ING Mutual Funds
Transcript of ING Mutual Funds
ING Mutual FundsQuarterly Update on Luxembourg Mutual Funds
Quarter 4-2004
Not for
retail use
www.ingim.com
intern_catalogus_Mutual-COVER_2005 13-01-2005 10:25 Pagina 1
Ratings & Rankings
Standard & Poor's Star Ranking Morningstar Rating
Data provided by Data provided by
Standard & Poor's Star Ranking is correct as of 31 august 2004 Morningstar Stars shown are correct as of 31 august 2004
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ING (L) Invest Emerging Markets ING (L) Euro High DividendING (L) Invest European Equity ING (L) Invest Global High DividendING (L) Invest Global Brands ING (L) Invest EMU EquityING (L) Invest IT ING (L) Renta Fund DollarING (L) Renta Fund Euro ING (L) Renta Fund EMD HCING (L) Renta Fund Eurocredit ING (L) Renta Fund International
ING (L) Renta Fund Euromix Bond
ING (L) Invest Euro High Dividend 59ING (L) Invest Global High Dividend 60ING (L) Renta Fund EMD HC (EUR) 79
ING (L) Invest European Healthcare 50ING (L) Invest Global High Dividend 60ING (L) Renta Fund EMD HC (Eur) 79
ING (L) Invest Nasdaq 26ING (L) Invest New Asia 33ING (L) Invest European Food & Beverages 49ING (L) Renta Fund Corporate USD 77ING (L) Renta Fund Eurocredit 82ING (L) Renta Fund Global High Yield 84
ING (L) Invest European Materials 52ING (L) Invest European Telecom 44ING (L) Invest Euro High Dividend 59ING (L) Renta Fund Corporate USD 77ING (L) Renta Fund Eurocredit 82ING (L) Renta Fund Global High Yield 84
ING (L) Invest Emerging Europe 30ING (L) Invest Biotechnology 36ING (L) Invest Computer Technologies 37ING (L) Invest Energy 39ING (L) Invest European Telecom 54ING (L) Invest New Technology Leaders 56ING (L) Invest Telecom 45ING (L) Renta Fund Euromix Bond 83ING (L) Renta Fund Yen 87ING (L) Renta Fund Asian Debt 76
ING (L) Invest Global Brands 21ING (L) Invest European Equity 23ING (L) Invest European Sector Allocation 24ING (L) Invest Nasdaq 26ING (L) Invest US Enhanced Core Concentrated 27ING (L) Invest Emerging Europe 30ING (L) Invest New Asia 33ING (L) Invest Banking & Insurance 35ING (L) Invest Computer Technologies 37ING (L) Invest Health Care 41ING (L) Invest Telecom 45ING (L) Invest European Real Estate 53ING (L) Renta Fund Euromix Bond 83ING (L) Renta Fund International 85
ING (L) Invest Global Brands 21ING (L) Invest EMU Equity 22ING (L) Invest European Equity 23ING (L) Invest European Sector Allocation 24ING (L) Invest US Enhanced Core Concentrated 27ING (L) Invest Latin America 32ING (L) Invest Banking & Insurance 35ING (L) Invest Food & Beverages 40ING (L) Invest Health Care 41ING (L) Invest European Real Estate 53ING (L) Invest European New Offerings 55ING (L) Invest Sustainable Growth 58ING (L) Patrimonial Aggressive 63ING (L) Patrimonial Balanced 64ING (L) Renta Fund EMD LC 80ING (L) Renta Fund Euro 81ING (L) Renta Fund International 85
ING (L) Invest World 20ING (L) Invest EMU Equity 22ING (L) Invest European Small Caps 25ING (L) Invest Japan 28ING (L) Invest Emerging Markets 31ING (L) Invest Latin America 32ING (L) Invest Biotechnology 36ING (L) Invest Energy 39ING (L) Invest European Banking and Insurance 47ING (L) Invest European IT 51ING (L) Invest European New Offerings 55ING (L) Invest Sustainable Growth 58ING (L) Patrimonial Aggressive 63ING (L) Patrimonial Balanced 64ING (L) Patrimonial Euro 66ING (L) Renta Fund Dollar 78ING (L) Renta Fund EMD LC 80
ING (L) Invest World 20ING (L) Invest European Small Caps 22ING (L) Invest Japan 24ING (L) Invest Japanese Small and Mid Caps 25ING (L) Invest Emerging Markets 27ING (L) Invest IT 43ING (L) Invest Utilities 46ING (L) Invest European Banking & Insurance 47ING (L) Invest European IT 51ING (L) Patrimonial Defensive 65ING (L) Renta Fund Dollar 78ING (L) Renta Fund World 86
ING (L) Invest Japanese Small & Mid Caps 25ING (L) Invest Greater China 29ING (L) Invest IT 43ING (L) Invest New Technology Leaders 45ING (L) Patrimonial Defensive 65ING (L) Renta Fund Asian Debt 76ING (L) Renta Fund World 86
pag. pag.
Data provided by
Morningstar shown are correct as of 30th November 2004
Data provided by
Standard & Poor's Star Ranking is correct as of 30th November 2004
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EXPLANATORY NOTES
Standard & Poor’s rating process
The ratings are based on an evaluation of quantitative (historic performance, volatility and portfolio construction) and qualitative (man-agement, corporate status and investment process) factors thatcontribute to long-term performance.The differentiation in the rating categories is based on a quantitative factors and Standard & Poor'squalitative assessment of the invest-ment process and management.
AAA: the fund demonstrates an extremely strong ability to adhere to consistent investment processes and provides above averagevolatility adjusted returns relative to funds with similar objectives.
AA: the fund demonstrates a very strong ability to adhere to consistent investment processes and provides above average volatility adjusted returns relative to funds with similar objectives.
A: the fund demonstrates a high standard of quality in its sector based on its investment processes and management consistency of performance as compared with fundssimilar objectives.
Standard & Poor's Star Ranking
The Standard & Poor's Micropal Star Ranking assists investors in evaluating the performance of a fund and the consistency of that per-formance relative to other funds in the sector. It is calculated using a fund's monthly performance relative to its sector average for eachof the 36 months over the three years to date. The average volatility of these 36 numbers is used to calculate a fund's star rating
TOP 10%
TOP 11-30%
TOP 31-50%
NEXT 25%
BOTTOM 25%
TOP 10%
NEXT 22.5%
MIDDLE 35%
NEXT 22.5%
BOTTOM 10%
Morningstar Rating
The Morningstar Ratings is an objective measure for how well a fund has performed on a risk-adjusted base compared to other fundswith a similar investment objective.To begin the calculation process we divide mutual funds into categories. For each and every fund we calculate a score based on return(after loads) versus risk. Only funds with at least three years of performance history are given ratings.The Star Rating is best used as a starting point in the fund selection process. Funds with 4- and 5 star ratings have provided theirinvestors with solid, risk-adjusted returns in the past.
Country
• AD Andorra• AE United Arab Emirates• AF Afghanistan• AG Antigua And Barbuda• AI Anguilla• AL Albania• AM Armenia• AN Netherlands Antilles• AO Angola• AQ Antarctica• AR Argentina• AS American Samoa• ASI Asia• AT Austria• AU Australia• AW Aruba• AZ Azerbaijan• BA Bosnia And Herzegowina• BB Barbados• BD Bangladesh• BE Belgium• BF Burkina Faso• BG Bulgaria• BH Bahrain• BI Burundi• BJ Benin• BM Bermuda• BN Brunei Darussalam• BO Bolivia• BR Brazil• BS Bahamas• BT Bhutan• BV Bouvet Island• BW Botswana• BY Belarus• BZ Belize• CA Canada• CC Cocos (Keeling) Islands• CF Central African Republic• CG Congo• CH Switzerland• CI Cote D'Ivoire• CK Cook Islands• CL Chile• CM Cameroon• CN China• CO Colombia• CR Costa Rica• CU Cuba• CV Cape Verde• CX Christmas Island• CY Cyprus• CZ Czech Republic• DE Germany• DJ Djibouti• DK Denmark• DM Dominica• DO Dominican Republic• DZ Algeria• EC Ecuador• EE Estonia• EEX Europe ex Euro• EG Egypt• EH Western Sahara• EMW Emerging World• ER Eritrea• ES Spain• ET Ethiopia• EZ Euro Zone• FI Finland• FJ Fiji• FK Falkland Islands (Malvinas)• FM Micronesia
• FO Faroe Islands• FR France• FX France, Metropolitan• GA Gabon• GB United Kingdom• GD Grenada• GE Georgia• GF French Guiana• GH Ghana• GI Gibraltar• GL Greenland• GM Gambia• GN Guinea• GP Guadeloupe• GQ Equatorial Guinea• GR Greece• GS South Georgia And The• South Sandwich Islands• GT Guatemala• GU Guam• GW Guinea-Bissau• GY Guyana• HK Hong Kong• HM Heard And Mc Donald Islands• HN Honduras• HR Croatia• HT Haiti• HU Hungary• ID Indonesia• IE Ireland• IL Israel• IN India• IO British Indian Ocean Territory• IQ Iraq• IR Iran• IS Iceland• IT Italy• JM Jamaica• JO Jordan• JP Japan• KE Kenya• KG Kyrgyzstan• KH Cambodia• KI Kiribati• KM Comoros• KN Saint Kitts And Nevis• KP North Korea• KR South Korea• KW Kuwait• KY Cayman Islands• KZ Kazakhstan• LA Lao People's Democratic
Republic• LB Lebanon• LC Saint Lucia• LI Liechtenstein• LK Sri Lanka• LR Liberia• LS Lesotho• LT Lithuania• LU Luxembourg• LV Latvia• LY Libyan Arab Jamahiriya• MA Morocco• MC Monaco• MD Moldova• MG Madagascar• MH Marshall Islands• MK Macedonia• ML Mali• MM Myanmar• MN Mongolia• MO Macau• MP Northern Mariana IslandsMQ Martinique
• MR Mauritania• MS Montserrat• MT Malta• MU Mauritius• MV Maldives• MW Malawi• MX Mexico• MY Malaysia• MZ Mozambique• NA Namibia• NC New Caledonia• NE Niger• NF Norfolk Island• NG Nigeria• NI Nicaragua• NL Netherlands• NO Norway• NP Nepal• NR Nauru• NU Niue• NZ New Zealand• OM Oman• OTR Others• PA Panama• PE Peru• PF French Polynesia• PG Papua New Guinea• PH Philippines• PK Pakistan• PL Poland• PM St. Pierre And Miquelon• PN Pitcairn• PR Puerto Rico• PT Portugal• PW Palau• PY Paraguay• QA Qatar• RE Reunion• RO Romania• RU Russia• RW Rwanda• SA Saudi Arabia• SB Solomon Islands• SC Seychelles• SD Sudan• SE Sweden• SG Singapore• SH St. Helena• SI Slovenia• SJ Svalbard And Jan Mayen• Islands• SK Slovakia• SL Sierra Leone• SM San Marino• SN Senegal• SNAT Multi National• SO Somalia• SR Suriname• ST Sao Tome And Principe• SV El Salvador• SY Syrian Arab Republic• SZ Swaziland• TC Turks And Caicos Islands• TD Chad• TF French Southern Territories• TG Togo• TH Thailand• TJ Tajikistan• TK Tokelau• TM Turkmenistan• TN Tunisia• TO Tonga• TP East Timor• TR Turkey• TT Trinidad And Tobago
• TV Tuvalu• TW Taiwan• TZ Tanzania• UA Ukraine• UG Uganda• UM US Minor Outlying Islands• UND Undefined• US United States• UM US Minor Outlying Islands• UND Undefined• US United States• UY Uruguay• UZ Uzbekistan• VA Vatican City State (Holy See)• VC Saint Vincent And The
Grenadines• VE Venezuela• VG Virgin Islands (British)• VI Virgin Islands (U.S.)• VN Viet Nam• VU Vanuatu• WF Wallis And Futuna Islands• WS Samoa• YE Yemen• YT Mayotte• YU Yugoslavia• ZA South Africa• ZM Zambia• ZR Zaire• ZW Zimbabwe
Regional
• ASI Asia• EMW Emerging World• EU Europe• EEX Europe ex Euro• EZ Euro Zone
Asset Type
• BDS Bonds• CSH Cash• EQU Equities• EQ• (DAE)• Equities (Delta Adjusted Exposure)• MM Money Market• DER Derivatives• DEP Deposits• FRN Floating Rate Notes• ECP/CP• MF Mutual Funds• REST Real Estate• SWAP Swapped Paper• REPO Repo• CP Commercial Paper• GOVT Government Bonds• CORP Corporate Bonds
Sectors
• CDI Consumer Discretionary• DIV Diversified• ENR Energy• FIN Financials• HC Healthcare• IND Industrials• IT IT• MAT Materials• CST Consumer Staples• OTR Others• TEL Telecoms• UND Undefined• UTI Utilities
Focus
January 2005
LIVING WITH THE BENEFIT OF THE DOUBT
The world economic activity is slowing down, forcing companies to find new sources of growth, which have in the
meantime become scarcer. Equity markets will maybe get more unstable due to these weaker prospects. In our opi-
nion, corporate earnings will be a key variable in 2005, as they were in 2004. This time however, their weak
growth will probably put a damper on equity returns.
Since the end of 2001, corporate earnings have been picking up significantly throughout the world. The rise of corpor-
ate earnings was particularly remarkable in the United States. From mid-2003 to the third quarter of 2004, US earnings
grew indeed more than 20% per quarter (year on year). This helped to support equity markets. The rise was so surprising
that analysts had to scale up their forecasts as published earnings were systematically much higher than what they had
expected. Since the first quarter of 2003, US corporate earnings have indeed been 5% higher than the forecasts of anal-
ysts, who had maybe erred on the side of caution after the difficult period of 2000-2001.
Why have corporate earnings grown so much in the United States for the past three years? Theoretically, several elements
have an impact on corporate profitability. On the one hand, the volume effect may contribute to earnings growth. This
amounts to assessing the impact of macroeconomic growth on the profitability of business activities. On the other hand,
the developments of the unit profit margin, i.e. the difference between the unit price and the unit costs, are also decisi-
ve in the quarterly variations.
Exceptional strength
The world economic context firmly improved after the significant slowdown in activity in 2000 and 2001. In the United
States, corporate sales rocketed. They grew at an outstanding pace in the first quarter of 2004 (+9% year on year) after
a drop in the third quarter of 2001 (-4% yoy). According to estimates, the higher volumes of activity thereby helped ear-
nings to grow about 40 billion dollars in 2003.
Yet the outstanding expansion of earnings in the past few years is not only attributable to the volume effect. It is also
due to the growth of profit margins. Chart 1 shows the variations of the different variables determining profit margins.
For clarity, we assume that the unit price is equal to 100. We thereby get a representation of the variations in the weight
of the different components according to this price. We can see that unit costs, and especially labour costs, rose swiftly
and hence squeezed profit margins as from the middle of the nineties. In order to make up for it, companies were forc-
ed to adjust their labour costs in 2001 in an extremely competitive global environment in which the possibilities of acting
on prices were very small (lack of pricing power). Thanks to these drastic cost-cutting measures, corporate earnings pic-
ked up again and were further helped by highly accommodative financial conditions (rate and tax cuts). In 2004, com-
panies continued to reinforce their margins as they regained pricing power (see chart 2).
Chart 1 – Variations in the profit margin and its components in the United States (weight of the differ-
ent components compared to a unit price of 100)
More modest in 2005…
Yet, the earnings growth prospects for next year seem quite modest. In 2005, the pace of earnings growth will probably
be closer to the long-term average (5% to 10% according to markets). Indeed, the global economic context will be less
favourable than in 2004. Consequently, the volume effects will be less significant. In 2005, the income generated by job
creation will have to be the main driver of economic growth in the major zones (United States, Japan and Euroland), but
their recovery is still fragile.
Non-wage costs will no longer decrease, as the drop of interest charges now belongs to the past. In 2005, central banks
will probably start or continue their tightening cycle at a gradual pace in order to ensure satisfactory growth. Financial
conditions will thus be less favourable and corporate spreads are now no longer likely to narrow.
As far as wage costs are concerned, companies have little room to manoeuvre. Indeed, significant cuts in wages are not
conceivable as it could jeopardise the recovery of consumption and hence harm the future profitability of companies. Yet
companies will be anxious to keep their payroll in check in 2005, but they won't adjust it as drastically as they did in
2001.
Eventually, the globalisation context leaves little if any room for companies to act on prices. In recovery phases, compa-
nies usually enjoy an increased price effect. The regained pricing power usually has a positive impact on corporate earn-
ings expectations (see chart 2). The conviction of analysts about earnings prospects firms up as expected price rises
increase. Yet, inflationary expectations will remain subdued in 2005, especially due to the high degree of competition.
60
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62
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1947-I 1952-I 1957-I 1962-I 1967-I 1972-I 1977-I 1982-I 1987-I 1992-I 1997-I 2002-I 0
2
4
6
8
10
12
Fixed Capital
Unit Labor Cost(LHS)
Profit
Interest
Taxes on income
Rec
essi
on
Rec
essi
on
Rec
essi
on
Rec
essi
on
Rec
essi
on
Rec
essi
on
Rec
essi
on
Sources : ING IM and National Bureau of Economic Analysis
Chart 2 – Revisions of analysts1 and estimated pricing power of US companies
Companies will have difficulty generating as much earnings as in 2004. In the current phase of the world business cycle,
the earnings growth potential has become weaker. At this point in the cycle, analysts are usually more cautious in their
earnings forecasts. In this regard, the work of the National Bureau of Economic Research (NBER) enables to break down
the business cycle into four steps. During the starting phase (phase 1), analysts' expectations are strong as they expect
growth to continue into phase 2 (advanced phase of growth). Then, in anticipation of a turnaround in activity (phase 3),
they reduce their forecasts. Eventually, they gradually scale up their forecasts at the end of the economic slowdown phase
(phase 42). Analysts try thus to anticipate the business cycle.
…but partially anticipated
The current economic environment corresponds to phase 2: industrial production is gradually slowing down, leading indi-
cators are deteriorating, interest rates are picking up and the growth pace is still satisfactory, albeit less robust.
On equity markets, analysts have adopted the hypothesis that growth would be subdued and conditions would be less
favourable to companies (little hope that pricing power will recover and that costs will drop significantly). They have
consequently scaled down their earnings forecasts to a more realistic level than a few months ago. According to the
I/B/E/S consensus, analysts now expect earnings to grow 11% throughout the world in 2005 (against 14% in January
2004), 10% in the United States (against 15% in January 2004) and 15% in Euroland (against 15% in January 2004).
There should be less downward revisions from now on.
Yet we think that upward revisions are very unlikely given the lack of earnings drivers. A drop in commodity prices or a
greater-than-expected pricing power are certainly the factors that are the most likely to generate positive surprises. As
far as other determinants are concerned, we think that companies have little room to manoeuvre. Against such a back-
drop, we think that earnings growth will hover between 8% and 10% worldwide.
0
0,5
1
1,5
2
2,5
3
3,5
30
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50
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100
ISM "prices paid" component
ISM index
Strong analystconviction
01-0
1-20
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004
01-0
9-20
04
01-1
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high
er/lo
wer
fore
cas
ts r
atio
n
1 The analysts' forecasts correspond to the ratios between the number of analysts who have scaled up their earnings forecasts and the number of those who have scaled them down during thepast four weeks.2 For an empirical verification of the link between the economic cycle and the variations of earnings expectations, see Stock Returns and the Business Cycle M. Destefano, The Financial Review,Volume 39 N°4, November 2004.
Sources : ING IM and Datastream
Sources : ING IM and Destephano (2004)
Equities anyway
In this context, everything leads us to believe that equity returns will be moderate, all the more since interest rates willgradually rise. In other words, according to the behaviour of the variables in the table below, the risk premium – i.e. thedifference between the expected return of equities and the expected return of bonds – is thus narrowing. Furthermore,most market participants are convinced that growth will be modest. Given this consensus view, volatility has thus beco-me abnormally low, leaving little room for extreme positions in the portfolios.
Yet equities have not become unattractive for investors, since they are still expected to outperform the other types of
assets in 2005. Despite the expected drop of earnings and the gradual rise of interest rates, they will remain relatively
attractive as compared to bonds, whose prospects are harmed by the pressures on prices and the size of the deficits.
Anyway this is what our valuation models indicate. Indeed, they still give a slight preference to equities, with a premium
above the long-term average (3% in the United States). This type of technique, which was still relatively ineffective last
year, will become decisive again in the tactical asset allocation process in 2005. Indeed, the correlation between equities
and bonds is positive again (see chart 3). Since the early nineties, the correlation rate had actually tended to fall. The
correlation even became negative in 2001-2003, in other words the performances of both types of assets were going
opposite directions. The correlation rate between equity and bond performances is particularly sensitive to the macro-
economic environment, and especially the variations of inflationary expectations. Hence, correlation is typically negative
when uncertainties are at their climax, like for instance during the short crisis in 1987 or during the Great Depression in
the 30s (fear of a deflation). In such a context, it seems that investors attach the greatest importance to the cash flows
offered by those two types of assets. Given the economic uncertainties and the ensuing increase of the equity risk, inves-
tors, who are anxious to maintain their cash-flows in the medium run, prefer the return prospects of bonds (flight to qua-
lity). Now that correlation is back to normal, our valuation models have regained their predictive power. For the time
being, they indicate that equities are still relatively interesting. Besides, the equity risk premium is still a little more
attractive in Euroland than in the United States, where the premium is in line with its long-term average.
Table – Probable variations of earnings expectations, interest rates and equity markets according to the economic cycle
Expansion Slowdown
Phase 1 Phase 2 Phase 3 Phase 4
Expected earnings strong from strong weak from weak to weak to strong
Interest rates weak rising high decreasing
Impact on equities very positive very slightly very negative positivepositive
Chart 3 - Correlations between equities and bonds (1 year)
Back to regions
With the increased synchronisation of the world economy, local economies became very interdependent. As from the
middle of the nineties (see chart 4), the globalisation on equity markets led to a similarity in the performances of the
United States, Europe and the rest of the world (except Japan). As a result, the idea developed that regional allocation
was no longer useful. Indeed, the regional segmentation of equity markets gave way in less than a decade under the
impulse of the new economy, the desintermediation of financial markets and the strong economic integration process in
Euroland. Yet, with the bursting of the bubble at the end of the decade, the links between the geographical zones slac-
kened off for a while, especially in Euroland (see chart 4). The regional interdependence process seemed to have regai-
ned importance with the rebound on equity markets in 2003.
-0,8
-0,6
-0,4
-0,2
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1
US
Euroland
1982
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Sources : ING IM and Datastream
Chart 4 - Correlations between local and global stock market indices
Conversely, sector allocation became very popular in the nineties (see chart 5 for Euroland). Indeed, after the bursting
of the speculative bubble, the logic was very much sector-based : the performances of sectors became gradually less cor-
related to those of their local market (blue curb), proving that sectors were becoming less dependent on local conditions.
Furthermore, the American and European indices increasingly tended to move in line with their global equivalent (green
curb). Now with the uncertainties of the economic slowdown, sector rotation has become less important. The correlations
between the performances of sectors and the performances of the local index have become much stronger. This leads us
to believe that investors looking for earnings growth and return attach more importance to regional specificities in per-
iods of economic slowdown.
In this context, we see an interest in regional allocation again. Our preference goes to Euroland, who seems to be attrac-
tive in terms of valuations and whose consumption potential seems more important. Europe is less advanced than the
United States in the economic cycle and its relative growth is stronger than in the US. Even though its future economic
growth is very dependent on a recovery on the labour market, Euroland is currently catching up with the United States
in terms of productivity gains and business capital spending. Consequently, European stock markets will probably conti-
nue to outperform the US in 2005.
-0,2
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Japan/World
Euroland/World
US/World
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Sources : ING IM and Datastream
Chart 5 – Average correlations between European sectors and local and global indices
Changes in asset allocation
We do not think that investors should turn away from equities because expected returns have decreased. First of all, these modest fore-
casts do not rule out the possibility of tactical moves within the portfolios in the course of the year, as markets will undoubtedly be more
volatile than now (volatility has reached a lowest this year). These tactical moves can be achieved through stock picking because, despi-
te the general downtrend in earnings, the situation will vary from one company to another. Those who will have the possibility to pay out
a part of their profits to their shareholders will be in favour with investors. The distribution of a dividend is indeed considered as a proof
that the company is healthy. Similarly, those who will still have some pricing power will be better perceived on the back of better ear-
nings prospects.
As a result, investors will eventually have to reconsider the mains lines of their investment policy if they want to get the same returns as
in the past. This search for the optimal asset allocation, also called strategic allocation (i.e. considering the level of the investor's risk
aversion, the length of his investment...) has however been sometimes disregarded in the heydays of stock markets as investors were
trying to get the best returns without taking into account the related risk. After the good performances last year and early this year, inves-
tors must now be aware that they will have to take a little more risks if they want to get the same return as in the past five years.
Chart 6 shows the risk/return ratios for our Sicav products as well as our five Sicav model3 portfolios ("secure", "moderated", "balan-
ced", "active" and "dynamic"). A portfolio balanced between equities and bonds ("balanced" profile) is, for instance, likely to yield an
annual return of 5.7%, with a risk of 9.3% per year. If the investor wants to get at least this return, he will have to take an additional
risk and add more profitable and hence more risky products (upper right in chart 7) to his portfolio. But this change in strategy also
implies a longer investment horizon. In a balanced portfolio, the investor can reduce the probability of a negative performance by 26%
in the first year, to 2% in the second year and 0% in the fifth year. In a dynamic portfolio (fully invested in equities), the investment hori-
zon must definitely be longer because the risk of a negative performance is respectively 35%, 11% and 2% in the first, third and fifth
year.
45%
55%
65%
75%
85%
95%
Correlation between European sectors and world sectors
Correlation betweenEuropean sectors and the European market
1983
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Sources : ING IM and Datastream
3 Several types of Sicav portfolios are proposed to our clients according to their strategic profile (risk profile) : the secure portfolio is fully invested in bond products; the moderated portfolio ismade of 25% equities and 75% bond products; the balanced portfolio is balanced between the two types of assets; the active portfolio is made of 75% equity products and 25% bond pro-ducts ; finally, the dynamic portfolio is made of 100% equity Sicavs.
Chart 6 – Risk and return of ING products and our model portfolios
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60%Risico
Renta Fund Invest ModelportfoliosRenta Cash
SecureModerated
BalancedActive
Dynamic
ING (L) Invest NewTechnology Leaders
ING (L) Invest IT
ING (L) Invest European IT
ING (L) Invest NasdaqING (L) Invest ComputerTechnologies
ING (L) Invest Biotechnology
ING (L) Invest European TelecomING (L) Invest LatinAmerica
ING (L) Invest Greater China
ING (L) Invest Japanese Small & Mid Caps ING (L)Invest EmergingEurope
ING (L) Renta Fund Emerging Debt
ING (L) Invest Global High Dividend
ING (L) Renta Fund Global High Yield
ING (L) Renta Fund Eurocredit
Ret
urn
Source : ING IM
Fourth Quarter 2004
SUMMARY
1. Review financial markets
• The US economy continued to grow above trend, regaining traction following a weaker summer period. In Japan,
domestic consumption maintained its upward momentum. Economic growth in the Eurozone was held back by slowing
export growth and the rapid appreciation of the euro versus the US dollar. However, this seems to be a temporary phe-
nomenon;
• Global equity markets were indecisive in October. But sentiment subsequently turned more positive, due to lower oil
prices, steady employment growth in the US and political certainty following the re-election of President Bush. The
weaker US dollar and yen versus the euro limited the total return in global equities for Eurozone investors consider-
ably;
• Measured in euro, Eurozone equities showed the strongest regional performance, followed by the emerging markets.
Underperformers were the US and Japan;
• Total returns on the Eurozone fixed income markets declined considerably as a result of the stronger euro (and the
ensuing reduction of growth forecasts).
2. Investment policy
• Regional equity allocation: maintained overweights in Europe and Japan, underweight in the US and neutral stance in
the emerging markets;
• In your balanced portfolio (equities/fixed income), we raised equities (versus bonds) from neutral to slightly overweight
at the beginning of December;
• In your fixed income portfolio, we maintained a neutral duration position;
• We maintained our neutral stance in corporate credits and we continued to overweight Asset Backed Securities (ABS),
EMD Hard Currency, EMD Local Currency and High Yield;
• Sectorial equity allocation: we added some cyclical accents on valuation grounds, but on balance we maintained a
defensive stance in the portfolio).
3. Outlook
• Following several quarters with favourable earnings reports, companies now face higher input costs (e.g. fuel, raw
materials, wages). We express caution in our earnings forecasts, as most companies cannot pass these higher costs on
to their clients;
QUARTERLY REPORT
• In our cautious forecasts, we also discounted structural risks such as imbalances in the US economy, relatively high oil
prices and (decreasing) uncertainties regarding the Chinese economy. Eurozone companies will have to lower their
earnings forecasts due to the stronger euro.
• We foresee modest upside potential for global equities in 2005. We continue to believe that companies with stable
earnings growth and relatively secure dividend yields will offer the best chances for outperformance;
• A beneficial circumstance is that the central banks will continue to pursue a loose monetary policy. The Federal Reserve
will maintain its ‘measured’ pace of rate hikes towards normalised interest rate levels. In our base scenario, we expect
the official Fed funds rate will stand at 3.50% (+125 basis points) by the end of 2005. Our base scenario does not
assume any rate hike in the Eurozone before the second quarter of 2005 and expects the first tightening by the Bank
of Japan in 2006.
ECONOMY
Summary
The global economy continued to demonstrate decent levels of growth during the final quarter of 2004. Higher-than-
expected US growth counterbalanced a weaker picture in the Eurozone. Investors focused on the rapid decline of the dol-
lar versus the euro. The risks of a Chinese hard landing decreased.
For the coming months we forecast slightly weaker, but sustained global economic growth. As major risks we continue
to highlight the imbalances in the US economy, currency movements, the direction of the oil price and the ‘China’ fac-
tor.
Review
After some weaker summer months, the US economy rebounded more strongly than expected. Growth returned to a level
above the long-term trend. Consumer spending rebounded, helped by a pick-up in employment. It should be noted, how-
ever, that the imbalances in the economy continued to mount. The current account deficit, for example, reached an all-
time high, while the savings ratio touched an all-time low.
In the Eurozone, economic growth slowed to levels below the long-term trend. The rapid appreciation of the euro ver-
sus the dollar translated into downward revisions for export growth. Although the European Central Bank is still very
hawkish about inflation risks, the higher euro has somewhat eased the upward pressure on inflation.
The growth of the Japanese economy slowed, but the underlying picture was still relatively strong. For that matter, the
economic data of the last few months have been distorted by a sequence of unusual weather conditions and natural dis-
asters in Japan and therefore they are not very reliable. Export growth was stable, while the domestic conditions con-
tinued to improve. In this respect, consumer spending firmed and deflation continued to decline.
Outlook
The slowdown of US economic growth in 2004 is no cause for concern, as it succeeds the strongest period of growth of
the last 20 years. However, the imbalances in the US economy will have to be corrected at some point in time. If employ-
ment – along with income growth – will continue to recover, this correction could be a gradual process. For 2005, we
forecast the US economy will grow by over 3%.
The recent slowdown of Eurozone economic growth was probably temporary. Given the slower-than-expected recovery
of employment and the stronger euro we do not expect the Eurozone economy to grow above trend before mid-2005.
The strong cyclical recovery in Japan offers the country a major opportunity to realise more sustained economic growth
without deflation. We forecast an ongoing recovery of the labour market and of consumer confidence. However, there are
still risks that Japan will revert to a situation of deflation
Economic forecasts
2003 2004 E 2005 E
United States
Growth gross domestic product (%) 3.1 4.5 3.2
Rate of inflation (%) 2.3 2.6 2.5
Eurozone
Growth gross domestic product (%) 0.5 1.8 2.0
Rate of inflation (%) 2.0 2.1 1.9
Japan
Growth gross domestic product (%) 2.3 4.3 2.4
Rate of inflation (%) -0.2 0.0 0.5
Source: ING IM / January 2005
FIXED INCOME MARKETS
Summary
Against the background of resilient US economic growth and a slowdown in the Eurozone, the bond yields in the US and
Europe decoupled. Long term bond yields edged up in the US, but declined in the Eurozone. The decline in the Eurozone
was partly triggered by the rapid appreciation of the euro versus the dollar. Assuming a decent growth rate for the glob-
al economy in 2005, we anticipate slightly higher bond yields from the current levels.
Review
During the past quarter, the US 10-year bond yield rose by approximately 20 basis points. Favourable macro economic
data were a key factor here.
The Federal Reserve maintained its policy towards ‘normalised’ interest rates. In November and December, the Fed funds
rate was raised by 25 basis points to 2.25%.
Contrary to the bond yield movements in the US, Eurozone bond yields declined considerably in response to weaker eco-
nomic data. The rapid appreciation of the euro triggered fresh doubts regarding the economic prospects, and these also
depressed the long-term bond yield. Strikingly, this caused Eurozone bond yields to decouple from US bond yields, which
had been highly correlated until the last quarter of 2004. The European Central Bank maintained a hawkish view regard-
ing inflation risks and did not adjust interest rates. For that matter, inflation risks have diminished as a result of the
stronger euro.
The Bank of Japan maintained its loose monetary policy. The Japanese 10-year bond yield was on balance more or less
unchanged compared to the start of the quarter.
OUTLOOK FIXED INCOME MARKETS
We envisage moderate economic growth for the United States. We expect that the economy can continue to grow at
a decent pace, supported by lower oil prices, favourable financial conditions and improving domestic demand. We
expect that the Federal Reserve will continue to raise interest rates by at least 125 basis points to 3.50% in 2005. From
the current levels, we envisage slightly higher long-term bond yields.
In 2005, we expect that economic growth in the Eurozone will gradually rebound following the current slowdown. The
European Central Bank will maintain a hawkish view regarding inflation risks. We expect inflation to increase only mod-
estly and therefore we do not envisage higher interest rates before the second quarter of 2005. We forecast short-term
interest rates will be raised by a total 75 basis points to 2.75% by the end of 2005. We also anticipate slightly higher
long-term bond yields here.
Clearly the risks have diminished that the Japanese economy will revert to a phase of deflation. But these risks have
not fully disappeared either. Therefore, we do not envisage higher interest rates in Japan before 2006. In Japan, we
anticipate stable long-term bond yields for the short term.
EQUITY MARKETS
Summary
Global equity markets hesitated in October. But sentiment subsequently turned more positive again, boosted by lower oil
prices, decent employment growth in the US and political certainty following the re-election of US President Bush. Ample
liquidity and mounting merger and acquisition activity were also supportive.
The weaker US dollar and yen versus the euro limited the total return in global equities for Eurozone investors signifi-
cantly.
We maintained a defensive stance in the portfolios, while adding some cyclical accents on valuation grounds. In this
respect, we raised our position in information technology.
For 2005, we envisage limited (5-10%) upside potential for equities. We maintain our defensive stance and continue to
favour companies with stable growth and above average dividend yields.
THE REGIONAL FUNDS
Review / Global market developments
Global equity markets hesitated in October. But sentiment subsequently turned more positive again, boosted by lower oil
prices, decent employment growth in the US and political certainty following the re-election of US President Bush. The
upward trend was supported by ongoing loose monetary policy by the central banks, ample liquidity amongst investors
and mounting merger and acquisition activity.
The significant appreciation of the euro versus the US dollar and the yen limited the total return in global equities for
Eurozone investors considerably.
Global sectors
Amongst the defensive sectors, telecom services and utilities outperformed. Amongst the cyclical and growth sectors,
basic materials and information technology clearly outpaced the benchmark average. Health care and insurance were dis-
tinct laggards.
In the health care sector, the side effects of medicines (e.g. from US Merck) triggered concerns about the quality of the
pharmaceutical ‘pipeline’ (new medicines under development) of some pharmaceutical producers. Investors were also
worried about the safety of medicines and about the fall-out from an avalanche of lawsuits.
United States
The market was indecisive in October, but subsequently sentiment improved due to factors mentioned before (lower oil
prices, decent employment growth, political clarity following the re-election of US President Bush). The upward trend was
supported by ample liquidities amongst investors. In addition, corporate America (which has significantly improved its
balance sheet ratios in recent years) used its ample cash reserves to finance acquisitions, notably in the sectors infor-
mation technology and telecom services.
Leading indices like the Standard & Poor’s 500 and Nasdaq hit 3-1/2 year highs in December.
Europe
European equities maintained their upward trend, boosted by lower oil prices, favourable quarterly reports and lower
bond yields. The positive sentiment was not dented by the stronger euro, which triggered profit warnings. Ample cash
reserves amongst investors and mounting merger and acquisition activity also supported the upward trend.
Japan
Over the first half of the fiscal year (April to September), Japanese companies produced favourable corporate earnings
reports in line with expectations. The only exception was the information technology sector. Nevertheless, Japan contin-
ued to lag, while being struck by earthquakes and typhoons. But the underperformance was not as severe as during the
third quarter. Following very strong macro data during the first half of the calendar year, the market had to digest sev-
eral less favourable numbers (e.g. industrial production) along with a stronger yen versus the dollar. Against this back-
ground, domestic investors (which still showed little appetite for equities) were not tempted to increase their holdings.
Foreign investors continued to operate on the buy-side.
Various confidence indicators showed the domestic economy continued to recover. As a consequence, local sectors like
the financials clearly outperformed export related sectors.
Developed Asia Pacific
These equity markets developed favourably, boosted by a positive development of domestic demand and lower oil prices.
Emerging markets
The emerging markets continued their upward trend, benefiting from a more positive sentiment for global equities.
In spite of relatively low valuations, Asia lagged on balance during the quarter. Taiwan, one of the most attractive region-
al markets in valuation terms, was unable to benefit from its upgrading in the global MSCI-index of emerging markets.
Thailand suffered from political unrest in a southern region and several other markets (China, India) had to digest rate
hikes. The best performers were the smaller markets of Indonesia and the Philippines.
In the EMEA (Europe, Middle East and Africa) region, the ten Eastern European countries continued to benefit from their
new status as member of the European Union (EU). The Turkish market clearly anticipated a formal EU approval allowing
Turkey to negotiate its admission to the EU next year. After the approval had been received on 17 December, Turkish equi-
ties continued to rally, boosted by interest rate cuts. Russia lagged due to lower oil and gas prices and the gradual dis-
mantlement of oil giant Yukos.
Latin America continued to perform favourably, helped by high commodity prices and positive earnings developments in
Brazil.
OUTLOOK EQUITY MARKETS
Following major cost programs, companies have produced historically elevated profits. However, the number of positive
earnings surprises should gradually decline now, as companies will face higher input costs (e.g. labour, fuel and raw
material costs) which they can not pass on (partly nor fully). For companies in the Eurozone, the stronger euro will trig-
ger lower earnings forecasts. This all explains our caution regarding the earnings prospects for 2005.
The risks regarding corporate earnings are counterbalanced by a number of positive factors. In this respect we highlight
the moderate development of the global economy, the accommodative monetary policy by the central banks and low
interest rates. In addition, supportive factors for sentiment include the ample liquidities amongst investors and compa-
nies. In recent months, these liquid assets have already triggered a growing (price boosting) merger and acquisition
activity (M & A). We expect this trend to continue into 2005.
On balance, we express cautious optimism regarding global equities, which we expect to produce an average total return
in line with forecast earnings growth of 5-10% in 2005. Accordingly, we continue to favour companies with stable
growth and attractive dividend yields.
For US and European equities, we forecast an average 5-10% earnings growth for 2005.
In Japan, the forecast earnings growth slowdown next year, triggered in part by slower export growth and the stronger
yen versus the euro, has largely been discounted in the current prices. This should offer some upside potential now that
domestic consumption is rebounding. For the fiscal year 2004/2005, we anticipate an average 20-25% earnings growth.
For 2005/2006 we forecast earnings growth to decelerate to about 5%.
Following the second-half rally, the emerging markets will face more difficulties maintaining the positive momentum, also
because the anticipated slowdown of the global economy will translate into slower export growth. Nevertheless, the
emerging markets still offer interesting investment opportunities in view its attractive valuations and ongoing strong
domestic demand.
ASSET ALLOCATION (equities / f ixed income)
Summary
In October and November, we maintained our neutral stance regarding equities and fixed income. Early December, we
decided to raise equities to a modest overweight versus fixed income as our models indicated that equities should out-
perform bonds.
The concerns about the imbalances in the US economy (current account deficit, low savings ratio) mounted. In addition,
US economic growth slowed down during the second half of the year. It should be noted, however, that this slowdown
occurred at historically elevated levels and growth was maintained at fair levels. This is confirmed by the most recent
data. In fact, the US economy seems to have regained impetus in December. Consumer spending and investments sta-
bilised at high levels. Nevertheless, a slowdown of corporate earnings growth should be inevitable in 2005, due to high-
er wages and higher fuel and raw material costs. Companies cannot entirely pass on these costs to their clients.
In the Eurozone, economic growth was slightly below trend during the third quarter. This was caused by a slowdown in
exports and consumer spending. The stronger euro and weaker jobs market imply that a higher growth rate should not
be expected in the first half of 2005. Nevertheless, we do expect the European economy to regain traction in the second
half of 2005, boosted by accelerating domestic demand.
Our decision to raise equities from neutral to slightly overweight at the start of December, should be seen in the follow-
ing context.
Early October, fundamental analysis produced a neutral signal for equities, but this signal turned to positive in the sub-
sequent months. In December, a number of market analyses also turned positive. The price momentum analysis entered
positive territory early November, while the earnings valuation analysis has produced a positive signal during the entire
quarter. The bond yield momentum, another market analysis, produced a negative signal during the quarter.
In view of our analyses and given the diminishing uncertainties in the market (in response to lower oil prices, re-election
President Bush, signs of soft landing in China), we decided to raise equities to a modest overweight at the start of
December. Our analyses indicate that equities should outperform bonds in the coming months.
Performance dei mercati azionari 2004
Performance dei mercati obbligazionari 2004
Evolutione dei tasso di cambio 2004
10/1/05
J F M A M J J A S O N D3.40
3.60
3.80
4.00
4.20
4.40
4.60
4.80
5.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
1.80
1.90
US TREAS.BENCHMARK BOND 10 YR (DS) - RED. YIELDJAPAN BENCHMARK BOND -RYLD.10 YR (DS) - RED. YIELD(R.H.SCALE)EURO BENCHMARK BOND (SYNTHETIC) - RED. YIELD
10/1/05
J F M A M J J A S O N D J F M A M J J A S O N D1.00
1.05
1.10
1.15
1.20
1.25
1.30
1.35
1.40
124
126
128
130
132
134
136
138
140
142
JAPANESE YEN TO EURO (WMR) - EXCHANGE RATE(R.H.SCALE)US $ TO EURO (WMR) - EXCHANGE RATE
10/1/05
J F M A M J J A S O N D95
100
105
110
115
120
125
MSCI EUROPE U$ - PRICE INDEX (~E )MSCI JAPAN U$ - PRICE INDEX (~E )MSCI USA - PRICE INDEX (~E )
Currency Trend 2004
Development on Bond Markets 2004
Development on Equity Marquets 2004
This document contains information relating to the sub-funds of different Sicav. All Sicav are Luxembourg based "Sociétés d'investissement à capital variable"qualifying as UCITS in accordance with the EC Council Directive of 20 December 1985. This document serves information purposes only and does not constitutean offer or a solicitation to buy or to sell any investment referred to in this document. Investors should base their investment decisions to subscribe for shares on thecontents of the most recent prospectus, annual report and semi-annual report (if available) which contain further information about the shares and the funds. Thevalue of shares and any income generated may go down as well as up and is not guaranteed. Past performance is not necessarily a guide to future performance.Investors should be aware of additional risks associated with funds with investment in emerging and developing markets. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical,photocopying, recording or otherwise without the prior permission of the copyright-holder. The source for all MSCI benchmarks is MSCI-Morgan Stanley Capital International.
Important Information :
19
Fund Name Page
Table of Contents
Fund Focus
World
Core
Equity Funds
20ING (L) Invest World
21ING (L) Invest Global Brands
Europe22ING (L) Invest EMU Equity
23ING (L) Invest European Equity
24ING (L) Invest European Sector Allocation
25ING (L) Invest European Small Caps
United States26ING (L) Invest Nasdaq
27ING (L) Invest US (Enhanced Core Concentrated)
Japan28ING (L) Invest Japan
29ING (L) Invest Japanese Small & Mid Caps
Emerging30ING (L) Invest Emerging Europe
31ING (L) Invest Emerging Markets
32ING (L) Invest Latin America
33ING (L) Invest New Asia
Asia34ING (L) Invest Greater China
World
Sector
35ING (L) Invest Banking & Insurance
36ING (L) Invest Biotechnology
37ING (L) Invest Computer Technologies
38ING (L) Invest Consumer Goods
39ING (L) Invest Energy
40ING (L) Invest Food & Beverages
41ING (L) Invest Health Care
42ING (L) Invest Industrials
43ING (L) Invest IT
44ING (L) Invest Materials
45ING (L) Invest Telecom
46ING (L) Invest Utilities
Europe47ING (L) Invest European Banking & Insurance
48ING (L) Invest European Consumer Goods
49ING (L) Invest European Food & Beverages
50ING (L) Invest European Health Care
51ING (L) Invest European IT
52ING (L) Invest European Materials
53ING (L) Invest European Real Estate
54ING (L) Invest European Telecom
Fund Name Page
Theme
55ING (L) Invest European New Offerings
56ING (L) Invest New Technology Leaders
57ING (L) Invest Prestige & Luxe
Socially Responsible Investments
58ING (L) Invest Sustainable Growth
Style - Value Funds
59ING (L) Invest Euro High Dividend
60ING (L) Invest Global High Dividend
61ING (L) Invest Europe Growth Fund
62ING (L) Invest Europe High Dividend
Balanced Funds
63ING (L) Patrimonial Aggressive
64ING (L) Patrimonial Balanced
65ING (L) Patrimonial Defensive
66ING (L) Patrimonial Euro
Capital Preservation Funds
67ING Index Linked Fund Continuous Click Fund Euro
68ING Index Linked Fund Continuous Click Fund Euro II
69ING Index Linked Fund Continuous Click Eurotop 100
70ING Index Linked Fund Continuous Click Fund Japan
71ING Index Linked Fund Continuous Click Fund US (EUR)
72ING Index Linked Fund Continuous Click Fund US (USD)
73ING Index Linked Fund Protected Mix 70
74ING Index Linked Fund Protected Mix 80
75ING Index Linked Fund Protected Mix 90
Bond Funds
76ING (L) Renta Fund Asian Debt
77ING (L) Renta Fund Corporate USD
78ING (L) Renta Fund Dollar
79ING (L) Renta Fund EMD Hard Currency
80ING (L) Renta Fund EMD Local Currency
81ING (L) Renta Fund Euro
82ING (L) Renta Fund Eurocredit
83ING (L) Renta Fund Euromix Bond
84ING (L) Renta Fund Global High Yield
85ING (L) Renta Fund International
86ING (L) Renta Fund World
87ING (L) Renta Fund Yen
Glossary
Fund Overview
20
ING (L) InvestWorld
Equity Fund
LU0119219730CapitalisationP Shares
ISIN Code:INGLWDP LX EquityBloomberg Code:LU0119219730.LUFReuters Code:94698Sicovam Code:1163252Telekurs Code:
LU0121207616CapitalisationX Shares
INGLWDX LX EquityLU0121207616.LUF948051253205
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any country in the world. The portfolio is activelymanaged relative to its benchmark, the MSCI AC World Index.
Geographical Allocation
US46.65%
GB11.97%
JP 7.23%
FR 6.34% CH
4.15%DE
3.94%ES
3.51%
IT 3.17%
OTR13.03%
Sector Allocation
FIN25.14%
CDI10.40%
HC10.39%
IT 9.88%
TEL 9.10%
IND 8.61%
ENR 8.60%
CST 8.54%
UTI 5.77%
MAT 3.40%
UND 0.16%
Key Figures & Statistics
S&P IM Fd EQ Global (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
31/12/93
EUR 126.25
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-2.75
0.97
0.99
-1.431.72
-3.18
1.02
0.94
-2.221.37
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
2.15
5.38
0.01
5.38
5.09
0.64
-10.69
16.07
-0.80
-8.42
16.48
-0.64
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 124.95
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 49.79 -6.12 -14.17 -31.80 9.76 4.87Index 44.58 -8.13 -13.35 -33.02 8.83 5.38
Fund 47.66 -12.28 -15.82 -34.20 5.99 2.15
Sector* 2.55 -0.71 4.87 -21.49 -36.7415.10Index 2.21 -0.86 5.38 -23.18 -38.8514.68Fund 2.01 -1.17 2.15 -28.76 -47.408.27
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 General Electric Co Industrials 1.752 Citigroup Inc Financials 1.67
3 Microsoft Corp Information Technology 1.58
4 Shell Transprt&tradng Co Plc Energy 1.435 Jpmorgan Chase & Co Financials 1.30
6 Glaxosmithkline Plc Healthcare 1.27
7 Bank Of America Corp Financials 1.26
8 Cvs Corp Consumer Staples 1.139 Johnson & Johnson Healthcare 1.08
10 Total Sa Energy 1.07
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
120
110
100
90
80
70
60
50
ING (L) Invest World Index
Sector*
* Standard & Poor's Fund Services
21
ING (L) InvestGlobal Brands
Equity Fund
LU0119208295CapitalisationP Shares
ISIN Code:INGLGBP LX EquityBloomberg Code:LU0119208295.LUFReuters Code:94719Sicovam Code:1164034Telekurs Code:
LU0121193303CapitalisationX Shares
INGLGBC LX EquityLU0121193303.LUF948681165618
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies with brands thathave strong market positions on a global level. The sub-fund'sbenchmark is the MSCI World. The sub-fund does not hedge thecurrency risk.
Geographical Allocation
US52.71%
GB 9.09%
NL 8.70% KR
6.30%FR
6.20%PA
5.60%
DE 3.04%
FI 2.59%
JP 2.54%
ES 2.18%
CH 1.07%
Sector Allocation
CDI28.59%
CST22.97%
IT16.21%
FIN13.38%
ENR 8.19%
HC 4.48%
UND 2.66%
TEL 2.50%
IND 1.02%
Key Figures & Statistics
S&P IM Fd EQ Global (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
15/06/98
EUR 244.30
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
0.30
0.96
0.93
0.154.58
-5.26
1.37
0.83
-0.983.74
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
0.80
7.71
-0.17
4.71
5.15
0.50
-8.07
16.47
-0.62
-8.61
16.47
-0.65
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 53.70
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 49.79 -6.12 -14.17 -31.80 9.76 4.87Index 44.25 -8.13 -13.35 -33.02 8.83 4.71
Fund 43.13 -7.42 -7.89 -29.25 8.92 0.80
Sector* 2.55 -0.71 4.87 -21.49 -36.7415.10Index 1.97 -1.49 4.71 -23.67 -39.2413.95Fund 2.65 -5.55 0.80 -22.32 -33.769.79
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Carnival Corp Consumer Discretionary 5.612 Citigroup Inc Financials 5.23
3 Microsoft Corp Information Technology 4.96
4 Intl Game Technology Consumer Discretionary 4.625 Royal Dutch Petroleum Energy 4.61
6 Johnson & Johnson Healthcare 4.49
7 Colgate-palmolive Co Consumer Staples 4.16
8 Viacom Inc-cl B Consumer Discretionary 4.139 Ing Groep Nv-cva Financials 4.11
10 Samsung Electronics-gdr Regs Information Technology 3.65
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
120
110
100
90
80
70
60
ING (L) Invest Global Brands Index
Sector*
* Standard & Poor's Fund Services
22
ING (L) InvestEMU Equity
Equity Fund
LU0095527585CapitalisationP Shares
ISIN Code:INGEMQA LX EquityBloomberg Code:LU0095527585.LUFReuters Code:2016Sicovam Code:470424Telekurs Code:
LU0113307978CapitalisationX Shares
INGEMXC LX EquityLU0113307978.LUF20151360373
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any member state of the EMU. The sub-fundbenchmark is the MSCI EMU Index.
Geographical Allocation
FR28.33%DE
18.46%
NL16.47%
IT11.54%
ES10.76%
BE 3.82%
IE 3.47%
FI 2.46%
OTR 4.69%
Sector Allocation
FIN29.83%TEL
16.17%
ENR13.71%
UTI11.16% CST
6.80%CDI
6.69%
IT 4.43%
IND 3.97%
HC 3.70%
MAT 3.54%
Key Figures & Statistics
S&P IM Fd EQ Euroland (NX) EUR3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
17/03/99
EUR 97.06
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
0.05
1.02
0.99
-0.061.89
0.97
0.96
0.97
0.411.52
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
10.81
7.96
1.09
10.13
8.10
0.99
-5.86
22.10
-0.36
-5.73
21.59
-0.36
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 381.48
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - -2.01 -19.88 -33.69 16.62 10.55Index 34.46 -1.21 -19.65 -34.64 16.38 10.13
Fund - 3.34 -17.46 -35.92 17.51 10.81
Sector* 7.31 5.47 10.55 -14.51 -32.8828.92Index 8.37 6.11 10.13 -16.23 -33.5028.17Fund 8.40 6.05 10.81 -16.56 -28.8330.21
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Royal Dutch Petroleum Energy 5.352 Total Sa Energy 5.21
3 Sanofi-aventis Healthcare 2.92
4 Deutsche Telekom Ag-reg Telecoms 2.915 Ing Groep Nv-cva Financials 2.84
6 Telefonica S.a. Telecoms 2.59
7 Siemens Ag-reg Industrials 2.58
8 Bnp Paribas Financials 2.529 France Telecom Sa Telecoms 2.36
10 Deutsche Bank Ag -reg Financials 2.07
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
120
110
100
90
80
70
60
ING (L) Invest EMU Equity Index
Sector*
* Standard & Poor's Fund Services
23
ING (L) InvestEuropean Equity
Equity Fund
LU0082087510CapitalisationP Shares
ISIN Code:INGIEEA LX EquityBloomberg Code:LU0082087510.LUFReuters Code:94992Sicovam Code:791274Telekurs Code:
LU0113304017CapitalisationX Shares
INGIEEX LX EquityLU0113304017.LUF949931360389
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any industrialised European country. The sub-fundmainly invests in large caps characterised by a high degree of turnoverand liquidity and consist of a large group of leading multinationalswith diversified activities. The sub-fund's benchmark is the MSCIEurope Index.
Geographical Allocation
GB31.09%FR
17.38%
DE10.92%
CH 9.14% NL
6.77%ES
5.97%
IT 5.96%
IE 2.37%
OTR10.40%
Sector Allocation
FIN30.72%
TEL13.61%
ENR12.10%
CST 9.79% HC
9.41%UTI
8.58%
IND 4.96%
CDI 4.56%
MAT 3.59%
IT 2.67%
Key Figures & Statistics
S&P IM Fd EQ Europe (NX) XDM3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
10/11/97
EUR 32.85
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
0.17
1.04
0.99
-0.111.63
0.47
0.98
0.97
0.331.00
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
9.72
6.19
1.23
9.36
6.20
1.17
-6.02
18.83
-0.43
-5.85
17.97
-0.44
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 416.61
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 40.24 -1.68 -18.07 -31.11 13.08 9.77Index 33.43 -2.87 -17.33 -31.94 12.14 9.36
Fund 37.27 1.33 -16.50 -33.58 13.88 9.72
Sector* 5.24 3.87 9.77 -14.49 -31.1224.13Index 5.60 4.19 9.36 -16.53 -32.9822.64Fund 6.04 4.82 9.72 -17.00 -29.7824.95
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Shell Transprt&tradng Co Plc Energy 3.942 Vodafone Group Plc Telecoms 3.44
3 Total Sa Energy 3.30
4 Hsbc Holdings Plc Financials 3.225 Glaxosmithkline Plc Healthcare 2.74
6 Bp Plc Energy 2.65
7 Royal Bank Of Scotland Group Financials 2.37
8 Ubs Ag-registered Financials 2.019 Deutsche Telekom Ag-reg Telecoms 1.93
10 Novartis Ag-reg Shs Healthcare 1.85
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
120
110
100
90
80
70
60
ING (L) Invest European Equity Index
Sector*
* Standard & Poor's Fund Services
24
ING (L) InvestEuropean Sector Allocation
Equity Fund
LU0119205788CapitalisationP Shares
ISIN Code:INGLEAP LX EquityBloomberg Code:LU0119205788.LUFReuters Code:94733Sicovam Code:1163630Telekurs Code:
LU0121190895CapitalisationX Shares
INGLEAC LX EquityLU0121190895.LUF949111165368
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any European country through an active Europeansector allocation strategy. The portfolio is actively managed relative tothe MSCI Europe Index. The sub-fund does not hedge the currencyrisk.
Geographical Allocation
GB36.73%
FR16.28%
CH10.69%
DE10.14%
NL 6.88%
ES 5.99%
IT 5.22%
SE 2.28%
OTR 5.79%
Sector Allocation
FIN30.13%
ENR12.61%
CST10.15%
CDI 9.67%
TEL 9.49% HC
9.21%
UTI 5.82%
MAT 5.10%
IND 4.54%
IT 3.29%
Key Figures & Statistics
S&P IM Fd EQ Europe (NX) XDM3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
09/05/99
EUR 178.81
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.82
1.02
0.99
-0.521.81
0.57
0.94
0.95
0.021.30
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
9.38
5.96
1.22
9.36
6.20
1.17
-6.88
18.32
-0.49
-5.97
17.91
-0.45
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 192.14
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 40.24 -1.68 -18.07 -31.11 13.08 9.77Index 33.26 -3.55 -16.94 -32.21 12.14 9.36
Fund - -5.02 -23.76 -33.37 10.79 9.38
Sector* 5.24 3.87 9.77 -14.49 -31.1224.13Index 5.60 4.19 9.36 -16.87 -33.4022.64Fund 5.27 3.63 9.38 -19.25 -41.5321.19
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Bp Plc Energy 3.762 Hsbc Holdings Plc Financials 3.10
3 Vodafone Group Plc Telecoms 2.86
4 Total Sa Energy 2.435 Glaxosmithkline Plc Healthcare 2.34
6 Royal Dutch Petroleum Energy 2.20
7 Novartis Ag-reg Shs Healthcare 2.12
8 Nestle Sa-registered Consumer Staples 1.909 Royal Bank Of Scotland Group Financials 1.87
10 Ubs Ag-registered Financials 1.67
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
120
110
100
90
80
70
60
50
ING (L) Invest European Sector Allocation Index
Sector*
* Standard & Poor's Fund Services
25
ING (L) InvestEuropean Small Caps
Equity Fund
LU0108284653CapitalisationP Shares
ISIN Code:INGESCC LX EquityBloomberg Code:LU0108284653.LUFReuters Code:94994Sicovam Code:1061131Telekurs Code:
LU0113311574CapitalisationX Shares
INGESCX LX EquityLU0113311574.LUF949951102582
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by small and medium-sizedcompanies incorporated, quoted or traded on any European stockexchange. Most of these companies have a market capitalisation ofless than € 5.0 billion. The sub-fund's benchmark is the MSCIEuropean Small Caps Index usd. Historical information prior to thisfund's launch date refers to ING Bank European Small Cap Fonds, itsequivalent Dutch-domiciled version.
Geographical Allocation
FR19.38%
GB16.89%
SE10.60%
IE10.31%
NL 9.04%
BE 6.52%
ES 4.86%
IT 4.60%
GR 3.92%
DE 3.58%
CH 3.16%
OTR 7.14%
Sector Allocation
CDI23.79%
IT20.49%
IND17.39%
HC10.55% CST
8.79%
UTI 6.86%
FIN 5.96%
TEL 3.44%
OTR 2.72%
Key Figures & Statistics
S&P IM Fd Sm Cos Europe (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
21/02/00
EUR 14.87
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-9.06
1.14
0.92
-1.217.12
-4.09
0.91
0.88
-1.413.96
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
13.60
11.35
1.01
20.42
11.71
1.56
-3.81
21.63
-0.27
5.50
18.21
0.19
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 27.33
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 82.86 0.75 -29.34 -33.68 29.82 19.16Index 42.50 -6.79 -18.20 -26.49 32.66 20.42
Fund - - -28.62 -41.77 34.53 13.60
Sector* 8.81 6.01 19.16 2.59 -26.9754.69Index 9.88 7.42 20.42 17.43 -10.4659.75Fund 10.23 5.99 13.60 -11.01 -52.83
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Generale De Sante Healthcare 2.812 Kingspan Group Plc Industrials 2.61
3 Mobistar Sa Telecoms 2.46
4 Medidep Healthcare 2.455 Piraeus Bank S.a. Financials 2.23
6 Enterprise Inns Plc Consumer Discretionary 2.10
7 T&f Informa Plc Consumer Discretionary 2.08
8 Sr Teleperformance(ex Rochef Consumer Discretionary 2.079 Neopost Sa Information Technology 1.93
10 Eniro Ab Consumer Discretionary 1.87
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
02/00 08/00 02/01 08/01 02/02 08/02 02/03 08/03 02/04 08/04
110
100
90
80
70
60
50
40
ING (L) Invest European Small Caps Index
Sector*
* Standard & Poor's Fund Services
26
ING (L) InvestNasdaq
Equity Fund
LU0119213295CapitalisationP Shares
ISIN Code:INGLNDP LX EquityBloomberg Code:LU0119213295.LUFReuters Code:94714Sicovam Code:1164222Telekurs Code:
LU0121201411CapitalisationX Shares
INGLNDC LX EquityLU0121201411.LUF948531164292
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies quoted on theNasdaq stock market. The sub-fund is actively managed relative to theNasdaq 100 Index. The sub-fund is fully invested, and it does nothedge the currency risk.
Sector Allocation
IT58.02%
CDI17.94%
HC12.53%
TEL 4.61%
IND 3.97%
CST 2.35%
MAT 0.60%
Key Figures & Statistics
S&P IM Fd SC TMT USA (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
19/10/98
USD 621.29
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.95
1.00
1.00
-0.901.06
-0.24
0.99
1.00
-0.440.70
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
10.09
14.07
0.57
10.44
14.17
0.59
-0.04
25.55
-0.08
0.92
25.60
-0.05
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 68.55
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 111.13 -32.77 -40.51 -39.88 46.50 3.29Index 100.63 -36.43 -32.65 -37.58 49.12 10.44
Fund 107.83 -34.83 -36.61 -37.82 45.91 10.09
Sector* 14.53 3.79 3.29 -9.03 -63.6151.33Index 14.75 6.89 10.44 2.79 -55.9964.69Fund 14.47 6.85 10.09 -0.12 -58.7460.64
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Cisco Systems Inc Information Technology 6.842 Microsoft Corp Information Technology 6.74
3 Qualcomm Inc Information Technology 6.26
4 Ebay Inc Consumer Discretionary 4.315 Nextel Communications Inc-a Telecoms 3.13
6 Amgen Inc Healthcare 2.84
7 Apple Computer Inc Information Technology 2.68
8 Applied Materials Inc Information Technology 2.639 Starbucks Corp Consumer Discretionary 2.59
10 Comcast Corp-cl A Consumer Discretionary 2.37
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
140
120
100
80
60
40
ING (L) Invest Nasdaq Index
Sector*
* Standard & Poor's Fund Services
27
ING (L) InvestUS (Enhanced Core Concentrated)
Equity Fund
LU0082087940CapitalisationP Shares
ISIN Code:INGNAUA LX EquityBloomberg Code:LU0082087940.LUFReuters Code:238Sicovam Code:791300Telekurs Code:
LU0113305253CapitalisationX Shares
INGNAUX LX EquityLU0113305253.LUF2391102545
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in the United States of America. The sub-fund'sbenchmark is the S&P 500 Index.
Sector Allocation
FIN18.87%
IT15.90%
CDI14.19%
HC12.57%
IND11.28% CST
9.74%
ENR 8.33%
UTI 3.54%
MAT 2.90%
TEL 2.67%
Key Figures & Statistics
S&P IM Fd EQ USA (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
10/11/97
USD 63.70
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.08
0.93
0.98
-0.072.12
1.10
1.00
0.97
0.781.35
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
10.13
7.45
1.08
8.99
7.35
0.93
1.68
14.10
-0.03
1.85
15.10
-0.02
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 318.99
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 22.19 -7.54 -14.08 -23.68 26.77 9.13Index 19.66 -8.60 -14.22 -23.31 26.38 8.99
Fund 17.46 -9.63 -16.10 -23.21 24.31 10.13
Sector* 9.74 6.94 9.13 5.59 -16.1238.34Index 8.73 6.23 8.99 5.64 -17.1837.75Fund 9.09 7.35 10.13 5.13 -20.3036.90
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Exxon Mobil Corp Energy 3.672 General Electric Co Industrials 3.24
3 Johnson & Johnson Healthcare 2.57
4 Microsoft Corp Information Technology 2.445 Intl Business Machines Corp Information Technology 2.33
6 Citigroup Inc Financials 2.10
7 Procter & Gamble Co Consumer Staples 2.07
8 Wal-mart Stores Inc Consumer Staples 1.889 Pfizer Inc Healthcare 1.70
10 Dell Inc Information Technology 1.70
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/97 07/98 03/99 11/99 07/00 03/01 11/01 07/02 03/03 11/03 07/04
160
150
140
130
120
110
100
90
ING (L) Invest US (Enhanced Core Concentrated) Index
Sector*
* Standard & Poor's Fund Services
28
ING (L) InvestJapan
Equity Fund
LU0082087783CapitalisationP Shares
ISIN Code:INGIJEA LX EquityBloomberg Code:LU0082087783.LUFReuters Code:231Sicovam Code:791213Telekurs Code:
LU0113305683CapitalisationX Shares
INGIJEX LX EquityLU0113305683.LUF2321102538
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / JPY
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in Japan. The sub-fund's benchmark is the MSCIJapan Index.
Sector Allocation
FIN22.38%
CDI22.25%
IND16.89%
IT12.98% MAT
6.63%
UTI 4.80%
CST 4.76%
HC 4.06%
TEL 3.90%
ENR 1.33%
Key Figures & Statistics
S&P IM Fd EQ Japan (NX) JPY3 months JPY Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
10/11/97
JPY 3,557
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-3.55
0.98
0.97
-1.212.95
-2.00
0.96
0.98
-1.501.54
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
7.46
11.81
0.45
10.02
12.18
0.65
-0.71
15.77
-0.18
3.02
15.85
0.06
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): JPY 17,008.78
Calendar Year Performance in JPY
Cumulative Performance in JPY
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 73.62 -23.73 -18.38 -18.91 22.18 7.95Index 55.05 -21.25 -19.51 -18.61 22.11 10.02
Fund 89.46 -29.86 -17.86 -20.69 14.85 7.46
Sector* 3.29 -4.59 7.95 6.95 -33.4231.89Index 4.98 -2.25 10.02 9.34 -30.7034.34Fund 5.30 -2.06 7.46 -2.12 -43.6023.42
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Toyota Motor Corp Consumer Discretionary 6.292 Canon Inc Information Technology 3.11
3 Mizuho Financial Group Inc Financials 3.08
4 Sumitomo Mitsui Financial Gr Financials 2.345 Ntt Docomo Inc Telecoms 2.28
6 Matsushita Electric Indust Consumer Discretionary 1.84
7 Sony Corp Consumer Discretionary 1.71
8 East Japan Railway Co Industrials 1.699 Hitachi Ltd Information Technology 1.65
10 Chubu Electric Power Co Inc Utilities 1.65
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
110
100
90
80
70
60
50
ING (L) Invest Japan Index
Sector*
* Standard & Poor's Fund Services
29
ING (L) InvestJapanese Small & Mid Caps
Equity Fund
LU0119211166CapitalisationP Shares
ISIN Code:INGLJSP LX EquityBloomberg Code:LU0119211166.LUFReuters Code:2410Sicovam Code:1164417Telekurs Code:
LU0121199920CapitalisationX Shares
INGLJSC LX EquityLU0121199920.LUF24301166439
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / JPY
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by small and medium-sizedcompanies incorporated, quoted or traded in Japan. The sub-fund'sbenchmark is composed by the Tokio SE Second Market index.
Sector Allocation
FIN17.33%
CDI16.72%
IND14.75%
CST14.38%
UND12.84%
MAT 9.42%
IT 8.42%
TEL 2.36%
OTR 3.78%
Key Figures & Statistics
S&P IM Fd Sm Cos Japan (NX) JPY3 months JPY Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
17/03/00
JPY 12,508
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-14.93
0.89
0.88
-2.127.90
-5.74
0.90
0.98
-1.824.61
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
29.03
27.21
0.99
40.93
29.77
1.30
4.76
21.77
0.12
26.20
23.01
1.05
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): JPY 2,109.05
Calendar Year Performance in JPY
Cumulative Performance in JPY
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 216.92 -42.10 -12.14 -19.66 41.46 20.49Index - -38.29 -12.10 -16.32 70.43 40.93
Fund - - -15.67 -26.61 21.40 29.03
Sector* 1.97 -10.90 20.49 36.93 -30.3570.45Index 0.77 -9.51 40.93 100.98 9.02140.19Fund 1.03 -10.50 29.03 14.96 -56.64
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Privee Zurich Turnaround Grp Financials 2.552 Bank Of Okinawa Ltd/the Financials 2.08
3 Nippon Broadcasting System Telecoms 2.03
4 Riken Vitamin Co Ltd Consumer Staples 1.925 Saibu Gas Co Ltd Utilities 1.43
6 Recruit Cosmos Co Ltd Financials 1.42
7 Toho Titanium Co Ltd Materials 1.41
8 Takano Co Ltd Information Technology 1.399 Gulliver International Co Consumer Discretionary 1.38
10 Oriental Yeast Co Ltd Consumer Staples 1.36
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
03/00 08/00 01/01 06/01 11/01 04/02 09/02 02/03 07/03 12/03 05/04 10/04
100
90
80
70
60
50
40
ING (L) Invest Japanese Small & Mid Caps Index
Sector*
* Standard & Poor's Fund Services
30
ING (L) InvestEmerging Europe
Equity Fund
LU0109225770CapitalisationP Shares
ISIN Code:INGEEQD LX EquityBloomberg Code:LU0109225770.LUFReuters Code:94983Sicovam Code:1061144Telekurs Code:
LU0113311731CapitalisationX Shares
INGEEQX LX EquityLU0113311731.LUF949841102610
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any emerging country of Europe. No directinvestment is envisaged in Russia. The sub-fund's benchmark is theMSCI EM Eastern Europe.
Geographical Allocation
RU41.57%
PL19.75%
HU18.54%
CZ11.38%
AT 2.46%
OTR 6.30%
Sector Allocation
ENR39.15%
FIN29.94%
TEL15.95%
MAT 6.87%
UTI 6.84%
CDI 1.24%
Key Figures & Statistics
S&P IM Fd EQ Europe Emg Mkts (NX) EUR3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
27/03/00
EUR 30.99
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
5.12
0.89
0.97
0.784.88
2.85
1.00
0.96
0.743.82
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
25.98
20.68
1.15
22.58
20.24
1.01
20.08
22.61
0.79
15.82
24.87
0.55
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 75.95
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - -8.21 4.94 1.73 26.96 33.19Index 96.00 -14.83 15.96 -2.79 30.38 22.58
Fund - - 3.59 7.09 28.33 25.98
Sector* 6.87 14.94 33.19 72.03 65.7169.10Index 2.09 9.68 22.58 55.36 53.4359.81Fund 4.84 12.65 25.98 73.13 -61.66
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Lukoil-spon Adr Energy 9.342 Otp Bank Rt Financials 9.25
3 Mol Magyar Olaj- Es Gazipari Energy 5.86
4 Surgutneftegaz-sp Adr Energy 5.835 Telekomunikacja Polska-gdr Telecoms 5.56
6 Jsc Mmc Norilsk Nickel-adr Materials 4.59
7 Polski Koncern Naftoway -gdr Energy 4.52
8 Cez As Utilities 3.849 Cesky Telecom As Telecoms 3.56
10 Komercni Banka As-gdr Financials 3.52
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
03/00 08/00 01/01 06/01 11/01 04/02 09/02 02/03 07/03 12/03 05/04 10/04
130
120
110
100
90
80
70
60
ING (L) Invest Emerging Europe Index
Sector*
* Standard & Poor's Fund Services
31
ING (L) InvestEmerging Markets
Equity Fund
LU0104531511CapitalisationP Shares
ISIN Code:INGEMMC LX EquityBloomberg Code:LU0104531511.LUFReuters Code:94986Sicovam Code:1019618Telekurs Code:
LU0113311491CapitalisationX Shares
INGEMMX LX EquityLU0113311491.LUF949871102580
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any developing or emerging country of LatinAmerica (including the Caribbean), Asia (excluding Japan), EasternEurope, the Middle East and Africa. The sub-fund's benchmark is theMSCI Emerging Markets Free.
Geographical Allocation
KR16.77%
TW14.04%
BR13.36%
ZA10.89%
MX 6.56%
MY 5.45% TH
4.58%RU
4.29%IL
3.97%CN
3.79%
IN 3.51%
OTR12.80%
Sector Allocation
FIN24.41%
MAT15.88%
TEL15.27%
IND14.00% ENR
9.67%CDI
6.45%
IT 5.92%
HC 2.98%
UTI 2.17%
OTR 3.25%
Key Figures & Statistics
S&P IM Fd EQ Global Emg Mkts (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
22/11/99
USD 34.90
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.44
0.99
0.97
-0.232.86
-2.67
1.02
0.99
-1.121.99
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
19.68
16.57
1.06
22.45
16.11
1.26
18.71
17.98
0.92
19.54
17.98
0.97
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 108.10
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 63.99 -29.31 -3.96 -4.42 54.16 21.89Index - -31.80 -4.91 -7.97 51.59 22.45
Fund - -25.10 -3.47 -5.56 48.02 19.68
Sector* 15.44 24.59 21.89 79.60 21.9387.91Index 16.81 25.45 22.45 70.82 10.7885.62Fund 16.57 25.90 19.68 67.31 20.9777.16
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Samsung Electronics Co Ltd Information Technology 5.912 Cia Vale Do Rio Doce-sp Adr Materials 4.12
3 Petroleo Brasileiro S.a.-adr Energy 2.96
4 Teva Pharmaceutical-sp Adr Healthcare 2.725 Kookmin Bank Financials 2.32
6 Standard Bank Group Ltd Financials 2.15
7 Telekomunikasi Tbk Pt Telecoms 2.04
8 Posco Materials 1.969 Lukoil-spon Adr Energy 1.87
10 Taiwan Semiconductor Manufac Information Technology 1.82
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
140
130
120
110
100
90
80
70
60
ING (L) Invest Emerging Markets Index
Sector*
* Standard & Poor's Fund Services
32
ING (L) InvestLatin America
Equity Fund
LU0051128774CapitalisationP Shares
ISIN Code:INGILAA LX EquityBloomberg Code:LU0051128774.LUFReuters Code:233Sicovam Code:252775Telekurs Code:
LU0113302664CapitalisationX Shares
INGILAX LX EquityLU0113302664.LUF2351102535
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in Latin America (including the Caribbean). The sub-fund's benchmark is the MSCI EMF Latin America Index.
Geographical Allocation
BR57.34%
MX33.01%
CL 4.09%
OTR 5.56%
Sector Allocation
TEL22.12%
MAT22.08%
FIN15.16%
CST10.62% ENR
9.55%
IND 7.79%
UTI 7.18%
CDI 3.64%
OTR 1.86%
Key Figures & Statistics
S&P IM Fd EQ Latin America (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
05/07/94
USD 911.88
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-1.12
1.06
0.98
-0.044.54
2.36
0.99
0.97
0.702.99
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
37.55
18.76
1.89
34.77
18.64
1.75
19.88
26.91
0.66
20.19
25.00
0.72
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 95.04
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 55.76 -15.82 -4.85 -23.16 65.55 36.80Index 57.12 -16.66 -5.91 -23.10 67.53 34.77
Fund 77.04 -11.67 -5.92 -25.96 69.17 37.55
Sector* 20.40 39.87 36.80 74.01 39.39126.46Index 19.81 39.64 34.77 73.63 36.16125.78Fund 21.94 41.58 37.55 72.28 43.17132.69
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Cia Vale Do Rio Doce-sp Adr Materials 9.872 America Movil-adr Series L Telecoms 7.75
3 Petroleo Brasileiro S.a.-adr Energy 6.22
4 Telefonos De Mexico-sp Adr L Telecoms 5.655 Tele Norte Leste Part-adr Telecoms 5.39
6 Banco Itau Holding Fin-adr Financials 4.78
7 Cemex Sa -spons Adr Part Cer Industrials 3.79
8 Petroleo Brasileiro S.a.-adr Energy 3.359 Banco Bradesco-sponsored Adr Financials 3.23
10 Grupo Televisa Sa-spons Adr Consumer Discretionary 2.86
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
17016015014013012011010090807060
ING (L) Invest Latin America Index
Sector*
* Standard & Poor's Fund Services
33
ING (L) InvestNew Asia
Equity Fund
LU0051129079CapitalisationP Shares
ISIN Code:INGINAA LX EquityBloomberg Code:LU0051129079.LUFReuters Code:236Sicovam Code:252730Telekurs Code:
LU0113303043CapitalisationX Shares
INGINAX LX EquityLU0113303043.LUF2371102528
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in the Asia-Pacific region (excluding Japan andAustralia). The sub-fund's benchmark is the MSCI Asia AC ex JapanFree Index.
Geographical Allocation
HK25.00%
KR24.94%
TW17.58%
SG10.88%
MY 6.07%
TH 4.42%
CN 3.69%
OTR 7.41%
Sector Allocation
FIN32.39%
IND21.88%
TEL10.74%
CDI 9.31%
IT 7.59%
MAT 7.22%
ENR 4.16%
UTI 2.97%
OTR 3.75%
Key Figures & Statistics
S&P IM Fd EQ Asia Pac ex Japan (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
05/07/94
USD 536.88
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
3.83
0.98
0.95
0.953.71
0.24
0.93
0.96
-0.212.85
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
13.68
14.22
0.81
14.40
14.96
0.82
17.55
17.41
0.89
13.61
17.41
0.66
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 267.29
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 67.77 -30.43 -3.46 -8.43 46.12 13.93Index 61.94 -36.30 -5.94 -10.19 42.75 14.40
Fund 68.71 -32.14 -4.92 -7.05 53.71 13.68
Sector* 12.31 18.92 13.93 52.44 2.4066.47Index 12.63 19.01 14.40 46.65 -12.1363.30Fund 12.59 21.28 13.68 62.42 4.7974.73
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Samsung Electronics Co Ltd Information Technology 6.432 China Mobile Hong Kong Ltd Telecoms 2.63
3 Taiwan Semiconductor Manufac Information Technology 2.54
4 Cheung Kong Holdings Ltd Financials 2.535 Hutchison Whampoa Ltd Industrials 2.52
6 Sun Hung Kai Properties Financials 2.44
7 Posco Materials 2.10
8 Kookmin Bank Financials 2.059 Hang Seng Bank Ltd Financials 1.76
10 Nan Ya Plastics Corp Materials 1.50
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
110
100
90
80
70
60
ING (L) Invest New Asia Index
Sector*
* Standard & Poor's Fund Services
34
ING (L) InvestGreater China
Equity Fund
LU0119216801CapitalisationP Shares
ISIN Code:INGLTWP LX EquityBloomberg Code:LU0119216801.LUFReuters Code:94703Sicovam Code:1163879Telekurs Code:
LU0121204944CapitalisationX Shares
INGLTWX LX EquityLU0121204944.LUF948201253262
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any of the following emerging country : thePeople's Republic of China, Hong Kong and Taiwan. The sub-fund'sbenchmark is the MSCI AC Golden Dragon. Historical informationprior to this fund's launch date refers to ING (L) Invest Taiwan fund.
Sector Allocation
FIN39.01%
IT19.64%
IND15.12% CDI
8.58%
UTI 5.04%
ENR 4.59%
TEL 4.16%
MAT 3.00%
UND 0.86%
Key Figures & Statistics
S&P IM Fd EQ China (Greater) (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
23/05/03
USD 348.62
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-4.33
0.92
0.91
-0.676.83
3.48
0.93
0.96
0.813.47
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
13.89
15.95
0.74
10.83
16.73
0.52
0.66
22.32
-0.07
5.69
23.06
0.15
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 102.15
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 63.67 -21.22 0.81 -12.06 65.40 6.75Index 51.52 -45.35 8.77 -25.38 42.76 10.83
Fund - -45.23 8.86 -36.09 40.12 13.89
Sector* 8.35 14.49 6.75 55.26 23.3176.56Index 10.58 15.84 10.83 18.07 -29.8158.22Fund 10.98 18.56 13.89 1.99 -39.1959.58
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Taiwan Semiconductor Manufac Information Technology 5.222 Cheung Kong Holdings Ltd Financials 5.08
3 Sun Hung Kai Properties Financials 4.80
4 Hutchison Whampoa Ltd Industrials 4.585 Formosa Chemicals & Fibre Materials 3.06
6 Swire Pacific Ltd 'a' Financials 3.03
7 China Mobile Hong Kong Ltd Telecoms 2.99
8 Cathay Financial Holding Co Financials 2.439 China Shipping Development-h Industrials 2.17
10 Taishin Financial Holdings Financials 2.09
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
140130120110100908070605040
ING (L) Invest Greater China Index
Sector*
* Standard & Poor's Fund Services
35
ING (L) InvestBanking & Insurance
Equity Fund
LU0119198637CapitalisationP Shares
ISIN Code:INGLBIP LX EquityBloomberg Code:LU0119198637.LUFReuters Code:94706Sicovam Code:1163802Telekurs Code:
LU0121172307CapitalisationX Shares
INGLBIC LX EquityLU0121172307.LUF948291165487
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in thefinancial sector. This may include companies involved in thefollowing industries : banking, consumer credits, investment bankingand brokerage, asset management and insurance. The sub-fund'sbenchmark is the MSCI Financials index. The sub-fund does not hedgethe currency risk.
Geographical Allocation
US43.37%
GB13.06%
JP 7.67%
FR 5.31% CH
4.12%CA
3.93%AU
3.66%
IT 3.60%
ES 3.22%
DE 3.05%
NL 2.59%
OTR 6.42%
Key Figures & Statistics
S&P IM Fd SC Finance Global (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
03/09/97
USD 670.83
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
0.10
1.00
1.00
0.111.08
0.41
0.93
1.00
-0.610.85
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
14.18
8.93
1.35
14.78
9.58
1.32
8.35
18.08
0.34
8.22
17.97
0.34
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 151.23
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 4.02 10.55 -17.13 -18.31 35.39 15.23Index 6.19 7.79 -18.32 -18.44 35.40 14.78
Fund 3.46 9.88 -17.67 -18.32 36.37 14.18
Sector* 13.29 13.48 15.23 27.44 16.7656.01Index 13.20 13.57 14.78 26.75 11.6055.41Fund 12.23 12.18 14.18 27.19 15.0655.71
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Citigroup Inc Financials 5.262 Bank Of America Corp Financials 3.91
3 Hsbc Holdings Plc Financials 3.86
4 Bnp Paribas Financials 3.115 Jpmorgan Chase & Co Financials 2.97
6 American International Group Financials 2.95
7 Royal Bank Of Scotland Group Financials 2.22
8 Wells Fargo & Company Financials 2.059 Ubs Ag-registered Financials 1.94
10 Wachovia Corp Financials 1.70
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
115110105100959085807570
ING (L) Invest Banking & Insurance Index
Sector*
* Standard & Poor's Fund Services
36
ING (L) InvestBiotechnology
Equity Fund
LU0119199106CapitalisationP Shares
ISIN Code:INGLBTP LX EquityBloomberg Code:LU0119199106.LUFReuters Code:94832Sicovam Code:1163852Telekurs Code:
LU0121173453CapitalisationX Shares
INGLBTC LX EquityLU0121173453.LUF947071165565
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in theBiotechnology sector. Biotechnology activities are research,development, manufacture, and distribution of variousbiotechnological or biomedical products, services and processes. Thismay include companies involved in genetics, genetic engineering, andgene therapy. It also includes companies involved in the applicationand development of biotechnology in areas such as health care andpharmaceuticals. The sub-fund is actively managed relative to an in-house built index. The sub-fund is fully invested, and it does not hedgethe currency risk.
Geographical Allocation
US86.89%
GB 4.64%
CH 4.47%
OTR 4.00%
Key Figures & Statistics
S&P IM Fd SC Biotechnology (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
26/01/98
USD 973.86
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-2.10
1.02
1.00
-1.341.59
-1.70
0.99
1.00
-2.360.73
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
6.92
13.70
0.35
8.80
13.75
0.49
-1.33
22.61
-0.15
0.84
22.17
-0.06
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 100.11
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 73.69 44.45 -21.21 -44.87 45.71 7.66Index 78.88 24.20 -19.95 -37.40 50.57 8.80
Fund 76.68 24.03 -21.64 -38.78 46.76 6.92
Sector* 7.14 3.19 7.66 -13.51 -1.5756.88Index 4.13 0.40 8.80 2.54 1.9563.81Fund 3.94 -0.15 6.92 -3.93 -6.6456.91
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Genentech Inc Healthcare 9.412 Biogen Idec Inc Healthcare 9.38
3 Amgen Inc Healthcare 9.23
4 Gilead Sciences Inc Healthcare 7.725 Shire Pharmaceuticals Group Healthcare 4.65
6 Genzyme Corp Healthcare 4.52
7 Serono Sa B Healthcare 4.47
8 Medimmune Inc Healthcare 4.289 Millennium Pharmaceuticals Healthcare 3.85
10 Invitrogen Corp Healthcare 3.69
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
220
200
180
160
140
120
100
80
ING (L) Invest Biotechnology Index
Sector*
* Standard & Poor's Fund Services
37
ING (L) InvestComputer Technologies
Equity Fund
LU0119200128CapitalisationP Shares
ISIN Code:INGLCTH LX EquityBloomberg Code:LU0119200128.LUFReuters Code:94709Sicovam Code:1163846Telekurs Code:
LU0121174428CapitalisationX Shares
INGLCTC LX EquityLU0121174428.LUF948381165557
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in theInformation Technology sector and expected to benefit from thedevelopment, advancement and use of technologies. This may includecompanies involved in the following industries : technology software& services, including companies that primarily develop software invarious fields such as the Internet, applications, systems and/ordatabases management and companies that provide informationtechnology consulting and services; technology hardware &equipment, including manufacturers and distributors ofcommunications equipment, computers & peripherals, electronicequipment and related instruments, and semiconductor equipment andproducts. The sub-fund's benchmark is the MSCI IT.
Geographical Allocation
US72.95%
JP13.87%
SE 3.46%
FI 2.04%
OTR 7.68%
Key Figures & Statistics
S&P IM Fd SC TMT Global (NX) USD3 month USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
26/01/98
USD 582.61
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.85
1.01
1.00
-0.871.04
-0.46
1.04
1.00
-0.321.34
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
1.61
17.23
-0.03
2.06
16.56
0.00
-3.55
28.46
-0.20
-2.66
28.24
-0.17
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 121.34
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 121.28 -34.83 -37.70 -39.67 45.97 4.10Index 95.57 -42.26 -21.57 -38.80 47.66 2.06
Fund 94.92 -43.15 -24.31 -39.27 45.40 1.61
Sector* 14.75 5.18 4.10 -8.33 -62.7851.95Index 13.26 1.45 2.06 -7.78 -58.2450.69Fund 13.45 0.94 1.61 -10.27 -61.3947.74
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Cisco Systems Inc Information Technology 9.792 Hewlett-packard Co Information Technology 5.86
3 Intl Business Machines Corp Information Technology 4.86
4 Microsoft Corp Information Technology 4.025 Oracle Corp Information Technology 3.91
6 Ericsson Lm-b Shs Information Technology 3.19
7 Applied Materials Inc Information Technology 3.09
8 Dell Inc Information Technology 2.979 Qualcomm Inc Information Technology 2.95
10 Intel Corp Information Technology 2.56
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
13012011010090807060504030
ING (L) Invest Computer Technologies Index
Sector*
* Standard & Poor's Fund Services
38
ING (L) InvestConsumer Goods
Equity Fund
LU0119215407CapitalisationP Shares
ISIN Code:INGLSPP LX EquityBloomberg Code:LU0119215407.LUFReuters Code:94713Sicovam Code:1163688Telekurs Code:
LU0121203037CapitalisationX Shares
INGLSPC LX EquityLU0121203037.LUF948501165406
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in theconsumer discretionary sector. This may include companies involvedin the following industries: automobiles & components; consumerdurables & apparel (household durables, leisure equipment &products, textiles & apparel); hotels, restaurants and leisure; media;retailing (distributors, internet & catalogue retail, multiline retail,specialty retail). The sub-fund's benchmark is a composition of theMSCI Consumer Discretionary. The sub-fund does not hedge thecurrency risk.
Geographical Allocation
US53.14%
JP17.45%
GB 9.88%
FR 5.42%
DE 3.45%
NL 2.31%
OTR 8.34%
Key Figures & Statistics
S&P IM Fd SC Cnsmr Gds Global (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
03/02/97
USD 949.76
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-1.82
0.99
1.00
-2.250.82
-0.83
0.98
1.00
-2.820.37
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
12.43
9.07
1.14
13.62
9.23
1.25
5.08
15.26
0.19
7.06
15.32
0.32
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 91.69
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* -18.06 -7.46 -11.99 -11.61 23.69 12.13Index - - -0.64 -22.81 39.90 13.62
Fund 16.02 -22.20 -3.94 -24.73 37.11 12.43
Sector* 13.51 8.28 12.13 22.59 -0.1538.69Index 13.44 10.07 13.62 22.70 -58.96Fund 13.04 9.63 12.43 16.02 -13.2954.15
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Toyota Motor Corp Consumer Discretionary 4.772 Home Depot Inc Consumer Discretionary 3.77
3 Time Warner Inc Consumer Discretionary 3.44
4 The Walt Disney Co. Consumer Discretionary 2.355 Ebay Inc Consumer Discretionary 2.35
6 Viacom Inc-cl B Consumer Discretionary 2.21
7 Target Corp Consumer Discretionary 1.71
8 Comcast Corp-cl A Consumer Discretionary 1.719 Daimlerchrysler Ag-reg Consumer Discretionary 1.67
10 Mcdonald's Corp Consumer Discretionary 1.64
Company Name Main Business %
12/01 04/02 08/02 12/02 04/03 08/03 12/03 04/04 08/04 12/04
1201151101051009590858075
ING (L) Invest Consumer Goods Index
Sector*
* Standard & Poor's Fund Services
39
ING (L) InvestEnergy
Equity Fund
LU0119201019CapitalisationP Shares
ISIN Code:INGLEGP LX EquityBloomberg Code:LU0119201019.LUFReuters Code:94722Sicovam Code:1163816Telekurs Code:
LU0121175821CapitalisationX Shares
INGLEGC LX EquityLU0121175821.LUF948771165495
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in the energysector. This may include companies involved in the followingindustries: oil & gas (exploration, production, marketing, refiningand/or transportation of oil and gas products); energy equipment &services (construction or provision of oil rigs, drilling equipment andother energy related service and equipment). The portfolio is activelymanaged relative to the MSCI 10/40 Energy. The sub-fund does nothedge the currency risk.
Geographical Allocation
US38.78%
GB14.32%
CA11.47%
FR 9.25% NL
7.09%
IT 4.54%
ES 4.25%
NO 3.16%
OTR 7.15%
Key Figures & Statistics
S&P IM Fd SC Energy Global (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
01/12/97
USD 815.95
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.42
1.01
0.99
-0.201.38
0.03
0.99
1.00
-0.210.69
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
27.90
11.65
2.21
28.09
11.71
2.22
13.54
16.73
0.68
13.86
16.46
0.71
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 113.48
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 20.49 12.04 -16.71 -18.53 33.66 26.66Index 20.12 4.44 -8.84 -8.65 26.13 28.09
Fund 20.44 0.51 -9.89 -8.88 25.58 27.90
Sector* 10.31 16.51 26.66 37.92 28.7169.28Index 7.19 17.11 28.09 47.59 40.5261.56Fund 7.02 16.95 27.90 46.36 32.5560.62
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Total Sa Energy 8.982 Exxon Mobil Corp Energy 8.94
3 Bp Plc Energy 7.73
4 Royal Dutch Petroleum Energy 6.955 Eni Spa Energy 4.57
6 Shell Transprt&tradng Co Plc Energy 4.48
7 Chevrontexaco Corp Energy 4.34
8 Repsol Ypf Sa Energy 4.289 Halliburton Co Energy 3.55
10 Encana Corp Energy 2.41
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
140
130
120
110
100
90
80
ING (L) Invest Energy Index
Sector*
* Standard & Poor's Fund Services
40
ING (L) InvestFood & Beverages
Equity Fund
LU0119207214CapitalisationP Shares
ISIN Code:INGLFBP LX EquityBloomberg Code:LU0119207214.LUFReuters Code:94712Sicovam Code:1163620Telekurs Code:
LU0121192677CapitalisationX Shares
INGLFBC LX EquityLU0121192677.LUF948471165358
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in theconsumer staples sector. This may include companies involved in thefollowing industries: manufacturers and distributors of food, beveragesand tobacco; producers of non-durable household goods and personalproducts; food & drug retailers. The sub-funds benchmark is theMSCI Consumer Staples.
Geographical Allocation
US54.58%
GB14.88%
CH 7.36%
JP 6.38%
NL 4.13%
FR 3.80%
CA 2.71%
AU 2.00%
OTR 4.15%
Key Figures & Statistics
S&P IM Fd SC Food & Beverage (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
19/08/96
USD 800.40
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.23
1.02
0.98
-0.071.76
-0.02
1.00
0.99
-0.050.79
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
9.89
10.24
0.76
9.93
10.23
0.76
7.08
12.38
0.40
7.24
12.05
0.42
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 78.44
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* -20.80 15.02 -6.34 -4.94 20.78 12.50Index -25.23 20.03 -8.56 -2.63 15.20 9.93
Fund -21.35 21.05 -9.59 -3.75 16.09 9.89
Sector* 11.37 6.24 12.50 29.17 39.1535.87Index 11.26 4.20 9.93 23.32 35.3526.65Fund 11.40 4.24 9.89 22.78 34.3827.56
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Altria Group Inc Consumer Staples 8.632 Wal-mart Stores Inc Consumer Staples 7.80
3 Procter & Gamble Co Consumer Staples 7.76
4 Nestle Sa-registered Consumer Staples 7.285 Coca-cola Co/the Consumer Staples 4.33
6 Pepsico Inc Consumer Staples 3.48
7 Gillette Company Consumer Staples 3.28
8 Cvs Corp Consumer Staples 3.059 Tesco Plc Consumer Staples 2.78
10 Diageo Plc Consumer Staples 2.51
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
135130125120115110105100959085
ING (L) Invest Food & Beverages Index
Sector*
* Standard & Poor's Fund Services
41
ING (L) InvestHealth Care
Equity Fund
LU0119209004CapitalisationP Shares
ISIN Code:INGLHCP LX EquityBloomberg Code:LU0119209004.LUFReuters Code:94708Sicovam Code:1163604Telekurs Code:
LU0121188642CapitalisationX Shares
INGLHCC LX EquityLU0121188642.LUF948351165316
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in the healthcare sector. This may include companies involved in the followingindustries : health care equipment and services (includingmanufacturers of health care equipment and supplies, distributors ofhealth care products, providers of basic health-care services or ownersand operators of health care facilities and organisations); research,development, production or marketing of pharmaceuticals orbiotechnology products. The sub-fund is actively managed relative tothe MSCI Healthcare. The sub-fund is fully invested and it does nothedge the currency risk.
Geographical Allocation
US65.39%
GB11.06%
CH10.36%
JP 5.45%
FR 4.28%
OTR 3.47%
Key Figures & Statistics
S&P IM Fd SC Healthcare Global (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
17/06/96
USD 854.48
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.56
1.00
0.99
-0.471.21
0.36
0.99
0.99
0.350.95
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
5.04
8.76
0.33
4.70
8.77
0.29
-0.51
11.19
-0.23
0.07
11.08
-0.19
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 169.74
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 5.35 32.27 -13.89 -25.48 24.33 6.69Index - 21.07 -14.43 -18.88 17.98 4.70
Fund -9.53 20.29 -15.43 -19.67 16.73 5.04
Sector* 7.17 4.08 6.69 -1.15 12.5832.65Index 6.06 2.88 4.70 0.20 3.8123.53Fund 6.66 3.83 5.04 -1.51 0.2022.61
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Johnson & Johnson Healthcare 9.002 Glaxosmithkline Plc Healthcare 6.59
3 Pfizer Inc Healthcare 6.53
4 Novartis Ag-reg Shs Healthcare 5.735 Amgen Inc Healthcare 3.97
6 Roche Holding Ag-genusschein Healthcare 3.87
7 Sanofi-aventis Healthcare 3.72
8 Wellpoint Inc Healthcare 3.529 Merck & Co. Inc. Healthcare 3.41
10 Abbott Laboratories Healthcare 3.30
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
1301251201151101051009590858075
ING (L) Invest Health Care Index
Sector*
* Standard & Poor's Fund Services
42
ING (L) InvestIndustrials
Equity Fund
LU0152717012CapitalisationP Shares
ISIN Code:INGINDP LX EquityBloomberg Code:lu0152717012.LUFReuters Code:
Sicovam Code:1467551Telekurs Code:
LU0152718507CapitalisationX Shares
INGINDX LX EquityLU0152718507.LUF
1467554
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in theindustrials sector. This may include companies involved in thefollowing industries: manufacture and distribution of capital goods(including aerospace & defence, building products, construction &engineering, electrical equipment, industrial conglomerates,machinery, trading companies & distributors); provision ofcommercial services and supplies (including printing, data processing,employment, environmental and office services); provision oftransportation services (including airlines, couriers, marine, road & railand transportation infrastructure). The sub-fund's benchmark is theMSCI Industrials Index.
Geographical Allocation
US54.48%
JP15.06%
GB 7.15%
DE 4.42%
FR 3.53%
SE 2.93%
OTR12.43%
Key Figures & Statistics
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
17/09/02
EUR 272.94
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-
-
-
--
-1.03
1.02
0.99
-1.440.59
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
8.12
6.87
0.87
9.05
6.71
1.03
-
-
-
-
-
-
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 67.97
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -Index - - -12.29 -35.11 13.07 9.05
Fund - - - - 12.95 8.12
Sector* - - - - --Index 1.89 -0.65 9.05 -19.99 -23.31Fund 1.80 -0.84 8.12 - -22.12
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 General Electric Co Industrials 9.242 3m Co Industrials 4.63
3 Boeing Co Industrials 4.45
4 Tyco International Ltd Industrials 3.445 Siemens Ag-reg Industrials 3.30
6 United Technologies Corp Industrials 2.92
7 Deere & Co Industrials 2.46
8 United Parcel Service-cl B Industrials 2.369 Eaton Corp Industrials 2.31
10 Emerson Electric Co Industrials 1.44
Company Name Main Business %
09/02 12/02 03/03 06/03 09/03 12/03 03/04 06/04 09/04 12/04
120
115
110
105
100
95
90
ING (L) Invest Industrials Index
* Standard & Poor's Fund Services
43
ING (L) InvestIT
Equity Fund
LU0087794813CapitalisationP Shares
ISIN Code:INGIITA LX EquityBloomberg Code:LU0087794813.LUFReuters Code:94999Sicovam Code:920849Telekurs Code:
LU0113305923CapitalisationX Shares
INGIITX LX EquityLU0113305923.LUF2291102547
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in theInformation Technology sector and expected to benefit from thedevelopment, advancement and use of technology. This may includecompanies involved in the following industries : technology software& services, including companies that primarily develop software invarious fields such as the Internet, applications, systems and/ordatabases management and companies that provide informationtechnology consulting and services; technology hardware &equipment, including manufacturers and distributors ofcommunications equipment, computers & peripherals, electronicequipment and related instruments, and semiconductor equipment andproducts. The sub-fund's benchmark is the MSCI IT.
Geographical Allocation
US85.18%
DE 3.85%
BM 2.99%
FI 2.66%
FR 2.27%
OTR 3.05%
Key Figures & Statistics
S&P IM Fd SC TMT Global (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
08/06/98
USD 43.42
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-6.23
1.19
0.97
-0.948.03
-4.49
1.17
0.98
-1.084.03
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
-2.47
19.63
-0.23
2.06
16.56
0.00
-10.55
34.07
-0.37
-2.93
28.18
-0.18
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 40.17
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 121.28 -34.83 -37.70 -39.67 45.97 4.10Index 100.05 -41.65 -29.50 -39.30 47.66 2.06
Fund 133.40 -27.91 -41.66 -53.45 57.65 -2.47
Sector* 14.75 5.18 4.10 -8.33 -62.7851.95Index 13.26 1.45 2.06 -8.53 -62.3850.69Fund 15.36 0.35 -2.47 -28.42 -69.8953.75
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Microsoft Corp Information Technology 5.722 Oracle Corp Information Technology 5.27
3 Veritas Software Corp Information Technology 5.24
4 Dell Inc Information Technology 4.895 Electronic Arts Inc Information Technology 4.41
6 Intl Business Machines Corp Information Technology 4.04
7 Sap Ag Information Technology 3.78
8 Cisco Systems Inc Information Technology 3.719 Texas Instruments Inc Information Technology 3.06
10 Sanmina-sci Corp Information Technology 3.01
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
140
120
100
80
60
40
ING (L) Invest IT Index
Sector*
* Standard & Poor's Fund Services
44
ING (L) InvestMaterials
Equity Fund
LU0119199791CapitalisationP Shares
ISIN Code:INGLCHP LX EquityBloomberg Code:LU0119199791.LUFReuters Code:94721Sicovam Code:1163825Telekurs Code:
LU0121174006CapitalisationX Shares
INGLCHC LX EquityLU0121174006.LUF948741165501
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in thematerials sector. This may include companies involved in thefollowing industries : chemicals, construction materials, containers &packaging, metals & mining (including steel and gold), paper & forestproducts. The portfolio is actively managed relative to the MSCIMaterials Index. The sub-fund does not hedge the currency risk.
Geographical Allocation
US24.04%
JP14.09%
GB12.82%
AU10.07%
CA 9.78%
CH 7.13%
FR 5.77%
DE 3.58%
LU 2.49%
FI 2.26%
OTR 7.97%
Key Figures & Statistics
3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
01/12/97
USD 656.30
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
0.62
1.01
0.99
0.461.44
1.36
0.97
0.99
0.851.04
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
16.73
13.04
1.12
15.70
13.44
1.01
15.73
18.45
0.74
14.98
18.30
0.70
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 75.38
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -Index 15.17 -7.19 -14.39 -5.60 39.18 15.70
Fund 9.50 -7.68 -14.99 -4.75 39.43 16.73
Sector* - - - - --Index 11.63 17.62 15.70 52.01 20.7961.04Fund 11.74 18.41 16.73 55.02 21.6562.75
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Syngenta Ag Materials 4.582 Bhp Billiton Ltd Materials 4.04
3 Rio Tinto Plc Materials 4.01
4 Air Liquide Materials 3.735 Du Pont (e.i.) De Nemours Materials 3.38
6 Bhp Billiton Plc Materials 2.69
7 Alcoa Inc Materials 2.53
8 Arcelor Materials 2.409 Air Products & Chemicals Inc Materials 2.34
10 Praxair Inc Materials 2.34
Company Name Main Business %
12/97 08/98 04/99 12/99 08/00 04/01 12/01 08/02 04/03 12/03 08/04
140
130
120
110
100
90
80
ING (L) Invest Materials Index
* Standard & Poor's Fund Services
45
ING (L) InvestTelecom
Equity Fund
LU0119217528CapitalisationP Shares
ISIN Code:INGLTMP LX EquityBloomberg Code:LU0119217528.LUFReuters Code:94711Sicovam Code:1163233Telekurs Code:
LU0121205750CapitalisationX Shares
INGLTMC LX EquityLU0121205750.LUF948441165133
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in thetelecom sector. This may include companies that providecommunications services primarily through a fixed-line, cellular,wireless, high bandwidth and/or fibre optic cable network. The sub-fund's benchmark is AN MSCI 10/40 Telecom Services. The sub-funddoes not hedge the currency risk.
Geographical Allocation
US35.11%
FR11.24%
GB 9.97%
IT 8.86%
ES 7.36%
SE 5.09%
HK 3.07%
NL 2.77%
CA 2.16%
OTR14.37%
Key Figures & Statistics
S&P IM Fd SC TMT Global (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
15/11/95
USD 515.40
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.75
1.00
0.99
-0.342.25
-1.23
0.98
0.97
-0.831.86
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
15.40
10.60
1.25
17.23
10.66
1.42
-1.98
26.92
-0.15
-1.19
26.73
-0.12
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 107.85
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 121.28 -34.83 -37.70 -39.67 45.97 4.10Index 51.89 -39.58 -28.96 -35.29 27.16 17.23
Fund 53.14 -40.94 -31.47 -36.64 28.81 15.40
Sector* 14.75 5.18 4.10 -8.33 -62.7851.95Index 16.90 18.01 17.23 -3.53 -58.6049.07Fund 15.91 17.46 15.40 -5.81 -61.8848.65
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 France Telecom Sa Telecoms 9.632 Vodafone Group Plc Telecoms 8.93
3 Sbc Communications Inc Telecoms 8.92
4 Verizon Communications Inc Telecoms 8.925 Telefonica S.a. Telecoms 4.68
6 Tele2 Ab -b Shs Telecoms 4.42
7 Nextel Communications Inc-a Telecoms 4.38
8 Bellsouth Corp Telecoms 4.359 Tim Spa Telecoms 4.04
10 China Mobile Hk Ltd-sp Adr Telecoms 3.72
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
13012011010090807060504030
ING (L) Invest Telecom Index
Sector*
* Standard & Poor's Fund Services
46
ING (L) InvestUtilities
Equity Fund
LU0119219227CapitalisationP Shares
ISIN Code:INGLUTP LX EquityBloomberg Code:LU0119219227.LUFReuters Code:94724Sicovam Code:1164360Telekurs Code:
LU0121207376CapitalisationX Shares
INGLUTC LX EquityLU0121207376.LUF948831165692
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in the utilitiessector. This may include companies involved in the followingindustries : electric, gas or water utilities; multi-utilities & unregulatedpower (i.e. companies that operate as independent producers and/ordistributors of power). The portfolio is actively managed relative to theMSCI Utilities Index. The sub-fund does not hedge the currency risk.
Geographical Allocation
US41.18%
GB12.42%
JP12.34%
DE 9.62% ES
6.51%
IT 5.73%
FR 3.97%
HK 3.23%
OTR 5.00%
Key Figures & Statistics
S&P IM Fd SC Utilities Global (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
07/02/99
USD 502.51
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
0.00
1.06
1.00
0.261.36
1.54
0.98
0.99
1.880.61
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
25.68
7.76
3.04
24.27
7.88
2.81
8.19
15.56
0.39
7.81
14.70
0.39
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 68.99
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - -22.80 -18.00 28.43 25.56Index -15.83 19.58 -24.23 -18.63 23.93 24.27
Fund - 14.72 -24.31 -20.55 26.81 25.68
Sector* 15.54 19.21 25.56 32.23 -61.26Index 13.85 18.97 24.27 25.31 13.5554.01Fund 14.32 19.37 25.68 26.63 9.9659.38
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 E.on Ag Utilities 6.652 Enel Spa Utilities 4.24
3 National Grid Transco Plc Utilities 3.28
4 Tokyo Electric Power Co Inc Utilities 3.265 Exelon Corp Utilities 3.22
6 Southern Co Utilities 3.07
7 Endesa S.a. Utilities 2.66
8 Suez Sa Utilities 2.659 Duke Energy Corp Utilities 2.60
10 Dominion Resources Inc/va Utilities 2.55
Company Name Main Business %
12/01 04/02 08/02 12/02 04/03 08/03 12/03 04/04 08/04 12/04
13012512011511010510095908580
ING (L) Invest Utilities Index
Sector*
* Standard & Poor's Fund Services
47
ING (L) InvestEuropean Banking & Insurance
Equity Fund
LU0119203494CapitalisationP Shares
ISIN Code:INGLEBP LX EquityBloomberg Code:LU0119203494.LUFReuters Code:94725Sicovam Code:1164020Telekurs Code:
LU0121179575CapitalisationX Shares
INGLEBC LX EquityLU0121179575.LUF948861165612
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any European country and active in the financialsector. This may include companies involved in the followingindustries: banking, consumer finance, investment banking andbrokerage, asset management and insurance. The sub-fund'sbenchmark is the MSCI Europe Financials index.
Geographical Allocation
GB32.62%
CH11.13%
FR10.71%
IT10.14%
ES 8.47% DE
8.01%
NL 7.48%
BE 3.43%
SE 2.62%
IE 2.44%
OTR 2.93%
Key Figures & Statistics
S&P IM Fd SC Finance Europe (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
08/06/98
EUR 200.95
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
0.67
0.98
1.00
0.731.15
0.95
0.92
0.99
0.191.13
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
10.43
7.75
1.07
10.20
8.34
0.97
-5.41
25.68
-0.29
-6.19
26.10
-0.32
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 127.87
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 15.56 13.02 -16.64 -34.48 18.55 11.45Index 17.14 13.32 -18.46 -35.80 16.69 10.20
Fund 18.83 14.50 -18.12 -34.45 16.91 10.43
Sector* 8.37 8.02 11.45 -13.44 -18.4532.12Index 9.14 8.65 10.20 -17.45 -23.7228.60Fund 8.20 7.82 10.43 -15.37 -20.6629.10
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Hsbc Holdings Plc Financials 7.562 Royal Bank Of Scotland Group Financials 6.12
3 Ubs Ag-registered Financials 6.03
4 Banco Santander Central Hisp Financials 4.115 Hbos Plc Financials 3.60
6 Bnp Paribas Financials 3.47
7 Banco Bilbao Vizcaya Argenta Financials 3.18
8 Ing Groep Nv-cva Financials 3.179 Lloyds Tsb Group Plc Financials 2.95
10 Barclays Plc Financials 2.70
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
120
110
100
90
80
70
60
ING (L) Invest European Banking & Insurance Index
Sector*
* Standard & Poor's Fund Services
48
ING (L) InvestEuropean Consumer Goods
Equity Fund
LU0119206240CapitalisationP Shares
ISIN Code:INGLSHP LX EquityBloomberg Code:LU0119206240.LUFReuters Code:94729Sicovam Code:1164303Telekurs Code:
LU0121191604CapitalisationX Shares
INGLSHC LX EquityLU0121191604.LUF948981165669
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any European country and active in the consumerdiscretionary sector. This may include companies involved in thefollowing industries: automobiles & components; consumer durables& apparel (household durables, leisure equipment & products, textiles& apparel); hotels, restaurants and leisure; media; retailing(distributors, internet & catalogue retail, multiline retail, specialtyretail). The sub-fund's benchmark is the MSCI Europe ConsumerDiscretionary. The sub-fund does not hedge the currency risk.
Geographical Allocation
GB39.12%
FR21.27%
DE13.69% NL
9.16%
SE 4.37%
CH 4.35%
IT 3.37%
ES 2.14%
OTR 2.53%
Key Figures & Statistics
S&P IM Fd SC Cnsmr Gds Europe (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
19/10/98
EUR 210.83
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.84
1.00
1.00
-0.761.10
-0.05
0.99
1.00
-0.210.62
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
7.46
8.81
0.61
7.60
8.89
0.62
-5.41
17.97
-0.42
-4.61
17.96
-0.37
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 32.77
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - -25.50 11.02 7.11Index 15.90 -13.36 -3.97 -30.86 16.67 7.60
Fund 12.81 -13.97 -3.98 -30.97 14.09 7.46
Sector* 4.47 -1.58 7.11 -11.41 -18.91Index 5.24 -1.63 7.60 -13.20 -27.7825.54Fund 4.84 -2.14 7.46 -15.37 -30.0922.60
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Daimlerchrysler Ag-reg Consumer Discretionary 6.482 Philips Electronics Nv Consumer Discretionary 5.48
3 Vivendi Universal Sa Consumer Discretionary 5.12
4 Lvmh Moet Hennessy Louis Vui Consumer Discretionary 2.945 Gus Plc Consumer Discretionary 2.85
6 Cie Financ Richemont-a Consumer Discretionary 2.72
7 Hennes & Mauritz Ab-b Shs Consumer Discretionary 2.57
8 Renault Consumer Discretionary 2.429 British Sky Broadcasting Plc Consumer Discretionary 2.19
10 Kingfisher Plc Consumer Discretionary 2.17
Company Name Main Business %
12/01 04/02 08/02 12/02 04/03 08/03 12/03 04/04 08/04 12/04
10095
9085
80
7570
6560
ING (L) Invest European Consumer Goods Index
Sector*
* Standard & Poor's Fund Services
49
ING (L) InvestEuropean Food & Beverages
Equity Fund
LU0119204468CapitalisationP Shares
ISIN Code:INGLEFP LX EquityBloomberg Code:LU0119204468.LUFReuters Code:94728Sicovam Code:1163963Telekurs Code:
LU0121181712CapitalisationX Shares
INGLEFC LX EquityLU0121181712.LUF948951165604
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any European country and active in the consumerstaples sector. This may include companies involved in the followingindustries : manufacturers and distributors of food, beverages andtobacco; producers of non-durable household goods and personalproducts; food & drug retailers. The sub-fund is actively managedagainst the MSCI Europe Consumer Staples Index. The sub-fund doesnot hedge the currency risk.
Geographical Allocation
GB54.32%
FR13.76%
NL12.42%
CH 4.82%
BE 3.08%
ES 2.67%
DE 2.32%
OTR 6.61%
Key Figures & Statistics
S&P IM Fd SC Food & Beverage (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
06/04/98
EUR 214.44
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
0.59
1.01
0.99
0.521.05
0.22
0.99
0.99
0.131.27
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
5.59
11.19
0.31
5.42
11.23
0.29
-2.05
12.75
-0.33
-2.58
12.57
-0.37
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 63.91
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* -7.22 22.80 -1.24 -19.34 0.48 4.40Index -13.50 29.04 -1.28 -11.46 -0.94 5.42
Fund -16.02 27.25 -1.19 -10.97 -0.02 5.59
Sector* 1.76 -4.90 4.40 -15.39 2.614.89Index 6.65 -4.02 5.42 -7.54 17.794.43Fund 6.26 -4.31 5.59 -6.01 18.175.57
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Diageo Plc Consumer Staples 8.662 Tesco Plc Consumer Staples 8.49
3 Unilever Plc Consumer Staples 6.35
4 Unilever Nv-cva Consumer Staples 5.165 British American Tobacco Plc Consumer Staples 4.82
6 Reckitt Benckiser Plc Consumer Staples 4.60
7 Nestle Sa-registered Consumer Staples 3.98
8 Groupe Danone Consumer Staples 3.949 Imperial Tobacco Group Plc Consumer Staples 3.52
10 Carrefour Sa Consumer Staples 2.98
Company Name Main Business %
04/98 11/98 06/99 01/00 08/00 03/01 10/01 05/02 12/02 07/03 02/04 09/04
1201151101051009590858075
ING (L) Invest European Food & Beverages Index
Sector*
* Standard & Poor's Fund Services
50
ING (L) InvestEuropean Health Care
Equity Fund
LU0121219975CapitalisationP Shares
ISIN Code:INGLEHP LX EquityBloomberg Code:LU0121219975.LUFReuters Code:94726Sicovam Code:1163918Telekurs Code:
LU0121220551CapitalisationX Shares
INGLEHC LX EquityLU0121220551.LUF948891165595
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any European country and active in the health caresector. This may include companies involved in the followingindustries : health care equipment and services (includingmanufacturers of health care equipment and supplies, distributors ofhealth care products, providers of basic health-care services or ownersand operators of health care facilities and organisations); research,development, production or marketing of pharmaceuticals orbiotechnology products. The sub-fund is actively managed relative tothe MSCI 10/40 Europe Healthcare. The sub-fund does not hedge thecurrency risk.
Geographical Allocation
CH25.55%
GB21.20%
DE15.31%
FR 9.88% BE
7.63%
DK 7.36%
SE 4.73%
IE 4.51%
OTR 3.83%
Key Figures & Statistics
S&P IM Fd SC Healthcare Europe (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
06/04/98
EUR 253.88
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.76
1.02
0.99
-0.691.19
-0.11
0.97
0.98
-0.521.02
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
16.14
8.19
1.71
16.77
8.37
1.75
-3.50
14.24
-0.39
-2.70
13.95
-0.35
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 149.28
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - 23.88 -11.46 -30.46 11.13 16.50Index 9.68 25.42 -9.29 -30.13 12.90 16.77
Fund 9.27 22.18 -11.46 -31.04 12.18 16.14
Sector* -0.49 -0.49 16.50 -9.96 -1.2529.48Index -0.30 0.43 16.77 -7.88 4.8031.83Fund -0.60 -0.57 16.14 -10.15 -2.8030.30
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Glaxosmithkline Plc Healthcare 9.942 Roche Holding Ag-genusschein Healthcare 9.93
3 Novartis Ag-reg Shs Healthcare 8.97
4 Sanofi-aventis Healthcare 6.975 Ucb Sa Healthcare 4.85
6 Smith & Nephew Plc Healthcare 4.79
7 Schering Ag Healthcare 4.50
8 Elan Corp Plc -spons Adr Healthcare 4.049 Altana Ag Healthcare 3.99
10 Astrazeneca Plc Healthcare 3.97
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
130
120
110
100
90
80
70
ING (L) Invest European Health Care Index
Sector*
* Standard & Poor's Fund Services
51
ING (L) InvestEuropean IT
Equity Fund
LU0119200714CapitalisationP Shares
ISIN Code:INGLEDP LX EquityBloomberg Code:LU0119200714.LUFReuters Code:94730Sicovam Code:1164272Telekurs Code:
LU0121175318CapitalisationX Shares
INGLEDC LX EquityLU0121175318.LUF949011165655
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any European country and active in theInformation Technology sector and expected to benefit from thedevelopment, advancement and use of technology. This may includecompanies involved in the following industries : technology software& services, including companies that primarily develop software invarious fields such as the Internet, applications, systems and/ordatabases management and companies that provide informationtechnology consulting and services; technology hardware &equipment, including manufacturers and distributors ofcommunications equipment, computers & peripherals, electronicequipment and related instruments, and semiconductor equipment andproducts. The sub-fund is actively managed relative to an in-housebuilt index. The sub-fund does not hedge the currency risk.
Geographical Allocation
FR28.30%
GB17.79%
DE12.00%
FI 9.94%
SE 9.56%
CH 6.63%
NL 5.55%
ES 5.39%
OTR 4.83%
Key Figures & Statistics
S&P IM Fd Sm Cos Europe (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
21/09/98
EUR 36.29
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
0.53
0.97
0.86
0.1212.95
-1.85
1.00
1.00
-1.990.92
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
-5.42
20.24
-0.37
-3.65
20.29
-0.28
-19.93
32.70
-0.67
-20.58
31.31
-0.73
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 10.11
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 82.86 0.75 -29.34 -33.68 29.82 19.16Index 87.10 -56.70 -67.13 -61.98 36.74 -3.65
Fund 81.30 -59.69 -65.50 -61.09 39.48 -5.42
Sector* 8.81 6.01 19.16 2.59 -26.9754.69Index 6.83 -7.98 -3.65 -49.91 -92.8731.74Fund 6.11 -8.57 -5.42 -48.67 -92.8631.92
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Ericsson Lm-b Shs Information Technology 8.802 Stmicroelectronics Information Technology 7.41
3 Alcatel Sa Information Technology 7.31
4 Nokia Oyj Information Technology 7.115 Sap Ag Information Technology 6.70
6 Sage Group Plc (the) Information Technology 4.78
7 Infineon Technologies Ag Information Technology 4.44
8 Cap Gemini Sa Information Technology 3.849 Amadeus Global Travel Dist-a Information Technology 3.20
10 Asml Holding Nv Information Technology 3.11
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
160
140
120
100
80
60
40
20
ING (L) Invest European IT Index
Sector*
* Standard & Poor's Fund Services
52
ING (L) InvestEuropean Materials
Equity Fund
LU0127787918CapitalisationP Shares
ISIN Code:INGECYC LX EquityBloomberg Code:LU0127787918.LUFReuters Code:-Sicovam Code:1164459Telekurs Code:
LU0127788213CapitalisationX Shares
INGECYX LX EquityLU0127788213.LUF-1166497
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any European country and active in the materialssector. This may include companies involved in the followingindustries : chemicals, construction materials, containers & packaging,metals & mining (including steel), paper & forest products. Thebenchmark is the MSCI Europe Materials index.
Geographical Allocation
GB34.17%
FR13.03%
CH12.42%
DE11.70%
FI 6.22%
NL 4.27%
SE 3.83%
IE 3.68%
LU 2.87%
BE 2.38%
OTR 5.43%
Key Figures & Statistics
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
25/09/00
EUR 245.84
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
1.90
1.00
1.00
1.501.28
2.79
0.95
0.98
1.971.08
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
15.05
7.93
1.63
12.66
8.31
1.27
-0.96
22.38
-0.14
-2.80
22.36
-0.22
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 22.95
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -Index - - -7.67 -29.90 16.27 12.66
Fund - - -6.04 -29.33 19.49 15.05
Sector* - - - - --Index 5.68 8.94 12.66 -8.17 -30.99Fund 5.24 9.61 15.05 -2.84 -37.48
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Rio Tinto Plc Materials 9.682 Air Liquide Materials 7.92
3 Bhp Billiton Plc Materials 7.40
4 Anglo American Plc Materials 6.985 Syngenta Ag Materials 5.53
6 Basf Ag Materials 4.50
7 Lafarge Sa Materials 4.26
8 Crh Plc Materials 3.659 Bayer Ag Materials 3.11
10 Upm-kymmene Oyj Materials 3.02
Company Name Main Business %
09/00 02/01 07/01 12/01 05/02 10/02 03/03 08/03 01/04 06/04 11/04
11511010510095908580757065
ING (L) Invest European Materials Index
* Standard & Poor's Fund Services
53
ING (L) InvestEuropean Real Estate
Equity Fund
LU0119205192CapitalisationP Shares
ISIN Code:INGLEIP LX EquityBloomberg Code:LU0119205192.LUFReuters Code:94732Sicovam Code:1163281Telekurs Code:
LU0121177280CapitalisationX Shares
INGLEIC LX EquityLU0121177280.LUF949071165187
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any European country and active in the real estatesegment. The sub-fund benchmark is the GPR 250 Europe 20% UK.The sub-fund does not hedge the currency risk.
Geographical Allocation
FR25.09%
GB21.44%
NL19.93%
SE 7.88%
ES 7.34%
CH 4.42%
IT 3.72%
AT 3.55%
DE 2.33%
BE 2.03%
OTR 2.27%
Key Figures & Statistics
S&P IM Fd SC PropShr Europe (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
22/05/91
EUR 546.12
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
2.21
0.95
0.97
0.712.23
3.72
0.91
0.98
0.681.52
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
34.35
8.38
3.84
32.99
9.12
3.38
15.78
12.71
1.07
14.01
13.18
0.90
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 42.13
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 14.01 10.70 -2.98 3.45 17.90 35.41Index 19.91 3.82 -4.26 -3.72 15.73 32.99
Fund 17.15 4.87 -4.03 -2.73 18.76 34.35
Sector* 12.39 17.97 35.41 65.14 77.3759.64Index 11.49 18.32 32.99 48.18 47.2853.90Fund 10.64 16.91 34.35 55.19 56.1959.55
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Unibail Financials 8.712 Klepierre Financials 6.65
3 Wereldhave Nv Financials 4.87
4 Rodamco Europe Nv Financials 4.845 Gecina Sa Financials 4.71
6 Corio Nv Financials 4.52
7 Land Securities Group Plc Financials 4.25
8 Metrovacesa S.a. Financials 3.749 Castellum Ab Financials 3.40
10 British Land Co Plc Financials 3.20
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
170
160
150
140
130
120
110
100
90
ING (L) Invest European Real Estate Index
Sector*
* Standard & Poor's Fund Services
54
ING (L) InvestEuropean Telecom
Equity Fund
LU0119206919CapitalisationP Shares
ISIN Code:INGLETP LX EquityBloomberg Code:LU0119206919.LUFReuters Code:94727Sicovam Code:1163838Telekurs Code:
LU0121192081CapitalisationX Shares
INGLETC LX EquityLU0121192081.LUF948921165543
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any European country and active in the telecomsector. This may include companies that provide communicationsservices primarily through a fixed-line, cellular, wireless, highbandwidth and/or fibre optic cable network. The sub-fund's benchmarkis a compostion of the MSCI 10/40 Telecom Services. The sub-funddoes not hedge the currency risk.
Geographical Allocation
GB14.80%
IT14.66%
FR14.45%
ES 9.34%
SE 8.77%
BE 5.69%
DE 5.12%
NL 4.81%
PT 4.60%
DK 4.54%
NO 4.21%
OTR 9.01%
Key Figures & Statistics
S&P IM Fd SC TMT Europe (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
21/06/99
EUR 132.16
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.59
1.04
1.00
-0.432.35
-0.15
0.94
0.98
-0.571.71
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
13.83
10.26
1.14
14.97
10.82
1.19
-7.45
29.39
-0.33
-6.47
28.25
-0.30
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 109.62
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - -32.43 -43.51 -50.71 33.55 2.39Index - -30.97 -38.01 -42.01 22.71 14.97
Fund - -32.37 -38.51 -44.07 24.53 13.83
Sector* 8.19 -0.43 2.39 -32.60 -74.2736.74Index 13.01 12.81 14.97 -18.19 -64.9941.08Fund 11.99 11.07 13.83 -20.72 -67.0341.76
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Vodafone Group Plc Telecoms 9.412 France Telecom Sa Telecoms 9.31
3 Tele2 Ab -b Shs Telecoms 8.16
4 Telecom Italia Spa Telecoms 5.975 Deutsche Telekom Ag-reg Telecoms 4.90
6 Tim Spa Telecoms 4.74
7 Mobistar Sa Telecoms 4.62
8 Koninklijke Kpn Nv Telecoms 4.619 Telefonica S.a. Telecoms 4.57
10 Bouygues Telecoms 4.52
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
140
120
100
80
60
40
20
ING (L) Invest European Telecom Index
Sector*
* Standard & Poor's Fund Services
55
ING (L) InvestEuropean New Offerings
Equity Fund
LU0119205515CapitalisationP Shares
ISIN Code:INGLENP LX EquityBloomberg Code:LU0119205515.LUFReuters Code:94715Sicovam Code:1163661Telekurs Code:
LU0121190036CapitalisationX Shares
INGLENC LX EquityLU0121190036.LUF948561165399
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any European country, that (have) raise(d) capitalthrough an Initial Public Offering or already quoted companies that(have) increase(d) their capital. The shares may be acquired up to 18months after listing and must be resold within 6 years.
Geographical Allocation
GB32.57%
FR17.52%
DE 8.47%
BE 7.03%
IT 6.89%
ES 6.37%
CH 6.28%
NL 5.75%
NO 4.58%
OTR 4.56%
Sector Allocation
FIN26.03%
CST11.92%
HC10.71%
TEL 9.84%
ENR 9.63% CDI
8.89%UTI
7.38%
IND 6.20%
MAT 6.13%
IT 3.26%
Key Figures & Statistics
S&P IM Fd EQ Europe (NX) XDM3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
09/05/99
EUR 222.97
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
12.67
6.76
1.56
-6.28
19.16
-0.44
Fund Fund
Total Net Assets of the Fund (Mln): EUR 31.20
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 40.24 -1.68 -18.07 -31.11 13.08 9.77
Fund - 15.39 -27.62 -33.58 9.98 12.67
Sector* 5.24 3.87 9.77 -14.49 -31.1224.13Fund 7.63 6.82 12.67 -17.69 -31.2623.91
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Vodafone Group Plc Telecoms 5.092 E.on Ag Utilities 4.89
3 Statoil Asa Energy 4.09
4 Unilever Plc Consumer Staples 3.525 Glaxosmithkline Plc Healthcare 3.37
6 Royal Bank Of Scotland Group Financials 3.15
7 Vinci S.a. Industrials 3.01
8 France Telecom Sa Telecoms 2.659 Novartis Ag-reg Shs Healthcare 2.38
10 Eni Spa Energy 2.33
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
140
130
120
110
100
90
80
70
60
ING (L) Invest European New Offerings
Sector*
* Standard & Poor's Fund Services
56
ING (L) InvestNew Technology Leaders
Equity Fund
LU0119214004CapitalisationP Shares
ISIN Code:INGLNTP LX EquityBloomberg Code:LU0119214004.LUFReuters Code:2450Sicovam Code:1164427Telekurs Code:
LU0121201924CapitalisationX Shares
INGLNTP LX EquityLU0121201924.LUF24801166444
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies active in theInformation Technology sector and expected to benefit from thedevelopment, advancement and use of (future) technologies.
Geographical Allocation
US72.24%
IL 5.97%
NL 5.58%
FI 4.45%
BM 4.08%
CA 4.01%
OTR 3.67%
Key Figures & Statistics
S&P IM Fd SC TMT Global (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
07/04/00
EUR 28.77
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
2.31
24.29
0.01
-18.62
42.55
-0.49
Fund Fund
Total Net Assets of the Fund (Mln): EUR 58.63
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 159.21 -30.42 -34.31 -48.81 21.44 -3.40
Fund - - -62.90 -63.45 44.13 2.31
Sector* 4.85 -5.85 -3.40 -39.95 -72.5517.31Fund 13.05 -2.61 2.31 -46.10 -47.46
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Cisco Systems Inc Information Technology 6.302 Qualcomm Inc Information Technology 6.12
3 Veritas Software Corp Information Technology 4.80
4 Emc Corp/mass Information Technology 4.485 Nokia Oyj Information Technology 4.36
6 Broadcom Corp-cl A Information Technology 4.25
7 Verisign Inc Information Technology 4.25
8 Asml Holding Nv Information Technology 4.239 Check Point Software Tech Information Technology 4.17
10 Network Appliance Inc Information Technology 4.17
Company Name Main Business %
04/00 09/00 02/01 07/01 12/01 05/02 10/02 03/03 08/03 01/04 06/04 11/04
120110100908070605040302010
ING (L) Invest New Technology Leaders
Sector*
* Standard & Poor's Fund Services
57
ING (L) InvestPrestige & Luxe
Equity Fund
LU0119214772CapitalisationP Shares
ISIN Code:INGLPLP LX EquityBloomberg Code:LU0119214772.LUFReuters Code:94720Sicovam Code:1163860Telekurs Code:
LU0121202492CapitalisationX Shares
INGLPLC LX EquityLU0121202492.LUF948711165575
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies with "Prestige andLuxe" associated brands, that have strong market positions on a globallevel. The sub-fund is actively managed relative to an in-house builtindex. The sub-fund does not hedge the currency risk.
Geographical Allocation
US34.85%
DE13.17%
FR13.05%
PA 9.71%
CH 9.54%
GB 9.34%
LR 3.10%
JP 2.78%
OTR 4.45%
Sector Allocation
CDI94.12%
CST 5.88%
Key Figures & Statistics
S&P IM Fd SC Lxry Pdcts Global (NX) XFR3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
26/01/98
EUR 338.13
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-1.43
0.99
1.00
-1.520.95
-0.83
0.98
1.00
-1.760.65
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
12.78
9.18
1.16
14.08
9.39
1.27
1.07
19.86
-0.05
2.55
20.07
0.02
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 44.61
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 56.08 4.35 -12.16 -24.61 18.83 10.21Index 66.39 0.76 -13.20 -21.97 21.14 14.08
Fund 63.26 -4.17 -12.93 -22.72 18.44 12.78
Sector* 3.79 -1.15 10.21 -1.27 -9.5130.97Index 5.98 1.54 14.08 7.84 -5.6938.20Fund 5.36 0.67 12.78 3.23 -13.8733.57
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Carnival Corp Consumer Discretionary 9.652 Bayerische Motoren Werke Ag Consumer Discretionary 8.43
3 Lvmh Moet Hennessy Louis Vui Consumer Discretionary 7.01
4 Harley-davidson Inc Consumer Discretionary 6.765 Marriott International-cl A Consumer Discretionary 4.64
6 Cie Financ Richemont-a Consumer Discretionary 4.52
7 Intercontinental Hotels Grou Consumer Discretionary 4.52
8 Starwood Hotels & Resorts Consumer Discretionary 4.469 Coach Inc Consumer Discretionary 3.86
10 The Swatch Group Ag-b Consumer Discretionary 3.83
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
130
120
110
100
90
80
70
ING (L) Invest Prestige & Luxe Index
Sector*
* Standard & Poor's Fund Services
58
ING (L) InvestSustainable Growth
Equity Fund
LU0119216553CapitalisationP Shares
ISIN Code:INGSGPC LX EquityBloomberg Code:LU0119216553.LUFReuters Code:501Sicovam Code:1164451Telekurs Code:
LU0121204431CapitalisationX Shares
INGLSGC LX EquityLU0121204431.LUF4991166468
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies pursuing asustainable development policy and combining respect for socialprinciples (such as human rights, non-discrimination, the issue of childlabour) and environmental principles with a good financialperformance. On the basis of the "Best in Class" approach, thecompanies selected will be those which most closely match thecriteria. The sub-fund's benchmark is the MSCI World Index.
Geographical Allocation
US43.32%
GB13.08%
JP 8.55%
NL 7.23%
FR 5.28%
IT 5.25%
CH 3.85%
FI 3.02%
CA 2.56%
DE 2.25%
OTR 5.62%
Sector Allocation
FIN25.27%
HC11.41%
IT10.81%
CDI 9.67%
CST 8.67%
TEL 8.25%
ENR 8.17%
IND 7.18%
MAT 5.15%
UTI 5.04%
UND 0.39%
Key Figures & Statistics
S&P IM Fd SC Ethical Global (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
10/07/00
EUR 139.21
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-2.75
0.97
0.96
-0.793.17
1.09
0.66
0.73
-0.152.71
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
4.24
4.00
0.53
4.71
5.15
0.50
-10.93
16.32
-0.80
-8.61
16.47
-0.65
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 30.42
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 29.42 0.11 -13.42 -34.33 8.21 4.23Index 44.42 -8.24 -13.35 -33.02 8.83 4.71
Fund - - -11.88 -32.95 1.10 4.24
Sector* 3.30 -0.52 4.23 -25.93 -35.8012.79Index 1.97 -1.49 4.71 -23.67 -39.3113.95Fund 1.56 -1.25 4.24 -29.34 -5.38
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Bank Of America Corp Financials 3.392 Bp Plc Energy 3.37
3 Johnson & Johnson Healthcare 3.31
4 American Express Co Financials 3.245 Societe Generale Financials 2.66
6 Suncor Energy Inc Energy 2.49
7 Stora Enso Oyj-r Shs Materials 2.44
8 Medtronic Inc Healthcare 2.279 Us Bancorp Financials 2.19
10 Royal Dutch Petroleum Energy 2.10
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
07/00 12/00 05/01 10/01 03/02 08/02 01/03 06/03 11/03 04/04 09/04
10510095908580757065605550
ING (L) Invest Sustainable Growth Index
Sector*
* Standard & Poor's Fund Services
59
ING (L) InvestEuro High Dividend
Equity Fund
LU0127786431CapitalisationP Shares
ISIN Code:INGEHYC LXBloomberg Code:LU0127786431.LUFReuters Code:2909Sicovam Code:1163592Telekurs Code:
LU0127786860CapitalisationX Shares
INGEHYX LXLU0127786860.LUF29121165306
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any member state of the European Monetary Unionand offering an attractive dividend yield. The sub-fund benchmark isthe MSCI EMU Index.
Sector Allocation
FIN31.71%
TEL15.62%
UTI14.59%
ENR11.48%
IND10.43%
MAT 6.29%
CST 5.54%
CDI 3.53%
IT 0.80%
Geographical Allocation
FR21.41%
IT20.06%
ES14.36%
NL 9.92%
BE 8.18% FI
8.03%
DE 7.44%
IE 5.14%
GR 2.65%
PT 2.50%
AT 0.32%
Key Figures & Statistics
S&P IM Fd EQ Euroland (NX) EUR3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
08/04/99
EUR 322.73
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
8.37
0.82
0.96
1.855.43
15.00
0.70
0.85
3.433.42
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
22.98
6.13
3.40
10.13
8.10
0.99
3.40
18.14
0.07
-5.88
21.56
-0.37
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 1,826.04
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - -2.01 -19.88 -33.69 16.62 10.55Index 37.47 -3.59 -19.48 -34.95 16.38 10.13
Fund - 9.37 -8.98 -25.93 21.36 22.98
Sector* 7.31 5.47 10.55 -14.51 -32.8828.92Index 8.37 6.11 10.13 -16.63 -35.2828.17Fund 9.44 11.51 22.98 10.54 10.0349.25
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Royal Dutch Petroleum Energy 3.092 Total Sa Energy 3.08
3 Eni Spa Energy 3.06
4 Vinci S.a. Industrials 2.885 Technip S.a. Energy 1.66
6 Belgacom Sa Telecoms 1.62
7 Telecom Italia-rnc Telecoms 1.53
8 Banco Popolare Di Verona E N Financials 1.529 Koninklijke Kpn Nv Telecoms 1.52
10 Metro Ag Consumer Staples 1.51
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
120
110
100
90
80
70
60
50
ING (L) Invest Euro High Dividend Index
Sector*
* Standard & Poor's Fund Services
60
ING (L) InvestGlobal High Dividend
Equity Fund
LU0146257711CapitalisationP Shares
ISIN Code:INGGHPC LX EquityBloomberg Code:LU0146257711.LUFReuters Code:2312Sicovam Code:1406973Telekurs Code:
LU0146259923CapitalisationX Shares
INGGHXC LX EquityLU0146259923.LUF23141406977
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of sharesand/or transferable securities issued by companies incorporated,quoted or traded in any country in the world and offering an attractivedividend yield. The sub-fund's benchmark is the MSCI World Index.Historical information prior to this fund's launch date refers toPostbank Hoog Dividend Aandelen Fonds, its equivalent Dutch-domiciled version.
Geographical AllocationUS
36.02%
GB13.62%
AU 7.61%
IT 7.25%
NL 3.65% HK
3.48%CA
2.86%ES
2.80%SE
2.64%ZA
2.57%
KR 2.34%
OTR15.15%
Sector AllocationFIN
35.17%
UTI15.11%
CST10.98%
TEL 9.75% CDI
8.52%
ENR 6.71%
MAT 5.78%
HC 3.32%
IND 3.14%
UND 1.53%
Key Figures & Statistics
S&P IM Fd EQ Global (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
08/05/02
EUR 231.32
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
7.65
0.87
0.89
1.695.41
10.32
0.55
0.45
2.073.93
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
13.13
4.23
2.60
4.71
5.15
0.50
-0.41
15.21
-0.17
-8.61
16.47
-0.65
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 277.47
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 49.79 -6.12 -14.17 -31.80 9.76 4.87Index 44.42 -8.24 -13.35 -33.02 8.83 4.71
Fund - - 10.17 -21.27 10.89 13.13
Sector* 2.55 -0.71 4.87 -21.49 -36.7415.10Index 1.97 -1.49 4.71 -23.67 -39.3113.95Fund 4.45 7.21 13.13 -1.24 -25.45
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Altria Group Inc Consumer Staples 1.452 Bank Of America Corp Financials 1.44
3 Telecom Corp Of New Zealand Telecoms 1.42
4 Enel Spa Utilities 1.385 Eni Spa Energy 1.36
6 Royal Dutch Petroleum Energy 1.36
7 Regions Financial Corp Financials 1.15
8 Manitoba Telecom Svcs Inc Telecoms 1.159 Kelda Group Plc Utilities 1.13
10 Merck & Co. Inc. Healthcare 1.12
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
05/00 10/00 03/01 08/01 01/02 06/02 11/02 04/03 09/03 02/04 07/04 12/04
130
120
110
100
90
80
70
60
50
ING (L) Invest Global High Dividend Index
Sector*
* Standard & Poor's Fund Services
61
ING (L) InvestEurope Growth Fund
Equity Fund
LU0199060350CapitalisationP Shares
ISIN Code:INGEGPC LXBloomberg Code:LU0199060350.LUFReuters Code:1992800Telekurs Code:
LU0199060608CapitalisationX Shares
INGEGXC LXLU0199060608.LUF
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund primarily invests in a diversified portfolio of sharesand/or other transferable securities issued by companies established,listed or traded in a European country. Issuers are companies havingtheir headquarters or exercising their core business in Europe. Theportfolio invests most (i.e. at least two thirds of assets) of the portfolioin European shares that are likely to yield higher earnings growth thanthe European average.The Benchmark is MSCI Europe Growth.
Geographical Allocation
Sector Allocation
Key Figures & Statistics
S&P IM Fd EQ Europe (NX) XDM
Launch date:
Latest Month's End NAV:
1 Year 3 Years
02/12/04
EUR 252.37
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-
-
-
--
-
-
-
--
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
-
-
-
6.35
-
-
-
-
-
-
-
-
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 0.51
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 40.24 -1.68 -18.07 -31.11 13.08 9.77Index 33.35 -11.90 -21.16 -32.24 6.66 6.35
Fund - - - - - -
Sector* 5.24 3.87 9.77 -14.49 -31.1224.13Index 4.64 2.07 6.35 -23.14 -46.6113.44Fund - - - - --
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Vodafone Group Plc Telecoms 4.502 Roche Holding Ag-genusschein Healthcare 4.29
3 Total Sa Energy 3.31
4 Sanofi-aventis Healthcare 3.135 Novartis Ag-reg Shs Healthcare 3.06
6 Unilever Nv-cva Consumer Staples 2.93
7 Sap Ag Information Technology 2.89
8 Glaxosmithkline Plc Healthcare 2.729 Vnu N.v. Consumer Discretionary 2.57
10 Norsk Hydro Asa Energy 2.29
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
ING (L) Invest Europe Growth Fund Index
* Standard & Poor's Fund Services
62
ING (L) InvestEurope High Dividend
Equity Fund
LU0205350837CapitalisationP Shares
ISIN Code:INGEHPC LXBloomberg Code:LU0205350837.LUFReuters Code:
Sicovam Code:1993974Telekurs Code:
LU0205352882CapitalisationX Shares
INGEHXC LXLU0205352882.LUF
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The aim of this portfolio with unlimited maturity is to make theinvested capital grow, especially by investing in European sharesyielding an attractive dividend rate. These shares are issued bycompanies established, listed or traded in a European country, exceptcountries from Eastern Europe. At least two thirds of portfolio assetsare invested in European shares with an attractive dividend rate thatare issued by the kind of companies described above.The Benchmark is MSCI Europe.
Sector Allocation
Geographical Allocation
Key Figures & Statistics
S&P IM Fd EQ Europe (NX) XDM
Launch date:
Latest Month's End NAV:
1 Year 3 Years
16/12/04
EUR 250.43
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-
-
-
--
-
-
-
--
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
-
-
-
9.36
-
-
-
-
-
-
-
-
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 13.56
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 40.24 -1.68 -18.07 -31.11 13.08 9.77Index 33.78 -3.55 -16.94 -32.21 12.14 9.36
Fund - - - - - -
Sector* 5.24 3.87 9.77 -14.49 -31.1224.13Index 5.60 4.19 9.36 -16.87 -33.4022.64Fund - - - - --
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Equities
1 Technip S.a. Energy 1.582 Statoil Asa Energy 1.57
3 Royal Dutch Petroleum Energy 1.53
4 Total Sa Energy 1.535 Glaxosmithkline Plc Healthcare 1.51
6 Eni Spa Energy 1.51
7 Shell Transprt&tradng Co Plc Energy 1.49
8 Bp Plc Energy 1.479 Boc Group Plc Materials 1.26
10 Fomento De Construc Y Contra Industrials 1.10
Company Name Main Business %
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:Telecoms / UND: Undefined / UTI: Utilities
ING (L) Invest Europe High Dividend Index
* Standard & Poor's Fund Services
63
ING (L) PatrimonialAggressive
Balanced Fund
LU0119195450CapitalisationP Shares
ISIN Code:INGPAGP LX EquityBloomberg Code:LU0119195450.LUFReuters Code:94741Sicovam Code:1175449Telekurs Code:
LU0121216526CapitalisationX Shares
INGPAGG LX EquityLU0121216526.LUF947691175639
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to invest globally in a diversifiedportfolio of equities and bonds. The sub-fund has overweight in theEuro-zone. The sub-fund is managed against an index composed of75% MSCI World, 12.5% Lehman Global Aggregate and 12.5%Lehman Euro Aggregate. The repartition between asset classes isbased on the strategy decided by the Global Asset AllocationCommittee once a month.
Regional Breakdown for equities
US49.27%
EEX15.78%
EZ15.27%
JP11.50%
EMW 4.96%
ASI 3.22%
EQU76.35
Currency Allocation
EUR66.10%
USD12.88%
JPY 9.05%
CAD 4.98%
GBP 3.77%
OTR 3.22%
BDS23.65
Key Figures & Statistics
S&P IM Fd AA Glbl Dynamic (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
11/07/94
EUR 406.96
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-1.02
1.04
0.99
-0.881.46
-1.04
1.05
0.97
-1.040.76
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
4.14
4.38
0.46
4.97
4.11
0.69
-6.37
12.86
-0.66
-5.15
12.27
-0.59
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 81.25
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 31.50 -4.59 -10.60 -23.87 7.05 3.76Index 31.67 -3.40 -8.92 -23.70 6.54 4.97
Fund 25.14 -3.76 -10.15 -26.66 7.47 4.14
Sector* 1.70 -0.46 3.76 -15.44 -27.8811.07Index 1.66 -0.14 4.97 -14.66 -24.9211.84Fund 1.83 -0.34 4.14 -17.93 -29.0311.91
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 5 Bonds
1 Us Treasury 04/2006 2 1/2% 5.413.03 20062 France Oat 02/2013 4% 2.613.50 2013
3 Germany 95/2005 6 1/2% 2.582.20 2005
4 Bundes Repub Deutschland 03/34 4 1.894.25 20345 Spain 97/2013 6.15% 1.843.46 2013
Name %Yield (%) Maturity
Top 5 Equities
1 General Electric Co Industrials 1.282 Exxon Mobil Corp Energy 1.07
3 Microsoft Corp Information Technology 0.96
4 Hsbc Holdings Plc Financials 0.905 Total Sa Energy 0.83
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
11511010510095908580757065
ING (L) Patrimonial Aggressive Index
Sector*
* Standard & Poor's Fund Services
64
ING (L) PatrimonialBalanced
Balanced Fund
LU0119195963CapitalisationP Shares
ISIN Code:INGPBAP LX EquityBloomberg Code:LU0119195963.LUFReuters Code:94742Sicovam Code:1175440Telekurs Code:
LU0121216955CapitalisationX Shares
INGPBAL LX EquityLU0121216955.LUF947721175628
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to invest globally in a diversifiedportfolio of equities and bonds. The sub-fund has overweight in theEuro-zone. The sub-fund is managed against an index composed of50% MSCI World, 25% Lehman Global Aggregate and 25% LehmanEuro Aggregate. The repartition between asset classes is based on thestrategy decided by the Global Asset Allocation Committee once amonth.
Regional Breakdown for equities
US50.29%
EEX15.84%
EZ15.35%
JP11.57%
EMW 4.42%
ASI 2.54%
EQU53.33
Currency Allocation
EUR65.40%
USD16.22%
GBP 5.65%
JPY 4.91%
HUF 2.92%
CHF 2.34%
OTR 2.55%
Key Figures & Statistics
S&P IM Fd AA Glbl Neutral (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
01/12/77
EUR 802.55
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-1.65
1.09
0.98
-1.241.53
-1.53
1.07
0.97
-1.960.61
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
3.53
3.49
0.40
4.78
3.21
0.83
-4.26
8.79
-0.73
-2.40
7.99
-0.57
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 852.00
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 26.26 -2.30 -6.79 -18.50 4.02 3.85Index 22.27 0.57 -4.00 -14.73 4.05 4.78
Fund 14.82 -0.31 -4.59 -18.97 4.60 3.53
Sector* 1.04 -0.22 3.85 -11.96 -19.838.03Index 1.12 0.58 4.78 -7.03 -10.249.03Fund 1.30 0.13 3.53 -12.25 -16.548.29
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 5 Bonds
1 Belgium Olo 95/2006 7% 3.892.34 20062 Bundes Repub Deutschland 03/34 4 3.644.25 2034
3 Italy 03/2008 3 1/2% 2.682.76 2008
4 France Oat 97/2029 5 1/2 % 2.164.21 20295 Uk Treasury 93/2006 7 3/4% 1.934.36 2006
Name %Yield (%) Maturity
Top 5 Equities
1 General Electric Co Industrials 0.902 Exxon Mobil Corp Energy 0.75
3 Microsoft Corp Information Technology 0.68
4 Hsbc Holdings Plc Financials 0.645 Citigroup Inc Financials 0.58
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
115
110
105
100
95
90
85
80
75
ING (L) Patrimonial Balanced Index
Sector*
* Standard & Poor's Fund Services
65
ING (L) PatrimonialDefensive
Balanced Fund
LU0119196938CapitalisationP Shares
ISIN Code:INGPDEP LX EquityBloomberg Code:LU0119196938.LUFReuters Code:94743Sicovam Code:1175455Telekurs Code:
LU0121217334CapitalisationX Shares
INGPDEF LX EquityLU0121217334.LUF947751175676
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to invest globally in a diversifiedportfolio of equities and bonds. The sub-fund has overweight in theEuro-zone. The sub-fund is managed against an index composed of25% MSCI World, 37.5% Lehman Global Aggregate and 37.5%Lehman Euro Aggregate. The repartition between asset classes isbased on the strategy decided by the Global Asset AllocationCommittee once a month.
Regional Breakdown for equities
US49.46%
EEX15.84%
EZ15.22%
JP11.44%
EMW 4.74%
ASI 3.30%
EQU28.60
Interest Rate Exposure
60%50%40%30%20%10%0%
>10y55.62%
7-10y 7.62%
5-7y14.55%
3-5y14.68%
1-3y 6.43%
0-1y 1.10%
BDS71.40
Key Figures & Statistics
S&P IM Fd AA Glbl Defensive (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
11/07/94
EUR 394.21
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-2.03
1.08
0.90
-1.321.53
-1.54
1.05
0.94
-1.880.70
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
3.20
2.93
0.37
4.58
2.71
0.91
-1.84
4.64
-0.85
0.20
4.07
-0.47
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 162.97
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 13.20 2.58 -0.71 -8.72 1.01 3.11Index 13.57 4.60 0.75 -5.21 1.48 4.58
Fund 6.55 1.37 -0.74 -9.84 1.65 3.20
Sector* 0.60 0.60 3.11 -4.92 -3.164.15Index 0.58 1.29 4.58 0.60 6.026.13Fund 0.75 0.77 3.20 -5.42 -4.834.90
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 5 Bonds
1 Netherlands 96/2006 6% 6.722.28 20062 Japan 04/2014 1 1/2% 4.261.29 2014
3 France Oat 95/2011 6 1/2 % 4.143.23 2011
4 Spain 98/2014 4 3/4% 3.413.59 20145 Bundes Repub Deutschland 03/34 4 3.294.25 2034
Name %Yield (%) Maturity
Top 5 Equities
1 General Electric Co Industrials 0.472 Exxon Mobil Corp Energy 0.40
3 Microsoft Corp Information Technology 0.36
4 Hsbc Holdings Plc Financials 0.345 Citigroup Inc Financials 0.31
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
11010810610410210098969492
ING (L) Patrimonial Defensive Index
Sector*
* Standard & Poor's Fund Services
66
ING (L) PatrimonialEuro
Balanced Fund
LU0119197159CapitalisationP Shares
ISIN Code:INGPEUP LX EquityBloomberg Code:LU0119197159.LUFReuters Code:94744Sicovam Code:1175463Telekurs Code:
LU0121217920CapitalisationX Shares
INGPEUR LX EquityLU0121217920.LUF947781175683
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
This Euro Balanced sub-fund invests in both bonds and equities withinthe Euro-Zone and follows an asset allocation policy, which seeks toachieve long-term capital growth. The asset allocation policycombines valuation and technical prospects of assets. The sub-funddoes not hedge the currency risk and is therefore exposed to the Eurocurrency. The sub-fund's benchmark is a combination of 50% MSCIEMU and 50% Lehman Brothers Euro Aggregate Index.
Regional Breakdown for equities
EZ100.00%
EQU54.48
Interest Rate Exposure
60%40%20%0%
>10y58.07%
7-10y-0.28%
5-7y 8.12%
3-5y21.40%
1-3y12.83%
0-1y-0.14%
BDS45.52
Key Figures & Statistics
S&P IM Fd AA Euroland Dfnsve (NX) XBF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
17/10/95
EUR 440.44
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-1.83
1.08
0.98
-0.991.86
-2.11
1.01
0.97
-3.030.67
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
6.61
4.26
1.05
8.83
4.18
1.61
-1.42
11.45
-0.31
0.45
10.48
-0.16
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 635.07
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 9.74 1.63 -3.74 -8.27 5.30 4.21Index 21.35 1.96 -6.93 -15.51 10.24 8.83
Fund 17.04 -5.23 -9.87 -19.23 11.28 6.61
Sector* 2.48 3.45 4.21 0.65 -1.549.72Index 5.46 5.76 8.83 1.36 -3.8219.98Fund 4.88 4.40 6.61 -4.19 -18.1618.63
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 5 Bonds
1 Bundes Repub Deutschland 03/34 4 3.864.25 20342 France Oat 99/2009 4% 3.643.01 2009
3 Spain 02/2017 5 1/2% 2.143.82 2017
4 Italy 97/2007 5 7/8% 1.782.70 20075 Bundesland Baden Wuert. 98/2008 4 1.742.95 2008
Name %Yield (%) Maturity
Top 5 Equities
1 Total Sa Energy 3.632 Royal Dutch Petroleum Energy 3.25
3 Telefonica S.a. Telecoms 2.24
4 Sanofi-aventis Healthcare 2.155 Nokia Oyj Information Technology 2.00
Company Name Main Business %
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
110
105
100
95
90
85
80
75
70
ING (L) Patrimonial Euro Index
Sector*
* Standard & Poor's Fund Services
67
ING Index Linked FundContinuous Click Fund Euro
Capital Preservation Fund
LU0096047401CapitalisationP Shares
ISIN Code:INGCCFE LX EquityBloomberg Code:LU0096047401.LUFReuters Code:-Sicovam Code:805141Telekurs Code:
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to offer investors the opportunity toparticipate in the upside potential of an underlying index while tryingto maintain, on a monthly basis, 90% of the net asset value (floor)through investing in transferable securities of high quality issuers.Once a month, the floor may be adjusted upwards by means of a click.This occurs whenever the value of the fund has risen compared to itsvalue at the time of the latest click.The delta-adjusted exposure is a measure for the exposure on theequity market created by the options. This estimation of the equityexposure of a fund is only approximate. The delta-adjusted exposurechanges over time and is a function of the size and the precisecomposition of the options portfolio and market parameters such asinterest rates, exchange rates and the volatility of the underlying index.
Asset Allocation
MM79.37%
EQ(DAE)20.63% Key Figures & Statistics
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
31/05/99
EUR 25.92
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
1.73
1.36
-0.29
0.63
1.51
-0.99
Fund Fund
Total Net Assets of the Fund (Mln): EUR 83.10
Current floor value 24.55
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -
Fund - -1.20 -3.31 -2.24 2.45 1.73
Sector* - - - - --Fund 1.41 0.97 1.73 1.89 -2.674.22
All data as at 31/12/04 and concern P Shares Capitalisation
12/99 06/00 12/00 06/01 12/01 06/02 12/02 06/03 12/03 06/04 12/04
26
25
24
ING Index Linked Fund Continuous Click Fund Euro Floor Value
* Standard & Poor's Fund Services
68
ING Index Linked FundContinuous Click Fund Euro II
Capital Preservation Fund
LU0142749018CapitalisationP Shares
ISIN Code:INGESFT LX EquityBloomberg Code:LU0142749018.LUFReuters Code:-Sicovam Code:1374373Telekurs Code:
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to offer investors the opportunity toparticipate in the upside potential of an underlying index while tryingto maintain, on a monthly basis, 90% of the net asset value (floor)through investing in transferable securities of high quality issuers.Once a month, the floor may be adjusted upwards by means of a click.This occurs whenever the value of the fund has risen compared to itsvalue at the time of the latest click.The delta-adjusted exposure is a measure for the exposure on theequity market created by the options. This estimation of the equityexposure of a fund is only approximate. The delta-adjusted exposurechanges over time and is a function of the size and the precisecomposition of the options portfolio and market parameters such asinterest rates, exchange rates and the volatility of the underlying index.
Asset Allocation
MM74.54%
EQ(DAE)25.46%
Key Figures & Statistics
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
26/02/02
EUR 24.09
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
1.90
1.74
-0.12
-
-
-
Fund Fund
Total Net Assets of the Fund (Mln): EUR 12.03
Current floor value 22.50
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -
Fund - - - - 2.60 1.90
Sector* - - - - --Fund 1.69 1.05 1.90 - -4.56
All data as at 31/12/04 and concern P Shares Capitalisation
03/02 06/02 09/02 12/02 03/03 06/03 09/03 12/03 03/04 06/04 09/04 12/04
25
24
23
ING Index Linked Fund Continuous Click Fund Euro II Floor Value
* Standard & Poor's Fund Services
69
ING Index Linked FundContinuous Click Eurotop 100
Capital Preservation Fund
LU0093711504CapitalisationP Shares
ISIN Code:INGCFEC LX EquityBloomberg Code:LU0093711504.LUFReuters Code:790Sicovam Code:992715Telekurs Code:
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to offer investors the opportunity toparticipate in the upside potential of an underlying Index, the FTSEEurotop 100 Index, while trying to maintain, on a monthly basis, 90%of the net asset value (floor) through investing in transferablesecurities of high quality issuers. Once a month, the floor may beadjusted upwards by means of a click. This occurs whenever the valueof the sub-fund has risen compared to its value at the time of the latestclick.There is no benchmark defined.The delta-adjusted exposure is a measure for the exposure on theequity market created by the options. This estimation of the equityexposure of a fund is only approximate. The delta-adjusted exposurechanges over time and is a function of the size and the precisecomposition of the options portfolio and market parameters such asinterest rates, exchange rates and the volatility of the underlying index.
Asset Allocation
MM79.47%
EQ(DAE)20.53% Key Figures & Statistics
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
09/02/99
EUR 27.66
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
1.69
1.33
-0.32
0.72
1.41
-0.99
Fund Fund
Total Net Assets of the Fund (Mln): EUR 41.75
Current floor value 26.22
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -
Fund - 2.25 -4.01 -1.88 2.41 1.69
Sector* - - - - --Fund 1.39 0.91 1.69 2.18 0.294.14
All data as at 31/12/04 and concern P Shares Capitalisation
12/99 06/00 12/00 06/01 12/01 06/02 12/02 06/03 12/03 06/04 12/04
28
27
26
25
ING Index Linked Fund Continuous Click Eurotop 100 Floor Value
* Standard & Poor's Fund Services
70
ING Index Linked FundContinuous Click Fund Japan
Capital Preservation Fund
LU0101428653CapitalisationP Shares
ISIN Code:INGPSCC LX EquityBloomberg Code:LU0101428653.LUFReuters Code:-Sicovam Code:10011088Telekurs Code:
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to offer investors the opportunity toparticipate in the upside potential of an underlying index, the Nikkei225 Index, while trying to secure, on a monthly basis, 90% of the netasset value (the floor) through investing in Euro denominated fixedincome securities of high quality issuers. Once a month, the floor maybe adjusted upwards by means of a click. This occurs whenever thevalue of the fund has risen compared to its value at the time of theprevious click.The delta-adjusted exposure is a measure for the exposure on theequity market created by the options. This estimation of the equityexposure of a fund is only approximate. The delta-adjusted exposurechanges over time and is a function of the size and the precisecomposition of the options portfolio market parameters such as interestrates, exchange rates and the volatility of the underlying index.
Asset Allocation
MM83.19%
EQ(DAE)16.81%
Key Figures & Statistics
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
04/10/99
EUR 25.04
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
0.97
3.17
-0.36
1.09
2.23
-0.46
Fund Fund
Total Net Assets of the Fund (Mln): EUR 22.23
Current floor value 23.77
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -
Fund - -5.24 -0.04 -0.21 2.52 0.97
Sector* - - - - --Fund 1.13 -1.03 0.97 3.30 -2.153.51
All data as at 31/12/04 and concern P Shares Capitalisation
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
26
25
24
23
ING Index Linked Fund Continuous Click Fund Japan Floor Value
* Standard & Poor's Fund Services
71
ING Index Linked FundContinuous Click Fund US (EUR)
Capital Preservation Fund
LU0101428067CapitalisationP Shares
ISIN Code:INGCFSP LX EquityBloomberg Code:LU0101428067.LUFReuters Code:820Sicovam Code:1001079Telekurs Code:
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to offer investors the opportunity toparticipate in the upside potential of an underlying Index, the S&P 500Index, while trying to maintain, on a monthly basis, 90% of the netasset value (floor) through investing in transferable securities of highquality issuers. Once a month, the floor may be adjusted upwards bymeans of a click. This occurs whenever the value of the sub-fund hasrisen compared to its value at the time of the latest click.There is no benchmark defined.The delta-adjusted exposure is a measure for the exposure on theequity market created by the options. This estimation of the equityexposure of a fund is only approximate. The delta-adjusted exposurechanges over time and is a function of the size and the precisecomposition of the options portfolio and market parameters such asinterest rates, exchange rates and the volatility of the underlying index.
Asset Allocation
MM71.51%
EQ(DAE)28.49%
Key Figures & Statistics
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
01/11/99
EUR 26.07
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
2.40
1.65
0.17
1.41
1.65
-0.43
Fund Fund
Total Net Assets of the Fund (Mln): EUR 19.96
Current floor value 24.17
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -
Fund - 0.71 -2.34 -1.64 3.54 2.40
Sector* - - - - --Fund 2.00 1.12 2.40 4.28 2.566.02
All data as at 31/12/04 and concern P Shares Capitalisation
12/99 06/00 12/00 06/01 12/01 06/02 12/02 06/03 12/03 06/04 12/04
26
25
24
23
ING Index Linked Fund Continuous Click Fund US (EUR) Floor Value
* Standard & Poor's Fund Services
72
ING Index Linked FundContinuous Click Fund US (USD)
Capital Preservation Fund
LU0101428497CapitalisationP Shares
ISIN Code:INGCCSP LX EquityBloomberg Code:LU0101428497.LUFReuters Code:900Sicovam Code:1001083Telekurs Code:
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to offer investors the opportunity toparticipate in the upside potential of an underlying Index, the S&P 500Index, while trying to maintain, on a monthly basis, 90% of the netasset value (floor) through investing in transferable securities of highquality issuers. Once a month, the floor may be adjusted upwards bymeans of a click. This occurs whenever the value of the sub-fund hasrisen compared to its value at the time of the latest click.There is no benchmark defined.The delta-adjusted exposure is a measure for the exposure on theequity market created by the options. This estimation of the equityexposure of a fund is only approximate. The delta-adjusted exposurechanges over time and is a function of the size and the precisecomposition of the options portfolio and market parameters such asinterest rates, exchange rates and the volatility of the underlying index.
Asset Allocation
MM74.24%
EQ(DAE)25.76%
Key Figures & Statistics
3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
01/11/99
USD 25.63
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
2.64
1.61
0.33
1.19
1.37
-0.68
Fund Fund
Total Net Assets of the Fund (Mln): USD 5.04
Current floor value 23.98
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -
Fund - 0.67 -3.25 -1.94 2.93 2.64
Sector* - - - - --Fund 2.32 1.83 2.64 3.60 0.915.65
All data as at 31/12/04 and concern P Shares Capitalisation
12/99 06/00 12/00 06/01 12/01 06/02 12/02 06/03 12/03 06/04 12/04
26
25
24
23
ING Index Linked Fund Continuous Click Fund US (USD) Floor Value
* Standard & Poor's Fund Services
73
ING Index Linked FundProtected Mix 70
Capital Preservation Fund
LU0110815254CapitalisationP Shares
ISIN Code:INGPMFD LX EquityBloomberg Code:LU0110815254.LUFReuters Code:530Sicovam Code:1096564Telekurs Code:
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
This sub-fund represents a completely new method of investing andoperates in a different way than usual mix sub-funds. The ratioequity/fixed income is monitored closely and optimized continuously.The basic objective is to maximize equity exposure, while trying tomaintain on a daily basis 70% of the net asset value through anoptimal allocation between equities and fixed income securities and byusing derivative contracts such as Over the Counter options. Theprotection level is 70% of the highest published NAV. The protectionlevel will be increased if there is an increase in the NAV above theprevious high and left intact otherwise. No formal guarantee is givento the investors whether the objective will be realised although allrelevant measures of protection will be taken. Besides equity andbonds, the sub-fund may hold Certificates of Deposit, CommercialPaper and other money market instruments. The sub-fund may alsohold cash. No benchmark is defined.
Asset Allocation
BDS54.00%
EQU45.00%
CASH 1.00%
Key Figures & Statistics
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
10/07/00
EUR 22.58
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
5.07
2.71
1.09
-0.31
5.43
-0.45
Fund Fund
Total Net Assets of the Fund (Mln): EUR 62.85
Current floor value 17.60
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -
Fund - - -5.63 -10.05 4.83 5.07
Sector* - - - - --Fund 3.44 3.25 5.07 -0.92 -10.15
All data as at 31/12/04 and concern P Shares Capitalisation
07/00 12/00 05/01 10/01 03/02 08/02 01/03 06/03 11/03 04/04 09/04
24
23
22
21
20
19
18
ING Index Linked Fund Protected Mix 70 Floor Value
* Standard & Poor's Fund Services
74
ING Index Linked FundProtected Mix 80
Capital Preservation Fund
LU0110816229CapitalisationP Shares
ISIN Code:INGPMFE LX EquityBloomberg Code:LU0110816229.LUFReuters Code:540Sicovam Code:1096566Telekurs Code:
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
This sub-fund represents a completely new method of investing andoperates in a different way than usual mix sub-funds. The ratioequity/fixed income is monitored closely and optimized continuously.The basic objective is to maximize equity exposure, while trying tomaintain on a daily basis 80% of the net asset value through anoptimal allocation between equities and fixed income securities and byusing derivative contracts such as Over the Counter options. Theprotection level is 80% of the highest published NAV. The protectionlevel will be increased if there is an increase in the NAV above theprevious high and left intact otherwise. No formal guarantee is givento the investors whether the objective will be realised although allrelevant measures of protection will be taken. Besides equity andbonds, the sub-fund may hold Certificates of Deposit, CommercialPaper and other money market instruments. The sub-fund may alsohold cash. No benchmark is defined.
Asset Allocation
BDS62.00%
EQU35.00%
CASH 3.00%
Key Figures & Statistics
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
10/07/00
EUR 24.20
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
4.09
2.05
0.96
0.39
3.91
-0.44
Fund Fund
Total Net Assets of the Fund (Mln): EUR 53.66
Current floor value 20.06
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -
Fund - - -2.57 -6.65 4.12 4.09
Sector* - - - - --Fund 2.72 2.63 4.09 1.17 -8.37
All data as at 31/12/04 and concern P Shares Capitalisation
07/00 12/00 05/01 10/01 03/02 08/02 01/03 06/03 11/03 04/04 09/04
24
23
22
21
20
ING Index Linked Fund Protected Mix 80 Floor Value
* Standard & Poor's Fund Services
75
ING Index Linked FundProtected Mix 90
Capital Preservation Fund
LU0110817979CapitalisationP Shares
ISIN Code:INGPMFN LX EquityBloomberg Code:LU0110817979.LUFReuters Code:770Sicovam Code:1096567Telekurs Code:
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
This sub-fund represents a completely new method of investing andoperates in a different way than usual mix sub-funds. The ratioequity/fixed income is monitored closely and optimized continuously.The basic objective is to maximize equity exposure, while trying tomaintain on a daily basis 90% of the net asset value through anoptimal allocation between equities and fixed income securities and byusing derivative contracts such as Over the Counter options. Theprotection level is 90% of the highest published NAV. The protectionlevel will be increased if there is an increase in the NAV above theprevious high and left intact otherwise. No formal guarantee is givento the investors whether the objective will be realised although allrelevant measures of protection will be taken. Besides equity andbonds, the sub-fund may hold Certificates of Deposit, CommercialPaper and other money market instruments. The sub-fund may alsohold cash. No benchmark is defined.
Asset Allocation
BDS72.00%
EQU20.00%
CASH 8.00%
Key Figures & Statistics
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
10/07/00
EUR 25.78
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
3.00
1.41
0.62
0.90
2.46
-0.50
Fund Fund
Total Net Assets of the Fund (Mln): EUR 67.01
Current floor value 23.22
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -
Fund - - 0.68 -3.55 3.39 3.00
Sector* - - - - --Fund 1.82 1.82 3.00 2.71 -6.48
All data as at 31/12/04 and concern P Shares Capitalisation
12/01 04/02 08/02 12/02 04/03 08/03 12/03 04/04 08/04 12/04
25
24
23
ING Index Linked Fund Protected Mix 90 Floor Value
* Standard & Poor's Fund Services
76
ING (L) Renta FundAsian Debt
Bond Fund
LU0119220589CapitalisationP Shares
ISIN Code:INGRASP LX EquityBloomberg Code:LU0119220589.LUFReuters Code:94734Sicovam Code:1173099Telekurs Code:
LU0121210917CapitalisationX Shares
INGRASC LX EquityLU0121210917.LUF947841173801
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The Fund aims at income growth through active management of aportfolio of USD denominated bonds from Asian countries, such asChina, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines,Singapore, Taiwan, Thailand and Vietnam.The benchmark is JPMorgan Asia Credit Index - Sovereign & Quasi Sovereign.
Interest Rate Exposure
30%25%20%15%10%5%0%
>10y15.39%
7-10y28.77%
5-7y11.96%
3-5y28.77%
1-3y13.69%
0-1y 1.42%
Rating Allocation
Aa1 1.38%
Aa3 5.06%
A1 1.64%
A2 2.88%
A321.32%
Baa119.79%
Baa2 7.15%Baa3
1.94% Ba1 2.23%
Ba231.28%
B2 5.34%
Key Figures & Statistics
S&P IM Fd FI Asia Pac ex Japan (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
18/11/96
USD 882.73
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
1.04
0.94
0.95
0.361.34
0.30
0.93
0.98
-0.080.69
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
5.03
4.57
0.64
5.09
4.89
0.61
10.00
5.71
1.38
9.48
5.92
1.24
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 13.10
Duration 4.82
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 16.85 6.08 10.24 14.08 12.45 8.49Index 14.44 8.11 16.53 14.56 8.99 5.09
Fund 13.60 6.92 15.01 14.84 10.34 5.03
Sector* 3.45 7.80 8.49 39.17 62.7522.00Index 0.99 6.18 5.09 31.22 65.3114.54Fund 1.15 5.78 5.03 33.09 63.6715.88
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Petronas Capital 02/2012 7% 8.324.65 20122 National Power Corp 02/2006 7 7/8% 5.506.53 2006
3 Malaysia 99/2009 8 3/4% 5.464.11 2009
4 Philippines 00/2025 10 5/8% 4.419.75 20255 Philippines 02/2017 9 3/8% 3.728.74 2017
6 Phillippines 04/2011 8 3/8% 3.588.20 2011
7 Philippines 00/2010 9 7/8 % 2.987.62 2010
8 Korean Dev Bank 01/2006 5 1/4 % 2.963.57 20069 Bank Of Korea 03/2008 4 1/4% 2.894.15 2008
10 Industrial Bank Of Korea 04/2014 4% 2.80- 2014
Name %Yield (%) Maturity
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
160
150
140
130
120
110
100
ING (L) Renta Fund Asian Debt Index
Sector*
* Standard & Poor's Fund Services
77
ING (L) Renta FundCorporate USD
Bond Fund
LU0119221124CapitalisationP Shares
ISIN Code:INGRCPP LX EquityBloomberg Code:LU0119221124.LUFReuters Code:94737Sicovam Code:1173201Telekurs Code:
LU0121211139CapitalisationX Shares
INGRCPU LX EquityLU0121211139.LUF947931174016
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to obtain an additional return abovethat of a portfolio of government bonds by investing in a range offixed income securities and instruments issued by financial institutionsand corporate denominated in USD. The sub-fund's benchmark is theLehman Brothers US Corporate Index.The sub-fund does not hedge the currency risk.
Interest Rate Exposure
50%40%30%20%10%0%-10%
>10y47.69%
7-10y 7.32%
5-7y25.44%
3-5y 3.86%
1-3y16.51%
0-1y-0.81%
Rating Allocation
Aaa 0.76%
Aa1 2.12%
Aa212.07%
Aa310.67%
A123.59%
A2 8.36%
A314.37% Baa1
13.86%
Baa2 9.35%
Baa3 4.85%
Key Figures & Statistics
S&P IM Fd FI USD (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
18/05/98
USD 740.69
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-1.17
0.95
0.96
-1.261.22
-0.60
1.00
0.97
-0.740.80
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
4.77
4.97
0.53
5.39
4.90
0.67
6.23
5.75
0.72
7.90
5.93
0.97
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 91.40
Duration 5.69
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* -3.49 7.57 4.44 7.71 2.06 1.54Index 0.35 9.26 9.77 10.11 8.24 5.39
Fund -1.74 8.76 8.52 9.11 4.88 4.77
Sector* 0.46 3.15 1.54 11.62 25.403.63Index 1.32 5.66 5.39 25.61 50.6514.07Fund 1.48 5.62 4.77 19.89 41.499.87
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Citigroup 04/2014 5% 4.456.24 20142 Hsbc Holding 02/2012 5 1/4% 3.404.69 2012
3 American General Fin. 01/2006 5 7/8% 3.363.39 2006
4 Ford Motor 99/2009 7 3/8% 2.925.58 20095 Bankamerica 99/2009 5 7/8% 2.704.05 2004
6 Bnp Paribas Capital 9.003% (perp) 2.68-
7 Royal Bank Of Scotland 00/2999 2.38- 2010
8 Barclays Bank 09/2049 8.55% 2.155.29 20119 Sara Lee Corp 01/2011 6 1/4% 2.07- 2011
10 Reed Elsevier Capital 01/2011 6 3/4% 2.07- 2011
Name %Yield (%) Maturity
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
150145140135130125120115110105100
ING (L) Renta Fund Corporate USD Index
Sector*
* Standard & Poor's Fund Services
78
ING (L) Renta FundDollar
Bond Fund
LU0119221637CapitalisationP Shares
ISIN Code:INGRDOP LX EquityBloomberg Code:LU0119221637.LUFReuters Code:94736Sicovam Code:1172886Telekurs Code:
LU0121214315CapitalisationX Shares
INGRDOL LX EquityLU0121214315.LUF947901173694
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is the optimisation of return by investingin mostly fixed income instruments denominated in USD. Theportfolio mainly consists of a mix of government bonds andinvestment grade instruments with a predominance of highly ratedcredits.The benchmark used as a reference is the Lehman Brothers USAggregate Index.
Interest Rate Exposure
40%30%20%10%0%
>10y38.85%
7-10y28.73%
5-7y14.34%
3-5y13.46%
1-3y 3.26%
0-1y 1.37%
Rating Allocation
Aaa51.78%
Aa1 0.26%
Aa219.74%
Aa3 4.76%
A1 6.08%
A2 3.02%
A3 5.29%
Baa1 4.36%
Baa2 3.07%
Baa3 1.54%
Not Rated 0.10%
Key Figures & Statistics
S&P IM Fd FI USD (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
20/02/89
USD 749.39
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-1.37
0.85
0.93
-1.891.17
-1.38
0.89
0.98
-2.760.66
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
2.43
3.54
0.09
4.34
3.94
0.56
3.84
3.86
0.45
6.20
4.37
0.93
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 139.60
Duration 4.18
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* -3.49 7.57 4.44 7.71 2.06 1.54Index -2.63 13.65 6.53 10.28 4.10 4.34
Fund -1.73 11.08 6.48 5.91 3.21 2.43
Sector* 0.46 3.15 1.54 11.62 25.403.63Index 0.95 4.18 4.34 19.79 45.028.62Fund 0.74 3.29 2.43 11.97 32.435.72
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Italy 03/2006 2 3/4 % 9.373.32 20062 Usa T.bonds 00/2030 6 1/4% 4.944.96 2030
3 Fannie Mae 03/2008 2 1/2% 3.463.70 2008
4 Usa T.notes 89/2019 8 1/8% 3.004.73 20195 Us Treasury 02/2007 3 1/4% 2.903.30 2007
6 Fannie Mae 02/2012 4 3/8% 2.884.42 2012
7 Us Treasury 03/2008 2 5/8% 2.673.45 2008
8 Disc.master Tr.96/2008 6.05% 2.27- 20089 Usa T.bonds 97/2027 6 5/8% 2.254.96 2027
10 Dta 00/2005 7% 1.462.70 2005
Name %Yield (%) Maturity
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
140
135
130
125
120
115
110
105
100
ING (L) Renta Fund Dollar Index
Sector*
* Standard & Poor's Fund Services
79
ING (L) Renta FundEMD Hard Currency
Bond Fund
LU0041345751CapitalisationP Shares
ISIN Code:INGEMMA LX EquityBloomberg Code:LU0041345751.LUFReuters Code:-Sicovam Code:1581523Telekurs Code:
LU0166333210CapitalisationX Shares
INGEMGX LX Equity
LU0166332101581534
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to achieve long-term capital growth inEUR, by investing in a diversified selection of debt instrumentdenominated in OECD currencies issued by issuers from low andmiddle income developing countries. The fund mainly invests in LatinAmerican, Eastern European and African debt instruments such as(floating rates) bonds, bonds with warrants, convertibles, Brady bondsand subordinated bonds. The benchmark is the JP Morgan EMBIGlobal Diversified hedged.
Interest Rate Exposure
30%25%20%15%10%5%0%
>10y11.60%
7-10y28.60%
5-7y19.00%
3-5y17.40%
1-3y 6.00%
0-1y17.40%
Rating Allocation
A 1.30%
Aa 7.40%
B39.80%
Ba16.70%
Baa22.10%
Caa1 8.60%
Not Rated 4.10%
Key Figures & Statistics
S&P IM Fd FI Global Emg Mkts (NX) XDM3 month Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
12/02/93
EUR 2,376.88
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
1.63
1.00
0.96
0.692.25
-0.75
1.19
0.98
0.652.06
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
13.48
9.79
1.16
12.01
8.16
1.21
18.64
10.97
1.51
16.85
10.76
1.37
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 290.09
Duration 5.56
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 38.57 17.62 9.69 -4.85 3.60 2.44Index 22.83 13.71 -0.42 16.11 22.68 12.01
Fund 25.41 15.55 11.59 13.50 29.67 13.48
Sector* -2.37 2.17 2.44 0.97 30.276.12Index 4.58 13.64 12.01 59.55 80.6637.41Fund 6.20 16.94 13.48 67.00 115.3447.14
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Russian Fed. Eurobonds 00/2030 (step 5.22- 20302 Venezuela 97/2027 9 1/4% 4.508.78 2027
3 Argentina 02/2012 (frn) 4.48- 2012
4 Brazil 03/2011 10% 4.357.04 20115 Russian Federation 98/2028 12 3/4% 4.347.07 2028
6 Brazil 00/2020 12 3/4 % 3.128.64 2020
7 Brazil 04/2019 8 7/8% 2.988.37 2019
8 Turkey 04/2034 8% 2.897.56 20349 Ukraine 03/2013 7.65% 2.846.42 2013
10 Ministry Of Finance Russia 93/2008 3% 2.825.32 2008
Name %Yield (%) Maturity
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
220210200190180170160150140130120110100
ING (L) Renta Fund EMD Hard Currency Index
Sector*
* Standard & Poor's Fund Services
80
ING (L) Renta FundEMD Local Currency
Bond Fund
LU0118287449CapitalisationP Shares
ISIN Code:INGEMDC LX EquityBloomberg Code:LU0118287449.LUFReuters Code:-Sicovam Code:1154024Telekurs Code:
LU0118288173CapitalisationX Shares
INGEMDX LX EquityLU0118288173.LUF-1154026
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / USD
Fund Breakdown
Investment Objective and Policy
The fund invests in fixed income securities and other transferableinstruments on a diversified basis. It focuses (at least two-thirds of theportfolio) on securities issued in local currency by low- and middle-income developing countries (emerging markets) where economicreforms have been carried out and where growth objectives have beenset or achieved. These countries encompass Latin America, Asia,Central Europe, Eastern Europe and Africa.Up to one third of the fund may be invested elsewhere (including theOECD countries) in securities denominated in hard currency (e.g.euro, US dollar).The sub-fund's benchmark is the JP Morgan Emerging Local Markets.
Interest Rate Exposure
80%60%40%20%0%
7-10y 0.32%
3-5y10.37%
1-3y17.41%
0-1y71.90%
Rating Allocation
A16.31%Aa
38.78%
Aaa30.80%
B 0.68%
Baa10.35%
Not Rated 3.08%
Key Figures & Statistics
S&P IM Fd FI Global Emg Mkts (NX) USD3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
11/10/00
USD 42.38
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-1.75
1.22
0.57
0.215.12
-2.84
1.24
0.99
0.261.51
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
15.23
6.73
1.95
14.79
5.40
2.35
15.06
7.67
1.69
13.99
4.76
2.50
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): USD 152.89
Duration 0.68
Calendar Year Performance in USD
Cumulative Performance in USD
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 18.29 10.16 4.02 12.14 24.52 10.39Index - 1.98 3.18 11.43 15.80 14.79
Fund - - 9.48 13.34 16.65 15.23
Sector* 6.85 14.14 10.39 54.14 76.6537.46Index 9.20 12.46 14.79 48.12 55.8532.92Fund 10.54 14.60 15.23 52.34 -34.41
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Singapore 00/2005 4% 10.961.14 20052 Mexican 03/2005 (frn) 9.79- 2005
3 Hungary 03/2006 7 % 6.928.43 2006
4 Vorarl Land Hypo 03/2008 5% 5.995.97 20085 Jp Morgan 04/2007 (var) 5.32-
6 South Africa 02/2005 12% 4.70- 2005
7 Kredit Wiederauf 02/2005 4 7/8% 4.052.60 2005
8 Makam T-bill 04/2005 0% 2.81- 20059 E.i.b. 00/2005 13 3/5% 1.906.54 2005
10 Argbond 30/09/2008 2% Sinkable 1.50- 2008
Name %Yield (%) Maturity
10/00 03/01 08/01 01/02 06/02 11/02 04/03 09/03 02/04 07/04 12/04
170
160
150
140
130
120
110
100
ING (L) Renta Fund EMD Local Currency Index
Sector*
* Standard & Poor's Fund Services
81
ING (L) Renta FundEuro
Bond Fund
LU0119222015CapitalisationP Shares
ISIN Code:INGREUP LX EquityBloomberg Code:LU0119222015.LUFReuters Code:94738Sicovam Code:1173127Telekurs Code:
LU0121214588CapitalisationX Shares
INGREUR LX EquityLU0121214588.LUF947961173992
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the portfolio is to optimise the return by investing infixed income instruments denominated in Euro (or in the legacycurrencies of the member states). The sub-fund mainly invests ininvestment grades instruments. The benchmark used as a reference is the Lehman Brothers EuroAggregate Index.The sub-fund does not hedge the currency risk.
Interest Rate Exposure
40%30%20%10%0%
>10y37.58%
7-10y22.74%
5-7y14.42%
3-5y16.17%
1-3y 8.76%
0-1y 0.32%
Rating Allocation
Aaa46.78%
Aa1 7.52%
Aa216.22%
Aa3 2.27%
A113.42%
A2 2.96%
A3 1.29%
Baa1 2.15%
Baa2 2.46%
Baa3 0.41%
Not Rated 1.28%
Undefined 3.24%
Key Figures & Statistics
S&P IM Fd FI EUR (NX) XEC3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
10/03/97
EUR 362.88
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-1.31
0.96
0.96
-2.330.66
-1.00
0.91
0.98
-4.590.35
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
5.62
2.14
1.63
7.37
2.33
2.25
5.45
3.16
1.05
7.10
3.21
1.55
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 1,110.43
Duration 5.20
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* -3.04 4.80 4.14 6.46 3.29 5.16Index -2.58 7.17 5.89 9.46 4.54 7.37
Fund -3.27 5.55 5.80 6.46 4.27 5.62
Sector* 1.82 4.02 5.16 15.64 26.228.62Index 2.59 5.32 7.37 22.86 39.4212.24Fund 2.18 4.35 5.62 17.24 30.9310.13
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Bundes Repub Deutschland 03/34 4 7.614.25 20342 Italy 03/2006 2 3/4% 7.312.45 2006
3 Greece 03/2008 3.5% 6.582.85 2008
4 Germany 98/2028 5 5/8% 4.304.19 20285 Netherlands 01/2011 5% 4.043.29 2011
6 France Oat 03/2019 4 1/4% 3.503.91 2019
7 Deut Genos-hypbk 97/2007 5 3/4% 2.512.60 2007
8 Hypo Essen 97/2007 5 1/2% 2.492.63 20079 Germany 94/2024 6 1/4% 2.414.08 2024
10 Frank Hypo Centb 98/2007 4 % 2.402.61 2007
Name %Yield (%) Maturity
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
135
130
125
120
115
110
105
100
ING (L) Renta Fund Euro Index
Sector*
* Standard & Poor's Fund Services
82
ING (L) Renta FundEurocredit
Bond Fund
LU0123076597CapitalisationP Shares
ISIN Code:INGEUCP LX EquityBloomberg Code:LU0123076597.LUFReuters Code:94988Sicovam Code:1186206Telekurs Code:
LU0123076670CapitalisationX Shares
INGEUCX LX EquityLU0123076670.LUF3481186210
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to obtain an additional return abovethat of a portfolio of government bonds by investing in a range offixed income securities and instruments issued by financial institutionsand corporate denominated in euro or in an OECD currency. The(implicit) average credit rating of the portfolio is A (single 'A'). Thebenchmark is the Lehman Brothers Euro Corporate Index.
Interest Rate Exposure
60%40%20%0%-20%
>10y-10.20%
7-10y45.27%
5-7y39.72%
3-5y14.75%
1-3y10.77%
0-1y-0.30%
Rating Allocation
Aaa 3.78%
Aa1 0.65%
Aa2 9.17%
Aa3 9.03%
A120.21%
A215.14%
A3 7.37%
Baa111.48%
Baa2 9.91%
Baa3 2.28%
Not Rated 6.47%
Undefined 4.52%
Key Figures & Statistics
S&P IM Fd FI EUR (NX) XEC3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
02/03/99
EUR 126.54
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.99
1.00
0.97
-2.020.50
-1.03
1.06
0.97
-1.350.44
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
6.91
2.40
2.00
7.55
2.23
2.44
6.53
2.98
1.48
7.62
2.95
1.86
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 520.27
Duration 4.58
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* -3.04 4.80 4.14 6.46 3.29 5.16Index - 6.64 6.12 8.53 6.77 7.55
Fund - 5.38 5.68 6.79 5.89 6.91
Sector* 1.82 4.02 5.16 15.64 26.228.62Index 2.40 5.30 7.55 24.63 41.0314.83Fund 2.16 5.12 6.91 20.89 34.6313.20
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Olivetti Finance 02/2012 7 1/4 % 3.544.04 20122 France Telecom 03/2013 7 1/4 % 3.474.01 2013
3 Citigroup 04/2019 4 3/4% (var) 3.32- 2019
4 Fortis Banque 01/2011 6 1/2% 2.624.38 20115 Suez Lyon. Eaux 99/2009 5 7/8% 2.533.35 2009
6 Rwe Finance 02/2012 6 1/8% 2.523.74 2012
7 Sanpaolo Imi 00/2010 (frn) 2.52- 2010
8 Telstra 01/2011 6 3/8% 2.273.61 20119 Deutsche Telecom 2001/2006 5 7/8% 2.212.70 2006
10 General Motors 03/2008 6% 2.194.65 2008
Name %Yield (%) Maturity
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
140
135
130
125
120
115
110
105
100
ING (L) Renta Fund Eurocredit Index
Sector*
* Standard & Poor's Fund Services
83
ING (L) Renta FundEuromix Bond
Bond Fund
LU0092532034CapitalisationP Shares
ISIN Code:INGEURA LX EquityBloomberg Code:LU0092532034.LUFReuters Code:94990Sicovam Code:988887Telekurs Code:
LU0113307382CapitalisationX Shares
INGEURX LX EquityLU0113307382.LUF949911102555
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to realise long-term capital growth ineuro terms by investing in a diversified portfolio of fixed incomesecurities and instruments denominated in European currencies(including euro). The average maturity normally fluctuates around 5and 7 years. The sub-fund's benchmark is the JP Morgan GovernmentBonds Europe.
Interest Rate Exposure
80%60%40%20%0%
>10y66.12%
7-10y 7.66%
5-7y 6.36%
3-5y 9.90%
1-3y10.08%
0-1y-0.12%
Rating Allocation
Aaa64.37%
Aa119.00%
Aa2 2.52%
A112.36%
A2 1.75%
Key Figures & Statistics
S&P IM Fd FI Europe (NX) XBF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
04/01/99
EUR 132.32
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.72
0.96
0.97
-1.550.61
-0.35
0.89
0.93
-1.710.67
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
6.33
2.32
1.82
7.57
2.51
2.17
5.39
3.31
0.99
6.41
3.39
1.26
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 264.97
Duration 5.86
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* -2.29 4.48 3.72 5.14 2.26 5.70Index -0.29 7.37 5.93 8.87 2.87 7.57
Fund -1.87 8.18 5.63 7.91 2.02 6.33
Sector* 2.11 4.55 5.70 13.64 23.158.09Index 2.50 5.07 7.57 20.48 37.0310.66Fund 2.45 4.47 6.33 17.06 33.758.48
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Germany 00/2031 5 1/2 % 10.294.23 20312 Bundes Repub Deutschland 03/34 4 7.754.25 2034
3 Belgium Olo 97/2008 5 3/4% 7.582.75 2008
4 Depfa 98/2005 5% 6.032.08 20055 Uk Treasury 93/2006 7 3/4% 5.574.36 2006
6 Finland 96/2006 7 1/4% 5.282.39 2006
7 Austria 98/2008 5% 4.712.71 2008
8 Belgium Olo 00/2010 5 3/4% 4.333.17 20109 Netherlands 02/2012 5 % 4.243.42 2012
10 Belgium Olo 02/2012 5 % 4.003.45 2012
Name %Yield (%) Maturity
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
135
130
125
120
115
110
105
100
ING (L) Renta Fund Euromix Bond Index
Sector*
* Standard & Poor's Fund Services
84
ING (L) Renta FundGlobal High Yield
Bond Fund
LU0128047684CapitalisationP Shares
ISIN Code:INGRGHP LX EquityBloomberg Code:LU0128047684.LUFReuters Code:-Sicovam Code:1226433Telekurs Code:
LU0128047924CapitalisationX Shares
INGRGHC LX EquityLU0128047924.LUF-1226456
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund is managed on a total return basis. The approachcombines intensive, fundamental credit analysis on individual issuerscoupled with Macro-views on geography, credit quality (BB vs. B vs.CC), and industry sectors to determine overall portfolio positioning.The benchmark is composed by 70% of Lehman Brother's US HighYield Index and 30% of Lehman Brother's Pan-European High YieldIndex.
Rating Allocation
B63.51%
BB19.87%
CC 0.18%
CCC15.49%
Not Rated 0.68%
OTR 0.27%
Key Figures & Statistics
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
21/05/01
EUR 307.45
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
1.22
0.58
0.85
-0.934.17
-1.88
1.01
0.97
-2.970.60
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
10.34
3.71
2.22
12.35
3.63
2.82
8.91
5.39
1.26
13.42
8.64
1.31
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 298.24
Duration 4.03
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - - - - - -Index - -9.07 1.04 -0.10 29.99 12.35
Fund - - - -0.53 17.68 10.34
Sector* - - - - --Index 4.48 9.39 12.35 45.90 34.0446.05Fund 3.77 8.54 10.34 29.17 -29.85
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Lighthouse 04/2014 8% 1.537.49 20142 Tvn Entertainment 03/2013 9 1/2% 1.28- 2013
3 Dow Jones Cdx Hy 04/2009 7 3/4% 1.27- 2009
4 Ashtead Holding 04/2014 12% 1.21- 20145 Cirsa Finance Lux 04/2014 8 3/4% 1.12- 2014
6 Gildemeister 04/2011 9 3/4% 1.108.01 2011
7 It Holding Finance 04/2012 9 7/8% 1.019.98 2012
8 Allied Waste North Amer. 01/2008 8 1/2 0.996.72 20089 Tele Colombus 04/2010 (frn) 0.91- 2010
10 Nalco Company 04/2011 7 3/4% 0.906.00 2011
Name %Yield (%) Maturity
05/01 09/01 01/02 05/02 09/02 01/03 05/03 09/03 01/04 05/04 09/04
1351301251201151101051009590
ING (L) Renta Fund Global High Yield Index
* Standard & Poor's Fund Services
85
ING (L) Renta FundInternational
Bond Fund
LU0119223252CapitalisationP Shares
ISIN Code:INGRINP LX EquityBloomberg Code:LU0119223252.LUFReuters Code:94739Sicovam Code:1172845Telekurs Code:
LU0121215809CapitalisationX Shares
INGRINT LX EquityLU0121215809.LUF947991173643
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to achieve long-term capital growthby investing in a diversified portfolio of fixed income securitiesdenominated in the currencies of the world's largest developedeconomies, with overweight in the Euro zone. Investments areconcentrated on issuers such as governments; supra-nationals andinvestment grade credits. The sub-fund's benchmark is a a combinationof Lehman Brothers Global Aggregate Index (50%) and LehmanBrothers Euro Aggregate Index (50%).The sub-fund does not hedge the currency risk.
Interest Rate Exposure
70%60%50%40%30%20%10%0%
>10y59.03%
7-10y 6.43%
5-7y12.78%
3-5y14.40%
1-3y 6.58%
0-1y 0.78%
Currency Allocation
EUR67.54%
USD10.44%
JPY10.24%
CAD 4.84%
GBP 3.85%
OTR 3.08%
Key Figures & Statistics
S&P IM Fd FI Global EUR Based (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
01/03/66
EUR 167.96
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-1.49
0.92
0.93
-2.160.77
-1.38
0.97
0.95
-2.490.60
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
2.80
2.80
0.24
4.36
2.82
0.80
0.74
2.76
-0.50
2.45
2.88
0.11
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 575.60
Duration 5.01
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - 6.84 3.55 1.81 -0.36 2.63Index 5.83 9.17 5.33 4.07 -1.00 4.36
Fund 6.93 5.74 5.87 1.02 -1.55 2.80
Sector* 0.13 1.68 2.63 4.10 15.172.26Index 0.04 1.99 4.36 7.52 23.643.32Fund 0.11 1.35 2.80 2.24 14.461.21
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Bundes Repub Deutschland 03/34 4 7.334.25 20342 Germany 00/2010 5 1/4 % 5.363.12 2010
3 Belgium Olo 03/2013 4 1/4% 4.173.56 2013
4 France Oat 92/2023 8 1/2 % 3.954.01 20235 Btps 01/2007 4 1/2% 3.472.57 2007
6 Italy 97/2007 5 7/8% 2.922.70 2007
7 Deutschland 04/2014 4 1/4% 2.913.60 2014
8 Freddie Mac 04/2009 3 3/4% 2.723.11 20099 Hellenic Railway 98/2008 6 1/4 % 2.553.03 2008
10 Fannie Mae 03/2008 2 1/2% 2.473.70 2008
Name %Yield (%) Maturity
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
122120118116114112110108106104102100
ING (L) Renta Fund International Index
Sector*
* Standard & Poor's Fund Services
86
ING (L) Renta FundWorld
Bond Fund
LU0119223682CapitalisationP Shares
ISIN Code:INGRWLP LX EquityBloomberg Code:LU0119223682.LUFReuters Code:94740Sicovam Code:1173232Telekurs Code:
LU0121215551CapitalisationX Shares
INGRWLD LX EquityLU0121215551.LUF948021174027
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / EUR
Fund Breakdown
Investment Objective and Policy
The sub-fund aims at achieving yield via diversification ininternational bonds denominated in various currencies. The aim is tooffer broad monetary diversification on a global scale. Theseinvestments may also be made in emerging markets. The sub-fundinvests mainly in first class issuers such as governments,multinationals, supranationals or prime private sector issuers. The sub-fund's benchmark is the Lehman Brothers Global Aggregate Index.The sub-fund does not hedge the currency risk.
Interest Rate Exposure
30%25%20%15%10%5%0%
>10y26.97%
7-10y11.69%
5-7y17.08%
3-5y17.38%
1-3y16.28%
0-1y10.59%
Rating Allocation
A 5.93%
A+ 4.14%
A-11.49%
AA 9.89%
AA+ 0.09%
AA- 5.65%
AAA54.61%
BBB 2.45%
BBB+ 3.95%
BBB- 1.79%
Key Figures & Statistics
S&P IM Fd FI Global EUR Based (NX) XLF3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
20/02/89
EUR 562.13
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-3.11
0.95
0.89
-1.991.51
-1.71
1.06
0.95
-1.511.08
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
-0.25
4.62
-0.51
1.40
4.23
-0.17
-5.04
4.64
-1.54
-2.08
4.59
-0.91
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): EUR 108.90
Duration 4.71
Calendar Year Performance in EUR
Cumulative Performance in EUR
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* - 6.84 3.55 1.81 -0.36 2.63Index 5.32 3.08 5.01 -1.14 -6.34 1.40
Fund 4.34 5.97 4.23 -7.32 -7.38 -0.25
Sector* 0.13 1.68 2.63 4.10 15.172.26Index -2.48 -1.25 1.40 -6.11 1.63-5.03Fund -2.40 -1.82 -0.25 -14.38 -5.43-7.61
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Germany 00/2031 5 1/2 % 8.184.23 20312 Japan Govt 02/2007 0 1/2% 5.480.16 2007
3 Poland 02/2007 8 1/2 % 4.046.08 2007
4 Japan 99/2009 1 1/2 % 3.840.45 20095 Usa T.bonds 93/2023 6 1/4% 3.534.92 2023
6 Netherlands 00/2010 5 1/2 % 3.443.14 2004
7 Usa T.bonds 01/2031 5 3/8% 3.134.89 1931
8 Netherlands 01/2011 5% 3.103.29 20119 Netherland 04/2014 3 3/4% 2.953.63 2014
10 Hungary 04/2007 9 1/4% 2.648.05
Name %Yield (%) Maturity
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
1141121101081061041021009896
ING (L) Renta Fund World Index
Sector*
* Standard & Poor's Fund Services
87
ING (L) Renta FundYen
Bond Fund
LU0119224144CapitalisationP Shares
ISIN Code:BYK3315 LX EquityBloomberg Code:LU0119224144.LUFReuters Code:94735Sicovam Code:1172891Telekurs Code:
LU0121216286CapitalisationX Shares
INGRYEN LX EquityLU0121216286.LUF947871173702
Performance as at 31/12/04 Legal Disclaimer
This document serves information purposes only and does notconstitute an offer or a solicitation to buy or to sell any investmentreferred to in this document. Investors should base their investmentdecisions to subscribe for shares on the contents of the most recentprospectus, annual report and semi-annual report (if available) whichcontain further information about the shares and the funds.
P Shares Capitalisation / JPY
Fund Breakdown
Investment Objective and Policy
The objective of the sub-fund is to achieve long-term capital growth inJapanese Yen terms by investing in a diversified portfolio of JapaneseYen denominated bonds. This will be achieved by duration-and-curveposition. Yield enhancement is achieved by selection on grade credit.The sub-fund's benchmark is the JPM Japan Bond Index.The sub-fund does not hedge the currency risk.
Interest Rate Exposure
35%30%25%20%15%10%5%0%
>10y24.98%
7-10y33.01%
5-7y14.59%
3-5y18.46%
1-3y 8.96%
0-1y 0.01%
Rating Allocation
Aaa 1.97%
Aa2 0.66%
A297.37%
Key Figures & Statistics
S&P IM Fd FI JPY (NX) JPY3 months JPY Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Launch date:
Latest Month's End NAV:
1 Year 3 Years
20/02/89
JPY 77,634
Annual Alpha (%)
Beta
R-Squared
Annual Information RatioAnnual Tracking Error (%)
-0.41
0.89
0.82
-0.580.79
-0.90
0.91
0.99
-3.600.28
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
0.26
1.97
-0.94
1.29
2.16
-0.39
-0.05
1.79
-1.21
0.41
1.83
-0.93
Fund Bench. Fund Bench.
Total Net Assets of the Fund (Mln): JPY 5,963.41
Duration 6
Calendar Year Performance in JPY
Cumulative Performance in JPY
1999 2000 2001 2002 2003 2004 YTD
3 Months 6 Months 1 Year 3 Years 5 Years2 Years
Sector* 2.72 0.14 1.18 0.37 -0.70 -0.14Index 5.01 2.27 3.74 0.61 -0.65 1.29
Fund 7.90 2.99 3.42 1.04 -1.42 0.26
Sector* -0.11 1.07 -0.14 -0.48 0.83-0.84Index 0.53 2.31 1.29 1.24 7.420.63Fund 0.43 1.72 0.26 -0.14 6.35-1.17
All data as at 31/12/04 and concern P Shares Capitalisation
Ind
exed
Per
form
ance
Top 10 Bonds
1 Japan Govt -19 02/2007 0 1/2% 22.560.12 20072 Japan 04/2014 1 1/2% 16.891.29 2014
3 Japan 03/2008 0.30% 16.540.32 2008
4 Japan 00/2010 1.80 % 14.650.61 20105 Japan 03/2008 0 1/2 % 12.790.32 2008
6 Japan 02/2022 1.90 % 7.511.88 2022
7 Japan 02/2012 0.80 % 5.701.12 2012
8 Japan 03/2023 1.8% 1.701.98 20239 Toyota Motor Credit 01/2008 0 3/4% 0.680.32 2008
10 Italy 96/2008 3 8/10% 0.670.25 2008
Name %Yield (%) Maturity
11/99 05/00 11/00 05/01 11/01 05/02 11/02 05/03 11/03 05/04 11/04
109108107106105104103102101100
ING (L) Renta Fund Yen Index
Sector*
* Standard & Poor's Fund Services
GLOSSARY
Alpha (annualised)The Alpha of a fund measures its performance when the performance of its benchmark is zero. It is indicative of the ability of the fund manager tooutperform the fund's benchmark, taking the market risk into account. The more positive the better.
BenchmarkThe benchmark of a fund is its main investment yardstick. It is mostly a well-known market index, a combination of indexes or an in-house index, ifno appropriate index is available. Comparing the performance and the risk indicators of a fund relative to its benchmark offers a way to assess thequality of the fund management.
BetaThe Beta of a fund indicates its sensitivity to fluctuations of the benchmark. A Beta higher than 1 (lower than 1) indicates that the fund tends to gain(lose) x% percent when the benchmark gains (loses) 1%. Hence, the Beta is a measure of risk: a figure far above 1 reflects a strong sensitivity to mar-ket fluctuations.
DurationThe duration of a bond portfolio can be defined as the average life of the bonds in the portfolio weighted by the present value of all future cash flowsfrom the bonds. The longer the duration, the stronger the sensitivity of the portfolio to interest rate changes. Here, the displayed duration is in fact theModified Duration, i.e. the duration divided by the bond yield.
Information ratio (annualised)The information ratio measures the average excess performance (relative to the benchmark) of a fund adjusted for relative risk. In technical terms, itis the ratio of the average excess performance over the tracking error.
Micropal AverageThe Micropal Average measures the average performance of all funds registered for sale in the fund category defined by Micropal. Comparing a fund to itsMicropal average enables investors to identify the funds outscoring or underscoring the average performance of all funds present in this category.
Standard & Poor’s RankingThe Standard & Poor's Micropal Ranking is calculated using a fund's monthly performance relative to its sector average for each of the 36 months overthe 3 years to date. The average and volatility of these 36 numbers are used to calculate a fund's star ranking. 5 stars mean top 10%, 4 stars meantop 11-30%, 3 stars mean top 31-50%, 2 stars mean Next 25% and 1 star means bottom 25%.
Morning Star RankingThe Morningstar Ratings is an objective measure for how well a fund has performed on a risk-adjusted base compared to other funds with a similarinvestment objective. To begin the calculation process we divide mutual funds into categories. For each and every fund we calculate a score based onreturn (after loads) versus risk. Only funds with at least three years of performance history are given ratings. The Star Rating is best used as a startingpoint in the fund selection process. Funds with 4- and 5 star ratings have provided their investors with solid, risk-adjusted returns in the past.
Performance (annualised)The performance of a fund (also known as return) shows the percentage change of the net asset value of the fund between two dates. The perform-ance is an important indicator of quality of the fund management, but by no means the only one. Its major drawback lies in the fact that it does nottake risk into account.
R-SquaredR-Squared measures the degree of correlation between a fund and its benchmark. It calculates the proportion of the fluctuations of the net asset value ofthe fund that can be attributed to fluctuations of the benchmark. A value of 1 means that the fund is perfectly correlated with the benchmark.
Sharpe Ratio (annualised)The Sharpe Ratio of a fund is a measure of risk-adjusted performance, as it can be defined as the ratio of average excess return over the volatility ofthe return series. The higher this ratio, the better the risk adjusted performance. It is an absolute performance indicator, implying that it does not requirethe definition of a benchmark.
Tracking Error (annualised)The Tracking Error is a measure of relative risk. It calculates the standard deviation of the relative performance, i.e. the ratio between the performanceof the fund and the performance of its benchmark. In other words, the tracking error shows to what extent the fund is actively managed.
Volatility (annualised)The (annual) volatility of a fund is the most common measure of its risk. It measures the annual standard deviation of the successive returns of thisfund. A high volatility indicates a high risk.
YieldThe yield of a fixed income asset shows the annual cash flows from this asset as a percentage of the market price. For bond funds, the yield is usually calculated as the average duration-weighted yield, in order to take into account the differences in duration of each individual bond.
90
Fund Name Page
Table of Contents
Fund Focus
CcyFund Size
(mln)Countries of Registration
World
Core
Equity Funds
EUR
AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE, 20ING (L) Invest World 124.95
EUR AT, BE, CH, DE, ES, FI, FR, GR, IT, LU, MC, NL, NO, SE 21ING (L) Invest Global Brands 53.70
EuropeEUR AT, BE, CH, CZ, DE, ES, FI, FR,GR, HK, IT, LU, NL, MC, NO, SE 22ING (L) Invest EMU Equity 381.48
EUR AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, IT, LU, NL, MC, NO, SE, SK 23ING (L) Invest European Equity 416.61
EUR AT, BE, CH, DE, ES, FI, FR, GR, IT, LU, NL, NO, SE 24ING (L) Invest European Sector Allocation 192.14
EUR AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, HK, IT, LU, NL, MC, NO, SE 25ING (L) Invest European Small Caps 27.33
United StatesUSD AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE 26ING (L) Invest Nasdaq 68.55
USD AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE 27ING (L) Invest US (Enhanced Core Concentrated) 318.99
JapanJPY AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE 28ING (L) Invest Japan 17,008.78
JPY AT, BE, CH, DE, ES, FI, FR, GR, IT, LU, NL, NO, SE 29ING (L) Invest Japanese Small & Mid Caps 2,109.05
EmergingEUR AT, BE, CH, DE, ES, FI, FR,GR, HK, IT, LU, NL, MC, NO, SE 30ING (L) Invest Emerging Europe 75.95
USD AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, IT, LU, NL, NO, SE 31ING (L) Invest Emerging Markets 108.10
USD AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, NL, NO, SE 32ING (L) Invest Latin America 95.04
USD AT, BE, CH, CL, DE, ES, FI, FR, GR, IT, LU, MC, NL, NO, SE 33ING (L) Invest New Asia 267.29
AsiaUSD AT, BE, CH, DE, ES, FI, FR, GR, IT, LU, MC, NL, NO, SE 34ING (L) Invest Greater China 102.15
World
Sector
USD
AT, BE, CH, ES, DE, FI, FR, GR, HK, IT, LU, NL, MC, NO,SE 35ING (L) Invest Banking & Insurance 151.23
USD AT, BE, CH, CZ, DE, ES, FI, FR, GR, HK, IT, LU, NL, MC, NO, SE 36ING (L) Invest Biotechnology 100.11
USD AT, BE, CH, DE, ES, FI, FR, HK, IT, LU, NL, NO, SE 37ING (L) Invest Computer Technologies 121.34
USD AT,BE,CH,DE, ES, FI, FR,GR, HK, IT, LU, NL, FR, MC,NO, SE 38ING (L) Invest Consumer Goods 91.69
USD AT, BE, CH, DE, ES, FI, FR,GR, HK, IT, LU, NL, MC, NO, SE 39ING (L) Invest Energy 113.48
USD AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, NL, MC, NO, SE 40ING (L) Invest Food & Beverages 78.44
USD AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE 41ING (L) Invest Health Care 169.74
EUR AT, BE, CH, DE, ES, FR, GR, IT, LU, NL, 42ING (L) Invest Industrials 67.97
USD AT, BE, CH, CZ, DE, ES, FI, FR, GR, HK, IT, LU, NL, NO, SE 43ING (L) Invest IT 40.17
USD AT, BE, CH, CZ, DE, ES, FI, FR, HK, IT, LU, NL, MC, NO, SE 44ING (L) Invest Materials 75.38
USD AT, BE, CH, DE, ES, FI, FR, IT, LU, MC, NL, NO, SE 45ING (L) Invest Telecom 107.85
USD AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE 46ING (L) Invest Utilities 68.99
EuropeEUR AT, BE, CH, DE, ES, FI, FR, IT, LU, NL, NO, SE 47ING (L) Invest European Banking & Insurance 127.87
EUR AT, BE, CH, DE, ES, FI, FR, IT, LU, NL, NO, SE 48ING (L) Invest European Consumer Goods 32.77
EUR AT, BE, CH, DE, ES, FI, FR, IT, LU, NL, NO, SE 49ING (L) Invest European Food & Beverages 63.91
EUR AT, BE, CH, DE, ES, FI, FR, IT, LU, NL, NO, SE 50ING (L) Invest European Health Care 149.28
EUR AT, BE, CH, DE, ES, FI, FR, IT, LU, NL, NO, SE 51ING (L) Invest European IT 10.11
EUR BE , DE, ES, IT, LU, NL, SE 52ING (L) Invest European Materials 22.95
EUR AT, BE, CH, DE, ES, FI, FR, GR, IT, LU, NL, NO, SE 53ING (L) Invest European Real Estate 42.13
EUR AT, BE, CH, DE, ES, FI, FR, IT, LU, NL, NO, SE 54ING (L) Invest European Telecom 109.62
Theme
EUR
AT, BE, CH, DE, ES, FI, FR, IT, LU, NL, NO, SE 55ING (L) Invest European New Offerings 31.20
EUR AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE 56ING (L) Invest New Technology Leaders 58.63
EUR AT, BE, CH, DE, ES, FI, FR, HK, IT, LU, MC, NL, NO, SE 57ING (L) Invest Prestige & Luxe 44.61
Socially Responsible Investments
EUR
AT, BE, CH, DE, ES, FR, FI, GR, HK, IT, LU, MC, NL, NO, SE 58ING (L) Invest Sustainable Growth 30.42
Style - Value Funds
EUR
AT, BE, CH, DE, ES, FR, FI, GR, LU, NL, NO, IT, PE, SE 59ING (L) Invest Euro High Dividend 1,826.04
91
Fund Name PageCcyFund Size
(mln)Countries of Registration
EUR AT, BE, CH, CZ, DE, ES, FR, GR, HK, IT, LU, MC, NL 60ING (L) Invest Global High Dividend 277.47
EUR LU, NL 61ING (L) Invest Europe Growth Fund 0.51
EUR LU 62ING (L) Invest Europe High Dividend 13.56
Balanced Funds
EUR
BE, CH, CL, ES, FR, GR, IT, LU, NL, SE 63ING (L) Patrimonial Aggressive 81.25
EUR BE, CH, CL, ES, FR, GR, IT, LU, NL, SE 64ING (L) Patrimonial Balanced 852.00
EUR BE, CH, CL, ES, FR, GR, IT, LU, NL, SE 65ING (L) Patrimonial Defensive 162.97
EUR BE, CH, CL, ES, FR, GR, IT, LU, NL, SE 66ING (L) Patrimonial Euro 635.07
Capital Preservation Funds
EUR
AT, BE, DE, ES, LU, NL, SE 67ING Index Linked Fund Continuous Click Fund Euro 83.10
EUR DE, IT, LU 68ING Index Linked Fund Continuous Click Fund Euro II 12.03
EUR AT, BE, CZ, DE, ES, IT, LU 69ING Index Linked Fund Continuous Click Eurotop 100 41.75
EUR DE, ES, IT, LU, NL, SE 70ING Index Linked Fund Continuous Click Fund Japan 22.23
EUR AT, DE, ES, FR, GR, IT, LU, NL, SE 71ING Index Linked Fund Continuous Click Fund US (EUR) 19.96
USD AT, CZ, DE, ES, FR, IT, LU, NL, SE 72ING Index Linked Fund Continuous Click Fund US (USD) 5.04
EUR AT, BE, CH, DE, ES, FR, GR, IT, LU, NL 73ING Index Linked Fund Protected Mix 70 62.85
EUR AT, BE, CH, DE, ES, FR, GR, IT, LU, NL 74ING Index Linked Fund Protected Mix 80 53.66
EUR AT, BE, CH, DE, ES, FR, GR, IT, LU, NL 75ING Index Linked Fund Protected Mix 90 67.01
Bond Funds
USD
AT, BE, CH, DE, ES, FR, GR, HK, IT, LU, MC, NL, SE 76ING (L) Renta Fund Asian Debt 13.10
USD AT, BE, CH, CL, CZ, CH, DE, DK, ES, FR, GR, HK, IT, LU, MC, NL, PE, 77ING (L) Renta Fund Corporate USD 91.40
USD AT, BE, CL, CH, CZ, DE, ES, FR, GR, HK, IT, LU, MC, NL, PE, SE, SK 78ING (L) Renta Fund Dollar 139.60
EUR AT, BE, CH, DE, ES, HK, IT, LU, MC, NL 79ING (L) Renta Fund EMD Hard Currency 290.09
USD AT, CH, CL, DE, ES, FR, HK, IT, LU, MC, NL, SE 80ING (L) Renta Fund EMD Local Currency 152.89
EUR AT, BE, CH, CL, CZ, DE, ES, FR, HK, IT, LU, NL, PE, SE 81ING (L) Renta Fund Euro 1,110.43
EUR AT, BE, CH, CL, DE, ES, FR, GR, HK, IT, LU, MC, NL, PE, SE, SK 82ING (L) Renta Fund Eurocredit 520.27
EUR AT, BE, CH, CL, CZ, DE, ES, FR, GR, HK, IT, LU, MC, NL,PE, SE 83ING (L) Renta Fund Euromix Bond 264.97
EUR AT, BE, CH, CL, CZ, DE, ES, FR, GR, IT, LU, NL, SE 84ING (L) Renta Fund Global High Yield 298.24
EUR AT, BE, CH, DE, ES, FR, GR, IT, LU, NL, SE 85ING (L) Renta Fund International 575.60
EUR AT, BE, CH, CZ, DE, ES, FR, HK, IT, LU, MC, NL, SE 86ING (L) Renta Fund World 108.90
JPY AT, BE, CH, DE, ES, FR, HK, IT, LU, MC, NL, SE 87ING (L) Renta Fund Yen 5,963.41
Glossary
Fund Overview
AT: only X Shares except for ING Index Linked Funds (P Shares) / BE: only P Shares / CH: Only P Shares (+ I Shares for ING (L) Invest Renta Fund Eurocredit)/ CL: only X Shares except for ING Index Linked Funds (P Shares) / CZ: only P Shares / DE: only X Shares except for ING Index Linked Funds (P Shares) / ES:P and X Shares / FI: only P Shares / FR: P, X and I Shares / GR: only X Shares except for ING Index Linked Funds (P Shares) / HK: only X Shares except forING Index Linked Funds (P Shares) / IT: only X Shares except for ING Index Linked Funds (P Shares) / LU: P, X and I Shares / NL: only P Shares / NO: only XShares except for ING Index Linked Funds (P Shares) /PE: Only X Shares /SE: only X Shares except for ING Index Linked Funds (P Shares).
N.B.: - ING Index Linked Funds only available as P Shares- I Shares only available for ING (L) Invest Emerging Markets, Emerging Europe, EMU Equity and ING (L) Renta Fund Eurocredit
Publisher:Alexandre DeveenAvenue Marnix 241000 Brussels - Belgium
Editor-in-Chief:Fabrizio Carisie-mail address: [email protected]
Mutual Funds BrusselsAlexandre Deveen
Tel: +32 2 547 2063Fax: +32 2 547 2369e-mail: [email protected]
Asia PacificChuak Chan, Rizal Wijono
Tel: +852 2846 3935Fax: +852 2179 5703e-mail: [email protected]
FranceFabien Madar
Tel.: +33 1 56 39 44 98Fax: +33 1 56 39 48 76e-mail: [email protected]
GermanyMartin Nijkamp
Tel: +31 70 378 1107Fax: +31 70 378 1890e-mail: [email protected]
ItalyMarco Grassi, Luca Tenani
Tel: +39 02 476 22 081/071Fax: +39 02 476 22 874e-mail: [email protected]/[email protected]
SpainJaime Rodriguez, Ana Gasca
Tel: +34 91 598 01 21Fax: +34 91 598 01 27e-mail: [email protected]
SwitzerlandJean-Claude Birchler
Tel: +41 22 787 15 25Fax: +41 22 736 54 43e-mail: [email protected]
BelgiumWim De Wolf
Tel: +32 2 547 33 16Fax: +32 2 547 20 75e-mail: [email protected]
LuxembourgPhilippe Moriau, Philippe Goettmann
Tel: +352 40 65 40 56 55 Fax: + 352 40 65 40 82 80e-mail: [email protected]: [email protected]
BrazilWalter Brasil
Tel: +55 11 3779 4846Fax: +55 11 3758 8566e-mail: [email protected]
MexicoEric Anderson
Tel: + 52 55 9177 1010Fax: + 52 55 9177 1012e-mail: [email protected]
GreecePanos Tsokos
Tel: +30 210 3288691Fax: +30 210 3335960e-mail: [email protected]
HungaryZsolt Kovács
Tel: +36 1 266 0328Fax: +36 1 266 0325e-mail: [email protected]
Czech RepublicHenk de Bruijne, Jan Kabelka
Tel: +420 2 510 91 713Fax: +420 2 510 91 730e-mail: [email protected]
PolandMiroslaw Panek/Sebastian Buczek
Tel: +48 22 820 5111Fax: +48 22 820 5101e-mail: [email protected]
Denmark/Norway/Sweden/FinlandRick van de Kamp /Joost Wijstma
Tel: +31 70 378 1063/+31 70 378 1759Fax: +31 70 378 1890e-mail: [email protected]/[email protected]
AustriaSimona Merzagora
Tel: +39 02 4762 2991Fax: +39 02 4762 2874e-mail: [email protected]
Other CountriesFundinfo
e-mail: [email protected]
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intern_catalogus_Mutual-COVER_2005 13-01-2005 10:25 Pagina 2