ING ARIA · 2020. 9. 14. · ING ARIA General Information Page 3 The information given in this...

as at 30/06/2020

Société d'investissement à capital variable

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

Semi-annual report and unaudited financial statements

ING ARIA

RCS Luxembourg N B152.325

ING ARIA

Table of Contents

Page General Information 3

Organisation 4 Combined Statements 6

ING ARIA – Corporate+ 8 ING ARIA – Euro Short Duration Enhanced Return Bond Fund

12

ING ARIA – Flexible Strategic Allocation 16

ING ARIA – ING Global Index Portfolio Aggressive 21 ING ARIA – ING Global Index Portfolio Balanced 24

ING ARIA – ING Global Index Portfolio Defensive 27

ING ARIA – ING Global Index Portfolio Dynamic 30 ING ARIA – ING Global Index Portfolio Very Defensive 33 ING ARIA – ING Sustainable Bonds 36

ING ARIA – Lion Aggressive 40

ING ARIA – Lion Balanced 43 ING ARIA – Lion Conservative 46 ING ARIA – Lion Dynamic 49 ING ARIA – Lion Moderate 52 ING ARIA – Millésimé Dynamique 55 ING ARIA – Moderate Invest 60 ING ARIA – Navido Patrimonial Dynamic 65 Notes to the financial statements - Schedule of derivative instruments 70 Other notes to the financial statements 72

ING ARIA

General Information

The information given in this report relates to the year ended 30 June 2020. It should not be taken as an indication of the future results of ING ARIA (the “Company”). The Board of Directors of the Company may establish different portfolios of assets in one or more sub-funds of the Company at any time to meet, in its opinion, the needs of different shareholders. At the closing date, the Company comprised seventeen sub-funds, namely:

ING ARIA – Corporate+ ING ARIA – Euro Short Duration Enhanced Return Bond Fund ING ARIA – Flexible Strategic Allocation ING ARIA – ING Global Index Portfolio Aggressive ING ARIA – ING Global Index Portfolio Balanced ING ARIA – ING Global Index Portfolio Defensive ING ARIA – ING Global Index Portfolio Dynamic ING ARIA – ING Global Index Portfolio Very Defensive ING ARIA – ING Sustainable Bonds ING ARIA – Lion Aggressive ING ARIA – Lion Balanced ING ARIA – Lion Conservative ING ARIA – Lion Dynamic ING ARIA – Lion Moderate ING ARIA – Millésimé Dynamique ING ARIA – Moderate Invest ING ARIA – Navido Patrimonial Dynamic

The report does not constitute an offer or an invitation to purchase shares of the sub-funds referred to herein. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the relevant Key Investor Information Document (KIID) supplemented by the latest annual report including audited financial statements. Should the reference date of the annual report including audited financial statements date back more than nine months, the subscriber must also be supplied with a semi-annual report and unaudited financial statements.

ING ARIA

Organisation

Registered Office 5, allée Scheffer L-2520 Luxembourg

Board of Directors of the Company Chairman Sandrine De Vuyst

Head of Private Banking, ING Luxembourg S.A.

Directors Alain Cordenier Non-executive Director

Bernard Lhermitte General Manager of the Operations, ING Luxembourg S.A.

Management Company

ING Solutions Investment Management S.A. 26, place de la Gare L-1616 Luxembourg

Supervisory Board of the Management Company Thierry Masset

Chief Investment Officer ING Belgium S.A. Eric Chinchon Independent Director Wouter Gesquière Head of Private Banking Clients ING Luxembourg S.A.

Management Board of the Management Company Sebastien de Villenfagne

Conducting Officer ING Solutions Investment Management S.A. Sandrine Jankowski Conducting Officer ING Solutions Investment Management S.A.

Gaëtan De Weerdt

Conducting Officer ING Solutions Investment Management S.A.

Investment Manager ING Luxembourg S.A. 26, place de la Gare

L-1616 Luxembourg

ING ARIA

Organisation (continued)

Investment Advisor for the sub-funds : ING ARIA – ING Global Index Portfolio Defensive, ING ARIA – ING Global Index Portfolio Balanced, ING ARIA – ING Global Index Portfolio Dynamic, ING ARIA – ING Global Index Portfolio Aggressive, ING ARIA – ING Global Index Portfolio Very Defensive

ING Bank N.V. Bijlmerplein 888 NL-1102 MG Amsterdam

Depositary Agent CACEIS Bank, Luxembourg Branch 5, allée Scheffer L-2520 Luxembourg

Administration Agent and Domiciliation Agent, Registrar & Transfer Agent and Paying Agent

CACEIS Bank, Luxembourg Branch 5, allée Scheffer L-2520 Luxembourg

Global Distributor ING Solutions Investment Management S.A. 26, place de la Gare

L-1616 Luxembourg

Cabinet de Révision Agréé Deloitte Audit Société à responsabilité limitée 20, boulevard de Kockelscheuer L-1821 Luxembourg

The accompanying notes form an integral part of these financial statements.

6Page

1,402,873,682.45Assets1,376,312,600.53Securities portfolio at market value 3Note1,345,104,763.23Cost price

31,207,837.30Unrealised profit on the securities portfolio22,545,155.76Cash at bank 10Note1,111,675.50Interest receivable

117,525.67Receivable on sale of securities1,714,854.59Subscriptions receivable

866,916.58Dividends receivable202,445.92Net unrealised appreciation on forward foreign exchange contracts 3Note

2,507.90Other assets

2,668,424.43Liabilities32.26Bank overdrafts

261,943.52Payable on purchase of securities1,036,003.18Redemptions payable1,370,445.47Other liabilities 4Note

1,400,205,258.02Net asset value

ING ARIA

Financial Statements as at 30/06/2020

Expressed in EUR

Statement of net assets as at 30/06/2020

Combined Statements


7Page

4,833,110.91Income3,246,904.82Net dividends 3Note1,577,820.77Net interest on bonds and other debt instruments 3Note

7,573.48Bank interest 3Note811.84Other financial income

7,322,195.83Expenses6,735,549.74Management fees 5Note

127,499.59Depositary fees 6Note102,004.46Subscription tax 9Note

735.24Domiciliation fees42,335.46Professional fees66,311.62Bank interest20,793.94Legal fees

146,624.33Transaction fees 13Note80,341.45Other expenses 8Note

(2,489,084.92)Net loss from investments

Net realised gain / (loss) on :10,177,271.15- securities portfolio 3Note(1,152,073.49)- forward foreign exchange contracts 3Note

827,899.12- currency conversion 3Note

7,364,011.86Net realised gain

Change in net unrealised gain / (loss) on:(56,771,776.31)- securities portfolio

(198,365.80)- forward foreign exchange contracts 3Note

(49,606,130.25)Decrease in net assets as a result of operations

(155,183.03)Dividend distributions 12Note325,606,780.85Subscription capitalisation shares

2,593,686.89Subscription distribution shares(121,596,387.26)Redemption capitalisation shares

(2,296,842.20)Redemption distribution shares

154,545,925.00Increase in net assets

1,245,659,333.02Net assets at the beginning of the period

1,400,205,258.02Net assets at the end of the period

EUR

Statement of operations and changes in net assets from 01/01/2020 to 30/06/2020

ING ARIACombined Statements

Expressed in


8Page

84,703,560.81Assets83,682,678.50Securities portfolio at market value 3Note84,448,423.23Cost price

(765,744.73)Unrealised loss on the securities portfolio554,508.98Cash at bank 10Note465,923.22Interest receivable

450.11Subscriptions receivable

99,444.68Liabilities36,773.70Redemptions payable62,670.98Other liabilities 4Note

84,604,116.13Net asset value


Expressed in EUR


ING ARIA – Corporate+

Key figures

Total Net Assets 84,604,116.13 89,417,602.81 92,810,919.26

31/12/201831/12/201930/06/2020Period/year ended as at:

EURClass I - Capitalisation shares

100.52464,896.76 481,150.02

103.50515,422.69

98.35Number of sharesNet asset value per share EUR

Class R - Capitalisation shares

691.1536,101.48 36,533.51

711.9440,632.76


Class R - Distribution shares

498.203.27

4,445.02 4,511.83516.664.00

5,121.65495.295.01

Number of sharesNet asset value per shareDividend per share (Note 12)

EUR

Class Z - Capitalisation shares

102.10104,853.55 107,660.03

104.76122,046.38



9Page

XX refers to perpetual securities

REGION WALLONNE 1.0500 20-40 22/06A1,000,000 1,041,555.00 1.23EUR 990,330.00

Transferable securities and money market instruments admitted to official stockexchange listing and/or dealt in on another regulated market 81,617,238.50 96.4782,635,973.78

Bonds 67,128,802.00 79.3567,917,046.66

Belgium 1,041,555.00 1.23990,330.00

CRH FINLAND SER 0.8750 20-23 05/11A1,000,000 1,015,470.00 1.20EUR 1,001,431.00Finland 1,015,470.00 1.201,001,431.00

ACCOR SA 1.25 17-24 25/01A1,500,000 1,442,077.50 1.70EUR 1,507,219.00France 22,867,157.50 27.0322,971,136.73

BFCM SUB 1.875 16-26 04/11A1,000,000 1,027,950.00 1.22EUR 996,531.00BNP PARIBAS SA 1.00 17-24 27/06A1,000,000 1,017,415.00 1.20EUR 999,413.53BOLLORE 2.00 17-22 25/01A1,500,000 1,508,640.00 1.79EUR 1,543,349.00BPCE 0.625 19-24 26/09A1,000,000 1,000,865.00 1.18EUR 998,250.00BPCE S.A 1.0 19-25 01/04A1,000,000 1,014,510.00 1.20EUR 1,000,820.00CAPGEMINI SE 0.6250 20-25 23/06A500,000 500,057.50 0.59EUR 499,655.00CARREFOUR 0.875 18-23 12/06A1,000,000 1,017,645.00 1.20EUR 992,946.00COMPAGNIE PLASTIC- 1.25 17-24 26/06A1,200,000 1,144,350.00 1.35EUR 1,146,627.27DANONE SA 0.3950 20-29 10/06A500,000 504,197.50 0.60EUR 500,328.00EDENRED SA 1.375 15-25 10/03A1,000,000 1,024,455.00 1.21EUR 993,530.00EUTELSAT SA 2.0000 18-25 02/10A1,000,000 1,020,170.00 1.21EUR 1,006,770.00ILIAD SA 0.6250 18-21 25/11A1,000,000 991,660.00 1.17EUR 995,013.33INGENICO 1.625 17-24 13/09A1,000,000 1,007,700.00 1.19EUR 939,500.00KERING SA 0.75 20-28 13/05A800,000 815,780.00 0.96EUR 800,714.00LAGARDERE SCA 2.75 16-23 13/04A1,000,000 984,155.00 1.16EUR 1,075,700.00PSA BANQUE FRAN 0.6250 19-24 21/06A1,000,000 965,340.00 1.14EUR 980,625.00QUADIENT 2.25 20-25 03/02A1,000,000 957,865.00 1.13EUR 1,000,359.60RENAULT SA 1.2500 19-25 24/06A1,000,000 915,470.00 1.08EUR 992,175.50SOCIETE GENERAL 0.7500 20-27 25/01A1,000,000 977,430.00 1.16EUR 1,000,135.00SOCIETE GENERALE SA 1.25 19-24 15/02A1,000,000 1,013,795.00 1.20EUR 997,130.00SODEXO 0.75 20-25 27/04A500,000 501,605.00 0.59EUR 499,253.00UBISOFT ENTERTAINMT 1.289 18-23 30/01A1,500,000 1,514,025.00 1.80EUR 1,505,092.50

ADLER REAL ESTATE 1.50 17-21 06/12A1,350,000 1,325,349.00 1.57EUR 1,356,092.50Germany 5,596,176.50 6.615,811,300.00

COMMERZBANK AG 7.75 11-21 16/03A1,000,000 1,041,965.00 1.23EUR 1,220,400.00FRESENIUS MEDICAL 0.625 19-26 30/11A1,000,000 999,510.00 1.18EUR 998,210.00SIXT LEASING SE 1.5000 18-22 02/05A750,000 727,950.00 0.86EUR 754,516.50VOLKSWAGEN BANK 1.2500 18-24 10/06A1,500,000 1,501,402.50 1.77EUR 1,482,081.00

FCA BANK SPA IR 0.5000 19-24 13/09A1,000,000 942,985.00 1.11EUR 1,000,480.00Ireland 1,937,825.00 2.291,989,401.33

FCA BANK SPA IR 1.0000 18-22 21/02A1,000,000 994,840.00 1.18EUR 988,921.33

INTESA SANPAOLO 1.0000 19-24 04/07A1,500,000 1,493,992.50 1.76EUR 1,501,892.00Italy 4,509,702.50 5.334,482,609.00

INTESA SANPAOLO 1.0000 19-26 19/11A1,000,000 979,900.00 1.16EUR 998,222.00RADIOTELEVISIONE ITAL 1.375 19-24 04/12A1,000,000 1,006,200.00 1.19EUR 1,001,765.00SNAM 0.875 16-26 25/10A1,000,000 1,029,610.00 1.22EUR 980,730.00

ATRIUM EUROPEAN REAL 3.0 18-25 11/09A1,000,000 992,690.00 1.17EUR 1,001,674.00Jersey Island 2,467,010.00 2.922,501,519.00

GLENCORE FINANCE 1.5 19-26 15/10A1,500,000 1,474,320.00 1.75EUR 1,499,845.00

ALLERGAN FUNDING SCS 1.50 18-23 15/11A1,000,000 1,030,345.00 1.22EUR 1,000,712.00Luxembourg 6,776,716.75 8.016,719,750.95

ARCELORMITTAL 1.0000 19-23 19/05A1,000,000 963,505.00 1.14EUR 1,004,354.55BECTON DICKINSO 1.2080 19-26 04/06A1,250,000 1,255,737.50 1.48EUR 1,256,180.00HEIDELBERGCEMEN 1.1250 19-27 01/12A1,200,000 1,185,678.00 1.40EUR 1,207,530.90HOLCIM FINANCE LUX SA2.3750 20-25 09/04A1,000,000 1,075,135.00 1.27EUR 1,017,355.00NESTLE FINANCE INTL 0.375 20-32 12/05A750,000 740,771.25 0.88EUR 734,958.50RICHEMONT INTERNATION 1.125 20-32 26/05A500,000 525,545.00 0.62EUR 498,660.00

BANCO DE SABADELL SA 0.875 19-25 22/07A1,000,000 957,330.00 1.13EUR 998,260.00Spain 7,425,130.00 8.787,468,178.00

BANCO DE SABADELL SA 1.125 19-25 27/03A1,000,000 911,555.00 1.08EUR 995,916.00BANCO SANTANDER 1.125 18-25 17/01A1,000,000 1,014,820.00 1.20EUR 987,037.00CAIXABANK SA 1.125 17-23 12/01A1,500,000 1,504,485.00 1.78EUR 1,495,934.00CAIXABANK SA 1.3750 19-26 19/06A1,000,000 999,110.00 1.18EUR 994,480.00SANTAN CONSUMER 0.3750 20-25 17/01A1,000,000 986,330.00 1.17EUR 997,956.00TELEFONICA EMISIONES 1.495 18-25 11/09A1,000,000 1,051,500.00 1.24EUR 998,595.00

Securities portfolio as at 30/06/2020EURExpressed in


Quantity/Nominal Name Currency % NAVMarket valueCost price


10Page


AB SAGAX 1.125 20-27 30/01A1,000,000 925,190.00 1.09EUR 997,750.00Sweden 925,190.00 1.09997,750.00

BMW FINANCE NV 0.75 19-26 13/07A1,000,000 1,015,380.00 1.20EUR 998,477.20The Netherlands 4,852,548.75 5.744,803,470.70

ENEL FINANCE INTL 1.966 15-25 27/01A1,000,000 1,078,890.00 1.28EUR 1,061,640.00GIVAUDAN FIN EU 1.0000 20-27 22/04A750,000 777,888.75 0.92EUR 754,182.50LEASEPLAN CORPO 0.1250 19-23 13/09A1,000,000 964,375.00 1.14EUR 993,910.00VONOVIA 0.875 18-23 03/07A1,000,000 1,016,015.00 1.20EUR 995,261.00

BARCLAYS BANK PLC 6.00 10-21 14/01A1,000,000 1,028,825.00 1.21EUR 1,169,012.00United Kingdom 4,782,170.00 5.655,172,963.00

EASYJET PLC 0.8750 19-25 11/06A1,000,000 835,220.00 0.99EUR 992,658.00ITV PLC 1.375 19-20 26/09A1,000,000 964,975.00 1.14EUR 1,008,304.00ROYAL MAIL PLC 1.2500 19-26 08/10A1,000,000 960,545.00 1.14EUR 1,004,787.00TESCO CORP TREA 0.8750 19-26 29/05A1,000,000 992,605.00 1.17EUR 998,202.00

EXPEDIA 2.50 15-22 03/06A1,000,000 999,225.00 1.19EUR 1,009,359.09United States of America 2,932,150.00 3.473,007,206.95

GOLDMAN SACHS G 0.1250 19-24 19/08A1,000,000 976,445.00 1.15EUR 994,987.86JEFFERIES GROUP 1.0000 19-24 19/07A1,000,000 956,480.00 1.13EUR 1,002,860.00

OMV AG FL.R 18-XX 19/06A1,000,000 1,007,420.00 1.19EUR 1,006,172.00

Floating rate bonds 14,488,436.50 17.1214,718,927.12

Austria 1,007,420.00 1.191,006,172.00

KBC GROUP NV FL.R 17-29 18/09A1,000,000 1,020,680.00 1.21EUR 1,001,315.38Belgium 1,020,680.00 1.211,001,315.38

DANSKE BANK A/S FL.R 19-25 27/08A1,000,000 980,420.00 1.16EUR 994,400.00Denmark 980,420.00 1.16994,400.00

ACCOR SA FL.R 19-XX 31/12A700,000 576,905.00 0.68EUR 702,651.80France 2,598,805.00 3.072,755,190.66

DANONE SA EMTN FL.R 17-XX 23/06A500,000 498,035.00 0.59EUR 498,700.00ORANGE SA FL.R 19-XX 15/04A1,000,000 1,015,440.00 1.20EUR 996,071.00SOLVAY FINANCE SUB FL.R 15-XX 02/06A500,000 508,425.00 0.60EUR 557,767.86

ENBW ENERGIE FL.R 14-76 02/04A650,000 659,438.00 0.78EUR 692,542.50Germany 2,169,158.00 2.562,224,184.79

MERCK KGAA FL.R 14-74 12/12A1,500,000 1,509,720.00 1.78EUR 1,531,642.29

ENEL S.P.A FL.R 19-80 24/05A600,000 622,914.00 0.74EUR 599,437.00Italy 2,123,709.00 2.512,105,209.00

UNICREDIT SPA FL.R 19-25 25/06A1,500,000 1,500,795.00 1.77EUR 1,505,772.00

SES FL.R 16-XX 02/01A500,000 508,225.00 0.60EUR 510,366.67Luxembourg 508,225.00 0.60510,366.67

TELEFONICA EMISIONES FL.R 20-27 21/08A500,000 516,527.50 0.61EUR 500,003.50Spain 516,527.50 0.61500,003.50

VOLKSWAGEN INTL FIN FL.R 15-XX 20/03A900,000 885,492.00 1.04EUR 903,114.00The Netherlands 1,592,562.00 1.881,615,342.00

VW INTL FIN SUB FL.R 14-XX 24/03A700,000 707,070.00 0.84EUR 712,228.00

BARCLAYS FL.R 17-28 07/02A1,000,000 982,050.00 1.16EUR 1,006,936.87United Kingdom 1,970,930.00 2.332,006,743.12

STANDARD CHARTE FL.R 20-28 27/01A1,000,000 988,880.00 1.17EUR 999,806.25

THREADNEEDLE (LUX) EUROPEAN HY BD FD-8E200,000 2,065,440.00 2.44EUR 1,812,449.45

Shares/Units of UCITS/UCIS 2,065,440.00 2.441,812,449.45

Shares/Units in investment funds 2,065,440.00 2.441,812,449.45

Luxembourg 2,065,440.00 2.441,812,449.45

Total securities portfolio 83,682,678.50 98.9184,448,423.23

Cash at bank/(bank liabilities) 554,508.98 0.66

Other net assets/(liabilities) 366,928.65 0.43

Total net assets 84,604,116.13 100.00





11Page

Statement of operations and changes in net assets from 01/01/2020 to 30/06/2020Expressed in EUR


641,301.04Income641,301.04Net interest on bonds and other debt instruments 3Note

358,098.79Expenses329,408.17Management fees 5Note

8,805.02Depositary fees 6Note9,225.45Subscription tax 9Note2,100.39Professional fees2,415.11Bank interest2,178.59Legal fees

856.73Transaction fees 13Note3,109.33Other expenses 8Note

283,202.25Net gain from investmentsNet realised gain / (loss) on :

(29,703.35)- securities portfolio 3Note

253,498.90Net realised gainChange in net unrealised gain / (loss) on:

(2,819,933.75)- securities portfolio

(2,566,434.85)Decrease in net assets as a result of operations(14,469.80)Dividend distributions 12Note

1,968,960.99Subscription capitalisation shares19,551.40Subscription distribution shares

(4,165,724.16)Redemption capitalisation shares(55,370.26)Redemption distribution shares

(4,813,486.68)Decrease in net assets

89,417,602.81Net assets at the beginning of the period

84,604,116.13Net assets at the end of the period


12Page

76,545,042.43Assets74,789,491.68Securities portfolio at market value 3Note77,243,375.16Cost price(2,453,883.48)Unrealised loss on the securities portfolio

1,372,717.64Cash at bank 10Note382,443.18Interest receivable

389.93Subscriptions receivable




Expressed in EUR


ING ARIA – Euro Short Duration Enhanced Return Bond Fund

Key figures

Total Net Assets 76,466,785.23 80,475,767.71 77,438,301.02



99.91396,237.00 384,440.89

101.64363,912.03



99.76350,972.79 383,048.90

101.51404,262.80



93.631.33

19,911.60 26,055.4196.651.85

16,080.3195.852.54


EUR


13Page


RAIFFEISEN BANK INTL 6.625 11-21 18/05A1,500,000 1,582,312.50 2.07EUR 1,773,453.00


Bonds 47,125,038.70 61.6248,844,296.88

Austria 1,582,312.50 2.071,773,453.00

UCB SA 4.125 13-21 04/01A1,000,000 1,016,550.00 1.33EUR 1,112,661.00Belgium 1,016,550.00 1.331,112,661.00

DANSKE BANK A/S 1.375 19-22 24/05A1,500,000 1,517,947.50 1.99EUR 1,517,485.55Denmark 1,517,947.50 1.991,517,485.55

ALD SA 0.375 19-23 18/07A1,500,000 1,456,080.00 1.90EUR 1,504,040.50France 8,011,887.50 10.478,171,352.50

BOLLORE 2.875 15-21 29/07A1,500,000 1,520,632.50 1.98EUR 1,596,588.00CAPGEMINI SE 1.250 20-22 15/04A1,000,000 1,013,685.00 1.33EUR 1,003,967.00GEMALTO NV 2.125 14-21 23/09A1,000,000 1,017,215.00 1.33EUR 1,034,104.00ILIAD SA 0.6250 18-21 25/11A1,500,000 1,487,490.00 1.94EUR 1,467,030.00INGENICO 2.50 14-21 20/05A1,000,000 1,013,950.00 1.33EUR 1,065,606.00KERING 0.2500 20-23 13/05A500,000 502,835.00 0.66EUR 500,017.00

ADLER REAL ESTATE AG 1.50 19-22 17/04A1,500,000 1,462,702.50 1.91EUR 1,506,785.00Germany 7,198,779.50 9.417,592,157.23

BASF SE 0.1010 20-23 05/06A200,000 200,378.00 0.26EUR 200,000.00COMMERZBANK AG 7.75 11-21 16/03A1,400,000 1,458,751.00 1.91EUR 1,678,868.80DAIMLER AG 1.625 20-23 22/08A600,000 613,653.00 0.80EUR 602,834.15PROSIEBEN MEDIA AG 2.625 14-21 15/04A1,500,000 1,504,275.00 1.96EUR 1,590,219.28SCHAEFFLER AG 1.1250 19-22 26/03A1,000,000 975,165.00 1.28EUR 1,008,861.67TLG IMMOBILEN AG 0.375 19-22 23/09A1,000,000 983,855.00 1.29EUR 1,004,588.33

FCA BANK SPA IR 1.0000 18-22 21/02A1,000,000 994,840.00 1.30EUR 1,015,031.54Ireland 994,840.00 1.301,015,031.54

FCA BANK SPA IRELAND 0.25 20-23 28/02A1,000,000 960,045.00 1.26EUR 998,830.00Italy 4,464,986.45 5.844,673,293.50

INTESA SAN PAOLO 5.15 10-20 16/07A1,500,000 1,502,692.50 1.96EUR 1,677,839.50ITAL BUON ORDI DEL ZCP 12-02-211,000,000 1,001,255.02 1.31EUR 999,923.00ITAL BUON ORDI DEL ZCP 12-03-211,000,000 1,000,993.93 1.31EUR 996,701.00

TAKEDA PHARMACE 0.3750 18-20 21/11A1,000,000 1,000,755.00 1.31EUR 1,001,190.00Japan 1,000,755.00 1.311,001,190.00

GLENCORE FINANCE EURO 1.25 15-21 17/03A1,500,000 1,500,862.50 1.96EUR 1,520,112.50Jersey Island 1,500,862.50 1.961,520,112.50

ARCELORMITTAL 1.0000 19-23 19/05A1,500,000 1,445,257.50 1.89EUR 1,507,464.50Luxembourg 4,361,232.50 5.704,575,083.63

BECTON DICKINSO 0.1740 19-21 04/06A1,500,000 1,490,355.00 1.95EUR 1,501,175.00FIAT FINANCE REGS 4.75 14-21 22/03A1,400,000 1,425,620.00 1.86EUR 1,566,444.13

SANTANDER CONSUMER 1.00 16-21 26/05A1,000,000 1,007,660.00 1.32EUR 1,027,140.00Spain 1,007,660.00 1.321,027,140.00

BMW FINANCE NV 0.0 20-23 14/04A1,000,000 989,975.00 1.29EUR 999,300.00The Netherlands 7,355,010.75 9.627,486,133.43

ING BANK NV 0.3750 18-21 26/11A1,000,000 1,004,560.00 1.31EUR 1,002,060.00LEASEPLAN CORPO 0.1250 19-23 13/09A1,250,000 1,205,468.75 1.59EUR 1,237,171.00LEASEPLAN CORPORATION 1.0 19-22 25/02A1,000,000 995,600.00 1.30EUR 1,003,540.00MYLAN 1.25 16-20 23/11A1,200,000 1,201,542.00 1.57EUR 1,226,585.00SAIPEM FIN INTL BV 2.75 17-22 05/04A500,000 505,992.50 0.66EUR 519,555.00SIEMENS FINANCI 0.1250 20-22 05/06A500,000 501,357.50 0.66EUR 499,470.60ZF EUROPE FINANCE BV 1.250 16-23 23/10A1,000,000 950,515.00 1.24EUR 998,451.83

BARCLAYS BANK PLC 6.00 10-21 14/01A1,500,000 1,543,237.50 2.02EUR 1,739,623.00United Kingdom 3,603,524.25 4.713,831,891.50

BARCLAYS PLC 1.875 16-21 23/03A1,250,000 1,264,618.75 1.65EUR 1,298,567.50FCE BANK PLC 1.528 15-20 09/11800,000 795,668.00 1.04EUR 793,701.00

AMERICAN HONDA FINANCE 1.6 20-22 20/04A800,000 816,544.00 1.07EUR 803,984.00United States of America 3,508,690.25 4.593,547,311.50

GENERAL ELECTRIC CO 0.375 17-22 17/05A1,500,000 1,489,252.50 1.95EUR 1,497,160.00GENERAL MOTORS FINAN0.2 19-20 02/09A1,250,000 1,202,893.75 1.57EUR 1,246,167.50

KBC GROUP NV FL.R 17-22 24/11Q1,500,000 1,495,695.00 1.96EUR 1,496,495.83


Belgium 1,495,695.00 1.961,496,495.83

ALD SA FL.R 18-21 16/07Q1,500,000 1,486,350.00 1.94EUR 1,503,202.00France 10,114,595.00 13.2310,479,135.04





14Page


BNP PARIBAS FL.R 17-24 07/06Q1,000,000 995,620.00 1.30EUR 1,021,525.00RCI BANQUE EMTN FL.R 17-24 04/11Q1,300,000 1,202,695.00 1.57EUR 1,304,213.00RCI BANQUE SA FL.R 18-23 12/01Q1,500,000 1,440,570.00 1.88EUR 1,499,075.04SOCIETE GENERALE FL.R 17-24 22/05Q1,500,000 1,488,210.00 1.96EUR 1,503,194.00SOCIETE GENERALE FL.R 18-23 06/03Q1,500,000 1,482,060.00 1.94EUR 1,490,001.00SOLVAY FINANCE SUB FL.R 15-XX 02/06A1,000,000 1,016,850.00 1.33EUR 1,111,750.00TOTAL SA FL.R 15-XX 26/02A1,000,000 1,002,240.00 1.31EUR 1,046,175.00

VOLKSWAGEN BANK FL.R 18-21 08/12Q1,500,000 1,491,270.00 1.95EUR 1,501,632.00Germany 1,491,270.00 1.951,501,632.00

BANCO BILBAO VIZC.ARG. FL.R 18-23 03/09Q1,500,000 1,478,174.99 1.93EUR 1,496,504.00Spain 2,478,224.99 3.242,501,484.00

BANCO SANTANDER SA FL.R 17-22 21/031,000,000 1,000,050.00 1.31EUR 1,004,980.00

VW INTL FIN SUB FL.R 14-XX 24/03A1,000,000 1,010,100.00 1.32EUR 1,064,171.00The Netherlands 1,010,100.00 1.321,064,171.00

CREDIT AGRICOLE LONDON FL.R 18-23 06/03Q1,500,000 1,496,280.00 1.96EUR 1,507,577.20United Kingdom 3,984,935.00 5.213,995,270.53

FCE BANK FL.R 17-20 26/08Q1,000,000 996,090.00 1.30EUR 985,485.00NATWEST MARKETS PLC FL.R 19-21 18/06Q1,000,000 1,003,030.00 1.31EUR 1,000,505.33SANTANDER UK GROUP FL.R 18-24 27/03Q500,000 489,535.00 0.64EUR 501,703.00

AT&T INC FL.R 18-23 05/09Q1,000,000 994,250.00 1.30EUR 1,015,850.00United States of America 6,675,344.99 8.736,930,410.70

BANK OF AMERICA FL.R 17-23 04/05Q1,000,000 1,002,330.00 1.31EUR 1,014,860.00FORD MOTOR CREDIT FL.R 17-24 01/12Q400,000 337,900.00 0.44EUR 401,187.20FORD MOTOR CREDIT CO FL.R 18-22 07/12Q1,500,000 1,369,020.00 1.79EUR 1,494,257.00GOLDMAN SACHS GROUP FL.R 17-22 09/09Q1,500,000 1,492,694.99 1.96EUR 1,502,764.00GOLDMAN SACHS GROUP FL.R 17-23 26/09Q1,500,000 1,479,150.00 1.93EUR 1,501,492.50

M&G LUX GLOBAL FLOATING RATE HY-CH ACC30,000 279,168.00 0.36EUR 292,118.48

Shares/Units of UCITS/UCIS 414,288.00 0.54430,479.18

Shares/Units in investment funds 414,288.00 0.54430,479.18

Luxembourg 414,288.00 0.54430,479.18

PET L EUR HY ST -F- CAP1,000 135,120.00 0.18EUR 138,360.70


Cash at bank/(bank liabilities) 1,372,717.64 1.80


Total net assets 76,466,785.23 100.00





15Page



529,780.19Income529,780.19Net interest on bonds and other debt instruments 3Note



295.12Transaction fees 13Note3,304.01Other expenses 8Note


(388,822.96)- securities portfolio 3Note










16Page

10,148,726.30Assets8,933,987.85Securities portfolio at market value 3Note9,829,406.00Cost price(895,418.15)Unrealised loss on the securities portfolio1,189,875.15Cash at bank 10Note

12,298.08Interest receivable12,565.22Dividends receivable

7,359.83Liabilities7,359.83Other liabilities 4Note



Expressed in EUR


ING ARIA – Flexible Strategic Allocation

Key figures

Total Net Assets 10,141,366.47 11,137,235.47 9,761,541.76


EURCapitalisation shares

1,367.847,414.13 7,414.13

1,502.167,414.131,316.61

Number of sharesNet asset value per share EUR


17Page

AB INBEV1,650 72,377.25 0.71EUR 127,954.80


Shares 4,129,629.60 40.734,988,091.59

Belgium 496,768.45 4.90660,164.88

AGEAS NOM1,000 31,540.00 0.31EUR 40,260.00BPOST SA6,000 36,000.00 0.35EUR 83,326.20COFINIMMO SA723 88,495.20 0.88EUR 78,239.13GROUPE BRUXELLES LAMBERT GBL900 67,212.00 0.66EUR 79,980.00KBC ANCORA CVA2,100 63,588.00 0.63EUR 101,104.00RECTICEL PART.SOC.12,000 94,800.00 0.94EUR 89,870.00SOLVAY600 42,756.00 0.42EUR 59,430.75

BARRICK GOLD5,119 122,240.28 1.21CAD 68,803.54Canada 122,240.28 1.2168,803.54

ALIBABA GR ADR400 76,819.66 0.76USD 59,917.04Cayman Islands 76,819.66 0.7659,917.04

AXA SA3,500 65,142.00 0.64EUR 80,957.52France 672,225.54 6.63875,882.48

BOUYGUES2,200 66,902.00 0.66EUR 81,972.00DANONE1,226 75,472.56 0.74EUR 79,445.03ENGIE8,000 88,000.00 0.87EUR 108,331.25ESSILORLUXOTTICA SA250 28,562.50 0.28EUR 28,018.75LVMH280 109,340.00 1.09EUR 88,119.00ORANGE8,000 85,160.00 0.84EUR 106,617.14TOTAL SA2,221 75,458.48 0.74EUR 103,093.79UNIBAIL RODAMCO1,000 50,160.00 0.49EUR 171,510.00VEOLIA ENVIRONNEMENT SA1,400 28,028.00 0.28EUR 27,818.00

ALLIANZ SE REG SHS280 50,892.80 0.50EUR 54,880.00Germany 446,440.74 4.40543,796.08

BAYER AG REG SHS1,086 71,447.94 0.70EUR 93,461.63BMW AG900 51,138.00 0.50EUR 78,926.02COVESTRO AG1,200 40,620.00 0.40EUR 76,289.84DAIMLER NAMEN-AKT1,200 43,374.00 0.43EUR 65,496.00DEUTSCHE POST AG REG SHS1,400 45,570.00 0.45EUR 40,656.00E.ON AG REG SHS4,000 40,060.00 0.40EUR 37,940.91SIEMENS AG REG600 62,856.00 0.62EUR 54,555.00VOLKSWAGEN VORZ.AKT300 40,482.00 0.40EUR 41,590.68

ENI SPA4,600 39,054.00 0.39EUR 63,664.00Italy 39,054.00 0.3963,664.00

ARCELORMITTAL - REGISTERED5,500 51,535.00 0.51EUR 79,288.42Luxembourg 73,825.00 0.7394,339.42

BREDERODE SA300 22,290.00 0.22EUR 15,051.00

TELEFONICA SA8,000 33,976.00 0.34EUR 67,020.00Spain 33,976.00 0.3467,020.00

INVESTOR -B- FREE2,600 122,173.17 1.20SEK 103,966.48Sweden 122,173.17 1.20103,966.48

CIE FINANCIERE RICHEMONT NAMEN AKT1,100 62,470.28 0.62CHF 71,780.88Switzerland 526,114.46 5.19477,929.88

LAFARGEHOLCIM N NAMEN-AKT.731 28,511.92 0.28CHF 36,071.72NESTLE SA REG SHS1,200 118,100.07 1.17CHF 83,608.47NOVARTIS AG REG SHS800 61,955.37 0.61CHF 58,232.89ROCHE HOLDING AG GENUSSSCHEIN350 107,984.50 1.06CHF 72,822.46UBS GROUP NAMEN-AKT7,000 71,726.57 0.71CHF 87,281.05ZURICH INSURANCE GROUP NAMEN AKT240 75,365.75 0.74CHF 68,132.41

ABN AMRO GROUP DEP RECEIPT5,100 39,096.60 0.39EUR 108,011.92The Netherlands 416,120.05 4.10641,672.62

AEGON NV20,000 53,060.00 0.52EUR 75,773.28ING GROEP15,000 92,970.00 0.91EUR 149,398.00POST NL40,932 78,282.45 0.77EUR 68,278.15SBM OFFSHORE NV2,000 26,030.00 0.26EUR 30,000.00UNILEVER NV1,816 85,806.00 0.85EUR 89,234.52WERELDHAVE NV5,000 40,875.00 0.40EUR 120,976.75

BP PLC15,764 53,275.04 0.53GBP 80,598.06United Kingdom 473,961.21 4.67551,002.59

GLAXOSMITHKLINE PLC4,625 83,270.35 0.82GBP 77,362.59





18Page

RECKITT BENCKISER GROUP PLC2,043 167,036.04 1.64GBP 143,337.57ROYAL DUTCH SHELL PLC3,747 53,949.31 0.53EUR 95,108.41VODAFONE GROUP82,132 116,430.47 1.15GBP 154,595.96

ABBVIE INC346 30,245.54 0.30USD 53,510.88United States of America 629,911.04 6.21779,932.58

AMAZON.COM INC15 36,844.86 0.36USD 17,375.71BANK OF AMERICA CORP1,200 25,375.06 0.25USD 25,712.48BERKSHIRE HATHAWAY -B-700 111,255.84 1.09USD 126,541.38CHEVRON CORP600 47,667.72 0.47USD 60,108.86COLGATE-PALMOLIVE CO600 39,136.36 0.39USD 34,728.19GENERAL ELECTRIC CO5,500 33,446.11 0.33USD 83,565.49GILEAD SCIENCES INC800 54,803.01 0.54USD 50,276.90HALLIBURTON3,000 34,670.35 0.34USD 91,175.39IBM CORP600 64,516.76 0.64USD 69,850.57MICROSOFT CORP200 36,239.15 0.36USD 13,108.02PFIZER INC2,800 81,520.72 0.80USD 85,509.29WELLS FARGO AND CO1,500 34,189.56 0.34USD 68,469.42

UBS AG AUSTRALI 3.2500 18-23 08/03S300,000 194,662.54 1.92AUD 189,906.15

Bonds 912,683.39 9.00981,477.48

Australia 194,662.54 1.92189,906.15

ROYAL BANK OF CANADA 2.36 17-22 05/12S160,000 108,015.03 1.07CAD 107,183.27Canada 108,015.03 1.07107,183.27

NYKREDIT 2.50 14-37 01/10Q107,669 15,211.40 0.15DKK 14,878.12Denmark 15,211.40 0.1514,878.12

RALLYE EMTN DEF 4.00 14-21 02/04A100,000 18,000.00 0.18EUR 104,000.00France 18,000.00 0.18104,000.00

GERMANY 2.25 10-20 04/09A150,000 150,744.75 1.49EUR 142,998.75Germany 150,744.75 1.49142,998.75

COOPERATIEVE RA 24.0000 18-21 07/09210,000 29,423.43 0.29TRY 28,923.81The Netherlands 333,737.43 3.28330,274.86

HEINEKEN 2.00 13-21 06/04A300,000 304,314.00 2.99EUR 301,351.05

CATERPILLAR FIN 1.95 20-22 18/11S100,000 92,312.24 0.91USD 92,236.33United States of America 92,312.24 0.9192,236.33

PETROLEOS MEXICANOS FL.R 18-23 24/08Q200,000 175,204.00 1.72EUR 202,948.00

Floating rate bonds 332,075.81 3.27358,029.93

Mexico 175,204.00 1.72202,948.00

GENERAL ELECTRIC C FL.R 13-23 15/03Q180,000 156,871.81 1.55USD 155,081.93United States of America 156,871.81 1.55155,081.93

TELEFONICA SA 01.07.20 RIGHT8,000 1,400.80 0.01EUR 0.00

Warrants, Rights 1,400.80 0.010.00

Spain 1,400.80 0.010.00

ROYAL DUTCH SHELL P.L.C. 31.12.20493,747 0.00 0.00USD 0.00

Other transferable securities and money market instruments 0.00 0.000.00

Warrants, Rights 0.00 0.000.00

United Kingdom 0.00 0.000.00

ISHARES STOXX EUROPE 600 BANKS (DE)8,000 73,792.00 0.73EUR 110,260.00



Germany 151,296.00 1.49197,336.80

ISHARES STOXX EUROPE 600 TELECOM (DE)4,000 77,504.00 0.76EUR 87,076.80

COMGEST GRW EMRG MR ACC CLASS -I- USD3,500 119,601.12 1.18USD 131,419.13Ireland 359,566.87 3.55385,597.55

ISHARES CORE S&P 500 UCITS ETF300 82,348.75 0.81USD 68,058.63ISHARES V PLC OIL GAS EXPLORATION3,000 25,335.00 0.25USD 42,659.79ISHS EUROPEAN PROPERTY YIELD UCITS ETF3,600 132,282.00 1.31EUR 143,460.00

BGF EURO SHORT DURATION BD FD -A2- CAP20,000 314,600.00 3.10EUR 314,100.00Luxembourg 2,753,864.20 27.162,681,627.43

BRGF WORLD GOLD FUND -D2- CAP2,500 103,503.54 1.02USD 69,203.09ELEVA EURO SEL -R- (EUR)- CAP300 38,739.00 0.38EUR 38,130.00FID EM -Y-USD-7,933 88,570.93 0.87USD 89,139.98FIDELITY FUNDS ASIA PACIFIC DVD-Y-USD3,606 43,565.24 0.43USD 41,202.74





19Page

ING ARIA – EURO SHORT DURATION ENHANCED RETURN BOND FUND CL. ICAP (see note 11)

8,700 869,217.00 8.58EUR 876,040.00

INVESCO ASIA OPPORTUNITIES EQ FD-Z-4,251 49,995.00 0.49USD 44,206.35INVESCO ASIAN EQUITY FUND-Z EUR CAP6,500 120,185.00 1.19EUR 118,235.00JPMF EU EQ PI JPM -C- PERF CAP200 40,436.00 0.40EUR 43,834.00JPMF JAP EQ JP MORGAN C EUR H CAP800 87,408.00 0.86EUR 73,548.00JPMIF GL CAP APPREC. -C (ACC) EUR-CAP250 42,387.50 0.42EUR 41,180.00LYXOR INVMT FDS LYXOR EURO 6M300 297,901.47 2.94EUR 299,614.17M&G LUX DYNAMIC ALLOCATION FD CC4,204 37,893.67 0.37EUR 40,840.41NORDEA 1 - EMERGING MARKET BD FD HBC EUR2,000 192,440.00 1.90EUR 195,340.00SELECTED ABS STRAT DIV -B- CAP8,039 11,012.85 0.11EUR 13,763.69THREADNEEDLE-GLOBAL EQUITY INCOME 3E EUR5,079 50,557.00 0.50EUR 51,801.00UBS L EQ EO UNC -Q-ACC- CAP300 54,972.00 0.54EUR 44,649.00UBS LUX BD CONVERT GLOBAL-Q- EUR HEDGED1,600 310,480.00 3.06EUR 286,800.00

ROBECO SUSTAINABLE GLOBAL STARS EQ FUND3,118 143,459.18 1.41EUR 112,704.01The Netherlands 293,471.18 2.89237,245.22

ROLINCO NV3,240 150,012.00 1.48EUR 124,541.21




Total net assets 10,141,366.47 100.00





20Page



143,564.02Income128,796.33Net dividends 3Note14,188.39Net interest on bonds and other debt instruments 3Note

579.30Bank interest 3Note

46,066.81Expenses30,287.83Management fees 5Note1,057.52Depositary fees 6Note1,772.56Subscription tax 9Note

259.15Professional fees3,575.68Bank interest

17.41Legal fees8,839.07Transaction fees 13Note

257.59Other expenses 8Note


(7,051.93)- securities portfolio 3Note5,120.60- currency conversion 3Note



(995,869.00)Decrease in net assets as a result of operations

(995,869.00)Decrease in net assets




21Page


58,821.95Unrealised profit on the securities portfolio1,061,342.75Cash at bank 10Note

184,623.80Subscriptions receivable212,274.92Dividends receivable

302.23Other assets




Expressed in EUR


ING ARIA – ING Global Index Portfolio Aggressive

Key figures

Total Net Assets 64,244,306.16 33,072,406.13

31/12/201930/06/2020Period/year ended as at:

EURClass A - Capitalisation shares

101.0162,106.15 21,477.81


Class B - Capitalisation shares

102.66564,675.00 277,940.00



22Page

AMUNDI ETF GOV BD EUROMTS BROAD 1-39,677 1,628,542.33 2.53EUR 1,627,286.90



France 1,628,542.33 2.531,627,286.90

L&G ESG EMERGING MARKETS GVNMT BD IND C418,958 423,315.16 0.66EUR 428,887.30Ireland 2,065,085.60 3.212,040,692.40

SPDR BA EUR GOV ETF24,526 1,641,770.44 2.55EUR 1,611,805.10

AIF AMUNDI INDEX MSCI EUROPE SRIDR A35,239 1,938,180.24 3.02EUR 1,835,359.20Luxembourg 23,217,429.34 36.1522,633,800.50

AMUNDI INDEX EURO AGG CORPORATE SRI-IEC964 1,103,691.61 1.72EUR 1,093,966.20AMUNDI INDEX MSCI EURO S UCITS ETF DR A43,002 2,364,052.15 3.68EUR 2,281,364.99DBX SOV EUR 1DD ETF7,589 1,637,402.64 2.55EUR 1,620,558.54NN L-NA EN IND SUS EQ-QEA20 10,441,561.18 16.25EUR 10,158,000.00UBS ETF M PA SR SHS -A- DIS ETF66,754 4,089,350.04 6.37EUR 4,018,978.52UBS ETF-BLOOMBERG BARCLAYS MSCI EURO ARE36,655 546,012.88 0.85EUR 538,673.57XTRACKERS II ESG EUR CORPORATE BOND7,035 1,097,178.60 1.71EUR 1,086,899.48

ACTIAM DUURZAAM INDEX AANDELENFONDS EURO208,037 4,160,740.00 6.48EUR 4,206,872.36The Netherlands 35,342,321.74 55.0235,909,539.91

ACTIAM DUURZAAM INDEX AANDELENFONDS NOOR157,472 10,273,473.28 16.00EUR 10,229,588.62NN GLOBAL EMERG MKTS P143,429 5,751,502.90 8.95EUR 5,960,733.42NORTHERN TRUST DEV RL ESTT ESG578,399 4,933,281.10 7.68EUR 5,591,875.99NORTHERN TRUST N AMER EQ IDX-A-725,094 10,223,324.46 15.91EUR 9,920,469.52

BNPP EASY JPM EMBI GLOB DIV COMP TRAC IH5 619,603.45 0.96EUR 602,840.80Vanauatu Island 619,603.45 0.96602,840.80




Total net assets 64,244,306.16 100.00





23Page



385,285.03Income384,678.86Net dividends 3Note

606.17Other financial income


147.04Domiciliation fees1,921.92Professional fees3,229.78Bank interest

29.21Legal fees12,315.73Transaction fees 13Note6,413.52Other expenses 8Note


618,888.67- securities portfolio 3Note6,008.50- currency conversion 3Note



(1,822,460.39)Decrease in net assets as a result of operations38,031,740.43Subscription capitalisation shares(5,037,380.01)Redemption capitalisation shares





24Page







Expressed in EUR


ING ARIA – ING Global Index Portfolio Balanced

Key figures

Total Net Assets 121,912,441.92 47,365,993.65 17,969,316.86



107.73447,628.03 342,412.42

112.18180,740.52



103.76695,730.00 74,239.00

107.710.000.00


Class J - Capitalisation shares

0.000.00 0.00

0.000.000.00



106.2414,154.68 8,653.26

110.645,371.70



25Page




France 11,986,960.12 9.8311,978,621.91

L&G ESG EMERGING MARKETS GVNMT BD IND C3,035,548 3,067,117.70 2.52EUR 3,100,508.73Ireland 15,193,231.76 12.4614,972,180.33


AIF AMUNDI INDEX MSCI EUROPE SRIDR A46,598 2,562,936.60 2.10EUR 2,472,735.97Luxembourg 51,896,450.46 42.5851,101,394.47

AMUNDI INDEX EURO AGG CORPORATE SRI-IEC6,641 7,603,012.99 6.24EUR 7,534,661.66AMUNDI INDEX MSCI EURO S UCITS ETF DR A34,062 1,872,572.07 1.54EUR 1,809,419.95DBX SOV EUR 1DD ETF56,027 12,088,385.52 9.92EUR 11,964,466.87NN L-NA EN IND SUS EQ-QEA21 11,022,333.19 9.04EUR 10,723,000.00UBS ETF M PA SR SHS -A- DIS ETF68,432 4,192,144.32 3.44EUR 4,156,237.41UBS ETF-BLOOMBERG BARCLAYS MSCI EURO ARE322,273 4,800,578.61 3.94EUR 4,734,252.24XTRACKERS II ESG EUR CORPORATE BOND49,721 7,754,487.16 6.36EUR 7,706,620.37



BNPP EASY JPM EMBI GLOB DIV COMP TRAC IH36 4,461,144.84 3.66EUR 4,340,453.76Vanauatu Island 4,461,144.84 3.664,340,453.76




Total net assets 121,912,441.92 100.00





26Page












(1,119,571.82)Decrease in net assets as a result of operations86,270,194.97Subscription capitalisation shares

(10,604,174.88)Redemption capitalisation shares





27Page


233,654.03Unrealised profit on the securities portfolio920,575.77Cash at bank 10Note68,986.25Subscriptions receivable47,764.04Dividends receivable

33,947.93Liabilities6,596.56Redemptions payable

27,351.37Other liabilities 4Note



Expressed in EUR


ING ARIA – ING Global Index Portfolio Defensive

Key figures

Total Net Assets 44,680,359.61 19,596,145.42 8,648,949.96



104.93212,239.63 170,428.41

107.6484,872.75



103.59204,138.00 2,474.00

105.950.000.00



0.000.00 0.00

0.000.000.00



104.4912,088.53 9,221.75

107.204,184.46



28Page




France 5,827,377.83 13.045,826,102.98



AIF AMUNDI INDEX MSCI EUROPE SRIDR A8,730 480,158.73 1.07EUR 462,843.76Luxembourg 20,212,610.30 45.2419,987,376.34

AMUNDI INDEX EURO AGG CORPORATE SRI-IEC3,327 3,808,533.89 8.52EUR 3,787,218.09AMUNDI INDEX MSCI EURO S UCITS ETF DR A8,776 482,464.11 1.08EUR 466,856.14DBX SOV EUR 1DD ETF27,487 5,930,595.12 13.27EUR 5,869,350.25NN L-NA EN IND SUS EQ-QEA5 2,357,009.23 5.28EUR 2,293,000.00UBS ETF M PA SR SHS -A- DIS ETF14,342 878,590.92 1.97EUR 874,134.00UBS ETF-BLOOMBERG BARCLAYS MSCI EURO ARE163,439 2,434,587.34 5.45EUR 2,409,131.25XTRACKERS II ESG EUR CORPORATE BOND24,626 3,840,670.96 8.60EUR 3,824,842.85

ACTIAM DUURZAAM INDEX AANDELENFONDS EURO45,734 914,680.00 2.05EUR 931,231.44The Netherlands 7,869,781.18 17.618,025,115.87






Total net assets 44,680,359.61 100.00





29Page











(559,503.44)- securities portfolio

(391,855.79)Decrease in net assets as a result of operations30,885,431.86Subscription capitalisation shares(5,409,361.88)Redemption capitalisation shares





30Page




205.67Other assets




Expressed in EUR


ING ARIA – ING Global Index Portfolio Dynamic

Key figures

Total Net Assets 117,498,122.32 61,474,182.62 15,975,326.41



110.21412,743.06 290,457.91

116.68159,852.61



103.44681,920.00 242,987.00

109.200.000.00



0.000.00 0.00

0.000.000.00



108.2613,584.92 9,162.21

114.626,400.85



31Page




France 7,175,717.31 6.117,175,703.44



AMUNDI INDEX EURO AGG CORPORATE SRI-IEC4,127 4,724,789.35 4.02EUR 4,685,580.25Luxembourg 46,440,942.87 39.5245,534,546.40

AMUNDI INDEX MSCI EURO S UCITS ETF DR A110,421 6,070,438.64 5.17EUR 5,821,357.02DBX SOV EUR 1DD ETF33,438 7,214,582.88 6.14EUR 7,140,195.75NN L-NA EN IND SUS EQ-QEA29 15,089,279.12 12.83EUR 14,679,500.00UBS ETF M PA SR SHS -A- DIS ETF93,733 5,742,083.58 4.89EUR 5,676,218.15UBS ETF-BLOOMBERG BARCLAYS MSCI EURO ARE186,291 2,774,990.74 2.36EUR 2,734,543.17XTRACKERS II ESG EUR CORPORATE BOND30,936 4,824,778.56 4.11EUR 4,797,152.06


ACTIAM DUURZAAM INDEX AANDELENFONDS NOOR220,547 14,388,486.28 12.25EUR 14,260,233.21NN GLOBAL EMERG MKTS P200,167 8,026,696.70 6.83EUR 8,337,888.08NORTHERN TRUST DEV RL ESTT ESG851,581 7,263,301.85 6.18EUR 8,186,821.32NORTHERN TRUST N AMER EQ IDX-A-1,026,157 14,468,097.40 12.32EUR 13,883,261.21





Total net assets 117,498,122.32 100.00





32Page




205.67Other financial income






1,185,855.33- securities portfolio 3Note46,704.86- currency conversion 3Note

1,593,175.70Net realised gainChange in net unrealised gain / (loss) on:








33Page


8,639.76Unrealised profit on the securities portfolio139,314.88Cash at bank 10Note

0.41Subscriptions receivable849.52Dividends receivable

2,000.00Other assets

1,690.15Liabilities806.08Redemptions payable884.07Other liabilities 4Note



Expressed in EUR


ING ARIA – ING Global Index Portfolio Very Defensive

Key figures

Total Net Assets 3,099,918.42 1,533,278.37

31/12/201930/06/2020Period/year ended as at:


101.6220,668.16 11,682.44



102.529,750.00 3,221.00



34Page

AMUNDI ETF GOV BD EUROMTS BROAD 1-33,048 512,947.92 16.55EUR 513,959.26



France 512,947.92 16.55513,959.26

L&G ESG EMERGING MARKETS GVNMT BD IND C132,677 134,056.86 4.32EUR 135,723.46Ireland 648,624.64 20.92646,099.58

SPDR BA EUR GOV ETF7,687 514,567.78 16.60EUR 510,376.12

AIF AMUNDI INDEX MSCI EUROPE SRIDR A108 5,940.11 0.19EUR 5,563.82Luxembourg 1,464,582.11 47.251,459,893.11

AMUNDI INDEX EURO AGG CORPORATE SRI-IEC289 330,968.84 10.68EUR 331,913.21AMUNDI INDEX MSCI EURO S UCITS ETF DR A205 11,269.96 0.36EUR 11,169.34DBX SOV EUR 1DD ETF2,385 514,587.60 16.61EUR 509,466.72NN L-NA EN IND SUS EQ-QEA0 42,658.47 1.38EUR 41,500.00UBS ETF M PA SR SHS -A- DIS ETF255 15,621.30 0.50EUR 15,638.12UBS ETF-BLOOMBERG BARCLAYS MSCI EURO ARE14,282 212,744.67 6.86EUR 213,146.59XTRACKERS II ESG EUR CORPORATE BOND2,121 330,791.16 10.67EUR 331,495.31

ACTIAM DUURZAAM INDEX AANDELENFONDS EURO862 17,248.10 0.56EUR 17,366.24The Netherlands 144,433.96 4.66146,152.45

ACTIAM DUURZAAM INDEX AANDELENFONDS NOOR617 40,270.98 1.30EUR 39,427.85NN GLOBAL EMERG MKTS P574 23,017.40 0.74EUR 23,689.47NORTHERN TRUST DEV RL ESTT ESG2,809 23,957.29 0.77EUR 27,619.50NORTHERN TRUST N AMER EQ IDX-A-2,833 39,940.19 1.29EUR 38,049.39

BNPP EASY JPM EMBI GLOB DIV COMP TRAC IH2 188,855.13 6.09EUR 184,699.60Vanauatu Island 188,855.13 6.09184,699.60




Total net assets 3,099,918.42 100.00





35Page






222.05Depositary fees 6Note352.31Subscription tax 9Note147.04Domiciliation fees141.56Professional fees331.04Bank interest176.38Legal fees


(1,490.91)Net loss from investmentsNet realised gain / (loss) on :


(18,550.82)Net realised lossChange in net unrealised gain / (loss) on:


(22,358.60)Decrease in net assets as a result of operations2,276,329.94Subscription capitalisation shares(687,331.29)Redemption capitalisation shares





36Page

42,720,101.60Assets41,491,089.75Securities portfolio at market value 3Note40,464,970.31Cost price1,026,119.44Unrealised profit on the securities portfolio1,068,580.25Cash at bank 10Note

140,432.38Interest receivable19,999.22Subscriptions receivable

43,997.41Liabilities32.26Bank overdrafts

10,999.99Redemptions payable32,965.16Other liabilities 4Note



Expressed in EUR


ING ARIA – ING Sustainable Bonds

Key figures

Total Net Assets 42,676,104.19 40,730,357.19 36,847,271.57



594.6846,385.50 46,154.56

593.4947,728.61



589.9824,659.22 22,055.82

589.0716,514.38



526.640.70

1,031.37 656.00526.573.87

313.61511.805.51


EUR


37Page

RAIFFEISEN BANK INTL 0.25 18-21 05/07A500,000 500,207.50 1.17EUR 500,980.00


Bonds 41,491,089.75 97.2240,464,970.31

Austria 500,207.50 1.17500,980.00

BELGIUM 1.25 18-33 22/04A400,000 462,850.00 1.08EUR 424,752.00Belgium 3,288,635.50 7.713,133,666.60

COMMUNAUTE FLAMANDE 1.375 18-33 21/11A300,000 343,795.50 0.81EUR 314,769.00FLEMISH COMMUNITY 0.375 20-30 15/04A400,000 409,830.00 0.96EUR 394,896.60KBC GROUPE SA 0.875 18-23 27/06A500,000 509,827.50 1.19EUR 513,754.00REGION WALLONNE 1.0500 20-40 22/06A1,500,000 1,562,332.50 3.67EUR 1,485,495.00

ROYAL BANK OF C 0.2500 19-24 02/05A500,000 500,530.00 1.17EUR 498,960.00Canada 500,530.00 1.17498,960.00

KOMMUNEKREDIT 0.75 17-27 18/05A700,000 748,601.00 1.75EUR 726,566.75Denmark 748,601.00 1.75726,566.75

AGENCE FRANCAISE D 5.55 16-24 30/04A300,000 307,726.50 0.72EUR 301,908.00France 8,041,639.50 18.847,859,996.24

ALD SA 1.2500 18-22 11/10A500,000 496,257.50 1.16EUR 501,910.00BPCE SA 0.6250 18-23 26/09A700,000 711,277.00 1.67EUR 710,882.00CAISSE DES DEPOT 0.00 19-24 19/06A300,000 304,603.50 0.71EUR 303,975.00COUNCIL OF EURO 0.0000 19-26 10/04A500,000 511,102.50 1.20EUR 496,270.00DANONE 1.00 18-25 26/03A200,000 209,376.00 0.49EUR 202,384.00FONC DES REGIONS 1.875 16-26 20/05A1,000,000 1,031,475.00 2.41EUR 1,038,440.00FRANCE 1.75 17-39 25/06A200,000 254,162.00 0.60EUR 229,132.00ICADE 1.50 17-27 13/09A800,000 798,648.00 1.87EUR 817,304.00LA BANQUE POSTALE 1.375 19-29 24/04A800,000 837,136.00 1.96EUR 801,466.24LA POSTE SA 1.45 18-28 30/11A700,000 754,645.50 1.77EUR 704,815.00REGIE AUTONOME 0.3500 19-29 20/06A400,000 409,420.00 0.96EUR 401,134.00REGION ILE DE FRANCE 0.625 15-27 23/04A400,000 420,486.00 0.99EUR 412,308.00SOCIETE DU GRAND PAR 1.125 18-28 22/10A500,000 550,340.00 1.29EUR 530,770.00SOCIETE DU GRAND PARI 1.125 19-34 25/05A400,000 444,984.00 1.04EUR 407,298.00

KFW 0.25 17-25 30/06A1,000,000 1,038,625.00 2.43EUR 997,317.10Germany 4,740,854.00 11.114,593,341.10

LB BADEN-WUERTT 0.375 20-27 18/02A500,000 485,220.00 1.14EUR 499,620.00LDBK BADEN WUERTT 0.375 19-26 29/07A500,000 493,562.50 1.16EUR 498,415.00NRW.BANK 0.625 19-29 02/02A400,000 427,274.00 1.00EUR 396,388.00NRW.BANK 0.7500 18-28 30/06A1,000,000 1,076,980.00 2.53EUR 1,035,535.00STATE OF NORTH RHINE 1.1 19-34 13/03A300,000 343,360.50 0.80EUR 316,522.00STATE OF NORTH RW 0.95 18-28 13/03A800,000 875,832.00 2.05EUR 849,544.00

IRELAND 1.35 18-31 18/03A400,000 457,290.00 1.07EUR 429,480.00Ireland 457,290.00 1.07429,480.00

CASSA DEPOSITI 1.00 20-30 11/02A700,000 666,127.00 1.56EUR 695,515.60Italy 6,578,799.00 15.426,552,890.65

CASSA DEPOSITI 2.125 19.26 21/03A600,000 634,452.00 1.49EUR 597,217.50CASSA DEPOSITI PRESTI 0.75 17-22 21/11A300,000 302,337.00 0.71EUR 294,060.00CDP 2.125 18-23 27/09A200,000 209,737.00 0.49EUR 203,514.00FERROVIE DELLO ST 19-26 09/07A500,000 502,892.50 1.18EUR 518,064.00FERROVIE DELLO STATO 0.875 17-23 07/12A600,000 604,116.00 1.42EUR 604,158.00HERA SPA 0.8750 19-27 05/07A500,000 509,365.00 1.19EUR 495,509.45ITALY 0.95 18-23 01/03S500,000 509,757.50 1.19EUR 504,674.29ITALY 0.90 17-22 01/08S500,000 508,375.00 1.19EUR 506,708.00ITALY 2.50 14-24 01/12S500,000 541,527.50 1.27EUR 555,535.00ITALY 5.50 12-22 01/09S500,000 558,262.50 1.31EUR 574,484.81TERNA SPA 1.0000 19-26 10/04A1,000,000 1,031,850.00 2.42EUR 1,003,450.00

POLOGNE 1.125 18-26 07/08A700,000 749,577.50 1.76EUR 738,997.00Poland 1,502,287.50 3.521,436,110.20

REPUBLIC OF POLAND 1.0 19-29 07/03A700,000 752,710.00 1.76EUR 697,113.20

ADIF 0.95 19-27 30/04A500,000 520,930.00 1.22EUR 499,807.50Spain 5,754,960.75 13.495,599,465.40

ADIF ALTA VELOCIDAD 1.25 18-26 04/05A1,000,000 1,060,295.00 2.47EUR 998,540.00BANCO BILBAO VIZCAYA 0.75 20-25 04/06A300,000 302,365.50 0.71EUR 300,762.00CAIXABANK SA 0.625 19-24 01/10A400,000 389,548.00 0.91EUR 397,932.00COMMUNITY OF MA 0.4190 20-30 30/04A500,000 493,017.50 1.16EUR 499,422.00COMMUNITY OF MADRID 1.571 19-29 30/04A550,000 601,081.25 1.41EUR 550,033.00INSTITUT CREDIT 0.2500 20-24 30/04A200,000 203,237.00 0.48EUR 199,930.00





38Page

INSTITUTO DE CREDITO 0.20 19-24 31/01A1,000,000 1,014,190.00 2.38EUR 999,898.90KINGDOM OF SPAIN 1.773 18-28 30/04A500,000 553,532.50 1.30EUR 535,500.00TEEFONICA EMISIONES 1.069 19-24 05/02A600,000 616,764.00 1.45EUR 617,640.00

EUROFIMA 0.1500 19-34 10/10A500,000 496,132.50 1.16EUR 489,385.00Switzerland 496,132.50 1.16489,385.00

ABN AMRO BANK NV 0.5 19-26 15/04A800,000 818,668.00 1.92EUR 797,936.00The Netherlands 6,389,923.00 14.976,211,987.87

BNG BANK N.V 0.5 18-25 26/11A600,000 625,485.00 1.47EUR 599,586.00EDP FINANCE 1.875 18-25 12/10A1,000,000 1,074,375.00 2.51EUR 1,023,758.00EDP FINANCE 0.3750 19-26 16/09A300,000 295,722.00 0.69EUR 298,912.50KONINKIJKE AHOL 0.2500 19-25 26/06A500,000 498,055.00 1.17EUR 497,001.45KONINKLIJKE PHI 0.5000 19-26 22/05A700,000 707,476.00 1.66EUR 697,393.20LEASEPLAN CORPO 1.3750 19-24 07/03A800,000 803,776.00 1.88EUR 799,710.72NEDER WATERSCHA 0.1250 19-27 28/05A400,000 409,926.00 0.96EUR 398,196.00NEDER WATERSCHA 0.6250 19-29 06/02A600,000 641,037.00 1.50EUR 596,442.00NETHERLANDS 0.50 19-40 15/01A200,000 221,088.00 0.52EUR 203,956.00POSTNL N.V. 0.625 19-26 23/09A300,000 294,315.00 0.69EUR 299,096.00

VODAFONE GROUP 0.9000 19-26 24/11A500,000 510,070.00 1.20EUR 497,831.50United Kingdom 510,070.00 1.20497,831.50

CITIGROUP INC 0.5000 19-22 29/01A500,000 502,677.50 1.18EUR 501,960.00United States of America 1,981,159.50 4.641,934,309.00

INTL BK FOR RECONS 0.625 18-27 22/11A1,000,000 1,063,600.00 2.49EUR 1,033,170.00INTL BK RECON & 0.2500 19-29 21/05A400,000 414,882.00 0.97EUR 399,179.00




Total net assets 42,676,104.19 100.00





39Page



184,051.99Income1.70Net dividends 3Note

184,050.29Net interest on bonds and other debt instruments 3Note


4,264.70Depositary fees 6Note4,951.53Subscription tax 9Note1,478.64Professional fees1,635.42Bank interest

102.28Legal fees204.90Transaction fees 13Note

4,328.66Other expenses 8Note

577.05Net gain from investmentsNet realised gain / (loss) on :

91,688.50- securities portfolio 3Note



72,487.85Increase in net assets as a result of operations(717.94)Dividend distributions 12Note







40Page

81,065,595.29Assets80,044,421.02Securities portfolio at market value 3Note76,582,016.66Cost price3,462,404.36Unrealised profit on the securities portfolio

884,933.03Cash at bank 10Note92,681.53Subscriptions receivable43,559.71Net unrealised appreciation on forward foreign exchange contracts 3Note




Expressed in EUR


ING ARIA – Lion Aggressive

Key figures

Total Net Assets 80,908,268.51 79,592,769.84 70,443,575.20


EURClass C Hedged - Capitalisation shares

1,179.34346,209.20 210,791.96

1,286.03259,312.971,013.36

Number of sharesNet asset value per share CZK

Class I - Capitalisation shares

137.04119,981.81 116,891.38

147.51143,466.37


Class I - Distribution shares

103.022.43

7,262.84 7,075.98113.761.37

9,030.0092.390.00


EUR


136.0838,722.88 38,774.66

146.4042,369.68


Class K - Capitalisation shares

11,193.692,564.28 2,564.28

12,002.992,564.289,552.53



128.94110,581.19 103,304.97

139.13114,840.58



97.732.31

1,654.25 464.00108.211.61

1,000.0088.590.00


EUR


41Page

R-CO CREDIT HORIZON 12M IC EUR12 1,245,794.04 1.54EUR 1,250,652.50



France 1,245,794.04 1.541,250,652.50

DBX SP EW DR ETF 1C USD24,721 1,145,752.27 1.42USD 1,056,130.53Ireland 13,526,992.43 16.7213,773,319.21

ISHS MSCI C EU EUR-AC ACCUM SHS EUR ETF111,494 5,472,682.99 6.76EUR 5,266,692.52ISHS MSCI JAPAN UCITS ETF12,554 1,665,476.41 2.06EUR 1,621,647.27OSSIAM ESG LOW CAR SHIL BARC CAPE A174,835 5,243,080.76 6.48USD 5,828,848.89

BNP MSCI US SRI S-S 5C-TRIPL36 3,475,283.76 4.30USD 3,451,915.87Luxembourg 60,156,911.70 74.3556,590,247.97

BNPP E LC 100E -UCITS ETF- CAP34,514 5,920,531.56 7.32EUR 6,123,963.70ELEVA EURO SEL -I2 (EUR) CAP4,833 6,140,954.79 7.59EUR 6,010,709.31FFG - EUROPEAN EQUITIES-SUSTAINABLE I AC47,434 4,896,156.89 6.05EUR 5,402,228.23JPM EMERGING MARKET OPPORTUNITIES I USD7,480 871,207.76 1.08USD 906,408.58JPMF JAP EQ -JPMORGAN C (ACC) EUR CAP16,837 2,923,168.93 3.61EUR 2,289,142.25JPMORGAN EMERGING MARKETS SUSTAIN EQ I C35,904 3,518,951.04 4.35EUR 3,387,970.18MFS MERIDIAN EUROPEAN VALUE -I1- CAP17,698 5,883,988.12 7.27EUR 4,922,419.88MORGAN STANLEY INV US ADVANTAGE FD -Z-38,858 4,800,058.86 5.93USD 3,270,796.67MULTI UNITS LUX - LYXOR ETF SP500332,720 9,378,162.67 11.59USD 7,970,654.56R CAP QI ECONEQ -I USD- CAP41,375 4,251,464.26 5.25USD 4,559,068.68ROBECO SUSTAINABLE EUROPEAN STARS EQ-Z C43,606 4,633,573.56 5.73EUR 4,678,926.38UBS ETF MSCI EM -A DIS13,243 1,499,637.32 1.85EUR 1,518,909.91UBS ETF MSCI EM -A DIS5,677 645,701.98 0.80EUR 635,459.56UBS ETF MSCI EM -A DIS (DE)11,615 1,318,070.20 1.63EUR 1,461,674.21


ACTIAM DUURZAAM INDEX AANDELENFONDS NOOR31,244 2,038,358.56 2.52EUR 1,909,499.58

SPDR SP US DI ETF USD14,613 653,984.29 0.81USD 632,812.83

Investment funds (UCITS) 653,984.29 0.81632,812.83

Ireland 653,984.29 0.81632,812.83



Other net assets/(liabilities) (21,085.54) (0.02)

Total net assets 80,908,268.51 100.00





42Page









1,874,322.08- securities portfolio 3Note(160,254.06)- forward foreign exchange contracts 3Note



(7,161,194.47)- securities portfolio(17,320.20)- forward foreign exchange contracts 3Note








43Page


193,213.46Subscriptions receivable69,728.19Net unrealised appreciation on forward foreign exchange contracts 3Note




Expressed in EUR


ING ARIA – Lion Balanced

Key figures

Total Net Assets 265,018,534.03 278,762,099.36 254,404,820.70



1,108.50594,081.59 595,883.65

1,151.83571,389.33

993.72Number of sharesNet asset value per share CZK


123.301,027,476.34 1,033,540.26

128.021,027,227.53



101.891.78

18,201.67 18,081.33107.761.00

17,523.0495.510.00


EUR


123.42169,970.80 172,050.25

128.02252,124.38



10,669.62956.41 894.31

11,039.291,005.779,623.72



118.77669,275.46 687,375.29

123.64706,280.13



98.161.72

11,009.22 5,841.85104.081.40

2,213.4493.120.00


EUR


44Page

NATIXIS SOUVERAINS EURO SN 4DEC12,126 13,386,521.79 5.05EUR 12,418,802.36



France 34,757,715.53 13.1133,766,776.47

OST SOUVERAINS EURO 3-5 4 DEC CAP1,452 4,581,962.86 1.73EUR 4,523,165.48R-CO CREDIT HORIZON 12M IC EUR164 16,789,230.88 6.33EUR 16,824,808.63

BNY MELLON GLB EUROLAND BD -C- CAP4,993,929 10,626,581.28 4.01EUR 10,276,548.99Ireland 32,005,040.12 12.0832,321,385.16

DBX SP EW DR ETF 1C USD38,745 1,795,727.18 0.68USD 1,677,751.73ISHS MSCI C EU EUR-AC ACCUM SHS EUR ETF175,911 8,634,591.44 3.26EUR 8,413,151.40ISHS MSCI JAPAN UCITS ETF19,511 2,588,426.82 0.98EUR 2,572,657.01OSSIAM ESG LOW CAR SHIL BARC CAPE A1119,319 8,359,713.40 3.15USD 9,381,276.03

AIS INDEX JPM EMU GOV I14E CAP12,480 13,660,736.08 5.15EUR 12,988,688.57Luxembourg 189,166,101.61 71.37178,968,270.58

AMUNDI PRIME EURO CORPORATES UCITS ETFDR452,985 9,227,077.96 3.48EUR 9,318,531.53BNP MSCI US SRI S-S 5C-TRIPL56 5,337,978.02 2.01USD 5,410,131.33BNPP E LC 100E -UCITS ETF- CAP52,019 8,923,339.26 3.37EUR 9,221,357.23BSFS BLACKROCK ESG EURO BOND FUND X2C109,672 11,878,545.08 4.48EUR 11,765,171.36DNCA INVEST - ALPHA BONDS CLASS I - EUR44,483 4,428,247.21 1.67EUR 4,513,843.81ELEVA EURO SEL -I2 (EUR) CAP7,723 9,813,075.49 3.70EUR 9,669,423.18FFG - EUROPEAN EQUITIES-SUSTAINABLE I AC72,397 7,472,863.96 2.82EUR 8,369,972.76JPM EMERGING MARKET OPPORTUNITIES I USD11,542 1,344,229.60 0.51USD 1,396,665.74JPMF JAP EQ -JPMORGAN C (ACC) EUR CAP24,299 4,218,742.38 1.59EUR 3,076,123.67JPMORGAN EMERGING MARKETS SUSTAIN EQ I C55,398 5,429,557.98 2.05EUR 5,203,984.77KEMPEN LUX EURO SUSTAINABLE CREDIT FUND11,142 11,374,240.11 4.29EUR 11,167,132.05MFS MERIDIAN EUROPEAN VALUE -I1- CAP28,500 9,475,219.38 3.58EUR 7,285,169.28MORGAN STANLEY INV US ADVANTAGE FD -Z-61,155 7,554,334.63 2.85USD 5,068,269.40MUL LY EUHRMWGB -C-EUR- CAP69,300 10,556,469.00 3.98EUR 10,078,010.98MULTI UNITS LUX - LYXOR ETF SP500523,400 14,752,736.05 5.57USD 12,434,942.40NN L EURO CREDIT-Z-1,342 10,072,477.70 3.80EUR 9,231,757.36NORDEA 1 EMERG MKT BD-BI-BASE36,330 4,804,782.50 1.81USD 4,501,045.88N1 GL FIX IN -BI-BASE CURRENCY- CAP56,992 6,506,806.67 2.46EUR 6,211,935.51R CAP QI ECONEQ -I USD- CAP64,027 6,579,092.37 2.48USD 7,033,428.43ROBECO K GROWTH FD HIGH YIELD BD -I EUR-20,497 4,711,930.59 1.78EUR 4,389,497.62ROBECO SUSTAINABLE EUROPEAN STARS EQ-Z C68,931 7,324,608.06 2.76EUR 7,431,479.32SCHRODER INT SEL EURO CORP BOND -C- CAP295,688 7,544,392.91 2.85EUR 6,763,826.97SCHRODER INT SEL EURO CORP BOND -C- CAP33,735 857,875.96 0.32EUR 854,802.68UBS ETF MSCI EM -A DIS26,673 3,020,450.52 1.14EUR 3,064,006.06UBS ETF MSCI EM -A DIS1,403 159,577.22 0.06EUR 173,860.18UBS ETF MSCI EM -A DIS (DE)18,829 2,136,714.92 0.81EUR 2,345,212.51



SPDR SP US DI ETF USD22,903 1,024,991.59 0.39USD 966,301.00

Investment funds (UCITS) 1,024,991.59 0.39966,301.00

Ireland 1,024,991.59 0.39966,301.00




Total net assets 265,018,534.03 100.00





45Page




2,037.43Bank interest 3Note




(1,865,534.21)Net loss from investmentsNet realised gain / (loss) on :












46Page

40,993,063.41Assets40,568,789.47Securities portfolio at market value 3Note38,981,658.18Cost price1,587,131.29Unrealised profit on the securities portfolio

300,295.91Cash at bank 10Note117,525.67Receivable on sale of securities

6,452.36Subscriptions receivable




Expressed in EUR


ING ARIA – Lion Conservative

Key figures

Total Net Assets 40,914,637.00 40,431,754.66 35,084,886.73



104.88223,852.85 219,801.94

105.18235,586.46



105.4812,891.79 13,565.60

105.7413,979.93


Class R - Capitalisation

102.32128,846.84 126,152.43

102.88101,704.86


Class SI - Capitalisation

99.8029,000.00 29,000.00

99.940.000.00



47Page




France 7,468,430.40 18.257,187,423.22

OST SOUVERAINS EURO 3-5 4 DEC CAP450 1,419,777.90 3.47EUR 1,404,891.65R-CO CREDIT HORIZON 12M IC EUR20 2,012,302.57 4.92EUR 2,024,190.74



AMUNDI PRIME EURO CORPORATES UCITS ETFDR116,679 2,376,692.89 5.81EUR 2,398,378.74BSFS BLACKROCK ESG EURO BOND FUND X2C34,171 3,701,044.76 9.05EUR 3,664,020.09DNCA INVEST - ALPHA BONDS CLASS I - EUR14,503 1,443,755.63 3.53EUR 1,471,316.90KEMPEN LUX EURO SUSTAINABLE CREDIT FUND3,533 3,606,311.26 8.81EUR 3,538,168.25MUL LY EUHRMWGB -C-EUR- CAP20,049 3,054,064.17 7.46EUR 2,906,328.04NN L EURO CREDIT-Z-466 3,496,027.75 8.54EUR 3,258,287.11NORDEA 1 EMERG MKT BD-BI-BASE11,781 1,558,137.59 3.81USD 1,482,078.23N1 GL FIX IN -BI-BASE CURRENCY- CAP17,209 1,964,708.72 4.80EUR 1,883,670.39ROBECO K GROWTH FD HIGH YIELD BD -I EUR-6,634 1,525,029.21 3.73EUR 1,412,337.99SCHRODER INT SEL EURO CORP BOND -C- CAP120,665 3,078,725.92 7.52EUR 2,804,265.97




Total net assets 40,914,637.00 100.00





48Page









139,190.59- securities portfolio 3Note(12,748.37)- currency conversion 3Note



(148,493.33)Decrease in net assets as a result of operations3,891,953.31Subscription capitalisation shares


482,882.34Increase in net assets




49Page







Expressed in EUR


ING ARIA – Lion Dynamic

Key figures

Total Net Assets 71,545,789.44 73,915,374.30 65,816,506.12



1,143.93470,052.54 420,715.38

1,222.93441,660.141,011.36

Number of sharesNet asset value per share CZK


129.45245,178.46 246,960.60

137.62249,738.13



130.6125,707.12 25,824.96

138.7025,404.63



11,955.7146.47 46.47

12,662.3246.47

10,577.03Number of sharesNet asset value per share EUR


124.37123,274.01 117,027.03

132.56143,432.78



108.053,509.12 0.00

0.000.000.00



50Page




France 5,573,067.02 7.795,518,093.08

OST SOUVERAINS EURO 3-5 4 DEC CAP156 491,931.84 0.69EUR 486,403.21R-CO CREDIT HORIZON 12M IC EUR36 3,643,655.63 5.09EUR 3,652,393.82

BNY MELLON GLB EUROLAND BD -C- CAP528,987 1,125,631.37 1.57EUR 1,087,386.41Ireland 10,228,010.01 14.3010,424,242.13

DBX SP EW DR ETF 1C USD16,210 751,290.17 1.05USD 706,737.76ISHS MSCI C EU EUR-AC ACCUM SHS EUR ETF75,938 3,727,416.73 5.22EUR 3,637,424.21ISHS MSCI JAPAN UCITS ETF8,218 1,090,240.97 1.52EUR 1,092,891.87OSSIAM ESG LOW CAR SHIL BARC CAPE A150,433 3,533,430.77 4.94USD 3,899,801.88


AMUNDI PRIME EURO CORPORATES UCITS ETFDR47,781 973,275.08 1.36EUR 978,234.50BNP MSCI US SRI S-S 5C-TRIPL23 2,233,341.13 3.12USD 2,263,529.14BNPP E LC 100E -UCITS ETF- CAP21,435 3,676,959.90 5.14EUR 3,780,947.55BSFS BLACKROCK ESG EURO BOND FUND X2C12,112 1,311,837.72 1.83EUR 1,292,104.36DNCA INVEST - ALPHA BONDS CLASS I - EUR10,240 1,019,407.13 1.42EUR 1,035,057.07ELEVA EURO SEL -I2 (EUR) CAP3,168 4,025,355.84 5.63EUR 3,928,385.36FFG - EUROPEAN EQUITIES-SUSTAINABLE I AC30,990 3,198,791.31 4.47EUR 3,447,737.52JPM EMERGING MARKET OPPORTUNITIES I USD4,887 569,183.58 0.80USD 593,429.67JPMF JAP EQ -JPMORGAN C (ACC) EUR CAP10,289 1,786,330.87 2.50EUR 1,383,036.55JPMORGAN EMERGING MARKETS SUSTAIN EQ I C23,457 2,299,020.57 3.21EUR 2,204,704.80KEMPEN LUX EURO SUSTAINABLE CREDIT FUND1,159 1,183,480.23 1.65EUR 1,147,696.60MFS MERIDIAN EUROPEAN VALUE -I1- CAP11,508 3,825,968.30 5.35EUR 3,132,192.04MORGAN STANLEY INV US ADVANTAGE FD -Z-25,328 3,128,699.59 4.37USD 2,120,449.67MUL LY EUHRMWGB -C-EUR- CAP12,995 1,979,528.35 2.77EUR 1,893,713.23MULTI UNITS LUX - LYXOR ETF SP500221,253 6,236,314.70 8.71USD 5,426,724.22NN L EURO CREDIT-Z-141 1,055,197.87 1.47EUR 1,002,484.87NORDEA 1 EMERG MKT BD-BI-BASE3,937 520,632.60 0.73USD 495,834.41N1 GL FIX IN -BI-BASE CURRENCY- CAP11,728 1,338,947.06 1.87EUR 1,276,763.94R CAP QI ECONEQ -I USD- CAP27,111 2,785,767.54 3.89USD 2,974,464.32ROBECO K GROWTH FD HIGH YIELD BD -I EUR-2,258 519,120.76 0.73EUR 496,340.10ROBECO SUSTAINABLE EUROPEAN STARS EQ-Z C27,943 2,969,223.18 4.15EUR 3,049,921.91SCHRODER INT SEL EURO CORP BOND -C- CAP25,117 640,856.29 0.90EUR 604,275.59SCHRODER INT SEL EURO CORP BOND -C- CAP9,859 250,707.76 0.35EUR 236,662.01UBS ETF MSCI EM -A DIS15,004 1,699,052.96 2.37EUR 1,723,507.06UBS ETF MSCI EM -A DIS3,598 409,236.52 0.57EUR 369,007.63UBS ETF MSCI EM -A DIS (DE)1,608 182,475.84 0.26EUR 200,232.66





Ireland 428,828.95 0.60415,660.73




Total net assets 71,545,789.44 100.00





51Page









408,010.34- securities portfolio 3Note(289,727.48)- forward foreign exchange contracts 3Note(33,446.53)- currency conversion 3Note




351,999.91Subscription distribution shares(9,244,829.27)Redemption capitalisation shares





52Page







Expressed in EUR


ING ARIA – Lion Moderate

Key figures

Total Net Assets 290,358,267.20 292,868,302.13 237,500,885.00



1,070.02280,082.39 292,218.93

1,089.64286,968.58

978.53Number of sharesNet asset value per share CZK


114.711,138,490.11 1,152,972.45

117.231,066,488.77



0.000.00

0.00 14,500.00100.540.00

0.000.000.00


EUR


114.95124,330.04 126,025.17

117.42152,065.82



10,487.23531.70 0.00

0.000.000.00



111.411,085,609.15 1,069,036.67

114.15914,499.87



100.011.56

28,673.78 18,640.79104.140.76

1,650.0096.390.00


EUR

Class SI - Capitalisation shares

103.6046,525.18 46,779.34

105.720.000.00



53Page




France 44,730,120.69 15.4142,992,373.00

OST SOUVERAINS EURO 3-5 4 DEC CAP2,622 8,274,634.58 2.85EUR 8,177,631.83R-CO CREDIT HORIZON 12M IC EUR127 12,995,305.58 4.48EUR 13,057,813.33


DBX SP EW DR ETF 1C USD20,843 966,017.34 0.33USD 902,388.49ISHS MSCI C EU EUR-AC ACCUM SHS EUR ETF94,256 4,626,555.76 1.59EUR 4,533,541.22ISHS MSCI JAPAN UCITS ETF10,649 1,412,749.59 0.49EUR 1,417,682.93OSSIAM ESG LOW CAR SHIL BARC CAPE A164,938 4,549,678.33 1.57USD 4,955,485.98


AMUNDI PRIME EURO CORPORATES UCITS ETFDR814,653 16,594,074.28 5.72EUR 16,772,334.78BNP MSCI US SRI S-S 5C-TRIPL30 2,871,506.92 0.99USD 2,910,321.01BNPP E LC 100E -UCITS ETF- CAP27,252 4,674,808.08 1.61EUR 4,837,966.54BSFS BLACKROCK ESG EURO BOND FUND X2C197,670 21,409,661.53 7.37EUR 21,206,021.23DNCA INVEST - ALPHA BONDS CLASS I - EUR58,727 5,846,294.75 2.01EUR 5,954,388.16ELEVA EURO SEL -I2 (EUR) CAP4,103 5,213,394.89 1.80EUR 5,031,659.87FFG - EUROPEAN EQUITIES-SUSTAINABLE I AC39,999 4,128,741.27 1.42EUR 4,650,180.87JPM EMERGING MARKET OPPORTUNITIES I USD6,339 738,231.59 0.25USD 773,327.19JPMF JAP EQ -JPMORGAN C (ACC) EUR CAP13,411 2,328,449.59 0.80EUR 1,685,176.94JPMORGAN EMERGING MARKETS SUSTAIN EQ I C29,329 2,874,535.29 0.99EUR 2,760,460.50KEMPEN LUX EURO SUSTAINABLE CREDIT FUND19,982 20,398,761.76 7.03EUR 20,026,940.01MFS MERIDIAN EUROPEAN VALUE -I1- CAP15,690 5,216,350.26 1.80EUR 4,175,827.50MORGAN STANLEY INV US ADVANTAGE FD -Z-33,145 4,094,266.75 1.41USD 2,863,061.35MUL LY EUHRMWGB -C-EUR- CAP76,895 11,713,415.35 4.03EUR 11,167,350.33MULTI UNITS LUX - LYXOR ETF SP500288,063 8,119,444.79 2.80USD 7,131,597.45NN L EURO CREDIT-Z-2,369 17,780,441.32 6.12EUR 16,432,605.93NORDEA 1 EMERG MKT BD-BI-BASE65,377 8,646,359.92 2.98USD 8,130,353.90N1 GL FIX IN -BI-BASE CURRENCY- CAP73,875 8,434,276.44 2.90EUR 8,084,566.98R CAP QI ECONEQ -I USD- CAP34,515 3,546,644.30 1.22USD 3,799,113.32ROBECO K GROWTH FD HIGH YIELD BD -I EUR-36,889 8,480,051.14 2.92EUR 7,919,720.25ROBECO SUSTAINABLE EUROPEAN STARS EQ-Z C37,382 3,972,211.32 1.37EUR 4,083,734.13SCHRODER INT SEL EURO CORP BOND -C- CAP582,250 14,855,934.33 5.12EUR 13,545,754.45SCHRODER INT SEL EURO CORP BOND -C- CAP6,464 164,368.84 0.06EUR 159,717.00UBS ETF MSCI EM -A DIS19,935 2,257,439.40 0.78EUR 2,298,749.71UBS ETF MSCI EM -A DIS5,214 593,040.36 0.20EUR 616,193.35UBS ETF MSCI EM -A DIS (DE)1,285 145,821.80 0.05EUR 156,664.13





Ireland 551,364.29 0.19530,573.11




Total net assets 290,358,267.20 100.00





54Page








(1,959,684.73)Net loss from investmentsNet realised gain / (loss) on :






30,093,342.18Subscription capitalisation shares1,041,348.24Subscription distribution shares

(24,652,020.53)Redemption capitalisation shares(1,370,384.94)Redemption distribution shares





55Page







Expressed in EUR


ING ARIA – Millésimé Dynamique

Key figures

Total Net Assets 20,733,019.96 23,357,019.49 20,884,040.07



145.60142,395.95 151,302.95

154.37153,302.95



56Page

AB INBEV1,600 70,184.00 0.34EUR 163,228.00


Shares 3,938,795.54 19.003,834,025.57

Belgium 623,813.60 3.01535,547.19

AGEAS NOM800 25,232.00 0.12EUR 15,741.10BEFIMMO SCA576 22,953.60 0.11EUR 31,014.62COFINIMMO SA1,494 182,865.60 0.88EUR 144,419.06GIMV SA1,372 70,246.40 0.34EUR 51,202.42GROUPE BRUXELLES LAMBERT GBL1,400 104,552.00 0.50EUR 79,977.76KBC ANCORA CVA1,000 30,280.00 0.15EUR 14,426.30SOFINA SA500 117,500.00 0.57EUR 35,537.93


AXA SA2,579 47,938.45 0.23EUR 37,350.97France 906,267.49 4.371,025,287.93

AXA SA500 9,306.00 0.04EUR 11,548.33BNP PARIBAS SA1,000 35,370.00 0.17EUR 47,000.00BOUYGUES2,000 60,820.00 0.29EUR 58,997.99CREDIT AGRICOLE SA7,000 58,996.00 0.28EUR 85,683.02DANONE1,344 82,602.24 0.40EUR 60,243.19ENGIE6,000 66,000.00 0.32EUR 108,585.59LVMH200 78,100.00 0.38EUR 27,890.00ORANGE6,000 63,960.00 0.31EUR 76,947.74SANOFI200 18,130.00 0.09EUR 12,817.03SANOFI-AVENTIS1,000 90,630.00 0.44EUR 64,417.73SUEZ ACT.3,000 31,305.00 0.15EUR 36,194.08TOTAL SA3,018 102,913.80 0.49EUR 114,624.63UNIBAIL RODAMCO1,600 80,256.00 0.39EUR 225,707.30VIVENDI SA3,500 79,940.00 0.39EUR 57,280.33


E.ON AG REG SHS6,000 60,090.00 0.29EUR 36,865.75SIEMENS AG REG800 83,808.00 0.41EUR 81,533.01VOLKSWAGEN VORZ.AKT400 53,976.00 0.26EUR 61,035.63

BREDERODE SA2,000 148,600.00 0.72EUR 30,000.00Luxembourg 148,600.00 0.7230,000.00

TELEFONICA SA10,000 42,470.00 0.20EUR 84,269.00Spain 42,470.00 0.2084,269.00

ALCON --- REGISTERED SHS300 15,323.47 0.07CHF 16,651.04Switzerland 617,522.19 2.98487,516.73

NESTLE SA REG SHS2,000 196,833.45 0.95CHF 115,939.07NOVARTIS AG REG SHS1,500 116,166.31 0.56CHF 107,872.65ROCHE HOLDING AG GENUSSSCHEIN400 123,410.85 0.60CHF 76,653.01SCHINDLER HOLDING SA400 83,814.89 0.40CHF 78,681.42UBS GROUP NAMEN-AKT8,000 81,973.22 0.40CHF 91,719.54

ING GROEP6,000 37,188.00 0.18EUR 53,513.51The Netherlands 313,942.92 1.51340,887.74

KONINKLIJKE AHOLD NV3,000 72,780.00 0.35EUR 34,828.12ROYAL PHILIPS ELECTRONIC2,046 84,949.92 0.41EUR 47,981.26UNILEVER NV2,000 94,500.00 0.45EUR 84,360.15WERELDHAVE NV3,000 24,525.00 0.12EUR 120,204.70

ROYAL DUTCH SHELL PLC4,134 59,521.33 0.29EUR 103,163.64United Kingdom 223,135.30 1.08374,636.84

ROYAL DUTCH SHELL PLC -B-4,145 55,813.86 0.27GBP 126,835.33VODAFONE GROUP76,044 107,800.11 0.52GBP 144,637.87

ABBVIE INC693 60,578.50 0.29USD 108,850.10United States of America 734,851.30 3.54710,200.85

ALPHABET -C-50 62,930.60 0.30USD 20,164.32AMAZON.COM INC50 122,816.19 0.58USD 59,001.10CARRIER GLOBAL CORP-WI400 7,913.46 0.04USD 0.00CHEVRON CORP700 55,612.34 0.27USD 58,729.01CISCO SYSTEMS INC1,400 58,136.49 0.28USD 21,186.37CITIGROUP800 36,397.63 0.18USD 24,211.37GENERAL ELECTRIC CO4,000 24,324.44 0.12USD 65,720.14





57Page

HALLIBURTON3,000 34,670.35 0.17USD 112,155.66IBM CORP900 96,775.14 0.46USD 125,076.07NIKE INC800 69,839.29 0.34USD 40,047.54OTIS WORLDWIDE CORPORATION200 10,125.09 0.05USD 0.00PFIZER INC2,500 72,786.36 0.35USD 39,859.63UNITED TECH --- REGISTERED SHS400 21,945.42 0.11USD 35,199.54

COCA-COLA AMATI 3.3750 17-22 10/03A160,000 102,200.30 0.49AUD 104,305.61

Bonds 3,115,947.11 15.033,050,304.01

Australia 102,200.30 0.49104,305.61

FRANCE 0.10 15-25 01/03A500,000 542,062.80 2.61EUR 538,375.18France 542,062.80 2.61538,375.18

FRESENIUS FIN REGS 0.875 17-22 31/01A400,000 401,878.00 1.94EUR 402,600.00Ireland 401,878.00 1.94402,600.00

FORD MOTOR CREDIT CO 1.514 19-23 17/02A400,000 376,680.00 1.82EUR 400,332.00United States of America 2,069,806.01 9.992,005,023.22

GENERAL ELECTRIC CAP 3.45 14-24 15/05S500,000 474,306.64 2.29USD 434,016.30NVIDIA CORP 2.20 16-21 16/09S500,000 454,238.08 2.19USD 440,937.30TOYOTA MOTOR CREDIT 3.40 11-21 15/09S500,000 460,833.37 2.22USD 455,835.76USA T NOTES INDEX 0.125 16-26 15/07S300,000 303,747.92 1.47USD 273,901.86

BARCLAYS PLC FL.R 17-23 10/01Q600,000 534,954.37 2.58USD 520,715.47

Floating rate bonds 534,954.37 2.58520,715.47

United Kingdom 534,954.37 2.58520,715.47



Spain 1,751.00 0.010.00

ROYAL DUTCH SHELL XX.XX.20 RIGHTS4,145 500.57 0.00USD 508.54







Germany 189,120.00 0.91353,522.59

ISHARES STOXX EUROPE 600 TELECOM (DE)5,000 96,880.00 0.47EUR 151,126.35

GAM - STAR CREDIT OPPS EUR R ACC50,000 461,500.00 2.22EUR 459,525.00Ireland 1,012,567.54 4.88869,694.90

ISHARES CORE S&P 500 UCITS ETF1,255 344,492.28 1.66USD 283,827.84POLAR K FUNDS PLC GLB TECH -I- USD3,500 206,575.26 1.00USD 126,342.06


BRGF WORLD GOLD FUND -D2- CAP7,100 294,579.00 1.42EUR 175,157.00BRGF WORLD MINING FUND -D2- CAP5,400 208,548.00 1.01EUR 183,330.00ELEVA EURO SEL -R- (EUR)- CAP2,000 258,260.00 1.25EUR 233,800.00FIDELITY GLOBAL HEALTH CARE Y6,000 138,420.00 0.67EUR 112,020.00FRANK-BIOTECH DISC-W ACC USD7,000 118,666.25 0.57USD 85,744.07GAM LOCAL EMERG BD-USD R4,500 404,184.66 1.95USD 390,539.48ING ARIA – EURO SHORT DURATION ENHANCED RETURN BOND FUND CL. ICAP (see note 11)

20,000 1,998,200.00 9.63EUR 1,995,080.00

ING ARIA - ING SUSTAINABLE BONDS Cl. I CAP (see note 11)3,000 1,784,520.00 8.61EUR 1,715,540.00JPMF EU EQ PI JPM -C- PERF CAP1,000 202,180.00 0.98EUR 195,760.00JPMIF GL MO -C (ACC) USD (HEDGED) CAP4,000 433,174.55 2.09USD 390,159.18JPMORGAN FD EME MKTS OPP -JPM C- CAP300 110,213.24 0.53USD 101,469.90MAINFIRST TOP EUROPEAN IDEAS R2,000 252,200.00 1.22EUR 254,680.00MFS MERIDIAN EU VAL W112,000 221,280.00 1.07EUR 188,520.00MULTIPARTNER SICAV ROBECOSAM SMART MATER600 173,124.00 0.84EUR 172,200.00NN L EM EUR EQ PC -P- CAP2,500 157,675.00 0.76EUR 132,161.76NORDEA 1 - EMERGING MARKET BD FD HBC EUR8,000 769,760.00 3.71EUR 756,960.00NORDEA 1 NORDIC EQUITY BC EUR10,000 168,800.00 0.81EUR 149,200.00PARVEST ENVIRONMENTAL OPP -PRIV- CAP110 196,618.40 0.95EUR 181,969.70PICTET SICAV PREMIUM BRANDS -I-CAP1,800 355,824.00 1.72EUR 292,266.00PICTET VAR WATER -P- CAPITALISATION500 170,820.00 0.82EUR 93,210.64R CAP QI EMER CONS EQ F EUR CAP2,000 247,060.00 1.19EUR 261,080.00SCHRODER INTL JAPANESE EQUITY Z ACC EUR2,200 247,667.20 1.19EUR 247,160.10





58Page

SELECTED ABS STRAT DIV -B- CAP26,842 36,773.68 0.18EUR 60,666.45TEMPLETON ASIAN SMALLER CIES W CAP USD8,000 85,473.89 0.41USD 93,598.92




Total net assets 20,733,019.96 100.00





59Page






531.42Professional fees3,746.65Bank interest

223.07Legal fees2,951.97Transaction fees 13Note

262.60Other expenses 8Note





(1,249,025.94)Decrease in net assets as a result of operations(1,374,973.59)Redemption capitalisation shares





60Page






Expressed in EUR


ING ARIA – Moderate Invest

Key figures

Total Net Assets 20,920,775.67 21,877,624.27 20,191,612.97



137.57152,070.00 153,139.00

142.86153,426.65



61Page


SOLVAY1,000 71,260.00 0.34EUR 98,963.20


Shares 3,762,612.46 17.992,695,171.57

Belgium 71,260.00 0.3498,963.20


ACCOR SA1,500 36,315.00 0.17EUR 51,824.55France 955,944.43 4.57785,411.62

AIR LIQUIDE SA1,149 147,531.60 0.71EUR 107,731.90CREDIT AGRICOLE SA7,250 61,103.00 0.29EUR 101,448.10ENGIE2,850 31,350.00 0.15EUR 52,442.85ESSILORLUXOTTICA SA460 52,555.00 0.25EUR 35,753.24LVMH600 234,300.00 1.12EUR 90,359.40MICHELIN SA REG SHS750 69,255.00 0.33EUR 69,590.06ORANGE4,625 49,233.13 0.24EUR 61,913.49SANOFI-AVENTIS1,000 90,630.00 0.43EUR 51,328.45SODEXO SA680 40,936.00 0.20EUR 53,533.20TOTAL SA1,777 60,595.70 0.29EUR 72,681.61VINCI1,000 82,140.00 0.39EUR 36,804.77


SIEMENS AG REG600 62,856.00 0.30EUR 42,220.55

NESTLE SA REG SHS1,000 98,416.73 0.47CHF 65,576.11Switzerland 391,390.24 1.87328,746.42

NOVARTIS AG REG SHS1,040 80,541.98 0.38CHF 79,307.98ROCHE HOLDING AG GENUSSSCHEIN315 97,186.05 0.46CHF 76,680.99SCHINDLER HOLDING SA550 115,245.48 0.56CHF 107,181.34

KONINKLIJKE AHOLD NV2,178 52,838.28 0.25EUR 24,237.18The Netherlands 136,707.03 0.65121,198.33

UNILEVER NV1,775 83,868.75 0.40EUR 96,961.15

BP PLC10,700 36,161.06 0.17GBP 63,374.17United Kingdom 243,808.44 1.17258,006.15

RECKITT BENCKISER GROUP PLC660 53,961.72 0.26GBP 52,895.79RIO TINTO PLC2,100 105,092.41 0.51GBP 70,741.10ROYAL DUTCH SHELL PLC3,375 48,593.25 0.23EUR 70,995.09

ALPHABET -C-80 100,688.96 0.48USD 23,672.17United States of America 1,703,110.37 8.14951,632.95

AMAZON.COM INC50 122,816.19 0.59USD 38,076.11BERKSHIRE HATHAWAY -B-1,460 232,047.90 1.10USD 150,086.21CARRIER GLOBAL CORP-WI750 14,837.73 0.07USD 0.00CHEVRON CORP750 59,584.65 0.28USD 45,945.55COCA-COLA CO4,250 169,069.14 0.81USD 148,025.99COLGATE-PALMOLIVE CO1,800 117,409.07 0.56USD 111,708.12IBM CORP458 49,247.79 0.24USD 62,399.82JOHNSON AND JOHNSON1,250 156,512.93 0.75USD 62,183.86MICROSOFT CORP1,000 181,195.74 0.87USD 44,657.20NIKE INC1,600 139,678.58 0.67USD 49,022.79ORACLE CORP1,500 73,814.72 0.35USD 25,997.34OTIS WORLDWIDE CORPORATION375 18,984.55 0.09USD 0.00VISA INC -A-800 137,591.60 0.66USD 54,487.70WALT DISNEY CO886 87,964.97 0.42USD 106,446.143M CO300 41,665.85 0.20USD 28,923.95

ANHEUSER-BU INB REGS 0.80 15-23 20/04A300,000 305,247.00 1.46EUR 286,755.00

Bonds 9,215,920.67 44.059,251,351.21

Belgium 305,247.00 1.46286,755.00

NORDEA BK 0.875 18-23 26/06A400,000 406,158.00 1.94EUR 398,116.00Finland 406,158.00 1.94398,116.00

ACCOR SA 1.25 17-24 25/01A400,000 384,554.00 1.84EUR 403,132.00France 2,482,737.00 11.872,511,661.24

BOLLORE 2.00 17-22 25/01A300,000 301,728.00 1.44EUR 303,900.00GEMALTO NV 2.125 14-21 23/09A400,000 406,886.00 1.94EUR 406,202.00RENAULT SA 1.00 17-23 08/03A400,000 383,336.00 1.83EUR 397,320.00UBISOFT ENTERTAINMT 1.289 18-23 30/01A700,000 706,545.00 3.39EUR 700,732.24





62Page


VRANKEN-POMMERY 3.40 16-22 19/07A300,000 299,688.00 1.43EUR 300,375.00

ADLER REAL ESTATE 1.50 17-21 06/12A400,000 392,696.00 1.88EUR 400,568.00Germany 602,758.00 2.88599,988.00

HEIDELBERGCEMENT 2.25 16-24 03/06A200,000 210,062.00 1.00EUR 199,420.00

FCA BANK SPA IR 1.0000 18-22 21/02A400,000 397,936.00 1.90EUR 399,192.00Ireland 397,936.00 1.90399,192.00

HERA SPA 0.8750 19-27 05/07A400,000 407,492.00 1.95EUR 396,407.56Italy 407,492.00 1.95396,407.56

GLENCORE FINANCE 1.5 19-26 15/10A400,000 393,152.00 1.88EUR 396,452.00Jersey Island 393,152.00 1.88396,452.00

EUROFINS SCIENTIFIC 2.25 15-22 27/01A600,000 609,330.00 2.91EUR 613,000.00Luxembourg 905,749.50 4.33912,448.87

HEIDELBERGCEMEN 1.1250 19-27 01/12A300,000 296,419.50 1.42EUR 299,448.87

BANCO DE SABADELL SA 0.875 17-23 05/03A200,000 196,045.00 0.94EUR 199,188.00Spain 196,045.00 0.94199,188.00

EDP FINANCE 0.3750 19-26 16/09A600,000 591,444.00 2.82EUR 598,226.20The Netherlands 798,108.00 3.81796,726.20

FERRARI NV 1.50 16-23 16/03A200,000 206,664.00 0.99EUR 198,500.00

TESCO CORP TREA 0.8750 19-26 29/05A300,000 297,781.50 1.42EUR 296,226.00United Kingdom 297,781.50 1.42296,226.00

APPLE 2.3 17-22 11/05S400,000 368,549.17 1.76USD 355,540.39United States of America 2,022,756.67 9.672,058,190.34

EXPEDIA 2.50 15-22 03/06A400,000 399,690.00 1.91EUR 399,655.71FORD MOTOR CREDIT CO 1.514 19-23 17/02A400,000 376,680.00 1.80EUR 400,036.00GENERAL MILLS INC 1.00 15-23 27/04A300,000 303,949.50 1.45EUR 300,918.00JEFFERIES GROUP 1.0000 19-24 19/07A600,000 573,888.00 2.75EUR 602,040.24

OMV AG FL.R 18-XX 19/06A300,000 302,226.00 1.44EUR 298,284.00


Austria 302,226.00 1.44298,284.00

TOTAL SA FL.R 15-XX 26/02A200,000 200,448.00 0.96EUR 203,150.00France 200,448.00 0.96203,150.00

MERCK KGAA FL.R 14-74 12/12A400,000 402,592.00 1.92EUR 398,000.00Germany 402,592.00 1.92398,000.00

ZUERCHER KANTONALB FL.R 15-27 15/06A300,000 307,425.00 1.47EUR 298,948.20Switzerland 307,425.00 1.47298,948.20

REPSOL INTL FINANCE FL.R 15-49 29/12A300,000 303,216.00 1.45EUR 298,410.00The Netherlands 717,196.00 3.43703,742.00

TELEFONICA EURO FL.R 19-XX 14/03A400,000 413,980.00 1.98EUR 405,332.00

CREDIT SUISSE NASS 2.45 16-23 20/06A200,000 199,220.00 0.95EUR 200,000.00

Other transferable securities and money market instruments 199,220.00 0.95200,000.00

Bonds 199,220.00 0.95200,000.00

Bahamas 199,220.00 0.95200,000.00

SSGA SPDR ETF S&P 500 USD1,400 382,935.49 1.83USD 325,282.62



Ireland 382,935.49 1.83325,282.62

ELEVA EURO SEL -R- (EUR)- CAP1,040 134,295.20 0.64EUR 128,648.00Luxembourg 3,312,535.07 15.833,331,598.06

ING ARIA – EURO SHORT DURATION ENHANCED RETURN BOND FUND CL. ICAP (see note 11)

11,500 1,148,965.00 5.49EUR 1,154,000.00

JPM LX F-EMG MKT OP-CA EUR1,265 136,632.65 0.65EUR 154,203.50JPMF JAP EQ -JPMORGAN C (ACC) EUR CAP2,300 399,326.00 1.91EUR 327,957.00LYXOR STOXX EUROPE 600 BANKS UCITS ETF13,330 166,731.64 0.80EUR 255,462.25NN L SICAV-EURO GREEN BOND-R EUR CAP1,680 439,857.60 2.10EUR 443,839.20R CAP QI EMER CONS EQ F EUR CAP1,000 123,530.00 0.59EUR 133,550.00THREADNEEDLE-EUROPEAN HIGH BOND 3E EUR73,799 763,196.98 3.65EUR 733,938.11








63Page


Total net assets 20,920,775.67 100.00





64Page





82,354.54Expenses71,082.63Management fees 5Note2,117.33Depositary fees 6Note

859.40Subscription tax 9Note374.88Professional fees

5,956.09Bank interest423.89Legal fees

1,011.37Transaction fees 13Note528.95Other expenses 8Note





(806,720.66)Decrease in net assets as a result of operations(150,127.94)Redemption capitalisation shares

(956,848.60)Decrease in net assets




65Page




283,527.53Liabilities261,943.52Payable on purchase of securities21,584.01Other liabilities 4Note



Expressed in EUR


ING ARIA – Navido Patrimonial Dynamic

Key figures

Total Net Assets 44,482,445.76 50,051,419.60 42,922,672.13



137.19324,230.45 323,815.45

154.57325,142.70



66Page


AB INBEV7,600 333,374.00 0.75EUR 524,235.02


Shares 22,709,830.76 51.0522,838,959.02

Belgium 3,058,523.78 6.883,005,443.13

AGEAS NOM2,000 63,080.00 0.14EUR 45,155.96BARCO NV1,500 235,500.00 0.53EUR 125,896.71BEKAERT SA12,000 209,400.00 0.47EUR 342,018.42COLRUYT3,100 151,807.00 0.34EUR 99,999.91FINANCIERE DE TUBIZE8,600 706,920.00 1.60EUR 308,695.44GROUPE BRUXELLES LAMBERT GBL3,471 259,214.28 0.58EUR 213,152.37ION BEAM APPLICATIONS5,500 42,020.00 0.09EUR 48,768.82KBC ANCORA CVA2,000 60,560.00 0.14EUR 64,861.64KBC GROUPE SA8,000 408,480.00 0.92EUR 578,584.00ORANGE BELGIUM3,000 43,500.00 0.10EUR 71,428.08SOFINA SA350 82,250.00 0.18EUR 20,741.00SOLVAY5,975 425,778.50 0.96EUR 525,405.76TELENET GROUP HOLDING NV1,000 36,640.00 0.08EUR 36,500.00

ORACLE ENERGY CORP100 0.98 0.00CAD 10.16Canada 0.98 0.0010.16

ALIBABA GR ADR1,500 288,073.72 0.65USD 199,182.93Cayman Islands 288,073.72 0.65199,182.93

NOKIA OYJ86,941 338,070.08 0.76EUR 356,493.08Finland 338,070.08 0.76356,493.08

ACCOR SA9,495 229,873.95 0.52EUR 294,431.21France 6,140,895.00 13.816,970,554.03

AXA SA6,600 122,839.20 0.28EUR 130,066.92BIOMERIEUX SA600 73,380.00 0.16EUR 63,620.00BOLLORE INVESTISSEMENT37,780 105,632.88 0.24EUR 87,705.33BOUYGUES10,600 322,346.00 0.72EUR 274,350.30CARREFOUR SA32,449 446,336.00 1.00EUR 606,179.08CIE DE SAINT-GOBAIN15,200 487,160.00 1.10EUR 541,872.36CREDIT AGRICOLE SA15,002 126,436.86 0.28EUR 129,539.49DANONE5,780 355,816.80 0.80EUR 326,585.44ENGIE23,000 253,000.00 0.57EUR 350,403.94KLEPIERRE SA4,000 70,940.00 0.16EUR 152,467.23KORIAN SA1,600 52,128.00 0.12EUR 52,432.00LVMH1,300 507,650.00 1.14EUR 205,636.34ORANGE24,000 255,480.00 0.57EUR 335,578.62ORANGE14,000 149,240.00 0.34EUR 132,964.43PEUGEOT SA8,000 115,840.00 0.26EUR 121,275.00RENAULT SA11,700 264,186.00 0.59EUR 627,999.96RENAULT SA1,200 27,072.00 0.06EUR 41,927.00SANOFI4,200 380,730.00 0.86EUR 304,084.86SCHNEIDER ELECTRIC SE500 49,440.00 0.11EUR 37,600.00SUEZ ACT.29,300 305,745.50 0.69EUR 385,499.07T.F.1 SA45,000 216,630.00 0.49EUR 373,666.50TOTAL SA11,483 390,134.93 0.88EUR 466,741.23UNIBAIL RODAMCO2,900 145,464.00 0.33EUR 444,002.81VINCI SA5,505 451,410.00 1.01EUR 317,696.50VIVENDI SA10,332 235,982.88 0.53EUR 166,228.41

ALLIANZ SE REG SHS2,200 399,872.00 0.90EUR 247,694.46Germany 2,655,140.35 5.972,483,415.95

BAYER AG REG SHS1,752 115,264.08 0.26EUR 140,374.40BMW AG6,000 340,920.00 0.77EUR 414,927.51DAIMLER NAMEN-AKT4,300 155,423.50 0.35EUR 244,789.03DEUTSCHE POST AG REG SHS8,000 260,400.00 0.59EUR 175,053.33DEUTSCHE TELEKOM AG REG SHS11,000 164,395.00 0.37EUR 114,147.26E.ON AG REG SHS35,718 357,715.77 0.80EUR 310,240.72SIEMENS AG REG5,000 523,800.00 1.17EUR 473,184.94VOLKSWAGEN VORZ.AKT2,500 337,350.00 0.76EUR 363,004.30

TELECOM ITALIA SPA180,000 62,946.00 0.14EUR 138,289.29Italy 62,946.00 0.14138,289.29

ARCELORMITTAL - REGISTERED38,467 360,435.79 0.81EUR 461,842.09Luxembourg 360,435.79 0.81461,842.09





67Page


REPSOL SA17,895 139,330.47 0.31EUR 254,953.69Spain 282,369.43 0.63486,100.32

TELEFONICA SA33,680 143,038.96 0.32EUR 231,146.63

INVESTOR -B- FREE2,500 117,474.20 0.26SEK 90,518.68Sweden 117,474.20 0.2690,518.68

CIE FINANCIERE RICHEMONT NAMEN AKT3,000 170,373.50 0.38CHF 186,638.53Switzerland 2,390,425.33 5.371,561,337.05

NESTLE SA REG SHS8,919 877,778.77 1.98CHF 478,527.20NOVARTIS AG REG SHS6,730 521,199.53 1.17CHF 273,281.60ROCHE HOLDING AG GENUSSSCHEIN1,650 509,069.77 1.14CHF 323,925.00SCHINDLER HOLDING SA1,000 209,537.23 0.47CHF 196,978.46UBS GROUP NAMEN-AKT10,000 102,466.53 0.23CHF 101,986.26

ABN AMRO GROUP DEP RECEIPT14,700 112,690.20 0.25EUR 276,940.00The Netherlands 2,491,232.34 5.602,711,308.73

AEGON NV61,673 163,618.47 0.37EUR 274,489.34AIRBUS GROUP7,500 476,400.00 1.06EUR 439,236.33HEINEKEN NV300 24,618.00 0.06EUR 24,650.67ING GROEP76,500 474,147.00 1.07EUR 595,018.08KONINKLIJKE AHOLD NV17,000 412,420.00 0.93EUR 250,080.78NN GROUP NV7,639 228,406.10 0.51EUR 242,079.81ROYAL PHILIPS ELECTRONIC6,491 269,506.32 0.61EUR 128,701.22STMICROELECTRONICS NV1,500 36,330.00 0.08EUR 35,385.00UNILEVER NV5,165 244,046.25 0.55EUR 176,052.94WERELDHAVE NV6,000 49,050.00 0.11EUR 268,674.56

BP PLC36,243 122,484.60 0.28GBP 196,095.58United Kingdom 1,565,622.51 3.521,953,477.94

GLAXOSMITHKLINE PLC36,920 664,722.46 1.49GBP 638,547.52ROYAL DUTCH SHELL PLC21,925 315,676.15 0.71EUR 502,187.55UNILEVER PLC2,190 104,922.44 0.24GBP 82,718.89VODAFONE GROUP252,410 357,816.86 0.80GBP 533,928.40

ABBVIE INC2,165 189,253.17 0.43USD 308,615.62United States of America 2,958,621.25 6.652,420,985.64

ALPHABET -C-301 378,842.19 0.85USD 106,972.10CATERPILLAR - REGISTERED600 67,577.79 0.15USD 48,624.40GENERAL ELECTRIC CO20,000 121,622.22 0.27USD 331,255.86HALLIBURTON7,000 80,897.48 0.18USD 278,356.83IBM CORP3,450 370,971.38 0.83USD 456,705.31JOHNSON AND JOHNSON1,552 194,326.46 0.44USD 117,978.58MCDONALD'S CORP200 32,848.68 0.07USD 35,504.58MICROSOFT CORP3,000 543,587.23 1.23USD 86,245.77NIKE INC5,000 436,495.57 0.98USD 264,411.03ORACLE CORP4,500 221,444.15 0.50USD 135,009.30PFIZER INC11,017 320,754.93 0.72USD 251,306.26

UBS AG AUSTRALI 3.2500 18-23 08/03S450,000 291,993.81 0.66AUD 288,433.42

Bonds 2,213,900.90 4.982,072,187.99

Australia 291,993.81 0.66288,433.42

TOYOTA CREDIT CANADA 2.02 17-22 28/02S400,000 265,419.84 0.60CAD 273,507.49Canada 265,419.84 0.60273,507.49

NYKREDIT 3.50 12-44 01/10Q180,027 26,953.81 0.06DKK 24,337.35Denmark 26,953.81 0.0624,337.35

COOPERATIEVE RABOBANK 1.25 16-21 16/09A2,000,000 186,405.17 0.42NOK 219,609.15The Netherlands 186,405.17 0.42219,609.15

GENERAL ELECTRIC CAP 3.45 14-24 15/05S800,000 758,890.62 1.70USD 678,633.34United States of America 1,443,128.27 3.241,266,300.58

UNITED STATES 1.750 13-23 15/05S300,000 279,240.45 0.63USD 214,692.80USA T NOTES INDEX 0.125 16-26 15/07S400,000 404,997.20 0.91USD 372,974.44

SOLVAY FINANCE SUB FL.R 15-XX 03/06A300,000 329,049.00 0.74EUR 306,375.00


France 329,049.00 0.74306,375.00

ENBW ENERGIE FL.R 14-76 02/04A300,000 304,356.00 0.68EUR 311,625.00Germany 304,356.00 0.68311,625.00

ING GROUP NV FL.R 18-23 20/09Q800,000 800,632.00 1.81EUR 809,984.00The Netherlands 1,093,411.00 2.471,115,159.00

VW INTL FINANCE SUB FL.R 15-XX 20/03A300,000 292,779.00 0.66EUR 305,175.00





68Page


BARCLAYS PLC FL.R 17-23 10/01Q700,000 624,113.43 1.40USD 609,801.01United Kingdom 624,113.43 1.40609,801.01

REPSOL S.A. 06.07.20 RIGHT17,895 7,753.90 0.02EUR 0.00


Spain 13,651.27 0.030.00


ROYAL DUTCH SHELL P.L.C. 31.12.204921,925 0.00 0.00USD 0.00







Germany 184,480.00 0.41389,564.25

DBX SP EW DR ETF 1C USD21,250 984,880.69 2.21USD 712,363.41Ireland 3,676,692.04 8.272,699,541.91

GAM - STAR CREDIT OPPS EUR R ACC50,000 461,500.00 1.04EUR 460,825.00GAM STAR FD PLC CHN EQ -INS- USD CAP40,000 637,022.66 1.43USD 505,607.34SPDR SP 400 US MID CAP ETF2,250 104,822.37 0.24USD 97,255.85SSGA SPDR EUROP ACC ETF6,200 1,200,568.00 2.70EUR 712,380.00VANGUARD INV EMERGING MKT STK INV USD1,773 287,898.32 0.65USD 211,110.31


BRGF WORLD GOLD FUND -D2- CAP23,000 954,270.00 2.15EUR 569,480.00BRGF WORLD MINING FUND -D2- CAP13,000 502,060.00 1.13EUR 451,100.00ECP FLAG EU VAL -I-EUR-MH- CAP15,200 1,109,144.00 2.49EUR 1,498,653.35ELEVA EURO SEL -R- (EUR)- CAP6,000 774,780.00 1.74EUR 726,480.00GAM LOCAL EMERG BD-USD R3,000 269,456.44 0.61USD 265,994.03GOLDMAN SACHS BRICS PORTFOLIO -BASE- CAP10,000 184,659.22 0.42USD 118,546.24ING ARIA – EURO SHORT DURATION ENHANCED RETURN BOND FUND CL. ICAP (see note 11)

10,000 999,100.00 2.25EUR 995,800.00

JPMF EU EQ PI JPM -C- PERF CAP5,000 1,010,900.00 2.27EUR 1,035,665.00JPMORGAN FD EME MKTS OPP -JPM C- CAP2,000 734,754.93 1.65USD 712,667.99LYXOR INVMT FDS LYXOR EURO 6M1,500 1,489,507.35 3.35EUR 1,497,852.00MAINFIRST TOP EUROPEAN IDEAS R3,000 378,300.00 0.85EUR 395,430.00NORDEA 1 - EMERGING MARKET BD FD HBC EUR5,000 481,100.00 1.08EUR 484,250.00NORDEA 1 NORDIC EQUITY BC EUR20,000 337,600.00 0.76EUR 303,000.00R CAP QI EMER CONS EQ F EUR CAP2,600 321,178.00 0.72EUR 354,614.00ROBECO SUSTAINABLE EUROPEAN STARS EQ-F C2,500 375,800.00 0.84EUR 364,750.00SCHRODER INTL JAPANESE EQUITY Z ACC EUR3,000 337,728.00 0.76EUR 342,074.10TEMPLETON ASIAN SMALLER CIES W CAP USD40,000 427,369.45 0.96USD 477,033.51




Total net assets 44,482,445.76 100.00





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76,106.95Expenses29,329.51Management fees 5Note5,333.03Depositary fees 6Note7,882.32Subscription tax 9Note1,156.72Professional fees8,290.46Bank interest1,661.43Legal fees






(5,624,198.29)Decrease in net assets as a result of operations67,211.45Subscription capitalisation shares

(11,987.00)Redemption capitalisation shares




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Notes to the financial statements - Schedule of derivativeinstruments

ING ARIA

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CZK 396,700,000.00 EUR 14,832,679.01 03/09/2020 43,494.07 * CACEIS Bank, Luxembourg Branch


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CZK 26,000,000.00 EUR 974,929.32 03/09/2020 65.64 * CACEIS Bank, Luxembourg Branch43,559.71

CZK 25,000,000.00 EUR 937,432.04 03/09/2020 63.11 * CACEIS Bank, Luxembourg Branch


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CZK 635,400,000.00 EUR 23,757,711.72 03/09/2020 69,665.08 * CACEIS Bank, Luxembourg Branch69,728.19



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The contracts that are followed by * relate specifically to foreign exchange risk hedging of shares.

ING ARIA

As at 30/06/2020, the following forward foreign exchange contracts were outstanding:

FORWARD FOREIGN EXCHANGE CONTRACTS

ING ARIA

Other notes to the financial statements

1- GENERAL INFORMATION ING ARIA (the “Company”) is a “SICAV” incorporated on 31 March 2010 for an unlimited period as a société anonyme (public limited company). It qualifies as an undertakings for collective investment in transferable securities under the form of a société d’investissement à capital variable (SICAV) with multiple compartments, which aims to offer a choice between several sub-funds (the “sub-funds”).

The Company was registered under part II of the amended Luxembourg law of 17 December 2010 on undertakings for collective investment and the amended Luxembourg law of 12 July 2013 on Alternative Investment Fund Managers (the “AIFM Law”) until 16 March 2016. Following the decision of the Board of Directors of the Company of 30 June 2015 and the Extraordinary General Meeting of shareholders of 4 March 2016, the Company is now registered under part I of the amended law of 17 December 2010. The articles of incorporation of the Company (the “Articles”) were published in the Mémorial C, Recueil des Sociétés et Associations (the “Mémorial”) on 22 April 2010, last amended on 4 April 2016 and published on 13 April 2016. The Articles are filed with the Registre de Commerce et des Sociétés (the “RCS”) of Luxembourg where they are available for consultation and where copies thereof may be obtained upon request. Copies may also be obtained at the registered office of the Company. The Company is registered with the Registre de Commerce et des Sociétés of Luxembourg under n° B 152.325. As at 30 June 2020, seventeen sub-funds are active:

ING ARIA – Corporate+ ING ARIA – Euro Short Duration Enhanced Return Bond Fund ING ARIA – Flexible Strategic Allocation ING ARIA – ING Global Index Portfolio Aggressive ING ARIA – ING Global Index Portfolio Balanced ING ARIA – ING Global Index Portfolio Defensive ING ARIA – ING Global Index Portfolio Dynamic ING ARIA – ING Global Index Portfolio Very Defensive ING ARIA – ING Sustainable Bonds ING ARIA – Lion Aggressive ING ARIA – Lion Balanced ING ARIA – Lion Conservative ING ARIA – Lion Dynamic ING ARIA – Lion Moderate ING ARIA – Millésimé Dynamique ING ARIA – Moderate Invest ING ARIA – Navido Patrimonial Dynamic The net asset value (NAV) per share of the following sub-funds is calculated every business day:

ING ARIA – Corporate+, ING ARIA – Euro Short Duration Enhanced Return Bond Fund, ING ARIA – ING Global Index Portfolio Aggressive ING ARIA – ING Global Index Portfolio Balanced, ING ARIA – ING Global Index Portfolio Defensive, ING ARIA – ING Global Index Portfolio Dynamic, ING ARIA – ING Global Index Portfolio Very Defensive ING ARIA – ING Sustainable Bonds, ING ARIA – Lion Aggressive, ING ARIA – Lion Balanced, ING ARIA – Lion Conservative, ING ARIA – Lion Dynamic, ING ARIA – Lion Moderate. The net asset value of the remaining sub-funds is calculated on the 15th business working day and the last business working day of each month.

ING ARIA

Other notes to the financial statements (continued)

1- GENERAL INFORMATION (continued)

Classes of shares

Each sub-fund is denominated in Euro (EUR) and the available classes of shares are detailed as follows:

ING ARIA – Corporate+: Class R shares are available in registered capitalisation and distribution form. Class I shares (reserved to institutional investors) are available in registered capitalization and distribution form.

Class Z shares are available in registered capitalisation form to institutional investors who are clients of certain distributors.

ING ARIA – Euro Short Duration Enhanced Return Bond Fund: Class R shares are available in registered capitalisation and distribution form. Class I shares (reserved to institutional investors) are available in registered capitalization and distribution form. ING ARIA – ING Global Index Portfolio Aggressive ING ARIA – ING Global Index Portfolio Balanced ING ARIA – ING Global Index Portfolio Defensive ING ARIA – ING Global Index Portfolio Dynamic ING ARIA – ING Global Index Portfolio Very Defensive: Class A shares are available in registered capitalisation and distribution form to retail investors. Class B shares are available in registered capitalisation form to retail investors who are clients of certain distributors. Class C Hedged shares are available in registered capitalisation and distribution form to retail investors. Class R shares are available in registered capitalization form to retail investors who are clients of certain distributors. Class J shares (reserved to institutional investors) are available in registered capitalisation form. ING ARIA – ING Sustainable Bonds: Class R shares are available in registered capitalisation and distribution form. Class I shares (reserved to institutional investors) are available in registered capitalisation and distribution form. Class PB shares are available in registered capitalisation and distribution form to retail investors. Class S shares are available in registered capitalisation and distribution form to retail investors. Class T shares are available in registered capitalisation and distribution form to retail investors. ING ARIA – Lion Aggressive ING ARIA – Lion Balanced ING ARIA – Lion Conservative ING ARIA – Lion Dynamic ING ARIA – Lion Moderate: Class R shares are available in registered capitalisation and distribution form to retail investors. Class C Hedged shares (CZK hedged, denominated in CZK) are available to retail investors in registered capitalisation form. Class I shares are available in registered capitalisation and distribution form (reserved to institutional investors). Class J, Class K, Class L and Class SI shares are available in registered capitalisation form (reserved to institutional investors). ING ARIA – Moderate Invest: Class I shares (reserved to institutional investors) are available in registered capitalisation form.

The remaining sub-funds propose capitalisation shares only.

The Company has appointed ING Solutions Investment Management S.A., a "société anonyme" as its Management Company (the “Management Company”), pursuant to a management company agreement dated 17 March 2016.

2- CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO

Any changes in the composition of the securities portfolio of each sub-fund during the period are available upon request at the registered office of the Company.

ING ARIA


3- PRINCIPAL ACCOUNTING METHODS

The financial statements are prepared and presented in accordance with the Luxembourg generally accepted accounting principles regulations relating to undertakings for collective investment in transferable securities.

Currency conversion

The financial statements have been drawn up in the accounting currency of each sub-fund. Assets and liabilities expressed in currencies other than the accounting currency of the sub-fund are converted into that currency at the exchange rate prevailing at the closing date.

Income and expenses expressed in currencies other than the accounting currency of the sub-fund are converted into that currency at the exchange rate prevailing on the transaction date.

The various items in the combined statements correspond to the sum of the corresponding items in the financial statements of each sub-fund.

The transaction and acquisition costs denominated in foreign currencies are converted into the accounting currency of each sub-fund based on the exchange rate in force on the date of the transaction or acquisition. Securities valuation

Units or shares of investment funds, except exchange traded funds, are valued at their last determined and available net asset value per unit/share.

Securities, exchange traded funds or money market instruments listed on an official stock exchange or on any other regulated market are valued at the last closing price. If these securities, exchange traded funds or money market instruments are traded on several markets, the valuation is made on the basis of the last closing price on the main market on which the securities, exchange traded funds or money market instruments are listed.

Securities, exchange traded funds or money market instruments not listed or not traded on a stock exchange or on any other regulated market and securities, exchange traded funds or money market instruments listed or traded on such a market but whose last closing price is not representative, are valued with prudence and in good faith on the basis of their probable realisation value as determined by or under the direction of the Board of Directors of the Company and the Management Company.

Money market instruments and short term transferable securities may also be valued using the straight-line amortisation method.

Net realised gains or losses on sales of securities portfolio

Net realised gain or loss on sales of securities portfolio is determined on the basis of the average cost of investments sold and are presented in the statement of operation and changes in net assets.

Financial futures

Open financial futures listed on an official stock exchange or on any other regulated market are valued at their last closing price on the valuation date at the closing date. The net realised gain or loss on financial futures is disclosed in the statement of operations and changes in net assets.

Forward foreign exchange contracts

Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contract. The net unrealised appreciation/depreciation on forward foreign exchange contracts is disclosed in the financial statements in the statement of net assets and the change in net unrealised gain or loss in the statement of operations and changes in net assets. The net realised gain or loss on forward foreign exchange contracts is disclosed in the statement of operations and changes in net assets.

Income

Dividends are accounted net for on the ex-date. Interest is accrued net on a NAV calculation basis. 4- OTHER LIABILITIES

Other liabilities account includes mainly accruals and payables on expenses.

ING ARIA


5- MANAGEMENT FEES

The Management Company is entitled to receive out of the assets of each sub-fund a management fee at an annual rate expressed as a percentage of the net asset value (subject to a yearly minimum fee) of any class of shares of any sub-fund and as determined in the relevant sub-fund’s Appendix of the Prospectus. The management fee is payable monthly in arrears.

The Investment Manager, the Investment Advisor, the Distributors, the Administration Agent, the Registrar, Transfer Agent and Paying Agent are remunerated by the Management Company out of the management fees that it receives from the Company for all sub-funds except for the sub-funds ING ARIA – ING Global Index Portfolio Very Defensive, ING ARIA – ING Global Index Portfolio Defensive, ING ARIA – ING Global Index Portfolio Balanced, ING ARIA – ING Global Index Portfolio Dynamic, ING ARIA – ING Global Index Portfolio Aggressive. For the just above mentioned sub-funds, the Investment Manager and the Global Distributor shall be remunerated by the Management Company out of the Management Fees that it receives from the Company while the Administration, Transfer and Registrar and Paying Agent shall be paid directly by the Company.

ING ARIA – Corporate+ is subject to a maximum management fee of 2% p.a. for Class R and I shares, and a maximum of 0.30% p.a. for Class Z shares.

The following sub-funds are subject to a maximum management fee of 2% p.a.: ING ARIA – ING Sustainable Bonds ING ARIA – Millésimé Dynamique ING ARIA – Moderate Invest

The following sub-funds are subject to a maximum management fee of 1.50% p.a.: ING ARIA – Flexible Strategic Allocation ING ARIA – Navido Patrimonial Dynamic

ING ARIA – ING Global Index Portfolio Aggressive, ING ARIA – ING Global Index Portfolio Balanced, ING ARIA – ING Global Index Portfolio Defensive, ING ARIA – ING Global Index Portfolio Dynamic and ING ARIA – ING Global Index Portfolio Very Defensive are subject to a maximum management fee of 1.30% p.a. for Class A shares and Class J shares, 0.60% p.a. for Class B shares, and 1.50% p.a. for Class R shares and Class C Hedged shares.

ING ARIA – Euro Short Duration Enhanced Return Bond Fund is subject to a maximum management fee of 1.00% p.a..

ING ARIA – Lion Aggressive is subject to a maximum management fee of 1.80% p.a. for Class I shares, 1.40% p.a. for Class SI shares, 1.60% p.a. for Class J shares, 1.00% p.a. for Class K shares, 0.80% p.a. for Class L shares and 2.50% p.a. for Class R shares and Class C Hedged shares.

ING ARIA – Lion Balanced is subject to a maximum management fee of 1.80% p.a. for Class I shares, 1.40% p.a. for Class SI shares, 1.60% p.a. for Class J shares, 0.80% p.a. for Class K and Class L shares and 2.00% p.a. for Class R shares and Class C Hedged shares.

ING ARIA – Lion Dynamic is subject to a maximum management fee of 1.80% p.a. for Class I shares and Class J shares, 1.60% p.a. for Class SI shares, 0.90% p.a. for Class K shares, 0.80% p.a. for Class L shares and 2.00% p.a. for Class R shares and Class C Hedged shares.

ING ARIA – Lion Conservative is subject to a maximum management fee of 2.00% p.a. for Class C Hedged shares, 1.60% p.a. for Class I shares, 1.20% p.a. for Class SI shares, 1.40% p.a. for Class J shares, 0.70% p.a. for Class K shares, 0.80% p.a. for Class L shares, and 1.80% p.a. for Class R shares.

ING ARIA – Lion Moderate is subject to a maximum management fee of 1.80% p.a. for Class I shares, 1.40% p.a. for Class SI shares, 1.60% p.a. for Class J shares, 0.80% p.a. for Class K and Class L shares and 2.00% p.a. for Class R shares and Class C Hedged shares.

The maximum level of the management fees that may be charged both to a sub-fund and to the other UCITS and/or other UCIs in which it intends to invest will not exceed 5% p.a. of the related invested net assets of the Company. Concerning the securities portfolio, the maximum proportion of management fee charged to the UCITS and/or other UCIs in portfolio may be obtained free of charge at the registered office of the Company.

ING ARIA


6- DEPOSITARY FEES

The Company has appointed CACEIS Bank, Luxembourg Branch as Depositary Agent. The Depositary Agent is remunerated in accordance with the agreement between the Company and CACEIS Bank, Luxembourg Branch. 7- ADMINISTRATION FEES

The Administration Agent is remunerated in accordance with the agreement between CACEIS Bank, Luxembourg Branch and the Management Company. The Administration Agent is remunerated by the Management Company out of the management fees that it receives from the Company for all sub-funds except for the sub-funds ING ARIA – ING Global Index Portfolio Very Defensive, ING ARIA – ING Global Index Portfolio Defensive, ING ARIA – ING Global Index Portfolio Balanced, ING ARIA – ING Global Index Portfolio Dynamic, and ING ARIA – ING Global Index Portfolio Aggressive. For the just above mentioned sub-funds, the Administration Agent shall be paid directly by the Company.

8- OTHER EXPENSES

This account includes mainly general ongoing expenses (for example correspondent and consultant fees, translation, publishing and printing fees, KIID fees, distribution expenses and other charges). 9- SUBSCRIPTION TAX

The Company is liable in Luxembourg to a subscription tax (“taxe d’abonnement”) of 0.01% per annum for all classes of shares restricted to institutional investors and 0.05% per annum for all the other classes of shares. Such tax is payable quarterly and calculated on the net asset value of the Company at the end of the relevant calendar quarter. No subscription tax is paid on the assets held by the Company in other undertakings for collective investment already subject to that tax in Luxembourg. 10- CASH AT BANK

In accordance with the investment strategies of the sub-funds, each sub-fund maintains appropriate cash levels in various currencies in its portfolio.

11- CROSS INVESTMENTS

As at 30 June 2020: - the sub-fund ING ARIA - Flexible Strategic Allocation held 8,700 shares of the sub-fund ING ARIA – Euro

Short Duration Enhanced Return Bond Fund Cl. I Cap for an amount of EUR 869,217.00; - the sub-fund ING ARIA - Millésimé Dynamique held 3,000 shares of the sub-fund ING ARIA – ING

Sustainable Bonds Cl. R Cap for an amount of EUR 1,784,520.00 and 20,000 shares of the sub-fund ING ARIA – Euro Short Duration Enhanced Return Bond Fund Cl. I Cap for an amount of EUR 1,998,200.00;

- the sub-fund ING ARIA - Moderate Invest held 11,500 shares of the sub-fund ING ARIA – Euro Short Duration Enhanced Return Bond Fund Cl. I Cap for an amount of EUR 1,148,965.00.

- the sub-fund ING ARIA - Navido Patrimonial Dynamic held 10,000 shares of the sub-fund ING ARIA – Euro Short Duration Enhanced Return Bond Fund Cl. I Cap for an amount of EUR 999,100.00.

The total combined net asset value of the Company at the end of the period without cross investments would amount to EUR 1,393,405,256.02.

ING ARIA


12- DIVIDEND DISTRIBUTIONS

Following the Circular Resolution of the Board of Directors of the Company dated 9 April 2020, it has been decided to pay dividends with an ex-dividend date on 22 April 2020 and a payment date on 27 April 2020. The amounts of unitary dividends are as follows:

ING ARIA Share Class Currency Unitary

dividend ING ARIA – Corporate+ Class R EUR 3.27 ING ARIA – Euro Short Duration Enhanced Return Bond Fund Class R EUR 1.33 ING ARIA – ING Sustainable Bonds Class R EUR 0.70 ING ARIA – Lion Agressive Class I EUR 2.43 ING ARIA – Lion Agressive Class R EUR 2.31 ING ARIA – Lion Balanced Class I EUR 1.78 ING ARIA – Lion Balanced Class R EUR 1.72 ING ARIA – Lion Moderate Class R EUR 1.56

13- TRANSACTION FEES

The transaction fees presented in the statement of operations and changes in net assets mainly include fees linked to transactions on securities and derivative instruments as accounted for by CACEIS Bank, Luxembourg Branch. 14- EXCHANGE RATES AS AT 30 JUNE 2020

As at 30 June 2020, the exchange rates used were as follows : 1 EUR = 1.6313 AUD 1 EUR = 354.44 HUF

1.52975 CAD 155.4271 ISK 1.06425 CHF 121.17105 JPY 26.6425 CZK 10.835 NOK 7.45315 DKK 1.7447 NZD 0.909 GBP 1.12315 USD 8.70495 HKD 10.464 SEK 7.6989 TRY

15- SECURITIES FINANCING TRANSACTIONS AND OF REUSE REGULATION (“SFTR”)

The Company does not use any instruments falling into the scope of the Regulation (EU) 2015/2365 of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (“SFTR”).

ING ARIA · 2020. 9. 14. · ING ARIA General Information Page 3 The information given in this...

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