for the year ended September 30, 2008 LUXEMBOURG Annual report and audited financial statements Société d'Investissement à Capital Variable ING (L) INVEST
for the year ended September 30, 2008LUXEMBOURG
Annual report and audited financial statements
Société d'Investissement à Capital Variable
ING (L) INVEST
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
ING INVESTMENT MANAGEMENT
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For additional information please contact:
ING Investment Management BelgiumFundinfo Helpdesk (MA 2.01.02)Avenue Marnix 24B-1000 BrusselsTel. +32 2 547 87 88e-mail: [email protected] www.ingim.com
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
ING INVESTMENT MANAGEMENT
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No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the currentprospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
The prospectus, the statutes, the annual and semi-annual reports are made available to the shareholders at the custodian bank and at the Company'sregistered office as well as at the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who sorequests.
The information given in this report is for reference purposes only. It is not a guide to future results.
Warning
1ING INVESTMENT MANAGEMENT
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
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Table of contents Page
Organisation 12
Management's report 15
Independent auditor's report 18
Combined statements
Combined statement of net assets as at 30/09/2008 20
Combined statement of operations and changes in net assets for the year ended 30/09/2008 20
ING (L) Invest - Africa & Middle East
Statistics 21
Financial statements 22
Statement of net assets as at 30/09/2008 22
Statement of operations and changes in net assets for the period from 01/04/2008 to30/09/2008
22
Securities portfolio as at 30/09/2008 23
ING (L) Invest - Alternative Beta
Statistics 24
Financial statements 25
Statement of net assets as at 30/09/2008 25
Statement of operations and changes in net assets for the period from 09/06/2008 to30/09/2008
25
Securities portfolio as at 30/09/2008 26
Financial derivative instruments as at 30/09/2008 26
ING (L) Invest - Asia Pacific High Dividend
Statistics 27
Financial statements 28
Statement of net assets as at 30/09/2008 28
Statement of operations and changes in net assets for the year ended 30/09/2008 28
Securities portfolio as at 30/09/2008 29
Financial derivative instruments as at 30/09/2008 30
ING (L) Invest - Balkan
Statistics 31
Financial statements 32
Statement of net assets as at 30/09/2008 32
Statement of operations and changes in net assets for the period from 21/01/2008 to30/09/2008
32
Securities portfolio as at 30/09/2008 33
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Table of contents Page
Financial derivative instruments as at 30/09/2008 33
ING (L) Invest - Banking & Insurance
Statistics 35
Financial statements 36
Statement of net assets as at 30/09/2008 36
Statement of operations and changes in net assets for the year ended 30/09/2008 36
Securities portfolio as at 30/09/2008 37
ING (L) Invest - Biotechnology
Statistics 39
Financial statements 40
Statement of net assets as at 30/09/2008 40
Statement of operations and changes in net assets for the year ended 30/09/2008 40
Securities portfolio as at 30/09/2008 41
ING (L) Invest - China Access
Statistics 42
Financial statements 43
Statement of net assets as at 30/09/2008 43
Statement of operations and changes in net assets for the period from 02/10/2007 to30/09/2008
43
Securities portfolio as at 30/09/2008 44
ING (L) Invest - Climate Focus
Statistics 45
Financial statements 46
Statement of net assets as at 30/09/2008 46
Statement of operations and changes in net assets for the year ended 30/09/2008 46
Securities portfolio as at 30/09/2008 47
Financial derivative instruments as at 30/09/2008 48
ING (L) Invest - Computer Technologies
Statistics 49
Financial statements 50
Statement of net assets as at 30/09/2008 50
Statement of operations and changes in net assets for the year ended 30/09/2008 50
Securities portfolio as at 30/09/2008 51
Financial derivative instruments as at 30/09/2008 52
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Table of contents Page
ING (L) Invest - Consumer Goods
Statistics 53
Financial statements 54
Statement of net assets as at 30/09/2008 54
Statement of operations and changes in net assets for the year ended 30/09/2008 54
Securities portfolio as at 30/09/2008 55
ING (L) Invest - Dutch Equity
Statistics 56
Financial statements 57
Statement of net assets as at 30/09/2008 57
Statement of operations and changes in net assets for the year ended 30/09/2008 57
Securities portfolio as at 30/09/2008 58
Financial derivative instruments as at 30/09/2008 58
ING (L) Invest - Emerging Europe
Statistics 59
Financial statements 60
Statement of net assets as at 30/09/2008 60
Statement of operations and changes in net assets for the year ended 30/09/2008 60
Securities portfolio as at 30/09/2008 61
Financial derivative instruments as at 30/09/2008 61
ING (L) Invest - Emerging Markets
Statistics 62
Financial statements 63
Statement of net assets as at 30/09/2008 63
Statement of operations and changes in net assets for the year ended 30/09/2008 63
Securities portfolio as at 30/09/2008 64
ING (L) Invest - EMU Equity
Statistics 66
Financial statements 67
Statement of net assets as at 30/09/2008 67
Statement of operations and changes in net assets for the year ended 30/09/2008 67
Securities portfolio as at 30/09/2008 68
ING (L) Invest - Energy
Statistics 69
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Table of contents Page
Financial statements 70
Statement of net assets as at 30/09/2008 70
Statement of operations and changes in net assets for the year ended 30/09/2008 70
Securities portfolio as at 30/09/2008 71
ING (L) Invest - Euro High Dividend
Statistics 72
Financial statements 73
Statement of net assets as at 30/09/2008 73
Statement of operations and changes in net assets for the year ended 30/09/2008 73
Securities portfolio as at 30/09/2008 74
ING (L) Invest - Euro Income
Statistics 75
Financial statements 76
Statement of net assets as at 30/09/2008 76
Statement of operations and changes in net assets for the year ended 30/09/2008 76
Securities portfolio as at 30/09/2008 77
Financial derivative instruments as at 30/09/2008 77
ING (L) Invest - Europe Growth Fund
Statistics 79
Financial statements 80
Statement of net assets as at 30/09/2008 80
Statement of operations and changes in net assets for the year ended 30/09/2008 80
Securities portfolio as at 30/09/2008 81
ING (L) Invest - Europe High Dividend
Statistics 83
Financial statements 84
Statement of net assets as at 30/09/2008 84
Statement of operations and changes in net assets for the year ended 30/09/2008 84
Securities portfolio as at 30/09/2008 85
ING (L) Invest - Europe Opportunities
Statistics 87
Financial statements 88
Statement of net assets as at 30/09/2008 88
Statement of operations and changes in net assets for the year ended 30/09/2008 88
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Table of contents Page
Securities portfolio as at 30/09/2008 89
ING (L) Invest - European Banking & Insurance
Statistics 90
Financial statements 91
Statement of net assets as at 30/09/2008 91
Statement of operations and changes in net assets for the year ended 30/09/2008 91
Securities portfolio as at 30/09/2008 92
ING (L) Invest - European Consumer Goods
Statistics 93
Financial statements 94
Statement of net assets as at 30/09/2008 94
Statement of operations and changes in net assets for the year ended 30/09/2008 94
Securities portfolio as at 30/09/2008 95
ING (L) Invest - European Equity
Statistics 96
Financial statements 97
Statement of net assets as at 30/09/2008 97
Statement of operations and changes in net assets for the year ended 30/09/2008 97
Securities portfolio as at 30/09/2008 98
ING (L) Invest - European Food & Beverages
Statistics 100
Financial statements 101
Statement of net assets as at 30/09/2008 101
Statement of operations and changes in net assets for the year ended 30/09/2008 101
Securities portfolio as at 30/09/2008 102
ING (L) Invest - European Health Care
Statistics 103
Financial statements 104
Statement of net assets as at 30/09/2008 104
Statement of operations and changes in net assets for the year ended 30/09/2008 104
Securities portfolio as at 30/09/2008 105
Financial derivative instruments as at 30/09/2008 105
ING (L) Invest - European IT
Statistics 107
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Table of contents Page
Financial statements 108
Statement of net assets as at 30/09/2008 108
Statement of operations and changes in net assets for the year ended 30/09/2008 108
Securities portfolio as at 30/09/2008 109
ING (L) Invest - European Materials
Statistics 110
Financial statements 111
Statement of net assets as at 30/09/2008 111
Statement of operations and changes in net assets for the year ended 30/09/2008 111
Securities portfolio as at 30/09/2008 112
ING (L) Invest - European New Offerings
Statistics 113
Financial statements 114
Statement of net assets as at 30/09/2008 114
Statement of operations and changes in net assets for the year ended 30/09/2008 114
Securities portfolio as at 30/09/2008 115
Financial derivative instruments as at 30/09/2008 116
ING (L) Invest - European Real Estate
Statistics 117
Financial statements 118
Statement of net assets as at 30/09/2008 118
Statement of operations and changes in net assets for the year ended 30/09/2008 118
Securities portfolio as at 30/09/2008 119
ING (L) Invest - European Sector Allocation
Statistics 120
Financial statements 121
Statement of net assets as at 30/09/2008 121
Statement of operations and changes in net assets for the year ended 30/09/2008 121
Securities portfolio as at 30/09/2008 122
ING (L) Invest - European Small Caps
Statistics 123
Financial statements 124
Statement of net assets as at 30/09/2008 124
Statement of operations and changes in net assets for the year ended 30/09/2008 124
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Table of contents Page
Securities portfolio as at 30/09/2008 125
ING (L) Invest - European Telecom
Statistics 126
Financial statements 127
Statement of net assets as at 30/09/2008 127
Statement of operations and changes in net assets for the year ended 30/09/2008 127
Securities portfolio as at 30/09/2008 128
ING (L) Invest - Food & Beverages
Statistics 129
Financial statements 130
Statement of net assets as at 30/09/2008 130
Statement of operations and changes in net assets for the year ended 30/09/2008 130
Securities portfolio as at 30/09/2008 131
Financial derivative instruments as at 30/09/2008 131
ING (L) Invest - Global Brands
Statistics 132
Financial statements 133
Statement of net assets as at 30/09/2008 133
Statement of operations and changes in net assets for the year ended 30/09/2008 133
Securities portfolio as at 30/09/2008 134
ING (L) Invest - Global Growth
Statistics 135
Financial statements 136
Statement of net assets as at 30/09/2008 136
Statement of operations and changes in net assets for the year ended 30/09/2008 136
Securities portfolio as at 30/09/2008 137
ING (L) Invest - Global High Dividend
Statistics 139
Financial statements 141
Statement of net assets as at 30/09/2008 141
Statement of operations and changes in net assets for the year ended 30/09/2008 141
Securities portfolio as at 30/09/2008 142
ING (L) Invest - Global Real Estate
Statistics 144
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Table of contents Page
Financial statements 145
Statement of net assets as at 30/09/2008 145
Statement of operations and changes in net assets for the year ended 30/09/2008 145
Securities portfolio as at 30/09/2008 146
ING (L) Invest - Greater China
Statistics 148
Financial statements 149
Statement of net assets as at 30/09/2008 149
Statement of operations and changes in net assets for the year ended 30/09/2008 149
Securities portfolio as at 30/09/2008 150
Financial derivative instruments as at 30/09/2008 150
ING (L) Invest - Health Care
Statistics 151
Financial statements 152
Statement of net assets as at 30/09/2008 152
Statement of operations and changes in net assets for the year ended 30/09/2008 152
Securities portfolio as at 30/09/2008 153
ING (L) Invest - India Focus
Statistics 155
Financial statements 156
Statement of net assets as at 30/09/2008 156
Statement of operations and changes in net assets for the period from 14/07/2008 to30/09/2008
156
Securities portfolio as at 30/09/2008 157
Financial derivative instruments as at 30/09/2008 157
ING (L) Invest - Industrials
Statistics 158
Financial statements 159
Statement of net assets as at 30/09/2008 159
Statement of operations and changes in net assets for the year ended 30/09/2008 159
Securities portfolio as at 30/09/2008 160
ING (L) Invest - Japan
Statistics 161
Financial statements 162
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Table of contents Page
Statement of net assets as at 30/09/2008 162
Statement of operations and changes in net assets for the year ended 30/09/2008 162
Securities portfolio as at 30/09/2008 163
Financial derivative instruments as at 30/09/2008 163
ING (L) Invest - Japanese Small & Mid Caps
Statistics 164
Financial statements 165
Statement of net assets as at 30/09/2008 165
Statement of operations and changes in net assets for the year ended 30/09/2008 165
Securities portfolio as at 30/09/2008 166
Financial derivative instruments as at 30/09/2008 167
ING (L) Invest - Latin America
Statistics 168
Financial statements 169
Statement of net assets as at 30/09/2008 169
Statement of operations and changes in net assets for the year ended 30/09/2008 169
Securities portfolio as at 30/09/2008 170
Financial derivative instruments as at 30/09/2008 170
ING (L) Invest - Materials
Statistics 172
Financial statements 173
Statement of net assets as at 30/09/2008 173
Statement of operations and changes in net assets for the year ended 30/09/2008 173
Securities portfolio as at 30/09/2008 174
ING (L) Invest - New Asia
Statistics 175
Financial statements 176
Statement of net assets as at 30/09/2008 176
Statement of operations and changes in net assets for the year ended 30/09/2008 176
Securities portfolio as at 30/09/2008 177
Financial derivative instruments as at 30/09/2008 177
ING (L) Invest - New Technology Leaders
Statistics 179
Financial statements 180
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Table of contents Page
Statement of net assets as at 30/09/2008 180
Statement of operations and changes in net assets for the year ended 30/09/2008 180
Securities portfolio as at 30/09/2008 181
ING (L) Invest - Prestige & Luxe
Statistics 182
Financial statements 183
Statement of net assets as at 30/09/2008 183
Statement of operations and changes in net assets for the year ended 30/09/2008 183
Securities portfolio as at 30/09/2008 184
ING (L) Invest - Sustainable Growth
Statistics 185
Financial statements 186
Statement of net assets as at 30/09/2008 186
Statement of operations and changes in net assets for the year ended 30/09/2008 186
Securities portfolio as at 30/09/2008 187
ING (L) Invest - Telecom
Statistics 189
Financial statements 190
Statement of net assets as at 30/09/2008 190
Statement of operations and changes in net assets for the year ended 30/09/2008 190
Securities portfolio as at 30/09/2008 191
ING (L) Invest - US (Enhanced Core Concentrated)
Statistics 193
Financial statements 194
Statement of net assets as at 30/09/2008 194
Statement of operations and changes in net assets for the year ended 30/09/2008 194
Securities portfolio as at 30/09/2008 195
Financial derivative instruments as at 30/09/2008 196
ING (L) Invest - US Growth
Statistics 197
Financial statements 198
Statement of net assets as at 30/09/2008 198
Statement of operations and changes in net assets for the year ended 30/09/2008 198
Securities portfolio as at 30/09/2008 199
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Table of contents Page
ING (L) Invest - US High Dividend
Statistics 200
Financial statements 201
Statement of net assets as at 30/09/2008 201
Statement of operations and changes in net assets for the year ended 30/09/2008 201
Securities portfolio as at 30/09/2008 202
ING (L) Invest - US Opportunistic Equity
Statistics 204
Financial statements 205
Statement of net assets as at 30/09/2008 205
Statement of operations and changes in net assets for the year ended 30/09/2008 205
Securities portfolio as at 30/09/2008 206
ING (L) Invest - Utilities
Statistics 207
Financial statements 208
Statement of net assets as at 30/09/2008 208
Statement of operations and changes in net assets for the year ended 30/09/2008 208
Securities portfolio as at 30/09/2008 209
ING (L) Invest - World
Statistics 210
Financial statements 211
Statement of net assets as at 30/09/2008 211
Statement of operations and changes in net assets for the year ended 30/09/2008 211
Securities portfolio as at 30/09/2008 212
Notes to the financial statements 214
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Organisation
Registered Office 52, route d'Esch, L-1470 Luxembourg
Board of Directors
Chairman Alexandre Deveen,Managing Director, Mutual Funds Brussels,ING Investment Management Belgium
Directors Christian Bellin, Managing Director,ING Investment Management Belgium
Odilon de Groote,Companies Director
Philippe Gusbin,Senior General Manager Ops & IT,ING Luxembourg
Bruno Springael,Managing Director,ING Investment Management Belgium
Paul Suttor,Senior Manager,Head of Fund Administration, ING Luxembourg
Management Company ING Investment Management Luxembourg S.A.,52, route d’Esch, Luxembourg
Investment Managers ING Investment Management Luxembourg S.A.,52, route d’Esch, Luxembourg
delegated to
ING Investment Management Belgium,24, avenue Marnix/Marnixlaan, Brussels
ING Clarion Real Estate Securities L.P.,259, North Radnor Chester Road, Radnor
ING Asset Management B.V.,15, Prinses Beatrixlaan, The Hague
ING Investment Management Co.,230, Park Avenue, New York
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Organisation
ING Investment Management Asia Pacific (Hong Kong) Ltd.,39/F One International Finance Center,1 Harbour View Street, Central, Hong Kong
ING Mutual Funds Management Company (Japan) Ltd., 4-1 Kioicho, Chiyoda-Ku, Tokyo
ING Mutual Funds Management Company S.A.,38, Vassileos Konstantinou Avenue, Athens
ING Investment Management Asia Pacific (Singapore) Ltd.,9, raffles Place #23-08 Republic Plaza, Singapore
Administration Agent, ING Investment Management Luxembourg S.A.,Registrar and Transfer Agent 52, route d’Esch, Luxembourg
delegated to
ING Luxembourg,52, route d’Esch, Luxembourg
Custodian ING Luxembourg,52, route d’Esch, Luxembourg
Securities Lending Agent Goldman Sachs Europe,Peterborough Court,133 Fleet Street, London
Independent Auditors Ernst & Young S.A.,7, Parc d’Activité Syrdall, Munsbach
Financial Servicing
Austria ING Bank N.V.-Vienna branch (*),Ungargasse 64-66/305, Wien
Belgium ING Belgium,24, avenue Marnix/Marnixlaan, Brussels
Czech Republic ING N.V.,Organizaèni složka, Nádražni 344/25, Praha
Finland Danske Capital Finland Oy,Aleksanterinkatu, 44, 7 krs, Helsinki
France CACEIS Bank,1/3, Place Valhubert, Paris
Germany BHF-Bank,Bockenheimer Landstraße 10, Frankfurt am Main
(*) The sub-funds ING (L) Invest - China Access, ING (L) Invest - Euro Income, ING (L) Invest - European Materials, ING (L) Invest - India Focus, ING (L) Invest - US Growth are not registered in Austria.
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Organisation
Greece ING Mutual Funds Management Company S.A.,38, Vasillos Konstantinou Ave, Athens
Hong Kong ING Investment Management Asia Pacific (Hong Kong) Ltd.,39/F One International Finance Centre,1 Harbour View Street, Central, Hong Kong
Hungary ING Bank Rt.,Dózsa György út 84/B, Budapest
Italy INGIM Italy Sim, Via Paleocapa 5, Milano
Luxembourg ING Luxembourg, 52, route d'Esch, Luxembourg
Norway ING Bank Norway,Statminister Michelsenvei 36, Paradis, Bergen
Singapore ING Investment Management Asia Pacific (Singapore) Ltd.,9, raffles Place #23-08 Republic Plaza, Singapore
Slovakia ING Bank N.V.,Póboèka zahraniènej banky, Jesenskeho 4/C, Bratislava
Spain and Portugal ING Belgium S.A., Sucursal en España (ING Investment Management),Génova, 27 - 3a Planta - Madrid
Switzerland ING Bank (Suisse) S.A.,30, avenue de Frontenex, Geneva
Taiwan ING Securities Investment Management Taiwan Limited,30F NO7 SEC 5, Xinyi Road, Taipei
The Netherlands ING Bank N.V., Amstelveensesteenweg 500, Amsterdam
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Management's report
Economic context
During the last quarter of 2007, investors were primarily concerned with the US housing market and the impact of declining houseprices on the financial sector. Credit spreads continued to widen, and as a consequence, lending again became much more expensive.Markets were exceptionally volatile due to the huge uncertainties. On balance, global equities lost approximately 5% this quarter,while the spreads on higher yielding fixed income widened. Government bond yields declined, particularly in the US.
Considering the huge uncertainties, US Gross Domestic Product ("GDP") grew satisfactorily, following a strong third quarter. Growthwas supported by strong export growth (thanks to the weaker dollar). Boosted by strong growth in the emerging markets and decentgrowth in the Eurozone, the global economy remained in healthy shape. But the picture was rather mixed in Japan: strong growth inexports versus sluggish domestic demand.
The credit crisis prompted central banks to take action and inject huge amounts into the money markets. On top of that, they had tocope with rising inflation. The US Central Bank ("Fed") lowered its federal funds rate, while the European Central Bank ("ECB") andthe Bank of Japan remained on hold.
In 2008, after a disappointing start global equities began to pick up in mid March 2008. The rally continued until mid May 2008 whena downward correction set in, gathered strength in June 2008. Financials took a particularly heavy tumble. Global equities lost about17% (in euro) overall. Real estate equities lost nearly 21%.
Investors priced in a (mild) recession in the US already in the first two weeks of January 2008, prompted by disappointing economicfigures, the persistent malaise in the housing market and news on the credit crisis. At the same time, western banks reportedsubstantial write-downs and issued new shares for billions of dollars (euros).
On 17 March 2008, equities reached the lowest point (-19.1%) of the first half, after it became clear that US investment bank BearStearns was experiencing serious liquidity problems. At the instigation and with the support of the US Central Bank, a takeover wasarranged with JP Morgan Chase as buyer. The Central Bank’s rapid move to rescue Bear Stearns was the signal for a sharp rally bothin the equity markets and in the markets for more risky bonds – (high yield) corporate bonds and emerging markets debt.
The price gains, which continued until mid-May 2008, were supported by encouraging economic and business news in the US. Theupbeat sentiment, a sign of increased risk appetite, led to shrinking demand for government bonds. This contributed to a rise in ten-year yields, which had fallen sharply in the previous months. Hopes of an end to the credit crunch grew in April 2008. Attentionconsequently shifted away from the credit crisis (and fears of instability in the financial system) to rising inflation. However, in June2008 the credit crisis returned to the spotlight after more bad news from the banks.
Oil prices continued to rise – from around $100 at the beginning of January 2008 to over $140 in June 2008. The expected structuralnature of the increase in commodity and food prices helps to explain the growing concern about higher inflation expectations.
This concern was also apparent from the stance of the US Central Bank. The bank, spurred by fears of a severe growth slowdown,maintained its interest rate cutting policy (to 2%) until the end of April 2008, but then switched its attention to warnings about theweak dollar and rising inflation.
The ECB, which traditionally considers combating inflation to be its first priority, kept its benchmark rate at 4%, despite the increasedthreat to growth. However, it hinted strongly in June 2008 at a one-off interest rate hike to 4.25% (up 25 basis points) in July 2008.
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Management's report
During the summer, the global economic slowdown gathered pace, due in part to the major uncertainties over the financial crisis. InEurope and Japan, economic growth came to a standstill over the summer. The US growth rate exceeded expectations in the secondquarter of 2008 (2.8% annualised), but recent figures suggest that growth will be sharply lower in the coming months. Emergingmarkets continued to grow strongly, but at a slower pace.
For the first time in years, the US dollar and the yen strengthened versus the Euro (by +11% and +10% respectively). Commodityprices suffered large price drops amid worries about lower economic growth damping demand for raw materials. Crude oil pricesdropped almost 30%.
Global equity markets recorded a loss of 4.94% in EUR over the summer (from July 2008 to end September 2008). Particularly inSeptember 2008, the financial crisis escalated dramatically, resulting in a massive shake out within the financial industry worldwide.Some institutions went bankrupt (Lehman), others sought shelter with stronger parties (Merrill Lynch, HBOS) or received governmenthelp (AIG, Fortis). The developments made clear that the financial crisis, which started as a local US housing market problem, has nowseriously affected the world economy.
Contrary to what many would have expected the Financials sector outperformed the MSCI World Index. Particularly the shares of USfinancials rebounded substantially. Materials, Energy and to a lesser extent Industrials were the worst performers. The outlook of thesesectors deteriorated rapidly as the market became more convinced that the global economy is heading to a recession. Defensivesectors such as Consumer Staples and Healthcare outperformed.
Regionally, the US equity market was a clear outperformer, partly helped by a dollar strengthening against the Euro. Japan slightlyoutperformed Europe. The emerging markets suffered most from the deteriorating outlook for global growth and increasing riskaversion amongst investors. Small caps underperformed large caps and value outperformed growth as most financials are classified asvalue.
Bond markets remained in this context very volatile. Euro bond yields started the quarter at 4.58% and ended after all at 4.01%. Withthe chaotic market situation and risk aversion reinforcing each other, the higher-risk fixed income categories fell into a downwardspiral in September 2008. Within investment grade credit, especially bonds of the financials were slaughtered.
Outlook
In the short term, it is crucially important that some measure of trust returns to the global financial system. Without a properlyfunctioning financial system, monetary easing will have no effect and a prolonged recession is inevitable. However, we believe thatcentral banks and authorities will continue to take all required measures to keep the financial system functioning and to alleviate thestress.
A recession in the G7 economies is no longer in doubt as weakness in the real economy is no longer possible to read without arecessionary interpretation. As the risk of a systemic failure of the global banking sector has also risen to its highest level since the1930's, we find our self at a point in time where markets are failing to such an extent that unprecedented government action isneeded to get them and the real economy going again. Policy action has so far struggled to convince markets, but the recent increasein coordination by the major Central Bank’s of the world (US Central Bank, European Central Bank, Bank of England, People’s Bank ofChina, Bank of China, Riksbank, and Swiss National Bank all cutting rates at the same time) is a step in the right direction.
Our base case is that policy action will work. The Paulson plan will be implemented in a way that capital is injected into the USbanking system, Central Banks will move in more coordinated fashion to easy policy further and European governments will continueto act to support the Eurozone banking system. Moreover, credit supply of central banks or government outside of the commercialbanking system will be further explored to keep real economy going. This will not prevent a synchronized down-turn in the developedeconomies during the second half of the year, but prevent a tailspin. From 2009 onwards a gradual, but unusually modest recoverywill materialise. Only by late 2009, global growth will return to potential.
17ING INVESTMENT MANAGEMENT
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
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Management's report
After the severe correction of equity markets (-40% since the top in October 2007), valuations are pricing already a severe recession.As of today, equity markets discount an earnings decline of no less than 40% worldwide. Compared to other recessions this is amajor downgrade, implying profit declines of more than 60% for the more cyclically exposed sectors and companies. Furthermore, market stress reaches extreme levels. These have always been good contrarian indicators pointing to an increasedprobability of a market rally, especially if there is substantial support from policy makers as is the case today.
Going forward, we believe that markets will stay very volatile. The downside is limited given the low valuations, while the upside iscapped due to further analysts’ earnings downgrades & profit warnings in the coming months.
We believe that equity markets will only start a sustainable multi-year recovery a few months before corporate earnings bottom,which should be mid-2009 at the earliest, but could also be in 2010. However, equity prices tend to bottom in advance of earnings.Even if the start of a new bull market is probably still some time away, the worst part of this bear market may already be behind us orcan be reached in the coming weeks. Until the more sustained recovery starts, markets will remain in a broad trading range. After thesell-off, we are probably in the lower half of this trading range.
In view of the downward pressure on economic growth along with the ECB’s further monetary easing (to 3% in 2009 in our opinion),we forecast slightly lower ten-year bond yields in the Eurozone on a six- to twelve-month horizon. In the US, although monetarypolicy makers have already taken a lot of actions and the majority of policy stimulus is now likely to come from the fiscal side, we feelthat the recent tightening of financial conditions and damage done to household and corporate sentiment will force the Fed to easepolicy further to bring fed funds to 1% by early next year. We therefore expect slightly lower ten-year bond yields in the US on a six-to twelve-month horizon.
Economic forecasts2007 2008E 2009E
United States Growth gross domestic product (%) 2.2% 1.4% 0.7%Rate of inflation (%) 2.8% 4.4% 2.8%EurozoneGrowth gross domestic product (%) 2.6% 1.2% 0.4%Rate of inflation (%) 2.2% 3.6% 2.3%JapanGrowth gross domestic product (%) 1.8% 0.4% 0.6%Rate of inflation (%) -0.1% 1.3% 0.7%
Source: ING IM / September 2008
E : Estimation
18 ING INVESTMENT MANAGEMENT
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
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Independent auditor's report
To the Shareholders ofING (L) INVEST, SICAV52, route d'Esch, L-1470 Luxembourg
Following our appointment by the Annual General Meeting of the Shareholders of the SICAV of January 22, 2008, we haveaudited the accompanying financial statements of ING (L) INVEST, SICAV and of each of its sub-funds, which comprise theStatement of Net Assets, the Securities Portfolio and Financial Derivative Instruments as at September 30, 2008 and theStatement of Operations and Changes in Net Assets for the year then ended, and a summary of significant accountingpolicies and other explanatory notes to the financial statements.
Responsibility of the Board of Directors of the SICAV for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements inaccordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Thisresponsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting andapplying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.
Responsibility of the "Réviseur d'Entreprises"
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit inaccordance with International Standards on Auditing as adopted by the "Institut des Réviseurs d'Entreprises". Thosestandards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurancewhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the judgement of the "Réviseur d'Entreprises", including the assessment ofthe risks of material misstatement of the financial statements, whether due to fraud or error. In making those riskassessments, the "Réviseur d'Entreprises" considers internal control relevant to the entity's preparation and fairpresentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financialstatements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of ING (L) INVEST, SICAV and ofeach of its sub-funds as of September 30, 2008 and of the results of their operations and changes in their Net Assets forthe year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation andfair presentation of the financial statements.
19ING INVESTMENT MANAGEMENT
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
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Independent auditor's report
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has notbeen subject to specific audit procedures carried out in accordance with the standards described above. Consequently, weexpress no opinion on such information. However, we have no observation to make concerning such information in thecontext of the financial statements taken as a whole.
ERNST & YOUNGSociété AnonymeRéviseur d'Entreprises
Daniel MEIS
January 8, 2009
The accompanying notes form an integral part of these financial statements.
Combined statements(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
20 ING INVESTMENT MANAGEMENT
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Total securities portfolio 5,949,007,480.01
Shares 5,933,624,376.44
Undertakings for collective investment 14,318,323.03
Bonds and other debt instruments 356,769.71
Money market instruments 708,010.83
Total financial derivative instruments 9,724,678.10
Forward foreign exchange contracts 139,822.94
Options 5,421,710.26
Warrants and rights 4,163,144.90
Cash at bank 225,878,069.11
Margin deposits 1,938,523.23
Other assets 149,270,475.623
Total assets 6,335,819,226.07
Bank overdrafts (31,848,985.97)
Current liabilities (123,831,929.11)3
Total financial derivative instruments (1,249,139.98)Futures (736,355.46)Options (512,784.52)
Total liabilities (156,930,055.06)
Net assets at the end of the year 6,178,889,171.01
Notes
Combined statement of net assets as at 30/09/2008
Total income 240,043,566.76
Dividends 218,744,292.30
Interest on bonds and other debt instruments 17,836.27
Bank interest 8,312,916.94
Other income 12,968,521.258
Total expenses (123,727,762.43)
Management fees (98,488,066.87)4
Custodian fees (5,165,802.94)5
Subscription tax (3,098,739.55)6
Bank interest (949,383.59)
Other expenses (16,025,769.48)7
Net investment income 116,315,804.33
Net realised gains or (losses) on securities portfolio (345,355,867.09)
Net realised gains or (losses) on financial derivativeinstruments
23,479,593.76
Net realised gains or (losses) on currency (15,069,082.82)
Changes in net unrealised gains or (losses) on securitiesportfolio
(2,487,959,175.74)
Changes in net unrealised gains or (losses) on financialderivative instruments
(2,807,075.93)
Result of operations (2,711,395,803.49)
Subscriptions 4,852,713,058.04
Redemptions (5,907,675,915.78)
Distribution (29,774,575.56)
Net assets at the beginning of the year 9,907,621,610.42
Conversion difference 67,400,797.38
Net assets at the end of the year 6,178,889,171.01
Notes
Combined statement of operations and changes in netassets for the year ended 30/09/2008
ING (L) Invest - Africa & Middle East
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
21ING INVESTMENT MANAGEMENT
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Statistics
30/09/2008Net assets 6,350,350.18USD30/09/2007 -USD30/09/2006 -USD
Capitalisation P (EUR) 185.4230/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (EUR) 3,734.4030/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 208.0630/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 6,03230/09/2008-30/09/2007-30/09/2006
Capitalisation I (EUR) 85130/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 1,08730/09/2008-30/09/2007-30/09/2006
Number of shares
Capitalisation P (EUR) 1.86%30/09/2008
Capitalisation I (EUR) 0.77%30/09/2008
Capitalisation X (EUR) 2.41%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 50.79%
ING (L) Invest - Africa & Middle East
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
22 ING INVESTMENT MANAGEMENT
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Financial statements
Total securities portfolio 6,262,922.93
Shares 6,262,922.93
Cash at bank 1,768.18
Other assets 92,008.793
Total assets 6,356,699.90
Current liabilities (6,349.72)3
Total liabilities (6,349.72)
Net assets at the end of the period 6,350,350.18
Notes
Statement of net assets as at 30/09/2008
Total income 137,032.46
Dividends 130,062.79
Bank interest 6,969.67
Total expenses (40,323.20)
Management fees (29,908.81)4
Custodian fees (3,024.60)5
Subscription tax (712.82)6
Bank interest (2,635.03)
Other expenses (4,041.94)7
Net investment income 96,709.26
Net realised gains or (losses) on securities portfolio (1,009,440.56)
Net realised gains or (losses) on financial derivativeinstruments
(46,787.86)
Net realised gains or (losses) on currency (52,541.74)
Changes in net unrealised gains or (losses) on securitiesportfolio
(2,466,937.10)
Result of operations (3,478,998.00)
Subscriptions 12,548,774.86
Redemptions (2,719,426.68)
Net assets at the beginning of the period -
Net assets at the end of the period 6,350,350.18
Notes
Statement of operations and changes in net assets forthe period from 01/04/2008 to 30/09/2008
ING (L) Invest - Africa & Middle East(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
23ING INVESTMENT MANAGEMENT
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Securities portfolio as at 30/09/2008
ALDAR PROPERTIES PJSC AED 295,017.06 4.65135,968
Transferable securities and money market instruments listed onan official stock exchange
Shares
United Arab Emirates
ARABTEC HOLDING CO AED 153,135.06 2.4145,000
DAMAS INTERNATIONAL USD 148,500.00 2.34150,000
DEPA LTD USD 56,950.00 0.9067,000
EMAAR PROPERTIES PJSC AED 646,883.30 10.18306,600
FIRST GULF BANK AED 333,621.15 5.2575,182
NATIONAL BANK OF ABU DHABI AED 296,120.44 4.6673,247
SOROUTH REAL ESTATE COMPANY AED 224,602.65 3.54121,326
UNION NATIONAL BANK/ABU DHAB AED 146,814.91 2.3179,658
UNION PROPERTIES LTD AED 98,975.61 1.56122,000
2,400,620.18 37.80
EFG-HERMES HOLDING SAE EGP 72,792.68 1.1511,695
Egypt
EL EZZ ALDEKHELA STEEL ALEXA EGP 124,713.05 1.96505
EL SEWEDY CABLES HOLDING CO EGP 158,618.75 2.508,413
ORASCOM CONSTRUCTION INDUSTRIE EGP 547,529.34 8.629,429
ORASCOM TELECOM HOLDING EGP 169,155.91 2.6623,037
TELECOM EGYPT EGP 156,195.69 2.4657,611
1,229,005.42 19.35
COMMERCIAL BANK OF QATAR QAR 168,825.47 2.665,900
Qatar
DOHA BANK QSC QAR 199,301.82 3.1412,960
QATAR ELECTRICITY AND WATER CO QAR 113,857.10 1.794,188
QATAR NATIONAL BANK QAR 325,757.53 5.136,250
QATAR TELECOM (Q-TELL) GDR USD 72,561.51 1.143,600
880,303.43 13.86
ARCELORMITTAL ZAR 98,986.13 1.564,998
South Africa
MTN GROUP LTD ZAR 150,862.70 2.3810,863
NASPERS LTD-N SHS ZAR 207,571.97 3.2710,676
SASOL LTD ZAR 310,701.09 4.897,353
768,121.89 12.10
ATTIJARIWAFA BANK MAD 95,422.20 1.502,740
Morocco
MAROC TELECOM MAD 176,797.09 2.798,072
272,219.29 4.29
BANK MUSCAT GDR SPONSORED USD 51,600.00 0.814,300
Oman
GALFAR ENGINEERING&CONTRACT OMR 95,444.89 1.5125,501
OMON TELECOMMUNICATIONS CO OMR 87,162.07 1.3717,000
234,206.96 3.69
BARCLAYS BANK LTD KES 71,570.24 1.1389,524
Kenya
EAST AFRICAN BREWERIES LTD KES 66,868.44 1.0529,300
STANDARD CHARTERED BANK LTD KES 91,451.39 1.4436,769
229,890.07 3.62
GULF FINANCE HOUSE USD 102,885.60 1.624,208
Bahrain
102,885.60 1.62
NameQuantity/Nominal
Market valuein USD
Currency %NAV
DANGOTE SUGAR REFINERY PLC NGN 39,715.92 0.63207,240
Nigeria
NIGERIAN BREWERIES NGN 53,814.55 0.84140,000
93,530.47 1.47
AFREN PLC GBP 52,139.62 0.8245,000
United Kingdom
52,139.62 0.82
6,262,922.93 98.62
Total securities portfolio 6,262,922.93 98.62
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 6,262,922.93 98.62
Cash at bank 1,768.18 0.03
Other assets and liabilities 85,659.07 1.35
Total net assets 6,350,350.18 100.00
ING (L) Invest - Alternative Beta
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
24 ING INVESTMENT MANAGEMENT
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Statistics
30/09/2008Net assets 27,747,550.42USD30/09/2007 -USD30/09/2006 -USD
Capitalisation P (USD) 232.9130/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Capitalisation P (EUR) 255.3630/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (EUR) 5,137.5330/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 257.1130/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (USD) 4,667.5430/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Capitalisation X (USD) 246.3530/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Net asset value per share
Capitalisation P (USD) 40030/09/2008-30/09/2007-30/09/2006
Capitalisation P (EUR) 2,28430/09/2008-30/09/2007-30/09/2006
Capitalisation I (EUR) 20030/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR)3 30/09/2008 0.40-30/09/2007-30/09/2006
Capitalisation I (USD) 5,44030/09/2008-30/09/2007-30/09/2006
Capitalisation X (USD)3 30/09/2008 0.40-30/09/2007-30/09/2006
Number of shares
Capitalisation P (USD) 1.31%30/09/2008
Capitalisation P (EUR) 1.31%30/09/2008
Capitalisation I (EUR) 0.61%30/09/2008
Capitalisation X (EUR) 1.57%30/09/2008
Capitalisation I (USD) 0.61%30/09/2008
Capitalisation X (USD) 1.57%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 (77.12%)
ING (L) Invest - Alternative Beta
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
25ING INVESTMENT MANAGEMENT
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Financial statements
Total securities portfolio 3,938,452.00
Undertakings for collective investment 2,444,837.93
Bonds and other debt instruments 499,106.50
Money market instruments 994,507.57
Cash at bank 24,003,918.19
Margin deposits 531,052.50
Other assets 76,066.333
Total assets 28,549,489.02
Current liabilities (15,373.20)3
Total financial derivative instruments (786,565.40)Futures (66,282.50)Options (720,282.90)
Total liabilities (801,938.60)
Net assets at the end of the period 27,747,550.42
Notes
Statement of net assets as at 30/09/2008
Total income 201,327.07
Interest on bonds and other debt instruments 23,009.16
Bank interest 178,317.91
Total expenses (63,923.29)
Management fees (41,589.64)4
Custodian fees (1,155.02)5
Subscription tax (1,455.83)6
Bank interest (12,365.81)
Other expenses (7,356.99)7
Net investment income 137,403.78
Net realised gains or (losses) on securities portfolio (189.38)
Net realised gains or (losses) on financial derivativeinstruments
(1,333,584.18)
Net realised gains or (losses) on currency 14,485.07
Changes in net unrealised gains or (losses) on securitiesportfolio
14,605.00
Changes in net unrealised gains or (losses) on financialderivative instruments
(786,565.40)
Result of operations (1,953,845.11)
Subscriptions 29,738,251.73
Redemptions (36,856.20)
Net assets at the beginning of the period -
Net assets at the end of the period 27,747,550.42
Notes
Statement of operations and changes in net assets forthe period from 09/06/2008 to 30/09/2008
ING (L) Invest - Alternative Beta(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
26 ING INVESTMENT MANAGEMENT
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Securities portfolio as at 30/09/2008
COM BK AUSTRALIA 07-18/12/2008 FRN USD 499,106.50 1.80500,000
Other transferable securities and money market instruments
Bonds and other debt instrumentsAustralia
499,106.50 1.80
499,106.50 1.80
ING (L) Liquid - USD A CAP USD 2,444,837.93 8.812,083
Undertakings for collective investmentLuxembourg
2,444,837.93 8.81
2,444,837.93 8.81
CAIXA GER DEPO 0% 27/10/2008 ECP USD 498,181.03 1.79500,000
Money market instrumentsFrance
498,181.03 1.79
BANCO POP ESPANOL 0% 21/10/2008 ECP USD 496,326.54 1.79500,000
Spain
496,326.54 1.79
994,507.57 3.58
Total securities portfolio 3,938,452.00 14.19
NameQuantity/Nominal
Market valuein USD
Currency %NAV
CBOE SPX VOLATILITY INDEX21/10/2008
USD 459,900.00(15) (62,400.00)
Futures on stock indices
DOLLAR INDEX SPOT 15/12/2008 USD 5,317,120.0067 (101,170.00)
RUSSELL MINI INDEX 19/12/2008 USD 678,400.00(10) 37,700.00
S&P 500 E-MINI FUTURE 19/12/2008 USD 1,227,450.00(21) 59,587.50
(66,282.50)7,682,870.00
NameQuantity Commitmentin USD
Currency Unrealizedprofit or (loss)
in USD
Financial derivative instruments as at 30/09/2008
Name
CALL MSCI NET TOTAL RET 08/10/08313.502
USD14,440 2,352.56
Options
CALL MSCI NET TOTAL 08/10/20083899.7029
USD667 640.98
PUT MSCI NET TOTAL RET 08/10/08313.502
USD(14,440) 4,526,968.88 (416,551.11)
PUT MSCI NET TR 08/10/2008 3899.7029 USD(667) 2,601,101.83 (225,596.33)S&P GSCI Total Return Index 08/10/20087826.811
USD292 16,296.00
S&P GSCI Total Return Index 08/10/20087826.811
USD(292) 2,285,428.81 (97,425.00)
9,413,499.52 (720,282.90)
Quantity Market valuein USD
Currency Commitmentin USD
Total financial derivative instruments (786,565.40)
Summary of net assets%
NAV
Total securities portfolio 3,938,452.00 14.19
Total financial derivative instruments (786,565.40) (2.83)
Cash at bank 24,003,918.19 86.51
Other assets and liabilities 591,745.63 2.13
Total net assets 27,747,550.42 100.00
ING (L) Invest - Asia Pacific High Dividend
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
27ING INVESTMENT MANAGEMENT
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Statistics
30/09/2008Net assets 21,540,302.02EUR30/09/2007 16,568,103.26EUR30/09/2006 -EUR
Capitalisation P (EUR) 164.1830/09/2008 EUR249.6830/09/2007 EUR
-30/09/2006 EUR
Capitalisation X (EUR) 653.4530/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Distribution A(C) (USD) 6.8130/09/2008 USD10.6530/09/2007 USD
-30/09/2006 USD
Distribution P (EUR) 675.3330/09/2008 EUR1,047.2830/09/2007 EUR
-30/09/2006 EUR
Distribution A(S) (USD) 6.8030/09/2008 USD10.6130/09/2007 USD
-30/09/2006 USD
Net asset value per share
Capitalisation P (EUR) 80,32430/09/200826,88930/09/2007
-30/09/2006
Capitalisation X (EUR) 2130/09/2008-30/09/2007-30/09/2006
Distribution A(C) (USD) 1,140,59630/09/20081,117,13630/09/2007
-30/09/2006
Distribution P (EUR) 3,84630/09/20081,40430/09/2007
-30/09/2006
Distribution A(S) (USD) 42,94630/09/20082,90630/09/2007
-30/09/2006
Number of shares
Distribution A(C) (USD) 0.0415/07/2008 USD
Dividend
Distribution A(C) (USD) 0.0411/04/2008 USD
Distribution A(C) (USD) 0.0411/01/2008 USD
Distribution A(C) (USD) 0.0312/10/2007 USD
Distribution P (EUR) 20.0019/12/2007 EUR
Distribution A(S) (USD) 0.0415/07/2008 USD
Distribution A(S) (USD) 0.0411/04/2008 USD
Distribution A(S) (USD) 0.0411/01/2008 USD
Distribution A(S) (USD) 0.0312/10/2007 USD
Capitalisation P (EUR) 1.75%30/09/2008
Capitalisation X (EUR) 2.22%30/09/2008
Distribution A(C) (USD) 1.80%30/09/2008
Distribution P (EUR) 1.81%30/09/2008
Distribution A(S) (USD) 1.80%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 79.20%
ING (L) Invest - Asia Pacific High Dividend
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
28 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 20,287,787.36
Shares 20,100,794.69
Undertakings for collective investment 186,992.67
Total financial derivative instruments 560,714.81
Warrants and rights 560,714.81
Cash at bank 574,011.73
Other assets 398,251.913
Total assets 21,820,765.81
Bank overdrafts (8,966.01)
Current liabilities (271,497.78)3
Total liabilities (280,463.79)
Net assets at the end of the year 21,540,302.02
Notes
Statement of net assets as at 30/09/2008
Total income 1,229,243.33
Dividends 1,203,964.33
Bank interest 25,198.81
Other income 80.19
Total expenses (443,927.76)
Management fees (348,194.03)4
Custodian fees (16,786.99)5
Subscription tax (11,709.43)6
Bank interest (3,426.09)
Other expenses (63,811.22)7
Net investment income 785,315.57
Net realised gains or (losses) on securities portfolio (4,021,267.02)
Net realised gains or (losses) on financial derivativeinstruments
(137,304.42)
Net realised gains or (losses) on currency (87,194.17)
Changes in net unrealised gains or (losses) on securitiesportfolio
(6,958,987.37)
Changes in net unrealised gains or (losses) on financialderivative instruments
13,677.40
Result of operations (10,405,760.01)
Subscriptions 22,204,812.09
Redemptions (6,634,930.60)
Distribution (191,922.72)
Net assets at the beginning of the year 16,568,103.26
Net assets at the end of the year 21,540,302.02
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Asia Pacific High Dividend(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
29ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AUST & NZ BANKING GROUP LTD AUD 248,090.64 1.1523,562
Transferable securities and money market instruments listed onan official stock exchange
Shares
Australia
AUSTRALIAN WEALTH MANAGEMENT AUD 145,483.07 0.68214,995
BHP BILLITION LTD AUD 310,513.55 1.4517,837
BILLABONG INTERNATIONAL LTD AUD 301,750.05 1.4039,222
BLUESCOPE STEEL LTD AUD 171,306.29 0.8041,674
CALTEX AUSTRALIA LTD AUD 194,791.21 0.9028,087
COMMONWEALTH BANK OF AUSTRALIA AUD 248,001.37 1.1510,362
CSL LTD AUD 209,462.31 0.9710,000
FOSTER S GROUP LTD AUD 287,067.90 1.3392,608
INCITEC PIVOT LTD AUD 223,840.18 1.0478,620
NATIONAL AUSTRALIA BANK AUD 244,214.38 1.1317,926
ONESTEEL LTD AUD 219,234.59 1.0284,870
QBE INSURANCE GR LTD AUD 257,150.08 1.1917,280
RIO TINTO LIMITED AUD 213,533.62 0.994,500
ST GEORGE BANK LTD AUD 318,000.84 1.4919,800
SUNCORP METWAY LIMITED AUD 171,862.64 0.8032,908
TELSTRA CORPORATION LTD AUD 254,609.71 1.18108,468
WESFARMERS LTD AUD 266,639.65 1.2416,672
WESTFIELD GROUP AUD 202,772.99 0.9421,700
WESTPAC BANKING CORP AUD 246,083.66 1.1420,401
WOODSIDE PETROLEUM LTD AUD 168,257.76 0.785,875
WOOLWORTHS LIMITED AUD 224,137.47 1.0414,674
5,126,803.96 23.81
BOC HONG KONG HOLDINGS LTD HKD 219,471.49 1.02176,000
Hong Kong
CHEUNG KONG HOLDINGS LTD HKD 300,517.14 1.4038,000
CHINA MOBILE HKD 366,653.83 1.7052,000
CLP HOLDINGS LTD HKD 377,317.49 1.7566,000
CNOOC LTD HKD 264,537.60 1.23326,000
DENWAY MOTORS LIMITED HKD 239,199.72 1.111,078,000
ESPRIT HLDGS HKD 133,286.11 0.6230,700
HANG SENG BANK LTD HKD 317,544.15 1.4724,000
HONGKONG ELECTRIC HOLDINGS HKD 335,749.39 1.5675,500
IND & COMM BANK OF CHINA LTD HKD 265,478.35 1.23208,000
SUN HUNG KAI PROPERTIES LTD HKD 194,091.43 0.9027,000
TPV TECHNOLOGY LTD HKD 163,329.12 0.76758,000
3,177,175.82 14.75
ANHUI EXPRESSWAY CO LTD -H- HKD 231,316.08 1.07626,000
China
BANK OF CHINA LTD HKD 316,200.88 1.471,169,000
CHINA CONSTRUCTION BANK -H- HKD 212,114.21 0.98459,000
CHINA LIFE INSURANCE -H- HKD 363,871.01 1.69139,000
CHINA PETROLEUM & CHEMICAL -H- HKD 199,042.75 0.92360,000
CHINA SHIPPING DEVELOPMENT -H- HKD 176,635.31 0.82194,000
CHINA TELECOM CORP LTD-H- HKD 241,073.88 1.12840,000
INDUSTRIAL AND CIAL BK CHINA-H HKD 246,927.44 1.15588,000
JIANGSU EXPRESSWAY CO LTD HKD 257,890.01 1.20490,000
PETROCHINA CO LTD -H- HKD 264,069.98 1.23360,000
SINO-OCEAN LAND HOLDINGS HKD 192,479.51 0.89889,500
2,701,621.06 12.54
BANK OF PUSAN KRW 173,692.35 0.8127,780
South Korea
DAEGU BANK KRW 221,972.87 1.0335,840
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
KOOKMIN BANK KRW 184,458.91 0.865,738
KOREA EXCHANGE BANK KRW 170,644.00 0.7926,300
KT AND G CORP KRW 319,400.98 1.486,030
KT CORP KRW 266,178.10 1.2410,770
POSCO KRW 246,375.02 1.14945
SAMSUNG ELECTRONIC-PFD KRW 170,263.84 0.79777
S-OIL CORP KRW 291,137.07 1.357,195
WOORI INVESTMENT & SECURITIES CO LTD KRW 260,501.96 1.2124,400
2,304,625.10 10.70
ACER INCORPORATED TWD 262,882.03 1.22223,300
Taiwan
CHINA STEEL CORP TWD 206,248.44 0.96296,825
COMPAL ELECTRONICS TWD 228,969.94 1.06449,873
HIGH TECH COMPUTER TWD 242,769.92 1.1322,620
HON HAI PRECISION INDUSTRY TWD 208,189.03 0.9784,000
LITE-ON TECHNOLOGY CORP TWD 759.80 0.001,260
NAN YA PLASTICS CORP TWD 339,325.11 1.58328,000
NOVATEK MICROELECTRONICS LTD TWD 1,051.34 0.001,013TAIWAN SEMICONDUCTORMANUFACTURING CO LT
TWD 302,589.75 1.40260,456
TUNG HO STEEL ENTERPRISE COR TWD 159,185.61 0.74273,000
WISTRON TWD 198,563.40 0.92231,861
2,150,534.37 9.98
ASCENDAS INDIA TRUST SGD 140,906.21 0.65539,000
Singapore
ASCENDAS REAL ESTATE INV TRT UNITS SGD 198,336.81 0.92213,000
DBS GROUP HLDG LTD SGD 267,377.07 1.2532,000
SINGAPORE AIRLINES LTD SGD 205,342.96 0.9529,000
SINGAPORE PRESS HOLDINGS LTD SGD 271,510.02 1.27137,000
SINGAPORE TELECOMMUNICATIONS SGD 252,458.61 1.17156,000
STARHUB LTD SGD 255,013.07 1.18198,500
1,590,944.75 7.39
BERJAYA SPORTS TOTO BHD MYR 271,922.24 1.26293,500
Malaysia
DIGI.COM BHD MYR 240,885.12 1.1252,000
MALAYAN BANKING BHD MYR 185,503.05 0.86130,000
PUBLIC BANK BHD MYR 278,978.39 1.30134,900
977,288.80 4.54
ICICI BANK LTD - SPONSORED ADR USD 219,351.44 1.0213,100
India
INFOSYS TECHNO SPONSO ADR 1 SH USD 222,912.47 1.039,400
RELIANCE INDS-SPONS GDR 144A USD 260,456.34 1.214,500
702,720.25 3.26
GLOBE TELECOM PHP 190,145.68 0.8812,260
Philippines
PHILIPPINE LONG DISTANCE TEL PHP 269,764.32 1.266,640
459,910.00 2.14
ADVANCED INFO SERVICE-FOR RG THB 272,153.08 1.26160,700
Thailand
THAI OIL PCL-FRGN THB 140,040.62 0.65160,400
412,193.70 1.91
HSBC HOLDINGS PLC HKD 265,819.77 1.2323,802
United Kingdom
265,819.77 1.23
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING (L) Invest - Asia Pacific High Dividend(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
30 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
FLETCHER BUILDING LTD NZD 231,157.11 1.0773,103
New Zealand
231,157.11 1.07
20,100,794.69 93.32
SAMSUNG KODEX 200 KRW 186,992.67 0.8716,980
Undertakings for collective investmentSouth Korea
186,992.67 0.87
186,992.67 0.87
Total securities portfolio 20,287,787.36 94.19
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
DEUTSCHE CW17 17/01/2017 OIL&NATURAL USD 261,938.1316,712
Warrants
DEUTSCHE CW17 24/01/2017 HINDUSTAN PETR USD 298,776.6881,380
560,714.81
NameQuantity/Nominal
Market valuein EUR
Currency
Total financial derivative instruments 560,714.81
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 20,287,787.36 94.19
Total financial derivative instruments 560,714.81 2.60
Cash at bank 574,011.73 2.66
Other assets and liabilities 117,788.12 0.55
Total net assets 21,540,302.02 100.00
ING (L) Invest - Balkan
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
31ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 15,444,963.62EUR30/09/2007 -EUR30/09/2006 -EUR
Capitalisation P (EUR) 194.9630/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Distribution P (EUR) 712.8730/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 199.6730/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 57,85530/09/2008-30/09/2007-30/09/2006
Distribution P (EUR) 5,00130/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 3,00730/09/2008-30/09/2007-30/09/2006
Number of shares
Capitalisation P (EUR) 1.84%30/09/2008
Distribution P (EUR) 1.84%30/09/2008
Capitalisation X (EUR) 2.31%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 45.51%
ING (L) Invest - Balkan
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
32 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 14,109,245.07
Shares 13,737,123.72
Undertakings for collective investment 372,121.35
Total financial derivative instruments 20.84
Warrants and rights 20.84
Cash at bank 1,196,799.06
Other assets 443,392.523
Total assets 15,749,457.49
Current liabilities (304,493.87)3
Total liabilities (304,493.87)
Net assets at the end of the period 15,444,963.62
Notes
Statement of net assets as at 30/09/2008
Total income 245,491.51
Dividends 185,111.61
Bank interest 60,379.90
Total expenses (149,448.43)
Management fees (119,660.22)4
Custodian fees (6,621.44)5
Subscription tax (4,632.66)6
Bank interest (3,858.14)
Other expenses (14,675.97)7
Net investment income 96,043.08
Net realised gains or (losses) on securities portfolio (666,936.47)
Net realised gains or (losses) on currency 14,765.97
Changes in net unrealised gains or (losses) on securitiesportfolio
(4,141,321.92)
Changes in net unrealised gains or (losses) on financialderivative instruments
20.84
Result of operations (4,697,428.50)
Subscriptions 22,115,446.46
Redemptions (1,973,054.34)
Net assets at the beginning of the period -
Net assets at the end of the period 15,444,963.62
Notes
Statement of operations and changes in net assets forthe period from 21/01/2008 to 30/09/2008
ING (L) Invest - Balkan(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
33ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AKBANK TRY 331,150.50 2.1490,260
Transferable securities and money market instruments listed onan official stock exchange
Shares
Turkey
ANADOLU EFES BIRACILIK VE TRY 135,446.65 0.8818,459
BIM BIRLESIK MAGAZALAR TRY 166,988.74 1.087,500
ENKA INSAAT VE SANAYI TRY 63,714.78 0.4113,000
EREGLI DEMIR VE CELIK FABRIK TRY 321,387.51 2.0888,273
HACI OMER SABANCI HOLDING TRY 414,860.72 2.68153,662
KOC HOLDING AS -B- TRY 377,061.93 2.44171,727
TUPRAS-TURKIY PETROL RAFINELERI TRY 371,944.88 2.4128,137
TURK TELEKOMUNIKASYON AS TRY 308,212.57 2.00144,045
TURKCELL ILETISIM HIZMET TRY 383,920.91 2.4982,580
TURKIYE GARANTI BANKASI TRY 350,313.70 2.27204,384
TURKIYE HALK BANKASI TRY 161,037.36 1.0450,000
TURKIYE IS BANKASI-C TRY 371,629.17 2.41124,013
TURKIYE VAKIFLAR BANKASI TAO TRY 319,066.91 2.07267,432
YAPI VE KREDI BANKASI AS TRY 442,648.62 2.86292,689
4,519,384.95 29.26
ALPHA BANK A.E. EUR 350,056.00 2.2723,030
Greece
BANK OF PIRAEUS EUR 363,094.50 2.3525,041
COCA COLA HELLENIC BOTTLING EUR 338,922.36 2.1922,239
EFG EUROBANK ERGASIAS EUR 351,967.80 2.2827,714
HELLENIC TELECOMMUN ORGANIZA EUR 334,833.84 2.1726,532
INTRALOT SA EUR 75,519.16 0.4912,671
MARFIN INVESTMENT GROUP SA EUR 402,215.00 2.6080,443
METKA SA EUR 138,681.24 0.9014,722
MOTOR OIL (HELLAS) SA EUR 115,897.84 0.7510,996
NATIONAL BANK OF GREECE EUR 412,860.00 2.6714,745
OPAP SA EUR 615,932.18 3.9928,489
PUBLIC POWER CORP OF GREECE EUR 242,577.52 1.5722,378
TITAN CEMENT CO. S.A. EUR 259,051.20 1.6811,166
4,001,608.64 25.91
AGROBANKA AD BEOGRAD RSB 222,499.70 1.441,708
Serbia
AIK BANKA AD RSB 222,627.36 1.443,900
ENERGOPROJEKT HOLDING AD RSB 88,083.49 0.576,782
KOMERCIJALNA BANKA AD BEOGRA RSB 237,871.45 1.54415
METALS BANKA AD NOVI SAD RSB 178,773.95 1.16686
UNIVERZAL BANKA AD BEOGRAD RSB 154,613.19 1.00750
1,104,469.14 7.15
ADRIS GRUPA DD-PFD HRK 278,774.10 1.806,588
Croatia
ATLANTSKA PLOVIDBA DD HRK 251,066.62 1.631,000
HRVATSKI TELEKOM HRK 318,306.72 2.068,745
PODRAVKA PREHRAMBENA IND DD HRK 202,874.14 1.314,237
1,051,021.58 6.80
KRKA EUR 321,282.15 2.074,305
Slovenia
LUKA KOPER EUR 173,913.70 1.134,010PETROL REFINES AND MARKETS PETROLEUMPRO
EUR 225,978.54 1.46521
PIVOVARNA LASKO EUR 51,915.50 0.34910
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
TELEKOM SLOVENIJE DD EUR 249,861.64 1.621,252
1,022,951.53 6.62
BULGARIAN AMERICAN CREDIT BANK JSC BGN 65,581.09 0.423,204
Bulgaria
CENTRAL COOP BANK AD BGN 91,347.17 0.5961,810
CHIMIMPORT AD BGN 364,672.84 2.36131,603
CORPORATE COMMERCIAL BANK AD BGN 178,553.43 1.164,046
INDUSTRIAL HOLDING BULGARIA BGN 106,271.05 0.6940,607
MONBAT AD BGN 172,375.11 1.1237,200
SOPHARMA AD BGN 42,328.09 0.2728,191
1,021,128.78 6.61
BANCA ROMANA PENTRU DEZVOLTARE SA RON 246,033.70 1.5981,730
Romania
BANCA TRANSILVANIA RON 198,873.97 1.292,849,325
SNP PETROM SA RON 317,333.57 2.063,757,700
762,241.24 4.94
UNICREDIT SPA EUR 129,900.00 0.8450,000
Italy
129,900.00 0.84
OMV AG EUR 124,417.86 0.814,242
Austria
124,417.86 0.81
13,737,123.72 88.94
SIF 1 BANAT-CRISANA RON 74,986.35 0.49227,000
Undertakings for collective investmentRomania
SIF 2 MOLDOVA RON 93,484.92 0.60285,300
SIF 3 TRANSILVANIA S.A. RON 69,221.98 0.45393,700
SIF 4 MUNTENIA RON 44,458.87 0.29197,500
SIF 5 OLTENIA RON 89,969.23 0.58261,800
372,121.35 2.41
372,121.35 2.41
Total securities portfolio 14,109,245.07 91.35
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
BULGARIA INDUSTRIAL HLDG -RTS- 02/10/08 BGN 20.8440,607
Rights
20.84
NameQuantity/Nominal
Market valuein EUR
Currency
Total financial derivative instruments 20.84
Financial derivative instruments as at 30/09/2008
ING (L) Invest - Balkan(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
34 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Summary of net assets%
NAV
Total securities portfolio 14,109,245.07 91.35
Total financial derivative instruments 20.84 -
Cash at bank 1,196,799.06 7.75
Other assets and liabilities 138,898.65 0.90
Total net assets 15,444,963.62 100.00
ING (L) Invest - Banking & Insurance
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
35ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 128,978,298.23USD30/09/2007 243,913,607.36USD30/09/2006 301,803,756.54USD
Capitalisation X (EUR) 767.9830/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation P (EUR) 177.7830/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation P (USD) 579.8430/09/2008 USD913.8430/09/2007 USD872.4530/09/2006 USD
Capitalisation I (USD) 594.8530/09/2008 USD927.5230/09/2007 USD877.2930/09/2006 USD
Capitalisation X (USD) 557.9630/09/2008 USD883.2830/09/2007 USD847.6430/09/2006 USD
Distribution P (USD) 2,504.5830/09/2008 USD4,016.0130/09/2007 USD3,892.8430/09/2006 USD
Net asset value per share
Capitalisation X (EUR) 4230/09/2008-30/09/2007-30/09/2006
Capitalisation P (EUR) 1,23230/09/2008-30/09/2007-30/09/2006
Capitalisation P (USD) 69,15630/09/2008123,35330/09/2007159,35030/09/2006
Capitalisation I (USD) 141,05430/09/2008130,85630/09/2007173,92830/09/2006
Capitalisation X (USD) 2,33230/09/20086,00430/09/20075,71830/09/2006
Distribution P (USD) 1,32530/09/20081,12430/09/20071,37330/09/2006
Number of shares
Distribution P (USD) 62.0019/12/2007 USD
Dividend
Distribution P (USD) 62.0015/12/2006 USD
Distribution P (USD) 50.0015/12/2005 USD
Capitalisation X (EUR) 2.34%30/09/2008
Capitalisation P (EUR) 1.71%30/09/2008
Capitalisation P (USD) 1.71%30/09/2008
Capitalisation I (USD) 0.67%30/09/2008
Capitalisation X (USD) 2.18%30/09/2008
Distribution P (USD) 1.74%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 27.96%
ING (L) Invest - Banking & Insurance
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
36 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 127,390,562.36
Shares 127,390,562.36
Cash at bank 4,160.07
Other assets 5,873,562.183
Total assets 133,268,284.61
Bank overdrafts (2,115,643.64)
Current liabilities (2,174,342.74)3
Total liabilities (4,289,986.38)
Net assets at the end of the year 128,978,298.23
Notes
Statement of net assets as at 30/09/2008
Total income 6,120,211.52
Dividends 5,842,301.69
Bank interest 90,389.86
Other income 187,519.978
Total expenses (2,013,355.00)
Management fees (1,572,871.07)4
Custodian fees (90,554.96)5
Subscription tax (43,910.75)6
Bank interest (12,928.51)
Other expenses (293,089.71)7
Net investment income 4,106,856.52
Net realised gains or (losses) on securities portfolio (25,751,283.99)
Net realised gains or (losses) on financial derivativeinstruments
487,764.64
Net realised gains or (losses) on currency (735,108.85)
Changes in net unrealised gains or (losses) on securitiesportfolio
(52,648,381.32)
Changes in net unrealised gains or (losses) on financialderivative instruments
(86,104.07)
Result of operations (74,626,257.07)
Subscriptions 116,796,877.62
Redemptions (157,023,702.18)
Distribution (82,227.50)
Net assets at the beginning of the year 243,913,607.36
Net assets at the end of the year 128,978,298.23
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Banking & Insurance(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
37ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AMERICAN EXPRESS CO USD 2,134,515.78 1.6560,246
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
BANK OF AMERICA CORP USD 8,490,650.00 6.59242,590
BANK OF NEW YORK MELLON CORP USD 1,888,564.86 1.4657,967
BERKSHIRE HATHAWAY INC-CL B USD 3,964,290.00 3.07902
CAPITAL ONE FINANCIAL CORP USD 1,691,007.00 1.3133,157
CITIGROUP INC USD 3,002,561.45 2.33146,395
FOREST CITY ENTERPRISES-CL A USD 1,416,432.61 1.1046,183
GOLDMAN SACHS GROUP INC USD 1,500,416.00 1.1611,722
HARTFORD FINANCIAL SG INC USD 2,087,456.74 1.6250,926
JPMORGAN CHASE AND CO USD 5,792,621.30 4.50124,039
LEUCADIA NATIONAL CORP USD 1,434,313.60 1.1131,565
MERRILL LYNCH AND CO INC USD 2,469,457.10 1.9197,607
METLIFE INC USD 3,424,400.00 2.6661,150
REINSURANCE GROUP -B- USD 360,392.00 0.287,600
TAUBMAN CENTERS INC USD 1,538,750.00 1.1930,775
TRAVELERS COMPANIES INC USD 3,818,315.20 2.9684,476
US BANCORP USD 3,571,887.28 2.7799,164
WELLS FARGO & CO USD 3,921,809.94 3.04104,498
52,507,840.86 40.71
AVIVA PLC GBP 1,327,073.57 1.03155,100
United Kingdom
BRITISH LAND COMPANY PLC GBP 1,176,880.46 0.9188,680
HBOS PLC GBP 351,457.72 0.27161,083
HSBC HOLDINGS GBP 3,566,216.90 2.77222,045
PRUDENTIAL PLC GBP 1,995,709.39 1.55220,607
ROYAL BANK OF SCOTLAND GROUP GBP 2,708,826.57 2.10848,958
STANDARD CHARTERED PLC GBP 1,045,827.04 0.8143,621
12,171,991.65 9.44
AXA EUR 3,713,613.85 2.88115,475
France
BNP PARIBAS EUR 2,553,272.53 1.9827,508
STE GENERALE EUR 2,349,903.60 1.8226,983
8,616,789.98 6.68
BANK OF PIRAEUS EUR 5,276,792.47 4.09259,080
Greece
NATIONAL BANK OF GREECE EUR 1,936,343.74 1.5049,233
7,213,136.21 5.59
KABU.COM SECURITIES CO LTD JPY 383,516.14 0.30522
Japan
MILLEA HOLDINGS INC JPY 669,335.32 0.5219,000
MIZUHO FINANCIAL GROUP INC JPY 2,202,401.44 1.70529
NOMURA HOLDINGS JPY 1,282,721.90 0.99102,700
SUMITOMO MITSUI FINANCIAL GR JPY 2,071,021.07 1.61349
6,608,995.87 5.12
ALLIANZ SE-REG EUR 3,602,515.18 2.8026,638
Germany
DEUTSCHE BANK AG EUR 647,853.22 0.509,311
DEUTSCHE BOERSE AG EUR 1,691,845.39 1.3118,858
5,942,213.79 4.61
NameQuantity/Nominal
Market valuein USD
Currency %NAV
BANCO BILBAO VIZCAYA ARGENTA EUR 1,979,387.04 1.53122,964
Spain
BANCO SANTANDER SA EUR 2,823,028.35 2.19191,407
4,802,415.39 3.72
UNICREDIT SPA EUR 2,957,690.92 2.29810,486
Italy
UNIPOL SPA EUR 1,080,901.18 0.84514,039
4,038,592.10 3.13
TORONTO DOMINION BANK CAD 3,829,190.80 2.9763,532
Canada
3,829,190.80 2.97
CREDIT SUISSE GROUP CHF 709,865.43 0.5515,951
Switzerland
UBS AG CHF 2,512,049.88 1.95152,584
3,221,915.31 2.50
COMMONWEALTH BANK OF AUSTRALIA AUD 1,433,359.30 1.1142,636
Australia
MACQUARIE GROUP AUD 619,228.41 0.4821,217
STOCKLAND AUD 1,027,485.84 0.80241,222
3,080,073.55 2.39
GULF FINANCE HOUSE USD 2,591,700.00 2.01106,000
Bahrain
2,591,700.00 2.01
AKBANK TRY 1.77 0.000
Turkey
SINPAS GAYRIMENKUL YATIRIM TRY 1,027,223.65 0.80441,079
TURKIYE HALK BANKASI TRY 1,085,647.79 0.84239,974
2,112,873.21 1.64
BUKIT SEMBAWANG ESTATES LTD SGD 338,249.09 0.2678,000
Singapore
DBS GROUP HLDG LTD SGD 1,737,016.80 1.35148,000
2,075,265.89 1.61
BINCKBANK EUR 1,066,762.85 0.83140,900
Netherlands
ING GROEP NV EUR 921,379.54 0.7143,935
1,988,142.39 1.54
REDECARD SA BRL 999,688.44 0.7877,506
Brazil
UNIBANCO SPONSORED GDR USD 750,340.20 0.587,435
1,750,028.64 1.36
HANG LUNG PROPERTIES LTD HKD 1,412,467.09 1.10613,361
Hong Kong
1,412,467.09 1.10
CREDICORP LTD USD 1,163,888.25 0.9018,697
Bermuda
1,163,888.25 0.90
GRUPO FINANCIERO BANORTE SA MXN 905,773.54 0.70284,997
Mexico
905,773.54 0.70
NameQuantity/Nominal
Market valuein USD
Currency %NAV
ING (L) Invest - Banking & Insurance(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
38 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
FORTIS EUR 604,727.11 0.4797,845
Belgium
FORTIS STRIP VVPR EUR 418.84 0.0029,818
605,145.95 0.47
ALLIED IRISH BANKS PLC EUR 504,953.41 0.3960,930
Ireland
504,953.41 0.39
KOREA EXCHANGE BANK KRW 247,168.48 0.1927,120
South Korea
247,168.48 0.19
127,390,562.36 98.77
Total securities portfolio 127,390,562.36 98.77
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 127,390,562.36 98.77
Cash at bank 4,160.07 -
Other assets and liabilities 1,583,575.80 1.23
Total net assets 128,978,298.23 100.00
ING (L) Invest - Biotechnology
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
39ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 60,563,266.50USD30/09/2007 90,684,677.28USD30/09/2006 100,866,421.61USD
Capitalisation P (USD) 1,027.7230/09/2008 USD1,331.4630/09/2007 USD1,135.5330/09/2006 USD
Capitalisation I (USD) 4,284.1130/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Capitalisation X (USD) 988.5930/09/2008 USD1,286.8830/09/2007 USD1,102.8130/09/2006 USD
Distribution P (USD) 5,078.2730/09/2008 USD6,579.1130/09/2007 USD5,610.9530/09/2006 USD
Net asset value per share
Capitalisation P (USD) 45,90230/09/200853,05630/09/200766,25230/09/2006
Capitalisation I (USD) 4930/09/2008-30/09/2007-30/09/2006
Capitalisation X (USD) 3,72530/09/20085,09930/09/2007
11,56430/09/2006
Distribution P (USD) 1,87030/09/20082,04930/09/20072,29630/09/2006
Number of shares
Capitalisation P (USD) 1.70%30/09/2008
Capitalisation I (USD) 0.78%30/09/2008
Capitalisation X (USD) 2.17%30/09/2008
Distribution P (USD) 1.70%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 125.87%
ING (L) Invest - Biotechnology
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
40 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 59,157,764.59
Shares 59,157,764.59
Cash at bank 2,064,624.58
Other assets 321,178.333
Total assets 61,543,567.50
Bank overdrafts (619,741.52)
Current liabilities (360,559.48)3
Total liabilities (980,301.00)
Net assets at the end of the year 60,563,266.50
Notes
Statement of net assets as at 30/09/2008
Total income 207,560.41
Dividends 172,885.29
Bank interest 34,244.86
Other income 430.26
Total expenses (1,373,744.77)
Management fees (1,071,709.48)4
Custodian fees (56,284.51)5
Subscription tax (34,190.37)6
Bank interest (34,286.97)
Other expenses (177,273.44)7
Net investment loss (1,166,184.36)
Net realised gains or (losses) on securities portfolio 4,950,450.03
Net realised gains or (losses) on currency 161,517.76
Changes in net unrealised gains or (losses) on securitiesportfolio
(26,070,605.53)
Result of operations (22,124,822.10)
Subscriptions 58,401,153.83
Redemptions (66,397,742.51)
Net assets at the beginning of the year 90,684,677.28
Net assets at the end of the year 60,563,266.50
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Biotechnology(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
41ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ALKERMES INC USD 340,480.00 0.5625,600
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AMGEN INC USD 2,702,712.00 4.4645,600
AMYLIN PHARMACEUTICALS INC USD 1,354,740.00 2.2467,000
APPLIED BIOSYSTEMS INC USD 2,695,475.00 4.4578,700
BIOGEN IDEC INC USD 2,610,051.00 4.3151,900
CELGENE CORP USD 4,391,632.00 7.2569,400
CEPHALON INC USD 2,402,190.00 3.9731,000
GENENTECH INC USD 4,877,400.00 8.0655,000
GENZYME CORP GENTL DIVISION USD 1,690,601.00 2.7920,900
GILEAD SCIENCES INC USD 4,563,000.00 7.53100,000
IMCLONE SYSTEMS INC USD 2,377,440.00 3.9338,100
INTERMUNE INC USD 306,269.00 0.5117,900
INVITROGEN CORP USD 1,493,100.00 2.4739,500
NAPO PHARMACEUTICAL INC GBP 5,546.41 0.01888,999
PDL BIOPHARMA USD 238,336.00 0.3925,600
TECHNE CORP USD 959,196.00 1.5813,300
VERTEX PHARMACEUTICALS INC USD 2,559,480.00 4.2377,000
35,567,648.41 58.74
ANTISOMA PLC GBP 5,190,399.92 8.5614,743,200
United Kingdom
ARDANA PLC GBP 51,560.29 0.09445,000
INTERCYTEX GROUP PLC GBP 1,657,772.43 2.742,000,000
RENOVO GROUP PLC GBP 602,502.24 0.991,300,000
SHIRE LTD GBP 2,584,384.33 4.27164,100
10,086,619.21 16.65
ONCOMETHYLOME SCIENCES SA EUR 2,604,758.38 4.30247,251
Belgium
THROMBOGENICS EUR 57,590.65 0.105,000
2,662,349.03 4.40
ADDEX PHARMACEUTICALS SA CHF 607,789.80 1.0014,500
Switzerland
BASILEA PHARMACEUTICA CHF 441,461.43 0.733,000
SANTHERA PHARMACEUTICALS-REG CHF 1,555,966.12 2.5739,162
2,605,217.35 4.30
GENMAB A/S DKK 2,259,127.22 3.7340,000
Denmark
2,259,127.22 3.73
BONE MEDICAL AUD 292,249.23 0.481,300,000
Australia
CSL LTD AUD 1,759,442.94 2.9159,800
2,051,692.17 3.39
BIOMS MEDICAL CORP CAD 1,812,049.29 2.99611,600
Canada
1,812,049.29 2.99
QIAGEN NV USD 1,310,430.89 2.1667,000
Netherlands
1,310,430.89 2.16
NameQuantity/Nominal
Market valuein USD
Currency %NAV
NICOX SA EUR 510,393.62 0.8448,000
France
510,393.62 0.84
AGI THERAPEUTICS PLC EUR 292,237.40 0.48285,000
Ireland
292,237.40 0.48
59,157,764.59 97.68
Total securities portfolio 59,157,764.59 97.68
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 59,157,764.59 97.68
Cash at bank 2,064,624.58 3.41
Other assets and liabilities (659,122.67) (1.09)
Total net assets 60,563,266.50 100.00
ING (L) Invest - China Access
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
42 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 5,697,310.00USD30/09/2007 -USD30/09/2006 -USD
Capitalisation P (EUR) 147.9030/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation S (EUR) 2,981.5430/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) -30/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Distribution A(C) (USD) 5.6030/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Distribution A(S) (USD) 5.6030/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Net asset value per share
Capitalisation P (EUR) 25630/09/2008-30/09/2007-30/09/2006
Capitalisation S (EUR) 1,34530/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) -30/09/2008-30/09/2007-30/09/2006
Distribution A(C) (USD) 1,00030/09/2008-30/09/2007-30/09/2006
Distribution A(S) (USD) 1,00530/09/2008-30/09/2007-30/09/2006
Number of shares
Distribution A(C) (USD) 0.0315/07/2008 USD
Dividend
Distribution A(S) (USD) 0.0315/07/2008 USD
Capitalisation P (EUR) 1.80%30/09/2008
Capitalisation S (EUR) 0.78%30/09/2008
Capitalisation X (EUR) 2.30%30/09/2008
Distribution A(C) (USD) 1.80%30/09/2008
Distribution A(S) (USD) 1.80%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 (47.64%)
ING (L) Invest - China Access
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
43ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 5,239,668.29
Shares 5,239,668.29
Cash at bank 443,789.14
Other assets 18,344.573
Total assets 5,701,802.00
Current liabilities (4,492.00)3
Total liabilities (4,492.00)
Net assets at the end of the period 5,697,310.00
Notes
Statement of net assets as at 30/09/2008
Total income 160,489.96
Dividends 143,093.21
Bank interest 17,396.75
Total expenses (66,810.63)
Management fees (41,083.32)4
Custodian fees (3,032.83)5
Subscription tax (3,815.62)6
Bank interest (13,215.99)
Other expenses (5,662.87)7
Net investment income 93,679.33
Net realised gains or (losses) on securities portfolio (1,244,934.71)
Net realised gains or (losses) on currency (77,264.72)
Changes in net unrealised gains or (losses) on securitiesportfolio
(3,108,153.51)
Result of operations (4,336,673.61)
Subscriptions 18,770,788.74
Redemptions (8,736,751.69)
Distribution (53.44)
Net assets at the beginning of the period -
Net assets at the end of the period 5,697,310.00
Notes
Statement of operations and changes in net assets forthe period from 02/10/2007 to 30/09/2008
ING (L) Invest - China Access(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
44 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ALUMINUM CORP OF CHINA -H- HKD 51,061.56 0.9086,000
Transferable securities and money market instruments listed onan official stock exchange
Shares
China
ANGANG NEW STEEL COMPANY LTD -H- HKD 27,123.96 0.4830,000
ANTA SPORTS PRODUCTS LTD HKD 42,501.93 0.7575,000
BANK OF CHINA LTD HKD 190,730.61 3.35502,000
CATIC SHENZHEN HOLDINGS LTD HKD 12,364.20 0.2248,000
CHINA COAL ENERGY CO LTD HKD 44,194.27 0.7843,000
CHINA CONSTRUCTION BANK -H- HKD 281,069.10 4.93433,000
CHINA COSKO HKD 76,536.31 1.3486,500
CHINA HIGH SPEED TRANSMISSION HKD 75,730.70 1.3342,000
CHINA LIFE INSURANCE -H- HKD 518,465.53 9.10141,000
CHINA MERCHANTS BANK -H- HKD 117,331.07 2.0650,000
CHINA OILFIELD SERVICES -H- HKD 47,349.72 0.8352,000
CHINA PETROLEUM & CHEMICAL -H- HKD 152,218.71 2.67196,000
CHINA SHENHUA ENERGY CO -H- HKD 154,874.44 2.7265,000
CHINA SHIPPING DEVELOPMENT -H- HKD 63,946.08 1.1250,000
CHINA TELECOM CORP LTD -H- HKD 200,755.91 3.52498,000
CHINA VANKE HKD 87,849.55 1.54122,900
DATANG INTL POWER GEN CO -H- HKD 117,954.43 2.07216,000
DONGFANG ELECTRICAL MACHINERY CO HKD 36,783.48 0.6514,000
GUANGZHOU R&F PROPERTIES -H- HKD 48,694.33 0.8554,400
INDUSTRIAL AND CIAL BK CHINA -H- HKD 547,994.07 9.62929,000
JIANGSU EXPRESSWAY CO LTD HKD 133,069.67 2.34180,000
JIANGXI COPPER CO LTD -H- HKD 37,097.74 0.6538,000
PETROCHINA CO LTD -H- HKD 467,778.77 8.21454,000
PING AN INSURANCE GROUP CO -H- HKD 101,888.71 1.7918,000
SHANGHAI FORTE LAND CO -H- HKD 20,771.85 0.36128,000
SINO-OCEAN LAND HOLDINGS HKD 52,279.94 0.92172,000
TRAVELSKY TECHNOLOGY LTD HKD 24,664.00 0.4350,000
ZIJIN MINING GROUP CO LTD -H- HKD 88,950.09 1.56178,000
3,822,030.73 67.09
AGILE PROPERTY HOLDINGS HKD 56,148.91 0.99126,000
Hong Kong
CHINA MENGNIU DAIRY HKD 12,240.55 0.2112,000
CHINA MERCHANTS HLDGS INTL HKD 69,136.47 1.2122,000
CHINA MOBILE HKD 297,127.10 5.2230,000
CHINA NETCOM GRP CORP HK LTD HKD 74,124.65 1.3033,500
CHINA RESOURCES LAND LTD HKD 85,122.34 1.4982,000
CHINA TRAVEL INTL INV HONG KONG HKD 22,726.94 0.40102,000
CHINA UNICOM LTD HKD 202,834.64 3.56136,000
CITIC PACIFIC LTD HKD 86,162.99 1.5130,000
CNOOC LTD HKD 395,519.06 6.95347,000
GOME ELECTRICAL APPLIANCES HKD 35,353.87 0.62122,000
SHANGHAI INDUSTRIAL HOLDINGS LTD HKD 81,140.04 1.4236,000
1,417,637.56 24.88
5,239,668.29 91.97
Total securities portfolio 5,239,668.29 91.97
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 5,239,668.29 91.97
Cash at bank 443,789.14 7.79
Other assets and liabilities 13,852.57 0.24
Total net assets 5,697,310.00 100.00
ING (L) Invest - Climate Focus
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
45ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 10,466,516.30EUR30/09/2007 -EUR30/09/2006 -EUR
Capitalisation P (EUR) 179.7930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 179.1930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation D (EUR) 18.1930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 20,81630/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 1,07530/09/2008-30/09/2007-30/09/2006
Capitalisation D (EUR) 358,96730/09/2008-30/09/2007-30/09/2006
Number of shares
Capitalisation P (EUR) 1.85%30/09/2008
Capitalisation X (EUR) 2.31%30/09/2008
Capitalisation D (EUR) 1.71%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 (13.10)%
ING (L) Invest - Climate Focus
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
46 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 10,164,350.19
Shares 10,164,350.19
Total financial derivative instruments 191.35
Warrants and rights 191.35
Cash at bank 321,647.01
Other assets 16,696.293
Total assets 10,502,884.84
Bank overdrafts (346.21)
Current liabilities (36,022.33)3
Total liabilities (36,368.54)
Net assets at the end of the year 10,466,516.30
Notes
Statement of net assets as at 30/09/2008
Total income 207,328.79
Dividends 104,864.32
Bank interest 35,010.92
Other income 67,453.558
Total expenses (209,412.91)
Management fees (152,254.70)4
Custodian fees (7,406.16)5
Subscription tax (5,493.00)6
Bank interest (24,014.15)
Other expenses (20,244.90)7
Net investment loss (2,084.12)
Net realised gains or (losses) on securities portfolio (181,851.82)
Net realised gains or (losses) on financial derivativeinstruments
(33,573.38)
Net realised gains or (losses) on currency 70,971.55
Changes in net unrealised gains or (losses) on securitiesportfolio
(3,694,250.86)
Changes in net unrealised gains or (losses) on financialderivative instruments
(455.13)
Result of operations (3,841,243.76)
Subscriptions 29,749,842.48
Redemptions (15,442,082.42)
Net assets at the beginning of the year -
Net assets at the end of the year 10,466,516.30
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Climate Focus(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
47ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AQUA AMERICA INC USD 313,727.48 3.0024,785
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
ARCHER DANIELS MIDLAND CO USD 97,473.10 0.936,249
BADGER METER INC USD 74,537.07 0.712,230
BORGWARNER INC USD 174,669.13 1.677,487
CALGON CARBON CORP USD 90,751.40 0.876,261
COVANTA HOLDING USD 164,945.94 1.589,678
DEERE & CO USD 292,915.67 2.808,312
EMERSON ELECTRIC CO USD 212,741.64 2.037,326
ENERGY CONVERSION DEVICES USD 191,215.43 1.834,611
ENERNOC INC USD 41,009.60 0.395,571
FIRST SOLAR INC USD SVN USD 141,616.94 1.351,053
FPL GROUP INC USD 316,449.72 3.038,837
HARRIS & HARRIS GROUP INC USD 36,404.58 0.358,015
HONEYWELL INTERNATIONAL INC USD 304,559.00 2.9110,296
ITRON INC USD 126,052.75 1.202,000
ITT CORP USD 94,382.40 0.902,384
JOHNSON CONTROLS INC USD 104,508.03 1.004,840
MEMC ELECTRONIC MATERIALS INC USD 52,993.16 0.512,634
MONSANTO CO USD 299,691.70 2.864,253
ORMAT TECHNOLOGIES INC USD 183,428.16 1.757,092
ROPER INDUSTRIES INC USD 267,231.27 2.556,590
SUNPOWER -A- USD 169,617.96 1.623,359
WASTE MANAGEMENT INC USD 260,143.07 2.4911,604
4,011,065.20 38.33
ALSTOM EUR 260,659.10 2.494,940
France
EDF ENERGIES NOUVELLES SA EUR 61,599.78 0.591,761
SAFT GROUPE EUR 139,604.28 1.334,993
SCHNEIDER ELECTRIC SA EUR 271,945.93 2.614,514
THEOLIA EUR 42,315.04 0.405,627
VELCAN ENERGY EUR 53,646.12 0.512,508
VEOLIA ENVIRONNEMENT EUR 258,081.97 2.478,941
1,087,852.22 10.40
BG GROUP PLC GBP 342,324.58 3.2826,629
United Kingdom
CLIMATE EXCHANGE PLC GBP 140,157.04 1.3410,775
CLIPPER WINDPOWER PLC GBP 107,989.24 1.0325,139
RPS GROUP PLC GBP 181,442.18 1.7358,657
SCOTTISH AND SOUTHERN ENERGY PLC GBP 229,533.31 2.1912,675
1,001,446.35 9.57
CENTROTEC SUSTAINABLE AG EUR 54,081.80 0.524,786
Germany
ELRINGKLINGER AG EUR 30,739.50 0.292,277
K&S AG EUR 97,474.56 0.932,004
Q-CELLS AG EUR 124,269.39 1.192,121
SIEMENS AG EUR 326,054.25 3.114,959
632,619.50 6.04
KAPSCH TRAFFICCOM AG EUR 115,203.75 1.104,955
Austria
OSTER ELEKTRIZATSWITS-CL A EUR 324,660.60 3.107,524
439,864.35 4.20
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ABENGOA SA EUR 153,970.60 1.4710,843
Spain
GAMESA CORPORACION TECNOLOGICA SA EUR 170,517.98 1.637,099
IBERDROLA RENOVABLES SA EUR 93,629.88 0.8930,598
418,118.46 3.99
CHIYODA CORP JPY 45,626.24 0.449,000
Japan
DAIKIN INDUSTRIES LTD JPY 53,518.97 0.512,300
KURITA WATER INDUSTRIES LTD JPY 62,897.03 0.603,900
TOYOTA MOTOR CORPORATION JPY 240,845.41 2.308,200
402,887.65 3.85
ABB LTD CHF 284,469.64 2.7121,214
Switzerland
BIOPETROL INDUSTRIES AG EUR 18,708.00 0.1815,590
MEYER BURGER TECHNOLOGY AG CHF 65,446.22 0.63427
368,623.86 3.52
THENERGO SA EUR 40,281.03 0.386,957
Belgium
UMICORE EUR 270,481.64 2.5912,531
310,762.67 2.97
GREENTECH ENERGY SYSTEMS DKK 26,602.64 0.256,989
Denmark
VESTAS WIND SYSTEMS A/S DKK 255,988.98 2.454,235
282,591.62 2.70
CIA SANEAMENTO BASICO ADR USD 157,931.69 1.517,825
Brazil
COSAN INDUSTRIA E COMERCIO BRL 100,353.20 0.9621,410
258,284.89 2.47
HYFLUX LTD SGD 220,520.35 2.11183,000
Singapore
220,520.35 2.11
TRADING EMISSIONS GBP 179,199.62 1.71138,102
Isle of Man
179,199.62 1.71
CHINA HIGH SPEED TRANSMISSION HKD 148,906.13 1.42116,000
China
148,906.13 1.42
RENEWABLE ENERGY CORPORATION NOK 94,463.77 0.907,436
Norway
94,463.77 0.90
CHINA WATER AFFAIRS GROUP LTD HKD 92,437.33 0.88758,000
Hong Kong
92,437.33 0.88
BALLARD POWER SYSTEMS INC CAD 75,455.74 0.7228,528
Canada
75,455.74 0.72
KINGSPAN GROUP PLC EUR 63,059.20 0.609,853
Ireland
63,059.20 0.60
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING (L) Invest - Climate Focus(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
48 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
DOOSAN HEAVY INDUSTRIES &CONSTRUCTION
KRW 42,800.50 0.41835
South Korea
42,800.50 0.41
10,130,959.41 96.79
PYEONG SAN CO LTD KRW 33,390.78 0.321,832
Other transferable securities and money market instruments
Money market instrumentsSouth Korea
33,390.78 0.32
33,390.78 0.32
Total securities portfolio 10,164,350.19 97.11
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
COSAN SA INDUSTRIA COM RTS 22/10/2008 BRL 191.354,321
Rights
191.35
NameQuantity/Nominal
Market valuein EUR
Currency
Total financial derivative instruments 191.35
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 10,164,350.19 97.11
Total financial derivative instruments 191.35 -
Cash at bank 321,647.01 3.07
Other assets and liabilities (19,672.25) (0.18)
Total net assets 10,466,516.30 100.00
ING (L) Invest - Computer Technologies
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
49ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 122,350,463.16USD30/09/2007 232,936,927.95USD30/09/2006 253,616,064.37USD
Capitalisation P (USD) 529.5930/09/2008 USD738.9330/09/2007 USD615.9930/09/2006 USD
Capitalisation I (USD) 543.3230/09/2008 USD750.1630/09/2007 USD619.5930/09/2006 USD
Capitalisation X (USD) 508.4630/09/2008 USD714.0230/09/2007 USD598.3130/09/2006 USD
Distribution P (USD) 2,582.5330/09/2008 USD3,612.8930/09/2007 USD3,019.4730/09/2006 USD
Net asset value per share
Capitalisation P (USD) 121,22930/09/2008176,10530/09/2007259,07630/09/2006
Capitalisation I (USD) 86,34630/09/2008107,41230/09/200793,24630/09/2006
Capitalisation X (USD) 7,76530/09/200814,06230/09/200740,95430/09/2006
Distribution P (USD) 2,82230/09/20083,37430/09/20073,89130/09/2006
Number of shares
Distribution P (USD) 9.0019/12/2007 USD
Dividend
Distribution P (USD) 8.0015/12/2006 USD
Distribution P (USD) 8.0015/12/2005 USD
Capitalisation P (USD) 1.71%30/09/2008
Capitalisation I (USD) 0.66%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (USD) 2.15%30/09/2008
Distribution P (USD) 1.72%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 48.04%
ING (L) Invest - Computer Technologies
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
50 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 117,956,152.21
Shares 117,956,152.21
Total financial derivative instruments 677.44
Warrants and rights 677.44
Cash at bank 2,319,952.67
Other assets 2,666,701.123
Total assets 122,943,483.44
Bank overdrafts (47,208.88)
Current liabilities (545,811.40)3
Total liabilities (593,020.28)
Net assets at the end of the year 122,350,463.16
Notes
Statement of net assets as at 30/09/2008
Total income 1,770,413.09
Dividends 1,627,131.70
Bank interest 88,439.52
Other income 54,841.878
Total expenses (2,518,289.18)
Management fees (1,973,694.98)4
Custodian fees (102,755.88)5
Subscription tax (58,423.86)6
Bank interest (38,146.32)
Other expenses (345,268.14)7
Net investment loss (747,876.09)
Net realised gains or (losses) on securities portfolio 4,064,365.54
Net realised gains or (losses) on financial derivativeinstruments
(645,727.24)
Net realised gains or (losses) on currency (299,723.26)
Changes in net unrealised gains or (losses) on securitiesportfolio
(57,608,505.89)
Changes in net unrealised gains or (losses) on financialderivative instruments
(336,624.61)
Result of operations (55,574,091.55)
Subscriptions 89,815,815.38
Redemptions (144,797,298.61)
Distribution (30,890.01)
Net assets at the beginning of the year 232,936,927.95
Net assets at the end of the year 122,350,463.16
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Computer Technologies(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
51ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ANALOG DEVICES INC USD 4,690.30 0.00178
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
APPLE COMPUTER INC USD 6,819,600.00 5.5760,000
BROADCOM CORP-CL A USD 838,350.00 0.6945,000
CISCO SYSTEMS INC USD 8,707,934.40 7.12385,990
CITRIX SYSTEMS INC USD 1,818,720.00 1.4972,000
CORNING INC USD 3,753,600.00 3.07240,000
DELL INC USD 824,000.00 0.6750,000
ELECTRONIC ARTS USD 221.94 0.006
EMBARQ USD 40.55 0.001
EMC CORP USD 1,179,459.32 0.9698,617
GOOGLE INC CL A USD 8,010,400.00 6.5520,000
HEWLETT-PACKARD CO USD 5,317,600.00 4.35115,000
INFINERA CORP USD 860,400.00 0.7090,000
INTEL CORP USD 5,386,804.19 4.40287,603
MCAFEE USD 1,528,200.00 1.2545,000
MEMC ELECTRONIC MATERIALS INC USD 395,640.00 0.3214,000
MICROCHIP TECHNOLOGY INC USD 1,030,050.00 0.8435,000
MICROSOFT CORP USD 11,081,848.14 9.06415,206
NETAPP INC USD 1,813,520.40 1.4899,480
NUANCE COMMUNICATIONS INC USD 914,250.00 0.7575,000
ORACLE CORP USD 6,008,307.30 4.91295,830
QUALCOMM INC USD 3,362,832.20 2.7578,260
RIVERBED TECHNOLOGY INC USD 438,200.00 0.3635,000
SANDISK CORP USD 303,025.00 0.2515,500
VASCO DATA SECURITY INTL USD 651,198.52 0.5362,857
WORLDCOM INC USD 0.00 0.0041,000
YAHOO INC USD 1,228,300.00 1.0071,000
72,277,192.26 59.07
CANON INC JPY 2,878,537.49 2.3580,000
Japan
FUJITSU LIMITED JPY 615,042.49 0.50112,000
HITACHI LTD JPY 980,643.12 0.80145,000
HOYA CORP JPY 1,317,514.90 1.0867,900
IBIDEN CO LTD JPY 1,231,337.74 1.0152,500
INDEX HOLDINGS JPY 2,156.08 0.0015
KEYENCE CORP JPY 1,267,023.69 1.046,467
MURATA MANUFACTURING CO LTD JPY 1,296,189.61 1.0633,000
NINTENDO CO LTD JPY 4,087,975.37 3.3410,000
TOSHIBA CORPORATION JPY 904,846.03 0.74213,000
14,581,266.52 11.92
CENTROTHERM PHOTOVOLTAICS AG EUR 736,654.65 0.6014,000
Germany
Q-CELLS AG EUR 1,152,178.21 0.9414,000
ROTH + RAU AG EUR 1,108,540.79 0.9132,344
SAP AG EUR 2,910,224.10 2.3855,000
5,907,597.75 4.83
NOKIA EUR 5,073,595.80 4.15280,000
Finland
5,073,595.80 4.15
CHECK POINT SOFTWARE TECHNOLOGIE USD 1,318,920.00 1.0858,000
Israel
NameQuantity/Nominal
Market valuein USD
Currency %NAV
NICE SYSTEMS LTD -CERT ADR- USD 2,260,811.04 1.8582,996
3,579,731.04 2.93
SILICONWARE PRECISION-ADR USD 583,456.63 0.48101,119
Taiwan
TAIWAN SEMICONDUCTOR-SP ADR USD 2,169,036.26 1.77231,487
2,752,492.89 2.25
ARM HOLDINGS PLC GBP 1,303,936.06 1.06770,000
United Kingdom
AUTONOMY CORPORATION PLC GBP 820,597.35 0.6745,000
SDL PLC GBP 609,632.44 0.50100,000
2,734,165.85 2.23
ASML HOLDING NV EUR 1,481,695.05 1.2285,000
Netherlands
TOMTOM NV EUR 898,976.00 0.7350,000
2,380,671.05 1.95
STMICROELECTRONICS EUR 1,331,755.69 1.09135,000
Switzerland
TEMENOS GROUP AG CHF 559,184.48 0.4630,000
1,890,940.17 1.55
SAMSUNG ELECTRONICS CO LTD KRW 1,875,636.90 1.534,200
South Korea
1,875,636.90 1.53
EVS BROADCAST EQUIPMENT SA EUR 774,411.64 0.6311,000
Belgium
MELEXIS NV EUR 817,969.83 0.6759,000
1,592,381.47 1.30
SEAGATE TECHNOLOGY USD 1,272,600.00 1.04105,000
Cayman Islands
1,272,600.00 1.04
CHINA SECURITY & SURVEILLANCETECHNOLOGY
USD 694,000.00 0.5750,000
Hong Kong
694,000.00 0.57
RESEARCH IN MOTION LIMITED CAD 573,311.46 0.468,500
Canada
RESEARCH IN MOTION LIMITED USD 68,300.00 0.061,000
641,611.46 0.52
TANDBERG ASA NOK 594,436.01 0.4945,000
Norway
594,436.01 0.49
VERIGY LTD USD 91,558.72 0.075,624
Singapore
91,558.72 0.07
ALIBABA.COM LTD HKD 16,274.32 0.0118,000
China
16,274.32 0.01
117,956,152.21 96.41
NameQuantity/Nominal
Market valuein USD
Currency %NAV
ING (L) Invest - Computer Technologies(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
52 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
XO COMMUNICATIONS INC A USD 0.00 0.007,000
Other transferable securities and money market instruments
SharesUnited States
0.00 0.00
0.00 0.00
Total securities portfolio 117,956,152.21 96.41
NameQuantity/Nominal
Market valuein USD
Currency %NAV
MERRILL LYNCH WTS 05/04/2011 ASUSTEK COMP USD 96.4150
Warrants
NOVATEK WARRANT 04-19/11/2009 USD 581.03399
677.44
NameQuantity/Nominal
Market valuein USD
Currency
Total financial derivative instruments 677.44
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 117,956,152.21 96.41
Total financial derivative instruments 677.44 -
Cash at bank 2,319,952.67 1.90
Other assets and liabilities 2,073,680.84 1.69
Total net assets 122,350,463.16 100.00
ING (L) Invest - Consumer Goods
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
53ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 35,873,724.41USD30/09/2007 79,227,663.80USD30/09/2006 116,308,595.63USD
Capitalisation P (USD) 714.9030/09/2008 USD1,017.5530/09/2007 USD
922.7330/09/2006 USD
Capitalisation I (USD) 733.6130/09/2008 USD1,032.9030/09/2007 USD
927.9030/09/2006 USD
Capitalisation X (USD) 687.9330/09/2008 USD982.9130/09/2007 USD895.8730/09/2006 USD
Distribution P (USD) 3,184.1330/09/2008 USD4,579.6830/09/2007 USD4,194.0930/09/2006 USD
Net asset value per share
Capitalisation P (USD) 21,42330/09/200838,06430/09/200755,65430/09/2006
Capitalisation I (USD) 26,73830/09/200834,74930/09/200759,54030/09/2006
Capitalisation X (USD) 17130/09/20083,32230/09/20079,16430/09/2006
Distribution P (USD) 25930/09/200829230/09/200735730/09/2006
Number of shares
Distribution P (USD) 44.0019/12/2007 USD
Dividend
Distribution P (USD) 44.0015/12/2006 USD
Distribution P (USD) 42.0015/12/2005 USD
Capitalisation P (USD) 1.71%30/09/2008
Capitalisation I (USD) 0.66%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (USD) 1.98%30/09/2008
Distribution P (USD) 1.73%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 95.58%
ING (L) Invest - Consumer Goods
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
54 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 35,245,453.83
Shares 35,245,453.83
Cash at bank 9,713.31
Other assets 797,539.893
Total assets 36,052,707.03
Current liabilities (178,982.62)3
Total liabilities (178,982.62)
Net assets at the end of the year 35,873,724.41
Notes
Statement of net assets as at 30/09/2008
Total income 1,056,696.51
Dividends 978,427.80
Bank interest 35,080.05
Other income 43,188.668
Total expenses (561,048.57)
Management fees (440,269.45)4
Custodian fees (22,844.57)5
Subscription tax (12,643.23)6
Bank interest (2,305.75)
Other expenses (82,985.57)7
Net investment income 495,647.94
Net realised gains or (losses) on securities portfolio (2,799,753.02)
Net realised gains or (losses) on currency (150,849.78)
Changes in net unrealised gains or (losses) on securitiesportfolio
(12,905,921.05)
Result of operations (15,360,875.91)
Subscriptions 16,820,761.48
Redemptions (44,800,815.79)
Distribution (13,009.17)
Net assets at the beginning of the year 79,227,663.80
Net assets at the end of the year 35,873,724.41
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Consumer Goods(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
55ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ADVANCE AUTO PARTS USD 375,262.92 1.059,462
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
BORGWARNER INC USD 609,554.77 1.7018,601
CARNIVAL CORP USD 773,882.20 2.1621,892
CHOICE HOTELS INTL INC USD 594,817.90 1.6621,949
COMCAST CORP A USD 1,135,948.84 3.1757,868
DIRECTV GROUP INC USD 622,220.06 1.7323,767
HANESBRANDS USD 919,372.50 2.5642,270
HOME DEPOT INC USD 1,431,691.11 3.9955,299
INTERNATIONAL GAME TECHNOLOGY USD 573,107.62 1.6033,359
JACK IN THE BOX INC USD 180,215.10 0.508,541
LIBERTY GLOBAL INC-A USD 573,488.10 1.6018,927
LOWES COMPANIES USD 1,317,164.00 3.6755,600
MCDONALDS CORP USD 1,680,399.50 4.6727,235
MCGRAW HILL CO INC USD 323,718.01 0.9010,241
NEWS CORP CL A USD 816,495.02 2.2868,098
OMNICOM GROUP INC USD 484,043.68 1.3512,553
OREILLY AUTOMOTIVE INC USD 457,633.15 1.2817,095
POLO RALPH LAUREN CORP CL A USD 462,414.96 1.296,939
TIME WARNER INC USD 915,903.93 2.5569,863
UNDER ARMOUR INC -A- USD 177,443.12 0.495,587
VF CORP USD 262,776.69 0.733,399
WALT DISNEY Co USD 1,438,900.65 4.0146,885
YUM BRANDS INC USD 694,495.17 1.9421,297
16,820,949.00 46.88
ASICS CORP JPY 382,894.47 1.0750,000
Japan
DENSO CORPORATION JPY 648,367.96 1.8127,100
HONEYS CO LTD JPY 78,747.40 0.2217,490
ISUZU MOTORS LTD JPY 425,337.82 1.19159,000
NINTENDO CO LTD JPY 694,955.81 1.931,700
SHARP CORP JPY 339,396.15 0.9532,000
SUZUKI MOTOR CORP JPY 294,479.28 0.8216,300
TOYOTA MOTOR CORPORATION JPY 2,330,993.70 6.4956,500
5,195,172.59 14.48
ACCOR SA EUR 609,983.48 1.7011,619
France
LVMH EUR 1,198,967.45 3.3513,823
SODEXHO ALLIANCE SA EUR 784,819.53 2.1913,431
VIVENDI EUR 973,905.28 2.7131,487
3,567,675.74 9.95
ADIDAS AG EUR 1,105,018.35 3.0720,867
Germany
BMW-BAYERISCHE MOTOREN WERKE AG EUR 933,176.08 2.6024,344
DAIMLER CHRYSLER AG EUR 648,458.64 1.8113,041
ELRINGKLINGER AG EUR 120,508.44 0.346,355
PRAKTIKER BAU-UND HEIMWERK A EUR 171,028.62 0.4818,761
2,978,190.13 8.30
INTERCONTINENTAL HOTELS GROUP PLC GBP 340,876.51 0.9527,795
United Kingdom
KINGFISHER PLC GBP 403,459.56 1.13171,859
NEXT PLC GBP 331,405.73 0.9218,245
WILLIAM HILL PLC GBP 253,677.06 0.7160,947
NameQuantity/Nominal
Market valuein USD
Currency %NAV
WPP GROUP PLC GBP 385,276.30 1.0748,245
1,714,695.16 4.78
REED ELSEVIER NV EUR 687,892.01 1.9246,512
Netherlands
TOMTOM NV EUR 355,706.82 0.9919,784
WOLTERS KLUWER NV EUR 268,655.41 0.7513,436
1,312,254.24 3.66
CIE FIN RICHEMONT UNITS A CHF 435,587.05 1.219,988
Switzerland
THE SWATCH GROUP AG-BR CHF 518,153.09 1.452,855
953,740.14 2.66
LI & FUNG HKD 497,741.34 1.38208,000
Hong Kong
XINYU HENGDELI HOLDINGS HKD 135,181.88 0.38656,000
632,923.22 1.76
POLYTEC HOLDING AG EUR 608,724.63 1.7044,769
Austria
608,724.63 1.70
GEOX SPA EUR 139,911.47 0.3914,590
Italy
LOTTOMATICA SPA EUR 372,535.65 1.0414,336
512,447.12 1.43
SHAW COMMUNICATIONS-B-NON VTG CAD 404,772.89 1.1319,979
Canada
404,772.89 1.13
BJORN BORG SEK 195,941.11 0.5542,829
Sweden
195,941.11 0.55
ANTA SPORTS PRODUCTS LTD HKD 180,208.16 0.50318,000
China
180,208.16 0.50
PARTYGAMING GBP 151,259.70 0.4246,306
Gibraltar
151,259.70 0.42
ELIXIR GAMING TECHNOLOGIES USD 16,500.00 0.0550,000
Macau
16,500.00 0.05
35,245,453.83 98.25
Total securities portfolio 35,245,453.83 98.25
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 35,245,453.83 98.25
Cash at bank 9,713.31 0.03
Other assets and liabilities 618,557.27 1.72
Total net assets 35,873,724.41 100.00
ING (L) Invest - Dutch Equity
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
56 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 43,076,512.40EUR30/09/2007 89,695,321.17EUR30/09/2006 94,284,741.58EUR
Capitalisation P (EUR) 64.8530/09/2008 EUR103.1430/09/2007 EUR88.9030/09/2006 EUR
Capitalisation I (EUR) 3,884.9530/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 63.2430/09/2008 EUR101.0430/09/2007 EUR87.5430/09/2006 EUR
Distribution P (EUR) 49.5930/09/2008 EUR79.9430/09/2007 EUR70.6830/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 563,51230/09/2008761,29730/09/2007935,00030/09/2006
Capitalisation I (EUR) 21030/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 5,00130/09/20088,53430/09/20073,64430/09/2006
Distribution P (EUR) 108,91430/09/2008129,00830/09/2007153,21830/09/2006
Number of shares
Distribution P (EUR) 1.0019/12/2007 EUR
Dividend
Distribution P (EUR) 1.8015/12/2006 EUR
Distribution P (EUR) 1.4515/12/2005 EUR
Capitalisation P (EUR) 1.58%30/09/2008
Capitalisation I (EUR) 0.59%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (EUR) 2.06%30/09/2008
Distribution P (EUR) 1.59%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 3.16%
ING (L) Invest - Dutch Equity
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
57ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 38,826,858.63
Shares 34,665,430.98
Undertakings for collective investment 4,161,427.65
Cash at bank 3,669,815.29
Margin deposits 1,096,320.00
Other assets 59,406.013
Total assets 43,652,399.93
Current liabilities (103,567.53)3
Total financial derivative instruments (472,320.00)Futures (472,320.00)
Total liabilities (575,887.53)
Net assets at the end of the year 43,076,512.40
Notes
Statement of net assets as at 30/09/2008
Total income 2,601,477.70
Dividends 2,295,082.02
Bank interest 306,395.68
Total expenses (1,209,785.42)
Management fees (952,061.23)4
Custodian fees (46,907.43)5
Subscription tax (34,615.10)6
Bank interest (2,851.17)
Other expenses (173,350.49)7
Net investment income 1,391,692.28
Net realised gains or (losses) on securities portfolio 2,576,782.88
Net realised gains or (losses) on financial derivativeinstruments
(3,111,822.74)
Net realised gains or (losses) on currency 7,579.47
Changes in net unrealised gains or (losses) on securitiesportfolio
(33,016,030.75)
Changes in net unrealised gains or (losses) on financialderivative instruments
(460,482.00)
Result of operations (32,612,280.86)
Subscriptions 33,432,306.87
Redemptions (47,313,587.44)
Distribution (125,247.34)
Net assets at the beginning of the year 89,695,321.17
Net assets at the end of the year 43,076,512.40
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Dutch Equity(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
58 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AEGON NV EUR 1,845,684.20 4.28297,691
Transferable securities and money market instruments listed onan official stock exchange
Shares
Netherlands
AKZO NOBEL NV EUR 1,331,154.00 3.0939,600AMG ADVANCED METALLURGICAL GROUPNV
EUR 230,445.00 0.538,100
ASM INTERNATIONAL NV EUR 301,464.00 0.7023,700
ASML HOLDING NV EUR 919,283.16 2.1374,076
BINCKBANK EUR 293,755.00 0.6854,500
CSM NV EUR 341,508.00 0.7919,100
DRAKA HOLDING EUR 241,752.00 0.5616,800
FUGRO EUR 990,862.25 2.3023,905
HEINEKEN NV EUR 1,218,835.00 2.8343,000
ING GROEP NV EUR 3,421,956.00 7.94229,200
KONINKLIJKE AHOLD EUR 1,579,726.26 3.67194,380
KONINKLIJKE DSM EUR 496,789.37 1.1514,894
KONINKLIJKE KPN NV EUR 2,231,028.80 5.18218,900
NUTRECO HOLDING NV EUR 200,514.16 0.476,056
PHILIPS ELECTRONICS EUR 2,418,069.50 5.61126,700
RANDSTAD HOLDING NV EUR 181,431.11 0.429,831
REED ELSEVIER NV EUR 1,106,892.71 2.57105,128
ROYAL DUTCH SHELL CL.A EUR 4,166,437.50 9.68202,500
SAMAS NV EUR 110,627.00 0.2662,150
SBM OFFSHORE NV EUR 727,914.26 1.6948,463
SNS REAAL EUR 146,965.48 0.3418,463
TNT NV EUR 945,750.00 2.2048,500
TOMTOM NV EUR 352,000.00 0.8227,500
UNILEVER NV EUR 3,554,940.00 8.25179,000
USG PEOPLE NV EUR 90,710.00 0.219,400
WOLTERS KLUWER NV EUR 306,052.50 0.7121,500
29,752,547.26 69.06
ARCELORMITTAL EUR 3,048,850.00 7.0886,800
Luxembourg
3,048,850.00 7.08
FORTIS EUR 950,867.60 2.21221,132
Belgium
FORTIS EUR 25,520.00 0.065,800
FORTIS STRIP VVPR EUR 817.32 0.0081,732
977,204.92 2.27
UNIBAIL HOLDING EUR 886,828.80 2.066,240
France
886,828.80 2.06
34,665,430.98 80.47
STREETTRACKS SM AEX INDEX ETF EUR 2,088,711.81 4.8562,331
Undertakings for collective investmentFrance
2,088,711.81 4.85
ISHARES AEX EUR 2,072,715.84 4.8162,582
Ireland
2,072,715.84 4.81
4,161,427.65 9.66
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Total securities portfolio 38,826,858.63 90.13
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
AEX - AMSTERDAM EXCHANGE17/10/2008
EUR 4,241,280.0064 (472,320.00)
Futures on stock indices
(472,320.00)4,241,280.00
NameQuantity Commitmentin EUR
Currency Unrealizedprofit or (loss)
in EUR
Total financial derivative instruments (472,320.00)
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 38,826,858.63 90.13
Total financial derivative instruments (472,320.00) (1.10)
Cash at bank 3,669,815.29 8.52
Other assets and liabilities 1,052,158.48 2.45
Total net assets 43,076,512.40 100.00
ING (L) Invest - Emerging Europe
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
59ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 119,736,707.56EUR30/09/2007 218,288,578.43EUR30/09/2006 203,481,830.50EUR
Capitalisation P (EUR) 48.7730/09/2008 EUR75.5530/09/2007 EUR59.6630/09/2006 EUR
Capitalisation I (EUR) 49.0230/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 47.0830/09/2008 EUR73.3030/09/2007 EUR58.1730/09/2006 EUR
Distribution P (EUR) 3,498.2730/09/2008 EUR5,452.7530/09/2007 EUR4,325.3630/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 1,737,18030/09/20081,944,38430/09/20072,142,74530/09/2006
Capitalisation I (EUR) 33,46730/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 580,89930/09/2008827,25030/09/2007
1,129,27630/09/2006
Distribution P (EUR) 1,72230/09/20081,97130/09/20072,30330/09/2006
Number of shares
Distribution P (EUR) 35.0019/12/2007 EUR
Dividend
Distribution P (EUR) 23.0015/12/2006 EUR
Distribution P (EUR) 15.0015/12/2005 EUR
Capitalisation P (EUR) 1.73%30/09/2008
Capitalisation I (EUR) 0.83%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (EUR) 2.20%30/09/2008
Distribution P (EUR) 1.73%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 75.54%
ING (L) Invest - Emerging Europe
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
60 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 116,543,186.99
Shares 116,543,186.99
Total financial derivative instruments 175,224.00
Warrants and rights 175,224.00
Cash at bank 3,072,021.65
Other assets 904,891.903
Total assets 120,695,324.54
Bank overdrafts (1.08)
Current liabilities (958,615.90)3
Total liabilities (958,616.98)
Net assets at the end of the year 119,736,707.56
Notes
Statement of net assets as at 30/09/2008
Total income 4,104,259.60
Dividends 3,893,309.42
Bank interest 183,056.59
Other income 27,893.598
Total expenses (3,675,210.84)
Management fees (2,912,361.52)4
Custodian fees (226,367.37)5
Subscription tax (93,604.01)6
Bank interest (18,744.78)
Other expenses (424,133.16)7
Net investment income 429,048.76
Net realised gains or (losses) on securities portfolio 34,408,464.11
Net realised gains or (losses) on financial derivativeinstruments
(5,575,354.61)
Net realised gains or (losses) on currency (1,013,949.07)
Changes in net unrealised gains or (losses) on securitiesportfolio
(105,323,778.11)
Changes in net unrealised gains or (losses) on financialderivative instruments
704,252.29
Result of operations (76,371,316.63)
Subscriptions 132,844,986.05
Redemptions (154,956,343.54)
Distribution (69,196.75)
Net assets at the beginning of the year 218,288,578.43
Net assets at the end of the year 119,736,707.56
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Emerging Europe(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
61ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AO TATNEFT GDR SPONSORED REG.S USD 3,855,907.15 3.2276,500
Transferable securities and money market instruments listed onan official stock exchange
Shares
Russia
GAZPROM OAO-SPONS. ADR REG.S USD 8,976,634.75 7.50407,400
GRUPPA KOMPANY PIK GDR USD 539,439.15 0.45145,716
JSC MMC NORILSK NICKEL-ADR USD 5,899,515.18 4.93606,200
LSR GROUP OJSC-GDR- USD 590,212.40 0.49160,979
LUKOIL CO SPONS ADR (JSC OIL) USD 8,539,636.21 7.13204,000
MAGNIT JSC -SPONSORED GDR REGS USD 970,966.43 0.81152,900
MECHEL OAO-ADR USD 2,360,314.67 1.97184,600
MOBILE TELESYSTEMS ADR USD 5,941,330.58 4.96149,000
NOVATEK SHS GDR 1/100 SHSREGS USD 3,890,364.15 3.25122,800
PHARMSTANDARD-OKTYABR OAO USD 1,698,376.82 1.42137,500
ROSNEFT OIL CO GDR USD 6,926,912.75 5.791,447,900
TMK SPONS.GDR REG-S USD 1,916,270.96 1.60108,100
URALKALI OJSC-GDR- USD 3,674,625.00 3.07169,900
VIMPEL COMMUNICATIONS ADR USD 5,828,491.08 4.87403,300
WIMM BILL DANN FOODS ADR USD 1,946,036.38 1.6338,500
X5 RETAIL GROUP GDR REG.S USD 692,628.06 0.5846,000
64,247,661.72 53.67
BANK ZACHODNI WBK PLN 1,678,494.50 1.4037,300
Poland
GETIN HOLDING SA PLN 857,534.89 0.72322,900
KGHM POLSKA MIEDZ SA PLN 1,986,857.09 1.66134,800
PBG SA PLN 2,082,661.04 1.7430,700
PKO BANK POLSKI SA PLN 5,865,384.05 4.90458,000
POLSKI KONCERN NAFTOWY ORLEN PLN 1,425,170.41 1.19140,400
TELEKOMUNIKACJA POLSKA SA PLN 4,147,112.04 3.46615,600
TVN SA PLN 1,939,504.26 1.62367,400
19,982,718.28 16.69
CESKE ENERGETICKE ZAVODY AS - CES CZK 8,218,345.03 6.86189,300
Czech Republic
8,218,345.03 6.86
MAGYAR TELEKOM TELECOMMUNICA HUF 1,711,060.11 1.43517,200
Hungary
MOL HUNGARIAN OIL AND GAS NY HUF 3,418,844.98 2.8553,200
OTP BANK RT HUF 1,887,463.56 1.5874,700
7,017,368.65 5.86
BIM BIRLESIK MAGAZALAR TRY 748,109.56 0.6233,600
Turkey
TURKIYE GARANTI BANKASI TRY 1,711,220.97 1.43998,380
2,459,330.53 2.05
JERONIMO MARTINS SGPS SA EUR 2,194,200.00 1.83365,700
Portugal
2,194,200.00 1.83
BANK OF PIRAEUS EUR 1,306,450.00 1.0990,100
Greece
1,306,450.00 1.09
KARDAN NV EUR 855,750.00 0.71163,000
Netherlands
855,750.00 0.71
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
XXI CENTURY INVESTMENTS PUBLIC GBP 409,359.14 0.34117,300
Cyprus
409,359.14 0.34
106,691,183.35 89.10
NOVOROSSIYSK TRADE PORT- BRD RUB 152,709.16 0.132,295,400
Other transferable securities and money market instruments
SharesRussia
RUSHYDRO CLS USD 512,796.78 0.4321,000,000
SBERBANK USD 9,186,497.70 7.678,379,100
9,852,003.64 8.23
9,852,003.64 8.23
Total securities portfolio 116,543,186.99 97.33
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
BK AUSTRIA CREDIT 27/03/2009 MEGABANK EUR 175,224.001,460,200
Warrants
175,224.00
NameQuantity/Nominal
Market valuein EUR
Currency
Total financial derivative instruments 175,224.00
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 116,543,186.99 97.33
Total financial derivative instruments 175,224.00 0.15
Cash at bank 3,072,021.65 2.57
Other assets and liabilities (53,725.08) (0.05)
Total net assets 119,736,707.56 100.00
ING (L) Invest - Emerging Markets
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
62 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 322,358,405.59USD30/09/2007 372,210,199.34USD30/09/2006 211,096,435.93USD
Capitalisation P (USD) 51.0830/09/2008 USD81.2230/09/2007 USD52.4330/09/2006 USD
Capitalisation X (CZK) 879.5430/09/2008 CZK1,549.4830/09/2007 CZK
-30/09/2006 CZK
Capitalisation I (EUR) 4,184.2230/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation S (EUR) 3,718.0430/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation P (EUR) 204.0130/09/2008 EUR323.7530/09/2007 EUR
-30/09/2006 EUR
Capitalisation I (USD) 51.8030/09/2008 USD81.6530/09/2007 USD
-30/09/2006 USD
Capitalisation X (USD) 49.4230/09/2008 USD79.0330/09/2007 USD51.3030/09/2006 USD
Net asset value per share
Capitalisation P (USD) 2,574,36630/09/20083,323,62130/09/20073,591,45630/09/2006
Capitalisation X (CZK) 94,48930/09/20083,78330/09/2007
-30/09/2006
Capitalisation I (EUR) 5930/09/2008-30/09/2007-30/09/2006
Capitalisation S (EUR) 13,53830/09/2008-30/09/2007-30/09/2006
Capitalisation P (EUR) 183,98830/09/200881630/09/2007
-30/09/2006
Number of shares
Capitalisation I (USD) 904,23930/09/2008877,96230/09/2007
-30/09/2006
Capitalisation X (USD) 313,42030/09/2008378,28630/09/2007444,09130/09/2006
Number of shares
Capitalisation P (USD) 1.67%30/09/2008
Capitalisation X (CZK) 2.22%30/09/2008
Capitalisation I (EUR) 0.82%30/09/2008
Capitalisation S (EUR) 0.86%30/09/2008
Capitalisation P (EUR) 1.84%30/09/2008
Capitalisation I (USD) 0.79%30/09/2008
Capitalisation X (USD) 2.22%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 226.37%
ING (L) Invest - Emerging Markets
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
63ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 321,274,557.07
Shares 317,901,438.06
Undertakings for collective investment 3,373,119.01
Cash at bank 11,654,610.95
Other assets 13,233,624.033
Total assets 346,162,792.05
Bank overdrafts (12,612,474.42)
Current liabilities (11,191,912.04)3
Total liabilities (23,804,386.46)
Net assets at the end of the year 322,358,405.59
Notes
Statement of net assets as at 30/09/2008
Total income 8,821,629.16
Dividends 7,993,269.36
Bank interest 479,238.74
Other income 349,121.068
Total expenses (6,027,680.24)
Management fees (4,785,281.41)4
Custodian fees (331,633.64)5
Subscription tax (151,888.67)6
Bank interest (81,453.86)
Other expenses (677,422.66)7
Net investment income 2,793,948.92
Net realised gains or (losses) on securities portfolio 17,272,265.58
Net realised gains or (losses) on financial derivativeinstruments
2,670,244.10
Net realised gains or (losses) on currency (1,720,787.66)
Changes in net unrealised gains or (losses) on securitiesportfolio
(185,106,485.42)
Changes in net unrealised gains or (losses) on financialderivative instruments
(5,150,765.78)
Result of operations (169,241,580.26)
Subscriptions 381,267,412.39
Redemptions (261,877,625.88)
Net assets at the beginning of the year 372,210,199.34
Net assets at the end of the year 322,358,405.59
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Emerging Markets(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
64 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
CIA VALE DO RIO DOCE ADR SP USD 13,961,848.50 4.32788,805
Transferable securities and money market instruments listed onan official stock exchange
Shares
Brazil
COMPANHIA SIDERURGICA NAC ADR USD 2,021,826.00 0.6395,100
INVESTIMENTOS ITAU SA PREF BRL 12,277,079.50 3.812,487,592
PETROBRAS - PETROLEO BRAS BRL 7,515,879.04 2.33343,386
PETROLEO BRASILEIRO ADR SPONS. USD 16,655,380.06 5.16445,093
POSITIVO INFORMATICA SA BRL 1,221,007.11 0.38336,466
UNIBANCO SPONSORED GDR USD 4,990,191.24 1.5549,447
VALE DO RIO DOCE ADR SPONSORED USD 5,639,675.00 1.75294,500
64,282,886.45 19.93
BHARAT HEAVY ELECTRICALSDEMATERIALISED
INR 5,331,575.86 1.65157,359
India
BHARTI AIRTEL INR 11,052,487.35 3.43661,375
HOUSING DEVELOPMENT FINANCE INR 9,122,304.78 2.83200,093
ICICI BANKING CORP INR 4,891,880.27 1.52428,993
JAIPRAKASH ASSOCIATED LTD INR 3,007,181.78 0.931,271,218
33,405,430.04 10.36
GS ENGINEERING & CONSTRUCTION CORP KRW 6,068,121.35 1.8878,247
South Korea
HYUNDAI MOTOR CO LTD KRW 3,933,965.71 1.2264,600
SAMSUNG ELECTRONICS CO LTD KRW 8,153,661.55 2.5318,258
SAMSUNG TECHWIN CO LTD KRW 4,078,528.36 1.27190,061
SHINSEGAE CO LTD KRW 3,346,063.98 1.047,186
25,580,340.95 7.94
GAZPROM OAO-SPONS. ADR REG.S USD 7,727,750.75 2.40249,685
Russia
LSR GROUP OJSC-GDR- USD 2,263,703.10 0.70439,554
MOBILE TELESYSTEMS ADR USD 5,281,182.90 1.6494,290
ROSNEFT OIL CO GDR USD 6,823,145.28 2.121,015,349
WIMM BILL DANN FOODS ADR USD 3,327,699.00 1.0346,869
25,423,481.03 7.89
BEIJING ENTERPRISES HKD 5,570,778.89 1.731,491,500
Hong Kong
CHINA MOBILE HKD 8,430,486.18 2.61851,200
CHINA OVERSEAS LAND & INVEST HKD 4,709,986.11 1.463,975,000
CNOOC LTD HKD 5,276,246.99 1.644,629,000
23,987,498.17 7.44
AMERICA MOVIL ADR USD 6,753,817.52 2.10145,682
Mexico
EMPRESAS ICA MXN 3,642,594.31 1.131,269,351
FOMENTO ECONOMICO MEX.ADR SP USD 4,381,485.06 1.36114,879
GRUPO FINANCIERO BANORTE SA MXN 2,849,186.73 0.88896,482
GRUPO TELEVISA ADR SPON. USD 4,662,137.25 1.45213,175
WALMART DE MEXICO-SER V MXN 5,979.89 0.001,747
22,295,200.76 6.92
CHINA TRUST FINANCIAL HLD BANK TWD 796,985.82 0.251,499,429
Taiwan
CHUNGHWA TELECOM CO LTD TWD 2,444,993.10 0.761,053,000
HON HAI PRECISION INDUSTRY GDR USD 3,286,233.96 1.02474,889
TAIWAN FERTILIZER CO LTD TWD 3,335,240.94 1.031,824,825
NameQuantity/Nominal
Market valuein USD
Currency %NAV
TAIWAN SEMICONDUCTORMANUFACTURING CO LT
TWD 8,626,148.59 2.675,286,022
TUNG HO STEEL ENTERPRISE COR TWD 185,923.87 0.06227,000
UNI-PRESIDENT ENTERPRISES CORP TWD 2,727,827.27 0.853,101,000
21,403,353.55 6.64
ISRAEL CHEMICALS LTD ILS 4,958,028.17 1.54333,956
Israel
MAKHTESHIM-AGAN INDUSTRIES ILS 4,950,002.48 1.54761,163
NICE SYSTEMS LTD -CERT ADR- USD 3,099,912.00 0.96113,800
TEVA PHARMACEUTICAL IND.LTD-ADR USD 7,666,024.43 2.37167,417
20,673,967.08 6.41
CHINA LIFE INSURANCE -H- HKD 2,364,349.92 0.73643,000
China
CHINA NATIONAL BUILDING MATERIAL CO-H- HKD 3,004,985.64 0.932,675,662
CHINA SHENHUA ENERGY CO - H HKD 3,550,198.72 1.111,490,000
INDUSTRIAL AND CIAL BK CHINA-H HKD 2,577,754.66 0.804,370,000
SHANGHAI ELECTRIC GROUP CORP -H- HKD 3,316,977.77 1.0311,149,000
14,814,266.71 4.60
BUMI RESOURCES TBK PT IDR 5,350,020.31 1.6615,765,842
Indonesia
TELEKOMUNIKASI INDONESIA PT-B- IDR 4,408,660.94 1.375,814,500
9,758,681.25 3.03
IMPALA PLATINUM HOLDINGS LTD ZAR 2,582,593.12 0.80128,829
South Africa
MTN GROUP LTD ZAR 2,242,539.43 0.70161,476
SASOL LTD ZAR 4,326,913.01 1.34102,400
9,152,045.56 2.84
HACI OMER SABANCI HOLDING TRY 1,787,183.49 0.55471,265
Turkey
TURKIYE GARANTI BANKASI TRY 7,104,556.27 2.212,950,928
8,891,739.76 2.76
CREDICORP LTD USD 7,457,550.00 2.31119,800
Bermuda
7,457,550.00 2.31
EFG-HERMES HOLDING SAE EGP 2,208,932.72 0.69354,891
Egypt
ORASCOM CONSTRUCTION INDUSTRIE EGP 3,403,810.33 1.0558,617
5,612,743.05 1.74
ENERSIS SA ENERSIS-ADR USD 4,831,144.32 1.50296,026
Chile
4,831,144.32 1.50
CESKE ENERGETICKE ZAVODY AS - CES CZK 3,195,214.46 0.9952,396
Czech Republic
3,195,214.46 0.99
ANTOFAGASTA PLC GBP 3,096,647.60 0.96434,300
United Kingdom
3,096,647.60 0.96
GOLDEN AGRI-RESOURCES SGD 2,710,199.87 0.8412,301,000
Singapore
2,710,199.87 0.84
NameQuantity/Nominal
Market valuein USD
Currency %NAV
ING (L) Invest - Emerging Markets(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
65ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
MINAS BUENAVENTURA ADR SPONS. USD 2,270,304.68 0.7096,691
Peru
2,270,304.68 0.70
TENARIS SA-ADR USD 1,920,919.77 0.6051,513
Luxembourg
1,920,919.77 0.60
310,763,615.06 96.40
ISHARES MSCI CHINA TRACKER HKD 2,054,620.36 0.641,020,000
Undertakings for collective investmentHong Kong
2,054,620.36 0.64
ISHARES MSCI BRASIL (FREE) USD 1,318,498.65 0.4123,415
United States
1,318,498.65 0.41
3,373,119.01 1.05
SBERBANK USD 7,137,823.00 2.214,634,950
Other transferable securities and money market instruments
SharesRussia
7,137,823.00 2.21
7,137,823.00 2.21
Total securities portfolio 321,274,557.07 99.66
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 321,274,557.07 99.66
Cash at bank 11,654,610.95 3.62
Other assets and liabilities (10,570,762.43) (3.28)
Total net assets 322,358,405.59 100.00
ING (L) Invest - EMU Equity
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
66 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 161,843,233.76EUR30/09/2007 285,227,667.30EUR30/09/2006 508,371,121.40EUR
Capitalisation P (EUR) 98.7030/09/2008 EUR144.1830/09/2007 EUR130.0630/09/2006 EUR
Capitalisation I (EUR) 102.7630/09/2008 EUR148.6030/09/2007 EUR132.7930/09/2006 EUR
Capitalisation X (EUR) 94.7330/09/2008 EUR139.0130/09/2007 EUR126.0430/09/2006 EUR
Distribution P (EUR) 78.8430/09/2008 EUR117.2530/09/2007 EUR107.6030/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 1,049,50330/09/20081,255,34830/09/20072,691,41830/09/2006
Capitalisation I (EUR) 433,26030/09/2008510,17530/09/2007737,38830/09/2006
Capitalisation X (EUR) 23,94830/09/200859,19330/09/2007
283,68230/09/2006
Distribution P (EUR) 145,37330/09/2008172,19330/09/2007229,04230/09/2006
Number of shares
Distribution P (EUR) 2.0019/12/2007 EUR
Dividend
Distribution P (EUR) 1.9015/12/2006 EUR
Distribution P (EUR) 1.7015/12/2005 EUR
Capitalisation P (EUR) 1.61%30/09/2008
Capitalisation I (EUR) 0.60%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (EUR) 2.06%30/09/2008
Distribution P (EUR) 1.63%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 109.21%
ING (L) Invest - EMU Equity
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
67ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 161,144,236.32
Shares 161,144,236.32
Cash at bank 258,221.17
Other assets 933,277.693
Total assets 162,335,735.18
Current liabilities (492,501.42)3
Total liabilities (492,501.42)
Net assets at the end of the year 161,843,233.76
Notes
Statement of net assets as at 30/09/2008
Total income 7,202,265.01
Dividends 6,655,701.49
Bank interest 33,471.17
Other income 513,092.358
Total expenses (2,993,149.77)
Management fees (2,330,282.30)4
Custodian fees (132,220.91)5
Subscription tax (79,996.36)6
Bank interest (2,051.06)
Other expenses (448,599.14)7
Net investment income 4,209,115.24
Net realised gains or (losses) on securities portfolio (5,106,257.48)
Net realised gains or (losses) on currency 11,032.27
Changes in net unrealised gains or (losses) on securitiesportfolio
(77,610,991.15)
Changes in net unrealised gains or (losses) on financialderivative instruments
(17,289.00)
Result of operations (78,514,390.12)
Subscriptions 18,251,562.27
Redemptions (62,791,827.35)
Distribution (329,778.34)
Net assets at the beginning of the year 285,227,667.30
Net assets at the end of the year 161,843,233.76
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - EMU Equity(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
68 ING INVESTMENT MANAGEMENT
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Securities portfolio as at 30/09/2008
ADIDAS AG EUR 1,786,980.00 1.1047,400
Transferable securities and money market instruments listed onan official stock exchange
Shares
Germany
ALLIANZ SE-REG EUR 5,930,848.00 3.6661,600
BAYER AG EUR 5,174,820.00 3.2099,900
BEIERSDORF AG EUR 945,491.00 0.5821,100
DAIMLER CHRYSLER AG EUR 1,890,360.00 1.1753,400
DEUTSCHE BOERSE AG EUR 1,813,908.00 1.1228,400
E.ON AG EUR 7,268,994.00 4.50204,300
FRESENIUS AG PREF. EUR 2,379,874.29 1.4746,491
HENKEL AG & CO KGaA EUR 2,499,695.00 1.5496,700
K&S AG EUR 1,585,664.00 0.9832,600
PRAKTIKER BAU-UND HEIMWERK A EUR 758,032.00 0.47116,800
ROTH + RAU AG EUR 722,240.00 0.4529,600
SIEMENS AG EUR 7,436,325.00 4.60113,100
STADA ARZNEIMITTEL AG EUR 2,149,280.00 1.3376,000
SYMRISE AG EUR 876,000.00 0.5473,000
43,218,511.29 26.71
ALCATEL LUCENT EUR 1,042,929.89 0.64386,700
France
AXA EUR 5,321,553.54 3.28232,433
BNP PARIBAS EUR 4,248,944.00 2.6364,300
BOUYGUES EUR 2,749,550.00 1.7086,600
GDF SUEZ EUR 4,010,547.00 2.48109,878
LVMH EUR 3,340,675.00 2.0654,100
PERNOD-RICARD SA EUR 2,069,630.00 1.2833,500
SANOFI-AVENTIS SA EUR 1,498,910.00 0.9332,200
STE GENERALE EUR 5,270,000.00 3.2685,000
TOTAL SA EUR 4,006,778.00 2.4894,100
VINCI EUR 2,275,620.00 1.4169,000
35,835,137.43 22.15
BANCO BILBAO VIZCAYA ARGENTA EUR 4,938,114.00 3.05430,900
Spain
BANCO SANTANDER SA EUR 6,754,650.00 4.17643,300
IBERDROLA SA EUR 4,019,106.00 2.48562,900
REPSOL YPF SA EUR 2,928,090.00 1.81140,100
TELEFONICA SA EUR 6,742,864.00 4.17401,600
25,382,824.00 15.68
AKZO NOBEL NV EUR 1,300,900.50 0.8038,700
Netherlands
AMG ADVANCED METALLURGICAL GROUPNV
EUR 844,965.00 0.5229,700
ASM INTERNATIONAL NV EUR 1,152,432.00 0.7190,600
ASML HOLDING NV EUR 2,886,566.00 1.78232,600
BINCKBANK EUR 800,415.00 0.49148,500
ING GROEP NV EUR 1,808,023.00 1.12121,100
KONINKLIJKE KPN NV EUR 4,426,385.60 2.74434,300
REED ELSEVIER NV EUR 1,878,994.81 1.16178,459
SBM OFFSHORE NV EUR 2,005,515.46 1.24133,523
TNT NV EUR 1,238,250.00 0.7763,500
WOLTERS KLUWER NV EUR 1,211,398.50 0.7585,100
19,553,845.87 12.08
FIAT SPA EUR 1,543,454.20 0.95164,600
Italy
SAIPEM SPA EUR 1,846,576.00 1.1488,100
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
TELECOM ITALIA RNC EUR 2,375,163.55 1.472,967,100
UNICREDIT SPA EUR 4,289,058.98 2.651,650,908
10,054,252.73 6.21
ALAPIS SA EUR 754,983.00 0.47506,700
Greece
BANK OF PIRAEUS EUR 2,588,250.00 1.60178,500
COCA COLA HELLENIC BOTTLING EUR 1,914,906.00 1.18125,650
NATIONAL BANK OF GREECE EUR 2,890,944.00 1.79103,248
8,149,083.00 5.04
FORTUM OYJ EUR 3,692,628.00 2.28156,600
Finland
NOKIA EUR 3,201,780.00 1.98248,200
6,894,408.00 4.26
ARCELORMITTAL EUR 4,794,562.50 2.96136,500
Luxembourg
4,794,562.50 2.96
ANHEUSER-BUSH INBEV SA EUR 2,865,697.50 1.7768,500
Belgium
FORTIS STRIP VVPR EUR 668.00 0.0066,800
OMEGA PHARMA SA EUR 795,960.00 0.4926,400
3,662,325.50 2.26
GALP ENERGIA SGPS SA-B EUR 1,641,240.00 1.01141,000
Portugal
JERONIMO MARTINS SGPS SA EUR 1,096,800.00 0.68182,800
2,738,040.00 1.69
WIENER STADTISCHE VERSICHERUNG EUR 861,246.00 0.5324,600
Austria
861,246.00 0.53
161,144,236.32 99.57
Total securities portfolio 161,144,236.32 99.57
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 161,144,236.32 99.57
Cash at bank 258,221.17 0.16
Other assets and liabilities 440,776.27 0.27
Total net assets 161,843,233.76 100.00
ING (L) Invest - Energy
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
69ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 198,354,499.08USD30/09/2007 346,928,084.59USD30/09/2006 270,145,069.87USD
Capitalisation P (USD) 1,314.3030/09/2008 USD1,666.7830/09/2007 USD1,190.5130/09/2006 USD
Capitalisation P (EUR) 200.2330/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 763.7130/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (USD) 1,348.4630/09/2008 USD1,692.2530/09/2007 USD1,197.4530/09/2006 USD
Capitalisation X (USD) 1,264.2030/09/2008 USD1,610.6330/09/2007 USD1,156.3630/09/2006 USD
Distribution P (USD) 5,524.3230/09/2008 USD7,076.1530/09/2007 USD5,113.1330/09/2006 USD
Net asset value per share
Capitalisation P (USD) 74,46730/09/2008101,20930/09/2007129,34230/09/2006
Capitalisation P (EUR) 3630/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 1330/09/2008-30/09/2007-30/09/2006
Capitalisation I (USD) 47,89830/09/200847,31430/09/200756,38630/09/2006
Capitalisation X (USD) 18,30230/09/200850,01130/09/200733,68630/09/2006
Distribution P (USD) 2,30530/09/20082,49030/09/20071,89530/09/2006
Number of shares
Distribution P (USD) 70.0019/12/2007 USD
Dividend
Distribution P (USD) 66.0015/12/2006 USD
Distribution P (USD) 65.0015/12/2005 USD
Capitalisation P (USD) 1.70%30/09/2008
Capitalisation P (EUR) 1.84%30/09/2008
Capitalisation X (EUR) 2.35%30/09/2008
Capitalisation I (USD) 0.67%30/09/2008
Capitalisation X (USD) 2.15%30/09/2008
Distribution P (USD) 1.71%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 (69.00%)
ING (L) Invest - Energy
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
70 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 195,381,535.21
Shares 195,381,535.21
Cash at bank 3,309,168.37
Other assets 3,223,525.403
Total assets 201,914,228.98
Current liabilities (3,559,729.90)3
Total liabilities (3,559,729.90)
Net assets at the end of the year 198,354,499.08
Notes
Statement of net assets as at 30/09/2008
Total income 3,390,280.26
Dividends 3,157,899.40
Bank interest 90,075.44
Other income 142,305.428
Total expenses (4,587,163.08)
Management fees (3,692,556.86)4
Custodian fees (179,982.83)5
Subscription tax (112,205.94)6
Bank interest (25,251.37)
Other expenses (577,166.08)7
Net investment loss (1,196,882.82)
Net realised gains or (losses) on securities portfolio 61,943,974.25
Net realised gains or (losses) on financial derivativeinstruments
(24.11)
Net realised gains or (losses) on currency (1,123,068.86)
Changes in net unrealised gains or (losses) on securitiesportfolio
(117,958,494.31)
Result of operations (58,334,495.85)
Subscriptions 396,076,168.49
Redemptions (486,124,494.15)
Distribution (190,764.00)
Net assets at the beginning of the year 346,928,084.59
Net assets at the end of the year 198,354,499.08
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Energy(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
71ING INVESTMENT MANAGEMENT
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Securities portfolio as at 30/09/2008
CHESAPEAKE ENERGY CORP USD 4,802,837.38 2.42133,933
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
CHEVRON USD 12,975,176.24 6.53157,313
DEVON ENERGY CORPORATION USD 6,596,769.60 3.3372,333
DIAMOND OFFSHORE DRILLING INC USD 2,455,713.68 1.2423,828
EXXON MOBIL CORP USD 9,624,947.42 4.85123,937
HESS CORP USD 9,180,401.76 4.63111,847
MARATHON OIL CORP USD 5,475,347.10 2.76137,330
NOBLE CORP USD 2,695,635.60 1.3661,404
OCCIDENTAL PETROLEUM CORP USD 9,837,638.00 4.96139,640
SOUTHWESTERN ENERGY USD 12,404,950.98 6.25406,187
TRANSOCEAN INC USD 6,401,804.72 3.2358,283
VALERO ENERGY CORP USD 4,816,154.70 2.43158,949
WEATHERFORD INTERNATIONAL LTD USD 7,799,609.58 3.93310,247
WILLIAMS COMPANIES INC USD 7,520,747.30 3.79318,002
102,587,734.06 51.71
ACERGY SA NOK 1,736,156.96 0.88178,517
United Kingdom
AFREN PLC GBP 1,694,070.61 0.851,462,097
BG GROUP PLC GBP 14,740,975.03 7.43816,347
DANA PETROLEUM PLC GBP 1,779,854.87 0.9084,403
PETROFAC LTD GBP 2,110,036.58 1.06203,039
SOCO INTERNATIONAL PLC GBP 2,180,614.32 1.1082,768
TULLOW OIL PLC GBP 4,297,963.46 2.17338,167
WELLSTREAM HOLDINGS PLC GBP 4,449,922.17 2.24244,743
32,989,594.00 16.63
TOTAL STRIP VVPR EUR 48.78 0.003,473
France
TOTAL SA EUR 13,452,883.20 6.78224,927
VALLOUREC EUR 1,840,505.09 0.938,674
15,293,437.07 7.71
PETROLEO BRASILEIRO SA ADR USD 8,659,116.90 4.37197,022
Brazil
8,659,116.90 4.37
ENBRIDGE INC CAD 1,052,298.43 0.5328,410
Canada
NEXEN INC CAD 948,149.47 0.4840,812
OPTI CANADA INC CAD 1,091,672.65 0.55105,036
SUNCOR ENERGY INC CAD 5,199,217.82 2.62125,630
8,291,338.37 4.18
REPSOL YPF SA EUR 5,859,694.13 2.95199,600
Spain
5,859,694.13 2.95
SCHLUMBERGER LTD USD 4,878,282.30 2.4662,470
Netherlands Antilles
4,878,282.30 2.46
LAMPRELL PLC GBP 3,065,579.55 1.55534,921
United Arab Emirates
3,065,579.55 1.55
NameQuantity/Nominal
Market valuein USD
Currency %NAV
GAZPROM OAO-SPONS. ADR REG.S USD 2,600,604.70 1.3184,026
Russia
2,600,604.70 1.31
DOCKWISE LTD NOK 892,660.55 0.45477,620
Bermuda
NABORS INDUSTRIES LTD USD 1,665,328.84 0.8466,827
2,557,989.39 1.29
GALP ENERGIA SGPS SA-B EUR 2,214,117.71 1.12135,419
Portugal
2,214,117.71 1.12
ENI SPA EUR 1,811,088.29 0.9169,320
Italy
1,811,088.29 0.91
PETROPLUS HOLDINGS AG CHF 1,603,156.74 0.8142,496
Switzerland
1,603,156.74 0.81
PETROLEUM GEO-SERVICES NOK 1,558,419.17 0.79121,076
Norway
1,558,419.17 0.79
BUMI RESOURCES TBK PT IDR 1,411,382.83 0.714,159,169
Indonesia
1,411,382.83 0.71
195,381,535.21 98.50
Total securities portfolio 195,381,535.21 98.50
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 195,381,535.21 98.50
Cash at bank 3,309,168.37 1.67
Other assets and liabilities (336,204.50) (0.17)
Total net assets 198,354,499.08 100.00
ING (L) Invest - Euro High Dividend
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
72 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 872,803,064.71EUR30/09/2007 1,826,499,055.72EUR30/09/2006 1,661,122,935.38EUR
Capitalisation P (EUR) 333.5930/09/2008 EUR469.5930/09/2007 EUR435.2730/09/2006 EUR
Capitalisation I (EUR) 345.6630/09/2008 EUR481.8830/09/2007 EUR443.1230/09/2006 EUR
Capitalisation X (EUR) 320.8630/09/2008 EUR453.8330/09/2007 EUR422.9030/09/2006 EUR
Distribution P (EUR) 1,075.5930/09/2008 EUR1,561.4030/09/2007 EUR1,488.0630/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 1,011,97730/09/20081,726,96730/09/20072,099,37830/09/2006
Capitalisation I (EUR) 1,166,91730/09/20081,408,88030/09/2007
940,25630/09/2006
Capitalisation X (EUR) 222,50330/09/2008424,82730/09/2007437,97230/09/2006
Distribution P (EUR) 56,21330/09/200892,10830/09/200797,74730/09/2006
Number of shares
Distribution P (EUR) 45.0019/12/2007 EUR
Dividend
Distribution P (EUR) 43.0015/12/2006 EUR
Distribution P (EUR) 36.0015/12/2005 EUR
Capitalisation P (EUR) 1.66%30/09/2008
Capitalisation I (EUR) 0.72%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (EUR) 2.14%30/09/2008
Distribution P (EUR) 1.69%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 157.57%
ING (L) Invest - Euro High Dividend
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
73ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 826,794,084.92
Shares 826,794,084.92
Cash at bank 32,866,732.66
Other assets 21,520,514.963
Total assets 881,181,332.54
Current liabilities (8,378,267.83)3
Total liabilities (8,378,267.83)
Net assets at the end of the year 872,803,064.71
Notes
Statement of net assets as at 30/09/2008
Total income 52,265,901.98
Dividends 46,333,662.77
Bank interest 1,647,194.72
Other income 4,285,044.498
Total expenses (16,197,227.22)
Management fees (13,156,078.36)4
Custodian fees (631,686.69)5
Subscription tax (360,111.73)6
Bank interest (43,695.53)
Other expenses (2,005,654.91)7
Net investment income 36,068,674.76
Net realised gains or (losses) on securities portfolio (120,664,513.47)
Net realised gains or (losses) on currency 2,048.20
Changes in net unrealised gains or (losses) on securitiesportfolio
(310,889,171.10)
Changes in net unrealised gains or (losses) on financialderivative instruments
(209,100.00)
Result of operations (395,692,061.61)
Subscriptions 269,950,091.39
Redemptions (824,463,701.00)
Distribution (3,490,319.79)
Net assets at the beginning of the year 1,826,499,055.72
Net assets at the end of the year 872,803,064.71
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Euro High Dividend(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
74 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AXA EUR 28,160,850.00 3.231,230,000
Transferable securities and money market instruments listed onan official stock exchange
Shares
France
BNP PARIBAS EUR 27,092,800.00 3.10410,000
BOUYGUES EUR 15,875,000.00 1.82500,000
LAFARGE SA EUR 6,272,150.00 0.7285,000
LVMH EUR 16,672,500.00 1.91270,000
SANOFI-AVENTIS SA EUR 17,689,000.00 2.03380,000
SCHNEIDER ELECTRIC SA EUR 17,471,050.00 2.00290,000
SODEXHO ALLIANCE SA EUR 6,656,000.00 0.76160,000
TOTAL SA EUR 32,360,800.00 3.71760,000
VINCI EUR 16,819,800.00 1.93510,000
VIVENDI EUR 25,323,000.00 2.901,150,000
210,392,950.00 24.11
ENEL SPA EUR 19,437,000.00 2.233,300,000
Italy
ENI SPA EUR 31,248,000.00 3.571,680,000
INDESIT CO SPA EUR 5,935,200.00 0.68800,000
PRYSMIAN SPA EUR 5,658,000.00 0.65410,000
SARAS SPA EUR 6,452,600.00 0.742,200,000
SNAM RETE GAS EUR 20,908,300.00 2.404,900,000
TELECOM ITALIA RNC EUR 15,769,850.00 1.8119,700,000
UNICREDIT SPA EUR 22,083,000.00 2.538,500,000
UNIONE DI BANCHE ITALIANE EUR 19,275,000.00 2.211,250,000
146,766,950.00 16.82
AKZO NOBEL NV EUR 6,050,700.00 0.69180,000
Netherlands
CORIO NV EUR 6,734,475.00 0.77135,000
HUNTER DOUGLAS NV EUR 5,593,344.92 0.64194,958
ING GROEP NV EUR 26,127,500.00 2.991,750,000
KONINKLIJKE KPN NV EUR 25,480,000.00 2.922,500,000
RANDSTAD HOLDING NV EUR 16,609,500.00 1.90900,000
ROYAL DUTCH SHELL CL.A EUR 30,039,500.00 3.451,460,000
UNILEVER NV EUR 17,874,000.00 2.05900,000
WERELDHAVE NV EUR 6,524,600.00 0.7595,000
141,033,619.92 16.16
ALLIANZ SE-REG EUR 26,958,400.00 3.09280,000
Germany
ALSTRIA OFFICE REIT-AG EUR 2,576,665.00 0.30294,476
BAYER AG EUR 7,770,000.00 0.89150,000
BMW-BAYERISCHE MOTOREN WERKE AG EUR 17,738,500.00 2.03650,000
DEUTSCHE POST AG-REG EUR 17,144,800.00 1.961,160,000
E.ON AG EUR 28,108,200.00 3.22790,000
MTU AERO ENGINES HOLDING AG EUR 5,817,000.00 0.67300,000
MUENCHENER RUECKVER AG EUR 16,993,600.00 1.95160,000
SYMRISE AG EUR 7,200,000.00 0.82600,000
130,307,165.00 14.93
BANCO BILBAO VIZCAYA ARGENTA EUR 26,358,000.00 3.022,300,000
Spain
BANCO SANTANDER SA EUR 26,250,000.00 3.012,500,000
IBERDROLA SA EUR 18,921,000.00 2.172,650,000
TELEFONICA SA EUR 26,864,000.00 3.071,600,000
98,393,000.00 11.27
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
KESKO OYJ EUR 5,913,600.00 0.68330,000
Finland
NOKIA EUR 17,286,000.00 1.981,340,000
ORION OYJ-CLASS B EUR 7,170,000.00 0.82600,000
UPM-KYMMENE CORP EUR 7,111,000.00 0.81650,000
37,480,600.00 4.29
COFINIMMO EUR 6,765,000.00 0.7855,000
Belgium
DELHAIZE GROUP EUR 17,217,900.00 1.97420,000
23,982,900.00 2.75
ALLIED IRISH BANKS PLC EUR 3,540,000.00 0.41600,000
Ireland
CRH PLC EUR 6,150,000.00 0.70410,000
INDEPENDENT NEWS & MEDIA PLC EUR 5,469,400.00 0.634,715,000
IRISH LIFE AND PERMANENT PLC EUR 3,637,500.00 0.42750,000
SMURFIT KAPPA PLC EUR 4,832,000.00 0.551,600,000
23,628,900.00 2.71
BCO ESPIRITO SANTO EUR 7,785,000.00 0.89900,000
Portugal
7,785,000.00 0.89
STMICROELECTRONICS EUR 7,023,000.00 0.801,000,000
Switzerland
7,023,000.00 0.80
826,794,084.92 94.73
Total securities portfolio 826,794,084.92 94.73
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 826,794,084.92 94.73
Cash at bank 32,866,732.66 3.77
Other assets and liabilities 13,142,247.13 1.50
Total net assets 872,803,064.71 100.00
ING (L) Invest - Euro Income
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
75ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 266,605,812.79EUR30/09/2007 391,621,391.39EUR30/09/2006 287,616,164.92EUR
Capitalisation P (EUR) 225.4430/09/2008 EUR293.6330/09/2007 EUR276.4430/09/2006 EUR
Capitalisation X (EUR) 895.3630/09/2008 EUR1,170.3330/09/2007 EUR1,104.3930/09/2006 EUR
Distribution P (EUR) 195.8030/09/2008 EUR271.5030/09/2007 EUR276.4430/09/2006 EUR
Distribution P (quarter div) (EUR) 187.5630/09/2008 EUR268.9630/09/2007 EUR266.9530/09/2006 EUR
Distribution X (EUR) 812.5030/09/2008 EUR1,131.1030/09/2007 EUR1,104.4830/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 485,96930/09/2008519,52230/09/2007422,18130/09/2006
Capitalisation X (EUR) 10,15530/09/200821,60230/09/20072,75730/09/2006
Distribution P (EUR) 744,60530/09/2008773,26730/09/2007602,17730/09/2006
Distribution P (quarter div) (EUR) 2,88830/09/20082,57730/09/2007
49730/09/2006
Distribution X (EUR) 1,99130/09/20082,79330/09/20071,15030/09/2006
Number of shares
Distribution P (EUR) 16.0019/12/2007 EUR
Dividend
Distribution P (EUR) 5.5004/05/2007 EUR
Distribution P (EUR) 16.0015/12/2006 EUR
Distribution P (quarter div) (EUR) 3.6030/09/2008 EUR
Distribution P (quarter div) (EUR) 4.0027/06/2008 EUR
Distribution P (quarter div) (EUR) 4.6528/03/2008 EUR
Distribution P (quarter div) (EUR) 4.6719/12/2007 EUR
Distribution P (quarter div) (EUR) 4.8503/10/2007 EUR
Distribution P (quarter div) (EUR) 4.7012/07/2007 EUR
Distribution P (quarter div) (EUR) 4.8029/03/2007 EUR
Distribution P (quarter div) (EUR) 4.8015/12/2006 EUR
Distribution P (quarter div) (EUR) 4.6527/09/2006 EUR
Distribution P (quarter div) (EUR) 4.5030/06/2006 EUR
Distribution X (EUR) 67.0019/12/2007 EUR
Distribution X (EUR) 27.0004/05/2007 EUR
Distribution X (EUR) 12.0015/12/2006 EUR
Capitalisation P (EUR) 1.82%30/09/2008
Capitalisation X (EUR) 2.14%30/09/2008
Distribution P (EUR) 1.82%30/09/2008
Distribution P (quarter div) (EUR) 1.82%30/09/2008
Distribution X (EUR) 2.16%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 91.98%
ING (L) Invest - Euro Income
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
76 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 256,508,784.47
Shares 256,508,784.47
Total financial derivative instruments 5,421,710.26
Options 5,421,710.26
Cash at bank 5,546,978.15
Other assets 550,611.133
Total assets 268,028,084.01
Current liabilities (1,422,271.22)3
Total liabilities (1,422,271.22)
Net assets at the end of the year 266,605,812.79
Notes
Statement of net assets as at 30/09/2008
Total income 11,046,223.54
Dividends 10,114,021.32
Bank interest 181,858.23
Other income 750,343.998
Total expenses (6,309,793.57)
Management fees (4,921,122.30)4
Custodian fees (234,872.13)5
Subscription tax (157,474.82)6
Bank interest (17,409.86)
Other expenses (978,914.46)7
Net investment income 4,736,429.97
Net realised gains or (losses) on securities portfolio (13,095,226.16)
Net realised gains or (losses) on financial derivativeinstruments
22,945,755.38
Net realised gains or (losses) on currency 14,813.50
Changes in net unrealised gains or (losses) on securitiesportfolio
(108,512,391.48)
Changes in net unrealised gains or (losses) on financialderivative instruments
8,881,170.19
Result of operations (85,029,448.60)
Subscriptions 45,547,912.78
Redemptions (72,962,736.58)
Distribution (12,571,306.20)
Net assets at the beginning of the year 391,621,391.39
Net assets at the end of the year 266,605,812.79
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Euro Income(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
77ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ADIDAS AG EUR 2,735,625.11 1.0372,563
Transferable securities and money market instruments listed onan official stock exchange
Shares
Germany
ALLIANZ SE-REG EUR 9,315,571.40 3.4996,755
BAYER AG EUR 8,076,552.40 3.03155,918
BEIERSDORF AG EUR 1,487,288.71 0.5633,191
DAIMLER CHRYSLER AG EUR 2,916,429.00 1.0982,385
DEUTSCHE BOERSE AG EUR 2,428,720.62 0.9138,026
E.ON AG EUR 11,453,130.84 4.30321,898
FRESENIUS AG PREF. EUR 4,259,315.14 1.6083,206
HENKEL AG & CO KGaA EUR 3,725,682.95 1.40144,127
K&S AG EUR 2,487,887.36 0.9351,149
SAP AG EUR 2,598,551.94 0.9768,982
SIEMENS AG EUR 11,864,653.25 4.45180,451
STADA ARZNEIMITTEL AG EUR 3,290,378.00 1.23116,350
66,639,786.72 24.99
ALCATEL LUCENT EUR 1,561,082.93 0.59578,822
France
AXA EUR 10,198,028.27 3.82445,426
BNP PARIBAS EUR 8,307,247.20 3.12125,715
BOUYGUES EUR 4,390,517.00 1.65138,284
GDF SUEZ EUR 6,840,647.50 2.57187,415
LVMH EUR 5,222,321.00 1.9684,572
PERNOD-RICARD SA EUR 3,202,922.32 1.2051,844
SANOFI-AVENTIS SA EUR 3,166,889.60 1.1968,032
STE GENERALE EUR 9,041,212.00 3.39145,826
SUEZ ENVIRONNEMENT SA EUR 967,529.31 0.3655,319
TOTAL SA EUR 7,682,283.60 2.88180,420
VINCI EUR 3,663,451.38 1.37111,081
64,244,132.11 24.10
BANCO BILBAO VIZCAYA ARGENTA EUR 7,839,854.76 2.94684,106
Spain
BANCO SANTANDER SA EUR 10,831,978.50 4.071,031,617
IBERDROLA SA EUR 6,239,417.52 2.34873,868
REPSOL YPF SA EUR 5,718,678.90 2.14273,621
TELEFONICA SA EUR 10,425,532.23 3.91620,937
41,055,461.91 15.40
AKZO NOBEL NV EUR 2,177,142.71 0.8264,767
Netherlands
ASML HOLDING NV EUR 4,498,103.78 1.69362,458
ING GROEP NV EUR 2,795,284.18 1.05187,226
KONINKLIJKE KPN NV EUR 7,327,293.79 2.74718,926
REED ELSEVIER NV EUR 3,072,751.77 1.15291,837
SBM OFFSHORE NV EUR 3,159,817.48 1.19210,374
TNT NV EUR 2,214,517.50 0.83113,565
WOLTERS KLUWER NV EUR 1,902,151.88 0.71133,625
27,147,063.09 10.18
FIAT SPA EUR 2,356,899.57 0.88251,349
Italy
SAIPEM SPA EUR 2,822,599.36 1.06134,666
TELECOM ITALIA RNC EUR 3,613,343.33 1.364,513,858
UNICREDIT SPA EUR 6,814,104.55 2.552,622,827
15,606,946.81 5.85
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
BANK OF PIRAEUS EUR 4,078,357.00 1.53281,266
Greece
COCA COLA HELLENIC BOTTLING EUR 2,936,702.28 1.10192,697
NATIONAL BANK OF GREECE EUR 4,471,180.00 1.68159,685
11,486,239.28 4.31
FORTUM OYJ EUR 5,681,365.20 2.14240,940
Finland
NOKIA EUR 5,157,007.20 1.93399,768
10,838,372.40 4.07
ARCELORMITTAL EUR 7,672,424.00 2.88218,432
Luxembourg
7,672,424.00 2.88
ANHEUSER-BUSH INBEV SA EUR 4,407,484.59 1.65105,354
Belgium
FORTIS STRIP VVPR EUR 931.18 0.0093,118
OMEGA PHARMA SA EUR 1,271,847.60 0.4842,184
5,680,263.37 2.13
ALLIED IRISH BANKS PLC EUR 1,691,087.50 0.63286,625
Ireland
CRH PLC EUR 1,810,815.00 0.68120,721
3,501,902.50 1.31
GALP ENERGIA SGPS SA-B EUR 2,636,192.28 0.99226,477
Portugal
2,636,192.28 0.99
256,508,784.47 96.21
Total securities portfolio 256,508,784.47 96.21
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Name
CALL AEX - AMSTER EXCH 01/10/2008412.14
EUR(5,400) 2,225,556.00 0.00
Options
CALL AEX - AMSTERDAM 08/10/2008399.35
EUR(5,740) 2,292,269.00 (31.37)
CALL AEX - AMSTERDAM 15/10/2008376.07
EUR(5,740) 2,158,641.80 (3,993.22)
CALL AEX - AMSTERDAM 22/10/2008371.63
EUR(5,400) 2,006,802.00 (10,596.70)
CALL DAX INDEX 01/10/2008 6507.46 EUR(950) 6,182,087.00 0.00
CALL DAX INDEX 08/10/2008 6277.94 EUR(1,010) 6,340,719.40 (7,675.20)
CALL DAX INDEX 15/10/2008 6091.015 EUR(980) 5,969,194.70 (59,819.46)
CALL DAX INDEX 22/10/2008 6169.3 EUR(810) 4,997,133.00 (54,908.56)CALL DJ EURO STOXX 50 - 15/10/083152.18
EUR(6,100) 19,228,298.00 (267,920.18)
CALL DJ EURO STOXX 50 01/10/20083395.4
EUR(5,700) 19,353,780.00 0.00
CALL DJ EURO STOXX 50 08-10-20083280.8
EUR(6,100) 20,012,880.00 (32,898.43)
CALL DJ EURO STOXX 50 22/10/20083195.77
EUR(6,100) 19,494,197.00 (288,304.63)
PUT DJ EURO STOXX 50 03/12/20083073.11
EUR15,000 2,924,558.69
PUT DJ EURO STOXX 50 12/11/20083219.24
EUR12,500 3,251,307.66
PUT DJ EURO STOXX 50 12/11/20083219.24
EUR(12,500) 40,240,500.00 (3,251,307.66)
Quantity Market valuein EUR
Currency Commitmentin EUR
Financial derivative instruments as at 30/09/2008
ING (L) Invest - Euro Income(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
78 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Name
PUT DJ EURO STOXX 50 08/10/20083116.62
EUR14,000 1,543,474.53
PUT DJ EURO STOXX 50 12/11/2008 3000 EUR12,500 1,679,824.79
150,502,057.90 5,421,710.26
Quantity Market valuein EUR
Currency Commitmentin EUR
Total financial derivative instruments 5,421,710.26
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 256,508,784.47 96.21
Total financial derivative instruments 5,421,710.26 2.03
Cash at bank 5,546,978.15 2.08
Other assets and liabilities (871,660.09) (0.32)
Total net assets 266,605,812.79 100.00
ING (L) Invest - Europe Growth Fund
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
79ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 80,685,548.56EUR30/09/2007 215,105,491.88EUR30/09/2006 186,752,601.52EUR
Capitalisation P (EUR) 257.6130/09/2008 EUR359.4430/09/2007 EUR330.1030/09/2006 EUR
Capitalisation I (EUR) 263.4930/09/2008 EUR364.0630/09/2007 EUR331.4930/09/2006 EUR
Capitalisation X (EUR) 253.6030/09/2008 EUR355.5230/09/2007 EUR328.0130/09/2006 EUR
Distribution P (EUR) 253.0730/09/2008 EUR356.3130/09/2007 EUR330.1230/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 214,83930/09/2008410,66430/09/2007346,37030/09/2006
Capitalisation I (EUR) 40,37530/09/200891,14330/09/2007
113,79930/09/2006
Capitalisation X (EUR) 21,15230/09/200850,35930/09/200749,13330/09/2006
Distribution P (EUR) 36,89730/09/200846,06430/09/200756,27530/09/2006
Number of shares
Distribution P (EUR) 3.0019/12/2007 EUR
Dividend
Distribution P (EUR) 3.0015/12/2006 EUR
Capitalisation P (EUR) 1.65%30/09/2008
Capitalisation I (EUR) 0.73%30/09/2008
Capitalisation X (EUR) 2.13%30/09/2008
Total expense ratio (TER) in %*
Distribution P (EUR) 1.68%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 224.71%
ING (L) Invest - Europe Growth Fund
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
80 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 80,267,802.46
Shares 80,267,802.46
Cash at bank 456,770.43
Other assets 1,942,960.123
Total assets 82,667,533.01
Bank overdrafts (621,014.15)
Current liabilities (1,360,970.30)3
Total liabilities (1,981,984.45)
Net assets at the end of the year 80,685,548.56
Notes
Statement of net assets as at 30/09/2008
Total income 3,247,827.51
Dividends 2,904,490.55
Bank interest 57,070.66
Other income 286,266.308
Total expenses (2,189,907.46)
Management fees (1,716,753.61)4
Custodian fees (88,954.80)5
Subscription tax (50,251.75)6
Bank interest (51,610.98)
Other expenses (282,336.32)7
Net investment income 1,057,920.05
Net realised gains or (losses) on securities portfolio (23,236,710.56)
Net realised gains or (losses) on financial derivativeinstruments
(24,652.05)
Net realised gains or (losses) on currency (83,956.14)
Changes in net unrealised gains or (losses) on securitiesportfolio
(20,042,484.47)
Result of operations (42,329,883.17)
Subscriptions 31,002,268.27
Redemptions (122,956,158.42)
Distribution (136,170.00)
Net assets at the beginning of the year 215,105,491.88
Net assets at the end of the year 80,685,548.56
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Europe Growth Fund(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
81ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ADIDAS AG EUR 423,974.20 0.5311,246
Transferable securities and money market instruments listed onan official stock exchange
Shares
Germany
BAYER AG EUR 2,115,822.80 2.6240,846
BEIERSDORF AG EUR 684,114.27 0.8515,267
DEUTSCHE BOERSE AG EUR 398,548.80 0.496,240
E.ON AG EUR 1,968,107.70 2.4455,315
FRESENIUS AG PREF. EUR 1,239,719.42 1.5424,218
HENKEL AG & CO KGaA EUR 1,043,176.75 1.2940,355
K&S AG EUR 666,416.64 0.8313,701
MERCK KGAA EUR 2,124,998.20 2.6228,183
METRO AG EUR 466,544.43 0.5813,131
Q-CELLS AG EUR 275,724.54 0.344,706
SIEMENS AG EUR 2,910,292.25 3.6044,263
14,317,440.00 17.73
ANGLO AMERICAN PLC GBP 1,155,773.29 1.4349,097
United Kingdom
BG GROUP PLC GBP 2,015,638.60 2.50156,794
BHP BILLITON PLC GBP 723,717.30 0.9045,297
BRITISH AMERICAN TOBACCO PLC GBP 1,222,883.12 1.5252,514
ENTERPRISE INNS GBP 560,816.19 0.70247,576
GLAXOSMITHKLINE PLC GBP 2,068,351.12 2.56134,588
IMPERIAL TOBACCO GROUP PLC GBP 2,834,174.58 3.51124,281
PUNCH TAVERNS PLC GBP 221,871.13 0.27129,507
RIO TINTO PLC ORD GBP 1,844,475.30 2.2941,874
STANDARD CHARTERED PLC GBP 1,485,200.89 1.8487,014
14,132,901.52 17.52
ABB LTD CHF 1,073,767.62 1.3380,075
Switzerland
MEYER BURGER TECHNOLOGY AG CHF 433,600.38 0.542,829
NESTLE SA CHF 4,817,429.33 5.96157,416
NOVARTIS AG CHF 2,574,118.22 3.1969,244
ROCHE HOLDING AG-GENUSSCHEIN CHF 3,626,830.16 4.5032,735
UBS AG CHF 186,908.97 0.2315,947
XSTRATA PLC GBP 1,013,986.14 1.2646,563
13,726,640.82 17.01
ACCOR SA EUR 298,925.25 0.377,998
France
ALCATEL LUCENT EUR 358,312.63 0.44132,856
BOUYGUES EUR 544,607.75 0.6717,153
DANONE GROUPE EUR 477,100.00 0.599,542
GDF SUEZ EUR 1,677,102.00 2.0945,948
LAURENT PERRIER GROUP EUR 383,166.70 0.474,298
LVMH EUR 1,805,631.75 2.2529,241
NATIXIS EUR 570,777.92 0.71249,248
SCHNEIDER ELECTRIC SA EUR 505,335.06 0.638,388
SELOGER.COM EUR 175,182.00 0.2213,580
STE GENERALE EUR 874,882.00 1.0814,111
TOTAL SA EUR 310,024.98 0.387,281
VALLOUREC EUR 705,752.32 0.874,672
VEOLIA ENVIRONNEMENT EUR 420,245.54 0.5214,559
VINCI EUR 1,209,046.80 1.5036,660
VIVENDI EUR 460,460.22 0.5720,911
10,776,552.92 13.36
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
CINTRA EUR 1,031,868.75 1.28125,075
Spain
IBERDROLA SA EUR 2,160,271.26 2.68302,559
REPSOL YPF SA EUR 346,751.90 0.4316,591
TELEFONICA SA EUR 2,521,253.56 3.12150,164
6,060,145.47 7.51
AKZO NOBEL NV EUR 314,804.48 0.399,365
Netherlands
BINCKBANK EUR 413,197.40 0.5176,660
KONINKLIJKE KPN NV EUR 1,563,136.85 1.94153,369
NEW WORLD RESOURCES NV-A GBP 202,674.37 0.2523,146
SAMAS NV EUR 296,149.28 0.37166,376
TNT NV EUR 764,887.50 0.9539,225
TOMTOM NV EUR 979,046.40 1.2176,488
UNILEVER NV EUR 1,473,770.88 1.8374,208
6,007,667.16 7.45
FORTUM OYJ EUR 1,000,782.36 1.2442,442
Finland
METSO OYJ EUR 182,717.28 0.2310,704
NOKIA EUR 1,768,667.40 2.19137,106
2,952,167.04 3.66
ALAPIS SA EUR 427,667.25 0.53287,025
Greece
BANK OF PIRAEUS EUR 1,252,162.00 1.5586,356
HELLENIC EXCHANGE SA EUR 458,134.00 0.5755,870
2,137,963.25 2.65
ANHEUSER-BUSH INBEV SA EUR 861,340.82 1.0620,589
Belgium
FORTIS EUR 417,542.40 0.5294,896
OMEGA PHARMA SA EUR 633,783.15 0.7921,021
1,912,666.37 2.37
ATLAS COPCO AB-B SHS SEK 665,497.61 0.8294,808
Sweden
SSAB SVENSKT STAL AB-SER A SEK 744,446.49 0.9367,826
1,409,944.10 1.75
PETROLEUM GEO-SERVICES NOK 511,887.56 0.6355,862
Norway
TELENOR ASA NOK 716,603.73 0.8982,886
1,228,491.29 1.52
BIM BIRLESIK MAGAZALAR TRY 347,893.21 0.4315,625
Turkey
COCA-COLA ICECEK URETIM AS TRY 356,400.83 0.4461,181
TURKIYE GARANTI BANKASI TRY 391,686.17 0.49228,522
1,095,980.21 1.36
GAZPROM OAO-SPONS. ADR REG.S USD 454,252.09 0.5620,616
Russia
GRUPPA KOMPANY PIK GDR USD 70,833.87 0.0919,134
JSC MMC NORILSK NICKEL-ADR USD 314,634.32 0.3932,330
MAGNIT JSC -SPONSORED GDR REGS USD 253,384.77 0.3139,901
1,093,105.05 1.35
ISRAEL CHEMICALS LTD ILS 652,387.57 0.8161,724
Israel
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING (L) Invest - Europe Growth Fund(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
82 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
NICE SYSTEMS LTD ILS 262,193.65 0.3212,707
914,581.22 1.13
GALP ENERGIA SGPS SA-B EUR 415,338.48 0.5135,682
Portugal
JERONIMO MARTINS SGPS SA EUR 484,932.00 0.6180,822
900,270.48 1.12
C&C GROUP PLC EUR 504,389.59 0.63265,608
Ireland
SMURFIT KAPPA PLC EUR 195,469.50 0.2464,725
699,859.09 0.87
PRYSMIAN SPA EUR 562,984.80 0.7040,796
Italy
562,984.80 0.70
WIENER STADTISCHE VERSICHERUNG EUR 338,441.67 0.429,667
Austria
338,441.67 0.42
80,267,802.46 99.48
Total securities portfolio 80,267,802.46 99.48
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 80,267,802.46 99.48
Cash at bank 456,770.43 0.57
Other assets and liabilities (39,024.33) (0.05)
Total net assets 80,685,548.56 100.00
ING (L) Invest - Europe High Dividend
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
83ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 299,068,012.42EUR30/09/2007 798,231,333.88EUR30/09/2006 751,907,852.16EUR
Capitalisation P (EUR) 252.4130/09/2008 EUR367.2930/09/2007 EUR349.8130/09/2006 EUR
Capitalisation V (EUR) 91.6830/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (EUR) 260.2830/09/2008 EUR375.1730/09/2007 EUR354.4530/09/2006 EUR
Capitalisation S (EUR) 260.1130/09/2008 EUR375.1430/09/2007 EUR
-30/09/2006 EUR
Capitalisation X (EUR) 247.5630/09/2008 EUR362.0130/09/2007 EUR346.5830/09/2006 EUR
Distribution P (EUR) 232.5130/09/2008 EUR350.0130/09/2007 EUR342.8130/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 623,43930/09/20081,214,99430/09/20071,141,55430/09/2006
Capitalisation V (EUR) 87230/09/2008-30/09/2007-30/09/2006
Capitalisation I (EUR) 73,84030/09/2008252,65130/09/2007108,82030/09/2006
Capitalisation S (EUR) 52,75130/09/200813,88330/09/2007
-30/09/2006
Capitalisation X (EUR) 108,04730/09/2008309,80630/09/2007500,35030/09/2006
Distribution P (EUR) 352,42130/09/2008399,50830/09/2007410,14430/09/2006
Number of shares
Distribution P (EUR) 11.0019/12/2007 EUR
Dividend
Distribution P (EUR) 10.0015/12/2006 EUR
Distribution P (EUR) 6.0015/12/2005 EUR
Capitalisation P (EUR) 1.63%30/09/2008
Capitalisation V (EUR) 1.62%30/09/2008
Capitalisation I (EUR) 0.72%30/09/2008
Capitalisation S (EUR) 0.76%30/09/2008
Capitalisation X (EUR) 2.12%30/09/2008
Distribution P (EUR) 1.65%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 127.37%
ING (L) Invest - Europe High Dividend
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
84 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 287,772,934.79
Shares 287,772,934.79
Cash at bank 9,997,376.31
Other assets 2,767,702.483
Total assets 300,538,013.58
Current liabilities (1,470,001.16)3
Total liabilities (1,470,001.16)
Net assets at the end of the year 299,068,012.42
Notes
Statement of net assets as at 30/09/2008
Total income 22,401,141.58
Dividends 20,327,458.87
Bank interest 745,597.93
Other income 1,328,084.788
Total expenses (8,014,335.69)
Management fees (6,462,094.49)4
Custodian fees (313,675.63)5
Subscription tax (204,101.39)6
Bank interest (43,222.12)
Other expenses (991,242.06)7
Net investment income 14,386,805.89
Net realised gains or (losses) on securities portfolio (69,814,958.37)
Net realised gains or (losses) on financial derivativeinstruments
3,819,917.88
Net realised gains or (losses) on currency (1,645,007.84)
Changes in net unrealised gains or (losses) on securitiesportfolio
(122,797,021.54)
Changes in net unrealised gains or (losses) on financialderivative instruments
(66,878.00)
Result of operations (176,117,141.98)
Subscriptions 83,859,024.93
Redemptions (402,545,159.58)
Distribution (4,360,044.83)
Net assets at the beginning of the year 798,231,333.88
Net assets at the end of the year 299,068,012.42
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Europe High Dividend(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
85ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ASTRAZENECA PLC GBP 3,924,137.07 1.31125,700
Transferable securities and money market instruments listed onan official stock exchange
Shares
United Kingdom
AVIVA PLC GBP 4,568,527.92 1.53750,000
BARCLAYS PLC GBP 3,729,060.91 1.25900,000
BP PLC GBP 9,421,319.80 3.161,600,000
BRIT INSURANCE HOLDINGS GBP 1,370,558.38 0.46600,000
BRITISH LAND COMPANY PLC GBP 1,700,634.52 0.57180,000
CARNIVAL PLC GBP 2,213,261.42 0.74105,000
CATTLES PLC GBP 1,088,110.72 0.361,124,500
GLAXOSMITHKLINE PLC GBP 9,220,812.18 3.08600,000
GREENE KING GBP 1,969,670.05 0.66340,000
KINGFISHER PLC GBP 4,512,563.45 1.512,700,000
LLOYDS TSB GROUP PLC GBP 3,449,238.58 1.151,200,000
ROYAL BANK OF SCOTLAND GROUP GBP 3,259,708.12 1.091,435,000
SCOTTISH AND SOUTHERN ENERGY PLC GBP 5,445,417.51 1.82300,700
TATE AND LYLE PLC GBP 2,610,913.71 0.87540,000
UNITED UTLITIES GROUP PLC GBP 4,762,681.54 1.59539,999
VODAFONE GROUP GBP 9,031,218.27 3.025,800,000
WILLIAM HILL PLC GBP 2,370,558.38 0.79800,000
74,648,392.53 24.96
BNP PARIBAS EUR 5,088,160.00 1.7077,000
France
BOUYGUES EUR 4,286,250.00 1.43135,000
LAFARGE SA EUR 2,029,225.00 0.6827,500
SANOFI-AVENTIS SA EUR 8,844,500.00 2.96190,000
TOTAL SA EUR 9,580,500.00 3.21225,000
VINCI EUR 4,947,000.00 1.65150,000
VIVENDI EUR 4,404,000.00 1.47200,000
39,179,635.00 13.10
AKZO NOBEL NV EUR 2,184,975.00 0.7365,000
Netherlands
HUNTER DOUGLAS NV EUR 1,980,442.01 0.6669,029
ING GROEP NV EUR 3,762,360.00 1.26252,000
KONINKLIJKE KPN NV EUR 4,433,520.00 1.48435,000
RANDSTAD HOLDING NV EUR 1,939,620.50 0.65105,100
ROYAL DUTCH SHELL PLC-B SHS GBP 9,612,182.74 3.22480,000
UNILEVER NV EUR 7,955,916.00 2.66400,600
WERELDHAVE NV EUR 1,923,040.00 0.6428,000
33,792,056.25 11.30
ENEL SPA EUR 5,227,964.00 1.75887,600
Italy
ENI SPA EUR 9,114,000.00 3.04490,000
PRYSMIAN SPA EUR 2,208,000.00 0.74160,000
SARAS SPA EUR 2,386,288.80 0.80813,600
TELECOM ITALIA RNC EUR 4,743,442.80 1.595,925,600
UNICREDIT SPA EUR 3,265,686.00 1.091,257,000
UNIONE DI BANCHE ITALIANE EUR 5,023,836.00 1.68325,800
31,969,217.60 10.69
ALLIANZ SE-REG EUR 4,428,880.00 1.4846,000
Germany
ALSTRIA OFFICE REIT-AG EUR 952,813.75 0.32108,893
BMW-BAYERISCHE MOTOREN WERKE AG EUR 4,958,593.00 1.66181,700
DEUTSCHE POST AG-REG EUR 6,144,046.00 2.06415,700
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
E.ON AG EUR 5,134,194.00 1.72144,300
MTU AERO ENGINES HOLDING AG EUR 2,132,900.00 0.71110,000
MUENCHENER RUECKVER AG EUR 4,885,660.00 1.6346,000
SYMRISE AG EUR 2,400,000.00 0.80200,000
31,037,086.75 10.38
BANCO BILBAO VIZCAYA ARGENTA EUR 6,532,200.00 2.18570,000
Spain
BANCO SANTANDER SA EUR 4,632,600.00 1.55441,200
IBERDROLA SA EUR 5,212,200.00 1.74730,000
TELEFONICA SA EUR 5,609,539.00 1.88334,100
21,986,539.00 7.35
KESKO OYJ EUR 2,206,865.92 0.74123,151
Finland
NOKIA EUR 4,644,000.00 1.56360,000
ORION OYJ-CLASS B EUR 2,433,020.00 0.81203,600
UPM-KYMMENE CORP EUR 3,325,760.00 1.11304,000
12,609,645.92 4.22
ALLIED IRISH BANKS PLC EUR 2,065,000.00 0.69350,000
Ireland
CRH PLC EUR 2,400,000.00 0.81160,000
INDEPENDENT NEWS & MEDIA PLC EUR 1,868,992.00 0.621,611,200
IRISH LIFE AND PERMANENT PLC EUR 1,455,000.00 0.49300,000
SMURFIT KAPPA PLC EUR 1,510,000.00 0.50500,000
9,298,992.00 3.11
ERICSSON LM-B SHS SEK 1,764,300.48 0.59270,000
Sweden
NORDEA AB SEK 4,524,393.39 1.51546,400
SWEDBANK A SEK 2,777,394.90 0.93310,000
9,066,088.77 3.03
STMICROELECTRONICS EUR 2,106,900.00 0.70300,000
Switzerland
ZURICH FINANCIAL SERVICES CHF 5,245,714.29 1.7627,000
7,352,614.29 2.46
TELENOR ASA NOK 4,495,740.39 1.50520,000
Norway
4,495,740.39 1.50
COFINIMMO EUR 1,968,000.00 0.6616,000
Belgium
DELHAIZE GROUP EUR 2,521,192.50 0.8461,500
4,489,192.50 1.50
DANSKE BANK A/S DKK 4,180,292.04 1.40250,020
Denmark
4,180,292.04 1.40
BCO ESPIRITO SANTO EUR 2,426,325.00 0.81280,500
Portugal
2,426,325.00 0.81
HISCOX GBP 1,241,116.75 0.41400,000
Bermuda
1,241,116.75 0.41
287,772,934.79 96.22
Total securities portfolio 287,772,934.79 96.22
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING (L) Invest - Europe High Dividend(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
86 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Summary of net assets%
NAV
Total securities portfolio 287,772,934.79 96.22
Cash at bank 9,997,376.31 3.34
Other assets and liabilities 1,297,701.32 0.44
Total net assets 299,068,012.42 100.00
ING (L) Invest - Europe Opportunities
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
87ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 12,874,615.67EUR30/09/2007 11,477,243.83EUR30/09/2006 5,220,560.60EUR
Capitalisation P (EUR) 169.9730/09/2008 EUR259.3430/09/2007 EUR
-30/09/2006 EUR
Capitalisation I (EUR) 3,831.4830/09/2008 EUR5,783.3330/09/2007 EUR5,220.5630/09/2006 EUR
Capitalisation X (EUR) 169.3930/09/2008 EUR259.4230/09/2007 EUR
-30/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 56,78230/09/200820,33830/09/2007
-30/09/2006
Capitalisation I (EUR) 83330/09/20081,00030/09/20071,00030/09/2006
Capitalisation X (EUR) 18730/09/20081,61730/09/2007
-30/09/2006
Number of shares
Capitalisation P (EUR) 1.83%30/09/2008
Capitalisation I (EUR) 0.72%30/09/2008
Capitalisation X (EUR) 2.06%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 679.92%
ING (L) Invest - Europe Opportunities
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
88 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 12,731,257.75
Shares 12,731,257.75
Cash at bank 844,266.64
Other assets 1,230,414.733
Total assets 14,805,939.12
Bank overdrafts (4,427.75)
Current liabilities (1,926,895.70)3
Total liabilities (1,931,323.45)
Net assets at the end of the year 12,874,615.67
Notes
Statement of net assets as at 30/09/2008
Total income 620,204.12
Dividends 565,460.77
Bank interest 8,465.05
Other income 46,278.308
Total expenses (219,301.99)
Management fees (172,691.47)4
Custodian fees (8,498.43)5
Subscription tax (5,266.51)6
Bank interest (5,265.79)
Other expenses (27,579.79)7
Net investment income 400,902.13
Net realised gains or (losses) on securities portfolio (2,665,541.84)
Net realised gains or (losses) on financial derivativeinstruments
23.69
Net realised gains or (losses) on currency (1,749.04)
Changes in net unrealised gains or (losses) on securitiesportfolio
(3,171,735.73)
Changes in net unrealised gains or (losses) on financialderivative instruments
(3,437.57)
Result of operations (5,441,538.36)
Subscriptions 17,981,422.56
Redemptions (11,142,512.36)
Net assets at the beginning of the year 11,477,243.83
Net assets at the end of the year 12,874,615.67
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Europe Opportunities(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
89ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AEGON NV EUR 418,307.80 3.2567,469
Transferable securities and money market instruments listed onan official stock exchange
Shares
Netherlands
BETER BED HLDG EUR 92,765.72 0.729,623
BINCKBANK EUR 144,834.69 1.1226,871
DRAKA HOLDING EUR 249,249.19 1.9417,321
HEINEKEN NV EUR 468,174.37 3.6316,517
ICT AUTOMATISERING NV EUR 25,865.84 0.203,553
ING GROEP NV EUR 133,608.57 1.048,949
ORDINA NV EUR 215,856.81 1.6840,651
ROYAL DUTCH SHELL CL.A EUR 280,293.23 2.1813,623
SAMAS NV EUR 138,984.18 1.0878,081
TNT NV EUR 126,906.00 0.996,508
TOMTOM NV EUR 438,464.00 3.4034,255
USG PEOPLE NV EUR 137,937.10 1.0714,294
WOLTERS KLUWER NV EUR 260,899.08 2.0318,328
3,132,146.58 24.33
ACERGY SA NOK 116,228.97 0.9016,787
United Kingdom
ANTISOMA PLC GBP 61,585.91 0.48245,720
BP PLC GBP 208,635.13 1.6235,432
CSR GBP 137,477.07 1.0741,827
ENTERPRISE INNS GBP 309,473.25 2.41136,619
IMPERIAL TOBACCO GROUP PLC GBP 296,755.85 2.3013,013
INFORMA GBP 96,134.56 0.7524,068
MARKS & SPENCER GROUP PLC GBP 237,365.98 1.8492,826
PETER HAMBRO MINING PLC GBP 273,482.97 2.1242,972
RENOVO GROUP PLC GBP 58,263.10 0.45176,582
ROYAL BANK OF SCOTLAND GROUP GBP 508,716.59 3.96223,949
WPP GROUP PLC GBP 134,473.91 1.0423,653
2,438,593.29 18.94
ALLIANZ SE-REG EUR 132,481.28 1.031,376
Germany
BMW-BAYERISCHE MOTOREN WERKE AG EUR 164,831.60 1.286,040
DEUTSCHE BANK AG EUR 456,118.28 3.539,208
E.ON AG EUR 447,525.24 3.4812,578
PRAKTIKER BAU-UND HEIMWERK A EUR 347,513.54 2.7053,546
STADA ARZNEIMITTEL AG EUR 164,759.28 1.285,826
VERBIO AG EUR 273,622.32 2.13253,354
1,986,851.54 15.43
ENEL SPA EUR 318,148.35 2.4754,015
Italy
ERG SPA EUR 98,217.20 0.768,467
TELECOM ITALIA RNC EUR 451,007.30 3.50563,407
UNICREDIT SPA EUR 846,859.67 6.58325,966
1,714,232.52 13.31
ALCATEL LUCENT EUR 99,354.78 0.7736,839
France
NATIXIS EUR 527,027.47 4.10230,143
SANOFI-AVENTIS SA EUR 209,614.65 1.634,503
TOTAL SA EUR 380,281.98 2.958,931
VEOLIA ENVIRONNEMENT EUR 348,054.17 2.7012,058
1,564,333.05 12.15
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ALLIED IRISH BANKS PLC EUR 171,642.80 1.3329,092
Ireland
C&C GROUP PLC EUR 190,990.03 1.48100,574
RYANAIR HOLDINGS PLC EUR 225,050.80 1.7599,580
SMURFIT KAPPA PLC EUR 353,146.72 2.75116,936
940,830.35 7.31
DOCKWISE LTD NOK 308,133.30 2.39231,581
Bermuda
308,133.30 2.39
FORTIS STRIP VVPR EUR 134.80 0.0013,480
Belgium
OMEGA PHARMA SA EUR 263,330.10 2.058,734
263,464.90 2.05
UBS AG CHF 211,862.20 1.6518,076
Switzerland
211,862.20 1.65
URALKALI OJSC-GDR- USD 148,996.42 1.166,889
Russia
148,996.42 1.16
XCOUNTER AB GBP 21,813.60 0.1733,056
Sweden
21,813.60 0.17
12,731,257.75 98.89
Total securities portfolio 12,731,257.75 98.89
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 12,731,257.75 98.89
Cash at bank 844,266.64 6.56
Other assets and liabilities (700,908.72) (5.45)
Total net assets 12,874,615.67 100.00
ING (L) Invest - European Banking & Insurance
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
90 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 74,233,652.53EUR30/09/2007 129,975,693.68EUR30/09/2006 169,085,650.68EUR
Capitalisation P (EUR) 177.2330/09/2008 EUR286.0230/09/2007 EUR283.1330/09/2006 EUR
Capitalisation I (EUR) 4,866.3930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 170.5430/09/2008 EUR276.4830/09/2007 EUR275.0930/09/2006 EUR
Distribution P (EUR) 734.7930/09/2008 EUR1,216.8030/09/2007 EUR1,233.6230/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 324,06330/09/2008342,07730/09/2007448,02330/09/2006
Capitalisation I (EUR) 11430/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 11,66930/09/200822,31030/09/200750,22130/09/2006
Distribution P (EUR) 19,40330/09/200821,34230/09/200723,03830/09/2006
Number of shares
Distribution P (EUR) 28.0019/12/2007 EUR
Dividend
Distribution P (EUR) 30.0015/12/2006 EUR
Distribution P (EUR) 24.0015/12/2005 EUR
Capitalisation P (EUR) 1.71%30/09/2008
Capitalisation I (EUR) 0.78%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (EUR) 2.16%30/09/2008
Distribution P (EUR) 1.73%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 27.27%
ING (L) Invest - European Banking & Insurance
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
91ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 73,744,838.56
Shares 73,744,838.56
Cash at bank 671,402.99
Other assets 2,309,079.973
Total assets 76,725,321.52
Bank overdrafts (3,546.27)
Current liabilities (2,488,122.72)3
Total liabilities (2,491,668.99)
Net assets at the end of the year 74,233,652.53
Notes
Statement of net assets as at 30/09/2008
Total income 4,257,579.98
Dividends 3,951,297.71
Bank interest 57,826.71
Other income 248,455.568
Total expenses (1,755,809.19)
Management fees (1,374,701.61)4
Custodian fees (72,171.50)5
Subscription tax (46,564.05)6
Bank interest (2,298.65)
Other expenses (260,073.38)7
Net investment income 2,501,770.79
Net realised gains or (losses) on securities portfolio (12,193,353.23)
Net realised gains or (losses) on financial derivativeinstruments
(59,046.24)
Net realised gains or (losses) on currency (114,807.45)
Changes in net unrealised gains or (losses) on securitiesportfolio
(38,772,059.27)
Changes in net unrealised gains or (losses) on financialderivative instruments
(14,678.99)
Result of operations (48,652,174.39)
Subscriptions 30,074,507.61
Redemptions (36,564,809.98)
Distribution (599,564.39)
Net assets at the beginning of the year 129,975,693.68
Net assets at the end of the year 74,233,652.53
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European Banking & Insurance(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
92 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AVIVA PLC GBP 1,583,640.61 2.13259,981
Transferable securities and money market instruments listed onan official stock exchange
Shares
United Kingdom
BARCLAYS PLC GBP 2,062,261.84 2.78497,722
BRITISH LAND COMPANY PLC GBP 1,272,584.81 1.71134,694
HBOS PLC GBP 508,874.90 0.69327,609
HSBC HOLDINGS GBP 6,433,608.79 8.66562,673
PRUDENTIAL PLC GBP 2,946,417.49 3.97457,493
ROYAL BANK OF SCOTLAND GROUP GBP 4,305,622.39 5.801,895,436
STANDARD CHARTERED PLC GBP 1,507,833.76 2.0388,340
20,620,844.59 27.77
AXA EUR 4,168,698.71 5.62182,079
France
BNP PARIBAS EUR 5,445,058.08 7.3382,401
STE GENERALE EUR 3,000,242.00 4.0448,391
UNIBAIL HOLDING EUR 561,658.24 0.763,952
13,175,657.03 17.75
BANCO BILBAO VIZCAYA ARGENTA EUR 3,578,304.78 4.82312,243
Spain
BANCO SANTANDER SA EUR 5,581,170.00 7.52531,540
9,159,474.78 12.34
CREDIT SUISSE GROUP CHF 2,023,627.17 2.7363,872
Switzerland
UBS AG CHF 3,533,267.44 4.76301,457
ZURICH FINANCIAL SERVICES CHF 2,227,485.71 3.0011,465
7,784,380.32 10.49
ALLIANZ SE-REG EUR 4,373,230.16 5.8945,422
Germany
COMMERZBANK AG EUR 227,728.80 0.3121,897
DEUTSCHE BANK AG EUR 392,465.81 0.537,923
DEUTSCHE BOERSE AG EUR 1,298,988.06 1.7520,338
6,292,412.83 8.48
BANK OF PIRAEUS EUR 3,274,375.50 4.41225,819
Greece
NATIONAL BANK OF GREECE EUR 1,884,232.00 2.5467,294
5,158,607.50 6.95
BINCKBANK EUR 1,617,150.92 2.18300,028
Netherlands
ING GROEP NV EUR 2,447,863.08 3.30163,956
4,065,014.00 5.48
UNICREDIT SPA EUR 2,483,428.20 3.34955,900
Italy
UNIPOL SPA EUR 755,690.09 1.02504,803
3,239,118.29 4.36
AKBANK TRY 1.26 0.000
Turkey
SINPAS GAYRIMENKUL YATIRIM TRY 577,078.14 0.78348,060
TURKIYE HALK BANKASI TRY 1,249,569.40 1.68387,975
1,826,648.80 2.46
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
FORTIS EUR 948,230.80 1.28215,507
Belgium
FORTIS STRIP VVPR EUR 575.64 0.0057,564
KBC GROUPE EUR 721,299.48 0.9712,076
1,670,105.92 2.25
ALLIED IRISH BANKS PLC EUR 752,574.50 1.01127,555
Ireland
752,574.50 1.01
73,744,838.56 99.34
Total securities portfolio 73,744,838.56 99.34
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 73,744,838.56 99.34
Cash at bank 671,402.99 0.90
Other assets and liabilities (182,589.02) (0.24)
Total net assets 74,233,652.53 100.00
ING (L) Invest - European Consumer Goods
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
93ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 13,896,381.56EUR30/09/2007 24,534,786.25EUR30/09/2006 31,316,560.14EUR
Capitalisation P (EUR) 191.0830/09/2008 EUR295.9830/09/2007 EUR259.9330/09/2006 EUR
Capitalisation X (EUR) 183.9330/09/2008 EUR286.2530/09/2007 EUR252.5730/09/2006 EUR
Distribution P (EUR) 824.9230/09/2008 EUR1,302.1330/09/2007 EUR1,164.7630/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 59,77830/09/200866,08130/09/200791,63630/09/2006
Capitalisation X (EUR) 2,47930/09/20083,77330/09/2007
13,57730/09/2006
Distribution P (EUR) 2,44630/09/20082,99230/09/20073,49330/09/2006
Number of shares
Distribution P (EUR) 22.0019/12/2007 EUR
Dividend
Distribution P (EUR) 22.0015/12/2006 EUR
Distribution P (EUR) 20.0015/12/2005 EUR
Capitalisation P (EUR) 1.69%30/09/2008
Capitalisation X (EUR) 2.14%30/09/2008
Distribution P (EUR) 1.71%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 181.78%
ING (L) Invest - European Consumer Goods
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
94 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 13,747,262.62
Shares 13,747,262.62
Cash at bank 314,812.49
Other assets 25,325.363
Total assets 14,087,400.47
Current liabilities (191,018.91)3
Total liabilities (191,018.91)
Net assets at the end of the year 13,896,381.56
Notes
Statement of net assets as at 30/09/2008
Total income 644,256.32
Dividends 585,639.45
Bank interest 19,927.82
Other income 38,689.058
Total expenses (315,603.72)
Management fees (250,160.94)4
Custodian fees (12,718.42)5
Subscription tax (8,582.81)6
Bank interest (79.38)
Other expenses (44,062.17)7
Net investment income 328,652.60
Net realised gains or (losses) on securities portfolio (3,378,635.84)
Net realised gains or (losses) on currency 15,306.69
Changes in net unrealised gains or (losses) on securitiesportfolio
(5,107,550.99)
Result of operations (8,142,227.54)
Subscriptions 2,611,445.11
Redemptions (5,042,908.69)
Distribution (64,713.57)
Net assets at the beginning of the year 24,534,786.25
Net assets at the end of the year 13,896,381.56
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European Consumer Goods(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
95ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ACCOR SA EUR 516,447.75 3.7213,818
Transferable securities and money market instruments listed onan official stock exchange
Shares
France
LVMH EUR 979,602.00 7.0515,864
RENAULT EUR 463,282.89 3.3310,398
SODEXHO ALLIANCE SA EUR 633,068.80 4.5615,218
VIVENDI EUR 1,192,427.04 8.5854,152
3,784,828.48 27.24
ADIDAS AG EUR 666,460.60 4.8017,678
Germany
BMW-BAYERISCHE MOTOREN WERKE AG EUR 652,885.96 4.7023,924
DAIMLER CHRYSLER AG EUR 1,089,399.60 7.8430,774
ELRINGKLINGER AG EUR 92,016.00 0.666,816
PRAKTIKER BAU-UND HEIMWERK A EUR 258,671.93 1.8639,857
2,759,434.09 19.86
CARNIVAL PLC GBP 291,728.93 2.1013,840
United Kingdom
COMPASS GROUP PLC GBP 377,548.73 2.7286,485
INTERCONTINENTAL HOTELS GROUP PLC GBP 289,667.21 2.0833,177
KINGFISHER PLC GBP 330,906.28 2.38197,991
NEXT PLC GBP 256,185.39 1.8419,811
PUNCH TAVERNS PLC GBP 59,961.93 0.4335,000
WILLIAM HILL PLC GBP 424,904.81 3.07143,394
WPP GROUP PLC GBP 323,043.25 2.3256,821
2,353,946.53 16.94
REED ELSEVIER NV EUR 913,411.81 6.5886,752
Netherlands
TOMTOM NV EUR 383,884.80 2.7629,991
WOLTERS KLUWER NV EUR 578,325.35 4.1640,627
1,875,621.96 13.50
CIE FIN RICHEMONT UNITS A CHF 515,048.95 3.7116,589
Switzerland
THE SWATCH GROUP AG-BR CHF 333,740.00 2.402,583
848,788.95 6.11
GEOX SPA EUR 208,073.31 1.5030,478
Italy
LOTTOMATICA SPA EUR 449,457.50 3.2324,295
657,530.81 4.73
POLYTEC HOLDING AG EUR 429,656.48 3.0944,386
Austria
429,656.48 3.09
STE EUROPEENNE SATELITE FDR Y EUR 278,807.10 2.0119,162
Luxembourg
278,807.10 2.01
PARTYGAMING GBP 247,671.22 1.78106,502
Gibraltar
247,671.22 1.78
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
FORD OTOMOTIV SANAYI AS TRY 142,139.30 1.0236,777
Turkey
142,139.30 1.02
PARK PLAZA HOTELS LTD GBP 139,098.07 1.0062,278
Guernsey
139,098.07 1.00
ROYAL CARIBBEAN CRUISES LTD USD 121,281.10 0.878,210
United States
121,281.10 0.87
BJORN BORG SEK 108,458.53 0.7833,300
Sweden
108,458.53 0.78
13,747,262.62 98.93
Total securities portfolio 13,747,262.62 98.93
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 13,747,262.62 98.93
Cash at bank 314,812.49 2.27
Other assets and liabilities (165,693.55) (1.20)
Total net assets 13,896,381.56 100.00
ING (L) Invest - European Equity
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
96 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 169,292,715.79EUR30/09/2007 287,234,597.51EUR30/09/2006 345,276,808.97EUR
Capitalisation P (EUR) 33.2330/09/2008 EUR47.8030/09/2007 EUR43.6930/09/2006 EUR
Capitalisation I (EUR) 33.4130/09/2008 EUR-30/09/2007 EUR
44.6230/09/2006 EUR
Capitalisation X (EUR) 31.8430/09/2008 EUR46.0230/09/2007 EUR42.2930/09/2006 EUR
Distribution P (EUR) 27.0530/09/2008 EUR39.7630/09/2007 EUR37.1230/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 3,348,50230/09/20083,965,45530/09/20075,119,35930/09/2006
Capitalisation I (EUR) 174,11630/09/2008-30/09/2007
396,73330/09/2006
Capitalisation X (EUR) 249,24630/09/2008431,53330/09/2007504,25430/09/2006
Distribution P (EUR) 1,636,31030/09/20081,957,16730/09/20072,224,30930/09/2006
Number of shares
Distribution P (EUR) 0.8019/12/2007 EUR
Dividend
Distribution P (EUR) 0.8015/12/2006 EUR
Distribution P (EUR) 0.7015/12/2005 EUR
Capitalisation P (EUR) 1.58%30/09/2008
Capitalisation I (EUR) 0.61%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (EUR) 2.07%30/09/2008
Distribution P (EUR) 1.60%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 58.60%
ING (L) Invest - European Equity
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
97ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 169,050,939.86
Shares 169,050,939.86
Cash at bank 2,809,596.55
Other assets 832,732.893
Total assets 172,693,269.30
Current liabilities (3,400,553.51)3
Total liabilities (3,400,553.51)
Net assets at the end of the year 169,292,715.79
Notes
Statement of net assets as at 30/09/2008
Total income 7,839,183.39
Dividends 7,332,416.91
Bank interest 65,274.49
Other income 441,491.998
Total expenses (3,809,922.77)
Management fees (3,003,746.45)4
Custodian fees (164,751.83)5
Subscription tax (108,537.54)6
Bank interest (2,693.56)
Other expenses (530,193.39)7
Net investment income 4,029,260.62
Net realised gains or (losses) on securities portfolio (15,713,393.39)
Net realised gains or (losses) on financial derivativeinstruments
(221,014.38)
Net realised gains or (losses) on currency (198,227.66)
Changes in net unrealised gains or (losses) on securitiesportfolio
(70,074,509.52)
Changes in net unrealised gains or (losses) on financialderivative instruments
(9,146.00)
Result of operations (82,187,030.33)
Subscriptions 40,420,242.29
Redemptions (74,616,506.71)
Distribution (1,558,586.97)
Net assets at the beginning of the year 287,234,597.51
Net assets at the end of the year 169,292,715.79
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European Equity(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
98 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ASTRAZENECA PLC GBP 980,253.76 0.5831,400
Transferable securities and money market instruments listed onan official stock exchange
Shares
United Kingdom
AVIVA PLC GBP 2,962,793.88 1.75486,392
BG GROUP PLC GBP 3,203,548.22 1.90249,200
BHP BILLITON PLC GBP 744,535.53 0.4446,600
CENTRICA PLC GBP 1,808,966.75 1.07453,970
GLAXOSMITHKLINE PLC GBP 2,418,926.40 1.43157,400
INTERNATIONAL POWER PLC GBP 1,901,023.79 1.12414,100
PETROFAC LTD GBP 1,461,199.24 0.86197,500
PRUDENTIAL PLC GBP 2,360,151.94 1.39366,463
RIO TINTO PLC ORD GBP 2,889,563.45 1.7165,600
ROYAL BANK OF SCOTLAND GROUP GBP 4,010,617.67 2.381,765,568
SABMILLER PLC GBP 1,374,038.07 0.8199,700
SCOTTISH AND SOUTHERN ENERGY PLC GBP 2,343,322.34 1.38129,400
SMITH & NEPHEW PLC GBP 1,054,500.00 0.62140,600
STANDARD CHARTERED PLC GBP 1,729,041.88 1.02101,300
VODAFONE GROUP GBP 4,609,789.18 2.732,960,484
WPP GROUP PLC GBP 1,258,152.28 0.74221,300
37,110,424.38 21.93
AXA EUR 3,625,285.88 2.14158,344
France
BOUYGUES EUR 1,479,550.00 0.8746,600
GDF SUEZ EUR 3,324,967.50 1.9691,095
LVMH EUR 1,938,950.00 1.1531,400
SANOFI-AVENTIS SA EUR 2,280,950.00 1.3549,000
SCHNEIDER ELECTRIC SA EUR 2,224,787.61 1.3136,929
STE GENERALE EUR 3,115,500.00 1.8450,250
TOTAL SA EUR 5,190,502.00 3.07121,900
VINCI EUR 1,780,920.00 1.0554,000
24,961,412.99 14.74
ADIDAS AG EUR 1,330,810.00 0.7935,300
Germany
ALLIANZ SE-REG EUR 4,592,556.00 2.7147,700
BAYER AG EUR 3,253,040.00 1.9262,800
E.ON AG EUR 2,960,256.00 1.7583,200
FRESENIUS AG PREF. EUR 1,937,797.45 1.1437,855
HENKEL AG & CO KGaA EUR 2,871,935.00 1.70111,100
SIEMENS AG EUR 4,970,700.00 2.9475,600
STADA ARZNEIMITTEL AG EUR 1,156,652.00 0.6840,900
23,073,746.45 13.63
CIE FIN RICHEMONT UNITS A CHF 2,157,809.52 1.2769,500
Switzerland
NESTLE SA CHF 6,647,009.52 3.94217,200
NOVARTIS AG CHF 4,014,857.14 2.37108,000
ROCHE HOLDING AG-GENUSSCHEIN CHF 4,642,253.97 2.7441,900
UBS AG CHF 2,644,175.24 1.56225,600
XSTRATA PLC GBP 1,019,147.21 0.6046,800
21,125,252.60 12.48
AKZO NOBEL NV EUR 1,912,693.45 1.1356,900
Netherlands
ASM INTERNATIONAL NV EUR 702,144.00 0.4155,200
ASML HOLDING NV EUR 2,440,600.19 1.44196,664
ING GROEP NV EUR 1,870,729.00 1.11125,300
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
KONINKLIJKE KPN NV EUR 1,838,636.80 1.09180,400
REED ELSEVIER NV EUR 3,749,987.58 2.22356,158
ROYAL DUTCH SHELL CL.A EUR 6,178,466.75 3.64300,290
SBM OFFSHORE NV EUR 1,149,525.66 0.6876,533
19,842,783.43 11.72
ENEL SPA EUR 2,935,576.00 1.73498,400
Italy
INTESA SANPAOLO EUR 3,037,550.00 1.80790,000
PRYSMIAN SPA EUR 2,065,418.40 1.22149,668
SAIPEM SPA EUR 1,083,632.00 0.6451,700
TELECOM ITALIA RNC EUR 1,686,013.10 1.002,106,200
UNICREDIT SPA EUR 2,982,815.76 1.761,148,120
13,791,005.26 8.15
BANCO BILBAO VIZCAYA ARGENTA EUR 3,128,580.00 1.85273,000
Spain
BANCO SANTANDER SA EUR 4,055,100.00 2.39386,200
7,183,680.00 4.24
GAZPROM OAO-SPONS. ADR REG.S USD 2,597,803.72 1.53117,900
Russia
JSC MMC NORILSK NICKEL-ADR USD 2,251,975.94 1.33231,400
4,849,779.66 2.86
ALLIED IRISH BANKS PLC EUR 1,011,850.00 0.60171,500
Ireland
CRH PLC EUR 2,132,130.00 1.26142,142
RYANAIR HOLDINGS PLC EUR 1,512,618.00 0.89669,300
4,656,598.00 2.75
NOKIA EUR 3,227,580.00 1.91250,200
Finland
3,227,580.00 1.91
TELENOR ASA NOK 2,925,689.52 1.73338,400
Norway
2,925,689.52 1.73
FORTIS EUR 864,160.00 0.51196,400
Belgium
FORTIS STRIP VVPR EUR 358.66 0.0035,866
UMICORE EUR 1,478,572.50 0.8768,500
2,343,091.16 1.38
NATIONAL BANK OF GREECE EUR 2,282,112.00 1.3581,504
Greece
2,282,112.00 1.35
ERICSSON LM-B SHS SEK 1,677,784.41 0.99256,760
Sweden
1,677,784.41 0.99
169,050,939.86 99.86
Total securities portfolio 169,050,939.86 99.86
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING (L) Invest - European Equity(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
99ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Summary of net assets%
NAV
Total securities portfolio 169,050,939.86 99.86
Cash at bank 2,809,596.55 1.66
Other assets and liabilities (2,567,820.62) (1.52)
Total net assets 169,292,715.79 100.00
ING (L) Invest - European Food & Beverages
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
100 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 89,777,282.43EUR30/09/2007 148,365,580.34EUR30/09/2006 111,414,930.18EUR
Capitalisation P (EUR) 282.8030/09/2008 EUR349.5630/09/2007 EUR294.7730/09/2006 EUR
Capitalisation I (EUR) 5,156.6430/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 272.1730/09/2008 EUR338.0430/09/2007 EUR286.4830/09/2006 EUR
Distribution P (EUR) 1,226.6530/09/2008 EUR1,538.5730/09/2007 EUR1,318.1430/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 233,80830/09/2008269,69630/09/2007270,41430/09/2006
Capitalisation I (EUR) 67930/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 24,90130/09/2008103,32930/09/200768,84930/09/2006
Distribution P (EUR) 10,90830/09/200812,45430/09/20079,09030/09/2006
Number of shares
Distribution P (EUR) 22.0019/12/2007 EUR
Dividend
Distribution P (EUR) 22.0015/12/2006 EUR
Distribution P (EUR) 18.0015/12/2005 EUR
Capitalisation P (EUR) 1.69%30/09/2008
Capitalisation I (EUR) 0.80%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (EUR) 2.14%30/09/2008
Distribution P (EUR) 1.72%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 0.27%
ING (L) Invest - European Food & Beverages
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
101ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 87,867,334.74
Shares 87,867,334.74
Cash at bank 3,819,218.85
Other assets 793,654.533
Total assets 92,480,208.12
Current liabilities (2,702,925.69)3
Total liabilities (2,702,925.69)
Net assets at the end of the year 89,777,282.43
Notes
Statement of net assets as at 30/09/2008
Total income 2,610,552.60
Dividends 2,418,870.33
Bank interest 86,579.20
Other income 105,103.078
Total expenses (2,105,535.00)
Management fees (1,692,813.15)4
Custodian fees (87,426.35)5
Subscription tax (55,221.89)6
Bank interest (980.80)
Other expenses (269,092.81)7
Net investment income 505,017.60
Net realised gains or (losses) on securities portfolio 689,100.70
Net realised gains or (losses) on financial derivativeinstruments
(215,072.98)
Net realised gains or (losses) on currency (365,782.23)
Changes in net unrealised gains or (losses) on securitiesportfolio
(26,082,417.60)
Result of operations (25,469,154.51)
Subscriptions 68,768,579.78
Redemptions (101,613,507.26)
Distribution (274,215.92)
Net assets at the beginning of the year 148,365,580.34
Net assets at the end of the year 89,777,282.43
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European Food & Beverages(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
102 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
BRITISH AMERICAN TOBACCO PLC GBP 8,499,682.74 9.46365,000
Transferable securities and money market instruments listed onan official stock exchange
Shares
United Kingdom
CADBURY PLC GBP 2,009,390.86 2.24280,000
IMPERIAL TOBACCO GROUP PLC GBP 8,437,690.36 9.39370,000
MCBRIDE PLC GBP 634,517.77 0.71500,000
SABMILLER PLC GBP 3,858,883.50 4.30280,000
TESCO PLC GBP 3,689,086.54 4.11750,000
27,129,251.77 30.21
COINTREAU REMY EUR 1,327,200.00 1.4840,000
France
DANONE GROUPE EUR 7,150,000.00 7.96143,000
LAURENT PERRIER GROUP EUR 668,625.00 0.747,500
PERNOD-RICARD SA EUR 3,706,800.00 4.1360,000
12,852,625.00 14.31
BEIERSDORF AG EUR 3,808,850.00 4.2485,000
Germany
HENKEL AG & CO KGaA EUR 3,877,500.00 4.32150,000
METRO AG EUR 3,659,590.00 4.08103,000
11,345,940.00 12.64
NESTLE SA CHF 8,385,269.84 9.34274,000
Switzerland
8,385,269.84 9.34
BIM BIRLESIK MAGAZALAR TRY 2,894,471.85 3.22130,000
Turkey
COCA-COLA ICECEK URETIM AS TRY 3,203,943.31 3.57550,000
6,098,415.16 6.79
HEINEKEN NV EUR 2,834,500.00 3.16100,000
Netherlands
UNILEVER NV EUR 1,986,000.00 2.21100,000
4,820,500.00 5.37
ALAPIS SA EUR 2,235,000.00 2.491,500,000
Greece
COCA COLA HELLENIC BOTTLING EUR 1,828,800.00 2.04120,000
4,063,800.00 4.53
JERONIMO MARTINS SGPS SA EUR 3,660,000.00 4.08610,000
Portugal
3,660,000.00 4.08
ANHEUSER-BUSH INBEV SA EUR 2,091,750.00 2.3350,000
Belgium
OMEGA PHARMA SA EUR 1,055,250.00 1.1835,000
3,147,000.00 3.51
PHILIP MORRIS INTERNATIONAL EUR 1,675,000.00 1.8750,000
United States
1,675,000.00 1.87
C&C GROUP PLC EUR 1,604,765.14 1.79845,058
Ireland
1,604,765.14 1.79
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ORIFLAME COSMETICS SA-SDR SEK 1,458,764.07 1.6245,000
Luxembourg
1,458,764.07 1.62
MARINE HARVEST ASA NOK 863,963.39 0.962,500,000
Norway
863,963.39 0.96
MAGNIT JSC -SPONSORED GDR REGS USD 762,040.37 0.85120,000
Russia
762,040.37 0.85
87,867,334.74 97.87
Total securities portfolio 87,867,334.74 97.87
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 87,867,334.74 97.87
Cash at bank 3,819,218.85 4.25
Other assets and liabilities (1,909,271.16) (2.12)
Total net assets 89,777,282.43 100.00
ING (L) Invest - European Health Care
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
103ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 158,694,290.64EUR30/09/2007 235,681,091.75EUR30/09/2006 243,374,604.06EUR
Capitalisation P (EUR) 255.2230/09/2008 EUR327.2330/09/2007 EUR332.9430/09/2006 EUR
Capitalisation I (EUR) 4,591.9330/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 245.5430/09/2008 EUR316.2930/09/2007 EUR323.3830/09/2006 EUR
Distribution P (EUR) 1,161.4830/09/2008 EUR1,505.0930/09/2007 EUR1,546.3730/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 454,46230/09/2008510,59730/09/2007510,18830/09/2006
Capitalisation I (EUR) 1,18330/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 49,08030/09/200898,12930/09/2007
117,52630/09/2006
Distribution P (EUR) 21,72030/09/200824,95730/09/200722,96130/09/2006
Number of shares
Distribution P (EUR) 15.0019/12/2007 EUR
Dividend
Distribution P (EUR) 15.0015/12/2006 EUR
Distribution P (EUR) 13.0015/12/2005 EUR
Capitalisation P (EUR) 1.70%30/09/2008
Capitalisation I (EUR) 0.73%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (EUR) 2.15%30/09/2008
Distribution P (EUR) 1.72%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 106.37%
ING (L) Invest - European Health Care
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
104 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 157,647,817.73
Shares 157,647,817.73
Total financial derivative instruments 2,041.25
Warrants and rights 2,041.25
Cash at bank 2,085,707.07
Other assets 1,458,307.883
Total assets 161,193,873.93
Bank overdrafts (1,952,367.59)
Current liabilities (547,215.70)3
Total liabilities (2,499,583.29)
Net assets at the end of the year 158,694,290.64
Notes
Statement of net assets as at 30/09/2008
Total income 3,458,205.20
Dividends 2,976,711.34
Bank interest 80,087.57
Other income 401,406.298
Total expenses (3,503,806.61)
Management fees (2,741,664.56)4
Custodian fees (138,403.89)5
Subscription tax (93,722.83)6
Bank interest (62,299.62)
Other expenses (467,715.71)7
Net investment loss (45,601.41)
Net realised gains or (losses) on securities portfolio (14,769,875.01)
Net realised gains or (losses) on financial derivativeinstruments
2,893.69
Net realised gains or (losses) on currency (400,897.33)
Changes in net unrealised gains or (losses) on securitiesportfolio
(34,168,315.65)
Changes in net unrealised gains or (losses) on financialderivative instruments
2,041.25
Result of operations (49,379,754.46)
Subscriptions 63,176,516.62
Redemptions (90,416,353.17)
Distribution (367,210.10)
Net assets at the beginning of the year 235,681,091.75
Net assets at the end of the year 158,694,290.64
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European Health Care(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
105ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
LONZA AG CHF 5,229,460.30 3.3059,000
Transferable securities and money market instruments listed onan official stock exchange
Shares
Switzerland
NOBEL BIOCARE HOLDING AG CHF 3,633,056.51 2.29154,400
NOVARTIS AG CHF 12,724,866.67 8.02342,300
ROCHE HOLDING AG-GENUSSCHEIN CHF 15,632,984.13 9.84141,100
SANTHERA PHARMACEUTICALS-REG CHF 554,626.29 0.3519,608
SONOVA HOLDING AG CHF 2,788,571.43 1.7661,000
STRAUMANN HOLDING AG CHF 1,919,964.44 1.219,818
SYNTHES-INC CHF 8,174,222.22 5.1583,600
50,657,751.99 31.92
BAYER AG EUR 11,924,360.00 7.51230,200
Germany
FRESENIUS AG PREF. EUR 6,341,519.58 4.00123,882
FRESENIUS MEDICAL CARE AG & CO EUR 4,411,401.00 2.78120,300
FRESENIUS SE EUR 1,037,800.00 0.6520,000
MERCK KGAA EUR 8,392,020.00 5.29111,300
32,107,100.58 20.23
ANTISOMA PLC GBP 2,404,838.20 1.529,595,000
United Kingdom
HIKMA PHARMACEUTICALS PLC GBP 814,214.15 0.51160,300
RENOVO GROUP PLC GBP 286,923.86 0.18869,600
SHIRE LTD GBP 7,344,934.64 4.63655,100
SMITH & NEPHEW PLC GBP 7,148,250.00 4.50953,100
SOUTHERN CROSS HEALTHCARE GBP 1,785,769.04 1.131,366,200
19,784,929.89 12.47
ESSILOR INTERNATIONAL EUR 2,106,600.00 1.3360,000
France
SANOFI-AVENTIS SA EUR 14,411,880.00 9.08309,600
16,518,480.00 10.41
COLOPLAST-B DKK 1,578,834.50 0.9930,400
Denmark
GENMAB A/S DKK 562,912.13 0.3514,000
NOVO-NORDISK A/S -B- DKK 7,108,065.73 4.49195,700
WILLIAM DEMANT HOLDING DKK 308,663.49 0.199,800
9,558,475.85 6.02
OMEGA PHARMA SA EUR 3,857,752.80 2.43127,952
Belgium
ONCOMETHYLOME SCIENCES SA EUR 1,268,212.50 0.80169,095
TIGENIX EUR 700.92 0.00236
UCB - UNION CHIMIQUE BELGE EUR 3,136,140.00 1.98126,000
8,262,806.22 5.21
ELAN CORP PLC EUR 2,131,500.00 1.34290,000
Ireland
ELAN CORP PLC -ADR SPONS USD 2,301,648.10 1.45303,000
4,433,148.10 2.79
GETINGE AB -B- SEK 3,223,669.50 2.03223,925
Sweden
XCOUNTER AB GBP 535,659.39 0.34811,730
3,759,328.89 2.37
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
LABORATORIOS FARMACEUTICOS ROVI SA EUR 3,065,522.89 1.93375,217
Spain
3,065,522.89 1.93
ALAPIS SA EUR 2,682,000.00 1.691,800,000
Greece
2,682,000.00 1.69
PHARMSTANDARD-OKTYABR OAO USD 2,285,088.81 1.44185,000
Russia
2,285,088.81 1.44
SELCUK ECZA DEPOSU TICARET VE SANAYIAS
TRY 2,235,934.25 1.413,094,429
Turkey
2,235,934.25 1.41
ORION OYJ-CLASS B EUR 932,100.00 0.5978,000
Finland
932,100.00 0.59
AOI MEDICAL INC GBP 787,563.45 0.50290,000
United States
787,563.45 0.50
EASTPHARMA SARL- GDR REG USD 577,285.07 0.36358,798
Bermuda
577,285.07 0.36
157,647,515.99 99.34
ARSEUS SA STRIP VVPR EUR 301.74 0.0015,087
Other transferable securities and money market instruments
SharesBelgium
301.74 0.00
301.74 0.00
Total securities portfolio 157,647,817.73 99.34
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ARSEUS SA WTS 07-28/01/2011 EUR 2,041.258,875
Warrants
2,041.25
NameQuantity/Nominal
Market valuein EUR
Currency
Total financial derivative instruments 2,041.25
Financial derivative instruments as at 30/09/2008
ING (L) Invest - European Health Care(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
106 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Summary of net assets%
NAV
Total securities portfolio 157,647,817.73 99.34
Total financial derivative instruments 2,041.25 -
Cash at bank 2,085,707.07 1.31
Other assets and liabilities (1,041,275.41) (0.65)
Total net assets 158,694,290.64 100.00
ING (L) Invest - European IT
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
107ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 4,486,587.80EUR30/09/2007 7,975,817.68EUR30/09/2006 10,879,110.26EUR
Capitalisation P (EUR) 28.5030/09/2008 EUR44.8230/09/2007 EUR42.1930/09/2006 EUR
Capitalisation X (EUR) 27.5030/09/2008 EUR43.3430/09/2007 EUR41.0030/09/2006 EUR
Distribution P (EUR) 139.3430/09/2008 EUR221.4830/09/2007 EUR208.4830/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 121,54530/09/2008133,70630/09/2007207,58830/09/2006
Capitalisation X (EUR) 2,72230/09/200816,23530/09/200719,47730/09/2006
Distribution P (EUR) 6,79730/09/20085,77630/09/20076,34530/09/2006
Number of shares
Distribution P (EUR) 2.0019/12/2007 EUR
Dividend
Capitalisation P (EUR) 1.70%30/09/2008
Capitalisation X (EUR) 2.14%30/09/2008
Distribution P (EUR) 1.71%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 127.63%
ING (L) Invest - European IT
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
108 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 4,291,519.67
Shares 4,291,519.67
Cash at bank 328,814.24
Other assets 21,161.113
Total assets 4,641,495.02
Bank overdrafts (1,833.01)
Current liabilities (153,074.21)3
Total liabilities (154,907.22)
Net assets at the end of the year 4,486,587.80
Notes
Statement of net assets as at 30/09/2008
Total income 100,591.57
Dividends 84,441.50
Bank interest 7,296.50
Other income 8,853.578
Total expenses (103,206.76)
Management fees (81,728.56)4
Custodian fees (4,008.36)5
Subscription tax (2,615.45)6
Bank interest (331.93)
Other expenses (14,522.46)7
Net investment loss (2,615.19)
Net realised gains or (losses) on securities portfolio (1,642,742.30)
Net realised gains or (losses) on financial derivativeinstruments
1,602.68
Net realised gains or (losses) on currency 1,752.08
Changes in net unrealised gains or (losses) on securitiesportfolio
(1,368,224.83)
Result of operations (3,010,227.56)
Subscriptions 3,877,811.62
Redemptions (4,345,583.00)
Distribution (11,230.94)
Net assets at the beginning of the year 7,975,817.68
Net assets at the end of the year 4,486,587.80
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European IT(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
109ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ALCATEL LUCENT EUR 382,677.32 8.52141,890
Transferable securities and money market instruments listed onan official stock exchange
Shares
France
ATOS ORIGIN SA EUR 177,366.00 3.955,740
CAP GEMINI SA EUR 187,978.40 4.195,662
DASSAULT SYSTEMES SA EUR 193,041.90 4.305,130
NEOPOST SA EUR 199,050.00 4.443,000
1,140,113.62 25.40
CENTROTHERM PHOTOVOLTAICS AG EUR 14,984.00 0.33400
Germany
INFINEON TECHNOLOGIES AG EUR 184,005.00 4.1047,000
Q-CELLS AG EUR 52,731.00 1.18900
ROTH + RAU AG EUR 31,378.40 0.701,286
SAP AG EUR 391,768.00 8.7310,400
UNITED INTERNET AG EUR 90,960.00 2.0312,000
765,826.40 17.07
F-SECURE OYJ EUR 32,480.00 0.7214,000
Finland
NOKIA EUR 403,150.80 8.9931,252
435,630.80 9.71
LOGITECH INTERNATIONAL SA CHF 195,209.65 4.3512,220
Switzerland
STMICROELECTRONICS EUR 180,701.79 4.0325,730
TEMENOS GROUP AG CHF 39,809.52 0.893,000
415,720.96 9.27
ERICSSON LM-B SHS SEK 395,379.74 8.8160,507
Sweden
395,379.74 8.81
ARM HOLDINGS PLC GBP 47,644.67 1.0639,520
United Kingdom
AUTONOMY CORPORATION PLC GBP 42,841.37 0.953,300
BLINKX PLC GBP 34,520.94 0.77117,000
LOGICACMG PLC GBP 29,700.00 0.6621,670
SAGE GROUP PLC GBP 173,489.85 3.8770,000
SDL PLC GBP 56,425.66 1.2613,001
384,622.49 8.57
ASML HOLDING NV EUR 180,292.48 4.0214,528
Netherlands
TOMTOM NV EUR 51,200.00 1.144,000
231,492.48 5.16
EVS BROADCAST EQUIPMENT SA EUR 30,072.00 0.67600
Belgium
IRIS GROUP EUR 110,400.00 2.462,300
MELEXIS NV EUR 83,895.00 1.878,500
224,367.00 5.00
INDRA SISTEMAS SA EUR 134,575.60 3.008,020
Spain
134,575.60 3.00
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
NICE SYSTEMS LTD -CERT ADR- USD 87,267.29 1.954,500
Israel
87,267.29 1.95
TANDBERG ASA NOK 47,021.28 1.055,000
Norway
47,021.28 1.05
VASCO DATA SECURITY INTL USD 29,502.01 0.664,000
United States
29,502.01 0.66
4,291,519.67 95.65
TELDAFAX AG EUR 0.00 0.0017,200
Other transferable securities and money market instruments
SharesGermany
0.00 0.00
BRICSNET NV EUR 0.00 0.002,500
Belgium
0.00 0.00
0.00 0.00
Total securities portfolio 4,291,519.67 95.65
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 4,291,519.67 95.65
Cash at bank 328,814.24 7.33
Other assets and liabilities (133,746.11) (2.98)
Total net assets 4,486,587.80 100.00
ING (L) Invest - European Materials
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
110 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 24,972,211.03EUR30/09/2007 62,941,465.61EUR30/09/2006 39,970,086.37EUR
Capitalisation P (EUR) 331.7630/09/2008 EUR529.4230/09/2007 EUR392.6930/09/2006 EUR
Capitalisation I (EUR) 3,505.2930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 318.9730/09/2008 EUR511.3830/09/2007 EUR381.1830/09/2006 EUR
Distribution P (EUR) 1,152.0930/09/2008 EUR1,862.8130/09/2007 EUR1,402.8830/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 51,01030/09/200865,62630/09/200753,98930/09/2006
Capitalisation I (EUR) 21030/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 14,36230/09/200843,30730/09/200736,59830/09/2006
Distribution P (EUR) 2,37230/09/20083,24930/09/20073,43530/09/2006
Number of shares
Distribution P (EUR) 23.0019/12/2007 EUR
Dividend
Distribution P (EUR) 23.0015/12/2006 EUR
Distribution P (EUR) 18.0015/12/2005 EUR
Capitalisation P (EUR) 1.71%30/09/2008
Capitalisation I (EUR) 0.73%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (EUR) 2.13%30/09/2008
Distribution P (EUR) 1.73%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 (19.63%)
ING (L) Invest - European Materials
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
111ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 24,367,039.35
Shares 24,367,039.35
Cash at bank 375,134.72
Other assets 298,212.353
Total assets 25,040,386.42
Current liabilities (68,175.39)3
Total liabilities (68,175.39)
Net assets at the end of the year 24,972,211.03
Notes
Statement of net assets as at 30/09/2008
Total income 1,018,073.98
Dividends 936,400.93
Bank interest 19,546.13
Other income 62,126.928
Total expenses (875,158.82)
Management fees (700,012.95)4
Custodian fees (35,657.13)5
Subscription tax (19,952.81)6
Bank interest (2,669.40)
Other expenses (116,866.53)7
Net investment income 142,915.16
Net realised gains or (losses) on securities portfolio 3,727,249.01
Net realised gains or (losses) on currency (119,567.24)
Changes in net unrealised gains or (losses) on securitiesportfolio
(21,418,946.57)
Result of operations (17,668,349.64)
Subscriptions 42,490,290.22
Redemptions (62,712,315.67)
Distribution (78,879.49)
Net assets at the beginning of the year 62,941,465.61
Net assets at the end of the year 24,972,211.03
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European Materials(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
112 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ANGLO AMERICAN PLC GBP 1,679,457.68 6.7371,343
Transferable securities and money market instruments listed onan official stock exchange
Shares
United Kingdom
BHP BILLITON PLC GBP 1,650,008.97 6.61103,273
EURASIAN NATURAL RESOURCES GBP 335,376.40 1.3452,332
PETER HAMBRO MINING PLC GBP 313,297.49 1.2549,228
RIO TINTO PLC ORD GBP 2,194,042.01 8.7949,810
VEDANTA RESOURCES PLC GBP 572,988.32 2.2939,160
6,745,170.87 27.01
BAYER AG EUR 931,312.20 3.7317,979
Germany
K&S AG EUR 940,940.80 3.7719,345
LANXESS AG EUR 241,651.52 0.9712,482
LINDE AG EUR 1,310,785.68 5.2417,366
SYMRISE AG EUR 674,040.00 2.7056,170
THYSSEN KRUPP AG EUR 824,165.70 3.3039,190
WACKER CHEMIE AG EUR 518,408.10 2.085,166
5,441,304.00 21.79
SYNGENTA AG CHF 1,274,253.46 5.108,461
Switzerland
XSTRATA PLC GBP 1,223,041.98 4.9056,163
2,497,295.44 10.00
ARCELORMITTAL EUR 1,827,448.38 7.3252,027
Luxembourg
1,827,448.38 7.32
ISRAEL CHEMICALS LTD ILS 608,873.22 2.4457,607
Israel
MAKHTESHIM-AGAN INDUSTRIES ILS 544,424.17 2.18117,592
1,153,297.39 4.62
AKZO NOBEL NV EUR 1,105,765.43 4.4332,895
Netherlands
1,105,765.43 4.43
JSC MMC NORILSK NICKEL-ADR USD 333,601.92 1.3434,279
Russia
SEVERSTAL GDR USD 426,276.72 1.7057,574
URALKALI OJSC-GDR- USD 334,630.95 1.3415,472
1,094,509.59 4.38
LAFARGE SA EUR 746,533.43 2.9910,117
France
VALLOUREC EUR 276,741.92 1.111,832
1,023,275.35 4.10
CRH PLC EUR 726,645.00 2.9148,443
Ireland
SMURFIT KAPPA PLC EUR 153,802.56 0.6250,928
880,447.56 3.53
SSAB SVENSKT STAL AB-SER A SEK 833,043.37 3.3475,898
Sweden
833,043.37 3.34
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
UMICORE EUR 670,322.18 2.6831,055
Belgium
UMICORE VVPR STRIP EUR 7.50 0.00375
670,329.68 2.68
UPM-KYMMENE CORP EUR 461,668.00 1.8542,200
Finland
461,668.00 1.85
ALAPIS SA EUR 400,139.50 1.60268,550
Greece
400,139.50 1.60
YARA INTERNATIONAL ASA NOK 233,340.92 0.939,546
Norway
233,340.92 0.93
MONDI LTD ZAR 3.87 0.001
South Africa
3.87 0.00
24,367,039.35 97.58
Total securities portfolio 24,367,039.35 97.58
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 24,367,039.35 97.58
Cash at bank 375,134.72 1.50
Other assets and liabilities 230,036.96 0.92
Total net assets 24,972,211.03 100.00
ING (L) Invest - European New Offerings
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
113ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 15,105,081.62EUR30/09/2007 31,395,992.23EUR30/09/2006 32,856,915.18EUR
Capitalisation P (EUR) 221.2330/09/2008 EUR339.9430/09/2007 EUR306.6830/09/2006 EUR
Capitalisation X (EUR) 212.9430/09/2008 EUR328.7630/09/2007 EUR298.0530/09/2006 EUR
Distribution P (EUR) 800.8330/09/2008 EUR1,247.4930/09/2007 EUR1,140.4730/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 50,73730/09/200869,13430/09/200780,32530/09/2006
Capitalisation X (EUR) 4,99730/09/20088,40330/09/20077,05230/09/2006
Distribution P (EUR) 3,51730/09/20084,11430/09/20075,36730/09/2006
Number of shares
Distribution P (EUR) 16.0019/12/2007 EUR
Dividend
Distribution P (EUR) 16.0015/12/2006 EUR
Distribution P (EUR) 11.0015/12/2005 EUR
Capitalisation P (EUR) 1.60%30/09/2008
Capitalisation X (EUR) 2.07%30/09/2008
Distribution P (EUR) 1.62%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 88.33%
ING (L) Invest - European New Offerings
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
114 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 15,030,157.67
Shares 15,030,157.67
Total financial derivative instruments 3,117.55
Warrants and rights 3,117.55
Cash at bank 197,969.84
Other assets 21,567.753
Total assets 15,252,812.81
Current liabilities (147,731.19)3
Total liabilities (147,731.19)
Net assets at the end of the year 15,105,081.62
Notes
Statement of net assets as at 30/09/2008
Total income 652,203.67
Dividends 616,740.86
Interest on bonds and other debt instruments 10.74
Bank interest 15,287.67
Other income 20,164.408
Total expenses (393,443.29)
Management fees (301,940.89)4
Custodian fees (16,483.62)5
Subscription tax (10,664.57)6
Bank interest (9,796.37)
Other expenses (54,557.84)7
Net investment income 258,760.38
Net realised gains or (losses) on securities portfolio (2,111,995.04)
Net realised gains or (losses) on financial derivativeinstruments
(2.08)
Net realised gains or (losses) on currency (16,393.01)
Changes in net unrealised gains or (losses) on securitiesportfolio
(7,430,145.59)
Changes in net unrealised gains or (losses) on financialderivative instruments
(5,118.54)
Result of operations (9,304,893.88)
Subscriptions 352,598.55
Redemptions (7,275,863.28)
Distribution (62,752.00)
Net assets at the beginning of the year 31,395,992.23
Net assets at the end of the year 15,105,081.62
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European New Offerings(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
115ING INVESTMENT MANAGEMENT
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Securities portfolio as at 30/09/2008
ENTERPRISE INNS GBP 42,253.31 0.2818,653
Transferable securities and money market instruments listed onan official stock exchange
Shares
United Kingdom
IMPERIAL ENERGY CORP GBP 310,817.40 2.0624,083
IMPERIAL TOBACCO GROUP PLC GBP 456,342.22 3.0220,011
RECKITT BENCKISER GROUP PLC GBP 517,532.65 3.4315,043
REXAM PLC GBP 144,457.42 0.9628,965
STANDARD LIFE INVESTMENTS GBP 389,144.16 2.58127,769
TESCO PLC GBP 699,224.49 4.62142,154
UNILEVER PLC GBP 687,372.28 4.5435,588
3,247,143.93 21.49
ACCOR SA EUR 158,208.38 1.054,233
France
AXA EUR 419,596.67 2.7818,327
CREDIT AGRICOLE SA EUR 84,116.38 0.566,275
NATIXIS EUR 100,968.39 0.6744,091
SAFT GROUPE EUR 209,839.80 1.397,505
STE GENERALE EUR 675,056.00 4.4610,888
VALLOUREC EUR 406,955.64 2.692,694
VELCAN ENERGY EUR 77,132.34 0.513,606
VEOLIA ENVIRONNEMENT EUR 164,530.50 1.095,700
VINCI EUR 307,571.48 2.049,326
VIVENDI EUR 424,853.88 2.8119,294
3,028,829.46 20.05
ALLIANZ SE-REG EUR 266,888.16 1.772,772
Germany
BAYER AG EUR 366,329.60 2.427,072
COMMERZBANK AG EUR 49,140.00 0.334,725
DEUTSCHE BOERSE AG EUR 179,538.57 1.192,811
MERCK KGAA EUR 734,697.60 4.859,744
Q-CELLS AG EUR 176,062.95 1.173,005
ROTH + RAU AG EUR 140,056.00 0.935,740
WACKER CHEMIE AG EUR 144,403.65 0.961,439
2,057,116.53 13.62
NOVARTIS AG CHF 797,432.41 5.2821,451
Switzerland
SYNGENTA AG CHF 265,212.19 1.761,761
UBS AG CHF 533,874.92 3.5345,550
XSTRATA PLC GBP 434,139.29 2.8719,936
2,030,658.81 13.44
ELECTROMAGNETIC GEOSERVICES NOK 40,251.96 0.2726,850
Norway
STATOILHYDRO ASA NOK 497,094.66 3.2929,721
TELENOR ASA NOK 217,706.23 1.4425,181
755,052.85 5.00
BINCKBANK EUR 145,918.08 0.9727,072
Netherlands
NEW WORLD RESOURCES NV-A GBP 137,211.93 0.9115,670
SAMAS NV EUR 333,256.94 2.20187,223
616,386.95 4.08
ANHEUSER-BUSH INBEV SA EUR 326,061.99 2.167,794
Belgium
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
FORTIS EUR 71,583.60 0.4716,269
FORTIS STRIP VVPR EUR 94.00 0.009,400
KBC GROUPE EUR 155,536.92 1.032,604
553,276.51 3.66
ASSICURAZIONI GENERALI EUR 297,416.98 1.9712,721
Italy
ENEL SPA EUR 207,958.23 1.3835,307
505,375.21 3.35
GRUPPA KOMPANY PIK GDR USD 19,931.51 0.135,384
Russia
PHARMSTANDARD-OKTYABR OAO USD 246,678.43 1.6319,971
URALKALI OJSC-GDR- USD 93,239.01 0.624,311
359,848.95 2.38
FORTUM OYJ EUR 303,097.32 2.0112,854
Finland
303,097.32 2.01
DOCKWISE LTD NOK 176,847.90 1.17132,912
Bermuda
EASTPHARMA SARL- GDR REG USD 79,980.49 0.5349,710
256,828.39 1.70
KAPSCH TRAFFICCOM AG EUR 100,672.50 0.674,330
Austria
WIENER STADTISCHE VERSICHERUNG EUR 147,952.26 0.984,226
248,624.76 1.65
BANK OF PIRAEUS EUR 176,247.50 1.1712,155
Greece
EFG EUROBANK ERGASIAS EUR 68,224.40 0.455,372
244,471.90 1.62
PARK PLAZA HOTELS LTD GBP 218,724.67 1.4597,929
Guernsey
218,724.67 1.45
SSAB SVENSKT STAL AB-SER B SEK 170,290.68 1.1317,886
Sweden
170,290.68 1.13
CARLSBERG AS-B DKK 167,655.87 1.113,143
Denmark
167,655.87 1.11
INDITEX EUR 160,682.28 1.065,412
Spain
160,682.28 1.06
SMURFIT KAPPA PLC EUR 106,092.60 0.7035,130
Ireland
106,092.60 0.70
15,030,157.67 99.50
Total securities portfolio 15,030,157.67 99.50
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING (L) Invest - European New Offerings(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
116 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
EFG EUROBK ERGASIAS 14/09/07 RTS EUR 3,110.405,760
Rights
ELECTROMAG GEOS RTS 2008 NOK 7.155,939
3,117.55
NameQuantity/Nominal
Market valuein EUR
Currency
Total financial derivative instruments 3,117.55
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 15,030,157.67 99.50
Total financial derivative instruments 3,117.55 0.02
Cash at bank 197,969.84 1.31
Other assets and liabilities (126,163.44) (0.83)
Total net assets 15,105,081.62 100.00
ING (L) Invest - European Real Estate
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
117ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
#Conversion rate: 1 EUR = 30.1260 SKK was used to calculate the informative values in EUR.
Statistics
30/09/2008Net assets 73,806,921.44EUR30/09/2007 147,184,466.39EUR30/09/2006 169,642,905.90EUR
Capitalisation P (EUR) 545.2230/09/2008 EUR826.3630/09/2007 EUR855.9830/09/2006 EUR
Capitalisation X (SKK) 15,901.3430/09/2008 SKK-30/09/2007 SKK-30/09/2006 SKK
Capitalisation X (SKK)# #30/09/2008 EUR 527.8291 - #30/09/2007 EUR - #30/09/2006 EUR
Capitalisation X (CZK) 12,893.9030/09/2008 CZK21,934.7830/09/2007 CZK
-30/09/2006 CZK
Capitalisation I (EUR) 557.0930/09/2008 EUR836.5630/09/2007 EUR
-30/09/2006 EUR
Capitalisation X (EUR) 523.7930/09/2008 EUR798.0030/09/2007 EUR831.0130/09/2006 EUR
Distribution P (EUR) 1,777.4230/09/2008 EUR2,762.8430/09/2007 EUR2,919.9730/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 84,70330/09/2008142,51330/09/2007157,33530/09/2006
Capitalisation X (SKK) 17930/09/2008-30/09/2007-30/09/2006
Capitalisation X (CZK) 63830/09/2008930/09/2007-30/09/2006
Capitalisation I (EUR) 26,61630/09/200844430/09/2007
-30/09/2006
Capitalisation X (EUR) 15,39330/09/200827,32130/09/200733,01130/09/2006
Number of shares
Distribution P (EUR) 2,42230/09/20082,61930/09/20072,58030/09/2006
Number of shares
Distribution P (EUR) 58.0019/12/2007 EUR
Dividend
Distribution P (EUR) 65.0015/12/2006 EUR
Distribution P (EUR) 58.0015/12/2005 EUR
Capitalisation P (EUR) 1.62%30/09/2008
Capitalisation X (SKK) 2.19%30/09/2008
Capitalisation X (CZK) 2.19%30/09/2008
Capitalisation I (EUR) 0.71%30/09/2008
Capitalisation X (EUR) 2.19%30/09/2008
Distribution P (EUR) 1.64%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 108.02%
ING (L) Invest - European Real Estate
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
118 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 67,263,483.60
Shares 67,263,483.60
Cash at bank 6,080,369.88
Other assets 2,112,772.873
Total assets 75,456,626.35
Bank overdrafts (1,833.26)
Current liabilities (1,647,871.65)3
Total liabilities (1,649,704.91)
Net assets at the end of the year 73,806,921.44
Notes
Statement of net assets as at 30/09/2008
Total income 2,797,748.18
Dividends 2,490,458.29
Bank interest 202,615.11
Other income 104,674.788
Total expenses (1,573,926.64)
Management fees (1,285,696.22)4
Custodian fees (63,832.22)5
Subscription tax (39,606.61)6
Bank interest (7,382.40)
Other expenses (177,409.19)7
Net investment income 1,223,821.54
Net realised gains or (losses) on securities portfolio (35,570,734.50)
Net realised gains or (losses) on financial derivativeinstruments
121,863.35
Net realised gains or (losses) on currency (247,833.60)
Changes in net unrealised gains or (losses) on securitiesportfolio
(5,133,319.79)
Changes in net unrealised gains or (losses) on financialderivative instruments
9,485.24
Result of operations (39,596,717.76)
Subscriptions 32,787,418.79
Redemptions (66,416,727.13)
Distribution (151,518.85)
Net assets at the beginning of the year 147,184,466.39
Net assets at the end of the year 73,806,921.44
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European Real Estate(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
119ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
#Conversion rate: 1 EUR = 30.1260 SKK was used to calculate the informative values in EUR.
Securities portfolio as at 30/09/2008
FONCIERE DES REGIONS EUR 2,895,350.00 3.9239,500
Transferable securities and money market instruments listed onan official stock exchange
Shares
France
KLEPIERRE EUR 3,312,980.00 4.49121,000
MERCIALYS PROMESSES DACTIONS EUR 4,512,000.00 6.11150,000
SILIC EUR 1,957,500.00 2.6522,500
UNIBAIL HOLDING EUR 7,106,000.00 9.6350,000
19,783,830.00 26.80
BRITISH LAND COMPANY PLC GBP 6,452,963.20 8.74683,000
United Kingdom
HAMMERSON PLC GBP 3,511,865.48 4.76285,000
LAND SECURITIES GROUP PLC GBP 3,251,903.55 4.41205,000
SHAFTESBURY PLC GBP 2,010,628.17 2.72375,000
ST MODWEN PROPERTIES GBP 1,895,304.57 2.57515,000
17,122,664.97 23.20
CORIO NV EUR 3,392,180.00 4.6068,000
Netherlands
EUROCOMMERCIAL PROPERTIES NV EUR 1,891,000.00 2.5662,000
NIEUWE STEEN INVESTMENTS NV EUR 3,150,000.00 4.27200,000
WERELDHAVE NV EUR 6,627,620.00 8.9896,500
15,060,800.00 20.41
CASTELLUM AB SEK 3,158,996.35 4.28520,000
Sweden
HUFVUDSTADEN AB-A SHS SEK 2,245,705.39 3.04415,000
5,404,701.74 7.32
ALLREAL HOLDING AG CHF 244,001.27 0.333,026
Switzerland
PSP SWISS PROPERTY AG CHF 3,499,841.27 4.7485,000
3,743,842.54 5.07
DEUTSHE EUROSHOP AG EUR 3,456,000.00 4.68150,000
Germany
3,456,000.00 4.68
SINPAS GAYRIMENKUL YATIRIM TRY 1,691,144.35 2.291,020,000
Turkey
1,691,144.35 2.29
CITYCON OYJ EUR 1,000,500.00 1.36435,000
Finland
1,000,500.00 1.36
67,263,483.60 91.13
Total securities portfolio 67,263,483.60 91.13
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 67,263,483.60 91.13
Cash at bank 6,080,369.88 8.24
Other assets and liabilities 463,067.96 0.63
Total net assets 73,806,921.44 100.00
ING (L) Invest - European Sector Allocation
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
120 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 82,696,224.02EUR30/09/2007 146,610,080.81EUR30/09/2006 178,607,837.58EUR
Capitalisation P (EUR) 187.6530/09/2008 EUR265.2530/09/2007 EUR239.4530/09/2006 EUR
Capitalisation X (EUR) 180.4930/09/2008 EUR256.3530/09/2007 EUR232.5230/09/2006 EUR
Distribution P (EUR) 656.8130/09/2008 EUR945.3830/09/2007 EUR868.8430/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 361,18630/09/2008440,69130/09/2007600,27430/09/2006
Capitalisation X (EUR) 11,85530/09/200828,94730/09/200731,92630/09/2006
Distribution P (EUR) 19,46030/09/200823,58630/09/200731,59630/09/2006
Number of shares
Distribution P (EUR) 16.0019/12/2007 EUR
Dividend
Distribution P (EUR) 16.0015/12/2006 EUR
Distribution P (EUR) 14.0015/12/2005 EUR
Capitalisation P (EUR) 1.60%30/09/2008
Capitalisation X (EUR) 2.07%30/09/2008
Distribution P (EUR) 1.62%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 126.24%
ING (L) Invest - European Sector Allocation
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
121ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 81,021,088.84
Shares 81,021,088.84
Cash at bank 10,461,333.25
Other assets 845,495.283
Total assets 92,327,917.37
Current liabilities (9,631,693.35)3
Total liabilities (9,631,693.35)
Net assets at the end of the year 82,696,224.02
Notes
Statement of net assets as at 30/09/2008
Total income 3,100,100.92
Dividends 2,800,890.50
Bank interest 122,430.28
Other income 176,780.148
Total expenses (1,901,674.56)
Management fees (1,473,915.61)4
Custodian fees (83,804.31)5
Subscription tax (53,056.06)6
Bank interest (11,768.05)
Other expenses (279,130.53)7
Net investment income 1,198,426.36
Net realised gains or (losses) on securities portfolio (12,876,046.97)
Net realised gains or (losses) on financial derivativeinstruments
(14,727.20)
Net realised gains or (losses) on currency (213,409.43)
Changes in net unrealised gains or (losses) on securitiesportfolio
(26,062,311.91)
Result of operations (37,968,069.15)
Subscriptions 12,893,963.75
Redemptions (38,478,763.07)
Distribution (360,988.32)
Net assets at the beginning of the year 146,610,080.81
Net assets at the end of the year 82,696,224.02
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European Sector Allocation(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
122 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ACERGY SA NOK 826,695.56 1.00119,400
Transferable securities and money market instruments listed onan official stock exchange
Shares
United Kingdom
ARM HOLDINGS PLC GBP 797,011.42 0.96661,100
BG GROUP PLC GBP 3,054,426.40 3.70237,600
HSBC HOLDINGS GBP 2,045,544.42 2.48178,900
INTERNATIONAL POWER PLC GBP 1,300,096.45 1.57283,200
PETROFAC LTD GBP 910,012.69 1.10123,000
PRUDENTIAL PLC GBP 1,681,808.63 2.03261,136
RECKITT BENCKISER GROUP PLC GBP 1,981,644.67 2.4057,600
REED ELSEVIER PLC GBP 1,613,690.67 1.95229,115
ROYAL BANK OF SCOTLAND GROUP GBP 420,922.59 0.51185,300
SCOTTISH AND SOUTHERN ENERGY PLC GBP 1,359,996.19 1.6475,100
SMITH & NEPHEW PLC GBP 1,285,500.00 1.55171,400
STANDARD CHARTERED PLC GBP 2,068,637.31 2.51121,196
VEDANTA RESOURCES PLC GBP 1,065,208.12 1.2972,800
WPP GROUP PLC GBP 1,967,106.60 2.38346,000
22,378,301.72 27.07
ALLIANZ SE-REG EUR 1,299,780.00 1.5713,500
Germany
BAYER AG EUR 1,750,840.00 2.1233,800
DEUTSCHE POST AG-REG EUR 919,316.00 1.1162,200
FRESENIUS AG PREF. EUR 1,341,178.00 1.6226,200
GEA GROUP AG EUR 628,360.00 0.7646,000
K&S AG EUR 1,926,144.00 2.3339,600
Q-CELLS AG EUR 650,349.00 0.7911,100
ROTH + RAU AG EUR 563,640.00 0.6823,100
SAP AG EUR 2,049,248.00 2.4854,400
SIEMENS AG EUR 2,071,125.00 2.5031,500
13,199,980.00 15.96
AXA EUR 2,012,470.50 2.4387,900
France
BNP PARIBAS EUR 2,121,168.00 2.5732,100
DANONE GROUPE EUR 1,920,000.00 2.3238,400
LVMH EUR 1,593,150.00 1.9325,800
TOTAL SA EUR 2,605,896.00 3.1561,200
VINCI EUR 870,672.00 1.0526,400
11,123,356.50 13.45
BANCO BILBAO VIZCAYA ARGENTA EUR 1,767,132.00 2.14154,200
Spain
BANCO SANTANDER SA EUR 1,895,250.00 2.29180,500
IBERDROLA SA EUR 2,003,484.00 2.42280,600
TELEFONICA SA EUR 1,454,014.00 1.7686,600
7,119,880.00 8.61
NESTLE SA CHF 2,965,447.62 3.5996,900
Switzerland
ROCHE HOLDING AG-GENUSSCHEIN CHF 1,983,206.35 2.4017,900
XSTRATA PLC GBP 945,106.60 1.1443,400
5,893,760.57 7.13
ING GROEP NV EUR 1,563,171.00 1.89104,700
Netherlands
KONINKLIJKE KPN NV EUR 2,228,990.40 2.70218,700
3,792,161.40 4.59
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
INTESA SANPAOLO EUR 1,210,406.00 1.46314,800
Italy
PRYSMIAN SPA EUR 840,420.00 1.0260,900
SAIPEM SPA EUR 959,968.00 1.1645,800
3,010,794.00 3.64
GAZPROM OAO-SPONS. ADR REG.S USD 1,297,800.16 1.5758,900
Russia
URALKALI OJSC-GDR- USD 1,686,996.76 2.0478,000
2,984,796.92 3.61
FORTUM OYJ EUR 1,650,600.00 1.9970,000
Finland
METSO OYJ EUR 757,908.00 0.9244,400
2,408,508.00 2.91
OSTER ELEKTRIZATSWITS-CL A EUR 1,264,295.00 1.5329,300
Austria
RAIFFEISEN INTERNATIONAL BANK EUR 654,607.00 0.7913,100
1,918,902.00 2.32
BANK OF PIRAEUS EUR 896,100.00 1.0861,800
Greece
NATIONAL BANK OF GREECE EUR 909,440.00 1.1032,480
1,805,540.00 2.18
TELENOR ASA NOK 1,472,354.98 1.78170,300
Norway
1,472,354.98 1.78
ANHEUSER-BUSH INBEV SA EUR 1,380,555.00 1.6733,000
Belgium
1,380,555.00 1.67
BIM BIRLESIK MAGAZALAR TRY 837,170.22 1.0137,600
Turkey
TURKIYE HALK BANKASI TRY 513,065.03 0.62159,300
1,350,235.25 1.63
ARCELORMITTAL EUR 748,162.50 0.9021,300
Luxembourg
748,162.50 0.90
JERONIMO MARTINS SGPS SA EUR 433,800.00 0.5272,300
Portugal
433,800.00 0.52
81,021,088.84 97.97
Total securities portfolio 81,021,088.84 97.97
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 81,021,088.84 97.97
Cash at bank 10,461,333.25 12.65
Other assets and liabilities (8,786,198.07) (10.62)
Total net assets 82,696,224.02 100.00
ING (L) Invest - European Small Caps
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
123ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 15,643,311.13EUR30/09/2007 62,879,438.20EUR30/09/2006 59,767,549.29EUR
Capitalisation P (EUR) 16.3330/09/2008 EUR27.7530/09/2007 EUR22.6930/09/2006 EUR
Capitalisation I (EUR) 16.5830/09/2008 EUR27.9230/09/2007 EUR22.7630/09/2006 EUR
Capitalisation X (EUR) 15.7030/09/2008 EUR26.8030/09/2007 EUR22.0430/09/2006 EUR
Distribution P (EUR) 99.9830/09/2008 EUR172.0730/09/2007 EUR140.7430/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 359,31230/09/20081,118,10030/09/20071,595,81130/09/2006
Capitalisation I (EUR) 100,82730/09/2008282,21730/09/2007121,99630/09/2006
Capitalisation X (EUR) 466,62330/09/2008814,15430/09/2007853,48030/09/2006
Distribution P (EUR) 7,76430/09/200812,52230/09/200713,97330/09/2006
Number of shares
Distribution P (EUR) 2.0019/12/2007 EUR
Dividend
Capitalisation P (EUR) 1.63%30/09/2008
Capitalisation I (EUR) 0.83%30/09/2008
Capitalisation X (EUR) 2.14%30/09/2008
Distribution P (EUR) 1.65%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 (5.68%)
ING (L) Invest - European Small Caps
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
124 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 15,375,852.31
Shares 15,375,852.31
Cash at bank 170,319.24
Other assets 155,684.423
Total assets 15,701,855.97
Current liabilities (58,544.84)3
Total liabilities (58,544.84)
Net assets at the end of the year 15,643,311.13
Notes
Statement of net assets as at 30/09/2008
Total income 659,038.66
Dividends 603,854.37
Bank interest 30,101.80
Other income 25,082.498
Total expenses (575,021.96)
Management fees (472,671.30)4
Custodian fees (21,174.52)5
Subscription tax (12,228.39)6
Bank interest (6,757.45)
Other expenses (62,190.30)7
Net investment income 84,016.70
Net realised gains or (losses) on securities portfolio (4,438,530.58)
Net realised gains or (losses) on financial derivativeinstruments
(349.73)
Net realised gains or (losses) on currency (15,521.16)
Changes in net unrealised gains or (losses) on securitiesportfolio
(11,724,593.85)
Result of operations (16,094,978.62)
Subscriptions 18,209,229.68
Redemptions (49,329,366.13)
Distribution (21,012.00)
Net assets at the beginning of the year 62,879,438.20
Net assets at the end of the year 15,643,311.13
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European Small Caps(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
125ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ARICOM PLC GBP 84,394.04 0.54266,010
Transferable securities and money market instruments listed onan official stock exchange
Shares
United Kingdom
CATTLES PLC GBP 101,602.16 0.65105,000
CHAUCER HOLDINGS GBP 333,447.97 2.13477,740
FRENCH CONNECTION GROUP PLC GBP 81,124.57 0.5290,355
GREENE KING GBP 173,794.42 1.1130,000
GROUP 4 SECURICOR PLC GBP 431,260.76 2.75167,819
HOGG ROBINSON GROUP PLC GBP 396,019.75 2.52931,533
JUST RETIREMENT GBP GBP 143,051.98 0.91140,031
LOW & BONAR PLC GBP 176,199.05 1.13151,743
MICHAEL PAGE INTERNATIONAL PLC GBP 134,833.06 0.8645,995
MITIE GROUP PLC GBP 263,680.58 1.69100,620
PETER HAMBRO MINING PLC GBP 96,729.68 0.6215,199
PUNCH TAVERNS PLC GBP 154,187.82 0.9990,000
ST JAMES S PLACE PLC GBP 354,695.43 2.27130,000
TED BAKER PLC GBP 251,869.23 1.6156,545
WORKSPACE GROUP PLC GBP 54,892.12 0.3533,531
3,231,782.62 20.65
AAREAL BANK AG EUR 64,365.29 0.417,966
Germany
CARL ZEISS MEDITEC AG EUR 467,139.66 2.9946,069
GERRY WEBER INTERNATIONAL AG EUR 364,518.30 2.3322,998
KLOECKNER AND CO SE EUR 226,683.42 1.4514,106
KONTRON AG EUR 367,869.60 2.3551,093
MVV ENERGIE AG EUR 497,966.80 3.1914,999
PRAKTIKER BAU-UND HEIMWERK A EUR 203,779.51 1.3031,399
ROTH + RAU AG EUR 414,800.00 2.6517,000
2,607,122.58 16.67
AUDIKA EUR 331,323.60 2.1212,842
France
CARBONE LORRAINE EUR 211,343.50 1.356,385
LAURENT PERRIER GROUP EUR 488,185.40 3.125,476
LISI EUR 279,316.80 1.795,868
SAFT GROUPE EUR 459,047.28 2.9316,418
SELOGER.COM EUR 222,615.30 1.4217,257
SR. TELEPERFORMANCE EUR 136,089.78 0.876,954
VRANKEN - POMMERY MONOPOLE EUR 420,992.00 2.6910,120
2,548,913.66 16.29
ANGPANNEFOERENINGEN AB -B- SEK 423,894.43 2.7127,314
Sweden
INTRUM JUSTITIA AB SEK 214,574.57 1.3728,789
KAPPAHL HOLDING SEK 199,432.12 1.2754,258
LINDAB INTERNATIONAL AB SEK 163,656.35 1.0519,139
PROFFICE AB SEK 600,249.19 3.84374,458
1,601,806.66 10.24
BINCKBANK EUR 171,288.81 1.0931,779
Netherlands
DRAKA HOLDING EUR 244,227.08 1.5616,972
SAMAS NV EUR 379,109.74 2.43212,983
UNIT 4 AGRESSO NV EUR 344,181.68 2.2027,403
USG PEOPLE NV EUR 279,541.20 1.7928,968
1,418,348.51 9.07
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
DUFRY AG CHF 229,679.33 1.477,031
Switzerland
KABA HOLDING AG B CHF 561,267.78 3.592,989
790,947.11 5.06
CATLIN GROUP LTD GBP 433,925.38 2.7899,327
Bermuda
DOCKWISE LTD NOK 277,623.47 1.77208,651
711,548.85 4.55
FYFFES PLC EUR 109,431.04 0.70341,972
Ireland
KINGSPAN GROUP PLC EUR 345,600.00 2.2154,000
SMURFIT KAPPA PLC EUR 120,800.00 0.7740,000
575,831.04 3.68
MARINE HARVEST ASA NOK 296,077.84 1.89856,743
Norway
SONGA OFFSHORE ASA NOK 198,681.48 1.2730,000
494,759.32 3.16
KAPSCH TRAFFICCOM AG EUR 319,408.50 2.0413,738
Austria
319,408.50 2.04
OMEGA PHARMA SA EUR 307,560.15 1.9710,201
Belgium
307,560.15 1.97
POHJOLA BANK PLC EUR 287,681.94 1.8428,371
Finland
287,681.94 1.84
LAMPRELL PLC GBP 183,597.72 1.1745,000
United Arab Emirates
183,597.72 1.17
DANIELI C.OFFICINE EPAR.NCV EUR 144,900.00 0.9314,000
Italy
144,900.00 0.93
SIMCORP AS DKK 82,158.37 0.531,000
Denmark
82,158.37 0.53
MICHANIKI SA EUR 69,485.28 0.4430,476
Greece
69,485.28 0.44
15,375,852.31 98.29
Total securities portfolio 15,375,852.31 98.29
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 15,375,852.31 98.29
Cash at bank 170,319.24 1.09
Other assets and liabilities 97,139.58 0.62
Total net assets 15,643,311.13 100.00
ING (L) Invest - European Telecom
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
126 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 77,713,163.67EUR30/09/2007 185,832,465.94EUR30/09/2006 107,881,546.34EUR
Capitalisation P (EUR) 133.9330/09/2008 EUR188.8530/09/2007 EUR149.2230/09/2006 EUR
Capitalisation I (EUR) 4,481.7630/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 128.8930/09/2008 EUR182.6030/09/2007 EUR144.9830/09/2006 EUR
Distribution P (EUR) 466.7630/09/2008 EUR675.1330/09/2007 EUR545.7030/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 420,99130/09/2008755,97530/09/2007535,04630/09/2006
Capitalisation I (EUR) 57230/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 36,54930/09/2008109,68830/09/200780,07730/09/2006
Distribution P (EUR) 30,11330/09/200834,11930/09/200730,11530/09/2006
Number of shares
Distribution P (EUR) 17.0019/12/2007 EUR
Dividend
Distribution P (EUR) 14.0015/12/2006 EUR
Distribution P (EUR) 11.0015/12/2005 EUR
Capitalisation P (EUR) 1.66%30/09/2008
Capitalisation I (EUR) 0.77%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (EUR) 2.13%30/09/2008
Distribution P (EUR) 1.68%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 3.84%
ING (L) Invest - European Telecom
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
127ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 75,109,279.43
Shares 75,109,279.43
Cash at bank 2,678,236.46
Other assets 259,975.603
Total assets 78,047,491.49
Current liabilities (334,327.82)3
Total liabilities (334,327.82)
Net assets at the end of the year 77,713,163.67
Notes
Statement of net assets as at 30/09/2008
Total income 5,559,812.22
Dividends 4,992,519.94
Interest on bonds and other debt instruments 1.81
Bank interest 105,120.44
Other income 462,170.038
Total expenses (2,357,363.25)
Management fees (1,849,861.93)4
Custodian fees (91,934.44)5
Subscription tax (59,473.22)6
Bank interest (38,489.84)
Other expenses (317,603.82)7
Net investment income 3,202,448.97
Net realised gains or (losses) on securities portfolio 2,655,459.47
Net realised gains or (losses) on financial derivativeinstruments
(368.11)
Net realised gains or (losses) on currency (175,255.91)
Changes in net unrealised gains or (losses) on securitiesportfolio
(44,737,362.98)
Result of operations (39,055,078.56)
Subscriptions 84,585,478.36
Redemptions (153,071,270.03)
Distribution (578,432.04)
Net assets at the beginning of the year 185,832,465.94
Net assets at the end of the year 77,713,163.67
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - European Telecom(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
128 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
BT GROUP PLC GBP 752.35 0.00368
Transferable securities and money market instruments listed onan official stock exchange
Shares
United Kingdom
CABLE & WIRELESS PLC GBP 3,821,808.76 4.921,819,689
VODAFONE GROUP GBP 6,636,114.28 8.554,261,824
10,458,675.39 13.47
BOUYGUES EUR 3,334,702.50 4.29105,030
France
FRANCE TELECOM SA EUR 3,728,399.40 4.80188,303
ILIAD SA EUR 1,667,364.00 2.1528,400
8,730,465.90 11.24
TELEFONICA SA EUR 7,789,955.56 10.02463,964
Spain
7,789,955.56 10.02
KONINKLIJKE KPN NV EUR 7,392,206.64 9.51725,295
Netherlands
7,392,206.64 9.51
TELE2 AB -B- SEK 2,826,593.64 3.64356,069
Sweden
TELIASONERA AB SEK 3,383,696.45 4.35847,590
6,210,290.09 7.99
TELENOR ASA NOK 6,191,793.03 7.97716,174
Norway
6,191,793.03 7.97
BELGACOM SA EUR 2,492,238.50 3.2194,100
Belgium
MOBISTAR SA EUR 2,514,858.48 3.2350,555
5,007,096.98 6.44
DEUTSCHE TELEKOM AG EUR 4,051,167.81 5.21376,153
Germany
4,051,167.81 5.21
PORTUGAL TELECOM SGPS SA-REG EUR 3,848,053.79 4.95541,598
Portugal
3,848,053.79 4.95
SWISSCOM AG-REG CHF 3,845,400.00 4.9518,270
Switzerland
3,845,400.00 4.95
MILLICOM INTL CEL - SWEDISH DEP RECEIPT SEK 3,187,788.75 4.1067,000
Luxembourg
3,187,788.75 4.10
TELEKOM AUSTRIA AG EUR 2,954,197.26 3.80238,434
Austria
2,954,197.26 3.80
FORTHNET SA EUR 1,472.00 0.00920
Greece
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
HELLENIC TELECOMMUN ORGANIZA EUR 2,843,639.36 3.66225,328
2,845,111.36 3.66
TELECOM ITALIA RNC EUR 649,767.45 0.84811,702
Italy
TELECOM ITALIA SPA EUR 1,946,952.18 2.501,850,715
2,596,719.63 3.34
ELISA CORPORATION EUR 357.24 0.0026
Finland
357.24 0.00
75,109,279.43 96.65
Total securities portfolio 75,109,279.43 96.65
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 75,109,279.43 96.65
Cash at bank 2,678,236.46 3.45
Other assets and liabilities (74,352.22) (0.10)
Total net assets 77,713,163.67 100.00
ING (L) Invest - Food & Beverages
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
129ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 92,433,068.78USD30/09/2007 142,521,127.30USD30/09/2006 181,275,524.90USD
Capitalisation P (USD) 1,022.8730/09/2008 USD1,179.6730/09/2007 USD
950.6830/09/2006 USD
Capitalisation P (EUR) -30/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (USD) 1,050.6830/09/2008 USD1,198.7930/09/2007 USD
956.2130/09/2006 USD
Capitalisation X (USD) 984.1430/09/2008 USD1,139.9230/09/2007 USD
923.2930/09/2006 USD
Distribution P (USD) 4,355.7830/09/2008 USD5,088.9730/09/2007 USD4,159.5930/09/2006 USD
Net asset value per share
Capitalisation P (USD) 36,23730/09/200861,46530/09/200790,61030/09/2006
Capitalisation P (EUR) -30/09/2008-30/09/2007-30/09/2006
Capitalisation I (USD) 41,63830/09/200838,61730/09/200763,48830/09/2006
Capitalisation X (USD) 7,05630/09/200816,63730/09/200732,98330/09/2006
Distribution P (USD) 1,07330/09/200893430/09/200795530/09/2006
Number of shares
Distribution P (USD) 66.0019/12/2007 USD
Dividend
Distribution P (USD) 61.0015/12/2006 USD
Distribution P (USD) 53.0015/12/2005 USD
Capitalisation P (USD) 1.71%30/09/2008
Capitalisation P (EUR) 1.77%30/09/2008
Capitalisation I (USD) 0.67%30/09/2008
Capitalisation X (USD) 2.15%30/09/2008
Distribution P (USD) 1.74%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 2.11%
ING (L) Invest - Food & Beverages
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
130 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 89,208,235.78
Shares 89,208,235.78
Total financial derivative instruments 196,402.33
Forward foreign exchange contracts 196,402.33
Cash at bank 2,725,642.88
Other assets 5,151,335.353
Total assets 97,281,616.34
Current liabilities (4,848,547.56)3
Total liabilities (4,848,547.56)
Net assets at the end of the year 92,433,068.78
Notes
Statement of net assets as at 30/09/2008
Total income 1,835,890.13
Dividends 1,724,106.52
Bank interest 59,903.88
Other income 51,879.738
Total expenses (1,459,380.26)
Management fees (1,157,680.17)4
Custodian fees (62,367.51)5
Subscription tax (34,521.02)6
Bank interest (2,430.48)
Other expenses (202,381.08)7
Net investment income 376,509.87
Net realised gains or (losses) on securities portfolio 15,259,151.87
Net realised gains or (losses) on financial derivativeinstruments
124,804.49
Net realised gains or (losses) on currency 7,851.22
Changes in net unrealised gains or (losses) on securitiesportfolio
(30,091,225.23)
Changes in net unrealised gains or (losses) on financialderivative instruments
196,402.33
Result of operations (14,126,505.45)
Subscriptions 102,471,529.87
Redemptions (138,362,838.68)
Distribution (70,244.26)
Net assets at the beginning of the year 142,521,127.30
Net assets at the end of the year 92,433,068.78
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Food & Beverages(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
131ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ALTRIA GROUP USD 4,285,440.00 4.64216,000
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
BUNGE LIMITED USD 2,527,200.00 2.7340,000
COLGATE PALMOLIVE CO USD 3,767,500.00 4.0850,000
CVS CAREMARK CORP USD 9,088,200.00 9.84270,000
HANSEN NATURAL CORP USD 1,361,250.00 1.4745,000
LORILLARD INC USD 2,490,250.00 2.6935,000
PEPSICO INC USD 4,632,550.00 5.0165,000
PROCTER GAMBLE USD 9,617,220.00 10.41138,000
WAL-MART STORES INC USD 4,491,750.00 4.8675,000
42,261,360.00 45.73
BRITISH AMERICAN TOBACCO PLC GBP 4,088,726.36 4.42125,000
United Kingdom
IMPERIAL TOBACCO GROUP PLC GBP 5,605,677.26 6.07175,000
9,694,403.62 10.49
NESTLE SA CHF 8,726,310.09 9.44203,000
Switzerland
8,726,310.09 9.44
BEIERSDORF AG EUR 2,140,040.46 2.3234,000
Germany
HENKEL AG & CO KGaA EUR 2,178,612.15 2.3560,000
METRO AG EUR 1,996,288.58 2.1640,000
6,314,941.19 6.83
DANONE GROUPE EUR 2,809,300.00 3.0440,000
France
PERNOD-RICARD SA EUR 1,735,585.54 1.8820,000
4,544,885.54 4.92
JAPAN TOBACCO INC JPY 2,412,282.24 2.61650
Japan
SHISEIDO COMPANY LTD JPY 1,104,412.70 1.1950,000
3,516,694.94 3.80
JERONIMO MARTINS SGPS SA EUR 2,528,370.00 2.74300,000
Portugal
2,528,370.00 2.74
SHOPPERS DRUG MART CORP CAD 2,414,918.22 2.6150,000
Canada
2,414,918.22 2.61
BIM BIRLESIK MAGAZALAR TRY 1,220,560.24 1.3239,027
Turkey
COCA-COLA ICECEK URETIM AS TRY 1,063,735.39 1.15130,000
2,284,295.63 2.47
GOLDEN AGRI-RESOURCES SGD 330,485.31 0.361,500,000
Singapore
OLAM INTERNATIONAL SGD 908,991.98 0.98722,000
WILMAR INTERNATIONAL LTD SGD 1,035,800.42 1.12590,000
2,275,277.71 2.46
NameQuantity/Nominal
Market valuein USD
Currency %NAV
PERDIGAO SA BRL 1,037,870.20 1.1255,000
Brazil
SLC AGRICOLA SA BRL 467,326.72 0.5155,000
1,505,196.92 1.63
FOMENTO ECONOMICO MEX.ADR SP USD 1,334,900.00 1.4435,000
Mexico
1,334,900.00 1.44
ALAPIS SA EUR 1,046,464.27 1.13500,000
Greece
1,046,464.27 1.13
C&C GROUP PLC EUR 760,217.65 0.82285,000
Ireland
760,217.65 0.82
89,208,235.78 96.51
Total securities portfolio 89,208,235.78 96.51
NameQuantity/Nominal
Market valuein USD
Currency %NAV
To pay
4,845,481.07 28/11/087,000,000.00 196,402.33EURUSD 7,000,000.00
Forward foreign exchange contracts
196,402.337,000,000.00
Total financial derivative instruments 196,402.33
To receive Unrealizedprofit or (loss)
in USD
MaturityDate
Commitmentin USD
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 89,208,235.78 96.51
Total financial derivative instruments 196,402.33 0.21
Cash at bank 2,725,642.88 2.95
Other assets and liabilities 302,787.79 0.33
Total net assets 92,433,068.78 100.00
ING (L) Invest - Global Brands
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
132 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 22,370,847.00EUR30/09/2007 38,810,558.76EUR30/09/2006 47,914,799.22EUR
Capitalisation P (EUR) 246.0730/09/2008 EUR338.3430/09/2007 EUR313.0230/09/2006 EUR
Capitalisation X (EUR) 236.8830/09/2008 EUR327.2430/09/2007 EUR304.2130/09/2006 EUR
Distribution P (EUR) 1,132.6930/09/2008 EUR1,573.3530/09/2007 EUR1,469.0330/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 67,90430/09/200886,34030/09/2007
120,42830/09/2006
Capitalisation X (EUR) 9,53530/09/200811,94330/09/200711,15930/09/2006
Distribution P (EUR) 3,00530/09/20083,61630/09/20074,64530/09/2006
Number of shares
Distribution P (EUR) 15.0019/12/2007 EUR
Dividend
Distribution P (EUR) 14.0015/12/2006 EUR
Distribution P (EUR) 12.0015/12/2005 EUR
Capitalisation P (EUR) 1.69%30/09/2008
Capitalisation X (EUR) 2.16%30/09/2008
Distribution P (EUR) 1.71%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 44.37%
ING (L) Invest - Global Brands
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
133ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 20,902,714.60
Shares 20,902,714.60
Cash at bank 1,498,014.74
Other assets 40,789.753
Total assets 22,441,519.09
Current liabilities (70,672.09)3
Total liabilities (70,672.09)
Net assets at the end of the year 22,370,847.00
Notes
Statement of net assets as at 30/09/2008
Total income 698,831.60
Dividends 636,859.51
Bank interest 25,083.76
Other income 36,888.338
Total expenses (518,352.49)
Management fees (412,104.35)4
Custodian fees (20,728.09)5
Subscription tax (13,597.89)6
Bank interest (1,065.53)
Other expenses (70,856.63)7
Net investment income 180,479.11
Net realised gains or (losses) on securities portfolio (524,649.96)
Net realised gains or (losses) on financial derivativeinstruments
(5.85)
Net realised gains or (losses) on currency (25,731.63)
Changes in net unrealised gains or (losses) on securitiesportfolio
(9,417,702.84)
Result of operations (9,787,611.17)
Subscriptions 6,423,441.34
Redemptions (13,024,512.38)
Distribution (51,029.55)
Net assets at the beginning of the year 38,810,558.76
Net assets at the end of the year 22,370,847.00
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Global Brands(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
134 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ALTRIA GROUP USD 448,862.96 2.0131,779
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
CISCO SYSTEMS INC USD 629,620.99 2.8139,202
MCDONALDS CORP USD 878,510.66 3.9220,000
NEWS CORP-CLASS B USD 738,039.08 3.3085,324
PHILIP MORRIS INTERNATIONAL USD 342,434.06 1.5310,000
PROCTER GAMBLE USD 992,275.66 4.4320,000
4,029,743.41 18.00
ADIDAS AG EUR 932,358.70 4.1624,731
Germany
BEIERSDORF AG EUR 582,530.00 2.6013,000
BMW-BAYERISCHE MOTOREN WERKE AG EUR 712,787.51 3.1926,119
HENKEL AG & CO KGaA EUR 898,209.95 4.0234,747
3,125,886.16 13.97
ACCOR SA EUR 699,286.25 3.1318,710
France
LVMH EUR 1,072,782.75 4.8017,373
TOTAL SA EUR 1,272,843.94 5.6829,893
3,044,912.94 13.61
IMPERIAL TOBACCO GROUP PLC GBP 1,200,751.75 5.3652,654
United Kingdom
INTERCONTINENTAL HOTELS GROUP PLC GBP 567,521.42 2.5465,001
MICHAEL PAGE INTERNATIONAL PLC GBP 366,434.01 1.64125,000
SABMILLER PLC GBP 413,451.78 1.8530,000
2,548,158.96 11.39
ASICS CORP JPY 501,566.81 2.2492,000
Japan
JAPAN TOBACCO INC JPY 705,436.46 3.16267
NINTENDO CO LTD JPY 552,960.04 2.471,900
1,759,963.31 7.87
BANCO BILBAO VIZCAYA ARGENTA EUR 853,598.10 3.8274,485
Spain
TELEFONICA SA EUR 747,960.92 3.3444,548
1,601,559.02 7.16
NESTLE SA CHF 1,071,111.11 4.7935,000
Switzerland
1,071,111.11 4.79
FOMENTO ECONOMICO MEX.ADR SP USD 798,342.85 3.5729,402
Mexico
798,342.85 3.57
SAMSUNG ELECTRON.GDR 144A USD 784,594.03 3.514,920
South Korea
784,594.03 3.51
LUXOTTICA GROUP SPA EUR 703,707.18 3.1543,657
Italy
703,707.18 3.15
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING GROEP NV EUR 552,410.00 2.4737,000
Netherlands
552,410.00 2.47
HERBALIFE LTD USD 422,026.84 1.8915,000
Cayman Islands
422,026.84 1.89
C&C GROUP PLC EUR 336,698.40 1.51177,303
Ireland
336,698.40 1.51
BJORN BORG SEK 123,600.39 0.5537,949
Sweden
123,600.39 0.55
20,902,714.60 93.44
Total securities portfolio 20,902,714.60 93.44
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 20,902,714.60 93.44
Cash at bank 1,498,014.74 6.70
Other assets and liabilities (29,882.34) (0.14)
Total net assets 22,370,847.00 100.00
ING (L) Invest - Global Growth
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
135ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 175,580,455.46EUR30/09/2007 65,065,174.45EUR30/09/2006 9,285,880.85EUR
Capitalisation X (CZK) 4,879.0530/09/2008 CZK7,761.9130/09/2007 CZK
-30/09/2006 CZK
Capitalisation P (EUR) 201.1630/09/2008 EUR283.5630/09/2007 EUR234.3930/09/2006 EUR
Capitalisation S (EUR) 4,090.8730/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Distribution P (EUR) 204.0930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (EUR) 4,091.7530/09/2008 EUR5,716.8530/09/2007 EUR4,670.7130/09/2006 EUR
Capitalisation X (EUR) 199.4830/09/2008 EUR282.4030/09/2007 EUR
-30/09/2006 EUR
Net asset value per share
Capitalisation X (CZK) 52730/09/20083830/09/2007
-30/09/2006
Capitalisation P (EUR) 99,22530/09/20088,17630/09/2007
5730/09/2006
Capitalisation S (EUR) 23,88630/09/2008-30/09/2007-30/09/2006
Distribution P (EUR) 2,66630/09/2008-30/09/2007-30/09/2006
Capitalisation I (EUR) 13,81130/09/20081,37730/09/20071,98530/09/2006
Capitalisation X (EUR) 3,74030/09/2008194,27530/09/2007
-30/09/2006
Number of shares
Capitalisation X (CZK) 2.18%30/09/2008
Capitalisation P (EUR) 1.77%30/09/2008
Capitalisation S (EUR) 0.80%30/09/2008
Distribution P (EUR) 1.82%30/09/2008
Capitalisation I (EUR) 0.73%30/09/2008
Capitalisation X (EUR) 2.18%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 4.82%
ING (L) Invest - Global Growth
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
136 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 171,099,244.56
Shares 171,099,244.56
Cash at bank 26,319,221.40
Other assets 6,795,376.593
Total assets 204,213,842.55
Current liabilities (28,633,387.09)3
Total liabilities (28,633,387.09)
Net assets at the end of the year 175,580,455.46
Notes
Statement of net assets as at 30/09/2008
Total income 2,427,643.11
Dividends 2,201,030.10
Bank interest 123,835.93
Other income 102,777.088
Total expenses (1,956,899.10)
Management fees (1,603,496.84)4
Custodian fees (84,425.97)5
Subscription tax (50,593.22)6
Bank interest (14,576.36)
Other expenses (203,806.71)7
Net investment income 470,744.01
Net realised gains or (losses) on securities portfolio (24,857,847.08)
Net realised gains or (losses) on financial derivativeinstruments
15.68
Net realised gains or (losses) on currency (1,711,148.44)
Changes in net unrealised gains or (losses) on securitiesportfolio
(30,319,373.75)
Result of operations (56,417,609.58)
Subscriptions 387,258,279.44
Redemptions (220,325,388.85)
Net assets at the beginning of the year 65,065,174.45
Net assets at the end of the year 175,580,455.46
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Global Growth(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
137ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ACTIVISION BLIZZARD INC USD 2,794,679.33 1.59254,410
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AMGEN INC USD 3,528,224.34 2.0183,616
APPLE COMPUTER INC USD 7,477,454.84 4.2792,409
BANK OF AMERICA CORP USD 2,094,069.70 1.1984,041
BAXTER INTL INC USD 1,919,676.92 1.0941,086
BUNGE LIMITED USD 1,356,751.87 0.7730,164
BURGER KING HOLDINGS USD 2,040,876.29 1.16116,723
CELGENE CORP USD 2,062,360.82 1.1745,779
CISCO SYSTEMS INC USD 4,953,852.53 2.83308,441
COCA-COLA CO USD 2,006,891.34 1.1453,309
COLGATE PALMOLIVE CO USD 1,718,461.72 0.9832,035
CONSTELLATION ENERGY GROUP INC USD 2,423,132.03 1.38140,068
DEERE & CO USD 1,536,291.96 0.8743,595
EBAY INC USD 1,268,122.99 0.7279,592
ELECTRONIC ARTS USD 2,325,394.20 1.3288,304
GILEAD SCIENCES INC USD 1,093,281.35 0.6233,655
GOOGLE INC CL A USD 7,106,510.49 4.0624,923
HANSEN NATURAL CORP USD 3,344,050.12 1.90155,280
IBM CORP USD 3,918,678.33 2.2347,062
INTEL CORP USD 7,122,040.33 4.07534,115
JOHNSON & JOHNSON USD 3,136,971.17 1.7963,602
LIBERTY GLOBAL INC-A USD 1,881,289.93 1.0787,213
MICROSOFT CORP USD 2,120,018.06 1.21111,573
NEWS CORP CL A USD 1,249,233.97 0.71146,350
OCCIDENTAL PETROLEUM CORP USD 969,844.20 0.5519,337
PEPSICO INC USD 2,055,066.25 1.1740,503
PROCTER GAMBLE USD 1,853,124.40 1.0637,351
STARBUCKS CORP USD 3,771,505.84 2.15356,264
STERICYCLE INC USD 4,484,692.29 2.55106,933
THERMO FISHER SCIENTIFIC USD 2,244,128.43 1.2857,313
THQ INC USD 880,433.30 0.50102,716
UNITED TECHNOLOGIES CORP USD 998,142.34 0.5723,344
VALERO ENERGY CORP USD 1,047,627.38 0.6048,566
WAL-MART STORES INC USD 1,990,676.83 1.1346,689
XTO ENERGY INC USD 1,700,903.54 0.9751,358
92,474,459.43 52.68
NESTLE SA CHF 3,178,170.29 1.81103,851
Switzerland
NOVARTIS AG CHF 2,197,279.27 1.2559,107
ROCHE HOLDING AG-GENUSSCHEIN CHF 3,990,454.92 2.2836,017
SYNGENTA AG CHF 1,000,758.10 0.576,645
XSTRATA PLC GBP 987,353.30 0.5645,340
11,354,015.88 6.47
GAZPROM OAO-SPONS. ADR REG.S USD 4,819,223.37 2.74218,718
Russia
GRUPPA KOMPANY PIK GDR USD 175,711.24 0.1047,464
LUKOIL CO SPONS ADR (JSC OIL) USD 1,787,672.37 1.0242,705
ROSNEFT OIL CO GDR USD 1,795,481.24 1.02375,301
URALKALI OJSC-GDR- USD 700,449.71 0.4032,386
9,278,537.93 5.28
CHINA MERCHANTS BANK -H- HKD 1,709,033.39 0.971,023,000
China
CHINA YURUN FOOD HKD 954,502.94 0.541,041,000
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
INDUSTRIAL AND CIAL BK CHINA-H HKD 1,730,171.83 0.994,120,000
PING AN INSURANCE GROUP CO-H HKD 805,963.58 0.46200,000
WUMART STORES INC-H- HKD 1,854,963.23 1.063,263,000
7,054,634.97 4.02
BAYER AG EUR 1,720,174.40 0.9833,208
Germany
K&S AG EUR 1,084,720.64 0.6222,301
MERCK KGAA EUR 1,842,776.00 1.0524,440
RWE EUR 883,642.50 0.5013,091
SIEMENS AG EUR 1,515,077.25 0.8623,043
7,046,390.79 4.01
BG GROUP PLC GBP 3,622,863.38 2.06281,818
United Kingdom
BHP BILLITON PLC GBP 1,857,408.45 1.06116,254
RIO TINTO PLC ORD GBP 1,404,653.79 0.8031,889
6,884,925.62 3.92
CHAODA MODERN AGRICULTURE HOLDINGSLTD
HKD 828,255.49 0.471,394,000
Hong Kong
CHINA MOBILE HKD 3,483,211.38 1.98494,000
CHINA OVERSEAS LAND & INVEST HKD 1,118,556.42 0.641,326,000
GUANGDONG INVESTMENT LTD HKD 417,560.65 0.242,530,000
LONKING HLDGS HKD 347,191.51 0.20669,000
NWS HOLDINGS LTD HKD 613,671.18 0.35484,987
6,808,446.63 3.88
KONINKLIJKE KPN NV EUR 3,049,497.36 1.74299,205
Netherlands
SAMAS NV EUR 82,511.90 0.0546,355
TNT NV EUR 1,183,572.00 0.6760,696
TOMTOM NV EUR 1,920,640.00 1.09150,050
6,236,221.26 3.55
DANONE GROUPE EUR 3,068,150.00 1.7461,363
France
GDF SUEZ EUR 961,519.50 0.5526,343
LVMH EUR 1,100,570.25 0.6317,823
SELOGER.COM EUR 322,061.40 0.1824,966
VEOLIA ENVIRONNEMENT EUR 770,637.77 0.4426,698
6,222,938.92 3.54
CIA VALE DO RIO DOCE ADR SP USD 2,030,639.16 1.16161,149
Brazil
PETROLEO BRASILEIRO SA ADR USD 1,357,313.92 0.7743,380
SLC AGRICOLA SA BRL 848,087.98 0.48140,201
SUL AMERICA SA BRL 505,233.81 0.2972,049
UNIBANCO SPONSORED GDR USD 1,475,954.55 0.8420,543
6,217,229.42 3.54
PETROLEUM GEO-SERVICES NOK 924,296.91 0.53100,868
Norway
TELENOR ASA NOK 1,477,646.12 0.84170,912
2,401,943.03 1.37
KOMATSU LTD JPY 778,392.18 0.4469,300
Japan
NINTENDO CO LTD JPY 1,542,467.48 0.885,300
2,320,859.66 1.32
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING (L) Invest - Global Growth(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
138 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
FORTIS EUR 2,200,000.00 1.25500,000
Belgium
2,200,000.00 1.25
TELEFONICA SA EUR 2,002,677.62 1.14119,278
Spain
2,002,677.62 1.14
POTASH CORP SASKATCHEW CAD 1,980,581.80 1.1321,438
Canada
1,980,581.80 1.13
NOKIA EUR 615,381.60 0.3547,704
Finland
615,381.60 0.35
171,099,244.56 97.45
Total securities portfolio 171,099,244.56 97.45
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 171,099,244.56 97.45
Cash at bank 26,319,221.40 14.99
Other assets and liabilities (21,838,010.50) (12.44)
Total net assets 175,580,455.46 100.00
ING (L) Invest - Global High Dividend
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
139ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
#Conversion rate: 1 EUR = 30.1260 SKK was used to calculate the informative values in EUR.
Statistics
30/09/2008Net assets 662,236,629.06EUR30/09/2007 899,386,877.93EUR30/09/2006 736,472,138.46EUR
Capitalisation P (EUR) 236.0130/09/2008 EUR315.0330/09/2007 EUR304.7530/09/2006 EUR
Capitalisation X (CZK) 5,619.9330/09/2008 CZK8,405.9230/09/2007 CZK
-30/09/2006 CZK
Capitalisation S (EUR) 244.1930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation P (USD) 330.5630/09/2008 USD447.3130/09/2007 USD386.0030/09/2006 USD
Capitalisation I (EUR) 244.2830/09/2008 EUR322.9730/09/2007 EUR309.9530/09/2006 EUR
Capitalisation X (EUR) 228.3830/09/2008 EUR306.3530/09/2007 EUR297.9330/09/2006 EUR
Capitalisation X (SKK) 6,915.9030/09/2008 SKK10,379.8230/09/2007 SKK
-30/09/2006 SKK
Capitalisation X (SKK) 229.5664#30/09/2008 EUR344.5477#30/09/2007 EUR
- #30/09/2006 EUR
Capitalisation X (USD) 316.0930/09/2008 USD429.4830/09/2007 USD372.1730/09/2006 USD
Distribution P (EUR) 814.1330/09/2008 EUR1,129.8730/09/2007 EUR1,131.7430/09/2006 EUR
Distribution I (EUR) 226.9430/09/2008 EUR311.8830/09/2007 EUR309.9530/09/2006 EUR
Capitalisation I (USD) 342.9730/09/2008 USD459.1130/09/2007 USD392.6230/09/2006 USD
Net asset value per share
Capitalisation P (EUR) 1,111,26430/09/20081,534,22530/09/20071,396,23530/09/2006
Capitalisation X (CZK) 18,85230/09/200817530/09/2007
-30/09/2006
Capitalisation S (EUR) 90,88530/09/2008-30/09/2007-30/09/2006
Capitalisation P (USD) 159,91130/09/2008215,01230/09/200738,90430/09/2006
Capitalisation I (EUR) 989,65130/09/2008415,31230/09/2007311,70930/09/2006
Capitalisation X (EUR) 269,59230/09/2008478,93630/09/2007481,47630/09/2006
Capitalisation X (SKK) 1,32730/09/20082030/09/2007
-30/09/2006
Capitalisation X (USD) 2,40130/09/20083,99130/09/20071,63130/09/2006
Distribution P (EUR) 30,46630/09/200850,37430/09/200746,37030/09/2006
Distribution I (EUR) 27,79330/09/200827,79330/09/200718,27330/09/2006
Capitalisation I (USD) 2,24030/09/20082,24030/09/20071,39930/09/2006
Number of shares
Distribution P (EUR) 40.0019/12/2007 EUR
Dividend
Distribution P (EUR) 40.0015/12/2006 EUR
Distribution P (EUR) 34.0015/12/2005 EUR
Distribution I (EUR) 11.0019/12/2007 EUR
Distribution I (EUR) 11.0015/12/2006 EUR
ING (L) Invest - Global High Dividend
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
140 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
#Conversion rate: 1 EUR = 30.1260 SKK was used to calculate the informative values in EUR.
Capitalisation P (EUR) 1.65%30/09/2008
Capitalisation X (CZK) 2.18%30/09/2008
Capitalisation S (EUR) 0.78%30/09/2008
Capitalisation P (USD) 1.65%30/09/2008
Capitalisation I (EUR) 0.73%30/09/2008
Capitalisation X (EUR) 2.18%30/09/2008
Capitalisation X (SKK) 2.18%30/09/2008
Capitalisation X (USD) 2.18%30/09/2008
Distribution P (EUR) 1.71%30/09/2008
Distribution I (EUR) 0.80%30/09/2008
Capitalisation I (USD) 0.73%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 (11.32%)
ING (L) Invest - Global High Dividend
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
141ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 627,140,896.11
Shares 627,140,896.11
Cash at bank 21,093,354.90
Other assets 30,138,865.903
Total assets 678,373,116.91
Current liabilities (16,136,487.85)3
Total liabilities (16,136,487.85)
Net assets at the end of the year 662,236,629.06
Notes
Statement of net assets as at 30/09/2008
Total income 32,806,488.27
Dividends 30,682,017.07
Bank interest 1,134,320.76
Other income 990,150.448
Total expenses (10,368,111.34)
Management fees (8,321,905.19)4
Custodian fees (414,697.28)5
Subscription tax (251,929.57)6
Bank interest (131,211.75)
Other expenses (1,248,367.55)7
Net investment income 22,438,376.93
Net realised gains or (losses) on securities portfolio (50,102,298.48)
Net realised gains or (losses) on financial derivativeinstruments
203,249.77
Net realised gains or (losses) on currency (1,525,978.70)
Changes in net unrealised gains or (losses) on securitiesportfolio
(173,642,453.75)
Changes in net unrealised gains or (losses) on financialderivative instruments
545,009.87
Result of operations (202,084,094.36)
Subscriptions 468,664,045.63
Redemptions (501,514,687.25)
Distribution (2,215,512.89)
Net assets at the beginning of the year 899,386,877.93
Net assets at the end of the year 662,236,629.06
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Global High Dividend(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
142 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AGL RESOURCES USD 6,923,236.95 1.05309,902
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
ALTRIA GROUP USD 3,505,958.87 0.53248,218
AMEREN CORP USD 7,022,843.66 1.06252,745
ARTHUR J GALLAGHER & CO USD 3,640,152.28 0.55199,265
AT&T INC USD 6,504,655.37 0.98327,248
BANK OF AMERICA CORP USD 11,398,366.14 1.72457,449
BRISTOL MYERS SQUIBB CO USD 8,968,045.67 1.35604,171
CARNIVAL CORP USD 3,842,634.21 0.58152,689
CITIGROUP INC USD 11,383,272.67 1.72779,596
CONSOLIDATED EDISON INC USD 6,768,237.67 1.02221,299
DOW CHEMICAL USD 6,741,572.75 1.02297,972
DU PONT DE NEMOURS USD 5,031,840.81 0.76175,384
DUKE ENERGY CORP USD 3,579,202.38 0.54288,441
DUKE REALTY CORP USD 3,505,491.40 0.53200,325
FIFTH THIRD BANCORP USD 3,685,098.71 0.56434,981
FOOT LOCKER INC USD 3,078,217.41 0.46267,563
GENERAL ELECTRIC CO USD 7,235,290.29 1.09398,551
KINDER MORGAN ENERGY PARTNERSHIP USD 3,241,146.93 0.4987,501
KRAFT FOODS INC - A USD 8,005,045.21 1.21343,337
LEGGET & PLATT INC USD 6,656,215.57 1.01429,080
MASCO CORP USD 6,571,290.51 0.99514,513
MEADWESTVACO CORP USD 3,311,641.32 0.50199,558
MERCK AND CO INC USD 6,733,863.50 1.02299,706
NEWELL RUBBERMAID INC USD 3,211,467.13 0.48261,355
NISOURCE INC USD 6,831,442.68 1.03650,121
PFIZER INC USD 10,182,335.24 1.54775,630
PHILIP MORRIS INTERNATIONAL USD 6,750,060.16 1.02197,120
RAYONIER INC USD 3,590,260.28 0.54106,506
REYNOLDS AMERICAN INC USD 6,589,288.11 1.00190,367
SARA LEE CORP USD 7,867,321.55 1.19874,967
SOUTHERN CO USD 6,921,017.93 1.05257,936
SPECTRA ENERGY CORP USD 3,566,636.67 0.54210,499
US BANCORP USD 7,405,582.76 1.12288,791
UST INC USD 6,750,826.80 1.02142,509
206,999,559.59 31.27
ASTRAZENECA PLC GBP 6,843,732.49 1.03219,222
United Kingdom
AVIVA PLC GBP 5,415,331.98 0.82889,017
BARCLAYS PLC GBP 3,242,600.77 0.49782,594
BBA AVIATION PLC GBP 2,803,745.51 0.421,942,287
BP PLC GBP 9,969,858.48 1.511,693,157
BRITISH AMERICAN TOBACCO PLC GBP 6,848,322.46 1.03294,086
CATTLES PLC GBP 2,410,664.07 0.362,491,283
DIAGEO PLC GBP 3,416,630.71 0.52284,900
GLAXOSMITHKLINE PLC GBP 9,960,060.06 1.50648,103
HSBC HOLDINGS GBP 7,060,844.29 1.07617,530
LEGAL & GENERAL GROUP PLC GBP 6,763,682.74 1.025,329,782
LLOYDS TSB GROUP PLC GBP 4,714,821.70 0.711,640,300
MARKS & SPENCER GROUP PLC GBP 2,901,704.85 0.441,134,761
ROYAL BANK OF SCOTLAND GROUP GBP 5,343,754.24 0.812,352,446
TATE AND LYLE PLC GBP 7,465,965.76 1.131,544,142
UNITED UTLITIES GROUP PLC GBP 7,283,741.12 1.10825,840
VODAFONE GROUP GBP 6,484,240.33 0.984,164,288
98,929,701.56 14.94
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ENEL SPA EUR 8,580,970.19 1.301,456,871
Italy
ENI SPA EUR 9,823,683.00 1.49528,155
INTESA SANPAOLO EUR 7,169,636.93 1.081,864,665
ITALCEMENTI SPA RNC EUR 2,982,967.34 0.45452,376
MEDIASET SPA EUR 7,898,151.25 1.191,766,134
PIRELLI & C REAL ESTATE SPA EUR 1,750,277.70 0.26195,191
SNAM RETE GAS EUR 7,015,046.14 1.061,644,023
TELECOM ITALIA RNC EUR 6,705,072.85 1.018,376,106
UNICREDIT SPA EUR 6,999,770.62 1.062,694,292
58,925,576.02 8.90
BNP PARIBAS EUR 8,639,960.00 1.30130,750
France
BOUYGUES EUR 6,693,884.25 1.01210,831
FRANCE TELECOM SA EUR 6,993,736.20 1.06353,219
SANOFI-AVENTIS SA EUR 6,665,401.40 1.01143,188
TOTAL SA EUR 10,191,352.68 1.54239,346
VINCI EUR 6,452,932.76 0.97195,662
VIVENDI EUR 10,021,147.86 1.51455,093
55,658,415.15 8.40
AUST & NZ BANKING GROUP LTD AUD 7,355,338.34 1.10698,561
Australia
CROWN LTD AUD 3,480,243.44 0.53729,111
FOSTER S GROUP LTD AUD 6,678,965.96 1.012,154,632
INSURANCE AUSTRALIA GROUP AUD 6,857,787.90 1.042,978,538
MACQUARIE AIRPORTS AUD 3,755,391.83 0.572,476,820
SUNCORP METWAY LIMITED AUD 4,590,572.96 0.69878,996
TABCORP HOLDINGS LIMITED AUD 3,501,177.55 0.53771,624
WESFARMERS LTD AUD 6,261,873.57 0.95391,532
WESTFIELD GROUP AUD 3,061,535.73 0.46327,634
45,542,887.28 6.88
BELL ALIANT REGIONAL COMMUNI CAD 3,541,722.56 0.53211,653
Canada
ENERPLUS RESOURCES FUND TRUST UNITS CAD 4,181,392.21 0.63160,692
PRECISION DRILLING TRUST UNITS CAD 7,097,870.63 1.07605,712
TRANSCANADA CORP CAD 8,380,479.86 1.27327,886
23,201,465.26 3.50
AKZO NOBEL NV EUR 3,619,965.74 0.55107,689
Netherlands
CORIO NV EUR 3,221,822.73 0.4964,585
RANDSTAD HOLDING NV EUR 3,535,904.18 0.53191,596
ROYAL DUTCH SHELL CL.A EUR 6,519,188.75 0.98316,850
16,896,881.40 2.55
ERICSSON LM-B SHS SEK 3,044,222.07 0.46465,873
Sweden
SVENSKA CELLULOSA AB -B- SEK 6,418,364.17 0.97870,077
SWEDBANK A SEK 6,827,535.49 1.03762,058
16,290,121.73 2.46
BANCO SANTANDER SA EUR 7,674,544.50 1.16730,909
Spain
TELEFONICA SA EUR 6,712,977.80 1.01399,820
14,387,522.30 2.17
BELGACOM SA EUR 6,674,008.12 1.00251,992
Belgium
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING (L) Invest - Global High Dividend(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
143ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ELIA SYSTEM OPERATOR SA/NV EUR 3,285,972.36 0.50125,037
9,959,980.48 1.50
ALLIED IRISH BANKS PLC EUR 6,431,649.00 0.971,090,110
Ireland
IRISH LIFE AND PERMANENT PLC EUR 2,448,614.65 0.37504,869
8,880,263.65 1.34
KT CORP -ADR- USD 3,605,753.06 0.54301,657
South Korea
S-OIL CORP KRW 4,157,655.83 0.63102,750
7,763,408.89 1.17
ALSTRIA OFFICE REIT-AG EUR 1,593,436.25 0.24182,107
Germany
MUENCHENER RUECKVER AG EUR 5,742,456.07 0.8754,067
7,335,892.32 1.11
TAIWAN SEMICONDUCTOR-SP ADR USD 7,167,161.13 1.081,074,424
Taiwan
7,167,161.13 1.08
MAGYAR TELEKOM TELECOM.ADR USD 6,754,539.57 1.02407,550
Hungary
6,754,539.57 1.02
TELEKOMUNIKACJA POLSKA SA PLN 6,730,070.31 1.02999,016
Poland
6,730,070.31 1.02
DANSKE BANK A/S DKK 6,036,862.03 0.91361,060
Denmark
6,036,862.03 0.91
DBS GROUP HLDG LTD SGD 4,871,275.99 0.74583,000
Singapore
4,871,275.99 0.74
BANK HAPOALIM LTD ILS 4,528,644.04 0.682,061,443
Israel
4,528,644.04 0.68
TELE NORTE LESTE PARTICIP ADR USD 3,860,963.93 0.58310,613
Brazil
3,860,963.93 0.58
HISCOX GBP 3,371,993.21 0.511,086,761
Bermuda
3,371,993.21 0.51
SEAGATE TECHNOLOGY USD 3,364,660.06 0.51389,948
Cayman Islands
3,364,660.06 0.51
SIAM CEMENT PUBLIC FOREIGN RGD THB 3,327,211.32 0.501,180,250
Thailand
3,327,211.32 0.50
TELECOM CORP OF NEW ZEALAND NZD 3,071,262.66 0.462,365,941
New Zealand
3,071,262.66 0.46
623,856,319.88 94.20
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
CLP HOLDINGS LTD-SPONS ADR USD 3,284,576.23 0.50576,710
Other transferable securities and money market instruments
SharesHong Kong
3,284,576.23 0.50
3,284,576.23 0.50
Total securities portfolio 627,140,896.11 94.70
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 627,140,896.11 94.70
Cash at bank 21,093,354.90 3.19
Other assets and liabilities 14,002,378.05 2.11
Total net assets 662,236,629.06 100.00
ING (L) Invest - Global Real Estate
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
144 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 84,224,123.63EUR30/09/2007 41,970,923.40EUR30/09/2006 26,027,178.93EUR
Capitalisation P (EUR) 205.8830/09/2008 EUR281.6430/09/2007 EUR266.8730/09/2006 EUR
Capitalisation S (EUR) 4,218.5130/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (USD) 3,868.1330/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Capitalisation P (USD) 291.2130/09/2008 USD403.3930/09/2007 USD
-30/09/2006 USD
Capitalisation I (EUR) 4,219.6930/09/2008 EUR5,710.5830/09/2007 EUR5,358.2730/09/2006 EUR
Capitalisation X (EUR) 817.4830/09/2008 EUR1,122.2330/09/2007 EUR1,067.0230/09/2006 EUR
Distribution P (EUR) 199.2930/09/2008 EUR278.6530/09/2007 EUR266.8730/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 118,04130/09/200836,26130/09/200711,19530/09/2006
Capitalisation S (EUR) 4,31530/09/2008-30/09/2007-30/09/2006
Capitalisation I (USD) 2,61430/09/2008-30/09/2007-30/09/2006
Capitalisation P (USD) 42,73130/09/200897730/09/2007
-30/09/2006
Capitalisation I (EUR) 5,55530/09/20084,99030/09/20073,84830/09/2006
Number of shares
Capitalisation X (EUR) 3030/09/200850330/09/2007
1,76030/09/2006
Distribution P (EUR) 11,02530/09/20088,68830/09/20072,04230/09/2006
Number of shares
Distribution P (EUR) 5.0019/12/2007 EUR
Dividend
Distribution P (EUR) 3.0015/12/2006 EUR
Capitalisation P (EUR) 1.81%30/09/2008
Capitalisation S (EUR) 0.78%30/09/2008
Capitalisation I (USD) 0.73%30/09/2008
Capitalisation P (USD) 1.81%30/09/2008
Capitalisation I (EUR) 0.73%30/09/2008
Capitalisation X (EUR) 2.13%30/09/2008
Distribution P (EUR) 1.82%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 18.26%
ING (L) Invest - Global Real Estate
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
145ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 80,315,547.05
Shares 78,899,374.58
Undertakings for collective investment 1,416,172.47
Cash at bank 4,036,897.77
Other assets 284,592.953
Total assets 84,637,037.77
Current liabilities (412,914.14)3
Total liabilities (412,914.14)
Net assets at the end of the year 84,224,123.63
Notes
Statement of net assets as at 30/09/2008
Total income 2,232,628.19
Dividends 2,135,420.83
Bank interest 97,207.36
Total expenses (826,713.37)
Management fees (666,970.09)4
Custodian fees (34,795.95)5
Subscription tax (23,116.40)6
Bank interest (2,389.88)
Other expenses (99,441.05)7
Net investment income 1,405,914.82
Net realised gains or (losses) on securities portfolio (7,972,500.56)
Net realised gains or (losses) on financial derivativeinstruments
(769.50)
Net realised gains or (losses) on currency (432,366.78)
Changes in net unrealised gains or (losses) on securitiesportfolio
(11,012,090.10)
Changes in net unrealised gains or (losses) on financialderivative instruments
4,124.98
Result of operations (18,007,687.14)
Subscriptions 100,103,244.69
Redemptions (39,786,622.68)
Distribution (55,734.64)
Net assets at the beginning of the year 41,970,923.40
Net assets at the end of the year 84,224,123.63
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Global Real Estate(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
146 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ACADIA REALTY TRUST USD 196,171.29 0.2310,900
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AMB PROPERTY CORP USD 522,450.43 0.6216,200
AVALONBAY COMMUNITIES INC USD 1,022,281.56 1.2114,590
BIOMED REALTY TRUST INC USD 367,191.12 0.4419,500
BOSTON PROPERTIES INC USD 2,487,109.24 2.9537,300
BRE PROPERTIES -A- USD 819,777.17 0.9723,500
CORPORATE OFFICE PROPERTY TRUST USD 183,846.51 0.226,400
DIGITAL REALTY TRUST INC USD 746,769.66 0.8922,200
DOUGLASS EMMETT INC-W/I USD 433,594.13 0.5126,400
EQUITY RESIDENTIAL USD 1,552,366.07 1.8449,100
ESSEX PROPERTY TRUST USD 892,961.24 1.0610,600
EXTRA SPACE STORAGE INC USD 253,694.51 0.3023,200
FEDERAL REALTY INVESTMENT TRUST USD 2,017,128.82 2.3933,100
GENERAL GROWTH PROPERTIES USD 378,400.31 0.4535,200
HCP INC USD 1,028,498.20 1.2236,000
HEALTH CARE REIT USD 792,017.23 0.9420,900
HIGHWOOD PROPERTIES INC USD 445,560.10 0.5317,600
HOME PROPERTIES INC USD 647,716.51 0.7715,700
HOST HOTELS AND RESORTS INC USD 1,159,971.52 1.38122,600
KILROY REALTY CORP USD 367,445.27 0.4410,800
KIMCO REALTY CORP USD 865,216.25 1.0332,900
LASALLE HOTEL PROPERTIES USD 142,777.20 0.178,600
LIBERTY PROPERTY TRUST USD 820,197.20 0.9730,600
MACERICH USD 987,840.39 1.1721,800
NATIONWIDE HEALTH PROPERTIES USD 1,116,810.59 1.3343,600
OMEGA HEALTHCARE INVESTORS INC USD 386,299.79 0.4627,600
PROLOGIS USD 1,310,391.91 1.5644,600
PUBLIC STORAGE INC USD 1,312,473.71 1.5618,620
REGENCY CENTERS CORP USD 916,325.78 1.0919,300
SIMON PROPERTY GROUP INC USD 4,267,682.34 5.0861,800
SL GREEN REALTY CORPORATION USD 309,087.67 0.376,700
STRATEGIC HOTELS & RESORTS I USD 75,250.06 0.0914,000
TANGER FACTORY OUTLET CENTERS USD 738,848.11 0.8823,700
TAUBMAN CENTERS INC USD 825,828.50 0.9823,200
UDR USD 835,891.50 0.9944,900
VENTAS INC USD 1,836,560.00 2.1852,200
VORNADO REALTY TRUST USD 1,955,426.62 2.3230,200
35,017,858.51 41.59
JAPAN LOGISTICS FUND INC JPY 171,836.05 0.2041
Japan
JAPAN REAL ESTATE INVESTMENT JPY 1,160,451.62 1.38207
JAPAN RETAIL FUND INVESTMENT JPY 192,295.44 0.2367
KENEDIX REALTY INVESTMENT CORP JPY 175,557.77 0.2168
MITSUBISHI ESTATE CO LTD JPY 4,545,001.60 5.40337,200
MITSUI FUDOSAN CO LTD JPY 2,935,095.26 3.48223,200
NIPPON ACCOMMODATIONS FUND JPY 94,632.21 0.1128
NTT URBAN DEVELOPMENT CORP JPY 244,640.89 0.29290
OFFICE BUILDING FUND OF JAPAN JPY 1,196,019.17 1.42178
SUMITOMO REALTY & DEVELOPMENT JPY 1,020,424.52 1.2168,700
11,735,954.53 13.93
CHEUNG KONG HOLDINGS LTD HKD 2,768,711.83 3.29350,100
Hong Kong
GREAT EAGLE HOLDINGS LTD HKD 12.47 0.008
HANG LUNG GROUP LTD HKD 546,520.33 0.65246,300
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
HANG LUNG PROPERTIES LTD HKD 683,972.05 0.81417,200
HONGKONG LAND HOLDINGS LTD USD 360,556.72 0.43171,100
HYSAN DEVELOPMENT CO HKD 281,942.56 0.33153,900
KERRY PROPERTIES LTD HKD 207,851.24 0.2591,776
SHUI ON LAND LTD HKD 28,371.94 0.0397,000
SINO LAND CO LTD HKD 465,753.42 0.55597,600
SUN HUNG KAI PROPERTIES LTD HKD 1,733,164.62 2.06241,100
THE LINK REAL ESTATE INVESTMENT TRUST HKD 931,590.13 1.11634,214
THE WHARF (HOLDINGS) HKD 436,172.64 0.52218,712
8,444,619.95 10.03
CFS RETAIL PROPERTY AUD 604,338.06 0.72478,300
Australia
COMMONWEALTH PROP.OFFICE AUD 161,406.15 0.19199,600
DEXUS PROPERTY GROUP AUD 490,974.03 0.58611,400
GOODMAN GROUP AUD 140,689.60 0.17103,100
GPT GROUP AUD 279,587.25 0.33284,500
ING INDUSTRIAL FUND AUD 84,604.80 0.1097,200
MACQUARIE COUNTRYWIDE TRUST AUD 95,066.69 0.11178,200
MIRVAC GROUP STAPLED SECURITIES AUD 203,065.00 0.24148,200
STOCKLAND AUD 705,646.50 0.84232,700
WESTFIELD GROUP AUD 4,391,249.98 5.22469,935
7,156,628.06 8.50
KLEPIERRE EUR 243,955.80 0.298,910
France
MERCIALYS PROMESSES DACTIONS EUR 955,942.40 1.1331,780
SILIC EUR 256,389.00 0.302,947
UNIBAIL HOLDING EUR 3,707,200.20 4.4126,085
5,163,487.40 6.13
BRITISH LAND COMPANY PLC GBP 801,187.82 0.9584,800
United Kingdom
BRIXTON PLC GBP 83,305.46 0.1031,636
DERWENT LONDON PLC GBP 150,890.86 0.1811,400
GREAT PORTLAND ESTATES PLC GBP 239,544.42 0.2856,600
HAMMERSON PLC GBP 871,817.53 1.0470,751
LAND SECURITIES GROUP PLC GBP 1,570,907.36 1.8699,030
LIBERTY INTERNATIONAL PLC GBP 602,383.20 0.7249,523
SAFESTORE HOLINDS LTD GBP 423,462.56 0.50255,700
SEGRO PLC (REIT) GBP 319,437.82 0.3860,400
5,062,937.03 6.01
CORIO NV EUR 1,374,331.75 1.6327,550
Netherlands
EUROCOMMERCIAL PROPERTIES NV EUR 263,581.00 0.318,642
WERELDHAVE NV EUR 175,065.32 0.212,549
1,812,978.07 2.15
ASCENDAS REAL ESTATE INV TRT UNITS SGD 401,236.40 0.48430,900
Singapore
CAPITACOMMERCIAL TRUST SGD 48,270.88 0.0674,000
CAPITALAND LTD SGD 526,900.54 0.63345,800
CAPITAMALL TRUST UNITS SGD 575,346.82 0.67513,529
MACQUARIE PRIME REIT SGD 122,132.45 0.15297,300
1,673,887.09 1.99
BROOKFIELD PROPERTIES CAD 189,748.90 0.2317,050
Canada
CALLOWAY REAL ESTATE INVESTMENT TRUST CAD 253,648.05 0.3020,300
CAN REAL ESTATE INVEST TRUST CAD 185,972.95 0.229,800
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING (L) Invest - Global Real Estate(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
147ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
RIOCAN REAL ESTATE INVEST TRUST CAD 894,523.24 1.0666,100
1,523,893.14 1.81
PSP SWISS PROPERTY AG CHF 683,498.41 0.8116,600
Switzerland
683,498.41 0.81
CASTELLUM AB SEK 222,952.24 0.2636,700
Sweden
HUFVUDSTADEN AB-A SHS SEK 438,962.35 0.5381,119
661,914.59 0.79
COFINIMMO EUR 424,842.00 0.503,454
Belgium
424,842.00 0.50
DEUTSHE EUROSHOP AG EUR 414,858.24 0.4918,006
Germany
414,858.24 0.49
CITYCON OYJ EUR 222,492.80 0.2696,736
Finland
222,492.80 0.26
BR MALLS PARTICIPACOES SA BRL 180,383.83 0.2142,500
Brazil
180,383.83 0.21
CA IMMOBILIEN ANLAGEN AG EUR 1,725.00 0.00250
Austria
1,725.00 0.00
80,181,958.65 95.20
PROLOGIS EURO.PROPERTIES A1 C. EUR 133,588.40 0.1621,340
Undertakings for collective investmentLuxembourg
133,588.40 0.16
133,588.40 0.16
Total securities portfolio 80,315,547.05 95.36
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 80,315,547.05 95.36
Cash at bank 4,036,897.77 4.79
Other assets and liabilities (128,321.19) (0.15)
Total net assets 84,224,123.63 100.00
ING (L) Invest - Greater China
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
148 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 120,865,683.54USD30/09/2007 249,404,285.50USD30/09/2006 132,171,090.69USD
Capitalisation P (EUR) 231.5630/09/2008 EUR374.4930/09/2007 EUR
-30/09/2006 EUR
Capitalisation P (USD) 535.3230/09/2008 USD876.3330/09/2007 USD469.4530/09/2006 USD
Capitalisation X (USD) 518.2130/09/2008 USD852.4130/09/2007 USD458.8830/09/2006 USD
Distribution P (USD) 2,478.4430/09/2008 USD4,098.0830/09/2007 USD2,210.9230/09/2006 USD
Net asset value per share
Capitalisation P (EUR) 13,84830/09/20088,08730/09/2007
-30/09/2006
Capitalisation P (USD) 154,90230/09/2008181,81630/09/2007204,01530/09/2006
Capitalisation X (USD) 42,80930/09/200878,02630/09/200750,09330/09/2006
Distribution P (USD) 4,54130/09/20084,69930/09/20076,06530/09/2006
Number of shares
Distribution P (USD) 36.0019/12/2007 USD
Dividend
Distribution P (USD) 18.0015/12/2006 USD
Distribution P (USD) 12.0015/12/2005 USD
Capitalisation P (EUR) 1.70%30/09/2008
Capitalisation P (USD) 1.70%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (USD) 2.13%30/09/2008
Distribution P (USD) 1.71%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 219.68%
ING (L) Invest - Greater China
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
149ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 115,621,200.12
Shares 115,621,200.12
Total financial derivative instruments 793,789.40
Warrants and rights 793,789.40
Cash at bank 4,346,180.73
Other assets 457,356.293
Total assets 121,218,526.54
Current liabilities (352,843.00)3
Total liabilities (352,843.00)
Net assets at the end of the year 120,865,683.54
Notes
Statement of net assets as at 30/09/2008
Total income 4,060,492.97
Dividends 3,918,168.13
Bank interest 142,324.84
Total expenses (3,239,342.51)
Management fees (2,594,892.11)4
Custodian fees (105,562.08)5
Subscription tax (79,283.79)6
Bank interest (79,427.63)
Other expenses (380,176.90)7
Net investment income 821,150.46
Net realised gains or (losses) on securities portfolio 46,050,570.19
Net realised gains or (losses) on financial derivativeinstruments
(81,393.75)
Net realised gains or (losses) on currency (231,505.56)
Changes in net unrealised gains or (losses) on securitiesportfolio
(127,545,410.24)
Changes in net unrealised gains or (losses) on financialderivative instruments
(801,363.12)
Result of operations (81,787,952.02)
Subscriptions 85,124,782.87
Redemptions (131,714,051.33)
Distribution (161,381.48)
Net assets at the beginning of the year 249,404,285.50
Net assets at the end of the year 120,865,683.54
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Greater China(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
150 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AGILE PROPERTY HOLDINGS HKD 1,747,746.15 1.453,922,000
Transferable securities and money market instruments listed onan official stock exchange
Shares
Hong Kong
BOC HONG KONG HOLDINGS LTD HKD 1,422,294.74 1.18812,000
CHEUNG KONG HOLDINGS LTD HKD 3,321,428.88 2.75299,000
CHINA MOBILE HKD 8,928,669.28 7.38901,500
CHINA UNICOM LTD HKD 2,678,610.44 2.221,796,000CHOW SANG SANG HOLDINGSINTERNATIONAL LT
HKD 733,217.46 0.611,288,000
CHUANGS CHINA INVESTMENTS HKD 252,119.49 0.219,549,000
CLP HOLDINGS LTD HKD 5,910,292.00 4.88736,000
CNOOC LTD HKD 4,085,130.53 3.383,584,000
DAH CHONG HONG HOLDINGS LTD HKD 441,305.22 0.372,155,000
ESPRIT HLDGS HKD 924,514.76 0.76151,600
HANG SENG BANK LTD HKD 2,031,333.16 1.68109,300
HONG KONG EXCH AND CLEARING LTD HKD 1,413,702.91 1.17117,900
HONGKONG ELECTRIC HOLDINGS HKD 5,893,568.14 4.88943,500
HUTCHISON WHAMPOA LTD HKD 4,649,865.20 3.85614,000
HYSAN DEVELOPMENT CO HKD 3,857,374.30 3.191,499,000
MASS TRANSIT RAILWAY CORP HKD 3,997,991.92 3.311,370,500
NEW WORLD DEVELOPMENT CO LTD HKD 3,884.17 0.003,569
SUN HUNG KAI PROPERTIES LTD HKD 1,938,706.01 1.60192,000
THE LINK REAL ESTATE INVESTMENT TRUST HKD 2,328,406.17 1.931,128,500
56,560,160.93 46.80
CHINA CONSTRUCTION BANK -H- HKD 2,100,553.35 1.743,236,000
China
CHINA COSKO HKD 920,205.33 0.761,040,000
CHINA HIGH SPEED TRANSMISSION HKD 1,227,919.27 1.02681,000
CHINA LIFE INSURANCE -H- HKD 5,681,058.51 4.711,545,000
CHINA PETROLEUM & CHEMICAL -H- HKD 1,382,394.45 1.141,780,000
CHINA SHENHUA ENERGY CO - H HKD 1,185,385.14 0.98497,500
CHINA TELECOM CORP LTD-H- HKD 1,785,034.51 1.484,428,000
CHINA VANKE HKD 1,090,156.42 0.901,525,110
GUANGZHOU R&F PROPERTIES-H HKD 1,335,155.49 1.101,491,600
INDUSTRIAL AND CIAL BK CHINA-H HKD 5,478,760.94 4.539,288,000
JIANGSU EXPRESSWAY CO LTD HKD 1,939,860.00 1.602,624,000
PETROCHINA CO LTD -H- HKD 4,189,401.92 3.474,066,000
PING AN INSURANCE GROUP CO-H HKD 546,236.68 0.4596,500
TRAVELSKY TECHNOLOGY LTD HKD 542,607.92 0.451,100,000
ZIJIN MINING GROUP CO LTD-H HKD 1,442,190.79 1.192,886,000
30,846,920.72 25.52
ASUSTEK COMPUTER INC TWD 2,118,196.40 1.751,097,352
Taiwan
AU OPTRONICS CORP TWD 4,905,043.38 4.064,445,144
CATHAY FINANCIAL HOLDING CO TWD 1,023,842.55 0.85763,350
CHINA STEEL CORP TWD 1,592,394.67 1.321,631,520
CHUNGHWA TELECOM CO LTD TWD 6,334,227.15 5.242,728,000
FAR EASTERN TEXTILE LTD TWD 1,493,387.61 1.242,164,168
HON HAI PRECISION INDUSTRY GDR USD 2,912,628.00 2.41420,900
HUANG HSIANG CONSTRUCTION CORP TWD 244,551.84 0.20442,000
MEDIATEK INC TWD 2,719,861.37 2.25269,237
RADIUM LIFE TECH CO LTD TWD 671,779.37 0.562,029,310
TAIWAN CEMENT CORP TWD 862,445.42 0.711,487,730TAIWAN SEMICONDUCTORMANUFACTURING CO LT
TWD 1,854,960.19 1.531,136,702
TAIWAN SEMICONDUCTOR-SP ADR USD 179,557.31 0.1519,163
NameQuantity/Nominal
Market valuein USD
Currency %NAV
TATUNG CO LTD TWD 646,216.34 0.533,035,000
27,559,091.60 22.80
114,966,173.25 95.12
WINTEK CORP-SPON GDR 144A USD 655,026.87 0.54336,200
Other transferable securities and money market instruments
SharesTaiwan
655,026.87 0.54
655,026.87 0.54
Total securities portfolio 115,621,200.12 95.66
NameQuantity/Nominal
Market valuein USD
Currency %NAV
DB TAIWAN BASKET P NOT WTS 08-07/03/2019 USD 793,789.40158,441
Warrants
793,789.40
NameQuantity/Nominal
Market valuein USD
Currency
Total financial derivative instruments 793,789.40
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 115,621,200.12 95.66
Total financial derivative instruments 793,789.40 0.66
Cash at bank 4,346,180.73 3.60
Other assets and liabilities 104,513.29 0.08
Total net assets 120,865,683.54 100.00
ING (L) Invest - Health Care
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
151ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 118,670,983.08USD30/09/2007 191,625,786.26USD30/09/2006 242,188,286.34USD
Capitalisation P (USD) 757.4630/09/2008 USD976.5430/09/2007 USD928.5230/09/2006 USD
Capitalisation P (EUR) -30/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (USD) 777.5430/09/2008 USD991.7730/09/2007 USD934.0430/09/2006 USD
Capitalisation X (USD) 729.4030/09/2008 USD944.0530/09/2007 USD902.1230/09/2006 USD
Distribution P (USD) 3,409.1730/09/2008 USD4,438.3830/09/2007 USD4,261.3130/09/2006 USD
Net asset value per share
Capitalisation P (USD) 73,41030/09/2008105,85630/09/2007125,00030/09/2006
Capitalisation P (EUR) -30/09/2008-30/09/2007-30/09/2006
Capitalisation I (USD) 65,31330/09/200850,53630/09/200775,95030/09/2006
Capitalisation X (USD) 2,44830/09/200824,63930/09/200745,97730/09/2006
Distribution P (USD) 3,07930/09/20083,35130/09/20073,28930/09/2006
Number of shares
Distribution P (USD) 41.0019/12/2007 USD
Dividend
Distribution P (USD) 41.0015/12/2006 USD
Distribution P (USD) 39.0015/12/2005 USD
Capitalisation P (USD) 1.72%30/09/2008
Capitalisation P (EUR) 1.77%30/09/2008
Capitalisation I (USD) 0.68%30/09/2008
Capitalisation X (USD) 2.04%30/09/2008
Distribution P (USD) 1.73%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 63.61%
ING (L) Invest - Health Care
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
152 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 116,737,090.03
Shares 116,737,090.03
Cash at bank 377,920.42
Other assets 2,341,919.813
Total assets 119,456,930.26
Bank overdrafts (379,066.39)
Current liabilities (406,880.79)3
Total liabilities (785,947.18)
Net assets at the end of the year 118,670,983.08
Notes
Statement of net assets as at 30/09/2008
Total income 2,108,308.35
Dividends 1,939,487.61
Bank interest 65,175.07
Other income 103,645.678
Total expenses (2,306,863.60)
Management fees (1,489,414.59)4
Custodian fees (77,415.19)5
Subscription tax (45,831.79)6
Bank interest (60,640.66)
Other expenses (633,561.37)7
Net investment loss (198,555.25)
Net realised gains or (losses) on securities portfolio (53,271.60)
Net realised gains or (losses) on financial derivativeinstruments
(374.52)
Net realised gains or (losses) on currency (53,216.30)
Changes in net unrealised gains or (losses) on securitiesportfolio
(33,829,887.80)
Result of operations (34,135,305.47)
Subscriptions 110,962,565.27
Redemptions (149,647,008.98)
Distribution (135,054.00)
Net assets at the beginning of the year 191,625,786.26
Net assets at the end of the year 118,670,983.08
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Health Care(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
153ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ABBOTT LABORATORIES USD 4,721,560.00 3.9882,000
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AETNA INC USD 1,299,960.00 1.1036,000
AMGEN INC USD 2,667,150.00 2.2545,000
AOI MEDICAL INC GBP 651,330.16 0.55170,744
BAXTER INTL INC USD 3,478,390.00 2.9353,000
BIOGEN IDEC INC USD 1,357,830.00 1.1427,000
BRISTOL MYERS SQUIBB CO USD 479,550.00 0.4023,000
CELGENE CORP USD 2,024,960.00 1.7132,000
CEPHALON INC USD 852,390.00 0.7211,000
CIGNA CORPORATION USD 849,500.00 0.7225,000
COVENTRY HEALTH CARE INC USD 260,400.00 0.228,000
EXPRESS SCRIPTS INC USD 1,033,480.00 0.8714,000
FOREST LABORATORIES INC USD 1,414,000.00 1.1950,000
GENENTECH INC USD 2,837,760.00 2.3932,000
GILEAD SCIENCES INC USD 2,281,500.00 1.9250,000
HOLOGIC INC USD 541,240.00 0.4628,000
HUMANA INC USD 618,000.00 0.5215,000
JOHNSON & JOHNSON USD 9,144,960.00 7.70132,000
LILLY ELI & CO USD 748,510.00 0.6317,000
MCKESSON HBOC INC USD 1,345,250.00 1.1325,000
MEDCO HEALTH SOLUTIONS INC USD 1,980,000.00 1.6744,000
MEDTRONIC INC USD 3,356,700.00 2.8367,000
MERCK AND CO INC USD 4,039,680.00 3.40128,000
MYLAN LABORATORIES INC USD 993,540.00 0.8487,000
NAPO PHARMACEUTICAL INC GBP 796.53 0.00127,671
PFIZER INC USD 6,018,816.00 5.07326,400
SAINT JUDE MEDICAL INC USD 869,800.00 0.7320,000
SCHERING PLOUGH CORP USD 3,453,890.00 2.91187,000
UNITEDHEALTH GROUP INC USD 1,371,060.00 1.1654,000
WATERS CORP USD 581,800.00 0.4910,000
WELLPOINT INC USD 841,860.00 0.7118,000
WYETH USD 3,361,540.00 2.8391,000
ZIMMER HOLDINGS INC USD 774,720.00 0.6512,000
66,251,922.69 55.82
ALCON INC USD 1,130,570.00 0.957,000
Switzerland
NOVARTIS AG CHF 5,221,730.63 4.40100,000
ROCHE HOLDING AG-GENUSSCHEIN CHF 7,936,941.38 6.6951,000
SANTHERA PHARMACEUTICALS-REG CHF 675,435.99 0.5717,000
SYNTHES-INC CHF 1,098,748.44 0.938,000
16,063,426.44 13.54
BAYER AG EUR 4,147,369.59 3.4957,000
Germany
FRESENIUS AG PREF. EUR 1,509,984.70 1.2721,000
FRESENIUS MEDICAL CARE AG & CO EUR 540,839.41 0.4610,500
MERCK KGAA EUR 1,588,659.15 1.3415,000
7,786,852.85 6.56
ASTELLAS PHARMA INC JPY 987,895.98 0.8324,000
Japan
EISAI CO LTD JPY 500,824.08 0.4213,000
SHIONOGI & CO LTD JPY 320,256.13 0.2716,000
TAKEDA PHARMACEUTICAL CO LTD JPY 2,175,857.86 1.8444,000
NameQuantity/Nominal
Market valuein USD
Currency %NAV
TERUMO CORPORATION JPY 975,368.32 0.8219,000
4,960,202.37 4.18
ANTISOMA PLC GBP 1,133,613.31 0.963,220,000
United Kingdom
ASTRAZENECA PLC GBP 1,666,328.67 1.4138,000
GLAXOSMITHKLINE PLC GBP 1,014,574.55 0.8547,000
SOUTHERN CROSS HEALTHCARE GBP 290,406.31 0.24158,171
4,104,922.84 3.46
SANOFI-AVENTIS SA EUR 3,661,641.62 3.0956,000
France
3,661,641.62 3.09
COVIDIEN LTD USD 2,634,240.00 2.2249,000
Bermuda
EASTPHARMA SARL- GDR REG USD 246,538.88 0.21109,088
2,880,778.88 2.43
CSL LTD AUD 1,265,151.28 1.0743,000
Australia
PRIMARY HEALTH CARE LIMITED AUD 954,641.39 0.80235,000
2,219,792.67 1.87
OMEGA PHARMA SA EUR 807,406.52 0.6819,065
Belgium
ONCOMETHYLOME SCIENCES SA EUR 1,200,975.75 1.01114,000
2,008,382.27 1.69
GENMAB A/S DKK 508,303.62 0.439,000
Denmark
NOVO-NORDISK A/S -B- DKK 1,122,409.71 0.9422,000
1,630,713.33 1.37
TEVA PHARMACEUTICAL IND.LTD-ADR USD 1,236,330.00 1.0427,000
Israel
1,236,330.00 1.04
LABORATORIOS FARMACEUTICOS ROVI SA EUR 1,147,599.05 0.97100,000
Spain
1,147,599.05 0.97
ALAPIS SA EUR 985,769.21 0.83471,000
Greece
985,769.21 0.83
SELCUK ECZA DEPOSU TICARET VE SANAYIAS
TRY 684,958.37 0.58674,866
Turkey
684,958.37 0.58
XCOUNTER AB GBP 558,597.44 0.47602,634
Sweden
558,597.44 0.47
PHARMSTANDARD-OKTYABR OAO USD 555,200.00 0.4732,000
Russia
555,200.00 0.47
116,737,090.03 98.37
Total securities portfolio 116,737,090.03 98.37
NameQuantity/Nominal
Market valuein USD
Currency %NAV
ING (L) Invest - Health Care(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
154 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Summary of net assets%
NAV
Total securities portfolio 116,737,090.03 98.37
Cash at bank 377,920.42 0.32
Other assets and liabilities 1,555,972.63 1.31
Total net assets 118,670,983.08 100.00
ING (L) Invest - India Focus
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
155ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 12,965,183.91USD30/09/2007 -USD30/09/2006 -USD
Capitalisation I (USD) 4,018.7630/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Capitalisation P (EUR) 206.1430/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 205.9830/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Net asset value per share
Capitalisation I (USD) 3,22030/09/2008-30/09/2007-30/09/2006
Capitalisation P (EUR) 4030/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 4030/09/2008-30/09/2007-30/09/2006
Number of shares
Capitalisation I (USD) 0.70%30/09/2008
Capitalisation P (EUR) 1.74%30/09/2008
Capitalisation X (EUR) 2.24%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 0.06%
ING (L) Invest - India Focus
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
156 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 12,380,185.11
Shares 12,380,185.11
Total financial derivative instruments 742.80
Warrants and rights 742.80
Cash at bank 563,275.54
Other assets 33,903.713
Total assets 12,978,107.16
Current liabilities (12,923.25)3
Total liabilities (12,923.25)
Net assets at the end of the period 12,965,183.91
Notes
Statement of net assets as at 30/09/2008
Total income 45,284.21
Dividends 42,852.74
Bank interest 2,431.47
Total expenses (26,975.02)
Management fees (17,022.51)4
Custodian fees (2,304.57)5
Subscription tax (326.97)6
Bank interest (4,844.35)
Other expenses (2,476.62)7
Net investment income 18,309.19
Net realised gains or (losses) on securities portfolio (197,957.06)
Net realised gains or (losses) on currency (2,735.43)
Changes in net unrealised gains or (losses) on securitiesportfolio
(2,990,905.21)
Changes in net unrealised gains or (losses) on financialderivative instruments
(11,260.89)
Result of operations (3,184,549.40)
Subscriptions 16,149,733.31
Net assets at the beginning of the period -
Net assets at the end of the period 12,965,183.91
Notes
Statement of operations and changes in net assets forthe period from 14/07/2008 to 30/09/2008
ING (L) Invest - India Focus(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
157ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ABAN OFFSHORE LIMITED INR 65,455.12 0.501,500
Transferable securities and money market instruments listed onan official stock exchange
Shares
India
ADITYA BIRLA NUVO LIMITED INR 58,641.79 0.452,944
ASIAN PAINTS LTD INR 63,193.32 0.492,500
AXIS BANK INR 406,542.03 3.1426,500
BALRAMPUR CHINI MILLS LTD INR 69,157.87 0.5340,000BHARAT HEAVY ELECTRICALSDEMATERIALISED
INR 387,131.25 2.9911,426
BHARAT PETROLEUM CORP LTD INR 138,070.88 1.0618,000
BHARTI AIRTEL INR 284,093.42 2.1917,000
BOMBAY RAYON FASHIONS LTD INR 64,058.33 0.4910,000
CIPLA LTD INR 97,370.36 0.7520,000
DABUR INDIA LTD-DEMATERIALISED INR 96,987.10 0.7550,000
DLF LTD INR 71,085.64 0.559,467
DR REDDYS LABORATOIRIES LTD INR 108,580.84 0.8410,000
GAIL INDIA LTD INR 198,083.74 1.5322,768
GLENMARK PHARMACEUTICALS LTD INR 104,109.42 0.8010,000
GMR INFRASTRUCTURE LTD INR 31,925.90 0.2517,000
GUJARAT NARMADA VALLEY FERT INR 57,649.30 0.4430,000
HCL TECHNOLOGIES LTD INR 20,701.58 0.165,000
HDFC BANK LIMITED INR 641,491.41 4.9524,500
HERO HONDA MOTORS LIMITED INR 185,734.02 1.4310,000
HINDALCO INDUSTRIES LTD INR 62,759.49 0.4830,000
HINDUSTAN LEVER DEMATERIALISED INR 322,261.20 2.4960,000
HOUSING DEVELOPMENT FINANCE INR 957,396.81 7.3921,000
ICICI BANKING CORP INR 855,237.78 6.6075,000
INDIABULLS REAL ESTATE LTD INR 104,817.40 0.8129,000
INDIAN HOTELS DEMAT INR 57,404.44 0.4440,000
INFOSYS TECHNOLOGIES LTD INR 1,131,180.45 8.7338,000
ITC LTD INR 508,513.69 3.92127,000
JAIPRAKASH ASSOCIATED LTD INR 70,967.73 0.5530,000
JET AIRWAYS INDIA LTD INR 76,700.72 0.599,000
JINDAL STEEL & POWER LTD INR 94,678.47 0.733,500
KOTAK MAHINDRA BANK LTD INR 82,594.47 0.647,000
LARSEN AND TOUBROU LTD INR 598,163.94 4.6111,500
MARUTI SUZUKI INDIA LTD INR 44,088.14 0.343,000
MCDOWELL & CO LTD INR 106,768.85 0.824,000
NATIONAL THERMAL POWER CORP INR 208,447.74 1.6157,000
OIL & NATURAL GAS CORP LTD INR 594,557.53 4.5927,000
RELIANCE CAPITAL LTD DEMATER INR 121,744.89 0.945,000
RELIANCE COMMUNICATIONS INR 241,471.26 1.8634,000
RELIANCE ENERGY LTD INR 100,958.14 0.786,000
RELIANCE INDUSTRIES LIMITED INR 975,401.17 7.5323,500
RELIANCE PETROLEUM LTD INR 51,942.93 0.4017,000
SATYAM COMPUTER SERVICES INR 342,465.60 2.6454,000
SINTEX INDUSTRIES LIMITED INR 90,594.04 0.7015,000
STATE BANK OF INDIA INR 155,791.52 1.205,000
STERLITE INDUSTRIES INDIA LTD INR 136,937.05 1.0615,000
SUN PHARMACEUTICALS INDUS INR 252,673.22 1.958,000
TATA CONSULTANC SVS DEMATERIAL INR 127,507.76 0.988,997
TATA MOTORSLTD INR 175,739.35 1.3624,000
TATA POWER COMPANY LIMITED INR 48,288.61 0.372,500
TATA STEEL LTD INR 272,852.07 2.1030,000
THERMAX LTD INR 88,789.51 0.6810,000
ULTRATECH CEMENT LTD INR 56,291.91 0.435,000
UNITECH LTD-DEMATERIALISED- INR 27,286.27 0.2111,000
NameQuantity/Nominal
Market valuein USD
Currency %NAV
WIPRO LTD INR 86,847.64 0.6712,000
12,380,185.11 95.49
12,380,185.11 95.49
Total securities portfolio 12,380,185.11 95.49
NameQuantity/Nominal
Market valuein USD
Currency %NAV
HINDALCO INDUSTRIES RTS 2008 INR 410.648,571
Rights
TATA MOTORS RTS 2008 INR 332.164,000
742.80
NameQuantity/Nominal
Market valuein USD
Currency
Total financial derivative instruments 742.80
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 12,380,185.11 95.49
Total financial derivative instruments 742.80 0.01
Cash at bank 563,275.54 4.34
Other assets and liabilities 20,980.46 0.16
Total net assets 12,965,183.91 100.00
ING (L) Invest - Industrials
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
158 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 45,924,627.84EUR30/09/2007 120,066,402.65EUR30/09/2006 111,009,302.50EUR
Capitalisation P (EUR) 271.1030/09/2008 EUR406.4930/09/2007 EUR348.1930/09/2006 EUR
Capitalisation I (EUR) 278.0630/09/2008 EUR412.5930/09/2007 EUR350.0930/09/2006 EUR
Capitalisation X (EUR) 262.7930/09/2008 EUR395.8730/09/2007 EUR340.8030/09/2006 EUR
Distribution P (EUR) 1,045.6230/09/2008 EUR1,581.8130/09/2007 EUR1,367.4830/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 86,15230/09/2008153,25030/09/2007148,81930/09/2006
Capitalisation I (EUR) 67,40630/09/200892,36830/09/2007
111,78530/09/2006
Capitalisation X (EUR) 5,34930/09/200836,74730/09/200748,78230/09/2006
Distribution P (EUR) 2,31430/09/20083,23430/09/20072,51030/09/2006
Number of shares
Distribution P (EUR) 13.0019/12/2007 EUR
Dividend
Distribution P (EUR) 13.0015/12/2006 EUR
Distribution P (EUR) 12.0015/12/2005 EUR
Capitalisation P (EUR) 1.69%30/09/2008
Capitalisation I (EUR) 0.65%30/09/2008
Total expense ratio (TER) in %*
Capitalisation X (EUR) 2.11%30/09/2008
Distribution P (EUR) 1.70%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 17.43%
ING (L) Invest - Industrials
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
159ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 44,013,820.71
Shares 44,013,820.71
Cash at bank 1,076,354.18
Other assets 1,004,442.013
Total assets 46,094,616.90
Bank overdrafts (922.82)
Current liabilities (169,066.24)3
Total liabilities (169,989.06)
Net assets at the end of the year 45,924,627.84
Notes
Statement of net assets as at 30/09/2008
Total income 1,477,256.12
Dividends 1,380,676.32
Bank interest 37,923.42
Other income 58,656.388
Total expenses (1,066,369.68)
Management fees (851,420.85)4
Custodian fees (43,002.66)5
Subscription tax (25,243.71)6
Bank interest (3,652.36)
Other expenses (143,050.10)7
Net investment income 410,886.44
Net realised gains or (losses) on securities portfolio (7,608,284.22)
Net realised gains or (losses) on financial derivativeinstruments
3,062.00
Net realised gains or (losses) on currency (131,850.45)
Changes in net unrealised gains or (losses) on securitiesportfolio
(21,172,813.72)
Result of operations (28,498,999.95)
Subscriptions 35,246,410.62
Redemptions (80,844,831.10)
Distribution (44,354.38)
Net assets at the beginning of the year 120,066,402.65
Net assets at the end of the year 45,924,627.84
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Industrials(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
160 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
BOEING CO USD 1,341,181.18 2.9232,849
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
CURTISS-WRIGHT USD 866,968.50 1.8926,794
DEERE & CO USD 1,523,605.52 3.3243,235
EMERSON ELECTRIC CO USD 2,036,029.81 4.4370,113
GENERAL ELECTRIC CO USD 3,573,358.49 7.78196,836
GRAFTECH INTERNATIONAL LTD USD 544,117.05 1.1850,582
HONEYWELL INTERNATIONAL INC USD 1,807,801.41 3.9461,115
MCDERMOTT INTL INC USD 473,202.04 1.0326,015
PARKER HANNIFIN CORP USD 1,132,520.56 2.4730,015
PRECISION CASTPARTS CORP USD 869,263.67 1.8915,499
ROPER INDUSTRIES INC USD 1,357,851.14 2.9633,485
TEREX CORP USD 529,094.45 1.1524,351
UNION PACIFIC CORP USD 1,332,923.33 2.9026,311
UNITED PARCEL SERVICE INC CL B USD 1,427,488.61 3.1131,883
WABCO HOLDINGS INC USD 739,643.91 1.6129,233
WASTE MANAGEMENT INC USD 1,441,570.12 3.1464,303
20,996,619.79 45.72
ASAHI PRETEC CORP JPY 767,491.90 1.6756,800
Japan
EAST JAPAN RAILWAY CO JPY 2,187,364.00 4.77415
FANUC LTD JPY 534,599.57 1.1610,300
ITOCHU CORP JPY 1,046,922.47 2.28251,000
MITSUI & CO LTD JPY 1,011,261.05 2.20118,000
5,547,638.99 12.08
DEUTSCHE POST AG-REG EUR 1,322,987.36 2.8889,512
Germany
GEA GROUP AG EUR 848,408.94 1.8562,109
SIEMENS AG EUR 3,144,559.50 6.8547,826
5,315,955.80 11.58
SCHNEIDER ELECTRIC SA EUR 1,177,428.28 2.5619,544
France
VINCI EUR 1,402,903.24 3.0642,538
2,580,331.52 5.62
CANADIAN NATIONAL RAILWAY CO CAD 1,721,807.19 3.7550,637
Canada
1,721,807.19 3.75
ABB LTD CHF 1,190,886.40 2.5988,809
Switzerland
1,190,886.40 2.59
CINTRA EUR 889,044.75 1.94107,763
Spain
889,044.75 1.94
ATLAS COPCO AB A SEK 813,879.57 1.77102,856
Sweden
813,879.57 1.77
METSO OYJ EUR 789,180.24 1.7246,232
Finland
789,180.24 1.72
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
PRYSMIAN SPA EUR 727,094.40 1.5852,688
Italy
727,094.40 1.58
TNT NV EUR 212,589.00 0.4610,902
Netherlands
USG PEOPLE NV EUR 507,425.95 1.1152,583
720,014.95 1.57
DONGFANG ELECTRICAL MACHINERY CO HKD 348,475.22 0.76186,301
China
WEICHAI POWER CO LTD-H HKD 329,720.71 0.72124,000
678,195.93 1.48
EMPRESA BRASILEIRA DE AERONAUTICA ADR USD 676,148.96 1.4735,163
Brazil
676,148.96 1.47
HYFLUX LTD SGD 524,187.73 1.14435,000
Singapore
524,187.73 1.14
BOART LONGYEAR LTD AUD 442,283.49 0.96703,211
Australia
442,283.49 0.96
STRABAG SE -BR EUR 400,551.00 0.8712,921
Austria
400,551.00 0.87
44,013,820.71 95.84
Total securities portfolio 44,013,820.71 95.84
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 44,013,820.71 95.84
Cash at bank 1,076,354.18 2.34
Other assets and liabilities 834,452.95 1.82
Total net assets 45,924,627.84 100.00
ING (L) Invest - Japan
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in JPY)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
161ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 29,249,849,818.58JPY30/09/2007 51,213,724,166.94JPY30/09/2006 55,050,115,841.65JPY
Capitalisation P (EUR) 153.8230/09/2008 EUR232.1230/09/2007 EUR
-30/09/2006 EUR
Capitalisation I (EUR) 23.4630/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation V (EUR) 88.8530/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation P (JPY) 3,353.0030/09/2008 JPY5,356.0030/09/2007 JPY5,338.0030/09/2006 JPY
Capitalisation I (JPY) 3,473.0030/09/2008 JPY5,500.0030/09/2007 JPY5,436.0030/09/2006 JPY
Capitalisation S (JPY) 3,471.0030/09/2008 JPY5,499.0030/09/2007 JPY
-30/09/2006 JPY
Capitalisation X (JPY) 3,203.0030/09/2008 JPY5,141.0030/09/2007 JPY5,149.0030/09/2006 JPY
Distribution P (JPY) 3,115.0030/09/2008 JPY5,001.0030/09/2007 JPY5,005.0030/09/2006 JPY
Net asset value per share
Capitalisation P (EUR) 31430/09/200816130/09/2007
-30/09/2006
Capitalisation I (EUR) 544,79130/09/2008-30/09/2007-30/09/2006
Capitalisation V (EUR) 2830/09/2008-30/09/2007-30/09/2006
Capitalisation P (JPY) 3,888,44630/09/20085,246,84930/09/20076,564,81830/09/2006
Number of shares
Capitalisation I (JPY) 1,673,54830/09/20081,583,45230/09/2007
225,15230/09/2006
Capitalisation S (JPY) 557,93830/09/2008138,20130/09/2007
-30/09/2006
Capitalisation X (JPY) 1,353,42530/09/20081,853,98230/09/20072,846,80530/09/2006
Distribution P (JPY) 710,47030/09/2008820,37230/09/2007823,85830/09/2006
Number of shares
Distribution P (JPY) 22.0019/12/2007 JPY
Dividend
Distribution P (JPY) 22.0015/12/2006 JPY
Distribution P (JPY) 20.0015/12/2005 JPY
Capitalisation P (EUR) 1.58%30/09/2008
Capitalisation I (EUR) 0.72%30/09/2008
Capitalisation V (EUR) 1.48%30/09/2008
Capitalisation P (JPY) 1.58%30/09/2008
Capitalisation I (JPY) 0.72%30/09/2008
Capitalisation S (JPY) 0.76%30/09/2008
Capitalisation X (JPY) 2.07%30/09/2008
Distribution P (JPY) 1.59%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 72.38%
ING (L) Invest - Japan
The accompanying notes form an integral part of these financial statements.
(Denominated in JPY)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
162 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 28,763,098,360.00
Shares 28,763,098,360.00
Cash at bank 278,586,321.00
Margin deposits 15,340,000.00
Other assets 287,185,956.823
Total assets 29,344,210,637.82
Current liabilities (79,820,819.24)3
Total financial derivative instruments (14,540,000.00)Futures (14,540,000.00)
Total liabilities (94,360,819.24)
Net assets at the end of the year 29,249,849,818.58
Notes
Statement of net assets as at 30/09/2008
Total income 591,994,597.56
Dividends 589,170,543.56
Bank interest 2,823,194.00
Other income 860.00
Total expenses (548,825,544.59)
Management fees (443,487,953.00)4
Custodian fees (22,626,815.00)5
Subscription tax (14,878,805.00)6
Bank interest (1,305,943.23)
Other expenses (66,526,028.36)7
Net investment income 43,169,052.97
Net realised gains or (losses) on securities portfolio (5,317,402,398.00)
Net realised gains or (losses) on financial derivativeinstruments
35,108,804.00
Net realised gains or (losses) on currency (11,424,213.00)
Changes in net unrealised gains or (losses) on securitiesportfolio
(12,426,678,095.33)
Changes in net unrealised gains or (losses) on financialderivative instruments
(20,960,000.00)
Result of operations (17,698,186,849.36)
Subscriptions 18,594,961,526.00
Redemptions (22,842,956,086.00)
Distribution (17,692,939.00)
Net assets at the beginning of the year 51,213,724,166.94
Net assets at the end of the year 29,249,849,818.58
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Japan(Denominated in JPY)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
163ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ACOM CO LTD JPY 164,027,100.00 0.5645,690
Transferable securities and money market instruments listed onan official stock exchange
Shares
Japan
AIOI INSURANCE CO LTD JPY 273,842,000.00 0.94538,000
BRIDGESTONE CORP JPY 158,760,000.00 0.5481,000
CANON INC JPY 420,964,000.00 1.44110,200
CANON MARKETING JAPAN JPY 186,264,000.00 0.64117,000
CAPCOM CO LTD JPY 172,831,500.00 0.5957,900
DAIICHI SANKYO CO JPY 652,190,000.00 2.23242,000
DAIWA SECURITIES GROUP INC JPY 222,138,000.00 0.76301,000
DON QUIJOTE CO LTD JPY 224,660,000.00 0.77119,500
EAST JAPAN RAILWAY CO JPY 552,558,000.00 1.89703
EDION JPY 170,046,000.00 0.58241,200
FANUC LTD JPY 291,024,000.00 0.9937,600
HASEKO CORP JPY 108,806,500.00 0.371,490,500
HITACHI CONSTRUCTION MACHINERY JPY 418,392,500.00 1.43165,700
HITACHI LTD JPY 585,888,000.00 2.00816,000
HOKUGIN FINANCIAL GROUP INC JPY 248,976,000.00 0.851,092,000
HONDA MOTOR CO LTD YEN 50 JPY 377,598,000.00 1.29122,200
INPEX CORP JPY 318,080,000.00 1.09355
ISUZU MOTORS LTD JPY 292,520,000.00 1.001,030,000
IT HOLDINGS CORP JPY 179,711,800.00 0.61118,700
JAPAN TOBACCO INC JPY 568,148,000.00 1.941,442
JSR CORPORATION JPY 228,300,800.00 0.78166,400
JUPITER TELECOMMUNICATIONS JPY 154,508,000.00 0.532,033
KANSAI ELECTRIC POWER CO INC JPY 391,040,000.00 1.34166,400
KAO CORP JPY 562,175,000.00 1.92199,000
KOMATSU LTD JPY 206,360,000.00 0.71123,200
KYOWA EXEO CORP JPY 148,679,000.00 0.51157,000
KYUSHU ELECTRIC POWER CO INC JPY 489,060,000.00 1.67222,300
MAKINO MILLING MACHINE CO JPY 193,992,000.00 0.66472,000
MARUBENI CORPORATION JPY 220,896,000.00 0.76472,000
MEDICEO PALTAC HOLDINGS CO LTD JPY 220,162,800.00 0.75171,600
MITSUBISHI CORPORATION JPY 619,347,000.00 2.12287,400
MITSUBISHI ELECTRIC CORP JPY 154,093,000.00 0.53223,000
MITSUBISHI ESTATE CO LTD JPY 582,900,000.00 1.99290,000
MITSUBISHI UFJ FINANCIAL GROUP JPY 1,653,764,560.00 5.661,851,920
MITSUI & CO LTD JPY 283,716,000.00 0.97222,000
MITSUI FUDOSAN CO LTD JPY 382,395,000.00 1.31195,000
MITSUI OSK LINES LTD JPY 424,320,000.00 1.45480,000
MITSUI SUMITOMO INSURANCE GR JPY 456,841,000.00 1.56130,900
MITSUMI ELECTRIC CO LTD JPY 189,540,000.00 0.6572,900
MIZUHO FINANCIAL GROUP INC JPY 929,084,000.00 3.192,102
NIDEC CORP JPY 362,384,000.00 1.2456,800
NINTENDO CO LTD JPY 954,800,000.00 3.2722,000
NIPPON MINING HOLDINGS INC JPY 253,914,000.00 0.87606,000
NIPPON SEIKO LTD JPY 134,470,000.00 0.46226,000
NIPPON STEEL CORP JPY 339,786,000.00 1.16878,000
NTT-NIPPON TELEGRAPH & TELEPHONE JPY 609,231,000.00 2.081,299
ORIX CORP JPY 525,718,200.00 1.8041,790
OSAKA GAS CO LTD JPY 295,754,000.00 1.01817,000
PANASONIC CORP JPY 692,870,000.00 2.37386,000
RICOH CO LTD JPY 293,741,000.00 1.00203,000
SEVEN & I HOLDINGS CO LTD JPY 732,577,000.00 2.50244,600
SHIN-ETSU CHEMICAL CO LTD JPY 518,829,000.00 1.77106,100
SHIONOGI & CO LTD JPY 371,875,000.00 1.27175,000
SONY CORP JPY 539,534,000.00 1.84170,200
SONY FINANCIAL HOLDINGS INC JPY 284,275,000.00 0.97685
NameQuantity/Nominal
Market valuein JPY
Currency %NAV
SUMITOMO CHEMICAL CO LTD JPY 257,985,000.00 0.88567,000
SUMITOMO METAL INDUSTRIES JPY 409,564,000.00 1.401,292,000
SUMITOMO MITSUI FINANCIAL GR JPY 867,510,000.00 2.971,377
SUMITOMO TRUST & BANKING LTD JPY 384,580,000.00 1.31574,000
SYSMEX CORPORATION JPY 212,952,000.00 0.7345,600
TAIYO YUDEN CO LTD JPY 174,752,000.00 0.60172,000
TAKEDA PHARMACEUTICAL CO LTD JPY 851,550,000.00 2.91162,200
TOKAI RIKA CO LTD JPY 173,838,600.00 0.59132,600
TOKYO ELECTRON LIMITED JPY 104,384,000.00 0.3622,400
TOKYO GAS CO LTD JPY 533,140,000.00 1.821,220,000
TOKYU CORPORATION JPY 401,886,000.00 1.37807,000
TOSHIBA CORPORATION JPY 176,341,000.00 0.60391,000
TOYOTA MOTOR CORPORATION JPY 1,395,030,000.00 4.78318,500
WEST JAPAN RAILWAY COMPANY JPY 318,660,000.00 1.09705
YAMADA DENKI CO LTD JPY 512,568,000.00 1.7564,800
28,763,098,360.00 98.34
28,763,098,360.00 98.34
Total securities portfolio 28,763,098,360.00 98.34
NameQuantity/Nominal
Market valuein JPY
Currency %NAV
TOPIX INDX FUTR 11/12/2008 JPY 217,200,000.0020 (14,540,000.00)
Futures on stock indices
(14,540,000.00)217,200,000.00
NameQuantity Commitmentin JPY
Currency Unrealizedprofit or (loss)
in JPY
Total financial derivative instruments (14,540,000.00)
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 28,763,098,360.00 98.34
Total financial derivative instruments (14,540,000.00) (0.05)
Cash at bank 278,586,321.00 0.95
Other assets and liabilities 222,705,137.58 0.76
Total net assets 29,249,849,818.58 100.00
ING (L) Invest - Japanese Small & Mid Caps
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in JPY)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
164 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 2,032,881,580.21JPY30/09/2007 4,479,499,677.99JPY30/09/2006 6,044,004,789.31JPY
Capitalisation P (JPY) 8,327.0030/09/2008 JPY14,567.0030/09/2007 JPY17,822.0030/09/2006 JPY
Capitalisation X (JPY) 8,010.0030/09/2008 JPY14,079.0030/09/2007 JPY17,314.0030/09/2006 JPY
Distribution P (JPY) 32,305.0030/09/2008 JPY56,686.0030/09/2007 JPY69,508.0030/09/2006 JPY
Net asset value per share
Capitalisation P (JPY) 93,07530/09/2008131,29630/09/2007186,47130/09/2006
Capitalisation X (JPY) 118,02630/09/2008136,77030/09/2007111,32830/09/2006
Distribution P (JPY) 9,67430/09/200811,31430/09/200711,41030/09/2006
Number of shares
Distribution P (JPY) 150.0019/12/2007 JPY
Dividend
Distribution P (JPY) 150.0015/12/2006 JPY
Distribution P (JPY) 150.0015/12/2005 JPY
Capitalisation P (JPY) 1.67%30/09/2008
Capitalisation X (JPY) 2.16%30/09/2008
Distribution P (JPY) 1.68%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 68.10%
ING (L) Invest - Japanese Small & Mid Caps
The accompanying notes form an integral part of these financial statements.
(Denominated in JPY)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
165ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 1,870,991,774.00
Shares 1,870,991,774.00
Cash at bank 156,180,219.00
Margin deposits 7,896,000.00
Other assets 15,461,337.533
Total assets 2,050,529,330.53
Current liabilities (10,151,750.32)3
Total financial derivative instruments (7,496,000.00)Futures (7,496,000.00)
Total liabilities (17,647,750.32)
Net assets at the end of the year 2,032,881,580.21
Notes
Statement of net assets as at 30/09/2008
Total income 51,096,026.74
Dividends 50,139,407.74
Bank interest 894,699.00
Other income 61,920.00
Total expenses (55,454,805.81)
Management fees (46,076,533.00)4
Custodian fees (1,927,946.00)5
Subscription tax (1,324,685.00)6
Bank interest (35,168.00)
Other expenses (6,090,473.81)7
Net investment loss (4,358,779.07)
Net realised gains or (losses) on securities portfolio (1,557,939,168.51)
Net realised gains or (losses) on financial derivativeinstruments
(15,144,999.00)
Net realised gains or (losses) on currency (233,450.49)
Changes in net unrealised gains or (losses) on securitiesportfolio
(27,817,782.71)
Changes in net unrealised gains or (losses) on financialderivative instruments
(7,496,000.00)
Result of operations (1,612,990,179.78)
Subscriptions 328,066,877.00
Redemptions (1,160,061,745.00)
Distribution (1,633,050.00)
Net assets at the beginning of the year 4,479,499,677.99
Net assets at the end of the year 2,032,881,580.21
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Japanese Small & Mid Caps(Denominated in JPY)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
166 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ABC-MART INC JPY 19,635,000.00 0.976,600
Transferable securities and money market instruments listed onan official stock exchange
Shares
Japan
AEON DELIGHT CO LTD JPY 29,400,000.00 1.4512,000
AIR WATER INC JPY 23,943,000.00 1.1823,000
AISAN INDUSTRY CO LTD JPY 8,925,300.00 0.4414,100
AJIS CO LTD JPY 14,040,000.00 0.696,000
ALCONIX CORP JPY 6,804,000.00 0.332,700
ASAHI CO LTD JPY 10,248,000.00 0.506,100
ASAHI INTELLIGENCE SERVICE JPY 6,160,000.00 0.307,000
ASAHI PRETEC CORP JPY 18,437,250.00 0.919,150
CANON MARKETING JAPAN JPY 11,144,000.00 0.557,000
CAPCOM CO LTD JPY 21,193,500.00 1.047,100
CHUETSU PULP & PAPER CO LTD JPY 14,784,000.00 0.7384,000
CYBERAGENT INC JPY 21,079,000.00 1.04214
DAIBIRU CORP JPY 20,457,200.00 1.0125,700
DYDO DRINCO INC JPY 7,331,500.00 0.363,100
EDION JPY 13,747,500.00 0.6819,500
EPS CO LTD JPY 20,191,000.00 0.9961
FOSTER ELECTRIC CO LTD JPY 14,961,500.00 0.7411,500
FUJI PHARMA CO LTD JPY 17,760,000.00 0.8711,100
FUJIKURA KASEI CO LTD JPY 18,396,000.00 0.9028,000
FUJITSU BROAD SOLUTION & CO JPY 16,052,400.00 0.7918,200
FUSO CHEMICAL CO LTD JPY 7,849,000.00 0.394,700
GOURMET NAVIGATOR INC JPY 28,780,400.00 1.42124
HAMAMATSU PHOTONICS KK JPY 17,815,000.00 0.887,000
HISAKA WORKS LTD JPY 27,225,000.00 1.3415,000
HITACHI SYSTEMS & SERVICES LTD JPY 16,182,000.00 0.8011,600
HITACHI TOOL JPY 12,522,200.00 0.6212,700
HOGY MEDICAL CO - JPY 9,620,000.00 0.472,000
HOKUETSU INDUSTRIES JPY 17,015,000.00 0.8483,000
HOKUTO CORP JPY 11,304,000.00 0.564,800
HOUSE FOODS CORP JPY 12,538,800.00 0.628,100
IBJ LEASING JPY 18,260,800.00 0.9010,100
INTAGE INC JPY 22,562,000.00 1.1114,500
IT HOLDINGS CORP JPY 8,327,000.00 0.415,500
KAKAKU.COM INC JPY 35,970,000.00 1.76110
KANTO NATURAL GAS DEVELOP JPY 14,450,000.00 0.7125,000
KAWASAKI KINKAI KISEN KAISHA JPY 13,674,000.00 0.6743,000
KIKKOMAN CORP JPY 22,752,000.00 1.1216,000
KIKUCHI CO LTD JPY 16,200,000.00 0.8016,200
KINKI SHARYO CO LTD JPY 11,803,000.00 0.5829,000
KOIKE SANSO KOGYO CO LTD JPY 13,330,000.00 0.6643,000
LASERTEC CORPORATION JPY 22,000,000.00 1.0822,000
MACROMILL INC JPY 22,090,400.00 1.09212
MATSUDA SANGYO CO LTD JPY 8,974,504.00 0.445,236
MEC COMPANY LTD JPY 13,249,200.00 0.6518,300
MEGACHIPS CORP JPY 7,910,500.00 0.396,500
MEGANE TOP CO LTD JPY 13,393,700.00 0.6615,100
MESSAGE CO LTD JPY 9,949,500.00 0.4999
MITSUI MINING CO LTD JPY 13,456,000.00 0.6658,000
MODEC INC JPY 21,627,000.00 1.068,900
MOSHI MOSHI HOTLINE INC JPY 30,469,500.00 1.4911,100
MUSASHI SEIMITSU INDUSTRY CO LTD JPY 9,215,000.00 0.455,000
MYOTOKU LTD JPY 11,480,000.00 0.5656,000
N E CHEMCAT CORP JPY 11,900,000.00 0.597,000
NAKANISHI INC JPY 19,800,000.00 0.972,200
NBC INC JPY 22,581,000.00 1.1119,300
NameQuantity/Nominal
Market valuein JPY
Currency %NAV
NICHIDEN CORP JPY 21,414,000.00 1.058,300
NIKKATO CORP JPY 11,443,600.00 0.5624,400
NIPPON SEIKI CO LTD JPY 27,637,000.00 1.3629,000
NIPPON VALQUA INDUSTRIES LTD JPY 15,813,000.00 0.7863,000
NISSHO ELECTRONICS CORP JPY 20,596,000.00 1.0138,000
NITTA CORPORATION JPY 12,435,500.00 0.619,500
OHARA INC JPY 7,617,600.00 0.376,900
OILES CORP JPY 8,853,120.00 0.446,960
ORIENT CORP JPY 31,740,000.00 1.55230,000
OSAKA SECURITIES EXCHANGE CO JPY 9,276,800.00 0.4632
OSAKA STEEL CO LTD JPY 13,325,400.00 0.669,900
OSAKA TITANIUM TECHNOLOGIES JPY 17,967,000.00 0.885,300
PIGEON CORP JPY 16,957,500.00 0.835,700
PRAP JAPAN JPY 3,190,000.00 0.165,500
PROTO CORP JPY 25,235,000.00 1.2410,300
RELO HOLDINGS INC JPY 16,992,000.00 0.8417,700
RINNAI CORP JPY 14,945,000.00 0.743,500
ROTHO PHARMACEUTICAL CO LTD JPY 74,958,000.00 3.6862,000
SANRIO CO LTD JPY 14,400,000.00 0.7112,500
SASAKURA ENGINEERING CO LTD JPY 9,800,000.00 0.4814,000
SEC CARBON LTD JPY 9,135,000.00 0.4515,000
SECOM TECHNO SERVICE CO LTD JPY 17,485,000.00 0.866,500
SENSHU ELECTRIC CO LTD JPY 16,059,800.00 0.7911,800
SHIBAURA ELECTRONICS CO LTD JPY 12,022,400.00 0.5913,600
SHINKO PLANTECH CO LTD JPY 4,802,400.00 0.245,800
SHINWA KAIUN KAISHA LTD JPY 9,020,000.00 0.4422,000
SHL JAPAN JPY 13,806,000.00 0.68117
SHOEI CORP JPY 16,206,800.00 0.8012,400
SIIX CORP JPY 4,491,600.00 0.2211,400
SO-NET M3 JPY 18,865,000.00 0.9355
STARBUCKS COFFEE JAPAN LTD JPY 9,321,000.00 0.46239
SUNCALL CORP JPY 7,828,000.00 0.3919,000
SYSMEX CORPORATION JPY 23,350,000.00 1.155,000
TACHI-S CO LTD JPY 9,150,000.00 0.4510,000
TECHNO MEDICA CO LTD JPY 23,312,000.00 1.1594
TEIKOKU PISTON RING CO LTD JPY 7,728,500.00 0.3814,500
TOA OIL CO LTD JPY 16,848,000.00 0.83144,000
TOCALO CO LTD JPY 14,351,400.00 0.7111,900
TOHOKUSHINSHA FILM CORP JPY 10,713,300.00 0.5312,300
TOKAI RIKA CO LTD JPY 8,521,500.00 0.426,500
TOKYO TATEMONO REAL ESTATE SALES JPY 11,640,200.00 0.5728,600
TOKYO TEKKO CO LTD JPY 7,968,000.00 0.3932,000
TOMY COMPANY LTD JPY 26,020,300.00 1.2836,700
TORIDOLL.CORP JPY 24,745,000.00 1.22101
TOSHIBA PLANT SYSTEM SERVICES JPY 19,500,000.00 0.9620,000
TRANCOM CO LTD JPY 21,185,000.00 1.0419,000
TSUGAMI CORPORATION JPY 17,544,000.00 0.8668,000
TSUMURA & CO JPY 13,400,000.00 0.665,000
TSURUHA HOLDINGS INC JPY 8,190,000.00 0.402,600
UNICHARM PETCARE CORP JPY 23,310,000.00 1.157,400
UNIPRES JPY 10,670,800.00 0.5210,300
UNIVANCE CORP JPY 16,523,000.00 0.8140,300
VILLAGE VANGUARD CO LTD JPY 21,336,000.00 1.0542
WORKMAN CO LTD JPY 25,009,600.00 1.2319,600
WORKS APPLICATIONS CO LTD JPY 9,501,600.00 0.47107
YACHIYO BANK LTD JPY 9,507,900.00 0.4741
YAOKO CO LTD JPY 10,410,000.00 0.513,000
YUTAKA FOODS CORP JPY 22,218,000.00 1.0916,100
ZAPPALLAS JPY 23,248,000.00 1.1480
ZUKEN INC JPY 10,483,500.00 0.5214,500
1,870,991,774.00 92.04
1,870,991,774.00 92.04
NameQuantity/Nominal
Market valuein JPY
Currency %NAV
ING (L) Invest - Japanese Small & Mid Caps(Denominated in JPY)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
167ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
Total securities portfolio 1,870,991,774.00 92.04
NameQuantity/Nominal
Market valuein JPY
Currency %NAV
TOPIX INDX FUTR 11/12/2008 JPY 108,600,000.0010 (7,496,000.00)
Futures on stock indices
(7,496,000.00)108,600,000.00
NameQuantity Commitmentin JPY
Currency Unrealizedprofit or (loss)
in JPY
Total financial derivative instruments (7,496,000.00)
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 1,870,991,774.00 92.04
Total financial derivative instruments (7,496,000.00) (0.37)
Cash at bank 156,180,219.00 7.68
Other assets and liabilities 13,205,587.21 0.65
Total net assets 2,032,881,580.21 100.00
ING (L) Invest - Latin America
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
168 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 365,640,735.12USD30/09/2007 331,316,957.06USD30/09/2006 156,848,431.61USD
Capitalisation P (EUR) 252.1830/09/2008 EUR347.2430/09/2007 EUR
-30/09/2006 EUR
Capitalisation I (USD) 3,638.6130/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Capitalisation P (USD) 2,054.3830/09/2008 USD2,862.0330/09/2007 USD1,684.9530/09/2006 USD
Capitalisation X (USD) 1,988.3230/09/2008 USD2,784.6530/09/2007 USD1,648.1430/09/2006 USD
Distribution P (USD) 1,499.7330/09/2008 USD2,121.7830/09/2007 USD1,269.4330/09/2006 USD
Net asset value per share
Capitalisation P (EUR) 161,88530/09/2008148,18930/09/2007
-30/09/2006
Capitalisation I (USD) 35,97130/09/2008-30/09/2007-30/09/2006
Capitalisation P (USD) 67,48630/09/200868,04230/09/200774,12230/09/2006
Capitalisation X (USD) 13,47430/09/200816,22830/09/200715,56430/09/2006
Distribution P (USD) 7,98730/09/20088,58230/09/20074,96730/09/2006
Number of shares
Distribution P (USD) 32.0019/12/2007 USD
Dividend
Distribution P (USD) 24.0015/12/2006 USD
Distribution P (USD) 20.0015/12/2005 USD
Capitalisation P (EUR) 1.71%30/09/2008
Capitalisation I (USD) 0.75%30/09/2008
Capitalisation P (USD) 1.71%30/09/2008
Capitalisation X (USD) 2.21%30/09/2008
Distribution P (USD) 1.73%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 70.76%
ING (L) Invest - Latin America
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
169ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 349,232,872.17
Shares 344,542,415.10
Undertakings for collective investment 4,688,426.91
Bonds and other debt instruments 2,030.16
Total financial derivative instruments 2,872.43
Warrants and rights 2,872.43
Cash at bank 11,761,574.40
Other assets 5,995,433.183
Total assets 366,992,752.18
Bank overdrafts (260.51)
Current liabilities (1,351,756.55)3
Total liabilities (1,352,017.06)
Net assets at the end of the year 365,640,735.12
Notes
Statement of net assets as at 30/09/2008
Total income 8,769,905.24
Dividends 8,427,726.26
Bank interest 316,491.03
Other income 25,687.95
Total expenses (6,720,876.66)
Management fees (5,373,151.27)4
Custodian fees (377,518.15)5
Subscription tax (171,007.77)6
Bank interest (23,628.87)
Other expenses (775,570.60)7
Net investment income 2,049,028.58
Net realised gains or (losses) on securities portfolio 34,140,093.66
Net realised gains or (losses) on financial derivativeinstruments
(23,473.24)
Net realised gains or (losses) on currency (1,091,423.41)
Changes in net unrealised gains or (losses) on securitiesportfolio
(188,836,652.53)
Changes in net unrealised gains or (losses) on financialderivative instruments
(1,608.19)
Result of operations (153,764,035.13)
Subscriptions 443,695,184.38
Redemptions (255,281,075.03)
Distribution (326,296.16)
Net assets at the beginning of the year 331,316,957.06
Net assets at the end of the year 365,640,735.12
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Latin America(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
170 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ALL AMERICA LATINA LOGISTICA BRL 2,468,412.52 0.68366,265
Transferable securities and money market instruments listed onan official stock exchange
Shares
Brazil
AMIL PARTICIPACOES SA BRL 2,800,910.17 0.77481,964
BANCO BRADESCO SP ADR PF USD 14,443,149.00 3.95897,090
BANCO DO BRASIL SA BB BRASIL BRL 2,821,119.90 0.77239,200
BANCO ITAU HOLDING FINANCIERA SA BRL 5,435,873.67 1.49328,700
BRADESPAR PREF. BRL 13,073,509.65 3.58944,500
BRASIL TELECOM PARTICIP.PREF. BRL 106.64 0.0011
BRASIL TELECOM SA-PREFERENCE BRL 122.40 0.0015CEMIG ADR SPONSORED REPR1000 NONVTG.PFD
USD 16,692,657.24 4.56845,626
CIA VALE DO RIO DOCE ADR SP USD 15,595,239.90 4.27881,087
CIA VALE DO RIO DOCE -PREF-A- BRL 15,491,797.71 4.24913,571
COMPANHIA SIDERURGICA NAC ADR USD 18,232,852.38 4.98857,613
EQUATORIAL ENERGIA SA - ORD BRL 1,596,949.41 0.44267,864
INVESTIMENTOS ITAU SA PREF BRL 20,609,184.47 5.634,175,850
LOCALIZA RENT A CAR BRL 1,391,654.00 0.38270,608
OGX PETROLEO E GAS PARTICIPACOES SA BRL 1,862,222.19 0.519,282
PERDIGAO SA BRL 6,913,932.72 1.89366,391
PETROBRAS - PETROLEO BRAS BRL 8,527,718.70 2.33389,615
PETROLEO BRASILEIRO ADR SPONS. USD 13,689,508.28 3.74365,834
PETROLEO BRASILEIRO SA ADR USD 14,096,171.40 3.86320,732
POSITIVO INFORMATICA SA BRL 667,992.86 0.18184,075
RODOBENS NEG IMOB SA BRL 1,515,992.27 0.41223,227
TELE NORTE LESTE PARTICIP ADR USD 2,580,692.76 0.71147,806
TELECOMUN BRASILEIRAS SA-PRF BRL 5,443.38 0.0075,000,000
TELEMIG CELULAR BRL 8,294.67 0.008
TELEMIG CELULAR PREF.G BRL 9,160.42 0.0031
TRACTEBEL ENERGIA SA BRL 3,984,461.04 1.09371,296
UNIBANCO SPONSORED GDR USD 15,748,767.84 4.31156,052
USINAS SIDERURGICAS MINAS -A-PRF BRL 4,349,130.47 1.19207,091
VIVO PARTICIPACOES SA BRL 4,767.88 0.001,082
204,617,795.94 55.96
AMERICA MOVIL ADR USD 17,324,036.60 4.73373,685
Mexico
AMERICA MOVIL SA DE CV SER L MXN 15,080,844.69 4.126,598,935
EMPRESAS ICA MXN 4,053,955.90 1.111,412,700
FOMENTO ECONOMICO MEX.ADR SP USD 12,022,757.78 3.29315,227
GRUPO FINANCIERO BANORTE SA MXN 9,479,684.07 2.592,982,734
GRUPO MEXICO SAB DE CV-SER B MXN 3,533,258.46 0.973,375,767
GRUPO MODELO SAB SERIE C MXN 2,242,373.94 0.61529,391
GRUPO TELEVISA ADR SPON. USD 13,147,872.21 3.60601,183
PROMOTORA AMBIENTAL SA DE CV MXN 256,128.41 0.07134,650
TELEFONOS DE MEXICO ADR S.L USD 12,328,353.25 3.37478,771
WALMART DE MEXICO-SER V MXN 6,819,780.02 1.871,992,333
96,289,045.33 26.33
EMPRESA NACIONAL DE TELECOM SA ENTEL CLP 5,390,698.34 1.47424,479
Chile
ENDESA-EMPRESA NAC CHIL ELE-SPONS ADR USD 2,496,610.41 0.6856,091
ENERSIS SA ENERSIS-ADR USD 4,078,351.68 1.12249,899
FALABELLA CLP 3,665,931.96 1.001,046,975
SONDA SA CLP 1,304,805.51 0.361,199,381
16,936,397.90 4.63
NameQuantity/Nominal
Market valuein USD
Currency %NAV
CREDICORP LTD USD 8,614,217.25 2.36138,381
Bermuda
8,614,217.25 2.36
TENARIS SA-ADR USD 7,419,031.95 2.03198,955
Luxembourg
7,419,031.95 2.03
ANTOFAGASTA PLC GBP 4,277,295.30 1.17599,884
United Kingdom
4,277,295.30 1.17
SOUTHERN COPPER USD 3,475,956.24 0.95182,178
United States
3,475,956.24 0.95
MINAS BUENAVENTURA ADR SPONS. USD 2,912,670.52 0.80124,049
Peru
2,912,670.52 0.80
GRUPO FINANCIERA GALICIA ADR. USD 4.67 0.001
Argentina
4.67 0.00
344,542,415.10 94.23
ISHARES MSCI BRASIL (FREE) USD 4,688,426.91 1.2883,261
Undertakings for collective investmentUnited States
4,688,426.91 1.28
4,688,426.91 1.28
ELEKTRO GERACAO PF BRL 0.00 0.0016,347
Other transferable securities and money market instruments
SharesBrazil
ELEKTRO GERACAO PF SVN BRL 0.00 0.00844
0.00 0.00
0.00 0.00
COMP VALE 97-29/09/2049 SR BRL 2,030.16 0.00151,200
Bonds and other debt instrumentsBrazil
2,030.16 0.00
2,030.16 0.00
Total securities portfolio 349,232,872.17 95.51
NameQuantity/Nominal
Market valuein USD
Currency %NAV
RIPLEY CORP SA RTS 07-15/01/2008 CLP 2,872.18159,110
Rights
NameQuantity/Nominal
Market valuein USD
Currency
Financial derivative instruments as at 30/09/2008
ING (L) Invest - Latin America(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
171ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
VIVO PART RTS 27/06/2008 BRL 0.2524
2,872.43
NameQuantity/Nominal
Market valuein USD
Currency
Total financial derivative instruments 2,872.43
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 349,232,872.17 95.51
Total financial derivative instruments 2,872.43 -
Cash at bank 11,761,574.40 3.22
Other assets and liabilities 4,643,416.12 1.27
Total net assets 365,640,735.12 100.00
ING (L) Invest - Materials
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
172 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 85,147,656.65USD30/09/2007 151,454,802.69USD30/09/2006 97,228,921.69USD
Capitalisation P (EUR) 162.7230/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation P (USD) 877.7030/09/2008 USD1,422.7830/09/2007 USD
875.6330/09/2006 USD
Capitalisation I (USD) 900.4630/09/2008 USD1,444.8230/09/2007 USD
880.7030/09/2006 USD
Capitalisation X (USD) 843.8730/09/2008 USD1,374.7130/09/2007 USD
850.2230/09/2006 USD
Distribution P (USD) 3,707.2730/09/2008 USD6,072.2830/09/2007 USD3,784.1830/09/2006 USD
Net asset value per share
Capitalisation P (EUR) 28,51430/09/2008-30/09/2007-30/09/2006
Capitalisation P (USD) 49,01730/09/200861,55730/09/200766,93730/09/2006
Capitalisation I (USD) 24,39030/09/200824,86030/09/200727,20730/09/2006
Capitalisation X (USD) 10,33030/09/200813,84930/09/20077,91930/09/2006
Distribution P (USD) 1,33030/09/20081,46830/09/20072,09430/09/2006
Number of shares
Distribution P (USD) 60.0019/12/2007 USD
Dividend
Distribution P (USD) 53.0015/12/2006 USD
Distribution P (USD) 43.0015/12/2005 USD
Capitalisation P (EUR) 1.71%30/09/2008
Capitalisation P (USD) 1.71%30/09/2008
Capitalisation I (USD) 0.67%30/09/2008
Capitalisation X (USD) 2.21%30/09/2008
Distribution P (USD) 1.72%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 (47.45%)
ING (L) Invest - Materials
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
173ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 83,461,097.40
Shares 83,461,097.40
Cash at bank 1,284,263.74
Other assets 854,845.363
Total assets 85,600,206.50
Current liabilities (452,549.85)3
Total liabilities (452,549.85)
Net assets at the end of the year 85,147,656.65
Notes
Statement of net assets as at 30/09/2008
Total income 2,691,719.72
Dividends 2,498,077.06
Bank interest 70,195.23
Other income 123,447.438
Total expenses (2,300,343.28)
Management fees (1,849,978.25)4
Custodian fees (98,646.47)5
Subscription tax (57,960.03)6
Bank interest (6,990.91)
Other expenses (286,767.62)7
Net investment income 391,376.44
Net realised gains or (losses) on securities portfolio 26,399,003.68
Net realised gains or (losses) on financial derivativeinstruments
(2,089.23)
Net realised gains or (losses) on currency (737,902.71)
Changes in net unrealised gains or (losses) on securitiesportfolio
(81,118,645.05)
Result of operations (55,068,256.87)
Subscriptions 181,595,018.43
Redemptions (192,741,787.20)
Distribution (92,120.40)
Net assets at the beginning of the year 151,454,802.69
Net assets at the end of the year 85,147,656.65
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Materials(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
174 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AIR PRODUCTS CHEMICALS INC USD 2,657,891.42 3.1238,807
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
ALCOA INC USD 1,748,098.44 2.0577,418
CYTEC INDUSTRIES INC USD 1,987,094.79 2.3351,069
DU PONT DE NEMOURS USD 2,196,994.80 2.5854,516
FREEPORT-MCMORAN COPPER CL B USD 3,239,824.65 3.8056,989
MONSANTO CO USD 3,991,764.42 4.7040,329
STEEL DYNAMICS INC USD 1,175,552.74 1.3868,786
16,997,221.26 19.96
ANGLO AMERICAN PLC GBP 2,755,978.66 3.2483,347
United Kingdom
BHP BILLITON PLC GBP 4,604,153.56 5.41205,155
EURASIAN NATURAL RESOURCES GBP 639,322.70 0.7571,021
PETER HAMBRO MINING PLC GBP 814,548.75 0.9691,118
RIO TINTO PLC ORD GBP 5,856,403.09 6.8794,653
VEDANTA RESOURCES PLC GBP 1,537,699.81 1.8174,817
16,208,106.57 19.04
BAYER AG EUR 2,249,038.49 2.6430,910
Germany
K&S AG EUR 2,068,590.52 2.4330,277
LINDE AG EUR 2,549,746.69 3.0024,049
SYMRISE AG EUR 1,734,377.54 2.04102,895
THYSSEN KRUPP AG EUR 1,885,052.13 2.2163,814
10,486,805.37 12.32
ASAHI PRETEC CORP JPY 806,645.14 0.9542,500
Japan
JSR CORPORATION JPY 1,333,682.18 1.57103,200
SHIN-ETSU CHEMICAL CO LTD JPY 3,155,135.18 3.7068,500
5,295,462.50 6.22
ISRAEL CHEMICALS LTD ILS 2,596,790.19 3.05174,911
Israel
MAKHTESHIM-AGAN INDUSTRIES ILS 1,771,331.21 2.08272,378
4,368,121.40 5.13
SYNGENTA AG CHF 1,186,766.04 1.395,610
Switzerland
XSTRATA PLC GBP 2,697,851.15 3.1788,198
3,884,617.19 4.56
JSC MMC NORILSK NICKEL-ADR USD 1,398,181.27 1.64102,281
Russia
SEVERSTAL GDR USD 1,283,037.60 1.51123,369
URALKALI OJSC-GDR- USD 1,003,664.06 1.1833,037
3,684,882.93 4.33
ARCELORMITTAL EUR 3,099,039.26 3.6462,812
Luxembourg
3,099,039.26 3.64
EQUINOX MINERALS LTD CAD 1,411,597.06 1.65595,550
Canada
FIRST QUANTUM MINERALS LTD CAD 1,317,063.95 1.5535,007
2,728,661.01 3.20
NameQuantity/Nominal
Market valuein USD
Currency %NAV
AKZO NOBEL NV EUR 2,553,984.28 3.0054,090
Netherlands
2,553,984.28 3.00
SSAB SVENSKT STAL AB-SER A SEK 2,207,896.68 2.59143,210
Sweden
2,207,896.68 2.59
CIA VALE DO RIO DOCE ADR SP USD 2,133,327.90 2.51120,527
Brazil
2,133,327.90 2.51
SINO GOLD LTD AUD 1,883,050.54 2.21571,111
Australia
1,883,050.54 2.21
CRH PLC EUR 1,408,407.44 1.6666,845
Ireland
SMURFIT KAPPA PLC EUR 420,386.46 0.4999,100
1,828,793.90 2.15
FRESNILO PLC GBP 1,577,007.18 1.85276,466
Mexico
1,577,007.18 1.85
UMICORE EUR 1,539,799.54 1.8150,786
Belgium
1,539,799.54 1.81
MINAS BUENAVENTURA ADR SPONS. USD 1,175,948.84 1.3850,083
Peru
1,175,948.84 1.38
VALLOUREC EUR 1,005,339.30 1.184,738
France
1,005,339.30 1.18
CHINA NATIONAL BUILDING MATERIAL CO-H- HKD 802,903.09 0.94714,911
China
CHINA SHENHUA ENERGY CO - H HKD 128.66 0.0054
803,031.75 0.94
83,461,097.40 98.02
Total securities portfolio 83,461,097.40 98.02
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 83,461,097.40 98.02
Cash at bank 1,284,263.74 1.51
Other assets and liabilities 402,295.51 0.47
Total net assets 85,147,656.65 100.00
ING (L) Invest - New Asia
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
175ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 466,631,715.33USD30/09/2007 674,307,500.08USD30/09/2006 383,597,285.16USD
Capitalisation P (EUR) 214.0530/09/2008 EUR333.2630/09/2007 EUR
-30/09/2006 EUR
Capitalisation S (USD) 6,062.7930/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Capitalisation D (EUR) 17.1330/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (USD) 4,483.9930/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Capitalisation P (USD) 744.1730/09/2008 USD1,172.9630/09/2007 USD
738.7730/09/2006 USD
Capitalisation I (EUR) 5,050.0830/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (USD) 719.9130/09/2008 USD1,140.4030/09/2007 USD
721.8230/09/2006 USD
Distribution P (USD) 593.5030/09/2008 USD950.3530/09/2007 USD608.5730/09/2006 USD
Net asset value per share
Capitalisation P (EUR) 245,18130/09/2008234,21230/09/2007
-30/09/2006
Capitalisation S (USD) 1,81630/09/2008-30/09/2007-30/09/2006
Capitalisation D (EUR) 965,21130/09/2008-30/09/2007-30/09/2006
Capitalisation I (USD) 20530/09/2008-30/09/2007-30/09/2006
Number of shares
Capitalisation P (USD) 341,45030/09/2008404,90130/09/2007404,94430/09/2006
Capitalisation I (EUR) 7,74430/09/2008-30/09/2007-30/09/2006
Capitalisation X (USD) 37,43730/09/200843,57830/09/200775,95730/09/2006
Distribution P (USD) 36,71230/09/200840,69430/09/200748,65430/09/2006
Number of shares
Distribution P (USD) 14.0019/12/2007 USD
Dividend
Distribution P (USD) 11.0015/12/2006 USD
Distribution P (USD) 9.0015/12/2005 USD
Capitalisation P (EUR) 1.67%30/09/2008
Capitalisation S (USD) 0.80%30/09/2008
Capitalisation D (EUR) 1.71%30/09/2008
Capitalisation I (USD) 0.73%30/09/2008
Capitalisation P (USD) 1.67%30/09/2008
Capitalisation I (EUR) 0.73%30/09/2008
Capitalisation X (USD) 2.17%30/09/2008
Distribution P (USD) 1.69%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 211.61%
ING (L) Invest - New Asia
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
176 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 447,723,552.83
Shares 447,723,552.83
Total financial derivative instruments 4,008,399.41
Warrants and rights 4,008,399.41
Cash at bank 14,345,682.63
Other assets 15,732,970.093
Total assets 481,810,604.96
Bank overdrafts (12,594,954.32)
Current liabilities (2,583,935.31)3
Total liabilities (15,178,889.63)
Net assets at the end of the year 466,631,715.33
Notes
Statement of net assets as at 30/09/2008
Total income 15,394,184.86
Dividends 12,963,770.17
Bank interest 914,444.62
Other income 1,515,970.07
Total expenses (10,628,783.65)
Management fees (8,556,589.60)4
Custodian fees (429,709.38)5
Subscription tax (288,958.43)6
Bank interest (24,742.40)
Other expenses (1,328,783.84)7
Net investment income 4,765,401.21
Net realised gains or (losses) on securities portfolio 42,074,811.92
Net realised gains or (losses) on financial derivativeinstruments
9,653,886.17
Net realised gains or (losses) on currency (2,279,031.68)
Changes in net unrealised gains or (losses) on securitiesportfolio
(311,156,470.99)
Changes in net unrealised gains or (losses) on financialderivative instruments
(10,107,927.66)
Result of operations (267,049,331.03)
Subscriptions 418,565,398.28
Redemptions (358,617,538.19)
Distribution (574,313.81)
Net assets at the beginning of the year 674,307,500.08
Net assets at the end of the year 466,631,715.33
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - New Asia(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
177ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
CHEUNG KONG HOLDINGS LTD HKD 8,020,306.53 1.72722,000
Transferable securities and money market instruments listed onan official stock exchange
Shares
Hong Kong
CHINA MOBILE HKD 25,879,770.19 5.542,613,000
CHINA OVERSEAS LAND & INVEST HKD 5,900,812.79 1.264,980,000
CHINA UNICOM LTD HKD 6,544,400.12 1.404,388,000
CLP HOLDINGS LTD HKD 13,579,217.09 2.911,691,000
CNOOC LTD HKD 3,663,395.51 0.793,214,000
ESPRIT HLDGS HKD 2,033,810.51 0.44333,500
GENTING INTERNATIONAL PLC SGD 79,367.15 0.02249,390
HANG LUNG PROPERTIES LTD HKD 4,981,024.75 1.072,163,000
HANG SENG BANK LTD HKD 6,064,263.60 1.30326,300
HONG KONG EXCH AND CLEARING LTD HKD 14,249,741.63 3.051,188,400
HUTCHISON WHAMPOA LTD HKD 9,966,160.60 2.141,316,000
LI & FUNG HKD 4,068,078.24 0.871,700,000
MASS TRANSIT RAILWAY CORP HKD 12,549,698.10 2.694,302,000
THE LINK REAL ESTATE INVESTMENT TRUST HKD 15,188,328.58 3.247,361,271
132,768,375.39 28.44
DOOSAN INFRACORE KRW 3,310,276.25 0.71209,180
South Korea
HITE BREWERY CO LTD KRW 5,175,955.82 1.1128,396HYUNDAI DEVT-ENGINEERING &CONSTRUCTION
KRW 3,309,668.94 0.7191,830
HYUNDAI MOTOR CO LTD KRW 5,003,931.30 1.0782,170
KOOKMIN BANK KRW 4,421,591.53 0.9597,920
KT AND G CORP KRW 17,336,432.99 3.72233,009
LG CHEM INVESTMENT LTD KRW 5,257,699.06 1.13104,200
SAMSUNG ELECTRONICS CO LTD KRW 21,476,935.67 4.6048,092
SAMSUNG FIRE & MARINE INSURANCE KRW 4,750,314.34 1.0227,832
SHINHAN FINANCIAL GROUP LTD KRW 3,327,490.72 0.7195,850
SHINSEGAE CO LTD KRW 3,125,352.27 0.676,712
WOONGIJN THINKBIG CO LTD KRW 3,842,694.32 0.82227,350
80,338,343.21 17.22
AU OPTRONICS CORP TWD 2,177,069.12 0.471,972,946
Taiwan
CATHAY FINANCIAL HOLDING CO TWD 4,162,969.17 0.893,103,800
CHINA STEEL CORP TWD 4,401,846.11 0.944,510,000
CHUNGHWA TELECOM CO LTD TWD 23,391,130.60 5.0210,074,000
DELTA ELECTRONIC INDUSTRIAL CO TWD 8,313,693.08 1.783,261,756
FAR EASTERN TEXTILE LTD TWD 58,085.38 0.0184,175
FIRST FINANCIAL HOLDING CO TWD 12,870.14 0.0021,288
HIGH TECH COMPUTER TWD 3,823,135.17 0.82253,600
HON HAI PRECISION INDUSTRY TWD 6,437,697.60 1.381,849,200
MEDIATEK INC TWD 3,182,042.93 0.68314,988TAIWAN SEMICONDUCTORMANUFACTURING CO LT
TWD 9,579,635.94 2.065,870,310
65,540,175.24 14.05
CHINA COMMUNICATIONS CONST-H HKD 4,494,452.40 0.965,255,500
China
CHINA CONSTRUCTION BANK -H- HKD 7,035,165.99 1.5110,838,000
CHINA LIFE INSURANCE -H- HKD 13,428,625.04 2.883,652,000
CHINA PETROLEUM & CHEMICAL -H- HKD 3,948,367.06 0.855,084,000
CHINA TELECOM CORP LTD-H- HKD 3,450,744.21 0.748,560,000
GUANGZHOU R&F PROPERTIES-H HKD 4,059,531.49 0.874,535,200
INDUSTRIAL AND CIAL BK CHINA-H HKD 7,055,497.37 1.5111,961,000
JIANGSU EXPRESSWAY CO LTD HKD 5,050,733.06 1.086,832,000
NameQuantity/Nominal
Market valuein USD
Currency %NAV
PETROCHINA CO LTD -H- HKD 8,387,046.63 1.808,140,000
56,910,163.25 12.20
CAPITACOMMERCIAL TRUST SGD 3,668,729.67 0.794,004,000
Singapore
CAPITAMALL TRUST UNITS SGD 7,805,748.29 1.674,960,000
DBS GROUP HLDG LTD SGD 5,023,264.81 1.08428,000
SINGAPORE AIRLINES LTD SGD 9,995,764.28 2.141,005,000
SINGAPORE PRESS HOLDINGS LTD SGD 7,379,775.45 1.582,651,000
SINGAPORE TELECOMMUNICATIONS SGD 15,321,229.06 3.286,740,000
UNITED OVERSEAS BANK SGD 4,700,235.53 1.01400,000
53,894,747.09 11.55
BHARTI AIRTEL INR 5,221,837.58 1.12312,472
India
HOUSING DEVELOPMENT FINANCE INR 13,977,355.20 3.00306,586
INDIABULLS REAL ESTATE LTD INR 1,492,744.31 0.32413,000
INFOSYS TECHNOLOGIES LTD INR 4,288,781.36 0.92144,074
ITC LTD INR 6,598,914.07 1.411,648,062
LARSEN AND TOUBROU LTD INR 11,723,649.18 2.51225,393
RELIANCE INDUSTRIES LIMITED INR 4,400,470.51 0.94106,019
47,703,752.21 10.22
ASTRA INTERNATIONAL INC PT IDR 1,581,251.24 0.34872,000
Indonesia
PERUSAHAAN GAS NEGARA PT IDR 2,517,971.76 0.5410,917,000
TAMBANG BATUBARA BUKTI ASAM IDR 2,424,257.55 0.522,445,000
6,523,480.55 1.40
PUBLIC BANK BHD-FOREIGN MKT MYR MYR 2,067,175.37 0.45715,200
Malaysia
TELEKOM MALAYSIA BHD MYR 1,977,340.52 0.422,075,300
4,044,515.89 0.87
447,723,552.83 95.95
FIRST BANGKOK CITY BANK -FOR THB 0.00 0.00575,000
Other transferable securities and money market instruments
SharesThailand
0.00 0.00
0.00 0.00
Total securities portfolio 447,723,552.83 95.95
NameQuantity/Nominal
Market valuein USD
Currency %NAV
DEUTSCHE BANK AG LDN WTS 08-12/08/18 USD 4,008,396.4155,941
Warrants
TRUE CORPORATION WTS 31/03/2008 THB 3.001,015,104
4,008,399.41
NameQuantity/Nominal
Market valuein USD
Currency
Total financial derivative instruments 4,008,399.41
Financial derivative instruments as at 30/09/2008
ING (L) Invest - New Asia(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
178 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Summary of net assets%
NAV
Total securities portfolio 447,723,552.83 95.95
Total financial derivative instruments 4,008,399.41 0.86
Cash at bank 14,345,682.63 3.07
Other assets and liabilities 554,080.46 0.12
Total net assets 466,631,715.33 100.00
ING (L) Invest - New Technology Leaders
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
179ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 34,345,384.28EUR30/09/2007 70,026,934.31EUR30/09/2006 52,734,615.09EUR
Capitalisation P (EUR) 25.8330/09/2008 EUR37.0030/09/2007 EUR32.8830/09/2006 EUR
Capitalisation I (EUR) 4,580.1930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 24.8630/09/2008 EUR35.7830/09/2007 EUR31.9630/09/2006 EUR
Distribution P (EUR) 103.3030/09/2008 EUR147.9730/09/2007 EUR131.5130/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 755,70930/09/20081,023,80530/09/2007
985,45130/09/2006
Capitalisation I (EUR) 3530/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 377,17930/09/2008670,66830/09/2007361,10930/09/2006
Distribution P (EUR) 51,20530/09/200855,11530/09/200766,85030/09/2006
Number of shares
Capitalisation P (EUR) 1.68%30/09/2008
Capitalisation I (EUR) 0.72%30/09/2008
Capitalisation X (EUR) 2.16%30/09/2008
Distribution P (EUR) 1.69%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 (53.77%)
ING (L) Invest - New Technology Leaders
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
180 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 32,660,872.47
Shares 32,660,872.47
Cash at bank 1,650,974.40
Other assets 134,334.893
Total assets 34,446,181.76
Current liabilities (100,797.48)3
Total liabilities (100,797.48)
Net assets at the end of the year 34,345,384.28
Notes
Statement of net assets as at 30/09/2008
Total income 302,066.37
Dividends 228,920.11
Bank interest 67,336.66
Other income 5,809.608
Total expenses (948,040.78)
Management fees (756,600.40)4
Custodian fees (35,964.17)5
Subscription tax (22,676.24)6
Bank interest (18,550.28)
Other expenses (114,249.69)7
Net investment loss (645,974.41)
Net realised gains or (losses) on securities portfolio (1,874,774.46)
Net realised gains or (losses) on financial derivativeinstruments
(1,327,011.29)
Net realised gains or (losses) on currency (139,631.48)
Changes in net unrealised gains or (losses) on securitiesportfolio
(16,104,148.82)
Changes in net unrealised gains or (losses) on financialderivative instruments
268,542.24
Result of operations (19,822,998.22)
Subscriptions 49,311,493.55
Redemptions (65,170,045.36)
Net assets at the beginning of the year 70,026,934.31
Net assets at the end of the year 34,345,384.28
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - New Technology Leaders(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
181ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ADOBE SYSTEMS INC USD 477,691.94 1.3917,000
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AKAMAI TECHNOLOGIES USD 757,370.16 2.2161,000
APPLE COMPUTER INC USD 1,375,588.22 4.0117,000
ASCENT SOLAR TECHNOLOGIES USD 108,212.01 0.3225,000
AUTHENTEC INC USD 70,409.00 0.2146,000
CEPHALON INC USD 331,000.61 0.966,000
CISCO SYSTEMS INC USD 1,962,646.92 5.71122,200
CITRIX SYSTEMS INC USD 1,132,937.03 3.3063,000
CORNING INC USD 1,558,822.48 4.54140,000
DEMANDTEC INC USD 288,648.42 0.8445,000
F5 NETWORKS INC USD 565,920.34 1.6534,000
GOOGLE INC CL A USD 2,623,275.55 7.639,200
INFINERA CORP USD 258,626.70 0.7538,000
JUNIPER NETWORKS INC USD 690,008.19 2.0146,000
NATIONAL INSTRUMENTS CORP USD 385,078.13 1.1218,000
NETAPP INC USD 1,051,244.08 3.0681,000
NUANCE COMMUNICATIONS INC USD 850,475.21 2.4898,000
NVIDIA CORP USD 686,220.77 2.0090,000
QUALCOMM INC USD 611,825.01 1.7820,000
RIVERBED TECHNOLOGY INC USD 320,877.09 0.9336,000
VASCO DATA SECURITY INTL USD 339,273.13 0.9946,000
VERTEX PHARMACEUTICALS INC USD 520,613.68 1.5222,000
16,966,764.67 49.41
ANTISOMA PLC GBP 328,331.22 0.961,310,000
United Kingdom
ARM HOLDINGS PLC GBP 1,189,187.82 3.46986,400
AUTONOMY CORPORATION PLC GBP 778,934.01 2.2760,000
BLINKX PLC GBP 255,637.59 0.74866,419
SDL PLC GBP 277,436.65 0.8163,924
2,829,527.29 8.24
CENTROTHERM PHOTOVOLTAICS AG EUR 307,172.00 0.898,200
Germany
MANZ AUTOMATION AG EUR 321,246.00 0.942,700
Q-CELLS AG EUR 1,154,223.00 3.3619,700
ROTH + RAU AG EUR 363,755.20 1.0614,908
2,146,396.20 6.25
SILICON MOTION SPONSORED ADR USD 383,155.95 1.12115,000
Taiwan
TAIWAN SEMICONDUCTOR-SP ADR USD 1,746,485.42 5.08261,814
2,129,641.37 6.20
EVS BROADCAST EQUIPMENT SA EUR 726,740.00 2.1114,500
Belgium
MELEXIS NV EUR 414,540.00 1.2142,000
ONCOMETHYLOME SCIENCES SA EUR 397,500.00 1.1653,000
1,538,780.00 4.48
ASML HOLDING NV EUR 923,800.40 2.6974,440
Netherlands
TOMTOM NV EUR 448,000.00 1.3035,000
1,371,800.40 3.99
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
NINTENDO CO LTD JPY 1,309,642.20 3.814,500
Japan
1,309,642.20 3.81
CHECK POINT SOFTWARE TECHNOLOGIE USD 4,856.73 0.01300
Israel
NICE SYSTEMS LTD -CERT ADR- USD 1,274,102.45 3.7165,700
1,278,959.18 3.72
BAIDU.COM A ADR USD 848,256.86 2.474,800
China
848,256.86 2.47
BASILEA PHARMACEUTICA CHF 429,523.81 1.254,100
Switzerland
TEMENOS GROUP AG CHF 318,476.19 0.9324,000
748,000.00 2.18
INFOSYS TECHNOLOGIES LTD INR 580,671.80 1.6927,400
India
580,671.80 1.69
RESEARCH IN MOTION LIMITED CAD 336,125.62 0.987,000
Canada
336,125.62 0.98
CHINA SECURITY & SURVEILLANCETECHNOLOGY
USD 316,206.88 0.9232,000
Hong Kong
316,206.88 0.92
F-SECURE OYJ EUR 257,520.00 0.75111,000
Finland
NOKIA EUR 2,580.00 0.01200
260,100.00 0.76
32,660,872.47 95.10
Total securities portfolio 32,660,872.47 95.10
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 32,660,872.47 95.10
Cash at bank 1,650,974.40 4.81
Other assets and liabilities 33,537.41 0.09
Total net assets 34,345,384.28 100.00
ING (L) Invest - Prestige & Luxe
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
182 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 45,198,170.43EUR30/09/2007 94,574,757.35EUR30/09/2006 65,634,636.76EUR
Capitalisation P (EUR) 301.8730/09/2008 EUR462.1930/09/2007 EUR421.0830/09/2006 EUR
Capitalisation X (EUR) 289.9830/09/2008 EUR446.5430/09/2007 EUR408.9230/09/2006 EUR
Distribution P (EUR) 1,400.8330/09/2008 EUR2,162.9330/09/2007 EUR1,985.6830/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 111,34430/09/2008156,73030/09/2007115,63330/09/2006
Capitalisation X (EUR) 26,42330/09/200832,81730/09/200726,20730/09/2006
Distribution P (EUR) 2,80130/09/20083,45930/09/20073,13630/09/2006
Number of shares
Distribution P (EUR) 16.0019/12/2007 EUR
Dividend
Distribution P (EUR) 16.0015/12/2006 EUR
Distribution P (EUR) 13.0015/12/2005 EUR
Capitalisation P (EUR) 1.65%30/09/2008
Capitalisation X (EUR) 2.14%30/09/2008
Distribution P (EUR) 1.66%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 10.62%
ING (L) Invest - Prestige & Luxe
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
183ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 44,429,935.50
Shares 44,429,935.50
Cash at bank 1,533,596.82
Other assets 2,387,236.103
Total assets 48,350,768.42
Current liabilities (3,152,597.99)3
Total liabilities (3,152,597.99)
Net assets at the end of the year 45,198,170.43
Notes
Statement of net assets as at 30/09/2008
Total income 1,342,553.17
Dividends 1,175,077.76
Bank interest 77,846.19
Other income 89,629.228
Total expenses (1,094,805.16)
Management fees (890,497.01)4
Custodian fees (44,576.67)5
Subscription tax (28,765.00)6
Bank interest (1,702.37)
Other expenses (129,264.11)7
Net investment income 247,748.01
Net realised gains or (losses) on securities portfolio (12,662,280.94)
Net realised gains or (losses) on currency (25,222.37)
Changes in net unrealised gains or (losses) on securitiesportfolio
(17,196,612.60)
Result of operations (29,636,367.90)
Subscriptions 31,731,714.95
Redemptions (51,415,178.61)
Distribution (56,755.36)
Net assets at the beginning of the year 94,574,757.35
Net assets at the end of the year 45,198,170.43
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Prestige & Luxe(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
184 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
COINTREAU REMY EUR 634,766.58 1.4019,131
Transferable securities and money market instruments listed onan official stock exchange
Shares
France
LAURENT PERRIER GROUP EUR 1,292,764.15 2.8614,501
LVMH EUR 3,761,377.75 8.3360,913
PERNOD-RICARD SA EUR 2,272,515.52 5.0336,784
PPR EUR 1,377,816.30 3.0521,980
9,339,240.30 20.67
CARNIVAL CORP USD 1,536,308.76 3.4061,046
United States
COACH INC USD 1,782,650.48 3.94100,000
ESTEE LAUDER CO INC -A- USD 1,643,069.96 3.6446,242
POLO RALPH LAUREN CORP CL A USD 2,095,721.61 4.6444,174
ROYAL CARIBBEAN CRUISES LTD USD 844,565.55 1.8757,172
STARWOOD HOTELS & RESORTS WORLDWIDE USD 1,061,032.16 2.3552,963
8,963,348.52 19.84
CIE FIN RICHEMONT UNITS A CHF 3,173,936.00 7.02102,228
Switzerland
DUFRY AG CHF 569,445.33 1.2617,432
THE SWATCH GROUP AG-BR CHF 2,032,932.70 4.5015,734
5,776,314.03 12.78
DIAGEO PLC GBP 3,044,962.69 6.74253,908
United Kingdom
INTERCONTINENTAL HOTELS GROUP PLC GBP 2,112,456.85 4.67241,950
5,157,419.54 11.41
SHISEIDO COMPANY LTD JPY 3,176,469.09 7.03202,000
Japan
3,176,469.09 7.03
BMW-BAYERISCHE MOTOREN WERKE AG EUR 2,454,298.86 5.4389,934
Germany
HUGO BOSS-PFD EUR 543,359.18 1.2031,906
2,997,658.04 6.63
AEFFE SPA EUR 313,459.78 0.69273,764
Italy
GEOX SPA EUR 971,004.21 2.15142,230
MARIELLA BURANI SPA EUR 692,358.06 1.5350,574
1,976,822.05 4.37
EGANAGOLDPFEIL HOLDINGS LTD HKD 454,835.51 1.017,515,950
Hong Kong
SHANGRI LA ASIA LTD HKD 1,454,720.80 3.211,442,316
1,909,556.31 4.22
KINGDOM HOTEL INV GDR USD 1,604,248.75 3.55375,568
United Arab Emirates
1,604,248.75 3.55
DUFRY SOUTH AMERICA LTD BRL 355,478.13 0.7960,960
Bermuda
ORIENT EXPRESS HOTELS LTD -A- USD 1,213,019.30 2.6870,612
1,568,497.43 3.47
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
NATURA COSMETICOS SA BRL 1,231,214.43 2.72180,323
Brazil
1,231,214.43 2.72
PARK PLAZA HOTELS LTD GBP 729,147.01 1.61326,459
Guernsey
729,147.01 1.61
44,429,935.50 98.30
Total securities portfolio 44,429,935.50 98.30
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 44,429,935.50 98.30
Cash at bank 1,533,596.82 3.39
Other assets and liabilities (765,361.89) (1.69)
Total net assets 45,198,170.43 100.00
ING (L) Invest - Sustainable Growth
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
185ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 61,769,234.71EUR30/09/2007 43,587,819.04EUR30/09/2006 32,791,696.84EUR
Capitalisation P (EUR) 144.4830/09/2008 EUR196.2530/09/2007 EUR182.8130/09/2006 EUR
Capitalisation I (EUR) 146.7830/09/2008 EUR197.5530/09/2007 EUR
-30/09/2006 EUR
Capitalisation S (EUR) 146.7530/09/2008 EUR197.5830/09/2007 EUR
-30/09/2006 EUR
Capitalisation X (EUR) 139.1330/09/2008 EUR189.8030/09/2007 EUR177.7130/09/2006 EUR
Distribution P (EUR) 532.5230/09/2008 EUR732.9130/09/2007 EUR691.6130/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 238,08830/09/2008102,70830/09/200787,93530/09/2006
Capitalisation I (EUR) 15,43030/09/200811,70230/09/2007
-30/09/2006
Capitalisation S (EUR) 92,66730/09/200822,43030/09/2007
-30/09/2006
Capitalisation X (EUR) 75,19930/09/200879,83730/09/200785,67130/09/2006
Distribution P (EUR) 1,96230/09/20082,09530/09/20072,15730/09/2006
Number of shares
Distribution P (EUR) 9.0019/12/2007 EUR
Dividend
Distribution P (EUR) 9.0015/12/2006 EUR
Distribution P (EUR) 8.0015/12/2005 EUR
Capitalisation P (EUR) 1.79%30/09/2008
Capitalisation I (EUR) 0.84%30/09/2008
Capitalisation S (EUR) 0.88%30/09/2008
Capitalisation X (EUR) 2.18%30/09/2008
Distribution P (EUR) 1.75%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 84.67%
ING (L) Invest - Sustainable Growth
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
186 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 60,672,114.88
Shares 60,672,114.88
Cash at bank 1,109,881.86
Other assets 139,157.663
Total assets 61,921,154.40
Current liabilities (151,919.69)3
Total liabilities (151,919.69)
Net assets at the end of the year 61,769,234.71
Notes
Statement of net assets as at 30/09/2008
Total income 1,487,180.95
Dividends 1,357,730.71
Interest on bonds and other debt instruments 1,270.08
Bank interest 79,778.17
Other income 48,401.998
Total expenses (991,462.84)
Management fees (793,798.30)4
Custodian fees (36,412.44)5
Subscription tax (30,560.23)6
Bank interest (1,739.35)
Other expenses (128,952.52)7
Net investment income 495,718.11
Net realised gains or (losses) on securities portfolio (5,605,080.90)
Net realised gains or (losses) on financial derivativeinstruments
(18,662.66)
Net realised gains or (losses) on currency 4,845.99
Changes in net unrealised gains or (losses) on securitiesportfolio
(12,955,262.18)
Result of operations (18,078,441.64)
Subscriptions 43,288,819.24
Redemptions (7,010,766.84)
Distribution (18,195.09)
Net assets at the beginning of the year 43,587,819.04
Net assets at the end of the year 61,769,234.71
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Sustainable Growth(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
187ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AIR PRODUCTS CHEMICALS INC USD 917,799.64 1.4918,823
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AMERICAN EXPRESS CO USD 601,930.39 0.9723,864
APPLE COMPUTER INC USD 788,535.72 1.289,745
AT&T INC USD 1,427,673.74 2.3171,826
BAXTER INTL INC USD 715,521.89 1.1615,314
CAPITAL ONE FINANCIAL CORP USD 866,054.18 1.4023,853
CISCO SYSTEMS INC USD 797,955.70 1.2949,683
CITRIX SYSTEMS INC USD 609,969.70 0.9933,919
COMCAST CORP A USD 288,150.76 0.4720,619
CONSOLIDATED EDISON INC USD 930,246.94 1.5130,416
CORNING INC USD 359,030.22 0.5832,245
CVS CAREMARK CORP USD 908,135.85 1.4737,897
DEERE & CO USD 524,407.86 0.8514,881
EBAY INC USD 454,243.98 0.7428,510
EMERSON ELECTRIC CO USD 676,992.33 1.1023,313
IBM CORP USD 466,374.51 0.765,601
INTEL CORP USD 547,398.97 0.8941,052
JOHNSON & JOHNSON USD 1,602,813.63 2.5832,497
LOWES COMPANIES USD 1,278,296.99 2.0775,794
MARATHON OIL CORP USD 632,118.25 1.0222,270
MCDONALDS CORP USD 887,339.69 1.4420,201
NIKE INC CL B USD 517,806.43 0.8410,872
NOBLE CORP USD 640,474.64 1.0420,493
NVIDIA CORP USD 295,555.28 0.4838,763
OCCIDENTAL PETROLEUM CORP USD 1,605,055.28 2.5932,002
OMNICOM GROUP INC USD 657,302.99 1.0623,944
PROCTER GAMBLE USD 1,390,327.04 2.2528,023
SCHERING PLOUGH CORP USD 757,918.91 1.2357,640
STARBUCKS CORP USD 555,270.88 0.9052,452
US BANCORP USD 1,114,231.32 1.8043,451
WYETH USD 649,490.75 1.0524,697
YUM BRANDS INC USD 724,215.25 1.1731,195
25,188,639.71 40.78
ARM HOLDINGS PLC GBP 336,919.67 0.55279,466
United Kingdom
AVIVA PLC GBP 647,061.93 1.05106,226
BG GROUP PLC GBP 1,366,508.72 2.20106,299
DIAGEO PLC GBP 566,832.11 0.9247,266
HSBC HOLDINGS GBP 525,415.63 0.8545,952
INTERNATIONAL POWER PLC GBP 670,261.23 1.09146,003
PRUDENTIAL PLC GBP 859,136.97 1.39133,399
RECKITT BENCKISER GROUP PLC GBP 491,626.78 0.8014,290
RIO TINTO PLC ORD GBP 773,266.56 1.2517,555
ROYAL BANK OF SCOTLAND GROUP GBP 425,127.27 0.69187,151
SABMILLER PLC GBP 371,693.15 0.6026,970
SCOTTISH AND SOUTHERN ENERGY PLC GBP 385,561.64 0.6221,291
7,419,411.66 12.01
ACCOR SA EUR 400,398.38 0.6510,713
France
AXA EUR 782,940.32 1.2634,197
CREDIT AGRICOLE SA EUR 460,421.54 0.7534,347
DANONE GROUPE EUR 679,950.00 1.1013,599
EDF ENERGIES NOUVELLES SA EUR 519,208.14 0.8414,843
SANOFI-AVENTIS SA EUR 372,912.05 0.608,011
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
SCHNEIDER ELECTRIC SA EUR 514,733.28 0.838,544
UNIBAIL HOLDING EUR 721,685.36 1.175,078
VEOLIA ENVIRONNEMENT EUR 781,866.26 1.2727,087
5,234,115.33 8.47
NESTLE SA CHF 834,181.33 1.3527,258
Switzerland
NOVARTIS AG CHF 961,446.76 1.5625,863
ROCHE HOLDING AG-GENUSSCHEIN CHF 978,307.94 1.588,830
SYNTHES-INC CHF 426,115.56 0.694,358
XSTRATA PLC GBP 363,800.71 0.5916,706
3,563,852.30 5.77
ASTELLAS PHARMA INC JPY 653,486.65 1.0622,300
Japan
CANON INC JPY 473,898.69 0.7718,500
EAST JAPAN RAILWAY CO JPY 711,552.14 1.14135
HOYA CORP JPY 308,050.91 0.5022,300
KURITA WATER INDUSTRIES LTD JPY 430,602.71 0.7026,700
SHISEIDO COMPANY LTD JPY 629,003.78 1.0240,000
3,206,594.88 5.19
AKZO NOBEL NV EUR 363,042.00 0.5910,800
Netherlands
ING GROEP NV EUR 628,120.03 1.0242,071
KONINKLIJKE KPN NV EUR 817,551.28 1.3280,215
REED ELSEVIER NV EUR 698,999.25 1.1366,388
TNT NV EUR 561,405.00 0.9128,790
3,069,117.56 4.97
ADIDAS AG EUR 986,797.50 1.6126,175
Germany
HENKEL AG & CO KGaA EUR 694,718.75 1.1226,875
Q-CELLS AG EUR 470,067.57 0.768,023
SAP AG EUR 792,313.11 1.2821,033
2,943,896.93 4.77
BANCO BILBAO VIZCAYA ARGENTA EUR 844,590.54 1.3773,699
Spain
RED ELECTRICA DE ESPANA EUR 636,803.55 1.0317,763
1,481,394.09 2.40
ROGERS COMMUNICATIONS -CL B CAD 788,754.49 1.2834,123
Canada
SUNCOR ENERGY INC CAD 686,546.14 1.1123,302
1,475,300.63 2.39
STATOILHYDRO ASA NOK 490,003.11 0.7929,297
Norway
TELENOR ASA NOK 685,254.58 1.1179,260
1,175,257.69 1.90
PETROLEO BRASILEIRO SA ADR USD 1,148,303.85 1.8636,700
Brazil
1,148,303.85 1.86
ALFA LAVAL AB SEK 477,901.55 0.7766,629
Sweden
SKF AB-B SHARES SEK 598,804.81 0.9767,412
1,076,706.36 1.74
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING (L) Invest - Sustainable Growth(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
188 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
UNICREDIT SPA EUR 602,109.88 0.97231,759
Italy
602,109.88 0.97
SAMSUNG ELECTRON.GDR 144A USD 595,462.21 0.963,734
South Korea
595,462.21 0.96
JERONIMO MARTINS SGPS SA EUR 566,412.00 0.9294,402
Portugal
566,412.00 0.92
UMICORE EUR 564,685.19 0.9126,161
Belgium
564,685.19 0.91
NATIONAL BANK OF GREECE EUR 503,440.00 0.8217,980
Greece
503,440.00 0.82
TAIWAN SEMICONDUCTOR-SP ADR USD 472,665.85 0.7770,857
Taiwan
472,665.85 0.77
KERRY PROPERTIES LTD HKD 323,861.66 0.52143,000
Hong Kong
323,861.66 0.52
PROSAFE PRODUCTION PLC EUR 46,953.00 0.0826,085
Cyprus
PROSAFE SE NOK 13,934.10 0.023,662
60,887.10 0.10
60,672,114.88 98.22
Total securities portfolio 60,672,114.88 98.22
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 60,672,114.88 98.22
Cash at bank 1,109,881.86 1.80
Other assets and liabilities (12,762.03) (0.02)
Total net assets 61,769,234.71 100.00
ING (L) Invest - Telecom
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
189ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 65,563,762.50USD30/09/2007 108,331,529.22USD30/09/2006 119,880,195.41USD
Capitalisation P (USD) 542.0230/09/2008 USD772.3730/09/2007 USD570.0030/09/2006 USD
Capitalisation P (EUR) -30/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (USD) 556.3230/09/2008 USD784.2630/09/2007 USD573.3330/09/2006 USD
Capitalisation X (USD) 521.6430/09/2008 USD746.5130/09/2007 USD553.7330/09/2006 USD
Distribution P (USD) 2,333.4830/09/2008 USD3,381.3630/09/2007 USD2,541.1930/09/2006 USD
Net asset value per share
Capitalisation P (USD) 61,67830/09/200886,59230/09/2007
122,93730/09/2006
Capitalisation P (EUR) -30/09/2008-30/09/2007-30/09/2006
Capitalisation I (USD) 42,74830/09/200835,46430/09/200767,79330/09/2006
Capitalisation X (USD) 6,81930/09/20089,24230/09/20079,52230/09/2006
Distribution P (USD) 2,05530/09/20081,99330/09/20072,22930/09/2006
Number of shares
Distribution P (USD) 56.0019/12/2007 USD
Dividend
Distribution P (USD) 52.0015/12/2006 USD
Distribution P (USD) 37.0015/12/2005 USD
Capitalisation P (USD) 1.71%30/09/2008
Capitalisation P (EUR) 1.71%30/09/2008
Capitalisation I (USD) 0.67%30/09/2008
Capitalisation X (USD) 2.17%30/09/2008
Distribution P (USD) 1.73%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 (8.79%)
ING (L) Invest - Telecom
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
190 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 62,361,042.51
Shares 62,361,042.51
Cash at bank 6,678,508.21
Other assets 330,477.203
Total assets 69,370,027.92
Current liabilities (3,806,265.42)3
Total liabilities (3,806,265.42)
Net assets at the end of the year 65,563,762.50
Notes
Statement of net assets as at 30/09/2008
Total income 3,349,305.35
Dividends 3,008,153.31
Interest on bonds and other debt instruments 242.92
Bank interest 164,171.14
Other income 176,737.988
Total expenses (1,602,472.12)
Management fees (1,216,163.39)4
Custodian fees (59,790.10)5
Subscription tax (37,063.65)6
Bank interest (74,413.78)
Other expenses (215,041.20)7
Net investment income 1,746,833.23
Net realised gains or (losses) on securities portfolio 2,741,114.99
Net realised gains or (losses) on financial derivativeinstruments
(5,006.54)
Net realised gains or (losses) on currency (111,679.23)
Changes in net unrealised gains or (losses) on securitiesportfolio
(34,659,892.08)
Changes in net unrealised gains or (losses) on financialderivative instruments
(303,343.78)
Result of operations (30,591,973.41)
Subscriptions 102,353,311.44
Redemptions (114,408,684.76)
Distribution (120,419.99)
Net assets at the beginning of the year 108,331,529.22
Net assets at the end of the year 65,563,762.50
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Telecom(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
191ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AMERICAN TOWER CORP CL -A- USD 1,571,889.00 2.4043,700
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AT&T INC USD 2,987,412.08 4.56106,999
CROWN CASTLE INTL CORP USD 814,057.00 1.2428,100
EMBARQ USD 231,540.50 0.355,710
FAIRPOINT COMMUNICATIONS INC USD 33,613.59 0.053,877
IDEARC USD 3.75 0.003
LEVEL 3 COMMUNICATIONS INC USD 81.00 0.0030
NII HOLDINGS INC USD 750,816.00 1.1519,800
QWEST COMMUNICATIONS INTL USD 591,981.48 0.90183,276
SPRINT NEXTEL CORP USD 1,822,100.50 2.78298,705
TELEPHONE & DATA SYSTEMS USD 157,300.00 0.244,400
VERIZON COMMUNICATIONS INC USD 3,162,726.22 4.8398,558
WINDSTREAM USD 1,017.42 0.0093
12,124,538.54 18.50
TELEFONICA SA EUR 6,310,296.21 9.62267,566
Spain
6,310,296.21 9.62
BCE INC CAD 2,325,475.11 3.5567,368
Canada
BELL ALIANT REGIONAL COMMUNI CAD 1,330,001.34 2.0356,584
ROGERS COMMUNICATIONS -CL B CAD 1,766,288.59 2.6954,400
TELUS CORP CAD 164,520.13 0.254,500
TELUS CORPORATION -NON VOTE CAD 573,917.39 0.8816,011
6,160,202.56 9.40
KONINKLIJKE KPN NV EUR 6,150,451.17 9.38429,615
Netherlands
6,150,451.17 9.38
BT GROUP PLC GBP 6,441.19 0.012,243
United Kingdom
CABLE & WIRELESS PLC GBP 252,146.92 0.3885,470
VODAFONE GROUP GBP 5,303,367.27 8.092,424,740
5,561,955.38 8.48
BOUYGUES EUR 3,308,475.74 5.0474,185
France
FRANCE TELECOM SA EUR 338,250.40 0.5212,162
VIVENDI EUR 680,468.65 1.0422,000
4,327,194.79 6.60
KDDI CORPORATION JPY 1,403,635.54 2.14253
Japan
NTT DOCOMO INC JPY 681,626.56 1.04431
NTT-NIPPON TELEGRAPH & TELEPHONE JPY 543,371.05 0.83123
SOFTBANK CORP JPY 384,563.57 0.5930,400
3,013,196.72 4.60
TELENOR ASA NOK 2,925,044.58 4.46240,861
Norway
2,925,044.58 4.46
TELECOM ITALIA RNC EUR 731,712.20 1.12650,745
Italy
NameQuantity/Nominal
Market valuein USD
Currency %NAV
TELECOM ITALIA SPA EUR 1,593,151.25 2.431,078,135
2,324,863.45 3.55
SINGAPORE TELECOMMUNICATIONS SGD 1,970,505.55 3.01866,850
Singapore
1,970,505.55 3.01
BELGACOM SA EUR 260,415.09 0.407,000
Belgium
MOBISTAR SA EUR 1,667,550.52 2.5423,865
1,927,965.61 2.94
CHINA MOBILE HKD 9,309.98 0.01940
Hong Kong
CHINA UNICOM LTD HKD 2,088.00 0.001,400
HUTCHISON TELECOMMUNICATIONS INTL HKD 1,561,945.76 2.391,375,000
PCCW LIMITED HKD 191,480.19 0.30464,600
SMARTONE TELECOMUNICATIONS HKD 28,540.04 0.0439,500
1,793,363.97 2.74
TELE2 AB -B- SEK 433,088.41 0.6638,840
Sweden
TELIASONERA AB SEK 1,327,207.80 2.02236,682
1,760,296.21 2.68
CHUNGHWA TELECOM -ADR- USD 1,569,321.00 2.3966,300
Taiwan
1,569,321.00 2.39
TELSTRA CORPORATION LTD AUD 1,551,328.78 2.37470,503
Australia
1,551,328.78 2.37
HELLENIC TELECOMMUN ORGANIZA EUR 591,326.69 0.9033,358
Greece
591,326.69 0.90
MILLICOM INTL CELLULAR SA USD 576,828.00 0.888,400
Luxembourg
576,828.00 0.88
DEUTSCHE TELEKOM AG EUR 559,738.98 0.8537,000
Germany
559,738.98 0.85
PORTUGAL TELECOM SGPS SA-REG EUR 254,271.41 0.3925,478
Portugal
ZON MULTIMEDIA SERVICOS DE TELECOM EUR 107,281.60 0.1614,716
361,553.01 0.55
ELISA CORPORATION EUR 299,437.81 0.4615,515
Finland
299,437.81 0.46
SWISSCOM AG-REG CHF 269,037.30 0.41910
Switzerland
269,037.30 0.41
TELEKOM AUSTRIA AG EUR 231,085.18 0.3513,278
Austria
231,085.18 0.35
NameQuantity/Nominal
Market valuein USD
Currency %NAV
ING (L) Invest - Telecom(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
192 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
TELEKOMUNIKASI INDONESIA PT-B- IDR 758.22 0.001,000
Indonesia
758.22 0.00
SK TELECOM ADR USD 752.80 0.0040
South Korea
752.80 0.00
62,361,042.51 95.12
Total securities portfolio 62,361,042.51 95.12
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 62,361,042.51 95.12
Cash at bank 6,678,508.21 10.19
Other assets and liabilities (3,475,788.22) (5.31)
Total net assets 65,563,762.50 100.00
ING (L) Invest - US (Enhanced Core Concentrated)
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
193ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 128,577,571.77USD30/09/2007 266,154,140.44USD30/09/2006 382,123,465.00USD
Capitalisation P (EUR) 189.4130/09/2008 EUR255.8030/09/2007 EUR
-30/09/2006 EUR
Capitalisation I (EUR) 3,961.2030/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation V (EUR) 102.2230/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation P (USD) 58.6230/09/2008 USD79.0530/09/2007 USD70.3530/09/2006 USD
Capitalisation I (USD) 61.0530/09/2008 USD81.5130/09/2007 USD71.8530/09/2006 USD
Capitalisation S (USD) 60.9930/09/2008 USD81.4930/09/2007 USD
-30/09/2006 USD
Capitalisation X (USD) 56.2830/09/2008 USD76.2930/09/2007 USD68.2430/09/2006 USD
Distribution P (USD) 50.9330/09/2008 USD69.4130/09/2007 USD62.3430/09/2006 USD
Net asset value per share
Capitalisation P (EUR) 9,99030/09/20088,23930/09/2007
-30/09/2006
Capitalisation I (EUR) 1,89130/09/2008-30/09/2007-30/09/2006
Capitalisation V (EUR) 99530/09/2008-30/09/2007-30/09/2006
Capitalisation P (USD) 1,647,09430/09/20082,796,13730/09/20074,797,17630/09/2006
Number of shares
Capitalisation I (USD) 4,32730/09/200843,15830/09/2007
173,30930/09/2006
Capitalisation S (USD) 143,84730/09/200847,10230/09/2007
-30/09/2006
Capitalisation X (USD) 98,82430/09/2008372,70630/09/2007395,39430/09/2006
Distribution P (USD) 80,49730/09/200891,11330/09/200783,73730/09/2006
Number of shares
Distribution P (USD) 0.6719/12/2007 USD
Dividend
Distribution P (USD) 0.6015/12/2006 USD
Distribution P (USD) 0.5015/12/2005 USD
Capitalisation P (EUR) 1.58%30/09/2008
Capitalisation I (EUR) 0.61%30/09/2008
Capitalisation V (EUR) 1.59%30/09/2008
Capitalisation P (USD) 1.58%30/09/2008
Capitalisation I (USD) 0.61%30/09/2008
Capitalisation S (USD) 0.64%30/09/2008
Capitalisation X (USD) 2.08%30/09/2008
Distribution P (USD) 1.59%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 316.70%
ING (L) Invest - US (Enhanced Core Concentrated)
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
194 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 129,201,350.04
Shares 129,201,350.04
Cash at bank 149,559.15
Margin deposits 433,075.00
Other assets 1,091,532.653
Total assets 130,875,516.84
Bank overdrafts (1,110,751.98)
Current liabilities (1,090,168.09)3
Total financial derivative instruments (97,025.00)Futures (97,025.00)
Total liabilities (2,297,945.07)
Net assets at the end of the year 128,577,571.77
Notes
Statement of net assets as at 30/09/2008
Total income 2,515,123.43
Dividends 2,413,901.94
Bank interest 101,221.49
Total expenses (2,917,180.50)
Management fees (2,333,225.88)4
Custodian fees (125,081.78)5
Subscription tax (82,853.29)6
Bank interest (13,100.00)
Other expenses (362,919.55)7
Net investment loss (402,057.07)
Net realised gains or (losses) on securities portfolio (20,460,999.22)
Net realised gains or (losses) on financial derivativeinstruments
(701,733.36)
Net realised gains or (losses) on currency 715,472.51
Changes in net unrealised gains or (losses) on securitiesportfolio
(30,280,774.75)
Changes in net unrealised gains or (losses) on financialderivative instruments
(148,475.00)
Result of operations (51,278,566.89)
Subscriptions 147,189,709.37
Redemptions (233,425,978.84)
Distribution (61,732.31)
Net assets at the beginning of the year 266,154,140.44
Net assets at the end of the year 128,577,571.77
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - US (Enhanced Core Concentrated)(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
195ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
AES CORPORATION USD 880,841.49 0.6975,350
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AETNA INC USD 321,379.00 0.258,900
AFFILIATED COMPUTER SERVICES CL A USD 559,461.50 0.4411,050
AFLAC INC USD 869,500.00 0.6814,800
AGILENT TECHNOLOGIES INC USD 1,210,128.00 0.9440,800
AK STEEL HOLDING CORP USD 336,960.00 0.2613,000
ALLIED WASTE INDUSTRIES INC USD 48,884.00 0.044,400
ALTRIA GROUP USD 549,568.00 0.4327,700
AMERICAN ELECTRIC POWER USD 269,615.43 0.217,281
AMERIPRISE FINANCIAL INC USD 519,520.00 0.4013,600
AMGEN INC USD 1,988,508.50 1.5533,550
ANADARKO PETROLEUM CORP USD 274,081.50 0.215,650
ANHEUSER BUSCH COS INC USD 596,896.00 0.469,200
APACHE CORP USD 552,684.00 0.435,300
APOLLO GROUP INC CL A USD 859,850.00 0.6714,500
APPLIED BIOSYSTEMS INC USD 73,637.50 0.062,150
ASSURANT INC USD 588,500.00 0.4610,700
AT&T INC USD 1,750,360.64 1.3662,692
AUTOZONE INC USD 592,032.00 0.464,800
BAKER HUGHES INC USD 1,495,338.00 1.1624,700
BALL CORP USD 456,109.50 0.3511,550
BANK OF AMERICA CORP USD 1,555,365.00 1.2144,439
BANK OF NEW YORK MELLON CORP USD 742,824.00 0.5822,800
BB&T CORPORATION USD 909,090.00 0.7124,050
BEST BUY COMPANY INC USD 808,125.00 0.6321,550
BIG LOTS INC USD 293,606.50 0.2310,550
BIOGEN IDEC INC USD 862,473.50 0.6717,150
BLOCK H & R INC USD 853,125.00 0.6637,500
BOEING CO USD 2,609,425.00 2.0345,500
CA INC USD 95,808.00 0.074,800
CATERPILLAR INC USD 1,978,720.00 1.5433,200
CENTERPOINT ENERGY INC USD 530,348.00 0.4136,400
CENTURYTEL INC USD 472,785.00 0.3712,900
CF INDUSTRIES HLDNG INC USD 68,595.00 0.05750
CHEVRON USD 3,519,339.12 2.7442,669
CHUBB CORP USD 774,090.00 0.6014,100
CIGNA CORPORATION USD 830,811.00 0.6524,450
CISCO SYSTEMS INC USD 642,960.00 0.5028,500
CITIGROUP INC USD 888,083.00 0.6943,300
CLOROX COMPANY USD 846,315.00 0.6613,500
CME GROUP INC CL A USD 352,934.50 0.27950
COCA-COLA CO USD 2,361,092.00 1.8444,650
CONOCOPHILLIPS USD 3,318,225.00 2.5845,300
COOPER INDUSTRIES CL A USD 673,157.50 0.5216,850
DELL INC USD 1,928,984.00 1.50117,050
DEVON ENERGY CORPORATION USD 533,520.00 0.415,850
DIRECTV GROUP INC USD 778,855.00 0.6129,750
DISCOVER FINANCIAL SERVICES USD 505,812.00 0.3936,600
DOMINION RESOURCES INC USD 699,453.00 0.5416,350
DOVER CORP USD 865,742.50 0.6721,350
DTE ENERGY COMPANY USD 730,184.00 0.5718,200
EATON CORP USD 1,067,420.00 0.8319,000
EDISON INTERNATIONAL USD 782,040.00 0.6119,600
EMBARQ USD 671,102.50 0.5216,550
EMC CORP USD 824,044.00 0.6468,900
EXPEDIA INC USD 315,043.50 0.2520,850
NameQuantity/Nominal
Market valuein USD
Currency %NAV
EXPRESS SCRIPTS INC USD 1,243,867.00 0.9716,850
EXXON MOBIL CORP USD 7,252,745.06 5.6593,391
FAMILY DOLLAR STORES INC USD 380,385.00 0.3016,050
FISERV INC USD 899,080.00 0.7019,000
FLUOR CORP USD 186,595.00 0.153,350
FOREST LABORATORIES INC USD 991,214.00 0.7735,050
GAMESTOP CORP CL A USD 639,727.00 0.5018,700
GAP INC USD 856,107.00 0.6748,150
GENERAL ELECTRIC CO USD 1,584,748.50 1.2362,147
GOLDMAN SACHS GROUP INC USD 1,190,400.00 0.939,300
GOODRICH CORPORATION USD 603,200.00 0.4714,500
HARTFORD FINANCIAL SG INC USD 516,474.00 0.4012,600
HASBRO INC USD 553,784.00 0.4315,950
HESS CORP USD 1,637,496.00 1.2719,950
HEWLETT-PACKARD CO USD 3,796,304.00 2.9682,100
HONEYWELL INTERNATIONAL INC USD 1,304,670.00 1.0131,400
HUDSON CITY BANCORP INC USD 1,074,712.50 0.8458,250
IBM CORP USD 3,883,072.00 3.0333,200
ILLINOIS TOOL WORKS INC USD 68,897.50 0.051,550
IMS HEALTH INC USD 218,410.50 0.1711,550
INTERCONTINENTALEXCHANGE INC USD 100,850.00 0.081,250
INTERPUB GROUP COS INC USD 423,925.00 0.3354,700
INVESCO LTD USD 100,704.00 0.084,800
JABIL CIRCUIT INC USD 231,345.00 0.1824,250
JANUS CAPITAL GROUP INC USD 437,040.00 0.3418,000
JOHNSON & JOHNSON USD 644,304.00 0.509,300
JOHNSON CONTROLS INC USD 724,887.00 0.5623,900
JPMORGAN CHASE AND CO USD 1,436,025.00 1.1230,750
LEGGET & PLATT INC USD 407,473.00 0.3218,700
LENNAR CORP USD 93,418.50 0.076,150
LEXMARK INTERNATIONAL INC CL A USD 376,183.50 0.2911,550
LINCOLN NATIONAL CORP USD 513,720.00 0.4012,000
M & T BANK CORPORATION USD 178,500.00 0.142,000
MCDONALDS CORP USD 1,752,280.00 1.3628,400
MERCK AND CO INC USD 1,099,866.00 0.8634,850
METLIFE INC USD 456,400.00 0.358,150
MICROSOFT CORP USD 1,328,041.02 1.0349,758
MOLEX INC USD 360,322.50 0.2816,050
MURPHY OIL CORP USD 150,729.00 0.122,350
NATIONAL OILWELL INC USD 256,173.00 0.205,100
NATIONAL SEMICONDUCTOR CORP USD 451,762.50 0.3526,250
NORTHERN TRUST CORP USD 765,320.00 0.6010,600
NUCOR CORP USD 1,113,900.00 0.8728,200
NYSE EURONEXT INC USD 483,873.00 0.3812,350
OCCIDENTAL PETROLEUM CORP USD 2,670,055.00 2.0837,900
OMNICOM GROUP INC USD 508,992.00 0.4013,200
ORACLE CORP USD 894,655.50 0.7044,050
PARKER HANNIFIN CORP USD 1,020,250.00 0.7919,250
PEPSI BOTTLING GROUP INC USD 482,763.50 0.3816,550
PHILIP MORRIS INTERNATIONAL USD 1,262,625.00 0.9826,250
PITNEY BOWES INC USD 771,632.00 0.6023,200
PNC FINANCIAL SERVICES GROUP USD 160,605.00 0.122,150
PPG INDUSTRIES INC USD 1,073,088.00 0.8318,400
PROCTER GAMBLE USD 1,273,793.82 0.9918,278
Q LOGIC CORP USD 255,744.00 0.2016,650
QUEST DIAGNOSTICS INC USD 532,201.00 0.4110,300
RADIOSHACK CORP USD 261,792.00 0.2015,150
REGIONS FINANCIAL CORP USD 84,000.00 0.078,750
REYNOLDS AMERICAN INC USD 950,521.00 0.7419,550
ROHM & HAAS CO USD 108,500.00 0.081,550
RR DONNELLEY & SONS CO USD 583,814.00 0.4523,800
RYDER SYSTEM INC USD 424,700.00 0.336,850
SAINT JUDE MEDICAL INC USD 1,119,867.50 0.8725,750
NameQuantity/Nominal
Market valuein USD
Currency %NAV
ING (L) Invest - US (Enhanced Core Concentrated)(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
196 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
SARA LEE CORP USD 1,027,450.50 0.8081,350
SCHERING PLOUGH CORP USD 2,355,848.50 1.83127,550
SCHWAB (CHARLES) CORP USD 185,900.00 0.147,150
SNAP-ON INC USD 350,189.00 0.276,650
SOUTHWEST AIRLINES USD 1,219,565.50 0.9584,050
SPECTRA ENERGY CORP USD 67,830.00 0.052,850
STATE STREET CORP USD 309,996.00 0.245,450
SUNTRUST BANKS INC USD 42,740.50 0.03950
SUPERVALU INC USD 333,095.00 0.2615,350
SYMANTEC CORP USD 630,476.00 0.4932,200
TEREX CORP USD 361,662.00 0.2811,850
TEXAS INSTRUMENTS INC USD 2,173,650.00 1.69101,100
TJX COS INC USD 1,290,996.00 1.0042,300
TRAVELERS COMPANIES INC USD 779,700.00 0.6117,250
UNITED STATES STEEL CORP USD 31,044.00 0.02400
UNUMPROVIDENT CORP USD 627,500.00 0.4925,000
US BANCORP USD 1,249,894.00 0.9734,700
VERIZON COMMUNICATIONS INC USD 866,430.00 0.6727,000
WAL-MART STORES INC USD 2,362,660.50 1.8439,450
WATERS CORP USD 436,175.46 0.347,497
WELLS FARGO & CO USD 1,598,778.00 1.2442,600
WINDSTREAM USD 556,846.00 0.4350,900
WM WRIGLEY JR CO USD 202,470.00 0.162,550
WYETH USD 1,023,238.00 0.8027,700
XEROX CORP USD 801,335.00 0.6269,500
ZIONS BANCORP USD 25,155.00 0.02650
128,602,508.04 100.03
TYCO ELECTRONICS LTD USD 517,242.00 0.4018,700
Bermuda
517,242.00 0.40
129,119,750.04 100.43
CC MEDIA HOLDINGS INC CL A USD 81,600.00 0.066,000
Other transferable securities and money market instruments
SharesUnited States
81,600.00 0.06
81,600.00 0.06
Total securities portfolio 129,201,350.04 100.49
NameQuantity/Nominal
Market valuein USD
Currency %NAV
S&P 500 - FUTURE 18/12/2008 USD 3,214,750.0011 (97,025.00)
Futures on stock indices
(97,025.00)3,214,750.00
NameQuantity Commitmentin USD
Currency Unrealizedprofit or (loss)
in USD
Total financial derivative instruments (97,025.00)
Financial derivative instruments as at 30/09/2008
Summary of net assets%
NAV
Total securities portfolio 129,201,350.04 100.49
Total financial derivative instruments (97,025.00) (0.08)
Cash at bank 149,559.15 0.12
Other assets and liabilities (676,312.42) (0.53)
Total net assets 128,577,571.77 100.00
ING (L) Invest - US Growth
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
197ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 37,541,076.76USD30/09/2007 47,930,375.33USD30/09/2006 -USD
Capitalisation P (USD) 227.7630/09/2008 USD278.3630/09/2007 USD
-30/09/2006 USD
Capitalisation X (USD) 41.7430/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Capitalisation I (USD) 4,925.6130/09/2008 USD5,963.5130/09/2007 USD
-30/09/2006 USD
Net asset value per share
Capitalisation P (USD) 41,82230/09/200839,73430/09/2007
-30/09/2006
Capitalisation X (USD) 61430/09/2008-30/09/2007-30/09/2006
Capitalisation I (USD) 5,68330/09/20086,18330/09/2007
-30/09/2006
Number of shares
Capitalisation P (USD) 1.66%30/09/2008
Capitalisation X (USD) 2.26%30/09/2008
Capitalisation I (USD) 0.72%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 288.11%
ING (L) Invest - US Growth
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
198 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 35,993,002.15
Shares 35,993,002.15
Cash at bank 764,711.11
Other assets 817,448.833
Total assets 37,575,162.09
Current liabilities (34,085.33)3
Total liabilities (34,085.33)
Net assets at the end of the year 37,541,076.76
Notes
Statement of net assets as at 30/09/2008
Total income 404,692.71
Dividends 374,566.64
Bank interest 30,126.07
Total expenses (413,785.71)
Management fees (339,494.85)4
Custodian fees (17,245.53)5
Subscription tax (8,076.82)6
Bank interest (1,407.59)
Other expenses (47,560.92)7
Net investment loss (9,093.00)
Net realised gains or (losses) on securities portfolio (247,561.78)
Net realised gains or (losses) on currency (27.33)
Changes in net unrealised gains or (losses) on securitiesportfolio
(7,702,142.32)
Result of operations (7,958,824.43)
Subscriptions 6,786,632.65
Redemptions (9,217,106.79)
Net assets at the beginning of the year 47,930,375.33
Net assets at the end of the year 37,541,076.76
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - US Growth(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
199ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ABBOTT LABORATORIES USD 1,522,415.20 4.0526,440
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
ACTIVISION BLIZZARD INC USD 698,824.70 1.8645,290
ADVANCE AUTO PARTS USD 644,871.60 1.7216,260
AIR PRODUCTS CHEMICALS INC USD 302,040.90 0.804,410
ALTERA CORPORATION USD 630,946.80 1.6830,510
ALTRIA GROUP USD 562,464.00 1.5028,350
APOLLO GROUP INC CL A USD 664,753.00 1.7711,210
APPLE COMPUTER INC USD 1,154,785.60 3.0810,160
BANK OF NEW YORK MELLON CORP USD 369,783.00 0.9911,350
BAXTER INTL INC USD 501,413.20 1.347,640
BJ SERVICES CO USD 481,502.10 1.2825,170
BMC SOFTWARE INC USD 444,910.20 1.1915,540
COCA-COLA CO USD 1,155,956.80 3.0821,860
CVS CAREMARK CORP USD 783,268.20 2.0923,270
DANAHER CORP USD 585,736.00 1.568,440
FISERV INC USD 496,386.80 1.3210,490
FREEPORT-MCMORAN COPPER CL B USD 651,501.00 1.7411,460
GAMESTOP CORP CL A USD 502,202.80 1.3414,680
GILEAD SCIENCES INC USD 817,233.30 2.1817,910
GOLDMAN SACHS GROUP INC USD 296,960.00 0.792,320
HESS CORP USD 706,708.80 1.888,610
HONEYWELL INTERNATIONAL INC USD 695,131.50 1.8516,730
IBM CORP USD 1,673,697.60 4.4514,310
INTEL CORP USD 1,219,884.90 3.2565,130
INTUIT INC USD 680,563.30 1.8121,530
INVESCO LTD USD 565,635.53 1.5127,022
JOHNSON & JOHNSON USD 606,892.80 1.628,760
JPMORGAN CHASE AND CO USD 1,165,165.00 3.1024,950
LIBERTY ENTERTAINMENT - A W/I USD 873,450.60 2.3334,980
MCAFEE USD 660,522.00 1.7619,450
MCDONALDS CORP USD 928,585.00 2.4715,050
MICROSOFT CORP USD 1,205,854.20 3.2145,180
MONSANTO CO USD 1,225,372.40 3.2512,380
NIKE INC CL B USD 1,150,011.00 3.0617,190
OCCIDENTAL PETROLEUM CORP USD 746,065.50 1.9910,590
PATTERSON ENERGY INC USD 718,918.20 1.9235,910
QUALCOMM INC USD 1,117,220.00 2.9826,000
ROPER INDUSTRIES INC USD 419,795.20 1.127,370
ROSS STORES INC USD 593,745.30 1.5816,130
SPX CORP USD 352,660.00 0.944,580
TJX COS INC USD 779,786.00 2.0825,550
UNION PACIFIC CORP USD 572,838.00 1.538,050
WAL-MART STORES INC USD 1,369,085.40 3.6422,860
XTO ENERGY INC USD 603,364.40 1.6112,970
33,898,907.83 90.30
COVIDIEN LTD USD 897,469.44 2.3916,694
Bermuda
897,469.44 2.39
TEVA PHARMACEUTICAL IND.LTD-ADR USD 635,198.88 1.6913,872
Israel
635,198.88 1.69
NameQuantity/Nominal
Market valuein USD
Currency %NAV
RESEARCH IN MOTION LIMITED USD 561,426.00 1.508,220
Canada
561,426.00 1.50
35,993,002.15 95.88
Total securities portfolio 35,993,002.15 95.88
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 35,993,002.15 95.88
Cash at bank 764,711.11 2.04
Other assets and liabilities 783,363.50 2.08
Total net assets 37,541,076.76 100.00
ING (L) Invest - US High Dividend
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
200 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 113,164,165.60USD30/09/2007 188,593,222.52USD30/09/2006 183,668,304.07USD
Capitalisation P (EUR) 186.7830/09/2008 EUR244.4830/09/2007 EUR
-30/09/2006 EUR
Capitalisation I (EUR) 3,968.9030/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation P (USD) 259.7630/09/2008 USD323.2230/09/2007 USD297.1130/09/2006 USD
Capitalisation I (USD) 267.5330/09/2008 USD329.5830/09/2007 USD300.4730/09/2006 USD
Capitalisation X (USD) 255.3330/09/2008 USD319.1530/09/2007 USD294.8630/09/2006 USD
Distribution P (USD) 969.7230/09/2008 USD1,242.5430/09/2007 USD1,172.9230/09/2006 USD
Net asset value per share
Capitalisation P (EUR) 98730/09/200816930/09/2007
-30/09/2006
Capitalisation I (EUR) 1,47130/09/2008-30/09/2007-30/09/2006
Capitalisation P (USD) 241,62830/09/2008283,59730/09/2007109,78130/09/2006
Capitalisation I (USD) 61,14930/09/2008168,23930/09/2007332,98130/09/2006
Capitalisation X (USD) 14,17230/09/200877,16930/09/2007
156,42630/09/2006
Distribution P (USD) 22,64730/09/200813,51630/09/20074,15730/09/2006
Number of shares
Distribution P (USD) 34.0019/12/2007 USD
Dividend
Distribution P (USD) 32.0015/12/2006 USD
Distribution P (USD) 14.0015/12/2005 USD
Capitalisation P (EUR) 1.72%30/09/2008
Capitalisation I (EUR) 0.73%30/09/2008
Capitalisation P (USD) 1.72%30/09/2008
Capitalisation I (USD) 0.73%30/09/2008
Capitalisation X (USD) 2.12%30/09/2008
Distribution P (USD) 1.73%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 252.32%
ING (L) Invest - US High Dividend
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
201ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 110,843,786.88
Shares 110,843,786.88
Cash at bank 942,512.96
Other assets 9,808,483.203
Total assets 121,594,783.04
Bank overdrafts (4,406,414.99)
Current liabilities (4,024,202.45)3
Total liabilities (8,430,617.44)
Net assets at the end of the year 113,164,165.60
Notes
Statement of net assets as at 30/09/2008
Total income 3,908,721.97
Dividends 3,752,953.96
Bank interest 126,076.01
Other income 29,692.008
Total expenses (1,941,219.25)
Management fees (1,538,581.92)4
Custodian fees (75,267.93)5
Subscription tax (48,395.84)6
Bank interest (14,647.95)
Other expenses (264,325.61)7
Net investment income 1,967,502.72
Net realised gains or (losses) on securities portfolio (9,668,506.45)
Net realised gains or (losses) on financial derivativeinstruments
(53,201.33)
Net realised gains or (losses) on currency 35,586.57
Changes in net unrealised gains or (losses) on securitiesportfolio
(20,489,484.75)
Result of operations (28,208,103.24)
Subscriptions 90,466,410.23
Redemptions (137,232,409.91)
Distribution (454,954.00)
Net assets at the beginning of the year 188,593,222.52
Net assets at the end of the year 113,164,165.60
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - US High Dividend(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
202 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ABBOTT LABORATORIES USD 1,784,980.00 1.5831,000
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AGL RESOURCES USD 1,192,440.00 1.0538,000
AIR PRODUCTS CHEMICALS INC USD 684,900.00 0.6110,000
ALCOA INC USD 722,560.00 0.6432,000
ALLIANCE HOLDINGS - PARTNERSHIP UNITS USD 608,912.00 0.5430,400
ALLIANCE PARTNERSHIP UNITS USD 583,120.00 0.5218,500
ALLIANCEBERNSTEIN HOLDING UNITS USD 1,073,290.00 0.9529,000
ALLIANT ENERGY CORP USD 1,385,030.00 1.2243,000
ALTRIA GROUP USD 1,150,720.00 1.0258,000
ANHEUSER BUSCH COS INC USD 843,440.00 0.7513,000
ANNALY MORTGAGE MANAGEMENT USD 807,000.00 0.7160,000
ARCHER DANIELS MIDLAND CO USD 1,796,620.00 1.5982,000
ASHLAND INC USD 1,374,280.00 1.2147,000
AT&T INC USD 1,507,680.00 1.3354,000
BIOMED REALTY TRUST INC USD 687,700.00 0.6126,000
BOYD GAMING CORP USD 725,400.00 0.6477,500
BREITBURN ENERGY PARTNERS LP USD 564,680.00 0.5038,000
BRISTOL MYERS SQUIBB CO USD 1,501,200.00 1.3372,000
CARLISLE COMPANIES INC USD 554,445.00 0.4918,500
CHEMTURA CORP USD 843,600.00 0.75185,000
CHEVRON USD 2,144,480.00 1.9026,000
CITIGROUP INC USD 1,128,050.00 1.0055,000
CNA FINANCIAL CORP USD 1,154,560.00 1.0244,000
COCA-COLA CO USD 1,956,560.00 1.7337,000
DEL MONTE FOODS CO USD 842,400.00 0.74108,000
DOMINION RESOURCES INC USD 855,600.00 0.7620,000
DPL USD 1,116,000.00 0.9945,000
DU PONT DE NEMOURS USD 523,900.00 0.4613,000
EATON CORP USD 1,123,600.00 0.9920,000
ENTERPRISE PRODUCTS PARTNERS LP USD 721,560.00 0.6428,000
FIDELITY NATIONAL FINANCIAL INC USD 705,600.00 0.6248,000
FIRSTENERGY CORP USD 1,172,325.00 1.0417,500
FOOT LOCKER INC USD 614,080.00 0.5438,000
GATX CORP USD 553,980.00 0.4914,000
GENERAL ELECTRIC CO USD 1,861,500.00 1.6473,000
GREAT PLAINS ENERGY USD 577,720.00 0.5126,000
HJ HEINZ CO USD 949,430.00 0.8419,000
HONEYWELL INTERNATIONAL INC USD 623,250.00 0.5515,000
INTEL CORP USD 1,517,130.00 1.3481,000
JOHNSON & JOHNSON USD 2,355,520.00 2.0834,000
JPMORGAN CHASE AND CO USD 1,447,700.00 1.2831,000
KB HOME USD 590,400.00 0.5230,000
KEYCORP USD 597,000.00 0.5350,000
KRAFT FOODS INC - A USD 1,670,250.00 1.4851,000
LEGG MASON INC USD 570,900.00 0.5015,000
LORILLARD INC USD 711,500.00 0.6310,000
LUBRIZOL CORP COM NP USD 690,240.00 0.6116,000
MACQUARIE INFRASTRUCTURE COMPANY USD 660,500.00 0.5850,000
MARATHON OIL CORP USD 932,958.00 0.8223,400
MATTEL INC USD 1,010,240.00 0.8956,000
MCDONALDS CORP USD 894,650.00 0.7914,500
MCGRAW HILL CO INC USD 1,517,280.00 1.3448,000
MDU RESOURCES GROUP INC USD 609,000.00 0.5421,000
MEADWESTVACO CORP USD 780,885.00 0.6933,500
MERCK AND CO INC USD 2,272,320.00 2.0172,000
MOTOROLA INC USD 742,560.00 0.66104,000
NameQuantity/Nominal
Market valuein USD
Currency %NAV
NEWELL RUBBERMAID INC USD 1,380,800.00 1.2280,000
NORTHEAST UTILITIES USD 1,154,250.00 1.0245,000
NTELOS HOLDINGS CORP USD 887,370.00 0.7833,000
NU SKIN ENTERPRISES USD 778,560.00 0.6948,000
NUCOR CORP USD 474,000.00 0.4212,000
NUSTAR ENERGY LP USD 1,027,774.00 0.9124,200
OSHKOSH TRUCK CORP USD 908,040.00 0.8069,000
PENN VIRGINIA RESOURCES PARTN USD 643,110.00 0.5739,000
PEOPLES UNITED FIN INC USD 1,232,000.00 1.0964,000
PEPSIAMERICAS INC USD 828,800.00 0.7340,000
PEPSICO INC USD 1,461,035.00 1.2920,500
PFIZER INC USD 590,080.00 0.5232,000
PHILIP MORRIS INTERNATIONAL USD 865,800.00 0.7718,000
PNM RESOURCES INC USD 1,249,280.00 1.10122,000
QUALITY SYSTEMS INC USD 1,622,784.00 1.4338,400
QWEST COMMUNICATIONS INTL USD 1,111,120.00 0.98344,000
RAYONIER INC USD 1,751,950.00 1.5537,000
REGAL ENTERTAINMENT GROUP-A USD 2,004,060.00 1.77127,000
REPUBLIC SERVICES INC USD 872,418.00 0.7729,100
REYNOLDS AMERICAN INC USD 777,920.00 0.6916,000
ROCKWELL AUTOMATION INC USD 1,176,210.00 1.0431,500
SARA LEE CORP USD 2,904,900.00 2.58230,000
SENSIENT TECHNOLOGIES USD 1,125,200.00 0.9940,000
SL GREEN REALTY CORPORATION USD 712,800.00 0.6311,000
SNAP-ON INC USD 921,550.00 0.8117,500
SOTHEBYS USD 1,163,480.00 1.0358,000
SOUTHWEST GAS CORP USD 665,720.00 0.5922,000
STANLEY WORKS USD 793,060.00 0.7019,000
STARWOOD HOTELS & RESORTS WORLDWIDE USD 506,520.00 0.4518,000
STEELCASE INC-CL A USD 612,750.00 0.5457,000
SUPERVALU INC USD 1,736,000.00 1.5380,000
TEMPUR-PEDIC INTERNATIONAL USD 576,240.00 0.5149,000
THE COLONIAL BANCGROUP INC USD 400,860.00 0.3551,000
TIMKEN CO USD 737,100.00 0.6526,000
TUPPERWARE BRANDS USD 828,900.00 0.7330,000
UNITED PARCEL SERVICE INC CL B USD 566,010.00 0.509,000
UNITED TECHNOLOGIES CORP USD 666,666.00 0.5911,100
UNIVERSAL USD 1,079,980.00 0.9522,000
UST INC USD 1,064,640.00 0.9416,000
VF CORP USD 456,129.00 0.405,900
WASTE MANAGEMENT INC USD 566,820.00 0.5018,000
WEYERHAEUSER CO USD 848,120.00 0.7514,000
WYETH USD 1,551,480.00 1.3742,000
101,869,911.00 90.02
ENCANA CORP USD 920,220.00 0.8114,000
Canada
ENERPLUS RESOURCES FUND TRUST UNITS CAD 475,158.09 0.4213,000
ENERPLUS RESOURCES FUND TRUST UNITS USD 74,380.00 0.072,000
IGM FINANCIAL CAD 758,674.50 0.6721,000
LABRADOR IRON ORE ROYALTY INCOME FD CAD 446,395.40 0.3910,500
NATIONAL BK OF CANADA CAD 846,538.18 0.7518,500
NORBORD INC CAD 437,742.14 0.39130,000
TMX GROUP INC CAD 490,978.51 0.4318,000
TRANSCANADA CORP CAD 861,639.06 0.7624,000
5,311,725.88 4.69
ASPEN INSURANCE HOLDING USD 935,000.00 0.8334,000
Bermuda
SHIP FINANCE INTERNATIONAL LTD USD 668,360.00 0.5931,000
1,603,360.00 1.42
NameQuantity/Nominal
Market valuein USD
Currency %NAV
ING (L) Invest - US High Dividend(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
203ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
WILLIS GROUP HOLDING INC USD 903,280.00 0.8028,000
United Kingdom
903,280.00 0.80
SEAGATE TECHNOLOGY USD 581,760.00 0.5148,000
Cayman Islands
581,760.00 0.51
AUTOLIV INC USD 573,750.00 0.5117,000
Sweden
573,750.00 0.51
110,843,786.88 97.95
Total securities portfolio 110,843,786.88 97.95
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 110,843,786.88 97.95
Cash at bank 942,512.96 0.83
Other assets and liabilities 1,377,865.76 1.22
Total net assets 113,164,165.60 100.00
ING (L) Invest - US Opportunistic Equity
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
204 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 191,154,945.09USD30/09/2007 44,382,479.52USD30/09/2006 5,230,380.33USD
Capitalisation P (USD) 236.5330/09/2008 USD304.0530/09/2007 USD252.2930/09/2006 USD
Capitalisation I (EUR) 4,882.0830/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 186.4030/09/2008 EUR238.5330/09/2007 EUR
-30/09/2006 EUR
Capitalisation S (USD) 4,847.4730/09/2008 USD-30/09/2007 USD-30/09/2006 USD
Capitalisation I (USD) 4,848.0630/09/2008 USD6,168.2730/09/2007 USD5,073.8930/09/2006 USD
Capitalisation X (USD) 235.4430/09/2008 USD303.7930/09/2007 USD
-30/09/2006 USD
Net asset value per share
Capitalisation P (USD) 125,88930/09/200876,03330/09/2007
66030/09/2006
Capitalisation I (EUR) 4,31930/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 6,68930/09/200810930/09/2007
-30/09/2006
Capitalisation S (USD) 65730/09/2008-30/09/2007-30/09/2006
Capitalisation I (USD) 26,15330/09/20082,73030/09/2007
99830/09/2006
Capitalisation X (USD) 15230/09/200814,44530/09/2007
-30/09/2006
Number of shares
Capitalisation P (USD) 1.78%30/09/2008
Capitalisation I (EUR) 0.73%30/09/2008
Capitalisation X (EUR) 2.18%30/09/2008
Capitalisation S (USD) 0.77%30/09/2008
Capitalisation I (USD) 0.73%30/09/2008
Capitalisation X (USD) 2.18%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 533.71%
ING (L) Invest - US Opportunistic Equity
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
205ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 190,058,780.50
Shares 189,072,865.50
Undertakings for collective investment 985,915.00
Cash at bank 8,296,652.10
Other assets 184,332.993
Total assets 198,539,765.59
Bank overdrafts (7,204,739.01)
Current liabilities (180,081.49)3
Total liabilities (7,384,820.50)
Net assets at the end of the year 191,154,945.09
Notes
Statement of net assets as at 30/09/2008
Total income 1,914,021.38
Dividends 1,573,525.32
Bank interest 340,496.06
Total expenses (1,453,294.97)
Management fees (1,160,602.24)4
Custodian fees (55,614.08)5
Subscription tax (30,852.64)6
Bank interest (12,747.01)
Other expenses (193,479.00)7
Net investment income 460,726.41
Net realised gains or (losses) on securities portfolio (26,792,139.79)
Net realised gains or (losses) on financial derivativeinstruments
52,793.67
Net realised gains or (losses) on currency (252,081.73)
Changes in net unrealised gains or (losses) on securitiesportfolio
(22,047,502.05)
Result of operations (48,578,203.49)
Subscriptions 235,778,095.41
Redemptions (40,427,426.35)
Net assets at the beginning of the year 44,382,479.52
Net assets at the end of the year 191,154,945.09
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - US Opportunistic Equity(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
206 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ADVANCE AUTO PARTS USD 943,908.00 0.4923,800
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AES CORPORATION USD 763,357.00 0.4065,300
AFFILIATED COMPUTER SERVICES CL A USD 4,819,976.00 2.5295,200
ALLIED WASTE INDUSTRIES INC USD 2,485,862.50 1.30223,750
AMERIPRISE FINANCIAL INC USD 909,160.00 0.4823,800
AMERITRADE HOLDING CORP USD 1,285,257.00 0.6777,100
AMGEN INC USD 3,947,382.00 2.0766,600
ASSURANT INC USD 1,958,000.00 1.0235,600
BAKER HUGHES INC USD 1,710,255.00 0.8928,250
BEST BUY COMPANY INC USD 1,342,500.00 0.7035,800
CATERPILLAR INC USD 5,322,280.00 2.7889,300
CENTERPOINT ENERGY INC USD 2,959,167.00 1.55203,100
CF INDUSTRIES HLDNG INC USD 356,694.00 0.193,900
CHEVRON USD 7,765,492.00 4.0794,150
CIGNA CORPORATION USD 1,284,444.00 0.6737,800
CONOCOPHILLIPS USD 3,516,000.00 1.8448,000
COOPER INDUSTRIES CL A USD 1,855,677.50 0.9746,450
CROWN HOLDINGS USD 1,791,236.50 0.9480,650
DELL INC USD 2,926,848.00 1.53177,600
DISCOVER FINANCIAL SERVICES USD 881,716.00 0.4663,800
DISH NETWORK CORP-A USD 3,118,500.00 1.63148,500
DOVER CORP USD 1,824,750.00 0.9545,000
DTE ENERGY COMPANY USD 1,007,012.00 0.5325,100
EMBARQ USD 961,035.00 0.5023,700
EXPRESS SCRIPTS INC USD 2,126,016.00 1.1128,800
EXXON MOBIL CORP USD 9,517,233.00 4.99122,550
FLOWSERVE CORP USD 1,202,833.50 0.6313,550
FOREST LABORATORIES INC USD 3,163,118.00 1.65111,850
GAP INC USD 1,843,786.00 0.96103,700
GENERAL ELECTRIC CO USD 1,945,650.00 1.0276,300
HASBRO INC USD 2,432,136.00 1.2770,050
HESS CORP USD 1,863,216.00 0.9722,700
HEWLETT-PACKARD CO USD 6,727,920.00 3.53145,500
IBM CORP USD 4,976,648.00 2.6042,550
IMS HEALTH INC USD 2,274,873.00 1.19120,300
INTEL CORP USD 2,818,865.00 1.47150,500
KROGER CO USD 2,596,860.00 1.3694,500
LEXMARK INTERNATIONAL INC CL A USD 1,908,602.00 1.0058,600
MCDONALDS CORP USD 2,785,755.00 1.4645,150
MOSAIC CO USD 3,401.00 0.0050
NASDAQ STOCK MARKET INC USD 1,806,687.00 0.9559,100
NATIONAL OILWELL INC USD 823,772.00 0.4316,400
NATIONAL SEMICONDUCTOR CORP USD 984,412.00 0.5157,200
NORTHERN TRUST CORP USD 1,981,890.00 1.0427,450
PARKER HANNIFIN CORP USD 3,217,100.00 1.6860,700
PEPSI BOTTLING GROUP INC USD 2,914,083.00 1.5299,900
PFIZER INC USD 5,576,256.00 2.93302,400
PHILIP MORRIS INTERNATIONAL USD 1,861,470.00 0.9738,700
PROCTER GAMBLE USD 4,404,408.00 2.3063,200
RAYMOND JAMES FINANCIAL INC USD 1,627,563.00 0.8549,350
REYNOLDS AMERICAN INC USD 2,698,410.00 1.4155,500
RYDER SYSTEM INC USD 2,129,700.00 1.1134,350
SCHWAB (CHARLES) CORP USD 1,264,900.00 0.6648,650
SUPERVALU INC USD 2,619,190.00 1.37120,700
SYMANTEC CORP USD 4,067,745.00 2.13207,750
TERRA INDUSTRIES USD 1,431,780.00 0.7548,700
NameQuantity/Nominal
Market valuein USD
Currency %NAV
TEXAS INSTRUMENTS INC USD 2,431,650.00 1.27113,100
TJX COS INC USD 5,052,586.00 2.64165,550
TRAVELERS COMPANIES INC USD 4,479,320.00 2.3499,100
UNIVERSAL HEALTH SERVICES -B- USD 1,871,402.00 0.9833,400
WAL-MART STORES INC USD 7,273,640.50 3.82121,450
WATERS CORP USD 1,975,211.00 1.0333,950
WESTERN DIGITAL CORP USD 1,183,260.00 0.6255,500
WINDSTREAM USD 3,184,634.00 1.67291,100
WYETH USD 1,946,738.00 1.0252,700
XILINX INC USD 1,545,355.00 0.8165,900
174,276,584.50 91.17
ACE LTD USD 2,403,372.00 1.2644,400
Switzerland
NOVARTIS ADR SPONSORED USD 3,294,574.00 1.7262,350
5,697,946.00 2.98
NIPPON TELEGRAPH TELEPHONE ADR USD 2,248,749.00 1.1899,900
Japan
2,248,749.00 1.18
UNIBANCO SPONSORED GDR USD 1,897,296.00 0.9918,800
Brazil
1,897,296.00 0.99
BANCO SANTANDER CENTR HISP-ADR- USD 1,833,191.00 0.96122,050
Spain
1,833,191.00 0.96
HSBC HOLD. ADR USD 1,640,849.00 0.8620,300
United Kingdom
1,640,849.00 0.86
FAIRFAX FINANCIAL HLDGS LTD USD 1,478,250.00 0.774,500
Canada
1,478,250.00 0.77
189,072,865.50 98.91
SPDR TRUST SERIES 1 USD 985,915.00 0.528,500
Undertakings for collective investmentUnited States
985,915.00 0.52
985,915.00 0.52
Total securities portfolio 190,058,780.50 99.43
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 190,058,780.50 99.43
Cash at bank 8,296,652.10 4.34
Other assets and liabilities (7,200,487.51) (3.77)
Total net assets 191,154,945.09 100.00
ING (L) Invest - Utilities
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in USD)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
207ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 136,424,912.57USD30/09/2007 168,488,604.17USD30/09/2006 135,692,461.70USD
Capitalisation P (USD) 689.8730/09/2008 USD884.4830/09/2007 USD683.8430/09/2006 USD
Capitalisation P (EUR) -30/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation I (USD) 707.8330/09/2008 USD898.1230/09/2007 USD688.0230/09/2006 USD
Capitalisation X (USD) 663.6430/09/2008 USD854.8230/09/2007 USD664.4130/09/2006 USD
Distribution P (USD) 2,768.1330/09/2008 USD3,618.4130/09/2007 USD2,862.6830/09/2006 USD
Net asset value per share
Capitalisation P (USD) 83,16030/09/2008109,04830/09/2007120,79630/09/2006
Capitalisation P (EUR) -30/09/2008-30/09/2007-30/09/2006
Capitalisation I (USD) 87,12630/09/200844,56630/09/200746,69030/09/2006
Capitalisation X (USD) 18,01630/09/200828,78930/09/200726,13730/09/2006
Distribution P (USD) 1,96130/09/20082,04630/09/20071,25730/09/2006
Number of shares
Distribution P (USD) 73.0019/12/2007 USD
Dividend
Distribution P (USD) 73.0015/12/2006 USD
Distribution P (USD) 60.0015/12/2005 USD
Capitalisation P (USD) 1.70%30/09/2008
Capitalisation P (EUR) 1.70%30/09/2008
Capitalisation I (USD) 0.67%30/09/2008
Capitalisation X (USD) 2.17%30/09/2008
Distribution P (USD) 1.71%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 (92.65%)
ING (L) Invest - Utilities
The accompanying notes form an integral part of these financial statements.
(Denominated in USD)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
208 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 121,207,691.62
Shares 121,207,691.62
Cash at bank 8,590,775.84
Other assets 20,190,423.993
Total assets 149,988,891.45
Current liabilities (13,563,978.88)3
Total liabilities (13,563,978.88)
Net assets at the end of the year 136,424,912.57
Notes
Statement of net assets as at 30/09/2008
Total income 5,562,471.72
Dividends 5,232,886.46
Bank interest 66,744.22
Other income 262,841.048
Total expenses (3,185,474.50)
Management fees (2,573,514.54)4
Custodian fees (126,008.29)5
Subscription tax (73,075.33)6
Bank interest (15,811.79)
Other expenses (397,064.55)7
Net investment income 2,376,997.22
Net realised gains or (losses) on securities portfolio (4,787,003.80)
Net realised gains or (losses) on financial derivativeinstruments
(44,169.84)
Net realised gains or (losses) on currency (1,060,712.89)
Changes in net unrealised gains or (losses) on securitiesportfolio
(50,873,488.56)
Result of operations (54,388,377.87)
Subscriptions 370,543,998.48
Redemptions (348,062,033.71)
Distribution (157,278.50)
Net assets at the beginning of the year 168,488,604.17
Net assets at the end of the year 136,424,912.57
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - Utilities(Denominated in USD)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
209ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
ALLEGHENY ENERGY INC USD 2,768,229.44 2.0375,285
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AMERICAN ELECTRIC POWER USD 5,339,800.06 3.91144,202
CONSTELLATION ENERGY GROUP INC USD 478,807.20 0.3519,704
EXELON CORP USD 9,218,540.68 6.77147,214
FIRSTENERGY CORP USD 5,889,626.82 4.3287,918
FPL GROUP INC USD 5,413,688.40 3.97107,628
ITC HOLDINGS CORP USD 2,284,299.48 1.6744,124
MIRANT CORP USD 739,921.95 0.5440,455
NORTHEAST UTILITIES USD 1,434,399.30 1.0555,922
NRG ENERGY INC USD 999,454.50 0.7340,382
PG&E CORP USD 5,658,133.25 4.15151,085
PPL CORPORATION USD 5,772,121.38 4.23155,919
QUESTAR CORP USD 1,148,869.92 0.8428,076
47,145,892.38 34.56
EDF ENERGIES NOUVELLES SA EUR 2,468,230.36 1.8150,234
France
GDF SUEZ EUR 9,318,990.29 6.84181,764
SUEZ ENVIRONNEMENT SA EUR 1,203,651.69 0.8848,994
VELCAN ENERGY EUR 986,452.66 0.7232,832
13,977,325.00 10.25
CHUBU ELECTRIC POWER CO INC JPY 4,353,693.76 3.19186,000
Japan
TOKYO ELECTRIC POWER CO JPY 5,598,877.87 4.10229,500
TOKYO GAS CO LTD JPY 3,638,750.20 2.67884,000
13,591,321.83 9.96
E.ON AG EUR 11,785,381.69 8.64235,814
Germany
11,785,381.69 8.64
IBERDROLA SA EUR 7,815,264.91 5.73779,251
Spain
RED ELECTRICA DE ESPANA EUR 2,698,766.76 1.9853,593
10,514,031.67 7.71
ENEL SPA EUR 7,027,250.72 5.15849,380
Italy
7,027,250.72 5.15
INTERNATIONAL POWER PLC GBP 3,318,000.13 2.43514,548
United Kingdom
SCOTTISH AND SOUTHERN ENERGY PLC GBP 2,846,273.42 2.09111,895
6,164,273.55 4.52
FORTUM OYJ EUR 5,650,751.71 4.14170,606
Finland
5,650,751.71 4.14
OSTER ELEKTRIZATSWITS-CL A EUR 1,688,855.08 1.2427,864
Austria
1,688,855.08 1.24
NameQuantity/Nominal
Market valuein USD
Currency %NAV
CESKE ENERGETICKE ZAVODY AS - CES CZK 1,217,567.22 0.8919,966
Czech Republic
1,217,567.22 0.89
XINAO GAS HOLDINGS HKD 931,172.78 0.68695,188
China
931,172.78 0.68
CEMIG ADR SPONSORED REPR1000 NONVTG.PFD
USD 803,635.14 0.5940,711
Brazil
803,635.14 0.59
120,497,458.77 88.33
RUSHYDRO CLS USD 580,732.85 0.4316,930,987
Other transferable securities and money market instruments
SharesRussia
UNIFIED ENERGY SYSTEM GDR-S USD 129,500.00 0.091,295
710,232.85 0.52
710,232.85 0.52
Total securities portfolio 121,207,691.62 88.85
NameQuantity/Nominal
Market valuein USD
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 121,207,691.62 88.85
Cash at bank 8,590,775.84 6.30
Other assets and liabilities 6,626,445.11 4.85
Total net assets 136,424,912.57 100.00
ING (L) Invest - World
* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.
(Denominated in EUR)
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
210 ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Statistics
30/09/2008Net assets 108,963,796.01EUR30/09/2007 106,585,717.17EUR30/09/2006 110,140,624.38EUR
Capitalisation P (EUR) 125.2330/09/2008 EUR169.4730/09/2007 EUR159.3530/09/2006 EUR
Capitalisation I (EUR) 125.6930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation V (EUR) 89.6130/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR
Capitalisation X (EUR) 121.0030/09/2008 EUR164.5630/09/2007 EUR155.5230/09/2006 EUR
Distribution P (EUR) 927.1730/09/2008 EUR1,273.4930/09/2007 EUR1,214.9730/09/2006 EUR
Net asset value per share
Capitalisation P (EUR) 628,45330/09/2008605,38630/09/2007661,36730/09/2006
Capitalisation I (EUR) 220,33130/09/2008-30/09/2007-30/09/2006
Capitalisation V (EUR) 91930/09/2008-30/09/2007-30/09/2006
Capitalisation X (EUR) 4,81330/09/20086,00330/09/20076,18330/09/2006
Distribution P (EUR) 2,05230/09/20082,35630/09/20073,12030/09/2006
Number of shares
Distribution P (EUR) 18.0019/12/2007 EUR
Dividend
Distribution P (EUR) 18.0015/12/2006 EUR
Distribution P (EUR) 17.0015/12/2005 EUR
Capitalisation P (EUR) 1.57%30/09/2008
Capitalisation I (EUR) 0.60%30/09/2008
Capitalisation V (EUR) 1.41%30/09/2008
Capitalisation X (EUR) 2.07%30/09/2008
Distribution P (EUR) 1.59%30/09/2008
Total expense ratio (TER) in %*
Portfolio turnover in %* 30/09/2008 29.69%
ING (L) Invest - World
The accompanying notes form an integral part of these financial statements.
(Denominated in EUR)
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
211ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Financial statements
Total securities portfolio 104,944,724.23
Shares 104,944,724.23
Cash at bank 1,351,996.22
Other assets 2,844,465.943
Total assets 109,141,186.39
Current liabilities (177,390.38)3
Total liabilities (177,390.38)
Net assets at the end of the year 108,963,796.01
Notes
Statement of net assets as at 30/09/2008
Total income 2,102,378.65
Dividends 1,935,686.94
Bank interest 114,122.10
Other income 52,569.618
Total expenses (1,547,899.48)
Management fees (1,218,565.34)4
Custodian fees (68,855.28)5
Subscription tax (45,474.94)6
Bank interest (6,963.94)
Other expenses (208,039.98)7
Net investment income 554,479.17
Net realised gains or (losses) on securities portfolio (5,198,332.70)
Net realised gains or (losses) on financial derivativeinstruments
(169,108.96)
Net realised gains or (losses) on currency (3,395.07)
Changes in net unrealised gains or (losses) on securitiesportfolio
(28,060,775.81)
Changes in net unrealised gains or (losses) on financialderivative instruments
227,422.42
Result of operations (32,649,710.95)
Subscriptions 53,345,260.48
Redemptions (18,276,138.68)
Distribution (41,332.01)
Net assets at the beginning of the year 106,585,717.17
Net assets at the end of the year 108,963,796.01
Notes
Statement of operations and changes in net assets forthe year ended 30/09/2008
ING (L) Invest - World(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008
212 ING INVESTMENT MANAGEMENT
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Securities portfolio as at 30/09/2008
ADOBE SYSTEMS INC USD 491,797.91 0.4517,502
Transferable securities and money market instruments listed onan official stock exchange
Shares
United States
AIR PRODUCTS CHEMICALS INC USD 868,942.65 0.8017,821
ALTRIA GROUP USD 1,345,218.81 1.2395,240
AMERICAN ELECTRIC POWER USD 973,301.25 0.8936,920
AMERICAN EXPRESS CO USD 704,791.27 0.6527,942
AT&T INC USD 1,947,274.15 1.7997,967
BANK OF AMERICA CORP USD 2,603,353.15 2.38104,480
BUNGE LIMITED USD 535,926.89 0.4911,915
CARNIVAL CORP USD 1,030,111.56 0.9540,932
CISCO SYSTEMS INC USD 1,766,574.96 1.62109,992
CITIGROUP INC USD 1,413,323.20 1.3096,793
COLGATE PALMOLIVE CO USD 843,325.63 0.7715,721
CVS CAREMARK CORP USD 1,640,525.11 1.5168,460
CYTEC INDUSTRIES INC USD 500,831.38 0.4618,080
DIAMOND OFFSHORE DRILLING INC USD 1,114,499.27 1.0215,190
EMC CORP USD 739,806.02 0.6886,887
EMERSON ELECTRIC CO USD 899,636.35 0.8330,980
EXELON CORP USD 1,023,389.97 0.9422,956
FREEPORT-MCMORAN COPPER CL B USD 620,284.84 0.5715,326
GOLDMAN SACHS GROUP INC USD 854,396.47 0.789,376
GOOGLE INC CL A USD 1,396,894.23 1.284,899
GRAFTECH INTERNATIONAL LTD USD 610,596.11 0.5656,762
HARTFORD FINANCIAL SG INC USD 630,848.84 0.5821,618
HESS CORP USD 1,199,543.12 1.1020,528
HONEYWELL INTERNATIONAL INC USD 661,504.75 0.6122,363
INTERNATIONAL GAME TECHNOLOGY USD 655,681.22 0.6053,609
ITC HOLDINGS CORP USD 859,006.44 0.7923,307
JPMORGAN CHASE AND CO USD 1,928,176.56 1.7757,996
KELLOGG CO USD 1,091,566.65 1.0027,331
MARATHON OIL CORP USD 922,234.13 0.8532,491
MCAFEE USD 501,185.92 0.4620,730
MEMC ELECTRONIC MATERIALS INC USD 377,671.82 0.3518,772
MERCK AND CO INC USD 1,060,478.01 0.9747,199
MERRILL LYNCH AND CO INC USD 1,234,335.24 1.1368,530
MIRANT CORP USD 498,666.66 0.4638,297
MYLAN LABORATORIES INC USD 467,515.52 0.4357,504
NETAPP INC USD 391,153.65 0.3630,139
NIKE INC CL B USD 1,362,432.92 1.2528,606
NUANCE COMMUNICATIONS INC USD 388,658.49 0.3644,785
OCCIDENTAL PETROLEUM CORP USD 2,024,600.54 1.8640,367
ORACLE CORP USD 1,310,053.92 1.2090,604
PFIZER INC USD 1,007,416.20 0.9276,739
PHILIP MORRIS INTERNATIONAL USD 1,157,290.14 1.0633,796
PPL CORPORATION USD 1,009,593.24 0.9338,307
PROCTER GAMBLE USD 2,159,241.44 1.9743,521
QUALCOMM INC USD 840,555.79 0.7727,477
SCHERING PLOUGH CORP USD 930,331.00 0.8570,752
TARGET CORP USD 1,087,365.50 1.0031,139
UNION PACIFIC CORP USD 1,129,066.26 1.0422,287
UNITED PARCEL SERVICE INC CL B USD 640,205.11 0.5914,299
UNITEDHEALTH GROUP INC USD 622,942.06 0.5734,463
WALT DISNEY Co USD 811,969.15 0.7537,163
WASTE MANAGEMENT INC USD 1,148,584.10 1.0551,234
WEATHERFORD INTERNATIONAL LTD USD 910,026.30 0.8450,846
WILLIAMS COMPANIES INC USD 774,818.89 0.7146,019
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
WYETH USD 856,458.89 0.7932,567
56,575,979.65 51.92
CHIYODA CORP JPY 583,002.01 0.54115,000
Japan
HOYA CORP JPY 433,757.79 0.4031,400
ITOCHU CORP JPY 659,018.93 0.60158,000
JAPAN TOBACCO INC JPY 665,805.20 0.61252
KEYENCE CORP JPY 719,719.81 0.665,160
MILLEA HOLDINGS INC JPY 504,101.60 0.4620,100
MIZUHO FINANCIAL GROUP INC JPY 441,630.39 0.41149
NITORI CO LTD JPY 407,562.26 0.379,740
SUMITOMO MITSUI FINANCIAL GR JPY 553,429.45 0.51131
TOKYO ELECTRIC POWER CO JPY 430,726.77 0.4024,800
TOYOTA MOTOR CORPORATION JPY 1,072,055.80 0.9736,500
YAMADA DENKI CO LTD JPY 834,894.55 0.7715,740
7,305,704.56 6.70
ACERGY SA NOK 339,298.29 0.3149,005
United Kingdom
BARCLAYS PLC GBP 447,072.97 0.41107,900
BG GROUP PLC GBP 1,217,322.61 1.1294,694
CENTRICA PLC GBP 836,993.30 0.77210,048
PRUDENTIAL PLC GBP 499,108.22 0.4677,497
RIO TINTO PLC ORD GBP 1,249,912.39 1.1428,376
STANDARD CHARTERED PLC GBP 637,850.89 0.5937,370
STANDARD LIFE INVESTMENTS GBP 429,770.56 0.39141,108
VODAFONE GROUP GBP 960,376.64 0.88616,770
WPP GROUP PLC GBP 589,392.89 0.54103,670
7,207,098.76 6.61
CIE FIN RICHEMONT UNITS A CHF 687,828.95 0.6322,154
Switzerland
MEYER BURGER TECHNOLOGY AG CHF 459,043.17 0.422,995
NESTLE SA CHF 1,804,669.21 1.6558,970
NOVARTIS AG CHF 1,240,851.08 1.1433,379
ROCHE HOLDING AG-GENUSSCHEIN CHF 1,044,340.95 0.969,426
UBS AG CHF 597,564.85 0.5550,984
5,834,298.21 5.35
AXA EUR 1,182,847.28 1.0951,664
France
STE GENERALE EUR 772,024.00 0.7112,452
TOTAL SA EUR 1,640,522.24 1.5138,528
VALLOUREC EUR 559,979.42 0.513,707
VEOLIA ENVIRONNEMENT EUR 504,733.39 0.4617,486
VINCI EUR 549,347.86 0.5016,657
5,209,454.19 4.78
ALLIANZ SE-REG EUR 1,055,325.08 0.9710,961
Germany
DEUTSCHE BOERSE AG EUR 482,282.37 0.447,551
K&S AG EUR 692,682.24 0.6414,241
LINDE AG EUR 672,526.80 0.628,910
Q-CELLS AG EUR 309,120.84 0.285,276
SIEMENS AG EUR 1,154,044.00 1.0617,552
STADA ARZNEIMITTEL AG EUR 602,448.84 0.5521,303
4,968,430.17 4.56
BANCO BILBAO VIZCAYA ARGENTA EUR 945,060.36 0.8782,466
Spain
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ING (L) Invest - World(Denominated in EUR)
The accompanying notes form an integral part of these financial statements.
ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008
213ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Securities portfolio as at 30/09/2008
TELEFONICA SA EUR 1,117,609.56 1.0266,564
2,062,669.92 1.89
EMPRESA BRASILEIRA DE AERONAUTICA ADR USD 364,850.85 0.3318,974
Brazil
PETROLEO BRASILEIRO SA ADR USD 686,541.77 0.6321,942
REDECARD SA BRL 125,855.43 0.1213,706
UNIBANCO SPONSORED GDR USD 590,798.53 0.548,223
1,768,046.58 1.62
ENEL SPA EUR 693,553.39 0.64117,751
Italy
SAIPEM SPA EUR 409,202.08 0.3819,523
UNICREDIT SPA EUR 494,705.96 0.45190,418
1,597,461.43 1.47
DBS GROUP HLDG LTD SGD 685,153.74 0.6382,000
Singapore
OLAM INTERNATIONAL SGD 296,138.43 0.27330,400
WILMAR INTERNATIONAL LTD SGD 507,436.82 0.47406,000
1,488,728.99 1.37
COCA COLA HELLENIC BOTTLING EUR 279,044.40 0.2618,310
Greece
HELLENIC TELECOMMUN ORGANIZA EUR 586,577.60 0.5446,480
NATIONAL BANK OF GREECE EUR 417,760.00 0.3814,920
1,283,382.00 1.18
ISRAEL CHEMICALS LTD ILS 500,378.01 0.4647,342
Israel
MAKHTESHIM-AGAN INDUSTRIES ILS 313,680.96 0.2967,753
NICE SYSTEMS LTD -CERT ADR- USD 397,163.14 0.3620,480
1,211,222.11 1.11
DOOSAN HEAVY INDUSTRIES &CONSTRUCTION
KRW 448,046.91 0.418,741
South Korea
KOREA EXCHANGE BANK KRW 63,326.44 0.069,760
SAMSUNG ELECTRONICS CO LTD KRW 644,125.95 0.592,026
1,155,499.30 1.06
CHINA SHENHUA ENERGY CO - H HKD 165,586.04 0.1597,617
China
GUANGZHOU R&F PROPERTIES-H HKD 195,614.12 0.18306,965
SHANGHAI ELECTRIC GROUP CORP -H- HKD 238,070.09 0.221,124,000
SUNTECH POWER HOLDING-ADR USD 534,660.02 0.4920,937
1,133,930.27 1.04
TELENOR ASA NOK 622,685.98 0.5772,023
Norway
YARA INTERNATIONAL ASA NOK 354,166.83 0.3314,489
976,852.81 0.90
ACCENTURE LTD-CL A USD 702,999.29 0.6525,986
Bermuda
702,999.29 0.65
INTERGROUP FINANCIAL SERVICES CORP USD 141,080.87 0.1311,831
Peru
MINAS BUENAVENTURA ADR SPONS. USD 530,964.10 0.4931,764
672,044.97 0.62
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
ERICSSON LM-B SHS SEK 579,553.11 0.5388,692
Sweden
579,553.11 0.53
ENERGY RESOURCES OF AUST AUD 551,551.31 0.5157,775
Australia
551,551.31 0.51
REED ELSEVIER NV EUR 550,561.41 0.5152,290
Netherlands
550,561.41 0.51
GAZPROM OAO-SPONS. ADR REG.S USD 447,399.53 0.4120,305
Russia
447,399.53 0.41
AKBANK TRY 435,768.17 0.40118,775
Turkey
435,768.17 0.40
GRUPO FINANCIERO BANORTE SA MXN 355,423.33 0.33157,085
Mexico
355,423.33 0.33
RYANAIR HOLDINGS PLC EUR 349,199.38 0.32154,513
Ireland
349,199.38 0.32
ORASCOM TELECOM GDR USD 277,774.18 0.2511,050
Egypt
277,774.18 0.25
GULF FINANCE HOUSE USD 243,690.60 0.2214,000
Bahrain
243,690.60 0.22
104,944,724.23 96.31
Total securities portfolio 104,944,724.23 96.31
NameQuantity/Nominal
Market valuein EUR
Currency %NAV
Summary of net assets%
NAV
Total securities portfolio 104,944,724.23 96.31
Cash at bank 1,351,996.22 1.24
Other assets and liabilities 2,667,075.56 2.45
Total net assets 108,963,796.01 100.00
ING (L) INVEST Annual report and audited financial statements for the year ended September 30, 2008
214 ING INVESTMENT MANAGEMENT
Notes to the financial statements
1- GENERAL
ING (L) INVEST (the "Company" or the "SICAV") is a "Société d'Investissement à Capital Variable" ("SICAV") incorporated on September 6, 1993 for an unlimited period as a société anonyme (public limited company), governed by Part I of the Luxembourg law of December 20, 2002 on undertakings for collective investment. The Memorandum and Articles of Association of the Company were published in the Mémorial, Recueil Spécial des Sociétés et Associations du Grand-Duché de Luxembourg and filed with the Registry of the Luxembourg District Court where they may be consulted and copies may be obtained upon payment of Registry fees. The Company is registered with the Luxembourg Register of Companies under number B 44 873. The Company incorporated a subsidiary in Mauritius (ING Invest India Focus Fund Limited) (the "Mauritian Subsidiary") to make investments in Indian securities for the sub-fund "ING (L) Invest - India Focus", in accordance with the investment objectives and policies of this sub-fund. The Mauritian Subsidiary is at all time endeavour to hold Category C1 Global Business License and to operate as a collective investment scheme as per The Securities Act 2005, and as such as per The Securities Act 2005, the Mauritian Subsidiary’s sole purpose is the collective investment of funds in a portfolio of securities, or other financial assets, real property or non-financial assets, subject to any approval or rejection by the Financial Services Commission. The Mauritian Subsidiary has obtained a certificate of Mauritian tax residence from the Commissioner of Income Tax in Mauritius. The results of the Mauritian subsidiary are included in the financial statements of the sub-fund ING (L) Invest - India Focus. The Company currently offers the following share classes to the investors:
Shares Name Description
Capitalisation P Capitalisation shares
Capitalisation I Capitalisation shares dedicated to institutional investors
Capitalisation X Capitalisation shares dedicated to some countries
Capitalisation S Capitalisation shares with a minimum subscription amount of EUR 1,000,000 or equivalent
Capitalisation D Capitalisation shares for the dutch market
Capitalisation V Capitalisation shares reserved for institutional investors, issued in registered form only yet differing from class "I" in that it attracts a higher management fees
Distribution P Distribution shares
Distribution P (quarter divid) Distribution shares - Quarterly dividend
Distribution I Distribution shares dedicated to institutional investors
Distribution X Distribution shares dedicated to some countries
Distribution A(C) Distribution shares - Quarterly dividend
Distribution A(S) Distribution shares - Quarterly dividend in kind
The investors must be aware that every share class is not offered by every sub-fund of the Company. Changes The sub-fund ING (L) Invest - Climate Focus has been launched on September 24, 2007 (with an initial subscription period from September 24, 2007 to October 26, 2007 and an initial valuation date on October 29, 2007). The sub-fund ING (L) Invest - China Access has been launched on October 2, 2007. The sub-fund ING (L) Invest - Balkan has been launched on January 21, 2008. The sub-fund ING (L) Invest - Africa & Middle East has been launched on April 1, 2008. The sub-fund ING (L) Invest - Alternative Beta has been launched on June 9, 2008. The sub-fund ING (L) Invest - India Focus has been launched on July 14, 2008.
Annual report and audited financial statements ING (L) INVEST for the year ended September 30, 2008
ING INVESTMENT MANAGEMENT 215
Notes to the financial statements
2- PRINCIPAL ACCOUNTING METHODS
The financial statements are prepared and presented in accordance with generally accepted accounting principles and regulations in force in Luxembourg. Currency conversion The financial statements have been drawn up in the accounting currency of each sub-fund. Assets and liabilities expressed in currencies other than the accounting currency of the sub-fund are converted into that currency at the exchange rate prevailing on the closing date. The various items in the combined statements correspond to the sum of the corresponding items in the financial statements of each sub-fund, converted if necessary into EUR at the exchange rate prevailing on the closing date.
Securities valuation The securities admitted to an official listing or to any other regulated market are valued at the last known prices. If these securities are traded on several markets, the valuation is made on the basis of the last known price on the main market on which the securities are listed. Securities not listed or not traded on a stock exchange or on any other regulated market and securities listed or traded on such a market but whose last known price is not representative, are valued with prudence and in good faith on the basis of their probable realization value as determined by or under the direction of the Board of Directors. Investments in open-ended investment funds, either listed or not, are valued on the basis of their last available net asset value per share. Financial derivative instruments valuation Financial derivative instruments listed on a regulated market are valued at the last available published price applicable at the closing date. Financial derivative instruments not listed on a regulated market are valued by means of an actuarial method recognised in the market. Income Dividends are accounted for on the ex-date. Interest is accrued on a daily basis.
3- OTHER ASSETS AND CURRENT LIABILITIES Other assets account includes mainly accrued interest and receivables. Current liabilities account includes mainly fee accruals and payables.
4- MANAGEMENT FEES
In accordance with the terms and conditions of the nomination of ING Investment Management Luxembourg S.A. as Management Company by the SICAV, the sub-funds will pay ING Investment Management Luxembourg S.A. an annual management fee calculated on the average net assets of each sub-fund as described in the table below. This fee is payable monthly in arrears. ING Investment Management Luxembourg S.A. has entrusted, at its own expense, management of the different sub-funds to the investment managers listed below:
Annual report and audited financial statements ING (L) INVEST for the year ended September 30, 2008
ING INVESTMENT MANAGEMENT 216
Notes to the financial statements
Until March 31, 2008, the management fees rates were:
Sub-funds Management fees rate (p.a.) Investment Manager
Class P (in %)
Class X (in %)
Class I (in %)
Class S (in %)
Class A(C) (in %)
Class A(S) (in %)
Class D (in %)
ING (L) Invest - Asia Pacific High Dividend 1.20 1.75 - - 1.50 1.50 - ING Investment Management
Asia Pacific (Hong Kong) Ltd.
ING (L) Invest - Balkan 1.50 - - - - - - ING Mutual Funds Management Company S.A.
ING (L) Invest - Banking & Insurance 1.20 1.75 0.48 - - - - ING Asset Management B.V.
ING (L) Invest - Biotechnology 1.20 1.75 - - - - - ING Investment Management Belgium
ING (L) Invest - China Access 1.20 1.75 - 0.60 1.50 1.50 - ING Investment Management Asia Pacific (Hong Kong) Ltd.
ING (L) Invest - Climate Focus 1.50 2.00 - - - - 1.40 ING Asset Management B.V.
ING (L) Invest - Computer Technologies 1.20 1.75 0.48 - - - - ING Investment Management
Belgium
ING (L) Invest - Consumer Goods 1.20 1.75 0.48 - - - - ING Asset Management B.V.
ING (L) Invest - Dutch Equity 1.20 1.75 0.48 - - - - ING Asset Management B.V.
ING (L) Invest - Emerging Europe 1.20 1.75 - - - - - ING Asset Management B.V.
ING (L) Invest - Emerging Markets 1.20 1.75 0.65 - - - - ING Asset Management B.V.
ING (L) Invest - EMU Equity 1.20 1.75 0.48 - - - - ING Asset Management B.V.
ING (L) Invest - Energy 1.20 1.75 0.48 - - - - ING Asset Management B.V.
ING (L) Invest - Euro High Dividend 1.20 1.75 0.60 - - - - ING Investment Management
Belgium
ING (L) Invest - Euro Income 1.40 1.75 - - - - - ING Asset Management B.V.
ING (L) Invest - Europe Growth Fund 1.20 1.75 0.60 - - - - ING Asset Management B.V.
ING (L) Invest - Europe High Dividend 1.20 1.75 0.60 0.60 - - - ING Investment Management
Belgium ING (L) Invest - Europe Opportunities 1.40 1.75 0.60 - - - - ING Asset Management B.V.
ING (L) Invest - European Banking & Insurance 1.20 1.75 - - - - - ING Asset Management B.V.
ING (L) Invest - European Consumer Goods 1.20 1.75 - - - - - ING Asset Management B.V.
ING (L) Invest - European Equity 1.20 1.75 0.48 - - - - ING Asset Management B.V.
ING (L) Invest - European Food & Beverages 1.20 1.75 - - - - - ING Asset Management B.V.
ING (L) Invest - European Health Care 1.20 1.75 0.60 - - - - ING Investment Management
Belgium
ING (L) Invest - European IT 1.20 1.75 - - - - - ING Investment Management Belgium
ING (L) Invest - European Materials 1.20 1.75 0.60 - - - - ING Asset Management B.V.
ING (L) Invest - European New Offerings 1.20 1.75 - - - - - ING Asset Management B.V.
ING (L) Invest - European Real Estate 1.20 1.75 0.60 - - - - ING Asset Management B.V.
ING (L) Invest - European Sector Allocation 1.20 1.75 - - - - - ING Asset Management B.V.
ING (L) INVEST Annual report and audited financial statements for the year ended September 30, 2008
217 ING INVESTMENT MANAGEMENT
Notes to the financial statements
Sub-funds Management fees rate (p.a.) Investment Manager
Class P (in %)
Class X (in %)
Class I (in %)
Class S (in %)
Class A(C) (in %)
Class A(S) (in %)
Class D (in %)
ING (L) Invest - European Small Caps 1.20 1.75 0.72 - - - - ING Asset Management B.V.
ING (L) Invest - European Telecom 1.20 1.75 - - - - - ING Investment Management
Belgium
ING (L) Invest - Food & Beverages 1.20 1.75 0.48 - - - - ING Asset Management B.V.
ING (L) Invest - Global Brands 1.20 1.75 - - - - - ING Asset Management B.V.
ING (L) Invest - Global Growth 1.20 1.75 0.60 - - - - ING Asset Management B.V.
ING (L) Invest - Global High Dividend 1.20 1.75 0.60 0.60 - - - ING Investment Management
Belgium
ING (L) Invest - Global Real Estate 1.40 1.75 0.60 0.60 - - - ING Clarion Real Estate Securities L.P.
ING (L) Invest - Greater China 1.20 1.75 - - - - - ING Investment Management Asia Pacific (Hong Kong) Ltd.
ING (L) Invest - Health Care 1.20 1.75 0.48 - - - - ING Investment Management Belgium
ING (L) Invest - Industrials 1.20 1.75 0.48 - - - - ING Asset Management B.V.
ING (L) Invest - Japan 1.20 1.75 0.60 0.60 - - - ING Mutual Funds Management Company (Japan) Ltd.
ING (L) Invest - Japanese Small & Mid Caps 1.20 1.75 - - - - -
ING Mutual Funds Management Company (Japan) Ltd.
ING (L) Invest - Latin America 1.20 1.75 0.60 - - - - ING Asset Management B.V.
ING (L) Invest - Materials 1.20 1.75 0.48 - - - - ING Asset Management B.V.
ING (L) Invest - New Asia 1.20 1.75 - 0.60 - - 1.40 ING Investment Management Asia Pacific (Hong Kong) Ltd.
ING (L) Invest - New Technology Leaders 1.20 1.75 - - - - - ING Investment Management
Belgium
ING (L) Invest - Prestige & Luxe 1.20 1.75 - - - - - ING Asset Management B.V.
ING (L) Invest - Sustainable Growth 1.20 1.75 0.72 0.72 - - - ING Asset Management B.V.
ING (L) Invest - Telecom 1.20 1.75 0.48 - - - - ING Investment Management Belgium
ING (L) Invest - US (Enhanced Core Concentrated) 1.20 1.75 0.48 0.48 - - - ING Investment Management
Co.
ING (L) Invest - US Growth 1.20 - 0.60 - - - - ING Investment Management Co.
ING (L) Invest - US High Dividend 1.20 1.75 0.60 - - - - ING Investment Management Belgium
ING (L) Invest - US Opportunistic Equity 1.20 1.75 0.60 - - - - ING Investment Management
Co.
ING (L) Invest - Utilities 1.20 1.75 0.48 - - - - ING Asset Management B.V.
ING (L) Invest - World 1.20 1.75 - - - - - ING Asset Management B.V.
Annual report and audited financial statements ING (L) INVEST for the year ended September 30, 2008
ING INVESTMENT MANAGEMENT 218
Notes to the financial statements
Since April 1, 2008, the management fees rates are:
Sub-funds Management fees rate (p.a.) Investment Manager
Class P (in %)
Class X (in %)
Class I (in %)
Class S (in %)
Class A(C) (in %)
Class A(S) (in %)
Class D (in %)
Class V (in %)
ING (L) Invest - Africa & Middle East 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - Alternative Beta 1.00 1.30 0.50 - - - - - ING Asset Management B.V.
ING (L) Invest - Asia Pacific High Dividend 1.50 2.00 - - 1.50 1.50 - - ING Investment Management
Asia Pacific (Hong Kong) Ltd.
ING (L) Invest - Balkan 1.50 2.00 - - - - - - ING Mutual Funds Management Company S.A.
ING (L) Invest - Banking & Insurance 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - Biotechnology 1.50 2.00 0.60 - - - - - ING Investment Management
Belgium ING (L) Invest - China Access 1.50 2.00 - 0.60 1.50 1.50 - - ING Investment Management
Asia Pacific (Hong Kong) Ltd. ING (L) Invest - Climate Focus 1.50 2.00 - - - - 1.40 - ING Asset Management B.V.
ING (L) Invest - Computer Technologies 1.50 2.00 0.60 - - - - - ING Investment Management
Belgium ING (L) Invest - Consumer Goods 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - Dutch Equity 1.30 1.80 0.48 - - - - - ING Asset Management B.V.
ING (L) Invest - Emerging Europe 1.50 2.00 0.65 - - - - - ING Asset Management B.V.
ING (L) Invest - Emerging Markets 1.50 2.00 0.65 0.65 - - - - ING Asset Management B.V.
ING (L) Invest - EMU Equity 1.30 1.80 0.48 - - - - - ING Asset Management B.V.
ING (L) Invest - Energy 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - Euro High Dividend 1.50 2.00 0.60 - - - - - ING Investment Management
Belgium ING (L) Invest - Euro Income 1.50 2.00 - - - - - - ING Asset Management B.V.
ING (L) Invest - Europe Growth Fund 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - Europe High Dividend 1.50 2.00 0.60 0.60 - - - 1.50 ING Investment Management
Belgium ING (L) Invest - Europe Opportunities 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - European Banking & Insurance 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - European Consumer Goods 1.50 2.00 - - - - - - ING Asset Management B.V.
ING (L) Invest - European Equity 1.30 1.80 0.48 - - - - - ING Asset Management B.V.
ING (L) Invest - European Food & Beverages 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - European Health Care 1.50 2.00 0.60 - - - - - ING Investment Management
Belgium ING (L) Invest - European IT 1.50 2.00 - - - - - - ING Investment Management
Belgium ING (L) Invest - European Materials 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - European New Offerings 1.30 1.80 - - - - - - ING Asset Management B.V.
ING (L) INVEST Annual report and audited financial statements for the year ended September 30, 2008
219 ING INVESTMENT MANAGEMENT
Notes to the financial statements
Sub-funds Management fees rate (p.a.) Investment Manager
Class P (in %)
Class X (in %)
Class I (in %)
Class S (in %)
Class A(C) (in %)
Class A(S) (in %)
Class D (in %)
Class V (in %)
ING (L) Invest - European Real Estate 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - European Sector Allocation 1.30 1.80 - - - - - - ING Asset Management B.V.
ING (L) Invest - European Small Caps 1.50 2.00 0.72 - - - - - ING Asset Management B.V.
ING (L) Invest - European Telecom 1.50 2.00 0.60 - - - - - ING Investment Management
Belgium ING (L) Invest - Food & Beverages 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - Global Brands 1.50 2.00 - - - - - - ING Asset Management B.V.
ING (L) Invest - Global Growth 1.50 2.00 0.60 0.60 - - - - ING Asset Management B.V.
ING (L) Invest - Global High Dividend 1.50 2.00 0.60 0.60 - - - - ING Investment Management
Belgium ING (L) Invest - Global Real Estate 1.50 2.00 0.60 0.60 - - - - ING Clarion Real Estate Securities
L.P. ING (L) Invest - Greater China 1.50 2.00 - - - - - - ING Investment Management Asia
Pacific (Hong Kong) Ltd. ING (L) Invest - Health Care 1.50 2.00 0.60 - - - - ING Investment Management
Belgium ING (L) Invest - India Focus 1.50 2.00 0.60 - - - - - ING Investment Management Asia
Pacific (Singapore) Limited ING (L) Invest - Industrials 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - Japan 1.30 1.80 0.60 0.60 - - - 1.30 ING Mutual Funds Management Company (Japan) Ltd.
ING (L) Invest - Japanese Small & Mid Caps 1.50 2.00 - - - - - - ING Mutual Funds Management
Company (Japan) Ltd. ING (L) Invest - Latin America 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - Materials 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - New Asia 1.50 2.00 0.60 0.60 - - 1.40 - ING Investment Management Asia Pacific (Hong Kong) Ltd.
ING (L) Invest - New Technology Leaders 1.50 2.00 0.60 - - - - - ING Investment Management
Belgium ING (L) Invest - Prestige & Luxe 1.50 2.00 - - - - - - ING Asset Management B.V.
ING (L) Invest - Sustainable Growth 1.50 2.00 0.72 0.72 - - - - ING Asset Management B.V.
ING (L) Invest - Telecom
1.50 2.00 0.60 - - - - - ING Investment Management Belgium
ING (L) Invest - US (Enhanced Core Concentrated)
1.30 1.80 0.48 0.48 - - - 1.30 ING Investment Management Co.
ING (L) Invest - US Growth 1.50 2.00 0.60 - - - - - ING Investment Management Co.
ING (L) Invest - US High Dividend 1.50 2.00 0.60 - - - - - ING Investment Management
Belgium ING (L) Invest - US Opportunistic Equity 1.50 2.00 0.60 0.60 - - - - ING Investment Management Co.
ING (L) Invest - Utilities 1.50 2.00 0.60 - - - - - ING Asset Management B.V.
ING (L) Invest - World 1.30 1.80 0.48 - - - - 1.30 ING Asset Management B.V.
Annual report and audited financial statements ING (L) INVEST for the year ended September 30, 2008
ING INVESTMENT MANAGEMENT 220
Notes to the financial statements
5- CUSTODIAN FEES
The depositary bank is remunerated in accordance with the agreement between ING Luxembourg, acting as the custodian, and the SICAV.
6- SUBSCRIPTION TAX
The Company is liable in Luxembourg to a subscription tax ("Taxe d'abonnement") of 0.01% per annum for all shares restricted to institutional investors and a subscription tax of 0.05% per annum for all the other shares. The subscription tax is paid quarterly and calculated on the net asset value at the end of the relevant calendar quarter. No subscription tax is paid on the assets held by the Company in other UCIs already subject to that tax in Luxembourg.
7- OTHER EXPENSES
This account includes mainly audit fees, administration fees and the belgian tax.
8- SECURITIES LENDING Under an agreement dated February 26, 2008 and amended on June 14, 2008, the SICAV has appointed Goldman Sachs Europe to act as securities lending agent for the SICAV. As at September 30, 2008, the sub-funds of the SICAV mentioned below were engaged into securities lending transactions. The value of securities lent and market value of collateral received for each sub-fund is detailed in the following table:
Sub-funds Currency Market value of securities lent
Market value of collateral received
ING (L) Invest - Banking & Insurance USD 2,206,491.94 2,146,771.87
ING (L) Invest - Climate Focus EUR 47,200.00 49,635.85
ING (L) Invest - Computer Technologies USD 4,638,250.43 4,786,655.92
ING (L) Invest - Consumer Goods USD 1,165,062.18 1,213,155.96
ING (L) Invest - Emerging Europe EUR 800,129.43 770,060.36
ING (L) Invest - Emerging Markets USD 762,764.69 741,706.23
ING (L) Invest - EMU Equity EUR 7,621,183.00 7,853,470.63
ING (L) Invest - Energy USD 1,658,261.02 1,594,125.71
ING (L) Invest - Euro High Dividend EUR 21,977,651.35 23,464,729.33
ING (L) Invest - Euro Income EUR 14,224,605.12 14,637,163.90
ING (L) Invest - Europe Growth Fund EUR 2,484,810.98 2,470,227.61
ING (L) Invest - Europe High Dividend EUR 5,243,694.40 7,874,826.80
ING (L) Invest - Europe Opportunities EUR 614,785.17 635,960.38
ING (L) Invest - European Consumer Goods EUR 282,606.84 541,185.97
ING (L) Invest - European Equity EUR 508,898.00 527,489.70
ING (L) Invest - European Food & Beverages EUR 11,378,160.22 11,442,608.96
ING (L) Invest - European Health Care EUR 8,040,627.40 8,417,015.87
ING (L) Invest - European IT EUR 60,151.40 63,914.12
ING (L) Invest - European New Offerings EUR 329,702.82 316,250.77
ING (L) Invest - European Real Estate EUR 950,475.00 1,019,262.05
ING (L) Invest - European Sector Allocation EUR 2,599,721.60 2,702,966.12
ING (L) Invest - European Small Caps EUR 722,483.60 752,496.78
ING (L) Invest - European Telecom EUR 5,469,582.64 5,614,121.42
ING (L) INVEST Annual report and audited financial statements for the year ended September 30, 2008
221 ING INVESTMENT MANAGEMENT
Notes to the financial statements
Revenues from securities lending transactions are included in the caption "Other Income".
9- CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO These changes are made available to the shareholders at the custodian bank and at the Company's registered office as well as at the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who so requests. 10- INFORMATION FOR SHAREHOLDERS Under the Belgian Finance act of December 22, 2003, that came into effect on January 1, 2004, a 0.06% yearly tax was applied on all money originating from Belgium included in the Company at December 31 of the prior year. This tax rate has been increased to 0.07% in 2005 and to 0.08% from 2007 onwards. The Company has lodged a complaint with the European Commission against the Belgian State for this tax to be recognized as contravening the Community law. 11- SUBSEQUENT EVENTS On December 5, 2008 the net assets of the sub-fund ING (L) Invest - European IT have been brought to the assets of the sub-fund ING (L) Invest - Computer Technologies. The exchange ratios were as follow: • 1 Capitalisation P (EUR) share of the ING (L) Invest - European IT sub-fund gave right to 0.084581 Capitalisation P (EUR) share of the ING (L) Invest - Computer Technologies sub-fund, • 1 Distribution P (EUR) share of the ING (L) Invest - European IT sub-fund gave right to 0.069954 Distribution P (USD) share of the ING (L) Invest - Computer Technologies sub-fund, • 1 Capitalisation X (EUR) share of the ING (L) Invest - European IT sub-fund gave right to 0.020445 Capitalisation X (EUR) share of the ING (L) Invest - Computer Technologies sub-fund. On December 5, 2008 the net assets of the sub-fund ING (L) Invest - European Consumer Goods have been brought to the assets of the sub-fund ING (L) Invest - Consumer Goods.
ING (L) Invest - Food & Beverages USD 1,456,242.79 1,428,934.65
ING (L) Invest - Global Brands EUR 2,043,933.87 2,127,102.49
ING (L) Invest - Global Growth EUR 1,945,600.00 1,976,726.39
ING (L) Invest - Global High Dividend EUR 20,337,475.40 17,751,840.79
ING (L) Invest - Industrials EUR 2,036,262.73 2,086,357.28
ING (L) Invest - Materials USD 3,378,205.88 3,572,572.70
ING (L) Invest - New Technology Leaders EUR 2,406,952.00 2,456,165.91
ING (L) Invest - Prestige & luxe EUR 3,406,589.49 3,556,631.54
ING (L) Invest - Sustainable Growth EUR 2,029,261.26 2,091,846.58
ING (L) Invest - Telecom USD 2,591,988.15 2,625,870.53
ING (L) Invest - US High Dividend USD 589,971.44 599,357.61
ING (L) Invest - Utilities USD 2,849,810.11 3,011,448.69
ING (L) Invest - World EUR 263,872.90 275,699.06
Sub-funds Currency Market value of securities lent
Market value of collateral received
Annual report and audited financial statements ING (L) INVEST for the year ended September 30, 2008
ING INVESTMENT MANAGEMENT 222
Notes to the financial statements The exchange ratios were as follow: • 1 Capitalisation P (EUR) share of the ING (L) Invest - European Consumer Goods sub-fund gave right to 0.611269 Capitalisation P (EUR) share of the ING (L) Invest - Consumer Goods sub-fund, • 1 Distribution P (EUR) share of the ING (L) Invest - European Consumer Goods sub-fund gave right to 0.349193 Distribution P (USD) share of the ING (L) Invest - Consumer Goods sub-fund, • 1 Capitalisation X (EUR) share of the ING (L) Invest - European Consumer Goods sub-fund gave right to 0.146928 Capitalisation X (EUR) share of the ING (L) Invest - Consumer Goods sub-fund. On December 5, 2008 the net assets of the sub-fund ING (L) Invest - European New Offerings have been brought to the assets of the sub-fund ING (L) Invest - European Equity. The exchange ratios were as follow: • 1 Capitalisation P (EUR) share of the ING (L) Invest - European New Offerings sub-fund gave right to 6.342040 Capitalisation P (EUR) share of the ING (L) Invest - European Equity sub-fund, • 1 Distribution P (EUR) share of the ING (L) Invest - European New Offerings sub-fund gave right to 28.196332 Distribution P (EUR) share of the ING (L) Invest - European Equity sub-fund, • 1 Capitalisation X (EUR) share of the ING (L) Invest - European New Offerings sub-fund gave right to 6.371466 Capitalisation X (EUR) share of the ING (L) Invest - European Equity sub-fund. With effect on December 15, 2008, the Board of Directors has decided to transfer the assets of the share class Capitalisation X (SKK) of the sub-fund ING (L) Invest - European Real Estate to the share class Capitalisation X (EUR) of the sub-fund ING (L) Invest - European Real Estate and to transfer the assets of the share class Capitalisation X (SKK) of the sub-fund ING (L) Invest - Global High Dividend to the share class Capitalisation P (EUR) of the sub-fund ING (L) Invest - Global High Dividend. These decisions were taken owing to the deletion as of January 1, 2009 of the Slovak Crown. With effect on December 19, 2008, the Board of Directors has decided to liquidate the sub-fund ING (L) Invest - Africa and Middle East.
For additional information please contact:
ING Investment Management BelgiumFundinfo Helpdesk (MA 2.01.02)Avenue Marnix 24B-1000 BrusselsTel. +32 2 547 87 88e-mail: [email protected] www.ingim.com