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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, 2007 to April 30, 2008

Item 1. Reports to Stockholders.

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

Semi-Annual Report

April 30, 2008

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

Global Equity Funds

n ING Global Equity Dividend Fund

n ING Global Natural Resources Fund

n ING Global Real Estate Fund

n ING Global Value Choice Fund

International Equity Funds

n ING Asia-Pacific Real Estate Fund

n ING Disciplined International SmallCap Fund

n ING Emerging Countries Fund

n ING European Real Estate Fund

n ING Foreign Fund

n ING Greater China Fund

n ING Index Plus International Equity Fund

n ING International Capital Appreciation Fund

n ING International Equity Dividend Fund

n ING International Growth Opportunities Fund

n ING International Real Estate Fund


	n	ING International SmallCap Multi-Manager Fund

(formerly, ING International SmallCap Fund)

n ING International Value Fund

n ING International Value Choice Fund

n ING International Value Opportunities Fund

n ING Russia Fund

Global and International Fixed-Income Funds

n ING Emerging Markets Fixed Income Fund

n ING Global Bond Fund

International Fund-of-Funds

n ING Diversified International Fund

E-Delivery Sign-up — details inside

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

MUTUAL FUNDS

 

PRESIDENT’S LETTER

Dear Shareholder,

Recent months have been a challenging time for investors. We have seen a variety of industries — including banking, retailing, real estate, manufacturing and others — announce disappointing earnings which further contributed to overall economic uncertainty and market volatility.

As a result, the confidence of the average investor has been tested. But we should not lose sight of the positives that have emerged: the Federal Reserve responded quickly and diligently to contain the credit crisis. Lawmakers enacted stimulus packages that some economists believe may help strengthen the economy in the second half of the year. And regulators have introduced reforms to improve the mortgage industry.

But, as often happens in these situations, anxiety can cloud sound investment principles. Market corrections are a natural part of the investment cycle, and attempts to “time” buy-and-sell decisions often hinder achieving long-term investment goals. Based on Bloomberg research, if you were fully invested in domestic equities between December 1997 and December 2007, a $10,000 investment would have grown to more than $17,000. However, had you missed the “best” 10 days of that ten-year period, your $10,000 would have grown to less than $12,000. Missing the “best” 20 days of that ten-year cycle would have been even costlier — resulting in your original $10,000 investment being worth less than $8,000.⁽¹⁾ No one knows when those “best” days will occur, but history tells us that — when investing — staying focused on the long term may be the prudent strategy.

ING encourages you to take this opportunity to meet with your financial professionals to ensure your portfolio reflects your goals and risk tolerance. In doing this, many investors discover that building a well-diversified investment portfolio — one made up of allocations to a wide range of asset classes — may be the best way to withstand market volatility.

At ING Funds we strive to offer our clients quality investments. I thank you for your continued support and confidence and we look forward to serving you in the future.

Sincerely,

Shaun P. Mathews,

CEO

ING Funds

May 23, 2008

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 poses 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⁾	Bloomberg calculation based on performance of the Standard & Poor’s 500^® Composite Stock Price Index (“S&P 500^® Index”) between December 31, 1997 and December 31, 2007.

Market Perspective: Six Months Ended April 30, 2008

We entered our new fiscal year with many investors hopeful that central bankers would do what was necessary to loosen the credit squeeze that had taken hold in the months before. But mutually reinforcing financial dislocation and economic weakness, plus the confidence sapping effect of soaring food and energy prices, soon intensified the crisis and drove investors from risk assets. Global equities in the form of the Morgan Stanley Capital International World^® Index (“MSCI World^® Index”)⁽¹⁾ measured in local currencies, including net reinvested dividends (“MSCI” for regions discussed below) slumped 11.2% for the half year (the MSCI World^® Index slumped 9.37% for the half year, measured in US dollars), falling for five consecutive months before bouncing back in April. Currencies were moved by falling US interest rates (see below) and the flight to safety. The dollar traded at 12-year lows against the yen as “carry trades” were unwound. The euro cruised through the $1.50 level with the European Central Bank (“ECB”) defiantly holding interest rates firm. Only the pound among the major currencies weakened, the UK economy facing challenges roughly similar to the US. For the period, the dollar fell 7.7% and 9.3% against the euro and yen respectively, but recovered 4.1% against the pound.

The Federal Reserve Board’s (the “Fed”) first response to the credit crisis had been to reduce the discount rate (the interest rate at which it will lend to banks), by 125 basis points (1.25%) in August through October. It also cut the federal funds rate by 75 basis points (0.75%). By year-end both rates were reduced by another 25 basis points (0.25%).

But using the discount window had a stigma attached to it and credit stayed tight, as a procession of financial institutions reported heavy write-downs of mortgage-backed assets.

The credit crisis had its roots in the real economy of course, where most statistics remained grim.

In housing, the source of much of the problem, sales of new and existing homes continued to plumb multi-year depths. By April one measure of house prices had recorded its tenth straight fall at an accelerating rate, while foreclosures surged.

The February, March and April payrolls reports all showed declines, the first time payrolls had fallen in over four years. Gross Domestic Product (“GDP”) growth was reported at a wafer-thin 0.6% annualized. By the end of April, one measure of consumer confidence was at a 26-year low.

By early March the price of a barrel of oil was regularly setting new records above $100. Prices of agricultural foodstuffs were also soaring, caused by ever increasing demand, inelastic supply, the effect of the price of oil on transportation and the cost of fertilizer, as well as the actions of some governments in subsidizing consumption and restricting exports.

But despite headline inflation at 4.0%, there was now no doubt about the required direction of policy.

On a holiday Monday in January, after Moody’s put the Aaa ratings of monoline insurers on review, major international stock markets sold off by about 6.0%. On Tuesday the Fed acted, cutting the federal funds and discount rates by 75 basis points (0.75%). By the end of April the discount rate would be lower still, by 175 basis points (1.75%) and the federal funds rate by 150 basis points (1.50%). On the fiscal side, Congress passed a $168 billion plan to stimulate the economy.

Events took a remarkable turn when Bear Stearns was laid low in days by rumors of pending insolvency. The Fed brokered the sale of Bear Stearns to JP Morgan for just $10 per share, providing loan finance for the purpose. In addition, crucially, it agreed to extend liquidity to primary dealers and to accept mortgage-backed securities as collateral.

Stock markets globally seemed to take heart from this watershed event and recovered an average of 6.0% in April. It remains to be seen whether this holds in the face of very weak housing and employment conditions, with the price of oil anchored above $100.

For the six-month period as a whole, fixed income returns reflected the flight to safety. U.S. Treasury Bill yields plunged 248 basis points, while 10-year U.S. Treasury Note yields fell by less, 71 basis points, as inflationary concerns persisted. The Lehman Brothers^® Aggregate Bond (“LBAB”) Index⁽²⁾ of investment grade bonds returned 4.08%, but the Lehman Brothers^® High Yield Bond — 2% Issuer Constrained Composite Index⁽³⁾ fell 0.73%.

U.S. equities, represented by the Standard and Poor’s 500^® Composite Stock Price (“S&P 500^®”) Index⁽⁴⁾ including dividends, returned (9.6)% for the six-month period. In addition to the conditions and events described above investors faced dividend cuts by some high-profile names in the financials sector and

Market Perspective: Six Months Ended April 30, 2008

weighed by that sector, a third consecutive quarter of declining profits.

Internationally the MSCI Japan^® Index⁽⁵⁾ sank 15.5% in the six months through April as the one source of vibrant growth, exports, faced the twin threats of a slowing world economy and a sharply higher yen, while domestic demand was held back by food and energy costs. The MSCI Europe ex UK^® Index⁽⁶⁾ fell 14.5% for the six-month period with banks taking vast write-downs on the value of asset backed securities. But there were only pockets of weakness in the housing market and with unemployment at a record low plus the highest headline inflation since 1992 the ECB was in no mood to reduce interest rates. Add to this declining demand and a soaring euro, and not only financials, but industrials, telecoms and auto companies also suffered. In the UK, the MSCI UK^® Index⁽⁷⁾ fell 8.0% for the six-month period. The Bank of England cut rates three times, but by just 1/4% each time because of inflation worries. Despite the worst housing downturn since 1992, the UK market did rather less badly than in the rest of Europe. Its 30% weighting in materials and energy actually had positive returns, while the more highly weighted staples sector proved relatively resilient.

⁽¹⁾ The MSCI World^® Index 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 LBAB Index is a widely recognized, unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.

⁽³⁾ The Lehman Brothers^® High Yield Bond — 2% Issuer Constrained Composite Index is an unmanaged index that measures the performance of fixed-income securities.

⁽⁴⁾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.

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

⁽⁶⁾ 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.

⁽⁷⁾ 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.

ING Global Equity Dividend Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (10.43)% compared to the Morgan Stanley Capital International World Index^sm(1) (“MSCI World Index^sm”), which returned (9.37)% for the same period.

Portfolio Specifics: During the period, high-dividend paying stocks underperformed the broad market and thus detracted from the Fund’s results. Asset allocation had a net negative effect for the period, and almost completely offset the positive effect of stock selection. A good portion of the stocks in the portfolio increased their dividends.

The Fund benefited from stock selection within telecoms. Half of the total telecom performance came from Tele Norte Leste Participacoes SA ADR and Deutsche Telekom. The Brazilian phone carrier surged on speculation that its preferred shares would be converted to common stock, facilitating a potential merger. The Fund benefited from our decision to sell Deutsche Telekom in mid-January, before the company announced domestic fixed-line earnings would slide in 2008.

IT was hit hard by global economic slowdown fears and weaker company earnings, and the Fund benefited from its underweight in the sector.

Precision Drilling Trust led energy’s contribution, and was the best performing stock for the Fund. The stock benefited indirectly from rising natural gas prices, better Q4 results and the hope that the Canadian government might lower taxes on such trusts. Petroleo Brasileiros rose as its low reserve replacement ratio improved substantially along with earnings. Rising international oil prices, its emerging market status and Brazil’s credit rating upgrade by S&P helped. In the majors, Total SA and ENI S.p.A. produced positive returns as well as pipeline operator Kinder Morgan.

Financials were weak due to the sub-prime contagion. A notable exception was Taiwanese bank Mega Financial. Banco Santander Central Hispano SA and US Bancorp contributed to results; their earnings solidity was reflected in their dividend increases. Despite other dividend increases in the sector, the overall trend in earnings was down. The worst detractors from results fell foul of big write-downs and record capital increases and also cut their dividends; among them were Citigroup, Inc., RBS, First Horizon National Corp., Washington Mutual and Wachovia Corp. The sector cost the Fund all the accumulated gains from Telecoms and IT.

Telecom Italia S.p.A. RNC and retailer DSG International PLC also returned less to investors. DSG International PLC announced a profit decline early in the period, followed by a later profit warning on weak holiday sales, especially in its PC chain. In March, Telecom Italia S.p.A. RNC accentuated its losses by publishing full year earnings below expectations.

Current Strategy and Outlook: The outlook for the strategy remains positive. We believe investments in quality defensive names will give the Fund downside protection and lower volatility. As the global economy has slowed, the Fund has sold expensive sectors (utilities) or ones where we see limited upside (telecoms) and reduced emerging markets exposure. Reinvestment has emphasized cyclicals, consumer staples and health care. We continue to seek sectors or individual stocks to exploit temporary under valuations that often occur.


⁽¹⁾	This MSCI World^® Index 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.

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


Fortis	1.8	%
BP PLC	1.7	%
ENI S.p.A.	1.7	%
Total SA	1.7	%
Citigroup, Inc.	1.5	%
GlaxoSmithKline PLC	1.5	%
Vivendi	1.5	%
Pfizer, Inc.	1.4	%
Royal Bank of Scotland Group PLC	1.4	%
Bank of America Corp.	1.4	%


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

Portfolio holdings are subject to change daily.

ING Global Natural Resources Fund

Portfolio Managers’ Report

Country Allocation

as of April 30, 2008

(as a percent of net assets)


United States	62.9	%
Canada	21.9	%
Netherlands	2.7	%
Australia	2.3	%
Barbados	2.0	%
Norway	1.9	%
France	1.4	%
Brazil	1.1	%
Italy	1.0	%
South Africa	0.9	%
Switzerland	0.9	%
United Kingdom	0.9	%
Bermuda	0.4	%
Other Assets and Liabilities – Net	(0.3	)%

Net Assets	100.0	%

Portfolio holdings are subject to change daily.

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 David Powers, Portfolio Manager, both of ING Investment Management Co. — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of 3.51% compared to the Standard & Poor’s 500^® Composite Stock Price Index⁽¹⁾ (“S&P 500^® Index”) and the Standard & Poor’s (“S&P”) GSSI^tm Natural Resources Index⁽²⁾ which returned (9.64)% and 4.54%, respectively, for the same period.

Portfolio Specifics: During the period, commodity prices were buffeted by severe volatility as they attained record levels. Gold and silver hit all-time highs but retreated, as did several other precious metals. Coal and iron ore performed strongly as Asian buyers paid significantly more for the coming fiscal year. Corn, wheat and soy beans hit high levels and then sold off. Oil scarcity is still driving up crude prices as intermediate to long-term supply additions remain uncertain. Prices also are being affected by investors using oil as an inflation hedge, and by speculators.

The Fund underperformed the S&P GSSI^tm Natural Resources Index for the period, due largely to a net negative allocation effect. A net positive security selection effect offset most but not all of the drag from allocation.

The Fund benefited from its stock selection, particularly in oil and gas drilling and integrated oil and gas. Our directional moves within gold boosted performance. We overweighted gold from November through January as investors sought havens from the financial crisis. We began to underweight gold in March, when it typically has sold off. The Fund’s steel holdings also helped performance.

Stock selection and allocation in oil and gas exploration and production detracted from results. The Fund was also hurt by its overweight and holdings in diversified metals and mining.

Within integrated oil and gas, Petroleo Brasileiro SA ADR and Hess Corp. outperformed as offshore oil and gas discoveries in Brazil sizably increased their resource base. Patterson-UTI Energy, Inc. and Nabors Industries Ltd., oil and gas drilling rig contractors, were top performers as drilling activity and contract sizes stabilized. The Fund’s holdings of Barrick Gold Corp. and Randgold Resources Ltd. ADR benefited from higher gold prices. New demand exceeded production at U.S. Steel, which benefited from the weaker U.S. dollar.

Within diversified metals and mining, First Uranium Corp. suffered from a major pullback in uranium prices and detracted from results. We believe that uranium has long-term potential for electric power generation without producing carbon dioxide. Nickel producer FNX Mining Co., Inc. (“FNX”) was hurt by falling prices and fears of global economic slowdown. We think the stock price reflects near-term negativity and find FNX more attractive. Not owning Chesapeake Energy Corp. and EOG Resources, Inc., two exploration and production companies, detracted from performance.

Current Strategy and Outlook: We believe we are in the middle of a longer and stronger natural resource cycle, driven by advancing industrialization and urbanization in emerging economies and by accelerating infrastructure spending globally. These trends are energy and metal intensive: after a decade of underinvestment, supply cannot meet demand over the short term. Thus, we believe any supply disruption from strikes, mining mishaps or refinery outages should support higher prices.

A prime example of this is the electric power outages in South Africa due to lack of investment. We expect this situation to last for at least three years and to disrupt the country’s exports, particularly gold and platinum. We believe the Fund is well positioned to benefit from these global trends.

Historical, seasonal trends may cause a short-term pause in metal prices and disruption in commodity prices. Nevertheless, we believe the cycle remains intact for longer-term price appreciation. Currently, the Fund is poised to withstand near-term volatility with its overweight in integrated oils and reduced weighting in non-ferrous metals. Going forward, we expect to add to positions in the sectors where we perceive the best outlook.


⁽¹⁾	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.

⁽²⁾	The S&P GSSI^tm Natural Resources Index (formerly, known as the Goldman Sachs Natural Resources Index) is an unmanaged index and a market-capitalization weighted index of stocks designed to measure the performance of companies in the natural resources sector, which includes energy, precious metals, timber and other sub-sectors. Each sector index is a modified-capitalization weighted index, the constituents of which are selected according to objective screening criteria. The weight of a particular stock in each Sector Index is capped at a cap level determined on a sector-by-sector basis.

Top Ten Holdings
as of April 30, 2008
(as a percent of net assets)


ExxonMobil Corp.	7.7	%
Chevron Corp.	5.8	%
ConocoPhillips	4.6	%
Apache Corp.	4.0	%
Halliburton Co.	3.9	%
Occidental Petroleum Corp.	3.8	%
Encana Corp.	3.8	%
Devon Energy Corp.	3.5	%
Canadian Natural Resources Ltd.	3.1	%
Schlumberger Ltd.	3.1	%

Portfolio holdings are subject to change daily.

ING Global Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Global Real Estate Fund (the “Fund”) seeks to provide investors with high total return, consisting of capital application and current income. 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, of ING Clarion Real Estate Securities L.P. — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (11.45)% compared to the Standard & Poor’s/Citigroup World Property Index⁽¹⁾ (“S&P/Citigroup World Property Index”), which returned (12.90)% for the same period.

Portfolio Specifics: Global property companies generally posted a negative total return for the period as angst about a weakening economy, continuing problems in the credit markets and decelerating earnings growth forecasts have weighed on the stocks. Promising price movements exhibited in the markets in March and April provided some hope that equity markets, including global property stocks, are beginning to firm following proactive moves by the Federal Reserve Bank (the “Fed”), which lowered the federal funds rate by 75 basis points (0.75%) to 2.25% and, separately, provided financial support via a $200 billion lending program to the banking community. The subsequent positive response by equity markets, including real estate investment trusts (“REITs”), helped to advance the argument that the worst of the current credit crunch might be behind us. In the U.S., property companies appear to be finding support after experiencing their most significant correction in nearly a decade (a 35% peak-to-trough correction since the peaking in February of last year, versus past peak-to-trough corrections in the 25% range) with valuations that are the most attractive we have seen in years. We continue to believe that property stocks are well-positioned to manage through the current economic environment, despite headwinds which may persist past mid-year.

Fund outperformance for the period was driven by stock selection and country allocation. Stock selection, which accounted for roughly 60% of the period’s outperformance, was especially strong in the Asia-Pacific region as the Fund maintained its tilt towards conservatively-managed companies, defensive property types, and rock-solid balance sheets. Examples of Fund holdings along these lines include Australian global mall operator Westfield Group, Hong Kong shopping center company the Link Real Estate Investment Trust, and Tokyo office landlord Mitsubishi Estate Co., Ltd., all of which soundly outperformed their respective countries’ average return for the period. Conversely, the Fund is avoiding investments in companies with the opposite characteristics, especially companies with above-average leverage or any prospective refinancing concerns. Country allocation decisions added value as relative performance was helped by overweights to outperforming property markets in the U.S., France, and the Netherlands, combined with an underweight to the underperforming markets of Hong Kong, Germany and Spain.

Current Strategy and Outlook: Debt market turmoil and fears of an economic slowdown have weighed on the markets and the resultant withdrawal of liquidity and de-leveraging across many asset classes has added to a general lack of investor confidence. A recession, however, appears to have already been priced into the shares of real estate stocks and we believe the market is implying real estate value declines (i.e., cap rate increases) that are well beyond current private market transactions. In our opinion, real estate stocks look attractive at current levels and continue to trade at discounts to their underlying net asset value. Dividend yields on real estate stocks, which are well-covered, are once again at premiums to their long-term local government bond yields. Price-to-earnings multiples have returned to levels near their long-term average.

The Fund continues its strategy of positioning the Fund toward well-managed companies, defensive property types and conservative balance sheets while avoiding companies with above-average leverage or any prospective refinancing concerns. At period end, this translated into overweight allocations to the relatively higher-quality property markets of France and the Netherlands and underweight markets where property fundamentals and outlook are not as strong, such as Austria, Germany and Spain.


⁽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.

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


Westfield Group	4.8	%
Mitsubishi Estate Co., Ltd.	4.6	%
Simon Property Group, Inc.	4.1	%
Unibail	4.0	%
Mitsui Fudosan Co., Ltd.	3.7	%
Cheung Kong Holdings Ltd.	3.7	%
Sun Hung Kai Properties Ltd.	3.3	%
Land Securities Group PLC	2.5	%
Boston Properties, Inc.	2.5	%
Ventas, Inc.	2.1	%


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

Portfolio holdings are subject to change daily.

ING Global Value Choice Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Global Value Choice Fund (the “Fund”) seeks long-term capital appreciation. The Fund is managed by David B. Iben, CFA, Portfolio Manager of Tradewinds Global Investors, LLC (“Tradewinds”) — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (8.71)% compared to the Morgan Stanley Capital International All Country World Index^sm(1) (“MSCI All Country World Index^sm”) which returned (9.47)% for the same period.

Portfolio Specifics: The Fund had negative absolute returns during the six month period ending April 30, 2008. However, the Fund outperformed its benchmark, the MSCI All Country World Index^sm. Fund outperformance versus the benchmark in the period is partially attributed to significantly underweight allocations in the financials and information technology sectors, which underperformed, and several holdings that performed well.

Consumer staples holding Tyson Foods, Inc. is the world’s largest protein provider and supplies beef, chicken, and pork to the global marketplace and was the largest individual contributor to performance. We believe that the company has the potential to continue to benefit from increased foreign demand.

Sumitomo Trust and Banking Co., Ltd., Japan’s fifth largest bank by market capitalization, also positively contributed to performance. This well-managed Japanese bank was added to the portfolio in January 2008 at a valuation we considered at below book value. The company had been punished in harmony with the global financial sector, but unfairly in our opinion, as the company’s balance sheet and liquidity profile were of good quality in a global context.

Overall, the Fund’s overweighted materials sector was the largest detractor on performance this period, although performance within the sector varied by industry. The share price of Dyno Nobel Ltd., the world’s second-largest explosives maker, rallied during the period. In early March, Incitec Pivot Ltd., Australia’s biggest fertilizer maker, agreed to acquire Dyno Nobel Limited for $1.7 billion USD. While the price of gold escalated to record highs during the period, Anglogold Ashanti Ltd. ADR, one of the Fund’s largest holdings, was the worst detractor from performance. Anglogold, a global gold producer with operations and exploration programs around the world, was hurt by electricity shortages that interrupted mining production in South Africa and negative investor sentiment related to its hedge book. Apex Silver Mines Ltd., a base metal mining company engaged in the exploration and development of silver and other mineral properties in Latin America, experienced production delays and discovered well failures that hampered production. As a result, investors became increasingly concerned that continued production setbacks could result in liquidity challenges for the firm if it were unable to meet its hedge book commitments. Another large detractor was AbitibiBowater Inc., the eighth largest publicly traded pulp and paper manufacturer in the world. The paper and pulp industry has done poorly due to rising producer costs, oversupply and a poor economic outlook in the United States.

Current Strategy and Outlook: As we look ahead, we believe that continued volatility in the equity markets worldwide should present us with value opportunities. We continue to look for industry-leaders, high quality or improving franchises, and scarce assets, which trade below their intrinsic worth.


⁽¹⁾	The MSCI All Country World Index^sm is a free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The MSCI All Country World Index^sm more closely tracks the types of securities in which the Fund invests than the MSCI World Index^sm.

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


Newmont Mining Corp.	4.6	%
Korea Electric Power Corp. ADR	4.4	%
Barrick Gold Corp.	4.4	%
Nippon Telegraph & Telephone Corp. ADR	4.3	%
Anglogold Ashanti Ltd. ADR	4.0	%
Royal Dutch Shell PLC ADR – Class B	3.7	%
Smithfield Foods, Inc.	3.2	%
AstraZeneca PLC ADR	2.8	%
Stolt-Nielsen SA	2.6	%
Sprint Nextel Corp.	2.6	%


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

Portfolio holdings are subject to change daily.

ING Asia-Pacific Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: Since the Fund’s inception on November 1, 2007 through April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (19.47)% compared to the Standard & Poor’s/Citigroup Asia-Pacific Property Index⁽¹⁾ (“S&P/Citigroup Asia-Pacific Property Index”) which returned (17.89)% for the same period.

Portfolio Specifics: An Asia-Pacific listed property company strategy underperformed other regional investment strategies for the period as Asia-Pacific property stocks were down nearly 18%, compared to Europe where property company returns were down 10% and North America where property company returns were down 8%. The Asia-Pacific region showed weakness due to concerns regarding the potential effects of slowing global economic growth on export-based economies, evidence of higher inflation in mainland China plus profit-taking following strong performance in 2007. Negative performance was driven most notably by Australia, which was down over 25% for the period. Hong Kong-based property companies with exposure to development in mainland China also performed particularly poorly in a reversal from 2007 when these companies significantly outperformed.

The Fund trailed the benchmark for the period, primarily as the result of stock selection in Hong Kong, as exposure to developers such as Guangzhou R&F Properties Co., Ltd., Agile Property Holdings, Ltc., and Zhong An Real Estate detracted from performance during the period, more than offsetting strong stock selection in Australia, Singapore and Japan.

In Australia, where property stocks were down over 25% for the period, a bifurcation of sorts continues to unfold as the better-capitalized and more-experienced companies (for example Westfield Group and Stockland) have demonstrated their ability to execute in a challenging environment while some of the more leveraged companies have cut dividends and have brought down earnings growth guidance (for example, real estate investment trusts (“REITs”) focused on U.S. investments including Macquarie DDR Trust).

In Japan, where property companies were down over 14% for the period, news in March was favorable as the annual land survey by the Ministry of Land, infrastructure, transport and tourism showed nationwide land prices increasing by 1.7%. Land prices in Tokyo proper fared much better as prices for residential and commercial properties rose 10.4% and 17.3%, respectively. Tokyo office vacancy remains low at 2.8% at the end of February and large transactions continue to occur.

Although Hong Kong property companies were down 14% for the period, property companies rallied strongly in March and were up over 10% for the month on the combination of a sharp rebound in the higher risk China developers and favorable fundamental news. Preliminary indications suggest that Hong Kong’s A-Grade office market continues to see surprisingly robust growth with strong increases in rent. Additionally, there is little evidence of A-Grade office tenants looking to downsize in the market at the moment. Companies with exposure to China helped fuel the rally, including diversified bellwether Sun Hung Kai Properties Ltd., Kerry Properties Ltd. and China pure-play residential developer Agile Property Holdings, Ltd.

Current Strategy and Outlook: At period end, the Fund is underweight Japan on the basis of slow economic growth and underweight Australia, although the country continues to benefit from robust demand as either indirectly or directly generated by strength in the natural resources sector. The Fund moved to an overweight Hong Kong on the basis of what we believe is a strengthening residential market bolstered by negative real interest rates and stronger than expected absorption in the office sector.


⁽¹⁾	The S&P Citigroup Asia-Pacific Property Index is an unmanaged float adjusted return index which consists of many companies from developed markets whose float adjusted market caps are larger than $1 billion and derive more than half of their revenue from property-related activities in the Asia Pacific region.

Top Ten Holdings
as of April 30,2008
(as a percent of net assets)


Mitsubishi Estate Co., Ltd.	9.9	%
Westfield Group	9.3	%
Mitsui Fudosan Co., Ltd.	7.6	%
Cheung Kong Holdings Ltd.	7.2	%
Sun Hung Kai Properties Ltd.	7.1	%
Nippon Building Fund, Inc.	2.9	%
Stockland	2.8	%
Hang Lung Properties Ltd.	2.6	%
GPT Group	2.6	%
Sumitomo Realty & Development Co., Ltd.	2.5	%

Portfolio holdings are subject to change daily.

ING Disciplined International SmallCap Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (15.52)% compared to the Standard and Poor’s Citigroup Extended Market Index World ex-US⁽¹⁾ (“S&P/Citigroup EMI World ex-US”), which returned (13.92)% for the same period.

Portfolio Specifics: Market recognition factors like estimate revision did not work well during the period. Growth factors were flat, with factors such as long-term growth and free cash flow to growth being negative and expected return on equity working well. Value and quality factors such as book to price and return on assets worked well for the semi-annual period ending April 30, 2008.

The underperformance was primarily due to security selection in the consumer discretionary, information technology and industrials sectors. These losses were partially offset by security selection in the financials and materials sectors.

An overweight position in the consumer discretionary sector and underweight positions in the health care and utilities sectors hurt performance. These losses were partially offset by an overweight position in the consumer staples sector.

The top detractors included overweight positions in were Thomson, Challenger Financial Services Group Ltd. and Kumho Industrial Co., Ltd. Top contributors during the period were overweight positions in Incitec Pivot Ltd., Eramet SLN and Glidemeister AG.

Current Strategy and Outlook: Our research builds a structured Fund 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 high quality companies with superior business momentum, growing earnings and attractive valuations.

The Fund is currently overweight in the financials, materials and consumer staples sectors and underweight in the utilities sector.


⁽¹⁾	The S&P/Citigroup EMI World ex-US. is an unmanaged extended market index of the world market excluding U.S.; extended meaning small capitalization stock universe on bottom 20% of available capital of each country.

Top Ten Holdings
as of April 30, 2008
(as a percent of net assets)


iShares MSCI EAFE Index Fund	3.9	%
Incitec Pivot Ltd.	0.8	%
Accor SA	0.7	%
Holcim Ltd.	0.7	%
Deutsche Lufthansa AG	0.6	%
Technip SA	0.6	%
Swiss Life Holding	0.6	%
Union Fenosa SA	0.6	%
Gildemeister AG	0.6	%
Acerinox SA	0.6	%

Portfolio holdings are subject to change daily.

ING Emerging Countries Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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 months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (6.76)% compared to the Morgan Stanley Capital International Emerging Markets Index^sm(1) (“MSCI EM Index^sm”), which returned (10.28)% for the same period.

Portfolio Specifics: Declines for holdings in industries such as textiles, apparel & luxury goods and specialty retail, had a negative impact on returns. Among the positions posting declines from these industries were Weiqiao Textile Co. (China — textiles, apparel & luxury goods), JD Group Ltd. (South Africa — specialty retail), and Fountain Set Holdings (Hong Kong — textiles, apparel & luxury goods). The Fund’s positions in the wireless telecommunication services and electronic equipment & instruments industries also experienced negative performance. Advances for the Fund’s holdings in the diversified telecommunication services and commercial banking industries made positive contributions to performance.

On a country basis, negative performance for holdings based in South Korea, South Africa, and China weighed on the Fund’s returns. Positions from these countries experiencing share price declines included SK Telecom Co., Ltd. (South Korea — wireless telecommunication services), Imperial Holdings Ltd. (South Africa — air freight & logistics), and Weiqiao Textile Co. (China — textiles, apparel, & luxury goods). The Fund’s holdings in Taiwan tended to advance, including Walsin Lihwa Corp. (Taiwan — electrical equipment) and Far EasTone Telecommunications Co., Ltd. (Taiwan — wireless telecommunication services).

Relative to the index, the Fund benefited from stock selection and greater exposure to the diversified telecommunication services industry, and lower exposure to China. Stock selection in the commercial banking industry and Hong Kong helped performance relative to the MSCI EM Index^sm. Conversely, a lack of exposure to the oil, gas, & consumable fuels and metals & mining industries had a modest negative impact on relative performance. Stock selection in South Africa also weighed on relative performance. As a reminder, industry and country 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 Taro Pharmaceutical Industries (Israel — pharmaceuticals) and Bangkok Bank PCL (Thailand — commercial banking). We sold the Fund’s position in Hellenic Telecommunications Organization SA (Greece — diversified telecommunication services) to pursue what we believe to be more attractive opportunities. We purchased shares of companies at prices that we consider attractive, including Arcelik A/S (Turkey — household durables) and Imperial Holdings Ltd. (South Africa — air freight & logistics).

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

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


Hyundai Motor Co.	4.9	%
Weiqiao Textile Co.	4.0	%
Braskem SA	3.9	%
China Motor Corp.	3.5	%
Arcelik A/S	3.4	%
Banco Latinoamericano de Exportaciones SA	3.3	%
LG Chemical Ltd.	3.2	%
First Pacific Co.	3.2	%
Lotte Chilsung Beverage Co., Ltd.	2.9	%
Magyar Telekom Telecommunications PLC	2.9	%


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

Portfolio holdings are subject to change daily.

ING European Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: Since the Fund’s inception on November 1, 2007 through April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (5.57)% compared to the Standard & Poor’s/Citigroup Europe Property Index⁽¹⁾ (“S&P/Citigroup Europe Property Index”) which returned (10.38)% for the same period.

Portfolio Specifics: Overall, European property company stocks were down 10% for the period. While negative, a European strategy generally outperformed the Asia-Pacific region as those property companies were down 18%, and marginally underperformed North American property companies which were down 8%. The European region showed potential effects of slowing global economic growth, as exacerbated by the global credit crunch. Additionally, bright spots included positive returns in France, the Netherlands and Switzerland. A weakening U.K. economy continues to weigh down its property stocks, which lagged the index for the quarter.

The Fund outperformed the benchmark for the period as the result of superior stock selection and country allocation decisions. Stock selection was especially strong in France, where overweights to office company Silic, shopping center company Mercialys, and pan-European mall company Unibail drove the majority of outperformance. Country allocation decisions added value through overweights to outperforming property markets in Finland, France, the Netherlands and Switzerland, along with underweights to underperforming property markets in Austria, Germany and Spain.

In the U.K., property stocks were down 18% during the period, largely the result of negative broad sentiment caused by the credit crunch plus a renewed visibility to the potential weakness in the occupational markets. Outperformance by larger, lower-risk rent collectors with moderate development programs (such as Hammerson PLC and Liberty International PLC) was offset by the underperformance of smaller and more leveraged entities (such as shopping center company Capital and Regional). On the earnings front, the majority of companies have released second half 2007 earnings and continue to report stable fundamentals despite an increase in yields. The drop in asset values has come as no surprise as the increase in property yields in the U.K. has been widely expected by the market and arguably more than priced into the listed property companies.

On the Continent, property stocks declined to a lesser extent as French, Dutch and Swiss markets had positive returns during the period. The news from Europe is one of stable fundamentals with some evidence of a slowing demand. Recent earnings releases show that retail companies have done particularly well as Unibail, Klepierre, Corio NV and Eurocommercial Properties NV, all reported sales growth in the 5% to 7% range.

Current Strategy and Outlook: The Fund continues its strategy of positioning the Fund toward what it believes are well-managed companies, defensive property types and conservative balance sheets while avoiding companies with above-average leverage or any prospective refinancing concerns. At period end, this translated into overweight allocations to the relatively higher-quality property markets of France and the Netherlands and underweight markets where, in our opinion, property fundamentals and outlook are not as strong, such as Austria, Germany and Spain.


⁽¹⁾	The S&P Citigroup Europe Property Index is an unmanaged float adjusted return index which consists of many companies from developed markets whose float adjusted market caps are larger than $1 billion and derive more than half of their revenue from property-related activities in the Europe region.

Top Ten Holdings
as of April 30, 2008
(as a percent of net assets)


Unibail	15.4	%
Land Securities Group PLC	12.6	%
Corio NV	5.9	%
Hammerson PLC	4.5	%
Gecina SA	3.9	%
Mercialys	3.8	%
Liberty International PLC	3.3	%
PSP Swiss Property AG	2.9	%
Eurocommercial Properties NV	2.9	%
Prologis European Properties	2.7	%

Portfolio holdings are subject to change daily.

ING Foreign Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Foreign Fund (the “Fund”) seeks long-term growth of capital. The Fund is managed by Rudolph-Riad Younes, CFA Managing Director and Head of International Equity and Richard Pell, Chief Investment and Chief Executive Officer, both with Artio Global Investment Management LLC (whose name changed on June 15, 2008 from Julius Baer Investment Management LLC) — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (10.08)% compared to the Morgan Stanley Capital International (“MSCI”) All Country World (ex-US) Index⁽¹⁾, which returned (9.34)% for the same period.

Portfolio Specifics: The six months ending April 30, 2008 were among the most turbulent in recent memory. In an attempt to cushion the economy from slowing global growth and thaw the freeze in credit markets, the US Federal Reserve Bank (the “Fed”) cut the nation’s benchmark interest rate at the fastest pace in two decades to 2.0% by the end of April. They also took two bold steps to reassure an anxious investment community, first by infusing markets with $200 billion to ease liquidity and second, by creating a lending facility for investment banks to secure short-term loans (a benefit previously available only to commercial banks). Meanwhile, the European Central Bank (“ECB”) and the Bank of England were also faced with inflationary fears, however the ECB held rates steady through the period at 4% and the Bank of England cut its base rate by a mere 0.25% in April to 5.0%. Compared with other major world currencies, the dollar continued to move lower, declining by approximately 10% versus the Japanese yen and 8% versus the euro.

Our underweight to the commodity-oriented market of Brazil detracted from results as did stock selection within several emerging markets. OTP Bank Nyrt (Hungary), State Bank of India Ltd. warrants and Bank of Cyprus Public Co., Ltd. underperformed as did several industrials companies including Suzlon Energy Ltd. certificates (India), that nation’s largest maker of wind-turbine generators, Beijing Capital International Airport Co., Ltd. and China Merchants Holdings International Co., Ltd. However, our underweight to China and South Korea and overweight to the Czech Republic and Russia had a positive impact on performance.

Positively contributing to performance was our underweight to UK financials and consumer discretionary companies. Additionally, while we remained quite underweight to Japanese stocks, our ability to move closer to the benchmark weighting in the Japanese yen proved beneficial amid a strong environment for the currency. Within the materials sector, agricultural chemicals companies were quite strong amid continued demand for crop nutrients. Potash Corp. of Saskatchewan Inc. (Canada), Yara International ASA (Norway) and Silvinit BRD (Russia) were particularly solid performers. Additionally, infrastructure-related companies such as the world’s largest cement manufacturer LaFarge SA (France) performed well as did Rio Tinto Ltd. (Australia), a leading mining group with activities in aluminium, copper, coal, industrial metals and other materials. Finally, amid a weak equity environment overall, our decision to maintain a position in cash equivalents proved beneficial.

Current Strategy and Outlook: Over the next 6-12 months, we anticipate further economic weakness in the US and globally, amid a “delayed coupling”. We continue to focus on those areas of the world less dependent upon the US consumer. In our opinion, central and Eastern Europe, particularly Poland and Hungary remain attractive. We anticipate Hungary may be able to join the common currency within the next 4 years and find the banking sector in the region overall an attractive investment given the rise of the middle class and the demand for basic financial services. We remain underweight in Asian developed and emerging markets given their vulnerability to a slowdown in US consumption growth. However, we have identified a few interesting areas, including Taiwan and India. The newly elected President of Taiwan appears to have a more pragmatic approach toward China which, we believe, may improve economic links. Additionally, we do have positions within India which we view as more liberalized and competitive economically than China, making it structurally stronger in the long term. Corporate governance standards are also well ahead of the Chinese. We continue to be drawn to the banking sector in India which, in our opinion, is highly leveraged to gross domestic product (“GDP”) growth.

We continue to favor industries that are monopolistic or oligopolistic in nature such as airports and seaports. We also prefer industries leveraged to infrastructure spending such as mining and cement and are attracted to the positive dynamic in the agriculture industry with exposure to producers of agriculture chemicals.


⁽¹⁾	The MSCI All Country World (ex US) Index^sm is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the US. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


iShares DJ Euro STOXX 50	4.0	%
OTP Bank Nyrt	2.7	%
Komercni Banka A/S	2.6	%
OMV AG	1.6	%
Rio Tinto Ltd.	1.5	%
Total SA	1.4	%
State Bank of India Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.)	1.4	%
BP PLC	1.3	%
Holcim Ltd.	1.2	%
Nokia OYJ	1.2	%


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

Portfolio holdings are subject to change daily.

ING Greater China Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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 of ING Investment Management Asia/Pacific (Hong Kong) Limited — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (18.32)% compared to the Morgan Stanley Capital International (“MSCI”) All Countries Golden Dragon Index⁽¹⁾, which returned (17.69)% for the same period.

Portfolio Specifics: The Fund benefited from its stock selection in Hong Kong and Taiwan, while country allocation hurt performance due to an overweight in China, which underperformed during the first three months of the reporting period.

China reported real gross domestic product (“GDP”) growth of 10.6% year-over-year in the first quarter of 2008. Domestic consumption remained strong, as did industrial production, and export growth rebounded. Inflation came down, and food prices showed signs of stabilizing. The domestic Chinese A share market showed a decisive rebound after the China Securities Regulatory Commission (“CSRC”) cut stamp duty levies for securities transactions.

In Hong Kong, GDP growth remained high in the fourth quarter of 2007. The Fund’s positions in defensive stocks such as utilities company CLP Holdings Ltd. and Hang Seng Bank Ltd. outperformed in the market correction in the latter half of the reporting period. The Fund benefited from its positions in Hong Kong financials: overweights in banks and real estate and an underweight in diversified financials; Stock selection in real estate also helped performance.

Taiwan was one of the best performing markets during the period, Accordingly, the Fund’s underweight in Taiwan for most of the period detracted from results. Construction and financials were among the best performing sectors as the opposition party Kuomintang (“KMT”) won the presidential election during March. The market is anticipating better cross-strait relations between Taiwan and China with the change in the presidency in May 2008. The Fund’s overweight in the Taiwan domestic sector, including positions such as Far Eastern Textile Co., Ltd. and First Financial Holding Co., Ltd., helped performance.

On the other hand, stock selection in the Taiwan technology sector detracted from results. The Fund’s overweight in MediaTek, Inc. was a drag as its profit margin contracted, while an underweight in Taiwan Semiconductor Manufacturing Co., Ltd. ADR hurt as the stock outperformed. The Fund’s overweight in China Southern Airlines Co., Ltd. also hurt as oil prices moved higher.

Current Strategy and Outlook: Concerns regarding the US economic slowdown have dented sentiment, and China as an emerging market is not immune. Nevertheless, based on fundamentals, we believe China’s domestic economic picture looks bright: corporate earnings growth is faster than expected and core inflation is under control. Despite near-term tightening measures we believe the government is still taking a pro-growth stance in 2008. The renminbi has continued to strengthen gradually. We continue to maintain a positive long-term bias towards the Chinese market, though we believe it may pause after the strong rally in April.

The domestic fundamentals in Hong Kong remain stable, supported by negative real interest rates and buoyant consumer confidence.

In Taiwan, the eight-year political deadlock may soon end with the KMT controlling the executive arm as well as the legislature. Relations with China may improve, with both sides more likely to take a pragmatic view on promoting economic growth. We believe the longer-term outlook for Taiwan remains positive. In general, Taiwan is still heavily geared towards the IT sector, which may suffer from the US economic slowdown. We are maintaining an overall neutral market position, with bias towards the domestic focus sectors.


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

Top Ten Holdings
as of April 30, 2008
(as a percent of net assets)


China Mobile Ltd.	9.3	%
Chunghwa Telecom Co., Ltd.	4.1	%
Cathay Financial Holding Co., Ltd.	4.1	%
CLP Holdings Ltd.	4.1	%
First Financial Holding Co., Ltd.	4.0	%
China Overseas Land & Investment Ltd.	3.8	%
China Life Insurance Co., Ltd.	3.7	%
Cheung Kong Holdings Ltd.	3.7	%
Hong Kong Exchanges and Clearing Ltd.	3.6	%
Far Eastern Textile Co., Ltd.	3.2	%

Portfolio holdings are subject to change daily.

ING Index Plus International Equity Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (11.70)% compared to the MSCI EAFE^® Index, which returned (9.21)% for the same period.

Portfolio Specifics: The Fund’s strategy 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 Fund (between 300 and 400). 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 100-200 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.

The Fund’s return underperformed that of the benchmark in the review period due to adverse stock selection in Europe and, to a lesser extent, in developed Asia ex-Japan. The Fund’s modest value and small capitalization tilts constituted a headwind in a period where growth and larger capitalization stocks outperformed. By design the Fund’s sector and region weights approximate that of the benchmark; consequently no value is 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 stock selection result in each sector. For this reporting period, our positioning in materials had the largest negative impact, due largely to a perverse outcome of our valuation factors. In the industrials and consumer discretionary sectors the valuation and cash flow variables resulted in sub-optimal positioning. Stock selection in consumer staples sector added modestly to the excess return due to the effectiveness of the cash yield and book-to price factors.

Current Strategy and Outlook: By design, the Fund maintains approximate benchmark weights of the regions, economic sectors, and industries constituting MSCI EAFE^® Index and is expected to track the benchmark relatively closely. Stock selection flows from the in-sector/industry ranking models. Portfolio construction and risk control are utilized to ensure the characteristics of the Fund are within an acceptable band around the benchmark. Our most attractive ranking stocks may have individual overweights of up to 50 basis points, while for risk control purposes the maximum allowable underweight per security is 50 basis points. Within this context, the Fund currently has a modest tilt towards lower valuation and smaller capitalization stocks and has a resultant modest focus on stocks linked primarily to local economies. The current portfolio of stocks generated an historic earnings growth slightly exceeding that of the benchmark, carries a dividend yield similar to the benchmark, has an equivalent return on equity, but has less leverage than the benchmark.


⁽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 other expenses of investing.

Top Ten Holdings
as of April 30, 2008
(as a percent of net assets)


BP PLC	2.0	%
Novartis AG	1.4	%
Royal Dutch Shell PLC – Class B	1.3	%
Roche Holding AG	1.3	%
Total SA	1.3	%
ENI S.p.A.	1.3	%
Siemens AG	1.3	%
HSBC Holdings PLC	1.1	%
BNP Paribas	1.1	%
BHP Billiton PLC	1.1	%

Portfolio holdings are subject to change daily.

ING International Capital Appreciation Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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 of Hansberger Global Investors, Inc. (“HGI”) — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (10.18)% compared to the Morgan Stanley Capital International All Country World ex-U.S.^sm Index (“MSCI ACWI ex-US^sm”),⁽¹⁾ which returned (9.34)% for the same period.

Portfolio Specifics: A deepening and broadening of the credit market woes, as well as continuing evidence pointing to a high probability of a US recession drove the MSCI ACWI ex-U.S.^sm lower during the six-month period ended April 30, 2008. All of the major regions within the benchmark were negative during the period, with the Pacific ex-Japan and Emerging Markets regions leading the decline. All ten of the economic sectors posted negative returns during the same period, with consumer discretionary, financials, and industrials leading the decline.

From a regional attribution perspective, emerging markets (i.e., Petroleo Brasileiro SA ADR 26.4%, Samsung Electronics GDR 17.7%) was the largest contributor on a relative basis due to positive security selection and a positive currency effect. The Pacific ex-Japan region also contributed to relative performance, due primarily to positive security selection (i.e.; Rio Tinto Ltd. 26.7%, Woodside Petroleum Ltd. 10.4%). From a regional attribution perspective, Japan was the largest detractor from relative performance due to negative security selection and a negative currency effect (i.e., NGK Insulators Ltd. −45.3%, SMC Corporation −23.6%).

From a sector attribution perspective, telecommunication services (i.e.; MTN Group Ltd. 13.1%, Rogers Communications, Inc. 12.2%) was the largest contributor to relative performance due primarily to positive security selection. Materials (i.e., Syngenta AG 25.7%), financials (i.e., Credit Suisse Group 9.0%) and health care (i.e., Teva Pharmaceutical Industries Ltd. ADR 8.8%) all contributed to positive relative performance. From a sector attribution perspective, utilities (i.e., EDF Energies Nouvelles S.A −12.1%, E.ON AG −2.1%) was the largest detractor from relative performance. The negative security selection in the utilities sector was compounded by a relative underweight position to the sector.

Current Strategy and Outlook: We anticipate potentially more volatile markets in 2008 as the fallout from the credit market crisis continues to be digested. Potential credit issues and earnings disappointments, as well as higher inflation could start to erode real profits in 2008. In our opinion, visibility in terms of both earnings and economic growth also remains limited. Credit conditions may continue to remain tight throughout the remainder of the year.

On a positive note, we believe equity valuations in general, still look attractive compared to bonds. The U.S. Federal Reserve Board has also been very aggressive in cutting short-term interest rates which should provide support for corporate profits and the equity markets in general. There is also relative economic strength in many parts of the world with places such as China experiencing robust gross domestic product growth.

We believe that maintaining a well diversified portfolio of high quality companies with good secular growth stories should prove beneficial in times of uncertainty and could be among the first companies to recover when risk aversion subsides.


⁽¹⁾	The MSCI ACWI ex-U.S.^sm is a free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings
as of April 30, 2008
(as a percent of net assets)


Vestas Wind Systems A/S	2.5	%
Cia Vale do Rio Doce ADR	2.4	%
Petroleo Brasileiro SA ADR	2.1	%
Esprit Holdings Ltd.	2.0	%
BHP Billiton Ltd.	2.0	%
Rio Tinto Ltd.	2.0	%
Iliad SA	1.9	%
Nintendo Co., Ltd.	1.9	%
Banco Santander Central Hispano SA	1.9	%
Millicom International Cellular SA	1.8	%

Portfolio holdings are subject to change daily.

ING International Equity Dividend Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International 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, Moudy El Khodr, Senior Investment Manager Equities, and Kris Hermie, CFA, Senior Investment Manager of ING Investment Management Advisors B.V. — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (9.49)% compared to the Morgan Stanley Capital International World ex-US Index^sm (“MSCI World ex-US Index^sm”)⁽¹⁾, which returned (9.12)% for the same period.

Portfolio Specifics: During the period, high-dividend paying stocks underperformed the broad market and thus detracted from the Fund’s results. Stock selection had a net positive effect for the period, whereas asset allocation had a net negative effect. Stock selection was strongest in energy, utilities and telecoms.

Precision Drilling Trust led energy’s contribution, and was the best performing stock of the Fund. The stock benefited indirectly from rising natural gas prices, better Q4 results and the hope that the Canadian government might lower taxes on such trusts. Petroleo Brasileiros rose as its low reserve replacement ratio improved substantially along with earnings. Rising international oil prices, its emerging market status and Brazil’s credit rating upgrade by S&P helped. In the majors, Total SA and ENI S.p.A. produced positive returns.

Utilities were in demand; investors perceived the sector as able to withstand a global slowdown. Terna rose on good prospects for electricity transmission tariffs. CLP Holdings Ltd. rallied as the Hong Kong government deployed its budget surplus to maintain GDP though infrastructure projects. The company stands to benefit from increasing demand for power and supporting power infrastructure. The company also reported a 2007 net income increase of 7.2% to $1.36 billion. Elia rose 7%. All three companies increased their dividends.

Tate & Lyle PLC clawed back, having lost much ground since its September shock profit warning. Since the cautious January trading update, the US activist investor Harbinger Capital has built its stake up to 15%. Tate & Lyle PLC also regained its place in the FTSE 100 index at the last reshuffle.

Absence from the metals and miners segment of materials (low dividend) meant we missed out on gains. Rexam hurt results after it issued a profit warning in December and suffered again after announcing its full-year earnings in February. Fording Canadian Coal Trust contributed significantly to performance. Market tightness prompted analysts to raise their coal price assumption; merger and acquisition rumors gave an added boost. Fording Canadian Coal Trust’s contribution was not enough to offset the Fund’s underweight in materials, however.

Financials were weak due to the sub-prime contagion. A notable exception was Taiwanese bank Mega Financial. The overall trend was down, however, with the worst detractors being Société Générale, RBS, Barclays PLC and Suncorp-Metway. Earnings fell; write-downs and rights issues followed. Soc Gen and RBS also cut their dividends. Barclays PLC reported a fall in H2 profit of 21% on asset write-downs and a drop in fixed-income trading revenue. Insurer Suncorp said in February that first-half profit tumbled 28% on increased payouts for storms and declining financial markets.

Retailer DSG International PLC cost the Fund the most. The company announced a profit decline early in the period, followed by a later profit warning on weak holiday sales, especially in its PC chain.

Current Strategy and Outlook: In our opinion, the outlook for the strategy remains positive. We believe investments in quality defensive names will give the Fund downside protection and lower volatility. As the global economy has slowed, the Fund has sold expensive sectors (utilities) or ones where we see limited upside (telecoms) and reduced emerging markets exposure. Reinvestment has emphasized cyclicals, consumer staples and health care. We continue to seek sectors or individual stocks to exploit temporary under valuations that often occur.


⁽¹⁾	The MSCI World ex-US Index^SM is an unmanaged index that comprises the entire developed world less the United States. The designation of a country as developed arises primarily as a measurement of GDP per capital.

Top Ten Holdings
as of April 30, 2008
(as a percent of net assets)


ENI S.p.A.	2.0	%
Royal Dutch Shell PLC	2.0	%
Fortis	1.9	%
Total SA	1.9	%
UniCredito Italiano S.p.A.	1.9	%
BP PLC	1.8	%
Enel S.p.A.	1.7	%
AstraZeneca PLC	1.7	%
Banco Bilbao Vizcaya Argentaria SA	1.7	%
Precision Drilling Trust	1.7	%

Portfolio holdings are subject to change daily.

ING International Growth Opportunities Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Growth Opportunities Fund (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, Portfolio Manager of ING Investment Management Co. — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (8.62)% compared to the Morgan Stanley Capital International — Europe, Australasia and Far East^® Growth Index⁽¹⁾ (”MSCI EAFE^® Growth Index”) which returned (7.62)% for the same period.

Portfolio Specifics: The final three months of 2007 presented a rocky scenario that continued into 2008. International markets suffered as a certain degree of “re-coupling” emerged. Much of the turmoil stemmed from the US, which has been affected by a multitude of issues, from a credit crunch, risk of a recession and topping the list, the failure of the once mighty investment bank Bear Stearns. There have been pockets of good news, however, as German and French sentiment has risen and the weak dollar has translated into increased returns overseas.

Security selection was positive during the period, particularly in the consumer staples sector. Asset allocation was negative during the period. The Fund’s underweight and security selection within consumer discretionary bolstered results. In addition, an overweight and selection within materials added value. On a regional level, the Fund’s exposure to non-benchmark North America contributed to results.

The Fund’s overweight and selection in financials detracted from results. An overweight coupled with weak selection in information technology similarly proved unsuccessful. Selection within energy detracted from results. The Fund’s exposure to non-benchmark emerging markets also detracted. Within Europe, an underweight coupled with weak selection hurt performance.

UK video game retailer Game Group PLC saw shares appreciate after reporting a doubling of its profit attributed to strong sales. The Finnish supplier of mining equipment and metal processing, Outotec OYJ, rose on a 51% increase in Q1 pretax profit, stemming from stronger demand. Japanese video game manufacturer Nintendo Co., Ltd. continued to rise on strong profit and sales of its Wii gaming console.

Hyundai Development Co., the Korean housing construction company, saw shares fall due to increasing raw material costs. French retailer PPR fell in the wake of a slowdown of sales in its mature markets; Gucci sales were especially weak. New World Development Ltd. continued to slide in a negative headwind created by the weakened Hong Kong property market.

Current Strategy and Outlook: Consistent with our outlook from last reporting period, we have sought to capitalize on opportunities that the recent downturn has provided. Risks to the upside remain, as inflationary concerns coupled with uncertainty in global markets have the potential to cause above-average volatility. In our opinion, a certain degree of confidence has been restored, however, as evidenced by central banks poised for action. We will seek further opportunities across a wide array of markets.


⁽¹⁾	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.

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


Nestle SA	4.8	%
Anglo American PLC	4.3	%
Xstrata PLC	4.0	%
Nokia OYJ	3.6	%
Nintendo Co., Ltd.	3.3	%
Li & Fung Ltd.	2.9	%
Outotec OYJ	2.8	%
Game Group PLC	2.6	%
Reckitt Benckiser PLC	2.6	%
Cosan SA Industria e Comercio	2.6	%


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

Portfolio holdings are subject to change daily.

ING International Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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, CFA and Steven D. Burton, Managing Director, CFA of ING Clarion Real Estate Securities L.P. — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (14.25)% compared to the Standard & Poor’s/Citigroup World ex-U.S. Property Index⁽¹⁾ (“S&P/Citigroup World ex-U.S. Property Index”) which returned (15.63)% for the same period.

Portfolio Specifics: International property companies generally posted a negative total return for the period as angst about a weakening economy, continuing problems in the credit markets and decelerating earnings growth forecasts have weighed on the stocks. Promising price movements exhibited in the markets in April and provided some hope that equity markets, including international property stocks, are beginning to firm following proactive moves by the Federal Reserve Bank (the “Fed”), which lowered the federal funds rate by 75 basis points (0.75%) to 2.25% and, separately, provided financial support via a $200 billion lending program to the banking community. The subsequent positive response by equity markets, including real estate investment trusts (“REITs”), helped to advance the argument that the worst of the current credit crunch might be behind us. We continue to believe that property stocks are well-positioned to manage through the current economic environment, despite headwinds which may persist past mid-year.

Fund outperformance for the period was driven by stock selection and country allocation. Stock selection, which accounted for roughly 60% of the period’s outperformance, was especially strong in the Asia-Pacific region as the Fund maintained its tilt towards conservatively-managed companies, defensive property types, and rock-solid balance sheets. Examples of Fund holdings along these lines include Australian global mall operator Westfield Group, Hong Kong shopping center company the Link Real Estate Investment Trust, and Tokyo office landlord Mitsubishi Estate Co., Ltd., all of which soundly outperformed their respective countries’ average return for the period. Conversely, the Fund is avoiding investments in companies with the opposite characteristics, especially companies with above-average leverage or any prospective refinancing concerns. Country allocation decisions added value as relative performance was helped by overweights to outperforming property markets in Brazil, France, and the Netherlands, combined with an underweight to the underperforming markets of Hong Kong, Germany and Spain.

The Fund continues its strategy of positioning the portfolio toward well-managed companies, defensive property types and conservative balance sheets while avoiding companies with above-average leverage or any prospective refinancing concerns. At period end, this translated into overweight allocations to the relatively higher-quality property markets of France and the Netherlands and underweight markets where property fundamentals and outlook are not as strong, such as Austria, Germany and Spain.


⁽¹⁾	The S&P/Citigroup World ex-U.S. Property Index, 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.

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


Mitsubishi Estate Co., Ltd.	7.0	%
Unibail	6.6	%
Westfield Group	6.4	%
Sun Hung Kai Properties Ltd.	6.1	%
Cheung Kong Holdings Ltd.	6.0	%
Mitsui Fudosan Co., Ltd.	5.6	%
Land Securities Group PLC	4.1	%
Stockland	2.4	%
Corio NV	1.9	%
Hammerson PLC	1.9	%


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

Portfolio holdings are subject to change daily.

ING International SmallCap Multi-Manager Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Small Cap Multi-Manager Fund (the “Fund”) seeks maximum long term capital appreciation. The Fund’s assets are managed by three sub-advisers — Acadian Asset Management, Inc. (“Acadian”), Batterymarch Financial Management, Inc. (“Batterymarch”) and Schroder Investment Management North America Inc. (“Schroders”)⁽¹⁾. Each manages a portion of the Fund’s assets that is allocated to the sub-adviser. John Chisholm, CFA, Executive Vice President and Co-Chief Investment Officer and Matthew J. Cohen, CFA, Senior Vice President, Portfolio Managers of Acadian. Charles F. Lovejoy, CFA, Director and senior Portfolio Manager and Christopher F. Floyd, CFA, Portfolio Manager of Batterymarch. Matthew Dobbs, Portfolio Manager of Schroders.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (17.82)% compared to the S&P/Citigroup Extended Market Index World ex-U.S.⁽²⁾ (“S&P/Citigroup EMI World ex-U.S.”) and the S&P/Citigroup Extended Market Index Europe Pacific Asia Composite Index⁽³⁾ (“S&P/Citigroup EMI EPAC Index”), which returned (13.92)% and (13.47)%, respectively, for the same period.

Portfolio Specifics: Acadian—The Fund trailed the index for the six-month period, largely as a result of active stock selection. There were a number of markets that saw a negative environment for our approach, including Switzerland, Korea, Australia, Hong Kong and the Netherlands. Finance, materials and service holdings were key sources of underperformance, including such companies as Macquarie DDR Trust and Seven Network Ltd. in Australia, Hanwha Chemical Corp. in Korea and Midland Holdings Ltd. in Hong Kong. There was some value added back from stock selection elsewhere in the Fund, including the UK, where a focus on energy and durables firms was rewarded. From a country weighting perspective the Fund gained from its allocations to Russia and Israel and from underweighting the UK. This was offset, however, by value lost from the underweighting in Switzerland and the allocations to Korea, Turkey and China.

Batterymarch—Batterymarch’s investment process combines fundamental viewpoints with quantitative implementation. Not surprisingly, our stock selection model did not perform well during the period as price movements were often not driven by fundamentals.

Nonetheless, stock selection in continental Europe was strong. The greatest contributor to relative performance was Eramet SLN, a French producer of nickel, manganese and ferro-alloys benefiting from very strong manganese prices. Arques Industries AG, a German investment company that acquires and restructures medium-sized industrial businesses, was the greatest detractor, hurt by concerns over high leverage and low liquidity in the current financial environment.

Selection in Japanese consumer discretionary and industrials sectors also detracted. Takeuchi Manufacturing Co., Ltd., a Japanese manufacturer of construction machinery, was the laggard for that region which saw relative underperformance, due to rising raw materials costs and a stronger yen. Selection in the U.K. was also weak, most notably in the industrials and financials ex banks sectors. The laggard for that region was Southern Cross Healthcare Ltd. whose share price declined 45% from November 2007 to the end of April 2008. In the Australia, New Zealand and Canada region, Australian financials sector holding Babcock & Brown Capital Ltd., negatively impacted relative performance due to it’s negative return of more than 50%. The company was hit by leverage and funding concerns relating to its structured finance and property investments.


⁽¹⁾	Schroders began managing its portion of the Fund effective December 17, 2007.
⁽²⁾	The S&P/Citigroup EMI World ex-U.S. is an unmanaged extended market index of the world market, excluding U.S. extended meaning small capitalization stock universe or bottom 20% of available capital of each country.
⁽³⁾	The S&P/Citigroup EMI EPAC Index is an unmanaged index which consists of the smaller capitalization stocks of the Citigroup Broad Market Index, and tracks companies in developed countries in the European and Pacific regions. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


Singapore Petroleum Co., Ltd.	2.3	%
Dana Petroleum PLC	2.0	%
Yamato Kogyo Co., Ltd.	1.6	%
Rallye SA	1.5	%
Salzgitter AG	1.2	%
MTU Aero Engines Holding AG	1.1	%
Australian Worldwide Exploration Ltd.	0.9	%
Gildemeister AG	0.9	%
Nexity	0.9	%
Sherritt International Corp.	0.9	%


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

Portfolio holdings are subject to change daily.

ING International SmallCap Multi-Manager Fund (continued)

Portfolio Managers’ Report

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 portfolio performance.

Schroders—International equity markets have been weak over the period, with the deterioration in global growth prospects and continued uncertainties in the credit markets weighing heavily upon sentiment. Smaller companies have been somewhat weaker than larger peers, reflecting a more cyclical sectoral bias, and investor flight to the perceived safety of larger companies. In regional terms, Japan and the continental European markets have been more resilient than the U.K. and smaller Asian markets. In sectoral terms, utilities have proved defensive, while, despite slowing global growth, energy and materials have continued to perform well, supported by fears over supply and continued demand from emerging markets. The relative performance of the Fund has reflected a balance of positive and negative factors. Among the positives has been strong stock selection in the U.K., notably among health care (ClinPhone PLC), consumer cyclical (Inchcape PLC) and industrial (Chloride Group PLC) holdings, and also in Asia ex Japan (Downer EDI, Ltd., First Resources Ltd.). The most significant area of disappointment has been in Japan, where selection was weak among consumer cyclicals (Gulliver International Co.) and materials.

The largest regional exposure for the Fund has been in the continental European markets, but the impact upon relative performance of our positions has been of neutral impact. Stock selection in the industrial (CIR-Compagnie Industriali Riunite S.p.A, Saft Groupe SA, MTU Aero Engines Holding AG) has been poor, partly reflecting investor fears over the impact of the strong euro upon profitability and competitiveness. As a counter balance to this, selection in the energy (SBM Offshore NV, Fugro NV, Bourbon SA), financial (Helvetia Holding AG, Store Electronic) and health care (Schweizerhall Holding AG) has added value.

Current Strategy and Outlook: Acadian—The Fund remains focused on active stock selection, seeking well-valued companies that appear to have strong potential for outperformance based on earnings, price and quality characteristics. Bottom-up stock picking is currently leading the portfolio to overweight Japan, Singapore and Australia, in addition to emerging markets Taiwan, Turkey and Mexico. There is less of an emphasis on Europe, with Belgium, Italy, France, Spain, the U.K. and Switzerland all underweighted.

Batterymarch—Continental Europe remains attractively ranked by our models due to reasonable valuations and strong growth expectations, while Japan has reverted to the least favored major region due in large part to the deterioration in the earnings outlook.

As of April 30, 2008, the Fund remained attractively valued versus the benchmark, with a lower 12 month forward P/E (10.7x vs. 12.5x) and a higher two year forward earnings’ growth rate (15.50% vs. 14.81%).

Schroders—In terms of absolute valuations smaller companies are cheaper than they have been at any time since the 1990/91 recession. We believe that the Fund offers an attractive combination of valuation to growth, and that this growth will prove relatively more resilient given our focus on visibility of earnings. In terms of regional positioning, we aim to be overweight in smaller Asian/emerging markets reflecting attractive valuations and the longer-term underpinnings to domestic demand growth. Our stock selection remains very focused on this and less upon export sensitive stocks for which, we believe, rising costs, worsening demand and currency strength present considerable challenges. In our opinion, this general thrust of caution on export demand/US dollar sensitivity is also evident in the European holdings, although selected currency sensitive stocks are retained on the basis of cheap valuations and strong market positions. Recent purchases, therefore, have been in rather more defensive sectors such as utilities and pharmaceuticals.

An unusual role as “safe haven” has supported Japan in the year to date, as has a recovery in the yen. We remain cautious, and if anything the out-performance has enhanced the relative attractions of opportunities elsewhere. In the U.K., growth remains on a decelerating trend. We believe the monetary authorities are likely to show a greater urgency to ease policy, but are constrained by a weaker currency and headline inflation, while fiscal options are limited. Absolute valuations for smaller companies are reasonable and merger and acquisition activity remains resilient despite the credit conditions. We continue to emphasize specialist industrials and other visible growth stocks over consumer cyclicals.


	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.

ING International Value Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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, Jim 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, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (8.84)% compared to the Morgan Stanley Capital International — Europe, Australasia and Far East^® Index (“MSCI EAFE^® Index”)⁽¹⁾, which returned (9.21)% for the same period.

Portfolio Specifics: Stock price declines for the Fund’s holdings in the diversified telecommunication services, pharmaceuticals, and communications equipment industries adversely affected performance during the period. Declines for positions such as Telecom Italia Capital SA (Italy — diversified telecommunication services), Sanofi-Aventis (France — pharmaceuticals), and Nortel Networks Corp. (Canada — communications equipment) were some of the largest detractors in these industries. Negative results for Marks & Spencer PLC (United Kingdom — multiline retail), Alcatel-Lucent (France — communications equipment), and Deutsche Telekom AG (Germany — diversified telecommunication services) also proved unfavorable to the Fund’s return. Conversely, advances registered by securities in the insurance, food & staples retailing, and chemicals industries helped temper declines.

On a country basis, declines for UK-based holdings had the most negative influence on performance. Royal Bank of Scotland Group PLC (United Kingdom — commercial banking), GlaxoSmithKline PLC (United Kingdom — pharmaceuticals), and AstraZeneca PLC (United Kingdom — pharmaceuticals) were among those UK-based positions that experienced some of the greatest share price declines. Other negative contributors included declines for the Fund’s holdings based in France, Germany, and Italy. Simultaneously, Japan-based holdings, such as Mitsubishi UFJ Financial (commercial banking) and Mitsui Sumitomo (insurance), generally advanced during the period.

Relative to the index, the Fund’s lack of exposure to positions in the oil, gas, & consumable fuels and metals & mining industries detracted most from performance. Conversely, stock selection in the insurance industry proved beneficial on a relative basis. Among countries, stock selection coupled with lackluster performance for securities based in the U.K. and France weakened relative returns, while stock selection and overweight exposure in Japan proved favorable. As a reminder, 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 Covidien Ltd. (Bermuda — health care equipment & supplies). We sold the Fund’s position in LG Electronics, Inc. (South Korea — household durables) to pursue what we believe to be more attractive opportunities. We also purchased shares of companies at prices that we consider attractive, including Swiss Reinsurance (Switzerland — insurance) and Barclays PLC (United Kingdom — commercial banking).

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. 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 equity 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 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 other expenses of investing.

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


Deutsche Telekom AG	3.8	%
Sanofi-Aventis	3.5	%
Mitsubishi UFJ Financial Group, Inc.	3.5	%
AstraZeneca PLC	3.4	%
GlaxoSmithKline PLC	3.2	%
Mitsui Sumitomo Insurance Group Holdings, Inc.	2.6	%
Sumitomo Mitsui Financial Group, Inc.	2.6	%
Seven & I Holdings Co., Ltd.	2.5	%
Telefonaktiebolaget LM Ericsson	2.5	%
Hitachi Ltd.	2.3	%


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

Portfolio holdings are subject to change daily.

ING International Value Choice Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (5.41)% compared to the Morgan Stanley Capital International — Europe, Australasia, Far East^® Index⁽¹⁾ (“MSCI EAFE^® Index”), which returned (9.21)% for the same period.

Portfolio Specifics: Although posting absolute negative returns, the Fund experienced strong relative performance in this period of turbulence, outperforming the negative MSCI EAFE^® return. Outperformance came from many sectors and regions with the largest contribution to relative outperformance generated from the consumer staples, industrial, and telecommunication (“telecom”) service sectors and regionally from Japan.

As mentioned, one of the top contributors to performance was the consumer staples sector. While the Fund was slightly underweight the sector relative to the benchmark, the holdings therein performed very well during the period. Specifically, Kirin Brewery Co., Ltd., the greatest contributor to performance in the Fund, appreciated considerably during the period based on its ability to successfully push through price increases, from decreased competition due to factory closings by one of its major competitors, and a much improved profit outlook.

In the industrials space, both the Fund’s Japanese printing companies, Dai Nippon Printing Co., Ltd. and Toppan Printing Co., Ltd. performed well. Reported profits were strong and the clear value nature and defensive qualities of these names became apparent in the general market sell-off.

The telecom holdings in the Fund ran the gamut of returns. The Fund continues to be overweight telecom relative to the index, and this sector was one of the poorest performing for the benchmark over the period. Chunghwa Telecom Co., Ltd. was the strongest performer in the group, due in part to a more stable political environment in Taiwan after the conclusion of elections, and more importantly, on the agreement reached with local regulators enabling the company to return capital to shareholders. Conversely, Telecom Italia Capital SA was the worst performer among the sector holdings and the largest detractor from performance in the Fund, amid concerns about credit deterioration and the ability of management to quickly implement a stabilization program to switch more business to the higher-margin mobile segment.

Information technology, whose weighting was greater than that of the index, continued to be one of the poorest performing sectors for the Fund; the sector holdings underperformed versus the benchmark. Alcatel SA, the Franco-American telecom equipment manufacturer, was the largest decliner in the sector.

Though the holdings within the sector posted a range of returns, the materials sector was the leading detractor to the Fund’s performance. The Fund’s positions in Anglogold Ashanti Ltd. ADR, Apex Silver Mines Ltd., Gold Fields Ltd., and Stora Enso OYJ, in particular, were notable detractors of performance over the period, each exhibiting weakness in price as a result of company specific circumstances.

While the weaker US dollar aided the index return by over 4%, our regional positioning, with a significant continued underweight to the Eurozone and exposure to South Africa (the rand fell by over 13%), meant that the Fund only benefited by about 2% in the period, although clearly being aided by their overweight position in Japan and the much stronger yen. From a regional perspective, Fund holdings in Japan performed very strongly, posting returns well above that of the index in US dollar terms.

Current Strategy and Outlook: The market’s early year sell-off was not unanticipated given the generally elevated nature of global equities coming into the end of 2007. Our focus on buying companies trading for less than their intrinsic worth has helped us weather this storm, and we believe market volatility provides us with new opportunities to find value in new places such as the financial sector. While we do not believe the worst is over for this sector or markets in general, the recent correction gives us the opportunity to continue to build a strong Fund of high quality names which we believe will do well over the long term. Japan continues to look attractive, and our exposure has increased at the margin, despite our strong relative performance. Also, in our opinion the health care space is increasingly providing opportunities to buy leading pharmaceutical companies at valuations that give us their pipeline for free.


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

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


Nippon Telegraph & Telephone Corp. ADR	4.0	%
Anglogold Ashanti Ltd. ADR	3.8	%
Gemalto NV	3.5	%
BP PLC	3.2	%
Newmont Mining Corp.	3.2	%
Fuji Photo Film Co., Ltd.	3.1	%
Telecom Italia S.p.A. RNC	3.0	%
Barrick Gold Corp.	3.0	%
Dai Nippon Printing Co., Ltd.	3.0	%
Alcatel SA	2.8	%


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

Portfolio holdings are subject to change daily.

ING International Value Opportunities Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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, of ING Investment Management Advisors, B.V. — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (10.20)% 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 (10.87)% and (9.21)%, respectively for the same period.

Portfolio Specifics: Over the last six months, markets were extremely volatile, as the financial sector in particular went through very tough times. A weak housing market, massive write-downs from established financial houses, a dry-up of liquidity on most of the developed money markets, and solvency issues in many banks pushed the financial sector significantly lower. That, combined with poor economic data, hurt the whole market. Some encouraging results were released in April, however, excluding financials. Investors took these as a sign of relative good health and pushed prices up, recouping some of the earlier losses.

Defensive sectors did better as investors hid during the storm. Consumer staples massively outperformed thanks to stable cash flow and a certain visibility. Also utilities did relatively well, for the same reasons as consumer staples: visibility and solid cash flow even in a downturn. Energy was also a good performer, benefiting from the increase in the crude oil prices.

International portfolios in general were hit hardest by the poor performance of the financials sector. The information technology sector fared worse, driven mostly by a complete de-rating. Industrials were also poor performers, which is typical in a downturn: you tend to sell the cyclical stories. Surprisingly, the telecommunication sector was weak but this was mostly due to the first quarter of 2008, when investors took profits from the stellar performance in 2007.

The Fund’s outperformance was due mainly to good stock selection among consumer durables, particularly the apparel industry; consumer staples; and in financials. Also helpful was an underweight in automobiles and components — part of consumer durables. Mitsubishi UFJ Financial Group, Inc., the Japanese mega-bank, outperformed, particularly in April as it benefited from good economic data and seemed less affected by U.S. toxic financial instruments. The Fund benefited from its positioning in the integrated oil companies: Royal Dutch Shell PLC, BP PLC, Total Real Estate Investment Trusts and Eni S.p.A. contributed strongly to results in the context of a falling market. Telefonaktiebulaget LM Ericsson also was a good performer as we bought the stock after the first profit warning.

Detractors from results included banks such as HBOS PLC and Danske Bank A/S, following bad results and an unexpected right issue (HBOS PLC). Alstria Office AG, the German office real estate company was particularly weak during the period although over the first quarter this year had a good run. Iberdrola SA has been weak also as its takeover premium disappeared.

Current Strategy and Outlook: The issues that we raised in recent reports have gotten bigger. The housing market continues to fall in the United States and in some European countries. In our opinion, commodities are extremely expensive, and may create the next bubble; companies are having greater difficulty maintaining their high margins as input costs go through the roof. Inflation in that context is anything but helpful. Macroeconomic data are weak. In such an environment we believe it is best to invest defensively and possibly later this year move back into the hard-beaten stocks.


⁽¹⁾	The MSCI EAFE^® Value Index is an unmanaged index consisting of that 50% of the MSCI EAFE^® with the lowest Price/Book Value Ratio. Index weightings represent the relative capitalizations of the major overseas markets included in the index on a U.S. dollar adjusted basis.

⁽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 other expenses of investing.

Top Ten Holdings
as of April 30, 2008
(as a percent of net assets)


Royal Dutch Shell PLC – Class A	4.3	%
HSBC Holdings PLC	4.0	%
Total SA	3.6	%
Fortis	3.1	%
Banco Santander Central Hispano SA	2.9	%
Vivendi	2.8	%
BP PLC	2.7	%
Sanofi-Aventis	2.7	%
ENI S.p.A.	2.4	%
Mitsubishi UFJ Financial Group, Inc.	2.3	%

Portfolio holdings are subject to change daily.

ING Russia Fund

Portfolio Managers’ Report

Industry Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Russia Fund (the “Fund”) seeks long-term capital appreciation through investment primarily in equity securities of Russian companies. The Fund is managed by Jan-Wim Derks and Gus Robertson⁽¹⁾ of ING Investment Management Advisors, B.V. — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (1.31)% compared to the Morgan Stanley Capital International Emerging Markets (“MSCI EM”) Index^sm(2) and the Russian Trading System (“RTS”) Index⁽³⁾, which returned (10.28)% and (4.43)%, respectively, for the same period.

Portfolio Specifics: Over the last six months global equity markets experienced significant levels of volatility and Russia was no exception. Though Russian equities were particularly strong in the last months of 2007, early in 2008 the market was dragged down by deteriorating global sentiment. Over a period of 7 trading days in January the RTS Index lost almost 20%. Since then, Russia has recovered most of the loss.

The Fund was overweight materials, which was one of the main drivers of performance. Mechel Steel was one of the largest single overweight positions at the start of the period and has risen some 70% since then. The Fund continues to hold this name but has trimmed it’s position. Early in 2008 the Fund made investments in Uralkaliy (potash/fertilizer) and Raspadskaya (coal), which also have been strong performers.

A zero weighting in VTB Bank OJSC GDR, Russia’s second largest bank, benefited the Fund’s relative performance. A small, off-index position in Bank St. Petersburg BRD added value as the stock rose 12% despite the larger banking stock losses. Another contributor was the significant underweight in utilities.

Detractors from results were largely stock-specific. Pipeline operator Transneft has been out of favor as investors are losing faith that the company is being run in the best interests of minority shareholders. The Fund has exited this position. TMK OAO Pipe’s first quarter production volumes deteriorated and the stock lost more than 25%. The Fund continues to hold this position as we believe the problem is temporary and the stock provides interesting exposure to the Russian infrastructure theme. A position in real estate developer Open Investments also detracted. Additionally, due to diversification requirements, the Fund is structurally underweight the integrated oil & gas industry group, which has detracted from performance.

Current Outlook and Strategy: The portfolio managers have a positive outlook on the Russian market for a number of reasons: (1) in our opinion, political uncertainty has been removed with the passing of the elections and the smooth transition to the new president, Dmitry Medvedev, while former president, Vladimir Putin, has been appointed Prime Minister; (2) commodity prices remain at historically high levels, and even if they fall somewhat we believe the Russian commodity companies will be very profitable; (3) valuations are attractive relative to emerging market peers; (4) the government is taking steps to provide tax relief to the oil sector, which, in our opinion, suffers from a particularly burdensome tax regime; and (5) we believe the macroeconomic outlook is strong which should provide a solid platform for corporate earnings growth.

The focus of the portfolio is not likely to change dramatically in the near term as we believe the infrastructure and domestic consumption related stories will continue to play out. Materials and the consumer sectors are thus likely to remain overweighted and we continue to look for further ways of playing these themes. This is financed by the underweights in utilities, financials and energy. Despite the Fund’s structural underweight in energy, the positions in oil stocks are likely to be adjusted according to the expected favorable changes in the tax regime, while in the steel sector it looks increasingly likely that less favorable tax changes will be implemented.


⁽¹⁾	Mr. Robertson was added as a portfolio manager to the Fund effective January 1, 2008.
⁽²⁾	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 other expenses of investing.
⁽³⁾	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.

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


Sberbank RF	13.5	%
Lukoil-Spon ADR	13.0	%
OAO Gazprom	10.3	%
OAO Gazprom ADR	6.7	%
OAO Rosneft Oil Co. GDR	4.9	%
MMC Norilsk Nickel ADR	4.5	%
Mechel OAO ADR	3.4	%
Novatek OAO GDR	3.0	%
Uralkali GDR	3.0	%
Tatneft GDR	2.7	%


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

Portfolio holdings are subject to change daily.

ING Emerging Markets Fixed Income Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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, Senior Portfolio Manager, of ING Investment Management Advisors, B.V. — the Sub-Adviser.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (0.82)% compared to the JPMorgan Emerging Markets Bond Index Global Diversified⁽¹⁾ (“JPMorgan EMB Index Global Diversified”), which returned 1.90% for the same period.

Portfolio Specifics: The credit crunch took front stage again in November. Spreads of risky assets surged higher across the board. Central Banks supplied record amounts of liquidity to the banking system to relieve money market/inter bank stress. The first months of 2008 started dramatically for many asset classes: new economic data indicated a U.S. recession, large mono-line insurers might be in danger of losing their AAA ratings, fraud at Societé Generale. Equity markets tumbled, spreads on credits and high yields widened considerably.

Negative headlines dominated the first quarter with the bail-out of Bear Stearns as a climax. The Federal Reserve Board (the “Fed”) took aggressive measures to calm the financial markets (rate cuts, supplying the banks and brokers with liquidity etc). Emerging market debt lost ground but outperformed other risky fixed income asset classes such as high yield and credits.

Over the reporting period the Fund underperformed the benchmark. Overweights in higher beta countries, e.g., Argentine and Venezuela, were amongst the main causes of underperformance. The Fund’s lower average credit quality detracted from results in the market turmoil.

Current Strategy and Outlook: The Fund is positioned with a small overweight of spread duration. Overweight positions are mainly in higher-spread countries, funded by underweights in lower-spread countries. In instrument selection we have a moderate corporate credit exposure focused mostly on higher rated credits in a good position to benefit from high growth in emerging markets.

The local component has a moderate foreign currency risk, with Latin America having the most attractive currencies in our view. Further we have moderate positions in local interest rate duration in several countries, the most attractive of which are in countries where real rates are higher than improved macro stability would warrant.


⁽¹⁾	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.

Top Ten Holdings
as of April 30, 2008
(as a percent of net assets)


Russia Government International Bond, 7.500%, due 03/31/30	4.1	%
Russia Government International Bond, 12.750%, due 06/24/28	3.4	%
Petroleos de Venezuela SA, 5.375%, due 04/12/27	2.8	%
Brazil Government International Bond, 7.125%, due 01/20/37	2.4	%
Republic of Turkey, 7.000%, due 09/26/16	2.2	%
Republic of Iraq, 5.800%, due 01/15/28	2.1	%
Republic of Colombia, 7.375%, due 01/27/17	2.0	%
Philippine Government International Bond, 8.250%, due 01/15/14	1.8	%
Petroleos de Venezuela SA, 5.250%, due 04/12/17	1.7	%
Turkey Government International Bond, 9.500%, due 01/15/14	1.6	%

Portfolio holdings are subject to change daily.

ING Global Bond Fund

Portfolio Managers’ Report

Investment Type Allocation
as of April 30, 2008
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six-month period ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of 8.91% compared to the Lehman Brothers Global Aggregate Index⁽¹⁾ (the ”Index”), which returned 6.27% for the same period.

Portfolio Specifics: The past six months were marked by continued market turmoil, as mortgage, credit and liquidity problems proved to be anything but contained, and the distress in the financial markets coincided with a downturn in the global economy. In the US, the employment continued to deteriorate, manufacturing was extremely weak and consumer confidence plummeted on soaring gas prices and sinking home prices. The UK also began to show weakness, as falling home prices and tighter credit pushed consumer confidence to a 13-year low.

The main focus in the euro region was on inflation, which soared to a 16-year high in March, putting it above the European Central Bank’s (“ECB”) comfort zone. Higher inflation caused consumer and business confidence to weaken, but the ECB made it apparent that their only focus is price stability. Japan continued to be weighed down by a lackluster domestic economy, a soft labor market, unimpressive consumption and declining housing.

One of our highest-conviction views was that the UK would be the next country under pressure, and that the rest of the world would not escape the impact of a U.S. slowdown. Accordingly, the Fund held more interest rate exposure in the UK, Germany and Canada than the benchmark. These exposures benefited the Fund as yields dropped globally. The Fund benefited significantly from being positioned for a steeper U.S. yield curve, as the short maturity bonds outperformed longer maturity bonds. Also, the Fund benefited from being underweight the dollar. At certain times throughout the period, the Fund was overweight the euro and the Japanese yen.

The Fund benefited from a significant position in the Norwegian krone and from an underweight exposure to the British pound. A sizeable underweight to the corporate and mortgage sectors also helped performance. As credit and securitized spreads reached all-time wide levels, the Fund had far less exposure to these assets than did the benchmark and gained from holding protection on certain credit names.

Current Strategy and Outlook: Our outlook for the US economy remains negative. In our opinion, unemployment and consumer confidence have gotten decidedly worse. We believe confidence and spending will not pick up until a bottom in house prices is in sight, and this seems like a far-off event. While further interest rate cuts seem necessary, the Federal Reserve Board (the “Fed”) seems to be on hold and more inclined to use alternative policy actions. We are shifting some focus to global growth, where less easing is priced in and more opportunities remain. In our opinion, the UK in particular seems to be the most vulnerable, with falling house prices, highly levered consumers, and interbank lending issues that are worse than those in the US.

With a global economic decline looming, and the US economy being stimulated by fiscal and monetary actions, we believe the US dollar should eventually benefit. We intend to take advantage of depreciations in the euro and British pound. We think the ultimate direction for the US yield curve is steeper, and we will remain in positions which seek to capture this movement in various markets, as we believe short-term interest rates are eventually set to come down globally.


⁽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.

Top Ten Holdings*
as of April 30, 2008
(as a percent of net assets)


Bundesobligation, 3.500%, due 04/08/11	12.2	%
U.S. Treasury Note, 3.125%, due 04/30/13	6.9	%
Bundesrepub. Deutschland, 4.250%, due 07/04/17	4.8	%
Japan Government CPI Linked, 1.200%, due 12/10/17	3.7	%
United Kingdom Gilt Bond, 4.000%, due 03/07/09	2.9	%
U.S. Treasury Bond, 3.500%, due 02/15/18	2.9	%
U.S. Treasury Note, 2.125%, due 04/30/10	2.8	%
U.S. Treasury Note, 1.750%, due 03/31/10	2.8	%
Federal Home Loan Mortgage Corporation, 5.500%, due 05/01/37	2.6	%
Japan Financing Bills, 0.520%, due 06/09/08	2.1	%


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

Portfolio holdings are subject to change daily.

ING Diversified International Fund

Portfolio Managers’ Report

Asset Allocation
as of April 30, 2008
(as a percentage of net assets)

Portfolio holdings are subject to change daily.

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

Portfolio Specifics: The Fund’s approximate target investment allocations (expressed as a percentage of its net assets) among the asset classes in which the Fund invests in are set out below. As these are target allocations, the actual allocations of the Fund’s assets may deviate from the percentages shown.

The Investment Review Committee allocates the Fund’s assets among the Underlying Funds based on advice from the ING Investment Management Co., a consultant to the Investment Committee. The performance of the Fund reflects the performance of the Underlying Funds and the weightings of Fund’s assets in each Underlying Fund.

There is a risk that the Fund may allocate assets to an Underlying Fund or market that underperforms other asset classes. For example, the Fund may be underweighted in assets or a market that is experiencing significant returns or over weighted in assets or a market with significant declines.

Performance: For the six months ended April 30, 2008, the Fund’s Class A shares, excluding sales charges, provided a total return of (10.82)% compared to the Morgan Stanley Capital International All Country World ex U.S. Index^sm(2) (“MSCI ACWI ex U.S.^sm”) which retuned (9.34)% for the same period.

The Fund’s underperformance to the benchmark is related to the performance of the Underlying Funds and the weightings in the Underlying Funds relative to that of the benchmark. Specifically the Fund’s underperformance was caused by the relative underperformance of ING Index Plus International Equity Fund, ING International SmallCap Multi-Manager Fund, ING Foreign Fund and ING International Capital Appreciation Fund. This underperformance was only slightly offset by the relative contribution from the ING International Real Estate Fund, ING International Equity Dividend Fund, ING Emerging Countries Fund and ING International Value Choice Fund.

The majority of the underperformance of the Fund arose due to differences in the makeup of the benchmark and the holdings of the Fund. Small-cap and real estate were the worst-performing asset classes, and, as non-benchmark holdings, they dragged down Fund performance.

Current Strategy and Outlook: The outlook for small cap stocks is fundamentally tied to the strength of local and regional economies, and with the economic outlook less robust than in the recent past, small cap stocks in Europe and the UK suggests a reduction of exposure to this relatively risky class is warranted. Based on this assessment, we tactically reduced our exposure in international small cap to an underweight position. We also reduced our exposure to emerging markets to a neutral position believing that despite their continued strong price momentum, emerging markets have more downside risk than upside potential. We increased the allocation to international core, and are now modestly overweight. We view this asset class as the least risky of those available. Finally, we removed our long-held underweight in real estate. This asset class has seen such large declines in value that we view it highly improbable that such negative relative performance will repeat itself, and we view the risk remaining underweight as greater than potential underperformance. We remain underweight in large value and overweight in large growth. It is our view that opportunities within international markets may continue migrating toward the growth space, causing us to favor growth in a rising rate environment, in which the earnings outlooks for financial stocks, which comprise a significant portion of the value portion of the benchmark, remain relatively unfavorable.


⁽¹⁾	The members of the Investment Review Committee are: William A. Evans, Michael J. Roland, and Paul Zemsky. Effective December 31, 2007, Paul Zemsky replaced Stan D. Vyner as a member of the Investment Review Committee.

⁽²⁾	The MSCI ACWI ex U.S.^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. Actual weights of underlying funds are subject to change daily based on market activity. Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics.

Target Allocation


International Core	37	%
International Growth	20	%
International Value	15	%
International Small Cap	8	%
Emerging Markets	15	%
International Real Estate	5	%

Portfolio holdings are subject to change.

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, 2007 to April 30, 2008. 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 the 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 before expenses),” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Period Ended
ING Global Equity Dividend Fund	November 1, 2007		April 30, 2008		Ratio			April 30, 2008*

Actual Fund Return
Class A	$	1,000.00	$	895.70		1.37	%	$	6.46
Class B		1,000.00		892.00		2.12			9.97
Class C		1,000.00		892.40		2.12			9.97
Class I		1,000.00		898.50		0.99			4.67
Class O		1,000.00		895.20		1.38			6.50
Class W^(a)		1,000.00		1,031.50		0.99			2.20
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,018.05		1.37	%	$	6.87
Class B		1,000.00		1,014.32		2.12			10.62
Class C		1,000.00		1,014.32		2.12			10.62
Class I		1,000.00		1,019.94		0.99			4.97
Class O		1,000.00		1,018.00		1.38			6.92
Class W		1,000.00		1,019.94		0.99			4.97


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


^(a)	Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008.

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, 2007		April 30, 2008		Ratio			April 30, 2008*

Actual Fund Return
Class A	$	1,000.00	$	1,035.10		1.43	%	$	7.24
Class I		1,000.00		1,037.30		1.08			5.47
Class W^(a)		1,000.00		1,145.60		1.08			2.50
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,017.75		1.43	%	$	7.17
Class I		1,000.00		1,019.49		1.08			5.42
Class W		1,000.00		1,019.49		1.08			5.42

ING Global Real Estate Fund

Actual Fund Return
Class A	$	1,000.00	$	885.50		1.36	%	$	6.38
Class B		1,000.00		881.70		2.11			9.87
Class C		1,000.00		882.10		2.11			9.87
Class I		1,000.00		886.90		1.00			4.69
Class O		1,000.00		885.00		1.36			6.37
Class W^(a)		1,000.00		1,087.40		1.00			2.25
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,018.10		1.36	%	$	6.82
Class B		1,000.00		1,014.37		2.11			10.57
Class C		1,000.00		1,014.37		2.11			10.57
Class I		1,000.00		1,019.89		1.00			5.02
Class O		1,000.00		1,018.10		1.36			6.82
Class W		1,000.00		1,019.89		1.00			5.02

ING Global Value Choice Fund

Actual Fund Return
Class A	$	1,000.00	$	912.90		1.58	%	$	7.51
Class B		1,000.00		909.70		2.29			10.87
Class C		1,000.00		909.80		2.29			10.87
Class I		1,000.00		914.60		1.19			5.66
Class Q		1,000.00		913.50		1.44			6.85
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,017.01		1.58	%	$	7.92
Class B		1,000.00		1,013.48		2.29			11.46
Class C		1,000.00		1,013.48		2.29			11.46
Class I		1,000.00		1,018.95		1.19			5.97
Class Q		1,000.00		1,017.70		1.44			7.22


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


^(a)	Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Period Ended
ING Asia-Pacific Real Estate Fund	November 1, 2007		April 30, 2008		Ratio			April 30, 2008*

Actual Fund Return
Class A	$	1,000.00	$	805.30		1.75	%	$	7.86
Class B		1,000.00		802.10		2.50			11.20
Class C		1,000.00		802.50		2.50			11.20
Class I		1,000.00		805.20		1.50			6.73
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,016.16		1.75	%	$	8.77
Class B		1,000.00		1,012.43		2.50			12.51
Class C		1,000.00		1,012.43		2.50			12.51
Class I		1,000.00		1,017.40		1.50			7.52

ING Disciplined International SmallCap Fund

Actual Fund Return
Class A	$	1,000.00	$	844.80		1.07	%	$	4.91
Class B		1,000.00		841.30		1.82			8.33
Class C		1,000.00		841.30		1.82			8.33
Class I		1,000.00		845.60		0.82			3.76
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,019.54		1.07	%	$	5.37
Class B		1,000.00		1,015.81		1.82			9.12
Class C		1,000.00		1,015.81		1.82			9.12
Class I		1,000.00		1,020.79		0.82			4.12

ING Emerging Countries Fund

Actual Fund Return
Class A	$	1,000.00	$	932.40		1.90	%	$	9.13
Class B		1,000.00		928.70		2.65			12.71
Class C		1,000.00		929.10		2.65			12.71
Class I		1,000.00		933.80		1.57			7.55
Class Q		1,000.00		932.80		1.83			8.79
Class W^(a)		1,000.00		1,072.70		1.54			3.44
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,015.42		1.90	%	$	9.52
Class B		1,000.00		1,011.69		2.65			13.25
Class C		1,000.00		1,011.69		2.65			13.25
Class I		1,000.00		1,017.06		1.57			7.87
Class Q		1,000.00		1,015.76		1.83			9.17
Class W		1,000.00		1,017.21		1.54			7.72


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


^(a)	Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Period Ended
ING European Real Estate Fund	November 1, 2007		April 30, 2008		Ratio			April 30, 2008*

Actual Fund Return
Class A	$	1,000.00	$	944.30		1.75	%	$	8.46
Class B		1,000.00		940.50		2.50			12.06
Class C		1,000.00		939.80		2.50			12.06
Class I		1,000.00		946.20		1.50			7.26
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,016.16		1.75	%	$	8.77
Class B		1,000.00		1,012.43		2.50			12.51
Class C		1,000.00		1,012.43		2.50			12.51
Class I		1,000.00		1,017.40		1.50			7.52

ING Foreign Fund

Actual Fund Return
Class A	$	1,000.00	$	899.20		1.56	%	$	7.37
Class B		1,000.00		895.20		2.31			10.88
Class C		1,000.00		895.80		2.31			10.89
Class I		1,000.00		900.80		1.24			5.86
Class Q		1,000.00		899.60		1.49			7.04
Class W^(a)		1,000.00		1,050.80		1.23			2.72
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,017.11		1.56	%	$	7.82
Class B		1,000.00		1,013.38		2.31			11.56
Class C		1,000.00		1,013.38		2.31			11.56
Class I		1,000.00		1,018.70		1.24			6.22
Class Q		1,000.00		1,017.45		1.49			7.47
Class W		1,000.00		1,018.75		1.23			6.17

ING Greater China Fund

Actual Fund Return
Class A	$	1,000.00	$	816.80		1.87	%	$	8.45
Class B		1,000.00		814.10		2.62			11.82
Class C		1,000.00		813.80		2.62			11.82
Class I		1,000.00		818.20		1.62			7.32
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,015.56		1.87	%	$	9.37
Class B		1,000.00		1,011.83		2.62			13.11
Class C		1,000.00		1,011.83		2.62			13.11
Class I		1,000.00		1,016.81		1.62			8.12


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


^(a)	Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Period Ended
ING Index Plus International Equity Fund	November 1, 2007		April 30, 2008		Ratio			April 30, 2008*

Actual Fund Return
Class A	$	1,000.00	$	883.00		1.51	%	$	7.07
Class B		1,000.00		879.40		2.26			10.56
Class C		1,000.00		880.20		2.26			10.57
Class I		1,000.00		884.80		1.21			5.67
Class O^(a)		1,000.00		941.20		1.51			6.85
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,017.35		1.51	%	$	7.57
Class B		1,000.00		1,013.63		2.26			11.31
Class C		1,000.00		1,013.63		2.26			11.31
Class I		1,000.00		1,018.85		1.21			6.07
Class O		1,000.00		1,017.35		1.51			7.57

ING International Capital Appreciation Fund

Actual Fund Return
Class A	$	1,000.00	$	898.20		1.50	%	$	7.08
Class B		1,000.00		895.40		2.25			10.60
Class C		1,000.00		895.30		2.25			10.60
Class I		1,000.00		900.30		1.16			5.48
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,017.40		1.50	%	$	7.52
Class B		1,000.00		1,013.67		2.25			11.27
Class C		1,000.00		1,013.67		2.25			11.27
Class I		1,000.00		1,019.10		1.16			5.82

ING International Equity Dividend Fund

Actual Fund Return
Class A	$	1,000.00	$	905.10		1.40	%	$	6.63
Class B		1,000.00		901.50		2.15			10.16
Class C		1,000.00		901.70		2.15			10.17
Class I		1,000.00		907.00		1.15			5.45
Class W^(b)		1,000.00		1,070.50		1.00			2.23
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,017.90		1.40	%	$	7.02
Class B		1,000.00		1,014.17		2.15			10.77
Class C		1,000.00		1,014.17		2.15			10.77
Class I		1,000.00		1,019.14		1.15			5.77
Class W		1,000.00		1,019.89		1.00			5.02


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


^(a)	Commencement of operations was November 12, 2007. Expenses paid reflect 171 day period ended April 30, 2008.


^(b)	Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Period Ended
ING International Growth Opportunities Fund	November 1, 2007		April 30, 2008		Ratio			April 30, 2008*

Actual Fund Return
Class A	$	1,000.00	$	913.80		1.70	%	$	8.09
Class B		1,000.00		910.30		2.45			11.64
Class C		1,000.00		911.20		2.45			11.64
Class I		1,000.00		916.00		1.33			6.34
Class Q		1,000.00		915.50		1.36			6.48
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,016.41		1.70	%	$	8.52
Class B		1,000.00		1,012.68		2.45			12.26
Class C		1,000.00		1,012.68		2.45			12.26
Class I		1,000.00		1,018.25		1.33			6.67
Class Q		1,000.00		1,018.10		1.36			6.82

ING International Real Estate Fund

Actual Fund Return
Class A	$	1,000.00	$	857.50		1.50	%	$	6.93
Class B		1,000.00		854.20		2.25			10.37
Class C		1,000.00		854.30		2.25			10.37
Class I		1,000.00		858.90		1.20			5.55
Class W^(a)		1,000.00		1,054.40		1.53			3.39
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,017.40		1.50	%	$	7.52
Class B		1,000.00		1,013.67		2.25			11.27
Class C		1,000.00		1,013.67		2.25			11.27
Class I		1,000.00		1,018.90		1.20			6.02
Class W		1,000.00		1,017.26		1.53			7.67


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


^(a)	Commencement of operations was February 12, 2008. Expenses paid reflects the 79 day period ended April 30, 2008.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Period Ended
ING International SmallCap Multi-Manager Fund	November 1, 2007		April 30, 2008		Ratio			April 30, 2008*

Actual Fund Return
Class A	$	1,000.00	$	821.80		1.66	%	$	7.52
Class B		1,000.00		818.90		2.31			10.45
Class C		1,000.00		819.10		2.31			10.45
Class I		1,000.00		823.50		1.27			5.76
Class Q		1,000.00		822.40		1.52			6.89
Class W^(a)		1,000.00		1,079.90		1.21			2.72
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,016.61		1.66	%	$	8.32
Class B		1,000.00		1,013.38		2.31			11.56
Class C		1,000.00		1,013.38		2.31			11.56
Class I		1,000.00		1,018.55		1.27			6.37
Class Q		1,000.00		1,017.30		1.52			7.62
Class W		1,000.00		1,018.85		1.21			6.07

ING International Value Fund

Actual Fund Return
Class A	$	1,000.00	$	911.60		1.59	%	$	7.56
Class B		1,000.00		908.50		2.29			10.87
Class C		1,000.00		909.10		2.14			10.16
Class I		1,000.00		913.00		1.24			5.90
Class Q		1,000.00		913.20		1.24			5.90
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,016.96		1.59	%	$	7.97
Class B		1,000.00		1,013.48		2.29			11.46
Class C		1,000.00		1,014.22		2.14			10.72
Class I		1,000.00		1,018.70		1.24			6.22
Class Q		1,000.00		1,018.70		1.24			6.22


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


^(a)	Commencement of operations was February 12, 2008. Expenses paid reflects the 79 day period ended April 30, 2008.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Period Ended
ING International Value Choice Fund	November 1, 2007		April 30, 2008		Ratio			April 30, 2008*

Actual Fund Return
Class A	$	1,000.00	$	945.90		1.64	%	$	7.93
Class B		1,000.00		942.50		2.39			11.54
Class C		1,000.00		942.50		2.39			11.54
Class I		1,000.00		947.70		1.31			6.34
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,016.71		1.64	%	$	8.22
Class B		1,000.00		1,012.98		2.39			11.96
Class C		1,000.00		1,012.98		2.39			11.96
Class I		1,000.00		1,018.35		1.31			6.57

ING International Value Opportunities Fund

Actual Fund Return
Class A	$	1,000.00	$	898.00		1.46	%	$	6.89
Class B		1,000.00		897.60		2.21			10.43
Class C		1,000.00		894.70		2.21			10.41
Class I		1,000.00		898.10		1.20			5.66
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,017.60		1.46	%	$	7.32
Class B		1,000.00		1,013.87		2.21			11.07
Class C		1,000.00		1,013.87		2.21			11.07
Class I		1,000.00		1,018.90		1.20			6.02

ING Russia Fund

Actual Fund Return
Class A	$	1,000.00	$	986.90		2.03	%	$	10.03
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,014.77		2.03	%	$	10.17


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

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Period Ended
ING Emerging Markets Fixed Income Fund	November 1, 2007		April 30, 2008		Ratio			April 30, 2008*

Actual Fund Return
Class A	$	1,000.00	$	991.80		1.08	%	$	5.35
Class B		1,000.00		988.20		1.83			9.05
Class C		1,000.00		989.40		1.83			9.05
Class I		1,000.00		993.30		0.81			4.01
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,019.49		1.08	%	$	5.42
Class B		1,000.00		1,015.76		1.83			9.17
Class C		1,000.00		1,015.76		1.83			9.17
Class I		1,000.00		1,020.84		0.81			4.07

ING Global Bond Fund

Actual Fund Return
Class A	$	1,000.00	$	1,089.10		0.91	%	$	4.73
Class B		1,000.00		1,084.30		1.66			8.60
Class C		1,000.00		1,084.60		1.66			8.60
Class I		1,000.00		1,093.90		0.64			3.33
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,020.34		0.91	%	$	4.57
Class B		1,000.00		1,016.61		1.66			8.32
Class C		1,000.00		1,016.61		1.66			8.32
Class I		1,000.00		1,022.68		0.64			3.22

ING Diversified International Fund

Actual Fund Return
Class A	$	1,000.00	$	891.80		0.29	%	$	1.36
Class B		1,000.00		889.10		1.04			4.88
Class C		1,000.00		889.00		1.04			4.88
Class I		1,000.00		893.00		0.04			0.19
Class R		1,000.00		890.80		0.54			2.54
Class W^(a)		1,000.00		1,070.70		0.04			0.09
Hypothetical (5% return before expenses)
Class A	$	1,000.00	$	1,023.42		0.29	%	$	1.46
Class B		1,000.00		1,019.69		1.04			5.22
Class C		1,000.00		1,019.69		1.04			5.22
Class I		1,000.00		1,024.66		0.04			0.20
Class R		1,000.00		1,022.18		0.54			2.72
Class W		1,000.00		1,024.66		0.04			0.20


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


^(a)	Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008.

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited)


	ING			ING			ING			ING
	Global			Global			Global			Global
	Equity Dividend			Natural Resources			Real Estate			Value Choice
	Fund			Fund			Fund			Fund

ASSETS:
Investments in securities at value+*	$	274,563,193		$	155,157,476		$	1,541,143,945		$	109,599,902
Investments in affiliates**		—			—			6,062,408			—
Short-term investments at amortized cost		26,118,895			—			345,858,275			37,226,816
Cash		7,712,520			—			6,555,148			1,498,179
Foreign currencies at value***		3,478,163			138,581			160,756			20,190
Receivables:
Investment securities sold		51,797			2,208,875			13,523,495			1,485,791
Fund shares sold		900,856			172,667			25,744,588			202,519
Dividends and interest		1,366,295			36,258			3,895,484			244,147
Unrealized appreciation on forward foreign currency contracts		—			—			5,141			—
Prepaid expenses		45,346			27,814			96,450			36,432
Reimbursement due from manager		—			—			—			161

Total assets		314,237,065			157,741,671			1,943,045,690			150,314,137


LIABILITIES:
Payable for investment securities purchased		338,621			2,432,776			18,669,531			—
Payable for fund shares redeemed		1,570,397			236,614			2,418,253			298,864
Payable upon receipt of securities loaned		26,118,895			—			287,051,807			28,197,205
Payable to affiliates		331,981			147,739			1,515,162			127,835
Payable to custodian due to bank overdraft		—			101,105			—			—
Payable for trustee fees		1,335			24,841			5,922			20,759
Other accrued expenses and liabilities		84,357			45,251			230,354			96,977

Total liabilities		28,445,586			2,988,326			309,891,029			28,741,640

NET ASSETS	$	285,791,479		$	154,753,345		$	1,633,154,661		$	121,572,497


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	300,127,446		$	120,435,582		$	1,656,858,695		$	269,811,844
Undistributed net investment income (distributions in excess of net investment income)		2,035,617			(279,560	)		(34,389,294	)		(67,675	)
Accumulated net realized gain (loss) on investments and foreign currency related transactions		9,247,065			14,070,830			(93,763,245	)		(149,454,285	)
Net unrealized appreciation or depreciation on investments and foreign currency related transactions		(25,618,649	)		20,526,493			104,448,505			1,282,613

NET ASSETS	$	285,791,479		$	154,753,345		$	1,633,154,661		$	121,572,497



+ Including securities loaned at value	$	24,920,677		$	—		$	278,334,069		$	27,495,553
* Cost of investments in securities	$	300,224,226		$	134,633,766		$	1,435,346,443		$	108,313,808
** Cost of investments in affiliates	$	—		$	—		$	7,399,318		$	—
*** Cost of foreign currencies	$	3,445,816		$	132,590		$	148,198		$	20,252

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited) (continued)


	ING		ING		ING		ING
	Global		Global		Global		Global
	Equity Dividend		Natural Resources		Real Estate		Value Choice
	Fund		Fund		Fund		Fund

Class A:
Net assets	$	125,759,571	$	154,750,641	$	1,106,337,082	$	60,183,881
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		9,184,731		13,061,727		53,112,294		2,335,100
Net asset value and redemption price per share	$	13.69	$	11.85	$	20.83	$	25.77
Maximum offering price per share (5.75%)⁽¹⁾	$	14.53	$	12.57	$	22.10	$	27.34
Class B:
Net assets	$	42,034,345		n/a	$	43,813,118	$	15,299,451
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—		n/a	$	—	$	—
Shares outstanding		3,080,790		n/a		2,474,653		549,916
Net asset value and redemption price per share⁽²⁾	$	13.64		n/a	$	17.70	$	27.82
Maximum offering price per share	$	13.64		n/a	$	17.70	$	27.82
Class C:
Net assets	$	94,449,527		n/a	$	262,465,512	$	34,717,393
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—		n/a	$	—	$	—
Shares outstanding		6,937,681		n/a		14,095,568		1,405,045
Net asset value and redemption price per share⁽²⁾	$	13.61		n/a	$	18.62	$	24.71
Maximum offering price per share	$	13.61		n/a	$	18.62	$	24.71
Class I:
Net assets	$	884	$	1,182	$	171,945,933	$	9,174,773
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		65		100		8,250,760		354,878
Net asset value and redemption price per share	$	13.70	$	11.84	$	20.84	$	25.85
Maximum offering price per share	$	13.70	$	11.84	$	20.84	$	25.85
Class O:
Net assets	$	23,545,159		n/a	$	22,291,559		n/a
Shares authorized		unlimited		n/a		unlimited		n/a
Par value	$	—		n/a	$	—		n/a
Shares outstanding		1,721,329		n/a		1,070,455		n/a
Net asset value and redemption price per share	$	13.68		n/a	$	20.82		n/a
Maximum offering price per share	$	13.68		n/a	$	20.82		n/a
Class Q:
Net assets		n/a		n/a		n/a	$	2,196,999
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		72,574
Net asset value and redemption price per share		n/a		n/a		n/a	$	30.27
Maximum offering price per share		n/a		n/a		n/a	$	30.27
Class W:
Net assets	$	1,993	$	1,522	$	26,301,457		n/a
Shares authorized		unlimited		unlimited		unlimited		n/a
Par value	$	—	$	—	$	—		n/a
Shares outstanding		134		103		1,260,344		n/a
Net asset value and redemption price per share	$	14.85	$	14.71	$	20.87		n/a
Maximum offering price per share	$	14.85	$	14.71	$	20.87		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

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited)


	ING			ING			ING		ING
	Asia-Pacific			Disciplined			Emerging		European
	Real Estate			International SmallCap			Countries		Real Estate
	Fund			Fund			Fund		Fund

ASSETS:
Investments in securities at value+*	$	4,693,951		$	359,317,049		$	259,556,698	$	5,808,371
Investments in affiliates**		42,836			509,390			—		—
Short-term investments at amortized cost		—			—			49,486,831		—
Cash		213,128			5,331,423			540,793		308,566
Foreign currencies at value***		1,360			—			—		5,063
Receivables:
Investment securities sold		36,851			23,401,093			536,772		—
Fund shares sold		62,950			283,062			13,219,594		104,160
Dividends and interest		13,545			1,659,106			1,552,518		11,700
Unrealized appreciation on forward foreign currency contracts		—			—			19,038		—
Prepaid expenses		52,714			42,041			51,833		49,733
Reimbursement due from manager		9,778			—			—		7,999

Total assets		5,127,113			390,543,164			324,964,077		6,295,592


LIABILITIES:
Payable for investment securities purchased		120,192			10,137,255			1,255,976		121,336
Payable for fund shares redeemed		—			479			631,948		—
Payable upon receipt of securities loaned		—			—			41,426,178		—
Securities sold short		—			171,124			—		—
Payable to affiliates		5,290			242,934			385,966		6,734
Payable to custodian due to foreign currency overdraft****		—			4,926,457			7,091		—
Payable for trustee fees		405			3,249			44,303		460
Other accrued expenses and liabilities		12,265			191,590			153,997		7,478
Payable for borrowings against line of credit		—			8,880,000			—		—

Total liabilities		138,152			24,553,088			43,905,459		136,008

NET ASSETS	$	4,988,961		$	365,990,076		$	281,058,618	$	6,159,584


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	6,035,329		$	423,949,665		$	250,945,580	$	6,407,180
Undistributed net investment income (distributions in excess of net investment income)		(6,981	)		3,290,480			2,493,570		20,180
Accumulated net realized gain (loss) on investments and foreign currency related transactions		(638,046	)		(37,472,611	)		15,010,517		(328,657	)
Net unrealized appreciation or depreciation on investments and foreign currency related transactions		(401,341	)		(23,777,458	)		12,608,951		60,881

NET ASSETS	$	4,988,961		$	365,990,076		$	281,058,618	$	6,159,584



+ Including securities loaned at value	$	—		$	—		$	40,938,398	$	—
* Cost of investments in securities	$	5,086,345		$	383,068,272		$	246,950,599	$	5,747,361
** Cost of investments in affiliates	$	51,688		$	580,696		$	—	$	—
*** Cost of foreign currencies	$	942		$	—		$	—	$	4,807
**** Cost of foreign currency overdraft	$	—		$	4,928,093		$	7,101	$	—
Proceeds from securities sold short	$	—		$	169,952		$	—	$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited) (continued)


	ING		ING		ING		ING
	Asia-Pacific		Disciplined		Emerging		European
	Real Estate		International SmallCap		Countries		Real Estate
	Fund		Fund		Fund		Fund

Class A:
Net assets	$	4,837,379	$	108,605	$	172,255,850	$	6,012,627
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		604,393		10,897		4,650,523		638,752
Net asset value and redemption price per share	$	8.00	$	9.97	$	37.04	$	9.41
Maximum offering price per share (5.75%)⁽¹⁾	$	8.49	$	10.58	$	39.30	$	9.98
Class B:
Net assets	$	25,439	$	5,274	$	13,623,444	$	11,899
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		3,187		531		373,668		1,266
Net asset value and redemption price per share⁽²⁾	$	7.98	$	9.92	$	36.46	$	9.40
Maximum offering price per share	$	7.98	$	9.92	$	36.46	$	9.40
Class C:
Net assets	$	125,336	$	7,770	$	46,298,091	$	134,107
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		15,680		783		1,348,298		14,290
Net asset value and redemption price per share⁽²⁾	$	7.99	$	9.92	$	34.34	$	9.38
Maximum offering price per share	$	7.99	$	9.92	$	34.34	$	9.38
Class I:
Net assets	$	807	$	365,868,427	$	31,030,383	$	951
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		101		36,598,105		836,225		101
Net asset value and redemption price per share	$	7.99	$	10.00	$	37.11	$	9.42
Maximum offering price per share	$	7.99	$	10.00	$	37.11	$	9.42
Class Q:
Net assets		n/a		n/a	$	17,773,269		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		463,334		n/a
Net asset value and redemption price per share		n/a		n/a	$	38.36		n/a
Maximum offering price per share		n/a		n/a	$	38.36		n/a
Class W:
Net assets		n/a		n/a	$	77,581		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		1,999		n/a
Net asset value and redemption price per share		n/a		n/a	$	38.81		n/a
Maximum offering price per share		n/a		n/a	$	38.81		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

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited)


				ING			ING			ING
	ING			Greater			Index Plus			International
	Foreign			China			International Equity			Capital Appreciation
	Fund			Fund			Fund			Fund

ASSETS:
Investments in securities at value+*	$	646,488,747		$	61,587,628		$	267,892,469		$	144,942,381
Short-term investments at amortized cost		38,752,391			—			—			—
Cash		2,247,463			841,020			1,422,407			1,404,156
Foreign currencies at value**		37,339,879			290,707			5,801,516			76,260
Receivables:
Investment securities sold		3,767,722			—			11,393,846			1,420,519
Fund shares sold		5,923,395			289,795			237,992			142,164
Dividends and interest		1,295,992			82,247			1,299,173			513,293
Unrealized appreciation on forward foreign currency contracts		518,219			—			—			—
Prepaid expenses		67,628			32,463			46,165			32,087
Reimbursement due from manager		—			—			1,318			—

Total assets		736,401,436			63,123,860			288,094,886			148,530,860


LIABILITIES:
Payable for investment securities purchased		9,153,779			—			3,516,752			764,393
Payable for fund shares redeemed		2,472,799			275,314			8,724,662			1,062,756
Payable upon receipt of securities loaned		36,733,478			—			—			—
Unrealized depreciation on forward foreign currency contracts		1,812,740			—			—			—
Payable to affiliates		861,588			81,839			172,252			142,148
Payable for trustee fees		—			842			1,341			292
Other accrued expenses and liabilities		316,260			56,010			17,849			77,048

Total liabilities		51,350,644			414,005			12,432,856			2,046,637

NET ASSETS	$	685,050,792		$	62,709,855		$	275,662,030		$	146,484,223


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	552,184,682		$	47,817,049		$	286,092,875		$	135,656,872
Undistributed net investment income (distributions in excess of net investment income)		5,226,340			(445,334	)		1,805,161			452,293
Accumulated net realized gain (loss) on investments, foreign currency related transactions and futures		(5,614,081	)		5,956,146			(10,031,393	)		(1,499,442	)
Net unrealized appreciation or depreciation on investments, foreign currency related transactions and futures		133,253,851			9,381,994			(2,204,613	)		11,874,500

NET ASSETS	$	685,050,792		$	62,709,855		$	275,662,030		$	146,484,223



+ Including securities loaned at value	$	35,644,703		$	—		$	—		$	—
* Cost of investments in securities	$	512,253,300		$	52,205,377		$	270,139,326		$	133,066,292
** Cost of foreign currencies	$	37,027,568		$	290,950		$	5,755,468		$	76,115

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited) (continued)


			ING		ING		ING
	ING		Greater		Index Plus		International
	Foreign		China		International Equity		Capital Appreciation
	Fund		Fund		Fund		Fund

Class A:
Net assets	$	329,490,364	$	50,060,904	$	19,355,183	$	4,854,874
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		16,627,569		2,810,416		1,777,637		381,569
Net asset value and redemption price per share	$	19.82	$	17.81	$	10.89	$	12.72
Maximum offering price per share (5.75%)⁽¹⁾	$	21.03	$	18.90	$	11.55	$	13.50
Class B:
Net assets	$	40,607,079	$	5,561,449	$	3,919,855	$	813,490
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		2,131,100		316,371		362,129		64,890
Net asset value and redemption price per share⁽²⁾	$	19.05	$	17.58	$	10.82	$	12.54
Maximum offering price per share	$	19.05	$	17.58	$	10.82	$	12.54
Class C:
Net assets	$	202,481,908	$	7,032,523	$	2,649,416	$	1,146,854
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		10,605,615		399,691		244,943		91,230
Net asset value and redemption price per share⁽²⁾	$	19.09	$	17.59	$	10.82	$	12.57
Maximum offering price per share	$	19.09	$	17.59	$	10.82	$	12.57
Class I:
Net assets	$	111,681,440	$	54,979	$	169,088,750	$	139,669,005
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		5,532,819		3,083		15,443,774		10,957,525
Net asset value and redemption price per share	$	20.19	$	17.83	$	10.95	$	12.75
Maximum offering price per share	$	20.19	$	17.83	$	10.95	$	12.75
Class O:
Net assets		n/a		n/a	$	80,648,826		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		7,449,730		n/a
Net asset value and redemption price per share		n/a		n/a	$	10.83		n/a
Maximum offering price per share		n/a		n/a	$	10.83		n/a
Class Q:
Net assets	$	707,049		n/a		n/a		n/a
Shares authorized		unlimited		n/a		n/a		n/a
Par value	$	—		n/a		n/a		n/a
Shares outstanding		35,516		n/a		n/a		n/a
Net asset value and redemption price per share	$	19.91		n/a		n/a		n/a
Maximum offering price per share	$	19.91		n/a		n/a		n/a
Class W:
Net assets	$	82,952		n/a		n/a		n/a
Shares authorized		unlimited		n/a		n/a		n/a
Par value	$	—		n/a		n/a		n/a
Shares outstanding		3,854		n/a		n/a		n/a
Net asset value and redemption price per share	$	21.52		n/a		n/a		n/a
Maximum offering price per share	$	21.52		n/a		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

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited)


	ING			ING		ING			ING
	International			International		International			International SmallCap
	Equity Dividend			Growth Opportunities		Real Estate			Multi-Manager
	Fund			Fund		Fund			Fund

ASSETS:
Investments in securities at value+*	$	51,228,803		$	121,367,620	$	641,516,497		$	854,870,054
Investments in affiliates**		—			—		3,080,031			—
Short-term investments in affiliates at amortized cost		—			1,925,000		—			—
Short-term investments at amortized cost		—			7,519,030		21,652,068			22,804,868
Cash		2,676,890			57,477		2,404,070			3,970,805
Foreign currencies at value***		17,300			219,776		102,707			12,595,794
Receivables:
Investment securities sold		4,982			—		2,419,653			8,994,200
Fund shares sold		68,276			91,309		3,640,121			1,285,510
Dividends and interest		334,068			366,227		2,322,370			4,824,641
Unrealized appreciation on forward foreign currency contracts		—			—		20,894			4,536
Prepaid expenses		74,577			29,535		56,198			77,210
Reimbursement due from manager		3,344			—		—			—

Total assets		54,408,240			131,575,974		677,214,609			909,427,618


LIABILITIES:
Payable for investment securities purchased		70,050			—		9,562,242			3,116,324
Payable for fund shares redeemed		436,256			202,698		5,128,202			5,462,719
Payable upon receipt of securities loaned		—			6,906,030		—			20,033,988
Unrealized depreciation on forward foreign currency contracts		—			—		—			2,939
Payable to affiliates		39,653			151,291		693,682			975,154
Payable for trustee fees		721			23,173		—			1,858
Other accrued expenses and liabilities		80,759			48,369		179,387			367,709
Accrued foreign taxes on capital gains		—			98,920		—			30,110

Total liabilities		627,439			7,430,481		15,563,513			29,990,801

NET ASSETS	$	53,780,801		$	124,145,493	$	661,651,096		$	879,436,817


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	57,079,049		$	113,188,249	$	700,834,499		$	884,508,589
Undistributed net investment income		341,256			162,166		1,117,494			4,759,943
Accumulated net realized gain (loss) on investments, foreign currency related transactions and written options		(412,937	)		3,235,449		(52,126,039	)		(33,849,814	)
Net unrealized appreciation or depreciation on investments, foreign currency related transactions and written options		(3,226,567	)		7,559,629		11,825,142			24,018,099

NET ASSETS	$	53,780,801		$	124,145,493	$	661,651,096		$	879,436,817



+ Including securities loaned at value	$	—		$	6,802,640	$	—		$	18,839,445
* Cost of investments in securities	$	54,454,451		$	113,817,942	$	629,083,193		$	830,838,491
** Cost of investments in affiliates	$	—		$	—	$	3,712,980		$	—
*** Cost of foreign currencies	$	17,709		$	220,786	$	88,744		$	12,599,520

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited) (continued)


	ING		ING		ING		ING
	International		International		International		International SmallCap
	Equity Dividend		Growth Opportunities		Real Estate		Multi-Manager
	Fund		Fund		Fund		Fund

Class A:
Net assets	$	3,660,871	$	56,569,734	$	222,496,224	$	380,647,894
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		390,016		4,720,415		18,477,954		8,184,535
Net asset value and redemption price per share	$	9.39	$	11.98	$	12.04	$	46.51
Maximum offering price per share (5.75%)⁽¹⁾	$	9.96	$	12.71	$	12.77	$	49.35
Class B:
Net assets	$	298,605	$	12,626,370	$	8,502,084	$	37,736,285
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		31,880		1,111,681		709,112		783,062
Net asset value and redemption price per share⁽²⁾	$	9.37	$	11.36	$	11.99	$	48.19
Maximum offering price per share	$	9.37	$	11.36	$	11.99	$	48.19
Class C:
Net assets	$	1,553,992	$	16,774,995	$	96,014,089	$	72,979,367
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		165,923		1,474,591		8,015,332		1,680,318
Net asset value and redemption price per share⁽²⁾	$	9.37	$	11.38	$	11.98	$	43.43
Maximum offering price per share	$	9.37	$	11.38	$	11.98	$	43.43
Class I:
Net assets	$	48,266,336	$	12,238,334	$	334,524,873	$	285,673,459
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		5,138,987		1,025,297		27,726,984		6,123,931
Net asset value and redemption price per share	$	9.39	$	11.94	$	12.06	$	46.65
Maximum offering price per share	$	9.39	$	11.94	$	12.06	$	46.65
Class Q:
Net assets		n/a	$	25,936,060		n/a	$	102,129,283
Shares authorized		n/a		unlimited		n/a		unlimited
Par value		n/a	$	—		n/a	$	—
Shares outstanding		n/a		2,186,227		n/a		2,018,900
Net asset value and redemption price per share		n/a	$	11.86		n/a	$	50.59
Maximum offering price per share		n/a	$	11.86		n/a	$	50.59
Class W:
Net assets	$	997		n/a	$	113,826	$	270,529
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—		n/a	$	—	$	—
Shares outstanding		106		n/a		9,441		4,941
Net asset value and redemption price per share	$	9.41		n/a	$	12.06	$	54.75
Maximum offering price per share	$	9.41		n/a	$	12.06	$	54.75


⁽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

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited)


	ING		ING			ING
	International		International			International			ING
	Value		Value Choice			Value Opportunities			Russia
	Fund		Fund			Fund			Fund

ASSETS:
Investments in securities at value+*	$	4,116,620,251	$	71,852,579		$	9,048,844		$	882,778,079
Short-term investments at amortized cost		213,284,180		3,573,846			—			176,807,367
Cash		3,865,529		1,531,431			449,752			14,286,287
Foreign currencies at value**		677		—			—			—
Receivables:
Investment securities sold		—		81,129			—			—
Fund shares sold		8,738,135		73,079			—			2,669,140
Dividends and interest		37,069,467		209,764			72,259			1,177,729
Prepaid expenses		68,100		29,324			29,506			21,993
Reimbursement due from manager		—		—			8,744			—

Total assets		4,379,646,339		77,351,152			9,609,105			1,077,740,595


LIABILITIES:
Payable for investment securities purchased		—		582,299			—			—
Payable for fund shares redeemed		13,397,009		1,137,761			—			1,559,214
Payable upon receipt of securities loaned		184,006,441		—			—			176,807,367
Payable to affiliates		4,766,641		78,606			8,761			1,169,835
Payable to custodian due to foreign currency overdraft***		—		1,766			81,379			—
Payable for trustee fees		53,714		2,358			951			26,213
Other accrued expenses and liabilities		1,950,344		46,070			99,182			939,845

Total liabilities		204,174,149		1,848,860			190,273			180,502,474

NET ASSETS	$	4,175,472,190	$	75,502,292		$	9,418,832		$	897,238,121


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	3,440,036,499	$	72,310,778		$	10,108,633		$	462,600,035
Undistributed net investment income (accumulated net investment loss)		42,724,658		313,988			77,070			(5,572,612	)
Accumulated net realized gain (loss) on investments and foreign currency related transactions		471,430,245		3,951,811			(261,888	)		137,449,196
Net unrealized appreciation or depreciation on investments and foreign currency related transactions		221,280,788		(1,074,285	)		(504,983	)		302,761,502

NET ASSETS	$	4,175,472,190	$	75,502,292		$	9,418,832		$	897,238,121



+ Including securities loaned at value	$	176,689,317	$	—		$	—		$	171,977,516
* Cost of investments in securities	$	3,895,269,712	$	72,920,597		$	9,554,786		$	580,017,723
** Cost of foreign currencies	$	638	$	—		$	—		$	—
*** Cost of foreign currency overdraft	$	—	$	1,720		$	81,638		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited) (continued)


	ING		ING		ING
	International		International		International		ING
	Value		Value Choice		Value Opportunities		Russia
	Fund		Fund		Fund		Fund

Class A:
Net assets	$	1,767,377,527	$	15,265,134	$	9,361,037	$	897,238,121
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.01	$	—	$	—	$	—
Shares outstanding		100,004,682		1,276,602		1,005,854		13,599,698
Net asset value and redemption price per share	$	17.67	$	11.96	$	9.31	$	65.97
Maximum offering price per share (5.75%)⁽¹⁾	$	18.75	$	12.69	$	9.88	$	69.99
Class B:
Net assets	$	193,236,057	$	3,259,149	$	19,080		n/a
Shares authorized		unlimited		unlimited		unlimited		n/a
Par value	$	0.01	$	—	$	—		n/a
Shares outstanding		11,146,875		275,955		2,039		n/a
Net asset value and redemption price per share⁽²⁾	$	17.34	$	11.81	$	9.36		n/a
Maximum offering price per share	$	17.34	$	11.81	$	9.36		n/a
Class C:
Net assets	$	619,064,877	$	4,178,699	$	37,765		n/a
Shares authorized		unlimited		unlimited		unlimited		n/a
Par value	$	0.01	$	—	$	—		n/a
Shares outstanding		36,019,213		352,895		4,107		n/a
Net asset value and redemption price per share⁽²⁾	$	17.19	$	11.84	$	9.20		n/a
Maximum offering price per share	$	17.19	$	11.84	$	9.20		n/a
Class I:
Net assets	$	1,573,084,226	$	52,799,310	$	950		n/a
Shares authorized		unlimited		unlimited		unlimited		n/a
Par value	$	0.01	$	—	$	—		n/a
Shares outstanding		88,957,450		4,419,835		102		n/a
Net asset value and redemption price per share	$	17.68	$	11.95	$	9.31		n/a
Maximum offering price per share	$	17.68	$	11.95	$	9.31		n/a
Class Q:
Net assets	$	22,709,503		n/a		n/a		n/a
Shares authorized		unlimited		n/a		n/a		n/a
Par value	$	0.01		n/a		n/a		n/a
Shares outstanding		1,281,673		n/a		n/a		n/a
Net asset value and redemption price per share	$	17.72		n/a		n/a		n/a
Maximum offering price per share	$	17.72		n/a		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

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited)


	ING			ING			ING
	Emerging Markets			Global			Diversified
	Fixed Income			Bond			International
	Fund			Fund			Fund

ASSETS:
Investments in securities at value*	$	274,400,594		$	66,068,075		$	—
Investments in affiliated underlying funds at value**		—			—			566,022,871
Short-term investments in affiliates at amortized cost		—			37,125,000			—
Short-term investments at amortized cost		—			6,456,315			—
Cash		8,362,062			—			—
Cash collateral for futures		90,600			436,928			—
Foreign currencies at value***		5,505,713			2,335,787			—
Receivables:
Investment securities sold		1,303,562			2,987,145			—
Fund shares sold		337,701			1,602,575			2,228,531
Dividends and interest		4,701,428			501,203			—
Futures variation margin		29,719			63,932			—
Unrealized appreciation on forward foreign currency contracts		—			388,230			—
Unrealized appreciation on swap agreements		—			105,824			—
Prepaid expenses		40,716			48,541			66,843
Reimbursement due from manager		—			—			132,441

Total assets		294,772,095			118,119,555			568,450,686


LIABILITIES:
Payable for investment securities purchased		3,481,311			9,321,881			396,750
Payable for fund shares redeemed		21,282			135,717			1,312,314
Payable for futures variation margin		—			2,651			—
Unrealized depreciation on forward foreign currency contracts		217,625			726,428			—
Upfront payments received on swap agreements		—			2,827			—
Unrealized depreciation on swap agreements		—			166,986			—
Income distribution payable		—			276,596			—
Payable to affiliates		188,199			77,576			280,734
Payable to custodian due to bank overdraft		—			156,070			35,396
Payable for trustee fees		208			539			395
Other accrued expenses and liabilities		39,915			19,755			35,584

Total liabilities		3,948,540			10,887,026			2,061,173

NET ASSETS	$	290,823,555		$	107,232,529		$	566,389,513


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	303,077,120		$	105,433,584		$	525,965,612
Undistributed net investment income (distributions in excess of net investment income)		122,442			(2,584,756	)		(555,752	)
Accumulated net realized gain (loss) on investments, foreign currency related transactions, futures and swaps		(2,314,726	)		3,193,777			27,081,186
Net unrealized appreciation or depreciation on investments, foreign currency related transactions, futures and swaps		(10,061,281	)		1,189,924			13,898,467

NET ASSETS	$	290,823,555		$	107,232,529		$	566,389,513



* Cost of investments in securities	$	284,184,294		$	64,053,456		$	—
** Cost of investments in affiliated underlying funds	$	—		$	—		$	552,124,404
*** Cost of foreign currencies	$	5,509,629		$	2,316,164		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2008 (Unaudited) (continued)


	ING			ING			ING
	Emerging Markets			Global			Diversified
	Fixed Income			Bond			International
	Fund			Fund			Fund

Class A:
Net assets	$	4,658,060		$	79,230,203		$	365,179,796
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		466,224			7,304,124			28,027,929
Net asset value and redemption price per share	$	9.99		$	10.85		$	13.03
Maximum offering price per share	$	10.25	⁽¹⁾	$	11.13	⁽¹⁾	$	13.82	⁽²⁾
Class B:
Net assets	$	333,987		$	3,429,390		$	39,652,273
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		33,517			316,708			3,063,071
Net asset value and redemption price per share⁽³⁾	$	9.96		$	10.83		$	12.95
Maximum offering price per share	$	9.96		$	10.83		$	12.95
Class C:
Net assets	$	1,900,490		$	23,254,279		$	160,477,589
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		190,867			2,139,100			12,413,178
Net asset value and redemption price per share⁽³⁾	$	9.96		$	10.87		$	12.93
Maximum offering price per share	$	9.96		$	10.87		$	12.93
Class I:
Net assets	$	283,931,018		$	1,318,657		$	27,724
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		28,495,333			121,878			2,128
Net asset value and redemption price per share	$	9.96		$	10.82		$	13.03
Maximum offering price per share	$	9.96		$	10.82		$	13.03
Class R:
Net assets		n/a			n/a		$	345,050
Shares authorized		n/a			n/a			unlimited
Par value		n/a			n/a		$	—
Shares outstanding		n/a			n/a			26,728
Net asset value and redemption price per share		n/a			n/a		$	12.91
Maximum offering price per share		n/a			n/a		$	12.91
Class W:
Net assets		n/a			n/a		$	707,081
Shares authorized		n/a			n/a			unlimited
Par value		n/a			n/a		$	—
Shares outstanding		n/a			n/a			54,286
Net asset value and redemption price per share		n/a			n/a		$	13.03
Maximum offering price per share		n/a			n/a		$	13.03


⁽¹⁾	Maximum offering price is 2.50% and is computed at 100/97.50 of net asset value. On purchases of $99,999 or more, the offering price is reduced.
⁽²⁾	Maximum offering price is 5.75% and is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced.
⁽³⁾	Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2008 (Unaudited)


	ING			ING			ING			ING
	Global			Global			Global			Global
	Equity Dividend			Natural Resources			Real Estate			Value Choice
	Fund			Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	7,138,347		$	1,494,319		$	20,873,014		$	964,844
Interest, net of foreign taxes withheld*⁽¹⁾		16,714			13,148			427,428			61,493
Securities lending income		62,934			—			269,064			79,245

Total investment income		7,217,995			1,507,467			21,569,506			1,105,582


EXPENSES:
Investment management fees		1,108,883			605,401			5,104,677			565,369
Distribution and service fees:
Class A		179,090			181,078			1,228,692			80,905
Class B		235,999			—			224,767			89,427
Class C		519,127			—			1,247,593			179,296
Class O		28,156			—			26,828			—
Class Q		—			—			—			2,944
Transfer agent fees:
Class A		92,018			79,409			644,243			60,855
Class B		30,331			—			29,543			19,031
Class C		66,747			—			163,786			38,174
Class I		—			—			4,819			736
Class O		13,651			—			14,102			—
Class Q		—			—			—			224
Class W		—			—			91			—
Administrative service fees		158,409			72,431			698,149			60,485
Shareholder reporting expense		173,494			39,434			738,588			23,441
Registration fees		49,206			25,384			94,539			30,701
Professional fees		18,691			11,046			47,772			7,652
Custody and accounting expense		57,130			13,104			158,528			15,652
Trustee fees		4,600			1,456			15,834			6,864
Miscellaneous expense		5,262			3,395			11,519			4,273
Interest expense		—			5,646			1,014			358

Total expenses		2,740,794			1,037,784			10,455,084			1,186,387
Net waived and reimbursed fees		—			(141	)		—			(48,098	)
Brokerage commission recapture		—			—			(447	)		(9,051	)

Net expenses		2,740,794			1,037,643			10,454,637			1,129,238

Net investment income (loss)		4,477,201			469,824			11,114,869			(23,656	)


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS:
Net realized gain (loss) on:
Investments		11,449,294			15,118,336			(56,549,747	)		6,464,621
Foreign currency related transactions		(110,155	)		5,736			(14,851	)		(17,972	)

Net realized gain (loss) on investments and foreign currency related transactions		11,339,139			15,124,072			(56,564,598	)		6,446,649

Net change in unrealized appreciation or depreciation on:
Investments		(56,997,287	)		(10,972,963	)		(130,213,316	)		(18,129,934	)
Foreign currency related transactions		22,774			(2,848	)		(34,834	)		(1,646	)

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(56,974,513	)		(10,975,811	)		(130,248,150	)		(18,131,580	)

Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(45,635,374	)		4,148,261			(186,812,748	)		(11,684,931	)

Increase (decrease) in net assets resulting from operations	$	(41,158,173	)	$	4,618,085		$	(175,697,879	)	$	(11,708,587	)



* Foreign taxes withheld	$	319,234		$	32,558		$	1,495,563		$	56,801
⁽¹⁾ Affiliated interest income	$	—		$	11,211		$	—		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS (Unaudited)


	ING			ING			ING			ING
	Asia-Pacific			Disciplined			Emerging			European
	Real Estate			International SmallCap			Countries			Real Estate
	Fund			Fund			Fund			Fund
	November 1,			Six Months			Six Months			November 1,
	2007⁽¹⁾ to			Ended			Ended			2007⁽¹⁾ to
	April 30,			April 30,			April 30,			April 30,
	2008			2008			2008			2008

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	62,301		$	5,391,446		$	4,977,685		$	79,767
Interest, net of foreign taxes withheld*		1,472			145,838			510,163			3,107
Securities lending income		—			—			99,391			—

Total investment income		63,773			5,537,284			5,587,239			82,874


EXPENSES:
Investment management fees		22,489			1,278,264			1,750,537			25,379
Distribution and service fees:
Class A		5,495			114			303,873			6,274
Class B		89			21			70,311			12
Class C		415			137			233,955			268
Class Q		—			—			22,490			—
Transfer agent fees:
Class A		4,848			1			99,639			287
Class B		2			—			8,069			1
Class C		10			—			26,850			66
Class I		1			3,018			5,101			—
Class Q		—			—			3,988			—
Administrative service fees		2,249			213,041			140,041			2,538
Shareholder reporting expense		1,124			14,805			69,968			1,270
Registration fees		2,882			22,287			45,481			2,382
Professional fees		7,274			27,502			13,104			11,138
Custody and accounting expense		5,212			159,694			154,173			301
Trustee fees		450			6,319			4,735			508
Offering expense		42,788			—			—			42,518
Miscellaneous expense		456			5,676			5,593			1,540
Interest expense		—			11,506			1,247			—

Total expenses		95,784			1,742,385			2,959,155			94,482
Net waived and reimbursed fees		(56,041	)		—			(86,820	)		(49,810	)
Brokerage commission recapture		—			—			(39,685	)		—

Net expenses		39,743			1,742,385			2,832,650			44,672

Net investment income		24,030			3,794,899			2,754,589			38,202


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS:
Net realized gain (loss) on:
Investments		(619,798	)		(31,810,357	)		18,514,855			(307,257	)
Foreign currency related transactions		(18,248	)		135,748			(166,787	)		(21,400	)

Net realized gain (loss) on investments and foreign currency related transactions		(638,046	)		(31,674,609	)		18,348,068			(328,657	)

Net change in unrealized appreciation or depreciation on:
Investments		(401,246	)		(46,688,846	)		(45,055,020	)		61,010
Foreign currency related transactions		(95	)		(29,833	)		1,753			(129	)

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(401,341	)		(46,718,679	)		(45,053,267	)		60,881

Net realized and unrealized loss on investments and foreign currency related transactions		(1,039,387	)		(78,393,288	)		(26,705,199	)		(267,776	)

Decrease in net assets resulting from operations	$	(1,015,357	)	$	(74,598,389	)	$	(23,950,610	)	$	(229,574	)



* Foreign taxes withheld	$	9,355		$	408,792		$	370,300		$	15,658


⁽¹⁾	Commencement of operations

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2008 (Unaudited)


				ING			ING			ING
	ING			Greater			Index Plus			International
	Foreign			China			International Equity			Capital Appreciation
	Fund			Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	4,523,843		$	267,379		$	3,118,313		$	1,269,309
Interest, net of foreign taxes withheld*⁽¹⁾		354,075			67			182,970			16,025
Securities lending income		98,880			—			—			—

Total investment income		4,976,798			267,446			3,301,283			1,285,334

EXPENSES:
Investment management fees		3,297,222			399,212			602,413			592,272
Distribution and service fees:
Class A		403,682			69,182			22,613			5,697
Class B		216,656			28,000			16,956			4,353
Class C		1,028,263			42,179			11,972			5,004
Class O		—			—			77,924			—
Class Q		935			—			—			—
Transfer agent fees:
Class A		135,372			37,358			13,294			2,296
Class B		18,156			3,780			2,497			441
Class C		86,117			5,694			1,776			502
Class I		3,560			31			64,125			6,802
Class O		—			—			45,465			—
Class Q		27			—			—			—
Administrative service fees		338,727			34,714			109,531			69,678
Shareholder reporting expense		164,093			11,578			42,516			5,298
Registration fees		54,331			31,888			37,730			29,716
Professional fees		22,315			6,370			30,010			6,290
Custody and accounting expense		287,701			28,386			39,676			32,686
Trustee fees		8,202			808			3,423			910
Miscellaneous expense		11,674			3,745			269,393			2,736
Interest expense		565			—			50,911			957

Total expenses		6,077,598			702,925			1,442,225			765,638
Net recouped (waived and reimbursed) fees		(16,587	)		—			36,756			61,297
Brokerage commission recapture		(5,073	)		—			—			(2,514	)

Net expenses		6,055,938			702,925			1,478,981			824,421

Net investment income (loss)		(1,079,140	)		(435,479	)		1,822,302			460,913

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS AND FUTURES:
Net realized gain (loss) on:
Investments		1,551,222			6,130,916			(11,881,643	)		273,787
Foreign currency related transactions		(3,750,034	)		11,798			191,699			(49,273	)
Futures		—			—			2,338,608			—

Net realized gain (loss) on investments, foreign currency related transactions and futures		(2,198,812	)		6,142,714			(9,351,336	)		224,514

Net change in unrealized appreciation or depreciation on:
Investments		(78,651,097	)		(23,779,331	)		(19,017,724	)		(15,893,972	)
Foreign currency related transactions		6,022,603			(722	)		4,781			(807	)

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(72,628,494	)		(23,780,053	)		(19,012,943	)		(15,894,779	)

Net realized and unrealized loss on investments, foreign currency related transactions and futures		(74,827,306	)		(17,637,339	)		(28,364,279	)		(15,670,265	)

Decrease in net assets resulting from operations	$	(75,906,446	)	$	(18,072,818	)	$	(26,541,977	)	$	(15,209,352	)



* Foreign taxes withheld	$	449,104		$	—		$	357,827		$	121,061
⁽¹⁾ Affiliated interest income	$	—		$	—		$	2		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2008 (Unaudited)


	ING			ING			ING			ING
	International			International			International			International SmallCap
	Equity Dividend			Growth Opportunities			Real Estate			Multi-Manager
	Fund			Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*⁽¹⁾	$	1,267,993		$	1,270,282		$	8,644,097		$	11,388,312
Interest, net of foreign taxes withheld*⁽²⁾		333			56,079			300,620			240,756
Securities lending income		—			30,658			—			243,367

Total investment income		1,268,326			1,357,019			8,944,717			11,872,435

EXPENSES:
Investment management fees		205,033			629,203			2,690,707			4,373,898
Distribution and service fees:
Class A		4,641			71,621			282,777			694,121
Class B		1,220			71,201			45,859			229,691
Class C		7,613			85,136			501,179			394,165
Class Q		—			33,919			—			127,829
Transfer agent fees:
Class A		2,625			36,891			95,306			198,198
Class B		182			9,208			3,859			22,954
Class C		1,061			10,960			42,240			39,392
Class I		34,817			454			43,202			82,300
Class Q		—			1,205			—			28,624
Class W		—			—			1			62
Administrative service fees		27,338			62,919			289,715			458,868
Shareholder reporting expense		1,858			44,318			99,295			155,285
Registration fees		21,409			30,643			44,387			66,117
Professional fees		4,058			12,674			19,333			41,925
Custody and accounting expense		11,427			37,698			108,237			351,205
Trustee fees		469			1,619			3,546			11,055
Offering expense		49,726			—			—			—
Miscellaneous expense		1,204			10,723			4,237			21,638
Interest expense		—			4,691			—			89,456

Total expenses		374,681			1,155,083			4,273,880			7,386,783
Net recouped (waived and reimbursed) fees		(47,991	)		(30,867	)		118,700			—
Brokerage commission recapture		—			—			—			(10,373	)

Net expenses		326,690			1,124,216			4,392,580			7,376,410

Net investment income		941,636			232,803			4,552,137			4,496,025


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS AND WRITTEN OPTIONS:
Net realized gain (loss) on:
Investments (net of Indian capital gains tax withheld)**		(132,028	)		5,038,811			(24,610,159	)		(32,588,625	)
Foreign currency related transactions		(60,716	)		(19,414	)		(305,880	)		22,167
Written options		—			—			339,706			—

Net realized gain (loss) on investments, foreign currency related transactions and written options		(192,744	)		5,019,397			(24,576,333	)		(32,566,458	)

Net change in unrealized appreciation or depreciation on:
Investments (net of Indian capital gains tax accrued)***		(6,655,816	)		(17,768,086	)		(62,656,989	)		(187,117,435	)
Foreign currency related transactions		(390	)		(13,834	)		10,953			177,690

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(6,656,206	)		(17,781,920	)		(62,646,036	)		(186,939,745	)

Net realized and unrealized loss on investments, foreign currency related transactions and written options		(6,848,950	)		(12,762,523	)		(87,222,369	)		(219,506,203	)

Decrease in net assets resulting from operations	$	(5,907,314	)	$	(12,529,720	)	$	(82,670,232	)	$	(215,010,178	)



* Foreign taxes withheld	$	122,580		$	132,603		$	1,126,368		$	1,088,219
** Foreign tax on sale of Indian investments	$	—		$	40,004		$	—		$	23,279
*** Foreign tax accrued on Indian investments	$	—		$	98,920		$	—		$	30,110
⁽¹⁾ Dividends from affiliates	$	—		$	—		$	133,730		$	—
⁽²⁾ Affiliated interest income	$	—		$	55,569		$	—		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2008 (Unaudited)


	ING			ING			ING
	International			International			International			ING
	Value			Value Choice			Value Opportunities			Russia
	Fund			Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	76,914,485		$	834,580		$	148,255		$	3,123,697
Interest		1,239,354			53,283			577			—
Securities lending income		276,086			—			—			360,130

Total investment income		78,429,925			887,863			148,832			3,483,827


EXPENSES:
Investment management fees		22,748,054			388,840			37,276			5,582,621
Distribution and service fees:
Class A		2,783,853			19,537			11,591			1,116,524
Class B		1,152,323			16,881			62			—
Class C		3,263,443			21,455			165			—
Class Q		28,461			—			—			—
Transfer agent fees:
Class A		882,174			6,915			4,173			391,258
Class B		110,567			1,478			5			—
Class C		310,438			1,879			15			—
Class I		455,884			1,088			—			—
Class Q		5,653			—			—			—
Administrative service fees		2,274,772			38,883			4,660			446,607
Shareholder reporting expense		659,223			9,714			1,456			284,609
Registration fees		55,179			23,883			47,600			32,419
Professional fees		157,210			6,678			1,422			30,004
Custody and accounting expense		802,773			17,084			8,912			1,134,860
Trustee fees		76,792			1,386			546			26,292
Offering expense		—			—			27,713			—
Miscellaneous expense		477,700			3,747			4,461			11,245
Interest expense		28,569			221			—			—

Total expenses		36,273,068			559,669			150,057			9,056,439
Net recouped (waived and reimbursed) fees		(508,888	)		19,366			(81,653	)		—
Brokerage commission recapture		(82,743	)		(1,621	)		—			—

Net expenses		35,681,437			577,414			68,404			9,056,439

Net investment income (loss)		42,748,488			310,449			80,428			(5,572,612	)


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS:
Net realized gain (loss) on:
Investments		471,691,166			4,584,070			(248,647	)		138,122,218
Foreign currency related transactions		(239,218	)		(49,639	)		(8,154	)		(70,990	)

Net realized gain (loss) on investments and foreign currency related transactions		471,451,948			4,534,431			(256,801	)		138,051,228

Net change in unrealized appreciation or depreciation on:
Investments		(996,421,347	)		(9,557,059	)		(919,724	)		(146,413,257	)
Foreign currency related transactions		(274,694	)		(5,773	)		1,427			(95	)

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(996,696,041	)		(9,562,832	)		(918,297	)		(146,413,352	)

Net realized and unrealized loss on investments and foreign currency related transactions		(525,244,093	)		(5,028,401	)		(1,175,098	)		(8,362,124	)

Decrease in net assets resulting from operations	$	(482,495,605	)	$	(4,717,952	)	$	(1,094,670	)	$	(13,934,736	)



* Foreign taxes withheld	$	7,481,956		$	93,328		$	15,872		$	536,596

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2008 (Unaudited)


	ING			ING			ING
	Emerging Markets			Global			Diversified
	Fixed Income			Bond			International
	Fund			Fund			Fund

INVESTMENT INCOME:
Dividends	$	98,781		$	—		$	—
Dividends from affiliated underlying funds		—			—			7,019,581
Interest, net of foreign taxes withheld*⁽¹⁾		11,727,727			1,145,475			—

Total investment income		11,826,508			1,145,475			7,019,581


EXPENSES:
Investment management fees		1,010,170			125,315			—
Distribution and service fees:
Class A		9,895			62,727			441,153
Class B		1,797			7,597			199,083
Class C		8,255			54,532			781,935
Class R		—			—			928
Transfer agent fees:
Class A		935			5,630			120,953
Class B		43			182			13,646
Class C		199			1,306			53,597
Class I		7,299			2			9
Class R		—			—			127
Class W		—			—			44
Administrative service fees		157,999			31,328			274,823
Shareholder reporting expense		10,501			3,123			63,452
Registration fees		33,426			29,003			57,111
Professional fees		14,183			4,250			19,158
Custody and accounting expense		46,678			13,370			2,920
Trustee fees		3,411			546			4,810
Miscellaneous expense		2,728			6,835			4,107
Interest expense		315			838			—

Total expenses		1,307,834			346,584			2,037,856
Net waived and reimbursed fees		—			(12,088	)		(505,544	)

Net expenses		1,307,834			334,496			1,532,312

Net investment income		10,518,674			810,979			5,487,269


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, INVESTMENTS IN AFFILIATED UNDERLYING FUNDS, FOREIGN CURRENCY RELATED TRANSACTIONS, FUTURES AND SWAPS:
Net realized gain (loss) on:
Investments		(1,890,880	)		698,468			—
Distributions of realized gains from affiliated underlying funds		—			—			40,611,836
Investments in affiliated underlying funds		—			—			(11,930,628	)
Foreign currency related transactions		140,088			2,256,886			—
Futures and swaps		101,914			214,339			—

Net realized gain (loss) on investments, investments in affiliated underlying funds, foreign currency related transactions, futures and swaps		(1,648,878	)		3,169,693			28,681,208

Net change in unrealized appreciation or depreciation on:
Investments		(10,451,592	)		764,783			—
Investments in affiliated underlying funds		—			—			(101,343,801	)
Foreign currency related transactions		(224,371	)		(336,403	)		—
Futures and swaps		(59,246	)		(407,179	)		—

Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures and swaps		(10,735,209	)		21,201			(101,343,801	)

Net realized and unrealized gain (loss) on investments, investments in affiliated underlying funds foreign currency related transactions, futures and swaps		(12,384,087	)		3,190,894			(72,662,593	)

Increase (decrease) in net assets resulting from operations	$	(1,865,413	)	$	4,001,873		$	(67,175,324	)



* Foreign taxes withheld	$	—		$	880		$	—
⁽¹⁾ Affiliated interest income	$	—		$	196,656		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Global Equity Dividend Fund						ING Global Natural Resources Fund
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007

FROM OPERATIONS:
Net investment income (loss)	$	4,477,201		$	9,943,310		$	469,824		$	(367,759	)
Net realized gain on investments and foreign currency related transactions		11,339,139			27,811,655			15,124,072			26,954,117
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(56,974,513	)		6,761,896			(10,975,811	)		21,662,769

Increase (decrease) in net assets resulting from operations		(41,158,173	)		44,516,861			4,618,085			48,249,127


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(2,375,404	)		(5,670,697	)		(1,265,333	)		(2,937,873	)
Class B		(600,277	)		(1,472,137	)		—			—
Class C		(1,343,771	)		(2,980,276	)		—			—
Class I		(17	)		(8	)		(26	)		—
Class O		(387,960	)		(499,649	)		—			—
Net realized gains:
Class A		(12,404,290	)		(5,696,724	)		(26,908,550	)		(3,999,909	)
Class B		(3,985,012	)		(2,232,186	)		—			—
Class C		(8,739,875	)		(3,980,153	)		—			—
Class I		(77	)		—			(400	)		—
Class O		(1,777,436	)		(83,443	)		—			—

Total distributions		(31,614,119	)		(22,615,273	)		(28,174,309	)		(6,937,782	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		35,345,650			202,562,312			10,802,198			16,678,962
Reinvestment of distributions		21,878,468			14,663,596			25,092,384			6,190,526

		57,224,118			217,225,908			35,894,582			22,869,488
Cost of shares redeemed		(87,924,623	)		(81,136,802	)		(14,953,948	)		(27,924,321	)

Net increase (decrease) in net assets resulting from capital share transactions		(30,700,505	)		136,089,106			20,940,634			(5,054,833	)

Net increase (decrease) in net assets		(103,472,797	)		157,990,694			(2,615,590	)		36,256,512


NET ASSETS:
Beginning of period		389,264,276			231,273,582			157,368,935			121,112,423

End of period	$	285,791,479		$	389,264,276		$	154,753,345		$	157,368,935

Undistributed net investment income (distribution in excess of net investment income) at end of period	$	2,035,617		$	2,265,845		$	(279,560	)	$	515,975

See Accompanying Notes to Financial Statements

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,
	2008			2007			2008			2007

FROM OPERATIONS:
Net investment income (loss)	$	11,114,869		$	9,309,818		$	(23,656	)	$	(279,174	)
Net realized gain (loss) on investments and foreign currency related transactions		(56,564,598	)		3,038,303			6,446,649			20,403,387
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(130,248,150	)		111,748,957			(18,131,580	)		11,089,799

Increase (decrease) in net assets resulting from operations		(175,697,879	)		124,097,078			(11,708,587	)		31,214,012


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(25,633,722	)		(36,353,919	)		(330,676	)		—
Class B		(1,257,564	)		(2,289,473	)		—			—
Class C		(6,418,232	)		(9,440,529	)		(28,732	)		—
Class I		(2,719,571	)		(1,235,834	)		(77,786	)		—
Class O		(569,054	)		(800,532	)		—			—
Class Q		—			—			(15,997	)		—
Class W		(23,690	)		—			—			—
Net realized gains:
Class A		(1,914,849	)		(7,533,675	)		—			—
Class B		(111,208	)		(577,495	)		—			—
Class C		(570,013	)		(2,018,085	)		—			—
Class I		(144,690	)		(167,262	)		—			—
Class O		(44,110	)		(47,650	)		—			—

Total distributions		(39,406,703	)		(60,464,454	)		(453,191	)		—


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		605,379,963			1,452,457,984			23,701,461			23,951,269
Reinvestment of distributions		30,827,171			46,781,605			305,217			—

		636,207,134			1,499,239,589			24,006,678			23,951,269
Cost of shares redeemed		(367,519,336	)		(602,805,919	)		(20,955,562	)		(30,529,879	)

Net increase (decrease) in net assets resulting from capital share transactions		268,687,798			896,433,670			3,051,116			(6,578,610	)

Net increase (decrease) in net assets		53,583,216			960,066,294			(9,110,662	)		24,635,402


NET ASSETS:
Beginning of period		1,579,571,445			619,505,151			130,683,159			106,047,757

End of period	$	1,633,154,661		$	1,579,571,445		$	121,572,497		$	130,683,159

Undistributed net investment income (distribution in excess of net investment income) at end of period	$	(34,389,294	)	$	(8,882,330	)	$	(67,675	)	$	409,172

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Asia-Pacific			ING Disciplined International
	Real Estate Fund			SmallCap Fund
	November 1,			Six Months			December 20,
	2007⁽¹⁾ to			Ended			2006⁽¹⁾ to
	April 30,			April 30,			October 31,
	2008			2008			2007

FROM OPERATIONS:
Net investment income	$	24,030		$	3,794,899		$	2,228,967
Net realized gain (loss) on investments and foreign currency related transactions		(638,046	)		(31,674,609	)		2,282,503
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(401,341	)		(46,718,679	)		22,941,221

Increase (decrease) in net assets resulting from operations		(1,015,357	)		(74,598,389	)		27,452,691


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(30,443	)		(541	)		—
Class B		(141	)		(2	)		—
Class C		(421	)		(25	)		—
Class I		(6	)		(2,965,190	)		—
Net realized gains:
Class A		—			(1,783	)		—
Class B		—			(84	)		—
Class C		—			(892	)		—
Class I		—			(7,916,891	)		—

Total distributions		(31,011	)		(10,885,408	)		—


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		6,059,516			97,513,660			492,620,976
Reinvestment of distributions		3,131			10,885,000			—

		6,062,647			108,398,660			492,620,976
Cost of shares redeemed		(27,318	)		(122,711,566	)		(54,286,888	)

Net increase (decrease) in net assets resulting from capital share transactions		6,035,329			(14,312,906	)		438,334,088

Net increase (decrease) in net assets		4,988,961			(99,796,703	)		465,786,779


NET ASSETS:
Beginning of period		—			465,786,779			—

End of period	$	4,988,961		$	365,990,076		$	465,786,779

Undistributed net investment income (distribution in excess of net investment income) at end of period	$	(6,981	)	$	3,290,480		$	2,461,339


⁽¹⁾	Commencement of operations

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


							ING European
	ING Emerging Countries Fund						Real Estate Fund
	Six Months						November 1,
	Ended			Year Ended			2007⁽¹⁾
	April 30,			October 31,			to April 30,
	2008			2007			2008

FROM OPERATIONS:
Net investment income	$	2,754,589		$	3,516,628		$	38,202
Net realized gain (loss) on investments and foreign currency related transactions		18,348,068			46,867,839			(328,657	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(45,053,267	)		39,650,088			60,881

Increase (decrease) in net assets resulting from operations		(23,950,610	)		90,034,555			(229,574	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(2,167,497	)		(1,896,150	)		(17,918	)
Class B		(57,378	)		(83,261	)		—
Class C		(291,243	)		(323,450	)		(100	)
Class I		(594,705	)		(446,558	)		(4	)
Class M		—			(13,746	)		—
Class Q		(242,630	)		(179,954	)		—
Net realized gains:
Class A		(5,264,824	)		—			—
Class B		(438,355	)		—			—
Class C		(1,543,106	)		—			—
Class I		(1,145,162	)		—			—
Class Q		(548,437	)		—			—

Total distributions		(12,293,337	)		(2,943,119	)		(18,022	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		51,952,743			112,724,921			6,406,868
Reinvestment of distributions		10,523,186			2,492,354			1,645

		62,475,929			115,217,275			6,408,513
Cost of shares redeemed		(75,817,843	)		(79,923,522	)		(1,333	)

Net increase (decrease) in net assets resulting from capital share transactions		(13,341,914	)		35,293,753			6,407,180

Net increase (decrease) in net assets		(49,585,861	)		122,385,189			6,159,584


NET ASSETS:
Beginning of period		330,644,479			208,259,290			—

End of period	$	281,058,618		$	330,644,479		$	6,159,584

Undistributed net investment income at end of period	$	2,493,570		$	3,092,434		$	20,180


⁽¹⁾	Commencement of operations

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Foreign Fund						ING Greater China Fund
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007

FROM OPERATIONS:
Net investment income (loss)	$	(1,079,140	)	$	2,085,807		$	(435,479	)	$	210,200
Net realized gain (loss) on investments and foreign currency related transactions		(2,198,812	)		47,020,133			6,142,714			7,910,177
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(72,628,494	)		111,918,325			(23,780,053	)		29,642,227

Increase (decrease) in net assets resulting from operations		(75,906,446	)		161,024,265			(18,072,818	)		37,762,604


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		—			—			(206,726	)		(127,574	)
Class B		—			—			—			(9,360	)
Class C		—			—			—			(5,789	)
Class I		—			—			(210	)		(143	)
Net realized gains:
Class A		(20,918,801	)		(8,170,693	)		(6,348,739	)		(219	)
Class B		(3,020,180	)		(1,424,431	)		(607,794	)		(24	)
Class C		(13,830,785	)		(5,882,217	)		(1,066,835	)		(21	)
Class I		(6,602,918	)		(2,373,358	)		(4,310	)		—
Class Q		(50,212	)		(43,762	)		—			—

Total distributions		(44,422,896	)		(17,894,461	)		(8,234,614	)		(143,130	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		116,272,136			228,656,436			16,164,744			51,182,704
Reinvestment of distributions		32,055,298			12,389,371			5,628,333			73,388

		148,327,434			241,045,807			21,793,077			51,256,092
Cost of shares redeemed		(85,167,766	)		(116,454,629	)		(26,431,350	)		(23,031,761	)

Net increase (decrease) in net assets resulting from capital share transactions		63,159,668			124,591,178			(4,638,273	)		28,224,331

Net increase (decrease) in net assets		(57,169,674	)		267,720,982			(30,945,705	)		65,843,805


NET ASSETS:
Beginning of period		742,220,466			474,499,484			93,655,560			27,811,755

End of period	$	685,050,792		$	742,220,466		$	62,709,855		$	93,655,560

Undistributed net investment income (distribution in excess of net investment income) at end of period	$	5,226,340		$	6,305,480		$	(445,334	)	$	197,081

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Index Plus International Equity Fund						ING International Capital Appreciation Fund
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007

FROM OPERATIONS:
Net investment income	$	1,822,302		$	1,813,920		$	460,913		$	420,935
Net realized gain (loss) on investments, foreign currency related transactions and futures		(9,351,336	)		12,541,967			224,514			5,266,719
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(19,012,943	)		7,978,045			(15,894,779	)		24,274,753

Increase (decrease) in net assets resulting from operations		(26,541,977	)		22,333,932			(15,209,352	)		29,962,407


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(28,649	)		(87,342	)		(46,790	)		(23,107	)
Class B		(8,557	)		(1,478	)		(6,221	)		(260	)
Class C		(13,088	)		(2,010	)		(7,324	)		(23	)
Class I		(2,125,491	)		(863,636	)		(1,713,778	)		(383,682	)
Class O		(19	)		—			—			—
Net realized gains:
Class A		(221,431	)		(291,175	)		(171,474	)		(108,029	)
Class B		(74,576	)		(6,890	)		(29,527	)		(1,967	)
Class C		(113,554	)		(12,818	)		(33,222	)		(1,476	)
Class I		(11,934,519	)		(1,953,787	)		(4,964,217	)		(1,126,292	)
Class O		(106	)		—			—			—

Total distributions		(14,519,990	)		(3,219,136	)		(6,972,553	)		(1,644,836	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		95,417,245			62,111,210			21,819,452			73,718,329
Proceeds from shares issued in merger (Note 13)		128,431,314			—			—			—
Reinvestment of distributions		14,382,164			2,857,702			6,792,519			1,517,633

		238,230,723			64,968,912			28,611,971			75,235,962
Cost of shares redeemed		(44,524,153	)		(52,958,552	)		(7,352,070	)		(7,155,866	)

Net increase in net assets resulting from capital share transactions		193,706,570			12,010,360			21,259,901			68,080,096

Net increase (decrease) in net assets		152,644,603			31,125,156			(922,004	)		96,397,667


NET ASSETS:
Beginning of period		123,017,427			91,892,271			147,406,227			51,008,560

End of period	$	275,662,030		$	123,017,427		$	146,484,223		$	147,406,227

Undistributed net investment income at end of period	$	1,805,161		$	2,158,663		$	452,293		$	1,765,493

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING International						ING International
	Equity Dividend Fund						Growth Opportunities Fund
	Six Months						Six Months
	Ended			June 28, 2007⁽¹⁾			Ended			Year Ended
	April 30,			to October 31,			April 30,			October 31,
	2008			2007			2008			2007

FROM OPERATIONS:
Net investment income	$	941,636		$	193,602		$	232,803		$	128,203
Net realized gain (loss) on investments and foreign currency related transactions		(192,744	)		130,192			5,019,397			23,520,588
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(6,656,206	)		3,429,639			(17,781,920	)		11,840,950

Increase (decrease) in net assets resulting from operations		(5,907,314	)		3,753,433			(12,529,720	)		35,489,741


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(60,257	)		—			(83,294	)		(680,068	)
Class B		(3,158	)		—			—			(66,840	)
Class C		(20,108	)		—			—			(70,208	)
Class I		(830,872	)		—			(34,259	)		(212,485	)
Class Q		—			—			(72,032	)		(379,024	)
Net realized gains:
Class A		(15,847	)		—			(9,436,503	)		(5,041,992	)
Class B		(884	)		—			(2,576,516	)		(1,473,205	)
Class C		(6,628	)		—			(2,904,702	)		(1,405,761	)
Class I		(212,974	)		—			(1,519,864	)		(1,170,829	)
Class Q		—			—			(4,634,332	)		(2,425,795	)

Total distributions		(1,150,728	)		—			(21,261,502	)		(12,926,207	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		6,663,736			57,663,013			17,606,100			24,042,736
Reinvestment of distributions		1,127,441			—			18,676,003			11,571,000

		7,791,177			57,663,013			36,282,103			35,613,736
Cost of shares redeemed		(8,258,625	)		(110,155	)		(22,173,897	)		(46,253,686	)

Net increase (decrease) in net assets resulting from capital share transactions		(467,448	)		57,552,858			14,108,206			(10,639,950	)

Net increase (decrease) in net assets		(7,525,490	)		61,292,610			(19,683,016	)		11,923,584


NET ASSETS:
Beginning of period		61,306,291			—			143,828,509			131,904,925

End of period	$	53,780,801		$	61,306,291		$	124,145,493		$	143,828,509

Undistributed net investment income at end of period	$	341,256		$	314,015		$	162,166		$	118,948


⁽¹⁾	Commencement of operations

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING International						ING International
	Real Estate Fund						SmallCap Multi-Manager Fund
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007

FROM OPERATIONS:
Net investment income	$	4,552,137		$	2,572,223		$	4,496,025		$	6,261,927
Net realized gain (loss) on investments, foreign currency related transactions and written options		(24,576,333	)		(5,927,606	)		(32,566,458	)		139,620,023
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(62,646,036	)		67,077,885			(186,939,745	)		138,128,121

Increase (decrease) in net assets resulting from operations		(82,670,232	)		63,722,502			(215,010,178	)		284,010,071


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(8,810,968	)		(3,122,648	)		(2,482,496	)		(1,450,677	)
Class B		(318,498	)		(87,059	)		—			—
Class C		(3,540,598	)		(800,946	)		—			(3,361	)
Class I		(9,545,253	)		(1,247,020	)		(2,905,473	)		(1,454,644	)
Class Q		—			—			(658,389	)		(542,824	)
Net realized gains:
Class A		—			—			(60,559,522	)		—
Class B		—			—			(7,139,435	)		—
Class C		—			—			(12,891,923	)		—
Class I		—			—			(43,980,498	)		—
Class Q		—			—			(14,055,684	)		—

Total distributions		(22,215,317	)		(5,257,673	)		(144,673,420	)		(3,451,506	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		355,481,512			476,221,868			174,722,268			582,975,064
Reinvestment of distributions		11,039,235			3,314,796			106,415,697			2,386,090

		366,520,747			479,536,664			281,137,965			585,361,154
Cost of shares redeemed		(131,785,303	)		(97,047,896	)		(243,324,969	)		(251,064,888	)

Net increase in net assets resulting from capital share transactions		234,735,444			382,488,768			37,812,996			334,296,266

Net increase (decrease) in net assets		129,849,895			440,953,597			(321,870,602	)		614,854,831


NET ASSETS:
Beginning of period		531,801,201			90,847,604			1,201,307,419			586,452,588

End of period	$	661,651,096		$	531,801,201		$	879,436,817		$	1,201,307,419

Undistributed net investment income at end of period	$	1,117,494		$	18,780,674		$	4,759,943		$	6,310,276

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING International						ING International
	Value Fund						Value Choice Fund
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007

FROM OPERATIONS:
Net investment income	$	42,748,488		$	56,997,675		$	310,449		$	961,863
Net realized gain on investments and foreign currency related transactions		471,451,948			773,210,681			4,534,431			11,127,404
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(996,696,041	)		111,070,822			(9,562,832	)		5,114,818

Increase (decrease) in net assets resulting from operations		(482,495,605	)		941,279,178			(4,717,952	)		17,204,085


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(20,593,112	)		(18,482,190	)		(112,875	)		(98,246	)
Class B		(250,157	)		(533,208	)		(307	)		—
Class C		(2,488,818	)		(1,845,996	)		—			—
Class I		(29,292,792	)		(22,422,943	)		(693,103	)		(317,928	)
Class Q		(353,269	)		(267,155	)		—			—
Net realized gains:
Class A		(304,767,165	)		(197,689,141	)		(2,221,665	)		(310,768	)
Class B		(41,150,109	)		(36,175,155	)		(507,826	)		(60,618	)
Class C		(110,803,630	)		(73,056,964	)		(656,889	)		(75,307	)
Class I		(313,841,980	)		(171,997,304	)		(8,389,969	)		(671,110	)
Class Q		(3,792,183	)		(2,584,599	)		—			—

Total distributions		(827,333,215	)		(525,054,655	)		(12,582,634	)		(1,533,977	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		495,885,722			981,748,449			10,258,540			62,085,850
Reinvestment of distributions		592,169,643			372,072,665			11,960,549			1,417,746

		1,088,055,365			1,353,821,114			22,219,089			63,503,596
Cost of shares redeemed		(1,001,531,829	)		(1,219,257,275	)		(15,162,713	)		(56,041,699	)

Net increase in net assets resulting from capital share transactions		86,523,536			134,563,839			7,056,376			7,461,897

Net increase (decrease) in net assets		(1,223,305,284	)		550,788,362			(10,244,210	)		23,132,005


NET ASSETS:
Beginning of period		5,398,777,474			4,847,989,112			85,746,502			62,614,497

End of period	$	4,175,472,190		$	5,398,777,474		$	75,502,292		$	85,746,502

Undistributed net investment income at end of period	$	42,724,658		$	52,954,318		$	313,988		$	809,824

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING International
	Value Opportunities Fund						ING Russia Fund
	Six Months			February 28,			Six Months			Year
	Ended			2007⁽¹⁾			Ended			Ended
	April 30,			to October 31,			April 30,			October 31,
	2008			2007			2008			2007

FROM OPERATIONS:
Net investment income (loss)	$	80,428		$	173,417		$	(5,572,612	)	$	(4,511,889	)
Net realized gain (loss) on investments and foreign currency related transactions		(256,801	)		55,392			138,051,228			142,284,643
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(918,297	)		413,314			(146,413,352	)		177,636,410

Increase (decrease) in net assets resulting from operations		(1,094,670	)		642,123			(13,934,736	)		315,409,164


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(202,959	)		—			—			—
Class B		(20	)		—			—			—
Class C		(558	)		—			—			—
Class I		(24	)		—			—			—
Net realized gains:
Class A		(49,157	)		—			(137,654,710	)		(43,574,710	)
Class B		(10	)		—			—			—
Class C		(132	)		—			—			—
Class I		(5	)		—			—			—

Total distributions		(252,865	)		—			(137,654,710	)		(43,574,710	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		65,195			10,090,135			130,212,288			280,987,914
Reinvestment of distributions		1,517			—			116,864,014			37,402,991

		66,712			10,090,135			247,076,302			318,390,905
Redemption Fee Proceeds		—			—			322,893			3,086,432
Cost of shares redeemed		(2,925	)		(29,678	)		(121,075,368	)		(422,755,301	)

Net increase (decrease) in net assets resulting from capital share transactions		63,787			10,060,457			126,323,827			(101,277,964	)

Net increase (decrease) in net assets		(1,283,748	)		10,702,580			(25,265,619	)		170,556,490


NET ASSETS:
Beginning of period		10,702,580			—			922,503,740			751,947,250

End of period	$	9,418,832		$	10,702,580		$	897,238,121		$	922,503,740

Undistributed net investment income (accumulated net investment loss) at end of period	$	77,070		$	200,203		$	(5,572,612	)	$	—

⁽¹⁾ Commencement of operations

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Emerging Markets
	Fixed Income Fund						ING Global Bond Fund
	Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended
	April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007

FROM OPERATIONS:
Net investment income	$	10,518,674		$	7,527,851		$	810,979		$	823,069
Net realized gain (loss) on investments, foreign currency related transactions, futures and swaps		(1,648,878	)		(723,798	)		3,169,693			798,273
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures and swaps		(10,735,209	)		406,474			21,201			939,686

Increase (decrease) in net assets resulting from operations		(1,865,413	)		7,210,527			4,001,873			2,561,028

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(244,944	)		(1,326,791	)		(2,764,788	)		(1,111,960	)
Class B		(10,006	)		(17,775	)		(80,005	)		(6,982	)
Class C		(45,410	)		(40,349	)		(572,365	)		(15,266	)
Class I		(10,095,872	)		(6,243,283	)		(3,551	)		(47	)
Net realized gains:
Class A		—			(71,166	)		(369,378	)		(443,199	)
Class B		—			(814	)		(6,552	)		(718	)
Class C		—			(946	)		(30,696	)		(756	)
Class I		—			—			(12	)		(18	)

Total distributions		(10,396,232	)		(7,701,124	)		(3,827,347	)		(1,578,946	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		66,629,183			310,896,270			80,715,843			4,813,090
Reinvestment of distributions		10,274,145			6,461,870			1,693,062			44,534

		76,903,328			317,358,140			82,408,905			4,857,624
Cost of shares redeemed		(89,480,547	)		(27,962,963	)		(6,208,335	)		(830,470	)

Net increase (decrease) in net assets resulting from capital share transactions		(12,577,219	)		289,395,177			76,200,570			4,027,154

Net increase (decrease) in net assets		(24,838,864	)		288,904,580			76,375,096			5,009,236

NET ASSETS:
Beginning of period		315,662,419			26,757,839			30,857,433			25,848,197

End of period	$	290,823,555		$	315,662,419		$	107,232,529		$	30,857,433

Undistributed net investment income (distribution in excess of net investment income) at end of period	$	122,442		$	—		$	(2,584,756	)	$	24,974

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Diversified International Fund
	Six Months			Year
	Ended			Ended
	April 30,			October 31,
	2008			2007

FROM OPERATIONS:
Net investment income	$	5,487,269		$	431,276
Net realized gain on investments in affiliated underlying funds		28,681,208			7,816,137
Net change in unrealized appreciation or depreciation on investments in affiliated underlying funds		(101,343,801	)		97,142,153

Increase (decrease) in net assets resulting from operations		(67,175,324	)		105,389,566

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(6,883,233	)		(968,683	)
Class B		(519,915	)		(17,195	)
Class C		(2,156,592	)		(76,872	)
Class I		(586	)		(55	)
Class R		(6,279	)		(472	)
Net realized gains:
Class A		(2,346,495	)		—
Class B		(269,552	)		—
Class C		(1,057,058	)		—
Class I		(180	)		—
Class R		(2,520	)		—

Total distributions		(13,242,410	)		(1,063,277	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		117,666,114			299,856,179
Reinvestment of distributions		9,865,970			792,330

		127,532,084			300,648,509
Cost of shares redeemed		(76,880,265	)		(71,791,916	)

Net increase in net assets resulting from capital share transactions		50,651,819			228,856,593

Net increase (decrease) in net assets		(29,765,915	)		333,182,882

NET ASSETS:
Beginning of period		596,155,428			262,972,546

End of period	$	566,389,513		$	596,155,428

Undistributed net investment income (distribution in excess of net investment income) at end of period	$	(555,752	)	$	3,523,584

See Accompanying Notes to Financial Statements

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													2003⁽¹⁾ to
		April 30,			Year Ended October 31,										October 31,
		2008			2007			2006		2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		16.84			15.76			13.07		12.41			10.49		10.00
Income (loss) from investment operations:
Net investment income	$		0.24			0.54	*		0.54		0.47	*		0.44		0.02
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.96	)		1.84			2.85		0.92			1.87		0.47
Total from investment operations	$		(1.72	)		2.38			3.39		1.39			2.31		0.49
Less distributions from:
Net investment income	$		0.23			0.55			0.51		0.54			0.39		—
Net realized gains on investments	$		1.20			0.75			0.19		0.19			—		—
Total distributions	$		1.43			1.30			0.70		0.73			0.39		—
Net asset value, end of period	$		13.69			16.84			15.76		13.07			12.41		10.49
Total Return⁽²⁾	%		(10.43	)		15.80			26.56		11.45			22.59		4.90


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		125,760			182,669			108,911		73,186			11,316		4,274
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽³⁾	%		1.37			1.26			1.27		1.28			3.44		7.00
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		1.37			1.26			1.33		1.40			1.40		1.40
Net investment income after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		3.17			3.31			3.76		3.60			4.39		3.58
Portfolio turnover rate	%		15			36			50		57			60		3


		Class B
		Six Months												October 24,
		Ended												2003⁽¹⁾ to
		April 30,			Year Ended October 31,									October 31,
		2008			2007		2006		2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		16.79			15.72		13.05		12.37			10.49		10.31
Income (loss) from investment operations:
Net investment income	$		0.18			0.39		0.43		0.37	*		0.42		0.00	**
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.95	)		1.86		2.84		0.92			1.82		0.18
Total from investment operations	$		(1.77	)		2.25		3.27		1.29			2.24		0.18
Less distributions from:
Net investment income	$		0.18			0.43		0.41		0.42			0.36		—
Net realized gains on investments	$		1.20			0.75		0.19		0.19			—		—
Total distributions	$		1.38			1.18		0.60		0.61			0.36		—
Net asset value, end of period	$		13.64			16.79		15.72		13.05			12.37		10.49
Total Return⁽²⁾	%		(10.80	)		14.94		25.55		10.65			21.92		1.75


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		42,034			58,093		44,936		28,811			3,303		12
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽³⁾	%		2.12			2.01		2.02		2.03			4.19		7.75
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		2.12			2.01		2.08		2.15			2.15		2.15
Net investment income (loss) after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		2.43			2.53		3.05		2.83			4.03		(0.67	)
Portfolio turnover rate	%		15			36		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.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is less than $0.005.

See Accompanying Notes to Financial Statements

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												2003⁽¹⁾ to
		April 30,			Year Ended October 31,									October 31,
		2008			2007		2006		2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		16.75			15.69		13.02		12.37			10.48		10.44
Income (loss) from investment operations:
Net investment income	$		0.18			0.39		0.43		0.37	*		0.39		0.00	**
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.94	)		1.86		2.84		0.90			1.86		0.04
Total from investment operations	$		(1.76	)		2.25		3.27		1.27			2.25		0.04
Less distributions from:
Net investment income	$		0.18			0.44		0.41		0.43			0.36		—
Net realized gains on investments	$		1.20			0.75		0.19		0.19			—		—
Total distributions	$		1.38			1.19		0.60		0.62			0.36		—
Net asset value, end of period	$		13.61			16.75		15.69		13.02			12.37		10.48
Total Return⁽²⁾	%		(10.76	)		14.94		25.62		10.51			21.99		0.38


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		94,450			124,765		77,426		48,965			3,655		19
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽³⁾	%		2.12			2.01		2.02		2.03			4.19		7.75
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		2.12			2.01		2.08		2.15			2.15		2.15
Net investment income (loss) after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		2.44			2.54		3.03		2.82			3.99		(0.88	)
Portfolio turnover rate	%		15			36		50		57			60		3


		Class I
		Six Months			August 1,
		Ended			2007⁽¹⁾ to
		April 30,			October 31,
		2008			2007


Per Share Operating Performance:
Net asset value, beginning of period	$		16.83			15.81
Income (loss) from investment operations:
Net investment income	$		0.26	*		0.12	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.93	)		1.03
Total from investment operations	$		(1.67	)		1.15
Less distributions from:
Net investment income	$		0.26			0.13
Net realized gains on investments	$		1.20			—
Total distributions	$		1.46			0.13
Net asset value, end of period	$		13.70			16.83
Total Return⁽²⁾	%		(10.15	)		7.26


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		1			1
Ratios to average net assets:
Expenses⁽³⁾	%		0.99			0.90
Net investment income⁽³⁾	%		3.57			2.98
Portfolio turnover rate	%		15			36


⁽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.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is less than $0.005.

See Accompanying Notes to Financial Statements

ING Global Equity Dividend Fund (Unaudited) (continued)

Financial Highlights

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


		Class O
		Six Months			November 15,
		Ended			2006⁽¹⁾ to
		April 30,			October 31,
		2008			2007


Per Share Operating Performance:
Net asset value, beginning of period	$		16.83			15.86
Income (loss) from investment operations:
Net investment income	$		0.23	*		0.55	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.94	)		1.74
Total from investment operations	$		(1.71	)		2.29
Less distributions from:
Net investment income	$		0.24			0.57
Net realized gains on investments	$		1.20			0.75
Total distributions	$		1.44			1.32
Net asset value, end of period	$		13.68			16.83
Total Return⁽²⁾	%		(10.48	)		15.12


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		23,545			23,737
Ratios to average net assets:
Expenses⁽³⁾	%		1.38			1.26
Net investment income⁽³⁾	%		3.26			3.46
Portfolio turnover rate	%		15			36


		Class W
		February 12,
		2008⁽¹⁾ to
		April 30,
		2008


Per Share Operating Performance:
Net asset value, beginning of period	$		14.51
Income from investment operations:
Net investment income	$		0.20	*
Net realized and unrealized gain on investments and foreign currency related transactions	$		0.26
Total from investment operations	$		0.46
Less distributions from:
Net investment income	$		0.12
Total distributions	$		0.12
Net asset value, end of period	$		14.85
Total Return⁽²⁾	%		3.15


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		2
Ratios to average net assets:
Expenses⁽³⁾	%		0.99
Net investment income⁽³⁾	%		6.42
Portfolio turnover rate	%		15


⁽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.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

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
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		14.18			10.46			7.34			7.09			6.94			4.40
Income (loss) from investment operations:
Net investment income (loss)	$		0.04	*		(0.03	)		(0.06	)		(0.06	)		(0.05	)		(0.02	)
Net realized and unrealized gain on investments and foreign currency related transactions	$		0.19			4.36			3.20			0.54			0.20			2.56
Total from investment operations	$		0.23			4.33			3.14			0.48			0.15			2.54
Less distributions from:
Net investment income	$		0.11			0.26			0.02			0.23			—			—
Net realized gains on investments	$		2.45			0.35			—			—			—			—
Total distributions	$		2.56			0.61			0.02			0.23			—			—
Net asset value, end of period	$		11.85			14.18			10.46			7.34			7.09			6.94
Total Return⁽²⁾	%		3.51			43.22			42.76			6.81			2.16			57.73


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		154,751			157,367			121,112			87,441			91,756			101,696
Ratios to average net assets:
Expenses⁽³⁾	%		1.43	†		1.44	†		1.42			1.56			1.44			1.57
Net investment income (loss)⁽³⁾	%		0.65			(0.28	)		(0.61	)		(0.77	)		(0.69	)		(0.36	)
Portfolio turnover rate	%		77			121			158			78			77			94


		Class I
		Six Months			August 1,
		Ended			2007⁽¹⁾ to
		April 30,			October 31,
		2008			2007


Per Share Operating Performance:
Net asset value, beginning of period	$		14.19			12.07
Income from investment operations:
Net investment income	$		0.09	*		0.00	**
Net realized and unrealized gain on investments and foreign currency related transactions	$		0.17			2.12
Total from investment operations	$		0.26			2.12
Less distributions from:
Net investment income	$		0.16			—
Net realized gains on investments	$		2.45			—
Total distributions	$		2.61			—
Net asset value, end of period	$		11.84			14.19
Total Return⁽²⁾	%		3.73			17.56


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		1			2
Ratios to average net assets:
Expenses⁽³⁾	%		1.08	†		1.08	†
Net investment income⁽³⁾	%		1.53			0.09
Portfolio turnover rate	%		77			121


⁽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.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is less than $0.005.

†		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.

See Accompanying Notes to Financial Statements

ING Global Real Estate Fund (Unaudited)

Financial Highlights

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


		Class A
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		24.19			22.23			17.14			15.40			13.06		10.40
Income (loss) from investment operations:
Net investment income	$		0.17	*		0.22	*		0.20	*		0.26	*†		0.27		0.57
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.95	)		3.13			6.41			2.94	†		3.26		2.79
Total from investment operations	$		(2.78	)		3.35			6.61			3.20			3.53		3.36
Less distributions from:
Net investment income	$		0.54			1.08			0.46			0.54			0.43		0.54
Net realized gains on investments	$		0.04			0.31			1.06			0.92			0.76		0.16
Total distributions	$		0.58			1.39			1.52			1.46			1.19		0.70
Net asset value, end of period	$		20.83			24.19			22.23			17.14			15.40		13.06
Total Return⁽¹⁾	%		(11.45	)		15.44			41.09			21.95			28.90		33.77


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		1,106,337			1,115,493			467,405			138,314			95,561		41,549
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽²⁾	%		1.36			1.30			1.39			1.50			1.55		1.95
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽²⁾⁽³⁾	%		1.36			1.30			1.39			1.59			1.75		1.75
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		1.36			1.30			1.39			1.59			1.75		1.75
Net investment income after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		1.73			0.96			1.04			1.58	†		2.55		5.14
Portfolio turnover rate	%		21			57			39			91			129		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.

⁽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.

*		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

ING Global Real Estate Fund (Unaudited) (continued)

Financial Highlights

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


		Class B
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		20.67			19.20			15.01			13.67			11.74		9.43
Income (loss) from investment operations:
Net investment income	$		0.08	*		0.04	*		0.05	*		0.12	*†		0.14		0.48
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.54	)		2.69			5.56			2.59	†		2.90		2.47
Total from investment operations	$		(2.46	)		2.73			5.61			2.71			3.04		2.95
Less distributions from:
Net investment income	$		0.47			0.95			0.36			0.45			0.35		0.48
Net realized gains on investments	$		0.04			0.31			1.06			0.92			0.76		0.16
Total distributions	$		0.51			1.26			1.42			1.37			1.11		0.64
Net asset value, end of period	$		17.70			20.67			19.20			15.01			13.67		11.74
Total Return⁽¹⁾	%		(11.83	)		14.59			40.04			21.05			27.89		32.83


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		43,813			57,837			31,677			12,302			4,736		1,506
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽²⁾	%		2.11			2.05			2.14			2.25			2.30		2.70
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽²⁾⁽³⁾	%		2.11			2.05			2.14			2.34			2.50		2.50
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		2.11			2.05			2.14			2.34			2.50		2.50
Net investment income after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		0.98			0.22			0.31			0.79	†		1.78		4.44
Portfolio turnover rate	%		21			57			39			91			129		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.

⁽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.

*		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

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
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		21.70			20.10			15.65			14.19			12.14		9.70
Income (loss) from investment operations:
Net investment income	$		0.09	*		0.04	*		0.05	*		0.12	*†		0.14		0.45
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.66	)		2.82			5.82			2.71	†		3.02		2.60
Total from investment operations	$		(2.57	)		2.86			5.87			2.83			3.16		3.05
Less distributions from:
Net investment income	$		0.47			0.95			0.36			0.45			0.35		0.45
Net realized gains on investments	$		0.04			0.31			1.06			0.92			0.76		0.16
Total distributions	$		0.51			1.26			1.42			1.37			1.11		0.61
Net asset value, end of period	$		18.62			21.70			20.10			15.65			14.19		12.14
Total Return⁽²⁾	%		(11.79	)		14.57			40.06			21.11			27.93		32.89


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		262,466			303,235			109,197			27,989			7,817		1,732
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		2.11			2.05			2.14			2.25			2.30		2.70
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.11			2.05			2.14			2.34			2.50		2.50
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.11			2.05			2.14			2.34			2.50		2.50
Net investment income after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		0.97			0.20			0.29			0.78	†		1.72		4.60
Portfolio turnover rate	%		21			57			39			91			129		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 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.

*		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

ING Global Real Estate Fund (Unaudited) (continued)

Financial Highlights

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


		Class I
		Six Months									June 3,
		Ended			Year Ended						2005⁽¹⁾ to
		April 30,			October 31,						October 31,
		2008			2007			2006			2005


Per Share Operating Performance:
Net asset value, beginning of period	$		24.21			22.23			17.14			16.32
Income (loss) from investment operations:
Net investment income	$		0.21	*		0.28	*		0.28	*		0.14	*††
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.96	)		3.16			6.39			0.86	††
Total from investment operations	$		(2.75	)		3.44			6.67			1.00
Less distributions from:
Net investment income	$		0.58			1.15			0.52			0.18
Net realized gains on investments	$		0.04			0.31			1.06			—
Total distributions	$		0.62			1.46			1.58			0.18
Net asset value, end of period	$		20.84			24.21			22.23			17.14
Total Return⁽²⁾	%		(11.31	)		15.88			41.49			6.14


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		171,946			76,869			11,226			1,681
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		1.00			0.95			1.06			1.22
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture	%		1.00			0.95			1.06			1.30
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.00			0.95			1.06			1.30
Net investment income after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.06			1.24			1.40			0.85	††
Portfolio turnover rate	%		21			57			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.

*		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

ING Global Real Estate Fund (Unaudited) (continued)

Financial Highlights

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


		Class O
		Six Months			November 15,
		Ended			2006⁽¹⁾ to
		April 30,			October 31,
		2008			2007


Per Share Operating Performance:
Net asset value, beginning of period	$		24.19			22.20
Income (loss) from investment operations:
Net investment income	$		0.18			0.20	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.97	)		3.20
Total from investment operations	$		(2.79	)		3.40
Less distributions from:
Net investment income	$		0.54			1.10
Net realized gains on investments	$		0.04			0.31
Total distributions	$		0.58			1.41
Net asset value, end of period	$		20.82			24.19
Total Return⁽²⁾	%		(11.50	)		15.68


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		22,292			26,137
Ratios to average net assets:
Gross expenses prior to brokerage commission recapture⁽³⁾	%		1.36			1.30
Net expenses after brokerage commission recapture⁽³⁾	%		1.36			1.30
Net investment income after brokerage commission recapture⁽³⁾	%		1.73			0.90
Portfolio turnover rate	%		21			57


		Class W
		February 12,
		2008⁽¹⁾ to
		April 30,
		2008


Per Share Operating Performance:
Net asset value, beginning of period	$		19.29
Income from investment operations:
Net investment income	$		0.06	*
Net realized and unrealized gain on investments and foreign currency related transactions	$		1.62
Total from investment operations	$		1.68
Less distributions from:
Net investment income	$		0.10
Total distributions	$		0.10
Net asset value, end of period	$		20.87
Total Return⁽²⁾	%		8.74


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		26,301
Ratios to average net assets:
Expenses⁽³⁾	%		1.00
Net investment income⁽³⁾	%		1.37
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. Total return for less than one year is not annualized.

⁽³⁾		Annualized for periods less than one year.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

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
		April 30,			Year Ended October 31,
		2008			2007		2006		2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		28.40			21.72		18.16		15.96			14.76			12.36
Income (loss) from investment operations:
Net investment income (loss)	$		0.04			0.01		0.08		0.09			(0.04	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.51	)		6.67		3.62		2.11			1.24			2.46
Total from investment operations	$		(2.47	)		6.68		3.70		2.20			1.20			2.40
Less distributions from:
Net investment income	$		0.16			—		0.14		—			—			—
Total distributions	$		0.16			—		0.14		—			—			—
Payment by affiliate	$		—			—		—		0.00	**		—			—
Net asset value, end of period	$		25.77			28.40		21.72		18.16			15.96			14.76
Total Return⁽¹⁾	%		(8.71	)		30.76		20.48		13.78	†		8.13			19.42


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		60,184			58,600		47,305		41,941			46,133			56,877
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽²⁾	%		1.68			1.77		1.78		1.90			1.77			1.93
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽²⁾⁽³⁾	%		1.59			1.82		1.78		1.85			1.85			1.85
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		1.58			1.81		1.77		1.85			1.85			1.85
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		0.28			0.04		0.40		0.46			(0.21	)		(0.35	)
Portfolio turnover rate	%		33			66		77		129			101			125


		Class B
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		30.58			23.54			19.67			17.39			16.19			13.65
Income (loss) from investment operations:
Net investment loss	$		(0.08	)*		(0.17	)*		(0.04	)		(0.04	)		(0.17	)		(0.16	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.68	)		7.21			3.91			2.32			1.37			2.70
Total from investment operations	$		(2.76	)		7.04			3.87			2.28			1.20			2.54
Payment by affiliate	$		—			—			—			0.00	**		—			—
Net asset value, end of period	$		27.82			30.58			23.54			19.67			17.39			16.19
Total Return⁽¹⁾	%		(9.03	)		29.91			19.67			13.11	†		7.41			18.61


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		15,299			22,049			21,364			23,483			28,559			35,459
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽²⁾	%		2.39			2.42			2.43			2.55			2.42			2.58
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽²⁾⁽³⁾	%		2.30			2.47			2.43			2.50			2.50			2.50
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		2.29			2.46			2.42			2.50			2.50			2.50
Net investment loss after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		(0.54	)		(0.62	)		(0.25	)		(0.19	)		(0.87	)		(1.00	)
Portfolio turnover rate	%		33			66			77			129			101			125


⁽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.

⁽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.

*		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

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
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		27.18			20.93			17.50			15.48			14.41			12.14
Income (loss) from investment operations:
Net investment loss	$		(0.06	)		(0.14	)*		(0.05	)		(0.04	)		(0.15	)		(0.15	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.39	)		6.39			3.50			2.06			1.22			2.42
Total from investment operations	$		(2.45	)		6.25			3.45			2.02			1.07			2.27
Less distributions from:
Net investment income	$		0.02			—			0.02			—			—			—
Total distributions	$		0.02			—			0.02			—			—			—
Payment by affiliate	$		—			—			—			0.00	**		—			—
Net asset value, end of period	$		24.71			27.18			20.93			17.50			15.48			14.41
Total Return⁽²⁾	%		(9.02	)		29.86			19.73			13.05	†		7.43			18.70


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		34,717			39,537			31,612			30,918			35,784			45,476
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		2.39			2.42			2.43			2.55			2.42			2.58
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.30			2.47			2.43			2.50			2.50			2.50
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.29			2.46			2.42			2.50			2.50			2.50
Net investment loss after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		(0.48	)		(0.60	)		(0.26	)		(0.19	)		(0.87	)		(1.01	)
Portfolio turnover rate	%		33			66			77			129			101			125


		Class I
		Six Months					September 6,
		Ended			Year Ended		2006⁽¹⁾ to
		April 30,			October 31,		October 31,
		2008			2007		2006


Per Share Operating Performance:
Net asset value, beginning of period	$		28.57			21.73		21.31
Income (loss) from investment operations:
Net investment income (loss)	$		0.09	*		0.15		(0.11	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.53	)		6.69		0.53
Total from investment operations	$		(2.44	)		6.84		0.42
Less distribution from:
Net investment income	$		0.28			—		—
Total distributions	$		0.28			—		—
Net asset value, end of period	$		25.85			28.57		21.73
Total Return⁽²⁾	%		(8.54	)		31.48		1.97


Ratios/Supplemental Data:
Net assets, end of period (000’s)	$		9,175			7,845		3,010
Ratio to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		1.20			1.25		1.27
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.20			1.30		1.26
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.19			1.29		1.26
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		0.70			0.67		(0.69	)
Portfolio turnover rate	%		33			66		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.

*		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

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
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		33.36			25.44			21.25			18.61			17.17		14.34
Income (loss) from investment operations:
Net investment income (loss)	$		0.05			0.08	*		0.18	*		0.15			0.01		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.94	)		7.84			4.20			2.49			1.43		2.84
Total from investment operations	$		(2.89	)		7.92			4.38			2.64			1.44		2.83
Less distributions from:
Net investment income	$		0.20			—			0.19			—			—		—
Total distributions	$		0.20			—			0.19			—			—		—
Payment by affiliate	$		—			—			—			0.00	**		—		—
Net asset value, end of period	$		30.27			33.36			25.44			21.25			18.61		17.17
Total Return⁽¹⁾	%		(8.65	)		31.13			20.75			14.19	†		8.39		19.74

Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		2,197			2,652			2,757			4,387			4,223		6,454
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽²⁾	%		1.45			1.50			1.52			1.60			1.51		1.62
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽²⁾⁽³⁾	%		1.45			1.55			1.52			1.55			1.59		1.54
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		1.44			1.54			1.51			1.55			1.59		1.54
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		0.36			0.29			0.75			0.75			0.05		(0.04	)
Portfolio turnover rate	%		33			66			77			129			101		125


⁽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.

⁽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.

*		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

ING Asia-Pacific Real Estate Fund (Unaudited)

Financial Highlights

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


		Class A			Class B			Class C			Class I
		November 1,			November 1,			November 1,			November 1,
		2007⁽¹⁾ to			2007⁽¹⁾ to			2007⁽¹⁾ to			2007⁽¹⁾ to
		April 30,			April 30,			April 30,			April 30,
		2008			2008			2008			2008


Per Share Operating Performance:
Net asset value, beginning of period	$		10.00			10.00			10.00			10.00
Income (loss) from investment operations:
Net investment income	$		0.04			0.04	*		0.02			0.05
Net realized and unrealized loss on investments	$		(1.99	)		(2.02	)		(1.99	)		(2.00	)
Total from investment operations	$		(1.95	)		(1.98	)		(1.97	)		(1.95	)
Less distributions from:
Net investment income	$		0.05			0.04			0.04			0.06
Total distributions	$		0.05			0.04			0.04			0.06
Net asset value, end of period	$		8.00			7.98			7.99			7.99
Total Return⁽²⁾	%		(19.47	)		(19.79	)		(19.75	)		(19.48	)


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		4,837			25			125			1
Ratios to average net assets:
Gross expenses prior to expense waiver⁽³⁾	%		4.22			4.97			4.97			3.96
Net expenses after expense waiver⁽³⁾⁽⁴⁾	%		1.75			2.50			2.50			1.50
Net investment income after expense waiver⁽³⁾⁽⁴⁾	%		1.07			0.95			0.36			1.11
Portfolio turnover rate	%		46			46			46			46


⁽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 expense, (excluding interest, taxes, brokerage and extraordinary expense) subject to possible recoupment by the Investment Adviser within three years of being incurred.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

ING Disciplined International SmallCap Fund (Unaudited)

Financial Highlights

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


		Class A						Class B
		Six Months			December 20,			Six Months			December 20,
		Ended			2006⁽¹⁾ to			Ended			2006⁽¹⁾ to
		April 30,			October 31,			April 30,			October 31,
		2008			2007			2008			2007


Per Share Operating Performance:
Net asset value, beginning of period	$		12.09			10.00			12.02			10.00
Income (loss) from investment operations:
Net investment income	$		0.09	*		0.14	*		0.04	*		0.06	*
Net realized and unrealized gain (loss) on investments	$		(1.96	)		1.95			(1.94	)		1.96
Total from investment operations	$		(1.87	)		2.09			(1.90	)		2.02
Less distributions from:
Net investment income	$		0.06			—			0.01			—
Net realized gains on investments	$		0.19			—			0.19			—
Total distributions	$		0.25			—			0.20			—
Net asset value, end of period	$		9.97			12.09			9.92			12.02
Total Return⁽²⁾	%		(15.52	)		20.90			(15.87	)		20.20


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		109			69			5			5
Ratios to average net assets:
Expenses⁽³⁾	%		1.07			1.11			1.82			1.86
Net investment income⁽³⁾	%		1.73			1.37			0.77			0.67
Portfolio turnover rate	%		55			116			55			116


		Class C						Class I
		Six Months			December 20,			Six Months			December 20,
		Ended			2006⁽¹⁾ to			Ended			2006⁽¹⁾ to
		April 30,			October 31,			April 30,			October 31,
		2008			2007			2008			2007


Per Share Operating Performance:
Net asset value, beginning of period	$		12.02			10.00			12.13			10.00
Income (loss) from investment operations:
Net investment income (loss)	$		(0.01	)*		0.02	*		0.10			0.13	*
Net realized and unrealized gain (loss) on investments	$		(1.89	)		2.00			(1.97	)		2.00
Total from investment operations	$		(1.90	)		2.02			(1.87	)		2.13
Less distributions from:
Net investment income	$		0.01			—			0.07			—
Net realized gains on investments	$		0.19			—			0.19			—
Total distributions	$		0.20			—			0.26			—
Net asset value, end of period	$		9.92			12.02			10.00			12.13
Total Return⁽²⁾	%		(15.87	)		20.20			(15.44	)		21.30


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		8			55			365,868			465,657
Ratios to average net assets:
Expenses⁽³⁾	%		1.82			1.86			0.82			0.86
Net investment income (loss)⁽³⁾	%		(0.17	)		0.25			1.78			1.29
Portfolio turnover rate	%		55			116			55			116


⁽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.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

ING Emerging Countries Fund (Unaudited)

Financial Highlights

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


		Class A
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007		2006		2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		41.48			29.62		23.60		19.40			17.32			12.44
Income (loss) from investment operations:
Net investment income	$		0.40			0.47		0.48		0.19			0.09			0.03
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian tax)	$		(3.28	)		11.82		5.68		3.98			2.08			4.85
Total from investment operations	$		(2.88	)		12.29		6.16		4.17			2.17			4.88
Less distributions from:
Net investment income	$		0.45			0.43		0.14		0.02			0.09			—
Net realized gains on investments	$		1.11			—		—		—			—			—
Total distributions	$		1.56			0.43		0.14		0.02			0.09			—
Payment by affiliate	$		—			—		—		0.05			0.00	**		—
Net asset value, end of period	$		37.04			41.48		29.62		23.60			19.40			17.32
Total Return⁽¹⁾	%		(6.76	)		41.93		26.19		21.76	††		12.58	†		39.23


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		172,256			197,307		123,219		87,143			67,282			71,953
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽²⁾	%		2.03			1.99		2.02		2.09			2.10			2.37
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽²⁾⁽³⁾	%		1.93			1.89		1.92		2.00			2.20			2.27
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		1.90			1.86		1.91		2.00			2.20			2.27
Net investment income after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		2.13			1.42		1.80		0.91			0.41			0.22
Portfolio turnover rate	%		17			51		35		124			88			135


⁽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.

⁽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.

*		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 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

ING Emerging Countries Fund (Unaudited) (continued)

Financial Highlights

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


		Class B
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		40.67			29.04			23.17			19.17			17.15			12.39
Income (loss) from investment operations:
Net investment income (loss)	$		0.28			0.24	*		0.28	*		0.04			(0.04	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian tax)	$		(3.24	)		11.57			5.59			3.91			2.06			4.82
Total from investment operations	$		(2.96	)		11.81			5.87			3.95			2.02			4.76
Less distributions from:
Net investment income	$		0.14			0.18			—			—			—			—
Net realized gains on investments	$		1.11			—			—			—			—			—
Total distributions	$		1.25			0.18			—			—			—			—
Payment by affiliate	$		—			—			—			0.05			0.00	**		—
Net asset value, end of period	$		36.46			40.67			29.04			23.17			19.17			17.15
Total Return⁽¹⁾	%		(7.13	)		40.85			25.33			20.87	††		11.78	†		38.42


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		13,623			16,648			13,575			12,562			12,581			16,425
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽²⁾	%		2.68			2.64			2.67			2.74			2.75			3.02
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽²⁾⁽³⁾	%		2.68			2.64			2.67			2.74			2.85			2.92
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		2.65			2.61			2.66			2.74			2.85			2.92
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture⁽²⁾⁽³⁾	%		1.36			0.67			1.06			0.14			(0.30	)		(0.40	)
Portfolio turnover rate	%		17			51			35			124			88			135


⁽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.

⁽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.

*		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 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

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
		April 30,			Year Ended October 31,
		2008			2007		2006		2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		38.45			27.53		22.04		18.24			16.32			11.79
Income (loss) from investment operations:
Net investment income (loss)	$		0.25			0.20		0.25		0.03			(0.03	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian tax)	$		(3.04	)		10.97		5.31		3.72			1.95			4.59
Total from investment operations	$		(2.79	)		11.17		5.56		3.75			1.92			4.53
Less distributions from:
Net investment income	$		0.21			0.25		0.07		—			—			—
Net realized gains on investments	$		1.11			—		—		—			—			—
Total distributions	$		1.32			0.25		0.07		—			—			—
Payment by affiliate	$		—			—		—		0.05			0.00	*		—
Net asset value, end of period	$		34.34			38.45		27.53		22.04			18.24			16.32
Total Return⁽²⁾	%		(7.09	)		40.82		25.29		20.83	††		11.76	†		38.42


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		46,298			53,885		35,847		20,985			9,680			10,033
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		2.68			2.64		2.67		2.74			2.75			3.02
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.68			2.64		2.67		2.74			2.85			2.92
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.65			2.61		2.66		2.74			2.85			2.92
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.38			0.65		1.12		0.25			(0.20	)		(0.40	)
Portfolio turnover rate	%		17			51		35		124			88			135


⁽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.

*		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

ING Emerging Countries Fund (Unaudited) (continued)

Financial Highlights

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


		Class I
		Six Months			Year		December 21,
		Ended			Ended		2005⁽¹⁾ to
		April 30,			October 31,		October 31,
		2008			2007		2006


Per Share Operating Performance:
Net asset value, beginning of period	$		41.63			29.72		25.52
Income (loss) from investment operations:
Net investment income	$		0.39	*		0.55		0.65	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian tax)	$		(3.23	)		11.90		3.55
Total from investment operations	$		(2.84	)		12.45		4.20
Less distribution from:
Net investment income	$		0.57			0.54		—
Net realized gains on investments	$		1.11			—		—
Total distributions	$		1.68			0.54		—
Net asset value, end of period	$		37.11			41.63		29.72
Total Return⁽²⁾	%		(6.62	)		42.41		16.46


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		31,030			41,551		23,456
Ratio to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		1.60			1.56		1.55
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.60			1.56		1.55
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.57			1.53		1.54
Net investment income after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.10			1.71		2.73
Portfolio turnover rate	%		17			51		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.

*		Calculated using average number of shares outstanding throughout the period.

†		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

ING Emerging Countries Fund (Unaudited) (continued)

Financial Highlights

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


		Class Q																Class W
		Six Months																February 12,
		Ended																2008⁽¹⁾ to
		April 30,			Year Ended October 31,													April 30,
		2008			2007		2006			2005			2004			2003		2008


Per Share Operating Performance:
Net asset value, beginning of period	$		42.92			30.62		24.38			20.03			17.89			12.80		36.18
Income (loss) from investment operations:
Net investment income	$		0.41			0.44		0.59	*		0.26			0.09			0.12		0.54	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian tax)	$		(3.37	)		12.31		5.81			4.07			2.17			4.97		2.09
Total from investment operations	$		(2.96	)		12.75		6.40			4.33			2.26			5.09		2.63
Less distributions from:
Net investment income	$		0.49			0.45		0.16			0.03			0.12			—		—
Net realized gains on investments	$		1.11			—		—			—			—			—		—
Total distributions	$		1.60			0.45		0.16			0.03			0.12			—		—
Payment by affiliate	$		—			—		—			0.05			0.00	**		—		—
Net asset value, end of period	$		38.36			42.92		30.62			24.38			20.03			17.89		38.81
Total Return⁽²⁾	%		(6.72	)		42.05		26.37			21.89	††		12.70	†		39.77		7.27


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		17,773			21,253		10,700			10,776			8,929			18,168		78
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		1.86			1.81		1.80			1.85			2.00			2.03		1.57
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.86			1.81		1.80			1.85			2.10			1.93		1.57
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.83			1.78		1.79			1.85			2.10			1.93		1.54
Net investment income after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.17			1.49		2.09			1.12			0.36			0.59		6.71
Portfolio turnover rate	%		17			51		35			124			88			135		17


⁽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.

⁽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.

*		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 12.64%.

††		In 2005, 0.25% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 21.64%.

See Accompanying Notes to Financial Statements

ING European Real Estate Fund (Unaudited)

Financial Highlights

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


		Class A			Class B			Class C			Class I
		November 1,			November 1,			November 1,			November 1,
		2007⁽¹⁾ to			2007⁽¹⁾ to			2007⁽¹⁾ to			2007⁽¹⁾ to
		April 30,			April 30,			April 30,			April 30,
		2008			2008			2008			2008


Per Share Operating Performance:
Net asset value, beginning of period	$		10.00			10.00			10.00			10.00
Income (loss) from investment operations:
Net investment income	$		0.06			0.14	*		0.06	*		0.07
Net realized and unrealized loss on investments	$		(0.62	)		(0.74	)		(0.66	)		(0.61	)
Total from investment operations	$		(0.56	)		(0.60	)		(0.60	)		(0.54	)
Less distributions from:
Net investment income	$		0.03			0.00	**		0.02			0.04
Total distributions	$		0.03			0.00	**		0.02			0.04
Net asset value, end of period	$		9.41			9.40			9.38			9.42
Total Return⁽²⁾	%		(5.57	)		(5.95	)		(6.02	)		(5.38	)


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		6,013			12			134			1
Ratios to average net assets:
Gross expenses prior to expense waiver⁽³⁾	%		3.69			4.44			4.44			3.44
Net expenses after expense waiver⁽³⁾⁽⁴⁾	%		1.75			2.50			2.50			1.50
Net investment income after expense waiver⁽³⁾⁽⁴⁾	%		1.49			2.99			1.43			1.53
Portfolio turnover rate	%		83			83			83			83


⁽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 expense, (excluding interest, taxes, brokerage and extraordinary expense) subject to possible recoupment by the Investment Adviser within three years of being incurred.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is less than $0.005.

See Accompanying Notes to Financial Statements

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												2003⁽¹⁾ to
		April 30,			Year Ended October 31,									October 31,
		2008			2007		2006			2005		2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		23.54			18.56		14.79			12.38		11.01		10.00
Income (loss) from investment operations:
Net investment income (loss)	$		(0.01	)*		0.10		0.08	*		0.06		0.11		(0.00	)**
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.32	)		5.56		4.05			2.35		1.44		1.01
Total from investment operations	$		(2.33	)		5.66		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	$		1.39			0.68		0.36			—		0.04		—
Total distributions	$		1.39			0.68		0.36			—		0.18		—
Net asset value, end of period	$		19.82			23.54		18.56			14.79		12.38		11.01
Total Return⁽²⁾	%		(10.08	)		31.32		28.39			19.47		14.25		10.10


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		329,490			349,917		219,819			122,883		62,949		6,598
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		1.57			1.54		1.58			1.66		1.95		6.03
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.56			1.54		1.65			1.68		1.70		1.95
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.56			1.54		1.65			1.68		1.70		1.95
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		(0.09	)		0.59		0.49			0.53		0.37		(0.32	)
Portfolio turnover rate	%		34			69		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.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is more than $(0.005).

See Accompanying Notes to Financial Statements

ING Foreign Fund (Unaudited) (continued)

Financial Highlights

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


		Class B
		Six Months															July 8,
		Ended															2003⁽¹⁾ to
		April 30,			Year Ended October 31,												October 31,
		2008			2007			2006			2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		22.78			18.11			14.55			12.26			10.99			10.29
Income (loss) from investment operations:
Net investment loss	$		(0.08	)		(0.03	)		(0.04	)*		(0.03	)		(0.05	)*		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.26	)		5.38			3.96			2.32			1.49			0.71
Total from investment operations	$		(2.34	)		5.35			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	$		1.39			0.68			0.36			—			0.04			—
Total distributions	$		1.39			0.68			0.36			—			0.17			—
Net asset value, end of period	$		19.05			22.78			18.11			14.55			12.26			10.99
Total Return⁽²⁾	%		(10.48	)		30.35			27.40			18.68			13.32			6.80


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		40,607			50,276			38,136			22,944			11,263			1,344
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		2.32			2.29			2.33			2.41			2.70			6.78
Net expenses after expense waiver and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.31			2.29			2.40			2.43			2.45			2.70
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.31			2.29			2.40			2.43			2.45			2.70
Net investment loss after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		(0.87	)		(0.16	)		(0.24	)		(0.23	)		(0.46	)		(1.03	)
Portfolio turnover rate	%		34			69			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.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

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															2003⁽¹⁾ to
		April 30,			Year Ended October 31,												October 31,
		2008			2007			2006			2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		22.81			18.14			14.57			12.28			11.01			10.27
Income (loss) from investment operations:
Net investment loss	$		(0.09	)		(0.03	)		(0.04	)*		(0.03	)		(0.04	)*		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.24	)		5.38			3.97			2.32			1.48			0.75
Total from investment operations	$		(2.33	)		5.35			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	$		1.39			0.68			0.36			—			0.04			—
Total distributions	$		1.39			0.68			0.36			—			0.17			—
Net asset value, end of period	$		19.09			22.81			18.14			14.57			12.28			11.01
Total Return⁽²⁾	%		(10.42	)		30.30			27.43			18.65			13.28			7.21


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		202,482			232,439			154,101			87,877			41,424			5,601
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		2.32			2.29			2.33			2.41			2.70			6.78
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.31			2.29			2.40			2.43			2.45			2.70
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.31			2.29			2.40			2.43			2.45			2.70
Net investment loss after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		(0.85	)		(0.14	)		(0.26	)		(0.27	)		(0.41	)		(1.03	)
Portfolio turnover rate	%		34			69			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.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

ING Foreign Fund (Unaudited) (continued)

Financial Highlights

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


		Class I
		Six Months												September 8,
		Ended												2003⁽¹⁾ to
		April 30,			Year Ended October 31,									October 31,
		2008			2007		2006			2005		2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		23.91			18.78		14.93			12.45		11.05		10.63
Income (loss) from investment operations:
Net investment income	$		0.02	*		0.16		0.13	*		0.34		0.19		0.00	**
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.35	)		5.65		4.08			2.14		1.39		0.42
Total from investment operations	$		(2.33	)		5.81		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	$		1.39			0.68		0.36			—		0.04		—
Total distributions	$		1.39			0.68		0.36			—		0.18		—
Net asset value, end of period	$		20.19			23.91		18.78			14.93		12.45		11.05
Total Return⁽²⁾	%		(9.92	)		31.76		28.67			19.92		14.53		3.95


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		111,681			108,732		61,248			1,049		2,547		188
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		1.25			1.21		1.28			1.34		1.50		5.51
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.24			1.21		1.35			1.35		1.25		1.43
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.24			1.21		1.34			1.35		1.25		1.43
Net investment income after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		0.24			0.94		0.78			0.97		1.58		0.21
Portfolio turnover rate	%		34			69		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.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is less than $0.005.

See Accompanying Notes to Financial Statements

ING Foreign Fund (Unaudited) (continued)

Financial Highlights

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


		Class Q
		Six Months													July 10,
		Ended													2003⁽¹⁾ to
		April 30,			Year Ended October 31,										October 31,
		2008			2007			2006			2005		2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		23.63			18.61			14.82			12.40		11.02		10.13
Income (loss) from investment operations:
Net investment income (loss)	$		(0.00	)**		0.17	*		0.07	*		0.08		0.09		(0.00	)**
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.33	)		5.53			4.08			2.34		1.46		0.89
Total from investment operations	$		(2.33	)		5.70			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	$		1.39			0.68			0.36			—		0.04		—
Total distributions	$		1.39			0.68			0.36			—		0.17		—
Net asset value, end of period	$		19.91			23.63			18.61			14.82		12.40		11.02
Total Return⁽²⁾	%		(10.04	)		31.45			28.47			19.52		14.28		8.79


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		707			856			1,196			1,079		1,054		421
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		1.50			1.45			1.53			1.59		1.85		5.93
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.49			1.45			1.60			1.60		1.60		1.85
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.49			1.45			1.60			1.60		1.60		1.85
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		(0.05	)		0.82			0.43			0.53		0.34		(0.17	)
Portfolio turnover rate	%		34			69			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.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is more than $(0.005).

See Accompanying Notes to Financial Statements

ING Foreign Fund (Unaudited) (continued)

Financial Highlights

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


		Class W
		February 12,
		2008⁽¹⁾ to
		April 30,
		2008


Per Share Operating Performance:
Net asset value, beginning of period	$		20.48
Income from investment operations:
Net investment income	$		0.06	*
Net realized and unrealized gain on investments and foreign currency related transactions	$		0.98
Total from investment operations	$		1.04
Net asset value, end of period	$		21.52
Total Return⁽²⁾	%		5.08


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		83
Ratios to average net assets:
Gross expenses prior to expense waiver⁽³⁾⁽⁴⁾	%		1.24
Net expenses after expense waiver⁽³⁾⁽⁴⁾	%		1.23
Net investment income after expense waiver⁽³⁾⁽⁴⁾	%		1.43
Portfolio turnover rate	%		34


⁽¹⁾		Commencement of operations.

⁽²⁾		Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value. 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.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

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			Year			December 21,		Six Months			Year			January 6,
		Ended			Ended			2005⁽¹⁾ to		Ended			Ended			2006⁽¹⁾ to
		April 30,			October 31,			October 31,		April 30,			October 31,			October 31,
		2008			2007			2006		2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		24.43			12.49			10.00		24.14			12.42			10.60
Income (loss) from investment operations:
Net investment income (loss)	$		(0.11	)		0.07			0.06		(0.16	)		(0.03	)*		0.05	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(4.39	)		11.93			2.43		(4.34	)		11.79			1.77
Total from investment operations	$		(4.50	)		12.00			2.49		(4.50	)		11.76			1.82
Less distributions from:
Net investment income	$		0.06			0.06			—		—			0.04			—
Net realized gains on investments	$		2.06			0.00	**		—		2.06			0.00	**		—
Total distributions	$		2.12			0.06			—		2.06			0.04			—
Net asset value, end of period	$		17.81			24.43			12.49		17.58			24.14			12.42
Total Return⁽²⁾	%		(18.32	)		96.41			24.90		(18.59	)		94.92			17.17

Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		50,061			73,804			23,709		5,561			7,414			1,957
Ratios to average net assets:
Expenses⁽³⁾	%		1.87			1.91			2.64		2.62			2.66			3.39
Net investment income (loss)⁽³⁾	%		(1.10	)		0.54			0.75		(1.83	)		(0.19	)		0.47
Portfolio turnover rate	%		81			109			108		81			109			108


		Class C									Class I
		Six Months			Year			January 11,			Six Months			Year			May 8,
		Ended			Ended			2006⁽¹⁾ to			Ended			Ended			2006⁽¹⁾ to
		April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
		2008			2007			2006			2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		24.16			12.43			10.67			24.46			12.50			12.84
Income (loss) from investment operations:
Net investment income (loss)	$		(0.17	)*		(0.03	)*		0.05	*		(0.07	)*		0.11			0.08
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(4.34	)		11.79			1.71			(4.40	)		11.93			(0.42	)
Total from investment operations	$		(4.51	)		11.76			1.76			(4.47	)		12.04			(0.34	)
Less distributions from:
Net investment income	$		—			0.03			—			0.10			0.08			—
Net realized gains on investments	$		2.06			0.00	**		—			2.06			0.00	**		—
Total distributions	$		2.06			0.03			—			2.16			0.08			—
Net asset value, end of period	$		17.59			24.16			12.43			17.83			24.46			12.50
Total Return⁽²⁾	%		(18.62	)		94.75			16.49			(18.18	)		96.81			(2.65	)


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		7,033			12,386			2,124			55			52			22
Ratios to average net assets:
Expenses⁽³⁾	%		2.62			2.66			3.39			1.62			1.66			2.39
Net investment income (loss)⁽³⁾	%		(1.86	)		(0.20	)		0.53			(0.77	)		0.73			1.47
Portfolio turnover rate	%		81			109			108			81			109			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.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is less than $0.005.

See Accompanying Notes to Financial Statements

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			Year			December 21,			Six Months			Year			January 12,
		Ended			Ended			2005⁽¹⁾ to			Ended			Ended			2006⁽¹⁾ to
		April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
		2008			2007			2006			2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		13.95			11.68			10.00			13.90			11.63			10.43
Income (loss) from investment operations:
Net investment income	$		0.07	*		0.14	*		0.14	*		0.01	*		0.09	*		0.06	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.58	)		2.48			1.54			(1.56	)		2.51			1.14
Total from investment operations	$		(1.51	)		2.62			1.68			(1.55	)		2.60			1.20
Less distributions from:
Net investment income	$		0.18			0.08			—			0.16			0.06			—
Net realized gains on investments	$		1.37			0.27			—			1.37			0.27			—
Total distributions	$		1.55			0.35			—			1.53			0.33			—
Net asset value, end of period	$		10.89			13.95			11.68			10.82			13.90			11.63
Total Return⁽²⁾	%		(11.70	)		22.98			16.80			(12.06	)		22.85			11.51


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		19,355			2,233			12,513			3,920			734			264
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽³⁾	%		1.48			1.13			1.30			2.23			1.89			2.05
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		1.51	†		1.16			1.15			2.26	†		1.92			1.90
Net investment income after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		1.38			1.17			1.50			0.62			0.67			0.64
Portfolio turnover rate	%		94			213			188			94			213			188


		Class C									Class I
		Six Months			Year			January 12,			Six Months			Year		December 21,
		Ended			Ended			2006⁽¹⁾ to			Ended			Ended		2005⁽¹⁾ to
		April 30,			October 31,			October 31,			April 30,			October 31,		October 31,
		2008			2007			2006			2008			2007		2006


Per Share Operating Performance:
Net asset value, beginning of period	$		13.89			11.61			10.43			14.06			11.70		10.00
Income (loss) from investment operations:
Net investment income	$		0.03	*		0.09	*		0.08	*		0.10	*		0.20		0.16	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.57	)		2.50			1.10			(1.60	)		2.55		1.54
Total from investment operations	$		(1.54	)		2.59			1.18			(1.50	)		2.75		1.70
Less distributions from:
Net investment income	$		0.16			0.04			—			0.24			0.12		—
Net realized gains on investments	$		1.37			0.27			—			1.37			0.27		—
Total distributions	$		1.53			0.31			—			1.61			0.39		—
Net asset value, end of period	$		10.82			13.89			11.61			10.95			14.06		11.70
Total Return⁽²⁾	%		(11.98	)		22.81			11.31			(11.52	)		24.14		17.00


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		2,649			1,126			534			169,089			118,924		78,581
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽³⁾	%		2.23			1.89			2.05			1.18			0.84		1.05
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		2.26	†		1.92			1.90			1.21	†		0.87		0.90
Net investment income after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		0.55			0.69			0.87			1.82			1.78		1.69
Portfolio turnover rate	%		94			213			188			94			213		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.

*		Calculated using average number of shares outstanding throughout the period.

†		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.

See Accompanying Notes to Financial Statements

ING Index Plus International Equity Fund (Unaudited) (continued)

Financial Highlights

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


		Class O
		November 12,
		2007⁽¹⁾ to
		April 30,
		2008


Per Share Operating Performance:
Net asset value, beginning of period	$		13.09
Income (loss) from investment operations:
Net investment income	$		0.08
Net realized and unrealized gain (loss) on investments	$		(0.73	)
Total from investment operations	$		(0.65	)
Less distributions from:
Net investment income	$		0.24
Net realized gains on investments	$		1.37
Total distributions	$		1.61
Net asset value, end of period	$		10.83
Total Return⁽²⁾	%		(5.88	)


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		80,649
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽³⁾	%		1.48
Net expenses after expense waiver/recoupment⁽³⁾	%		1.51	†
Net investment income after expense waiver/recoupment⁽³⁾	%		1.51
Portfolio turnover rate	%		94


⁽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.

†		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.

See Accompanying Notes to Financial Statements

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			Year			December 21,		Six Months			Year			January 9,
		Ended			Ended			2005⁽¹⁾ to		Ended			Ended			2006⁽¹⁾ to
		April 30,			October 31,			October 31,		April 30,			October 31,			October 31,
		2008			2007			2006		2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		14.86			11.39			10.00		14.67			11.33			10.42
Income (loss) from investment operations:
Net investment income (loss)	$		0.02	*		0.01	*		0.04		(0.03	)		(0.09	)		(0.04	)*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.52	)		3.76			1.35		(1.49	)		3.71			0.95
Total from investment operations	$		(1.50	)		3.77			1.39		(1.52	)		3.62			0.91
Less distributions from:
Net investment income	$		0.14			0.05			—		0.11			0.03			—
Net realized gains on investments	$		0.50			0.25			—		0.50			0.25			—
Total distributions	$		0.64			0.30			—		0.61			0.28			—
Net asset value, end of period	$		12.72			14.86			11.39		12.54			14.67			11.33
Total Return⁽²⁾	%		(10.18	)		33.89			13.90		(10.46	)		32.67			8.73


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		4,855			4,592			3,677		813			943			66
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		1.41			1.48			1.84		2.16			2.23			2.59
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.50			1.50			1.50		2.25			2.25			2.25
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.50			1.50			1.50		2.25			2.25			2.25
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		0.35			0.08			0.32		(0.53	)		(0.88	)		(0.43	)
Portfolio turnover rate	%		29			71			91		29			71			91


		Class C									Class I
		Six Months			Year			January 24,			Six Months			Year			December 21,
		Ended			Ended			2006⁽¹⁾ to			Ended			Ended			2005⁽¹⁾ to
		April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
		2008			2007			2006			2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		14.71			11.35			10.28			14.90			11.43			10.00
Income (loss) from investment operations:
Net investment income (loss)	$		(0.02	)*		(0.12	)		(0.03	)		0.04	*		0.06	*		0.02
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.51	)		3.73			1.10			(1.52	)		3.75			1.41
Total from investment operations	$		(1.53	)		3.61			1.07			(1.48	)		3.81			1.43
Less distributions from:
Net investment income	$		0.11			0.00	**		—			0.17			0.09			—
Net realized gains on investments	$		0.50			0.25			—			0.50			0.25			—
Total distributions	$		0.61			0.25			—			0.67			0.34			—
Net asset value, end of period	$		12.57			14.71			11.35			12.75			14.90			11.43
Total Return⁽²⁾	%		(10.47	)		32.45			10.41			(9.97	)		34.14			14.30


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		1,147			971			65			139,669			140,901			47,200
Ratios to average net assets:
Gross expenses prior to expense waiver/ recoupment and brokerage commission recapture⁽³⁾	%		2.16			2.23			2.59			1.07			1.13			1.56
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.25			2.25			2.25			1.16			1.15			1.22
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.25			2.25			2.25			1.16			1.15			1.22
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		(0.32	)		(0.97	)		(0.50	)		0.69			0.47			0.39
Portfolio turnover rate	%		29			71			91			29			71			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.
*		Calculated using average number of shares outstanding throughout the period.
**		Amount is less than $0.005.

See Accompanying Notes to Financial Statements

ING International Equity Dividend Fund (Unaudited)

Financial Highlights

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


		Class A						Class B
		Six Months			June 28,			Six Months			June 28,
		Ended			2007⁽¹⁾ to			Ended			2007⁽¹⁾ to
		April 30,			October 31,			April 30,			October 31,
		2008			2007			2008			2007


Per Share Operating Performance:
Net asset value, beginning of period	$		10.57			10.00			10.55			10.00
Income (loss) from investment operations:
Net investment income	$		0.15			0.06	*		0.13	*		0.03	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.14	)		0.51			(1.16	)		0.52
Total from investment operations	$		(0.99	)		0.57			(1.03	)		0.55
Less distributions from:
Net investment income	$		0.15			—			0.11			—
Net realized gains on investments	$		0.04			—			0.04			—
Total distributions	$		0.19			—			0.15			—
Net asset value, end of period	$		9.39			10.57			9.37			10.55
Total Return⁽²⁾	%		(9.49	)		5.70			(9.85	)		5.50

Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		3,661			4,122			299			239
Ratios to average net assets:
Gross expenses prior to expense waiver⁽³⁾	%		1.57			1.64			2.32			2.39
Net expenses after expense waiver⁽³⁾⁽⁴⁾	%		1.40			1.40			2.15			2.15
Net investment income after expense waiver⁽³⁾⁽⁴⁾	%		3.25			1.81			2.74			1.09
Portfolio turnover rate	%		16			7			16			7


		Class C						Class I						Class W
		Six Months			June 28,			Six Months			June 28,			February 12,
		Ended			2007⁽¹⁾ to			Ended			2007⁽¹⁾ to			2008⁽¹⁾ to
		April 30,			October 31,			April 30,			October 31,			April 30,
		2008			2007			2008			2007			2008


Per Share Operating Performance:
Net asset value, beginning of period	$		10.55			10.00			10.58			10.00			8.86
Income (loss) from investment operations:
Net investment income	$		0.11	*		0.03	*		0.17			0.07	*		0.15	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.13	)		0.52			(1.16	)		0.51			0.47
Total from investment operations	$		(1.02	)		0.55			(0.99	)		0.58			0.62
Less distributions from:
Net investment income	$		0.12			—			0.16			—			0.07
Net realized gains on investments	$		0.04			—			0.04			—			—
Total distributions	$		0.16			—			0.20			—			0.07
Net asset value, end of period	$		9.37			10.55			9.39			10.58			9.41
Total Return⁽²⁾	%		(9.83	)		5.50			(9.30	)		5.80			7.05

Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		1,554			1,334			48,266			55,611			1
Ratios to average net assets:
Gross expenses prior to expense waiver⁽³⁾	%		2.32			2.39			1.32			1.39			1.17
Net expenses after expense waiver⁽³⁾⁽⁴⁾	%		2.15			2.15			1.15			1.15			1.00
Net investment income after expense waiver⁽³⁾⁽⁴⁾	%		2.47			1.08			3.49			1.95			7.71
Portfolio turnover rate	%		16			7			16			7			16


⁽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.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

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
		April 30,			Year Ended October 31,
		2008			2007			2006		2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		15.61			13.20			10.97		9.78			8.48			7.05
Income from investment operations:
Net investment income	$		0.03			0.03			0.12		0.10			0.09			0.04
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax)	$		(1.35	)		3.67			2.28		1.18			1.22			1.37
Total from investment operations	$		(1.32	)		3.70			2.40		1.28			1.31			1.41
Less distributions from:
Net investment income	$		0.02			0.15			0.17		0.10			0.01			0.03
Net realized gains on investments	$		2.29			1.14			—		—			—			—
Total distributions	$		2.31			1.29			0.17		0.10			0.01			0.03
Redemption fees applied to capital	$		—			—			—		—			0.00	**		0.05
Payment by affiliate	$		—			—			—		0.01			—			—
Net asset value, end of period	$		11.98			15.61			13.20		10.97			9.78			8.48
Total Return⁽¹⁾	%		(8.62	)		30.37			22.12		13.30	††		15.49			20.72


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		56,570			64,631			58,697		51,193			47,551			43,821
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽²⁾	%		1.71			1.65			1.65		1.65			1.64			1.87
Net expenses after expense waiver/recoupment⁽²⁾⁽³⁾	%		1.70	†		1.65	†		1.65		1.65			1.68			1.85
Net investment income after expense waiver/recoupment⁽²⁾⁽³⁾	%		0.45			0.23			0.96		0.94			0.78			0.64
Portfolio turnover rate	%		71			130			173		116			90			100


		Class B
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		14.96			12.69			10.55			9.43			8.22			6.91
Income (loss) from investment operations:
Net investment income (loss)	$		(0.03	)		(0.07	)*		0.03	*		0.02			(0.00	)**		(0.00	)**
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax)	$		(1.28	)		3.53			2.20			1.14			1.21			1.31
Total from investment operations	$		(1.31	)		3.46			2.23			1.16			1.21			1.31
Less distributions from:
Net investment income	$		—			0.05			0.09			0.05			—			—
Net realized gains of investments	$		2.29			1.14			—			—			—			—
Total distributions	$		2.29			1.19			0.09			0.05			—			—
Payment by affiliate	$		—			—			—			0.01			—			—
Net asset value, end of period	$		11.36			14.96			12.69			10.55			9.43			8.22
Total Return⁽¹⁾	%		(8.97	)		29.42			21.23			12.41	††		14.72			18.96


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		12,626			17,311			16,822			16,338			15,069			12,466
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽²⁾	%		2.46			2.40			2.40			2.40			2.39			2.62
Net expenses after expense waiver/recoupment⁽²⁾⁽³⁾	%		2.45	†		2.40	†		2.40			2.40			2.43			2.60
Net investment income (loss) after expense waiver/recoupment⁽²⁾⁽³⁾	%		(0.42	)		(0.51	)		0.22			0.19			(0.02	)		(0.05	)
Portfolio turnover rate	%		71			130			173			116			90			100


⁽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.

⁽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.

*		Calculated using average number of shares outstanding throughout the period.

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

†		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 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

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
		April 30,			Year Ended October 31,
		2008			2007			2006		2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		14.97			12.70			10.55		9.42			8.22			6.91
Income (loss) from investment operations:
Net investment income (loss)	$		(0.02	)		(0.07	)		0.04		0.03			(0.00	)**		(0.00	)**
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax)	$		(1.28	)		3.54			2.19		1.13			1.20			1.31
Total from investment operations	$		(1.30	)		3.47			2.23		1.16			1.20			1.31
Less distributions from:
Net investment income	$		—			0.06			0.08		0.04			—			0.00	**
Net realized gains on investments	$		2.29			1.14			—		—			—			—
Total distributions	$		2.29			1.20			0.08		0.04			—			0.00	**
Payment by affiliate	$		—			—			—		0.01			—			—
Net asset value, end of period	$		11.38			14.97			12.70		10.55			9.42			8.22
Total Return⁽¹⁾	%		(8.88	)		29.46			21.25		12.46	††		14.60			18.97


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		16,775			19,104			15,918		15,008			16,230			14,526
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽²⁾	%		2.46			2.40			2.40		2.40			2.39			2.62
Net expenses after expense waiver/recoupment⁽²⁾⁽³⁾	%		2.45	†		2.40	†		2.40		2.40			2.43			2.60
Net investment income (loss) after expense waiver/recoupment⁽²⁾⁽³⁾	%		(0.30	)		(0.52	)		0.21		0.18			(0.04	)		(0.05	)
Portfolio turnover rate	%		71			130			173		116			90			100


		Class I
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		15.57			13.16			10.94			9.76			8.45		7.06
Income (loss) from investment operations:
Net investment income (loss)	$		0.07			0.06	*		0.15	*		0.14			0.09		0.10
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax)	$		(1.36	)		3.70			2.29			1.18			1.25		1.34
Total from investment operations	$		(1.29	)		3.76			2.44			1.32			1.34		1.44
Less distributions from:
Net investment income	$		0.05			0.21			0.22			0.15			0.03		0.05
Net realized gains on investments	$		2.29			1.14			—			—			—		—
Total distributions	$		2.34			1.35			0.22			0.15			0.03		0.05
Payment by affiliate	$		—			—			—			0.01			—		—
Net asset value, end of period	$		11.94			15.57			13.16			10.94			9.76		8.45
Total Return⁽¹⁾	%		(8.40	)		31.02			22.56			13.73	††		15.94		20.53


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		12,238			10,251			13,354			23,452			17,211		11,582
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽²⁾	%		1.34			1.28			1.25			1.26			1.22		1.34
Net expenses after expense waiver/recoupment⁽²⁾⁽³⁾	%		1.33	†		1.28	†		1.25			1.26			1.26		1.33
Net investment income after expense waiver/recoupment⁽²⁾⁽³⁾	%		1.09			0.46			1.27			1.34			1.13		1.29
Portfolio turnover rate	%		71			130			173			116			90		100


⁽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.
⁽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.
*		Calculated using average number of shares outstanding throughout the period.
**		Amount is less than $0.005 or more than $(0.005).
†		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 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

100

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
		April 30,			Year Ended October 31,
		2008			2007			2006		2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		15.47			13.10			10.89		9.72			8.43		7.04
Income (loss) from investment operations:
Net investment income	$		0.05			0.05			0.14		0.08			0.06		0.07
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax)	$		(1.33	)		3.64			2.27		1.20			1.25		1.37
Total from investment operations	$		(1.28	)		3.69			2.41		1.28			1.31		1.44
Less distributions from:
Net investment income	$		0.04			0.18			0.20		0.12			0.02		0.05
Net realized gains on investments	$		2.29			1.14			—		—			—		—
Total distributions	$		2.33			1.32			0.20		0.12			0.02		0.05
Payment by affiliate	$		—			—			—		0.01			—		—
Net asset value, end of period	$		11.86			15.47			13.10		10.89			9.72		8.43
Total Return⁽¹⁾	%		(8.45	)		30.55			22.38		13.41	††		15.61		20.51


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		25,936			32,532			27,114		14,544			7,274		14,755
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽²⁾	%		1.59			1.52			1.50		1.51			1.56		1.59
Net expenses after expense waiver/recoupment⁽²⁾⁽³⁾	%		1.36	†		1.52	†		1.50		1.51			1.60		1.59
Net investment income after expense waiver/recoupment⁽²⁾⁽³⁾	%		0.76			0.40			1.19		1.00			0.73		0.91
Portfolio turnover rate	%		71			130			173		116			90		100


⁽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.

⁽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.

†		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

101

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			Year			February 28,			Six Months			Year			February 28,
		Ended			Ended			2006⁽¹⁾ to			Ended			Ended			2006⁽¹⁾ to
		April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
		2008			2007			2006			2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		14.56			11.63			10.00			14.50			11.59			10.00
Income (loss) from investment operations:
Net investment income	$		0.09	*		0.13	*		0.09	*		0.05	*		0.03	*		0.04	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.16	)		3.14			1.60			(2.16	)		3.14			1.59
Total from investment operations	$		(2.07	)		3.27			1.69			(2.11	)		3.17			1.63
Less distributions from:
Net investment income	$		0.45			0.34			0.06			0.40			0.26			0.04
Total distributions	$		0.45			0.34			0.06			0.40			0.26			0.04
Net asset value, end of period	$		12.04			14.56			11.63			11.99			14.50			11.59
Total Return⁽²⁾	%		(14.25	)		28.49			16.94			(14.58	)		27.69			16.38


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		222,496			271,425			49,798			8,502			11,819			1,639
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽³⁾	%		1.46			1.51			2.01			2.21			2.26			2.76
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		1.50			1.50			1.50			2.25			2.25			2.25
Net investment income after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		1.52			0.99			1.33			0.76			0.25			0.51
Portfolio turnover rate	%		22			44			29			22			44			29


		Class C									Class I
		Six Months			Year			February 28,			Six Months			Year			February 28,
		Ended			Ended			2006⁽¹⁾ to			Ended			Ended			2006⁽¹⁾ to
		April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
		2008			2007			2006			2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		14.49			11.59			10.00			14.58			11.64			10.00
Income (loss) from investment operations:
Net investment income	$		0.05	*		0.03	*		0.04	*		0.12	*		0.16	*		0.08	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.15	)		3.13			1.59			(2.17	)		3.15			1.63
Total from investment operations	$		(2.10	)		3.16			1.63			(2.05	)		3.31			1.71
Less distributions from:
Net investment income	$		0.41			0.26			0.04			0.47			0.37			0.07
Total distributions	$		0.41			0.26			0.04			0.47			0.37			0.07
Net asset value, end of period	$		11.98			14.49			11.59			12.06			14.58			11.64
Total Return⁽²⁾	%		(14.57	)		27.58			16.31			(14.11	)		28.80			17.23


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		96,014			121,529			17,075			334,525			127,029			22,336
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽³⁾	%		2.21			2.26			2.76			1.16			1.26			1.76
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		2.25			2.25			2.25			1.20			1.25			1.25
Net investment income after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		0.78			0.24			0.54			1.98			1.22			1.09
Portfolio turnover rate	%		22			44			29			22			44			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⁾		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.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

102

ING International Real Estate Fund (Unaudited) (continued)

Financial Highlights

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


		Class W
		February 12,
		2008⁽¹⁾ to
		April 30,
		2008


Per Share Operating Performance:
Net asset value, beginning of period	$		11.48
Income from investment operations:
Net investment income	$		0.07	*
Net realized and unrealized gain on investments	$		0.55
Total from investment operations	$		0.62
Less distributions from:
Net investment income	$		0.04
Total distributions	$		0.04
Net asset value, end of period	$		12.06
Total Return⁽²⁾	%		5.44


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		114
Ratios to average net assets:
Gross expenses prior to expense recoupment⁽³⁾	%		1.49
Net expenses after expense recoupment⁽³⁾⁽⁴⁾	%		1.53
Net investment income after expense recoupment⁽³⁾⁽⁴⁾	%		2.63
Portfolio turnover rate	%		22


⁽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.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

103

ING International SmallCap Multi-Manager Fund (Unaudited)

Financial Highlights

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


		Class A
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007		2006		2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		66.43			47.15		37.75		29.27			25.37			18.35
Income (loss) from investment operations:
Net investment income	$		0.23			0.31		0.29		0.33	*		0.02			0.01
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax)	$		(11.95	)		19.25		9.44		8.05			3.86			7.01
Total from investment operations	$		(11.72	)		19.56		9.73		8.38			3.88			7.02
Less distributions from:
Net investment income	$		0.32			0.28		0.33		—			0.00	**		—
Net realized gain on investments	$		7.88			—		—		—			—			—
Total distributions	$		8.20			0.28		0.33		—			0.00	**		—
Payment by affiliate	$		—			—		—		0.10			0.02			—
Net asset value, end of period	$		46.51			66.43		47.15		37.75			29.27			25.37
Total Return⁽¹⁾	%		(17.82	)		41.67		25.91		28.97	††		15.39	†		38.26


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		380,648			523,535		243,020		173,612			154,658			150,043
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽²⁾	%		1.66			1.60		1.66		1.74			1.72			1.94
Net expenses after expense waiver/recoupment⁽²⁾⁽³⁾	%		1.66			1.60		1.66		1.74			1.75			1.95
Net investment income after expense waiver/recoupment⁽²⁾⁽³⁾	%		0.92			0.67		0.67		0.98			0.07			0.00	**
Portfolio turnover rate	%		38			93		85		124			106			114


		Class B
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		68.31			48.53			38.83			30.30			26.43			19.25
Income (loss) from investment operations:
Net investment income (loss)	$		0.02	*		0.00	* **		(0.01	)*		0.10	*		(0.19	)		(0.24	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax)	$		(12.26	)		19.78			9.75			8.33			4.04			7.42
Total from investment operations	$		(12.24	)		19.78			9.74			8.43			3.85			7.18
Less distributions from:
Net investment income	$		—			—			0.04			—			—			—
Net realized gain on investments	$		7.88			—			—			—			—			—
Total distributions	$		7.88			—			0.04			—			—			—
Payment by affiliate	$		—			—			—			0.10			0.02			—
Net asset value, end of period	$		48.19			68.31			48.53			38.83			30.30			26.43
Total Return⁽¹⁾	%		(18.11	)		40.76			25.10			28.15	††		14.64	†		37.30


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		37,736			65,619			58,469			57,131			58,318			62,104
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽²⁾	%		2.31			2.25			2.31			2.39			2.37			2.59
Net expenses after expense waiver/recoupment⁽²⁾⁽³⁾	%		2.31			2.25			2.31			2.39			2.40			2.60
Net investment income (loss) after expense waiver/recoupment⁽²⁾⁽³⁾	%		0.07			0.00	**		(0.03	)		0.29			(0.60	)		(0.68	)
Portfolio turnover rate	%		38			93			85			124			106			114


⁽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.

⁽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.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is less than $0.005 or 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

104

ING International SmallCap Multi-Manager Fund (Unaudited) (continued)

Financial Highlights

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


		Class C
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		62.48			44.39			35.59			27.77			24.23			17.65
Income (loss) from investment operations:
Net investment income (loss)	$		0.05			0.00	* **		(0.00	)**		0.10	*		(0.17	)		(0.29	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax)	$		(11.22	)		18.09			8.91			7.62			3.70			6.87
Total from investment operations	$		(11.17	)		18.09			8.91			7.72			3.53			6.58
Less distributions from:
Net investment income	$		—			0.00	**		0.11			—			—			—
Net realized gain on investments	$		7.88			—			—			—			—			—
Total distributions	$		7.88			0.00	**		0.11			—			—			—
Payment by affiliate	$		—			—			—			0.10			0.01			—
Net asset value, end of period	$		43.43			62.48			44.39			35.59			27.77			24.23
Total Return⁽²⁾	%		(18.09	)		40.76			25.09			28.16	††		14.61	†		37.28


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		72,979			104,274			65,534			52,420			47,793			50,227
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽³⁾	%		2.31			2.25			2.31			2.39			2.37			2.59
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		2.31			2.25			2.31			2.39			2.40			2.60
Net investment income (loss) after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		0.21			0.01			(0.01	)		0.30			(0.60	)		(0.68	)
Portfolio turnover rate	%		38			93			85			124			106			114


		Class I
		Six Months			Year		December 21,
		Ended			Ended		2005⁽¹⁾ to
		April 30,			October 31,		October 31,
		2008			2007		2006


Per Share Operating Performance:
Net asset value, beginning of period	$		66.72			47.35		40.64
Income (loss) from investment operations:
Net investment income	$		0.35			0.60		0.39	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax)	$		(12.02	)		19.25		6.32
Total from investment operations	$		(11.67	)		19.85		6.71
Less distributions from:
Net investment income	$		0.52			0.48		—
Net realized gain on investments	$		7.88			—		—
Total distributions	$		8.40			0.48		—
Net asset value, end of period	$		46.65			66.72		47.35
Total Return⁽²⁾	%		(17.65	)		42.24		16.51


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		285,673			376,737		137,184
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽³⁾	%		1.27			1.20		1.20
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		1.27			1.20		1.20
Net investment income after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		1.36			1.12		1.02
Portfolio turnover rate	%		38			93		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.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is more than $(0.005) or 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, 0.36% 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

105

ING International SmallCap Multi-Manager Fund (Unaudited) (continued)

Financial Highlights

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


		Class Q
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007		2006		2005			2004			2003


Per Share Operating Performance:
Net asset value, beginning of period	$		71.41			50.65		40.53		31.34			27.11			19.54
Income (loss) from investment operations:
Net investment income	$		0.29			0.48		0.37		0.43	*		0.10			0.21
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax)	$		(12.86	)		20.62		10.16		8.66			4.13			7.36
Total from investment operations	$		(12.57	)		21.10		10.53		9.09			4.23			7.57
Less distributions from:
Net investment income	$		0.37			0.34		0.41		—			0.01			—
Net realized gain on investments	$		7.88			—		—		—			—			—
Total distributions	$		8.25			0.34		0.41		—			0.01			—
Payment by affiliate	$		—			—		—		0.10			0.01			—
Net asset value, end of period	$		50.59			71.41		50.65		40.53			31.34			27.11
Total Return⁽²⁾	%		(17.76	)		41.87		26.14		29.32	††		15.66	†		38.74


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		102,129			131,142		82,245		57,846			61,166			79,140
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽³⁾	%		1.52			1.45		1.48		1.49			1.47			1.58
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		1.52			1.45		1.48		1.49			1.50			1.59
Net investment income after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		1.12			0.81		0.83		1.18			0.28			0.35
Portfolio turnover rate	%		38			93		85		124			106			114


		Class W
		February 12,
		2008⁽¹⁾ to
		April 30,
		2008


Per Share Operating Performance:
Net asset value, beginning of period	$		50.70
Income from investment operations:
Net investment income	$		0.59	*
Net realized and unrealized gain on investments and foreign currency related transactions (net of Indian capital gains tax)	$		3.46
Total from investment operations	$		4.05
Net asset value, end of period	$		54.75
Total Return⁽²⁾	%		7.99


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		271
Ratios to average net assets:
Expenses⁽³⁾	%		1.21
Net investment income (loss)⁽³⁾	%		5.20
Portfolio turnover rate	%		38


⁽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.

⁽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.

*		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

106

ING International Value Fund (Unaudited)

Financial Highlights

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


		Class A
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		23.15			21.52			18.33			16.90			13.71		10.40
Income (loss) from investment operations:
Net investment income	$		0.18			0.24	*		0.18	*		0.17			0.13		0.08
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.08	)		3.73			4.58			2.28			3.15		3.48
Total from investment operations	$		(1.90	)		3.97			4.76			2.45			3.28		3.56
Less distributions from:
Net investment income	$		0.23			0.20			0.16			0.22			0.09		0.05
Net realized gains on investments	$		3.35			2.14			1.41			0.80			—		0.20
Total distributions	$		3.58			2.34			1.57			1.02			0.09		0.25
Payment by affiliate	$		—			—			—			0.00	**		—		—
Net asset value, end of period	$		17.67			23.15			21.52			18.33			16.90		13.71
Total Return⁽¹⁾	%		(8.84	)		19.87			27.64			15.06	†		24.03		35.11


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		1,767,378			2,136,218			1,995,027			1,732,332			1,869,868		1,641,943
Ratios to average net assets:
Gross expenses prior to brokerage commission recapture⁽²⁾	%		1.60			1.59			1.60			1.60			1.61		1.74
Net expenses after brokerage commission recapture⁽²⁾	%		1.59			1.59			1.60			1.60			1.61		1.74
Net investment income after brokerage commission recapture⁽²⁾	%		1.94			1.08			0.90			0.88			0.79		0.66
Portfolio turnover rate	%		12			32			25			21			29		9


		Class B
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		22.64			21.07			17.95			16.58			13.45		10.23
Income (loss) from investment operations:
Net investment income (loss)	$		0.09	*		0.08	*		0.04	*		0.05			0.02		(0.00	)**
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.02	)		3.66			4.50			2.23			3.11		3.42
Total from investment operations	$		(1.93	)		3.74			4.54			2.28			3.13		3.42
Less distributions from:
Net investment income	$		0.02			0.03			0.01			0.11			—		—
Net realized gains on investments	$		3.35			2.14			1.41			0.80			—		0.20
Total distributions	$		3.37			2.17			1.42			0.91			—		0.20
Payment by affiliate	$		—			—			—			0.00	**		—		—
Net asset value, end of period	$		17.34			22.64			21.07			17.95			16.58		13.45
Total Return⁽¹⁾	%		(9.15	)		19.03			26.81			14.21	†		23.27		34.11


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		193,236			301,705			368,952			411,071			454,952		420,651
Ratios to average net assets:
Gross expenses prior to brokerage commission recapture⁽²⁾	%		2.30			2.29			2.30			2.30			2.31		2.44
Net expenses after brokerage commission recapture⁽²⁾	%		2.29			2.29			2.30			2.30			2.31		2.44
Net investment income (loss) after brokerage commission recapture⁽²⁾	%		0.98			0.39			0.20			0.17			0.09		(0.04	)
Portfolio turnover rate	%		12			32			25			21			29		9


⁽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.

⁽²⁾		Annualized for periods less than one year.

*		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

107

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
		April 30,			Year Ended October 31,
		2008			2007			2006		2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		22.52			20.98			17.91		16.54			13.42		10.21
Income (loss) from investment operations:
Net investment income (loss)	$		0.12			0.08	*		0.05		0.04			0.02		(0.00	)*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.02	)		3.65			4.46		2.24			3.10		3.41
Total from investment operations	$		(1.90	)		3.73			4.51		2.28			3.12		3.41
Less distributions from:
Net investment income	$		0.08			0.05			0.03		0.11			—		—
Net realized gains on investments	$		3.35			2.14			1.41		0.80			—		0.20
Total distributions	$		3.43			2.19			1.44		0.91			—		0.20
Payment by affiliate	$		—			—			—		0.00	*		—		—
Net asset value, end of period	$		17.19			22.52			20.98		17.91			16.54		13.42
Total Return⁽¹⁾	%		(9.09	)		19.10			26.71		14.25	†		23.25		34.08


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		619,065			757,941			729,067		663,626			675,039		628,704
Ratios to average net assets:
Gross expenses prior to expense waiver and brokerage commission recapture⁽²⁾	%		2.30			2.29			2.30		2.30			2.31		2.44
Net expenses after expense waiver and prior to brokerage commission recapture⁽²⁾	%		2.15			2.28			2.30		2.30			2.31		2.44
Net expenses after expense waiver and brokerage commission recapture⁽²⁾	%		2.14			2.28			2.30		2.30			2.31		2.44
Net investment income (loss) after expense waiver and brokerage commission recapture⁽²⁾	%		1.37			0.38			0.20		0.15			0.09		(0.04	)
Portfolio turnover rate	%		12			32			25		21			29		9


		Class I
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006		2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of year	$		23.22			21.58			18.38		16.96			13.74		10.43
Income (loss) from investment operations:
Net investment income	$		0.21			0.32	*		0.25		0.20			0.16		0.13
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.09	)		3.74			4.60		2.31			3.20		3.48
Total from investment operations	$		(1.88	)		4.06			4.85		2.51			3.36		3.61
Less distributions from:
Net investment income	$		0.31			0.28			0.24		0.29			0.14		0.10
Net realized gains on investments	$		3.35			2.14			1.41		0.80			—		0.20
Total distributions	$		3.66			2.42			1.65		1.09			0.14		0.30
Payment by affiliate	$		—			—			—		0.00	*		—		—
Net asset value, end of year	$		17.68			23.22			21.58		18.38			16.96		13.74
Total Return⁽¹⁾	%		(8.70	)		20.31			28.15		15.42	†		24.67		35.58


Ratios and Supplemental Data:
Net assets, end of year (000’s)	$		1,573,084			2,176,402			1,728,560		1,221,594			831,142		482,047
Ratios to average net assets:
Gross expenses prior to brokerage commission recapture⁽²⁾	%		1.25			1.23			1.22		1.23			1.21		1.29
Net expenses after brokerage commission recapture⁽²⁾	%		1.24			1.23			1.22		1.23			1.21		1.29
Net investment income after brokerage commission recapture⁽²⁾	%		2.11			1.45			1.26		1.18			1.18		1.12
Portfolio turnover rate	%		12			32			25		21			29		9


⁽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.

⁽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

108

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
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		23.26			21.57			18.37			16.94			13.73		10.44
Income (loss) from investment operations:
Net investment income	$		0.22			0.31	*		0.21	*		0.19			0.14		0.10
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(2.10	)		3.74			4.59			2.29			3.17		3.49
Total from investment operations	$		(1.88	)		4.05			4.80			2.48			3.31		3.59
Less distributions from:
Net investment income	$		0.31			0.22			0.19			0.25			0.10		0.10
Net realized gains on investments	$		3.35			2.14			1.41			0.80			—		0.20
Total distributions	$		3.66			2.36			1.60			1.05			0.10		0.30
Payment by affiliate	$		—			—			—			0.00	**		—		—
Net asset value, end of period	$		17.72			23.26			21.57			18.37			16.94		13.73
Total Return⁽¹⁾	%		(8.68	)		20.25			27.82			15.20	†		24.32		35.37


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		22,710			26,512			26,383			27,993			28,862		29,319
Ratios to average net assets:
Gross expenses prior to expense waiver and brokerage commission recapture⁽²⁾	%		1.50			1.48			1.47			1.48			1.46		1.54
Net expenses after expense waiver and prior to brokerage commission recapture⁽²⁾	%		1.25			1.27			1.47			1.48			1.46		1.54
Net expenses after expense waiver and brokerage commission recapture⁽²⁾	%		1.24			1.27			1.47			1.48			1.46		1.54
Net investment income after expense waiver brokerage commission recapture⁽²⁾	%		2.32			1.40			1.06			0.99			0.89		0.87
Portfolio turnover rate	%		12			32			25			21			29		9


⁽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.

⁽²⁾		Annualized for periods less than one year.

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

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is less than $0.005.

See Accompanying Notes to Financial Statements

109

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,
		2008			2007			2006			2005


Per Share Operating Performance:
Net asset value, beginning of period	$		14.89			12.42			10.70			10.00
Income (loss) from investment operations:
Net investment income	$		0.04			0.10	*		0.12	*		0.11	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(0.89	)		2.65			1.86			0.59
Total from investment operations	$		(0.85	)		2.75			1.98			0.70
Less distributions from:
Net investment income	$		0.10			0.07			0.10			—
Net realized gains on investments	$		1.98			0.21			0.16			—
Total distributions	$		2.08			0.28			0.26			—
Net asset value, end of period	$		11.96			14.89			12.42			10.70
Total Return⁽²⁾	%		(5.41	)		22.48			18.82			7.00


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		15,265			16,598			17,962			6,115
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		1.60			1.63			1.71			3.44
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.65			1.70			1.70			1.70
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.64			1.70			1.69			1.70
Net investment income after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		0.70			0.77			1.04			1.08
Portfolio turnover rate	%		33			88			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.
*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

110

ING International Value Choice Fund (Unaudited) (continued)

Financial Highlights

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


		Class B
		Six Months									February 1,
		Ended			Year Ended						2005⁽¹⁾ to
		April 30,			October 31,						October 31,
		2008			2007			2006			2005


Per Share Operating Performance:
Net asset value, beginning of period	$		14.67			12.27			10.65			10.00
Income (loss) from investment operations:
Net investment income (loss)	$		(0.02	)		0.00	* **		0.04	*		0.04	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(0.86	)		2.61			1.82			0.61
Total from investment operations	$		(0.88	)		2.61			1.86			0.65
Less distributions from:
Net investment income	$		0.00	**		—			0.08			—
Net realized gains on investments	$		1.98			0.21			0.16			—
Total distributions	$		1.98			0.21			0.24			—
Net asset value, end of period	$		11.81			14.67			12.27			10.65
Total Return⁽²⁾	%		(5.75	)		21.54			17.77			6.50


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		3,259			3,805			3,565			1,427
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture⁽³⁾	%		2.35			2.38			2.46			4.19
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.40			2.45			2.45			2.45
Net expenses after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.39			2.45			2.44			2.45
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		(0.14	)		0.01			0.35			0.36
Portfolio turnover rate	%		33			88			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.
*		Calculated using average number of shares outstanding throughout the period.
**		Amount is less than $0.005.

See Accompanying Notes to Financial Statements

111

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,
		2008			2007			2006			2005


Per Share Operating Performance:
Net asset value, beginning of period	$		14.70			12.29			10.66			10.01
Income (loss) from investment operations:
Net investment income (loss)	$		(0.01	)		0.00	**		0.04	*		0.04	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(0.87	)		2.62			1.83			0.61
Total from investment operations	$		(0.88	)		2.62			1.87			0.65
Less distributions from:
Net investment income	$		—			—			0.08			—
Net realized gains on investments	$		1.98			0.21			0.16			—
Total distributions	$		1.98			0.21			0.24			—
Net asset value, end of period	$		11.84			14.70			12.29			10.66
Total Return⁽²⁾	%		(5.75	)		21.58			17.78			6.49


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		4,179			4,930			4,189			1,796
Ratios to average net assets:
Gross expenses prior to expense waiver and brokerage commission recapture⁽³⁾	%		2.35			2.38			2.46			4.19
Net expenses after expense waiver and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.40			2.45			2.45			2.45
Net expenses after expense waiver and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.39			2.45			2.44			2.45
Net investment income (loss) after expense waiver and brokerage commission recapture⁽³⁾⁽⁴⁾	%		(0.13	)		0.00	**		0.33			0.35
Portfolio turnover rate	%		33			88			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.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is less than $0.005 or 0.005%.

See Accompanying Notes to Financial Statements

112

ING International Value Choice Fund (Unaudited) (continued)

Financial Highlights

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


		Class I
		Six Months			Year			December 21,
		Ended			Ended			2005⁽¹⁾ to
		April 30,			October 31,			October 31,
		2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		14.92			12.42			11.04
Income (loss) from investment operations:
Net investment income	$		0.06	*		0.17	*		0.16	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(0.89	)		2.64			1.22
Total from investment operations	$		(0.83	)		2.81			1.38
Less distributions from:
Net investment income	$		0.16			0.10			—
Net realized gains on investments	$		1.98			0.21			—
Total distributions	$		2.14			0.31			—
Net asset value, end of period	$		11.95			14.92			12.42
Total Return⁽²⁾	%		(5.23	)		23.04			12.50


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		52,799			60,413			36,899
Ratios to average net assets:
Gross expenses prior to expense waiver and brokerage commission recapture⁽³⁾	%		1.27			1.24			1.36
Net expenses after expense waiver and prior to brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.32			1.31			1.35
Net expenses after expense waiver and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.31			1.31			1.34
Net investment income after expense waiver and brokerage commission recapture⁽³⁾⁽⁴⁾	%		0.96			1.29			1.56
Portfolio turnover rate	%		33			88			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.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

113

ING International Value Opportunities 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			2007⁽¹⁾ to		Ended			2007⁽¹⁾ to
		April 30,			October 31,		April 30,			October 31,
		2008			2007		2008			2007


Per Share Operating Performance:
Net asset value, beginning of period	$		10.64			10.00		10.59			10.00
Income (loss) from investment operations:
Net investment income	$		0.08			0.17		0.07			0.02	*
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.16	)		0.47		(1.15	)		0.57
Total from investment operations	$		(1.08	)		0.64		(1.08	)		0.59
Less distributions from:
Net investment income	$		0.20			—		0.10			—
Net realized gains on investments	$		0.05			—		0.05			—
Total distributions	$		0.25			—		0.15			—
Net asset value, end of period	$		9.31			10.64		9.36			10.59
Total Return⁽²⁾	%		(10.20	)		6.40		(10.24	)		5.90


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		9,361			10,671		19			2
Ratios to average net assets:
Gross expenses prior to expense waiver⁽³⁾	%		3.22			2.80		3.97			3.55
Net expenses after expense waiver⁽³⁾⁽⁴⁾	%		1.46			1.40		2.21			2.15
Net investment income after expense waiver⁽³⁾⁽⁴⁾	%		1.73			2.52		1.68			0.33
Portfolio turnover rate	%		19			41		19			41


		Class C						Class I
		Six Months			February 28,			Six Months			February 28,
		Ended			2007⁽¹⁾ to			Ended			2007⁽¹⁾ to
		April 30,			October 31,			April 30,			October 31,
		2008			2007			2008			2007


Per Share Operating Performance:
Net asset value, beginning of period	$		10.56			10.00			10.67			10.00
Income (loss) from investment operations:
Net investment income	$		0.05			0.01	*		0.09			0.20
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(1.15	)		0.55			(1.17	)		0.47
Total from investment operations	$		(1.10	)		0.56			(1.08	)		0.67
Less distributions from:
Net investment income	$		0.21			—			0.23			—
Net realized gains on investments	$		0.05			—			0.05			—
Total distributions	$		0.26			—			0.28			—
Net asset value, end of period	$		9.20			10.56			9.31			10.67
Total Return⁽²⁾	%		(10.53	)		5.60			(10.19	)		6.70


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		38			28			1			1
Ratios to average net assets:
Gross expenses prior to expense waiver⁽³⁾	%		3.97			3.55			2.96			2.55
Net expenses after expense waiver⁽³⁾⁽⁴⁾	%		2.21			2.15			1.20			1.15
Net investment income after expense waiver⁽³⁾⁽⁴⁾	%		1.13			0.19			1.77			2.94
Portfolio turnover rate	%		19			41			19			41


⁽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, tax, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

114

ING Russia Fund (Unaudited)

Financial Highlights

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


		Class A
		Six Months
		Ended
		April 30,			Year Ended October 31,
		2008			2007			2006			2005			2004		2003


Per Share Operating Performance:
Net asset value, beginning of period	$		78.13			55.81			33.49			25.01			19.13		12.15
Income (loss) from investment operations:
Net investment income (loss)	$		(0.42	)*		(0.33	)*		(0.27	)		(0.00	)**		0.04		(0.00	)**
Net realized and unrealized gain (loss) on investments and foreign currency related transactions	$		(0.15	)		25.77			22.37			8.39			5.69		7.06
Total from investment operations	$		(0.57	)		25.44			22.10			8.39			5.73		7.06
Less distributions from:
Net investment income	$		—			—			—			0.01			0.02		0.12
Net realized gains on investments	$		11.59			3.12			—			—			—		—
Total distributions	$		11.59			3.12			—			0.01			0.02		0.12
Redemption fees applied to capital	$		—			—			0.22			0.10			0.17		0.04
Net asset value, end of period	$		65.97			78.13			55.81			33.49			25.01		19.13
Total Return⁽¹⁾	%		(1.31	)		47.16			66.65			33.98			30.88		58.98


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		897,238			922,504			751,947			271,603			212,180		161,601
Ratios to average net assets:
Expenses⁽²⁾	%		2.03			1.96			1.98			2.13			2.01		2.09
Net investment income (loss)⁽²⁾	%		(1.25	)		(0.52	)		(0.64	)		(0.01	)		0.15		(0.02	)
Portfolio turnover rate	%		25			12			20			26			54		23


⁽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.

⁽²⁾		Annualized for periods less than one year.

*		Calculated using average number of shares outstanding throughout the period.

**		Amount is more than $(0.005).

See Accompanying Notes to Financial Statements

115

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			Year			December 21,			Six Months			Year			January 4,
		Ended			Ended			2005⁽¹⁾ to			Ended			Ended			2006⁽¹⁾ to
		April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
		2008			2007			2006			2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		10.39			10.33			10.00			10.36			10.30			10.15
Income (loss) from investment operations:
Net investment income	$		0.33			0.66	*		0.64	*		0.28			0.54	*		0.59	*
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and futures	$		(0.41	)		0.06			0.26			(0.40	)		0.10			0.09
Total from investment operations	$		(0.08	)		0.72			0.90			(0.12	)		0.64			0.68
Less distributions from:
Net investment income	$		0.32			0.63			0.57			0.28			0.55			0.53
Net realized gains on investments	$		—			0.03			—			—			0.03			—
Total distributions	$		0.32			0.66			0.57			0.28			0.58			0.53
Net asset value, end of period	$		9.99			10.39			10.33			9.96			10.36			10.30
Total Return⁽²⁾	%		(0.82	)		7.18			9.28			(1.18	)		6.40			6.92


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		4,658			10,539			26,121			334			404			293
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽⁴⁾	%		1.08			1.12			2.41			1.83			1.87			3.16
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		1.08			1.20			1.25			1.83			1.95			2.00
Net investment income after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		6.38			6.39			7.36			5.64			5.22			6.91
Portfolio turnover rate	%		20			29			56			20			29			56


		Class C								Class I
		Six Months			Year		March 1,			Six Months			December 20,			May 1,			February 7,
		Ended			Ended		2006⁽¹⁾ to			Ended			2006⁽¹⁾ to			2006 to			2006⁽¹⁾ to
		April 30,			October 31,		October 31,			April 30,			October 31,			August 24,			April 30,
		2008			2007		2006			2008			2007			2006⁽⁵⁾			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		10.35			10.29		10.43			10.36			10.48			10.18			10.24
Income (loss) from investment operations:
Net investment income	$		0.29			0.53		0.61	*		0.33			0.54			0.26	*		0.28	*
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and futures	$		(0.40	)		0.11		(0.39	)		(0.40	)		(0.11	)		(0.28	)		(0.19	)
Total from investment operations	$		(0.11	)		0.64		0.27			(0.07	)		0.43			(0.02	)		0.09
Less distributions from:
Net investment income	$		0.28			0.55		0.41			0.33			0.55			0.06			0.15
Net realized gains on investments	$		—			0.03		—			—			—			—			—
Total distributions	$		0.28			0.58		0.41			0.33			0.55			0.06			0.15
Net asset value, end of period	$		9.96			10.35		10.29			9.96			10.36			10.10			10.18
Total Return⁽²⁾	%		(1.06	)		6.41		2.75			(0.67	)		4.25			(0.15	)		0.91


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		1,900			1,564		344			283,931			303,156			13			13
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment⁽⁴⁾	%		1.83			1.87		3.16			0.81			0.84			2.33			2.65
Net expenses after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		1.83			1.83		1.95			0.81			0.92			1.06			1.00
Net investment income after expense waiver/recoupment⁽³⁾⁽⁴⁾	%		5.66			4.87		7.09			6.67			5.36			8.32			7.79
Portfolio turnover rate	%		20			29		56			20			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.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

116

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			Year			June 30,			Six Months			Year			June 30,
		Ended			Ended			2006⁽¹⁾ to			Ended			Ended			2006⁽¹⁾ to
		April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
		2008			2007			2006			2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		10.59			10.25			10.00			10.55			10.24			10.00
Income from investment operations:
Net investment income	$		0.15	*		0.31	*		0.08	*		0.10	*		0.25	*		0.06	*
Net realized and unrealized gain on investments, foreign currency related transactions, and futures	$		0.78			0.64			0.23			0.77			0.62			0.22
Total from investment operations	$		0.93			0.95			0.31			0.87			0.87			0.28
Less distributions from:
Net investment income	$		0.55			0.43			0.06			0.47			0.38			0.04
Net realized gains on investments	$		0.12			0.18			—			0.12			0.18			—
Total distributions	$		0.67			0.61			0.06			0.59			0.56			0.04
Net asset value, end of period	$		10.85			10.59			10.25			10.83			10.55			10.24
Total Return⁽²⁾	%		8.91			9.61			3.13			8.43			8.74			2.84


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		79,230			28,887			25,784			3,429			342			28
Ratios to average net assets:
Gross expenses prior to expense waiver⁽³⁾	%		0.95			1.46			1.38			1.70			2.21			2.13
Net expenses after expense waiver⁽³⁾⁽⁴⁾	%		0.91	†		0.90	†		0.90			1.66	†		1.65	†		1.65
Net investment income after expense waiver⁽³⁾⁽⁴⁾	%		2.74			3.08			2.41			1.92			2.44			2.00
Portfolio turnover rate	%		453			858			451			453			858			451


		Class C									Class I
		Six Months			Year			June 30,			Six Months			Year			June 30,
		Ended			Ended			2006⁽¹⁾ to			Ended			Ended			2006⁽¹⁾ to
		April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
		2008			2007			2006			2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		10.59			10.24			10.00			10.58			10.25			10.00
Income from investment operations:
Net investment income	$		0.10	*		0.24	*		0.06	*		0.22	*		0.35	*		0.09	*
Net realized and unrealized gain on investments, foreign currency related transactions, and futures	$		0.78			0.64			0.22			0.75			0.63			0.23
Total from investment operations	$		0.88			0.88			0.28			0.97			0.98			0.32
Less distributions from:
Net investment income	$		0.48			0.35			0.04			0.61			0.47			0.07
Net realized gains on investments	$		0.12			0.18			—			0.12			0.18			—
Total distributions	$		0.60			0.53			0.04			0.73			0.65			0.07
Net asset value, end of period	$		10.87			10.59			10.24			10.82			10.58			10.25
Total Return⁽²⁾	%		8.46			8.90			2.82			9.39			9.88			3.23


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		23,254			1,627			36			1,319			1			1
Ratios to average net assets:
Gross expenses prior to expense waiver⁽³⁾	%		1.70			2.21			2.13			0.68			1.00			1.03
Net expenses after expense waiver⁽³⁾⁽⁴⁾	%		1.66	†		1.65	†		1.65			0.64	†		0.61	†		0.55
Net investment income after expense waiver⁽³⁾⁽⁴⁾	%		1.89			2.33			1.68			4.15			3.47			2.68
Portfolio turnover rate	%		453			858			451			453			858			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.

*		Calculated using average number of shares outstanding throughout the period.

†		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.

See Accompanying Notes to Financial Statements

117

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			Year			December 21,			Six Months			Year			December 21,
		Ended			Ended			2005⁽¹⁾ to			Ended			Ended			2005⁽¹⁾ to
		April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
		2008			2007			2006			2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		14.98			11.61			10.00			14.84			11.54			10.00
Income (loss) from investment operations:
Net investment income (loss)	$		0.15	*		0.05	*		(0.03	)*		0.10	*		(0.04	)		(0.10	)*
Net realized and unrealized gain (loss) on investments in affiliates	$		(1.75	)		3.38			1.64			(1.73	)		3.35			1.64
Total from investment operations	$		(1.60	)		3.43			1.61			(1.63	)		3.31			1.54
Less distributions from:
Net investment income	$		0.26			0.06			—			0.17			0.01			—
Net realized gains on investments	$		0.09			—			—			0.09			—			—
Total distributions	$		0.35			0.06			—			0.26			0.01			—
Net asset value, end of period	$		13.03			14.98			11.61			12.95			14.84			11.54
Total Return⁽²⁾	%		(10.82	)		29.66			16.10			(11.09	)		28.68			15.40


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		365,180			383,364			170,108			39,652			43,667			23,035
Ratios to average net assets:
Gross expenses prior to expense waiver⁽⁴⁾⁽⁵⁾	%		0.47			0.55			0.66			1.22			1.30			1.41
Net expenses after expense waiver^(3)(4)(5)	%		0.29			0.21			0.35			1.04			0.96			1.10
Net investment income (loss) after expense waiver^(3)(4)(5)	%		2.26			0.37			(0.35	)		1.51			(0.34	)		(1.10	)
Portfolio turnover rate	%		24			32			30			24			32			30


		Class C									Class I
		Six Months			Year			December 21,			Six Months			Year			December 21,
		Ended			Ended			2005⁽¹⁾ to			Ended			Ended			2005⁽¹⁾ to
		April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
		2008			2007			2006			2008			2007			2006


Per Share Operating Performance:
Net asset value, beginning of period	$		14.83			11.54			10.00			14.99			11.63			10.00
Income (loss) from investment operations:
Net investment income (loss)	$		0.10	*		(0.05	)*		(0.10	)*		0.17			0.03	*		(0.01	)*
Net realized and unrealized gain (loss) on investments in affiliates	$		(1.73	)		3.35			1.64			(1.76	)		3.41			1.64
Total from investment operations	$		(1.63	)		3.30			1.54			(1.59	)		3.44			1.63
Less distributions from:
Net investment income	$		0.18			0.01			—			0.28			0.08			—
Net realized gains on investments	$		0.09			—			—			0.09			—			—
Total distributions	$		0.27			0.01			—			0.37			0.08			—
Net asset value, end of period	$		12.93			14.83			11.54			13.03			14.99			11.63
Total Return⁽²⁾	%		(11.10	)		28.63			15.40			(10.70	)		29.69			16.30


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		160,478			168,661			69,825			28			32			4
Ratios to average net assets:
Gross expenses prior to expense waiver⁽⁴⁾⁽⁵⁾	%		1.22			1.30			1.41			0.22			0.30			0.45
Net expenses after expense waiver^(3)(4)(5)	%		1.04			0.96			1.10			0.04			0.09			0.10
Net investment income (loss) after expense waiver^(3)(4)(5)	%		1.52			(0.39	)		(1.10	)		2.57			0.21			(0.13	)
Portfolio turnover rate	%		24			32			30			24			32			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.

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

118

ING Diversified International Fund (Unaudited) (continued)

Financial Highlights

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


		Class R						Class W
		Six Months			December 12,			February 12,
		Ended			2006⁽¹⁾ to			2008⁽¹⁾ to
		April 30,			October 31,			April 30,
		2008			2007			2008


Per Share Operating Performance:
Net asset value, beginning of period	$		14.82			12.19			12.17
Income (loss) from investment operations:
Net investment income (loss)	$		0.14			(0.05	)*		0.01
Net realized and unrealized gain (loss) on investments in affiliates	$		(1.74	)		2.76			0.85
Total from investment operations	$		(1.60	)		2.71			0.86
Less distributions from:
Net investment income	$		0.22			0.08			—
Net realized gains on investments	$		0.09			—			—
Total distributions	$		0.31			0.08			—
Net asset value, end of period	$		12.91			14.82			13.03
Total Return⁽²⁾	%		(10.92	)		22.33			7.07


Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		345			432			707
Ratios to average net assets:
Gross expenses prior to expense waiver⁽³⁾⁽⁵⁾	%		0.72			0.80			0.22
Net expenses after expense waiver^(3)(4)(5)	%		0.54			0.46			0.04
Net investment loss after expense waiver^(3)(4)(5)	%		2.11			(0.46	)		0.52
Portfolio turnover rate	%		24			32			24


⁽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.

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

*		Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements

119

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (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 twenty-two separate active 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 Asia-Pacific Real Estate Fund (Asia-Pacific Real Estate), ING Disciplined International SmallCap Fund (“Disciplined International SmallCap”), ING Emerging Countries Fund (“Emerging Countries”), ING European Real Estate Fund (European Real Estate), 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 Equity Dividend Fund (“International Equity Dividend”), ING International Growth Opportunities Fund (“International Growth Opportunities”), ING International Real Estate Fund (“International Real Estate”), ING International SmallCap Multi-Manager Fund (“International SmallCap Multi-Manager”), 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’ prospectuses.

Each Fund offers at least one or more of the following classes of shares: Class A, Class B, Class C, Class I, Class O, Class Q, Class R and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees and transfer agent fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the portfolio pro rata based on the average daily net assets of each class, without distinction between share classes. Common expenses of the Funds (including custodial asset-based fees, legal and audit fees, printing and mailing expenses, transfer agency out-of-pocket expenses, and fees and expenses of the independent trustees) are allocated to each Fund in proportion to its relative daily net assets. Expenses directly attributable to a particular fund (including advisory, administration, custodial transaction-based, registration, other professional, distribution and/or service fees, certain taxes, and offering costs) are charged directly to that Fund. 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 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.

120

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 1 — ORGANIZATION (continued)

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.

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 National Association of Securities Dealers Automated Quotation System (“NASDAQ”) will be valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale, securities traded in the over-the-counter-market, gold and silver bullion, platinum and palladium are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities 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 Funds’ 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 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

121

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 (the “RTS”) 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 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 and other Funds with holdings in open end investment companies, the valuations of the Funds’ investments in Underlying Funds are based on the NAVs of the Underlying Funds each business day. In general, assets of the Underlying Funds are valued based on actual or estimated market value, with special provisions for assets not having readily available market quotations and short-term debt securities, and for situations where market quotations are deemed unreliable. Investments in securities maturing in 60 days or less are valued at amortized cost, which approximates market value. Securities prices may be obtained from automated pricing services. Shares of investment companies held by the Underlying Funds will generally be valued at the latest NAV reported by that investment company.

Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.

For Diversified International, capital gain dividends from Underlying Funds are recorded as distributions of realized gains from affiliated Underlying Funds.

122

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

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

123

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Fund or an Underlying Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund or an Underlying Fund. When the contract is closed, the Fund or Underlying Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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 Asia-Pacific Real Estate, European Real Estate, International Equity Dividend 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.

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.

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

124

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Underlying Fund has the right to use collateral to offset losses incurred. There would be potential loss to a Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral. Each Fund and Underlying Fund bears the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund or Underlying Fund.

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 value of an option purchased or written is marked to market daily and is valued at the closing price on the exchange on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between last bid and asked prices. The risk in writing a covered 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.

Swap Contracts. Certain Funds and Underlying Funds may enter into interest rate swaps, currency swaps and other types of swap agreements, including swaps on securities and indices. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other on regularly scheduled dates over a stated term, based on different interest rates, currency exchange rates, security prices, the prices or rates of other types of financial instruments or assets or the levels of specified indices. During the term of the swap, changes in the value of the swap are recognized as unrealized appreciation or depreciation.

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 in good faith under procedures approved by the Board.


N.	Delayed Delivery or When-Issued Transaction. The Funds and Underlying Funds may purchase or sell securities on a when-issued or forward commitment basis. The price of the securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of these securities is identified in each Fund’s

125

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)


	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, 2008, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities, were as follows:


	Non U.S. Government
	Purchases		Sales

Global Equity Dividend	$	47,726,190	$	107,825,609
Global Natural Resources		113,910,108		120,064,236
Global Real Estate		486,627,576		295,680,350
Global Value Choice		39,141,177		43,006,812
Asia-Pacific Real Estate		7,778,269		2,037,313
Disciplined International SmallCap		234,734,623		261,188,368
Emerging Countries		47,626,461		88,618,862
European Real Estate		10,285,557		4,230,938
Foreign		225,711,836		236,122,922
Greater China		56,306,302		68,080,189
Index Plus International Equity		373,598,200		195,281,891
International Capital Appreciation		56,245,413		40,487,203
International Equity Dividend		20,971,949		8,295,638
International Growth Opportunities		89,983,645		96,442,510
International Real Estate		341,515,421		126,936,762
International SmallCap Multi-Manager		356,700,084		458,763,059
International Value		537,944,358		1,178,345,997
International Value Choice		24,762,038		28,759,704
International Value Opportunities		1,785,862		1,993,458
Russia		223,026,163		244,229,540
Emerging Markets Fixed Income		60,040,319		58,004,752
Global Bond		44,215,523		28,492,068
Diversified International		177,833,363		134,665,264

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


	Purchases		Sales

Global Bond	$	230,444,986	$	214,517,237

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, 2008 and year ended October 31, 2007 were $322,893 and $3,086,432, respectively, and are set forth in the Statements of Changes in Net Assets.

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

Each of the Funds has entered into an investment management agreement (“Management Agreements”) with ING Investments, LLC (“ING Investments” or “Investment Adviser”). The Management Agreements compensate the Investment Adviser with a fee, 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		0.80% on the first $250 million; 0.775% on the next $250 million; and 0.70% thereafter
Global Value Choice⁽¹⁾		0.90% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter
Asia-Pacific Real Estate		1.00% on the first $250 million; 0.90% on the next $250 million; 0.80% thereafter
Disciplined International SmallCap		0.60%
Emerging Countries		1.25%
European Real Estate		1.00% on the first $250 million; 0.90% on the next $250 million; 0.80% thereafter
Foreign⁽²⁾		1.00% on the first $500 million; and 0.90% thereafter
Greater China		1.15% on the first $100 million; 1.05% on the next $150 million; and 0.95% thereafter
Index Plus International Equity		0.55%
International Capital Appreciation		0.85% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter
International Equity Dividend		0.75%
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 Multi-Manager		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%

126

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)


⁽¹⁾	Prior to January 2, 2008, the fee was 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.

⁽²⁾	Effective July 31, 2007, ING Investments has contractually agreed to waive a portion of the advisory fee for ING Foreign Fund. This advisory fee waiver will continue through at least May 1, 2009. There is no guarantee that this waiver will continue after this date. This agreement will only renew if ING Investments elects to renew it.

ING Investments has contractually agreed to waive a portion of the advisory fee for Foreign. The waiver is calculated as 50% of the difference between the former sub-advisory fee minus the new sub-advisory fee.

For the six months ended April 30, 2008, ING Investments waived $16,587 for Foreign.

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 Equity Dividend, 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. (“ING CRES”) a registered investment adviser, serves as the Sub-Adviser to Asia-Pacific Real Estate, European Real Estate, Global Real Estate and International Real Estate pursuant to a sub-advisory agreement between the Investment Adviser and ING CRES.

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.

Artio Global Investment Management LLC (whose name changed on June 15, 2008 from Julius Baer Investment Management LLC), a registered investment adviser, serves as Sub-Adviser to Foreign pursuant to a sub-advisory agreement between the Investment Adviser and the sub-adviser.

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 Multi-Manager 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 Multi-Manager pursuant to a sub-advisory agreement between the Investment Adviser and Batterymarch. Schroder Investment Management North America, Inc. (“Schroders”), serves as the third Sub-Adviser to International SmallCap Multi-Manager pursuant to a sub-advisory agreement between the Investment Adviser and Schroders.

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.

ING Funds 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, 2008, Global Natural Resources, Index Plus

127

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

International Equity, International Growth Opportunities and Global Bond waived $141, $57, $1,209 and $5,095 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, ING CRES, 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 and Class W, 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 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		0.25%	⁽¹⁾		1.00	%		1.00	%		N/A			0.25	%		N/A
Asia-Pacific Real Estate		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
Disciplined International SmallCap		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
Emerging Countries		0.35%	⁽²⁾		1.00	%		1.00	%		N/A			0.25	%		N/A
European Real Estate		0.25%			1.00	%		1.00	%		N/A			N/A			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	%		0.25	%		N/A			N/A
International Capital Appreciation		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
International Equity Dividend		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 Multi-Manager		0.35%			1.00	%		1.00	%		N/A			0.25	%		N/A
International Value		0.30%			1.00	%		1.00	%⁽³⁾		N/A			0.25	%⁽³⁾		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⁾	Prior to January 2, 2008 the fee for Global Value Choice Class A was 0.35%.

⁽²⁾	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, 2008 through December 31, 2008. 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, 2007 through December 31, 2007.

⁽³⁾	The Distributor has agreed to waive 0.25% of the Distribution Fee for Class Q shares and a portion of the Distribution Fee for Class C shares of International Value for the period from January 1, 2007 through December 31, 2007.

Fees paid to the Distributor by class during the year ended April 30, 2008 are shown in the accompanying Statements of Operations. The Distributor voluntarily waived $29,658 of 12b-1 fees for International Growth Opportunities of Class Q shares.

The Distributor also receives the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the six months ended April 30, 2008, the Distributor

128

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 6 — DISTRIBUTION AND SERVICE FEES (continued)

retained the following amounts in sales charges for the Funds:


	Class A		Class C
	Shares		Shares

Initial Sales Charges:
Global Equity Dividend	$	20,234		N/A
Global Natural Resources		20,389		N/A
Global Real Estate		103,923		N/A
Global Value Choice		6,807		N/A
Asia-Pacific Real Estate		1,091		N/A
Disciplined International SmallCap		71		N/A
Emerging Countries		18,650		N/A
European Real Estate		1,614		N/A
Foreign		30,757		N/A
Greater China		24,282		N/A
Index Plus International Equity		930		N/A
International Capital Appreciation		3,680		N/A
International Equity Dividend		1,614		N/A
International Growth Opportunities		3,729		N/A
International Real Estate		19,599		N/A
International SmallCap Multi-Manager		18,983		N/A
International Value		421		N/A
International Value Choice		2,044		N/A
International Value Opportunities		242		N/A
Russia		279,465		N/A
Emerging Markets Fixed Income		792		N/A
Global Bond		20,473		N/A
Diversified International		103,421		N/A
Contingent Deferred Sales Charges:
Global Equity Dividend		1,132		9,453
Global Natural Resources		—		—
Global Real Estate		3,759		64,324
Global Value Choice		—		586
Asia-Pacific Real Estate		—		—
Disciplined International SmallCap		—		274
Emerging Countries		2,298		4,394
European Real Estate		—		—
Foreign		4,752		7,301
Greater China		1,026		5,080
Index Plus International Equity		—		246
International Capital Appreciation		—		32
International Equity Dividend		—		—
International Growth Opportunities		—		426
International Real Estate		8,919		20,962
International SmallCap Multi-Manager		2,988		11,812
International Value		2,429		115
International Value Choice		25		304
International Value Opportunities		—		—
Russia		—		—
Emerging Markets Fixed Income		—		244
Global Bond		—		3,214
Diversified International Fund		4,350		22,994

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2008, 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
Portfolio	Fees		Fees		Fees		Recoupment		Total

Global Equity Dividend	$	165,097	$	23,585	$	143,299	$	—	$	331,981
Global Natural Resources		103,986		12,501		31,252		—		147,739
Global Real Estate		923,378		126,786		464,998		—		1,515,162
Global Value Choice		89,676		9,964		28,034		161		127,835
Asia-Pacific Real Estate		3,854		385		1,051		—		5,290
Disciplined International SmallCap		208,201		34,700		33		—		242,934
Emerging Countries		275,836		22,067		88,063		—		385,966
European Real Estate		4,931		493		1,310		—		6,734
Foreign		540,580		55,510		265,498		—		861,588
Greater China		57,021		4,958		19,860		—		81,839
Index Plus International Equity		122,731		22,314		25,888		1,319		172,252
International Capital Appreciation		100,548		11,829		2,553		27,218		142,148
International Equity Dividend		33,010		4,401		2,242		—		39,653
International Growth Opportunities		101,354		10,151		39,786		—		151,291
International Real Estate		476,826		51,918		128,336		36,602		693,682
International SmallCap Multi-Manager		685,196		71,578		218,380		—		975,154
International Value		3,370,749		337,070		1,058,822		—		4,766,641
International Value Choice		62,960		6,296		9,350		—		78,606
International Value Opportunities		6,070		759		1,932		—		8,761
Russia		913,934		73,114		182,787		—		1,169,835
Emerging Markets Fixed Income		160,335		25,014		2,850		—		188,199
Global Bond		32,020		8,315		36,437		804		77,576
Diversified International		—		45,685		235,049		—		280,734

At April 30, 2008, the following indirect, wholly owned subsidiaries of ING Groep owned the following Funds:

ING Diversified International Fund — Foreign (15.12%); Index Plus International Equity (46.47%); International Capital Appreciation (95.35%); International Equity Dividend (89.77%); International SmallCap Multi-Manager (6.05%); and International Value Choice (64.05%).

ING Life Insurance and Annuity Company — Asia-Pacific Real Estate (80.40%); European Real Estate (77.00%); Global Bond (24.43%); Greater China (12.52%); International SmallCap Multi-Manager (6.56%); and International Value Opportunities (98.81%).

ING LifeStyle Aggressive Growth Portfolio — Disciplined International SmallCap (17.69%).

ING LifeStyle Growth Portfolio — Disciplined International SmallCap (42.23%) and Emerging Markets Fixed Income (42.16%).

ING LifeStyle Moderate Growth Portfolio — Disciplined International SmallCap (28.94%) and Emerging Markets Fixed Income (33.32%).

129

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

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

ING LifeStyle Moderate Portfolio — Disciplined International SmallCap (11.11%) and Emerging Markets Fixed Income (22.15%).

ING Luxembourg SA — International Real Estate (6.49%).

ING National Trust — International Growth Opportunities (17.93%).

ING Strategic Allocation Growth Fund — Index Plus International Equity (6.40%).

ING Strategic Allocation Moderate Fund — Index Plus International Equity (5.34%).

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

Global Real Estate	ING Baring LLC	$	46,575
Asia-Pacific Real Estate	ING Baring LLC		1,016
Emerging Countries	ING Baring LLC		4,169
Foreign	ING Baring LLC		3,178
	ING Securities		5,428
Greater China	ING Baring LLC		14,815
International Real Estate	ING Baring LLC		35,653

NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES

At April 30, 2008, 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:

NOTE 9 — EXPENSE LIMITATIONS

The Investment Adviser has agreed to limit expenses, excluding interest expenses, taxes, brokerage commissions and extraordinary expenses (and acquired fund fees and expenses) to the levels listed below:

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


	Class A			Class B			Class C			Class I			Class O			Class Q			Class R			Class W

Global Equity Dividend		1.40	%		2.15	%		2.15	%		1.15	%		1.40	%		N/A			N/A			1.15	%

Global Natural Resources		2.75	%		N/A			N/A			2.50	%		N/A			N/A			N/A			2.50	%

Global Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		1.75	%		N/A			N/A			1.50	%

Global Value Choice⁽¹⁾		1.50	%		2.25	%		2.25	%		1.25	%		N/A			1.50	%		N/A			N/A

Asia-Pacific Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		N/A			N/A			N/A			N/A

Disciplined International SmallCap		1.20	%		1.95	%		1.95	%		0.95	%		N/A			N/A			N/A			N/A

Emerging Countries⁽²⁾		2.25	%		2.90	%		2.90	%		1.90	%		N/A			2.15	%		N/A			1.90	%

European Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		N/A			N/A			N/A			N/A

Foreign⁽³⁾		1.95	%		2.70	%		2.70	%		1.60	%		N/A			1.85	%		N/A			1.45	%

Greater China⁽⁴⁾		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A

Index Plus International Equity		1.15	%		1.90	%		1.90	%		0.90	%		1.15	%		N/A			N/A			N/A

International Capital Appreciation		1.50	%		2.25	%		2.25	%		1.25	%		N/A			N/A			N/A			N/A

International Equity Dividend		1.40	%		2.15	%		2.15	%		1.15	%		N/A			N/A			N/A			1.15	%

International Growth Opportunities⁽⁵⁾		2.75	%		3.50	%		3.50	%		2.50	%		N/A			2.75	%		N/A			N/A

International Real Estate		1.50	%		2.25	%		2.25	%		1.25	%		N/A			N/A			N/A			1.25	%

International SmallCap Multi-Manager		1.95	%		2.60	%		2.60	%		1.40	%		N/A			1.85	%		N/A			1.60	%

International Value		N/A			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			N/A

International Value Opportunities		1.40	%		2.15	%		2.15	%		1.15	%		N/A			N/A			N/A			N/A

Russia		3.35	%		N/A			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			N/A

Global Bond		0.90	%		1.65	%		1.65	%		0.61	%		N/A			N/A			N/A			N/A

Diversified International⁽⁶⁾		0.35	%		1.10	%		1.10	%		0.10	%		N/A			N/A			0.60	%		0.10	%


⁽¹⁾	Prior to January 2, 2008, Global Value Choice limits were 1.85%, 2.50%, 2.50%, 1.50%, and 1.75% for Classes A, B, C, I and Q respectively.


⁽²⁾	Effective January 1, 2008, pursuant to a side agreement, ING Investments has lowered the expense limits for Emerging Countries through at least March 1, 2009. The expense limits for Emerging Countries are 2.10%, 2.85%, 2.85% and 2.10%

130

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 9 — EXPENSE LIMITATIONS (continued)

for Class A, B, C and Q shares, respectively. If, after March 1, 2009, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it. Any fees waived pursuant to the side agreement shall not be eligible for recoupment.


⁽³⁾	Pursuant to a side agreement dated March 1, 2008, ING Investments has lowered the expense limits for Foreign through at least March 1, 2009. 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 shares, respectively. If, after March 1, 2009, 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.
⁽⁴⁾	Pursuant to a side agreement dated November 1, 2007, the expense limits for Greater China are 2.10%, 2.85%, 2.85% and 1.85% for Class A, B, C and I shares, respectively, through March 1, 2009. There is no guarantee that this side agreement will continue after that date. This side agreement will only renew if ING Investments elects to renew it. Any fees waived pursuant to the side agreement shall not be eligible for recoupment.
⁽⁵⁾	Pursuant to a side agreement dated March 1, 2008, ING Investments has lowered the expense limits for International Growth Opportunities through at least March 1, 2009. 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 shares, respectively. If, after March 1, 2009, 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.
⁽⁶⁾	The operating expense limits for Diversified International set out above apply only at the fund level and do not limit the fees payable by the underlying investment companies in which the fund invests. The total expense limits including the underlying investment companies are 1.47%, 2.22%, 2.22% 1.22% and 1.72% for Class A, B, C, I and R shares, respectively. Effective December 17, 2007, the total expense limit was 1.22% for Class W shares.

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, 2008, 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,
Fund	2009		2010		2011		Total

Asia-Pacific Real Estate	$	—	$	—	$	56,041	$	56,041
European Real Estate		—		—		49,810		49,810
International Capital Appreciation		—		4,987		—		4,987
International Equity Dividend		—		—		72,300		72,300
International Real Estate		—		21,519		—		21,519
International Value Opportunities		—		6,869		171,446		178,315
Global Bond		—		120,126		61,213		181,339
Diversified International		80,054		680,452		1,546,288		2,306,794

The expense limitation agreements are contractual and shall renew automatically for one-year terms unless ING Investments or IMF provides written notice of the termination of the expense limitation agreement at least 90 days prior to the end of the then current term.

NOTE 10 — 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 Mellon Corporation (“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.

131

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 10 — LINE OF CREDIT (continued)

The following Funds utilized the line of credit during the year ended April 30, 2008:


					Approximate
					Weighted
			Approximate		Average
			Average Daily		Interest Rate
	Days		Balance for		for Days
Fund	Utilized		Days Utilized		Utilized

Global Natural Resources		75	$	698,133		3.95	%
Global Real Estate		4		2,285,000		4.06	%
Global Value Choice		6		495,000		4.42	%
Disciplined International SmallCap		28		3,750,357		4.01	%
Emerging Countries		9		1,115,556		4.54	%
Foreign		3		1,403,333		4.91	%
Index Plus International Equity		49		9,239,388		4.12	%
International Capital Appreciation		14		598,571		4.18	%
International Growth Opportunities		32		1,101,563		4.87	%
International SmallCap		71		10,099,718		4.57	%
International Value		35		7,724,857		3.87	%
International Value Choice		4		572,500		3.54	%
Emerging Markets Fixed Income		4		1,010,000		2.85	%
Global Bond		6		1,075,000		4.75	%

NOTE 11 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


Global Equity Dividend (Number of Shares)
Shares sold		1,122,218			6,497,494			166,926			1,035,641			665,964			3,220,887
Reinvestment of distributions		720,744			465,717			232,818			161,965			437,485			259,339
Shares redeemed		(3,508,307	)		(3,024,146	)		(778,809	)		(595,508	)		(1,614,802	)		(965,038	)

Net increase (decrease) in shares outstanding		(1,665,345	)		3,939,065			(379,065	)		602,098			(511,353	)		2,515,188

Global Equity Dividend ($)
Shares sold	$	16,024,420		$	104,816,704		$	2,373,228		$	16,616,360		$	9,436,092		$	51,629,780
Reinvestment of distributions		10,292,530			7,440,753			3,314,077			2,570,336			6,212,032			4,112,436
Shares redeemed		(49,548,516	)		(48,779,296	)		(10,966,402	)		(9,575,960	)		(22,337,005	)		(15,559,185	)

Net increase (decrease)	$	(23,231,566	)	$	63,478,161		$	(5,279,097	)	$	9,610,736		$	(6,688,881	)	$	40,183,031

132

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 11 — CAPITAL SHARES (continued)


	Class I				Class O						Class W
	Six Months		August 1,		Six Months			November 15,			February 12,
	Ended		2007⁽¹⁾ to		Ended			2006⁽¹⁾ to			2008⁽¹⁾ to
	April 30,		October 31,		April 30,			October 31,			April 30,
	2008		2007		2008			2007			2008


Global Equity Dividend (Number of Shares)
Shares sold		—		64		527,397			1,823,965			134
Reinvestment of distributions		1		—		144,398			33,142			—
Shares redeemed		—		—		(361,086	)		(446,487	)		—

Net increase in shares outstanding		1		64		310,709			1,410,620			134

Global Equity Dividend ($)
Shares sold	$	—	$	1,018	$	7,509,890		$	29,498,450		$	2,020
Reinvestment of distributions		13		—		2,059,816			540,071			—
Shares redeemed		—		—		(5,072,700	)		(7,222,361	)		—

Net increase	$	13	$	1,018	$	4,497,006		$	22,816,160		$	2,020


	Class A						Class I						Class W
	Six Months						Six Months			August 1,			February 12,
	Ended			Year Ended			Ended			2007⁽¹⁾ to			2008⁽¹⁾ to
	April 30,			October 31,			April 30,			October 31,			April 30,
	2008			2007			2008			2007			2008


Global Natural Resources (Number of Shares)
Shares sold		950,144			1,398,112			7			157			103
Reinvestment of distributions		2,336,443			570,030			20			—			—
Shares redeemed		(1,321,780	)		(2,449,466	)		(83	)		(1	)		—

Net increase (decrease) in shares outstanding		1,964,807			(481,324	)		(56	)		156			103

Global Natural Resources ($)
Shares sold	$	10,800,705		$	16,676,935		$	100		$	2,027		$	1,393
Reinvestment of distributions		25,092,175			6,190,526			209			—			—
Shares redeemed		(14,953,035	)		(27,924,309	)		(913	)		(12	)		—

Net increase (decrease)	$	20,939,845		$	(5,056,848	)	$	(604	)	$	2,015		$	1,393


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


Global Real Estate (Number of Shares)
Shares sold		19,584,971			44,628,840			159,715			1,826,489			3,142,066			11,726,737
Reinvestment of distributions		1,075,289			1,488,668			59,951			108,319			262,307			364,760
Shares redeemed		(13,655,773	)		(21,034,520	)		(543,744	)		(786,045	)		(3,281,794	)		(3,551,184	)

Net increase (decrease) in shares outstanding		7,004,487			25,082,988			(324,078	)		1,148,763			122,579			8,540,313

Global Real Estate ($)
Shares sold	$	395,409,820		$	1,053,431,057		$	2,733,623		$	37,270,066		$	56,866,450		$	250,279,742
Reinvestment of distributions		22,021,950			34,928,676			1,045,083			2,180,962			4,807,384			7,711,845
Shares redeemed		(274,457,451	)		(490,048,454	)		(9,290,311	)		(15,294,287	)		(59,200,767	)		(72,337,353	)

Net increase (decrease)	$	142,974,319		$	598,311,279		$	(5,511,605	)	$	24,156,741		$	2,473,067		$	185,654,234

133

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 11 — CAPITAL SHARES (continued)


	Class I						Class O						Class W
	Six Months						Six Months			November 15,			February 12,
	Ended			Year Ended			Ended			2006⁽¹⁾ to			2008⁽¹⁾ to
	April 30,			October 31,			April 30,			October 31,			April 30,
	2008			2007			2008			2007			2008


Global Real Estate (Number of Shares)
Shares sold		5,939,725			2,833,616			228,670			1,927,071			1,260,095
Reinvestment of distributions		115,003			51,336			28,025			32,070			1,117
Shares redeemed		(979,545	)		(214,363	)		(266,862	)		(878,519	)		(868	)

Net increase (decrease) in shares outstanding		5,075,183			2,670,589			(10,167	)		1,080,622			1,260,344

Global Real Estate ($)
Shares sold	$	119,967,042		$	65,388,279		$	4,653,439		$	46,088,840		$	25,749,589
Reinvestment of distributions		2,355,705			1,203,302			574,134			756,820			22,915
Shares redeemed		(19,169,256	)		(4,776,229	)		(5,383,868	)		(20,349,596	)		(17,683	)

Net increase (decrease)	$	103,153,491		$	61,815,352		$	(156,295	)	$	26,496,064		$	25,754,821


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


Global Value Choice (Number of Shares)
Shares sold		626,211			413,843			57,563			125,643			98,424			224,819
Reinvestment of distributions		7,665			—			—			—			565			—
Shares redeemed		(361,949	)		(528,474	)		(228,562	)		(312,118	)		(148,301	)		(281,123	)

Net increase (decrease) in shares outstanding		271,927			(114,631	)		(170,999	)		(186,475	)		(49,312	)		(56,304	)

Global Value Choice ($)
Shares sold	$	16,203,377		$	10,390,704		$	1,616,753		$	3,421,856		$	2,486,071		$	5,420,100
Reinvestment of distributions		197,906			—			—			—			14,032			—
Shares redeemed		(9,263,501	)		(13,039,443	)		(6,415,207	)		(8,358,692	)		(3,645,955	)		(6,746,051	)

Net increase (decrease)	$	7,137,782		$	(2,648,739	)	$	(4,798,454	)	$	(4,936,836	)	$	(1,145,852	)	$	(1,325,951	)


	Class I						Class Q
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007


Global Value Choice (Number of Shares)
Shares sold		128,021			185,884			3,503			9,271
Reinvestment of distributions		3,007			—			511			—
Shares redeemed		(50,755	)		(49,776	)		(10,944	)		(38,134	)

Net increase (decrease) in shares outstanding		80,273			136,108			(6,930	)		(28,863	)

Global Value Choice ($)
Shares sold	$	3,288,080		$	4,448,082		$	107,180		$	270,527
Reinvestment of distributions		77,786			—			15,493			—
Shares redeemed		(1,305,195	)		(1,272,296	)		(325,704	)		(1,113,397	)

Net increase (decrease)	$	2,060,671		$	3,175,786		$	(203,031	)	$	(842,870	)

134

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 11 — CAPITAL SHARES (continued)


	Class A			Class B			Class C			Class I
	November 1,			November 1,			November 1,			November 1,
	2007⁽¹⁾ to			2007⁽¹⁾ to			2007⁽¹⁾ to			2007⁽¹⁾ to
	April 30,			April 30,			April 30,			April 30,
	2008			2008			2008			2008


Asia-Pacific Real Estate (Number of Shares)
Shares sold		606,508			3,552			16,283			102
Reinvestment of distributions		317			17			49			—
Shares redeemed		(2,432	)		(382	)		(652	)		(1	)

Net increase in shares outstanding		604,393			3,187			15,680			101

Asia-Pacific Real Estate ($)
Shares sold	$	5,886,048		$	30,402		$	142,046		$	1,020
Reinvestment of distributions		2,581			137			413			—
Shares redeemed		(18,855	)		(3,153	)		(5,300	)		(10	)

Net increase	$	5,869,774		$	27,386		$	137,159		$	1,010


	Class A						Class B					Class C
	Six Months			December 20,			Six Months			December 20,		Six Months			December 20,
	Ended			2006⁽¹⁾ to			Ended			2006⁽¹⁾ to		Ended			2006⁽¹⁾ to
	April 30,			October 31,			April 30,			October 31,		April 30,			October 31,
	2008			2007			2008			2007		2008			2007


Disciplined International SmallCap (Number of Shares)
Shares sold		16,888			9,086			205			439		121			5,041
Reinvestment of distributions		191			—			7			—		88			—
Shares redeemed		(11,901	)		(3,367	)		(120	)		—		(4,040	)		(427	)

Net increase (decrease) in shares outstanding		5,178			5,719			92			439		(3,831	)		4,614

Disciplined International SmallCap ($)
Shares sold	$	182,850		$	103,553		$	2,000		$	4,533	$	1,417		$	57,840
Reinvestment of distributions		1,955			—			67			—		897			—
Shares redeemed		(127,502	)		(37,185	)		(1,189	)		—		(37,419	)		(4,978	)

Net increase (decrease)	$	57,303		$	66,368		$	878		$	4,533	$	(35,105	)	$	52,862


	Class I
	Six Months			December 20,
	Ended			2006⁽¹⁾ to
	April 30,			October 31,
	2008			2007


Disciplined International SmallCap (Number of Shares)
Shares sold		9,528,187			43,082,677
Reinvestment of distributions		1,061,868			—
Shares redeemed		(12,392,740	)		(4,681,887	)

Net increase (decrease) in shares outstanding		(1,802,685	)		38,400,790

Disciplined International SmallCap ($)
Shares sold	$	97,327,393		$	492,455,050
Reinvestment of distributions		10,882,081			—
Shares redeemed		(122,545,456	)		(54,244,725	)

Net increase (decrease)	$	(14,335,982	)	$	438,210,325

135

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 11 — CAPITAL SHARES (continued)


	Class A⁽²⁾						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


Emerging Countries (Number of Shares)
Shares sold		618,333			1,677,506			33,480			120,366			121,082			415,931
Shares converted		—			48,167			—			—			—			—
Reinvestment of distributions		175,355			49,397			12,082			2,139			40,477			6,705
Shares redeemed		(899,557	)		(1,177,964	)		(81,277	)		(180,617	)		(214,617	)		(323,475	)

Net increase (decrease) in shares outstanding		(105,869	)		597,106			(35,715	)		(58,112	)		(53,058	)		99,161

Emerging Countries ($)
Shares sold	$	22,567,669		$	61,051,631		$	1,200,081		$	4,540,140		$	4,105,707		$	14,223,797
Shares converted		—			1,570,432			—			—			—			—
Reinvestment of distributions		6,268,947			1,591,065			426,373			67,985			1,345,440			201,560
Shares redeemed		(32,733,412	)		(42,526,644	)		(2,920,278	)		(6,583,827	)		(7,174,480	)		(10,757,579	)

Net increase (decrease)	$	(3,896,796	)	$	21,686,484		$	(1,293,824	)	$	(1,975,702	)	$	(1,723,333	)	$	3,667,778


	Class I						Class M⁽²⁾					Class Q
	Six Months						Six Months					Six Months
	Ended			Year Ended			Ended		Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,		October 31,			April 30,			October 31,
	2008			2007			2008		2007			2008			2007


Emerging Countries (Number of Shares)
Shares sold		577,248			517,678			—		49			74,607			383,862
Shares converted		—			—			—		(48,826	)		—			—
Reinvestment of distributions		48,613			13,851			—		425			20,058			5,154
Shares redeemed		(787,714	)		(322,580	)		—		(1,853	)		(126,482	)		(243,283	)

Net increase (decrease) in shares outstanding		(161,853	)		208,949			—		(50,205	)		(31,817	)		145,733

Emerging Countries ($)
Shares sold	$	21,202,741		$	18,694,152		$	—	$	1,496		$	2,800,325		$	14,213,705
Shares converted		—			—			—		(1,570,432	)		—			—
Reinvestment of distributions		1,739,866			446,558			—		13,499			742,560			171,687
Shares redeemed		(28,349,103	)		(11,228,172	)		—		(57,877	)		(4,640,530	)		(8,769,423	)

Net increase (decrease)	$	(5,406,496	)	$	7,912,538		$	—	$	(1,613,314	)	$	(1,097,645	)	$	5,615,969


	Class W
	February 12,
	2008⁽¹⁾ to
	April 30,
	2008


Emerging Countries (Number of Shares)
Shares sold		2,000
Shares redeemed		(1	)

Net increase in shares outstanding		1,999

Emerging Countries ($)
Shares sold	$	76,220
Shares redeemed		(40	)

Net increase	$	76,180


⁽¹⁾		Commencement of operations

⁽²⁾		Effective January 2, 2007, Class M shareholders of Emerging Countries were converted to Class A shares of the fund.

136

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 11 — CAPITAL SHARES (continued)


	Class A			Class B			Class C			Class I
	November 1,			November 1,			November 1,			November 1,
	2007⁽¹⁾ to			2007⁽¹⁾ to			2007⁽¹⁾ to			2007⁽¹⁾ to
	April 30,			April 30,			April 30,			April 30,
	2008			2008			2008			2008


European Real Estate (Number of Shares)
Shares sold		638,624			1,267			14,380			102
Reinvestment of distributions		162			—			11			—
Shares redeemed		(34	)		(1	)		(101	)		(1	)

Net increase in shares outstanding		638,752			1,266			14,290			101

European Real Estate ($)
Shares sold	$	6,257,510		$	12,089		$	136,249		$	1,020
Reinvestment of distributions		1,547			—			98			—
Shares redeemed		(467	)		(10	)		(846	)		(10	)

Net increase	$	6,258,590		$	12,079		$	135,501		$	1,010


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


Foreign (Number of Shares)
Shares sold		3,454,147			5,586,881			196,641			465,033			1,248,139			2,788,802
Reinvestment of distributions		689,982			268,335			113,030			54,324			458,601			201,179
Shares redeemed		(2,383,991	)		(2,834,087	)		(386,047	)		(418,014	)		(1,291,080	)		(1,297,440	)

Net increase (decrease) in shares outstanding		1,760,138			3,021,129			(76,376	)		101,343			415,660			1,692,541

Foreign ($)
Shares sold	$	69,402,000		$	116,065,154		$	3,911,714		$	9,375,051		$	24,399,348		$	55,924,710
Reinvestment of distributions		14,110,126			5,170,819			2,230,091			1,019,661			9,061,951			3,781,772
Shares redeemed		(47,857,449	)		(58,600,260	)		(7,469,173	)		(8,375,577	)		(25,618,617	)		(26,171,530	)

Net increase (decrease)	$	35,654,677		$	62,635,713		$	(1,327,368	)	$	2,019,135		$	7,842,682		$	33,534,952


	Class I						Class Q						Class W
	Six Months						Six Months						February 12,
	Ended			Year Ended			Ended			Year Ended			2008⁽¹⁾ to
	April 30,			October 31,			April 30,			October 31,			April 30,
	2008			2007			2008			2007			2008


Foreign (Number of Shares)
Shares sold		877,928			2,245,294			—			234			3,855
Reinvestment of distributions		317,295			121,586			2,445			2,264			—
Shares redeemed		(209,846	)		(1,080,849	)		(3,157	)		(30,513	)		(1	)

Net increase (decrease) in shares outstanding		985,377			1,286,031			(712	)		(28,015	)		3,854

Foreign ($)
Shares sold	$	18,476,023		$	47,286,509		$	—		$	5,012		$	83,051
Reinvestment of distributions		6,602,918			2,373,357			50,212			43,762			—
Shares redeemed		(4,160,345	)		(22,654,368	)		(62,159	)		(652,894	)		(23	)

Net increase (decrease)	$	20,918,596		$	27,005,498		$	(11,947	)	$	(604,120	)	$	83,028


⁽¹⁾		Commencement of operations

137

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 11 — CAPITAL SHARES (continued)


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


Greater China (Number of Shares)
Shares sold		650,244			2,196,767			67,344			295,918			143,374			559,664
Reinvestment of distributions		239,808			4,251			29,578			626			49,298			357
Shares redeemed		(1,100,834	)		(1,077,963	)		(87,597	)		(146,993	)		(305,606	)		(218,283	)

Net increase (decrease) in shares outstanding		(210,782	)		1,123,055			9,325			149,551			(112,934	)		341,738

Greater China ($)
Shares sold	$	12,233,051		$	36,379,127		$	1,263,311		$	4,827,247		$	2,655,632		$	9,969,510
Reinvestment of distributions		4,242,198			59,565			517,910			8,720			863,707			4,978
Shares redeemed		(19,275,407	)		(17,193,019	)		(1,653,852	)		(2,430,746	)		(5,501,463	)		(3,407,996	)

Net increase (decrease)	$	(2,800,158	)	$	19,245,673		$	127,369		$	2,405,221		$	(1,982,124	)	$	6,566,492


	Class I
	Six Months
	Ended			Year Ended
	April 30,			October 31,
	2008			2007


Greater China (Number of Shares)
Shares sold		741			338
Reinvestment of distributions		255			9
Shares redeemed		(31	)		—

Net increase in shares outstanding		965			347

Greater China ($)
Shares sold	$	12,750		$	6,820
Reinvestment of distributions		4,518			125
Shares redeemed		(628	)		—

Net increase	$	16,640		$	6,945


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


Index Plus International Equity (Number of Shares)
Shares sold		68,230			128,123			10,792			32,179			19,866			53,278
Proceeds from shares issued in merger		2,083,276			—			355,813			—			197,636			—
Reinvestment of distributions		15,616			1,989			6,215			632			5,787			773
Shares redeemed		(549,639	)		(1,041,019	)		(63,510	)		(2,719	)		(59,415	)		(18,988	)

Net increase (decrease) in shares outstanding		1,617,483			(910,907	)		309,310			30,092			163,874			35,063

Index Plus International Equity ($)
Shares sold	$	750,831		$	1,644,502		$	119,638		$	413,854		$	223,329		$	680,086
Proceeds from shares issued in merger		24,809,468			—			4,223,697			—			2,343,627			—
Reinvestment of distributions		183,797			23,642			72,966			7,493			67,879			9,149
Shares redeemed		(5,893,926	)		(13,003,326	)		(665,376	)		(36,087	)		(635,545	)		(234,315	)

Net increase (decrease)	$	19,850,170		$	(11,335,182	)	$	3,750,925		$	385,260		$	1,999,290		$	454,920

138

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 11 — CAPITAL SHARES (continued)


	Class I						Class O
	Six Months						November 12,
	Ended			Year Ended			2007⁽¹⁾ to
	April 30,			October 31,			April 30,
	2008			2007			2008


Index Plus International Equity (Number of Shares)
Shares sold		7,691,392			4,628,592			879,909
Proceeds from shares issued in merger		523,573			—			7,673,371
Reinvestment of distributions		1,189,238			237,356			62
Shares redeemed		(2,418,115	)		(3,125,186	)		(1,103,612	)

Net increase in shares outstanding		6,986,088			1,740,762			7,449,730

Index Plus International Equity ($)
Shares sold	$	84,933,814		$	59,372,768		$	9,389,633
Proceeds from shares issued in merger		6,258,727			—			90,795,795
Reinvestment of distributions		14,056,792			2,817,418			730
Shares redeemed		(25,679,759	)		(39,684,824	)		(11,649,547	)

Net increase	$	79,569,574		$	22,505,362		$	88,536,611


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


International Capital Appreciation (Number of Shares)
Shares sold		86,983			192,965			40,164			61,628			47,665			66,475
Reinvestment of distributions		4,821			413			2,138			115			1,936			123
Shares redeemed		(19,324	)		(207,146	)		(41,677	)		(3,275	)		(24,381	)		(6,361	)

Net increase (decrease) in shares outstanding		72,480			(13,768	)		625			58,468			25,220			60,237

International Capital Appreciation ($)
Shares sold	$	1,146,710		$	2,368,777		$	527,651		$	807,880		$	593,964		$	888,507
Reinvestment of distributions		62,381			4,867			27,323			1,344			24,821			1,448
Shares redeemed		(242,324	)		(2,460,407	)		(506,967	)		(40,301	)		(297,909	)		(80,137	)

Net increase (decrease)	$	966,767		$	(86,763	)	$	48,007		$	768,923		$	320,876		$	809,818


	Class I
	Six Months
	Ended			Year Ended
	April 30,			October 31,
	2008			2007


International Capital Appreciation (Number of Shares)
Shares sold		1,498,959			5,530,264
Reinvestment of distributions		515,675			128,072
Shares redeemed		(514,632	)		(331,815	)

Net increase in shares outstanding		1,500,002			5,326,521

International Capital Appreciation ($)
Shares sold	$	19,551,127		$	69,653,165
Reinvestment of distributions		6,677,994			1,509,974
Shares redeemed		(6,304,870	)		(4,575,021	)

Net increase	$	19,924,251		$	66,588,118


⁽¹⁾		Commencement of operations

139

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 11 — CAPITAL SHARES (continued)


	Class A						Class B						Class C
	Six Months			June 28,			Six Months			June 28,			Six Months			June 28,
	Ended			2007⁽¹⁾ to			Ended			2007⁽¹⁾ to			Ended			2007⁽¹⁾ to
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


International Equity Dividend (Number of Shares)
Shares sold		70,933			393,069			9,614			22,651			75,464			126,454
Reinvestment of distributions		6,241			—			57			—			2,451			—
Shares redeemed		(77,096	)		(3,131	)		(411	)		(31	)		(38,445	)		—

Net increase in shares outstanding		78			389,938			9,260			22,620			39,470			126,454

International Equity Dividend ($)
Shares sold	$	679,862		$	3,902,205		$	90,349		$	218,286		$	733,835		$	1,252,342
Reinvestment of distributions		59,654			—			543			—			23,412			—
Shares redeemed		(724,265	)		(31,138	)		(3,843	)		(310	)		(346,236	)		—

Net increase	$	15,251		$	3,871,067		$	87,049		$	217,976		$	411,011		$	1,252,342


	Class I						Class W
	Six Months			June 28,			February 12,
	Ended			2007⁽¹⁾ to			2008⁽¹⁾ to
	April 30,			October 31,			April 30,
	2008			2007			2008


International Equity Dividend (Number of Shares)
Shares sold		533,323			5,265,562			106
Reinvestment of distributions		109,148			—			—
Shares redeemed		(761,154	)		(7,892	)		—

Net increase (decrease) in shares outstanding		(118,683	)		5,257,670			106

International Equity Dividend ($)
Shares sold	$	5,158,675		$	52,290,180		$	1,015
Reinvestment of distributions		1,043,832			—			—
Shares redeemed		(7,184,281	)		(78,707	)		—

Net increase (decrease)	$	(981,774	)	$	52,211,473		$	1,015


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


International Growth Opportunities (Number of Shares)
Shares sold		418,486			606,666			63,006			90,648			186,128			150,534
Reinvestment of distributions		721,221			424,904			183,439			101,617			135,646			65,339
Shares redeemed		(558,537	)		(1,337,839	)		(292,077	)		(360,538	)		(123,672	)		(192,575	)

Net increase (decrease) in shares outstanding		581,170			(306,269	)		(45,632	)		(168,273	)		198,102			23,298

International Growth Opportunities ($)
Shares sold	$	5,206,671		$	8,143,922		$	739,181		$	1,180,526		$	2,149,000		$	1,979,430
Reinvestment of distributions		8,741,204			5,354,882			2,113,215			1,234,642			1,563,995			793,868
Shares redeemed		(6,817,700	)		(17,966,521	)		(3,386,627	)		(4,705,424	)		(1,389,260	)		(2,507,472	)

Net increase (decrease)	$	7,130,175		$	(4,467,717	)	$	(534,231	)	$	(2,290,256	)	$	2,323,735		$	265,826


⁽¹⁾		Commencement of operations

140

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)


	Class I						Class Q
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007


International Growth Opportunities (Number of Shares)
Shares sold		457,015			360,989			346,219			594,965
Reinvestment of distributions		128,973			110,577			392,610			225,064
Shares redeemed		(219,213	)		(827,433	)		(655,539	)		(787,068	)

Net increase (decrease) in shares outstanding		366,775			(355,867	)		83,290			32,961

International Growth Opportunities ($)
Shares sold	$	5,374,450		$	4,754,225		$	4,136,798		$	7,984,633
Reinvestment of distributions		1,554,121			1,383,313			4,703,468			2,804,295
Shares redeemed		(2,563,583	)		(10,767,823	)		(8,016,727	)		(10,306,446	)

Net increase (decrease)	$	4,364,988		$	(4,630,285	)	$	823,539		$	482,482


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


International Real Estate (Number of Shares)
Shares sold		6,776,781			19,878,781			55,806			767,102			1,699,607			8,245,988
Reinvestment of distributions		435,236			123,340			20,625			5,012			149,862			30,706
Shares redeemed		(7,378,305	)		(5,641,413	)		(182,570	)		(98,193	)		(2,222,768	)		(1,361,519	)

Net increase (decrease) in shares outstanding		(166,288	)		14,360,708			(106,139	)		673,921			(373,299	)		6,915,175

International Real Estate ($)
Shares sold	$	82,924,369		$	265,384,203		$	679,037		$	10,170,413		$	20,562,786		$	109,483,769
Reinvestment of distributions		5,345,358			1,645,656			252,968			65,277			1,836,503			401,088
Shares redeemed		(86,925,102	)		(74,585,692	)		(2,152,741	)		(1,277,012	)		(26,039,406	)		(17,644,347	)

Net increase (decrease)	$	1,344,625		$	192,444,167		$	(1,220,736	)	$	8,958,678		$	(3,640,117	)	$	92,240,510


	Class I						Class W
	Six Months						February 12,
	Ended			Year Ended			2008⁽¹⁾ to
	April 30,			October 31,			April 30,
	2008			2007			2008


International Real Estate (Number of Shares)
Shares sold		20,120,020			6,969,530			9,439
Reinvestment of distributions		293,488			90,632			2
Shares redeemed		(1,397,337	)		(268,863	)		—

Net increase in shares outstanding		19,016,171			6,791,299			9,441

International Real Estate ($)
Shares sold	$	251,204,573		$	91,183,483		$	110,747
Reinvestment of distributions		3,604,384			1,202,775			22
Shares redeemed		(16,668,054	)		(3,540,845	)		—

Net increase	$	238,140,903		$	88,845,413		$	110,769


⁽¹⁾		Commencement of operations

141

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


International SmallCap Multi-Manager (Number of Shares)
Shares sold		2,076,876			5,045,814			40,566			120,228			172,812			517,439
Reinvestment of distributions		998,505			20,929			118,877			—			221,020			53
Shares redeemed		(2,771,597	)		(2,339,921	)		(337,042	)		(364,409	)		(382,500	)		(324,780	)

Net increase (decrease) in shares outstanding		303,784			2,726,822			(177,599	)		(244,181	)		11,332			192,712

International SmallCap Multi-Manager ($)
Shares sold	$	101,262,224		$	301,848,369		$	2,135,605		$	7,497,411		$	7,976,819		$	29,552,044
Reinvestment of distributions		47,126,969			1,059,446			5,828,529			—			9,764,678			2,524
Shares redeemed		(133,634,275	)		(137,896,302	)		(16,664,947	)		(21,737,439	)		(16,798,704	)		(17,907,434	)

Net increase (decrease)	$	14,754,918		$	165,011,513		$	(8,700,813	)	$	(14,240,028	)	$	942,793		$	11,647,134


	Class I						Class Q						Class W
	Six Months						Six Months						February 12,
	Ended			Year Ended			Ended			Year Ended			2008⁽¹⁾ to
	April 30,			October 31,			April 30,			October 31,			April 30,
	2008			2007			2008			2007			2008


International SmallCap Multi-Manager (Number of Shares)
Shares sold		943,600			3,249,235			314,451			851,771			4,942
Reinvestment of distributions		627,703			16,186			273,319			9,277			—
Shares redeemed		(1,093,698	)		(516,468	)		(405,269	)		(648,584	)		(1	)

Net increase in shares outstanding		477,605			2,748,953			182,501			212,464			4,941

International SmallCap Multi-Manager ($)
Shares sold	$	46,812,112		$	188,727,994		$	16,272,464		$	55,349,246		$	263,044
Reinvestment of distributions		29,671,518			819,983			14,024,003			504,137			—
Shares redeemed		(54,707,228	)		(32,274,836	)		(21,519,758	)		(41,248,877	)		(57	)

Net increase	$	21,776,402		$	157,273,141		$	8,776,709		$	14,604,506		$	262,987


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


International Value (Number of Shares)
Shares sold		9,880,094			16,368,193			379,869			453,105			1,340,944			834,396
Reinvestment of distributions		13,738,713			7,950,487			1,777,035			1,377,293			4,567,631			2,721,822
Shares redeemed		(15,873,821	)		(24,751,517	)		(4,336,088	)		(6,016,199	)		(3,549,993	)		(4,638,571	)

Net increase (decrease) in shares outstanding		7,744,986			(432,837	)		(2,179,184	)		(4,185,801	)		2,358,582			(1,082,353	)

International Value ($)
Shares sold	$	182,708,288		$	353,613,593		$	7,112,414		$	9,307,026		$	24,078,198		$	16,733,659
Reinvestment of distributions		253,067,088			162,571,673			32,199,846			27,711,130			81,988,970			54,463,672
Shares redeemed		(288,840,145	)		(539,661,218	)		(79,563,072	)		(129,493,665	)		(62,480,314	)		(98,807,462	)

Net increase (decrease)	$	146,935,231		$	(23,475,952	)	$	(40,250,812	)	$	(92,475,509	)	$	43,586,854		$	(27,610,131	)


⁽¹⁾		Commencement of operations

142

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)


	Class I						Class Q
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007


International Value (Number of Shares)
Shares sold		15,201,492			27,853,117			76,882			4,986
Reinvestment of distributions		12,048,408			6,124,030			168,251			102,040
Shares redeemed		(32,015,853	)		(20,350,068	)		(103,258	)		(190,516	)

Net increase (decrease) in shares outstanding		(4,765,953	)		13,627,079			141,875			(83,490	)

International Value ($)
Shares sold	$	280,702,606		$	601,984,171		$	1,284,216		$	110,000
Reinvestment of distributions		221,811,195			125,236,405			3,102,544			2,089,785
Shares redeemed		(568,771,806	)		(447,151,806	)		(1,876,492	)		(4,143,124	)

Net increase (decrease)	$	(66,258,005	)	$	280,068,770		$	2,510,268		$	(1,943,339	)


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


International Value Choice (Number of Shares)
Shares sold		209,336			196,008			24,371			40,254			51,780			85,318
Reinvestment of distributions		176,805			26,003			29,707			3,151			39,133			4,177
Shares redeemed		(224,607	)		(553,686	)		(37,489	)		(74,651	)		(73,317	)		(94,956	)

Net increase (decrease) in shares outstanding		161,534			(331,675	)		16,589			(31,246	)		17,596			(5,461	)

International Value Choice ($)
Shares sold	$	2,512,748		$	2,591,527		$	296,682		$	523,398		$	620,404		$	1,113,930
Reinvestment of distributions		2,075,696			334,923			345,496			40,274			456,287			53,511
Shares redeemed		(2,696,219	)		(7,400,948	)		(451,403	)		(971,726	)		(881,607	)		(1,252,071	)

Net increase (decrease)	$	1,892,225		$	(4,474,498	)	$	190,775		$	(408,054	)	$	195,084		$	(84,630	)


	Class I
	Six Months
	Ended			Year Ended
	April 30,			October 31,
	2008			2007


International Value Choice (Number of Shares)
Shares sold		536,109			4,387,177
Reinvestment of distributions		775,006			76,908
Shares redeemed		(941,169	)		(3,383,938	)

Net increase in shares outstanding		369,946			1,080,147

International Value Choice ($)
Shares sold	$	6,828,706		$	57,856,995
Reinvestment of distributions		9,083,070			989,038
Shares redeemed		(11,133,484	)		(46,416,954	)

Net increase	$	4,778,292		$	12,429,079

143

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)


	Class A						Class B						Class C
	Six Months			February 28,			Six Months			February 28,			Six Months			February 28,
	Ended			2007⁽¹⁾ to			Ended			2007⁽¹⁾ to			Ended			2007⁽¹⁾ to
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


International Value Opportunities (Number of Shares)
Shares sold		3,091			1,004,583			1,978			1,280			1,489			2,699
Reinvestment of distributions		136			—			1			—			21			—
Shares redeemed		(67	)		(1,889	)		(135	)		(1,085	)		(100	)		(2	)

Net increase in shares outstanding		3,160			1,002,694			1,844			195			1,410			2,697

International Value Opportunities ($)
Shares sold	$	30,994		$	10,048,363		$	19,315		$	13,195		$	14,886		$	27,547
Reinvestment of distributions		1,301			—			14			—			202			—
Shares redeemed		(600	)		(18,645	)		(1,271	)		(11,002	)		(1,054	)		(21	)

Net increase	$	31,695		$	10,029,718		$	18,058		$	2,193		$	14,034		$	27,526


	Class I
	Six Months		February 28,
	Ended		2007⁽¹⁾ to
	April 30,		October 31,
	2008		2007


International Value Opportunities (Number of Shares)
Shares sold		—		103
Reinvestment of distributions		—		—
Shares redeemed		—		(1	)

Net increase in shares outstanding		—		102

International Value Opportunities ($)
Shares sold	$	—	$	1,030
Reinvestment of distributions		—		—
Shares redeemed		—		(10	)

Net increase	$	—	$	1,020


	Class A
	Six Months
	Ended			Year Ended
	April 30,			October 31,
	2008			2007


Russia (Number of Shares)
Shares sold		1,907,611			4,435,492
Reinvestment of distributions		1,701,821			613,999
Shares redeemed		(1,817,138	)		(6,715,298	)

Net increase (decrease) in shares outstanding		1,792,294			(1,665,807	)

Russia ($)
Shares sold	$	130,212,288		$	280,987,914
Reinvestment of distributions		116,864,014			37,402,991
Redemption fee proceeds		322,893			3,086,432
Shares redeemed		(121,075,368	)		(422,755,301	)

Net increase (decrease)	$	126,323,827		$	(101,277,964	)

144

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


Emerging Markets Fixed Income (Number of Shares)
Shares sold		137,625			574,996			(203	)		12,563			53,230			121,704
Reinvestment of distributions		13,970			17,007			766			1,367			2,891			2,892
Shares redeemed		(699,624	)		(2,107,447	)		(6,021	)		(3,405	)		(16,326	)		(6,959	)

Net increase (decrease) in shares outstanding		(548,029	)		(1,515,444	)		(5,458	)		10,525			39,795			117,637

Emerging Markets Fixed Income ($)
Shares sold	$	1,394,440		$	5,985,060		$	(2,084	)	$	129,139		$	535,599		$	1,261,502
Reinvestment of distributions		141,358			174,982			7,791			14,047			29,140			29,610
Shares redeemed		(7,091,691	)		(21,814,799	)		(61,002	)		(34,681	)		(165,035	)		(71,700	)

Net increase (decrease)	$	(5,555,893	)	$	(15,654,757	)	$	(55,295	)	$	108,505		$	399,704		$	1,219,412


	Class I
	Six Months			December 20,
	Ended			2006⁽¹⁾ to
	April 30,			October 31,
	2008			2007


Emerging Markets Fixed Income (Number of Shares)
Shares sold		6,439,444			29,241,272
Reinvestment of distributions		1,000,825			617,893
Shares redeemed		(8,202,775	)		(601,326	)

Net increase (decrease) in shares outstanding		(762,506	)		29,257,839

Emerging Markets Fixed Income ($)
Shares sold	$	64,701,228		$	303,520,569
Reinvestment of distributions		10,095,856			6,243,231
Shares redeemed		(82,162,819	)		(6,041,783	)

Net increase (decrease)	$	(7,365,735	)	$	303,722,017


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


Global Bond (Number of Shares)
Shares sold		4,864,525			274,870			290,825			33,601			2,102,607			160,111
Reinvestment of distributions		106,951			3,007			6,284			658			40,829			673
Shares redeemed		(394,543	)		(66,579	)		(12,809	)		(4,564	)		(157,927	)		(10,660	)

Net increase in shares outstanding		4,576,933			211,298			284,300			29,695			1,985,509			150,124

Global Bond ($)
Shares sold	$	53,253,331		$	2,826,384		$	3,184,818		$	339,806		$	22,960,344		$	1,646,890
Reinvestment of distributions		1,172,489			30,842			68,640			6,727			448,444			6,965
Shares redeemed		(4,342,621	)		(676,036	)		(139,934	)		(45,456	)		(1,725,780	)		(108,978	)

Net increase	$	50,083,199		$	2,181,190		$	3,113,524		$	301,077		$	21,683,008		$	1,544,877

145

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)


	Class I
	Six Months
	Ended		Year Ended
	April 30,		October 31,
	2008		2007


Global Bond (Number of Shares)
Shares sold		121,453		1
Reinvestment of distributions		323		—
Shares redeemed		—		—

Net increase in shares outstanding		121,776		1

Global Bond ($)
Shares sold	$	1,317,350	$	10
Reinvestment of distributions		3,489		—
Shares redeemed		—		—

Net increase	$	1,320,839	$	10


	Class A						Class B						Class C
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2008			2007			2008			2007			2008			2007


Diversified International (Number of Shares)
Shares sold		6,128,590			14,796,567			458,724			1,227,737			2,311,011			6,505,341
Reinvestment of distributions		515,063			58,638			48,511			1,114			164,842			4,093
Shares redeemed		(4,209,632	)		(3,910,709	)		(385,799	)		(282,859	)		(1,432,713	)		(1,190,161	)

Net increase in shares outstanding		2,434,021			10,944,496			121,436			945,992			1,043,140			5,319,273

Diversified International ($)
Shares sold	$	80,418,516		$	196,674,148		$	6,032,184		$	16,173,010		$	30,512,090		$	85,984,708
Reinvestment of distributions		6,979,408			727,447			654,909			13,771			2,222,086			50,585
Shares redeemed		(53,829,083	)		(51,884,948	)		(4,851,123	)		(3,741,472	)		(18,146,507	)		(15,544,550	)

Net increase	$	33,568,841		$	145,516,647		$	1,835,970		$	12,445,309		$	14,587,669		$	70,490,743


	Class I						Class R						Class W
	Six Months						Six Months			December 12,			February 12,
	Ended			Year Ended			Ended			2006⁽¹⁾ to			2008⁽¹⁾ to
	April 30,			October 31,			April 30,			October 31,			April 30,
	2008			2007			2008			2007			2008


Diversified International (Number of Shares)
Shares sold		—			36,440			1,146			39,818			54,286
Reinvestment of distributions		57			4			655			38			—
Shares redeemed		(47	)		(34,712	)		(4,227	)		(10,702	)		—

Net increase (decrease) in shares outstanding		10			1,732			(2,426	)		29,154			54,286

Diversified International ($)
Shares sold	$	—		$	522,197		$	14,594		$	502,116		$	688,731
Reinvestment of distributions		766			55			8,800			472			—
Shares redeemed		(640	)		(476,693	)		(52,912	)		(144,253	)		—

Net increase (decrease)	$	126		$	45,559		$	(29,518	)	$	358,335		$	688,731


⁽¹⁾		Commencement of operations

146

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (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	Silver Bear Resources, Inc.-PIPE		293,709		03/19/07	$	249,403	$	232,339		0.2	%

						$	249,403	$	232,339		0.2	%

Disciplined International SmallCap	Octaviar Ltd.		67,247		06/28/07	$	293,034	$	62,813		0.0	%

						$	293,034	$	62,813		0.0	%

Foreign	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07	$	303,609	$	232,328		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		186,682		122,696		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		172,879		122,392		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		374,865		266,089		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		204,015		136,864		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		926,675		773,508		0.1	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		140,772		153,889		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		35,926		35,443		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		245,030		170,510		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		54,425		47,755		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		42,585		38,621		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		103,700		84,269		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		64,941		77,940		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		56,976		63,631		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		103,337		116,288		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		13,706		23,817		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		58,347		53,823		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		40,302		41,014		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		8,886		8,839		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		449,942		604,820		0.1	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		63,608		146,525		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		511,782		565,250		0.1	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		110,776		94,500		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR)		35		11/21/07		—		—		0.0	%
	Silvinit		3,602		05/10/07		1,353,792		2,791,550		0.4	%

						$	5,627,554	$	6,772,361		1.0	%

147

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 12 — ILLIQUID SECURITIES (continued)


				Initial						Percent
				Acquisition						of Net
Fund	Security	Shares		Date		Cost		Value		Assets

International SmallCap Multi-Manager	Atlas Iron Ltd.		350,933		01/31/08	$	611,140	$	1,019,306		0.2	%
	Hong Leong Asia Ltd.		542,000		06/11/07		1,191,033		1,065,511		0.2	%
	JM AB-Rights		262,800		04/30/08		—		221,537		0.2	%
	MFS Technology Ltd.		19,000		01/25/06		9,612		4,554		0.2	%
	Octaviar Ltd.		673,856		09/11/06		2,852,642		629,427		0.2	%
	SeAH Steel Corp.		26,220		03/04/05		944,988		1,224,197		0.2	%
	Vitec Group PLC		95,200		03/15/07		1,066,102		858,972		0.2	%

						$	6,675,517	$	5,023,504		1.4	%

NOTE 13 — REORGANIZATION

On December 9, 2007, Index Plus International Equity, as listed below (“Acquiring Fund”), acquired the assets and certain liabilities of ING International Equity Fund, also listed below (“Acquired Fund”), in a tax-free reorganization in exchange for shares of the Acquiring Fund, pursuant to a plan or reorganization approved by the Acquired Fund’s shareholders. The number and value of shares issued by the Acquiring Fund are presented in Note 11 — Capital Share Transactions. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquired

Capital Loss

Acquired Portfolio

Acquiring

Acquired

Total Net Assets of

Carry forward

Unrealized

Conversion

Fund

Acquired Fund (000’s)

Acquiring Fund (000’s)

(000’s)

Depreciation (000’s)

Ratio

Index Plus
International
Equity

ING International
Equity Fund

128,431

122,957

13,594

3,120

1.0243

The net assets of Index Plus International Equity after the acquisition were $251,388,007.

NOTE 14 — 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 Asia-Pacific Real Estate, European Real Estate and International Real Estate). As a result of each Fund and Underlying Funds concentrating its 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 (Asia-Pacific Real Estate, European Real Estate, Greater China and Russia). As a result of each Fund concentrating its assets in a single region of the world, each 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, Asia-Pacific Real Estate Disciplined International SmallCap, European Real Estate 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

148

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 14 — CONCENTRATION OF RISKS (continued)

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 a Fund’s share price to fluctuate more than that of a diversified investment company. Conversely, even though classified as non-diversified, a Fund or Underlying Fund may actually maintain a portfolio that is diversified with a large number of issuers. In such an event, a Fund or Underlying Fund would benefit less from appreciation in a single corporate issuer than if it had greater exposure to that issuer.

Restricted and Illiquid Securities (Greater China, Russia 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 Real Estate, Global Value Choice, Asia-Pacific Real Estate, European Real Estate, Greater China, International Real Estate, 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 15 — 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, 2008, the following Funds had securities on loan with the following market values:


	Value of
	Securities		Value of
Fund	Loaned		Collateral

Global Equity Dividend	$	24,920,677	$	26,118,895
Global Real Estate		278,334,069		287,051,807
Global Value Choice		27,495,553		28,197,205
Emerging Countries		40,938,398		41,426,178
Foreign		35,644,703		36,733,478
International Growth Opportunities		6,802,640		6,906,030
International SmallCap Multi-Manager		18,839,445		20,033,988
International Value		176,689,317		184,006,441
Russia		171,977,516		176,807,367

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 16 — 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, investments in passive foreign investment companies, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

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

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


	Six Months Ended				Year Ended
	April 30, 2008				October 31, 2007
									Dividends Paid
	Ordinary		Long-Term		Ordinary		Long-Term		Deduction on
	Income		Capital Gains		Income		Capital Gains		Redemptions

Global Equity Dividend	$	11,397,112	$	20,217,007	$	18,796,716	$	3,818,557	$	—
Global Natural Resources		20,563,562		7,610,745		2,937,873		3,999,909		—
Global Real Estate⁽¹⁾		37,617,882		1,788,821		51,930,847		8,533,607		—
Global Value Choice		453,191		—		—		—		—
Asia-Pacific Real Estate		31,011		—		—		—		—
Disciplined International SmallCap		10,885,408		—		—		—		—
Emerging Countries		3,353,453		8,939,884		2,943,119		—		—
European Real Estate		18,022		—		—		—		—
Foreign		4,162,848		40,260,048		5,017,181		12,877,280		—
Greater China		6,809,182		1,425,432		143,130		—		—
Index Plus International Equity		11,799,120		2,720,870		3,219,136		—		—
International Capital Appreciation		5,738,481		1,234,072		1,644,836		—		—
International Equity Dividend		1,150,728		—		—		—		—
International Growth Opportunities		10,462,421		10,799,081		3,156,568		9,769,639		—
International Real Estate		22,215,317		—		5,257,673		—		—
International SmallCap Multi-Manager		78,370,081		66,303,339		3,451,506		—		—
International Value		169,348,534		657,984,681		122,228,627		402,826,028		—
International Value Choice		4,881,115		7,701,519		1,154,606		379,371		—
International Value Opportunities		252,864		—		—		—		—
Russia		—		137,654,710		—		43,574,710		139
Emerging Markets Fixed Income		10,396,232		—		7,701,124		—		—
Global Bond		3,827,347		—		1,570,829		8,117		—
Diversified International		11,313,774		1,928,636		1,063,277		—		19,330


⁽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, 2007 were:


			Undistributed
			Long				Post-October
	Undistributed		Term		Unrealized		Currency			Capital
	Ordinary		Capital		Appreciation/		Losses			Loss			Expiration
	Income		Gains		(Depreciation)		Deferred			Carryforwards			Dates

Global Equity Dividend	$	8,910,172	$	20,212,116	$	29,314,208	$	—		$	—			—
Global Natural Resources		19,813,418		7,608,261		30,452,308		—			—			—
Global Real Estate⁽¹⁾		18,943,194		1,254,042		163,390,908		(203,868	)		—			—
Global Value Choice		452,143		—		18,664,718		—			(67,231,400	)		2009
											(81,779,077	)		2010
											(6,183,953	)		2011

										$	(155,194,430	)

150

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 16 — FEDERAL INCOME TAXES (continued)


			Undistributed
			Long				Post-October
	Undistributed		Term		Unrealized		Currency		Capital
	Ordinary		Capital		Appreciation/		Losses		Loss			Expiration
	Income		Gains		(Depreciation)		Deferred		Carryforwards			Dates

Disciplined International SmallCap		10,387,969		—		17,136,239		—		—			—
Emerging Countries		3,139,691		8,937,268		57,601,834		—		(3,321,810	)*		2008
Foreign		4,110,078		39,829,512		209,255,862		—		—			—
Greater China		6,797,514		1,424,320		32,978,404		—		—			—
Index Plus International Equity		11,776,394		2,716,188		13,018,816		—		—			—
International Capital Appreciation		5,727,180		1,233,537		26,048,539		—		—			—
International Equity Dividend		539,747		—		3,206,366		—		—			—
International Growth Opportunities		10,460,955		10,794,409		25,331,782		—		(1,838,679	)*		2008
International Real Estate		18,778,690		—		49,465,611		—		(26,312	)		2014
										(2,515,843	)		2015

									$	(2,542,155	)

International SmallCap		78,354,785		66,294,175		209,962,864		—		—			—
International Value		169,333,918		657,964,463		1,217,966,130		—		—			—
International Value Choice		4,878,165		7,696,698		7,917,237		—		—			—
International Value Opportunities		248,964		—		408,770		—		—			—
Russia		—		137,645,235		448,582,297		—		—			—
Emerging Markets Fixed Income		—		—		601,729		—		(593,649	)		2015
Global Bond		465,305		—		1,228,620		—		—			—
Diversified International		5,267,267		1,925,350		113,649,018		—		—			—


*	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, 2006.

The Funds’ major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2002.

NOTE 17 — 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 was effective for fiscal years beginning after December 15, 2006, with early application permitted if no interim financial statements have been issued. Acknowledging the unique issues that FIN 48 presents for investment companies that calculate NAVs, the SEC indicated that they would not object if a fund implemented 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. 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 analyzed the tax positions of the Funds. Upon adoption of FIN 48, we identified no uncertain tax positions that have not met the more likely-than-not standard.

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 should be determined based on the assumptions that market participants would use in pricing the asset or liability, and

151

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 17 — OTHER ACCOUNTING PRONOUNCEMENTS (continued)

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, 2008, management of the Funds is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting SFAS No. 157.

On March 19, 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (“SFAS No. 161”), “Disclosure about Derivative Instruments and Hedging Activities.” This new accounting statement requires enhanced disclosures about an entity’s derivative and hedging activities. Entities are required to provide enhanced disclosures about (a) how and why an entity invests in derivatives, (b) how derivatives are accounted for under Statement 133, and (c) how derivatives affect an entity’s financial position, financial performance, and cash flows. SFAS No. 161 also requires enhanced disclosures regarding credit-risk-related contingent features of derivative instruments. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of April 30, 2008, management of the Funds is currently assessing the impact of the expanded financial statement disclosures that will result from adopting SFAS No. 161.

NOTE 18 — SUBSEQUENT EVENTS

Subsequent to April 30, 2008, the following Fund paid dividends from net investment income:

Per Share

Payable

Record

Amount

Date

Emerging Markets Fixed Income

Class A

0.0550

May 5, 2008

April 30, 2008

Class B

0.0491

May 5, 2008

April 30, 2008

Class C

0.0492

May 5, 2008

April 30, 2008

Class I

0.0575

May 5, 2008

April 30, 2008

Class A

0.0500

June 4, 2008

May 30, 2008

Class B

0.0438

June 4, 2008

May 30, 2008

Class C

0.0438

June 4, 2008

May 30, 2008

Class I

0.0522

June 4, 2008

May 30, 2008

Effective June 13, 2008, Class O shares of Diversified International, Global Bond, Greater China and International SmallCap Multi-Manager commenced operations.

Effective May 1, 2008, Remco Vergeer was added as portfolio manager to Russia.

On March 27, 2008, the Board of IMF approved a change in the sub-adviser for Emerging Countries from Brandes Investment Partners, L.P. to ING Investment Management Advisors B.V. (“IIMA”) and subsequent changes to Emerging Countries’ principal investment strategies. IIMA will manage Emerging Countries pursuant to an interim sub-advisory agreement until a shareholder meeting to seek approval of a new sub-advisory agreement with IIMA can be held. A proxy statement is expected to be mailed to shareholders on or about June 26, 2008 and a special meeting of shareholders is expected to be held on or about August 21, 2008.

On March 27, 2008, the Board of IMT approved the addition of ING Investment Management Co. (“ING IM”) as a second sub-adviser to International Value and subsequent changes to the International Value’s principal investment strategies. A proxy statement discussing the addition of the second sub-adviser was mailed to shareholders on or about May 13, 2008. If shareholders approve the appointment of ING IM as an additional Sub-Adviser to International Value, it is expected that ING IM will begin managing a portion of International Value on or about July 16, 2008 and International Value will reopen to purchases by existing and new shareholders on or about August 1, 2008.

NOTE 19 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS

As discussed in earlier supplements that were previously filed with the SEC, ING Investments, the adviser to the ING Funds, has 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 N.V., including ING Investments (collectively, “ING”), on their

152

NOTES TO FINANCIAL STATEMENTS as of April 30, 2008 (Unaudited) (continued)

NOTE 19 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)

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 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.

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 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 Boards 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.

Other Regulatory Matters

The New York Attorney General 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.

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. 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.

153

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 92.5%

			Australia: 6.1%
	125,644		Australia & New Zealand Banking Group Ltd.	$	2,593,868
	150,172		Crown Ltd.		1,554,314
	575,698		Foster’s Group Ltd.		2,748,338
	847,648		Insurance Australia Group		3,473,357
	175,010		Suncorp-Metway Ltd.		2,250,916
	122,307		TABCORP Holdings Ltd.		1,312,616
	102,255		Wesfarmers Ltd.		3,579,288

					17,512,697


			Belgium: 3.2%
	59,738		Belgacom SA		2,742,987
	31,099	L	Elia System Operator SA		1,384,380
	187,090		Fortis		5,077,374

					9,204,741


			Bermuda: 0.5%
	278,388		Hiscox Ltd.		1,406,029

					1,406,029


			Brazil: 0.7%
	84,609		Tele Norte Leste Participacoes SA ADR		1,938,392

					1,938,392


			Canada: 3.8%
	7,854	@,#	Bell Aliant Regional Communications Income Fund		234,739
	51,065		Bell Aliant Regional Communications Income Fund		1,526,220
	42,056	L	Enerplus Resources Fund		1,888,314
	152,133		Precision Drilling Trust		3,806,724
	90,582		TransCanada Corp.		3,318,912

					10,774,909


			Denmark: 0.9%
	77,249		Danske Bank A/S		2,659,541

					2,659,541


			France: 7.3%
	31,921		BNP Paribas		3,402,933
	79,685		France Telecom SA		2,493,417
	38,728		Sanofi-Aventis		2,985,199
	56,322		Total SA		4,717,876
	40,749		Vinci SA		2,989,320
	103,767		Vivendi		4,183,623

					20,772,368


			Greece: 1.1%
	84,211		OPAP SA		3,275,936

					3,275,936


			Hong Kong: 0.5%
	198,168		CLP Holdings Ltd.		1,572,301

					1,572,301


			Hungary: 1.0%
	106,742	L	Magyar Telekom Telecommunications PLC ADR		2,854,281

					2,854,281


			Ireland: 1.2%
	160,952		Allied Irish Banks PLC		3,362,019

					3,362,019


			Israel: 0.7%
	485,456		Bank Hapoalim BM		2,056,857

					2,056,857


			Italy: 9.4%
	327,633		Enel S.p.A.		3,554,862
	122,610		ENI S.p.A.		4,719,083
	444,365		Intesa Sanpaolo S.p.A.		3,303,358
	99,564		Italcementi S.p.A. RNC		1,583,097
	401,947		Mediaset S.p.A.		3,652,786
	38,507		Pirelli & C Real Estate S.p.A.		1,155,145
	460,065		Snam Rete Gas S.p.A.		2,907,699
	1,385,886		Telecom Italia S.p.A. RNC		2,256,067
	486,282		UniCredito Italiano S.p.A.		3,664,921

					26,797,018


			Netherlands: 1.1%
	76,626		Royal Dutch Shell PLC		3,071,218

					3,071,218


			New Zealand: 0.5%
	481,207		Telecom Corp. of New Zealand Ltd.		1,419,344

					1,419,344


			Norway: 1.0%
	201,949		DnB NOR ASA		2,997,986

					2,997,986


			Poland: 1.0%
	275,767		Telekomunikacja Polska SA		2,770,782

					2,770,782


			Singapore: 0.8%
	147,000		DBS Group Holdings Ltd.		2,150,746

					2,150,746


			South Korea: 1.1%
	58,609		KT Corp. ADR		1,355,040
	25,771		S-Oil Corp.		1,734,653

					3,089,693


			Spain: 1.0%
	136,689		Banco Santander Central Hispano SA		2,956,049

					2,956,049


			Sweden: 1.6%
	164,346		Svenska Cellulosa AB — B Shares		2,751,206
	665,421		Telefonaktiebolaget LM Ericsson		1,680,846

					4,432,052


			Taiwan: 1.2%
	304,982		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		3,427,998

					3,427,998


			Thailand: 0.4%
	179,100		Siam Cement PCL		1,218,867

					1,218,867


			United Kingdom: 17.6%
	76,831		AstraZeneca PLC		3,223,186
	227,113		Aviva PLC		2,821,395
	316,886		Barclays PLC		2,865,251
	413,742		BBA Aviation PLC		1,284,556
	408,817		BP PLC		4,953,932
	71,681		British American Tobacco PLC		2,688,913
	308,982		Cattles PLC		1,460,208
	72,484		Diageo PLC		1,478,357
	993,729		DSG International PLC		1,281,951
	192,556		GlaxoSmithKline PLC		4,259,565
	178,195		HSBC Holdings PLC		3,094,158
	1,189,242		Legal & General Group PLC		2,982,005
	345,161		Lloyds TSB Group PLC		2,943,548
	177,288		Marks & Spencer Group PLC		1,330,215

See Accompanying Notes to Financial Statements

154

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend Fund

as of April 30, 2008 (Unaudited) (continued)


Shares						Value


			United Kingdom (continued)
	598,562		Royal Bank of Scotland Group PLC			$	4,051,287
	106,619		Severn Trent PLC				3,078,926
	326,280		Tate & Lyle PLC				3,414,481
	218,812		United Utilities PLC				3,104,145

							50,316,079


			United States: 28.8%
	82,435		AGL Resources, Inc.				2,802,790
	57,718		Altria Group, Inc.				1,154,360
	68,814		Ameren Corp.				3,121,403
	62,121	L	Arthur J. Gallagher & Co.				1,526,313
	73,769		AT&T, Inc.				2,855,598
	104,015	L	Bank of America Corp.				3,904,723
	172,062		Bristol-Myers Squibb Co.				3,780,202
	171,182		Citigroup, Inc.				4,325,769
	277,099	L	Citizens Communications Co.				2,970,501
	70,261	L	Consolidated Edison, Inc.				2,922,858
	73,005		Dow Chemical Co.				2,931,151
	81,501		Duke Energy Corp.				1,492,283
	93,105	L	Fifth Third Bancorp.				1,995,240
	116,513	L	First Horizon National Corp.				1,258,340
	122,391	L	Foot Locker, Inc.				1,548,246
	82,519		General Electric Co.				2,698,371
	25,509		Kinder Morgan Energy Partners LP				1,493,297
	90,961		Kraft Foods, Inc.				2,877,096
	171,344	L	Leggett & Platt, Inc.				2,844,310
	142,065	L	Masco Corp.				2,587,004
	57,500		MeadWestvaco Corp.				1,512,250
	69,386		Merck & Co., Inc.				2,639,443
	169,182		NiSource, Inc.				3,028,358
	203,758		Pfizer, Inc.				4,097,573
	57,718	@	Philip Morris International, Inc.				2,945,350
	36,585	L	Rayonier, Inc.				1,537,668
	46,378	L	Reynolds American, Inc.				2,497,455
	84,120		Southern Co.				3,131,788
	62,362		Spectra Energy Corp.				1,540,341
	92,239		US Bancorp.				3,125,980
	51,154		UST, Inc.				2,663,589
	83,339	L	Wachovia Corp.				2,429,332

							82,238,982

			Total Common Stock (Cost $288,068,774)				264,276,885


REAL ESTATE INVESTMENT TRUSTS: 3.6%

			Australia: 1.1%
	219,997		Stockland				1,498,433
	90,922		Westfield Group				1,562,412

							3,060,845


			Germany: 0.6%
	85,389	@	Alstria Office AG				1,631,745

							1,631,745


			Netherlands: 0.5%
	16,890		Corio NV				1,569,890

							1,569,890


			United States: 1.4%
	51,660	L	Duke Realty Corp.				1,261,537
	47,561	L	Hospitality Properties Trust				1,528,135
	64,112	L	iStar Financial, Inc.				1,234,156

							4,023,828

			Total Real Estate Investment Trusts (Cost $12,155,452)				10,286,308

			Total Long-Term Investments (Cost $300,224,226)				274,563,193

Principal
Amount						Value



SHORT-TERM INVESTMENTS: 9.1%

			Securities Lending Collateral^CC: 9.1%
$	26,118,895		Bank of New York Mellon Corp. Institutional Cash Reserves			$	26,118,895

			Total Short-Term Investments (Cost $26,118,895)				26,118,895

		Total Investments in Securities
		(Cost $326,343,121)*		105.2	%	$	300,682,088
		Other Assets and Liabilities - Net		(5.2	)		(14,890,609	)

		Net Assets		100.0	%	$	285,791,479

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
ADR		American Depositary Receipt
#		Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
cc		Securities purchased with cash collateral for securities loaned.
L		Loaned security, a portion or all of the security is on loan at April 30, 2008.

*		Cost for federal income tax purposes is $327,329,614.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	11,780,650
Gross Unrealized Depreciation		(38,428,176	)

Net Unrealized Depreciation	$	(26,647,526	)

See Accompanying Notes to Financial Statements

155

PORTFOLIO OF INVESTMENTS

ING Global Natural Resources Fund

as of April 30, 2008 (Unaudited)


Shares						Value



COMMON STOCK: 100.3%

			Australia: 2.3%
	73,393	@	Aquarius Platinum Ltd.			$	1,146,352
	923,215		Boart Longyear Group				1,649,610
	333,200	@	Centamin Egypt Ltd.				443,340
	100,238	@	White Energy Co., Ltd.				255,479

							3,494,781


			Barbados: 2.0%
	82,200	@	Nabors Industries Ltd.				3,085,788

							3,085,788


			Bermuda: 0.4%
	110,700	@	Energy XXI Acquisition Corp. Bermuda Ltd.				536,895

							536,895


			Brazil: 1.1%
	43,300		Cia Vale do Rio Doce ADR				1,692,164

							1,692,164


			Canada: 21.9%
	8,700		Agnico-Eagle Mines Ltd.				543,315
	6,900		Barrick Gold Corp.				266,478
	56,900		Canadian Natural Resources Ltd.				4,836,500
	425,056	@	Catalyst Paper Corp.				422,059
	256,500	@	Consolidated Thompson Iron Mines Ltd.				2,040,080
	107,000	@	Eldorado Gold Corp.				729,908
	72,700		Encana Corp.				5,874,887
	236,600	@	European Goldfields Ltd.				1,282,729
	8,100		First Quantum Minerals Ltd.				711,233
	33,892	@	FNX Mining Co., Inc.				841,327
	16,063	@	Franco-Nevada Corp.				285,501
	16,100	@,#	Franco-Nevada Corp.				285,775
	281,200	@	Frontera Copper Corp.				1,359,789
	49,749		GoldCorp, Inc.				1,777,034
	79,600	@	MAG Silver Corp.				848,087
	13,200	@	Major Drilling Group International				676,973
	137,200	@	Premier Gold Mines Ltd.				258,842
	34,900	@	QuADRa Mining Ltd.				788,031
	404,700	@	Shore Gold, Inc.				1,462,723
	163,100	@	Silver Bear Resources, Inc.				387,061
	293,709	I	Silver Bear Resources, Inc. — PIPE				232,339
	83,175	@	Silver Wheaton Corp.				1,103,732
	24,400	@	Sino-Forest Corp.				369,477
	30,800		Suncor Energy, Inc.				3,470,852
	17,364		Teck Cominco Ltd.				758,286
	25,144		TransCanada Corp				923,791
	49,800	@	Viterra, Inc.				680,912
	52,036		Yamana Gold, Inc.				667,102

							33,884,823


			France: 1.4%
	26,500		Total SA ADR				2,226,000

							2,226,000


			Italy: 1.0%
	20,300		ENI S.p.A. ADR				1,563,506

							1,563,506


			Netherlands: 2.7%
	52,400		Royal Dutch Shell PLC ADR — Class A				4,208,244

							4,208,244


			Norway: 1.9%
	81,200		Statoil ASA ADR				2,937,004

							2,937,004


			South Africa: 0.9%
	129,235	@	First Uranium Corp.				841,805
	854,618	@	Merafe Resources Ltd.				392,821
	68,496		Sentula Mining Ltd.				162,568

							1,397,194


			Switzerland: 0.9%
	18,538		Xstrata PLC				1,443,249

							1,443,249


			United Kingdom: 0.9%
	29,900		Randgold Resources Ltd. ADR				1,361,048

							1,361,048


			United States: 62.9%
	39,500		Anadarko Petroleum Corp.				2,629,120
	46,350		Apache Corp.				6,242,418
	36,200		Baker Hughes, Inc.				2,927,856
	112,300		BJ Services Co.				3,174,721
	92,700		Chevron Corp.				8,913,105
	5,700		Cleveland-Cliffs, Inc.				914,280
	83,200		ConocoPhillips				7,167,680
	17,100		Consol Energy, Inc.				1,384,416
	48,400		Devon Energy Corp.				5,488,560
	13,042		Diana Shipping, Inc.				395,955
	68,700		El Paso Corp.				1,177,518
	128,700		ExxonMobil Corp.				11,978,107
	24,300		Freeport-McMoRan Copper & Gold, Inc.				2,764,125
	19,500	@	Global Industries Ltd.				311,220
	129,800		Halliburton Co.				5,959,118
	29,750		Hess Corp.				3,159,450
	62,100	@	Key Energy Services, Inc.				850,770
	35,500		Marathon Oil Corp.				1,617,735
	28,100		Noble Energy, Inc.				2,444,700
	70,800		Occidental Petroleum Corp.				5,891,268
	115,100		Patterson-UTI Energy, Inc.				3,215,894
	10,800	@	Plains Exploration & Production Co.				672,624
	47,000		Schlumberger Ltd.				4,725,850
	58,500		Spectra Energy Corp.				1,444,950
	47,100		Sunoco, Inc.				2,185,911
	45,100		Tidewater, Inc.				2,941,422
	27,904	@	Transocean, Inc.				4,114,724
	5,000		United States Steel Corp.				769,750
	30,125		XTO Energy, Inc.				1,863,533

							97,326,780

		Total Investments in Securities
		(Cost $134,633,766)*		100.3	%	$	155,157,476
		Other Assets and Liabilities - Net		(0.3	)		(404,131	)

		Net Assets		100.0	%	$	154,753,345

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
ADR		American Depositary Receipt
#		Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
I		Illiquid security

*		Cost for federal income tax purposes is $135,154,288.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	22,930,199
Gross Unrealized Depreciation		(2,927,011	)

Net Unrealized Appreciation	$	20,003,188

See Accompanying Notes to Financial Statements

157

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of April 30, 2008 (Unaudited)


Shares					Value



COMMON STOCK: 27.3%

			Austria: 0.2%
	19,460	@	CA Immobilien Anlagen AG		$	452,483
	206,140	@	Meinl European Land Ltd.			2,688,274

						3,140,757


			Brazil: 0.6%
	707,700	@	BR Malls Participacoes SA			7,663,699
	517,500
		Brascan Residential Properties SA (Issuer: Merrill Lynch)		2,848,710

						10,512,409


			Canada: 0.5%
	391,800	L	Brookfield Properties Co. (U.S. Denominated Security)			7,886,934

						7,886,934


			Finland: 0.8%
	2,260,985		Citycon OYJ			13,125,829

						13,125,829


			Germany: 0.1%
	19,440		Deutsche Euroshop AG			825,299

						825,299


			Hong Kong: 12.3%
	3,870,400		Cheung Kong Holdings Ltd.			60,453,364
	3,063,100		Hang Lung Group Ltd.			16,484,441
	4,300,300		Hang Lung Properties Ltd.			17,458,455
	1,815,600		Hongkong Land Holdings Ltd.			8,241,913
	2,518,100		Kerry Properties Ltd.			17,048,802
	4,639,600		Shui On Land Ltd.			4,611,036
	5,307,500		Sino Land Co.			13,384,093
	3,062,700		Sun Hung Kai Properties Ltd.			53,525,399
	1,920,375		Wharf Holdings Ltd.			9,711,699

						200,919,202


			India: 0.5%
	1,023,600	@	Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.)			7,830,875

						7,830,875


			Japan: 9.6%
	2,600,600		Mitsubishi Estate Co., Ltd.			75,630,355
	2,421,300		Mitsui Fudosan Co., Ltd.			61,186,062
	3,238		NTT Urban Development Corp.			5,023,790
	594,100		Sumitomo Realty & Development Co., Ltd.			14,891,677

						156,731,884


			Singapore: 1.0%
	3,137,400		CapitaLand Ltd.			15,812,501

						15,812,501


			Sweden: 0.5%
	887,660		Hufvudstaden AB			8,730,776

						8,730,776


			Switzerland: 0.6%
	166,700	@	PSP Swiss Property AG			10,320,943

						10,320,943


			United Kingdom: 0.6%
	135,300	@	Hirco PLC			924,077
	3,366,465		Safestore Holdings Ltd.			9,690,518

						10,614,595

			Total Common Stock (Cost $379,498,639)			446,452,004


REAL ESTATE INVESTMENT TRUSTS: 66.6%

			Australia: 10.2%
	5,113,300		CFS Retail Property Trust			10,770,717
	2,986,100		Commonwealth Property Office Fund			3,947,032
	6,090,200		DB Rreef Trust			10,079,761
	2,422,100		GPT Group			7,609,427
	2,708,765		Macquarie CountryWide Trust			3,547,287
	3,129,931		Macquarie Goodman Group			13,292,757
	2,589,500		Mirvac Group			10,232,085
	3,789,400		Stockland			25,810,177
	2,642,250		Valad Property Group			2,356,044
	4,600,154		Westfield Group			79,049,462

						166,694,749


			Canada: 1.2%
	64,000	@,#	Calloway Real Estate Investment Trust			1,345,328
	193,000		Calloway Real Estate Investment Trust			4,057,005
	695,600		RioCan Real Estate Investment Trust			14,483,896

						19,886,229


			France: 6.3%
	28,680		Gecina SA			4,036,546
	144,050		Klepierre			8,711,258
	358,219		Mercialys			16,631,534
	19,281		Societe de la Tour Eiffel			2,754,184
	37,153		Societe Immobiliere de Location pour l’Industrie et le Commerce			5,294,764
	255,386		Unibail			65,589,427

						103,017,713


			Hong Kong: 0.9%
	5,786,100		Link Real Estate Investment Trust			13,852,262

						13,852,262


			Japan: 3.6%
	858		Japan Logistics Fund, Inc.			5,842,227
	1,635		Japan Real Estate Investment Corp.			19,381,441
	1,075		Japan Retail Fund Investment Corp.			6,366,245
	726		Kenedix Realty Investment Corp.			4,296,944
	486		Nippon Accommodations Fund, Inc.			2,340,251
	1,383		Nippon Building Fund, Inc.			18,153,394
	581		Nomura Real Estate Residential Fund, Inc.			2,513,178

						58,893,680


			Netherlands: 2.1%
	263,410		Corio NV			24,483,402
	180,305		Eurocommercial Properties NV			10,337,925

						34,821,327


			Singapore: 1.6%
	4,504,400	@	Ascendas Real Estate Investment Trust			8,598,908
	5,480,500	@	CapitaMall Trust			14,104,743

See Accompanying Notes to Financial Statements

159

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of April 30, 2008 (Unaudited) (continued)


Shares						Value


			Singapore (continued)
	3,465,600	@	Macquarie MEAG Prime Real Estate Investment Trust			$	3,168,753

							25,872,404


			United Kingdom: 6.7%
	943,700		British Land Co. PLC				15,661,859
	445,800		Brixton PLC				2,626,095
	468,130		Derwent Valley Holdings PLC				12,390,202
	557,596		Great Portland Estates PLC				5,047,487
	851,728		Hammerson PLC				16,957,523
	1,344,617		Land Securities Group PLC				40,888,604
	220,359		Liberty International PLC				4,264,345
	1,312,800		Segro PLC				11,954,167

							109,790,282


			United States: 34.0%
	82,900		Acadia Realty Trust				2,125,556
	212,800	L	AMB Property Corp.				12,289,200
	105,010	L	AvalonBay Communities, Inc.				10,474,748
	198,200	L	BioMed Realty Trust, Inc.				5,153,200
	404,600	L	Boston Properties, Inc.				40,658,254
	222,400	L	BRE Properties, Inc.				10,664,080
	172,300	L	Corporate Office Properties Trust SBI MD				6,426,790
	388,100	L	Douglas Emmett, Inc.				9,221,256
	153,600	L	Equity One, Inc.				3,793,920
	341,600	L	Equity Residential				14,183,232
	103,000	L	Essex Property Trust, Inc.				12,257,000
	183,900	L	Extra Space Storage, Inc.				3,095,037
	347,000	L	Federal Realty Investment Trust				28,506,050
	118,100	L	FelCor Lodging Trust, Inc.				1,486,879
	448,900	L	General Growth Properties, Inc.				18,386,944
	556,000	L	HCP, Inc.				19,849,200
	224,500	L	Health Care Real Estate Investment Trust, Inc.				10,877,025
	232,900	L	Highwoods Properties, Inc.				8,160,816
	147,600	L	Home Properties, Inc.				7,759,332
	1,040,510	L	Host Hotels & Resorts, Inc.				17,896,772
	144,400	L	Kilroy Realty Corp.				7,555,008
	372,100	L	Kimco Realty Corp.				14,850,511
	97,400		LaSalle Hotel Properties				3,123,618
	224,275	L	Liberty Property Trust				7,856,353
	164,800	L	Macerich Co.				12,051,824
	336,000	L	Nationwide Health Properties, Inc.				12,102,720
	365,500		Omega Healthcare Investors, Inc.				6,396,250
	83,200	L	Post Properties, Inc.				3,053,440
	384,500	L	Prologis				24,073,545
	294,754	L	Public Storage, Inc.				26,734,188
	328,000	L	Regency Centers Corp.				23,474,960
	677,650		Simon Property Group, Inc.				67,670,129
	124,400	L	SL Green Realty Corp.				11,544,320
	290,400	L	Strategic Hotel Capital, Inc.				4,184,664
	271,000		Tanger Factory Outlet Centers, Inc.				10,932,140
	233,500	L	Taubman Centers, Inc.				13,232,445
	366,700	L	UDR, Inc.				9,270,176
	709,100	L	Ventas, Inc.				34,433,896
	198,000	L	Vornado Realty Trust				18,431,820

							554,237,298

			Total Real Estate Investment Trusts (Cost $1,049,328,521)				1,087,065,944


MUTUAL FUNDS: 0.8%

			Australia: 0.3%
	2,178,900	**	ING Industrial Fund				4,281,390

							4,281,390


			Luxembourg: 0.4%
	464,350		Prologis European Properties				7,540,621

							7,540,621


			United Kingdom: 0.1%
	1,266,400	**	ING UK Real Estate Income Trust Ltd.				1,781,018

							1,781,018

			Total Mutual Funds (Cost $13,918,601)				13,603,029


WARRANTS: 0.0%

			Hong Kong: 0.0%
	158,416	@	China Overseas Land & Investment Ltd.				85,376

			Total Warrants (Cost $-)				85,376

			Total Long-Term Investments (Cost $1,442,745,761)				1,547,206,353

Principal
Amount						Value



SHORT-TERM INVESTMENTS: 21.2%

			U.S. Government Agency Obligations: 3.6%
$	58,809,000	L,Z	Federal Home Loan Bank, 1.550%, due 05/01/08			$	58,806,468

			Total U.S. Government Agency Obligations (Cost $58,806,468)				58,806,468


			Securities Lending Collateral^CC: 17.6%
	287,051,807		Bank of New York Mellon Corp. Institutional Cash Reserves				287,051,807

			Total Securities Lending Collateral (Cost $287,051,807)				287,051,807

			Total Short-Term Investments (Cost $345,858,275)				345,858,275

		Total Investments in Securities
		(Cost $1,788,604,036)*		115.9	%	$	1,893,064,628
		Other Assets and Liabilities - Net		(15.9	)		(259,909,967	)

		Net Assets		100.0	%	$	1,633,154,661

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).

See Accompanying Notes to Financial Statements

160

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of April 30, 2008 (Unaudited) (continued)


@		Non-income producing security
#		Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
cc		Securities purchased with cash collateral for securities loaned.
L		Loaned security, a portion or all of the security is on loan at April 30, 2008.
**		Investment in affiliate
Z		Indicates Zero Coupon Bond; rate shown reflects current effective yield.

*		Cost for federal income tax purposes is $1,836,128,375.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	110,673,017
Gross Unrealized Depreciation		(53,736,764	)

Net Unrealized Appreciation	$	56,936,253


	Percentage of
Industry	Net Assets


Apartments		4.3	%
Closed-End Funds		0.8
Diversified		20.4
Engineering & Construction		0.5
Health Care		5.1
Holding Companies — Diversified		0.6
Hotels		1.7
Office Property		9.5
Real Estate		25.6
Regional Malls		6.8
Shopping Centers		14.4
Storage		1.8
Storage/Warehousing		0.6
Warehouse/Industrial		2.6
Short-Term Investments		21.2
Other Assets and Liabilities — Net		(15.9	)

Net Assets		100.0	%

At April 30, 2008 the following forward foreign currency contracts were outstanding for the ING Global Real Estate Fund:

Settlement

Exchange

Unrealized

Currency

Buy/Sell

Date

For

Value

Appreciation

USD

Japanese Yen
JPY 127,933,302

Buy

05/07/08

1,225,720

1,230,861

5,141

See Accompanying Notes to Financial Statements

161

PORTFOLIO OF INVESTMENTS

ING Global Value Choice Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 90.2%

			Australia: 0.4%
	126,600	@	Moto Goldmines Ltd.	$	457,575

					457,575


			Brazil: 2.9%
	191,800	L	Centrais Eletricas Brasileiras SA ADR — Class B		2,911,620
	11,700	L	Cia de Saneamento Basico do Estado de Sao Paulo ADR		592,371

					3,503,991


			Canada: 7.4%
	43,264	L	AbitibiBowater, Inc.		427,016
	138,400		Barrick Gold Corp.		5,345,008
	182,700	@,L	Crystallex International Corp.		166,257
	457,800	@	Gabriel Resources Ltd.		904,599
	85,100	@,L	Ivanhoe Mines Ltd.		817,811
	198,100	@	Patheon, Inc.		717,967
	12,700	L	Petro-Canada		636,524

					9,015,182


			Cayman Islands: 1.3%
	152,500	@,L	Apex Silver Mines Ltd.		1,532,625

					1,532,625


			Finland: 1.1%
	70,500		UPM-Kymmene OYJ		1,352,041

					1,352,041


			France: 4.5%
	73,000		Sanofi-Aventis ADR		2,816,340
	11,300		Technip SA ADR		1,044,322
	24,200		Thales SA		1,576,215

					5,436,877


			Italy: 1.0%
	32,000		ERG S.p.A.		700,745
	322,800		Telecom Italia S.p.A. RNC		525,482

					1,226,227


			Japan: 17.4%
	168,000	@	Chiyoda Corp.		1,266,619
	500		Fields Corp.		957,182
	5,800		Hakuhodo DY Holdings, Inc.		352,484
	42,400		JS Group Corp.		738,609
	5,900	L	Kao Corp. ADR		1,586,355
	55,000		Kissei Pharmaceutical Co., Ltd.		1,161,958
	183,000		Nippon Oil Corp.		1,261,168
	245,000		Nippon Telegraph & Telephone Corp. ADR		5,265,050
	83,000		Obayashi Corp.		403,218
	97,800		Paramount Bed Co., Ltd.		1,300,573
	262,000		Sekisui House Ltd.		2,494,085
	25,400		Seven & I Holdings Co., Ltd.		760,386
	282,000		Sumitomo Osaka Cement Co., Ltd.		617,904
	66,000		Sumitomo Trust & Banking Co., Ltd.		593,405
	54,000		Toppan Printing Co., Ltd.		602,935
	21,000		Toppan Printing Co., Ltd. ADR		1,161,420
	33,100		Toyo Seikan Kaisha Ltd.		650,592

					21,173,943


			Netherlands: 3.7%
	57,000		Royal Dutch Shell PLC ADR — Class B		4,542,900

					4,542,900


			Norway: 2.2%
	4,134,000	@,L	Marine Harvest		2,713,123

					2,713,123


			Papua New Guinea: 1.9%
	820,004	@,L	Lihir Gold Ltd.		2,326,401

					2,326,401


			South Africa: 5.7%
	142,000	L	Anglogold Ashanti Ltd. ADR		4,845,040
	153,900		Gold Fields Ltd.		2,057,990

					6,903,030


			South Korea: 5.3%
	326,150	L	Korea Electric Power Corp. ADR		5,358,648
	35,200	L	KT Corp. ADR		813,824
	3,800	@	Samsung SDI Co., Ltd.		292,747

					6,465,219


			Sweden: 0.5%
	24,200	L	Telefonaktiebolaget LM Ericsson ADR		610,324

					610,324


			Switzerland: 0.5%
	16,800	L	UBS AG — New		564,312

					564,312


			United Kingdom: 8.0%
	82,000	L	AstraZeneca PLC ADR		3,442,360
	221,500		Benfield Group Ltd.		1,154,153
	17,800		BP PLC ADR		1,295,662
	35,139	@,L	Lighthouse Caledonia ASA		33,143
	76,800		Mondi PLC		608,656
	143,900		Stolt-Nielsen SA		3,199,052

					9,733,026


			United States: 26.4%
	164,100	@	Allied Waste Industries, Inc.		2,028,276
	75,200	@	Amgen, Inc.		3,148,624
	19,000		Chevron Corp.		1,826,850
	20,600	@	eBay, Inc.		644,574
	67,900		Electronic Data Systems Corp.		1,260,224
	34,300	L	Idacorp, Inc.		1,112,692
	20,000		Microsoft Corp.		570,400
	126,300	L	Newmont Mining Corp.		5,583,723
	26,650		Peabody Energy Corp.		1,629,115
	46,200		Puget Energy, Inc.		1,257,102
	18,900	@,L	Scholastic Corp.		532,035
	136,700	@,L	Smithfield Foods, Inc.		3,920,556
	394,600	L	Sprint Nextel Corp.		3,152,854
	30,600	@,L	Tech Data Corp.		1,028,466
	166,600		Tyson Foods, Inc.		2,965,480
	9,400		Union Pacific Corp.		1,364,786

					32,025,757

			Total Common Stock (Cost $108,288,217)		109,582,553


RIGHTS: 0.0%

			Switzerland: 0.0%
	16,800		UBS AG — Reg Rights		17,349

			Total Rights (Cost $25,591)		17,349

			Total Long-Term Investments (Cost $108,313,808)		109,599,902

See Accompanying Notes to Financial Statements

162

PORTFOLIO OF INVESTMENTS

ING Global Value Choice Fund

as of April 30, 2008 (Unaudited) (continued)


Principal
Amount						Value


SHORT-TERM INVESTMENTS: 30.6%

			U.S. Government Agency Obligations: 7.4%
$	9,030,000	L,Z	Federal Home Loan Bank, 1.550%, due 05/01/08			$	9,029,611

			Total U.S. Government Agency Obligations (Cost $9,029,611)				9,029,611


			Securities Lending Collateral^CC: 23.2%
	28,197,205		Bank of New York Mellon Corp. Institutional Cash Reserves				28,197,205

			Total Securities Lending Collateral (Cost $28,197,205)				28,197,205

			Total Short-Term Investments (Cost $37,226,816)				37,226,816

		Total Investments in Securities
		(Cost $145,540,624)*		120.8	%	$	146,826,718
		Other Assets and Liabilities - Net		(20.8	)		(25,254,221	)

		Net Assets		100.0	%	$	121,572,497

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		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, 2008.
Z		Indicates Zero Coupon Bond; rate shown reflects current effective yield.

*		Cost for federal income tax purposes is $146,351,739.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	10,109,680
Gross Unrealized Depreciation		(9,634,701	)

Net Unrealized Appreciation	$	474,979


	Percentage of
Industry	Net Assets


Advertising		0.3	%
Aerospace/Defense		1.3
Banks		0.5
Biotechnology		2.6
Building Materials		1.1
Coal		1.3
Commercial Services		1.5
Computers		1.0
Cosmetics/Personal Care		1.3
Distribution/Wholesale		0.8
Diversified Financial Services		0.5
Electric		8.8
Electronics		0.2
Engineering & Construction		1.4
Environmental Control		1.7
Food		7.9
Forest Products & Paper		2.0
Healthcare — Products		1.1
Home Builders		2.1
Insurance		0.9
Internet		0.5
Leisure Time		0.8
Media		0.4
Mining		19.8
Oil & Gas		8.4
Oil & Gas Services		0.9
Packaging & Containers		0.5
Pharmaceuticals		6.7
Retail		0.6
Software		0.5
Telecommunications		8.5
Transportation		3.8
Water		0.5
Short-Term Investments		30.6
Other Assets and Liabilities — Net		(20.8	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

163

PORTFOLIO OF INVESTMENTS

ING Asia-Pacific Real Estate Fund

as of April 30, 2008 (Unaudited)


Shares						Value



COMMON STOCK: 55.4%

			Australia: 1.3%
	5,600		Lend Lease Corp., Ltd.			$	65,534

							65,534


			Hong Kong: 28.6%
	23,100		Cheung Kong Holdings Ltd.				360,808
	11,000		Hang Lung Group Ltd.				59,198
	32,000		Hang Lung Properties Ltd.				129,914
	7,900		Henderson Land Development Co., Ltd.				60,433
	22,300		Hongkong Land Holdings Ltd.				101,231
	14,000		Hysan Development Co., Ltd.				40,612
	14,000		Kerry Properties Ltd.				94,787
	31,000		Shui On Land Ltd.				30,809
	36,000		Shun TAK Holdings Ltd.				48,033
	32,000		Sino Land Co.				80,695
	20,400		Sun Hung Kai Properties Ltd.				356,521
	13,000		Wharf Holdings Ltd.				65,743

							1,428,784


			India: 0.3%
	2,200	@	Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.)				16,831

							16,831


			Japan: 22.1%
	17,000		Mitsubishi Estate Co., Ltd.				494,392
	15,000		Mitsui Fudosan Co., Ltd.				379,049
	40		NTT Urban Development Corp.				62,060
	5,000		Sumitomo Realty & Development Co., Ltd.				125,330
	2,000		Tokyo Tatemono Co., Ltd.				17,461
	3,000		Tokyu Land Corp.				22,443

							1,100,735


			Singapore: 3.1%
	22,000		CapitaLand Ltd.				110,880
	2,000		City Developments Ltd.				17,897
	16,000		Wheelock Properties S Ltd.				23,965

							152,742

			Total Common Stock
			(Cost $3,028,553)				2,764,626


REAL ESTATE INVESTMENT TRUSTS: 38.7%

			Australia: 22.0%
	2,900		Australand Property Group				4,498
	23,300		Babcock & Brown Japan Property Trust				25,636
	31,800		CFS Retail Property Trust				66,984
	11,700		Charter Hall Group				15,952
	49,200		Commonwealth Property Office Fund				65,033
	21,100		DB Rreef Trust				34,922
	40,900		GPT Group				128,494
	18,300		Macquarie Goodman Group				77,720
	15,400		Mirvac Group				60,851
	20,500		Stockland				139,629
	11,700		Valad Property Group				10,433
	27,100		Westfield Group				465,689

							1,095,841


			Hong Kong: 2.1%
	43,000		Link Real Estate Investment Trust				102,945

							102,945


			Japan: 8.2%
	4		Fukuoka Real Estate Investment Trust Corp.				24,029
	2		Japan Excellent, Inc.				12,211
	4		Japan Logistics Fund, Inc.				27,236
	10		Japan Real Estate Investment Corp.				118,541
	3		Kenedix Realty Investment Corp.				17,756
	11		Nippon Building Fund, Inc.				144,387
	5		Nomura Real Estate Office Fund, Inc.				39,761
	3		Tokyu Real Estate Investment Trust, Inc.				25,261

							409,182


			Singapore: 6.4%
	31,000	@	Ascendas Real Estate Investment Trust				59,179
	23,000	@	Ascott Residence Trust				22,606
	22,000	@	CapitaCommercial Trust				36,431
	37,000	@	CapitaMall Trust				95,224
	43,000	@	Fortune Real Estate Investment Trust				27,546
	87,900	@	Macquarie MEAG Prime Real Estate Investment Trust				80,371

							321,357

			Total Real Estate Investment Trusts (Cost $2,057,792)				1,929,325


MUTUAL FUNDS: 0.8%

			Australia: 0.8%
	21,800	**	ING Industrial Fund				42,836

			Total Mutual Funds (Cost $51,688)				42,836

		Total Investments in Securities
		(Cost $5,138,033)*		94.9	%	$	4,736,787
		Other Assets and Liabilities - Net		5.1			252,174

		Net Assets		100.0	%	$	4,988,961

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
**		Investment in affiliate

*		Cost for federal income tax purposes is $5,246,814.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	56,854
Gross Unrealized Depreciation		(566,881	)

Net Unrealized Depreciation	$	(510,027	)


	Percentage of
Industry	Net Assets


Closed-End Funds		0.8	%
Diversified		12.7
Engineering & Construction		0.3
Holding Companies — Diversified		1.3
Hotels		0.5
Office Property		8.1
Real Estate		53.8
Shopping Centers		16.8
Warehouse/Industrial		0.6
Other Assets and Liabilities — Net		5.1

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

164

PORTFOLIO OF INVESTMENTS

ING Disciplined International SmallCap Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 91.1%

			Australia: 5.4%
	123,258		Ansell Ltd.	$	1,333,966
	71,700	@	Anvil Mining Ltd.		948,311
	137,088	@	Arrow Energy NL		302,554
	237,273		Australian Infrastructure Fund		624,566
	343,059	@	Australian Worldwide Exploration Ltd.		1,181,332
	147,947		Beach Petroleum Ltd.		168,486
	561,918		Challenger Financial Services Group Ltd.		1,104,593
	87,851		Computershare Ltd.		737,933
	73,251		CSR Ltd.		218,023
	39,238		Felix Resources Ltd.		541,996
	12,760		Flight Centre Ltd.		261,828
	104,088		Goodman Fielder Ltd.		175,169
	37,734		Healthscope Ltd.		193,078
	18,169		Incitec Pivot Ltd.		2,763,823
	26,208		Independence Group NL		205,876
	348,327		Macmahon Holdings Ltd.		532,869
	122,479		Macquarie Media Group Ltd.		424,791
	204,407		Metcash Ltd.		811,518
	194,505		Minara Resources Ltd.		1,065,644
	55,402		Mincor Resources NL		183,999
	30,428		Monadelphous Group Ltd.		385,345
	67,247	I,X	Octaviar Ltd.		62,813
	306,096		Oxiana Ltd.		950,257
	348,347		Pacific Brands Ltd.		645,775
	267,174		PMP Ltd.		338,321
	87,158		Seven Network Ltd.		762,233
	18,774		Sims Group Ltd.		585,621
	642,407	#	Spark Infrastructure Group		1,075,685
	93,984		Transfield Services Ltd.		1,133,693

					19,720,098


			Austria: 0.5%
	64,255	@	Austrian Airlines		372,098
	14,678	@	Ca Immo International AA		230,527
	38,594	@	CA Immobilien Anlagen AG		897,387
	6,171		Zumtobel AG		187,690

					1,687,702


			Belgium: 0.7%
	36,621		AGFA-Gevaert NV		267,360
	12,672		EVS Broadcast Equipment SA		1,288,993
	18,069		Omega Pharma SA		788,950
	24,149	@	RHJ International		315,029

					2,660,332


			Bermuda: 0.4%
	46,927		Catlin Group Ltd.		362,797
	88,600	@	Global Sources Ltd.		1,230,654

					1,593,451


			Canada: 7.2%
	9,500		Aecon Group, Inc.		149,136
	50,500		Aeroplan Income Fund		764,696
	34,500	@	Altius Minerals Corp.		523,444
	13,600		Astral Media Inc.		466,027
	9,100		Atco Ltd.		428,480
	63,000	@	CanWest Global Communications Corp.		262,109
	94,000	@	Celestica, Inc.		882,971
	28,100		CML Healthcare Income Fund		418,807
	100,500		Daylight Resources Trust		976,959
	38,500		Emera, Inc.		820,003
	6,300	@	FNX Mining Co., Inc.		156,390
	32,000		Forzani Group Ltd.		563,360
	32,800		Gerdau AmeriSteel Corp.		511,330
	1		Harvest Energy Trust		12
	13,100	@	HudBay Minerals, Inc.		247,145
	24,500		Iamgold Corp.		147,667
	34,400		Industrial Alliance Insurance		1,352,978
	7,000		Inmet Mining Corp.		574,471
	49,900		Jazz Air Income Fund		385,485
	14,900		Labrador Iron Ore Royalty Income Fund		781,174
	27,300		Laurentian Bank of Canada		1,144,209
	45,200		Methanex Corp.		1,054,712
	33,400		Metro Inc.		809,215
	13,000		Northbridge Financial Corp.		448,565
	113,300	@	Northgate Minerals Corp.		321,754
	14,700	@	Oilexco Incorporated		224,346
	29,100	@	Petrobank Energy & Resources Ltd.		1,404,290
	23,200	@	Petrolifera Petroleum Ltd.		217,694
	67,500		Progress Energy Trust		941,689
	65,600	@	QuADRa Mining Ltd.		1,481,227
	9,700		Rothmans Inc.		239,538
	36,200		Shawcor Ltd.		1,078,344
	87,400		Sherritt International Corp.		1,219,313
	71,700	@	Silver Wheaton Corp.		950,447
	50,200		Silvercorp Metals, Inc.		366,369
	14,200	@	Sino-Forest Corp.		215,023
	33,500	@	Stantec, Inc.		985,607
	42,200		Teranet Income Fund		398,074
	20,200		Transcontinental, Inc.		378,888
	123,400	@	UTS Energy Corp.		662,888
	34,600		Vermilion Energy Trust		1,362,905

					26,317,741


			China: 0.1%
	56,000		Hengan International Group Co., Ltd.		199,882

					199,882


			Denmark: 0.4%
	16,175		East Asiatic Co., Ltd. A/S		1,429,641

					1,429,641


			Finland: 0.1%
	16,997		OKO Bank		337,421

					337,421


			France: 9.4%
	29,911		Accor SA		2,464,480
	30,058		Air France-KLM		929,171
	15,794	@	Arkema		907,506
	4,920		Bacou Dalloz		622,232
	2,501		Bollore Investissement		552,712
	2,224		Bonduelle S.C.A.		275,656
	9,192		Capgemini SA		552,085
	2,839		Cie Generale D’Optique Essilor International SA		176,118
	5,529		Ciments Francais SA		1,066,372
	12,656		CNP Assurances		1,501,077
	6,305	@	Compagnie Generale de Geophysique SA		1,583,612
	1,534		Eramet SLN		1,368,029
	10,325		Etablissements Maurel et Prom		238,006
	10,767		Eurazeo		1,386,437
	45,465	@	Eutelsat Communications		1,336,153
	590		Generale de Sante		13,404
	24,338		IMS-International Metal Service		976,313
	11,581		Ipsen		707,722
	4,859		Kaufman & Broad SA		224,651
	21,793		Lagardere SCA		1,553,716
	1,303		Laurent-Perrier Group		188,638
	41,632		Legrand SA		1,244,284
	25,563		Neuf Cegetel		1,429,935
	3,411		Pierre & Vacances		374,385
	48,842		Safran SA		1,021,014
	61,543		Scor SA		1,477,300
	10,081		Sequana Capital		257,573
	16,048		Societe BIC SA		821,419
	20,894		Sodexho Alliance SA		1,393,360
	24,104		Technip SA		2,221,107
	26,376		Thales SA		1,717,944

See Accompanying Notes to Financial Statements

165

PORTFOLIO OF INVESTMENTS

ING Disciplined International SmallCap Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value


			France (continued)
	157,690	@	Thomson	$	997,058
	2,530	@	UbiSoft Entertainment		252,689
	4,614		Vallourec		1,250,916
	5,976		Vilmorin & Cie		1,114,542
	3,014		Virbac SA		284,144

					34,481,760


			Germany: 8.9%
	52,837		Aareal Bank AG		1,959,593
	9,593		Adidas AG		608,931
	70,942	@	Aixtron AG		1,097,275
	1,963		AMB Generali Holding AG		360,401
	22,143		Celesio AG		962,864
	22,562		Curanum AG		161,612
	16,240		Deutsche Beteiligungs AG		402,358
	28,173		Deutsche Euroshop AG		1,196,046
	84,697		Deutsche Lufthansa AG		2,234,799
	30,682	@	Drillisch AG		189,244
	65,475		EpCos. AG		999,029
	46,118		Freenet AG		788,407
	38,020		Fresenius Medical Care AG & Co. KGaA		2,011,888
	73,679		Gildemeister AG		2,163,421
	17,714		Hannover Rueckversicheru — Reg		963,478
	11,134		HeidelbergCement AG		1,861,302
	1,783		Hochtief AG		181,545
	156,291	@	IKB Deutsche Industriebank AG		1,071,854
	122,027	@	Infineon Technologies AG		1,122,484
	50,669	@	IWKA AG		1,852,475
	34,382	@	Jenoptik AG		304,802
	1,168		K+S AG		477,551
	33,231		Kontron AG		536,283
	2,515		KWS Saat AG		545,967
	24,380		Leoni AG		1,309,177
	10,040		MAN AG		1,395,829
	41,810	@	Medion AG		831,357
	6,059		Salzgitter AG		1,232,455
	58,615		Suedzucker AG		1,326,714
	9,507		United Internet AG		202,462
	13,309		Vossloh AG		1,920,714
	1,297		Wacker Chemie AG		314,570

					32,586,887


			Greece: 0.5%
	64,540		Hellenic Technodomiki Tev SA		800,699
	17,207		Neochimiki LV Lavrentiadis SA		494,932
	17,300		Tsakos Energy Navigation Ltd.		562,250

					1,857,881


			Hong Kong: 2.3%
	295,700	@	CDC Corp. — Class A		1,020,165
	686,000		China Gas Holdings Ltd.		212,673
	410,000		Great Eagle Holding Co.		1,189,464
	408,800		Hkr International Ltd.		277,686
	219,500		Hongkong & Shanghai Hotels		375,863
	413,000		Hopewell Holdings		1,797,279
	658,000		Hysan Development Co., Ltd.		1,908,779
	552,000		K Wah International Holdings Ltd.		241,855
	15,100	@	Khd Humboldt Wedag International		437,749
	100,800		Mandarin Oriental International Ltd.		224,298
	1,137,000		Minmetals Resources Ltd.		440,665
	1,232,000		Sinolink Worldwide Holdings		216,174

					8,342,650


			Indonesia: 0.0%
	222,316	@	First Resources Ltd.		165,583

					165,583


			Ireland: 0.9%
	57,177		Iaws Group PLC		1,440,883
	45,304		Kerry Group PLC		1,401,673
	70,278		United Drug PLC		417,973

					3,260,529


			Italy: 5.0%
	48,693		ACEA S.p.A.		937,617
	242,638		AEM S.p.A.		891,750
	87,358		Banca Popolare di Milano Scrl		1,071,505
	46,746		Benetton Group S.p.A.		609,956
	40,414		Biesse S.p.A.		859,347
	47,285		Buzzi Unicem S.p.A.		1,202,386
	18,539		Buzzi Unicem S.p.A. RNC		319,782
	111,019	@	DeA Capital S.p.A.		311,538
	468,722	@	Ducati Motor Holding S.p.A.		1,231,775
	309,570		IMMSI S.p.A.		423,732
	220,341	@	Impregilo S.p.A.		1,326,181
	115,790		Indesit Co. S.p.A.		1,389,959
	22,997		Italcementi S.p.A. RNC		365,659
	5,728		Italmobiliare S.p.A.		409,946
	7,916		Italmobiliare S.p.A. RNC		750,213
	19,122		Permasteelisa S.p.A.		406,253
	335,654		Piaggio & C S.p.A.		750,690
	173,941		Recordati S.p.A.		1,267,972
	173,449		Safilo Group S.p.A.		478,454
	190,661	@	Sorin S.p.A.		320,531
	354,624		Terna S.p.A		1,564,164
	461,877		Unipol S.p.A.		1,505,096

					18,394,506


			Japan: 14.7%
	101,000	@	Aida Engineering Ltd.		646,101
	3,600		Alfresa Holdings Corp.		253,909
	30,200		Aoyama Trading Co., Ltd.		685,525
	20,400		Arisawa Manufacturing Co., Ltd.		143,843
	36,800		Autobacs Seven Co., Ltd.		961,615
	7,700		Bank of Iwate Ltd.		495,770
	125,000		Bank of Nagoya Ltd.		858,092
	9,000		Bank of Okinawa Ltd.		344,783
	61,100		Chuo Denki Kogyo Co., Ltd.		935,987
	99,000		COMSYS Holdings Corp.		895,485
	61,200		Culture Convenience Club Co., Ltd.		253,523
	59,000		Daimei Telecom Engineering Corp.		483,963
	43		Dena Co., Ltd.		305,587
	51,000		Denki Kogyo Co., Ltd.		310,394
	73,000		Eighteenth Bank Ltd.		265,858
	75,874	@	Eneserve Corp.		298,432
	19,900		Enplas Corp.		209,458
	34		EPS Co., Ltd.		162,671
	25,000		Ezaki Glico Co., Ltd.		275,968
	20,600		Fuji Machine Manufacturing Co., Ltd.		410,156
	142,000		Fukuyama Transporting Co., Ltd.		479,180
	57,200		Glory Ltd.		1,288,368
	56,000		H2O Retailing Corp.		406,059
	58,000	@	Higashi-Nippon Bank Ltd.		235,663
	110,000		Higo Bank Ltd.		692,830
	37,000		Hitachi Capital Corp.		545,764
	71,000		Hitachi Kokusai Electric, Inc.		674,131
	40,000		Hitachi Software Engineering Co., Ltd.		984,932
	125,000		Hokkoku Bank Ltd.		537,866
	65,300		House Foods Corp.		1,016,744
	100,000		Hyakugo Bank Ltd.		657,651
	55,800	@	Ines Corp.		286,940
	44,100		Itochu Enex Co., Ltd.		263,293
	150,000	@	Itoham Foods, Inc.		847,029
	134,000	@	Jaccs Co., Ltd.		477,580
	46,300		Japan Asia Investment Co., Ltd.		228,799
	19,800		Japan Digital Laboratory Co.		268,183
	132,000		Japan Radio Co., Ltd.		326,544
	96,000		Jeol Ltd.		369,871
	133,000		Juroku Bank Ltd.		783,202

See Accompanying Notes to Financial Statements

166

PORTFOLIO OF INVESTMENTS

ING Disciplined International SmallCap Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value


			Japan (continued)
	81,000		Kagoshima Bank Ltd.	$	650,648
	25,000		Kaken Pharmaceutical Co., Ltd.		183,096
	74,000		Keiyo Bank Ltd.		523,206
	39,000		Keiyo Co., Ltd.		213,629
	49,900		Kimoto Co., Ltd.		646,686
	62,000		Koa Corp.		546,607
	19,000		Macnica, Inc.		239,041
	106,000	@	Maeda Road Construction Co., Ltd.		829,253
	65,700	@	Maruetsu, Inc.		533,320
	63,000		Mie Bank Ltd.		321,108
	253,000	@	Mitsui Matsushima Co., Ltd.		647,564
	99,000		Mitsui Sugar Co., Ltd.		329,262
	53,000		Nanto Bank Ltd.		274,164
	61,500		NEC Networks & System Integration Corp.		862,137
	184,000		Nichirei Corp.		868,608
	28,500		Nifco, Inc.		615,160
	34,900		Nihon Eslead Corp.		416,825
	77,000		Nippon Chemical Industrial Co., Ltd.		197,157
	29,200		Nippon Pillar Packing Co., Ltd.		161,333
	22,000		Nippon Seiki Co., Ltd.		323,360
	140,000	@	Nippon Sharyo Ltd.		306,976
	283,000		Nippon Sheet Glass Co., Ltd.		1,303,759
	55,600		Nippon Shinyaku Co., Ltd.		654,866
	204,000		Nippon Synthetic Chemical Industry Co., Ltd.		1,216,733
	110,600	@	NIS Group Co., Ltd.		223,246
	139,000		Nissan Shatai Co., Ltd.		1,034,972
	89,300		Nisshinbo Industries, Inc.		983,370
	4,350		Nitori Co., Ltd.		228,985
	86,000	@	Nitto Boseki Co., Ltd.		179,215
	21,900		Oiles Corp.		409,132
	56,000		Oita Bank Ltd.		395,691
	66,600		Okabe Co., Ltd.		257,995
	50,000		Pacific Industrial Co., Ltd.		196,184
	18,200		Ryosan Co., Ltd.		406,787
	87,000		Sanden Corp.		359,452
	99,000		San-In Godo Bank Ltd.		876,783
	33,000		Sanken Electric Co., Ltd.		183,482
	88,000	@	Seika Corp.		191,430
	30,000		Shima Seiki Manufacturing Ltd.		1,182,023
	44,300		Shin-Etsu Polymer Co., Ltd.		265,264
	38,700		Shizuoka Gas Co., Ltd.		232,095
	14,900	@	SHO-BOND Holdings Co., Ltd.		171,661
	23,300		Sugi Pharmacy Co., Ltd.		616,502
	174,000		Sumitomo Bakelite Co. Ltd.		970,492
	40,000	@	Taihei Dengyo Kaisha Ltd.		302,437
	78,000		Takasago International Corp.		549,768
	97,000		Tamura Corp.		309,718
	60,500		Tecmo Ltd.		647,163
	61,000		Tochigi Bank Ltd.		403,964
	35,000		Toho Gas Co., Ltd.		170,236
	48,500		Toho Pharmaceutical Co., Ltd.		1,002,370
	9,300		Tokyo Seimitsu Co., Ltd.		186,155
	73,000		Tokyo Style Co., Ltd.		735,419
	145,000		Toshiba Plant Systems & Services Corp.		1,187,930
	140,900		Toshiba Tec Corp.		988,642
	31,900	@	Towa Corp.		259,756
	63,000		Toyo Kohan Co., Ltd.		312,383
	39,800		Urban Corp.		219,543
	34,420		Usen Corp.		150,445
	125,000		Wacoal Holdings Corp.		1,796,965
	37,500		Yamanashi Chuo Bank Ltd.		247,634
	31,500		Yamato Kogyo Co., Ltd.		1,493,534
	7,700		Zenrin Co., Ltd.		170,574

					53,931,644


			Netherlands: 2.4%
	30,700		Chicago Bridge & Iron Co. NV		1,223,088
	9,400		CNH Global NV		405,516
	103,804	@	Crucell NV		1,931,892
	29,159		Koninklijke BAM Groep NV		693,607
	16,367		Koninklijke DSM NV		878,465
	3,080		Nutreco Holding NV		224,923
	58,720		OCE NV		880,964
	46,757		OPG Groep NV		1,252,569
	11,371		SBM Offshore NV		433,414
	3,946	@	TomTom		136,337
	9,339		Unit 4 Agresso NV		263,014
	12,750		Wolters Kluwer NV		340,293

					8,664,082


			Norway: 0.8%
	44,000		Norwegian Property ASA		382,255
	32,800	@	ODIM ASA		574,482
	11,400		Tandberg ASA		192,708
	75,400	@	TGS Nopec Geophysical Co. ASA		1,208,684
	55,758		Veidekke ASA		498,837

					2,856,966


			Papua New Guinea: 0.2%
	128,882	@	Lihir Gold Ltd.		365,646
	58,518		Oil Search Ltd.		262,047

					627,693


			Portugal: 0.5%
	332,792		Portucel Empresa Produtora de Pasta e Papel SA		1,255,499
	43,006		Semapa-Sociedade de Investimento e Gestao		601,829
	93,936		Sonae SGPS SA		166,962

					2,024,290


			Singapore: 0.5%
	51,000		Haw Par Corp., Ltd.		282,436
	107,000		Hong Leong Asia Ltd.		210,350
	112,000		Kim Eng Holdings Ltd.		182,211
	36,000		Singapore Petroleum Co., Ltd.		192,205
	105,652		Straits Asia Resources Ltd.		257,112
	39,800	@	Verigy Ltd.		850,526

					1,974,840


			South Korea: 3.6%
	130,252		Asiana Airlines		814,076
	5,440		Binggrae Co., Ltd.		202,552
	15,498		BNG Steel Co., Ltd.		181,735
	5,332		Cheil Industries, Inc.		290,601
	4,090	@	Daewoong Pharmaceutical Co., Ltd.		418,146
	13,680	@	Daishin Securities Co., Ltd.		302,065
	974		DC Chemical Co., Ltd.		392,086
	2,040		Dong-A Pharmaceutical Co., Ltd.		232,574
	4,260	@	Dongbu Insurance Co., Ltd.		159,637
	16,120		Dongkuk Steel Mill Co., Ltd.		751,612
	1,211	@	Doosan Corp.		207,467
	41,588	@	Hanarotelecom, Inc.		340,842
	22,450	@	Hyundai Marine & Fire Insurance Co., Ltd.		459,474
	2,318		Korea Iron & Steel Co., Ltd.		178,882
	194,891		Korea Technology Investment Corp.		331,224
	1,654		Korea Zinc Co., Ltd.		199,047
	6,260		Kumho Electric, Inc.		195,439
	31,232		Kumho Industrial Co., Ltd.		1,040,267
	6,672		LG Fashion Corp.		193,457
	10,077	@	LG Life Sciences Ltd.		585,628
	772		Lotte Chilsung Beverage Co., Ltd.		883,036
	27,620	@	Lotte Midopa Co., Ltd.		305,642
	1,200		Lotte Samkang Co., Ltd.		251,758
	71,220		Meritz Fire & Marine Insurance Co., Ltd.		617,613
	96,500	@	ON*Media Corp.		424,768
	24,150		Poongsan Corp.		431,584
	1,071		Samchully Co., Ltd.		204,862
	36,880		SKC Co., Ltd.		755,674

See Accompanying Notes to Financial Statements

167

PORTFOLIO OF INVESTMENTS

ING Disciplined International SmallCap Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value


			South Korea (continued)
	66,860	@	Ssamgyong Motor Co.	$	348,674
	596,000		STX Pan Ocean Co., Ltd.		1,478,321

					13,178,743


			Spain: 3.9%
	74,853		Acerinox SA		2,017,985
	32,745		Banco De Sabadell SA		325,779
	313,370		Corp. Mapfre SA		1,589,555
	50,848	@	Corporacion Dermoestetica		406,655
	14,097		Corporacion Financiera Alba SA		981,484
	29,245		Duro Felguera SA		317,027
	7,039		Gamesa Corp. Tecnologica SA		339,885
	285,835		Iberia Lineas Aereas de Espana		1,122,491
	69,054	@	Nh Hoteles SA		1,130,343
	32,496		Obrascon Huarte Lain SA		1,310,379
	107,494		Promotora de Informaciones SA (PRISA)		1,880,561
	32,484		Union Fenosa SA		2,169,376
	29,166		Viscofan SA		699,616

					14,291,136


			Sweden: 1.6%
	11,000		Getinge AB		279,180
	15,000		Hexagon AB		270,481
	23,400		Holmen AB		745,184
	67,300		Kinnevik Investment AB		1,431,106
	59,500		Kungsleden AB		591,642
	7,725		Lundbergforetagen AB — B Shares		458,425
	18,600	@	Lundin Petroleum AB		258,478
	10,700		ORC Software AB		201,604
	88,600		Peab AB		760,112
	33,400	@	Peab AB		331,909
	98,207		RNB Retail and Brands AB		427,745
	8,700		Wallenstam Byggnads AB		168,845

					5,924,711


			Switzerland: 6.6%
	5,926	@	Actelion Ltd. — Reg		297,512
	33,227		Adecco SA		1,977,780
	15,016	@	Ascom Holding AG — Reg		158,689
	16,980		Baloise Holding AG		1,849,031
	1,206		Banque Cantonale Vaudoise		476,302
	5,270		Bucher Industries AG		1,457,890
	2,337		Flughafen Zuerich AG		1,023,336
	4,108		Galenica AG		1,299,762
	2,879		Geberit AG — Reg		442,165
	24,384		Holcim Ltd.		2,379,196
	395		Jelmoli Holding AG		1,033,370
	3,259		Kuehne & Nagel International AG		349,475
	11,285	@	Logitech International SA		341,002
	23,882	@	Micronas Semiconductor Hold		182,852
	3,095	@	OC Oerlikon Corp. AG		1,063,022
	2,859		Pargesa Holding SA		326,943
	18,090	@	PSP Swiss Property AG		1,120,011
	2,960		Rieter Holding AG		1,099,341
	4,143		Schindler Holding AG		334,380
	207		SGS SA		290,170
	1,567		Sulzer AG		204,474
	7,051		Swatch Group AG — BR		1,882,745
	7,365	@	Swiss Life Holding		2,189,079
	5,089		Syngenta AG		1,512,476
	2,345		Synthes, Inc.		320,851
	1,787		Valora Holding AG		446,183

					24,058,037


			United Kingdom: 14.3%
	383,694		ARM Holdings PLC		761,683
	71,773		Axon Group PLC		638,441
	155,388		Balfour Beatty PLC		1,348,734
	57,038		Bellway PLC		790,077
	146,778		Bodycote International		700,832
	99,130		Bovis Homes Group PLC		909,773
	168,559		Brit Insurance Holdings PLC		814,017
	138,947	@	British Airways PLC		620,249
	162,965		Britvic PLC		1,070,864
	214,384		Cable & Wireless PLC		632,570
	8,207	@	Cairn Energy PLC		509,053
	29,940		Capita Group PLC		392,457
	65,881		Capital & Regional PLC		564,627
	11,518		Charter PLC		204,346
	276,142		Chaucer Holdings PLC		490,180
	25,664		Chemring Group PLC		1,252,608
	28,438	@	CLS Holdings PLC		195,541
	188,021	@	Colt Telecom Group SA		628,642
	9,116	@	Dana Petroleum PLC		311,478
	44,935		De La Rue PLC		759,954
	1,053,322		Dimension Data Holdings PLC		984,875
	55,102		Drax Group PLC		654,846
	175,426		DS Smith PLC		451,602
	194,905		Enodis PLC		934,910
	19,132		Expro International Group		575,423
	212,334		F&C Asset Management PLC		720,765
	393,827		Friends Provident PLC		924,669
	96,497		Gcap Media PLC		421,327
	81,148		Greene King PLC		826,828
	5,533		Greggs PLC		504,820
	46,462		Group 4 Securicor PLC		209,656
	20,735		Hikma Pharmaceuticals PLC		192,381
	121,718		Informa PLC		830,065
	97,627	@	Invensys PLC		575,810
	291,008		JJB Sports PLC		655,921
	35,226		Keller Group PLC		471,295
	38,266		Kier Group PLC		893,259
	200,386		Kingston Communications PLC		189,982
	45,542		London Stock Exchange Group PLC		967,988
	19,175		Lonmin PLC		1,173,475
	50,135		Luminar Group Holdings PLC		318,529
	175,909		Meggitt PLC		1,031,957
	64,448		Melrose PLC		211,846
	194,211		Millennium & Copthorne Hotels PLC		1,533,250
	69,301		Mondi PLC		549,225
	43,492		Morgan Sindall PLC		868,690
	52,024		Next PLC		1,176,373
	150,465		Northumbrian Water Group PLC		971,986
	365,673		Pendragon PLC		284,053
	103,059		Pennon Group PLC		1,292,712
	32,510		Petrofac Ltd.		378,807
	44,761	@	Premier Oil PLC		1,365,743
	6,796		Randgold Resources Ltd.		305,351
	105,138		Rok PLC		266,718
	49,610		Schroders PLC		1,031,297
	45,739		Schroders PLC — Non Voting		855,117
	181,293		Shanks Group PLC		894,069
	33,755		Spectris PLC		509,282
	724,463	@	Spirent Communications PLC		1,009,731
	76,874		SSL International PLC		699,209
	275,163		Stagecoach Group PLC		1,393,360
	32,925		Travis Perkins PLC		630,401
	310,640		Trinity Mirror PLC		1,665,198
	79,031		Tullow Oil PLC		1,180,340
	43,552		Vedanta Resources PLC		1,920,226
	13,788		Venture Production PLC		202,469
	58,965		VT Group PLC		790,001
	91,077		Weir Group PLC		1,497,494
	62,617		WH Smith PLC		529,192
	9,494		Whitbread PLC		227,845

					52,346,494


			United States: 0.2%
	45,600		Virgin Media, Inc.		588,240

					588,240

			Total Common Stock (Cost $356,241,642)		333,502,940

See Accompanying Notes to Financial Statements

168

PORTFOLIO OF INVESTMENTS

ING Disciplined International SmallCap Fund

as of April 30, 2008 (Unaudited) (continued)


Shares						Value



REAL ESTATE INVESTMENT TRUSTS: 2.3%

			Australia: 0.6%
	540,087		CFS Retail Property Trust			$	1,137,646
	763,837		Commonwealth Property Office Fund				1,009,641

							2,147,287


			France: 0.4%
	2,407		Gecina SA				338,771
	4,749		Unibail				1,219,660

							1,558,431


			Netherlands: 0.4%
	11,878		Nieuwe Steen Investments Funds NV				343,685
	8,316		Wereldhave NV				1,051,693

							1,395,378


			United Kingdom: 0.9%
	44,105		Hammerson PLC				878,111
	70,194		Liberty International PLC				1,358,381
	95,577		Segro PLC				870,310

							3,106,802

			Total Real Estate Investment Trusts (Cost $9,006,955)				8,207,898


EXCHANGE-TRADED FUNDS: 3.9%

			Developed Markets: 3.9%
	190,000		iShares MSCI EAFE Index Fund				14,403,900

			Total Exchange-Traded Funds (Cost $13,887,784)				14,403,900


MUTUAL FUNDS: 0.3%

			Australia: 0.1%
	387,423	**	ING Office Fund				509,390

							509,390


			United Kingdom: 0.2%
	15,617		Caledonia Investments PLC				632,655

							632,655

			Total Mutual Funds (Cost $1,221,474)				1,142,045


PREFERRED STOCK: 0.7%

			Germany: 0.1%
	6,970		Draegerwerk AG				464,843

							464,843


			Italy: 0.6%
	34,219	@	Instituto Finanziario Industriale S.p.A.				897,139
	407,276		Unipol S.p.A.				1,183,042

							2,080,181

			Total Preferred Stock (Cost $3,291,113)				2,545,024


RIGHTS: 0.0%

			United Kingdom: 0.0%
	57,398		Melrose PLC — Subscription Shares				24,632

			Total Rights (Cost $-)				24,632

		Total Investments in Securities
		(Cost $383,648,968)*		98.3	%	$	359,826,439
		Other Assets and Liabilities - Net		1.7			6,163,637

		Net Assets		100.0	%	$	365,990,076

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
#		Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
**		Investment in affiliate
I		Illiquid security
X		Fair value determined by ING Funds Valuation Committee appointed by the Fund’s Board of Trustees.

*		Cost for federal income tax purposes is $390,603,699.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	13,015,725
Gross Unrealized Depreciation		(43,792,985	)

Net Unrealized Depreciation	$	(30,777,260	)

The following short position was held by ING Disciplined International Small Cap Fund at April 30, 2008:


Shares			Description	Market Value

	(2,731	)	Hunter Douglas NV	$	(171,124	)

			Total Short Positions (Proceeds $169,952)	$	(171,124	)

See Accompanying Notes to Financial Statements

169

PORTFOLIO OF INVESTMENTS

ING Disciplined International SmallCap Fund

as of April 30, 2008 (Unaudited) (continued)


	Percentage of
Industry	Net Assets


Advertising		0.2	%
Aerospace/Defense		1.2
Agriculture		0.5
Airlines		1.8
Apparel		1.1
Auto Manufacturers		0.5
Auto Parts & Equipment		0.4
Banks		4.1
Beverages		0.8
Biotechnology		0.5
Building Materials		3.1
Chemicals		3.2
Closed-End Funds		0.3
Coal		0.4
Commercial Services		1.6
Computers		0.9
Distribution/Wholesale		0.6
Diversified		1.7
Diversified Financial Services		2.2
Electric		2.0
Electrical Components & Equipment		1.8
Electronics		2.0
Energy — Alternate Sources		0.0
Engineering & Construction		5.3
Environmental Control		0.2
Food		3.5
Food Service		0.4
Forest Products & Paper		1.0
Gas		0.2
Hand/Machine Tools		1.2
Healthcare — Products		0.8
Healthcare — Services		0.9
Holding Companies — Diversified		1.6
Home Builders		0.8
Home Furnishings		0.6
Household Products/Wares		0.4
Insurance		5.0
Internet		0.7
Investment Companies		1.6
Iron/Steel		2.0
Leisure Time		0.6
Lodging		1.6
Machinery — Construction & Mining		0.1
Machinery — Diversified		2.5
Media		2.4
Metal Fabricate/Hardware		0.6
Mining		4.2
Miscellaneous Manufacturing		2.1
Office Property		0.3
Office/Business Equipment		0.2
Oil & Gas		3.3
Oil & Gas Services		2.0
Pharmaceuticals		3.0
Pipelines		0.1
Real Estate		3.3
Retail		3.2
Semiconductors		1.6
Shopping Centers		0.3
Software		0.9
Telecommunications		2.4
Textiles		0.3
Toys/Games/Hobbies		0.2
Transportation		1.2
Venture Capital		0.3
Water		0.6
Other Long-Term Investments		3.9
Other Assets and Liabilities — Net		1.7

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

170

PORTFOLIO OF INVESTMENTS

ING Emerging Countries Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 79.2%

			Argentina: 1.1%
	171,040	@,L	Telecom Argentina SA ADR	$	3,003,462

					3,003,462


			Brazil: 12.8%
	343,189		AES Tiete SA		3,406,701
	64,080	L	Brasil Telecom Participacoes SA ADR		4,845,089
	322,950	L	Centrais Eletricas Brasileiras SA ADR — Class A		4,675,444
	137,704		Cia de Saneamento Basico do Estado de Sao Paulo		3,505,148
	244,800		Marfrig Frigorificos e Comercio de Alimentos SA		2,857,129
	386,900		Sul America SA		5,956,426
	72,850	L	Tele Norte Leste Participacoes SA ADR		1,668,994
	99,900	L	Tim Participacoes SA ADR		3,354,642
	851,658	@,L	Vivo Participacoes SA ADR		5,748,692

					36,018,265


			China: 4.0%
	9,333,000		Weiqiao Textile Co.		11,151,220

					11,151,220


			Czech Republic: 2.3%
	211,508		Telefonica O2 Czech Republic A/S		6,467,724

					6,467,724


			Estonia: 1.0%
	77,771		As Eesti Telekom GDR		2,778,836

					2,778,836


			Hong Kong: 5.9%
	1,867,000		Dickson Concepts International Ltd.		1,378,588
	12,162,000		First Pacific Co.		8,913,785
	14,936,000		Fountain SET Holdings		2,365,117
	3,826,000		SmarTone Telecommunications Holding Ltd.		4,030,185

					16,687,675


			Hungary: 2.9%
	1,543,179		Magyar Telekom Telecommunications PLC		8,205,902

					8,205,902


			Indonesia: 0.6%
	2,178,000		Gudang Garam Tbk PT		1,784,012

					1,784,012


			Israel: 1.7%
	1,384,690		Bezeq Israeli Telecommunication Corp., Ltd.		2,565,008
	95,399		Partner Communications		2,242,875

					4,807,883


			Malaysia: 2.3%
	5,304,714	@	Proton Holdings Bhd		6,537,780

					6,537,780


			Mexico: 2.6%
	284,249		Alfa SA de CV		1,991,877
	145,250	L	Telefonos de Mexico SA de CV ADR		5,237,715

					7,229,592


			Pakistan: 0.7%
	968,500		Nishat Mills Ltd.		1,954,999

					1,954,999


			Panama: 3.4%
	499,400	L	Banco Latinoamericano de Exportaciones SA		9,388,720

					9,388,720


			Singapore: 0.6%
	1,219,500		MobileOne Ltd.		1,741,305

					1,741,305


			South Africa: 4.4%
	774,340	@	Imperial Holdings Ltd.		7,797,404
	1,006,200		Jd Group Ltd.		4,675,300

					12,472,704


			South Korea: 12.1%
	1,061,460	L	Daeduck Electronics Co.		5,583,040
	69,260		Korea Electric Power Corp.		2,311,613
	65,060		KT Corp.		3,008,295
	100,820	@	KT Freetel Co., Ltd.		2,780,325
	260,920	L	Kumho Tire Co., Inc.		2,974,930
	7,232		Lotte Chilsung Beverage Co., Ltd.		8,272,171
	7,148		SK Telecom Co., Ltd.		1,438,510
	333,962		SK Telecom Co., Ltd. ADR		7,537,522

					33,906,406


			Taiwan: 12.0%
	11,086,612		China Motor Corp.		9,702,529
	2,530,508		Far EasTone Telecommunications Co., Ltd.		4,300,223
	6,696,000	@	Taishin Financial Holdings Co., Ltd.		3,475,930
	4,292,985		United Microelectronics Corp.		2,626,317
	14,631,000		Walsin Lihwa Corp.		7,383,458
	9,644,000		Winbond Electronics Corp.		2,843,928
	1,899,718		Yageo Corp. GDR		3,275,684

					33,608,069


			Thailand: 5.4%
	43,831,400		Charoen Pokphand Foods PCL		6,580,778
	10,648,800	@	Siam City Bank Public Co.		5,965,930
	4,078,500		Thai Union Frozen Products Public Co., Ltd.		2,491,515

					15,038,223


			Turkey: 3.4%
	2,168,920		Arcelik A/S		9,651,293

					9,651,293

			Total Common Stock (Cost $207,714,769)		222,434,070


PREFERRED STOCK: 13.2%

			Brazil: 5.1%
	1,284,267		Braskem SA		10,932,727
	144,175		Contax Participacoes SA		3,374,087

					14,306,814


			South Korea: 8.1%
	396,530		Hyundai Motor Co.		13,829,273
	220,240		LG Chemical Ltd.		8,986,541

					22,815,814

			Total Preferred Stock (Cost $39,235,830)		37,122,628

			Total Long-Term Investments (Cost $246,950,599)		259,556,698

See Accompanying Notes to Financial Statements

171

PORTFOLIO OF INVESTMENTS

ING Emerging Countries Fund

as of April 30, 2008 (Unaudited) (continued)


Principal
Amount						Value


SHORT-TERM INVESTMENTS: 17.6%

			U.S. Government Agency Obligations: 2.9%
$	8,061,000	L,Z	Federal Home Loan Bank, 1.550%, due 05/01/08			$	8,060,653

			Total U.S. Government Agency Obligations (Cost 8,060,653)				8,060,653

			Securities Lending Collateral^cc: 14.7%
	41,426,178		Bank of New York Mellon Corp. Institutional Cash Reserves				41,426,178

			Total Securities Lending Collateral (Cost $41,426,178)				41,426,178

			Total Short-Term Investments (Cost $49,486,831)				49,486,831

		Total Investments in Securities
		(Cost $296,437,430)*		110.0	%	$	309,043,529
		Other Assets and Liabilities - Net		(10.0	)		(27,984,911	)

		Net Assets		100.0	%	$	281,058,618

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		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, 2008.
Z		Indicates Zero Coupon Bond; rate shown reflects current effective yield.

*		Cost for federal income tax purposes is $296,495,828.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	33,824,877
Gross Unrealized Depreciation		(21,277,176	)

Net Unrealized Appreciation	$	12,547,701


	Percentage of
Industry	Net Assets


Agriculture		3.0	%
Auto Manufacturers		10.7
Auto Parts & Equipment		1.1
Banks		6.7
Beverages		2.9
Chemicals		7.1
Commercial Services		1.2
Electric		3.7
Electrical Components & Equipment		2.6
Electronics		3.2
Food		1.9
Holding Companies — Diversified		6.7
Home Furnishings		3.4
Insurance		2.1
Retail		2.2
Semiconductors		1.9
Telecommunications		25.2
Textiles		5.5
Water		1.3
Short-Term Investments		17.6
Other Assets and Liabilities — Net		(10.0	)

Net Assets		100.0	%

At April 30, 2008 the following forward foreign currency contracts were outstanding for the ING Emerging Countries Fund:

Settlement

Exchange

Unrealized

Currency

Buy/Sell

Date

For

Value

Appreciation

USD

South Africa Rand
ZAR 9,497,379

Buy

05/06/08

1,235,030

1,254,068

19,038

See Accompanying Notes to Financial Statements

172

PORTFOLIO OF INVESTMENTS

ING European Real Estate Fund

as of April 30, 2008 (Unaudited)


Shares						Value



COMMON STOCK: 26.5%

			Austria: 6.5%
	2,600	@	CA Immobilien Anlagen AG			$	60,455
	11,700	@	Immoeast Immobilien Anlagen AG				118,439
	12,600		Immofinanz Immobilien Anlagen AG				139,131
	6,500	@	Meinl European Land Ltd.				84,767

							402,792


			Finland: 3.7%
	14,500		Citycon OYJ				84,178
	11,700		Sponda OYJ				145,236

							229,414


			Germany: 1.0%
	1,400		Deutsche Euroshop AG				59,435

							59,435


			Sweden: 7.4%
	13,700		Castellum AB				152,970
	15,300		Hufvudstaden AB				150,487
	38,600		Klovern AB				149,675

							453,132


			Switzerland: 2.9%
	2,900	@	PSP Swiss Property AG				179,549

							179,549


			United Kingdom: 5.0%
	11,100		Helical Bar PLC				74,598
	50,900		Safestore Holdings Ltd.				146,518
	9,800		St. Modwen Properties PLC				87,952

							309,068

			Total Common Stock (Cost $1,649,276)				1,633,390


REAL ESTATE INVESTMENT TRUSTS: 65.1%

			France: 26.4%
	580		Fonciere Des Regions				88,009
	1,700		Gecina SA				239,265
	1,900		Klepierre				114,900
	5,020		Mercialys				233,071
	3,690		Unibail				947,683

							1,622,928


			Germany: 1.9%
	6,200	@	Alstria Office AG				118,479

							118,479


			Netherlands: 8.8%
	3,900		Corio NV				362,497
	3,100		Eurocommercial Properties NV				177,741

							540,238


			United Kingdom: 28.0%
	9,490		British Land Co. PLC				157,498
	25,200		Brixton PLC				148,447
	3,300		Derwent Valley Holdings PLC				87,343
	8,200		Great Portland Estates PLC				74,228
	13,820		Hammerson PLC				275,148
	25,600		Land Securities Group PLC				778,473
	10,590		Liberty International PLC				204,936

							1,726,073

			Total Real Estate Investment Trusts (Cost $3,958,037)				4,007,718


MUTUAL FUNDS: 2.7%

			Luxembourg: 2.7%
	10,300		Prologis European Properties				167,263

			Total Mutual Funds (Cost $140,048)				167,263

		Total Investments in Securities
		(Cost $5,747,361)*		94.3	%	$	5,808,371
		Other Assets and Liabilities - Net		5.7			351,213

		Net Assets		100.0	%	$	6,159,584

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security

*		Cost for federal income tax purposes is $5,902,259.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	143,963
Gross Unrealized Depreciation		(237,851	)

Net Unrealized Depreciation	$	(93,888	)


	Percentage of
Industry	Net Assets


Closed-End Funds		2.7	%
Diversified		60.5
Office Property		4.6
Real Estate		24.1
Storage/Warehousing		2.4
Other Assets and Liabilities — Net		5.7

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

173

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 86.6%

			Australia: 3.8%
	137,401		BHP Billiton Ltd.	$	5,538,878
	22,034		Crown Ltd.		228,057
	34,518		John Fairfax Holdings Ltd.		113,496
	1,806,764		Macquarie Airports Management Ltd.		5,351,803
	178,511		Newcrest Mining Ltd.		4,902,609
	22,034		Publishing & Broadcasting Ltd.		74,761
	77,171		Rio Tinto Ltd.		9,958,392

					26,167,996


			Austria: 3.8%
	29,034		Erste Bank der Oesterreichischen Sparkassen AG		2,140,236
	4,643		Flughafen Wien AG		587,141
	212,232	@	Immoeast Immobilien Anlagen AG		2,148,417
	13,129		Oesterreichische Elektrizitaetswirtschafts AG		1,015,291
	146,795		OMV AG		11,025,807
	37,989		Raiffeisen International Bank Holding AG		6,103,292
	18,558		Telekom Austria AG		456,847
	22,052		Wiener Staedtische Allgemeine Versicherung AG		1,647,747
	17,795		Wienerberger AG		1,020,424

					26,145,202


			Belgium: 1.0%
	2,814		Groupe Bruxelles Lambert SA		356,087
	30,001		Kbc Ancora		3,191,369
	25,760		KBC Groep NV		3,467,419

					7,014,875


			Bermuda: 0.3%
	16,828	@,L	Central European Media Enterprises Ltd.		1,784,105

					1,784,105


			Bulgaria: 0.0%
	25,950	@	Bulgaria Housing Compensation Notes		7,914
	117,641	@	Bulgaria Reg Compensation Vouchers		36,714

					44,628


			Canada: 3.9%
	25,564		Barrick Gold Corp.		982,606
	27,048		Cameco Corp.		940,275
	4,607		Canadian Natural Resources Ltd.		391,350
	87,396	@	Eldorado Gold Corp.		596,178
	29,519		Imperial Oil Ltd.		1,741,653
	332,007	@	Ivanhoe Mines Ltd.		3,177,984
	30,115	@	OPTI Canada, Inc.		637,525
	34,662		Potash Corp. of Saskatchewan		6,380,685
	48,986	@	Research In Motion Ltd.		5,958,167
	42,393		Suncor Energy, Inc.		4,783,998
	36,061		Talisman Energy, Inc.		729,384
	59,492	@	UTS Energy Corp.		319,583

					26,639,388


			Chile: 0.3%
	74,302	L	Sociedad Quimica y Minera de Chile SA ADR		2,118,350

					2,118,350


			China: 0.4%
	2,785,580		Beijing Capital International Airport Co., Ltd.		2,842,959

					2,842,959


			Cyprus: 0.3%
	147,856		Bank of Cyprus Public Co., Ltd.		2,035,601

					2,035,601


			Czech Republic: 2.6%
	71,969		Komercni Banka A/S		17,658,192

					17,658,192


			Denmark: 1.1%
	2,755		ALK-Abello A/S		323,408
	25,705		Carlsberg A/S		3,410,444
	2,781		Danske Bank A/S		95,745
	8,993		Flsmidth & Co. A/S		943,711
	34,776		Novo-Nordisk A/S		2,379,310
	5,943	@	Vestas Wind Systems A/S		644,358

					7,796,976


			Finland: 2.9%
	109,990		Fortum OYJ		4,653,008
	30,177		Kemira OYJ		433,968
	6,134		Kesko OYJ		230,766
	5,007		Metso OYJ		214,508
	266,031		Nokia OYJ		7,998,023
	17,987		OKO Bank		357,074
	25,562		Orion OYJ		537,217
	20,980		Outotec OYJ		1,306,904
	37,103		Ramirent OYJ		612,715
	32,706		Sanoma-WSOY OYJ		838,757
	5,012		Wartsila OYJ		341,334
	88,520		YIT OYJ		2,495,528

					20,019,802


			France: 8.6%
	4,126		Accor SA		339,959
	34,414	L	ADP		4,081,815
	25,849		Air Liquide		3,875,968
	3,563		Alstom		818,744
	14,734		BNP Paribas		1,570,716
	17,929		Bouygues SA		1,328,719
	4,509	@	Bureau Veritas SA		250,779
	17,670		Cie de Saint-Gobain		1,405,754
	1,940		EDF Energies Nouvelles S.A.		130,276
	52,424		Electricite de France		5,479,456
	6,547		Eurazeo		843,039
	79,389		France Telecom SA		2,484,155
	14,672		JC Decaux SA		418,442
	18,942		Lafarge SA		3,396,475
	47,613		LVMH Moet Hennessy Louis Vuitton SA		5,404,083
	10,138		Neuf Cegetel		567,096
	3,616		Nexity		160,997
	22,766		Pernod-Ricard SA		2,603,406
	20,223		PPR		2,614,674
	4,248		Remy Cointreau SA		261,233
	16,153		Sanofi-Aventis		1,245,092
	22,551		Societe Television Francaise 1		473,889
	4,060		Sodexho Alliance SA		270,750
	76,609		Suez SA		5,398,019
	3,701		Technip SA		341,035
	112,492		Total SA		9,423,019
	7,838		Veolia Environnement		564,576
	34,710		Vinci SA		2,546,303
	8,216		Vivendi		331,248
	1,802		Wendel Investissement		247,574

					58,877,291

See Accompanying Notes to Financial Statements

174

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value



			Germany: 5.7%
	3,261		Adidas AG	$	206,997
	31,288		Bayer AG		2,642,541
	22,993		Commerzbank AG		825,634
	3,543		Continental AG		416,029
	28,378		DaimlerChrysler AG		2,203,924
	10,089		Deutsche Boerse AG		1,458,806
	11,990		Deutsche Post AG		372,586
	2,963		Deutsche Postbank AG		257,986
	23,302		E.ON AG		4,737,193
	96,654		Fraport AG Frankfurt Airport Services Worldwide		6,980,043
	42,881		Fresenius AG		3,640,657
	62,848		Fresenius Medical Care AG & Co. KGaA		3,325,701
	8,109	@	Hamburger Hafen und Logistik AG		674,885
	14,549		Henkel KGaA		584,059
	5,460		K+S AG		2,232,386
	13,693	@	KarstadtQuelle AG		255,875
	2,404		MAN AG		334,220
	5,218		Merck KGaA		739,161
	7,703		Praktiker Bau- und Heimwerkermaerkte AG		165,808
	9,382	@	Premiere AG		196,859
	4,466		Rheinmetall AG		337,073
	80,932		Rhoen Klinikum AG		2,446,704
	27,838		Siemens AG		3,273,592
	7,436	@	Tognum AG		211,427
	16,172	@	UkrTelecom GDR		148,733

					38,668,879


			Greece: 0.4%
	47,975		Hellenic Telecommunications Organization SA		1,422,137
	417,214		Veterin SA		1,347,968

					2,770,105


			Hong Kong: 2.4%
	830,069		China Merchants Holdings International Co., Ltd.		4,247,761
	163,708		China Mobile Ltd.		2,816,992
	899,346	@	Galaxy Entertainment Group Ltd.		684,883
	1,337,557		GOME Electrical Appliances Holdings Ltd.		3,039,231
	134,443	@	Hutchison Telecommunications International Ltd.		188,015
	847,827		Melco International Development		1,154,615
	60,505	@,L	Melco PBL Entertainment Macau Ltd. ADR		798,666
	2,661,535		Shun TAK Holdings Ltd.		3,551,175
	165,351		Texwinca Holdings Ltd.		124,442

					16,605,780


			Hungary: 3.4%
	652,879		Magyar Telekom Telecommunications PLC		3,471,704
	2,922		Mol Magyar Olaj- es Gazipari Rt		416,509
	439,836	L	OTP Bank Nyrt		18,756,010
	3,242		Richter Gedeon Nyrt		669,015

					23,313,238


			India: 2.7%
	37,037	@,#	Banking Index Benchmark Exchange Traded Scheme — Bank BeESCitigroup Global Markets (Participation Certificate, Issuer: Citigroup Global Markets)		691,443
	69,099	@,#	Bharti Airtel Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.)		1,532,737
	26,555	@,#	ICICI Bank Ltd.(Participation Certificate, Issuer: Citigroup Global Markets)		575,457
	45,686	@,#	ICICI Bank, Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.)		992,355
	17,180	@,#	Mahindra & Mahindra Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.)		284,332
	13,033	@,#	Oil & Natural Gas Corp. Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.)		332,479
	1,463	@	State Bank of India GDR		128,166
	214,331	@,#	State Bank of India Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.)		9,392,827
	301	@,#	State Bank of India Ltd. (Low Exercise Price Warrant, Issuer: Deutsche Bank AG London)		13,191
	7,318		State Bank of India Ltd. GDR		673,867
	81,344	@,#	State Bank of India Ltd.(Participation Certificate, Issuer: Citigroup Global Markets)		3,564,814

					18,181,668


			Indonesia: 0.1%
	687,400		Semen Gresik Persero Tbk PT		314,199

					314,199


			Ireland: 0.1%
	24,561		CRH PLC		930,309

					930,309


			Italy: 2.4%
	3,579		Autogrill S.p.A.		54,319
	175,731		Banca Popolare di Milano Scrl		2,155,459
	19,182		Banca Popolare di Sondrio Scarl		269,002
	12,866		Banche Popolari Unite Scpa		338,590
	75,233		Buzzi Unicem S.p.A.		1,913,062
	115,933		Credito Emiliano S.p.A.		1,539,535
	4,612		Finmeccanica S.p.A.		159,971
	46,112		Geox S.p.A.		662,142
	573,094		Intesa Sanpaolo S.p.A.		4,038,565
	14,645		Italcementi S.p.A.		315,731
	1,917		Lottomatica S.p.A.		58,858
	100,235		Mediobanca S.p.A.		2,082,118
	364,590		Telecom Italia S.p.A.		762,485
	272,422		UniCredito Italiano S.p.A.		2,053,140

					16,402,977


			Japan: 6.3%
	6,190		Acom Co., Ltd.		191,463
	6,625		Aeon Credit Service Co., Ltd.		105,443
	6,900		Aiful Corp.		134,520
	6,601		Aisin Seiki Co., Ltd.		231,381
	22,000		Bank of Kyoto Ltd.		281,162
	80,000		Bank of Yokohama Ltd.		587,455
	36,305		Canon, Inc.		1,825,329

See Accompanying Notes to Financial Statements

175

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value


			Japan (continued)
	138		Central Japan Railway Co.	$	1,354,671
	39,000		Chiba Bank Ltd.		308,234
	5,859	@	Credit Saison Co., Ltd.		157,269
	25,000		Daihatsu Motor Co., Ltd.		299,041
	5,700		Daikin Industries Ltd.		285,250
	14,608		Daiwa Securities Group, Inc.		144,934
	18,288		Denso Corp.		637,888
	52		Dentsu, Inc.		119,894
	230		East Japan Railway Co.		1,835,380
	8,200		Eisai Co., Ltd.		290,493
	7,000		Fanuc Ltd.		737,822
	91		Fuji Television Network, Inc.		149,300
	28,000		Gunma Bank Ltd.		224,655
	19,728		Honda Motor Co., Ltd.		629,647
	13,300		Hoya Corp.		371,201
	8,600		Ibiden Co., Ltd.		375,282
	66,000		Isuzu Motors Ltd.		319,727
	15,000		Itochu Corp.		157,103
	298		Japan Tobacco, Inc.		1,449,057
	5,068		JFE Holdings, Inc.		278,426
	9,989		JS Group Corp.		174,009
	6,548		JSR Corp.		147,883
	178		KDDI Corp.		1,143,464
	72,800		Komatsu Ltd.		2,215,588
	15,319		Kubota Corp.		107,328
	5,700		Kyocera Corp.		526,455
	16,093		Makita Corp.		553,866
	40,484		Matsushita Electric Industrial Co., Ltd.		944,924
	10,700		Mitsubishi Corp.		344,447
	23,000		Mitsubishi Electric Corp.		235,660
	169,640		Mitsubishi UFJ Financial Group, Inc.		1,869,260
	14,000		Mitsui & Co., Ltd.		328,804
	7,723		Mitsui Fudosan Co., Ltd.		195,160
	73	@	Mizuho Financial Group, Inc.		379,903
	7,201		Nintendo Co., Ltd.		3,980,519
	92,000		Nippon Electric Glass Co., Ltd.		1,431,034
	48		Nippon Telegraph & Telephone Corp.		206,723
	13,707		Nissan Motor Co., Ltd.		122,232
	4,902		Nitto Denko Corp.		203,030
	12,355		Nomura Holdings, Inc.		215,740
	42,000		NSK Ltd.		350,026
	713		NTT DoCoMo, Inc.		1,047,260
	3,167		Olympus Corp.		104,255
	6,592		Promise Co., Ltd.		208,904
	33,000		Ricoh Co., Ltd.		571,259
	19		Sapporo Hokuyo Holdings, Inc.		153,992
	8,486		Seven & I Holdings Co., Ltd.		254,041
	12,000		Sharp Corp.		202,132
	6,000		Shin-Etsu Chemical Co., Ltd.		371,521
	23,000		Shizuoka Bank Ltd.		282,372
	36,233		Sony Corp.		1,670,507
	11,499		Stanley Electric Co., Ltd.		292,850
	45,000		Sumitomo Chemical Co., Ltd.		292,319
	10,092		Sumitomo Corp.		135,872
	9,000		Sumitomo Electric Industries Ltd.		116,152
	41,992		Sumitomo Heavy Industries		354,741
	83,145		Sumitomo Metal Industries Ltd.		350,201
	35		Sumitomo Mitsui Financial Group, Inc.		301,189
	50,000		Sumitomo Trust & Banking Co., Ltd.		449,549
	16,000		Suruga Bank Ltd.		226,431
	62,000		Suzuki Motor Corp.		1,573,087
	10,300		Takeda Pharmaceutical Co., Ltd.		544,571
	6,560		Takefuji Corp.		155,167
	55,700		Toyota Motor Corp.		2,838,575
	15,550	@	Yamada Denki Co., Ltd.		1,335,033
	12,301		Yamaha Motor Co., Ltd.		237,712
	4,846		Yamato Holdings Co., Ltd.		70,964

					43,298,738


			Luxembourg: 0.7%
	45,487	@,L	Millicom Intl Cellular S.A.		4,913,051

					4,913,051


			Mexico: 1.1%
	589,184		America Movil SA de CV — Series L		1,704,287
	7,138		America Movil SA de CV ADR		413,718
	92,118		Controladora Comercial Mexicana SA de CV		259,085
	270,698		Corporacion Moctezuma		706,892
	40,364		Fomento Economico Mexicano SA de CV ADR		1,753,816
	45,023		Grupo Cementos Chihuahua		229,606
	437,516		Grupo Financiero Banorte SA de CV		1,892,931
	15,312	L	Grupo Televisa SA ADR		377,900
	84,743	@	Urbi Desarrollos Urbanos SA de C.V		271,872

					7,610,107


			Netherlands: 0.8%
	7,967		Koninklijke Vopak NV		542,861
	105,264		Royal KPN NV		1,921,765
	8,874		TNT NV		342,822
	71,226		Unilever NV		2,377,724
	14,114	@	X5 Retail Group NV GDR		487,625

					5,672,797


			New Zealand: 0.1%
	560,523		Auckland International Airport Ltd.		933,880

					933,880


			Norway: 2.1%
	26,217		Aker Kvaerner ASA		662,059
	148,657		DnB NOR ASA		2,206,852
	22,142		Norsk Hydro ASA		325,559
	172,309		Statoil ASA		6,198,998
	80,266	@	Telenor ASA		1,608,656
	43,563		Yara International ASA		3,158,332

					14,160,456


			Philippines: 0.1%
	34,952		Ayala Corp.		244,255
	685,243		Ayala Land, Inc.		157,584

					401,839


			Poland: 3.5%
	7,413		Bank BPH		297,010
	65,145		Bank Handlowy w Warszawie		2,474,327
	81,407		Bank Pekao SA		7,055,823
	7,912		Bank Zachodni WBK SA		578,456
	4,132	@	BRE Bank SA		668,864
	723,291		Polish Oil & Gas		1,359,660
	325,777		Powszechna Kasa Oszczednosci Bank Polski SA		6,738,843
	501,112		Telekomunikacja Polska SA		5,034,947

					24,207,930


			Portugal: 0.6%
	117,929		Energias de Portugal SA		744,070
	411,747		Jeronimo Martins		3,249,954

					3,994,024

See Accompanying Notes to Financial Statements

176

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value



			Romania: 0.6%
	198,352		Romanian Bank for Development SA	$	1,791,821
	10,411,795		SNP Petrom SA		2,161,339

					3,953,160


			Russia: 5.5%
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		232,328
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		122,696
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		122,392
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		266,089
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		136,864
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		773,508
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		153,889
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		35,443
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		170,510
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		47,755
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		38,621
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		84,269
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		77,940
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		63,631
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		116,288
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		23,817
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		53,823
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		41,014
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		8,839
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		604,820
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		146,525
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		565,250
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		94,500
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		—
	7,980	#	Evraz Group SA GDR		823,830
	19,394		Lukoil-Spon ADR		1,742,762
	13,766	L	Mechel OAO ADR		2,007,083
	—		MMC Norilsk Nickel		—
	156,050		MMC Norilsk Nickel ADR		4,187,036

	165,873		Novatek OAO		1,255,659
	63,146	@,#	Novorossiysk Sea Trading Port — Spon GDR		954,294
	128,748	L	OAO Gazprom ADR		6,812,274
	183,170	@	OAO Rosneft Oil Co. GDR		1,782,639
	1,536	@	Open Investments		380,629
	73,302	@,#	Pharmstandard OJSC GDR		1,826,657
	5,126		Polyus Gold Co. ZAO		273,092
	22,878	L	Polyus Gold Co. ZAO ADR		1,216,365
	1,367,507		Sberbank RF		4,432,883
	14,797	#	Severstal JSC GDR		361,047
	45,519	@,#,L	Sistema-Hals GDR		335,475
	5,041	@,#	Uralkali GDR		263,392
	87,064	@	Uralkaliy		907,780
	21,696	L	Uralsvyazinform ADR		201,773
	45,444		Vimpel-Communications OAO ADR		1,370,591
	74,728	@,#,L	VTB Bank OJSC GDR		554,634
	10,175		Wimm-Bill-Dann Foods — Class S		785,153
	11,032	L	Wimm-Bill-Dann Foods OJSC ADR		1,342,594

					37,798,453


			South Africa: 0.2%
	28,985		Impala Platinum Holdings Ltd.		1,173,061

					1,173,061


			South Korea: 0.3%
	1,415	@	NHN Corp.		327,952
	2,706		Samsung Electronics Co., Ltd.		1,918,305

					2,246,257


			Spain: 1.6%
	2,200		Acciona SA		624,673
	76,440		Banco Bilbao Vizcaya Argentaria SA		1,753,163
	13,822		Gamesa Corp. Tecnologica SA		667,409
	119,910	@	Iberdrola Renovables		870,636
	136,870		Iberdrola SA		1,994,405
	5,345		Inditex SA		289,413
	157,621		Telefonica SA		4,529,231

					10,728,930


			Sweden: 1.2%
	28,188		Getinge AB		715,410
	12,241		Hennes & Mauritz AB		721,198
	8,988		Modern Times Group AB		656,335
	270,193		Nordea Bank AB		4,443,579
	35,816		Swedbank AB		900,907
	65,911		TeliaSonera AB		585,632

					8,023,061


			Switzerland: 5.2%
	64,454		ABB Ltd.		1,966,839
	6,066		BKW FMB Energie AG		747,319
	76,283		Compagnie Financiere Richemont AG		4,585,886
	4,121		Flughafen Zuerich AG		1,804,522
	83,018		Holcim Ltd.		8,100,233
	12,176		Nestle SA		5,811,339
	7,125		Nobel Biocare Holding AG		256,389

See Accompanying Notes to Financial Statements

177

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value


			Switzerland (continued)
	9,552		Roche Holding AG	$	1,580,629
	719		SGS SA		1,007,886
	14,267		Swatch Group AG — BR		3,809,548
	3,154		Synthes, Inc.		431,541
	68,320		Xstrata PLC		5,318,954

					35,421,085


			Taiwan: 1.9%
	202,000		Asia Cement Corp.		362,625
	6	@,#	Baskets-Luxembourg Exchange (TWSEBKI Tracking Basket, Issuer: Merrill Lynch Intl & Co.)		735,476
	25,662		Cathay Financial Holding Co., Ltd. GDR		716,740
	1,114,906	@,#	Chinatrust Financial Holding Co., Ltd. (Taiwan Participation Certificates, Issuer: Citigroup Global Markets Hold)		1,161,933
	98,975	L	Chunghwa Telecom Ltd. ADR		2,524,852
	56,617		Far Eastern Textile Co., Ltd. GDR		952,060
	18,876		First Financial Holding Co., Ltd. GDR		458,764
	30,456		Fubon Financial Holding Co., Ltd. GDR		363,103
	97,790	@	President Chain (Low Exercise Price Warrant, Issuer: Deutsche Bank AG London)		343,348
	68,413	@	Taiwan Basket (Issuer: Goldman Sachs International)		2,681,700
	336,000		Taiwan Cement Corp.		545,055
	232,562	@,#	Taiwan Fertilizer Co. Ltd. (Low Exercise Price Warrant, Issuer: Deutsche Bank AG London)		1,125,608
	511,519	@,#	Tatung Co, Ltd. (Low Exercise Price Warrant, Issuer: Deutsche Bank AG London)		308,842
	224,229	@,#	Uni-President (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.)		320,800
	475,028	@,#	Yuanta Financial Holding Co., Ltd. (Taiwan Participation Certificates, Issuer: Citigroup Global Markets Hold)		452,184

					13,053,090


			Ukraine: 0.7%
	5,090,724	@	JSCB Ukrsotsbank		954,327
	3,938,839		Raiffeisen Bank Aval		633,463
	16,379	@	Ukrnafta Oil Co. ADR		930,124
	87	@	Ukrnafta Oil Co. GDR		29,122
	13,145,713	@	UkrTelecom		2,492,918

					5,039,954


			United Kingdom: 7.8%
	46,197		Amec PLC		725,188
	75,043		Anglo American PLC		4,850,873
	44,091		BAE Systems PLC		406,459
	51,146		BHP Billiton PLC		1,825,121
	746,241		BP PLC		9,042,744
	92,650		BT Group PLC		407,844
	84,227		Burberry Group PLC		803,860
	81,425		Cadbury Schweppes PLC		935,271
	223,417		Compass Group PLC		1,506,105
	243,112		Diageo PLC		4,958,421
	74,544		GlaxoSmithKline PLC		1,649,001
	30,125		Intertek Group PLC		578,605
	25,534	@	Peter Hambro Mining PLC		636,808
	93,221		QinetiQ PLC		357,199
	52,149		Reckitt Benckiser PLC		3,030,308
	41,583		Rio Tinto PLC		4,847,476
	184,008	@	Rolls-Royce Group PLC		1,594,641
	14,735,526	@	Rolls-Royce Group PLC — B Shares Entitlement		29,299
	96,442		Royal Bank of Scotland Group PLC		652,755
	242,963		Smith & Nephew PLC		3,141,116
	409,312		Tesco PLC		3,466,692
	2,478,630		Vodafone Group PLC		7,844,031
	25,578		WPP Group PLC		311,749

					53,601,566


			United States: 0.1%
	40,798		Israel Chemicals Ltd.		749,406
	7,145		KKR Private Equity Investors LP		105,780

					855,186

			Total Common Stock (Cost $463,604,412)		593,419,145


EXCHANGE-TRADED FUNDS: 6.1%

			Australia: 0.4%
	102,364		iShares MSCI Australia Index Fund		2,843,672

					2,843,672


			Brazil: 0.1%
	8,372	L	iShares MSCI Brazil Index Fund		754,233

					754,233


			Eurozone: 4.0%
	463,689		iShares DJ Euro STOXX 50		27,549,250

					27,549,250


			France: 0.3%
	22,252		Lyxor ETF CAC 40		1,747,694

					1,747,694


			Ireland: 0.2%
	95,623		IShares PLC-IFTSE 100 Fund		1,168,812

					1,168,812


			United States: 1.1%
	464,030	L	iShares MSCI Taiwan Index Fund		7,684,337

					7,684,337

			Total Exchange-Traded Funds (Cost $40,113,529)		41,747,998


MUTUAL FUNDS: 0.1%

			Romania: 0.0%
	127,000	@	SIF 3 Transilvania Brasov		82,807

					82,807


			Russia: 0.1%
	104,109	@	RenShares Utilities Ltd.		327,943

					327,943

			Total Mutual Funds (Cost $208,931)		410,750


PREFERRED STOCK: 1.6%

			Brazil: 1.0%
	269,292		Petroleo Brasileiro SA		6,891,879

					6,891,879


			Germany: 0.1%
	4,031		Volkswagen AG		662,054

					662,054

See Accompanying Notes to Financial Statements

178

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2008 (Unaudited) (continued)


Shares						Value



			Russia: 0.5%
	3,602	I	Silvinit BRD			$	2,791,550
	378,180	@	URSA Bank				514,677

							3,306,227

			Total Preferred Stock (Cost $8,326,428)				10,860,160


RIGHTS: 0.0%

			Austria: 0.0%
	22,052		Vienna Insurance Group — Rights				7,782

							7,782


			United Kingdom: 0.0%
	14,114		X5 Retail Group — Rights				42,912

							42,912

			Total Rights (Cost $-)				50,694

			Total Long-Term Investments (Cost $512,253,300)				646,488,747

Principal
Amount						Value



SHORT-TERM INVESTMENTS: 5.6%

			U.S. Government Agency Obligations: 0.3%
$	2,019,000	L,Z	Federal Home Loan Bank, 1.550%, due 05/01/08			$	2,018,913

			Total U.S. Government Agency Obligations (Cost $2,018,913)				2,018,913



			Securities Lending Collateral^CC: 5.3%
	36,733,478		Bank of New York Mellon Corp. Institutional Cash Reserves				36,733,478

			Total Securities Lending Collateral (Cost $36,733,478)				36,733,478

			Total Short-Term Investments (Cost $38,752,391)				38,752,391

		Total Investments in Securities
		(Cost $551,005,691)*		100.0	%	$	685,241,138
		Other Assets and Liabilities - Net		(0.0	)		(190,346	)

		Net Assets		100.0	%	$	685,050,792

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
#		Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
cc		Securities purchased with cash collateral for securities loaned.
I		Illiquid security
L		Loaned security, a portion or all of the security is on loan at April 30, 2008.
Z		Indicates Zero Coupon Bond; rate shown reflects current effective yield.

*		Cost for federal income tax purposes is $554,304,186.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	145,503,620
Gross Unrealized Depreciation		(14,566,668	)

Net Unrealized Appreciation	$	130,936,952

See Accompanying Notes to Financial Statements

179

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2008 (Unaudited) (continued)


	Percentage of
Industry	Net Assets


Advertising		0.1	%
Aerospace/Defense		0.3
Agriculture		0.2
Apparel		0.2
Auto Manufacturers		1.3
Auto Parts & Equipment		0.2
Banks		18.2
Beverages		1.9
Building Materials		2.9
Chemicals		4.0
Closed-End Funds		0.0
Commercial Services		0.5
Computers		0.9
Distribution/Wholesale		0.1
Diversified Financial Services		1.8
Electric		3.6
Electrical Components & Equipment		0.3
Electronics		0.5
Energy — Alternate Sources		0.2
Engineering & Construction		4.8
Entertainment		0.0
Equity Fund		0.1
Exchange Traded Fund		0.1
Food		2.8
Food Service		0.3
Hand/Machine Tools		0.1
Healthcare — Products		1.2
Healthcare — Services		0.8
Hedge Fund		0.1
Holding Companies — Diversified		1.7
Home Builders		0.0
Home Furnishings		0.4
Household Products/Wares		0.5
Insurance		0.3
Internet		0.1
Investment Companies		0.1
Iron/Steel		0.6
Leisure Time		0.0
Lodging		0.3
Machinery — Construction & Mining		0.5
Machinery — Diversified		0.5
Media		0.8
Metal Fabricate/Hardware		0.1
Mining		7.4
Miscellaneous Manufacturing		0.5
Office/Business Equipment		0.4
Oil & Gas		9.9
Oil & Gas Services		0.1
Pharmaceuticals		1.9
Real Estate		1.4
Retail		2.6
Semiconductors		0.3
Sovereign		0.0
Telecommunications		8.7
Textiles		0.2
Toys/Games/Hobbies		0.6
Transportation		0.8
Water		0.1
Other Long-Term Investments		6.1
Short-Term Investments		5.6
Other Assets and Liabilities — Net		0.0

Net Assets		100.0	%

At April 30, 2008 the following forward foreign currency contracts were outstanding for the ING Foreign Fund:


					In				Unrealized
			Settlement		Exchange				Appreciation/
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD

Japanese Yen JPY 2,658,780,768		Buy		05/08/08		25,106,523		25,582,081	$	475,558
Japanese Yen JPY 390,512,085		Buy		08/01/08		3,757,633		3,775,945		18,312

									$	493,870

Canada Dollars CAD 1,704,642		Sell		06/20/08		1,681,273		1,691,844	$	(10,571	)
Czech Republic Koruny CZK 54,430,896		Sell		06/20/08		3,387,956		3,363,607		24,349
EURO EUR 4,011,771		Sell		06/20/08		6,240,350		6,249,491		(9,141	)
Hungary Forint HUF 1,361,990,933		Sell		05/19/08		7,511,532		8,401,843		(890,311	)
Mexico Pesos MXN 36,272,822		Sell		05/21/08		3,339,424		3,448,948		(109,525	)
Poland Zlotych PLN 17,738,950		Sell		05/19/08		7,215,942		8,009,134		(793,192	)

									$	(1,788,391	)

See Accompanying Notes to Financial Statements

180

PORTFOLIO OF INVESTMENTS

ING Greater China Fund

as of April 30, 2008 (Unaudited)


Shares						Value



COMMON STOCK: 96.8%

			China: 21.6%
	542,000		Anta Sports Products Ltd			$	605,637
	163,000		China Coal Energy Co. — Shares H				343,952
	281,000		China COSCO Holdings Co., Ltd.				836,489
	263,000	@	China High Speed Transmission Equipment Group Co., Ltd.				460,617
	536,000		China Life Insurance Co., Ltd.				2,335,033
	1,864,000		China Petroleum & Chemical Corp.				2,002,843
	1,936,000	@	China Southern Airlines Co., Ltd.				1,270,821
	914,000		China Telecom Corp., Ltd.				612,215
	212,000		Dongfang Electrical Machinery Co., Ltd.				862,168
	2,002,000		Industrial and Commercial Bank of China Ltd.				1,580,797
	1,102,000		PetroChina Co., Ltd.				1,655,868
	650,000		Shanghai Forte Land Co.				285,626
	69,033	@	SPG Land Holdings Ltd.				35,310
	725,000		Travelsky Technology Ltd.				628,946

							13,516,322


			Hong Kong: 41.7%
	220,000		Bank of East Asia Ltd.				1,250,211
	147,000		Cheung Kong Holdings Ltd.				2,296,053
	338,500		China Mobile Ltd.				5,824,711
	1,130,000		China Overseas Land & Investment Ltd.				2,374,435
	1,590,000		China Power International Development Ltd.				578,146
	248,000		China Resources Enterprise				908,834
	494,000		Chow Sang Sang Holdings International Ltd.				637,224
	2,921,000		Chuang’s China Investments				206,964
	322,000		CLP Holdings Ltd.				2,554,807
	422,000		CNOOC Ltd.				749,086
	607,920		Dah Chong Hong Holdings Ltd.				199,552
	66,300		Hang Seng Bank Ltd.				1,324,559
	210,000		Henderson Land Development Co., Ltd.				1,606,445
	111,900		Hong Kong Exchanges and Clearing Ltd.				2,286,668
	171,500		HongKong Electric Holdings				1,076,143
	51,000		Hutchison Whampoa Ltd.				498,390
	622,000		Hysan Development Co., Ltd.				1,804,347

							26,176,575


			Taiwan: 33.5%
	516,461		Asustek Computer, Inc.				1,671,081
	310,000		AU Optronics Corp.				605,929
	915,000		Cathay Financial Holding Co., Ltd.				2,567,292
	999,000		Chunghwa Telecom Co., Ltd.				2,577,293
	1,212,863		Far Eastern Textile Co., Ltd.				2,030,899
	370,488		Far EasTone Telecommunications Co., Ltd.				629,589
	2,072,000		First Financial Holding Co., Ltd.				2,506,168
	235,000		Formosa Plastics Corp.				670,221
	1,265,791		Goldsun Development & Construction Co., Ltd.				941,394
	92,000		Huang Hsiang Construction Co.				259,283
	80,560		MediaTek, Inc.				1,044,952
	290,000		Oriental Union Chemical Corp.				325,152
	97,987	@	Taiwan Basket (Issuer: Deutsche BankAG London)				1,221,606
	318,000		Taiwan Cement Corp.				515,856
	273,000		Taiwan Fertilizer Co., Ltd.				1,324,374
	142,000		Taiwan Semiconductor Manufacturing Co., Ltd. ADR				1,596,080
	120,400	#	Wintek Corp. GDR				545,701

							21,032,870

			Total Common Stock (Cost $51,381,613)				60,725,767


REAL ESTATE INVESTMENT TRUSTS: 1.4%

			Hong Kong: 1.4%
	360,000		Link Real Estate Investment Trust				861,861

			Total Real Estate Investment Trusts (Cost $823,764)				861,861

		Total Investments in Securities
		(Cost $52,205,377)*		98.2	%	$	61,587,628
		Other Assets and Liabilities - Net		1.8			1,122,227

		Net Assets		100.0	%	$	62,709,855

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
#		Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.

*		Cost for federal income tax purposes is $52,540,497.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	11,809,785
Gross Unrealized Depreciation		(2,762,654	)

Net Unrealized Appreciation	$	9,047,131


	Percentage of
Industry	Net Assets


Airlines		2.0	%
Apparel		1.0
Banks		6.6
Building Materials		2.3
Chemicals		3.7
Coal		0.6
Diversified Financial Services		7.7
Electric		6.7
Electrical Components & Equipment		2.1
Electronics		4.5
Equity Fund		2.0
Holding Companies — Diversified		2.9
Insurance		7.8
Oil & Gas		7.0
Real Estate		13.8
Retail		1.0
Semiconductors		4.2
Shopping Centers		1.4
Software		1.0
Telecommunications		15.4
Textiles		3.2
Transportation		1.3
Other Assets and Liabilities — Net		1.8

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

181

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 95.1%

			Australia: 4.9%
	50,360		AGL Energy Ltd.	$	592,348
	7,269		Australia & New Zealand Banking Group Ltd.		150,065
	30,979		BHP Billiton Ltd.		1,248,819
	113,237		BlueScope Steel Ltd.		1,181,228
	17,873		CSL Ltd.		669,017
	116,560		CSR Ltd.		346,928
	288,667		Harvey Norman Holdings Ltd.		978,577
	60,438		Iluka Resources Ltd.		225,854
	8		Lion Nathan Ltd.		63
	297,427		Macquarie Airports Management Ltd.		881,006
	3,164		Macquarie Group Ltd.		188,386
	302,574		Macquarie Infrastructure Group		806,915
	76,460		National Australia Bank Ltd.		2,164,824
	16,211		Origin Energy Ltd.		212,866
	103,135		PaperlinX Ltd.		245,247
	36,442		Qantas Airways Ltd.		116,463
	4,227		Rio Tinto Ltd.		545,466
	48,507		Santos Ltd.		728,584
	57,410		Telstra Corp., Ltd.		246,424
	4,596		Woodside Petroleum Ltd.		242,050
	14,554		Woolworths Ltd.		392,979
	155,704		Zinifex Ltd.		1,481,371

					13,645,480


			Austria: 2.1%
	132,857		Immofinanz Immobilien Anlagen AG		1,467,024
	11,485	@	Meinl European Land Ltd.		149,776
	9,962		OMV AG		748,248
	62,874		Telekom Austria AG		1,547,785
	20,368		Voestalpine AG		1,555,321
	3,540		Wiener Staedtische Allgemeine Versicherung AG		264,512

					5,732,666


			Belgium: 1.0%
	530		Colruyt SA		134,162
	8,212		Delhaize Group		708,344
	1,500		D’ieteren SA		462,178
	4,142	@	Fortis — Strip VVPR		65
	663		Groupe Bruxelles Lambert SA		83,897
	909		InBev NV		74,507
	5,230		KBC Groep NV		703,983
	3,264		Solvay SA		477,615

					2,644,751


			China: 0.1%
	185,000	@	Fosun International		147,812
	30,200		Tencent Holdings Ltd.		200,312

					348,124


			Denmark: 0.7%
	2,385		Danisco A/S		160,304
	1,802		East Asiatic Co., Ltd. A/S		159,271
	16,018	@	Vestas Wind Systems A/S		1,736,720

					2,056,295


			Finland: 1.7%
	27,900		Elisa OYJ		627,718
	83,444		Nokia OYJ		2,508,682
	11,039		Stora Enso OYJ (Euro Denominated Security)		135,650
	77,538		UPM-Kymmene OYJ		1,487,015

					4,759,065


			France: 10.4%
	1,187		ADP		140,789
	66,814		AXA SA		2,468,626
	28,680		BNP Paribas		3,057,427
	22,649		Bouygues SA		1,678,519
	9,516		Carrefour SA		667,539
	21,428		Cie de Saint-Gobain		1,704,725
	16,251		Credit Agricole SA		543,893
	18,661		Groupe Danone		1,642,767
	10,304		Lafarge SA		1,847,602
	20,397		Lagardere SCA		1,454,189
	1,049		L’Oreal SA		123,952
	4,073		LVMH Moet Hennessy Louis Vuitton SA		462,286
	19,605		Natixis		327,995
	21,483		Peugeot SA		1,490,295
	954		PPR		123,345
	3,475		Sanofi-Aventis		267,857
	12,726		Schneider Electric SA		1,548,589
	33,590		Suez SA		2,366,817
	14,261	@	Thomson		90,171
	41,668		Total SA		3,490,367
	20,097		Veolia Environnement		1,447,598
	40,935		Vivendi		1,650,396

					28,595,744


			Germany: 7.0%
	2,792		Allianz AG		565,971
	11,440		BASF AG		1,621,080
	3,812		Bayer AG		321,956
	37,807		Commerzbank AG		1,357,576
	3,853		DaimlerChrysler AG		299,236
	21,378		Deutsche Bank AG		2,553,466
	1,467		Deutsche Boerse AG		212,119
	17,452		Deutsche Lufthansa AG		460,485
	54,236		Deutsche Post AG		1,685,368
	6,839		E.ON AG		1,390,338
	9,553		Fresenius Medical Care AG & Co. KGaA		505,512
	560		Linde AG		81,628
	2,553		Merck KGaA		361,648
	714		Muenchener Rueckversicherungs AG		137,270
	1,836		Rheinmetall AG		138,573
	19,179		RWE AG		2,211,827
	37,397		SAP AG		1,891,821
	29,426		Siemens AG		3,460,332
	470		Volkswagen AG		138,668

					19,394,874


			Greece: 0.7%
	49,671		Hellenic Telecommunications Organization SA		1,472,412
	8,378		National Bank of Greece SA		460,827

					1,933,239


			Hong Kong: 2.3%
	309,096		C C Land Holdings Ltd.		339,610
	87,149		Hang Seng Bank Ltd.		1,741,086
	50,992		Hong Kong Exchanges and Clearing Ltd.		1,042,018
	835,646	@	Hutchison Telecommunications International Ltd.		1,168,630
	42,140		Kingboard Chemicals Holdings		198,854
	334,836		Melco International Development		455,997
	403,556		New World Development Ltd.		1,042,909
	329,014		Shui On Land Ltd.		326,988
	111,555		Shun TAK Holdings Ltd.		148,843

					6,464,935


			Ireland: 0.5%
	61,184		Allied Irish Banks PLC		1,278,032

					1,278,032

See Accompanying Notes to Financial Statements

182

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value



			Italy: 5.4%
	29,651		Banca Monte dei Paschi di Siena S.p.A.	$	100,652
	80,529	@	Banco Popolare Scarl		1,588,657
	209,324		Enel S.p.A.		2,271,193
	90,237		ENI S.p.A.		3,473,093
	71,006		Fiat S.p.A		1,578,433
	5,165		Finmeccanica S.p.A.		179,153
	43,666		Intesa Sanpaolo S.p.A.		307,712
	21,782		Italcementi S.p.A.		469,597
	9,267		Italcementi S.p.A. RNC		147,348
	12,394		Lottomatica S.p.A.		380,538
	11,302		Mediobanca S.p.A.		234,769
	670,619		Seat Pagine Gialle S.p.A.		129,521
	670,476		Telecom Italia S.p.A.		1,402,200
	363,279		UniCredito Italiano S.p.A.		2,737,895

					15,000,761


			Japan: 20.1%
	20,000		Amada Co., Ltd.		167,518
	25,000		Asahi Kasei Corp.		142,097
	3,300		Astellas Pharma, Inc.		135,843
	210,000		Bank of Yokohama Ltd.		1,542,071
	11,400		Bridgestone Corp.		209,814
	7,000		Canon Sales Co., Inc.		135,980
	47		Central Japan Railway Co.		461,373
	29,000	@	Chiyoda Corp.		218,643
	152,000		COMSYS Holdings Corp.		1,374,887
	11,000		Daifuku Co., Ltd.		137,892
	58,000		Daiichi Sankyo Co., Ltd.		1,598,143
	3,800		Denso Corp.		132,545
	87,000	@	Dowa Holdings Co., Ltd.		589,237
	228		East Japan Railway Co.		1,819,420
	12,400		EDION Corp.		125,687
	6,900		Eisai Co., Ltd.		244,439
	3,600		Fuji Photo Film Co., Ltd.		139,178
	144		Fuji Television Network, Inc.		236,254
	204,000		Fujitsu Ltd.		1,305,137
	34,000		Hitachi Cable Ltd.		135,586
	45,100		Hitachi High-Technologies Corp.		901,260
	44,000	@	Hokugin Financial Group, Inc.		139,596
	4,800		Honda Motor Co., Ltd.		153,199
	63		Inpex Holdings, Inc.		707,079
	45,300		Ito En Ltd.		788,307
	3,400		JFE Holdings, Inc.		186,789
	10,000		Kao Corp.		270,751
	228		KDDI Corp.		1,464,662
	4,200		Keyence Corp.		1,074,025
	169	@	KK DaVinci Advisors		162,161
	65,300		Komatsu Ltd.		1,987,334
	8,900		Komori Corp.		176,139
	3,300		Konami Corp.		118,722
	53,500		Konica Minolta Holdings, Inc.		806,218
	7,100		Leopalace21 Corp.		125,602
	3,800		Makita Corp.		130,783
	100,000		Matsushita Electric Industrial Co., Ltd.		2,334,068
	12,000		Matsushita Electric Works Ltd.		132,391
	16,000		Mitsubishi Electric Corp.		163,937
	70,000		Mitsubishi Rayon Co., Ltd.		227,680
	39,500		Mitsubishi UFJ Financial Group, Inc.		435,250
	51,000		Mitsui Engineering & Shipbuilding Co. Ltd.		166,264
	7,000		Mitsui Fudosan Co., Ltd.		176,889
	42,000		Mitsui Mining & Smelting Co., Ltd.		142,994
	20,000		Mitsui OSK Lines Ltd.		276,139
	452	@	Mizuho Financial Group, Inc.		2,352,275
	5,800		Murata Manufacturing Co., Ltd.		307,941
	8,000		NGK Spark Plug Co., Ltd.		107,744
	192,000		NHK Spring Co., Ltd.		1,380,656
	400		Nintendo Co., Ltd.		221,109
	76,000		Nippon Electric Glass Co., Ltd.		1,182,159
	70,000		Nippon Steel Corp.		394,006
	81		Nippon Telegraph & Telephone Corp.		348,845
	62,000		Nippon Yusen KK		604,386
	120,000	@	Nishi-Nippon City Bank Ltd.		368,365
	23,000		Nisshinbo Industries, Inc.		253,276
	17,500		NOK Corp.		347,242
	31,000		Obayashi Corp.		150,600
	18,000		Olympus Corp.		592,548
	273,000		Osaka Gas Co., Ltd.		974,234
	10,700		Otsuka Corp.		822,289
	829	@	Resona Holdings, Inc.		1,593,617
	18		Sapporo Hokuyo Holdings, Inc.		145,888
	289		SBI E*trade Securities Co., Ltd.		268,893
	65,600		Seven & I Holdings Co., Ltd.		1,963,832
	66,000		Sharp Corp.		1,111,724
	31,600		Shin-Etsu Chemical Co., Ltd.		1,956,676
	32,300		Shinko Electric Industries		446,267
	7,000		Shionogi & Co., Ltd.		135,194
	57,000	@	Sompo Japan Insurance, Inc.		635,087
	11,700		Sony Corp.		539,423
	118,600		Sumitomo Electric Industries Ltd.		1,530,621
	19,000		Sumitomo Heavy Industries		160,509
	76,000		Sumitomo Metal Mining Co., Ltd.		1,381,932
	292		Sumitomo Mitsui Financial Group, Inc.		2,512,778
	18,000		Suruga Bank Ltd.		254,735
	2,200		TDK Corp.		150,331
	7,600		THK Co., Ltd.		169,015
	13,600		Tokai Rika Co., Ltd.		333,116
	354,000		Tokyo Gas Co., Ltd.		1,359,975
	23,000		Tokyu Land Corp.		172,061
	51,700		Toyota Boshoku Corp.		1,478,655
	28,000		Toyota Motor Corp.		1,426,932
	30		West Japan Railway Co.		130,071
	155		Yahoo! Japan Corp.		68,751
	92,000		Yaskawa Electric Corp.		932,814

					55,366,555


			Luxembourg: 0.2%
	4,822		Arcelor Mittal		435,571

					435,571


			Netherlands: 4.9%
	111,824		Aegon NV		1,782,212
	25,560		ASML Holding NV		724,306
	27,011		Heineken NV		1,565,376
	2,736		Koninklijke DSM NV		146,849
	55,654		Koninklijke Philips Electronics NV		2,091,932
	8,933		OCE NV		134,020
	1		Randstad Holdings NV		42
	525		Royal Dutch Shell PLC		21,042
	55,932		Royal Dutch Shell PLC — Class A		2,248,067
	90,868		Royal Dutch Shell PLC — Class B		3,620,751
	4,618		Royal KPN NV		84,309
	29,280		Unilever NV		977,449

					13,396,355


			New Zealand: 0.2%
	27,252		Fletcher Building Ltd.		182,438
	40,380		Sky Network Television Ltd.		140,531
	182,553		Vector Ltd.		294,109

					617,078


			Norway: 0.4%
	65,069	@	TGS Nopec Geophysical Co. ASA		1,043,075

					1,043,075


			Portugal: 0.2%
	70,788	@	Sonae Industria — SGPS SA		493,141

					493,141

See Accompanying Notes to Financial Statements

183

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value



			Singapore: 1.7%
	299,000		CapitaLand Ltd.	$	1,506,960
	76,000		Olam International Ltd.		150,962
	329,000		United Overseas Land Ltd.		919,102
	377,000	@	Wilmar International Ltd.		1,284,619
	580,000		Wing Tai Holdings Ltd.		856,329

					4,717,972


			Spain: 2.0%
	52,195		Banco Bilbao Vizcaya Argentaria SA		1,197,100
	71,507		Banco Santander Central Hispano SA		1,546,417
	10,774		Grupo Ferrovial		869,415
	19,981		Promotora de Informaciones SA (PRISA)		349,559
	5,274		Repsol YPF SA		213,075
	45,303		Telefonica SA		1,301,779

					5,477,345


			Sweden: 0.9%
	64,460		Boliden AB		697,503
	41,745		Investor AB		985,516
	24,330		Nobia AB		158,423
	5,000		Nordea Bank AB		82,230
	23,209		Tele2 AB — B Shares		513,108

					2,436,780


			Switzerland: 9.2%
	61,298		ABB Ltd.		1,870,533
	3,668		Ciba Specialty Chemicals AG		121,770
	2,733		Compagnie Financiere Richemont AG		164,299
	44,718		Credit Suisse Group		2,490,208
	16,267		Holcim Ltd.		1,587,204
	1,353		Kuehne & Nagel International AG		145,087
	5,116	@	Logitech International SA		154,591
	6,074		Nestle SA		2,898,987
	73,937		Novartis AG		3,726,810
	1,201		Pargesa Holding SA		137,341
	21,401		Roche Holding AG		3,541,356
	2,494		Swatch Group AG — BR		665,943
	17,853		Swiss Reinsurance		1,476,188
	4,339		Synthes, Inc.		593,677
	80,464		UBS AG — Reg		2,662,729
	13,939		Xstrata PLC		1,085,200
	7,007		Zurich Financial Services AG		2,123,611

					25,445,534


			United Kingdom: 18.5%
	62,423		3i Group PLC		1,061,480
	16,209		Amec PLC		254,445
	10,968		Anglo American PLC		708,985
	89,969		ARM Holdings PLC		178,600
	62,015		AstraZeneca PLC		2,601,630
	14,406		Aviva PLC		178,964
	21,177		BAE Systems PLC		195,223
	64,859		Barclays PLC		586,448
	17,458		Barratt Developments PLC		95,230
	21,518		BG Group PLC		525,151
	83,368		BHP Billiton PLC		2,974,948
	16,467		Bovis Homes Group PLC		151,127
	445,888		BP PLC		5,403,153
	113,059		British Energy Group PLC		1,687,439
	166,404		BT Group PLC		732,509
	508,102		Cable & Wireless PLC		1,499,225
	54,516		Capita Group PLC		714,603
	3,361		Carnival PLC		131,422
	19,518		Centrica PLC		113,482
	200,027		Compass Group PLC		1,348,428
	21,883	@	CSR PLC		171,061
	126,054		Daily Mail & General Trust		1,039,783
	20,306		Davis Service Group PLC		190,943
	96,361		Diageo PLC		1,965,343
	54,058		GlaxoSmithKline PLC		1,195,826
	31,891		Group 4 Securicor PLC		143,906
	196,618		HBOS PLC		1,815,260
	176,590		HSBC Holdings PLC		3,066,289
	41,644		Imperial Tobacco Group PLC		1,994,296
	104,036		International Power PLC		902,532
	43,308		Investec PLC		305,881
	92,369		J Sainsbury PLC		701,366
	337,017		Legal & General Group PLC		845,065
	19,909		Marks & Spencer Group PLC		149,380
	6,707		National Express Group PLC		122,603
	323,514		Old Mutual PLC		816,701
	50,615		Persimmon PLC		578,584
	25,048		Reckitt Benckiser PLC		1,455,505
	50,669	X	Resolution PLC		725,368
	24,067		Rio Tinto PLC		2,805,574
	13,012,876	@	Rolls-Royce Group PLC — B Shares Entitlement		25,874
	374,284		Royal Bank of Scotland Group PLC		2,533,291
	11,023		Shire PLC		202,498
	12,657		Smith & Nephew PLC		163,634
	19,616		Standard Chartered PLC		693,093
	25,325		Standard Life PLC		125,091
	21,024		Tate & Lyle PLC		220,014
	19,428		Tesco PLC		164,547
	42,229		Thomas Cook Group PLC		216,010
	12,653		Travis Perkins PLC		242,262
	674,853		Vodafone Group PLC		2,135,683
	205,755		WM Morrison Supermarkets PLC		1,164,475
	111,720		Wolseley PLC		1,117,222

					51,137,452

			Total Common Stock
			(Cost $263,705,275)		262,420,824


REAL ESTATE INVESTMENT TRUSTS: 0.8%

			Australia: 0.7%
	1,058,298		Macquarie Office Trust		1,021,064
	126,785		Stockland		863,552

					1,884,616


			United Kingdom: 0.1%
	16,694		British Land Co. PLC		277,057

					277,057

			Total Real Estate Investment Trusts (Cost $2,552,067)		2,161,673


PREFERRED STOCK: 1.2%

			Germany: 1.2%
	5,211		Bayerische Motoren Werke AG		225,299
	32,321		Henkel KGaA — Vorzug		1,369,265
	4,814		Porsche AG		882,841
	43,469		ProSieben SAT.1 Media AG		671,632

			Total Preferred Stock (Cost $3,881,984)		3,149,037


RIGHTS: 0.1%

			Austria: 0.0%
	3,540		Vienna Insurance Group — Rights		1,249

					1,249


			Italy: 0.0%
	29,651		Banca Monte dei Paschi di Siena S.p.A. — Rights		20,742

					20,742

See Accompanying Notes to Financial Statements

184

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2008 (Unaudited) (continued)

Value

Switzerland: 0.1%

82,267

UBS AG — Reg Rights

138,944

Total Rights
(Cost $-)

160,935

Total Investments in Securities

(Cost $270,139,326)*

97.2

267,892,469

Other Assets and
Liabilities - Net

2.8

7,769,561

Net Assets

100.0

275,662,030

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
STRIP		Separate Trading of Registered Interest and Principal of Securities
X		Fair Value determined by ING Funds Valuation Committee appointed by the Fund’s Board of Trustees.

*		Cost for federal income tax purposes is $276,010,898.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	6,001,903
Gross Unrealized Depreciation		(14,120,332	)

Net Unrealized Depreciation	$	(8,118,429	)


	Percentage of
Industry	Net Assets


Aerospace/Defense		0.1	%
Agriculture		1.2
Airlines		0.2
Auto Manufacturers		2.2
Auto Parts & Equipment		1.4
Banks		14.5
Beverages		1.6
Biotechnology		0.2
Building Materials		2.6
Chemicals		1.8
Commercial Services		0.4
Computers		0.9
Cosmetics/Personal Care		0.1
Distribution/Wholesale		1.0
Diversified		0.4
Diversified Financial Services		2.7
Electric		4.3
Electrical Components & Equipment		1.6
Electronics		2.0
Energy — Alternate Sources		0.6
Engineering & Construction		2.7
Entertainment		0.1
Food		3.7
Food Service		0.5
Forest Products & Paper		0.7
Gas		0.9
Hand/Machine Tools		0.1
Healthcare — Products		0.3
Healthcare — Services		0.2
Holding Companies — Diversified		0.5
Home Builders		0.3
Home Furnishings		1.1
Household Products/Wares		1.0
Insurance		4.4
Internet		0.2
Investment Companies		0.7
Iron/Steel		1.4
Leisure Time		0.1
Machinery — Construction & Mining		0.7
Machinery — Diversified		0.3
Media		2.1
Mining		5.0
Miscellaneous Manufacturing		1.9
Office Property		0.4
Office/Business Equipment		0.1
Oil & Gas		7.8
Oil & Gas Services		0.4
Pharmaceuticals		5.1
Real Estate		2.5
Retail		1.5
Semiconductors		0.6
Shipbuilding		0.1
Software		0.7
Telecommunications		6.2
Textiles		0.2
Toys/Games/Hobbies		0.1
Transportation		1.9
Venture Capital		0.4
Water		0.5
Other Assets and Liabilities — Net		2.8

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

185

PORTFOLIO OF INVESTMENTS

ING International Capital Appreciation Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 98.9%

			Australia: 5.2%
	73,407		BHP Billiton Ltd.	$	2,959,167
	22,466		Rio Tinto Ltd.		2,899,084
	34,051		Woodside Petroleum Ltd.		1,793,308

					7,651,559


			Austria: 1.6%
	31,533		Erste Bank der Oesterreichischen Sparkassen AG		2,324,449

					2,324,449


			Brazil: 6.8%
	67,845		Banco Itau Holding Financeira SA ADR		1,903,052
	21,441		Cia de Bebidas das Americas ADR		1,571,625
	89,034		Cia Vale do Rio Doce ADR		3,479,449
	24,807		Petroleo Brasileiro SA ADR		3,012,066

					9,966,192


			Canada: 6.2%
	77,370		Cameco Corp.		2,707,176
	62,320		Manulife Financial Corp.		2,440,451
	32,680		Rogers Communications, Inc.		1,454,067
	21,853		Suncor Energy, Inc.		2,462,615

					9,064,309


			China: 2.6%
	55,952	@	Focus Media Holding Ltd. ADR		2,064,069
	1,157,000	@	Foxconn International Holdings Ltd.		1,788,281

					3,852,350


			Denmark: 2.5%
	33,675	@	Vestas Wind Systems A/S		3,651,145

					3,651,145


			France: 5.7%
	47,941		AXA SA		1,771,311
	21,246		Electricite de France		2,220,672
	26,883		Iliad SA		2,844,443
	13,500		LVMH Moet Hennessy Louis Vuitton SA		1,532,252

					8,368,678


			Germany: 7.4%
	36,936		Adidas AG		2,344,571
	10,415		Deutsche Boerse AG		1,505,943
	9,020		E.ON AG		1,833,726
	14,352	@	Q-Cells AG		1,641,563
	35,086		SAP AG ADR		1,762,370
	7,194		Wacker Chemie AG		1,744,811

					10,832,984


			Greece: 1.5%
	38,963		National Bank of Greece SA		2,143,139

					2,143,139


			Hong Kong: 3.8%
	1,844,000		Agile Property Holdings Ltd.		2,555,507
	242,400		Esprit Holdings Ltd.		2,985,041

					5,540,548


			India: 2.7%
	18,286		HDFC Bank Ltd. ADR		2,062,661
	43,667		Infosys Technologies Ltd. ADR		1,907,811

					3,970,472


			Israel: 1.2%
	38,326		Teva Pharmaceutical Industries Ltd. ADR		1,792,890

					1,792,890


			Italy: 3.5%
	61,630		Saipem S.p.A.		2,695,381
	331,809		UniCredito Italiano S.p.A.		2,500,718

					5,196,099


			Japan: 10.5%
	50,800		Denso Corp.		1,771,911
	93,000		NGK Insulators Ltd.		1,791,195
	5,100		Nintendo Co., Ltd.		2,819,143
	42,600		Nitto Denko Corp.		1,764,402
	10,800		ORIX Corp.		1,953,806
	26,700		Shin-Etsu Chemical Co., Ltd.		1,653,268
	31,800		Toyota Motor Corp.		1,620,587
	22,800	@	Yamada Denki Co., Ltd.		1,957,475

					15,331,787


			Luxembourg: 1.8%
	25,071	@	Millicom International Cellular SA		2,707,919

					2,707,919


			Mexico: 1.1%
	39,889		Wal-Mart de Mexico SA de CV ADR		1,601,974

					1,601,974


			Netherlands: 1.2%
	46,802		Koninklijke Philips Electronics NV — NY Shares		1,757,883

					1,757,883


			Norway: 1.7%
	72,092	@	Renewable Energy Corp. A/S		2,439,396

					2,439,396


			Singapore: 2.0%
	191,000		Keppel Corp., Ltd.		1,462,132
	346,000		Keppel Land Ltd.		1,553,524

					3,015,656


			South Africa: 1.2%
	89,751		MTN Group Ltd.		1,705,621

					1,705,621


			South Korea: 1.7%
	6,927	#	Samsung Electronics GDR		2,456,040

					2,456,040


			Spain: 5.2%
	110,747		Banco Bilbao Vizcaya Argentaria SA		2,539,999
	129,215		Banco Santander Central Hispano SA		2,794,416
	78,383		Telefonica SA		2,252,331

					7,586,746


			Switzerland: 10.1%
	73,622		ABB Ltd.		2,246,604
	38,446		Credit Suisse Group		2,140,939
	18,290		Holcim Ltd.		1,784,592
	4,420		Nestle SA		2,109,569
	38,090		Nobel Biocare Holding AG		1,370,649
	30,700		Novartis AG		1,547,440
	13,315		Roche Holding AG		2,203,315
	4,904		Syngenta AG		1,457,494

					14,860,602


			United Kingdom: 11.7%
	833,382		ARM Holdings PLC		1,654,373
	149,489	@	Autonomy Corp. PLC		2,521,870
	159,333		British Sky Broadcasting PLC		1,717,255
	126,424		ICAP PLC		1,459,499
	323,876		Michael Page International PLC		1,843,439
	186,851		Prudential PLC		2,538,013
	135,961		Smith & Nephew PLC		1,757,754

See Accompanying Notes to Financial Statements

186

PORTFOLIO OF INVESTMENTS

ING International Capital Appreciation Fund

as of April 30, 2008 (Unaudited) (continued)

Value

United Kingdom (continued)

184,034

Tesco PLC

1,558,687

83,282

Wellstream Holdings PLC

2,073,053

17,123,943

Total Investments in Securities

(Cost $133,066,292)*

98.9

144,942,381

Other Assets and
Liabilities - Net

1.1

1,541,842

Net Assets

100.0

146,484,223

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
#		Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.

*		Cost for federal income tax purposes is $134,810,461.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	16,690,797
Gross Unrealized Depreciation		(6,558,877	)

Net Unrealized Appreciation	$	10,131,920


	Percentage of
Industry	Net Assets


Advertising		1.4	%
Apparel		3.6
Auto Manufacturers		1.1
Auto Parts & Equipment		1.2
Banks		11.1
Beverages		1.1
Building Materials		1.2
Chemicals		4.5
Commercial Services		1.3
Diversified Financial Services		4.8
Electric		2.8
Electronics		2.4
Energy — Alternate Sources		5.3
Engineering & Construction		1.5
Food		2.5
Healthcare — Products		2.1
Holding Companies — Diversified		2.1
Insurance		4.6
Internet		1.9
Media		1.2
Mining		8.2
Oil & Gas		5.0
Oil & Gas Services		3.3
Pharmaceuticals		3.8
Real Estate		2.8
Retail		2.4
Semiconductors		2.8
Software		4.2
Telecommunications		6.8
Toys/Games/Hobbies		1.9
Other Assets and Liabilities — Net		1.1

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

187

PORTFOLIO OF INVESTMENTS

ING International Equity Dividend Fund

as of April 30, 2008 (Unaudited)


Shares			Value



COMMON STOCK: 92.6%

		Australia: 7.1%
	26,564	Australia & New Zealand Banking Group Ltd.	$	548,403
	40,826	Crown Ltd.		422,558
	126,939	Foster’s Group Ltd.		605,997
	145,266	Insurance Australia Group		595,248
	36,795	Suncorp-Metway Ltd.		473,244
	37,456	TABCORP Holdings Ltd.		401,983
	21,372	Wesfarmers Ltd.		748,096

				3,795,529


		Belgium: 4.1%
	11,191	Belgacom SA		513,857
	15,132	Elia System Operator SA		673,605
	37,057	Fortis		1,005,461

				2,192,923


		Bermuda: 0.9%
	94,970	Hiscox Ltd.		479,656

				479,656


		Brazil: 0.6%
	13,605	Tele Norte Leste Participacoes SA ADR		311,691

				311,691


		Canada: 5.4%
	18,551	Bell Aliant Regional Communications Income Fund		554,449
	18,191	Enerplus Resources Fund		816,776
	36,120	Precision Drilling Trust		903,807
	16,526	TransCanada Corp.		605,510

				2,880,542


		Denmark: 1.5%
	22,815	Danske Bank A/S		785,478

				785,478


		Finland: 1.2%
	34,393	UPM-Kymmene OYJ		659,585

				659,585


		France: 8.4%
	7,878	BNP Paribas		839,833
	15,573	France Telecom SA		487,294
	10,903	Sanofi-Aventis		840,416
	11,899	Total SA		996,733
	7,360	Vinci SA		539,925
	19,916	Vivendi		802,963

				4,507,164


		Germany: 1.6%
	4,835	Bayerische Motoren Werke AG		263,064
	3,000	E.ON AG		609,887

				872,951


		Greece: 1.4%
	19,344	OPAP SA		752,511

				752,511


		Hong Kong: 0.8%
	54,500	CLP Holdings Ltd.		432,413

				432,413


		Hungary: 0.7%
	13,473	Magyar Telekom Telecommunications PLC ADR		360,268

				360,268


		Ireland: 2.3%
	34,354	Allied Irish Banks PLC		717,598
	33,918	Irish Life & Permanent PLC		543,044

				1,260,642


		Israel: 0.8%
	95,814	Bank Hapoalim BM		405,960

				405,960


		Italy: 11.2%
	85,484	Enel S.p.A.		927,513
	27,569	ENI S.p.A.		1,061,088
	111,623	Intesa Sanpaolo S.p.A.		829,793
	23,122	Italcementi S.p.A. RNC		367,647
	69,197	Mediaset S.p.A.		628,844
	72,382	Milano Assicurazioni S.p.A.		472,496
	8,287	Pirelli & C Real Estate S.p.A.		248,596
	306,109	Telecom Italia S.p.A. RNC		498,311
	132,161	UniCredito Italiano S.p.A.		996,047

				6,030,335


		Netherlands: 2.0%
	26,409	Royal Dutch Shell PLC		1,058,489

				1,058,489


		New Zealand: 0.7%
	137,286	Telecom Corp. of New Zealand Ltd.		404,932

				404,932


		Norway: 1.3%
	48,190	DnB NOR ASA		715,393

				715,393


		Poland: 0.8%
	45,744	Telekomunikacja Polska SA		459,615

				459,615


		Singapore: 0.9%
	33,000	DBS Group Holdings Ltd.		482,821

				482,821


		South Korea: 1.5%
	13,296	KT Corp. ADR		307,404
	7,060	S-Oil Corp.		475,210

				782,614


		Spain: 4.9%
	39,598	Banco Bilbao Vizcaya Argentaria SA		908,186
	27,650	Banco Santander Central Hispano SA		597,962
	29,168	Gestevision Telecinco SA		609,659
	17,735	Telefonica SA		509,614

				2,625,421


		Sweden: 4.2%
	39,797	Svenska Cellulosa AB — B Shares		666,215
	25,587	Swedbank AB		643,609
	166,563	Telefonaktiebolaget LM Ericsson		420,736
	61,820	TeliaSonera AB		549,282

				2,279,842


		Taiwan: 1.1%
	52,181	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		586,514

				586,514


		Thailand: 1.0%
	80,500	Siam Cement PCL		547,843

				547,843

See Accompanying Notes to Financial Statements

188

PORTFOLIO OF INVESTMENTS

ING International Equity Dividend Fund

as of April 30, 2008 (Unaudited) (continued)


Shares						Value



			United Kingdom: 26.2%
	21,932		AstraZeneca PLC			$	920,083
	53,054		Aviva PLC				659,083
	81,679		Barclays PLC				738,533
	75,020		BBA Aviation PLC				232,917
	82,089		BP PLC				994,732
	15,043		British American Tobacco PLC				564,296
	132,241		BT Group PLC				582,124
	83,571		Cattles PLC				394,946
	15,030		Diageo PLC				306,546
	341,893		DSG International PLC				441,056
	38,666		GlaxoSmithKline PLC				855,337
	51,294		HSBC Holdings PLC				890,663
	242,882		Legal & General Group PLC				609,023
	93,831		Lloyds TSB Group PLC				800,195
	36,061		Marks & Spencer Group PLC				270,570
	88,104		Rexam PLC				779,952
	132,348		Royal Bank of Scotland Group PLC				895,780
	25,769		Scottish & Southern Energy PLC				710,121
	27,984		Severn Trent PLC				808,117
	81,722		Tate & Lyle PLC				855,211
	55,232		United Utilities PLC				783,541

							14,092,826

			Total Common Stock (Cost $53,026,050)				49,763,958


REAL ESTATE INVESTMENT TRUSTS: 2.7%

			Australia: 1.3%
	67,285		Stockland				458,288
	15,743		Westfield Group				270,529

							728,817


			Germany: 0.7%
	19,148	@	Alstria Office AG				365,910

							365,910


			Netherlands: 0.7%
	3,982		Corio NV				370,118

							370,118

			Total Real Estate Investment Trusts (Cost $1,428,401)				1,464,845

		Total Investments in Securities
		(Cost $54,454,451)*		95.3	%	$	51,228,803
		Other Assets and Liabilities - Net		4.7			2,551,998

		Net Assets		100.0	%	$	53,780,801

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
ADR		American Depositary Receipt

*		Cost for federal income tax purposes is $55,056,136.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	943,927
Gross Unrealized Depreciation		(4,771,260	)

Net Unrealized Depreciation	$	(3,827,333	)


	Percentage of
Industry	Net Assets


Aerospace/Defense		0.4	%
Agriculture		1.1
Auto Manufacturers		0.5
Banks		24.7
Beverages		1.7
Building Materials		1.7
Diversified		1.5
Diversified Financial Services		1.7
Electric		6.2
Engineering & Construction		1.0
Entertainment		2.1
Food		1.6
Forest Products & Paper		2.5
Insurance		5.2
Lodging		0.8
Media		3.8
Miscellaneous Manufacturing		1.4
Office Property		0.7
Oil & Gas		11.7
Packaging & Containers		1.5
Pharmaceuticals		4.9
Pipelines		1.1
Real Estate		0.5
Retail		1.3
Semiconductors		1.1
Shopping Centers		0.5
Telecommunications		11.1
Water		3.0
Other Assets and Liabilities — Net		4.7

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

189

PORTFOLIO OF INVESTMENTS

ING International Growth Opportunities Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 97.0%

			Belgium: 2.2%
	33,075		InBev NV	$	2,711,037

					2,711,037


			Brazil: 2.6%
	181,700		Cosan SA Industria e Comercio		3,199,590

					3,199,590


			Canada: 4.2%
	43,800		Barrick Gold Corp.		1,691,556
	26,100		EnCana Corp.		2,105,675
	103,278	@,L	Silver Wheaton Corp.		1,370,499

					5,167,730


			China: 4.2%
	61,348	L	Aluminum Corp. of China Ltd. ADR		2,626,921
	719,000		Hengan International Group Co., Ltd.		2,566,345

					5,193,266


			Finland: 6.4%
	150,350		Nokia OYJ		4,520,165
	55,432		Outotec OYJ		3,453,016

					7,973,181


			France: 3.5%
	70,994	@	Eutelsat Communications		2,086,415
	17,844		PPR		2,307,088

					4,393,503


			Germany: 8.7%
	13,165		Allianz AG		2,668,701
	37,163		Bayer AG		3,138,736
	29,109		DaimlerChrysler AG		2,260,696
	75,495		GEA Group AG		2,784,251

					10,852,384


			Greece: 1.8%
	40,632		National Bank of Greece SA		2,234,941

					2,234,941


			Hong Kong: 4.8%
	862,000		Li & Fung Ltd.		3,556,204
	906,000		New World Development Ltd.		2,341,373

					5,897,577


			India: 1.6%
	91,115	@	Bharti Airtel Ltd.		2,027,508

					2,027,508


			Italy: 4.3%
	213,498		Enel S.p.A.		2,316,482
	125,465		Prysmian S.p.A.		2,957,956

					5,274,438


			Japan: 5.3%
	457	@	Mizuho Financial Group, Inc.		2,378,296
	7,500		Nintendo Co., Ltd.		4,145,798

					6,524,094


			Mexico: 1.6%
	1,883,800		Consorcio ARA, S.A. de C.V.		1,975,622

					1,975,622


			Netherlands: 2.4%
	159,900		Royal KPN NV		2,919,233

					2,919,233


			Russia: 3.2%
	47,964	L	OAO Gazprom ADR		2,537,856
	15,308	@,L	Unified Energy System ADR		1,458,852

					3,996,708


			South Korea: 1.8%
	34,538		Hyundai Development Co.		2,204,909

					2,204,909


			Switzerland: 8.8%
	12,393		Nestle SA		5,914,908
	64,570		Xstrata PLC		5,027,003

					10,941,911


			Taiwan: 3.3%
	422,280		HON HAI Precision Industry Co., Ltd.		2,440,427
	639,000		Synnex Technology International Corp.		1,705,692

					4,146,119


			Turkey: 1.8%
	161,819		Enka Insaat Ve Sanayi A/S		2,203,248

					2,203,248


			United Kingdom: 20.2%
	82,918		Anglo American PLC		5,359,922
	1,310,718		ARM Holdings PLC		2,601,947
	604,223		Game Group PLC		3,282,468
	1,119,004		Hays PLC		2,489,195
	64,608		Imperial Tobacco Group PLC		3,094,023
	211,153		Inmarsat PLC		1,928,575
	360,126		International Power PLC		3,124,162
	55,810		Reckitt Benckiser PLC		3,243,044

					25,123,336


			United States: 4.3%
	73,600		Alcoa, Inc.		2,559,808
	64,261	@,L	NRG Energy, Inc.		2,824,271

					5,384,079

			Total Common Stock (Cost $112,048,166)		120,344,414


PREFERRED STOCK: 0.8%

			Russia: 0.8%
	609,051		TNK-BP Holding		1,023,206

			Total Preferred Stock (Cost $1,769,776)		1,023,206

			Total Long-Term Investments (Cost $113,817,942)		121,367,620


SHORT-TERM INVESTMENTS: 7.6%

			Mutual Fund: 1.5%
	1,925,000	**	ING Institutional Prime Money Market Fund		1,925,000

			Total Mutual Fund (Cost $1,925,000)		1,925,000

See Accompanying Notes to Financial Statements

190

PORTFOLIO OF INVESTMENTS

ING International Growth Opportunities Fund

as of April 30, 2008 (Unaudited) (continued)


Principal
Amount						Value


			Repurchase Agreement: 0.5%
$	613,000		Morgan Stanley Repurchase Agreement dated 04/30/08, 1.970%, due 05/01/08, $613,034 to be received upon repurchase (Collateralized by $595,000 Federal Home Loan Mortgage Corporation, 6.625%, Market Value plus accrued interest $629,118, due 09/15/09)			$	613,000

			Total Repurchase Agreement (Cost $613,000)				613,000


			Securities Lending Collateral^CC: 5.6%
	6,906,030		Bank of New York Mellon Corp. Institutional Cash Reserves				6,906,030

			Total Securities Lending Collateral (Cost $6,906,030)				6,906,030

			Total Short-Term Investments (Cost $9,444,030)				9,444,030

		Total Investments in Securities (Cost $123,261,972)*		105.4	%	$	130,811,650
		Other Assets and Liabilities - Net		(5.4	)		(6,666,157	)

		Net Assets		100.0	%	$	124,145,493

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		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, 2008.
**		Investment in affiliate

*		Cost for federal income tax purposes is $123,639,704.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	11,866,896
Gross Unrealized Depreciation		(4,694,950	)

Net Unrealized Appreciation	$	7,171,946


	Percentage of
Industry	Net Assets


Agriculture		2.5	%
Auto Manufacturers		1.8
Banks		3.7
Beverages		2.2
Chemicals		2.5
Commercial Services		2.0
Distribution/Wholesale		2.9
Electric		7.8
Electrical Components & Equipment		2.4
Electronics		3.3
Engineering & Construction		1.8
Food		7.3
Healthcare — Products		2.1
Holding Companies — Diversified		2.3
Home Builders		3.4
Household Products/Wares		2.6
Insurance		2.2
Machinery — Construction & Mining		2.8
Mining		15.0
Oil & Gas		4.5
Real Estate		1.9
Retail		4.5
Semiconductors		2.1
Telecommunications		10.9
Toys/Games/Hobbies		3.3
Short-Term Investments		7.6
Other Assets and Liabilities — Net		(5.4	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

191

PORTFOLIO OF INVESTMENTS

ING International Real Estate Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 43.8%

			Australia: 0.9%
	487,100		Lend Lease Corp., Ltd.	$	5,700,322

					5,700,322


			Austria: 0.3%
	11,940	@	CA Immobilien Anlagen AG		277,629
	129,650	@	Meinl European Land Ltd.		1,690,767

					1,968,396


			Brazil: 1.7%
	611,900	@	BR Malls Participacoes SA		6,626,278
	407,700	@	Construtora Tenda SA		2,158,441
	136,700		Mrv Engenharia		2,755,054

					11,539,773


			Canada: 0.6%
	190,250		Brookfield Properties Co. (U.S. Denominated Security)		3,829,733

					3,829,733


			Finland: 1.3%
	1,527,728		Citycon OYJ		8,869,009

					8,869,009


			Germany: 0.1%
	10,580		Deutsche Euroshop AG		449,160

					449,160


			Hong Kong: 19.4%
	2,526,100		Cheung Kong Holdings Ltd.		39,456,192
	1,674,900		Hang Lung Group Ltd.		9,013,676
	1,998,600		Hang Lung Properties Ltd.		8,113,961
	1,219,100		Hongkong Land Holdings Ltd.		5,534,102
	1,489,500		Kerry Properties Ltd.		10,084,663
	2,609,400		Shui On Land Ltd.		2,593,335
	3,299,700		Sino Land Co.		8,320,960
	2,306,000		Sun Hung Kai Properties Ltd.		40,300,901
	1,003,750		Wharf Holdings Ltd.		5,076,154

					128,493,944


			India: 0.5%
	406,800	@	Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.)		3,112,153

					3,112,153


			Japan: 14.7%
	1,591,300		Mitsubishi Estate Co., Ltd.		46,278,007
	1,475,900		Mitsui Fudosan Co., Ltd.		37,295,878
	1,975		NTT Urban Development Corp.		3,064,233
	424,600		Sumitomo Realty & Development Co., Ltd.		10,642,999

					97,281,117


			Philippines: 0.2%
	6,527,200		Ayala Land, Inc.		1,501,046

					1,501,046


			Singapore: 1.6%
	2,090,600		CapitaLand Ltd.		10,536,627

					10,536,627


			Sweden: 0.6%
	440,320		Hufvudstaden AB		4,330,865

					4,330,865


			Switzerland: 0.9%
	95,600	@	PSP Swiss Property AG		5,918,909

					5,918,909


			Thailand: 0.3%
	1,929,000		Central Pattana PCL		1,748,443

					1,748,443


			United Kingdom: 0.7%
	23,000	@	Hirco PLC		157,086
	598,900	@	Ishaan Real Estate PLC		1,095,368
	752,200		Safestore Holdings Ltd.		2,165,241
	90,700	@	Yatra Capital Ltd.		1,210,882

					4,628,577

			Total Common Stock (Cost $267,594,033)		289,908,074


REAL ESTATE INVESTMENT TRUSTS: 52.5%

			Australia: 14.9%
	1,509,700		Australand Property Group		2,341,583
	3,696,300		CFS Retail Property Trust		7,785,931
	2,793,700		Challenger Diversified Property Group		2,060,413
	1,548,100		Charter Hall Group		2,110,670
	1,343,500		Commonwealth Property Office Fund		1,775,840
	1,135,700		DB Rreef Trust		1,879,673
	2,123,900		GPT Group		6,672,582
	1,718,300		Macquarie CountryWide Trust		2,250,215
	1,930,900		Macquarie Goodman Group		8,200,495
	1,039,700		Mirvac Group		4,108,244
	2,374,200		Stockland		16,171,035
	688,800		Valad Property Group		614,190
	2,478,839		Westfield Group		42,596,594

					98,567,465


			Canada: 2.9%
	6,600	@,#	Calloway Real Estate Investment Trust		138,737
	69,200		Calloway Real Estate Investment Trust		1,454,636
	116,700		Canadian Real Estate Investment Trust		3,198,213
	242,500		Cominar Real Estate Investment Trust		4,948,242
	445,600		RioCan Real Estate Investment Trust		9,278,356

					19,018,184


			France: 9.1%
	21,300		Gecina SA		2,997,853
	83,200		Klepierre		5,031,424
	106,451		Mercialys		4,942,349
	22,659		Societe Immobiliere de Location pour l’Industrie et le Commerce		3,229,189
	170,802		Unibail		43,866,169

					60,066,984


			Germany: 0.2%
	70,700	@	Alstria Office AG		1,351,045

					1,351,045


			Hong Kong: 1.4%
	3,769,700		Link Real Estate Investment Trust		9,024,882

					9,024,882


			Japan: 5.8%
	263		Japan Hotel and Resort, Inc.		876,918
	472		Japan Logistics Fund, Inc.		3,213,906
	867		Japan Real Estate Investment Corp.		10,277,498
	367		Japan Retail Fund Investment Corp.		2,173,406
	937		Kenedix Realty Investment Corp.		5,545,781

See Accompanying Notes to Financial Statements

192

PORTFOLIO OF INVESTMENTS

ING International Real Estate Fund

as of April 30, 2008 (Unaudited) (continued)


Shares						Value


			Japan (continued)
	207		Nippon Accommodations Fund, Inc.			$	996,774
	806		Nippon Building Fund, Inc.				10,579,635
	152		Nomura Real Estate Residential Fund, Inc.				657,492
	524		Tokyu Real Estate Investment Trust, Inc.				4,412,282

							38,733,692


			Netherlands: 3.5%
	133,650		Corio NV				12,422,485
	110,170		Eurocommercial Properties NV				6,316,681
	38,200		Wereldhave NV				4,831,007

							23,570,173


			Singapore: 2.9%
	2,534,400	@	Ascendas Real Estate Investment Trust				4,838,174
	2,423,300	@	CapitaCommercial Trust				4,012,851
	2,487,200	@	CapitaMall Trust				6,401,116
	4,491,800	@	Macquarie MEAG Prime Real Estate Investment Trust				4,107,053

							19,359,194


			United Kingdom: 11.8%
	605,900		British Land Co. PLC				10,055,653
	299,800		Brixton PLC				1,766,046
	291,200		Derwent Valley Holdings PLC				7,707,318
	256,100		Great Portland Estates PLC				2,318,276
	621,700		Hammerson PLC				12,377,768
	888,880		Land Securities Group PLC				27,030,048
	150,000		Liberty International PLC				2,902,771
	837,600		Segro PLC				7,627,065
	576,600		Shaftesbury PLC				6,130,385

							77,915,330

			Total Real Estate Investment Trusts (Cost $358,029,469)				347,606,949


MUTUAL FUNDS: 1.1%

			Australia: 0.5%
	1,567,500	**	ING Industrial Fund				3,080,031

							3,080,031


			Luxembourg: 0.6%
	246,410		Prologis European Properties				4,001,474

							4,001,474

			Total Mutual Funds (Cost $7,172,671)				7,081,505

			Total Long-Term Investments (Cost $632,796,173)				644,596,528

Principal
Amount						Value



SHORT-TERM INVESTMENTS: 3.3%

			U.S. Government Agency Obligations: 3.3%
	$21,653,000	Z	Federal Home Loan Bank, 1.550%, due 05/01/08			$	21,652,068

			Total Short-Term Investments (Cost $21,652,068)				21,652,068

		Total Investments in Securities
		(Cost $654,448,241)*		100.7	%	$	666,248,596
		Other Assets and Liabilities - Net		(0.7	)		(4,597,500	)

		Net Assets		100.0	%	$	661,651,096

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
#		Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
**		Investment in affiliate
Z		Indicates Zero Coupon Bond; rate shown reflects current effective yield.

*		Cost for federal income tax purposes is $687,358,036.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	8,968,931
Gross Unrealized Depreciation		(30,078,371	)

Net Unrealized Depreciation	$	(21,109,440	)


	Percentage of
Industry	Net Assets


Apartments		0.1	%
Closed-End Funds		1.1
Diversified		32.6
Engineering & Construction		0.5
Holding Companies — Diversified		0.8
Home Builders		0.4
Hotels		0.1
Office Property		6.3
Real Estate		41.8
Shopping Centers		12.9
Storage/Warehousing		0.3
Warehouse/Industrial		0.5
Short-Term Investments		3.3
Other Assets and Liabilities — Net		(0.7	)

Net Assets		100.0	%

At April 30, 2008 the following forward foreign currency contracts were outstanding for the ING International Real Estate Fund:

Settlement

Exchange

Unrealized

Currency

Buy/Sell

Date

For

Value

Appreciation

USD

Japanese Yen
JPY 519,960,381

Buy

05/07/08

4,981,704

5,002,598

20,894

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 95.6%

			Argentina: 0.0%
	20,900	@	Telecom Argentina SA ADR	$	367,004

					367,004


			Australia: 7.2%
	582,625	@	Aditya Birla Minerals Ltd.		1,597,752
	95,450		Ansell Ltd.		1,033,012
	12,207	@	Aquila Resources Ltd.		173,942
	350,933	@,I	Atlas Iron Ltd.		1,019,306
	15,100		Ausenco Ltd.		225,319
	2,399,469	@	Australian Worldwide Exploration Ltd.		8,262,633
	225,105	@	Babcock & Brown Capital Ltd.		880,318
	37,263		Bendigo Bank Ltd.		428,603
	188,766		Boart Longyear Group		337,289
	125,735		Bradken Ltd.		979,336
	1,434,629		Centennial Coal Co., Ltd.		6,149,378
	279,766		Challenger Financial Services Group Ltd.		549,951
	135,948		Computershare Ltd.		1,141,940
	186,884	@	Cooper Energy Ltd.		86,806
	77,177		Downer EDI Ltd.		530,755
	135,732	@	Energy World Corp., Ltd.		178,622
	132,420		Flight Centre Ltd.		2,717,180
	308,487		Futuris Corp., Ltd.		616,143
	66,902		G.U.D. Holdings Ltd.		617,257
	83,513		Iluka Resources Ltd.		312,084
	20,174		Incitec Pivot Ltd.		3,068,818
	244,590		Independence Group NL		1,921,372
	200,875		JB Hi-Fi Ltd.		1,718,150
	409,579		Just Group Ltd.		1,539,230
	772,480		Mincor Resources NL		2,565,535
	426,428	@	Mount Gibson Iron Ltd.		1,176,484
	673,856	I,X	Octaviar Ltd.		629,427
	94,200		OneSteel Ltd.		569,360
	1,257,500	@	Pan Australian Resources Ltd.		1,411,611
	69,764	@	Platinum Australia Ltd.		153,839
	248,567		Ramsay Health Care Ltd.		2,789,001
	96,702	@	Riversdale Mining Ltd.		731,444
	855,454		Sally Malay Mining Ltd.		4,364,315
	716,459		Seven Network Ltd.		6,265,732
	161,433		Sigma Pharmaceuticals Ltd.		179,991
	44,621		Sims Group Ltd.		1,391,871
	19,613		Sonic Healthcare Ltd.		281,811
	151,200		Straits Resources Ltd.		982,108
	439,241		Sunland Group Ltd.		1,182,662
	399,036	@	Tap Oil Ltd.		637,527
	97,882		Transfield Services Ltd.		1,180,713
	26,800		WorleyParsons Ltd.		979,997

					63,558,624


			Austria: 0.4%
	319,071	@	Austrian Airlines		1,847,726
	10,721	@	Ca Immo International AA		168,380
	5,267	@	Kapsch TrafficCom AG		286,754
	4,915		Rosenbauer International AG		229,513
	1,535		Schoeller-Bleckmann Oilfield Equipment AG		133,563
	22,338		Zumtobel AG		679,405

					3,345,341


			Belgium: 0.5%
	4,005		Bekaert SA		602,147
	6,545		D’ieteren SA		2,016,636
	39,700	@	Telenet Group Holding NV		956,885
	14,422		Tessenderlo Chemie NV		676,425

					4,252,093


			Bermuda: 0.7%
	284,837		Catlin Group Ltd.		2,202,099
	457,770		Hiscox Ltd.		2,312,017
	157,659		Lancashire Holdings Ltd.		951,767
	8,480,000		Regal Hotels International Holdings Ltd.		473,464

					5,939,347


			British Virgin Islands: 0.0%
	14,069		Empire Online Ltd.		8,342

					8,342


			Canada: 7.0%
	28,200	@	ACE Aviation Holdings, Inc.		539,023
	40,800		AGF Management Ltd.		971,486
	5,500	@	Air Canada		44,837
	119,000		Biovail Corp.		1,361,215
	40,300	@	Blue Pearl Mining Ltd.		869,945
	83,100		Canaccord Capital, Inc.		854,021
	139,900	@	Celestica, Inc.		1,314,124
	156,400	@	CGI Group, Inc. — Class A		1,821,638
	60,600		Dorel Industries, Inc.		1,835,270
	420,300	@	Eastern Platinum Ltd.		1,210,277
	69,300		Gerdau AmeriSteel Corp.		1,080,340
	52,200		Industrial Alliance Insurance		2,053,065
	52,700		Inmet Mining Corp.		4,324,948
	11,400		Laurentian Bank of Canada		477,802
	14,500	@	Major Drilling Group International		743,645
	12,700		Manitoba Telecom Services, Inc.		503,158
	57,300	@	Mercator Minerals Ltd.		605,374
	311,300		Methanex Corp.		7,263,976
	297,000	@	Neo Material Technologies, Inc.		1,365,415
	28,500		Northbridge Financial Corp.		983,393
	152,900		Nova Chemicals Corp.		3,853,244
	120,900	@	Oilexco Incorporated		1,845,133
	773,300	@	Pacific Rubiales Energy Corp.		1,136,415
	8,900	@	Pan Orient Energy Corp.		98,094
	124,884		Parkland Income Fund		1,548,805
	23,100		Pembina Pipeline Income Fund		389,931
	225,650	@	QuADRa Mining Ltd.		5,095,106
	254,430		Rothmans Inc.		6,283,065
	541,300		Sherritt International Corp.		7,551,648
	40,600	@	Sierra Wireless, Inc.		755,883
	60,000		Superior Plus Income Fund		805,481
	53,000	@	Taseko Mines Ltd.		281,960
	98,800	@	Westjet Airlines Ltd.		1,680,512

					61,548,229


			China: 0.1%
	176,000		Beijing Jingkelong Co., Ltd.		108,356
	166,000	@	China Molybdenum Co., Ltd.		180,312
	199,500		Great Wall Motor Co. Ltd.		235,297
	122,000		Stella International Holdings Ltd.		181,311

					705,276


			Denmark: 1.4%
	19,525	@	Alm. Brand Skadesforsikring A/S		1,227,483
	1,900		Amagerbanken A/S		78,727
	2,600		D/S Norden		283,442
	46,100		East Asiatic Co., Ltd. A/S		4,074,586
	7,900		Flsmidth & Co. A/S		829,013
	63,400		H Lundbeck A/S		1,562,447
	76,660		Sydbank A/S		2,853,760
	61,500	@	TK Development		898,171
	575	@	Topdanmark A/S		101,076

					11,908,705


			Finland: 1.0%
	12,200		Finnair OYJ		120,471
	52,673		F-Secure OYJ		225,363
	109,384		KCI Konecranes OYJ		4,735,741
	45,600		Nokian Renkaat OYJ		1,913,820
	59,937		Oriola-KD OYJ		276,388
	11,500		Outotec OYJ		716,368

See Accompanying Notes to Financial Statements

194

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value


			Finland (continued)
	7,400		Wartsila OYJ	$	503,965
	19,751		YIT OYJ		556,814

					9,048,930


			France: 7.2%
	9,831	@	Alten		345,219
	6,643		Bacou Dalloz		840,140
	86,680		Beneteau SA		2,372,746
	21,983		BioMerieux		2,397,225
	8,814		Bonduelle S.C.A.		1,092,460
	1,820		Bongrain SA		178,276
	8,339		Bourbon SA		560,771
	44,295		Capgemini SA		2,660,422
	4,091		Casino Guichard Perrachon SA		513,062
	2,494		CNP Assurances		295,803
	3,850		Eramet SLN		3,433,448
	402,902	@	Genesys		1,554,803
	7,560		Groupe Steria SCA		258,309
	37,874		Haulotte Group		751,600
	23,403	@	Homair SA		123,680
	186,763		IMS-International Metal Service		7,491,950
	7,200		Ipsen		439,996
	12,000		Lagardere SCA		855,531
	2,951		Lisi		318,609
	20,000		Neuf Cegetel		1,118,754
	12,951		Nexans SA		1,709,369
	177,167		Nexity		7,888,120
	15,528		Pierre & Vacances		1,704,323
	178,732		Rallye SA		13,485,515
	4,301		Rubis		382,777
	11,412	@	Saft Groupe SA		439,899
	16,700		SEB SA		3,048,112
	4,718		Sopra Group SA		366,770
	10,534	@	Store Electronic		246,725
	4,564		Sword Group		195,542
	13,716		Teleperformance		562,500
	11,667		Thales SA		759,905
	53,608	@	Thomson		338,958
	36,961	@	UbiSoft Entertainment		3,691,554
	2,717		Vilmorin & Cie		506,729
	3,422		Virbac SA		322,608

					63,252,210


			Germany: 9.8%
	5,189		AMB Generali Holding AG		952,685
	79,159		Arques Industries AG		1,056,837
	33,050		Bauer AG		2,666,290
	39,869		Bechtle AG		1,300,423
	14,400		Demag Cranes AG		792,372
	35,954		Deutsche Euroshop AG		1,526,378
	25,025	@	Em.Tv Ag		89,022
	272,448		EpCos. AG		4,157,059
	20,653		Fresenius Medical Care AG & Co. KGaA		1,092,886
	16,600		GEA Group AG		612,207
	3,546		Gerry Weber International AG		119,733
	281,014		Gildemeister AG		8,251,353
	6,759		Grenkeleasing AG		266,467
	56,873		Hannover Rueckversicheru — Reg		3,093,366
	2,305		Hawesko Holding AG		87,588
	523		Hochtief AG		53,252
	14,000		IDS Scheer AG		172,773
	82,824	@	IWKA AG		3,028,073
	138,227		Kloeckner & Co. AG		7,546,633
	12,189		Koenig & Bauer AG		398,769
	13,950		Krones AG		1,181,948
	47,050		Leoni AG		2,526,528
	9,532		MAN AG		1,325,203
	94,739	@	Medion AG		1,883,805
	222,130		MTU Aero Engines Holding AG		10,069,344
	152,287		Norddeutsche Affinerie AG		6,414,297
	3,100		Phoenix Solar AG		189,600
	13,396		Rheinmetall AG		1,011,069
	4,750	@	Roth & Rau AG		1,088,473
	53,614		Salzgitter AG		10,905,565
	6,144	@	SFC Smart Fuel Cell AG		114,403
	32,150	@	SGL Carbon AG		2,167,327
	24,950		Stada Arzneimittel AG		1,682,408
	53,800	@	TUI AG		1,532,593
	34,891		Vivacon AG		608,564
	25,771		Vossloh AG		3,719,191
	5,800		Wacker Chemie AG		1,406,714
	34,913	@	Wirecard AG		726,634

					85,817,832


			Greece: 0.4%
	221,294		Anek Lines SA		726,384
	15,363	@	Babis Vovos International Technical Co.		466,963
	11,412		Fourlis Holdings SA		360,180
	14,397		Jumbo SA		425,331
	68,570		Sidenor Steel Production & Manufacturing Co. SA		1,128,774

					3,107,632


			Hong Kong: 2.7%
	96,000		Agile Property Holdings Ltd.		133,042
	72,000	@	China Everbright Ltd.		183,138
	85,000	@	China Insurance International Holdings Co., Ltd.		226,127
	324,000		Far East Consortium		120,478
	490,000		First Pacific Co.		359,131
	4,408,000		Global Green Tech Group Ltd.		829,297
	97,000		Great Eagle Holding Co.		281,410
	176,000		Hang Lung Group Ltd.		947,165
	320,000		Hopewell Highway Infrastructure Ltd.		254,623
	180,000		Industrial & Commercial Bank of China (Asia) Ltd.		491,637
	346,000		Jinhui Shipping & Transportation Ltd.		3,620,477
	7,500		Kerry Properties Ltd.		50,779
	444,000		Luk Fook Holdings International Ltd.		273,185
	2,630,000		Midland Holdings Ltd.		2,719,286
	8,592,000		Minmetals Resources Ltd.		3,329,988
	52,500		MTR Corp.		187,756
	23,700		Nam Tai Electronics, Inc.		244,347
	249,000		Pacific Andes Holdings Ltd.		89,617
	3,085,000		Pacific Basin Shipping Ltd.		5,638,178
	2,020,000		Shougang Concord Century Holding		175,556
	6,898,000		Sinolink Worldwide Holdings		1,210,366
	154,000		Television Broadcasts Ltd.		884,517
	548,000		TPV Technology Ltd.		382,038
	149,194		Vtech Holdings Ltd.		817,512

					23,449,650


			India: 0.2%
	155,478		Chennai Petroleum Corp., Ltd.		1,387,210
	29,207		Great Eastern Shipping Co., Ltd.		320,522

					1,707,732


			Indonesia: 0.1%
	893,000		PT Tambang Batubara Bukit Asam Tbk		1,021,700

					1,021,700


			Ireland: 0.6%
	18,874		DCC PLC		433,759
	2,100		FBD Holdings PLC		83,653
	277,000		Glanbia PLC		2,149,349
	88,300		Greencore Group PLC		522,550
	36,400		Iaws Group PLC		917,294

See Accompanying Notes to Financial Statements

195

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value


			Ireland (continued)
	37,200		Kerry Group PLC	$	1,150,601
	55,700		United Drug PLC		331,271

					5,588,477


			Israel: 0.2%
	143,463	@	Israel Discount Bank Ltd.		348,515
	13,249		Partner Communications		311,490
	39,800		Partner Communications ADR		926,146
	7,578		Super-Sol Ltd.		37,612

					1,623,763


			Italy: 2.1%
	25,020		ACEA S.p.A.		481,777
	81,500		Aedes S.p.A		249,064
	278,200		AEM S.p.A.		1,022,449
	47,140		Autostrada Torino-Milano S.p.A.		838,513
	118,423		Azimut Holding S.p.A.		1,290,578
	37,946		Banco di Desio e della Brianza S.p.A.		399,203
	123,637	@	BasicNet S.p.A.		357,783
	10,209		Biesse S.p.A.		217,080
	137,800		Brembo S.p.A.		1,756,465
	516,230		CIR-Compagnie Industriali Riunite S.p.A.		1,338,219
	2,941		Fondiaria-Sai S.p.A.		117,813
	81,503	@	GreenergyCapital S.p.A.		1,349
	122,790	@	Gruppo Coin S.p.A.		802,481
	140,621		Indesit Co. S.p.A.		1,688,034
	393,096	@	It Holding S.p.A		393,508
	81,503	@	KME Group		132,165
	191,600	@	Maire Tecnimont S.p.A.		1,129,049
	80,714		Premafin Finanziaria S.p.A.		188,135
	30,163		Prima Industrie S.p.A.		1,358,157
	82,100		Prysmian S.p.A.		1,935,585
	238,134		Recordati S.p.A.		1,735,918
	9,900		Trevi Finanziaria S.p.A.		228,609
	258,787		Unipol S.p.A.		843,297

					18,505,231


			Japan: 18.0%
	102		Acca Networks Co., Ltd.		129,480
	58,000	@	Adores, Inc.		145,234
	11,200		Aica Kogyo Co., Ltd.		110,551
	2,800		Aichi Bank Ltd.		240,631
	44,050		Aiful Corp.		858,786
	58,900		Aisan Industry Co., Ltd.		574,599
	11,800		Alfresa Holdings Corp.		832,258
	295,200	@	Allied Telesis Holdings KK		207,128
	11,400		Aloka Co., Ltd.		144,282
	3,900		Alpha Corp.		41,395
	177,600		Alpine Electronics, Inc.		2,025,619
	106,100	@	AOC Holdings, Inc.		1,138,147
	10,500		Arcs Co., Ltd.		147,981
	356,000		Atsugi Co., Ltd.		449,484
	12,000		Awa Bank Ltd.		77,554
	601		Bosch Corp.		3,451
	170,800		Century Leasing System, Inc.		1,413,546
	1,008,000	@	Chori Co., Ltd.		1,118,206
	39,000		Chugoku Marine Paints Ltd.		298,901
	20,000		Chuo Denki Kogyo Co., Ltd.		306,379
	172,000		Cosmo Oil Co., Ltd.		571,025
	6,000	@	Cosmos Initia Co., Ltd.		18,688
	3,900		Create S D Co., Ltd.		85,967
	15,000		Daido Steel Co., Ltd.		83,553
	33,000		Daihatsu Diesel Manufacturing Co., Ltd.		327,843
	57,000		Daiichi Jitsugyo Co., Ltd.		238,854
	13,100	@	Daiichikosho Co., Ltd.		128,188
	44,000	@	Daito Bank Ltd.		37,718
	235,000		Daiwa Industries Ltd.		1,065,749
	23,700		DC Co., Ltd.		65,036
	15,140		Diamond Lease Co., Ltd.		743,194
	52,000		Eagle Industry Co., Ltd.		463,497
	12,000		Excel Co., Ltd.		143,638
	1,300		Exedy Corp.		35,910
	64,500		FamilyMart Co., Ltd.		2,265,133
	57,100		Fancl Corp.		714,528
	174,000		Fuji Machine Manufacturing Co., Ltd.		3,464,427
	28,800		Fuji Oil Co., Ltd.		266,975
	8,700		Fujikura Kasei Co., Ltd.		71,762
	17,300		Fujitsu Frontech Ltd.		152,141
	48,000		Fujitsu General Ltd.		223,873
	25,000		Furukawa-Sky Aluminum Corp.		53,639
	39,200		Futaba Industrial Co., Ltd.		896,571
	755		Geo Co., Ltd.		630,620
	33,400		Glory Ltd.		752,299
	23,300		Gulliver International Co.		840,572
	341,000		Hino Motors Ltd.		2,153,891
	6,000		Hirano Tecseed Co., Ltd.		54,671
	12,400		HIS Co., Ltd.		192,805
	6,000		Hisaka Works Ltd.		91,500
	153,000		Hitachi Cable Ltd.		610,135
	34,000		Hitachi Kokusai Electric, Inc.		322,823
	113,000		Hitachi Metals Ltd.		1,696,765
	15,400		Hitachi Software Engineering Co., Ltd.		379,199
	36,400		Hitachi Transport System Ltd.		435,752
	38,200		Hosiden Corp.		775,410
	98,000		Hosokawa Micron Corp.		626,734
	38,000		Hyakugo Bank Ltd.		249,907
	71,000		Hyakujushi Bank Ltd.		423,784
	102,900		IBJ Leasing Co., Ltd.		1,919,418
	2,500		Icom, Inc.		59,173
	754		IDU Co.		387,392
	65,400		Inabata & Co., Ltd.		360,978
	125,900	@	Ines Corp.		647,414
	4,800		Information Services International-Dentsu Ltd.		41,554
	16,037	@	IT Holdings Corp.		331,582
	64,000	@	Iwatani International Corp.		189,211
	21,000		Izumiya Co., Ltd.		145,111
	123,000	@	Izutsuya Co., Ltd.		123,651
	32,000		Japan Aviation Electronics Industry Ltd.		276,611
	208,000		Japan Radio Co., Ltd.		514,554
	860,000		JFE Shoji Holdings, Inc.		6,682,118
	69,000	@	Jidosha Buhin Kogyo Co., Ltd.		315,332
	38,000		Joshin Denki Co., Ltd.		330,355
	11,900		JSP Corp.		104,173
	25,000		Kanamoto Co., Ltd.		152,793
	2,102,000	@	Kanematsu Corp.		3,255,881
	122,400		Kanto Auto Works Ltd.		1,644,905
	83,833	@	Kanto Tsukuba Bank Ltd.		477,684
	209,000	@	Kawai Musical Instruments Manufacturing Co., Ltd.		319,592
	24,600		Keiyo Co., Ltd.		134,751
	198,000		Kenwood Corp.		234,462
	4,900		Kita-Nippon Bank Ltd.		197,212
	891	@	KK DaVinci Advisors		854,945
	41,900		Koa Corp.		369,400
	87,000		Koito Manufacturing Co., Ltd.		1,146,077
	368,000		Kurimoto Ltd.		479,970
	38,300		Kuroda Electric Co., Ltd.		545,536
	28,100	@	Kyoden Co., Ltd.		43,927
	36,000		Kyodo Printing Co., Ltd.		96,647
	13,900		Kyoei Steel Ltd.		313,944
	324	@	Kyoei Tanker Co., Ltd.		946
	63,000		Kyorin Co., Ltd.		679,771
	3,400		Lintec Corp.		44,160
	44,000	@	Maeda Road Construction Co., Ltd.		344,218
	55,000	@	Marudai Food Co., Ltd.		118,952
	147,000	@	Maruetsu, Inc.		1,193,272
	38,900	@	Matsumotokiyoshi Holdings Co., Ltd.		809,910

See Accompanying Notes to Financial Statements

196

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value


			Japan (continued)
	20,600		Megane TOP Co., Ltd.	$	200,983
	18,500		Mikuni Coca-Cola Bottling Co., Ltd.		192,769
	185,000		Minebea Co., Ltd.		1,131,743
	32,000		Ministop Co., Ltd.		661,511
	53,100		Miraca Holdings, Inc.		1,258,404
	6,300		MISUMI Group, Inc.		122,574
	537,000		Mitsubishi Paper Mills Ltd.		1,202,665
	67,000		Mitsubishi Steel Manufacturing Co., Ltd.		243,874
	264,000		Mitsui Sugar Co., Ltd.		878,032
	281		Money Partners Co., Ltd.		317,299
	129,400		Mori Seiki Co., Ltd.		2,389,751
	46,300		Musashi Seimitsu Industry Co., Ltd.		1,030,417
	19,583		Namura Shipbuilding Co., Ltd.		131,816
	18,200		NEC Fielding Ltd.		219,069
	11,400		NEC Leasing Ltd.		143,087
	32,800		NEC Networks & System Integration Corp.		459,806
	458		Net One systems Co., Ltd.		578,378
	92,000		NHK Spring Co., Ltd.		661,565
	6,200		Nichi-iko Pharmaceutical Co., Ltd.		163,014
	531,000		Nichirei Corp.		2,506,689
	3,900		Nidec Copal Corp.		52,839
	47,500		Nifco, Inc.		1,025,267
	16,000		Nihon Parkerizing Co., Ltd.		254,583
	199,000		Nippon Denko Co., Ltd.		2,395,785
	195,000		Nippon Metal Industry Co., Ltd.		581,132
	13,000		Nippon Seiki Co., Ltd.		191,077
	52,000		Nippon Shinyaku Co., Ltd.		612,465
	22,500		Nippon Signal Co., Ltd.		124,686
	121,000	@	Nippon Soda Co., Ltd.		430,527
	137,000		Nippon Steel Trading Co., Ltd.		380,743
	265,000		Nippon Synthetic Chemical Industry Co., Ltd.		1,580,560
	30,000		Nippon Thompson Co., Ltd.		208,748
	36,000		Nipro Corp.		612,489
	6,900		Nishimatsuya Chain Co. Ltd.		86,600
	67,000	@	Nishi-Nippon City Bank Ltd.		205,670
	220,000		Nissan Shatai Co., Ltd.		1,638,085
	243,000		Nisshin Steel Co., Ltd.		901,288
	9,100		Nitta Corp.		150,365
	109,000		Nittetsu Mining Co., Ltd.		670,225
	560		Obic Co., Ltd.		103,513
	33,760		Oiles Corp.		630,699
	51,000		Oita Bank Ltd.		360,361
	16,270		Okinawa Electric Power Co., Inc.		710,562
	90		Optex Co., Ltd.		1,471
	4,000		Osaka Steel Co., Ltd.		54,667
	6,900		OSG Corp.		97,159
	484,000		Pacific Metals Co., Ltd.		4,720,317
	16,400		Pigeon Corp.		302,088
	176		Pilot Corp.		281,997
	184,000		Pioneer Corp.		1,820,605
	40,800		Plenus Co., Ltd.		496,408
	80,600		Ricoh Leasing Co., Ltd.		1,601,695
	1,700		Ryosan Co., Ltd.		37,997
	105,300		Saizeriya Co., Ltd.		922,678
	43,000		San-Ai Oil Co., Ltd.		172,164
	250,000		Sanden Corp.		1,032,909
	342,500	@	Sanix, Inc.		757,100
	1,067,000	@	Sanyo Electric Co., Ltd.		2,662,410
	6,100		Sato Corp.		82,384
	45,200		Shimachu Co., Ltd.		1,243,837
	71,100	@	Shinki Co., Ltd.		87,948
	139,200		Shinko Plantech Co., Ltd.		2,187,304
	37,000		Shinmaywa Industries Ltd.		141,715
	292,000		Shinsho Corp.		986,088
	660,000		Shinwa Kaiun Kaisha Ltd.		4,357,722
	80,000		Shizuoka Gas Co., Ltd.		479,783
	72,800		Siix Corp.		603,130
	1,638		Sky Perfect Jsat Corp.		704,233
	196,800		Sojitz Corp.		758,068
	6,700		Sumida Corp.		88,401
	611,000		Sumikin Bussan Corp.		2,316,531
	10,100		Sumisho Computer Systems Corp.		193,530
	63,200		Sumitomo Densetsu Co., Ltd.		397,411
	32,220		Sumitomo Real Estate Sales		1,344,302
	1,261		Suncity Co., Ltd.		188,937
	48,200		Suruga Corp.		281,398
	33,200		Tachi-S Co., Ltd.		270,416
	96,000	@	Taihei Kogyo Co., Ltd.		356,270
	48,000		Takisawa Machine Tool Co., Ltd.		72,772
	87,000		Tamura Corp.		277,789
	77,000		Tanabe Seiyaku Co., Ltd.		919,690
	87,000		TBK Co., Ltd.		382,908
	36,000		TCM Corp.		79,934
	1,813		Telepark Corp.		1,690,646
	13,100		TKC Corp.		261,331
	61,600		Toho Pharmaceutical Co., Ltd.		1,273,114
	496	@	Tohto Suisan Co., Ltd.		936
	102,200		Tokai Rika Co., Ltd.		2,503,266
	53,800		Tokai Rubber Industries, Inc.		787,590
	246,000		Tokyo Dome Corp.		1,015,813
	168,000	@	Tokyo Tekko Co., Ltd.		712,847
	3,700		Tokyo Tomin Bank Ltd.		78,921
	2,700		Tokyu Community Corp.		59,007
	248,000	@	Tonichi Carlife Group, Inc.		276,655
	78,000		Toshiba Tec Corp.		547,297
	324,000		Toyo Kohan Co., Ltd.		1,606,541
	270,000		Toyo Securities Co., Ltd.		913,014
	65,000	@	Toyo Tire & Rubber Co., Ltd.		252,813
	6,300		Toyoda Gosei Co., Ltd.		230,245
	108,000		Toyota Auto Body Co., Ltd.		2,162,128
	18,000		Toyota Boshoku Corp.		514,812
	8,500		Trusco Nakayama Corp.		130,887
	73,400		TS Tech Co., Ltd.		1,213,837
	301,000		Tsubakimoto Chain Co.		2,032,556
	77,000		Tsudakoma Corp.		178,969
	4,400		Tsumura & Co.		106,506
	2,300		Tsuruha Holdings, Inc.		85,953
	4,300		Tsutsumi Jewelry Co., Ltd.		90,975
	82,000		Uchida Yoko Co., Ltd.		342,111
	9,200		UEX Ltd.		61,887
	5,000		Union Tool Co.		183,895
	12,300		Usen Corp.		53,762
	14,100		Valor Co., Ltd.		157,426
	14,000		Waseda Academy Co., Ltd.		127,568
	29,400		Weathernews, Inc.		375,745
	57	@	Wowow, Inc.		91,550
	5,600		Y.A.C. Co., Ltd.		58,765
	11,000		Yamanashi Chuo Bank Ltd.		72,639
	290,500		Yamato Kogyo Co., Ltd.		13,773,698
	345,200		Yamazen Corp.		1,310,939
	32,000		Yaskawa Electric Corp.		324,457
	10,200		Yorozu Corp.		148,001
	1,124,000	@	Yuasa Trading Co., Ltd.		1,555,963

					158,036,916


			Liechtenstein: 0.1%
	2,110		Verwalt & Privat-Bank AG		530,628

					530,628


			Malaysia: 0.0%
	17,100	@	Proton Holdings Bhd		21,075
	114,300		Tan Chong Motor Holdings Bhd		66,060

					87,135


			Mexico: 0.3%
	456,600	@	Axtel SAB de CV — CPO		840,174
	197,100		Grupo Aeroportuario del Pacifico SA de CV		803,339
	100,100		Grupo Financiero Banorte SA de CV		433,087

See Accompanying Notes to Financial Statements

197

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value


			Mexico (continued)
	72,800		Grupo Mexico SA de CV	$	530,969
	54,000	@	Industrias CH SA — Series B		247,122
	28,300		Mexichem SA de CV		202,225

					3,056,916


			Netherlands: 2.6%
	2,545	@	Advanced Metallurgical Group NV		173,296
	91,669		Draka Holding		3,264,169
	16,744		Fugro NV		1,488,122
	35,200		Grontmij		1,337,086
	58,800		Imtech NV		1,633,367
	18,874		Innoconcepts		319,049
	6,679		Nutreco Holding NV		487,747
	302,736		OCE NV		4,541,885
	37,102		OPG Groep NV		993,922
	15,801		SBM Offshore NV		602,267
	21,210		Smit Internationale NV		2,457,215
	14,484		Ten Cate NV		525,068
	20,740		TKH Group NV		505,201
	15,736	@	TomTom		543,691
	177,512		USG People NV		4,080,457

					22,952,542


			New Zealand: 0.1%
	954,406		Air New Zealand Ltd.		931,677
	146,349		Fisher & Paykel Healthcare Corp.		305,402

					1,237,079


			Norway: 0.8%
	538,509	@	Acta Holding ASA		1,929,515
	190,200		Cermaq ASA		2,172,892
	416,800	@	Deep Sea Supply PLC		1,800,581
	21,100	@	ODIM ASA		369,560
	13,850	@	Petroleum Geo-Services ASA		372,685
	98,000	@	StepStone ASA		324,734

					6,969,967


			Portugal: 0.2%
	90,001		Semapa-Sociedade de Investimento e Gestao		1,259,481
	293,236		Teixeira Duarte — Engenharia Construcoes SA		704,608

					1,964,089


			Singapore: 3.3%
	1,423,000		Allgreen Properties Ltd.		1,353,049
	460,000	@,#	ARA Asset Management Ltd.		257,808
	882,000		Armstrong Industrial Corp.		211,891
	285,000		Aztech Systems Ltd.		47,572
	209,000		Goodpack Ltd.		269,622
	495,000		Ho Bee Investment Ltd.		369,262
	542,000	I	Hong Leong Asia Ltd.		1,065,511
	58,000		Jardine Cycle & Carriage Ltd.		711,923
	4,008,000		LC Development Ltd.		798,984
	1,973,000		Meiban Group Ltd.		464,802
	19,000	I	MFS Technology Ltd.		4,554
	702,000		Neptune Orient Lines Ltd.		1,664,436
	159,000		Parkway Holdings Ltd.		412,971
	352,000		Rotary Engineering Ltd.		238,840
	29,000		Singapore Land Ltd.		154,603
	3,810,000		Singapore Petroleum Co., Ltd.		20,341,683
	115,000		SMRT Corp., Ltd.		152,714
	212,000		Unisteel Technology Ltd.		252,850
	4,188,000	@	Yongnam Holdings Ltd.		676,550

					29,449,625


			South Korea: 3.0%
	31,900		BNG Steel Co., Ltd.		374,070
	19,875		C-motech Co., Ltd.		608,937
	48,730	@	Dongbu Insurance Co., Ltd.		1,826,083
	29,330		Dongbu Steel Co., Ltd.		390,349
	24,720	@	Forhuman Co., Ltd.		394,860
	99,680		From30 Co., Ltd.		755,386
	441,636	@	Halim Co., Ltd.		908,955
	10,820		Hanshin Construction		257,319
	23,199		Honam Petrochemical Corp.		2,053,794
	57,059	@	Human & Technology Co., Ltd.		327,828
	31,070		Hyosung Corp.		1,928,459
	1,409		Hyundai Department Store Co., Ltd.		148,488
	3,652		Hyundai Development Co.		233,144
	17,400		Hyundai DSF Co., Ltd.		219,165
	52,720	@	Hyundai Marine & Fire Insurance Co., Ltd.		1,078,996
	2,833		Hyunjin Materials Co., Ltd.		111,265
	66,890		Jinheung Mutual Savings Bank		361,524
	514		KCC Corp.		228,950
	8,327		KCC Engineering & Construction		433,265
	15,780		Keangnam Enterprises Ltd.		584,859
	3,308		Korea Iron & Steel Co., Ltd.		255,282
	19,926		Korea Zinc Co., Ltd.		2,397,953
	23,190		Korean Petrochemical Industrial Co.		1,071,293
	77,450	@	KP Chemical Corp.		652,949
	14,080		Kumho Industrial Co., Ltd.		468,973
	12,676		Kyeryong Construction Industrial Co., Ltd.		462,734
	26,400	@	LG Micron Ltd.		1,172,848
	68,290	@	LIG Non-Life Insurance Co., Ltd.		1,460,294
	2,770		MegaStudy Co., Ltd.		908,799
	14,580		Meritz Fire & Marine Insurance Co., Ltd.		126,436
	44,384		People & Telecommunication, Inc.		440,001
	2,547		Samsung Engineering Co., Ltd.		226,426
	8,792	@	Samsung SDI Co., Ltd.		677,324
	26,220	I	SeAH Steel Corp.		1,224,197
	15,662		SFA Engineering Corp.		1,033,183
	51,680		Solomon Mutual Savings Bank		548,528
	36,144		Taesan LCD Co., Ltd.		257,651

					26,610,567


			Spain: 2.5%
	7,800		Banco Espanol de Credito SA (Banesto)		145,299
	3,919		Construcciones y Auxiliar de Ferrocarriles SA		1,714,921
	495,962		Corp. Mapfre SA		2,515,745
	9,100		Corporacion Financiera Alba SA		633,575
	17,870		Duro Felguera SA		193,718
	18,874		Enagas		570,225
	65,700		Grifols SA		1,828,139
	33,400		Grupo Catalana Occidente SA		1,268,134
	76,892		Iberia Lineas Aereas de Espana		301,959
	92,700		Indra Sistemas SA		2,518,511
	71,600	@	Laboratorios Almirall SA		1,495,945
	5,406		Pescanova SA		295,415
	35,129		Red Electrica de Espana		2,271,322
	30,400	@	Solaria Energia y Medio Ambiente SA		574,546
	181,263		Tubos Reunidos SA		1,262,139
	51,435		Union Fenosa SA		3,434,979
	22,207		Viscofan SA		532,688

					21,557,260


			Sweden: 2.8%
	132,200		BE Group AB		1,486,041
	409,642		Fabege AB		3,815,420
	15,300		Getinge AB		388,313
	262,800		JM AB		4,314,412
	179,000		Kungsleden AB		1,779,899
	304,800		NCC AB		5,818,212
	388,200		Peab AB		3,330,422
	102,117	@	Peab AB		1,014,777
	6,671		Saab AB		188,225

See Accompanying Notes to Financial Statements

198

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value


			Sweden (continued)
	77,400	@	SAS AB	$	618,111
	23,263		Swedish Match AB		506,877
	941,000	@	West Siberian Resources Ltd. GDR		615,184
	37,500		Wihlborgs Fastigheter AB		819,699

					24,695,592


			Switzerland: 4.4%
	31,500		Addax Petroleum Corp.		1,403,753
	548		Adecco SA		32,619
	1,339		AFG Arbonia-Forster Holding		419,168
	27,905		Baloise Holding AG		3,038,706
	103		Bank Sarasin & Compagnie AG		470,797
	5,060		Bellevue Group AG		316,292
	4,213		BKW FMB Energie AG		519,033
	2,911		Bucher Industries AG		805,297
	2,264		Compagnie Financiere Tradition (CFT)		427,698
	1,487		Flughafen Zuerich AG		651,134
	4,413	@	Forbo Holding AG		2,226,991
	15,654		Galenica AG		4,952,891
	3,774		Geberit AG — Reg		579,622
	8,725	@	Georg Fischer AG		4,747,975
	5,902		Helvetia Holding AG		2,456,801
	14,200		Holcim Ltd.		1,385,523
	6,347		Huber & Suhner AG		306,587
	1,500		Kaba Holding AG — Reg B		469,311
	2,439		Kuoni Reisen Holding		1,412,723
	14,949	@	Micronas Semiconductor Hold		114,457
	30,000		Mobilezone Holding AG		222,941
	1,261	@	Newave Energy Holding SA		53,264
	10,800		Pargesa Holding SA		1,235,041
	19,037	@	PSP Swiss Property AG		1,178,643
	2,100		Schweizerhall Holding AG		353,437
	292		Sika AG		503,800
	293		St. Galler Kantonalbank		138,274
	13,190	@	Swiss Life Holding		3,920,428
	14,081		Swissquote Group Holding — Reg		660,764
	6,700		Syngenta AG		1,991,274
	53,740	@	Temenos Group AG — Reg		1,507,324
	1,200	@	U-Blox AG		58,086
	69		Zehnder Group AG		101,292

					38,661,946


			Taiwan: 1.2%
	164,956		Altek Corp.		255,978
	35,000	@	Chia Hsin Cement Corp.		34,773
	5,504,000	@	Chunghwa Picture Tubes Ltd.		1,728,307
	720		Everlight Electronics Co., Ltd.		2,762
	1,590,000	@	Grand Pacific Petrochemical Corp.		633,648
	2,729,088	@	HannStar Display Corp.		1,255,528
	178,000		Hung Sheng Construction Co.		190,291
	400,000		KGI Securities Co., Ltd.		340,097
	207,000		Kindom Construction Co., Ltd.		163,846
	220,454		Lee Chang Yung Chemical Industry Corp.		278,548
	2,889,918		Macronix International		1,501,218
	2,112,444		Micro-Star International Co., Ltd.		1,843,711
	550		Powertech Technology, Inc.		2,208
	60,000		Sinon Corp.		35,453
	32,000		Synnex Technology International Corp.		85,418
	139,150		Taiwan Surface Mounting Technology Co., Ltd.		294,174
	310,000	@	Tatung Co., Ltd.		186,687
	408,000		TSRC Corp.		656,210
	159,000		U-Ming Marine Transport Corp.		531,373
	224		Unimicron Technology Corp.		307
	467,000		Universal Scientific Industrial Co., Ltd.		294,046

					10,314,583


			Turkey: 0.8%
	51,189		Akcansa Cimento A/S		216,117
	316,793		Aksa Akrilik Kimya Sanayii		536,817
	301,213		Anadolu Sigorta		343,937
	1		Bolu Cimento Sanayii		1
	276,305		Bossa Ticaret Sanayi Isletme		271,072
	609,854	@	Dogan Sriketler Grubu Holdings		735,726
	77,264		Ford Otomotiv Sanayi A/S		721,445
	28,916	@	Goodyear Lastikleri TAS		334,537
	372,870	@	GSD Holdings A/S		416,512
	746,616	@	Ihlas Holding		445,996
	13,960	@	Mardin Cimento Sanayii — New		57,477
	58,778	@	Mardin Cimento Sanayii		285,671
	223,752	@	Petkim Petrokimya Holding		1,223,209
	1	@	Petrol Ofisi		3
	244,931	@	Turk Hava Yollari		1,371,141
	8,802		Turk Traktor ve Ziraat Makineleri AS		95,069

					7,054,730


			United Kingdom: 13.9%
	553,400	@	Afren PLC		1,732,702
	474,060		Aggreko PLC		5,523,431
	58,233		Albemarle & Bond Holdings		248,154
	99,500		Amec PLC		1,561,925
	217,700		Amlin PLC		1,184,966
	84,039		Antofagasta PLC		1,326,557
	416,847		Ashtead Group PLC		498,105
	39,907	@	AssetCo PLC		155,356
	114,332		Atkins WS PLC		2,393,275
	24,105		Aveva Group PLC		580,473
	50,000	@	Avocet Mining PLC		162,746
	221,585		Babcock International Group		2,588,912
	1,191,743		Beazley Group PLC		3,437,333
	635,061		Brit Insurance Holdings PLC		3,066,882
	86,491		Britvic PLC		568,343
	37,857		BSS Group PLC		291,253
	413,200		Cable & Wireless PLC		1,219,204
	405,617		Charter PLC		7,196,231
	526,952		Chaucer Holdings PLC		935,393
	19,059		Chemring Group PLC		930,232
	50,000		Chloride Group PLC		209,653
	160,000	@	ClinPhone PLC		294,270
	145,900		Cookson Group PLC		2,045,668
	33,914		Cranswick PLC		473,435
	421,911	@	CSR PLC		3,298,117
	169,449		Dairy Crest Group PLC		1,355,332
	519,575	@	Dana Petroleum PLC		17,752,954
	25,000		Dechra Pharmaceuticals PLC		192,621
	249,183		Dimension Data Holdings PLC		231,824
	30,000		E2V Technologies PLC		167,614
	50,700		eaga PLC		122,088
	98,070		Ferrexpo PLC		687,020
	480,000		Friends Provident PLC		1,126,995
	436,236		Future PLC		247,201
	387,022		Game Group PLC		2,102,514
	224,900		GKN PLC		1,262,814
	11,600		Greene King PLC		118,194
	5,223		Greggs PLC		476,536
	42,913		Group 4 Securicor PLC		193,642
	195,200		Halfords Group PLC		1,087,514
	20,000		Hamworthy KSE		194,489
	248,787		IG Group Holdings PLC		1,778,001
	174,900		IMI PLC		1,577,070
	90,679		Inchcape PLC		766,723
	153,400		Interserve PLC		1,469,567
	116,310		Jardine Lloyd Thompson Group PLC		848,082
	48,227		JKX Oil & Gas PLC		460,205

See Accompanying Notes to Financial Statements

199

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2008 (Unaudited) (continued)


Shares				Value


			United Kingdom (continued)
	294,552		John Wood Group PLC	$	2,501,567
	183,607		Keller Group PLC		2,456,512
	12,357		Kier Group PLC		288,455
	63,698		Lavendon Group PLC		389,136
	40,044		Liontrust Asset Management PLC		207,679
	105,327		Luminar Group Holdings PLC		669,188
	2,544		Mapeley Ltd.		63,885
	30,000		Meggitt PLC		175,993
	108,994	@	Meldex International PLC		137,065
	77,153		Micro Focus International PLC		356,359
	49,849	@	NETeller PLC		62,357
	1,132,440		Northern Foods PLC		1,945,733
	28,216		Northgate PLC		330,934
	40,000		Oxford Instruments PLC		168,010
	1,307,068		Pendragon PLC		1,015,323
	351,544		Petrofac Ltd.		4,096,191
	101,455		PZ Cussons PLC		372,159
	20,000		Quintain Estates & Development PLC		160,793
	523,100		Regus Group PLC		953,749
	30,000		Ricardo PLC		198,441
	52,538		Rotork PLC		1,113,649
	415,515		Savills PLC		2,229,781
	77,300		Severn Trent PLC		2,232,257
	88,159		Sibir Energy PLC		1,089,641
	13,000		SIG PLC		193,327
	295,181		Smiths News PLC		594,419
	149,800		Southern Cross Healthcare Ltd.		1,004,181
	85,290		Spectris PLC		1,286,822
	159,420		Spice PLC		1,750,213
	876,900	@	Spirent Communications PLC		1,222,192
	1,520,091	@	Sportingbet PLC		1,294,952
	36,000		St. Ives Group PLC		168,731
	284,546		Stagecoach Group PLC		1,440,873
	26,050		Stolt-Nielsen SA		579,120
	712,893		Taylor Nelson Sofres PLC		2,852,607
	62,718		Thomas Cook Group PLC		320,816
	13,397	@	THUS Group PLC		32,879
	186,263		Trinity Mirror PLC		998,470
	151,400		TUI Travel PLC		708,351
	34,963		Ultra Electronics Holdings		890,749
	22,500		United Business Media PLC		255,928
	17,931		Venture Production PLC		263,307
	65,677		Vislink PLC		41,577
	95,200	I	Vitec Group PLC		858,972
	32,000		Vitec Group PLC		288,730
	164,386		VT Group PLC		2,202,410
	40,000		Wetherspoon (J.D.) PLC		215,348
	441,250		WH Smith PLC		3,729,113

					122,550,560

			Total Common Stock (Cost $814,076,410 )		840,486,253


REAL ESTATE INVESTMENT TRUSTS: 0.6%

			Australia: 0.5%
	350,000		Commonwealth Property Office Fund		462,631
	6,645,774		Macquarie DDR Trust		3,653,276
	523,514		Macquarie Office Trust		505,095

					4,621,002


			Netherlands: 0.1%
	7,203		Nieuwe Steen Investments Funds NV		208,416
	25,786		Vastned Offices		846,958

					1,055,374

			Total Real Estate Investment Trusts
			(Cost $9,093,094 )		5,676,376


PREFERRED STOCK: 1.0%

			Brazil: 0.3%
	81,200		Braskem SA		691,241
	46,500		Cia Paranaense de Energia		821,065
	15,250		Metalurgica Gerdau SA		803,694

					2,316,000


			Germany: 0.2%
	6,643		Draegerwerk AG		443,035
	1,492		Eurokai KGaA		174,726
	16,103		Fresenius AG		1,331,142
	3,259		Jungheinrich AG		110,260

					2,059,163


			Italy: 0.5%
	156,601	@	Instituto Finanziario Industriale S.p.A.		4,105,695

					4,105,695

			Total Preferred Stock (Cost $7,668,987 )		8,480,858


RIGHTS: 0.0%

			Sweden: 0.0%
	262,800	I	JM AB — Rights		221,537

			Total Rights (Cost $-)		221,537


WARRANTS: 0.0%

			Hong Kong: 0.0%
	20,000	@	Industrial & Commercial Bank of China (Asia) Ltd.		5,030

			Total Warrants (Cost $-)		5,030

			Total Long-Term Investments (Cost $830,838,491 )		854,870,054

Principal
Amount				Value



SHORT-TERM INVESTMENTS: 2.6%

			U.S. Government Agency Obligations: 0.3%
$	2,771,000	Z	Federal Home Loan Bank, 1.550%, due 05/01/08	$	2,770,880

			Total U.S. Government Agency Obligations (Cost $2,770,880 )		2,770,880

See Accompanying Notes to Financial Statements

200

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2008 (Unaudited) (continued)

Principal

Amount

Value

Securities Lending Collateral^CC: 2.3%

20,033,988

Bank of New York Mellon Corp. Institutional Cash Reserves

20,033,988

Total Securities Lending Collateral

(Cost $20,033,988 )

20,033,988

Total Short-Term Investments

(Cost $22,804,868)

22,804,868

Total Investments in Securities

(Cost $853,643,359)*

99.8

877,674,922

Other Assets and
Liabilities - Net

0.2

1,761,895

Net Assets

100.0

879,436,817

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
#		Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
cc		Securities purchased with cash collateral for securities loaned.
I		Illiquid security
X		Fair value determined by ING Funds Valuation Committee appointed by the Fund’s Board of Trustees.
Z		Indicates Zero Coupon Bond; rate shown reflects current effective yield.

*		Cost for federal income tax purposes is $854,961,936.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	124,941,962
Gross Unrealized Depreciation		(102,228,976	)

Net Unrealized Appreciation	$	22,712,986


	Percentage of
Industry	Net Assets


Advertising		0.4	%
Aerospace/Defense		1.7
Agriculture		0.8
Airlines		0.8
Apparel		0.1
Auto Manufacturers		1.0
Auto Parts & Equipment		2.6
Banks		1.1
Beverages		0.1
Building Materials		1.1
Chemicals		3.6
Coal		0.9
Commercial Services		3.2
Computers		1.5
Cosmetics/Personal Care		0.2
Distribution/Wholesale		3.6
Diversified		0.1
Diversified Financial Services		2.2
Electric		1.1
Electrical Components & Equipment		2.4
Electronics		2.6
Energy — Alternate Sources		0.1
Engineering & Construction		3.9
Entertainment		0.1
Environmental Control		0.1
Food		2.6
Forest Products & Paper		0.3
Gas		0.1
Hand/Machine Tools		2.1
Healthcare — Products		0.4
Healthcare — Services		0.9
Holding Companies — Diversified		1.9
Home Builders		0.2
Home Furnishings		1.5
Household Products/Wares		0.1
Insurance		5.0
Internet		0.0
Investment Companies		0.5
Iron/Steel		5.6
Leisure Time		1.1
Lodging		0.1
Machinery — Construction & Mining		0.1
Machinery — Diversified		2.0
Media		1.4
Metal Fabricate/Hardware		1.6
Mining		5.3
Miscellaneous Manufacturing		2.3
Office Property		0.1
Office/Business Equipment		0.6
Oil & Gas		6.9
Oil & Gas Services		1.2
Pharmaceuticals		2.7
Pipelines		0.0
Real Estate		3.7
Retail		4.8
Semiconductors		0.7
Shipbuilding		0.0
Shopping Centers		0.4
Software		0.8
Telecommunications		1.7
Textiles		0.0
Transportation		2.9
Trucking & Leasing		0.0
Water		0.3
Short-Term Investments		2.6
Other Assets and Liabilities — Net		0.2

Net Assets		100.0	%

At April 30, 2008 the following forward foreign currency contracts were outstanding for the ING International SmallCap Multi-Manager Fund:


					In				Unrealized
			Settlement		Exchange				Appreciation
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD

Japanese Yen
JPY 91,576,515		Buy		05/07/08		876,532		881,068	$	4,536

									$	4,536

Japanese Yen JPY 58,670,207		Sell		05/07/08		561,534		564,473	$	(2,939	)

									$	(2,939	)

See Accompanying Notes to Financial Statements

201

PORTFOLIO OF INVESTMENTS

ING International Value Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 98.6%

			Bermuda: 1.6%
	1,816,034		Tyco Electronics Ltd.	$	67,937,832

					67,937,832


			Brazil: 3.9%
	6,058,831	L	Centrais Eletricas Brasileiras SA ADR — Class A		87,715,514
	3,542,186	L	Contax Participacoes SA ADR		4,071,034
	1,446,454	L	Tele Norte Leste Participacoes SA ADR		33,138,261
	1,144,300		Telecomunicacoes Brasileiras SA ADR		24,293,489
	57,215	L	Telemig Celular Participation SA ADR		3,948,407
	105,928	L	Tim Participacoes SA ADR		3,557,062
	735,326	@,L	Vivo Participacoes SA ADR		4,963,451

					161,687,218


			Canada: 0.7%
	3,464,370	@,L	Nortel Networks Corp.		29,585,720

					29,585,720


			France: 10.7%
	12,675,820		Alcatel SA		84,841,718
	861,236		Carrefour SA		60,414,937
	1,017,000		Credit Agricole SA		34,037,238
	2,615,462		France Telecom SA		81,840,225
	2,413,800		Natixis		40,383,304
	1,905,550		Sanofi-Aventis		146,881,989

					448,399,411


			Germany: 4.8%
	8,786,319		Deutsche Telekom AG		157,179,019
	389,300		Hypo Real Estate Holding AG		14,283,530
	3,113,300	@	Infineon Technologies AG		28,638,174
	530,090	@,L	Qimonda AG ADR		1,887,120

					201,987,843


			Italy: 3.7%
	10,135,782		Intesa Sanpaolo S.p.A.		75,348,238
	9,779,185		Telecom Italia S.p.A.		20,451,694
	35,875,700		Telecom Italia S.p.A. RNC		58,401,604

					154,201,536


			Japan: 31.9%
	2,488,400		Aiful Corp.		48,513,150
	701,000		Akita Bank Ltd.		3,082,355
	1,092,400		Astellas Pharma, Inc.		44,968,004
	1,892,000		Dai Nippon Printing Co., Ltd.		29,121,330
	1,039,736		Daiichi Sankyo Co., Ltd.		28,649,088
	908,900		Fuji Photo Film Co., Ltd.		35,138,630
	14,122,700		Hitachi Ltd.		95,248,547
	2,010,200		Millea Holdings, Inc.		85,198,986
	13,294,400		Mitsubishi UFJ Financial Group, Inc.		146,490,747
	2,765,400	@	Mitsui Sumitomo Insurance Group Holdings, Inc.		110,100,072
	4,006,000	@	Mitsui Trust Holdings, Inc.		28,506,780
	18,274	@	Mizuho Financial Group, Inc.		95,100,620
	8,200,000		NEC Corp.		39,024,346
	20,993		Nippon Telegraph & Telephone Corp.		90,411,245
	1,111,500		Ono Pharmaceutical Co., Ltd.		58,997,839
	777,300		Rohm Co., Ltd.		54,560,702
	3,539,900		Seven & I Holdings Co., Ltd.		105,972,090
	872,700		Sony Corp.		40,235,454
	12,669		Sumitomo Mitsui Financial Group, Inc.		109,021,859
	270,000		Taisho Pharmaceutical Co., Ltd.		5,159,466
	1,891,600		Takefuji Corp.		44,743,034
	481,900		TDK Corp.		32,929,356

					1,331,173,700


			Mexico: 1.9%
	2,148,020	L	Telefonos de Mexico SA de CV ADR		77,457,601

					77,457,601


			Netherlands: 8.0%
	5,564,770		Aegon NV		88,689,355
	600,500		Akzo Nobel NV		50,698,198
	5,765,212		Koninklijke Ahold NV		85,155,232
	846,179		SNS Reaal		17,776,883
	1,603,300		Unilever NV		53,522,662
	1,408,332		Wolters Kluwer NV		37,587,850

					333,430,180


			New Zealand: 0.8%
	11,223,072		Telecom Corp. of New Zealand Ltd.		33,103,015

					33,103,015


			Portugal: 1.9%
	6,516,376		Portugal Telecom SGPS SA		77,308,428

					77,308,428


			South Korea: 4.3%
	1,463,610		Korea Electric Power Corp.		48,849,262
	1,306,680	L	Korea Electric Power Corp. ADR		21,468,752
	2,075,610		KT Corp. ADR		47,988,103
	304,885		SK Telecom Co., Ltd.		61,357,053

					179,663,170


			Spain: 0.5%
	795,902		Telefonica SA		22,870,200

					22,870,200


			Sweden: 2.5%
	41,448,300		Telefonaktiebolaget LM Ericsson		104,697,953

					104,697,953


			Switzerland: 3.1%
	5,057,600		STMicroelectronics NV		58,339,882
	471,310		Swiss Reinsurance		38,970,592
	86,800		Swisscom AG		30,794,534

					128,105,008


			Taiwan: 1.3%
	91,257,655		United Microelectronics Corp.		55,828,635

					55,828,635


			United Kingdom: 17.0%
	3,374,180		AstraZeneca PLC		141,552,359
	2,705,040		Barclays PLC		24,458,695
	2,807,000		British Sky Broadcasting PLC		30,253,202
	6,021,251		GlaxoSmithKline PLC		133,197,138
	4,456,204		HSBC Holdings PLC		77,377,020
	51,009,626		ITV PLC		66,350,142
	14,411,400		Kingfisher PLC		37,659,790
	7,008,351		Marks & Spencer Group PLC		52,584,580
	9,953,046		Royal Bank of Scotland Group PLC		67,365,858
	13,849,931		WM Morrison Supermarkets PLC		78,384,017

					709,182,801

			Total Common Stock (Cost $3,895,269,712)		4,116,620,251

See Accompanying Notes to Financial Statements

202

PORTFOLIO OF INVESTMENTS

ING International Value Fund

as of April 30, 2008 (Unaudited) (continued)


Principal
Amount						Value


SHORT-TERM INVESTMENTS: 5.1%

			U.S. Government Agency Obligations: 0.7%
$	29,279,000	L,Z	Federal Home Loan Bank, 1.550%, due 05/01/08			$	29,277,739

			Total U.S. Government Agency Obligations (Cost $29,277,739)				29,277,739


			Securities Lending Collateral^CC: 4.4%
	184,006,441		Bank of New York Mellon Corp. Institutional Cash Reserves				184,006,441

			Total Securities Lending Collateral (Cost $184,006,441)				184,006,441

			Total Short-Term Investments (Cost $213,284,180)				213,284,180

		Total Investments in Securities
		(Cost $4,108,553,892)*		103.7	%	$	4,329,904,431
		Other Assets and Liabilities - Net		(3.7	)		(154,432,241	)

		Net Assets		100.0	%	$	4,175,472,190

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		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, 2008.
Z		Indicates Zero Coupon Bond; rate shown reflects current effective yield.

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

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	658,289,737
Gross Unrealized Depreciation		(436,939,198	)

Net Unrealized Appreciation	$	221,350,539


	Percentage of
Industry	Net Assets


Banks		17.6	%
Chemicals		1.2
Commercial Services		0.8
Computers		0.8
Diversified Financial Services		2.2
Electric		3.8
Electrical Components & Equipment		2.3
Electronics		2.6
Food		6.7
Home Furnishings		1.0
Insurance		7.7
Media		3.2
Miscellaneous Manufacturing		0.8
Pharmaceuticals		13.4
Retail		4.7
Semiconductors		4.7
Telecommunications		25.1
Short-Term Investments		5.1
Other Assets and Liabilities — Net		(3.7	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

203

PORTFOLIO OF INVESTMENTS

ING International Value Choice Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 95.1%

			Australia: 2.9%
	319,456		Alumina Ltd.	$	1,728,671
	17,500		Newcrest Mining Ltd.		480,618

					2,209,289


			Belgium: 1.0%
	16,150		Belgacom SA		741,559

					741,559


			Brazil: 1.8%
	46,622		Centrais Eletricas Brasileiras SA		687,185
	46,350		Centrais Eletricas Brasileiras SA ADR — Class B		703,616

					1,390,801


			Canada: 9.1%
	58,074		Barrick Gold Corp.		2,242,818
	71,450	@	Ivanhoe Mines Ltd.		686,635
	55,850	@	Novagold Resources, Inc.		409,939
	55,450	@	OPTI Canada, Inc.		1,173,860
	23,350		Petro-Canada		1,170,302
	10,630		Suncor Energy, Inc.		1,197,895

					6,881,449


			Cayman Islands: 0.8%
	64,300	@	Apex Silver Mines Ltd.		646,215

					646,215


			Finland: 3.1%
	126,300		Stora Enso OYJ (Euro Denominated Security)		1,552,011
	39,750		UPM-Kymmene OYJ		762,321

					2,314,332


			France: 6.9%
	320,550		Alcatel SA		2,145,503
	121		Areva SA		135,064
	19,750		Sanofi-Aventis		1,522,353
	22,230		Thales SA		1,447,903

					5,250,823


			Germany: 2.8%
	99,530	@	Premiere AG		2,088,404

					2,088,404


			Italy: 3.0%
	1,379,790		Telecom Italia S.p.A. RNC		2,246,143

					2,246,143


			Japan: 34.8%
	72,000		Coca-Cola West Holdings Co., Ltd.		1,630,020
	145,000		Dai Nippon Printing Co., Ltd.		2,231,814
	60,000		Fuji Photo Film Co., Ltd.		2,319,637
	62,700		JS Group Corp.		1,092,236
	86,000		Kirin Brewery Co., Ltd.		1,538,598
	30,400		Mabuchi Motor Co., Ltd.		1,511,188
	27,200	@	Mitsui Sumitomo Insurance Group Holdings, Inc.		1,082,925
	267,000		Nippon Oil Corp.		1,840,065
	140,430		Nippon Telegraph & Telephone Corp. ADR		3,017,838
	122,900		Sega Sammy Holdings, Inc.		1,495,924
	129,000		Sekisui House Ltd.		1,228,004
	62,900		Seven & I Holdings Co., Ltd.		1,883,004
	48,600		Shiseido Co., Ltd.		1,170,320
	113,000		Sumitomo Trust & Banking Co., Ltd.		1,015,981
	42,170		Takefuji Corp.		997,470
	33,000		Toppan Printing Co., Ltd.		368,460
	52,600		Toyo Seikan Kaisha Ltd.		1,033,872
	56,000		Wacoal Holdings Corp.		805,041

					26,262,397


			Netherlands: 6.1%
	83,050	@	Gemalto NV		2,666,339
	24,142		Royal Dutch Shell PLC ADR — Class B		1,924,117

					4,590,456


			Papua New Guinea: 0.5%
	135,100	@	Lihir Gold Ltd.		383,287

					383,287


			South Africa: 6.2%
	84,570		Anglogold Ashanti Ltd. ADR		2,885,528
	89,850		Gold Fields Ltd.		1,201,497
	45,150		Gold Fields Ltd. ADR		609,525

					4,696,550


			South Korea: 5.3%
	68,930		Korea Electric Power Corp. ADR		1,132,520
	89,650		KT Corp. ADR		2,072,708
	34,600		SK Telecom Co., Ltd. ADR		780,922

					3,986,150


			Sweden: 1.1%
	32,400		Telefonaktiebolaget LM Ericsson ADR		817,128

					817,128


			Switzerland: 1.2%
	28,100		UBS AG — New		943,879

					943,879


			United Kingdom: 5.3%
	27,500		AstraZeneca PLC ADR		1,154,450
	201,300		BP PLC		2,439,298
	6,150		Lonmin PLC		376,369

					3,970,117


			United States: 3.2%
	54,390		Newmont Mining Corp.		2,404,582

					2,404,582

			Total Common Stock (Cost $72,872,768)		71,823,561


RIGHTS: 0.1%

			Switzerland: 0.1%
	28,100		UBS AG — Reg Rights		29,018

			Total Rights (Cost $47,829)		29,018

			Total Long-Term Investments (Cost $72,920,597)		71,852,579

See Accompanying Notes to Financial Statements

204

PORTFOLIO OF INVESTMENTS

ING International Value Choice Fund

as of April 30, 2008 (Unaudited) (continued)

Principal Amount

Value

SHORT-TERM INVESTMENTS: 4.7%

U.S. Government Agency Obligations: 4.7%

3,574,000

Federal Home Loan Bank, 1.550%, due 05/01/08

3,573,846

Total Short-Term Investments
(Cost $3,573,846)

3,573,846

Total Investments in Securities

(Cost $76,494,443)*

99.9

75,426,425

Other Assets and
Liabilities - Net

0.1

75,867

Net Assets

100.0

75,502,292

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
ADR		American Depositary Receipt
Z		Indicates Zero Coupon Bond; rate shown reflects current effective yield.

*		Cost for federal income tax purposes is $77,073,107.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	4,807,107
Gross Unrealized Depreciation		(6,453,789	)

Net Unrealized Depreciation	$	(1,646,682	)


	Percentage of
Industry	Net Assets


Aerospace/Defense		1.9	%
Apparel		1.1
Banks		1.3
Beverages		4.2
Building Materials		1.4
Commercial Services		3.4
Computers		3.5
Cosmetics/Personal Care		1.6
Diversified Financial Services		2.7
Electric		3.3
Electronics		2.0
Energy — Alternate Sources		0.2
Forest Products & Paper		3.1
Home Builders		1.6
Insurance		1.4
Leisure Time		2.0
Media		2.8
Mining		18.6
Miscellaneous Manufacturing		3.1
Oil & Gas		12.9
Packaging & Containers		1.4
Pharmaceuticals		3.5
Retail		2.5
Telecommunications		15.7
Short-Term Investments		4.7
Other Assets and Liabilities — Net		0.1

Net Assets		100.0	%

PORTFOLIO OF INVESTMENTS

ING International Value Opportunities Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 94.5%

			Australia: 1.0%
	23,000		Telstra Corp., Ltd.	$	98,724

					98,724


			Belgium: 5.9%
	950		Delhaize Group		81,944
	3,425		Dexia		94,534
	10,916		Fortis		296,246
	3,866	@	Fortis — Strip VVPR		60
	4,800		Melexis NV		78,669

					551,453


			Denmark: 1.0%
	2,600		Danske Bank A/S		89,513

					89,513


			Finland: 2.8%
	2,163		Fortum OYJ		91,503
	1,800		Outokumpu OYJ		85,107
	4,550		UPM-Kymmene OYJ		87,259

					263,869


			France: 12.8%
	1,040		BNP Paribas		110,869
	2,000		Bouygues SA		148,220
	3,340		Sanofi-Aventis		257,451
	750		Societe Generale		87,124
	4,050		Total SA		339,253
	6,550		Vivendi		264,079

					1,206,996


			Germany: 9.5%
	1,000		Allianz AG		202,712
	2,600		Commerzbank AG		93,361
	3,100		Deutsche Lufthansa AG		81,796
	5,650		Deutsche Post AG		175,572
	7,300		Deutsche Telekom AG		130,590
	640		E.ON AG		130,109
	1,700		MTU Aero Engines Holding AG		77,062

					891,202


			Greece: 0.7%
	1,800		OPAP SA		70,023

					70,023


			Hong Kong: 1.6%
	5,100		Hang Seng Bank Ltd.		101,889
	9,500		Kingboard Chemicals Holdings		44,829

					146,718


			Ireland: 1.4%
	10,900		Smurfit Kappa PLC		135,788

					135,788


			Italy: 6.5%
	12,500		Enel S.p.A.		135,627
	5,800		ENI S.p.A.		223,234
	48,300		Telecom Italia S.p.A. RNC		78,627
	23,000		UniCredito Italiano S.p.A.		173,342

					610,830


			Japan: 15.6%
	2,100		Aoyama Trading Co., Ltd.		47,669
	2,700		Canon Sales Co., Inc.		52,449
	3,100		Chubu Electric Power Co., Inc.		72,802
	2,400		Daiichi Sankyo Co., Ltd.		66,130
	9		East Japan Railway Co.		71,819
	6,300		EDION Corp.		63,857
	13,000		Furukawa Electric Co., Ltd.		47,224
	4,000		Honda Motor Co., Ltd.		127,666
	7,000		Itochu Corp.		73,315
	7		KDDI Corp.		44,968
	9,000		Mitsubishi Materials Corp.		42,749
	20,000		Mitsubishi UFJ Financial Group, Inc.		220,380
	5,000		Onward Kashiyama Co., Ltd.		56,877
	5,000		Ricoh Co., Ltd.		86,554
	1,400		Sankyo Co., Ltd.		84,325
	205		Softbank Investment Corp.		53,900
	13,700		Sojitz Corp.		52,772
	9,000		Sumitomo Trust & Banking Co., Ltd.		80,919
	3,000		Tohoku Electric Power Co., Inc.		68,238
	15,000		Tokyo Gas Co., Ltd.		57,626

					1,472,239


			Netherlands: 7.2%
	3,300		European Aeronautic Defence and Space Co. NV		82,317
	10,150		Royal Dutch Shell PLC — Class A		407,957
	10,250		Royal KPN NV		187,130

					677,404


			New Zealand: 0.8%
	25,777		Telecom Corp. of New Zealand Ltd.		76,031

					76,031


			Norway: 0.9%
	6,000		DnB NOR ASA		89,072

					89,072


			Spain: 6.2%
	5,225		Banco Bilbao Vizcaya Argentaria SA		119,836
	12,700		Banco Santander Central Hispano SA		274,651
	3,950		Ebro Puleva SA		81,523
	7,350		Iberdrola SA		107,101

					583,111


			Sweden: 0.9%
	34,000		Telefonaktiebolaget LM Ericsson		85,884

					85,884


			Switzerland: 2.1%
	160		Nestle SA		76,365
	1,450		Swiss Reinsurance		119,894

					196,259


			Taiwan: 0.8%
	6,800		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		76,432

					76,432


			United Kingdom: 14.7%
	9,500		Aviva PLC		118,017
	9,900		Barclays PLC		89,515
	21,300		BP PLC		258,108
	5,050		HBOS PLC		46,624
	21,550		HSBC Holdings PLC		374,193
	53,500		ITV PLC		69,589
	35,000		Legal & General Group PLC		87,762
	14,200		Royal Bank of Scotland Group PLC		96,111
	12,500		Tate & Lyle PLC		130,811
	35,000		Vodafone Group PLC		110,763

					1,381,493


			United States: 2.1%
	1,800		AT&T, Inc.		69,678
	3,800		General Electric Co.		124,260

					193,938

			Total Common Stock (Cost $9,380,478)		8,896,979

See Accompanying Notes to Financial Statements

206

PORTFOLIO OF INVESTMENTS

ING International Value Opportunities Fund

as of April 30, 2008 (Unaudited) (continued)

Value

REAL ESTATE INVESTMENT TRUSTS: 0.9%

Germany: 0.9%

4,300

Alstria Office AG

82,171

Total Real Estate Investment Trusts
(Cost $91,714)

82,171

PREFERRED STOCK: 0.7%

Italy: 0.7%

23,993

Unipol S.p.A.

69,694

Total Preferred Stock
(Cost $82,594)

69,694

Total Investments in Securities

(Cost $9,554,786)*

96.1

9,048,844

Other Assets and
Liabilities - Net

3.9

369,988

Net Assets

100.0

9,418,832

Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).


@		Non-income producing security
ADR		American Depositary Receipt
STRIP		Separate Trading of Registered Interest and Principal of Securities

*		Cost for federal income tax purposes is $9,559,338.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	448,239
Gross Unrealized Depreciation		(958,733	)

Net Unrealized Depreciation	$	(510,494	)


	Percentage of
Industry	Net Assets


Aerospace/Defense		1.7	%
Airlines		0.9
Apparel		0.6
Auto Manufacturers		1.4
Banks		25.9
Chemicals		0.5
Distribution/Wholesale		1.9
Electric		6.4
Electrical Components & Equipment		0.5
Engineering & Construction		1.6
Entertainment		0.7
Food		3.9
Forest Products & Paper		2.4
Gas		0.6
Insurance		6.3
Internet		0.6
Iron/Steel		0.9
Leisure Time		0.9
Media		3.5
Mining		0.5
Miscellaneous Manufacturing		1.3
Office Property		0.9
Office/Business Equipment		0.9
Oil & Gas		13.0
Pharmaceuticals		3.4
Retail		1.2
Semiconductors		1.7
Telecommunications		9.4
Transportation		2.6
Other Assets and Liabilities — Net		3.9

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

207

PORTFOLIO OF INVESTMENTS

ING Russia Fund

as of April 30, 2008 (Unaudited)


Shares				Value



COMMON STOCK: 96.5%

			Banks: 14.6%
	1,709,000	@@	Bank St. Petersburg BRD — Class S	$	9,741,300
	37,387,000	@@	Sberbank RF		121,192,951

					130,934,251


			Beverages: 1.2%
	352,000	@,@@	Efes Breweries International NV GDR		10,919,603

					10,919,603


			Chemicals: 3.0%
	500,000	@,@@	Uralkali GDR		26,526,299

					26,526,299


			Coal: 1.1%
	1,200,000	@@	Raspadskaya — Class S		10,121,604

					10,121,604


			Cosmetics/Personal Care: 0.7%
	193,500	@@	Kalina		6,192,000

					6,192,000


			Electric: 0.0%
	428,242,036	@@	TGK-5		308,334

					308,334


			Food: 2.1%
	154,800	@@,L	Wimm-Bill-Dann Foods OJSC ADR		18,839,160

					18,839,160


			Internet: 1.3%
	1,344,122	@,@@	RBC Information Systems		11,300,496

					11,300,496


			Iron/Steel: 7.9%
	150,000	@@	Evraz Group SA GDR — Reg S		15,485,531
	209,300	@@,L	Mechel OAO ADR		30,515,940
	3,450,000	@@	Novolipetsk Steel		16,163,999
	192,000	@@,L	Novolipetsk Steel GDR		8,482,300

					70,647,770


			Metal Fabricate/Hardware: 2.5%
	450,000	@@,L	TMK OAO GDR		14,771,421
	37,700	@@	Vsmpo-Avisma Corp.		8,143,200

					22,914,621


			Mining: 7.1%
	299,964	@,@@	Eurasian Natural Resources Corp.		7,157,053
	1,500,000	@@	MMC Norilsk Nickel ADR		40,247,061
	310,000	@@,L	Polyus Gold Co. ZAO ADR		16,481,911

					63,886,025


			Oil & Gas: 43.3%
	1,296,200	@@,L	Lukoil-Spon ADR		116,477,696
	362,000	@@	Novatek OAO GDR		27,266,172
	7,030,000	@@	OAO Gazprom		92,183,841
	1,141,700	@@,L	OAO Gazprom ADR		60,409,274
	4,546,200	@,@@	OAO Rosneft Oil Co. GDR		44,244,319
	2,385,000	@,@@, L	Surgutneftegaz ADR		23,064,367
	192,000	@@,L	Tatneft GDR		24,479,245

					388,124,914


			Pharmaceuticals: 1.4%
	500,000	@,@@	Pharmstandard — Reg S GDR		12,459,801

					12,459,801


			Real Estate: 2.7%
	845,700	@,@@, L	LSR Group GDR		13,486,714
	45,000	@,@@	Open Investments		11,151,244

					24,637,958


			Retail: 1.9%
	387,000	@,@@	Magnit OAO		16,894,901

					16,894,901


			Telecommunications: 5.6%
	700,000	@,@@	Comstar United Telesystems GDR		6,890,174
	188,800	@@,L	Mobile Telesystems Finance SA ADR		14,647,104
	137,000	@@	Moscow City Telephone		4,534,700
	96,900,000	@@	Sibirtelecom		8,146,383
	108,000,000	@@	Uralsvyazinform		5,015,844
	2,400,000	@@	VolgaTelecom		10,752,096

					49,986,301


			Transportation: 0.1%
	6,060,000	@@	Novorossiysk Sea Trade Port BRD		1,221,090

					1,221,090

			Total Common Stock (Cost $573,593,840)		865,915,128


MUTUAL FUNDS: 0.8%

	2,384,270	@,@@	RenShares Utilities Ltd.		7,510,451

			Total Mutual Funds (Cost $3,317,280)		7,510,451


PREFERRED STOCK: 1.1%

			Oil & Gas: 1.1%
	43,500,000	@@	Achinsk Refinery		9,352,500

			Total Preferred Stock (Cost $3,106,603)		9,352,500

			Total Long-Term Investments (Cost $580,017,723)		882,778,079

See Accompanying Notes to Financial Statements

208

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2008 (Unaudited)


Principal
Amount				Value



CORPORATE BONDS/NOTES: 31.1%

			Argentina: 0.7%
$	100,000	#,C	Cia de Transporte de Energia Electrica de Alta Tension SA, 8.875%, due 12/15/16	$	77,000
	200,000	+,#	Earls Eight Ltd., 8.000% (step rate 9.000%), due 12/31/12		155,580
	810,999		Mendoza Province Of, 5.500%, due 09/04/18		600,139
	13,400	+,C	Transportadora Gas del Norte, 6.500% (step rate 7.500%), due 12/31/12		10,955
	11,390	+,#, C	Transportadora Gas del Norte, 6.500% (step rate 7.500%), due 12/31/12		9,311
	20,100	+,C	Transportadora Gas del Norte, 6.500% (step rate 7.500%), due 12/31/12		16,432
	1,285,000	+,#	Transportadora Gas Norte, 8.000% (step rate 9.000%), due 12/31/12		1,024,788

					1,894,205


			Brazil: 6.6%
	1,000,000		Banco BMG SA, 9.150%, due 01/15/16		1,025,000
	BRL 2,300,000	#	Banco Do Brasil, 9.750%, due 07/18/17		1,196,166
	BRL 1,900,000		Banco Safra Ltd., 10.875%, due 04/03/17		1,050,190
	BRL 500,000	#	Banco Safra Ltd., 10.875%, due 04/03/17		276,366
	BRL 2,300,000		Banco Votorantim, 10.625%, due 04/10/14		1,281,026
	BRL 250,000	#	Banco Votorantim, 10.625%, due 04/10/14		82,473
$	252,290		Citigroup Funding, Inc., 4.010%, due 08/17/10		377,108
	2,401,717	#	Citigroup Funding, Inc., 6.000%, due 05/18/15		2,858,364
	2,800,000		Citigroup Funding, Inc., 9.570%, due 01/03/17		2,924,423
	2,990,000	C	Petrobras International Finance Co., 5.875%, due 03/01/18		2,992,326
	600,000	#,C	Usiminas Commercial Ltd., 7.250%, due 01/18/18		619,037
	360,000	C	Usiminas Commercial Ltd., 7.250%, due 01/18/18		385,684
	1,025,000	C	Vale Overseas Ltd., 6.250%, due 01/23/17		1,053,188
	3,050,000	C	Vale Overseas Ltd., 6.875%, due 11/21/36		3,094,530

					19,215,881


			Chile: 0.2%
	620,000	#,C	Alto Parana SA, 6.375%, due 06/09/17		623,596

					623,596


			Colombia: 1.0%
	835,000		Bancolombia SA, 6.875%, due 05/25/17		826,650
	695,000	#,C	EEB International Ltd., 8.750%, due 10/31/14		740,175
	1,300,000	#,C	TGI International Ltd., 9.500%, due 10/03/17		1,389,700

					2,956,525


			Dominican Republic: 0.6%
	2,025,785	#	Standard Bank PLC, 15.000%, due 03/12/12		1,667,524

					1,667,524


			Hong Kong: 0.5%
	800,000		Bangkok Bank PCL, 9.025%, due 03/15/29		881,606
	265,000	#,C	Citic Resources Finance Ltd., 6.750%, due 05/15/14		252,413
	400,000	C	Citic Resources Finance Ltd., 6.750%, due 05/15/14		380,000

					1,514,019


			India: 0.2%
	650,000	#,C	ICICI Bank Ltd, 6.625%, due 10/03/12		647,746

					647,746


			Indonesia: 2.6%
	1,300,000	#	Barclays Bank CLN, due 12/17/12		1,408,030
	1,200,000	#	Barclays Bank CLN, due 03/17/13		1,330,080
	100,000	#,C	Excelcomindo Finance Co. BV, 7.125%, due 01/18/13		99,500
	680,000	C	Indosat Finance Co. BV, 7.125%, due 06/22/12		696,691
	550,000		Majapahit Holding BV, 7.250%, due 06/28/17		522,651
	930,000	#	Majapahit Holding BV, 7.250%, due 06/28/17		881,175
	100,000	#	Majapahit Holding BV, 7.750%, due 10/17/16		99,000
	650,000		Majapahit Holding BV, 7.750%, due 10/17/16		643,856
	2,235,000	#	Majapahit Holding BV, 7.875%, due 06/29/37		1,977,975

					7,658,958


			Ireland: 0.3%
	1,000,000	#	VIP FIN (Vimpelcom), 9.125%, due 04/30/18		1,002,498

					1,002,498


			Kazakhstan: 1.1%
	600,000		HSBK Europe BV, 7.250%, due 05/03/17		534,180
	400,000	#	HSBK Europe BV, 7.250%, due 05/03/17		352,000
	1,200,000		Kazkommerts International BV, 7.500%, due 11/29/16		911,160
	210,000	#	Kazkommerts International BV, 7.500%, due 11/29/16		158,550
	1,500,000		TuranAlem Finance BV, 8.250%, due 01/22/37		1,224,375

					3,180,265

See Accompanying Notes to Financial Statements

210

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2008 (Unaudited) (continued)


Principal
Amount				Value



			Luxembourg: 0.2%
$	590,000		GAZ Capital SA, 6.510%, due 03/07/22	$	552,273

					552,273


			Mexico: 1.3%
	2,660,000	#,C	Pemex Project Funding Master Trust, 5.750%, due 03/01/18		2,753,100
	955,000	#	Pemex Project Funding Master Trust, 6.625%, due 06/15/35		999,662

					3,752,762


			Netherlands: 0.2%
	500,000	C	Excelcomindo Finance Co., 7.125%, due 01/18/13		497,500

					497,500


			Nigeria: 0.6%
	400,000	#	UBS AG, due 12/27/13		459,242
	1,200,000	#	UBS AG, 0.120%, due 09/04/17		1,186,358

					1,645,600


			Peru: 1.5%
	3,900,000	I	Banco Credito Del Peru, 7.170%, due 10/15/22		1,378,931
	320,000	#,Z	Interoceanica IV Finance Ltd., 4.210%, due 11/30/18		206,720
	1,200,000	#,Z	Interoceanica IV Finance Ltd., 4.390%, due 11/30/25		563,520
	250,000	#,Z	Peru Enhanced Pass-through Finance Ltd., 3.940%, due 05/31/18		168,750
	3,000,000	Z	Peru Enhanced Pass-through Finance Ltd., 3.940%, due 05/31/18		2,032,500

					4,350,421


			Philippines: 1.1%
	2,300,000		National Power Corp., 6.875%, due 11/02/16		2,345,517
	305,000	#	National Power Corp., 6.875%, due 11/02/16		309,575
	450,000		National Power Corp., 9.625%, due 05/15/28		538,875

					3,193,967


			Russia: 5.1%
	1,200,000	C	Alfa Bond Issuance PLC for OJSC Alfa Bank, 8.635%, due 02/22/17		1,117,307
	1,150,000	#	Alfa MTN Markets Ltd. for ABH Finanial Ltd., 8.200%, due 06/25/12		1,106,875
	2,550,000		Gaz Capital for Gazprom, 8.625%, due 04/28/34		2,989,875
	1,500,000	+,C	Kuznetski Capital for Bank of Moscow, 7.500% (step rate 8.961%), due 11/25/15		1,489,350
	545,000	#,C	Lukoil International Finance BV, 6.656%, due 06/07/22		483,688
	2,400,000		Morgan Stanley Bank AG for OAO Gazprom, 9.625%, due 03/01/13		2,734,800
	500,000		RSHB Capital SA for OJSC Russian Agricultural Bank, 6.299%, due 05/15/17		470,800
	450,000	#	RSHB Capital SA for OJSC Russian Agricultural Bank, 6.299%, due 05/15/17		420,188
	RUB 25,000,000		Sibacademfinance PLC for URSA Bank, 9.125%, due 02/26/10		1,004,649
$	2,000,000	#	TransCapitalInvest Ltd. for OJSC AK Transneft, 6.103%, due 06/27/12		1,921,316
	1,205,000		UBS Luxembourg SA for OJSC Vimpel Communications, 8.250%, due 05/23/16		1,183,852

					14,922,700


			South Korea: 0.7%
	1,280,000	C	Shinhan Bank, 6.819%, due 09/20/36		1,109,681
	1,230,000	C	Woori Bank, 6.208%, due 05/02/37		1,026,580

					2,136,261


			Trinidad And Tobago: 0.3%
	1,000,000	C	Petroleum Co. of Trinidad & Tobago Ltd., 6.000%, due 05/08/22		976,336

					976,336


			Turkey: 0.1%
	TRY 400,000		European Investment Bank, 10.000%, due 01/28/11		279,664

					279,664


			Ukraine: 1.7%
$	550,000		City of Kiev Ukraine, 8.000%, due 11/06/15		530,836
	1,200,000		HSBC Bank PLC for Ukrsibbank, 7.750%, due 12/21/11		1,200,257
	500,000		Standard Bank (Nak), 8.125%, due 09/30/09		482,400
	2,600,000		UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12		2,397,633
	200,000	#	UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12		184,433

					4,795,559


			Venezuela: 4.5%
	7,500,000	C	Petroleos de Venezuela SA, 5.250%, due 04/12/17		4,968,750
	14,350,000	C	Petroleos de Venezuela SA, 5.375%, due 04/12/27		8,071,875

					13,040,625

			Total Corporate Bonds/Notes (Cost $95,188,937)		90,504,885

See Accompanying Notes to Financial Statements

211

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2008 (Unaudited) (continued)


Principal
Amount				Value



OTHER BONDS: 63.3%

			Argentina: 6.4%
$	17,905,000		Argentina Government International Bond, due 12/15/35	$	2,085,933
	ARS 5,000		Argentina Government International Bond, due 12/15/35		144
$	8,325,000		Argentina Government International Bond, due 12/15/35		952,380
	ARS 4,000,000		Argentina Government International Bond, 2.000%, due 09/30/14		1,124,699
	ARS 1,805,231		Argentina Government International Bond, 5.830%, due 12/31/33		533,038
$	5,000,000		Argentina Government International Bond, 7.000%, due 10/03/15		3,612,500
	3,575,718		Argentina Government International Bond, 8.280%, due 12/31/33		2,883,817
	1,050,000	+,#	Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35		370,650
	4,550,000	+	Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35		1,606,150
	280,000	#	Province of Buenos Aires Argentina, 9.375%, due 09/14/18		210,000
	2,200,000		Province of Buenos Aires Argentina, 9.375%, due 09/14/18		1,650,000
	4,130,000		Province of Buenos Aires Argentina, 9.625%, due 04/18/28		3,014,900
	481,500	#	Provincia Del Neuquen Titulo Provincial, 8.656%, due 10/18/14		480,296

					18,524,507


			Belize: 0.1%
	330,000	+,C	Belize Government International Bond, 4.250% (step rate 6.000%), due 02/20/29		241,725

					241,725


			Bosnia and Herzegovina: 0.2%
	EUR 383,469	Z	Bosnia & Herzegovina Government International Bond, 11.110%, due 12/11/17		425,125

					425,125


			Brazil: 7.1%
$	6,200,000		Brazil Government International Bond, 7.125%, due 01/20/37		7,099,000
	275,000		Brazil Government International Bond, 8.250%, due 01/20/34		349,938
	1,680,000		Brazil Government International Bond, 8.750%, due 02/04/25		2,154,600
	100,000		Brazil Government International Bond, 8.875%, due 10/14/19		129,120
	600,000		Brazil Government International Bond, 10.125%, due 05/15/27		869,190
	3,000,000	C	Brazil Government International Bond, 11.000%, due 08/17/40		4,092,750
	2,705,000		Brazil Government International Bond, 12.500%, due 01/05/16		1,659,909
	475,000		Federal Republic of Brazil, 8.875%, due 04/15/24		609,188
	BRL 4,295,000		Federal Republic of Brazil, 12.500%, due 01/05/16		2,687,282
$	900,000	C	Federative Republic of Brazil, 6.000%, due 01/17/17		942,750

					20,593,727


			Colombia: 3.2%
	50,000		Colombia Government International Bond, 10.000%, due 01/23/12		59,250
	53,000		Colombia Government International Bond, 11.750%, due 02/25/20		79,235
	5,080,000		Republic of Colombia, 7.375%, due 01/27/17		5,732,780
	2,055,000		Republic of Colombia, 8.125%, due 05/21/24		2,440,313
	COP 2,061,000,000		Republic of Colombia, 9.850%, due 06/28/27		1,106,222

					9,417,800


			Dominican Republic: 1.7%
$	2,267,927		Dominican Republic, 9.040%, due 01/23/18		2,460,701
	250,000	#	Dominican Republic International Bond, 8.625%, due 04/20/27		267,500
	1,865,000		Dominican Republic International Bond, 8.625%, due 04/20/27		1,995,550
	143,584		Standard Bank PLC, 16.000%, due 07/20/09		141,944

					4,865,695


			El Salvador: 1.9%
	200,000	#	El Salvador Government International Bond, 7.650%, due 06/15/35		215,000
	2,430,000		El Salvador Government International Bond, 7.650%, due 06/15/35		2,612,250
	2,440,000		El Salvador Government International Bond, 8.250%, due 04/10/32		2,806,000
					5,633,250


			Ghana: 0.3%
	900,000	#	Republic of Ghana, 8.500%, due 10/04/17		942,750

					942,750


			Indonesia: 2.9%
	200,000	#	Indonesia Government International Bond, 6.625%, due 02/17/37		176,840
	1,900,000		Indonesia Government International Bond, 6.625%, due 02/17/37		1,693,352

See Accompanying Notes to Financial Statements

212

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2008 (Unaudited) (continued)


Principal
Amount				Value


			Indonesia (continued)
$	835,000	#	Indonesia Government International Bond, 6.875%, due 01/17/18	$	859,006
	3,000,000		Indonesia Government International Bond, 7.500%, due 01/15/16		3,213,591
	880,000	#	Indonesia Government International Bond, 7.750%, due 01/17/38		886,600
	1,470,000		Indonesia Government International Bond, 8.500%, due 10/12/35		1,612,245

					8,441,634


			Iraq: 2.2%
	9,050,000	C	Republic of Iraq, 5.800%, due 01/15/28		6,220,608

					6,220,608


			Ivory Coast: 0.0%
	210,000	±	Ivory Coast Government International Bond, 3.000%, due 03/30/18		75,600

					75,600


			Lebanon: 0.1%
	210,000		Lebanon Government International Bond, 8.250%, due 04/12/21		196,350

					196,350


			Mexico: 1.8%
	1,000,000	C	Mexico Government International Bond, 5.625%, due 01/15/17		1,053,500
	2,100,000		Mexico Government International Bond, 7.500%, due 04/08/33		2,537,430
	1,300,000		Mexico Government International Bond, 8.300%, due 08/15/31		1,693,250

					5,284,180


			Nigeria: 0.7%
	500,000		Central Bank of Nigeria, 5.092%, due 01/05/10		68,750
	2,000,000		UBS AG, 9.850%, due 08/02/17		2,064,564

					2,133,314


			Pakistan: 1.4%
	4,210,000		Islamic Republic of Pakistan, 6.875%, due 06/01/17		3,589,025
	610,000		Pakistan Government International Bond, 7.125%, due 03/31/16		528,632

					4,117,657


			Panama: 1.1%
	50,000		Panama Government International Bond, 6.700%, due 01/26/36		52,125
	1,595,000		Panama Government International Bond, 7.125%, due 01/29/26		1,770,450
	1,000,000		Panama Government International Bond, 8.875%, due 09/30/27		1,305,000
	130,000		Panama Government International Bond, 9.375%, due 04/01/29		176,150

					3,303,725


			Peru: 2.2%
	2,600,000		Peru Government International Bond, 6.550%, due 03/14/37		2,736,500
	PEN 5,000,000	#	Peru Government International Bond, 6.900%, due 08/12/37		1,752,748
$	1,420,000		Peru Government International Bond, 7.350%, due 07/21/25		1,664,950
	220,000		Peru Government International Bond, 8.750%, due 11/21/33		292,600

					6,446,798


			Philippines: 5.3%
	3,630,000		Philippine Government International Bond, 7.750%, due 01/14/31		4,110,975
	1,750,000		Philippine Government International Bond, 8.000%, due 01/15/16		2,012,500
	4,500,000		Philippine Government International Bond, 8.250%, due 01/15/14		5,169,150
	1,100,000		Philippine Government International Bond, 8.875%, due 03/17/15		1,310,375
	2,000,000		Philippine Government International Bond, 9.000%, due 02/15/13		2,337,600
	270,000		Philippine Government International Bond, 9.875%, due 01/15/19		348,300

					15,288,900


			Russia: 7.5%
	10,327,725	+	Russia Government International Bond, 7.500%, due 03/31/30		11,893,063
	5,500,000		Russia Government International Bond, 12.750%, due 06/24/28		9,909,367

					21,802,430


			South Africa: 1.2%
	3,505,000		South Africa Government International Bond, 5.875%, due 05/30/22		3,330,188

					3,330,188


			Sri Lanka: 0.1%
	370,000	#	Democratic Socialist Republic of Sri Lanka, 8.250%, due 10/24/12		338,550

					338,550


			Turkey: 7.2%
	6,250,000		Republic of Turkey, 7.000%, due 09/26/16		6,429,688
	1,000,000		Turkey Government International Bond, 6.875%, due 03/17/36		930,100

See Accompanying Notes to Financial Statements

213

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2008 (Unaudited) (continued)


Principal
Amount						Value


			Turkey (continued)
$	220,000		Turkey Government International Bond, 7.250%, due 03/15/15			$	230,175
	4,250,000		Turkey Government International Bond, 7.375%, due 02/05/25				4,329,688
	1,530,000		Turkey Government International Bond, 8.000%, due 02/14/34				1,627,538
	4,000,000		Turkey Government International Bond, 9.500%, due 01/15/14				4,630,000
	TRY 3,080,000		Turkey Government International Bond, 10.000%, due 02/15/12				2,695,653
	TRY 130,000		Turkey Government International Bond, 14.000%, due 01/19/11				95,683

							20,968,525


			Ukraine: 1.6%
$	1,400,000		Credit Suisse First Boston International for CJSC The EXIM of Ukraine, 6.800%, due 10/04/12				1,352,260
	1,500,000		Credit Suisse First Boston International for CJSC The EXIM of Ukraine, 7.650%, due 09/07/11				1,501,307
	470,000		Ukraine Government International Bond, 6.580%, due 11/21/16				461,091
	1,180,000		Ukraine Government International Bond, 7.650%, due 06/11/13				1,267,910

							4,582,568


			Uruguay: 2.7%
	205,000		Oriental Republic of Uruguay, 7.625%, due 03/21/36				217,300
	100,000		Uruguay Government International Bond, 7.500%, due 03/15/15				109,650
	3,517,500	&	Uruguay Government International Bond, 7.875%, due 01/15/33				3,834,075
	3,300,000		Uruguay Government International Bond, 8.000%, due 11/18/22				3,679,500

							7,840,525


			Venezuela: 4.4%
	2,200,000		Bolivarian Republic of Venezuela, 9.375%, due 01/13/34				1,996,500
	1,400,000		Republic of Venezuela, 6.000%, due 12/09/20				983,500
	2,400,000		Republic of Venezuela, 7.000%, due 03/31/38				1,663,440
	3,000,000		Venezuela Government International Bond, 5.750%, due 02/26/16				2,377,500
	4,900,000		Venezuela Government International Bond, 7.000%, due 12/01/18				3,944,500
	1,500,000		Venezuela Government International Bond, 7.650%, due 04/21/25				1,154,850
	300,000		Venezuela Government International Bond, 8.500%, due 10/08/14				282,000
	75,000		Venezuela Government International Bond, 9.250%, due 09/15/27				68,438
	340,000		Venezuela Government International Bond, 13.625%, due 08/15/18				408,850

							12,879,578

			Total Other Bonds (Cost $188,995,357)				183,895,709

		Total Investments in Securities
		(Cost $284,184,294)*		94.4	%	$	274,400,594
		Other Assets and Liabilities - Net		5.6			16,422,961

		Net Assets		100.0	%	$	290,823,555


Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).

&		Payment-in-kind
+		Step-up basis bonds. Interest rates shown reflect current and next coupon rates.
#		Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
C		Bond may be called prior to maturity date.
I		Illiquid security
±		Defaulted security
Z		Indicates Zero Coupon Bond; rate shown reflects current effective yield.
ARS		Argentine Peso
BRL		Brazilian Real
COP		Colombian Peso
EUR		Euro
PEN		Peruvian Nuevo Sol
RUB		Russian Ruble
TRY		Turkish Lira

*		Cost for federal income tax purposes is $284,258,892.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	4,871,850
Gross Unrealized Depreciation		(14,730,148	)

Net Unrealized Depreciation	$	(9,858,298	)


	Percentage of
Industry	Net Assets


Banks		7.4	%
Diversified Financial Services		7.1
Electric		2.8
Foreign Government Bonds		63.2
Forest Products & Paper		0.2
Gas		0.4
Iron/Steel		0.3
Mining		1.4
Multi-National		0.1
Municipal		0.2
Oil & Gas		9.7
Telecommunications		1.0
Transportation		0.5
Other Assets and Liabilities — Net		5.7

Net Assets		100.0	%

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2008 (Unaudited)


Principal
Amount				Value



CORPORATE BONDS/NOTES: 1.5%

			Airlines: 0.1%
$	150,000	C	Delta Airlines, Inc., 7.570%, due 11/18/10	$	145,500

					145,500


			Banks: 0.8%
	700,000	C	Bank of America Corp., 8.000%, due 01/30/18		713,361
	151,000		SunTrust Bank, 7.250%, due 03/15/18		159,291

					872,652


			Beverages: 0.4%
	BRL 900,000	@@,#	Ambev International Finance Co., Ltd., 9.500%, due 07/24/17		465,648

					465,648


			Diversified Financial Services: 0.1%
	90,000		American Express Co., 8.150%, due 03/19/38		105,023

					105,023


			Electric: 0.1%
	64,000	C	Commonwealth Edison Co., 4.700%, due 04/15/15		60,419

					60,419

			Total Corporate Bonds/Notes (Cost $1,655,542)		1,649,242


U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.5%

			Federal Home Loan Mortgage Corporation: 4.2%
	800,000	W	5.000%, due 05/01/37		786,125
	2,753,000		5.500%, due 05/01/37		2,770,636
	225,000	W	6.000%, due 05/01/37		230,168
	702,000	W	6.500%, due 05/15/34		727,118

					4,514,047


			Federal National Mortgage Association: 2.3%
	667,000	W	5.000%, due 05/01/22		670,439
	303,730	S	5.000%, due 03/01/37		292,638
	646,000	W	5.500%, due 05/15/20		657,810
	398,478	S	5.500%, due 06/01/37		401,143
	432,000	W	6.500%, due 05/01/37		447,053

					2,469,083

			Total U.S. Government Agency Obligations (Cost $6,985,549)		6,983,130


U.S. TREASURY OBLIGATIONS: 19.0%

			U.S. Treasury Bonds: 4.9%
	3,139,000	S	3.500%, due 02/15/18		3,073,279
	2,023,000	S	5.000%, due 05/15/37		2,193,059

					5,266,338


			U.S. Treasury Notes: 12.7%
	3,020,000	S	1.750%, due 03/31/10		2,992,397
	3,020,000	S	2.125%, due 04/30/10		3,006,788
	7,342,000	S	3.125%, due 04/30/13		7,372,976
	260,000	S	4.500%, due 05/15/10		271,944

					13,644,105


			Treasury Inflation Indexed Protected Securities: 1.4%
	474,926	S	1.750%, due 01/15/28		452,886
	972,291	S	2.000%, due 04/15/12		1,022,805

					1,475,691

			Total U.S. Treasury Obligations (Cost $20,445,292)		20,386,134


COLLATERALIZED MORTGAGE OBLIGATIONS: 3.3%
	700,000	C,S	Ge Capital Commercial Mortgage Corp., 5.339%, due 03/10/44		691,742
	122,000	C,S	Greenwich Capital Commercial Funding Corp., 5.117%, due 04/10/37		122,554
	700,000	C,S	Greenwich Capital Commercial Funding Corp., 5.475%, due 03/10/39		636,194
	250,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 4.865%, due 03/15/46		246,261
	700,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 5.345%, due 12/15/44		696,836
	97,000	C,S	LB-UBS Commercial Mortgage Trust, 5.103%, due 11/15/30		97,426
	1,000,000	C,S	LB-UBS Commercial Mortgage Trust, 6.150%, due 04/15/41		1,011,311

			Total Collateralized Mortgage Obligations (Cost $3,408,948)		3,502,324


MUNICIPAL BONDS: 0.8%

			Louisiana: 0.4%
	400,000	C	State of Louisiana, 5.000%, due 10/15/17		429,832

					429,832


			Washington: 0.4%
	400,000	C	State of Washington, 5.000%, due 01/01/33		410,152

					410,152

			Total Municipal Bonds (Cost $818,743)		839,984


OTHER BONDS: 30.5%

			Foreign Government Bonds: 30.5%
	EUR 8,440,000		Bundesobligation, 3.500%, due 04/08/11		13,075,654
	EUR 3,235,000		Bundesrepub. Deutschland, 4.250%, due 07/04/17		5,099,928
	CAD 1,700,000		Canadian Government International Bond, 3.750%, due 06/01/12		1,731,397
	EUR 930,000		France Government International Bond OAT, 3.250%, due 04/25/16		1,359,557
	EUR 915,000		Italy Buoni Poliennali Del Tesoro, 3.750%, due 08/01/16		1,368,928
	JPY 230,000,000	Z	Japan Financing Bills, 0.520%, due 06/09/08		2,210,570

See Accompanying Notes to Financial Statements

216

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2008 (Unaudited) (continued)

Principal

Amount

Value

Foreign Government Bonds (continued)

JPY 414,562,500

Japan Government CPI Linked, 1.200%, due 12/10/17

3,947,870

GBP 1,595,000

United Kingdom Gilt Bond, 4.000%, due 03/07/09

3,159,558

GBP 230,000

United Kingdom Gilt Bond, 4.250%, due 03/07/36

438,408

UYU 6,067,000

Uruguay Government International Bond, 4.250%, due 04/05/27

315,391

Total Other Bonds
(Cost $30,739,382)

32,707,261

Total Long-Term Investments
(Cost $64,053,456)

66,068,075

Value

SHORT-TERM INVESTMENTS: 40.7%

Mutual Fund: 34.7%

37,125,000

**,S

ING Institutional Prime Money Market Fund

37,125,000

Total Mutual Fund
(Cost $37,125,000)

37,125,000

Principal

Amount

Value

Foreign Government Securities: 5.5%

EUR 3,810,000

German Treasury Bill, 3.450%, due 06/18/08

5,921,315

Total Foreign Government Securities
(Cost $5,921,315)

5,921,315

Repurchase Agreement: 0.5%

535,000

Goldman Sachs Repurchase Agreement dated 04/30/08, 1.970%, due 05/01/08, $535,029 to be received upon repurchase (Collateralized by $540,700 U.S. Treasury Note, 2.625%, Market Value plus accrued interest $545,767, due 03/15/09)

535,000

Total Repurchase Agreement
(Cost $535,000)

535,000

Total Short-Term Investments
(Cost $43,581,315)

43,581,315

Total Investments in Securities

(Cost $107,634,771)*

102.3

109,649,390

Other Assets and
Liabilities - Net

(2.3

)

(2,416,861

)

Net Assets

100.0

107,232,529


Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).

@@		Foreign Issuer
#		Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
C		Bond may be called prior to maturity date.
W		When-issued or delayed delivery security
S		All or a portion of this security is segregated for certain derivatives, when-issued or delayed delivery securities and forward currency exchange contracts.
**		Investment in affiliate
Z		Indicates Zero Coupon Bond; rate shown reflects current effective yield.
BRL		Brazilian Real
CAD		Canadian Dollar
EUR		EU Euro
GBP		British Pound
JPY		Japanese Yen
UYU		Uruguayan Peso

*		Cost for federal income tax purposes is $107,754,350.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	2,094,408
Gross Unrealized Depreciation		(199,368	)

Net Unrealized Appreciation	$	1,895,040

At April 30, 2008 the following forward foreign currency contracts were outstanding for the ING Global Bond Fund:


					In				Unrealized
			Settlement		Exchange				Appreciation/
Currency	Buy/Sell		Date		For		Value		(Depreciation)
			USD

Australia Dollars AUD 8,264,000		Buy		05/15/08		7,630,523		7,781,867	$	151,344
Switzerland Francs CHF 1,936,970		Buy		05/15/08		1,922,000		1,869,843		(52,157	)
Switzerland Francs CHF 2,093,660		Buy		05/30/08		2,022,000		2,021,590		(410	)
Denmark Kroner DKK 2,185,000		Buy		05/30/08		456,164		456,639		475
EURO EUR 1,352,000		Buy		05/15/08		2,122,609		2,109,732		(12,877	)
EURO EUR 1,422,040		Buy		05/15/08		2,244,000		2,219,025		(24,975	)
EURO EUR 1,579,382		Buy		05/15/08		2,516,736		2,464,551		(52,185	)
EURO EUR 1,633,382		Buy		05/15/08		2,600,000		2,548,816		(51,184	)
Japanese Yen JPY 838,000,000		Buy		05/15/08		8,209,425		8,066,651		(142,774	)
Japanese Yen JPY 460,204,027		Buy		05/15/08		4,570,000		4,429,958		(140,042	)
Japanese Yen JPY 153,833,850		Buy		05/15/08		1,530,000		1,480,816		(49,184	)
Japanese Yen JPY 206,499,816		Buy		05/15/08		2,040,000		1,987,783		(52,217	)
Japanese Yen JPY 53,210,184		Buy		05/15/08		515,689		512,206		(3,483	)
Japanese Yen JPY 553,144,376		Buy		05/15/08		5,365,000		5,324,609		(40,391	)
Japanese Yen JPY 383,088,420		Buy		05/15/08		3,690,000		3,687,638		(2,362	)
Korea (South) Won KRW 1,142,032,800		Buy		05/15/08		1,173,000		1,138,560		(34,440	)
New Zealand Dollars NZD 6,880,508		Buy		06/18/08		5,300,000		5,349,943		49,943
Norway Krone NOK 14,345,637		Buy		05/30/08		2,810,000		2,810,451		451
Poland Zlotych PLN 1,003,000		Buy		05/30/08		455,306		452,405		(2,901	)

See Accompanying Notes to Financial Statements

217

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2008 (Unaudited) (continued)


					In				Unrealized
			Settlement		Exchange				Appreciation/
Currency	Buy/Sell		Date		For		Value		(Depreciation)
			USD

Sweden Kronor SEK 4,625,000		Buy		05/30/08		771,851		771,328		(523	)
Taiwan New Dollars TWD 11,500,000		Buy		05/15/08		383,333		377,885		(5,448	)

									$	(465,340	)

Australia Dollars AUD 3,103,505		Sell		05/15/08		2,940,000		2,922,442	$	17,558
Australia Dollars AUD 2,901,662		Sell		05/15/08		2,732,600		2,732,376		224
Brazil Real BRL 813,489		Sell		05/30/08		483,500		485,433		(1,933	)
Canada Dollars CAD 2,114,834		Sell		05/30/08		2,100,000		2,099,320		680
Canada Dollars CAD 604,151		Sell		05/30/08		600,000		599,719		281
Canada Dollars CAD 2,244,633		Sell		05/30/08		2,210,000		2,228,167		(18,167	)
Switzerland Francs CHF 1,936,970		Sell		05/15/08		1,894,118		1,869,843		24,275
Switzerland Francs CHF 4,194,661		Sell		05/30/08		4,160,000		4,050,269		109,731
EURO EUR 1,579,382		Sell		05/15/08		2,483,000		2,464,551		18,449
EURO EUR 807,362		Sell		05/15/08		1,265,000		1,259,850		5,150
Japanese Yen JPY 150,668,058		Sell		05/15/08		1,460,000		1,450,342		9,658
Japanese Yen JPY 153,833,850		Sell		05/15/08		1,475,746		1,480,816		(5,070	)
Japanese Yen JPY 383,088,420		Sell		05/15/08		3,676,423		3,687,638		(11,215	)
Japanese Yen JPY 67,750,410		Sell		05/15/08		650,000		652,171		(2,171	)
Japanese Yen JPY 259,710,000		Sell		05/15/08		2,500,000		2,499,989		11
Mexico Pesos MXN 7,108,447		Sell		05/15/08		670,000		676,417		(6,417	)
Mexico Pesos MXN 30,201,737		Sell		05/15/08		2,860,000		2,873,902		(13,902	)

									$	127,142

ING Global Bond Fund Open Futures Contracts on April 30, 2008


			Notional					Unrealized
	Number of		Market			Expiration		Appreciation/
Contract Description	Contracts		Value ($)			Date		(Depreciation)

Long Contracts

90-Day Sterling		37		8,726,016			03/18/09	$	(46,317	)
Australia 10-Year Bond		38		3,505,103			06/16/08		(66,687	)
Canada 10-Year Bond		17		1,996,753			06/19/08		48,694
Euro-Bund		25		4,452,868			06/06/08		(116,510	)
Euro-Schatz		104		16,862,670			06/06/08		(229,070	)
Japanese Government Bonds 10-Year Mini		19		2,496,668			06/10/08		(47,640	)
Long Gilt		11		2,368,453			06/26/08		(7,382	)
U.S. Treasury 5-Year Note		14		1,567,781			06/30/08		(20,051	)

								$	(484,963	)

Short Contracts

90-Day Sterling		37		(8,713,602	)		03/17/10	$	29,048

								$	29,048

ING Global Bond Fund Credit Default Swap Agreements Outstanding on April 30, 2008:


											Unrealized
		Buy/Sell	(Pay)/Receive			Termination			Notional		Appreciation/
Counterparty	Reference Entity/Obligation	Protection	Fixed Rate (%)			Date			Amount		(Depreciation)

UBS AG	Australia and New Zealand Banking Group 4.450%, 02/05/15	Buy		(0.350	)		09/20/17	USD		50,000		1,177
Citibank N.A., New York	Bank of Scotland 5.125%, 12/05/13	Buy		(0.660	)		09/20/17	USD		100,000		6,165
UBS AG	Bank of Scotland 5.125%, 12/05/13	Buy		(0.410	)		09/20/17	USD		50,000		3,999
Citibank N.A., New York	BNP Paribas 5.250%, 12/17/12	Buy		(0.520	)		09/20/17	USD		100,000		1,466
Citibank N.A., New York	CDX.EM.9 Index	Buy		(2.650	)		06/20/13	USD		1,000,000		(16,723	)
Barclays Bank PLC	Federative Republic of Brazil 12.250%, 03/06/30	Sell		0.240			06/20/08	USD		2,850,000		(143	)
Citibank N.A., New York	Federative Republic of Brazil 12.250%, 03/06/30	Sell		0.240			07/20/08	USD		1,200,000		(95	)
Citibank N.A., New York	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(0.740	)		07/20/12	USD		300,000		2,436
UBS AG	HSBC Bank PLC 4.250%, 03/18/16	Buy		(0.400	)		09/20/17	USD		50,000		1,840
UBS AG	Royal Bank of Scotland PLC 6.000%, 05/10/13	Buy		(0.400	)		09/20/17	USD		50,000		2,531
Citibank N.A., New York	Societe Generale 6.625%, 04/27/15	Buy		(0.510	)		09/20/17	USD		100,000		3,804
UBS AG	Societe Generale 6.625%, 04/27/15	Buy		(0.380	)		09/20/17	USD		50,000		2,391
Citibank N.A., New York	Standard Chartered Bank 3.625%, 02/03/17	Buy		(0.670	)		09/20/17	USD		100,000		2,927

See Accompanying Notes to Financial Statements

218

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2008 (Unaudited) (continued)

Unrealized

Buy/Sell

(Pay)/Receive

Termination

Notional

Appreciation/

Counterparty

Reference Entity/Obligation

Protection

Fixed Rate (%)

Date

Amount

(Depreciation)

UBS AG

Standard Chartered Bank
3.625%, 02/03/17

Buy

(0.420

)

09/20/17

USD

50,000

2,402

UBS AG

Westpac Banking Corp.
5.875%, 04/29/18

Buy

(0.350

)

09/20/17

USD

50,000

2,195

16,372

ING Global Bond Fund Interest Rate Swap Agreements Outstanding on April 30, 2008:


				Notional		Unrealized
	Termination			Principal		Appreciation/
	Date			Amount		(Depreciation)

Receive a fixed rate equal to 3.186% and pay a floating rate based on 3-month USD-LIBOR Counterparty: Citibank N.A., New York		04/22/10	USD		5,477,000	$	1,457
Receive a fixed rate equal to 8.370% and pay a floating rate based on 3-month NZD-BBR-FRA Counterparty: UBS AG, London		07/12/10	NZD		5,835,000		37,670
Receive a fixed rate equal to 4.670% and pay a floating rate based on 6-month GBP-LIBOR Counterparty: Citibank N.A., New York		08/05/10	GBP		3,559,000		(76,015	)
Receive a fixed rate equal to 4.920% and pay a floating rate based on 6-month GBP-LIBOR Counterparty: Citibank N.A., New York		08/23/10	GBP		3,559,000		(43,709	)
Receive a fixed rate equal to 5.260% and pay a floating rate based on 6-month GBP-LIBOR Counterparty: Citibank N.A., New York		10/29/10	GBP		17,500,000		(5,155	)
Receive a floating rate based on 3-month NZD-BBR-FRA and pay a fixed rate equal to 7.710% Counterparty: UBS AG, London		07/13/15	NZD		2,000,000		(17,158	)
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 4.270% Counterparty: Citibank N.A., New York		01/23/18	USD		1,280,000		(4,446	)
Receive a floating rate based on 6-month GBP-LIBOR and pay a fixed rate equal to 4.870% Counterparty: Citibank N.A., New York		08/06/18	GBP		861,000		33,364
Receive a floating rate based on 6-month GBP-LIBOR and pay a fixed rate equal to 5.150% Counterparty: Citibank N.A., New York		08/22/18	GBP		861,000		(3,542	)

						$	(77,534	)

See Accompanying Notes to Financial Statements

219

PORTFOLIO OF INVESTMENTS

ING Diversified International Fund

as of April 30, 2008 (Unaudited)


Shares						Value



AFFILIATED INVESTMENT COMPANIES: 99.9%
	491,420		ING Emerging Countries Fund — Class I			$	18,246,418
	5,455,559	@	ING Foreign Fund — Class I				110,147,731
	11,331,521		ING Index Plus International Equity Fund — Class I				124,080,150
	10,957,524		ING International Capital Appreciation Fund — Class I				139,708,425
	5,138,987		ING International Equity Dividend Fund — Class I				48,255,087
	2,386,783		ING International Real Estate Fund — Class I				28,784,603
	1,045,980		ING International SmallCap Fund — Class I				48,784,502
	4,018,072		ING International Value Choice Fund — Class I				48,015,955

		Total Investments in Securities
		(Cost $552,124,404)*		99.9	%	$	566,022,871
		Other Assets and Liabilities - Net		0.1			366,642

		Net Assets		100.0	%	$	566,389,513


Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A).

@		Non-income producing security

*		Cost for federal income tax purposes is $564,847,175.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	8,787,261
Gross Unrealized Depreciation		(7,611,565	)

Net Unrealized Appreciation	$	1,175,696

See Accompanying Notes to Financial Statements

220

SHAREHOLDER MEETING INFORMATION (Unaudited)

A special meeting of shareholders of ING Mutual Funds was held November 21, 2007, at the offices of ING Funds, 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258.

A brief description of each matter voted upon as well as the results are outlined below:

Matters:


	1	To approve the conversion of certain Funds’ investment objectives from fundamental to non-fundamental.

	2	To approve a “Manager-of-Managers” arrangement for certain Funds to permit the Funds’ investment adviser, subject to prior approval by the Board, to enter into and materially amend agreements with unaffiliated sub-advisers without obtaining the approval of the Funds’ shareholders.

	3	To approve the election of eleven nominees to the Boards of Directors/Trustees of the Funds.

Results:


					Shares
					Voted
			Shares		Against						Total
			Voted		or		Shares		Broker		Shares
	Proposal*		For		Withheld		Abstained		Non-Vote		Voted

ING Emerging Countries Fund		1		3,303,664.071		256,758.695		127,156.710		1,700,808.000		5,388,387.476
ING International SmallCap Fund		1		3,943,249.848		4,250,437.496		188,929.786		2,897,071.000		11,279,688.130
ING Russia Fund		1		4,123,725.745		547,550.981		150,848.838		4,102,805.000		8,924,930.564
ING International Growth Opportunities Fund		1		3,343,806.470		211,331.428		107,253.207		2,127,408.000		5,789,799.105
ING Global Equity Dividend Fund		2		8,801,534.302		572,748.029		317,208.513		6,231,716.000		15,923,206.844
ING Global Real Estate Fund		2		21,151,855.465		2,519,234.577		774,688.916		16,023,095.000		40,468,873.958
ING Russia Fund		2		4,164,475.651		530,750.074		126,899.839		4,102,805.000		8,924,930.564
ING International Growth Opportunities Fund		2		3,341,587.008		207,680.830		113,123.267		2,127,408.000		5,789,799.105
Colleen D. Baldwin		3		249,706,919.045		3,027,810.174		0.000		0.000		252,734,729.219
John V. Boyer		3		249,682,044.241		3,052,684.978		0.000		0.000		252,734,729.219
Patricia W. Chadwick		3		249,465,993.099		3,268,736.120		0.000		0.000		252,734,729.219
Robert W. Crispin		3		249,643,813.665		3,090,915.554		0.000		0.000		252,734,729.219
Peter S. Drotch		3		249,697,326.071		3,037,403.148		0.000		0.000		252,734,729.219
J. Michael Earley		3		249,522,554.729		3,212,174.490		0.000		0.000		252,734,729.219
Patrick W. Kenny		3		249,766,444.194		2,968,285.025		0.000		0.000		252,734,729.219
Shaun P. Mathews		3		249,749,451.981		2,985,277.238		0.000		0.000		252,734,729.219
Sheryl K. Pressler		3		249,640,102.557		3,094,626.662		0.000		0.000		252,734,729.219
David W.C. Putnam		3		249,463,578.379		3,271,150.840		0.000		0.000		252,734,729.219
Roger B. Vincent		3		249,707,425.710		3,027,303.509		0.000		0.000		252,734,729.219


*	The Shareholder Meeting for Proposals 1 and 2 were adjourned to December 17, 2007. Proposal 3 passed at this meeting.

221

SHAREHOLDER MEETING INFORMATION (Unaudited) (continued)

A special meeting of shareholders of ING Mutual Funds was held December 17, 2007, at the offices of ING Funds, 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258.

A brief description of each matter voted upon as well as the results are outlined below:

Matters:


	1	To approve the conversion of certain Funds’ investment objectives from fundamental to non-fundamental.

	2	To approve a “Manager-of-Managers” arrangement for certain Funds to permit the Funds’ investment adviser, subject to prior approval by the Board, to enter into and materially amend agreements with unaffiliated sub-advisers without obtaining the approval of the Funds’ shareholders.

Results:


						Shares
						Voted
				Shares		Against						Total
				Voted		or		Shares		Broker		Shares
	Proposal			For		Withheld		Abstained		Non-Vote		Voted

ING Emerging Countries Fund		1	*		3,529,006.191		280,815.324		138,635.452		1,569,897.000		5,518,353.967
ING International SmallCap Fund		1			4,740,527.619		4,358,399.651		297,254.233		2,431,217.000		11,827,398.503
ING Russia Fund		1			4,579,183.510		603,011.206		219,936.660		3,635,599.000		9,037,730.376
ING International Growth Opportunities Fund		1	*		4,039,312.321		273,169.844		170,240.604		2,004,551.000		6,487,273.769
ING Global Equity Dividend Fund		2	*		9,832,039.528		700,045.216		391,917.152		5,508,641.000		16,432,642.896
ING Global Real Estate Fund		2			23,468,669.794		2,758,822.536		921,401.206		14,331,317.000		41,480,210.536
ING Russia Fund		2			4,620,033.621		589,915.409		192,182.346		3,635,599.000		9,037,730.376
ING International Growth Opportunities Fund		2	*		4,053,822.933		261,821.262		167,078.574		2,004,551.000		6,487,273.769


*	The Shareholder Meeting was adjourned to December 31, 2007.

A special meeting of shareholders of ING Mutual Funds was held December 31, 2007, at the offices of ING Funds, 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258.

A brief description of each matter voted upon as well as the results are outlined below:

Matters:


	1	To approve the conversion of certain Funds’ investment objectives from fundamental to non-fundamental.

	2	To approve a “Manager-of-Managers” arrangement for certain Funds to permit the Funds’ investment adviser, subject to prior approval by the Board, to enter into and materially amend agreements with unaffiliated sub-advisers without obtaining the approval of the Funds’ shareholders.

Results:


					Shares
					Voted
			Shares		Against						Total
			Voted		or		Shares		Broker		Shares
	Proposal		For		Withheld		Abstained		Non-Vote		Voted

ING Emerging Countries Fund		1		3,788,561.250		336,812.506		142,377.185		1,441,855.000		5,709,605.941
ING International Growth Opportunities Fund		1		4,598,913.597		276,176.245		179,179.802		1,872,805.000		6,927,074.644
ING Global Equity Dividend Fund		2		10,926,527.364		719,218.216		427,476.968		4,798,437.000		16,871,659.548
ING International Growth Opportunities Fund		2		4,612,833.497		265,947.709		175,488.438		1,872,805.000		6,927,074.644

222

SHAREHOLDER MEETING INFORMATION (Unaudited) (continued)

A special meeting of shareholders of ING Mayflower Trust was held November 21, 2007, at the offices of ING Funds, 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258.

A brief description of each matter voted upon as well as the results are outlined below:

Matters:


	1	To approve the conversion of ING International Value Fund’s investment objectives from fundamental to non-fundamental.

	2	To approve a “Manager-of-Managers” arrangement for ING International Value Fund to permit the Fund’s investment adviser, subject to prior approval by the Board, to enter into and materially amend agreements with unaffiliated sub-advisers without obtaining the approval of the Fund’s shareholders.

	3	To approve the election of eleven nominees to the Boards of Directors/Trustees of the Funds.

Results:


						Shares
						Voted
				Shares		Against						Total
				Voted		or		Shares		Broker		Shares
	Proposal			For		Withheld		Abstained		Non-Vote		Voted

ING International Value Fund		1			53,134,727.860		12,931,098.876		1,846,960.854		49,989,278.000		117,902,065.590
ING International Value Fund		2			53,473,259.272		12,897,305.863		1,542,222.455		49,989,278.000		117,902,065.590
Colleen D. Baldwin		3	*		116,298,776.295		1,603,289.295		0.000		0.000		117,902,065.590
John V. Boyer		3	*		115,837,744.643		2,064,320.947		0.000		0.000		117,902,065.590
Patricia W. Chadwick		3	*		116,300,896.837		1,601,168.753		0.000		0.000		117,902,065.590
Robert W. Crispin		3	*		115,771,872.288		2,130,193.302		0.000		0.000		117,902,065.590
Peter S. Drotch		3	*		116,239,079.379		1,662,986.211		0.000		0.000		117,902,065.590
J. Michael Earley		3	*		115,921,536.128		1,980,529.462		0.000		0.000		117,902,065.590
Patrick W. Kenny		3	*		115,919,408.277		1,982,657.313		0.000		0.000		117,902,065.590
Shaun P. Mathews		3	*		115,849,151.042		2,052,914.548		0.000		0.000		117,902,065.590
Sheryl K. Pressler		3	*		115,770,736.133		2,131,329.457		0.000		0.000		117,902,065.590
David W.C. Putnam		3	*		116,273,111.205		1,628,954.385		0.000		0.000		117,902,065.590
Roger B. Vincent		3	*		116,316,328.731		1,585,736.859		0.000		0.000		117,902,065.590


*	The Shareholder Meeting was adjourned to December 17, 2007.

223

SHAREHOLDER MEETING INFORMATION (Unaudited) (continued)

A special meeting of shareholders of ING Mayflower Trust was held December 17, 2007, at the offices of ING Funds, 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258.

A brief description of each matter voted upon as well as the results are outlined below:

Matters:


	1	To approve the conversion of ING International Value Fund’s investment objectives from fundamental to non-fundamental.

	2	To approve a “Manager-of-Managers” arrangement for ING International Value Fund to permit the Fund’s investment adviser, subject to prior approval by the Board, to enter into and materially amend agreements with unaffiliated sub-advisers without obtaining the approval of the Fund’s shareholders.

	3	To approve the election of eleven nominees to the Boards of Directors/Trustees of the Funds.

Results:


					Shares
					Voted
			Shares		Against						Total
			Voted		or		Shares		Broker		Shares
	Proposal*		For		Withheld		Abstained		Non-Vote		Voted

ING International Value Fund		1		61,904,583.421		13,826,523.452		2,572,363.315		46,288,030.000		124,591,500.188
ING International Value Fund		2		62,501,627.034		13,607,460.213		2,194,382.941		46,288,030.000		124,591,500.188
Colleen D. Baldwin		3		121,874,494.995		2,010,885.664		0.000		0.000		123,885,380.659
John V. Boyer		3		121,411,982.213		2,473,398.446		0.000		0.000		123,885,380.659
Patricia W. Chadwick		3		121,877,660.003		2,007,720.656		0.000		0.000		123,885,380.659
Robert W. Crispin		3		121,345,455.757		2,539,924.902		0.000		0.000		123,885,380.659
Peter S. Drotch		3		121,811,215.729		2,074,164.930		0.000		0.000		123,885,380.659
J. Michael Earley		3		121,493,007.375		2,392,373.284		0.000		0.000		123,885,380.659
Patrick W. Kenny		3		121,493,565.515		2,391,815.144		0.000		0.000		123,885,380.659
Shaun P. Mathews		3		121,423,388.418		2,461,992.241		0.000		0.000		123,885,380.659
Sheryl K. Pressler		3		121,349,642.026		2,535,738.633		0.000		0.000		123,885,380.659
David W.C. Putnam		3		121,844,329.644		2,041,051.015		0.000		0.000		123,885,380.659
Roger B. Vincent		3		121,890,566.059		1,994,814.600		0.000		0.000		123,885,380.659


*	Proposal 3 passed at this meeting.

224

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”) provides that, after an initial period, the Funds’ existing investment advisory and sub-advisory contracts will remain in effect only if the Board of Trustees (the “Board”) of ING Mutual Funds and ING Mayflower Trust (together, the “Trusts”), including a majority of Board members who have no direct or indirect interest in the advisory and sub-advisory contracts, and who are not “interested persons” of the Funds, as such term is defined under the 1940 Act (the “Independent Trustees”), annually review and approve them. Thus, at a meeting held on November 30, 2007, 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 10 and November 28, 2007 to consider the renewal of the Advisory Contracts and Sub-Advisory Contracts. As a result, subsequent references herein to factors considered and determinations made by the Independent Trustees include, as applicable, factors considered and determinations made on those earlier dates by the Independent Trustees.

At its November 30, 2007 meeting, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Funds. In reaching these decisions, the Board took into account information furnished to it throughout the year at regular meetings of the Board and the Board’s committees, as well as information prepared specifically in connection with the annual renewal process. Determinations by the Independent Trustees also took into account various factors that they believed, in light of the legal advice furnished to them by 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 specific factors that the Board considered at its renewal meeting. While the Board gave its attention to the information furnished, at its request, that was most relevant to its considerations, discussed below are a number of the primary factors relevant to the Board’s consideration as to whether to renew the Advisory and Sub-Advisory Contracts for the one-year period ending November 30, 2008. Each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Fund’s advisory and sub-advisory arrangements.

Overview of the Contract Renewal and Approval Process

Several years ago, the Independent Trustees instituted a revised process by which they seek and consider relevant information when they decide whether to approve new or existing advisory and sub-advisory arrangements for the investment companies in the ING Funds complex under their jurisdiction, including the Funds’ existing Advisory and Sub-Advisory Contracts. Among other actions, the Independent Trustees: retained the services of independent consultants with experience in the mutual fund industry to assist the Independent Trustees in working with the personnel employed by the Adviser or its affiliates who administer the Funds (“Management”) to identify the types of information presented to the Board to inform its deliberations with respect to advisory and sub-advisory relationships and to help evaluate that information; established a specific format in which certain requested information is provided to the Board; and determined the process for reviewing such information in connection with Advisory and Sub-Advisory Contract renewals and approvals. The end result was an enhanced process which is currently employed by the Independent Trustees to review and analyze information in connection with their annual renewal of the ING Funds’ advisory and sub-advisory contracts, as well as their review and approval of new advisory relationships.

Since the current renewal and approval process was first implemented, the Board’s membership has changed substantially through periodic retirements of some Trustees and the appointment and election of new Trustees. In addition, throughout this period the Independent Trustees have reviewed and refined the renewal and approval process at least annually. The

225

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Board also established a Contracts Committee and two Investment Review Committees, including the International/Balanced/Fixed Income Funds Investment Review Committee (the “I/B/F IRC”). Among other matters, the Contracts Committee provides oversight with respect to the contracts renewal process, and each Fund is assigned to the I/B/F IRC, which provides oversight regarding, among other matters, investment performance.

The type and format of the information provided to the Board or to legal counsel for the Independent Trustees in connection with the contract approval and renewal process has been codified in the Funds’ 15(c) Methodology Guide. This Guide was developed under the direction of the Independent Trustees and sets out a blueprint pursuant to which the Independent Trustees request certain information that they deem important to facilitate an informed review in connection with initial and annual approvals of advisory and sub-advisory contracts.

Management provides certain of the information requested by the 15(c) Methodology Guide in Fund Analysis and Comparison Tables (“FACT sheets”) prior to the Independent Trustees’ review of advisory and sub-advisory arrangements (including the Funds’ Advisory and Sub-Advisory Contracts). The Independent Trustees previously retained an independent firm to verify and test the accuracy of certain FACT sheet data for a representative sample of funds in the ING Funds complex. In 2007, the Contracts Committee employed the services of an independent consultant to assist in its review and analysis of, among other matters, the 15(c) Methodology Guide, the content and format of the FACT sheets, and proposed selected peer groups of investment companies (“SPGs”) to be used by the Funds for certain comparison purposes during the renewal process.

As part of an ongoing process, the Contracts Committee recommends or considers recommendations from Management for refinements to the 15(c) Methodology Guide and other aspects of the review process, and the Board’s Investment Review Committees (including the I/B/F IRC) review benchmarks used to assess the performance of the funds in the ING Funds complex. The Investment Review Committees may apply a heightened level of scrutiny in cases where performance has lagged an ING Fund’s relevant benchmark and/or SPG.

The Board employed its process for reviewing contracts when considering the renewals of the Funds’ Advisory and Sub-Advisory Contracts that would be effective through November 30, 2008. Set forth below is a discussion of many of the Board’s primary considerations and conclusions resulting from this process.

Nature, Extent and Quality of Service

In determining whether to approve the Advisory and Sub-Advisory Contracts for the Funds for the year ending November 30, 2008, 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 each Sub-Adviser. This included information regarding the Adviser and each Sub-Adviser provided throughout the year at regular meetings of the Board and its committees, as well as information furnished in connection with the contract renewal meetings.

The materials requested by and provided to the Board and/or to K&L Gates prior to the November 30, 2007 Board meeting included, among other information, the following items for each Fund: (1) FACT sheets that provided information regarding the performance and expenses of the Fund and other similarly managed funds in its SPG, as well as information regarding the Fund’s investment portfolio, objective and strategies; (2) the 15(c) Methodology Guide, which describes how the FACT sheets were prepared, including the manner in which the Fund’s benchmark and SPG were selected and how profitability was determined; (3) responses from the Adviser and each Sub-Adviser to a series of questions posed by K&L Gates on behalf of the Trustees; (4) copies of the forms of Advisory Contract and Sub-Advisory Contract; (5) copies of the Forms ADV for the Adviser and each Sub-Adviser; (6) financial statements for the Adviser and each Sub-Adviser; (7) a draft of a narrative summary addressing key factors the Board customarily considers in evaluating the renewals of the ING Funds’ (including the Funds’) advisory contracts and sub-advisory contracts, including a written analysis for the Fund of how performance, fees and expenses compare to its SPG and/or designated benchmark; (8) independent analyses of Fund performance by the Trusts’ Chief Investment Risk Officer; (9) information regarding net asset flows into and out of the Fund; and (10) other information relevant to the Board’s evaluations.

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Each Fund’s Class A shares were used for purposes of certain comparisons to the funds in its SPG. Class A shares were selected so that the Fund’s share class with the longest performance history was compared to the analogous class of shares for each fund in its SPG. The mutual funds included in each Fund’s SPG were selected based upon criteria designed to mirror the Fund share class being compared to the SPG.

In arriving at its conclusions with respect to the Advisory Contracts, the Board was mindful of the “manager-of-managers” platform of the ING Funds that has been developed by Management. The Board also considered the techniques that the Adviser has developed, at the Board’s direction, to screen and perform due diligence on each Sub-Adviser that are recommended to the Board to manage the investment portfolios of the funds in the ING Funds complex. The Board noted the resources that the Adviser has committed to the Board and the I/B/F IRC to assist the Board and 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 Board’s Investment Review Committees to analyze the key factors underlying investment performance for the funds in the ING Funds Complex.

The Board also noted the techniques used by the Adviser to monitor the performance of each Sub-Adviser and the proactive approach that the Adviser, working in cooperation with the I/B/F IRC, has taken to advocate or recommend, when it believed appropriate, changes designed to assist in improving the Funds’ performance. Such changes could include, for example, changes in personnel who are responsible for managing a Fund’s portfolio. In considering the Funds’ Advisory Contracts, the Board also considered the extent of benefits provided to the Funds’ shareholders, beyond advisory services, from being part of the ING family of Funds. This includes, in most cases, the right to exchange or transfer investments, without a sales charge, between the same class of shares of such Funds or among ING Funds available on a product platform, and the wide range of ING Funds available for exchange or transfer. The Board also took into account the Adviser’s efforts in recent years to reduce the expenses of the ING Funds through renegotiated arrangements with the ING Funds’ service providers.

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 their codes of ethics. The Board considered reports from the Trusts’ Chief Compliance Officer (“CCO”) evaluating whether the regulatory compliance systems and procedures of the Adviser and each Sub-Adviser are reasonably designed to assure compliance with the Federal securities laws, including those related to, among others, late trading and market timing, best execution, fair value pricing, proxy voting and trade allocation practices. The Board also took into account the CCO’s annual and periodic reports and recommendations with respect to service provider compliance programs. In this regard, the Board also considered the policies and procedures developed by the CCO in consultation with the Board’s Compliance Committee that guide the CCO’s compliance oversight function.

The Board reviewed the level of staffing, quality and experience of each Fund’s portfolio management team. The Board took into account the respective resources and reputations of the Adviser and each Sub-Adviser, and evaluated the ability of the Adviser and each Sub-Adviser to attract and retain qualified investment advisory personnel. The Board also considered the adequacy of the resources committed to the Funds (and other relevant funds in the ING Funds complex) by the Adviser and each Sub-Adviser, and whether those resources are commensurate with the needs of the Funds and are sufficient to sustain appropriate levels of performance and compliance needs.

Based on their deliberations and the materials presented to them, the Board concluded that the advisory and related services provided by the Adviser and each Sub-Adviser are appropriate in light of the Funds’ operations, the competitive landscape of the investment company business, and investor needs, and that the nature and quality of the overall services provided by the Adviser and each Sub-Adviser were appropriate.

Fund Performance

In assessing advisory and sub-advisory relationships, the Board placed emphasis on the net investment returns of each Fund. While the Board considered the performance reports and discussions with

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portfolio managers at Board and committee meetings during the year, particular attention in assessing performance was given to the FACT sheets furnished in connection with the renewal process. The FACT sheet prepared for each Fund included its investment performance compared to the Fund’s Morningstar category median, Lipper category median, SPG and primary benchmark. The Board’s findings specific to each Fund’s performance are discussed under “Fund-by-Fund Analysis,” below.

Economies of Scale

When evaluating the reasonableness of advisory fee rates, the Board also considered whether economies of scale will be realized by the Adviser as a Fund grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board noted any breakpoints in advisory fee schedules that resulted in a lower advisory fee rate because a Fund achieved sufficient asset levels to achieve a breakpoint discount. In the case of sub-advisory fees, the Board considered that breakpoints would inure to the benefit of the Adviser, except to the extent that there are corresponding advisory fee breakpoints or waivers. For a Fund that did not have advisory fee breakpoints, but did benefit from waivers or reimbursements of advisory or other fees, the Board also considered the extent to which economies of scale could be realized through such waivers, reimbursements or expense reductions.

In evaluating economies of scale, the Independent Trustees also considered prior periodic management reports and industry information on this topic, and the Independent Trustees who were Board members at that time also considered a November 2006 evaluation and analysis presented to them by an independent consultant regarding fee breakpoint arrangements and economies of scale.

Information Regarding Services to Other Clients

The Board requested and, if received, considered information regarding the nature of services and fee rates offered by the Adviser and each Sub-Adviser to other clients, including other registered investment companies and institutional accounts. When fee rates offered to other clients differed materially from those charged to the Funds, the Board considered any underlying rationale provided by the Adviser or a Sub-Adviser for these differences. For unaffiliated Sub-Advisers, the Board did not view this information as being a key factor in its deliberations because of the arm’s-length nature of negotiations between the Adviser and unaffiliated Sub-Advisers with respect to sub-advisory fee rates. 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 the contractual investment advisory fee rates, combined with the administrative fee rates, payable by each Fund to the Adviser. The Board also considered the contractual sub-advisory fee rate payable by the Adviser to each Sub-Adviser for sub-advisory services for each Fund. In addition, the Board considered any fee waivers and expense limitations applicable to the fees payable by the Funds.

The Board considered the fee structure of each Fund as it relates 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 each Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits realized by the Adviser, which was prepared by Management in accordance with the allocation methodology (including related assumptions) specified in the 15(c) Methodology Guide. In analyzing the profitability of the Adviser in connection with its services to a Fund, the Board took into account the sub-advisory fee rate payable by the Adviser to the Sub-Adviser for 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 arm’s-length nature of the relationship between the Adviser and these Sub-Advisers with respect to the negotiation of sub-advisory fee rates.

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The Board determined that it had requested and received sufficient information to gain a reasonable understanding regarding the Adviser’s and each affiliated Sub-Adviser’s 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 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 or capture Management’s entrepreneurial risk associated with offering and managing a mutual fund complex in the current regulatory and market environment.

In their review of advisory fee rates, the Independent Trustees, from time to time, have directed the Adviser, and the Adviser has agreed, to implement remedial actions for certain Funds within the ING Funds complex. These remedial actions have included, among others: reductions in expense caps or management fee rates; 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. As applicable, the Independent Trustees have requested these adjustments primarily on the basis of a Fund’s performance as compared to its peer group or benchmarks, or its management fee rate or overall expense ratio in relation to its peer group.

Based on the information on revenues, costs, and profitability considered by the Board, and after considering the factors described in this section, the Board concluded that the profits, if any, realized by the Adviser and each Sub-Adviser 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 each Sub-Adviser primarily on the factors described for each Fund below, and, in the case of non-affiliated Sub-Advisers, in reliance on the arm’s-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 30, 2007 meeting in relation to renewing each Fund’s current Advisory and Sub-Advisory Contracts for the year ending November 30, 2008. These specific factors are in addition to those considerations discussed above. In each case, the Fund’s performance was compared to its Morningstar category median and its primary benchmark, a broad-based securities market index that appears in the Fund’s prospectus. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. Each Fund’s management fee and expense ratio were compared to the fees and expense ratios of the funds in its SPG.

ING Diversified International Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Diversified International Fund, the Board considered that, based on performance data for the periods ended June 30, 2007: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date period, and the third quintile for the most recent calendar quarter.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Diversified International 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 SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by

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the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) 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, 2008. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Emerging Countries Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Emerging Countries Fund, the Board considered that, based on performance data for the periods ended June 30, 2007: (1) the Fund outperformed its Morningstar category median for the most recent calendar quarter, year-to-date, and one-year periods, but underperformed for the three-year, five-year, and ten-year periods; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the three-year and five-year periods, which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, year-to-date, and one-year periods, and the fifth (lowest) quintile for the three-year and five-year periods.

In analyzing this performance data, the Board took into account Management’s representations regarding the Fund’s performance during different periods and that the Sub-Adviser assumed responsibility for the Fund effective March 2005, and therefore, the three- and five-year performance includes that of the prior Sub-Adviser.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is equal to the median and below the average expense ratios of the funds in its SPG.

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, 2008. 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, 2007: (1) the Fund underperformed its Morningstar category median for the most recent calendar quarter and year-to-date periods, but outperformed for the one-year period; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the third quintile of its Morningstar category for the one-year period, and the fifth (lowest) quintile for the most recent calendar quarter and year-to-date periods.

In analyzing this performance data, the Board took into account that the Fund launched in December 2005 and, therefore, had a limited operating history for the purpose of analyzing Fund performance.

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 SPG, including that: (a) the management fee (inclusive of the advisory fee and 0.10% administration fee) for the Fund is below the median

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and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

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 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, 2008. 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, 2007: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for the one year and three-year periods, but underperformed for the most recent calendar quarter and year-to-date periods; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the year-to-date, one-year, and three-year periods and the second quintile 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 economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING Foreign Fund, as compared to its SPG, 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 SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

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, 2008. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Bond Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Bond Fund, the Board considered that, based on performance data for the periods ended June 30, 2007: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the second quintile of its Morningstar category for all periods presented.

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 borne by shareholders) of the Fund, as compared to its SPG, 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 SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by

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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, 2007: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exception of the three-year period, during which it outperformed; (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed; and (3) the Fund is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the one-year period, and the fifth (lowest) quintile for the most recent calendar quarter and year-to-date periods.

In analyzing this performance data, the Board took into account: (1) the Fund’s portfolio management team changed in January 2006; and (2) Management’s analysis regarding the rationale for the Fund’s recent underperformance, including its analysis regarding the effect of unfavorable sector allocation on the Fund’s more recent performance.

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; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is equal to the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

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 portfolio managers in January 2006 and it is reasonable to permit the Sub-Adviser to continue to manage the Fund to appropriately assess 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, 2008. 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, the Board considered that, based on performance data for the periods ended June 30, 2007: (1) the Fund underperformed its Morningstar category median for all periods presented with the exception of the one-year period, during which it outperformed; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the third quintile of its Morningstar category for the one-year period, and the fourth quintile for the most recent calendar quarter, year-to-date, three-year, and five-year periods.

In analyzing this performance data, the Board took into account: (1) in October 2006 there was a change in the Fund’s portfolio management team, and at that time its name, investment objective and strategy were modified to reflect an enhanced investment mandate; and (2) Management’s representations that it would continue to monitor the Fund’s performance to determine if longer-term performance improves.

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

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shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and below the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) in October 2006 the Fund’s investment objective, strategy and portfolio management team were changed, and it is reasonable to permit the Sub-Adviser to continue to manage the Fund to assess 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, 2008. 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, 2007: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the year-to-date, one-year, three-year, and five-year periods, the second 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 and sub-advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING Global Real Estate Fund, as compared to its SPG, 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 SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

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, 2007: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the five-year period, during which it underperformed; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the year-to-date period, the second quintile for the most recent calendar quarter and one-year periods, the third quintile for the three-year period, and the fourth quintile for the five-year period.

In analyzing this performance data, the Board took into account Management’s representations that in February 2005 there was a change in the Sub-Adviser to the Fund, and since then performance had been reasonable.

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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; (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING Global Value Choice Fund, as compared to its SPG, 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 SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account the advisory fee, Class A service fee and expense limitation reductions that had been approved by the Board at its September 2007 meeting, noting that these reductions would be implemented in January 2008.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) in February 2005 there had been a change in Sub-Advisers to the Fund, and it is reasonable to permit the Sub-Adviser to continue to manage the Fund to assess 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, 2008. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Approval of New Sub-Advisory Contract for ING Global Value Choice Fund

Tradewinds Global Investors, LLC (“Tradewinds”) has managed the ING Global Value Choice Fund since February 2005 (the “Former Agreement”). As discussed above, the Former Agreement was last approved for renewal by the Board on November 30, 2007. On November 13, 2007, Nuveen Investments, Inc. (“Nuveen”), the parent of Tradewinds, was acquired by Windy City Investments, Inc. (“Windy City”), a corporation formed by private equity investors led by Madison Dearborn Partners, LLC (the “Transaction”). As a result Tradewinds, previously a wholly-owned subsidiary of Nuveen, became an indirect wholly-owned subsidiary of Windy City.

The 1940 Act requires that an agreement under which a registered investment adviser serves as the sub-adviser to an investment company must provide for the automatic termination of the agreement in the event of its “assignment” (as such term is defined under the 1940 Act). A sale of a controlling block of an investment adviser’s voting securities generally is deemed to result in an assignment of the investment adviser’s advisory agreements. The consummation of the Transaction constituted a sale of a controlling block of voting securities of Tradewinds, resulting in the assignment and automatic termination of the Former Agreement.

In order for management of the Fund to continue uninterrupted after the sale, the Adviser entered into a new Sub-Advisory Contract with Tradewinds, effective as of November 16, 2007 under which Tradewinds has continued to provide day-to-day management services to the Fund (the “New Agreement”). The Transaction did not result in a change to the personnel managing the Fund or its investment strategy.

In anticipation of the Transaction, at a meeting held on September 12, 2007, the Board, including a majority of the Independent Trustees, determined to re-appoint Tradewinds as sub-adviser to the Fund under the New Agreement. In determining whether to approve the New Agreement for the Fund, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the New Agreement should be approved for the Fund. The materials provided to the Board in support of the New Agreement included the following: (1) a memorandum discussing the change of control of Tradewinds and the resulting assignment and automatic termination of the Former Agreement; (2) responses to questions posed by K&L Gates on behalf of the Independent Trustees; (3) supporting documentation, including a copy of the form of the New Agreement; and (4) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by Management and by Tradewinds in connection

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with its management of funds in the ING Funds Complex, including the Fund. Such information included, among other things: (1) a detailed analysis of the Fund’s performance, including attribution analyses, which had been provided at regular Board meetings; and (2) a presentation to the I/B/F IRC, at its September 11, 2007 meeting, from Tradewinds’ representatives regarding the Fund.

The Board’s consideration of whether to approve the New Agreement took into account several factors including, but not limited to, the following: (1) the Adviser’s view with respect to Tradewinds’ management of the Fund; (2) the nature and quality of the services to be provided by Tradewinds under the New Agreement; (3) the personnel, operations, and investment management capabilities of Tradewinds after the consummation of the Transaction, including Tradewinds’ representations that the portfolio management personnel providing day-to-day management services to the Fund would remain in place through the closing of the Transaction and would continue to manage assets after the close; (4) the fairness of the compensation under the New Agreement in light of the services to be provided by Tradewinds and the fact that there would be no change in the projected profitability of Tradewinds or the Adviser in connection with the Transaction; (5) that the sub-advisory fee rate payable by the Adviser would remain unchanged after the Transaction is completed and the Transaction would not affect the advisory fee payable by the Fund to the Adviser; (6) Tradewinds’ representations that the Transaction would not adversely affect the nature and quality of services provided to the Fund and that the Transaction was not expected to have a material adverse effect on the ability of Tradewinds to provide those services; (7) Tradewinds’ 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 the Fund and other funds in the ING Funds complex; and (8) Tradewinds’ Code of Ethics, which has previously been approved for the Fund and other ING Funds, and related procedures for complying with that Code.

After its deliberation, the Board reached the following conclusions: (1) Tradewinds should be appointed as the Fund’s Sub-Adviser under the New Agreement and continue to provide advisory services to the Fund; and (2) the sub-advisory fee rate payable by the Adviser to Tradewinds is reasonable in the context of all factors considered by the Board. The Board also noted that there would be further opportunity for review of the Fund’s more recent performance and other relevant factors in the course of deliberations for the next annual renewal of the Advisory Contract in November 2008.

Based on these conclusions and other factors, the Board voted to approve the New Agreement. During this approval 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, 2007: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the fourth quintile of its Morningstar category for the most recent calendar quarter and one-year periods, and the fifth (lowest) quintile for the year-to-date period.

In analyzing this performance data, the Board took into account: (1) the Fund was launched in December 2005; and (2) the Management’s analysis regarding the negative effect of stock selection in the energy and financial sectors on the Fund’s performance.

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 SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is equal to the median and above the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

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(3) the Fund was launched in December 2005 and it is reasonable to permit the Sub-Adviser to continue to manage the Fund to appropriately evaluate 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, 2008. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Index Plus International Equity Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Index Plus International Equity Fund, the Board considered that, based on performance data for the periods ended June 30, 2007: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date and one-year periods, and the fifth (lowest) quintile for the most recent calendar quarter.

In analyzing this performance data, the Board took into account the Fund was launched in December 2005, and therefore had a limited history for purposes of evaluating 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 SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

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 Sub-Adviser to continue to manage the Fund to appropriately evaluate the 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, 2008. 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, 2007: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for all periods presented.

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 SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

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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, 2008. 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, the Board considered that, based on performance data for the periods ended June 30, 2007: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the three-year and five-year periods, during which it underperformed; (2) the Fund outperformed its primary benchmark for the most recent calendar quarter, one-year, and ten-year periods, but underperformed for the year-to-date, three-year, and five-year periods; and (3) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date period, the third quintile for the most recent calendar quarter and one-year periods, and the fourth quintile for the three-year and five-year periods.

In analyzing this performance data, the Board took into account that in April 2006 the portfolio managers to the Fund were changed the Fund has shown favorable performance since that change.

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 the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

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 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, 2008. 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, 2007: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for all periods presented.

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 economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING International Real Estate Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account Management’s waiver of a portion of the advisory fee otherwise receivable from the Fund, which results in lower total operating expenses.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is

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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 February 2006, and it is reasonable to permit the Fund to establish a longer operating history for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2008. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International SmallCap Multi-Manager Fund (formerly ING International SmallCap Fund)

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International SmallCap Multi-Manager Fund, the Board considered that, based on performance data for the periods ended June 30, 2007: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the five-year period, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile for the most recent calendar quarter, year-to-date, one-year, and three-year periods, and the second quintile for the five-year period.

In analyzing this performance data, the Board took into account that: (1) a second investment “sleeve” managed by an additional Sub-Adviser was added to the Fund in November 2006 to address capacity constraints; and (2) at that time, the Fund’s strategy was modified to reflect the investment style of the new Sub-Adviser. The Board also noted that, as is discussed below, at its November 2007 meeting the Board would be asked to approve a third Sub-Advisory Contract with a third Sub-Adviser to the Fund.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING International SmallCap Multi-Manager Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is above the median and above the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and above the average expense ratios of the funds in its SPG.

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 each Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2008. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

New Sub-Advisory Contracts for ING International SmallCap Multi-Manager Fund

Batterymarch Financial Management, Inc.

The ING International SmallCap Multi-Manager Fund has been sub-advised by Acadian Asset Management, LLC (f/k/a Acadian Asset Management, Inc.) since March 1, 2005. At its September 21, 2006 meeting, the Board approved a new Sub-Advisory Contract with Batterymarch Financial Management, Inc. (“Batterymarch”) under which Batterymarch would serve as Sub-Adviser to an additional investment sleeve of the Fund. The new Sub-Advisory Contract became effective on November 1, 2006.

In determining whether to approve the Sub-Advisory Contract with Batterymarch, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the Contract should be approved for the Fund. The materials provided to the Board to inform its consideration of whether to approve the Sub-Advisory Contract with Batterymarch included the following: (1) Batterymarch’s presentation before the I/B/F IRC at its September 6, 2006 meeting; (2) memoranda and related materials provided to the Board in

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advance of its September 21, 2006 meeting discussing: (a) Management’s rationale for recommending that Batterymarch serve as an additional Sub-Adviser to the Fund, (b) the performance of Batterymarch in managing the Batterymarch International Small-Cap Equity Composite (the “Batterymarch Composite”), which is managed in an investment style that mirrors its proposed management of the Fund (with such performance being compared against relevant benchmark indices and Morningstar Category averages), and (c) the expertise of Batterymarch in managing small-capitalization products; (3) FACT sheets for the Fund that provide information about the performance of the Batterymarch Composite and the performance of the Fund’s proposed SPG; (4) Batterymarch’s responses to inquiries from K&L Gates; (5) supporting documentation, including a copy of the form of Sub-Advisory Contract with Batterymarch; (6) an analysis regarding the effect that the proposed Sub-Adviser addition would have on the Adviser’s profitability; and (7) other information relevant to the Board’s evaluation.

In reaching its decision to engage Batterymarch as a Sub-Adviser to the Fund, the Board, including a majority of the Independent Trustees, considered a number of factors, including, but not limited to, the following: (1) the Adviser’s view with respect to the reputation of Batterymarch as a manager to similar funds; (2) Batterymarch’s strength and reputation in the industry; (3) the nature and quality of the services to be provided by Batterymarch under the proposed Sub-Advisory Contract; (4) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Batterymarch and its fit among the stable of managers in the ING Funds line-up; (5) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by Batterymarch and the projected profitability of Batterymarch as one of the Fund’s Sub-Advisers; (6) the costs for the services to be provided by Batterymarch, including that the management fee would not change after the appointment of Batterymarch; (7) the sub-advisory fee payable by the Adviser to Batterymarch and the resulting decrease in the profitability of the Adviser arising out of the addition of a second sub-adviser and the higher sub-advisory fee payable by the Adviser to Batterymarch; (8) Batterymarch’s operations and compliance program, including its policies and procedures intended to assure compliance with the Federal securities laws; (9) the appropriateness of the selection of Batterymarch in light of the Fund’s investment objective and investor base; and (10) Batterymarch’s Code of Ethics, which had been approved for the Fund by the Board at its September 2006 meeting, and related procedures for complying with that Code.

After its deliberation, the Board reached the following conclusions; (1) Batterymarch should be appointed to serve as an additional Sub-Adviser to the Fund under the new Sub-Advisory Agreement with Batterymarch; (2) the sub-advisory fee rate payable by the Adviser to Batterymarch is reasonable in the context of all factors considered by the Board; and (3) Batterymarch maintains an appropriate compliance program, with this conclusion based upon, among other things, a representation from the Fund’s CCO that Batterymarch’s compliance policies and procedures are reasonably designed to assure compliance with the Federal securities laws. Based on these conclusions and other factors, the Board voted to approve the Sub-Advisory Contract for the Fund. During their deliberations, different Board members may have given different weight to different individual factors and related conclusions.

Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited

As touched upon above, the ING International SmallCap Multi-Manager Fund has been sub-advised and co-sub-advised by Acadian Asset Management, LLC (f/k/a Acadian Asset Management, Inc.) and Batterymarch since March 1, 2005 and November 1, 2006, respectively. At its November 30, 2007 meeting, the Board approved new Sub-Advisory Contracts with Schroder Investment Management North America Inc. (“Schroder Inc.”) and Schroder Investment Management North America Limited (“Schroder Limited,” and together with Schroder Inc., “Schroders”) under which Schroder Inc. would serve as Sub-Adviser and Schroder Limited would serve as Sub-Sub-Adviser to an additional investment sleeve of the Fund. The new Sub-Advisory Contracts became effective on December 17, 2007.

In determining whether to approve these Contracts, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the Contracts should be approved for the Fund. The materials provided to the Board to inform

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its consideration of whether to approve the Sub-Advisory Contracts with Schroders included the following: (1) a memorandum discussing: (a) Management’s rationale for recommending an additional Sub-Adviser to the Fund, (b) the reasons Management recommended that Schroders Inc. be added as an additional Sub-Adviser to the Fund, (c) the reasons Management recommended that Schroders Limited be added as a Sub-Sub-Adviser to the Fund, and (d) the performance of Schroders in managing the Schroders’ International Small Companies Composite (the “Schroders Composite”), in an investment style that mirrors their proposed management of the Fund, with such performance being compared against a relevant benchmark index and Morningstar Category average and rank, and (e) the expertise of Schroders in managing small-capitalization products; (2) information about the proposed new portfolio management team for the Fund and the changes that would be made to the Fund’s investment strategies to accommodate Schroders’ investment style in the event Schroders is appointed as an additional sub-adviser and a sub-sub-adviser to the Fund; (3) Schroders’ responses to inquiries from K&L Gates; (4) supporting documentation, including copies of the form of Sub-Advisory Contract and Sub-Sub-Advisory Contract with Schroders; and (5) other information relevant to the Board’s evaluation.

In reaching its decision to engage Schroders Inc. as a Sub-Adviser to the Fund and Schroders Limited as a Sub-Sub-Adviser to the Fund, the Board, including a majority of the Independent Trustees, considered a number of factors, including, but not limited to, the following: (1) the Adviser’s view with respect to the reputation of Schroders; (2) Schroders’ strength and reputation in the industry; (3) Schroders’ experience and skill in managing the Schroders Composite; (4) the nature and quality of the services to be provided by Schroders under the proposed Sub-Advisory Contracts; (5) the prior performance of the Schroders Composite, compared to (a) the Fund’s benchmark index; and (b) the Fund’s Morningstar category average; (6) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Schroders and its fit among the stable of managers in the ING Funds line-up; (7) the fairness of the compensation under the Sub-Advisory Contracts in light of the services to be provided by and the projected profitability of Schroders as the Fund’s additional Sub-Adviser and Sub-Sub-Adviser; (8) the costs for the services to be provided by Schroders, including that the management fee payable by the Fund would not change after the appointment of Schroders; (9) the sub-advisory fee payable by the Adviser to Schroders and the resulting decrease in the profitability of the Adviser arising out of the addition of a second sub-adviser; (10) Schroders’ operations and compliance program, including its policies and procedures intended to assure compliance with the Federal securities laws; (11) Schroders’ financial condition; (12) the appropriateness of the selection of Schroders in light of the Fund’s proposed investment objective and investor base; and (13) Schroders’ Code of Ethics, which had been approved for the Fund by the Board at its November 2007 meeting, and related procedures for complying with that Code.

After its deliberation, the Board reached the following conclusions; (1) Schroders should be appointed to provide sub-advisory services to the Fund; (2) the sub-advisory fee rate payable by the Adviser to Schroders is reasonable in the context of all factors considered by the Board; and (3) Schroders maintains an appropriate compliance program, with this conclusion based upon based upon, among other things, a representation from the Trusts’ CCO that Schroders’ compliance policies and procedures are reasonably designed to assure compliance with the Federal securities laws. Based on these conclusions and other factors, the Board voted to approve the Sub-Advisory Contracts for the Fund. During their deliberations, different Board members may have given different weight to different individual factors and related conclusions.

ING International Value Choice Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Value Choice Fund, the Board considered that, based on performance data for the periods ended June 30, 2007: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the fifth (lowest) quintile of its Morningstar category for all periods presented.

In analyzing this performance data, the Board took into account: (1) the Fund launched in February 2005 and, therefore, had a limited operating history for the purpose of analyzing Fund performance;

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(2) Management’s representations that it would continue to monitor the Fund’s performance to determine if longer-term performance improves; and (3) Management’s discussions of the reasons why Sub-Adviser’s investment style results in underperformance vis-à-vis peers during certain periods, and its expectation that longer-term performance will improve.

In considering the fees payable under the Advisory and Sub-Advisory Contracts 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; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that Management would continue to monitor, and the Board or the I/B/F IRC would periodically review, the Fund’s performance, it is reasonable to permit the Sub-Adviser to continue to manage the Fund to assess whether Management’s expectations of improved longer-term performance are realized; 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, 2008. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Approval of New Sub-Advisory Contract for ING International Value Choice Fund

Tradewinds Global Investors, LLC (“Tradewinds”) has managed the ING International Value Choice Fund, since April 2006 under the terms of a Sub-Advisory Contract with the Adviser (the “Former Agreement”). (Prior to that, a predecessor of Tradewinds managed the Fund.)

On November 13, 2007, Nuveen Investments, Inc. (“Nuveen”), the parent of Tradewinds, was acquired by Windy City Investments, Inc. (“Windy City”), a corporation formed by private equity investors led by Madison Dearborn Partners, LLC (the “Transaction”). As a result, Tradewinds, previously a wholly-owned subsidiary of Nuveen, became an indirect wholly-owned subsidiary of Windy City. The 1940 Act requires that an agreement under which a registered investment adviser serves as the sub-adviser to an investment company must provide for the automatic termination of the agreement in the event of its “assignment” (as such term is defined under the 1940 Act). A sale of a controlling block of an investment adviser’s voting securities generally is deemed to result in an assignment of the investment adviser’s advisory agreements. The consummation of the Transaction constituted a sale of a controlling block of voting securities of Tradewinds, resulting in the assignment and automatic termination of the Former Agreement.

In order for management of the Fund to continue uninterrupted after the sale, the Adviser entered into a new Sub-Advisory Contract with Tradewinds effective November 16, 2007 under which Tradewinds has continued to provide day-to-day management services to the Fund (the “New Agreement”). The Transaction did not result in a change to the personnel managing the Fund or its investment strategy.

In anticipation of the Transaction, at a meeting held on September 12, 2007, the Board, including a majority of the Independent Trustees, determined to re-appoint Tradewinds as sub-adviser to the Fund under the New Agreement. In determining whether to approve the New Agreement for the Fund, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the New Agreement should be approved for the Fund. The materials provided to the Board in support of the Sub-Advisory Contract with Tradewinds included the following: (1) a memorandum discussing the change of control of Tradewinds and the resulting assignment and automatic termination of the Former Agreement; (2) responses to questions posed by K&L Gates on behalf of the Independent Trustees; (3) supporting documentation, including a copy of the form of the New Agreement; and (4) other

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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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 Management and by Tradewinds in connection with its management of the funds in the ING Funds Complex, including the Fund. Such information included, among other things: (1) a detailed analysis of the Fund’s performance, including attribution analyses, provided at regular Board meetings; and (2) a presentation to the I/B/F IRC, at the Committee’s September 11, 2007 meeting, from Tradewinds representatives regarding ING International Value Choice Fund.

The Board’s consideration of whether to approve the New Agreement took into account several factors including, but not limited to, the following: (1) the Adviser’s view with respect to Tradewinds’ management of the Fund; (2) the nature and quality of the services to be provided by Tradewinds under the New Agreement; (3) the personnel, operations, and investment management capabilities of Tradewinds after the consummation of the Transaction, including Tradewinds’ representations that the portfolio management personnel providing day-to-day management services to the Fund would remain in place through the closing of the Transaction and Tradewinds continue to manage assets after the close; (4) the fairness of the compensation under the New Agreement in light of the services to be provided by Tradewinds and the fact that there would be no change in the advisory or sub-advisory fees payable with respect to the Fund, or the projected profitability of Tradewinds or the Adviser, in connection with the Transaction; (5) that the sub-advisory fees payable by the Adviser would remain unchanged and would not affect the advisory fee payable by the Fund to the Adviser; (6) Tradewinds’ representations that the Transaction would not adversely affect the nature and quality of services provided to the Fund and that the Transaction was not expected to have a material adverse effect on the ability of Tradewinds to provide those services; (7) Tradewinds’ 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 the Fund and other funds in the ING Funds complex; and (8) Tradewinds’ Code of Ethics, which has previously been approved for the Fund and other ING Funds, and related procedures for complying with that Code.

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, 2007: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it underperformed; (2) the Fund underperformed its primary benchmark for the most recent calendar quarter, year-to-date, and one-year periods, but outperformed for the three-year and five-year periods; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the one-year, three-year, and five-year periods, and the fifth (lowest) quintile for the most recent calendar quarter and year-to-date periods.

In analyzing this performance data, the Board took into account Management’s representations regarding the effect of the Russian equity markets on the Fund’s more recent performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Russia 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 Russia Fund, as compared to its SPG, including that: (a) the management fee (inclusive of the advisory fee and 0.10% administration fee) for

242

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account Management’s representations that a higher management fee rate is reasonable in order to obtain the Sub-Adviser’s management expertise in the developing Russian markets.

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, 2008. 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, 2007: (1) the Fund outperformed its Morningstar category median for the one-year, five-year, and ten-year periods, but underperformed for the most recent calendar quarter, year-to-date, and three-year periods; (2) the Fund outperformed its primary benchmark for the one-year, five-year, and ten-year periods, but underperformed for the most recent calendar quarter, year-to-date, and three-year periods; and (3) the Fund is ranked in the second quintile of its Morningstar category for the five-year period, the third quintile for the one-year period, the fourth quintile for the year-to-date and three-year periods, and the fifth (lowest) quintile for the most recent calendar quarter.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING International 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; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, 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 SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

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, 2008. 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 ADVISORY AND SUB-ADVISORY CONTRACTS

Section 15 of the 1940 Act mandates that, when a series of a Trust enters into a new advisory or sub-advisory arrangement, the Board, including a majority of the Independent Trustees, must approve the new arrangement. Therefore, in order for a new series of a Trust to be launched, the Board must approve the Advisory and Sub-Advisory Contracts for that series prior to the commencement of its operations.

ING Asia-Pacific Real Estate Fund

At a meeting held on September 12, 2007, the Board considered the approval of new Advisory and Sub-Advisory Contracts for ING Asia-Pacific Real Estate Fund, a new series of ING Mutual Funds.

In determining whether to approve the Advisory and Sub-Advisory Contracts for ING Asia-Pacific Real Estate Fund, the Board received and evaluated such information as it deemed necessary for an informed determination of whether each agreement, and the proposed policies and procedures for the Fund, should be approved. The materials provided to the Board in

243

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

support of the 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: (a) the Adviser’s experience and expertise in the management of other funds within the ING Funds complex, (b) the experience of the Adviser overseeing sub-advisers to other funds within the ING Fund complex, including ING Clarion Real Estate Securities L.P. (“ING Clarion”), the proposed Sub-Adviser to the Fund; and (c) ING Clarion’s experience in managing real estate investment mandates, including global 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 SPG and Morningstar/Lipper category medians; (4) supporting documentation, including copies of the forms of Advisory and Sub-Advisory Contracts for the Fund; and (5) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by the Adviser in the context of the Adviser’s oversight of Sub-Advisers managing other funds in the ING Funds Complex, and by ING Clarion in connection with its management of other ING Funds.

At the September 12, 2007 Meeting, the Board noted that, in managing the Fund, the Adviser and ING Clarion each would be subject to procedures adopted pursuant to Rule 206(4)-7 under the Investment Advisers Act of 1940 (the “Advisers Act”) 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 with the Adviser on behalf of the Fund took into account several factors including, but not limited to, the following: (1) the nature and quality of the services to be provided by the Adviser to the Fund under the proposed Advisory Contract; (2) the Adviser’s experience as a manager-of-managers overseeing sub-advisers to other funds within the ING Funds complex, including other real estate funds managed by ING Clarion; (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 ING Clarion; (5) the fairness of the Adviser’s compensation under an Advisory Contract with breakpoint discounts where the asset levels necessary to achieve breakpoint discounts had not yet been achieved; (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 above the average and the median management fees of the funds in the Fund’s SPG, and (b) the estimated expense ratio for the Fund is above the average and the median expense ratios of the funds in the Fund’s SPG; (7) the projected profitability of the Adviser when sub-advisory fees payable by the Adviser to ING Clarion 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 mutual 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 its 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 September 2007 meeting, with respect to its capabilities as a manager-of-managers in overseeing similar Funds; and (11) “fall-out benefits” to the Adviser and its affiliates that were anticipated to arise from the Adviser’s management of the Fund.

244

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

mandate; (6) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by and the projected profitability of ING Clarion as the Fund’s Sub-Adviser; (7) the costs for the services to be provided by ING Clarion; (8) ING Clarion’s operations and compliance program, including its policies and procedures adopted pursuant to Rule 206(4)-7 under the Advisers Act, which had previously been approved by the Board as part of its oversight of other funds in the ING Funds Complex; (9) ING Clarion’s financial condition; (10) the appropriateness of the selection of ING Clarion in light of the Fund’s proposed investment objectives and prospective investor base; and (11) ING Clarion’s Code of Ethics, which had previously been approved for other ING Funds.

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 ING Clarion is reasonable in the context of all factors considered by the Board; and (4) each of the Adviser and ING Clarion 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 European Real Estate Fund

At a meeting held on September 12, 2007, the Board considered the approval of new Advisory and Sub-Advisory Contracts for ING European Real Estate Fund, a new series of ING Mutual Funds.

In determining whether to approve the Advisory and Sub-Advisory Contracts for ING European Real Estate Fund, the Board received and evaluated such information as it deemed necessary for an informed determination of whether each agreement, and the proposed policies and procedures for the Fund, should be approved. The materials provided to the Board in support of the Fund’s advisory and sub-advisory arrangements included the following: (1) a memorandum presenting Management’s rationale for requesting the launch of the Fund that discusses, among other things: (a) the Adviser’s experience and expertise in the management of other funds within the ING Funds complex, (b) the experience of the Adviser overseeing sub-advisers to other funds within the ING Fund complex, including ING Clarion, the proposed Sub-Adviser to the Fund; and (c) ING Clarion’s experience in managing real estate investment mandates, including global 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 SPG and Morningstar/Lipper category medians; (4) supporting documentation, including copies of the forms of Advisory and Sub-Advisory Contracts for the Fund; and (5) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by the Adviser in the context of the Adviser’s oversight of other sub-advisers managing funds in the ING Funds Complex, and by each ING Clarion in connection with its management of other funds in the ING Funds Complex.

At the September 12, 2007 Meeting, the Board noted that, in managing the Fund, the Adviser and ING Clarion each would be subject to procedures adopted pursuant to Rule 206(4)-7 under the Advisers Act that had been previously approved by the Board in connection with other funds in the ING Funds Complex.

245

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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 above the average and higher than the median management fees of the funds in the Fund’s SPG, and (b) the estimated expense ratio for the Fund is above the average and higher than the median expense ratios of the funds in the Fund’s SPG; (7) the projected profitability of the Adviser when sub-advisory fees payable by the Adviser to ING Clarion 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 ING 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 its 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 September 2007 meeting, with respect to its capabilities as a manager of-managers in overseeing similar funds; and (11) “fall-out benefits” to the Adviser and its affiliates that were anticipated to arise from the Adviser’s management of the Fund.

In reviewing the proposed Sub-Advisory Contract with ING Clarion the Board considered a number of factors, including, but not limited to, the following: (1) the Adviser’s view of the reputation of ING Clarion as manager to other funds in the ING Funds Complex, including other U.S., global, and international real estate funds; (2) ING Clarion’s strength and reputation in the industry; (3) the information that had been provided by ING Clarion in advance of the September 2007 meeting with respect to ING Clarion’s sub-advisory services, its performance in managing the international portions of ING Clarion’s global composite; (4) the nature and quality of the services to be provided by ING Clarion under the proposed Sub-Advisory Contract; (5) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of ING Clarion, including its management team’s expertise in the management of other funds managed in accordance with an international or global investment mandate; (6) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by and the projected profitability of ING Clarion as the Fund’s Sub-Adviser; (7) the costs for the services to be provided by ING Clarion; (8) ING Clarion’s operations and compliance program, including its policies and procedures adopted pursuant to Rule 206(4)-7 under the Advisers Act, which had previously been approved by the Board as part of its oversight of other funds in the ING Funds Complex; (9) ING Clarion’s financial condition; (10) the appropriateness of the selection of ING Clarion in light of the Fund’s proposed investment objectives and prospective investor base; and (11) ING Clarion’s Code of Ethics, which had previously been approved for other ING Funds.

246

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 Fund-of-Funds

ING Strategic Allocation Conservative Fund
ING Strategic Allocation Growth Fund
ING Strategic Allocation Moderate Fund

Domestic Equity Growth Funds

ING 130/30 Fundamental Research Fund
ING Equity Dividend Fund
ING Fundamental Research Fund
ING LargeCap Growth Fund
ING MidCap Opportunities Fund
ING Opportunistic LargeCap Fund
ING Small Company Fund

ING SmallCap Opportunities Fund

ING Tactical Asset Allocation Fund

Domestic Equity Index Funds

ING Index Plus LargeCap Equity Fund
ING Index Plus LargeCap Equity Fund II
ING Index Plus LargeCap Equity Fund III
ING Index Plus LargeCap Equity Fund IV
ING Index Plus LargeCap Equity Fund V
ING Index Plus LargeCap Equity Fund VI
ING Index Plus LargeCap Equity Fund VII
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 SmallCap Value Multi-Manager 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 Asia-Pacific Real Estate Fund
ING Disciplined International SmallCap Fund
ING Emerging Countries Fund
ING European Real Estate Fund
ING Foreign Fund
ING Greater China Fund
ING Index Plus International Equity Fund
ING International Capital Appreciation Fund
ING International Equity Dividend Fund
ING International Growth Opportunities Fund
ING International Real Estate Fund
ING International SmallCap Multi-Manager Fund
ING International Value Fund
ING International Value Choice Fund
ING International Value Opportunities 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

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.


President’s Letter		1
Market Perspective		2
Portfolio Managers’ Reports		4
Shareholder Expense Examples		28
Statements of Assets and Liabilities		37
Statements of Operations		49
Statements of Changes in Net Assets		55
Financial Highlights		67
Notes to Financial Statements		120
Portfolios of Investments		154
Shareholder Meeting Information		221
Advisory Contract Approval Discussion		225
EX-99.CERT
EX-99.906CERT


Gross Unrealized Appreciation	$	312,236,563
Gross Unrealized Depreciation		(9,631,662	)

Net Unrealized Appreciation	$	302,604,901


							Unrealized
	Number		Notional		Expiration		Appreciation/
Contract Description	of Contracts		Market Value ($)		Date		(Depreciation)

Long Contracts
U.S. Treasury 5-Year Note		66		7,390,969		06/30/08	$	(65,546	)
U.S. Treasury Long Bond		9		1,052,016		06/19/08		2,862

							$	(62,684	)


*	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.

(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.

(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.


By		/s/ Shaun P. Mathews

		Shaun P. Mathews President and Chief Executive Officer

Date:		July 9, 2008