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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21786
ING Global Advantage and Premium Opportunity Fund
(Exact name of registrant as specified in charter)
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7337 E. Doubletree Ranch Rd., Scottsdale, AZ
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85258 |
(Address of principal executive offices)
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(Zip code) |
The Corporation Trust Company, 1209 Orange
Street, Wilmington, DE 19801
(Name and address of agent for service)
Registrants telephone number, including area code: 1-800-992-0180
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Date of fiscal year end:
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February 28 |
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Date of reporting period:
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August 31, 2010 |
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
Semi-Annual Report
August 31, 2010
ING Global Advantage and
Premium Opportunity Fund
E-Delivery
Sign-up details inside
This report is submitted for
general information to shareholders of the ING Funds. It is
not authorized for distribution to prospective shareholders
unless accompanied or preceded by a prospectus which includes
details regarding the funds investment objectives, risks,
charges, expenses and other information. This information should
be read carefully.
FUNDS
TABLE
OF CONTENTS
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that are not available on the internet will continue to be sent
by mail.
PROXY VOTING
INFORMATION
A description of the policies and procedures that the Fund uses
to determine how to vote proxies related to portfolio securities
is available: (1) without charge, upon request, by calling
Shareholder Services toll-free at
(800) 992-0180;
(2) on the ING Funds website at www.ingfunds.com; and
(3) on the SECs website at www.sec.gov. Information
regarding how the Fund voted proxies related to portfolio
securities during the most recent
12-month
period ended June 30 is available without charge on the ING
Funds website at www.ingfunds.com and on the SECs
website at www.sec.gov.
QUARTERLY
PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with
the SEC for the first and third quarters of each fiscal year on
Form N-Q.
This report contains a summary portfolio of investments for the
Fund. The Funds
Forms N-Q
are available on the SECs website at www.sec.gov. The
Funds
Forms N-Q
may be reviewed and copied at the SECs Public Reference
Room in Washington, DC, and information on the operation of
the Public Reference Room may be obtained by calling
(800) SEC-0330.
The Funds Forms
N-Q, as well
as a complete portfolio of investments, are available without
charge upon request from the Fund by calling Shareholder
Services toll-free at
(800) 992-0180.
(THIS PAGE INTENTIONALLY LEFT BLANK)
PRESIDENTS
LETTER
Dear Shareholder,
ING Global Advantage and Premium Opportunity Fund (the
Fund) is a diversified, closed end management
investment company whose shares are traded on the New York Stock
Exchange under the symbol IGA. The primary objective
of the Fund is to provide a high level of income, with a
secondary objective of capital appreciation.
The Fund seeks to achieve its investment objectives by investing
at least 80% of its managed assets in a diversified global
equity portfolio and employing an option strategy of writing
index call options equivalent to a significant portion of its
equity portfolio. The Fund also hedges most of its foreign
currency exposure to reduce volatility of total returns.
For the six month period ended August 31, 2010, the Fund
made quarterly total distributions of $0.71 per share, all
consisting of net investment income. During the six month
period, the Fund reduced its quarterly distribution from $0.372
to $0.335 per quarter, commencing with the distribution paid on
July 15, 2010.
Based on net asset value (NAV), the Fund provided a
total return of (1.43)% for the six month period ended
August 31,
2010.(1)
This NAV return reflects a decrease in its NAV from $13.37 on
February 28, 2010 to $12.50 on August 31, 2010. Based
on its share price, the Fund provided a total return of (4.45)%
for the six month period ended August 31,
2010.(2)
This share price return reflects a decrease in its share price
from $14.30 on February 28, 2010 to $13.12 on
August 31, 2010.
The global equity markets have witnessed a challenging and
turbulent period. Please read the Market Perspective and
Portfolio Managers Report for more information on the
market and the Funds performance.
At ING Funds our mission is to set the standard in helping our
clients manage their financial future. We seek to assist you and
your financial advisor by offering a range of global investment
solutions. We invite you to visit our website at
www.ingfunds.com. Here you will find information on our products
and services, including current market data and fund statistics
on our open- and closed-end funds. You will see that we offer a
broad variety of equity, fixed income and multi-asset funds that
aim to fulfill a variety of investor needs.
We thank you for trusting ING Funds with your investment assets,
and we look forward to serving you in the months and years ahead.
Sincerely,
Shaun P. Mathews
President & Chief Executive Officer
ING Funds
October 8, 2010
The views expressed in the Presidents Letter reflect those
of the President as of the date of the letter. Any such views
are subject to change at any time based upon market or other
conditions and ING Funds disclaim any responsibility to update
such views. These views may not be relied on as investment
advice and because investment decisions for an ING Fund are
based on numerous factors, may not be relied on as an indication
of investment intent on behalf of any ING Fund. Reference to
specific company securities should not be construed as
recommendations or investment advice. International investing
does pose special risks including currency fluctuation, economic
and political risks not found in investments that are solely
domestic.
For more complete information, or to obtain a prospectus for
any ING Fund, please call your Investment Professional or the
Funds Shareholder Service Department at
(800) 992-0180
or log on to www.ingfunds.com. The prospectus should be read
carefully before investing. Consider the funds investment
objectives, risks, charges and expenses carefully before
investing. The prospectus contains this information and other
information about the fund. Check with your Investment
Professional to determine which funds are available for sale
within their firm. Not all funds are available for sale at all
firms.
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(1)
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Total investment return at net asset value has been calculated
assuming a purchase at net asset value at the beginning of each
period and a sale at net asset value at the end of each period
and assumes reinvestment of dividends, capital gain
distributions and return of capital distributions/allocations,
if any, in accordance with the provisions of the Funds
dividend reinvestment plan.
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(2)
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Total investment return at market value measures the change in
the market value of your investment assuming reinvestment of
dividends, capital gain distributions and return of capital
distributions/allocations, if any, in accordance with the
provisions of the Funds dividend reinvestment plan.
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1
Market
Perspective: Six
Months Ended August 31, 2010
Our previous fiscal year ended near the anniversary of
March 9, 2009, when global equities in the form of the MSCI
World
IndexSM
measured in local currencies, including net reinvested dividends
(MSCI for regions discussed below), touched levels
last seen six years earlier. From that low point, the index was
58% higher as the new fiscal year started and continued to rise
through mid April 2010. But from there a confluence of local and
global concerns sent prices on a downward path. For the six
months to August 31, 2010 global equities fell 3.35%. (The
MSCI World
IndexSM
fell 3.48% for the six months ended August 31, 2010,
measured in U.S. dollars.) In currencies, the dollar gained 7.3%
against the euro, but lost 4.7% to the yen and 1.8% against the
pound.
The 12-month
rally in equities had become increasingly edgy. The rescue of
failing institutions by governments and central banks in Europe
and the U.S., together with unprecedented fiscal and monetary
stimulus to counter the ensuing recession, had led to enormous,
unsustainable budget deficits. Not only would stimulus programs
end, but debt would need to be wound down.
Beacons of hope in this rather bleak outlook were the United
States and emerging markets, centered on China. The U.S. with
its vast, dynamic, flexible economy would surely bounce back
most quickly in the developed world and generate global economic
activity. Emerging market economies, much more fiscally robust
these days, had never suffered much of a financial crisis and
recession anyway and were again showing vibrant growth. The
demand for capital goods from China might sustain Japans
export led revival, while in Europe, growth may be tepid but at
least the situation was stable.
By early May all of these premises were disintegrating, the
erosion gathering pace over the summer, as attention lurched
from one economic statistic to the next.
In the U.S., the critical housing market seemed to be improving,
boosted by tax credits for home buyers. After sliding for more
than three years, house prices (based on the
S&P/Case-Shiller 20-City Composite Home Price Index),
finally showed
year-over-year
increases from February. But when the credits expired, sales of
new and existing homes slumped to multi-year low levels. Prices
would surely follow. Unemployment remained stubbornly high, near
10%, barely scratched by new private sector jobs only averaging
about 50,000 per month. Gross Domestic Product (GDP)
growth in the second quarter of 2010 decelerated to 1.6%
annualized. In July testimony, Federal Reserve Chairman Bernanke
referred to an unusually uncertain outlook, exactly
what investors didnt want to hear and three weeks later
the Federal Open Market Committee formally downgraded its
assessment for the U.S. economy. Record low Treasury bond yields
in the U.S., Germany and the U.K. in August were compelling
evidence to some commentators that developed economies were on
the cusp of a second recession.
Chinas version of a recession was to grow at
only 9.1% in 2009. In response, the government
instructed the banks to expand lending. They did so and first
quarter GDP growth rebounded to 11.9%. But inflation picked up
and a housing bubble developed. The authorities quickly
back-pedaled and repeatedly raised banks reserve ratio
requirements while tightening the rules on mortgage issuance.
Second quarter GDP growth slipped to 10.3% and by the end of
August the official Chinese manufacturing purchasing managers
suggested the slowest activity in 17 months. The unofficial
version compiled by HSBC signaled contraction.
In the Eurozone, default on billions of euro of Greeces
maturing bonds loomed. Amid downgrades, ballooning yields, fears
of contagion and doubts about the viability of the euro itself,
Eurozone countries dithered until, at last in May, finance
ministers and the International Monetary Fund agreed on a
Financial Stabilization mechanism funded with up to
750 billion. The European Central Bank
(ECB) started buying the worst-affected
countries sovereign debt, much of it held in the
vulnerable European banking system. The new mechanism and
positive results from some rather soft stress testing on banks
in July seemed to calm nerves. But uncertainty remained: August
ended with a gaping 9.48% spread between the yields on Greek and
German
10-year
bonds.
U.S. equities, represented by the S&P
500®
Index including dividends, fell 4.04% in the first half of the
fiscal year. Early economic data were, on balance, favorable,
with stock prices also supported by strong earnings reports.
First quarter operating earnings per share for S&P
500®
companies were, on average, about 92% above those for the
corresponding quarter of 2009. By April 23, 2010 the index
was up over 10% and at the high point for 2010, before factors
described above drove investor sentiment and the market back
down amid surging volatility.
In international markets, the MSCI
Japan®
Index sagged 9.72% for the six months through August. Apparently
impressive 1.1% quarterly GDP growth in the first quarter was
heavily exports-dependent and gave way to a barely perceptible
0.1% in the second, with domestic demand and consumer prices
falling. The MSCI Europe ex
UK®
Index fell just 0.05%. The sovereign debt trauma subsided after
it became clear that the ECB stood behind the banking system,
and stress testing on the latter at least revealed no new
problems. In the meantime, GDP grew 1.0% in the second quarter.
The MSCI
UK®
Index slipped 0.61%, but excluding BP would have risen about 2%.
Having suffered during the sovereign debt crisis due to the
U.K.s own 11% budget deficit, investors seemed to take
heart from the newly elected coalition governments
aggressively austere budget that would reduce the deficit to
3.9% by 2015. Supporting this was the return to profit of most
banks and second quarter GDP growth of 1.2%.
Parentheses denote a negative number.
Past performance does not guarantee future
results. The performance quoted represents past
performance. Investment return and principal value of an
investment will fluctuate, and shares, when redeemed, may be
worth more or less than their original cost. The Funds
performance is subject to change since the periods end and
may be lower or higher than the performance data shown. Please
call
(800) 992-0180
or log on to www.ingfunds.com to obtain performance data current
to the most recent month end.
Market Perspective reflects the views of INGs Chief
Investment Risk Officer only through the end of the period, and
is subject to change based on market and other conditions.
2
Benchmark
Descriptions
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Index
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Description
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MSCI World
Indexsm
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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.
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S&P/Case-Shiller 20-City Composite Home Price Index
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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 & Poors.
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S&P
500®
Index
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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.
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MSCI
Japan®
Index
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A free float-adjusted market capitalization index that is
designed to measure developed market equity performance in Japan.
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MSCI Europe ex
UK®
Index
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A free float-adjusted market capitalization index that is
designed to measure developed market equity performance in
Europe, excluding the UK.
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MSCI
UK®
Index
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A free float-adjusted market capitalization index that is
designed to measure developed market equity performance in the
UK.
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Chicago Board Options Exchange BuyWrite Monthly Index
(CBOE BuyWrite Monthly Index)
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A passive total return index based on selling the near-term,
at-the-money S&P
500®
Index call option against the S&P
500®
stock index portfolio each month, on the day the current
contract expires.
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Morgan Stanley Capital International Europe,
Australasia and Far
East®
Index (MSCI
EAFE®
Index)
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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.
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3
ING
Global Advantage and Premium Opportunity Fund
Portfolio
Managers Report
Country Allocation
as of August 31, 2010
(as a percent of net
assets)
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United States
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57
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.0%
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Japan
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9
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.6%
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United Kingdom
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8
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.4%
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Germany
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3
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.9%
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Australia
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3
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.8%
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Switzerland
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3
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.2%
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France
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2
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.8%
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Netherlands
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2
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.3%
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Italy
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1
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.4%
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Spain
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1
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.2%
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Sweden
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1
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.2%
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Hong Kong
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1
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.0%
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Countries less than
1.0%(1)
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4
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.7%
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Other Assets and Liabilities Net*
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(0
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.5)%
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Net Assets
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100
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.0%
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* Includes short-term investments related to ING
Institutional Prime Money Market Fund Class I.
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(1) Includes
fourteen countries, which each represents less than 1.0% of net
assets.
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Portfolio holdings are subject to change daily.
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ING Global Advantage and Premium Opportunity Funds (the
Fund) primary investment objective is to provide a
high level of income. Capital appreciation is a secondary
investment objective. The Fund seeks to achieve its investment
objectives by:
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investing at least 80% of its managed assets in a diversified
global equity portfolio; and
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utilizing an integrated option writing strategy.
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The Fund is managed by Paul Zemsky, Vincent Costa, Jody I.
Hrazanek, Pranay Gupta, Bas Peeters and Frank van Etten,
Portfolio Managers, ING Investment Management Co.
the
Sub-Adviser.*
Equity Portfolio Construction: Under normal market
conditions, the Fund invests in a diversified portfolio of
common stocks of companies located in a number of different
countries throughout the world, normally in approximately
750-950
common stocks, seeking to reduce the Funds exposure to
individual stock risk. The Fund normally invests across a broad
range of countries (usually
25-30
countries), industries and market sectors, including investments
in issuers located in countries with emerging markets.
The Funds weighting between U.S. and international
equities depends on the
Sub-Advisers
ongoing assessment of market opportunities for the Fund. Under
normal market conditions, the Fund seeks to maintain a target
weighting of 60% in U.S. domestic common stocks and not less
than 40% in international (ex-U.S.) common stocks.
The Funds Integrated Option Strategy: The
option strategy of the Fund is designed to seek gains and lower
volatility of total returns over a market cycle by writing
(selling) index call options on selected indices and/or exchange
traded funds (ETFs) in an amount equal to
approximately 60% to 100% of the value of the Funds
holdings in common stocks.
Writing index call options involves granting the buyer the right
to appreciation of the value of an index above at a particular
price (the strike price) at a particular time. If
the purchaser exercises an index call option sold by the Fund,
the Fund will pay the purchaser the difference between the cash
value of the index and the strike price of the option.
The Fund seeks to generate gains from its portfolio index call
option strategy and, to a lesser extent, income from dividends
on the common stocks held in the Funds portfolio. The
extent of call option writing activity depends upon market
conditions and the
Sub-Advisers
ongoing assessment of the attractiveness of writing call options
on selected indices and/or ETFs. Call options are primarily
written in over-the-counter markets with major international
banks, broker-dealers and financial institutions. The Fund may
also write call options in exchange-listed option markets.
The Fund writes call options that are generally short-term
(between 10 days and three months until expiration) and at-
or
near-the-money.
The Fund typically maintains its call positions until
expiration, but it retains the option to buy back the call
options and sell new call options. Lastly, in order to reduce
volatility of NAV returns, the Fund employs a policy to hedge
major foreign currencies.
Performance: Based on net asset value
(NAV) as of August 31, 2010, the Fund provided
a total return of (1.43)% for the six month period. This NAV
return reflects a decrease in its NAV from $13.37 on
February 28, 2010 to $12.50 on August 31, 2010. Based
on its share price as of August 31, 2010, the Fund provided
a total return of (4.45)% for the six month period. This share
price return reflects a decrease in its share price from $14.30
on February 28, 2010 to $13.12 on August 31, 2010. The
S&P
500®
Index, the MSCI
EAFE®
Index and the CBOE BuyWrite Monthly Index returned (4.04)%,
(3.04)% and (3.05)%, respectively, for the reporting period.
During the period, the Fund made quarterly total distributions
of
Top Ten Holdings*
as of August 31,
2010
(as a percent of net
assets)
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Apple, Inc.
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1.7
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%
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Chevron Corp.
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1.5
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%
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McDonalds Corp.
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1.4
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%
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Merck & Co., Inc.
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1.1
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%
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Bristol-Myers Squibb Co.
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1.0
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%
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ConocoPhillips
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0.9
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%
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American Express Co.
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0.9
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%
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Altria Group, Inc.
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0.9
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%
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3M Co.
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0.8
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%
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HSBC Holdings PLC
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0.7
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%
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*
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Excludes short-term investments
related to ING Institutional
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Prime Money Market Fund
Class I.
Portfolio holdings are
subject to change daily.
4
ING
Global Advantage and Premium Opportunity Fund
Portfolio
Managers Report
$0.71 per share, all consisting of
net investment income. During the six month period, the Fund
reduced its quarterly distribution from $0.372 to $0.335 per
quarter, commencing with the distribution paid on July 15,
2010. As of August 31, 2010, the Fund had 18,206,643 shares
outstanding.
Market Review: The equity portfolio of the Fund
uses a customized reference index (which is a blend of 60%
S&P
500®
Index and 40% MSCI
EAFE®
Index) to reflect the strategic emphasis of the Fund. The period
began with positive returns in most equity asset classes in
March but worsening fears of global contagion from Greeces
sovereign debt crisis, coupled with growing worries about
Europes peripheral countries debt issues, led to an
equity sell-off in May. Concerns eased at the beginning of the
second quarter on a combination of better than expected data in
Europe, including a successful round of bank stress-tests.
Subsequently, both the MSCI
EAFE®
Index and the S&P
500®
Index were only modestly down during the six-month period,
returning (3.04)% and (4.04)%, respectively. The blended
reference index returned (3.58)% for the period.
Equity Portfolio: INGs International Index
Plus strategy is utilized for the international equity portion
of the Fund. For the semi-annual review period, the strategy
performance was relatively flat versus its reference index, the
MSCI
EAFE®
Index. Stock selection in the consumer discretionary and energy
sectors added to performance, while selection in the materials
and telecommunications sectors detracted from performance.
Sector allocation was a small positive for performance, with a
modest overweight of industrials helping the portfolio.
The Funds U.S. domestic equity component outperformed the
S&P
500®
Index for the review period. Stock selection in information
technology and materials added to the positive performance,
while selection within industrials and energy hurt performance.
Sector allocation was a positive for the Fund. An underweight of
consumer staples and an overweight of industrials helped
performance for the period.
Option Portfolio: The Fund generates premiums and
seeks gains by writing (selling) call options on a basket of
market indexes on a portion of the value of the equity
portfolio. During the period, the Fund sold short-maturity
options on the S&P
500®
Index, the DJ Eurostoxx 50 Index, the Nikkei 225 Index and the
FTSE 100
Index®.
During the reporting period, the call options were sold on a
bi-weekly basis with a maturity of approximately four to six
weeks. Staggering the option call writing in this way tends to
smooth the pay-off of the option overlay program. The strike
prices of the traded options were typically sold at the money,
with the coverage ratio maintained at approximately 70%
throughout the period. Options performance was mixed throughout
the period but overall made a contribution to return as the
equity market traded up early in the period, sold off in May and
then remained volatile through the summer months.
The Fund continued its policy of hedging major foreign
currencies to reduce volatility of NAV returns. The overall
contribution to performance from our hedges was slightly
positive this period as most major currencies weakened against
the U.S. dollar in the early part of the period but then
strengthened in the last few months.
Current Strategy & Outlook: The
underlying U.S. and EAFE strategies seek to reward investors
with sector- and country-diversification close to the S&P
500®
and MSCI
EAFE®
indices, while seeking outperformance through portfolio
construction techniques. If the market falls or moves sideways,
the premiums generated from our call-writing, dividends and our
disciplined equity strategies may make up an important part of
the Funds total return. If the market rallies, the
strategy may generate an absolute positive return, but the
upside may be limited as call options will likely be exercised.
We continue to believe that the initial stages of global
recovery, supported by policy stimulus and by a turn in
industrial production, are giving way to a sustainable expansion
supported by domestic demand. Individual regions of the world
economy are experiencing this transition at different speeds,
but it is continuing despite often serious headwinds. Market
volatility has declined from early this year, but we expect it
to remain somewhat higher than historical levels. We believe
this potentially should allow the Fund to continue to earn
relatively attractive levels of premiums through its call
writing activities.
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* |
Effective April 30, 2010, Pranay Gupta was added as a
portfolio manager to the Fund and Carl Ghielen was removed as a
portfolio manager to the Fund. Effective September 30,
2010, Martin Jansen was removed as a portfolio manager to the
Fund.
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Portfolio holdings and characteristics are subject to change
and may not be representative of current holdings and
characteristics.
Performance data represents past performance and is no
guarantee of future results.
Past performance is not indicative of future results. The
indices do not reflect fees, brokerage commissions, taxes or
other expenses of investing. Investors cannot invest directly in
an index.
5
STATEMENT
OF ASSETS AND LIABILITIES
as of August 31, 2010
(Unaudited)
|
|
|
|
|
ASSETS:
|
|
|
|
|
Investments in securities at value*
|
|
$
|
228,916,940
|
|
Short-term investments in affiliates**
|
|
|
2,243,000
|
|
Cash
|
|
|
7,523
|
|
Cash collateral for futures
|
|
|
198,000
|
|
Foreign currencies at value***
|
|
|
8,569
|
|
Receivables:
|
|
|
|
|
Investment securities sold
|
|
|
1,147,248
|
|
Dividends and interest
|
|
|
686,651
|
|
Unrealized appreciation on forward foreign currency contracts
|
|
|
213,755
|
|
Prepaid expenses
|
|
|
656
|
|
|
|
|
|
|
Total assets
|
|
|
233,422,342
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
Payable for investment securities purchased
|
|
|
8,186
|
|
Unrealized depreciation on forward foreign currency contracts
|
|
|
3,535,270
|
|
Payable to affiliates
|
|
|
46,389
|
|
Payable for trustee fees
|
|
|
4,991
|
|
Other accrued expenses and liabilities
|
|
|
133,695
|
|
Written options, at fair valueˆ
|
|
|
2,037,794
|
|
|
|
|
|
|
Total liabilities
|
|
|
5,766,325
|
|
|
|
|
|
|
NET ASSETS (equivalent to $12.50 per share on
18,206,643 shares outstanding)
|
|
$
|
227,656,017
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS WERE COMPRISED OF:
|
|
|
|
|
Paid-in capital shares of beneficial interest at
$0.01 par value (unlimited shares authorized)
|
|
$
|
276,052,684
|
|
Distributions in excess of net investment income
|
|
|
(13,533,469
|
)
|
Accumulated net realized loss
|
|
|
(30,267,594
|
)
|
Net unrealized depreciation
|
|
|
(4,595,604
|
)
|
|
|
|
|
|
NET ASSETS
|
|
$
|
227,656,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Cost of investments in securities
|
|
$
|
232,118,949
|
|
** Cost of short-term investments in affiliates
|
|
$
|
2,243,000
|
|
*** Cost of foreign currencies
|
|
$
|
8,569
|
|
ˆ Premiums received on written options
|
|
$
|
4,063,313
|
|
See
Accompanying Notes to Financial Statements
6
|
|
|
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
Dividends, net of foreign taxes
withheld*(1)
|
|
$
|
3,358,795
|
|
Interest, net of foreign taxes withheld*
|
|
|
8,811
|
|
|
|
|
|
|
Total investment income
|
|
|
3,367,606
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
Investment management fees
|
|
|
894,271
|
|
Transfer agent fees
|
|
|
11,829
|
|
Administrative service fees
|
|
|
119,235
|
|
Shareholder reporting expense
|
|
|
28,573
|
|
Professional fees
|
|
|
24,611
|
|
Custody and accounting expense
|
|
|
67,543
|
|
Trustee fees
|
|
|
3,720
|
|
Miscellaneous expense
|
|
|
25,039
|
|
|
|
|
|
|
Total expenses
|
|
|
1,174,821
|
|
Net waived and reimbursed fees
|
|
|
(1,570
|
)
|
|
|
|
|
|
Net expenses
|
|
|
1,173,251
|
|
|
|
|
|
|
Net investment income
|
|
|
2,194,355
|
|
|
|
|
|
|
|
|
|
|
|
REALIZED AND UNREALIZED GAIN (LOSS):
|
|
|
|
|
Net realized gain on:
|
|
|
|
|
Investments
|
|
|
14,772,064
|
|
Foreign currency related transactions
|
|
|
4,548,160
|
|
Futures
|
|
|
57,680
|
|
Written options
|
|
|
3,961,284
|
|
|
|
|
|
|
Net realized gain
|
|
|
23,339,188
|
|
|
|
|
|
|
Net change in unrealized appreciation or depreciation on:
|
|
|
|
|
Investments
|
|
|
(25,766,293
|
)
|
Foreign currency related transactions
|
|
|
(3,651,703
|
)
|
Futures
|
|
|
(118,983
|
)
|
Written options
|
|
|
1,046,220
|
|
|
|
|
|
|
Net change in unrealized appreciation or depreciation
|
|
|
(28,490,759
|
)
|
|
|
|
|
|
Net realized and unrealized loss
|
|
|
(5,151,571
|
)
|
|
|
|
|
|
Decrease in net assets resulting from operations
|
|
$
|
(2,957,216
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Foreign taxes withheld
|
|
$
|
199,824
|
|
(1) Dividends
from affiliates
|
|
$
|
3,882
|
|
See
Accompanying Notes to Financial Statements
7
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
|
|
|
Ended
|
|
Year Ended
|
|
|
August 31,
|
|
February 28,
|
|
|
2010
|
|
2010
|
|
FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
2,194,355
|
|
|
$
|
3,728,829
|
|
Net realized gain (loss)
|
|
|
23,339,188
|
|
|
|
(24,315,335
|
)
|
Net change in unrealized appreciation or depreciation
|
|
|
(28,490,759
|
)
|
|
|
89,653,429
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in net assets resulting from operations
|
|
|
(2,957,216
|
)
|
|
|
69,066,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FROM DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(12,830,867
|
)
|
|
|
|
|
Return of capital
|
|
|
|
|
|
|
(31,827,194
|
)
|
|
|
|
|
|
|
|
|
|
Total distributions
|
|
|
(12,830,867
|
)
|
|
|
(31,827,194
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FROM CAPITAL SHARE TRANSACTIONS:
|
|
|
|
|
|
|
|
|
Reinvestment of distributions
|
|
|
1,017,831
|
|
|
|
2,069,138
|
|
Cost of shares repurchased, net of commissions
|
|
|
|
|
|
|
(1,428,482
|
)
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from capital share
transactions
|
|
|
1,017,831
|
|
|
|
640,656
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets
|
|
|
(14,770,252
|
)
|
|
|
37,880,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
242,426,269
|
|
|
|
204,545,884
|
|
|
|
|
|
|
|
|
|
|
End of period
|
|
$
|
227,656,017
|
|
|
$
|
242,426,269
|
|
|
|
|
|
|
|
|
|
|
Distributions in excess of net investment income at end of period
|
|
$
|
(13,533,469
|
)
|
|
$
|
(2,896,957
|
)
|
|
|
|
|
|
|
|
|
|
See
Accompanying Notes to Financial Statements
8
FINANCIAL
HIGHLIGHTS
(Unaudited)
Selected data for a share of beneficial interest outstanding
throughout each year or period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
October 31,
|
|
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
2005(1)
to
|
|
|
|
|
August 31,
|
|
February 28,
|
|
February 28,
|
|
February 29,
|
|
February 28,
|
|
February 28,
|
|
|
|
|
2010
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
Per Share Operating
Performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$
|
|
|
|
13.37
|
|
|
|
11.29
|
|
|
|
17.79
|
|
|
|
21.19
|
|
|
|
20.24
|
|
|
|
19.06
|
(2)
|
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
$
|
|
|
|
0.12
|
|
|
|
0.21
|
*
|
|
|
0.31
|
*
|
|
|
0.30
|
*
|
|
|
0.26
|
|
|
|
0.06
|
*
|
Net realized and unrealized gain (loss) on investments
|
|
|
$
|
|
|
|
(0.28
|
)
|
|
|
3.64
|
|
|
|
(4.95
|
)
|
|
|
(0.73
|
)
|
|
|
2.55
|
|
|
|
1.28
|
|
Total from investment operations
|
|
|
$
|
|
|
|
(0.16
|
)
|
|
|
3.85
|
|
|
|
(4.64
|
)
|
|
|
(0.43
|
)
|
|
|
2.81
|
|
|
|
1.34
|
|
Less distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
$
|
|
|
|
0.71
|
|
|
|
|
|
|
|
0.74
|
|
|
|
|
|
|
|
0.04
|
|
|
|
0.16
|
|
Net realized gains on investments
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.40
|
|
|
|
1.54
|
|
|
|
|
|
Return of capital
|
|
|
$
|
|
|
|
|
|
|
|
1.77
|
|
|
|
1.12
|
|
|
|
0.57
|
|
|
|
0.28
|
|
|
|
|
|
Total distributions
|
|
|
$
|
|
|
|
0.71
|
|
|
|
1.77
|
|
|
|
1.86
|
|
|
|
2.97
|
|
|
|
1.86
|
|
|
|
0.16
|
|
Net asset value, end of period
|
|
|
$
|
|
|
|
12.50
|
|
|
|
13.37
|
|
|
|
11.29
|
|
|
|
17.79
|
|
|
|
21.19
|
|
|
|
20.24
|
|
Market value, end of period
|
|
|
$
|
|
|
|
12.96
|
|
|
|
14.30
|
|
|
|
10.42
|
|
|
|
16.73
|
|
|
|
21.11
|
|
|
|
18.61
|
|
Total investment return at net asset
value(3)
|
|
|
%
|
|
|
|
(1.43
|
)
|
|
|
35.81
|
|
|
|
(26.96
|
)
|
|
|
(2.40
|
)
|
|
|
14.81
|
|
|
|
7.08
|
|
Total investment return at market
value(4)
|
|
|
%
|
|
|
|
(4.45
|
)
|
|
|
57.38
|
|
|
|
(28.32
|
)
|
|
|
(7.87
|
)
|
|
|
24.40
|
|
|
|
(6.17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios and Supplemental
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000s)
|
|
|
$
|
|
|
|
227,656
|
|
|
|
242,426
|
|
|
|
204,546
|
|
|
|
324,275
|
|
|
|
385,433
|
|
|
|
365,374
|
|
Ratios to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross expenses prior to expense
waiver(5)
|
|
|
%
|
|
|
|
0.98
|
|
|
|
1.01
|
|
|
|
0.99
|
|
|
|
0.97
|
|
|
|
0.95
|
|
|
|
1.06
|
|
Net expenses after expense
waiver(5)(6)
|
|
|
%
|
|
|
|
0.98
|
**
|
|
|
1.00
|
**
|
|
|
0.99
|
**
|
|
|
0.97
|
**
|
|
|
0.95
|
|
|
|
1.00
|
|
Net investment income after expense
waiver(5)(6)
|
|
|
%
|
|
|
|
1.84
|
**
|
|
|
1.61
|
**
|
|
|
2.01
|
**
|
|
|
1.45
|
**
|
|
|
1.29
|
|
|
|
0.86
|
|
Portfolio turnover rate
|
|
|
%
|
|
|
|
90
|
|
|
|
141
|
|
|
|
178
|
|
|
|
194
|
|
|
|
132
|
|
|
|
41
|
|
|
|
|
|
(1) |
|
Commencement of operations.
|
|
(2) |
|
Net asset value at beginning of
period reflects the deduction of the sales load of
$0.90 per share and offering costs of $0.04 per share
paid by the shareholder from the $20.00 offering price.
|
|
(3) |
|
Total investment return at net
asset value has been calculated assuming a purchase at net asset
value at the beginning of each period and a sale at net asset
value at the end of each period and assumes reinvestment of
dividends, capital gain distributions and return of capital
distributions/allocations, if any, in accordance with the
provisions of the dividend reinvestment plan. Total investment
return at net asset value is not annualized for periods less
than one year.
|
|
(4) |
|
Total investment return at market
value measures the change in the market value of your investment
assuming reinvestment of dividends, capital gain distributions
and return of capital distributions/allocations, if any, in
accordance with the provisions of the Funds dividend
reinvestment plan. Total investment return at market value is
not annualized for periods less than one year.
|
|
(5) |
|
Annualized for periods less than
one year.
|
|
(6) |
|
The Investment Adviser has agreed
to limit expenses, (excluding interest, taxes, brokerage,
extraordinary expenses and acquired fund fees and expenses)
subject to possible recoupment by ING Investments, LLC
within three years of being incurred.
|
|
*
|
|
Calculated using average number of
shares outstanding throughout the period.
|
|
**
|
|
Impact of waiving the advisory fee
for the ING Institutional Prime Money Market Fund holding has
less than 0.005% impact on the expense ratio and net investment
income ratio.
|
See
Accompanying Notes to Financial Statements
9
NOTE 1
ORGANIZATION
ING Global Advantage and Premium Opportunity Fund (the
Fund) is a diversified, closed-end management
investment company registered under the Investment Company Act
of 1940, as amended (the 1940 Act). The Fund is
organized as a Delaware statutory trust.
NOTE 2 SIGNIFICANT
ACCOUNTING POLICIES
The following significant accounting policies are consistently
followed by the Fund in the preparation of its financial
statements, and such policies are in conformity with
U.S. generally accepted accounting principles for
investment companies.
A. Security Valuation. Investments in equity
securities traded on a national securities exchange are valued
at the last reported sale price. Securities reported by NASDAQ
are valued at the NASDAQ official closing prices. Securities
traded on an exchange or NASDAQ for which there has been no sale
and equity securities traded in the
over-the-counter-market
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
with more than 60 days to maturity are fair 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. Investments in open-end mutual funds are
valued at the net asset value. Investments in securities of
sufficient credit quality maturing in 60 days or less from
date of acquisition are valued at amortized cost which
approximates fair value.
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 market
value obtained from yield data relating to investments or
securities with similar characteristics.
Securities and assets for which market quotations are not
readily available (which may include certain restricted
securities that 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 of Trustees (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 the Fund calculates its
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 the Board, in
accordance with methods that are specifically authorized by the
Board. 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 the
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 NYSE Euronext
(NYSE) is open. Further, trading takes place in
various foreign markets on days on which the NYSE is not open.
Consequently, the calculation of the Funds NAV may not
take place contemporaneously with the determination of the
prices of securities held by the Fund in foreign securities
markets. Further, the value of the Funds assets may be
significantly affected by foreign trading on days when a
shareholder cannot purchase or redeem shares of the Fund. In
calculating the Funds NAV, foreign securities denominated
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 the Fund closes but before
the time that the Funds 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 the Fund determines its NAV. In such a
case, the 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 the 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 securitys 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 the 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
10
NOTES
TO FINANCIAL STATEMENTS
as of August 31,
2010 (Unaudited) (continued)
NOTE 2 SIGNIFICANT
ACCOUNTING POLICIES (continued)
exchange, fair value determinations employ elements of judgment.
Consequently, the fair value assigned to a security may not
represent the actual value that the 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, the 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 the Fund to
determine that the closing prices for one or more securities do
not represent readily available reliable and 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 Funds NAV.
Options that are traded
over-the-counter
will be valued using one of three methods: (1) dealer
quotes; (2) industry models with objective inputs; or (3)
by using a benchmark arrived at by comparing prior-day dealer
quotes with the corresponding change in the underlying security.
Exchange traded options will be valued using the last reported
sale. If no last sale is reported, exchange traded options will
be valued using an industry accepted model such as Black
Scholes. Options on currencies purchased by the Fund are
valued using industry models with objective inputs.
Fair value is defined as the price that the Fund would receive
to sell an asset or pay to transfer a liability in an orderly
transaction between market participants at the measurement date.
Each investment asset or liability of the Fund 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
sub-advisers 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 Portfolio of Investments.
For the six months ended August 31, 2010, there have been
no significant changes to the fair valuation methodologies.
B. Security Transactions and Revenue
Recognition. Security transactions are recorded on the
trade date. Realized gains or losses on sales of investments are
calculated on the identified cost basis. Interest income is
recorded on the accrual basis. Premium amortization and discount
accretion are determined using the effective yield method.
Dividend income is recorded on the ex-dividend date, or in the
case of some foreign dividends, when the information becomes
available to the Fund.
C. Foreign Currency Translation. The books and
records of the Fund 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 Fund does
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,
which are subject to foreign withholding tax upon disposition,
liabilities are recorded on the Statement 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
the Funds books and the U.S. dollar equivalent of the
amounts actually received or paid.
11
NOTES
TO FINANCIAL STATEMENTS
as of August 31,
2010 (Unaudited) (continued)
NOTE 2 SIGNIFICANT
ACCOUNTING POLICIES (continued)
Net unrealized foreign exchange gains and losses arise from
changes in the value of assets and liabilities other than
investments in securities at period end, resulting from changes
in the exchange rate. Foreign security and currency transactions
may involve certain considerations and risks not typically
associated with investing in U.S. companies and
U.S. government securities. These risks include, but are
not limited to, revaluation of currencies and future adverse
political and economic developments which could cause securities
and their markets to be less liquid and prices more volatile
than those of comparable U.S. companies and
U.S. government securities.
D. Distributions to Shareholders. The Fund
intends to make quarterly distributions from its cash available
for distribution, which consists of the Funds dividends
and interest income after payment of Fund expenses, net option
premiums and net realized and unrealized gains on investments.
At least annually, the Fund intends to distribute all or
substantially all of its net realized capital gains.
Distributions are recorded on the ex-dividend date.
Distributions are determined annually in accordance with federal
tax principles, which may differ from U.S. generally
accepted accounting principles for investment companies.
The tax treatment and characterization of the Funds
distributions may vary significantly from time to time depending
on whether the Fund has gains or losses on the call options
written on its portfolio versus gains or losses on the equity
securities in the portfolio. Each quarter, the Fund will provide
disclosures with distribution payments made that estimate the
percentages of that distribution that represent net investment
income, other income or capital gains, and return of capital, if
any. The final composition of the tax characteristics of the
distributions cannot be determined with certainty until after
the end of the Funds tax year, and will be reported to
shareholders at that time. A significant portion of the
Funds distributions may constitute a return of capital.
The amount of quarterly distributions will vary, depending on a
number of factors. As portfolio and market conditions change,
the rate of dividends on the common shares will change. There
can be no assurance that the Fund will be able to declare a
dividend in each period.
E. Federal Income Taxes. It is the policy of
the 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.
F. 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.
G. Risk Exposures and the use of Derivative
Instruments. The Funds investment objectives
permit the Fund to enter into various types of derivatives
contracts, including, but not limited to, forward foreign
currency exchange contracts, futures and purchased and written
options. In doing so, the Fund will employ strategies in
differing combinations to permit it to increase or decrease the
level of risk, or change the level or types of exposure to
market risk factors. This may allow the Fund to pursue its
objectives more quickly and efficiently, than if it were to make
direct purchases or sales of securities capable of affecting a
similar response to market factors.
Market Risk Factors. In pursuit of its investment
objectives, the Fund may seek to use derivatives to increase or
decrease its 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
12
NOTES
TO FINANCIAL STATEMENTS
as of August 31,
2010 (Unaudited) (continued)
NOTE 2 SIGNIFICANT
ACCOUNTING POLICIES (continued)
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 duration, which
tend to have higher yields, are subject to potentially greater
fluctuations in value from changes in interest rates than
obligations with shorter duration.
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 Fund is using derivatives to decrease, or
hedge, exposures to market risk factors for securities held by
the Fund, 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 Fund 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 Fund is
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 Fund. Associated risks are
not the risks that the Fund is attempting to increase or
decrease exposure to, per its 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 Fund 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 Fund. 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 Fund. The
Funds derivative counterparties are financial institutions
who are subject to market conditions that may weaken their
financial position. The Fund intends to enter into financial
transactions with counterparties that it believes to be
creditworthy at the time of the transaction. To reduce this
risk, the Fund generally enters 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 Fund
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 Fund may also enter into collateral agreements with certain
counterparties to further mitigate 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 the Fund 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.
The Funds maximum risk of loss from counterparty credit
risk on OTC derivatives is generally the aggregate unrealized
gain in excess of any collateral pledged by the counterparty to
the Fund. For purchased OTC options, the Fund bears the risk of
loss in the amount of the premiums paid and the change in market
value of the options should the counterparty not perform under
the contracts. The
13
NOTES
TO FINANCIAL STATEMENTS
as of August 31,
2010 (Unaudited) (continued)
NOTE 2 SIGNIFICANT
ACCOUNTING POLICIES (continued)
Fund did not enter into any purchased OTC options during the six
months ended August 31, 2010.
The Fund has 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 Fund. Credit related contingent features are
established between the Fund and its derivatives counterparties
to reduce the risk that the Fund will not fulfill its payment
obligations to its counterparties. These triggering features
include, but are not limited to, a percentage decrease in the
Funds net assets and or a percentage decrease in the
Funds NAV, which could cause the Fund to accelerate
payment of any net liability owed to the counterparty. The
contingent features are established within the Funds
Master Agreements.
Written options by the Fund do not give rise to counterparty
credit risk, as written options obligate the Fund to perform and
not the counterparty. As of August 31, 2010, the total
value of written OTC call options subject to Master Agreements
in a net liability position was $2,037,794. If a contingent
feature had been triggered, the Fund could have been required to
pay this amount in cash to its counterparties. The Fund did not
hold or post collateral for its open written OTC call options at
year end.
H. Forward Foreign Currency Contracts and Futures
Contracts. The Fund may enter into forward foreign
currency contracts primarily to hedge against foreign currency
exchange rate risks on its
non-U.S. dollar
denominated investment securities. When entering into a forward
foreign currency contract, the Fund agrees to receive or deliver
a fixed quantity of foreign currency for an agreed-upon price on
an agreed future date. These contracts are valued daily and the
Funds net equity therein, representing unrealized gain or
loss on the contracts as measured by the difference between the
forward foreign exchange rates at the dates of entry into the
contracts and the forward rates at the reporting date, is
included in the statement of assets and liabilities. Realized
and unrealized gains and losses on forward foreign currency
contracts are included on the Statement of Operations. These
instruments involve market and/or credit risk in excess of the
amount recognized in the statement of assets and liabilities.
Risks arise from the possible inability of counterparties to
meet the terms of their contracts and from movement in currency
and securities values and interest rates.
During the six months ended August 31, 2010, the Fund used
forward foreign currency contracts to hedge its investments in
non-U.S. dollar denominated equity securities in an attempt
to decrease the volatility of the Funds NAV.
During the six months ended August 31, 2010, the Fund had
average contract amounts on forward foreign currency contracts
to buy and sell of $1,742,873 and $94,874,450, respectively.
The Fund may enter into futures contracts involving foreign
currency, interest rates, securities and securities indices. The
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,
the 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, the 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. When the contract is
closed, the 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 six months ended
August 31, 2010, the Fund has purchased futures contracts
on various equity indexes to increase exposure to equity risk.
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 Funds securities. With futures,
there is minimal counterparty credit risk to the Fund since
futures are exchange traded and the exchanges
clearinghouse, as counterparty to all exchange traded futures,
guarantees the futures against default.
14
NOTES
TO FINANCIAL STATEMENTS
as of August 31,
2010 (Unaudited) (continued)
NOTE 2 SIGNIFICANT
ACCOUNTING POLICIES (continued)
During the six months ended August 31, 2010, the Fund had
an average notional value of $3,955,640 on purchased futures
contracts.
I. Options Contracts. The Fund may purchase put
and call options and may write (sell) put options and covered
call options. The premium received by the Fund upon the writing
of a put or call option is included in the Statement of Assets
and Liabilities as a liability which is subsequently
marked-to-market until it is exercised or closed, or it expires.
The Fund 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 or purchased put option or the purchase cost of the
security for a written put option or a purchased call option is
adjusted by the amount of premium received or paid. The risk in
writing a call option is that the Fund gives up the opportunity
for profit if the market price of the security increases and the
option is exercised. The risk in buying an option is that the
Fund pays 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.
The Fund generates premiums and seeks gains by writing OTC call
options on indices on a portion of the value of the equity
portfolio. Please refer to Note 6 for the volume of written
option activity during the six months ended August 31, 2010.
J. Indemnifications. In the normal course of
business, the Fund may enter into contracts that provide certain
indemnifications. The Funds maximum exposure under these
arrangements is dependent on future claims that may be made
against the Fund and, therefore, cannot be estimated; however,
based on experience, management considers the risk of loss from
such claims remote.
NOTE 3 INVESTMENT
MANAGEMENT AND ADMINISTRATIVE FEES
ING Investments, LLC (ING Investments or the
Investment Adviser), an Arizona limited liability
company, is the Investment Adviser of the Fund. The Fund pays
the Investment Adviser for its services under the
investment management agreement (Management
Agreement), a fee, payable monthly, based on an annual
rate of 0.75% of the Funds average daily managed assets.
For purposes of the Management Agreement, managed assets are
defined as the Funds average daily gross asset value,
minus the sum of the Funds accrued and unpaid dividends on
any outstanding preferred shares and accrued liabilities (other
than liabilities for the principal amount of any borrowings
incurred, commercial paper or notes issued by the Fund and the
liquidation preference of any outstanding preferred shares). As
of August 31, 2010, there were no preferred shares
outstanding.
The Investment Adviser entered into a
sub-advisory
agreement (Sub-Advisory Agreement) with ING IM.
Subject to policies as the Board or the Investment Adviser might
determine, ING IM manages the Funds assets in accordance
with the Funds investment objectives, policies and
limitations.
ING Funds are permitted to invest end-of-day cash balances into
ING Institutional Prime Money Market Fund. Investment management
fees paid by the Fund will be reduced by an amount equal to the
management fees paid indirectly to the ING Institutional Prime
Money Market Fund with respect to assets invested by the Fund.
For the six months ended August 31, 2010, the Fund waived
$1,570 of such management fees. These fees are not subject to
recoupment.
ING Funds Services, LLC, a Delaware limited liability company,
(the Administrator) serves as Administrator to the
Fund. The Fund pays the Administrator for its services a fee
based on an annual rate of 0.10% of the Funds average
daily managed assets. The Investment Adviser, ING IM, 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.
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 Funds existing advisory agreement,
which may trigger the need for shareholder approval of new
agreements.
15
NOTES
TO FINANCIAL STATEMENTS
as of August 31,
2010 (Unaudited) (continued)
NOTE 3 INVESTMENT
MANAGEMENT AND ADMINISTRATIVE FEES (continued)
The Investment Adviser has entered into a written expense
limitation agreement (Expense Limitation Agreement)
with the Fund under which it will limit the expenses of the
Fund, excluding interest, taxes, leverage expenses, and
extraordinary expenses (and acquired fund fees and expenses) to
1.00% of average daily managed assets. The Investment Adviser
may at a later date recoup from the Fund fees waived and other
expenses assumed by the Investment Adviser during the previous
36 months, but only if, after such recoupment, the
Funds expense ratio does not exceed the percentage
described above. The Expense Limitation Agreement is contractual
and shall renew automatically for one-year terms unless ING
Investments or the Fund provides written notice of the
termination within 90 days of the end of the then current
term or upon written termination of the Management Agreement.
Waived and reimbursed fees and any recoupment by the Investment
Adviser of such waived and reimbursed fees are reflected on the
accompanying Statement of Operations for the Fund.
As of August 31, 2010, the amounts of waived and reimbursed
fees that are subject to possible recoupment by the Investment
Adviser, and the related expiration dates are as follows:
|
|
|
|
|
|
|
August 31,
|
|
|
2011
|
|
2012
|
|
2013
|
|
Total
|
|
$
|
|
$13,763
|
|
$11,424
|
|
$25,187
|
NOTE 4 OTHER
TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES
As of August 31, 2010, the Fund had the following amounts
recorded as payable to affiliates on the accompanying Statement
of Assets and Liabilities:
|
|
|
|
|
Accrued
|
|
|
|
|
Investment
|
|
Accrued
|
|
|
Management
|
|
Administrative
|
|
|
Fees
|
|
Fees
|
|
Total
|
|
$26,745
|
|
$19,644
|
|
$46,389
|
The Fund has adopted a Retirement Policy (Policy)
covering independent trustees of the Trust who were trustees on
or before May 9, 2007, and who will have served as an
independent trustee for at least five years as of the date of
their retirement (as that term is defined in the Policy).
Benefits under the Policy are based on an annual rate as defined
in the Policy.
The Fund has 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 5 PURCHASES
AND SALES OF INVESTMENT SECURITIES
The cost of purchases and proceeds from sales of investments for
the six months ended August 31, 2010, excluding short-term
securities, were $212,752,818 and $209,077,816, respectively.
NOTE 6 TRANSACTIONS
IN WRITTEN OPTIONS
Transactions in written OTC call options on indices were as
follows:
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
Premiums
|
|
|
Contracts
|
|
Received
|
|
Balance at 02/28/10
|
|
|
303,167
|
|
|
$
|
3,337,062
|
|
Options Written
|
|
|
1,973,295
|
|
|
|
24,898,900
|
|
Options Expired
|
|
|
(1,046,109
|
)
|
|
|
(12,538,509
|
)
|
Options Exercised
|
|
|
|
|
|
|
|
|
Options Terminated in Closing Purchase Transactions
|
|
|
(930,404
|
)
|
|
|
(11,634,140
|
)
|
|
|
|
|
|
|
|
|
|
Balance at 08/31/10
|
|
|
299,949
|
|
|
$
|
4,063,313
|
|
|
|
|
|
|
|
|
|
|
NOTE 7 CONCENTRATION
OF INVESTMENT 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. The Funds 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 Fund and its corresponding
risks, see the Funds most recent Prospectus
and/or the
Statement of Additional Information.
Foreign Securities and Emerging Markets. The Fund
makes significant investments in foreign securities and may
invest up to 20% of its managed assets in securities issued by
companies located in countries with emerging markets.
Investments in foreign securities may entail risks not present
in domestic investments. Since investments in securities 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 Fund. Foreign investments may also
16
NOTES
TO FINANCIAL STATEMENTS
as of August 31,
2010 (Unaudited) (continued)
NOTE 7 CONCENTRATION
OF INVESTMENT RISKS (continued)
subject the Fund to foreign government exchange restrictions,
expropriation, taxation or other political, social or economic
developments, as well as from movements in currency, security
value and interest rate, all of which could affect the market
and/or credit risk of the investments. The risks of investing in
foreign securities can be intensified in the case of investments
in issuers located in countries with emerging markets.
Leverage. Although the Fund has no current intention
to do so, the Fund is authorized to utilize leverage through the
issuance of preferred shares and/or borrowings, including the
issuance of debt securities. In the event that the Fund
determines in the future to utilize investment leverage, there
can be no assurance that such a leveraging strategy will be
successful during any period in which it is employed.
NOTE 8 CAPITAL
SHARES
Transactions in capital shares and dollars were as follows:
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
Year
|
|
|
Ended
|
|
Ended
|
|
|
August 31,
|
|
February 28,
|
|
|
2010
|
|
2010
|
|
Number of Shares
|
|
|
|
|
|
|
|
|
Reinvestment of distributions
|
|
|
77,133
|
|
|
|
158,337
|
|
Shares repurchased
|
|
|
|
|
|
|
(153,044
|
)
|
|
|
|
|
|
|
|
|
|
Net increase in shares outstanding
|
|
|
77,133
|
|
|
|
5,293
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
|
Reinvestment of distributions
|
|
$
|
1,017,831
|
|
|
$
|
2,069,138
|
|
Shares repurchased, net of commissions
|
|
|
|
|
|
|
(1,428,482
|
)
|
|
|
|
|
|
|
|
|
|
Net increase
|
|
$
|
1,017,831
|
|
|
$
|
640,656
|
|
|
|
|
|
|
|
|
|
|
Share Repurchase
Program
Effective December 2008, the Board authorized an open-market
share repurchase program pursuant to which the Fund could
purchase, over the period ended December 31, 2009, up to
10% of its stock, in open-market transactions. There was no
assurance that the Fund would purchase shares at any particular
discount level or in any particular amounts. The share
repurchase program sought to enhance shareholder value by
purchasing shares trading at a discount from their NAV per
share, in an attempt to reduce or eliminate the discount or to
increase the NAV per share of the applicable remaining shares of
the Fund.
For the year ended February 28, 2010, the Fund repurchased
153,044 shares, representing approximately 0.8% of the
Funds outstanding shares for a net purchase price of
$1,428,482 (including commissions of $4,591). Shares were
repurchased at a weighted-average discount from NAV per share of
14.25% and a weighted-average price per share of $9.30.
NOTE 9
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 corporations and wash sale deferrals. Distributions
in excess of net investment income
and/or net
realized capital gains for tax purposes are reported as return
of capital.
Dividends paid by the Fund 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 in the
current period will not be determined until after the
Funds tax year-end of December 31, 2010. The tax
composition of dividends and distributions as of the Funds
most recent tax year-end was as follows:
|
|
|
Return
|
of Capital
|
Tax Year Ended
|
December 31, 2009
|
|
$
|
31,827,194
|
|
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 the tax year ended December 31, 2009
were:
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
Capital Loss
|
|
Expiration
|
Appreciation
|
|
Carryforwards
|
|
Date
|
|
$
|
22,207,261
|
|
|
$
|
(6,687,204
|
)
|
|
|
2016
|
|
|
|
|
|
|
(47,317,406
|
)
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(54,004,610
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17
NOTES
TO FINANCIAL STATEMENTS
as of August 31,
2010 (Unaudited) (continued)
NOTE 9
FEDERAL INCOME TAXES (continued)
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 August 31, 2010, no provision for income tax is
required in the Funds financial statements as a result of
tax positions taken on federal and state 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.
NOTE 10 SUBSEQUENT
EVENTS
Dividends: Subsequent to August 31, 2010, the
Fund made a distribution of:
|
|
|
|
|
|
|
Per Share Amount
|
|
Declaration Date
|
|
Payable Date
|
|
Record Date
|
|
$0.335
|
|
9/20/2010
|
|
10/15/2010
|
|
10/15/2010
|
Each quarter, the Fund will provide disclosures with
distribution payments made that estimate the percentages of that
distribution that represent net investment income, capital
gains, and return of capital, if any. At the Funds tax
year end, the Fund may re-characterize payments over the course
of the year across ordinary income, capital gains, and return of
capital, if any. A significant portion of the quarterly
distribution payments made by the Fund may constitute a return
of capital.
The Fund has evaluated events occurring after the balance sheet
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.
18
ING
Global Advantage and Premium
Opportunity Fund
as
of August 31, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
|
|
|
|
|
|
|
|
|
of Net
|
Shares
|
|
|
|
Value
|
|
Assets
|
|
|
|
COMMON STOCK: 95.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia: 3.5%
|
|
33,599
|
|
|
|
|
BHP Billiton Ltd.
|
|
$
|
1,114,747
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
6,790,622
|
|
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
7,905,369
|
|
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Austria: 0.1%
|
|
|
|
|
|
|
Other Securities
|
|
|
268,544
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barbados: 0.0%
|
|
|
|
|
|
|
Other Securities
|
|
|
23,520
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belgium: 0.7%
|
|
|
|
|
|
|
Other Securities
|
|
|
1,574,613
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bermuda: 0.0%
|
|
|
|
|
|
|
Other Securities
|
|
|
34,029
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denmark: 0.6%
|
|
|
|
|
|
|
Other Securities
|
|
|
1,394,995
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finland: 0.8%
|
|
|
|
|
|
|
Other Securities
|
|
|
1,832,832
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
France: 2.8%
|
|
|
|
|
|
|
Other Securities
|
|
|
6,356,403
|
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany: 3.4%
|
|
12,088
|
|
|
|
|
Siemens AG
|
|
|
1,095,752
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
6,593,005
|
|
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
7,688,757
|
|
|
|
3.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greece: 0.2%
|
|
|
|
|
|
|
Other Securities
|
|
|
531,581
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hong Kong: 0.9%
|
|
|
|
|
|
|
Other Securities
|
|
|
1,958,908
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Israel: 0.4%
|
|
|
|
|
|
|
Other Securities
|
|
|
803,647
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy: 1.4%
|
|
|
|
|
|
|
Other Securities
|
|
|
3,263,808
|
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Japan: 9.5%
|
|
28,900
|
|
|
|
|
Toyota Motor Corp.
|
|
|
980,456
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
20,672,495
|
|
|
|
9.1
|
|
|
|
|
|
|
|
|
|
|
|
|
21,652,951
|
|
|
|
9.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kazakhstan: 0.0%
|
|
|
|
|
|
|
Other Securities
|
|
|
43,742
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands: 2.3%
|
|
67,311
|
|
|
|
|
Royal Dutch Shell PLC Class B
|
|
|
1,747,956
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
3,497,126
|
|
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
5,245,082
|
|
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Zealand: 0.0%
|
|
|
|
|
|
|
Other Securities
|
|
|
80,735
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Norway: 0.2%
|
|
|
|
|
|
|
Other Securities
|
|
|
511,517
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portugal: 0.2%
|
|
|
|
|
|
|
Other Securities
|
|
|
441,765
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Singapore: 0.7%
|
|
|
|
|
|
|
Other Securities
|
|
|
1,490,807
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spain: 1.2%
|
|
92,273
|
|
|
|
|
Banco Santander Central Hispano S.A.
|
|
|
1,074,453
|
|
|
|
0.5
|
|
|
|
|
46,658
|
|
|
|
|
Telefonica S.A.
|
|
|
1,031,229
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
594,377
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
2,700,059
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweden: 1.2%
|
|
|
|
|
|
|
Other Securities
|
|
|
2,842,632
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Switzerland: 3.2%
|
|
28,676
|
|
|
|
|
Nestle S.A.
|
|
|
1,482,428
|
|
|
|
0.7
|
|
|
|
|
22,821
|
|
|
|
|
Novartis AG
|
|
|
1,196,316
|
|
|
|
0.5
|
|
|
|
|
8,903
|
|
|
|
|
Roche Holding AG Genusschein
|
|
|
1,207,688
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
3,294,734
|
|
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
7,181,166
|
|
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom: 8.3%
|
|
197,849
|
|
|
|
|
BP PLC
|
|
|
1,141,833
|
|
|
|
0.5
|
|
|
|
|
32,092
|
|
|
|
|
British American Tobacco PLC
|
|
|
1,087,376
|
|
|
|
0.5
|
|
|
|
|
172,906
|
|
|
|
|
HSBC Holdings PLC
|
|
|
1,693,555
|
|
|
|
0.7
|
|
|
|
|
22,139
|
|
|
|
|
Rio Tinto PLC
|
|
|
1,113,547
|
|
|
|
0.5
|
|
|
|
|
464,374
|
|
|
|
|
Vodafone Group PLC
|
|
|
1,114,988
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
12,736,041
|
|
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
|
18,887,340
|
|
|
|
8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States: 53.7%
|
|
22,900
|
|
|
|
|
3M Co.
|
|
|
1,798,795
|
|
|
|
0.8
|
|
|
|
|
88,500
|
|
|
S
|
|
Altria Group, Inc.
|
|
|
1,975,320
|
|
|
|
0.9
|
|
|
|
|
50,400
|
|
|
|
|
American Express Co.
|
|
|
2,009,448
|
|
|
|
0.9
|
|
|
|
|
15,503
|
|
|
@,S
|
|
Apple, Inc.
|
|
|
3,772,965
|
|
|
|
1.6
|
|
|
|
|
16,400
|
|
|
|
|
Boeing Co.
|
|
|
1,002,532
|
|
|
|
0.4
|
|
|
|
|
84,800
|
|
|
|
|
Bristol-Myers Squibb Co.
|
|
|
2,211,584
|
|
|
|
1.0
|
|
|
|
See Accompanying Notes to Financial
Statements
19
SUMMARY
PORTFOLIO OF INVESTMENTS
ING
Global Advantage and Premium
Opportunity Fund
as
of August 31, 2010 (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
|
|
|
|
|
|
|
|
|
of Net
|
Shares
|
|
|
|
Value
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,542
|
|
|
S
|
|
Chevron Corp.
|
|
$
|
3,377,395
|
|
|
|
1.5
|
|
|
|
|
24,700
|
|
|
@
|
|
Cognizant Technology Solutions Corp.
|
|
|
1,422,844
|
|
|
|
0.6
|
|
|
|
|
38,400
|
|
|
S
|
|
ConocoPhillips
|
|
|
2,013,312
|
|
|
|
0.9
|
|
|
|
|
16,800
|
|
|
|
|
Deere & Co.
|
|
|
1,062,936
|
|
|
|
0.5
|
|
|
|
|
44,000
|
|
|
@,S
|
|
DIRECTV
|
|
|
1,668,480
|
|
|
|
0.7
|
|
|
|
|
32,400
|
|
|
|
|
EI Du Pont de Nemours & Co.
|
|
|
1,320,948
|
|
|
|
0.6
|
|
|
|
|
91,450
|
|
|
@,S
|
|
EMC Corp.
|
|
|
1,668,048
|
|
|
|
0.7
|
|
|
|
|
23,600
|
|
|
@
|
|
Express Scripts, Inc.
|
|
|
1,005,360
|
|
|
|
0.4
|
|
|
|
|
27,669
|
|
|
S
|
|
ExxonMobil Corp.
|
|
|
1,636,898
|
|
|
|
0.7
|
|
|
|
|
22,600
|
|
|
|
|
HJ Heinz Co.
|
|
|
1,045,024
|
|
|
|
0.5
|
|
|
|
|
32,700
|
|
|
@
|
|
Intuit, Inc.
|
|
|
1,399,560
|
|
|
|
0.6
|
|
|
|
|
42,300
|
|
|
|
|
McDonalds Corp.
|
|
|
3,090,426
|
|
|
|
1.3
|
|
|
|
|
69,027
|
|
|
|
|
Merck & Co., Inc.
|
|
|
2,426,989
|
|
|
|
1.1
|
|
|
|
|
41,262
|
|
|
S
|
|
Microsoft Corp.
|
|
|
968,832
|
|
|
|
0.4
|
|
|
|
|
26,500
|
|
|
@
|
|
NetApp, Inc.
|
|
|
1,071,660
|
|
|
|
0.5
|
|
|
|
|
16,400
|
|
|
|
|
Newmont Mining Corp.
|
|
|
1,005,648
|
|
|
|
0.4
|
|
|
|
|
29,900
|
|
|
|
|
PNC Financial Services Group, Inc.
|
|
|
1,523,704
|
|
|
|
0.7
|
|
|
|
|
18,500
|
|
|
|
|
Prudential Financial, Inc.
|
|
|
935,545
|
|
|
|
0.4
|
|
|
|
|
175,300
|
|
|
|
|
Qwest Communications International, Inc.
|
|
|
990,445
|
|
|
|
0.4
|
|
|
|
|
19,100
|
|
|
S
|
|
Reynolds American, Inc.
|
|
|
1,041,714
|
|
|
|
0.5
|
|
|
|
|
9,600
|
|
|
@
|
|
Salesforce.com, Inc.
|
|
|
1,054,848
|
|
|
|
0.5
|
|
|
|
|
38,400
|
|
|
|
|
Sysco Corp.
|
|
|
1,055,616
|
|
|
|
0.5
|
|
|
|
|
25,100
|
|
|
|
|
Time Warner Cable, Inc.
|
|
|
1,295,411
|
|
|
|
0.6
|
|
|
|
|
17,600
|
|
|
|
|
United Parcel Service, Inc. Class B
|
|
|
1,122,880
|
|
|
|
0.5
|
|
|
|
|
19,733
|
|
|
|
|
United Technologies Corp.
|
|
|
1,286,789
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
72,960,069
|
|
|
|
32.0
|
|
|
|
|
|
|
|
|
|
|
|
|
122,222,025
|
|
|
|
53.7
|
|
|
|
|
|
|
|
Total Common Stock
(Cost $220,438,418)
|
|
|
216,936,827
|
|
|
|
95.3
|
|
|
REAL ESTATE INVESTMENT TRUSTS: 4.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia: 0.3%
|
|
|
|
|
|
|
Other Securities
|
|
|
637,220
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
France: 0.0%
|
|
|
|
|
|
|
Other Securities
|
|
|
136,185
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hong Kong: 0.1%
|
|
|
|
|
|
|
Other Securities
|
|
|
150,861
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Japan: 0.1%
|
|
|
|
|
|
|
Other Securities
|
|
|
333,182
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Singapore: 0.1%
|
|
|
|
|
|
|
Other Securities
|
|
|
190,920
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom: 0.1%
|
|
|
|
|
|
|
Other Securities
|
|
|
312,428
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States: 3.3%
|
|
12,000
|
|
|
|
|
Public Storage, Inc.
|
|
|
1,176,240
|
|
|
|
0.5
|
|
|
|
|
15,769
|
|
|
|
|
Simon Property Group, Inc.
|
|
|
1,426,306
|
|
|
|
0.6
|
|
|
|
|
11,600
|
|
|
|
|
Vornado Realty Trust
|
|
|
940,296
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
3,957,564
|
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
7,500,406
|
|
|
|
3.3
|
|
|
|
|
|
|
|
Total Real Estate Investment Trusts
(Cost $8,944,541)
|
|
|
9,261,202
|
|
|
|
4.0
|
|
|
EXCHANGE-TRADED FUNDS: 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Developed Markets: 0.7%
|
|
32,000
|
|
|
|
|
iShares MSCI EAFE Index Fund
|
|
|
1,598,400
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
Total Exchange-Traded Funds
(Cost $1,588,683)
|
|
|
1,598,400
|
|
|
|
0.7
|
|
|
PREFERRED STOCK: 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany: 0.5%
|
|
|
|
|
|
|
Other Securities
|
|
|
1,120,511
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
Total Preferred Stock
(Cost $1,147,307)
|
|
|
1,120,511
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments
(Cost $232,118,949)
|
|
|
228,916,940
|
|
|
|
100.5
|
|
|
SHORT-TERM INVESTMENTS: 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated Mutual Fund: 1.0%
|
|
2,243,000
|
|
|
|
|
ING Institutional Prime Money Market Fund
Class I
|
|
|
2,243,000
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
(Cost $2,243,000)
|
|
|
2,243,000
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities
(Cost $234,361,949)*
|
|
$
|
231,159,940
|
|
|
|
101.5
|
|
|
|
|
|
|
|
Other Assets and
Liabilities - Net
|
|
|
(3,503,923
|
)
|
|
|
(1.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
227,656,017
|
|
|
|
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 August 31, 2010.
|
See Accompanying Notes to Financial
Statements
20
SUMMARY
PORTFOLIO OF INVESTMENTS
ING
Global Advantage and Premium
Opportunity Fund
as
of August 31, 2010 (Unaudited) (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
|
|
|
|
S
|
|
All or a portion of this security has been identified by the
Fund to cover future collateral requirements for applicable
futures, options, swaps, foreign currency contracts
and/or
when-issued or delayed-delivery securities.
|
|
|
|
*
|
|
Cost for federal income tax purposes is $237,680,603.
|
|
|
|
|
|
Net unrealized depreciation consists of:
|
|
|
|
|
|
Gross Unrealized Appreciation
|
|
$
|
9,685,412
|
|
Gross Unrealized Depreciation
|
|
|
(16,206,075
|
)
|
|
|
|
|
|
Net Unrealized Depreciation
|
|
$
|
(6,520,663
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of
|
Industry
|
|
Net Assets
|
|
|
Consumer Discretionary
|
|
|
10.5
|
%
|
Consumer Staples
|
|
|
11.2
|
|
Energy
|
|
|
9.0
|
|
Financials
|
|
|
20.0
|
|
Health Care
|
|
|
10.3
|
|
Industrials
|
|
|
10.8
|
|
Information Technology
|
|
|
12.9
|
|
Materials
|
|
|
6.2
|
|
Telecommunication Services
|
|
|
4.3
|
|
Utilities
|
|
|
4.6
|
|
Other Long-Term Investments
|
|
|
0.7
|
|
Short-Term Investments
|
|
|
1.0
|
|
Other Assets and Liabilities Net
|
|
|
(1.5
|
)
|
|
|
|
|
|
Net Assets
|
|
|
100.0
|
%
|
|
|
|
|
|
Fair Value Measurements^
The following is a summary of the fair valuations according to
the inputs used as of August 31, 2010 in valuing the
Funds assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices in Active Markets
|
|
Other
|
|
Significant
|
|
|
|
|
for Identical Investments
|
|
Observable Inputs#
|
|
Unobservable Inputs
|
|
Fair Value
|
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
at 8/31/2010
|
|
|
Asset Table
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
$
|
|
|
|
$
|
7,905,369
|
|
|
$
|
|
|
|
$
|
7,905,369
|
|
Austria
|
|
|
|
|
|
|
268,544
|
|
|
|
|
|
|
|
268,544
|
|
Barbados
|
|
|
23,520
|
|
|
|
|
|
|
|
|
|
|
|
23,520
|
|
Belgium
|
|
|
92
|
|
|
|
1,574,521
|
|
|
|
|
|
|
|
1,574,613
|
|
Bermuda
|
|
|
34,029
|
|
|
|
|
|
|
|
|
|
|
|
34,029
|
|
Denmark
|
|
|
|
|
|
|
1,394,995
|
|
|
|
|
|
|
|
1,394,995
|
|
Finland
|
|
|
|
|
|
|
1,832,832
|
|
|
|
|
|
|
|
1,832,832
|
|
France
|
|
|
576,262
|
|
|
|
5,780,141
|
|
|
|
|
|
|
|
6,356,403
|
|
Germany
|
|
|
|
|
|
|
7,688,757
|
|
|
|
|
|
|
|
7,688,757
|
|
Greece
|
|
|
|
|
|
|
531,581
|
|
|
|
|
|
|
|
531,581
|
|
Hong Kong
|
|
|
|
|
|
|
1,958,908
|
|
|
|
|
|
|
|
1,958,908
|
|
Israel
|
|
|
|
|
|
|
803,647
|
|
|
|
|
|
|
|
803,647
|
|
Italy
|
|
|
|
|
|
|
3,263,808
|
|
|
|
|
|
|
|
3,263,808
|
|
Japan
|
|
|
|
|
|
|
21,652,951
|
|
|
|
|
|
|
|
21,652,951
|
|
Kazakhstan
|
|
|
|
|
|
|
43,742
|
|
|
|
|
|
|
|
43,742
|
|
Netherlands
|
|
|
|
|
|
|
5,245,082
|
|
|
|
|
|
|
|
5,245,082
|
|
New Zealand
|
|
|
27,878
|
|
|
|
52,857
|
|
|
|
|
|
|
|
80,735
|
|
Norway
|
|
|
|
|
|
|
511,517
|
|
|
|
|
|
|
|
511,517
|
|
Portugal
|
|
|
|
|
|
|
441,765
|
|
|
|
|
|
|
|
441,765
|
|
Singapore
|
|
|
|
|
|
|
1,490,807
|
|
|
|
|
|
|
|
1,490,807
|
|
Spain
|
|
|
|
|
|
|
2,700,059
|
|
|
|
|
|
|
|
2,700,059
|
|
Sweden
|
|
|
|
|
|
|
2,842,632
|
|
|
|
|
|
|
|
2,842,632
|
|
Switzerland
|
|
|
96,246
|
|
|
|
7,084,920
|
|
|
|
|
|
|
|
7,181,166
|
|
United Kingdom
|
|
|
844,873
|
|
|
|
18,042,467
|
|
|
|
|
|
|
|
18,887,340
|
|
United States
|
|
|
122,222,025
|
|
|
|
|
|
|
|
|
|
|
|
122,222,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stock
|
|
|
123,824,925
|
|
|
|
93,111,902
|
|
|
|
|
|
|
|
216,936,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts
|
|
|
7,500,406
|
|
|
|
1,760,796
|
|
|
|
|
|
|
|
9,261,202
|
|
Exchange-Traded Funds
|
|
|
1,598,400
|
|
|
|
|
|
|
|
|
|
|
|
1,598,400
|
|
Preferred Stock
|
|
|
|
|
|
|
1,120,511
|
|
|
|
|
|
|
|
1,120,511
|
|
Short-Term Investments
|
|
|
2,243,000
|
|
|
|
|
|
|
|
|
|
|
|
2,243,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments, at value
|
|
$
|
135,166,731
|
|
|
$
|
95,993,209
|
|
|
$
|
|
|
|
$
|
231,159,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments+:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency contracts
|
|
|
|
|
|
|
213,755
|
|
|
|
|
|
|
|
213,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
135,166,731
|
|
|
$
|
96,206,964
|
|
|
$
|
|
|
|
$
|
231,373,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities Table
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments+:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency contracts
|
|
$
|
|
|
|
$
|
(3,535,270
|
)
|
|
$
|
|
|
|
$
|
(3,535,270
|
)
|
Futures
|
|
|
(99,800
|
)
|
|
|
|
|
|
|
|
|
|
|
(99,800
|
)
|
Written options
|
|
|
|
|
|
|
(2,037,794
|
)
|
|
|
|
|
|
|
(2,037,794
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
$
|
(99,800
|
)
|
|
$
|
(5,573,064
|
)
|
|
$
|
|
|
|
$
|
(5,672,864
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^
|
See Note 2, Significant Accounting Policies in
the Notes to Financial Statements for additional information.
|
+
|
Other Financial Instruments are derivatives not reflected in the
Portfolio of Investments and may include open forward foreign
currency contracts, futures, swaps, and written options. Forward
foreign currency contracts and futures are reported at their
unrealized gain/loss at measurement date which represents the
amount due to/from the Fund. Swaps and written options are
reported at their market value at measurement date.
|
#
|
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 Portfolios investments are
categorized as Level 2 investments.
|
See Accompanying Notes to Financial
Statements
21
SUMMARY
PORTFOLIO OF INVESTMENTS
ING
Global Advantage and Premium
Opportunity Fund
as
of August 31, 2010 (Unaudited) (continued)
At August 31, 2010 the following forward foreign currency
contracts were outstanding for the ING Global Advantage and
Premium Opportunity Fund:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
|
|
|
|
Unrealized
|
|
|
|
|
|
|
Settlement
|
|
Exchange
|
|
|
|
Appreciation
|
Counterparty
|
|
Currency
|
|
Buy/Sell
|
|
Date
|
|
For
|
|
Value
|
|
(Depreciation)
|
|
Brown Brothers Harriman & Co.
|
|
Australian Dollar
AUD 9,080,000
|
|
|
SELL
|
|
|
|
9/15/10
|
|
|
$
|
7,615,895
|
|
|
$
|
8,062,792
|
|
|
$
|
(446,897
|
)
|
Brown Brothers Harriman & Co.
|
|
British Pound
GBP 12,660,000
|
|
|
SELL
|
|
|
|
9/15/10
|
|
|
|
18,955,438
|
|
|
|
19,413,903
|
|
|
|
(458,465
|
)
|
Credit Suisse First Boston
|
|
Swiss Franc
CHF 7,465,000
|
|
|
SELL
|
|
|
|
9/15/10
|
|
|
|
6,905,611
|
|
|
|
7,353,847
|
|
|
|
(448,236
|
)
|
JPMorgan Chase
|
|
EU Euro
EUR 25,464,000
|
|
|
SELL
|
|
|
|
9/15/10
|
|
|
|
31,192,636
|
|
|
|
32,268,652
|
|
|
|
(1,076,016
|
)
|
JPMorgan Chase
|
|
EU Euro
EUR 2,720,000
|
|
|
SELL
|
|
|
|
9/15/10
|
|
|
|
3,600,437
|
|
|
|
3,446,856
|
|
|
|
153,581
|
|
JPMorgan Chase
|
|
Japanese Yen
JPY 1,839,900,000
|
|
|
SELL
|
|
|
|
9/15/10
|
|
|
|
20,798,902
|
|
|
|
21,904,558
|
|
|
|
(1,105,656
|
)
|
UBS AG
|
|
British Pound
GBP 1,000,000
|
|
|
SELL
|
|
|
|
9/15/10
|
|
|
|
1,593,658
|
|
|
|
1,533,484
|
|
|
|
60,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(3,321,515
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ING Global Advantage and Premium Opportunity Fund Open
Futures Contracts on August 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Expiration
|
|
Notional
|
|
Unrealized
|
Contract Description
|
|
of Contracts
|
|
Date
|
|
Value
|
|
Depreciation
|
|
Long Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S&P 500
E-Mini
|
|
|
38
|
|
|
|
09/17/10
|
|
|
$
|
1,991,770
|
|
|
$
|
(93,801
|
)
|
S&P 500
E-Mini
|
|
|
11
|
|
|
|
12/17/10
|
|
|
|
573,815
|
|
|
|
(5,999
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,565,585
|
|
|
$
|
(99,800
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written OTC Call Options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# of
|
|
|
|
|
|
Expiration
|
|
Strike
|
|
Premiums
|
|
Fair
|
Contracts
|
|
Counterparty
|
|
Description
|
|
Date
|
|
Price/Rate
|
|
Received
|
|
Value
|
|
|
|
3,100
|
|
|
Goldman Sachs & Co.
|
|
Dow Jones Euro Stoxx 50
|
|
|
09/16/10
|
|
|
|
2,679.300 EUR
|
|
|
$
|
289,163
|
|
|
$
|
(131,110
|
)
|
|
2,620
|
|
|
Goldman Sachs & Co.
|
|
Dow Jones Euro Stoxx 50
|
|
|
09/02/10
|
|
|
|
2,822.440 EUR
|
|
|
|
226,061
|
|
|
|
(1
|
)
|
|
1,300
|
|
|
Morgan Stanley
|
|
FTSE 100 Index
|
|
|
09/16/10
|
|
|
|
5,215.460 GBP
|
|
|
|
249,337
|
|
|
|
(207,885
|
)
|
|
1,310
|
|
|
UBS Warburg LLC
|
|
FTSE 100 Index
|
|
|
09/02/10
|
|
|
|
5,356.660 GBP
|
|
|
|
223,445
|
|
|
|
(4,205
|
)
|
|
100,000
|
|
|
UBS Warburg LLC
|
|
Nikkei 225 Index
|
|
|
09/16/10
|
|
|
|
9,375.780 JPY
|
|
|
|
272,145
|
|
|
|
(48,743
|
)
|
|
103,000
|
|
|
UBS Warburg LLC
|
|
Nikkei 225 Index
|
|
|
09/02/10
|
|
|
|
9,667.430 JPY
|
|
|
|
291,981
|
|
|
|
(1
|
)
|
|
47,791
|
|
|
JP Morgan Chase & Co.
|
|
S&P
500®
Index
|
|
|
09/16/10
|
|
|
|
1,079.380 USD
|
|
|
|
1,372,080
|
|
|
|
(435,091
|
)
|
|
40,828
|
|
|
JP Morgan Chase & Co.
|
|
S&P
500®
Index
|
|
|
09/29/10
|
|
|
|
1,048.920 USD
|
|
|
|
1,139,101
|
|
|
|
(1,210,758
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,063,313
|
|
|
$
|
(2,037,794
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A summary of derivative instruments by primary risk exposure
is outlined in the following tables.
The fair value of derivative instruments as of August 31,
2010 was as follows:
|
|
|
|
|
|
|
Derivatives not accounted for
|
|
|
|
|
as hedging instruments
|
|
Location on Statement of Assets and Liabilities
|
|
Fair Value
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts
|
|
Unrealized appreciation on forward foreign currency contracts
|
|
$
|
213,755
|
|
|
|
|
|
|
|
|
Total Asset Derivatives
|
|
|
|
$
|
213,755
|
|
|
|
|
|
|
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts
|
|
Unrealized depreciation on forward foreign currency contracts
|
|
$
|
3,535,270
|
|
Equity contracts
|
|
Written options, at fair value
|
|
|
2,037,794
|
|
Equity contracts
|
|
Net Assets- Unrealized depreciation*
|
|
|
99,800
|
|
|
|
|
|
|
|
|
Total Liability Derivatives
|
|
|
|
$
|
5,672,864
|
|
|
|
|
|
|
|
|
|
|
* |
Includes cumulative appreciation/depreciation of futures
contracts as reported in the table following the Summary
Portfolio of Investments.
|
See Accompanying Notes to Financial
Statements
22
SUMMARY
PORTFOLIO OF INVESTMENTS
ING
Global Advantage and Premium
Opportunity Fund
as
of August 31, 2010 (Unaudited) (continued)
The effect of derivative instruments on the Funds
Statement of Operations for the six months ended August 31,
2010 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of Realized Gain or (Loss)
|
|
|
on Derivatives Recognized in Income
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
Currency
|
|
|
|
|
|
|
Derivatives not accounted for
|
|
Related
|
|
|
|
Written
|
|
|
as hedging instruments
|
|
Transactions*
|
|
Futures
|
|
Options
|
|
Total
|
|
Equity contracts
|
|
$
|
|
|
|
$
|
57,680
|
|
|
$
|
3,961,284
|
|
|
$
|
4,018,964
|
|
Foreign exchange contracts
|
|
|
3,263,331
|
|
|
|
|
|
|
|
|
|
|
|
3,263,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
3,263,331
|
|
|
$
|
57,680
|
|
|
$
|
3,961,284
|
|
|
$
|
7,282,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Unrealized
|
|
|
Appreciation or (Depreciation)
|
|
|
on Derivatives Recognized in Income
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
Currency
|
|
|
|
|
|
|
Derivatives not accounted for
|
|
Related
|
|
|
|
Written
|
|
|
as hedging instruments
|
|
Transactions*
|
|
Futures
|
|
Options
|
|
Total
|
|
Equity contracts
|
|
$
|
|
|
|
$
|
(118,983
|
)
|
|
$
|
1,046,220
|
|
|
$
|
927,237
|
|
Foreign exchange contracts
|
|
|
(3,652,265
|
)
|
|
|
|
|
|
|
|
|
|
|
(3,652,265
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(3,652,265
|
)
|
|
$
|
(118,983
|
)
|
|
$
|
1,046,220
|
|
|
$
|
(2,725,028
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Amounts recognized for forward foreign currency contracts are
included in net realized gain (loss) on foreign currency related
transactions and net change in unrealized appreciation or
depreciation on foreign currency related transactions.
|
Supplemental Option Information (Unaudited)
|
|
|
Supplemental Call Option Statistics as of August 31,
2010
|
|
|
% of Total Net Assets against which calls written
|
|
68.99%
|
Average Days to Expiration at time written
|
|
29 days
|
Average Call Moneyness* at time written
|
|
ATM
|
Premium received for calls
|
|
$4,063,313
|
Value of calls
|
|
$(2,037,794)
|
|
|
* |
Moneyness is the term used to describe the
relationship between the price of the underlying asset and the
options exercise or strike price. For example, a call
(buy) option is considered
in-the-money
when the value of the underlying asset exceeds the strike price.
Conversely, a put (sell) option is considered
in-the-money
when its strike price exceeds the value of the underlying asset.
Options are characterized for the purpose of Moneyness as,
in-the-money
(ITM),
out-of-the-money
(OTM) or
at-the-money
(ATM), where the underlying asset value equals the
strike price.
|
See Accompanying Notes to Financial
Statements
23
A special meeting of shareholders of the ING Global Advantage
and Premium Opportunity Fund was held June 24, 2010, at the
offices of ING Funds, 7337 East Doubletree Ranch Road,
Scottsdale, AZ 85258.
Proposal:
To elect three members of the Board of Trustees to represent the
interests of the holders of Common Shares of the Fund, with all
three individuals to serve as Class II Trustees, for a term
of three-years, and until the election and qualification of
their successors.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
voted
|
|
|
|
|
|
|
|
|
Shares
|
|
against
|
|
|
|
Total
|
|
|
|
|
voted
|
|
or
|
|
Shares
|
|
Shares
|
|
|
Proposal*
|
|
for
|
|
withheld
|
|
abstained
|
|
Voted
|
|
Class II Trustees
|
|
John V. Boyer
|
|
|
13,373,419.738
|
|
|
|
222,592.445
|
|
|
|
|
|
|
|
13,596,012.183
|
|
|
|
Patricia W. Chadwick
|
|
|
13,360,056.914
|
|
|
|
235,955.269
|
|
|
|
|
|
|
|
13,596,012.183
|
|
|
|
Sheryl K. Pressler
|
|
|
13,364,026.135
|
|
|
|
231,986.048
|
|
|
|
|
|
|
|
13,596,012.183
|
|
24
During the period, there were no material changes in the
Funds investment objective or policies that were not
approved by the shareholders or the Funds charter or
by-laws or
in the principal risk factors associated with investment in the
Fund. Effective April 30, 2010, Pranay Gupta was added and
Carl Ghielen was removed as individuals who are primarily
responsible for the day to day management of the Funds
portfolio. Effective September 30, 2010, Martin Jansen is
no responsible for the day-to-day management of the Funds
portfolio.
During the period, the Fund reduced its
quarterly distribution from $0.372 to $0.335 per quarter,
commencing with the distribution paid on July 15, 2010.
Dividend
Reinvestment Plan
Unless the registered owner of Common Shares elects to receive
cash by contacting BNY (the Plan Agent), all
dividends declared on Common Shares of the Fund will be
automatically reinvested by the Plan Agent for shareholders in
additional Common Shares of the Fund through the Funds
Dividend Reinvestment Plan (the Plan). Shareholders
who elect not to participate in the Plan will receive all
dividends and other distributions in cash paid by check mailed
directly to the shareholder of record (or, if the Common Shares
are held in street or other nominee name, then to such nominee)
by the Plan Agent. Participation in the Plan is completely
voluntary and may be terminated or resumed at any time without
penalty by notice if received and processed by the Plan Agent
prior to the dividend record date; otherwise such termination or
resumption will be effective with respect to any subsequently
declared dividend or other distribution. Some brokers may
automatically elect to receive cash on your behalf and may
re-invest that cash in additional Common Shares of the Fund for
you. If you wish for all dividends declared on your Common
Shares of the Fund to be automatically reinvested pursuant to
the Plan, please contact your broker.
The Plan Agent will open an account for each Common Shareholder
under the Plan in the same name in which such Common
Shareholders Common Shares are registered. Whenever the
Fund declares a dividend or other distribution (together, a
Dividend) payable in cash,
non-participants
in the Plan will receive cash and participants in the Plan will
receive the equivalent in Common Shares. The Common Shares will
be acquired by the Plan Agent for the participants
accounts, depending upon the circumstances described below,
either (i) through receipt of additional unissued but
authorized Common Shares from the Fund (Newly Issued
Common Shares) or (ii) by purchase of outstanding
Common Shares on the open market (Open-Market
Purchases) on the NYSE or elsewhere. Open-market purchases
and sales are usually made through a broker affiliated with the
Plan Agent.
If, on the payment date for any Dividend, the closing market
price plus estimated brokerage commissions per Common Share is
equal to or greater than the net asset value per Common Share,
the Plan Agent will invest the Dividend amount in Newly Issued
Common Shares on behalf of the participants. The number of Newly
Issued Common Shares to be credited to each participants
account will be determined by dividing the dollar amount of the
Dividend by the net asset value per Common Share on the payment
date; provided that, if the net asset value is less than or
equal to 95% of the closing market value on the payment date,
the dollar amount of the Dividend will be divided by 95% of the
closing market price per Common Share on the payment date. If,
on the payment date for any Dividend, the net asset value per
Common Share is greater than the closing market value plus
estimated brokerage commissions, the Plan Agent will invest the
Dividend amount in Common Shares acquired on behalf of the
participants in Open-Market Purchases. In the event of a market
discount on the payment date for any Dividend, the Plan Agent
will have until the last business day before the next date on
which the Common Shares trade on an
ex-dividend
basis or 30 days after the payment date for such Dividend,
whichever is sooner (the Last Purchase Date), to
invest the Dividend amount in Common Shares acquired in
Open-Market Purchases.
It is contemplated that the Fund will pay quarterly Dividends.
Therefore, the period during which Open-Market Purchases can be
made will exist only from the payment date of each Dividend
through the date before the next
ex-dividend
date, which typically will be approximately ten days.
If, before the Plan Agent has completed its Open-Market
Purchases, the market price per common share exceeds the net
asset value per Common Share, the average per Common Share
purchase price paid by the Plan Administrator may exceed the net
asset value of the Common Shares, resulting in the acquisition
of fewer Common Shares than if the Dividend had been paid in
Newly Issued Common Shares on the Dividend payment date. Because
of the foregoing difficulty with
25
ADDITIONAL
INFORMATION (Unaudited)
(continued)
respect to Open-Market Purchases, the Plan provides that if the
Plan Agent is unable to invest the full Dividend amount in
Open-Market Purchases during the purchase period or if the
market discount shifts to a market premium during the purchase
period, the Plan Agent will cease making Open-Market Purchases
and will invest the
un-invested
portion of the Dividend amount in Newly Issued Common Shares at
the net asset value per common share at the close of business on
the Last Purchase Date provided that, if the net asset value is
less than or equal to 95% of the then current market price per
Common Share, the dollar amount of the Dividend will be divided
by 95% of the market price on the payment date.
The Plan Agent maintains all shareholders accounts in the
Plan and furnishes written confirmation of all transactions in
the accounts, including information needed by shareholders for
tax records. Common Shares in the account of each Plan
participant will be held by the Plan Agent on behalf of the Plan
participant, and each shareholder proxy will include those
shares purchased or received pursuant to the Plan. The Plan
Agent will forward all proxy solicitation materials to
participants and vote proxies for shares held under the Plan in
accordance with the instructions of the participants.
In the case of shareholders such as banks, brokers or nominees
which hold shares for others who are the beneficial owners, the
Plan Agent will administer the Plan on the basis of the number
of Common Shares certified from time to time by the record
shareholders name and held for the account of beneficial
owners who participate in the Plan.
There will be no brokerage charges with respect to Common Shares
issued directly by the Fund. However, each participant will pay
a pro rata share of brokerage commissions incurred in connection
with Open-Market Purchases. The automatic reinvestment of
Dividends will not relieve participants of any federal, state or
local income tax that may be payable (or required to be
withheld) on such Dividends. Participants that request a partial
or full sale of shares through the Plan Agent are subject to a
$15.00 sales fee and a $0.10 per share brokerage
commission on purchases or sales, and may be subject to certain
other service charges.
The Fund reserves the right to amend or terminate the Plan.
There is no direct service charge to participants with regard to
purchases in the Plan; however, the Fund reserves the right to
amend the Plan to include a service charge payable by the
participants.
All questions concerning the Plan should be directed to the
Funds Shareholder Service Department at
(800) 992-0180.
KEY FINANCIAL
DATES CALENDAR 2010 DISTRIBUTIONS:
|
|
|
|
|
DECLARATION
|
|
EX-DIVIDEND
|
|
PAYABLE
|
DATE
|
|
DATE
|
|
DATE
|
|
March 19, 2010
|
|
April 1, 2010
|
|
April 15, 2010
|
June 21, 2010
|
|
July 1, 2010
|
|
July 15, 2010
|
September 20, 2010
|
|
October 1, 2010
|
|
October 15, 2010
|
December 20, 2010
|
|
December 29, 2010
|
|
January 17, 2011
|
Record date will be two business days after each
Ex-Dividend
Date. These dates are subject to change.
Stock
Data
The Funds common shares are traded on the NYSE
(Symbol: IGA).
Repurchase of
Securities by Closed-End Companies
In accordance with Section 23(c) of the 1940 Act, and
Rule 23c-1
under the 1940 Act the Fund may from time to time purchase
shares of beneficial interest of the Fund in the open market, in
privately negotiated transactions and/or purchase shares to
correct erroneous transactions.
Number of
Shareholders
The approximate number of record holders of Common Stock as of
August 31, 2010 was 10,229, which does not include
beneficial owners of shares held in the name of brokers of other
nominees.
Certifications
In accordance with Section 303A.12 (a) of the New York
Stock Exchange Listed Company Manual, the Funds CEO
submitted the Annual CEO Certification on May 28, 2010
certifying that he was not aware, as of that date, of any
violation by the Fund of the NYSEs Corporate governance
listing standards. In addition, as required by Section 302
of the Sarbanes-Oxley Act of 2002 and related SEC rules,
the Funds principal executive and financial officers have
made quarterly certifications, included in filings with the SEC
on
Forms N-CSR
and N-Q,
relating to, among other things, the Funds disclosure
controls and procedures and internal controls over financial
reporting.
26
Investment Adviser
ING Investments, LLC
7337 East Doubletree Ranch Road,
Suite 100
Scottsdale, Arizona 85258
Administrator
ING Funds Services, LLC
7337 East Doubletree Ranch Road,
Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Shareowner Services
480 Washington Boulevard
Jersey City, NJ 07310-1900
Custodian
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Legal Counsel
Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006
Toll-Free
Shareholder Information
Call us from 9:00 a.m. to
7:00 p.m. Eastern time on any business day for account or
other information, at (800) 992-0180
Item 2. Code of Ethics.
Not required for semi-annual
filing.
Item 3. Audit Committee Financial Expert.
Not required for semi-annual
filing.
Item 4. Principal Accountant Fees and Services.
Not required for semi-annual
filing.
Item 5. Audit Committee Of Listed Registrants.
Not required for semi-annual
filing.
Item 6. Schedule of Investments.
|
|
|
|
|
PORTFOLIO OF INVESTMENTS |
ING Global Advantage and Premium Opportunity Fund
|
|
as of August 31, 2010 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
Value |
|
|
COMMON STOCK: |
|
95.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia: |
|
|
|
3.5% |
|
|
|
|
|
|
|
28,176 |
|
|
|
|
Amcor Ltd. |
|
|
|
|
|
$ |
169,281 |
|
|
|
|
5,170 |
|
|
|
|
AMP Ltd. |
|
|
|
|
|
|
23,261 |
|
|
|
|
5,002 |
|
|
|
|
ASX Ltd. |
|
|
|
|
|
|
130,039 |
|
|
|
|
30,665 |
|
|
|
|
Australia & New Zealand Banking Group Ltd. |
|
|
|
|
|
|
619,274 |
|
|
|
|
17,376 |
|
|
|
|
Bendigo Bank Ltd. |
|
|
|
|
|
|
130,686 |
|
|
|
|
33,599 |
|
|
|
|
BHP Billiton Ltd. |
|
|
|
|
|
|
1,114,747 |
|
|
|
|
52,472 |
|
|
|
|
Boral Ltd. |
|
|
|
|
|
|
205,952 |
|
|
|
|
87,264 |
|
|
|
|
Brambles Ltd. |
|
|
|
|
|
|
455,769 |
|
|
|
|
17,137 |
|
|
|
|
Commonwealth Bank of Australia |
|
|
|
|
|
|
770,218 |
|
|
|
|
8,328 |
|
|
|
|
Computershare Ltd. |
|
|
|
|
|
|
70,548 |
|
|
|
|
13,713 |
|
|
|
|
Crown Ltd. |
|
|
|
|
|
|
101,414 |
|
|
|
|
8,289 |
|
|
|
|
CSL Ltd. |
|
|
|
|
|
|
243,688 |
|
|
|
|
45,022 |
|
|
|
|
Fosters Group Ltd. |
|
|
|
|
|
|
243,249 |
|
|
|
|
15,260 |
|
|
|
|
Goodman Fielder Ltd. |
|
|
|
|
|
|
18,224 |
|
|
|
|
10,360 |
|
|
|
|
Leighton Holdings Ltd. |
|
|
|
|
|
|
283,999 |
|
|
|
|
16,882 |
|
|
|
|
MacArthur Coal Ltd. |
|
|
|
|
|
|
169,676 |
|
|
|
|
848 |
|
|
|
|
Macquarie Group Ltd. |
|
|
|
|
|
|
28,475 |
|
|
|
|
18,329 |
|
|
|
|
National Australia Bank Ltd. |
|
|
|
|
|
|
380,075 |
|
|
|
|
5,469 |
|
|
|
|
Newcrest Mining Ltd. |
|
|
|
|
|
|
182,150 |
|
|
|
|
27,581 |
|
|
|
|
OneSteel Ltd. |
|
|
|
|
|
|
71,145 |
|
|
|
|
1,220 |
|
|
|
|
Orica Ltd. |
|
|
|
|
|
|
27,317 |
|
|
|
|
21,156 |
|
|
|
|
Origin Energy Ltd. |
|
|
|
|
|
|
287,894 |
|
|
|
|
17,327 |
|
|
|
|
QBE Insurance Group Ltd. |
|
|
|
|
|
|
254,401 |
|
|
|
|
3,060 |
|
|
|
|
Rio Tinto Ltd. |
|
|
|
|
|
|
192,184 |
|
|
|
|
3,871 |
|
|
|
|
Suncorp-Metway Ltd. |
|
|
|
|
|
|
28,841 |
|
|
|
|
3,809 |
|
|
|
|
Wesfarmers Ltd. |
|
|
|
|
|
|
108,612 |
|
|
|
|
35,167 |
|
|
|
|
Westpac Banking Corp. |
|
|
|
|
|
|
681,528 |
|
|
|
|
5,194 |
|
|
|
|
Woodside Petroleum Ltd. |
|
|
|
|
|
|
194,258 |
|
|
|
|
26,001 |
|
|
|
|
Woolworths Ltd. |
|
|
|
|
|
|
642,714 |
|
|
|
|
4,088 |
|
|
|
|
WorleyParsons Ltd. |
|
|
|
|
|
|
75,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,905,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Austria: |
|
|
|
0.1% |
|
|
|
|
|
|
|
4,168 |
|
|
|
|
Erste Bank der Oesterreichischen Sparkassen AG |
|
|
|
|
|
|
150,321 |
|
|
|
|
36,324 |
@ |
|
Immofinanz Immobilien Anlagen AG |
|
|
|
|
|
|
118,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
268,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barbados: |
|
|
|
0.0% |
|
|
|
|
|
|
|
1,500 |
@ |
|
Nabors Industries Ltd. |
|
|
|
|
|
|
23,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belgium: |
|
|
|
0.7% |
|
|
|
|
|
|
|
14,572 |
|
|
|
|
Anheuser-Busch InBev NV |
|
|
|
|
|
|
754,761 |
|
|
|
|
24,304 |
@ |
|
Anheuser-Busch InBev NV - Strip VVPR |
|
|
|
|
|
|
92 |
|
|
|
|
5,825 |
|
|
|
|
Delhaize Group |
|
|
|
|
|
|
389,323 |
|
|
|
|
1,772 |
|
|
|
|
Groupe Bruxelles Lambert S.A. |
|
|
|
|
|
|
130,277 |
|
|
|
|
3,280 |
@ |
|
KBC Groep NV |
|
|
|
|
|
|
135,407 |
|
|
|
|
5,787 |
|
|
|
|
UCB S.A. |
|
|
|
|
|
|
164,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,574,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bermuda: |
|
|
|
0.0% |
|
|
|
|
|
|
|
1,900 |
|
|
|
|
XL Group PLC |
|
|
|
|
|
|
34,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denmark: |
|
|
|
0.6% |
|
|
|
|
|
|
|
54 |
|
|
|
|
AP Moller - Maersk A/S - Class B |
|
|
|
|
|
|
404,598 |
|
|
|
|
2,112 |
|
|
|
|
Coloplast A/S |
|
|
|
|
|
|
224,490 |
|
|
|
|
9,277 |
@ |
|
Danske Bank A/S |
|
|
|
|
|
|
204,909 |
|
|
|
|
6,566 |
|
|
|
|
Novo-Nordisk A/S |
|
|
|
|
|
|
560,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,394,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finland: |
|
|
|
0.8% |
|
|
|
|
|
|
|
787 |
|
|
|
|
Metso OYJ |
|
|
|
|
|
|
28,640 |
|
|
|
|
19,708 |
|
|
|
|
Nokia OYJ |
|
|
|
|
|
|
167,933 |
|
|
|
|
9,037 |
|
|
|
|
Nokian Renkaat OYJ |
|
|
|
|
|
|
258,033 |
|
|
|
|
8,577 |
|
|
|
|
OKO Bank |
|
|
|
|
|
|
93,446 |
|
|
|
|
8,131 |
|
|
|
|
Sampo OYJ |
|
|
|
|
|
|
195,342 |
|
|
|
|
25,453 |
|
|
|
|
Stora Enso OYJ (Euro Denominated Security) |
|
|
|
|
|
|
195,077 |
|
|
|
|
34,339 |
|
|
|
|
UPM-Kymmene OYJ |
|
|
|
|
|
|
469,908 |
|
|
|
|
7,980 |
|
|
|
|
Wartsila OYJ |
|
|
|
|
|
|
424,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,832,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
France: |
|
|
|
2.8% |
|
|
|
|
|
|
|
1,242 |
|
|
|
|
Air Liquide |
|
|
|
|
|
|
128,464 |
|
|
|
|
17,887 |
|
|
|
|
AXA S.A. |
|
|
|
|
|
|
275,544 |
|
|
|
|
11,433 |
|
|
|
|
BNP Paribas |
|
|
|
|
|
|
708,290 |
|
|
|
|
1,071 |
|
|
|
|
Capgemini S.A. |
|
|
|
|
|
|
45,153 |
|
|
|
|
4,653 |
|
|
|
|
Cie de Saint-Gobain |
|
|
|
|
|
|
169,956 |
|
|
|
|
6,705 |
|
|
|
|
CNP Assurances |
|
|
|
|
|
|
113,738 |
|
|
|
|
2,361 |
|
|
|
|
Credit Agricole S.A. |
|
|
|
|
|
|
29,493 |
|
|
|
|
28,350 |
|
|
|
|
France Telecom S.A. |
|
|
|
|
|
|
576,262 |
|
|
|
|
1,312 |
|
|
|
|
Gaz de France |
|
|
|
|
|
|
40,458 |
|
|
|
|
8,003 |
|
|
|
|
M6-Metropole Television |
|
|
|
|
|
|
166,041 |
|
|
|
|
3,600 |
|
|
|
|
PPR |
|
|
|
|
|
|
466,679 |
|
|
|
|
4,475 |
|
|
|
|
Publicis Groupe |
|
|
|
|
|
|
186,823 |
|
|
|
|
11,910 |
|
|
|
|
Sanofi-Aventis |
|
|
|
|
|
|
681,804 |
|
|
|
|
5,916 |
|
|
|
|
Schneider Electric S.A. |
|
|
|
|
|
|
625,222 |
|
|
|
|
6,053 |
|
|
|
|
Scor S.A. |
|
|
|
|
|
|
131,241 |
|
|
|
|
4,986 |
|
|
|
|
Societe Generale |
|
|
|
|
|
|
251,434 |
|
|
|
|
14,632 |
|
|
|
|
Total S.A. |
|
|
|
|
|
|
680,599 |
|
|
|
|
5,022 |
|
|
|
|
Vallourec |
|
|
|
|
|
|
429,910 |
|
|
|
|
27,985 |
|
|
|
|
Vivendi |
|
|
|
|
|
|
649,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,356,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany: |
|
|
|
3.4% |
|
|
|
|
|
|
|
3,105 |
|
|
|
|
Adidas AG |
|
|
|
|
|
|
157,476 |
|
|
|
|
5,628 |
|
|
|
|
Allianz AG |
|
|
|
|
|
|
574,542 |
|
|
|
|
8,683 |
|
|
|
|
BASF AG |
|
|
|
|
|
|
456,689 |
|
|
|
|
5,670 |
|
|
|
|
Bayer AG |
|
|
|
|
|
|
345,846 |
|
|
|
|
2,319 |
@ |
|
DaimlerChrysler AG |
|
|
|
|
|
|
112,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
Value |
|
|
|
|
|
7,876 |
|
|
|
|
Deutsche Bank AG |
|
|
|
|
|
|
489,757 |
|
|
|
|
1,376 |
|
|
|
|
Deutsche Boerse AG |
|
|
|
|
|
|
83,777 |
|
|
|
|
43,726 |
|
|
|
|
Deutsche Telekom AG |
|
|
|
|
|
|
574,436 |
|
|
|
|
29,133 |
|
|
|
|
E.ON AG |
|
|
|
|
|
|
817,683 |
|
|
|
|
2,308 |
|
|
|
|
Hannover Rueckversicheru - Reg |
|
|
|
|
|
|
101,951 |
|
|
|
|
9,364 |
|
|
|
|
HeidelbergCement AG |
|
|
|
|
|
|
374,067 |
|
|
|
|
1,302 |
|
|
|
|
Henkel KGaA |
|
|
|
|
|
|
52,316 |
|
|
|
|
28,888 |
@ |
|
Infineon Technologies AG |
|
|
|
|
|
|
160,194 |
|
|
|
|
5,242 |
|
|
|
|
Linde AG |
|
|
|
|
|
|
589,366 |
|
|
|
|
2,574 |
|
|
|
|
Muenchener Rueckversicherungs AG |
|
|
|
|
|
|
328,012 |
|
|
|
|
7,729 |
|
|
|
|
RWE AG |
|
|
|
|
|
|
505,885 |
|
|
|
|
12,927 |
|
|
|
|
SAP AG |
|
|
|
|
|
|
562,914 |
|
|
|
|
12,088 |
|
|
|
|
Siemens AG |
|
|
|
|
|
|
1,095,752 |
|
|
|
|
17,036 |
|
|
|
|
United Internet AG |
|
|
|
|
|
|
218,114 |
|
|
|
|
969 |
|
|
|
|
Volkswagen AG |
|
|
|
|
|
|
87,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,688,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greece: |
|
|
|
0.2% |
|
|
|
|
|
|
|
22,129 |
|
|
|
|
Hellenic Telecommunications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organization S.A. |
|
|
|
|
|
|
150,974 |
|
|
|
|
1,470 |
@ |
|
National Bank of Greece S.A. |
|
|
|
|
|
|
18,251 |
|
|
|
|
25,515 |
|
|
|
|
Public Power Corp. |
|
|
|
|
|
|
362,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
531,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hong Kong: |
|
|
|
0.9% |
|
|
|
|
|
|
|
70,500 |
|
|
|
|
BOC Hong Kong Holdings Ltd. |
|
|
|
|
|
|
186,182 |
|
|
|
|
7,000 |
|
|
|
|
Cheung Kong Holdings Ltd. |
|
|
|
|
|
|
88,635 |
|
|
|
|
27,500 |
|
|
|
|
CLP Holdings Ltd. |
|
|
|
|
|
|
210,488 |
|
|
|
|
3,800 |
|
|
|
|
Hang Seng Bank Ltd. |
|
|
|
|
|
|
52,239 |
|
|
|
|
5,200 |
|
|
|
|
Hong Kong Exchanges and Clearing Ltd. |
|
|
|
|
|
|
81,895 |
|
|
|
|
40,000 |
|
|
|
|
HongKong Electric Holdings |
|
|
|
|
|
|
243,258 |
|
|
|
|
5,000 |
|
|
|
|
Hutchison Whampoa Ltd. |
|
|
|
|
|
|
37,056 |
|
|
|
|
33,000 |
|
|
|
|
Hysan Development Co., Ltd. |
|
|
|
|
|
|
105,006 |
|
|
|
|
24,000 |
|
|
|
|
Li & Fung Ltd. |
|
|
|
|
|
|
122,268 |
|
|
|
|
16,000 |
|
|
|
|
New World Development Ltd. |
|
|
|
|
|
|
25,848 |
|
|
|
|
673,000 |
|
|
|
|
PCCW Ltd. |
|
|
|
|
|
|
220,410 |
|
|
|
|
19,000 |
|
|
|
|
Sun Hung Kai Properties Ltd. |
|
|
|
|
|
|
268,191 |
|
|
|
|
15,500 |
|
|
|
|
Swire Pacific Ltd. |
|
|
|
|
|
|
187,467 |
|
|
|
|
24,000 |
|
|
|
|
Wharf Holdings Ltd. |
|
|
|
|
|
|
129,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,958,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Israel: |
|
|
|
0.4% |
|
|
|
|
|
|
|
33,350 |
@ |
|
Bank Leumi Le-Israel BM |
|
|
|
|
|
|
137,805 |
|
|
|
|
28,951 |
|
|
|
|
Bezeq Israeli Telecommunication Corp. Ltd. |
|
|
|
|
|
|
63,832 |
|
|
|
|
210 |
|
|
|
|
Delek Group Ltd. |
|
|
|
|
|
|
52,840 |
|
|
|
|
18,109 |
|
|
|
|
Makhteshim-Agan Industries Ltd. |
|
|
|
|
|
|
62,299 |
|
|
|
|
9,610 |
|
|
|
|
Teva Phaemaceutical Industries Ltd. |
|
|
|
|
|
|
486,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
803,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy: |
|
|
|
1.4% |
|
|
|
|
|
|
|
8,438 |
|
|
|
|
Assicurazioni Generali S.p.A. |
|
|
|
|
|
|
151,694 |
|
|
|
|
1,657 |
@ |
|
Autogrill S.p.A. |
|
|
|
|
|
|
19,051 |
|
|
|
|
148,739 |
|
|
|
|
Enel S.p.A. |
|
|
|
|
|
|
705,838 |
|
|
|
|
39,293 |
|
|
|
|
ENI S.p.A. |
|
|
|
|
|
|
776,355 |
|
|
|
|
107,796 |
|
|
|
|
Intesa Sanpaolo S.p.A. |
|
|
|
|
|
|
300,367 |
|
|
|
|
27,289 |
|
|
|
|
Intesa Sanpaolo S.p.A. - RNC |
|
|
|
|
|
|
61,523 |
|
|
|
|
1,736 |
@ |
|
Mediobanca S.p.A. |
|
|
|
|
|
|
13,587 |
|
|
|
|
57,422 |
|
|
|
|
Pirelli & C S.p.A. |
|
|
|
|
|
|
379,250 |
|
|
|
|
11,596 |
|
|
|
|
Saipem S.p.A. |
|
|
|
|
|
|
403,625 |
|
|
|
|
150,358 |
|
|
|
|
Telecom Italia S.p.A. RNC |
|
|
|
|
|
|
164,941 |
|
|
|
|
123,367 |
|
|
|
|
UniCredito Italiano S.p.A. |
|
|
|
|
|
|
287,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,263,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Japan: |
|
|
|
9.5% |
|
|
|
|
|
|
|
20,000 |
|
|
|
|
77 Bank Ltd. |
|
|
|
|
|
|
99,375 |
|
|
|
|
4,480 |
|
|
|
|
Acom Co., Ltd. |
|
|
|
|
|
|
67,294 |
|
|
|
|
2,700 |
|
|
|
|
Aeon Credit Service Co., Ltd. |
|
|
|
|
|
|
28,520 |
|
|
|
|
9,200 |
|
|
|
|
Aisin Seiki Co., Ltd. |
|
|
|
|
|
|
237,665 |
|
|
|
|
6,600 |
|
|
|
|
Alfresa Holdings Corp. |
|
|
|
|
|
|
294,247 |
|
|
|
|
18,000 |
|
|
|
|
Asahi Glass Co., Ltd. |
|
|
|
|
|
|
175,629 |
|
|
|
|
4,900 |
|
|
|
|
Astellas Pharma, Inc. |
|
|
|
|
|
|
169,210 |
|
|
|
|
12,000 |
|
|
|
|
Bank of Kyoto Ltd. |
|
|
|
|
|
|
95,521 |
|
|
|
|
26,400 |
|
|
|
|
Brother Industries Ltd. |
|
|
|
|
|
|
283,065 |
|
|
|
|
14,200 |
|
|
|
|
Canon, Inc. |
|
|
|
|
|
|
581,355 |
|
|
|
|
65 |
|
|
|
|
Central Japan Railway Co. |
|
|
|
|
|
|
524,185 |
|
|
|
|
2,200 |
|
|
|
|
Chubu Electric Power Co., Inc. |
|
|
|
|
|
|
57,913 |
|
|
|
|
73,000 |
|
|
|
|
Cosmo Oil Co., Ltd. |
|
|
|
|
|
|
174,562 |
|
|
|
|
20,000 |
|
|
|
|
Daihatsu Motor Co., Ltd. |
|
|
|
|
|
|
252,554 |
|
|
|
|
24 |
|
|
|
|
Dai-ichi Life Insurance Co. Ltd. |
|
|
|
|
|
|
28,444 |
|
|
|
|
21,100 |
|
|
|
|
Dainippon Sumitomo Pharma Co., Ltd. |
|
|
|
|
|
|
175,447 |
|
|
|
|
2,400 |
|
|
|
|
Daito Trust Construction Co., Ltd. |
|
|
|
|
|
|
137,822 |
|
|
|
|
1,000 |
|
|
|
|
Denso Corp. |
|
|
|
|
|
|
27,117 |
|
|
|
|
9,681 |
|
|
|
|
East Japan Railway Co. |
|
|
|
|
|
|
626,091 |
|
|
|
|
10,500 |
|
|
|
|
Electric Power Development Co. |
|
|
|
|
|
|
337,649 |
|
|
|
|
21,700 |
@ |
|
Elpida Memory, Inc. |
|
|
|
|
|
|
260,183 |
|
|
|
|
9,000 |
|
|
|
|
Fuji Heavy Industries Ltd. |
|
|
|
|
|
|
50,372 |
|
|
|
|
29,000 |
|
|
|
|
Fukuoka Financial Group, Inc. |
|
|
|
|
|
|
115,844 |
|
|
|
|
19,000 |
|
|
|
|
Gunma Bank Ltd. |
|
|
|
|
|
|
98,098 |
|
|
|
|
21,000 |
|
|
|
|
Hachijuni Bank Ltd. |
|
|
|
|
|
|
113,770 |
|
|
|
|
14,500 |
|
|
|
|
Honda Motor Co., Ltd. |
|
|
|
|
|
|
480,272 |
|
|
|
|
67,300 |
|
|
|
|
Itochu Corp. |
|
|
|
|
|
|
548,651 |
|
|
|
|
1,500 |
|
|
|
|
Japan Petroleum Exploration Co. |
|
|
|
|
|
|
54,036 |
|
|
|
|
34 |
|
|
|
|
Japan Tobacco, Inc. |
|
|
|
|
|
|
105,625 |
|
|
|
|
15,500 |
|
|
|
|
JFE Holdings, Inc. |
|
|
|
|
|
|
457,358 |
|
|
|
|
11,000 |
|
|
|
|
Kajima Corp. |
|
|
|
|
|
|
25,752 |
|
|
|
|
69,000 |
|
|
|
|
Kaneka Corp. |
|
|
|
|
|
|
411,818 |
|
|
|
|
20,100 |
|
|
|
|
Kansai Electric Power Co., Inc. |
|
|
|
|
|
|
514,982 |
|
|
|
|
10,400 |
|
|
|
|
Kao Corp. |
|
|
|
|
|
|
242,103 |
|
|
|
|
700 |
|
|
|
|
Keyence Corp. |
|
|
|
|
|
|
144,895 |
|
|
|
|
17,000 |
|
|
|
|
Kirin Brewery Co., Ltd. |
|
|
|
|
|
|
234,900 |
|
|
|
|
16,635 |
|
|
|
|
Kyushu Electric Power Co., Inc. |
|
|
|
|
|
|
395,181 |
|
|
|
|
85,000 |
|
|
|
|
Marubeni Corp. |
|
|
|
|
|
|
437,617 |
|
|
|
|
80,000 |
|
|
|
|
Mazda Motor Corp. |
|
|
|
|
|
|
178,855 |
|
|
|
|
6,200 |
|
|
|
|
MEIJI Holdings Co., Ltd. |
|
|
|
|
|
|
288,670 |
|
|
|
|
28,800 |
|
|
|
|
Mitsubishi Corp. |
|
|
|
|
|
|
617,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
Value |
|
|
|
|
|
5,000 |
|
|
|
|
Mitsubishi Estate Co., Ltd. |
|
|
|
|
|
|
75,206 |
|
|
|
|
151,200 |
|
|
|
|
Mitsubishi UFJ Financial Group, Inc. |
|
|
|
|
|
|
716,916 |
|
|
|
|
47,100 |
|
|
|
|
Mitsui & Co., Ltd. |
|
|
|
|
|
|
613,125 |
|
|
|
|
2,497 |
|
|
|
|
Mitsui Fudosan Co., Ltd. |
|
|
|
|
|
|
40,520 |
|
|
|
|
9,800 |
|
|
|
|
Mitsui Sumitomo Insurance Group Holdings, Inc. |
|
|
|
|
|
|
219,293 |
|
|
|
|
144,503 |
|
|
|
|
Mizuho Financial Group, Inc. |
|
|
|
|
|
|
221,627 |
|
|
|
|
8,100 |
|
|
|
|
Murata Manufacturing Co., Ltd. |
|
|
|
|
|
|
384,825 |
|
|
|
|
3,000 |
|
|
|
|
NHK Spring Co., Ltd. |
|
|
|
|
|
|
24,878 |
|
|
|
|
700 |
|
|
|
|
Nintendo Co., Ltd. |
|
|
|
|
|
|
194,061 |
|
|
|
|
23,000 |
|
|
|
|
Nippon Electric Glass Co., Ltd. |
|
|
|
|
|
|
257,431 |
|
|
|
|
12,700 |
|
|
|
|
Nippon Paper Group, Inc. |
|
|
|
|
|
|
329,624 |
|
|
|
|
61,000 |
|
|
|
|
Nippon Steel Corp. |
|
|
|
|
|
|
201,265 |
|
|
|
|
10,100 |
|
|
|
|
Nippon Telegraph & Telephone Corp. |
|
|
|
|
|
|
434,277 |
|
|
|
|
35,000 |
|
|
|
|
Nippon Yusen KK |
|
|
|
|
|
|
134,810 |
|
|
|
|
10,163 |
|
|
|
|
Nishi-Nippon City Bank Ltd. |
|
|
|
|
|
|
28,480 |
|
|
|
|
41,100 |
@ |
|
Nissan Motor Co., Ltd. |
|
|
|
|
|
|
313,264 |
|
|
|
|
900 |
|
|
|
|
Nitto Denko Corp. |
|
|
|
|
|
|
28,882 |
|
|
|
|
5,579 |
@ |
|
NKSJ Holdings, Inc. |
|
|
|
|
|
|
31,148 |
|
|
|
|
19,800 |
|
|
|
|
Nomura Holdings, Inc. |
|
|
|
|
|
|
112,149 |
|
|
|
|
32 |
|
|
|
|
NTT DoCoMo, Inc. |
|
|
|
|
|
|
54,225 |
|
|
|
|
110 |
|
|
|
|
NTT Urban Development Corp. |
|
|
|
|
|
|
85,716 |
|
|
|
|
2,600 |
|
|
|
|
Oriental Land Co., Ltd. |
|
|
|
|
|
|
230,443 |
|
|
|
|
24,000 |
|
|
|
|
Ricoh Co., Ltd. |
|
|
|
|
|
|
307,599 |
|
|
|
|
23,400 |
|
|
|
|
Sapporo Hokuyo Holdings, Inc. |
|
|
|
|
|
|
110,279 |
|
|
|
|
27,900 |
|
|
|
|
Sega Sammy Holdings, Inc. |
|
|
|
|
|
|
414,297 |
|
|
|
|
5,000 |
|
|
|
|
Sekisui Chemical Co., Ltd. |
|
|
|
|
|
|
29,307 |
|
|
|
|
4,300 |
|
|
|
|
Shinko Electric Industries |
|
|
|
|
|
|
47,243 |
|
|
|
|
47,000 |
|
|
|
|
Shinko Securities Co., Ltd. |
|
|
|
|
|
|
105,285 |
|
|
|
|
92,000 |
|
|
|
|
Shinsei Bank Ltd. |
|
|
|
|
|
|
69,736 |
|
|
|
|
13,900 |
|
|
|
|
Softbank Corp. |
|
|
|
|
|
|
398,431 |
|
|
|
|
21,000 |
|
|
|
|
Sony Corp. |
|
|
|
|
|
|
588,589 |
|
|
|
|
50,500 |
|
|
|
|
Sumitomo Corp. |
|
|
|
|
|
|
578,508 |
|
|
|
|
12,612 |
|
|
|
|
Sumitomo Electric Industries Ltd. |
|
|
|
|
|
|
135,180 |
|
|
|
|
10,900 |
|
|
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
|
|
|
|
|
323,478 |
|
|
|
|
33,142 |
|
|
|
|
Sumitomo Trust & Banking Co., Ltd. |
|
|
|
|
|
|
175,767 |
|
|
|
|
1,800 |
|
|
|
|
T&D Holdings, Inc. |
|
|
|
|
|
|
34,173 |
|
|
|
|
14,432 |
|
|
|
|
Takeda Pharmaceutical Co., Ltd. |
|
|
|
|
|
|
663,315 |
|
|
|
|
6,500 |
|
|
|
|
TDK Corp. |
|
|
|
|
|
|
341,026 |
|
|
|
|
3,000 |
|
|
|
|
Tohoku Electric Power Co., Inc. |
|
|
|
|
|
|
69,495 |
|
|
|
|
11,389 |
|
|
|
|
Tokio Marine Holdings, Inc. |
|
|
|
|
|
|
305,527 |
|
|
|
|
1,700 |
|
|
|
|
Tokyo Electric Power Co., Inc. |
|
|
|
|
|
|
49,424 |
|
|
|
|
600 |
|
|
|
|
Tokyo Electron Ltd. |
|
|
|
|
|
|
28,151 |
|
|
|
|
91,000 |
|
|
|
|
Tosoh Corp. |
|
|
|
|
|
|
228,014 |
|
|
|
|
16,000 |
|
|
|
|
Toyo Suisan Kaisha Ltd. |
|
|
|
|
|
|
337,124 |
|
|
|
|
28,900 |
|
|
|
|
Toyota Motor Corp. |
|
|
|
|
|
|
980,456 |
|
|
|
|
5,340 |
|
|
|
|
USS Co., Ltd. |
|
|
|
|
|
|
393,983 |
|
|
|
|
6,000 |
|
|
|
|
Yamaguchi Financial Group, Inc. |
|
|
|
|
|
|
56,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,652,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kazakhstan: |
|
|
|
0.0% |
|
|
|
|
|
|
|
3,385 |
|
|
|
|
Eurasian Natural Resources Corp. |
|
|
|
|
|
|
43,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands: |
|
|
|
2.3% |
|
|
|
|
|
|
|
5,877 |
|
|
|
|
Fugro NV |
|
|
|
|
|
|
329,314 |
|
|
|
|
43,589 |
|
|
|
|
Koninklijke Ahold NV |
|
|
|
|
|
|
535,092 |
|
|
|
|
10,221 |
|
|
|
|
Koninklijke Boskalis Westminster NV |
|
|
|
|
|
|
379,913 |
|
|
|
|
22,785 |
|
|
|
|
Koninklijke Philips Electronics NV |
|
|
|
|
|
|
634,945 |
|
|
|
|
720 |
|
|
|
|
Koninklijke Vopak NV |
|
|
|
|
|
|
28,836 |
|
|
|
|
32,498 |
|
|
|
|
Royal Dutch Shell PLC - Class A |
|
|
|
|
|
|
860,671 |
|
|
|
|
34,813 |
|
|
|
|
Royal Dutch Shell PLC - Class B |
|
|
|
|
|
|
887,285 |
|
|
|
|
30,069 |
|
|
|
|
Royal KPN NV |
|
|
|
|
|
|
434,736 |
|
|
|
|
15,487 |
|
|
|
|
TNT NV |
|
|
|
|
|
|
391,430 |
|
|
|
|
28,587 |
|
|
|
|
Unilever NV |
|
|
|
|
|
|
762,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,245,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Zealand: |
|
|
|
0.0% |
|
|
|
|
|
|
|
37,842 |
|
|
|
|
Auckland International Airport Ltd. |
|
|
|
|
|
|
52,857 |
|
|
|
|
19,408 |
|
|
|
|
Telecom Corp. of New Zealand Ltd. |
|
|
|
|
|
|
27,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Norway: |
|
|
|
0.2% |
|
|
|
|
|
|
|
29,491 |
|
|
|
|
Aker Kvaerner ASA |
|
|
|
|
|
|
323,596 |
|
|
|
|
17,114 |
|
|
|
|
DnB NOR ASA |
|
|
|
|
|
|
187,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
511,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portugal: |
|
|
|
0.2% |
|
|
|
|
|
|
|
40,114 |
|
|
|
|
Jeronimo Martins |
|
|
|
|
|
|
441,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
441,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Singapore: |
|
|
|
0.7% |
|
|
|
|
|
|
|
25,000 |
|
|
|
|
DBS Group Holdings Ltd. |
|
|
|
|
|
|
256,795 |
|
|
|
|
33,000 |
|
|
|
|
Fraser and Neave Ltd. |
|
|
|
|
|
|
135,560 |
|
|
|
|
16,000 |
|
|
|
|
Jardine Cycle & Carriage Ltd. |
|
|
|
|
|
|
384,633 |
|
|
|
|
38,000 |
|
|
|
|
Oversea-Chinese Banking Corp. |
|
|
|
|
|
|
243,688 |
|
|
|
|
8,000 |
|
|
|
|
Singapore Airlines Ltd. |
|
|
|
|
|
|
89,281 |
|
|
|
|
9,000 |
|
|
|
|
Singapore Telecommunications Ltd. |
|
|
|
|
|
|
20,508 |
|
|
|
|
73,000 |
|
|
|
|
StarHub Ltd. |
|
|
|
|
|
|
132,591 |
|
|
|
|
9,000 |
|
|
|
|
United Overseas Bank Ltd. |
|
|
|
|
|
|
124,549 |
|
|
|
|
35,000 |
|
|
|
|
United Overseas Land Ltd. |
|
|
|
|
|
|
103,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,490,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spain: |
|
|
|
1.2% |
|
|
|
|
|
|
|
41,194 |
|
|
|
|
Banco Bilbao Vizcaya Argentaria S.A. |
|
|
|
|
|
|
496,193 |
|
|
|
|
92,273 |
|
|
|
|
Banco Santander Central Hispano S.A. |
|
|
|
|
|
|
1,074,453 |
|
|
|
|
20,944 |
|
|
|
|
Criteria Caixacorp S.A. |
|
|
|
|
|
|
98,184 |
|
|
|
|
46,658 |
|
|
|
|
Telefonica S.A. |
|
|
|
|
|
|
1,031,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,700,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweden: |
|
|
|
1.2% |
|
|
|
|
|
|
|
26,087 |
|
|
|
|
Atlas Copco AB - Class B |
|
|
|
|
|
|
356,258 |
|
|
|
|
36,823 |
|
|
|
|
Boliden AB |
|
|
|
|
|
|
415,687 |
|
|
|
|
20,600 |
|
|
|
|
Electrolux AB |
|
|
|
|
|
|
395,704 |
|
|
|
|
8,404 |
|
|
|
|
Getinge AB |
|
|
|
|
|
|
168,464 |
|
|
|
|
9,538 |
|
|
|
|
Investor AB |
|
|
|
|
|
|
163,989 |
|
|
|
|
7,223 |
|
|
|
|
Kinnevik Investment AB |
|
|
|
|
|
|
130,700 |
|
|
|
|
43,738 |
|
|
|
|
Nordea Bank AB |
|
|
|
|
|
|
390,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
Value |
|
|
|
|
|
4,461 |
|
|
|
|
Ratos AB |
|
|
|
|
|
|
118,805 |
|
|
|
|
4,045 |
|
|
|
|
SKF AB - B Shares |
|
|
|
|
|
|
72,295 |
|
|
|
|
8,772 |
|
|
|
|
Svenska Handelsbanken AB |
|
|
|
|
|
|
227,986 |
|
|
|
|
41,706 |
|
|
|
|
Telefonaktiebolaget LM Ericsson |
|
|
|
|
|
|
402,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,842,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Switzerland: |
|
|
|
3.2% |
|
|
|
|
|
|
|
4,164 |
@ |
|
ABB Ltd. |
|
|
|
|
|
|
80,375 |
|
|
|
|
1,800 |
|
|
|
|
ACE Ltd. |
|
|
|
|
|
|
96,246 |
|
|
|
|
13,975 |
|
|
|
|
Compagnie Financiere Richemont S.A. |
|
|
|
|
|
|
540,443 |
|
|
|
|
13,872 |
|
|
|
|
Credit Suisse Group |
|
|
|
|
|
|
606,675 |
|
|
|
|
8,526 |
|
|
|
|
Holcim Ltd. |
|
|
|
|
|
|
511,184 |
|
|
|
|
28,676 |
|
|
|
|
Nestle S.A. |
|
|
|
|
|
|
1,482,428 |
|
|
|
|
22,821 |
|
|
|
|
Novartis AG |
|
|
|
|
|
|
1,196,316 |
|
|
|
|
1,541 |
|
|
|
|
Pargesa Holding S.A. |
|
|
|
|
|
|
100,196 |
|
|
|
|
8,903 |
|
|
|
|
Roche Holding AG - Genusschein |
|
|
|
|
|
|
1,207,688 |
|
|
|
|
29 |
|
|
|
|
SGS S.A. |
|
|
|
|
|
|
41,931 |
|
|
|
|
5,628 |
|
|
|
|
Swiss Reinsurance |
|
|
|
|
|
|
232,389 |
|
|
|
|
31,888 |
@ |
|
UBS AG - Reg |
|
|
|
|
|
|
535,013 |
|
|
|
|
7,068 |
|
|
|
|
Xstrata PLC |
|
|
|
|
|
|
110,299 |
|
|
|
|
1,980 |
|
|
|
|
Zurich Financial Services AG |
|
|
|
|
|
|
439,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,181,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom: |
|
|
|
8.3% |
|
|
|
|
|
|
|
5,240 |
|
|
|
|
Aggreko PLC |
|
|
|
|
|
|
113,600 |
|
|
|
|
16,444 |
|
|
|
|
Anglo American PLC |
|
|
|
|
|
|
586,494 |
|
|
|
|
6,516 |
|
|
|
|
ARM Holdings PLC |
|
|
|
|
|
|
36,362 |
|
|
|
|
14,721 |
|
|
|
|
AstraZeneca PLC |
|
|
|
|
|
|
723,616 |
|
|
|
|
5,906 |
@ |
|
Autonomy Corp. PLC |
|
|
|
|
|
|
140,789 |
|
|
|
|
44,247 |
|
|
|
|
Aviva PLC |
|
|
|
|
|
|
255,594 |
|
|
|
|
132,660 |
|
|
|
|
Barclays PLC |
|
|
|
|
|
|
609,044 |
|
|
|
|
46,275 |
|
|
|
|
BG Group PLC |
|
|
|
|
|
|
741,174 |
|
|
|
|
13,008 |
|
|
|
|
BHP Billiton PLC |
|
|
|
|
|
|
362,736 |
|
|
|
|
197,849 |
|
|
|
|
BP PLC |
|
|
|
|
|
|
1,141,833 |
|
|
|
|
32,092 |
|
|
|
|
British American Tobacco PLC |
|
|
|
|
|
|
1,087,376 |
|
|
|
|
44,835 |
|
|
|
|
BT Group PLC |
|
|
|
|
|
|
91,432 |
|
|
|
|
118,360 |
|
|
|
|
Cable & Wireless Worldwide PLC |
|
|
|
|
|
|
121,257 |
|
|
|
|
16,927 |
|
|
|
|
Capita Group PLC |
|
|
|
|
|
|
182,053 |
|
|
|
|
62,706 |
|
|
|
|
Compass Group PLC |
|
|
|
|
|
|
511,235 |
|
|
|
|
27,823 |
|
|
|
|
Diageo PLC |
|
|
|
|
|
|
452,245 |
|
|
|
|
43,081 |
|
|
|
|
GlaxoSmithKline PLC |
|
|
|
|
|
|
803,951 |
|
|
|
|
5,656 |
|
|
|
|
Group 4 Securicor PLC |
|
|
|
|
|
|
21,824 |
|
|
|
|
172,906 |
|
|
|
|
HSBC Holdings PLC |
|
|
|
|
|
|
1,693,555 |
|
|
|
|
18,474 |
|
|
|
|
ICAP PLC |
|
|
|
|
|
|
115,592 |
|
|
|
|
23,715 |
|
|
|
|
Imperial Tobacco Group PLC |
|
|
|
|
|
|
652,658 |
|
|
|
|
20,289 |
|
|
|
|
Inmarsat PLC |
|
|
|
|
|
|
207,491 |
|
|
|
|
14,103 |
|
|
|
|
International Power PLC |
|
|
|
|
|
|
80,044 |
|
|
|
|
15,713 |
|
|
|
|
Investec PLC |
|
|
|
|
|
|
112,976 |
|
|
|
|
20,318 |
|
|
|
|
J Sainsbury PLC |
|
|
|
|
|
|
113,466 |
|
|
|
|
18,268 |
|
|
|
|
Kazakhmys PLC |
|
|
|
|
|
|
321,532 |
|
|
|
|
31,244 |
|
|
|
|
Kingfisher PLC |
|
|
|
|
|
|
97,514 |
|
|
|
|
95,851 |
|
|
|
|
Legal & General Group PLC |
|
|
|
|
|
|
135,593 |
|
|
|
|
329,230 |
@ |
|
Lloyds TSB Group PLC |
|
|
|
|
|
|
346,545 |
|
|
|
|
41,992 |
|
|
|
|
Man Group PLC |
|
|
|
|
|
|
133,421 |
|
|
|
|
86,398 |
|
|
|
|
National Grid PLC |
|
|
|
|
|
|
727,482 |
|
|
|
|
52,824 |
|
|
|
|
Old Mutual PLC |
|
|
|
|
|
|
102,657 |
|
|
|
|
32,230 |
|
|
|
|
Pearson PLC |
|
|
|
|
|
|
477,934 |
|
|
|
|
7,019 |
|
|
|
|
Petrofac Ltd. |
|
|
|
|
|
|
150,183 |
|
|
|
|
15,404 |
|
|
|
|
Prudential PLC |
|
|
|
|
|
|
133,619 |
|
|
|
|
6,007 |
|
|
|
|
Reckitt Benckiser PLC |
|
|
|
|
|
|
299,402 |
|
|
|
|
22,139 |
|
|
|
|
Rio Tinto PLC |
|
|
|
|
|
|
1,113,547 |
|
|
|
|
55,801 |
|
|
|
|
Rolls-Royce Group PLC |
|
|
|
|
|
|
472,130 |
|
|
|
|
62,419 |
@ |
|
Royal Bank of Scotland Group PLC |
|
|
|
|
|
|
42,274 |
|
|
|
|
2,769 |
|
|
|
|
Schroders PLC |
|
|
|
|
|
|
58,024 |
|
|
|
|
1,325 |
|
|
|
|
Scottish & Southern Energy PLC |
|
|
|
|
|
|
23,247 |
|
|
|
|
21,278 |
|
|
|
|
Serco Group PLC |
|
|
|
|
|
|
189,449 |
|
|
|
|
6,795 |
|
|
|
|
Severn Trent PLC |
|
|
|
|
|
|
134,719 |
|
|
|
|
6,903 |
|
|
|
|
Shire PLC |
|
|
|
|
|
|
148,506 |
|
|
|
|
32,877 |
|
|
|
|
Smith & Nephew PLC |
|
|
|
|
|
|
272,084 |
|
|
|
|
4,440 |
|
|
|
|
Smiths Group PLC |
|
|
|
|
|
|
77,644 |
|
|
|
|
23,762 |
|
|
|
|
Standard Chartered PLC |
|
|
|
|
|
|
634,566 |
|
|
|
|
11,951 |
|
|
|
|
Standard Life PLC |
|
|
|
|
|
|
37,166 |
|
|
|
|
26,365 |
|
|
|
|
Tesco PLC |
|
|
|
|
|
|
164,071 |
|
|
|
|
12,897 |
|
|
|
|
Unilever PLC |
|
|
|
|
|
|
339,769 |
|
|
|
|
3,578 |
|
|
|
|
Vedanta Resources PLC |
|
|
|
|
|
|
103,090 |
|
|
|
|
464,374 |
|
|
|
|
Vodafone Group PLC |
|
|
|
|
|
|
1,114,988 |
|
|
|
|
2,072 |
|
|
|
|
Whitbread PLC |
|
|
|
|
|
|
44,184 |
|
|
|
|
3,399 |
|
|
|
|
WPP PLC |
|
|
|
|
|
|
33,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,887,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States: |
|
|
|
53.7% |
|
|
|
|
|
|
|
22,900 |
|
|
|
|
3M Co. |
|
|
|
|
|
|
1,798,795 |
|
|
|
|
8,401 |
S |
|
Abbott Laboratories |
|
|
|
|
|
|
414,505 |
|
|
|
|
500 |
|
|
|
|
Abercrombie & Fitch Co. |
|
|
|
|
|
|
17,300 |
|
|
|
|
2,800 |
@ |
|
Adobe Systems, Inc. |
|
|
|
|
|
|
77,728 |
|
|
|
|
3,100 |
@ |
|
Advanced Micro Devices, Inc. |
|
|
|
|
|
|
17,422 |
|
|
|
|
3,600 |
@ |
|
AES Corp. |
|
|
|
|
|
|
36,864 |
|
|
|
|
2,300 |
|
|
|
|
Aetna, Inc. |
|
|
|
|
|
|
61,456 |
|
|
|
|
2,578 |
|
|
|
|
Aflac, Inc. |
|
|
|
|
|
|
121,811 |
|
|
|
|
1,900 |
@ |
|
Agilent Technologies, Inc. |
|
|
|
|
|
|
51,243 |
|
|
|
|
1,100 |
|
|
|
|
Air Products & Chemicals, Inc. |
|
|
|
|
|
|
81,433 |
|
|
|
|
6,500 |
|
|
|
|
Airgas, Inc. |
|
|
|
|
|
|
427,700 |
|
|
|
|
600 |
|
|
|
|
AK Steel Holding Corp. |
|
|
|
|
|
|
7,644 |
|
|
|
|
15,400 |
@ |
|
Akamai Technologies, Inc. |
|
|
|
|
|
|
709,478 |
|
|
|
|
5,500 |
S |
|
Alcoa, Inc. |
|
|
|
|
|
|
56,155 |
|
|
|
|
900 |
|
|
|
|
Allegheny Energy, Inc. |
|
|
|
|
|
|
20,295 |
|
|
|
|
500 |
|
|
|
|
Allegheny Technologies, Inc. |
|
|
|
|
|
|
20,360 |
|
|
|
|
1,700 |
|
|
|
|
Allergan, Inc. |
|
|
|
|
|
|
104,414 |
|
|
|
|
2,900 |
|
|
|
|
Allstate Corp. |
|
|
|
|
|
|
80,040 |
|
|
|
|
36,400 |
|
|
|
|
Altera Corp. |
|
|
|
|
|
|
897,988 |
|
|
|
|
88,500 |
S |
|
Altria Group, Inc. |
|
|
|
|
|
|
1,975,320 |
|
|
|
|
1,900 |
@, S |
|
Amazon.com, Inc. |
|
|
|
|
|
|
237,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
Value |
|
|
|
|
|
1,300 |
|
|
|
|
Ameren Corp. |
|
|
|
|
|
|
36,491 |
|
|
|
|
2,600 |
|
|
|
|
American Electric Power Co., Inc. |
|
|
|
|
|
|
92,066 |
|
|
|
|
50,400 |
|
|
|
|
American Express Co. |
|
|
|
|
|
|
2,009,448 |
|
|
|
|
700 |
@ |
|
American International Group, Inc. |
|
|
|
|
|
|
23,751 |
|
|
|
|
17,700 |
@ |
|
American Tower Corp. |
|
|
|
|
|
|
829,422 |
|
|
|
|
14,400 |
|
|
|
|
Ameriprise Financial, Inc. |
|
|
|
|
|
|
627,552 |
|
|
|
|
23,652 |
|
|
|
|
AmerisourceBergen Corp. |
|
|
|
|
|
|
645,227 |
|
|
|
|
5,169 |
@, S |
|
Amgen, Inc. |
|
|
|
|
|
|
263,826 |
|
|
|
|
16,300 |
S |
|
Amphenol Corp. |
|
|
|
|
|
|
663,736 |
|
|
|
|
2,700 |
|
|
|
|
Anadarko Petroleum Corp. |
|
|
|
|
|
|
124,173 |
|
|
|
|
1,600 |
|
|
|
|
Analog Devices, Inc. |
|
|
|
|
|
|
44,608 |
|
|
|
|
1,500 |
|
|
|
|
AON Corp. |
|
|
|
|
|
|
54,360 |
|
|
|
|
1,900 |
|
|
|
|
Apache Corp. |
|
|
|
|
|
|
170,715 |
|
|
|
|
700 |
@ |
|
Apollo Group, Inc. - Class A |
|
|
|
|
|
|
29,736 |
|
|
|
|
15,503 |
@, S |
|
Apple, Inc. |
|
|
|
|
|
|
3,772,965 |
|
|
|
|
7,300 |
|
|
|
|
Applied Materials, Inc. |
|
|
|
|
|
|
75,847 |
|
|
|
|
3,466 |
|
|
|
|
Archer-Daniels-Midland Co. |
|
|
|
|
|
|
106,683 |
|
|
|
|
9,300 |
|
|
|
|
Assurant, Inc. |
|
|
|
|
|
|
340,008 |
|
|
|
|
32,000 |
S |
|
AT&T, Inc. |
|
|
|
|
|
|
864,960 |
|
|
|
|
1,200 |
@ |
|
Autodesk, Inc. |
|
|
|
|
|
|
33,300 |
|
|
|
|
2,700 |
|
|
|
|
Automatic Data Processing, Inc. |
|
|
|
|
|
|
104,247 |
|
|
|
|
400 |
@ |
|
Autonation, Inc. |
|
|
|
|
|
|
9,032 |
|
|
|
|
3,600 |
@ |
|
Autozone, Inc. |
|
|
|
|
|
|
755,208 |
|
|
|
|
600 |
|
|
|
|
Avery Dennison Corp. |
|
|
|
|
|
|
19,512 |
|
|
|
|
2,300 |
|
|
|
|
Avon Products, Inc. |
|
|
|
|
|
|
66,930 |
|
|
|
|
2,300 |
|
|
|
|
Baker Hughes, Inc. |
|
|
|
|
|
|
86,434 |
|
|
|
|
500 |
|
|
|
|
Ball Corp. |
|
|
|
|
|
|
28,040 |
|
|
|
|
54,340 |
S |
|
Bank of America Corp. |
|
|
|
|
|
|
676,533 |
|
|
|
|
6,600 |
|
|
|
|
Bank of New York Mellon Corp. |
|
|
|
|
|
|
160,182 |
|
|
|
|
3,200 |
|
|
|
|
Baxter International, Inc. |
|
|
|
|
|
|
136,192 |
|
|
|
|
3,700 |
|
|
|
|
BB&T Corp. |
|
|
|
|
|
|
81,844 |
|
|
|
|
1,300 |
|
|
|
|
Becton Dickinson & Co. |
|
|
|
|
|
|
88,647 |
|
|
|
|
1,400 |
@ |
|
Bed Bath & Beyond, Inc. |
|
|
|
|
|
|
50,358 |
|
|
|
|
552 |
|
|
|
|
Bemis Co. |
|
|
|
|
|
|
15,936 |
|
|
|
|
9,000 |
@ |
|
Berkshire Hathaway, Inc. |
|
|
|
|
|
|
709,020 |
|
|
|
|
1,900 |
|
|
|
|
Best Buy Co., Inc. |
|
|
|
|
|
|
59,641 |
|
|
|
|
400 |
@ |
|
Big Lots, Inc. |
|
|
|
|
|
|
12,504 |
|
|
|
|
1,300 |
@ |
|
Biogen Idec, Inc. |
|
|
|
|
|
|
69,940 |
|
|
|
|
1,000 |
@ |
|
BMC Software, Inc. |
|
|
|
|
|
|
36,060 |
|
|
|
|
16,400 |
|
|
|
|
Boeing Co. |
|
|
|
|
|
|
1,002,532 |
|
|
|
|
8,200 |
@, S |
|
Boston Scientific Corp. |
|
|
|
|
|
|
42,558 |
|
|
|
|
84,800 |
|
|
|
|
Bristol-Myers Squibb Co. |
|
|
|
|
|
|
2,211,584 |
|
|
|
|
2,300 |
|
|
|
|
Broadcom Corp. |
|
|
|
|
|
|
68,931 |
|
|
|
|
7,169 |
|
|
|
|
Brown-Forman Corp. |
|
|
|
|
|
|
439,388 |
|
|
|
|
2,092 |
|
|
|
|
CA, Inc. |
|
|
|
|
|
|
37,677 |
|
|
|
|
600 |
|
|
|
|
Cabot Oil & Gas Corp. |
|
|
|
|
|
|
16,704 |
|
|
|
|
1,300 |
@ |
|
Cameron International Corp. |
|
|
|
|
|
|
47,814 |
|
|
|
|
22,900 |
|
|
|
|
Campbell Soup Co. |
|
|
|
|
|
|
853,254 |
|
|
|
|
2,500 |
|
|
|
|
Capital One Financial Corp. |
|
|
|
|
|
|
94,650 |
|
|
|
|
27,600 |
|
|
|
|
Cardinal Health, Inc. |
|
|
|
|
|
|
826,896 |
|
|
|
|
1,000 |
@ |
|
CareFusion Corp. |
|
|
|
|
|
|
21,580 |
|
|
|
|
1,200 |
@ |
|
Carmax, Inc. |
|
|
|
|
|
|
23,916 |
|
|
|
|
2,300 |
|
|
|
|
Carnival Corp. |
|
|
|
|
|
|
71,714 |
|
|
|
|
3,400 |
|
|
|
|
Caterpillar, Inc. |
|
|
|
|
|
|
221,544 |
|
|
|
|
1,500 |
@, S |
|
CB Richard Ellis Group, Inc. |
|
|
|
|
|
|
24,630 |
|
|
|
|
3,700 |
|
|
|
|
CBS Corp. - Class B |
|
|
|
|
|
|
51,134 |
|
|
|
|
2,500 |
@ |
|
Celgene Corp. |
|
|
|
|
|
|
128,800 |
|
|
|
|
2,300 |
|
|
|
|
CenterPoint Energy, Inc. |
|
|
|
|
|
|
34,017 |
|
|
|
|
16,900 |
|
|
|
|
CenturyTel, Inc. |
|
|
|
|
|
|
611,104 |
|
|
|
|
400 |
@ |
|
Cephalon, Inc. |
|
|
|
|
|
|
22,644 |
|
|
|
|
5,600 |
@ |
|
Cerner Corp. |
|
|
|
|
|
|
407,960 |
|
|
|
|
400 |
|
|
|
|
CF Industries Holdings, Inc. |
|
|
|
|
|
|
37,000 |
|
|
|
|
900 |
|
|
|
|
CH Robinson Worldwide, Inc. |
|
|
|
|
|
|
58,491 |
|
|
|
|
5,300 |
S |
|
Charles Schwab Corp. |
|
|
|
|
|
|
67,628 |
|
|
|
|
3,500 |
|
|
|
|
Chesapeake Energy Corp. |
|
|
|
|
|
|
72,380 |
|
|
|
|
45,542 |
S |
|
Chevron Corp. |
|
|
|
|
|
|
3,377,395 |
|
|
|
|
1,800 |
|
|
|
|
Chubb Corp. |
|
|
|
|
|
|
99,216 |
|
|
|
|
1,500 |
|
|
|
|
Cigna Corp. |
|
|
|
|
|
|
48,330 |
|
|
|
|
900 |
|
|
|
|
Cincinnati Financial Corp. |
|
|
|
|
|
|
24,012 |
|
|
|
|
700 |
|
|
|
|
Cintas Corp. |
|
|
|
|
|
|
17,843 |
|
|
|
|
30,892 |
@, S |
|
Cisco Systems, Inc. |
|
|
|
|
|
|
619,385 |
|
|
|
|
122,400 |
@, S |
|
Citigroup, Inc. |
|
|
|
|
|
|
455,328 |
|
|
|
|
14,900 |
@ |
|
Citrix Systems, Inc. |
|
|
|
|
|
|
863,306 |
|
|
|
|
700 |
|
|
|
|
Cliffs Natural Resources, Inc. |
|
|
|
|
|
|
42,833 |
|
|
|
|
800 |
|
|
|
|
Clorox Co. |
|
|
|
|
|
|
51,856 |
|
|
|
|
393 |
S |
|
CME Group, Inc. |
|
|
|
|
|
|
97,495 |
|
|
|
|
24,000 |
|
|
|
|
CMS Energy Corp. |
|
|
|
|
|
|
420,000 |
|
|
|
|
1,700 |
|
|
|
|
Coach, Inc. |
|
|
|
|
|
|
60,928 |
|
|
|
|
12,472 |
|
|
|
|
Coca-Cola Co. |
|
|
|
|
|
|
697,434 |
|
|
|
|
1,800 |
|
|
|
|
Coca-Cola Enterprises, Inc. |
|
|
|
|
|
|
51,228 |
|
|
|
|
24,700 |
@ |
|
Cognizant Technology Solutions Corp. |
|
|
|
|
|
|
1,422,844 |
|
|
|
|
2,700 |
|
|
|
|
Colgate-Palmolive Co. |
|
|
|
|
|
|
199,368 |
|
|
|
|
15,255 |
S |
|
Comcast Corp. Class A |
|
|
|
|
|
|
261,166 |
|
|
|
|
16,400 |
|
|
|
|
Comerica, Inc. |
|
|
|
|
|
|
564,324 |
|
|
|
|
800 |
|
|
|
|
Computer Sciences Corp. |
|
|
|
|
|
|
31,848 |
|
|
|
|
1,200 |
@ |
|
Compuware Corp. |
|
|
|
|
|
|
8,616 |
|
|
|
|
2,400 |
|
|
|
|
ConAgra Foods, Inc. |
|
|
|
|
|
|
51,816 |
|
|
|
|
38,400 |
S |
|
ConocoPhillips |
|
|
|
|
|
|
2,013,312 |
|
|
|
|
1,200 |
|
|
|
|
Consol Energy, Inc. |
|
|
|
|
|
|
38,640 |
|
|
|
|
18,500 |
|
|
|
|
Consolidated Edison, Inc. |
|
|
|
|
|
|
879,305 |
|
|
|
|
1,000 |
@ |
|
Constellation Brands, Inc. |
|
|
|
|
|
|
16,660 |
|
|
|
|
1,100 |
|
|
|
|
Constellation Energy Group, Inc. |
|
|
|
|
|
|
32,263 |
|
|
|
|
8,500 |
S |
|
Corning, Inc. |
|
|
|
|
|
|
133,280 |
|
|
|
|
2,400 |
|
|
|
|
Costco Wholesale Corp. |
|
|
|
|
|
|
135,720 |
|
|
|
|
800 |
@ |
|
Coventry Health Care, Inc. |
|
|
|
|
|
|
15,480 |
|
|
|
|
500 |
|
|
|
|
CR Bard, Inc. |
|
|
|
|
|
|
38,415 |
|
|
|
|
2,100 |
|
|
|
|
CSX Corp. |
|
|
|
|
|
|
104,769 |
|
|
|
|
1,100 |
|
|
|
|
Cummins, Inc. |
|
|
|
|
|
|
81,851 |
|
|
|
|
7,400 |
|
|
|
|
CVS Caremark Corp. |
|
|
|
|
|
|
199,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
Value |
|
|
|
|
1,500 |
|
|
|
|
D.R. Horton, Inc. |
|
|
|
15,390 |
|
|
|
2,800 |
|
|
|
|
Danaher Corp. |
|
|
|
101,724 |
|
|
|
800 |
|
|
|
|
Darden Restaurants, Inc. |
|
|
|
33,008 |
|
|
|
600 |
@ |
|
DaVita, Inc. |
|
|
|
38,772 |
|
|
|
1,000 |
@ |
|
Dean Foods Co. |
|
|
|
10,230 |
|
|
|
16,800 |
|
|
|
|
Deere & Co. |
|
|
|
1,062,936 |
|
|
|
9,300 |
@, S |
|
Dell, Inc. |
|
|
|
109,461 |
|
|
|
2,200 |
@, S |
|
Denbury Resources, Inc. |
|
|
|
32,428 |
|
|
|
800 |
|
|
|
|
Densply International, Inc. |
|
|
|
22,256 |
|
|
|
2,400 |
|
|
|
|
Devon Energy Corp. |
|
|
|
144,672 |
|
|
|
300 |
|
|
|
|
DeVry, Inc. |
|
|
|
11,433 |
|
|
|
400 |
|
|
|
|
Diamond Offshore Drilling |
|
|
|
23,272 |
|
|
|
44,000 |
@, S |
|
DIRECTV |
|
|
|
1,668,480 |
|
|
|
2,900 |
S |
|
Discover Financial Services |
|
|
|
42,079 |
|
|
|
12,300 |
@ |
|
Discovery Communications, Inc. - Class A |
|
|
|
464,325 |
|
|
|
3,200 |
|
|
|
|
Dominion Resources, Inc. |
|
|
|
136,832 |
|
|
|
1,050 |
|
|
|
|
Dover Corp. |
|
|
|
46,998 |
|
|
|
6,300 |
|
|
|
|
Dow Chemical Co. |
|
|
|
153,531 |
|
|
|
20,700 |
|
|
|
|
Dr Pepper Snapple Group, Inc. |
|
|
|
762,174 |
|
|
|
16,317 |
|
|
|
|
DTE Energy Co. |
|
|
|
764,451 |
|
|
|
7,100 |
S |
|
Duke Energy Corp. |
|
|
|
122,049 |
|
|
|
300 |
|
|
|
|
Dun & Bradstreet Corp. |
|
|
|
19,770 |
|
|
|
1,090 |
@ |
|
E*Trade Financial Corp. |
|
|
|
13,527 |
|
|
|
400 |
|
|
|
|
Eastman Chemical Co. |
|
|
|
24,620 |
|
|
|
1,500 |
@ |
|
Eastman Kodak Co. |
|
|
|
5,235 |
|
|
|
6,200 |
|
|
|
|
Eaton Corp. |
|
|
|
430,776 |
|
|
|
6,116 |
@, S |
|
eBay, Inc. |
|
|
|
142,136 |
|
|
|
1,300 |
|
|
|
|
Ecolab, Inc. |
|
|
|
61,620 |
|
|
|
1,800 |
|
|
|
|
Edison International |
|
|
|
60,750 |
|
|
|
32,400 |
|
|
|
|
EI Du Pont de Nemours & Co. |
|
|
|
1,320,948 |
|
|
|
58,400 |
|
|
|
|
El Paso Corp. |
|
|
|
665,176 |
|
|
|
1,800 |
@ |
|
Electronic Arts, Inc. |
|
|
|
27,432 |
|
|
|
5,500 |
|
|
|
|
Eli Lilly & Co. |
|
|
|
184,580 |
|
|
|
91,450 |
@, S |
|
EMC Corp. |
|
|
|
1,668,048 |
|
|
|
18,948 |
|
|
|
|
Emerson Electric Co. |
|
|
|
883,924 |
|
|
|
1,000 |
|
|
|
|
Entergy Corp. |
|
|
|
78,840 |
|
|
|
9,800 |
|
|
|
|
EOG Resources, Inc. |
|
|
|
851,326 |
|
|
|
800 |
|
|
|
|
EQT Corp. |
|
|
|
26,080 |
|
|
|
700 |
|
|
|
|
Equifax, Inc. |
|
|
|
20,629 |
|
|
|
10,300 |
|
|
|
|
Estee Lauder Cos., Inc. |
|
|
|
577,521 |
|
|
|
3,600 |
|
|
|
|
Exelon Corp. |
|
|
|
146,592 |
|
|
|
1,100 |
|
|
|
|
Expedia, Inc. |
|
|
|
25,146 |
|
|
|
1,200 |
|
|
|
|
Expeditors International Washington, Inc. |
|
|
|
47,508 |
|
|
|
23,600 |
@ |
|
Express Scripts, Inc. |
|
|
|
1,005,360 |
|
|
|
27,669 |
S |
|
ExxonMobil Corp. |
|
|
|
1,636,898 |
|
|
|
11,800 |
|
|
|
|
Family Dollar Stores, Inc. |
|
|
|
504,922 |
|
|
|
700 |
|
|
|
|
Fastenal Co. |
|
|
|
31,689 |
|
|
|
500 |
|
|
|
|
Federated Investors, Inc. |
|
|
|
10,425 |
|
|
|
1,700 |
|
|
|
|
FedEx Corp. |
|
|
|
132,685 |
|
|
|
1,400 |
|
|
|
|
Fidelity National Information Services, Inc. |
|
|
|
36,176 |
|
|
|
4,326 |
S |
|
Fifth Third Bancorp. |
|
|
|
47,802 |
|
|
|
1,223 |
@ |
|
First Horizon National Corp. |
|
|
|
12,328 |
|
|
|
300 |
@ |
|
First Solar, Inc. |
|
|
|
38,355 |
|
|
|
1,600 |
|
|
|
|
FirstEnergy Corp. |
|
|
|
58,448 |
|
|
|
800 |
@ |
|
Fiserv, Inc. |
|
|
|
40,024 |
|
|
|
15,500 |
@ |
|
Flir Systems, Inc. |
|
|
|
389,360 |
|
|
|
300 |
|
|
|
|
Flowserve Corp. |
|
|
|
26,814 |
|
|
|
1,000 |
|
|
|
|
Fluor Corp. |
|
|
|
44,660 |
|
|
|
400 |
|
|
|
|
FMC Corp. |
|
|
|
24,912 |
|
|
|
10,800 |
@ |
|
FMC Technologies, Inc. |
|
|
|
667,980 |
|
|
|
18,400 |
@, S |
|
Ford Motor Co. |
|
|
|
207,736 |
|
|
|
1,500 |
@ |
|
Forest Laboratories, Inc. |
|
|
|
40,935 |
|
|
|
800 |
|
|
|
|
Fortune Brands, Inc. |
|
|
|
35,832 |
|
|
|
800 |
|
|
|
|
Franklin Resources, Inc. |
|
|
|
77,208 |
|
|
|
2,600 |
|
|
|
|
Freeport-McMoRan Copper & Gold, Inc. |
|
|
|
187,148 |
|
|
|
5,400 |
|
|
|
|
Frontier Communications Corp. |
|
|
|
41,742 |
|
|
|
800 |
@ |
|
GameStop Corp. |
|
|
|
14,344 |
|
|
|
1,300 |
|
|
|
|
Gannett Co., Inc. |
|
|
|
15,717 |
|
|
|
2,470 |
|
|
|
|
Gap, Inc. |
|
|
|
41,718 |
|
|
|
2,100 |
|
|
|
|
General Dynamics Corp. |
|
|
|
117,327 |
|
|
|
57,816 |
S |
|
General Electric Co. |
|
|
|
837,176 |
|
|
|
3,600 |
|
|
|
|
General Mills, Inc. |
|
|
|
130,176 |
|
|
|
900 |
|
|
|
|
Genuine Parts Co. |
|
|
|
37,737 |
|
|
|
2,600 |
@ |
|
Genworth Financial, Inc. |
|
|
|
28,158 |
|
|
|
1,400 |
@ |
|
Genzyme Corp. |
|
|
|
98,154 |
|
|
|
4,800 |
@ |
|
Gilead Sciences, Inc. |
|
|
|
152,928 |
|
|
|
2,805 |
S |
|
Goldman Sachs Group, Inc. |
|
|
|
384,117 |
|
|
|
5,100 |
|
|
|
|
Goodrich Corp. |
|
|
|
349,248 |
|
|
|
1,300 |
@ |
|
Goodyear Tire & Rubber Co. |
|
|
|
12,012 |
|
|
|
1,269 |
@ |
|
Google, Inc. - Class A |
|
|
|
571,075 |
|
|
|
1,800 |
S |
|
H&R Block, Inc. |
|
|
|
23,130 |
|
|
|
4,900 |
|
|
|
|
Halliburton Co. |
|
|
|
138,229 |
|
|
|
1,300 |
|
|
|
|
Harley-Davidson, Inc. |
|
|
|
31,616 |
|
|
|
400 |
@ |
|
Harman International Industries, Inc. |
|
|
|
12,468 |
|
|
|
11,543 |
|
|
|
|
Harris Corp. |
|
|
|
485,614 |
|
|
|
2,400 |
|
|
|
|
Hartford Financial Services Group, Inc. |
|
|
|
48,384 |
|
|
|
11,800 |
|
|
|
|
Hasbro, Inc. |
|
|
|
476,248 |
|
|
|
600 |
|
|
|
|
Helmerich & Payne, Inc. |
|
|
|
22,224 |
|
|
|
900 |
|
|
|
|
Hershey Co. |
|
|
|
41,823 |
|
|
|
1,600 |
|
|
|
|
Hess Corp. |
|
|
|
80,400 |
|
|
|
12,609 |
|
|
|
|
Hewlett-Packard Co. |
|
|
|
485,194 |
|
|
|
22,600 |
|
|
|
|
HJ Heinz Co. |
|
|
|
1,045,024 |
|
|
|
9,100 |
|
|
|
|
Home Depot, Inc. |
|
|
|
253,071 |
|
|
|
4,100 |
|
|
|
|
Honeywell International, Inc. |
|
|
|
160,269 |
|
|
|
400 |
|
|
|
|
Hormel Foods Corp. |
|
|
|
17,260 |
|
|
|
14,500 |
@ |
|
Hospira, Inc. |
|
|
|
744,720 |
|
|
|
2,581 |
S |
|
Hudson City Bancorp., Inc. |
|
|
|
29,746 |
|
|
|
7,386 |
@, S |
|
Humana, Inc. |
|
|
|
352,977 |
|
|
|
3,900 |
S |
|
Huntington Bancshares, Inc. |
|
|
|
20,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
Value |
|
|
|
|
2,100 |
|
|
Illinois Tool Works, Inc. |
|
|
|
86,646 |
|
|
|
6,991 |
|
|
Integrys Energy Group, Inc. |
|
|
|
338,714 |
|
|
|
30,102 |
|
|
Intel Corp. |
|
|
|
533,407 |
|
|
|
400 |
@ |
|
IntercontinentalExchange, Inc. |
|
|
|
38,224 |
|
|
|
6,989 |
S |
|
International Business Machines Corp. |
|
|
|
861,254 |
|
|
|
7,300 |
|
|
International Flavors & Fragrances, Inc. |
|
|
|
333,537 |
|
|
|
1,600 |
|
|
International Game Technology |
|
|
|
23,360 |
|
|
|
2,368 |
|
|
International Paper Co. |
|
|
|
48,449 |
|
|
|
2,600 |
@ |
|
Interpublic Group of Cos., Inc. |
|
|
|
22,178 |
|
|
|
32,700 |
@ |
|
Intuit, Inc. |
|
|
|
1,399,560 |
|
|
|
2,500 |
@ |
|
Intuitive Surgical, Inc. |
|
|
|
662,575 |
|
|
|
2,500 |
@ |
|
Invesco Ltd. |
|
|
|
45,250 |
|
|
|
1,000 |
|
|
Iron Mountain, Inc. |
|
|
|
20,280 |
|
|
|
986 |
|
|
ITT Corp. |
|
|
|
41,905 |
|
|
|
1,000 |
S |
|
Jabil Circuit, Inc. |
|
|
|
10,250 |
|
|
|
700 |
@ |
|
Jacobs Engineering Group, Inc. |
|
|
|
24,276 |
|
|
|
1,000 |
S |
|
Janus Capital Group, Inc. |
|
|
|
9,080 |
|
|
|
1,300 |
|
|
JC Penney Co., Inc. |
|
|
|
26,000 |
|
|
|
1,200 |
@ |
|
JDS Uniphase Corp. |
|
|
|
11,028 |
|
|
|
600 |
|
|
JM Smucker Co. |
|
|
|
35,088 |
|
|
|
14,975 |
S |
|
Johnson & Johnson |
|
|
|
853,875 |
|
|
|
3,600 |
|
|
Johnson Controls, Inc. |
|
|
|
95,508 |
|
|
|
21,557 |
|
|
JP Morgan Chase & Co. |
|
|
|
783,813 |
|
|
|
2,800 |
@ |
|
Juniper Networks, Inc. |
|
|
|
76,160 |
|
|
|
1,400 |
|
|
Kellogg Co. |
|
|
|
69,552 |
|
|
|
4,800 |
|
|
Keycorp |
|
|
|
35,376 |
|
|
|
2,245 |
|
|
Kimberly-Clark Corp. |
|
|
|
144,578 |
|
|
|
1,400 |
@ |
|
King Pharmaceuticals, Inc. |
|
|
|
12,194 |
|
|
|
900 |
|
|
KLA-Tencor Corp. |
|
|
|
25,209 |
|
|
|
1,700 |
@ |
|
Kohls Corp. |
|
|
|
79,866 |
|
|
|
9,400 |
|
|
Kraft Foods, Inc. |
|
|
|
281,530 |
|
|
|
3,500 |
|
|
Kroger Co. |
|
|
|
69,055 |
|
|
|
600 |
|
|
L-3 Communications Holdings, Inc. |
|
|
|
39,960 |
|
|
|
600 |
@ |
|
Laboratory Corp. of America Holdings |
|
|
|
43,572 |
|
|
|
900 |
|
|
Legg Mason, Inc. |
|
|
|
22,797 |
|
|
|
800 |
|
|
Leggett & Platt, Inc. |
|
|
|
15,336 |
|
|
|
900 |
|
|
Lennar Corp. |
|
|
|
11,853 |
|
|
|
1,000 |
@ |
|
Leucadia National Corp. |
|
|
|
21,350 |
|
|
|
400 |
@ |
|
Lexmark International, Inc. |
|
|
|
13,996 |
|
|
|
1,000 |
@ |
|
Life Technologies Corp. |
|
|
|
42,770 |
|
|
|
27,000 |
|
|
Limited Brands, Inc. |
|
|
|
637,200 |
|
|
|
1,600 |
|
|
Lincoln National Corp. |
|
|
|
37,376 |
|