Unaudited Semi-Annual Report

Unaudited Semi-Annual Report

as at 31 March 2005

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

China

Colombia

Costa Rica

Cuba

Czech Republic

Germany

Denmark

Dominica

Dominican Republic

Algeria

Estonia

Ecuador

Egypt

Spain

Finland

France

Great Britain

Guernsey

Ghana

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

Nigeria

The Netherlands

European Institutions

European Institutions (L)

Supranational Institutions

Netherlands Antilles

Argentina

Austria

Australia

Bosnia and Herzegovina

Belgium

Bulgaria

Bermuda

Brazil

Canada

Switzerland

Ivory Coast

Chile

HR

Senegal

Thailand

Turkey

Taiwan

Ukraine

United States

Uruguay

Venezuela

Virgin Islands (UK)

Yugoslavia

South Africa

Zimbabwe

Norway

New Zealand

Panama

Peru

Papua New Guinea

Philippines

Pakistan

Poland

Portugal

Romania

Russia

Sudan

Sweden

Singapore

Slovakia

San Marino

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 information given in this report is for reference purposes only. It is not a guide to future results.

WARNING

ING (L) Invest - 31/03/2005ING (L) Invest - 31/03/2005

ING (L) Invest - 31/03/2005

TABLE OF CONTENTS

ING (L) Invest - 31/03/2005

GLOSSARY OF SYMBOLS

MANAGEMENT AND ADMINISTRATION

NOTES TO THE FINANCIAL STATEMENTS

EVOLUTION OF THE SUB-FUNDS

STATEMENT OF NET ASSETS

SECURITIES PORTFOLIO

3

5

9

25

37

ING (L) Invest - 31/03/2005 3

MANAGEMENT AND

ADMINISTRATION

REGISTERED OFFICE

BOARD OF DIRECTORS

CHAIRMAN

DIRECTORS

52, route d'Esch, L-1470 Luxembourg

Eugène Muller,

Honorary Director,

ING Luxembourg

Bruno Colmant,

Managing Director,

ING Belgium,

up to December 6th, 2004

Philippe Catry,

General Manager,

ING Luxembourg,

from December 6th, 2004

Odilon De Groote,

Companies Director

Jean Sonneville,

General Manager,

ING Investment Management Belgium

Bruno Springael,

Member of the Board of Directors,

ING Investment Management Belgium

4ING (L) Invest - 31/03/2005

MANAGEMENT AND

ADMINISTRATION

INVESTMENT MANAGERS

CUSTODIAN, ADMINISTRATION AGENT

AUDITORS

FINANCIAL SERVICING

AUSTRIA

BELGIUM

CZECH REPUBLIC

FINLAND

FRANCE

GERMANY

GREECE

HONK KONG

ITALY

LUXEMBOURG

NORWAY

SINGAPORE

SLOVAKIA

SPAIN

SWITZERLAND

TAIWAN

THE NETHERLANDS

ING Investment Management Belgium, Brussels

ING Investment Management Asia Pacific (Singapore) Pte Ltd, Singapore

ING Fund Management BV, The Hague

ING Investment Management Co, Hartford

ING Investment Management Asia Pacific (Hong-Kong) Pte Ltd, Hong-Kong

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, Pohjoisesplanadi, 25 A, Helsinki

ING Securities Bank (France), Coeur Défense Tour A -

La Défense 4, 110, Esplanade du Général de Gaulle

92931 Paris La Défense Cedex

ING 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

INGIM Italia, Via Tortona 33, 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

INGIM Spain, Génova, 27 – 3a Planta - Madrid 28004

ING Bank (Switzerland) A.G., 30, Avenue de Frontenex, 1211 Geneva

ING CHB Securities Investment & Trust Co., Ltd.,

13 Fl, No. 210, Keelung Road, Section 1, Taipei 110

ING Belgium Breda Branch, 4G-4H Prinsenkade

(Constantijn Office) 4811 VB Breda

4ING (L) Invest - 31/03/2005

(*) The sub-funds ING (L) Invest European Materials and ING (L) Invest US High Dividend are not registered in Austria.

ING (L) Invest - 31/03/2005

1- GENERAL

ING (L) Invest (the "Company") is a "Société d'Investissement à Capital Variable" ("SICAV") incorporated on September 6th, 1993

for an unlimited period as a société anonyme (public limited company), governed by Part I, Chapter 3 of the Luxembourg law

of March 30th, 1988 on undertakings for collective investment.

The Memorandum and Articles of Association of the Company were published in the Mémorial, Recueil Spécial des Sociétés et

Associations du Grand-Duché de Luxembourg and filed with the Registry of the Luxembourg District Court where they may be

consulted and copies may be obtained upon payment of Registry fees.

The Company is registered with the Luxembourg Register of Companies under number B 44 873.

The Company currently offers the following share classes to the investors:

Shares Name Description

Capitalisation P Capitalisation shares

Capitalisation X Capitalisation shares dedicated to some countries

Capitalisation I Capitalisation shares dedicated to institutional investors

Distribution P Distribution shares

The investor must be aware that every share class is not offered by every sub-fund of the Company.

Changes

The "Europe Growth Fund" sub-fund was launched on November 15th, 2004.

The "Europe High Dividend" sub-fund was launched on December 1st, 2004.

On December 1st, 2004, the Directors of the Fund have decided to issue a new multi-currency share class for the "Global

High Dividend" sub-fund (in USD).

It has also been decided to modify the current names of the share classes as follows:

Previous name New name

P P (EUR)

X X (EUR)

I I (EUR)

and to label the new share class as follow:

New share class

P (USD)

X (USD)

I (USD)

On February 11th, 2005, the Directors of the Fund have decided to close the subscription of the "Euro High Dividend" sub-fund.

The "US High Dividend" sub-fund was launched on March 14th, 2005.

2- PRINCIPAL ACCOUNTING METHODS

Currency conversion

The financial statements have been drawn up in the accounting currency of each sub-fund. Bank assets, other net assets as well

as the book value of the securities portfolios expressed in currencies other than the accounting currency of the sub-fund are

converted into that currency at the exchange rate prevailing as at March 31st, 2005.

The various items in the consolidated 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 as at March 31st, 2005.

5

NOTES TO THE

FINANCIAL STATEMENTS

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.

Money market instruments and other short-term securities are valued using the straight-line amortisation method provided these

instruments or securities have an initial or residual maturity at the time of their purchase by the Company of less than 12 months

and if it appears that the last known price on the main market for the security in question cannot be considered as representative

of the price of that security. These instruments and securities are shown at acquisition cost in the securities portfolio, accrued

interest calculated through the straight-line amortisation method being included in the item "Other assets" in the statement of

net assets and in the item "Interest on bonds and Other debt securities" in the Statement of Operations and Changes in Net Assets.

Investments in open-ended investment funds are valued on the basis of their last available Net Asset Value per share.

Income

Dividends are accounted for on the ex-date.

Interest is accrued on a daily basis.

Financial instruments

Positive evaluations of options and other financial instruments are respectively included in the items "Options Contracts" and

"Other Financial Instruments".

Negative evaluations of options or other financial instruments are included in the item "Current Liabilities".

3- MANAGEMENT FEES

As investment manager of the following sub-funds, ING Investment Management Belgium is entitled to receive a monthly fee

based on the average net asset value of each class of shares on the basis of the following rates:

SUB-FUNDS Management fees Rate Management fees Rate Management fees Rate

(P-CLASS) (X-CLASS) (I-CLASS)

Australia 1.20% p.a. 1.75% p.a. …

Banking & Insurance 1.20% p.a. 1.75% p.a. …

Biotechnology 1.20% p.a. 1.75% p.a. …

Computer Technologies 1.20% p.a. 1.75% p.a. …

Consumer Goods 1.20% p.a. 1.75% p.a. …

Energy 1.20% p.a. 1.75% p.a. …

Euro High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a.

Europe High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a.

European Banking & Insurance 1.20% p.a. 1.75% p.a. …

European Consumer Goods 1.20% p.a. 1.75% p.a. …

European Food & Beverages 1.20% p.a. 1.75% p.a. …

European Health Care 1.20% p.a. 1.75% p.a. …

European IT 1.20% p.a. 1.75% p.a. …

European Materials 1.20% p.a. 1.75% p.a. …

European New Offerings 1.20% p.a. 1.75% p.a. …

European Sector Allocation 1.20% p.a. 1.75% p.a. …

European Telecom 1.20% p.a. 1.75% p.a. …

Food & Beverages 1.20% p.a. 1.75% p.a. …

Health Care 1.20% p.a. 1.75% p.a. …

Industrials 1.20% p.a. 1.75% p.a. …

NOTES TO THE


6ING (L) Invest - 31/03/2005 6ING (L) Invest - 31/03/2005



Materials 1.20% p.a. 1.75% p.a. …

Nasdaq 1.20% p.a. 1.75% p.a. …

New Technology Leaders 1.20% p.a. 1.75% p.a. …

Prestige & Luxe 1.20% p.a. 1.75% p.a. …

Telecom 1.20% p.a. 1.75% p.a. …

Utilities 1.20% p.a. 1.75% p.a. …

As investment manager of the following sub-funds, ING Fund Management B.V. is entitled to receive a monthly fee based on

the average net asset value of each class of shares on the basis of the following rates:



Dutch Equity 1.20% p.a. 1.75% p.a. …

Emerging Europe 1.20% p.a. 1.75% p.a. 0.65% p.a.

Emerging Markets 1.20% p.a. 1.75% p.a. 0.65% p.a.

EMU Equity 1.20% p.a. 1.75% p.a. 0.48% p.a.

Europe Growth Fund 1.20% p.a. 1.75% p.a. 0.60% p.a.

European Equity 1.20% p.a. 1.75% p.a. 0.48% p.a.

European Real Estate 1.20% p.a. 1.75% p.a. 0.60% p.a.

European Small Caps 1.20% p.a. 1.75% p.a. 0.72% p.a.

Global Brands 1.20% p.a. 1.75% p.a. …

Global High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a.

IT 1.20% p.a. 1.75% p.a. …

Japan 1.20% p.a. 1.75% p.a. 0.60% p.a.

Latin America 1.20% p.a. 1.75% p.a. …

Sustainable Growth 1.20% p.a. 1.75% p.a. 0.72% p.a.

US High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a.

World 1.20% p.a. 1.75% p.a. 0.48% p.a.

As investment manager of the following sub-funds, ING Investment Management Asia Pacific (Singapore) Pte Ltd is entitled to

receive a monthly fee based on the average net asset value of each class of shares on the basis of the following rates:

SUB-FUNDS Management fees Rate (P-CLASS) Management fees Rate (X-CLASS)

Greater China 1.20% p.a. 1.75% p.a.

Japanese Small & Mid Caps 1.20% p.a. 1.75% p.a.

As investment manager of the following sub-fund, ING Investment Management Co is entitled to receive a monthly fee based

on the average net asset value of each class of shares on the basis of the following rates:

SUB-FUND Management fees Rate Management fees Rate Management fees Rate


US (Enhanced Core Concentrated) 1.20% p.a. 1.75% p.a. 0.48% p.a.

7

NOTES TO THE


ING (L) Invest - 31/03/2005

As investment manager of the following sub-fund, ING Investment Management Asia Pacific (Hong Kong) Ltd is entitled to

receive a monthly fee based on the average net asset value of each class of shares on the basis of the following rates:

SUB-FUND Management fees Rate (P-CLASS) Management fees Rate (X-CLASS)

New Asia 1.20% p.a. 1.75% p.a.

4- 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.

5- 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.

6- INFORMATION FOR SHAREHOLDERS

Under the Finance Act of 22 December 2003, that came into effect on 1 January 2004, a 0.06% yearly tax is applied on all

money originating from Belgium included in the Company at 31 December of the prior year. This tax rate shall be 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.

8

NOTES TO THE


ING (L) Invest - 31/03/2005

EVOLUTION OF

THE SUB-FUNDS

9ING (L) Invest - 31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares

Net Asset Valueper Share

Capitalisation P

Capitalisation P (USD)

Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

AUSTRALIAAUD

16,936,916

811.69

-

-

798.52

3,430.94

13,900

-

-

5,925

269

BANKING & INSURANCEUSD

135,331,890

644.84

-

-

631.19

2,920.24

198,238

-

-

4,832

1,524

BIOTECHNOLOGYUSD

84,899,214

858.20

-

-

839.75

4,240.60

80,141

-

-

4,990

2,814

9The accompanying notes form an integral part of these financial statements. ING (L) Invest - 31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

10ING (L) Invest - 31/03/2005

EVOLUTION OF

THE SUB-FUNDS


COMPUTER TECHNOLOGIES

USD

94,310,701

535.70

-

-

524.18

2,632.77

152,321

-

-

8,437

3,149

CONSUMER GOODSUSD

75,060,870

910.00

-

-

890.18

4,177.03

76,059

-

-

4,060

535

DUTCH EQUITYEUR

64,240,994

66.33

-

-

65.79

53.97

775,788

-

-

69,182

152,471

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

EMERGING EUROPEEUR

97,221,821

34.29

-

-

33.69

2,496.44

1,823,957

-

-

809,751

2,959

EMERGING MARKETSUSD

97,625,133

34.90

-

-

34.42

-

2,587,608

-

-

212,343

-

EMU EQUITYEUR

403,384,838

100.83

-

101.51

98.46

84.91

3,476,687

-

131,917

151,546

288,717

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

ENERGYUSD

149,167,115

914.21

-

-

894.78

3,978.56

116,494

-

-

42,344

1,201

EURO HIGH DIVIDENDEUR

1,962,406,830

337.20

-

339.21

330.24

1,185.18

4,070,532

-

495,174

950,421

91,118

EUROPE GROWTH FUNDEUR

3,770,252

262.53

-

-

-

-

14,361

-

-

-

-


31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

EVOLUTION OF

THE SUB-FUNDS

EUROPE HIGH DIVIDEND

EUR

234,109,240

261.25

-

261.61

260.98

261.25

612,990

-

77,642

191,472

14,102

EUROPEAN BANKING & INSURANCE

EUR

129,010,589

207.67

-

-

203.23

925.27

495,536

-

-

12,809

25,395

EUROPEAN CONSUMER GOODS

EUR

34,512,564

220.79

-

-

216.09

1,007.24

118,827

-

-

17,118

4,544

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

EUROPEAN EQUITYEUR

402,107,447

34.27

-

34.51

33.43

29.72

9,391,640

-

418,211

477,907

1,676,113

EUROPEAN FOOD & BEVERAGES

EUR

68,801,778

228.44

-

-

223.63

1,037.88

235,637

-

-

20,604

9,986

EUROPEAN HEALTH CARE

EUR

162,294,559

257.37

-

-

251.80

1,206.45

442,133

-

-

87,649

21,910

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

EUROPEAN ITEUR

8,814,794

35.84

-

-

35.08

177.11

184,214

-

-

31,171

6,319

EUROPEAN MATERIALSEUR

23,347,788

262.81

-

-

256.96

953.74

66,905

-

-

3,121

5,203

EUROPEAN NEW OFFERINGS

EUR

30,330,264

232.59

-

-

227.67

874.34

104,418

-

-

816

6,700

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

EUROPEAN REAL ESTATEEUR

59,957,004

565.95

-

-

553.60

1,981.17

73,763

-

-

25,762

1,993

EUROPEAN SECTOR ALLOCATION

EUR

188,760,713

186.98

-

-

182.89

690.73

834,589

-

-

11,301

44,359

EUROPEAN SMALL CAPSEUR

36,895,403

16.09

-

-

15.74

99.76

1,730,936

-

-

475,814

15,660

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

EUROPEAN TELECOMEUR

102,768,940

131.02

-

-

128.23

489.61

518,661

-

-

162,882

28,440

FOOD & BEVERAGESUSD

67,163,738

808.57

-

-

791.07

3,589.80

73,551

-

-

4,414

1,170

GLOBAL BRANDSEUR

52,016,077

253.43

-

-

248.08

1,199.81

168,377

-

-

7,415

6,255

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

GLOBAL HIGH DIVIDEND

EUR

373,112,960

236.98

307.97

238.14

233.51

909.22

845,861

1,779

154,839

509,211

18,100

GREATER CHINAUSD

93,608,193

338.13

-

-

332.93

1,603.38

202,003

-

-

47,450

5,930

HEALTH CAREUSD

171,262,462

838.58

-

-

820.73

3,885.54

145,597

-

-

43,021

3,567

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

INDUSTRIALSEUR

71,397,399

286.37

-

-

282.45

1,134.84

186,119

-

-

58,085

1,492

ITUSD

32,412,770

39.42

-

-

38.39

31.69

633,967

-

-

192,199

1,364

JAPANJPY

18,216,969,531

3,670.00

-

3,691.00

3,566.00

3,455.00

4,275,979

-

107,453

278,148

328,940

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

JAPANESE SMALL & MID CAPS

JPY

3,080,294,477

14,224.00

-

-

13,919.00

55,585.00

108,185

-

-

75,828

8,744

LATIN AMERICAUSD

85,304,669

931.16

-

-

917.71

714.79

82,086

-

-

6,092

4,587

MATERIALSUSD

76,712,301

667.83

-

-

653.32

2,924.50

96,805

-

-

5,578

2,879

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

NASDAQUSD

54,838,365

564.20

-

-

552.07

2,770.58

64,124

-

-

28,024

1,151

NEW ASIAUSD

271,444,374

537.54

-

-

529.13

450.68

420,838

-

-

41,147

52,044

NEW TECHNOLOGY LEADERS

EUR

44,050,057

26.49

-

-

25.94

105.97

1,003,333

-

-

338,324

82,026

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

PRESTIGE & LUXEEUR

48,754,050

348.74

-

-

341.18

1,655.71

103,608

-

-

19,356

3,635

SUSTAINABLE GROWTHEUR

30,940,816

144.75

-

145.45

141.73

554.51

100,100

-

27,782

79,531

2,053

TELECOMUSD

79,975,108

483.27

-

-

472.95

2,190.80

142,751

-

-

11,015

2,638

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

US (ENHANCED CORE CONCENTRATED)

USD

308,075,913

62.76

-

63.19

61.34

56.09

3,789,434

-

172,040

854,191

124,235

US HIGH DIVIDENDUSD

9,069,500

250.00

-

-

250.00

-

8,044

-

-

28,234

-

UTILITIESUSD

58,413,247

510.44

-

-

499.56

2,191.18

86,962

-

-

22,841

1,193

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

31/03/2005

Net Assets

Shares


Capitalisation P


Capitalisation I

Capitalisation X

Distribution P

Number of Shares

Capitalisation P


Capitalisation I

Capitalisation X

Distribution P


EVOLUTION OF

THE SUB-FUNDS

WORLDEUR

106,569,449

129.73

-

-

127.57

1,003.56

780,704

-

-

8,971

4,130


STATEMENT OF

NET ASSETS

Total Securities Portfolio

Shares

Warrants and rights

Undertakings for collective investment

Bonds

Financial Instruments

Options Contracts

Other Financial Instruments

Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities

Net Assets at the end of the period

AUSTRALIAAUD

16,705,858

16,670,948

4,310

30,600

-

-

-

-

147,084

-

112,356

16,965,298

-

-28,382

-28,382

16,936,916

BANKING & INSURANCEUSD

128,934,492

128,934,492

-

-

-

-

-

-

6,168,821

-

468,173

135,571,486

-

-239,596

-239,596

135,331,890

BIOTECHNOLOGYUSD

85,067,952

85,067,952

-

-

-

-

-

-

35,810

-

13,970

85,117,732

-79,647

-138,871

-218,518

84,899,214


USD

90,522,534

90,522,534

-

-

-

-

-

-

3,364,403

1,568,591

86,231

95,541,759

-

-1,231,058

-1,231,058

94,310,701

26ING (L) Invest - 31/03/2005 26The accompanying notes form an integral part of these financial statements. ING (L) Invest - 31/03/2005

STATEMENT OF

NET ASSETS


Shares

Warrants and rights


Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities


CONSUMER GOODSUSD

73,813,590

73,813,590

-

-

-

-

-

-

1,246,503

-

134,276

75,194,369

-

-133,499

-133,499

75,060,870

DUTCH EQUITYEUR

43,931,698

43,931,698

-

-

-

-

-

-

18,836,635

1,690,340

94,063

64,552,736

-

-311,742

-311,742

64,240,994

EMERGING EUROPEEUR

94,793,976

94,793,976

-

-

-

-

-

-

2,311,899

-

279,193

97,385,068

-

-163,247

-163,247

97,221,821

EMERGING MARKETSUSD

95,958,322

91,534,625

4,423,697

-

-

-

-

-

-

-

2,054,022

98,012,344

-228,993

-158,218

-387,211

97,625,133

27ING (L) Invest - 31/03/2005 27The accompanying notes form an integral part of these financial statements. ING (L) Invest - 31/03/2005

STATEMENT OF

NET ASSETS


Shares

Warrants and rights


Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities


EMU EQUITYEUR

403,331,785

403,331,785

-

-

-

-

-

-

681,748

-

647,355

404,660,888

-

-1,276,050

-1,276,050

403,384,838

ENERGYUSD

148,983,403

148,969,964

13,439

-

-

-

-

-

266,968

-

171,143

149,421,514

-

-254,399

-254,399

149,167,115

EURO HIGH DIVIDENDEUR

1,876,338,731

1,857,618,131

-

18,720,600

-

-

-

-

87,335,765

-

1,648,801

1,965,323,297

-

-2,916,467

-2,916,467

1,962,406,830

EUROPE GROWTH FUNDEUR

3,788,122

3,788,122

-

-

-

-

-

-

-

-

2,949

3,791,071

-14,933

-5,886

-20,819

3,770,252


STATEMENT OF

NET ASSETS


Shares

Warrants and rights


Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities



EUR

230,153,108

225,388,004

-

4,765,104

-

-

-

-

3,236,277

-

8,427,588

241,816,973

-

-7,707,733

-7,707,733

234,109,240


EUR

123,536,800

123,133,480

-

403,320

-

-

-

-

4,626,722

155,434

906,053

129,225,009

-

-214,420

-214,420

129,010,589


EUR

34,512,611

34,512,611

-

-

-

-

-

-

44,063

-

69,017

34,625,691

-57,987

-55,140

-113,127

34,512,564

EUROPEAN EQUITYEUR

403,216,792

403,216,792

-

-

-

-

-

-

-

-

1,668,021

404,884,813

-1,494,209

-1,283,157

-2,777,366

402,107,447


STATEMENT OF

NET ASSETS


Shares

Warrants and rights


Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities



EUR

56,422,543

56,422,543

-

-

-

774,592

774,592

-

10,892,100

573,695

562,583

69,225,513

-

-423,735

-423,735

68,801,778


EUR

162,471,971

162,471,971

-

-

-

-

-

-

92,274

-

379,100

162,943,345

-33,359

-615,427

-648,786

162,294,559

EUROPEAN ITEUR

8,705,713

8,705,713

-

-

-

-

-

-

94,516

23,759

16,401

8,840,389

-

-25,595

-25,595

8,814,794

EUROPEAN MATERIALSEUR

22,876,809

22,876,809

-

-

-

127,000

127,000

-

261,976

-

120,817

23,386,602

-342

-38,472

-38,814

23,347,788


STATEMENT OF

NET ASSETS


Shares

Warrants and rights


Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities



EUR

30,244,373

30,244,357

-

-

16

-

-

-

73,439

-

252,504

30,570,316

-5,691

-234,361

-240,052

30,330,264

EUROPEAN REAL ESTATEEUR

59,474,595

52,790,675

-

6,683,920

-

-

-

-

498,321

-

87,679

60,060,595

-

-103,591

-103,591

59,957,004


EUR

181,762,529

181,762,529

-

-

-

-

-

-

6,467,155

-

826,313

189,055,997

-

-295,284

-295,284

188,760,713

EUROPEAN SMALL CAPSEUR

36,965,254

36,965,254

-

-

-

-

-

-

34,240

-

29,196

37,028,690

-

-133,287

-133,287

36,895,403


STATEMENT OF

NET ASSETS


Shares

Warrants and rights


Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities


EUROPEAN TELECOMEUR

99,093,857

99,093,857

-

-

-

-

-

-

3,830,583

-

15,377

102,939,817

-

-170,877

-170,877

102,768,940

FOOD & BEVERAGESUSD

66,795,737

66,795,737

-

-

-

-

-

-

277,575

-

661,797

67,735,109

-

-571,371

-571,371

67,163,738

GLOBAL BRANDSEUR

52,109,762

52,109,762

-

-

-

-

-

-

-

-

29,819

52,139,581

-39,403

-84,101

-123,504

52,016,077

GLOBAL HIGHDIVIDEND

EUR

373,084,794

355,541,355

13,714,497

3,828,942

-

-

-

-

-

-

1,038,595

374,123,389

-432,053

-578,376

-1,010,429

373,112,960


STATEMENT OF

NET ASSETS


Shares

Warrants and rights


Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities


GREATER CHINAUSD

92,355,470

92,355,470

-

-

-

-

-

-

1,342,582

-

70,269

93,768,321

-

-160,128

-160,128

93,608,193

HEALTH CAREUSD

172,231,167

172,231,167

-

-

-

-

-

-

11,067

-

276,173

172,518,407

-949,847

-306,098

-1,255,945

171,262,462

INDUSTRIALSEUR

64,028,820

64,028,820

-

-

-

175,013

-

175,013

6,115,583

1,049,978

208,312

71,577,706

-

-180,307

-180,307

71,397,399

ITUSD

31,884,704

31,884,704

-

-

-

-

-

-

70,636

-

507,070

32,462,410

-

-49,640

-49,640

32,412,770


STATEMENT OF

NET ASSETS


Shares

Warrants and rights


Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities


JAPANJPY

17,304,754,000

17,304,754,000

-

-

-

-

-

-

824,839,390

24,100,000

93,906,098

18,247,599,488

-

-30,629,957

-30,629,957

18,216,969,531


JPY

2,907,264,250

2,907,264,250

-

-

-

-

-

-

155,702,235

3,443,500

19,607,275

3,086,017,260

-

-5,722,783

-5,722,783

3,080,294,477

LATIN AMERICAUSD

85,176,350

84,286,083

890,267

-

-

-

-

-

105,991

-

3,426,426

88,708,767

-3,265,120

-138,978

-3,404,098

85,304,669

MATERIALSUSD

76,645,368

76,645,368

-

-

-

-

-

-

104,926

-

342,343

77,092,637

-

-380,336

-380,336

76,712,301


STATEMENT OF

NET ASSETS


Shares

Warrants and rights


Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities


NASDAQUSD

52,096,119

52,096,119

-

-

-

-

-

-

2,506,279

402,760

8,385

55,013,543

-

-175,178

-175,178

54,838,365

NEW ASIAUSD

252,023,749

234,854,704

17,169,045

-

-

-

-

-

18,812,813

-

1,165,723

272,002,285

-

-557,911

-557,911

271,444,374


EUR

44,004,075

44,004,075

-

-

-

-

-

-

104,217

-

262,491

44,370,783

-

-320,726

-320,726

44,050,057

PRESTIGE & LUXEEUR

48,110,965

48,110,965

-

-

-

-

-

-

647,354

-

75,157

48,833,476

-

-79,426

-79,426

48,754,050


STATEMENT OF

NET ASSETS


Shares

Warrants and rights


Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities


SUSTAINABLE GROWTHEUR

30,682,957

30,682,957

-

-

-

-

-

-

219,266

-

86,226

30,988,449

-

-47,633

-47,633

30,940,816

TELECOMUSD

77,184,260

77,184,260

-

-

-

-

-

-

2,844,619

-

89,508

80,118,387

-

-143,279

-143,279

79,975,108


USD

304,048,818

304,048,818

-

-

-

-

-

-

3,829,621

513,694

230,190

308,622,323

-

-546,410

-546,410

308,075,913

US HIGH DIVIDENDUSD

-

-

-

-

-

-

-

-

9,069,500

-

-

9,069,500

-

-

-

9,069,500


STATEMENT OF

NET ASSETS


Shares

Warrants and rights


Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities


UTILITIESUSD

58,378,494

58,378,442

52

-

-

-

-

-

18,968

-

182,832

58,580,294

-59,911

-107,136

-167,047

58,413,247

WORLDEUR

102,755,217

99,840,386

1,057,931

1,856,900

-

-

-

-

4,018,499

251,492

364,422

107,389,630

-

-820,181

-820,181

106,569,449

CONSOLIDATEDEUR

6,197,594,302

6,129,232,633

32,084,654

36,276,999

16

1,076,605

901,592

175,013

196,095,104

5,854,926

26,590,098

6,427,211,035

-5,604,710

-22,435,572

-28,040,282

6,399,170,753


AUSTRALIA

Quantity/Nominal Currency Valuation in AUD % NAV

TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE

Shares

38,000 COMMONWEALTH PROPERTY OFFICE AUD 47,120 0.28

41,063 GANDEL RETAIL TRUST AUD 65,290 0.39

57,100 GENERAL PROPERTY TRUST AUD 202,705 1.20

38,197 INVESTA PROPERTY AUD 79,450 0.47

54,152 MACQUARIE INFRASTRUCTURE AUD 194,947 1.15

34,665 STOCKLAND TRUST GROUP AUD 202,444 1.20

791,956 4.69

88,300 BHP BILLITON AUD 1,577,921 9.32

22,000 BLUESCOPE STEEL AUD 191,400 1.13

18,447 ONESTEEL AUD 47,778 0.28

31,531 WMC RESOURCES AUD 251,302 1.48

2,068,401 12.21

34,100 ALUMINIA AUD 200,849 1.19

7,000 ILUKA RESOURCES AUD 39,760 0.23

13,878 RIO TINTO AUD 626,453 3.70

867,062 5.12

9,542 NEWCREST MINING AUD 166,126 0.98

166,126 0.98

16,645 BORAL AUD 101,535 0.60

27,000 CSR AUD 66,420 0.39

13,000 JAMES HARDIE INDUSTRIES AUD 77,870 0.46

3,400 LEIGHTON AUD 34,680 0.20

26,500 RINKER AUD 286,200 1.69

566,705 3.34

12,500 PAPERLINX AUD 51,250 0.30

51,250 0.30

15,221 FUTURIS CORPORATION LIMITED AUD 31,660 0.19

31,660 0.19

22,749 ORIGIN ENERGY AUD 162,200 0.96

17,000 SANTOS AUD 153,000 0.90

12,700 WOODSIDE PETROLEUM AUD 308,610 1.82

623,810 3.68



Shares

8,268 ORICA LIMITED AUD 150,891 0.89

150,891 0.89

5,349 CSL AUD 182,829 1.08

182,829 1.08

11,000 COMPUTERSHARE AUD 61,710 0.36

61,710 0.36

17,775 CENTRO PROPERTIES GROUP AUD 92,075 0.54

10,294 LEND LEASE AUD 129,704 0.77

23,135 MIRVAC GROUP AUD 102,025 0.60

323,804 1.91

15,183 COCA-COLA AMATIL AUD 130,270 0.77

130,270 0.77

58,066 FOSTER'S GROUP AUD 297,879 1.76

8,610 LION NATHAN AUD 62,423 0.37

17,950 SOUTHCORP AUD 75,929 0.45

436,231 2.58

2,200 COCHLEAR AUD 72,160 0.43

72,160 0.43

15,036 PACIFIC BRANDS AUD 37,740 0.22

37,740 0.22

28,161 JOHN FAIRFAX AUD 117,713 0.70

4,000 PUBLISHING & BROADCASTING AUD 61,560 0.36

179,273 1.06

37ING (L) Invest - 31/03/2005

AUSTRALIA



Shares

24,659 AMCOR AUD 176,558 1.04

176,558 1.04

33,301 COLES MYER AUD 313,362 1.85

14,000 HARVEY NORMAN AUD 37,940 0.22

29,724 WOOLWORTHS AUD 477,070 2.82

828,372 4.89

49,342 ANZ BANKING GROUP AUD 1,017,432 6.01

33,717 COMMONWEALTH BANK AUD 1,178,743 6.96OF AUSTRALIA

70,392 DB RREEF TRUST AUD 90,806 0.54

6,083 MACQUARIE BANK AUD 292,166 1.73

41,410 NATIONAL AUSTRALIA BANK AUD 1,173,974 6.93

66 ST. GEORGE BANK AUD 1,617 0.01

48,258 WESTPAC BANKING AUD 918,350 5.42

4,673,088 27.60

4,444 ANSELL AUD 43,729 0.26

28,986 MACQUARIE GOODMAN AUD 110,147 0.65

1,000 PERPETUAL TRUSTEES AUSTRALIA AUD 57,170 0.34

14,611 SUNCORP METWAY AUD 283,892 1.68

10,500 WESFARMERS AUD 417,270 2.46

41,800 WESTFIELD GROUP AUD 676,742 4.00

1,588,950 9.39

51,222 AMP AUD 362,652 2.14

19,500 AXA ASIA PACIFIC AUD 81,900 0.48

43,039 INSURANCE AUSTRALIA AUD 272,867 1.61

19,701 QBE INSURANCE GROUP AUD 293,348 1.73

1,010,767 5.96

17,500 MAYNE GROUP AUD 67,550 0.40

67,550 0.40

15,000 PATRICK CORP AUD 88,200 0.52

25,000 QANTAS AIRWAYS AUD 88,750 0.52

7,196 TOLL AUD 100,600 0.59

277,550 1.63



Shares

13,198 AUSTRALIAN GAS LIGHT AUD 187,412 1.11

187,412 1.11

59,200 TELSTRA AUD 301,328 1.78

301,328 1.78

14,423 TABCORP HOLDINGS AUD 242,739 1.43

242,739 1.43

9,492 ARISTOCRAT LEISURE AUD 96,629 0.57

3,000 AUSTRALIAN STOCK EXCHANGE AUD 60,780 0.36

28,426 BRAMBLES INDUSTRIES AUD 225,987 1.33

7,105 SONIC HEALTHCARE AUD 85,615 0.51

14,978 TRANSURBAN AUD 105,745 0.62

574,756 3.39

16,670,948 98.43

Warrants & Rights

50 NEW HOPE CORP (WT 10/09/08) AUD 43 0.00

43 0.00

3,092 ORIGIN ENERGY (RIGHTS 22/03/2005) AUD 4,267 0.03

4,267 0.03

4,310 0.03


15,000 ING INDUSTRIAL FUND AUD 30,600 0.18

30,600 0.18

30,600 0.18

TOTAL 16,705,858 98.64


38ING (L) Invest - 31/03/2005

BANKING & INSURANCE

Quantity/Nominal Currency Valuation in USD % NAV


Shares

45,000 AMP AUD 246,455 0.18

55,000 ANZ BANKING GROUP AUD 877,289 0.65

35,000 COMMONWEALTH BANK AUD 946,522 0.70OF AUSTRALIA

45,000 NATIONAL AUSTRALIA BANK AUD 986,863 0.73

15,435 QBE INSURANCE GROUP AUD 177,784 0.13

40,000 STOCKLAND TRUST GROUP AUD 180,702 0.13

50,000 WESTFIELD GROUP AUD 626,193 0.46


4,777,846 3.52

20,000 DEXIA EUR 476,972 0.35

35,000 FORTIS EUR 999,821 0.74

3,000 GROUPE BRUXELLES LAMBERT EUR 274,291 0.20

3,000 KBC GROUP EUR 253,627 0.19

2,004,711 1.48

12,000 ACE USD 495,240 0.37

495,240 0.37

15,000 BANK OF MONTREAL CAD 696,524 0.51

31,000 BANK OF NOVA SCOTIA CAD 1,013,378 0.75

11,000 CAN.IMPERIAL BK.OF COMMERCE CAD 666,984 0.49

25,000 MANULIFE FINANCIAL CAD 1,193,316 0.88

8,000 NATIONAL BANK OF CANADA CAD 346,287 0.26

20,000 ROYAL BANK OF CANADA CAD 1,216,004 0.90

20,000 SUN LIFE FINANCIAL CAD 652,139 0.48

5,784,632 4.27

9,000 CIE SUISSE REASSURANCE CHF 646,721 0.48

35,000 CREDIT SUISSE CHF 1,507,841 1.11

30,000 UBS (REG.) CHF 2,542,082 1.88

4,500 ZURICH FINANCIAL SERVICES CHF 792,450 0.59

5,489,094 4.06

9,000 ALLIANZ EUR 1,145,705 0.85

20,000 BAYERISCHE HYPOVEREINSBANK EUR 490,488 0.36

15,000 COMMERZBANK EUR 326,342 0.24

13,000 DEUTSCHE BANK EUR 1,124,392 0.83

4,000 DEUTSCHE BOERSE EUR 301,519 0.22

5,000 MUENCHENER RUECKVERSICH.(REG.) EUR 603,947 0.45

3,992,393 2.95



Shares

15,000 DANSKE BANK DKK 436,351 0.32

436,351 0.32

90,000 BANCO BILBAO VIZCAYA ARGENTARIA EUR 1,469,124 1.09

5,000 BANCO POPULAR ESPANOL EUR 324,263 0.24

170,000 BANCO SANTANDER (REG.) EUR 2,074,631 1.53

20,000 CORPORACION MAPFRE EUR 308,797 0.23

4,176,815 3.09

45,000 AXA-UAP EUR 1,201,851 0.89

40,000 BNP PARIBAS EUR 2,841,035 2.10

1,000 CNP ASSURANCES EUR 71,026 0.05

10,000 CREDIT AGRICOLE EUR 272,537 0.20

10,000 SOCIETE GENERALE PARIS -A- EUR 1,041,669 0.77

1,000 UNIBAIL EUR 118,853 0.09

5,546,971 4.10

15,000 3I GBP 190,341 0.14

35,000 AMVESCAP GBP 220,742 0.16

65,000 AVIVA GBP 779,979 0.58

180,000 BARCLAYS GBP 1,840,203 1.36

20,107 BRITISH LAND GBP 305,492 0.23

315,000 HSBC HOLDINGS GBP 4,982,323 3.68

15,111 LAND SECURITIES GBP 369,222 0.27

150,000 LEGAL & GENERAL GBP 321,015 0.24

165,000 LLOYDS TSB GBP 1,490,417 1.10

11,954 MAN GBP 310,382 0.23

65,000 PRUDENTIAL GBP 621,527 0.46

100,000 ROYAL & SUN ALLIANCE INSURANCE GBP 148,342 0.11

95,000 ROYAL BANK OF SCOTLAND GBP 3,023,163 2.23

14,603,148 10.79

60,000 CHEUNG KONG HKD 532,738 0.39

20,000 HANG SENG BANK HKD 265,407 0.20

50,000 SUN HUNG KAI PROPERTIES HKD 453,565 0.34

30,000 SWIRE PACIFIC -A- HKD 237,520 0.18

1,489,230 1.11


39ING (L) Invest - 31/03/2005


BANKING & INSURANCE



Shares

20,000 ALLIED IRISH BANKS EUR 419,787 0.31

40,000 BANK OF IRELAND EUR 631,630 0.47

5,000 DEPFA BANK EUR 79,279 0.06

20,000 IRISH LIFE PERMANENT EUR 356,104 0.26

1,486,800 1.10

35,000 ALLEANZA ASSICURAZIONI EUR 458,062 0.34

30,000 ASSICURAZIONI GENERALI EUR 970,839 0.72

5,000 BANCA ANTONIANA EUR 162,586 0.12POPULARE VENETA

100,000 BANCA INTESA EUR 509,463 0.38

20,000 BANCA MONTE DEI PASCHI DI SIENA EUR 67,504 0.05

40,000 BANCA NAZIONALE DEL LAVORO EUR 129,185 0.10

10,000 BANCHE POPOLARI UNITE EUR 210,478 0.16

10,000 BANCO POPULARE DI VERONA EUR 187,189 0.14

40,000 CAPITALIA EUR 209,296 0.15

20,000 MEDIOBANCA EUR 348,800 0.26

10,000 RIUNIONE ADRIATICA SICURTA EUR 235,899 0.17

30,000 SAN PAOLO IMI EUR 471,032 0.35

120,000 UNICREDITO ITALIANO EUR 706,646 0.52

4,666,979 3.46

3,000 ACOM JPY 203,347 0.15

1,000 AIFUL JPY 80,217 0.06

500 AIFUL (ISSUE 05) JPY 39,267 0.03

30,000 BANK OF YOKOHAMA JPY 183,433 0.14

3,000 CREDIT SAISON JPY 108,265 0.08

55,000 DAIWA SECURITIES JPY 363,033 0.27

40 MILLEA JPY 583,396 0.43

40,000 MITSUBISHI ESTATE JPY 465,969 0.34

160 MITSUBISHI TOKYO FINANCIAL JPY 1,391,174 1.03

30,000 MITSUI FUDOSAN JPY 353,123 0.26

50,000 MITSUI SUMITO INSURANCE JPY 459,518 0.34

240 MIZUHO FINANCIAL JPY 1,137,622 0.84

60,000 NIKKO CORDIAL JPY 300,673 0.22

65,000 NOMURA JPY 911,556 0.67

2,020 ORIX JPY 258,166 0.19

4,000 PROMISE JPY 274,121 0.20

195,000 RESONA HOLDINGS JPY 391,969 0.29

30,000 SHIZUOKA BANK JPY 303,758 0.22

120 SUMITOMO MITSUI FINANCIAL JPY 814,510 0.60

40,000 SUMITOMO TRUST & BANKING JPY 261,406 0.19

7,000 T&D HOLDINGS JPY 356,675 0.26

3,000 TAKEFUJI JPY 202,506 0.15

120 UFJ HOLDINGS JPY 632,760 0.47

10,076,464 7.43



Shares

5,000 XL CAPITAL -A- USD 361,850 0.27

361,850 0.27

45,000 ABN AMRO EUR 1,119,389 0.83

35,000 AEGON EUR 473,527 0.35

55,000 ING GROEP EUR 1,665,501 1.23

3,258,417 2.41

50,000 BANCO COMMERCIAL PORTUGUES EUR 136,463 0.10

136,463 0.10

65,000 NORDEA BANK SEK 659,852 0.49

40,000 SKANDIA FOERSAEKRINGS SEK 203,883 0.15

25,000 SKANDINAVISKA ENSKILDA BANKEN SEK 475,633 0.35

15,000 SVENSKA HANDELSBANKEN -A- SEK 355,660 0.26

1,695,028 1.25

20,400 DBS SGD 184,297 0.14

10,000 OVERSEA-CHINESE BANKING SGD 83,672 0.06

30,000 UNITED OVERSEAS BANK SGD 261,931 0.19

529,900 0.39

15,000 AFLAC USD 558,900 0.41

20,000 ALLSTATE USD 1,081,200 0.80

4,000 AMBAC FINANCIAL GROUP USD 299,000 0.22

33,000 AMERICAN EXPRESS USD 1,695,210 1.25

65,000 AMERICAN INTERNATIONAL USD 3,601,650 2.66

10,000 AMSOUTH BANCORP USD 259,500 0.19

10,000 AON USD 228,400 0.17

115,000 BANK OF AMERICA USD 5,071,500 3.75

23,000 BANK OF NEW YORK USD 668,150 0.49

20,000 BB & T USD 781,600 0.58

30,000 CHARLES SCHWAB USD 315,300 0.23

5,000 CHUBB USD 396,350 0.29

3,950 CINCINNATI FINANCIAL USD 172,260 0.13

10,000 CIT GROUP USD 380,000 0.28

150,000 CITIGROUP USD 6,741,000 4.98

7,000 COMERICA USD 385,560 0.28

3,000 COMPASS BANCSHARES USD 136,200 0.10

40ING (L) Invest - 31/03/2005

BANKING & INSURANCE



Shares

24,000 COUNTRYWIDE FINANCIAL USD 779,040 0.58

12,000 EQUITY OFFICE PROPERTIES TRUST USD 361,560 0.27

5,000 EQUITY RESIDENTIAL USD 161,050 0.12

30,000 FANNIE MAE USD 1,633,500 1.21

15,000 FIFTH THIRD BANCORP USD 644,700 0.48

5,000 FIRST HORIZON NATIONAL USD 203,950 0.15

7,200 FRANKLIN RESOURCES USD 494,280 0.37

20,000 FREDDIE MAC USD 1,264,000 0.93

8,000 GOLDEN WEST FINANCIAL USD 484,000 0.36

8,000 GOLDMAN SACHS USD 879,920 0.65

7,000 HARTFORD USD 479,920 0.35

9,000 HUNTINGTON BANCSHARES USD 215,100 0.16

6,000 JEFFERSON-PILOT USD 294,300 0.22

103,000 JP MORGAN CHASE & CO USD 3,563,800 2.63

10,000 KEYCORP USD 324,500 0.24

7,000 LEHMAN BROTHERS USD 659,120 0.49

6,000 LINCOLN NATIONAL USD 270,840 0.20

3,000 M&T BANK USD 306,180 0.23

15,000 MARSH & MC LENNAN USD 456,300 0.34

5,000 MARSHALL & ILSLEY USD 208,750 0.15

6,000 MBIA INC USD 313,680 0.23

35,000 MBNA USD 859,250 0.63

12,000 MELLON FINANCIAL USD 342,480 0.25

25,000 MERRILL LYNCH USD 1,415,000 1.05

25,000 METLIFE USD 977,500 0.72

4,000 MGIC INVESTMENT USD 246,680 0.18

7,000 MOODY'S USD 566,020 0.42

25,000 MORGAN STANLEY DEAN WITTER USD 1,431,250 1.06

18,000 NATIONAL CITY USD 603,000 0.45

12,000 NORTH FORK BANCORPORATION USD 332,880 0.25

7,000 NORTHERN TRUST USD 304,080 0.22

8,000 PNC FINANCIAL SERVICES USD 411,840 0.30

6,000 PROGRESSIVE USD 550,560 0.41

16,000 PRUDENTIAL FINANCE USD 918,400 0.68

15,000 REGIONS FINANCIAL CORP USD 486,000 0.36

6,000 SAFECO USD 292,260 0.22

20,000 SAINT PAUL TRAVELERS USD 734,600 0.54

8,000 SIMON PROPERTY USD 484,640 0.36

15,000 SLM USD 747,600 0.55

10,000 SOVEREIGN BANCORP USD 221,600 0.16

10,000 STATE STREET USD 437,200 0.32

10,000 SUNTRUST BANKS USD 720,700 0.53

10,000 SYNOVUS FINANCIAL USD 278,600 0.21

55,000 US BANCORP USD 1,585,100 1.17

45,000 WACHOVIA USD 2,290,950 1.69

25,000 WASHINGTON MUTUAL USD 987,500 0.73

49,000 WELLS FARGO USD 2,930,200 2.17

57,926,160 42.80

128,934,492 95.27

TOTAL 128,934,492 95.27


41ING (L) Invest - 31/03/2005


BIOTECHNOLOGY



Shares

94,500 QLT USD 1,215,270 1.43

1,215,270 1.43

5,250 SERONO-B- CHF 3,823,191 4.50

3,823,191 4.50

149,200 ZELTIA EUR 1,252,644 1.48

1,252,644 1.48

342,000 SHIRE PHARMACEUTICALS GBP 3,906,774 4.60

3,906,774 4.60

131,000 QIAGEN EUR 1,549,313 1.82

1,549,313 1.82

237,000 ABGENIX USD 1,659,000 1.95

54,000 AFFYMETRIX USD 2,313,360 2.72

84,700 ALKERMES USD 879,186 1.04

127,000 AMGEN USD 7,392,670 8.71

74,000 APPLERA-CELERA GENOMICS USD 758,500 0.89

102,000 BIOGEN IDEC USD 3,520,020 4.15

67,700 BIOMARIN PHARMACEUTICAL USD 348,655 0.41

116,600 CELGENE USD 3,970,230 4.68

59,000 CEPHALON USD 2,762,970 3.25

104,000 CHIRON USD 3,646,240 4.29

144,300 GENENTECH USD 8,168,823 9.62

134,600 GENZYME USD 7,704,504 9.07

140,000 GILEAD SCIENCES USD 5,012,000 5.90

67,000 ICOS USD 1,504,820 1.77

59,000 IMCLONE SYSTEMS USD 2,035,500 2.40

30,000 INTERMUNE USD 330,000 0.39

50,200 INVITROGEN USD 3,473,840 4.09

57,000 LIGAND PHARMACEUTICALS -B- USD 326,610 0.38

162,000 MEDIMMUNE USD 3,857,220 4.54

288,000 MILLENNIUM PHARM USD 2,424,960 2.86

36,000 NEUROCRINE BIOSCIENCES USD 1,370,160 1.61

36,500 NPS PHARMACEUTICALS USD 460,630 0.54

53,000 OSI PHARMACEUTICALS USD 2,191,020 2.58

294,000 PROTEIN DESIGN LABS USD 4,701,060 5.54



Shares

38,900 TECHNE USD 1,563,002 1.84

15,000 TRIMERIS USD 168,900 0.20

83,000 VERTEX PHARMACEUTICALS USD 776,880 0.92

73,320,760 86.34

85,067,952 100.17

TOTAL 85,067,952 100.17

42ING (L) Invest - 31/03/2005


43ING (L) Invest - 31/03/2005




Shares

17,000 COMPUTERSHARE AUD 73,774 0.08

73,774 0.08

500 BARCO EUR 40,744 0.04

21,000 OPTION USD 690,777 0.73

731,521 0.77

18,000 ACCENTURE A USD 434,700 0.46

8,500 MARVELL TECHNOLOGY USD 325,890 0.35

760,590 0.81

9,825 ATI TECHNOLOGIES CAD 169,561 0.18

33,500 CELESTICA CAD 450,224 0.48

12,537 CGI USD 79,108 0.08

3,500 COGNOS CAD 147,277 0.16

180,000 NORTEL NETWORKS CAD 489,476 0.52

5,400 ONEX CAD 88,195 0.09

1,423,841 1.51

1,800 KUDELSKI CHF 65,163 0.07

2,104 LOGITECH INTERNATIONAL CHF 128,418 0.14

1,500 MICRONAS SEMICONDUCTOR-REG CHF 62,797 0.07

570 UNAXIS CHF 80,340 0.09

336,718 0.37

2,176 EPCOS EUR 30,147 0.03

30,147 0.03

14,300 AMADEUS GLOBAL TRAVEL (DIST.) EUR 135,299 0.14

5,900 INDRA SISTEMAS EUR 106,124 0.11

241,423 0.25



Shares

17,900 NOKIA -A- EUR 278,234 0.30

3,500 TIETOENATOR EUR 119,951 0.13

398,185 0.43

53,673 ALCATEL EUR 652,917 0.69

1,400 ATOS ORIGIN EUR 94,887 0.10

3,372 BUSINESS OBJECTS EUR 90,497 0.10

5,400 CAP GEMINI SOGETI EUR 188,787 0.20

2,500 DASSAULT SYSTEMS EUR 118,268 0.13

640 STMICROELECTRONICS EUR 10,680 0.01

1,156,036 1.23

49,400 ARM HOLDING GBP 98,253 0.10

21,000 ELECTROCOMPONENTS GBP 98,218 0.10

30,306 LOGICACMG GBP 101,367 0.11

9,200 MARCONI CORP GBP 93,707 0.10

22,500 MISYS GBP 94,179 0.10

18,000 PREMIER FARNELL GBP 57,740 0.06

59,200 SAGE GBP 225,140 0.24

768,604 0.81

4,600 INTRACOM EUR 23,077 0.02

23,077 0.02

65,000 AUDIOCODES USD 731,900 0.78

731,900 0.78

80,000 TELECOM ITALIA MEDIA EUR 44,812 0.05

9,000 TISCALI EUR 32,038 0.03

76,850 0.08




Shares

2,950 ADVANTEST JPY 226,711 0.24

7,000 ALPS ELECTRIC JPY 111,715 0.12

5,000 ANRITSU JPY 31,788 0.03

36,800 CANON JPY 1,978,310 2.10

2,000 CAPCOM JPY 19,577 0.02

12,000 CITIZEN WATCH JPY 115,445 0.12

3,100 CSK JPY 129,263 0.14

9,000 DAINIPPON SCREEN JPY 61,004 0.06

1,500 FUJI SOFT ABC JPY 45,999 0.05

77,000 FUJITSU JPY 463,613 0.49

1,300 HIROSE ELECTRIC JPY 133,087 0.14

139,000 HITACHI JPY 865,501 0.92

1,500 HITACHI SOFTWARE ENGINEERING JPY 28,258 0.03

4,600 HOYA JPY 507,479 0.54

1,500 ITOCHU TECHNO-SCIENCE JPY 48,663 0.05

1,370 KEYENCE JPY 318,164 0.34

4,200 KONAMI CO JPY 93,456 0.10

19,700 KONICA JPY 199,652 0.21

7,100 KYOCERA JPY 507,807 0.54

1,400 MABUCHI MOTOR JPY 84,293 0.09

3,900 MITSUMI ELECTRIC JPY 43,645 0.05

9,500 MURATA MANUFACTURING JPY 509,817 0.54

4,000 NAMCO JPY 52,094 0.06

73,000 NEC JPY 442,259 0.47

2,000 NEC ELECTRONICS JPY 93,493 0.10

14 NET ONE SYSTEMS JPY 35,995 0.04

1,600 NIDEC JPY 198,953 0.21

4,100 NINTENDO JPY 446,569 0.47

1,000 NOMURA RESEARCH INSTITUTE JPY 93,493 0.10

60 NTT DATA JPY 207,554 0.22

271 OBIC CO JPY 53,004 0.06

21,000 OKI ELECTRIC JPY 88,743 0.09

9,800 OMRON JPY 216,230 0.23

1,600 ORACLE JAPAN JPY 74,196 0.08

29,600 RICOH JPY 509,200 0.54

4,200 ROHM JPY 405,628 0.43

5,000 SANKEN ELECTRIC JPY 65,632 0.07

456 SEGA SAMMY JPY 27,797 0.03

4,000 SEIKO EPSON JPY 148,841 0.16

9,504 SOFTBANK JPY 392,742 0.42

6,000 TAIYO YUDEN JPY 65,127 0.07

5,100 TDK JPY 349,981 0.37

7,400 TOKYO ELECTRON JPY 422,719 0.45

125,000 TOSHIBA JPY 523,560 0.56

1,900 TOYO INFORMATION SYSTEM JPY 74,430 0.08

4,000 TREND MICRO JPY 172,401 0.18

3,000 UNIDEN JPY 62,407 0.07

80 YAHOO JAPAN JPY 187,734 0.20

80 YAHOO JAPAN I05 JPY 188,482 0.20

9,500 YOKOGAWA ELECTRIC JPY 128,964 0.14

12,251,475 13.02

8,000 ASM PACIFIC TECHNOLOGY HKD 34,465 0.04

34,465 0.04



Shares

21,430 ASML EUR 362,905 0.38

25,000 GETRONICS EUR 58,159 0.06

2,100 OCE EUR 33,652 0.04

454,716 0.48

7,204 TANDBERG NOK 75,584 0.08

75,584 0.08

1,644,500 TELEFON ERICSSON -B- SEK 4,646,376 4.93

14,500 WM-DATA SEK 36,027 0.04

4,682,403 4.97

69,000 CHARTERED SEMICONDUCTEUR SGD 41,418 0.04MANUFACTURING

1,910 CREATIVE TECHNOLOGY SGD 18,413 0.02

9,000 VENTURE SGD 72,577 0.08

132,408 0.14

35,700 ADC COMMUNICATION USD 71,043 0.08

70 ADOBE SYSTEMS USD 4,702 0.00

15,300 ADVANCED MICRO DEVICES USD 246,636 0.26

34,006 AGERE SYSTEM B USD 48,289 0.05

19,240 AGILENT TECHNOLOGIES USD 427,128 0.45

16,500 ALTERA USD 326,370 0.35

15,778 ANALOG DEVICES USD 570,217 0.60

34,300 APPLE COMPUTER USD 1,429,280 1.52

307,950 APPLIED MATERIALS USD 5,004,186 5.31

25,300 AUTOMATIC DATA PROCESSING USD 1,137,235 1.21

19,600 AVAYA USD 228,928 0.24

15,550 BEA SYSTEMS USD 123,934 0.13

9,610 BMC SOFTWARE USD 144,150 0.15

11,100 BROADCOM USD 332,112 0.35

11,490 CADENCE DESIGN SYS USD 171,776 0.18

24,400 CDW USD 1,382,990 1.47

6,600 CERIDIAN USD 112,530 0.12

2,500 CERTEGY USD 86,550 0.09

26,350 CIENA USD 45,322 0.05

516,610 CISCO SYSTEMS USD 9,242,153 9.80

6,950 CITRIX SYSTEMS USD 165,549 0.18

20,501 COMPUTER ASSOCIATES USD 555,577 0.59

7,620 COMPUTER SCIENCE USD 349,377 0.37

16,293 COMPUWARE USD 117,310 0.12

8,880 COMVERSE TECHNOLOGY USD 223,954 0.24

5,300 CONVERGYS CORP USD 79,129 0.08


44ING (L) Invest - 31/03/2005


45ING (L) Invest - 31/03/2005




Shares

59,590 CORNING USD 663,237 0.70

130,330 DELL USD 5,007,279 5.31

2,400 DST SYSTEMS USD 110,832 0.12

6 ELECTRONIC ARTS USD 311 0.00

22,580 ELECTRONIC DATA SYSTEMS USD 466,729 0.49

104,017 EMC USD 1,281,489 1.36

35,358 FIRST DATA USD 1,389,923 1.47

8,140 FISERV USD 323,972 0.34

37 FREESCALE SEMICONDUCTOR-B USD 638 0.00

11,500 GOOGLE USD 2,075,865 2.20

820 HEWLETT PACKARD USD 17,991 0.02

26,629 IBM USD 2,433,358 2.58

188,730 INTEL USD 4,384,198 4.65

7,734 INTUIT USD 338,517 0.36

7,100 JABIL CIRCUIT USD 202,492 0.21

19,600 JUNIPER NETWORKS USD 432,376 0.46

7,820 KLA-TENCOR USD 359,798 0.38

5,500 LEXMARK INTERNATIONAL USD 439,835 0.47

13,000 LINEAR TECHNOLOGY USD 498,030 0.53

16,000 LSI LOGIC USD 89,440 0.09

191,000 LUCENT TECHNOLOGIES USD 525,250 0.56

14,000 MAXIM INTEGRATED USD 572,180 0.61

4,087 MERCURY INTERACTIVE USD 193,642 0.21

8,700 MICROCHIP TECHNOLOGY USD 226,287 0.24

25,140 MICRON TECHNOLOGY USD 259,948 0.28

388,420 MICROSOFT USD 9,388,111 9.95

102,240 MOTOROLA USD 1,530,533 1.62

15,800 NATIONAL SEMI CONDUCTEUR USD 325,638 0.35

15,480 NETWORK APPLIANCE USD 428,177 0.45

6,530 NOVELLUS SYSTEMS USD 174,547 0.19

7,000 NVIDIA USD 166,320 0.18

650 ORACLE USD 8,112 0.01

14,400 PAYCHEX USD 472,608 0.50

4,020 QLOGIC USD 162,810 0.17

70,660 QUALCOMM USD 2,589,689 2.75

5,800 SABRE GROUP HOLDING -A- USD 126,904 0.13

7,300 SANDISK USD 202,940 0.22

23,143 SANMINA USD 120,806 0.13

6,725 SCIENTIFIC ATLANTA USD 189,780 0.20

22,000 SIEBEL SYSTEMS USD 200,860 0.21

42,800 SOLECTRON USD 148,516 0.16

145,000 SUN MICROSYSTEMS USD 585,800 0.62

12,720 SUNGARD DATA USD 438,840 0.47

69,000 SYMANTEC USD 1,471,770 1.56

10,745 SYMBOL TECH USD 155,695 0.17

6,000 SYNOPSYS USD 108,600 0.12

18,000 TELLABS USD 131,400 0.14

9,077 TERADYNE USD 132,524 0.14

50 TEXAS INSTRUMENTS USD 1,275 0.00

63,050 UNIPHASE USD 105,294 0.11

13,956 UNISYS USD 98,529 0.10

10,990 VERISIGN USD 315,413 0.33

18,960 VERITAS SOFTWARE USD 440,251 0.47

36,870 XEROX USD 558,581 0.59

15,000 XILINX USD 438,450 0.46

66,138,822 70.13

90,522,534 96.03

TOTAL 90,522,534 96.03

FINANCIAL INSTRUMENTS

Quantity/Nominal Currency Commitments in USD

Call

Securities

1,500 USDCALL MICROSOFT 01/2006 27

Put

Securities

-1,500 USDPUT MICROSOFT 01/2006 27 4,050,000

4,050,000


46ING (L) Invest - 31/03/2005

CONSUMER GOODS



Shares

8,456 ARISTOCRAT LEISURE AUD 66,589 0.09

18,636 HARVEY NORMAN AUD 39,067 0.05

50,444 JOHN FAIRFAX AUD 163,109 0.22

17,900 PACIFIC BRANDS AUD 34,755 0.05

4,702 PUBLISHING & BROADCASTING AUD 55,977 0.07

15,136 TABCORP HOLDINGS AUD 197,055 0.26

5 WOOLWORTHS AUD 62 0.00

556,614 0.74

3,149 AGFA-GEVAERT EUR 110,459 0.15

830 D'IETEREN EUR 195,462 0.26

305,921 0.41

51,000 GIORDANO INTERNATIONAL HKD 34,657 0.05

228,000 SCMP GROUP HKD 101,586 0.14

17,000 YUE YUEN INDUSTRIAL HKD 48,389 0.06

184,632 0.25

2,437 CDN TIRE CORP A CAD 114,914 0.15

2,020 FAIRMONT HOTELS & RESORTS CAD 66,851 0.09

817 FOUR SEASONS HOTELS USD 57,762 0.08

21,700 HUDSON'S BAY CAD 234,602 0.31

7,789 INTRAWEST CAD 148,845 0.20

4,518 MAGNA INTERNATIONAL -A- CAD 302,479 0.40

1,350 ROGERS COMMUNICATIONS -CL B- CAD 36,744 0.05

6,229 SHAW COMMUNICATIONS -B- CAD 126,344 0.17

2,439 THOMSON CAD 81,786 0.11

1,170,327 1.56

100 KUONI REISEN HOLDING-B-(NOM.) CHF 44,382 0.06

6,800 RICHEMONT (UNITS)-A- CHF 214,223 0.29

680 RIETER HOLDING CHF 215,649 0.29

2,164 THE SWATCH (REG.) CHF 60,457 0.08

371 THE SWATCH -B- CHF 51,171 0.07

929 VALORA HOLDING CHF 212,582 0.28

798,464 1.07



Shares

477 ADIDAS-SALOMON EUR 75,892 0.10

3,838 CONTINENTAL AG EUR 298,435 0.40

20,180 DAIMLER-CHRYSLER EUR 905,616 1.21

3,909 DOUGLAS HOLDING EUR 143,824 0.19

10,148 KARSTADT QUELLE EUR 102,082 0.14

250 PORSCHE (PREF) EUR 181,951 0.24

2,937 PROSIEBEN SAT.1 MEDIA PREF. EUR 55,195 0.07

120 PUMA EUR 30,120 0.04

3,889 TUI EUR 102,957 0.14

4,598 VOLKSWAGEN EUR 219,431 0.29

3,363 VOLKSWAGEN (PRIVATE SH.) EUR 121,594 0.16

2,237,097 2.98

436 BANG & OLUFSEN B DKK 29,284 0.04

29,284 0.04

700 ANTENA 3 TELEVISION EUR 57,269 0.08

2,610 INDITEX EUR 78,255 0.10

10,502 NH HOTELES EUR 135,397 0.18

2,723 PRISA EUR 55,172 0.07

1,300 SOGECABLE EUR 52,190 0.07

15,440 TELEFONICA PUBLICIDAD E INFO EUR 139,664 0.19

517,947 0.69

17,628 AMER-A- EUR 317,307 0.42

1,100 NOKIAN RENKAAT EUR 177,701 0.24

495,008 0.66

5,987 ACCOR EUR 293,811 0.39

300 HERMES EUR 60,551 0.08

3,811 LAGARDERE EUR 289,253 0.39

1,068 LVMH MOET HENNESSY EUR 80,089 0.11

4,476 MICHELIN (B) (NOM.) EUR 294,934 0.39

5,391 PEUGEOT EUR 343,454 0.46

2,127 PINAULT PRINTEMPS REDOUTE EUR 228,059 0.30

1,154 PUBLICIS EUR 35,515 0.05

5,699 RENAULT EUR 510,322 0.68

2,960 SODEXHO ALLIANCE EUR 98,905 0.13

3,800 TF1 EUR 120,504 0.16

7,014 THOMSON EUR 189,608 0.25

2,295 VALEO EUR 102,426 0.14

21,945 VIVENDI UNIVERSAL EUR 673,947 0.90

3,321,378 4.43


47ING (L) Invest - 31/03/2005

CONSUMER GOODS



Shares

30,635 AEGIS GBP 59,049 0.08

24,486 BARRATT DEVELOPMENTS GBP 305,161 0.41

16,500 BELLAWAY GBP 274,386 0.37

15,197 BRITISH SKY BROADCASTING GBP 166,708 0.22

2,111 CARNIVAL GBP 115,926 0.15

68,053 COMPASS GBP 310,571 0.41

2,643 DAILY MAIL & GENERAL TRUST -A- GBP 35,960 0.05

8,311 EMAP PLC GBP 130,355 0.17

7,640 EMI GROUP GBP 34,108 0.05

11,396 ENTERPRISE INNS GBP 166,036 0.22

22,849 GKN GBP 109,564 0.15

23,218 GUS GBP 399,705 0.53

49,800 HILTON GBP 283,264 0.38

65,100 HMV GROUP GBP 307,858 0.41

4,170 INCHCAPE GBP 156,184 0.21

10,498 INTERCONTINENTAL HOTELS GBP 122,501 0.16

12,500 ITV GBP 30,117 0.04

60,299 KESA ELECTRICALS GBP 344,407 0.46

50,085 KINGFISHER GBP 273,291 0.36

35,600 MARKS & SPENCER (NEW) GBP 232,767 0.31

113,182 MFI FURNITURE GBP 250,241 0.33

16,261 MITCHELLS & BUTLERS GBP 105,860 0.14

88,900 NEW DIXONS GBP 256,613 0.34

8,325 NEXT GBP 250,451 0.33

6,439 PEARSON GBP 78,483 0.10

8,455 PERSIMMON GBP 120,710 0.16

7,800 PUNCH TAVERNS GBP 101,410 0.14

38,982 RANK GBP 201,657 0.27

27,058 REED ELSEVIER GBP 280,458 0.37

18,636 REUTERS GBP 143,684 0.19

54,136 SIGNET GBP 109,974 0.15

49,793 TAYLOR WOODROW GBP 287,929 0.38

9,110 THE BERKELEY GROUP GBP 139,530 0.19

9,200 TRINITY MIRROR GBP 121,871 0.16

10,441 UNITED BUSINESS MEDIA PLC GBP 104,966 0.14

9,652 WHITBREAD GBP 169,901 0.23

26,610 WILLIAM HILL W/I GBP 277,072 0.37

36,026 WIMPEY (GEORGE) GBP 299,547 0.40

15,754 WPP GBP 179,368 0.24

20,652 YELL GROUP GBP 184,595 0.25

7,522,238 10.02

635 DUTY FREE SHOPS EUR 10,233 0.01

529 FOLLI FOLLIE EUR 15,057 0.02

900 GERMANOS EUR 27,768 0.04

4,975 GREEK ORG OF FOOTBALL PROGNO EUR 145,350 0.19

1,500 HYATT REGENCY HOTEL EUR 17,818 0.02

216,226 0.28



Shares

12,000 ESPRIT HOLDINGS HKD 81,930 0.11

42,806 LI & FUNG HKD 77,936 0.10

37,403 SHANGRI-LA ASIA HKD 54,671 0.07

30,500 TECHTRONIC HKD 67,458 0.09

10,000 TELEVISION BROADCASTS HKD 50,389 0.07

110,000 TEXWINCA HKD 92,380 0.12

424,764 0.56

61,360 INDEPENDENT NEW & MEDIA EUR 202,556 0.27

3,264,000 WATERFORD WEDGWOOD-UNIT EUR 161,198 0.21

363,754 0.48

4,054 AUTOGRILL EUR 60,802 0.08

26,400 BENETTON EUR 255,993 0.34

4,700 BULGARI EUR 56,014 0.07

4,474 FIAT EUR 32,620 0.04

30,799 GRUPPO EDITORIALE L'ESPRESSO S EUR 193,215 0.26

3,779 LUXOTTICA GROUP EUR 77,747 0.10

18,644 MEDIASET EUR 268,960 0.36

15,319 MONDADORI EDITORE EUR 164,093 0.22

144,011 SEAT PAGINE GIALLE EUR 60,173 0.08

1,169,617 1.55

5,000 AISIN SEIKI JPY 114,061 0.15

5,900 AOYAMA TRADING JPY 159,691 0.21

3,900 ASATSU-DK JPY 125,065 0.17

6,400 AUTOBACS SEVEN JPY 207,629 0.28

2,600 BANDAI JPY 52,870 0.07

16,000 BRIDGESTONE JPY 294,839 0.39

13,000 CASIO COMPUTER JPY 171,980 0.23

19,000 DAIMARU JPY 169,643 0.23

900 DAITO TRUST CONSTRUCT JPY 37,865 0.05

16,000 DAIWA HOUSE INDUSTRY JPY 184,293 0.25

3,600 DENSO JPY 89,865 0.12

1,700 FAST RETAILING JPY 103,151 0.14

11,500 FUJI PHOTO FILM JPY 421,466 0.56

18 FUJI TELEVISION NETWORK JPY 42,577 0.06

30,000 GUNZE JPY 139,959 0.19

28,000 HANKYU DEPART STORE JPY 218,848 0.29

20,400 HONDA MOTOR JPY 1,024,196 1.36

4,500 ISETAN JPY 58,774 0.08

3,000 MAKITA JPY 54,918 0.07

10,100 MARUI JPY 136,071 0.18

41,000 MATSUSHITA ELECTRIC INDUSTRIAL JPY 605,647 0.81

32,000 MITSUKOSHI JPY 167,539 0.22


48ING (L) Invest - 31/03/2005

CONSUMER GOODS



Shares

6,000 NGK SPARK PLUG JPY 62,210 0.08

75,700 NISSAN MOTOR JPY 777,808 1.04

6,000 NISSHINBO INDUSTRIES JPY 48,972 0.07

600 NITORI CO JPY 38,818 0.05

3,000 NOK JPY 71,662 0.10

4,000 ONWARD KASHIYAMA JPY 59,200 0.08

1,600 ORIENTAL LAND JPY 104,712 0.14

4,700 PIONEER JPY 84,763 0.11

1,300 RINNAI JPY 33,059 0.04

3,000 RYOHIN KEIKAKU JPY 148,654 0.20

9,800 SAIZERIYA JPY 141,924 0.19

28,000 SANDEN JPY 140,576 0.19

3,200 SANKYO CO GUNMA JPY 155,273 0.21

21,000 SANYO ELECTRIC JPY 65,576 0.09

4,600 SEGA SAMMY JPY 280,404 0.37

11,000 SEKISUI CHEMICAL JPY 80,114 0.11

21,000 SHARP OSAKA JPY 318,456 0.42

7,300 SHIMACHU JPY 191,100 0.25

300 SHIMAMURA JPY 23,027 0.03

2,300 SHIMANO JPY 77,412 0.10

2,500 SKYLARK HOLDINGS JPY 42,282 0.06

19,100 SONY JPY 762,500 1.02

4,100 STANLEY ELECTRIC JPY 62,251 0.08

9,000 TAKASHIMAYA JPY 92,390 0.12

3,700 TOHO JPY 60,606 0.08

1,300 TOKYO BROADCASTING SYSTEM JPY 25,402 0.03

9,000 TOKYO STYLE JPY 99,205 0.13

63,000 TOYOBO JPY 153,730 0.20

2,000 TOYODA GOSEI JPY 36,200 0.05

81,900 TOYOTA MOTOR JPY 3,055,170 4.07

800 USS TOKAI JPY 62,079 0.08

3,000 WACOAL JPY 39,912 0.05

1,300 WORLD CO JPY 47,158 0.06

2,400 YAMADA DENKI JPY 126,103 0.17

5,200 YAMAHA CORP JPY 75,209 0.10

16,000 YAMAHA MOTOR JPY 274,495 0.37

12,499,359 16.65

22,181 REED ELSEVIER EUR 335,264 0.45

30,240 ROYAL PHILIPS ELECTRONICS EUR 835,155 1.11

7,588 VNU EUR 221,889 0.30

9,200 WOLTERS KLUWER EUR 168,471 0.22

1,560,779 2.08

1,713 SCHIBSTED NOK 45,169 0.06

45,169 0.06



Shares

8,800 FISHER & PAYKEL APPLIANCES NZD 18,633 0.02

3,900 INDEPENDANT NEWSPAPERS NZD 16,683 0.02

14,811 SKY CITY ENTERTAINMENT NZD 51,952 0.07

3,500 SKY NETWORK TELEVISION NZD 16,045 0.02

5,425 THE WAREHOUSE GROUP NZD 15,355 0.02

118,668 0.15

10,508 CARNIVAL USD 544,419 0.73

544,419 0.73

1,695 PT MULTIMEDIA EUR 42,406 0.06

42,406 0.06

13,676 ELECTROLUX -B- SEK 319,413 0.43

13,140 ENIRO AB SEK 155,779 0.21

7,535 HENNES & MAURITZ -B- SEK 259,966 0.35

1,755 MODERN TIMES - B- SEK 53,323 0.07

2,800 TRELLEBORG B SEK 48,699 0.06

837,180 1.12

4,000 JARDINE CYCLE & CARRIAGE SGD 28,376 0.04

17,000 OVERSEAS UNION ENTERPRISE SGD 84,006 0.11

15,750 SINGAPORE PRESS HOLDING SGD 43,546 0.06

155,928 0.21

6,051 AMAZON.COM USD 207,368 0.28

3,405 AUTOZONE USD 291,809 0.39

9,468 BED BATH & BEYOND USD 345,961 0.46

8,415 BEST BUY USD 454,494 0.61

2,366 BLACK & DECKER USD 186,890 0.25

8,100 BRINKER INTERNATIONAL USD 293,382 0.39

14,000 BRUNSWICK USD 655,900 0.87

6,500 CABLEVISION SYSTEM NY USD 182,325 0.24

8,126 CAESARS ENTERTAINMENT USD 160,814 0.21

8,206 CARMAX USD 258,489 0.34

64 CAVCO INDUSTRIES USD 1,548 0.00

7,080 CENTEX USD 405,472 0.54

6,200 CHICO'S FAS USD 175,212 0.23

15,235 CLEAR CHANNEL USD 525,150 0.70

2,369 COACH USD 134,156 0.18


49ING (L) Invest - 31/03/2005

CONSUMER GOODS



Shares

31,500 COMCAST -A- USD 1,064,072 1.42

19,115 COMCAST -A- (SPECIAL) USD 638,441 0.85

10,161 DARDEN RESTAURANT USD 311,739 0.42

16,401 DELPHI USD 73,476 0.10

603 DIRECT TV USD 8,695 0.01

8,928 DOLLAR GENERAL USD 195,612 0.26

4,716 DOW JONES & CO USD 176,237 0.23

9,000 DR HORTON USD 263,160 0.35

1 EAGLE MATERIALS -B- USD 79 0.00

12,108 EASTMAN KODAK USD 394,115 0.53

24,986 EBAY USD 930,978 1.24

6,401 ECHOSTAR COMMUNICATIONS -A- USD 187,229 0.25

7,209 FAMILY DOLLAR STORE USD 218,865 0.29

7,043 FEDERATED DEPARTMENT STORES USD 448,217 0.60

11,700 FOOT LOCKER USD 342,810 0.46

53,805 FORD MOTOR WI USD 609,611 0.81

4,482 FORTUNE BRANDS USD 361,384 0.48

7,300 GANNETT USD 577,284 0.77

18,483 GAP USD 403,669 0.54

15,410 GENERAL MOTORS USD 452,900 0.60

5,265 GENUINE PARTS USD 228,975 0.31

11,600 GTECH HOLDINGS USD 272,948 0.36

6,045 HARLEY-DAVIDSON USD 349,159 0.47

1,000 HARMAN INTL USD 88,460 0.12

4,844 HARRAHS USD 312,826 0.42

10,200 HASBRO USD 208,590 0.28

11,560 HILTON HOTELS USD 258,366 0.34

61,830 HOME DEPOT USD 2,364,381 3.15

14,342 IAC/INTERACTIVE USD 319,396 0.43

12,522 INTERPUBLIC GROUP USD 153,770 0.20

10,918 INTL GAME TECHNOLOGY USD 291,074 0.39

10,829 JC PENNEY USD 562,242 0.75

5,462 JOHNSON CONTROLS USD 304,561 0.41

6,095 JONES APPAREL GROUP USD 204,122 0.27

4,173 KNIGHT RIDDER USD 280,634 0.37

9,358 KOHLS USD 483,154 0.64

5,800 LEAR USD 257,288 0.34

5,300 LEGGETT & PLATT USD 153,064 0.20

7,338 LENNAR -A- USD 415,918 0.55

51,892 LIBERTY MEDIA USD 538,120 0.72

4,429 LIBERTY MEDIA A USD 193,724 0.26

14,776 LIMITED BRANDS USD 359,057 0.48

3,452 LIZ CLAIBORNE USD 138,529 0.18

19,276 LOWE'S USD 1,100,467 1.47

5,714 MARRIOTT INTERNATIONAL A USD 382,038 0.51

12,224 MATTEL USD 260,982 0.35

12,400 MAY DEPARTMENT STORES USD 459,048 0.61

15,456 MAYTAG USD 215,920 0.29

35,517 MC.DONALD'S USD 1,105,999 1.47

5,446 MCGRAW HILL USD 475,164 0.63

1,700 MOHAWK INDUSTRIES USD 143,310 0.19

4,514 NEW YORK TIMES A USD 165,122 0.22

8,130 NEWELL RUBBERMAID USD 178,372 0.24

2,665 NEWS CORP -A- WI USD 45,092 0.06

17,306 NEWS CORP -B- USD 304,759 0.41

3,448 NIKE USD 287,253 0.38



Shares

600 NTL INCORPORATED USD 38,202 0.05

18,429 OFFICE DEPOT USD 408,755 0.54

5,700 OMNICOM USD 504,564 0.67

7,300 PETSMART USD 209,875 0.28

6,400 PULTE HOMES USD 471,232 0.63

9,608 RADIOSHACK USD 235,396 0.31

8,400 ROSS STORES USD 244,776 0.33

6,010 SEARS ROEBUCK USD 300,740 0.40

3,897 SHERWIN-WILLIAMS USD 171,429 0.23

2,558 STANLEY WORKS USD 115,801 0.15

15,047 STAPLES USD 472,927 0.63

8,535 STARBUCKS USD 440,918 0.59

6,540 STARWOOD HOTELS & RESORTS USD 392,596 0.52

22,754 TARGET USD 1,138,155 1.52

4,750 TIFFANY & CO USD 163,970 0.22

121,446 TIME WARNER USD 2,131,377 2.84

15,002 TJX USD 369,499 0.49

11,534 TOYS 'R' US USD 297,116 0.40

6,966 TRIBUNE USD 277,734 0.37

6,900 UNIVISION COMMUNICATIONS USD 191,061 0.25

2,792 V.F. USD 165,119 0.22

40,889 VIACOM -B- USD 1,424,164 1.90

56,175 WALT DISNEY USD 1,613,909 2.15

100 WASHINGTON POST B USD 89,400 0.12

7,054 WENDY'S USD 275,388 0.37

3,516 WHIRLPOOL USD 238,139 0.32

1,400 XM SATELLITE RADIO USD 44,100 0.06

9,084 YUM BRANDS USD 470,642 0.63

38,696,411 51.56

73,813,590 98.34

TOTAL 73,813,590 98.34

50ING (L) Invest - 31/03/2005

DUTCH EQUITY

Quantity/Nominal Currency Valuation in EUR % NAV


Shares

133,400 ROYAL DUTCH PETROLEUM EUR 6,152,408 9.58

6,152,408 9.58

28,000 AKZO NOBEL EUR 986,160 1.54

14,500 DSM EUR 788,075 1.23

1,774,235 2.77

33,100 ASML EUR 431,293 0.67

180,400 ROYAL PHILIPS ELECTRONICS EUR 3,833,500 5.97

4,264,793 6.64

107,500 GETRONICS EUR 192,425 0.30

119,100 LOGICACMG GBP 306,517 0.48

498,942 0.78

39,300 BUHRMANN EUR 306,540 0.48

306,540 0.48

5,000 FUGRO (CVA) EUR 350,750 0.55

350,750 0.55

14,500 NUMICO EUR 457,620 0.71

60,900 UNILEVER (CERT.) EUR 3,197,250 4.98

3,654,870 5.69

38,100 HEINEKEN EUR 1,018,413 1.59

1,018,413 1.59

145,100 HAGEMEYER EUR 284,396 0.44

284,396 0.44



Shares

113,900 REED ELSEVIER EUR 1,324,657 2.06

49,700 VNU EUR 1,118,250 1.74


2,640,167 4.11

264,300 KONINKLIJKE AHOLD EUR 1,707,378 2.66

1,707,378 2.66

222,100 ABN AMRO EUR 4,250,994 6.62

174,100 FORTIS EUR 3,826,718 5.96

266,400 ING GROEP EUR 6,207,120 9.66

14,284,832 22.24

4,100 RANDSTAD EUR 140,794 0.22

140,794 0.22

227,000 AEGON EUR 2,363,070 3.68

2,363,070 3.68

61,100 TPG EUR 1,341,145 2.09

1,341,145 2.09

337,200 KPN (DEMAT.) EUR 2,326,680 3.62

90,900 VERSATEL TELECOM INTERNATIONAL EUR 157,257 0.24

2,483,937 3.86

4,500 IHC CALAND EUR 220,500 0.34

32,400 VEDIOR EUR 444,528 0.69

665,028 1.03

43,931,698 68.41

TOTAL 43,931,698 68.41



51ING (L) Invest - 31/03/2005

DUTCH EQUITY


Quantity/Nominal Currency Commitments in EUR

Forward Contracts

Stock indices

283 EURAEX INDEX 04/2005 20,871,250

20,871,250

52ING (L) Invest - 31/03/2005

EMERGING EUROPE



Shares

50,000 MECHEL STEEL (ADR) USD 1,029,893 1.06

1,029,893 1.06

100,000 JSC MMC NORILSK NICKEL (ADR) USD 4,501,212 4.63

45,500 KGHM POLSKA MIEDZ GDR USD 686,185 0.71

5,187,397 5.34

95,000 GAZPROM OAO (ADR) (REG.) USD 2,474,320 2.55

92,000 LUKOIL (ADR) USD 9,591,813 9.87

118,000 MOL MAGYAR HUF 7,325,191 7.53

206,000 POLSKI KONCERN NAFTO (GDR) USD 4,620,398 4.75

231,000 SIBNEFT (ADR) USD 2,737,198 2.82

162,000 SURGUT (ORDINARY) (ADR) USD 4,449,967 4.58

73,000 SURGUT (PREF) (ADR) USD 3,342,054 3.44

96,000 TATNEFT (ADR) (REG.) USD 2,365,191 2.43

36,906,132 37.97

120,000 BORSODCHEM HUF 1,260,808 1.30

1,260,808 1.30

200,000 ARCELIK AS TRY 888,813 0.91

888,813 0.91

650,000 STEINHOFF INTERNATIONAL HLDG ZAR 1,068,775 1.10

1,068,775 1.10

100,000 TVN PLN 999,302 1.03

999,302 1.03



Shares

14,000 BANK AUSTRIA CREDITANSTALT EUR 1,064,000 1.09

69,000 BANK POLSKA KASA OPIEKI PLN 2,357,544 2.42

12,000 BANK PRZEMYSLOWO-HANDLOWY PLN 1,475,440 1.52

200,000 DENIZBANK AS TRY 435,290 0.45

25,000 ERSTE BANK DER OESTERREICH. EUR 1,008,750 1.04SPARKASSEN

75,000 KOMERCNI BANKA (GDR) USD 2,741,123 2.82

360,000 OTP BANK HUF 9,492,458 9.76

460,000 POWSZECHNA KASA PLN 3,132,126 3.22OSZCZEDNOSCI BANK

53,000 SBERBANK (ADR) USD 2,491,000 2.56

24,197,731 24.88

210,000 HACI OMER SABANCI HOLDING TRY 559,952 0.58

280,000 TURKIYE GARANTI BANKASI TRY 816,796 0.84

106,000 VOSTOK NAFTA INVESTMENT (SDR) SEK 1,505,394 1.55

2,882,142 2.97

310,000 CESKE ENERGETICKE ZAVODY CZK 4,222,311 4.34

110,000 UNIFIED ENERGY SYSTEM (GDR) USD 2,467,203 2.54

6,689,514 6.88

222,000 CESKY TELECOM CZK 3,211,915 3.30

580,000 HUNGARIAN TELECOMMUNICATION HUF 2,101,670 2.16MATAV

52,000 MOBILE TELESYSTEMS USD 1,407,979 1.45

34,000 SIBIRTELECOM (ADR) USD 1,255,723 1.29

910,000 TELEKOM POLSKA USD 4,726,272 4.86

37,000 VIMPEL COMMUNICATIONS (ADR) USD 979,910 1.01

13,683,469 14.07

94,793,976 97.51

TOTAL 94,793,976 97.51



53ING (L) Invest - 31/03/2005

EMERGING MARKETS



Shares

32,500 COMPANHIA SIDERURGICA USD 783,250 0.80NACIONAL

8,880 POSCO KRW 1,757,637 1.80

2,540,887 2.60

60,300 CIA ENERGETICA DE MINAS GERAIS USD 1,376,046 1.41

121,500 CIA VALE DO RIO DOCE USD 3,228,255 3.31

4,604,301 4.72

11,600 ANGLOGOLD ASHANTI (ADR) USD 399,620 0.41

68,500 BUENAVENTURA (ADR) USD 1,560,430 1.60

1,960,050 2.01

22,500 GRUPO AEROPORTUARIO SUR (ADR) USD 631,125 0.65

35,100 LARSEN AND TOUBRO LTD (GDR R2) USD 807,300 0.83

122,900 SIAM CEMENT PUBLIC (FRG REG) THB 829,493 0.85

971,000 SP SETIA MYR 1,022,109 1.05

3,290,027 3.38

40,400 PERDIGAO SA-PREF BRL 781,551 0.80

781,551 0.80

2,632,000 CHINA PETROLEUM & CHEMICAL-H HKD 1,063,014 1.09

14,439 GAZPROM OAO (ADR) (REG.) USD 488,760 0.50

14,909 LUKOIL (ADR) USD 2,020,170 2.07

77,600 PETROBRAS (REPR.1 PREF SH) USD 2,985,272 3.06

2,422,000 PETROCHINA HKD 1,506,116 1.54

231,700 PTT (FOREIGN) THB 1,143,247 1.17

73,600 SASOL LTD ZAR 1,717,559 1.76

15,150 SSANGYONG OIL KRW 1,175,598 1.20

12,099,736 12.39

21,930 HONAM PETROCHEMICAL KRW 1,122,954 1.15

99,800 MAKHTESHIM-AGAN INDUSTRIES ILS 557,829 0.57

67,900 RELIANCE INDUSTRIES (GDR) USD 1,739,598 1.78

792,000 TAIWAN FERTZILIZER CO TWD 951,475 0.97

4,371,856 4.47



Shares

569,000 ACER TWD 893,972 0.92

149,569 ARCELIK AS TRY 863,870 0.88

209,000 BYD COMPANY HKD 614,995 0.63

181,935 HON HAI PRECISION (GDR) USD 1,604,667 1.64

9,480 LG ELECTRONICS (NEW) KRW 635,734 0.65

11,030 SAMSUNG ELECTRONICS KRW 5,452,545 5.59

1,454,328 TAIWAN SEMICONDUCTOR TWD 2,377,256 2.44

146,723 TAIWAN SEMICONDUCTOR SP (ADR) USD 1,244,211 1.27

13,687,250 14.02

598,300 ASUSTEK COMPUTERS GDR USD 1,633,359 1.67

1,633,359 1.67

57,900 TATA MOTORS (ADR) USD 561,630 0.58

561,630 0.58

116,400 URBI DESARROLLOS URBANOS MXN 582,962 0.60

582,962 0.60

9,700 FOMENTO ECONOMICO USD 519,435 0.53MEXICO-SP (ADR)

519,435 0.53

85,800 TEVA PHARMACEUTICAL IND. (ADR) USD 2,659,800 2.72

2,659,800 2.72

1,035,000 LUEN THAI HKD 444,557 0.46

444,557 0.46

368,800 STEINHOFF INTERNATIONAL HLDG ZAR 788,116 0.81

788,116 0.81

EMERGING MARKETS



Shares

16,500 EDGARS CONSOLIDATES STORES ZAR 729,035 0.75

366,500 LIFESTYLE NTL HOLDINGS HKD 561,545 0.58

1,290,580 1.33

398,600 BANGKOK BANK (FOREIGN) THB 1,141,332 1.17

543,000 COMMERCE ASSET MYR 654,461 0.67

581,800 FIRSTRAND LTD ZAR 1,246,096 1.28

157,706 GF BANORTE -O- MXN 1,026,079 1.05

511,700 KASIKORNBANK PUBLIC THB 765,294 0.78

57,350 KOOKMIN BANK KRW 2,561,125 2.62

393,000 MALAYAN BANKING MYR 1,168,663 1.20

11,900 OTP BANK GDR 2 SHS REG S USD 818,720 0.84

172,607 STANDARD BANK GROUP ZAR 1,743,888 1.79

16,000 UNIBANCO UNIAO BAMNCOS USD 550,080 0.56BRASILE

63,000 UNIBANCO UNIAO DE BANCOS BRL 438,401 0.45BRASILEIROS

12,114,139 12.41

20,600 BANCO ITAU (ADR) USD 1,671,690 1.71

43,900 CATHAY FINANCIAL GDR USD 825,320 0.85

1,183,601 CHINATRUST FINANCIAL TWD 1,335,523 1.37

87,100 FUBON INSURANCE CERT (GDR) USD 830,063 0.85

401,600 HACI OMER SABANCI HOLDING TRY 1,391,720 1.43

146,816 KOC HOLDING AS TRY 641,413 0.66

39,086 KOC HOLDING AS- NEW ISSUE 2005 TRY 164,971 0.17

2,363,000 MEGA FINANCIAL TWD 1,522,532 1.56

94,800 SM INVESTMENT PHP 393,526 0.40

380,000 TURKIYE GARANTI BANKASI TRY 1,440,674 1.48

10,217,431 10.48

1,534,000 CHINA LIFE INSURANCE HKD 1,022,754 1.05

9,930 SAMSUNG FIRE & MARINE INS KRW 751,962 0.77

1,774,716 1.82

788,459 EVERGREEN MARINE TWD 773,293 0.79

773,293 0.79

890,000 CHINA RESOURCES POWER HKD 419,363 0.43HOLDINGS

126,100 ENERSIS USD 1,059,240 1.09

1,478,603 1.52



Shares

259,700 ADVANCED INFO SERVICE THB 663,940 0.68

12,100 AMERICA MOVIL (SERIE L) (ADR) USD 624,360 0.64

3,821,000 CHINA TELECOM -H- HKD 1,335,015 1.37

8,800 GRUPO TELEVISA (GDR) USD 517,440 0.53

131,106 MTN GROUP ZAR 926,879 0.95

6,510 SK TELECOM KRW 1,096,219 1.12

74,000 TELE NORTE LESTE (PREF) USD 1,144,780 1.17

345,000 TELEKOM MALAYSIA MYR 885,201 0.91

134,500 TELEKOM POLSKA USD 907,875 0.93

3,631,000 TELEKOMUNIKASI INDONESIA IDR 1,715,810 1.76

57,300 TELKOM SA ZAR 989,256 1.01

100,900 TURKCELL ILETISIM TRY 691,107 0.71

33,000 VIMPEL COMMUNICATIONS (ADR) USD 1,135,860 1.16

12,633,742 12.94

159,600 GENTING BERHAD MYR 726,604 0.74

726,604 0.74

91,534,625 93.79

Warrants & Rights

78,600 MERRILL ICICI BANK (WT 27/01/2009) USD 687,121 0.70

266,151 MERRILL-BHARTI TELEVENT WT USD 1,232,811 1.2603/04/2006

1,919,932 1.96

1,919,932 1.96


54ING (L) Invest - 31/03/2005


55ING (L) Invest - 31/03/2005

EMERGING MARKETS


OTHER TRANSFERABLE SECURITIES

Warrants & Rights

37,000 ABN AMRO-TATA CONSULTING USD 1,238,613 1.27(WT 09/08/2005)

17,500 ABN INFOSYS TECHNOLOGI USD 867,720 0.89(WT14/06/2005)

2,106,333 2.16

17,550 MERRILL LARSEN &TOUBRO USD 397,432 0.41(WT 23/06/2009)

397,432 0.41

2,503,765 2.57

TOTAL 95,958,322 98.32

EMU EQUITY



Shares

80,200 BELGACOM EUR 2,558,380 0.63

2,558,380 0.63

63,400 BOUYGUES EUR 1,938,772 0.48

42,900 LAFARGE (SICOVAM CERT.) EUR 3,204,630 0.79

65,500 SAINT-GOBAIN EUR 3,078,500 0.76

23,200 VINCI EUR 2,579,840 0.64

53,000 WIENERBERGER BAUSTOFFINDUSTRIE EUR 1,860,830 0.46

12,662,572 3.13

228,000 STORA ENSO EUR 2,469,240 0.61

2,469,240 0.61

503,800 ENI EUR 10,096,152 2.50

387,700 REPSOL EUR 7,916,834 1.96


109,000 TOTAL EUR 19,674,500 4.88

1,395 TOTAL FINA (STRIP) (VVPR) EUR 14 0.00

58,386,156 14.47

10,900 AIR LIQUIDE EUR 1,546,710 0.38

37,100 DSM EUR 2,016,385 0.50

3,563,095 0.88

250,600 INFINEON TECHNOLOGIES EUR 1,854,440 0.46


24,400 SCHNEIDER EUR 1,474,980 0.37

178,300 SIEMENS EUR 10,885,215 2.70

18,734,510 4.65

89,300 CAP GEMINI SOGETI EUR 2,402,170 0.60

381,200 LOGICACMG GBP 981,060 0.24

36,100 SAP EUR 4,487,591 1.11

7,870,821 1.95



Shares

74,600 BMW EUR 2,614,730 0.65

97,600 DAIMLER-CHRYSLER EUR 3,370,128 0.84

54,800 PEUGEOT EUR 2,686,296 0.67

8,671,154 2.16

36,300 GROUPE DANONE EUR 2,786,025 0.69

33,100 NUMICO EUR 1,044,636 0.26


9,054,411 2.24

130,300 ALTADIS EUR 4,110,965 1.02

4,110,965 1.02

27,100 ELAN EUR 65,040 0.02

47,700 L'OREAL EUR 2,945,475 0.73

204,500 SANOFI-AVENTIS EUR 13,302,725 3.30

59,600 SCHERING EUR 3,049,136 0.76

19,362,376 4.81

59,800 LVMH MOET HENNESSY EUR 3,450,460 0.86

3,450,460 0.86


99,900 VNU EUR 2,247,750 0.56

5,514,617 1.37

85,200 CARREFOUR EUR 3,488,088 0.86


53,800 METRO EUR 2,227,858 0.55

34,700 PINAULT PRINTEMPS REDOUTE EUR 2,862,750 0.71

12,330,664 3.05


56ING (L) Invest - 31/03/2005


57ING (L) Invest - 31/03/2005

EMU EQUITY



Shares

270,100 ABN AMRO EUR 5,169,714 1.28

112,500 ALPHA CREDIT BANK EUR 2,931,750 0.73

87,296 ANGLO IRISH BANK CORP PLC EUR 1,684,813 0.42

98,800 BANCHE POPOLARI UNITE EUR 1,600,066 0.40


32,700 BANCO POPULAR ESPANOL EUR 1,631,730 0.40



356,500 BANK OF IRELAND EUR 4,331,475 1.07

175,300 BNP PARIBAS EUR 9,580,145 2.37

423,300 CAPITALIA EUR 1,704,206 0.42

93,400 COMMERZBANK EUR 1,563,516 0.39

95,000 CREDIT AGRICOLE EUR 1,992,150 0.49


127,000 FORTIS EUR 2,791,460 0.69

495,000 ING GROEP EUR 11,533,500 2.86

39,200 NATIONAL BANK OF GREECE EUR 1,023,120 0.25

102,800 SAN PAOLO IMI EUR 1,241,927 0.31


875,500 UNICREDITO ITALIANO EUR 3,966,891 0.98

81,229,608 20.12

1,102,100 BANCA INTESA EUR 4,320,232 1.07

4,320,232 1.07

206,000 AEGON EUR 2,144,460 0.53

78,600 ALLIANZ EUR 7,698,870 1.91

213,700 ASSICURAZIONI GENERALI EUR 5,321,130 1.32

351,400 AXA-UAP EUR 7,221,270 1.79

56,400 HANNOVER RUECKVERSICHERUNG EUR 1,720,764 0.43

32,800 MUENCHENER RUECKVERSICH.(REG.) EUR 3,048,432 0.76

27,154,926 6.74

108,500 DEUTSCHE LUFTHANSA (REG.) EUR 1,206,520 0.30

59,000 DEUTSCHE POST EUR 1,110,970 0.28

67,300 TPG EUR 1,477,234 0.37

3,794,724 0.95



Shares

1,602,800 EDP-ENERGIAS DE PORTUGAL EUR 3,446,020 0.85

6,900 ELECTRABEL EUR 2,388,090 0.59

844,700 ENEL EUR 6,235,575 1.55

93,000 EON EUR 6,155,670 1.53

255,100 IBERDROLA EUR 5,147,918 1.28

63,000 PUBLIC POWER EUR 1,401,120 0.35

98,200 RWE EUR 4,581,030 1.14

186,000 SUEZ EUR 3,861,360 0.96

887,700 TERNA (IPO) EUR 1,822,448 0.45

142,800 VEOLIA ENVIRONNEMENT EUR 3,907,008 0.97

38,946,239 9.67

275,400 ALCATEL EUR 2,577,744 0.64

668,100 DEUTSCHE TELEKOM EUR 10,288,740 2.55

356,900 FRANCE TELECOM EUR 8,244,390 2.04

271,400 HELLENIC COMMUNICATIONS EUR 3,696,468 0.92

659,500 KPN (DEMAT.) EUR 4,550,550 1.13

25,600 MOBISTAR EUR 1,734,400 0.43

519,400 NOKIA -A- EUR 6,212,024 1.54

290,600 PORTUGAL TELECOM EUR 2,627,024 0.65

1,387,700 TELECOM ITALIA EUR 4,059,023 1.01

2,320,600 TELECOM ITALIA RNC EUR 5,599,608 1.39

722,900 TELEFONICA DE ESPANA EUR 9,715,776 2.41

221,900 TELEKOM AUSTRIA EUR 3,350,690 0.83

274,800 VIVENDI UNIVERSAL EUR 6,493,524 1.61

69,149,961 17.15

81,400 ACCOR EUR 3,073,664 0.76

3,073,664 0.76

75,200 VEDIOR EUR 1,031,744 0.26

1,031,744 0.26

121,800 BAYERISCHE HYPOVEREINSBANK EUR 2,298,366 0.57

294,500 DEPFA BANK EUR 3,592,900 0.89

5,891,266 1.46

403,331,785 100.01

TOTAL 403,331,785 100.01

ENERGY



Shares

27,472 SCHLUMBERGER USD 1,936,227 1.30

1,936,227 1.30

1,878 OMV EUR 598,226 0.40

598,226 0.40

92,318 ORIGIN ENERGY AUD 509,175 0.34

65,472 SANTOS AUD 455,816 0.31

54,300 WOODSIDE PETROLEUM AUD 1,020,698 0.68

1,985,689 1.33

3,041 GOLDEN OCEAN NOK 1,893 0.00

17,559 NABORS INDUSTRIES USD 1,038,439 0.70

2,862 SHIP FINANCE USD 58,099 0.04

1,098,431 0.74

31,562 CANADIAN NATURAL RESSOURCES CAD 1,783,323 1.20

18,894 ENBRIDGE CAD 971,354 0.65

54,300 ENCANA CAD 3,834,190 2.57

14,292 HUSKY ENERGY CAD 429,163 0.29

14,645 IMPERIAL OIL CAD 1,113,871 0.75

15,572 NEXEN CAD 852,051 0.57

6,145 PENN WEST PETROLEUM CAD 406,835 0.27

30,650 PETRO CANADA CAD 1,779,673 1.19

6,902 PRECISION DRILL CAD 516,282 0.35

7,757 SHELL CANADA CAD 557,797 0.37

52,711 SUNCOR ENERGY CAD 2,123,054 1.42

44,922 TALISMAN ENERGY CAD 1,536,802 1.03

56,630 TRANSCANADA CAD 1,395,782 0.94

17,300,177 11.60

106,993 REPSOL EUR 2,839,472 1.90

2,839,472 1.90

2,180 TECHNIP EUR 365,488 0.25

62,559 TOTAL EUR 14,675,517 9.84

900 TOTAL FINA (STRIP) (VVPR) EUR 12 0.00

15,041,017 10.09



Shares

413,971 BG GBP 3,217,153 2.16

1,127,168 BP GBP 11,683,182 7.83

743,591 SHELL TRANSPORT & TRADING GBP 6,674,575 4.47

21,574,910 14.46

12,046 HELLENIC PETROLEUM EUR 120,861 0.08

120,861 0.08

262,682 ENI EUR 6,841,546 4.59

6,841,546 4.59

85,500 NIPPON MINING JPY 470,826 0.32

151,000 NIPPON OIL CORP JPY 1,074,333 0.72

17,100 SHOWA SHELL SEKIYU JPY 166,268 0.11

22,000 TEIKOKU OIL JPY 160,845 0.11

33,000 TONENGENERAL SEKIYU JPY 339,071 0.23

2,211,343 1.49

37,641 TRANSOCEAN USD 1,937,006 1.30

1,937,006 1.30

3,631 IHC CALAND EUR 231,232 0.16


11,611,593 7.79

251 AKER ASA A NOK 3,558 0.00

4,547 FRONTLINE NOK 218,191 0.15

35,271 NORSK HYDRO NOK 2,921,379 1.96

1,800 PETROLEUM GEO-SERVICES NOK 119,014 0.08

4,012 SMEDVID -A- NOK 75,609 0.05

76,844 STATOIL NOK 1,314,323 0.88

4,652,074 3.12

18,512 LUNDIN PETROLEUM SEK 143,244 0.10

143,244 0.10


58ING (L) Invest - 31/03/2005


59ING (L) Invest - 31/03/2005

ENERGY



Shares

28,636 ANADARKO USD 2,179,200 1.46

38,498 APACHE USD 2,357,233 1.58

39,203 BAKER HUGHES USD 1,744,141 1.17

75,696 BJ SERVICES USD 3,927,108 2.63

45,760 BURLINGTON RESOURCE USD 2,291,203 1.54

160,861 CHEVRONTEXACO USD 9,379,805 6.29

6,190 COOPER CAMERON USD 354,130 0.24

53,312 DEVON ENERGY USD 2,545,648 1.71

73,203 EL PASO USD 774,488 0.52

17,972 ENSCO INTERNATIONAL USD 676,826 0.45

27,628 EOG RESOURCES USD 1,346,589 0.90

167,097 EXXON MOBIL USD 9,958,981 6.68

23,711 GLOBALSANTAFE USD 878,255 0.59

59,062 HALLIBURTON USD 2,554,432 1.71

16,152 KERR-MC-GEE CORP USD 1,265,186 0.85

11,760 KINDER MORGAN USD 890,232 0.60

40,468 MARATHON OIL USD 1,898,759 1.27

16,081 NOBLE USD 903,913 0.61

45,985 OCCIDENTAL PETROLEUM USD 3,272,752 2.19

16,558 PIONEER NATURAL RESOURCES USD 707,358 0.47

12,000 SMITH INTERNATIONAL USD 752,760 0.50

8,505 SUNOCO USD 880,438 0.59

31,027 UNOCAL USD 1,914,056 1.28

30,184 VALERO ENERGY USD 2,211,582 1.48

15,866 WEARTHERFORD INTERNATIOAL USD 919,276 0.62

64,770 WILLIAMS COMPANIES USD 1,218,324 0.82

38,839 XTO ENERGY USD 1,275,473 0.86

59,078,148 39.61

148,969,964 99.90

Warrants & Rights

12,589 ORIGIN ENERGY (RIGHTS 22/03/2005) AUD 13,439 0.01

13,439 0.01

13,439 0.01

TOTAL 148,983,403 99.91

60ING (L) Invest - 31/03/2005

EURO HIGH DIVIDEND



Shares

1,120,000 BELGACOM EUR 35,728,000 1.82

35,728,000 1.82

670,000 BOUYGUES EUR 20,488,600 1.04

270,000 FOMENTO DE CONSTRUC. EUR 10,646,100 0.54Y CONTRATAS


750,000 SAINT-GOBAIN EUR 35,250,000 1.80

250,000 TECHNIP EUR 32,250,000 1.64

320,000 VINCI EUR 35,584,000 1.81

169,327,700 8.62

2,100,000 UPM-KYMMENE EUR 35,910,000 1.83

35,910,000 1.83

3,000,000 ENI EUR 60,120,000 3.06

1,280,000 ROYAL DUTCH PETROLEUM EUR 59,033,600 3.01

330,000 TOTAL EUR 59,565,000 3.04

178,718,600 9.11

70,000 AIR LIQUIDE EUR 9,933,000 0.51

180,000 DSM EUR 9,783,000 0.50

110,000 SOLVAY EUR 10,114,500 0.52

29,830,500 1.53

560,000 PAGESJAUNES EUR 10,606,400 0.54

10,606,400 0.54

170,000 KONE -B- EUR 10,194,900 0.52

600,000 MAN EUR 20,700,000 1.05

30,894,900 1.57

75,000 COFINIMMO EUR 9,337,500 0.48

119,000 WERELDHAVE EUR 9,401,000 0.48

18,738,500 0.96



Shares


36,225,000 1.85

1,100,000 ALTADIS EUR 34,705,000 1.77

34,705,000 1.77

1,200,000 MONDADORI EDITORE EUR 9,890,400 0.50

1,500,000 TELEFONICA PUBLICIDAD E INFO EUR 10,440,000 0.53

20,330,400 1.03

500,000 KESKO B EUR 9,910,000 0.50

800,000 METRO EUR 33,128,000 1.69

43,038,000 2.19

1,770,000 ABN AMRO EUR 33,877,800 1.73

1,600,000 ALLIED IRISH BANKS EUR 25,840,000 1.32

1,600,000 BANCHE POPOLARI UNITE EUR 25,912,000 1.32

2,850,000 BANCO BILBAO VIZCAYA ARGENTARIA EUR 35,796,000 1.82


1,750,000 BANCO POPULARE DI VERONA EUR 25,205,250 1.28

3,750,000 BANCO SANTANDER (REG.) EUR 35,212,500 1.79

2,000,000 BANK OF IRELAND EUR 24,300,000 1.24

650,000 BNP PARIBAS EUR 35,522,500 1.81

1,430,000 DEXIA EUR 26,240,500 1.34

30,620 DEXIA (STRIP) (VVPR) EUR 306 0.00

1,600,000 FORTIS EUR 35,168,000 1.79


7,800,000 UNICREDITO ITALIANO EUR 35,341,800 1.80

409,013,406 20.84

9,200,000 BANCA INTESA EUR 36,064,000 1.84

36,064,000 1.84



61ING (L) Invest - 31/03/2005

EURO HIGH DIVIDEND



Shares

430,000 A.G.F. EUR 26,058,000 1.33

3,500,000 ALLEANZA ASSICURAZIONI EUR 35,245,000 1.80

1,700,000 AXA-UAP EUR 34,935,000 1.78

190,000 CNP ASSURANCES EUR 10,383,500 0.53


700,000 IRISH LIFE PERMANENT EUR 9,590,000 0.49

1,950,000 RIUNIONE ADRIATICA SICURTA EUR 35,394,450 1.80

2,350,000 SAMPO OYJ - A SHS EUR 26,320,000 1.34

187,994,250 9.58

1,600,000 BRISA AUTO-ESTRADAS DE PORTUGAL EUR 10,416,000 0.53

1,900,000 DEUTSCHE POST EUR 35,777,000 1.82

240,000 STE DES AUTOROUTES PARIS EUR 10,344,000 0.53RHIN RHONE

56,537,000 2.88

60,000 ELECTRABEL EUR 20,766,000 1.06

2,050,000 ENDESA EUR 35,567,500 1.81

4,800,000 ENEL EUR 35,433,600 1.81

540,000 EON EUR 35,742,600 1.82

1,780,000 IBERDROLA EUR 35,920,400 1.83

780,000 RWE EUR 36,387,000 1.85

5,000,000 SNAM RETE GAS EUR 21,480,000 1.09

9,500,000 TERNA (IPO) EUR 19,503,500 0.99

240,800,600 12.26

800,000 COSMOTE MOBILE EUR 10,896,000 0.56COMMUNICATIONS

2,300,000 DEUTSCHE TELEKOM EUR 35,420,000 1.80

5,500,000 EIRCOM GROUP EUR 11,165,000 0.57

5,100,000 KPN (DEMAT.) EUR 35,190,000 1.79

900,000 MEDIASET EUR 9,990,000 0.51

3,000,000 NOKIA -A- EUR 35,880,000 1.83

4,000,000 PORTUGAL TELECOM EUR 36,160,000 1.84


352,902 TELECOM ITALIA MOBILE EUR 1,820,976 0.09


2,600,000 TELEFONICA DE ESPANA EUR 34,944,000 1.78

283,155,875 14.42

1,857,618,131 94.64




160,000 RODAMCO EUROPE EUR 9,232,000 0.47

9,232,000 0.47

220,000 CORIO EUR 9,488,600 0.48

9,488,600 0.48

18,720,600 0.95

TOTAL 1,876,338,731 95.59


EUROPE GROWTH FUND



Shares

2,500 TELEKOM AUSTRIA EUR 37,750 1.0037,750 1.00

590 BARCO EUR 36,993 0.98

510 COLRUYT EUR 61,098 1.62

2,292 U.C.B. EUR 85,560 2.27

183,651 4.87

3,550 NOVARTIS (NOM.) CHF 127,874 3.39

1,350 ROCHE HOLDING (GENUSSCHEIN) CHF 111,723 2.96

300 ZURICH FINANCIAL SERVICES CHF 40,649 1.08

280,246 7.43

3,500 DEUTSCHE POST EUR 65,905 1.75

7,500 DEUTSCHE TELEKOM EUR 115,500 3.06

1,200 FRESENIUS MEDICAL CARE EUR 74,940 1.99

545 HENKEL (PREF.) EUR 38,014 1.01

5,500 INFINEON TECHNOLOGIES EUR 40,700 1.08

1,454 MERCK KGAA EUR 79,970 2.12


876 SAP EUR 108,896 2.89

552,122 14.65

990 TOPDANMARK DKK 56,876 1.51

56,876 1.51

3,200 NOKIA -A- EUR 38,272 1.02


90,485 2.40

1,975 BOUYGUES EUR 60,396 1.60


1,510 FRANCE TELECOM EUR 34,881 0.93

2,596 GENERALE DE SANTE EUR 39,719 1.05

310 LVMH MOET HENNESSY EUR 17,887 0.47

1,400 PUBLICIS EUR 33,152 0.88

1,915 SANOFI-AVENTIS EUR 124,571 3.30

564 TOTAL EUR 101,800 2.70


488,412 12.94



Shares

8,600 BRAMBLES INDUSTRIES GBP 37,889 1.00

10,500 BRITISH AIRWAYS GBP 40,305 1.07

10,384 GLAXOSMITHKLINE GBP 183,145 4.86

19,200 GROUP 4 SECURICOR GBP 38,246 1.01

28,200 HAYS GBP 54,534 1.45


107,075 VODAFONE GBP 218,743 5.80


706,707 18.74

3,830 COCA COLA HELLENIC BOTLING EUR 74,302 1.97

74,302 1.97

2,242 ANGLO IRISH BANK CORP PLC EUR 43,271 1.15


7,300 DEPFA BANK EUR 89,060 2.36

189,958 5.04


3,800 AUTOGRILL EUR 43,852 1.16

21,150 BANCA INTESA EUR 82,908 2.20

8,876 MEDIASET EUR 98,524 2.61

300,980 7.98

8,043 KONINKLIJKE AHOLD EUR 51,958 1.38

9,270 KPN (DEMAT.) EUR 63,963 1.70


2,120 UNILEVER (CERT.) EUR 111,300 2.95

3,450 VNU EUR 77,625 2.06

385,851 10.24

1,460 NORSK HYDRO NOK 93,046 2.47

93,046 2.47

62ING (L) Invest - 31/03/2005


EUROPE GROWTH FUND



Shares

10,750 CIMPOR CIMENTOS DE PORTUGAL EUR 46,548 1.23

5,360 JERONIMO MARTINS SGPS EUR 62,980 1.67

109,528 2.90

4,000 CAPIO AB SEK 46,757 1.24

8,216 GAMBRO B SEK 86,165 2.29


3,200 SWEDISH MATCH SEK 30,239 0.80

16,300 TELEFON ERICSSON -B- SEK 35,436 0.94

238,208 6.32

3,788,122 100.46

TOTAL 3,788,122 100.46

63ING (L) Invest - 31/03/2005





Shares

75,010 BELGACOM EUR 2,392,817 1.02

19,070 COFINIMMO EUR 2,374,215 1.01

7,010 ELECTRABEL EUR 2,426,161 1.04

104,690 FORTIS EUR 2,301,086 0.98

26,890 SOLVAY EUR 2,472,536 1.06

11,966,815 5.11

8,170 SWISSCOM CHF 2,312,662 0.99

35,700 UBS (REG.) CHF 2,327,610 0.99

4,640,272 1.98




68,200 MAN EUR 2,352,900 1.01

51,600 RWE EUR 2,407,140 1.03

11,814,426 5.05

103,820 DANSKE BANK DKK 2,323,803 0.99

72,050 TDC -B- DKK 2,342,881 1.00

4,666,684 1.99


134,580 ENDESA EUR 2,334,963 1.00


117,800 IBERDROLA EUR 2,377,204 1.02


11,703,658 5.00

115,400 KESKO B EUR 2,287,228 0.98

193,450 NOKIA -A- EUR 2,313,662 0.99

213,100 SAMPO OYJ - A SHS EUR 2,386,720 1.02

138,730 UPM-KYMMENE EUR 2,372,283 1.01

9,359,893 4.00



Shares

39,540 A.G.F. EUR 2,396,124 1.02

171,600 AXA-UAP EUR 3,526,380 1.51

42,800 BNP PARIBAS EUR 2,339,020 1.00


54,040 STE DES AUTOROUTES PARIS EUR 2,329,124 0.99RHIN RHONE

25,420 TECHNIP EUR 3,279,180 1.40

19,500 TOTAL EUR 3,519,750 1.50

21,070 VINCI EUR 2,342,984 1.00

22,092,980 9.43

185,340 ALLIANCE & LEICESTER GBP 2,379,574 1.02

211,200 ALLIANCE UNICHEM GBP 2,375,328 1.01

336,000 ASSOCIATED BRITISH PORTS GBP 2,347,481 1.00

76,400 ASTRAZENECA GBP 2,317,272 0.99

254,700 AVIVA GBP 2,351,647 1.00

272,800 BAA GBP 2,314,486 0.99

298,800 BARCLAYS GBP 2,350,430 1.00

245,450 BARRATT DEVELOPMENTS GBP 2,353,679 1.01

160,150 BOC GBP 2,372,851 1.01

433,400 BP GBP 3,456,487 1.48

175,890 BRITISH AMERICAN TOBACCO GBP 2,386,120 1.02

816,500 BT GBP 2,439,706 1.04

215,900 DIAGEO GBP 2,341,860 1.00

474,600 FIRSTGROUP GBP 2,368,687 1.01

264,080 GLAXOSMITHKLINE GBP 4,657,638 1.99

199,200 HBOS GBP 2,389,531 1.02


116,260 IMPERIAL TOBACCO GBP 2,348,021 1.00

163,520 JOHNSON MATTHEY GBP 2,351,454 1.00

274,130 KELDA GROUP GBP 2,383,566 1.02

343,200 LLOYDS TSB GBP 2,385,309 1.02

327,140 NATIONAL GRID TRANSCO GBP 2,331,958 1.00

1,055,800 NORTHERN FOODS GBP 2,367,970 1.01

206,960 NORTHERN ROCK GBP 2,389,331 1.02

926,500 NORTHUMBRIAN WATER GBP 2,374,346 1.01

1,437,100 PILKINGTON GBP 2,476,137 1.06


182,530 SCOTTISH AND SOUTHERN ENERGY GBP 2,339,516 1.00

393,800 SCOTTISH POWER GBP 2,341,900 1.00

175,900 SEVERN TRENT GBP 2,340,218 1.00


305,600 TATE & LYLE GBP 2,361,707 1.01

233,700 TRINITY MIRROR GBP 2,382,024 1.02

263,710 UNITED UTILITIES GBP 2,419,499 1.03

1,738,100 VODAFONE GBP 3,550,753 1.52

89,747,067 38.32


83,060 GREEK ORG OF FOOTBALL PROGNO EUR 1,867,189 0.80

4,172,783 1.78

64ING (L) Invest - 31/03/2005





Shares

149,080 ALLIED IRISH BANKS EUR 2,407,642 1.03

168,630 IRISH LIFE PERMANENT EUR 2,310,231 0.99

4,717,873 2.02

165,000 BANCO POPULARE DI VERONA EUR 2,376,495 1.02

320,300 ENEL EUR 2,364,455 1.01

175,930 ENI EUR 3,525,637 1.51

278,300 MONDADORI EDITORE EUR 2,293,749 0.98

130,530 RIUNIONE ADRIATICA SICURTA EUR 2,369,250 1.01

7,272 TELECOM ITALIA MOBILE EUR 37,524 0.02

999,500 TELECOM ITALIA RNC EUR 2,411,794 1.03

1,129,200 TERNA (IPO) EUR 2,318,248 0.99


21,186,475 9.06

42,970 DSM EUR 2,335,420 1.00

345,900 KPN (DEMAT.) EUR 2,386,710 1.02



10,624,651 4.54

307,100 DNB NOK 2,423,046 1.04

258,700 STATOIL NOK 3,404,570 1.45

5,827,616 2.49

181,000 BRISA AUTO-ESTRADAS DE PORTUGAL EUR 1,178,310 0.50


3,532,778 1.51

129,000 FOERENINGSSPARBANKEN SEK 2,353,462 1.01

96,800 HOLMEN -B- SEK 2,352,915 1.01

303,000 NORDEA BANK SEK 2,366,735 1.01

62,620 SKF -B- SEK 2,260,921 0.97

9,334,033 4.00

225,388,004 96.28




56,060 CORIO EUR 2,417,868 1.03


4,765,104 2.03

4,765,104 2.03

TOTAL 230,153,108 98.31

65ING (L) Invest - 31/03/2005




Shares

4,000 BANK AUSTRIA CREDITANSTALT EUR 304,000 0.24

12,500 ERSTE BANK DER OESTERREICH. EUR 504,375 0.39SPARKASSEN

808,375 0.63

60,000 DEXIA EUR 1,101,000 0.85

82,000 DEXIA (STRIP) (VVPR) EUR 820 0.00

125,000 FORTIS EUR 2,747,500 2.13

7,000 GROUPE BRUXELLES LAMBERT EUR 492,450 0.38

4,341,770 3.36

31,000 CIE SUISSE REASSURANCE CHF 1,713,995 1.33


105,000 UBS (REG.) CHF 6,845,911 5.31

14,000 ZURICH FINANCIAL SERVICES CHF 1,896,972 1.47

14,103,189 10.94

30,300 ALLIANZ EUR 2,967,885 2.30


40,000 COMMERZBANK EUR 669,600 0.52



13,000 HYPO REAL ESTATE HOLDING EUR 417,950 0.32


10,662,755 8.26

40,000 DANSKE BANK DKK 895,320 0.69

895,320 0.69




11,000 CORPORACION MAPFRE EUR 130,680 0.10

10,024,430 7.77



Shares

32,000 SAMPO OYJ - A SHS EUR 358,400 0.28

358,400 0.28

140,000 AXA-UAP EUR 2,877,000 2.23

80,000 BNP PARIBAS EUR 4,372,000 3.39

3,000 CNP ASSURANCES EUR 163,950 0.13

55,000 CREDIT AGRICOLE EUR 1,153,350 0.89

2,000 KLEPIERRE EUR 138,700 0.11


4,000 UNIBAIL EUR 365,800 0.28

11,675,675 9.05

64,572 3I GBP 630,463 0.49

74,000 AMVESCAP GBP 359,106 0.28

227,004 AVIVA GBP 2,095,929 1.62

610,000 BARCLAYS GBP 4,798,401 3.72

45,000 BRITISH LAND GBP 526,063 0.41

16,000 CLOSE BROTHER GROUP GBP 180,298 0.14

185,000 FRIENDS PROVIDENT GBP 476,790 0.37

270,000 HBOS GBP 3,238,822 2.51



620,000 LEGAL & GENERAL GBP 1,020,938 0.79

10,000 LIBERTY INTL GBP 140,095 0.11

540,000 LLOYDS TSB GBP 3,753,108 2.91

25,618 MAN GBP 511,801 0.40

26,000 PROVIDENT FINANCIAL GBP 267,655 0.21

225,000 PRUDENTIAL GBP 1,655,398 1.28

200,000 ROYAL & SUN ALLIANCE INSURANCE GBP 228,281 0.18


35,000 SLOUGH ESTATES GBP 248,092 0.19

10,000 UNITS HAMMERSON GBP 120,901 0.09

40,183,293 31.15

15,000 ALPHA CREDIT BANK EUR 390,900 0.30

17,000 BANK OF PIRAEUS EUR 238,000 0.18

5,000 COMMERCIAL BANK OF GREECE EUR 101,900 0.08

15,000 EFG EUROBANK EUR 356,100 0.28

20,000 NATIONAL BANK OF GREECE EUR 522,000 0.40

1,608,900 1.24


66ING (L) Invest - 31/03/2005


67ING (L) Invest - 31/03/2005




Shares



20,000 DEPFA BANK EUR 244,000 0.19

27,500 IRISH LIFE PERMANENT EUR 376,750 0.29

3,067,000 2.37

49,100 ALLEANZA ASSICURAZIONI EUR 494,437 0.38


20,000 BANCA ANTONIANA EUR 500,400 0.39POPOLARE VENETA

310,000 BANCA INTESA EUR 1,215,200 0.94

90,000 BANCA INTESA SPA EUR 319,050 0.25

100,000 BANCA MONTE DEI PASCHI DI SIENA EUR 259,700 0.20

200,000 BANCA NAZIONALE DEL LAVORO EUR 497,000 0.39

38,000 BANCA POPOLARE DU MILANO EUR 280,250 0.22

35,000 BANCHE POPOLARI UNITE EUR 566,825 0.44

39,600 BANCO POPULARE DI VERONA EUR 570,359 0.44

145,000 CAPITALIA EUR 583,770 0.45

49,000 MEDIOBANCA EUR 657,531 0.51

30,004 RIUNIONE ADRIATICA SICURTA EUR 544,603 0.42

101,000 SAN PAOLO IMI EUR 1,220,181 0.95


11,891,431 9.22

150,000 ABN AMRO EUR 2,871,000 2.23

130,000 AEGON EUR 1,353,300 1.05

10,000 EURONEXT EUR 274,500 0.21

190,000 ING GROEP EUR 4,427,000 3.43

8,925,800 6.92

50,000 DNB NOK 394,504 0.31

23,000 STOREBRAND NOK 161,153 0.12

555,657 0.43

200,000 BANCO COMMERCIAL PORTUGUES EUR 420,000 0.33

10,000 BANCO ESPIRITO SANTO E COMMER. EUR 134,000 0.10

554,000 0.43



Shares

190,300 NORDEA BANK SEK 1,486,435 1.15



50,900 SVENSKA HANDELSBANKEN -A- SEK 928,614 0.72

3,477,485 2.69

123,133,480 95.43


4,000 CORIO EUR 172,520 0.13

4,000 RODAMCO EUROPE EUR 230,800 0.18

403,320 0.31

403,320 0.31

TOTAL 123,536,800 95.74



68ING (L) Invest - 31/03/2005



Forward Contracts

Securities

100 GBPHSBC HOLDINGS 06/2005 1,218,466

1,218,466

69ING (L) Invest - 31/03/2005





Shares

6,997 AGFA-GEVAERT EUR 188,849 0.55

985 D'IETEREN EUR 178,482 0.52

367,331 1.07


31,128 RICHEMONT (UNITS)-A- CHF 754,539 2.19

774 RIETER HOLDING CHF 188,866 0.55


1,689 THE SWATCH -B- CHF 179,247 0.52

988 VALORA HOLDING CHF 173,957 0.50

1,429,749 4.15

2,473 ADIDAS-SALOMON EUR 302,745 0.88

8,633 CONTINENTAL AG EUR 516,512 1.50


4,625 DOUGLAS HOLDING EUR 130,934 0.38

9,389 KARSTADT QUELLE EUR 72,671 0.21

590 PORSCHE (PREF) EUR 330,400 0.96


925 PUMA EUR 178,645 0.52

9,049 TUI EUR 184,328 0.53

13,923 VOLKSWAGEN EUR 511,253 1.48

7,623 VOLKSWAGEN (PRIVATE SH.) EUR 212,072 0.61

4,502,719 13.05

800 BANG & OLUFSEN B DKK 41,343 0.12

41,343 0.12

506 ANTENA 3 TELEVISION EUR 31,853 0.09

11,844 INDITEX EUR 273,241 0.79

11,172 NH HOTELES EUR 110,826 0.32

1,359 PRISA EUR 21,187 0.06

482 SOGECABLE EUR 14,889 0.04

27,950 TELEFONICA PUBLICIDAD E INFO EUR 194,532 0.56

646,528 1.86



Shares

20,200 AMER-A- EUR 279,770 0.81

1,150 NOKIAN RENKAAT EUR 142,945 0.41

422,715 1.22

13,439 ACCOR EUR 507,457 1.47

176 HERMES EUR 27,333 0.08

8,938 LAGARDERE EUR 521,979 1.51


10,186 MICHELIN (B) (NOM.) EUR 516,430 1.50

12,026 PEUGEOT EUR 589,515 1.71


7,581 PUBLICIS EUR 179,518 0.52

13,115 RENAULT EUR 903,624 2.62

8,952 SODEXHO ALLIANCE EUR 230,156 0.67

10,456 TF1 EUR 255,126 0.74

16,476 THOMSON EUR 342,701 0.99

5,382 VALEO EUR 184,818 0.54


6,913,108 20.04

80,572 AEGIS GBP 119,496 0.35

31,576 BARRATT DEVELOPMENTS GBP 302,790 0.88

18,699 BELLAWAY GBP 239,260 0.69


10,041 CARNIVAL GBP 424,270 1.23

139,027 COMPASS GBP 488,186 1.41

16,259 DAILY MAIL & GENERAL TRUST -A- GBP 170,214 0.49

17,713 EMAP PLC GBP 213,766 0.62

45,412 EMI GROUP GBP 155,995 0.45


68,362 GKN GBP 252,226 0.73

64,905 GUS GBP 859,738 2.49

102,991 HILTON GBP 450,749 1.31

71,623 HMV GROUP GBP 260,613 0.76

7,142 INCHCAPE GBP 205,823 0.60

36,605 INTERCONTINENTAL HOTELS GBP 328,660 0.95

131,303 ITV GBP 243,419 0.71

9,057 ITV (CONV) GBP 8,099 0.02

77,545 KESA ELECTRICALS GBP 340,792 0.99

146,703 KINGFISHER GBP 615,929 1.78


119,963 MFI FURNITURE GBP 204,081 0.59

43,615 MITCHELLS & BUTLERS GBP 218,471 0.63

159,935 NEW DIXONS GBP 355,217 1.03

16,433 NEXT GBP 380,390 1.10

43,166 PEARSON GBP 404,828 1.17

23,384 PERSIMMON GBP 256,875 0.74



70ING (L) Invest - 31/03/2005




Shares

64,640 RANK GBP 257,291 0.75


81,326 REUTERS GBP 482,457 1.40

125,505 SIGNET GBP 196,173 0.57

68,152 TAYLOR WOODROW GBP 303,228 0.88

7,843 THE BERKELEY GROUP GBP 92,428 0.27

21,317 TRINITY MIRROR GBP 217,277 0.63

16,737 UNITED BUSINESS MEDIA PLC GBP 129,467 0.38

20,548 WHITBREAD GBP 278,306 0.81


47,699 WIMPEY (GEORGE) GBP 305,163 0.88

65,295 WPP GBP 572,014 1.66

48,251 YELL GROUP GBP 331,846 0.96

13,231,303 38.35

4,000 DUTY FREE SHOPS EUR 49,600 0.14

1,070 FOLLI FOLLIE EUR 23,433 0.07

100 GERMANOS EUR 2,374 0.01

11,040 GREEK ORG OF FOOTBALL PROGNO EUR 248,179 0.72


386,104 1.12

89,835 INDEPENDENT NEW & MEDIA EUR 228,181 0.66

3,180,142 WATERFORD WEDGWOOD-UNIT EUR 120,845 0.35

349,026 1.01

8,292 AUTOGRILL EUR 95,690 0.28

28,342 BENETTON EUR 211,460 0.61

9,666 BULGARI EUR 88,637 0.26

18,042 FIAT EUR 101,216 0.29

38,211 GRUPPO EDITORIALE L'ESPRESSO S EUR 184,445 0.53


41,779 MEDIASET EUR 463,747 1.34

21,083 MONDADORI EDITORE EUR 173,766 0.50

293,898 SEAT PAGINE GIALLE EUR 94,488 0.27

1,569,849 4.53



17,606 VNU EUR 396,135 1.15


3,030,235 8.78



Shares

3,500 SCHIBSTED NOK 71,011 0.21

71,011 0.21

1,141 PT MULTIMEDIA EUR 21,964 0.06

21,964 0.06

23,500 ELECTROLUX -B- SEK 422,313 1.22

17,823 ENIRO AB SEK 162,580 0.47

29,500 HENNES & MAURITZ -B- SEK 783,122 2.27

3,650 MODERN TIMES - B- SEK 85,331 0.25

5,700 TRELLEBORG B SEK 76,280 0.22

1,529,626 4.43

34,512,611 100.00

TOTAL 34,512,611 100.00


71ING (L) Invest - 31/03/2005

EUROPEAN EQUITY



Shares

24,900 BELGACOM EUR 794,310 0.20

794,310 0.20

149,200 ANGLO AMERICAN GBP 2,722,588 0.68

2,722,588 0.68

37,400 RIO TINTO (REG.) GBP 930,446 0.23

930,446 0.23

32,400 BOUYGUES EUR 990,792 0.25


44,300 SAINT-GOBAIN EUR 2,082,100 0.52

21,200 VINCI EUR 2,357,440 0.59

32,100 WIENERBERGER BAUSTOFFINDUSTRIE EUR 1,127,031 0.28

8,798,363 2.20

155,800 STORA ENSO EUR 1,687,314 0.42

1,687,314 0.42

1,429,600 BP GBP 11,401,463 2.84

297,600 ENI EUR 5,963,904 1.48

261,400 REPSOL EUR 5,337,788 1.33

2,402,800 SHELL TRANSPORT & TRADING GBP 16,595,129 4.13

69,000 TOTAL EUR 12,454,500 3.10

51,752,784 12.88

10,800 AIR LIQUIDE EUR 1,532,520 0.38

104,100 BOC GBP 1,542,390 0.38

26,900 DSM EUR 1,462,015 0.36

42,100 NORSK HYDRO NOK 2,683,032 0.67

7,219,957 1.79



Shares

200,400 INFINEON TECHNOLOGIES EUR 1,482,960 0.37


38,000 SCHNEIDER EUR 2,297,100 0.57

100,300 SIEMENS EUR 6,123,315 1.52

12,680,750 3.15

865,500 BRITISH AEROSPACE GBP 3,265,683 0.81

3,265,683 0.81

83,900 CAP GEMINI SOGETI EUR 2,256,910 0.56

268,800 LOGICACMG GBP 691,786 0.17

21,400 SAP EUR 2,660,234 0.66

5,608,930 1.39

48,900 BMW EUR 1,713,945 0.43


27,300 PEUGEOT EUR 1,338,246 0.33

4,423,032 1.10


34,100 NESTLE (REG.) CHF 7,203,683 1.79


13,235,058 3.29

105,600 ALTADIS EUR 3,331,680 0.83


329,400 DIAGEO GBP 3,572,990 0.89


11,972,168 2.98

133,600 ASTRAZENECA GBP 4,052,193 1.01


24,800 L'OREAL EUR 1,531,400 0.38

204,100 NOVARTIS (NOM.) CHF 7,351,869 1.83

78,900 ROCHE HOLDING (GENUSSCHEIN) CHF 6,529,585 1.62


52,500 SCHERING EUR 2,685,900 0.67

39,626,369 9.86


EUROPEAN EQUITY



Shares


1,465,580 0.36


97,900 VNU EUR 2,202,750 0.55

125,800 WPP GBP 1,102,065 0.27

5,621,511 1.40

38,700 CARREFOUR EUR 1,584,378 0.39

153,800 KINGFISHER GBP 645,725 0.16


38,300 METRO EUR 1,586,003 0.39


965,012 TESCO GBP 4,440,949 1.10

13,828,725 3.43

133,700 ABN AMRO EUR 2,559,018 0.64

84,900 ALPHA CREDIT BANK EUR 2,212,494 0.55

85,523 ANGLO IRISH BANK CORP PLC EUR 1,650,594 0.41

67,600 BANCHE POPOLARI UNITE EUR 1,094,782 0.27






359,800 BARCLAYS GBP 2,830,270 0.70

105,500 BNP PARIBAS EUR 5,765,575 1.43

343,400 CAPITALIA EUR 1,382,528 0.34

64,500 COMMERZBANK EUR 1,079,730 0.27


59,000 DANSKE BANK DKK 1,320,597 0.33



305,940 ING GROEP EUR 7,128,402 1.77

145,100 LLOYDS TSB GBP 1,008,474 0.25

349,600 NORDEA BANK SEK 2,730,728 0.68




126,000 UBS (REG.) CHF 8,215,093 2.04


85,522,918 21.25



Shares

112,000 AEGON EUR 1,165,920 0.29

50,800 ALLIANZ EUR 4,975,860 1.24


211,300 AXA-UAP EUR 4,342,215 1.08

29,000 CIE SUISSE REASSURANCE CHF 1,603,415 0.40



245,500 PRUDENTIAL GBP 1,806,223 0.45


23,200 ZURICH FINANCIAL SERVICES CHF 3,143,554 0.78

23,437,843 5.83

401,200 RENTOKIL INITIAL GBP 945,029 0.24

945,029 0.24

463,520 BRITISH AIRWAYS GBP 1,779,270 0.44


69,900 TPG EUR 1,534,305 0.38

4,481,035 1.11

652,570 CENTRICA GBP 2,189,466 0.54

755,700 EDP-ENERGIAS DE PORTUGAL EUR 1,624,755 0.40

4,500 ELECTRABEL EUR 1,557,450 0.39

616,681 ENEL EUR 4,552,339 1.13

40,900 EON EUR 2,707,171 0.67

117,700 IBERDROLA EUR 2,375,186 0.59


43,600 PUBLIC POWER EUR 969,664 0.24

65,500 RWE EUR 3,055,575 0.76

86,800 SEVERN TRENT GBP 1,154,809 0.29

91,600 SUEZ EUR 1,901,616 0.47

843,300 TERNA (IPO) EUR 1,731,295 0.43


28,818,243 7.15

72ING (L) Invest - 31/03/2005

73ING (L) Invest - 31/03/2005

EUROPEAN EQUITY



Shares

195,400 ALCATEL EUR 1,828,944 0.45




464,000 ITV GBP 860,196 0.21

330,900 KPN (DEMAT.) EUR 2,283,210 0.57

284,500 NOKIA -A- EUR 3,402,620 0.85


94,300 TDC -B- DKK 3,066,394 0.76





184,000 TELENOR NOK 1,278,011 0.32


6,505,400 VODAFONE GBP 13,289,839 3.31

58,882,130 14.65

79,200 ACCOR EUR 2,990,592 0.74

2,990,592 0.74

453,700 HBOS GBP 5,442,421 1.35

200,600 SECURITAS- B- SEK 2,476,340 0.62

7,918,761 1.97


240,000 DEPFA BANK EUR 2,928,000 0.73

4,586,673 1.14

403,216,792 100.25

TOTAL 403,216,792 100.25






Shares

2,589 COLRUYT EUR 310,162 0.45

17,229 DELHAIZE EUR 910,552 1.32

25,500 INBEV EUR 688,755 1.00

1,909,469 2.77

13,508 NESTLE (REG.) CHF 2,853,588 4.15

2,853,588 4.15

22,039 METRO EUR 912,635 1.33

8,044 SUEDZUCKER EUR 124,843 0.18

1,037,478 1.51

3,761 CARLSBERG -B- DKK 143,880 0.21

7,942 DANISCO DKK 414,698 0.60

2,288 EAST ASIATIC DKK 100,275 0.15

658,853 0.96

41,819 ALTADIS EUR 1,319,389 1.92

5,510 PULEVA BIOTECH EUR 14,491 0.02

1,333,880 1.94

9,115 KESKO B EUR 180,659 0.26

180,659 0.26

54,820 CARREFOUR EUR 2,244,331 3.26


28,772 L'OREAL EUR 1,776,671 2.58

7,656 PERNOD-RICARD EUR 824,551 1.20

7,960,066 11.57



Shares

525 BOOTS GROUP GBP 4,760 0.01


229,296 CADBURY SCHWEPPES GBP 1,768,688 2.57

523,323 DIAGEO GBP 5,676,466 8.25


458,454 MORRISON SUPERMARKETS GBP 1,306,536 1.90

139,237 RECKITT BENCKISER GBP 3,405,258 4.95

122,956 SABMILLER GBP 1,481,193 2.15

58,756 TATE & LYLE GBP 454,072 0.66

1,349,360 TESCO GBP 6,209,705 9.03

591,675 UNILEVER GBP 4,499,397 6.54

31,423,314 45.68


999,488 1.45

54,514 FYFFES EUR 122,657 0.18

23,477 GREENCORE GROUP EUR 75,831 0.11

19,761 KERRY GROUP A EUR 368,543 0.54

567,031 0.83

83,733 PARMALAT FINANZIARIA EUR 9,211 0.01

9,211 0.01


23,201 NUMICO EUR 732,224 1.06


6,013,902 8.74

30,956 ORKLA ASA -A- NOK 875,135 1.27

875,135 1.27


59,173 0.09

74ING (L) Invest - 31/03/2005

75ING (L) Invest - 31/03/2005




Shares

4,159 AXFOOD SEK 78,375 0.11


541,296 0.78

56,422,543 82.01

TOTAL 56,422,543 82.01




Call

Securities

5,300 CHFCALL NESTLE (REG.) 12/2005 300

Put

Securities

-5,300 CHFPUT NESTLE (REG.) 12/2005 300 10,264,02410,264,024

Forward Contracts

Securities

75 GBPDIAGEO 06/2005 822,246

822,246





Shares

28,000 OMEGA PHARMA EUR 1,113,840 0.69

57,000 SOLVAY EUR 5,241,150 3.23

152,000 U.C.B. EUR 5,674,160 3.50

12,029,150 7.42

30,700 NOBEL BIOCARE HOLDING SEK 4,973,710 3.06

446,000 NOVARTIS (NOM.) CHF 16,065,328 9.90

57,000 PHONAK CHF 1,515,977 0.93


8,800 SERONO-B- CHF 4,930,863 3.04

5,000 STRAUMANN CHF 835,969 0.52

43,632,027 26.88

136,000 ALTANA EUR 6,670,800 4.11

45,500 CELESIO EUR 2,869,686 1.77

35,050 FRESENIUS MEDICAL EUR 1,557,974 0.96

47,000 FRESENIUS MEDICAL CARE EUR 2,935,150 1.81

68,900 MERCK KGAA EUR 3,789,500 2.33

134,000 SCHERING EUR 6,855,440 4.22

24,678,550 15.20

35,600 COLOPLAST -B- DKK 1,428,807 0.88

69,900 GENMAB DKK 1,041,484 0.64

622,000 GN GREAT NORDIC DKK 5,510,447 3.40

94,300 H. LUNDBECK A/S DKK 1,765,787 1.09

25,000 NOVO NORDISK -B- DKK 1,073,847 0.66

35,300 WILLIAM DEMANT DKK 1,359,907 0.84

12,180,279 7.51

198,000 ZELTIA EUR 1,279,080 0.79

1,279,080 0.79

96,000 ORION CORPORATION -B- EUR 1,134,720 0.70

1,134,720 0.70

131,000 ESSILOR INTERNATIONAL EUR 7,303,250 4.50


23,305,550 14.36



Shares

249,000 ASTRAZENECA GBP 7,552,366 4.65


4,672,200 SKYEPHARMA GBP 3,668,467 2.26

940,000 SMITH & NEPHEW GBP 6,799,709 4.19

252,500 SSL INTERNATIONAL GBP 1,111,514 0.68

33,418,206 20.58

113,000 ELAN EUR 271,200 0.17

271,200 0.17

174,600 QIAGEN EUR 1,588,860 0.98

1,588,860 0.98

102,800 CAPIO AB SEK 1,201,650 0.74

38,400 ELEKTA AB-B SEK 1,069,726 0.66

234,700 GAMBRO SEK 2,474,237 1.52

125,700 GAMBRO B SEK 1,318,279 0.81

212,800 GETINGE AB-B SHS SEK 2,452,590 1.51

8,516,482 5.24

5,100 SYNTHES CHF 437,867 0.27

437,867 0.27

162,471,971 100.10

TOTAL 162,471,971 100.10

76ING (L) Invest - 31/03/2005


77ING (L) Invest - 31/03/2005

EUROPEAN IT



Shares

147,920 ARM HOLDING GBP 226,370 2.57

19,950 ASML EUR 259,949 2.95

1,320 BARCO EUR 82,764 0.94

5,400 EPCOS EUR 57,564 0.65

52,850 INFINEON TECHNOLOGIES EUR 391,090 4.44

9,020 INTRACOM EUR 34,817 0.39

3,600 KUDELSKI CHF 100,278 1.14

23,200 MARCONI CORP GBP 181,822 2.06

3,500 MICRONAS SEMICONDUCTOR-REG CHF 112,743 1.28

8,800 OCE EUR 108,504 1.23

40,340 PREMIER FARNELL GBP 99,567 1.13

39,930 STMICROELECTRONICS EUR 512,701 5.82

14,900 TANDBERG NOK 120,286 1.36

1,260 UNAXIS CHF 136,647 1.55

2,425,102 27.51

35,630 AMADEUS GLOBAL TRAVEL (DIST.) EUR 259,386 2.94

7,140 ATOS ORIGIN EUR 372,351 4.22

9,670 BUSINESS OBJECTS EUR 199,686 2.27



56,700 GETRONICS EUR 101,493 1.15

6,370 INDRA SISTEMAS EUR 88,161 1.00

82,595 LOGICACMG GBP 212,567 2.41

57,373 MISYS GBP 184,778 2.10

147,300 SAGE GBP 431,031 4.89

5,230 SAP EUR 650,141 7.38


23,000 TISCALI EUR 62,997 0.71

34,240 WM-DATA SEK 65,460 0.74

3,476,346 39.43

4,730 LOGITECH INTERNATIONAL CHF 222,134 2.52

222,134 2.52

161,760 TELECOM ITALIA MEDIA EUR 69,719 0.79

69,719 0.79

47,950 ELECTROCOMPONENTS GBP 172,557 1.96

172,557 1.96



Shares

91,390 ALCATEL EUR 855,410 9.70

55,202 NOKIA -A- EUR 660,214 7.49

379,136 TELEFON ERICSSON -B- SEK 824,231 9.35

2,339,855 26.54

8,705,713 98.75


Shares

2,500 BRICSNET EUR 0 0.00

17,200 TELDAFAX EUR 0 0.00

0 0.00

0 0.00

TOTAL 8,705,713 98.75


EUROPEAN IT

78ING (L) Invest - 31/03/2005



Call

Securities

484 SEKCALL TELEFON ERICSSON -B- 08/2005 22

Put

Securities

-484 SEKPUT TELEFON ERICSSON -B- 08/2005 22

116,324

116,324


79ING (L) Invest - 31/03/2005

EUROPEAN MATERIALS



Shares


58,500 ARCELOR EUR 1,031,355 4.42

600 BOEHLER-UDDEHOLM EUR 63,156 0.27

90,000 CORUS GBP 70,665 0.30

1,980 HOGANAS -B- SEK 43,910 0.19

6,850 RAUTARUUKKI EUR 71,103 0.30

4,300 SSAB A SEK 82,442 0.35

2,750 SSAB SWEDISH STEEL B SEK 50,772 0.22

23,900 THYSSENKRUPP EUR 379,771 1.63

1,950 VOEST-ALPINE EUR 116,142 0.50

3,880,090 16.62

950 ALUMINIUM OF GREECE (VOTING) EUR 11,761 0.05

7,250 OUTOKUMPU EUR 99,978 0.43

81,117 RIO TINTO (REG.) GBP 2,018,047 8.64

13,725 UMICORE EUR 1,074,668 4.60

75 UMICORE (STRIP) (VVPR) EUR 10 0.00

11,100 VIOHALCO (Reg.Shs) EUR 68,376 0.29

3,272,840 14.01

107,000 BHP BILLITON GBP 1,106,172 4.74

40,269 JOHNSON MATTHEY GBP 579,077 2.48

1,685,249 7.22

40,418 C.R.H. EUR 817,252 3.50


4,600 HEIDELBERGCEMENT EUR 223,238 0.96

124 HEIDELBERGCEMENT AG-NEW EUR 5,922 0.03

279 HOLCIM (NOM) CHF 13,247 0.06

2,480 IMERYS EUR 144,584 0.62

5,450 ITALCEMENTI EUR 70,687 0.30


1,000 RHI EUR 23,850 0.10

4,000 TITAN CEMENT EUR 102,320 0.44

3,031,830 13.00

6,000 BILLERUD SEK 68,169 0.29

4,000 HOLMEN -B- SEK 97,228 0.42

9,000 NORSKE SKOGINDUSTRIER -A- NOK 138,731 0.59

48,250 STORA ENSO EUR 522,548 2.24

15,200 SVENSKA CELLULOSA -B- SEK 442,529 1.90

42,300 UPM-KYMMENE EUR 723,330 3.10

1,992,535 8.54



Shares

16,000 YARA INTERNATIONAL NOK 187,656 0.80

187,656 0.80

14,920 AIR LIQUIDE EUR 2,117,148 9.07

10,800 AKZO NOBEL EUR 380,376 1.63

18,500 BASF EUR 1,011,765 4.33

16,671 BOC GBP 247,005 1.06

9,750 CIBA SPECIALITY CHEMICALS CHF 487,154 2.09

36,500 CLARIANT CHF 486,557 2.08

12,250 DSM EUR 665,788 2.85

850 GIVAUDAN (REG.) CHF 421,406 1.80

4,400 NOVOZYMES DKK 166,554 0.71

5,000 SOLVAY EUR 459,750 1.97

16,050 SYNGENTA CHF 1,294,071 5.54

7,737,574 33.13

6,500 LINDE EUR 344,500 1.48

344,500 1.48

350 MAYR MELNHOF KARTON EUR 42,924 0.18

42,075 REXAM GBP 290,441 1.24

333,365 1.42

56,500 HANSON GBP 411,170 1.76

411,170 1.76

22,876,809 97.98

TOTAL 22,876,809 97.98


EUROPEAN MATERIALS

80ING (L) Invest - 31/03/2005



Call

Securities

100 EURCALL BASF 06/2005 42

Put

Securities

-100 EURPUT BASF 06/2005 42 420,000

420,000





Shares

2,000 BANK AUSTRIA CREDITANSTALT EUR 152,000 0.50


241,340 0.79

6,500 BELGACOM EUR 207,350 0.68

14,500 DEXIA EUR 266,075 0.88

14,100 FORTIS EUR 309,918 1.02

16,000 INBEV EUR 432,160 1.42

5,000 INBEV (STRIP) (VVPR) EUR 100 0.00

6,075 KBC GROUP EUR 395,178 1.30

1,900 ROULARTA MEDIA EUR 104,405 0.34

16,738 SOLVUS EUR 269,984 0.89

110 SOLVUS (STRIP) (VVPR) EUR 1 0.00

1,000 UMICORE EUR 78,300 0.26

2,063,471 6.79


1,650 CONVERNIUM CHF 11,983 0.04

5,000 HOLCIM (NOM) CHF 237,396 0.78

20,000 NOVARTIS (NOM.) CHF 720,418 2.38

3,500 SYNGENTA CHF 282,196 0.93


1,725,071 5.69

4,290 ALLIANZ EUR 420,206 1.39


17,750 EON EUR 1,174,870 3.87

2,000 HANNOVER RUECKVERSICHERUNG EUR 61,020 0.20

2,000 MERCK KGAA EUR 110,000 0.36


800 PUMA EUR 154,504 0.51

2,315,420 7.63

41,000 BANCO BILBAO VIZCAYA ARGENTARIA EUR 514,960 1.70

10,750 BANCO SABADELL EUR 207,475 0.68

50,000 BANCO SANTANDER (REG.) EUR 469,500 1.55

16,000 INDITEX EUR 369,120 1.22

20,000 REPSOL EUR 408,400 1.35

1,969,455 6.50



Shares

26,500 FORTUM EUR 398,030 1.31

3,000 OUTOKUMPU EUR 41,370 0.14

439,400 1.45

6,000 ACCOR EUR 226,560 0.75

2,000 ATOS ORIGIN EUR 104,300 0.34

23,000 AXA-UAP EUR 472,650 1.56

19,000 CREDIT AGRICOLE EUR 398,430 1.31



51,980 JACQUES BENEDICT EUR 51,980 0.17



7,000 THALES EUR 225,190 0.74

4,000 TOTAL EUR 722,000 2.38

20,000 VEOLIA ENVIRONNEMENT EUR 547,200 1.80

5,500 VINCI EUR 611,600 2.02


5,554,945 18.31

47,518 BHP BILLITON GBP 491,244 1.62

10,000 BRADFORD & BINGLEY GBP 44,711 0.15


15,000 BURBERRY GROUP GBP 89,313 0.29

48,166 CADBURY SCHWEPPES GBP 371,531 1.22

56,000 EASYJET GBP 175,674 0.58



7,500 ICAP GBP 29,935 0.10

69,866 KINGFISHER GBP 293,331 0.97


26,500 MICHAEL PAGE GBP 74,751 0.25

4,000 PROVIDENT FINANCIAL GBP 41,178 0.14

24,500 RECKITT BENCKISER GBP 599,186 1.98


20,317 REXAM GBP 140,247 0.46

38,739 ROYAL BANK OF SCOTLAND GBP 948,549 3.13

35,000 SABMILLER GBP 421,629 1.39

51,000 SAGE GBP 149,237 0.49

151,189 TESCO GBP 695,766 2.29

128,868 UNILEVER GBP 979,978 3.23

7,000 UNITED UTILITIES GBP 64,224 0.21

5,000 UNITS HAMMERSON GBP 60,451 0.20

766,972 VODAFONE GBP 1,566,842 5.17


21,900 XSTRATA GBP 321,614 1.06

9,928,101 32.74

81ING (L) Invest - 31/03/2005

82ING (L) Invest - 31/03/2005




Shares

3,500 ALPHA CREDIT BANK EUR 91,210 0.30

4,000 EFG EUROBANK EUR 94,960 0.31


321,890 1.06

5,000 ELAN EUR 12,000 0.04

12,000 0.04


55,000 ENEL EUR 406,010 1.34

39,500 ENI EUR 791,580 2.61

5,000 TOD'S EUR 184,400 0.61


2,188,180 7.21

8,605 ABN AMRO EUR 164,700 0.54

17,683 AEGON EUR 184,080 0.61

15,000 ASML EUR 195,450 0.64

27,243 ING GROEP EUR 634,762 2.09


46,500 KPN (DEMAT.) EUR 320,850 1.06

6,892 VNU EUR 155,070 0.51

1,795,818 5.91

89,500 STATOIL NOK 1,177,847 3.88


1,330,318 4.38

8,000 ALFA LAVAL SEK 101,379 0.33

101,379 0.33

3,000 SYNTHES CHF 257,569 0.85

257,569 0.85

30,244,357 99.68




Bonds

161,902 PICOGIGA 01/2006 4% (CONV) EUR 16 0.00

16 0.00

16 0.00

TOTAL 30,244,373 99.68


83ING (L) Invest - 31/03/2005

EUROPEAN REAL ESTATE



Shares

247,000 IMMOFINANZ IMMOBILIEN ANLAGE EUR 1,736,410 2.90

1,736,410 2.90

8,300 COFINIMMO EUR 1,033,350 1.72

1,033,350 1.72

12,400 ALLREAL HOLDING CHF 888,516 1.48

29,800 PSP SWISS PROPERTY AG CHF 961,849 1.60

3,200 SWISS PRIME SITE CHF 605,771 1.01

2,456,136 4.09

106,000 IVG HOLDING EUR 1,384,360 2.31

1,384,360 2.31

60,000 IMMOBILIARIA COLONIAL EUR 2,251,800 3.76

78,500 METROVACESA EUR 3,238,124 5.40

5,489,924 9.16

227,000 CITYCON EUR 556,150 0.93

113,000 SPONDA EUR 789,870 1.32

1,346,020 2.25

25,600 BAIL INVESTISSEMENT EUR 888,320 1.48

43,300 GECINA EUR 3,814,730 6.36

41,000 KLEPIERRE EUR 2,843,350 4.74

8,200 SILIC EUR 574,410 0.96

56,700 UNIBAIL EUR 5,185,215 8.65

13,306,025 22.19



Shares

144,500 ASHTENNE HOLDING GBP 968,586 1.62

175,000 BRITISH LAND GBP 2,045,802 3.41

116,000 CAPITAL & REGIONAL PLC GBP 1,172,228 1.96

147,000 LAND SECURITIES GBP 2,763,664 4.61

114,000 LIBERTY INTL GBP 1,597,077 2.66

54,100 PILLAR PROPERTY GBP 597,834 1.00

86,200 QUINTAIN ESTATES & DEVELOPMENT GBP 668,042 1.11

227,000 ST MODWEN PROPERTIES GBP 1,172,545 1.96

375,000 WORKSPACE GROUP GBP 1,281,352 2.14

12,267,130 20.47

2,167,000 BENI STABILI EUR 1,603,580 2.67

400,400 IMMOBILIARE GRANDE EUR 640,640 1.07DISTRIBUZIONE

14,500 PIRELLI & C REAL ESTATE EUR 603,490 1.01

2,847,710 4.75

31,000 EUROCOMMERCIAL PROPERTIES EUR 803,520 1.34

23,700 VASTNED OFFICES/INDUSTRIAL EUR 504,810 0.84

16,500 VASTNED RETAIL EUR 897,600 1.50

36,200 WERELDHAVE EUR 2,859,800 4.77

5,065,730 8.45

29,500 STEEN & STORM ASA NOK 647,048 1.08

647,048 1.08

62,000 CASTELLUM SEK 1,564,605 2.61

200 HUFVUDSTADEN SEK 1,092 0.00

37,500 KUNGSLEDEN SEK 1,315,035 2.19

18,400 WALLENSTAM BYGGNADS SEK 839,219 1.40

83,400 WIHLBORGS FASTIGHETER AB SEK 1,489,652 2.48

5,209,603 8.68

52,789,447 88.05


EUROPEAN REAL ESTATE




64,000 CORIO EUR 2,760,320 4.60


6,683,920 11.14

6,683,920 11.14


Shares

75 BOSTADS AB DROTT SEK 1,228 0.00

1,228 0.00

1,228 0.00

TOTAL 59,474,595 99.19

84ING (L) Invest - 31/03/2005


85ING (L) Invest - 31/03/2005




Shares

20,000 BELGACOM EUR 638,000 0.34

638,000 0.34

20,000 ANGLO AMERICAN GBP 364,958 0.19

364,958 0.19

5,000 RIO TINTO (REG.) GBP 124,391 0.07

124,391 0.07

10,000 BHP BILLITON GBP 103,381 0.05

103,381 0.05

20,475 C.R.H. EUR 414,005 0.22

5,715 HOLCIM (NOM) CHF 271,344 0.14


22,000 SAINT-GOBAIN EUR 1,034,000 0.55

7,000 VINCI EUR 778,400 0.41

3,618,249 1.91

50,000 STORA ENSO EUR 541,500 0.29

35,000 UPM-KYMMENE EUR 598,500 0.32

1,140,000 0.61

200,000 BG GBP 1,195,929 0.63

865,000 BP GBP 6,898,619 3.65

110,000 ENI EUR 2,204,400 1.17

45,000 REPSOL EUR 918,900 0.49



23,000 TOTAL EUR 4,151,500 2.20

22,114,367 11.72

6,000 AIR LIQUIDE EUR 851,400 0.45

851,400 0.45



Shares


21,000 SCHNEIDER EUR 1,269,450 0.67

30,000 SIEMENS EUR 1,831,500 0.97


5,500,090 2.91

330,000 BRITISH AEROSPACE GBP 1,245,147 0.66

1,245,147 0.66

9,000 SAP EUR 1,118,790 0.59

1,118,790 0.59

20,000 SANDVIK SEK 642,360 0.34

642,360 0.34


10,000 PEUGEOT EUR 490,200 0.26

20,000 VOLKSWAGEN EUR 734,400 0.39

2,778,450 1.47


564,013 0.30



19,000 NESTLE (REG.) CHF 4,013,782 2.13

151,930 UNILEVER GBP 1,155,353 0.61


8,647,084 4.58




Shares


150,000 DIAGEO GBP 1,627,045 0.86

20,000 HEINEKEN EUR 534,600 0.28

46,091 IMPERIAL TOBACCO GBP 930,867 0.49

20,000 INBEV EUR 540,200 0.29

4,717,990 2.49

90,000 ASTRAZENECA GBP 2,729,771 1.45


22,000 L'OREAL EUR 1,358,500 0.72

110,000 NOVARTIS (NOM.) CHF 3,962,301 2.10




20,000 SCHERING EUR 1,023,200 0.54

21,058,690 11.15

40,000 INDITEX EUR 922,800 0.49


1,903,700 1.01

45,420 RECKITT BENCKISER GBP 1,110,817 0.59

1,110,817 0.59

97,575 PEARSON GBP 915,098 0.48

130,000 REED ELSEVIER GBP 1,036,787 0.55

135,000 REUTERS GBP 800,872 0.42

120,000 WPP GBP 1,051,254 0.56

3,804,011 2.01

40,000 CARREFOUR EUR 1,637,600 0.87

7,000 DELHAIZE EUR 369,950 0.20

57,333 GUS GBP 759,438 0.40

40,000 HENNES & MAURITZ -B- SEK 1,061,860 0.56




353,884 TESCO GBP 1,628,561 0.86

6,770,268 3.58



Shares

85,000 ABN AMRO EUR 1,626,900 0.86

50,000 ALLIED IRISH BANKS EUR 807,500 0.43




315,000 BARCLAYS GBP 2,477,860 1.31

40,000 BNP PARIBAS EUR 2,186,000 1.16


30,000 DANSKE BANK DKK 671,490 0.36


50,000 DEXIA EUR 917,500 0.49

70,000 FORTIS EUR 1,538,600 0.82


95,000 ING GROEP EUR 2,213,500 1.17

295,000 LLOYDS TSB GBP 2,050,309 1.09

140,000 NORDEA BANK SEK 1,093,540 0.58


70,000 SAN PAOLO IMI EUR 845,670 0.45


48,000 UBS (REG.) CHF 3,129,559 1.66


41,037,452 21.76

80,000 AMVESCAP GBP 388,222 0.21

225,000 BANCA INTESA EUR 882,000 0.47

50,000 RICHEMONT (UNITS)-A- CHF 1,211,994 0.64

2,482,216 1.32

90,000 AEGON EUR 936,900 0.50

15,000 ALLIANZ EUR 1,469,250 0.78


100,000 AVIVA GBP 923,301 0.49

70,000 AXA-UAP EUR 1,438,500 0.76




120,000 PRUDENTIAL GBP 882,879 0.47


10,044,299 5.32


588,877 0.31

101,135 BAA GBP 858,048 0.45

858,048 0.45


86ING (L) Invest - 31/03/2005


87ING (L) Invest - 31/03/2005




Shares

180,000 CENTRICA GBP 603,926 0.32

1,000 ELECTRABEL EUR 346,100 0.18

40,000 ENDESA EUR 694,000 0.37

120,000 ENEL EUR 885,840 0.47

25,000 EON EUR 1,654,750 0.88

35,000 IBERDROLA EUR 706,300 0.37

130,000 NATIONAL GRID TRANSCO GBP 926,681 0.49

22,000 RWE EUR 1,026,300 0.54

75,000 SCOTTISH POWER GBP 446,020 0.24

20,000 SEVERN TRENT GBP 266,085 0.14

60,000 SUEZ EUR 1,245,600 0.66


9,348,802 4.95

50,000 ALCATEL EUR 468,000 0.25


480,115 BT GBP 1,434,586 0.76



220,000 NOKIA -A- EUR 2,631,200 1.39

2,500 SWISSCOM CHF 707,669 0.37

460,000 TELECOM ITALIA EUR 1,345,500 0.71


700,000 TELEFON ERICSSON -B- SEK 1,521,781 0.81



2,900,000 VODAFONE GBP 5,924,391 3.14

23,117,795 12.24

30,000 ACCOR EUR 1,132,800 0.60

300,000 COMPASS GBP 1,053,435 0.56

2,186,235 1.16

195,000 HBOS GBP 2,339,149 1.24

2,339,149 1.24


943,500 0.50

181,762,529 96.27

TOTAL 181,762,529 96.27

EUROPEAN SMALL CAPS



Shares

142,000 KINGSPAN GROUP EUR 1,295,040 3.51

1,295,040 3.51

38,593 IAWS GROUP EUR 450,380 1.22

450,380 1.22

28,329 ASM INTERNATIONAL EUR 361,195 0.98

11,264 AUSTRIAMICROSYSTEMS AG CHF 314,848 0.85

8,758 BARCO EUR 549,127 1.49

71,338 BE SEMICONDUCTOR INDUSTRIES EUR 285,352 0.77

37,225 DICOM GBP 514,195 1.39

30,459 ELMOS SEMICONDUCTOR EUR 427,949 1.16

14,700 KCI KONECRANES EUR 468,342 1.27

49,979 MELEXIS EUR 472,302 1.28

10,199 NEOPOST EUR 681,293 1.85

589 SAIA-BURGESS ELECTRONICS (REG) CHF 254,368 0.69

14,352 SEZ CHF 309,442 0.84

35,700 TANDBERG NOK 288,201 0.78

4,926,614 13.35

60,000 EDB BUSINESS PARTNER ASA NOK 380,186 1.03

15,500 ENGINEERING -INGEGNERIA EUR 418,500 1.13INFORMATICA

126,494 GFI INFORMATIQUE EUR 648,914 1.76

175,000 INTENTIA INTERNATIONAL B SEK 311,621 0.84

86,082 ISOFT GROUP GBP 435,573 1.18

178,665 LOGICACMG GBP 459,814 1.25

58,197 ORDINA EUR 593,609 1.61

34,528 SURFCONTROL GBP 315,032 0.85

31,914 UNIT 4 AGRESSO EUR 421,265 1.14

3,984,514 10.79

79,985 PINGUELY-HAULOTTE EUR 652,678 1.77

652,678 1.77

8,132 ELRINGKLINGER EUR 550,943 1.49

550,943 1.49



Shares


35,098 SR TELEPERFORMANCE EUR 785,493 2.13

1,429,074 3.87

8,448 BARON DE LEY EUR 320,517 0.87

8,000 DAVIDE CAMPARI EUR 427,760 1.16


1,174,458 3.19

20,331 BIOMERIEUX EUR 694,100 1.88

8,823 ORIFLAME COSMETICS SEK 142,170 0.39

155,000 SORIN EUR 380,990 1.03

8,636 ZENTIVA (GDR) USD 250,844 0.68

1,468,104 3.98

99,905 HALFORDS GBP 435,064 1.18

435,064 1.18

67,900 ENIRO AB SEK 619,380 1.68

137,000 T & F INFORMA GBP 838,633 2.27

25,469 TELE ATLAS EUR 361,660 0.98

1,819,673 4.93

125,000 M.J. MAILLIS EUR 497,500 1.35

497,500 1.35

21,332 AXFOOD SEK 401,996 1.09

10,513 CHARLES VOEGELE HOLDING CHF 485,236 1.32

28,400 GERMANOS EUR 674,216 1.83


2,029,086 5.51


88ING (L) Invest - 31/03/2005


89ING (L) Invest - 31/03/2005

EUROPEAN SMALL CAPS



Shares

59,300 BANK OF PIRAEUS EUR 830,200 2.25

27,400 CARNEGIE SEK 240,961 0.65

30,000 OKO BANK -A- EUR 378,600 1.03

1,449,761 3.93

36,098 MEDIDEP EUR 938,548 2.54

30,033 SOLVUS EUR 484,432 1.31

1,422,980 3.85

24,708 AUTOSTRADA TORINO-MILANO EUR 424,286 1.15

180,180 EASYJET GBP 565,232 1.53

989,518 2.68

11,000 BEFESA MEDIO AMBIENTE EUR 155,760 0.42

155,760 0.42

10,900 CONERGY EUR 726,703 1.97

35,669 ENAGAS EUR 419,467 1.14

25,156 RED ELECTRICIA DE ESPANA EUR 480,480 1.30

1,626,650 4.41

8,000 123 MULTIMEDIA EUR 254,880 0.69

12,262 MOBISTAR EUR 830,751 2.25

1,085,631 2.94


6,800 TRIGANO EUR 465,800 1.26

1,174,391 3.18



Shares

21,206 DIS DEUTSCHER INDUSTRIE SVC EUR 694,497 1.88

75,760 ELIOR EUR 743,206 2.01

59,000 GENERALE DE SANTE EUR 902,700 2.45


29,102 HOMESERVE GBP 377,660 1.02

112,479 ICAP GBP 448,935 1.22

218,345 MITIE GBP 511,932 1.39

34,282 NRJ EUR 603,020 1.63

209,700 OBSERVER AB SEK 767,440 2.08

73,197 PADDY POWER EUR 966,200 2.62

261,843 PHS GROUP GBP 329,326 0.89

197,100 PROOFFICE AB-B SHS SEK 307,910 0.83

51,000 VEDIOR EUR 699,720 1.90

7,934,996 21.50

122,265 ERINACEOUS GBP 412,439 1.12

412,439 1.12

36,965,254 100.17

TOTAL 36,965,254 100.17

EUROPEAN TELECOM



Shares


3,943,123 3.84

24,300 BELGACOM EUR 775,170 0.75

67,435 MOBISTAR EUR 4,568,721 4.45

5,343,891 5.20

660 SWISSCOM CHF 186,825 0.18

186,825 0.18


4,760,956 4.63

137,313 TDC -B- DKK 4,465,066 4.34

4,465,066 4.34


502,500 TELEFONICA MOVILES EUR 4,592,850 4.47

9,119,765 8.87

105,926 ELISA COMMUNICATIONS EUR 1,387,631 1.35

1,387,631 1.35

144,530 BOUYGUES EUR 4,419,727 4.30


14,215,582 13.83

535,024 BT GBP 1,598,654 1.56

1,765,386 CABLE & WIRELESS GBP 3,317,719 3.23

5,096,342 VODAFONE GBP 10,411,284 10.13

15,327,657 14.92



Shares



3,673,695 3.58

358,800 EIRCOM GROUP EUR 728,364 0.71

728,364 0.71




14,187,467 13.80

647,295 KPN (DEMAT.) EUR 4,466,336 4.35

4,466,336 4.35

588,174 TELENOR NOK 4,085,288 3.98

4,085,288 3.98


4,664,622 4.54

329,623 TELE2 SEK 8,408,245 8.18

28,190 TELIASONERA SEK 129,344 0.13

8,537,589 8.31

99,093,857 96.43

TOTAL 99,093,857 96.43


90ING (L) Invest - 31/03/2005


FOOD & BEVERAGES



Shares

24,020 COCA-COLA AMATIL AUD 159,423 0.24

44,714 COLES MYER AUD 325,480 0.48

83,350 FOSTER'S GROUP AUD 330,763 0.49

33,363 SOUTHCORP AUD 109,168 0.16

44,190 WOOLWORTHS AUD 548,644 0.82

1,473,478 2.19

730 COLRUYT EUR 113,660 0.17

2,698 DELHAIZE EUR 185,316 0.28

6,965 INBEV EUR 244,496 0.36

543,472 0.81

49,593 COTT CAD 1,204,714 1.79

2,222 GEORGE WESTON CAD 200,480 0.30

4,296 LOBLAW COMPANIES CAD 257,966 0.38

1,631 MOLSON COORS CANADA CAD 125,507 0.19

7,952 SHOPPERS DRUG MART CAD 265,272 0.39

2,053,939 3.05

15,524 NESTLE (REG.) CHF 4,262,165 6.35

4,262,165 6.35

535 BEIERSDORF EUR 59,866 0.09

1,881 HENKEL (PREF.) EUR 170,514 0.25

5,689 METRO EUR 306,175 0.46

2,764 SUEDZUCKER EUR 55,751 0.08

592,306 0.88

34 CARLSBERG -B- DKK 1,690 0.00

2,162 DANISCO DKK 146,718 0.22

1,067 EAST ASIATIC DKK 60,776 0.09

209,184 0.31

10,206 ALTADIS EUR 418,486 0.62

418,486 0.62



Shares

3,136 KESKO B EUR 80,780 0.12

80,780 0.12

9,204 CARREFOUR EUR 489,723 0.73

1,200 CASINO GUICHARD PERRACHON EUR 101,139 0.15

9,408 GROUPE DANONE EUR 938,430 1.40

11,839 L'OREAL EUR 950,120 1.41

1,537 PERNOD-RICARD EUR 215,137 0.32

2,694,549 4.01

220 BOOTS GROUP GBP 2,592 0.00



112,960 DIAGEO GBP 1,592,426 2.37


159,944 MORRISON SUPERMARKETS GBP 592,407 0.88


29,138 SABMILLER GBP 456,192 0.68

238 SCOTTISH & NEWCASTLE BREWERIES GBP 2,071 0.00

16,904 TATE & LYLE GBP 169,781 0.25

378,119 TESCO GBP 2,261,508 3.37

105,188 UNILEVER GBP 1,039,594 1.55

9,760,474 14.53


110,232 0.16

16,413 FYFFES EUR 47,995 0.07


5,853 KERRY GROUP A EUR 141,868 0.21

223,559 0.33

18,700 PARMALAT FINANZIARIA EUR 2,673 0.00

2,673 0.00

91ING (L) Invest - 31/03/2005

FOOD & BEVERAGES



Shares

1,000 ADERANS JPY 21,270 0.03

23,000 AEON JPY 389,426 0.58

22,341 AJINOMOTO JPY 273,205 0.41

1,100 ARIAKE JAPAN JPY 27,562 0.04

15,000 ASAHI BREWERIES JPY 194,792 0.29

2,000 COCA-COLA WEST JAPAN JPY 47,120 0.07

3,000 FAMILYMART JPY 88,631 0.13

3,000 HOUSE FOODS JPY 43,418 0.06

1,000 ITO EN LIMITED JPY 48,710 0.07

13,000 ITO-YOKADO JPY 520,195 0.77

37 JAPAN TOBACCO JPY 411,649 0.61

800 KANEBO JPY 11,129 0.02

20,000 KAO JPY 460,920 0.69

1,000 KATOKICHI JPY 7,386 0.01

2,000 KATOKICHI (ISSUE 05) JPY 14,660 0.02

6,000 KIKKOMAN JPY 60,303 0.09

29,000 KIRIN BREWERY JPY 283,330 0.42

2,000 LAWSON JPY 73,672 0.11

2,000 MATSUMOTOKIYOSHI JPY 59,461 0.09

9,000 MEIJI DAIRIES CORPORATION JPY 50,654 0.08

13,000 MEIJI SEIKA KAISHA JPY 64,903 0.10

11,000 NICHIREI JPY 41,857 0.06

7,000 NIPPON MEAT PACKERS JPY 88,940 0.13

7,000 NISSHIN SEIFUN JPY 74,607 0.11

3,000 NISSIN FOOD PRODUCTS JPY 78,674 0.12

5,000 Q.P. JPY 43,942 0.07

14,000 SAPPORO HOLDINGS JPY 65,707 0.10

13,800 SEVEN-ELEVEN JAPAN JPY 405,123 0.60

14,000 SHISEIDO JPY 185,209 0.28

5,000 SNOW BRAND MILK PRODUCTS JPY 16,548 0.02

8,000 TAKARA JPY 56,171 0.08

3,000 TOYO SUISAN KAISHA JPY 46,980 0.07

8,000 UNY JPY 96,335 0.14

5,000 YAKULT HONSHA JPY 96,531 0.14

5,000 YAMAZAKI BAKING JPY 47,307 0.07

4,496,327 6.68

9,666 HEINEKEN EUR 335,793 0.50


5,389 NUMICO EUR 221,040 0.33


2,837,988 4.22

7,650 ORKLA ASA -A- NOK 281,072 0.42

281,072 0.42


21,043 0.03



Shares

1,553 AXFOOD SEK 38,035 0.06


186,761 0.28

281 FRASER & NEAVE SGD 2,590 0.00

2,590 0.00

94,831 ALTRIA GROUP USD 6,201,000 9.23

30,240 ANHEUSER-BUSCH USD 1,433,074 2.13

21,038 ARCHER-DANIELS MIDLAND USD 517,114 0.77

17,820 AVON PRODUCTS USD 765,191 1.14

8,019 CAMPBELL SOUP USD 232,711 0.35

23,309 CLOROX USD 1,468,234 2.19

83,726 COCA-COLA USD 3,488,862 5.19

18,806 CONAGRA FOODS USD 508,138 0.76

17,500 COSTCO WHOLESALE USD 773,150 1.15

40,498 CVS USD 2,131,005 3.17

5,077 DEAN FOODS USD 174,141 0.26

2,250 ENERGIZER HOLDINGS USD 134,550 0.20

12,309 GENERAL MILLS USD 604,987 0.90

46,385 GILLETTE USD 2,341,515 3.49

6,162 HERSHEY FOODS USD 372,555 0.55

9,254 KELLOGG USD 400,421 0.60

18,242 KIMBERLY-CLARK USD 1,199,047 1.79

9,837 KRAFT FOODS -A- USD 325,113 0.48

3,939 MC-CORMICK USD 135,620 0.20

659 NEENAH PAPER USD 22,156 0.03

43,348 PEPSICO USD 2,298,744 3.42

71,858 PROCTER & GAMBLE USD 3,808,474 5.67

29,500 SARA LEE USD 653,720 0.97

23,989 SYSCO USD 858,806 1.28

7,907 TYSON FOODS USD 131,889 0.20

96,806 WAL-MART STORES USD 4,850,949 7.22

8,233 WALGREEN USD 365,710 0.54

5,304 WRIGLEY JR. USD 347,783 0.52

36,544,659 54.40

66,795,737 99.39

TOTAL 66,795,737 99.39


92ING (L) Invest - 31/03/2005

GLOBAL BRANDS



Shares

2,988 NESTLE (REG.) CHF 631,220 1.21

631,220 1.21

10,226 PUMA EUR 1,974,947 3.80

1,974,947 3.80

42,944 NOKIA -A- EUR 513,610 0.99

513,610 0.99

15,225 ACCOR EUR 574,896 1.11

11,469 TOTAL EUR 2,070,155 3.98

2,645,051 5.09

144,089 CADBURY SCHWEPPES GBP 1,111,439 2.14



649,386 VODAFONE GBP 1,326,626 2.55

4,634,986 8.92


744,764 1.43

7,722 SAMSUNG ELECTRONICS (144A) USD 1,470,546 2.83

12,871 SAMSUNG ELECTRONICS (GDR) USD 1,619,212 3.11

3,089,758 5.94

30,973 ROYAL CARIBBEAN CRUISES USD 1,065,043 2.05

1,065,043 2.05


814,373 1.57



Shares

93,251 ING GROEP EUR 2,172,748 4.18



5,163,409 9.93

68,103 CARNIVAL USD 2,714,897 5.22

2,714,897 5.22

10,891 ALTRIA GROUP USD 547,965 1.05

22,900 AMGEN USD 1,025,668 1.97


41,500 CENDANT USD 655,877 1.26


79,240 CITIGROUP USD 2,740,004 5.27

64,837 COLGATE-PALMOLIVE USD 2,602,659 5.00

15,177 ESTEE LAUDER COMPANIES USD 525,266 1.01

93,705 FOOT LOCKER USD 2,112,535 4.06

101,347 INTL GAME TECHNOLOGY USD 2,078,953 4.00

19,892 JOHNSON & JOHNSON USD 1,027,928 1.98


33,185 MANPOWER USD 1,111,231 2.14

135,459 MICROSOFT USD 2,519,174 4.84

60,924 NEWS CORP -B- USD 825,508 1.59

25,883 PEPSICO USD 1,056,112 2.03

79,119 PFIZER USD 1,599,243 3.07

108,162 SCIENTIFIC GAMES USD 1,901,667 3.66

24,417 WALT DISNEY USD 539,761 1.04

28,117,704 54.06

52,109,762 100.21

TOTAL 52,109,762 100.21


93ING (L) Invest - 31/03/2005





Shares

281,739 ANZ BANKING GROUP AUD 3,457,805 0.93

381,744 COCA-COLA AMATIL AUD 1,949,505 0.52

1,158,096 FOSTER'S GROUP AUD 3,536,118 0.95

490,064 SANTOS AUD 2,625,187 0.70

200,034 ST. GEORGE BANK AUD 2,916,989 0.78

657,655 STOCKLAND TRUST GROUP AUD 2,285,999 0.61

161,057 SUNCORP METWAY AUD 1,862,590 0.50

233,163 TABCORP HOLDINGS AUD 2,335,655 0.63

94,752 WESFARMERS AUD 2,241,203 0.60

355,722 WESTFIELD GROUP AUD 3,427,855 0.92

26,638,906 7.14

118,270 BELGACOM EUR 3,772,813 1.01

210,501 FORTIS EUR 4,626,812 1.24

8,399,625 2.25

7,980 SHIP FINANCE USD 124,644 0.03

124,644 0.03

126,489 COMPANHIA SIDERURGICA USD 2,345,543 0.63NACIONAL


6,800,385 1.82

32,951 FORDING CANADIAN COAL TRUST CAD 2,323,377 0.62

86,900 MANITOBA TELECOM SERVICES CAD 2,558,256 0.69

197,391 TRANSCANADA CAD 3,743,449 1.00

8,625,082 2.31

6,368,000 HUANENG POWER HKD 3,580,916 0.96

3,580,916 0.96


4,425,175 1.19



Shares

152,400 DANSKE BANK DKK 3,411,169 0.91

106,016 TDC -B- DKK 3,447,368 0.92

6,858,537 1.83

262,952 ENDESA EUR 4,562,217 1.22


6,448,430 1.73

212,700 UPM-KYMMENE EUR 3,637,170 0.97

3,637,170 0.97

95,931 PAGESJAUNES EUR 1,816,933 0.49


6,378,911 1.71

276,494 ALLIANCE & LEICESTER GBP 3,549,898 0.95

381,414 BARRATT DEVELOPMENTS GBP 3,657,470 0.98

247,255 BOC GBP 3,663,437 0.98

470,002 BOOTS GROUP GBP 4,260,941 1.14

326,118 DIAGEO GBP 3,537,390 0.95

312,370 GALLAHER GBP 3,429,144 0.92


506,874 KELDA GROUP GBP 4,407,280 1.18

1,783,374 NEW DIXONS GBP 3,960,892 1.06

218,487 PROVIDENT FINANCIAL GBP 2,249,201 0.60

1,093,500 RANK GBP 4,352,535 1.17

271,635 SEVERN TRENT GBP 3,613,901 0.97

44,130,290 11.82

831,000 CITIC PACIFIC HKD 1,873,283 0.50

831,500 CLP HOLDINGS HKD 3,642,181 0.98

960,000 HONG KONG EXCHANGES HKD 1,908,370 0.51& CLEARING

7,944,000 PETROCHINA HKD 3,800,994 1.02

11,224,828 3.01

94ING (L) Invest - 31/03/2005




Shares

12,125,000 BANK MANDIRI IDR 1,684,618 0.45

1,684,618 0.45


3,552,903 0.95

638,137 BANK HAPOALIM LTD ILS 1,653,213 0.44

1,653,213 0.44

497,009 ENEL EUR 3,668,920 0.98

188,931 ENI EUR 3,786,177 1.01

206,680 RIUNIONE ADRIATICA SICURTA EUR 3,751,449 1.01

835,879 SNAM RETE GAS EUR 3,590,936 0.96




22,165,381 5.94

176,470 KOREA ELECTRIC POWER KRW 3,489,837 0.94

75,270 KOREA TOBACCO & GINSENG KRW 1,882,043 0.50

104,500 KT CORP (ADR) USD 1,713,457 0.46

32,440 SSANGYONG OIL KRW 1,936,871 0.52

9,022,208 2.42

49,558 GENERAL MARITIME USD 1,847,105 0.50

1,847,105 0.50

173,400 ABN AMRO EUR 3,318,876 0.89

133,383 AKZO NOBEL EUR 4,697,749 1.26


11,542,868 3.10

481,200 DNB NOK 3,796,710 1.02

79,800 FRONTLINE NOK 2,946,372 0.79

6,743,082 1.81



Shares

1,555,503 TELECOM CORP OF NEW ZEALAND NZD 5,170,931 1.39

5,170,931 1.39

196,423 FOERENINGSSPARBANKEN SEK 3,583,519 0.96

112,100 SANDVIK SEK 3,600,426 0.96

246,000 SKANSKA -B- SEK 2,297,747 0.62

107,600 VOLVO AB -B- SEK 3,673,358 0.98

13,155,050 3.52

559,000 UNITED OVERSEAS BANK SGD 3,755,353 1.01

3,755,353 1.01

805,200 ADVANCED INFO SERVICE THB 1,583,923 0.42

396,850 SIAM CEMENT PUBLIC (FRG REG) THB 2,060,918 0.55

3,644,841 0.97

681,222 TAIWAN SEMICONDUCTOR SP (ADR) USD 4,444,860 1.19

4,444,860 1.19

98,071 ALTRIA GROUP USD 4,934,300 1.32

94,947 AMEREN USD 3,580,466 0.96

177,580 AMERICAN CAPITAL STRATEGIES USD 4,291,761 1.15

155,886 ANNALY MORTGAGE USD 2,250,161 0.60

98,636 ARTHUR J GALLAGHER & CO USD 2,185,755 0.59


252,843 BRISTOL MYERS SQUIBB USD 4,953,166 1.33

124,856 CITIGROUP USD 4,317,338 1.16

439,712 CITIZENS COMMUNICATIONS USD 4,378,004 1.17

172,286 CONAGRA FOODS USD 3,581,863 0.96

74,690 DELUXE USD 2,290,727 0.61

65,900 DEVELOPERS DIVERSIFIED REALITY USD 2,015,562 0.54

89,480 DUKE REALTY USD 2,055,152 0.55

112,806 FIRST HORIZON NATIONAL USD 3,540,458 0.95

146,318 GENERAL MOTORS USD 3,308,803 0.89

95,700 HEALTH CARE PPTYS INVEST USD 1,728,218 0.46

69,300 HOSPITALITY PROPERTIES USD 2,153,144 0.58

124,681 IMPAC MORTGAGE HOLDING USD 1,840,020 0.49

67,283 ISTAR FINANCIAL USD 2,131,892 0.57

146,911 KEYCORP USD 3,668,112 0.98

59,340 KINDER MORGAN USD 3,456,344 0.93

51,709 KINDER MORGAN ENERGY PARTNERS USD 1,790,409 0.48


95ING (L) Invest - 31/03/2005





Shares

70,000 LIBERTY PROPERTY TRUST USD 2,103,259 0.56

197,348 MERCK USD 4,915,289 1.32

132,269 NEW YORK COMMUNITY BANCORP USD 1,848,194 0.50

101,236 PACKAGING CORP OF AMERICA USD 1,892,065 0.51

112,887 PROGRESS ENERGY USD 3,643,758 0.98

91,997 PUBLIC SERVICE ENTERPRISE GROUP USD 3,850,050 1.03

61,797 RAYONIER USD 2,355,100 0.63

59,364 REYNOLDS AMERICAN USD 3,681,102 0.99

264,213 SARA LEE USD 4,505,028 1.21

199,150 SBC COMMUNICATIONS USD 3,630,103 0.97

76,500 SIMON PROPERTY USD 3,565,860 0.96

149,933 SOUTHERN USD 3,672,040 0.98

84,214 THORNBURG MORTGAGE USD 1,816,920 0.49

108,700 UNITED DOMINION REALTY TRUST USD 1,745,523 0.47

162,591 US BANCORP USD 3,605,488 0.97

86,299 UST USD 3,432,969 0.92

111,586 WASHINGTON MUTUAL USD 3,391,411 0.91

123,440,976 33.10

1,269,824 FIRSTRAND LTD ZAR 2,092,643 0.56

67,058 IMPALA PLATINUM ZAR 4,352,424 1.17

6,445,067 1.73

355,541,355 95.29


75,543 ENERPLUS REWSOURCES FUND USD 2,107,636 0.56


3,828,942 1.02

3,828,942 1.02

Warrants & Rights

3,947,000 MERRILL CHINA STEEL CORP USD 3,507,095 0.94(WT 07/08/2006)

3,507,095 0.94

4,116,000 MORGAN ST-MEGA FINANCIAL USD 2,038,371 0.55(WT 11/10/2007)

2,038,371 0.55



Warrants & Rights

416,900 CITIGROUP-HINDUSTAN USD 2,216,260 0.59(WT 19/01/2006)

193,000 SALOMON-HERO HONDA MOTOR USD 1,792,265 0.48(WT 19/01/2009)

4,008,525 1.07

9,553,991 2.56

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKET

Warrants & Rights

1,280,000 MERRILL-CW05 FORMOSA CHEMICAL USD 2,295,166 0.62

2,295,166 0.62

2,295,166 0.62


Warrants & Rights

1,544,689 ABN ACER (WT 12/07/2005) USD 1,865,340 0.50

1,865,340 0.50

1,865,340 0.50

TOTAL 373,084,794 99.99

96ING (L) Invest - 31/03/2005


97ING (L) Invest - 31/03/2005

GREATER CHINA



Shares

1,191,500 CHINA STEEL TWD 1,329,309 1.42

700,000 YANZHOU COAL MINING HKD 951,364 1.02

2,280,673 2.44

600,000 ALUMINIUM CORP OF CHINA HKD 346,184 0.37

346,184 0.37

200,000 ANHUI CONCH CEMENT -H- HKD 189,760 0.20

2,210,050 ASIA CEMENT TWD 1,459,056 1.56

260,000 CHEUNG KONG INFRASTRUCTURE HKD 746,731 0.80

2,395,547 2.56

3,130,000 CHINA PETROLEUM & CHEMICAL-H HKD 1,264,147 1.35

2,630,000 CNOOC LTD HKD 1,416,275 1.51

3,700,000 PETROCHINA HKD 2,300,838 2.46

4,981,260 5.32

465,000 FORMOSA PLASTICS TWD 833,888 0.89


1,542,689 1.65

772,470 ACER TWD 1,213,649 1.30

641,831 ADVANCED SEMICONDUCTOR TWD 473,642 0.51ENGENEE

268,000 ASM PACIFIC TECHNOLOGY HKD 1,154,561 1.23

964,000 AU OPTRONICS TWD 1,410,537 1.51

1 CHI MEI OPTOELECTRONIC TWD 1 0.00

427,569 HON HAI PRECISION INDUSTRY TWD 1,899,944 2.03

121,992 MEDIATEK TWD 867,333 0.93

433,200 NOVATEK MICROELECTRONICS TWD 1,966,215 2.10

321,000 POWERCHIP SEMICONDUCTOR TWD 251,657 0.27CORP

74,000 POWERTECH TECHNOLOGY TWD 214,911 0.23

1,500,000 SEMICONDUCTOR MANUFACTURING HKD 290,410 0.31

1,133,000 SINTEK PHOTRONIC TWD 560,998 0.60

35,000 TAIWAN GREEN POINT TWD 139,973 0.15CENTER ENTERPRISES CO


680,000 TECHTRONIC HKD 1,503,975 1.61

1,700,000 UNIMICRON TECHNOLOGY TWD 1,429,885 1.53

3,638,164 UNITED MICROELECTRONICS TWD 2,199,803 2.35

450,000 VARITRONIX HKD 461,578 0.49

21,511,574 23.00



Shares

688,000 ASUSTEK COMPUTER TWD 1,899,827 2.03

490,964 QUANTA COMPUTER TWD 824,350 0.88

2,724,177 2.91

924,000 HUNG POO REAL ESTATE DEVELOP TWD 646,676 0.69

646,676 0.69

400,000 CHEUNG KONG HKD 3,551,587 3.79

550,000 HANG LUNG PROPERTIES HKD 796,863 0.85

250,000 HENDERSON LAND DEVELOPMENT HKD 1,112,275 1.19

700,000 SINO LAND HKD 632,747 0.68

390,000 SUN HUNG KAI PROPERTIES HKD 3,537,804 3.78

9,631,276 10.29

233,000 ESPRIT HOLDINGS HKD 1,590,810 1.70

500,000 FAR EASTERN TEXTILE TWD 328,509 0.35

1,491,041 FORMASA CHEMICALS & FIBER TWD 3,038,303 3.25

320,000 TEXWINCA HKD 268,741 0.29

150,000 YUE YUEN INDUSTRIAL HKD 426,960 0.46

5,653,323 6.05

500,000 LI & FUNG HKD 910,335 0.97

910,335 0.97

450,000 BANK OF EAST ASIA HKD 1,295,303 1.38

900,000 BOC HONG KONG HKD 1,655,910 1.77

119,000 HANG SENG BANK HKD 1,579,174 1.69


6,261,369 6.69


98ING (L) Invest - 31/03/2005

GREATER CHINA



Shares

1,212,000 CATHAY FINANCIAL TWD 2,300,436 2.46

2,116,000 CHINA DEVELOPMENT FINANCIAL TWD 849,596 0.91

830,000 CHINA MERCHANTS HOLDINGS HKD 1,628,217 1.74


100,000 CITIC PACIFIC HKD 292,974 0.31

485,000 HUTCHISON WHAMPOA HKD 4,119,745 4.40


330,000 SWIRE PACIFIC -A- HKD 2,612,724 2.79

1,567,873 TAISHIN FINANCIAL TWD 1,403,351 1.50

550,000 WHARF HKD 1,738,290 1.86

18,013,212 19.25

2,300,000 CHINA LIFE INSURANCE HKD 1,533,465 1.64

1,533,465 1.64

600,000 AIR CHINA -H- HKD 217,326 0.23

493,000 CHINA AIRLINES TWD 269,142 0.29

1,000,000 CHINA SHIPPING DEVELOPMENT HKD 878,281 0.94

900,000 COSCO PACIFIC HKD 1,955,937 2.09

1,500,000 HOPEWELL HIGHWAY INFRAST HKD 1,057,783 1.13

360,000 JIANGSU EXPRESSWAY HKD 165,014 0.18

250,000 ZHEJIANG EXPRESSWAY HKD 176,297 0.19

4,719,780 5.05

450,000 BEIJING DATANG POWER GEN H HKD 325,990 0.35

1,200,000 CHINA RESOURCES POWER HKD 565,433 0.60HOLDINGS

450,000 CLP HOLDINGS HKD 2,561,758 2.74

520,000 HONG KONG & CHINA GAS HKD 1,023,421 1.09

760,000 HUANENG POWER HKD 555,432 0.59

5,032,034 5.37

3,080,000 CHINA TELECOM -H- HKD 1,076,118 1.15

800,000 CHINE MOBILE HKD 2,615,609 2.79

3,691,727 3.94

350,000 CHINA RESOURCES ENTERPRISE HKD 480,169 0.51

480,169 0.51

92,355,470 98.70

TOTAL 92,355,470 98.70


99ING (L) Invest - 31/03/2005

HEALTH CARE



Shares

20,080 CSL AUD 530,918 0.31

530,918 0.31

8,000 U.C.B. EUR 388,127 0.23

388,127 0.23

7,000 ANGIOTECH PHARMACEUTICALS USD 107,450 0.06

11,000 BIOVAIL USD 165,880 0.10

10,000 MDS CAD 145,223 0.08

418,553 0.24

2,000 NOBEL BIOCARE HOLDING SEK 421,113 0.25

198,000 NOVARTIS (NOM.) CHF 9,269,287 5.41


800 SERONO-B- CHF 582,581 0.34

16,511,234 9.64

6,000 ALTANA EUR 382,487 0.22

5,000 FRESENIUS MEDICAL CARE EUR 405,816 0.24

4,000 MERCK KGAA EUR 285,923 0.17

14,000 SCHERING EUR 930,862 0.54

2,005,088 1.17

20,000 GN GREAT NORDIC DKK 230,278 0.13

5,000 H. LUNDBECK A/S DKK 121,681 0.07


1,479,624 0.86

9,000 ESSILOR INTERNATIONAL EUR 652,099 0.38


7,584,562 4.43



Shares

24,300 ALLIANCE UNICHEM GBP 355,191 0.21

139,000 ASTRAZENECA GBP 5,479,298 3.20


892,500 SKYEPHARMA GBP 910,747 0.53

80,000 SMITH & NEPHEW GBP 752,106 0.44

18,797,996 10.98

35,000 ELAN CORP (cert.ADR) USD 113,400 0.07

113,400 0.07

22,000 CHUGAI PHARMACEUTICAL JPY 338,762 0.20

19,000 DAIICHI PHARMACEUTICAL JPY 445,868 0.26

20,000 EISAI JPY 680,628 0.40

22,000 FUJISAWA PHARMACEUTICAL JPY 516,268 0.30

29,100 KYOWA HAKKO KOGYO JPY 223,365 0.13

19,400 OLYMPUS JPY 453,441 0.26

30,000 SANKYO JPY 633,882 0.37

24,300 SHIONOGI JPY 335,784 0.20

12,600 TAISHO PHARMACEUTICAL JPY 268,586 0.16

72,000 TAKEDA PHARMACEUTICAL JPY 3,439,791 2.01

15,000 TERUMO JPY 452,973 0.26

24,300 YAMANOUCHI PHARMACEUTICAL JPY 824,692 0.48

8,614,040 5.03

15,000 QIAGEN EUR 177,402 0.10

177,402 0.10

123,100 ABBOTT LABORATORIES USD 5,738,922 3.35

26,000 AETNA USD 1,948,700 1.14

9,000 AMERISOURCE BERGEN USD 515,610 0.30

106,000 AMGEN USD 6,170,260 3.60

80,400 ANDRX GROUP USD 1,822,668 1.06

14,000 APPLERA APPLIED BIOSYSTEMS USD 276,360 0.16

49,000 BAXTER INTERNATIONAL USD 1,665,020 0.97

21,000 BECTON DICKINSON USD 1,226,820 0.72

30,300 BIOGEN IDEC USD 1,045,653 0.61

52,000 BOSTON SCIENTIFIC USD 1,523,080 0.89

162,700 BRISTOL MYERS SQUIBB USD 4,142,342 2.42

36,000 CARDINAL HEALTH USD 2,008,800 1.17

41,000 CAREMARK RX USD 1,630,980 0.95

9,000 CHIRON USD 315,540 0.18

12,000 CIGNA USD 1,071,600 0.63

100ING (L) Invest - 31/03/2005


HEALTH CARE



Shares

8,000 CR BARD USD 544,640 0.32

53,300 ELI LILLY USD 2,776,930 1.62

5,000 EXPRESS SCRIPTS USD 435,950 0.25

38,000 EYETECH PHARMA USD 1,045,000 0.61

9,000 FISHER SCIENTIFIC USD 512,280 0.30

43,000 GENENTECH USD 2,434,230 1.42

20,000 GENZYME USD 1,144,800 0.67

34,000 GILEAD SCIENCES USD 1,217,200 0.71

26,000 GUIDANT USD 1,921,400 1.12

31,500 HCA USD 1,687,455 0.99

20,000 HEALTH MANAGEMENT ASSOCIATES USD 523,600 0.31

10,000 HEALTH NET USD 327,100 0.19

4,000 HILLENBRAND INDUSTRIES USD 221,880 0.13

13,000 HOSPIRA USD 419,510 0.24

18,000 IMS HEALTH USD 439,020 0.26

4,000 INVITROGEN USD 276,800 0.16


12,000 LABORATORY CORP USD 578,400 0.34

7,000 LINCARE HOLDING USD 309,610 0.18

24,000 MCKESSON CORP USD 906,000 0.53

25,000 MEDCO HEALTH SOLUTIONS USD 1,239,250 0.72

20,000 MEDIMMUNE USD 476,200 0.28

99,000 MEDTRONIC USD 5,044,050 2.95

184,200 MERCK USD 5,962,554 3.48

20,000 MILLENNIUM PHARM USD 168,400 0.10

8,000 OMNICARE USD 283,600 0.17

8,000 PATTERSON USD 399,600 0.23

630,000 PFIZER USD 16,550,100 9.66

7,000 QUEST DIAGNOSTICS USD 735,910 0.43

124,000 ST JUDE MEDICAL USD 4,464,000 2.61

4,000 SYNTHES CHF 446,333 0.26

35,000 TENET HEALTHCARE USD 403,550 0.24

12,000 THERMO-ELECTRON USD 303,480 0.18

16,700 UNITEDHEALTH USD 1,592,846 0.93

11,000 VARIAN MEDICAL SYSTEMS USD 377,080 0.22

10,000 WATERS CORP USD 357,900 0.21

53,000 WELLPOINT USD 6,643,550 3.88

111,000 WYETH USD 4,681,980 2.73

115,610,223 67.51

172,231,167 100.57

TOTAL 172,231,167 100.57

INDUSTRIALS



Shares

500 VA TECHNOLOGIE EUR 31,500 0.04

2,500 WIENERBERGER BAUSTOFFINDUSTRIE EUR 87,775 0.12

119,275 0.16

42,000 BRAMBLES INDUSTRIES AUD 198,738 0.28

7,000 LEIGHTON AUD 42,499 0.06

83,585 MACQUARIE INFRASTRUCTURE AUD 179,100 0.25

24,000 PATRICK CORP AUD 83,995 0.12

30,000 QANTAS AIRWAYS AUD 63,389 0.09

10,200 TOLL AUD 84,874 0.12

23,173 TRANSURBAN AUD 97,376 0.14

16,000 WESFARMERS AUD 378,454 0.53

1,128,425 1.59

500 BEKAERT EUR 32,425 0.05

32,425 0.05

6,800 INGERSOLL-RAND-A USD 416,745 0.58

416,745 0.58

3,000 BALLARD POWER SYSTEMS CAD 11,753 0.02

62,000 BOMBARDIER B CAD 106,461 0.15

12,500 CANADIAN NATIONAL RAILWAY CAD 606,954 0.85

6,500 CANADIAN PACIFIC RAILWAY CAD 180,854 0.25

4,000 CP SHIPS CAD 43,551 0.06

3,500 FINNING INTL CAD 73,187 0.10

2,500 MASONITE INTERNATIONAL CAD 67,015 0.09

4,000 QUEBECOR WORLD CAD 72,119 0.10

2,000 SNC-LAVALIN CAD 88,896 0.12

1,250,790 1.74

82,600 ABB (NOM.) CHF 396,177 0.55

6,000 ADECCO CHF 254,470 0.36

200 GEBERIT CHF 113,098 0.16

100 SCHINDLER HOLDING PART CERT CHF 28,597 0.04

200 SGS SOC.GEN.SURVEILLANCE (REG.) CHF 111,290 0.16

100 SULZER CHF 33,245 0.05

936,877 1.32



Shares

9,000 DEUTSCHE LUFTHANSA (REG.) EUR 100,080 0.14

39,000 DEUTSCHE POST EUR 734,370 1.03

5,000 MAN EUR 172,500 0.24

44,000 SIEMENS EUR 2,686,200 3.76

3,693,150 5.17

1,000 DE SAMMENSLUTTEDE VOGMAEND DKK 58,860 0.08

1,000 FLS INDUSTRIES DKK 14,228 0.02

2,000 ISS DKK 125,374 0.18

50 MOELLER-MAERSK -B- DKK 359,068 0.50

7,900 VESTAS WIND SYSTEMS DKK 88,015 0.12

645,545 0.90

11,050 ABERTIS INFRAESTRUCTURAS EUR 192,602 0.27

1,200 ACCIONA EUR 83,520 0.12

11,500 ACS ACTIVIDADES CONSTRUCCCION EUR 219,650 0.31

6,000 CINTRA CONCESIONES EUR 49,800 0.07DE INFRA DE TRANSPORT

2,400 FOMENTO DE CONSTRUC. EUR 94,632 0.13Y CONTRATAS

5,000 GAMESA EUR 51,250 0.07

3,000 GRUPO FERROVIAL EUR 131,070 0.18

15,000 IBERIA LINEAS AEREAS DE ESPANA EUR 38,700 0.05

3,000 SACYR VALLEHERMOSO EUR 41,490 0.06

902,714 1.26

1,000 KCI KONECRANES EUR 31,860 0.04

1,600 KONE -B- EUR 95,952 0.13

5,000 METSO EUR 69,100 0.10

4,000 UPONOR EUR 64,800 0.09

2,250 WARTSILA B EUR 45,900 0.06

307,612 0.42

5,000 AIR FRANCE EUR 69,350 0.10

194,800 ALSTOM EUR 128,568 0.18

3,000 AUTOROUTES DU SUD DE LA FRANCE EUR 117,390 0.16

1,500 BIC EUR 65,655 0.09

10,000 EADS EUR 231,000 0.32

13,300 SAINT-GOBAIN EUR 625,100 0.88

4,000 THALES EUR 128,680 0.18

3,200 VINCI EUR 355,840 0.50

2,047 ZODIAC EUR 73,262 0.10

1,794,845 2.51


101ING (L) Invest - 31/03/2005


INDUSTRIALS



Shares

10,000 AGGREKO GBP 26,172 0.04

13,165 AMEC GBP 61,063 0.09

8,000 ARRIVA GBP 61,069 0.09

13,000 ASSOCIATED BRITISH PORTS GBP 90,825 0.13

44,738 BAA GBP 379,566 0.53

18,161 BALFOUR BEATTY GBP 82,520 0.12

20,081 BBA GROUP GBP 88,105 0.12

29,000 BRAMBLES INDUSTRIES GBP 127,764 0.18

123,963 BRITISH AEROSPACE GBP 467,734 0.66


18,042 BUNZL GBP 135,627 0.19

28,000 CAPITA GBP 153,079 0.21

5,000 COBHAM GBP 101,563 0.14

82,000 COOKSON GBP 47,692 0.07

9,000 DAVIS SERVICE GBP 57,186 0.08

8,000 DE LA RUE GBP 44,435 0.06

21,574 EXEL GBP 266,009 0.37

18,000 FIRSTGROUP GBP 89,836 0.13

26,000 FKI GBP 40,167 0.06


75,942 HAYS GBP 146,860 0.21

15,000 IMI GBP 89,531 0.13

7,000 INTERTEK GBP 78,728 0.11

235,000 INVENSYS GBP 52,963 0.07

19,297 MEGGITT GBP 73,863 0.10

6,000 NATIONAL EXPRESS GBP 78,735 0.11

33,377 PENINSULAR & ORIENTAL STEAM GBP 140,496 0.20

45,029 PILKINGTON GBP 77,585 0.11


60,134 ROLLS-ROYCE GROUP GBP 213,343 0.30

3,006,700 ROLLS-ROYCE GROUP-B- GBP 4,372 0.01

17,232 SERCO GROUP GBP 61,198 0.09

24,000 SMITHS GBP 297,143 0.42

36,972 STAGECOACH GBP 59,402 0.08

30,777 TOMKINS GBP 118,253 0.17

25,000 WOLSELEY GBP 402,763 0.56

4,594,724 6.47

42,000 CATHAY PACIFIC AIRWAYS HKD 60,909 0.09

25,000 HOPEWELL HOLDINGS HKD 45,381 0.06

91,000 HUTCHISON WHAMPOA HKD 594,762 0.83

66,000 JOHNSON ELECTRIC HKD 45,904 0.06

51,770 MTR HKD 61,288 0.09

8,000 ORIENT OVERSEAS INTERNATIONAL HKD 29,675 0.04

837,919 1.17

4,000 DCC EUR 71,760 0.10

9,000 GRAFTON GROUP EUR 81,990 0.11

5,000 KINGSPAN GROUP EUR 45,600 0.06

5,000 RYANAIR EUR 30,200 0.04

229,550 0.31



Shares

11,000 AUTOSTRADE EUR 219,802 0.31

260,000 FINMECCANICA EUR 203,320 0.28

82,000 PIRELLI & C.STA EUR 78,720 0.11

501,842 0.70

13,000 AMADA JPY 61,722 0.09

3,000 AMANO JPY 25,919 0.04

34,000 ASAHI GLASS JPY 276,382 0.39

3,000 BENESSE JPY 78,555 0.11

8,000 CENTRAL GLASS JPY 39,191 0.05

45 CENTRAL JAPAN RAILWAY JPY 297,172 0.42

6,000 COMSYS HOLDING JPY 38,803 0.05

31,600 DAI NIPPON PRINTING JPY 397,584 0.56

9,000 DAIKIN INDUSTRIES JPY 174,807 0.24

145 EAST JAPAN RAILWAY JPY 600,818 0.84

10,000 EBARA JPY 34,170 0.05

7,000 FANUC JPY 337,888 0.47

20,000 FUJI ELECTRIC JPY 48,629 0.07

15,000 FUJIKURA JPY 50,716 0.07

23,000 FURUKAWA ELECTRIC JPY 81,238 0.11

9,000 HINO MOTORS JPY 43,637 0.06

8,000 HITACHI CABLE JPY 25,322 0.04

4,000 HITACHI CONSTRUCTION MACHINE JPY 42,558 0.06

50,000 ISHIKAWAJIMA-HARIMA JPY 62,225 0.09HEAVY INDUSTRIES CO

59,000 ITOCHU JPY 229,191 0.32

28,000 JAPAN AIRLINES CORP JPY 63,046 0.09

11,000 JGC CORPORATION JPY 92,583 0.13

10,500 JS GROUP JPY 148,651 0.21

42,000 KAJIMA CORPORATION FIRST SECTION JPY 133,846 0.19

11,000 KAMIGUMI JPY 70,901 0.10

51,000 KAWASAKI HEAVY INDUSTRIES JPY 67,873 0.10

19,000 KAWASAKI KISEN KAISHA JPY 101,143 0.14

15,000 KEIHIN ELECTRIC EXPRESS RAILWAY JPY 71,541 0.10

23,000 KEIO ELECTRIC RAILWAY JPY 105,229 0.15

7,000 KINDEN CORP JPY 42,601 0.06

66,000 KINKI NIPPON RAILWAY JPY 172,821 0.24

3,000 KOKUYO JPY 29,501 0.04

38,000 KOMATSU JPY 220,329 0.31

2,000 KOMORI JPY 23,509 0.03

4,000 KOYO SEIKO JPY 41,752 0.06

49,000 KUBOTA CORP JPY 201,625 0.28

5,000 KURITA WATER IND JPY 60,643 0.08

52,000 MARUBENI CORP JPY 128,681 0.18

13,000 MATSUSHITA ELECTRIC WORKS JPY 86,317 0.12

1,500 MEITEC JPY 40,357 0.06

13,000 MINEBEA JPY 43,018 0.06

49,000 MITSUBISHI JPY 489,610 0.69

81,900 MITSUBISHI ELECTRIC JPY 326,986 0.46

125,000 MITSUBISHI HEAVY INDUSTRIES JPY 256,276 0.36

5,000 MITSUBISHI LOGISTICS JPY 43,630 0.06

54,000 MITSUI & CO JPY 384,187 0.54

102ING (L) Invest - 31/03/2005

INDUSTRIALS



Shares

29,000 MITSUI ENGINEER&SHIPBUILD JPY 42,349 0.06

39,000 MITSUI O.S.K. LINES JPY 193,302 0.27

11,000 NGK INSULATORS JPY 84,274 0.12

34,000 NIPPON EXPRESS JPY 137,946 0.19

17,000 NIPPON SHEET GLASS JPY 55,521 0.08

40,000 NIPPON YUSEN KABUSHIKI KAISH JPY 185,885 0.26

10,000 NISHIMATSU CONSTRUCTION JPY 29,206 0.04

18,000 NSK JPY 71,477 0.10

16,000 NTN JPY 68,484 0.10

25,000 OBAYASHI JPY 118,876 0.17

25,000 ODAKYU ELECTRIC RAILWAY JPY 117,797 0.16

8,000 OKUMURA JPY 37,522 0.05

7,000 SANWA SHUTTER JPY 29,660 0.04

9,000 SECOM JPY 288,755 0.40

5,000 SEINO TRANSPORTATION JPY 37,839 0.05

22,000 SHIMIZU CORP JPY 86,885 0.12

2,500 SMC CORPORATION JPY 218,149 0.31

5,000 SOJITZ HOLDINGS JPY 18,991 0.03

37,000 SUMITOMO CORP JPY 244,607 0.34

30,000 SUMITOMO ELECTRIC INDUSTRIES JPY 246,240 0.34

25,000 SUMITOMO HEAVY INDUSTRIES JPY 75,894 0.11

32,000 TAISEI CORP JPY 92,540 0.13

4,000 TAKUMA JPY 25,667 0.04

20 THE GOODWILL GROUP JPY 32,084 0.04

3,000 THK JPY 46,723 0.07

31,000 TOBU RAILWAY JPY 96,561 0.14

8,000 TODA JPY 30,386 0.04

42,000 TOKYU CORPORATION JPY 168,894 0.24

23,000 TOPPAN PRINTING JPY 194,244 0.27

13,000 TOTO JPY 86,037 0.12

5,000 USHIO JPY 73,735 0.10

80 WEST JAPAN RAILWAYS JPY 251,492 0.35

16,800 YAMATO TRANSPORT JPY 185,390 0.26

10,066,595 14.11

10,000 HAGEMEYER EUR 19,600 0.03

8,000 VEDIOR EUR 109,760 0.15

129,360 0.18

7,000 TOMRA SYSTEMS NOK 24,139 0.03

24,139 0.03

7,200 AUCKLAND INTERNATIONAL AIRPORT NZD 31,992 0.04

5,000 WASTE MANAGEMENT NZ NZD 16,786 0.02

48,778 0.06



Shares

15,000 BRISA AUTO-ESTRADAS DE PORTUGAL EUR 97,650 0.14

97,650 0.14

443 AINAX SEK 14,180 0.02

4,000 ALFA LAVAL SEK 50,690 0.07

13,000 ASSA ABLOY -B- SEK 142,018 0.20

6,000 ATLAS COPCO SEK 221,876 0.31

3,000 ATLAS COPCO -B- SEK 101,434 0.14

11,000 SANDVIK SEK 353,298 0.49

5,500 SCANIA AB-B SEK 180,855 0.25

13,000 SECURITAS- B- SEK 160,481 0.22

16,000 SKANSKA -B- SEK 149,447 0.21

4,000 SKF -B- SEK 144,422 0.20

5,600 VOLVO AB -A- SEK 184,755 0.26

10,000 VOLVO AB -B- SEK 341,390 0.48

2,044,846 2.85

50,000 COMFORTDELGRO SGD 38,955 0.05

24,000 KEPPEL CORPORATION SGD 122,043 0.17

30,000 NEPTUNE ORIENT LINES SGD 51,505 0.07

40,000 SEMBCORP INDUSTRIES SGD 36,202 0.05

13,000 SEMBCORP LOGISTICS SGD 9,886 0.01

20,000 SEMBORP MARINE SGD 18,008 0.03

24,000 SINGAPORE AIRLINES SGD 133,240 0.19

60,000 SINGAPORE POST SGD 23,933 0.03

433,772 0.60

6,600 AMERICAN POWER CONVERSION USD 132,594 0.19

7,000 AMERICAN STANDARD USD 250,344 0.35

6,500 APOLLO A USD 370,400 0.52

4,000 AVERY DENNISON CORP USD 190,605 0.27

14,500 BOEING USD 652,229 0.91

15,500 BURLINGTON NOTHERN SANTA FE USD 643,185 0.90

44,000 CENDANT USD 695,387 0.97

4,200 CHOICEPOINT USD 129,621 0.18

4,800 CINTAS USD 152,570 0.21

4,000 COOPER INDUSTRIES A USD 220,121 0.31

9,500 CSX USD 304,447 0.43

61,500 DANAHER USD 2,527,384 3.54

31,500 DEERE & CO USD 1,627,050 2.28

8,500 DOVER USD 247,155 0.35

3,000 DUN & BRADSTREET USD 141,846 0.20

6,500 EATON USD 327,088 0.46

18,000 EMERSON ELECTRIC USD 899,273 1.26

6,400 EQUIFAX USD 151,130 0.21


103ING (L) Invest - 31/03/2005

104ING (L) Invest - 31/03/2005


INDUSTRIALS



Forward Contracts

Securities

1,050

1,000

USD

USD

GENERAL ELECTRIC 06/2005

GENERAL ELECTRIC 09/2005

2,931,096

2,798,446

5,729,542



Shares

4,000 EXPEDITORS USD 164,814 0.23

3,000 FLUOR USD 127,950 0.18

7,000 GENERAL DYNAMICS USD 576,578 0.81

243,000 GENERAL ELECTRIC USD 6,742,261 9.44

6,300 H&R BLOCK USD 245,184 0.34

35,500 HONEYWELL USD 1,016,393 1.42

11,000 ILLINOIS TOOL WORKS USD 757,766 1.06

3,000 ITT INDUSTRIES USD 208,302 0.29

16,500 LOCKHEED MARTIN USD 775,201 1.09

4,000 MANPOWER USD 133,944 0.19

19,000 MASCO USD 506,852 0.71

18,000 NORFOLK SOUTHERN USD 513,138 0.72

14,000 NORTHROP GRUMMAN USD 581,480 0.81

7,000 PACCAR USD 389,897 0.55

6,000 PARKER HANNIFIN USD 281,245 0.39

2,200 PHH CORP USD 37,021 0.05

10,000 PITNEY BOWES USD 347,170 0.49

44,500 RAYTHEON USD 1,325,088 1.86

7,000 REPUBLIC SERVICES USD 180,325 0.25

7,500 ROBERT HALF INTERNATIONAL USD 155,580 0.22

8,000 ROCKWELL AUTOMATION USD 348,648 0.49

7,700 ROCKWELL COLLINS USD 281,955 0.39

9,000 RR DONNELLEY & SONS USD 218,967 0.31

13,500 SERVICEMASTER USD 140,230 0.20

9,000 SOUTHWEST AIRLINES USD 98,611 0.14

3,100 SPX USD 103,234 0.14

5,500 TEXTRON USD 315,785 0.44

85,300 TYCO INTERNATIONAL (NEW) USD 2,218,397 3.11

11,000 UNION PACIFIC USD 589,928 0.83

41,000 UNITED PARCEL USD 2,294,726 3.21

22,100 UNITED TECHNOLOGIES USD 1,728,685 2.42

24,500 WASTE MANAGEMENT USD 543,858 0.76

3,500 WW GRAINGER USD 167,695 0.23

33,779,337 47.31

64,016,915 89.63


Shares

45,488 STAGECOACH -B- GBP 11,905 0.02

11,905 0.02

11,905 0.02

TOTAL 64,028,820 89.65

IT



Shares


44,800 ASML EUR 758,663 2.34

13,000 BROADCOM USD 388,960 1.20

10,300 CANON JPY 553,712 1.71

82,473 INTEL USD 1,915,848 5.91

8,100 MAXIM INTEGRATED USD 331,047 1.02

900 SAMSUNG ELECTRONICS KRW 444,904 1.37

113,300 SANMINA USD 591,426 1.82

39,100 TEXAS INSTRUMENTS USD 996,659 3.07

7,154,469 22.06

6,500 ADOBE SYSTEMS USD 436,605 1.35

13,800 AMDOCS LIMITED USD 391,920 1.21

13,000 AUTOMATIC DATA PROCESSING USD 584,350 1.80

20,500 COMPUTER ASSOCIATES USD 555,550 1.71

6,100 ELECTRONIC ARTS USD 315,858 0.97

13,300 FIRST DATA USD 522,823 1.61

12,500 INTUIT USD 547,125 1.69

122,086 MICROSOFT USD 2,950,819 9.10

144,480 ORACLE USD 1,803,110 5.56

7,900 SAP EUR 1,276,320 3.94


31,400 SYMANTEC USD 669,762 2.07


21,100 YAHOO USD 715,290 2.21

11,801,511 36.41


35,000 DELL USD 1,344,700 4.15

59,300 EMC USD 730,576 2.25

56,000 FUJITSU JPY 337,173 1.04

15,200 HEWLETT PACKARD USD 333,488 1.03

16,763 IBM USD 1,531,803 4.73

13,400 LEXMARK INTERNATIONAL USD 1,071,598 3.31

7,576,285 23.38

20,400 EBAY USD 760,104 2.35

760,104 2.35

53,800 ALCATEL EUR 654,461 2.02

16,800 AVAYA USD 196,224 0.61

28,900 CORNING USD 321,657 0.99

62,600 MOTOROLA USD 937,122 2.89

62,100 NOKIA -A- EUR 965,271 2.98

3,074,735 9.49



Shares

26,800 ACCENTURE A USD 647,220 2.00

51,100 FOUNDRY NETWORKS USD 505,890 1.56

12,700 VERISIGN USD 364,490 1.12

1,517,600 4.68

31,884,704 98.37

TOTAL 31,884,704 98.37


105ING (L) Invest - 31/03/2005


JAPAN

Quantity/Nominal Currency Valuation in JPY % NAV


Shares

623,000 SUMITOMO METAL INDUSTRIES JPY 120,239,000 0.66

120,239,000 0.66

189,000 ASAHI GLASS JPY 213,570,000 1.17

518,000 HASEKO JPY 122,248,000 0.67

367,000 NIPPON SHEET GLASS JPY 166,618,000 0.91

165,000 TOTO JPY 151,800,000 0.83

654,236,000 3.58

346 NIPPON PAPER GROUP JPY 171,270,000 0.94

171,270,000 0.94

350,000 NIPPON OIL CORP JPY 266,350,000 1.46

266,350,000 1.46

76,400 JSR JPY 161,586,000 0.89

140,000 KANEKA JPY 165,760,000 0.91

358,000 MITSUBISHI GAS CHEMICAL JPY 180,074,000 0.99

731,000 SHOWA DENKO JPY 205,411,000 1.13

412,000 TEIJIN JPY 188,696,000 1.04

377,000 TORAY INDUSTRIES JPY 181,337,000 1.00

1,082,864,000 5.96

94,200 CANON JPY 541,650,000 2.97

134,900 CASIO COMPUTER JPY 190,883,500 1.05

32,500 CITIZEN ELECTRONICS JPY 170,300,000 0.93

338,000 FUJIKURA JPY 158,860,000 0.87

458,000 HITACHI JPY 305,028,000 1.67

96,600 IBIDEN JPY 200,445,000 1.10

241,000 MATSUSHITA ELECTRIC INDUSTRIAL JPY 380,780,000 2.09

181,000 MATSUSHITA ELECTRIC WORKS JPY 167,063,000 0.92

102,800 NICHICON JPY 143,714,400 0.79

382,000 OKI ELECTRIC JPY 172,664,000 0.95

43,600 SEIKO EPSON JPY 173,528,000 0.95

40,800 SONY JPY 174,216,000 0.96

199,000 SUMITOMO ELECTRIC INDUSTRIES JPY 227,059,000 1.25

123,000 VICTOR CO OF JAPAN JPY 101,721,000 0.56

3,107,911,900 17.06



Shares

42,000 TREND MICRO JPY 193,620,000 1.06

193,620,000 1.06

331,000 FUJITSU JPY 213,164,000 1.17

601,000 TOSHIBA JPY 269,248,000 1.48

482,412,000 2.65

282,000 BOSCH AUTOMOTIVE SYSTEMS JPY 159,330,000 0.87

211,000 HINO MOTORS JPY 142,214,000 0.78

38,900 HONDA MOTOR JPY 208,893,000 1.15

606,000 ISUZU MOTORS JPY 172,104,000 0.94

502,000 MAZDA MOTOR JPY 183,732,000 1.01

214,500 NISSAN MOTOR JPY 235,735,500 1.29

60,000 SHIMANO JPY 216,000,000 1.19

79,600 SUZUKI MOTOR JPY 152,672,800 0.84

276,900 TOYOTA MOTOR JPY 1,104,831,000 6.06

2,575,512,300 14.13

86,000 SUMITOMO REALTY & DEVELOPMNT JPY 111,284,000 0.61

111,284,000 0.61

61,700 NISSIN FOOD PRODUCTS JPY 173,068,500 0.95

173,068,500 0.95

235 JAPAN TOBACCO JPY 279,650,000 1.54

279,650,000 1.54

108,500 CHUGAI PHARMACEUTICAL JPY 178,699,500 0.98

164,000 DAINIPPON PHARMA JPY 170,396,000 0.94

119,000 SHISEIDO JPY 168,385,000 0.92

72,100 TAKEDA PHARMACEUTICAL JPY 368,431,000 2.02

885,911,500 4.86

140,000 DAI NIPPON PRINTING JPY 244,860,000 1.34

244,860,000 1.34

106ING (L) Invest - 31/03/2005

JAPAN



Shares

26,900 KOMERI CO JPY 76,261,500 0.42

322,000 MITSUKOSHI JPY 180,320,000 0.99

256,581,500 1.41

272,000 MITSUI & CO JPY 269,008,000 1.48

269,008,000 1.48

26,790 ACOM JPY 194,227,500 1.07

344,000 BANK OF FUKUOKA JPY 231,512,000 1.27

383,000 BANK OF YOKOHAMA JPY 250,482,000 1.37

15,100 HITACHI CAPITAL JPY 31,106,000 0.17

136,000 MITSUBISHI SECURITIES JPY 135,592,000 0.74

391 MITSUBISHI TOKYO FINANCIAL JPY 363,630,000 2.00

612,000 ORIENT JPY 231,948,000 1.27

10,700 ORIX JPY 146,269,000 0.80

17,000 SANYO SHINPAN FINANCE JPY 123,760,000 0.68

301,000 SUMITOMO TRUST & BANKING JPY 210,399,000 1.15

175 UFJ HOLDINGS JPY 98,700,000 0.54

2,017,625,500 11.06

32,500 JFE HOLDINGS JPY 97,175,000 0.53

106,000 KONICA JPY 114,904,000 0.63

117,100 MEDICO HOLDINGS JPY 166,867,500 0.92

160 MILLEA JPY 249,600,000 1.37

599 MIZUHO FINANCIAL JPY 303,693,000 1.67

388,500 NIPPON MINING JPY 228,826,500 1.26

528 SUMITOMO MITSUI FINANCIAL JPY 383,328,000 2.10

1,544,394,000 8.48

427,000 AIOI INSURANCE JPY 246,806,000 1.35

246,806,000 1.35

246 CENTRAL JAPAN RAILWAY JPY 225,828,000 1.24

542 EAST JAPAN RAILWAY JPY 312,192,000 1.71

182,000 MITSUI O.S.K. LINES JPY 125,398,000 0.69

342,000 NIPPON EXPRESS JPY 192,888,000 1.06

352,000 TOKYU CORPORATION JPY 196,768,000 1.08

1,053,074,000 5.78



Shares

147,600 CHUBU ELECTRIC POWER JPY 380,070,000 2.09

634,000 OSAKA GAS JPY 209,220,000 1.15

589,290,000 3.24

622 FUJI TELEVISION NETWORK JPY 157,366,000 0.86

209 KDDI JPY 110,979,000 0.61

733 NIPPON TELEGRAPH & TELEPHONE JPY 343,870,800 1.89

651 NTT DOCOMO JPY 117,180,000 0.64

729,395,800 4.00

697 YOSHINOYA D&C JPY 124,066,000 0.68

124,066,000 0.68

38,800 NICHII GAKKAN JPY 125,324,000 0.69

125,324,000 0.69

17,304,754,000 94.97

TOTAL 17,304,754,000 94.97


107ING (L) Invest - 31/03/2005


JAPAN

108ING (L) Invest - 31/03/2005


Quantity/Nominal Currency Commitments in JPY

Forward Contracts

Stock indices

85 JPYNIKKEI 225 INDEX 06/2005 494,912,500

494,912,500




Shares

47,000 NAKAYAMA STEEL WORKS JPY 21,244,000 0.69

3,800 OSAKA STEEL JPY 5,643,000 0.18

92,000 SHINKO WIRE CO JPY 17,020,000 0.55

26,000 TOKYO KOHTETSU JPY 13,078,000 0.42

56,000 TOKYO TEKKO JPY 22,512,000 0.73

79,497,000 2.57

10,800 AHRESTY CORP JPY 20,520,000 0.67

3,400 SUMITOMO TITANIUM JPY 28,696,000 0.93

14,000 TOHO TITANIUM JPY 46,060,000 1.50

95,276,000 3.10

8,000 CHUO DENKI KOGYO JPY 11,440,000 0.37

10,000 GEOMATEC JPY 19,810,000 0.64

5,000 KONDOTEC JPY 4,960,000 0.16

56,600 KURIYAMA JPY 23,206,000 0.75

30,000 MIKIGOKYO CO JPY 23,700,000 0.77

13,100 NICHIHA JPY 20,671,800 0.67

5,600 TAKAMATSU CORP JPY 25,704,000 0.83

25,000 TOKAI LEASE JPY 7,925,000 0.26

137,416,800 4.45

32,000 MISHIMA PAPER JPY 11,424,000 0.37

11,424,000 0.37

37,000 DAITO GYORUI JPY 8,547,000 0.28

8,547,000 0.28

25,000 SHINKO PLANTECH JPY 6,550,000 0.21

133,000 TOA OIL JPY 26,733,000 0.87

33,283,000 1.08



Shares

18,000 FUJIKURA KASEI JPY 15,462,000 0.50

25,000 HODOGAYA CHEMICAL CO JPY 16,275,000 0.53

47,000 MITSUBISHI GAS CHEMICAL JPY 23,641,000 0.77

51,000 NIPPON PIGMENT JPY 24,939,000 0.81

54,000 SHOWA DENKO JPY 15,174,000 0.49

13,000 TERAOKA SEISAKUSHO CO JPY 13,130,000 0.43

6,100 TOCALO JPY 14,091,000 0.46

6,100 TOCALO (ISSUE 05) JPY 13,877,500 0.45

26,000 TOSOH JPY 13,780,000 0.45

69,000 UBE MATERIAL INDUSTRIES JPY 19,527,000 0.63

3,500 YUSHIRO CHEMICAL INDUSTRY JPY 7,245,000 0.24

177,141,500 5.76

21,600 AMSC JPY 15,487,200 0.50

13,700 AOI ELECTRONICS JPY 23,153,000 0.75

16 AXELL (ISSUE 05) JPY 6,560,000 0.21

16 AXELL CORP JPY 6,736,000 0.22

2,450 CITIZEN ELECTRONICS JPY 12,838,000 0.42

10,000 EASTON JPY 6,160,000 0.20

9,500 HIOKI E E JPY 22,420,000 0.73

10,100 KOMATSU ELECTRONICS METALS JPY 10,554,500 0.34

8,000 KYODEN CO LTD JPY 8,080,000 0.26

7,600 NICHIDEN JPY 15,960,000 0.52

8,000 ODELIC JPY 11,120,000 0.36

8,200 PHOENIX ELECTRIC JPY 14,637,000 0.48

16,000 PULSTEC INDUSTRIAL JPY 9,280,000 0.30

27,000 SANKYO SEIKI MFG JPY 26,649,000 0.87

21,000 SANYO DENKI CO JPY 11,928,000 0.39

9,600 SIIX CORP JPY 13,920,000 0.45

6,600 TOHOKU PIONEER JPY 12,355,200 0.40

227,837,900 7.40

40,000 CROSS CAT JPY 10,600,000 0.34

40,000 CROSS CAT (ISSUE 05) JPY 10,600,000 0.34

19,900 GLOBAL MEDIA ONLINE JPY 61,491,000 2.00

12,500 SAISON INFORMATION SYSTEMS CO JPY 22,312,500 0.72

10,000 SOFTWARE RESEARCH ASSOCIATES JPY 27,150,000 0.88

132,153,500 4.28

50 NETMARKS JPY 16,850,000 0.55

8,000 NEWTECH JPY 6,072,000 0.20

52 NEXTCOM KK JPY 21,580,000 0.70

18,400 TAKANO CO JPY 29,440,000 0.96

21,000 YE DATA JPY 7,140,000 0.23

81,082,000 2.64


109ING (L) Invest - 31/03/2005





Shares

1,170 NIHON DENKEI JPY 1,579,500 0.05

11,700 NIHON DENKEI JPY 15,795,000 0.51

17,374,500 0.56

14,000 AIRTECH JAPAN JPY 15,120,000 0.49

12,000 APIC YAMADA JPY 4,200,000 0.14

5,900 ARUZE JPY 17,257,500 0.56

45,000 FUJI OOZX JPY 24,975,000 0.81

9,400 MAEZAWA KYUSO IND JPY 15,312,600 0.50

5,300 MODEC JPY 12,746,500 0.41

18,000 NITTA JPY 29,412,000 0.95

15,500 ODAWARA ENGINEERING JPY 15,500,000 0.50

20,000 SODICK CO JPY 19,140,000 0.62

5,100 TAKEUCHI MFG JPY 22,491,000 0.73

2,200 THK JPY 4,763,000 0.15

13,700 TOSEI ENGINEERING JPY 26,167,000 0.85

50,000 TSUGAMI JPY 22,300,000 0.72

229,384,600 7.43

26,000 BOSCH AUTOMOTIVE SYSTEMS JPY 14,690,000 0.48

12,700 EXEDY JPY 22,834,600 0.74

2,130 GULLIVER INTERNATIONAL JPY 30,778,500 1.00

45,000 KASAI KOGYO CO JPY 18,630,000 0.60

23,000 KIKUCHI CO JPY 26,703,000 0.87

48,000 MIKUNI CORP JPY 18,528,000 0.60

9,700 MUSASHI SEIMITSU INDUSTRY JPY 27,451,000 0.89

24,000 NIPPON SEIKI JPY 31,608,000 1.03

9,900 OHASHI TECHNICA JPY 22,918,500 0.74

7,000 PIOLAX JPY 16,695,000 0.54

38,000 SUNCALL JPY 22,724,000 0.74

25,000 UNIPRES JPY 23,450,000 0.76

277,010,600 8.99

10,000 ARNEST ONE JPY 27,550,000 0.89

27 C'S CREATE JPY 2,106,000 0.07

108 C'S CREATE (ISSUE 05) JPY 7,322,400 0.24

21,500 FUJI (ISSUE 05) JPY 14,405,000 0.47

21,500 FUJI CORP JPY 14,405,000 0.47

17,000 J BRIDGE JPY 22,882,000 0.74

785 NITTYU JPY 13,415,650 0.44

81,000 RECRUIT COSMOS JPY 30,780,000 1.00

104 SUNWOOD JPY 14,144,000 0.46

4,300 SURUGA JPY 12,040,000 0.39

50,000 YURAKU REAL ESTATE JPY 22,800,000 0.74

181,850,050 5.91



Shares

11,000 BULL-DOG SAUCE JPY 14,608,000 0.47

40,000 CHUBU SHIRYO JPY 23,080,000 0.75

18,300 FUJI OIL JPY 22,929,900 0.74

9,800 KIBUN FOOD CHEMIFA CO JPY 24,598,000 0.80

59,000 NIHON SHOKUHIN KAKO JPY 21,299,000 0.69

12,000 ORIENTAL YEAST JPY 9,684,000 0.31

19,300 Q'SAI JPY 18,778,900 0.61

16,300 RIKEN VITAMIN JPY 48,411,000 1.57

17,000 YUTAKA FOODS JPY 25,840,000 0.84

209,228,800 6.78

750 DENKA SEIKEN JPY 2,175,000 0.07

7,500 DENKA SEIKEN JPY 21,750,000 0.71

11,600 SEIKAGAKU JPY 17,492,800 0.57

5,800 SEIKAGAKU (ISSUE 05) JPY 8,746,400 0.28

50,164,200 1.63

86,000 LAPINE JPY 18,662,000 0.61

40,000 OMIKENSHI JPY 4,800,000 0.16

2,340 POINT JPY 8,353,800 0.27

6,000 SANEI-INTERNATIONAL CO JPY 20,220,000 0.66

58,000 TOYOBO JPY 15,138,000 0.49

67,173,800 2.19

3,700 TAMRON CO JPY 15,096,000 0.49

15,096,000 0.49

6,000 ARRK JPY 24,120,000 0.78

24,000 ASAHI TECHNO GLASS JPY 13,800,000 0.45

6,800 CORONA CORP JPY 11,702,800 0.38

11,800 SOFT99 JPY 26,609,000 0.86

12,000 YONEX JPY 15,360,000 0.50

91,591,800 2.97

7,000 FP JPY 13,762,000 0.45

13,762,000 0.45

110ING (L) Invest - 31/03/2005

111ING (L) Invest - 31/03/2005




Shares

16,000 ARC LAND SAKAMOTO JPY 26,400,000 0.86

2,900 ASKUL JPY 16,530,000 0.54

73,000 COWBOY JPY 26,280,000 0.85

9,800 FUJI CO JPY 18,914,000 0.61

2,200 FUJIKYU JPY 6,578,000 0.21

21 IK JPY 4,767,000 0.15

9,000 KUROGANEYA JPY 4,257,000 0.14

4,900 VALOR CO JPY 13,548,500 0.44

117,274,500 3.80

50,000 BANK OF FUKUOKA JPY 33,650,000 1.09

10,700 BANK OF OKINAWA JPY 40,018,000 1.30

6,500 CREDIA JPY 19,500,000 0.63

34,000 DAIICHI COMMODITIES JPY 22,338,000 0.73

29,000 JAPAN SECURUTIES FINANCE JPY 23,809,000 0.77

6,600 STB LEASING JPY 13,266,000 0.43

152,581,000 4.95

5,300 KADOKAWA SHOTEN PUB. JPY 21,359,000 0.69

50 MOMIJI JPY 13,150,000 0.43

113,000 PRIVEE ZURICH TURNAROUND JPY 48,025,000 1.56

82,534,000 2.68

17,900 NIC JPY 19,869,000 0.65

19,869,000 0.65

11,000 ALPS LOGISTICS JPY 28,600,000 0.93

7,000 HIS JPY 17,185,000 0.56

6,700 K.R.S. JPY 11,390,000 0.37

52,000 KINKAI KISEN JPY 24,752,000 0.80

64,000 RINKO JPY 18,752,000 0.61

63,000 SHINWA KAIUN KAISHA JPY 22,050,000 0.72

122,729,000 3.99

13,000 HIGASHINIHON GAS JPY 5,707,000 0.19

26 NIPPON JOGESUIDO SEKKEI CO JPY 4,342,000 0.14

70,000 SAIBU GAS JPY 16,100,000 0.52

26,149,000 0.85




Shares

10,480 NIPPON BROADCASTING SYSTEM JPY 64,976,000 2.11

124 STARCAT CABLE NETWORK JPY 19,592,000 0.64

84,568,000 2.75

31,900 NIKKO TRAVEL JPY 20,097,000 0.65

6,400 ORIGIN TOSHU JPY 13,568,000 0.44

33,665,000 1.09

415 AEON FANTASY JPY 1,083,150 0.04

4,155 AEON FANTASY JPY 10,844,550 0.35

30 BANDAI VISUAL JPY 9,420,000 0.31

6,000 DAIKO CLEARING SERVICES JPY 5,250,000 0.17

1,000 MATSUSHITA ELECTRIC WORKS JPY 6,400,000 0.21

10,000 SANKYO FRONTIER JPY 8,150,000 0.26

5,000 SECOM TECHNO SERVICE JPY 19,800,000 0.64

10,400 STUDIO ALICE JPY 22,568,000 0.73

132 TAITO CORP JPY 18,084,000 0.59

250 TAKE AND GIVE NEEDS JPY 30,000,000 0.97

131,599,700 4.27

2,907,264,250 94.36

TOTAL 2,907,264,250 94.36



112ING (L) Invest - 31/03/2005


Quantity/Nominal Currency Commitments in JPY

Forward Contracts

Stock indices

16 JPYS&P/TOPIX 150 INDEX TSE 06/2005 188,880,000

188,880,000


LATIN AMERICA



Shares

1,250,000 CAEMI MINERACAO E METAL BRL 1,166,061 1.37

41,400 COMPANHIA SIDERURGICA USD 997,740 1.17NACIONAL

2,163,801 2.54

78,000 CIA ENERGETICA DE MINAS GERAIS USD 1,779,960 2.09

330,700 CIA VALE DO RIO DOCE USD 8,786,699 10.30

174,100 GRUPO MEXICO B MXN 913,668 1.07

138 VALE DE RIO DOCE (CVRD) BRL 3,727 0.00

151,200 VALE RIO DOCE BRL 0 0.00

11,484,054 13.46

59,400 BUENAVENTURA (ADR) USD 1,353,132 1.59

1,353,132 1.59

99,000 CEMEX SPONS (ADR) USD 3,588,750 4.21

2,082,400 EMPRESAS ICA SA MXN 804,540 0.94

50,000 GRUPO AEROPORTUARIO SUR (ADR) USD 1,402,500 1.64

5,795,790 6.79

67,500 VOTORANTIM CELULOSE USD 877,500 1.03E PAPEL (ADR)

877,500 1.03

48,400 PERDIGAO SA-PREF BRL 936,314 1.10

936,314 1.10


80,000 PETROLEO BRASILEIRO ADR USD 3,534,400 4.14

8,604,746 10.08

13,300 SOCIEDAD QUIMICA Y MINERA USD 1,071,315 1.26DE CHILE (ADR)

350,000 SUZANO PETROQUIMICA (PREF) BRL 688,540 0.81

1,759,855 2.07



Shares

15,326,405 ELECTRICIDADE SERVICOS (PREF.) BRL 58,227 0.07

58,227 0.07

18,400 EMBRAER AIRCRAFT (ADR) USD 575,920 0.68

575,920 0.68

60,000 CRESUD SA COMINDUS FIN USD 823,800 0.97Y AGROPECUARIA

285,700 URBI DESARROLLOS URBANOS MXN 1,430,862 1.68

2,254,662 2.65

75,000 AMBEV CIA DE BEBIDAS USD 2,166,750 2.54DAS AMERICAS

44,100 FOMENTO ECONOMICO USD 2,361,555 2.77MEXICO-SP (ADR)

4,528,305 5.31

32,200 NATURA COSMETICS BRL 879,330 1.03

879,330 1.03

775,000 WALMART DE MEXICO V MXN 2,716,985 3.19

2,716,985 3.19

61,800 BANCO BRADESCO-SPONS (ADR) USD 1,792,200 2.10

38,200 BANCO LATINAMERICANO USD 780,808 0.92EXPORTACIONES -E-

332,000 BANCO MACRO BANSUD ARS 445,508 0.52

88,000 BANCOLOMBIA (ADR) USD 1,175,680 1.38

319,969 GF BANORTE -O- MXN 2,081,805 2.44

1 GRUPO FINANCIERO GALICIA (ADR) USD 8 0.00

38,200 UNIBANCO UNIAO BAMNCOS USD 1,313,316 1.54BRASILE

7,589,325 8.90

113ING (L) Invest - 31/03/2005

LATIN AMERICA



Shares

217,900 ALFA MXN 1,158,923 1.36

65,300 BANCO ITAU (ADR) USD 5,299,095 6.21

6,458,018 7.57

19,000 DIAGNOSTICOS DA AMERICA BRL 192,964 0.23

192,964 0.23

40,000 ALL AMERICA LATINA BRL 1,105,877 1.30LOGISTICA UNITS

729,300 CINTRA SA DE CV MXN 446,783 0.52

1,552,660 1.82

64,400 CIA SANEAMENTO BASICO USD 792,764 0.93DO ESTADO SP

20,000 CPFL GERACAO ENERGIA USD 408,000 0.48

64,800 EMPRESA NAC ELEC (ADR) USD 1,290,168 1.51

148,600 ENERSIS USD 1,248,240 1.46

130,000 TENARIS ARS 794,352 0.93

15,000 TENARIS ADR USD 922,650 1.08

3,612,240 TRACTEBEL ENERGIA B BRL 12,745 0.01

5,468,919 6.40

81,500 AMERICA MOVIL (SERIE L) (ADR) USD 4,205,400 4.93

624,000 AMERICA TELECOM MXN 1,746,183 2.05

798,670 BRASIL TELECOM BRL 4,041 0.00

6,729 BRASIL TELECOM (PREF.) BRL 27 0.00

26,200 BRASIL TELECOM PARTICIPACOES USD 855,430 1.00

1,199,561 BRASIL TELECOM PARTICIPACOES BRL 11,732 0.01

15,474 CELULAR CRT PARTICIPACOES BRL 2,293 0.00

50,000 CIA TELECOM CHILE - SPONS (ADR) USD 557,000 0.65

38,100 GRUPO TELEVISA (GDR) USD 2,240,280 2.63

231,000 TELE NORTE LESTE (PREF) USD 3,573,570 4.19

75,000,000 TELECOM BRASILEIRAS (PREF.) BRL 1,975 0.00

8 TELEMIG CELULAR (NON TRADABLE) BRL 3,310 0.00

31 TELEMIG CELULAR-PREF G SHS BRL 5,131 0.01(NON TRADABLE)

125,100 TELMEX USD 4,319,703 5.06

75,000 TIM PARTICIPACOES (ADR) USD 1,125,750 1.32

18,651,825 21.85

83,902,332 98.36



Warrants & Rights

805,399 BRASIL TELECOM (RIGHTS 28/04/2005) BRL 0 0.00

1,199,561 BRASIL TELECOM PART BRL 0 0.00(RIGHTS 28/04/2005)

0 0.00

0 0.00


Shares

74,000 ROSSI RESIDENCIAL USD 73,763 0.09

73,763 0.09

73,763 0.09


Shares

80,300 SIDERCA ARS 164,930 0.19

164,930 0.19

150,000 MIRGOR SA ADS C ON USD 145,058 0.17

145,058 0.17

309,988 0.36

Warrants & Rights

450,000 IRSA (WT 14/11/2007) USD 890,267 1.04

890,267 1.04

890,267 1.04

TOTAL 85,176,350 99.85


114ING (L) Invest - 31/03/2005


115ING (L) Invest - 31/03/2005

MATERIALS



Shares

500 BOEHLER-UDDEHOLM EUR 68,401 0.09

300 MAYR MELNHOF KARTON EUR 47,817 0.06

2,000 RHI EUR 61,993 0.08


255,618 0.33

82,000 ALUMINIA AUD 373,612 0.49

62,687 AMCOR AUD 347,202 0.45

256,000 BHP BILLITON AUD 3,538,796 4.61

45,500 BLUESCOPE STEEL AUD 306,212 0.40

37,592 BORAL AUD 177,385 0.23

57,000 CSR AUD 108,468 0.14

11,000 ILUKA RESOURCES AUD 48,332 0.06

31,000 JAMES HARDIE INDUSTRIES AUD 143,641 0.19

22,193 NEWCREST MINING AUD 298,886 0.39

38,367 ONESTEEL AUD 76,869 0.10

18,674 ORICA LIMITED AUD 263,628 0.34

33,600 PAPERLINX AUD 106,565 0.14

63,000 RINKER AUD 526,327 0.69

22,309 RIO TINTO AUD 778,992 1.02

78,218 WMC RESOURCES AUD 482,232 0.63

7,577,147 9.88

5,150 SOLVAY EUR 615,440 0.80

2,750 UMICORE EUR 279,847 0.36

50 UMICORE (STRIP) (VVPR) EUR 8 0.00

895,295 1.16

5,000 ABER DIAMOND CORP CAD 151,629 0.20

27,000 ABITIBI CAD 124,973 0.16

6,000 AGNICO EAGLE MINES CAD 87,530 0.11

9,000 AGRIUM (INC) CAD 164,919 0.21

27,250 ALCAN CAD 1,036,065 1.35

36,100 BARRICK GOLD CAD 865,304 1.13

12,400 CAMECO CAD 549,043 0.72

5,100 DOFASCO CAD 150,277 0.20

15,000 DOMTAR CAD 127,452 0.17

5,500 FALCONBRIDGE CAD 197,295 0.26

8,650 GLAMIS GOLD CAD 134,269 0.18

14,000 GOLDCORP CAD 199,493 0.26

13,450 INCO CAD 534,058 0.70

21,000 KINROSS GOLD CAD 127,750 0.17

7,000 MERIDIAN GOLD CAD 118,030 0.15

8,000 METHANEX CAD 154,133 0.20

12,000 NORANDA CAD 241,118 0.31

5,500 NOVA CHEMICALS CAD 234,845 0.31

5,050 NOVELIS CAD 110,612 0.14

30,750 PLACER DOME CAD 497,138 0.65

7,500 POTASH CORP OF SASKATCHEWAN CAD 657,842 0.86

11,500 TECK COMINCO B CAD 426,308 0.56

6,890,083 9.00



Shares

5,000 CIBA SPECIALITY CHEMICALS CHF 324,682 0.42

16,000 CLARIANT CHF 277,196 0.36

500 GIVAUDAN (REG.) CHF 322,165 0.42

32,500 SYNGENTA CHF 3,405,593 4.44

4,329,636 5.64

14,000 BASF EUR 995,090 1.30

5,000 HEIDELBERGCEMENT EUR 315,360 0.41

6,000 LINDE EUR 413,289 0.54

22,000 THYSSENKRUPP EUR 454,332 0.59

2,178,071 2.84

3,650 NOVOZYMES DKK 179,565 0.23

179,565 0.23

165 M-REAL EUR 978 0.00

5,000 OUTOKUMPU EUR 89,611 0.12

4,000 RAUTARUUKKI EUR 53,961 0.07

45,650 STORA ENSO EUR 642,533 0.84

38,000 UPM-KYMMENE EUR 844,513 1.10

1,631,596 2.13

19,205 AIR LIQUIDE EUR 3,541,793 4.62

2,000 IMERYS EUR 151,539 0.20


5,560,255 7.25


177,000 BHP BILLITON GBP 2,378,147 3.10

50,000 HANSON GBP 472,901 0.62


35,225 REXAM GBP 316,018 0.41

74,678 RIO TINTO (REG.) GBP 2,414,563 3.15

8,773,396 11.44

3,400 TITAN CEMENT EUR 113,033 0.15

10,000 VIOHALCO (Reg.Shs) EUR 80,058 0.10

193,091 0.25


116ING (L) Invest - 31/03/2005

MATERIALS



Shares

35,647 C.R.H. EUR 936,765 1.22

936,765 1.22

4,500 ITALCEMENTI EUR 75,854 0.10

75,854 0.10

93,000 ASAHI KASEI JPY 459,088 0.60

13,000 DAICEL CHEMICAL INDUSTRIES JPY 71,709 0.09

40,000 DAINIPPON INK & CHEMICALS JPY 109,574 0.14

24,000 DENKI KAGAKU KOGYO JPY 87,061 0.11

16,000 DOWA MINING JPY 108,153 0.14

7,000 HITACHI CHEMICAL JPY 125,393 0.16

24,000 ISHIHARA SANGYO JPY 55,647 0.07

37,000 JFE HOLDINGS JPY 1,034,312 1.35

12,000 JSR JPY 237,285 0.31

16,000 KANEKA JPY 177,113 0.23

14,000 KANSAI PAINT JPY 86,911 0.11

160,000 KOBE STEEL JPY 282,723 0.37

28,000 KURARAY JPY 250,524 0.33

108,000 MITSUBISHI CHEMICAL CORP JPY 345,325 0.45

22,000 MITSUBISHI GAS CHEMICAL JPY 103,459 0.13

64,000 MITSUBISHI MATERIAL JPY 153,179 0.20

30,000 MITSUBISHI RAYON JPY 111,070 0.14

47,000 MITSUI CHEMICALS JPY 263,211 0.34

39,000 MITSUI MINING & SMELTING JPY 173,196 0.23

4,000 NIPPON KAYAKU JPY 23,186 0.03

27,000 NIPPON LIGHT METAL JPY 70,428 0.09

56 NIPPON PAPER GROUP JPY 259,162 0.34

9,000 NIPPON SHOKUBAI JPY 81,619 0.11

428,000 NIPPON STEEL JPY 1,084,405 1.41

8,000 NISSAN CHEMICAL INDUSTRIES JPY 69,185 0.09

54,000 NISSHIN STEEL CO JPY 141,866 0.18

12,000 NITTO DENKO JPY 630,516 0.82

54,000 OJI PAPER JPY 303,927 0.40

25,500 SHIN-ETSU CHEMICAL JPY 967,932 1.26

67,000 SHOWA DENKO JPY 176,019 0.23

9,000 SUMITOMO BAKELITE JPY 56,292 0.07

89,000 SUMITOMO CHEMICAL JPY 441,006 0.57

243,000 SUMITOMO METAL INDUSTRIES JPY 438,472 0.57

37,000 SUMITOMO METAL MINING JPY 279,160 0.36

32,000 SUMITOMO OSAKA CEMENT JPY 84,069 0.11

55,000 TAIHEIYO CEMENT JPY 154,778 0.20

20,000 TAIYO NIPPON SANSO JPY 117,427 0.15

56,000 TEIJIN JPY 239,791 0.31

83,000 TORAY INDUSTRIES JPY 373,252 0.49

30,000 TOSOH JPY 148,654 0.19

9,000 TOYO SEIKAN KAISHA JPY 167,530 0.22

54,000 UBE INDUSTRIES JPY 111,574 0.15

12,000 ZEON JPY 89,978 0.12

10,745,161 13.97



Shares

103,500 ARCELOR EUR 2,371,478 3.09

2,371,478 3.09

17,000 DSM EUR 1,200,812 1.57

1,200,812 1.57

8,000 NORSKE SKOGINDUSTRIER -A- NOK 160,269 0.21


358,427 0.47

60,750 CARTER HOLT HARVEY NZD 85,323 0.11

31,680 FLETCHER BUILDING NZD 149,970 0.20

235,293 0.31


90,040 0.12

7,500 BILLERUD SEK 110,744 0.14

1,650 HOGANAS -B- SEK 47,556 0.06

3,050 HOLMEN -B- SEK 96,351 0.13

4,000 SSAB A SEK 99,670 0.13

2,500 SSAB SWEDISH STEEL B SEK 59,987 0.08

12,900 SVENSKA CELLULOSA -B- SEK 488,106 0.64

902,414 1.18

31,900 AIR PRODUCTS & CHEMICALS USD 2,018,951 2.63

62,800 ALCOA USD 1,908,492 2.49

7,000 BALL USD 290,360 0.38

83,000 DU PONT DE NEMOURS USD 4,252,920 5.54

13,700 ECOLAB USD 452,785 0.59

12,500 FREEPORT MCMORAN COPPER USD 495,125 0.65& GOLD

17,500 GEORGIA-PACIFIC USD 621,075 0.81

82,000 HUNTSMAN CORP USD 1,912,240 2.49

5,500 INTERN. FLAVORS & FRAGRANCE USD 217,250 0.28

33,000 INTERNATIONAL PAPER USD 1,214,070 1.58

15,000 MEADWESTVACO USD 477,300 0.62

MATERIALS



Shares

200 MONSANTO (NEW) USD 12,900 0.02

31,500 NEWMONT MINING USD 1,330,875 1.73

10,300 PACTIV USD 240,505 0.31

6,900 PHELPS DODGE USD 701,937 0.92

40,884 PRAXAIR USD 1,956,708 2.55

10,000 ROHM & HAAS USD 480,000 0.63

5,500 SEALED AIR USD 285,670 0.37

5,300 SIGMA ALDRICH USD 324,625 0.42

17,400 SMURFIT-STONE CONTAINER USD 269,178 0.35

3,700 TEMPLE-INLAND USD 268,435 0.35

6,200 VULCAN MATERIALS USD 352,345 0.46

17,250 WEYERHAEUSER USD 1,181,625 1.54

21,265,371 27.71

76,645,368 99.89


Shares

3,000 BRO-X MINERALS CAD 0 0.00

25,133 IVANHOE NICKEL&PLATINUM CAD 0 0.00

0 0.00

0 0.00

TOTAL 76,645,368 99.89


117ING (L) Invest - 31/03/2005


118ING (L) Invest - 31/03/2005

NASDAQ



Shares

2,700 SIGMA ALDRICH USD 165,375 0.30

165,375 0.30

25,000 AMGEN USD 1,455,251 2.65

14,900 BIOGEN IDEC USD 514,199 0.94

11,000 CHIRON USD 385,660 0.70

13,200 GENZYME USD 755,568 1.38

17,900 GILEAD SCIENCES USD 640,820 1.17

1,900 INVITROGEN USD 131,480 0.24

11,200 MEDIMMUNE USD 266,670 0.49


4,271,738 7.79

22,000 ALTERA USD 435,160 0.79

7,800 AMERICAN POWER CONVERSION USD 203,658 0.37


22,100 BROADCOM USD 661,232 1.21

24,000 CELESTICA CAD 322,549 0.59

9,600 ECHOSTAR COMMUNICATIONS -A- USD 280,800 0.51

4,400 GARMIN USD 203,808 0.37

23,400 INTEL USD 543,582 0.99

7,200 INTERSIL CORP -A- USD 124,704 0.23

6,000 LAM RESEARCH USD 173,160 0.32

7,600 MICROCHIP TECHNOLOGY USD 197,676 0.36

3,900 MOLEX USD 102,804 0.19


15,200 QLOGIC USD 615,600 1.12

8,000 RESEARCH IN MOTION USD 611,360 1.11

23,500 SANMINA USD 122,670 0.22

19,300 XILINX USD 564,139 1.03

7,359,407 13.41

11,300 AMAZON.COM USD 387,251 0.71

10,100 AUTODESK USD 300,576 0.55

15,800 BEA SYSTEMS USD 125,926 0.23

10,200 CHECK POINT SOFTWARE USD 221,748 0.40TECHNOLOGIES

8,600 CITRIX SYSTEMS USD 204,852 0.37

5,500 COGNIZANT TECH SOLUTIONS USD 254,100 0.46

10,200 FISERV USD 405,960 0.74

9,100 GOOGLE USD 1,642,641 3.00

720 HUDSON HIGHLAND GROUP USD 12,305 0.02

10,000 INTUIT USD 437,700 0.80

4,000 MERCURY INTERACTIVE USD 189,520 0.35

138,100 MICROSOFT USD 3,337,877 6.09

157,800 ORACLE USD 1,969,344 3.59



Shares

15,200 PAYCHEX USD 498,864 0.91


62,000 SYMANTEC USD 1,322,460 2.41

5,800 SYNOPSYS USD 104,980 0.19


27,900 YAHOO USD 945,810 1.72

13,031,028 23.76



38,100 DELL USD 1,463,802 2.67

14,700 JUNIPER NETWORKS USD 324,282 0.59

6,400 SANDISK USD 177,920 0.32

63,200 SUN MICROSYSTEMS USD 255,328 0.47

8,039,262 14.66

3,100 FASTENAL USD 171,461 0.31

7,750 PACCAR USD 561,023 1.02

732,484 1.33

14,000 BIOMET USD 508,200 0.93

3,400 DENTSPLY USD 184,994 0.34

3,000 EXPRESS SCRIPTS USD 261,570 0.48

4,300 LINCARE HOLDING USD 190,189 0.35

5,500 PATTERSON USD 274,725 0.50

19,200 TEVA PHARMACEUTICAL IND. (ADR) USD 595,200 1.09

2,014,878 3.69

8,700 CINTAS USD 359,397 0.66

359,397 0.66

3,500 LAMAR ADVERTISING USD 141,015 0.26

100 REUTERS GBP 771 0.00

141,786 0.26

10,900 SMURFIT-STONE CONTAINER USD 168,623 0.31

168,623 0.31

NASDAQ



Shares


3,500 CDW USD 198,380 0.36

10,400 COSTCO WHOLESALE USD 459,472 0.84

4,200 DOLLAR TREE STORES USD 120,666 0.22

5,800 PETSMART USD 166,750 0.30

6,400 ROSS STORES USD 186,496 0.34

14,100 STAPLES USD 443,163 0.81

2,700 WHOLE FOODS MARKET USD 275,751 0.50

2,468,204 4.50

4,200 SEARS HOLDING USD 559,314 1.02

9,300 XM SATELLITE RADIO USD 292,950 0.53

7,000 XO COMMUNICATIONS USD 518 0.00

852,782 1.55

3,500 CH ROBINSON WORLDWIDE USD 180,355 0.33

4,300 EXPEDITORS USD 230,265 0.42

410,620 0.75

32,500 AUDIOCODES USD 365,950 0.67

39,900 COMCAST -A- USD 1,347,821 2.46

9,400 COMVERSE TECHNOLOGY USD 237,068 0.43


30,300 IAC/INTERACTIVE USD 674,781 1.23

30,400 LEVEL 3 COMMUNICATIONS USD 62,624 0.11

7,500 LIBERTY MEDIA A USD 328,050 0.60

58,800 NEXTEL COMMUNICATIONS -A- USD 1,671,096 3.05

83,500 QUALCOMM USD 3,060,275 5.58

57,700 SIRIUS SATELLITE RADIO USD 324,274 0.59

7,000 TELEFON ERICSSON -B-(ADR) USD 197,400 0.36

10,000 TELLABS USD 73,000 0.13

71,400 UNIPHASE USD 119,238 0.22

41,000 WORLDCOM USD 0 0.00

8,462,112 15.43

23,300 STARBUCKS USD 1,203,678 2.19

4,700 WYNN RESORTS USD 318,378 0.58

1,522,056 2.77



Shares

7,750 APOLLO A USD 573,965 1.05


4,500 CAREER EDUCATION CORP USD 154,170 0.28

14,200 MCI USD 353,864 0.65

4,200 NTL INCORPORATED USD 267,414 0.49

2,700 PIXAR USD 263,385 0.48

10,475 VERISIGN USD 300,633 0.55

2,096,367 3.83

52,096,119 95.00

TOTAL 52,096,119 95.00


119ING (L) Invest - 31/03/2005


120ING (L) Invest - 31/03/2005

NASDAQ



Forward Contracts

Stock indices

19 USDNASDAQ 100 INDEX 06/2005 2,832,900

2,832,900


NEW ASIA



Shares

610,000 SUNTEC (REAL ESTATE INVEST TRUST) SGD 473,416 0.17

473,416 0.17

1,178,000 CHINA STEEL TWD 1,314,247 0.48

45,540 CHINA STEEL (GDR) USD 1,009,166 0.37

20,060 POSCO KRW 3,970,517 1.46

1,000,000 YANZHOU COAL MINING HKD 1,359,091 0.50

7,653,021 2.81

2,000,000 ALUMINIUM CORP OF CHINA HKD 1,153,945 0.43

1,153,945 0.43

1,500,000 ASIA CEMENT TWD 990,287 0.36

2,600,000 ITALIAN THAI DEVELOP FGN THB 684,648 0.25

45,000 LARSEN AND TOUBRO LTD (GDR R2) USD 1,035,000 0.38

80,000 LG CONSTRUCTION LTD KRW 2,205,810 0.81

10,000,000 SEMEN CIBINONG TBK PT IDR 496,304 0.18

180,000 SIAM CEMENT PUBLIC (FRG REG) THB 1,214,879 0.45

3,000,000 SINO-THAI (REG.) THB 866,675 0.32

3,117,000 SP SETIA MYR 3,281,066 1.21

10,774,669 3.96

5,165,000 CNOOC LTD HKD 2,781,393 1.02

3,058,000 PETROCHINA HKD 1,901,612 0.70

455,000 PTT (FOREIGN) THB 2,245,047 0.83

160,000 PTT EXPLORATION (FOREIGN) THB 1,218,970 0.45

33,000 SK CORP KRW 1,949,778 0.72

10,096,800 3.72

29,330 ABLE & CC KRW 1,341,584 0.49

1,250,000 FORMOSA PLASTICS TWD 2,241,635 0.83

23,540 HONAM PETROCHEMICAL KRW 1,205,396 0.44

1,110,166 NAN YA PLASTIC TWD 1,642,027 0.60


7,367,701 2.71



Shares

1,400,000 ACER TWD 2,199,580 0.81

900,000 ADVANCED SEMICONDUCTOR TWD 664,159 0.24ENGENEE

1,354,000 AU OPTRONICS TWD 1,981,190 0.73

835,160 HON HAI PRECISION INDUSTRY TWD 3,711,113 1.37

39,242 LG ELECTRONICS (NEW) KRW 2,631,591 0.97

340,000 NOVATEK MICROELECTRONICS TWD 1,543,197 0.57

189,000 POWERTECH TECHNOLOGY TWD 548,895 0.20

41,941 SAMSUNG ELECTRONICS KRW 20,733,020 7.64

7,480 SAMSUNG ELECTRONICS (PREF) KRW 2,456,504 0.90

1,615,000 SINTEK PHOTRONIC TWD 799,657 0.29

160,000 TAIWAN GREEN POINT TWD 639,878 0.24CENTER ENTERPRISES CO


616,000 TECHTRONIC HKD 1,362,425 0.50

4,400,000 UNITED MICROELECTRONICS TWD 2,660,444 0.98

48,883,889 18.00

32,000 INFOSYS TECHNOLOGIES DEMAT INR 1,650,786 0.61

1,650,786 0.61

1,039,075 ASUSTEK COMPUTER TWD 2,869,278 1.06

1,181,500 COMPAL ELECTRONICS TWD 1,078,147 0.40

3,947,425 1.46

35,000 DAEWOO SHIPBUILDING & MARINE KRW 658,296 0.24

2,000,000 HUNG POO REAL ESTATE DEVELOP TWD 1,399,732 0.52

2,058,028 0.76

2,500,000 DENWAY MOTORS HKD 881,486 0.32

50,000 HYUNDAY MOTOR KRW 2,708,026 1.00

213,000 TATA MOTORS (ADR) USD 2,066,100 0.76

5,655,612 2.08

65,000 HANKOOK TIRE KRW 726,489 0.27

726,489 0.27

121ING (L) Invest - 31/03/2005

NEW ASIA



Shares

68,200 CAPITACOMMERCIAL TRUST SGD 59,132 0.02

2,541,000 CAPITALAND SGD 3,620,558 1.33

478,000 CHEUNG KONG HKD 4,244,146 1.56

232,000 CITY DEVELOPMENT SGD 907,299 0.33

400,000 HOPEWELL HOLDINGS HKD 943,671 0.35

12,600,000 SM PRIME HOLDINGS PHP 1,789,349 0.66

453,000 SUN HUNG KAI PROPERTIES HKD 4,109,295 1.51

15,673,450 5.76

9,002 NONG SHIM KRW 2,570,734 0.95

2,570,734 0.95

16,000 RANBAXY LABORATORIES USD 380,800 0.14

380,800 0.14

126,500 ESPRIT HOLDINGS HKD 863,680 0.32

1,200,000 FAR EASTERN TEXTILE TWD 788,421 0.29

738,979 FORMASA CHEMICALS & FIBER TWD 1,505,822 0.55

3,157,923 1.16

525,491 SINGAPORE PRESS HOLDING SGD 1,452,891 0.54

1,452,891 0.54

927,000 LIFESTYLE NTL HOLDINGS HKD 1,420,333 0.52

1,420,333 0.52

3,600,000 ANEKA TAMBANG DEMAT IDR 855,333 0.32

855,333 0.32



Shares

1,600,000 BANCO DE ORO UNIVERSAL PHP 786,528 0.29

600,000 BANGKOK BANK (FOREIGN) THB 1,718,011 0.63

2,142,500 BANK MANDIRI IDR 386,872 0.14

205,419 BANK OF EAST ASIA HKD 591,289 0.22

650,000 COMMERCE ASSET MYR 783,424 0.29

49,000 DAISHIN SECURITIES KRW 487,346 0.18

373,451 DBS SGD 3,373,827 1.24

105,000 HANA BANK KRW 2,895,126 1.07

338,500 HANG SENG BANK HKD 4,492,020 1.65


942,000 KASIKORNBANK NVDR THB 1,312,515 0.48

469,700 KASIKORNBANK PUBLIC THB 702,479 0.26

90,000 KOOKMIN BANK KRW 4,019,202 1.48

23,636 LG CARD KRW 672,654 0.25

878,000 MALAYAN BANKING MYR 2,610,905 0.96

337,000 OVERSEA-CHINESE BANKING SGD 2,819,758 1.04

345,625 PUBLIC BANK BHD MYR 704,896 0.26

92,000 SAMSUNG SECURITIES KRW 2,310,192 0.85

419,456 UNITED OVERSEAS BANK SGD 3,662,282 1.35

36,450,425 13.42

3,000,000 AYALA PHP 415,111 0.15

908,000 CATHAY FINANCIAL TWD 1,723,429 0.63

3,000,000 CHINA DEVELOPMENT FINANCIAL TWD 1,204,532 0.44


382,000 CITIC PACIFIC HKD 1,119,160 0.41

719,500 HUTCHISON WHAMPOA HKD 6,111,662 2.25


427,000 SWIRE PACIFIC -A- HKD 3,380,707 1.25

1,300,000 TAISHIN FINANCIAL TWD 1,163,587 0.43

171,000 WHARF HKD 540,450 0.20

20,292,316 7.47

1,500,000 PING AN INSURANCE -H- HKD 2,375,204 0.88

2,375,204 0.88

2,244,000 AIR CHINA -H- HKD 812,801 0.30

1,400,000 CHINA AIRLINES TWD 764,298 0.28

1,400,000 COSCO PACIFIC HKD 3,042,569 1.12

1 EVERGREEN MARINE TWD 1 0.00

16,009 JET AIRWAYS INDIA LTD INR 444,578 0.16

110,000 KOREAN AIR KRW 2,144,756 0.79

200,000 MALAYSIA INTERNATIONAL MYR 857,898 0.32SHIPPING (FOR)

189,000 SINGAPORE AIRLINES SGD 1,363,678 0.50

1,200,000 ZHEJIANG EXPRESSWAY HKD 846,226 0.31

10,276,805 3.78


122ING (L) Invest - 31/03/2005


NEW ASIA



Shares

435,700 CLP HOLDINGS HKD 2,480,351 0.91

1,250,000 HONG KONG & CHINA GAS HKD 2,460,147 0.91

211,000 HONGKONG ELECTRIC HOLDING HKD 938,760 0.35

90,000 KOREA ELECTRIC POWER KRW 2,313,146 0.85

593,000 TENAGA NASIONAL MYR 1,591,743 0.59

9,784,147 3.61

300,000 ADVANCED INFO SERVICE THB 766,969 0.28

1,013,500 ASTRO ALL ASIA NETWORKS MYR 1,373,565 0.51

2,770,000 CHINA TELECOM -H- HKD 967,807 0.36

2,073,500 CHINE MOBILE HKD 6,779,332 2.50

25,000 CJ39 SHOPPING KRW 1,816,839 0.67

35,000 INTOPS KRW 720,335 0.27

41,000 KT KRW 1,590,743 0.59

2,583,287 SINGAPORE TELECOM SGD 4,041,060 1.49

6,980 SK TELECOM KRW 1,175,362 0.43

1,200,000 STARHUB SGD 916,758 0.34

674,000 TELEKOM MALAYSIA MYR 1,729,349 0.64

3,000,000 TELEKOMUNIKASI INDONESIA IDR 1,417,635 0.52

23,295,754 8.60

357,800 GENTING BERHAD MYR 1,628,938 0.60

1,628,938 0.60

750,000 CHINA RESOURCES ENTERPRISE HKD 1,028,934 0.38

5,727,000 SINGAPORE POST SGD 2,968,904 1.09

3,997,838 1.47

234,054,672 86.20



Warrants & Rights

23,200 CITY DEVELOPMENT (WT 10/05/2006) SGD 56,267 0.02

56,267 0.02

1,065,500 CITIGROUP-NATIONAL THERMAL USD 2,071,332 0.76(WT 20/01/09)

222,475 MERRIL CW09 RELIANCE INDUS USD 2,810,037 1.04(WT 15/07/09)

270,000 MERRILL ICICI BANK (WT 27/01/2009) USD 2,360,340 0.87

7,520 MERRILL LYNCH (05/09/2005)-INFOSYS USD 1,494,585 0.55

118,060 MERRILL-OIL AND NATURAL USD 2,330,634 0.86(WT 09/03/2009)

11,066,928 4.08

1,015,104 TRUE CORPORATION (WT) (03/04/08) THB 26 0.00

26 0.00

11,123,221 4.10


Shares

18,000 ULTRATECH CEMCO USD 292,312 0.11

292,312 0.11

494,700 BURSA MALAYSIA BHD MYR 507,720 0.19

507,720 0.19

800,032 0.30

123ING (L) Invest - 31/03/2005


NEW ASIA



Shares

575,000 FIRST BANGKOK CITY BK THB 0 0.00

0 0.00

0 0.00

Warrants & Rights

115,000 ABN AMRO HINDUSTAN USD 794,650 0.29PETROLEUM 07/02/2005

170,000 ABN AMRO-CT03 TATA IRON&ST USD 1,686,400 0.6224/06/04 (WT)

48,140 ABN INFOSYS TECHNOLOGI USD 2,386,974 0.88(WT14/06/2005)

130,000 ABN-GUJARAT AMBUJA USD 1,177,800 0.43(WT 28/02/2005)

6,045,824 2.22

6,045,824 2.22

TOTAL 252,023,749 92.82

124ING (L) Invest - 31/03/2005





Shares

60,000 MARVELL TECHNOLOGY USD 1,770,014 4.02

1,770,014 4.02

30,000 RESEARCH IN MOTION USD 1,764,013 4.00

1,764,013 4.00

155,000 NOKIA -A- EUR 1,853,800 4.21

1,853,800 4.21

50,000 BUSINESS OBJECTS EUR 1,032,500 2.34

1,032,500 2.34

477,000 ARM HOLDING GBP 729,978 1.66

729,978 1.66

81,000 AUDIOCODES USD 701,774 1.59

95,000 CHECK POINT SOFTWARE USD 1,589,120 3.61TECHNOLOGIES

2,290,894 5.20

10,000 SOFTBANK JPY 317,961 0.72

317,961 0.72

125,000 ASML EUR 1,628,750 3.70

70,000 QIAGEN EUR 637,000 1.45

2,265,750 5.15



Shares

100,000 ABGENIX USD 538,607 1.22

230,000 BEA SYSTEMS USD 1,410,457 3.20

75,000 BROADCOM USD 1,726,619 3.92

256,000 BROCADE COMMUNICATIONS USD 1,166,099 2.65SYSTEMS

25,000 CANCERVAX CORP USD 126,765 0.29

235,000 CIENA USD 311,007 0.71


85,000 CITRIX SYSTEMS USD 1,557,881 3.54

100,000 COMVERSE TECHNOLOGY USD 1,940,522 4.41

20,000 DENDREON CORP USD 83,869 0.19

200,000 EMC USD 1,895,895 4.30

40,000 EMULEX USD 579,848 1.32

16,000 GOOGLE USD 2,222,260 5.04

12,000 INVITROGEN USD 638,941 1.45

100,000 JUNIPER NETWORKS USD 1,697,380 3.85

50,000 MCDATA CORP CL B USD 134,267 0.30

45,000 MERCURY INTERACTIVE USD 1,640,519 3.72


80,000 NETWORK APPLIANCE USD 1,702,612 3.87

90,000 QUALCOMM USD 2,537,991 5.76

47,000 RAMBUS USD 544,985 1.24

220,000 SIEBEL SYSTEMS USD 1,545,493 3.51

230,000 SONUS NETWORKS USD 750,356 1.70

85,000 VERISIGN USD 1,877,044 4.26

105,000 VERITAS SOFTWARE USD 1,875,967 4.26

31,979,165 72.59

44,004,075 99.89

TOTAL 44,004,075 99.89

125ING (L) Invest - 31/03/2005


126ING (L) Invest - 31/03/2005

PRESTIGE & LUXE



Shares

6,478 ORIENT EXPRESS HOTELS A USD 130,093 0.27

130,093 0.27

18,227 FAIRMONT HOTELS & RESORTS CAD 464,137 0.95

7,701 FOUR SEASONS HOTELS USD 418,929 0.86

883,066 1.81


87,426 RICHEMONT (UNITS)-A- CHF 2,119,196 4.35


15,808 THE SWATCH -B- CHF 1,677,642 3.44

4,294,872 8.81

124,789 BMW EUR 4,373,853 8.97

10,412 BMW (PREF) EUR 294,451 0.60

7,910 HUGO BOSS EUR 188,812 0.39

6,206 HUGO BOSS (PREF) EUR 148,820 0.31

1,889 PORSCHE (PREF) EUR 1,057,840 2.17

3,983 PUMA EUR 769,237 1.58

6,833,013 14.02

2,632 BANG & OLUFSEN B DKK 136,019 0.28

136,019 0.28

13,123 CHRISTIAN DIOR EUR 738,169 1.51

7,695 CLARINS EUR 378,825 0.78

2,069 HERMES EUR 321,316 0.66



4,462 REMY COINTREAU EUR 144,256 0.30

2,531 STE DU LOUVRE (NOM.) EUR 275,879 0.57

6,389,203 13.11

170,000 BURBERRY GROUP GBP 1,012,214 2.08

45,000 DIAGEO GBP 488,113 1.00

163,082 HILTON GBP 713,743 1.46

225,615 INTERCONTINENTAL HOTELS GBP 2,025,696 4.15


4,559,094 9.34



Shares

3,650 FOLLI FOLLIE EUR 79,935 0.16


165,312 0.34

250,316 SHANGRI-LA ASIA HKD 281,520 0.58

281,520 0.58


515,599 1.06

81,000 SHISEIDO JPY 824,506 1.69

39,700 YAMAHA CORP JPY 441,807 0.91

1,266,313 2.60

34,300 ROYAL CARIBBEAN CRUISES USD 1,179,446 2.42

1,179,446 2.42

105,500 CARNIVAL USD 4,205,713 8.63

4,205,713 8.63

66,751 CAESARS ENTERTAINMENT USD 1,016,429 2.08

17,020 CALLAWAY GOLF USD 167,627 0.34

44,960 COACH USD 1,959,054 4.02

29,723 ESTEE LAUDER COMPANIES USD 1,028,693 2.11

66,495 HARLEY-DAVIDSON USD 2,955,220 6.06

26,906 HARRAHS USD 1,336,967 2.74

44,147 MARRIOTT INTERNATIONAL A USD 2,271,126 4.66

33,575 NORDSTROM USD 1,430,680 2.93

8,473 POLO RALPH LAUREN A USD 252,955 0.52

33,145 SAKS USD 460,330 0.94

10,105 SOTHEBY'S HOLDINGS A USD 131,867 0.27

48,966 STARWOOD HOTELS & RESORTS USD 2,261,708 4.64

34,604 TIFFANY & CO USD 919,117 1.89

17,800 TOLL BROTHERS USD 1,079,929 2.22

17,271,702 35.42

48,110,965 98.69

TOTAL 48,110,965 98.69

127ING (L) Invest - 31/03/2005

SUSTAINABLE GROWTH



Shares


344,737 1.11

43,400 KURITA WATER IND JPY 526,380 1.70

526,380 1.70

65,774 STORA ENSO EUR 712,332 2.30

712,332 2.30

142,906 BP GBP 1,139,716 3.68

15,076 ROYAL DUTCH PETROLEUM EUR 695,305 2.25

1,835,021 5.93

7,334 PRAXAIR USD 270,077 0.87

6,523 ROHM & HAAS USD 240,914 0.78

510,991 1.65

9,600 CANON JPY 397,092 1.28

20,920 INTEL USD 373,925 1.21

15,715 ROCKWELL AUTOMATION USD 684,875 2.21

1,700 ROHM JPY 126,329 0.41

2,306 SAMSUNG ELECTRONICS (144A) USD 439,145 1.42

13,100 SONY JPY 402,394 1.30


18,644 TAIWAN SEMICONDUCTOR SP (ADR) USD 121,649 0.39

15,519 TEXAS INSTRUMENTS USD 304,374 0.98

2,950,307 9.52

44,379 LOGICACMG GBP 114,214 0.37

1,583 SAP EUR 196,783 0.64


402,076 1.30



Shares

27,667 CISCO SYSTEMS USD 380,843 1.23

12,399 DELL USD 366,537 1.18


978,943 3.16

6,700 SANDVIK SEK 215,191 0.70

215,191 0.70

14,100 TOYOTA MOTOR JPY 404,710 1.31

8,060 VOLKSWAGEN EUR 295,963 0.96

700,673 2.27

1,469 NESTLE (REG.) CHF 310,329 1.00

14,022 PEPSICO USD 572,144 1.85

5,302 UNILEVER (CERT.) EUR 278,355 0.90

2,043 WRIGLEY JR. USD 103,074 0.33

1,263,902 4.08

3,844 ASTRAZENECA GBP 116,592 0.38


21,184 BRISTOL MYERS SQUIBB USD 414,992 1.34



18,899 MEDTRONIC USD 740,895 2.39

11,168 NOVARTIS (NOM.) CHF 402,282 1.30

8,100 TAKEDA PHARMACEUTICAL JPY 297,754 0.96

4,157,513 13.43

6,828 COLGATE-PALMOLIVE USD 274,087 0.89

274,087 0.89

6,900 MCGRAW HILL USD 463,221 1.50


10,441 VNU EUR 234,923 0.76

942,700 3.05



128ING (L) Invest - 31/03/2005

SUSTAINABLE GROWTH



Shares

3,076 CARREFOUR EUR 125,931 0.41

5,257 HOME DEPOT USD 154,678 0.50

4,731 METRO EUR 195,911 0.63

11,745 OFFICE DEPOT USD 200,442 0.65

70,434 TESCO GBP 324,135 1.05

1,001,097 3.24

21,837 AMERICAN EXPRESS USD 863,130 2.79


3,515 BNP PARIBAS EUR 192,095 0.62

5,028 FANNIE MAE USD 210,653 0.68

25,734 ING GROEP EUR 599,602 1.94

47,991 LLOYDS TSB GBP 333,547 1.08

14,515 MBNA USD 274,184 0.89

10,850 SOCIETE GENERALE PARIS -A- EUR 869,628 2.81

7,207 UBS (REG.) CHF 469,890 1.52


28,936 US BANCORP USD 641,662 2.07


6,041,665 19.53

6,177 3M USD 407,269 1.32

407,269 1.32

7,006 AMERICAN INTERNATIONAL USD 298,698 0.97

4,660 HARTFORD USD 245,827 0.79

17,516 METLIFE USD 526,969 1.70

39,651 PRUDENTIAL GBP 291,725 0.94

1,363,219 4.40

71 EAST JAPAN RAILWAY JPY 294,194 0.95

11,702 TPG EUR 256,859 0.83

551,053 1.78

71,082 ENEL EUR 524,727 1.70

44,841 NATIONAL GRID TRANSCO GBP 319,641 1.03

20,389 SEVERN TRENT GBP 271,260 0.88

72,395 SNAM RETE GAS EUR 311,009 1.01

29,116 SUNCOR ENERGY CAD 902,329 2.92

2,328,966 7.54



Shares

12,452 BELLSOUTH USD 251,886 0.81

6,500 COMCAST -A- USD 168,945 0.55


13,200 NOKIA -A- EUR 157,872 0.51

134 NTT DOCOMO JPY 173,512 0.56

13,113 SBC COMMUNICATIONS USD 239,024 0.77

208,141 TELECOM ITALIA RNC EUR 502,244 1.62

38,000 TELENOR NOK 263,937 0.85

11,506 TELMEX USD 305,699 0.99

168,487 VODAFONE GBP 344,201 1.11

2,740,099 8.85

18,144 MC.DONALD'S USD 434,736 1.41

434,736 1.41

30,682,957 99.16

TOTAL 30,682,957 99.16

TELECOM



Shares

42,678 TELEKOM AUSTRIA EUR 837,544 1.05

837,544 1.05

257,703 TELSTRA AUD 1,014,679 1.27

1,014,679 1.27

2,360 BELGACOM EUR 97,843 0.12

11,705 MOBISTAR EUR 1,030,640 1.29

1,128,483 1.41

5,439 ALIANT CAD 129,517 0.16

37,159 BCE CAD 929,079 1.16

7,900 TELUS CAD 253,938 0.32

19,411 TELUS NON VOTE CAD 597,316 0.75

1,909,850 2.39

70 SWISSCOM CHF 25,752 0.03

25,752 0.03


1,152,845 1.44

22,445 TDC -B- DKK 948,554 1.19

948,554 1.19


185,600 TELEFONICA MOVILES EUR 2,204,705 2.76

5,441,971 6.81



Shares

17,615 ELISA COMMUNICATIONS EUR 299,903 0.37

299,903 0.37

24,335 BOUYGUES EUR 967,153 1.21


8,670,776 10.84

443 BT GBP 1,720 0.00

293,970 CABLE & WIRELESS GBP 718,008 0.90

2,826,069 VODAFONE GBP 7,503,345 9.38

8,223,073 10.28

14,380 COSMOTE MOBILE EUR 254,544 0.32COMMUNICATIONS

30,458 HELLENIC COMMUNICATIONS EUR 539,144 0.67

793,688 0.99

1,400 CHINA UNICOM HKD 1,086 0.00

301,400 CHINA UNICOM (ADR) USD 2,326,808 2.91

940 CHINE MOBILE HKD 3,073 0.00

433,600 PCCW NEW HKD 243,226 0.30

39,500 SMARTONE TELECOMMUNICATIONS HKD 43,555 0.05

2,617,748 3.26

63,069 EIRCOM GROUP EUR 166,394 0.21

166,394 0.21

605,574 TELECOM ITALIA EUR 2,302,075 2.88


425,345 TELECOM ITALIA RNC EUR 1,333,906 1.67

4,669,701 5.84

551 NTT DOCOMO JPY 927,263 1.16

927,263 1.16


129ING (L) Invest - 31/03/2005


130ING (L) Invest - 31/03/2005

TELECOM



Shares

40 SK TELECOM (ADR) USD 789 0.00

789 0.00

178,000 HUTCHISON TELECOMMUNICATIONS HKD 170,027 0.21INTERNATIONAL

170,027 0.21

264,215 KPN (DEMAT.) EUR 2,369,370 2.96

2,369,370 2.96

95,861 TELENOR NOK 865,337 1.08

865,337 1.08

236,698 TELECOM CORP OF NEW ZEALAND NZD 1,022,631 1.28

1,022,631 1.28


1,085,334 1.36

99,780 TELE2 SEK 3,307,941 4.14

81,682 TELIASONERA SEK 487,083 0.61

3,795,024 4.75

808,362 SINGAPORE TELECOM SGD 1,264,528 1.58

1,264,528 1.58



Shares

12,187 AT & T CORP (EX-DISTR.) USD 228,506 0.29

293,508 BELLSOUTH USD 7,716,325 9.65

194,800 CHINA MOBIL USD 3,196,668 4.00

58,730 LEVEL 3 COMMUNICATIONS USD 120,984 0.15

125,136 NEXTEL COMMUNICATIONS -A- USD 3,556,365 4.45

191,576 QWEST COMMUNICATIONS USD 708,831 0.89

155,818 SBC COMMUNICATIONS USD 3,691,328 4.62

6,300 TELEPHONE AND DATA SYSTEMS USD 514,080 0.64

226,758 VERIZON COMMUNICATIONS USD 8,049,909 10.07

27,782,996 34.76

77,184,260 96.52

TOTAL 77,184,260 96.52


131ING (L) Invest - 31/03/2005




Shares

13,700 UNITED STATES STEEL USD 696,645 0.23

696,645 0.23

12,800 PHELPS DODGE USD 1,302,144 0.42

1,302,144 0.42

9,500 AMERADA HESS USD 913,995 0.30

23,750 ANADARKO USD 1,807,375 0.59

33,000 BURLINGTON RESOURCE USD 1,652,310 0.54


36,108 CONOCOPHILLIPS USD 3,893,887 1.26

41,800 DEVON ENERGY USD 1,995,950 0.65

211,141 EXXON MOBIL USD 12,584,004 4.08

28,600 OCCIDENTAL PETROLEUM USD 2,035,462 0.66

8,200 SUNOCO USD 848,864 0.28

25,300 UNOCAL USD 1,560,757 0.51

22,500 VALERO ENERGY USD 1,648,575 0.54

33,900,678 11.02

64,075 DOW CHEMICAL USD 3,194,139 1.04

25,650 DU PONT DE NEMOURS USD 1,314,306 0.43

29,500 MONSANTO (NEW) USD 1,902,750 0.62

21,550 PPG INDUSTRIES USD 1,541,254 0.50

25,900 ROHM & HAAS USD 1,243,200 0.40

9,195,649 2.99

32,800 AMGEN USD 1,909,286 0.62

1,909,286 0.62

167,355 INTEL USD 3,887,657 1.26

10,600 QLOGIC USD 429,300 0.14

23,950 ROCKWELL AUTOMATION USD 1,356,528 0.44

45,950 TEXAS INSTRUMENTS USD 1,171,264 0.38

53,978 TYCO INTERNATIONAL (NEW) USD 1,824,456 0.59

8,669,205 2.81



Shares

21,200 BOEING USD 1,239,350 0.40

22,600 HONEYWELL USD 840,946 0.27

37,800 LOCKHEED MARTIN USD 2,308,068 0.75

12,972 UNITED TECHNOLOGIES USD 1,318,734 0.43

5,707,098 1.85

26,650 ADOBE SYSTEMS USD 1,790,081 0.58

30,800 AUTODESK USD 916,608 0.30

51,500 COMPUWARE USD 370,800 0.12

271,958 MICROSOFT USD 6,573,225 2.13

295,368 ORACLE USD 3,686,193 1.20

27,250 PARAMETRIC TECHNOLOGY USD 152,328 0.05

38,600 PAYCHEX USD 1,266,852 0.41

79,250 SYMANTEC USD 1,690,403 0.55

35,300 YAHOO USD 1,196,670 0.39

17,643,160 5.73



131,203 DELL USD 5,040,819 1.64

75,266 HEWLETT PACKARD USD 1,651,336 0.54

75,585 IBM USD 6,906,957 2.24

44,650 NETWORK APPLIANCE USD 1,235,019 0.40

395,500 SUN MICROSYSTEMS USD 1,597,820 0.52

22,208,149 7.22

24,200 AMERICAN STANDARD USD 1,124,816 0.37

5,550 CUMMINS USD 390,443 0.13

1,515,259 0.50

182,791 FORD MOTOR WI USD 2,071,022 0.67

2,071,022 0.67

23,600 GOODYEAR TIRE & RUBBER USD 315,060 0.10

315,060 0.10


132ING (L) Invest - 31/03/2005




Shares

74,550 ARCHER-DANIELS MIDLAND USD 1,832,439 0.59

63,349 COCA-COLA USD 2,639,753 0.86

42,850 KELLOGG USD 1,854,120 0.60

45,068 PEPSICO USD 2,389,956 0.78

8,716,268 2.83

53,507 ALTRIA GROUP USD 3,498,823 1.14

12,071 BROWN FORMAN USD 660,887 0.21

4,159,710 1.35

14,250 AMERISOURCE BERGEN USD 816,383 0.26

29,700 BECTON DICKINSON USD 1,735,074 0.56

39,500 CARDINAL HEALTH USD 2,204,100 0.72

29,800 GUIDANT USD 2,202,220 0.71


31,650 MEDTRONIC USD 1,612,568 0.52

59,505 MERCK USD 1,926,177 0.63

191,518 PFIZER USD 5,031,178 1.63

24,043,588 7.79

25,700 COACH USD 1,455,391 0.47

23,600 NIKE USD 1,966,116 0.64

14,700 V.F. USD 869,358 0.28

4,290,865 1.39

10,650 BLACK & DECKER USD 841,244 0.27

20,600 CLOROX USD 1,297,594 0.42

21,100 HASBRO USD 431,495 0.14

120,878 PROCTER & GAMBLE USD 6,406,534 2.08

8,976,867 2.91

123,508 TIME WARNER USD 2,167,565 0.70

2,167,565 0.70

12,900 BALL USD 535,092 0.17

535,092 0.17



Shares

32,750 BEST BUY USD 1,768,828 0.57

9,500 DILLARDS CLASS A USD 255,550 0.08

33,584 EBAY USD 1,251,340 0.41

83,200 GAP USD 1,817,088 0.59

55,734 HOME DEPOT USD 2,131,268 0.69

14,700 LOWE'S USD 839,223 0.27

37,900 OFFICE DEPOT USD 840,622 0.27

55,800 STAPLES USD 1,753,794 0.57

12,560 SUPERVALU USD 418,876 0.14

23,300 TARGET USD 1,165,466 0.38

91,105 WAL-MART STORES USD 4,565,272 1.48

69,150 WALGREEN USD 3,071,643 1.00

19,878,970 6.45

32,094 AMERICAN EXPRESS USD 1,648,669 0.54


140,445 CITIGROUP USD 6,311,598 2.05

21,600 COMERICA USD 1,189,726 0.39

26,131 FANNIE MAE USD 1,422,833 0.46

50,700 KEYCORP USD 1,645,215 0.53

35,900 PROVIDIAN FINANCIAL USD 616,044 0.20

49,500 US BANCORP USD 1,426,590 0.46

42,648 WACHOVIA USD 2,171,210 0.70

43,950 WELLS FARGO USD 2,628,210 0.85

26,938,648 8.74

45,550 3M USD 3,903,180 1.27

14,750 BEAR STEARNS USD 1,473,525 0.48

60,950 COUNTRYWIDE FINANCIAL USD 1,978,437 0.64


34,600 JC PENNEY USD 1,796,432 0.58

24,700 LEHMAN BROTHERS USD 2,325,752 0.75

23,745 MERRILL LYNCH USD 1,343,967 0.44

29,250 MORGAN STANLEY DEAN WITTER USD 1,674,563 0.54

42,100 PRUDENTIAL FINANCE USD 2,416,540 0.78

55,056 WALT DISNEY USD 1,581,759 0.51

28,767,541 9.32

52,300 ALLSTATE USD 2,827,338 0.92

120,821 AMERICAN INTERNATIONAL USD 6,694,692 2.17

21,450 CHUBB USD 1,700,342 0.55

22,250 LINCOLN NATIONAL USD 1,004,365 0.33

61,650 METLIFE USD 2,410,515 0.78

40,285 PRINCIPAL FINANCIAL USD 1,550,570 0.50

17,150 SAFECO USD 835,377 0.27

18,700 XL CAPITAL -A- USD 1,353,319 0.44

18,376,518 5.96

133ING (L) Invest - 31/03/2005





Shares

28,000 AETNA USD 2,098,600 0.68

46,650 CAREMARK RX USD 1,855,737 0.60

16,400 CIGNA USD 1,464,520 0.48

21,650 HUMANA USD 691,501 0.22

40,450 UNITEDHEALTH USD 3,858,121 1.25

22,304 WELLPOINT USD 2,795,806 0.91

12,764,285 4.14

29,000 CSX USD 1,207,850 0.39

25,000 FEDEX USD 2,348,750 0.76

9,100 UNITED PARCEL USD 661,934 0.21

4,218,534 1.36

81,850 AES USD 1,340,703 0.44

26,400 CMS ENERGY USD 344,256 0.11

9,200 DOMINION RESOURCES USD 684,756 0.22

85,900 DUKE ENERGY USD 2,406,059 0.78

16,876 EXELON USD 774,440 0.25

32,300 SEMPRA ENERGY USD 1,286,832 0.42

16,800 SOUTHERN USD 534,744 0.17

24,650 TXU USD 1,962,880 0.64

9,334,670 3.03

55,800 ALLTEL USD 3,060,630 0.99

59,400 COMCAST -A- USD 2,006,532 0.65


64,440 MOTOROLA USD 964,667 0.31

300 NEWS CORP -A- WI USD 5,076 0.00

42,800 QUALCOMM USD 1,568,620 0.51

18,700 SCIENTIFIC ATLANTA USD 527,714 0.17

124,148 VERIZON COMMUNICATIONS USD 4,407,252 1.43

44,250 VIACOM -B- USD 1,541,228 0.50

14,081,736 4.56

15,750 CARNIVAL USD 816,008 0.26

19,000 DARDEN RESTAURANT USD 582,920 0.19

21,466 LOEWS USD 1,578,610 0.51

26,400 MARRIOTT INTERNATIONAL A USD 1,765,104 0.57

90,994 MC.DONALD'S USD 2,833,553 0.92

10,700 STARBUCKS USD 552,762 0.18

8,128,957 2.63



Shares

43,900 E TRADE FINANCIAL USD 526,800 0.17

15,050 EQUIFAX USD 461,885 0.15

20,800 H&R BLOCK USD 1,052,064 0.34

39,600 MCKESSON CORP USD 1,494,900 0.49

3,535,649 1.15

304,048,818 98.64

TOTAL 304,048,818 98.64



134ING (L) Invest - 31/03/2005



Forward Contracts

Stock indices

23 USDS&P 500 INDEX 06/2005 6,807,425

6,807,425

UTILITIES



Shares

1,140 OESTERREICHISCHE ELEKTRIZITAET EUR 259,280 0.44

259,280 0.44

34,225 AUSTRALIAN GAS LIGHT AUD 375,944 0.64

375,944 0.64

1,970 ELECTRABEL EUR 886,123 1.52

886,123 1.52

14,172 TRANSALTA CAD 215,532 0.37

215,532 0.37

25,328 EON EUR 2,178,812 3.73

49,907 RWE EUR 3,025,795 5.18

6,758 RWE AG (NON VOTING) (PREF) EUR 358,523 0.61

5,563,130 9.52

12,256 AGUAS DE BARCELONA EUR 265,847 0.46

65,736 ENDESA EUR 1,482,276 2.54

11,312 GAS NATURAL SDG EUR 326,082 0.56

52,160 IBERDROLA EUR 1,367,997 2.34

11,705 UNION FENOSAS EUR 348,516 0.60

3,790,718 6.50

24,617 FORTUM EUR 480,542 0.82

480,542 0.82

3,924 SUEZ EUR 105,872 0.18


2,321,375 3.97



Shares

231,763 CENTRICA GBP 1,010,606 1.73

74,286 INTERNATIONAL POWER GBP 251,630 0.43

35,006 KELDA GROUP GBP 395,585 0.68


57,718 SCOTTISH AND SOUTHERN ENERGY GBP 961,456 1.65

117,700 SCOTTISH POWER GBP 909,695 1.56

24,889 SEVERN TRENT GBP 430,353 0.74

46,208 UNITED UTILITIES GBP 550,988 0.94

83,366 UNITED UTILITIES-A- GBP 709,708 1.21

7,077,563 12.12

11,038 PUBLIC POWER EUR 319,045 0.55

319,045 0.55

69,000 CHEUNG KONG INFRASTRUCTURE HKD 198,171 0.34

129,700 CLP HOLDINGS HKD 738,356 1.26

188,000 HONG KONG & CHINA GAS HKD 370,006 0.63

122,200 HONGKONG ELECTRIC HOLDING HKD 543,680 0.93

1,850,213 3.16

62,300 EDISON EUR 127,363 0.22

250,591 ENEL EUR 2,404,174 4.12

91,457 SNAM RETE GAS EUR 510,632 0.87

75,500 TERNA (IPO) EUR 201,448 0.34

3,243,617 5.55

38,900 CHUBU ELECTRIC POWER JPY 936,495 1.60

10,000 ELECTRIC POWER DEVELOPMENT JPY 308,527 0.53

24,000 HOKKAIDO ELECTRIC POWER JPY 489,155 0.84

42,600 KANSAI ELECTRIC POWER JPY 856,302 1.47

48,100 KYUSHU ELECTRIC POWER JPY 1,025,318 1.76

212,000 OSAKA GAS JPY 654,076 1.12

17,500 TOHOKU ELECTRIC POWER JPY 325,098 0.56

76,700 TOKYO ELECTRIC POWER JPY 1,864,435 3.19

185,000 TOKYO GAS JPY 747,195 1.28

7,206,601 12.35

67,400 NGC HOLDING NZD 147,520 0.25

147,520 0.25


135ING (L) Invest - 31/03/2005


UTILITIES



Shares

99,749 EDP-ENERGIAS DE PORTUGAL EUR 278,723 0.48

278,723 0.48

30,700 AES USD 502,866 0.86

16,852 AMEREN USD 825,917 1.41

22,334 AMERICAN ELECTRIC POWER USD 760,696 1.30

20,099 CENTERPOINT ENERGY USD 241,791 0.41

15,908 CINERGY USD 644,592 1.10

17,400 CONSOLIDATED EDISON USD 733,932 1.26

14,959 CONSTELLATION ENERGY USD 773,380 1.32

21,529 DOMINION RESOURCES USD 1,602,403 2.74

15,058 DTE ENERGY USD 684,838 1.17

18,345 DUKE ENERGY USD 513,843 0.88

16,795 EDISON INTERNATIONAL USD 583,122 1.00

20,800 ENERGY EAST CORP USD 545,376 0.93

14,856 ENTERGY USD 1,049,725 1.80

42,140 EXELON USD 1,933,805 3.31

21,678 FIRSTENERGY USD 909,392 1.56

11,574 FPL USD 464,696 0.80

13,854 KEYSPAN USD 539,890 0.92

18,947 NISOURCE USD 431,802 0.74

21,553 PEPCO HOLDINGS USD 452,397 0.77

23,955 PG & E USD 816,866 1.40

12,790 PINNACLE WEST CAPITAL USD 543,703 0.93

14,669 PPL CORP USD 791,979 1.36

21,269 PROGRESS ENERGY USD 892,235 1.53

19,877 PUBLIC SERVICE ENTERPRISE GROUP USD 1,081,110 1.85

13,240 SCANA CORP USD 506,033 0.87

13,464 SEMPRA ENERGY USD 536,406 0.92

53,222 SOUTHERN USD 1,694,057 2.90

32,564 TXU USD 2,593,071 4.44

8,440 WISCONSIN ENERGY USD 299,620 0.51

24,038 XCEL ENERGY USD 412,973 0.71

24,362,516 41.70

58,378,442 99.94

Warrants & Rights

4,000 VEOLIA ENVIR. (WT 08/03/2006) EUR 52 0.00

52 0.00

52 0.00

TOTAL 58,378,494 99.94

136ING (L) Invest - 31/03/2005

WORLD



Shares

8,876 BELGACOM EUR 283,144 0.27

283,144 0.27

1,770 POSCO KRW 269,565 0.25

269,565 0.25

14,667 ALCOA USD 342,962 0.32

14,100 CIA VALE DO RIO DOCE USD 288,260 0.27

10,250 RIO TINTO (REG.) GBP 255,002 0.24

886,224 0.83

7,119 FREEPORT MCMORAN COPPER USD 216,969 0.20& GOLD

9,412 NEWMONT MINING USD 305,972 0.29

522,941 0.49

7,400 FLUOR USD 315,610 0.30

4,062 LAFARGE (SICOVAM CERT.) EUR 303,431 0.28

3,552 PULTE HOMES USD 201,234 0.19

29,600 SIAM CEMENT PUBLIC (FRG REG) THB 153,718 0.14

973,993 0.91

16,960 STORA ENSO EUR 183,677 0.17

183,677 0.17

5,633 AMERADA HESS USD 416,998 0.39

7,589 BJ SERVICES USD 302,941 0.28

52,531 BP GBP 418,950 0.39

27,596 CHESAPEAKE ENERGY CORP USD 465,861 0.44


10,525 CONOCOPHILLIPS USD 873,324 0.82

15,800 DEVON ENERGY USD 580,502 0.54

52,402 ENI EUR 1,050,136 0.99

15,676 MARATHON OIL USD 565,935 0.53

5,100 PETROLEO BRASILEIRO ADR USD 173,368 0.16

29,446 REPSOL EUR 601,287 0.56

5,812 SCHLUMBERGER USD 315,185 0.30


7,361 TOTAL EUR 1,328,661 1.25

9,354,481 8.77



Shares

22,239 BOC GBP 329,503 0.31

5,749 DU PONT DE NEMOURS USD 226,660 0.21

5,618 GEORGIA GULF USD 198,758 0.19

184,000 MITSUBISHI CHEMICAL CORP JPY 452,685 0.42

8,330 NORSK HYDRO NOK 530,871 0.50

1,738,477 1.63

12,680 AMGEN USD 567,920 0.53

567,920 0.53

17,245 ALTERA USD 262,460 0.25

11,910 CANON JPY 492,642 0.46

7,407 COOPER INDUSTRIES A USD 407,609 0.38

12,272 EMERSON ELECTRIC USD 613,104 0.58

25,170 INTEL USD 449,890 0.42

27,000 MATSUSHITA ELECTRIC INDUSTRIAL JPY 306,883 0.29



1,830 SAMSUNG ELECTRONICS KRW 696,063 0.65

7,094 SCHNEIDER EUR 428,832 0.40

12,610 SIEMENS EUR 769,841 0.72

29,443 TYCO INTERNATIONAL (NEW) USD 765,724 0.72

5,975,167 5.60

13,900 EMBRAER AIRCRAFT (ADR) USD 334,759 0.31

19,624 HONEYWELL USD 561,851 0.53

896,610 0.84


74,122 MICROSOFT USD 1,378,470 1.29

74,319 ORACLE USD 713,655 0.67

3,793 SAP EUR 471,508 0.44


16,133 SYMANTEC USD 264,777 0.25

3,228,931 3.03

64,605 CISCO SYSTEMS USD 889,304 0.83

10,420 DELL USD 308,034 0.29

69,000 FUJITSU JPY 319,659 0.30


15,559 IBM USD 1,093,973 1.03

2,950,102 2.77


137ING (L) Invest - 31/03/2005


WORLD



Shares

12,200 DANAHER USD 501,367 0.47

23,800 HITACHI CONSTRUCTION MACHINE JPY 253,220 0.24

8,231 INGERSOLL-RAND-A USD 504,443 0.47

1,259,030 1.18

7,877 BMW EUR 276,089 0.26

4,786 LEAR USD 163,357 0.15

17,500 SUZUKI MOTOR JPY 241,456 0.23

23,100 TOYOTA MOTOR JPY 663,036 0.62

1,343,938 1.26



28,948 COTT CAD 541,072 0.51

3,641 NESTLE (REG.) CHF 769,167 0.72

9,583 PEPSICO USD 391,018 0.37

19,810 TYSON FOODS USD 254,246 0.24

2,663,240 2.50

12,047 ALTRIA GROUP USD 606,127 0.57

25,405 IMPERIAL TOBACCO GBP 513,087 0.48


1,495,876 1.40

5,270 ALTANA EUR 258,494 0.24

14,235 ANDRX GROUP USD 248,303 0.23

8,900 ASTRAZENECA GBP 269,944 0.25

8,100 BECTON DICKINSON USD 364,100 0.34

8,912 BOSTON SCIENTIFIC USD 200,848 0.19

9,421 EYETECH PHARMA USD 199,344 0.19

9,640 GILLETTE USD 374,429 0.35


4,114 GUIDANT USD 233,928 0.22


16,798 MERCK USD 418,383 0.39

27,700 NOVARTIS (NOM.) CHF 997,779 0.94

51,822 PFIZER USD 1,047,485 0.98

8,863 ROCHE HOLDING (GENUSSCHEIN) CHF 733,482 0.69


20,000 SHIONOGI JPY 212,646 0.20

38,733 SMITH & NEPHEW GBP 280,184 0.26

12,827 ST JUDE MEDICAL USD 355,305 0.33

20,800 WYETH USD 675,062 0.63

9,341,081 8.75



Shares

10,348 JONES APPAREL GROUP USD 266,652 0.25

1,183 PUMA EUR 228,473 0.21

495,125 0.46

21,272 COLGATE-PALMOLIVE USD 853,892 0.80


1,246,420 1.17

42,672 TIME WARNER USD 576,227 0.54

36,388 WPP GBP 318,775 0.30

895,002 0.84


23,254 CVS USD 941,504 0.88

36,568 FOOT LOCKER USD 824,408 0.77

23,972 GUS GBP 317,535 0.30

16,098 KOHLS USD 639,510 0.60


22,929 LOWE'S USD 1,007,207 0.95

182,099 TESCO GBP 838,013 0.79

18,468 WAL-MART STORES USD 712,062 0.67

5,849,155 5.50

65,000 ITOCHU JPY 252,499 0.24

252,499 0.24

26,649 ANGLO IRISH BANK CORP PLC EUR 514,326 0.48


97,311 BANCO SANTANDER (REG.) EUR 913,750 0.86

70,500 BANGKOK BANK (FOREIGN) THB 155,324 0.15



13,441 BNP PARIBAS EUR 734,551 0.69

44,397 CITIGROUP USD 1,535,180 1.44

12,310 DEUTSCHE BANK EUR 819,231 0.77

8,744 FANNIE MAE USD 366,338 0.34

19,370 FOERENINGSSPARBANKEN SEK 353,384 0.33

62,486 GF BANORTE -O- MXN 312,816 0.29

26,793 ING GROEP EUR 624,277 0.59

138ING (L) Invest - 31/03/2005

WORLD



Shares


13,080 KOOKMIN BANK KRW 449,447 0.42

135 MITSUBISHI TOKYO FINANCIAL JPY 903,169 0.85



62,000 SHINSEI BANK JPY 272,066 0.26

7,440 TAKEFUJI JPY 386,422 0.36

11,342 UBS (REG.) CHF 739,489 0.69

12,400 UNIBANCO UNIAO BAMNCOS USD 328,021 0.31BRASILE


23,635 US BANCORP USD 524,111 0.49

19,096 WACHOVIA USD 748,030 0.70

15,698,603 14.74

21,672 CIT GROUP USD 633,660 0.59


6,067 LEHMAN BROTHERS USD 439,556 0.41

9,355 MERRILL LYNCH USD 407,412 0.38

51 MILLEA JPY 572,331 0.54

75,000 NIKKO CORDIAL JPY 289,187 0.27

144 SUMITOMO MITSUI FINANCIAL JPY 752,058 0.71

54,700 TURKIYE GARANTI BANKASI TRY 159,567 0.15

18,759 WALT DISNEY USD 414,686 0.39

5,501,603 5.16

7,103 ALLIANZ EUR 695,739 0.65

19,009 AMERICAN INTERNATIONAL USD 810,440 0.76

16,672 AXA-UAP EUR 342,610 0.32

5,603 HARTFORD USD 295,573 0.28

11,614 METLIFE USD 349,407 0.33

20,507 SAINT PAUL TRAVELERS USD 579,558 0.54

7,884 XL CAPITAL -A- USD 439,014 0.41


3,943,902 3.69

10,861 CAREMARK RX USD 332,436 0.31

4,962 UNITED SUGICAL PARTNERS USD 174,748 0.16

6,745 WELLPOINT USD 650,549 0.61

1,157,733 1.08



Shares


6,899 FEDEX USD 498,720 0.47

61,000 MITSUI O.S.K. LINES JPY 302,344 0.28

13,543 TPG EUR 297,269 0.28

1,265,247 1.19

9,134 WASTE MANAGEMENT USD 202,759 0.19

202,759 0.19

131,058 EDP-ENERGIAS DE PORTUGAL EUR 281,775 0.26

85,294 ENEL EUR 629,640 0.59

7,434 ENTERGY USD 404,175 0.38

8,347 EON EUR 552,488 0.52

15,239 EXELON USD 538,082 0.50

482,000 HUANENG POWER HKD 271,043 0.25

10,377 NRG ENERGY USD 272,669 0.26

8,919 PPL CORP USD 370,513 0.35

18,894 SEVERN TRENT GBP 251,371 0.24

177,102 TERNA (IPO) EUR 363,590 0.34

39,100 TOKYO ELECTRIC POWER JPY 731,311 0.69

7,298 TXU USD 447,151 0.42


5,569,954 5.23

22,876 ALCATEL EUR 214,119 0.20

24,639 BELLSOUTH USD 498,411 0.47

19,570 COMCAST -A- (SPECIAL) USD 502,934 0.47




22,290 HELLENIC COMMUNICATIONS EUR 303,590 0.28

68,942 KPN (DEMAT.) EUR 475,700 0.45

34,189 MOTOROLA USD 393,806 0.37

28,200 NEWS CORP -A- WI USD 367,133 0.34

38,561 NOKIA -A- EUR 461,190 0.43

53,714 SPRINT USD 940,248 0.88

16,600 TDC -B- DKK 539,789 0.51

332,323 TELECOM ITALIA RNC EUR 801,895 0.75

70,074 TELEFONICA DE ESPANA EUR 941,795 0.88

22,404 TELEKOM AUSTRIA EUR 338,300 0.32

256,600 TELEKOMUNIKASI INDONESIA IDR 93,298 0.09

70,440 TELENOR NOK 489,256 0.46

14,900 TELUS CAD 368,520 0.35

10,118 VERIZON COMMUNICATIONS USD 276,374 0.26

15,548 VIACOM -B- USD 416,679 0.39


364,739 VODAFONE GBP 745,123 0.70

10,412,163 9.78


139ING (L) Invest - 31/03/2005


WORLD



Shares

16,042 CARNIVAL USD 639,508 0.60

29,960 INTL GAME TECHNOLOGY USD 614,576 0.58


1,656,080 1.56

9,252 ACCENTURE A USD 171,920 0.16


34,255 HBOS GBP 410,911 0.39

958,629 0.90


34,873 DEPFA BANK EUR 425,451 0.40

801,115 0.75

99,840,386 93.66


11,900 ISHARES MSCI EMERGING MARKETS USD 1,856,900 1.74

1,856,900 1.74

1,856,900 1.74

Warrants & Rights

30,924 MERRILL ICICI BANK (WT 27/01/2009) USD 208,008 0.20

11,251 MERRILL-CW06 HOUSING DEV USD 143,945 0.14(WT 24/02/2006)

309,470 MERRILL-TAIWAN SEMICON USD 464,806 0.44(WT 17/01/2006)

816,759 0.78

816,759 0.78



Warrants & Rights

134,500 MERRILL-CW05 FORMOSA CHEMICAL USD 241,172 0.23

241,172 0.23

241,172 0.23

TOTAL 102,755,217 96.41

140ING (L) Invest - 31/03/2005

141ING (L) Invest - 31/03/2005

WORLD



to receive to pay Date Commitments in EUR

Forward contracts on currencies

JPY 528,458,400 EUR 3,800,000 18/04/2005 3,800,000

3,800,000



Forward Contracts

Stock indices

92 JPYNIKKEI 225 INDEX 06/2005 3,853,449

3,853,449

Unaudited Semi-Annual Report

Documents

Transcript of Unaudited Semi-Annual Report