ING (L) INVEST - Fundsquare
Transcript of ING (L) INVEST - Fundsquare
Annual report and audited f inancial s tatements
For the year ended 30 September 2006
Société d'Investissement à Capital Variable
LUXEMBOURG
IINNGG ((LL)) IINNVVEESSTT
Glossary of Symbols
Countries, Central Governments
Cantons, Provinces, etc...
Cities, Municipal Authorities
Public bodies
Private bodies
Supranational Organisations
Investment Funds
Reserve
Mining, extracting industry
Aluminium
Non-ferrous metals
Precious metals and stones
Building materials, industry
Paper and forest products
Agriculture and fishery
Petroleum
Chemicals
Electrical, electronics
Aero-astro-nautic industry
Internet, software & tech. info. serv.
Office supplies and computing
Watch industry
Machine, apparatus construction
Road vehicles
Rubber and tyres
Real estate companies
Food, non alcoholic beverages
Tobacco, alcoholic drinks
Pharmaceuticals and cosmetics
Textiles and garments
Photographics and optics
Miscellaneous consumer goods
Graphics and publishing
Packaging industries
Retail trade, department store
Miscellaneous trading companies
Banks & fin. instit. (EU)
Other banks & fin. instit.
Central MTG
Holding and finance companies
Insurance companies
Transportation
Energy and water supply
Communication
Hotels and restaurants
Miscellaneous services
Conglomerates
Various unclassified sectors
Biochemistry
Sundry investment goods
Environment and recycling
Public health and social
Chile
China
Colombia
Costa Rica
Cuba
Czech Republic
Germany
Denmark
Dominica
Dominican Republic
Algeria
Estonia
Ecuador
Egypt
Spain
Finland
France
Great Britain
Guernsey
Ghana
Gibraltar
Greece
Hong Kong
Croatia
Hungary
Indonesia
Ireland
Israel
India
Iraq
Iceland
Italy
Jersey
Japan
South Korea
Cayman Islands
Kazakhstan
Liberia
Lithuania
Luxembourg
Latvia
Morocco
Marshall Islands
Macedonia
Mauritius
Mexico
Malaysia
Nicaragua
European Institutions
European Institutions (L)
Supranational Institutions
United Arab Emirates
Netherlands Antilles
Argentina
Austria
Australia
Bosnia and Herzegovina
Belgium
Bulgaria
Bermuda
Brazil
Canada
Switzerland
Ivory Coast
HR
Slovakia
San Marino
Senegal
El Salvador
Thailand
Turkey
Taiwan
Ukraine
United States
Uruguay
Venezuela
Virgin Islands (UK)
Vietnam
Yugoslavia
South Africa
Zimbabwe
Nigeria
The Netherlands
Norway
New Zealand
Panama
Peru
Papua New Guinea
Philippines
Pakistan
Poland
Portugal
Romania
Russia
Sudan
Sweden
Singapore
Cuban Peso
Cyprus Pound
Czech Koruna
German Mark
Danish Krone
Algerian Dinar
Estonian Kroon
Egyptian Pound
Spanish Peseta
Euro
Finland Mark
French Franc
Pound Sterling
Gibraltar Pound
Greek Drachma
Hong Kong Dollar
Croat Kuna
Hungarian Forint
Indonesian Rupiah
Irish Pound
Israelian new shekel
Indian Rupee
Icelandic Króna
Italian Lira
Jordanian Dinar
Japanese Yen
North Korean Won
South Korean Won
Kuwaiti Dinar
Cayman Islands Dollar
Kazakh Tenge
Lebanese Pound
Lithuanian Litas
Luxembourg Franc
Latvian Lats
Moroccan Dirham
Moldovan Leu
Macau Pataca
Maltese Lira
Mexican Peso
Malaysian Ringgit
Nicaraguan Córdoba
Dutch Guilder
Norwegian Krone
New Zealand Dollar
Omani Rial
Peruvian New Sol
Philippines Peso
UAE Dirham
Armenian Dram
Argentine Peso
Austrian Schilling
Australian Dollar
Azerbaijani Manat
Belgian Franc
Bulgarian Lev
Brunei Dollar
Brazilian Real
Belarusian Rouble
Canadian Dollar
Swiss Franc
Chilean Peso
Renminbi-Yuan
Colombian Peso
Tunisian Dinar
Turkish Lira
New Taiwan Dollar
US Dollar
Uruguayan Peso
Uzbekistan Sum
Venezuelan Bolívar
Vietnamese Dong
Yemeni Rial
Yugoslav Dinar
South African Rand
Pakistani Rupee
Polish Zloty
Portuguese Escudo
Paraguayan Guaraní
Qatari Riyal
Romanian Leu
Russian Rouble
Saudi Riyal
Swedish Krona
Singapore Dollar
Slovenian Tolar
Slovak Koruna
Syrian Pound
Thai Baht
Tajik Somoni
Turkmen Manat
No subscription can be received solely on the basis of the financial statements. Subscriptions are only valid if made on the basisof the current prospectus 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 bankand at the Company's registered office as well as at the financial servicing institutions identified in this report. They will also besent free of charge to anyone who so requests.
The information given in this report is for reference purposes only. It is not a guide to future results.
WARNING
ING (L) Invest - 30/09/2006
ING (L) Invest - 30/09/2006
TABLE OF CONTENTS
GLOSSARY OF SYMBOLS
ORGANISATION
MANAGEMENT'S REPORT
INDEPENDENT AUDITOR'S REPORT
EVOLUTION OF THE SUB-FUNDS
STATEMENT OF NET ASSETS
AS AT SEPTEMBER 30, 2006
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEAR ENDED SEPTEMBER 30, 2006
SECURITIES PORTFOLIO AND FINANCIAL DERIVATIVE INSTRUMENTS
NOTES TO THE FINANCIAL STATEMENTS
3
5
8
9
41
54
67
155
ING (L) Invest - 30/09/2006 3
ORGANISATION
REGISTERED OFFICE
BOARD OF DIRECTORS
CHAIRMAN
DIRECTORS
52, route d'Esch, L-1470 Luxembourg
Eugène Muller,
Companies Director,
up to December 4, 2005
Jean Sonneville,
General Manager,
ING Investment Management Belgium,
Chairman since December 5, 2005
Philippe Catry,
General Manager,
ING Luxembourg,
up to March 14, 2006
Philippe Gusbin,
Senior General Manager Ops & IT,
ING Luxembourg,
since March 15, 2006
Odilon De Groote,
Companies Director
Paul Suttor,
Senior Manager,
Head of Fund Administration,
ING Luxembourg,
since December 5, 2005
Bruno Springael,
Managing Director,
ING Investment Management Belgium
4ING (L) Invest - 30/09/2006
ORGANISATION
MANAGEMENT COMPANY
INVESTMENT MANAGERS
CUSTODIAN
ADMINISTRATION AGENT
AUDITORS
FINANCIAL SERVICING
AUSTRIA
BELGIUM
CZECH REPUBLIC
FINLAND
FRANCE
GERMANY
GREECE
HONG-KONG
HUNGARY
ITALY
LUXEMBOURG
NORWAY
SINGAPORE
SLOVAKIA
SPAIN AND PORTUGAL
SWITZERLAND
TAIWAN
THE NETHERLANDS
ING Investment Management Luxembourg S.A., Luxembourg
ING Investment Management Luxembourg S.A., Luxembourg
delegated to
ING Investment Management Belgium, Brussels
ING Clarion Real Estate Securities LP, Radnor
ING Asset Management BV, The Hague
ING Investment Management Co, New York
ING Investment Management Asia Pacific (Hong-Kong) Ltd, Hong Kong
ING Mutual Funds Management Company (Japan) Ltd, Tokyo
ING Luxembourg, 52, route d'Esch, Luxembourg
ING Investment Management Luxembourg S.A., Luxembourg
delegated to
ING Luxembourg, 52, route d'Esch, Luxembourg
Ernst &Young, Société Anonyme,
7, Parc d'Activité Syrdall
L-5365 Munsbach, Luxembourg
ING Bank NV-Vienna branch (*), Ungargasse 64-66/305, 1030 Wien, PO Box 152
ING Belgium, 24, avenue Marnix/Marnixlaan, Brussels
Danske Capital Finland Oy, Aleksanterinkatu, 44, 7krs, 00100 Helsinki
CACEIS Bank, 1/3, Place Valhubert, F-75013 Paris
BHF-Bank, Bockenheimer Landstraße 10, 60323 Frankfurt am Main
ING Piraeus Asset Management Company, 3 Korai Street, 10 564 Athens
INGIM Asia Pacific (Hong-Kong) Ltd., 39/F One International Finance Centre,1 Harbour View Street, Central, Hong-Kong
ING Bank Rt., 1068 Budapest, Dózsa György út 84/B, HUNGARY
INGIM Italy Sim, via Paleocapa 5, 20144 Milano
ING Luxembourg, 52, route d'Esch, Luxembourg
ING Bank Norway, Statminister Michelsenvei 36, 5231 Paradis
INGIM Asia Pacific Singapore (Ltd.), 1, raffles Place OUB Centre #40-02 Singapore 048616
ING Belgium SA, Sucursal en Espana (ING Investment Management), Génova, 27 – 3a Planta - Madrid 28004
ING Bank (Suisse) S.A., 30, avenue de Frontenex, 1211 Geneva
ING CHB Securities Investment & Trust Co., Ltd., 15 Fl, No. 210, Keelung Road, Section 1, Taipei 110
ING Bank N.V., Amstelveensesteenweg 500, 1081 KL Amsterdam
4
(*) The sub-funds ING (L) Invest European Materials, ING (L) Invest European Opportunity and ING (L) Invest US Opportunistic Equityare not registered in Austria.
ECONOMIC DEVELOPMENTS
During the reporting period, the global economy continued to grow at a strong and healthy pace, in spite of a slowdown
in US growth.
After two years of at-or-above potential growth, Goldilocks seems to have left the party in the US. GDP expanded only 2.6%
in the second quarter of 2006 and recent data suggest that it will grow in the 2%-2.5% range during the second half of
2006. US consumption (the traditional engine of the US economy) started to slow, as high oil prices, rising bond yields and
a cooling housing market affected consumer confidence. Furthermore, higher than expected inflation data surprised
financial markets during the second quarter of 2006. But, as the latest inflation numbers looked a bit less alarming, the focus
in markets has decidedly shifted from concerns over inflation towards the degree of slowing in growth over the coming
quarters. During the first ten months, the Fed made several gradual adjustments of the Fed funds towards more 'neutral'
levels. Early August, the Fed installed a wait-and-see mode and kept the US base rate unchanged at 5.25%.
The Eurozone economy grew well above potential in the first half of 2006 and is expected to do so for the rest of year,
although business confidence peaked around the summer. Initially, robust global growth combined with a relatively stable
exchange rate since the spring of 2005 has ignited export growth. Subsequently, the increase in profit growth (due to
restructuring) has caused capex to increase. The final stage of the recovery is currently a pick up in consumer spending.
In view of strong growth and the recovering job market, the European Central Bank raised the official repo rate to 3.25% (five
times +25 basis points). The ECB pointed to the rapidly growing money supply, high credit growth and higher inflation risks.
The Japanese economy remains resilient, as leading indicators rebounded from weakness in the second quarter of 2006.
Economic growth was especially supported by domestic factors (improving labour market, strong final demand, high
consumer confidence, recovery of the housing market) and a weaker Yen. The secular reflation process still is unfolding
further, although it is far from completed. Imports still fail to reflect stronger domestic demand, wages are still unable to
capture at least part of impressive productivity gains as well as consumer product and house prices are still grinding higher
at a modest pace. Given the upturn in the economy, the Bank of Japan raised the overnight call rate to 0.25% in July.
Economic forecasts 2005 2006E 2007E
United States
Growth gross domestic product (%) 3.6 3.4 2.4
Inflation rate (%) 3.4 3.5 2.3
Eurozone
Growth gross domestic product (%) 1.4 2.7 2.1
Inflation rate (%) 2.2 2.3 2.3
Japan
Growth gross domestic product (%) 2.7 2.8 2.7
Inflation rate (%) -0.1 0.4 0.7
Source: ING IM / October 2006
E: Estimation
DEVELOPMENTS ON FIXED INCOME MARKETS
Global bond yields moved higher during the first nine months of the reporting period, in a context of healthy economic
growth, rising inflation and mounting Fed Funds. In July, the trend reversed and bond yields started to decrease, as markets
anticipated the pause in the monetary tightening in the US and worried about the economic slowdown in the US.
5
MANAGEMENT’S REPORT
ING (L) Invest - 30/09/2006
In the US, the yield of the 10-year government bond started at 4.38%, peaked at 5.23% in July and ended at 4.63% in
September. At the end of the reporting period the yield curve was inverted by 10 bps (difference between 10y and 2y).
Eurozone and Japanese 10y-bond yields followed a similar pattern last year. The yield of the German 10-year government
bond started in October '05 at 3.19%, peaked at 4.13% and ended the third quarter of 2006 at 3.70%. The Japanese 10y
government bond started the reporting period at a yield of 1.49%, reached 1.97% on the fifth of July and ended at 1.67%.
OUTLOOK MACRO-ECONOMICS AND FIXED INCOME MARKETS
From a fundamental point of view, the global economy should be able to show decent growth in 2007. As the US
economy represents 30% of the global economy, it is obvious that the situation in the US will also impact the economies
in the Europe, Japan and the emerging markets. These regions will no longer be boosted by a buoyant US consumer.
Fortunately, domestic consumption remained strong in the Eurozone and Japan. This demand should offer some
compensation for the soft landing of the US economy.
As softer domestic demand is expected to keep the US economy's growth rate below its potential over the coming quarters and
as oil prices have moved sharply lower recently, inflation is still anticipated by the Fed to start moderating in 2007. Therefore,
we continue to expect the Fed to remain on hold at 5.25% for the rest of the year due to a housing driven slowdown in final
demand growth. Nevertheless, consumer expenditure has held up relatively well so far, supported by lower oil prices and
upward pressure on wages. As a consequence, the market's soft landing scenario remained intact. We also stick to a soft
landing scenario. According to our scenario, growth will slow gradually (but not fall below 2%) and corporate earnings growth
will slow to less than 10%.
Eurozone economic momentum reached a peak around the summer but will remain above potential for the rest of year.
However, in 2007 the economy will have to digest the US slowdown, the German VAT hike, as well as the past monetary
tightening. Obviously, these factors will cause EMU growth to slow down. However, in our opinion, the US housing
slowdown is a country-specific shock hitting the highly leveraged US consumer, while six years of subdued spending have
left the balance sheets of Euroland consumers in relatively healthy shape. What's more, domestic demand in other parts of
the world (e.g. Asia) is reviving as well thus supporting EMU exports. Recently, the ECB raised the refi rate to 3.25% and
virtually announced the next hike for December. Moreover, the central bank also indicated that it will probably tighten
further in 2007. We believe that the peak in the refi rate will be at 4% in 2007.
In Japan, domestic demand should continue to be supported by strong earnings growth, a further upturn of the labour
market and an improving housing market. Now that the protracted period of deflation (average price declines) has come to
an end, a strong and structural pent-up demand is expected for the coming years. We expect the key Japanese interest rate
to stand at 0.5% at the end of 2006. Over the coming 2 years, the BoJ is likely to gradually hike up interest rates further
towards a 'neutral' level in the 2.5-3% range.
On the one hand, long-term bond yields will be pushed up by solid economic growth in Europe and Japan and strong
growth in the emerging markets. On the other hand, global bond yields will be pushed down by slowing US growth and
the prospect of some monetary easing by the Federal Reserve in the course of 2007.
All in all, we anticipate a modest increase of long-term interest rates on a 6- to 12-month horizon.
Outlook 10-year bond yields (in %)
29/09/2006 3m E 1) 12m E 1)
United States 4.6 slightly lower slightly higher
Eurozone 3.7 slightly lower slightly higher
Japan 1.7 slightly higher higher
1) as compared to 29 September 2006 Source: ING IM /October 2006
E: Estimation
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MANAGEMENT’S REPORT
ING (L) Invest - 30/09/2006
DEVELOPMENTS ON EQUITY MARKETS
Over the reporting period, global equity markets rose 9.6% in euro, on the back of decent global economic growth, low
inflation and strong earnings. The month of May marked a sudden shift of market sentiment and brought the prolonged
period of rising stock prices and low volatility to a standstill. A cocktail of disappointing US inflation data and uncertainties
regarding the Fed's interest-rate policy have diminished the extreme risk appetite and triggered a sell-off on the global
equity markets. During the last quarter, investors concluded that the sharp correction in May-June had been overdone.
The Fed-pause, the end of the hostilities in Lebanon, more subdued inflation data and strong earnings supported this view.
European equities and Emerging Markets outperformed during the last 12 months. The MSCI Europe rose 17.0%,
especially because of strong M&A momentum. Emerging markets rose +15.0% (in euro). The MSCI Japan (7.8%) and the
MSCI USA (+5.3%) underperformed in Euro.
The best performing sectors over the period were: the Material sector positively influenced by soaring commodity prices,
Utilities (strong M&A in Europe) and Financials (good earnings momentum and strong M&A activity). Underperformers
were Energy, IT and Healthcare.
OUTLOOK EQUITY MARKETS
Equity markets are likely to face higher volatility in the coming months. The economic developments in the US are
surrounded by uncertainty. The strong equity performance in recent weeks signals that equity markets have a strong belief
in a soft landing. Although a soft landing also remains our central scenario, downside risks should not be underestimated.
The coming earnings season will drive equity performances in the short-run. We still expect global earnings growth to
disappoint present optimistic expectations somewhere within the next 12 months. Developed equity markets are
nevertheless not expensive.
On a 12-month horizon, this scenario offers room for modest upward potential on the equity markets. Fortunately, the
global economy is better able to weather a limited slowdown of US growth than in the past; in Japan domestic growth has
switched into the highest gear of the last 15 years and in the Eurozone growth has reached the highest traction since 2001.
Asian growth will also contribute to the resilience of the global economy.
We prefer big cap companies whose stock prices do not adequately reflect the value of the company. In our selection
process, we focus on companies in defensive sectors.
In regional terms, we remain positive about Japan, as this stock market is undervalued and its fundamentals are still
favourable.
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MANAGEMENT’S REPORT
ING (L) Invest - 30/09/2006
8ING (L) Invest - 30/09/2006
INDEPENDENT
AUDITOR'S REPORT
Following our appointment by the Annual General Meeting of the Shareholders of December 5, 2005, we have audited the
accompanying financial statements of ING (L) Invest, SICAV and of each of its sub-funds, which comprise the Statement of
Net Assets and the Securities Portfolio and Financial Derivative Instruments as at September 30, 2006 and the Statement of
Operations and Changes in Net Assets for the year then ended, and a summary of significant accounting policies and other
explanatory notes.
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 in
accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.
This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying
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 in
accordance with International Standards on Auditing as adopted by the "Institut des Réviseurs d'Entreprises".
Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the judgement of the "réviseur d'entreprises", including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the "réviseur d'entreprises" considers internal control relevant to the entity's preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not 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 accounting estimates made by the Board of
Directors, as well as evaluating the overall presentation of the financial statements.
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 of
each of its sub-funds as of September 30, 2006 and of the results of their operations and changes in their
Net Assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the
preparation of the financial statements.
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been
subject to specific audit procedures carried out in accordance with the Standards described above. Consequently, we
express no opinion on such information. However, we have no observation to make concerning such information in the
context of the financial statements taken as a whole.
ERNST & YOUNG
Société Anonyme
Réviseur d'entreprises
Sylvie TESTA
Luxembourg, January 4, 2007
To the Shareholders of ING (L) Invest, SICAV
52, route d'Esch, L-1470 Luxembourg
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
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Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
EVOLUTION OF
THE SUB-FUNDS
9ING (L) Invest - 30/09/2006
BANKING & INSURANCEUSD
301,803,757125,819,805149,647,821
872.45700.23597.74
---
877.29--
---
847.64683.75586.59
---
---
3,892.843,171.102,748.31
---
---
159,350167,966231,253
---
173,928--
---
5,7185,233
11,838
---
---
1,3731,4591,628
---
---
BIOTECHNOLOGYUSD
100,866,422113,455,090100,108,564
1,135.531,093.85
936.98
--
---
---
1,102.811,067.71
919.20
---
---
5,610.955,405.004,629.89
---
---
66,25285,34086,256
---
---
---
11,5645,3516,050
---
---
2,2962,6632,965
---
---
COMPUTER TECHNOLOGIES
USD
253,616,06499,466,00893,352,202
615.99587.77513.53
--
619.59--
---
598.31573.74503.83
---
---
3,019.472,888.652,531.11
---
---
259,076147,596151,626
---
93,246--
---
40,9547,426
13,314
---
---
3,8912,9263,469
---
---
9* expressed in USD
10ING (L) Invest - 30/09/2006
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
EVOLUTION OF
THE SUB-FUNDS
BANKING & INSURANCEUSD
62.0050.0044.00
1.57
-
0.60
-
2.02
-
-
1.57
-
-
-2.05
BIOTECHNOLOGYUSD
---
1.53
-
-
-
2.05
-
-
1.53
-
-
52.37
COMPUTER TECHNOLOGIES
USD
8.008.008.00
1.57
-
0.61
-
2.05
-
-
1.57
-
-
40.92
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
EVOLUTION OF
THE SUB-FUNDS
11ING (L) Invest - 30/09/2006
CONSUMER GOODSUSD
116,308,59670,877,77384,346,407
922.73888.60840.21
--
927.90--
---
895.87867.13824.12
---
---
4,194.094,078.813,895.12
---
---
55,65471,53980,636
---
59,540--
---
9,1646,541
17,380
---
---
357401583
---
---
DUTCH EQUITYEUR
94,284,74274,833,95571,223,568
88.9073.7358.26
--
---
---
87.5472.9457.94
---
---
70.6859.9948.80
---
---
935,173858,617615,776
---
---
---
3,64414,977
521,842
---
---
153,218174,026104,781
---
---
EMERGING EUROPEEUR
203,481,831179,241,94773,736,741
59.6651.0529.56
--
---
---
58.1750.0329.12
---
---
4,325.363,716.382,161.53
---
---
2,142,7452,116,2821,551,720
---
---
---
1,129,2761,084,137
700,726
---
---
2,3034,5663,448
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
12ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
12
CONSUMER GOODSUSD
44.0042.0041.00
1.56
-
0.60
-
2.03
-
-
1.56
-
-
30.94
DUTCH EQUITYEUR
1.801.451.45
1.58
-
-
-
2.04
-
-
1.58
-
-
26.29
EMERGING EUROPEEUR
23.0015.009.00
1.55
-
-
-
2.06
-
-
1.55
-
-
-115.97
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
13ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EMERGING MARKETSUSD
211,096,436135,464,76686,301,217
52.4344.0729.94
--
---
---
51.3043.3529.61
---
---
---
---
---
3,591,4562,718,9232,603,148
---
---
---
444,091360,585282,017
---
---
---
---
---
EMU EQUITYEUR
508,371,121402,773,047371,065,271
130.06113.6189.54
--
132.79114.9289.73
---
126.04110.6687.66
---
---
107.6095.6776.92
---
---
2,691,4183,192,3443,474,225
---
737,38843,066
141,935
---
283,68290,406
256,132
---
---
229,042262,665322,420
---
---
ENERGYUSD
270,145,070211,265,328117,966,824
1,190.511,148.61
762.41
--
1,197.45--
---
1,156.361,121.41
748.23
---
---
5,113.134,998.673,373.69
---
---
129,342130,756125,454
---
56,386--
---
33,68648,86123,744
---
---
1,8951,2571,350
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
14ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EMERGING MARKETSUSD
---
1.53
-
-
-
2.07
-
-
-
-
-
118.61
EMU EQUITYEUR
1.901.701.60
1.53
-
0.62
-
2.04
-
-
1.53
-
-
85.32
ENERGYUSD
66.0065.0057.00
1.53
-
0.60
-
2.04
-
-
1.53
-
-
-65.85
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
15ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EURO HIGH DIVIDENDEUR
1,661,122,9351,726,668,3761,126,154,756
435.27376.35294.90
--
443.12380.09295.55
---
422.90367.59289.64
---
---
1,488.061,322.801,064.02
---
---
2,099,3783,283,9942,644,725
---
940,256495,174155,738
---
437,972517,973861,531
---
---
97,74784,75747,606
---
---
EURO INCOMEEUR
287,616,16590,201,144
-
276.44250.58
-
--
---
---
1,104.39--
---
---
276.44250.58
-
266.95--
1,104.48--
422,181177,935
-
---
---
---
2,757--
---
---
602,177182,034
-
497--
1,150--
EUROPE GROWTH FUND
EUR
186,752,60223,526,500
-
330.10297.90
-
--
331.49--
---
328.01297.50
-
---
---
330.12297.91
-
---
---
346,37068,442
-
---
113,799--
---
49,13310,183
-
---
---
56,275364
-
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
16ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EURO HIGH DIVIDENDEUR
43.00--
36.0029.00
1.50
-
0.72
-
2.03
-
-
1.50
-
-
6.95
EURO INCOMEEUR
16.00** / 4.80*** / 12.00****4.65***4.50***
--
1.77
-
-
-
2.01
-
-
1.77
1.77
2.01
95.01
EUROPE GROWTH FUND
EUR
3.00----
1.53
-
0.70
-
2.07
-
-
1.53
-
-
123.12
15/12/200627/09/200630/06/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
** Distribution P (EUR)
*** Distribution P (quarter dividend) (EUR)
**** Distribution X (EUR)
17ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EUROPE HIGH DIVIDEND
EUR
751,907,852537,240,553
-
349.81294.49
-
--
354.45296.07
-
---
346.58293.37
-
---
---
342.81294.49
-
---
---
1,141,5541,139,882
-
---
108,82029,332
-
---
500,350377,751
-
---
---
410,144278,628
-
---
---
EUROPE OPPORTUNITIESEUR
5,220,561--
---
--
5,220.56--
---
---
---
---
---
---
---
---
---
1,000--
---
---
---
---
---
---
---
EUROPEAN BANKING & INSURANCE
EUR
169,085,651136,053,145122,233,488
283.13229.54185.72
--
---
---
275.09224.08182.21
---
---
1,233.621,022.69
846.55
---
---
448,023475,504531,312
---
---
---
50,22110,9497,170
---
---
23,03823,91126,284
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
18ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EUROPE HIGH DIVIDEND
EUR
10.006.00
-
1.50
-
0.72
-
2.04
-
-
1.50
-
-
-32.96
EUROPE OPPORTUNITIESEUR
---
-
-
0.68
-
-
-
-
-
-
-
83.31
EUROPEAN BANKING & INSURANCE
EUR
30.0024.0020.00
1.57
-
-
-
2.04
-
-
1.57
-
-
91.80
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
19ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EUROPEAN CONSUMER GOODS
EUR
31,316,56033,128,69032,536,943
259.93234.85201.09
--
---
---
252.57229.29197.33
---
---
1,164.761,071.36
934.05
---
---
91,636109,484130,494
---
---
---
13,57712,9717,953
---
---
3,4934,1465,060
---
---
EUROPEAN EQUITYEUR
345,276,809354,303,002435,618,722
43.6938.9630.98
--
44.6239.4131.05
---
42.2937.8930.30
---
---
37.1233.7827.40
---
---
5,119,3596,689,739
10,611,892
---
396,733387,632381,865
---
504,254427,561
1,562,007
---
---
2,224,3091,841,6861,739,868
---
---
EUROPEAN FOOD & BEVERAGES
EUR
111,414,93075,958,27562,998,207
294.77252.94201.80
--
---
---
286.48247.00198.04
---
---
1,318.141,149.18
930.19
---
---
270,414232,715253,322
---
---
---
68,84926,4558,665
---
---
9,0909,189
10,924
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
20ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EUROPEAN CONSUMER GOODS
EUR
22.0020.0017.00
1.56
-
-
-
2.03
-
-
1.56
-
-
140.98
EUROPEAN EQUITYEUR
0.800.700.55
1.52
-
0.59
-
2.04
-
-
1.52
-
-
106.90
EUROPEAN FOOD & BEVERAGES
EUR
22.0018.0014.00
1.57
-
-
-
2.03
-
-
1.57
-
-
78.67
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
21ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EUROPEAN HEALTH CARE
EUR
243,374,604180,920,842158,714,576
332.94296.57255.40
--
---
---
323.38289.45250.52
---
---
1,546.371,390.211,210.68
---
---
510,188436,790450,842
---
---
---
117,52678,17964,051
---
---
22,96120,68322,735
---
---
EUROPEAN ITEUR
10,879,1109,565,2679,557,960
42.1941.6034.20
--
---
---
41.0040.6233.56
---
---
208.48205.59169.01
---
---
207,588171,068206,472
---
---
---
19,47728,19439,381
---
---
6,3456,3386,950
---
---
EUROPEAN MATERIALSEUR
39,970,08625,569,85523,645,100
392.69303.95233.61
--
---
---
381.18296.48228.99
---
---
1,402.881,102.99
867.43
---
---
53,98964,86779,509
---
---
---
36,5983,122
442
---
---
3,4354,4685,730
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
22ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EUROPEAN HEALTH CARE
EUR
15.0013.0013.00
1.56
-
-
-
2.04
-
-
1.56
-
-
51.51
EUROPEAN ITEUR
---
1.57
-
-
-
2.04
-
-
1.57
-
-
82.28
EUROPEAN MATERIALSEUR
23.0018.0020.00
1.56
-
-
-
2.06
-
-
1.56
-
-
-19.77
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
23ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EUROPEAN NEW OFFERINGS
EUR
32,856,91532,904,66630,733,993
306.68270.40207.17
--
---
---
298.05264.05203.32
---
---
1,140.471,016.48
789.34
---
---
80,32596,082
117,981
---
---
---
7,0522,264
453
---
---
5,3676,2247,854
---
---
EUROPEAN REAL ESTATEEUR
169,642,906126,504,15628,861,062
855.98689.37493.61
--
---
---
831.01672.68484.20
---
---
2,919.972,413.161,766.48
---
---
157,335121,39743,179
---
---
---
33,01151,8627,875
---
---
2,5803,2862,114
---
---
EUROPEAN SECTOR ALLOCATION
EUR
178,607,838191,197,247195,827,263
239.45211.17169.86
--
---
---
232.52206.04166.56
---
---
868.84780.08639.10
---
---
600,274740,561955,061
---
---
---
31,92621,3913,186
---
---
31,59638,97851,752
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
24ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EUROPEAN NEW OFFERINGS
EUR
16.0011.0011.00
1.55
-
-
-
2.04
-
-
1.55
-
-
-16.97
EUROPEAN REAL ESTATEEUR
65.0058.0041.00
1.54
-
-
-
2.03
-
-
1.54
-
-
47.68
EUROPEAN SECTOR ALLOCATION
EUR
16.0014.0012.00
1.56
-
-
-
2.03
-
-
1.56
-
-
26.45
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
25ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
EUROPEAN SMALL CAPSEUR
59,767,54945,773,51614,600,997
22.6918.9713.49
--
22.76--
---
22.0418.5213.23
---
---
140.74117.6783.65
---
---
1,595,8111,839,908
515,232
---
121,996--
---
853,480498,907475,252
---
---
13,97313,80016,309
---
---
EUROPEAN TELECOMEUR
107,881,546130,689,90680,607,754
149.22139.76118.01
--
---
---
144.98136.46115.81
---
---
545.70522.24448.34
---
---
535,046619,486530,507
---
---
---
80,077218,81341,442
---
---
30,11527,29529,447
---
---
FOOD & BEVERAGESUSD
181,275,52561,915,56072,474,331
950.68813.57718.47
--
956.21--
---
923.29794.03704.79
---
---
4,159.593,612.023,234.51
---
---
90,61068,99688,198
---
63,488--
---
32,9832,1096,883
---
---
9551,1371,316
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
EVOLUTION OF
THE SUB-FUNDS
26ING (L) Invest - 30/09/2006
EUROPEAN SMALL CAPSEUR
---
1.55
-
0.84
-
2.06
-
-
1.55
-
-
-11.75
EUROPEAN TELECOMEUR
14.0011.008.00
1.54
-
-
-
2.03
-
-
1.54
-
-
98.38
FOOD & BEVERAGESUSD
61.0053.0048.00
1.58
-
0.60
-
2.03
-
-
1.58
-
-
0.28
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
EVOLUTION OF
THE SUB-FUNDS
27ING (L) Invest - 30/09/2006
GLOBAL BRANDSEUR
47,914,79951,670,47156,166,694
313.02282.52238.00
--
---
---
304.21275.87233.58
---
---
1,469.031,337.551,136.74
---
---
120,428149,066193,302
---
---
---
11,1596,6799,817
---
---
4,6455,7676,921
---
---
GLOBAL GROWTHEUR
9,285,881--
234.39--
--
4,670.71--
---
---
---
---
---
---
---
57--
---
1,985--
---
---
---
---
---
---
---
GLOBAL HIGH DIVIDEND
EUR
736,472,138604,319,580168,037,794
304.75271.88221.47
386.00327.76
-
309.95274.31221.73
392.62--
297.93267.20218.87
372.17--
309.95--
1,131.741,043.11
870.37
---
---
1,396,2351,319,026
409,853
38,90415,508
-
311,709167,878
4,498
1,399--
481,476616,360281,364
1,631--
18,273--
46,37029,47816,875
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
EVOLUTION OF
THE SUB-FUNDS
28ING (L) Invest - 30/09/2006
GLOBAL BRANDSEUR
14.0012.0010.00
1.56
-
-
-
2.06
-
-
1.56
-
-
92.35
GLOBAL GROWTHEUR
---
1.62
-
0.70
-
-
-
-
-
-
-
149.11
GLOBAL HIGH DIVIDEND
EUR
11.00** / 40.00***34.00***21.00***
1.51
1.51
0.71
0.71
2.04
2.04
0.71
1.51
-
-
-29.38
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
** Distribution I (EUR)
*** Distribution P (EUR)
EVOLUTION OF
THE SUB-FUNDS
29ING (L) Invest - 30/09/2006
GLOBAL REAL ESTATEEUR
26,027,179--
266.87--
--
5,358.27--
---
1,067.02--
---
---
266.87--
---
---
11,195--
---
3,848--
---
1,760--
---
---
2,042--
---
---
GREATER CHINAUSD
132,171,09196,816,47794,259,512
469.45372.75314.14
--
---
---
458.88366.11310.14
---
---
2,210.921,767.561,495.36
---
---
204,015195,993214,644
---
---
---
50,09337,42756,356
---
---
6,0655,6906,255
---
---
HEALTH CAREUSD
242,188,286181,234,011191,242,017
928.52886.02801.10
--
934.04--
---
902.12865.05786.16
---
---
4,261.314,105.403,750.06
---
---
124,668139,754162,116
---
75,950--
---
45,97750,09159,189
---
---
3,2893,4293,957
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
EVOLUTION OF
THE SUB-FUNDS
30ING (L) Invest - 30/09/2006
GLOBAL REAL ESTATEEUR
3.00--
1.71
-
0.70
-
2.08
-
-
1.71
-
-
19.27
GREATER CHINAUSD
18.0012.006.00
1.59
-
-
-
2.08
-
-
1.59
-
-
187.19
HEALTH CAREUSD
41.0039.0039.00
1.56
-
0.60
-
2.03
-
-
1.56
-
-
8.84
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
EVOLUTION OF
THE SUB-FUNDS
31ING (L) Invest - 30/09/2006
INDUSTRIALSEUR
111,009,30371,855,85965,171,334
348.19322.55268.11
--
350.09--
---
340.80317.34265.15
---
---
1,367.481,278.231,072.47
---
---
148,819157,545186,266
---
111,785--
---
48,78260,26151,567
---
---
2,5101,5001,453
---
---
JAPANJPY
55,050,115,84226,157,889,19516,986,660,370
5,338.004,512.003,388.00
--
5,436.004,557.003,394.00
---
5,149.004,374.003,302.00
---
---
5,005.004,248.003,216.00
---
---
6,564,8184,736,1414,292,888
---
225,15292,05789,001
---
2,846,805670,947316,018
---
---
823,858337,811340,546
---
---
JAPANESE SMALL & MID CAPS
JPY
6,044,004,7894,969,093,3932,273,797,829
17,822.0016,233.0012,410.00
--
---
---
17,314.0015,848.0012,177.00
---
---
69,508.0063,437.0048,708.00
---
---
186,471155,816101,846
---
---
---
111,328121,43346,322
---
---
11,4108,1229,153
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
EVOLUTION OF
THE SUB-FUNDS
32ING (L) Invest - 30/09/2006
INDUSTRIALSEUR
13.0012.0010.00
1.55
-
0.60
-
2.04
-
-
1.55
-
-
16.25
JAPANJPY
22.0020.0025.00
1.54
-
0.73
-
2.05
-
-
1.54
-
-
-21.76
JAPANESE SMALL & MID CAPS
JPY
150.00150.00200.00
1.54
-
-
-
2.05
-
-
1.54
-
-
-97.04
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
EVOLUTION OF
THE SUB-FUNDS
33ING (L) Invest - 30/09/2006
LATIN AMERICAUSD
156,848,432133,846,06579,212,904
1,684.951,349.14
747.80
--
---
---
1,648.141,326.36
739.07
---
---
1,269.431,035.65
584.94
---
---
74,12284,36797,834
---
---
---
15,56411,7893,367
---
---
4,9674,2376,092
---
---
MATERIALSUSD
97,228,92262,096,89862,783,434
875.63706.07587.37
--
880.70--
---
850.22689.01576.09
---
---
3,784.183,091.952,610.39
---
---
66,93769,42386,204
---
27,207--
---
7,9197,0045,486
---
---
2,0942,6693,444
---
---
NEW ASIAUSD
383,597,285270,759,321234,660,358
738.77603.24476.86
--
---
---
721.82592.32470.67
---
---
608.57505.76406.47
---
---
404,944363,509400,239
---
---
---
75,95743,96444,919
---
---
48,65450,28955,748
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
EVOLUTION OF
THE SUB-FUNDS
34ING (L) Invest - 30/09/2006
LATIN AMERICAUSD
24.0020.0012.00
1.55
-
-
-
2.07
-
-
1.55
-
-
-35.06
MATERIALSUSD
53.0043.0040.00
1.55
-
0.60
-
2.05
-
-
1.55
-
-
-37.35
NEW ASIAUSD
11.009.007.00
1.59
-
-
-
2.08
-
-
1.59
-
-
100.58
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
EVOLUTION OF
THE SUB-FUNDS
35ING (L) Invest - 30/09/2006
NEW TECHNOLOGY LEADERS
EUR
52,734,61548,206,42454,192,887
32.8831.7425.45
--
---
---
31.9630.9924.97
---
---
131.51126.95101.77
---
---
985,451984,482
1,097,516
---
---
---
361,109231,426674,887
---
---
66,85077,07992,477
---
---
PRESTIGE & LUXEEUR
65,634,63754,887,94842,959,377
421.08389.35320.92
--
---
---
408.92379.95314.78
---
---
1,985.681,848.531,536.39
---
---
115,63397,620
106,965
---
---
---
26,20728,1717,528
---
---
3,1363,3414,076
---
---
SUSTAINABLE GROWTHEUR
32,791,69729,925,04430,842,680
182.81162.73137.07
--
--
137.27
---
177.71158.95134.56
---
---
691.61623.39532.12
---
---
87,935100,549104,741
---
--
24,992
---
85,67176,98688,169
---
---
2,1572,1262,239
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
EVOLUTION OF
THE SUB-FUNDS
36ING (L) Invest - 30/09/2006
NEW TECHNOLOGY LEADERS
EUR
---
1.56
-
-
-
2.05
-
-
1.56
-
-
20.01
PRESTIGE & LUXEEUR
16.0013.0013.00
1.55
-
-
-
2.03
-
-
1.55
-
-
2.87
SUSTAINABLE GROWTHEUR
9.008.007.00
1.55
-
-
-
2.04
-
-
1.55
-
-
6.54
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
EVOLUTION OF
THE SUB-FUNDS
37ING (L) Invest - 30/09/2006
TELECOMUSD
119,880,19575,794,55574,318,419
570.00498.74444.66
--
573.33--
---
553.73486.90436.38
---
---
2,541.192,260.932,040.00
---
---
122,937131,896147,424
---
67,793--
---
9,5229,0726,279
---
---
2,2292,4752,953
---
---
US (ENHANCED CORE CONCENTRATED)
USD
382,123,465315,514,227275,818,130
70.3565.6158.39
--
71.8566.3758.52
---
68.2463.9657.21
---
---
62.3458.6352.60
---
---
4,797,1763,723,8943,891,485
---
173,309177,768146,100
---
395,394828,327568,342
---
---
83,737109,419143,299
---
---
US HIGH DIVIDENDUSD
183,668,304116,398,992
-
297.11264.45
-
--
300.47265.30
-
---
294.86263.83
-
---
---
1,172.921,057.80
-
---
---
109,78193,889
-
---
332,981136,147
-
---
156,426200,149
-
---
---
4,1572,500
-
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
EVOLUTION OF
THE SUB-FUNDS
38ING (L) Invest - 30/09/2006
TELECOMUSD
52.0037.0027.00
1.56
-
0.60
-
2.05
-
-
1.56
-
-
165.13
US (ENHANCED CORE CONCENTRATED)
USD
0.600.500.45
1.55
-
0.59
-
2.03
-
-
1.55
-
-
239.93
US HIGH DIVIDENDUSD
32.0014.00
-
1.52
-
0.71
-
2.04
-
-
1.52
-
-
31.55
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
EVOLUTION OF
THE SUB-FUNDS
39ING (L) Invest - 30/09/2006
US OPPORTUNISTIC EQUITY
USD
5,230,380--
252.29--
--
5,073.89--
---
---
---
---
---
---
---
660--
---
998--
---
---
---
---
---
---
---
UTILITIESUSD
135,692,46273,998,12562,224,728
683.84579.32439.57
--
688.02--
---
664.41565.62431.43
---
---
2,862.682,486.851,933.39
---
---
120,796102,417121,340
---
46,690--
---
26,13720,62713,600
---
---
1,2571,2061,562
---
---
WORLDEUR
110,140,624111,079,427137,146,809
159.35149.14123.76
--
---
---
155.52146.28122.04
---
---
1,214.971,153.70
971.48
---
---
661,367710,065908,232
---
---
---
6,1836,089
165,879
---
---
3,1203,7204,628
---
---
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
30/09/200630/09/200530/09/2004
Net Assets
Shares
Net Asset Valueper Share
Capitalisation P (EUR)
Capitalisation P (USD)*
Capitalisation I (EUR)
Capitalisation I (USD)*
Capitalisation X (EUR)
Capitalisation X (USD)*
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Number of Shares
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
* expressed in USD
40ING (L) Invest - 30/09/2006
EVOLUTION OF
THE SUB-FUNDS
US OPPORTUNISTIC EQUITY
USD
---
1.50
-
0.72
-
-
-
-
-
-
-
186.68
UTILITIESUSD
73.0060.0050.00
1.56
-
0.60
-
2.04
-
-
1.56
-
-
-55.23
WORLDEUR
18.0017.0014.00
1.53
-
-
-
2.03
-
-
1.53
-
-
115.71
15/12/200615/12/200513/12/2004
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
30/09/2006
Dividend
Total Expense Ratio (TER) in %*
Capitalisation P (EUR)
Capitalisation P (USD)
Capitalisation I (EUR)
Capitalisation I (USD)
Capitalisation X (EUR)
Capitalisation X (USD)
Distribution I (EUR)
Distribution P (EUR)
Distribution P (quarter dividend) (EUR)
Distribution X (EUR)
Portfolio Turnover in %*
* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.
Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.
The TER is annualized for periods less than one year.
Portfolio Turnover rate is not annualized for periods less than one year.
41The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
BANKING & INSURANCEUSD
301,167,055
300,569,377
597,678
-
-
-
-
3,646,125
-
369,556
305,182,736
-2,340,214
-1,038,765
-3,378,979
301,803,757
BIOTECHNOLOGYUSD
95,215,736
95,215,736
-
-
-
-
-
6,559,243
-
136,440
101,911,419
-50,189
-994,808
-1,044,997
100,866,422
COMPUTER TECHNOLOGIES
USD
251,788,165
251,788,165
-
-
-
-
-
3,899,184
-
134,622
255,821,971
-1,725,349
-480,558
-2,205,907
253,616,064
CONSUMER GOODSUSD
113,592,523
113,592,523
-
-
-
-
-
2,764,443
-
131,547
116,488,513
-
-179,917
-179,917
116,308,596
42ING (L) Invest - 30/09/2006 42The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
DUTCH EQUITYEUR
83,612,489
74,535,239
-
9,077,250
-
248,820
248,820
10,415,732
260,090
74,925
94,612,056
-32,629
-294,685
-327,314
94,284,742
EMERGING EUROPEEUR
202,387,593
201,463,593
924,000
-
-
-
-
953,108
-
1,033,689
204,374,390
-
-892,559
-892,559
203,481,831
EMERGING MARKETSUSD
202,081,046
188,688,614
6,260,442
7,131,990
-
-
-
9,271,959
-
317,287
211,670,292
-
-573,856
-573,856
211,096,436
EMU EQUITYEUR
503,637,385
503,637,385
-
-
-
-
-
5,468,334
-
1,704,544
510,810,263
-
-2,439,142
-2,439,142
508,371,121
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
43ING (L) Invest - 30/09/2006 43The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
ENERGYUSD
269,219,428
269,219,428
-
-
-
-
-
1,067,978
-
543,051
270,830,457
-
-685,387
-685,387
270,145,070
EURO HIGH DIVIDENDEUR
1,557,302,857
1,557,302,857
-
-
-
-
-
115,614,115
-
2,491,175
1,675,408,147
-
-14,285,212
-14,285,212
1,661,122,935
EURO INCOMEEUR
283,010,002
283,010,002
-
-
-
-
-
6,627,332
-
1,679,464
291,316,798
-
-3,700,633
-3,700,633
287,616,165
EUROPE GROWTH FUND
EUR
187,227,038
187,227,038
-
-
-
-
-
664,696
-
1,602,455
189,494,189
-999,037
-1,742,550
-2,741,587
186,752,602
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
44The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
EUROPE HIGH DIVIDEND
EUR
705,941,402
705,941,402
-
-
-
-
-
43,969,927
-
3,900,221
753,811,550
-
-1,903,698
-1,903,698
751,907,852
EUROPE OPPORTUNITIESEUR
5,219,855
5,219,855
-
-
-
-
-
-
-
10,200
5,230,055
-6,260
-3,234
-9,494
5,220,561
EUROPEAN BANKING & INSURANCE
EUR
166,818,033
166,818,033
-
-
-
-
-
2,959,380
-
443,168
170,220,581
-593,312
-541,618
-1,134,930
169,085,651
EUROPEAN CONSUMER GOODS
EUR
31,248,720
31,248,720
-
-
-
-
-
419,803
-
183,893
31,852,416
-148,024
-387,832
-535,856
31,316,560
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
45The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
EUROPEAN EQUITYEUR
347,543,813
347,543,813
-
-
-
-
-
3,498,048
-
1,213,018
352,254,879
-5,569,464
-1,408,606
-6,978,070
345,276,809
EUROPEAN FOOD & BEVERAGES
EUR
109,373,227
109,373,227
-
-
-
-
-
4,691,659
-
1,495,036
115,559,922
-1,963,107
-2,181,885
-4,144,992
111,414,930
EUROPEAN HEALTH CARE
EUR
241,748,700
241,748,700
-
-
-
-
-
1,486,587
-
1,120,156
244,355,443
-391,797
-589,042
-980,839
243,374,604
EUROPEAN ITEUR
10,631,822
10,631,822
-
-
-
-
-
252,395
-
53,037
10,937,254
-34,175
-23,969
-58,144
10,879,110
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
46The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
EUROPEAN MATERIALSEUR
39,628,640
39,628,640
-
-
-
-
-
571,440
-
128,340
40,328,420
-
-358,334
-358,334
39,970,086
EUROPEAN NEW OFFERINGS
EUR
32,394,799
32,394,783
-
-
16
-
-
509,600
-
69,504
32,973,903
-
-116,988
-116,988
32,856,915
EUROPEAN REAL ESTATEEUR
164,286,200
158,110,325
-
6,175,875
-
-
-
5,269,088
-
2,200,256
171,755,544
-1,055,467
-1,057,171
-2,112,638
169,642,906
EUROPEAN SECTOR ALLOCATION
EUR
174,304,624
174,304,624
-
-
-
-
-
4,311,760
-
386,459
179,002,843
-
-395,005
-395,005
178,607,838
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
47The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
EUROPEAN SMALL CAPSEUR
59,349,470
59,349,470
-
-
-
-
-
1,783,825
-
339,563
61,472,858
-1,422,285
-283,024
-1,705,309
59,767,549
EUROPEAN TELECOMEUR
107,069,590
107,069,590
-
-
-
-
-
1,299,811
-
73,411
108,442,812
-225,583
-335,683
-561,266
107,881,546
FOOD & BEVERAGESUSD
178,682,591
178,682,591
-
-
-
-
-
2,990,272
-
412,404
182,085,267
-546,341
-263,401
-809,742
181,275,525
GLOBAL BRANDSEUR
46,369,916
46,369,916
-
-
-
-
-
1,799,493
-
36,030
48,205,439
-
-290,640
-290,640
47,914,799
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
48The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
GLOBAL GROWTHEUR
9,170,370
9,026,983
-
143,387
-
-
-
173,307
-
6,357
9,350,034
-58,236
-5,917
-64,153
9,285,881
GLOBAL HIGH DIVIDEND
EUR
707,233,563
692,337,230
10,302,207
4,594,126
-
-
-
27,188,453
-
6,250,293
740,672,309
-14,789
-4,185,382
-4,200,171
736,472,138
GLOBAL REAL ESTATEEUR
25,402,065
25,200,480
-
201,585
-
-
-
1,000,752
-
173,187
26,576,004
-246,469
-302,356
-548,825
26,027,179
GREATER CHINAUSD
129,927,124
126,646,536
3,280,588
-
-
-
-
4,797,405
-
304,938
135,029,467
-2,550,061
-308,315
-2,858,376
132,171,091
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
49The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
HEALTH CAREUSD
241,531,318
241,531,318
-
-
-
-
-
858,206
-
261,978
242,651,502
-44,223
-418,993
-463,216
242,188,286
INDUSTRIALSEUR
110,125,520
110,125,520
-
-
-
-
-
1,619,251
-
567,165
112,311,936
-878,121
-424,512
-1,302,633
111,009,303
JAPANJPY
52,876,079,292
52,876,079,292
-
-
-
332,000
332,000
1,969,194,616
70,853,500
245,163,806
55,161,623,214
-15,703
-111,491,669
-111,507,372
55,050,115,842
JAPANESE SMALL & MID CAPS
JPY
5,840,299,313
5,840,299,313
-
-
-
-
-
195,381,501
-
32,431,934
6,068,112,748
-
-24,107,959
-24,107,959
6,044,004,789
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
50The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
LATIN AMERICAUSD
156,218,622
154,172,317
888,834
1,157,400
71
-
-
1,935,850
-
331,789
158,486,261
-1,186,463
-451,366
-1,637,829
156,848,432
MATERIALSUSD
99,046,019
99,046,019
-
-
-
-
-
1,063
-
381,301
99,428,383
-577,026
-1,622,435
-2,199,461
97,228,922
NEW ASIAUSD
364,004,898
357,082,229
6,922,669
-
-
-
-
19,313,870
-
2,192,705
385,511,473
-
-1,914,188
-1,914,188
383,597,285
NEW TECHNOLOGY LEADERS
EUR
52,255,049
51,551,091
703,958
-
-
-
-
709,551
-
85,688
53,050,288
-177,375
-138,298
-315,673
52,734,615
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
51The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
PRESTIGE & LUXEEUR
63,938,422
63,938,422
-
-
-
-
-
3,228,656
-
130,663
67,297,741
-862,734
-800,370
-1,663,104
65,634,637
SUSTAINABLE GROWTHEUR
32,135,534
32,135,534
-
-
-
-
-
689,624
-
310,319
33,135,477
-
-343,780
-343,780
32,791,697
TELECOMUSD
119,179,014
119,179,014
-
-
-
-
-
2,446,049
-
177,885
121,802,948
-199,130
-1,723,623
-1,922,753
119,880,195
US (ENHANCED CORE CONCENTRATED)
USD
375,795,803
375,795,803
-
-
-
110,225
110,225
6,228,960
289,051
331,550
382,755,589
-
-632,124
-632,124
382,123,465
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
52The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
US HIGH DIVIDENDUSD
176,650,497
176,650,497
-
-
-
-
-
6,655,006
-
585,502
183,891,005
-
-222,701
-222,701
183,668,304
US OPPORTUNISTIC EQUITY
USD
5,211,601
5,211,601
-
-
-
-
-
18,120
-
4,163
5,233,884
-
-3,504
-3,504
5,230,380
UTILITIESUSD
134,051,938
133,568,571
483,367
-
-
-
-
3,654,492
-
345,851
138,052,281
-909,128
-1,450,691
-2,359,819
135,692,462
WORLDEUR
103,110,694
103,110,694
-
-
-
-
-
7,288,532
422,368
214,889
111,036,483
-325,449
-570,410
-895,859
110,140,624
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
53The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
NET ASSETS
AS AT SEPTEMBER 30, 2006
COMBINEDEUR
9,091,773,480
9,038,555,328
26,482,032
26,736,048
72
338,054
338,054
329,018,820
1,384,391
35,329,605
9,457,844,350
-22,999,779
-51,143,761
-74,143,540
9,383,700,810
Total Securities Portfolio
Shares
Warrants and rights
Undertakings for collective investment
Bonds
Financial Derivative Instruments
Other Financial Derivative Instruments
Cash at Bank
Margin Deposits
Other Assets
Total Assets
Bank overdrafts
Current Liabilities
Total Liabilities
Net Assets at the end of the year
54The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
AUSTRALIAAUD
873,642
865,544
-
8,098
-
-357,159
-292,073
-14,585
-8,724
-
-2,755
-39,022
516,483
6,484,567
-4,724,417
2,276,633
10,125,630
-33,871,424
-25,365
21,494,526
-
BANKING & INSURANCEUSD
5,407,731
5,314,312
-
93,155
264
-3,182,734
-2,436,389
-150,885
-101,760
-22,891
-29,335
-441,474
2,224,997
30,096,519
20,588,913
52,910,429
411,681,888
-288,536,415
-71,950
125,819,805
301,803,757
BIOTECHNOLOGYUSD
185,848
120,387
-
63,961
1,500
-1,783,262
-1,401,825
-77,685
-56,999
-
-15,634
-231,119
-1,597,414
4,769,951
-390,904
2,781,633
52,333,885
-67,704,186
-
113,455,090
100,866,422
COMPUTER TECHNOLOGIES
USD
804,119
737,050
-
65,937
1,132
-2,119,199
-1,608,400
-94,886
-66,501
-
-58,687
-290,725
-1,315,080
2,287,212
6,114,481
7,086,613
277,156,521
-130,070,527
-22,551
99,466,008
253,616,064
55The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
CONSUMER GOODSUSD
1,611,266
1,493,856
-
117,352
58
-1,460,151
-1,115,626
-63,076
-44,415
-
-43,435
-193,599
151,115
-1,201,946
2,155,608
1,104,777
160,927,092
-116,584,451
-16,595
70,877,773
116,308,596
DUTCH EQUITYEUR
1,772,392
1,583,677
-
188,715
-
-1,279,528
-970,333
-49,374
-41,641
-
-2,267
-215,913
492,864
5,797,722
9,121,782
15,412,368
37,500,937
-33,214,944
-247,574
74,833,955
94,284,742
EMERGING EUROPEEUR
4,144,934
4,052,432
-
92,502
-
-3,507,678
-2,827,724
-177,108
-99,887
-3,470
-859
-398,630
637,256
24,548,691
242,306
25,428,253
194,336,851
-195,477,130
-48,090
179,241,947
203,481,831
EMERGING MARKETSUSD
3,960,351
3,695,366
-
264,985
-
-3,308,288
-2,363,189
-187,369
-98,853
-328,512
-5,725
-324,640
652,063
30,161,579
-2,029,222
28,784,420
148,438,500
-101,591,250
-
135,464,766
211,096,436
56The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
EMU EQUITYEUR
11,824,417
11,791,319
-
30,957
2,141
-6,712,064
-5,278,617
-304,168
-210,818
-
-15,886
-902,575
5,112,353
47,435,218
7,863,995
60,411,566
210,582,452
-164,960,177
-435,767
402,773,047
508,371,121
ENERGYUSD
3,683,558
3,584,738
-
98,820
-
-3,847,702
-3,096,345
-167,130
-116,938
-
-3,376
-463,913
-164,144
22,166,972
-13,447,527
8,555,301
362,559,001
-312,146,998
-87,562
211,265,328
270,145,070
EURO HIGH DIVIDENDEUR
47,973,309
46,680,531
-
1,291,980
798
-20,553,370
-16,661,595
-872,521
-616,857
-
-2,102
-2,400,295
27,419,939
186,847,876
-4,295,236
209,972,579
830,785,987
-1,103,231,263
-3,072,744
1,726,668,376
1,661,122,935
EURO INCOMEEUR
5,319,707
5,223,047
-
96,660
-
-3,551,642
-2,828,393
-145,915
-111,779
-
-535
-465,020
1,768,065
-580,339
19,309,030
20,496,756
196,711,257
-19,789,467
-3,525
90,201,144
287,616,165
57The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
EUROPE GROWTH FUND
EUR
3,168,630
3,144,607
-
24,023
-
-1,960,358
-1,550,788
-89,293
-68,337
-
-29,643
-222,297
1,208,272
7,506,491
1,167,520
9,882,283
197,281,933
-43,938,114
-
23,526,500
186,752,602
EUROPE HIGH DIVIDEND
EUR
21,186,594
20,594,000
-
592,594
-
-9,737,922
-7,921,318
-409,001
-309,699
-
-1,208
-1,096,696
11,448,672
44,575,053
52,453,992
108,477,717
490,051,961
-381,829,690
-2,032,689
537,240,553
751,907,852
EUROPE OPPORTUNITIESEUR
19,115
18,003
-
1,112
-
-5,510
-4,509
-259
-132
-
-14
-596
13,605
89,181
117,775
220,561
5,000,000
-
-
-
5,220,561
EUROPEAN BANKING & INSURANCE
EUR
4,293,468
4,262,065
-
29,499
1,904
-2,508,597
-1,928,115
-114,054
-81,646
-
-5,087
-379,695
1,784,871
15,463,158
14,032,956
31,280,985
84,876,624
-82,563,567
-561,536
136,053,145
169,085,651
58The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
EUROPEAN CONSUMER GOODS
EUR
652,313
640,068
-
10,475
1,770
-524,856
-407,912
-22,446
-16,297
-
-1,288
-76,913
127,457
3,515,502
-218,529
3,424,430
5,367,572
-10,524,347
-79,785
33,128,690
31,316,560
EUROPEAN EQUITYEUR
8,523,540
8,507,849
-
14,395
1,296
-5,245,507
-4,127,665
-235,362
-166,779
-
-15,774
-699,927
3,278,033
48,434,382
-11,496,010
40,216,405
106,357,917
-154,271,797
-1,328,718
354,303,002
345,276,809
EUROPEAN FOOD & BEVERAGES
EUR
2,178,785
2,142,125
-
35,400
1,260
-1,323,093
-1,025,631
-57,897
-43,192
-
-1,708
-194,665
855,692
8,497,315
4,036,881
13,389,888
51,633,524
-29,403,443
-163,314
75,958,275
111,414,930
EUROPEAN HEALTH CARE
EUR
2,918,035
2,887,074
-
27,661
3,300
-3,523,752
-2,754,714
-150,361
-110,867
-
-29,560
-478,250
-605,717
23,977,906
494,870
23,867,059
136,651,770
-97,796,129
-268,938
180,920,842
243,374,604
59The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
EUROPEAN ITEUR
122,475
118,423
-
2,892
1,160
-161,392
-124,165
-6,849
-5,041
-
-1,856
-23,481
-38,917
1,002,834
-596,167
367,750
9,209,783
-8,263,690
-
9,565,267
10,879,110
EUROPEAN MATERIALSEUR
915,401
908,063
-
7,338
-
-622,264
-493,586
-26,235
-18,600
-
-1,697
-82,146
293,137
6,288,412
-52,825
6,528,724
54,583,853
-46,632,030
-80,316
25,569,855
39,970,086
EUROPEAN NEW OFFERINGS
EUR
845,402
838,582
-
6,172
648
-522,252
-402,009
-21,106
-16,473
-
-4,671
-77,993
323,150
1,107,278
2,668,520
4,098,948
3,318,727
-7,400,669
-64,757
32,904,666
32,856,915
EUROPEAN REAL ESTATEEUR
2,607,987
2,563,165
-
44,202
620
-2,065,134
-1,637,460
-86,873
-67,133
-
-23,050
-250,618
542,853
15,075,893
10,792,473
26,411,219
123,522,904
-106,653,584
-141,789
126,504,156
169,642,906
60The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
EUROPEAN SECTOR ALLOCATION
EUR
5,253,007
5,095,250
-
155,301
2,456
-2,876,442
-2,221,777
-123,385
-90,752
-
-2,131
-438,397
2,376,565
10,331,330
10,221,734
22,929,629
13,434,618
-48,427,662
-525,994
191,197,247
178,607,838
EUROPEAN SMALL CAPSEUR
1,045,598
993,657
-
51,941
-
-1,067,878
-821,741
-41,331
-30,244
-
-54,089
-120,473
-22,280
10,215,420
-4,001,304
6,191,836
70,780,829
-62,978,632
-
45,773,516
59,767,549
EUROPEAN TELECOMEUR
3,328,517
3,236,570
-
87,507
4,440
-1,757,949
-1,381,036
-71,217
-53,622
-
-22,260
-229,814
1,570,568
7,243,210
-3,777,182
5,036,596
66,013,797
-93,559,300
-299,453
130,689,906
107,881,546
FOOD & BEVERAGESUSD
2,110,194
1,996,893
-
113,301
-
-1,559,584
-1,205,328
-71,864
-52,906
-
-9,701
-219,785
550,610
6,280,362
13,518,394
20,349,366
195,982,288
-96,914,118
-57,571
61,915,560
181,275,525
61The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
GLOBAL BRANDSEUR
784,679
770,730
-
13,481
468
-782,705
-603,075
-34,029
-24,465
-
-3,242
-117,894
1,974
2,384,020
2,510,000
4,895,994
5,448,671
-14,033,898
-66,439
51,670,471
47,914,799
GLOBAL GROWTHEUR
32,788
31,124
-
1,664
-
-20,308
-16,203
-939
-346
-
-742
-2,078
12,480
-267,640
178,311
-76,849
9,362,730
-
-
-
9,285,881
GLOBAL HIGH DIVIDEND
EUR
27,346,906
27,071,347
-
275,559
-
-10,308,751
-8,401,387
-441,480
-313,780
-
-2,655
-1,149,449
17,038,155
53,478,708
2,643,069
73,159,932
484,776,610
-424,704,025
-1,079,959
604,319,580
736,472,138
GLOBAL REAL ESTATEEUR
165,996
149,901
-
16,095
-
-53,936
-43,905
-2,342
-1,511
-
-762
-5,416
112,060
-92,307
1,307,789
1,327,542
25,296,025
-596,388
-
-
26,027,179
62The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
GREATER CHINAUSD
3,416,109
3,373,426
-
41,963
720
-1,962,305
-1,477,585
-115,724
-59,081
-
-53,997
-255,918
1,453,804
16,624,586
5,076,230
23,154,620
85,318,393
-73,049,605
-68,794
96,816,477
132,171,091
HEALTH CAREUSD
2,689,383
2,637,426
-
50,181
1,776
-3,237,710
-2,516,461
-136,375
-96,631
-
-68,989
-419,254
-548,327
3,176,793
7,602,084
10,230,550
207,025,054
-156,169,977
-131,352
181,234,011
242,188,286
INDUSTRIALSEUR
1,778,342
1,750,511
-
27,831
-
-1,779,948
-1,326,744
-73,929
-51,334
-116,174
-7,400
-204,367
-1,606
9,475,259
-2,187,051
7,286,602
168,384,707
-136,500,237
-17,628
71,855,859
111,009,303
ITUSD
157,569
146,212
-
11,357
-
-504,524
-406,267
-22,665
-16,643
-
-5,280
-53,669
-346,955
1,288,337
-945,464
-4,082
11,324,274
-42,684,769
-
31,364,577
-
63The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
JAPANJPY
501,674,830
500,398,207
-
1,276,623
-
-763,427,295
-612,771,379
-31,876,459
-25,027,886
-
-1,297,620
-92,453,951
-261,752,465
3,914,737,913
1,696,900,387
5,349,885,835
51,149,650,615
-27,598,593,895
-8,715,908
26,157,889,195
55,050,115,842
JAPANESE SMALL & MID CAPS
JPY
79,515,885
79,243,170
-
272,715
-
-127,930,810
-104,170,924
-4,819,261
-3,763,342
-
-487,520
-14,689,763
-48,414,925
905,436,378
-512,036,366
344,985,087
9,044,302,549
-8,312,980,940
-1,395,300
4,969,093,393
6,044,004,789
LATIN AMERICAUSD
4,452,252
4,406,057
672
45,443
80
-2,673,099
-2,074,426
-145,635
-79,054
-
-48,707
-325,277
1,779,153
34,927,108
-7,165,962
29,540,299
158,478,929
-164,920,657
-96,204
133,846,065
156,848,432
MATERIALSUSD
1,940,146
1,905,079
-
30,015
5,052
-1,445,259
-1,133,956
-65,387
-46,325
-
-6,344
-193,247
494,887
15,618,966
3,277,596
19,391,449
134,038,981
-118,191,313
-107,093
62,096,898
97,228,922
64The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
NASDAQUSD
334,651
278,063
-
55,668
920
-1,140,337
-915,124
-47,331
-34,464
-
-10,758
-132,660
-805,686
3,463,865
-4,866,557
-2,208,378
69,047,812
-121,210,443
-5,964
54,376,973
-
NEW ASIAUSD
7,517,536
6,854,983
-
661,651
902
-5,900,553
-4,155,782
-356,058
-170,573
-504,693
-7,374
-706,073
1,616,983
44,125,515
15,626,963
61,369,461
218,021,403
-166,106,808
-446,092
270,759,321
383,597,285
NEW TECHNOLOGY LEADERS
EUR
90,984
69,563
-
21,421
-
-960,778
-726,913
-39,618
-28,983
-
-42,052
-123,212
-869,794
-26,909,251
28,959,137
1,180,092
50,301,401
-46,953,302
-
48,206,424
52,734,615
PRESTIGE & LUXEEUR
1,085,093
1,051,113
-
32,627
1,353
-918,220
-726,467
-38,473
-29,020
-
-1,533
-122,727
166,873
4,113,914
348,523
4,629,310
33,811,456
-27,651,840
-42,237
54,887,948
65,634,637
65The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
SUSTAINABLE GROWTHEUR
664,174
652,770
-
11,404
-
-560,656
-457,079
-21,650
-15,831
-
-935
-65,161
103,518
1,900,959
1,649,486
3,653,963
10,702,905
-11,473,415
-16,800
29,925,044
32,791,697
TELECOMUSD
2,422,767
2,385,682
-
36,648
437
-1,498,095
-1,093,273
-63,173
-46,820
-
-94,686
-200,143
924,672
13,039,441
-1,337,439
12,626,674
147,095,939
-115,548,752
-88,221
75,794,555
119,880,195
US (ENHANCED CORE CONCENTRATED)
USD
3,943,527
3,841,235
-
102,292
-
-4,812,580
-3,701,051
-207,747
-155,306
-
-99,383
-649,093
-869,053
21,799,583
2,610,461
23,540,991
197,222,336
-154,102,897
-51,192
315,514,227
382,123,465
US HIGH DIVIDENDUSD
3,800,918
3,718,985
-
81,933
-
-1,633,456
-1,361,460
-64,123
-44,153
-
-1,450
-162,270
2,167,462
5,923,848
6,428,408
14,519,718
106,906,969
-54,117,335
-40,040
116,398,992
183,668,304
66The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
STATEMENT OF
OPERATIONS AND
CHANGES IN NET ASSETS
FOR THE YEAR ENDED
SEPTEMBER 30, 2006
Total income
Dividends
Interest on bonds and other debt securities
Bank interest
Other income
Total expenses
Management fees (note 4)
Custodian fees (note 5)
Subscription tax (note 6)
Other taxes
Interest paid
Other expenses (note 7)
Net Investment Income / Loss
Net realised gains or losses
Change in net unrealised gains or losses
Result of Operations
Subscriptions
Redemptions
Distribution
Net Assets at the beginning of the year
Conversion difference
Net Assets at the end of the year
US OPPORTUNISTIC EQUITY
USD
29,332
28,139
-
1,193
-
-23,526
-19,611
-1,049
-428
-
-2
-2,436
5,806
-252,110
320,436
74,132
5,156,248
-
-
-
5,230,380
UTILITIESUSD
2,837,097
2,816,048
-
20,037
1,012
-1,313,256
-1,010,226
-58,787
-43,530
-
-22,720
-177,993
1,523,841
7,183,101
8,609,402
17,316,344
146,499,995
-102,051,502
-70,500
73,998,125
135,692,462
WORLDEUR
1,963,725
1,786,478
-
175,735
1,512
-1,751,361
-1,374,859
-75,784
-56,643
-
-1,953
-242,122
212,364
10,094,357
-2,965,480
7,341,241
33,702,999
-41,920,707
-62,336
111,079,427
110,140,624
COMBINEDEUR
206,909,219
201,944,894
530
4,926,297
37,498
-127,079,512
-100,135,296
-5,642,328
-3,930,376
-795,465
-752,790
-15,823,257
79,829,707
764,017,650
194,413,154
1,038,260,511
6,561,662,969
-5,534,987,200
-11,797,878
7,440,412,164
-109,848,320
9,383,700,810
BANKING & INSURANCE
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
62,479 UNIBANCO (GDR) USD 4,623,446 1.53
4,623,446 1.53
45,892 CREDIT SUISSE CHF 2,647,847 0.88
20,229 JULIUS BAER CHF 2,014,903 0.67
112,856 UBS CHF 6,731,992 2.23
21,771 ZURICH FINANCIAL SERVICES CHF 5,334,425 1.77
16,729,167 5.55
41,980 ALLIANZ EUR 7,257,756 2.4
65,666 DEUTSCHE BANK EUR 7,915,638 2.62
15,173,394 5.02
685,992 BANCO SANTANDER (REG) EUR 10,836,185 3.59
10,836,185 3.59
245,515 AXA EUR 9,044,058 3
91,485 BNP PARIBAS EUR 9,833,150 3.26
35,266 SOCIETE GENERALE PARIS -A- EUR 5,606,487 1.86
24,483,695 8.12
492,779 BARCLAYS GBP 6,204,079 2.06
514,953 HSBC HOLDINGS GBP 9,373,778 3.11
439,161 PRUDENTIAL GBP 5,442,895 1.8
103,297 ROYAL BANK OF SCOTLAND GBP 3,548,417 1.18
24,569,169 8.15
194,608 NATIONAL BANK OF GREECE EUR 8,366,878 2.77
8,366,878 2.77
174,289 ALLIED IRISH BANKS EUR 4,636,392 1.54
262,863 ANGLO IRISH BANK EUR 4,312,113 1.43
8,948,505 2.97
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
659,617 UNICREDITO ITALIANO EUR 5,468,805 1.81
5,468,805 1.81
287,000 BANK OF YOKOHAMA JPY 2,260,704 0.75
518 KABU.COM JPY 934,519 0.31
132,000 MITSUBISHI ESTATE JPY 2,884,513 0.96
1,263 MIZUHO FINANCIAL JPY 9,798,907 3.25
157,200 NOMURA JPY 2,769,457 0.92
1,024 SUMITOMO MITSUI FINANCIAL JPY 10,754,753 3.56
271,000 SUMITOMO TRUST & BANKING JPY 2,837,047 0.94
32,239,900 10.69
54,622 XL CAPITAL -A- USD 3,752,531 1.24
3,752,531 1.24
678,840 GF BANORTE -O- MXN 2,139,209 0.71
2,139,209 0.71
326,817 AEGON EUR 6,122,992 2.03
233,205 ING GROEP EUR 10,247,857 3.4
16,370,849 5.43
166,481 FORENINGSSPARBANKEN SEK 4,940,866 1.64
4,940,866 1.64
390,000 DBS SGD 4,720,173 1.56
4,720,173 1.56
246,936 AKBANK TRY 1,265,265 0.42
223,963 TURKIYE GARANTI BANKASI TRY 663,361 0.22
390,353 TURKIYE VAKIFLAR BANKASI TAO TRY 1,729,130 0.57
3,657,756 1.21
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
67The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
BANKING & INSURANCE
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
51,683 AMERICAN EXPRESS USD 2,898,386 0.96
96,184 AMERICAN INTERNATIONAL USD 6,373,152 2.11
438,310 BANK OF AMERICA USD 23,480,267 7.78
39,416 BANK OF NEW YORK USD 1,389,808 0.46
79,206 CAPITAL ONE FINANCIAL USD 6,230,344 2.06
202,919 CITIGROUP USD 10,078,987 3.34
207,554 COUNTRYWIDE FINANCIAL USD 7,272,692 2.41
78,866 FANNIE MAE USD 4,409,398 1.46
24,476 FRANKLIN RESOURCES USD 2,588,337 0.86
217,862 GENWORTH FINANCIAL USD 7,627,349 2.53
40,363 HARTFORD USD 3,501,490 1.16
207,938 JP MORGAN CHASE & CO USD 9,764,768 3.24
147,069 MERRILL LYNCH USD 11,503,737 3.81
48,768 MORGAN STANLEY DEAN WITTER USD 3,555,675 1.18
96,527 SAINT PAUL TRAVELERS USD 4,526,151 1.5
83,224 TD AMERITRADE HOLDING USD 1,568,772 0.52
73,916 WASHINGTON MUTUAL USD 3,213,129 1.06
98,574 WELLS FARGO USD 3,566,407 1.18
113,548,849 37.62
300,569,377 99.61
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Warrants & Rights
39,210 MERRILL ICICI BANK (WT 27/01/2009) USD 597,678 0.2
597,678 0.2
597,678 0.2
TOTAL 301,167,055 99.81
68The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
BIOTECHNOLOGY
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
55,000 CSL AUD 2,217,577 2.20
2,217,577 2.20
100,000 ONCOMETHYLOME SCIENCES EUR 1,013,400 1.00
100,000 THROMBOGENICS EUR 767,650 0.76
1,781,050 1.76
6,700 SPEEDEL CHF 979,922 0.97
979,922 0.97
105,000 BIOALLIANCE PHARMA EUR 1,497,679 1.48
1,497,679 1.48
4,000,000 ANTISOMA GBP 1,681,155 1.67
800,000 RENOVO GBP 2,196,709 2.18
270,000 SHIRE GBP 4,478,597 4.44
900,000 VECTURA GBP 1,546,663 1.53
400,000 VERNALIS GBP 500,611 0.50
10,403,735 10.32
300,000 AGI THERAPEUTICS EUR 718,247 0.71
718,247 0.71
102,000 ALKERMES USD 1,616,700 1.60
130,000 AMGEN USD 9,298,900 9.22
60,000 AMYLIN PHARMACEUTICALS USD 2,644,200 2.62
80,000 APPLERA APPLIED BIOSYSTEMS USD 2,648,800 2.63
110,000 BIOGEN IDEC USD 4,914,800 4.87
130,000 BIOMARIN PHARMACEUTICAL USD 1,849,900 1.83
110,000 CELGENE USD 4,763,000 4.72
55,000 CEPHALON USD 3,396,250 3.37
200,000 DECODE GENETICS USD 1,100,000 1.09
80,000 GENENTECH USD 6,616,000 6.56
60,000 GENZYME USD 4,048,200 4.01
147,000 GILEAD SCIENCES USD 10,098,900 10.01
120,000 HUMAN GENOME SCIENCES USD 1,384,800 1.37
30,000 IMCLONE SYSTEMS USD 849,600 0.84
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
25,000 INTERMUNE USD 410,500 0.41
40,000 KERYX BIOPHARMACEUTICALS USD 473,200 0.47
180,000 MEDIMMUNE USD 5,257,800 5.21
350,000 MILLENNIUM PHARM USD 3,482,500 3.45
650,000 NAPO PHARMACEUTICALS GBP 1,159,530 1.15
62,000 OSI PHARMACEUTICALS USD 2,326,860 2.31
130,000 PDL BIOPHARMA USD 2,496,000 2.47
50,000 RIGEL PHARMACEUTICALS USD 513,500 0.51
22,300 TANOX USD 263,586 0.26
100,000 VERTEX PHARMACEUTICALS USD 3,365,000 3.34
1,500,000 VION PHARMACEUTICALS USD 1,635,000 1.62
76,613,526 75.94
94,211,736 93.38
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS TRADED ON ANOTHER REGULATED MARKET
Shares
100,000 LIGAND PHARMACEUTICALS -B- USD 1,004,000 1.00
1,004,000 1.00
1,004,000 1.00
TOTAL 95,215,736 94.38
69The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
70The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
COMPUTER TECHNOLOGIES
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
225,900 OPTION EUR 4,549,925 1.79
4,549,925 1.79
64,700 ACCENTURE A USD 2,051,637 0.81
2,051,637 0.81
72,000 COGNOS CAD 2,620,176 1.03
449,000 NORTEL NETWORKS CAD 1,026,262 0.40
3,646,438 1.43
79,000 INFINEON TECHNOLOGIES EUR 935,685 0.37
70,000 QIMONDA (ADR) USD 1,190,000 0.47
2,125,685 0.84
551,073 ALCATEL EUR 6,722,431 2.65
53,200 ATOS ORIGIN EUR 2,929,491 1.16
9,651,922 3.81
288,500 CSR GBP 4,542,957 1.79
4,542,957 1.79
179,000 AUDIOCODES USD 1,680,810 0.66
199,200 CHECK POINT SOFTWARE USD 3,794,760 1.50TECHNOLOGIES
46,500 NICE SYSTEMS (ADR) USD 1,286,655 0.51
6,762,225 2.67
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
17,300 ADVANTEST JPY 858,663 0.34
141,900 CANON JPY 7,403,582 2.92
378,000 FUJITSU JPY 3,118,384 1.23
93,900 HOYA JPY 3,539,194 1.40
15 INDEX JPY 10,875 0.00
3,867 KEYENCE JPY 890,885 0.35
17,800 KYOCERA JPY 1,524,228 0.60
22,000 MURATA MANUFACTURING JPY 1,524,245 0.60
10,700 NINTENDO JPY 2,201,355 0.87
600 RICOH JPY 11,943 0.00
11,700 ROHM JPY 1,075,213 0.42
14,500 TDK JPY 1,161,818 0.46
17,900 TOKYO ELECTRON JPY 1,323,567 0.52
499,000 TOSHIBA JPY 3,237,488 1.28
27,881,440 10.99
15,050 SAMSUNG ELECTRONICS KRW 10,558,055 4.16
10,558,055 4.16
26,000 BAIDU.COM (ADR) USD 2,276,040 0.90
59,100 SEAGATE TECHNOLOGY USD 1,364,619 0.54
3,640,659 1.44
54,830 ASML EUR 1,280,767 0.51
1,280,767 0.51
4,289,600 TELEFON ERICSSON -B- SEK 14,867,217 5.86
14,867,217 5.86
56,000 FLEXTRONICS INTERNATIONAL USD 707,840 0.28
707,840 0.28
89,500 SILICON MOTION (ADR) USD 1,488,385 0.59
1,488,385 0.59
COMPUTER TECHNOLOGIES
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
50,800 ADVANCED MICRO DEVICES USD 1,262,380 0.50
45,940 AGILENT TECHNOLOGIES USD 1,501,778 0.59
178 ANALOG DEVICES USD 5,231 0.00
87,900 APPLE COMPUTER USD 6,770,937 2.67
29,700 AUTODESK USD 1,032,966 0.41
495,990 CISCO SYSTEMS USD 11,407,770 4.50
14,400 COGNIZANT TECH SOLUTIONS USD 1,066,464 0.42
486,290 CORNING USD 11,870,339 4.68
95,030 DELL USD 2,170,485 0.86
6 ELECTRONIC ARTS USD 334 0.00
1 EMBARQ USD 48 0.00
884,617 EMC USD 10,597,712 4.18
76,700 F5 NETWORKS USD 4,120,324 1.62
40 FISERV USD 1,884 0.00
61,500 GOOGLE USD 24,716,850 9.75
194,820 HEWLETT PACKARD USD 7,147,946 2.82
602,603 INTEL USD 12,395,544 4.89
55,000 JUNIPER NETWORKS USD 950,400 0.37
20,520 KLA-TENCOR USD 912,524 0.36
579,000 MAXIM INTEGRATED USD 16,252,530 6.41
78,740 MICRON TECHNOLOGY USD 1,370,076 0.54
206 MICROSOFT USD 5,630 0.00
136,640 MOTOROLA USD 3,416,000 1.35
34,800 NATIONAL SEMI CONDUCTEUR USD 818,844 0.32
41,480 NETWORK APPLIANCE USD 1,535,175 0.61
388,000 NUANCE COMMUNICATIONS USD 3,169,960 1.25
33,800 NVIDIA USD 1,000,142 0.39
949,830 ORACLE USD 16,849,984 6.64
54,260 QUALCOMM USD 1,972,351 0.78
213,060 SYMANTEC USD 4,533,917 1.79
174,550 TEXAS INSTRUMENTS USD 5,803,788 2.29
145,000 TRIDENT MICROSYSTEMS USD 3,372,700 1.33
41,000 WORLDCOM (BANKRUPTCY) USD 0 0.00
158,033,013 62.32
251,788,165 99.29
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
71The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
Quantity/Nominal Currency Valuation in USD % NAV
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Shares
7,000 XO COMMUNICATIONS USD 0 0.00
0 0.00
0 0.00
TOTAL 251,788,165 99.29
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
72The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
CONSUMER GOODS
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
20,010 DUFRY CHF 1,595,749 1.37
64,500 RICHEMONT (UNITS)-A- CHF 3,096,518 2.66
4,692,267 4.03
74,924 ADIDAS-SALOMON EUR 3,521,160 3.03
112,263 BMW EUR 6,006,915 5.16
27,530 CONTINENTAL AG EUR 3,188,845 2.74
12,716,920 10.93
81,016 ACCOR EUR 5,516,202 4.74
18,622 LVMH MOET HENNESSY EUR 1,916,640 1.65
75,764 NRJ EUR 1,415,617 1.22
8,848,459 7.61
170,397 GUS GBP 3,074,711 2.64
259,752 REUTERS GBP 2,108,210 1.81
113,615 WPP GBP 1,404,944 1.21
6,587,865 5.66
133,191 OPAP EUR 4,471,072 3.84
4,471,072 3.84
140,683 BULGARI EUR 1,789,230 1.54
65,236 LUXOTTICA GROUP EUR 1,919,674 1.65
3,708,904 3.19
48,900 AISIN SEIKI JPY 1,428,916 1.23
1,159 FUJI TELEVISION NETWORK JPY 2,621,039 2.25
211,600 NISSAN MOTOR JPY 2,371,124 2.04
77,120 NITORI CO JPY 3,494,617 3.00
55,500 TOYOTA MOTOR JPY 3,017,914 2.59
43,830 YAMADA DENKI JPY 4,395,436 3.78
17,329,046 14.89
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
124,144 ROYAL PHILIPS ELECTRONICS EUR 4,351,368 3.74
341,399 TELE ATLAS EUR 5,773,437 4.96
10,124,805 8.70
135,214 CARNIVAL USD 6,359,114 5.47
6,359,114 5.47
19,070 BEST BUY USD 1,021,389 0.88
47,427 CHICO'S FAS USD 1,021,106 0.88
93,041 COACH USD 3,200,610 2.75
14,969 HARMAN INTL USD 1,249,013 1.07
18,754 HARRAHS USD 1,245,828 1.07
81,130 HILTON HOTELS USD 2,259,470 1.94
69,705 KB HOME USD 3,053,079 2.62
86,483 LOWE'S USD 2,426,713 2.09
152,788 NEWS CORP -B- USD 3,153,544 2.71
109,496 NIKE USD 9,594,040 8.25
141,097 PULTE HOMES USD 4,495,350 3.87
330,989 TIME WARNER USD 6,033,929 5.19
38,754,071 33.32
113,592,523 97.64
TOTAL 113,592,523 97.64
73The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
DUTCH EQUITY
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
10,800 RODAMCO EUROPE EUR 991,980 1.05
991,980 1.05
20,605 FUGRO EUR 684,704 0.73
338,200 ROYAL DUTCH SHELL-A- EUR 8,783,054 9.32
41,388 SBM OFFSHORE EUR 886,945 0.94
10,354,703 10.99
66,300 AKZO NOBEL EUR 3,220,854 3.42
34,200 DSM EUR 1,182,978 1.25
4,403,832 4.67
72,100 ASML EUR 1,329,524 1.41
251,500 ROYAL PHILIPS ELECTRONICS EUR 6,959,005 7.38
8,288,529 8.79
25,095 GETRONICS EUR 133,505 0.14
80,200 LOGICACMG GBP 183,308 0.19
316,813 0.33
49,748 BUHRMANN EUR 591,504 0.63
591,504 0.63
23,000 CSM EUR 577,300 0.61
50,734 NUMICO EUR 1,801,057 1.91
219,100 UNILEVER CVA EUR 4,250,540 4.51
6,628,897 7.03
51,000 HEINEKEN EUR 1,839,570 1.95
1,839,570 1.95
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
67,800 HAGEMEYER EUR 260,352 0.28
260,352 0.28
186,900 REED ELSEVIER EUR 2,457,735 2.61
8,800 TELE ATLAS EUR 117,480 0.12
33,100 WOLTERS KLUWER EUR 680,867 0.72
3,256,082 3.45
323,500 KONINKLIJKE AHOLD EUR 2,710,930 2.88
2,710,930 2.88
355,513 ABN AMRO EUR 8,176,799 8.67
138,300 FORTIS EUR 4,426,983 4.70
258,100 ING GROEP EUR 8,953,489 9.50
18,763 SNS REAAL EUR 284,259 0.30
21,841,530 23.17
300,962 AEGON EUR 4,451,228 4.72
4,451,228 4.72
94,600 TNT EUR 2,829,486 3.00
2,829,486 3.00
418,400 KPN (DEMAT.) EUR 4,209,104 4.46
4,209,104 4.46
30,985 ENDEMOL EUR 466,324 0.49
13,400 SAMAS EUR 106,262 0.11
66,900 VEDIOR EUR 988,113 1.05
1,560,699 1.65
74,535,239 79.05
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
DUTCH EQUITY
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Undertakings for collective investment
93,100 ISHARES AEX TRACKER EUR 4,506,040 4.78
93,100 STREETTRACKS AEX INDEX EUR 4,571,210 4.85
9,077,250 9.63
9,077,250 9.63
TOTAL 83,612,489 88.68
74The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
FINANCIAL DERIVATIVE INSTRUMENTS
Quantity/Nominal Currency Commitments in EUR
Forward Contracts
Stock indices
87 EURAEX INDEX 10/2006 8,431,170
8,431,170
75The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EMERGING EUROPE
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
104,000 MECHEL STEEL (ADR) USD 1,666,627 0.82
1,666,627 0.82
112,000 JSC MMC NORILSK NICKEL (ADR) USD 11,493,981 5.65
82,000 KGHM POLSKA MIEDZ (GDR) USD 4,142,885 2.04
15,636,866 7.69
533,000 GAZPROM OAO (ADR) (REG) USD 18,408,328 9.05
295,000 LUKOIL (ADR) USD 17,582,396 8.64
122,000 MOL MAGYAR HUF 8,764,593 4.31
250,000 POLSKI KONCERN NAFTO (GDR) USD 6,173,278 3.03
190,000 SURGUT (ORDINARY) (ADR) USD 9,779,357 4.81
77,000 SURGUT (PREF) (ADR) USD 5,318,729 2.61
96,500 TATNEFT (ADR) (REG) USD 6,380,008 3.14
72,406,689 35.59
22,000 GEDEON RICHTER (GDR) USD 3,595,027 1.77
3,595,027 1.77
770,000 STEINHOFF INTERNATIONAL ZAR 1,964,849 0.97
1,964,849 0.97
98,500 TVN PLN 2,616,251 1.29
2,616,251 1.29
102,000 BANK POLSKA KASA OPIEKI PLN 5,010,121 2.46
24,000 BANK PRZEMYSLOWO-HANDLOWY PLN 4,876,133 2.40
55,000 KOMERCNI BANKA (GDR) USD 2,203,473 1.08
365,000 OTP BANK HUF 9,070,650 4.46
291,000 POWSZECHNA KASA PLN 2,674,826 1.31OSZCZEDNOSCI BANK
35,000 RAIFFEISEN INTERNATIONAL EUR 2,940,000 1.44BANK-HOLDING
60,000 SBERBANK (GDR) USD 11,939,400 5.87
38,714,603 19.02
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
112,000 NOVATEK OAO (GDR) USD 4,398,658 2.16
90,000 XXI CENTURY INVESTMENTS PUBLIC GBP 759,788 0.37
5,158,446 2.53
362,000 CESKE ENERGETICKE ZAVODY CZK 10,113,483 4.97
122,000 UNIFIED ENERGY SYSTEM (GDR) USD 7,030,590 3.46
17,144,073 8.43
265,000 AFK SISTEMA (GDR) USD 5,470,495 2.69
33,000 CENTRAL EUROPEAN MEDIA CZK 1,755,257 0.86ENTERPRISES
85,000 CTC MEDIA USD 1,496,349 0.74
145,000 MOBILE TELESYSTEMS (ADR) USD 4,323,387 2.12
38,000 SIBIRTELECOM (ADR) USD 2,204,588 1.08
118,000 TELEFONICA O2 CR CZK 1,842,460 0.91
1,400,000 TELEKOM POLSKA (GDR) USD 6,962,700 3.42
202,000 VIMPEL COMMUNICATIONS (ADR) USD 9,661,875 4.75
380,000 VOLGATELECOM (ADR) USD 2,414,841 1.19
36,131,952 17.76
44,000 ERSTE BANK DER OESTERREICH. EUR 2,160,400 1.06SPARKASSEN
2,160,400 1.06
197,195,783 96.93
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EMERGING EUROPE
Quantity/Nominal Currency Valuation in EUR % NAV
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Shares
125,000 ZAO POLYUS GOLD CO (ADR) USD 4,267,810 2.10
4,267,810 2.10
4,267,810 2.10
Warrants & Rights
880,000 BANK AUSTRIA MEGABANK EUR 924,000 0.45(WT 30/03/2007)
924,000 0.45
924,000 0.45
TOTAL 202,387,593 99.48
76The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
77The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EMERGING MARKETS
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
657,000 CHINA SHENHUA ENERGY HKD 1,057,308 0.50
37,500 POSCO (ADR) USD 2,434,875 1.15
3,492,183 1.65
67,400 CIA ENERGETICA DE MINAS USD 2,645,450 1.25GERAIS (ADR)
189,500 CIA VALE DO RIO DOCE (ADR) USD 3,507,645 1.66
9,800 JSC MMC NORILSK NICKEL (ADR) USD 1,274,000 0.60
7,427,095 3.51
96,600 BUENAVENTURA (ADR) USD 2,608,200 1.24
11,500 IMPALA PLATINUM ZAR 1,902,320 0.90
4,510,520 2.14
489,900 EMPRESAS ICA SA MXN 1,763,843 0.84
33,220 GS ENGINEERING & CONSTRUCTION KRW 2,323,469 1.10
8,808,800 SINO-THAI (FOREIGN) THB 1,139,039 0.54
13,477,472 XIAMEN INTERNATIONAL -H- HKD 2,940,329 1.39
8,166,680 3.87
602,400 IOI MYR 2,646,102 1.25
2,646,102 1.25
3,464,600 CHINA PETROLEUM & CHEMICAL-H HKD 2,151,974 1.02
188,400 GAZPROM OAO (ADR) (REG) USD 8,242,500 3.90
53,100 LUKOIL (ADR) USD 4,009,050 1.90
19,700 MOL MAGYAR OLAJ GAZ NYR (GDR) USD 1,768,075 0.84
127,900 PETROBRAS BRASILEIRO (ADR) USD 9,572,036 4.53
374,400 PTT (FOREIGN) THB 2,151,667 1.02
101,500 SASOL LTD ZAR 3,344,942 1.58
29,650 SSANGYONG OIL KRW 1,982,932 0.94
33,223,176 15.73
60,400 RELIANCE INDUSTRIES (DEMAT) INR 1,540,151 0.73
1,026,300 TAIWAN FERTZILIZER CO TWD 1,668,251 0.79
3,208,402 1.52
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,515,777 AU OPTRONICS TWD 2,145,605 1.02
240,000 HON HAI PRECISION (GDR) USD 2,952,000 1.40
74,890 HYNIX SEMICONDUCTOR KRW 2,951,291 1.40
18,500 HYNIX SEMICONDUCTOR 144 A USD 726,680 0.34
10,930 SAMSUNG ELECTRONICS KRW 7,667,744 3.63
2,969,149 TAIWAN SEMICONDUCTOR TWD 5,355,638 2.54
38,933 TAIWAN SEMICONDUCTOR SP (ADR) USD 373,757 0.18
22,172,715 10.51
972,400 ASUSTEK COMPUTERS (GDR) USD 2,255,968 1.07
2,255,968 1.07
174,200 FORD OTOMOTIV SANAYI TRY 1,140,194 0.54
73,300 TATA ENGINEERING & LOCO INR 1,375,901 0.65
2,516,095 1.19
583,500 CORPORACION GEO B MXN 2,455,226 1.16
2,455,226 1.16
110,600 AMBEV CIA DE BEBIDAS USD 5,019,028 2.38DAS AMERICAS (ADR)
43,000 FOMENTO ECONOMICO USD 4,168,420 1.97MEXICO-SP (ADR)
854,600 GRUPO MODELO MXN 3,705,505 1.76
117,600 SABMILLER GBP 2,192,316 1.04
15,085,269 7.15
129,700 TEVA PHARMACEUTICAL IND. (ADR) USD 4,421,473 2.09
4,421,473 2.09
321,900 EDGARS CONSOLIDATED STORES ZAR 1,243,154 0.59
1,849,923 LIANHUA SUPERMARKET HKD 2,136,657 1.01
828,200 LIFESTYLE NTL HOLDINGS HKD 1,636,796 0.78
4,150 SHINSEGAE KRW 2,148,441 1.02
649,600 WAL-MART DE MEXICO V MXN 2,209,484 1.05
9,374,532 4.45
EMERGING MARKETS
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
712,400 BANGKOK BANK (FOREIGN) THB 2,084,981 0.99
4,508,900 BANK RAKYAT INDONESIA IDR 2,394,971 1.13
1,147,100 BUMIPUTRA COMMERCE ASSET MYR 2,068,376 0.98
607,300 GF BANORTE -O- MXN 1,913,767 0.91
75,600 HOUSING DEVELOPMENT FINANCE INR 2,525,706 1.20
84,730 KOOKMIN BANK KRW 6,678,138 3.16
282,500 STANDARD BANK GROUP ZAR 2,829,674 1.34
610,600 UNIBANCO UNIAO DE BANCOS BRL 4,528,195 2.15BRASILEIROS
25,023,808 11.86
129,100 CATHAY FINANCIAL (GDR) USD 2,594,910 1.23
568,800 ITAUSA-INVESTIMENTOS ITAU-PR BRL 2,344,904 1.11
849,900 TURKIYE GARANTI BANKASI TRY 2,517,336 1.19
7,457,150 3.53
2,101,500 CHINA LIFE INSURANCE HKD 4,110,105 1.954,110,105 1.95
68,800 MEDIA SAUDE BRL 754,237 0.36
754,237 0.36
356,500 ALL AMERICA LATINA BRL 2,775,164 1.31LOGISTICA UNITS
3,676,000 ZHEJIANG EXPRESSWAY HKD 2,438,960 1.16
5,214,124 2.47
94,700 CESKE ENERGETICKE ZAVODY CZK 3,351,452 1.59
206,900 ENERSIS (ADR) USD 2,731,080 1.29
6,082,532 2.88
98,100 AFK SISTEMA (GDR) USD 2,565,313 1.22
75,899 BHARTI AIRTEL INR 774,856 0.37
352,200 CHINE MOBILE HKD 2,488,200 1.18
551,000 MAHANAGAR TELEPHONE INR 1,878,259 0.89NIGAM DEMAT
45,000 ORASCOM TELECOM (GDR) USD 2,485,350 1.18
84,500 TELE NORTE LESTE PART (ADR) USD 1,158,495 0.55
5,465,400 TELEKOMUNIKASI INDONESIA IDR 5,006,247 2.37
106,900 TELMEX (ADR) USD 2,734,502 1.30
19,091,222 9.06
188,688,614 89.40
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Undertakings for collective investment
43,000 ISHARES MSCI EMERGING MARKETS USD 4,161,110 1.97
232,100 ISHARES MSCI TAIWAN INDEX FUND USD 2,970,880 1.41
7,131,990 3.38
7,131,990 3.38
Warrants & Rights
131,700 MERRILL ICICI BANK (WT 27/01/2009) USD 2,007,503 0.95
2,007,503 0.95
2,007,503 0.95
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Warrants & Rights
64,800 ABN INFOSYS TECHNOLOGI USD 2,614,032 1.24(WT 07/06/2006)
2,614,032 1.24
160,300 MERRILL BHARTI TELE (WT 17/03/2011) USD 1,638,907 0.78
1,638,907 0.78
4,252,939 2.02
TOTAL 202,081,046 95.75
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
78The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EMU EQUITY
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
25,000 UMICORE EUR 2,917,500 0.57
2,917,500 0.57
109,900 ITALCEMENTI EUR 2,194,703 0.43
38,900 LAFARGE (SICOVAM CERT.) EUR 3,960,020 0.78
64,400 VINCI EUR 5,654,320 1.11
11,809,043 2.32
322,500 STORA ENSO EUR 3,857,100 0.76
3,857,100 0.76
500,300 ENI EUR 11,692,011 2.30
59,900 ERG EUR 942,227 0.19
98,500 SAIPEM EUR 1,686,714 0.33
395,300 TOTAL EUR 20,456,775 4.02
34,777,727 6.84
2,780 AIR LIQUIDE EUR 447,302 0.09
113,700 AKZO NOBEL EUR 5,523,546 1.09
186,100 BAYER EUR 7,481,220 1.47
50,100 HENKEL (PREF) EUR 5,493,966 1.08
18,946,034 3.73
59,900 SCHNEIDER EUR 5,268,205 1.04
229,100 SIEMENS EUR 15,762,080 3.10
274,800 ROYAL PHILIPS ELECTRONICS EUR 7,603,716 1.50
28,634,001 5.64
102,700 CAP GEMINI SOGETI EUR 4,295,941 0.85
45,500 SAP EUR 7,116,200 1.40
11,412,141 2.25
105,400 LINDE EUR 7,830,166 1.54
7,830,166 1.54
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
44,200 BMW EUR 1,867,008 0.37
68,600 PEUGEOT EUR 3,050,642 0.60
4,917,650 0.97
57,200 CONTINENTAL AG EUR 5,230,368 1.03
5,230,368 1.03
80,900 GROUPE DANONE EUR 8,955,630 1.76
112,717 NUMICO EUR 4,001,454 0.79
399,551 UNILEVER CVA EUR 7,751,289 1.52
20,708,373 4.07
164,900 ALTADIS EUR 6,173,856 1.21
30,600 PERNOD-RICARD EUR 5,021,460 0.99
11,195,316 2.20
20,500 FRESENIUS (PRIVATE SH.) EUR 2,884,965 0.57
215,700 SANOFI-AVENTIS EUR 15,142,140 2.98
64,000 STADE-ARZNEIMITTEL EUR 2,578,560 0.51
20,605,665 4.06
86,100 ADIDAS-SALOMON EUR 3,194,310 0.63
73,600 LVMH MOET HENNESSY EUR 5,980,000 1.18
9,174,310 1.81
99,500 PUBLICIS EUR 3,090,470 0.61
602,200 REED ELSEVIER EUR 7,918,930 1.56
11,009,400 2.17
98,700 CARREFOUR EUR 4,918,221 0.97
462,800 KONINKLIJKE AHOLD EUR 3,878,264 0.76
93,300 METRO EUR 4,300,197 0.85
28,000 PPR EUR 3,273,200 0.64
16,369,882 3.22
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
79The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
80The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EMU EQUITY
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
294,652 ABN AMRO EUR 6,776,996 1.33
176,632 ANGLO IRISH BANK EUR 2,287,384 0.45
997,200 BANCO SANTANDER (REG) EUR 12,435,084 2.45
159,900 BNP PARIBAS EUR 13,567,515 2.67
575,000 CAPITALIA EUR 3,759,350 0.74
155,300 COMMERZBANK EUR 4,123,215 0.81
108,500 DEUTSCHE BANK EUR 10,324,860 2.03
194,100 FORTIS EUR 6,213,141 1.22
359,400 ING GROEP EUR 12,467,586 2.45
51,800 KBC GROUP EUR 4,301,990 0.85
128,600 NATIONAL BANK OF GREECE EUR 4,364,684 0.86
307,200 SAN PAOLO IMI EUR 5,114,880 1.01
86,394 SNS REAAL EUR 1,308,869 0.26
77,100 SOCIETE GENERALE PARIS -A- EUR 9,676,050 1.90
1,965,208 UNICREDITO ITALIANO EUR 12,862,286 2.53
109,583,890 21.56
1,346,500 BANCA INTESA EUR 6,986,989 1.37
6,986,989 1.37
345,647 AEGON EUR 5,112,119 1.01
67,000 ALLIANZ EUR 9,144,160 1.80
217,100 ASSICURAZIONI GENERALI EUR 6,404,450 1.26
275,633 AXA EUR 8,015,408 1.58
29,900 MUENCHENER RUECKVERSICH. (REG) EUR 3,728,829 0.73
32,404,966 6.38
188,700 DEUTSCHE LUFTHANSA (REG.) EUR 3,153,177 0.62
275,600 DEUTSCHE POST EUR 5,704,920 1.12
65,600 TNT EUR 1,962,096 0.39
10,820,193 2.13
160,800 ENAGAS EUR 3,072,888 0.60
136,700 ENDESA EUR 4,586,285 0.90
1,061,853 ENEL EUR 7,640,032 1.50
58,900 EON EUR 5,505,972 1.08
76,100 GAZ DE FRANCE EUR 2,389,540 0.47
176,600 IBERDROLA EUR 6,233,980 1.23
140,400 RWE EUR 10,214,100 2.01
140,600 SUEZ EUR 4,876,008 0.96
102,500 VEOLIA ENVIRONNEMENT EUR 4,880,025 0.96
49,398,830 9.71
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
634,900 ALCATEL EUR 6,114,087 1.20
342,200 FRANCE TELECOM EUR 6,193,820 1.22
552,300 KPN (DEMAT.) EUR 5,556,138 1.09
612,000 MEDIASET EUR 5,186,700 1.02
621,400 NOKIA -A- EUR 9,731,124 1.91
332,700 PORTUGAL TELECOM EUR 3,277,095 0.64
777,100 TELECOM ITALIA EUR 1,740,704 0.34
3,433,700 TELECOM ITALIA RNC EUR 6,524,030 1.28
867,388 TELEFONICA DE ESPANA EUR 11,857,194 2.33
93,200 VIVENDI EUR 2,649,676 0.52
58,830,568 11.55
121,800 OPAP EUR 3,227,700 0.63
3,227,700 0.63
109,800 SAMAS EUR 870,714 0.17
116,700 VEDIOR EUR 1,723,659 0.34
2,594,373 0.51
569,600 BANCO BILBAO VIZCAYA ARGENTARIA EUR 10,395,200 2.04
10,395,200 2.04
503,637,385 99.06
TOTAL 503,637,385 99.06
ENERGY
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
278,498 SCHLUMBERGER USD 17,275,231 6.39
17,275,231 6.39
255,660 WOODSIDE PETROLEUM AUD 7,488,306 2.77
7,488,306 2.77
60,517 PETROLEO BRASILEIRO (ADR) USD 5,073,140 1.88
5,073,140 1.88
120,633 CANADIAN NATURAL RESSOURCES CAD 5,508,039 2.04
222,300 ENBRIDGE CAD 7,187,163 2.66
99,929 NEXEN CAD 5,351,818 1.98
141,452 SUNCOR ENERGY CAD 10,167,197 3.76
285,381 TALISMAN ENERGY CAD 4,665,754 1.73
32,879,971 12.17
315,569 TOTAL EUR 20,686,909 7.66
3,600 TOTAL FINA (STRIP) (VVPR) EUR 46 0.00
20,686,955 7.66
510,551 ABBOT GBP 2,682,236 0.99
960,611 BG GBP 11,645,483 4.31
833,382 BP GBP 9,060,087 3.35
522,489 HUNTING GBP 4,343,126 1.61
903,125 PETROFAC GBP 5,250,764 1.94
32,981,696 12.20
122,382 MOTOR OIL (HELLAS) SA EUR 3,100,548 1.15
3,100,548 1.15
511,972 ENI EUR 15,156,392 5.61
217,562 ERG EUR 4,335,136 1.60
129,002 SAIPEM EUR 2,798,289 1.04
22,289,817 8.25
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
821,714 BATEMAN LITWIN GBP 2,440,524 0.90
2,440,524 0.90
349,755 NORSK HYDRO NOK 7,820,145 2.89
112,646 PETROLEUM GEO-SERVICES NOK 5,495,222 2.03
13,315,367 4.92
133,645 ARCH COAL USD 3,863,678 1.43
159,445 CHESAPEAKE ENERGY CORP USD 4,620,716 1.71
91,328 DIAMOND OFFSHORE DRILLING USD 6,609,407 2.45
77,490 EOG RESOURCES USD 5,040,724 1.87
337,008 EXXON MOBIL USD 22,613,237 8.37
100,043 FOREST OIL USD 3,160,358 1.17
116,587 GLOBALSANTAFE USD 5,828,184 2.16
88,454 HESS USD 3,663,765 1.36
113,605 MARATHON OIL USD 8,736,224 3.23
89,336 NOBLE USD 5,733,584 2.12
270,685 OCCIDENTAL PETROLEUM USD 13,022,655 4.82
104,294 SMITH INTERNATIONAL USD 4,046,607 1.50
143,095 VALERO ENERGY USD 7,365,100 2.73
178,677 WEATHERFORD INTERNATIONAL USD 7,454,404 2.76
290,028 WILLIAMS COMPANIES USD 6,922,968 2.56
108,681,611 40.24
91,223 SASOL LTD ZAR 3,006,262 1.11
3,006,262 1.11
269,219,428 99.64
TOTAL 269,219,428 99.64
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
81The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
82The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EURO HIGH DIVIDEND
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,000,000 BELGACOM EUR 30,740,000 1.85
30,740,000 1.85
295,000 LAFARGE (SICOVAM CERT.) EUR 30,031,000 1.81
525,000 SAINT-GOBAIN EUR 30,030,000 1.81
360,000 VINCI EUR 31,608,000 1.90
91,669,000 5.52
1,600,000 UPM-KYMMENE EUR 29,984,000 1.81
29,984,000 1.81
1,280,000 ENI EUR 29,913,600 1.80
1,130,000 ROYAL DUTCH SHELL-A- EUR 29,346,100 1.77
590,000 TOTAL EUR 30,532,500 1.84
89,792,200 5.41
1,300,000 TIETOENATOR EUR 30,134,000 1.81
30,134,000 1.81
190,000 HUNTER DOUGLAS EUR 10,507,000 0.63
10,507,000 0.63
360,000 PIRELLI & C REAL ESTATE EUR 16,891,200 1.02
16,891,200 1.02
1,620,000 UNILEVER CVA EUR 31,428,000 1.89
31,428,000 1.89
850,000 ALTADIS EUR 31,824,000 1.92
31,824,000 1.92
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
720,000 ALTANA EUR 31,363,200 1.89
31,363,200 1.89
551,778 HUHTAMAKI VAN LEER EUR 7,531,770 0.45
1,928,077 INDESIT EUR 16,654,729 1.00
24,186,499 1.45
7,200,000 INDEPENDENT NEW & MEDIA EUR 17,136,000 1.03
2,345,984 MONDADORI EDITORE EUR 17,146,797 1.03
34,282,797 2.06
520,000 KESKO B EUR 17,243,200 1.04
17,243,200 1.04
1,350,000 ABN AMRO EUR 31,050,000 1.87
1,450,000 ALLIED IRISH BANKS EUR 30,450,000 1.83
239,337 BANCHE POPOLARI UNITE EUR 5,078,731 0.31
650,000 BANCO ESPIRITO SANTO E COMMER. EUR 7,832,500 0.47
1,440,000 BANCO POPULARE DI VERONA EUR 31,377,600 1.89
2,450,000 BANCO SANTANDER (REG) EUR 30,551,500 1.84
2,000,000 BANK OF IRELAND EUR 30,840,000 1.86
360,000 BNP PARIBAS EUR 30,546,000 1.84
1,520,000 DEXIA EUR 31,053,600 1.87
950,000 FORTIS EUR 30,409,500 1.83
880,000 ING GROEP EUR 30,527,200 1.84
240,000 SOCIETE GENERALE PARIS -A- EUR 30,120,000 1.81
4,800,000 UNICREDITO ITALIANO EUR 31,416,000 1.89
351,252,631 21.15
6,000,000 BANCA INTESA EUR 31,134,000 1.87
31,134,000 1.87
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
83The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EURO HIGH DIVIDEND
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
305,000 A.G.F. EUR 30,286,500 1.82
510,000 FONDIARIA SAI EUR 17,651,100 1.06
560,000 HANNOVER RUECKVERSICHERUNG EUR 18,575,200 1.12
900,000 IRISH LIFE PERMANENT EUR 17,784,000 1.07
2,510,928 MILANO ASSICURAZIONI EUR 14,666,330 0.88
250,000 MUENCHENER RUECKVERSICH. (REG) EUR 31,177,500 1.88
1,900,000 SAMPO OYJ - A SHS EUR 31,236,000 1.88
7,500,000 UNIPOL (PREF) EUR 17,512,500 1.05
178,889,130 10.76
1,050,000 AUTOSTRADA TORINO-MILANO EUR 17,852,100 1.07
2,100,000 BRISA AUTO-ESTRADAS DE PORTUGAL EUR 18,354,000 1.10
1,520,000 DEUTSCHE POST EUR 31,464,000 1.89
350,000 OESTERREICHISCHE POST EUR 10,517,500 0.63
500,000 SOCIETA INIZIATIVE AUTOSTRADALI EUR 5,183,500 0.31SERVIZI
83,371,100 5.00
9,100,000 EDP-ENERGIAS DE PORTUGAL EUR 31,122,000 1.87
470,000 ELIA SYSTEM OPERATOR EUR 13,850,900 0.83
4,300,000 ENEL EUR 30,938,500 1.86
300,000 EON EUR 28,044,000 1.69
820,000 IBERDROLA EUR 28,946,000 1.74
8,200,000 SNAM RETE GAS EUR 31,406,000 1.89
13,400,000 TERNA (IPO) EUR 30,739,600 1.85
195,047,000 11.73
2,500,000 DEUTSCHE TELEKOM EUR 31,350,000 1.89
1,750,000 FRANCE TELECOM EUR 31,675,000 1.91
3,600,000 MEDIASET EUR 30,510,000 1.84
16,150,000 TELECOM ITALIA RNC EUR 30,685,000 1.85
2,270,000 TELEFONICA DE ESPANA EUR 31,030,900 1.87
1,100,000 VIVENDI EUR 31,273,000 1.88
186,523,900 11.24
1,680,000 BANCO BILBAO VIZCAYA ARGENTARIA EUR 30,660,000 1.85
12,400,000 BANCO COMMERCIAL PORTUGUES EUR 30,380,000 1.83
61,040,000 3.68
1,557,302,857 93.73
TOTAL 1,557,302,857 93.73
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EURO INCOME
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
109,955 FORTIS EUR 3,519,660 1.22
29,334 KBC GROUP EUR 2,436,189 0.85
14,268 UMICORE EUR 1,665,076 0.58
7,620,925 2.65
48,674 ADIDAS-SALOMON EUR 1,805,805 0.63
36,299 ALLIANZ EUR 4,954,088 1.72
104,944 BAYER EUR 4,218,749 1.47
25,430 BMW EUR 1,074,163 0.37
86,820 COMMERZBANK EUR 2,305,071 0.80
32,410 CONTINENTAL AG EUR 2,963,570 1.03
59,798 DEUTSCHE BANK EUR 5,690,378 1.98
106,555 DEUTSCHE LUFTHANSA (REG.) EUR 1,780,534 0.62
155,692 DEUTSCHE POST EUR 3,222,824 1.12
33,255 EON EUR 3,108,677 1.08
11,666 FRESENIUS (PRIVATE SH.) EUR 1,641,756 0.57
28,443 HENKEL (PREF) EUR 3,119,059 1.08
59,594 LINDE EUR 4,427,238 1.54
52,702 METRO EUR 2,429,035 0.84
17,030 MUENCHENER RUECKVERSICH. (REG) EUR 2,123,811 0.74
77,348 RWE EUR 5,627,067 1.96
25,776 SAP EUR 4,031,366 1.40
127,830 SIEMENS EUR 8,794,704 3.06
36,420 STADE-ARZNEIMITTEL EUR 1,467,362 0.51
64,785,257 22.52
93,419 ALTADIS EUR 3,497,607 1.22
307,341 BANCO BILBAO VIZCAYA ARGENTARIA EUR 5,608,973 1.95
540,188 BANCO SANTANDER (REG) EUR 6,736,144 2.34
90,790 ENAGAS EUR 1,734,997 0.60
77,154 ENDESA EUR 2,588,517 0.90
99,528 IBERDROLA EUR 3,513,338 1.22
478,840 TELEFONICA DE ESPANA EUR 6,545,743 2.28
30,225,319 10.51
341,570 NOKIA -A- EUR 5,348,986 1.86
181,927 STORA ENSO EUR 2,175,847 0.76
7,524,833 2.62
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,431 AIR LIQUIDE EUR 230,248 0.08
358,021 ALCATEL EUR 3,447,742 1.20
148,516 AXA EUR 4,318,845 1.50
90,240 BNP PARIBAS EUR 7,656,864 2.66
57,968 CAP GEMINI SOGETI EUR 2,424,801 0.84
55,752 CARREFOUR EUR 2,778,122 0.97
193,089 FRANCE TELECOM EUR 3,494,911 1.22
43,324 GAZ DE FRANCE EUR 1,360,374 0.47
45,720 GROUPE DANONE EUR 5,061,204 1.76
21,806 LAFARGE (SICOVAM CERT.) EUR 2,219,851 0.77
41,598 LVMH MOET HENNESSY EUR 3,379,838 1.18
17,375 PERNOD-RICARD EUR 2,851,238 0.99
38,721 PEUGEOT EUR 1,721,923 0.60
15,786 PPR EUR 1,845,383 0.64
56,212 PUBLICIS EUR 1,745,945 0.61
120,729 SANOFI-AVENTIS EUR 8,475,176 2.95
33,830 SCHNEIDER EUR 2,975,348 1.03
42,503 SOCIETE GENERALE PARIS -A- EUR 5,334,126 1.85
79,398 SUEZ EUR 2,753,523 0.96
222,933 TOTAL EUR 11,536,783 4.01
57,822 VEOLIA ENVIRONNEMENT EUR 2,752,905 0.96
36,477 VINCI EUR 3,202,681 1.11
52,983 VIVENDI EUR 1,506,307 0.52
83,074,138 28.88
72,663 NATIONAL BANK OF GREECE EUR 2,466,182 0.86
68,948 OPAP EUR 1,827,122 0.64
4,293,304 1.50
99,996 ANGLO IRISH BANK EUR 1,294,948 0.45
1,294,948 0.45
122,492 ASSICURAZIONI GENERALI EUR 3,613,514 1.26
759,236 BANCA INTESA EUR 3,939,676 1.37
322,025 CAPITALIA EUR 2,105,399 0.73
598,828 ENEL EUR 4,308,567 1.50
282,118 ENI EUR 6,593,098 2.29
34,406 ERG EUR 541,206 0.19
62,252 ITALCEMENTI EUR 1,243,172 0.43
335,931 MEDIASET EUR 2,847,015 0.99
56,556 SAIPEM EUR 968,465 0.34
173,296 SAN PAOLO IMI EUR 2,885,378 1.00
446,129 TELECOM ITALIA EUR 999,329 0.35
1,936,122 TELECOM ITALIA RNC EUR 3,678,632 1.28
1,110,391 UNICREDITO ITALIANO EUR 7,267,509 2.53
40,990,960 14.26
84The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
FINANCIAL DERIVATIVE INSTRUMENTS
Quantity/Nominal Currency Commitments in EUR
Call
Stock Indices
-12,927
-11,340
-1,679
-1,980
-839
-730
-9,569
-10,160
-155
-123
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
CALL AEX INDEX 10/2006 471.33
CALL AEX INDEX 10/2006 477.89
CALL CAC 40 INDEX 10/2006 5,176.60
CALL CAC 40 INDEX 10/2006 5,205
CALL DAX INDEX 10/2006 5,890
CALL DAX INDEX 10/2006 5,969.01
CALL DJ EURO STOXX 50 INDEX10/2006 3,817.40
CALL DJ EURO STOXX 50 INDEX10/2006 3,857
CALL S&P/MIB INDEX 10/2006 38,074.38
CALL S&P/MIB INDEX 10/2006 38,165
6,092,883
5,419,273
8,691,511
10,305,900
4,941,710
4,357,377
36,528,701
39,187,120
5,901,529
4,694,295
126,120,299
Put
Stock Indices
12,000
11,500
12,190
EUR
EUR
EUR
PUT DJ EURO STOXX 50 INDEX10/2006 3,476.16
PUT DJ EURO STOXX 50 INDEX11/2006 3,504.98
PUT DJ EURO STOXX 50 INDEX12/2006 3,593.85
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EURO INCOME
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
165,745 ABN AMRO EUR 3,812,138 1.33
194,987 AEGON EUR 2,883,858 1.00
64,356 AKZO NOBEL EUR 3,126,414 1.09
198,717 ING GROEP EUR 6,893,493 2.40
261,210 KONINKLIJKE AHOLD EUR 2,188,940 0.76
311,554 KPN (DEMAT.) EUR 3,134,233 1.09
63,634 NUMICO EUR 2,259,007 0.79
338,088 REED ELSEVIER EUR 4,445,857 1.55
155,026 ROYAL PHILIPS ELECTRONICS EUR 4,289,569 1.49
140,200 SAMAS EUR 1,111,786 0.39
48,386 SNS REAAL EUR 733,048 0.25
37,742 TNT EUR 1,128,863 0.39
225,534 UNILEVER CVA EUR 4,375,360 1.52
65,613 VEDIOR EUR 969,104 0.34
41,351,670 14.39
187,680 PORTUGAL TELECOM EUR 1,848,648 0.64
1,848,648 0.64
283,010,002 98.42
TOTAL 283,010,002 98.42
85The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EUROPE GROWTH FUND
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
23,943 KBC GROUP EUR 1,988,466 1.06
25,613 TELENET GROUP HOLDING EUR 488,184 0.26
2,476,650 1.32
19,024 DUFRY CHF 1,197,646 0.64
148,424 NOVARTIS (NOM.) CHF 6,821,085 3.65
74,895 RICHEMONT (UNITS)-A- CHF 2,838,414 1.52
64,217 ROCHE HOLDING (GENUSSCHEIN) CHF 8,740,417 4.68
37,850 UBS CHF 1,782,354 0.95
21,379,916 11.44
12,279 ALLIANZ EUR 1,675,838 0.90
37,054 BAYER EUR 1,489,571 0.80
57,712 CELESIO EUR 2,372,540 1.27
54,326 FRESENIUS MEDICAL CARE EUR 5,565,155 2.98
24,329 HENKEL (PREF) EUR 2,667,918 1.43
19,962 HOCHTIEF EUR 985,524 0.53
69,115 MERCK KGAA EUR 5,779,396 3.09
90,879 PROSIEBEN SAT.1 MEDIA PREF. EUR 1,985,706 1.06
12,843 SAP EUR 2,008,645 1.08
24,530,293 13.14
227,823 BANCO BILBAO VIZCAYA ARGENTARIA EUR 4,157,770 2.23
4,157,770 2.23
221,535 NOKIA -A- EUR 3,469,238 1.86
3,469,238 1.86
357,602 ALCATEL EUR 3,443,707 1.84
43,729 ATOS ORIGIN EUR 1,900,900 1.02
42,650 BOUYGUES EUR 1,798,977 0.96
16,618 GROUPE DANONE EUR 1,839,613 0.99
8,336 ILIAD EUR 472,651 0.25
20,440 LVMH MOET HENNESSY EUR 1,660,750 0.89
48,659 SANOFI-AVENTIS EUR 3,415,862 1.83
99,568 TOTAL EUR 5,152,644 2.76
52,024 VEOLIA ENVIRONNEMENT EUR 2,476,863 1.33
10,960 VINCI EUR 962,288 0.52
71,718 VIVENDI EUR 2,038,943 1.09
25,163,198 13.48
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
103,300 ASTRAZENECA GBP 5,084,648 2.72
344,631 BHP BILLITON GBP 4,685,538 2.51
871,153 BP GBP 7,476,385 4.00
344,230 BRAMBLES INDUSTRIES GBP 2,431,411 1.30
441,280 BRITISH AIRWAYS GBP 2,778,538 1.49
39,877 CARNIVAL GBP 1,502,407 0.80
384,339 CENTRICA GBP 1,843,342 0.99
73,615 CSR GBP 915,099 0.49
464,021 FIRST CHOICE HOLIDAYS GBP 1,365,070 0.73
535,149 GLAXOSMITHKLINE GBP 11,221,439 6.01
192,393 LADBROKES GBP 1,103,604 0.59
113,383 REED ELSEVIER GBP 990,628 0.53
199,565 SABMILLER GBP 2,936,900 1.57
53,278 VEDANTA RESOURCES GBP 913,696 0.49
1,672,182 VODAFONE GBP 3,014,440 1.61
48,263,145 25.83
113,436 COCA COLA HELLENIC BOTLING EUR 3,083,190 1.65
3,083,190 1.65
137,518 DEPFA BANK EUR 2,002,262 1.07
2,002,262 1.07
461,670 BANCA INTESA EUR 2,395,606 1.28
292,199 CAPITALIA EUR 1,910,397 1.02
105,753 ENEL EUR 760,893 0.41
73,575 ERG EUR 1,157,335 0.62
312,585 MEDIASET EUR 2,649,158 1.42
190,758 UNICREDITO ITALIANO EUR 1,248,511 0.67
10,121,900 5.42
76,398 EADS EUR 1,732,707 0.93
39,460 EXACT HOLDING EUR 925,337 0.50
97,979 ROYAL PHILIPS ELECTRONICS EUR 2,711,079 1.45
189,909 SAMAS EUR 1,505,978 0.81
175,270 STMICROELECTRONICS EUR 2,395,941 1.28
90,043 TELE ATLAS EUR 1,202,074 0.64
90,638 TNT EUR 2,710,983 1.45
106,083 TOMTOM EUR 3,518,773 1.88
386,613 UNILEVER CVA EUR 7,500,292 4.02
154,750 VEDIOR EUR 2,285,658 1.22
26,488,822 14.18
86The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EUROPE GROWTH FUND
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
54,008 PETROLEUM GEO-SERVICES NOK 2,079,872 1.11
161,843 STATOIL NOK 3,023,225 1.62
101,167 TANDBERG TELEVISION NOK 650,556 0.35
5,753,653 3.08
2,207,027 SONAE SGPS EUR 3,023,627 1.62
3,023,627 1.62
143,478 ATLAS COPCO -B- SEK 2,836,022 1.52
1,636,437 TELEFON ERICSSON -B- SEK 4,477,352 2.40
7,313,374 3.92
187,227,038 100.24
TOTAL 187,227,038 100.24
87The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EUROPE HIGH DIVIDEND
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
34,443 HUNTER DOUGLAS EUR 1,904,698 0.25
1,904,698 0.25
81,300 OESTERREICHISCHE POST EUR 2,443,065 0.32
2,443,065 0.32
312,710 BELGACOM EUR 9,612,705 1.28
304,190 FORTIS EUR 9,737,122 1.29
19,349,827 2.57
210,000 UBS CHF 9,888,885 1.32
9,888,885 1.32
215,000 ALTANA EUR 9,365,400 1.25
473,000 DEUTSCHE POST EUR 9,791,100 1.30
770,000 DEUTSCHE TELEKOM EUR 9,655,800 1.28
100,000 EON EUR 9,348,000 1.24
150,000 HANNOVER RUECKVERSICHERUNG EUR 4,975,500 0.66
75,100 MUENCHENER RUECKVERSICH. (REG) EUR 9,365,721 1.25
52,501,521 6.98
306,020 DANSKE BANK DKK 9,489,708 1.26
9,489,708 1.26
540,000 BANCO BILBAO VIZCAYA ARGENTARIA EUR 9,855,000 1.31
269,000 IBERDROLA EUR 9,495,700 1.26
740,000 TELEFONICA DE ESPANA EUR 10,115,800 1.35
29,466,500 3.92
130,000 KESKO B EUR 4,310,800 0.57
305,000 SAMPO OYJ - A SHS EUR 5,014,200 0.67
420,000 TIETOENATOR EUR 9,735,600 1.29
524,930 UPM-KYMMENE EUR 9,837,188 1.31
28,897,788 3.84
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
101,000 A.G.F. EUR 10,029,300 1.33
115,000 BNP PARIBAS EUR 9,757,750 1.30
540,000 FRANCE TELECOM EUR 9,774,000 1.30
94,050 LAFARGE (SICOVAM CERT.) EUR 9,574,290 1.27
75,000 SOCIETE GENERALE PARIS -A- EUR 9,412,500 1.25
295,000 TOTAL EUR 15,266,250 2.03
113,000 VINCI EUR 9,921,400 1.32
338,000 VIVENDI EUR 9,609,340 1.28
83,344,830 11.08
195,000 ASTRAZENECA GBP 9,598,319 1.28
840,000 AVIVA GBP 9,698,739 1.29
970,000 BARCLAYS GBP 9,640,640 1.28
1,150,000 BBA GROUP GBP 4,515,041 0.60
1,730,000 BP GBP 14,847,158 1.97
1,150,000 BRIT INSURANCE HOLDINGS GBP 5,121,286 0.68
430,000 BRITISH AMERICAN TOBACCO GBP 9,156,086 1.22
2,530,000 BT GBP 9,998,378 1.33
916,000 CATTLES PLC GBP 5,129,411 0.68
670,000 DAVIS SERVICE GBP 4,747,254 0.63
690,000 DIAGEO GBP 9,599,867 1.28
460,000 GLAXOSMITHKLINE GBP 9,645,654 1.28
610,000 HBOS GBP 9,507,779 1.26
1,520,000 HISCOX GBP 5,087,960 0.68
685,000 HSBC HOLDINGS GBP 9,843,434 1.31
350,000 IMPERIAL TOBACCO GBP 9,186,758 1.22
6,500,000 ITV GBP 9,273,391 1.23
4,800,000 LEGAL & GENERAL GBP 10,086,264 1.34
1,220,000 LLOYDS TSB GBP 9,705,670 1.29
2,320,000 NORTHERN FOODS GBP 3,078,965 0.41
1,100,000 REXAM GBP 9,270,073 1.23
410,000 ROYAL BANK OF SCOTLAND GBP 11,118,337 1.48
560,000 ROYAL DUTCH SHELL-B- GBP 14,971,319 1.99
1,160,000 SCOTTISH & NEWCASTLE BREWERIES GBP 9,750,055 1.30
510,000 SCOTTISH AND SOUTHERN ENERGY GBP 9,911,966 1.32
500,000 SEVERN TRENT GBP 9,850,328 1.31
880,000 TATE & LYLE GBP 9,336,577 1.24
1,700,000 TESCO GBP 9,024,552 1.20
930,000 UNITED UTILITIES GBP 9,675,072 1.29
4,600,000 VODAFONE GBP 8,292,413 1.10
268,668,746 35.72
620,000 BANK OF IRELAND EUR 9,560,400 1.27
250,000 IRISH LIFE PERMANENT EUR 4,940,000 0.66
14,500,400 1.93
88The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EUROPE HIGH DIVIDEND
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
279,544 AUTOSTRADA TORINO-MILANO EUR 4,752,807 0.63
420,000 BANCO POPULARE DI VERONA EUR 9,151,800 1.22
1,370,000 ENEL EUR 9,857,150 1.31
646,000 ENI EUR 15,097,020 2.01
146,000 FONDIARIA SAI EUR 5,053,060 0.67
435,101 INDESIT EUR 3,758,402 0.50
564,228 MONDADORI EDITORE EUR 4,123,942 0.55
73,846 PIRELLI & C REAL ESTATE EUR 3,464,854 0.46
5,000,000 TELECOM ITALIA RNC EUR 9,500,000 1.26
4,300,000 TERNA (IPO) EUR 9,864,200 1.31
1,500,000 UNICREDITO ITALIANO EUR 9,817,500 1.31
2,200,000 UNIPOL (PREF) EUR 5,137,000 0.68
89,577,735 11.91
420,000 ABN AMRO EUR 9,660,000 1.28
280,000 ING GROEP EUR 9,713,200 1.29
502,000 UNILEVER CVA EUR 9,738,800 1.30
29,112,000 3.87
1,030,000 DNB NOK 9,966,334 1.33
369,926 NORSKE SKOGINDUSTRIER -A- NOK 4,394,761 0.58
14,361,095 1.91
560,000 BRISA AUTO-ESTRADAS DE PORTUGAL EUR 4,894,400 0.65
2,990,000 EDP-ENERGIAS DE PORTUGAL EUR 10,225,800 1.36
15,120,200 2.01
404,700 FORENINGSSPARBANKEN SEK 9,481,581 1.26
930,000 NORDEA BANK SEK 9,617,063 1.28
188,000 SCANIA AB-B SEK 8,849,680 1.18
1,850,000 TELIASONERA SEK 9,366,080 1.25
37,314,404 4.97
705,941,402 93.86
TOTAL 705,941,402 93.86
89The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EUROPE OPPORTUNITIES
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,401 TELENET GROUP HOLDING EUR 26,703 0.51
26,703 0.51
980 NESTLE (REG) CHF 268,992 5.15
2,297 NOVARTIS (NOM.) CHF 105,563 2.02
907 ROCHE HOLDING (GENUSSCHEIN) CHF 123,450 2.36
498,005 9.53
384 ALLIANZ EUR 52,408 1.00
1,721 DEUTSCHE BANK EUR 163,770 3.14
1,682 EON EUR 157,233 3.01
2,375 SIEMENS EUR 163,400 3.13
536,811 10.28
7,912 ALCATEL EUR 76,193 1.46
9,332 FRANCE TELECOM EUR 168,909 3.24
463 ILIAD EUR 26,252 0.50
1,690 SANOFI-AVENTIS EUR 118,638 2.27
389,992 7.47
2,650 ASTRAZENECA GBP 130,439 2.50
9,381 AVIVA GBP 108,314 2.07
10,296 BARCLAYS GBP 102,330 1.96
21,287 BP GBP 182,689 3.50
12,608 CADBURY SCHWEPPES GBP 105,694 2.02
3,919 CSR GBP 48,717 0.93
5,880 GLAXOSMITHKLINE GBP 123,297 2.36
24,619 HSBC HOLDINGS GBP 353,774 6.78
33,757 REED ELSEVIER GBP 294,935 5.65
5,919 ROYAL BANK OF SCOTLAND GBP 160,511 3.07
7,281 ROYAL DUTCH SHELL-A- EUR 189,088 3.62
9,518 UNILEVER GBP 184,844 3.54
145,150 VODAFONE GBP 261,662 5.01
2,246,294 43.01
3,955 C.R.H. EUR 105,322 2.02
105,322 2.02
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
20,925 ENEL EUR 150,555 2.88
6,854 ERG EUR 107,813 2.07
23,602 UNICREDITO ITALIANO EUR 154,475 2.96
412,843 7.91
121 AEGON EUR 1,790 0.03
6,799 DRAKA HOLDING EUR 105,043 2.01
4,034 REED ELSEVIER EUR 53,047 1.02
9,434 SAMAS EUR 74,812 1.43
21,771 TELE ATLAS EUR 290,643 5.57
6,553 TOMTOM EUR 217,363 4.16
2,708 UNILEVER CVA EUR 52,535 1.01
10,389 VEDIOR EUR 153,446 2.94
948,679 18.17
8,585 TANDBERG TELEVISION NOK 55,206 1.06
55,206 1.06
5,219,855 99.96
TOTAL 5,219,855 99.96
90The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EUROPEAN BANKING & INSURANCE
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
32,380 KBC GROUP EUR 2,689,159 1.59
2,689,159 1.59
73,280 CREDIT SUISSE CHF 3,337,724 1.97
19,997 JULIUS BAER CHF 1,572,366 0.93
248,660 UBS CHF 11,709,382 6.93
27,806 ZURICH FINANCIAL SERVICES CHF 5,378,447 3.18
21,997,919 13.01
54,960 ALLIANZ EUR 7,500,941 4.44
84,261 DEUTSCHE BANK EUR 8,018,277 4.74
15,519,218 9.18
406,189 BANCO BILBAO VIZCAYA ARGENTARIA EUR 7,412,949 4.38
650,133 BANCO SANTANDER (REG) EUR 8,107,159 4.79
15,520,108 9.17
286,415 AXA EUR 8,328,948 4.93
115,583 BNP PARIBAS EUR 9,807,218 5.80
56,282 SOCIETE GENERALE PARIS -A- EUR 7,063,391 4.18
25,199,557 14.91
1,009,087 BARCLAYS GBP 10,029,118 5.93
89,807 HBOS GBP 1,399,779 0.83
1,039,175 HSBC HOLDINGS GBP 14,932,921 8.83
1,211,279 LEGAL & GENERAL GBP 2,545,267 1.51
495,780 PRUDENTIAL GBP 4,850,697 2.87
33,757,782 19.97
194,431 NATIONAL BANK OF GREECE EUR 6,598,988 3.90
6,598,988 3.90
217,572 ALLIED IRISH BANKS EUR 4,569,012 2.70
390,813 ANGLO IRISH BANK EUR 5,061,028 2.99
9,630,040 5.69
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
523,568 BANCA INTESA EUR 2,716,794 1.61
1,170,163 UNICREDITO ITALIANO EUR 7,658,717 4.53
10,375,511 6.14
337,245 AEGON EUR 4,987,855 2.95
284,305 ING GROEP EUR 9,862,540 5.83
14,850,395 8.78
110,486 FORENINGSSPARBANKEN SEK 2,588,539 1.53
313,873 NORDEA BANK SEK 3,245,738 1.92
5,834,277 3.45
510,574 AKBANK TRY 2,065,213 1.22
141,956 TURKIYE GARANTI BANKASI TRY 331,922 0.20
700,039 TURKIYE VAKIFLAR BANKASI TAO TRY 2,447,944 1.45
4,845,079 2.87
166,818,033 98.66
TOTAL 166,818,033 98.66
91The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
92The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EUROPEAN CONSUMER GOODS
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
83,925 POLYTEC EUR 553,905 1.77
553,905 1.77
19,333 DUFRY CHF 1,217,098 3.89
38,630 RICHEMONT (UNITS)-A- CHF 1,464,022 4.67
2,681,120 8.56
59,810 ADIDAS-SALOMON EUR 2,218,951 7.09
35,303 BMW EUR 1,491,199 4.76
28,098 CONTINENTAL AG EUR 2,569,281 8.20
6,279,431 20.05
26,968 ACCOR EUR 1,449,530 4.63
22,102 LAGARDERE EUR 1,257,604 4.02
13,743 LVMH MOET HENNESSY EUR 1,116,619 3.57
3,823,753 12.22
54,536 CARNIVAL GBP 2,054,700 6.56
97,590 GUS GBP 1,390,134 4.44
541,544 ITV GBP 772,608 2.47
68,179 PERSIMMON GBP 1,345,182 4.30
44,420 PUNCH TAVERNS GBP 635,039 2.03
53,864 REUTERS GBP 345,114 1.10
155,000 WPP GBP 1,513,087 4.83
8,055,864 25.73
205,000 PARTYGAMING GBP 323,454 1.03
323,454 1.03
78,588 OPAP EUR 2,082,582 6.65
2,082,582 6.65
34,405 PADDY POWER EUR 509,194 1.63
509,194 1.63
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
81,486 BULGARI EUR 818,119 2.61
55,998 LUXOTTICA GROUP EUR 1,300,834 4.15
2,118,953 6.76
71,928 REED ELSEVIER EUR 945,852 3.02
53,897 ROYAL PHILIPS ELECTRONICS EUR 1,491,330 4.76
178,523 TELE ATLAS EUR 2,383,282 7.61
4,820,464 15.39
31,248,720 99.79
TOTAL 31,248,720 99.79
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
93The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EUROPEAN EQUITY
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
71,600 VEDANTA RESOURCES GBP 1,227,911 0.36
1,227,911 0.36
69,200 C.R.H. EUR 1,842,796 0.53
70,300 ITALCEMENTI EUR 1,403,891 0.41
48,600 VINCI EUR 4,267,080 1.24
7,513,767 2.18
189,700 STORA ENSO EUR 2,268,812 0.66
2,268,812 0.66
403,800 BG GBP 3,864,428 1.12
1,346,600 BP GBP 11,556,753 3.35
56,800 ERG EUR 893,464 0.26
339,790 ROYAL DUTCH SHELL-A- EUR 8,824,346 2.56
156,100 TOTAL EUR 8,078,175 2.34
33,217,166 9.63
37,700 AKZO NOBEL EUR 1,831,466 0.53
86,700 BAYER EUR 3,485,340 1.01
159,800 NORSK HYDRO NOK 2,820,569 0.82
22,600 SYNGENTA CHF 2,683,345 0.78
10,820,720 3.14
37,500 SCHNEIDER EUR 3,298,125 0.96
90,800 SIEMENS EUR 6,247,040 1.81
130,100 ROYAL PHILIPS ELECTRONICS EUR 3,599,867 1.04
13,145,032 3.81
47,600 CAP GEMINI SOGETI EUR 1,991,108 0.58
20,200 SAP EUR 3,159,280 0.91
5,150,388 1.49
12,100 THE SWATCH -B- CHF 1,840,385 0.53
1,840,385 0.53
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
112,400 ATLAS COPCO -B- SEK 2,221,727 0.64
31,600 LINDE EUR 2,347,564 0.68
4,569,291 1.32
43,700 BMW EUR 1,845,888 0.53
1,845,888 0.53
25,200 CONTINENTAL AG EUR 2,304,288 0.67
2,304,288 0.67
495,000 CADBURY SCHWEPPES GBP 4,149,635 1.20
28,300 GROUPE DANONE EUR 3,132,810 0.91
33,200 NESTLE (REG) CHF 9,112,783 2.64
129,500 UNILEVER GBP 2,514,952 0.73
18,910,180 5.48
302,800 DIAGEO GBP 4,212,811 1.22
116,100 IMPERIAL TOBACCO GBP 3,047,379 0.88
13,000 PERNOD-RICARD EUR 2,133,300 0.62
143,900 SABMILLER GBP 2,117,706 0.61
186,500 SWEDISH MATCH SEK 2,395,662 0.69
13,906,858 4.02
86,300 ASTRAZENECA GBP 4,247,871 1.23
11,000 FRESENIUS (PRIVATE SH.) EUR 1,548,030 0.45
413,400 GLAXOSMITHKLINE GBP 8,668,507 2.51
6,900 MERCK KGAA EUR 576,978 0.17
175,400 NOVARTIS (NOM.) CHF 8,060,814 2.33
52,800 ROCHE HOLDING (GENUSSCHEIN) CHF 7,186,477 2.08
86,900 SANOFI-AVENTIS EUR 6,100,380 1.77
14,900 SYNTHES CHF 1,303,850 0.38
37,692,907 10.92
57,200 ADIDAS-SALOMON EUR 2,122,120 0.61
35,500 LVMH MOET HENNESSY EUR 2,884,375 0.84
5,006,495 1.45
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EUROPEAN EQUITY
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
93,100 RECKITT BENCKISER GBP 3,039,496 0.88
3,039,496 0.88
316,100 REED ELSEVIER EUR 4,156,715 1.20
4,156,715 1.20
135,000 GUS GBP 1,923,026 0.56
49,100 METRO EUR 2,263,019 0.66
628,450 TESCO GBP 3,336,165 0.97
7,522,210 2.19
126,679 ABN AMRO EUR 2,913,617 0.84
135,966 ANGLO IRISH BANK EUR 1,760,760 0.51
396,500 BANCO SANTANDER (REG) EUR 4,944,355 1.43
566,000 BARCLAYS GBP 5,625,363 1.63
61,500 BNP PARIBAS EUR 5,218,275 1.51
342,300 CAPITALIA EUR 2,237,957 0.65
54,600 DEUTSCHE BANK EUR 5,195,736 1.50
778,580 HSBC HOLDINGS GBP 11,188,177 3.24
152,900 ING GROEP EUR 5,304,101 1.54
31,800 KBC GROUP EUR 2,640,990 0.76
83,400 NATIONAL BANK OF GREECE EUR 2,830,596 0.82
266,800 NORDEA BANK SEK 2,758,959 0.80
230,967 ROYAL BANK OF SCOTLAND GBP 6,263,339 1.81
31,300 SOCIETE GENERALE PARIS -A- EUR 3,928,150 1.14
153,200 UBS CHF 7,214,177 2.09
867,320 UNICREDITO ITALIANO EUR 5,676,609 1.64
75,701,161 21.91
556,900 BANCA INTESA EUR 2,889,754 0.84
80,800 RICHEMONT (UNITS)-A- CHF 3,062,205 0.89
5,951,959 1.73
193,300 AEGON EUR 2,858,907 0.83
38,400 ALLIANZ EUR 5,240,832 1.52
257,200 AVIVA GBP 2,969,662 0.86
163,944 AXA EUR 4,767,492 1.38
51,100 CIE SUISSE REASSURANCE CHF 3,078,643 0.89
329,100 PRUDENTIAL GBP 3,219,905 0.93
22,135,441 6.41
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
151,500 DEUTSCHE POST EUR 3,136,050 0.91
186,100 RYANAIR EUR 1,570,684 0.45
4,706,734 1.36
601,670 CENTRICA GBP 2,885,691 0.84
681,196 ENEL EUR 4,901,205 1.42
34,100 EON EUR 3,187,668 0.92
69,500 IBERDROLA EUR 2,453,350 0.71
377,404 NATIONAL GRID GBP 3,714,771 1.08
20,000 RWE EUR 1,455,000 0.42
59,500 VEOLIA ENVIRONNEMENT EUR 2,832,795 0.82
21,430,480 6.21
274,600 ALCATEL EUR 2,644,398 0.77
188,000 FRANCE TELECOM EUR 3,402,800 0.99
225,100 KPN (DEMAT.) EUR 2,264,506 0.66
139,900 NOKIA -A- EUR 2,190,834 0.63
1,821,200 TELECOM ITALIA RNC EUR 3,460,280 1.00
1,766,400 TELEFON ERICSSON -B- SEK 4,832,936 1.40
398,572 TELEFONICA DE ESPANA EUR 5,448,479 1.58
269,500 TELENOR NOK 2,777,408 0.80
88,500 VIVENDI EUR 2,516,055 0.73
3,934,484 VODAFONE GBP 7,092,688 2.05
36,630,384 10.61
67,700 CARNIVAL GBP 2,550,667 0.74
2,550,667 0.74
1,500 ADECCO CHF 71,249 0.02
106,300 VEDIOR EUR 1,570,053 0.45
1,641,302 0.47
272,200 WPP GBP 2,657,176 0.77
2,657,176 0.77
347,543,813 100.67
TOTAL 347,543,813 100.67
94The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EUROPEAN FOOD & BEVERAGES
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
37,917 DELHAIZE EUR 2,512,001 2.25
2,512,001 2.25
35 LINDT & SPRUENGLI CHF 656,615 0.59
37,500 NESTLE (REG) CHF 10,293,053 9.24
10,949,668 9.83
90,000 BEIERSDORF EUR 3,777,300 3.39
45,000 HENKEL (PREF) EUR 4,934,700 4.43
8,712,000 7.82
21,800 PERNOD-RICARD EUR 3,577,380 3.21
70,000 REMY COINTREAU EUR 2,772,700 2.49
6,350,080 5.70
450,000 ALLIANCE BOOTS GBP 5,142,668 4.62
250,000 BRITISH AMERICAN TOBACCO GBP 5,323,306 4.78
300,000 BRITVIC GBP 1,025,216 0.92
515,000 CADBURY SCHWEPPES GBP 4,317,297 3.87
330,000 DIAGEO GBP 4,591,241 4.12
185,000 IMPERIAL TOBACCO GBP 4,855,858 4.36
250,000 MCBRIDE GBP 634,078 0.57
220,000 RECKITT BENCKISER GBP 7,182,482 6.45
500,000 SABMILLER GBP 7,358,254 6.60
250,000 TATE & LYLE GBP 2,652,437 2.38
980,317 TESCO GBP 5,204,072 4.67
48,286,909 43.34
170,000 COCA COLA HELLENIC BOTLING EUR 4,620,600 4.15
100,000 VIVARTIA EUR 1,210,000 1.09
5,830,600 5.24
135,000 C&C GROUP EUR 1,445,850 1.30
1,445,850 1.30
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
280,000 DAVIDE CAMPARI EUR 2,022,440 1.82
2,022,440 1.82
75,000 GROLSCH EUR 2,099,250 1.88
60,000 HEINEKEN EUR 2,164,200 1.94
300,000 NUMICO EUR 10,650,000 9.56
90,000 NUTRECO HOLDING EUR 4,365,000 3.92
19,278,450 17.30
1,209,000 PAN FISH ASA NOK 752,559 0.68
752,559 0.68
123,500 ORIFLAME COSMETICS SEK 3,232,670 2.90
3,232,670 2.90
109,373,227 98.18
TOTAL 109,373,227 98.18
95The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EUROPEAN HEALTH CARE
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
37,000 OMEGA PHARMA EUR 1,682,390 0.69
140,000 ONCOMETHYLOME SCIENCES EUR 1,120,000 0.46
167,000 U.C.B. EUR 8,375,050 3.44
11,177,440 4.59
34,500 NOBEL BIOCARE HOLDING SEK 6,633,543 2.73
520,000 NOVARTIS (NOM.) CHF 23,897,510 9.82
88,300 PHONAK CHF 4,397,073 1.81
150,800 ROCHE HOLDING (GENUSSCHEIN) CHF 20,525,015 8.43
9,150 SERONO-B- CHF 6,221,159 2.56
14,700 STRAUMANN CHF 2,491,721 1.02
64,166,021 26.37
135,500 ALTANA EUR 5,902,380 2.43
164,200 CELESIO EUR 6,750,262 2.77
40,000 FRESENIUS EUR 5,522,000 2.27
43,100 FRESENIUS (PRIVATE SH.) EUR 6,065,463 2.49
109,900 FRESENIUS MEDICAL CARE EUR 11,258,156 4.63
146,000 MERCK KGAA EUR 12,208,520 5.02
100,010 STADE-ARZNEIMITTEL EUR 4,029,403 1.66
51,736,184 21.27
51,300 COLOPLAST -B- DKK 3,250,427 1.34
109,800 H. LUNDBECK A/S DKK 2,017,178 0.83
186,800 NOVO NORDISK -B- DKK 10,946,609 4.50
21,000 WILLIAM DEMANT DKK 1,271,447 0.52
17,485,661 7.19
298,900 ZELTIA EUR 1,754,543 0.72
1,754,543 0.72
158,000 ORION -B- EUR 2,370,000 0.97
2,370,000 0.97
30,000 ESSILOR INTERNATIONAL EUR 2,422,500 1.00
191,000 SANOFI-AVENTIS EUR 13,408,200 5.51
15,830,700 6.51
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
330,000 ASTRAZENECA GBP 16,243,309 6.67
978,000 GLAXOSMITHKLINE GBP 20,507,498 8.43
435,200 RENOVO GBP 943,367 0.39
11,795,800 SKYEPHARMA GBP 4,261,551 1.75
1,595,000 SMITH & NEPHEW GBP 11,554,136 4.75
367,400 SSL INTERNATIONAL GBP 1,896,188 0.78
55,406,049 22.77
271,100 QIAGEN EUR 3,372,485 1.39
3,372,485 1.39
186,000 CAPIO AB SEK 3,355,954 1.38
167,200 ELEKTA AB-B SEK 2,485,442 1.02
340,000 GETINGE AB-B SHS SEK 4,907,632 2.02
10,749,028 4.42
88,000 SYNTHES CHF 7,700,589 3.16
7,700,589 3.16
241,748,700 99.36
TOTAL 241,748,700 99.36
96The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
97The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EUROPEAN IT
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
11,820 INTRACOM EUR 59,573 0.55
3,600 NEOPOST EUR 338,760 3.11
17,600 TANDBERG NOK 148,558 1.37
1,850 WINCOR NIXDORF EUR 211,584 1.94
170,020 ARM HOLDING GBP 294,586 2.71
27,650 ASML EUR 509,866 4.69
1,620 BARCO EUR 116,883 1.07
5,000 EVS BROADCASTING EQUIPMENT EUR 219,500 2.02
53,000 INFINEON TECHNOLOGIES EUR 495,550 4.56
3,700 KUDELSKI CHF 86,185 0.79
3,400 MICRONAS SEMICONDUCTOR (REG) CHF 59,933 0.55
5,500 OCE EUR 69,630 0.64
36,040 PREMIER FARNELL GBP 96,192 0.88
950 SAMSUNG ELECTRONICS (GDR) -144A USD 263,233 2.42
25,630 STMICROELECTRONICS EUR 350,362 3.22
700 UNAXIS CHF 184,645 1.70
3,505,040 32.22
15,690 ATOS ORIGIN EUR 682,044 6.27
18,000 BUSINESS OBJECTS EUR 480,420 4.42
12 CAP GEMINI SOGETI EUR 502 0.00
7,030 DASSAULT SYSTEMS EUR 311,921 2.87
13,742 GETRONICS EUR 73,107 0.67
1,020 INDRA SISTEMAS EUR 17,503 0.16
30,542 LOGICACMG GBP 69,808 0.64
60,373 MISYS GBP 201,421 1.85
89,500 SAGE GBP 331,591 3.05
2,100 SAP EUR 328,440 3.02
30,000 TELELOGIC SEK 45,565 0.42
16,300 TIETOENATOR EUR 377,834 3.47
30,000 TISCALI EUR 67,110 0.62
2,240 WM-DATA SEK 6,153 0.06
2,993,419 27.52
20,920 LOGITECH CHF 357,567 3.29
357,567 3.29
13,000 TELE ATLAS EUR 173,550 1.60
173,550 1.60
52,150 ELECTROCOMPONENTS GBP 213,975 1.97
213,975 1.97
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
111,490 ALCATEL EUR 1,073,649 9.87
43,000 CSR GBP 534,529 4.91
26,602 NOKIA -A- EUR 416,587 3.83
12,800 OPTION EUR 203,520 1.87
15,500 TANDBERG TELEVISION NOK 99,673 0.92
387,536 TELEFON ERICSSON -B- SEK 1,060,313 9.75
3,388,271 31.15
10,631,822 97.75
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Shares
2,500 BRICSNET (BANKRUPTCY) EUR 0 0.00
17,200 TELDAFAX (BANKRUPTCY) EUR 0 0.00
0 0.00
0 0.00
TOTAL 10,631,822 97.75
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
98The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EUROPEAN MATERIALS
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
83,697 ANGLO AMERICAN GBP 2,755,960 6.90
77,962 CORUS GBP 446,056 1.12
87,071 MITTAL STEEL EUR 2,396,194 5.99
59,456 THYSSENKRUPP EUR 1,579,746 3.95
62,914 VEDANTA RESOURCES GBP 1,078,950 2.70
51,273 XSTRATA GBP 1,668,650 4.17
9,925,556 24.83
75 CUMERIO (STRIP) (VVPR) EUR 6 0.00
89,777 RIO TINTO (REG) GBP 3,345,373 8.37
15,392 UMICORE EUR 1,796,246 4.49
75 UMICORE (STRIP) (VVPR) EUR 5 0.00
5,141,630 12.86
107,733 BHP BILLITON GBP 1,464,718 3.66
1,464,718 3.66
92,728 C.R.H. EUR 2,469,347 6.18
84,486 ITALCEMENTI EUR 1,687,185 4.22
16,179 LAFARGE (SICOVAM CERT.) EUR 1,647,022 4.12
5,803,554 14.52
62,035 STORA ENSO EUR 741,939 1.86
44,639 SVENSKA CELLULOSA -B- SEK 1,615,630 4.04
2,357,569 5.90
45,466 AKZO NOBEL EUR 2,208,738 5.53
70,129 BAYER EUR 2,819,186 7.05
110,937 CLARIANT CHF 1,180,292 2.95
32,027 DSM EUR 1,107,814 2.77
96,527 IMPERIAL CHEMICAL INDUSTRIES GBP 565,441 1.41
17,007 LONZA (NEW) CHF 927,197 2.32
15,917 SYNGENTA CHF 1,889,859 4.73
7,690 WACKER CHEMIE EUR 713,632 1.79
11,412,159 28.55
25,652 LINDE EUR 1,905,687 4.77
1,905,687 4.77
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
144,933 REXAM GBP 1,221,400 3.06
1,221,400 3.06
10,504 LONMIN GBP 396,367 0.99
396,367 0.99
39,628,640 99.14
TOTAL 39,628,640 99.14
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
EUROPEAN NEW OFFERINGS
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
6,000 VOEST-ALPINE EUR 195,420 0.59
195,420 0.59
1,000 CUMERIO EUR 16,480 0.05
10,500 DEXIA EUR 214,515 0.65
14,100 FORTIS EUR 451,341 1.37
11,000 INBEV EUR 477,620 1.45
5,000 INBEV (STRIP) (VVPR) EUR 150 0.00
3,075 KBC GROUP EUR 255,379 0.78
1,900 ROULARTA MEDIA EUR 100,225 0.31
7,000 TELENET GROUP HOLDING EUR 133,420 0.41
10,000 TELENET GROUP STRIP (VVPR) EUR 200 0.00
1,649,330 5.02
3,900 CIE SUISSE REASSURANCE CHF 234,965 0.72
1,650 CONVERNIUM CHF 15,789 0.05
5,000 HOLCIM (NOM) CHF 321,697 0.98
20,000 NOVARTIS (NOM.) CHF 919,135 2.80
3,500 SYNGENTA CHF 415,562 1.26
1,900 ZURICH FINANCIAL SERVICES CHF 367,512 1.12
2,274,660 6.93
4,290 ALLIANZ EUR 585,499 1.78
2,000 DEUTSCHE BOERSE EUR 237,200 0.72
9,250 EON EUR 864,690 2.63
2,000 HANNOVER RUECKVERSICHERUNG EUR 66,340 0.20
2,000 MERCK KGAA EUR 167,240 0.51
3,000 MUENCHENER RUECKVERSICH. (REG) EUR 374,130 1.14
800 PUMA EUR 215,200 0.65
2,510,299 7.63
34,000 BANCO BILBAO VIZCAYA ARGENTARIA EUR 620,500 1.89
9,250 BANCO SABADELL EUR 262,145 0.80
47,000 BANCO SANTANDER (REG) EUR 586,090 1.78
16,000 INDITEX EUR 588,160 1.79
20,000 REPSOL EUR 469,400 1.43
2,526,295 7.69
24,500 FORTUM EUR 514,745 1.57
5,625 NESTE EUR 128,925 0.39
3,000 OUTOKUMPU EUR 60,390 0.18
704,060 2.14
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
6,000 ACCOR EUR 322,500 0.98
400 ARKEMA EUR 14,884 0.05
1,000 ATOS ORIGIN EUR 43,470 0.13
21,444 AXA EUR 623,592 1.90
16,000 CREDIT AGRICOLE EUR 554,240 1.69
2,500 DASSAULT SYSTEMS EUR 110,925 0.34
204 FRANCE TELECOM EUR 3,692 0.01
51,980 JACQUES BENEDICT EUR 54,579 0.17
8,500 SANOFI-AVENTIS EUR 596,700 1.82
7,000 THALES EUR 244,930 0.75
16,000 TOTAL EUR 828,000 2.52
10,000 VEOLIA ENVIRONNEMENT EUR 476,100 1.45
5,000 VINCI EUR 439,000 1.34
18,000 VIVENDI EUR 511,740 1.56
4,824,352 14.71
47,518 BHP BILLITON GBP 646,046 1.97
10,000 BRADFORD & BINGLEY GBP 69,749 0.21
72,125 BRITISH SKY BROADCASTING GBP 580,701 1.77
15,000 BURBERRY GROUP GBP 114,134 0.35
48,166 CADBURY SCHWEPPES GBP 403,780 1.23
30,000 EASYJET GBP 214,997 0.65
10,000 ENTERPRISE INNS GBP 155,570 0.47
62,890 GLAXOSMITHKLINE GBP 1,318,729 4.01
5,000 HAMMERSON GBP 96,734 0.29
7,500 ICAP GBP 57,067 0.17
71,124 KINGFISHER GBP 257,217 0.78
106,328 LEGAL & GENERAL GBP 223,428 0.68
26,500 MICHAEL PAGE GBP 150,348 0.46
4,000 PROVIDENT FINANCIAL GBP 36,894 0.11
16,754 RECKITT BENCKISER GBP 546,979 1.66
130,000 RENTOKIL INITIAL GBP 280,838 0.85
21,057 REXAM GBP 177,454 0.54
37,670 ROYAL BANK OF SCOTLAND GBP 1,021,531 3.11
25,000 SABMILLER GBP 367,913 1.12
51,000 SAGE GBP 188,952 0.58
152,418 TESCO GBP 809,120 2.46
32,791 UNILEVER GBP 636,817 1.94
7,000 UNITED UTILITIES GBP 72,823 0.22
604,029 VODAFONE GBP 1,088,882 3.31
12,382 WILLIAM HILL W/I GBP 117,493 0.36
12,900 XSTRATA GBP 419,823 1.28
10,054,019 30.58
5,880 ALPHA CREDIT BANK EUR 123,715 0.38
4,800 EFG EUROBANK EUR 115,968 0.35
3,200 NATIONAL BANK OF GREECE EUR 108,608 0.33
348,291 1.06
99The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
100The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EUROPEAN NEW OFFERINGS
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
5,000 ELAN EUR 61,000 0.19
61,000 0.19
16,000 ASSICURAZIONI GENERALI EUR 472,000 1.44
55,000 ENEL EUR 395,725 1.20
39,500 ENI EUR 923,115 2.81
5,000 TOD'S EUR 311,900 0.95
109,840 UNICREDITO ITALIANO EUR 718,903 2.19
2,821,643 8.59
8,837 ABN AMRO EUR 203,252 0.62
11,437 AEGON EUR 169,153 0.51
13,000 ASML EUR 239,720 0.73
25,000 ENDEMOL EUR 376,250 1.15
23,243 ING GROEP EUR 806,300 2.45
21,812 KONINKLIJKE AHOLD EUR 182,785 0.56
23,000 STMICROELECTRONICS EUR 314,410 0.96
2,291,870 6.98
67,500 STATOIL NOK 1,260,899 3.84
32,000 TELENOR NOK 329,785 1.00
13,000 YARA INTERNATIONAL NOK 155,858 0.47
1,746,542 5.31
8,000 ALFA LAVAL SEK 211,989 0.65
211,989 0.65
2,000 SYNTHES CHF 175,013 0.53
175,013 0.53
32,394,783 98.60
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS TRADED ON ANOTHER REGULATED MARKET
Bonds
161,902 PICOGIGA 01/2006 4% EUR 16 0.00(CONV) (DEFAULTED)
16 0.00
16 0.00
TOTAL 32,394,799 98.60
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
101The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EUROPEAN REAL ESTATE
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
10,531 PSP SWISS PROPERTY AG CHF 420,988 0.25
420,988 0.25
475,134 IVG HOLDING EUR 13,560,324 7.99
13,560,324 7.99
63,790 IMMOBILIARIA COLONIAL EUR 3,900,759 2.30
143,432 RENTA CORPORACION REAL ESTATE EUR 4,271,405 2.52
8,172,164 4.82
1,936,000 CITYCON EUR 8,034,400 4.74
463,500 SPONDA EUR 4,125,150 2.43
12,159,550 7.17
133,600 FONCIA GROUP EUR 4,948,544 2.92
37,000 FONCIERE DES REGIONS EUR 4,391,900 2.59
51,400 KLEPIERRE EUR 6,070,340 3.58
36,251 NEXITY EUR 1,808,562 1.07
99,400 UNIBAIL EUR 16,470,580 9.71
33,689,926 19.87
450,000 BRITISH LAND GBP 9,051,095 5.34
448,000 CAPITAL & REGIONAL GBP 7,834,963 4.62
1,237,000 HELICAL BAR GBP 7,478,729 4.41
994,100 ST MODWEN PROPERTIES GBP 7,505,407 4.42
1,261,000 WORKSPACE GROUP GBP 7,572,694 4.46
39,442,888 23.25
8,472,000 BLACKROCK INTERNATIONAL LAND EUR 3,219,360 1.90
3,219,360 1.90
50,400 ORCO PROPERTY GROUP CZK 4,991,016 2.94
4,991,016 2.94
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
411,000 KARDAN EUR 3,251,010 1.92
139,100 RODAMCO EUROPE EUR 12,776,335 7.53
127,000 VASTNED OFFICES/INDUSTRIAL EUR 3,543,300 2.09
48,900 WERELDHAVE EUR 4,210,290 2.48
23,780,935 14.02
131,020 STEEN & STORM ASA NOK 4,760,036 2.81
4,760,036 2.81
200 HUFVUDSTADEN SEK 1,336 0.00
583,500 KUNGSLEDEN SEK 5,248,263 3.09
371,000 WALLENSTAM BYGGNADS SEK 4,336,026 2.56
9,585,625 5.65
153,782,812 90.67
Undertakings for collective investment
107,500 CORIO EUR 6,175,875 3.64
6,175,875 3.64
6,175,875 3.64
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Shares
304,352 WIHLBORGS SYD SEK 4,327,513 2.55
4,327,513 2.55
4,327,513 2.55
TOTAL 164,286,200 96.86
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
102The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EUROPEAN SECTOR ALLOCATION
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
22,000 BELGACOM EUR 676,280 0.38
676,280 0.38
30,000 ANGLO AMERICAN GBP 987,835 0.55
20,000 THYSSENKRUPP EUR 531,400 0.30
1,519,235 0.85
20,000 RIO TINTO (REG) GBP 745,263 0.42
745,263 0.42
50,000 BHP BILLITON GBP 679,791 0.38
679,791 0.38
15,000 C.R.H. EUR 399,450 0.22
5,000 LAFARGE (SICOVAM CERT.) EUR 509,000 0.28
15,000 SAINT-GOBAIN EUR 858,000 0.48
10,000 VINCI EUR 878,000 0.49
2,644,450 1.47
50,000 STORA ENSO EUR 598,000 0.33
35,000 UPM-KYMMENE EUR 655,900 0.37
1,253,900 0.70
120,000 BG GBP 1,148,418 0.64
610,000 BP GBP 5,235,125 2.93
90,000 ENI EUR 2,103,300 1.18
40,000 REPSOL EUR 938,800 0.53
120,000 ROYAL DUTCH SHELL-A- EUR 3,116,400 1.74
85,000 ROYAL DUTCH SHELL-B- GBP 2,272,432 1.27
20,000 STATOIL NOK 373,600 0.21
70,000 TOTAL EUR 3,622,500 2.03
18,810,575 10.53
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
6,600 AIR LIQUIDE EUR 1,061,940 0.59
10,000 AKZO NOBEL EUR 485,800 0.27
20,000 BASF EUR 1,263,000 0.71
25,000 BAYER EUR 1,005,000 0.56
3,815,740 2.13
60,000 ABB (NOM.) CHF 621,360 0.35
10,000 SCHNEIDER EUR 879,500 0.49
25,000 SIEMENS EUR 1,720,000 0.96
60,000 ROYAL PHILIPS ELECTRONICS EUR 1,660,200 0.93
45,000 STMICROELECTRONICS EUR 615,150 0.34
5,496,210 3.07
150,000 BAE SYSTEMS GBP 874,253 0.49
874,253 0.49
6,000 SAP EUR 938,400 0.53
20,000 TIETOENATOR EUR 463,600 0.26
1,402,000 0.79
50,000 SANDVIK SEK 452,416 0.25
452,416 0.25
20,000 DAIMLER-CHRYSLER EUR 788,200 0.44
10,000 PEUGEOT EUR 444,700 0.25
2,000 RENAULT EUR 180,900 0.10
1,413,800 0.79
5,000 MICHELIN (B) (NOM.) EUR 289,000 0.16
289,000 0.16
25,000 LAND SECURITIES GBP 725,503 0.41
725,503 0.41
EUROPEAN SECTOR ALLOCATION
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
90,000 CADBURY SCHWEPPES GBP 754,479 0.42
9,000 GROUPE DANONE EUR 996,300 0.56
13,000 NESTLE (REG) CHF 3,568,258 2.00
60,013 UNILEVER GBP 1,165,481 0.65
75,000 UNILEVER CVA EUR 1,455,000 0.81
7,939,518 4.44
70,000 BRITISH AMERICAN TOBACCO GBP 1,490,526 0.83
120,000 DIAGEO GBP 1,669,542 0.93
20,000 HEINEKEN EUR 721,400 0.40
40,000 IMPERIAL TOBACCO GBP 1,049,915 0.59
13,000 INBEV EUR 564,460 0.32
70,000 SCOTTISH & NEWCASTLE BREWERIES GBP 588,365 0.33
6,084,208 3.40
57,000 ASTRAZENECA GBP 2,805,662 1.57
195,000 GLAXOSMITHKLINE GBP 4,088,918 2.29
15,000 L'OREAL EUR 1,201,500 0.67
80,000 NOVARTIS (NOM.) CHF 3,676,540 2.06
15,000 NOVO NORDISK -B- DKK 879,010 0.49
23,000 ROCHE HOLDING (GENUSSCHEIN) CHF 3,130,473 1.75
35,000 SANOFI-AVENTIS EUR 2,457,000 1.38
40,000 SMITH & NEPHEW GBP 289,759 0.16
18,528,862 10.37
15,250 BURBERRY GROUP GBP 116,036 0.06
10,000 INDITEX EUR 367,600 0.21
10,000 LVMH MOET HENNESSY EUR 812,500 0.45
1,296,136 0.72
25,000 RECKITT BENCKISER GBP 816,191 0.46
816,191 0.46
50,000 GRUPPO EDITORIALE L'ESPRESSO S EUR 201,500 0.11
150,000 INDEPENDENT NEW & MEDIA EUR 357,000 0.20
55,000 PEARSON GBP 616,788 0.35
100,000 REED ELSEVIER GBP 873,701 0.49
120,000 REUTERS GBP 768,856 0.43
2,817,845 1.58
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
30,000 ALLIANCE BOOTS GBP 342,844 0.19
20,000 CARREFOUR EUR 996,600 0.56
5,000 DELHAIZE EUR 331,250 0.19
43,000 GUS GBP 612,519 0.34
25,000 HENNES & MAURITZ -B- SEK 825,389 0.46
80,000 KINGFISHER GBP 289,317 0.16
50,000 KONINKLIJKE AHOLD EUR 419,000 0.23
100,000 MARKS & SPENCER (NEW) GBP 947,431 0.53
5,000 PPR EUR 584,500 0.33
270,000 TESCO GBP 1,433,311 0.80
6,782,161 3.79
55,000 ABN AMRO EUR 1,265,004 0.71
45,000 ALLIED IRISH BANKS EUR 945,000 0.53
23,333 BANCO ESPIRITO SANTO E COMMER. EUR 281,163 0.16
200,000 BANCO SANTANDER (REG) EUR 2,494,000 1.40
35,000 BANK OF IRELAND EUR 539,700 0.30
200,000 BARCLAYS GBP 1,987,761 1.11
27,000 BNP PARIBAS EUR 2,290,950 1.28
18,000 COMMERZBANK EUR 477,900 0.27
20,000 CREDIT AGRICOLE EUR 692,800 0.39
35,000 CREDIT SUISSE CHF 1,594,164 0.89
25,000 DANSKE BANK DKK 775,252 0.43
14,000 DEUTSCHE BANK EUR 1,332,240 0.75
25,000 DEXIA EUR 510,750 0.29
35,000 FORTIS EUR 1,120,350 0.63
360,000 HSBC HOLDINGS GBP 5,173,192 2.90
55,000 ING GROEP EUR 1,907,950 1.07
200,000 LLOYDS TSB GBP 1,591,093 0.89
90,000 NORDEA BANK SEK 930,683 0.52
100,000 ROYAL BANK OF SCOTLAND GBP 2,711,789 1.52
50,000 SAN PAOLO IMI EUR 832,500 0.47
10,000 SOCIETE GENERALE PARIS -A- EUR 1,255,000 0.70
60,000 UBS CHF 2,825,396 1.58
280,000 UNICREDITO ITALIANO EUR 1,832,600 1.03
35,367,237 19.82
30,000 AMVESCAP GBP 256,580 0.14
180,000 BANCA INTESA EUR 934,020 0.52
15,000 RICHEMONT (UNITS)-A- CHF 568,479 0.32
1,759,079 0.98
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
103The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
104The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EUROPEAN SECTOR ALLOCATION
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
50,000 AEGON EUR 739,500 0.41
14,000 ALLIANZ EUR 1,910,720 1.07
30,000 ASSICURAZIONI GENERALI EUR 885,000 0.50
85,000 AVIVA GBP 981,420 0.55
55,000 AXA EUR 1,599,400 0.90
18,000 CIE SUISSE REASSURANCE CHF 1,084,453 0.61
250,000 LEGAL & GENERAL GBP 525,326 0.29
10,000 MUENCHENER RUECKVERSICH. (REG) EUR 1,247,100 0.70
80,000 PRUDENTIAL GBP 782,718 0.44
5,000 ZURICH FINANCIAL SERVICES CHF 967,138 0.54
10,722,775 6.01
40,000 DEUTSCHE POST EUR 828,000 0.46
828,000 0.46
210,000 CENTRICA GBP 1,007,189 0.56
15,000 ELIA SYSTEM OPERATOR EUR 442,050 0.25
30,000 ENDESA EUR 1,006,500 0.56
180,000 ENEL EUR 1,295,100 0.73
20,000 EON EUR 1,869,600 1.05
15,000 GAZ DE FRANCE EUR 471,000 0.26
30,000 IBERDROLA EUR 1,059,000 0.59
100,000 NATIONAL GRID GBP 984,296 0.55
15,000 RWE EUR 1,091,250 0.61
47,619 SCOTTISH POWER GBP 457,477 0.26
20,000 SEVERN TRENT GBP 394,013 0.22
150,000 SNAM RETE GAS EUR 574,500 0.32
30,000 SUEZ EUR 1,040,400 0.58
200,000 TERNA (IPO) EUR 458,800 0.26
50,000 UNITED UTILITIES GBP 520,165 0.29
10,000 VEOLIA ENVIRONNEMENT EUR 476,100 0.27
13,147,440 7.36
95,000 ALCATEL EUR 914,850 0.51
70,000 BRITISH SKY BROADCASTING GBP 563,592 0.32
370,000 BT GBP 1,462,213 0.82
125,000 DEUTSCHE TELEKOM EUR 1,567,500 0.88
78,000 FRANCE TELECOM EUR 1,411,800 0.79
60,000 MEDIASET EUR 508,500 0.28
165,000 NOKIA -A- EUR 2,583,900 1.45
60,000 PORTUGAL TELECOM EUR 591,000 0.33
2,500 SWISSCOM CHF 655,120 0.37
530,000 TELECOM ITALIA EUR 1,187,200 0.66
650,000 TELEFON ERICSSON -B- SEK 1,778,424 1.00
165,000 TELEFONICA DE ESPANA EUR 2,255,550 1.26
55,000 VIVENDI EUR 1,563,650 0.88
1,900,000 VODAFONE GBP 3,425,127 1.92
20,468,426 11.47
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
15,000 ACCOR EUR 806,250 0.45
150,000 COMPASS GBP 593,342 0.33
35,294 LADBROKES GBP 202,453 0.11
1,602,045 0.89
120,000 HBOS GBP 1,870,383 1.05
1,870,383 1.05
250,000 RENTOKIL INITIAL GBP 540,072 0.30
70,000 WPP GBP 683,330 0.38
1,223,402 0.68
110,000 BANCO BILBAO VIZCAYA ARGENTARIA EUR 2,007,500 1.12
100,000 BANCO COMMERCIAL PORTUGUES EUR 245,000 0.14
2,252,500 1.26
174,304,624 97.56
TOTAL 174,304,624 97.56
EUROPEAN SMALL CAPS
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
161,595 CEMENTIR EUR 982,174 1.64
77,315 KINGSPAN GROUP EUR 1,256,369 2.10
2,238,543 3.74
851,692 PAN FISH ASA NOK 530,148 0.89
530,148 0.89
174,013 OCEAN RIG NOK 857,684 1.44
857,684 1.44
199,229 KEMIRA GROWHOW EUR 1,099,744 1.84
1,400 SIKA CHF 1,388,146 2.32
2,487,890 4.16
19,186 NEXANS EUR 1,315,200 2.20
29,332 AUSTRIAMICROSYSTEMS AG CHF 1,308,302 2.19
51,470 MELEXIS EUR 685,580 1.15
3,309,082 5.54
3,364 ULTRA ELECTRONICS GBP 52,135 0.09
52,135 0.09
139,528 EDB BUSINESS PARTNER ASA NOK 870,202 1.46
41,433 ENGINEERING -INGEGNERIA EUR 1,271,993 2.13INFORMATICA
154,346 GFI INFORMATIQUE EUR 845,816 1.42
43,331 ORDINA EUR 638,699 1.07
101,716 UNIT 4 AGRESSO EUR 1,586,770 2.65
5,213,480 8.73
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
24,658 ALFA LAVAL SEK 653,403 1.09
27,365 DEMAG CRANES EUR 738,855 1.24
143,080 INVENSYS GBP 438,323 0.73
44,216 IWKA EUR 709,225 1.19
30,495 PINGUELY-HAULOTTE EUR 622,403 1.04
3,162,209 5.29
20,333 ELRINGKLINGER EUR 817,793 1.37
817,793 1.37
39,100 ST MODWEN PROPERTIES GBP 295,203 0.49
40,000 WORKSPACE GROUP GBP 240,212 0.40
535,415 0.89
178,557 GREENCORE GROUP EUR 696,372 1.17
40,719 SR TELEPERFORMANCE EUR 1,197,139 2.00
1,893,511 3.17
144,212 DAVIDE CAMPARI EUR 1,041,643 1.74
1,041,643 1.74
64,388 CARL ZEISS MEDITEC EUR 1,191,178 1.99
23,839 DRAEGERWERK EUR 1,113,281 1.86
9,190 ZENTIVA (GDR) USD 420,778 0.70
2,725,237 4.55
110,362 KAPPAHL HOLDING SEK 641,951 1.07
641,951 1.07
110,671 ENIRO AB SEK 1,072,913 1.80
247,649 INFORMA GBP 1,806,744 3.02
76,142 TELE ATLAS EUR 1,016,496 1.70
3,896,153 6.52
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
105The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
106The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
EUROPEAN SMALL CAPS
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
19,878 CHARLES VOEGELE HOLDING CHF 1,238,895 2.07
15,528 DUFRY CHF 977,557 1.64
100,000 GAME GROUP GBP 130,133 0.22
64,159 JERONIMO MARTINS SGPS EUR 903,359 1.51
3,249,944 5.44
129,442 OKO BANK -A- EUR 1,628,380 2.72
151,810 PROVIDENT FINANCIAL GBP 1,400,238 2.34
3,028,618 5.06
4,810 BURCKHARDT COMPRESSION CHF 361,859 0.61
22,757 EUROCASTLE INVESTMENT EUR 698,412 1.17
50,000 INTRUM JUSTITIA SEK 387,785 0.65
1,448,056 2.43
147,867 CATLIN GBP 1,042,254 1.74
903,503 CHAUCER GBP 972,583 1.63
2,014,837 3.37
200,000 RPS GBP 675,367 1.13
675,367 1.13
53,769 MVV ENERGIE EUR 1,249,054 2.09
200,000 NORTHUMBRIAN WATER GBP 819,878 1.37
2,068,932 3.46
18,113 CARRERE EUR 370,773 0.62
72,337 TANDBERG TELEVISION NOK 465,164 0.78
835,937 1.40
200,000 FIRST CHOICE HOLIDAYS GBP 588,365 0.98
90,585 PUNCH TAVERNS GBP 1,295,026 2.17
24,541 TRIGANO EUR 872,187 1.46
2,755,578 4.61
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
561,270 GROUP 4 SECURICOR GBP 1,398,726 2.34
194,026 IG GROUP HOLDING GBP 741,027 1.24
289,129 MICHAEL PAGE GBP 1,640,380 2.74
393,726 MITIE GBP 1,174,240 1.96
448,649 OBSERVER AB SEK 1,739,793 2.91
76,946 PADDY POWER EUR 1,138,801 1.91
702,029 PROOFFICE AB-B SHS SEK 1,338,494 2.24
170,745 SAMAS EUR 1,354,008 2.27
32,488 TECHEM EUR 1,240,717 2.08
12,061 USG PEOPLE EUR 665,165 1.11
12,431,351 20.80
20,000 BABIS VOVOS EUR 412,000 0.69
220,528 ERINACEOUS GBP 1,025,976 1.72
1,437,976 2.41
59,349,470 99.30
TOTAL 59,349,470 99.30
EUROPEAN TELECOM
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
466,334 TELEKOM AUSTRIA EUR 9,280,047 8.60
9,280,047 8.60
78,400 BELGACOM EUR 2,410,016 2.23
61,735 MOBISTAR EUR 4,031,296 3.74
6,441,312 5.97
6,650 SWISSCOM CHF 1,742,619 1.62
1,742,619 1.62
753 DEUTSCHE TELEKOM EUR 9,443 0.01
9,443 0.01
779,364 TELEFONICA DE ESPANA EUR 10,653,906 9.88
10,653,906 9.88
304,526 ELISA COMMUNICATIONS EUR 5,298,752 4.91
5,298,752 4.91
121,530 BOUYGUES EUR 5,126,135 4.75
2,903 FRANCE TELECOM EUR 52,544 0.05
137,300 VIVENDI EUR 3,903,439 3.62
9,082,118 8.42
1,346,368 BT GBP 5,320,749 4.93
2,579,211 CABLE & WIRELESS GBP 5,267,577 4.88
5,855,824 VODAFONE GBP 10,556,285 9.79
21,144,611 19.60
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
241,300 COSMOTE MOBILE EUR 4,560,570 4.23COMMUNICATIONS
260,328 HELLENIC COMMUNICATIONS EUR 5,034,744 4.67
9,595,314 8.90
540,690 TELECOM ITALIA EUR 1,211,146 1.12
1,879,102 TELECOM ITALIA RNC EUR 3,570,294 3.31
4,781,440 4.43
524,995 KPN (DEMAT.) EUR 5,281,450 4.90
5,281,450 4.90
1,035,774 TELENOR NOK 10,674,462 9.89
10,674,462 9.89
512,698 PORTUGAL TELECOM EUR 5,050,075 4.68
5,050,075 4.68
619,069 TELE2 SEK 4,934,680 4.57
612,190 TELIASONERA SEK 3,099,361 2.87
8,034,041 7.44
107,069,590 99.25
TOTAL 107,069,590 99.25
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
107The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
FOOD & BEVERAGES
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
15,000 DELHAIZE EUR 1,258,833 0.69
1,258,833 0.69
50,000 NATURA COSMETICS BRL 614,697 0.34
614,697 0.34
115,000 SHOPPERS DRUG MART CAD 4,706,582 2.60
4,706,582 2.60
50,000 NESTLE (REG) CHF 17,384,966 9.59
17,384,966 9.59
25,000 HENKEL (PREF) EUR 3,472,795 1.92
3,472,795 1.92
23,000 PERNOD-RICARD EUR 4,781,095 2.64
4,781,095 2.64
110,000 ALLIANCE BOOTS GBP 1,592,427 0.88
200,000 BRITISH AMERICAN TOBACCO GBP 5,394,640 2.98
440,000 CADBURY SCHWEPPES GBP 4,672,490 2.58
350,000 DIAGEO GBP 6,168,438 3.40
135,000 IMPERIAL TOBACCO GBP 4,488,684 2.48
125,000 RECKITT BENCKISER GBP 5,169,552 2.85
230,000 SABMILLER GBP 4,287,692 2.37
70,000 TATE & LYLE GBP 940,793 0.52
800,000 TESCO GBP 5,379,696 2.97
38,094,412 21.03
125,000 COCA COLA HELLENIC BOTLING EUR 4,303,783 2.37
4,303,783 2.37
50,000 AEON JPY 1,226,019 0.68
900 JAPAN TOBACCO JPY 3,498,920 1.93
52,900 SEVEN & I HOLDING JPY 1,702,621 0.94
135,000 SHISEIDO JPY 2,698,513 1.49
150,000 SUNDRUG JPY 3,443,018 1.90
12,569,091 6.94
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
20,000 FOMENTO ECONOMICO USD 1,938,800 1.07MEXICO-SP (ADR)
550,000 GRUMA -B- MXN 1,680,693 0.93
300,000 GRUPO MODELO MXN 1,300,786 0.72
4,920,279 2.72
30,000 HEINEKEN EUR 1,370,750 0.76
105,000 NUMICO EUR 4,721,811 2.60
6,092,561 3.36
223,000 ALTRIA GROUP USD 17,070,651 9.42
25,000 CAMPBELL SOUP USD 912,500 0.50
15,000 CLOROX USD 945,000 0.52
100,000 COCA COLA USD 4,468,000 2.46
40,000 COLGATE-PALMOLIVE USD 2,484,000 1.37
225,000 CVS USD 7,227,000 3.99
15,000 DEAN FOODS USD 630,300 0.35
25,000 ESTEE LAUDER COMPANIES USD 1,008,250 0.56
80,000 KELLOGG USD 3,961,600 2.19
135,000 PEPSICO USD 8,810,100 4.86
285,000 PROCTER & GAMBLE USD 17,664,300 9.74
80,000 SARA LEE USD 1,285,600 0.71
35,000 SMITHFIELD FOODS USD 945,700 0.52
60,000 SYSCO USD 2,007,000 1.11
60,000 TYSON FOODS USD 952,800 0.53
180,000 WAL-MART STORES USD 8,877,600 4.90
15,000 WHOLE FOODS MARKET USD 891,450 0.49
80,141,851 44.22
178,340,945 98.42
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Shares
68,900 COCA-COLA ICECEK URETIM TRY 341,646 0.19
341,646 0.19
341,646 0.19
TOTAL 178,682,591 98.61
108The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
GLOBAL BRANDS
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
4,000 NESTLE (REG) CHF 1,097,926 2.29
15,000 NOVARTIS (NOM.) CHF 689,351 1.44
32,862 RICHEMONT (UNITS)-A- CHF 1,245,423 2.60
30,378 UBS CHF 1,430,498 2.99
4,463,198 9.32
20,000 ADIDAS-SALOMON EUR 742,000 1.55
30,000 BMW EUR 1,267,200 2.64
2,009,200 4.19
15,000 ACCOR EUR 806,250 1.68
9,324 LVMH MOET HENNESSY EUR 757,575 1.58
3,000 PERNOD-RICARD EUR 492,300 1.03
45,000 TOTAL EUR 2,328,750 4.86
4,384,875 9.15
50,000 BP GBP 429,109 0.90
129,425 CADBURY SCHWEPPES GBP 1,084,983 2.26
48,133 GLAXOSMITHKLINE GBP 1,009,292 2.11
23,510 MICHAEL PAGE GBP 133,385 0.28
45,000 RECKITT BENCKISER GBP 1,469,144 3.07
50,000 ROYAL DUTCH SHELL-A- EUR 1,298,500 2.71
50,000 SABMILLER GBP 735,825 1.54
509,894 VODAFONE GBP 919,185 1.92
7,079,423 14.79
50,000 BULGARI EUR 502,000 1.05
502,000 1.05
155 JAPAN TOBACCO JPY 475,699 0.99
475,699 0.99
6,941 SAMSUNG ELECTRONICS (GDR) -144A USD 1,923,261 4.01
1,923,261 4.01
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
14,000 FOMENTO ECONOMICO USD 1,071,372 2.24MEXICO-SP (ADR)
346,000 GRUPO MODELO MXN 1,184,322 2.47
2,255,694 4.71
65,265 ING GROEP EUR 2,264,043 4.73
50,000 NUMICO EUR 1,775,000 3.70
70,000 TELE ATLAS EUR 934,500 1.95
4,973,543 10.38
50,000 CARNIVAL USD 1,856,323 3.87
1,856,323 3.87
14,311 ALTRIA GROUP USD 864,817 1.80
10,000 AMGEN USD 564,673 1.18
100,000 CISCO SYSTEMS USD 1,815,670 3.79
28,116 CITIGROUP USD 1,102,445 2.30
3,503 GOOGLE USD 1,111,392 2.32
58,287 JP MORGAN CHASE & CO USD 2,160,772 4.51
19,000 MERRILL LYNCH USD 1,173,223 2.45
60,000 MICROSOFT USD 1,294,494 2.70
60,000 NEWS CORP -B- USD 977,620 2.04
41,000 NIKE USD 2,835,934 5.92
167,934 TIME WARNER USD 2,416,765 5.04
16,317,805 34.05
46,241,021 96.51
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Shares
582,733 VODAFONE GROUP (RNCP) GBP 128,895 0.27
128,895 0.27
128,895 0.27
TOTAL 46,369,916 96.78
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
109The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
GLOBAL GROWTH
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,351 SCHLUMBERGER USD 66,156 0.71
66,156 0.71
3,617 TELEKOM AUSTRIA EUR 71,978 0.78
71,978 0.78
821 BUNGE USD 37,558 0.40
110,000 CHINA YURUN FOOD HKD 72,213 0.78
12,400 GLOBAL CROSSING USD 200,671 2.16
3,500 ORIENT EXPRESS HOTELS USD 103,280 1.11
413,722 4.45
691 PETROLEO BRASILEIRO (ADR) USD 45,728 0.49
45,728 0.49
1,650 CAMECO CAD 47,553 0.51
1,104 CANADIAN NATURAL RESSOURCES CAD 39,793 0.43
87,346 0.94
2,461 DUFRY CHF 154,931 1.67
286 NESTLE (REG) CHF 78,502 0.85
2,345 NOVARTIS (NOM.) CHF 107,769 1.16
580 ROCHE HOLDING (GENUSSCHEIN) CHF 78,942 0.85
2,192 UBS CHF 103,221 1.11
523,365 5.64
135,000 AIR CHINA -H- HKD 45,954 0.49
34,000 CHINA MERCHANTS BANK -H- HKD 37,821 0.41
30,000 DONGFANG ELECTRICAL MACHIN-H HKD 41,212 0.44
322,000 FIRST TRACTOR -H- HKD 53,499 0.58
74,000 HARBIN POWER EQUIPEMENT -H- HKD 47,230 0.51
23,500 PING AN INSURANCE -H- HKD 66,661 0.72
292,377 3.15
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
855 DOUGLAS HOLDING EUR 31,550 0.34
980 FRESENIUS MEDICAL CARE EUR 100,391 1.08
131,941 1.42
1,042 ORASCOM TELECOM (GDR) USD 45,431 0.49
45,431 0.49
4,904 BANCO BILBAO VIZCAYA ARGENTARIA EUR 89,498 0.96
5,327 EBRO PULEVA EUR 85,871 0.92
175,369 1.88
650 ILIAD EUR 36,855 0.40
36,855 0.40
7,649 BHP BILLITON GBP 103,994 1.12
4,814 BP GBP 41,315 0.44
10,000 BURBERRY GROUP GBP 76,089 0.82
1,309 CARNIVAL GBP 49,318 0.53
5,006 GLAXOSMITHKLINE GBP 104,970 1.13
9,988 PETROFAC GBP 45,842 0.49
1,260 RIO TINTO (REG) GBP 46,952 0.51
2,036 SABMILLER GBP 29,963 0.32
6,170 STANDARD CHARTERED GBP 124,464 1.34
4,000 VEDANTA RESOURCES GBP 68,598 0.74
34,237 VODAFONE GBP 61,719 0.66
753,224 8.10
62,000 BEIJING DATANG POWER GEN H HKD 36,745 0.40
78,000 CHAODA MODERN AGRICULTURE HKD 37,693 0.41
146,000 GUANGDONG INVEST HKD 46,592 0.50
121,030 1.31
5,148 DEPFA BANK EUR 74,955 0.81
74,955 0.81
110The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
GLOBAL GROWTH
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
2,553 TEVA PHARMACEUTICAL IND. (ADR) USD 68,705 0.74
68,705 0.74
1,700 DAITO TRUST CONSTRUCT JPY 72,861 0.78
3,000 DAIWA HOUSE INDUSTRY JPY 41,021 0.44
2,700 ISETAN JPY 35,980 0.39
3,300 KIBUN FOOD CHEMIFA CO JPY 25,639 0.28
7 MITSUBISHI TOKYO FINANCIAL JPY 71,143 0.77
9 MIZUHO FINANCIAL JPY 55,122 0.59
2,800 SONY JPY 89,490 0.96
15,000 TORAY INDUSTRIES JPY 89,162 0.96
9,000 TOSHIBA JPY 46,096 0.50
526,514 5.67
1,500 FOCUS MEDIA (ADR) USD 68,585 0.74
1,403 HERBALIFE USD 41,954 0.45
595 TRANSOCEAN USD 34,397 0.37
144,936 1.56
18,278 EMPRESAS ICA SA MXN 51,951 0.56
51,951 0.56
2,000 NUMICO EUR 71,000 0.76
8,885 SAMAS EUR 70,458 0.76
1,225 TELE ATLAS EUR 16,354 0.18
1,283 ZENTIVA CZK 58,992 0.64
216,804 2.34
1,448 PETROLEUM GEO-SERVICES NOK 55,763 0.60
1,032 STATOIL NOK 19,278 0.21
2,598 TANDBERG TELEVISION NOK 16,706 0.18
11,966 TELENOR NOK 123,319 1.33
215,066 2.32
1,200 VIMPEL COMMUNICATIONS (ADR) USD 57,397 0.62
57,397 0.62
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
31,462 TELEFON ERICSSON -B- SEK 86,081 0.93
86,081 0.93
3,800 ACTIVISION USD 45,296 0.49
1,910 AMERICAN INTERNATIONAL USD 99,907 1.08
1,373 AMGEN USD 77,530 0.83
3,622 APPLE COMPUTER USD 220,251 2.37
2,457 ARCHER-DANIELS-MIDLAND USD 73,472 0.79
2,510 BEA SYSTEMS USD 30,118 0.32
2,907 BROADCOM USD 69,626 0.75
1,283 CAPITAL ONE FINANCIAL USD 79,669 0.86
6,500 CHEESECAKE FACTORY USD 139,518 1.50
4,657 CHESAPEAKE ENERGY CORP USD 106,540 1.15
8,058 CISCO SYSTEMS USD 146,307 1.58
2,562 CITRIX SYSTEMS USD 73,235 0.79
1,631 COLGATE-PALMOLIVE USD 79,957 0.86
2,343 COMCAST -A- USD 68,158 0.73
4,400 COMMVAULT SYSTEMS USD 62,522 0.67
4,000 CORNING USD 77,079 0.83
1,400 CVS USD 35,499 0.38
3,848 EBAY USD 86,149 0.93
2,718 ELECTRONIC ARTS USD 119,470 1.29
1,040 ENERGY CONVERSION DEVICES USD 30,410 0.33
1,153 FRANKLIN RESOURCES USD 96,254 1.04
731 GENENTECH USD 47,723 0.51
1,890 GILEAD SCIENCES USD 102,501 1.10
378 GOLDMAN SACHS USD 50,481 0.54
672 GOOGLE USD 213,204 2.30
8,300 HANSEN NATURAL USD 212,815 2.29
9,748 INTEL USD 158,292 1.70
2,248 JOHNSON & JOHNSON USD 115,244 1.24
11,204 JUNIPER NETWORKS USD 152,836 1.65
2,204 KERYX BIOPHARMACEUTICALS USD 20,583 0.22
6,931 L-1 IDENTITY SOLUTIONS USD 71,403 0.77
5,000 LIBERTY GLOBAL -A- USD 101,599 1.09
1,300 LIFE TIME FITNESS USD 47,505 0.51
1,167 MEMC ELECTRONIC MATERIALS USD 33,746 0.36
2,119 MGP INGREDIENTS USD 35,580 0.38
7,314 MICROSOFT USD 157,799 1.70
6,000 MOSAIC USD 80,047 0.86
2,218 MOTOROLA USD 43,773 0.47
1,273 NAVTEQ USD 26,239 0.28
3,804 NEWS CORP -A- WI USD 59,008 0.64
1,490 NUTRISYSTEM USD 73,268 0.79
3,088 OCCIDENTAL PETROLEUM USD 117,279 1.26
1,646 PALL USD 40,034 0.43
1,847 PEPSICO USD 95,153 1.02
1,869 PROCTER & GAMBLE USD 91,447 0.98
4,000 SAVVIS USD 89,994 0.97
2,435 SPRINT NEXTEL USD 32,966 0.36
1,638 STARBUCKS USD 44,029 0.47
1,700 STARWOOD HOTELS & RESORTS USD 76,750 0.83
3,053 TELIK USD 42,876 0.46
1,110 TEXTRON USD 76,673 0.83
13,000 TIME WARNER USD 187,085 2.01
2,136 VERTEX PHARMACEUTICALS USD 56,741 0.61
2,500 VIACOM -B- USD 73,377 0.79
1,700 WHOLE FOODS MARKET USD 79,756 0.86
2,374 WYETH USD 95,279 1.03
4,820,052 51.88
9,026,983 97.19
111The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
GLOBAL GROWTH
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Undertakings for collective investment
5,200 CONSUMER DISCRETIONARY SELT USD 143,387 1.54
143,387 1.54
143,387 1.54
TOTAL 9,170,370 98.73
112The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
GLOBAL HIGH DIVIDEND
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
426,526 ANZ BANKING GROUP AUD 6,749,036 0.92
810,614 COCA-COLA AMATIL AUD 3,194,703 0.43
2,001,311 FOSTER'S GROUP AUD 7,592,603 1.03
302,621 PUBLISHING & BROADCASTING AUD 3,323,037 0.45
388,430 ST. GEORGE BANK AUD 6,919,660 0.94
807,588 STOCKLAND TRUST GROUP AUD 3,520,560 0.48
391,110 SUNCORP METWAY AUD 5,055,054 0.69
375,225 TABCORP HOLDINGS AUD 3,454,944 0.47
363,911 WESFARMERS AUD 7,488,313 1.02
649,411 WESTFIELD GROUP AUD 7,199,950 0.98
54,497,860 7.41
256,153 BELGACOM EUR 7,874,143 1.07
244,222 FORTIS EUR 7,817,546 1.06
15,691,689 2.13
172,227 COMPANHIA SIDERURGICA USD 3,865,335 0.52NACIONAL (ADR)
132,097 PETROBRAS BRASILEIRO (ADR) USD 7,804,334 1.06
678,489 TELE NORTE LESTE PART (ADR) USD 7,343,268 1.00
19,012,937 2.58
486,911 BCE CAD 10,446,235 1.42
143,027 BELL ALIANT REGIONAL COMM CAD 3,537,091 0.48INCOME FD
188,195 CAN.IMPERIAL BK.OF COMMERCE CAD 11,219,125 1.52
290,459 FORDING CANADIAN COAL TRUST USD 6,083,187 0.83
379,156 PRECISION DRILLING TRUST CAD 9,210,278 1.25
349,113 TRANSCANADA CAD 8,683,051 1.18
49,178,967 6.68
541,096 DEUTSCHE TELEKOM EUR 6,785,344 0.92
73,543 EON EUR 6,874,800 0.93
13,660,144 1.85
218,195 DANSKE BANK DKK 6,766,247 0.92
6,766,247 0.92
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
402,569 FRANCE TELECOM EUR 7,286,499 0.99
56,967 SOCIETE GENERALE PARIS -A- EUR 7,149,358 0.97
240,619 VIVENDI EUR 6,840,798 0.93
21,276,655 2.89
731,975 BARCLAYS GBP 7,274,956 0.99
908,018 BBA GROUP GBP 3,564,990 0.48
501,701 DIAGEO GBP 6,980,091 0.95
2,382,231 DSG INTERNATIONAL GBP 7,693,115 1.04
343,979 GLAXOSMITHKLINE GBP 7,212,831 0.98
470,639 GUS GBP 6,704,081 0.91
275,039 IMPERIAL TOBACCO GBP 7,219,191 0.98
3,613,237 LEGAL & GENERAL GBP 7,592,513 1.03
861,790 LLOYDS TSB GBP 6,855,942 0.93
381,421 PROVIDENT FINANCIAL GBP 3,518,084 0.48
394,076 ROYAL BANK OF SCOTLAND GBP 10,686,511 1.45
261,868 ROYAL DUTCH SHELL-A- EUR 6,800,712 0.92
393,841 SEVERN TRENT GBP 7,758,926 1.05
89,861,943 12.19
238,658 OPAP EUR 6,324,437 0.86
6,324,437 0.86
1,451,000 CITIC PACIFIC HKD 3,527,982 0.48
763,500 CLP HOLDINGS HKD 3,650,889 0.50
8,730,000 PETROCHINA HKD 7,411,497 1.01
14,590,368 1.99
353,761 ALLIED IRISH BANKS EUR 7,428,981 1.01
7,428,981 1.01
1,222,731 BANK HAPOALIM LTD ILS 4,560,563 0.62
4,560,563 0.62
113The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
GLOBAL HIGH DIVIDEND
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,478,315 BANCA INTESA EUR 7,670,977 1.04
1,207,177 ENEL EUR 8,685,639 1.18
473,632 ENI EUR 11,068,780 1.50
853,935 MEDIASET EUR 7,237,099 0.98
1,914,159 SNAM RETE GAS EUR 7,331,229 1.00
3,444,522 TELECOM ITALIA RNC EUR 6,544,592 0.89
1,138,416 UNICREDITO ITALIANO EUR 7,450,933 1.01
55,989,249 7.60
213,886 KT CORP (ADR) USD 3,625,129 0.49
72,752 SSANGYONG OIL KRW 3,840,936 0.52
7,466,065 1.01
298,445 ABN AMRO EUR 6,864,235 0.93
735,433 KPN (DEMAT.) EUR 7,398,456 1.00
45,815 RODAMCO EUROPE EUR 4,208,108 0.57
18,470,799 2.50
770,279 DNB NOK 7,453,260 1.01
7,453,260 1.01
1,747,889 TELECOM CORP OF NEW ZEALAND NZD 3,918,832 0.53
3,918,832 0.53
410,151 BRISA AUTO-ESTRADAS DE PORTUGAL EUR 3,584,720 0.49
707,382 PORTUGAL TELECOM EUR 6,967,713 0.95
10,552,433 1.44
94,956 SCANIA AB-B SEK 4,469,841 0.61
206,276 SVENSKA CELLULOSA -B- SEK 7,465,798 1.01
188,744 VOLVO AB -B- SEK 8,874,536 1.21
20,810,175 2.83
871,000 UNITED OVERSEAS BANK SGD 7,064,915 0.96
7,064,915 0.96
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,382,400 ADVANCED INFO SERVICE THB 2,613,189 0.35
533,950 SIAM CEMENT PUBLIC (FRG REG) THB 2,871,012 0.39
5,484,201 0.74
112,902 AGL RESOURCES USD 3,253,144 0.44
169,632 ALTRIA GROUP USD 10,250,902 1.39
169,153 AMEREN USD 7,049,210 0.96
255,603 AMERICAN CAPITAL STRATEGIES USD 7,964,200 1.08
160,235 ARTHUR J GALLAGHER & CO USD 3,373,568 0.46
298,589 AT&T USD 7,674,804 1.04
262,815 BANK OF AMERICA USD 11,114,268 1.51
345,988 BRISTOL MYERS SQUIBB USD 6,806,411 0.92
264,252 CITIGROUP USD 10,361,474 1.41
661,990 CITIZENS COMMUNICATIONS USD 7,337,154 1.00
368,941 CONAGRA FOODS USD 7,129,801 0.97
190,831 CONSOLIDATED EDISON USD 6,959,852 0.95
82,570 DEVELOPERS DIVERSIFIED REALITY USD 3,634,579 0.49
213,373 DU PONT DE NEMOURS USD 7,216,025 0.98
290,151 DUKE ENERGY USD 6,917,356 0.94
95,890 DUKE REALTY USD 2,827,307 0.38
183,988 ENERGY EAST CORP USD 3,445,191 0.47
221,995 FIRST HORIZON NATIONAL USD 6,661,164 0.90
61,021 HANESBRANDS USD 1,084,336 0.15
80,796 HOSPITALITY PROPERTIES USD 3,010,516 0.41
93,709 ISTAR FINANCIAL USD 3,084,796 0.42
245,518 KEYCORP USD 7,256,518 0.99
83,497 KINDER MORGAN USD 6,911,119 0.94
111,225 KINDER MORGAN ENERGY PARTNERS USD 3,852,815 0.52
76,360 LIBERTY PROPERTY TRUST USD 2,880,793 0.39
229,576 MERCK USD 7,593,633 1.03
207,831 NISOURCE USD 3,566,802 0.48
182,261 ONEOK USD 5,437,255 0.74
350,302 PFIZER USD 7,842,561 1.06
152,530 PUBLIC SERVICE ENTERPRISE GROUP USD 7,367,918 1.00
111,491 RAYONIER USD 3,326,907 0.45
145,074 REYNOLDS AMERICAN USD 7,097,088 0.96
329,555 SARA LEE USD 4,180,737 0.57
264,601 SOUTHERN USD 7,198,066 0.98
153,560 THORNBURG MORTGAGE USD 3,087,565 0.42
160,914 UNITED DOMINION REALTY TRUST USD 3,836,276 0.52
266,050 US BANCORP USD 6,977,052 0.95
279,212 UST USD 12,085,411 1.64
107,915 VENTAS USD 3,283,240 0.45
325,010 WASHINGTON MUTUAL USD 11,153,096 1.51
242,090,910 32.87
736,572 EDGARS CONSOLIDATED STORES ZAR 2,245,578 0.30
407,086 STANDARD BANK GROUP ZAR 3,218,943 0.44
345,404 TELKOM SA ZAR 4,721,079 0.64
10,185,600 1.38
692,337,230 94.00
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
114The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
GLOBAL HIGH DIVIDEND
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Warrants & Rights
2,900,540 FORMOSA CHEMICALS (WT 2010) USD 3,389,864 0.46
3,389,864 0.46
5,874,000 MORGAN STANLEY MEGA FIN USD 3,287,678 0.45(WT 26/01/2007)
3,287,678 0.45
3,736,000 CITIGROUP LITE-ON-TECHNOLOGY USD 3,624,665 0.49(WT 2010)
3,624,665 0.49
10,302,207 1.40
Undertakings for collective investment
115,721 ENERPLUS RESOURCES FUND USD 4,594,126 0.62
4,594,126 0.62
4,594,126 0.62
TOTAL 707,233,563 96.02
115The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
GLOBAL REAL ESTATE
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
9,500 CONWERT IMMOBILIEN INVEST EUR 151,050 0.58
151,050 0.58
43,000 CENTRO PROPERTIES GROUP AUD 203,918 0.78
130,400 DB RREEF TRUST AUD 122,910 0.47
156,200 GENERAL PROPERTY GROUP AUD 432,483 1.66
182,600 INVESTA PROPERTY AUD 264,622 1.02
108,400 MACQUARIE COUNTRYWIDE TRUST AUD 127,717 0.49
92,900 MACQUARIE GOODMAN AUD 356,824 1.37
45,800 MIRVAC GROUP AUD 127,889 0.49
28,800 STOCKLAND TRUST GROUP AUD 125,549 0.48
84,000 WESTFIELD GROUP AUD 931,299 3.58
2,693,211 10.34
6,800 CALLOWAY REAL ESTATE CAD 131,212 0.50INVESTEMENT TRUST
4,400 DUNDEE REAL ESTATE INV. TRUST CAD 107,661 0.41
15,300 RIOCAN REAL ESTATE CAD 259,935 1.00
10,900 SUNRISE SENIOR LIVING REAL ESTATE CAD 79,055 0.30
577,863 2.21
68,900 GUANGZHOU R&F PROPERTIES -H- HKD 76,642 0.29
76,642 0.29
1,500 DEUTSCHE WOHNEN EUR 69,750 0.27
2,500 DEUTSCHE WOHNEN EUR 119,500 0.46
100 DIC ASSET EUR 2,825 0.01
1,900 IVG HOLDING EUR 54,226 0.21
3,600 PATRIZIA IMMOBILIEN EUR 75,888 0.29
322,189 1.24
14,200 SPONDA EUR 126,380 0.49
126,380 0.49
3,200 KLEPIERRE EUR 377,920 1.45
1,600 STE DE LA TOUR EIFFEL EUR 200,000 0.77
2,480 UNIBAIL EUR 410,936 1.58
988,856 3.80
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
35,300 BRITISH LAND GBP 710,008 2.73
9,900 CAPITAL & REGIONAL GBP 173,139 0.67
9,600 DERWENT VALLEY GBP 258,350 0.99
20,300 HAMMERSON GBP 392,739 1.51
27,100 LAND SECURITIES GBP 786,445 3.02
3,000 LIBERTY INTL GBP 54,192 0.21
18,800 SLOUGH ESTATES GBP 184,354 0.71
2,559,227 9.84
7,200 ATLAS ESTATES GBP 32,541 0.13
1,100 MAPELEY GBP 54,874 0.21
87,415 0.34
310,400 CHAMPION REIT HKD 122,012 0.47
34,300 CHEUNG KONG HKD 290,675 1.12
35,700 HANG LUNG GROUP HKD 72,515 0.28
94,600 HONG KONG LAND HOLDINGS USD 289,756 1.11
45,900 HYSAN DEVELOPMENT HKD 92,909 0.36
59,000 KERRY PROPERTIES HKD 170,351 0.65
64,000 SUN HUNG KAI PROPERTIES HKD 551,445 2.12
91,800 THE LINK REAL ESTATE HKD 150,849 0.58INVESTMENT TRUST
1,740,512 6.69
61,400 BENI STABILI EUR 54,044 0.21
54,044 0.21
21 JAPAN LOGISTICS FUND JPY 122,440 0.47
16 JAPAN RETAIL FUND INVESTMENT JPY 93,074 0.36
18 KENEDIX REALTY INVESTMENT JPY 73,777 0.28
4,000 LEOPALACE21 CORP JPY 115,272 0.44
55,900 MITSUBISHI ESTATE JPY 964,316 3.71
48,000 MITSUI FUDOSAN JPY 861,734 3.31
26 OFFICE BUILDING FUND OF JAPAN INC JPY 208,614 0.80
23,400 SUMITOMO REALTY & DEVELOPMNT JPY 542,917 2.09
2,982,144 11.46
133,200 SHUI ON LAND HKD 72,195 0.28
72,195 0.28
116The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
GLOBAL REAL ESTATE
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
4,400 RODAMCO EUROPE EUR 404,140 1.55
2,030 VASTNED RETAIL EUR 131,341 0.50
535,481 2.05
26,500 CASTELLUM SEK 235,498 0.90
235,498 0.90
74,000 CAPITACOMMERCIAL TRUST SGD 81,381 0.31
103,000 CAPITALAND SGD 258,839 0.99
11,000 CAPITAMALL SGD 13,794 0.05
91,900 CAPITAMALL TRUST SGD 116,158 0.45
25,000 CITY DEVELOPMENT SGD 133,114 0.51
603,286 2.31
5,900 AMB PROPERTY CORP USD 256,680 0.99
13,900 ARCHSTONE-SMITH TRUST USD 597,368 2.30
4,800 AVALONBAY COMMUNITIES USD 456,223 1.75
6,200 BIOMED REALTY TRUST USD 148,497 0.57
6,600 BOSTON PROPERTIES USD 538,420 2.07
5,900 BRE PROPERTIES- CL A USD 278,198 1.07
4,700 CAMDEN PROPERTY TRUST USD 282,019 1.08
5,800 CORPORATE OFFICE PROPERTIES TRUST USD 204,940 0.79
5,700 DEVELOPERS DIVERSIFIED REALITY USD 250,903 0.96
16,300 EQUITY OFFICE PROPERTIES TRUST USD 511,615 1.97
14,600 EQUITY RESIDENTIAL USD 582,963 2.24
7,400 EXTRA SPACE STORAGE USD 101,120 0.39
5,500 FEDERAL REALTY INV TRUST USD 322,597 1.24
6,300 FELCOR LODGING TRUST USD 99,716 0.38
6,200 GENERAL GROWTH PROPERTIES USD 233,219 0.90
6,800 HIGHWOODS PROPERTIES USD 199,746 0.77
30,100 HOST HOTELS & RESORTS USD 544,853 2.09
3,900 KILROY REALTY USD 231,953 0.89
3,068 KIMCO REALTY USD 103,829 0.40
5,500 LIBERTY PROPERTY TRUST USD 207,496 0.80
7,300 MACERICH USD 440,046 1.69
7,500 MAGUIRE PROPERTIES USD 241,208 0.93
4,900 NATIONWIDE HEALTH PROPERTIES USD 103,435 0.40
13,100 OMEGA HEALTCHCARE INVESTORS USD 155,225 0.60
6,000 POST PROPERTIES USD 225,080 0.86
12,000 PROLOGIS USD 540,533 2.08
6,420 PUBLIC STORAGE USD 435,805 1.67
3,700 RECKSON ASSOC. REALITY USD 125,013 0.48
4,700 REGENCY CENTERS USD 255,119 0.98
10,400 SIMON PROPERTY USD 743,989 2.86
4,400 SL GREEN REALTY CORP USD 387,985 1.49
1,700 STARWOOD HOTELS & RESORTS USD 76,750 0.29
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
11,500 STRATEGIC HOTELS& RESORTS USD 180,477 0.69
5,600 SUNSTONE HOTEL INVESTORS USD 131,385 0.50
3,800 TAUBMAN CENTERS USD 133,251 0.51
8,600 UNITED DOMINION REALTY TRUST USD 205,029 0.79
1,400 U-STORE-IT USD 23,717 0.09
7,600 VENTAS USD 231,225 0.89
5,300 VORNADO REALTY TRUST USD 456,049 1.75
4,800 WASHINGTON REAL ESTATE USD 150,811 0.58
11,394,488 43.78
25,200,480 96.81
Undertakings for collective investment
9,100 PROLOGIS EUROPEAN PROPERTIES EUR 133,770 0.51FUND -A-
133,770 0.51
133,770 0.51
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Undertakings for collective investment
68,500 DEVELICA DEUTSCHLAND EUR 67,815 0.26
67,815 0.26
67,815 0.26
TOTAL 25,402,065 97.58
117The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
118The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
GREATER CHINA
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
3,259,920 GOLDSUN DEVELOPMENT TWD 1,309,976 0.99& CONSTRUCTION
4,950,000 PACIFIC CENTURY PREMIUM DEV HKD 1,365,785 1.03
2,675,761 2.02
1,900,000 CNOOC LTD HKD 1,580,037 1.20
4,466,000 PETROCHINA HKD 4,802,875 3.63
6,382,912 4.83
2,258,790 NAN YA PLASTIC TWD 3,159,816 2.39
3,159,816 2.39
85,000 CATCHER TECHNOLOGY TWD 729,360 0.55
3,292,000 CHUNG HSIN ELECTRIC TWD 1,879,864 1.42& MACHINERY
492,000 FOXCONN INTERNATIONAL HKD 1,515,357 1.15
328,050 FOXCONN TECHNOLOGY TWD 2,953,665 2.23
313,210 MEDIATEK TWD 2,971,462 2.25
21,400 ACER TWD 36,273 0.03
2,188,000 AU OPTRONICS TWD 3,097,147 2.34
832,635 HON HAI PRECISION INDUSTRY TWD 5,069,144 3.84
97,680 POWERTECH TECHNOLOGY TWD 275,059 0.21
988,300 QUANTA STORAGE TWD 1,370,586 1.04
1,450,236 SILICONWARE PRECISION TWD 1,728,584 1.31INDUSTRIES
5,287,470 TAIWAN SEMICONDUCTOR TWD 9,537,337 7.22
3,916,422 UNITED MICROELECTRONICS TWD 2,195,019 1.66
33,358,857 25.25
75,120 HIGH TECH COMPUTER TWD 1,988,221 1.50
1,130,695 LITE-ON TECHNOLOGY TWD 1,395,540 1.06
3,383,761 2.56
180,000 HUAKU CONSTRUCTION TWD 368,729 0.28
368,729 0.28
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,534,000 BEIJING CAPITAL LAND HKD 594,526 0.45
604,000 CHEUNG KONG HKD 6,483,977 4.91
6,086,000 CHINA OVERSEAS LAND HKD 4,694,020 3.55& INVESTMENT
1,871,200 GUANGZHOU R&F PROPERTIES -H- HKD 2,636,702 1.99
1,115,000 HANG LUNG GROUP HKD 2,868,982 2.17
2,028,000 MIDLAND HKD 957,755 0.72
952,000 SINO LAND HKD 1,685,988 1.28
256,000 SUN HUNG KAI PROPERTIES HKD 2,794,170 2.11
22,716,120 17.18
25,100 MINDRAY MEDICAL (ADR) USD 418,919 0.32
418,919 0.32
268,000 ESPRIT HOLDINGS HKD 2,443,641 1.85
1,911,858 FAR EASTERN TEXTILE TWD 1,418,117 1.07
1,094,400 SINKONG SPINNING TWD 748,944 0.57
4,610,702 3.49
227,000 BEIJING JINGKELONG HKD 157,019 0.12
157,019 0.12
527,000 LI & FUNG HKD 1,309,346 0.99
1,309,346 0.99
1,094,600 BANK OF EAST ASIA HKD 4,993,828 3.78
860,000 BOC HONG KONG HKD 1,931,413 1.46
3,699,000 CHINA CONSTRUCTION BANK HKD 1,599,752 1.21
928,000 CHINA MERCHANTS BANK -H- HKD 1,307,642 0.99
750,500 HONG KONG EXCHANGES HKD 5,475,449 4.14ANFD CLEARING
15,308,084 11.58
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
119The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
GREATER CHINA
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,515,918 CATHAY FINANCIAL TWD 3,036,647 2.30
873,000 E.SUN FINANCIAL TWD 523,576 0.40
7,162,000 GUANGZHOU INVESTMENT HKD 1,406,256 1.06
1,550,000 MEGA FINANCIAL TWD 1,098,195 0.83
2,652,105 SHIN KONG FINANCIAL TWD 2,439,961 1.85
188,000 SWIRE PACIFIC -A- HKD 1,963,907 1.49
10,468,542 7.93
3,396,000 CHINA LIFE INSURANCE HKD 6,641,883 5.03
6,641,883 5.03
3,876,000 CHINA SHIPPING DEVELOPMENT HKD 3,700,797 2.80
767,603 MTR HKD 1,926,833 1.46
5,627,630 4.26
800,000 HONG KONG & CHINA GAS HKD 1,874,689 1.42
1,874,689 1.42
740,500 CHINA NETCOM GROUP HKD 1,328,528 1.01
625,500 CHINE MOBILE HKD 4,418,992 3.34
8,660 CHUNGHWA TELECOM TWD 14,365 0.01
5,761,885 4.36
1,118,000 CHINA RESOURCES ENTERPRISE HKD 2,421,881 1.83
2,421,881 1.83
126,646,536 95.84
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Warrants & Rights
823,500 CHINA OVERSEAS LAND HKD 177,546 0.13& INVT (WT 18/07/2007)
177,546 0.13
177,546 0.13
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Warrants & Rights
2,468,609 MERRILL CHINA MERCHANT B USD 3,103,042 2.35(WT 19/01/2009)
3,103,042 2.35
3,103,042 2.35
TOTAL 129,927,124 98.32
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
120The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
HEALTH CARE
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
19,000 CSL AUD 766,072 0.32
766,072 0.32
110,000 ONCOMETHYLOME SCIENCES EUR 1,114,740 0.46
1,114,740 0.46
369,700 NOVARTIS (NOM.) CHF 21,522,349 8.89
73,600 ROCHE HOLDING (GENUSSCHEIN) CHF 12,689,686 5.24
34,212,035 14.13
8,000 CELESIO EUR 416,609 0.17
19,000 FRESENIUS EUR 3,322,622 1.37
10,000 FRESENIUS MEDICAL CARE EUR 1,297,659 0.54
49,000 MERCK KGAA EUR 5,190,356 2.14
10,227,246 4.22
127,000 SANOFI-AVENTIS EUR 11,293,583 4.66
11,293,583 4.66
400,000 GLAXOSMITHKLINE GBP 10,624,900 4.39
461,000 RENOVO GBP 1,265,854 0.52
938,000 SKYEPHARMA GBP 429,274 0.18
12,320,028 5.09
44,220 ASTELLAS PHARMA JPY 1,779,062 0.73
45,400 CHUGAI PHARMACEUTICAL JPY 976,716 0.40
77,621 DAIICHI SANKYO JPY 2,202,434 0.91
25,000 EISAI JPY 1,209,080 0.50
100 KYOWA HAKKO KOGYO JPY 705 0.00
30,400 OLYMPUS JPY 896,049 0.37
38,300 SHIONOGI JPY 703,943 0.29
600 TAISHO PHARMACEUTICAL JPY 11,511 0.00
95,900 TAKEDA PHARMACEUTICAL JPY 5,986,388 2.47
21,000 TANABE SEIYAKU JPY 263,245 0.11
17,700 TERUMO JPY 671,630 0.28
14,700,763 6.06
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
153,800 ABBOTT LABORATORIES USD 7,468,525 3.08
22,000 AMERISOURCE BERGEN USD 994,400 0.41
127,000 AMGEN USD 9,084,310 3.75
10,000 AMYLIN PHARMACEUTICALS USD 440,700 0.18
78,000 BAXTER INTERNATIONAL USD 3,545,880 1.46
33,000 BIOGEN IDEC USD 1,474,440 0.61
50,000 BOSTON SCIENTIFIC USD 739,500 0.31
187,300 BRISTOL MYERS SQUIBB USD 4,667,516 1.93
75,000 CARDINAL HEALTH USD 4,930,500 2.04
93,700 CAREMARK RX USD 5,309,979 2.19
65,000 CELGENE USD 2,814,500 1.16
12,700 CIGNA USD 1,477,264 0.61
80,000 COMMUNITY HEALTH SYSTEMS USD 2,988,000 1.23
20,000 CONOR MEDSYSTEMS USD 471,400 0.19
24,000 COVENTRY HEALTH CARE USD 1,236,480 0.51
50,000 CYTYC USD 1,224,000 0.51
167,700 ELI LILLY USD 9,558,900 3.95
45,000 GENENTECH USD 3,721,500 1.54
37,000 HEALTH NET USD 1,610,240 0.66
326,500 JOHNSON & JOHNSON USD 21,202,910 8.75
34,000 MCKESSON CORP USD 1,792,480 0.74
45,000 MEDCO HEALTH SOLUTIONS USD 2,704,950 1.12
26,000 MEDIMMUNE USD 759,460 0.31
180,000 MEDTRONIC USD 8,359,200 3.45
256,000 MERCK USD 10,726,400 4.43
524,000 NAPO PHARMACEUTICALS GBP 934,760 0.39
20,000 PDL BIOPHARMA USD 384,000 0.16
738,800 PFIZER USD 20,952,368 8.65
159,000 UNITEDHEALTH USD 7,822,800 3.23
80,900 WELLPOINT USD 6,233,345 2.57
221,600 WYETH USD 11,266,144 4.65
156,896,851 64.77
241,531,318 99.71
TOTAL 241,531,318 99.71
INDUSTRIALS
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
76,780 EMBRAER AIRCRAFT (ADR) USD 2,380,225 2.14
2,380,225 2.14
99,877 CANADIAN NATIONAL RAILWAY CAD 3,303,909 2.98
3,303,909 2.98
301,095 ABB (NOM.) CHF 3,118,142 2.81
24,907 ADECCO CHF 1,183,061 1.07
4,301,203 3.88
47,462 DEMAG CRANES EUR 1,281,474 1.15
141,375 DEUTSCHE POST EUR 2,926,462 2.64
48,032 HEIDELBERGER DRUCKMASCHINEN EUR 1,561,520 1.41
70,529 MTU AERO ENGINES EUR 2,078,490 1.87
85,361 SIEMENS EUR 5,872,837 5.29
13,720,783 12.36
102,291 METSO EUR 2,968,485 2.67
2,968,485 2.67
29,551 SAINT-GOBAIN EUR 1,690,317 1.52
47,840 SCHNEIDER EUR 4,207,528 3.79
42,552 VINCI EUR 3,736,066 3.37
9,633,911 8.68
180,254 MICHAEL PAGE GBP 1,022,675 0.92
57,283 WOLSELEY GBP 951,127 0.86
1,973,802 1.78
134,422 RYANAIR EUR 1,134,522 1.02
1,134,522 1.02
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
88,182 ITALCEMENTI EUR 1,760,995 1.59
1,760,995 1.59
175,000 CHIYODA JPY 2,702,949 2.43
617 EAST JAPAN RAILWAY JPY 3,407,635 3.07
437,000 ITOCHU JPY 2,673,563 2.41
59,900 KINTETSU WORLS EXPRESS JPY 1,091,393 0.98
59,700 MIURA JPY 1,137,646 1.02
286,000 NISSIN ELECTRIC JPY 875,829 0.79
74,300 TOYOTA TSUSHO JPY 1,545,031 1.39
13,434,046 12.09
115,062 EADS EUR 2,609,606 2.35
62,056 TNT EUR 1,856,095 1.67
4,465,701 4.02
195,913 ATLAS COPCO -B- SEK 3,872,466 3.49
3,872,466 3.49
73,173 AMERICAN STANDARD USD 2,424,370 2.18
64,850 EATON USD 3,524,707 3.18
78,753 EMERSON ELECTRIC USD 5,213,520 4.70
34,515 GENERAL DYNAMICS USD 1,952,785 1.76
264,749 GENERAL ELECTRIC USD 7,377,651 6.65
68,142 GOODRICH USD 2,179,683 1.96
177,475 HONEYWELL USD 5,730,197 5.16
85,852 ITT USD 3,474,744 3.13
57,819 REALOGY USD 1,035,196 0.93
49,410 ROPER INDUSTRIES USD 1,745,098 1.57
76,204 TEREX USD 2,720,304 2.45
71,743 UNITED PARCEL USD 4,074,357 3.67
162,926 WASTE MANAGEMENT USD 4,717,684 4.25
45,524 WYNDHAM WORLDWIDE USD 1,005,176 0.91
47,175,472 42.50
110,125,520 99.20
TOTAL 110,125,520 99.20
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
121The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
JAPAN
Quantity/Nominal Currency Valuation in JPY % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,196,000 NISSHIN STEEL CO JPY 418,600,000 0.76
1,656,000 SUMITOMO METAL INDUSTRIES JPY 750,168,000 1.36
1,168,768,000 2.12
918,000 MITSUBISHI MATERIAL JPY 447,066,000 0.81
447,066,000 0.81
1,087,000 HASEKO JPY 442,409,000 0.80
272,000 JGC CORPORATION JPY 536,928,000 0.98
550,000 SHIMIZU CORP JPY 371,250,000 0.67
1,350,587,000 2.45
160,200 JSR JPY 416,520,000 0.76
374,000 MITSUBISHI GAS CHEMICAL JPY 479,842,000 0.87
763,000 SUMITOMO CHEMICAL JPY 672,966,000 1.22
1,442,000 UBE INDUSTRIES JPY 483,070,000 0.88
2,052,398,000 3.73
74,300 FANUC JPY 685,046,000 1.24
411,000 FUJIKURA JPY 531,423,000 0.97
71,600 NITTO DENKO JPY 501,200,000 0.91
253,300 CANON JPY 1,560,328,000 2.83
33,700 HIROSE ELECTRIC JPY 527,405,000 0.96
170,900 HOYA JPY 760,505,000 1.38
506,000 MATSUSHITA ELECTRIC INDUSTRIAL JPY 1,265,000,000 2.30
88,100 MURATA MANUFACTURING JPY 720,658,000 1.31
66,200 NIDEC JPY 588,518,000 1.07
272,000 NIKON JPY 663,680,000 1.21
176,300 OMRON JPY 512,151,500 0.93
181,100 SHINKO ELECTRIC INDUSTRIES JPY 595,819,000 1.08
85,400 SONY JPY 408,212,000 0.74
67,300 TDK JPY 636,658,000 1.16
92,900 TOKYO ELECTRON JPY 811,017,000 1.47
65,700 TOKYO SEIMITSU JPY 407,340,000 0.74
11,174,960,500 20.30
141,000 TOYO INFORMATION SYSTEM JPY 392,685,000 0.71
392,685,000 0.71
Quantity/Nominal Currency Valuation in JPY % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,122,000 TOSHIBA JPY 859,451,992 1.56
859,451,992 1.56
181,200 HITACHI CONSTRUCTION MACHINE JPY 478,368,000 0.87
561,000 NSK JPY 559,317,000 1.02
173,100 THK JPY 482,949,000 0.88
1,520,634,000 2.77
159,200 AISIN SEIKI JPY 549,240,000 1.00
384,600 HONDA MOTOR JPY 1,526,862,000 2.77
1,271,000 ISUZU MOTORS JPY 491,877,000 0.89
133,500 NOK JPY 389,152,500 0.71
548,600 TOYOTA MOTOR JPY 3,522,012,000 6.40
6,479,143,500 11.77
427,000 SUMITOMO RUBBER INDUSTRIES JPY 555,100,000 1.01
555,100,000 1.01
234,000 SUMITOMO REALTY & DEVELOPMNT JPY 811,980,000 1.47
811,980,000 1.47
1,817 JAPAN TOBACCO JPY 834,003,000 1.51
834,003,000 1.51
175,200 ASTELLAS PHARMA JPY 832,200,000 1.51
240,400 CHUGAI PHARMACEUTICAL JPY 610,616,000 1.11
83,100 TAKEDA PHARMACEUTICAL JPY 612,447,000 1.11
136,000 TSUMURA JPY 371,280,000 0.67
2,426,543,000 4.40
137,800 DON QUIJOTE JPY 344,500,000 0.63
245,200 ISETAN JPY 488,683,600 0.89
320,000 TAKASHIMAYA JPY 480,000,000 0.87
1,313,183,600 2.39
122The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
JAPAN
Quantity/Nominal Currency Valuation in JPY % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
406,000 MITSUBISHI JPY 901,320,000 1.64
571,000 MITSUI & CO JPY 857,642,000 1.56
475,000 SUMITOMO CORP JPY 699,675,000 1.27
2,458,637,000 4.47
598,000 BANK OF FUKUOKA JPY 518,466,000 0.94
576,000 DAIWA SECURITIES JPY 793,728,000 1.44
1,677 MITSUBISHI TOKYO FINANCIAL JPY 2,549,222,400 4.63
26,450 ORIX JPY 863,592,500 1.57
18,380 SFCG CO JPY 411,895,800 0.75
633,000 SUMITOMO TRUST & BANKING JPY 782,388,000 1.42
5,919,292,700 10.75
908,000 HOKUHOKU FINANCIAL GROUP JPY 404,060,000 0.73
576 INPEX JPY 540,288,000 0.98
1,309 KABU.COM JPY 278,817,000 0.51
371,500 KONICA JPY 587,713,000 1.07
2,025 MIZUHO FINANCIAL JPY 1,854,900,000 3.37
588,000 NIPPON MINING JPY 490,980,000 0.89
235,100 SEVEN & I HOLDING JPY 893,380,000 1.62
1,335 SUMITOMO MITSUI FINANCIAL JPY 1,655,400,000 3.01
6,705,538,000 12.18
529,000 AIOI INSURANCE JPY 430,077,000 0.78
430,077,000 0.78
1,138 EAST JAPAN RAILWAY JPY 939,988,000 1.71
791,000 KAWASAKI KISEN KAISHA JPY 590,086,000 1.07
716,000 NIPPON EXPRESS JPY 453,228,000 0.82
737,000 TOKYU CORPORATION JPY 598,444,000 1.09
2,581,746,000 4.69
60 ELECTRIC POWER DEVELOPMENT JPY 252,600 0.00
163,400 HOKURIKU ELECTRIC POWER JPY 403,598,000 0.73
1,122,000 TOKYO GAS JPY 664,224,000 1.21
1,068,074,600 1.94
Quantity/Nominal Currency Valuation in JPY % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,656 NIPPON TELEGRAPH & TELEPHONE JPY 960,480,000 1.74
960,480,000 1.74
112,700 RESORTTRUST JPY 388,815,000 0.71
388,815,000 0.71
236,100 AMANO JPY 357,455,400 0.65
940 KENNEDIX JPY 619,460,000 1.13
976,915,400 1.78
52,876,079,292 96.04
TOTAL 52,876,079,292 96.04
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
123The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
JAPAN
124The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
FINANCIAL DERIVATIVE INSTRUMENTS
Quantity/Nominal Currency Commitments in JPY
Forward Contracts
Stock indices
112 JPYTOPIX INDEX (TOKYO) 12/2006 1,808,800,000
1,808,800,000
JAPANESE SMALL & MID CAPS
Quantity/Nominal Currency Valuation in JPY % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
77 ASAHI INDUSTRIES JPY 20,867,000 0.35
13,500 OSAKA STEEL JPY 27,270,000 0.45
32,000 TOKYO TEKKO JPY 30,976,000 0.51
79,113,000 1.31
36,100 AHRESTY CORP JPY 120,213,000 1.99
61,000 ALINCO JPY 35,380,000 0.59
37,000 MARUZEN JPY 25,493,000 0.42
149 NIHON CERATEC JPY 46,041,000 0.76
227,127,000 3.76
62,800 JAPAN WAVELOCK JPY 50,491,200 0.84
32,300 KONDOTEC JPY 31,589,400 0.52
95,700 MEIHO FACILITY WORKS JPY 20,958,300 0.35
800 NAGAWA JPY 1,352,800 0.02
30,100 NIKKATO JPY 26,337,500 0.44
21,600 NIPPON KUCHO SERVICE JPY 25,272,000 0.42
156,001,200 2.59
108,000 SHINKO PLANTECH JPY 87,156,000 1.44
244,000 TOA OIL JPY 44,896,000 0.74
132,052,000 2.18
72,000 FUJIKURA KASEI JPY 80,136,000 1.33
13,400 FUSO CHEMICAL JPY 54,404,000 0.90
51,000 HONSHU CHEMICAL INDUSTRY JPY 67,626,000 1.12
33,700 MEC JPY 56,177,900 0.93
4,800 MIRAIAL JPY 59,952,000 0.99
8,000 N E CHEMCAT JPY 24,560,000 0.41
81,000 NIHON KAGAKU SANGYO JPY 67,635,000 1.12
11,100 SHIBAURA ELECTRONICS JPY 26,085,000 0.43
24,000 SODA AROMATIC JPY 25,248,000 0.42
61,000 SOMAR JPY 27,328,000 0.45
17,100 STELLA CHEMIFA JPY 71,649,000 1.19
13,300 TOCALO JPY 52,003,000 0.86
128,000 UBE MATERIAL INDUSTRIES JPY 44,416,000 0.73
657,219,900 10.88
Quantity/Nominal Currency Valuation in JPY % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
19,400 AOI ELECTRONICS JPY 49,955,000 0.83
12,700 ATECT JPY 19,672,300 0.33
15,700 NICHIDEN JPY 48,827,000 0.81
19,100 SENSHU ELECTRIC JPY 55,581,000 0.92
12,400 SIIX CORP JPY 20,311,200 0.34
16,300 GL SCIENCES JPY 38,794,000 0.64
50 HIOKI E E JPY 190,000 0.00
27,000 KOMATSU ELECTRONICS METALS JPY 126,090,000 2.09
23,800 LASERTEC JPY 76,874,000 1.27
11 TOKYO SEIMITSU JPY 68,200 0.00
436,362,700 7.23
81,000 CROSS CAT JPY 24,300,000 0.40
14,500 ND SOFTWARE JPY 65,250,000 1.08
18,500 PCA JPY 39,682,500 0.66
129,232,500 2.14
17,000 LEADER ELECTRONICS JPY 26,690,000 0.44
16,212 NIHON DENKEI JPY 26,263,440 0.43
52,953,440 0.87
25,100 A&D JPY 58,483,000 0.97
23,000 ASTI JPY 44,965,000 0.74
54,000 FUJI OOZX JPY 31,968,000 0.53
68,000 HOKUETSU INDUSTRIES JPY 25,772,000 0.43
10,800 MODEC JPY 26,460,000 0.44
1,000 MYOTOKU JPY 400,000 0.01
26,000 NIPPON STEEL DRUM JPY 20,098,000 0.33
29,000 ODAWARA ENGINEERING JPY 21,054,000 0.35
8,100 OHARA JPY 53,379,000 0.88
52,000 OKANO VALUE MFG JPY 29,120,000 0.48
2,200 PEGASUS SEWING MACHINE MFG JPY 2,028,400 0.03
111,900 SODICK CO JPY 101,381,400 1.68
103 SODICK PLUSTECH CO JPY 28,840,000 0.48
13,500 TAKEUCHI MFG JPY 74,115,000 1.23
77,000 TSUGAMI JPY 51,975,000 0.86
570,038,800 9.44
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
125The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
JAPANESE SMALL & MID CAPS
Quantity/Nominal Currency Valuation in JPY % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
107,800 FUJI UNIVANCE JPY 65,219,000 1.08
2,690 GULLIVER INTERNATIONAL JPY 28,648,500 0.47
45,000 KANEMITSU JPY 56,250,000 0.93
26,000 KIKUCHI CO JPY 83,200,000 1.38
87,000 MIKUNI CORP JPY 36,279,000 0.60
21,100 MUSASHI SEIMITSU INDUSTRY JPY 64,566,000 1.07
84,000 NIPPON SEIKI JPY 217,140,000 3.59
10,700 PIOLAX JPY 23,433,000 0.39
34,000 SUNCALL JPY 27,200,000 0.45
56,300 UNIPRES JPY 54,273,200 0.90
656,208,700 10.86
17,700 CREATE MEDIC JPY 23,010,000 0.38
23,010,000 0.38
31,600 ARNEST ONE JPY 54,857,600 0.91
622 C'S CREATE JPY 46,152,400 0.76
66,800 FUJI CORP JPY 43,553,600 0.72
138,300 J BRIDGE JPY 41,213,400 0.68
13,500 SURUGA JPY 123,525,000 2.04
25,500 YASURAGI JPY 54,697,500 0.90
363,999,500 6.01
28,000 CHUBU SHIRYO JPY 24,696,000 0.41
14,000 KIBUN FOOD CHEMIFA CO JPY 16,268,000 0.27
97,000 NIHON SHOKUHIN KAKO JPY 34,920,000 0.58
30,000 Q'SAI JPY 57,150,000 0.95
22,100 YUTAKA FOODS JPY 40,111,500 0.66
173,145,500 2.87
10,350 DENKA SEIKEN JPY 34,051,500 0.56
42,000 NIPPON CHEMIPHAR JPY 28,560,000 0.47
110 TECHNO MEDICA JPY 40,480,000 0.67
103,091,500 1.70
26,400 ASICS TRADING JPY 37,092,000 0.61
120,000 LAPINE JPY 26,880,000 0.44
21,400 NBC JPY 42,800,000 0.71
106,772,000 1.76
Quantity/Nominal Currency Valuation in JPY % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
32,800 SIGNA KOKI JPY 49,429,600 0.82
49,429,600 0.82
36,100 ARRK JPY 55,991,100 0.93
23,000 SHOEI JPY 56,350,000 0.93
43,000 SOFT99 JPY 42,957,000 0.71
5,700 UNICHARM PETCARE JPY 27,588,000 0.46
182,886,100 3.03
21,100 TOHOKUSHINSHA FILM JPY 23,885,200 0.40
23,885,200 0.40
34,400 ASAHI PRINTING JPY 38,906,400 0.64
13,500 FP JPY 54,540,000 0.90
93,446,400 1.54
29,200 ARC LAND SAKAMOTO JPY 51,392,000 0.85
10,000 ASKUL JPY 23,100,000 0.38
259 GEO JPY 57,757,000 0.96
62,000 NAGAHORI JPY 35,960,000 0.59
13,200 SAN-A JPY 48,972,000 0.81
24,740 VALOR CO JPY 50,717,000 0.84
11,500 WORKMAN JPY 48,875,000 0.81
316,773,000 5.24
22,900 IMPACT 21 JPY 47,975,500 0.79
47,975,500 0.79
17,600 IBJ LEASING JPY 51,832,000 0.86
31,200 ICHIYOSHI SECURITIES CO JPY 49,327,200 0.82
101,159,200 1.68
126The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
127The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
JAPANESE SMALL & MID CAPS
Quantity/Nominal Currency Valuation in JPY % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
8,600 MELCO JPY 29,670,000 0.49
98 MOMIJI JPY 27,538,000 0.46
68,300 SHIOMI JPY 26,568,700 0.44
83,776,700 1.39
8,900 HIS JPY 26,611,000 0.44
16,400 K.R.S. JPY 28,240,800 0.47
86,000 KINKAI KISEN JPY 36,206,000 0.60
32,200 SANRITSU JPY 33,874,400 0.56
96,000 SHINWA KAIUN KAISHA JPY 34,272,000 0.57
20,600 TRANSCOM JPY 50,264,000 0.83
209,468,200 3.47
23,850 ASAHI PRETEC JPY 64,991,250 1.08
64,991,250 1.08
51,000 HIGASHINIHON GAS JPY 28,509,000 0.47
28,509,000 0.47
12,500 IMPERIAL HOTEL JPY 59,625,000 0.99
356 MARVELOUS ENTERTAINMENT JPY 28,124,000 0.47
87,749,000 1.46
14,104 AEON FANTASY JPY 68,545,423 1.13
32,400 AJIS JPY 85,050,000 1.41
30,000 ASAHI INTELLIGENCE SERVICE JPY 37,890,000 0.63
69 BANDAI VISUAL JPY 27,117,000 0.45
31,400 DAIKO CLEARING SERVICES JPY 52,124,000 0.86
27,000 EM SYSTEMS JPY 69,660,000 1.15
23,300 GAKUJO JPY 68,036,000 1.13
24,400 NAC JPY 54,412,000 0.90
12,500 SECOM TECHNO SERVICE JPY 65,000,000 1.08
196 SHL-JAPAN JPY 49,588,000 0.82
560 TAKE AND GIVE NEEDS JPY 65,520,000 1.08
136,600 TOKYO INDIVIDUALIZED EDUCATIONAL JPY 40,980,000 0.68
683,922,427 11.32
5,840,299,313 96.67
TOTAL 5,840,299,313 96.67
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
LATIN AMERICA
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
46,600 USINAS SIDER MINAS GER-PF A BRL 1,395,217 0.89
1,395,217 0.89
73,900 CIA ENERGETICA DE MINAS USD 2,900,575 1.85GERAIS (ADR)
325,900 CIA VALE DO RIO DOCE (ADR) USD 6,032,409 3.85
856,700 GRUPO MEXICO B MXN 2,677,884 1.71
162,500 VALE RIO DOCE (CVRD) BRL 3,017,980 1.92
14,628,848 9.33
67,000 BUENAVENTURA (ADR) USD 1,809,000 1.15
1,809,000 1.15
190,200 CEMEX SPONS (ADR) USD 5,721,216 3.65
714,300 EMPRESAS ICA SA MXN 2,571,775 1.64
8,292,991 5.29
36,100 ARACRUZ CELULOSE (ADR) USD 1,796,697 1.15
1,796,697 1.15
100,000 PERDIGAO BRL 1,021,654 0.65
1,021,654 0.65
127,300 PETROBRAS BRASILEIRO (ADR) USD 9,527,132 6.07
42,100 PETROLEO BRASILEIRO (ADR) USD 3,529,243 2.25
13,056,375 8.32
45,600 EMBRAER AIRCRAFT (ADR) USD 1,790,712 1.14
1,790,712 1.14
82,300 LOCALIZA RENT A CAR BRL 1,709,696 1.09
1,709,696 1.09
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
303,500 CONSORCIO ARA MXN 1,484,009 0.95
471,254 CORPORACION GEO B MXN 1,982,922 1.26
3,466,931 2.21
524,300 GRUMA -B- MXN 1,602,159 1.02
1,602,159 1.02
126,900 AMBEV CIA DE BEBIDAS USD 5,758,722 3.67DAS AMERICAS (ADR)
52,300 FOMENTO ECONOMICO USD 5,069,962 3.23MEXICO-SP (ADR)
580,200 GRUPO MODELO MXN 2,515,720 1.60
13,344,404 8.50
103,303 NATURA COSMETICS BRL 1,270,001 0.81
1,270,001 0.81
85,400 EMBOTELLADORA ANDINA -B- (ADR) USD 1,204,140 0.77
1,204,140 0.77
43,755 LOJAS RENNER BRL 2,539,456 1.62
1,469,900 WAL-MART DE MEXICO V MXN 4,999,570 3.19
7,539,026 4.81
174,400 AMERICAN BANKNOTE BRL 1,340,742 0.85
117,500 BANCO BRADESCO-SPONS (ADR) USD 3,918,625 2.50
42,700 BANCOLOMBIA (ADR) USD 1,221,220 0.78
51,757 CREDICORP USD 2,172,759 1.39
1,091,700 GF BANORTE -O- MXN 3,440,242 2.19
1 GRUPO FINANCIERO GALICIA (ADR) USD 8 0.00
83,300 UNIBANCO (GDR) USD 6,164,200 3.93
18,257,796 11.64
128The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
LATIN AMERICA
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
88,100 BANCO ITAU (ADR) USD 2,643,000 1.69
89,800 BRADESPAR (PREF) BRL 3,003,000 1.91
1,140,500 ITAUSA-INVESTIMENTOS ITAU-PR BRL 4,701,763 3.00
10,347,763 6.60
152,600 PORTO SEGURO BRL 3,160,263 2.01
3,160,263 2.01
52,400 MEDIA SAUDE BRL 574,448 0.37
574,448 0.37
478,000 ALL AMERICA LATINA LOGISTICA UNITS BRL 3,720,977 2.37
3,720,977 2.37
87,100 EMPRESA NAC ELEC (ADR) USD 2,639,130 1.68
107,700 ENERGIAS DO BRASIL BRL 1,379,123 0.88
195,400 ENERSIS (ADR) USD 2,579,280 1.64
99,300 TENARIS (ADR) USD 3,513,234 2.24
10,110,767 6.44
237,100 AMERICA MOVIL (SERIE L) (ADR) USD 9,334,627 5.95
474,200 AMERICA TELECOM MXN 3,209,840 2.05
15,117 BRASIL TELECOM (PREF.) BRL 54 0.00
11,165 BRASIL TELECOM PART PREF BRL 67 0.00
23,700 BRASIL TELECOM PARTICIPACOES (ADR) USD 712,422 0.45
116,480 GRUPO TELEVISA (ADR) USD 2,476,365 1.58
173,900 TELE NORTE LESTE PART (ADR) USD 2,384,169 1.52
75,000,000 TELECOM BRASILEIRAS (PREF.) BRL 2,073 0.00
43,800 TELEMAR BRL 1,351,734 0.86
8 TELEMIG CELULAR (NON TRADABLE) BRL 4,606 0.00
31 TELEMIG CELULAR (PREF) G SHS BRL 9,995 0.01(NON TRAD)
267,400 TELMEX (ADR) USD 6,840,092 4.36
25,400 TIM PARTICIPACOES (ADR) USD 707,390 0.45
287,000 VIVO PARTICIPACOES (ADR) USD 895,440 0.57
1,082 VIVO PARTICIPACORES BRL 5,881 0.00
27,934,755 17.80
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
15,900 GRUPO AEROPORTUARIO DEL (ADR) USD 540,600 0.34
606,200 PROMOTORA AMBIENTAL MXN 724,768 0.46
1,576,500 RIPLEY CLP 1,489,469 0.95
2,754,837 1.75
99,100 EQUATORIAL ENERGIA BRL 728,076 0.46
225,600 LUPATECH BRL 2,374,476 1.51
3,102,552 1.97
153,892,008 98.08
Undertakings for collective investment
30,000 ISHARES MSCI BRAZIL USD 1,157,400 0.74
1,157,400 0.74
1,157,400 0.74
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Shares
150,000 MIRGOR SA ADS C ON (ADR) USD 280,309 0.18
280,309 0.18
844 ELEKTRO GERACAO BRL 0 0.00
16,347 ELEKTRO GERACAO (PREF) BRL 0 0.00
0 0.00
280,309 0.18
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
129The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
LATIN AMERICA
Quantity/Nominal Currency Valuation in USD % NAV
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Bonds
151,200 COMP VALE RIO DOCE BRL 71 0.0097/2099 (PERP)(VAR)
71 0.00
71 0.00
Warrants & Rights
450,000 IRSA (WT 14/11/2007) USD 888,834 0.57
888,834 0.57
888,834 0.57
TOTAL 156,218,622 99.57
130The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
131The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
MATERIALS
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
542,933 BLUESCOPE STEEL AUD 2,625,442 2.70
128,890 ZINIFEX AUD 1,130,156 1.16
3,755,598 3.86
18,499 UMICORE EUR 2,734,702 2.81
2,734,702 2.81
102,022 CIA VALE DO RIO DOCE (ADR) USD 1,888,427 1.94
1,888,427 1.94
62,625 ALCAN CAD 2,500,733 2.57
12,070 FIRST QUANTUM MINERALS CAD 565,174 0.58
47,930 TECK COMINCO B CAD 3,007,304 3.09
6,073,211 6.24
156,762 CLARIANT CHF 2,112,734 2.17
22,768 SYNGENTA CHF 3,424,396 3.52
5,537,130 5.69
73,505 BAYER EUR 3,743,121 3.85
30,940 LINDE EUR 2,911,666 2.99
46,355 THYSSENKRUPP EUR 1,560,196 1.60
8,724 WACKER CHEMIE EUR 1,025,545 1.05
9,240,528 9.49
69,779 STORA ENSO EUR 1,057,175 1.09
1,057,175 1.09
9,422 LAFARGE (SICOVAM CERT.) EUR 1,215,015 1.25
1,215,015 1.25
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
45,198 ANGLO AMERICAN GBP 1,885,268 1.94
333,965 BHP BILLITON GBP 5,751,712 5.92
133,128 RIO TINTO (REG) GBP 6,284,054 6.46
108,280 VEDANTA RESOURCES GBP 2,352,303 2.42
52,241 XSTRATA GBP 2,153,670 2.22
18,427,007 18.96
137,116 C.R.H. EUR 4,625,410 4.76
4,625,410 4.76
77,880 ITALCEMENTI EUR 1,970,130 2.03
1,970,130 2.03
175,000 HITACHI METALS JPY 1,652,691 1.70
79,200 JSR JPY 1,744,124 1.79
68,500 SHIN-ETSU CHEMICAL JPY 4,374,624 4.50
394,000 SUMITOMO CHEMICAL JPY 2,943,361 3.03
275,000 TORAY INDUSTRIES JPY 2,070,681 2.13
12,785,481 13.15
56,404 AKZO NOBEL EUR 3,471,030 3.57
54,984 MITTAL STEEL -A- USD 1,910,144 1.96
5,381,174 5.53
77,058 BUENAVENTURA (ADR) USD 2,080,566 2.14
2,080,566 2.14
56,932 SVENSKA CELLULOSA -B- SEK 2,610,207 2.68
2,610,207 2.68
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
132The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
MATERIALS
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
65,562 AIR PRODUCTS & CHEMICALS USD 4,351,350 4.48
48,581 CYTEC INDUSTRIES USD 2,700,617 2.78
149,350 DU PONT DE NEMOURS USD 6,398,154 6.58
44,281 FREEPORT MCMORAN COPPER & GOLDUSD 2,358,406 2.43
44,028 TEMPLE-INLAND USD 1,765,523 1.82
36,238 UNITED STATES STEEL USD 2,090,208 2.15
19,664,258 20.24
99,046,019 101.86
TOTAL 99,046,019 101.86
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
NEW ASIA
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
14,026 POSCO KRW 3,630,607 0.95
3,630,607 0.95
4,500,240 GOLDSUN DEVELOPMENT TWD 1,808,390 0.47& CONSTRUCTION
22,590 GS ENGINEERING & CONSTRUCTION KRW 1,579,987 0.41
2,932,600 IJM MYR 4,930,048 1.29
89,000 LARSEN & TOUBRO INR 2,467,097 0.64
12,810,300 SINO-THAI (FOREIGN) THB 1,656,460 0.43
12,441,982 3.24
724,600 IOI MYR 3,182,878 0.83
3,182,878 0.83
5,678,000 PETROCHINA HKD 6,106,298 1.59
6,106,298 1.59
1,398,000 NAN YA PLASTIC TWD 1,955,659 0.51
69,000 RELIANCE INDUSTRIES (DEMAT) INR 1,759,443 0.46
3,715,102 0.97
403,750 FOXCONN TECHNOLOGY TWD 3,635,245 0.95
534,270 MEDIATEK TWD 5,068,685 1.32
33,300 ACER TWD 56,443 0.01
1,510,000 AU OPTRONICS TWD 2,137,428 0.56
1,444,840 HON HAI PRECISION INDUSTRY TWD 8,796,293 2.29
140,000 HYNIX SEMICONDUCTOR KRW 5,517,168 1.44
55,770 POWERTECH TECHNOLOGY TWD 157,044 0.04
742,600 QUANTA STORAGE TWD 1,029,847 0.27
35,124 SAMSUNG ELECTRONICS KRW 24,640,607 6.42
6,170 SAMSUNG ELECTRONICS (PREF) KRW 3,239,820 0.84
6,539,475 TAIWAN SEMICONDUCTOR TWD 11,795,656 3.08
5,116,593 UNITED MICROELECTRONICS TWD 2,867,673 0.75
68,941,909 17.97
151,600 INFOSYS TECHNOLOGIES DEMAT INR 6,099,981 1.59
6,099,981 1.59
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
208,800 HIGH TECH COMPUTER TWD 5,526,364 1.44
736,606 LITE-ON TECHNOLOGY TWD 909,143 0.24
6,435,507 1.68
149,970 DAEWOO ENGINEERING KRW 2,852,044 0.74& CONSTRUCTION
122,470 DAEWOO SHIPBUILDING & MARINE KRW 3,959,410 1.03
600,000 HUAKU CONSTRUCTION TWD 1,229,096 0.32
42,320 HYUNDAI HEAVY INDUSTRIES KRW 5,857,284 1.53
150,000 KEPPEL CORPORATION SGD 1,399,410 0.36
15,297,244 3.98
2,470,500 ASTRA INTERNATIONAL IDR 3,334,171 0.87
40,070 HYUNDAI MOBIS KRW 4,119,187 1.07
70,000 HYUNDAY MOTOR KRW 5,990,491 1.56
170,000 TATA ENGINEERING & LOCO INR 3,191,039 0.83
16,634,888 4.33
713,000 CAPITALAND SGD 2,269,724 0.59
730,000 CHEUNG KONG HKD 7,836,594 2.04
5,930,000 CHINA OVERSEAS LAND HKD 4,573,701 1.19& INVESTMENT
885,000 KEPPEL LAND SGD 2,767,050 0.72
217,000 K-REAL ESTATE INVESTEMENT SGD 243,485 0.06TRUST ASIA
29,853,000 MEGAWORLD CORPORATION PHP 1,142,015 0.30
1,376,000 SINO LAND HKD 2,436,891 0.64
750,000 SUN HUNG KAI PROPERTIES HKD 8,186,045 2.13
29,455,505 7.67
837,100 ITC INR 3,420,398 0.89
61,160 KOREA TOBACCO & GINSENG KRW 3,715,478 0.97
7,135,876 1.86
175,700 SUN PHARMACEUTICAL INDUSTRIES INR 3,558,379 0.93
3,558,379 0.93
133The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
NEW ASIA
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
783,500 ESPRIT HOLDINGS HKD 7,144,003 1.86
2,369,990 FAR EASTERN TEXTILE TWD 1,757,935 0.46
8,901,938 2.32
10,024 SHINSEGAE KRW 5,189,392 1.35
5,189,392 1.35
1,449,800 LI & FUNG HKD 3,602,069 0.94
3,602,069 0.94
655,200 BANGKOK BANK (FOREIGN) THB 1,917,573 0.50
2,461,000 BANK DANAMON INDONESIA IDR 1,413,908 0.37
820,219 BANK OF EAST ASIA HKD 3,742,036 0.98
1,000,000 BOC HONG KONG HKD 2,245,829 0.59
1,140,000 BUMIPUTRA COMMERCE ASSET MYR 2,055,574 0.54
3,361,000 CHINA CONSTRUCTION BANK HKD 1,453,573 0.38
997,000 CHINA MERCHANTS BANK -H- HKD 1,404,870 0.37
657,451 DBS SGD 7,957,135 2.07
277,000 HONG KONG EXCHANGES HKD 2,020,918 0.53ANFD CLEARING
556,000 KASIKORNBANK PUBLIC THB 1,020,726 0.27
95,580 KOOKMIN BANK KRW 7,533,299 1.96
564,456 UNITED OVERSEAS BANK SGD 5,799,757 1.51
38,565,198 10.07
3,267,774 CATHAY FINANCIAL TWD 6,545,916 1.71
1,048,000 CHINA MERCHANTS HOLDINGS HKD 3,073,166 0.80
900 HANA FINANCIAL KRW 41,173 0.01
606,500 HUTCHISON WHAMPOA HKD 5,354,979 1.40
359,858 MAHINDRA & MAHINDRA FINANCIAL INR 1,841,799 0.48
4,162,000 MEGA FINANCIAL TWD 2,948,831 0.77
2,066,000 SEMBCORP INDUSTRIES SGD 4,375,843 1.14
5,070,931 SHIN KONG FINANCIAL TWD 4,665,303 1.22
130,600 SHINHAN FINANCIAL GROUP KRW 5,884,934 1.53
270,000 SWIRE PACIFIC -A- HKD 2,820,504 0.74
37,552,448 9.80
3,578,000 CHINA LIFE INSURANCE HKD 6,997,838 1.82
6,997,838 1.82
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
3,666,000 CHINA SHIPPING DEVELOPMENT HKD 3,500,289 0.91
1,703,946 MTR HKD 4,277,236 1.12
7,777,525 2.03
5,587,000 HONG KONG & CHINA GAS HKD 13,092,362 3.41
3,360,000 HUANENG POWER HKD 2,423,339 0.63
170,500 KOREA ELECTRIC POWER KRW 6,638,061 1.73
6,000,000 MANILA WATER COMPAGNY PHP 1,075,911 0.28
2,559,450 TENAGA NASIONAL MYR 6,731,705 1.75
29,961,378 7.80
1,393,000 CHINA NETCOM GROUP HKD 2,499,176 0.65
1,402,000 CHINE MOBILE HKD 9,904,759 2.58
3,563,720 SINGAPORE TELECOMMUNICATIONS SGD 5,481,324 1.43
3,798,000 TELEKOMUNIKASI INDONESIA IDR 3,478,927 0.91
21,364,186 5.57
1,140,000 BERJAYA SPORTS TOTO MYR 1,446,630 0.38
91,200 INDIAN HOTELS INR 2,749,007 0.72
4,195,637 1.10
1,698,000 CHINA RESOURCES ENTERPRISE HKD 3,678,318 0.96
3,678,318 0.96
350,422,083 91.35
Warrants & Rights
440,500 CHINA OVERSEAS LAND HKD 94,972 0.02& INVT (WT 18/07/2007)
94,972 0.02
178,475 MERRILL CW09 RELIANCE INDU USD 4,557,359 1.19(WT 15/07/2009)
4,557,359 1.19
4,652,331 1.21
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
134The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
NEW ASIA
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS TRADED ON ANOTHER REGULATED MARKET
Warrants & Rights
1,015,104 TRUE CORPORATION (WT 03/04/2008) THB 3 0.00
3 0.00
3 0.00
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Shares
575,000 FIRST BANGKOK CITY BK THB 0 0.00
0 0.00
1,000,000 THAI AIRWAYS THB 1,223,892 0.32
1,223,892 0.32
720,000 RELIANCE COMMUNICATION INR 5,436,254 1.42VENTURES
5,436,254 1.42
6,660,146 1.74
Warrants & Rights
56,280 ABN INFOSYS TECHNOLOGI USD 2,270,335 0.59(WT 07/06/2006)
2,270,335 0.59
2,270,335 0.59
TOTAL 364,004,898 94.89
135The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
NEW TECHNOLOGY LEADERS
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
20,000 EVS BROADCASTING EQUIPMENT EUR 878,000 1.66
105,000 OPTION EUR 1,669,500 3.17
2,547,500 4.83
80,000 MARVELL TECHNOLOGY USD 1,223,288 2.32
1,223,288 2.32
18,000 RESEARCH IN MOTION USD 1,458,757 2.77
1,458,757 2.77
200 NOKIA -A- EUR 3,132 0.01
3,132 0.01
125,000 CSR GBP 1,553,860 2.95
90,000 WOLFSON MICROELECTRONICS GBP 622,429 1.18
2,176,289 4.13
90,000 AUDIOCODES USD 667,140 1.27
300 CHECK POINT SOFTWARE USD 4,512 0.01TECHNOLOGIES
671,652 1.28
20,000 BAIDU.COM (ADR) USD 1,382,120 2.62
1,382,120 2.62
78,000 ASML EUR 1,438,320 2.73
65,000 QIAGEN EUR 808,600 1.53
2,246,920 4.26
60,000 SILICON MOTION (ADR) USD 787,685 1.49
787,685 1.49
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
810,000 TELEFON ERICSSON -B- SEK 2,216,190 4.20
2,216,190 4.20
100,000 BEA SYSTEMS USD 1,199,921 2.28
48,000 BROADCOM USD 1,149,651 2.18
100,000 CAMBRIDGE DISPLAY TECHNOLOGY USD 517,861 0.98
37,142 CIENA USD 798,989 1.52
140,000 CISCO SYSTEMS USD 2,541,938 4.82
47,900 CITRIX SYSTEMS USD 1,369,220 2.60
65,000 COMVERSE TECHNOLOGY USD 1,100,138 2.09
140,000 CORNING USD 2,697,770 5.12
260,000 EMC USD 2,458,891 4.66
33,000 F5 NETWORKS USD 1,399,455 2.65
36,000 FORMFACTOR USD 1,197,300 2.27
15,500 GOOGLE USD 4,917,663 9.33
15,000 INVITROGEN USD 750,858 1.42
100,000 JUNIPER NETWORKS USD 1,364,121 2.59
107,000 MAXIM INTEGRATED USD 2,371,020 4.50
100,000 MILLENNIUM PHARM USD 785,475 1.49
85,000 NETWORK APPLIANCE USD 2,483,402 4.71
140,000 NUANCE COMMUNICATIONS USD 902,941 1.71
65,000 QUALCOMM USD 1,865,206 3.54
35,000 SIRF TECHNOLOGY USD 662,838 1.26
185,000 SONUS NETWORKS USD 768,186 1.46
85,000 SYMANTEC USD 1,427,906 2.71
80,000 TRIDENT MICROSYSTEMS USD 1,468,956 2.79
40,000 VERISIGN USD 637,852 1.21
36,837,558 69.89
51,551,091 97.80
Warrants & Rights
188,608 MERRILL-NOVATEK USD 703,958 1.33MICROELECTRONICS (02/11/2009)
703,958 1.33
703,958 1.33
TOTAL 52,255,049 99.13
136The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
137The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
PRESTIGE & LUXE
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
21,154 ORIENT EXPRESS HOTELS (ADR) USD 624,225 0.95
624,225 0.95
12,421 FOUR SEASONS HOTELS USD 626,075 0.95
626,075 0.95
150,804 RICHEMONT (UNITS)-A- CHF 5,715,258 8.71
5,715,258 8.71
123,528 BMW EUR 5,217,823 7.95
5,217,823 7.95
8,942 HERMES EUR 651,872 0.99
50,911 LVMH MOET HENNESSY EUR 4,136,519 6.30
12,403 PERNOD-RICARD EUR 2,035,332 3.10
21,207 PPR EUR 2,479,098 3.78
10,000 REMY COINTREAU EUR 396,100 0.60
9,698,921 14.77
172,289 INTERCONTINENTAL HOTELS GBP 2,376,707 3.62
2,376,707 3.62
368,316 SHANGRI-LA ASIA HKD 646,273 0.98
646,273 0.98
286,645 BULGARI EUR 2,877,916 4.38
111,990 LUXOTTICA GROUP EUR 2,601,528 3.96
5,479,444 8.34
154,000 SHISEIDO JPY 2,430,080 3.70
2,430,080 3.70
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
135,912 CARNIVAL USD 5,045,938 7.69
5,045,938 7.69
108,037 COACH USD 2,933,865 4.47
39,133 ESTEE LAUDER COMPANIES USD 1,245,892 1.90
48,309 HARRAHS USD 2,533,386 3.86
109,945 HILTON HOTELS USD 2,417,184 3.68
80,449 MARRIOTT INTERNATIONAL A USD 2,453,956 3.74
47,130 MOVADO USD 945,762 1.44
56,478 NIKE USD 3,906,534 5.95
46,234 NORDSTROM USD 1,543,871 2.35
83,766 PULTE HOMES USD 2,106,797 3.21
46,418 STARWOOD HOTELS & RESORTS USD 2,095,635 3.19
82,056 TIFFANY & CO USD 2,150,589 3.28
78,685 TOLL BROTHERS USD 1,744,207 2.66
26,077,678 39.73
63,938,422 97.39
TOTAL 63,938,422 97.39
138The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SUSTAINABLE GROWTH
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
20,441 JOHNSON MATTHEY GBP 415,662 1.27
415,662 1.27
19,100 KURITA WATER IND JPY 292,453 0.89
292,453 0.89
67,319 BG GBP 644,253 1.96
54,449 BP GBP 467,291 1.43
29,437 ROYAL DUTCH SHELL-A- EUR 764,479 2.33
24,932 TALISMAN ENERGY CAD 321,783 0.98
2,197,806 6.70
7,681 AIR PRODUCTS & CHEMICALS USD 402,438 1.23
5,687 AKZO NOBEL EUR 276,274 0.84
1,939 HENKEL (PREF) EUR 212,631 0.65
11,703 ROHM & HAAS USD 437,448 1.33
1,328,791 4.05
6,905 ROCKWELL AUTOMATION USD 316,701 0.97
7,363 TOMTOM EUR 244,231 0.74
12,300 CANON JPY 506,610 1.54
17,599 INTEL USD 285,780 0.87
1,200 ROHM JPY 87,056 0.27
10,826 ROYAL PHILIPS ELECTRONICS EUR 299,555 0.91
2,022 SAMSUNG ELECTRONICS (GDR) -144A USD 560,270 1.71
7,244 STMICROELECTRONICS EUR 99,025 0.30
18,660 TAIWAN SEMICONDUCTOR SP (ADR) USD 141,414 0.43
14,362 TEXAS INSTRUMENTS USD 376,978 1.15
2,917,620 8.89
41,079 LOGICACMG GBP 93,891 0.29
1,461 SAP EUR 228,500 0.70
322,391 0.99
25,367 CISCO SYSTEMS USD 460,581 1.40
10,633 DELL USD 191,717 0.58
11,575 HEWLETT PACKARD USD 335,257 1.02
987,555 3.00
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
28,898 SKF -B- SEK 333,852 1.02
333,852 1.02
6,288 BMW EUR 265,605 0.81
5,929 EATON USD 322,251 0.98
587,856 1.79
2,693 CONTINENTAL AG EUR 246,248 0.75
246,248 0.75
36,306 CADBURY SCHWEPPES GBP 304,357 0.93
1,172 NESTLE (REG) CHF 321,692 0.98
6,133 WRIGLEY JR. USD 223,001 0.68
849,050 2.59
25,056 DIAGEO GBP 348,600 1.06
16,395 SABMILLER GBP 241,277 0.74
589,877 1.80
9,900 ASTELLAS PHARMA JPY 314,425 0.96
12,393 ELI LILLY USD 557,648 1.70
31,587 GLAXOSMITHKLINE GBP 662,342 2.02
14,232 JOHNSON & JOHNSON USD 729,604 2.22
16,998 NOVARTIS (NOM.) CHF 781,173 2.38
3,892 ROCHE HOLDING (GENUSSCHEIN) CHF 529,730 1.62
1,537 STRAUMANN CHF 260,529 0.79
3,835,451 11.69
11,183 ADIDAS-SALOMON EUR 414,889 1.27
4,252 NIKE USD 294,107 0.90
708,996 2.17
8,076 COLGATE-PALMOLIVE USD 395,910 1.21
11,758 RECKITT BENCKISER GBP 383,871 1.17
779,781 2.38
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
139The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SUSTAINABLE GROWTH
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
2,309 OMNICOM USD 170,612 0.52
19,461 REED ELSEVIER EUR 255,912 0.78
426,524 1.30
67,109 DSG INTERNATIONAL GBP 216,720 0.66
14,961 GUS GBP 213,114 0.65
4,375 METRO EUR 201,644 0.61
75,470 TESCO GBP 400,637 1.22
1,032,115 3.14
10,935 AMERICAN EXPRESS USD 484,101 1.48
24,090 BANK OF AMERICA USD 1,018,750 3.11
3,574 BNP PARIBAS EUR 303,254 0.92
4,649 FANNIE MAE USD 205,191 0.63
22,574 ING GROEP EUR 783,092 2.39
44,420 LLOYDS TSB GBP 353,382 1.08
6,632 SOCIETE GENERALE PARIS -A- EUR 832,316 2.54
12,286 UBS CHF 578,547 1.76
34,688 UNICREDITO ITALIANO EUR 227,033 0.69
24,700 US BANCORP USD 647,747 1.98
31,980 WESTPAC BANKING AUD 427,844 1.30
5,861,257 17.88
5,227 3M USD 307,080 0.94
307,080 0.94
22,268 AEGON EUR 329,344 1.00
6,482 AMERICAN INTERNATIONAL USD 339,055 1.03
4,309 HARTFORD USD 295,090 0.90
15,176 METLIFE USD 679,041 2.07
36,701 PRUDENTIAL GBP 359,082 1.10
2,001,612 6.10
31 EAST JAPAN RAILWAY JPY 171,210 0.52
9,793 TNT EUR 292,909 0.89
464,119 1.41
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
95,043 CENTRICA GBP 455,839 1.39
59,108 ENEL EUR 425,282 1.30
45,104 NATIONAL GRID GBP 443,957 1.35
17,364 SEVERN TRENT GBP 342,082 1.04
6,007 SUNCOR ENERGY CAD 340,847 1.04
9,104 VEOLIA ENVIRONNEMENT EUR 433,441 1.32
2,441,448 7.44
25,976 BELLSOUTH USD 876,632 2.67
5,896 COMCAST -A- USD 171,516 0.52
21,384 FRANCE TELECOM EUR 387,050 1.18
12,214 NOKIA -A- EUR 191,271 0.58
24,598 TELENOR NOK 253,502 0.77
236,222 VODAFONE GBP 425,838 1.30
2,305,809 7.02
4,595 ACCOR EUR 246,981 0.75
246,981 0.75
10,123 ADECCO CHF 480,834 1.47
480,834 1.47
17,862 WPP GBP 174,366 0.53
174,366 0.53
32,135,534 97.96
TOTAL 32,135,534 97.96
TELECOM
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
47,178 TELEKOM AUSTRIA EUR 1,189,278 0.99
1,189,278 0.99
3 TELSTRA AUD 8 0.00
8 0.00
6,000 BELGACOM EUR 233,639 0.19
2,965 MOBISTAR EUR 245,261 0.20
478,900 0.39
33,768 BCE CAD 917,712 0.77
11,484 BELL ALIANT REGIONAL CAD 359,760 0.30COMM INCOME FD
34,600 ROGERS COMMUNICATIONS -CL B- CAD 1,898,014 1.58
10,500 TELUS CAD 591,987 0.49
29,011 TELUS NON VOTE CAD 1,627,830 1.36
5,395,303 4.50
700 SWISSCOM CHF 232,364 0.19
232,364 0.19
100 DEUTSCHE TELEKOM EUR 1,588 0.00
1,588 0.00
201,000 ORASCOM TELECOM (GDR) USD 11,101,230 9.26
11,101,230 9.26
654,266 TELEFONICA DE ESPANA EUR 11,329,579 9.45
11,329,579 9.45
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
20,315 ELISA COMMUNICATIONS EUR 447,772 0.37
447,772 0.37
27,635 BOUYGUES EUR 1,476,580 1.23
14,362 FRANCE TELECOM EUR 329,294 0.27
16,100 ILIAD EUR 1,156,378 0.96
42,400 VIVENDI EUR 1,526,981 1.27
4,489,233 3.73
837,043 BT GBP 4,190,326 3.50
200,021 CABLE & WIRELESS GBP 517,476 0.43
4,733,740 VODAFONE GBP 10,809,821 9.02
15,517,623 12.95
119,480 COSMOTE MOBILE EUR 2,860,539 2.39COMMUNICATIONS
48,158 HELLENIC COMMUNICATIONS EUR 1,179,820 0.98
4,040,359 3.37
1,400 CHINA UNICOM HKD 1,380 0.00
203,940 CHINE MOBILE HKD 1,440,782 1.20
600 PCCW NEW HKD 367 0.00
39,500 SMARTONE TELECOMMUNICATIONS HKD 37,867 0.03
1,480,396 1.23
4,702,000 TELEKOMUNIKASI INDONESIA IDR 4,306,981 3.59
4,306,981 3.59
3,735 TELECOM ITALIA EUR 10,598 0.01
381,245 TELECOM ITALIA RNC EUR 917,590 0.77
928,188 0.78
160 KDDI JPY 997,417 0.83
1 NTT DOCOMO JPY 1,542 0.00
998,959 0.83
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
140The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
141The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
TELECOM
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
40 SK TELECOM (ADR) USD 945 0.00
945 0.00
1,839,000 HUTCHISON TELECOMMUNICATIONS HKD 3,252,142 2.71INTL
3,252,142 2.71
136,500 AMERICA MOVIL (SERIE L) (ADR) USD 5,374,005 4.48
5,374,005 4.48
272,015 KPN (DEMAT.) EUR 3,466,425 2.89
3,466,425 2.89
425,661 TELENOR NOK 5,556,941 4.64
5,556,941 4.64
3 TELECOM CORP OF NEW ZEALAND NZD 9 0.00
9 0.00
427,478 PORTUGAL TELECOM EUR 5,333,851 4.45
5,333,851 4.45
43,640 TELE2 SEK 440,652 0.37
1,682 TELIASONERA SEK 10,787 0.01
451,439 0.38
2,023,850 SINGAPORE TELECOMMUNICATIONS SGD 3,112,865 2.60
3,112,865 2.60
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
83,300 ALLTEL USD 4,623,150 3.86
129,200 AMERICAN TOWER A USD 4,715,800 3.93
56 AT&T USD 1,823 0.00
108 BELLSOUTH USD 4,616 0.00
100,500 CROWN CASTLE INTL USD 3,541,620 2.95
10,010 EMBARQ USD 484,184 0.40
30 LEVEL 3 COMMUNICATIONS USD 160 0.00
92,900 NII HOLDINGS USD 5,774,664 4.82
168,876 QWEST COMMUNICATIONS USD 1,472,599 1.23
477,105 SPRINT NEXTEL USD 8,182,351 6.83
9,300 TELEPHONE AND DATA SYSTEMS USD 391,530 0.33
9,500 TELEPHONE AND DATA SYSTEMS USD 388,075 0.32
58 VERIZON COMMUNICATIONS USD 2,154 0.00
161,145 VONAGE USD 1,108,678 0.92
93 WINDSTREAM USD 1,227 0.00
30,692,631 25.59
119,179,014 99.37
TOTAL 119,179,014 99.37
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
142The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
US (ENHANCED CORE CONCENTRATED)
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
40,700 NUCOR USD 2,014,243 0.51
18,400 UNITED STATES STEEL USD 1,061,312 0.27
3,075,555 0.78
16,100 SHERWIN-WILLIAMS USD 898,058 0.23
898,058 0.23
15,800 LOUISIANA PACIFIC USD 296,566 0.08
9,100 OFFICEMAX USD 370,734 0.09
667,300 0.17
113,269 CHEVRON USD 7,346,627 1.88
46,316 CONOCOPHILLIPS USD 2,757,191 0.70
238,541 EXXON MOBIL USD 16,006,101 4.09
94,200 HALLIBURTON USD 2,679,990 0.68
34,700 MARATHON OIL USD 2,668,430 0.68
69,400 OCCIDENTAL PETROLEUM USD 3,338,834 0.85
32,300 SCHLUMBERGER USD 2,003,569 0.51
18,200 SUNOCO USD 1,131,858 0.29
54,800 VALERO ENERGY USD 2,820,556 0.72
40,753,156 10.40
28,300 DOW CHEMICAL USD 1,103,134 0.28
27,700 DU PONT DE NEMOURS USD 1,186,668 0.30
16,900 HERCULES USD 266,513 0.07
16,000 MONSANTO (NEW) USD 752,160 0.19
24,500 PPG INDUSTRIES USD 1,643,460 0.42
4,951,935 1.26
34,400 AMGEN USD 2,460,632 0.63
2,460,632 0.63
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
13,700 COOPER INDUSTRIES A USD 1,167,514 0.30
59,600 TYCO INTERNATIONAL (NEW) USD 1,668,204 0.43
71,700 ADVANCED MICRO DEVICES USD 1,781,745 0.46
60,900 AGILENT TECHNOLOGIES USD 1,990,821 0.51
9,400 HARMAN INTL USD 784,336 0.20
170,300 INTEL USD 3,503,071 0.90
56,300 LSI LOGIC USD 462,786 0.12
107,400 MICRON TECHNOLOGY USD 1,868,760 0.48
47,300 NATIONAL SEMI CONDUCTEUR USD 1,112,969 0.28
15,300 WATERS CORP USD 692,784 0.18
15,032,990 3.86
56,300 BOEING USD 4,439,255 1.13
39,800 GENERAL DYNAMICS USD 2,852,466 0.73
75,600 HONEYWELL USD 3,092,040 0.79
34,000 LOCKHEED MARTIN USD 2,926,040 0.75
50,343 RAYTHEON USD 2,416,967 0.62
29,944 UNITED TECHNOLOGIES USD 1,896,952 0.48
17,623,720 4.50
32,900 AUTODESK USD 1,144,262 0.29
30,400 BMC SOFTWARE USD 827,488 0.21
55,500 COMPUWARE USD 432,345 0.11
6,000 GOOGLE USD 2,411,400 0.62
252,758 MICROSOFT USD 6,907,876 1.77
115,300 ORACLE USD 2,045,422 0.52
47,800 UNISYS USD 270,548 0.07
14,039,341 3.59
322,302 CISCO SYSTEMS USD 7,412,946 1.89
161,366 HEWLETT PACKARD USD 5,920,519 1.51
83,485 IBM USD 6,840,761 1.75
15,600 LEXMARK INTERNATIONAL USD 899,496 0.23
21,073,722 5.38
19,800 CATERPILLAR USD 1,302,840 0.33
7,600 CUMMINS USD 906,148 0.23
8,900 NAVISTAR INTERNATIONAL USD 229,798 0.06
8,600 SNAP-ON USD 383,130 0.10
2,821,916 0.72
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
143The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
US (ENHANCED CORE CONCENTRATED)
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
21,700 EATON USD 1,494,045 0.38
1,494,045 0.38
34,100 CAMPBELL SOUP USD 1,244,650 0.32
60,049 COCA COLA USD 2,682,989 0.69
41,691 GENERAL MILLS USD 2,359,711 0.60
19,200 MC-CORMICK USD 729,216 0.19
19,800 PEPSI BOTTLING GROUP USD 702,900 0.18
47,768 PEPSICO USD 3,117,340 0.80
10,836,806 2.78
61,007 ALTRIA GROUP USD 4,670,086 1.19
65,900 ANHEUSER-BUSCH USD 3,130,909 0.80
7,800,995 1.99
45,100 ABBOTT LABORATORIES USD 2,190,056 0.56
30,900 AMERISOURCE BERGEN USD 1,396,680 0.36
21,200 EXPRESS SCRIPTS USD 1,600,388 0.41
85,300 JOHNSON & JOHNSON USD 5,539,382 1.42
34,800 KING PHARMACEUTICALS USD 592,644 0.15
133,900 MERCK USD 5,610,410 1.43
30,400 MYLAN LABORATORIES USD 611,952 0.16
211,118 PFIZER USD 5,987,306 1.53
39,800 WYETH USD 2,023,432 0.52
25,552,250 6.54
56,900 COACH USD 1,957,360 0.50
16,700 JONES APPAREL GROUP USD 541,748 0.14
2,499,108 0.64
24,000 HASBRO USD 546,000 0.14
94,978 PROCTER & GAMBLE USD 5,886,736 1.50
6,432,736 1.64
41,000 MCGRAW HILL USD 2,379,230 0.61
22,700 OMNICOM USD 2,124,720 0.54
4,503,950 1.15
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
16,400 TEMPLE-INLAND USD 657,640 0.17
657,640 0.17
15,900 BIG LOTS USD 314,979 0.08
48,800 COSTCO WHOLESALE USD 2,424,384 0.62
22,800 FAMILY DOLLAR STORE USD 666,672 0.17
57,400 FEDERATED DEPARTMENT STORES USD 2,480,254 0.63
76,800 GAP USD 1,455,360 0.37
61,134 HOME DEPOT USD 2,217,330 0.57
35,300 KOHLS USD 2,291,676 0.59
50,700 LIMITED BRANDS USD 1,343,043 0.34
45,900 LOWE'S USD 1,287,954 0.33
30,100 NORDSTROM USD 1,273,230 0.33
42,600 OFFICE DEPOT USD 1,691,220 0.43
25,600 TARGET USD 1,414,400 0.36
76,200 WALGREEN USD 3,382,518 0.86
73,005 WAL-MART STORES USD 3,600,607 0.92
25,843,627 6.60
36,494 AMERICAN EXPRESS USD 2,046,584 0.52
131,452 BANK OF AMERICA USD 7,041,884 1.80
143,200 CITIGROUP USD 7,112,744 1.82
24,000 COMERICA USD 1,366,080 0.35
28,600 FANNIE MAE USD 1,599,026 0.41
29,500 GOLDMAN SACHS USD 4,990,515 1.28
174,800 JP MORGAN CHASE & CO USD 8,208,608 2.10
63,500 NATIONAL CITY USD 2,324,100 0.59
57,300 REGIONS FINANCIAL CORP USD 2,108,067 0.54
51,500 US BANCORP USD 1,710,830 0.44
47,648 WACHOVIA USD 2,658,758 0.68
98,700 WELLS FARGO USD 3,570,966 0.91
44,738,162 11.44
22,250 3M USD 1,655,845 0.42
15,300 BEAR STEARNS USD 2,143,530 0.55
28,800 CIT GROUP USD 1,400,544 0.36
305,097 GENERAL ELECTRIC USD 10,769,924 2.75
47,500 LEHMAN BROTHERS USD 3,508,350 0.90
27,245 MERRILL LYNCH USD 2,131,104 0.54
71,250 MORGAN STANLEY DEAN WITTER USD 5,194,838 1.33
43,447 PRUDENTIAL FINANCE USD 3,312,834 0.85
142,700 WALT DISNEY USD 4,410,857 1.13
34,527,826 8.83
144The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
US (ENHANCED CORE CONCENTRATED)
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
55,500 ALLSTATE USD 3,481,515 0.89
76,900 AMERICAN INTERNATIONAL USD 5,095,394 1.30
47,900 CHUBB USD 2,488,884 0.64
25,100 CINCINNATI FINANCIAL USD 1,206,306 0.31
30,400 HARTFORD USD 2,637,200 0.67
63,050 METLIFE USD 3,573,674 0.91
37,200 PRINCIPAL FINANCIAL USD 2,019,216 0.52
16,900 SAFECO USD 995,917 0.25
21,498,106 5.49
61,300 AETNA USD 2,424,415 0.62
23,650 COVENTRY HEALTH CARE USD 1,218,448 0.31
24,350 HUMANA USD 1,609,292 0.41
89,100 UNITEDHEALTH USD 4,383,720 1.12
49,508 WELLPOINT USD 3,814,591 0.97
13,450,466 3.43
50,677 NORFOLK SOUTHERN USD 2,232,322 0.57
104,500 SOUTHWEST AIRLINES USD 1,740,970 0.44
3,973,292 1.01
104,800 AES USD 2,136,872 0.55
40,200 DUKE ENERGY USD 1,214,040 0.31
21,800 EXELON USD 1,319,772 0.34
44,500 FIRSTENERGY USD 2,485,770 0.64
52,100 TXU USD 3,257,292 0.83
10,413,746 2.67
136,700 AT&T USD 4,450,952 1.14
57,600 AVAYA USD 658,944 0.17
129,300 BELLSOUTH USD 5,527,575 1.41
21,600 CBS -B- USD 608,472 0.16
24,500 CENTURYTEL USD 971,915 0.25
68,500 CITIZENS COMMUNICATIONS USD 961,740 0.25
62,500 COMCAST -A- USD 2,303,125 0.59
15,000 FREESCALE SEMICONDUCTOR-B USD 570,150 0.15
174,740 MOTOROLA USD 4,368,500 1.12
180,700 NEWS CORP -A- WI USD 3,550,755 0.91
48,300 QUALCOMM USD 1,755,705 0.45
25,727,833 6.60
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
54,400 LOEWS USD 2,061,760 0.53
92,494 MCDONALD'S USD 3,618,365 0.92
76,100 STARBUCKS USD 2,591,205 0.66
16,600 WENDY'S USD 1,112,200 0.28
9,383,530 2.39
19,600 APOLLO A USD 965,104 0.25
39,800 MCKESSON CORP USD 2,098,256 0.54
3,063,360 0.79
375,795,803 96.06
TOTAL 375,795,803 96.06
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
US (ENHANCED CORE CONCENTRATED)
145The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
FINANCIAL DERIVATIVE INSTRUMENTS
Quantity/Nominal Currency Commitments in USD
Forward Contracts
Stock indices
20 USDS&P 500 INDEX 12/2006 6,727,000
6,727,000
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
US HIGH DIVIDEND
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
87,868 RIOCAN REAL ESTATE CAD 1,891,014 1.03
1,891,014 1.03
96,176 FORDING CANADIAN COAL TRUST USD 2,551,549 1.39
2,551,549 1.39
46,948 ALLIANCE RESSOURCE PARTNERS USD 1,634,729 0.89
1,634,729 0.89
52,316 INTERNATIONAL PAPER USD 1,811,703 0.99
44,943 KIMBERLY-CLARK USD 2,937,474 1.60
184,824 NORBORD CAD 1,335,258 0.73
44,332 RAYONIER USD 1,675,750 0.91
7,760,185 4.23
53,253 CHEVRON USD 3,453,990 1.88
81,473 PRECISION DRILLING TRUST CAD 2,507,029 1.36
51,990 VALERO USD 2,599,500 1.42
8,560,519 4.66
67,479 DOW CHEMICAL USD 2,630,331 1.43
62,944 DU PONT DE NEMOURS USD 2,696,521 1.47
51,339 EASTMAN CHEMICAL USD 2,773,333 1.51
8,100,185 4.41
162,979 WINDSTREAM USD 2,149,693 1.17
2,149,693 1.17
62,229 PITNEY BOWES USD 2,761,101 1.50
2,761,101 1.50
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
80,096 GENUINE PARTS USD 3,454,540 1.88
3,454,540 1.88
44,787 CBL&ASSOCIATES PROPERTIES USD 1,877,023 1.02
32,622 DEVELOPERS DIVERSIFIED REALITY USD 1,819,003 0.99
65,651 HEALTH CARE PPTYS INVEST USD 2,038,464 1.11
37,092 HOSPITALITY PROPERTIES USD 1,750,742 0.95
39,808 LIBERTY PROPERTY TRUST USD 1,902,424 1.04
35,258 REALOGY USD 799,651 0.44
10,187,307 5.55
57,201 COCA COLA USD 2,555,741 1.39
83,697 CONAGRA FOODS USD 2,048,903 1.12
54,115 KELLOGG USD 2,679,775 1.46
84,970 KRAFT FOODS -A- USD 3,030,030 1.65
106,146 SARA LEE USD 1,705,766 0.93
12,020,215 6.55
33,993 ALTRIA GROUP USD 2,602,164 1.42
15,373 REYNOLDS AMERICAN USD 952,665 0.52
97,781 ROTHMANS CAD 1,790,584 0.97
55,331 UST USD 3,033,799 1.65
8,379,212 4.56
69,091 BRISTOL MYERS SQUIBB USD 1,721,748 0.94
45,616 ELI LILLY USD 2,600,112 1.42
27,835 JOHNSON & JOHNSON USD 1,807,605 0.98
46,168 MERCK USD 1,934,439 1.05
107,539 PFIZER USD 3,049,806 1.66
11,113,710 6.05
10,412 HANESBRANDS USD 234,374 0.13
234,374 0.13
42,094 STANLEY WORKS USD 2,098,386 1.14
2,098,386 1.14
146The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
US HIGH DIVIDEND
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
89,028 RR DONNELLEY & SONS USD 2,934,363 1.60
2,934,363 1.60
66,742 LIMITED BRANDS USD 1,767,996 0.96
1,767,996 0.96
76,370 AMERICAN CAPITAL STRATEGIES USD 3,014,324 1.64
80,721 ASSIOCIATED BANC-CORP USD 2,623,432 1.43
51,274 BANK OF AMERICA USD 2,746,748 1.50
51,784 BANK OF HAWAII USD 2,493,917 1.36
64,394 BANK OF NOVA SCOTIA CAD 2,772,811 1.51
56,605 CITIGROUP USD 2,811,570 1.53
48,612 NATIONAL BANK OF CANADA CAD 2,657,940 1.45
46,794 PROVIDENT BANKSHARES USD 1,733,718 0.94
35,401 SUNTRUST BANKS USD 2,735,789 1.49
72,792 SUSQUEHANNA BANCSHARES USD 1,779,036 0.97
82,432 US BANCORP USD 2,738,391 1.49
50,276 WACHOVIA USD 2,805,401 1.53
58,973 WASHINGTON MUTUAL USD 2,563,556 1.40
33,476,633 18.24
67,547 COMPASS MINERALS INTERNATIONAL USD 1,912,256 1.04
108,967 GENERAL ELECTRIC USD 3,846,535 2.09
43,145 IGM FINANCIAL CAD 1,819,542 0.99
47,742 ISTAR FINANCIAL USD 1,990,841 1.08
57,413 NSTAR USD 1,915,298 1.04
11,484,472 6.24
74,231 ARTHUR J GALLAGHER & CO USD 1,979,741 1.08
71,685 FIDELITY NATIONAL FINANCIAL USD 2,985,680 1.63
4,965,421 2.71
95,121 SHIP FINANCE USD 1,892,908 1.03
1,892,908 1.03
49,259 WASTE MANAGEMENT USD 1,806,820 0.98
1,806,820 0.98
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
45,511 AGL RESOURCES USD 1,661,157 0.90
33,680 AMEREN USD 1,777,967 0.97
38,956 CONSOLIDATED EDISON USD 1,799,767 0.98
87,609 DUKE ENERGY USD 2,645,792 1.44
70,020 ENERGY EAST CORP USD 1,660,874 0.90
25,671 KINDER MORGAN USD 2,691,604 1.47
43,170 PG & E USD 1,798,030 0.98
77,973 SOUTHERN USD 2,686,950 1.46
28,425 TXU USD 1,777,131 0.97
111,523 UGI USD 2,726,737 1.48
21,226,009 11.55
93,753 AT&T USD 3,052,598 1.66
97,894 BCE CAD 2,660,463 1.45
29,847 BELL ALIANT REGIONAL CAD 935,018 0.51COMM INCOME FD
212,919 CITIZENS COMMUNICATIONS USD 2,989,383 1.63
9,637,462 5.25
23,353 WYNDHAM WORLDWIDE USD 653,183 0.36
653,183 0.36
14,103 AVIS BUDGET USD 257,949 0.14
93,814 CHARTERMAC USD 1,872,527 1.02
69,809 THORNBURG MORTGAGE USD 1,778,035 0.97
3,908,511 2.13
176,650,497 96.19
TOTAL 176,650,497 96.19
147The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
US OPPORTUNISTIC EQUITY
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,000 NUCOR USD 49,490 0.95
49,490 0.95
1,300 CHEVRON USD 84,318 1.61
705 CONOCOPHILLIPS USD 41,969 0.80
1,800 ENCANA CAD 83,913 1.60
1,700 EXXON MOBIL USD 114,070 2.18
1,900 FRONTIER OIL USD 50,502 0.97
1,600 MCDERMOTT INTERNATIONAL USD 66,880 1.28
1,000 OCCIDENTAL PETROLEUM USD 48,110 0.92
1,200 VALERO ENERGY USD 61,764 1.18
551,526 10.54
1,700 APPLERA APPLIED BIOSYSTEMS USD 56,287 1.08
56,287 1.08
700 BOEING USD 55,195 1.06
1,800 GENERAL DYNAMICS USD 129,006 2.47
1,900 LOCKHEED MARTIN USD 163,514 3.13
2,900 RAYTHEON USD 139,229 2.66
486,944 9.32
7,200 BEA SYSTEMS USD 109,440 2.09
4,900 BMC SOFTWARE USD 133,378 2.55
3,000 INTUIT USD 96,270 1.84
4,200 ORACLE USD 74,508 1.42
413,596 7.90
5,200 CISCO SYSTEMS USD 119,600 2.29
1,900 HEWLETT PACKARD USD 69,711 1.33
800 IBM USD 65,552 1.25
254,863 4.87
800 CUMMINS USD 95,384 1.82
1,400 TEREX USD 63,308 1.21
158,692 3.03
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
2,200 ARCHER-DANIELS-MIDLAND USD 83,336 1.59
3,500 CAMPBELL SOUP USD 127,750 2.44
2,600 GENERAL MILLS USD 147,160 2.81
358,246 6.84
3,600 AMERISOURCE BERGEN USD 162,720 3.11
900 ASTRAZENECA ADR USD 56,250 1.08
1,500 CARDINAL HEALTH USD 98,610 1.89
2,600 KING PHARMACEUTICALS USD 44,278 0.85
1,400 MERCK USD 58,660 1.12
1,400 NOVARTIS ADR USD 81,816 1.56
502,334 9.61
2,800 AMERICAN EAGLE OUTFITTERS USD 122,724 2.35
122,724 2.35
1,800 MCGRAW HILL USD 104,454 2.00
104,454 2.00
2,000 KOHLS USD 129,840 2.48
4,500 LIMITED BRANDS USD 119,205 2.28
1,400 NORDSTROM USD 59,220 1.13
308,265 5.89
800 BANCO BRADESCO-SPONS (ADR) USD 26,680 0.51
1,200 US BANCORP USD 39,864 0.76
66,544 1.27
1,800 JC PENNEY USD 123,102 2.35
1,900 PRUDENTIAL FINANCE USD 144,875 2.77
1,600 RADIAN GROUP USD 96,000 1.84
363,977 6.96
148The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
US OPPORTUNISTIC EQUITY
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,700 AXIS CAPITAL USD 58,973 1.13
2,200 CHUBB USD 114,312 2.19
1,200 HARTFORD USD 104,100 1.99
1,000 METLIFE USD 56,680 1.08
2,400 WR BERKLEY USD 84,936 1.62
419,001 8.01
1,000 HEALTHWAYS USD 44,600 0.85
1,600 WELLCARE HEALTH PLANS USD 90,608 1.73
135,208 2.58
2,697 CONTINENTAL AIRLINES USD 76,352 1.46
76,352 1.46
1,600 TXU USD 100,032 1.91
4,000 XCEL ENERGY USD 82,600 1.58
182,632 3.49
2,300 CENTURYTEL USD 91,241 1.74
4,200 CHINA MOBIL (ADR) USD 148,470 2.84
239,711 4.58
1,100 DARDEN RESTAURANT USD 46,717 0.89
3,300 MCDONALD'S USD 129,096 2.47
175,813 3.36
3,800 CHARLES SCHWAB USD 68,020 1.30
600 EQUIFAX USD 22,026 0.42
1,800 MCKESSON CORP USD 94,896 1.81
184,942 3.53
5,211,601 99.62
TOTAL 5,211,601 99.62
149The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
UTILITIES
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
1,431,516 SP AUSNET AUD 1,394,080 1.03
1,394,080 1.03
25,691 CIA ENERGETICA DE MINAS USD 1,008,372 0.74GERAIS (ADR)
60,029 ENERGIAS DO BRASIL BRL 768,685 0.57
1,777,057 1.31
33,697 EON EUR 3,990,257 2.94
133,834 RWE EUR 12,333,614 9.09
16,323,871 12.03
146,448 ENAGAS EUR 3,545,154 2.61
183,995 ENDESA EUR 7,819,689 5.76
100,458 IBERDROLA EUR 4,492,108 3.31
89,119 RED ELECTRICIA DE ESPANA EUR 3,455,609 2.55
19,312,560 14.23
78,834 GAZ DE FRANCE EUR 3,135,697 2.31
3,135,697 2.31
1,143,762 CENTRICA GBP 6,948,934 5.12
77,151 DRAX GBP 1,201,192 0.89
401,423 INTERNATIONAL POWER GBP 2,346,993 1.73
354,689 SCOTTISH POWER GBP 4,316,457 3.18
14,813,576 10.92
2,670,804 XINAO GAS HKD 2,742,020 2.02
2,742,020 2.02
973,146 ENEL EUR 8,869,512 6.54
8,869,512 6.54
Quantity/Nominal Currency Valuation in USD % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
83,600 KYUSHU ELECTRIC POWER JPY 1,975,556 1.46
156,700 TOHOKU ELECTRIC POWER JPY 3,430,902 2.53
187,200 TOKYO ELECTRIC POWER JPY 5,390,928 3.97
10,797,386 7.96
633,400 ELECTRICITY GENERA PCL - (NVDR) THB 1,348,197 0.99
1,348,197 0.99
26,360 ALLEGHENY ENERGY USD 1,058,881 0.78
37,013 CONSTELLATION ENERGY USD 2,191,170 1.61
168,537 DUKE ENERGY USD 5,089,817 3.75
80,772 EDISON INTERNATIONAL USD 3,363,346 2.48
63,247 ENERGY EAST CORP USD 1,500,219 1.11
59,751 ENTERGY USD 4,674,321 3.44
49,040 EQUITABLE RESOURCES USD 1,715,419 1.26
129,122 EXELON USD 7,817,046 5.76
93,039 FPL USD 4,186,755 3.09
56,851 ITC USD 1,773,751 1.31
102,968 NORTHEAST UTILITIES USD 2,396,065 1.77
105,567 PG & E USD 4,396,866 3.24
123,575 PPL CORP USD 4,065,618 3.00
48,622 PUBLIC SERVICE ENTERPRISE GROUP USD 2,975,180 2.19
75,864 TXU USD 4,743,017 3.50
45,282 UGI USD 1,107,144 0.82
53,054,615 39.11
133,568,571 98.45
OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS
Warrants & Rights
84,269 MERRILL-GAIL INDIA (WT 11/08/2011) USD 483,367 0.36
483,367 0.36
483,367 0.36
TOTAL 134,051,938 98.81
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
150The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
WORLD
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
24,238 CIA VALE DO RIO DOCE (ADR) USD 354,170 0.32
354,170 0.32
6,566 FREEPORT MCMORAN COPPER USD 276,065 0.25& GOLD
276,065 0.25
17,000 JGC CORPORATION JPY 224,380 0.20
14,939 KB HOME USD 516,541 0.47
9,450 VINCI EUR 829,710 0.75
1,570,631 1.42
28,154 STORA ENSO EUR 336,722 0.31
336,722 0.31
97,989 BP GBP 840,958 0.76
4,894 DIAMOND OFFSHORE DRILLING USD 279,596 0.25
33,345 ENI EUR 779,273 0.71
6,423 EXXON MOBIL USD 340,228 0.31
8,956 MARATHON OIL USD 543,688 0.49
5,369 NEXEN CAD 226,993 0.21
33,062 OCCIDENTAL PETROLEUM USD 1,255,664 1.14
4,185 PETROLEO BRASILEIRO (ADR) USD 276,952 0.25
4,467 TECK COMINCO B CAD 221,256 0.20
33,628 TOTAL EUR 1,740,249 1.58
6,823 VALERO ENERGY USD 277,229 0.25
6,782,086 6.15
9,677 AIR PRODUCTS & CHEMICALS USD 507,016 0.46
12,736 CYTEC INDUSTRIES USD 558,906 0.51
18,370 DU PONT DE NEMOURS USD 621,252 0.56
28,205 NORSK HYDRO NOK 497,836 0.45
74,000 SUMITOMO CHEMICAL JPY 436,403 0.40
2,221 SYNGENTA CHF 263,704 0.24
2,885,117 2.62
16,859 AMGEN USD 951,983 0.86
951,983 0.86
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
32,861 ABB (NOM.) CHF 340,309 0.31
4,702 ALSTOM EUR 335,488 0.30
12,408 EMERSON ELECTRIC USD 821,421 0.75
9,557 SIEMENS EUR 657,522 0.60
16,900 HOYA JPY 502,846 0.46
49,743 INTEL USD 807,747 0.73
3,560 KEYENCE JPY 647,451 0.59
1,324 SAMSUNG ELECTRONICS KRW 733,237 0.67
4,846,021 4.41
10,406 EADS EUR 236,008 0.21
23,928 HONEYWELL USD 772,572 0.70
1,008,580 0.91
19,797 AMDOCS LIMITED USD 618,876 0.56
3,174 GOOGLE USD 1,007,011 0.91
41,936 MICROSOFT USD 904,765 0.82
93,553 ORACLE USD 1,310,148 1.19
3,840,800 3.48
82,728 CISCO SYSTEMS USD 1,502,068 1.36
49,028 EMC USD 463,671 0.42
38,000 FUJITSU JPY 247,474 0.22
2,213,213 2.00
25,534 ATLAS COPCO -B- SEK 504,711 0.46
10,700 DOOSAN HEAVY INDUSTRIES KRW 351,170 0.32AND CONSTRUCTION
21,847 ITT USD 884,228 0.80
7,838 LINDE EUR 582,285 0.53
2,322,394 2.11
16,426 BMW EUR 693,834 0.63
10,100 TOYOTA MOTOR JPY 433,555 0.39
1,127,389 1.02
43,912 SUN HUNG KAI PROPERTIES HKD 378,360 0.34
378,360 0.34
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
151The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
WORLD
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
135,794 CADBURY SCHWEPPES GBP 1,138,375 1.03
9,809 COCA COLA HELLENIC BOTLING EUR 266,609 0.24
5,829 GROUPE DANONE EUR 645,270 0.59
22,396 KELLOGG USD 875,508 0.79
5,285 NESTLE (REG) CHF 1,450,634 1.32
4,376,396 3.97
19,561 ALTRIA GROUP USD 1,182,076 1.07
4,318 FOMENTO ECONOMICO USD 330,442 0.30MEXICO-SP (ADR)
115 JAPAN TOBACCO JPY 352,938 0.32
2,213 PERNOD-RICARD EUR 363,153 0.33
2,228,609 2.02
18,033 ELI LILLY USD 811,432 0.74
49,381 GLAXOSMITHKLINE GBP 1,035,461 0.94
19,660 JOHNSON & JOHNSON USD 1,007,871 0.92
20,908 MERCK USD 691,569 0.63
31,622 NOVARTIS (NOM.) CHF 1,453,244 1.32
65,049 PFIZER USD 1,456,317 1.32
7,348 ROCHE HOLDING (GENUSSCHEIN) CHF 1,000,118 0.91
12,864 SANOFI-AVENTIS EUR 903,053 0.82
20,824 WYETH USD 835,755 0.76
9,194,820 8.36
12,551 NIKE USD 868,142 0.79
868,142 0.79
12,785 COLGATE-PALMOLIVE USD 626,760 0.57
30,900 PROCTER & GAMBLE USD 1,511,886 1.37
23,382 RECKITT BENCKISER GBP 763,367 0.69
2,902,013 2.63
79,495 REED ELSEVIER EUR 1,045,359 0.95
76,404 TIME WARNER USD 1,099,542 1.00
2,144,901 1.95
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
26,407 CVS USD 669,582 0.61
9,440 NITORI CO JPY 337,686 0.31
24,477 TARGET USD 1,067,578 0.97
5,560 YAMADA DENKI JPY 440,164 0.40
2,515,010 2.29
98,000 ITOCHU JPY 599,563 0.54
599,563 0.54
86,229 AKBANK TRY 348,786 0.32
34,625 ANGLO IRISH BANK EUR 448,390 0.41
44,194 BANK OF AMERICA USD 1,868,934 1.70
97,981 BARCLAYS GBP 973,814 0.88
6,334 BNP PARIBAS EUR 537,440 0.49
82,130 CAPITALIA EUR 536,966 0.49
36,518 CITIGROUP USD 1,431,892 1.30
80,000 DBS SGD 764,350 0.69
8,619 DEUTSCHE BANK EUR 820,184 0.74
16,657 FANNIE MAE USD 735,183 0.67
129,472 GF BANORTE -O- MXN 322,085 0.29
19,811 ING GROEP EUR 687,244 0.62
38,633 JP MORGAN CHASE & CO USD 1,432,173 1.30
26,256 NATIONAL BANK OF GREECE EUR 891,129 0.81
22,938 SNS REAAL EUR 347,511 0.32
4,293 SOCIETE GENERALE PARIS -A- EUR 538,772 0.49
22,295 UBS CHF 1,049,870 0.95
7,793 UNIBANCO (GDR) USD 455,245 0.41
143,847 UNICREDITO ITALIANO EUR 941,479 0.85
29,210 WELLS FARGO USD 834,275 0.76
15,965,722 14.49
14,943 COUNTRYWIDE FINANCIAL USD 413,343 0.38
26,363 GENERAL ELECTRIC USD 734,647 0.67
186 KABU.COM JPY 264,899 0.24
10,311 MERRILL LYNCH USD 636,690 0.58
18,500 MILLEA JPY 509,632 0.46
206 MIZUHO FINANCIAL JPY 1,261,684 1.15
16,952 MORGAN STANLEY DEAN WITTER USD 975,702 0.89
21,794 RICHEMONT (UNITS)-A- CHF 825,962 0.75
143 SUMITOMO MITSUI FINANCIAL JPY 1,185,620 1.08
27,021 WALT DISNEY USD 659,340 0.60
7,467,519 6.80
152The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
WORLD
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
35,458 AEGON EUR 524,424 0.48
7,198 ALLIANZ EUR 982,383 0.89
14,355 AMERICAN INTERNATIONAL USD 750,868 0.68
30,359 AXA EUR 882,840 0.80
26,699 GENWORTH FINANCIAL USD 737,898 0.67
6,620 HARTFORD USD 453,353 0.41
48,810 PRUDENTIAL GBP 477,556 0.43
14,201 SAINT PAUL TRAVELERS USD 525,664 0.48
114,900 STANDARD LIFE GBP 458,736 0.42
5,793,722 5.26
9,082 CAREMARK RX USD 406,297 0.37
12,619 COMMUNITY HEALTH SYSTEMS USD 372,070 0.34
12,608 WELLPOINT USD 766,881 0.70
1,545,248 1.41
18,362 CSX USD 475,883 0.43
83,777 RYANAIR EUR 707,078 0.64
1,182,961 1.07
27,680 WASTE MANAGEMENT USD 801,502 0.73
801,502 0.73
184,723 CENTRICA GBP 885,957 0.80
78,800 ENEL EUR 566,966 0.51
14,371 EXELON USD 686,813 0.62
12,823 GAZ DE FRANCE EUR 402,642 0.37
27,862 PPL CORP USD 723,631 0.66
10,333 RWE EUR 751,726 0.68
22,100 TOKYO ELECTRIC POWER JPY 502,411 0.46
14,168 VEOLIA ENVIRONNEMENT EUR 674,538 0.61
21,852 WEATHERFORD INTERNATIONAL USD 719,689 0.65
36,187 WILLIAMS COMPANIES USD 681,890 0.62
6,596,263 5.98
Quantity/Nominal Currency Valuation in EUR % NAV
TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE
Shares
30,416 CORNING USD 586,110 0.53
98,973 HUTCHISON TELECOMMUNICATIONS HKD 138,170 0.13INTL
9,189 ORASCOM TELECOM (GDR) USD 400,638 0.36
20,443 QUALCOMM USD 586,622 0.53
34,723 SPRINT NEXTEL USD 470,100 0.43
353,838 TELECOM ITALIA RNC EUR 672,292 0.61
404,586 TELEFON ERICSSON -B- SEK 1,106,962 1.01
64,767 TELEFONICA DE ESPANA EUR 885,365 0.80
345,189 TELEKOMUNIKASI INDONESIA IDR 249,607 0.23
69,073 TELENOR NOK 711,851 0.65
562,004 VODAFONE GBP 1,013,124 0.92
6,820,841 6.20
20,928 CARNIVAL USD 776,983 0.71
17,233 OPAP EUR 456,674 0.41
1,233,657 1.12
22,505 ACCENTURE A USD 563,358 0.51
2,700 NOMURA RESEARCH INSTITUTE JPY 296,071 0.27
38,892 VEDIOR EUR 574,435 0.52
1,433,864 1.30
55,974 WPP GBP 546,410 0.50
546,410 0.50
103,110,694 93.61
TOTAL 103,110,694 93.61
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
153The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
154The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006
WORLD
SECURITIES PORTFOLIO
AND FINANCIAL
DERIVATIVE INSTRUMENTS
FINANCIAL DERIVATIVE INSTRUMENTS
to receive to pay Date Commitments in EUR
Forward contracts on currencies
JPY 2,200,000
JPY 2,200,000
JPY 638,600,000
USD 1,600,000
USD 18,884
USD 18,889
EUR 4,314,865
EUR 1,247,821
20/11/2006
20/11/2006
20/11/2006
25/10/2006
14,907
14,911
4,314,865
1,247,821
5,592,505
FINANCIAL DERIVATIVE INSTRUMENTS
Quantity/Nominal Currency Commitments in EUR
Forward Contracts
Stock indices
12
38
USD
JPY
S&P 500 INDEX 12/2006
TOPIX INDEX (TOKYO) 12/2006
3,186,264
4,103,401
7,289,665
ING (L) Invest - 30/09/2006
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 SICAV was previously governed by part I, Chapter 3 of the Luxembourg Law of March 30, 1988. Since December 1, 2005, it
is governed by Part I of the Luxembourg Law of December 20, 2002.
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 currently offers the following share classes to the investors:
Shares Name Description
Capitalisation P (EUR) Capitalisation shares
Capitalisation P (USD) Capitalisation shares
Capitalisation I (EUR) Capitalisation shares dedicated to institutional investors
Capitalisation I (USD) Capitalisation shares dedicated to institutional investors
Capitalisation X (EUR) Capitalisation shares dedicated to some countries
Capitalisation X (USD) Capitalisation shares dedicated to some countries
Distribution I (EUR) Distribution shares dedicated to institutional investors
Distribution P (EUR) Distribution shares
Distribution P (quarter dividend) (EUR) Distribution shares
Distribution X (EUR) Distribution shares dedicated to some countries
The investor must be aware that every share class is not offered by every sub-fund of the Company.
Changes
The Board of Directors of the SICAV has decided to appoint ING Investment Management Luxembourg S.A. as
Management Company of the SICAV as from December 1, 2005. This appointment includes the management of the assets
of the sub-funds of the SICAV as well as the administration and marketing of its shares.
On December 1, 2005, the Management Company of the SICAV has delegated the management of the assets of the
sub-funds to the investment managers as described in Note 3.
The "US Opportunistic Equity" sub-fund was launched on February 10, 2006.
The "Global Growth" sub-fund was launched on April 18, 2006.
The "Global Real Estate" sub-fund was launched on May 2, 2006.
The "Europe Opportunities" sub-fund was launched on July 31, 2006.
155
NOTES TO THE
FINANCIAL STATEMENTS
On September 13, 2006 the net assets of the "Nasdaq" and "IT" sub-funds have been brought to the assets of the "Computer
Technologies" sub-fund.
The exchange ratios were as follow:
1 capitalistion P share of the IT sub-fund gave right to 0.070097 capitalisation P share of the Computer Technologies sub-fund,
1 capitalisation X share of the IT sub-fund gave right to 0.069698 capitalisation X share of the Computer Technologies sub-fund,
1 distribution P share of the IT sub-fund gave right to 0.011488 distribution P share of the Computer Technologies sub-fund.
1 capitalisation P share of the Nasdaq sub-fund gave right to 1.055420 capitalisation P share of the Computer Technologies sub-fund,
1 capitalisation X share of the Nasdaq sub-fund gave right to 1.055213 capitalisation X share of the Computer Technologies sub-fund,
1 distribution P share of the Nasdaq sub-fund gave right to 1.055384 distribution P share of the Computer Technologies sub-fund.
The "Australia" sub-fund was liquidated on September 19, 2006. The liquidation fees were not significant.
2- PRINCIPAL ACCOUNTING METHODS
The financial statements are prepared 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 each sub-fund are converted into that currency at the exchange rate prevailing
on the closing date.
The various items in the combined statement 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 realisation value.
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.
Positive fair values of financial derivative instruments are included in the item "Other Financial Derivative Instruments".
Negative fair values of financial derivative instruments are included in the item "Current Liabilities".
NOTES TO THE
FINANCIAL STATEMENTS
156ING (L) Invest - 30/09/2006 156
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, payables and negative fair values of financial derivative instruments.
4- MANAGEMENT FEES
In accordance with the terms and conditions of the nomination of ING Investment Management Luxembourg S.A. 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.
SUB-FUNDS Management Management Management Investment manager
fees Rate fees Rate fees Rate
(P-CLASS) (X-CLASS) (I-CLASS)
Australia* 1.20% p.a. 1.75% p.a. … ING Investment
Management Belgium
Banking & Insurance 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V
Biotechnology 1.20% p.a. 1.75% p.a. … ING Investment
Management Belgium
Computer Technologies 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Investment
Management Belgium
Consumer Goods 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V
Dutch Equity 1.20% p.a. 1.75% p.a. … ING Asset Management B.V
Emerging Europe 1.20% p.a. 1.75% p.a. 0.65% p.a. ING Asset Management B.V
Emerging Markets 1.20% p.a. 1.75% p.a. 0.65% p.a. ING Asset Management B.V
EMU Equity 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V
Energy 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V
Euro High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Investment
Management Belgium
Euro Income 1.40% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V
Europe Growth Fund 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V
Europe High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Investment
Management Belgium
Europe Opportunities 1.40% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V
European Banking & Insurance 1.20% p.a. 1.75% p.a. … ING Asset Management B.V
European Consumer Goods 1.20% p.a. 1.75% p.a. … ING Asset Management B.V
European Equity 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V
European Food & Beverages 1.20% p.a. 1.75% p.a. … ING Asset Management B.V
European Health Care 1.20% p.a. 1.75% p.a. … ING Investment
Management Belgium
European IT 1.20% p.a. 1.75% p.a. … ING Investment
Management Belgium
* until the liquidation date (September 19, 2006)
157
NOTES TO THE
FINANCIAL STATEMENTS
ING (L) Invest - 30/09/2006
SUB-FUNDS Management Management Management Investment manager
fees Rate fees Rate fees Rate
(P-CLASS) (X-CLASS) (I-CLASS)
European Materials 1.20% p.a. 1.75% p.a. … ING Asset Management B.V
European New Offerings 1.20% p.a. 1.75% p.a. … ING Investment
Management Belgium
European Real Estate 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V
European Sector Allocation 1.20% p.a. 1.75% p.a. … ING Investment
Management Belgium
European Small Caps 1.20% p.a. 1.75% p.a. 0.72% p.a. ING Asset Management B.V
European Telecom 1.20% p.a. 1.75% p.a. … ING Investment
Management Belgium
Food & Beverages 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V
Global Brands 1.20% p.a. 1.75% p.a. … ING Asset Management B.V
Global Growth 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V
Global High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V
Global Real Estate 1.40% p.a. 1.75% p.a. 0.60% p.a. ING Clarion Real Estate
Securities LP
Greater China 1.20% p.a. 1.75% p.a. … ING Investment Management
Asia Pacific (Hong-Kong) Ltd
Health Care 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Investment
Management Belgium
Industrials 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V
IT** 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Investment
Management Belgium
Japan 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Mutual Funds Management
Company (Japan) Ltd
Japanese Small & Mid Caps 1.20% p.a. 1.75% p.a. … ING Mutual Funds Management
Company (Japan) Ltd
Latin America 1.20% p.a. 1.75% p.a. … ING Asset Management B.V
Materials 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V
Nasdaq** 1.20% p.a. 1.75% p.a. … ING Investment
Management Belgium
New Asia 1.20% p.a. 1.75% p.a. … ING Investment Management
Asia Pacific (Hong-Kong) Ltd
New Technology Leaders 1.20% p.a. 1.75% p.a. … ING Investment
Management Belgium
Prestige & Luxe 1.20% p.a. 1.75% p.a. … ING Asset Management B.V
Sustainable Growth 1.20% p.a. 1.75% p.a. 0.72% p.a. ING Asset Management B.V
Telecom 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Investment
Management Belgium
US (Enhanced Core Concentrated) 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Investment
Management Co
US High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V
US Opportunistic Equity 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Investment
Management Co
Utilities 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V
World 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V
** until the merger date (September 13, 2006)
158
NOTES TO THE
FINANCIAL STATEMENTS
ING (L) Invest - 30/09/2006
5- CUSTODIAN FEES
The depositary bank is remunerated in accordance with normal banking practice in Luxembourg.
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 Net 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, the Belgian tax and the other fees.
8- 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.
9- 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.
159
NOTES TO THE
FINANCIAL STATEMENTS
ING (L) Invest - 30/09/2006