NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010

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 seventeen separate active series, all of which are included in this report, (each, a “Fund” and collectively, the “IMF Funds”): Global Equity Dividend, Global Natural Resources, Global Real Estate, Global Value Choice, Asia-Pacific Real Estate, Emerging Countries, European Real Estate, Global Opportunities, Greater China, Index Plus International Equity, International Capital Appreciation, International Real Estate, International SmallCap Multi-Manager, International Value Choice, Russia, Global Bond and Diversified International. IMT is a Massachusetts business trust organized August 18, 1993 with one series, International Value (a “Fund” and together with the IMF Funds, the “Funds”). The investment objective of each Fund is described in the Funds’ prospectuses, each dated February 28, 2010.

Each Fund offers at least one or more of the following classes of shares: Class A, Class B, Class C, Class I, Class O, Class R and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees and transfer agent fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the portfolio pro rata based on the average daily net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution and shareholder servicing fees.

Class B shares of the Funds are closed to new investment, provided that: (1) Class B shares of the Funds may be purchased through the reinvestment of dividends issued by Class B Shares of the Funds; and (2) subject to the terms and conditions of relevant exchange privileges and as permitted under their respective prospectuses, Class B shares of the Funds may be acquired through exchange of Class B shares of other funds in the ING Mutual Funds Complex. Class B shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase.

Emerging Countries does not impose any front-end sales charge (load) on purchases of Class A shares of Emerging Countries by its former Class M shareholders for the life of their account.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

A. Security Valuation. For all Funds, investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by National Association of Securities Dealers Automated Quotation System (“NASDAQ”) will be valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale, securities traded in the over-the-counter-market, gold and silver bullion, platinum and palladium are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities acquired with more than 60 days to maturity are valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as yields, maturities, liquidity, ratings and traded prices in similar or identical securities. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair value obtained from yield data relating to investments or securities with similar characteristics. Investments in open-end mutual funds are valued at the net asset value. Investments in securities of sufficient credit quality, maturing 60 days or less from date of acquisition are valued at amortized cost which approximates fair value.

Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as to their sale) are valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Funds’ Board in accordance with methods that are specifically authorized by the Board. Securities traded on

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

exchanges, including foreign exchanges, which close earlier than the time that a Fund calculates its next net asset value (“NAV”) may also be valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of a Fund’s Board, in accordance with methods that are specifically authorized by the Board. The valuation techniques applied in any specific instance are likely to vary from case to case. With respect to a restricted security, for example, consideration is generally given to the cost of the investment, the market value of any unrestricted securities of the same class at the time of valuation, the potential expiration of restrictions on the security, the existence of any registration rights, the costs to a Fund related to registration of the security, as well as factors relevant to the issuer itself. Consideration may also be given to the price and extent of any public trading in similar securities of the issuer or comparable companies’ securities.

For all Funds, with the exception of Russia, the value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time a Fund determines its NAV or if the foreign exchange closes prior to the time the Fund determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of a Fund’s NAV may not take place contemporaneously with the determination of the prices of securities held by a Fund in foreign securities markets. Further, the value of a Fund’s assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of the Fund. In calculating a Fund’s NAV, foreign securities in foreign currency are converted to U.S. dollar equivalents.

If an event occurs after the time at which the market for foreign securities held by a Fund closes but before the time that a Fund’s next NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time a Fund determines its NAV. In such a case, a Fund will use the fair value of such securities as determined under the Funds’ valuation procedures. Events after the close of trading on a foreign market that could require a Fund to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time a Fund calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that a Fund could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, a Fund is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes a Fund to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time a Fund determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in a Fund’s NAV.

For Diversified International and other Funds with holdings in open end investment companies, the valuations of the Funds’ investments in Underlying Funds 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 held in Underlying Funds maturing in 60 days or less from the date of acquisition are valued at amortized cost which generally approximates fair value. Securities prices may be obtained from automated pricing services. Shares of investment companies held by the Underlying Funds will generally be valued at the latest NAV reported by that investment company.

Fair value is defined as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

measurement date. Each investment asset or liability of the Funds is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and unobservable inputs, including the adviser’s or sub-adviser’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Funds’ investments under these levels of classification is included following the Summary Portfolios of Investments.

For the year ended October 31, 2010, there have been no significant changes to the fair valuation methodologies.

B. Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.

For Diversified International, capital gain dividends from Underlying Funds, if any, are recorded as distributions of realized gains from affiliated Underlying Funds.

Global Real Estate estimates components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If the Fund no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

C. Foreign Currency Translation. The books and records of the Funds and Underlying Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)

Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day.

(2)

Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Funds and Underlying Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities that are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. Risk Exposures and the use of Derivative Instruments. The Funds’ investment objectives permit them to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

the level of risk, or change the level or types of exposure to market risk factors. This may allow the Funds to pursue their objectives more quickly, and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Market Risk Factors. In pursuit of their investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risk factors:

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer durations, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter durations.

Risks of Investing in Derivatives. The Funds use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of the Funds to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Funds are required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.

Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. The Funds derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Funds intend to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Funds generally enter into master netting arrangements, established within the Funds International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter (“OTC”) derivative and forward foreign currency contracts, entered into by the Funds and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

The Funds may also enter into collateral agreements with certain counterparties to further mitigate

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

counterparty risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Funds is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

As of October 31, 2010, the maximum amount of loss that Global Bond would incur if the counterparties to its derivative transactions failed to perform would be $7,499,316 which represents the gross payments to be received by the Fund on open purchased options, forward foreign currency contracts and interest rate swaps were they to be unwound as of October 31, 2010. To reduce the amount of potential loss to Global Bond, various counterparties have posted $846,890 in cash collateral as of October 31, 2010.

The Funds have credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Funds. Credit related contingent features are established between the Funds and their derivatives counterparties to reduce the risk that the Funds will not fulfill their payment obligations to their counterparties. These triggering features include, but are not limited to, a percentage decrease in a Fund’s net assets and or a percentage decrease in a Fund’s NAV, which could cause a Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Funds Master Agreements.

As of October 31, 2010, Global Bond had a net liability position of $6,182,913 on forward foreign currency contracts, credit default swaps, cross-currency swaps, interest rate swaps, and written options with credit related contingent features. If a contingent feature would have been triggered as of October 31, 2010, Global Bond could have been required to pay this amount in cash to its counterparties. As of October 31, 2010, Global Bond had posted $485,000 to its counterparties in cash collateral for its open derivatives transactions.

E. Forward Foreign Currency Transactions and Futures Contracts. Each Fund and Underlying Fund may enter into forward foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar, generally in connection with the planned purchases or sales of securities. The Funds and Underlying Funds either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or may use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

During the year ended October 31, 2010, the following Funds had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below:

	Buy		Sell
Global Real Estate*	$	748,782	$	—
Global Value Choice*		—		64,604
Asia-Pacific Real Estate*		11,631		—
Global Opportunities**		9,885,246		12,211,960
International Real Estate*		317,460		—
Global Bond***		320,116,260		234,315,869

For the year ended October 31, 2010, the Funds used forward foreign currency contracts to facilitate settlement of non-U.S. dollar portfolio transactions. There were no open forward foreign currency contracts at October 31, 2010.

For the year ended October 31, 2010, the Fund used forward foreign currency contracts primarily to protect its non-U.S. dollar-denominated holdings from adverse currency movements. There were no open forward foreign currency contracts at October 31, 2010.

***

For the year ended October 31, 2010, the Fund used forward foreign currency contracts to protect its non-U.S. dollar-denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or enhanced return. Please refer to the table following the Summary Portfolio of Investments for open forward foreign currency contract at October 31, 2010.

Each Fund and Underlying Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. Each Fund and Underlying Fund intends to limit its use of futures contracts and futures options to “bona fide hedging” transactions, as such term is defined in applicable regulations, interpretations and practice. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price. Upon entering into such a contract, a Fund or an Underlying Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Fund or an Underlying Fund agrees to receive from or pay to the

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund or an Underlying Fund. When the contract is closed, the Fund or Underlying Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended October 31, 2010, Index Plus International Equity had purchased futures contracts on equity indices to gain additional exposure to the foreign equity markets. During the year ended October 31, 2010, Global Bond had both purchased and sold futures contracts on various bonds and notes to gain exposure to different parts of the yield curve to assist the Fund with its duration strategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended October 31, 2010, Index Plus International Equity had an average notional value of $209,976 on futures contracts purchased.

During the year ended October 31, 2010, Global Bond had an average notional value of $130,838,577 and $114,849,627 on futures contracts purchased and sold, respectively.

F. Options Contracts. The Funds may write call and put options on futures, swaps (“swaptions”), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Funds’ exposure to the underlying instrument. Writing call options tends to decrease the Funds’ exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Funds may not be able to enter into a closing transaction because of an illiquid market.

The Funds may also purchase put and call options. Purchasing call options tends to increase the Funds exposure to the underlying instrument. Purchasing put options tends to decrease the Funds exposure to the underlying instrument. The Funds pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

During the year ended October 31, 2010, Global Bond has purchased and written foreign currency options to gain exposure to currencies and to generate income. Please refer to the Summary Portfolio of Investments for open purchased foreign currency options and the table following the Summary Portfolio of Investments for open written foreign currency options at October 31, 2010.

During the year ended October 31, 2010, Global Bond has purchased and written swaptions on credit default swap indices “CDX” in order to hedge the credit risk of the Fund and to enhance potential gains. There were no open CDX swaptions at October 31, 2010.

During the year ended October 31, 2010, Global Bond has written swaptions on interest rate swaps to increase exposure to long-term interest rates and potentially enhance the Fund’s yield. There were no open interest rate swaptions at October 31, 2010.

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Please refer to Note 10 for the volume of purchased and written option activity during the year ended October 31, 2010.

G. Swap Agreements. Certain Funds may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Fund may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Fund’s Summary Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on each Fund’s Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by a Fund when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Fund’s Statement of Operations upon termination or maturity of the swap. A Fund also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.

Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Fund’s Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

A Fund is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Fund may execute these contracts to manage its exposure to the market or certain sectors of the market. A Fund may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Funds may sell credit default swaps which expose these Funds to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/ moratorium. If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Fund’s Summary Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of October 31, 2010, for which a Fund is seller of protection, are disclosed following each Fund’s Summary Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

For the year ended October 31, 2010, Global Bond has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and to hedge against anticipated potential credit events. Global Bond also purchased credit protection on CDX indices to decrease its exposure to various credit sectors. A CDX index is a basket of credit instruments or exposures designed to be representative of some part of the credit market.

For the year ended October 31, 2010, Global Bond has sold credit protection through credit default swaps to gain exposure to the credit risk of individual securities that are either unavailable or considered to be less attractive in the bond market. Global Bond also sold protection on CDX indices to increase its exposure to various credit sectors.

For the year ended October 31, 2010, Global Bond had average notional amounts of $13,286,600 and $1,769,100 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

Interest Rate Swap Agreements. Certain Funds may enter into interest rate swaps. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

For the year ended October 31, 2010, Global Bond has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amounts on long interest rate swaps were $100,889,679.

For the year ended October 31, 2010, Global Bond has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps were $6,115,538.

Global Bond enters into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the table following the Summary Portfolio of Investments for open interest rate swaps at October 31, 2010.

Cross-Currency Swap Agreements. Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

For the year ended October 31, 2010, Global Bond has entered into cross-currency swaps to increase exposure to both foreign exchange and interest rate risk (inflation hedge). Please refer to the table following the Summary Portfolio of Investments for open cross-currency swaps at October 31, 2010.

For the year ended October 31, 2010, Global Bond had average notional amounts (local currency) of 5,968,037 and 987,409,000 on currency bought and sold, respectively, on cross-currency swaps.

H. Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date. Each Fund pays dividends and capital gains, if any, annually (except, Global Equity Dividend, Global Real Estate, Asia-Pacific Real Estate, European Real Estate, International Equity Dividend and International Real Estate, which pay dividends, if any, quarterly and Global Bond, which pay dividends, if any, monthly). The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies.

I. Federal Income Taxes. It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.

The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

J. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

K. Securities Lending. Each Fund and Underlying Fund has the option to temporarily loan up to 33-1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, each Fund and Underlying Fund has the right to use collateral to offset losses incurred. There would be potential loss to a Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral. Each Fund and Underlying Fund bears the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund or Underlying Fund.

L. Restricted Securities. Each Fund and Underlying Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

M. Delayed-Delivery or When-Issued Transaction. The Funds 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 Summary Portfolio of Investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds and Underlying Funds are required to segregate liquid assets sufficient to cover the purchase price.

N. Indemnifications. In the normal course of business, each Trust may enter into contracts that provide certain indemnifications. Each Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and,

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the year ended October 31, 2010, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities, were as follows:

	Purchases		Sales
Global Equity Dividend	$	77,226,816	$	84,742,997
Global Natural Resources		56,664,229		65,502,648
Global Real Estate		1,977,160,940		1,138,097,593
Global Value Choice		350,762,793		133,185,153
Asia-Pacific Real Estate		6,945,337		6,116,418
Emerging Countries*		160,996,568		150,012,467
European Real Estate		3,965,502		6,337,829
Global Opportunities		274,621,605		412,625,328
Greater China		39,601,350		47,766,401
Index Plus International Equity		211,345,322		198,691,155
International Capital Appreciation		61,518,278		78,383,188
International Real Estate		375,773,927		315,615,442
International SmallCap Multi-Manager		258,783,152		321,286,004
International Value		1,140,819,297		1,599,829,587
International Value Choice		21,035,635		27,533,604
Russia		119,071,818		167,189,267
Global Bond		489,859,294		382,142,933
Diversified International		100,609,181		160,949,520

The Fund posted a deposit of $1,750,985 for a bid on the Initial Public Offering (″IPO″) of an Indian equity security. The Fund received 13,532 shares of the security during the IPO for $74,721. The remaining deposit of $1,676,264 as disclosed on the Fund’s Statement of Asset and Liabilities was returned from the broker on November 4, 2010.

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

				Purchases				Sales
Global Bond				$	1,384,371,089			$	1,309,074,972

NOTE 4 — REDEMPTION FEES

A 2% redemption fee is charged on shares of Russia that are redeemed (including in connection with an exchange) within 365 days or less from their date of purchase. The redemption fee is recorded as an addition to paid-in capital. Total redemption fee proceeds for the year ended October 31, 2010 and year ended October 31, 2009 were $374,780 and $262,776, respectively, and are set forth in the Statements of Changes in Net Assets.

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

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

				As a Percentage of Average Daily Net Assets
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				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
Emerging Countries⁽¹⁾				1.25%
European Real Estate				1.00% on the first $250 million; 0.90% on the next $250 million; 0.80% thereafter
Global Opportunities⁽²⁾				0.90% on the first $500 million; and 0.85% 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⁽¹⁾				0.85% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter
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⁾				1.00% on first $500 million; 0.90% on next $500 million; and 0.85% thereafter
International Value				1.00% on the first $5 billion; 0.95% on the next $2.5 billion; 0.90% on the next $2.5 billion; and 0.85% of assets in excess of $10 billion (applied to all assets of the Fund)
International Value Choice				1.00%
Russia				1.25%
Global Bond				0.40%
Diversified International				0.00%

⁽¹⁾

ING Investments has contractually agreed to waive a portion of the advisory fee for Emerging Countries, International Capital Appreciation and International SmallCap Multi-Manager. These advisory fee waivers will continue through at least March 1, 2011 for Emerging Countries, International Capital Appreciation and International SmallCap Multi-Manager. There is no guarantee that these waivers will continue after this date. These agreements will only renew if ING Investments elects to renew them.

⁽²⁾

Effective June 30, 2010, the advisory fees for Global Opportunities were revised from 1.00% on the first $500 million and 0.90% thereafter to the fees set forth in the table above.

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

ING Investments has contractually agreed to waive a portion of the advisory fee for Emerging Countries, International Capital Appreciation and International SmallCap Multi-Manager. Previously, ING Investments had agreed to waive a portion of the advisory fee for Global Opportunities. This waiver expired on June 30, 2010. The waiver is calculated as 50% of the difference between the former sub-advisory fee minus the new sub-advisory fee.

For the year ended October 31, 2010, ING Investments waived $220,181, $40,622, $43,435 and $78,991 in advisory fees for Emerging Countries, Global Opportunities, International Capital Appreciation and International SmallCap Multi-Manager, respectively.

Each of the Funds has entered into a sub-advisory agreement with each sub-adviser. These sub-advisers provide investment advice for the various Funds and are paid by the Investment Adviser based on the average daily net assets of the respective Funds. The sub-adviser of each of the Funds is as follows (*denotes a related party adviser):

Fund				Sub Adviser
Global Equity Dividend				ING Investment Management Advisors B.V*
Global Natural Resources				ING Investment Management Co.*
Global Real Estate				ING Clarion Real Estate Securities, LLC*
Global Value Choice				Tradewinds Global Investors, LLC
Asia-Pacific Real Estate				ING Clarion Real Estate Securities, LLC*
Emerging Countries				ING Investment Management Advisors B.V*
European Real Estate				ING Clarion Real Estate Securities, LLC*
Global Opportunities				ING Investment Management Advisors B.V.*
Greater China				ING Investment Management Asia/Pacific (Hong Kong) Limited*
Index Plus International Equity				ING Investment Management Co.*
International Capital Appreciation				Hansberger Global Investors, Inc.
International Real Estate				ING Clarion Real Estate Securities, LLC*
International SmallCap Multi-Manager				Acadian Asset Management LLC and Schroder Investment Management North America, Inc.
International Value				Brandes Investment Partners, L.P. and ING Investment Management Co.*
International Value Choice				Tradewinds Global Investors, LLC
Russia				ING Investment Management Advisors B.V*
Global Bond				ING Investment Management Co.*

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 year ended October 31, 2010, the following funds waived such management fees which are not subject to recoupment:

Global Natural Resources	$	1,292
Global Real Estate		50,243
Global Value Choice		28,650
Asia-Pacific Real Estate		75
European Real Estate		32
Global Opportunities		469
Index Plus International Equity		108
International Real Estate		2,478
International SmallCap Multi-Manager		1,504
International Value		13,207
International Value Choice		1,771
Global Bond		11,386

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.

Effective April 1, 2010, International Value no longer pays the Administrator an annual shareholder account-servicing fee of $5.00 for each account of beneficial owners of shares. For the year ended October 31, 2010, International Value paid $142,623 in shareholder account servicing fees.

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 a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services.

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

ING Groep has adopted a formal restructuring plan that was approved by the European Commission in November 2009 under which the ING life insurance businesses, including the retirement services and investment management businesses, which include the Investment Adviser and its affiliates, would be divested by ING Groep by the end of 2013. While there can be no assurance that it will be carried out, the restructuring plan presents certain risks, including uncertainty about the effect on the businesses of the ING entities that service the Fund and potential termination of the Fund’s existing advisory agreement, which may trigger the need for shareholder approval of new agreements.

NOTE 6 — DISTRIBUTION AND SERVICE FEES

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

⁽¹⁾

Class Q shareholders of Global Value Choice, Global Opportunities, International SmallCap Multi-Manager and International Value incurred a service fee of 0.25% until conversion to Class W shares of each respective Fund on November 20, 2009. Class Q shareholder of Emerging Countries and International Capital Appreciation incurred a service fee of 0.25% until conversion to Class W shares of each Fund on March 8, 2010.


Global Equity Dividend	0.25	%	1.00	%	1.00	%	0.25	%	N/A
Global Natural Resources	0.25	%	N/A		N/A		N/A		N/A
Global Real Estate	0.25	%	1.00	%	1.00	%	0.25	%	N/A
Global Value Choice	0.25	%	1.00	%	1.00	%	N/A		N/A
Asia-Pacific Real Estate	0.25	%	1.00	%	1.00	%	N/A		N/A
Emerging Countries	0.35	%⁽¹⁾	1.00	%	1.00	%	N/A		N/A
European Real Estate	0.25	%	1.00	%	1.00	%	N/A		N/A
Global Opportunities	0.25	%	1.00	%	1.00	%	N/A		N/A
Greater China	0.25	%	1.00	%	1.00	%	0.25	%	N/A
Index Plus International Equity	0.25	%	1.00	%	1.00	%	0.25	%	N/A
International Capital Appreciation	0.25	%	1.00	%	1.00	%	N/A		N/A
International Real Estate	0.25	%	1.00	%	1.00	%	N/A		N/A
International SmallCap Multi-Manager	0.35	%	1.00	%	1.00	%	0.25	%	N/A
International Value	0.30	%	1.00	%	1.00	%⁽²⁾	N/A		N/A
International Value Choice	0.25	%	1.00	%	1.00	%	N/A		N/A
Russia	0.25	%	N/A		N/A		N/A		N/A
Global Bond	0.25	%	1.00	%	1.00	%	0.25	%	N/A
Diversified International	0.25	%	1.00	%	1.00	%	0.25	%	0.50	%

⁽¹⁾

The Distributor has agreed to waive 0.10% of the Distribution Fee in the amount of $79,995 for Class A shares of Emerging Countries for the period from January 1, 2009 through March 1, 2011.

⁽²⁾

The Distributor has voluntarily agreed to waive $143,365 of the Distribution Fee for Class C shares of International Value.

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 year ended October 31, 2010, the Distributor retained the following amounts in sales charges for the Funds:

	Class A Shares		Class C Shares
Initial Sales Charges:
Global Equity Dividend	$	15,247	N/A
Global Natural Resources		28,296	N/A
Global Real Estate		172,517	N/A
Global Value Choice		124,963	N/A
Asia-Pacific Real Estate		325	N/A
Emerging Countries		11,760	N/A
European Real Estate		965	N/A
Global Opportunities		3,672	N/A
Greater China		23,124	N/A
Index Plus International Equity		552	N/A
International Capital Appreciation		2,330	N/A
International Real Estate		9,247	N/A
International SmallCap Multi-Manager		3,244	N/A
International Value		5,611	N/A

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 6 — DISTRIBUTION AND SERVICE FEES (continued)

	Class A Shares			Class C Shares
International Value Choice	$	4,364		N/A
Russia		191,902		N/A
Global Bond		108,503		N/A
Diversified International		12,070		N/A

Contingent Deferred Sales Charges:
Global Equity Dividend	$	30	$	1,383
Global Real Estate		35,353		13,787
Global Value Choice		1,487		17,397
Asia-Pacific Real Estate		—		10
Emerging Countries		53		2,586
European Real Estate		—		189
Global Opportunities		52		2,898
Greater China		5		14,270
Index Plus International Equity		—		77
International Capital Appreciation		6		260
International Real Estate		75		1,516
International SmallCap Multi-Manager		359		990
International Value		72,767		5,323
International Value Choice		10		348
Russia		639		—
Global Bond		12		17,357
Diversified International		461		3,322

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At October 31, 2010, the Funds had the following amounts recorded as payable to affiliates on the accompanying Statements of Assets and Liabilities (See Notes 5 and 6):

Fund	Accrued Investment Management Fees		Accrued Administrative Fees		Accrued Shareholder Service and Distribution Fees		Total

Global Equity Dividend	$	92,796	$	12,495	$	46,421	$	151,712
Global Natural Resources		76,399		8,792		21,296		106,487
Global Real Estate		1,736,133		243,368		438,587		2,418,088
Global Value Choice		352,981		40,137		139,344		532,462
Asia-Pacific Real Estate		5,256		526		1,524		7,306
Emerging Countries		192,212		15,377		35,486		243,075
European Real Estate		3,773		378		1,061		5,212
Global Opportunities		96,510		10,723		61,895		169,128
Greater China		50,207		3,823		14,551		68,581
Index Plus International Equity		66,963		12,178		13,356		92,497
International Capital Appreciation		75,149		8,841		13,791		97,781
International Real Estate		492,562		53,607		73,085		619,254
International SmallCap Multi-Manager		367,141		36,723		73,961		477,825
International Value		1,068,178		106,899		315,289		1,490,366
International Value Choice		39,745		3,982		10,168		53,895
Russia		450,925		36,074		88,477		575,476
Global Bond		173,996		43,743		117,755		335,494
Diversified International		—		16,547		87,686		104,233

At October 31, 2010, the following indirect, wholly owned subsidiaries of ING Groep owned the following Funds:

Diversified International — Emerging Countries (19.68%); Index Plus International Equity (33.99%); International Capital Appreciation (49.39%); International Value Choice (30.14%).

ING Global Target Payment Fund — Index Plus International Equity (7.11%).

ING Life Insurance and Annuity Company — Asia-Pacific Real Estate (49.61%); European Real Estate (79.36%); International SmallCap Multi-Manager (8.68%).

ING National Trust — International Capital Appreciation (9.23%); International Value (12.21%).

ING Solution 2015 Portfolio — Global Bond (7.53%).

ING Solution 2025 Portfolio — Global Bond (11.24%).

ING Solution 2035 Portfolio — Global Bond (5.67%).

ING Strategic Allocation Conservative Fund — Emerging Countries (10.57%); Index Plus International Equity (15.09%).

Reliance Trust Company — International Capital Appreciation (5.96%).

Sharebuilder Securities Corporation — Global Equity Dividend (9.81%); Greater China (10.09%); Index Plus International Equity (31.69%).

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies that are under common control. Therefore, because certain Funds have a common owner that owns over 25% of the outstanding securities of the Funds, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Funds.

The Investment Adviser may request that the Funds’ portfolio managers use their best efforts (subject to obtaining best execution of each transaction) to

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

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

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 Funds have adopted a Deferred Compensation Plan (the “Plan”), which allows eligible non-affiliated trustees as described in the Plan to defer the receipt of all or a portion of the trustees fees payable. Amounts deferred are treated as though invested in various “notional” funds advised by ING Investments until distribution in accordance with the Plan.

NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES

At October 31, 2010, the Funds had the following payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceeded 5% of total liabilities:

Fund	Accrued Expenses	Amount
Global Natural Resources	Transfer Agent	$	39,540
Asia-Pacific Real Estate	Custody		10,224
European Real Estate	Custody		8,471
	Transfer Agent		1,811
	Professional		4,300
Greater China	Custody		12,972
	Transfer Agent		32,451
International Value Choice	Custody		7,411
	Transfer Agent		9,570
	Registration		6,909
	Postage		11,431
Diversified International	Transfer Agent		115,364
	Postage		64,431

NOTE 9 — EXPENSE LIMITATION AGREEMENTS

The Investment Adviser and/or Distributor have agreed to limit expenses, excluding interest expense, taxes, brokerage commissions and extraordinary expenses (and acquired fund fees and expenses) to the levels listed below:

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


Global Equity Dividend	1.40	%	2.15	%	2.15	%	1.15	%	1.40	%	N/A		1.15	%
Global Natural Resources⁽¹⁾	2.00	%	N/A		N/A		1.75	%	N/A		N/A		1.75	%
Global Real Estate	1.75	%	2.50	%	2.50	%	1.50	%	1.75	%	N/A		1.50	%
Global Value Choice	1.50	%	2.25	%	2.25	%	1.25	%	N/A		N/A		1.25	%
Asia-Pacific Real Estate	1.75	%	2.50	%	2.50	%	1.50	%	N/A		N/A		N/A
Emerging Countries⁽²⁾	2.25	%	2.90	%	2.90	%	1.75	%	N/A		N/A		1.90	%
European Real Estate	1.75	%	2.50	%	2.50	%	1.50	%	N/A		N/A		N/A
Global Opportunities⁽³⁾	1.50	%	2.25	%	2.25	%	1.15	%	N/A		N/A		1.25	%
Greater China⁽⁴⁾	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
International Capital Appreciation	1.50	%	2.25	%	2.25	%	1.25	%	N/A		N/A		1.25	%
International Real Estate	1.50	%	2.25	%	2.25	%	1.25	%	N/A		N/A		1.25	%
International SmallCap Multi-Manager	1.95	%	2.60	%	2.60	%	1.40	%	1.85	%	N/A		1.60	%
International Value⁽⁵⁾	1.80	%	2.50	%	2.50	%	1.50	%	N/A		N/A		1.50	%
International Value Choice	1.70	%	2.45	%	2.45	%	1.45	%	N/A		N/A		1.45	%
Russia⁽⁶⁾	2.75	%	N/A		N/A		2.50	%	N/A		N/A		N/A
Global Bond	0.90	%	1.65	%	1.65	%	0.61	%	0.90	%	N/A		0.65	%
Diversified International⁽⁷⁾	0.50	%	1.25	%	1.25	%	0.25	%	0.50	%	0.75	%	0.25	%

⁽¹⁾

Effective January 1, 2010, the expense limits for Class A, I and W were revised from 2.75%, 2.50% and 2.50%, respectively, to limits set forth in the table above.

⁽²⁾

Pursuant to a side agreement, ING Investments has lowered the expense limits for Emerging Countries through at least March 1, 2011. The expense limits for Emerging Countries are 2.10%, 2.85% and 2.85% for Class A, B and C shares, respectively. If, after March 1, 2011, 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⁾

Effective June 30, 2010, the expense limits for Global Opportunities were revised from 1.95%, 2.70%, 2.70%, 1.60% and 1.45% for Class A, B, C, I and W shares, respectively, to the limits set forth in the table above. Prior to June 30, 2010, pursuant to a side agreement, ING Investments lowered the expense limits for Global Opportunities. The expense limits for Global Opportunities were 1.70%, 2.45%, 2.45% and 1.35% for class A, B, C and I shares, respectively. Effective June 30, 2010, pursuant to a side agreement, ING Investments has lowered the expense limit for Global Opportunities to 1.05% for Class I shares through at least March 1, 2012. If, after March 1, 2012, ING Investments elects not to renew the side agreement, the expense limit will revert to the limit 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, the expense limits for Greater China are 2.10%, 2.85%, 2.85%, 1.85% and 2.10% for Class A, B, C, I and O shares, respectively, through March 1, 2011. 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⁾

The expense limits for International Value are effective April 1, 2010. Prior to April 1, 2010, International Value did not have an expense limit.

⁽⁶⁾

Effective January 1, 2010, the expense limits for Class A and I were revised from 3.35% and 3.10%, respectively, to limits set forth in the table above.

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 9 — EXPENSE LIMITATION AGREEMENTS (continued)

⁽⁷⁾

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. Effective March 1, 2010, the expense limits for Class O and W were revised from 0.35% and 0.10%, respectively, to limits set forth in the table above. Including the expenses of the underlying Investment Companies, the expense limits for Diversified International are 1.65%, 2.40%, 2.40%, 1.40%, 1.65%, 1.90% and 1.40% for Class A, B, C, I, O, R and W shares, respectively.

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

As of October 31, 2010, 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:

	2011		2012		2013		Total
Global Equity Dividend	$	21,419	$	172,058	$	—	$	193,477
Asia-Pacific Real Estate		142,848		116,219		81,788		340,855
European Real Estate		—		209,182		90,568		299,750
Greater China		—		60,086		2,687		62,773
Index Plus International Equity		936,939		22,838		22,288		982,065
International Capital Appreciation		—		25,287		193,638		218,925
Global Bond		86,497		272,426		365,110		724,033
Diversified International		1,337,950		786,289		472,043		2,596,282

In addition to the above waived or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of October 31, 2010, are as follows:

	2011		2012		2013		Total
Global Value Choice
Class W	$	—	$	—	$	286	$	286
Global Opportunities
Class A	$	—	$	60,601	$	50,223	$	110,824
Class B		—		8,618		8,058		16,676
Class C		—		47,861		43,870		91,731
Class W		—		—		1,125		1,125
Index Plus International Equity
Class A	$	—	$	30,515	$	11,667	$	42,182
Class B		—		4,392		1,268		5,660
Class C		—		4,534		1,761		6,295
Class O		—		146,637		60,711		207,348
International Real Estate
Class A	$	—	$	158,438	$	405	$	158,843
Class B		—		6,996		96		7,092
Class C		—		51,655		612		52,267
Class W		—		—		14		14
International Value Choice
Class A	$	—	$	13,778	$	15,874	$	29,652
Class B		—		2,169		1,164		3,333
Class C		—		3,921		3,756		7,677
Class W		—		—		21		21
Diversified International
Class A	$	—	$	39,041	$	13,391	$	52,432
Class B		—		5,755		2,176		7,931
Class C		—		21,656		7,365		29,021
Class O		—		1,830		1,800		3,630
Class R		—		54		21		75
Class W		—		2,307		1,912		4,219

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 — PURCHASED AND WRITTEN OPTIONS

Transactions in purchased foreign currency options for Global Bond for the year ended October 31, 2010 were as follows:

					Cost
Balance at 10/31/09	7,164,109		12,978,000		$	191,984
Options Purchased	—		336,557,007			3,327,823
Options Terminated in Closing Sell Transactions	(7,164,109	)	(51,823,540	)		(479,189	)
Options Expired	—		(142,711,467	)		(847,801	)
Balance at 10/31/10	—		155,000,000		$	2,192,817

Transactions in purchased swaptions on CDX indices for Global Bond for the year ended October 31, 2010 were as follows:

			Cost
Balance at 10/31/09	—		$	—
Options Purchased	43,041,000			305,591
Options Terminated in Closing Sell Transactions	—			—
Options Expired	(43,041,000	)		(305,591	)
Balance at 10/31/10	—		$	—

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 10 — PURCHASED AND WRITTEN OPTIONS (continued)

Transactions in written foreign currency options for Global Bond for the year ended October 31, 2010 were as follows:

					Premiums Received
Balance at 10/31/09	7,164,109		12,978,000		$	218,966
Options Written	—		314,549,007			2,596,096
Options Terminated in Closing Purchase Transactions	(7,164,109	)	(29,323,540	)		(402,037	)
Options Expired	—		(91,403,467	)		(488,038	)
Balance at 10/31/10	—		206,800,000		$	1,924,987

Transactions in written swaptions on CDX indices for Global Bond for the year ended October 31, 2010 were as follows:

			Premiums Received
Balance at 10/31/09	—		$	—
Options Written	86,082,000			178,620
Options Terminated in Closing Purchase Transactions	—			—
Options Expired	(86,082,000	)		(178,620	)
Balance at 10/31/10	—		$	—

Transactions in written swaptions on Interest Rate Swaps for Global Bond for the year ended October 31, 2010 were as follows:

			Premiums Received
Balance at 10/31/09	—		$	—
Options Written	21,659,000			416,936
Options Terminated in Closing Purchase Transactions	(21,659,000	)		(416,936	)
Options Expired	—			—
Balance at 10/31/10	—		$	—

NOTE 11 — LINE OF CREDIT

All of the Funds included in this report, in addition to certain other funds managed by the Investment Adviser or an affiliate of the investment adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $125,000,000. The proceeds may be used only to: (1) temporarily finance the purchase and sale of securities; or (2) finance the redemption of shares of an investor in the Funds. The Funds to which the line of credit is available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears for the year ended October 31, 2010.

Generally, borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The following Funds utilized the line of credit during the year ended October 31, 2010:

Fund		Approximate Average Daily Balance for Days Utilized
Global Natural Resources	10	$	877,500	1.39	%
Asia-Pacific Real Estate	6		193,333	1.36	%
Emerging Countries	9		2,072,222	1.44	%
European Real Estate	5		746,000	1.37	%
Global Opportunities⁽¹⁾	90		1,563,389	1.41	%
Greater China	24		806,875	1.44	%
Index Plus International Equity	81		889,877	1.43	%
International Capital Appreciation	44		694,659	1.41	%
International Real Estate	9		5,678,889	1.37	%
International SmallCap Multi-Manager	88		960,739	1.38	%
International Value	148		3,811,791	1.40	%
International Value Choice	3		3,535,000	1.44	%
Global Bond	61		1,569,262	1.43	%

⁽¹⁾

At October 31, 2010, Global Opportunities had an outstanding balance of $2,390,000.

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 12 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Year or	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Shares converted		Net increase (decrease) in shares outstanding			Shares sold		Payments from Distribution settlement/ affiliate (Note 17)		Proceeds from shares issued in merger		Reinvestment of distributions		Redemption fee proceeds		Shares redeemed			Shares converted		Net increase (decrease)
period ended	#		#		#		#			#		#			($)		($)		($)		($)		($)		($)			($)		($)
Global Equity Dividend
Class A
10-31-10		866,925		—		86,029		(1,812,822	)		—		(859,868	)		8,475,129		—		—		826,073		—		(17,858,240	)		—		(8,557,038	)
10-31-09		910,513		—		120,461		(3,249,618	)		—		(2,218,644	)		7,243,833		—		—		996,853		—		(26,003,285	)		—		(17,762,599	)
Class B
10-31-10		35,025		—		17,471		(683,413	)		—		(630,917	)		342,001		—		—		165,967		—		(6,646,863	)		—		(6,138,895	)
10-31-09		78,456		—		30,196		(825,295	)		—		(716,643	)		634,273		—		—		249,985		—		(6,553,571	)		—		(5,669,313	)
Class C
10-31-10		188,781		—		35,118		(1,459,491	)		—		(1,235,592	)		1,859,348		—		—		332,680		—		(14,234,997	)		—		(12,042,969	)
10-31-09		468,872		—		55,436		(2,066,211	)		—		(1,541,903	)		3,852,465		—		—		458,079		—		(16,369,585	)		—		(12,059,041	)
Class I
10-31-10		1,198,519		—		12,480		(204,185	)		—		1,006,814			11,619,730		—		—		121,733		—		(1,987,575	)		—		9,753,888
10-31-09		97,132		—		5,729		(46,693	)		—		56,168			767,296		—		—		47,693		—		(375,732	)		—		439,257
Class O
10-31-10		218,071		—		1,672		(377,480	)		—		(157,737	)		2,141,770		—		—		16,065		—		(3,735,705	)		—		(1,577,870	)
10-31-09		276,310		—		2,762		(369,666	)		—		(90,594	)		2,213,745		—		—		22,787		—		(2,950,118	)		—		(713,586	)
Class W
10-31-10		1,658,473		—		52,701		(432,567	)		—		1,278,607			17,752,111		—		—		551,389		—		(4,623,735	)		—		13,679,765
10-31-09		2,239,182		—		23,282		(189,981	)		—		2,072,483			19,974,951		—		—		218,131		—		(1,849,607	)		—		18,343,475
Global Natural Resources
Class A
10-31-10		1,360,810		—		31,815		(2,599,161	)		—		(1,206,536	)		11,296,166		—		—		260,562		—		(21,434,666	)		—		(9,877,938	)
10-31-09		1,470,178		—		787,696		(1,932,899	)		—		324,975			9,701,353		—		—		4,962,490		—		(12,571,476	)		—		2,092,367
Class I
10-31-10		758,038		—		495		(486,327	)		—		272,206			6,403,842		—		—		4,044		—		(3,683,147	)		—		2,724,739
10-31-09		73,310		—		1,015		(9,277	)		—		65,048			461,755		—		—		6,371		—		(60,312	)		—		407,814
Class W
10-31-10		18,326		—		96		(3,258	)		—		15,164			193,162		—		—		986		—		(33,692	)		—		160,456
10-31-09		18,740		—		204		(3,315	)		—		15,629			167,106		—		—		1,612		—		(32,689	)		—		136,029
Global Real Estate
Class A
10-31-10		36,101,595		—		2,747,909		(28,902,801	)		—		9,946,703			529,789,609		—		—		40,220,542		—		(426,260,118	)		—		143,750,033
10-31-09		35,273,811		—		1,466,408		(40,636,758	)		—		(3,896,539	)		408,890,679		—		—		16,720,591		—		(432,634,570	)		—		(7,023,300	)
Class B
10-31-10		65,343		—		81,945		(494,090	)		—		(346,802	)		819,763		—		—		1,003,378		—		(5,993,064	)		—		(4,169,923	)
10-31-09		166,384		—		49,738		(587,295	)		—		(371,173	)		1,702,193		—		—		473,970		—		(5,308,965	)		—		(3,132,802	)
Class C
10-31-10		4,642,825		—		479,930		(2,927,692	)		—		2,195,063			60,749,179		—		—		6,210,490		—		(37,954,330	)		—		29,005,339
10-31-09		2,985,466		—		254,710		(5,057,405	)		—		(1,817,229	)		32,724,474		—		—		2,561,518		—		(49,038,114	)		—		(13,752,122	)
Class I
10-31-10		56,047,518		—		2,362,378		(14,694,987	)		—		43,714,909			819,376,161		—		—		34,557,613		—		(216,539,062	)		—		637,394,712
10-31-09		26,525,227		—		902,861		(13,297,323	)		—		14,130,765			309,867,495		—		—		10,316,518		—		(154,903,172	)		—		165,280,841
Class O
10-31-10		149,356		—		1,790		(188,857	)		—		(37,711	)		2,206,785		—		—		26,198		—		(2,797,854	)		—		(564,871	)
10-31-09		165,069		—		1,903		(231,028	)		—		(64,056	)		1,869,772		—		—		21,409		—		(2,599,886	)		—		(708,705	)
Class W
10-31-10		8,813,884		—		591,867		(4,773,471	)		—		4,632,280			129,335,342		—		—		8,679,094		—		(69,779,415	)		—		68,235,021
10-31-09		10,717,462		—		273,573		(4,367,066	)		—		6,623,969			115,194,535		—		—		3,106,650		—		(50,267,972	)		—		68,033,213
Global Value Choice
Class A
10-31-10		5,123,750		—		19,446		(2,928,701	)		—		2,214,495			148,107,340		218,157		—		545,422		—		(85,125,992	)		—		63,744,927
10-31-09		6,538,227		—		—		(4,714,108	)		—		1,824,119			132,608,998		—		—		—		—		(98,627,829	)		—		33,981,169
Class B
10-31-10		53,756		—		526		(84,564	)		—		(30,282	)		1,632,312		10,831		—		15,683		—		(2,589,534	)		—		(930,708	)
10-31-09		97,118		—		—		(214,707	)		—		(117,589	)		2,359,749		—		—		—		—		(4,388,375	)		—		(2,028,626	)
Class C
10-31-10		2,121,677		—		3,072		(613,310	)		—		1,511,439			58,258,559		94,969		—		81,317		—		(16,836,867	)		—		41,597,978
10-31-09		964,841		—		—		(331,636	)		—		633,205			20,983,932		—		—		—		—		(6,137,973	)		—		14,845,959

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 12 — CAPITAL SHARES (continued)

Year or	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Shares converted			Net increase (decrease) in shares outstanding			Shares sold		Payments from Distribution settlement/ affiliate (Note 17)		Proceeds from shares issued in merger		Reinvestment of distributions		Redemption fee proceeds		Shares redeemed			Shares converted			Net increase (decrease)
period ended	#		#		#		#			#			#			($)		($)		($)		($)		($)		($)			($)			($)
Global Value Choice (continued)
Class I
10-31-10		4,714,094		—		3,454		(376,334	)		—			4,341,214			139,901,518		52,839		—		97,710		—		(10,950,977	)		—			129,101,090
10-31-09		216,033		—		—		(165,913	)		—			50,120			4,623,100		—		—		—		—		(3,400,709	)		—			1,222,391
Class Q⁽²⁾
10-31-10		94,329		—		141		(90,249	)		(89,157	)		(84,936	)		164,212		—		—		4,706		—		(35,023	)		(2,937,993	)		(2,804,098	)
10-31-09		137,594		—		—		(120,545	)		—			17,049			3,299,839		—		—		—		—		(3,102,099	)		—			197,740
Class W
10-31-10		968,515		—		544		(144,162	)		104,290			929,187			28,782,179		12,728		—		15,268		—		(4,229,081	)		2,937,993			27,519,087
06-01-09⁽¹⁾-10-31-09		10,629		—		—		(1,190	)		—			9,439			292,141		—		—		—		—		(32,898	)		—			259,243
Asia-Pacific Real Estate
Class A
10-31-10		457,395		—		6,640		(113,419	)		—			350,616			2,456,342		—		—		36,602		—		(632,641	)		—			1,860,303
10-31-09		70,910		—		1,315		(159,906	)		—			(87,681	)		396,983		—		—		6,056		—		(668,134	)		—			(265,095	)
Class B
10-31-10		795		—		484		(6	)		—			1,273			4,860		—		—		2,605		—		(35	)		—			7,430
10-31-09		647		—		77		(9	)		—			715			3,076		—		—		348		—		(54	)		—			3,370
Class C
10-31-10		75,665		—		2,186		(200,328	)		—			(122,477	)		397,260		—		—		11,770		—		(1,080,404	)		—			(671,374	)
10-31-09		114,637		—		237		(736,123	)		—			(621,249	)		593,919		—		—		1,091		—		(3,103,015	)		—			(2,508,005	)
Class I
10-31-10		1,019		—		—		(697	)		—			322			5,655		—		—		—		—		(3,509	)		—			2,146
10-31-09		—		—		—		(1	)		—			(1	)		—		—		—		—		—		(6	)		—			(6	)
Emerging Countries
Class A
10-31-10		391,234		—		—		(677,274	)		—			(286,040	)		10,144,971		—		—		—		—		(17,371,829	)		—			(7,226,858	)
10-31-09		511,157		—		94,935		(1,077,430	)		—			(471,338	)		10,120,722		787,440		—		1,498,911		—		(18,239,250	)		—			(5,832,177	)
Class B
10-31-10		9,310		—		—		(84,210	)		—			(74,900	)		241,118		—		—		—		—		(2,117,568	)		—			(1,876,450	)
10-31-09		28,193		—		2,330		(92,590	)		—			(62,067	)		568,063		52,639		—		36,664		—		(1,546,719	)		—			(889,353	)
Class C
10-31-10		73,192		—		—		(244,887	)		—			(171,695	)		1,764,576		—		—		—		—		(5,865,221	)		—			(4,100,645	)
10-31-09		118,019		—		10,848		(346,829	)		—			(217,962	)		2,032,627		189,173		—		160,382		—		(5,702,039	)		—			(3,319,857	)
Class I
10-31-10		2,259,040		—		—		(1,076,917	)		—			1,182,123			60,266,679		—		—		—		—		(27,249,282	)		—			33,017,397
10-31-09		717,479		—		46,082		(607,296	)		—			156,265			12,379,748		295,440		—		725,836		—		(10,528,832	)		—			2,872,192
Class Q⁽³⁾
10-31-10		32,646		—		—		(91,200	)		(256,659	)		(315,213	)		859,069		—		—		—		—		(2,418,652	)		(6,866,484	)		(8,426,067	)
10-31-09		239,986		—		8,656		(240,918	)		—			7,724			4,724,590		75,204		—		141,928		—		(4,437,488	)		—			504,234
Class W
10-31-10		39,306		—		—		(86,880	)		254,590			207,016			1,086,722		—		—		—		—		(2,344,010	)		6,866,484			5,609,196
10-31-09		3,260		—		56		(1,682	)		—			1,634			68,462		384		—		928		—		(29,160	)		—			40,614
European Real Estate
Class A
10-31-10		86,491		—		11,807		(438,051	)		—			(339,753	)		584,972		—		—		76,992		—		(2,896,476	)		—			(2,234,512	)
10-31-09		380,060		—		5,024		(42,539	)		—			342,545			2,499,959		—		—		24,404		—		(231,184	)		—			2,293,179
Class B
10-31-10		12,614		—		1,297		(1,455	)		—			12,456			91,036		—		—		8,395		—		(9,730	)		—			89,701
10-31-09		2,865		—		123		(548	)		—			2,440			13,462		—		—		586		—		(2,806	)		—			11,242
Class C
10-31-10		15,418		—		751		(13,382	)		—			2,787			103,288		—		—		4,887		—		(78,164	)		—			30,011
10-31-09		1,342		—		420		(1,047	)		—			715			8,521		—		—		2,002		—		(6,484	)		—			4,039
Class I
10-31-10		9,962		—		—		(3,878	)		—			6,084			65,754		—		—		—		—		(23,299	)		—			42,455
10-31-09		—		—		—		(1	)		—			(1	)		—		—		—		—		—		(6	)		—			(6	)

⁽¹⁾

Commencement of operations.

⁽²⁾

Effective November 20, 2009, Class Q shareholders of Global Value Choice, Global Opportunities, International SmallCap Multi-Manager and International Value were converted to Class W shares of each respective Fund.

⁽³⁾

Effective March 8, 2010, Class Q shareholders of Emerging Countries and International Capital Appreciation were converted to Class W shares of each respective Fund.

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 12 — CAPITAL SHARES (continued)

Year or	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Shares converted			Net increase (decrease) in shares outstanding			Shares sold		Payments from Distribution settlement/ affiliate (Note 17)		Proceeds from shares issued in merger		Reinvestment of distributions		Redemption fee proceeds		Shares redeemed			Shares converted			Net increase (decrease)
period ended	#		#		#		#			#			#			($)		($)		($)		($)		($)		($)			($)			($)
Global Opportunities
Class A
10-31-10		614,053		—		—		(3,972,450	)		—			(3,358,397	)		8,153,063		—		—		—		—		(52,591,257	)		—			(44,438,194	)
10-31-09		1,371,631		—		284,304		(7,301,637	)		—			(5,645,702	)		15,185,123		—		—		3,268,720		—		(78,630,589	)		—			(60,176,746	)
Class B
10-31-10		1,570		—		—		(464,057	)		—			(462,487	)		21,114		—		—		—		—		(5,819,434	)		—			(5,798,320	)
10-31-09		55,680		—		30,318		(630,033	)		—			(544,035	)		594,826		—		—		337,982		—		(6,541,059	)		—			(5,608,251	)
Class C
10-31-10		327,260		—		—		(2,866,616	)		—			(2,539,356	)		4,200,079		—		—		—		—		(36,057,889	)		—			(31,857,810	)
10-31-09		627,944		—		167,024		(3,714,605	)		—			(2,919,637	)		6,702,848		—		—		1,862,026		—		(39,092,373	)		—			(30,527,499	)
Class I
10-31-10		698,191		—		—		(5,029,565	)		—			(4,331,374	)		9,920,604		—		—		—		—		(65,889,490	)		—			(55,968,886	)
10-31-09		2,039,880		—		280,181		(3,037,898	)		—			(717,837	)		22,812,939		—		—		3,268,812		—		(32,771,577	)		—			(6,689,826	)
Class Q⁽²⁾
10-31-10		—		—		—		—			(1,775	)		(1,775	)		—		—		—		—		—		—			(24,700	)		(24,700	)
10-31-09		—		—		57		(3,945	)		—			(3,888	)		—		—		—		675		—		(41,702	)		—			(41,027	)
Class W
10-31-10		82,610		—		—		(28,018	)		1,677			56,269			1,209,837		—		—		—		—		(389,991	)		24,700			844,546
10-31-09		31,220		—		1,029		(15,049	)		—			17,200			373,143		—		—		12,878		—		(181,480	)		—			204,541
Greater China
Class A
10-31-10		562,404		—		30,852		(1,068,369	)		—			(475,113	)		8,263,372		—		—		455,094		—		(15,405,908	)		—			(6,687,442	)
10-31-09		1,620,136		—		123,707		(1,659,729	)		—			84,114			19,265,434		—		—		1,239,574		—		(18,938,896	)		—			1,566,112
Class B
10-31-10		11,223		—		1,446		(71,364	)		—			(58,695	)		163,319		—		—		21,202		—		(1,011,153	)		—			(826,632	)
10-31-09		80,471		—		11,348		(71,120	)		—			20,699			942,985		—		—		113,136		—		(788,399	)		—			267,722
Class C
10-31-10		125,268		—		4,167		(209,770	)		—			(80,335	)		1,852,886		—		—		61,091		—		(3,035,530	)		—			(1,121,553	)
10-31-09		303,440		—		14,271		(177,326	)		—			140,385			3,924,773		—		—		142,714		—		(2,096,269	)		—			1,971,218
Class I
10-31-10		139,550		—		938		(54,154	)		—			86,334			2,090,745		—		—		13,788		—		(795,411	)		—			1,309,122
10-31-09		74,850		—		480		(31,315	)		—			44,015			1,012,075		—		—		4,797		—		(448,599	)		—			568,273
Class O
10-31-10		221,453		—		—		(152,009	)		—			69,444			3,243,169		—		—		—		—		(2,199,401	)		—			1,043,768
10-31-09		270,635		—		—		(83,831	)		—			186,804			3,346,554		—		—		—		—		(1,090,406	)		—			2,256,148
Index Plus International Equity
Class A
10-31-10		126,350		—		19,995		(204,662	)		—			(58,317	)		1,002,690		1,182		—		158,654		—		(1,604,935	)		—			(442,409	)
10-31-09		101,065		—		50,580		(508,408	)		—			(356,763	)		656,750		42,188		—		316,123		—		(3,249,309	)		—			(2,234,248	)
Class B
10-31-10		1,442		—		1,260		(66,899	)		—			(64,197	)		11,844		127		—		10,068		—		(524,252	)		—			(502,213	)
10-31-09		13,926		—		3,810		(110,968	)		—			(93,232	)		86,071		5,630		—		23,930		—		(680,898	)		—			(565,267	)
Class C
10-31-10		16,860		—		1,572		(59,997	)		—			(41,565	)		133,565		178		—		12,475		—		(461,012	)		—			(314,794	)
10-31-09		26,669		—		3,268		(52,196	)		—			(22,259	)		162,592		6,257		—		20,424		—		(310,039	)		—			(120,766	)
Class I
10-31-10		6,522,224		—		129,035		(3,480,056	)		—			3,171,203			46,778,930		6,746		—		1,023,724		—		(27,889,386	)		—			19,920,014
10-31-09		1,779,458		—		437,590		(4,214,852	)		—			(1,997,804	)		11,549,179		239,494		—		2,730,559		—		(26,438,519	)		—			(11,919,287	)
Class O
10-31-10		396,697		—		6,275		(975,579	)		—			(572,607	)		3,094,755		6,130		—		49,354		—		(7,629,960	)		—			(4,479,721	)
10-31-09		636,241		—		33,354		(1,142,220	)		—			(472,625	)		3,958,056		204,241		—		206,799		—		(7,174,283	)		—			(2,805,187	)
International Capital Appreciation
Class A
10-31-10		254,793		—		—		(676,394	)		—			(421,601	)		2,406,542		4,565		—		—		—		(6,403,411	)		—			(3,992,304	)
10-31-09		102,826		2,847,730		1,714		(335,120	)		—			2,617,150			880,999		—		24,468,063		12,234		—		(2,601,438	)		—			22,759,858

⁽²⁾

100

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 12 — CAPITAL SHARES (continued)

Year or	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Shares converted			Net increase (decrease) in shares outstanding			Shares sold		Payments from Distribution settlement/ affiliate (Note 17)		Proceeds from shares issued in merger		Reinvestment of distributions		Redemption fee proceeds		Shares redeemed			Shares converted			Net increase (decrease)
period ended	#		#		#		#			#			#			($)		($)		($)		($)		($)		($)			($)			($)
International Capital Appreciation (continued)
Class B
10-31-10		12,264		—		—		(248,489	)		—			(236,225	)		120,843		720		—		—		—		(2,291,677	)		—			(2,170,114	)
10-31-09		48,165		463,335		252		(55,669	)		—			456,083			395,179		—		3,950,116		2,182		—		(424,084	)		—			3,923,393
Class C
10-31-10		30,886		—		—		(148,512	)		—			(117,626	)		293,890		1,413		—		—		—		(1,390,616	)		—			(1,095,313	)
10-31-09		29,940		836,791		81		(49,346	)		—			817,466			253,183		—		7,160,428		703		—		(405,801	)		—			7,008,513
Class I
10-31-10		2,169,135		—		—		(2,964,930	)		—			(795,795	)		20,494,871		8,679		—		—		—		(28,544,870	)		—			(8,041,320	)
10-31-09		1,850,459		847,064		215,139		(3,481,989	)		—			(569,327	)		11,581,208		—		7,244,473		1,505,866		—		(23,752,279	)		—			(3,420,732	)
Class Q⁽³⁾
10-31-10		37,938				—		(104,931	)		(1,225,201	)		(1,292,194	)		364,883		—		—		—		—		(1,009,772	)		(11,746,943	)		(12,391,832	)
10-31-09		20,196		1,352,395		—		(80,397	)		—			1,292,194			184,872		—		11,617,182		—		—		(729,208	)		—			11,072,846
Class W
10-31-10		155,240				—		(312,970	)		1,225,201			1,067,471			1,481,249		2,087		—		—		—		(2,977,745	)		11,746,943			10,252,534
08-07-09⁽¹⁾-10-31-09		—		—		—		—			—			—			—		—		—		—		—		—			—			—
International Real Estate
Class A
10-31-10		17,430,471		—		1,077,729		(5,113,917	)		—			13,394,283			143,696,684		—		—		8,750,749		—		(40,981,653	)		—			111,465,780
10-31-09		10,856,139		—		187,058		(10,216,094	)		—			827,103			80,995,390		—		—		1,251,514		—		(68,335,161	)		—			13,911,743
Class B
10-31-10		6,840		—		24,106		(147,551	)		—			(116,605	)		56,443		—		—		195,645		—		(1,177,651	)		—			(925,563	)
10-31-09		32,511		—		6,668		(161,717	)		—			(122,538	)		221,994		—		—		44,407		—		(1,010,676	)		—			(744,275	)
Class C
10-31-10		522,991		—		141,243		(897,985	)		—			(233,751	)		4,272,321		—		—		1,145,053		—		(7,065,323	)		—			(1,647,949	)
10-31-09		463,520		—		37,943		(2,688,671	)		—			(2,187,208	)		3,385,481		—		—		252,590		—		(16,625,935	)		—			(12,987,864	)
Class I
10-31-10		11,079,060		—		793,073		(16,225,470	)		—			(4,353,337	)		88,767,647		—		—		6,460,402		—		(129,642,398	)		—			(34,414,349	)
10-31-09		24,743,016		—		397,990		(21,468,261	)		—			3,672,745			157,988,044		—		—		2,682,070		—		(146,561,555	)		—			14,108,559
Class W
10-31-10		485,261		—		11,307		(157,469	)		—			339,099			3,996,867		—		—		92,174		—		(1,255,296	)		—			2,833,745
10-31-09		222,598		—		1,804		(22,663	)		—			201,739			1,729,123		—		—		12,716		—		(171,266	)		—			1,570,573
International SmallCap Multi-Manager
Class A
10-31-10		818,452		—		46,987		(2,671,591	)		—			(1,806,152	)		27,484,915		418,709		—		1,540,998		—		(89,612,983	)		—			(60,168,361	)
10-31-09		1,348,432		—		150,477		(2,921,857	)		—			(1,422,948	)		33,018,290		1,161,532		—		3,373,881		—		(69,598,429	)		—			(32,044,726	)
Class B
10-31-10		2,789		—		673		(127,761	)		—			(124,299	)		98,399		16,420		—		23,427		—		(4,445,789	)		—			(4,307,543	)
10-31-09		11,148		—		2,719		(266,483	)		—			(252,616	)		291,306		68,188		—		64,369		—		(6,411,677	)		—			(5,987,814	)
Class C
10-31-10		33,453		—		6,523		(238,730	)		—			(198,754	)		1,058,863		74,919		—		201,523		—		(7,456,868	)		—			(6,121,563	)
10-31-09		63,914		—		20,386		(405,458	)		—			(321,158	)		1,447,283		212,607		—		429,751		—		(8,998,765	)		—			(6,909,124	)
Class I
10-31-10		2,065,296		—		45,547		(1,742,521	)		—			368,322			69,833,855		426,266		—		1,490,905		—		(57,692,823	)		—			14,058,203
10-31-09		2,715,701		—		105,575		(3,681,362	)		—			(860,086	)		69,313,964		923,408		—		2,362,922		—		(88,778,751	)		—			(16,178,457	)
Class Q⁽²⁾
10-31-10		11,395		—		7,743		(7,889	)		(910,998	)		(899,749	)		402,874		—		—		276,272		—		(280,396	)		(31,864,997	)		(31,466,247	)
10-31-09		181,108		—		42,371		(1,079,348	)		—			(855,869	)		4,856,128		221,207		—		1,035,594		—		(25,746,978	)		—			(19,634,049	)
Class O
10-31-10		24,913		—		—		(11,765	)		—			13,148			826,270		2,233		—		—		—		(390,320	)		—			438,183
10-31-09		24,136		—		—		(8,794	)		—			15,342			607,858		1,900		—		—		—		(242,535	)		—			367,223
Class W
10-31-10		238,386		—		7,339		(462,917	)		841,925			624,733			9,294,968		95,983		—		285,158		—		(18,237,990	)		31,864,997			23,303,116
10-31-09		126,076		—		13,008		(200,286	)		—			(61,202	)		3,561,630		73,078		—		343,560		—		(5,206,493	)		—			(1,228,225	)

⁽¹⁾

Commencement of operations.

⁽²⁾

⁽³⁾

Effective March 8, 2010, Class Q shareholders of Emerging Countries and International Capital Appreciation were converted to Class W shares of each respective Fund.

101

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 12 — CAPITAL SHARES (continued)

Year or	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Shares converted			Net increase (decrease) in shares outstanding			Shares sold		Payments from Distribution settlement/ affiliate (Note 17)		Proceeds from shares issued in merger		Reinvestment of distributions		Redemption fee proceeds		Shares redeemed			Shares converted			Net increase (decrease)
period ended	#		#		#		#			#			#			($)		($)		($)		($)		($)		($)			($)			($)
International Value
Class A
10-31-10		7,026,226		—		710,866		(25,323,864	)		—			(17,586,772	)		78,387,641		1,067,929		—		8,359,125		—		(284,580,757	)		—			(196,766,062	)
10-31-09		16,601,423		—		13,240,763		(49,286,953	)		—			(19,444,767	)		155,743,430		417,878		—		125,310,400		—		(456,666,236	)		—			(175,194,528	)
Class B
10-31-10		21,536		—		9,206		(3,151,447	)		—			(3,120,705	)		252,668		36,943		—		106,986		—		(34,636,502	)		—			(34,239,905	)
10-31-09		136,224		—		1,111,861		(5,749,201	)		—			(4,501,116	)		1,262,493		28,612		—		10,444,144		—		(53,332,951	)		—			(41,597,702	)
Class C
10-31-10		181,612		—		173,077		(7,377,003	)		—			(7,022,314	)		2,030,780		413,632		—		1,980,048		—		(80,336,446	)		—			(75,911,986	)
10-31-09		1,782,967		—		4,284,938		(10,863,629	)		—			(4,795,724	)		16,368,193		154,097		—		39,564,402		—		(98,584,395	)		—			(42,497,703	)
Class I
10-31-10		8,233,085		—		725,981		(24,554,669	)		—			(15,595,603	)		92,823,046		990,243		—		8,507,693		—		(272,895,909	)		—			(170,574,927	)
10-31-09		21,932,485		—		8,057,767		(42,131,776	)		—			(12,141,524	)		208,458,026		345,180		—		75,935,416		—		(403,753,973	)		—			(119,015,351	)
Class Q⁽²⁾
10-31-10		31,392		—		24,859		(5,338	)		(2,194,061	)		(2,143,148	)		360,000		—		—		293,336		—		(63,436	)		(25,186,398	)		(24,596,498	)
10-31-09		1,206,557		—		178,994		(373,051	)		—			1,012,500			11,058,551		9,674		—		1,690,451		—		(3,285,427	)		—			9,473,249
Class W
10-31-10		254,958		—		4,697		(374,961	)		2,198,715			2,083,409			2,705,165		36,222		—		53,646		—		(4,246,495	)		25,186,398			23,734,936
07-20-09⁽¹⁾-10-31-09		288		—		—		—			—			288			3,000		—		—		—		—		—			—			3,000
International Value Choice
Class A
10-31-10		1,310,027		—		11,876		(864,727	)		—			457,176			13,301,696		—		—		118,571		—		(8,753,759	)		—			4,666,508
10-31-09		844,928		—		9,558		(424,179	)		—			430,307			7,718,059		—		—		78,920		—		(3,560,528	)		—			4,236,451
Class B
10-31-10		31,091		—		142		(110,862	)		—			(79,629	)		311,747		—		—		1,400		—		(1,113,782	)		—			(800,635	)
10-31-09		37,433		—		40		(83,839	)		—			(46,366	)		312,771		—		—		332		—		(679,570	)		—			(366,467	)
Class C
10-31-10		153,510		—		281		(100,652	)		—			53,139			1,531,145		—		—		2,772		—		(1,009,276	)		—			524,641
10-31-09		240,962		—		67		(117,188	)		—			123,841			2,061,616		—		—		557		—		(940,153	)		—			1,122,020
Class I
10-31-10		730,868		—		22,826		(1,997,018	)		—			(1,243,324	)		7,510,456		—		—		227,476		—		(20,171,373	)		—			(12,433,441	)
10-31-09		496,035		—		64,604		(2,471,198	)		—			(1,910,559	)		4,189,609		—		—		532,021		—		(19,412,031	)		—			(14,690,401	)
Class W
10-31-10		3,055		—		—		(327	)		—			2,728			30,970		—		—		—		—		(3,196	)		—			27,774
06-01-09⁽¹⁾-10-31-09		327		—		—		—			—			327			3,000		—		—		—		—		—			—			3,000
Russia
Class A
10-31-10		1,844,234		—		—		(3,034,687	)		—			(1,190,453	)		62,096,502		—		—		—		369,837		(99,820,501	)		—			(37,354,162	)
10-31-09		3,136,367		—		3,839,001		(4,536,852	)		—			2,438,516			64,169,973		—		—		71,291,248		262,776		(78,843,963	)		—			56,880,034
Class I
10-31-10		287,155		—		—		(64,795	)		—			222,360			9,612,750		—		—		—		4,943		(2,164,098	)		—			7,453,595
09-30-09⁽¹⁾-10-31-09		106		—		—		—			—			106			3,000		—		—		—		—		—			—			3,000
Global Bond
Class A
10-31-10		13,465,862		—		605,364		(6,875,428	)		—			7,195,798			161,645,282		—		—		7,244,781		—		(81,981,963	)		—			86,908,100
10-31-09		6,373,003		—		163,753		(5,903,951	)		—			632,805			74,265,421		—		—		1,865,656		—		(65,323,554	)		—			10,807,523
Class B
10-31-10		118,350		—		16,671		(219,538	)		—			(84,517	)		1,409,240		—		—		198,357		—		(2,595,047	)		—			(987,450	)
10-31-09		174,593		—		9,908		(164,067	)		—			20,434			1,952,301		—		—		111,648		—		(1,817,097	)		—			246,852
Class C
10-31-10		4,660,773		—		175,740		(1,206,636	)		—			3,629,877			55,719,364		—		—		2,096,768		—		(14,299,244	)		—			43,516,888
10-31-09		2,199,636		—		72,957		(1,364,310	)		—			908,283			25,493,127		—		—		823,517		—		(15,196,556	)		—			11,120,088

⁽¹⁾

Commencement of operations.

⁽²⁾

102

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 12 — CAPITAL SHARES (continued)

Year or	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Shares converted		Net increase (decrease) in shares outstanding			Shares sold		Payments from Distribution settlement/ affiliate (Note 17)		Proceeds from shares issued in merger		Reinvestment of distributions		Redemption fee proceeds		Shares redeemed			Shares converted		Net increase (decrease)
period ended	#		#		#		#			#		#			($)		($)		($)		($)		($)		($)			($)		($)
Global Bond (continued)
Class I
10-31-10		12,403,809		—		863,246		(6,327,409	)		—		6,939,646			147,582,012		—		—		10,302,051		—		(74,903,934	)		—		82,980,129
10-31-09		11,315,341		—		185,482		(402,479	)		—		11,098,344			123,295,021		—		—		2,192,977		—		(4,570,432	)		—		120,917,566
Class O
10-31-10		230,740		—		26		(194,721	)		—		36,045			2,729,158		—		—		304		—		(2,281,700	)		—		447,762
10-31-09		307,733		—		7		(70,439	)		—		237,301			3,487,641		—		—		79		—		(797,912	)		—		2,689,808
Class W
10-31-10		1,197,217		—		25,142		(182,411	)		—		1,039,948			14,196,899		—		—		295,702		—		(2,144,700	)		—		12,347,901
06-01-09⁽¹⁾-10-31-09		130,083		—		372		(3,321	)		—		127,134			1,559,868		—		—		4,415		—		(39,978	)		—		1,524,305
Diversified International
Class A
10-31-10		1,461,752		—		100,614		(6,298,412	)		—		(4,736,046	)		12,661,601		—		—		873,328		—		(54,252,662	)		—		(40,717,733	)
10-31-09		2,533,302		—		1,998,138		(11,750,100	)		—		(7,218,660	)		17,593,370		—		—		13,047,285		—		(78,261,758	)		—		(47,621,103	)
Class B
10-31-10		23,616		—		2,543		(656,163	)		—		(630,004	)		203,485		—		—		22,049		—		(5,597,453	)		—		(5,371,919	)
10-31-09		174,017		—		252,791		(797,854	)		—		(371,046	)		1,189,186		—		—		1,650,743		—		(5,252,991	)		—		(2,413,062	)
Class C
10-31-10		407,538		—		5,029		(2,790,681	)		—		(2,378,114	)		3,485,817		—		—		43,547		—		(23,814,316	)		—		(20,284,952	)
10-31-09		1,304,646		—		901,364		(4,385,138	)		—		(2,179,128	)		8,889,191		—		—		5,877,016		—		(29,433,360	)		—		(14,667,153	)
Class I
10-31-10		1,277,026		—		3,793		(684,094	)		—		596,725			11,308,009		—		—		32,808		—		(5,797,291	)		—		5,543,526
10-31-09		773,346		—		90,151		(477,064	)		—		386,433			5,193,236		—		—		585,985		—		(3,165,096	)		—		2,614,125
Class R
10-31-10		—		—		143		(5,607	)		—		(5,464	)		—		—		—		1,233		—		(44,650	)		—		(43,417	)
10-31-09		30		—		3,254		(4,324	)		—		(1,040	)		170		—		—		21,053		—		(25,429	)		—		(4,206	)
Class O
10-31-10		192,733		—		—		(107,174	)		—		85,559			1,656,643		—		—		—		—		(908,188	)		—		748,455
10-31-09		276,907		—		—		(64,041	)		—		212,866			1,938,487		—		—		—		—		(466,642	)		—		1,471,845
Class W
10-31-10		117,957		—		2,777		(166,936	)		—		(46,202	)		1,027,684		—		—		23,940		—		(1,384,104	)		—		(332,480	)
10-31-09		178,713		—		16,022		(92,628	)		—		102,107			1,283,459		—		—		103,822		—		(615,141	)		—		772,140

⁽¹⁾

Commencement of operations.

NOTE 13 — REORGANIZATION

On August 8, 2009, International Capital Appreciation, as listed below (“Acquiring Fund”), acquired the assets and certain liabilities of ING International Growth Opportunities Fund, also listed below (“Acquired Fund”), in a tax-free reorganization in exchange for shares of the Acquiring Fund, pursuant to a plan of reorganization approved by the Acquired Fund’s shareholders. The number and value of shares issued by the Acquiring Fund are presented in Note 12 — Capital Shares. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquiring Fund	Acquired Fund	Total Net Assets of Acquired Fund (000’s)	Total Net Assets of Acquiring Fund (000’s)	Acquired Capital Loss Carryforwards (000’s)	Acquired Fund Unrealized Appreciation (000’s)	Conversion Ratio
International	ING International Growth
Capital	Opportunities Fund
Appreciation		$54,440	$54,174	$45,649	$894	0.8897

The net assets of International Capital Appreciation after the acquisition was $108,614,246.

103

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 14 — CONCENTRATION OF RISKS

All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. A Fund’s risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by the Funds and their corresponding risks, see each Fund’s most recent Prospectus and/or the Statement of Additional Information.

Diversified International is also affected by other kinds of risks, depending on the types of securities held or strategies used by an Underlying Fund.

Investment by Funds-of-Funds (Certain Funds). Each of the Underlying Funds’ shares may be purchased by other investment companies. In some cases, an Underlying Fund may experience large inflows or redemptions due to allocations or rebalancings. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. The Investment Adviser will monitor transactions by each Underlying Fund and will attempt to minimize any adverse effects on the Underlying Funds and the Fund as a result of these transactions. So long as an Underlying Fund accepts investments by other investment companies, it will not purchase securities of other investment companies, except to the extent permitted by the 1940 Act or under the terms of an exemptive order granted by the SEC.

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

Non-Diversified (Global Natural Resources, Global Real Estate, Asia-Pacific Real Estate, European Real Estate, International Real Estate, Russia and Global Bond). Certain of the Funds and Underlying Funds are classified as non-diversified investment companies under the 1940 Act, which means that they are not limited by the 1940 Act in the proportion of assets that they may invest in the obligations of a single issuer. Declines in the value of that single company can significantly impact the value of a Fund or Underlying Fund. The investment of a large percentage of a Fund’s or Underlying Fund’s assets in the securities of a small number of issuers may cause a Fund’s share price to fluctuate more than that of a diversified investment company. Conversely, even though classified as non-diversified, a Fund or Underlying Fund may actually maintain a portfolio that is diversified with a large number of issuers. In such an event, a Fund or Underlying Fund would benefit less from appreciation in a single corporate issuer than if it had greater exposure to that issuer.

NOTE 15 — SECURITIES LENDING

Under an agreement with The Bank of New York Mellon (“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 is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Funds on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the “Agreement”). The Funds bear the risk of loss with respect to the investment of collateral. Currently, the cash collateral is invested in the BNY Mellon Overnight Government Fund (formerly, The BNY Institutional Cash Reserves Fund — Series A) and the BNY Institutional Cash Reserves Fund — Series B (“BICR — Series B), each a series within the BNY Institutional Cash Reserves Trust (collectively, the “BICR Fund”). BNY serves as investment manager, custodian and operational trustee of the BICR Fund. As of October 31, 2010 and throughout the period covered by this report, BICR — Series B held certain defaulted securities issued by Lehman Brothers Holdings, Inc. (the “Lehman Securities”). The Lehman Securities have market values significantly below amortized cost. On May 22, 2009, the Funds agreed to the terms of a capital support agreement (the “Capital Support Agreement”) extended by The Bank of New York Mellon Corporation (“BNYC”), an affiliated company of BNY, for the Lehman Securities held by BICR — Series B. Under the terms of the Capital Support Agreement, BNYC will

104

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 15 — SECURITIES LENDING (continued)

support the value of the Lehman Securities up to 80% of the par value (the remaining 20% of the par value represents an unrealized loss to the Funds) and subject, in part, to the Funds’ continued participation in the BNY securities lending program through September 15, 2011. At September 15, 2011, if the Funds have complied with the requirements under the Capital Support Agreement to continue to participate in the BNY securities lending program and if such securities have not otherwise been sold, the Funds will have the right to sell the defaulted securities to BNYC at a price equal to 80% of par value. The recorded value of each Fund’s investment in BICR — Series B includes the value of the underlying securities held by BICR — Series B and the estimated value of the support to be provided by BNYC. The investments in the BNY Overnight Government Fund and in BICR — Series B are included in the Summary Portfolio of Investments under Securities Lending Collateral and the unrealized loss on BICR — Series B is included in Net Unrealized Depreciation on the Statements of Assets and Liabilities.

Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund. At October 31, 2010, the following Funds had securities on loan with the following market values:

	Value of Securities Loaned		Cash Collateral Received*
Global Equity Dividend	$	11,270,811	$	11,621,167
Global Real Estate		17,891,954		19,765,427
Global Value Choice		8,826,581		9,206,254
Emerging Countries		2,151,588		2,305,798
Global Opportunities		5,104,997		5,329,890
International Capital Appreciation		3,597,864		3,729,793
International SmallCap Multi-Manager		1,318,563		1,401,458
International Value		3,916,586		4,124,710
Russia		24,331,127		25,570,334

Cash collateral received was invested in the BICR Fund, the fair value of which is presented in the respective Funds’ Summary Portfolios of Investments.

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, income from passive foreign investment companies (PFICs), 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.

The following permanent tax differences have been reclassified as of October 31, 2010:

	Paid-in Capital			Undistributed Net Investment Income On Investments			Accumulated Net Realized Gains/(Losses)
Global Equity Dividend	$	(70,544	)	$	(205,856	)	$	276,400
Global Natural Resources		(69,803	)		76,218			(6,415	)
Global Real Estate⁽¹⁾⁽²⁾		(135,349	)		70,285,530			(70,150,181	)
Global Value Choice⁽³⁾		(57,522,145	)		7,054,308			50,467,837
Asia-Pacific Real Estate		—			423,003			(423,003	)
Emerging Countries		(945,751	)		279,961			665,790
European Real Estate		—			227,168			(227,168	)
Global Opportunities		(122,684	)		1,286,591			(1,163,907	)
Greater China		—			377,366			(377,366	)
Index Plus International Equity		(3,107	)		(8,690	)		11,797
International Capital Appreciation		(1,479	)		(54,078	)		55,557
International Real Estate⁽⁴⁾		—			20,618,740			(20,618,740	)
International SmallCap Multi-Manager		(87,527	)		230,596			(143,069	)
International Value		(215,319	)		(1,198,090	)		1,413,409

105

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 16 — FEDERAL INCOME TAXES (continued)

	Paid-in Capital			Undistributed Net Investment Income On Investments			Accumulated Net Realized Gains/(Losses)
International Value Choice	$	—		$	(32,361	)	$	32,361
Russia		(3,986,850	)		3,970,449			16,401
Global Bond		—			2,419,280			(2,419,280	)

⁽¹⁾

As of the Fund’s tax year ended December 31, 2009.

⁽²⁾

$70,509,538 relates to the tax treatment of passive foreign investment companies.

⁽³⁾

$57,489,189 relates to the expiration of capital loss carryforwards.

⁽⁴⁾

$25,477,239 relates to the tax treatment of passive foreign investment companies.

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:

	Year Ended October 31, 2010				Year Ended October 31, 2009
	Ordinary Income		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital
Global Equity Dividend	$	3,235,341	$	—	$	3,022,341	$	—	$229,828
Global Natural Resources		302,907		—		254,842		5,303,255	—
Global Real Estate⁽¹⁾		102,494,757		—		—		1,460,326	35,042,128
Global Value Choice		1,050,663		—		—		—	—
Asia-Pacific Real Estate		460,408		—		77,255		—	—
Emerging Countries		—		—		2,865,899		—	—
European Real Estate		409,340		—		184,852		—	—
Global Opportunities		—		—		11,395,047		—	—
Greater China		676,212		—		96,917		1,915,018	—
Index Plus International Equity		2,113,264		—		4,688,144		—	—
International Capital Appreciation		—		—		1,501,867		—	36,098
International Real Estate		41,280,971		—		11,137,666		—	—
International SmallCap Multi-Manager		5,964,767		—		11,110,977		—	—
International Value		26,116,194		—		96,517,633		257,239,139	—
International Value Choice		364,324		—		620,515		—	—
Russia		—		—		—		82,435,965	—
Global Bond		24,041,636		—		6,116,254		—	—
Diversified International		927,344		293,887		27,653,940		—	—

⁽¹⁾

Composition of dividends and distributions presented herein is based on the Fund’s tax year-ends of December 31, 2009 and December 31, 2008.

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, 2010 were:

	Undistributed Ordinary Income		Unrealized Appreciation/ (Depreciation)		Post-October Capital Loss Deferred			Post-October Currency Loss Deferred			Capital Loss Carryforwards
Global Equity Dividend	$	—	$	3,854,875	$	—		$	—		$	(17,831,335	)	2016
												(71,676,150	)	2017
											$	(89,507,485	)
Global Natural Resources		—		11,642,855		—			—			(19,477,132	)	2017
Global Real Estate⁽¹⁾		—		28,444,650		(6,975,138	)		(57,546	)		(164,232,218	)	2016
												(414,424,595	)	2017
											$	(578,656,813	)
Global Value Choice		8,009,193		49,250,763		—			—			(6,183,953	)	2011
												(7,949,386	)	2017
											$	(14,133,339	)
Asia-Pacific Real Estate		370,556		103,232		—			—			(1,331,831	)	2016
												(3,359,449	)	2017
												(203,130	)	2018
											$	(4,894,410	)

106

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 16 — FEDERAL INCOME TAXES (continued)

	Undistributed Ordinary Income		Unrealized Appreciation/ (Depreciation)			Post-October Capital Loss Deferred		Post-October Currency Loss Deferred		Capital Loss Carryforwards
Emerging Countries	$	—	$	36,965,247		$	—	$	—	$	(36,831,166	)	2016
											(41,200,730	)	2017
										$	(78,031,896	)
European Real Estate		156,327		159,763			—		—		(872,339	)	2016
											(848,533	)	2017
											(432,135	)	2018
										$	(2,153,007	)
Global Opportunities		2,205,502		19,134,222			—		—		(46,932,911	)	2016
											(80,200,325	)	2017
										$	(127,133,236	)
Greater China		456,008		7,976,988			—		—		(2,095,990	)	2017
Index Plus International Equity		1,932,073		12,290,637			—		—		(34,254,142	)	2016
											(46,742,747	)	2017
										$	(80,996,889	)
International Capital Appreciation		553,444		10,435,936			—		—		(242,281	)	2015
											(46,983,912	)	2016
											(14,842,759	)	2017
										$	(62,068,952	)*
International Real Estate		21,471,797		31,199,888			—		—		(26,312	)	2014
											(2,556,095	)	2015
											(67,952,089	)	2016
											(159,911,905	)	2017
											(43,046,092	)	2018
										$	(273,492,493	)
International SmallCap Multi-Manager		2,607,725		63,232,091			—		—		(121,772,726	)	2016
											(202,973,948	)	2017
										$	(324,746,674	)
International Value		23,183,084		(26,157,794	)		—		—		(810,539,013	)	2017
											(70,133,094	)	2018
										$	(880,672,107	)
International Value Choice		387,496		1,923,441			—		—		(14,545,893	)	2017
Russia		—		92,994,862			—		—		(70,982,152	)	2017
											(21,810,157	)	2018
										$	(92,792,309	)
Global Bond		10,615,176		25,053,569			—		—		—
Diversified International		—		1,941,887			—		—		(28,060,058	)	2016
											(93,445,922	)	2017
											(33,117,873	)	2018
										$	(154,623,853	)

⁽¹⁾

As of the Fund’s tax year ended December 31, 2009.

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

The Funds’ major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2005.

As of October 31, 2010, no provisions for income tax would be required in the Funds’ financial statements as a result of tax positions taken on federal income tax returns for open tax years. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

107

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 17 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS

As discussed in earlier supplements that were previously filed with the SEC, ING agreed with the Funds to indemnify and hold harmless the 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 U.S. Securities and Exchange Commission in connection with investigations related to mutual funds and variable insurance products. On December 17, 2008, ING settled its indemnification commitments by making payments to the affected Funds. In connection with the settlement, ING paid:

On August 28, 2006, the Securities and Exchange Commission (“Commission” or “SEC”) entered into a settlement of an administrative proceeding against Prudential Equity Group, LLC, formerly known as Prudential Securities, Inc. (“PSI” or “Respondent”). As part of the settlement, the Respondent has established the PSI Distribution Fund (“Fund”) for the benefit of shareholders who may have been affected by the market timing activity in certain mutual funds where such trading was found to have been facilitated by the Respondent, as described in the order. The Fund is comprised of disgorgement in the amount of $270 million which was paid by the Respondent. The dollar amount available for distribution to mutual funds and shareholders of affected mutual funds (“Distributable Amount”) includes the original $270 million plus interest earned by the Fund.

On February 4, 2010, the SEC issued an order approving the proposed plan of distribution. In connection with this settlement, the following funds received:

NOTE 18 — SUBSEQUENT EVENTS

Dividends: Subsequent to October 31, 2010, the following Funds paid dividends and distributions of:

	Net Investment Income	Short-Term Capital Gains	Payable Date	Record Date
Global Natural Resources
Class A	$0.0042	$—	December 17, 2010	December 15, 2010
Class I	$0.0112	$—	December 17, 2010	December 15, 2010
Class W	$0.0076	$—	December 17, 2010	December 15, 2010

Global Value Choice
Class A	$0.4695	$—	December 17, 2010	December 15, 2010
Class B	$0.2018	$—	December 17, 2010	December 15, 2010
Class C	$0.3513	$—	December 17, 2010	December 15, 2010
Class I	$0.5511	$—	December 17, 2010	December 15, 2010
Class W	$0.5370	$—	December 17, 2010	December 15, 2010

Global Opportunities
Class A	$0.3235	$—	December 17, 2010	December 15, 2010
Class B	$0.1900	$—	December 17, 2010	December 15, 2010
Class C	$0.1924	$—	December 17, 2010	December 15, 2010
Class I	$0.3930	$—	December 17, 2010	December 15, 2010
Class W	$0.3037	$—	December 17, 2010	December 15, 2010

Greater China
Class A	$0.1783	$—	December 17, 2010	December 15, 2010
Class B	$0.0742	$—	December 17, 2010	December 15, 2010
Class C	$0.0809	$—	December 17, 2010	December 15, 2010
Class I	$0.2346	$—	December 17, 2010	December 15, 2010
Class O	$0.1898	$—	December 17, 2010	December 15, 2010

108

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 18 — SUBSEQUENT EVENTS (continued)

	Net Investment Income	Short-Term Capital Gains	Payable Date	Record Date

Index Plus International Equity
Class A	$0.1124	$ —	December 17, 2010	December 15, 2010
Class B	$0.0316	$ —	December 17, 2010	December 15, 2010
Class C	$0.0424	$ —	December 17, 2010	December 15, 2010
Class I	$0.1421	$ —	December 17, 2010	December 15, 2010
Class O	$0.1119	$ —	December 17, 2010	December 15, 2010

International Capital Appreciation
Class A	$0.0283	$ —	December 17, 2010	December 15, 2010
Class B	$ —	$ —	December 17, 2010	December 15, 2010
Class C	$ —	$ —	December 17, 2010	December 15, 2010
Class I	$0.0758	$ —	December 17, 2010	December 15, 2010
Class W	$0.0593	$ —	December 17, 2010	December 15, 2010

International SmallCap Multi-Manager
Class A	$0.1407	$ —	December 17, 2010	December 15, 2010
Class B	$ —	$ —	December 17, 2010	December 15, 2010
Class C	$ —	$ —	December 17, 2010	December 15, 2010
Class I	$0.3147	$ —	December 17, 2010	December 15, 2010
Class O	$0.2032	$ —	December 17, 2010	December 15, 2010
Class W	$0.2504	$ —	December 17, 2010	December 15, 2010

International Value
Class A	$0.2264	$ —	December 17, 2010	December 15, 2010
Class B	$ —	$ —	December 17, 2010	December 15, 2010
Class C	$0.1590	$ —	December 17, 2010	December 15, 2010
Class I	$0.2632	$ —	December 17, 2010	December 15, 2010
Class W	$0.2618	$ —	December 17, 2010	December 15, 2010

International Value Choice
Class A	$0.0898	$ —	December 17, 2010	December 15, 2010
Class B	$ —	$ —	December 17, 2010	December 15, 2010
Class C	$0.0266	$ —	December 17, 2010	December 15, 2010
Class I	$0.1169	$ —	December 17, 2010	December 15, 2010
Class W	$0.1130	$ —	December 17, 2010	December 15, 2010

Global Bond
Class A	$0.0455	$ —	November 2, 2010	October 29, 2010
Class B	$0.0380	$ —	November 2, 2010	October 29, 2010
Class C	$0.0382	$ —	November 2, 2010	October 29, 2010
Class I	$0.0493	$ —	November 2, 2010	October 29, 2010
Class O	$0.0456	$ —	November 2, 2010	October 29, 2010
Class W	$0.0482	$ —	November 2, 2010	October 29, 2010
Class A	$0.0644	$ —	December 2, 2010	November 30, 2010
Class B	$0.0558	$ —	December 2, 2010	November 30, 2010
Class C	$0.0567	$ —	December 2, 2010	November 30, 2010
Class I	$0.0677	$ —	December 2, 2010	November 30, 2010
Class O	$0.0640	$ —	December 2, 2010	November 30, 2010
Class W	$0.0670	$ —	December 2, 2010	November 30, 2010
Class A	$ —	$0.1053	December 17, 2010	December 15, 2010
Class B	$ —	$0.1053	December 17, 2010	December 15, 2010
Class C	$ —	$0.1053	December 17, 2010	December 15, 2010
Class I	$ —	$0.1053	December 17, 2010	December 15, 2010
Class O	$ —	$0.1053	December 17, 2010	December 15, 2010
Class W	$ —	$0.1053	December 17, 2010	December 15, 2010

Effective November 1, 2010, ING Investments has agreed to waive 0.10% of the advisory fee for International Value Choice through March 1, 2012. Additionally, effective November 1, 2010, pursuant to a side agreement, ING Investments has lowered the expense limits for International Value Choice through March 1, 2012. The expense limits are 1.60%, 2.35%, 2.35%, 1.35% and 1.35% for Class A, B, C, I & W, respectively.

109

NOTES TO FINANCIAL STATEMENTS AS OF OCTOBER 31, 2010 (CONTINUED)

NOTE 18 — SUBSEQUENT EVENTS (continued)

On October 21, 2010, the Board of Trustees of ING Funds Trust approved a proposal to liquidate ING Institutional Prime Money Market Fund. It is expected that the liquidation will take place on or about December 20, 2010. As a result of this liquidation, the Funds will no longer invest end-of-day cash balances into ING Institutional Prime Money Market Fund.

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

110

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

ING GLOBAL EQUITY DIVIDEND FUND

Shares		Value

COMMON STOCK: 94.2%
	Australia: 4.6%
69,368	Australia & New Zealand Banking Group Ltd.	$	1,692,348	1.1
622,625	Telstra Corp. Ltd.		1,631,594	1.1
49,257	Wesfarmers Ltd.		1,602,655	1.1
	Other Securities		1,880,414	1.3
			6,807,011	4.6

	Barbados: 0.5%
	Other Securities		751,946	0.5

	Brazil: 0.8%
	Other Securities		1,165,487	0.8

	Canada: 1.7%
47,418	TransCanada Corp.		1,751,384	1.2
	Other Securities		749,910	0.5
			2,501,294	1.7

	China: 0.5%
	Other Securities		764,212	0.5

	Finland: 1.1%
144,503	Nokia OYJ		1,551,882	1.1

	France: 10.8%
22,312	BNP Paribas		1,632,032	1.1
56,968	Gaz de France Suez		2,276,280	1.6
28,261	Lafarge S.A.		1,616,126	1.1
31,863	Sanofi-Aventis		2,232,386	1.5
41,671	Total S.A.		2,268,328	1.5
32,000	Vinci S.A.		1,715,890	1.2
77,642	Vivendi		2,218,634	1.5
	Other Securities		1,868,409	1.3
			15,828,085	10.8

	Germany: 6.4%
13,215	Allianz AG		1,654,885	1.1
89,999	Deutsche Post AG		1,677,628	1.1
70,596	E.ON AG		2,209,687	1.5
10,809	Muenchener Rueckversicherungs AG		1,689,455	1.2
	Other Securities		2,181,192	1.5
			9,412,847	6.4

	Hong Kong: 1.1%
30,605	China Mobile Ltd. ADR		1,572,179	1.1

	Ireland: 0.5%
	Other Securities		738,394	0.5

	Italy: 2.5%
97,364	ENI S.p.A.		2,192,390	1.5
434,596	Intesa Sanpaolo S.p.A.		1,528,545	1.0
			3,720,935	2.5

	Japan: 10.3%
35,300	Canon, Inc.		1,624,975	1.1
349,700	Mitsubishi UFJ Financial Group, Inc.		1,622,959	1.1
1,131,000	Mizuho Financial Group, Inc.		1,640,311	1.1
8,600	Nintendo Co., Ltd.		2,220,664	1.5
933	NTT DoCoMo, Inc.		1,572,735	1.1
75,300	Shiseido Co., Ltd.		1,572,083	1.1
70,800	Sumitomo Mitsui Financial Group, Inc.		2,113,220	1.4
	Other Securities		2,801,328	1.9
			15,168,275	10.3

	Netherlands: 1.6%
72,052	Royal Dutch Shell PLC		2,337,172	1.6

	Singapore: 1.8%
671,000	Singapore Telecommunications Ltd.		1,607,719	1.1
	Other Securities		1,071,676	0.7
			2,679,395	1.8

	South Korea: 1.1%
25,872	KT&G Corp.		1,590,545	1.1

	Spain: 1.2%
	Other Securities		1,825,167	1.2

	Switzerland: 2.6%
35,818	Credit Suisse Group		1,482,815	1.0
11,134	Roche Holding AG — Genusschein		1,635,074	1.1
	Other Securities		774,729	0.5
			3,892,618	2.6

	Taiwan: 1.2%
159,556	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,740,756	1.2

	United Kingdom: 5.8%
79,655	GlaxoSmithKline PLC		1,555,474	1.0
151,169	HSBC Holdings PLC		1,573,321	1.1
186,354	Reed Elsevier PLC		1,598,802	1.1
89,533	Scottish & Southern Energy PLC		1,654,612	1.1
	Other Securities		2,202,482	1.5
			8,584,691	5.8

	United States: 38.1%
30,658	Abbott Laboratories		1,573,369	1.1
43,627	American Electric Power Co., Inc.		1,633,395	1.1
56,034	Arthur J. Gallagher & Co.		1,577,917	1.1
75,690	AT&T, Inc.		2,157,165	1.5

See Accompanying Notes to Financial Statements

111

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING GLOBAL EQUITY DIVIDEND FUND

Shares			Value

COMMON STOCK: (continued)
		United States: (continued)
45,569		Baxter International, Inc.	$	2,319,462		1.6
27,428		Chevron Corp.		2,265,827		1.5
27,164		Coca-Cola Co.		1,665,696		1.1
41,981		Exelon Corp.		1,713,664		1.2
33,348		ExxonMobil Corp.		2,216,642		1.5
81,986		Intel Corp.		1,645,459		1.1
25,626	L	Johnson & Johnson		1,631,607		1.1
24,109		Kimberly-Clark Corp.		1,527,064		1.0
49,840		Kraft Foods, Inc.		1,608,337		1.1
21,203	L	McDonald’s Corp.		1,648,957		1.1
42,645		Merck & Co., Inc.		1,547,161		1.1
124,857		Pfizer, Inc.		2,172,512		1.5
103,106	L	Pitney Bowes, Inc.		2,262,146		1.5
29,977		Travelers Cos., Inc.		1,654,730		1.1
		Other Securities		23,336,494		15.8
				56,157,604		38.1

		Total Common Stock
		(Cost $129,514,275)		138,790,495		94.2

REAL ESTATE INVESTMENT TRUSTS: 1.1%
		Australia: 0.5%
		Other Securities		762,470		0.5

		United Kingdom: 0.6%
		Other Securities		798,221		0.6

		Total Real Estate Investment Trusts
		(Cost $1,741,832)		1,560,691		1.1

		Total Long-Term Investments
		(Cost $131,256,107)		140,351,186		95.3

SHORT-TERM INVESTMENTS: 7.9%
		Securities Lending Collateral^cc: 7.9%
11,497,267		BNY Mellon Overnight Government Fund⁽¹⁾		11,497,267		7.8
123,900	R	BNY Institutional Cash Reserves Fund, Series B⁽¹⁾⁽²⁾		99,120		0.1

		Total Short-Term Investments
		(Cost $11,621,167)		11,596,387		7.9

		Total Investments in Securities
		(Cost $142,877,274)*	$	151,947,573		103.2
		Other Assets and Liabilities — Net		(4,668,850	)	(3.2	)
		Net Assets	$	147,278,723		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of October 31, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

ADR

American Depositary Receipt

Restricted security

Securities purchased with cash collateral for securities loaned.

(1)

Collateral received from brokers for securities lending was invested in these short-term investments.

(2)

On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

Loaned security, a portion or all of the security is on loan at October 31, 2010.

Cost for federal income tax purposes is $148,095,641.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	13,569,976
Gross Unrealized Depreciation		(9,718,044	)
Net Unrealized Appreciation	$	3,851,932

Industry
Consumer Discretionary	6.4	%
Consumer Staples	12.4
Energy	10.2
Financials	19.0
Health Care	12.1
Industrials	7.6
Information Technology	8.0
Materials	3.6
Telecommunication Services	7.4
Utilities	8.6
Short-Term Investments	7.9
Other Assets and Liabilities — Net	(3.2	)
Net Assets	100.0	%

See Accompanying Notes to Financial Statements

112

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING GLOBAL EQUITY DIVIDEND FUND

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2010 in valuing the Fund’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	6,807,011	$	—	$	6,807,011
Barbados		751,946		—		—		751,946
Brazil		1,165,487		—		—		1,165,487
Canada		2,501,294		—		—		2,501,294
China		764,212		—		—		764,212
Finland		—		1,551,882		—		1,551,882
France		—		15,828,085		—		15,828,085
Germany		—		9,412,847		—		9,412,847
Hong Kong		1,572,179		—		—		1,572,179
Ireland		—		738,394		—		738,394
Italy		—		3,720,935		—		3,720,935
Japan		—		15,168,275		—		15,168,275
Netherlands		—		2,337,172		—		2,337,172
Singapore		—		2,679,395		—		2,679,395
South Korea		—		1,590,545		—		1,590,545
Spain		—		1,825,167		—		1,825,167
Switzerland		—		3,892,618		—		3,892,618
Taiwan		1,740,756		—		—		1,740,756
United Kingdom		—		8,584,691		—		8,584,691
United States		56,157,604		—		—		56,157,604
Total Common Stock		64,653,478		74,137,017		—		138,790,495
Real Estate Investment Trusts		—		1,560,691		—		1,560,691
Short-Term Investments		11,497,267		—		99,120		11,596,387
Total Investments, at value	$	76,150,745	$	75,697,708	$	99,120	$	151,947,573

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended October 31, 2010:

	Beginning Balance 10/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 10/31/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	99,120	$	—	$	99,120
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	99,120	$	—	$	99,120

As of October 31, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

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

See Accompanying Notes to Financial Statements

113

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

ING GLOBAL NATURAL RESOURCES FUND

Shares			Value

COMMON STOCK: 97.6%
		Australia: 0.7%
203,080	@	Mount Gibson Iron Ltd.	$	403,472	0.4
		Other Securities		350,414	0.3
				753,886	0.7

		Bahamas: 0.8%
27,300		Teekay Shipping Corp.		868,140	0.8

		Brazil: 0.8%
23,600		Petroleo Brasileiro SA ADR		805,232	0.8

		Canada: 24.6%
28,800		Alamos Gold, Inc.		445,879	0.4
76,849		Barrick Gold Corp.		3,695,668	3.5
97,174		Canadian Natural Resources Ltd.		3,543,936	3.4
66,300		Centerra Gold, Inc.		1,322,880	1.3
18,700		Domtar Corp.		1,484,032	1.4
85,607		EnCana Corp.		2,415,830	2.3
36,300		Ensign Energy Services, Inc.		450,591	0.4
23,208		GoldCorp, Inc.		1,034,845	1.0
32,800	@	Harry Winston Diamond Corp.		419,045	0.4
187,600	@	Lundin Mining Corp.		1,188,250	1.1
102,817		Nexen, Inc.		2,188,974	2.1
80,832	@	Precision Drilling Corp.		630,490	0.6
150,465		Suncor Energy, Inc.		4,816,385	4.6
48,529		Teck Cominco Ltd. — Class B		2,171,187	2.1
				25,807,992	24.6

		China: 1.1%
1,215,334		China Petroleum & Chemical Corp.		1,156,346	1.1

		Japan: 0.6%
127		Inpex Holdings, Inc.		661,384	0.6

		Netherlands: 2.0%
31,273		Royal Dutch Shell PLC ADR — Class A		2,030,556	2.0

		Russia: 2.2%
20,723	@	Lukoil-Spon ADR		1,157,380	1.1
54,356		OAO Gazprom ADR		1,187,679	1.1
				2,345,059	2.2

		Thailand: 0.8%
437,400		Thai Oil PCL		775,159	0.8

		United Kingdom: 1.1%
18,060		Rio Tinto PLC ADR		1,176,067	1.1

		United States: 62.9%
40,929	@	Alpha Natural Resources, Inc.		1,848,763	1.8
13,700		Anadarko Petroleum Corp.		843,509	0.8
36,287		Apache Corp.		3,665,713	3.5
87,009		Arch Coal, Inc.		2,139,551	2.0
23,100	@	Bill Barrett Corp.		872,025	0.8
14,013	@	Cameron International Corp.		613,069	0.6
62,167		Chevron Corp.		5,135,616	4.9
9,300		Cliffs Natural Resources, Inc.		606,360	0.6
42,800	@	Coeur d’Alene Mines Corp.		882,108	0.8
122,916		ConocoPhillips		7,301,207	7.0
76,700	@	Denbury Resources, Inc.		1,305,434	1.2
42,687		Devon Energy Corp.		2,775,509	2.6
33,065		Ensco International PLC ADR		1,532,232	1.5
156,064		ExxonMobil Corp.		10,373,574	9.9
37,028		Halliburton Co.		1,179,712	1.1
42,200		Hess Corp.		2,659,866	2.5
75,170		International Paper Co.		1,900,298	1.8
12,000		Kaiser Aluminum Corp.		539,880	0.5
31,500		Murphy Oil Corp.		2,052,540	2.0
68,378		National Oilwell Varco, Inc.		3,676,001	3.5
32,400		Newmont Mining Corp.		1,972,188	1.9
61,000	@	PetroHawk Energy Corp.		1,037,610	1.0
118,860		Schlumberger Ltd.		8,307,125	7.9
12,958	@	Transocean Ltd.		821,019	0.8
19,944		United States Steel Corp.		853,404	0.8
		Other Securities		1,116,927	1.1
				66,011,240	62.9

		Total Common Stock
		(Cost $86,648,220)		102,391,061	97.6

SHORT-TERM INVESTMENTS: 2.3%
		Affiliated Mutual Fund: 2.3%
2,396,000		ING Institutional Prime Money Market Fund —Class I		2,396,000	2.3

		Total Short-Term Investments
		(Cost $2,396,000)		2,396,000	2.3

		Total Investments in Securities
		(Cost $89,044,220)*	$	104,787,061	99.9
		Other Assets and Liabilities — Net		144,822	0.1
		Net Assets	$	104,931,883	100.0

See Accompanying Notes to Financial Statements

114

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING GLOBAL NATURAL RESOURCES FUND

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Non-income producing security

ADR

American Depositary Receipt

Cost for federal income tax purposes is $93,142,982.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	17,896,438
Gross Unrealized Depreciation		(6,252,359	)
Net Unrealized Appreciation	$	11,644,079

Industry
Energy	78.3	%
Materials	19.3
Short-Term Investments	2.3
Other Assets and Liabilities — Net	0.1
Net Assets	100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2010 in valuing the Fund’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	753,886	$	—	$	753,886
Bahamas		868,140		—		—		868,140
Brazil		805,232		—		—		805,232
Canada		25,807,992		—		—		25,807,992
China		—		1,156,346		—		1,156,346
Japan		—		661,384		—		661,384
Netherlands		2,030,556		—		—		2,030,556
Russia		2,345,059		—		—		2,345,059
Thailand		—		775,159		—		775,159
United Kingdom		1,176,067		—		—		1,176,067
United States		66,011,240		—		—		66,011,240
Total Common Stock		99,044,286		3,346,775		—		102,391,061
Short-Term Investments		2,396,000		—		—		2,396,000
Total Investments, at value	$	101,440,286	$	3,346,775	$	—	$	104,787,061

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

115

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

ING GLOBAL REAL ESTATE FUND

Shares			Value

COMMON STOCK: 30.8%
		Australia: 0.5%
		Other Securities	$	13,708,430	0.5

		Canada: 0.8%
1,358,900		Brookfield Properties Co.		23,631,271	0.8

		France: 0.0%
		Other Securities		246,883	0.0

		Hong Kong: 12.9%
6,193,763		Cheung Kong Holdings Ltd.		94,604,587	3.3
3,410,600		Hang Lung Group Ltd.		22,679,771	0.8
4,573,300		Hang Lung Properties Ltd.		22,433,644	0.8
6,771,900		Hongkong Land Holdings Ltd.		46,751,830	1.6
9,035,800		Sun Hung Kai Properties Ltd.		155,435,226	5.3
		Other Securities		32,213,169	1.1
				374,118,227	12.9

		Japan: 8.6%
2,279,400		Daiwa House Industry Co., Ltd.		24,563,677	0.8
6,249,430		Mitsubishi Estate Co., Ltd.		109,480,262	3.8
2,416,688		Mitsui Fudosan Co., Ltd.		45,700,217	1.6
2,593,100		Sumitomo Realty & Development Co., Ltd.		56,487,248	2.0
		Other Securities		12,819,763	0.4
				249,051,167	8.6

		Norway: 0.4%
		Other Securities		12,519,700	0.4

		Singapore: 4.5%
23,588,350		CapitaLand Ltd.		71,153,858	2.5
2,453,000		City Developments Ltd.		24,205,013	0.8
18,869,600	@	Global Logistic Properties Ltd.		33,823,281	1.2
				129,182,152	4.5

		Sweden: 0.9%
		Other Securities		26,498,816	0.9

		Switzerland: 0.8%
		Other Securities		22,005,737	0.8

		United Kingdom: 0.5%
		Other Securities		15,592,179	0.5

		United States: 0.9%
505,400		Starwood Hotels & Resorts Worldwide, Inc.		27,362,356	0.9

		Total Common Stock
		(Cost $707,638,150)		893,916,918	30.8

REAL ESTATE INVESTMENT TRUSTS: 67.4%
		Australia: 10.5%
42,641,916		Dexus Property Group		34,729,177	1.2
54,513,527		Goodman Group		33,719,218	1.2
12,728,420		GPT Group		34,865,532	1.2
43,531,400	**	ING Office Fund		26,309,446	0.9
9,674,460		Stockland		35,826,282	1.2
9,422,732		Westfield Group		114,602,584	4.0
		Other Securities		23,546,697	0.8
				303,598,936	10.5

		Canada: 2.0%
1,275,900		RioCan Real Estate Investment Trust		28,835,665	1.0
		Other Securities		27,426,349	1.0
				56,262,014	2.0

		France: 5.5%
617,226		Unibail		128,782,722	4.5
		Other Securities		29,296,044	1.0
				158,078,766	5.5

		Hong Kong: 0.8%
		Other Securities		22,044,900	0.8

		Japan: 3.3%
2,685		Japan Real Estate Investment Corp.		25,848,253	0.9
		Other Securities		70,413,150	2.4
				96,261,403	3.3

		Netherlands: 0.8%
		Other Securities		23,234,686	0.8

		Singapore: 2.0%
22,991,000		CapitaCommercial Trust		26,578,630	0.9
16,446,391		CapitaMall Trust		25,263,629	0.9
		Other Securities		7,315,200	0.2
				59,157,459	2.0

		United Kingdom: 4.9%
2,814,877		British Land Co. PLC		22,981,842	0.8
1,063,080		Derwent Valley Holdings PLC		25,902,174	0.9
5,390,867		Land Securities Group PLC		58,457,365	2.0
		Other Securities		35,592,215	1.2
				142,933,596	4.9

		United States: 37.6%
434,300		Alexandria Real Estate Equities, Inc.		31,912,364	1.1
1,414,900		Apartment Investment & Management Co.		32,981,319	1.1
418,608		AvalonBay Communities, Inc.		44,502,216	1.5
731,400		Boston Properties, Inc.		63,039,366	2.2
655,900		BRE Properties, Inc.		28,157,787	1.0
2,107,800		Developers Diversified Realty Corp.		27,190,620	0.9

See Accompanying Notes to Financial Statements

116

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING GLOBAL REAL ESTATE FUND

Shares			Value

REAL ESTATE INVESTMENT TRUSTS: (continued)
		United States: (continued)
1,642,500		Equity Residential	$	79,874,773		2.8
386,900		Federal Realty Investment Trust		31,718,062		1.1
677,300		Highwoods Properties, Inc.		22,438,949		0.8
2,970,535		Host Hotels & Resorts, Inc.		47,201,801		1.6
1,126,575		Liberty Property Trust		37,695,200		1.3
1,723,641		Macerich Co.		76,891,625		2.7
945,300		Nationwide Health Properties, Inc.		38,596,599		1.3
2,830,850		Prologis		38,641,103		1.3
419,224		Public Storage, Inc.		41,595,405		1.4
1,027,130		Regency Centers Corp.		43,324,343		1.5
1,155,950		Simon Property Group, Inc.		110,994,319		3.8
526,030		SL Green Realty Corp.		34,570,692		1.2
1,507,955		UDR, Inc.		33,898,828		1.2
905,400		Ventas, Inc.		48,493,224		1.7
1,060,802		Vornado Realty Trust		92,703,487		3.2
		Other Securities		83,832,107		2.9
				1,090,254,189		37.6

		Total Real Estate Investment Trusts
		(Cost $1,509,767,036)		1,951,825,949		67.4

		Total Long-Term Investments
		(Cost $2,217,405,186)		2,845,742,867		98.2

SHORT-TERM INVESTMENTS: 2.9%
		Affiliated Mutual Fund: 2.2%
65,007,799		ING Institutional Prime Money Market Fund — Class I		65,007,799		2.2

		Total Mutual Fund
		(Cost $65,007,799)		65,007,799		2.2

		Securities Lending Collateral^cc: 0.7%
17,020,110		BNY Mellon Overnight Government Fund⁽¹⁾		17,020,110		0.6
2,745,317	R	BNY Institutional Cash Reserves Fund, Series B⁽¹⁾⁽²⁾		2,196,253		0.1

		Total Securities Lending Collateral
		(Cost $19,765,427)		19,216,363		0.7

		Total Short-Term Investments
		(Cost $84,773,226)		84,224,162		2.9

		Total Investments in Securities
		(Cost $2,302,178,412)*	$	2,929,967,029		101.1
		Other Assets and Liabilities — Net		(33,184,436	)	(1.1	)
		Net Assets	$	2,896,782,593		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Non-income producing security

Securities purchased with cash collateral for securities loaned.

Restricted security

(1)

Collateral received from brokers for securities lending was invested in these short-term investments.

(2)

Investment in affiliate

Cost for federal income tax purposes is $2,578,353,178.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	527,976,940
Gross Unrealized Depreciation		(176,363,089	)
Net Unrealized Appreciation	$	351,613,851

Industry
Affiliated Investment Companies	0.9	%
Consumer Discretionary	0.9
Financials	96.4
Short-Term Investments	2.9
Other Assets and Liabilities — Net	(1.1	)
Net Assets	100.0	%

See Accompanying Notes to Financial Statements

117

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING GLOBAL REAL ESTATE FUND

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2010 in valuing the Fund’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	13,708,430	$	—	$	13,708,430
Canada		23,631,271		—		—		23,631,271
France		—		246,883		—		246,883
Hong Kong		—		374,118,227		—		374,118,227
Japan		—		249,051,167		—		249,051,167
Norway		—		12,519,700		—		12,519,700
Singapore		33,823,281		95,358,871		—		129,182,152
Sweden		—		26,498,816		—		26,498,816
Switzerland		—		22,005,737		—		22,005,737
United Kingdom		—		15,592,179		—		15,592,179
United States		27,362,356		—		—		27,362,356
Total Common Stock		84,816,908		809,100,010		—		893,916,918
Real Estate Investment Trusts		1,146,516,203		805,309,746		—		1,951,825,949
Short-Term Investments		82,027,909		—		2,196,253		84,224,162
Total Investments, at value	$	1,313,361,020	$	1,614,409,756	$	2,196,253	$	2,929,967,029

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended October 31, 2010:

	Beginning Balance 10/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 10/31/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	2,196,253	$	—	$	2,196,253
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	2,196,253	$	—	$	2,196,253

As of October 31, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

118

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

ING GLOBAL VALUE CHOICE FUND

Shares			Value

COMMON STOCK: 87.0%
		Australia: 3.2%
373,139		Newcrest Mining Ltd.	$	14,684,416	3.0
		Other Securities		1,326,299	0.2
				16,010,715	3.2

		Brazil: 2.5%
528,000		Centrais Eletricas Brasileiras SA ADR — Class B		8,632,800	1.7
		Other Securities		3,863,752	0.8
				12,496,552	2.5

		Cambodia: 0.5%
		Other Securities		2,315,765	0.5

		Canada: 12.1%
395,000		Barrick Gold Corp.		18,995,550	3.8
479,500		Cameco Corp.		14,845,320	3.0
712,000	@, L	Gabriel Resources Ltd.		4,405,059	0.9
277,000		Suncor Energy, Inc.		8,866,770	1.8
728,552	@	Uranium Participation Corp.		5,200,371	1.0
		Other Securities		7,736,893	1.6
				60,049,963	12.1

		China: 0.2%
		Other Securities		1,142,515	0.2

		Egypt: 0.4%
		Other Securities		1,792,083	0.4

		Finland: 0.9%
		Other Securities		4,565,042	0.9

		France: 4.9%
7,250	L	Areva SA		3,322,048	0.7
194,600		Electricite de France SA		8,927,651	1.8
294,600		Thales S.A.		12,021,325	2.4
				24,271,024	4.9

		Germany: 0.8%
290,000		Deutsche Telekom AG ADR		4,178,900	0.8

		Hong Kong: 1.2%
790,000		Bank of East Asia Ltd.		3,387,036	0.7
		Other Securities		2,496,026	0.5
				5,883,062	1.2

		Indonesia: 0.8%
		Other Securities		4,108,911	0.8

		Italy: 2.9%
716,600		ERG S.p.A.		9,898,391	2.0
3,470,000		Telecom Italia S.p.A. RNC		4,257,665	0.9
				14,156,056	2.9

		Japan: 18.5%
2,065,000		Daiwa Securities Group, Inc.		8,419,465	1.7
178,000		Kao Corp.		4,524,219	0.9
343,000		Kirin Brewery Co., Ltd.		4,700,367	1.0
371,900		Mitsui & Co., Ltd.		5,849,024	1.2
181,600		Mitsui Sumitomo Insurance Group Holdings, Inc.		4,350,573	0.9
470,000		Nippon Telegraph & Telephone Corp.		21,197,193	4.4
29,575		Nippon Telegraph & Telephone Corp. ADR		666,621
92,300		Shin-Etsu Chemical Co., Ltd.		4,667,243	0.9
2,332,000		Sumitomo Osaka Cement Co., Ltd.		4,519,351	0.9
1,767,000		Sumitomo Trust & Banking Co., Ltd.		9,647,473	2.0
511,000		Toppan Printing Co., Ltd.		4,104,813	0.8
2,405		TV Asahi Corp.		3,389,558	0.7
		Other Securities		15,160,908	3.1
				91,196,808	18.5

		Norway: 1.5%
331,000	L	Statoil ASA ADR		7,225,730	1.5

		Russia: 3.0%
681,700	@, L	Federal Hydrogenerating Co. JSC ADR		3,523,075	0.7
450,000		OAO Gazprom ADR		9,832,500	2.0
		Other Securities		1,275,713	0.3
				14,631,288	3.0

		South Africa: 3.1%
93,700		Anglogold Ashanti Ltd. ADR		4,414,207	0.9
575,000		Gold Fields Ltd.		9,027,619	1.8
		Other Securities		1,821,556	0.4
				15,263,382	3.1

		South Korea: 2.1%
476,500	@	Korea Electric Power Corp. ADR		6,294,565	1.3
		Other Securities		4,245,427	0.8
				10,539,992	2.1

		Thailand: 0.3%
		Other Securities		1,584,534	0.3

		Turkey: 0.6%
		Other Securities		3,018,516	0.6

		United Kingdom: 1.2%
325,200		Stolt-Nielsen SA		5,818,891	1.2

See Accompanying Notes to Financial Statements

119

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING GLOBAL VALUE CHOICE FUND

Shares			Value

COMMON STOCK: (continued)
		United States: 26.3%
263,000		Aetna, Inc.	$	7,853,180		1.6
139,200	@	AGCO Corp.		5,911,824		1.2
350,000		Alcoa, Inc.		4,595,500		0.9
174,800		Chesapeake Energy Corp.		3,793,160		0.8
108,800		ConocoPhillips		6,462,720		1.3
120,000		Eli Lilly & Co.		4,224,000		0.9
107,300	@	Forest Laboratories, Inc.		3,546,265		0.7
290,000		Kroger Co.		6,380,000		1.3
135,700		Lockheed Martin Corp.		9,674,053		2.0
300,000		Newmont Mining Corp.		18,261,000		3.7
127,000		Peabody Energy Corp.		6,718,300		1.4
481,000		Pfizer, Inc.		8,369,400		1.7
91,503		Range Resources Corp.		3,421,297		0.7
221,600	@	Smithfield Foods, Inc.		3,711,800		0.7
1,055,000		Tesoro Corp.		13,672,797		2.8
460,000		Tyson Foods, Inc.		7,153,000		1.4
156,200		Wal-Mart Stores, Inc.		8,461,354		1.7
		Other Securities		7,671,942		1.5
				129,881,592		26.3

		Total Common Stock
		(Cost $375,416,572)		430,131,321		87.0

PREFERRED STOCK: 0.5%
		Brazil: 0.5%
		Other Securities		2,472,622		0.5

		Total Preferred Stock
		(Cost $1,382,868)		2,472,622		0.5

		Total Long-Term Investments
		(Cost $376,799,440)		432,603,943		87.5

SHORT-TERM INVESTMENTS: 15.1%
		Affiliated Mutual Fund: 13.2%
65,272,197		ING Institutional Prime Money Market Fund — Class I		65,272,197		13.2

		Total Mutual Fund
		(Cost $65,272,197)		65,272,197		13.2

		Securities Lending Collateral^cc: 1.9%
8,918,482		BNY Mellon Overnight Government Fund⁽¹⁾		8,918,482		1.8
287,772	R	BNY Institutional Cash Reserves Fund, Series B⁽¹⁾⁽²⁾		230,218		0.1
		Total Securities Lending Collateral
		(Cost $9,206,254)		9,148,700		1.9
		Total Short-Term Investments
		(Cost $74,478,451)		74,420,897		15.1

		Total Investments in Securities
		(Cost $451,277,891)*	$	507,024,840		102.6
		Other Assets and Liabilities — Net		(12,698,218	)	(2.6	)
		Net Assets	$	494,326,622		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Non-income producing security

ADR

American Depositary Receipt

Securities purchased with cash collateral for securities loaned.

Restricted security

(1)

Collateral received from brokers for securities lending was invested in these short-term investments.

(2)

Loaned security, a portion or all of the security is on loan at October 31, 2010.

Cost for federal income tax purposes is $457,813,774.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	55,215,115
Gross Unrealized Depreciation		(6,004,049	)
Net Unrealized Appreciation	$	49,211,066

Industry
Consumer Discretionary	2.9	%
Consumer Staples	7.9
Energy	18.1
Financials	7.4
Health Care	4.9
Industrials	10.9
Information Technology	2.0
Materials	19.0
Telecommunication Services	8.5
Utilities	5.9
Short-Term Investments	15.1
Other Assets and Liabilities — Net	(2.6	)
Net Assets	100.0	%

See Accompanying Notes to Financial Statements

120

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING GLOBAL VALUE CHOICE FUND

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2010 in valuing the Fund’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	16,010,715	$	—	$	16,010,715
Brazil		12,496,552		—		—		12,496,552
Cambodia		—		2,315,765		—		2,315,765
Canada		60,049,963		—		—		60,049,963
China		—		1,142,515		—		1,142,515
Egypt		—		1,792,083		—		1,792,083
Finland		2,288,724		2,276,318		—		4,565,042
France		—		24,271,024		—		24,271,024
Germany		4,178,900		—		—		4,178,900
Hong Kong		—		5,883,062		—		5,883,062
Indonesia		1,910,447		2,198,464		—		4,108,911
Italy		—		14,156,056		—		14,156,056
Japan		666,621		90,530,187		—		91,196,808
Norway		7,225,730		—		—		7,225,730
Russia		11,108,213		3,523,075		—		14,631,288
South Africa		6,235,763		9,027,619		—		15,263,382
South Korea		10,539,992		—		—		10,539,992
Thailand		—		1,584,534		—		1,584,534
Turkey		3,018,516		—		—		3,018,516
United Kingdom		—		5,818,891		—		5,818,891
United States		129,881,592		—		—		129,881,592
Total Common Stock		249,601,013		180,530,308		—		430,131,321
Preferred Stock		2,472,622		—		—		2,472,622
Short-Term Investments		74,190,679		—		230,218		74,420,897
Total Investments, at value	$	326,264,314	$	180,530,308	$	230,218	$	507,024,840

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended October 31, 2010:

	Beginning Balance 10/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 10/31/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	230,218	$	—	$	230,218
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	230,218	$	—	$	230,218

As of October 31, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

121

PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

ING ASIA-PACIFIC REAL ESTATE FUND

Shares			Value

COMMON STOCK: 57.1%
		Hong Kong: 28.5%
29,002		Cheung Kong Holdings Ltd.	$	442,986	7.2
15,400		Great Eagle Holding Co.		46,147	0.8
45,500		Hang Lung Properties Ltd.		223,193	3.6
33,600		Hongkong Land Holdings Ltd.		231,968	3.8
18,000		Hysan Development Co., Ltd.		69,713	1.1
5,000		Kerry Properties Ltd.		27,777	0.5
29,700		Sino Land Co.		62,268	1.0
33,000		Sun Hung Kai Properties Ltd.		567,670	9.2
12,200		Wharf Holdings Ltd.		80,328	1.3
				1,752,050	28.5

		Japan: 20.8%
2,600		Aeon Mall Co., Ltd.		60,955	1.0
1,800		Daito Trust Construction Co., Ltd.		108,847	1.8
28,700		Mitsubishi Estate Co., Ltd.		502,779	8.2
19,900		Mitsui Fudosan Co., Ltd.		376,314	6.1
9,000		Sumitomo Realty & Development Co., Ltd.		196,053	3.2
8,000		Tokyo Tatemono Co., Ltd.		32,235	0.5
				1,277,183	20.8

		Singapore: 7.8%
60,750		CapitaLand Ltd.		183,251	3.0
10,100		City Developments Ltd.		99,662	1.6
63,600	@	Global Logistic Properties Ltd.		114,001	1.9
23,000		Keppel Land Ltd.		79,074	1.3
				475,988	7.8
		Total Common Stock
		(Cost $2,784,498)		3,505,221	57.1

REAL ESTATE INVESTMENT TRUSTS: 41.8%
		Australia: 23.7%
25,100		CFS Retail Property Trust		45,700	0.7
18,700		Charter Hall Retail REIT		56,033	0.9
117,600		Dexus Property Group		95,778	1.6
72,600		FKP Property Group		66,818	1.1
194,073		Goodman Group		120,043	1.9
49,998		GPT Group		136,954	2.2
116,800	**	ING Industrial Fund		60,246	1.0
103,100	**	ING Office Fund		62,311	1.0
47,100		Mirvac Group		59,932	1.0
57,984		Stockland		214,725	3.5
44,261		Westfield Group		538,318	8.8
				1,456,858	23.7

		Hong Kong: 2.4%
48,800		Link Real Estate Investment Trust		150,618	2.4

		Japan: 8.4%
5		Frontier Real Estate Investment Corp.		40,146	0.7
2		Japan Logistics Fund, Inc.		16,494	0.3
9		Japan Real Estate Investment Corp.		86,642	1.4
42		Japan Retail Fund Investment Corp.		65,415	1.1
8		Kenedix Realty Investment Corp.		31,826	0.5
5		Mori Trust Sogo REIT, Inc.		45,429	0.7
4		Nippon Accommodations Fund, Inc.		23,817	0.4
14		Nippon Building Fund, Inc.		137,180	2.2
10		United Urban Investment Corp.		68,648	1.1
				515,597	8.4

		Singapore: 7.3%
141,600		CapitaCommercial Trust		163,696	2.7
81,700		CapitaMall Trust		125,501	2.1
49,600		CDL Hospitality Trusts		82,257	1.3
72,000		Fortune Real Estate Investment Trust		36,735	0.6
31,400		Suntec Real Estate Investment Trust		37,872	0.6
				446,061	7.3

		Total Real Estate Investment Trusts
		(Cost $2,103,651)		2,569,134	41.8

		Total Long-Term Investments
		(Cost $4,888,150)		6,074,355	98.9

SHORT-TERM INVESTMENTS: 0.7%
		Affiliated Mutual Fund: 0.7%
43,928		ING Institutional Prime Money Market Fund — Class I		43,928	0.7

		Total Short-Term Investments
		(Cost $43,928)		43,928	0.7

		Total Investments in Securities
		(Cost $4,932,078)*	$	6,118,283	99.6
		Other Assets and Liabilities — Net		24,542	0.4
		Net Assets	$	6,142,825	100.0

See Accompanying Notes to Financial Statements

122

PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING ASIA-PACIFIC REAL ESTATE FUND

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Non-income producing security

Investment in affiliate

Cost for federal income tax purposes is $6,015,483.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	663,827
Gross Unrealized Depreciation		(561,027	)
Net Unrealized Appreciation	$	102,800

Industry
Affiliated Investment Companies	2.0	%
Financials	96.9
Short-Term Investments	0.7
Other Assets and Liabilities — Net	0.4
Net Assets	100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2010 in valuing the Fund’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Asset Table
Investments, at value
Common Stock
Hong Kong	$	—	$	1,752,051	$	—	$	1,752,050
Japan		—		1,277,183		—		1,277,183
Singapore		114,001		361,987		—		475,988
Total Common Stock		114,001		3,391,221		—		3,505,221
Real Estate Investment Trusts		—		2,569,134		—		2,569,134
Short-Term Investments		43,928		—		—		43,928
Total Investments, at value	$	157,929	$	5,960,354	$	—	$	6,118,283

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

123

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

ING EMERGING COUNTRIES FUND

Shares			Value

COMMON STOCK: 82.6%
		Australia: 0.9%
272,558		Aquarius Platinum Ltd.	$	1,576,613	0.9

		Bermuda: 0.4%
		Other Securities		816,961	0.4

		Brazil: 14.5%
147,280		Banco do Brasil S.A.		2,851,531	1.5
172,434		BR Malls Participacoes S.A.		1,619,579	0.9
18,849		Cia de Bebidas das Americas ADR		2,624,535	1.4
102,314		Cia Vale do Rio Doce		3,222,322	1.7
102,273		Itau Unibanco Holding SA ADR		2,511,825	1.4
84,378		Localiza Rent a Car S.A.		1,396,954	0.7
192,324	@	OGX Petroleo e Gas Participacoes S.A.		2,514,475	1.4
202,395		Petroleo Brasileiro S.A.		3,391,304	3.6
102,495		Petroleo Brasileiro SA ADR		3,196,819
38,134		Vale S.A. ADR		1,225,627	0.7
		Other Securities		2,138,823	1.2
				26,693,794	14.5

		Canada: 1.0%
58,314	@	Pacific Rubiales Energy Corp.		1,858,798	1.0

		China: 11.0%
2,737,000		China Citic Bank		1,995,601	1.1
405,000		China Yurun Food Group Ltd.		1,580,615	0.8
335,200		Dongfang Electrical Machinery Co., Ltd.		1,631,242	0.9
3,745,000		Industrial and Commercial Bank of China Ltd.		3,025,561	1.6
		Other Securities		12,113,895	6.6
				20,346,914	11.0

		Czech Republic: 0.9%
7,344		Komercni Banka A/S		1,667,137	0.9

		Egypt: 1.1%
278,053		Commercial International Bank		2,079,578	1.1

		Hong Kong: 6.1%
297,000		China Mobile Ltd.		3,033,057	1.6
1,597,000		CNOOC Ltd.		3,334,086	1.8
		Other Securities		4,882,037	2.7
				11,249,180	6.1

		India: 7.2%
68,027		Bank of Baroda		1,555,899	0.8
91,145		Housing Development Finance Corp.		1,412,543	0.8
46,754		ICICI Bank Ltd.		1,230,989	0.7
39,619		Infosys Technologies Ltd.		2,656,855	1.4
49,569		Larsen & Toubro Ltd.		2,265,820	1.2
		Other Securities		4,227,003	2.3
				13,349,109	7.2

		Indonesia: 2.5%
1,355,000		Telekomunikasi Indonesia Tbk PT		1,375,571	0.8
		Other Securities		3,221,171	1.7
				4,596,742	2.5

		Kazakhstan: 0.4%
		Other Securities		809,950	0.4

		Luxembourg: 0.8%
		Other Securities		1,497,972	0.8

		Malaysia: 0.4%
		Other Securities		714,044	0.4

		Mexico: 3.9%
61,143		America Movil SA de CV — Series L ADR		3,501,048	1.9
		Other Securities		3,750,627	2.0
				7,251,675	3.9

		Netherlands: 0.5%
		Other Securities		950,238	0.5

		Peru: 0.2%
		Other Securities		275,563	0.2

		Poland: 1.1%
14,835		Powszechny Zaklad Ubezpieczen SA		1,967,299	1.1

		Russia: 5.3%
62,740		Mechel OAO ADR		1,477,527	0.8
64,272		Mobile Telesystems Finance SA ADR		1,391,489	0.8
13,532		Novatek OAO GDR		1,293,546	0.7
211,220	@	OAO Rosneft Oil Co. GDR		1,469,697	0.8
894,533		Sberbank of Russian Federation		2,964,482	1.6
		Other Securities		1,198,597	0.6
				9,795,338	5.3

		South Africa: 4.4%
119,687		Imperial Holdings Ltd.		1,956,303	1.0
79,600		MTN Group Ltd.		1,432,001	0.8
48,497		Naspers Ltd.		2,543,780	1.4
		Other Securities		2,263,223	1.2
				8,195,307	4.4

See Accompanying Notes to Financial Statements

124

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING EMERGING COUNTRIES FUND

Shares			Value

COMMON STOCK: (continued)
		South Korea: 8.6%
53,473		KB Financial Group, Inc.	$	2,380,891	1.3
48,520		Kia Motors Corp.		1,941,357	1.1
6,471		Posco		2,670,763	1.4
6,918		Samsung Electronics Co., Ltd.		4,589,581	2.5
10,549		Samsung Engineering Co., Ltd.		1,685,865	0.9
		Other Securities		2,577,284	1.4
				15,845,741	8.6

		Taiwan: 7.4%
663,703		Acer, Inc.		1,932,776	1.0
1,029,840		Far Eastern Textile Co., Ltd.		1,481,200	0.8
1,062,776		HON HAI Precision Industry Co., Ltd.		4,019,451	2.2
1,207,610		Taiwan Semiconductor Manufacturing Co., Ltd.		2,484,431	1.3
		Other Securities		3,829,175	2.1
				13,747,033	7.4

		Thailand: 1.7%
234,000		PTT Exploration & Production PCL		1,338,525	0.7
536,100		Siam Commercial Bank PCL		1,832,897	1.0
				3,171,422	1.7

		Turkey: 1.6%
191,983		Turkcell Iletisim Hizmet AS		1,373,844	0.7
		Other Securities		1,563,510	0.9
				2,937,354	1.6

		United Kingdom: 0.7%
		Other Securities		1,197,298	0.7

		Total Common Stock
		(Cost $111,954,284)		152,591,060	82.6

EXCHANGE-TRADED FUNDS: 9.7%
		Emerging Markets: 3.1%
125,566		iShares MSCI Emerging Markets Index Fund		5,792,360	3.1

		Hong Kong: 1.9%
2,005,400		iShares FTSE/Xinhua A50 CHINA Index ETF		3,544,458	1.9

		South Korea: 3.8%
128,899		iShares MSCI South Korea Index Fund		7,010,817	3.8

		United States: 0.9%
113,078	L	iShares MSCI Malaysia Index Fund		1,591,007	0.9

		Total Exchange-Traded Funds
		(Cost $16,957,094)		17,938,642	9.7

PREFERRED STOCK: 1.6%
		Brazil: 1.6%
28,000	@, #	Itau Unibanco Holding SA ADR	$	683,409	0.4
		Other Securities		2,308,118	1.2

		Total Preferred Stock
		(Cost $2,886,301)		2,991,527	1.6

		Total Long-Term Investments
		(Cost $131,797,679)		173,521,229	93.9

SHORT-TERM INVESTMENTS: 1.3%
		Securities Lending Collateral^cc: 1.3%
2,144,183		BNY Mellon Overnight Government Fund⁽¹⁾		2,144,183	1.2
161,615	R	BNY Institutional Cash Reserves Fund, Series B⁽¹⁾⁽²⁾		129,292	0.1

		Total Short-Term Investments
		(Cost $2,305,798)		2,273,475	1.3

		Total Investments in Securities
		(Cost $134,103,477)*	$	175,794,704	95.2
		Other Assets and Liabilities — Net		8,946,858	4.8
		Net Assets	$	184,741,562	100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Non-income producing security

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

Restricted 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.

Securities purchased with cash collateral for securities loaned.

(1)

Collateral received from brokers for securities lending was invested in these short-term investments.

(2)

Loaned security, a portion or all of the security is on loan at October 31, 2010.

See Accompanying Notes to Financial Statements

125

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING EMERGING COUNTRIES FUND

Cost for federal income tax purposes is $138,839,123.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	43,822,402
Gross Unrealized Depreciation		(6,866,821	)
Net Unrealized Appreciation	$	36,955,581

Industry
Consumer Discretionary	6.4	%
Consumer Staples	4.5
Energy	11.7
Financials	23.5
Industrials	5.8
Information Technology	10.1
Materials	13.0
Telecommunication Services	7.5
Utilities	1.7
Other Long-Term Investments	9.7
Short-Term Investments	1.3
Other Assets and Liabilities — Net	4.8
Net Assets	100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2010 in valuing the Fund’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	1,576,613	$	—	$	1,576,613
Bermuda		816,961		—		—		816,961
Brazil		24,181,969		2,511,825		—		26,693,794
Canada		1,858,798		—		—		1,858,798
China		—		20,346,914		—		20,346,914
Czech Republic		—		1,667,137		—		1,667,137
Egypt		—		2,079,578		—		2,079,578
Hong Kong		943,262		10,305,918		—		11,249,180
India		—		13,349,109		—		13,349,109
Indonesia		—		4,596,742		—		4,596,742
Kazakhstan		—		809,950		—		809,950
Luxembourg		709,185		788,787		—		1,497,972
Malaysia		—		714,044		—		714,044
Mexico		7,251,675		—		—		7,251,675
Netherlands		—		950,238		—		950,238
Peru		275,563		—		—		275,563
Poland		—		1,967,299		—		1,967,299
Russia		7,032,095		2,763,243		—		9,795,338
South Africa		—		8,195,307		—		8,195,307
South Korea		—		15,845,741		—		15,845,741
Taiwan		—		13,747,033		—		13,747,033
Thailand		—		3,171,422		—		3,171,422
Turkey		—		2,937,354		—		2,937,354
United Kingdom		—		1,197,298		—		1,197,298
Total Common Stock		43,069,508		109,521,552		—		152,591,060
Exchange-Traded Funds		17,938,642		—		—		17,938,642
Preferred Stock		2,308,118		—		683,409		2,991,527
Short-Term Investments		2,144,183		—		129,292		2,273,475
Total Investments, at value	$	65,460,451	$	109,521,552	$	812,701	$	175,794,704

See Accompanying Notes to Financial Statements

126

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING EMERGING COUNTRIES FUND

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended October 31, 2010:

	Beginning Balance 10/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 10/31/2010
Asset Table
Investments, at value
Preferred Stock	$	—	$	448,000	$	—	$	—	$	—	$	235,409	$	—	$	—	$	683,409
Short-Term Investments		—		—		—		—		—		—		129,292		—		129,292
Total Investments, at value	$	—	$	448,000	$	—	$	—	$	—	$	235,409	$	129,292	$	—	$	812,701

As of October 31, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $235,409.

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

127

PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

ING EUROPEAN REAL ESTATE FUND

Shares			Value

COMMON STOCK: 26.5%
		Austria: 3.2%
36,354	@	Immofinanz Immobilien Anlagen AG	$	143,371	3.2

		Finland: 1.3%
12,864		Citycon OYJ		57,649	1.3

		France: 1.0%
1,050		Nexity		46,624	1.0

		Germany: 4.2%
2,650		Deutsche Euroshop AG		101,649	2.3
2,750	@	Deutsche Wohnen AG		33,268	0.7
4,962		DIC Asset AG		52,088	1.2
				187,005	4.2

		Italy: 0.1%
6,084	@	Beni Stabili SpA		6,097	0.1

		Norway: 1.1%
25,400	@	Norwegian Property ASA		47,744	1.1

		Sweden: 3.3%
4,467		Castellum AB		58,527	1.3
6,060		Hufvudstaden AB		67,765	1.5
780		Wihlborgs Fastigheter AB		21,940	0.5
				148,232	3.3

		Switzerland: 7.4%
1,670	@	PSP Swiss Property AG		128,347	2.9
2,777	@	Swiss Prime Site AG		199,347	4.5
				327,694	7.4

		United Kingdom: 4.9%
7,745		Atrium European Real Estate Ltd.		46,570	1.1
5,661		Capital & Counties Properties PLC		13,543	0.3
7,200		Grainger PLC		12,279	0.3
41,598		Safestore Holdings Ltd.		86,620	1.9
17,470	@	Unite Group PLC		58,321	1.3
				217,333	4.9

		Total Common Stock
		(Cost $904,781)		1,181,749	26.5


REAL ESTATE INVESTMENT TRUSTS: 70.0%
		Belgium: 3.1%
630		Cofinimmo		89,967	2.0
870		Warehouses De Pauw SCA		47,527	1.1
				137,494	3.1

		France: 30.1%
480		ANF Immobilier		21,178	0.5
1,114		Fonciere Des Regions		127,351	2.9
1,008		Gecina S.A.		122,404	2.7
143		ICADE		15,718	0.3
3,079		Klepierre		119,861	2.7
2,932		Mercialys		116,735	2.6
390		Societe de la Tour Eiffel		32,483	0.7
420		Societe Immobiliere de Location pour l’Industrie et le Commerce		56,459	1.3
3,500		Unibail		730,267	16.4
				1,342,456	30.1

		Italy: 0.3%
6,210		Immobiliare Grande Distribuz		12,444	0.3

		Netherlands: 8.7%
3,007		Corio NV		221,027	5.0
1,560		Eurocommercial Properties NV		77,221	1.7
640		Vastned Retail NV		44,512	1.0
440		Wereldhave NV		44,740	1.0
				387,500	8.7

		United Kingdom: 27.8%
3,270		Big Yellow Group PLC		17,405	0.4
37,046		British Land Co. PLC		302,457	6.8
8,661		Capital Shopping Centres Group PLC		53,330	1.2
5,630		Derwent Valley Holdings PLC		137,176	3.1
19,873		Great Portland Estates PLC		110,053	2.5
24,265		Hammerson PLC		163,027	3.6
12,530		Hansteen Holdings PLC		14,506	0.3
30,491		Land Securities Group PLC		330,638	7.4
23,136		Segro PLC		109,920	2.5
				1,238,512	27.8

		Total Real Estate Investment Trusts
		(Cost $2,364,892)		3,118,406	70.0


INVESTMENT COMPANIES: 1.0%
		Luxembourg: 1.0%
7,170	@	Prologis European Properties		45,838	1.0

		Total Mutual Funds
		(Cost $40,519)		45,838	1.0

See Accompanying Notes to Financial Statements

128

PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING EUROPEAN REAL ESTATE FUND

Shares		Value

RIGHTS: 0.0%
	Austria: 0.0%
27,063	Immoeast AG	$	—	0.0
	Total Rights
	(Cost $—)		—	0.0

	Total Long-Term Investments
	(Cost $3,310,192)		4,345,993	97.5

SHORT-TERM INVESTMENTS: 1.3%
	Affiliated Mutual Fund: 1.3%
57,279	ING Institutional Prime Money Market Fund — Class I		57,279	1.3

	Total Short-Term Investments
	(Cost $57,279)		57,279	1.3

	Total Investments in Securities
	(Cost $3,367,471)*	$	4,403,272	98.8
	Other Assets and Liabilities — Net		55,190	1.2
	Net Assets	$	4,458,462	100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Non-income producing security

Cost for federal income tax purposes is $4,243,608.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	695,098
Gross Unrealized Depreciation		(535,434	)
Net Unrealized Appreciation	$	159,664

Industry
Closed-End Funds	1.0	%
Consumer Discretionary	1.0
Financials	95.5
Short-Term Investments	1.3
Other Assets and Liabilities — Net	1.2
Net Assets	100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2010 in valuing the Fund’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Asset Table
Investments, at value
Common Stock
Austria	$	—	$	143,371	$	—	$	143,371
Finland		—		57,649		—		57,649
France		—		46,624		—		46,624
Germany		134,917		52,088		—		187,005
Italy		6,097		—		—		6,097
Norway		—		47,744		—		47,744
Sweden		—		148,232		—		148,232
Switzerland		—		327,694		—		327,694
United Kingdom		13,543		203,790		—		217,333
Total Common Stock		154,557		1,027,192		—		1,181,749
Real Estate Investment Trusts		68,705		3,049,701		—		3,118,406
Investment Companies		—		45,838		—		45,838
Short-Term Investments		57,279		—		—		57,279
Total Investments, at value	$	280,541	$	4,122,731	$	—	$	4,403,272

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

129

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

ING GLOBAL OPPORTUNITIES FUND

Shares			Value

COMMON STOCK: 95.4%
		Bermuda: 0.6%
		Other Securities	$	732,118	0.6

		Brazil: 3.3%
33,988		Petroleo Brasileiro SA ADR		1,159,671	0.9
140,066		SLC Agricola SA		1,729,922	1.4
		Other Securities		1,221,498	1.0
				4,111,091	3.3

		Canada: 2.5%
21,196		Barrick Gold Corp.		1,020,833	0.8
30,024		GoldCorp, Inc.		1,340,615	1.1
		Other Securities		769,754	0.6
				3,131,202	2.5

		China: 6.7%
1,105,000		China Communications Construction Co., Ltd.		1,059,664	0.9
1,227,000		China Construction Bank		1,173,016	0.9
371,000		China Yurun Food Group Ltd.		1,447,921	1.2
568,000		Golden Eagle Retail Group Ltd.		1,514,374	1.2
114,000		Ping An Insurance Group Co. of China Ltd.		1,232,534	1.0
		Other Securities		1,875,105	1.5
				8,302,614	6.7

		Denmark: 0.9%
		Other Securities		1,116,311	0.9

		France: 3.3%
10,109		LVMH Moet Hennessy Louis Vuitton S.A.		1,586,030	1.3
		Other Securities		2,560,187	2.0
				4,146,217	3.3

		Germany: 2.3%
		Other Securities		2,905,732	2.3

		Hong Kong: 3.6%
390,800	@	AIA Group Ltd.		1,162,127	0.9
1,432,000	L	Chaoda Modern Agriculture		1,170,469	0.9
		Other Securities		2,203,910	1.8
				4,536,506	3.6

		Indonesia: 0.5%
		Other Securities		675,588	0.5

		Japan: 4.0%
34,128		Honda Motor Co., Ltd.		1,230,273	1.0
77,400		Mitsui & Co., Ltd.		1,217,302	1.0
		Other Securities		2,565,989	2.0
				5,013,564	4.0

		Mexico: 0.8%
		Other Securities		949,271	0.8

		Netherlands: 2.0%
		Other Securities		2,448,848	2.0

		Norway: 1.4%
		Other Securities		1,676,923	1.4

		Peru: 0.6%
		Other Securities		689,520	0.6

		Russia: 0.7%
		Other Securities		911,757	0.7

		Singapore: 0.5%
		Other Securities		656,628	0.5

		South Africa: 1.1%
		Other Securities		1,372,786	1.1

		South Korea: 1.7%
31,150		Shinhan Financial Group Ltd.		1,206,757	1.0
		Other Securities		867,761	0.7
				2,074,518	1.7

		Spain: 0.9%
43,564		Telefonica S.A.		1,177,215	0.9

		Switzerland: 6.5%
32,000		Compagnie Financiere Richemont S.A.		1,596,103	1.3
33,398		Credit Suisse Group		1,382,631	1.1
22,735		Nestle S.A.		1,245,298	1.0
24,368		Novartis AG		1,411,949	1.1
57,819		Xstrata PLC		1,120,150	0.9
		Other Securities		1,300,748	1.1
				8,056,879	6.5

		Turkey: 0.6%
		Other Securities		761,592	0.6

		United Kingdom: 8.0%
55,922		BG Group PLC		1,088,591	0.9
29,544		BHP Billiton PLC		1,046,602	0.8
278,655		BP PLC		1,894,075	1.5
205,478		HSBC Holdings PLC		2,138,553	1.7
37,698		Imperial Tobacco Group PLC		1,207,366	1.0
16,964		Rio Tinto PLC		1,101,822	0.9
		Other Securities		1,541,015	1.2
				10,018,024	8.0

		United States: 42.9%
85,222	@	Adobe Systems, Inc.		2,398,999	1.9
33,908	@	AGCO Corp.		1,440,073	1.1
10,183	@	Apple, Inc.		3,063,759	2.4
16,539	@	Celgene Corp.		1,026,576	0.8

See Accompanying Notes to Financial Statements

130

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING GLOBAL OPPORTUNITIES FUND

Shares			Value

COMMON STOCK: (continued)
		United States: (continued)
48,699	@	Cisco Systems, Inc.	$	1,111,798		0.9
585,862	@	Citigroup, Inc.		2,443,040		2.0
40,267	@	Citrix Systems, Inc.		2,579,907		2.1
116,262	@	Dean Foods Co.		1,209,125		1.0
22,435		ExxonMobil Corp.		1,491,254		1.2
64,931		General Electric Co.		1,040,195		0.8
2,147	@	Google, Inc. — Class A		1,316,090		1.1
40,451		Hewlett-Packard Co.		1,701,369		1.4
31,620		JP Morgan Chase & Co.		1,189,861		0.9
31,790	@	Juniper Networks, Inc.		1,029,678		0.8
19,750	@	Life Technologies Corp.		991,055		0.8
36,945		Monsanto Co.		2,195,272		1.8
24,115	@	NetApp, Inc.		1,284,124		1.0
13,239		Occidental Petroleum Corp.		1,040,983		0.8
106,573	@	Symantec Corp.		1,724,351		1.4
25,819	@	Thermo Fisher Scientific, Inc.		1,327,613		1.1
47,144		Wells Fargo & Co.		1,229,516		1.0
25,633		Yum! Brands, Inc.		1,270,371		1.0
		Other Securities		19,499,316		15.6
				53,604,325		42.9

		Total Common Stock
		(Cost $99,714,638)		119,069,229		95.4

EXCHANGE-TRADED FUNDS: 2.0%
		United States: 2.0%
42,659	L	SPDR S&P Biotech ETF		2,539,917		2.0

		Total Exchange-Traded Funds
		(Cost $2,123,775)		2,539,917		2.0

PREFERRED STOCK: 1.6%
		Brazil: 1.6%
		Other Securities		1,969,200		1.6

		Total Preferred Stock
		(Cost $1,879,420)		1,969,200		1.6

RIGHTS: 0.0%
		United Kingdom: 0.0%
		Other Securities		25,185		0.0

		Total Rights
		(Cost $—)		25,185		0.0

		Total Long-Term Investments
		(Cost $103,717,833)		123,603,531		99.0

SHORT-TERM INVESTMENTS: 4.2%
		Securities Lending Collateral^cc: 4.2%
5,156,183		BNY Mellon Overnight Government Fund⁽¹⁾	$	5,156,183		4.1
173,707	R	BNY Institutional Cash Reserves Fund, Series B⁽¹⁾⁽²⁾		138,966		0.1

		Total Short-Term Investments
		(Cost $5,329,890)		5,295,149		4.2

		Total Investments in Securities
		(Cost $109,047,723)*	$	128,898,680		103.2
		Other Assets and Liabilities — Net		(4,054,731	)	(3.2	)
		Net Assets	$	124,843,949		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Non-income producing security

ADR

American Depositary Receipt

Restricted security

Securities purchased with cash collateral for securities loaned.

(1)

Collateral received from brokers for securities lending was invested in these short-term investments.

(2)

Loaned security, a portion or all of the security is on loan at October 31, 2010.

Cost for federal income tax purposes is $109,809,190.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	20,841,080
Gross Unrealized Depreciation		(1,751,590	)
Net Unrealized Appreciation	$	19,089,490

Industry
Consumer Discretionary	8.2	%
Consumer Staples	11.2
Energy	10.5
Financials	17.4
Health Care	9.5
Industrials	9.0
Information Technology	18.7
Materials	8.9
Telecommunication Services	2.5
Utilities	1.1
Other Long-Term Investments	2.0
Short-Term Investments	4.2
Other Assets and Liabilities — Net	(3.2	)
Net Assets	100.0	%

See Accompanying Notes to Financial Statements

131

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING GLOBAL OPPORTUNITIES FUND

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2010 in valuing the Fund’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Asset Table
Investments, at value
Common Stock
Bermuda	$	732,118	$	—	$	—	$	732,118
Brazil		4,111,091		—		—		4,111,091
Canada		3,131,202		—		—		3,131,202
China		—		8,302,614		—		8,302,614
Denmark		—		1,116,311		—		1,116,311
France		—		4,146,217		—		4,146,217
Germany		—		2,905,732		—		2,905,732
Hong Kong		1,162,127		3,374,379		—		4,536,506
Indonesia		—		675,588		—		675,588
Japan		—		5,013,564		—		5,013,564
Mexico		949,271		—		—		949,271
Netherlands		—		2,448,848		—		2,448,848
Norway		—		1,676,923		—		1,676,923
Peru		689,520		—		—		689,520
Russia		911,757		—		—		911,757
Singapore		—		656,628		—		656,628
South Africa		—		1,372,786		—		1,372,786
South Korea		—		2,074,518		—		2,074,518
Spain		—		1,177,215		—		1,177,215
Switzerland		—		8,056,879		—		8,056,879
Turkey		—		761,592		—		761,592
United Kingdom		—		10,018,024		—		10,018,024
United States		53,604,325		—		—		53,604,325
Total Common Stock		65,291,411		53,777,818		—		119,069,229
Exchange-Traded Funds		2,539,917		—		—		2,539,917
Preferred Stock		1,969,200		—		—		1,969,200
Rights		25,185		—		—		25,185
Short-Term Investments		5,156,183		—		138,966		5,295,149
Total Investments, at value	$	74,981,896	$	53,777,818	$	138,966	$	128,898,680

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended October 31, 2010:

	Beginning Balance 10/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 10/31/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	138,966	$	—	$	138,966
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	138,966	$	—	$	138,966

As of October 31, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

132

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

ING GREATER CHINA FUND

Shares			Value

COMMON STOCK: 97.6%
		China: 36.1%
449,000		361 Degrees International Ltd.	$	435,596	1.0
4,114,000		Bank of China Ltd.		2,471,000	5.5
1,028,000		China Construction Bank		982,772	2.2
199,000		China High Speed Transmission Equipment Group Co., Ltd.		407,557	0.9
276,000		China Life Insurance Co., Ltd.		1,213,375	2.7
880,000		China National Materials Co. Ltd		785,544	1.7
882,000		China Petroleum & Chemical Corp.		839,191	1.8
1,489,000		Evergrande Real Estate Group Ltd.		633,789	1.4
358,000		Guangzhou Automobile Group Co., Ltd.		544,996	1.2
893,000		Industrial and Commercial Bank of China Ltd.		721,449	1.6
612,000		PetroChina Co., Ltd.		753,332	1.7
60,000		Ping An Insurance Group Co. of China Ltd.		648,702	1.4
553,000	@	Real Gold Mining Ltd.		988,411	2.2
1,258,000		Shanghai Forte Land Co.		375,090	0.8
394,500		Shimao Property Holdings Ltd.		653,615	1.4
17,400		Tencent Holdings Ltd.		399,980	0.9
194,200	@	Xinjiang Goldwind Science & Technology Co., Ltd.		502,333	1.1
346,000		Yanzhou Coal Mining Co., Ltd.		1,001,071	2.2
149,500		Zhaojin Mining Industry Co., Ltd.		466,612	1.0
		Other Securities		1,519,972	3.4
				16,344,387	36.1

		Hong Kong: 38.4%
394,500		BOC Hong Kong Holdings Ltd.		1,240,795	2.7
48,000		Cheung Kong Holdings Ltd.		733,160	1.6
243,500		China Mobile Ltd.		2,486,698	5.5
446,000		Chow Sang Sang Holdings International Ltd.		1,174,310	2.6
556,000		CNOOC Ltd.		1,160,771	2.6
226,000		Dah Sing Banking Group Ltd.		387,589	0.9
2,456,000	@	Fook Woo Group Holdings Ltd.		870,708	1.9
34,700		Hong Kong Exchanges and Clearing Ltd.		765,956	1.7
167,500		HongKong Electric Holdings		1,064,845	2.4
48,000		Hutchison Whampoa Ltd.		474,059	1.0
132,000		Hysan Development Co., Ltd.		511,228	1.1
108,000		Kerry Properties Ltd.		599,985	1.3
251,000		New World Development Ltd.		497,462	1.1
233,500		Ports Design Ltd.		565,966	1.3
86,000		Shanghai Industrial Holdings Ltd.		397,089	0.9
2,518,000	@	Shougang Concord International Enterprises Co., Ltd.		423,700	0.9
43,000		Sun Hung Kai Properties Ltd.		739,693	1.6
156,000		Wharf Holdings Ltd.		1,027,142	2.3
		Other Securities		2,251,368	5.0
				17,372,524	38.4

		Taiwan: 23.1%
429,250		Cathay Financial Holding Co., Ltd.		656,136	1.5
958,913		China Life Insurance Co., Ltd.		778,135	1.7
590,520		Chinatrust Financial Holding Co., Ltd.		368,655	0.8
178,000		Chunghwa Telecom Co., Ltd.		416,365	1.8
16,399		Chunghwa Telecom Co., Ltd. ADR		383,737
1,351,701		E.Sun Financial Holding Co., Ltd.		694,266	1.5
19,040		High Tech Computer Corp.		431,778	1.0
176,960		HON HAI Precision Industry Co., Ltd.		669,269	1.5
144,186		Huaku Development Co. Ltd		399,190	0.9
289,439		Lite-On Technology Corp.		382,317	0.8
127,000		Novatek Microelectronics Corp. Ltd.		370,291	0.8
208,000		Taiwan Fertilizer Co., Ltd.		709,227	1.6
901,000		Taiwan Semiconductor Manufacturing Co., Ltd.		1,853,641	4.1
281,000		The Ambassador Hotel		444,283	1.0
		Other Securities		1,868,668	4.1
				10,425,958	23.1

		Total Common Stock
		(Cost $34,645,827)		44,142,869	97.6

REAL ESTATE INVESTMENT TRUSTS: 0.6%
		Hong Kong: 0.6%
		Other Securities		274,693	0.6

		Total Real Estate Investment Trusts
		(Cost $249,408)		274,693	0.6

See Accompanying Notes to Financial Statements

133

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

ING GREATER CHINA FUND

Shares		Value

WARRANTS: 0.0%
	Hong Kong: 0.0%
	Other Securities	$	3,638	0.0

	Total Warrants
	(Cost $—)		3,638	0.0

	Total Investments in Securities
	(Cost $34,895,235)*	$	44,421,200	98.2
	Other Assets and Liabilities — Net		813,103	1.8
	Net Assets	$	45,234,303	100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Non-income producing security

ADR

American Depositary Receipt

Cost for federal income tax purposes is $36,444,104.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	9,334,542
Gross Unrealized Depreciation		(1,357,446	)
Net Unrealized Appreciation	$	7,977,096

Industry
Consumer Discretionary	8.1	%
Consumer Staples	1.6
Energy	8.8
Financials	42.9
Industrials	8.1
Information Technology	11.1
Materials	7.4
Telecommunication Services	7.8
Utilities	2.4
Other Assets and Liabilities — Net	1.8
Net Assets	100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2010 in valuing the Fund’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Asset Table
Investments, at value
Common Stock
China	$	1,162,583	$	15,181,804	$	—	$	16,344,387
Hong Kong		634,131		16,738,393		—		17,372,524
Taiwan		383,737		10,042,221		—		10,425,958
Total Common Stock		2,180,451		41,962,418		—		44,142,869
Real Estate Investment Trusts		—		274,693		—		274,693
Warrants		3,638		—		—		3,638
Total Investments, at value	$	2,184,089	$	42,237,111	$	—	$	44,421,200

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

134

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EQUITY FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

Shares			Value

COMMON STOCK: 95.0%
		Australia: 7.4%
32,125		Australia & New Zealand Banking Group Ltd.	$	783,743	0.6
40,159		BHP Billiton Ltd.		1,659,416	1.2
21,386		Commonwealth Bank of Australia		1,028,092	0.7
29,349		Woolworths Ltd.		814,754	0.6
		Other Securities		5,969,352	4.3
				10,255,357	7.4

		Austria: 0.4%
		Other Securities		600,072	0.4

		Belgium: 1.5%
17,514		Anheuser-Busch InBev NV		1,099,948	0.8
22,249	@	Anheuser-Busch InBev NV VVPR Strips		93
		Other Securities		964,347	0.7
				2,064,388	1.5

		Denmark: 1.3%
8,046		Novo-Nordisk A/S		844,845	0.6
		Other Securities		986,318	0.7
				1,831,163	1.3

		Finland: 2.8%
		Other Securities		3,881,102	2.8

		France: 6.6%
13,757		BNP Paribas		1,006,268	0.7
14,038		Sanofi-Aventis		983,530	0.7
6,820		Schneider Electric S.A.		968,998	0.7
27,547		Total S.A.		1,499,499	1.1
34,541		Vivendi		987,015	0.7
		Other Securities		3,691,038	2.7
				9,136,348	6.6

		Germany: 7.6%
6,739		Allianz AG		843,910	0.6
15,726		BASF AG		1,143,466	0.8
13,688		Deutsche Bank AG		788,510	0.6
36,742		E.ON AG		1,150,041	0.9
9,864		RWE AG		706,855	0.5
15,672		SAP AG		816,498	0.6
13,581		Siemens AG		1,549,802	1.1
		Other Securities		3,457,575	2.5
				10,456,657	7.6

		Greece: 0.4%
		Other Securities		552,898	0.4

		Hong Kong: 2.8%
		Other Securities		3,805,278	2.8

		Israel: 0.8%
		Other Securities		1,119,418	0.8

		Italy: 3.2%
175,486		Enel S.p.A.		1,002,399	0.7
585,061		Telecom Italia S.p.A. RNC		806,847	0.6
		Other Securities		2,646,452	1.9
				4,455,698	3.2

		Japan: 19.6%
19,800		Canon, Inc.		911,459	0.7
12,900		East Japan Railway Co.		796,621	0.6
38,900		Mitsubishi Corp.		934,366	0.7
183,397		Mitsubishi UFJ Financial Group, Inc.		851,146	0.6
55,092		Mitsui & Co., Ltd.		866,454	0.6
18,051		Takeda Pharmaceutical Co., Ltd.		846,163	0.6
35,200		Tokyo Electric Power Co., Inc.		840,511	0.6
32,690		Toyota Motor Corp.		1,157,889	0.8
		Other Securities		19,887,116	14.4
				27,091,725	19.6

		Kazakhstan: 0.3%
		Other Securities		389,295	0.3

		Netherlands: 5.0%
29,180		Koninklijke Philips Electronics NV		890,063	0.6
27,859		Royal Dutch Shell PLC — Class A		904,120	1.4
33,131		Royal Dutch Shell PLC — Class B		1,060,252
525		Royal Dutch Shell PLC		17,030
37,844		Unilever NV		1,123,862	0.8
		Other Securities		2,975,392	2.2
				6,970,719	5.0

		New Zealand: 0.2%
		Other Securities		309,208	0.2

		Norway: 0.1%
		Other Securities		155,155	0.1

		Portugal: 0.4%
		Other Securities		546,081	0.4

		Singapore: 1.3%
		Other Securities		1,760,309	1.3

See Accompanying Notes to Financial Statements

135

ING INDEX PLUS INTERNATIONAL
EQUITY FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

Shares			Value

COMMON STOCK: (continued)
		Spain: 3.7%
112,327		Banco Santander Central Hispano S.A.	$	1,441,785	1.1
29,170		Repsol YPF S.A.		808,900	0.6
41,982		Telefonica S.A.		1,134,465	0.8
		Other Securities		1,653,316	1.2
				5,038,466	3.7
		Sweden: 4.5%
41,879		Atlas Copco AB — Class B		814,622	0.6
		Other Securities		5,413,547	3.9
				6,228,169	4.5

		Switzerland: 6.1%
15,947		Compagnie Financiere Richemont S.A.		795,408	0.6
33,672		Nestle S.A.		1,844,367	1.3
31,241		Novartis AG		1,810,189	1.3
8,823		Roche Holding AG — Genusschein		1,295,694	1.0
49,766	@	UBS AG — Reg		845,402	0.6
		Other Securities		1,809,257	1.3
				8,400,317	6.1

		United Kingdom: 19.0%
17,325		AstraZeneca PLC		871,485	0.6
43,256		BHP Billiton PLC		1,532,352	1.1
277,842		BP PLC		1,888,550	1.4
38,845		British American Tobacco PLC		1,479,858	1.1
60,470		Diageo PLC		1,115,532	0.8
51,938		GlaxoSmithKline PLC		1,014,226	0.7
207,589		HSBC Holdings PLC		2,160,524	1.6
99,631		National Grid PLC		942,161	0.7
16,482		Rio Tinto PLC		1,070,516	0.8
30,240		Standard Chartered PLC		874,692	0.6
572,569		Vodafone Group PLC		1,565,185	1.1
		Other Securities		11,800,884	8.5
				26,315,965	19.0
		Total Common Stock (Cost $114,698,421)		131,363,788	95.0

REAL ESTATE INVESTMENT TRUSTS: 1.8%
		Australia: 0.6%
		Other Securities		862,824	0.6

		France: 0.1%
		Other Securities		131,239	0.1

		Hong Kong: 0.2%
		Other Securities		206,792	0.2

		Japan: 0.5%
		Other Securities		700,343	0.5


		Singapore: 0.2%
		Other Securities		301,182	0.2

		United Kingdom: 0.2%
		Other Securities		343,018	0.2
		Total Real Estate Investment Trusts (Cost $2,152,846)		2,545,398	1.8

EXCHANGE-TRADED FUNDS: 1.4%
		Developed Markets: 1.4%
35,000		iShares MSCI EAFE Index Fund		1,995,350	1.4
		Total Exchange-Traded Funds
		(Cost $1,775,314)		1,995,350	1.4

PREFERRED STOCK: 0.7%
		Germany: 0.7%
3,560		RWE AG		241,056	0.2
		Other Securities		660,630	0.5
		Total Preferred Stock (Cost $767,494)		901,686	0.7

RIGHTS: 0.0%
		United Kingdom: 0.0%
3,780		Standard Chartered PLC		31,829	0.0
		Total Rights
		(Cost $—)		31,829	0.0
		Total Long-Term Investments (Cost $119,394,075)		136,838,051	98.9

SHORT-TERM INVESTMENTS: 0.1%
		Affiliated Mutual Fund: 0.1%
124,000		ING Institutional Prime Money Market Fund — Class I		124,000	0.1

		Total Short-Term Investments (Cost $124,000)		124,000	0.1

		Total Investments in Securities (Cost $119,518,075)*	$	136,962,051	99.0
		Other Assets and Liabilities — Net		1,388,684	1.0

		Net Assets	$	138,350,735	100.0

See Accompanying Notes to Financial Statements

136

ING INDEX PLUS INTERNATIONAL
EQUITY FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Non-income producing security

Cost for federal income tax purposes is $124,695,213.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	18,572,178
Gross Unrealized Depreciation		(6,305,340	)
Net Unrealized Appreciation	$	12,266,838

Industry
Consumer Discretionary	10.1	%
Consumer Staples	10.0
Energy	7.3
Financials	23.9
Health Care	8.4
Industrials	11.8
Information Technology	4.6
Materials	10.4
Telecommunication Services	5.8
Utilities	5.2
Other Long-Term Investments	1.4
Short-Term Investments	0.1
Other Assets and Liabilities — Net	1.0
Net Assets	100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2010 in valuing the Fund’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	10,255,357	$	—	$	10,255,357
Austria		—		600,072		—		600,072
Belgium		93		2,064,295		—		2,064,388
Denmark		—		1,831,163		—		1,831,163
Finland		—		3,881,102		—		3,881,102
France		—		9,136,348		—		9,136,348
Germany		—		10,456,657		—		10,456,657
Greece		—		552,898		—		552,898
Hong Kong		—		3,805,278		—		3,805,278
Israel		—		1,119,418		—		1,119,418
Italy		—		4,455,698		—		4,455,698
Japan		—		27,091,725		—		27,091,725
Kazakhstan		—		389,295		—		389,295
Netherlands		—		6,970,719		—		6,970,719
New Zealand		—		309,208		—		309,208
Norway		—		155,155		—		155,155
Portugal		—		546,081		—		546,081
Singapore		—		1,760,309		—		1,760,309
Spain		—		5,038,466		—		5,038,466
Sweden		—		6,228,169		—		6,228,169
Switzerland		—		8,400,317		—		8,400,317
United Kingdom		72,800		26,243,165		—		26,315,965
Total Common Stock		72,893		131,290,895		—		131,363,788
Real Estate Investment Trusts		—		2,545,398		—		2,545,398
Exchange-Traded Funds		1,995,350		—		—		1,995,350
Preferred Stock		660,630		241,056		—		901,686
Rights		31,829		—		—		31,829
Short-Term Investments		124,000		—		—		124,000
Total Investments, at value	$	2,884,702	$	134,077,349	$	—	$	136,962,051

See Accompanying Notes to Financial Statements

137

ING INDEX PLUS INTERNATIONAL
EQUITY FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Liabilities Table
Other Financial Instruments⁺:
Futures	$	(1,000	)	$	—	$	—	$	(1,000	)
Total Liabilities	$	(1,000	)	$	—	$	—	$	(1,000	)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

ING Index Plus International Equity Fund Open Futures Contracts on October 31, 2010:

Contract Description			Notional Value		Unrealized Depreciation
Long Contracts
E-Mini MSCI EAFE Index	13	12/17/10	$	1,049,880	$	(1,000	)
			$	1,049,880	$	(1,000	)

See Accompanying Notes to Financial Statements

138

ING INTERNATIONAL CAPITAL
APPRECIATION FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

Shares			Value

COMMON STOCK: 99.1%
		Australia: 6.2%
48,531		BHP Billiton Ltd.	$	2,005,357	1.9
34,559		CSL Ltd.		1,114,493	1.1
37,830		Macquarie Group Ltd.		1,345,051	1.3
24,018		Rio Tinto Ltd.		1,954,637	1.9
				6,419,538	6.2

		Belgium: 1.7%
27,426		Anheuser-Busch InBev NV		1,722,461	1.7

		Brazil: 6.6%
87,788	L	Cia Energetica de Minas Gerais ADR		1,566,138	1.5
70,910		Itau Unibanco Holding SA ADR		1,741,550	1.7
38,766		Petroleo Brasileiro SA ADR		1,322,696	1.3
67,060		Vale S.A. ADR		2,155,308	2.1
				6,785,692	6.6

		Canada: 6.3%
26,145		Bank of Nova Scotia		1,399,019	1.4
69,955		Cameco Corp.		2,165,809	2.1
101,880		Manulife Financial Corp.		1,293,876	1.2
50,759		Suncor Energy, Inc.		1,624,796	1.6
				6,483,500	6.3

		Chile: 1.4%
27,563		Sociedad Quimica y Minera de Chile SA ADR		1,427,763	1.4

		China: 8.4%
1,384,000		China Communications Construction Co., Ltd.		1,327,217	1.3
415,500		China Merchants Bank Co., Ltd.		1,183,949	1.1
1,504,000		Industrial and Commercial Bank of China Ltd.		1,215,072	1.2
16,244	@	New Oriental Education & Technology Group ADR		1,744,118	1.7
1,098,000		PetroChina Co., Ltd.		1,351,566	1.3
82,700		Tencent Holdings Ltd.		1,901,056	1.8
				8,722,978	8.4

		Denmark: 2.2%
12,761		Novo-Nordisk A/S		1,339,929	1.3
		Other Securities		946,011	0.9
				2,285,940	2.2

		France: 6.8%
68,945		AXA S.A.		1,257,351	1.2
22,812		BNP Paribas		1,668,605	1.6
25,779		Electricite de France SA		1,182,661	1.1
15,776		Iliad S.A.		1,777,190	1.7
21,969		Total SA ADR		1,196,871	1.2
				7,082,678	6.8

		Germany: 7.3%
24,056		Adidas AG		1,566,820	1.5
44,071	L	Aixtron AG		1,435,099	1.4
21,260		Bayerische Motoren Werke AG		1,523,756	1.5
16,730		Deutsche Boerse AG		1,176,935	1.1
9,036		Wacker Chemie AG		1,863,442	1.8
				7,566,052	7.3

		Hong Kong: 5.6%
1,394,000	L	Agile Property Holdings Ltd.		1,838,719	1.8
678,000		China Resources Land Ltd.		1,339,949	1.3
238,315		Esprit Holdings Ltd.		1,286,235	1.2
252,425		Li & Fung Ltd.		1,336,546	1.3
				5,801,449	5.6

		India: 1.5%
9,013		HDFC Bank Ltd. ADR		1,558,888	1.5

		Israel: 1.2%
23,918		Teva Pharmaceutical Industries Ltd. ADR		1,241,344	1.2

		Italy: 1.4%
33,779		Saipem S.p.A.		1,500,753	1.4

		Japan: 10.6%
29,600		Canon, Inc.		1,362,585	1.3
14,900		Fanuc Ltd.		2,157,068	2.1
9,800		SMC Corp.		1,496,056	1.4
473		Sony Financial Holdings, Inc.		1,644,917	1.6
38,700		Toyota Motor Corp.		1,370,764	1.3
		Other Securities		2,976,785	2.9
				11,008,175	10.6

		Luxembourg: 1.9%
21,036		Millicom International Cellular S.A.		1,990,006	1.9

		Mexico: 1.4%
51,263	L	Wal-Mart de Mexico SA de CV ADR		1,405,119	1.4

		Russia: 1.1%
52,359		OAO Gazprom ADR		1,144,044	1.1

		South Korea: 1.5%
4,776	@	Samsung Electronics Co., Ltd. GDR		1,581,035	1.5

		Spain: 1.1%
88,963		Banco Santander Central Hispano S.A.		1,141,894	1.1

See Accompanying Notes to Financial Statements

139

ING INTERNATIONAL CAPITAL
APPRECIATION FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

Shares			Value

COMMON STOCK: (continued)
		Sweden: 1.7%
84,623		Atlas Copco AB — Class A	$	1,768,471		1.7

		Switzerland: 8.3%
53,853	@	ABB Ltd.		1,115,496		1.1
21,746		Compagnie Financiere Richemont S.A.		1,084,652		1.0
83,010	@, L	Logitech International S.A.		1,559,758		1.5
24,377		Nestle S.A.		1,335,238		1.3
20,740		Novartis AG		1,201,732		1.1
8,940		Roche Holding AG — Genusschein		1,312,876		1.3
		Other Securities		994,767		1.0
				8,604,519		8.3

		United Kingdom: 14.9%
27,993		Anglo American PLC		1,304,283		1.3
216,509		ARM Holdings PLC		1,264,040		1.2
87,222	@	Autonomy Corp. PLC		2,042,213		2.0
83,988		BG Group PLC		1,634,930		1.6
135,688		British Sky Broadcasting PLC		1,536,190		1.5
24,697		HSBC Holdings PLC ADR		1,286,961		1.2
180,074		Prudential PLC		1,821,283		1.8
49,800		Standard Chartered PLC		1,440,465		1.4
214,871		Tesco PLC		1,470,503		1.4
47,633		Vedanta Resources PLC		1,584,015		1.5
				15,384,883		14.9
		Total Common Stock (Cost $88,586,908)		102,627,182		99.1

EXCHANGE-TRADED FUNDS: 0.4%
		Developed Markets: 0.3%
		Other Securities		331,969		0.3

		United States: 0.1%
		Other Securities		97,875		0.1
		Total Exchange-Traded Funds (Cost $427,503)		429,844		0.4
		Total Long-Term Investments (Cost $89,014,411)		103,057,026		99.5

SHORT-TERM INVESTMENTS: 3.6%
		Securities Lending Collateral^cc: 3.6%
3,650,029		BNY Mellon Overnight Government Fund⁽¹⁾	$	3,650,029		3.5
79,764	R	BNY Institutional Cash Reserves Fund, Series B⁽¹⁾⁽²⁾		63,811		0.1
		Total Short-Term Investments (Cost $3,729,793)		3,713,840		3.6

		Total Investments in Securities (Cost $92,744,204)*	$	106,770,866		103.1
		Other Assets and Liabilities — Net		(3,260,307	)	(3.1	)

		Net Assets	$	103,510,559		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Non-income producing security

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

Restricted security

Securities purchased with cash collateral for securities loaned.

(1)

Collateral received from brokers for securities lending was invested in these short-term investments.

(2)

Loaned security, a portion or all of the security is on loan at October 31, 2010.

Cost for federal income tax purposes is $96,338,629.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	17,580,725
Gross Unrealized Depreciation		(7,148,488	)
Net Unrealized Appreciation	$	10,432,237

Industry
Consumer Discretionary	12.1	%
Consumer Staples	5.7
Energy	11.5
Financials	24.5
Health Care	6.0
Industrials	9.4
Information Technology	10.8
Materials	12.8
Telecommunication Services	3.6
Utilities	2.7
Other Long-Term Investments	0.4
Short-Term Investments	3.6
Other Assets and Liabilities — Net	(3.1	)
Net Assets	100.0	%

See Accompanying Notes to Financial Statements

140

ING INTERNATIONAL CAPITAL
APPRECIATION FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010 (CONTINUED)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2010 in valuing the Fund’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 10/31/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	6,419,538	$	—	$	6,419,538
Belgium		—		1,722,461		—		1,722,461
Brazil		5,044,142		1,741,550		—		6,785,692
Canada		6,483,500		—		—		6,483,500
Chile		—		1,427,763		—		1,427,763
China		1,744,118		6,978,860		—		8,722,978
Denmark		—		2,285,940		—		2,285,940
France		1,196,871		5,885,807		—		7,082,678
Germany		—		7,566,052		—		7,566,052
Hong Kong		—		5,801,449		—		5,801,449
India		1,558,888		—		—		1,558,888
Israel		1,241,344		—		—		1,241,344
Italy		—		1,500,753		—		1,500,753
Japan		—		11,008,175		—		11,008,175
Luxembourg		1,990,006		—		—		1,990,006
Mexico		1,405,119		—		—		1,405,119
Russia		1,144,044		—		—		1,144,044
South Korea		1,581,035		—		—		1,581,035
Spain		—		1,141,894		—		1,141,894
Sweden		—		1,768,471		—		1,768,471
Switzerland		1,559,758		7,044,761		—		8,604,519
United Kingdom		1,286,961		14,097,922		—		15,384,883
Total Common Stock		26,235,786		76,391,396		—		102,627,182
Exchange-Traded Funds		429,844		—		—		429,844
Short-Term Investments		3,650,029		—		63,811		3,713,840
Total Investments, at value	$	30,315,659	$	76,391,396	$	63,811	$	106,770,866

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended October 31, 2010:

	Beginning Balance 10/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 10/31/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	63,811	$	—	$	63,811
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	63,811	$	—	$	63,811

As of October 31, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^ˆ

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

141

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF OCTOBER 31, 2010

ING INTERNATIONAL REAL ESTATE FUND

AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the ING Funds (each a “Fund,” collectively, the “Funds”) set out on Exhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.

II.

Audit Services

The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

III.

Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-SAR or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

IV.

Tax Services

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

Other Services

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.

VI.

Pre-approval of Fee levels and Budgeted Amounts

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

VII.

Procedures

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

VIII.

Delegation

The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

IX.

Additional Requirements

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Effective April 23, 2008, the KPMG LLP (“KPMG”) audit team for the ING Funds accepted the global responsibility for monitoring the auditor independence for KPMG relative to the ING Funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the ING entities that would impair KPMG independence with the respect to the ING Funds. In addition to receiving pre-approval from the ING Funds Audit Committee for services provided to the ING Funds and for services for ING entities in the Investment Company Complex, the audit team has developed a process for periodic notification via email to the ING Funds’ Audit Committee Chairpersons regarding requests to provide services to ING Groep NV and its affiliates from KPMG offices worldwide. Additionally, KPMG provides a quarterly summary of the fees for services that have commenced for ING Groep NV and Affiliates at each Audit Committee Meeting.

Last Approved: November 11, 2009

Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2010 through December 31, 2010


Service
	The Fund(s)	Fee Range
Statutory audits or financial audits (including tax services associated with audit services)	√	As presented to Audit Committee¹
Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters.	√	Not to exceed $9,750 per filing
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies.	√	Not to exceed $8,000 during the Pre-Approval Period
Seed capital audit and related review and issuance of consent on the N-2 registration statement	√	Not to exceed $12,600 per audit

_________________________

For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those
for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any
Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B
Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2010 through December 31, 2010


Service
	The Fund(s)	Fund Affiliates	Fee Range
Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers)	√	√	Not to exceed $10,000 per merger
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.]	√		Not to exceed $5,000 per occurrence during the Pre-Approval Period
Review of the Funds’ semi-annual financial statements	√		Not to exceed $2,200 per set of financial statements per fund
Reports to regulatory or government agencies related to the annual engagement	√		Up to $5,000 per occurrence during the Pre-Approval Period
Regulatory compliance assistance	√	√	Not to exceed $5,000 per quarter
Training courses		√	Not to exceed $2,000 per course
For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies	√		Not to exceed $9,450 per quarter
For Prime Rate Trust and Senior Income Fund, agreed upon procedures for the Revolving Credit and Security Agreement with Citigroup	√		Not to exceed $21,000 per fund per year

Appendix C
Pre-Approved Tax Services for the Pre-Approval Period January 1, 2010 through December 31, 2010


Service
	The Fund(s)	Fund Affiliates	Fee Range
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions	√		As presented to Audit Committee²
Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis	√		As presented to Audit Committee²
Assistance and advice regarding year-end reporting for 1099’s	√		As presented to Audit Committee²
Tax assistance and advice regarding statutory, regulatory or administrative developments	√	√	Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre-Approval Period

_________________________

For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved
will be the same as those for existing Funds, pro-rated in accordance with inception
dates as provided in the auditors’ Proposal or any Engagement Letter covering the
period at issue. Fees in the Engagement Letter will be controlling.

Appendix C, continued


Service
	The Fund(s)	Fund Affiliates	Fee Range
Tax training courses		√	Not to exceed $2,000 per course during the Pre-Approval Period
Tax services associated with Fund mergers	√	√	Not to exceed $4,000 per fund per merger during the Pre-Approval Period
Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, and similar routine tax consultations.	√		Not to exceed $120,000 during the Pre-Approval Period

Appendix D
Pre-Approved Other Services for the Pre-Approval Period January 1, 2010 through December 31, 2010


Service
	The Fund(s)	Fund Affiliates	Fee Range
Agreed-upon procedures for Class B share 12b-1 programs		√	Not to exceed $60,000 during the Pre-Approval Period
Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians) Cost to be borne 50% by the Funds and 50% by ING Investments, LLC.	√	√	Not to exceed $5,000 per Fund during the Pre-Approval Period
Agreed upon procedures for 15 (c) FACT Books	√		Not to exceed $35,000 during the Pre-Approval Period

Appendix E

Prohibited Non-Audit Services
Dated:

January 1, 2010

Bookkeeping or other services related to the accounting records or financial statements of the Funds

Financial information systems design and implementation

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

Actuarial services

Internal audit outsourcing services

Management functions

Human resources

Broker-dealer, investment adviser, or investment banking services

Legal services

Expert services unrelated to the audit

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible

EXHIBIT A

ING EQUITY TRUST

ING FUNDS TRUST

ING ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

ING GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

ING GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

ING INFRASTRUCTURE, INDUSTRIALS AND MATERIALS FUND

ING INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND

ING RISK MANAGED NATURAL RESOURCES FUND

ING INVESTORS TRUST

ING MAYFLOWER TRUST

ING MUTUAL FUNDS

ING PARTNERS, INC.

ING PRIME RATE TRUST

ING SENIOR INCOME FUND

ING SEPARATE PORTFOLIOS TRUST

ING VARIABLE INSURANCE TRUST

ING VARIABLE PRODUCTS TRUST


(e)(2)		Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee

		100% of the services were approved by the audit committee.

(f)		Percentage of hours expended attributable to work performed by other than full time employees of KPMG if greater than 50%.

		Not applicable.

(g)		Non-Audit Fees: The non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $1,394,664 for year ended October 31, 2010 and $2,042,810 for year ended October 31, 2009.

(h)		Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining KPMG’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments

PORTFOLIO OF INVESTMENTS

ING International Value Fund as of October 31, 2010

Shares

Value

COMMON STOCK:

96.8%

Australia:

0.5%

267,900

Australia & New Zealand Banking Group Ltd.

$
6,535,868

6,535,868

Bermuda:

0.8%

316,434

Tyco Electronics Ltd.

10,024,629

10,024,629

Brazil:

4.1%

767,000

Banco do Brasil S.A.

14,850,109

542,871

Centrais Eletricas Brasileiras SA ADR - Class A

7,583,908

286,500

Gafisa SA ADR

4,810,335

160,600

Petroleo Brasileiro SA ADR

5,009,114

292,654

@

Tele Norte Leste Participacoes SA ADR

4,489,312

220,358

Tim Participacoes SA ADR

7,108,749

228,371

Vivo Participacoes S.A. ADR

6,540,545

50,392,072

Canada:

2.9%

136,600

Barrick Gold Corp.

6,569,094

191,467

Loblaw Cos. Ltd.

8,181,324

315,300

Suncor Energy, Inc.

10,092,753

147,300

Toronto Dominion Bank

10,608,084

35,451,255

China:

3.8%

5,558,000

Angang New Steel Co., Ltd.

8,775,304

9,640,000

China Construction Bank

9,215,874

17,556,000

China Railway Group Ltd.

14,179,230

4,954,000

Dongfeng Motor Group Co., Ltd.

10,775,449

2,614,500

Shimao Property Holdings Ltd.

4,331,756

47,277,613

Denmark:

1.5%

97,000

Carlsberg A/S

10,605,052

283,000

@

Danske Bank A/S

7,517,542

18,122,594

Finland:

1.1%

473,500

Fortum OYJ

13,429,465

13,429,465

France:

11.8%

237,800

Accor S.A.

9,758,825

3,330,020

@

Alcatel S.A.

11,707,123

120,200

BNP Paribas

8,792,139

554,203

Carrefour S.A.

30,006,542

147,000

Compagnie Generale des Etablissements Michelin

11,745,648

226,700

Credit Agricole S.A.

3,718,041

856,335

France Telecom S.A.

20,546,279

793,328

@

Natixis

4,873,444

374,883

Sanofi-Aventis

26,265,054

350,504

Total S.A.

19,079,410

146,492,505

Germany:

5.0%

145,000

Allianz AG

18,158,030

94,350

Deutsche Bank AG

5,435,120

1,488,319

Deutsche Telekom AG

21,560,412

145,945

Siemens AG

16,654,578

61,808,140

Hong Kong:

2.4%

2,022,000

HongKong Electric Holdings

12,854,433

5,783,413

Sino Land Co.

12,125,212

1,163,500

Yue Yuen Industrial Holdings

4,173,316

29,152,961

Israel:

1.3%

299,500

Teva Pharmaceutical Industries Ltd. ADR

15,544,050

15,544,050

Italy:

3.5%

344,300

ENI S.p.A.

7,752,762

2,186,582

Intesa Sanpaolo S.p.A.

7,690,564

19,406,016

Telecom Italia S.p.A. RNC

23,811,040

1,714,000

UniCredito Italiano S.p.A.

4,468,514

43,722,880

Japan:

24.4%

701,000

Akita Bank Ltd.

1,976,680

307,400

Astellas Pharma, Inc.

11,435,871

268,241

L

Canon, Inc. ADR

12,339,086

2,743,000

Chuo Mitsui Trust Holdings, Inc.

9,895,513

731,000

Dai Nippon Printing Co., Ltd.

9,221,018

575,836

Daiichi Sankyo Co., Ltd.

12,202,905

396,200

Fuji Photo Film Co., Ltd.

13,217,869

1,139,000

Fujitsu Ltd.

7,769,637

1,745,000

Hitachi Ltd.

7,886,791

2,264

Inpex Holdings, Inc.

11,790,333

513,700

Mitsubishi Corp.

12,338,909

2,653,100

Mitsubishi UFJ Financial Group, Inc.

12,313,048

530,500

Mitsui Sumitomo Insurance Group Holdings, Inc.

12,709,135

6,614,700

Mizuho Financial Group, Inc.

9,593,424

2,342,000

NEC Corp.

6,516,517

486,600

Nippon Telegraph & Telephone Corp.

21,945,860

529,000

Omron Corp.

12,255,029

281,100

Ono Pharmaceutical Co., Ltd.

11,944,468

157,200

Rohm Co., Ltd.

9,803,459

435,500

Seven & I Holdings Co., Ltd.

10,109,280

297,100

Sony Corp.

10,038,122

258,800

Sumitomo Mitsui Financial Group, Inc.

7,724,597

270,000

Taisho Pharmaceutical Co., Ltd.

5,685,423

314,200

Takeda Pharmaceutical Co., Ltd.

14,728,523

66,200

TDK Corp.

3,777,034

1,044,200

Tokio Marine Holdings, Inc.

29,358,570

133,400

Tokyo Electron Ltd.

7,526,876

147,000

Toyota Motor Corp.

5,206,779

301,310,756

Luxembourg:

0.6%

227,000

ArcelorMittal

7,345,394

7,345,394

Malaysia:

2.0%

3,956,100

Malayan Banking BHD

11,463,686

4,798,100

Tenaga Nasional BHD

13,593,999

25,057,685

Mexico:

0.8%

663,965

Telefonos de Mexico SA de CV ADR

10,278,178

10,278,178

Netherlands:

7.3%

2,449,547

@

Aegon NV

15,524,746

75,500

Akzo Nobel NV

4,484,775

433,500

@

European Aeronautic Defence and Space Co. NV

11,403,880

931,312

Koninklijke Ahold NV

12,872,543

56,500

Nutreco Holding NV

4,115,963

638,056

Royal Dutch Shell PLC - Class A

20,707,100

511,879

@

SNS Reaal

2,369,491

369,800

Unilever NV

10,982,037

318,099

Wolters Kluwer NV

7,251,035

89,711,570

New Zealand:

0.4%

3,000,865

Telecom Corp. of New Zealand Ltd.

4,683,768

4,683,768

Portugal:

0.8%

672,776

Portugal Telecom SGPS S.A.

9,723,206

9,723,206

Russia:

1.1%

384,333

Mechel OAO ADR

9,051,042

259,000

L

MMC Norilsk Nickel ADR

4,830,350

13,881,392

Singapore:

0.8%

702,000

United Overseas Bank Ltd.

10,132,609

10,132,609

South Africa:

0.3%

283,657

Standard Bank Group Ltd.

4,174,232

4,174,232

South Korea:

1.1%

228,410

Korea Electric Power Corp.

6,011,847

51,085

SK Telecom Co., Ltd.

7,775,421

13,787,268

Spain:

0.5%

233,402

Telefonica S.A.

6,307,143

6,307,143

Sweden:

0.9%

1,013,260

Telefonaktiebolaget LM Ericsson

11,143,426

11,143,426

Switzerland:

6.1%

1,114,100

STMicroelectronics NV

9,769,743

363,010

Swiss Reinsurance

17,441,587

23,400

Swisscom AG

9,772,325

865,537

@

UBS AG - Reg

14,703,347

595,000

Xstrata PLC

11,527,163

51,403

Zurich Financial Services AG

12,579,210

75,793,375

United Kingdom:

11.0%

263,950

AstraZeneca PLC

13,277,256

1,495,391

Barclays PLC

6,571,442

1,338,480

GlaxoSmithKline PLC

26,137,351

1,491,100

HSBC Holdings PLC

15,518,918

7,669,626

@

ITV PLC

8,401,047

265,773

Kazakhmys PLC

5,600,184

2,924,900

Kingfisher PLC

11,142,736

2,202,751

Marks & Spencer Group PLC

15,096,288

6,251,400

Vodafone Group PLC

17,088,936

2,526,131

WM Morrison Supermarkets PLC

11,888,638

198,968

@

Wolseley PLC

5,292,482

136,015,278

Total Common Stock

( Cost $ 1,219,748,401 )

1,197,299,312

PREFERRED STOCK:

1.3%

Germany:

1.3%

101,161

Volkswagen AG

15,168,442

Total Preferred Stock

( Cost $ 8,042,602 )

15,168,442

Total Long-Term Investments

( Cost $ 1,227,791,003 )

1,212,467,754

SHORT-TERM INVESTMENTS:

2.7%

Affiliated Mutual Fund:

2.4%

29,834,588

ING Institutional Prime Money Market Fund - Class I

29,834,588

Total Mutual Fund

( Cost $ 29,834,588 )

29,834,588

Securities Lending Collateralcc:

0.3%

2,922,418

BNY Mellon Overnight Government Fund (1)

2,922,418

1,202,292

R

BNY Institutional Cash Reserves Fund, Series B (1)(2)

961,834

Total Securities Lending Collateral

( Cost $ 4,124,710 )

3,884,252

Total Short-Term Investments

( Cost $ 33,959,298 )

33,718,840

Total Investments in Securities

( Cost $ 1,261,750,301 ) *

100.8

%

$
1,246,186,594

Other Assets and Liabilities - Net

(0.8
)

(9,636,462
)

Net Assets

100.0

%

$
1,236,550,132

@

Non-income producing security

ADR

American Depositary Receipt

R

Restricted security

cc

Securities purchased with cash collateral for securities loaned.

(1)

Collateral received from brokers for securities lending was invested in these short-term investments.

(2)

On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund's position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

L

Loaned security, a portion or all of the security is on loan at October 31, 2010.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minimum qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.

The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.

The Secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90^th day prior to such meeting and not later than the close of business on the later of the 60^th day prior to such meeting or the 10^th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.

Item 11. Controls and Procedures.

(a)		Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)		There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)		Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(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.

(b)		The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

(3)		Not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): ING Mayflower Trust


By		/s/ Shaun P, Mathews Shaun P. Mathews
		President and Chief Executive Officer

Date: January 4, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By		/s/ Shaun P. Mathews Shaun P. Mathews
		President and Chief Executive Officer

Date: January 4, 2011


By		/s/ Todd Modic Todd Modic
		Senior Vice President and Chief Financial Officer

Date: January 4, 2011



		OMB APPROVAL
		OMB Number: 3235-0570
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7337 E. Doubletree Ranch Rd., Scottsdale, AZ		85258
(Address of principal executive offices)		(Zip code)


Date of fiscal year end:		October 31

Date of reporting period:		November 1, 2009 to October 31, 2010

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 Emerging Countries Fund
n		ING European Real Estate Fund
n		ING Global Opportunities Fund (formerly, ING Foreign Fund)
n		ING Greater China Fund
n		ING Index Plus International Equity Fund
n		ING International Capital Appreciation Fund
n		ING International Real Estate Fund
n		ING International SmallCap Multi-Manager Fund
n		ING International Value Fund
n		ING International Value Choice Fund
n		ING Russia Fund

Global and International Fixed-Income Funds
n		ING Global Bond Fund

International Fund-of-Funds
n		ING Diversified International Fund

President’s Letter					2
Market Perspective					3
Portfolio Managers’ Reports					6
Shareholder Expense Examples					42
Report of Independent Registered Public Accounting Firm					46
Statements of Assets and Liabilities					47
Statements of Operations					57
Statements of Changes in Net Assets					62
Financial Highlights					71
Notes to Financial Statements					82
Summary Portfolios of Investments					111
Tax Information					174
Shareholder Meeting Information					176
Trustee and Officer Information					177
Advisory Contract Approval Discussion					182

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Index				Description
MSCI World Index^SM				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.
S&P/Case-Shiller 20-City Composite Home Price Index				A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor’s.
Barclays Capital U.S. Aggregate Bond Index				An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
Barclays Capital Corporate Investment Grade Bond Index				The corporate component of the Barclays Capital U.S. Credit Index. The U.S. Credit Index includes publicly-issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. The index includes both corporate and non-corporate sectors. The corporate sectors are industrial, utility and finance, which includes both U.S. and non-U.S. corporations.
Barclays Capital U.S. Treasury Index				An unmanaged index that includes public obligations of the U.S. Treasury. Treasury bills, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS and STRIPS, are excluded.
Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index				An unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
S&P 500® Index				An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI Europe ex UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
S&P North American Natural Resources Sector Index				An unmanaged index and a market-capitalization weighted index of stocks designed to measure the performance of companies in the natural resources sector, which includes energy, precious metals, timber and other sub-sectors. Each sector index is a modified-capitalization weighted index, the constituents of which are selected according to objective screening criteria. The weight of a particular stock in each Sector Index is capped at a cap level determined on a sector-by-sector basis.
S&P Developed Property Index				An unmanaged float-adjusted index which defines and measure the investable universe of publicly traded property companies domiciled in developed countries that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment.
MSCI All Country World Index^SM				A free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.
S&P Asia-Pacific Property Index				An unmanaged float-adjusted index which defines and measures the investable universe of publicly traded property companies domiciled in developed countries in the Asia Pacific region, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. It includes the reinvestment of dividends but is gross of withholding taxes on dividends and does not reflect fees, brokerage commissions or other expenses of investing.

Index				Description
MSCI Emerging Markets Index^SM				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.
S&P Europe Property Index				An unmanaged float-adjusted index which defines and measures the investable universe of publicly traded property companies domiciled in developed European countries, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. It includes the reinvestment of dividends but is gross of withholding taxes on dividends and does not reflect fees, brokerage commissions or other expenses of investing.
MSCI All Countries Golden Dragon Index				A broad-based, unmanaged index of common stocks traded in China, Hong Kong and Taiwan. It is an aggregate of the MSCI Hong Kong Index, the MSCI China Free Index and the MSCI Taiwan Index.
MSCI Europe, Australasia and Far East® (“MSCI EAFE”) Index				An unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
MSCI All Country World (ex-US) Index^SM				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.
S&P Developed ex-US Property Index				An unmanaged float-adjusted index which defines and measure the investable universe of publicly traded property companies domiciled in developed countries, outside of the United States, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. It includes the reinvestment of dividends but is gross of withholding taxes on dividends and does not reflect fees, brokerage commissions or other expenses of investing.
S&P Developed ex-US SmallCap Index				An unmanaged float-adjusted index which captures the bottom 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float-adjusted market capitalization of US$100 million or greater and a minimum annual trading liquidity of US$50 million.
S&P Euro-Pacific Asia Composite SmallCap Index				An unmanaged float-adjusted index which captures the bottom 15% of companies in the developed European and Pacific markets, based on the cumulative market capitalization of each country, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US$100 million or greater and a minimum annual trading liquidity of US $50 million.
Russia Trading System Index				A capitalization-weighted index that is calculated in U.S. dollars. The index tracks the performance of Russia’s most active stocks traded on the RTS. The index is operated by the National Association of Participants in the Securities Markets, a non-profit body.
MSCI Russia 10/40 Index				A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the Russian market taking into account the Undertakings for Collective Investment in Transferable Securities (UCITS III) directive which constrains the weight of any single group entity, as defined therein, at 10%of a fund’s total assets and the sum of the weights of all group entities representing more than 5%of the fund at 40% of the fund’s total assets.

Investment Type Allocation as of October 31, 2010 (as a percent of net assets)
Common Stock	94.2	%
Real Estate Investment Trusts	1.1	%
Other Assets and Liabilities — Net*	4.7	%
Net Assets	100.0	%

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

*Portfolio holdings are subject to change daily.*

Top Ten Holdings* as of October 31, 2010 (as a percent of net assets)
Royal Dutch Shell PLC	1.6	%
Baxter International, Inc.	1.6	%
Gaz de France Suez	1.5	%
Total S.A.	1.5	%
Chevron Corp.	1.5	%
Pitney Bowes, Inc.	1.5	%
Sanofi-Aventis	1.5	%
Nintendo Co., Ltd.	1.5	%
Vivendi	1.5	%
ExxonMobil Corp.	1.5	%

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

*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Periods Ended October 31, 2010
	1 Year			5 Year			Since Inception of Class A September 17, 2003			Since Inception of Class B October 24, 2003			Since Inception of Class C October 29, 2003			Since Inception of Class I August 1, 2007			Since Inception of Class O November 15, 2006			Since Inception of Class W February 12, 2008
Including Sales Charge:
Class A⁽¹⁾		6.04	%		0.29	%		5.39	%		—			—			—			—			—
Class B⁽²⁾		6.62	%		0.40	%		—			5.14	%		—			—			—			—
Class C⁽³⁾		10.66	%		0.74	%		—			—			4.96	%		—						—
Class I		12.90	%		—			—			—			—			(6.66	)%		—			—
Class O		12.41	%		—			—			—			—			—			(4.15	)%		—
Class W		12.79	%		—			—			—			—			—			—			(5.66	)%
Excluding Sales Charge:
Class A		12.46	%		1.49	%		6.27	%		—			—			—			—			—
Class B		11.62	%		0.71	%		—			5.14	%		—			—			—			—
Class C		11.66	%		0.74	%					—			4.96	%		—			—			—
Class I		12.90	%		—			—			—			—			(6.66	)%		—			—
Class O		12.41	%		—						—			—			—			(4.15	)%		—
Class W		12.79	%		—			—			—			—			—			—			(5.66	)%
MSCI World Index^SM(4)		12.74	%		2.54	%		6.29	%⁽⁵⁾		5.50	%⁽⁶⁾		5.50	%⁽⁶⁾		(5.31	)%		(1.68	)%⁽⁷⁾		(4.23	)%⁽⁸⁾

Country Allocation as of October 31, 2010 (as a percent of net assets)
United States	62.9	%
Canada	24.6	%
Russia	2.2	%
Netherlands	2.0	%
China	1.1	%
United Kingdom	1.1	%
Bahamas	0.8	%
Brazil	0.8	%
Thailand	0.8	%
Australia	0.7	%
Japan	0.6	%
Other Assets and Liabilities — Net*	2.4	%
Net Assets	100.0	%

* Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I.

*Portfolio holdings are subject to change daily.*

Top Ten Holdings as of October 31, 2010 (as a percent of net assets)
ExxonMobil Corp.	9.9	%
Schlumberger Ltd.	7.9	%
ConocoPhillips	7.0	%
Chevron Corp.	4.9	%
Suncor Energy, Inc.	4.6	%
Barrick Gold Corp.	3.5	%
National Oilwell Varco, Inc.	3.5	%
Apache Corp.	3.5	%
Canadian Natural Resources Ltd.	3.4	%
Devon Energy Corp.	2.6	%

*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Periods Ended October 31, 2010
	1 Year			5 Year			10 Year			Since Inception of Class I August 1, 2007			Since Inception of Class W February 12, 2008
Including Sales Charge:
Class A⁽¹⁾		6.45	%		9.77	%		18.25	%					—
Class I		13.43	%		—			—			(0.42	)%		—
Class W		13.17	%		—			—			—			(2.90	)%
Excluding Sales Charge:
Class A		12.99	%		11.08	%		18.96	%		—			—
Class I		13.43	%		—			—			(0.42	)%		—
Class W		13.17	%		—			—			—			(2.90	)%
S&P 500® Index⁽²⁾		16.52	%		1.73	%		(0.02	)%		(4.04	)%		(3.21	)%⁽⁴⁾
S&P North American Natural Resources Sector Index⁽³⁾		14.03	%		7.01	%		9.12	%		(1.59	)%		(2.61	)%⁽⁴⁾

Country Allocation as of October 31, 2010 (as a percent of net assets)
United States	38.5	%
Hong Kong	13.7	%
Japan	11.9	%
Australia	11.0	%
Singapore	6.5	%
France	5.5	%
United Kingdom	5.4	%
Canada	2.8	%
Sweden	0.9	%
Netherlands	0.8	%
Switzerland	0.8	%
Norway	0.4	%
Other Assets and Liabilities — Net*	1.8	%
Net Assets	100.0	%

* Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I and securities lending collateral.

*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Periods Ended October 31, 2010
	1 Year			5 Year			Since Inception of Class A November 5, 2001			Since Inception of Class B March 15, 2002			Since Inception of Class C January 8, 2002			Since Inception of Class I June 3, 2005			Since Inception of Class O November 15, 2006			Since Inception of Class W February 12, 2008
Including Sales Charge:
Class A⁽¹⁾		13.29	%		3.17	%		11.42	%		—			—			—			—			—
Class B⁽²⁾		14.33	%		3.30	%		—			10.41	%		—			—			—			—
Class C⁽³⁾		18.33	%		3.63	%		—			—			10.60	%		—			—			—
Class I		20.65	%		4.78	%		—			—			—			5.57	%		—			—
Class O		20.19	%		—			—			—			—			—			(3.16	)%		—
Class W		20.52	%		—			—			—			—			—			—			(2.11	)%
Excluding Sales Charge:
Class A		20.20	%		4.41	%		12.15	%		—			—			—			—			—
Class B		19.33	%		3.62	%		—			10.41	%		—			—			—			—
Class C		19.33	%		3.63	%		—			—			10.60	%		—			—			—
Class I		20.65	%		4.78	%		—			—			—			5.57	%		—			—
Class O		20.19	%		—			—			—			—			—			(3.16	)%		—
Class W		20.52	%		—			—			—			—			—			—			(2.11	)%
S&P Developed Property Index⁽⁴⁾		24.99	%		3.59	%		11.52	%⁽⁵⁾		11.27	%⁽⁶⁾		11.06	%⁽⁷⁾		4.62	%⁽⁸⁾		(3.90	)%⁽⁹⁾		(4.11	)%⁽¹⁰⁾

Country Allocation as of October 31, 2010 (as a percent of net assets)
United States	26.3	%
Japan	18.5	%
Canada	12.1	%
France	4.9	%
Australia	3.2	%
South Africa	3.1	%
Brazil	3.0	%
Russia	3.0	%
Italy	2.9	%
South Korea	2.1	%
Norway	1.5	%
Hong Kong	1.2	%
United Kingdom	1.2	%
Countries less than 1.2%⁽¹⁾	4.5	%
Other Assets and Liabilities — Net*	12.5	%
Net Assets	100.0	%

* Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I and securities lending collateral.
⁽¹⁾ Includes eight countries, which each represents less than 1.2% of net assets.

*Portfolio holdings are subject to change daily.*

Country Allocation as of October 31, 2010 (as a percent of net assets)
Hong Kong	30.9	%
Japan	29.2	%
Australia	23.7	%
Singapore	15.1	%
Other Assets and Liabilities — Net*	1.1	%
Net Assets	100.0	%

* Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I.

*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Periods Ended October 31, 2010
	1 Year			Since Inception of Classes A, B, C, and I November 1, 2007
Including Sales Charge:
Class A⁽¹⁾		11.83	%		(12.75	)%
Class B⁽²⁾		12.69	%		(12.56	)%
Class C⁽³⁾		16.64	%		(11.79	)%
Class I		18.95	%		(10.91	)%
Excluding Sales Charge:
Class A		18.68	%		(11.04	)%
Class B		17.69	%		(11.78	)%
Class C		17.64	%		(11.79	)%
Class I		18.95	%		(10.91	)%
S&P Asia-Pacific Property Index⁽⁴⁾		17.12	%		(10.87	)%

Country Allocation as of October 31, 2010 (as a percent of net assets)
Brazil	16.1	%
South Korea	12.4	%
China	11.0	%
Hong Kong	8.0	%
Taiwan	7.4	%
India	7.2	%
Russia	5.3	%
South Africa	4.4	%
Mexico	3.9	%
Emerging Markets	3.1	%
Indonesia	2.5	%
Thailand	1.7	%
Countries between 1.0%–1.6%⁽¹⁾	4.8	%
Countries less than 1.0%⁽²⁾	6.1	%
Other Assets and Liabilities — Net*	6.1	%
Net Assets	100.0	%

* Includes short-term investments related to securities lending collateral.
⁽¹⁾ Includes four countries, which each represents 1.0%–1.6% of net assets.
⁽²⁾ Includes ten countries, which each represents less than 1.0% of net assets.

*Portfolio holdings are subject to change daily.*

Country Allocation as of October 31, 2010 (as a percent of net assets)
United Kingdom	32.7	%
France	31.1	%
Netherlands	8.7	%
Switzerland	7.4	%
Germany	4.2	%
Sweden	3.3	%
Austria	3.2	%
Belgium	3.1	%
Finland	1.3	%
Norway	1.1	%
Luxembourg	1.0	%
Italy	0.4	%
Other Assets and Liabilities — Net*	2.5	%
Net Assets	100.0	%

* Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I.

*Portfolio holdings are subject to change daily.*

Country Allocation as of October 31, 2010 (as a percent of net assets)
United States	44.9	%
United Kingdom	8.0	%
China	6.7	%
Switzerland	6.5	%
Brazil	4.9	%
Japan	4.0	%
Hong Kong	3.6	%
France	3.3	%
Canada	2.5	%
Germany	2.3	%
Netherlands	2.0	%
South Korea	1.7	%
Countries between 0.9%–1.4%⁽¹⁾	4.3	%
Countries less than 0.9%⁽²⁾	4.3	%
Other Assets and Liabilities — Net*	1.0	%
Net Assets	100.0	%

* Includes short-term investments related to securities lending collateral.
⁽¹⁾ Includes four countries, which each represents 0.9%–1.4% of net assets.
⁽²⁾ Includes seven countries, which each represents less than 0.9% of net assets.

*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Periods Ended October 31, 2010
	1 Year			5 Year			Since Inception of Class A July 1, 2003			Since Inception of Class B July 8, 2003			Since Inception of Class C July 7, 2003			Since Inception of Class I September 8, 2003			Since Inception of Class W February 12, 2008
Including Sales Charge:
Class A⁽¹⁾		3.23	%		1.07	%		6.47	%		—			—			—			—
Class B⁽²⁾		3.74	%		1.14	%		—			6.14	%		—			—			—
Class C⁽³⁾		7.74	%		1.50	%		—			—			6.19	%		—			—
Class I		9.94	%		2.62	%		—			—			—			7.02	%		—
Class W		9.87	%		—			—			—			—			—			(8.62	)%
Excluding Sales Charge:
Class A		9.49	%		2.27	%		7.34	%		—			—			—			—
Class B		8.74	%		1.49	%		—			6.14	%		—			—			—
Class C		8.74	%		1.50	%		—			—			6.19	%		—			—
Class I		9.94	%		2.62	%		—			—			—			7.02	%		—
Class W		9.87	%		—			—			—			—			—			(8.62	)%
MSCI ACWI^SM(4)		14.10	%		3.69	%		7.80	%		7.80	%⁽⁶⁾		7.80	%⁽⁶⁾		7.32	%⁽⁷⁾		(3.37	)%⁽⁸⁾
MSCI ACWI (ex-US)⁽⁵⁾		12.62	%		5.74	%		11.27	%		11.27	%⁽⁶⁾		11.27	%⁽⁶⁾		10.69	%⁽⁷⁾		(3.19	)%⁽⁸⁾

Country Allocation as of October 31, 2010 (as a percent of net assets)
Hong Kong	39.0	%
China	36.1	%
Taiwan	23.1	%
Other Assets and Liabilities — Net	1.8	%
Net Assets	100.0	%

*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Periods Ended October 31, 2010
	1 Year			Since Inception of Class A December 21, 2005			Since Inception of Class B January 6, 2006			Since Inception of Class C January 11, 2006			Since Inception of Class I May 8, 2006			Since Inception of Class O June 4, 2008
Including Sales Charge:
Class A⁽¹⁾		9.80	%		14.20	%		—			—			—			—
Class B⁽²⁾		10.61	%		—			13.23	%		—			—			—
Class C⁽³⁾		14.64	%		—			—			13.39	%		—			—
Class I		16.97	%		—			—			—			11.07	%		—
Class O		16.49	%		—			—			—			—			2.81	%
Excluding Sales Charge:
Class A		16.49	%		15.60	%		—			—			—			—
Class B		15.61	%		—			13.49	%		—			—			—
Class C		15.64	%		—			—			13.39	%		—			—
Class I		16.97	%		—			—			—			11.07	%		—
Class O		16.49	%		—			—			—			—			2.81	%
MSCI All Countries Golden Dragon Index^SM(4)		15.78	%		12.53	%⁽⁵⁾		12.53	%⁽⁵⁾		12.53	%⁽⁵⁾		9.71	%⁽⁶⁾		0.63	%⁽⁷⁾

Country Allocation as of October 31, 2010 (as a percent of net assets)
Japan	20.1	%
United Kingdom	19.2	%
Germany	8.3	%
Australia	8.0	%
France	6.7	%
Switzerland	6.1	%
Netherlands	5.0	%
Sweden	4.5	%
Spain	3.7	%
Italy	3.2	%
Hong Kong	3.0	%
Finland	2.8	%
Countries between 1.4%–1.5%⁽¹⁾	4.4	%
Countries less than 1.4%⁽²⁾	3.9	%
Other Assets and Liabilities — Net*	1.1	%
Net Assets	100.0	%

* Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I.
⁽¹⁾ Includes three countries, which each represents 1.4%–1.5% of net assets.
⁽²⁾ Includes eight countries, which each represents less than 1.4% of net assets.

*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Periods Ended October 31, 2010
	1 Year			Since Inception of Classes A and I December 21, 2005			Since Inception of Classes B and C January 12, 2006			Since Inception of Class O November 9, 2007
Including Sales Charge:
Class A⁽¹⁾		2.84	%		(0.63	)%		—			—
Class B⁽²⁾		3.30	%		—			(1.22	)%		—
Class C⁽³⁾		7.35	%		—			(0.91	)%		—
Class I		9.46	%		1.09	%		—			—
Class O		9.10	%		—			—			(8.67	)%
Excluding Sales Charge:
Class A		9.17	%		0.58	%		—			—
Class B		8.30	%		—			(0.87	)%		—
Class C		8.35	%		—			(0.91	)%		—
Class I		9.46	%		1.09	%		—			—
Class O		9.10	%		—			—			(8.67	)%
MSCI EAFE® Index⁽⁴⁾		8.36	%		1.94	%⁽⁵⁾		1.94	%⁽⁵⁾		(9.60	)%⁽⁶⁾

Country Allocation as of October 31, 2010 (as a percent of net assets)
United Kingdom	14.9	%
Japan	10.6	%
China	8.4	%
Switzerland	8.3	%
Germany	7.3	%
France	6.8	%
Brazil	6.6	%
Canada	6.3	%
Australia	6.2	%
Hong Kong	5.6	%
Denmark	2.2	%
Luxembourg	1.9	%
Countries between 1.5%–1.7%⁽¹⁾	6.4	%
Countries less than 1.5%⁽²⁾	8.0	%
Other Assets and Liabilities — Net*	0.5	%
Net Assets	100.0	%

* Includes short-term investments related to securities lending collateral.
⁽¹⁾ Includes four countries, which each represents 1.5%–1.7% of net assets.
⁽²⁾ Includes eight countries, which each represents less than 1.5% of net assets.

*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Periods Ended October 31, 2010
	1 Year			Since Inception of Classes A and I December 21, 2005			Since Inception of Class B January 9, 2006			Since Inception of Class C January 24, 2006			Since Inception of Class W August 7, 2009
Including Sales Charge:
Class A⁽¹⁾		5.22	%		0.93	%		—			—			—
Class B⁽²⁾		5.73	%		—			0.14	%		—			—
Class C⁽³⁾		9.80	%		—			—			0.80	%		—
Class I		12.11	%		2.53	%		—			—			—
Class W*		11.85	%		—			—			—			14.04	%
Excluding Sales Charge:
Class A		11.63	%		2.17	%		—			—			—
Class B		10.73	%		—			0.53	%		—			—
Class C		10.80	%		—			—			0.80	%		—
Class I		12.11	%		2.53	%		—			—			—
Class W*		11.85	%		—			—			—			14.04	%
MSCI ACWI (ex-US)⁽⁴⁾		12.62	%		4.21	%⁽⁵⁾		4.21	%⁽⁵⁾		2.82	%⁽⁶⁾		16.68	%⁽⁷⁾

Country Allocation as of October 31, 2010 (as a percent of net assets)
Hong Kong	22.7	%
Japan	18.8	%
Australia	16.5	%
United Kingdom	10.5	%
Singapore	10.3	%
France	9.7	%
Canada	5.6	%
Netherlands	1.5	%
Sweden	1.2	%
Switzerland:	1.1	%
Norway	0.5	%
Philippines	0.3	%
India	0.1	%
Other Assets and Liabilities — Net	1.2	%
Net Assets	100.0	%

*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Periods Ended October 31, 2010
	1 Year			Since Inception of Classes A, B, C and I February 28, 2006			Since Inception of Class W February 12, 2008
Including Sales Charge:
Class A⁽¹⁾		5.96	%		(0.10	)%		—
Class B⁽²⁾		6.74	%		0.08	%		—
Class C⁽³⁾		10.65	%		0.41	%		—
Class I		12.90	%		1.50	%		—
Class W		12.80	%		—			(4.90	)%
Excluding Sales Charge:
Class A		12.46	%		1.17	%		—
Class B		11.74	%		0.45	%		—
Class C		11.65	%		0.41	%		—
Class I		12.90	%		1.50	%		—
Class W		12.80	%		—			(4.90	)%
S&P Developed ex-US Property Index⁽⁴⁾		16.38	%		0.80	%⁽⁵⁾		(6.08	)%⁽⁶⁾

Country Allocation as of October 31, 2010 (as a percent of net assets)
Japan	17.2	%
United Kingdom	15.9	%
Germany	8.9	%
Australia	5.9	%
Switzerland	5.9	%
France	5.4	%
Canada	4.4	%
Hong Kong	4.0	%
Netherlands	3.5	%
Singapore	3.4	%
Italy	3.1	%
South Korea	2.3	%
Countries between 1.4%–2.2%⁽¹⁾	10.0	%
Countries less than 1.4%⁽²⁾	8.2	%
Other Assets and Liabilities — Net*	1.9	%
Net Assets	100.0	%

* Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I and securities lending collateral.
⁽¹⁾ Includes six countries, which each represents 1.4%–2.2% of net assets.
⁽²⁾ Includes twenty one countries, which each represents less than 1.4% of net assets.

*Portfolio holdings are subject to change daily.*

Emerging Countries

$1,400,280

Index Plus International Equity

International SmallCap Multi-Manager

$2,661,920

International Value