		1,760,141
	4,329		Celesio AG		310,174
	141,614		Commerzbank AG		7,066,593
	2,748		Continental AG		382,511
	45,005		DaimlerChrysler AG		3,638,921
	34,115		Deutsche Bank AG		5,237,546
	8,295		Deutsche Boerse AG		1,944,635
	135,480		Deutsche Post AG		4,658,565
	23,452		Deutsche Postbank AG		2,290,816
	26,830		E.ON AG		4,031,798
	77,151		Fraport AG Frankfurt Airport Services Worldwide		5,569,543
	36,332		Fresenius AG		2,993,655
	18,458		Fresenius Medical Care AG & Co. KGaA		2,765,288
	7,462		Henkel KGaA		1,044,643
	20,723		Hypo Real Estate Holding AG		1,381,601
	19,904		IKB Deutsche Industriebank AG		819,085
	78,070		IVG Immobilien AG		3,511,397
	22,573	@	KarstadtQuelle AG		870,163
	30,952	@	Landesbank Berlin Holding AG		286,778
	1,337		MAN AG		178,090
	4,402		Merck KGaA		584,523
	4,103		Metro AG		316,335
	6,730		MTU Aero Engines Holding AG		390,844
	296		Puma AG Rudolf Dassler Sport		134,491
	40,466		Rhoen Klinikum AG		2,431,888
	36,975		Siemens AG		4,463,224
	2,232	@	Symrise		64,938
					59,402,960
			Greece: 0.3%
	66,042	@	Hellenic Telecommunications Organization SA		1,898,277
					1,898,277
			Guernsey: 0.7%
	170,560		KKR Private Equity Investors LP		4,161,664
					4,161,664
			Hong Kong: 2.0%
	830,069		China Merchants Holdings International Co., Ltd.		3,668,559
	129,000	@	Clear Media Ltd.		136,052
	825,521	@	Galaxy Entertainment Group Ltd.		803,631
	1,175,235		GOME Electrical Appliances Holdings Ltd.		1,813,185
	134,443	@	Hutchison Telecommunications International Ltd.		274,011
	847,827		Melco International Development		1,646,150
	14,227	@,L	Melco PBL Entertainment Macau Ltd. ADR		247,834
	2,285,644		Shun TAK Holdings Ltd.		3,180,404
	186,000		Texwinca Holdings Ltd.		132,264
					11,902,090
			Hungary: 3.3%
	651,232		Magyar Telekom Telecommunications PLC		3,772,422
	4,987		Mol Magyar Olaj- es Gazipari Rt		607,074
	277,541	S	OTP Bank Nyrt		14,093,904
	7,713		Richter Gedeon Nyrt		1,582,653
					20,056,053
			India: 0.2%
	131,842	X	Canara Bank		694,807
	11,848		State Bank of India Ltd. GDR		808,034
					1,502,841
			Indonesia: 0.1%
	84,757		Semen Gresik Persero Tbk PT		356,041
					356,041
			Italy: 4.1%
	21,788		Assicurazioni Generali S.p.A.		1,002,151
	235,266		Banca CR Firenze		1,866,654
	13,980		Banca Popolare dell’Emilia Romagna Scrl		394,412
	117,341		Banca Popolare di Milano Scrl		1,972,736
	15,985		Banca Popolare di Sondrio SCARL		357,683
	92,007	@	Banca Popolare Italiana Scrl		1,534,587
	25,733		Banche Popolari Unite Scpa		778,654
	35,555		Banco Popolare di Verona e Novara Scrl		1,187,050
	20,432		Bulgari S.p.A.		312,191
	59,505		Buzzi Unicem S.p.A.		1,905,860
	311,759		Capitalia S.p.A.		2,968,406
	87,902		Credito Emiliano S.p.A.		1,462,038
	35,895		ENI S.p.A.		1,190,412
	19,540		Finmeccanica S.p.A.		600,675
	46,112		Geox S.p.A.		842,977
	44,925	@	Impregilo S.p.A.		364,636
	226,396		Intesa Sanpaolo S.p.A.		1,824,689
	10,965		Luxottica Group S.p.A.		380,610
	158,822		Telecom Italia S.p.A.		476,528
	259,609		UniCredito Italiano S.p.A.		2,667,305
	107,300	@	UniCredito Italiano S.p.A.		1,103,502
					25,193,756
			Japan: 5.3%
	6,190		Acom Co., Ltd.		223,443
	6,625		Aeon Credit Service Co., Ltd.		109,995
	6,900		Aiful Corp.		171,773
	6,601		Aisin Seiki Co., Ltd.		217,045
	25,805	S	Canon, Inc.		1,447,772
	5,859		Credit Saison Co., Ltd.		166,582
	25,000		Daihatsu Motor Co., Ltd.		210,308
	14,500		Daikin Industries Ltd.		490,045
	14,608		Daiwa Securities Group, Inc.		162,704
	12,588		Denso Corp.		445,070
	126		Dentsu, Inc.		358,793
	87		East Japan Railway Co.		705,479
	8,200		Eisai Co., Ltd.		389,455
	5,100		Fanuc Ltd.		499,430
	91		Fuji Television Network, Inc.		213,208
	27,000		Fujitsu Ltd.		169,714
	26,128	S	Honda Motor Co., Ltd.		897,397
	17,600		Hoya Corp.		540,832
	4,300		Ibiden Co., Ltd.		244,418
	17,000		Itochu Corp.		167,379
	212		Japan Tobacco, Inc.		1,035,469
	9,989		JS Group Corp.		225,575
	6,548		JSR Corp.		146,474
	59		KDDI Corp.		463,660
	1,060		Keyence Corp.		235,627
	19,126		Koito Manufacturing Co., Ltd.		223,560
	43,319		Kubota Corp.		409,410
	5,700		Kyocera Corp.		553,979
	4,593		Makita Corp.		174,757
	58,484		Matsushita Electric Industrial Co., Ltd.		1,127,697
	23,000		Mitsubishi Electric Corp.		222,950

See Accompanying Notes to Financial Statements

145

PORTFOLIO OF INVESTMENTS

ING FOREIGN FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Japan (continued)
	174	S	Mitsubishi UFJ Financial Group, Inc.	$	1,809,964
	17,000		Mitsubishi UFJ Securities Co.		179,028
	7,723		Mitsui Fudosan Co., Ltd.		225,431
	3		Mitsui Mining & Smelting Co., Ltd.		14
	189	S	Mizuho Financial Group, Inc.		1,137,352
	30,000		NGK Spark Plug Co., Ltd.		529,050
	15,333		NHK Spring Co., Ltd.		131,762
	1,001		Nintendo Co., Ltd.		312,685
	12,000		Nippon Electric Glass Co., Ltd.		205,376
	125		Nippon Telegraph & Telephone Corp.		620,628
	10,000		Nissan Chemical Industries Ltd.		113,282
	16,307		Nissan Motor Co., Ltd.		164,023
	15,302		Nitto Denko Corp.		675,346
	12,355		Nomura Holdings, Inc.		236,119
	30,000		NSK Ltd.		290,323
	278		NTT DoCoMo, Inc.		473,171
	1,180		ORIX Corp.		314,634
	6,592		Promise Co., Ltd.		198,288
	34,000		Ricoh Co., Ltd.		746,240
	8,486		Seven & I Holdings Co., Ltd.		244,701
	12,000		Sharp Corp.		220,215
	21,733		Sony Corp.		1,155,699
	19,099		Stanley Electric Co., Ltd.		379,379
	46,000		Sumitomo Chemical Co., Ltd.		303,819
	8,992		Sumitomo Corp.		154,007
	16,500		Sumitomo Electric Industries Ltd.		233,338
	29,145		Sumitomo Metal Industries Ltd.		147,981
	117	S	Sumitomo Mitsui Financial Group, Inc.		1,022,120
	69,100		Suzuki Motor Corp.		1,964,481
	5,800		Takata Corp.		212,123
	10,300		Takeda Pharmaceutical Co., Ltd.		667,723
	6,560		Takefuji Corp.		220,476
	44,000		Teijin Ltd.		226,623
	13,000		Toppan Printing Co., Ltd.		131,867
	30,000		Toray Industries, Inc.		205,754
	41,200	S	Toyota Motor Corp.		2,502,446
	11,060		Yamada Denki Co., Ltd.		1,021,936
	9,201		Yamaha Motor Co., Ltd.		243,060
	4,846		Yamato Holdings Co., Ltd.		70,155
	17,101		Yokogawa Electric Corp.		252,128
					32,592,747
			Luxembourg: 0.4%
	22,755	@,L	Millicom Intl Cellular S.A.		1,848,844
	27,110		Prologis European Properties		577,131
	4,058	@	TVSL SA		—
					2,425,975
			Malaysia: 0.1%
	133,400		Sime Darby Bhd		357,656
					357,656
			Mexico: 0.6%
	22,132		Consorcio ARA, S.A. de C.V.		36,173
	103,941		Controladora Comercial Mexicana SA de CV		268,112
	139,701		Corporacion Moctezuma		408,188
	4,739	@,L	Desarrollado ADR		275,052
	7,157		Fomento Economico Mexicano SA de CV ADR		770,737
	29,730	L	Grupo Televisa SA ADR		833,927
	227,429	@	Urbi Desarrollos Urbanos SA de C.V		950,052
					3,542,241
			Netherlands: 2.8%
	10,875		Heineken NV		582,133
	104,479	@	Koninklijke Ahold NV		1,330,770
	44,831		Koninklijke Philips Electronics NV		1,841,037
	7,967		Koninklijke Vopak NV		479,390
	94,112		Royal KPN NV		1,597,859
	43,434		Royal Numico NV		2,393,475
	110,136		TNT NV		4,952,875
	122,861		Unilever NV		3,749,351
					16,926,890
			New Zealand: 0.0%
	160,764		Auckland International Airport Ltd.		294,637
					294,637
			Norway: 1.0%
	19,331		DNB NOR ASA		275,796
	51,757		Norsk Hydro ASA		1,783,976
	106,125		Orkla ASA		1,691,781
	21,644		Statoil ASA		605,740
	15,290		Storebrand ASA		258,877
	74,047		Telenor ASA		1,378,004
					5,994,174
			Philippines: 0.2%
	54,773		Ayala Corp.		685,378
	875,437		Ayala Land, Inc.		317,785
					1,003,163
			Poland: 3.6%
	14,828		Agora SA		239,937
	6,670		Bank BPH		2,351,471
	66,832		Bank Handlowy w Warszawie		2,268,094
	50,618		Bank Pekao SA		4,750,297
	34,295		Bank Zachodni WBK SA		3,741,236
	4,132	@	BRE Bank SA		748,617
	12,456	@	Budimex SA		561,848
	42,671	@	Cersanit Krasnystaw SA		731,968
	265,837	S	Powszechna Kasa Oszczednosci Bank Polski SA		4,847,772
	238,123		Telekomunikacja Polska SA		1,907,124
					22,148,364
			Portugal: 0.5%
	51,851		Energias de Portugal SA		283,741
	97,957		Jeronimo Martins		2,803,844
					3,087,585
			Romania: 0.3%
	98,490		Romanian Bank for Development SA		931,376
	154,500		SIF 1 Banat Crisana Arad		198,593
	167,500		SIF 2 Moldova Bacau		218,055
	127,000		SIF 3 Transilvania Brasov		193,495
	232,500		SIF 4 Muntenia Bucuresti		186,187
	147,500		SIF 5 Oltenia Craiova		215,642
	319,915	S	SNP Petrom SA		73,003
	585,000		Socep Constanta		64,343
					2,080,694
			Russia: 4.1%
	36,261	@,L	CTC Media, Inc.		945,687
	10,856		Lukoil-Spon ADR		833,229
	18,171		MMC Norilsk Nickel ADR		3,507,003
	168,739	X	NovaTek OAO		884,192
	32,830	L	OAO Gazprom ADR		1,283,939
	380,879	@	OAO Rosneft Oil Co. GDR		3,285,072
	13	@	OJSC Evrocement Group		182,000
	1,306	@,I	Open Investments		368,292
	5,126	@,I	Polyus Gold Co. ZAO		231,950

See Accompanying Notes to Financial Statements

146

PORTFOLIO OF INVESTMENTS

ING FOREIGN FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Russia (continued)
	16,214	@	Polyus Gold Co. ZAO ADR	$	737,737
	1,498		Sberbank RF		5,856,775
	34,290	@,#	Sistema-Hals GDR		516,065
	186,824		TNK-BP Holding		401,672
	36,121		Unified Energy System GDR		4,749,912
	63,135		Uralkaliy		120,701
	41,595	L	Uralsvyazinform ADR		519,938
	145,245		URSA Bank		344,231
					24,768,395
			South Korea: 0.3%
	4,926		Hyundai Motor Co.		311,549
	1,255	@	NHN Corp.		196,303
	2,651		Samsung Electronics Co., Ltd.		1,621,244
					2,129,096
			Spain: 0.8%
	215,640		Corp. Mapfre SA		1,123,120
	11,458		Gamesa Corp. Tecnologica SA		394,750
	18,706	@	Grifols SA		325,308
	19,990		Inditex SA		1,229,763
	92,816		Telefonica SA		2,084,779
					5,157,720
			Sweden: 3.4%
	3,460		Autoliv, Inc.		200,986
	43,407		Getinge AB		994,090
	20,123		Hennes & Mauritz AB		1,330,281
	25,747	@	Modern Times Group AB		1,500,264
	198,731		Nordea Bank AB		3,436,405
	26,169		OMX AB		624,688
	130,511		Skandinaviska Enskilda Banken AB		4,779,665
	77,740		Skanska AB		1,798,548
	124,726		Swedbank AB		4,807,819
	179,522		Telefonaktiebolaget LM Ericsson		685,973
	65,911		TeliaSonera AB		533,439
					20,692,158
			Switzerland: 7.0%
	9,483		Adecco SA		652,042
	2,031		BKW FMB Energie AG		216,308
	67,055		Compagnie Financiere Richemont AG		4,041,010
	76,025	S	Credit Suisse Group		5,966,654
	394		Flughafen Zuerich AG		155,783
	546		Givaudan		511,393
	54,230		Holcim Ltd.		5,809,136
	20,489		Nestle SA		8,110,948
	84,921		Novartis AG		4,933,547
	30,917	S	Roche Holding AG		5,821,891
	1,007		SGS SA		1,279,104
	14,613		Swatch Group AG		4,187,076
	4,566	@	Syngenta AG		907,040
					42,591,932
			Turkey: 1.0%
	1,021,848		Dogan Sriketler Grubu Holdings		1,922,309
	202,241		Haci Omer Sabanci Holding AS		887,453
	310,527		Turkiye Garanti Bankasi AS		1,503,093
	347,973		Turkiye Is Bankasi		1,643,187
					5,956,042
			Ukraine: 0.7%
	1,530	@,I,X	Centrenergo ADR		50,216
	655,784	@	Raiffeisen Bank Aval		125,622
	14,237	X	Ukrnafta Oil Co.		1,082,370
	87	@,I,X	Ukrnafta Oil Co. ADR		39,416
	13,145,713	@,X	UkrTelecom		2,901,159
	16,172		UkrTelecom GDR		178,760
					4,377,543
			United Kingdom: 9.8%
	177,509		Aegis Group PLC		492,417
	27,514		Alliance Boots PLC		613,892
	31,107		Amec PLC		345,322
	76,467		Anglo American PLC		4,026,784
	19,288		Arriva PLC		289,946
	70,255		BAE Systems PLC		636,857
	100,289		BHP Billiton PLC		2,240,886
	51,197		BP PLC		574,359
	75,428		Burberry Group PLC		1,036,237
	428,847		Compass Group PLC		3,101,465
	282,144	S	Diageo PLC		5,947,571
	23,969		Firstgroup PLC		314,717
	245,579	S	GlaxoSmithKline PLC		7,083,298
	6,821		Go-Ahead Group PLC		354,775
	40,361		Group 4 Securicor PLC		184,325
	16,812		Imperial Tobacco Group PLC		732,787
	48,339		Intertek Group PLC		894,946
	52,905		Kingfisher PLC		286,468
	13,057		National Express Group PLC		317,274
	25,534	@	Peter Hambro Mining PLC		587,430
	60,218		Prudential PLC		894,792
	137,733		QinetiQ PLC		520,905
	53,610		Reckitt Benckiser PLC		2,932,812
	121,135		Rentokil Initial PLC		417,498
	35,330		Rio Tinto PLC		2,146,825
	187,123	@	Rolls-Royce Group PLC		1,782,527
	20,926,548	@	Rolls-Royce Group PLC — B Shares Entitlement		41,846
	16,422		SABMiller PLC		388,186
	29,720		Scottish & Newcastle PLC		364,705
	371,478		Smith & Nephew PLC		4,635,122
	22,316		Smiths Group PLC		481,199
	94,244		Stagecoach Group PLC		347,995
	366,270		Tesco PLC		3,368,120
	2,999,486	S	Vodafone Group PLC		8,533,409
	79,337		William Hill PLC		944,557
	17,139		Wolseley PLC		412,335
	110,789		WPP Group PLC		1,640,350
					59,914,939
			United States: 0.5%
	120,491	L	News Corp., Inc. — Class B		2,891,784
					2,891,784
			Total Common Stock (Cost $408,622,692)		566,390,485
PREFERRED STOCK: 0.2%
			Germany: 0.2%
	27,619		ProSieben SAT.1 Media AG		1,005,266
			Total Preferred Stock (Cost $464,963)		1,005,266

See Accompanying Notes to Financial Statements

147

PORTFOLIO OF INVESTMENTS

ING FOREIGN FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
EQUITY-LINKED SECURITIES: 2.3%
			India: 2.3%
	391,042	@,#	Banking Index Benchmark Exchange Traded Scheme — Bank BeES	$	5,318,562
	138,381	@,#,X	Bharti Airtel Ltd.		2,726,106
	234,044	@,#,X	State Bank of India Ltd.		6,260,677
			Total Equity-Linked Securities (Cost $11,280,357)		14,305,345
WARRANTS: 0.1%
			Luxembourg: 0.1%
	115,923	@,X	Idea Cellular Ltd.		321,107
	15,828	@,X	Suzlon Energy Ltd.		456,321
			Total Warrants (Cost $755,402)		777,428
			Total Long-Term Investments (Cost $421,123,414)		582,478,524

Principal
Amount			Value
SHORT-TERM INVESTMENTS: 2.3%
		U.S. Government Agency Obligations: 0.6%
$	3,724,000	Federal Home Loan Bank, 4.850%, due 05/01/07	$	3,723,498
		Total U.S. Government Agency Obligations (Cost $3,723,498)		3,723,498
		Securities Lending CollateralCC: 1.7%
	10,086,919	The Bank of New York Institutional Cash Reserves Fund		10,086,919
		Total Securities Lending Collateral (Cost $10,086,919)		10,086,919
		Total Short-Term Investments (Cost $13,810,417)		13,810,417

Total Investments in Securities (Cost $434,933,831)*	97.8	%	$	596,288,941
Other Assets and Liabilities-Net	2.2			13,508,850
Net Assets	100.0	%	$	609,797,791

@	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
#	Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. 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.
S	Segregated securities for certain derivatives, when-issued or delayed delivery securities and forward currency exchange contracts.
I	Illiquid security
L	Loaned security, a portion or all of the security is on loan at April 30, 2007.
X	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.
*	Cost for federal income tax purposes is $437,288,633. Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	161,463,437
Gross Unrealized Depreciation		(2,463,129	)
Net Unrealized Appreciation	$	159,000,308

	Percentage of
Industry	Net Assets
Advertising		0.6	%
Aerospace/Defense		0.6
Agriculture		0.3
Apparel		0.5
Auto Manufacturers		1.7
Auto Parts & Equipment		0.4
Banks		23.6
Beverages		2.0
Biotechnology		0.2
Building Materials		3.9
Chemicals		1.4
Commercial Services		1.2
Computers		0.1
Distribution/Wholesale		0.1
Diversified Financial Services		2.7
Electric		3.2
Electrical Components & Equipment		0.4
Electronics		0.7
Energy — Alternate Sources		0.0
Engineering & Construction		4.8
Entertainment		0.2
Food		4.1
Food Service		0.6
Gas		0.0
Hand/Machine Tools		0.0
Healthcare — Products		1.0
Healthcare — Services		1.3
Holding Companies — Diversified		2.5
Home Builders		0.2
Home Furnishings		0.4
Household Products/Wares		0.7
Insurance		0.8
Internet		0.0
Investment Companies		1.9
Iron/Steel		0.0
Leisure Time		0.0
Lodging		0.1
Machinery — Diversified		0.1
Media		2.2
Metal Fabricate/Hardware		0.0
Mining		4.5
Miscellaneous Manufacturing		0.9
Office/Business Equipment		0.4
Oil & Gas		4.6
Pharmaceuticals		4.6
Real Estate		1.9
Retail		3.3
Semiconductors		0.3
Sovereign		0.0
Telecommunications		6.9
Textiles		0.1
Toys/Games/Hobbies		0.1
Transportation		2.0
Water		0.2
Other Long-Term Investments		1.2
Short-Term Investments		2.3
Other Assets and Liabilities — Net		2.2
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

148

PORTFOLIO OF INVESTMENTS

ING FOREIGN FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

At April 30, 2007 the following forward currency contracts were outstanding for the ING Foreign Fund:

									Unrealized
			Settlement		In Exchange				Appreciation/
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD
British Pound Sterling GBP 1,761,392		Buy		06/22/07		3,450,567	$	3,521,080	$	70,513
British Pound Sterling GBP 131,190		Buy		06/22/07		257,475		262,253		4,778
Japanese Yen JPY 2,448,645,997		Buy		05/8/07		20,600,747		20,516,708		(84,039	)
Japanese Yen JPY 210,134,772		Buy		05/8/07		1,793,495		1,760,677		(32,818	)
Japanese Yen JPY 1,340,510,000		Buy		07/31/07		11,434,189		11,355,498		(78,691	)
										(120,257	)
Czech Republic Koruny CZK 49,017,610		Sell		06/22/07		2,359,338		2,382,170		(22,832	)
Czech Republic Koruny CZK 5,413,286		Sell		06/22/07		258,588		263,076		(4,488	)
EURO EUR 6,171,831		Sell		07/31/07		8,418,593		8,451,021		(32,428	)
Hungary Forint HUF 509,977,044		Sell		05/22/07		2,644,012		2,804,287		(160,275	)
Turkey New Lira TRY 1,841,136		Sell		06/21/07		1,288,003		1,323,033		(35,030	)
									$	(255,053	)

See Accompanying Notes to Financial Statements

149

PORTFOLIO OF INVESTMENTS

ING GREATER CHINA FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 97.8%
			China: 22.7%
	1,746,000	@	Bank of China Ltd.	$	861,087
	1,594,000	#	China Construction Bank		964,680
	451,000		China Life Insurance Co., Ltd.		1,391,332
	181,000	@	China Merchants Bank Co., Ltd.		440,481
	700,000		China Shipping Development Co., Ltd.		1,316,483
	1,316,000	@	China Southern Airlines Co., Ltd.		574,522
	8,000	@	Country Garden Holdings Co., Ltd.		7,210
	276,000	@	Dalian Port PDA Co., Ltd.		157,196
	112,000	@	Foxconn International Holdings Ltd.		335,689
	413,600		Guangzhou R&F Properties Co., Ltd.		990,605
	369,000		Jiangxi Copper Co., Ltd.		519,597
	1,792,000		PetroChina Co., Ltd.		2,012,303
	457,917	@	SPG Land Holdings Ltd.		317,483
	273,000		Travelsky Technology Ltd.		464,247
	296,000	@	Xingda International Holdings Ltd.		161,199
					10,514,114
			Hong Kong: 41.4%
	241,400		Bank of East Asia Ltd.		1,481,636
	119,000		Cheung Kong Holdings Ltd.		1,541,670
	280,500		China Mobile Ltd.		2,526,475
	1,468,000		China Overseas Land & Investment Ltd.		1,780,529
	328,000		China Resources Enterprise		1,105,665
	374,000		Citic Pacific Ltd.		1,402,114
	113,500		Esprit Holdings Ltd.		1,375,594
	279,000		Hang Lung Group Ltd.		1,068,926
	432,000		Hang Lung Properties Ltd.		1,279,728
	64,000		Henderson Land Development Co., Ltd.		382,448
	84,000		Hong Kong Exchanges and Clearing Ltd.		800,237
	155,000		Hutchison Whampoa Ltd.		1,492,517
	197,000		Li & Fung Ltd.		612,030
	454,000		New World Development Ltd.		1,065,964
	2,502,000		Solomon Systech International Ltd.		370,378
	79,000		Sun Hung Kai Properties Ltd.		923,011
					19,208,922
			Taiwan: 33.7%
	475,000		Asia Cement Corp.		492,917
	412,000		AU Optronics Corp.		649,551
	329,245		Cathay Financial Holding Co., Ltd.		666,783
	1,288,000		China Steel Corp.		1,456,958
	407,000		Chung Hsin Electric & Machinery Manufacturing Corp.		266,883
	970,460		Far Eastern Textile Co., Ltd.		882,511
	1,352,000		Fubon Financial Holding Co., Ltd.		1,173,693
	1,197,700		Goldsun Development & Construction Co., Ltd.		637,883
	287,200		HON HAI Precision Industry Co., Ltd.		1,894,088
	456,000		Lite-On Technology Corp.		562,541
	118,200		MediaTek, Inc.		1,470,124
	815,400		Nan Ya Plastics Corp.		1,483,247
	72,000		Novatek Microelectronics Corp., Ltd.		354,015
	1,411,193		Taiwan Semiconductor Manufacturing Co., Ltd.		2,872,829
	774,000		Uni-President Enterprises Corp.		760,406
					15,624,429
			Total Common Stock (Cost $38,513,429)		45,347,465
WARRANTS: 1.4%
			China: 1.4%
	263,649	@,X	China Merchants Bank Co., Ltd.		667,032
			Total Warrants (Cost $254,681)		667,032

Total Investments in Securities (Cost $38,768,110)*	99.2	%	$	46,014,497
Other Assets and Liabilities-Net	0.8			369,633
Net Assets	100.0	%	$	46,384,130

@	Non-income producing security
#	Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. These securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/ Trustees.
X	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/ Trustees.
*	Cost for federal income tax purposes is $38,956,968.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	7,380,680
Gross Unrealized Depreciation		(323,151	)
Net Unrealized Appreciation	$	7,057,529

	Percentage of
Industry	Net Assets
Airlines		1.2	%
Apparel		3.0
Banks		9.5
Building Materials		2.4
Chemicals		3.2
Commercial Services		0.4
Computers		1.2
Distribution/ Wholesale		1.3
Diversified Financial Services		4.3
Electronics		5.5
Food		1.7
Holding Companies — Diversified		8.6
Insurance		4.4
Iron/ Steel		3.5
Machinery — Diversified		0.6
Metal Fabricate/ Hardware		1.1
Oil & Gas		4.3
Real Estate		20.2
Semiconductors		10.9
Software		1.0
Telecommunications		6.2
Textiles		1.9
Transportation		2.8
Other Assets and Liabilities — Net		0.8
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

150

PORTFOLIO OF INVESTMENTS

ING INDEX PLUS INTERNATIONAL EQUITY FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 92.7%
			Australia: 4.4%
	9,130		Amcor Ltd.	$	56,238
	8,879		APN News & Media Ltd.		44,240
	3,436		Australia & New Zealand Banking Group Ltd.		86,815
	5,007		BHP Billiton Ltd.		122,243
	6,236		BlueScope Steel Ltd.		61,917
	7,815		Boral Ltd.		54,496
	30,809		Coles Myer Ltd.		439,663
	48,717		Commonwealth Property Office Fund		58,120
	3,380		Computershare Ltd.		29,139
	1,346		CSL Ltd.		96,955
	20,363		CSR Ltd.		61,763
	9,039		Foster’s Group Ltd.		47,720
	28,174	**	ING Industrial Fund		56,901
	14,234		Macquarie Airports Management Ltd.		46,891
	9,471		Macquarie Goodman Group		55,549
	96,386		Macquarie Office Trust		127,951
	58,659		Pacific Brands Ltd.		156,943
	13,152		Qantas Airways Ltd.		57,776
	8,195		Rio Tinto Ltd.		559,666
	21,942		Santos Ltd.		203,207
	14,472		Stockland		103,047
	53,776		Suncorp-Metway Ltd.		951,938
	8,875		TABCORP Holdings Ltd.		132,994
	12,907		Tattersall’s Ltd.		55,003
	74,156		Telstra Corp., Ltd.		286,479
	3,699		Wesfarmers Ltd.		119,789
	26,193		Zinifex Ltd.		357,742
					4,431,185
			Austria: 0.1%
	6,334	@	Immofinanz Immobilien Anlagen AG		102,955
					102,955
			Belgium: 1.3%
	1,534		AGFA-Gevaert NV		37,096
	597		Delhaize Group		57,319
	301		D’ieteren SA		131,452
	17,734		Fortis		796,943
	3,667		InBev NV		285,851
	279		KBC Groep NV		36,913
					1,345,574
			Bermuda: 0.0%
	800		Frontline Ltd.		29,935
					29,935
			Denmark: 1.4%
	36		AP Moller — Maersk A/ S		406,582
	525		Carlsberg A/ S		58,801
	9,850		Novo-Nordisk A/ S		964,241
					1,429,624
			Finland: 0.8%
	5,883		Kesko OYJ		408,151
	9,000	@	Nokia OYJ		227,034
	1,682		Outokumpu OYJ		55,889
	1,153		Rautaruukki OYJ		62,172
	905		Sampo OYJ		28,195
	448		Wartsila OYJ		29,953
					811,394
			France: 7.5%
	282		Accor SA		26,562
	632		Air France-KLM		32,232
	412	@	Atos Origin		29,539
	989		AXA SA		45,409
	11,392		BNP Paribas		1,321,591
	13,045		Bouygues SA		1,039,440
	6,113		Capgemini SA		462,376
	365		Cie de Saint-Gobain		38,975
	27,623		Credit Agricole SA		1,163,184
	6,271		Groupe Danone		1,031,075
	171		PPR		29,718
	1,796		Sanofi-Aventis		164,400
	321		Societe Generale		68,028
	3,123		Sodexho Alliance SA		247,540
	584		Technip SA		46,056
	8,768		Total SA		646,360
	3,551		Veolia Environnement		293,072
	20,757		Vivendi		856,211
	378		Zodiac SA		29,013
					7,570,781
			Germany: 9.3%
	7,355		Allianz AG		1,674,169
	245		BASF AG		29,241
	441		Celesio AG		31,598
	810		Commerzbank AG		40,419
	4,443		DaimlerChrysler AG		359,243
	7,799		Deutsche Bank AG		1,197,351
	17,229		Deutsche Lufthansa AG		514,050
	9,787		Deutsche Post AG		336,532
	1,072		E.ON AG		161,092
	188		Fresenius Medical Care AG & Co. KGaA		28,165
	626		Heidelberger Druckmaschinen		29,529
	2,367		Henkel KGaA		372,144
	4,957		Hochtief AG		520,767
	271		Merck KGaA		35,985
	388		Metro AG		29,914
	6,426		Muenchener Rueckversicherungs AG		1,139,822
	7,356		RWE AG		777,442
	4,091		Salzgitter AG		672,458
	1,625		Siemens AG		196,153
	20,554		ThyssenKrupp AG		1,097,767
	1,132		Volkswagen AG		170,917
	612		Wincor Nixdorf AG		59,423
					9,474,181
			Gibraltar: 0.1%
	69,825		PartyGaming PLC		66,460
					66,460
			Greece: 0.1%
	2,522		Coca-Cola Hellenic Bottling Co. SA		109,343
					109,343
			Hong Kong: 2.1%
	2,000		Cheung Kong Holdings Ltd.		25,910
	48,000		Hong Kong & China Gas		114,154
	150,000		Noble Group Ltd.		155,601
	31,000		Orient Overseas International Ltd.		262,137
	78,500		Swire Pacific Ltd.		896,391
	4,000		Television Broadcasts Ltd.		26,416
	157,523		Wharf Holdings Ltd.		579,834
	10,000		Yue Yuen Industrial Holdings		34,919
					2,095,362
			Ireland: 0.2%
	9,019		Depfa Bank PLC		166,726
					166,726
			Italy: 3.8%
	48,340		Autogrill S.p.A.		961,689
	979		Banche Popolari Unite Scpa		29,624
	882		Banco Popolare di Verona e Novara Scrl		29,447
	3,047		Capitalia S.p.A.		29,012
	4,407		ENI S.p.A.		146,153
	140,734		Intesa Sanpaolo S.p.A.		1,179,217
	1,797		Italcementi S.p.A.		57,410
	37,903		Pirelli & C S.p.A.		47,281
	363,078		Telecom Italia S.p.A.		1,089,377

See Accompanying Notes to Financial Statements

151

PORTFOLIO OF INVESTMENTS

ING INDEX PLUS INTERNATIONAL EQUITY FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Italy (continued)
	73,242		Telecom Italia S.p.A. RNC	$	178,928
	6,450		UniCredito Italiano S.p.A.		66,269
					3,814,407
			Japan: 19.8%
	5,000		77 Bank Ltd.		32,780
	2,800		Advantest Corp.		123,928
	2,000		Ajinomoto Co., Inc.		24,605
	7,000		All Nippon Airways Co., Ltd.		27,101
	4,000		Amada Co., Ltd.		44,665
	2,300		Amano Corp.		30,144
	900		Aoyama Trading Co., Ltd.		27,519
	10,000		Asahi Kasei Corp.		70,713
	40,000		Bank of Yokohama Ltd.		292,841
	1,600		Canon Sales Co., Inc.		31,138
	500		Canon, Inc.		28,052
	13,000		Chiba Bank Ltd.		107,450
	1,500		Circle K Sunkus Co., Ltd.		25,784
	24,000		COMSYS Holdings Corp.		268,005
	25,000		Dai Nippon Printing Co., Ltd.		398,499
	4,000		Daicel Chemical Industries Ltd.		26,944
	5,000		Daido Steel Co., Ltd.		28,813
	4,000		Daifuku Co., Ltd.		50,362
	16,000		Dainippon Ink & Chemicals		59,986
	17,000		Dainippon Screen Manufacturing Co., Ltd.		143,077
	20,000		Daiwa House Industry Co., Ltd.		313,501
	5,100		Eisai Co., Ltd.		242,222
	1,300	@	Elpida Memory, Inc.		54,772
	6,000		Fuji Electric Holdings Co., Ltd.		27,868
	700		Fuji Photo Film Co., Ltd.		28,835
	900		Fuji Soft, Inc.		25,856
	99,000		Fujikura Ltd.		635,452
	38,000		Fujitsu Ltd.		238,857
	3,000	@	Fukuoka Financial Group, Inc.		22,848
	20,000		Furukawa Electric Co., Ltd.		122,086
	33,000		Gunma Bank Ltd.		219,800
	8,000	@	Haseko Corp.		26,493
	6,000		Hitachi Cable Ltd.		35,060
	6,800		Hitachi Chemical Co., Ltd.		149,409
	2,300		Hitachi High-Technologies Corp.		59,554
	4,000		Hitachi Ltd.		30,379
	500		Ibiden Co., Ltd.		28,421
	18		Inpex Holdings, Inc.		151,904
	30,000		Itochu Corp.		295,375
	9,000		Joyo Bank Ltd.		55,178
	4,000		Kaneka Corp.		36,468
	5,700		Katokichi Co., Ltd.		37,161
	24,000		Kawasaki Kisen Kaisha Ltd.		260,659
	80		KDDI Corp.		628,692
	5,000		Keisei Electric Railway Co., Ltd.		32,324
	1,000		Komori Corp.		23,096
	54,000		Konica Minolta Holdings, Inc.		738,876
	56,000		Kubota Corp.		529,258
	13,000		Kuraray Co., Ltd.		144,463
	10,600		Kyushu Electric Power Co., Inc.		298,585
	1,200		Matsumotokiyoshi Co., Ltd.		28,197
	58,000		Matsushita Electric Industrial Co., Ltd.		1,118,364
	3,000		Matsushita Electric Works Ltd.		33,934
	14,000		Mediceo Paltac Holdings Co., Ltd.		255,289
	800		Meitec Corp.		26,094
	2,500		Mitsubishi Corp.		53,291
	3,000		Mitsubishi Gas Chemical Co., Inc.		25,903
	9,000		Mitsubishi Materials Corp.		43,910
	28,000		Mitsubishi Rayon Co., Ltd.		194,622
	21		Mitsubishi UFJ Financial Group, Inc.		218,444
	18,000		Mitsui Mining & Smelting Co., Ltd.		86,815
	3,000		Mitsui OSK Lines Ltd.		37,807
	800		Mitsumi Electric Co., Ltd.		26,682
	173		Mizuho Financial Group, Inc.		1,041,068
	1,800		Namco Bandai Holdings, Inc.		29,251
	3,000		NHK Spring Co., Ltd.		25,780
	5,000		Nichirei Corp.		29,892
	400		Nidec Corp.		25,235
	2,000		Nippon Meat Packers, Inc.		24,360
	6,500		Nippon Mining Holdings, Inc.		52,202
	10		Nippon Telegraph & Telephone Corp.		49,650
	26,000		Nippon Yusen KK		223,602
	9,000		Nishimatsu Construction Co., Ltd.		27,970
	1,690		ORIX Corp.		450,619
	88,000		Osaka Gas Co., Ltd.		329,968
	36		Resona Holdings, Inc.		81,244
	2,000		Ricoh Co., Ltd.		43,896
	1,000		Rinnai Corp.		27,425
	1,400		Sankyo Co., Ltd.		61,362
	18		Sapporo Hokuyo Holdings, Inc.		173,918
	3,800		Sega Sammy Holdings, Inc.		85,999
	900		Seiko Epson Corp.		27,259
	2,000		Sekisui House Ltd.		29,517
	27,900		Seven & I Holdings Co., Ltd.		804,519
	1,000		Shin-Etsu Chemical Co., Ltd.		64,543
	5,000		Shizuoka Bank Ltd.		52,657
	300		SMC Corp.		38,351
	8,200		Sojitz Corp.		30,988
	10,200		Stanley Electric Co., Ltd.		202,611
	4,000		Sumitomo Bakelite Co., Ltd.		28,317
	5,000		Sumitomo Chemical Co., Ltd.		33,024
	3,000		Sumitomo Heavy Industries		30,881
	3,000		Sumitomo Metal Mining Co., Ltd.		55,732
	140		Sumitomo Mitsui Financial Group, Inc.		1,223,050
	9,000		Sumitomo Osaka Cement Co., Ltd.		26,253
	3,000		Sumitomo Trust & Banking Co., Ltd.		29,298
	8,000		Suruga Bank Ltd.		96,716
	1,300		Suzuken Co., Ltd.		45,604
	41,000		Tanabe Seiyaku Co., Ltd.		530,496
	5,200		THK Co., Ltd.		126,715
	10,500		Tohoku Electric Power Co., Inc.		250,738
	1,900		Tokyo Electric Power Co., Inc.		63,148
	10,700		Tokyo Electron Ltd.		742,051
	800		Tokyo Seimitsu Co., Ltd.		27,641
	4,000		Tokyu Corp.		29,090
	6,000		Toppan Printing Co., Ltd.		60,862
	8,000		Toshiba Corp.		59,571
	14,000		Tosoh Corp.		64,015
	28,400		Toyo Seikan Kaisha Ltd.		565,159
	1,200		Toyoda Gosei Co., Ltd.		29,658
	31,500		Toyota Motor Corp.		1,913,278
	1,700		Ushio, Inc.		33,302
	420		USS Co., Ltd.		26,498
	11		West Japan Railway Co.		49,779
	15,000		Yaskawa Electric Corp.		171,420
	1,800		Yokogawa Electric Corp.		26,538
	25,000		Zeon Corp.		257,356
					20,115,286
			Netherlands: 5.8%
	1,367		Aegon NV		28,214
	22,373		Arcelor Mittal		1,194,644
	1,407	@	ASML Holding NV		38,222
	3,823		Buhrmann NV		51,367
	31,629		European Aeronautic Defence and Space Co. NV		1,012,345
	16,934	@	Koninklijke Ahold NV		215,692
	781		Koninklijke DSM NV		37,256
	1,995		OCE NV		37,561
	32,661		Royal Dutch Shell PLC — Class A		1,134,478
	36,297		Royal Dutch Shell PLC — Class B		1,278,208
	1,714		Royal KPN NV		29,101
	3,007		SBM Offshore NV		107,744
	24,196		Unilever NV		738,390
					5,903,222

See Accompanying Notes to Financial Statements

152

PORTFOLIO OF INVESTMENTS

ING INDEX PLUS INTERNATIONAL EQUITY FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			New Zealand: 0.2%
	17,123		Contact Energy Ltd.	$	115,379
	4,410		Fletcher Building Ltd.		37,185
	39,232		Vector Ltd.		82,962
					235,526
			Norway: 1.7%
	1,500		Aker Kvaerner ASA		35,150
	2,000		DNB NOR ASA		28,534
	13,900		Norsk Hydro ASA		479,109
	2,000		Norske Skogindustrier ASA		30,604
	6,990	@	Petroleum Geo-Services ASA		191,195
	32,800		Statoil ASA		917,957
	1,500		Tandberg ASA		31,698
					1,714,247
			Portugal: 0.4%
	61,115		Energias de Portugal SA		334,436
	19,255		Sonae SGPS SA		52,344
					386,780
			Singapore: 1.6%
	29,000	@	Chartered Semiconductor Manufacturing Ltd.		27,063
	22,000		ComfortDelgro Corp., Ltd.		32,915
	72,000		DBS Group Holdings Ltd.		998,954
	86,000		Neptune Orient Lines Ltd.		202,133
	33,000		Parkway Holdings Ltd.		85,257
	22,000		Singapore Petroleum Co., Ltd.		69,547
	20,000		Singapore Press Holdings Ltd.		57,094
	61,000	@	STATS ChipPAC Ltd.		73,234
	27,000		Wing Tai Holdings Ltd.		59,180
					1,605,377
			Spain: 1.2%
	6,856		Banco Bilbao Vizcaya Argentaria SA		163,930
	15,826		Banco Santander Central Hispano SA		284,863
	9,485		Endesa SA		518,174
	1,560		Repsol YPF SA		51,395
	10,648		Telefonica SA		239,169
					1,257,531
			Sweden: 3.1%
	8,602		Atlas Copco AB		308,764
	1,650		Boliden AB		41,009
	1,100		Fabege AB		29,300
	3,900		Nobia AB		53,263
	69,800		Nordea Bank AB		1,206,964
	700	@	Scania AB		66,881
	1,800		Securitas AB		27,341
	900		Skandinaviska Enskilda Banken AB		32,960
	1,000		SSAB Svenskt Staal AB		33,047
	1,600		Svenska Handelsbanken AB		48,778
	1,600		Trelleborg AB		49,338
	62,810		Volvo AB		1,232,754
					3,130,399
			Switzerland: 7.3%
	20,292		Credit Suisse Group		1,592,573
	1,620		Nestle SA		641,307
	8,322		Novartis AG		483,473
	1,592	@	OC Oerlikon Corp. AG		856,593
	8,789		Roche Holding AG		1,655,031
	2,733		Schindler Holding AG		174,477
	15,703		STMicroelectronics NV		306,455
	103		Swatch Group AG — BR		29,513
	685		Swatch Group AG — REG		39,827
	7,712		Swiss Reinsurance		724,928
	12,503		UBS AG — REG		812,556
	245		Zurich Financial Services AG		71,092
					7,387,825
			United Kingdom: 19.0%
	42,773		3i Group PLC		982,548
	8,946		Alliance Boots PLC		199,603
	14,458		Amvescap PLC		169,649
	1,341		Anglo American PLC		70,618
	20,511		AstraZeneca PLC		1,115,514
	15,074		Aviva PLC		236,493
	16,248		Barclays PLC		234,568
	961		Bellway PLC		28,938
	1,993	@	Berkeley Group Holdings PLC		68,613
	57,513		BHP Billiton PLC		1,285,087
	93,418		BP PLC		1,048,020
	73,615	@	British Airways PLC		740,557
	3,019		British American Tobacco PLC		93,440
	893		British Land Co. PLC		26,084
	140,053		BT Group PLC		880,983
	1,141		Carnival PLC		57,464
	38,691		Centrica PLC		298,136
	43,377		Compass Group PLC		313,707
	11,772		Daily Mail & General Trust		196,076
	15,575		Davis Service Group PLC		196,656
	4,817		Enterprise Inns PLC		61,359
	6,478		First Choice Holidays PLC		37,086
	19,151		FKI PLC		45,864
	7,262		Friends Provident PLC		27,342
	2,614		George Wimpey PLC		30,282
	23,834		GlaxoSmithKline PLC		687,450
	18,700		HBOS PLC		401,295
	54,571		HSBC Holdings PLC		1,006,892
	11,695		Imperial Tobacco Group PLC		509,752
	4,152		Investec PLC		58,757
	688		Land Securities Group PLC		26,784
	260,800		Legal & General Group PLC		799,802
	2,587		Lloyds TSB Group PLC		29,873
	18,446		LogicaCMG PLC		67,282
	34,019		Marks & Spencer Group PLC		501,804
	14,132		Misys PLC		70,234
	64,932		National Grid PLC		1,019,516
	14,974		Old Mutual PLC		53,143
	1,579		Pearson PLC		27,009
	7,728		Premier Farnell PLC		33,543
	1,541		Punch Taverns PLC		39,797
	4,355		Resolution PLC		56,060
	21,900		Rexam PLC		229,247
	2,941		Rio Tinto PLC		178,710
	45,158		Royal Bank of Scotland Group PLC		1,729,044
	56,842		Scottish & Newcastle PLC		697,529
	4,454		Standard Life PLC		28,771
	13,396		Taylor Woodrow PLC		129,070
	4,189		Tesco PLC		38,521
	63,261		Tomkins PLC		333,511
	718		Travis Perkins PLC		28,620
	3,692		Trinity Mirror PLC		39,300
	27,137		Unilever PLC		849,030
	29,308		United Business Media PLC		471,433
	199,406		Vodafone Group PLC		567,301
	2,285		Wolseley PLC		54,973
	1,799		WPP Group PLC		26,636
					19,235,376
			United States: 1.5%
	19,800		iShares MSCI EAFE Index Fund		1,567,368
					1,567,368
			Total Common Stock (Cost $83,386,123)		93,986,864

See Accompanying Notes to Financial Statements

153

PORTFOLIO OF INVESTMENTS

ING INDEX PLUS INTERNATIONAL EQUITY FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
PREFERRED STOCK: 1.9%
			Germany: 1.9%
	222		Porsche AG	$	371,843
	993		ProSieben SAT.1 Media AG		36,143
	4,894		RWE AG		478,124
	9,845		Volkswagen AG		995,136
			Total Preferred Stock (Cost $1,161,113 )		1,881,246
RIGHTS: 0.0%
			Sweden: 0.0%
	12,562	@	Volvo Aktiebolaget Rights		46,873
			Total Rights (Cost $—)		46,873

Total Investments in Securities (Cost $84,547,236)*	94.6	%	$	95,914,983
Other Assets and Liabilities-Net	5.4			5,503,425
Net Assets	100.0	%	$	101,418,408

@	Non-income producing security
**	Investment in affiliate
*	Cost for federal income tax purposes is $85,031,659.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	12,023,577
Gross Unrealized Depreciation		(1,140,253	)
Net Unrealized Appreciation	$	10,883,324

	Percentage of
Industry	Net Assets
Advertising		0.0	%
Aerospace/ Defense		1.0
Agriculture		0.6
Airlines		1.4
Apparel		0.0
Auto Manufacturers		3.9
Auto Parts & Equipment		0.1
Banks		16.7
Beverages		1.2
Biotechnology		0.1
Building Materials		0.4
Chemicals		0.9
Commercial Services		0.7
Computers		0.9
Distribution/ Wholesale		0.6
Diversified Financial Services		3.1
Electric		4.1
Electrical Components & Equipment		1.1
Electronics		0.6
Engineering & Construction		1.9
Entertainment		0.2
Food		4.1
Food Service		0.6
Forest Products & Paper		0.0
Gas		0.7
Hand/ Machine Tools		0.4
Healthcare — Services		0.1
Holding Companies — Diversified		1.6
Home Builders		0.6
Home Furnishings		1.2
Household Products/ Wares		0.5
Insurance		4.8
Investment Companies		1.5
Iron/ Steel		3.2
Leisure Time		0.3
Lodging		0.0
Machinery — Construction & Mining		0.3
Machinery — Diversified		1.9
Media		1.7
Mining		2.8
Miscellaneous Manufacturing		1.6
Office/ Business Equipment		0.1
Oil & Gas		6.1
Oil & Gas Services		0.3
Packaging & Containers		0.8
Pharmaceuticals		6.1
Real Estate		0.6
Real Estate Investment Trusts		0.1
Retail		3.3
Semiconductors		2.1
Software		0.1
Telecommunications		4.1
Textiles		0.3
Transportation		1.9
Venture Capital		1.0
Water		0.3
Other Assets and Liabilities — Net		5.4
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

154

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL CAPITAL APPRECIATION FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 97.6%
			Australia: 2.7%
	18,516		Rio Tinto Ltd.	$	1,264,524
	43,589		Woodside Petroleum Ltd.		1,417,286
					2,681,810
			Austria: 1.3%
	16,143		Erste Bank der Oesterreichischen Sparkassen AG		1,292,565
					1,292,565
			Brazil: 3.5%
	28,454		Banco Itau Holding Financeira SA ADR		1,097,755
	20,562		Cia de Bebidas das Americas ADR		1,201,232
	11,043		Petroleo Brasileiro SA ADR		1,117,883
					3,416,870
			Canada: 4.6%
	36,355		Cameco Corp.		1,694,870
	45,900		Manulife Financial Corp.		1,657,462
	13,843		Suncor Energy, Inc.		1,114,362
					4,466,694
			China: 3.5%
	1,252,000		China Petroleum & Chemical Corp.		1,091,709
	29,284	@	Focus Media Holding Ltd. ADR		1,083,508
	423,000	@	Foxconn International Holdings Ltd.		1,267,827
					3,443,044
			Denmark: 2.2%
	32,478	@	Vestas Wind Systems A/ S		2,099,869
					2,099,869
			France: 4.9%
	13,380		Electricite de France		1,162,842
	13,150		Iliad SA		1,330,808
	9,276		LVMH Moet Hennessy Louis Vuitton SA		1,081,219
	16,034		Total SA ADR		1,181,545
					4,756,414
			Germany: 4.4%
	19,726		Adidas AG		1,173,455
	9,451		RWE AG		998,858
	22,742		SAP AG ADR		1,091,616
	5,894	@	Wacker Chemie AG		1,071,186
					4,335,115
			Greece: 1.6%
	27,304		National Bank of Greece SA		1,529,434
					1,529,434
			Hong Kong: 2.1%
	170,300		Esprit Holdings Ltd.		2,063,998
					2,063,998
			India: 2.7%
	16,311		HDFC Bank Ltd. ADR		1,184,668
	27,727		Infosys Technologies Ltd. ADR		1,451,508
					2,636,176
			Ireland: 1.5%
	67,323		Anglo Irish Bank Corp. PLC		1,512,430
					1,512,430
			Israel: 1.5%
	38,258		Teva Pharmaceutical Industries Ltd. ADR		1,465,664
					1,465,664
			Italy: 4.2%
	56,255		Saipem S.p.A.		1,760,610
	225,666		UniCredito Italiano S.p.A.		2,318,564
					4,079,174
			Japan: 13.1%
	97,000		NGK Insulators Ltd.		2,117,111
	15,100		Nidec Corp.		952,637
	29,000		Nitto Denko Corp.		1,279,901
	5,920		ORIX Corp.		1,578,501
	57,000		Sharp Corp.		1,046,022
	13,000		SMC Corp.		1,661,890
	149		Sumitomo Mitsui Financial Group, Inc.		1,301,675
	29,900		Toyota Motor Corp.		1,816,096
	11,300		Yamada Denki Co., Ltd.		1,044,111
					12,797,944
			Luxembourg: 1.9%
	22,508	@	Millicom International Cellular SA		1,828,775
	234	@	Millicom Intl Cellular S.A.		19,013
					1,847,788
			Mexico: 1.1%
	27,906		Wal-Mart de Mexico SA de CV ADR		1,097,724
					1,097,724
			Netherlands: 1.3%
	30,980		Koninklijke Philips Electronics NV		1,271,419
					1,271,419
			Norway: 1.3%
	43,989	@	Renewable Energy Corp. AS		1,258,935
					1,258,935
			Singapore: 1.4%
	97,000		Keppel Corp., Ltd.		1,355,647
					1,355,647
			South Korea: 2.1%
	13,263		Hyundai Motor Co.		838,828
	3,980	#	Samsung Electronics GDR		1,227,576
					2,066,404
			Spain: 5.0%
	75,643		Banco Bilbao Vizcaya Argentaria SA		1,808,659
	77,661		Banco Santander Central Hispano SA		1,397,875
	76,191		Telefonica SA		1,711,358
					4,917,892
			Switzerland: 13.2%
	81,853		ABB Ltd.		1,635,646
	13,577		Holcim Ltd.		1,454,373
	3,211		Nestle SA		1,271,133
	35,525		Novartis AG		2,063,850
	10,513		Roche Holding AG		1,979,673
	7,183	@	Syngenta AG		1,426,909
	7,717		Synthes, Inc.		1,007,962
	31,368		UBS AG — Reg		2,038,572
					12,878,118

See Accompanying Notes to Financial Statements

155

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL CAPITAL APPRECIATION FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Taiwan: 1.2%
	107,921		Taiwan Semiconductor Manufacturing Co., Ltd. ADR	$	1,137,487
					1,137,487
			United Kingdom: 15.3%
	511,588		ARM Holdings PLC		1,361,069
	91,207	@	Autonomy Corp. PLC		1,361,004
	114,411		Barclays PLC		1,651,719
	102,441		British Sky Broadcasting PLC		1,173,307
	21,660		Carnival PLC		1,090,851
	140,442		Michael Page International PLC		1,607,625
	48,868		Northern Rock PLC		1,044,975
	139,531		Prudential PLC		2,073,320
	19,352		Reckitt Benckiser PLC		1,058,679
	105,808		Smith & Nephew PLC		1,320,221
	126,576		Tesco PLC		1,163,959
					14,906,729

Total Investments in Securities (Cost $84,131,849)*	97.4	%	$	95,315,344
Other Assets and Liabilities-Net	2.6			2,531,726
Net Assets	100.0	%	$	97,847,070

@	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
#	Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. These securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
*	Cost for federal income tax purposes is $84,678,974.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	11,736,675
Gross Unrealized Depreciation		(1,100,305	)
Net Unrealized Appreciation	$	10,636,370

	Percentage of
Industry	Net Assets
Advertising		1.1	%
Apparel		3.3
Auto Manufacturers		2.7
Banks		16.5
Beverages		1.2
Building Materials		1.5
Chemicals		3.9
Commercial Services		1.6
Diversified Financial Services		3.7
Electric		2.2
Electrical Components & Equipment		3.2
Electronics		3.5
Energy — Alternate Sources		1.3
Engineering & Construction		1.7
Food		2.5
Hand/ Machine Tools		2.7
Healthcare — Products		2.4
Holding Companies — Diversified		2.5
Household Products/ Wares		1.1
Insurance		3.8
Internet		1.4
Leisure Time		1.1
Media		1.2
Mining		3.0
Oil & Gas		6.0
Oil & Gas Services		1.8
Pharmaceuticals		5.6
Retail		2.2
Semiconductors		3.8
Software		4.0
Telecommunications		4.9
Other Assets and Liabilities — Net		2.6
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

156

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL GROWTH OPPORTUNITIES FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 98.1%
			Belgium: 1.5%
	25,372		InBev NV	$	1,977,805
					1,977,805
			Brazil: 3.5%
	160,900	@	NET Servicos de Comunicacao SA		2,427,244
	23,362		Uniao de Bancos Brasileiros SA GDR		2,267,516
					4,694,760
			Canada: 1.3%
	422,500	@	Bombardier, Inc. — Class B		1,739,639
					1,739,639
			China: 0.1%
	213,000	@,#	China Citic Bank		178,898
	8,000	@,#	China Molybdenum Co., Ltd.		12,763
					191,661
			France: 4.9%
	13,210	@	Alstom		1,964,161
	21,123		LVMH Moet Hennessy Louis Vuitton SA		2,462,116
	12,044		PPR		2,093,109
					6,519,386
			Germany: 3.6%
	10,107		Allianz AG		2,300,588
	24,800		Wincor Nixdorf AG		2,407,980
					4,708,568
			Greece: 1.5%
	64,971		Alpha Bank AE		1,977,366
					1,977,366
			Hong Kong: 4.4%
	931,000		Kowloon Development Co., Ltd.		1,875,734
	612,000		Li & Fung Ltd.		1,901,332
	900,000		New World Development Ltd.		2,113,144
					5,890,210
			India: 1.2%
	26,308		Bajaj Auto Ltd.		1,551,314
					1,551,314
			Ireland: 1.6%
	48,450		CRH PLC		2,123,525
					2,123,525
			Italy: 5.3%
	64,000		Banco Popolare di Verona e Novara Scrl		2,136,724
	48,998		Finmeccanica S.p.A.		1,506,237
	322,500		UniCredito Italiano S.p.A.		3,313,466
					6,956,427
			Japan: 20.0%
	102,800		Chugai Pharmaceutical Co., Ltd.		2,621,325
	40,700	@	Elpida Memory, Inc.		1,714,788
	33,700		Itochu Techno-Solutions Corp.		1,537,637
	448		Mizuho Financial Group, Inc.		2,695,945
	2,492		Monex Beans Holdings, Inc.		2,105,149
	27,100		Murata Manufacturing Co., Ltd.		1,997,113
	35,600		Nidec Corp.		2,245,951
	47,600		Nitto Denko Corp.		2,100,803
	124,100		Pioneer Corp.		1,582,536
	92,300		Seven & I Holdings Co., Ltd.		2,661,546
	6,333		Yahoo! Japan Corp.		2,189,680
	32,820		Yamada Denki Co., Ltd.		3,032,543
					26,485,016
			Russia: 2.1%
	36,964		OAO Gazprom ADR		1,445,615
	609,051		TNK-BP Holding		1,279,007
					2,724,622
			South Africa: 1.3%
	319,336	@	Aspen Pharmacare Holdings Ltd.		1,743,127
					1,743,127
			South Korea: 2.5%
	4,681		Lotte Shopping Co., Ltd.		1,755,500
	2,549		Samsung Electronics Co., Ltd.		1,558,864
					3,314,364
			Sweden: 6.6%
	92,532		Assa Abloy AB		2,070,428
	132,500		Nordea Bank AB		2,291,156
	78,400		Sandvik AB		1,495,336
	758,000		Telefonaktiebolaget LM Ericsson		2,896,401
					8,753,321
			Switzerland: 7.2%
	116,394		ABB Ltd.		2,325,869
	27,680	S	Roche Holding AG		5,212,341
	6,970		Zurich Financial Services AG		2,022,488
					9,560,698
			Taiwan: 4.1%
	284,400		HON HAI Precision Industry Co., Ltd.		1,875,622
	2,225,226		Taiwan Cement Corp.		1,976,664
	799,000		Taiwan Semiconductor Manufacturing Co., Ltd.		1,626,560
					5,478,846
			Turkey: 1.4%
	488,000	@	Turk Sise Ve Cam Fabrikalari		1,850,569
					1,850,569
			United Kingdom: 21.4%
	83,800		Anglo American PLC		4,412,943
	909,829		ARM Holdings PLC		2,420,580
	219,361		Capita Group PLC		3,081,716
	179,500		Diageo PLC		3,783,846
	592,618		Hays PLC		2,002,192
	94,800		HSBC Holdings PLC		1,749,159
	48,201		Imperial Tobacco Group PLC		2,100,945
	642,100		Legal & General Group PLC		1,969,144
	148,654		Marks & Spencer Group PLC		2,192,751
	226,689		Reuters Group PLC		2,153,895
	165,397		WPP Group PLC		2,448,880
					28,316,051
			United States: 2.6%
	58,200	L	Monsanto Co.		3,433,218
					3,433,218
			Total Common Stock (Cost $110,685,364)		129,990,493

See Accompanying Notes to Financial Statements

157

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL GROWTH OPPORTUNITIES FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Principal
Amount				Value
SHORT-TERM INVESTMENTS: 3.9%
			United States: 2.5%
$	3,300,000	**,S	ING Institutional Prime Money Market Fund	$	3,300,000
					3,300,000
			Securities Lending CollateralCC: 1.4%
	1,854,088		The Bank of New York Institutional Cash Reserves Fund		1,854,088
			Total Securities Lending Collateral (Cost $1,854,088)		1,854,088
			Total Short-Term Investments (Cost $5,154,088)		5,154,088

Total Investments in Securities (Cost $115,839,452)*	102.0	%	$	135,144,581
Other Assets and Liabilities-Net	(2.0	)		(2,670,809	)
Net Assets	100.0	%	$	132,473,772

@	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
#	Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. 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.
S	Segregated securities for certain derivatives, when-issued or delayed delivery securities and forward currency exchange contracts.
L	Loaned security, a portion or all of the security is on loan at April 30, 2007.
**	Investment in affiliate
*	Cost for federal income tax purposes is $115,839,455.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	21,593,907
Gross Unrealized Depreciation		(2,288,781	)
Net Unrealized Appreciation	$	19,305,126

	Percentage of
Industry	Net Assets
Advertising		1.8	%
Aerospace/ Defense		1.1
Agriculture		1.6
Banks		12.5
Beverages		4.3
Building Materials		3.1
Chemicals		4.2
Commercial Services		3.8
Computers		3.0
Distribution/ Wholesale		1.4
Electronics		2.9
Engineering & Construction		1.8
Hand/ Machine Tools		2.8
Healthcare — Products		1.3
Holding Companies — Diversified		1.9
Home Furnishings		1.2
Housewares		1.4
Insurance		4.8
Internet		3.2
Leisure Time		1.2
Machinery — Diversified		1.5
Media		3.5
Metal Fabricate/ Hardware		1.6
Mining		3.3
Miscellaneous Manufacturing		1.3
Oil & Gas		2.1
Pharmaceuticals		5.9
Real Estate		3.0
Retail		8.9
Semiconductors		5.5
Telecommunications		2.2
Short-Term Investments		3.9
Other Assets and Liabilities — Net		(2.0	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

158

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL REAL ESTATE FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 95.1%
			Australia: 17.4%
	831,000		Australand Property Group	$	1,582,658
	312,465		Centro Properties Group		2,417,777
	1,644,100	@	Challenger Diversified Property Group		1,495,006
	758,200		DB Rreef Trust		1,128,620
	1,778,100		GPT Group		7,282,593
	597,500		Investa Property Group		1,319,217
	187,500		Lend Lease Corp., Ltd.		3,089,326
	1,152,300		Macquarie CountryWide Trust		2,038,084
	1,040,000		Macquarie Goodman Group		6,099,827
	1,053,100		Macquarie Office Trust		1,397,971
	344,000		Mirvac Group		1,493,648
	896,100		Stockland		6,380,610
	1,461,600		Valad Property Group		2,719,268
	1,000,200		Westfield Group		17,317,843
					55,762,448
			Austria: 1.0%
	142,400	@	Conwert Immobilien Invest AG		3,141,904
					3,141,904
			Brazil: 0.6%
	177,800	@	BR Malls Participacoes SA		1,304,328
	39,000		Iguatemi Empresa de Shopping Centers SA		617,134
					1,921,462
			Canada: 3.5%
	75,800		Calloway Real Estate Investment Trust		1,878,097
	110,200		Cominar Real Estate Investment Trust		2,368,024
	71,700		Dundee Real Estate Investment Trust		2,590,477
	184,200		RioCan Real Estate Investment Trust		4,265,195
					11,101,793
			China: 1.1%
	1,687,000	@	Country Garden Holdings Co., Ltd.		1,520,422
	472,400		Guangzhou R&F Properties Co., Ltd.		1,131,436
	1,713,000	@	Shanghai Jin Jiang International Hotels Group Co., Ltd.		930,693
					3,582,551
			Finland: 1.9%
	217,100		Citycon OYI		1,731,897
	248,430		Sponda OYJ		4,206,856
					5,938,753
			France: 3.6%
	25,100		Klepierre		4,840,250
	8,400		Societe de la Tour Eiffel		1,425,419
	19,200		Unibail		5,322,012
					11,587,681
			Germany: 0.9%
	9,600		Deutsche Wohnen AG		560,752
	33,380		DIC Asset AG		1,341,101
	18,500		IVG Immobilien AG		832,085
					2,733,938
			Hong Kong: 12.7%
	2,199,100		Agile Property Holdings Ltd.		2,303,817
	636,200		Cheung Kong Holdings Ltd.		8,242,105
	789,000		Hang Lung Properties Ltd.		3,022,876
	908,200		Hang Lung Properties Ltd.		2,690,392
	1,195,300		Hongkong Land Holdings Ltd.		5,562,636
	678,000		Kerry Properties Ltd.		3,387,609
	1,064,500		Link Real Estate Investment Trust		2,420,291
	1,478,700	@	Shui On Land Ltd.		1,266,740
	893,500		Sun Hung Kai Properties Ltd.		10,439,370
	379,000		Wharf Holdings Ltd.		1,395,080
					40,730,916
			Isle Of Man: 0.4%
	23,000	@	Hirco PLC		181,671
	598,900	@	Ishaan Real Estate PLC		1,089,824
					1,271,495
			Italy: 0.6%
	1,058,900		Beni Stabili S.p.A.		1,794,252
					1,794,252
			Japan: 23.2%
	232		Japan Hotel and Resort, Inc.		1,367,385
	236		Japan Logistics Fund, Inc.		2,380,529
	108		Japan Real Estate Investment Corp.		1,447,698
	167		Japan Retail Fund Investment Corp.		1,680,949
	751,400		Mitsubishi Estate Co., Ltd.		23,296,037
	706,900		Mitsui Fudosan Co., Ltd.		20,634,121
	204		New City Residence Investment Corp.		1,157,613
	197		Nippon Accommodations Fund, Inc.		1,534,434
	419		Nippon Building Fund, Inc.		6,772,813
	99	@	Nomura Real Estate Residential Fund, Inc.		777,185
	620		NTT Urban Development Corp.		1,472,594
	257,700		Sumitomo Realty & Development Co., Ltd.		9,511,975
	224		Tokyu REIT, Inc.		2,480,307
					74,513,640
			Jersey: 0.4%
	90,700	@	Yatra Capital Ltd.		1,342,943
					1,342,943
			Netherlands: 2.6%
	21,780		Rodamco Europe NV		3,207,509
	21,700		Vastned Retail NV		2,117,067
	20,700		Wereldhave NV		2,994,522
					8,319,098
			Norway: 0.9%
	242,500	@	Norwegian Property ASA		2,902,536
					2,902,536
			Philippines: 0.4%
	3,056,000		Ayala Land, Inc.		1,109,334
					1,109,334
			Singapore: 5.7%
	1,165,300		Allgreen Properties Ltd.		1,384,384
	630,000	@	Ascendas Real Estate Investment Trust		1,073,024
	1,014,000		Ascott Group Ltd.		1,160,557
	1,300,300	@	CapitaCommercial Trust		2,399,810
	829,200		CapitaLand Ltd.		4,586,500
	794,200	@	CapitaMall Trust		2,068,762
	59,900		City Developments Ltd.		627,220
	421,000		Keppel Land Ltd.		2,431,092

See Accompanying Notes to Financial Statements

159

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL REAL ESTATE FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Singapore (continued)
	1,691,800	@	Macquarie MEAG Prime REIT	$	1,369,698
	591,000		Wing Tai Holdings Ltd.		1,295,381
					18,396,428
			Sweden: 1.9%
	404,400		Castellum AB		6,139,952
					6,139,952
			Thailand: 0.3%
	1,429,000		Central Pattana PCL		1,094,236
					1,094,236
			United Kingdom: 15.1%
	399,700		British Land Co. PLC		11,674,869
	53,500		Capital & Regional PLC		1,636,324
	160,400		Derwent Valley Holdings PLC		6,801,813
	207,700		Great Portland Estates PLC		2,971,570
	133,700		Hammerson PLC		4,043,454
	383,500		Land Securities Group PLC		14,929,728
	619,700	@	Safestore Holdings Ltd.		3,048,436
	133,600		Shaftesbury PLC		1,895,325
	102,900		Slough Estates PLC		1,575,715
					48,577,234
			United States: 1.0%
	78,500		Brookfield Properties Co. (U.S. Denominated Security)		3,223,995
					3,223,995
			Total Common Stock (Cost $270,614,101)		305,186,589
PURCHASED OPTIONS: 0.4%
			Brazil: 0.4%
	67,800		American Style Call Option OTC Brascan Residential Properties SA Zero Strike Option Exp 10/22/07		515,402
	93,500	@,X	American Style Call Option OTC Rodobens Negocios Imobiliarios SA Zero Strike Option Exp 01/30/08		915,620
			Total Purchased Options (Cost $1,366,650)		1,431,022
			Total Long-Term Investments (Cost $271,980,750)		306,617,611

Principal
Amount			Value
SHORT-TERM INVESTMENTS: 4.0%
		U.S. Government Agency Obligations: 4.0%
$	12,804,000	Federal Home Loan Bank, 4.850%, due 05/01/07	$	12,802,275
		Total Short-Term Investments (Cost $12,802,275)		12,802,275

Total Investments in Securities (Cost $284,783,025)*	99.6	%	$	319,419,886
Other Assets and Liabilities-Net	0.4			1,432,330
Net Assets	100.0	%	$	320,852,216

@	Non-income producing 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 $287,437,783.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	32,796,828
Gross Unrealized Depreciation		(814,725	)
Net Unrealized Appreciation	$	31,982,103

	Percentage of
Industry	Net Assets
Diversified Property Holdings		20.5	%
Offices		4.7
Property Trust		16.7
Real Estate Management/ Services		14.8
Real Estate Operation/ Development		30.8
Residential: Apartments		0.8
Residential: Hotels		0.7
Retail: Shopping Centers		4.9
Storage		1.0
Warehouse/ Industrial		0.7
Short-Term Investments		4.0
Other Assets and Liabilities — Net		0.4
Net Assets		100.0	%

At April 30, 2007 the following forward currency contracts were outstanding for the ING International Real Estate Fund:

					In				Unrealized
			Settlement		Exchange				Appreciation/
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD
Japanese Yen JPY 2,824,521		Buy		05/07/07		23,688	$	23,663	$	(25	)
Japanese Yen JPY 1,886,416		Buy		05/07/07		15,820		15,804		(16	)
Japanese Yen JPY 7,558,200		Buy		05/07/07		63,387		63,320		(67	)
Japanese Yen JPY 28,696,981		Buy		05/07/07		240,666		240,412		(254	)
Japanese Yen JPY 53,500,130		Buy		05/07/07		448,676		448,203		(473	)
Japanese Yen JPY 194,811,780		Buy		05/07/07		1,633,779		1,632,056		(1,723	)
Japanese Yen JPY 45,057,485		Buy		05/07/07		377,872		377,474		(398	)
Japanese Yen JPY 62,824,095		Buy		05/07/07		526,871		526,315		(556	)
									$	(3,512	)

See Accompanying Notes to Financial Statements

160

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 96.8%
			Australia: 7.7%
	32,000	@	AED Oil Ltd.	$	126,555
	87,383		Alesco Corp., Ltd.		975,166
	24,000		Allco Finance Group Ltd.		239,237
	36,700		Ansell Ltd.		338,744
	977,203		APN/ UKA European Retail Trust		1,038,198
	135,200		Austal Ltd.		427,951
	233,954		Australand Property Group		445,571
	29,200	@	Australian Worldwide Exploration Ltd.		73,212
	817,837		Beach Petroleum Ltd.		857,575
	21,800		Billabong International Ltd.		297,715
	121,900	@	Boart Longyear Group		195,401
	352,490		Bradken Ltd.		2,781,665
	858,609		Centennial Coal Co., Ltd.		2,062,504
	387,666		Challenger Financial Services Group Ltd.		1,695,479
	286,199		Coates Hire Ltd.		1,252,147
	13,250		Cochlear Ltd.		693,974
	301,206		Corporate Express Australia Ltd.		1,801,367
	93,500		David Jones Ltd.		383,806
	65,370		Diversified Utility & Energy Trusts		187,507
	478,707		Downer EDI Ltd.		2,963,700
	130,250		FKP Property Group		744,369
	248,421		Galileo Shopping America Trust		244,679
	51,286		GWA International Ltd.		198,262
	79,600		Healthscope Ltd.		372,102
	104,800		Housewares International Ltd.		282,126
	316,823		Independence Group NL		1,932,436
	43,400	**	ING Industrial Fund		87,651
	1,636,374		Investa Property Group		3,612,942
	41,725		Iress Market Technology Ltd.		283,015
	140,131		Jubilee Mines NL		1,966,115
	511,598		Just Group Ltd.		1,799,401
	187,584		Kagara Zinc Ltd.		964,993
	49,056		MacArthur Coal Ltd.		201,432
	5,985,098		Macquarie DDR Trust		6,213,065
	2,013,652		Macquarie Office Trust		2,673,087
	1,317,622		Macquarie ProLogis Trust		1,542,583
	371,422		MFS Ltd.		1,838,126
	604,392		Minara Resources Ltd.		3,689,381
	772,480		Mincor Resources NL		2,548,195
	56,794		Monadelphous Group Ltd.		641,093
	147,043		OneSteel Ltd.		694,716
	175,700		Pacific Brands Ltd.		470,087
	636,169		Perilya Ltd.		2,206,389
	287,110	@	PMP Ltd.		441,223
	89,322		Ramsay Health Care Ltd.		855,397
	785,704	@	Sally Malay Mining Ltd.		3,478,820
	713,283		Seek Ltd.		4,362,102
	376,830		Seven Network Ltd.		3,538,025
	28,400		Sigma Pharmaceuticals Ltd.		58,167
	64,868		Specialty Fashion Group Ltd.		96,531
	50,993		Spotless Group Ltd.		212,423
	198,228		Straits Resources Ltd.		646,819
	51,500		STW Communications Group Ltd.		135,631
	478,015	@	Tap Oil Ltd.		591,976
	279,665		Tishman Speyer Office Fund		615,927
	41,989		Transfield Services Ltd.		444,246
	19,050		WorleyParsons Ltd.		432,648
					69,953,654
			Austria: 1.1%
	12,700		Austria Technologie & Systemtechnik AG		340,822
	6,500	@	Austriamicrosystems AG		442,991
	486,895	@	Austrian Airlines		7,443,535
	3,823		Palfinger AG		725,761
	27,038	@	Zumtobel AG		982,108
					9,935,217
			Belgium: 0.9%
	17,129		Bekaert SA		2,434,145
	2,338		Cofinimmo		479,479
	47,755		Compagnie Maritime Belge SA		3,313,625
	11,154		Cumerio		335,655
	2,506		D’ieteren SA		1,094,416
	3,100		Mobistar SA		268,171
	5,500		Omega Pharma SA		444,858
	5,500	@	Option NV		97,978
					8,468,327
			Bermuda: 0.9%
	284,837		Catlin Group Ltd.		2,959,975
	34,750		Frontline Ltd.		1,300,310
	619,500		Hiscox Ltd.		3,727,951
					7,988,236
			Brazil: 0.1%
	26,500,000		Cia Paranaense de Energia		329,309
	15,250		Metalurgica Gerdau SA		403,193
					732,502
			British Virgin Islands: 0.0%
	69,618		Empire Online Ltd.		57,774
					57,774
			Canada: 6.7%
	13,200		Aeroplan Income Fund		231,913
	40,800		AGF Management Ltd.		1,421,144
	5,400		Atco Ltd.		238,838
	580,800		Aur Resources Inc.		12,763,052
	20,500	@	Axcan Pharma, Inc.		356,474
	122,200		Baytex Energy Trust		2,312,100
	14,500		Biovail Corp.		354,694
	31,400	@	Blue Pearl Mining Ltd.		509,235
	308,900	@	Breakwater Resources Ltd.		584,458
	32,500	@	Calvalley Petroleum Inc.		201,752
	5,400		Canadian Western Bank		116,232
	16,700		Canfor Pulp Income Fund		223,439
	35,900		Cascades Inc.		385,879
	7,900		Cinram International Income Fund		177,446
	10,200		Corus Entertainment, Inc.		427,520
	51,600		Dorel Industries, Inc.		1,666,691
	15,800	@	Frontera Copper Corp.		75,591
	6,200		Gerdau AmeriSteel Corp.		75,971
	10,700		Home Capital Group Inc.		346,576
	920	@	Horizon North Logistics Inc.		2,735
	51,100		INMET MINING Corp.		3,108,173
	11,400		Laurentian Bank of Canada		331,143
	840,800	@	Lionore Mining International Ltd.		14,173,680
	102,136	@	Lundin Mining Corp.		1,252,429
	311,100		Methanex Corp.		7,413,817
	8,700		Metro Inc.		303,744
	2,700		Mosaid Technologies, Inc.		64,173
	68,000	@	Neo Material Technologies, Inc.		226,687
	26,200		North West Company Fund		485,098
	28,500		Northbridge Financial Corp.		825,547
	37,100	@	Oilexco Incorporated		291,813
	41,000	@	Pacific Stratus Energy Ltd.		454,365
	26,600	@	Petrolifera Petroleum Ltd.		412,457
	5,800		Quebecor, Inc.		208,976
	68,700	@	Rally Energy Corp.		404,190
	38,800		Rothmans Inc.		747,404
	26,000		Shawcor Ltd.		691,288
	498,300		Sherritt International Corp.		6,644,599
	5,500		Sobeys Inc.		283,201
	8,700	@	Tesco Corp.		256,947
	3,600		Transat A.T. Inc. — Class B		122,443
	26,100	@	Westjet Airlines Ltd.		388,008
					61,561,922

See Accompanying Notes to Financial Statements

161

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			China: 0.2%
	608,000		CG Technologies Holdings Ltd.	$	349,234
	2,440,000		China Special Steel Holdings Co., Ltd.		1,287,881
	179,000		Weiqiao Textile Co.		321,416
					1,958,531
			Cyprus: 0.0%
	94,500	@	Deep Sea Supply PLC		389,137
					389,137
			Denmark: 1.9%
	19,525	@	Alm. Brand Skadesforsikring A/ S		1,395,831
	3,800		Amagerbanken A/ S		261,262
	330		D/ S Norden		377,500
	43,700		D/ S Torm A/ S		3,063,361
	9,680		Dalhoff Larsen & Horneman A/ S		189,236
	24,600		East Asiatic Co., Ltd. A/ S		1,281,149
	3,000		NKT Holding A/ S		263,347
	1,800		Roskilde Bank		220,238
	8,750		Sjaelso Gruppen		326,934
	8,483		Solar Holdings A/ S		1,179,432
	65,160		Sydbank A/ S		3,651,031
	47,700	@	TK Development		1,101,417
	14,675	@	Topdanmark A/ S		2,877,368
	8,750		TrygVesta AS		741,423
					16,929,529
			Finland: 1.1%
	19,718		Cramo PLC		777,624
	13,400		Elisa OYJ		389,931
	12,200		Finnair OYJ		201,296
	59,400		KCI Konecranes OYJ		2,134,877
	18,800		Kemira GrowHow OYJ		216,345
	9,000		Kemira OYJ		219,042
	139,737		Oriola-KD OYJ		656,780
	117,044		Ramirent OYJ		2,884,083
	41,636		Rautaruukki OYJ		2,245,082
	13,540		Sponda OYJ		229,283
	1,100		Wartsila OYJ		73,546
					10,027,889
			France: 5.2%
	9,600		Air France-KLM		489,600
	1,658		Bacou Dalloz		230,335
	6,189		Beneteau SA		799,557
	21,983		BioMerieux		1,854,987
	1,490		Bonduelle S.C.A.		173,761
	300		Bongrain SA		32,947
	11,383	@	Business Objects SA		426,047
	20,442		Capgemini SA		1,546,195
	15,767		CFF Recycling		1,042,484
	1,700		Ciments Francais SA		385,413
	1,109		CNP Assurances		141,373
	253,647		Etablissements Maurel et Prom		5,321,963
	1,734		Etam Developpement SA		138,594
	3,300		Euler Hermes SA		506,788
	8,400	@	Eutelsat Communications		207,880
	2,262		Faiveley SA		148,018
	9,479	I	Generale de Sante		420,404
	157,493	@	Genesys		253,523
	7,560		Groupe Steria SCA		519,648
	37,874		Haulotte Group		1,291,488
	20,760		IMS-Intl Metal Service		856,330
	7,200		Ipsen		381,646
	7,550		IPSOS		291,266
	39,055		Kaufman & Broad SA		2,972,462
	8,159	@	Meetic		334,313
	17,000	@	Neuf Cegetel		691,068
	13,209		Nexans SA		1,940,034
	188,067		Nexity		16,291,054
	3,124		Pierre & Vacances		455,775
	5,520		Publicis Groupe		262,636
	14,776		Rallye SA		1,031,337
	264,700	@	Rhodia SA		1,080,705
	1,600		SEB SA		298,055
	2,166		Sopra Group SA		213,008
	2,567		Thales SA		155,976
	11,800	@	Thomson		227,390
	75,556	@	UbiSoft Entertainment		3,747,997
	10,200		Valeo SA		586,040
					47,748,097
			Germany: 8.2%
	20,027	@	Aareal Bank AG		1,052,762
	78,277	@	Air Berlin PLC		2,053,599
	1,850		AMB Generali Holding AG		292,762
	16,404		Arques Industries AG		470,672
	5,000	@	Bauer AG		390,657
	7,356		BayWa AG		364,687
	1,251		Celesio AG		89,634
	3,850	@	Colonia Real Estate AG		179,433
	10,400		Demag Cranes AG		678,321
	14,445		Deutsche Beteiligungs AG		503,573
	9,935		Deutsche Euroshop AG		796,519
	11,500		Deutsche Lufthansa AG		343,118
	11,410		Deutsche Postbank AG		1,114,541
	226,894	@	Deutz AG		3,626,695
	3,665		Draegerwerk AG		348,314
	35,650		Drillisch AG		387,292
	25,025	@	Em.Tv Ag		146,620
	210,687		EpCos. AG		4,484,622
	1,101		Fresenius Medical Care AG & Co. KGaA		164,946
	158,883		Gildemeister AG		3,416,303
	3,751		Hypo Real Estate Holding AG		250,079
	18,101		IKB Deutsche Industriebank AG		744,888
	3,259		Jungheinrich AG		132,751
	100,793	@	Kloeckner & Co. AG		6,644,584
	13,469		Koenig & Bauer AG		485,244
	9,250		Kontron AG		170,852
	7,701	@	Lanxess		422,564
	222,024		MTU Aero Engines Holding AG		12,894,019
	24,940		Norddeutsche Affinerie AG		821,894
	2,765		Pfeiffer Vacuum Technology AG		285,637
	11,650		Pfleiderer AG		381,742
	45,264		Salzgitter AG		7,440,272
	370,240	@	SGL Carbon AG		14,409,865
	12,600		Stada Arzneimittel AG		830,736
	11,605		Suedzucker AG		237,868
	45,596		TUI AG		1,251,889
	21,771		Vossloh AG		2,249,091
	35,391		Wincor Nixdorf AG		3,436,323
	34,913	@	Wirecard AG		469,517
					74,464,885
			Greece: 0.9%
	68,564	@	Aegek SA		66,823
	15,970		Hellenic Exchanges SA Holding Clearing Settlement and Registry		378,234
	10,990		Jumbo SA		343,686
	19,270		Lamda Detergent SA		240,254
	23,540		Metka SA		455,005
	47,590		Sidenor Steel Production & Manufacturing Co. SA		1,070,688
	95,217		Tsakos Energy Navigation Ltd.		5,441,652
					7,996,342
			Guernsey: 0.0%
	2,544		Mapeley Ltd.		188,276
					188,276

See Accompanying Notes to Financial Statements

162

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Hong Kong: 1.5%
	142,000		ASM Pacific Technology	$	895,370
	790,000	@	Champion Real Estate Investment Trust		452,410
	645,155	@	China Everbright Ltd.		818,829
	159,200		Dah Sing Banking Group Ltd.		357,793
	1,354,000	@	DVN Holdings Ltd.		374,721
	322,000		EganaGoldpfeil Holdings Ltd.		232,993
	324,000		Far East Consortium		130,198
	97,000		Great Eagle Holding Co.		355,167
	230,000		Huabao International Holdings Ltd.		132,195
	180,000		Industrial and Commercial Bank of China Asia Ltd.		399,417
	358,500		Jinhui Shipping & Transportation Ltd.		2,354,127
	38,000		Kerry Properties Ltd.		189,866
	560,000		Luk Fook Holdings International Ltd.		223,585
	249,000		Pacific Andes Holdings Ltd.		185,635
	2,118,000		Pacific Basin Shipping Ltd.		2,113,994
	200,000		Peace Mark Holdings Ltd.		223,839
	1,582,996		Solomon Systech International Ltd.		234,335
	197,000		Television Broadcasts Ltd.		1,300,984
	129,194		Vtech Holdings Ltd.		972,828
	134,500		Wing Hang Bank Ltd.		1,605,277
	710,000		Xinyi Glass Holding Co., Ltd.		464,878
					14,018,441
			Ireland: 0.2%
	2,100		FBD Holdings PLC		114,582
	51,000		Glanbia PLC		248,122
	33,600		Kerry Group PLC		1,004,732
	7,800	@	Smurfit Kappa PLC		213,949
	55,700		United Drug PLC		206,444
					1,787,829
			Israel: 0.1%
	2,859		Delek Group Ltd.		634,168
	18,543		Partner Communications		302,876
					937,044
			Italy: 2.2%
	77,200		AEM S.p.A.		301,804
	63,997		Autostrada Torino-Milano S.p.A.		1,613,490
	69,262		Azimut Holding S.p.A.		1,106,684
	220,621		Banca Finnat Euramerica S.p.A.		311,293
	10,093		Banca Popolare di Milano Scrl		169,683
	57,229		Banco di Desio e della Brianza S.p.A.		725,680
	32,684		Benetton Group S.p.A.		566,893
	14,009		Biesse S.p.A.		419,710
	47,800		Brembo S.p.A.		735,612
	12,900		Buzzi Unicem S.p.A.		413,168
	22,900		Cementir S.p.A.		337,402
	324,649		Cofide S.p.A.		610,296
	194,213		Cremonini S.p.A.		715,919
	18,367		Danieli & Co. S.p.A.		488,740
	16,702		ERG S.p.A.		466,914
	15,200		Esprinet S.p.A.		322,057
	2,300		Fondiaria-Sai S.p.A.		121,812
	74,800	@	Gruppo Coin S.p.A.		644,097
	94,599		Indesit Co. S.p.A.		2,216,127
	18,800		Interpump S.p.A.		222,022
	5,600		Italcementi S.p.A.		178,907
	1,563		Italmobiliare S.p.A.		200,628
	244,510	@	KME Group		241,713
	7,300		Marazzi Group S.p.A.		109,033
	24,283		Marzotto S.p.A.		131,888
	162,389		Navigazione Montanari S.p.A.		972,614
	211,200	@	Piaggio & C S.p.A.		1,030,334
	18,139		Piccolo Credito Valtellinese Scarl		319,343
	35,248		Premafin Finanziaria S.p.A.		127,475
	30,163		Prima Industrie S.p.A.		1,562,819
	3,068	@	PRYSMIAN S.p.A.		62,801
	60,247		Risanamento S.p.A.		604,452
	15,800	@	Saras S.p.A.		98,440
	621,400		Seat Pagine Gialle S.p.A.		405,186
	19,545		Societa Iniziative Autostradali e Servizi S.p.A.		330,844
	6,000		Sogefi S.p.A.		57,348
	209,305	@	Tiscali S.p.A.		776,946
	9,900		Trevi Finanziaria S.p.A.		164,255
					19,884,429
			Japan: 18.8%
	166,000		77 Bank Ltd.		1,088,302
	14,000		Air Water, Inc.		150,840
	15,700		Aisan Industry Co., Ltd.		171,858
	182,700		Alpine Electronics, Inc.		3,012,056
	124,800		Alps Electric Co., Ltd.		1,289,444
	179,100		AOC Holdings, Inc.		2,788,185
	206		Ardepro Co., Ltd.		68,881
	15,200		Arnest One Corp.		186,567
	13,000		Asahi Pretec Corp.		325,595
	132,000		Asahi Soft Drinks Co., Ltd.		1,934,553
	356,000		Atsugi Co., Ltd.		571,611
	12,000		Awa Bank Ltd.		64,995
	24		Axell Corp.		73,953
	73,000		Bank of Nagoya Ltd.		497,681
	27,000		BMB Corp.		107,906
	12,400		BML, Inc.		248,874
	601		Bosch Corp.		2,889
	147,500		Capcom Co., Ltd.		2,236,778
	106,100		Century Leasing System, Inc.		1,424,933
	1,008,000	@	Chori Co., Ltd.		1,769,808
	17,300		Coca-Cola West Holdings Co., Ltd.		377,294
	6,000		Cosmos Initia Co., Ltd.		38,115
	16,500		Daifuku Co., Ltd.		207,745
	37,000		Daihatsu Motor Co., Ltd.		311,255
	57,000		Daiichi Jitsugyo Co., Ltd.		254,889
	17,000		Daiichikosho Co., Ltd.		173,868
	19,000		Daimei Telecom Engineering Corp.		201,678
	80		Daiseki Co., Ltd.		1,545
	34,000		Daishi Bank Ltd.		144,043
	44,000		Daito Bank Ltd.		61,135
	265,000		Daiwa Industries Ltd.		1,864,413
	189,800		Diamond Lease Co., Ltd.		8,116,591
	41,000		Dowa Holdings Co., Ltd.		384,797
	19,000		Eagle Industry Co., Ltd.		212,069
	53,900		Eizo Nanao Corp.		1,843,598
	4		e-machitown Co., Ltd.		12,106
	77		ES-Con Japan Ltd.		98,287
	12,000		Excel Co., Ltd.		208,423
	19,000		Ezaki Glico Co., Ltd.		233,259
	13,800		FCC Co., Ltd.		277,471
	565		Fields Corp.		829,372
	26,000		Foster Electric Co., Ltd.		292,812
	374,000	@	Fuji Kosan Co., Ltd.		400,053
	53,700		Fuji Machine Manufacturing Co., Ltd.		1,010,148
	94,700		Fuji Soft, Inc.		2,720,618
	59,000	@	Fujibo Holdings, Inc.		114,216
	45,000		Fujikura Ltd.		288,842
	24,300		Fujitsu Frontech Ltd.		215,692
	195,000	@	Fujitsu General Ltd.		435,487
	102,000		Furukawa-Sky Aluminum Corp.		493,451
	13,600		Futaba Industrial Co., Ltd.		328,915
	170,000		Hanwa Co., Ltd.		853,716
	6,300		Happinet Corp.		85,683
	83,500	@	Haseko Corp.		276,522
	6,000		Hirano Tecseed Co., Ltd.		86,223
	264,000		Hitachi Cable Ltd.		1,542,629
	39,000		Hitachi Metals Ltd.		417,594

See Accompanying Notes to Financial Statements

163

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Japan (continued)
	15,400		Hitachi Software Engineering Co., Ltd.	$	367,602
	36,400		Hitachi Transport System Ltd.		418,009
	1,265,000	@	Hitachi Zosen Corp.		2,257,732
	210		Hoosiers Corp.		136,989
	54,500	@	Hudson Soft Co., Ltd.		881,189
	38,000		Hyakugo Bank Ltd.		252,621
	71,000		Hyakujushi Bank Ltd.		412,009
	120,400		IBJ Leasing Co., Ltd.		2,628,395
	65,400		Inabata & Co., Ltd.		522,778
	4,800		Information Services International-Dentsu Ltd.		49,618
	88,100		Itochu Enex Co., Ltd.		673,070
	172,000		Iwatani International Corp.		504,311
	82,400		Izumi Co., Ltd.		1,427,581
	21,000		Izumiya Co., Ltd.		164,421
	118,100		Japan Airport Terminal Co., Ltd.		2,163,514
	860,000		JFE Shoji Holdings, Inc.		4,699,334
	69,000		Jidosha Buhin Kogyo Co., Ltd.		269,092
	38,000		Joshin Denki Co., Ltd.		253,821
	58,000		Juki Corp.		373,843
	16,000		Juroku Bank Ltd.		94,166
	34,000		Kaken Pharmaceutical Co., Ltd.		262,928
	25,000		Kanamoto Co., Ltd.		239,988
	1,060,000	@	Kanematsu Corp.		2,016,401
	59,900		Kanto Auto Works Ltd.		757,049
	33		Kanto Tsukuba Bank Ltd.		253
	209,000		Kawai Musical Instruments Manufacturing Co., Ltd.		458,060
	154		Kenedix, Inc.		674,609
	6,600		Kintetsu World Express, Inc.		238,067
	29,700		Koa Corp.		386,906
	39,800		Kobayashi Pharmaceutical Co., Ltd.		1,489,062
	16,500		Kojima Co., Ltd.		132,476
	38,300		Kuroda Electric Co., Ltd.		532,905
	33,900		Kyoden Co., Ltd.		117,460
	36,000		Kyodo Printing Co., Ltd.		136,767
	13,900		Kyoei Steel Ltd.		380,408
	297,324		Kyoei Tanker Co., Ltd.		917,412
	192,000		Lion Corp.		1,125,243
	44,000		Maeda Road Construction Co., Ltd.		346,397
	5,900		Mandom Corp.		150,773
	55,000		Marudai Food Co., Ltd.		201,973
	72,000		Maruei Department Store Co., Ltd.		190,415
	12,000		Matsuda Sangyo Co., Ltd.		287,085
	8,600		Megane TOP Co., Ltd.		180,819
	370,000		Meiji Dairies Corp.		2,958,253
	8,000		Minebea Co., Ltd.		46,811
	468,000		Mitsubishi Paper Mills Ltd.		836,214
	64,000		Mitsubishi Steel Manufacturing Co., Ltd.		314,627
	26,000		Mitsui High-Tec, Inc.		381,190
	70,000		Mitsui Home Co., Ltd.		451,798
	93,700		Mitsumi Electric Co., Ltd.		3,125,111
	350,400		Mori Seiki Co., Ltd.		9,200,349
	275,000		Morinaga Milk Industry Co., Ltd.		1,259,460
	15,100		Moshi Moshi Hotline, Inc.		654,145
	12,900		Musashi Seimitsu Industry Co., Ltd.		336,347
	4,000		Nadex Co., Ltd.		32,077
	8,000		Nagase & Co., Ltd.		105,464
	28,700		NEC Fielding Ltd.		366,942
	11,400		NEC Leasing Ltd.		220,437
	23,300		NEC Networks & System Integration Corp.		270,542
	28,000		NHK Spring Co., Ltd.		240,614
	54,000		Nichias Corp.		474,467
	240,000		Nichirei Corp.		1,434,831
	27,300		Nifco, Inc.		645,157
	3,500		Nihon Dempa Kogyo Co., Ltd.		171,571
	11,000		Nippei Toyama Corp.		106,706
	47,000		Nippo Corp.		369,699
	31,000		Nippon Chemi-Con Corp.		289,936
	13,000		Nippon Pillar Packing Co., Ltd.		117,491
	9,000		Nippon Seiki Co., Ltd.		192,944
	137,000		Nippon Steel Trading Co., Ltd.		384,397
	165,800		Nippon Suisan Kaisha Ltd.		1,068,207
	91,000		Nippon Synthetic Chemical Industry Co., Ltd.		389,104
	21,000		Nippon Yusoki Co., Ltd.		116,036
	3,800		Nishio Rent All Co., Ltd.		59,600
	107,000		Nissan Shatai Co., Ltd.		539,127
	65,000		Nisshin Oillio Group Ltd.		395,795
	226,000		Nissin Kogyo Co., Ltd.		5,999,503
	62,000		Nittetsu Mining Co., Ltd.		516,631
	107,000		Nitto Boseki Co., Ltd.		405,927
	36,000		Ogaki Kyoritsu Bank Ltd.		155,889
	33,760		Oiles Corp.		724,957
	51,000		Oita Bank Ltd.		357,006
	5,170		Okinawa Electric Power Co., Inc.		327,263
	5,590		Optex Co., Ltd.		116,239
	12,800		Osaka Steel Co., Ltd.		214,824
	68,000		Pacific Industrial Co., Ltd.		408,193
	1,626		Pacific Management Corp.		3,253,960
	401,000		Pacific Metals Co., Ltd.		6,384,391
	30,100		Parco Co., Ltd.		338,007
	10,000		Pronexus, Inc.		96,238
	19,980		Resorttrust, Inc.		435,011
	50,900		Ricoh Leasing Co., Ltd.		1,180,405
	18,000		Ryobi Ltd.		132,963
	16,000		Saizeriya Co., Ltd.		232,816
	15,000		San-Ai Oil Co., Ltd.		76,966
	47,000		Sanden Corp.		204,469
	6,100		Sanei-International Co., Ltd.		236,916
	23,000		San-In Godo Bank Ltd.		231,058
	75,000		Sankyu, Inc.		396,976
	116,900		Santen Pharmaceutical Co., Ltd.		3,199,474
	7,500		Satori Electric Co., Ltd.		109,155
	24,700	@	Shinki Co., Ltd.		56,979
	95,000		Shinko Plantech Co., Ltd.		945,649
	22,300		Shinko Shoji Co., Ltd.		446,526
	222,000		Shinsho Corp.		702,792
	660,000		Shinwa Kaiun Kaisha Ltd.		3,924,327
	80,000		Shizuoka Gas Co., Ltd.		556,466
	611,000		Sumikin Bussan Corp.		2,460,654
	1,300		Sumisho Lease Co., Ltd.		75,852
	32,100		Sumitomo Rubber Industries, Inc.		344,530
	92		Sun Frontier Fudousan Co., Ltd.		210,735
	559		Suncity Co., Ltd.		361,282
	33,200		Tachi-S Co., Ltd.		317,435
	32,000		Tadano Ltd.		421,761
	96,000		Taihei Kogyo Co., Ltd.		553,298
	17,600		Taiyo Ink Manufacturing Co., Ltd.		467,507
	4,000		Taiyo Yuden Co., Ltd.		87,901
	75,000		Takagi Securities Co., Ltd.		312,769
	48,000		Takisawa Machine Tool Co., Ltd.		116,620
	17,500		Tamron Co., Ltd.		399,774
	98,000		Tamura Corp.		473,973
	42,000		Tatsuta Electric Wire and Cable Co., Ltd.		125,134
	87,000		TBK Co., Ltd.		336,401
	36,000		TCM Corp.		105,542
	534		Telepark Corp.		705,791
	122		Tempstaff Co., Ltd.		175,883
	96,000	@	Toa Corp.		109,823
	130,000		Toagosei Co., Ltd.		497,299
	40,000		Toho Gas Co., Ltd.		207,715
	35,800		Toho Pharmaceutical Co., Ltd.		600,829
	88,000		Tohto Suisan Co., Ltd.		215,966
	257,800		Tokyo Leasing Co., Ltd.		3,813,666
	168,000		Tokyo Tekko Co., Ltd.		1,219,632
	2,700		Tokyu Community Corp.		75,238
	19,000		Tokyu Livable, Inc.		1,349,169
	253,000	@	Tonichi Carlife Group, Inc.		442,029

See Accompanying Notes to Financial Statements

164

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Japan (continued)
	52,000		Topy Industries Ltd.	$	190,653
	85,000		Tosoh Corp.		388,663
	114,000		Towa Real Estate Development Co., Ltd.		538,335
	78,000		Toyo Suisan Kaisha Ltd.		1,553,229
	6,300		Toyoda Gosei Co., Ltd.		155,703
	43,100		Toyota Auto Body Co., Ltd.		772,215
	7,100		Trans Cosmos, Inc.		131,183
	67,700		Tsumura & Co.		1,512,749
	80,000		Ube Industries Ltd.		253,708
	52,000		Uchida Yoko Co., Ltd.		234,220
	4,600		UEX Ltd.		97,811
	6,000		Ulvac, Inc.		195,538
	76,000		UNY Co., Ltd.		908,862
	13,400		Urban Corp.		175,829
	25,900		Waseda Academy Co., Ltd.		430,480
	57		Wowow, Inc.		157,421
	5,600		Y A C Co., Ltd.		96,288
	11,000		Yamanashi Chuo Bank Ltd.		70,971
	290,500		Yamato Kogyo Co., Ltd.		9,535,174
	242,000		Yamazen Corp.		1,702,057
	38,000		Yaskawa Electric Corp.		434,265
	61,000		Yokohama Rubber Co., Ltd.		377,536
	25,500		Yonekyu Corp.		282,346
	1,124,000		Yuasa Trading Co., Ltd.		1,889,915
					171,796,598
			Liechtenstein: 0.1%
	700	@	Liechtenstein Landesbank		720,679
	2,110		Verwalt & Privat-Bank AG		547,115
					1,267,794
			Malaysia: 0.1%
	1,279,000		Silverlake Axis Ltd.		590,782
					590,782
			Mexico: 0.1%
	121,000		Gruma SA de CV		404,921
	34,900		Grupo Mexico SA de CV		188,013
					592,934
			Netherlands: 3.0%
	65,190		Aalberts Industries NV		6,923,898
	61,004		Beter BED Holdings NV		2,158,499
	46,436		Binck NV		899,429
	26,103		Boskalis Westminster		2,901,773
	81,069	@	Draka Holding		3,101,251
	4,400		Eriks Group NV		369,953
	4,600		Fugro NV		249,358
	4,600		Grontmij		731,369
	5,688		Heijmans NV		351,773
	19,081		Imtech NV		1,527,860
	14,400		Koninklijke BAM Groep NV		382,131
	13,903		Macintosh Retail Group NV		632,591
	7,203		Nieuwe Steen Investments Funds NV		213,031
	29,440		OPG Groep NV		1,069,566
	6,200		SBM Offshore NV		222,152
	20,894		Sligro Food Group NV		858,833
	4,560		Smit Internationale NV		342,630
	9,113		Stork NV		479,157
	10,200		Ten Cate NV		412,549
	4,800		TKH Group NV		508,679
	5,535	@	TomTom		233,645
	196,364		Trader Classified Media NV		303,770
	9,600		Univar NV		527,006
	16,516		Vastned Offices		676,802
	29,300		Wavin NV		665,318
	13,500		Wegener NV		312,526
					27,055,549
			New Zealand: 0.2%
	862,146		Air New Zealand Ltd.		1,801,405
					1,801,405
			Norway: 3.3%
	91,000		ABG Sundal Collier ASA		212,426
	902,200		Acta Holding ASA		5,265,384
	19,840		Aker Yards AS		355,742
	418,500	@	Altinex ASA		83,378
	206,800		Cermaq ASA		3,616,471
	92,800	@	Ementor ASA		827,522
	41,500		Expert ASA		937,077
	85,300		Leroy Seafood Group ASA		1,805,497
	4,300	@	Renewable Energy Corp. AS		123,063
	633,600		Tandberg ASA		13,389,046
	101,740	@	TGS Nopec Geophysical Co. ASA		2,326,850
	14,350		Veidekke ASA		832,240
					29,774,696
			Portugal: 0.4%
	13,766		Jeronimo Martins		394,027
	593,070		Portucel Empresa Produtora de Pasta e Papel SA		2,260,488
	63,150		Semapa-Sociedade de Investimento e Gestao		1,009,446
	57,019		Teixeira Duarte — Engenharia Construcoes SA		263,640
					3,927,601
			Russia: 0.2%
	2,700	@	Chelyabinsk Zink Plant GDR		36,855
	17,000	@	Vimpel-Communications OAO ADR		1,644,920
					1,681,775
			Singapore: 1.6%
	1,447,000		Ho Bee Investment Ltd.		2,245,067
	407,000		Labroy Marine Ltd.		619,971
	196,000	@	MFS Technology Ltd.		136,820
	2,091,000		MMI Holding Ltd.		2,199,399
	573,000		MobileOne Ltd.		843,254
	656,000		Neptune Orient Lines Ltd.		1,541,854
	220,000		Parkway Holdings Ltd.		568,379
	352,000		Rotary Engineering Ltd.		232,003
	29,000		Singapore Land Ltd.		198,552
	677,000		Singapore Petroleum Co., Ltd.		2,140,136
	401,000	@	Suntec Real Estate Investment Trust		535,885
	5,813,000	@	United Test and Assembly Center Ltd.		3,384,197
	30,000		Venture Corp., Ltd.		307,212
					14,952,729
			South Korea: 5.6%
	7,444		Amorepacific Corp.		1,395,584
	14,627		Core Logic, Inc.		327,712
	1,623		Daekyo Co., Ltd.		152,205
	4,010		Daelim Industrial Co.		468,337
	5,750		Daewoong Pharmaceutical Co., Ltd.		327,880
	3,400		DC Chemical Co., Ltd.		483,027
	10,590		Dongbu Corp.		174,291
	41,100		Dongbu Insurance Co., Ltd.		1,196,611
	18,450		Dongkuk Steel Mill Co., Ltd.		503,377
	143,450		Dongyang Mechatronics Corp.		920,250
	14,210		Doosan Infracore Co., Ltd.		451,833
	3,950		GS Holdings Corp.		179,002
	1,607		GS Home Shopping, Inc.		142,385
	252,992	@	Halim Co., Ltd.		900,161
	127,874		Hanjin Shipping		5,579,893
	17,450		Hanshin Construction		471,810
	6,820		Hansol LCD, Inc.		367,192

See Accompanying Notes to Financial Statements

165

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			South Korea (continued)
	376,100		HANWHA CHEM Corp.	$	6,331,346
	23,199		Honam Petrochemical Corp.		1,922,570
	30,250		Hyosung Corp.		1,255,032
	2,000		Hyundai Department Store Co., Ltd.		204,665
	38,640		Hyundai Marine & Fire Insurance Co., Ltd.		518,034
	1,220		Hyundai Mipo Dockyard Co., Ltd.		247,187
	2,940		Hyundai Steel Co.		121,254
	63,950		Kolon Engineering & Construction Co., Ltd.		1,039,869
	6,460		Korea Investment Holdings Co., Ltd.		380,662
	12,927		Korea Zinc Co., Ltd.		1,958,236
	49,320		Korean Air Lines Co., Ltd.		2,317,535
	26,960		Korean Petrochemical Industrial Co.		1,361,177
	77,450	@	KP Chemical Corp.		571,020
	10,256		Kyeryong Construction Industrial Co., Ltd.		475,984
	50,060		LG Chem Ltd.		2,912,843
	119,580		LG Petrochemical Co., Ltd.		4,019,800
	102,507	@	LG Telecom Ltd.		1,068,418
	22,860		LIG Non-Life Insurance Co., Ltd.		382,676
	43,900		LS Cable Ltd.		2,396,817
	1,200		MegaStudy Co., Ltd.		202,488
	103,600		Meritz Fire & Marine Insurance Co., Ltd.		874,774
	575		Nong Shim Co., Ltd.		153,625
	44,384		People & Telecommunication, Inc.		492,402
	42,532		S&T Dynamics Co., Ltd.		403,441
	28,830		SeAH Steel Corp.		1,446,812
	50,745		SFA Engineering Corp.		2,217,909
	48,500		Solomon Mutual Savings Bank		769,870
	11,960		STX Shipbuilding Co., Ltd.		345,588
	16,830		Sungjee Construction Co., Ltd.		341,064
	36,144		Taesan LCD Co., Ltd.		311,350
					51,085,998
			Spain: 0.7%
	2,000		Adolfo Dominguez		127,940
	32,100		Campofrio Alimentacion SA		649,404
	2,000		Fomento de Construcciones y Contratas SA		185,970
	56,621	@	Grifols SA		984,673
	129,230	@	La Seda de Barcelona SA		412,230
	5,406		Pescanova SA		225,747
	10,170		Prosegur Cia de Seguridad SA		379,762
	20,300		Red Electrica de Espana		932,736
	6,500		Union Fenosa SA		355,167
	224,342		Uralita SA		1,795,198
	15,305		Viscofan SA		357,398
					6,406,225
			Sweden: 2.8%
	25,750		Avanza AB		496,267
	16,350		Axfood AB		661,394
	36,000		Castellum AB		546,583
	45,200		D Carnegie AB		893,972
	163,521		Fabege AB		4,355,578
	15,300		Getinge AB		350,394
	13,400		Intrum Justitia AB		182,494
	262,800	I	JM AB		9,037,265
	18,500		KappAhl Holding AB		201,065
	71,300		NCC AB		2,002,853
	48,900		Nobia AB		667,837
	101,000		Peab AB		3,211,546
	27,000		Saab AB		789,629
	18,600	@	SAS AB		420,610
	43,000		Trelleborg AB		1,325,954
	37,500		Wihlborgs Fastigheter AB		811,715
					25,955,156
			Switzerland: 2.7%
	5,141	@	Actelion NV		1,221,413
	9,200		Addax Petroleum Corp.		358,501
	2,139		AFG Arbonia-Forster Holding		1,068,262
	9,200		Baloise Holding AG		1,002,499
	53		Bank Sarasin & Compagnie AG		209,232
	5,060		Bellevue Group AG		405,990
	2,911		Bucher Industries AG		436,321
	1,269	@	Burckhardt Compression Holding AG		248,906
	250		Galenica AG		87,482
	977	@	Geberit AG		1,735,075
	5,085	@	Georg Fischer AG		3,915,111
	80		Hiestand Holding AG		111,600
	7,600		Holcim Ltd.		814,115
	4,995		Huber & Suhner AG		1,179,148
	146,371		Kudelski SA		5,613,497
	473		Kuoni Reisen Holding		296,118
	7,585	@	Partners Group		957,424
	3,150	@	Petroplus Holdings AG		260,816
	9,355	@	PSP Swiss Property AG		559,314
	652		Rieter Holding AG		360,409
	13,027	@	SEZ Holding AG		415,133
	293		St Galler Kantonalbank		158,414
	2,900	@	Swiss Life Holding		746,424
	3,370	@	Swiss Prime Site AG		205,850
	572	@	Swissquote Group Holding SA		273,070
	2,109		Valartis Group AG		164,416
	1,572	@	Valiant Holding		228,344
	960		Valora Holding AG		277,635
	13,600		Vontobel Holding AG		755,351
	124		Zehnder Group AG		291,535
					24,357,405
			Taiwan: 1.6%
	19,561		AV TECH Corp.		92,676
	56,000		Cipherlab Co., Ltd.		133,124
	884,000	@	CMC Magnetics Corp.		265,304
	552,000	@	Compeq Manufacturing Co.		222,900
	223,022		Coretronic Corp.		351,964
	700		Everlight Electronics Co., Ltd.		2,410
	66,000		Feng Hsin Iron & Steel Co.		82,129
	336,000	@	Gamania Digital Entertainment Co., Ltd.		351,608
	1,590,000	@	Grand Pacific Petrochemical Corp.		529,464
	1,892,000	@	HannStar Display Corp.		357,318
	2,840,000	@	Macronix International		1,180,214
	2,765,158		Micro-Star International Co., Ltd.		2,028,520
	2,007,227		Nanya Technology Corp.		1,697,431
	450,000		Phihong Technology Co., Ltd.		328,578
	86,097		POU Chen Corp.		89,828
	397,000		Powertech Technology, Inc.		1,479,635
	365,000		Sanyang Industrial Co., Ltd.		223,982
	168,000		Taiwan Mask Corp.		100,740
	523,000		Taiwan Polypropylene Co., Ltd.		426,647
	121,000		Taiwan Surface Mounting Technology Co., Ltd.		323,857
	395,000		ThaiLin Semiconductor Corp.		318,985
	408,000		TSRC Corp.		360,588
	447,000		Tung Ho Steel Enterprise Corp.		494,046
	740,000		U-Ming Marine Transport Corp.		1,365,418
	220		Unimicron Technology Corp.		298
	1,243,000		Universal Scientific Industrial Co., Ltd.		775,025
	636,052		Vanguard International Semiconductor Corp.		530,521
	327,000	@	Walsin Lihwa Corp.		167,301

See Accompanying Notes to Financial Statements

166

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Taiwan (continued)
	171,229		Wistron Corp.	$	254,263
	753,000		Yang Ming Marine Transport Corp.		492,166
					15,026,940
			Thailand: 0.1%
	787,100		Thoresen Thai Agencies Pcl		736,940
					736,940
			Turkey: 1.4%
	51,189		Akcansa Cimento AS		314,880
	372,698	@	Aksa Akrilik Kimya Sanayii		1,028,329
	256,362		Aksigorta		1,186,402
	137,390		Anadolu Sigorta		281,398
	181,497	@	Ayen Enerji		240,954
	1		Bolu Cimento Sanayii		2
	276,305		Bossa Ticaret Sanayi Isletme		352,947
	609,854		Dogan Sriketler Grubu Holdings		1,147,263
	174,034		Doktas Dokumculuk Ticaret		639,945
	87,532		Ford Otomotiv Sanayi AS		741,345
	28,916	@	Goodyear Lastikleri TAS		364,224
	746,616	@	Ihlas Holding		383,559
	269,660		Is Gayrimenkul Yatirim Or		589,306
	83,901		Mardin Cimento Sanayii		404,247
	264,065	@	Park Elektrik Madencilik Sanayi Ve Ticaret AS		878,688
	1		Petrol Ofisi		3
	35,094	@	TAT Konserve		67,657
	64,932		Trakya Cam Sanyii AS		184,072
	244,931	@	Turk Hava Yollari		1,494,401
	104,428	@	Turk Sise Ve Cam Fabrikalari		396,007
	38,838		Turk Traktor ve Ziraat Makineleri AS		430,971
	540,347	@	Vestel Elektronik Sanayi		1,365,215
					12,491,815
			United Kingdom: 15.0%
	78,000		Aberdeen Asset Management PLC		339,708
	18,619		Aga Foodservice Group PLC		143,967
	474,060		Aggreko PLC		5,297,527
	1,020,104		Ashtead Group PLC		3,129,860
	91,037		Babcock International Group		798,502
	37,300		Balfour Beatty PLC		345,005
	45,900		Barratt Developments PLC		988,138
	999,743		Beazley Group PLC		3,157,031
	23,000		Bellway PLC		692,585
	30,700		Bovis Homes Group PLC		687,858
	11,766		BPP Holdings PLC		162,605
	635,061		Brit Insurance Holdings PLC		4,459,855
	92,300	@	British Airways PLC		928,526
	119,991		Britvic PLC		826,810
	226,323		Burren Energy PLC		3,607,684
	167,600		Cable & Wireless PLC		616,816
	46,132		Carillion PLC		377,387
	415,517	@	Charter PLC		8,486,939
	526,952		Chaucer Holdings PLC		1,041,495
	7,366		Chemring Group PLC		303,309
	150,857	@	Collins Stewart Tullett PLC		768,493
	126,400		Computacenter PLC		665,748
	21,962		Cranswick PLC		372,402
	38,800		Crest Nicholson		478,021
	396,911	@	CSR PLC		6,028,021
	128,949		Dairy Crest Group PLC		1,723,479
	445,643	@	Dana Petroleum PLC		9,240,521
	138,832		De La Rue PLC		1,963,880
	84,400		DS Smith PLC		399,362
	11,700	@	easyJet PLC		164,402
	96,000		Elementis PLC		165,094
	397,417		Enodis PLC		1,642,140
	40,108		Expro International Group		672,714
	166,440		Fiberweb PLC		622,386
	16,000		Firstgroup PLC		210,083
	185,800	@	Galiform PLC		611,184
	185,838		Galliford Try PLC		625,346
	370,422		Game Group PLC		1,129,965
	92,800		GKN PLC		709,469
	3,800		Go-Ahead Group PLC		197,646
	11,600		Greene King PLC		247,608
	3,223		Greggs PLC		327,842
	88,075		Halfords Group PLC		660,822
	140,700		Henderson Group PLC		448,446
	5,026		Homeserve PLC		176,437
	19,600		Hunting PLC		299,591
	51,706		IG Group Holdings PLC		314,539
	70,679		Inchcape PLC		796,029
	51,098		Intermediate Capital Group PLC		1,908,858
	43,900		Intertek Group PLC		812,762
	48,000	@	Invensys PLC		315,091
	46,400		Investec PLC		656,628
	92,600		JJB Sports PLC		511,093
	48,227		JKX Oil & Gas PLC		305,248
	216,352		John Wood Group PLC		1,203,254
	108,026		Johnston Press PLC		995,443
	117,167		Keller Group PLC		2,350,732
	32,574		Kensington Group PLC		370,250
	15,600		Kier Group PLC		765,157
	321,500		Kingston Communications PLC		477,914
	14,400		Land of Leather Holdings PLC		79,005
	63,698		Lavendon Group PLC		703,100
	2,600		Lonmin PLC		169,942
	148,148		Mcbride PLC		703,952
	162,800		Melrose PLC		605,601
	1,537,531		Michael Page International PLC		17,599,966
	61,800		Morgan Crucible Co.		343,494
	27,866		N Brown Group PLC		165,796
	56,010	@,I	NETeller PLC		128,802
	42,600		New Star Asset Management Group Ltd.		389,844
	12,100		Next PLC		564,388
	357,619		Northern Foods PLC		912,619
	17,700		Northern Rock PLC		378,490
	1,178,084		Northgate Information Solutions PLC		2,048,940
	28,216		Northgate PLC		614,613
	83,200		Northumbrian Water Group PLC		545,176
	122,823		Paragon Group of Cos., LLC		1,333,235
	1,307,068		Pendragon PLC		3,143,372
	25,700		Pennon Group PLC		306,994
	13,200		Persimmon PLC		352,995
	259,044		Petrofac Ltd.		2,275,921
	2,872,645	@	Pipex Communications PLC		741,897
	70,400		Premier Foods PLC		428,700
	251,400		RAB Capital PLC		532,177
	17,300		Resolution PLC		222,697
	77,250		Rightmove PLC		782,703
	41,538		Rotork PLC		692,333
	207,438		Savills PLC		2,743,630
	75,385	@	SCI Entertainment Group PLC		698,213
	31,588		Severfield-Rowen PLC		1,319,279
	7,600		Shire PLC		176,165
	359,281		Smiths News PLC		1,105,357
	38,900		Southern Cross Healthcare Ltd.		386,439
	77,390		Spectris PLC		1,499,613
	6,689		Speedy Hire PLC		161,618
	10,444		Spice PLC		116,119
	1,520,091		Sportingbet PLC		1,868,021
	36,000		St Ives Group PLC		230,003
	59,600		St. James’s Place PLC		539,232
	85,316		Sthree PLC		813,151
	10,750		Stolt-Nielsen SA		324,465
	54,204		SVG Capital PLC		981,722
	253,997		Taylor Nelson Sofres PLC		1,229,921
	110,030	@	Telent PLC		965,909
	19,100		Travis Perkins PLC		761,339
	120,793		TT electronics PLC		565,882
	34,963		Ultra Electronics Holdings		847,218

See Accompanying Notes to Financial Statements

167

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			United Kingdom (continued)
	8,700	@	Venture Production PLC	$	118,726
	69,927		Vislink PLC		119,907
	7,600		Vitec Group PLC		97,264
	164,386		VT Group PLC		1,631,767
	32,100		Weir Group PLC		413,006
	59,631		Wetherspoon (J.D.) PLC		841,611
	1,900	@	Wilson Bowden PLC		80,228
	17,915	@	Wolfson Microelectronics PLC		109,579
	1,994,943		Woolworths Group PLC		1,170,832
					137,408,675
			United States: 0.2%
	11,700		IPSCO, Inc.		1,725,115
					1,725,115
			Total Common Stock (Cost $721,378,385)		883,664,193
PREFERRED STOCK: 0.4%
			Germany: 0.2%
	2,103		Fresenius AG		177,341
	29,532		Hugo Boss AG		1,817,878
					1,995,219
			Italy: 0.2%
	54,570	@	Instituto Finanziario Industriale S.p.A.		2,154,020
					2,154,020
			Total Preferred Stock (Cost $2,427,179)		4,149,239
RIGHTS: 0.0%
			Germany: 0.0%
	3,850	@	COLONIA REAL ESTATE AG RIGHTS		12,504
					12,504
			Sweden: 0.0%
	262,800	@	JM AB REDEMPTION RIGHTS		—
					—
			Switzerland: 0.0%
	1,257	@	AFG ARBONIA FOSTER HOLD — RTS		16,548
					16,548
			Total Rights (Cost $—)		29,052
			Total Long-Term Investments (Cost $723,805,564)		887,842,484

Principal
Amount			Value
SHORT-TERM INVESTMENTS: 2.8%
		U.S. Government Agency Obligations: 2.8%
$	25,307,000	Federal Home Loan Bank, 4.850%, due 05/01/07	$	25,303,591
		Total Short-Term Investments (Cost $25,303,591)		25,303,591

Total Investments in Securities (Cost $749,109,155)*	99.8	%	$	913,146,075
Other Assets and Liabilities-Net	0.2			1,992,927
Net Assets	100.0	%	$	915,139,002

@	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
I	Illiquid security
**	Investment in affiliate
*	Cost for federal income tax purposes is $750,633,250.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	181,349,073
Gross Unrealized Depreciation		(18,836,248	)
Net Unrealized Appreciation	$	162,512,825

See Accompanying Notes to Financial Statements

168

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL SMALLCAP FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

	Percentage of
Industry	Net Assets
Advertising		0.3	%
Aerospace/ Defense		1.5
Agriculture		0.1
Airlines		2.0
Apparel		0.5
Auto Manufacturers		0.4
Auto Parts & Equipment		2.1
Banks		2.1
Beverages		0.4
Building Materials		1.1
Chemicals		5.1
Coal		0.2
Commercial Services		5.0
Computers		1.0
Cosmetics/ Personal Care		0.3
Distribution/ Wholesale		3.0
Diversified Financial Services		5.0
Electric		0.3
Electrical Components & Equipment		2.1
Electronics		2.6
Energy — Alternate Sources		0.0
Engineering & Construction		4.5
Entertainment		0.3
Environmental Control		0.0
Food		3.1
Forest Products & Paper		0.5
Gas		0.1
Hand/ Machine Tools		1.6
Healthcare — Products		0.1
Healthcare — Services		0.5
Holding Companies — Diversified		1.6
Home Builders		0.9
Home Furnishings		1.5
Household Products/ Wares		0.3
Housewares		0.1
Insurance		3.2
Internet		0.8
Investment Companies		0.2
Iron/ Steel		3.2
Leisure Time		0.5
Machinery — Construction & Mining		0.2
Machinery — Diversified		1.9
Media		1.1
Metal Fabricate/ Hardware		0.9
Mining		6.7
Miscellaneous Manufacturing		2.3
Office/ Business Equipment		0.0
Oil & Gas		3.4
Oil & Gas Services		0.9
Pharmaceuticals		1.6
Real Estate		5.4
Real Estate Investment Trusts		0.3
Retail		2.5
Semiconductors		1.9
Shipbuilding		0.6
Software		1.3
Telecommunications		3.4
Textiles		0.2
Transportation		4.0
Venture Capital		0.1
Water		0.1
Other Long-Term Investments		0.1
Short-Term Investments		2.8
Other Assets and Liabilities — Net		0.2
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

169

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL VALUE FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 97.4%
			Bermuda: 1.6%
	2,739,691	L	Tyco International Ltd.	$	89,396,117
					89,396,117
			Brazil: 3.3%
	7,745,531	L	Centrais Eletricas Brasileiras SA ADR		87,744,473
	3,741,386	L	Contax Participacoes SA ADR		3,718,189
	2,532,786	L	Tele Norte Leste Participacoes SA ADR		41,461,707
	1,208,600		Telecomunicacoes Brasileiras SA ADR		41,829,646
	111,928	L	Tim Participacoes SA ADR		4,036,124
	776,726	L	Vivo Participacoes SA ADR		3,541,871
					182,332,010
			Canada: 2.1%
	10,767,532	@	Bombardier, Inc. — Class B		44,335,184
	3,153,370	@,L	Nortel Networks Corp.		72,149,106
					116,484,290
			France: 10.3%
	10,920,320		Alcatel SA		144,221,395
	1,816,990		Carrefour SA		139,655,603
	3,936,200		France Telecom SA		115,103,079
	1,814,650		Sanofi-Aventis		166,107,307
					565,087,384
			Germany: 6.3%
	1,312,712		DaimlerChrysler AG		106,140,534
	9,731,119		Deutsche Telekom AG		178,125,943
	411,200		Hypo Real Estate Holding AG		27,414,679
	2,158,500	@	Infineon Technologies AG		33,513,526
					345,194,682
			Hong Kong: 0.7%
	1,624,636		Jardine Matheson Holdings Ltd.		37,857,973
					37,857,973
			Italy: 5.6%
	10,705,782		Intesa Sanpaolo S.p.A.		89,704,238
	10,329,085		Telecom Italia S.p.A.		30,991,315
	37,893,100		Telecom Italia S.p.A. RNC		92,571,500
	9,564,300		UniCredito Italiano S.p.A.		98,266,627
					311,533,680
			Japan: 18.6%
	1,552,500		Aiful Corp.		38,648,924
	740,000		Akita Bank Ltd.		3,603,451
	1,153,800		Astellas Pharma, Inc.		50,472,543
	3,409,000		Dai Nippon Printing Co., Ltd.		54,339,323
	2,427,336		Daiichi Sankyo Co., Ltd.		72,416,722
	960,000		Fuji Photo Film Co., Ltd.		39,544,740
	16,660,700		Hitachi Ltd.		126,534,728
	2,272,500		Millea Holdings, Inc.		84,205,671
	11,616		Mitsubishi UFJ Financial Group, Inc.		120,830,716
	8,660,000		Mitsui Sumitomo Insurance Co., Ltd.		107,464,016
	2,670		Mizuho Financial Group, Inc.		16,067,350
	13,125		Nippon Telegraph & Telephone Corp.		65,165,972
	1,174,000		Ono Pharmaceutical Co., Ltd.		65,084,637
	291,600		Rohm Co., Ltd.		26,337,908
	468,900		Seven & I Holdings Co., Ltd.		13,521,116
	921,800		Sony Corp.		49,018,699
	285,000		Taisho Pharmaceutical Co., Ltd.		5,592,798
	1,335,400		Takefuji Corp.		44,881,598
	509,000		TDK Corp.		43,896,613
					1,027,627,525
			Mexico: 1.8%
	2,942,320	L	Telefonos de Mexico SA de CV ADR		100,450,805
					100,450,805
			Netherlands: 12.3%
	2,336,889		ABN Amro Holding NV		113,383,192
	3,916,088		Aegon NV		80,824,857
	1,737,200		Akzo Nobel NV		139,418,840
	12,917,941	@	Koninklijke Ahold NV		164,538,384
	3,566,100		Unilever NV		108,826,725
	2,365,432		Wolters Kluwer NV		70,064,849
					677,056,847
			New Zealand: 0.9%
	13,335,944		Telecom Corp. of New Zealand Ltd.		47,554,673
					47,554,673
			Portugal: 1.8%
	6,882,776		Portugal Telecom SGPS SA		98,251,418
					98,251,418
			South Korea: 6.3%
	2,745,880	L	KOREA ELEC POWER CORP.-SP ADR		56,784,798
	1,463,610		Korea Electric Power Corp.		59,685,288
	183,200		KT Corp.		8,223,007
	2,192,310		KT Corp. ADR		49,677,745
	1,589,900		LG Electronics, Inc.		106,038,751
	304,885	L	SK Telecom Co., Ltd.		64,303,887
					344,713,476
			Spain: 2.9%
	7,078,302		Telefonica SA		158,988,705
					158,988,705
			Switzerland: 5.2%
	491,890		Nestle SA		194,723,712
	2,954,300		STMicroelectronics NV		57,655,229
	91,700		Swisscom AG		32,382,571
					284,761,512
			Taiwan: 1.4%
	130,897,949		United Microelectronics Corp.		75,443,004
					75,443,004
			United Kingdom: 16.0%
	2,964,800		British Sky Broadcasting PLC		33,957,300
	10,489,781		BT Group PLC		65,984,410
	4,800,251		GlaxoSmithKline PLC		138,454,874
	4,582,310		HSBC Holdings PLC		84,548,421
	42,926,226		ITV PLC		102,173,568
	8,159,200		J Sainsbury PLC		92,970,175
	7,402,451		Marks & Spencer Group PLC		109,191,333
	2,767,865	L	Unilever PLC		86,597,650
	27,699,131		WM Morrison Supermarkets PLC		168,953,069
					882,830,800

See Accompanying Notes to Financial Statements

170

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL VALUE FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
			Venezuela: 0.3%
	1,216,822	L	Cia Anonima Nacional Telefonos de Venezuela — CANTV ADR	$	17,765,601
					17,765,601
			Total Common Stock (Cost $3,831,510,129)		5,363,330,502

Principal
Amount			Value
SHORT-TERM INVESTMENTS: 7.1%
		U.S. Government Agency Obligations: 2.8%
$	154,186,000	Federal Home Loan Bank, 4.850%, due 05/01/07	$	154,165,228
		Total U.S. Government Agency Obligations (Cost $154,165,228)		154,165,228
		Securities Lending CollateralCC: 4.3%
	235,612,249	The Bank of New York Institutional Cash Reserves Fund		235,612,249
		Total Securities Lending Collateral (Cost $235,612,249)		235,612,249
		Total Short-Term Investments (Cost $389,777,477)		389,777,477

Total Investments in Securities (Cost $4,221,287,606)*	104.5	%	$	5,753,107,979
Other Assets and Liabilities-Net	(4.5	)		(245,411,400	)
Net Assets	100.0	%	$	5,507,696,579

@	Non-income producing security
ADR	American Depositary Receipt
cc	Securities purchased with cash collateral for securities loaned.
L	Loaned security, a portion or all of the security is on loan at April 30, 2007.
*	Cost for federal income tax purposes is the same as for financial statement purposes.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	1,601,476,434
Gross Unrealized Depreciation		(69,656,061	)
Net Unrealized Appreciation	$	1,531,820,373

	Percentage of
Industry	Net Assets
Auto Manufacturers		1.9	%
Banks		10.1
Chemicals		2.5
Commercial Services		1.1
Computers		0.8
Diversified Financial Services		1.5
Electric		3.7
Electrical Components & Equipment		4.2
Food		17.4
Holding Companies — Diversified		0.7
Home Furnishings		0.9
Insurance		5.0
Media		3.7
Miscellaneous Manufacturing		3.2
Pharmaceuticals		9.0
Retail		2.2
Semiconductors		3.5
Telecommunications		26.0
Short-Term Investments		7.1
Other Assets and Liabilities — Net		(4.5	)
Net Assets		100.0	%

At April 30, 2007 the following forward currency contracts were outstanding for the ING International Value Fund:

									Unrealized
			Settlement		In Exchange				Appreciation/
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD
Japanese Yen JPY 1,301,120,638		Buy		05/07/07		10,886,216	$	10,900,273	$	14,057
Japanese Yen JPY 1,931,822,248		Buy		05/07/07		16,163,172		16,184,042		20,870
									$	34,927

See Accompanying Notes to Financial Statements

171

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL VALUE CHOICE FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 92.1%
			Australia: 2.9%
	332,756		Alumina Ltd.	$	1,964,526
	53,350		Newcrest Mining Ltd.		1,029,898
					2,994,424
			Belgium: 1.4%
	33,450		Belgacom SA		1,470,181
					1,470,181
			Brazil: 2.0%
	43,811,000		Centrais Eletricas Brasileiras SA		993,302
	89,400		Centrais Eletricas Brasileiras SA ADR		1,051,246
					2,044,548
			Canada: 12.8%
	163,904		Barrick Gold Corp.		4,607,341
	105,450	@	Ivanhoe Mines Ltd.		1,310,744
	15,565	@	Kinross Gold Corp.		207,481
	26,700		Magna International, Inc.		2,113,305
	71,800	@	Novagold Resources, Inc.		1,019,560
	60,450	@	Opti Canada Inc.		1,211,832
	25,150		Petro-Canada		1,114,900
	20,730		Suncor Energy, Inc.		1,668,765
					13,253,928
			China: 0.5%
	511,000		Yanzhou Coal Mining Co., Ltd.		522,820
					522,820
			Finland: 3.0%
	171,200		Stora Enso OYJ (Euro Denominated Security)		3,124,081
					3,124,081
			France: 5.8%
	84,300		Alcatel SA		1,113,325
	1,200		Areva SA		1,256,168
	38,200	@	Gemalto NV		965,213
	15,150		Technip SA		1,194,774
	25,130		Thales SA		1,526,945
					6,056,425
			Germany: 3.0%
	148,230	@	Premiere AG		3,125,252
					3,125,252
			Italy: 5.2%
	136,400		Enel S.p.A.		1,550,111
	1,586,340		Telecom Italia S.p.A.		3,875,376
					5,425,487
			Japan: 23.3%
	27,200		Acom Co., Ltd.		981,849
	19,300		Coca-Cola West Holdings Co., Ltd.		420,911
	193,000		Dai Nippon Printing Co., Ltd.		3,076,412
	49,190		Daiichi Sankyo Co., Ltd.		1,467,526
	71,100		Fuji Photo Film Co., Ltd.		2,928,782
	131,000		Kirin Brewery Co., Ltd.		1,980,166
	33,600	@	NEC Electronics Corp.		822,361
	244,000		Nippon Oil Corp.		1,873,718
	80,380		Nippon Telegraph & Telephone Corp. ADR		2,000,658
	29,300		Promise Co., Ltd.		881,346
	33,900		Sankyo Co., Ltd.		1,485,844
	49,500		Sega Sammy Holdings, Inc.		1,120,248
	27,000		Sekisui House Ltd.		398,481
	71,000		Shiseido Co., Ltd.		1,523,100
	64,920		Takefuji Corp.		2,181,903
	84,000		Wacoal Holdings Corp.		1,047,003
					24,190,308
			Netherlands: 3.1%
	45,632		Royal Dutch Shell PLC ADR		3,226,639
					3,226,639
			Papua New Guinea: 0.9%
	382,300	@	Lihir Gold Ltd.		942,358
					942,358
			South Africa: 5.1%
	56,920		Anglogold Ashanti Ltd. ADR		2,536,924
	33,700		Gold Fields Ltd.		602,632
	66,758		Impala Platinum Holdings Ltd.		2,153,184
					5,292,740
			South Korea: 6.5%
	102,430		Korea Elec Power Corp.-Sponsored ADR		2,118,252
	133,450		KT Corp. ADR		3,023,977
	62,500		SK Telecom Co., Ltd. ADR		1,551,875
					6,694,104
			Taiwan: 3.8%
	196,389		Chunghwa Telecom Co., Ltd. ADR		3,908,141
					3,908,141
			United Kingdom: 10.2%
	193,300		BP PLC		2,168,558
	14,820		Lonmin PLC		968,667
	53,400		Rio Tinto PLC		3,244,847
	54,000		Tomkins PLC		284,687
	60,700		United Utilities PLC		904,780
	1,041,762		Vodafone Group PLC		2,963,768
					10,535,307
			United States: 2.6%
	56,800	@	Apex Silver Mines Ltd.		851,432
	45,000		Newmont Mining Corp.		1,876,500
					2,727,932
			Total Common Stock (Cost $88,378,931)		95,534,675
PREFERRED STOCK: 1.5%
			South Korea: 1.5%
	38,850		Samsung SDI Co., Ltd.		1,548,043
			Total Preferred Stock (Cost $1,771,698)		1,548,043
			Total Long-Term Investments (Cost $90,150,629)		97,082,718

See Accompanying Notes to Financial Statements

172

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL VALUE CHOICE FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Principal
Amount			Value
SHORT-TERM INVESTMENTS: 5.6%
		U.S. Government Agency Obligations: 5.6%
$	5,808,000	Federal Home Loan Bank, 4.850%, due 05/01/07	$	5,807,218
		Total Short-Term Investments (Cost $5,807,218)		5,807,218

Total Investments in Securities (Cost $95,957,847)*	99.2	%	$	102,889,936
Other Assets and Liabilities-Net	0.8			881,617
Net Assets	100.0	%	$	103,771,553

@	Non-income producing security
ADR	American Depositary Receipt
*	Cost for federal income tax purposes is $95,968,921. Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	9,975,371
Gross Unrealized Depreciation		(3,054,356	)
Net Unrealized Appreciation	$	6,921,015

	Percentage of
Industry	Net Assets
Aerospace/ Defense		1.5	%
Apparel		1.0
Auto Parts & Equipment		2.0
Beverages		2.3
Coal		0.5
Commercial Services		3.0
Computers		0.9
Cosmetics/ Personal Care		1.5
Diversified Financial Services		3.9
Electric		5.5
Electronics		1.5
Energy — Alternate Sources		1.2
Forest Products & Paper		3.0
Home Builders		0.4
Leisure Time		2.5
Media		3.0
Mining		22.5
Miscellaneous Manufacturing		3.1
Oil & Gas		10.9
Oil & Gas Services		1.1
Pharmaceuticals		1.4
Semiconductors		0.8
Telecommunications		19.2
Water		0.9
Short-Term Investments		5.6
Other Assets and Liabilities — Net		0.8
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

173

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL VALUE OPPORTUNITIES FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 97.2%
			Australia: 2.2%
	7,000		Santos Ltd.	$	64,828
	43,000		Telstra Corp., Ltd.		166,117
					230,945
			Belgium: 3.0%
	1,650		Dexia		53,817
	5,800		Fortis		260,645
					314,462
			Denmark: 1.0%
	2,300		Danske Bank A/ S		107,406
					107,406
			Finland: 3.3%
	3,533		Fortum OYJ		109,386
	9,400		UPM-Kymmene OYJ		231,666
					341,052
			France: 11.5%
	1,170		Air France-KLM		59,670
	7,600		Alcatel SA		100,371
	1,930		BNP Paribas		223,900
	727		Peugeot SA		58,986
	2,900		Sanofi-Aventis		265,457
	2,850		Total SA		210,097
	6,800		Vivendi		280,495
					1,198,976
			Germany: 5.8%
	6,000	@	Alstria Office AG		129,369
	1,800		Commerzbank AG		89,821
	1,460		Deutsche Bank AG		224,148
	3,000		Deutsche Post AG		103,157
	3,000		Deutsche Telekom AG		54,914
					601,409
			Greece: 2.9%
	2,500		Coca-Cola Hellenic Bottling Co. SA		108,389
	1,250		National Bank of Greece SA		70,019
	2,700		OPAP SA		102,164
	439		Titan Cement Co. SA		24,989
					305,561
			Hong Kong: 0.7%
	3,600		Hang Seng Bank Ltd.		50,586
	2,000		Orient Overseas International Ltd.		16,912
					67,498
			Ireland: 1.2%
	4,600	@	Smurfit Kappa PLC		126,175
					126,175
			Italy: 6.5%
	6,600		Enel S.p.A.		75,005
	4,700		ENI S.p.A.		155,870
	7,000		Intesa Sanpaolo S.p.A.		56,418
	136,000		Telecom Italia S.p.A.		332,243
	14,293		Unipol S.p.A.		53,015
					672,551
			Japan: 20.5%
	1,900		Aderans Co., Ltd.		42,445
	1,500		Aoyama Trading Co., Ltd.		45,865
	1,100		Astellas Pharma, Inc.		48,119
	4,000		Canon Sales Co., Inc.		77,845
	800		Chubu Electric Power Co., Inc.		25,705
	2,000		Chugai Pharmaceutical Co., Ltd.		50,999
	3,000		Daiichi Sankyo Co., Ltd.		89,501
	17		Dentsu, Inc.		48,409
	6		East Japan Railway Co.		48,654
	6,800		EDION Corp.		94,244
	7,000		Furukawa Electric Co., Ltd.		42,730
	15,000		Itochu Corp.		147,687
	1,600		Kansai Electric Power Co., Inc.		44,778
	12		KDDI Corp.		94,304
	1,600		Kyushu Electric Power Co., Inc.		45,069
	3,000		Marubeni Corp.		18,014
	6,000		Mitsubishi Chemical Holdings Corp.		48,281
	2,300		Mitsubishi Corp.		49,028
	20,000		Mitsubishi Materials Corp.		97,579
	9		Mitsubishi UFJ Financial Group, Inc.		93,619
	5,000		Nikko Cordial Corp.		71,915
	3,000		Onward Kashiyama Co., Ltd.		40,062
	400		Oracle Corp. Japan		18,118
	68		Resona Holdings, Inc.		153,462
	1,300		Sankyo Co., Ltd.		56,979
	5,000		Sharp Corp.		91,756
	237		Softbank Investment Corp.		75,834
	12,000		Sumitomo Trust & Banking Co., Ltd.		117,191
	5,400		Tohoku Electric Power Co., Inc.		128,951
	1,400		Toyota Motor Corp.		85,035
	3,000		Wacoal Holdings Corp.		37,393
					2,129,571
			Netherlands: 10.5%
	14,000		Aegon NV		288,949
	4,000		Arcelor Mittal		213,587
	1,400		European Aeronautic Defence and Space Co. NV		44,810
	2,400		Koninklijke DSM NV		114,488
	12,550		Royal Dutch Shell PLC — Class A		435,924
					1,097,758
			New Zealand: 1.0%
	29,000		Telecom Corp. of New Zealand Ltd.		103,411
					103,411
			Spain: 2.3%
	3,900		Banco Bilbao Vizcaya Argentaria SA		93,251
	7,900		Banco Santander Central Hispano SA		142,198
					235,449
			Sweden: 0.3%
	1,750		Volvo AB		34,347
					34,347
			Switzerland: 4.0%
	500		Nestle SA		197,934
	3,350		UBS AG — Reg		217,713
					415,647
			United Kingdom: 20.5%
	6,100		Aviva PLC		95,702
	6,500		Barclays PLC		93,839
	37,500		BP PLC		420,698
	7,300		GKN PLC		55,810
	13,000		HBOS PLC		278,975
	27,200		HSBC Holdings PLC		501,865
	44,000		ITV PLC		104,729
	15,000		Legal & General Group PLC		46,001
	7,000		Royal Bank of Scotland Group PLC		268,021
	13,800		Tate & Lyle PLC		171,120
	35,000		Vodafone Group PLC		99,573
					2,136,333
			Total Common Stock (Cost $9,822,160)		10,118,551

See Accompanying Notes to Financial Statements

174

PORTFOLIO OF INVESTMENTS

ING INTERNATIONAL VALUE OPPORTUNITIES FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Shares				Value
RIGHTS: 0.0%
			Sweden: 0.0%
	350	@	VOLVO AKTIEBOLAGET RIGHTS	$	1,306
			Total Rights (Cost $—)		1,306

Total Investments in Securities (Cost $9,822,160)*	97.2	%	$	10,119,857
Other Assets and Liabilities-Net	2.8			286,987
Net Assets	100.0	%	$	10,406,844

@	Non-income producing security
*	Cost for federal income tax purposes is the same as for financial statment purposes. Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	512,429
Gross Unrealized Depreciation		(214,732	)
Net Unrealized Appreciation	$	297,697

	Percentage of
Industry	Net Assets
Advertising		0.5	%
Aerospace/ Defense		0.4
Airlines		0.6
Apparel		0.7
Auto Manufacturers		1.4
Auto Parts & Equipment		0.5
Banks		27.7
Beverages		1.0
Building Materials		0.2
Chemicals		1.6
Cosmetics/ Personal Care		0.4
Distribution/ Wholesale		2.8
Diversified Financial Services		2.8
Electric		4.1
Electrical Components & Equipment		1.3
Entertainment		1.0
Food		3.5
Forest Products & Paper		3.4
Insurance		4.7
Internet		0.7
Iron/ Steel		2.1
Leisure Time		0.6
Machinery — Diversified		0.3
Media		3.7
Mining		0.9
Oil & Gas		12.4
Pharmaceuticals		4.4
Real Estate		1.2
Retail		1.4
Software		0.2
Telecommunications		9.1
Transportation		1.6
Other Assets and Liabilities-Net		2.8
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

175

PORTFOLIO OF INVESTMENTS

ING RUSSIA FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares				Value
COMMON STOCK: 95.8%
			Banks: 16.9%
	4,965,000		Promstroibank St. Petersburg	$	7,944,000
	100,000		Raiffeisen International Bank Holding AG		14,032,670
	35,200		Sberbank RF		136,928,000
					158,904,670
			Beverages: 1.1%
	374,285	@	Efes Breweries International NV GDR		9,918,553
					9,918,553
			Cosmetics/ Personal Care: 0.8%
	200,000		Kalina		7,500,000
					7,500,000
			Electric: 6.4%
	54,700,000		OGK-5 OJSC		7,521,250
	40,000,000		Unified Energy System		52,480,000
					60,001,250
			Food: 2.6%
	300,000	L	Wimm-Bill-Dann Foods OJSC ADR		24,180,000
					24,180,000
			Internet: 1.2%
	1,200,000	@	RBC Information Systems		11,280,000
					11,280,000
			Investment Companies: 1.4%
	3,500,000	@	RenShares Utilities Ltd.		13,230,000
					13,230,000
			Iron/ Steel: 4.7%
	550,000	L	Mechel OAO ADR		17,963,000
	3,495,000		Novolipetsk Steel		9,436,500
	200,000		Novolipetsk Steel GDR		5,600,000
	300,000		Severstal GDR		4,110,000
	500,000		Severstal JSC		6,650,000
					43,759,500
			Metal Fabricate/ Hardware: 2.4%
	284,293	@,L	TMK OAO GDR		10,376,695
	40,000		Vsmpo-Avisma Corp.		12,080,000
					22,456,695
			Mining: 7.3%
	260,000	L	MMC Norilsk Nickel ADR		50,700,000
	400,000	@,L	Polyus Gold Co. ZAO ADR		18,200,000
					68,900,000
			Oil & Gas: 33.4%
	1,310,000	L	Lukoil-Spon ADR		102,573,000
	515,000		NovaTek OAO GDR		26,986,000
	7,400,000		OAO Gazprom		73,259,999
	525,013		OAO Gazprom ADR		20,633,011
	3,500,000	@	OAO Rosneft Oil Co. GDR		30,555,000
	400,000	L	Surgutneftegaz ADR		25,960,000
	80,000	L	Surgutneftegaz OJSC ADR		6,280,000
	200,000	L	Tatneft GDR		19,800,000
	3,200,000		TNK-BP Holding		6,784,000
					312,831,010
			Pharmaceuticals: 0.9%
	40,000	L	Richter Gedeon GDR		8,110,000
					8,110,000
			Pipelines: 1.8%
	9,000		Transneft		16,650,000
					16,650,000
			Retail: 2.0%
	400,000	@	Magnit OAO		18,400,000
					18,400,000
			Telecommunications: 12.9%
	500,000	L	Mobile Telesystems Finance SA ADR		27,550,000
	139,000	@	Moscow City Telephone		3,627,900
	1,337,000		Rostelecom		12,099,850
	111,500,000		Sibirtelecom		13,380,000
	500,000	@	Sistema JSFC GDR		14,225,000
	111,500,000		Uralsvyazinform		6,913,000
	290,000	@,L	Vimpel-Communications OAO ADR		28,060,400
	2,500,000		VolgaTelecom		15,462,500
					121,318,650
			Total Common Stock (Cost $511,083,606)		897,440,328
PREFERRED STOCK: 0.9%
			Machinery — Diversified: 0.9%
	45,100,000	@	Achinsk Refinery		8,027,800
			Total Preferred Stock (Cost $3,164,703)		8,027,800
EQUITY-LINKED SECURITIES: 1.1%
			Equity Fund: 1.1%
	500	@,#,I	Baskets — Russian Exchange		10,800,000
			Total Equity-Linked Securities (Cost $6,236,000)		10,800,000
			Total Long-Term Investments (Cost $520,484,309)		916,268,128

Principal
Amount			Value
SHORT-TERM INVESTMENTS: 10.9%
		Securities Lending CollateralCC: 10.9%
$	102,746,288	The Bank of New York Institutional Cash Reserves Fund	$	102,746,288
		Total Short-Term Investments (Cost $102,746,288)		102,746,288

Total Investments in Securities (Cost $623,230,597)*	108.7	%	$	1,019,014,416
Other Assets and Liabilities-Net	(8.7	)		(81,859,712	)
Net Assets	100.0	%	$	937,154,704

See Accompanying Notes to Financial Statements

176

PORTFOLIO OF INVESTMENTS

ING RUSSIA FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

@	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
#	Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. 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 April 30, 2007.
*	Cost for federal income tax purposes is $624,074,680. Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	396,307,147
Gross Unrealized Depreciation		(1,367,411	)
Net Unrealized Appreciation	$	394,939,736

See Accompanying Notes to Financial Statements

177

PORTFOLIO OF INVESTMENTS

ING EMERGING MARKETS FIXED INCOME FUND

AS OF APRIL, 30 2007 (UNAUDITED)

Principal
Amount				Value
CORPORATE BONDS/NOTES: 4.8%
			Argentina: 0.1%
$	100,000	#,C	Cia de Transporte de Energia Electrica de Alta Tension SA, 8.875%, due 12/15/16	$	101,000
	20,000	+,C	Transportadora Gas del Norte, 6.500% (step rate 7.500%), due 12/31/12		19,400
	23,700	+,C,S	Transportadora Gas del Norte, 6.500% (step rate 7.500%), due 12/31/12		22,989
	13,430	+,#,C	Transportadora Gas del Norte, 6.500% (step rate 7.500%), due 12/31/12		13,027
					156,416
			Bahamas: 0.1%
	BRL 250,000	#	Banco Votorantim/ Nassau, 10.625%, due 04/10/14		122,343
					122,343
			Cayman Islands: 0.5%
	BRL 500,000	#	Banco Safra Cayman Islands Ltd., 10.875%, due 04/03/17		244,333
$	100,000	+,#	Earls Eight Ltd., 7.500% (step rate 8.000%), due 12/31/12		97,250
	250,000	#	Peru Enhanced Pass-Through Finance Ltd., Discount Note, due 05/31/18		171,250
	25,000	C,S	Vale Overseas Ltd., 6.250%, due 01/23/17		25,700
	50,000	C,S	Vale Overseas Ltd., 6.875%, due 11/21/36		53,285
					591,818
			Germany: 0.4%
	400,000	S	Morgan Stanley Bank AG for OAO Gazprom, 9.625%, due 03/01/13		478,160
					478,160
			Indonesia: 0.1%
	100,000	C,S	Indosat Finance Co. BV, 7.125%, due 06/22/12		101,474
					101,474
			Ireland: 0.2%
	EUR 2,000,000	S	Dal Capital for Vneshtorgbank, 7.000%, due 04/13/09		78,809
$	100,000	+,#	Eirles Eight Ltd., 7.500% (step rate 8.000%), due 12/31/12		97,250
					176,059
			Jersey: 0.4%
	400,000	#	UBS AG, Discount Note, due 11/01/13		397,866
					397,866
			Luxembourg: 0.6%
	250,000	S	Gaz Capital for Gazprom, 8.625%, due 04/28/34		326,825
	100,000	+,C,S	Kuznetski Capital for Bank of Moscow, 7.500% (step rate 8.961%), due 11/25/15		103,270
	205,000		UBS Luxembourg SA for OJSC Vimpel Communications, 8.250%, due 05/23/16		220,478
					650,573
			Netherlands: 0.5%
	100,000	#,C,S	Excelcomindo Finance Co. BV, 7.125%, due 01/18/13		102,500
	100,000	#	HSBK Europe BV, 7.250%, due 05/03/17		99,168
	100,000		Kazkommerts International BV, 7.500%, due 11/29/16		96,750
	210,000	#	Kazkommerts International BV, 7.500%, due 11/29/16		203,175
	100,000	#,S	Majapahit Holding BV, 7.750%, due 10/17/16		106,375
					607,968
			Philippines: 0.8%
	305,000	#,S	National Power Corp., 6.875%, due 11/02/16		312,244
	450,000	S	National Power Corp., 9.625%, due 05/15/28		560,250
					872,494
			United Kingdom: 0.3%
	143,584		Standard Bank PLC, Discount Note, due 07/20/09		147,604
	200,000	#	UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12		200,214
					347,818
			United States: 0.7%
	252,290	S	Citigroup Funding, Inc., 6.000%, due 08/17/10		298,298
	420,000	S	Pemex Project Funding Master Trust, 8.625%, due 02/01/22		530,670
					828,968
			Venezuela: 0.1%
	200,000	C	Petroleos de Venezuela SA, 5.375%, due 04/12/27		152,209
					152,209
			Total Corporate Bonds/ Notes (Cost $5,298,705 )		5,484,166
OTHER BONDS: 20.8%
			Argentina: 1.9%
	ARS 1,000,000	X	Argentina Bonos, 2.000%, due 09/30/14		368,847
	ARS 300,000	S	Argentina Government International Bond, Discount Note, due 12/31/33		146,456
$	2,695,000	S	Argentina Government International Bond, Discount Note, due 12/15/35		408,648
	ARS 5,000	S	Argentina Government International Bond, 7.193%, due 12/15/35		206
$	284,116	S	Argentina Government International Bond, 8.280%, due 12/31/33		306,419
	280,000	#,S	Province of Buenos Aires, 9.375%, due 09/14/18		284,550
	1,200,000	+,S	Province of Buenos Aires Argentina, 2.000% (step rate 3.000%), due 05/15/35		591,600
	91,724	S	Province of Mendoza, 5.500%, due 09/04/18		79,341
					2,186,067

See Accompanying Notes to Financial Statements

178

PORTFOLIO OF INVESTMENTS

ING EMERGING MARKETS FIXED INCOME FUND

AS OF APRIL, 30 2007 (UNAUDITED) (CONTINUED)

Principal
Amount				Value
			Bosnia-Herzegovina: 0.3%
	EUR 750,000	S	Bosnia & Herzegovina Government International Bond, Discount Note, due 12/11/17	$	329,890
					329,890
			Brazil: 2.1%
$	150,000	S	Brazil Government International Bond, 8.250%, due 01/20/34		193,200
	430,000	S	Brazil Government International Bond, 8.750%, due 02/04/25		565,235
	100,000	S	Brazil Government International Bond, 8.875%, due 10/14/19		127,250
	600,000	S	Brazil Government International Bond, 10.125%, due 05/15/27		893,130
	400,000	C,S	Brazil Government International Bond, 11.000%, due 08/17/40		543,300
	100,000	C	Federative Republic of Brazil, 6.000%, due 01/17/17		102,150
					2,424,265
			Colombia: 1.1%
	50,000	S	Colombia Government International Bond, 10.000%, due 01/23/12		59,375
	58,000	S	Colombia Government International Bond, 11.750%, due 02/25/20		86,710
	370,000	S	Republic of Colombia, 7.375%, due 01/27/17		407,740
	420,000	S	Republic of Colombia, 7.375%, due 09/18/37		470,610
	155,000	S	Republic of Colombia, 8.125%, due 05/21/24		185,768
					1,210,203
			Dominican Republic: 0.4%
	114,763	S	Dominican Republic, 9.040%, due 01/23/18		131,931
	250,000	#	Dominican Republic International Bond, 8.625%, due 04/20/27		292,250
					424,181
			Ecuador: 0.3%
	100,000	S	Ecuador Government International Bond, 9.375%, due 12/15/15		98,500
	205,000	+,C,S	Ecuador Government International Bond, 10.000%, due 08/15/30		191,163
					289,663
			El Salvador: 0.7%
	200,000	#,S	El Salvador Government International Bond, 7.650%, due 06/15/35		231,500
	30,000		El Salvador Government International Bond, 7.650%, due 06/15/35		34,800
	410,000	S	El Salvador Government International Bond, 8.250%, due 04/10/32		504,300
					770,600
			Indonesia: 1.0%
	200,000	#	Indonesia Government International Bond, 6.625%, due 02/17/37		198,500
	400,000	S	Indonesia Government International Bond, 8.500%, due 10/12/35		493,397
	470,000	S	Republic of Indonesia, 7.250%, due 04/20/15		506,910
					1,198,807
			Iraq: 0.5%
	800,000	C,S	Republic of Iraq, 5.800%, due 01/15/28		516,960
					516,960
			Ivory Coast: 0.1%
	400,000	S	Ivory Coast Government International Bond, 2.000%, due 03/30/18		130,000
					130,000
			Lebanon: 0.2%
	290,000		Lebanon Government International Bond, 8.250%, due 04/12/21		277,725
					277,725
			Mexico: 1.0%
	1,049,000		Mexico Government International Bond, 6.750%, due 09/27/34		1,172,258
					1,172,258
			Nigeria: 0.1%
	500,000	S	Central Bank of Nigeria, 5.092%, due 01/05/10		102,500
					102,500
			Pakistan: 0.1%
	110,000	S	Pakistan Government International Bond, 7.875%, due 03/31/36		117,989
					117,989
			Panama: 0.3%
	50,000		Panama Government International Bond, 6.700%, due 01/26/36		53,125
	95,000	S	Panama Government International Bond, 7.125%, due 01/29/26		104,975
	130,000	S	Panama Government International Bond, 9.375%, due 04/01/29		177,775
					335,875
			Peru: 0.9%
	120,000	S	Peru Government International Bond, 7.350%, due 07/21/25		139,800
	300,000	S	Peru Government International Bond, 8.750%, due 11/21/33		404,550
	282,000	C	Peru Government Intl. Bond, 6.125%, due 03/07/17		283,410
	146,000		Republic of Peru, 5.000%, due 03/07/17		146,161
					973,921

See Accompanying Notes to Financial Statements

179

PORTFOLIO OF INVESTMENTS

ING EMERGING MARKETS FIXED INCOME FUND

AS OF APRIL, 30 2007 (UNAUDITED) (CONTINUED)

Principal
Amount				Value
			Philippines: 1.3%
$	730,000	S	Philippine Government International Bond, 7.750%, due 01/14/31	$	830,375
	100,000		Philippine Government International Bond, 8.875%, due 03/17/15		117,875
	100,000		Philippine Government International Bond, 9.375%, due 01/18/17		123,750
	45,000	S	Philippine Government International Bond, 10.625%, due 03/16/25		64,463
	270,000	S	Philippine Government Intl. Bond, 9.875%, due 01/15/19		350,663
					1,487,126
			Russia: 1.4%
	487,550	+,S	Russia Government International Bond, 7.500%, due 03/31/30		554,875
	600,000	S	Russia Government International Bond, 12.750%, due 06/24/28		1,093,061
					1,647,936
			Supranational: 0.2%
	TRY 400,000	S	European Investment Bank, 10.000%, due 01/28/11		253,920
					253,920
			Turkey: 2.0%
	550,000	S	Republic of Turkey, 7.000%, due 09/26/16		565,125
	TRY 80,000		Turkey Government International Bond, Discount Note, due 02/15/12		60,424
$	220,000	S	Turkey Government International Bond, 7.250%, due 03/15/15		230,450
	750,000	S	Turkey Government International Bond, 7.375%, due 02/05/25		774,735
	530,000	S	Turkey Government International Bond, 8.000%, due 02/14/34		585,650
	TRY 130,000		Turkey Government International Bond, 14.000%, due 01/19/11		89,995
					2,306,379
			Ukraine: 1.1%
$	150,000	S	City of Kiev Ukraine, 8.000%, due 11/06/15		160,071
	200,000		Ukraine Government International Bond, 6.580%, due 11/21/16		203,509
	180,000	#,S	Ukraine Government International Bond, 6.580%, due 11/21/16		183,150
	680,000	S	Ukraine Government International Bond, 7.650%, due 06/11/13		738,004
					1,284,734
			Uruguay: 1.3%
	350,000	S	Oriental Republic of Uruguay, 7.625%, due 03/21/36		392,875
	400,000	S	Uruguay Government International Bond, 8.000%, due 11/18/22		461,000
	380,000	S	Uruguay Government International Bond, 9.250%, due 05/17/17		472,150
	100,000		Uruguay Government Intl. Bond, 7.500%, due 03/15/15		109,000
					1,435,025
			Venezuela: 2.5%
	200,000		Republic of Venezuela, 6.000%, due 12/09/20		182,203
	1,500,000	S	Venezuela Government International Bond, 5.750%, due 02/26/16		1,400,244
	100,000		Venezuela Government International Bond, 7.650%, due 04/21/25		105,350
	300,000	S	Venezuela Government International Bond, 8.500%, due 10/08/14		331,650
	300,000	S	Venezuela Government International Bond, 9.250%, due 09/15/27		370,650
	340,000	S	Venezuela Government International Bond, 13.625%, due 08/15/18		507,450
					2,897,547
			Total Other Bonds (Cost $22,977,622)		23,773,571

Shares			Value
WARRANTS: 0.0%
		Mexico: 0.0%
	381	United Mexican States	$	23,241
		Total Warrants (Cost $18,229)		23,241
		Total Long-Term Investments (Cost $28,294,556)		29,280,978

Total Investments in Securities (Cost $28,294,556)*	25.6	%	$	29,280,978
Other Assets and Liabilities-Net	74.4			84,932,992
Net Assets	100.0	%	$	114,213,970

+	Step-up basis bonds. Interest rates shown reflect current and next coupon rates.
#	Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. These securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
C	Bond may be called prior to maturity date.
S	Segregated securities for certain derivatives, when-issued or delayed delivery securities and forward currency exchange contracts.
X	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.
ARS	Argentine Peso
BRL	Brazilian Real
EUR	Euro
TRY	Turkish Lira
*	Cost for federal income tax purposes is $28,305,410.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	1,426,260
Gross Unrealized Depreciation		(450,692	)
Net Unrealized Appreciation	$	975,568

See Accompanying Notes to Financial Statements

180

PORTFOLIO OF INVESTMENTS

ING EMERGING MARKETS FIXED INCOME FUND

AS OF APRIL, 30 2007 (UNAUDITED) (CONTINUED)

	Percentage of
Industry	Net Assets
Banks		1.3	%
Diversified Financial Services		1.0
Electric		0.9
Foreign Government Bonds		20.6
Gas		0.0
Mining		0.1
Oil & Gas		1.3
Sovereign		0.0
Telecommunications		0.4
Other Assets and Liabilities — Net		74.4
Net Assets		100.0	%

ING Emerging Markets Fixed Income Fund Open Futures Contracts as of April 30, 2007:

								Unrealized
	Number of		Notional			Expiration		Appreciation/
Contract Description	Contracts		Market Value			Date		(Depreciation)
Short Contracts U.S. Treasury Long Bond		14	$	(1,564,500	)		06/20/07	$	5,434
								$	5,434

See Accompanying Notes to Financial Statements

181

PORTFOLIO OF INVESTMENTS

ING GLOBAL BOND FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Principal
Amount				Value
CORPORATE BONDS/NOTES: 0.8%
			Airlines: 0.6%
$	150,000	C	Delta Airlines, Inc., 7.570%, due 11/18/10	$	157,219
					157,219
			Electric: 0.2%
	64,000	C	Commonwealth Edison Co., 4.700%, due 04/15/15		59,353
					59,353
			Total Corporate Bonds/ Notes (Cost $216,698 )		216,572
U.S. GOVERNMENT AGENCY OBLIGATIONS: 12.8%
			Federal National Mortgage Association: 12.8%
	234,000	W	4.500%, due 05/15/19		226,541
	267,000	W	5.000%, due 05/15/20		263,245
	977,000	W	5.000%, due 06/01/37		943,721
	221,000	W	5.500%, due 05/15/20		221,345
	857,000		5.500%, due 05/01/35		847,626
	441,000	W	6.000%, due 05/01/35		444,445
	432,000	W	6.500%, due 05/01/31		441,180
			Total U.S. Government Agency Obligations (Cost $3,380,432)		3,388,103
U.S. TREASURY OBLIGATIONS: 17.2%
			U.S. Treasury Bonds: 2.9%
	480,000	S	4.500%, due 02/15/36		455,325
	308,000	S	4.625%, due 02/15/17		307,952
					763,277
			U.S. Treasury Notes: 6.5%
	376,000		4.500%, due 03/31/09		375,266
	774,000	S	4.500%, due 04/30/12		773,698
	560,000	S	4.750%, due 02/15/10		563,282
					1,712,246
			Treasury Inflation Indexed Protected Securities: 7.8%
	133,000	S	2.000%, due 01/15/16		134,421
	270,000	S	2.000%, due 01/15/26		262,903
	391,000	S	2.375%, due 04/15/11		406,510
	382,000	S	2.375%, due 01/15/17		391,605
	506,000	S	2.375%, due 01/15/25		549,324
	257,000	S	2.479%, due 01/15/09		329,674
					2,074,437
			Total U.S. Treasury Obligations (Cost $4,539,964 )		4,549,960
ASSET-BACKED SECURITIES: 1.6%
			Automobile Asset-Backed Securities: 1.6%
	254,000	C,S	AmeriCredit Automobile Receivables Trust, 4.220%, due 07/06/09		253,001
	174,256	C,S	Morgan Stanley Auto Loan Trust, 3.240%, due 03/15/12		172,406
			Total Asset-Backed Securities (Cost $422,250 )		425,407
COLLATERALIZED MORTGAGE OBLIGATIONS: 0.8%
	122,000	C,S	Greenwich Capital Commercial Funding Corp., 5.117%, due 04/10/37		121,981
	97,000	C,S	LB-UBS Commercial Mortgage Trust, 5.103%, due 11/15/30		96,969
			Total Collateralized Mortgage Obligations (Cost $218,859)		218,950
OTHER BONDS: 55.0%
			Foreign Government Bonds: 55.0%
	ARS 598,500	X	Argentina Bonos, 2.000%, due 09/30/14		220,755
$	370,000		Argentina Government International Bond, Discount Note, due 12/15/35		56,425
	EUR 3,280,000		Bundesobligation, 3.500%, due 10/09/09		4,412,945
	EUR 169,000		Bundesrepublik Deutschland, 3.750%, due 01/04/17		222,415
	EUR 312,000		Bundesrepublik Deutschland, 4.000%, due 01/04/37		403,868
	CAD 230,000		Canada Government, 3.750%, due 06/01/08		206,200
	CAD 230,000		Canadian Government International Bond, 5.750%, due 06/01/33		257,934
	EUR 930,000		France Government International Bond OAT, 3.250%, due 04/25/16		1,182,112
	EUR 915,000		Italy Buoni Poliennali Del Tesoro, 3.750%, due 08/01/16		1,196,857
	JPY 257,400,000		Japan Government International Bond, 1.200%, due 09/20/11		2,159,065
	JPY 188,400,000		Japan Government International Bond, 1.700%, due 03/20/17		1,592,218
	MXN 5,700,000		Mexican Bonos, 8.000%, due 12/17/15		529,331
	GBP 596,000		United Kingdom Gilt, 4.000%, due 09/07/16		1,100,473
	GBP 130,000		United Kingdom Gilt, 4.250%, due 03/07/36		249,178
	GBP 262,000		United Kingdom Gilt, 8.500%, due 07/16/07		526,810
	UYU 6,067,000		Uruguay Government International Bond, 4.250%, due 04/05/27		261,980
			Total Other Bonds (Cost $14,281,093 )		14,578,566
			Total Long-Term Investments (Cost $23,059,295)		23,377,558
SHORT-TERM INVESTMENTS: 21.1%
			Mutual Fund: 14.2%
$	3,750,000	**,S	ING Institutional Prime Money Market Fund		3,750,000
			Total Mutual Fund (Cost $3,750,000)		3,750,000

See Accompanying Notes to Financial Statements

182

PORTFOLIO OF INVESTMENTS

ING GLOBAL BOND FUND

AS OF APRIL 30, 2007 (UNAUDITED) (CONTINUED)

Principal
Amount				Value
			Foreign Government Securities: 5.0%
	CAD 465,000		Canadian Treasury Bill, Discount Note, due 07/12/07	$	415,509
	EUR 615,000		German Treasury Bill, Discount Note, due 06/13/07		835,432
	JPY 10,000,000		Japan Government Treasury Bill, Discount Note, due 11/20/07		83,402
			Total Foreign Government Securities (Cost $1,334,343)		1,334,343
			Repurchase Agreement: 1.9%
$	507,000	S	Deutsche Bank Repurchase Agreement dated 04/30/07, 5.220%, due 05/01/07, $507,074 to be received upon repurchase (Collateralized by $520,000 Federal Home Loan Bank, 5.400%, Market Value plus accrued interest $520,603, due 10/16/09)		507,000
			Total Repurchase Agreement (Cost $507,000)		507,000
			Total Short-Term Investments (Cost $5,591,342)		5,591,342

Total Investments in Securities (Cost $28,650,638)*	109.3	%	$	28,968,901
Other Assets and Liabilities-Net	(9.3	)		(2,465,496	)
Net Assets	100.0	%	$	26,503,405

C	Bond may be called prior to maturity date.
W	When-issued or delayed delivery security
S	Segregated securities for certain derivatives, when-issued or delayed delivery securities and forward currency exchange contracts.
**	Investment in affiliate
X	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.
ARS	Argentine Peso
CAD	Canadian Dollar
EUR	EU Euro
GBP	British Pound
JPY	Japanese Yen
MXN	Mexican Peso
UYU	Uruguayan Peso Uruguayo
*	Cost for federal income tax purposes is $28,679,429.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	346,769
Gross Unrealized Depreciation		(57,297	)
Net Unrealized Appreciation	$	289,472

ING Global Bond Fund Open Futures Contracts as of April 30, 2007:

	Number							Unrealized
	of		Notional			Expiration		Appreciation/
Contract Description	Contracts		Market Value			Date		(Depreciation)
Long Contracts
U.S. Treasury 2-Year Note		22	$	4,503,813			06/29/07	$	321
U.S. Treasury 5-Year Note		33		3,492,328			06/29/07		2,957
								$	3,278
Short Contracts
Euro-Bund 10-Year Note		7	$	(1,090,422	)		06/07/07	$	(1,206	)
U.S. Treasury 10-Year Note		6		(649,969	)		06/20/07		(3,821	)
U.S. Treasury Long Bond		18		(2,011,500	)		06/20/07		(3,376	)
								$	(8,403	)

At April 30, 2007 the following forward currency contracts were outstanding for the ING Global Bond Fund:

									Unrealized
			Settlement		In Exchange				Appreciation/
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD
Switzerland Francs
CHF 316,716		Buy		05/03/07		260,000	$	262,309	$	2,309
Korea (South) Won
KRW 413,159,500		Buy		05/07/07		442,000		443,884		1,884
Korea (South) Won
KRW 486,272,000		Buy		06/04/07		524,000		522,705		(1,295	)
Malaysia Ringgits
MYR 886,600		Buy		05/30/07		260,000		259,467		(533	)
Norway Krone
NOK 2,381,340		Buy		05/07/07		390,000		400,338		10,338
Norway Krone
NOK 2,314,967		Buy		05/25/07		388,000		389,413		1,413
Sweden Kronor
SEK 3,563,726		Buy		05/16/07		520,000		532,385		12,385
										26,501
Australia Dollars
AUD 1,171,688		Sell		05/21/07		NZD1,320,000		972,570		3,839
Switzerland Francs
CHF 316,716		Sell		05/03/07		261,972		262,309		(337	)
Switzerland Francs
CHF 631,095		Sell		06/04/07		524,000		524,191		(191	)
Denmark Kroner
DKK 2,854,635		Sell		05/14/07		NOK3,100,000		523,117		(1,840	)
Japanese Yen
JPY 46,300,000		Sell		05/07/07		NZD544,149		387,883		15,078
Korea (South) Won
KRW 413,159,500		Sell		05/07/07		442,284		443,884		(1,600	)
New Zealand Dollars
NZD		544,149		Sell 05/07/0		7 JPY46,900,740		402,961		(10,045	)
Sweden Kronor
SEK 3,563,726		Sell		05/16/07		526,651		532,385		(5,734	)
									$	(830	)

See Accompanying Notes to Financial Statements

183

PORTFOLIO OF INVESTMENTS

ING DIVERSIFIED INTERNATIONAL FUND

AS OF APRIL 30, 2007 (UNAUDITED)

Shares			Value
AFFILIATED INVESTMENT COMPANIES: 99.6%
	609,822	ING Emerging Countries Fund — Class I	$	21,843,835
	3,831,537	ING Foreign Fund — Class I		81,994,889
	7,354,105	ING Index Plus International Equity Fund — Class I		96,485,861
	7,393,728	ING International Capital Appreciation Fund — Class I		94,270,031
	888,710	ING International Real Estate Fund — Class I		12,237,537
	399,865	ING International SmallCap Fund — Class I		23,991,905
	5,537,527	ING International Value Choice Fund — Class I		73,427,612

Total Investments in Securities (Cost $346,220,116)*	99.6	%	$	404,251,670
Other Assets and Liabilities-Net	0.4			1,514,803
Net Assets	100.0	%	$	405,766,473

*	Cost for federal income tax purposes is $347,347,191.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	56,904,479
Gross Unrealized Depreciation		—
Net Unrealized Appreciation	$	56,904,479

See Accompanying Notes to Financial Statements

184

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) provides that, after an initial period, the Funds’ existing investment advisory and sub-advisory contracts remain in effect only if the Boards of Trustees (the “Board”) of ING Mutual Funds and ING Mayflower Trust (together, the “Trusts”), including a majority of the Trustees who have no direct or indirect interest in the advisory and sub-advisory contracts, and who are not “interested persons” of the Funds, as such term is defined under the 1940 Act (the “Independent Trustees”), annually review and renew them. In this regard, at a meeting held on November 9, 2006 the Board, including a majority of the Independent Trustees, considered whether to renew the investment advisory contracts (the “Advisory Contracts”) between ING Investments, LLC (the “Adviser”) and the Funds and the sub-advisory contracts (“Sub-Advisory Contracts”) with the sub-adviser to each Fund (the “Sub-Advisers”).

The Independent Trustees also held separate meetings on October 12, 2006 and November 7, 2006 to consider renewals of the Advisory Contracts and Sub-Advisory Contracts. Thus, references herein to factors considered and determinations made by the Independent Trustees include, as applicable, factors considered and determinations made on those earlier dates.

At the November 9, 2006 meeting, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Funds. In reaching these decisions, the Board took into account information furnished throughout the year at regular Board meetings, as well as information prepared specifically in connection with the annual review process. The Board’s determination took into account a number of factors that its members believed, in light of the legal advice furnished to them by Kirkpatrick & Lockhart Preston Gates Ellis LLP (“K&L Gates”), their independent legal counsel, and their own business judgment, to be relevant. Further, while the Advisory Contracts and Sub-Advisory Contracts for all the Funds were considered at the same Board meeting, the Trustees considered each Fund’s advisory and sub-advisory relationships separately.

Provided below is an overview of the Board’s contract approval process in general, as well as a discussion of certain of the specific factors the Board considered at the November 9, 2006 meeting. While the Board gave its attention to the information furnished, at its request, that was most relevant to its consideration, discussed below are a number of the primary factors relevant to the Board’s consideration as to whether to renew the Advisory and Sub-Advisory Contracts for the one-year period ending November 30, 2007. Each Trustee may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Funds’ advisory and sub-advisory arrangements.

Overview of the Contract Renewal and Approval Process

In 2003, the Independent Trustees determined to undertake steps to further enhance the process under which the Board determines whether to renew existing advisory and sub-advisory arrangements for the funds in the ING Funds complex, including the Trusts’ existing Advisory and Sub-Advisory Contracts, and to approve new advisory and sub-advisory arrangements. Among these measures, the Board: retained the services of an independent consultant with experience in the mutual fund industry to assist the Independent Trustees in working with the personnel employed by the Adviser or its affiliates who administer the Funds (“Management”) to identify the types of information presented to the Board to inform its deliberations with respect to advisory and sub-advisory relationships; established the format in which the information requested by the Board is provided to the Board; and determined the process for reviewing such information in connection with the Advisory and Sub-Advisory Contract renewal process. The end result was the implementation of the current process relied upon by the Board to review and analyze information in connection with the annual renewal of the Funds’ Advisory and Sub-Advisory Contracts, as well as its review and approval of new advisory relationships.

Since the foregoing approval and renewal process was implemented, the Board regularly has reviewed and refined the process. In addition, the Board established a Contracts Committee and two Investment Review Committees, including the International/ Balanced/ Fixed Income Funds Investment Review Committee (the “I/B/F IRC”). The type and format of the information provided to the Board or its counsel to inform its approval and annual review and renewal process has been codified in the Funds’ “15(c) Methodology Guide” (the “Methodology Guide”).

185

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

The Methodology Guide was developed under the direction of the Independent Trustees, and sets out a written blueprint under which the Independent Trustees request certain information necessary to facilitate a thorough and informed review in connection with the annual Advisory and Sub-Advisory Contract renewal process. Management provides Fund-specific information to the Independent Trustees based on the Methodology Guide through “Fund Analysis and Comparison Tables” or “FACT” sheets prior to the Independent Trustees’ review of Advisory and Sub-Advisory Contracts. In 2005, the Independent Trustees retained an independent firm to verify and test the accuracy of certain of this information for a representative sample of funds in the ING Funds complex. The Independent Trustees have determined to conduct such testing periodically.

As part of a regular on-going process, the Board’s Contracts Committee recommends or considers recommendations from Management for refinements and other changes to the Methodology Guide and other aspects of the review process, and the Board’s the I/B/F IRC reviews benchmarks used to assess the performance of each Fund. The I/B/F IRC also meets regularly with the Adviser and periodically with the Funds’ Sub-Advisers. The I/B/F IRC may apply a heightened level of scrutiny in cases where performance has lagged a Fund’s relevant benchmark and/or peer group of investment companies.

The Board employed its process for reviewing contracts when considering the renewals of the Advisory and Sub-Advisory Contracts that would be effective through November 30, 2007. A number of the Board’s primary considerations and conclusions resulting from this process are discussed below.

Nature, Extent and Quality of Service

In determining whether to approve the Advisory Contracts and Sub-Advisory Contracts for the Funds for the year ending November 30, 2007, the Independent Trustees received and evaluated such information as they deemed necessary regarding the nature, extent and quality of services provided to the Funds by the Adviser and Sub-Advisers. This included information regarding the Adviser and Sub-Advisers to the Funds provided throughout the year at regular Board meetings, as well as information furnished for the November 9, 2006 Board meeting, which was held specifically to consider contracts renewals for the period ending November 30, 2007. In addition, the Board’s Independent Trustees held meetings on October 12 and November 7, prior to the November 9, 2006 meeting of the full Board, to consider the annual renewal of the Advisory and Sub-Advisory Contracts.

The materials requested by and provided to the Board and/or to K&L Gates prior to the November 2006 Board meeting included the following items: (1) FACT sheets for each Fund that provided information about the performance and expenses of the Fund and other similarly managed funds in a selected peer group (“Selected Peer Group”), as well as information about the Fund’s investment portfolio, objectives and strategies; (2) the Methodology Guide, which describes how the FACT sheets were prepared, including the manner in which benchmarks and Selected Peer Groups were selected and how profitability was determined; (3) responses from the Adviser and Sub-Advisers to a detailed series of questions posed by K&L Gates; (4) copies of each form of Advisory Contract and Sub-Advisory Contract; (5) copies of the Forms ADV for the Adviser and each Sub-Adviser to the Funds; (6) financial statements for the Adviser and each Sub-Adviser; (7) drafts of narrative summaries addressing key factors the Board customarily considers in evaluating the renewals of Advisory Contracts and Sub-Advisory Contracts, including a written analysis for each Fund of how performance and fees compare to its Selected Peer Group and/or designated benchmarks; and (8) other information relevant to the Board’s evaluations.

Each Fund’s Class A shares were used for purposes of certain comparisons to the funds in its Selected Peer Group. Class A shares were selected, as general matter, so that the Fund class with the longest performance history was compared to the analogous class of shares for each fund in the Selected Peer Group. The mutual funds chosen for inclusion in a Fund’s Selected Peer Group were selected based upon criteria designed to mirror the Fund class being compared to the Selected Peer Group.

In arriving at its conclusions with respect to the Advisory Contracts, the Board was mindful of the “manager-of-managers” platform of the ING Funds. The Board also considered the techniques that the Adviser developed, at the Board’s direction, to screen and perform due diligence on Sub-Advisers that are recommended to the Board to manage the Funds’ portfolios. The Board noted the resources that the Adviser has committed to the Board and the I/B/F IRC

186

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

to assist the Board and members of the I/B/F IRC with their assessment of the investment performance of the Funds on an ongoing basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the I/B/F IRC to analyze the key factors underlying investment performance for the Funds.

The Board also noted the techniques used by the Adviser to monitor the performance of the Sub-Advisers and took note of the pro-active approach that the Adviser, working in cooperation with the I/B/F IRC, has taken to advocate or recommend, when it believed appropriate, changes intended to assist in improving the performance of the Funds. These changes have historically included modifications in personnel responsible for managing a Fund and/or changing the Sub-Adviser to a Fund.

In considering the Funds’ Advisory Contracts, the Board also considered the extent of benefits provided to the Funds’ shareholders, beyond advisory services, from being part of the ING family of Funds. This includes, in most cases, the right to exchange or transfer investments, without a sales charge, between the same class of shares of such Funds or among Funds available on a product platform, and the wide variety in the types of Funds available for exchange or transfer.

The Board also took into account the Adviser’s extensive efforts in recent years to reduce the expenses of the ING Funds through re-negotiated arrangements with the ING Funds’ service providers.

Further, the Board received periodic reports showing that the investment policies and restrictions for each Fund were consistently complied with and other periodic reports covering matters such as compliance by Adviser and Sub-Adviser personnel with codes of ethics. The Board considered reports from the Funds’ Chief Compliance Officer (“CCO”) evaluating the regulatory compliance systems of the Adviser and each Sub-Adviser and procedures reasonably designed by them to assure compliance with the federal securities laws, including those related to late trading and market timing, best execution, fair value pricing, proxy voting procedures, and trade allocation, among others. The Board considered the implementation by the Adviser and certain Sub-Advisers of enhanced compliance policies and procedures in response to SEC rule changes and other regulatory initiatives. The Board also took into account the CCO’s annual and periodic reports with respect to service provider compliance and his recommendations regarding service providers’ compliance programs. In this regard, the Board also considered the policies and procedures developed by the CCO in consultation with the Board’s Compliance Committee that guide the CCO’s compliance oversight function.

The Board reviewed the level of staffing, quality and experience of each Fund’s portfolio management team. The Board took into account the respective resources and reputations of the Adviser and the Sub-Advisers, and evaluated the ability of the Adviser and the Sub-Advisers to attract and retain qualified investment advisory personnel. The Board also considered the adequacy of the resources committed to the Funds (and other relevant funds in the ING Funds complex) by the Adviser and the Sub-Advisers, and whether those resources are commensurate with the needs of the Funds and are appropriate to attempt to sustain expected levels of performance, compliance, and other needs.

Based on their deliberations and the materials presented to them, the Board concluded that the advisory and related services provided by the Adviser and Sub-Advisers are appropriate in light of the Funds’ operations, the competitive landscape of the investment company business, and investor needs, and that the nature and quality of the overall services provided by the Adviser and Sub-Advisers were appropriate.

Fund Performance

In assessing advisory and sub-advisory relationships, the Board placed emphasis on the investment performance of each Fund, taking into account the importance of such performance to Fund shareholders. While the Board considered the performance reports and discussions with portfolio managers at Board and Committee meetings during the year, particular attention in assessing performance was given to the Fund FACT sheets furnished in advance of the November meeting of the Independent Trustees. The FACT sheet prepared for each Fund included its investment performance compared to the Morningstar category median, Lipper category median, Selected Peer Group and Fund’s primary benchmark. The Board’s findings specific to each Fund’s performance are discussed under “Fund-by-Fund Analysis,” below.

187

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

Economies of Scale

In considering the reasonableness of advisory fees, the Board also considered whether economies of scale will be realized by the Adviser as a Fund grows larger and the extent to which this is reflected in the level of management fee rates charged. In this regard, the Board noted any breakpoints in advisory fee schedules that resulted in a lower advisory fee because a Fund achieved sufficient asset levels to receive a breakpoint discount. In the case of sub-advisory fees, the Board considered that breakpoints would inure to the benefit of the Adviser, except to the extent that these savings are passed through in the form of breakpoints on advisory fees that resulted in savings to the Funds. For a Fund that did not have breakpoint discounts on advisory fees, but did benefit from waivers to or reimbursements of advisory or other fees, the Board also considered the extent to which economies of scale could effectively be realized through such waivers, reimbursements, or expense reductions.

In evaluating economies of scale, the Independent Trustees considered a management report presented to them and also considered an evaluation and analysis presented to them on November 8, 2006 by an independent consultant regarding fee breakpoint arrangements.

Information about Services to Other Clients

The Board requested, and if received considered, information about the nature of services and fee rates offered by the Adviser and the Sub-Advisers to other clients, including other registered investment companies and institutional accounts. When rates offered to other clients differed materially from those charged to the Funds, the Board considered the underlying rationale provided by the Adviser and/or Sub-Advisers for these differences. For the unaffiliated Sub-Advisers, the Board did not view this information as imperative to its deliberations because of the arms-length nature of the negotiations between the Adviser and unaffiliated Sub-Advisers with respect to sub-advisory fees. The Board also noted that the fee rates charged to the Funds and similar institutional clients may differ materially due to the different services and additional regulatory overlay associated with registered investment companies, such as the Funds.

Fee Rates and Profitability

The Board reviewed and considered each contractual investment advisory fee rate, combined with the administrative fee rate, payable by each Fund to the Adviser. The Board also considered the contractual sub-advisory fee rates payable by the Adviser to each Sub-Adviser for sub-advisory services. In addition, the Board reviewed and took into account fee waivers and expense limitations applicable to the fees payable by the Funds.

The Board considered the fee structures of the Funds as they relate to the services provided under the Contracts, and the potential fall-out benefits to the Adviser and Sub-Advisers, and their respective affiliates, from their association with the Funds. For each Fund, the Board determined that the fees payable to the Adviser and Sub-Advisers are reasonable for the services that each performs, which were considered in light of the nature and quality of the services that each has performed and is expected to perform through the year ending November 30, 2007.

For each Fund, the Board considered information on revenues, costs and profits realized by the Adviser, which was prepared by Management in accordance with the allocation methodology (including assumptions) specified in the Methodology Guide. In analyzing the profitability of the Adviser in connection with its services to a Fund, the Board took into account the sub-advisory fee rate payable by the Adviser to the Sub-Adviser to that Fund. The Board also considered information that it requested and was provided by Management with respect to the profitability of service providers affiliated with the Adviser, as well as information provided by certain Sub-Advisers with respect to their profitability. In the case of non-affiliated Sub-Advisers, the Board gave less weight to profitability considerations, or did not view this data as imperative to its deliberations, given the arms-length nature of the relationship between the Adviser and these Sub-Advisers with respect to the negotiation of sub-advisory fees.

The Board determined that it had requested and received sufficient information to gain a reasonable understanding regarding the Adviser’s and affiliated Sub-Advisers’ profitability. The Board also recognized that profitability analysis is not an exact science and there is no uniform methodology for determining profitability for this purpose. In this context, the Board realized that Management’s calculations

188

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

regarding its costs incurred in establishing the infrastructure necessary for the Funds’ operations may not be fully reflected in the expenses allocated to each Fund in determining profitability, and that the information presented may not portray all of the costs borne by Management nor capture Management’s entrepreneurial risk associated with offering and managing a mutual fund complex in today’s regulatory environment.

In their review of advisory fee rates, the Independent Trustees have, from time to time, requested the Adviser, and the Adviser has agreed, to implement remedial actions for certain Funds. These remedial actions have included, among others: reductions in 12b-1 fees payable by a Fund; changes to the Sub-Adviser or portfolio manager managing a Fund; and enhancements to the resources available to a Sub-Adviser when managing a Fund. The Independent Trustees have requested these adjustments primarily on the basis of: (a) a Fund’s performance, as compared to its Selected Peer Group; (b) the performance of a Fund, as compared to its benchmarks; or (c) a Fund’s expenses in relation to its Selected Peer Group.

Based on the information on revenues, costs, and profitability considered by the Board, after considering the factors described in this section, as well as any remedial actions requested by the Independent Trustees and agreed to by the Adviser, the Board concluded that the profits, if any, realized by the Adviser and Sub-Advisers were not excessive. In making its determinations, the Board considered that the Adviser had incentives to negotiate the most favorable fees from unaffiliated Sub-Advisers, and it based its conclusions on the reasonableness of the sub-advisory fees of the Sub-Advisers primarily on the factors described for each Fund below and, in the case of non-affiliated Sub-Advisers, in reliance on the arms-length nature of the negotiations between the Adviser and Sub-Advisers with respect to sub-advisory fees.

Fund-by-Fund Analysis

The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its November 2006 meeting in relation to renewing each Fund’s current Advisory Contract and its Sub-Advisory Contract for the year ending November 30, 2007. These specific factors are in addition to those considerations discussed above. In each case, the Fund’s performance was compared to its Morningstar category median and its primary benchmark, a broad-based securities market index that appears in the Fund’s prospectus. Each Fund’s management fee and expense ratio were compared to the fees and expense ratios of the funds in its Selected Peer Group.

ING Diversified International Fund

In considering whether to approve the renewal of the Advisory Contract for ING Diversified International Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund underperformed its Morningstar category median and its primary benchmark for all periods presented; and (2) the Fund is ranked in the fourth quintile of its Morningstar category for all periods presented. In analyzing this performance data, the Board took into account that the Fund launched in December 2005, and therefore had a limited operating history for purposes of analyzing Fund performance.

In considering the fees payable under the Advisory Contract for ING Diversified International Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under the Advisory Contract, taking into account that no advisory fees are payable under such contract, but that Fund indirectly bears the fees payable by the underlying Funds in which it invests; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of an advisory fee and a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; and (3) the Fund was launched in December 2005, and it is reasonable to permit the Fund to establish a longer operating history for purposes of evaluating performance. Based on these conclusions and other factors, the Board voted to renew the Advisory Contract for the Fund for the year ending November 30, 2007. During this renewal

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process, different Board members may have given different weight to different individual factors and related conclusions.

ING Emerging Countries Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Emerging Countries Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund underperformed its Morningstar category median for all periods presented, except it outperformed for the most recent calendar quarter; (2) the Fund underperformed its primary benchmark for all periods presented, except it outperformed for the most recent calendar quarter and ten-year periods; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, in the third quintile of its Morningstar category for the ten-year period, and in the fifth (lowest) quintile of its Morningstar category for the year-to-date, one-, three and five-year periods.

In analyzing this performance data, the Board took into account: (1) the Sub-Adviser was engaged to manage the Fund in March 2005, and therefore the Fund’s performance history under its management is limited; (2) Management’s analysis regarding the Sub-Adviser’s underperformance, including its representations that sector allocations and stock selection contributed negatively to performance; (3) Management’s representations that the Sub-Adviser had historically achieved reasonable performance for other investment portfolios utilizing the strategy employed by the Fund, and its expectation that employment of this strategy for the Fund will result in reasonable long-term performance; and (4) Management will continue to monitor, and the Board or the I/B/F IRC will periodically review, the Fund’s performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Emerging Countries Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of the advisory fee and 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and below the average expense ratios of the funds in its Selected Peer Group.

In analyzing this fee information, the Board noted that in January 2005, at the direction of the Board following the 2004 contract renewal process, Management reduced the Portfolio’s distribution fee.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) Management will continue to monitor, and the Board or the I/B/F IRC will periodically review, the Fund’s performance, and it is reasonable to permit the Sub-Adviser to continue to manage the Fund to meet Management’s expectation of more favorable longer-term performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Emerging Markets Fixed Income Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Emerging Markets Fixed Income Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund underperformed its Morningstar category median and its primary benchmark for all periods presented; and (2) the Fund is ranked in the fifth (lowest) quintile of its Morningstar category for all periods presented.

In analyzing this performance data, the Board took into account: (1) Management’s analysis of underperformance during certain periods, including its representations that an overweight in certain geographical sectors negatively affected performance; and (2) the Fund launched in December 2005, and therefore had a limited operating history for purposes of analyzing Fund performance.

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In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Emerging Markets Fixed Income Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of an advisory fee and a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board; and (4) the Fund was launched in December 2005, and it is reasonable to permit the Fund to establish a longer operating history for purposes of evaluating performance. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Foreign Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Foreign Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund outperformed its Morningstar category median for the year-to-date and one-year periods, but underperformed for the most recent calendar quarter; (2) the Fund underperformed its primary benchmark for the most recent calendar quarter and the year-to-date periods, but outperformed for the one-year period; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the year-to-date and one-year periods and in the fourth quintile of its Morningstar category for the most recent calendar quarter.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Foreign Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of the advisory fee and 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Bond Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Bond Fund, the Board considered that the Fund was launched on June 30, 2006 and had no operating history as of June 30, 2006.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Global Bond Fund, the Board took into account the factors described above and also considered (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be

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borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee for the Fund (inclusive of the advisory fee and a 0.10% administration fee) is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund was launched in June 2006, and it is reasonable to permit the Fund to establish an operating history sufficient to appropriately evaluate performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Equity Dividend Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Equity Dividend Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund outperformed its Morningstar category median and its benchmark for the most recent calendar quarter and year-to-date periods, but underperformed both for the one-year period; and (2) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter and year-to-date periods and in the fourth quintile of its Morningstar category for the one-year period.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Global Equity Dividend Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING Global Equity Dividend Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Natural Resources Fund (formerly, ING Precious Metals Fund)

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Natural Resources Fund (formerly, ING Precious Metals Fund), the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its broad-based, primary benchmark and its style-specific benchmark for all periods presented, except that it underperformed both indices for the most recent calendar quarter and it underperformed its broad-based index for the ten-year period; and (3) the Fund is ranked in the third quintile of its Morningstar category for the one-and five-year periods, in the fourth quintile for the year-to-date and ten-year periods, and in the fifth (lowest) quintile for the most recent quarter and three-year periods. In analyzing this performance data, the Board took into account that the Fund’s strategy would be changed in the fourth quarter of 2006 to a global natural resources strategy.

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In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Global Natural Resources Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fee, which result in lower fees at higher asset levels; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Real Estate Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund outperformed its Morningstar category median for the one- and three-year periods, but underperformed for the most recent calendar quarter and year-to-date periods; (2) the Fund outperformed its primary benchmark for the year-to-date and one-year periods, but underperformed it for the most recent calendar quarter and three-year period; and (2) the Fund is ranked in the first (highest) quintile of its Morningstar category for the one- and three-year periods, in the third quintile for the year-to-date period and in the fourth quintile for the most recent calendar quarter.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Global Real Estate Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fee, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of an advisory fee and a 0.10% administration fee) for the Fund is equal to the median and above the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions

ING Global Value Choice Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Value Choice Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund outperformed its Morningstar category median for the most recent calendar quarter, year-to-date, one- and ten-year periods, but underperformed for the three- and five-year periods; (2) the Fund outperformed its primary benchmark for the year-to-date and one-year periods, but underperformed for the most recent calendar

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quarter, three- and five-year periods; (3) the Fund is ranked in the second quintile of its Morningstar category for the most recent calendar quarter and year-to-date periods, in the third quintile of its Morningstar category for the one- and ten-year periods, in the fourth quintile of its Morningstar category for the three-year period, and in the fifth (lowest) quintile of its Morningstar category for the five-year period.

In analyzing this performance data, the Board took into account Management’s representations that the performance for the three- and five-year periods includes performance of the Fund’s previous sub-adviser. The Board also noted that there had been a change in portfolio managers in April 2006, and since that time short-term performance had shown improvement.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Global Value Choice Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of an advisory fee and a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Greater China Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Greater China Fund, the Board considered that based on performance data for the periods ended June 30, 2006: (1) the Fund outperformed its Morningstar category median and its primary benchmark for the most recent calendar quarter and year-to-date periods; and (2) the Fund is ranked in the second quintile of its Morningstar category for the most recent calendar quarter and the year-to-date periods. In analyzing this performance data, the Board noted that the Fund commenced operations in December 2005.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Greater China Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee for the Fund (inclusive of the advisory fee and a 0.10% administration fee) is equal to the median and above the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different

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weight to different individual factors and related conclusions.

ING Index Plus International Equity Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Index Plus International Equity Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund outperformed its Morningstar category median for the most recent calendar quarter but underperformed for the year-to-date period; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the second quintile of its Morningstar category for the most recent calendar quarter and in the fourth quintile of its Morningstar category for the year-to-date period. In analyzing this performance data, the Board took into account that the Fund launched in December 2005, and therefore had a limited operating history for purposes of analyzing Fund performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Index Plus International Equity Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of an advisory fee and a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board; and (4) the Fund was launched in December 2005, and it is reasonable to permit the Fund to establish a longer operating history for purposes of evaluating performance. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Capital Appreciation Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Capital Appreciation Fund, the Board considered that based on performance data for the periods ended June 30, 2006: (1) the Fund equaled its Morningstar category median for the most recent calendar quarter, but underperformed for the year-to-date period; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the third quintile of its Morningstar category for the most recent calendar quarter and in the fifth (lowest) quintile of its Morningstar category for the year-to-date period. In analyzing this performance data, the Board also took into account that the Fund was launched on December 21, 2005 and has less than one year of operating history.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING International Capital Appreciation Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is below the median and equal to the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund was launched in December 2005, and it is reasonable to permit the Fund to establish a longer operating history for purposes of

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evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Growth Opportunities Fund (formerly, ING International Fund)

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Growth Opportunities Fund (formerly ING International Fund), the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund underperformed its Morningstar category median and its primary benchmark for all periods presented, except it outperformed both performance measures for the ten-year period; and (2) the Fund is ranked in the second quintile of its Morningstar category for the ten-year period, in the fourth quintile of its Morningstar category for the five-year period, and in the fifth (lowest) quintile of its Morningstar category for the most recent calendar quarter, year-to-date, one- and three-year periods.

In analyzing this performance data, the Board took into account that, in April 2006, the Fund’s portfolio managers were changed to address the Board’s concerns about the Fund’s underperformance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING International Growth Opportunities Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING International Growth Opportunities Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of an advisory fee and a 0.10% administration fee) for the Fund is above the median and below the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is equal to the median and below the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) there was a change in the Fund’s portfolio managers in April 2006, and it is reasonable to allow the Sub-Adviser to continue to manage the Fund to assess whether performance improves as a result of the changes that have been implemented; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Real Estate Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: the Fund underperformed its Morningstar category median and its primary benchmark for the most recent calendar quarter. In considering this performance data, the Board took into account that the Fund launched in February 2006, and therefore had a limited operating history for purposes of analyzing Fund performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING International Real Estate Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of an advisory fee and a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the

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Fund is equal to the median and above the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board; and (4) the Fund was launched in February 2006, and it is reasonable to permit the Fund to establish a longer operating history for purposes of evaluating performance. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International SmallCap Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International SmallCap Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund outperformed its Morningstar category median for one-, three- and ten-year periods, but underperformed for the most recent calendar quarter, year-to-date, and five-year periods; (2) the Fund outperformed its primary benchmark for the most recent calendar quarter, year-to-date, one- and ten-year periods, but underperformed for the three- and five-year periods; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the ten-year period, in the second quintile for the one-year period, in the third quintile of its Morningstar category for the three-year period, in the fourth quintile of its Morningstar category for the year-to-date period, and in the fifth (lowest) quintile for the most recent calendar quarter and five-year periods.

In analyzing this performance data, the Board took into account that Management anticipated the addition to the Fund of a new investment sleeve, managed by a second Sub-Adviser, to address capacity issues.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING International SmallCap Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fee, which result in lower fees at higher asset levels; (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING International SmallCap Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board; and (4) the Fund’s performance is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Value Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Value Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund underperformed its primary benchmark for the most recent calendar quarter, but outperformed for all other periods presented; (2) the Fund outperformed its Morningstar category median for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the ten-year period, in the second quintile for the one- and three-year periods, and in the third quintile of its Morningstar category for the most recent calendar quarter, year-to-date and five-year periods.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING International

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Value Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING International Value Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Value Choice Fund

In considering whether to approve the renewal of the Advisory Contract for ING International Value Choice Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund underperformed its Morningstar category median and its primary benchmark for all periods presented; and (2) the Fund is ranked in the fourth quintile of its Morningstar category for the most recent calendar quarter and one-year periods and in the fifth (lowest) quintile of its Morningstar category for the year-to-date period.

In analyzing this performance data, the Board took into account: (1) the Fund was launched in February 2005, and therefore its performance history is limited; (2) Management’s analysis regarding the Sub-Adviser’s underperformance, including its representations that sector allocations and stock selection contributed negatively to performance; and (3) Management will continue to monitor, and the Board or the I/B/F IRC will periodically review, the Fund’s performance.

In considering the fees payable under the Advisory Contract for ING International Value Choice Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING International Value Choice Fund, as compared to its Selected Peer Group, including Management’s analysis that: (a) the management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board; and (4) taking into consideration that the Fund was launched in February 2005, and that Management will continue to monitor, and the Board or the I/B/F IRC will periodically review, the Fund’s performance, it is reasonable to permit the Sub-Adviser to continue to manage the Fund for purposes of evaluating performance. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Russia Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Russia Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund outperformed its Morningstar category median and its primary benchmark for all periods presented; (2) the Fund underperformed its

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style-specific benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for all periods presented.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

BOARD CONSIDERATION AND APPROVAL OF NEW INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS FOR NEW FUNDS

Section 15 of the 1940 mandates that, when a Fund enters into a new advisory or sub-advisory arrangement, the Trustees, including a majority of the Independent Trustees, must approve the new Advisory and Sub-Advisory Contracts with respect to the Fund. During 2006, the following Funds (the “New Funds”) were first offered to the public, and the Board approved the Advisory and Sub-Advisory Contracts for these Funds prior their launch: ING Disciplined International SmallCap Fund and ING International Value Opportunities Fund.

The Board’s consideration of the new advisory and sub-advisory arrangements related to the launch of each of the New Funds is discussed below. In considering the Advisory and Sub-Advisory Contracts for the New Funds, the Board members considered a number of factors they believed, in light of the legal advice furnished to them by K&L Gates, their independent legal counsel, and their own business judgment, to be relevant. Based on these considerations, the Board determined to approve the Advisory and Sub-Advisory Contracts for the Funds.

ING Disciplined International SmallCap Fund

The Board considered whether to approve the Advisory and Sub-Advisory Contracts for ING Disciplined International Small Cap Fund at an in-person meeting held on November 9, 2006. In making its determinations with respect to such approvals, the Board received and evaluated such information as it deemed necessary for an informed determination of whether each agreement, and the proposed policies and procedures for the Fund, should be approved.

The materials provided to the Board in support of ING Disciplined International Small Cap Fund’s advisory and sub-advisory arrangements included the following: (1) a memorandum presenting Management’s rationale for requesting the launch of the Fund that discusses, among other things, its Sub-Adviser’s experience and expertise in the management of quantitative, enhanced-index strategies; (2) information about the Fund’s investment objective and strategies and anticipated portfolio characteristics; (3) FACT sheets for the Fund that compare the Fund’s proposed fee structure to its comparable Selected Peer Group and its Morningstar category median; (4) responses from the Adviser and the Fund’s Sub-Adviser to questions posed by K&L Gates, on behalf of the Independent Trustees; (5) supporting documentation, including copies of the forms of Advisory and Sub-Advisory Contracts for the Fund; and (6) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by the Adviser in the context of its oversight of other sub-advisers managing funds in the ING Funds complex, and by the

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Sub-Adviser in connection with its management of other funds in the ING Funds complex.

At the November 2006 meeting, the Board took into account that the Fund would be subject to the standard policies and procedures of ING Mutual Funds previously approved by the Board for other series of ING Mutual Funds and approved in accordance with Rule 38a-1 under the 1940 Act. The Board also noted that, in managing the Fund, the Adviser and Sub-Adviser each would be subject to procedures adopted pursuant to Rule 206(4)-7 under the Investment Advisers Act of 1940 that had been previously approved by the Board in connection with other funds in the ING Funds complex.

The Board’s consideration of whether to approve the Advisory Contract on behalf of the Fund took into account several factors including, but not limited to, the following: (1) the nature and quality of the services to be provided by the Adviser to the Fund under the proposed Advisory Contract; (2) the Adviser’s experience as a manager-of-managers overseeing sub-advisers to other Funds; (3) the Adviser’s strength and reputation within the industry; (4) the fairness of the compensation under the proposed Advisory Contract in light of the services to be provided to the Fund and taking into account the sub-advisory fees payable by the Adviser to the Sub-Adviser; (5) the costs for the services to be provided by the Adviser, including that the advisory contract has level fees that do not include breakpoint discounts; (6) the pricing structure (including the estimated expense ratio to be borne by shareholders) of the Fund, including that: (a) the proposed management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in the Fund’s Selected Peer Group, and (b) the estimated expense ratio for the Fund is below the median and average expense ratios of the funds in the Fund’s Selected Peer Group; (7) the projected profitability of the Adviser when sub-advisory fees payable by the Adviser to the Sub-Adviser are taken into account; (8) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of the Adviser, including its management team’s expertise in the management of other Funds; (9) the Adviser’s compliance capabilities, as demonstrated by, among other things, its policies and procedures designed to prevent violations of the federal securities laws, which had previously been approved by the Board in connection with their oversight of other funds in the ING Funds complex; (10) the information that had been provided by the Adviser at regular Board meetings, and in anticipation of the November 2006 meeting, with respect to its capabilities as a manager-of-managers; and (11) “fall-out benefits” to the Adviser and its affiliates that were anticipated to arise from the Adviser’s management of the Fund.

In reviewing the proposed Sub-Advisory Contract, the Board considered a number of factors, including, but not limited to, the following: (1) the Adviser’s view of the Sub-Adviser’s capabilities in managing in the quantitative, small-capitalization strategy to be employed by the Fund; (2) Management’s representations that while the Fund represents a new investment discipline for the Sub-Adviser, the Sub-Adviser has proven expertise with respect to other quantitative products; (3) the Sub-Adviser’s strength and reputation in the industry; (4) the nature and quality of the services to be provided by the Sub-Adviser under the proposed Sub-Advisory Contract; (5) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of the Sub-Adviser and its fit among the stable of managers in the ING Funds line-up; (6) the fairness of the compensation under the proposed Sub-Advisory Contract in light of the services to be provided by and the projected profitability of the Sub-Adviser; (7) the costs for the services to be provided by the Sub-Adviser, including that the Sub-Advisory Contract would have level fees that do not include breakpoints; (8) the Sub-Adviser’s operations and compliance program, including its policies and procedures intended to assure compliance with the federal securities laws, which had previously been approved by the Board as part of its oversight of other funds in the ING Funds complex; (9) the Sub-Adviser’s financial condition; (10) the appropriateness of the selection of the Sub-Adviser in light of the Fund’s proposed investment objective; and (11) the Sub-Adviser’s Code of Ethics, which has previously been approved for other ING Funds, and related procedures for complying with that Code.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s proposed management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s estimated expense ratio is reasonable in the context of all factors considered by the Board; (3) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors

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considered by the Board; and (4) each of the Adviser and the Sub-Adviser maintains an appropriate compliance program, with this conclusion based upon the Board’s previous and ongoing review of the compliance program. Based on these conclusions and other factors, the Board voted to approve the Advisory and Sub-Advisory Contracts for the Fund. During its deliberations, different Board members may have given different weight to different individual factors and related conclusions.

ING International Value Opportunities Fund

The Board considered whether to approve the Advisory and Sub-Advisory Contracts for ING International Value Opportunities Fund at an in-person meeting held on January 11, 2007. In making its determinations with respect to such approvals, the Board received and evaluated such information as it deemed necessary for an informed determination of whether each agreement, and the proposed policies and procedures for the Fund, should be approved.

The materials provided to the Board in support of the advisory and sub-advisory arrangements included the following: (1) a memorandum presenting Management’s rationale for requesting the launch of the Fund that discusses, among other things, the Sub-Adviser’s experience and expertise in the management in the value and global investment mandates; (2) information about the Fund’s proposed investment objective and strategies and anticipated portfolio characteristics; (3) FACT sheets for the Fund that compare the Fund’s proposed fee structure to its comparable Selected Peer Group and its Morningstar category median; (4) responses from the Adviser and the Sub-Adviser to questions posed by K&L Gates on behalf of the Independent Trustees; (5) supporting documentation, including copies of the forms of Advisory and Sub-Advisory Contracts for the Fund; and (6) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by the Adviser in the context of the Adviser’s oversight of other sub-advisers managing other funds in the ING Funds complex, and by the Sub-Adviser in connection with its management of other funds in the ING Funds complex.

At the January 2007 meeting, the Board considered that the Fund would be subject to the standard policies and procedures of ING Mutual Funds previously approved by the Board for other series of ING Mutual Funds and approved in accordance with Rule 38a-1 under the 1940 Act. The Board also noted that, in managing the Fund, the Adviser and the Sub-Adviser each would be subject to procedures adopted pursuant to Rule 206(4)-7 under the Investment Advisers Act of 1940 that had been previously approved by the Board in connection with other funds in the ING Funds complex.

The Board’s consideration of whether to approve the Advisory Contract on behalf of the Fund took into account several factors including, but not limited to, the following: (1) the nature and quality of the services to be provided by the Adviser to the Fund under the proposed Advisory Contract; (2) the Adviser’s experience as a manager-of-managers overseeing sub-advisers to other funds within the ING Funds complex; (3) the Adviser’s strength and reputation within the industry; (4) the fairness of the compensation under the proposed Advisory Contract in light of the services to be provided to the Fund and taking into account the sub-advisory fees payable by the Adviser to the Sub-Adviser; (5) the costs for the services to be provided by the Adviser, including that the proposed advisory fee would be subject to breakpoint discounts, which would result in a lower advisory fee in the future when the Fund achieves sufficient asset levels to receive a breakpoint discount; (6) the pricing structure (including the estimated expense ratio to be borne by shareholders) of the Fund, including that: (a) the proposed management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in the Fund’s Selected Peer Group, and (b) the Fund’s estimated expense ratio is below the median and average expense ratios of the funds in the Fund’s Selected Peer Group; (7) the projected profitability of the Adviser when sub-advisory fees payable by the Adviser to the Sub-Adviser are taken into account; (8) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of the Adviser, including its management team’s expertise in the management of other Funds; (9) the Adviser’s compliance capabilities, as demonstrated by, among other things, its policies and procedures designed to prevent violations of the federal securities laws, which had previously been approved by the Board in connection with their oversight of other funds in the ING Funds complex; (10) the information that had been provided by the

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Adviser at regular Board meetings, and in anticipation of the January 2007 meeting, with respect to its capabilities as a manager-of-managers; and (11) “fall-out benefits” to the Adviser and its affiliates that were anticipated to arise from the Adviser’s management of the Fund.

In reviewing the proposed Sub-Advisory Contract, the Board considered a number of factors, including, but not limited to, the following: (1) the Adviser’s view of the Sub-Adviser’s capabilities in managing in the strategy to be employed by the Fund; (2) Management’s representations that, while the Fund represents a new investment discipline for the Sub-Adviser, the Sub-Adviser’s value portfolio management team’s expertise with respect to other investment products provides a solid foundation for recommending the launch of the Fund; (3) the Sub-Adviser’s strength and reputation in the industry; (4) the nature and quality of the services to be provided by the Sub-Adviser under the proposed Sub-Advisory Contract; (5) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of the Sub-Adviser and its fit among the stable of managers in the ING Funds line-up; (6) the fairness of the compensation under the proposed Sub-Advisory Contract in light of the services to be provided by and the projected profitability of the Sub-Adviser as the Fund’s sub-adviser; (7) the costs for the services to be provided by the Sub-Adviser, including that it would charge a sub-advisory fee with breakpoints, and that the sub-advisory fee would be payable out of the Adviser’s advisory fee and, therefore, these breakpoint discounts would inure to the benefit of the Adviser; (8) the Sub-Adviser’s operations and compliance program, including its policies and procedures intended to assure compliance with the federal securities laws, which had previously been approved by the Board as part of its oversight of other funds in the ING Funds complex; (9) the Sub-Adviser’s financial condition; (10) the appropriateness of the selection of the Sub-Adviser in light of the Fund’s proposed investment objective; and (11) the Sub-Adviser’s Code of Ethics, which has previously been approved for other ING Funds, and related procedures for complying with that Code.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s proposed management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s estimated expense ratio is reasonable in the context of all factors considered by the Board; (3) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board; and (4) each of the Adviser and the Sub-Adviser maintains an appropriate compliance program, with this conclusion based upon the Board’s previous and ongoing review of the compliance program. Based on these conclusions and other factors, the Board voted to approve the Advisory and Sub-Advisory Contracts for the Fund. During its deliberations, different Board members may have given different weight to different individual factors and related conclusions.

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ING Funds Distributor, LLC offers the funds listed below. Before investing in a fund, shareholders should carefully review the fund’s prospectus. Investors may obtain a copy of a prospectus of any ING fund by calling (800) 992-0180 or by going to www.ingfunds.com.

Domestic Equity and Income Funds

ING Balanced Fund
ING Growth and Income Fund
ING Real Estate Fund

Domestic Equity Growth Funds

ING 130/30 Fundamental Research Fund
ING Disciplined LargeCap Fund
ING Fundamental Research Fund
ING Growth Fund
ING LargeCap Growth Fund
ING MidCap Opportunities Fund
ING Opportunistic LargeCap Fund
ING Small Company Fund

ING SmallCap Opportunities Fund

Domestic Equity Index Funds

ING Index Plus LargeCap Fund
ING Index Plus MidCap Fund
ING Index Plus SmallCap Fund

Domestic Equity Value Funds

ING Financial Services Fund
ING LargeCap Value Fund
ING MagnaCap Fund
ING SmallCap Value Choice Fund
ING Value Choice Fund

Fixed-Income Funds

ING GNMA Income Fund
ING High Yield Bond Fund
ING Intermediate Bond Fund
ING National Tax-Exempt Bond Fund

Global Equity Funds

ING Global Equity Dividend Fund
ING Global Natural Resources Fund
ING Global Real Estate Fund
ING Global Science and Technology Fund
ING Global Value Choice Fund

International Equity Funds

ING Disciplined International SmallCap Fund
ING Emerging Countries Fund
ING Foreign Fund
ING Greater China Fund
ING Index Plus International Equity Fund
ING International Capital Appreciation Fund
ING International Equity Fund
ING International Growth Opportunities Fund
ING International Real Estate
ING International SmallCap Fund
ING International Value Fund
ING International Value Choice Fund
ING Russia Fund

Global and International Fixed-Income Funds

ING Emerging Markets Fixed Income Fund
ING Global Bond Fund

International Fund-of-Funds

ING Diversified International Fund

Loan Participation Fund

ING Senior Income Fund

Money Market Funds*

ING Money Market Fund
ING Classic Money Market Fund

Strategic Allocation Funds

ING Strategic Allocation Conservative Fund
ING Strategic Allocation Growth Fund
ING Strategic Allocation Moderate Fund

*  An investment in the funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.

Investment Adviser

ING Investments, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Distributor

ING Funds Distributor, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Transfer Agent

DST Systems, Inc.

P.O. Box 419368

Kansas City, Missouri 64141

Custodian

The Bank of New York

One Wall Street

New York, New York 10286

Legal Counsel

Dechert

1775 I Street, N.W.

Washington, D.C. 20006

For more complete information, or to obtain a prospectus on any ING fund, please call your Investment Professional or ING Funds Distributor, LLC at (800) 992-0180 or log on to www.ingfunds.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.

PRSAR-UINTALL          (0407-062807)

Item 2.  Code of Ethics.

Not required for semi-annual filing.

Item 3.  Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4.  Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5.  Audit Committee Of Listed Registrants.

Not required for semi-annual filing.

Item 6.  Schedule of Investments.

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-end Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-end Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-end Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board. (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minium qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.

The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.

The secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.

Item 11. Controls and Procedures.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)

There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	The Code of Ethics is not required for the semi-annual filing.
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.
(a)(3)	Not required for semi-annual filing.
(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): ING Mutual Funds

By	/s/ Shaun P. Mathews
	Shaun P. Mathews President and Chief Executive Officer
Date:	July 9, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Shaun P. Mathews
	Shaun P. Mathews President and Chief Executive Officer
Date:	July 9, 2007
By	/s/ Todd Modic
	Todd Modic Senior Vice President and Chief Financial Officer
Date:	July 9, 2007

EX-99.CERT

EX-99.CERT
CERTIFICATION

I, Shaun P. Mathews, certify that:

1.	I have reviewed this report on Form N-CSR of ING Mutual Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	July 9, 2007	/s/ Shaun P. Mathews
		Shaun P. Mathews
		President and Chief Executive Officer

EXHIBIT-99.CERT
CERTIFICATION

I, Todd Modic, certify that:

1.	I have reviewed this report on Form N-CSR of ING Mutual Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	July 9, 2007	/s/ Todd Modic
		Todd Modic Senior Vice President and Chief Financial Officer

EX-99.906CERT

EXHIBIT 99.906 CERT

Certification

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: ING Mutual Funds

Date of Form N-CSR: April 30, 2007

The undersigned, the principal executive officer of the above named registrant (the “Fund”), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to ING Mutual Funds and will be retained by ING Mutual Funds and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 9th day of July, 2007.

/s/ Shaun P. Mathews
_______________________________________
Shaun P. Mathews
President and Chief Executive Officer

EXHIBIT-99.906CERT

Certification

Pursuant to Section 906
of the
Sarbanes-Oxley Act of 2002

Name of Registrant: ING Mutual Funds

Date of Form N-CSR: April 30, 2007

     The undersigned, the principal financial officer of the above named registrant (the “Fund”), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

     1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

     2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

     A signed original of this written statement required by Section 906 has been provided to ING Mutual Funds and will be retained by ING Mutual Funds and furnished to the Securities and Exchange Commission or its staff upon request.

     IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 9^th day of July, 2007.

/s/ Todd Modic

Todd Modic
Senior Vice President and
Chief Financial Officer