ING MAYFLOWER TRUST - Notes to Mutual Funds Financial Statements - 1-7-2008 by IIVWX-Agreements



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

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

Each Fund offers at least one or more of the following classes of shares: Class A, Class B, Class C, Class I, 
Class O, Class Q and Class R. The separate classes of shares differ principally in the applicable sales charges (if 
any), distribution fees and shareholder servicing fees and transfer agent fees. Generally, shareholders of each
class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses
of the Fund and earn income and realized gains/losses from the portfolio pro rata based on the average daily net
assets of each class, without distinction between share classes. Common expenses of the Funds (including
custodial asset-based fees, legal and audit fees, printing and mailing expenses, transfer agency out-of-pocket
expenses, and fees and expenses of the independent trustees) are allocated to each Fund in proportion to its
relative daily net assets. Expenses directly attributable to a particular fund (including advisory, administration,
custodial transaction-based, registration, other professional, distribution and/or service fees, certain taxes, and
offering costs) are charged directly to that Fund. Differences in per share dividend rates generally result from the
differences in separate class expenses, including distribution and shareholder servicing fees. Class B shares, along 
with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase. 

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

Effective January 2, 2007, Class M shareholders of Emerging Countries were converted to Class A shares 

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NOTE 1 — ORGANIZATION (continued)

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

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


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

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

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      its NAV. In such a case, a Fund will use the fair value of such securities as determined under the Funds’ 
      valuation procedures. Events after the close of trading on a foreign market that could require a Fund to fair
      value some or all of its foreign securities include, among others, securities trading in the U.S. and other
      markets, corporate announcements, natural and other disasters, and political and other events. Among other
      elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one
      or more independent research services to assist with such determinations. An independent research service
      may use statistical analyses and quantitative models to help determine fair value as of the time a Fund
      calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the
      applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such
      markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a
      security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair
      value assigned to a security may not represent the actual value that a Fund could obtain if it were to sell the
      security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, a Fund is not
      obligated to use the fair valuations suggested by any research service, and valuation recommendations
      provided by such research services may be overridden if other events have occurred or if other fair
      valuations are determined in good faith to be more accurate. Unless an event is such that it causes a Fund to
      determine that the closing prices for one or more securities do not represent readily available reliable market
      value quotations at the time the Fund determines its NAV, events that occur between the time of the close
      of the foreign market on which they are traded and the close of regular trading on the NYSE will not be
      reflected in the Fund’s NAV. Investments in securities maturing in 60 days or less are valued at amortized 
      cost, which, when combined with accrued interest approximates market value.
      For the Russia Fund, the valuation procedures for Russian equity securities are to price local shares
      according to the most recent available bid prices. If securities are not listed on the Russian Trade System or
      on any other pricing service that lists available bid quotes, then the mean of at least two broker bid quotes is
      used. For equity securities of an issuer in Russia for which there are no readily available reliable market
      value quotations, the following benchmark pricing procedure shall apply on any day on which the largest
      securities exchange in Russia (the “RTS”) declines by 2.5% or more; the price of the security shall be
      adjusted by the amount of the downward change in a composite of the other companies that are publicly
      traded in the same sector as the issuer, if ascertainable, and if not ascertainable, by the amount of
      downward change in the RTS.
      For Diversified International, the valuation of the Fund’s investments in its Underlying Funds is based on the
      NAVs of the Underlying Funds each business day. In general, assets of the Underlying Funds are valued
      based on actual or estimated market value, with special provisions for assets not having readily available
      market quotations and short-term debt securities, and for situations where market quotations are deemed
      unreliable. Investments in securities maturing in 60 days or less are valued at amortized cost, which when 
      combined with accrued interest, approximates market value. Securities prices may be obtained from
      automated pricing services. Shares of investment companies held by the Underlying Funds will generally be
      valued at the latest NAV reported by that investment company.
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 are recorded as distributions of
      realized gains from affiliated Underlying Funds.

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      Global Real Estate and International Real Estate estimate components of distributions from real estate
      investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of cost
      of the related investments. If the Funds no longer own the applicable securities, any distributions received in
      excess of income are recorded as realized gains.
C.    Foreign Currency Translation. The books and records of the Funds and Underlying Funds are
      maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following 

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

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

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      such a contract, a Fund or an Underlying Fund is required to deposit and maintain as collateral such initial
      margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Fund or an
      Underlying Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the
      value of the contract. Such receipts or payments are known as variation margin and are recorded as
      unrealized gains or losses by the Fund or an Underlying Fund. When the contract is closed, the Fund or
      Underlying Fund records a realized gain or loss equal to the difference between the value of the contract at
      the time it was opened and the value at the time it was closed.
E.    Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date.
      Each Fund pays dividends and capital gains, if any, annually (except, Global Equity Dividend, Global Real
      Estate and International Real Estate, which pay dividends, if any, quarterly and Emerging Markets Fixed
      Income and Global Bond, which pay dividends monthly). The Funds may make distributions on a more
      frequent basis to comply with the distribution requirements of the Internal Revenue Code. The
      characteristics of income and gains to be distributed are determined in accordance with income tax
      regulations, which may differ from U.S. generally accepted accounting principles for investment companies. 
F.    Federal Income Taxes. It is the policy of the Funds to comply with subchapter M of the Internal Revenue
      Code and related excise tax provisions applicable to regulated investment companies and to distribute
      substantially all of their net investment income and any net realized capital gains to their shareholders.
      Therefore, no federal income tax provision is required. No capital gain distributions shall be made until any
      capital loss carryforwards have been fully utilized or expire.
      The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments
      are treated as distributions of income or gain.
G.    Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted 
      accounting principles requires management to make estimates and assumptions that affect the reported
      amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
      statements and the reported amounts of increases and decreases in net assets from operations during the
      reporting period. Actual results could differ from those estimates.
H.    Organization Expenses and Offering Costs. Costs incurred with the organization of the Funds and
      Underlying Funds are expensed as incurred. Costs incurred with the offering of shares of the Funds and
      Underlying Funds are deferred and amortized over a twelve-month period on a straight-line basis.
I.    Repurchase Agreements. Each Fund and Underlying Fund may invest in repurchase agreements only with
      government securities dealers recognized by the Board of Governors of the Federal Reserve System.
      Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and
      price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the
      period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from
      overnight to one week, while the underlying securities generally have longer maturities. Each Fund and
      Underlying Fund will receive as collateral securities acceptable to it whose market value is equal to at least
      100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the
      Fund or Underlying Fund. The underlying collateral is valued daily on a mark to market basis to assure that
      the value, including accrued interest is at least equal to the repurchase price. There would be potential loss
      to the Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from
      exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.
J.    Securities Lending. Each Fund and Underlying Fund has the option to temporarily loan up to 30% of its
      total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The
      borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the
      event of counterparty default, each Fund and
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      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.
K.    Options Contracts. All Funds and Underlying Funds may purchase put and call options and may write
      (sell) put options and covered call options. The Funds and Underlying Funds may engage in option 
      transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market
      exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last
      sales price on the principal exchange on which the options are traded. The Funds and Underlying Funds will
      realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the
      proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a
      written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of
      premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the
      accompanying financial statements. The value of an option purchased or written is marked to market daily
      and is valued at the closing price on the exchange on which it is traded or, if not traded on an exchange or
      no closing price is available, at the mean between last bid and asked prices. The risk in writing a covered
      call option is that the Funds and Underlying Funds give up the opportunity for profit if the market price of
      the security increases and the option is exercised. The risk in writing a put option is that the Funds and
      Underlying Funds may incur a loss if the market price of the security decreases and the option is exercised.
      The risk in buying an option is that the Funds and Underlying Funds pay a premium whether or not the
      option is exercised. Risks may also arise from an illiquid secondary market or from the inability of
      counterparties to meet the terms of the contract.
L.    Swap Contracts. Certain Funds and Underlying Funds may enter into interest rate swaps, currency swaps
      and other types of swap agreements, including swaps on securities and indices. A swap is an agreement
      between two parties pursuant to which each party agrees to make one or more payments to the other on
      regularly scheduled dates over a stated term, based on different interest rates, currency exchange rates,
      security prices, the prices or rates of other types of financial instruments or assets or the levels of specified
      indices. During the term of the swap, changes in the value of the swap are recognized as unrealized
      appreciation or depreciation.
M.    Illiquid and Restricted Securities. Each Fund and Underlying Fund may not invest more than 15% of its
      net assets in illiquid securities. Illiquid securities are not readily marketable. Disposing of illiquid investments
      may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the
      Funds and Underlying Funds to sell them promptly at an acceptable price. Each Fund and Underlying Fund
      may also invest in restricted securities which include those sold under Rule 144A of the Securities Act of 
      1933 (“1933 Act”) or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to 
      legal or contractual restrictions on resale and may not be publicly sold without registration under the
      1933 Act. Certain restricted securities may be considered liquid pursuant to procedures adopted by the 
      Board or may be deemed illiquid because they may not be readily marketable. Illiquid and restricted
      securities are valued using market quotations when readily available. In the absence of market quotations,
      the securities are valued based upon their fair value determined under procedures approved by the Board.
N.    Delayed Delivery or When-Issued Transaction. The Funds and Underlying Funds may purchase or sell
      securities on a when-issued or forward commitment basis. The price of the securities and date when the
      securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value
      of these securities is identified in each Fund’s 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

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      the contract. In connection with such purchases, the Funds and Underlying Funds are required to segregate
      liquid assets sufficient to cover the purchase price.


For the year ended October 31, 2007, the cost of purchases and the proceeds from the sales of securities, 
excluding U.S. government and short-term securities, were as follows:
                                                                                      Purchases                      Sales

Global Equity Dividend                                                            $ 241,467,877             $ 114,440,427  
Global Natural Resources                                                            159,676,137               171,322,857  
Global Real Estate                                                                 1,489,340,613              646,091,082  
Global Value Choice                                                                 74,624,278                77,005,912  
Disciplined International Smallcap                                                  689,733,535               251,337,937  
Emerging Countries                                                                  176,582,749               133,419,868  
Foreign                                                                             507,242,216               398,908,799  
Greater China                                                                       81,759,098                55,078,355  
Index Plus International Equity                                                     224,951,836               216,089,904  
International Capital Appreciation                                                  132,465,450               66,084,240  
International Equity Dividend                                                       55,022,140                   2,147,755  
International Growth Opportunities                                                  170,982,964               194,501,074  
International Real Estate                                                           508,481,765               131,572,656  
International SmallCap                                                             1,141,804,741              803,123,226  
International Value                                                                1,622,001,727             1,980,705,496  
International Value Choice                                                          79,632,796                72,343,511  
International Value Opportunities                                                   14,012,871                   4,049,343  
Russia                                                                              99,050,016                232,167,757  
Emerging Markets Fixed Income                                                       294,624,980               34,407,546  
Global Bond                                                                         48,801,306                44,469,415  
Diversified International                                                           359,307,578               130,727,717  

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

Global Bond                                                                              $175,951,918          $173,701,447  


A 2% redemption fee is charged on shares of Russia that are redeemed (included in connection with an
exchange) within 365 days or less from their date of purchase. The redemption fee is recorded as an addition to 
paid-in capital. Total redemption fee proceeds for the year ended October 31, 2007 and year ended 
October 31, 2006 were $3,086,432 and $2,984,157, respectively, and are set forth in the Statements of 
Changes in Net Assets.

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


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

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

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                                                             As a Percentage of Average Net Assets

Global Bond                                                  0.40%
Diversified International                                    0.00%

(1)Effective July 31, 2007, ING Investments has contractually agreed to waive a portion of the advisory fee for 
   ING Foreign Fund. This advisory fee waiver will continue through at least May 1, 2009. There is no guarantee 
   that this waiver will continue after this date. This agreement will only renew if ING Investments elects to renew

ING Investments has contractually agreed to waive a portion of the advisory fee for Foreign. The waiver is
calculated as 50% of the difference between the former sub-advisory fee minus the new sub-advisory fee.

For the period ended October 31, 2007, ING Investments waived $4,906 for Foreign.

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

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

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

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

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

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

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

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

Hansberger Global Investors, Inc. (“HGI”), a registered investment adviser, serves as the Sub-Adviser to
International Capital Appreciation pursuant to a sub-advisory agreement between the Investment Adviser and
For Diversified International, ING Investment Management Co. (the “Consultant” or “ING IM”) is a consultant
to the Investment Adviser. The Consultant provides tactical allocation recommendations to the Investment
Adviser. The Investment Adviser has set up an Investment Committee made up of a team of professionals to
consider, review and implement the recommendations of the Consultant, and retains discretion over
implementation of the Consultant’s recommendations. The Consultant provides ongoing recommendations to the
Investment Committee of the Investment Adviser quarterly or as warranted by market conditions.

Effective November 1, 2006, certain ING Funds sub-advised by ING IM are permitted to invest end-of-day
cash balances into ING Institutional Prime Money Market Fund. Investment management fees paid by the Funds
will be reduced by an amount equal to the management fees paid indirectly to ING Institutional Prime Money
Market Fund with respect to assets invested by the Funds. For the year ended October 31, 2007, Global 
Natural Resources, International Growth Opportunities and Global Bond waived $270, $433 and $1,815 of
such management fees, respectively. These fees are not subject to recoupment.

ING Funds Services, LLC (the “Administrator”), serves as administrator to each Fund. The Funds pay the

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Administrator a fee calculated at an annual rate of 0.10% of each Fund’s average daily net assets.

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

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


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

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

(1)The Distributor has agreed to waive 0.10% of the Distribution Fee for Class A shares of Emerging Countries 
   for the period from January 1, 2007 through December 31, 2007. Previously, the Distributor had agreed to 
   waive 0.10% of the Distribution Fee for Class A shares of Emerging Countries for the period from January 1, 
   2006 through December 31, 2006. 
(2)The Distributor has agreed to waive 0.25% of the Distribution Fee for Class Q shares and a portion of the 
   Distribution Fee for Class C shares of International Value for the period from January 1, 2007 through 
   December 31, 2007. 
Fees paid to the Distributor by class during the year ended October 31, 2007 are shown in the accompanying 
Statements of Operations.

The Distributor also receives the proceeds of the initial sales charge paid by shareholders upon the purchase of
Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for 
Class A, Class M and Class C shares. For the year ended October 31, 2007, the Distributor retained the 
following amounts in sales charges for the Funds:
                                                                                Class A        Class C Class M
                                                                                Shares          Shares Shares

     Initial Sales Charges:                                                                                             
        Global Equity Dividend                                                 $ 195,555             N/A          N/A  
        Global Natural Resources                                                 39,412              N/A          N/A  
        Global Real Estate                                                      1,085,746            N/A          N/A  
        Global Value Choice                                                         6,242            N/A          N/A  
        Disciplined International SmallCap                                            395            N/A          N/A  
        Emerging Countries                                                       83,410              N/A         $ 8  
        Foreign                                                                  137,582             N/A          N/A  
        Greater China                                                            111,165             N/A          N/A  
        Index Plus International Equity                                             6,048            N/A          N/A  
        International Capital Appreciation                                          2,051            N/A          N/A  
        International Equity Dividend                                               5,003            N/A          N/A  
        International Growth Opportunities                                          7,528            N/A          N/A  
        International Real Estate                                                307,505             N/A          N/A  
        International SmallCap                                                   119,372             N/A          N/A  
        International Value                                                         1,505            N/A          N/A  
        International Value Choice                                               11,518              N/A          N/A  
        International Value Opportunities                                              42            N/A          N/A  
        Russia                                                                   984,347             N/A          N/A  

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                                                                                                     Class A          Class C        Class M
                                                                                                     Shares           Shares          Shares

           Emerging Markets Fixed Income                                                               3,725              N/A                     N/A  
           Global Bond                                                                                 2,726              N/A                     N/A  
           Diversified International                                                                  379,339             N/A                     N/A  
        Contingent Deferred Sales Charges:                                                                                                              
           Global Equity Dividend                                                                      1,883              11,850                  N/A  
           Global Natural Resources                                                                        43                 —                   N/A  
           Global Real Estate                                                                          46,799            140,084                  N/A  
           Global Value Choice                                                                            273                111                  N/A  
           Disciplined International SmallCap                                                              —                  50                  N/A  
           Emerging Countries                                                                             280             3,787                   N/A  
           Foreign                                                                                     14,819             9,866                   N/A  
           Greater China                                                                                  261             5,457                   N/A  
           Index Plus International Equity                                                                 —                 778                  N/A  
           International Capital Appreciation                                                              —                  65                  N/A  
           International Equity Dividend                                                                   —                  —                   N/A  
           International Growth Opportunities                                                              —                 106                  N/A  
           International Real Estate                                                                   8,392              22,451                  N/A  
           International SmallCap                                                                      31,737             10,485                  N/A  
           International Value                                                                         4,909              1,729                   N/A  
           International Value Choice                                                                  30,968             1,565                   N/A  
           International Value Opportunities                                                               —                  —                   N/A  
           Russia                                                                                          —                  —                   N/A  
           Emerging Markets Fixed Income                                                                   —                  59                  N/A  
           Global Bond                                                                                     —                  30                  N/A  
           Diversified International Fund                                                              1,221              30,178                  N/A  


At October 31, 2007, the Funds had the following amounts recorded in payable to affiliates on the accompanying 
Statements of Assets and Liabilities (See Notes 5 and 6): 
                                                        Accrued                                        Shareholder
                                                       Investment               Accrued                Service and               Accrued
                                                       Management             Administrative           Distribution           Reimbursement/
                            Fund                          Fees                    Fees                     Fees                Recoupment                    Total

Global Equity Dividend                                  $ 229,560                $ 32,794               $ 197,619                $     —              $ 459,973 
Global Natural Resources                                  106,887                  12,843                 32,108                       —                 151,838 
Global Real Estate                                        938,545                 128,768                 530,941                      —                1,598,254 
Global Value Choice                                       107,447                  10,745                 68,090                       —                 186,282 
Disciplined International SmallCap                        233,031                  38,838                       65                 21,291                293,225 
Emerging Countries                                        345,814                  27,665                 105,287                      —                 478,766 
Foreign                                                   583,934                  60,163                 300,523                      —                 944,620 
Greater China                                             81,857                   7,118                  28,406                       —                 117,381 
Index Plus International Equity                           54,252                   9,864                     1,997                 36,023                102,136 
International Capital Appreciation                        101,139                  11,899                    2,239                 27,689                142,966 
International Equity Dividend                             31,711                   4,228                     1,920                     —                 37,859 
International Growth Opportunities                        117,754                  11,780                 49,698                       —                 179,232 
International Real Estate                                 398,441                  41,936                 163,795                  34,089                638,261 
International SmallCap                                    925,022                  98,833                 317,240                      —                1,341,095 
International Value                                      4,527,171                452,712                1,415,065                     —                6,394,948 
International Value Choice                                74,889                   7,489                  10,601                   59,648                152,627 
International Value Opportunities                            6,610                    883                    2,216                     —                    9,709 
Russia                                                    932,168                  74,573                 186,433                      —                1,193,174 
Emerging Markets Fixed Income                             166,371                  25,959                    3,809                111,594                307,733 
Global Bond                                                  9,935                 2,529                     7,398                     —                 19,862 
Diversified International                                       —                  47,968                 247,220                      —                 295,188 

At October 31, 2007, the following indirect, wholly owned subsidiaries of ING Groep owned the following 

ING Diversified International — Emerging Countries (9.42%); Foreign (14.21%); Index Plus International Equity
(96.68%); International Capital Appreciation (96.09%); International Equity Dividend (92.37%); International
SmallCap (5.71%); and International Value Choice (65.30%).
ING Life Insurance and Annuity Company — Global Bond (89.27%); Greater China (24.50%); International
SmallCap (6.53%); and International Value Opportunities (99.68%).

ING LifeStyle Aggressive Growth Portfolio — Disciplined International SmallCap (22.10%).

ING LifeStyle Growth Portfolio — Disciplined International SmallCap (42.97%) and Emerging Markets Fixed
Income (37.32%).

ING LifeStyle Moderate Growth Portfolio — Disciplined International SmallCap (26.30%) and Emerging
Markets Fixed Income (38.06%).

ING LifeStyle Moderate Portfolio — Disciplined International SmallCap (8.60%) and Emerging Markets Fixed
Income (20.75%).

ING Luxenbourg SA — International Real Estate (9.80%).

ING National Trust — International Growth Opportunities (18.53%).

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

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

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Fund are reflected as a reimbursement of expenses in the Statements of Operations.

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

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

Emerging Countries                                                                  ING Baring LLC              $ 3,714  
Foreign                                                                             ING Baring LLC               20,139  
                                                                                    ING Securities               40,839  
Global Equity Dividend                                                              ING Baring LLC                1,025  
                                                                                    ING Securities                349  
Global Real Estate                                                                  ING Baring LLC               46,923  
Greater China                                                                       ING Baring LLC               11,758  
International Real Estate                                                           ING Baring LLC               15,279  
International Value                                                                 ING Baring LLC                6,616  
International Value Choice                                                          ING Baring LLC                408  
Russia                                                                              ING Bank,
                                                                                    London                         9,700
                                                                                    ING Baring LLC                12,262  

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