ing (l) invest · ing (l) invest annual report and audited financial statements for the year ended...

for the year ended September 30, 2008LUXEMBOURG

Annual report and audited financial statements

Société d'Investissement à Capital Variable

ING (L) INVEST

ING (L) INVESTAnnual report and audited financial statementsfor the year ended September 30, 2008

ING INVESTMENT MANAGEMENT

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For additional information please contact:

ING Investment Management BelgiumFundinfo Helpdesk (MA 2.01.02)Avenue Marnix 24B-1000 BrusselsTel. +32 2 547 87 88e-mail: [email protected] www.ingim.com

ING (L) INVEST Annual report and audited financial statementsfor the year ended September 30, 2008

ING INVESTMENT MANAGEMENT


No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the currentprospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

The prospectus, the statutes, the annual and semi-annual reports are made available to the shareholders at the custodian bank and at the Company'sregistered office as well as at the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who sorequests.

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

Warning

1ING INVESTMENT MANAGEMENT



Table of contents Page

Organisation 12

Management's report 15

Independent auditor's report 18

Combined statements

Combined statement of net assets as at 30/09/2008 20

Combined statement of operations and changes in net assets for the year ended 30/09/2008 20

ING (L) Invest - Africa & Middle East

Statistics 21

Financial statements 22

Statement of net assets as at 30/09/2008 22

Statement of operations and changes in net assets for the period from 01/04/2008 to30/09/2008

22

Securities portfolio as at 30/09/2008 23

ING (L) Invest - Alternative Beta

Statistics 24




25


Financial derivative instruments as at 30/09/2008 26

ING (L) Invest - Asia Pacific High Dividend

Statistics 27



Statement of operations and changes in net assets for the year ended 30/09/2008 28



ING (L) Invest - Balkan

Statistics 31




32


2 ING INVESTMENT MANAGEMENT





ING (L) Invest - Banking & Insurance

Statistics 35





ING (L) Invest - Biotechnology

Statistics 39





ING (L) Invest - China Access

Statistics 42




43


ING (L) Invest - Climate Focus

Statistics 45






ING (L) Invest - Computer Technologies

Statistics 49










ING (L) Invest - Consumer Goods

Statistics 53





ING (L) Invest - Dutch Equity

Statistics 56






ING (L) Invest - Emerging Europe

Statistics 59






ING (L) Invest - Emerging Markets

Statistics 62





ING (L) Invest - EMU Equity

Statistics 66





ING (L) Invest - Energy

Statistics 69









ING (L) Invest - Euro High Dividend

Statistics 72





ING (L) Invest - Euro Income

Statistics 75






ING (L) Invest - Europe Growth Fund

Statistics 79





ING (L) Invest - Europe High Dividend

Statistics 83





ING (L) Invest - Europe Opportunities

Statistics 87









ING (L) Invest - European Banking & Insurance

Statistics 90





ING (L) Invest - European Consumer Goods

Statistics 93





ING (L) Invest - European Equity

Statistics 96





ING (L) Invest - European Food & Beverages

Statistics 100





ING (L) Invest - European Health Care

Statistics 103






ING (L) Invest - European IT

Statistics 107









ING (L) Invest - European Materials

Statistics 110





ING (L) Invest - European New Offerings

Statistics 113






ING (L) Invest - European Real Estate

Statistics 117





ING (L) Invest - European Sector Allocation

Statistics 120





ING (L) Invest - European Small Caps

Statistics 123









ING (L) Invest - European Telecom

Statistics 126





ING (L) Invest - Food & Beverages

Statistics 129






ING (L) Invest - Global Brands

Statistics 132





ING (L) Invest - Global Growth

Statistics 135





ING (L) Invest - Global High Dividend

Statistics 139





ING (L) Invest - Global Real Estate

Statistics 144









ING (L) Invest - Greater China

Statistics 148






ING (L) Invest - Health Care

Statistics 151





ING (L) Invest - India Focus

Statistics 155




156



ING (L) Invest - Industrials

Statistics 158





ING (L) Invest - Japan

Statistics 161










ING (L) Invest - Japanese Small & Mid Caps

Statistics 164






ING (L) Invest - Latin America

Statistics 168






ING (L) Invest - Materials

Statistics 172





ING (L) Invest - New Asia

Statistics 175






ING (L) Invest - New Technology Leaders

Statistics 179









ING (L) Invest - Prestige & Luxe

Statistics 182





ING (L) Invest - Sustainable Growth

Statistics 185





ING (L) Invest - Telecom

Statistics 189





ING (L) Invest - US (Enhanced Core Concentrated)

Statistics 193






ING (L) Invest - US Growth

Statistics 197









ING (L) Invest - US High Dividend

Statistics 200





ING (L) Invest - US Opportunistic Equity

Statistics 204





ING (L) Invest - Utilities

Statistics 207





ING (L) Invest - World

Statistics 210





Notes to the financial statements 214




Organisation

Registered Office 52, route d'Esch, L-1470 Luxembourg

Board of Directors

Chairman Alexandre Deveen,Managing Director, Mutual Funds Brussels,ING Investment Management Belgium

Directors Christian Bellin, Managing Director,ING Investment Management Belgium

Odilon de Groote,Companies Director

Philippe Gusbin,Senior General Manager Ops & IT,ING Luxembourg

Bruno Springael,Managing Director,ING Investment Management Belgium

Paul Suttor,Senior Manager,Head of Fund Administration, ING Luxembourg

Management Company ING Investment Management Luxembourg S.A.,52, route d’Esch, Luxembourg

Investment Managers ING Investment Management Luxembourg S.A.,52, route d’Esch, Luxembourg

delegated to

ING Investment Management Belgium,24, avenue Marnix/Marnixlaan, Brussels

ING Clarion Real Estate Securities L.P.,259, North Radnor Chester Road, Radnor

ING Asset Management B.V.,15, Prinses Beatrixlaan, The Hague

ING Investment Management Co.,230, Park Avenue, New York




Organisation

ING Investment Management Asia Pacific (Hong Kong) Ltd.,39/F One International Finance Center,1 Harbour View Street, Central, Hong Kong

ING Mutual Funds Management Company (Japan) Ltd., 4-1 Kioicho, Chiyoda-Ku, Tokyo

ING Mutual Funds Management Company S.A.,38, Vassileos Konstantinou Avenue, Athens

ING Investment Management Asia Pacific (Singapore) Ltd.,9, raffles Place #23-08 Republic Plaza, Singapore

Administration Agent, ING Investment Management Luxembourg S.A.,Registrar and Transfer Agent 52, route d’Esch, Luxembourg

delegated to

ING Luxembourg,52, route d’Esch, Luxembourg

Custodian ING Luxembourg,52, route d’Esch, Luxembourg

Securities Lending Agent Goldman Sachs Europe,Peterborough Court,133 Fleet Street, London

Independent Auditors Ernst & Young S.A.,7, Parc d’Activité Syrdall, Munsbach

Financial Servicing

Austria ING Bank N.V.-Vienna branch (*),Ungargasse 64-66/305, Wien

Belgium ING Belgium,24, avenue Marnix/Marnixlaan, Brussels

Czech Republic ING N.V.,Organizaèni složka, Nádražni 344/25, Praha

Finland Danske Capital Finland Oy,Aleksanterinkatu, 44, 7 krs, Helsinki

France CACEIS Bank,1/3, Place Valhubert, Paris

Germany BHF-Bank,Bockenheimer Landstraße 10, Frankfurt am Main

(*) The sub-funds ING (L) Invest - China Access, ING (L) Invest - Euro Income, ING (L) Invest - European Materials, ING (L) Invest - India Focus, ING (L) Invest - US Growth are not registered in Austria.




Organisation

Greece ING Mutual Funds Management Company S.A.,38, Vasillos Konstantinou Ave, Athens

Hong Kong ING Investment Management Asia Pacific (Hong Kong) Ltd.,39/F One International Finance Centre,1 Harbour View Street, Central, Hong Kong

Hungary ING Bank Rt.,Dózsa György út 84/B, Budapest

Italy INGIM Italy Sim, Via Paleocapa 5, Milano

Luxembourg ING Luxembourg, 52, route d'Esch, Luxembourg

Norway ING Bank Norway,Statminister Michelsenvei 36, Paradis, Bergen

Singapore ING Investment Management Asia Pacific (Singapore) Ltd.,9, raffles Place #23-08 Republic Plaza, Singapore

Slovakia ING Bank N.V.,Póboèka zahraniènej banky, Jesenskeho 4/C, Bratislava

Spain and Portugal ING Belgium S.A., Sucursal en España (ING Investment Management),Génova, 27 - 3a Planta - Madrid

Switzerland ING Bank (Suisse) S.A.,30, avenue de Frontenex, Geneva

Taiwan ING Securities Investment Management Taiwan Limited,30F NO7 SEC 5, Xinyi Road, Taipei

The Netherlands ING Bank N.V., Amstelveensesteenweg 500, Amsterdam




Management's report

Economic context

During the last quarter of 2007, investors were primarily concerned with the US housing market and the impact of declining houseprices on the financial sector. Credit spreads continued to widen, and as a consequence, lending again became much more expensive.Markets were exceptionally volatile due to the huge uncertainties. On balance, global equities lost approximately 5% this quarter,while the spreads on higher yielding fixed income widened. Government bond yields declined, particularly in the US.

Considering the huge uncertainties, US Gross Domestic Product ("GDP") grew satisfactorily, following a strong third quarter. Growthwas supported by strong export growth (thanks to the weaker dollar). Boosted by strong growth in the emerging markets and decentgrowth in the Eurozone, the global economy remained in healthy shape. But the picture was rather mixed in Japan: strong growth inexports versus sluggish domestic demand.

The credit crisis prompted central banks to take action and inject huge amounts into the money markets. On top of that, they had tocope with rising inflation. The US Central Bank ("Fed") lowered its federal funds rate, while the European Central Bank ("ECB") andthe Bank of Japan remained on hold.

In 2008, after a disappointing start global equities began to pick up in mid March 2008. The rally continued until mid May 2008 whena downward correction set in, gathered strength in June 2008. Financials took a particularly heavy tumble. Global equities lost about17% (in euro) overall. Real estate equities lost nearly 21%.

Investors priced in a (mild) recession in the US already in the first two weeks of January 2008, prompted by disappointing economicfigures, the persistent malaise in the housing market and news on the credit crisis. At the same time, western banks reportedsubstantial write-downs and issued new shares for billions of dollars (euros).

On 17 March 2008, equities reached the lowest point (-19.1%) of the first half, after it became clear that US investment bank BearStearns was experiencing serious liquidity problems. At the instigation and with the support of the US Central Bank, a takeover wasarranged with JP Morgan Chase as buyer. The Central Bank’s rapid move to rescue Bear Stearns was the signal for a sharp rally bothin the equity markets and in the markets for more risky bonds – (high yield) corporate bonds and emerging markets debt.

The price gains, which continued until mid-May 2008, were supported by encouraging economic and business news in the US. Theupbeat sentiment, a sign of increased risk appetite, led to shrinking demand for government bonds. This contributed to a rise in ten-year yields, which had fallen sharply in the previous months. Hopes of an end to the credit crunch grew in April 2008. Attentionconsequently shifted away from the credit crisis (and fears of instability in the financial system) to rising inflation. However, in June2008 the credit crisis returned to the spotlight after more bad news from the banks.

Oil prices continued to rise – from around $100 at the beginning of January 2008 to over $140 in June 2008. The expected structuralnature of the increase in commodity and food prices helps to explain the growing concern about higher inflation expectations.

This concern was also apparent from the stance of the US Central Bank. The bank, spurred by fears of a severe growth slowdown,maintained its interest rate cutting policy (to 2%) until the end of April 2008, but then switched its attention to warnings about theweak dollar and rising inflation.

The ECB, which traditionally considers combating inflation to be its first priority, kept its benchmark rate at 4%, despite the increasedthreat to growth. However, it hinted strongly in June 2008 at a one-off interest rate hike to 4.25% (up 25 basis points) in July 2008.




Management's report

During the summer, the global economic slowdown gathered pace, due in part to the major uncertainties over the financial crisis. InEurope and Japan, economic growth came to a standstill over the summer. The US growth rate exceeded expectations in the secondquarter of 2008 (2.8% annualised), but recent figures suggest that growth will be sharply lower in the coming months. Emergingmarkets continued to grow strongly, but at a slower pace.

For the first time in years, the US dollar and the yen strengthened versus the Euro (by +11% and +10% respectively). Commodityprices suffered large price drops amid worries about lower economic growth damping demand for raw materials. Crude oil pricesdropped almost 30%.

Global equity markets recorded a loss of 4.94% in EUR over the summer (from July 2008 to end September 2008). Particularly inSeptember 2008, the financial crisis escalated dramatically, resulting in a massive shake out within the financial industry worldwide.Some institutions went bankrupt (Lehman), others sought shelter with stronger parties (Merrill Lynch, HBOS) or received governmenthelp (AIG, Fortis). The developments made clear that the financial crisis, which started as a local US housing market problem, has nowseriously affected the world economy.

Contrary to what many would have expected the Financials sector outperformed the MSCI World Index. Particularly the shares of USfinancials rebounded substantially. Materials, Energy and to a lesser extent Industrials were the worst performers. The outlook of thesesectors deteriorated rapidly as the market became more convinced that the global economy is heading to a recession. Defensivesectors such as Consumer Staples and Healthcare outperformed.

Regionally, the US equity market was a clear outperformer, partly helped by a dollar strengthening against the Euro. Japan slightlyoutperformed Europe. The emerging markets suffered most from the deteriorating outlook for global growth and increasing riskaversion amongst investors. Small caps underperformed large caps and value outperformed growth as most financials are classified asvalue.

Bond markets remained in this context very volatile. Euro bond yields started the quarter at 4.58% and ended after all at 4.01%. Withthe chaotic market situation and risk aversion reinforcing each other, the higher-risk fixed income categories fell into a downwardspiral in September 2008. Within investment grade credit, especially bonds of the financials were slaughtered.

Outlook

In the short term, it is crucially important that some measure of trust returns to the global financial system. Without a properlyfunctioning financial system, monetary easing will have no effect and a prolonged recession is inevitable. However, we believe thatcentral banks and authorities will continue to take all required measures to keep the financial system functioning and to alleviate thestress.

A recession in the G7 economies is no longer in doubt as weakness in the real economy is no longer possible to read without arecessionary interpretation. As the risk of a systemic failure of the global banking sector has also risen to its highest level since the1930's, we find our self at a point in time where markets are failing to such an extent that unprecedented government action isneeded to get them and the real economy going again. Policy action has so far struggled to convince markets, but the recent increasein coordination by the major Central Bank’s of the world (US Central Bank, European Central Bank, Bank of England, People’s Bank ofChina, Bank of China, Riksbank, and Swiss National Bank all cutting rates at the same time) is a step in the right direction.

Our base case is that policy action will work. The Paulson plan will be implemented in a way that capital is injected into the USbanking system, Central Banks will move in more coordinated fashion to easy policy further and European governments will continueto act to support the Eurozone banking system. Moreover, credit supply of central banks or government outside of the commercialbanking system will be further explored to keep real economy going. This will not prevent a synchronized down-turn in the developedeconomies during the second half of the year, but prevent a tailspin. From 2009 onwards a gradual, but unusually modest recoverywill materialise. Only by late 2009, global growth will return to potential.




Management's report

After the severe correction of equity markets (-40% since the top in October 2007), valuations are pricing already a severe recession.As of today, equity markets discount an earnings decline of no less than 40% worldwide. Compared to other recessions this is amajor downgrade, implying profit declines of more than 60% for the more cyclically exposed sectors and companies. Furthermore, market stress reaches extreme levels. These have always been good contrarian indicators pointing to an increasedprobability of a market rally, especially if there is substantial support from policy makers as is the case today.

Going forward, we believe that markets will stay very volatile. The downside is limited given the low valuations, while the upside iscapped due to further analysts’ earnings downgrades & profit warnings in the coming months.

We believe that equity markets will only start a sustainable multi-year recovery a few months before corporate earnings bottom,which should be mid-2009 at the earliest, but could also be in 2010. However, equity prices tend to bottom in advance of earnings.Even if the start of a new bull market is probably still some time away, the worst part of this bear market may already be behind us orcan be reached in the coming weeks. Until the more sustained recovery starts, markets will remain in a broad trading range. After thesell-off, we are probably in the lower half of this trading range.

In view of the downward pressure on economic growth along with the ECB’s further monetary easing (to 3% in 2009 in our opinion),we forecast slightly lower ten-year bond yields in the Eurozone on a six- to twelve-month horizon. In the US, although monetarypolicy makers have already taken a lot of actions and the majority of policy stimulus is now likely to come from the fiscal side, we feelthat the recent tightening of financial conditions and damage done to household and corporate sentiment will force the Fed to easepolicy further to bring fed funds to 1% by early next year. We therefore expect slightly lower ten-year bond yields in the US on a six-to twelve-month horizon.

Economic forecasts2007 2008E 2009E

United States Growth gross domestic product (%) 2.2% 1.4% 0.7%Rate of inflation (%) 2.8% 4.4% 2.8%EurozoneGrowth gross domestic product (%) 2.6% 1.2% 0.4%Rate of inflation (%) 2.2% 3.6% 2.3%JapanGrowth gross domestic product (%) 1.8% 0.4% 0.6%Rate of inflation (%) -0.1% 1.3% 0.7%

Source: ING IM / September 2008

E : Estimation




Independent auditor's report

To the Shareholders ofING (L) INVEST, SICAV52, route d'Esch, L-1470 Luxembourg

Following our appointment by the Annual General Meeting of the Shareholders of the SICAV of January 22, 2008, we haveaudited the accompanying financial statements of ING (L) INVEST, SICAV and of each of its sub-funds, which comprise theStatement of Net Assets, the Securities Portfolio and Financial Derivative Instruments as at September 30, 2008 and theStatement of Operations and Changes in Net Assets for the year then ended, and a summary of significant accountingpolicies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the SICAV for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements inaccordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Thisresponsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting andapplying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.

Responsibility of the "Réviseur d'Entreprises"

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit inaccordance with International Standards on Auditing as adopted by the "Institut des Réviseurs d'Entreprises". Thosestandards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurancewhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the judgement of the "Réviseur d'Entreprises", including the assessment ofthe risks of material misstatement of the financial statements, whether due to fraud or error. In making those riskassessments, the "Réviseur d'Entreprises" considers internal control relevant to the entity's preparation and fairpresentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on the effectiveness of the entity's internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financialstatements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of ING (L) INVEST, SICAV and ofeach of its sub-funds as of September 30, 2008 and of the results of their operations and changes in their Net Assets forthe year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation andfair presentation of the financial statements.




Independent auditor's report

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has notbeen subject to specific audit procedures carried out in accordance with the standards described above. Consequently, weexpress no opinion on such information. However, we have no observation to make concerning such information in thecontext of the financial statements taken as a whole.

ERNST & YOUNGSociété AnonymeRéviseur d'Entreprises

Daniel MEIS

January 8, 2009

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

Combined statements(Denominated in EUR)




Total securities portfolio 5,949,007,480.01

Shares 5,933,624,376.44

Undertakings for collective investment 14,318,323.03

Bonds and other debt instruments 356,769.71

Money market instruments 708,010.83

Total financial derivative instruments 9,724,678.10

Forward foreign exchange contracts 139,822.94

Options 5,421,710.26

Warrants and rights 4,163,144.90

Cash at bank 225,878,069.11

Margin deposits 1,938,523.23

Other assets 149,270,475.623

Total assets 6,335,819,226.07

Bank overdrafts (31,848,985.97)

Current liabilities (123,831,929.11)3

Total financial derivative instruments (1,249,139.98)Futures (736,355.46)Options (512,784.52)

Total liabilities (156,930,055.06)

Net assets at the end of the year 6,178,889,171.01

Notes

Combined statement of net assets as at 30/09/2008

Total income 240,043,566.76

Dividends 218,744,292.30

Interest on bonds and other debt instruments 17,836.27

Bank interest 8,312,916.94

Other income 12,968,521.258

Total expenses (123,727,762.43)

Management fees (98,488,066.87)4

Custodian fees (5,165,802.94)5

Subscription tax (3,098,739.55)6

Bank interest (949,383.59)

Other expenses (16,025,769.48)7

Net investment income 116,315,804.33

Net realised gains or (losses) on securities portfolio (345,355,867.09)

Net realised gains or (losses) on financial derivativeinstruments

23,479,593.76

Net realised gains or (losses) on currency (15,069,082.82)

Changes in net unrealised gains or (losses) on securitiesportfolio

(2,487,959,175.74)

Changes in net unrealised gains or (losses) on financialderivative instruments

(2,807,075.93)

Result of operations (2,711,395,803.49)

Subscriptions 4,852,713,058.04

Redemptions (5,907,675,915.78)

Distribution (29,774,575.56)

Net assets at the beginning of the year 9,907,621,610.42

Conversion difference 67,400,797.38


Notes

Combined statement of operations and changes in netassets for the year ended 30/09/2008


* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER is annualized for periods different than one year. Portfolio turnover rate is not annualized for periods less than one year.The TER and the portfolio turnover rates are calculated for the last twelve months.

(Denominated in USD)



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Statistics

30/09/2008Net assets 6,350,350.18USD30/09/2007 -USD30/09/2006 -USD

Capitalisation P (EUR) 185.4230/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR

Capitalisation I (EUR) 3,734.4030/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR

Capitalisation X (EUR) 208.0630/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR

Net asset value per share

Capitalisation P (EUR) 6,03230/09/2008-30/09/2007-30/09/2006

Capitalisation I (EUR) 85130/09/2008-30/09/2007-30/09/2006

Capitalisation X (EUR) 1,08730/09/2008-30/09/2007-30/09/2006

Number of shares

Capitalisation P (EUR) 1.86%30/09/2008

Capitalisation I (EUR) 0.77%30/09/2008

Capitalisation X (EUR) 2.41%30/09/2008

Total expense ratio (TER) in %*

Portfolio turnover in %* 30/09/2008 50.79%







Financial statements

Total securities portfolio 6,262,922.93

Shares 6,262,922.93

Cash at bank 1,768.18

Other assets 92,008.793

Total assets 6,356,699.90

Current liabilities (6,349.72)3

Total liabilities (6,349.72)

Net assets at the end of the period 6,350,350.18

Notes

Statement of net assets as at 30/09/2008

Total income 137,032.46

Dividends 130,062.79

Bank interest 6,969.67

Total expenses (40,323.20)

Management fees (29,908.81)4

Custodian fees (3,024.60)5

Subscription tax (712.82)6


Other expenses (4,041.94)7

Net investment income 96,709.26



(46,787.86)

Net realised gains or (losses) on currency (52,541.74)


(2,466,937.10)

Result of operations (3,478,998.00)

Subscriptions 12,548,774.86

Redemptions (2,719,426.68)

Net assets at the beginning of the period -


Notes

Statement of operations and changes in net assets forthe period from 01/04/2008 to 30/09/2008

ING (L) Invest - Africa & Middle East(Denominated in USD)





Securities portfolio as at 30/09/2008

ALDAR PROPERTIES PJSC AED 295,017.06 4.65135,968

Transferable securities and money market instruments listed onan official stock exchange

Shares

United Arab Emirates

ARABTEC HOLDING CO AED 153,135.06 2.4145,000

DAMAS INTERNATIONAL USD 148,500.00 2.34150,000

DEPA LTD USD 56,950.00 0.9067,000

EMAAR PROPERTIES PJSC AED 646,883.30 10.18306,600

FIRST GULF BANK AED 333,621.15 5.2575,182

NATIONAL BANK OF ABU DHABI AED 296,120.44 4.6673,247

SOROUTH REAL ESTATE COMPANY AED 224,602.65 3.54121,326

UNION NATIONAL BANK/ABU DHAB AED 146,814.91 2.3179,658

UNION PROPERTIES LTD AED 98,975.61 1.56122,000

2,400,620.18 37.80

EFG-HERMES HOLDING SAE EGP 72,792.68 1.1511,695

Egypt

EL EZZ ALDEKHELA STEEL ALEXA EGP 124,713.05 1.96505

EL SEWEDY CABLES HOLDING CO EGP 158,618.75 2.508,413

ORASCOM CONSTRUCTION INDUSTRIE EGP 547,529.34 8.629,429

ORASCOM TELECOM HOLDING EGP 169,155.91 2.6623,037

TELECOM EGYPT EGP 156,195.69 2.4657,611

1,229,005.42 19.35

COMMERCIAL BANK OF QATAR QAR 168,825.47 2.665,900

Qatar

DOHA BANK QSC QAR 199,301.82 3.1412,960

QATAR ELECTRICITY AND WATER CO QAR 113,857.10 1.794,188

QATAR NATIONAL BANK QAR 325,757.53 5.136,250

QATAR TELECOM (Q-TELL) GDR USD 72,561.51 1.143,600

880,303.43 13.86

ARCELORMITTAL ZAR 98,986.13 1.564,998

South Africa

MTN GROUP LTD ZAR 150,862.70 2.3810,863

NASPERS LTD-N SHS ZAR 207,571.97 3.2710,676

SASOL LTD ZAR 310,701.09 4.897,353

768,121.89 12.10

ATTIJARIWAFA BANK MAD 95,422.20 1.502,740

Morocco

MAROC TELECOM MAD 176,797.09 2.798,072

272,219.29 4.29

BANK MUSCAT GDR SPONSORED USD 51,600.00 0.814,300

Oman

GALFAR ENGINEERING&CONTRACT OMR 95,444.89 1.5125,501

OMON TELECOMMUNICATIONS CO OMR 87,162.07 1.3717,000

234,206.96 3.69

BARCLAYS BANK LTD KES 71,570.24 1.1389,524

Kenya

EAST AFRICAN BREWERIES LTD KES 66,868.44 1.0529,300

STANDARD CHARTERED BANK LTD KES 91,451.39 1.4436,769

229,890.07 3.62

GULF FINANCE HOUSE USD 102,885.60 1.624,208

Bahrain

102,885.60 1.62

NameQuantity/Nominal

Market valuein USD

Currency %NAV

DANGOTE SUGAR REFINERY PLC NGN 39,715.92 0.63207,240

Nigeria

NIGERIAN BREWERIES NGN 53,814.55 0.84140,000

93,530.47 1.47

AFREN PLC GBP 52,139.62 0.8245,000

United Kingdom

52,139.62 0.82

6,262,922.93 98.62

Total securities portfolio 6,262,922.93 98.62


Market valuein USD

Currency %NAV

Summary of net assets%

NAV


Cash at bank 1,768.18 0.03

Other assets and liabilities 85,659.07 1.35

Total net assets 6,350,350.18 100.00







Statistics


Capitalisation P (USD) 232.9130/09/2008 USD-30/09/2007 USD-30/09/2006 USD




Capitalisation I (USD) 4,667.5430/09/2008 USD-30/09/2007 USD-30/09/2006 USD

Capitalisation X (USD) 246.3530/09/2008 USD-30/09/2007 USD-30/09/2006 USD


Capitalisation P (USD) 40030/09/2008-30/09/2007-30/09/2006



Capitalisation X (EUR)3 30/09/2008 0.40-30/09/2007-30/09/2006

Capitalisation I (USD) 5,44030/09/2008-30/09/2007-30/09/2006

Capitalisation X (USD)3 30/09/2008 0.40-30/09/2007-30/09/2006

Number of shares

Capitalisation P (USD) 1.31%30/09/2008




Capitalisation I (USD) 0.61%30/09/2008

Capitalisation X (USD) 1.57%30/09/2008


Portfolio turnover in %* 30/09/2008 (77.12%)











Money market instruments 994,507.57

Cash at bank 24,003,918.19

Margin deposits 531,052.50




Total financial derivative instruments (786,565.40)Futures (66,282.50)Options (720,282.90)



Notes








Subscription tax (1,455.83)6




Net realised gains or (losses) on securities portfolio (189.38)


(1,333,584.18)

Net realised gains or (losses) on currency 14,485.07


14,605.00


(786,565.40)



Redemptions (36,856.20)



Notes


ING (L) Invest - Alternative Beta(Denominated in USD)






COM BK AUSTRALIA 07-18/12/2008 FRN USD 499,106.50 1.80500,000

Other transferable securities and money market instruments

Bonds and other debt instrumentsAustralia

499,106.50 1.80

499,106.50 1.80

ING (L) Liquid - USD A CAP USD 2,444,837.93 8.812,083

Undertakings for collective investmentLuxembourg

2,444,837.93 8.81

2,444,837.93 8.81

CAIXA GER DEPO 0% 27/10/2008 ECP USD 498,181.03 1.79500,000

Money market instrumentsFrance

498,181.03 1.79

BANCO POP ESPANOL 0% 21/10/2008 ECP USD 496,326.54 1.79500,000

Spain

496,326.54 1.79

994,507.57 3.58



Market valuein USD

Currency %NAV

CBOE SPX VOLATILITY INDEX21/10/2008

USD 459,900.00(15) (62,400.00)

Futures on stock indices

DOLLAR INDEX SPOT 15/12/2008 USD 5,317,120.0067 (101,170.00)

RUSSELL MINI INDEX 19/12/2008 USD 678,400.00(10) 37,700.00

S&P 500 E-MINI FUTURE 19/12/2008 USD 1,227,450.00(21) 59,587.50

(66,282.50)7,682,870.00

NameQuantity Commitmentin USD

Currency Unrealizedprofit or (loss)

in USD

Financial derivative instruments as at 30/09/2008

Name

CALL MSCI NET TOTAL RET 08/10/08313.502

USD14,440 2,352.56

Options

CALL MSCI NET TOTAL 08/10/20083899.7029

USD667 640.98

PUT MSCI NET TOTAL RET 08/10/08313.502

USD(14,440) 4,526,968.88 (416,551.11)

PUT MSCI NET TR 08/10/2008 3899.7029 USD(667) 2,601,101.83 (225,596.33)S&P GSCI Total Return Index 08/10/20087826.811

USD292 16,296.00

S&P GSCI Total Return Index 08/10/20087826.811

USD(292) 2,285,428.81 (97,425.00)

9,413,499.52 (720,282.90)

Quantity Market valuein USD

Currency Commitmentin USD

Total financial derivative instruments (786,565.40)


NAV


Total financial derivative instruments (786,565.40) (2.83)

Cash at bank 24,003,918.19 86.51


Total net assets 27,747,550.42 100.00



(Denominated in EUR)




Statistics

30/09/2008Net assets 21,540,302.02EUR30/09/2007 16,568,103.26EUR30/09/2006 -EUR

Capitalisation P (EUR) 164.1830/09/2008 EUR249.6830/09/2007 EUR

-30/09/2006 EUR


Distribution A(C) (USD) 6.8130/09/2008 USD10.6530/09/2007 USD

-30/09/2006 USD

Distribution P (EUR) 675.3330/09/2008 EUR1,047.2830/09/2007 EUR

-30/09/2006 EUR

Distribution A(S) (USD) 6.8030/09/2008 USD10.6130/09/2007 USD

-30/09/2006 USD


Capitalisation P (EUR) 80,32430/09/200826,88930/09/2007

-30/09/2006

Capitalisation X (EUR) 2130/09/2008-30/09/2007-30/09/2006

Distribution A(C) (USD) 1,140,59630/09/20081,117,13630/09/2007

-30/09/2006

Distribution P (EUR) 3,84630/09/20081,40430/09/2007

-30/09/2006

Distribution A(S) (USD) 42,94630/09/20082,90630/09/2007

-30/09/2006

Number of shares

Distribution A(C) (USD) 0.0415/07/2008 USD

Dividend




Distribution P (EUR) 20.0019/12/2007 EUR

Distribution A(S) (USD) 0.0415/07/2008 USD






Distribution A(C) (USD) 1.80%30/09/2008

Distribution P (EUR) 1.81%30/09/2008

Distribution A(S) (USD) 1.80%30/09/2008











Shares 20,100,794.69

Undertakings for collective investment 186,992.67

Total financial derivative instruments 560,714.81

Warrants and rights 560,714.81




Bank overdrafts (8,966.01)



Net assets at the end of the year 21,540,302.02

Notes



Dividends 1,203,964.33


Other income 80.19










(137,304.42)



(6,958,987.37)


13,677.40




Distribution (191,922.72)

Net assets at the beginning of the year 16,568,103.26


Notes

Statement of operations and changes in net assets forthe year ended 30/09/2008

ING (L) Invest - Asia Pacific High Dividend(Denominated in EUR)






AUST & NZ BANKING GROUP LTD AUD 248,090.64 1.1523,562


Shares

Australia

AUSTRALIAN WEALTH MANAGEMENT AUD 145,483.07 0.68214,995

BHP BILLITION LTD AUD 310,513.55 1.4517,837

BILLABONG INTERNATIONAL LTD AUD 301,750.05 1.4039,222

BLUESCOPE STEEL LTD AUD 171,306.29 0.8041,674

CALTEX AUSTRALIA LTD AUD 194,791.21 0.9028,087

COMMONWEALTH BANK OF AUSTRALIA AUD 248,001.37 1.1510,362

CSL LTD AUD 209,462.31 0.9710,000

FOSTER S GROUP LTD AUD 287,067.90 1.3392,608

INCITEC PIVOT LTD AUD 223,840.18 1.0478,620

NATIONAL AUSTRALIA BANK AUD 244,214.38 1.1317,926

ONESTEEL LTD AUD 219,234.59 1.0284,870

QBE INSURANCE GR LTD AUD 257,150.08 1.1917,280

RIO TINTO LIMITED AUD 213,533.62 0.994,500

ST GEORGE BANK LTD AUD 318,000.84 1.4919,800

SUNCORP METWAY LIMITED AUD 171,862.64 0.8032,908

TELSTRA CORPORATION LTD AUD 254,609.71 1.18108,468

WESFARMERS LTD AUD 266,639.65 1.2416,672

WESTFIELD GROUP AUD 202,772.99 0.9421,700

WESTPAC BANKING CORP AUD 246,083.66 1.1420,401

WOODSIDE PETROLEUM LTD AUD 168,257.76 0.785,875

WOOLWORTHS LIMITED AUD 224,137.47 1.0414,674

5,126,803.96 23.81

BOC HONG KONG HOLDINGS LTD HKD 219,471.49 1.02176,000

Hong Kong

CHEUNG KONG HOLDINGS LTD HKD 300,517.14 1.4038,000

CHINA MOBILE HKD 366,653.83 1.7052,000

CLP HOLDINGS LTD HKD 377,317.49 1.7566,000

CNOOC LTD HKD 264,537.60 1.23326,000

DENWAY MOTORS LIMITED HKD 239,199.72 1.111,078,000

ESPRIT HLDGS HKD 133,286.11 0.6230,700

HANG SENG BANK LTD HKD 317,544.15 1.4724,000

HONGKONG ELECTRIC HOLDINGS HKD 335,749.39 1.5675,500

IND & COMM BANK OF CHINA LTD HKD 265,478.35 1.23208,000

SUN HUNG KAI PROPERTIES LTD HKD 194,091.43 0.9027,000

TPV TECHNOLOGY LTD HKD 163,329.12 0.76758,000

3,177,175.82 14.75

ANHUI EXPRESSWAY CO LTD -H- HKD 231,316.08 1.07626,000

China

BANK OF CHINA LTD HKD 316,200.88 1.471,169,000

CHINA CONSTRUCTION BANK -H- HKD 212,114.21 0.98459,000

CHINA LIFE INSURANCE -H- HKD 363,871.01 1.69139,000

CHINA PETROLEUM & CHEMICAL -H- HKD 199,042.75 0.92360,000

CHINA SHIPPING DEVELOPMENT -H- HKD 176,635.31 0.82194,000

CHINA TELECOM CORP LTD-H- HKD 241,073.88 1.12840,000

INDUSTRIAL AND CIAL BK CHINA-H HKD 246,927.44 1.15588,000

JIANGSU EXPRESSWAY CO LTD HKD 257,890.01 1.20490,000

PETROCHINA CO LTD -H- HKD 264,069.98 1.23360,000

SINO-OCEAN LAND HOLDINGS HKD 192,479.51 0.89889,500

2,701,621.06 12.54

BANK OF PUSAN KRW 173,692.35 0.8127,780

South Korea

DAEGU BANK KRW 221,972.87 1.0335,840


Market valuein EUR

Currency %NAV

KOOKMIN BANK KRW 184,458.91 0.865,738

KOREA EXCHANGE BANK KRW 170,644.00 0.7926,300

KT AND G CORP KRW 319,400.98 1.486,030

KT CORP KRW 266,178.10 1.2410,770

POSCO KRW 246,375.02 1.14945

SAMSUNG ELECTRONIC-PFD KRW 170,263.84 0.79777

S-OIL CORP KRW 291,137.07 1.357,195

WOORI INVESTMENT & SECURITIES CO LTD KRW 260,501.96 1.2124,400

2,304,625.10 10.70

ACER INCORPORATED TWD 262,882.03 1.22223,300

Taiwan

CHINA STEEL CORP TWD 206,248.44 0.96296,825

COMPAL ELECTRONICS TWD 228,969.94 1.06449,873

HIGH TECH COMPUTER TWD 242,769.92 1.1322,620

HON HAI PRECISION INDUSTRY TWD 208,189.03 0.9784,000

LITE-ON TECHNOLOGY CORP TWD 759.80 0.001,260

NAN YA PLASTICS CORP TWD 339,325.11 1.58328,000

NOVATEK MICROELECTRONICS LTD TWD 1,051.34 0.001,013TAIWAN SEMICONDUCTORMANUFACTURING CO LT

TWD 302,589.75 1.40260,456

TUNG HO STEEL ENTERPRISE COR TWD 159,185.61 0.74273,000

WISTRON TWD 198,563.40 0.92231,861

2,150,534.37 9.98

ASCENDAS INDIA TRUST SGD 140,906.21 0.65539,000

Singapore

ASCENDAS REAL ESTATE INV TRT UNITS SGD 198,336.81 0.92213,000

DBS GROUP HLDG LTD SGD 267,377.07 1.2532,000

SINGAPORE AIRLINES LTD SGD 205,342.96 0.9529,000

SINGAPORE PRESS HOLDINGS LTD SGD 271,510.02 1.27137,000

SINGAPORE TELECOMMUNICATIONS SGD 252,458.61 1.17156,000

STARHUB LTD SGD 255,013.07 1.18198,500

1,590,944.75 7.39

BERJAYA SPORTS TOTO BHD MYR 271,922.24 1.26293,500

Malaysia

DIGI.COM BHD MYR 240,885.12 1.1252,000

MALAYAN BANKING BHD MYR 185,503.05 0.86130,000

PUBLIC BANK BHD MYR 278,978.39 1.30134,900

977,288.80 4.54

ICICI BANK LTD - SPONSORED ADR USD 219,351.44 1.0213,100

India

INFOSYS TECHNO SPONSO ADR 1 SH USD 222,912.47 1.039,400

RELIANCE INDS-SPONS GDR 144A USD 260,456.34 1.214,500

702,720.25 3.26

GLOBE TELECOM PHP 190,145.68 0.8812,260

Philippines

PHILIPPINE LONG DISTANCE TEL PHP 269,764.32 1.266,640

459,910.00 2.14

ADVANCED INFO SERVICE-FOR RG THB 272,153.08 1.26160,700

Thailand

THAI OIL PCL-FRGN THB 140,040.62 0.65160,400

412,193.70 1.91

HSBC HOLDINGS PLC HKD 265,819.77 1.2323,802

United Kingdom

265,819.77 1.23


Market valuein EUR

Currency %NAV

ING (L) Invest - Asia Pacific High Dividend(Denominated in EUR)






FLETCHER BUILDING LTD NZD 231,157.11 1.0773,103

New Zealand

231,157.11 1.07

20,100,794.69 93.32

SAMSUNG KODEX 200 KRW 186,992.67 0.8716,980

Undertakings for collective investmentSouth Korea

186,992.67 0.87

186,992.67 0.87



Market valuein EUR

Currency %NAV

DEUTSCHE CW17 17/01/2017 OIL&NATURAL USD 261,938.1316,712

Warrants

DEUTSCHE CW17 24/01/2017 HINDUSTAN PETR USD 298,776.6881,380

560,714.81


Market valuein EUR

Currency




NAV


Total financial derivative instruments 560,714.81 2.60

Cash at bank 574,011.73 2.66


Total net assets 21,540,302.02 100.00







Statistics

30/09/2008Net assets 15,444,963.62EUR30/09/2007 -EUR30/09/2006 -EUR


Distribution P (EUR) 712.8730/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR




Distribution P (EUR) 5,00130/09/2008-30/09/2007-30/09/2006


Number of shares














Shares 13,737,123.72


Total financial derivative instruments 20.84

Warrants and rights 20.84

Cash at bank 1,196,799.06






Notes












Net realised gains or (losses) on securities portfolio (666,936.47)



(4,141,321.92)


20.84






Notes


ING (L) Invest - Balkan(Denominated in EUR)






AKBANK TRY 331,150.50 2.1490,260


Shares

Turkey

ANADOLU EFES BIRACILIK VE TRY 135,446.65 0.8818,459

BIM BIRLESIK MAGAZALAR TRY 166,988.74 1.087,500

ENKA INSAAT VE SANAYI TRY 63,714.78 0.4113,000

EREGLI DEMIR VE CELIK FABRIK TRY 321,387.51 2.0888,273

HACI OMER SABANCI HOLDING TRY 414,860.72 2.68153,662

KOC HOLDING AS -B- TRY 377,061.93 2.44171,727

TUPRAS-TURKIY PETROL RAFINELERI TRY 371,944.88 2.4128,137

TURK TELEKOMUNIKASYON AS TRY 308,212.57 2.00144,045

TURKCELL ILETISIM HIZMET TRY 383,920.91 2.4982,580

TURKIYE GARANTI BANKASI TRY 350,313.70 2.27204,384

TURKIYE HALK BANKASI TRY 161,037.36 1.0450,000

TURKIYE IS BANKASI-C TRY 371,629.17 2.41124,013

TURKIYE VAKIFLAR BANKASI TAO TRY 319,066.91 2.07267,432

YAPI VE KREDI BANKASI AS TRY 442,648.62 2.86292,689

4,519,384.95 29.26

ALPHA BANK A.E. EUR 350,056.00 2.2723,030

Greece

BANK OF PIRAEUS EUR 363,094.50 2.3525,041

COCA COLA HELLENIC BOTTLING EUR 338,922.36 2.1922,239

EFG EUROBANK ERGASIAS EUR 351,967.80 2.2827,714

HELLENIC TELECOMMUN ORGANIZA EUR 334,833.84 2.1726,532

INTRALOT SA EUR 75,519.16 0.4912,671

MARFIN INVESTMENT GROUP SA EUR 402,215.00 2.6080,443

METKA SA EUR 138,681.24 0.9014,722

MOTOR OIL (HELLAS) SA EUR 115,897.84 0.7510,996

NATIONAL BANK OF GREECE EUR 412,860.00 2.6714,745

OPAP SA EUR 615,932.18 3.9928,489

PUBLIC POWER CORP OF GREECE EUR 242,577.52 1.5722,378

TITAN CEMENT CO. S.A. EUR 259,051.20 1.6811,166

4,001,608.64 25.91

AGROBANKA AD BEOGRAD RSB 222,499.70 1.441,708

Serbia

AIK BANKA AD RSB 222,627.36 1.443,900

ENERGOPROJEKT HOLDING AD RSB 88,083.49 0.576,782

KOMERCIJALNA BANKA AD BEOGRA RSB 237,871.45 1.54415

METALS BANKA AD NOVI SAD RSB 178,773.95 1.16686

UNIVERZAL BANKA AD BEOGRAD RSB 154,613.19 1.00750

1,104,469.14 7.15

ADRIS GRUPA DD-PFD HRK 278,774.10 1.806,588

Croatia

ATLANTSKA PLOVIDBA DD HRK 251,066.62 1.631,000

HRVATSKI TELEKOM HRK 318,306.72 2.068,745

PODRAVKA PREHRAMBENA IND DD HRK 202,874.14 1.314,237

1,051,021.58 6.80

KRKA EUR 321,282.15 2.074,305

Slovenia

LUKA KOPER EUR 173,913.70 1.134,010PETROL REFINES AND MARKETS PETROLEUMPRO

EUR 225,978.54 1.46521

PIVOVARNA LASKO EUR 51,915.50 0.34910


Market valuein EUR

Currency %NAV

TELEKOM SLOVENIJE DD EUR 249,861.64 1.621,252

1,022,951.53 6.62

BULGARIAN AMERICAN CREDIT BANK JSC BGN 65,581.09 0.423,204

Bulgaria

CENTRAL COOP BANK AD BGN 91,347.17 0.5961,810

CHIMIMPORT AD BGN 364,672.84 2.36131,603

CORPORATE COMMERCIAL BANK AD BGN 178,553.43 1.164,046

INDUSTRIAL HOLDING BULGARIA BGN 106,271.05 0.6940,607

MONBAT AD BGN 172,375.11 1.1237,200

SOPHARMA AD BGN 42,328.09 0.2728,191

1,021,128.78 6.61

BANCA ROMANA PENTRU DEZVOLTARE SA RON 246,033.70 1.5981,730

Romania

BANCA TRANSILVANIA RON 198,873.97 1.292,849,325

SNP PETROM SA RON 317,333.57 2.063,757,700

762,241.24 4.94

UNICREDIT SPA EUR 129,900.00 0.8450,000

Italy

129,900.00 0.84

OMV AG EUR 124,417.86 0.814,242

Austria

124,417.86 0.81

13,737,123.72 88.94

SIF 1 BANAT-CRISANA RON 74,986.35 0.49227,000

Undertakings for collective investmentRomania

SIF 2 MOLDOVA RON 93,484.92 0.60285,300

SIF 3 TRANSILVANIA S.A. RON 69,221.98 0.45393,700

SIF 4 MUNTENIA RON 44,458.87 0.29197,500

SIF 5 OLTENIA RON 89,969.23 0.58261,800

372,121.35 2.41

372,121.35 2.41



Market valuein EUR

Currency %NAV

BULGARIA INDUSTRIAL HLDG -RTS- 02/10/08 BGN 20.8440,607

Rights

20.84


Market valuein EUR

Currency



ING (L) Invest - Balkan(Denominated in EUR)






NAV


Total financial derivative instruments 20.84 -

Cash at bank 1,196,799.06 7.75


Total net assets 15,444,963.62 100.00







Statistics

30/09/2008Net assets 128,978,298.23USD30/09/2007 243,913,607.36USD30/09/2006 301,803,756.54USD



Capitalisation P (USD) 579.8430/09/2008 USD913.8430/09/2007 USD872.4530/09/2006 USD

Capitalisation I (USD) 594.8530/09/2008 USD927.5230/09/2007 USD877.2930/09/2006 USD

Capitalisation X (USD) 557.9630/09/2008 USD883.2830/09/2007 USD847.6430/09/2006 USD

Distribution P (USD) 2,504.5830/09/2008 USD4,016.0130/09/2007 USD3,892.8430/09/2006 USD




Capitalisation P (USD) 69,15630/09/2008123,35330/09/2007159,35030/09/2006

Capitalisation I (USD) 141,05430/09/2008130,85630/09/2007173,92830/09/2006

Capitalisation X (USD) 2,33230/09/20086,00430/09/20075,71830/09/2006

Distribution P (USD) 1,32530/09/20081,12430/09/20071,37330/09/2006

Number of shares

Distribution P (USD) 62.0019/12/2007 USD

Dividend








Distribution P (USD) 1.74%30/09/2008











Shares 127,390,562.36


Other assets 5,873,562.183






Notes





Other income 187,519.978










487,764.64



(52,648,381.32)


(86,104.07)



Redemptions (157,023,702.18)




Notes


ING (L) Invest - Banking & Insurance(Denominated in USD)






AMERICAN EXPRESS CO USD 2,134,515.78 1.6560,246


Shares

United States

BANK OF AMERICA CORP USD 8,490,650.00 6.59242,590

BANK OF NEW YORK MELLON CORP USD 1,888,564.86 1.4657,967

BERKSHIRE HATHAWAY INC-CL B USD 3,964,290.00 3.07902

CAPITAL ONE FINANCIAL CORP USD 1,691,007.00 1.3133,157

CITIGROUP INC USD 3,002,561.45 2.33146,395

FOREST CITY ENTERPRISES-CL A USD 1,416,432.61 1.1046,183

GOLDMAN SACHS GROUP INC USD 1,500,416.00 1.1611,722

HARTFORD FINANCIAL SG INC USD 2,087,456.74 1.6250,926

JPMORGAN CHASE AND CO USD 5,792,621.30 4.50124,039

LEUCADIA NATIONAL CORP USD 1,434,313.60 1.1131,565

MERRILL LYNCH AND CO INC USD 2,469,457.10 1.9197,607

METLIFE INC USD 3,424,400.00 2.6661,150

REINSURANCE GROUP -B- USD 360,392.00 0.287,600

TAUBMAN CENTERS INC USD 1,538,750.00 1.1930,775

TRAVELERS COMPANIES INC USD 3,818,315.20 2.9684,476

US BANCORP USD 3,571,887.28 2.7799,164

WELLS FARGO & CO USD 3,921,809.94 3.04104,498

52,507,840.86 40.71

AVIVA PLC GBP 1,327,073.57 1.03155,100

United Kingdom

BRITISH LAND COMPANY PLC GBP 1,176,880.46 0.9188,680

HBOS PLC GBP 351,457.72 0.27161,083

HSBC HOLDINGS GBP 3,566,216.90 2.77222,045

PRUDENTIAL PLC GBP 1,995,709.39 1.55220,607

ROYAL BANK OF SCOTLAND GROUP GBP 2,708,826.57 2.10848,958

STANDARD CHARTERED PLC GBP 1,045,827.04 0.8143,621

12,171,991.65 9.44

AXA EUR 3,713,613.85 2.88115,475

France

BNP PARIBAS EUR 2,553,272.53 1.9827,508

STE GENERALE EUR 2,349,903.60 1.8226,983

8,616,789.98 6.68

BANK OF PIRAEUS EUR 5,276,792.47 4.09259,080

Greece

NATIONAL BANK OF GREECE EUR 1,936,343.74 1.5049,233

7,213,136.21 5.59

KABU.COM SECURITIES CO LTD JPY 383,516.14 0.30522

Japan

MILLEA HOLDINGS INC JPY 669,335.32 0.5219,000

MIZUHO FINANCIAL GROUP INC JPY 2,202,401.44 1.70529

NOMURA HOLDINGS JPY 1,282,721.90 0.99102,700

SUMITOMO MITSUI FINANCIAL GR JPY 2,071,021.07 1.61349

6,608,995.87 5.12

ALLIANZ SE-REG EUR 3,602,515.18 2.8026,638

Germany

DEUTSCHE BANK AG EUR 647,853.22 0.509,311

DEUTSCHE BOERSE AG EUR 1,691,845.39 1.3118,858

5,942,213.79 4.61


Market valuein USD

Currency %NAV

BANCO BILBAO VIZCAYA ARGENTA EUR 1,979,387.04 1.53122,964

Spain

BANCO SANTANDER SA EUR 2,823,028.35 2.19191,407

4,802,415.39 3.72

UNICREDIT SPA EUR 2,957,690.92 2.29810,486

Italy

UNIPOL SPA EUR 1,080,901.18 0.84514,039

4,038,592.10 3.13

TORONTO DOMINION BANK CAD 3,829,190.80 2.9763,532

Canada

3,829,190.80 2.97

CREDIT SUISSE GROUP CHF 709,865.43 0.5515,951

Switzerland

UBS AG CHF 2,512,049.88 1.95152,584

3,221,915.31 2.50

COMMONWEALTH BANK OF AUSTRALIA AUD 1,433,359.30 1.1142,636

Australia

MACQUARIE GROUP AUD 619,228.41 0.4821,217

STOCKLAND AUD 1,027,485.84 0.80241,222

3,080,073.55 2.39

GULF FINANCE HOUSE USD 2,591,700.00 2.01106,000

Bahrain

2,591,700.00 2.01

AKBANK TRY 1.77 0.000

Turkey

SINPAS GAYRIMENKUL YATIRIM TRY 1,027,223.65 0.80441,079

TURKIYE HALK BANKASI TRY 1,085,647.79 0.84239,974

2,112,873.21 1.64

BUKIT SEMBAWANG ESTATES LTD SGD 338,249.09 0.2678,000

Singapore

DBS GROUP HLDG LTD SGD 1,737,016.80 1.35148,000

2,075,265.89 1.61

BINCKBANK EUR 1,066,762.85 0.83140,900

Netherlands

ING GROEP NV EUR 921,379.54 0.7143,935

1,988,142.39 1.54

REDECARD SA BRL 999,688.44 0.7877,506

Brazil

UNIBANCO SPONSORED GDR USD 750,340.20 0.587,435

1,750,028.64 1.36

HANG LUNG PROPERTIES LTD HKD 1,412,467.09 1.10613,361

Hong Kong

1,412,467.09 1.10

CREDICORP LTD USD 1,163,888.25 0.9018,697

Bermuda

1,163,888.25 0.90

GRUPO FINANCIERO BANORTE SA MXN 905,773.54 0.70284,997

Mexico

905,773.54 0.70


Market valuein USD

Currency %NAV

ING (L) Invest - Banking & Insurance(Denominated in USD)






FORTIS EUR 604,727.11 0.4797,845

Belgium

FORTIS STRIP VVPR EUR 418.84 0.0029,818

605,145.95 0.47

ALLIED IRISH BANKS PLC EUR 504,953.41 0.3960,930

Ireland

504,953.41 0.39


South Korea

247,168.48 0.19

127,390,562.36 98.77



Market valuein USD

Currency %NAV


NAV


Cash at bank 4,160.07 -

Other assets and liabilities 1,583,575.80 1.23

Total net assets 128,978,298.23 100.00







Statistics


Capitalisation P (USD) 1,027.7230/09/2008 USD1,331.4630/09/2007 USD1,135.5330/09/2006 USD


Capitalisation X (USD) 988.5930/09/2008 USD1,286.8830/09/2007 USD1,102.8130/09/2006 USD




Capitalisation I (USD) 4930/09/2008-30/09/2007-30/09/2006

Capitalisation X (USD) 3,72530/09/20085,09930/09/2007

11,56430/09/2006


Number of shares















Shares 59,157,764.59








Notes





Other income 430.26







Net investment loss (1,166,184.36)

Net realised gains or (losses) on securities portfolio 4,950,450.03



(26,070,605.53)






Notes


ING (L) Invest - Biotechnology(Denominated in USD)






ALKERMES INC USD 340,480.00 0.5625,600


Shares

United States

AMGEN INC USD 2,702,712.00 4.4645,600

AMYLIN PHARMACEUTICALS INC USD 1,354,740.00 2.2467,000

APPLIED BIOSYSTEMS INC USD 2,695,475.00 4.4578,700

BIOGEN IDEC INC USD 2,610,051.00 4.3151,900

CELGENE CORP USD 4,391,632.00 7.2569,400

CEPHALON INC USD 2,402,190.00 3.9731,000

GENENTECH INC USD 4,877,400.00 8.0655,000

GENZYME CORP GENTL DIVISION USD 1,690,601.00 2.7920,900

GILEAD SCIENCES INC USD 4,563,000.00 7.53100,000

IMCLONE SYSTEMS INC USD 2,377,440.00 3.9338,100

INTERMUNE INC USD 306,269.00 0.5117,900

INVITROGEN CORP USD 1,493,100.00 2.4739,500

NAPO PHARMACEUTICAL INC GBP 5,546.41 0.01888,999

PDL BIOPHARMA USD 238,336.00 0.3925,600

TECHNE CORP USD 959,196.00 1.5813,300

VERTEX PHARMACEUTICALS INC USD 2,559,480.00 4.2377,000

35,567,648.41 58.74

ANTISOMA PLC GBP 5,190,399.92 8.5614,743,200

United Kingdom

ARDANA PLC GBP 51,560.29 0.09445,000

INTERCYTEX GROUP PLC GBP 1,657,772.43 2.742,000,000

RENOVO GROUP PLC GBP 602,502.24 0.991,300,000

SHIRE LTD GBP 2,584,384.33 4.27164,100

10,086,619.21 16.65

ONCOMETHYLOME SCIENCES SA EUR 2,604,758.38 4.30247,251

Belgium

THROMBOGENICS EUR 57,590.65 0.105,000

2,662,349.03 4.40

ADDEX PHARMACEUTICALS SA CHF 607,789.80 1.0014,500

Switzerland

BASILEA PHARMACEUTICA CHF 441,461.43 0.733,000

SANTHERA PHARMACEUTICALS-REG CHF 1,555,966.12 2.5739,162

2,605,217.35 4.30

GENMAB A/S DKK 2,259,127.22 3.7340,000

Denmark

2,259,127.22 3.73

BONE MEDICAL AUD 292,249.23 0.481,300,000

Australia

CSL LTD AUD 1,759,442.94 2.9159,800

2,051,692.17 3.39

BIOMS MEDICAL CORP CAD 1,812,049.29 2.99611,600

Canada

1,812,049.29 2.99

QIAGEN NV USD 1,310,430.89 2.1667,000

Netherlands

1,310,430.89 2.16


Market valuein USD

Currency %NAV

NICOX SA EUR 510,393.62 0.8448,000

France

510,393.62 0.84

AGI THERAPEUTICS PLC EUR 292,237.40 0.48285,000

Ireland

292,237.40 0.48

59,157,764.59 97.68



Market valuein USD

Currency %NAV


NAV


Cash at bank 2,064,624.58 3.41

Other assets and liabilities (659,122.67) (1.09)

Total net assets 60,563,266.50 100.00







Statistics



Capitalisation S (EUR) 2,981.5430/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR

Capitalisation X (EUR) -30/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR

Distribution A(C) (USD) 5.6030/09/2008 USD-30/09/2007 USD-30/09/2006 USD

Distribution A(S) (USD) 5.6030/09/2008 USD-30/09/2007 USD-30/09/2006 USD


Capitalisation P (EUR) 25630/09/2008-30/09/2007-30/09/2006

Capitalisation S (EUR) 1,34530/09/2008-30/09/2007-30/09/2006

Capitalisation X (EUR) -30/09/2008-30/09/2007-30/09/2006

Distribution A(C) (USD) 1,00030/09/2008-30/09/2007-30/09/2006

Distribution A(S) (USD) 1,00530/09/2008-30/09/2007-30/09/2006

Number of shares


Dividend



Capitalisation S (EUR) 0.78%30/09/2008


Distribution A(C) (USD) 1.80%30/09/2008

Distribution A(S) (USD) 1.80%30/09/2008











Shares 5,239,668.29







Notes















(3,108,153.51)




Distribution (53.44)



Notes


ING (L) Invest - China Access(Denominated in USD)






ALUMINUM CORP OF CHINA -H- HKD 51,061.56 0.9086,000


Shares

China

ANGANG NEW STEEL COMPANY LTD -H- HKD 27,123.96 0.4830,000

ANTA SPORTS PRODUCTS LTD HKD 42,501.93 0.7575,000

BANK OF CHINA LTD HKD 190,730.61 3.35502,000

CATIC SHENZHEN HOLDINGS LTD HKD 12,364.20 0.2248,000

CHINA COAL ENERGY CO LTD HKD 44,194.27 0.7843,000

CHINA CONSTRUCTION BANK -H- HKD 281,069.10 4.93433,000

CHINA COSKO HKD 76,536.31 1.3486,500

CHINA HIGH SPEED TRANSMISSION HKD 75,730.70 1.3342,000

CHINA LIFE INSURANCE -H- HKD 518,465.53 9.10141,000

CHINA MERCHANTS BANK -H- HKD 117,331.07 2.0650,000

CHINA OILFIELD SERVICES -H- HKD 47,349.72 0.8352,000

CHINA PETROLEUM & CHEMICAL -H- HKD 152,218.71 2.67196,000

CHINA SHENHUA ENERGY CO -H- HKD 154,874.44 2.7265,000

CHINA SHIPPING DEVELOPMENT -H- HKD 63,946.08 1.1250,000

CHINA TELECOM CORP LTD -H- HKD 200,755.91 3.52498,000

CHINA VANKE HKD 87,849.55 1.54122,900

DATANG INTL POWER GEN CO -H- HKD 117,954.43 2.07216,000

DONGFANG ELECTRICAL MACHINERY CO HKD 36,783.48 0.6514,000

GUANGZHOU R&F PROPERTIES -H- HKD 48,694.33 0.8554,400

INDUSTRIAL AND CIAL BK CHINA -H- HKD 547,994.07 9.62929,000

JIANGSU EXPRESSWAY CO LTD HKD 133,069.67 2.34180,000

JIANGXI COPPER CO LTD -H- HKD 37,097.74 0.6538,000

PETROCHINA CO LTD -H- HKD 467,778.77 8.21454,000

PING AN INSURANCE GROUP CO -H- HKD 101,888.71 1.7918,000

SHANGHAI FORTE LAND CO -H- HKD 20,771.85 0.36128,000

SINO-OCEAN LAND HOLDINGS HKD 52,279.94 0.92172,000

TRAVELSKY TECHNOLOGY LTD HKD 24,664.00 0.4350,000

ZIJIN MINING GROUP CO LTD -H- HKD 88,950.09 1.56178,000

3,822,030.73 67.09

AGILE PROPERTY HOLDINGS HKD 56,148.91 0.99126,000

Hong Kong

CHINA MENGNIU DAIRY HKD 12,240.55 0.2112,000

CHINA MERCHANTS HLDGS INTL HKD 69,136.47 1.2122,000

CHINA MOBILE HKD 297,127.10 5.2230,000

CHINA NETCOM GRP CORP HK LTD HKD 74,124.65 1.3033,500

CHINA RESOURCES LAND LTD HKD 85,122.34 1.4982,000

CHINA TRAVEL INTL INV HONG KONG HKD 22,726.94 0.40102,000

CHINA UNICOM LTD HKD 202,834.64 3.56136,000

CITIC PACIFIC LTD HKD 86,162.99 1.5130,000

CNOOC LTD HKD 395,519.06 6.95347,000

GOME ELECTRICAL APPLIANCES HKD 35,353.87 0.62122,000

SHANGHAI INDUSTRIAL HOLDINGS LTD HKD 81,140.04 1.4236,000

1,417,637.56 24.88

5,239,668.29 91.97



Market valuein USD

Currency %NAV


NAV


Cash at bank 443,789.14 7.79


Total net assets 5,697,310.00 100.00







Statistics

30/09/2008Net assets 10,466,516.30EUR30/09/2007 -EUR30/09/2006 -EUR



Capitalisation D (EUR) 18.1930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR




Capitalisation D (EUR) 358,96730/09/2008-30/09/2007-30/09/2006

Number of shares



Capitalisation D (EUR) 1.71%30/09/2008


Portfolio turnover in %* 30/09/2008 (13.10)%









Shares 10,164,350.19






Bank overdrafts (346.21)




Notes












Net investment loss (2,084.12)



(33,573.38)



(3,694,250.86)


(455.13)




Net assets at the beginning of the year -


Notes


ING (L) Invest - Climate Focus(Denominated in EUR)






AQUA AMERICA INC USD 313,727.48 3.0024,785


Shares

United States

ARCHER DANIELS MIDLAND CO USD 97,473.10 0.936,249

BADGER METER INC USD 74,537.07 0.712,230

BORGWARNER INC USD 174,669.13 1.677,487

CALGON CARBON CORP USD 90,751.40 0.876,261

COVANTA HOLDING USD 164,945.94 1.589,678

DEERE & CO USD 292,915.67 2.808,312

EMERSON ELECTRIC CO USD 212,741.64 2.037,326

ENERGY CONVERSION DEVICES USD 191,215.43 1.834,611

ENERNOC INC USD 41,009.60 0.395,571

FIRST SOLAR INC USD SVN USD 141,616.94 1.351,053

FPL GROUP INC USD 316,449.72 3.038,837

HARRIS & HARRIS GROUP INC USD 36,404.58 0.358,015

HONEYWELL INTERNATIONAL INC USD 304,559.00 2.9110,296

ITRON INC USD 126,052.75 1.202,000

ITT CORP USD 94,382.40 0.902,384

JOHNSON CONTROLS INC USD 104,508.03 1.004,840

MEMC ELECTRONIC MATERIALS INC USD 52,993.16 0.512,634

MONSANTO CO USD 299,691.70 2.864,253

ORMAT TECHNOLOGIES INC USD 183,428.16 1.757,092

ROPER INDUSTRIES INC USD 267,231.27 2.556,590

SUNPOWER -A- USD 169,617.96 1.623,359

WASTE MANAGEMENT INC USD 260,143.07 2.4911,604

4,011,065.20 38.33

ALSTOM EUR 260,659.10 2.494,940

France

EDF ENERGIES NOUVELLES SA EUR 61,599.78 0.591,761

SAFT GROUPE EUR 139,604.28 1.334,993

SCHNEIDER ELECTRIC SA EUR 271,945.93 2.614,514

THEOLIA EUR 42,315.04 0.405,627

VELCAN ENERGY EUR 53,646.12 0.512,508

VEOLIA ENVIRONNEMENT EUR 258,081.97 2.478,941

1,087,852.22 10.40

BG GROUP PLC GBP 342,324.58 3.2826,629

United Kingdom

CLIMATE EXCHANGE PLC GBP 140,157.04 1.3410,775

CLIPPER WINDPOWER PLC GBP 107,989.24 1.0325,139

RPS GROUP PLC GBP 181,442.18 1.7358,657

SCOTTISH AND SOUTHERN ENERGY PLC GBP 229,533.31 2.1912,675

1,001,446.35 9.57

CENTROTEC SUSTAINABLE AG EUR 54,081.80 0.524,786

Germany

ELRINGKLINGER AG EUR 30,739.50 0.292,277

K&S AG EUR 97,474.56 0.932,004

Q-CELLS AG EUR 124,269.39 1.192,121

SIEMENS AG EUR 326,054.25 3.114,959

632,619.50 6.04

KAPSCH TRAFFICCOM AG EUR 115,203.75 1.104,955

Austria

OSTER ELEKTRIZATSWITS-CL A EUR 324,660.60 3.107,524

439,864.35 4.20


Market valuein EUR

Currency %NAV

ABENGOA SA EUR 153,970.60 1.4710,843

Spain

GAMESA CORPORACION TECNOLOGICA SA EUR 170,517.98 1.637,099

IBERDROLA RENOVABLES SA EUR 93,629.88 0.8930,598

418,118.46 3.99

CHIYODA CORP JPY 45,626.24 0.449,000

Japan

DAIKIN INDUSTRIES LTD JPY 53,518.97 0.512,300

KURITA WATER INDUSTRIES LTD JPY 62,897.03 0.603,900

TOYOTA MOTOR CORPORATION JPY 240,845.41 2.308,200

402,887.65 3.85

ABB LTD CHF 284,469.64 2.7121,214

Switzerland

BIOPETROL INDUSTRIES AG EUR 18,708.00 0.1815,590

MEYER BURGER TECHNOLOGY AG CHF 65,446.22 0.63427

368,623.86 3.52

THENERGO SA EUR 40,281.03 0.386,957

Belgium

UMICORE EUR 270,481.64 2.5912,531

310,762.67 2.97

GREENTECH ENERGY SYSTEMS DKK 26,602.64 0.256,989

Denmark

VESTAS WIND SYSTEMS A/S DKK 255,988.98 2.454,235

282,591.62 2.70

CIA SANEAMENTO BASICO ADR USD 157,931.69 1.517,825

Brazil

COSAN INDUSTRIA E COMERCIO BRL 100,353.20 0.9621,410

258,284.89 2.47

HYFLUX LTD SGD 220,520.35 2.11183,000

Singapore

220,520.35 2.11

TRADING EMISSIONS GBP 179,199.62 1.71138,102

Isle of Man

179,199.62 1.71

CHINA HIGH SPEED TRANSMISSION HKD 148,906.13 1.42116,000

China

148,906.13 1.42

RENEWABLE ENERGY CORPORATION NOK 94,463.77 0.907,436

Norway

94,463.77 0.90

CHINA WATER AFFAIRS GROUP LTD HKD 92,437.33 0.88758,000

Hong Kong

92,437.33 0.88

BALLARD POWER SYSTEMS INC CAD 75,455.74 0.7228,528

Canada

75,455.74 0.72

KINGSPAN GROUP PLC EUR 63,059.20 0.609,853

Ireland

63,059.20 0.60


Market valuein EUR

Currency %NAV

ING (L) Invest - Climate Focus(Denominated in EUR)






DOOSAN HEAVY INDUSTRIES &CONSTRUCTION

KRW 42,800.50 0.41835

South Korea

42,800.50 0.41

10,130,959.41 96.79

PYEONG SAN CO LTD KRW 33,390.78 0.321,832


Money market instrumentsSouth Korea

33,390.78 0.32

33,390.78 0.32



Market valuein EUR

Currency %NAV

COSAN SA INDUSTRIA COM RTS 22/10/2008 BRL 191.354,321

Rights

191.35


Market valuein EUR

Currency




NAV



Cash at bank 321,647.01 3.07


Total net assets 10,466,516.30 100.00







Statistics











Number of shares


Dividend


















Shares 117,956,152.21










Notes















(645,727.24)



(57,608,505.89)


(336,624.61)



Redemptions (144,797,298.61)




Notes


ING (L) Invest - Computer Technologies(Denominated in USD)






ANALOG DEVICES INC USD 4,690.30 0.00178


Shares

United States

APPLE COMPUTER INC USD 6,819,600.00 5.5760,000

BROADCOM CORP-CL A USD 838,350.00 0.6945,000

CISCO SYSTEMS INC USD 8,707,934.40 7.12385,990

CITRIX SYSTEMS INC USD 1,818,720.00 1.4972,000

CORNING INC USD 3,753,600.00 3.07240,000

DELL INC USD 824,000.00 0.6750,000

ELECTRONIC ARTS USD 221.94 0.006

EMBARQ USD 40.55 0.001

EMC CORP USD 1,179,459.32 0.9698,617

GOOGLE INC CL A USD 8,010,400.00 6.5520,000

HEWLETT-PACKARD CO USD 5,317,600.00 4.35115,000

INFINERA CORP USD 860,400.00 0.7090,000

INTEL CORP USD 5,386,804.19 4.40287,603

MCAFEE USD 1,528,200.00 1.2545,000


MICROCHIP TECHNOLOGY INC USD 1,030,050.00 0.8435,000

MICROSOFT CORP USD 11,081,848.14 9.06415,206

NETAPP INC USD 1,813,520.40 1.4899,480

NUANCE COMMUNICATIONS INC USD 914,250.00 0.7575,000

ORACLE CORP USD 6,008,307.30 4.91295,830

QUALCOMM INC USD 3,362,832.20 2.7578,260

RIVERBED TECHNOLOGY INC USD 438,200.00 0.3635,000

SANDISK CORP USD 303,025.00 0.2515,500

VASCO DATA SECURITY INTL USD 651,198.52 0.5362,857

WORLDCOM INC USD 0.00 0.0041,000

YAHOO INC USD 1,228,300.00 1.0071,000

72,277,192.26 59.07

CANON INC JPY 2,878,537.49 2.3580,000

Japan

FUJITSU LIMITED JPY 615,042.49 0.50112,000

HITACHI LTD JPY 980,643.12 0.80145,000

HOYA CORP JPY 1,317,514.90 1.0867,900

IBIDEN CO LTD JPY 1,231,337.74 1.0152,500

INDEX HOLDINGS JPY 2,156.08 0.0015

KEYENCE CORP JPY 1,267,023.69 1.046,467

MURATA MANUFACTURING CO LTD JPY 1,296,189.61 1.0633,000

NINTENDO CO LTD JPY 4,087,975.37 3.3410,000

TOSHIBA CORPORATION JPY 904,846.03 0.74213,000

14,581,266.52 11.92

CENTROTHERM PHOTOVOLTAICS AG EUR 736,654.65 0.6014,000

Germany

Q-CELLS AG EUR 1,152,178.21 0.9414,000

ROTH + RAU AG EUR 1,108,540.79 0.9132,344

SAP AG EUR 2,910,224.10 2.3855,000

5,907,597.75 4.83

NOKIA EUR 5,073,595.80 4.15280,000

Finland

5,073,595.80 4.15

CHECK POINT SOFTWARE TECHNOLOGIE USD 1,318,920.00 1.0858,000

Israel


Market valuein USD

Currency %NAV

NICE SYSTEMS LTD -CERT ADR- USD 2,260,811.04 1.8582,996

3,579,731.04 2.93

SILICONWARE PRECISION-ADR USD 583,456.63 0.48101,119

Taiwan

TAIWAN SEMICONDUCTOR-SP ADR USD 2,169,036.26 1.77231,487

2,752,492.89 2.25

ARM HOLDINGS PLC GBP 1,303,936.06 1.06770,000

United Kingdom

AUTONOMY CORPORATION PLC GBP 820,597.35 0.6745,000

SDL PLC GBP 609,632.44 0.50100,000

2,734,165.85 2.23

ASML HOLDING NV EUR 1,481,695.05 1.2285,000

Netherlands

TOMTOM NV EUR 898,976.00 0.7350,000

2,380,671.05 1.95

STMICROELECTRONICS EUR 1,331,755.69 1.09135,000

Switzerland

TEMENOS GROUP AG CHF 559,184.48 0.4630,000

1,890,940.17 1.55

SAMSUNG ELECTRONICS CO LTD KRW 1,875,636.90 1.534,200

South Korea

1,875,636.90 1.53

EVS BROADCAST EQUIPMENT SA EUR 774,411.64 0.6311,000

Belgium

MELEXIS NV EUR 817,969.83 0.6759,000

1,592,381.47 1.30

SEAGATE TECHNOLOGY USD 1,272,600.00 1.04105,000

Cayman Islands

1,272,600.00 1.04

CHINA SECURITY & SURVEILLANCETECHNOLOGY

USD 694,000.00 0.5750,000

Hong Kong

694,000.00 0.57

RESEARCH IN MOTION LIMITED CAD 573,311.46 0.468,500

Canada

RESEARCH IN MOTION LIMITED USD 68,300.00 0.061,000

641,611.46 0.52

TANDBERG ASA NOK 594,436.01 0.4945,000

Norway

594,436.01 0.49

VERIGY LTD USD 91,558.72 0.075,624

Singapore

91,558.72 0.07

ALIBABA.COM LTD HKD 16,274.32 0.0118,000

China

16,274.32 0.01

117,956,152.21 96.41


Market valuein USD

Currency %NAV

ING (L) Invest - Computer Technologies(Denominated in USD)






XO COMMUNICATIONS INC A USD 0.00 0.007,000


SharesUnited States

0.00 0.00

0.00 0.00



Market valuein USD

Currency %NAV

MERRILL LYNCH WTS 05/04/2011 ASUSTEK COMP USD 96.4150

Warrants

NOVATEK WARRANT 04-19/11/2009 USD 581.03399

677.44


Market valuein USD

Currency




NAV



Cash at bank 2,319,952.67 1.90


Total net assets 122,350,463.16 100.00







Statistics


Capitalisation P (USD) 714.9030/09/2008 USD1,017.5530/09/2007 USD

922.7330/09/2006 USD

Capitalisation I (USD) 733.6130/09/2008 USD1,032.9030/09/2007 USD

927.9030/09/2006 USD






Capitalisation X (USD) 17130/09/20083,32230/09/20079,16430/09/2006

Distribution P (USD) 25930/09/200829230/09/200735730/09/2006

Number of shares


Dividend


















Shares 35,245,453.83







Notes
















(12,905,921.05)







Notes


ING (L) Invest - Consumer Goods(Denominated in USD)






ADVANCE AUTO PARTS USD 375,262.92 1.059,462


Shares

United States

BORGWARNER INC USD 609,554.77 1.7018,601

CARNIVAL CORP USD 773,882.20 2.1621,892

CHOICE HOTELS INTL INC USD 594,817.90 1.6621,949

COMCAST CORP A USD 1,135,948.84 3.1757,868

DIRECTV GROUP INC USD 622,220.06 1.7323,767

HANESBRANDS USD 919,372.50 2.5642,270

HOME DEPOT INC USD 1,431,691.11 3.9955,299

INTERNATIONAL GAME TECHNOLOGY USD 573,107.62 1.6033,359

JACK IN THE BOX INC USD 180,215.10 0.508,541

LIBERTY GLOBAL INC-A USD 573,488.10 1.6018,927

LOWES COMPANIES USD 1,317,164.00 3.6755,600

MCDONALDS CORP USD 1,680,399.50 4.6727,235

MCGRAW HILL CO INC USD 323,718.01 0.9010,241

NEWS CORP CL A USD 816,495.02 2.2868,098

OMNICOM GROUP INC USD 484,043.68 1.3512,553

OREILLY AUTOMOTIVE INC USD 457,633.15 1.2817,095

POLO RALPH LAUREN CORP CL A USD 462,414.96 1.296,939

TIME WARNER INC USD 915,903.93 2.5569,863

UNDER ARMOUR INC -A- USD 177,443.12 0.495,587

VF CORP USD 262,776.69 0.733,399

WALT DISNEY Co USD 1,438,900.65 4.0146,885

YUM BRANDS INC USD 694,495.17 1.9421,297

16,820,949.00 46.88

ASICS CORP JPY 382,894.47 1.0750,000

Japan

DENSO CORPORATION JPY 648,367.96 1.8127,100

HONEYS CO LTD JPY 78,747.40 0.2217,490

ISUZU MOTORS LTD JPY 425,337.82 1.19159,000

NINTENDO CO LTD JPY 694,955.81 1.931,700

SHARP CORP JPY 339,396.15 0.9532,000

SUZUKI MOTOR CORP JPY 294,479.28 0.8216,300

TOYOTA MOTOR CORPORATION JPY 2,330,993.70 6.4956,500

5,195,172.59 14.48

ACCOR SA EUR 609,983.48 1.7011,619

France

LVMH EUR 1,198,967.45 3.3513,823

SODEXHO ALLIANCE SA EUR 784,819.53 2.1913,431

VIVENDI EUR 973,905.28 2.7131,487

3,567,675.74 9.95

ADIDAS AG EUR 1,105,018.35 3.0720,867

Germany

BMW-BAYERISCHE MOTOREN WERKE AG EUR 933,176.08 2.6024,344

DAIMLER CHRYSLER AG EUR 648,458.64 1.8113,041


PRAKTIKER BAU-UND HEIMWERK A EUR 171,028.62 0.4818,761

2,978,190.13 8.30

INTERCONTINENTAL HOTELS GROUP PLC GBP 340,876.51 0.9527,795

United Kingdom

KINGFISHER PLC GBP 403,459.56 1.13171,859

NEXT PLC GBP 331,405.73 0.9218,245

WILLIAM HILL PLC GBP 253,677.06 0.7160,947


Market valuein USD

Currency %NAV

WPP GROUP PLC GBP 385,276.30 1.0748,245

1,714,695.16 4.78

REED ELSEVIER NV EUR 687,892.01 1.9246,512

Netherlands

TOMTOM NV EUR 355,706.82 0.9919,784

WOLTERS KLUWER NV EUR 268,655.41 0.7513,436

1,312,254.24 3.66

CIE FIN RICHEMONT UNITS A CHF 435,587.05 1.219,988

Switzerland

THE SWATCH GROUP AG-BR CHF 518,153.09 1.452,855

953,740.14 2.66

LI & FUNG HKD 497,741.34 1.38208,000

Hong Kong

XINYU HENGDELI HOLDINGS HKD 135,181.88 0.38656,000

632,923.22 1.76

POLYTEC HOLDING AG EUR 608,724.63 1.7044,769

Austria

608,724.63 1.70

GEOX SPA EUR 139,911.47 0.3914,590

Italy

LOTTOMATICA SPA EUR 372,535.65 1.0414,336

512,447.12 1.43

SHAW COMMUNICATIONS-B-NON VTG CAD 404,772.89 1.1319,979

Canada

404,772.89 1.13

BJORN BORG SEK 195,941.11 0.5542,829

Sweden

195,941.11 0.55

ANTA SPORTS PRODUCTS LTD HKD 180,208.16 0.50318,000

China

180,208.16 0.50

PARTYGAMING GBP 151,259.70 0.4246,306

Gibraltar

151,259.70 0.42

ELIXIR GAMING TECHNOLOGIES USD 16,500.00 0.0550,000

Macau

16,500.00 0.05

35,245,453.83 98.25



Market valuein USD

Currency %NAV


NAV


Cash at bank 9,713.31 0.03


Total net assets 35,873,724.41 100.00







Statistics

30/09/2008Net assets 43,076,512.40EUR30/09/2007 89,695,321.17EUR30/09/2006 94,284,741.58EUR

Capitalisation P (EUR) 64.8530/09/2008 EUR103.1430/09/2007 EUR88.9030/09/2006 EUR


Capitalisation X (EUR) 63.2430/09/2008 EUR101.0430/09/2007 EUR87.5430/09/2006 EUR

Distribution P (EUR) 49.5930/09/2008 EUR79.9430/09/2007 EUR70.6830/09/2006 EUR


Capitalisation P (EUR) 563,51230/09/2008761,29730/09/2007935,00030/09/2006


Capitalisation X (EUR) 5,00130/09/20088,53430/09/20073,64430/09/2006

Distribution P (EUR) 108,91430/09/2008129,00830/09/2007153,21830/09/2006

Number of shares


Dividend


















Shares 34,665,430.98







Total financial derivative instruments (472,320.00)Futures (472,320.00)



Notes














(3,111,822.74)



(33,016,030.75)


(460,482.00)







Notes


ING (L) Invest - Dutch Equity(Denominated in EUR)






AEGON NV EUR 1,845,684.20 4.28297,691


Shares

Netherlands

AKZO NOBEL NV EUR 1,331,154.00 3.0939,600AMG ADVANCED METALLURGICAL GROUPNV

EUR 230,445.00 0.538,100

ASM INTERNATIONAL NV EUR 301,464.00 0.7023,700

ASML HOLDING NV EUR 919,283.16 2.1374,076

BINCKBANK EUR 293,755.00 0.6854,500

CSM NV EUR 341,508.00 0.7919,100

DRAKA HOLDING EUR 241,752.00 0.5616,800

FUGRO EUR 990,862.25 2.3023,905

HEINEKEN NV EUR 1,218,835.00 2.8343,000

ING GROEP NV EUR 3,421,956.00 7.94229,200

KONINKLIJKE AHOLD EUR 1,579,726.26 3.67194,380

KONINKLIJKE DSM EUR 496,789.37 1.1514,894

KONINKLIJKE KPN NV EUR 2,231,028.80 5.18218,900

NUTRECO HOLDING NV EUR 200,514.16 0.476,056

PHILIPS ELECTRONICS EUR 2,418,069.50 5.61126,700

RANDSTAD HOLDING NV EUR 181,431.11 0.429,831

REED ELSEVIER NV EUR 1,106,892.71 2.57105,128

ROYAL DUTCH SHELL CL.A EUR 4,166,437.50 9.68202,500

SAMAS NV EUR 110,627.00 0.2662,150

SBM OFFSHORE NV EUR 727,914.26 1.6948,463

SNS REAAL EUR 146,965.48 0.3418,463

TNT NV EUR 945,750.00 2.2048,500

TOMTOM NV EUR 352,000.00 0.8227,500

UNILEVER NV EUR 3,554,940.00 8.25179,000

USG PEOPLE NV EUR 90,710.00 0.219,400


29,752,547.26 69.06

ARCELORMITTAL EUR 3,048,850.00 7.0886,800

Luxembourg

3,048,850.00 7.08

FORTIS EUR 950,867.60 2.21221,132

Belgium

FORTIS EUR 25,520.00 0.065,800


977,204.92 2.27

UNIBAIL HOLDING EUR 886,828.80 2.066,240

France

886,828.80 2.06

34,665,430.98 80.47

STREETTRACKS SM AEX INDEX ETF EUR 2,088,711.81 4.8562,331

Undertakings for collective investmentFrance

2,088,711.81 4.85

ISHARES AEX EUR 2,072,715.84 4.8162,582

Ireland

2,072,715.84 4.81

4,161,427.65 9.66


Market valuein EUR

Currency %NAV



Market valuein EUR

Currency %NAV

AEX - AMSTERDAM EXCHANGE17/10/2008

EUR 4,241,280.0064 (472,320.00)


(472,320.00)4,241,280.00

NameQuantity Commitmentin EUR


in EUR




NAV



Cash at bank 3,669,815.29 8.52


Total net assets 43,076,512.40 100.00







Statistics



Capitalisation I (EUR) 49.0230/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR


Distribution P (EUR) 3,498.2730/09/2008 EUR5,452.7530/09/2007 EUR4,325.3630/09/2006 EUR


Capitalisation P (EUR) 1,737,18030/09/20081,944,38430/09/20072,142,74530/09/2006

Capitalisation I (EUR) 33,46730/09/2008-30/09/2007-30/09/2006

Capitalisation X (EUR) 580,89930/09/2008827,25030/09/2007

1,129,27630/09/2006


Number of shares


Dividend


















Shares 116,543,186.99










Notes















(5,575,354.61)



(105,323,778.11)


704,252.29



Redemptions (154,956,343.54)




Notes


ING (L) Invest - Emerging Europe(Denominated in EUR)






AO TATNEFT GDR SPONSORED REG.S USD 3,855,907.15 3.2276,500


Shares

Russia

GAZPROM OAO-SPONS. ADR REG.S USD 8,976,634.75 7.50407,400

GRUPPA KOMPANY PIK GDR USD 539,439.15 0.45145,716

JSC MMC NORILSK NICKEL-ADR USD 5,899,515.18 4.93606,200

LSR GROUP OJSC-GDR- USD 590,212.40 0.49160,979

LUKOIL CO SPONS ADR (JSC OIL) USD 8,539,636.21 7.13204,000

MAGNIT JSC -SPONSORED GDR REGS USD 970,966.43 0.81152,900

MECHEL OAO-ADR USD 2,360,314.67 1.97184,600

MOBILE TELESYSTEMS ADR USD 5,941,330.58 4.96149,000

NOVATEK SHS GDR 1/100 SHSREGS USD 3,890,364.15 3.25122,800

PHARMSTANDARD-OKTYABR OAO USD 1,698,376.82 1.42137,500

ROSNEFT OIL CO GDR USD 6,926,912.75 5.791,447,900

TMK SPONS.GDR REG-S USD 1,916,270.96 1.60108,100

URALKALI OJSC-GDR- USD 3,674,625.00 3.07169,900

VIMPEL COMMUNICATIONS ADR USD 5,828,491.08 4.87403,300

WIMM BILL DANN FOODS ADR USD 1,946,036.38 1.6338,500

X5 RETAIL GROUP GDR REG.S USD 692,628.06 0.5846,000

64,247,661.72 53.67

BANK ZACHODNI WBK PLN 1,678,494.50 1.4037,300

Poland

GETIN HOLDING SA PLN 857,534.89 0.72322,900

KGHM POLSKA MIEDZ SA PLN 1,986,857.09 1.66134,800

PBG SA PLN 2,082,661.04 1.7430,700

PKO BANK POLSKI SA PLN 5,865,384.05 4.90458,000

POLSKI KONCERN NAFTOWY ORLEN PLN 1,425,170.41 1.19140,400

TELEKOMUNIKACJA POLSKA SA PLN 4,147,112.04 3.46615,600

TVN SA PLN 1,939,504.26 1.62367,400

19,982,718.28 16.69

CESKE ENERGETICKE ZAVODY AS - CES CZK 8,218,345.03 6.86189,300

Czech Republic

8,218,345.03 6.86

MAGYAR TELEKOM TELECOMMUNICA HUF 1,711,060.11 1.43517,200

Hungary

MOL HUNGARIAN OIL AND GAS NY HUF 3,418,844.98 2.8553,200

OTP BANK RT HUF 1,887,463.56 1.5874,700

7,017,368.65 5.86


Turkey

TURKIYE GARANTI BANKASI TRY 1,711,220.97 1.43998,380

2,459,330.53 2.05

JERONIMO MARTINS SGPS SA EUR 2,194,200.00 1.83365,700

Portugal

2,194,200.00 1.83


Greece

1,306,450.00 1.09

KARDAN NV EUR 855,750.00 0.71163,000

Netherlands

855,750.00 0.71


Market valuein EUR

Currency %NAV

XXI CENTURY INVESTMENTS PUBLIC GBP 409,359.14 0.34117,300

Cyprus

409,359.14 0.34

106,691,183.35 89.10

NOVOROSSIYSK TRADE PORT- BRD RUB 152,709.16 0.132,295,400


SharesRussia

RUSHYDRO CLS USD 512,796.78 0.4321,000,000

SBERBANK USD 9,186,497.70 7.678,379,100

9,852,003.64 8.23

9,852,003.64 8.23



Market valuein EUR

Currency %NAV

BK AUSTRIA CREDIT 27/03/2009 MEGABANK EUR 175,224.001,460,200

Warrants

175,224.00


Market valuein EUR

Currency




NAV



Cash at bank 3,072,021.65 2.57


Total net assets 119,736,707.56 100.00







Statistics



Capitalisation X (CZK) 879.5430/09/2008 CZK1,549.4830/09/2007 CZK

-30/09/2006 CZK




-30/09/2006 EUR

Capitalisation I (USD) 51.8030/09/2008 USD81.6530/09/2007 USD

-30/09/2006 USD



Capitalisation P (USD) 2,574,36630/09/20083,323,62130/09/20073,591,45630/09/2006

Capitalisation X (CZK) 94,48930/09/20083,78330/09/2007

-30/09/2006



Capitalisation P (EUR) 183,98830/09/200881630/09/2007

-30/09/2006

Number of shares

Capitalisation I (USD) 904,23930/09/2008877,96230/09/2007

-30/09/2006


Number of shares


Capitalisation X (CZK) 2.22%30/09/2008
















Shares 317,901,438.06


Cash at bank 11,654,610.95







Notes















2,670,244.10



(185,106,485.42)


(5,150,765.78)



Redemptions (261,877,625.88)



Notes


ING (L) Invest - Emerging Markets(Denominated in USD)






CIA VALE DO RIO DOCE ADR SP USD 13,961,848.50 4.32788,805


Shares

Brazil

COMPANHIA SIDERURGICA NAC ADR USD 2,021,826.00 0.6395,100

INVESTIMENTOS ITAU SA PREF BRL 12,277,079.50 3.812,487,592

PETROBRAS - PETROLEO BRAS BRL 7,515,879.04 2.33343,386

PETROLEO BRASILEIRO ADR SPONS. USD 16,655,380.06 5.16445,093

POSITIVO INFORMATICA SA BRL 1,221,007.11 0.38336,466

UNIBANCO SPONSORED GDR USD 4,990,191.24 1.5549,447

VALE DO RIO DOCE ADR SPONSORED USD 5,639,675.00 1.75294,500

64,282,886.45 19.93

BHARAT HEAVY ELECTRICALSDEMATERIALISED

INR 5,331,575.86 1.65157,359

India

BHARTI AIRTEL INR 11,052,487.35 3.43661,375

HOUSING DEVELOPMENT FINANCE INR 9,122,304.78 2.83200,093

ICICI BANKING CORP INR 4,891,880.27 1.52428,993

JAIPRAKASH ASSOCIATED LTD INR 3,007,181.78 0.931,271,218

33,405,430.04 10.36

GS ENGINEERING & CONSTRUCTION CORP KRW 6,068,121.35 1.8878,247

South Korea

HYUNDAI MOTOR CO LTD KRW 3,933,965.71 1.2264,600


SAMSUNG TECHWIN CO LTD KRW 4,078,528.36 1.27190,061

SHINSEGAE CO LTD KRW 3,346,063.98 1.047,186

25,580,340.95 7.94


Russia

LSR GROUP OJSC-GDR- USD 2,263,703.10 0.70439,554

MOBILE TELESYSTEMS ADR USD 5,281,182.90 1.6494,290

ROSNEFT OIL CO GDR USD 6,823,145.28 2.121,015,349

WIMM BILL DANN FOODS ADR USD 3,327,699.00 1.0346,869

25,423,481.03 7.89

BEIJING ENTERPRISES HKD 5,570,778.89 1.731,491,500

Hong Kong

CHINA MOBILE HKD 8,430,486.18 2.61851,200

CHINA OVERSEAS LAND & INVEST HKD 4,709,986.11 1.463,975,000

CNOOC LTD HKD 5,276,246.99 1.644,629,000

23,987,498.17 7.44

AMERICA MOVIL ADR USD 6,753,817.52 2.10145,682

Mexico

EMPRESAS ICA MXN 3,642,594.31 1.131,269,351

FOMENTO ECONOMICO MEX.ADR SP USD 4,381,485.06 1.36114,879

GRUPO FINANCIERO BANORTE SA MXN 2,849,186.73 0.88896,482

GRUPO TELEVISA ADR SPON. USD 4,662,137.25 1.45213,175

WALMART DE MEXICO-SER V MXN 5,979.89 0.001,747

22,295,200.76 6.92

CHINA TRUST FINANCIAL HLD BANK TWD 796,985.82 0.251,499,429

Taiwan

CHUNGHWA TELECOM CO LTD TWD 2,444,993.10 0.761,053,000

HON HAI PRECISION INDUSTRY GDR USD 3,286,233.96 1.02474,889

TAIWAN FERTILIZER CO LTD TWD 3,335,240.94 1.031,824,825


Market valuein USD

Currency %NAV

TAIWAN SEMICONDUCTORMANUFACTURING CO LT

TWD 8,626,148.59 2.675,286,022

TUNG HO STEEL ENTERPRISE COR TWD 185,923.87 0.06227,000

UNI-PRESIDENT ENTERPRISES CORP TWD 2,727,827.27 0.853,101,000

21,403,353.55 6.64

ISRAEL CHEMICALS LTD ILS 4,958,028.17 1.54333,956

Israel

MAKHTESHIM-AGAN INDUSTRIES ILS 4,950,002.48 1.54761,163


TEVA PHARMACEUTICAL IND.LTD-ADR USD 7,666,024.43 2.37167,417

20,673,967.08 6.41

CHINA LIFE INSURANCE -H- HKD 2,364,349.92 0.73643,000

China

CHINA NATIONAL BUILDING MATERIAL CO-H- HKD 3,004,985.64 0.932,675,662

CHINA SHENHUA ENERGY CO - H HKD 3,550,198.72 1.111,490,000

INDUSTRIAL AND CIAL BK CHINA-H HKD 2,577,754.66 0.804,370,000

SHANGHAI ELECTRIC GROUP CORP -H- HKD 3,316,977.77 1.0311,149,000

14,814,266.71 4.60

BUMI RESOURCES TBK PT IDR 5,350,020.31 1.6615,765,842

Indonesia

TELEKOMUNIKASI INDONESIA PT-B- IDR 4,408,660.94 1.375,814,500

9,758,681.25 3.03

IMPALA PLATINUM HOLDINGS LTD ZAR 2,582,593.12 0.80128,829

South Africa

MTN GROUP LTD ZAR 2,242,539.43 0.70161,476

SASOL LTD ZAR 4,326,913.01 1.34102,400

9,152,045.56 2.84

HACI OMER SABANCI HOLDING TRY 1,787,183.49 0.55471,265

Turkey

TURKIYE GARANTI BANKASI TRY 7,104,556.27 2.212,950,928

8,891,739.76 2.76


Bermuda

7,457,550.00 2.31

EFG-HERMES HOLDING SAE EGP 2,208,932.72 0.69354,891

Egypt

ORASCOM CONSTRUCTION INDUSTRIE EGP 3,403,810.33 1.0558,617

5,612,743.05 1.74

ENERSIS SA ENERSIS-ADR USD 4,831,144.32 1.50296,026

Chile

4,831,144.32 1.50


Czech Republic

3,195,214.46 0.99

ANTOFAGASTA PLC GBP 3,096,647.60 0.96434,300

United Kingdom

3,096,647.60 0.96

GOLDEN AGRI-RESOURCES SGD 2,710,199.87 0.8412,301,000

Singapore

2,710,199.87 0.84


Market valuein USD

Currency %NAV

ING (L) Invest - Emerging Markets(Denominated in USD)






MINAS BUENAVENTURA ADR SPONS. USD 2,270,304.68 0.7096,691

Peru

2,270,304.68 0.70

TENARIS SA-ADR USD 1,920,919.77 0.6051,513

Luxembourg

1,920,919.77 0.60

310,763,615.06 96.40

ISHARES MSCI CHINA TRACKER HKD 2,054,620.36 0.641,020,000

Undertakings for collective investmentHong Kong

2,054,620.36 0.64

ISHARES MSCI BRASIL (FREE) USD 1,318,498.65 0.4123,415

United States

1,318,498.65 0.41

3,373,119.01 1.05

SBERBANK USD 7,137,823.00 2.214,634,950


SharesRussia

7,137,823.00 2.21

7,137,823.00 2.21



Market valuein USD

Currency %NAV


NAV


Cash at bank 11,654,610.95 3.62

Other assets and liabilities (10,570,762.43) (3.28)

Total net assets 322,358,405.59 100.00







Statistics



Capitalisation I (EUR) 102.7630/09/2008 EUR148.6030/09/2007 EUR132.7930/09/2006 EUR





Capitalisation I (EUR) 433,26030/09/2008510,17530/09/2007737,38830/09/2006


283,68230/09/2006


Number of shares


Dividend


















Shares 161,144,236.32







Notes
















(77,610,991.15)


(17,289.00)







Notes


ING (L) Invest - EMU Equity(Denominated in EUR)






ADIDAS AG EUR 1,786,980.00 1.1047,400


Shares

Germany


BAYER AG EUR 5,174,820.00 3.2099,900

BEIERSDORF AG EUR 945,491.00 0.5821,100

DAIMLER CHRYSLER AG EUR 1,890,360.00 1.1753,400


E.ON AG EUR 7,268,994.00 4.50204,300

FRESENIUS AG PREF. EUR 2,379,874.29 1.4746,491

HENKEL AG & CO KGaA EUR 2,499,695.00 1.5496,700

K&S AG EUR 1,585,664.00 0.9832,600


ROTH + RAU AG EUR 722,240.00 0.4529,600

SIEMENS AG EUR 7,436,325.00 4.60113,100

STADA ARZNEIMITTEL AG EUR 2,149,280.00 1.3376,000

SYMRISE AG EUR 876,000.00 0.5473,000

43,218,511.29 26.71

ALCATEL LUCENT EUR 1,042,929.89 0.64386,700

France

AXA EUR 5,321,553.54 3.28232,433

BNP PARIBAS EUR 4,248,944.00 2.6364,300

BOUYGUES EUR 2,749,550.00 1.7086,600

GDF SUEZ EUR 4,010,547.00 2.48109,878

LVMH EUR 3,340,675.00 2.0654,100

PERNOD-RICARD SA EUR 2,069,630.00 1.2833,500

SANOFI-AVENTIS SA EUR 1,498,910.00 0.9332,200

STE GENERALE EUR 5,270,000.00 3.2685,000

TOTAL SA EUR 4,006,778.00 2.4894,100

VINCI EUR 2,275,620.00 1.4169,000

35,835,137.43 22.15


Spain


IBERDROLA SA EUR 4,019,106.00 2.48562,900

REPSOL YPF SA EUR 2,928,090.00 1.81140,100

TELEFONICA SA EUR 6,742,864.00 4.17401,600

25,382,824.00 15.68

AKZO NOBEL NV EUR 1,300,900.50 0.8038,700

Netherlands

AMG ADVANCED METALLURGICAL GROUPNV

EUR 844,965.00 0.5229,700

ASM INTERNATIONAL NV EUR 1,152,432.00 0.7190,600


BINCKBANK EUR 800,415.00 0.49148,500

ING GROEP NV EUR 1,808,023.00 1.12121,100



SBM OFFSHORE NV EUR 2,005,515.46 1.24133,523

TNT NV EUR 1,238,250.00 0.7763,500

WOLTERS KLUWER NV EUR 1,211,398.50 0.7585,100

19,553,845.87 12.08

FIAT SPA EUR 1,543,454.20 0.95164,600

Italy

SAIPEM SPA EUR 1,846,576.00 1.1488,100


Market valuein EUR

Currency %NAV

TELECOM ITALIA RNC EUR 2,375,163.55 1.472,967,100

UNICREDIT SPA EUR 4,289,058.98 2.651,650,908

10,054,252.73 6.21

ALAPIS SA EUR 754,983.00 0.47506,700

Greece


COCA COLA HELLENIC BOTTLING EUR 1,914,906.00 1.18125,650


8,149,083.00 5.04

FORTUM OYJ EUR 3,692,628.00 2.28156,600

Finland

NOKIA EUR 3,201,780.00 1.98248,200

6,894,408.00 4.26


Luxembourg

4,794,562.50 2.96

ANHEUSER-BUSH INBEV SA EUR 2,865,697.50 1.7768,500

Belgium


OMEGA PHARMA SA EUR 795,960.00 0.4926,400

3,662,325.50 2.26

GALP ENERGIA SGPS SA-B EUR 1,641,240.00 1.01141,000

Portugal


2,738,040.00 1.69

WIENER STADTISCHE VERSICHERUNG EUR 861,246.00 0.5324,600

Austria

861,246.00 0.53

161,144,236.32 99.57



Market valuein EUR

Currency %NAV


NAV


Cash at bank 258,221.17 0.16


Total net assets 161,843,233.76 100.00







Statistics





Capitalisation I (USD) 1,348.4630/09/2008 USD1,692.2530/09/2007 USD1,197.4530/09/2006 USD

Capitalisation X (USD) 1,264.2030/09/2008 USD1,610.6330/09/2007 USD1,156.3630/09/2006 USD









Number of shares


Dividend



















Shares 195,381,535.21







Notes















(24.11)



(117,958,494.31)



Redemptions (486,124,494.15)




Notes


ING (L) Invest - Energy(Denominated in USD)






CHESAPEAKE ENERGY CORP USD 4,802,837.38 2.42133,933


Shares

United States

CHEVRON USD 12,975,176.24 6.53157,313

DEVON ENERGY CORPORATION USD 6,596,769.60 3.3372,333

DIAMOND OFFSHORE DRILLING INC USD 2,455,713.68 1.2423,828

EXXON MOBIL CORP USD 9,624,947.42 4.85123,937

HESS CORP USD 9,180,401.76 4.63111,847

MARATHON OIL CORP USD 5,475,347.10 2.76137,330

NOBLE CORP USD 2,695,635.60 1.3661,404

OCCIDENTAL PETROLEUM CORP USD 9,837,638.00 4.96139,640

SOUTHWESTERN ENERGY USD 12,404,950.98 6.25406,187

TRANSOCEAN INC USD 6,401,804.72 3.2358,283

VALERO ENERGY CORP USD 4,816,154.70 2.43158,949

WEATHERFORD INTERNATIONAL LTD USD 7,799,609.58 3.93310,247

WILLIAMS COMPANIES INC USD 7,520,747.30 3.79318,002

102,587,734.06 51.71

ACERGY SA NOK 1,736,156.96 0.88178,517

United Kingdom

AFREN PLC GBP 1,694,070.61 0.851,462,097

BG GROUP PLC GBP 14,740,975.03 7.43816,347

DANA PETROLEUM PLC GBP 1,779,854.87 0.9084,403

PETROFAC LTD GBP 2,110,036.58 1.06203,039

SOCO INTERNATIONAL PLC GBP 2,180,614.32 1.1082,768

TULLOW OIL PLC GBP 4,297,963.46 2.17338,167

WELLSTREAM HOLDINGS PLC GBP 4,449,922.17 2.24244,743

32,989,594.00 16.63

TOTAL STRIP VVPR EUR 48.78 0.003,473

France

TOTAL SA EUR 13,452,883.20 6.78224,927

VALLOUREC EUR 1,840,505.09 0.938,674

15,293,437.07 7.71

PETROLEO BRASILEIRO SA ADR USD 8,659,116.90 4.37197,022

Brazil

8,659,116.90 4.37

ENBRIDGE INC CAD 1,052,298.43 0.5328,410

Canada

NEXEN INC CAD 948,149.47 0.4840,812

OPTI CANADA INC CAD 1,091,672.65 0.55105,036

SUNCOR ENERGY INC CAD 5,199,217.82 2.62125,630

8,291,338.37 4.18

REPSOL YPF SA EUR 5,859,694.13 2.95199,600

Spain

5,859,694.13 2.95

SCHLUMBERGER LTD USD 4,878,282.30 2.4662,470

Netherlands Antilles

4,878,282.30 2.46

LAMPRELL PLC GBP 3,065,579.55 1.55534,921


3,065,579.55 1.55


Market valuein USD

Currency %NAV


Russia

2,600,604.70 1.31

DOCKWISE LTD NOK 892,660.55 0.45477,620

Bermuda

NABORS INDUSTRIES LTD USD 1,665,328.84 0.8466,827

2,557,989.39 1.29


Portugal

2,214,117.71 1.12

ENI SPA EUR 1,811,088.29 0.9169,320

Italy

1,811,088.29 0.91

PETROPLUS HOLDINGS AG CHF 1,603,156.74 0.8142,496

Switzerland

1,603,156.74 0.81

PETROLEUM GEO-SERVICES NOK 1,558,419.17 0.79121,076

Norway

1,558,419.17 0.79

BUMI RESOURCES TBK PT IDR 1,411,382.83 0.714,159,169

Indonesia

1,411,382.83 0.71

195,381,535.21 98.50



Market valuein USD

Currency %NAV


NAV


Cash at bank 3,309,168.37 1.67


Total net assets 198,354,499.08 100.00







Statistics

30/09/2008Net assets 872,803,064.71EUR30/09/2007 1,826,499,055.72EUR30/09/2006 1,661,122,935.38EUR







Capitalisation I (EUR) 1,166,91730/09/20081,408,88030/09/2007

940,25630/09/2006



Number of shares


Dividend


















Shares 826,794,084.92

Cash at bank 32,866,732.66






Notes



Dividends 46,333,662.77













(310,889,171.10)


(209,100.00)



Redemptions (824,463,701.00)




Notes


ING (L) Invest - Euro High Dividend(Denominated in EUR)






AXA EUR 28,160,850.00 3.231,230,000


Shares

France

BNP PARIBAS EUR 27,092,800.00 3.10410,000

BOUYGUES EUR 15,875,000.00 1.82500,000

LAFARGE SA EUR 6,272,150.00 0.7285,000

LVMH EUR 16,672,500.00 1.91270,000


SCHNEIDER ELECTRIC SA EUR 17,471,050.00 2.00290,000

SODEXHO ALLIANCE SA EUR 6,656,000.00 0.76160,000

TOTAL SA EUR 32,360,800.00 3.71760,000

VINCI EUR 16,819,800.00 1.93510,000

VIVENDI EUR 25,323,000.00 2.901,150,000

210,392,950.00 24.11

ENEL SPA EUR 19,437,000.00 2.233,300,000

Italy

ENI SPA EUR 31,248,000.00 3.571,680,000

INDESIT CO SPA EUR 5,935,200.00 0.68800,000

PRYSMIAN SPA EUR 5,658,000.00 0.65410,000

SARAS SPA EUR 6,452,600.00 0.742,200,000

SNAM RETE GAS EUR 20,908,300.00 2.404,900,000



UNIONE DI BANCHE ITALIANE EUR 19,275,000.00 2.211,250,000

146,766,950.00 16.82

AKZO NOBEL NV EUR 6,050,700.00 0.69180,000

Netherlands

CORIO NV EUR 6,734,475.00 0.77135,000

HUNTER DOUGLAS NV EUR 5,593,344.92 0.64194,958

ING GROEP NV EUR 26,127,500.00 2.991,750,000

KONINKLIJKE KPN NV EUR 25,480,000.00 2.922,500,000

RANDSTAD HOLDING NV EUR 16,609,500.00 1.90900,000

ROYAL DUTCH SHELL CL.A EUR 30,039,500.00 3.451,460,000

UNILEVER NV EUR 17,874,000.00 2.05900,000

WERELDHAVE NV EUR 6,524,600.00 0.7595,000

141,033,619.92 16.16


Germany

ALSTRIA OFFICE REIT-AG EUR 2,576,665.00 0.30294,476

BAYER AG EUR 7,770,000.00 0.89150,000

BMW-BAYERISCHE MOTOREN WERKE AG EUR 17,738,500.00 2.03650,000

DEUTSCHE POST AG-REG EUR 17,144,800.00 1.961,160,000

E.ON AG EUR 28,108,200.00 3.22790,000

MTU AERO ENGINES HOLDING AG EUR 5,817,000.00 0.67300,000

MUENCHENER RUECKVER AG EUR 16,993,600.00 1.95160,000

SYMRISE AG EUR 7,200,000.00 0.82600,000

130,307,165.00 14.93

BANCO BILBAO VIZCAYA ARGENTA EUR 26,358,000.00 3.022,300,000

Spain

BANCO SANTANDER SA EUR 26,250,000.00 3.012,500,000

IBERDROLA SA EUR 18,921,000.00 2.172,650,000

TELEFONICA SA EUR 26,864,000.00 3.071,600,000

98,393,000.00 11.27


Market valuein EUR

Currency %NAV

KESKO OYJ EUR 5,913,600.00 0.68330,000

Finland

NOKIA EUR 17,286,000.00 1.981,340,000

ORION OYJ-CLASS B EUR 7,170,000.00 0.82600,000

UPM-KYMMENE CORP EUR 7,111,000.00 0.81650,000

37,480,600.00 4.29

COFINIMMO EUR 6,765,000.00 0.7855,000

Belgium

DELHAIZE GROUP EUR 17,217,900.00 1.97420,000

23,982,900.00 2.75

ALLIED IRISH BANKS PLC EUR 3,540,000.00 0.41600,000

Ireland

CRH PLC EUR 6,150,000.00 0.70410,000

INDEPENDENT NEWS & MEDIA PLC EUR 5,469,400.00 0.634,715,000

IRISH LIFE AND PERMANENT PLC EUR 3,637,500.00 0.42750,000

SMURFIT KAPPA PLC EUR 4,832,000.00 0.551,600,000

23,628,900.00 2.71

BCO ESPIRITO SANTO EUR 7,785,000.00 0.89900,000

Portugal

7,785,000.00 0.89

STMICROELECTRONICS EUR 7,023,000.00 0.801,000,000

Switzerland

7,023,000.00 0.80

826,794,084.92 94.73



Market valuein EUR

Currency %NAV


NAV


Cash at bank 32,866,732.66 3.77


Total net assets 872,803,064.71 100.00







Statistics



Capitalisation X (EUR) 895.3630/09/2008 EUR1,170.3330/09/2007 EUR1,104.3930/09/2006 EUR


Distribution P (quarter div) (EUR) 187.5630/09/2008 EUR268.9630/09/2007 EUR266.9530/09/2006 EUR

Distribution X (EUR) 812.5030/09/2008 EUR1,131.1030/09/2007 EUR1,104.4830/09/2006 EUR





Distribution P (quarter div) (EUR) 2,88830/09/20082,57730/09/2007

49730/09/2006

Distribution X (EUR) 1,99130/09/20082,79330/09/20071,15030/09/2006

Number of shares


Dividend



Distribution P (quarter div) (EUR) 3.6030/09/2008 EUR










Distribution X (EUR) 67.0019/12/2007 EUR






Distribution P (quarter div) (EUR) 1.82%30/09/2008

Distribution X (EUR) 2.16%30/09/2008











Shares 256,508,784.47


Options 5,421,710.26







Notes



Dividends 10,114,021.32












22,945,755.38



(108,512,391.48)


8,881,170.19







Notes


ING (L) Invest - Euro Income(Denominated in EUR)






ADIDAS AG EUR 2,735,625.11 1.0372,563


Shares

Germany


BAYER AG EUR 8,076,552.40 3.03155,918

BEIERSDORF AG EUR 1,487,288.71 0.5633,191



E.ON AG EUR 11,453,130.84 4.30321,898



K&S AG EUR 2,487,887.36 0.9351,149

SAP AG EUR 2,598,551.94 0.9768,982

SIEMENS AG EUR 11,864,653.25 4.45180,451


66,639,786.72 24.99

ALCATEL LUCENT EUR 1,561,082.93 0.59578,822

France

AXA EUR 10,198,028.27 3.82445,426

BNP PARIBAS EUR 8,307,247.20 3.12125,715

BOUYGUES EUR 4,390,517.00 1.65138,284

GDF SUEZ EUR 6,840,647.50 2.57187,415

LVMH EUR 5,222,321.00 1.9684,572



STE GENERALE EUR 9,041,212.00 3.39145,826

SUEZ ENVIRONNEMENT SA EUR 967,529.31 0.3655,319

TOTAL SA EUR 7,682,283.60 2.88180,420

VINCI EUR 3,663,451.38 1.37111,081

64,244,132.11 24.10


Spain

BANCO SANTANDER SA EUR 10,831,978.50 4.071,031,617

IBERDROLA SA EUR 6,239,417.52 2.34873,868

REPSOL YPF SA EUR 5,718,678.90 2.14273,621


41,055,461.91 15.40

AKZO NOBEL NV EUR 2,177,142.71 0.8264,767

Netherlands


ING GROEP NV EUR 2,795,284.18 1.05187,226




TNT NV EUR 2,214,517.50 0.83113,565

WOLTERS KLUWER NV EUR 1,902,151.88 0.71133,625

27,147,063.09 10.18

FIAT SPA EUR 2,356,899.57 0.88251,349

Italy

SAIPEM SPA EUR 2,822,599.36 1.06134,666



15,606,946.81 5.85


Market valuein EUR

Currency %NAV


Greece



11,486,239.28 4.31

FORTUM OYJ EUR 5,681,365.20 2.14240,940

Finland

NOKIA EUR 5,157,007.20 1.93399,768

10,838,372.40 4.07


Luxembourg

7,672,424.00 2.88


Belgium


OMEGA PHARMA SA EUR 1,271,847.60 0.4842,184

5,680,263.37 2.13


Ireland

CRH PLC EUR 1,810,815.00 0.68120,721

3,501,902.50 1.31


Portugal

2,636,192.28 0.99

256,508,784.47 96.21



Market valuein EUR

Currency %NAV

Name

CALL AEX - AMSTER EXCH 01/10/2008412.14

EUR(5,400) 2,225,556.00 0.00

Options

CALL AEX - AMSTERDAM 08/10/2008399.35

EUR(5,740) 2,292,269.00 (31.37)


EUR(5,740) 2,158,641.80 (3,993.22)


EUR(5,400) 2,006,802.00 (10,596.70)

CALL DAX INDEX 01/10/2008 6507.46 EUR(950) 6,182,087.00 0.00

CALL DAX INDEX 08/10/2008 6277.94 EUR(1,010) 6,340,719.40 (7,675.20)

CALL DAX INDEX 15/10/2008 6091.015 EUR(980) 5,969,194.70 (59,819.46)

CALL DAX INDEX 22/10/2008 6169.3 EUR(810) 4,997,133.00 (54,908.56)CALL DJ EURO STOXX 50 - 15/10/083152.18

EUR(6,100) 19,228,298.00 (267,920.18)

CALL DJ EURO STOXX 50 01/10/20083395.4

EUR(5,700) 19,353,780.00 0.00

CALL DJ EURO STOXX 50 08-10-20083280.8

EUR(6,100) 20,012,880.00 (32,898.43)

CALL DJ EURO STOXX 50 22/10/20083195.77

EUR(6,100) 19,494,197.00 (288,304.63)

PUT DJ EURO STOXX 50 03/12/20083073.11

EUR15,000 2,924,558.69

PUT DJ EURO STOXX 50 12/11/20083219.24

EUR12,500 3,251,307.66

PUT DJ EURO STOXX 50 12/11/20083219.24

EUR(12,500) 40,240,500.00 (3,251,307.66)

Quantity Market valuein EUR

Currency Commitmentin EUR


ING (L) Invest - Euro Income(Denominated in EUR)





Name

PUT DJ EURO STOXX 50 08/10/20083116.62

EUR14,000 1,543,474.53

PUT DJ EURO STOXX 50 12/11/2008 3000 EUR12,500 1,679,824.79

150,502,057.90 5,421,710.26

Quantity Market valuein EUR

Currency Commitmentin EUR




NAV


Total financial derivative instruments 5,421,710.26 2.03

Cash at bank 5,546,978.15 2.08


Total net assets 266,605,812.79 100.00







Statistics








Capitalisation I (EUR) 40,37530/09/200891,14330/09/2007

113,79930/09/2006



Number of shares


Dividend

















Shares 80,267,802.46








Notes















(24,652.05)



(20,042,484.47)



Redemptions (122,956,158.42)




Notes


ING (L) Invest - Europe Growth Fund(Denominated in EUR)






ADIDAS AG EUR 423,974.20 0.5311,246


Shares

Germany

BAYER AG EUR 2,115,822.80 2.6240,846


DEUTSCHE BOERSE AG EUR 398,548.80 0.496,240

E.ON AG EUR 1,968,107.70 2.4455,315



K&S AG EUR 666,416.64 0.8313,701

MERCK KGAA EUR 2,124,998.20 2.6228,183

METRO AG EUR 466,544.43 0.5813,131

Q-CELLS AG EUR 275,724.54 0.344,706

SIEMENS AG EUR 2,910,292.25 3.6044,263

14,317,440.00 17.73

ANGLO AMERICAN PLC GBP 1,155,773.29 1.4349,097

United Kingdom

BG GROUP PLC GBP 2,015,638.60 2.50156,794

BHP BILLITON PLC GBP 723,717.30 0.9045,297

BRITISH AMERICAN TOBACCO PLC GBP 1,222,883.12 1.5252,514

ENTERPRISE INNS GBP 560,816.19 0.70247,576

GLAXOSMITHKLINE PLC GBP 2,068,351.12 2.56134,588

IMPERIAL TOBACCO GROUP PLC GBP 2,834,174.58 3.51124,281

PUNCH TAVERNS PLC GBP 221,871.13 0.27129,507

RIO TINTO PLC ORD GBP 1,844,475.30 2.2941,874


14,132,901.52 17.52

ABB LTD CHF 1,073,767.62 1.3380,075

Switzerland

MEYER BURGER TECHNOLOGY AG CHF 433,600.38 0.542,829

NESTLE SA CHF 4,817,429.33 5.96157,416

NOVARTIS AG CHF 2,574,118.22 3.1969,244

ROCHE HOLDING AG-GENUSSCHEIN CHF 3,626,830.16 4.5032,735

UBS AG CHF 186,908.97 0.2315,947

XSTRATA PLC GBP 1,013,986.14 1.2646,563

13,726,640.82 17.01

ACCOR SA EUR 298,925.25 0.377,998

France

ALCATEL LUCENT EUR 358,312.63 0.44132,856

BOUYGUES EUR 544,607.75 0.6717,153

DANONE GROUPE EUR 477,100.00 0.599,542

GDF SUEZ EUR 1,677,102.00 2.0945,948

LAURENT PERRIER GROUP EUR 383,166.70 0.474,298

LVMH EUR 1,805,631.75 2.2529,241

NATIXIS EUR 570,777.92 0.71249,248


SELOGER.COM EUR 175,182.00 0.2213,580

STE GENERALE EUR 874,882.00 1.0814,111

TOTAL SA EUR 310,024.98 0.387,281

VALLOUREC EUR 705,752.32 0.874,672


VINCI EUR 1,209,046.80 1.5036,660

VIVENDI EUR 460,460.22 0.5720,911

10,776,552.92 13.36


Market valuein EUR

Currency %NAV

CINTRA EUR 1,031,868.75 1.28125,075

Spain

IBERDROLA SA EUR 2,160,271.26 2.68302,559

REPSOL YPF SA EUR 346,751.90 0.4316,591


6,060,145.47 7.51

AKZO NOBEL NV EUR 314,804.48 0.399,365

Netherlands

BINCKBANK EUR 413,197.40 0.5176,660


NEW WORLD RESOURCES NV-A GBP 202,674.37 0.2523,146

SAMAS NV EUR 296,149.28 0.37166,376

TNT NV EUR 764,887.50 0.9539,225

TOMTOM NV EUR 979,046.40 1.2176,488

UNILEVER NV EUR 1,473,770.88 1.8374,208

6,007,667.16 7.45

FORTUM OYJ EUR 1,000,782.36 1.2442,442

Finland

METSO OYJ EUR 182,717.28 0.2310,704

NOKIA EUR 1,768,667.40 2.19137,106

2,952,167.04 3.66

ALAPIS SA EUR 427,667.25 0.53287,025

Greece


HELLENIC EXCHANGE SA EUR 458,134.00 0.5755,870

2,137,963.25 2.65

ANHEUSER-BUSH INBEV SA EUR 861,340.82 1.0620,589

Belgium

FORTIS EUR 417,542.40 0.5294,896


1,912,666.37 2.37

ATLAS COPCO AB-B SHS SEK 665,497.61 0.8294,808

Sweden

SSAB SVENSKT STAL AB-SER A SEK 744,446.49 0.9367,826

1,409,944.10 1.75

PETROLEUM GEO-SERVICES NOK 511,887.56 0.6355,862

Norway

TELENOR ASA NOK 716,603.73 0.8982,886

1,228,491.29 1.52


Turkey

COCA-COLA ICECEK URETIM AS TRY 356,400.83 0.4461,181

TURKIYE GARANTI BANKASI TRY 391,686.17 0.49228,522

1,095,980.21 1.36

GAZPROM OAO-SPONS. ADR REG.S USD 454,252.09 0.5620,616

Russia


JSC MMC NORILSK NICKEL-ADR USD 314,634.32 0.3932,330


1,093,105.05 1.35

ISRAEL CHEMICALS LTD ILS 652,387.57 0.8161,724

Israel


Market valuein EUR

Currency %NAV

ING (L) Invest - Europe Growth Fund(Denominated in EUR)






NICE SYSTEMS LTD ILS 262,193.65 0.3212,707

914,581.22 1.13

GALP ENERGIA SGPS SA-B EUR 415,338.48 0.5135,682

Portugal

JERONIMO MARTINS SGPS SA EUR 484,932.00 0.6180,822

900,270.48 1.12

C&C GROUP PLC EUR 504,389.59 0.63265,608

Ireland

SMURFIT KAPPA PLC EUR 195,469.50 0.2464,725

699,859.09 0.87

PRYSMIAN SPA EUR 562,984.80 0.7040,796

Italy

562,984.80 0.70


Austria

338,441.67 0.42

80,267,802.46 99.48



Market valuein EUR

Currency %NAV


NAV


Cash at bank 456,770.43 0.57


Total net assets 80,685,548.56 100.00







Statistics



Capitalisation V (EUR) 91.6830/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR


Capitalisation S (EUR) 260.1130/09/2008 EUR375.1430/09/2007 EUR

-30/09/2006 EUR




Capitalisation P (EUR) 623,43930/09/20081,214,99430/09/20071,141,55430/09/2006

Capitalisation V (EUR) 87230/09/2008-30/09/2007-30/09/2006


Capitalisation S (EUR) 52,75130/09/200813,88330/09/2007

-30/09/2006



Number of shares


Dividend




Capitalisation V (EUR) 1.62%30/09/2008















Shares 287,772,934.79







Notes



Dividends 20,327,458.87












3,819,917.88



(122,797,021.54)


(66,878.00)



Redemptions (402,545,159.58)




Notes


ING (L) Invest - Europe High Dividend(Denominated in EUR)






ASTRAZENECA PLC GBP 3,924,137.07 1.31125,700


Shares

United Kingdom

AVIVA PLC GBP 4,568,527.92 1.53750,000

BARCLAYS PLC GBP 3,729,060.91 1.25900,000

BP PLC GBP 9,421,319.80 3.161,600,000

BRIT INSURANCE HOLDINGS GBP 1,370,558.38 0.46600,000


CARNIVAL PLC GBP 2,213,261.42 0.74105,000

CATTLES PLC GBP 1,088,110.72 0.361,124,500


GREENE KING GBP 1,969,670.05 0.66340,000

KINGFISHER PLC GBP 4,512,563.45 1.512,700,000

LLOYDS TSB GROUP PLC GBP 3,449,238.58 1.151,200,000

ROYAL BANK OF SCOTLAND GROUP GBP 3,259,708.12 1.091,435,000

SCOTTISH AND SOUTHERN ENERGY PLC GBP 5,445,417.51 1.82300,700

TATE AND LYLE PLC GBP 2,610,913.71 0.87540,000

UNITED UTLITIES GROUP PLC GBP 4,762,681.54 1.59539,999

VODAFONE GROUP GBP 9,031,218.27 3.025,800,000

WILLIAM HILL PLC GBP 2,370,558.38 0.79800,000

74,648,392.53 24.96

BNP PARIBAS EUR 5,088,160.00 1.7077,000

France

BOUYGUES EUR 4,286,250.00 1.43135,000

LAFARGE SA EUR 2,029,225.00 0.6827,500


TOTAL SA EUR 9,580,500.00 3.21225,000

VINCI EUR 4,947,000.00 1.65150,000

VIVENDI EUR 4,404,000.00 1.47200,000

39,179,635.00 13.10

AKZO NOBEL NV EUR 2,184,975.00 0.7365,000

Netherlands

HUNTER DOUGLAS NV EUR 1,980,442.01 0.6669,029

ING GROEP NV EUR 3,762,360.00 1.26252,000



ROYAL DUTCH SHELL PLC-B SHS GBP 9,612,182.74 3.22480,000

UNILEVER NV EUR 7,955,916.00 2.66400,600


33,792,056.25 11.30

ENEL SPA EUR 5,227,964.00 1.75887,600

Italy

ENI SPA EUR 9,114,000.00 3.04490,000

PRYSMIAN SPA EUR 2,208,000.00 0.74160,000

SARAS SPA EUR 2,386,288.80 0.80813,600



UNIONE DI BANCHE ITALIANE EUR 5,023,836.00 1.68325,800

31,969,217.60 10.69


Germany

ALSTRIA OFFICE REIT-AG EUR 952,813.75 0.32108,893


DEUTSCHE POST AG-REG EUR 6,144,046.00 2.06415,700


Market valuein EUR

Currency %NAV

E.ON AG EUR 5,134,194.00 1.72144,300

MTU AERO ENGINES HOLDING AG EUR 2,132,900.00 0.71110,000


SYMRISE AG EUR 2,400,000.00 0.80200,000

31,037,086.75 10.38


Spain


IBERDROLA SA EUR 5,212,200.00 1.74730,000


21,986,539.00 7.35

KESKO OYJ EUR 2,206,865.92 0.74123,151

Finland

NOKIA EUR 4,644,000.00 1.56360,000

ORION OYJ-CLASS B EUR 2,433,020.00 0.81203,600

UPM-KYMMENE CORP EUR 3,325,760.00 1.11304,000

12,609,645.92 4.22


Ireland

CRH PLC EUR 2,400,000.00 0.81160,000

INDEPENDENT NEWS & MEDIA PLC EUR 1,868,992.00 0.621,611,200


SMURFIT KAPPA PLC EUR 1,510,000.00 0.50500,000

9,298,992.00 3.11

ERICSSON LM-B SHS SEK 1,764,300.48 0.59270,000

Sweden

NORDEA AB SEK 4,524,393.39 1.51546,400

SWEDBANK A SEK 2,777,394.90 0.93310,000

9,066,088.77 3.03

STMICROELECTRONICS EUR 2,106,900.00 0.70300,000

Switzerland

ZURICH FINANCIAL SERVICES CHF 5,245,714.29 1.7627,000

7,352,614.29 2.46

TELENOR ASA NOK 4,495,740.39 1.50520,000

Norway

4,495,740.39 1.50

COFINIMMO EUR 1,968,000.00 0.6616,000

Belgium

DELHAIZE GROUP EUR 2,521,192.50 0.8461,500

4,489,192.50 1.50

DANSKE BANK A/S DKK 4,180,292.04 1.40250,020

Denmark

4,180,292.04 1.40

BCO ESPIRITO SANTO EUR 2,426,325.00 0.81280,500

Portugal

2,426,325.00 0.81

HISCOX GBP 1,241,116.75 0.41400,000

Bermuda

1,241,116.75 0.41

287,772,934.79 96.22



Market valuein EUR

Currency %NAV

ING (L) Invest - Europe High Dividend(Denominated in EUR)






NAV


Cash at bank 9,997,376.31 3.34


Total net assets 299,068,012.42 100.00







Statistics



-30/09/2006 EUR

Capitalisation I (EUR) 3,831.4830/09/2008 EUR5,783.3330/09/2007 EUR5,220.5630/09/2006 EUR

Capitalisation X (EUR) 169.3930/09/2008 EUR259.4230/09/2007 EUR

-30/09/2006 EUR



-30/09/2006

Capitalisation I (EUR) 83330/09/20081,00030/09/20071,00030/09/2006

Capitalisation X (EUR) 18730/09/20081,61730/09/2007

-30/09/2006

Number of shares














Shares 12,731,257.75








Notes















23.69



(3,171,735.73)


(3,437.57)






Notes


ING (L) Invest - Europe Opportunities(Denominated in EUR)






AEGON NV EUR 418,307.80 3.2567,469


Shares

Netherlands

BETER BED HLDG EUR 92,765.72 0.729,623

BINCKBANK EUR 144,834.69 1.1226,871


HEINEKEN NV EUR 468,174.37 3.6316,517

ICT AUTOMATISERING NV EUR 25,865.84 0.203,553

ING GROEP NV EUR 133,608.57 1.048,949

ORDINA NV EUR 215,856.81 1.6840,651

ROYAL DUTCH SHELL CL.A EUR 280,293.23 2.1813,623

SAMAS NV EUR 138,984.18 1.0878,081

TNT NV EUR 126,906.00 0.996,508

TOMTOM NV EUR 438,464.00 3.4034,255

USG PEOPLE NV EUR 137,937.10 1.0714,294


3,132,146.58 24.33

ACERGY SA NOK 116,228.97 0.9016,787

United Kingdom

ANTISOMA PLC GBP 61,585.91 0.48245,720

BP PLC GBP 208,635.13 1.6235,432

CSR GBP 137,477.07 1.0741,827


IMPERIAL TOBACCO GROUP PLC GBP 296,755.85 2.3013,013

INFORMA GBP 96,134.56 0.7524,068

MARKS & SPENCER GROUP PLC GBP 237,365.98 1.8492,826

PETER HAMBRO MINING PLC GBP 273,482.97 2.1242,972

RENOVO GROUP PLC GBP 58,263.10 0.45176,582

ROYAL BANK OF SCOTLAND GROUP GBP 508,716.59 3.96223,949

WPP GROUP PLC GBP 134,473.91 1.0423,653

2,438,593.29 18.94

ALLIANZ SE-REG EUR 132,481.28 1.031,376

Germany



E.ON AG EUR 447,525.24 3.4812,578


STADA ARZNEIMITTEL AG EUR 164,759.28 1.285,826

VERBIO AG EUR 273,622.32 2.13253,354

1,986,851.54 15.43

ENEL SPA EUR 318,148.35 2.4754,015

Italy

ERG SPA EUR 98,217.20 0.768,467

TELECOM ITALIA RNC EUR 451,007.30 3.50563,407


1,714,232.52 13.31


France

NATIXIS EUR 527,027.47 4.10230,143

SANOFI-AVENTIS SA EUR 209,614.65 1.634,503

TOTAL SA EUR 380,281.98 2.958,931


1,564,333.05 12.15


Market valuein EUR

Currency %NAV


Ireland

C&C GROUP PLC EUR 190,990.03 1.48100,574

RYANAIR HOLDINGS PLC EUR 225,050.80 1.7599,580


940,830.35 7.31

DOCKWISE LTD NOK 308,133.30 2.39231,581

Bermuda

308,133.30 2.39


Belgium


263,464.90 2.05

UBS AG CHF 211,862.20 1.6518,076

Switzerland

211,862.20 1.65

URALKALI OJSC-GDR- USD 148,996.42 1.166,889

Russia

148,996.42 1.16

XCOUNTER AB GBP 21,813.60 0.1733,056

Sweden

21,813.60 0.17

12,731,257.75 98.89



Market valuein EUR

Currency %NAV


NAV


Cash at bank 844,266.64 6.56


Total net assets 12,874,615.67 100.00







Statistics





Distribution P (EUR) 734.7930/09/2008 EUR1,216.8030/09/2007 EUR1,233.6230/09/2006 EUR






Number of shares


Dividend


















Shares 73,744,838.56








Notes















(59,046.24)



(38,772,059.27)


(14,678.99)







Notes


ING (L) Invest - European Banking & Insurance(Denominated in EUR)






AVIVA PLC GBP 1,583,640.61 2.13259,981


Shares

United Kingdom

BARCLAYS PLC GBP 2,062,261.84 2.78497,722


HBOS PLC GBP 508,874.90 0.69327,609





20,620,844.59 27.77

AXA EUR 4,168,698.71 5.62182,079

France

BNP PARIBAS EUR 5,445,058.08 7.3382,401

STE GENERALE EUR 3,000,242.00 4.0448,391


13,175,657.03 17.75


Spain


9,159,474.78 12.34

CREDIT SUISSE GROUP CHF 2,023,627.17 2.7363,872

Switzerland

UBS AG CHF 3,533,267.44 4.76301,457

ZURICH FINANCIAL SERVICES CHF 2,227,485.71 3.0011,465

7,784,380.32 10.49


Germany

COMMERZBANK AG EUR 227,728.80 0.3121,897



6,292,412.83 8.48


Greece


5,158,607.50 6.95

BINCKBANK EUR 1,617,150.92 2.18300,028

Netherlands

ING GROEP NV EUR 2,447,863.08 3.30163,956

4,065,014.00 5.48

UNICREDIT SPA EUR 2,483,428.20 3.34955,900

Italy

UNIPOL SPA EUR 755,690.09 1.02504,803

3,239,118.29 4.36

AKBANK TRY 1.26 0.000

Turkey

SINPAS GAYRIMENKUL YATIRIM TRY 577,078.14 0.78348,060

TURKIYE HALK BANKASI TRY 1,249,569.40 1.68387,975

1,826,648.80 2.46


Market valuein EUR

Currency %NAV

FORTIS EUR 948,230.80 1.28215,507

Belgium


KBC GROUPE EUR 721,299.48 0.9712,076

1,670,105.92 2.25


Ireland

752,574.50 1.01

73,744,838.56 99.34



Market valuein EUR

Currency %NAV


NAV


Cash at bank 671,402.99 0.90


Total net assets 74,233,652.53 100.00







Statistics








13,57730/09/2006


Number of shares


Dividend
















Shares 13,747,262.62







Notes










Bank interest (79.38)






(5,107,550.99)







Notes


ING (L) Invest - European Consumer Goods(Denominated in EUR)






ACCOR SA EUR 516,447.75 3.7213,818


Shares

France

LVMH EUR 979,602.00 7.0515,864

RENAULT EUR 463,282.89 3.3310,398

SODEXHO ALLIANCE SA EUR 633,068.80 4.5615,218

VIVENDI EUR 1,192,427.04 8.5854,152

3,784,828.48 27.24

ADIDAS AG EUR 666,460.60 4.8017,678

Germany





2,759,434.09 19.86

CARNIVAL PLC GBP 291,728.93 2.1013,840

United Kingdom

COMPASS GROUP PLC GBP 377,548.73 2.7286,485


KINGFISHER PLC GBP 330,906.28 2.38197,991

NEXT PLC GBP 256,185.39 1.8419,811


WILLIAM HILL PLC GBP 424,904.81 3.07143,394

WPP GROUP PLC GBP 323,043.25 2.3256,821

2,353,946.53 16.94


Netherlands

TOMTOM NV EUR 383,884.80 2.7629,991


1,875,621.96 13.50


Switzerland

THE SWATCH GROUP AG-BR CHF 333,740.00 2.402,583

848,788.95 6.11

GEOX SPA EUR 208,073.31 1.5030,478

Italy

LOTTOMATICA SPA EUR 449,457.50 3.2324,295

657,530.81 4.73

POLYTEC HOLDING AG EUR 429,656.48 3.0944,386

Austria

429,656.48 3.09

STE EUROPEENNE SATELITE FDR Y EUR 278,807.10 2.0119,162

Luxembourg

278,807.10 2.01

PARTYGAMING GBP 247,671.22 1.78106,502

Gibraltar

247,671.22 1.78


Market valuein EUR

Currency %NAV

FORD OTOMOTIV SANAYI AS TRY 142,139.30 1.0236,777

Turkey

142,139.30 1.02

PARK PLAZA HOTELS LTD GBP 139,098.07 1.0062,278

Guernsey

139,098.07 1.00

ROYAL CARIBBEAN CRUISES LTD USD 121,281.10 0.878,210

United States

121,281.10 0.87

BJORN BORG SEK 108,458.53 0.7833,300

Sweden

108,458.53 0.78

13,747,262.62 98.93



Market valuein EUR

Currency %NAV


NAV


Cash at bank 314,812.49 2.27


Total net assets 13,896,381.56 100.00







Statistics



Capitalisation I (EUR) 33.4130/09/2008 EUR-30/09/2007 EUR

44.6230/09/2006 EUR





Capitalisation I (EUR) 174,11630/09/2008-30/09/2007

396,73330/09/2006


Distribution P (EUR) 1,636,31030/09/20081,957,16730/09/20072,224,30930/09/2006

Number of shares


Dividend


















Shares 169,050,939.86







Notes















(221,014.38)



(70,074,509.52)


(9,146.00)







Notes


ING (L) Invest - European Equity(Denominated in EUR)






ASTRAZENECA PLC GBP 980,253.76 0.5831,400


Shares

United Kingdom

AVIVA PLC GBP 2,962,793.88 1.75486,392

BG GROUP PLC GBP 3,203,548.22 1.90249,200

BHP BILLITON PLC GBP 744,535.53 0.4446,600

CENTRICA PLC GBP 1,808,966.75 1.07453,970


INTERNATIONAL POWER PLC GBP 1,901,023.79 1.12414,100

PETROFAC LTD GBP 1,461,199.24 0.86197,500




SABMILLER PLC GBP 1,374,038.07 0.8199,700


SMITH & NEPHEW PLC GBP 1,054,500.00 0.62140,600



WPP GROUP PLC GBP 1,258,152.28 0.74221,300

37,110,424.38 21.93

AXA EUR 3,625,285.88 2.14158,344

France

BOUYGUES EUR 1,479,550.00 0.8746,600

GDF SUEZ EUR 3,324,967.50 1.9691,095

LVMH EUR 1,938,950.00 1.1531,400



STE GENERALE EUR 3,115,500.00 1.8450,250

TOTAL SA EUR 5,190,502.00 3.07121,900

VINCI EUR 1,780,920.00 1.0554,000

24,961,412.99 14.74

ADIDAS AG EUR 1,330,810.00 0.7935,300

Germany


BAYER AG EUR 3,253,040.00 1.9262,800

E.ON AG EUR 2,960,256.00 1.7583,200



SIEMENS AG EUR 4,970,700.00 2.9475,600


23,073,746.45 13.63

CIE FIN RICHEMONT UNITS A CHF 2,157,809.52 1.2769,500

Switzerland

NESTLE SA CHF 6,647,009.52 3.94217,200

NOVARTIS AG CHF 4,014,857.14 2.37108,000


UBS AG CHF 2,644,175.24 1.56225,600

XSTRATA PLC GBP 1,019,147.21 0.6046,800

21,125,252.60 12.48

AKZO NOBEL NV EUR 1,912,693.45 1.1356,900

Netherlands

ASM INTERNATIONAL NV EUR 702,144.00 0.4155,200


ING GROEP NV EUR 1,870,729.00 1.11125,300


Market valuein EUR

Currency %NAV





19,842,783.43 11.72

ENEL SPA EUR 2,935,576.00 1.73498,400

Italy

INTESA SANPAOLO EUR 3,037,550.00 1.80790,000

PRYSMIAN SPA EUR 2,065,418.40 1.22149,668

SAIPEM SPA EUR 1,083,632.00 0.6451,700



13,791,005.26 8.15


Spain


7,183,680.00 4.24


Russia


4,849,779.66 2.86


Ireland

CRH PLC EUR 2,132,130.00 1.26142,142

RYANAIR HOLDINGS PLC EUR 1,512,618.00 0.89669,300

4,656,598.00 2.75

NOKIA EUR 3,227,580.00 1.91250,200

Finland

3,227,580.00 1.91

TELENOR ASA NOK 2,925,689.52 1.73338,400

Norway

2,925,689.52 1.73

FORTIS EUR 864,160.00 0.51196,400

Belgium


UMICORE EUR 1,478,572.50 0.8768,500

2,343,091.16 1.38


Greece

2,282,112.00 1.35


Sweden

1,677,784.41 0.99

169,050,939.86 99.86



Market valuein EUR

Currency %NAV

ING (L) Invest - European Equity(Denominated in EUR)






NAV


Cash at bank 2,809,596.55 1.66


Total net assets 169,292,715.79 100.00







Statistics











Number of shares


Dividend


















Shares 87,867,334.74







Notes













Net realised gains or (losses) on securities portfolio 689,100.70


(215,072.98)



(26,082,417.60)



Redemptions (101,613,507.26)




Notes


ING (L) Invest - European Food & Beverages(Denominated in EUR)








Shares

United Kingdom

CADBURY PLC GBP 2,009,390.86 2.24280,000


MCBRIDE PLC GBP 634,517.77 0.71500,000

SABMILLER PLC GBP 3,858,883.50 4.30280,000

TESCO PLC GBP 3,689,086.54 4.11750,000

27,129,251.77 30.21

COINTREAU REMY EUR 1,327,200.00 1.4840,000

France

DANONE GROUPE EUR 7,150,000.00 7.96143,000



12,852,625.00 14.31


Germany


METRO AG EUR 3,659,590.00 4.08103,000

11,345,940.00 12.64

NESTLE SA CHF 8,385,269.84 9.34274,000

Switzerland

8,385,269.84 9.34

BIM BIRLESIK MAGAZALAR TRY 2,894,471.85 3.22130,000

Turkey

COCA-COLA ICECEK URETIM AS TRY 3,203,943.31 3.57550,000

6,098,415.16 6.79

HEINEKEN NV EUR 2,834,500.00 3.16100,000

Netherlands

UNILEVER NV EUR 1,986,000.00 2.21100,000

4,820,500.00 5.37

ALAPIS SA EUR 2,235,000.00 2.491,500,000

Greece


4,063,800.00 4.53


Portugal

3,660,000.00 4.08


Belgium


3,147,000.00 3.51

PHILIP MORRIS INTERNATIONAL EUR 1,675,000.00 1.8750,000

United States

1,675,000.00 1.87

C&C GROUP PLC EUR 1,604,765.14 1.79845,058

Ireland

1,604,765.14 1.79


Market valuein EUR

Currency %NAV

ORIFLAME COSMETICS SA-SDR SEK 1,458,764.07 1.6245,000

Luxembourg

1,458,764.07 1.62

MARINE HARVEST ASA NOK 863,963.39 0.962,500,000

Norway

863,963.39 0.96


Russia

762,040.37 0.85

87,867,334.74 97.87



Market valuein EUR

Currency %NAV


NAV


Cash at bank 3,819,218.85 4.25


Total net assets 89,777,282.43 100.00







Statistics










117,52630/09/2006


Number of shares


Dividend


















Shares 157,647,817.73










Notes















2,893.69



(34,168,315.65)


2,041.25







Notes


ING (L) Invest - European Health Care(Denominated in EUR)






LONZA AG CHF 5,229,460.30 3.3059,000


Shares

Switzerland

NOBEL BIOCARE HOLDING AG CHF 3,633,056.51 2.29154,400

NOVARTIS AG CHF 12,724,866.67 8.02342,300


SANTHERA PHARMACEUTICALS-REG CHF 554,626.29 0.3519,608

SONOVA HOLDING AG CHF 2,788,571.43 1.7661,000

STRAUMANN HOLDING AG CHF 1,919,964.44 1.219,818

SYNTHES-INC CHF 8,174,222.22 5.1583,600

50,657,751.99 31.92

BAYER AG EUR 11,924,360.00 7.51230,200

Germany


FRESENIUS MEDICAL CARE AG & CO EUR 4,411,401.00 2.78120,300

FRESENIUS SE EUR 1,037,800.00 0.6520,000

MERCK KGAA EUR 8,392,020.00 5.29111,300

32,107,100.58 20.23

ANTISOMA PLC GBP 2,404,838.20 1.529,595,000

United Kingdom

HIKMA PHARMACEUTICALS PLC GBP 814,214.15 0.51160,300

RENOVO GROUP PLC GBP 286,923.86 0.18869,600

SHIRE LTD GBP 7,344,934.64 4.63655,100


SOUTHERN CROSS HEALTHCARE GBP 1,785,769.04 1.131,366,200

19,784,929.89 12.47

ESSILOR INTERNATIONAL EUR 2,106,600.00 1.3360,000

France


16,518,480.00 10.41

COLOPLAST-B DKK 1,578,834.50 0.9930,400

Denmark

GENMAB A/S DKK 562,912.13 0.3514,000

NOVO-NORDISK A/S -B- DKK 7,108,065.73 4.49195,700

WILLIAM DEMANT HOLDING DKK 308,663.49 0.199,800

9,558,475.85 6.02


Belgium


TIGENIX EUR 700.92 0.00236

UCB - UNION CHIMIQUE BELGE EUR 3,136,140.00 1.98126,000

8,262,806.22 5.21

ELAN CORP PLC EUR 2,131,500.00 1.34290,000

Ireland

ELAN CORP PLC -ADR SPONS USD 2,301,648.10 1.45303,000

4,433,148.10 2.79

GETINGE AB -B- SEK 3,223,669.50 2.03223,925

Sweden

XCOUNTER AB GBP 535,659.39 0.34811,730

3,759,328.89 2.37


Market valuein EUR

Currency %NAV

LABORATORIOS FARMACEUTICOS ROVI SA EUR 3,065,522.89 1.93375,217

Spain

3,065,522.89 1.93

ALAPIS SA EUR 2,682,000.00 1.691,800,000

Greece

2,682,000.00 1.69

PHARMSTANDARD-OKTYABR OAO USD 2,285,088.81 1.44185,000

Russia

2,285,088.81 1.44

SELCUK ECZA DEPOSU TICARET VE SANAYIAS

TRY 2,235,934.25 1.413,094,429

Turkey

2,235,934.25 1.41

ORION OYJ-CLASS B EUR 932,100.00 0.5978,000

Finland

932,100.00 0.59

AOI MEDICAL INC GBP 787,563.45 0.50290,000

United States

787,563.45 0.50

EASTPHARMA SARL- GDR REG USD 577,285.07 0.36358,798

Bermuda

577,285.07 0.36

157,647,515.99 99.34

ARSEUS SA STRIP VVPR EUR 301.74 0.0015,087


SharesBelgium

301.74 0.00

301.74 0.00



Market valuein EUR

Currency %NAV

ARSEUS SA WTS 07-28/01/2011 EUR 2,041.258,875

Warrants

2,041.25


Market valuein EUR

Currency



ING (L) Invest - European Health Care(Denominated in EUR)






NAV


Total financial derivative instruments 2,041.25 -

Cash at bank 2,085,707.07 1.31


Total net assets 158,694,290.64 100.00







Statistics









Number of shares


Dividend














Shares 4,291,519.67








Notes



Dividends 84,441.50












1,602.68



(1,368,224.83)







Notes


ING (L) Invest - European IT(Denominated in EUR)








Shares

France

ATOS ORIGIN SA EUR 177,366.00 3.955,740

CAP GEMINI SA EUR 187,978.40 4.195,662

DASSAULT SYSTEMES SA EUR 193,041.90 4.305,130

NEOPOST SA EUR 199,050.00 4.443,000

1,140,113.62 25.40

CENTROTHERM PHOTOVOLTAICS AG EUR 14,984.00 0.33400

Germany

INFINEON TECHNOLOGIES AG EUR 184,005.00 4.1047,000

Q-CELLS AG EUR 52,731.00 1.18900

ROTH + RAU AG EUR 31,378.40 0.701,286

SAP AG EUR 391,768.00 8.7310,400

UNITED INTERNET AG EUR 90,960.00 2.0312,000

765,826.40 17.07

F-SECURE OYJ EUR 32,480.00 0.7214,000

Finland

NOKIA EUR 403,150.80 8.9931,252

435,630.80 9.71

LOGITECH INTERNATIONAL SA CHF 195,209.65 4.3512,220

Switzerland

STMICROELECTRONICS EUR 180,701.79 4.0325,730


415,720.96 9.27

ERICSSON LM-B SHS SEK 395,379.74 8.8160,507

Sweden

395,379.74 8.81

ARM HOLDINGS PLC GBP 47,644.67 1.0639,520

United Kingdom


BLINKX PLC GBP 34,520.94 0.77117,000

LOGICACMG PLC GBP 29,700.00 0.6621,670

SAGE GROUP PLC GBP 173,489.85 3.8770,000

SDL PLC GBP 56,425.66 1.2613,001

384,622.49 8.57


Netherlands

TOMTOM NV EUR 51,200.00 1.144,000

231,492.48 5.16

EVS BROADCAST EQUIPMENT SA EUR 30,072.00 0.67600

Belgium

IRIS GROUP EUR 110,400.00 2.462,300

MELEXIS NV EUR 83,895.00 1.878,500

224,367.00 5.00

INDRA SISTEMAS SA EUR 134,575.60 3.008,020

Spain

134,575.60 3.00


Market valuein EUR

Currency %NAV

NICE SYSTEMS LTD -CERT ADR- USD 87,267.29 1.954,500

Israel

87,267.29 1.95

TANDBERG ASA NOK 47,021.28 1.055,000

Norway

47,021.28 1.05


United States

29,502.01 0.66

4,291,519.67 95.65

TELDAFAX AG EUR 0.00 0.0017,200


SharesGermany

0.00 0.00

BRICSNET NV EUR 0.00 0.002,500

Belgium

0.00 0.00

0.00 0.00



Market valuein EUR

Currency %NAV


NAV


Cash at bank 328,814.24 7.33


Total net assets 4,486,587.80 100.00







Statistics











Number of shares


Dividend


















Shares 24,367,039.35







Notes
















(21,418,946.57)







Notes


ING (L) Invest - European Materials(Denominated in EUR)








Shares

United Kingdom

BHP BILLITON PLC GBP 1,650,008.97 6.61103,273

EURASIAN NATURAL RESOURCES GBP 335,376.40 1.3452,332



VEDANTA RESOURCES PLC GBP 572,988.32 2.2939,160

6,745,170.87 27.01

BAYER AG EUR 931,312.20 3.7317,979

Germany

K&S AG EUR 940,940.80 3.7719,345

LANXESS AG EUR 241,651.52 0.9712,482

LINDE AG EUR 1,310,785.68 5.2417,366

SYMRISE AG EUR 674,040.00 2.7056,170

THYSSEN KRUPP AG EUR 824,165.70 3.3039,190

WACKER CHEMIE AG EUR 518,408.10 2.085,166

5,441,304.00 21.79

SYNGENTA AG CHF 1,274,253.46 5.108,461

Switzerland

XSTRATA PLC GBP 1,223,041.98 4.9056,163

2,497,295.44 10.00


Luxembourg

1,827,448.38 7.32


Israel

MAKHTESHIM-AGAN INDUSTRIES ILS 544,424.17 2.18117,592

1,153,297.39 4.62

AKZO NOBEL NV EUR 1,105,765.43 4.4332,895

Netherlands

1,105,765.43 4.43

JSC MMC NORILSK NICKEL-ADR USD 333,601.92 1.3434,279

Russia

SEVERSTAL GDR USD 426,276.72 1.7057,574


1,094,509.59 4.38

LAFARGE SA EUR 746,533.43 2.9910,117

France

VALLOUREC EUR 276,741.92 1.111,832

1,023,275.35 4.10

CRH PLC EUR 726,645.00 2.9148,443

Ireland


880,447.56 3.53

SSAB SVENSKT STAL AB-SER A SEK 833,043.37 3.3475,898

Sweden

833,043.37 3.34


Market valuein EUR

Currency %NAV

UMICORE EUR 670,322.18 2.6831,055

Belgium

UMICORE VVPR STRIP EUR 7.50 0.00375

670,329.68 2.68

UPM-KYMMENE CORP EUR 461,668.00 1.8542,200

Finland

461,668.00 1.85

ALAPIS SA EUR 400,139.50 1.60268,550

Greece

400,139.50 1.60

YARA INTERNATIONAL ASA NOK 233,340.92 0.939,546

Norway

233,340.92 0.93

MONDI LTD ZAR 3.87 0.001

South Africa

3.87 0.00

24,367,039.35 97.58



Market valuein EUR

Currency %NAV


NAV


Cash at bank 375,134.72 1.50


Total net assets 24,972,211.03 100.00







Statistics









Number of shares


Dividend
















Shares 15,030,157.67









Notes




Interest on bonds and other debt instruments 10.74












(2.08)



(7,430,145.59)


(5,118.54)


Subscriptions 352,598.55





Notes


ING (L) Invest - European New Offerings(Denominated in EUR)








Shares

United Kingdom

IMPERIAL ENERGY CORP GBP 310,817.40 2.0624,083

IMPERIAL TOBACCO GROUP PLC GBP 456,342.22 3.0220,011

RECKITT BENCKISER GROUP PLC GBP 517,532.65 3.4315,043

REXAM PLC GBP 144,457.42 0.9628,965

STANDARD LIFE INVESTMENTS GBP 389,144.16 2.58127,769

TESCO PLC GBP 699,224.49 4.62142,154

UNILEVER PLC GBP 687,372.28 4.5435,588

3,247,143.93 21.49

ACCOR SA EUR 158,208.38 1.054,233

France

AXA EUR 419,596.67 2.7818,327

CREDIT AGRICOLE SA EUR 84,116.38 0.566,275

NATIXIS EUR 100,968.39 0.6744,091

SAFT GROUPE EUR 209,839.80 1.397,505

STE GENERALE EUR 675,056.00 4.4610,888

VALLOUREC EUR 406,955.64 2.692,694



VINCI EUR 307,571.48 2.049,326

VIVENDI EUR 424,853.88 2.8119,294

3,028,829.46 20.05

ALLIANZ SE-REG EUR 266,888.16 1.772,772

Germany

BAYER AG EUR 366,329.60 2.427,072

COMMERZBANK AG EUR 49,140.00 0.334,725


MERCK KGAA EUR 734,697.60 4.859,744

Q-CELLS AG EUR 176,062.95 1.173,005

ROTH + RAU AG EUR 140,056.00 0.935,740

WACKER CHEMIE AG EUR 144,403.65 0.961,439

2,057,116.53 13.62

NOVARTIS AG CHF 797,432.41 5.2821,451

Switzerland

SYNGENTA AG CHF 265,212.19 1.761,761

UBS AG CHF 533,874.92 3.5345,550

XSTRATA PLC GBP 434,139.29 2.8719,936

2,030,658.81 13.44

ELECTROMAGNETIC GEOSERVICES NOK 40,251.96 0.2726,850

Norway

STATOILHYDRO ASA NOK 497,094.66 3.2929,721

TELENOR ASA NOK 217,706.23 1.4425,181

755,052.85 5.00

BINCKBANK EUR 145,918.08 0.9727,072

Netherlands

NEW WORLD RESOURCES NV-A GBP 137,211.93 0.9115,670

SAMAS NV EUR 333,256.94 2.20187,223

616,386.95 4.08

ANHEUSER-BUSH INBEV SA EUR 326,061.99 2.167,794

Belgium


Market valuein EUR

Currency %NAV

FORTIS EUR 71,583.60 0.4716,269


KBC GROUPE EUR 155,536.92 1.032,604

553,276.51 3.66

ASSICURAZIONI GENERALI EUR 297,416.98 1.9712,721

Italy

ENEL SPA EUR 207,958.23 1.3835,307

505,375.21 3.35


Russia

PHARMSTANDARD-OKTYABR OAO USD 246,678.43 1.6319,971


359,848.95 2.38

FORTUM OYJ EUR 303,097.32 2.0112,854

Finland

303,097.32 2.01

DOCKWISE LTD NOK 176,847.90 1.17132,912

Bermuda


256,828.39 1.70


Austria


248,624.76 1.65


Greece

EFG EUROBANK ERGASIAS EUR 68,224.40 0.455,372

244,471.90 1.62


Guernsey

218,724.67 1.45

SSAB SVENSKT STAL AB-SER B SEK 170,290.68 1.1317,886

Sweden

170,290.68 1.13

CARLSBERG AS-B DKK 167,655.87 1.113,143

Denmark

167,655.87 1.11

INDITEX EUR 160,682.28 1.065,412

Spain

160,682.28 1.06


Ireland

106,092.60 0.70

15,030,157.67 99.50



Market valuein EUR

Currency %NAV

ING (L) Invest - European New Offerings(Denominated in EUR)





EFG EUROBK ERGASIAS 14/09/07 RTS EUR 3,110.405,760

Rights

ELECTROMAG GEOS RTS 2008 NOK 7.155,939

3,117.55


Market valuein EUR

Currency




NAV



Cash at bank 197,969.84 1.31


Total net assets 15,105,081.62 100.00







#Conversion rate: 1 EUR = 30.1260 SKK was used to calculate the informative values in EUR.

Statistics



Capitalisation X (SKK) 15,901.3430/09/2008 SKK-30/09/2007 SKK-30/09/2006 SKK

Capitalisation X (SKK)# #30/09/2008 EUR 527.8291 - #30/09/2007 EUR - #30/09/2006 EUR

Capitalisation X (CZK) 12,893.9030/09/2008 CZK21,934.7830/09/2007 CZK

-30/09/2006 CZK

Capitalisation I (EUR) 557.0930/09/2008 EUR836.5630/09/2007 EUR

-30/09/2006 EUR





Capitalisation X (SKK) 17930/09/2008-30/09/2007-30/09/2006

Capitalisation X (CZK) 63830/09/2008930/09/2007-30/09/2006

Capitalisation I (EUR) 26,61630/09/200844430/09/2007

-30/09/2006


Number of shares


Number of shares


Dividend




Capitalisation X (SKK) 2.19%30/09/2008















Shares 67,263,483.60








Notes















121,863.35



(5,133,319.79)


9,485.24







Notes


ING (L) Invest - European Real Estate(Denominated in EUR)







FONCIERE DES REGIONS EUR 2,895,350.00 3.9239,500


Shares

France

KLEPIERRE EUR 3,312,980.00 4.49121,000

MERCIALYS PROMESSES DACTIONS EUR 4,512,000.00 6.11150,000

SILIC EUR 1,957,500.00 2.6522,500

UNIBAIL HOLDING EUR 7,106,000.00 9.6350,000

19,783,830.00 26.80


United Kingdom

HAMMERSON PLC GBP 3,511,865.48 4.76285,000

LAND SECURITIES GROUP PLC GBP 3,251,903.55 4.41205,000

SHAFTESBURY PLC GBP 2,010,628.17 2.72375,000

ST MODWEN PROPERTIES GBP 1,895,304.57 2.57515,000

17,122,664.97 23.20

CORIO NV EUR 3,392,180.00 4.6068,000

Netherlands

EUROCOMMERCIAL PROPERTIES NV EUR 1,891,000.00 2.5662,000

NIEUWE STEEN INVESTMENTS NV EUR 3,150,000.00 4.27200,000


15,060,800.00 20.41

CASTELLUM AB SEK 3,158,996.35 4.28520,000

Sweden

HUFVUDSTADEN AB-A SHS SEK 2,245,705.39 3.04415,000

5,404,701.74 7.32

ALLREAL HOLDING AG CHF 244,001.27 0.333,026

Switzerland

PSP SWISS PROPERTY AG CHF 3,499,841.27 4.7485,000

3,743,842.54 5.07

DEUTSHE EUROSHOP AG EUR 3,456,000.00 4.68150,000

Germany

3,456,000.00 4.68

SINPAS GAYRIMENKUL YATIRIM TRY 1,691,144.35 2.291,020,000

Turkey

1,691,144.35 2.29

CITYCON OYJ EUR 1,000,500.00 1.36435,000

Finland

1,000,500.00 1.36

67,263,483.60 91.13



Market valuein EUR

Currency %NAV


NAV


Cash at bank 6,080,369.88 8.24


Total net assets 73,806,921.44 100.00







Statistics









Number of shares


Dividend
















Shares 81,021,088.84

Cash at bank 10,461,333.25






Notes















(14,727.20)



(26,062,311.91)







Notes


ING (L) Invest - European Sector Allocation(Denominated in EUR)






ACERGY SA NOK 826,695.56 1.00119,400


Shares

United Kingdom


BG GROUP PLC GBP 3,054,426.40 3.70237,600



PETROFAC LTD GBP 910,012.69 1.10123,000


RECKITT BENCKISER GROUP PLC GBP 1,981,644.67 2.4057,600

REED ELSEVIER PLC GBP 1,613,690.67 1.95229,115





VEDANTA RESOURCES PLC GBP 1,065,208.12 1.2972,800

WPP GROUP PLC GBP 1,967,106.60 2.38346,000

22,378,301.72 27.07


Germany

BAYER AG EUR 1,750,840.00 2.1233,800

DEUTSCHE POST AG-REG EUR 919,316.00 1.1162,200


GEA GROUP AG EUR 628,360.00 0.7646,000

K&S AG EUR 1,926,144.00 2.3339,600

Q-CELLS AG EUR 650,349.00 0.7911,100

ROTH + RAU AG EUR 563,640.00 0.6823,100

SAP AG EUR 2,049,248.00 2.4854,400

SIEMENS AG EUR 2,071,125.00 2.5031,500

13,199,980.00 15.96

AXA EUR 2,012,470.50 2.4387,900

France

BNP PARIBAS EUR 2,121,168.00 2.5732,100


LVMH EUR 1,593,150.00 1.9325,800

TOTAL SA EUR 2,605,896.00 3.1561,200

VINCI EUR 870,672.00 1.0526,400

11,123,356.50 13.45


Spain


IBERDROLA SA EUR 2,003,484.00 2.42280,600


7,119,880.00 8.61

NESTLE SA CHF 2,965,447.62 3.5996,900

Switzerland


XSTRATA PLC GBP 945,106.60 1.1443,400

5,893,760.57 7.13

ING GROEP NV EUR 1,563,171.00 1.89104,700

Netherlands


3,792,161.40 4.59


Market valuein EUR

Currency %NAV

INTESA SANPAOLO EUR 1,210,406.00 1.46314,800

Italy

PRYSMIAN SPA EUR 840,420.00 1.0260,900

SAIPEM SPA EUR 959,968.00 1.1645,800

3,010,794.00 3.64


Russia


2,984,796.92 3.61

FORTUM OYJ EUR 1,650,600.00 1.9970,000

Finland

METSO OYJ EUR 757,908.00 0.9244,400

2,408,508.00 2.91

OSTER ELEKTRIZATSWITS-CL A EUR 1,264,295.00 1.5329,300

Austria

RAIFFEISEN INTERNATIONAL BANK EUR 654,607.00 0.7913,100

1,918,902.00 2.32


Greece


1,805,540.00 2.18

TELENOR ASA NOK 1,472,354.98 1.78170,300

Norway

1,472,354.98 1.78


Belgium

1,380,555.00 1.67


Turkey

TURKIYE HALK BANKASI TRY 513,065.03 0.62159,300

1,350,235.25 1.63

ARCELORMITTAL EUR 748,162.50 0.9021,300

Luxembourg

748,162.50 0.90


Portugal

433,800.00 0.52

81,021,088.84 97.97



Market valuein EUR

Currency %NAV


NAV


Cash at bank 10,461,333.25 12.65


Total net assets 82,696,224.02 100.00







Statistics







Capitalisation P (EUR) 359,31230/09/20081,118,10030/09/20071,595,81130/09/2006




Number of shares


Dividend















Shares 15,375,852.31







Notes















(349.73)



(11,724,593.85)







Notes


ING (L) Invest - European Small Caps(Denominated in EUR)






ARICOM PLC GBP 84,394.04 0.54266,010


Shares

United Kingdom

CATTLES PLC GBP 101,602.16 0.65105,000

CHAUCER HOLDINGS GBP 333,447.97 2.13477,740

FRENCH CONNECTION GROUP PLC GBP 81,124.57 0.5290,355

GREENE KING GBP 173,794.42 1.1130,000

GROUP 4 SECURICOR PLC GBP 431,260.76 2.75167,819

HOGG ROBINSON GROUP PLC GBP 396,019.75 2.52931,533

JUST RETIREMENT GBP GBP 143,051.98 0.91140,031

LOW & BONAR PLC GBP 176,199.05 1.13151,743

MICHAEL PAGE INTERNATIONAL PLC GBP 134,833.06 0.8645,995

MITIE GROUP PLC GBP 263,680.58 1.69100,620



ST JAMES S PLACE PLC GBP 354,695.43 2.27130,000

TED BAKER PLC GBP 251,869.23 1.6156,545

WORKSPACE GROUP PLC GBP 54,892.12 0.3533,531

3,231,782.62 20.65

AAREAL BANK AG EUR 64,365.29 0.417,966

Germany

CARL ZEISS MEDITEC AG EUR 467,139.66 2.9946,069

GERRY WEBER INTERNATIONAL AG EUR 364,518.30 2.3322,998

KLOECKNER AND CO SE EUR 226,683.42 1.4514,106

KONTRON AG EUR 367,869.60 2.3551,093

MVV ENERGIE AG EUR 497,966.80 3.1914,999


ROTH + RAU AG EUR 414,800.00 2.6517,000

2,607,122.58 16.67

AUDIKA EUR 331,323.60 2.1212,842

France

CARBONE LORRAINE EUR 211,343.50 1.356,385


LISI EUR 279,316.80 1.795,868

SAFT GROUPE EUR 459,047.28 2.9316,418

SELOGER.COM EUR 222,615.30 1.4217,257

SR. TELEPERFORMANCE EUR 136,089.78 0.876,954

VRANKEN - POMMERY MONOPOLE EUR 420,992.00 2.6910,120

2,548,913.66 16.29

ANGPANNEFOERENINGEN AB -B- SEK 423,894.43 2.7127,314

Sweden

INTRUM JUSTITIA AB SEK 214,574.57 1.3728,789

KAPPAHL HOLDING SEK 199,432.12 1.2754,258

LINDAB INTERNATIONAL AB SEK 163,656.35 1.0519,139

PROFFICE AB SEK 600,249.19 3.84374,458

1,601,806.66 10.24

BINCKBANK EUR 171,288.81 1.0931,779

Netherlands


SAMAS NV EUR 379,109.74 2.43212,983

UNIT 4 AGRESSO NV EUR 344,181.68 2.2027,403

USG PEOPLE NV EUR 279,541.20 1.7928,968

1,418,348.51 9.07


Market valuein EUR

Currency %NAV

DUFRY AG CHF 229,679.33 1.477,031

Switzerland

KABA HOLDING AG B CHF 561,267.78 3.592,989

790,947.11 5.06

CATLIN GROUP LTD GBP 433,925.38 2.7899,327

Bermuda

DOCKWISE LTD NOK 277,623.47 1.77208,651

711,548.85 4.55

FYFFES PLC EUR 109,431.04 0.70341,972

Ireland

KINGSPAN GROUP PLC EUR 345,600.00 2.2154,000


575,831.04 3.68

MARINE HARVEST ASA NOK 296,077.84 1.89856,743

Norway

SONGA OFFSHORE ASA NOK 198,681.48 1.2730,000

494,759.32 3.16


Austria

319,408.50 2.04


Belgium

307,560.15 1.97

POHJOLA BANK PLC EUR 287,681.94 1.8428,371

Finland

287,681.94 1.84

LAMPRELL PLC GBP 183,597.72 1.1745,000


183,597.72 1.17

DANIELI C.OFFICINE EPAR.NCV EUR 144,900.00 0.9314,000

Italy

144,900.00 0.93

SIMCORP AS DKK 82,158.37 0.531,000

Denmark

82,158.37 0.53

MICHANIKI SA EUR 69,485.28 0.4430,476

Greece

69,485.28 0.44

15,375,852.31 98.29



Market valuein EUR

Currency %NAV


NAV


Cash at bank 170,319.24 1.09


Total net assets 15,643,311.13 100.00







Statistics











Number of shares


Dividend


















Shares 75,109,279.43







Notes
















(368.11)



(44,737,362.98)



Redemptions (153,071,270.03)




Notes


ING (L) Invest - European Telecom(Denominated in EUR)






BT GROUP PLC GBP 752.35 0.00368


Shares

United Kingdom

CABLE & WIRELESS PLC GBP 3,821,808.76 4.921,819,689


10,458,675.39 13.47

BOUYGUES EUR 3,334,702.50 4.29105,030

France

FRANCE TELECOM SA EUR 3,728,399.40 4.80188,303

ILIAD SA EUR 1,667,364.00 2.1528,400

8,730,465.90 11.24


Spain

7,789,955.56 10.02


Netherlands

7,392,206.64 9.51

TELE2 AB -B- SEK 2,826,593.64 3.64356,069

Sweden

TELIASONERA AB SEK 3,383,696.45 4.35847,590

6,210,290.09 7.99

TELENOR ASA NOK 6,191,793.03 7.97716,174

Norway

6,191,793.03 7.97

BELGACOM SA EUR 2,492,238.50 3.2194,100

Belgium

MOBISTAR SA EUR 2,514,858.48 3.2350,555

5,007,096.98 6.44

DEUTSCHE TELEKOM AG EUR 4,051,167.81 5.21376,153

Germany

4,051,167.81 5.21

PORTUGAL TELECOM SGPS SA-REG EUR 3,848,053.79 4.95541,598

Portugal

3,848,053.79 4.95

SWISSCOM AG-REG CHF 3,845,400.00 4.9518,270

Switzerland

3,845,400.00 4.95

MILLICOM INTL CEL - SWEDISH DEP RECEIPT SEK 3,187,788.75 4.1067,000

Luxembourg

3,187,788.75 4.10

TELEKOM AUSTRIA AG EUR 2,954,197.26 3.80238,434

Austria

2,954,197.26 3.80

FORTHNET SA EUR 1,472.00 0.00920

Greece


Market valuein EUR

Currency %NAV

HELLENIC TELECOMMUN ORGANIZA EUR 2,843,639.36 3.66225,328

2,845,111.36 3.66


Italy

TELECOM ITALIA SPA EUR 1,946,952.18 2.501,850,715

2,596,719.63 3.34

ELISA CORPORATION EUR 357.24 0.0026

Finland

357.24 0.00

75,109,279.43 96.65



Market valuein EUR

Currency %NAV


NAV


Cash at bank 2,678,236.46 3.45


Total net assets 77,713,163.67 100.00







Statistics


Capitalisation P (USD) 1,022.8730/09/2008 USD1,179.6730/09/2007 USD

950.6830/09/2006 USD

Capitalisation P (EUR) -30/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR

Capitalisation I (USD) 1,050.6830/09/2008 USD1,198.7930/09/2007 USD

956.2130/09/2006 USD

Capitalisation X (USD) 984.1430/09/2008 USD1,139.9230/09/2007 USD

923.2930/09/2006 USD




Capitalisation P (EUR) -30/09/2008-30/09/2007-30/09/2006



Distribution P (USD) 1,07330/09/200893430/09/200795530/09/2006

Number of shares


Dividend


















Shares 89,208,235.78


Forward foreign exchange contracts 196,402.33







Notes















124,804.49



(30,091,225.23)


196,402.33



Redemptions (138,362,838.68)




Notes


ING (L) Invest - Food & Beverages(Denominated in USD)






ALTRIA GROUP USD 4,285,440.00 4.64216,000


Shares

United States

BUNGE LIMITED USD 2,527,200.00 2.7340,000

COLGATE PALMOLIVE CO USD 3,767,500.00 4.0850,000

CVS CAREMARK CORP USD 9,088,200.00 9.84270,000

HANSEN NATURAL CORP USD 1,361,250.00 1.4745,000

LORILLARD INC USD 2,490,250.00 2.6935,000

PEPSICO INC USD 4,632,550.00 5.0165,000

PROCTER GAMBLE USD 9,617,220.00 10.41138,000

WAL-MART STORES INC USD 4,491,750.00 4.8675,000

42,261,360.00 45.73


United Kingdom


9,694,403.62 10.49

NESTLE SA CHF 8,726,310.09 9.44203,000

Switzerland

8,726,310.09 9.44


Germany


METRO AG EUR 1,996,288.58 2.1640,000

6,314,941.19 6.83


France


4,544,885.54 4.92

JAPAN TOBACCO INC JPY 2,412,282.24 2.61650

Japan

SHISEIDO COMPANY LTD JPY 1,104,412.70 1.1950,000

3,516,694.94 3.80


Portugal

2,528,370.00 2.74

SHOPPERS DRUG MART CORP CAD 2,414,918.22 2.6150,000

Canada

2,414,918.22 2.61

BIM BIRLESIK MAGAZALAR TRY 1,220,560.24 1.3239,027

Turkey

COCA-COLA ICECEK URETIM AS TRY 1,063,735.39 1.15130,000

2,284,295.63 2.47

GOLDEN AGRI-RESOURCES SGD 330,485.31 0.361,500,000

Singapore

OLAM INTERNATIONAL SGD 908,991.98 0.98722,000

WILMAR INTERNATIONAL LTD SGD 1,035,800.42 1.12590,000

2,275,277.71 2.46


Market valuein USD

Currency %NAV

PERDIGAO SA BRL 1,037,870.20 1.1255,000

Brazil

SLC AGRICOLA SA BRL 467,326.72 0.5155,000

1,505,196.92 1.63


Mexico

1,334,900.00 1.44

ALAPIS SA EUR 1,046,464.27 1.13500,000

Greece

1,046,464.27 1.13

C&C GROUP PLC EUR 760,217.65 0.82285,000

Ireland

760,217.65 0.82

89,208,235.78 96.51



Market valuein USD

Currency %NAV

To pay

4,845,481.07 28/11/087,000,000.00 196,402.33EURUSD 7,000,000.00

Forward foreign exchange contracts

196,402.337,000,000.00


To receive Unrealizedprofit or (loss)

in USD

MaturityDate

Commitmentin USD



NAV



Cash at bank 2,725,642.88 2.95


Total net assets 92,433,068.78 100.00







Statistics







120,42830/09/2006



Number of shares


Dividend
















Shares 20,902,714.60







Notes















(5.85)



(9,417,702.84)







Notes


ING (L) Invest - Global Brands(Denominated in EUR)






ALTRIA GROUP USD 448,862.96 2.0131,779


Shares

United States

CISCO SYSTEMS INC USD 629,620.99 2.8139,202

MCDONALDS CORP USD 878,510.66 3.9220,000

NEWS CORP-CLASS B USD 738,039.08 3.3085,324

PHILIP MORRIS INTERNATIONAL USD 342,434.06 1.5310,000

PROCTER GAMBLE USD 992,275.66 4.4320,000

4,029,743.41 18.00

ADIDAS AG EUR 932,358.70 4.1624,731

Germany



HENKEL AG & CO KGaA EUR 898,209.95 4.0234,747

3,125,886.16 13.97

ACCOR SA EUR 699,286.25 3.1318,710

France

LVMH EUR 1,072,782.75 4.8017,373

TOTAL SA EUR 1,272,843.94 5.6829,893

3,044,912.94 13.61


United Kingdom


MICHAEL PAGE INTERNATIONAL PLC GBP 366,434.01 1.64125,000

SABMILLER PLC GBP 413,451.78 1.8530,000

2,548,158.96 11.39

ASICS CORP JPY 501,566.81 2.2492,000

Japan

JAPAN TOBACCO INC JPY 705,436.46 3.16267

NINTENDO CO LTD JPY 552,960.04 2.471,900

1,759,963.31 7.87

BANCO BILBAO VIZCAYA ARGENTA EUR 853,598.10 3.8274,485

Spain

TELEFONICA SA EUR 747,960.92 3.3444,548

1,601,559.02 7.16

NESTLE SA CHF 1,071,111.11 4.7935,000

Switzerland

1,071,111.11 4.79

FOMENTO ECONOMICO MEX.ADR SP USD 798,342.85 3.5729,402

Mexico

798,342.85 3.57

SAMSUNG ELECTRON.GDR 144A USD 784,594.03 3.514,920

South Korea

784,594.03 3.51

LUXOTTICA GROUP SPA EUR 703,707.18 3.1543,657

Italy

703,707.18 3.15


Market valuein EUR

Currency %NAV

ING GROEP NV EUR 552,410.00 2.4737,000

Netherlands

552,410.00 2.47

HERBALIFE LTD USD 422,026.84 1.8915,000

Cayman Islands

422,026.84 1.89

C&C GROUP PLC EUR 336,698.40 1.51177,303

Ireland

336,698.40 1.51

BJORN BORG SEK 123,600.39 0.5537,949

Sweden

123,600.39 0.55

20,902,714.60 93.44



Market valuein EUR

Currency %NAV


NAV


Cash at bank 1,498,014.74 6.70


Total net assets 22,370,847.00 100.00







Statistics



-30/09/2006 CZK



Distribution P (EUR) 204.0930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR



-30/09/2006 EUR


Capitalisation X (CZK) 52730/09/20083830/09/2007

-30/09/2006


5730/09/2006


Distribution P (EUR) 2,66630/09/2008-30/09/2007-30/09/2006



-30/09/2006

Number of shares

















Shares 171,099,244.56

Cash at bank 26,319,221.40






Notes















15.68



(30,319,373.75)



Redemptions (220,325,388.85)



Notes


ING (L) Invest - Global Growth(Denominated in EUR)






ACTIVISION BLIZZARD INC USD 2,794,679.33 1.59254,410


Shares

United States

AMGEN INC USD 3,528,224.34 2.0183,616



BAXTER INTL INC USD 1,919,676.92 1.0941,086

BUNGE LIMITED USD 1,356,751.87 0.7730,164

BURGER KING HOLDINGS USD 2,040,876.29 1.16116,723

CELGENE CORP USD 2,062,360.82 1.1745,779


COCA-COLA CO USD 2,006,891.34 1.1453,309

COLGATE PALMOLIVE CO USD 1,718,461.72 0.9832,035

CONSTELLATION ENERGY GROUP INC USD 2,423,132.03 1.38140,068

DEERE & CO USD 1,536,291.96 0.8743,595

EBAY INC USD 1,268,122.99 0.7279,592

ELECTRONIC ARTS USD 2,325,394.20 1.3288,304



HANSEN NATURAL CORP USD 3,344,050.12 1.90155,280

IBM CORP USD 3,918,678.33 2.2347,062

INTEL CORP USD 7,122,040.33 4.07534,115

JOHNSON & JOHNSON USD 3,136,971.17 1.7963,602

LIBERTY GLOBAL INC-A USD 1,881,289.93 1.0787,213


NEWS CORP CL A USD 1,249,233.97 0.71146,350

OCCIDENTAL PETROLEUM CORP USD 969,844.20 0.5519,337

PEPSICO INC USD 2,055,066.25 1.1740,503


STARBUCKS CORP USD 3,771,505.84 2.15356,264

STERICYCLE INC USD 4,484,692.29 2.55106,933

THERMO FISHER SCIENTIFIC USD 2,244,128.43 1.2857,313

THQ INC USD 880,433.30 0.50102,716

UNITED TECHNOLOGIES CORP USD 998,142.34 0.5723,344

VALERO ENERGY CORP USD 1,047,627.38 0.6048,566


XTO ENERGY INC USD 1,700,903.54 0.9751,358

92,474,459.43 52.68

NESTLE SA CHF 3,178,170.29 1.81103,851

Switzerland

NOVARTIS AG CHF 2,197,279.27 1.2559,107


SYNGENTA AG CHF 1,000,758.10 0.576,645

XSTRATA PLC GBP 987,353.30 0.5645,340

11,354,015.88 6.47


Russia


LUKOIL CO SPONS ADR (JSC OIL) USD 1,787,672.37 1.0242,705

ROSNEFT OIL CO GDR USD 1,795,481.24 1.02375,301


9,278,537.93 5.28

CHINA MERCHANTS BANK -H- HKD 1,709,033.39 0.971,023,000

China

CHINA YURUN FOOD HKD 954,502.94 0.541,041,000


Market valuein EUR

Currency %NAV


PING AN INSURANCE GROUP CO-H HKD 805,963.58 0.46200,000

WUMART STORES INC-H- HKD 1,854,963.23 1.063,263,000

7,054,634.97 4.02

BAYER AG EUR 1,720,174.40 0.9833,208

Germany

K&S AG EUR 1,084,720.64 0.6222,301

MERCK KGAA EUR 1,842,776.00 1.0524,440

RWE EUR 883,642.50 0.5013,091

SIEMENS AG EUR 1,515,077.25 0.8623,043

7,046,390.79 4.01

BG GROUP PLC GBP 3,622,863.38 2.06281,818

United Kingdom



6,884,925.62 3.92

CHAODA MODERN AGRICULTURE HOLDINGSLTD

HKD 828,255.49 0.471,394,000

Hong Kong

CHINA MOBILE HKD 3,483,211.38 1.98494,000


GUANGDONG INVESTMENT LTD HKD 417,560.65 0.242,530,000

LONKING HLDGS HKD 347,191.51 0.20669,000

NWS HOLDINGS LTD HKD 613,671.18 0.35484,987

6,808,446.63 3.88


Netherlands

SAMAS NV EUR 82,511.90 0.0546,355

TNT NV EUR 1,183,572.00 0.6760,696

TOMTOM NV EUR 1,920,640.00 1.09150,050

6,236,221.26 3.55


France

GDF SUEZ EUR 961,519.50 0.5526,343

LVMH EUR 1,100,570.25 0.6317,823

SELOGER.COM EUR 322,061.40 0.1824,966


6,222,938.92 3.54


Brazil


SLC AGRICOLA SA BRL 848,087.98 0.48140,201

SUL AMERICA SA BRL 505,233.81 0.2972,049


6,217,229.42 3.54

PETROLEUM GEO-SERVICES NOK 924,296.91 0.53100,868

Norway

TELENOR ASA NOK 1,477,646.12 0.84170,912

2,401,943.03 1.37

KOMATSU LTD JPY 778,392.18 0.4469,300

Japan


2,320,859.66 1.32


Market valuein EUR

Currency %NAV

ING (L) Invest - Global Growth(Denominated in EUR)






FORTIS EUR 2,200,000.00 1.25500,000

Belgium

2,200,000.00 1.25


Spain

2,002,677.62 1.14

POTASH CORP SASKATCHEW CAD 1,980,581.80 1.1321,438

Canada

1,980,581.80 1.13

NOKIA EUR 615,381.60 0.3547,704

Finland

615,381.60 0.35

171,099,244.56 97.45



Market valuein EUR

Currency %NAV


NAV


Cash at bank 26,319,221.40 14.99


Total net assets 175,580,455.46 100.00








Statistics




-30/09/2006 CZK

Capitalisation S (EUR) 244.1930/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR




Capitalisation X (SKK) 6,915.9030/09/2008 SKK10,379.8230/09/2007 SKK

-30/09/2006 SKK

Capitalisation X (SKK) 229.5664#30/09/2008 EUR344.5477#30/09/2007 EUR

- #30/09/2006 EUR



Distribution I (EUR) 226.9430/09/2008 EUR311.8830/09/2007 EUR309.9530/09/2006 EUR




Capitalisation X (CZK) 18,85230/09/200817530/09/2007

-30/09/2006





Capitalisation X (SKK) 1,32730/09/20082030/09/2007

-30/09/2006



Distribution I (EUR) 27,79330/09/200827,79330/09/200718,27330/09/2006


Number of shares


Dividend



Distribution I (EUR) 11.0019/12/2007 EUR

Distribution I (EUR) 11.0015/12/2006 EUR














Capitalisation X (SKK) 2.18%30/09/2008



Distribution I (EUR) 0.80%30/09/2008












Shares 627,140,896.11

Cash at bank 21,093,354.90






Notes



Dividends 30,682,017.07












203,249.77



(173,642,453.75)


545,009.87



Redemptions (501,514,687.25)




Notes


ING (L) Invest - Global High Dividend(Denominated in EUR)






AGL RESOURCES USD 6,923,236.95 1.05309,902


Shares

United States

ALTRIA GROUP USD 3,505,958.87 0.53248,218

AMEREN CORP USD 7,022,843.66 1.06252,745

ARTHUR J GALLAGHER & CO USD 3,640,152.28 0.55199,265

AT&T INC USD 6,504,655.37 0.98327,248


BRISTOL MYERS SQUIBB CO USD 8,968,045.67 1.35604,171

CARNIVAL CORP USD 3,842,634.21 0.58152,689


CONSOLIDATED EDISON INC USD 6,768,237.67 1.02221,299

DOW CHEMICAL USD 6,741,572.75 1.02297,972

DU PONT DE NEMOURS USD 5,031,840.81 0.76175,384

DUKE ENERGY CORP USD 3,579,202.38 0.54288,441

DUKE REALTY CORP USD 3,505,491.40 0.53200,325

FIFTH THIRD BANCORP USD 3,685,098.71 0.56434,981

FOOT LOCKER INC USD 3,078,217.41 0.46267,563

GENERAL ELECTRIC CO USD 7,235,290.29 1.09398,551

KINDER MORGAN ENERGY PARTNERSHIP USD 3,241,146.93 0.4987,501

KRAFT FOODS INC - A USD 8,005,045.21 1.21343,337

LEGGET & PLATT INC USD 6,656,215.57 1.01429,080

MASCO CORP USD 6,571,290.51 0.99514,513

MEADWESTVACO CORP USD 3,311,641.32 0.50199,558

MERCK AND CO INC USD 6,733,863.50 1.02299,706

NEWELL RUBBERMAID INC USD 3,211,467.13 0.48261,355

NISOURCE INC USD 6,831,442.68 1.03650,121

PFIZER INC USD 10,182,335.24 1.54775,630

PHILIP MORRIS INTERNATIONAL USD 6,750,060.16 1.02197,120

RAYONIER INC USD 3,590,260.28 0.54106,506

REYNOLDS AMERICAN INC USD 6,589,288.11 1.00190,367

SARA LEE CORP USD 7,867,321.55 1.19874,967

SOUTHERN CO USD 6,921,017.93 1.05257,936

SPECTRA ENERGY CORP USD 3,566,636.67 0.54210,499

US BANCORP USD 7,405,582.76 1.12288,791

UST INC USD 6,750,826.80 1.02142,509

206,999,559.59 31.27


United Kingdom

AVIVA PLC GBP 5,415,331.98 0.82889,017

BARCLAYS PLC GBP 3,242,600.77 0.49782,594

BBA AVIATION PLC GBP 2,803,745.51 0.421,942,287

BP PLC GBP 9,969,858.48 1.511,693,157


CATTLES PLC GBP 2,410,664.07 0.362,491,283

DIAGEO PLC GBP 3,416,630.71 0.52284,900



LEGAL & GENERAL GROUP PLC GBP 6,763,682.74 1.025,329,782

LLOYDS TSB GROUP PLC GBP 4,714,821.70 0.711,640,300

MARKS & SPENCER GROUP PLC GBP 2,901,704.85 0.441,134,761


TATE AND LYLE PLC GBP 7,465,965.76 1.131,544,142

UNITED UTLITIES GROUP PLC GBP 7,283,741.12 1.10825,840


98,929,701.56 14.94


Market valuein EUR

Currency %NAV

ENEL SPA EUR 8,580,970.19 1.301,456,871

Italy

ENI SPA EUR 9,823,683.00 1.49528,155

INTESA SANPAOLO EUR 7,169,636.93 1.081,864,665

ITALCEMENTI SPA RNC EUR 2,982,967.34 0.45452,376

MEDIASET SPA EUR 7,898,151.25 1.191,766,134

PIRELLI & C REAL ESTATE SPA EUR 1,750,277.70 0.26195,191

SNAM RETE GAS EUR 7,015,046.14 1.061,644,023



58,925,576.02 8.90

BNP PARIBAS EUR 8,639,960.00 1.30130,750

France

BOUYGUES EUR 6,693,884.25 1.01210,831

FRANCE TELECOM SA EUR 6,993,736.20 1.06353,219


TOTAL SA EUR 10,191,352.68 1.54239,346

VINCI EUR 6,452,932.76 0.97195,662

VIVENDI EUR 10,021,147.86 1.51455,093

55,658,415.15 8.40

AUST & NZ BANKING GROUP LTD AUD 7,355,338.34 1.10698,561

Australia

CROWN LTD AUD 3,480,243.44 0.53729,111

FOSTER S GROUP LTD AUD 6,678,965.96 1.012,154,632

INSURANCE AUSTRALIA GROUP AUD 6,857,787.90 1.042,978,538

MACQUARIE AIRPORTS AUD 3,755,391.83 0.572,476,820

SUNCORP METWAY LIMITED AUD 4,590,572.96 0.69878,996

TABCORP HOLDINGS LIMITED AUD 3,501,177.55 0.53771,624

WESFARMERS LTD AUD 6,261,873.57 0.95391,532

WESTFIELD GROUP AUD 3,061,535.73 0.46327,634

45,542,887.28 6.88

BELL ALIANT REGIONAL COMMUNI CAD 3,541,722.56 0.53211,653

Canada

ENERPLUS RESOURCES FUND TRUST UNITS CAD 4,181,392.21 0.63160,692

PRECISION DRILLING TRUST UNITS CAD 7,097,870.63 1.07605,712

TRANSCANADA CORP CAD 8,380,479.86 1.27327,886

23,201,465.26 3.50

AKZO NOBEL NV EUR 3,619,965.74 0.55107,689

Netherlands

CORIO NV EUR 3,221,822.73 0.4964,585



16,896,881.40 2.55


Sweden

SVENSKA CELLULOSA AB -B- SEK 6,418,364.17 0.97870,077

SWEDBANK A SEK 6,827,535.49 1.03762,058

16,290,121.73 2.46


Spain


14,387,522.30 2.17

BELGACOM SA EUR 6,674,008.12 1.00251,992

Belgium


Market valuein EUR

Currency %NAV

ING (L) Invest - Global High Dividend(Denominated in EUR)






ELIA SYSTEM OPERATOR SA/NV EUR 3,285,972.36 0.50125,037

9,959,980.48 1.50

ALLIED IRISH BANKS PLC EUR 6,431,649.00 0.971,090,110

Ireland


8,880,263.65 1.34

KT CORP -ADR- USD 3,605,753.06 0.54301,657

South Korea

S-OIL CORP KRW 4,157,655.83 0.63102,750

7,763,408.89 1.17

ALSTRIA OFFICE REIT-AG EUR 1,593,436.25 0.24182,107

Germany


7,335,892.32 1.11

TAIWAN SEMICONDUCTOR-SP ADR USD 7,167,161.13 1.081,074,424

Taiwan

7,167,161.13 1.08

MAGYAR TELEKOM TELECOM.ADR USD 6,754,539.57 1.02407,550

Hungary

6,754,539.57 1.02

TELEKOMUNIKACJA POLSKA SA PLN 6,730,070.31 1.02999,016

Poland

6,730,070.31 1.02

DANSKE BANK A/S DKK 6,036,862.03 0.91361,060

Denmark

6,036,862.03 0.91


Singapore

4,871,275.99 0.74

BANK HAPOALIM LTD ILS 4,528,644.04 0.682,061,443

Israel

4,528,644.04 0.68

TELE NORTE LESTE PARTICIP ADR USD 3,860,963.93 0.58310,613

Brazil

3,860,963.93 0.58

HISCOX GBP 3,371,993.21 0.511,086,761

Bermuda

3,371,993.21 0.51

SEAGATE TECHNOLOGY USD 3,364,660.06 0.51389,948

Cayman Islands

3,364,660.06 0.51

SIAM CEMENT PUBLIC FOREIGN RGD THB 3,327,211.32 0.501,180,250

Thailand

3,327,211.32 0.50

TELECOM CORP OF NEW ZEALAND NZD 3,071,262.66 0.462,365,941

New Zealand

3,071,262.66 0.46

623,856,319.88 94.20


Market valuein EUR

Currency %NAV

CLP HOLDINGS LTD-SPONS ADR USD 3,284,576.23 0.50576,710


SharesHong Kong

3,284,576.23 0.50

3,284,576.23 0.50



Market valuein EUR

Currency %NAV


NAV


Cash at bank 21,093,354.90 3.19


Total net assets 662,236,629.06 100.00







Statistics





Capitalisation P (USD) 291.2130/09/2008 USD403.3930/09/2007 USD

-30/09/2006 USD


Capitalisation X (EUR) 817.4830/09/2008 EUR1,122.2330/09/2007 EUR1,067.0230/09/2006 EUR






Capitalisation P (USD) 42,73130/09/200897730/09/2007

-30/09/2006


Number of shares

Capitalisation X (EUR) 3030/09/200850330/09/2007

1,76030/09/2006


Number of shares


Dividend



















Shares 78,899,374.58








Notes














(769.50)



(11,012,090.10)


4,124.98







Notes


ING (L) Invest - Global Real Estate(Denominated in EUR)






ACADIA REALTY TRUST USD 196,171.29 0.2310,900


Shares

United States

AMB PROPERTY CORP USD 522,450.43 0.6216,200

AVALONBAY COMMUNITIES INC USD 1,022,281.56 1.2114,590

BIOMED REALTY TRUST INC USD 367,191.12 0.4419,500

BOSTON PROPERTIES INC USD 2,487,109.24 2.9537,300

BRE PROPERTIES -A- USD 819,777.17 0.9723,500

CORPORATE OFFICE PROPERTY TRUST USD 183,846.51 0.226,400

DIGITAL REALTY TRUST INC USD 746,769.66 0.8922,200

DOUGLASS EMMETT INC-W/I USD 433,594.13 0.5126,400

EQUITY RESIDENTIAL USD 1,552,366.07 1.8449,100

ESSEX PROPERTY TRUST USD 892,961.24 1.0610,600

EXTRA SPACE STORAGE INC USD 253,694.51 0.3023,200

FEDERAL REALTY INVESTMENT TRUST USD 2,017,128.82 2.3933,100

GENERAL GROWTH PROPERTIES USD 378,400.31 0.4535,200

HCP INC USD 1,028,498.20 1.2236,000

HEALTH CARE REIT USD 792,017.23 0.9420,900

HIGHWOOD PROPERTIES INC USD 445,560.10 0.5317,600

HOME PROPERTIES INC USD 647,716.51 0.7715,700

HOST HOTELS AND RESORTS INC USD 1,159,971.52 1.38122,600

KILROY REALTY CORP USD 367,445.27 0.4410,800

KIMCO REALTY CORP USD 865,216.25 1.0332,900

LASALLE HOTEL PROPERTIES USD 142,777.20 0.178,600

LIBERTY PROPERTY TRUST USD 820,197.20 0.9730,600

MACERICH USD 987,840.39 1.1721,800

NATIONWIDE HEALTH PROPERTIES USD 1,116,810.59 1.3343,600

OMEGA HEALTHCARE INVESTORS INC USD 386,299.79 0.4627,600

PROLOGIS USD 1,310,391.91 1.5644,600

PUBLIC STORAGE INC USD 1,312,473.71 1.5618,620

REGENCY CENTERS CORP USD 916,325.78 1.0919,300

SIMON PROPERTY GROUP INC USD 4,267,682.34 5.0861,800

SL GREEN REALTY CORPORATION USD 309,087.67 0.376,700

STRATEGIC HOTELS & RESORTS I USD 75,250.06 0.0914,000

TANGER FACTORY OUTLET CENTERS USD 738,848.11 0.8823,700

TAUBMAN CENTERS INC USD 825,828.50 0.9823,200

UDR USD 835,891.50 0.9944,900

VENTAS INC USD 1,836,560.00 2.1852,200

VORNADO REALTY TRUST USD 1,955,426.62 2.3230,200

35,017,858.51 41.59

JAPAN LOGISTICS FUND INC JPY 171,836.05 0.2041

Japan

JAPAN REAL ESTATE INVESTMENT JPY 1,160,451.62 1.38207

JAPAN RETAIL FUND INVESTMENT JPY 192,295.44 0.2367

KENEDIX REALTY INVESTMENT CORP JPY 175,557.77 0.2168

MITSUBISHI ESTATE CO LTD JPY 4,545,001.60 5.40337,200

MITSUI FUDOSAN CO LTD JPY 2,935,095.26 3.48223,200

NIPPON ACCOMMODATIONS FUND JPY 94,632.21 0.1128

NTT URBAN DEVELOPMENT CORP JPY 244,640.89 0.29290

OFFICE BUILDING FUND OF JAPAN JPY 1,196,019.17 1.42178

SUMITOMO REALTY & DEVELOPMENT JPY 1,020,424.52 1.2168,700

11,735,954.53 13.93

CHEUNG KONG HOLDINGS LTD HKD 2,768,711.83 3.29350,100

Hong Kong

GREAT EAGLE HOLDINGS LTD HKD 12.47 0.008

HANG LUNG GROUP LTD HKD 546,520.33 0.65246,300


Market valuein EUR

Currency %NAV

HANG LUNG PROPERTIES LTD HKD 683,972.05 0.81417,200

HONGKONG LAND HOLDINGS LTD USD 360,556.72 0.43171,100

HYSAN DEVELOPMENT CO HKD 281,942.56 0.33153,900

KERRY PROPERTIES LTD HKD 207,851.24 0.2591,776

SHUI ON LAND LTD HKD 28,371.94 0.0397,000

SINO LAND CO LTD HKD 465,753.42 0.55597,600

SUN HUNG KAI PROPERTIES LTD HKD 1,733,164.62 2.06241,100

THE LINK REAL ESTATE INVESTMENT TRUST HKD 931,590.13 1.11634,214

THE WHARF (HOLDINGS) HKD 436,172.64 0.52218,712

8,444,619.95 10.03

CFS RETAIL PROPERTY AUD 604,338.06 0.72478,300

Australia

COMMONWEALTH PROP.OFFICE AUD 161,406.15 0.19199,600

DEXUS PROPERTY GROUP AUD 490,974.03 0.58611,400

GOODMAN GROUP AUD 140,689.60 0.17103,100

GPT GROUP AUD 279,587.25 0.33284,500

ING INDUSTRIAL FUND AUD 84,604.80 0.1097,200

MACQUARIE COUNTRYWIDE TRUST AUD 95,066.69 0.11178,200

MIRVAC GROUP STAPLED SECURITIES AUD 203,065.00 0.24148,200

STOCKLAND AUD 705,646.50 0.84232,700

WESTFIELD GROUP AUD 4,391,249.98 5.22469,935

7,156,628.06 8.50

KLEPIERRE EUR 243,955.80 0.298,910

France

MERCIALYS PROMESSES DACTIONS EUR 955,942.40 1.1331,780

SILIC EUR 256,389.00 0.302,947

UNIBAIL HOLDING EUR 3,707,200.20 4.4126,085

5,163,487.40 6.13

BRITISH LAND COMPANY PLC GBP 801,187.82 0.9584,800

United Kingdom

BRIXTON PLC GBP 83,305.46 0.1031,636

DERWENT LONDON PLC GBP 150,890.86 0.1811,400

GREAT PORTLAND ESTATES PLC GBP 239,544.42 0.2856,600

HAMMERSON PLC GBP 871,817.53 1.0470,751

LAND SECURITIES GROUP PLC GBP 1,570,907.36 1.8699,030

LIBERTY INTERNATIONAL PLC GBP 602,383.20 0.7249,523

SAFESTORE HOLINDS LTD GBP 423,462.56 0.50255,700

SEGRO PLC (REIT) GBP 319,437.82 0.3860,400

5,062,937.03 6.01

CORIO NV EUR 1,374,331.75 1.6327,550

Netherlands

EUROCOMMERCIAL PROPERTIES NV EUR 263,581.00 0.318,642

WERELDHAVE NV EUR 175,065.32 0.212,549

1,812,978.07 2.15

ASCENDAS REAL ESTATE INV TRT UNITS SGD 401,236.40 0.48430,900

Singapore

CAPITACOMMERCIAL TRUST SGD 48,270.88 0.0674,000

CAPITALAND LTD SGD 526,900.54 0.63345,800

CAPITAMALL TRUST UNITS SGD 575,346.82 0.67513,529

MACQUARIE PRIME REIT SGD 122,132.45 0.15297,300

1,673,887.09 1.99

BROOKFIELD PROPERTIES CAD 189,748.90 0.2317,050

Canada

CALLOWAY REAL ESTATE INVESTMENT TRUST CAD 253,648.05 0.3020,300

CAN REAL ESTATE INVEST TRUST CAD 185,972.95 0.229,800


Market valuein EUR

Currency %NAV

ING (L) Invest - Global Real Estate(Denominated in EUR)






RIOCAN REAL ESTATE INVEST TRUST CAD 894,523.24 1.0666,100

1,523,893.14 1.81

PSP SWISS PROPERTY AG CHF 683,498.41 0.8116,600

Switzerland

683,498.41 0.81

CASTELLUM AB SEK 222,952.24 0.2636,700

Sweden

HUFVUDSTADEN AB-A SHS SEK 438,962.35 0.5381,119

661,914.59 0.79

COFINIMMO EUR 424,842.00 0.503,454

Belgium

424,842.00 0.50

DEUTSHE EUROSHOP AG EUR 414,858.24 0.4918,006

Germany

414,858.24 0.49

CITYCON OYJ EUR 222,492.80 0.2696,736

Finland

222,492.80 0.26

BR MALLS PARTICIPACOES SA BRL 180,383.83 0.2142,500

Brazil

180,383.83 0.21

CA IMMOBILIEN ANLAGEN AG EUR 1,725.00 0.00250

Austria

1,725.00 0.00

80,181,958.65 95.20

PROLOGIS EURO.PROPERTIES A1 C. EUR 133,588.40 0.1621,340

Undertakings for collective investmentLuxembourg

133,588.40 0.16

133,588.40 0.16



Market valuein EUR

Currency %NAV


NAV


Cash at bank 4,036,897.77 4.79


Total net assets 84,224,123.63 100.00







Statistics



-30/09/2006 EUR






-30/09/2006




Number of shares


Dividend


















Shares 115,621,200.12









Notes














(81,393.75)



(127,545,410.24)


(801,363.12)



Redemptions (131,714,051.33)




Notes


ING (L) Invest - Greater China(Denominated in USD)






AGILE PROPERTY HOLDINGS HKD 1,747,746.15 1.453,922,000


Shares

Hong Kong

BOC HONG KONG HOLDINGS LTD HKD 1,422,294.74 1.18812,000


CHINA MOBILE HKD 8,928,669.28 7.38901,500

CHINA UNICOM LTD HKD 2,678,610.44 2.221,796,000CHOW SANG SANG HOLDINGSINTERNATIONAL LT

HKD 733,217.46 0.611,288,000

CHUANGS CHINA INVESTMENTS HKD 252,119.49 0.219,549,000

CLP HOLDINGS LTD HKD 5,910,292.00 4.88736,000

CNOOC LTD HKD 4,085,130.53 3.383,584,000

DAH CHONG HONG HOLDINGS LTD HKD 441,305.22 0.372,155,000

ESPRIT HLDGS HKD 924,514.76 0.76151,600

HANG SENG BANK LTD HKD 2,031,333.16 1.68109,300

HONG KONG EXCH AND CLEARING LTD HKD 1,413,702.91 1.17117,900

HONGKONG ELECTRIC HOLDINGS HKD 5,893,568.14 4.88943,500

HUTCHISON WHAMPOA LTD HKD 4,649,865.20 3.85614,000

HYSAN DEVELOPMENT CO HKD 3,857,374.30 3.191,499,000

MASS TRANSIT RAILWAY CORP HKD 3,997,991.92 3.311,370,500

NEW WORLD DEVELOPMENT CO LTD HKD 3,884.17 0.003,569

SUN HUNG KAI PROPERTIES LTD HKD 1,938,706.01 1.60192,000

THE LINK REAL ESTATE INVESTMENT TRUST HKD 2,328,406.17 1.931,128,500

56,560,160.93 46.80

CHINA CONSTRUCTION BANK -H- HKD 2,100,553.35 1.743,236,000

China

CHINA COSKO HKD 920,205.33 0.761,040,000

CHINA HIGH SPEED TRANSMISSION HKD 1,227,919.27 1.02681,000

CHINA LIFE INSURANCE -H- HKD 5,681,058.51 4.711,545,000

CHINA PETROLEUM & CHEMICAL -H- HKD 1,382,394.45 1.141,780,000

CHINA SHENHUA ENERGY CO - H HKD 1,185,385.14 0.98497,500

CHINA TELECOM CORP LTD-H- HKD 1,785,034.51 1.484,428,000

CHINA VANKE HKD 1,090,156.42 0.901,525,110

GUANGZHOU R&F PROPERTIES-H HKD 1,335,155.49 1.101,491,600


JIANGSU EXPRESSWAY CO LTD HKD 1,939,860.00 1.602,624,000

PETROCHINA CO LTD -H- HKD 4,189,401.92 3.474,066,000

PING AN INSURANCE GROUP CO-H HKD 546,236.68 0.4596,500

TRAVELSKY TECHNOLOGY LTD HKD 542,607.92 0.451,100,000

ZIJIN MINING GROUP CO LTD-H HKD 1,442,190.79 1.192,886,000

30,846,920.72 25.52

ASUSTEK COMPUTER INC TWD 2,118,196.40 1.751,097,352

Taiwan

AU OPTRONICS CORP TWD 4,905,043.38 4.064,445,144

CATHAY FINANCIAL HOLDING CO TWD 1,023,842.55 0.85763,350

CHINA STEEL CORP TWD 1,592,394.67 1.321,631,520


FAR EASTERN TEXTILE LTD TWD 1,493,387.61 1.242,164,168

HON HAI PRECISION INDUSTRY GDR USD 2,912,628.00 2.41420,900

HUANG HSIANG CONSTRUCTION CORP TWD 244,551.84 0.20442,000

MEDIATEK INC TWD 2,719,861.37 2.25269,237

RADIUM LIFE TECH CO LTD TWD 671,779.37 0.562,029,310

TAIWAN CEMENT CORP TWD 862,445.42 0.711,487,730TAIWAN SEMICONDUCTORMANUFACTURING CO LT

TWD 1,854,960.19 1.531,136,702

TAIWAN SEMICONDUCTOR-SP ADR USD 179,557.31 0.1519,163


Market valuein USD

Currency %NAV

TATUNG CO LTD TWD 646,216.34 0.533,035,000

27,559,091.60 22.80

114,966,173.25 95.12

WINTEK CORP-SPON GDR 144A USD 655,026.87 0.54336,200


SharesTaiwan

655,026.87 0.54

655,026.87 0.54



Market valuein USD

Currency %NAV

DB TAIWAN BASKET P NOT WTS 08-07/03/2019 USD 793,789.40158,441

Warrants

793,789.40


Market valuein USD

Currency




NAV



Cash at bank 4,346,180.73 3.60


Total net assets 120,865,683.54 100.00







Statistics













Number of shares


Dividend


















Shares 116,737,090.03








Notes















(374.52)



(33,829,887.80)



Redemptions (149,647,008.98)




Notes


ING (L) Invest - Health Care(Denominated in USD)






ABBOTT LABORATORIES USD 4,721,560.00 3.9882,000


Shares

United States

AETNA INC USD 1,299,960.00 1.1036,000

AMGEN INC USD 2,667,150.00 2.2545,000

AOI MEDICAL INC GBP 651,330.16 0.55170,744

BAXTER INTL INC USD 3,478,390.00 2.9353,000

BIOGEN IDEC INC USD 1,357,830.00 1.1427,000

BRISTOL MYERS SQUIBB CO USD 479,550.00 0.4023,000

CELGENE CORP USD 2,024,960.00 1.7132,000

CEPHALON INC USD 852,390.00 0.7211,000

CIGNA CORPORATION USD 849,500.00 0.7225,000

COVENTRY HEALTH CARE INC USD 260,400.00 0.228,000

EXPRESS SCRIPTS INC USD 1,033,480.00 0.8714,000

FOREST LABORATORIES INC USD 1,414,000.00 1.1950,000

GENENTECH INC USD 2,837,760.00 2.3932,000


HOLOGIC INC USD 541,240.00 0.4628,000

HUMANA INC USD 618,000.00 0.5215,000


LILLY ELI & CO USD 748,510.00 0.6317,000

MCKESSON HBOC INC USD 1,345,250.00 1.1325,000

MEDCO HEALTH SOLUTIONS INC USD 1,980,000.00 1.6744,000

MEDTRONIC INC USD 3,356,700.00 2.8367,000


MYLAN LABORATORIES INC USD 993,540.00 0.8487,000

NAPO PHARMACEUTICAL INC GBP 796.53 0.00127,671

PFIZER INC USD 6,018,816.00 5.07326,400

SAINT JUDE MEDICAL INC USD 869,800.00 0.7320,000

SCHERING PLOUGH CORP USD 3,453,890.00 2.91187,000

UNITEDHEALTH GROUP INC USD 1,371,060.00 1.1654,000

WATERS CORP USD 581,800.00 0.4910,000

WELLPOINT INC USD 841,860.00 0.7118,000

WYETH USD 3,361,540.00 2.8391,000

ZIMMER HOLDINGS INC USD 774,720.00 0.6512,000

66,251,922.69 55.82

ALCON INC USD 1,130,570.00 0.957,000

Switzerland

NOVARTIS AG CHF 5,221,730.63 4.40100,000


SANTHERA PHARMACEUTICALS-REG CHF 675,435.99 0.5717,000

SYNTHES-INC CHF 1,098,748.44 0.938,000

16,063,426.44 13.54

BAYER AG EUR 4,147,369.59 3.4957,000

Germany


FRESENIUS MEDICAL CARE AG & CO EUR 540,839.41 0.4610,500

MERCK KGAA EUR 1,588,659.15 1.3415,000

7,786,852.85 6.56

ASTELLAS PHARMA INC JPY 987,895.98 0.8324,000

Japan

EISAI CO LTD JPY 500,824.08 0.4213,000

SHIONOGI & CO LTD JPY 320,256.13 0.2716,000

TAKEDA PHARMACEUTICAL CO LTD JPY 2,175,857.86 1.8444,000


Market valuein USD

Currency %NAV

TERUMO CORPORATION JPY 975,368.32 0.8219,000

4,960,202.37 4.18

ANTISOMA PLC GBP 1,133,613.31 0.963,220,000

United Kingdom



SOUTHERN CROSS HEALTHCARE GBP 290,406.31 0.24158,171

4,104,922.84 3.46


France

3,661,641.62 3.09

COVIDIEN LTD USD 2,634,240.00 2.2249,000

Bermuda


2,880,778.88 2.43

CSL LTD AUD 1,265,151.28 1.0743,000

Australia

PRIMARY HEALTH CARE LIMITED AUD 954,641.39 0.80235,000

2,219,792.67 1.87


Belgium


2,008,382.27 1.69

GENMAB A/S DKK 508,303.62 0.439,000

Denmark

NOVO-NORDISK A/S -B- DKK 1,122,409.71 0.9422,000

1,630,713.33 1.37

TEVA PHARMACEUTICAL IND.LTD-ADR USD 1,236,330.00 1.0427,000

Israel

1,236,330.00 1.04

LABORATORIOS FARMACEUTICOS ROVI SA EUR 1,147,599.05 0.97100,000

Spain

1,147,599.05 0.97

ALAPIS SA EUR 985,769.21 0.83471,000

Greece

985,769.21 0.83

SELCUK ECZA DEPOSU TICARET VE SANAYIAS

TRY 684,958.37 0.58674,866

Turkey

684,958.37 0.58

XCOUNTER AB GBP 558,597.44 0.47602,634

Sweden

558,597.44 0.47

PHARMSTANDARD-OKTYABR OAO USD 555,200.00 0.4732,000

Russia

555,200.00 0.47

116,737,090.03 98.37



Market valuein USD

Currency %NAV

ING (L) Invest - Health Care(Denominated in USD)






NAV


Cash at bank 377,920.42 0.32


Total net assets 118,670,983.08 100.00







Statistics









Number of shares














Shares 12,380,185.11









Notes



Dividends 42,852.74





Subscription tax (326.97)6







(2,990,905.21)


(11,260.89)





Notes


ING (L) Invest - India Focus(Denominated in USD)






ABAN OFFSHORE LIMITED INR 65,455.12 0.501,500


Shares

India

ADITYA BIRLA NUVO LIMITED INR 58,641.79 0.452,944

ASIAN PAINTS LTD INR 63,193.32 0.492,500

AXIS BANK INR 406,542.03 3.1426,500

BALRAMPUR CHINI MILLS LTD INR 69,157.87 0.5340,000BHARAT HEAVY ELECTRICALSDEMATERIALISED

INR 387,131.25 2.9911,426

BHARAT PETROLEUM CORP LTD INR 138,070.88 1.0618,000

BHARTI AIRTEL INR 284,093.42 2.1917,000

BOMBAY RAYON FASHIONS LTD INR 64,058.33 0.4910,000

CIPLA LTD INR 97,370.36 0.7520,000

DABUR INDIA LTD-DEMATERIALISED INR 96,987.10 0.7550,000

DLF LTD INR 71,085.64 0.559,467

DR REDDYS LABORATOIRIES LTD INR 108,580.84 0.8410,000

GAIL INDIA LTD INR 198,083.74 1.5322,768

GLENMARK PHARMACEUTICALS LTD INR 104,109.42 0.8010,000

GMR INFRASTRUCTURE LTD INR 31,925.90 0.2517,000

GUJARAT NARMADA VALLEY FERT INR 57,649.30 0.4430,000

HCL TECHNOLOGIES LTD INR 20,701.58 0.165,000

HDFC BANK LIMITED INR 641,491.41 4.9524,500

HERO HONDA MOTORS LIMITED INR 185,734.02 1.4310,000

HINDALCO INDUSTRIES LTD INR 62,759.49 0.4830,000

HINDUSTAN LEVER DEMATERIALISED INR 322,261.20 2.4960,000

HOUSING DEVELOPMENT FINANCE INR 957,396.81 7.3921,000

ICICI BANKING CORP INR 855,237.78 6.6075,000

INDIABULLS REAL ESTATE LTD INR 104,817.40 0.8129,000

INDIAN HOTELS DEMAT INR 57,404.44 0.4440,000

INFOSYS TECHNOLOGIES LTD INR 1,131,180.45 8.7338,000

ITC LTD INR 508,513.69 3.92127,000

JAIPRAKASH ASSOCIATED LTD INR 70,967.73 0.5530,000

JET AIRWAYS INDIA LTD INR 76,700.72 0.599,000

JINDAL STEEL & POWER LTD INR 94,678.47 0.733,500

KOTAK MAHINDRA BANK LTD INR 82,594.47 0.647,000

LARSEN AND TOUBROU LTD INR 598,163.94 4.6111,500

MARUTI SUZUKI INDIA LTD INR 44,088.14 0.343,000

MCDOWELL & CO LTD INR 106,768.85 0.824,000

NATIONAL THERMAL POWER CORP INR 208,447.74 1.6157,000

OIL & NATURAL GAS CORP LTD INR 594,557.53 4.5927,000

RELIANCE CAPITAL LTD DEMATER INR 121,744.89 0.945,000

RELIANCE COMMUNICATIONS INR 241,471.26 1.8634,000

RELIANCE ENERGY LTD INR 100,958.14 0.786,000

RELIANCE INDUSTRIES LIMITED INR 975,401.17 7.5323,500

RELIANCE PETROLEUM LTD INR 51,942.93 0.4017,000

SATYAM COMPUTER SERVICES INR 342,465.60 2.6454,000

SINTEX INDUSTRIES LIMITED INR 90,594.04 0.7015,000

STATE BANK OF INDIA INR 155,791.52 1.205,000

STERLITE INDUSTRIES INDIA LTD INR 136,937.05 1.0615,000

SUN PHARMACEUTICALS INDUS INR 252,673.22 1.958,000

TATA CONSULTANC SVS DEMATERIAL INR 127,507.76 0.988,997

TATA MOTORSLTD INR 175,739.35 1.3624,000

TATA POWER COMPANY LIMITED INR 48,288.61 0.372,500

TATA STEEL LTD INR 272,852.07 2.1030,000

THERMAX LTD INR 88,789.51 0.6810,000

ULTRATECH CEMENT LTD INR 56,291.91 0.435,000

UNITECH LTD-DEMATERIALISED- INR 27,286.27 0.2111,000


Market valuein USD

Currency %NAV

WIPRO LTD INR 86,847.64 0.6712,000

12,380,185.11 95.49

12,380,185.11 95.49



Market valuein USD

Currency %NAV

HINDALCO INDUSTRIES RTS 2008 INR 410.648,571

Rights

TATA MOTORS RTS 2008 INR 332.164,000

742.80


Market valuein USD

Currency




NAV


Total financial derivative instruments 742.80 0.01

Cash at bank 563,275.54 4.34


Total net assets 12,965,183.91 100.00







Statistics









111,78530/09/2006



Number of shares


Dividend


















Shares 44,013,820.71








Notes















3,062.00



(21,172,813.72)







Notes


ING (L) Invest - Industrials(Denominated in EUR)






BOEING CO USD 1,341,181.18 2.9232,849


Shares

United States

CURTISS-WRIGHT USD 866,968.50 1.8926,794

DEERE & CO USD 1,523,605.52 3.3243,235

EMERSON ELECTRIC CO USD 2,036,029.81 4.4370,113


GRAFTECH INTERNATIONAL LTD USD 544,117.05 1.1850,582

HONEYWELL INTERNATIONAL INC USD 1,807,801.41 3.9461,115

MCDERMOTT INTL INC USD 473,202.04 1.0326,015

PARKER HANNIFIN CORP USD 1,132,520.56 2.4730,015

PRECISION CASTPARTS CORP USD 869,263.67 1.8915,499

ROPER INDUSTRIES INC USD 1,357,851.14 2.9633,485

TEREX CORP USD 529,094.45 1.1524,351

UNION PACIFIC CORP USD 1,332,923.33 2.9026,311

UNITED PARCEL SERVICE INC CL B USD 1,427,488.61 3.1131,883

WABCO HOLDINGS INC USD 739,643.91 1.6129,233

WASTE MANAGEMENT INC USD 1,441,570.12 3.1464,303

20,996,619.79 45.72

ASAHI PRETEC CORP JPY 767,491.90 1.6756,800

Japan

EAST JAPAN RAILWAY CO JPY 2,187,364.00 4.77415

FANUC LTD JPY 534,599.57 1.1610,300

ITOCHU CORP JPY 1,046,922.47 2.28251,000

MITSUI & CO LTD JPY 1,011,261.05 2.20118,000

5,547,638.99 12.08

DEUTSCHE POST AG-REG EUR 1,322,987.36 2.8889,512

Germany

GEA GROUP AG EUR 848,408.94 1.8562,109

SIEMENS AG EUR 3,144,559.50 6.8547,826

5,315,955.80 11.58


France

VINCI EUR 1,402,903.24 3.0642,538

2,580,331.52 5.62

CANADIAN NATIONAL RAILWAY CO CAD 1,721,807.19 3.7550,637

Canada

1,721,807.19 3.75

ABB LTD CHF 1,190,886.40 2.5988,809

Switzerland

1,190,886.40 2.59

CINTRA EUR 889,044.75 1.94107,763

Spain

889,044.75 1.94

ATLAS COPCO AB A SEK 813,879.57 1.77102,856

Sweden

813,879.57 1.77

METSO OYJ EUR 789,180.24 1.7246,232

Finland

789,180.24 1.72


Market valuein EUR

Currency %NAV

PRYSMIAN SPA EUR 727,094.40 1.5852,688

Italy

727,094.40 1.58

TNT NV EUR 212,589.00 0.4610,902

Netherlands

USG PEOPLE NV EUR 507,425.95 1.1152,583

720,014.95 1.57

DONGFANG ELECTRICAL MACHINERY CO HKD 348,475.22 0.76186,301

China

WEICHAI POWER CO LTD-H HKD 329,720.71 0.72124,000

678,195.93 1.48

EMPRESA BRASILEIRA DE AERONAUTICA ADR USD 676,148.96 1.4735,163

Brazil

676,148.96 1.47

HYFLUX LTD SGD 524,187.73 1.14435,000

Singapore

524,187.73 1.14

BOART LONGYEAR LTD AUD 442,283.49 0.96703,211

Australia

442,283.49 0.96

STRABAG SE -BR EUR 400,551.00 0.8712,921

Austria

400,551.00 0.87

44,013,820.71 95.84



Market valuein EUR

Currency %NAV


NAV


Cash at bank 1,076,354.18 2.34


Total net assets 45,924,627.84 100.00



(Denominated in JPY)




Statistics

30/09/2008Net assets 29,249,849,818.58JPY30/09/2007 51,213,724,166.94JPY30/09/2006 55,050,115,841.65JPY


-30/09/2006 EUR



Capitalisation P (JPY) 3,353.0030/09/2008 JPY5,356.0030/09/2007 JPY5,338.0030/09/2006 JPY

Capitalisation I (JPY) 3,473.0030/09/2008 JPY5,500.0030/09/2007 JPY5,436.0030/09/2006 JPY

Capitalisation S (JPY) 3,471.0030/09/2008 JPY5,499.0030/09/2007 JPY

-30/09/2006 JPY

Capitalisation X (JPY) 3,203.0030/09/2008 JPY5,141.0030/09/2007 JPY5,149.0030/09/2006 JPY

Distribution P (JPY) 3,115.0030/09/2008 JPY5,001.0030/09/2007 JPY5,005.0030/09/2006 JPY


Capitalisation P (EUR) 31430/09/200816130/09/2007

-30/09/2006



Capitalisation P (JPY) 3,888,44630/09/20085,246,84930/09/20076,564,81830/09/2006

Number of shares

Capitalisation I (JPY) 1,673,54830/09/20081,583,45230/09/2007

225,15230/09/2006

Capitalisation S (JPY) 557,93830/09/2008138,20130/09/2007

-30/09/2006

Capitalisation X (JPY) 1,353,42530/09/20081,853,98230/09/20072,846,80530/09/2006

Distribution P (JPY) 710,47030/09/2008820,37230/09/2007823,85830/09/2006

Number of shares

Distribution P (JPY) 22.0019/12/2007 JPY

Dividend






Capitalisation P (JPY) 1.58%30/09/2008

Capitalisation I (JPY) 0.72%30/09/2008

Capitalisation S (JPY) 0.76%30/09/2008

Capitalisation X (JPY) 2.07%30/09/2008

Distribution P (JPY) 1.59%30/09/2008











Shares 28,763,098,360.00

Cash at bank 278,586,321.00


Other assets 287,185,956.823

Total assets 29,344,210,637.82


Total financial derivative instruments (14,540,000.00)Futures (14,540,000.00)



Notes



Dividends 589,170,543.56


Other income 860.00





Bank interest (1,305,943.23)



Net realised gains or (losses) on securities portfolio (5,317,402,398.00)


35,108,804.00



(12,426,678,095.33)


(20,960,000.00)


Subscriptions 18,594,961,526.00

Redemptions (22,842,956,086.00)




Notes


ING (L) Invest - Japan(Denominated in JPY)






ACOM CO LTD JPY 164,027,100.00 0.5645,690


Shares

Japan

AIOI INSURANCE CO LTD JPY 273,842,000.00 0.94538,000

BRIDGESTONE CORP JPY 158,760,000.00 0.5481,000

CANON INC JPY 420,964,000.00 1.44110,200

CANON MARKETING JAPAN JPY 186,264,000.00 0.64117,000

CAPCOM CO LTD JPY 172,831,500.00 0.5957,900

DAIICHI SANKYO CO JPY 652,190,000.00 2.23242,000

DAIWA SECURITIES GROUP INC JPY 222,138,000.00 0.76301,000

DON QUIJOTE CO LTD JPY 224,660,000.00 0.77119,500

EAST JAPAN RAILWAY CO JPY 552,558,000.00 1.89703

EDION JPY 170,046,000.00 0.58241,200

FANUC LTD JPY 291,024,000.00 0.9937,600

HASEKO CORP JPY 108,806,500.00 0.371,490,500

HITACHI CONSTRUCTION MACHINERY JPY 418,392,500.00 1.43165,700

HITACHI LTD JPY 585,888,000.00 2.00816,000

HOKUGIN FINANCIAL GROUP INC JPY 248,976,000.00 0.851,092,000

HONDA MOTOR CO LTD YEN 50 JPY 377,598,000.00 1.29122,200

INPEX CORP JPY 318,080,000.00 1.09355

ISUZU MOTORS LTD JPY 292,520,000.00 1.001,030,000

IT HOLDINGS CORP JPY 179,711,800.00 0.61118,700

JAPAN TOBACCO INC JPY 568,148,000.00 1.941,442

JSR CORPORATION JPY 228,300,800.00 0.78166,400

JUPITER TELECOMMUNICATIONS JPY 154,508,000.00 0.532,033

KANSAI ELECTRIC POWER CO INC JPY 391,040,000.00 1.34166,400

KAO CORP JPY 562,175,000.00 1.92199,000

KOMATSU LTD JPY 206,360,000.00 0.71123,200

KYOWA EXEO CORP JPY 148,679,000.00 0.51157,000

KYUSHU ELECTRIC POWER CO INC JPY 489,060,000.00 1.67222,300

MAKINO MILLING MACHINE CO JPY 193,992,000.00 0.66472,000

MARUBENI CORPORATION JPY 220,896,000.00 0.76472,000

MEDICEO PALTAC HOLDINGS CO LTD JPY 220,162,800.00 0.75171,600

MITSUBISHI CORPORATION JPY 619,347,000.00 2.12287,400

MITSUBISHI ELECTRIC CORP JPY 154,093,000.00 0.53223,000

MITSUBISHI ESTATE CO LTD JPY 582,900,000.00 1.99290,000

MITSUBISHI UFJ FINANCIAL GROUP JPY 1,653,764,560.00 5.661,851,920

MITSUI & CO LTD JPY 283,716,000.00 0.97222,000

MITSUI FUDOSAN CO LTD JPY 382,395,000.00 1.31195,000

MITSUI OSK LINES LTD JPY 424,320,000.00 1.45480,000

MITSUI SUMITOMO INSURANCE GR JPY 456,841,000.00 1.56130,900

MITSUMI ELECTRIC CO LTD JPY 189,540,000.00 0.6572,900

MIZUHO FINANCIAL GROUP INC JPY 929,084,000.00 3.192,102

NIDEC CORP JPY 362,384,000.00 1.2456,800


NIPPON MINING HOLDINGS INC JPY 253,914,000.00 0.87606,000

NIPPON SEIKO LTD JPY 134,470,000.00 0.46226,000

NIPPON STEEL CORP JPY 339,786,000.00 1.16878,000

NTT-NIPPON TELEGRAPH & TELEPHONE JPY 609,231,000.00 2.081,299

ORIX CORP JPY 525,718,200.00 1.8041,790

OSAKA GAS CO LTD JPY 295,754,000.00 1.01817,000

PANASONIC CORP JPY 692,870,000.00 2.37386,000

RICOH CO LTD JPY 293,741,000.00 1.00203,000

SEVEN & I HOLDINGS CO LTD JPY 732,577,000.00 2.50244,600

SHIN-ETSU CHEMICAL CO LTD JPY 518,829,000.00 1.77106,100

SHIONOGI & CO LTD JPY 371,875,000.00 1.27175,000

SONY CORP JPY 539,534,000.00 1.84170,200

SONY FINANCIAL HOLDINGS INC JPY 284,275,000.00 0.97685


Market valuein JPY

Currency %NAV

SUMITOMO CHEMICAL CO LTD JPY 257,985,000.00 0.88567,000

SUMITOMO METAL INDUSTRIES JPY 409,564,000.00 1.401,292,000

SUMITOMO MITSUI FINANCIAL GR JPY 867,510,000.00 2.971,377

SUMITOMO TRUST & BANKING LTD JPY 384,580,000.00 1.31574,000

SYSMEX CORPORATION JPY 212,952,000.00 0.7345,600

TAIYO YUDEN CO LTD JPY 174,752,000.00 0.60172,000

TAKEDA PHARMACEUTICAL CO LTD JPY 851,550,000.00 2.91162,200

TOKAI RIKA CO LTD JPY 173,838,600.00 0.59132,600

TOKYO ELECTRON LIMITED JPY 104,384,000.00 0.3622,400

TOKYO GAS CO LTD JPY 533,140,000.00 1.821,220,000

TOKYU CORPORATION JPY 401,886,000.00 1.37807,000

TOSHIBA CORPORATION JPY 176,341,000.00 0.60391,000

TOYOTA MOTOR CORPORATION JPY 1,395,030,000.00 4.78318,500

WEST JAPAN RAILWAY COMPANY JPY 318,660,000.00 1.09705

YAMADA DENKI CO LTD JPY 512,568,000.00 1.7564,800

28,763,098,360.00 98.34

28,763,098,360.00 98.34

Total securities portfolio 28,763,098,360.00 98.34


Market valuein JPY

Currency %NAV

TOPIX INDX FUTR 11/12/2008 JPY 217,200,000.0020 (14,540,000.00)


(14,540,000.00)217,200,000.00

NameQuantity Commitmentin JPY


in JPY

Total financial derivative instruments (14,540,000.00)



NAV


Total financial derivative instruments (14,540,000.00) (0.05)

Cash at bank 278,586,321.00 0.95


Total net assets 29,249,849,818.58 100.00







Statistics

30/09/2008Net assets 2,032,881,580.21JPY30/09/2007 4,479,499,677.99JPY30/09/2006 6,044,004,789.31JPY

Capitalisation P (JPY) 8,327.0030/09/2008 JPY14,567.0030/09/2007 JPY17,822.0030/09/2006 JPY

Capitalisation X (JPY) 8,010.0030/09/2008 JPY14,079.0030/09/2007 JPY17,314.0030/09/2006 JPY

Distribution P (JPY) 32,305.0030/09/2008 JPY56,686.0030/09/2007 JPY69,508.0030/09/2006 JPY


Capitalisation P (JPY) 93,07530/09/2008131,29630/09/2007186,47130/09/2006

Capitalisation X (JPY) 118,02630/09/2008136,77030/09/2007111,32830/09/2006

Distribution P (JPY) 9,67430/09/200811,31430/09/200711,41030/09/2006

Number of shares


Dividend



Capitalisation P (JPY) 1.67%30/09/2008

Capitalisation X (JPY) 2.16%30/09/2008

Distribution P (JPY) 1.68%30/09/2008











Shares 1,870,991,774.00

Cash at bank 156,180,219.00



Total assets 2,050,529,330.53


Total financial derivative instruments (7,496,000.00)Futures (7,496,000.00)



Notes



Dividends 50,139,407.74










Net realised gains or (losses) on securities portfolio (1,557,939,168.51)


(15,144,999.00)



(27,817,782.71)


(7,496,000.00)



Redemptions (1,160,061,745.00)




Notes


ING (L) Invest - Japanese Small & Mid Caps(Denominated in JPY)






ABC-MART INC JPY 19,635,000.00 0.976,600


Shares

Japan

AEON DELIGHT CO LTD JPY 29,400,000.00 1.4512,000

AIR WATER INC JPY 23,943,000.00 1.1823,000

AISAN INDUSTRY CO LTD JPY 8,925,300.00 0.4414,100

AJIS CO LTD JPY 14,040,000.00 0.696,000

ALCONIX CORP JPY 6,804,000.00 0.332,700

ASAHI CO LTD JPY 10,248,000.00 0.506,100

ASAHI INTELLIGENCE SERVICE JPY 6,160,000.00 0.307,000

ASAHI PRETEC CORP JPY 18,437,250.00 0.919,150

CANON MARKETING JAPAN JPY 11,144,000.00 0.557,000

CAPCOM CO LTD JPY 21,193,500.00 1.047,100

CHUETSU PULP & PAPER CO LTD JPY 14,784,000.00 0.7384,000

CYBERAGENT INC JPY 21,079,000.00 1.04214

DAIBIRU CORP JPY 20,457,200.00 1.0125,700

DYDO DRINCO INC JPY 7,331,500.00 0.363,100

EDION JPY 13,747,500.00 0.6819,500

EPS CO LTD JPY 20,191,000.00 0.9961

FOSTER ELECTRIC CO LTD JPY 14,961,500.00 0.7411,500

FUJI PHARMA CO LTD JPY 17,760,000.00 0.8711,100

FUJIKURA KASEI CO LTD JPY 18,396,000.00 0.9028,000

FUJITSU BROAD SOLUTION & CO JPY 16,052,400.00 0.7918,200

FUSO CHEMICAL CO LTD JPY 7,849,000.00 0.394,700

GOURMET NAVIGATOR INC JPY 28,780,400.00 1.42124

HAMAMATSU PHOTONICS KK JPY 17,815,000.00 0.887,000

HISAKA WORKS LTD JPY 27,225,000.00 1.3415,000

HITACHI SYSTEMS & SERVICES LTD JPY 16,182,000.00 0.8011,600

HITACHI TOOL JPY 12,522,200.00 0.6212,700

HOGY MEDICAL CO - JPY 9,620,000.00 0.472,000

HOKUETSU INDUSTRIES JPY 17,015,000.00 0.8483,000

HOKUTO CORP JPY 11,304,000.00 0.564,800

HOUSE FOODS CORP JPY 12,538,800.00 0.628,100

IBJ LEASING JPY 18,260,800.00 0.9010,100

INTAGE INC JPY 22,562,000.00 1.1114,500

IT HOLDINGS CORP JPY 8,327,000.00 0.415,500

KAKAKU.COM INC JPY 35,970,000.00 1.76110

KANTO NATURAL GAS DEVELOP JPY 14,450,000.00 0.7125,000

KAWASAKI KINKAI KISEN KAISHA JPY 13,674,000.00 0.6743,000

KIKKOMAN CORP JPY 22,752,000.00 1.1216,000

KIKUCHI CO LTD JPY 16,200,000.00 0.8016,200

KINKI SHARYO CO LTD JPY 11,803,000.00 0.5829,000

KOIKE SANSO KOGYO CO LTD JPY 13,330,000.00 0.6643,000

LASERTEC CORPORATION JPY 22,000,000.00 1.0822,000

MACROMILL INC JPY 22,090,400.00 1.09212

MATSUDA SANGYO CO LTD JPY 8,974,504.00 0.445,236

MEC COMPANY LTD JPY 13,249,200.00 0.6518,300

MEGACHIPS CORP JPY 7,910,500.00 0.396,500

MEGANE TOP CO LTD JPY 13,393,700.00 0.6615,100

MESSAGE CO LTD JPY 9,949,500.00 0.4999

MITSUI MINING CO LTD JPY 13,456,000.00 0.6658,000

MODEC INC JPY 21,627,000.00 1.068,900

MOSHI MOSHI HOTLINE INC JPY 30,469,500.00 1.4911,100

MUSASHI SEIMITSU INDUSTRY CO LTD JPY 9,215,000.00 0.455,000

MYOTOKU LTD JPY 11,480,000.00 0.5656,000

N E CHEMCAT CORP JPY 11,900,000.00 0.597,000

NAKANISHI INC JPY 19,800,000.00 0.972,200

NBC INC JPY 22,581,000.00 1.1119,300


Market valuein JPY

Currency %NAV

NICHIDEN CORP JPY 21,414,000.00 1.058,300

NIKKATO CORP JPY 11,443,600.00 0.5624,400

NIPPON SEIKI CO LTD JPY 27,637,000.00 1.3629,000

NIPPON VALQUA INDUSTRIES LTD JPY 15,813,000.00 0.7863,000

NISSHO ELECTRONICS CORP JPY 20,596,000.00 1.0138,000

NITTA CORPORATION JPY 12,435,500.00 0.619,500

OHARA INC JPY 7,617,600.00 0.376,900

OILES CORP JPY 8,853,120.00 0.446,960

ORIENT CORP JPY 31,740,000.00 1.55230,000

OSAKA SECURITIES EXCHANGE CO JPY 9,276,800.00 0.4632

OSAKA STEEL CO LTD JPY 13,325,400.00 0.669,900

OSAKA TITANIUM TECHNOLOGIES JPY 17,967,000.00 0.885,300

PIGEON CORP JPY 16,957,500.00 0.835,700

PRAP JAPAN JPY 3,190,000.00 0.165,500

PROTO CORP JPY 25,235,000.00 1.2410,300

RELO HOLDINGS INC JPY 16,992,000.00 0.8417,700

RINNAI CORP JPY 14,945,000.00 0.743,500

ROTHO PHARMACEUTICAL CO LTD JPY 74,958,000.00 3.6862,000

SANRIO CO LTD JPY 14,400,000.00 0.7112,500

SASAKURA ENGINEERING CO LTD JPY 9,800,000.00 0.4814,000

SEC CARBON LTD JPY 9,135,000.00 0.4515,000

SECOM TECHNO SERVICE CO LTD JPY 17,485,000.00 0.866,500

SENSHU ELECTRIC CO LTD JPY 16,059,800.00 0.7911,800

SHIBAURA ELECTRONICS CO LTD JPY 12,022,400.00 0.5913,600

SHINKO PLANTECH CO LTD JPY 4,802,400.00 0.245,800

SHINWA KAIUN KAISHA LTD JPY 9,020,000.00 0.4422,000

SHL JAPAN JPY 13,806,000.00 0.68117

SHOEI CORP JPY 16,206,800.00 0.8012,400

SIIX CORP JPY 4,491,600.00 0.2211,400

SO-NET M3 JPY 18,865,000.00 0.9355

STARBUCKS COFFEE JAPAN LTD JPY 9,321,000.00 0.46239

SUNCALL CORP JPY 7,828,000.00 0.3919,000

SYSMEX CORPORATION JPY 23,350,000.00 1.155,000

TACHI-S CO LTD JPY 9,150,000.00 0.4510,000

TECHNO MEDICA CO LTD JPY 23,312,000.00 1.1594

TEIKOKU PISTON RING CO LTD JPY 7,728,500.00 0.3814,500

TOA OIL CO LTD JPY 16,848,000.00 0.83144,000

TOCALO CO LTD JPY 14,351,400.00 0.7111,900

TOHOKUSHINSHA FILM CORP JPY 10,713,300.00 0.5312,300

TOKAI RIKA CO LTD JPY 8,521,500.00 0.426,500

TOKYO TATEMONO REAL ESTATE SALES JPY 11,640,200.00 0.5728,600

TOKYO TEKKO CO LTD JPY 7,968,000.00 0.3932,000

TOMY COMPANY LTD JPY 26,020,300.00 1.2836,700

TORIDOLL.CORP JPY 24,745,000.00 1.22101

TOSHIBA PLANT SYSTEM SERVICES JPY 19,500,000.00 0.9620,000

TRANCOM CO LTD JPY 21,185,000.00 1.0419,000

TSUGAMI CORPORATION JPY 17,544,000.00 0.8668,000

TSUMURA & CO JPY 13,400,000.00 0.665,000

TSURUHA HOLDINGS INC JPY 8,190,000.00 0.402,600

UNICHARM PETCARE CORP JPY 23,310,000.00 1.157,400

UNIPRES JPY 10,670,800.00 0.5210,300

UNIVANCE CORP JPY 16,523,000.00 0.8140,300

VILLAGE VANGUARD CO LTD JPY 21,336,000.00 1.0542

WORKMAN CO LTD JPY 25,009,600.00 1.2319,600

WORKS APPLICATIONS CO LTD JPY 9,501,600.00 0.47107

YACHIYO BANK LTD JPY 9,507,900.00 0.4741

YAOKO CO LTD JPY 10,410,000.00 0.513,000

YUTAKA FOODS CORP JPY 22,218,000.00 1.0916,100

ZAPPALLAS JPY 23,248,000.00 1.1480

ZUKEN INC JPY 10,483,500.00 0.5214,500

1,870,991,774.00 92.04

1,870,991,774.00 92.04


Market valuein JPY

Currency %NAV

ING (L) Invest - Japanese Small & Mid Caps(Denominated in JPY)








Market valuein JPY

Currency %NAV

TOPIX INDX FUTR 11/12/2008 JPY 108,600,000.0010 (7,496,000.00)


(7,496,000.00)108,600,000.00

NameQuantity Commitmentin JPY


in JPY

Total financial derivative instruments (7,496,000.00)



NAV


Total financial derivative instruments (7,496,000.00) (0.37)

Cash at bank 156,180,219.00 7.68


Total net assets 2,032,881,580.21 100.00







Statistics



-30/09/2006 EUR



Capitalisation X (USD) 1,988.3230/09/2008 USD2,784.6530/09/2007 USD1,648.1430/09/2006 USD




-30/09/2006





Number of shares


Dividend


















Shares 344,542,415.10





Cash at bank 11,761,574.40







Notes















(23,473.24)



(188,836,652.53)


(1,608.19)



Redemptions (255,281,075.03)




Notes


ING (L) Invest - Latin America(Denominated in USD)






ALL AMERICA LATINA LOGISTICA BRL 2,468,412.52 0.68366,265


Shares

Brazil

AMIL PARTICIPACOES SA BRL 2,800,910.17 0.77481,964

BANCO BRADESCO SP ADR PF USD 14,443,149.00 3.95897,090

BANCO DO BRASIL SA BB BRASIL BRL 2,821,119.90 0.77239,200

BANCO ITAU HOLDING FINANCIERA SA BRL 5,435,873.67 1.49328,700

BRADESPAR PREF. BRL 13,073,509.65 3.58944,500

BRASIL TELECOM PARTICIP.PREF. BRL 106.64 0.0011

BRASIL TELECOM SA-PREFERENCE BRL 122.40 0.0015CEMIG ADR SPONSORED REPR1000 NONVTG.PFD

USD 16,692,657.24 4.56845,626


CIA VALE DO RIO DOCE -PREF-A- BRL 15,491,797.71 4.24913,571

COMPANHIA SIDERURGICA NAC ADR USD 18,232,852.38 4.98857,613

EQUATORIAL ENERGIA SA - ORD BRL 1,596,949.41 0.44267,864

INVESTIMENTOS ITAU SA PREF BRL 20,609,184.47 5.634,175,850

LOCALIZA RENT A CAR BRL 1,391,654.00 0.38270,608

OGX PETROLEO E GAS PARTICIPACOES SA BRL 1,862,222.19 0.519,282

PERDIGAO SA BRL 6,913,932.72 1.89366,391

PETROBRAS - PETROLEO BRAS BRL 8,527,718.70 2.33389,615

PETROLEO BRASILEIRO ADR SPONS. USD 13,689,508.28 3.74365,834


POSITIVO INFORMATICA SA BRL 667,992.86 0.18184,075

RODOBENS NEG IMOB SA BRL 1,515,992.27 0.41223,227

TELE NORTE LESTE PARTICIP ADR USD 2,580,692.76 0.71147,806

TELECOMUN BRASILEIRAS SA-PRF BRL 5,443.38 0.0075,000,000

TELEMIG CELULAR BRL 8,294.67 0.008

TELEMIG CELULAR PREF.G BRL 9,160.42 0.0031

TRACTEBEL ENERGIA SA BRL 3,984,461.04 1.09371,296


USINAS SIDERURGICAS MINAS -A-PRF BRL 4,349,130.47 1.19207,091

VIVO PARTICIPACOES SA BRL 4,767.88 0.001,082

204,617,795.94 55.96

AMERICA MOVIL ADR USD 17,324,036.60 4.73373,685

Mexico

AMERICA MOVIL SA DE CV SER L MXN 15,080,844.69 4.126,598,935

EMPRESAS ICA MXN 4,053,955.90 1.111,412,700


GRUPO FINANCIERO BANORTE SA MXN 9,479,684.07 2.592,982,734

GRUPO MEXICO SAB DE CV-SER B MXN 3,533,258.46 0.973,375,767

GRUPO MODELO SAB SERIE C MXN 2,242,373.94 0.61529,391

GRUPO TELEVISA ADR SPON. USD 13,147,872.21 3.60601,183

PROMOTORA AMBIENTAL SA DE CV MXN 256,128.41 0.07134,650

TELEFONOS DE MEXICO ADR S.L USD 12,328,353.25 3.37478,771

WALMART DE MEXICO-SER V MXN 6,819,780.02 1.871,992,333

96,289,045.33 26.33

EMPRESA NACIONAL DE TELECOM SA ENTEL CLP 5,390,698.34 1.47424,479

Chile

ENDESA-EMPRESA NAC CHIL ELE-SPONS ADR USD 2,496,610.41 0.6856,091

ENERSIS SA ENERSIS-ADR USD 4,078,351.68 1.12249,899

FALABELLA CLP 3,665,931.96 1.001,046,975

SONDA SA CLP 1,304,805.51 0.361,199,381

16,936,397.90 4.63


Market valuein USD

Currency %NAV


Bermuda

8,614,217.25 2.36

TENARIS SA-ADR USD 7,419,031.95 2.03198,955

Luxembourg

7,419,031.95 2.03

ANTOFAGASTA PLC GBP 4,277,295.30 1.17599,884

United Kingdom

4,277,295.30 1.17

SOUTHERN COPPER USD 3,475,956.24 0.95182,178

United States

3,475,956.24 0.95


Peru

2,912,670.52 0.80

GRUPO FINANCIERA GALICIA ADR. USD 4.67 0.001

Argentina

4.67 0.00

344,542,415.10 94.23

ISHARES MSCI BRASIL (FREE) USD 4,688,426.91 1.2883,261

Undertakings for collective investmentUnited States

4,688,426.91 1.28

4,688,426.91 1.28

ELEKTRO GERACAO PF BRL 0.00 0.0016,347


SharesBrazil

ELEKTRO GERACAO PF SVN BRL 0.00 0.00844

0.00 0.00

0.00 0.00

COMP VALE 97-29/09/2049 SR BRL 2,030.16 0.00151,200

Bonds and other debt instrumentsBrazil

2,030.16 0.00

2,030.16 0.00



Market valuein USD

Currency %NAV

RIPLEY CORP SA RTS 07-15/01/2008 CLP 2,872.18159,110

Rights


Market valuein USD

Currency


ING (L) Invest - Latin America(Denominated in USD)





VIVO PART RTS 27/06/2008 BRL 0.2524

2,872.43


Market valuein USD

Currency




NAV


Total financial derivative instruments 2,872.43 -

Cash at bank 11,761,574.40 3.22


Total net assets 365,640,735.12 100.00







Statistics




875.6330/09/2006 USD

Capitalisation I (USD) 900.4630/09/2008 USD1,444.8230/09/2007 USD

880.7030/09/2006 USD


850.2230/09/2006 USD








Number of shares


Dividend


















Shares 83,461,097.40







Notes















(2,089.23)



(81,118,645.05)



Redemptions (192,741,787.20)




Notes


ING (L) Invest - Materials(Denominated in USD)






AIR PRODUCTS CHEMICALS INC USD 2,657,891.42 3.1238,807


Shares

United States

ALCOA INC USD 1,748,098.44 2.0577,418

CYTEC INDUSTRIES INC USD 1,987,094.79 2.3351,069

DU PONT DE NEMOURS USD 2,196,994.80 2.5854,516

FREEPORT-MCMORAN COPPER CL B USD 3,239,824.65 3.8056,989

MONSANTO CO USD 3,991,764.42 4.7040,329

STEEL DYNAMICS INC USD 1,175,552.74 1.3868,786

16,997,221.26 19.96


United Kingdom


EURASIAN NATURAL RESOURCES GBP 639,322.70 0.7571,021



VEDANTA RESOURCES PLC GBP 1,537,699.81 1.8174,817

16,208,106.57 19.04

BAYER AG EUR 2,249,038.49 2.6430,910

Germany

K&S AG EUR 2,068,590.52 2.4330,277

LINDE AG EUR 2,549,746.69 3.0024,049

SYMRISE AG EUR 1,734,377.54 2.04102,895

THYSSEN KRUPP AG EUR 1,885,052.13 2.2163,814

10,486,805.37 12.32

ASAHI PRETEC CORP JPY 806,645.14 0.9542,500

Japan

JSR CORPORATION JPY 1,333,682.18 1.57103,200

SHIN-ETSU CHEMICAL CO LTD JPY 3,155,135.18 3.7068,500

5,295,462.50 6.22

ISRAEL CHEMICALS LTD ILS 2,596,790.19 3.05174,911

Israel

MAKHTESHIM-AGAN INDUSTRIES ILS 1,771,331.21 2.08272,378

4,368,121.40 5.13

SYNGENTA AG CHF 1,186,766.04 1.395,610

Switzerland

XSTRATA PLC GBP 2,697,851.15 3.1788,198

3,884,617.19 4.56


Russia

SEVERSTAL GDR USD 1,283,037.60 1.51123,369


3,684,882.93 4.33


Luxembourg

3,099,039.26 3.64

EQUINOX MINERALS LTD CAD 1,411,597.06 1.65595,550

Canada

FIRST QUANTUM MINERALS LTD CAD 1,317,063.95 1.5535,007

2,728,661.01 3.20


Market valuein USD

Currency %NAV

AKZO NOBEL NV EUR 2,553,984.28 3.0054,090

Netherlands

2,553,984.28 3.00

SSAB SVENSKT STAL AB-SER A SEK 2,207,896.68 2.59143,210

Sweden

2,207,896.68 2.59


Brazil

2,133,327.90 2.51

SINO GOLD LTD AUD 1,883,050.54 2.21571,111

Australia

1,883,050.54 2.21

CRH PLC EUR 1,408,407.44 1.6666,845

Ireland


1,828,793.90 2.15

FRESNILO PLC GBP 1,577,007.18 1.85276,466

Mexico

1,577,007.18 1.85

UMICORE EUR 1,539,799.54 1.8150,786

Belgium

1,539,799.54 1.81


Peru

1,175,948.84 1.38

VALLOUREC EUR 1,005,339.30 1.184,738

France

1,005,339.30 1.18

CHINA NATIONAL BUILDING MATERIAL CO-H- HKD 802,903.09 0.94714,911

China

CHINA SHENHUA ENERGY CO - H HKD 128.66 0.0054

803,031.75 0.94

83,461,097.40 98.02



Market valuein USD

Currency %NAV


NAV


Cash at bank 1,284,263.74 1.51


Total net assets 85,147,656.65 100.00







Statistics



-30/09/2006 EUR

Capitalisation S (USD) 6,062.7930/09/2008 USD-30/09/2007 USD-30/09/2006 USD

Capitalisation D (EUR) 17.1330/09/2008 EUR-30/09/2007 EUR-30/09/2006 EUR



738.7730/09/2006 USD



721.8230/09/2006 USD

Distribution P (USD) 593.5030/09/2008 USD950.3530/09/2007 USD608.5730/09/2006 USD



-30/09/2006

Capitalisation S (USD) 1,81630/09/2008-30/09/2007-30/09/2006

Capitalisation D (EUR) 965,21130/09/2008-30/09/2007-30/09/2006

Capitalisation I (USD) 20530/09/2008-30/09/2007-30/09/2006

Number of shares





Number of shares


Dividend




Capitalisation S (USD) 0.80%30/09/2008

Capitalisation D (EUR) 1.71%30/09/2008
















Shares 447,723,552.83


Warrants and rights 4,008,399.41

Cash at bank 14,345,682.63







Notes



Dividends 12,963,770.17












9,653,886.17



(311,156,470.99)


(10,107,927.66)



Redemptions (358,617,538.19)




Notes


ING (L) Invest - New Asia(Denominated in USD)








Shares

Hong Kong

CHINA MOBILE HKD 25,879,770.19 5.542,613,000


CHINA UNICOM LTD HKD 6,544,400.12 1.404,388,000

CLP HOLDINGS LTD HKD 13,579,217.09 2.911,691,000

CNOOC LTD HKD 3,663,395.51 0.793,214,000

ESPRIT HLDGS HKD 2,033,810.51 0.44333,500

GENTING INTERNATIONAL PLC SGD 79,367.15 0.02249,390

HANG LUNG PROPERTIES LTD HKD 4,981,024.75 1.072,163,000

HANG SENG BANK LTD HKD 6,064,263.60 1.30326,300

HONG KONG EXCH AND CLEARING LTD HKD 14,249,741.63 3.051,188,400

HUTCHISON WHAMPOA LTD HKD 9,966,160.60 2.141,316,000

LI & FUNG HKD 4,068,078.24 0.871,700,000

MASS TRANSIT RAILWAY CORP HKD 12,549,698.10 2.694,302,000

THE LINK REAL ESTATE INVESTMENT TRUST HKD 15,188,328.58 3.247,361,271

132,768,375.39 28.44

DOOSAN INFRACORE KRW 3,310,276.25 0.71209,180

South Korea

HITE BREWERY CO LTD KRW 5,175,955.82 1.1128,396HYUNDAI DEVT-ENGINEERING &CONSTRUCTION

KRW 3,309,668.94 0.7191,830

HYUNDAI MOTOR CO LTD KRW 5,003,931.30 1.0782,170

KOOKMIN BANK KRW 4,421,591.53 0.9597,920

KT AND G CORP KRW 17,336,432.99 3.72233,009

LG CHEM INVESTMENT LTD KRW 5,257,699.06 1.13104,200


SAMSUNG FIRE & MARINE INSURANCE KRW 4,750,314.34 1.0227,832

SHINHAN FINANCIAL GROUP LTD KRW 3,327,490.72 0.7195,850

SHINSEGAE CO LTD KRW 3,125,352.27 0.676,712

WOONGIJN THINKBIG CO LTD KRW 3,842,694.32 0.82227,350

80,338,343.21 17.22

AU OPTRONICS CORP TWD 2,177,069.12 0.471,972,946

Taiwan

CATHAY FINANCIAL HOLDING CO TWD 4,162,969.17 0.893,103,800

CHINA STEEL CORP TWD 4,401,846.11 0.944,510,000


DELTA ELECTRONIC INDUSTRIAL CO TWD 8,313,693.08 1.783,261,756

FAR EASTERN TEXTILE LTD TWD 58,085.38 0.0184,175

FIRST FINANCIAL HOLDING CO TWD 12,870.14 0.0021,288

HIGH TECH COMPUTER TWD 3,823,135.17 0.82253,600

HON HAI PRECISION INDUSTRY TWD 6,437,697.60 1.381,849,200

MEDIATEK INC TWD 3,182,042.93 0.68314,988TAIWAN SEMICONDUCTORMANUFACTURING CO LT

TWD 9,579,635.94 2.065,870,310

65,540,175.24 14.05

CHINA COMMUNICATIONS CONST-H HKD 4,494,452.40 0.965,255,500

China

CHINA CONSTRUCTION BANK -H- HKD 7,035,165.99 1.5110,838,000

CHINA LIFE INSURANCE -H- HKD 13,428,625.04 2.883,652,000

CHINA PETROLEUM & CHEMICAL -H- HKD 3,948,367.06 0.855,084,000

CHINA TELECOM CORP LTD-H- HKD 3,450,744.21 0.748,560,000

GUANGZHOU R&F PROPERTIES-H HKD 4,059,531.49 0.874,535,200


JIANGSU EXPRESSWAY CO LTD HKD 5,050,733.06 1.086,832,000


Market valuein USD

Currency %NAV

PETROCHINA CO LTD -H- HKD 8,387,046.63 1.808,140,000

56,910,163.25 12.20

CAPITACOMMERCIAL TRUST SGD 3,668,729.67 0.794,004,000

Singapore

CAPITAMALL TRUST UNITS SGD 7,805,748.29 1.674,960,000


SINGAPORE AIRLINES LTD SGD 9,995,764.28 2.141,005,000

SINGAPORE PRESS HOLDINGS LTD SGD 7,379,775.45 1.582,651,000

SINGAPORE TELECOMMUNICATIONS SGD 15,321,229.06 3.286,740,000

UNITED OVERSEAS BANK SGD 4,700,235.53 1.01400,000

53,894,747.09 11.55

BHARTI AIRTEL INR 5,221,837.58 1.12312,472

India

HOUSING DEVELOPMENT FINANCE INR 13,977,355.20 3.00306,586

INDIABULLS REAL ESTATE LTD INR 1,492,744.31 0.32413,000

INFOSYS TECHNOLOGIES LTD INR 4,288,781.36 0.92144,074

ITC LTD INR 6,598,914.07 1.411,648,062

LARSEN AND TOUBROU LTD INR 11,723,649.18 2.51225,393

RELIANCE INDUSTRIES LIMITED INR 4,400,470.51 0.94106,019

47,703,752.21 10.22

ASTRA INTERNATIONAL INC PT IDR 1,581,251.24 0.34872,000

Indonesia

PERUSAHAAN GAS NEGARA PT IDR 2,517,971.76 0.5410,917,000

TAMBANG BATUBARA BUKTI ASAM IDR 2,424,257.55 0.522,445,000

6,523,480.55 1.40

PUBLIC BANK BHD-FOREIGN MKT MYR MYR 2,067,175.37 0.45715,200

Malaysia

TELEKOM MALAYSIA BHD MYR 1,977,340.52 0.422,075,300

4,044,515.89 0.87

447,723,552.83 95.95

FIRST BANGKOK CITY BANK -FOR THB 0.00 0.00575,000


SharesThailand

0.00 0.00

0.00 0.00



Market valuein USD

Currency %NAV

DEUTSCHE BANK AG LDN WTS 08-12/08/18 USD 4,008,396.4155,941

Warrants

TRUE CORPORATION WTS 31/03/2008 THB 3.001,015,104

4,008,399.41


Market valuein USD

Currency



ING (L) Invest - New Asia(Denominated in USD)






NAV


Total financial derivative instruments 4,008,399.41 0.86

Cash at bank 14,345,682.63 3.07


Total net assets 466,631,715.33 100.00







Statistics







Capitalisation P (EUR) 755,70930/09/20081,023,80530/09/2007

985,45130/09/2006




Number of shares















Shares 32,660,872.47







Notes















(1,327,011.29)



(16,104,148.82)


268,542.24






Notes


ING (L) Invest - New Technology Leaders(Denominated in EUR)






ADOBE SYSTEMS INC USD 477,691.94 1.3917,000


Shares

United States

AKAMAI TECHNOLOGIES USD 757,370.16 2.2161,000


ASCENT SOLAR TECHNOLOGIES USD 108,212.01 0.3225,000

AUTHENTEC INC USD 70,409.00 0.2146,000

CEPHALON INC USD 331,000.61 0.966,000


CITRIX SYSTEMS INC USD 1,132,937.03 3.3063,000

CORNING INC USD 1,558,822.48 4.54140,000

DEMANDTEC INC USD 288,648.42 0.8445,000

F5 NETWORKS INC USD 565,920.34 1.6534,000


INFINERA CORP USD 258,626.70 0.7538,000

JUNIPER NETWORKS INC USD 690,008.19 2.0146,000

NATIONAL INSTRUMENTS CORP USD 385,078.13 1.1218,000

NETAPP INC USD 1,051,244.08 3.0681,000


NVIDIA CORP USD 686,220.77 2.0090,000

QUALCOMM INC USD 611,825.01 1.7820,000

RIVERBED TECHNOLOGY INC USD 320,877.09 0.9336,000


VERTEX PHARMACEUTICALS INC USD 520,613.68 1.5222,000

16,966,764.67 49.41

ANTISOMA PLC GBP 328,331.22 0.961,310,000

United Kingdom

ARM HOLDINGS PLC GBP 1,189,187.82 3.46986,400


BLINKX PLC GBP 255,637.59 0.74866,419

SDL PLC GBP 277,436.65 0.8163,924

2,829,527.29 8.24

CENTROTHERM PHOTOVOLTAICS AG EUR 307,172.00 0.898,200

Germany

MANZ AUTOMATION AG EUR 321,246.00 0.942,700

Q-CELLS AG EUR 1,154,223.00 3.3619,700

ROTH + RAU AG EUR 363,755.20 1.0614,908

2,146,396.20 6.25

SILICON MOTION SPONSORED ADR USD 383,155.95 1.12115,000

Taiwan

TAIWAN SEMICONDUCTOR-SP ADR USD 1,746,485.42 5.08261,814

2,129,641.37 6.20

EVS BROADCAST EQUIPMENT SA EUR 726,740.00 2.1114,500

Belgium

MELEXIS NV EUR 414,540.00 1.2142,000

ONCOMETHYLOME SCIENCES SA EUR 397,500.00 1.1653,000

1,538,780.00 4.48


Netherlands

TOMTOM NV EUR 448,000.00 1.3035,000

1,371,800.40 3.99


Market valuein EUR

Currency %NAV


Japan

1,309,642.20 3.81

CHECK POINT SOFTWARE TECHNOLOGIE USD 4,856.73 0.01300

Israel


1,278,959.18 3.72

BAIDU.COM A ADR USD 848,256.86 2.474,800

China

848,256.86 2.47

BASILEA PHARMACEUTICA CHF 429,523.81 1.254,100

Switzerland


748,000.00 2.18

INFOSYS TECHNOLOGIES LTD INR 580,671.80 1.6927,400

India

580,671.80 1.69

RESEARCH IN MOTION LIMITED CAD 336,125.62 0.987,000

Canada

336,125.62 0.98

CHINA SECURITY & SURVEILLANCETECHNOLOGY

USD 316,206.88 0.9232,000

Hong Kong

316,206.88 0.92

F-SECURE OYJ EUR 257,520.00 0.75111,000

Finland

NOKIA EUR 2,580.00 0.01200

260,100.00 0.76

32,660,872.47 95.10



Market valuein EUR

Currency %NAV


NAV


Cash at bank 1,650,974.40 4.81


Total net assets 34,345,384.28 100.00







Statistics









Number of shares


Dividend
















Shares 44,429,935.50







Notes
















(17,196,612.60)







Notes


ING (L) Invest - Prestige & Luxe(Denominated in EUR)






COINTREAU REMY EUR 634,766.58 1.4019,131


Shares

France

LAURENT PERRIER GROUP EUR 1,292,764.15 2.8614,501

LVMH EUR 3,761,377.75 8.3360,913


PPR EUR 1,377,816.30 3.0521,980

9,339,240.30 20.67


United States

COACH INC USD 1,782,650.48 3.94100,000

ESTEE LAUDER CO INC -A- USD 1,643,069.96 3.6446,242

POLO RALPH LAUREN CORP CL A USD 2,095,721.61 4.6444,174

ROYAL CARIBBEAN CRUISES LTD USD 844,565.55 1.8757,172

STARWOOD HOTELS & RESORTS WORLDWIDE USD 1,061,032.16 2.3552,963

8,963,348.52 19.84

CIE FIN RICHEMONT UNITS A CHF 3,173,936.00 7.02102,228

Switzerland

DUFRY AG CHF 569,445.33 1.2617,432

THE SWATCH GROUP AG-BR CHF 2,032,932.70 4.5015,734

5,776,314.03 12.78

DIAGEO PLC GBP 3,044,962.69 6.74253,908

United Kingdom

INTERCONTINENTAL HOTELS GROUP PLC GBP 2,112,456.85 4.67241,950

5,157,419.54 11.41

SHISEIDO COMPANY LTD JPY 3,176,469.09 7.03202,000

Japan

3,176,469.09 7.03


Germany

HUGO BOSS-PFD EUR 543,359.18 1.2031,906

2,997,658.04 6.63

AEFFE SPA EUR 313,459.78 0.69273,764

Italy

GEOX SPA EUR 971,004.21 2.15142,230

MARIELLA BURANI SPA EUR 692,358.06 1.5350,574

1,976,822.05 4.37

EGANAGOLDPFEIL HOLDINGS LTD HKD 454,835.51 1.017,515,950

Hong Kong

SHANGRI LA ASIA LTD HKD 1,454,720.80 3.211,442,316

1,909,556.31 4.22

KINGDOM HOTEL INV GDR USD 1,604,248.75 3.55375,568


1,604,248.75 3.55

DUFRY SOUTH AMERICA LTD BRL 355,478.13 0.7960,960

Bermuda

ORIENT EXPRESS HOTELS LTD -A- USD 1,213,019.30 2.6870,612

1,568,497.43 3.47


Market valuein EUR

Currency %NAV

NATURA COSMETICOS SA BRL 1,231,214.43 2.72180,323

Brazil

1,231,214.43 2.72


Guernsey

729,147.01 1.61

44,429,935.50 98.30



Market valuein EUR

Currency %NAV


NAV


Cash at bank 1,533,596.82 3.39


Total net assets 45,198,170.43 100.00







Statistics



Capitalisation I (EUR) 146.7830/09/2008 EUR197.5530/09/2007 EUR

-30/09/2006 EUR

Capitalisation S (EUR) 146.7530/09/2008 EUR197.5830/09/2007 EUR

-30/09/2006 EUR






-30/09/2006

Capitalisation S (EUR) 92,66730/09/200822,43030/09/2007

-30/09/2006



Number of shares


Dividend


















Shares 60,672,114.88







Notes
















(18,662.66)



(12,955,262.18)







Notes


ING (L) Invest - Sustainable Growth(Denominated in EUR)






AIR PRODUCTS CHEMICALS INC USD 917,799.64 1.4918,823


Shares

United States

AMERICAN EXPRESS CO USD 601,930.39 0.9723,864

APPLE COMPUTER INC USD 788,535.72 1.289,745

AT&T INC USD 1,427,673.74 2.3171,826

BAXTER INTL INC USD 715,521.89 1.1615,314

CAPITAL ONE FINANCIAL CORP USD 866,054.18 1.4023,853


CITRIX SYSTEMS INC USD 609,969.70 0.9933,919

COMCAST CORP A USD 288,150.76 0.4720,619

CONSOLIDATED EDISON INC USD 930,246.94 1.5130,416

CORNING INC USD 359,030.22 0.5832,245

CVS CAREMARK CORP USD 908,135.85 1.4737,897

DEERE & CO USD 524,407.86 0.8514,881

EBAY INC USD 454,243.98 0.7428,510


IBM CORP USD 466,374.51 0.765,601

INTEL CORP USD 547,398.97 0.8941,052


LOWES COMPANIES USD 1,278,296.99 2.0775,794

MARATHON OIL CORP USD 632,118.25 1.0222,270


NIKE INC CL B USD 517,806.43 0.8410,872

NOBLE CORP USD 640,474.64 1.0420,493

NVIDIA CORP USD 295,555.28 0.4838,763




SCHERING PLOUGH CORP USD 757,918.91 1.2357,640

STARBUCKS CORP USD 555,270.88 0.9052,452

US BANCORP USD 1,114,231.32 1.8043,451

WYETH USD 649,490.75 1.0524,697

YUM BRANDS INC USD 724,215.25 1.1731,195

25,188,639.71 40.78


United Kingdom

AVIVA PLC GBP 647,061.93 1.05106,226

BG GROUP PLC GBP 1,366,508.72 2.20106,299

DIAGEO PLC GBP 566,832.11 0.9247,266

HSBC HOLDINGS GBP 525,415.63 0.8545,952

INTERNATIONAL POWER PLC GBP 670,261.23 1.09146,003

PRUDENTIAL PLC GBP 859,136.97 1.39133,399

RECKITT BENCKISER GROUP PLC GBP 491,626.78 0.8014,290

RIO TINTO PLC ORD GBP 773,266.56 1.2517,555


SABMILLER PLC GBP 371,693.15 0.6026,970

SCOTTISH AND SOUTHERN ENERGY PLC GBP 385,561.64 0.6221,291

7,419,411.66 12.01

ACCOR SA EUR 400,398.38 0.6510,713

France

AXA EUR 782,940.32 1.2634,197

CREDIT AGRICOLE SA EUR 460,421.54 0.7534,347

DANONE GROUPE EUR 679,950.00 1.1013,599

EDF ENERGIES NOUVELLES SA EUR 519,208.14 0.8414,843

SANOFI-AVENTIS SA EUR 372,912.05 0.608,011


Market valuein EUR

Currency %NAV




5,234,115.33 8.47

NESTLE SA CHF 834,181.33 1.3527,258

Switzerland

NOVARTIS AG CHF 961,446.76 1.5625,863

ROCHE HOLDING AG-GENUSSCHEIN CHF 978,307.94 1.588,830

SYNTHES-INC CHF 426,115.56 0.694,358

XSTRATA PLC GBP 363,800.71 0.5916,706

3,563,852.30 5.77

ASTELLAS PHARMA INC JPY 653,486.65 1.0622,300

Japan

CANON INC JPY 473,898.69 0.7718,500

EAST JAPAN RAILWAY CO JPY 711,552.14 1.14135

HOYA CORP JPY 308,050.91 0.5022,300

KURITA WATER INDUSTRIES LTD JPY 430,602.71 0.7026,700

SHISEIDO COMPANY LTD JPY 629,003.78 1.0240,000

3,206,594.88 5.19

AKZO NOBEL NV EUR 363,042.00 0.5910,800

Netherlands

ING GROEP NV EUR 628,120.03 1.0242,071

KONINKLIJKE KPN NV EUR 817,551.28 1.3280,215


TNT NV EUR 561,405.00 0.9128,790

3,069,117.56 4.97

ADIDAS AG EUR 986,797.50 1.6126,175

Germany

HENKEL AG & CO KGaA EUR 694,718.75 1.1226,875

Q-CELLS AG EUR 470,067.57 0.768,023

SAP AG EUR 792,313.11 1.2821,033

2,943,896.93 4.77


Spain

RED ELECTRICA DE ESPANA EUR 636,803.55 1.0317,763

1,481,394.09 2.40

ROGERS COMMUNICATIONS -CL B CAD 788,754.49 1.2834,123

Canada

SUNCOR ENERGY INC CAD 686,546.14 1.1123,302

1,475,300.63 2.39

STATOILHYDRO ASA NOK 490,003.11 0.7929,297

Norway

TELENOR ASA NOK 685,254.58 1.1179,260

1,175,257.69 1.90


Brazil

1,148,303.85 1.86

ALFA LAVAL AB SEK 477,901.55 0.7766,629

Sweden

SKF AB-B SHARES SEK 598,804.81 0.9767,412

1,076,706.36 1.74


Market valuein EUR

Currency %NAV

ING (L) Invest - Sustainable Growth(Denominated in EUR)







Italy

602,109.88 0.97

SAMSUNG ELECTRON.GDR 144A USD 595,462.21 0.963,734

South Korea

595,462.21 0.96


Portugal

566,412.00 0.92

UMICORE EUR 564,685.19 0.9126,161

Belgium

564,685.19 0.91


Greece

503,440.00 0.82

TAIWAN SEMICONDUCTOR-SP ADR USD 472,665.85 0.7770,857

Taiwan

472,665.85 0.77

KERRY PROPERTIES LTD HKD 323,861.66 0.52143,000

Hong Kong

323,861.66 0.52

PROSAFE PRODUCTION PLC EUR 46,953.00 0.0826,085

Cyprus

PROSAFE SE NOK 13,934.10 0.023,662

60,887.10 0.10

60,672,114.88 98.22



Market valuein EUR

Currency %NAV


NAV


Cash at bank 1,109,881.86 1.80


Total net assets 61,769,234.71 100.00







Statistics








Capitalisation P (USD) 61,67830/09/200886,59230/09/2007

122,93730/09/2006





Number of shares


Dividend


















Shares 62,361,042.51







Notes
















(5,006.54)



(34,659,892.08)


(303,343.78)



Redemptions (114,408,684.76)




Notes


ING (L) Invest - Telecom(Denominated in USD)






AMERICAN TOWER CORP CL -A- USD 1,571,889.00 2.4043,700


Shares

United States

AT&T INC USD 2,987,412.08 4.56106,999

CROWN CASTLE INTL CORP USD 814,057.00 1.2428,100

EMBARQ USD 231,540.50 0.355,710

FAIRPOINT COMMUNICATIONS INC USD 33,613.59 0.053,877

IDEARC USD 3.75 0.003

LEVEL 3 COMMUNICATIONS INC USD 81.00 0.0030

NII HOLDINGS INC USD 750,816.00 1.1519,800

QWEST COMMUNICATIONS INTL USD 591,981.48 0.90183,276

SPRINT NEXTEL CORP USD 1,822,100.50 2.78298,705

TELEPHONE & DATA SYSTEMS USD 157,300.00 0.244,400

VERIZON COMMUNICATIONS INC USD 3,162,726.22 4.8398,558

WINDSTREAM USD 1,017.42 0.0093

12,124,538.54 18.50


Spain

6,310,296.21 9.62

BCE INC CAD 2,325,475.11 3.5567,368

Canada

BELL ALIANT REGIONAL COMMUNI CAD 1,330,001.34 2.0356,584

ROGERS COMMUNICATIONS -CL B CAD 1,766,288.59 2.6954,400

TELUS CORP CAD 164,520.13 0.254,500

TELUS CORPORATION -NON VOTE CAD 573,917.39 0.8816,011

6,160,202.56 9.40


Netherlands

6,150,451.17 9.38

BT GROUP PLC GBP 6,441.19 0.012,243

United Kingdom

CABLE & WIRELESS PLC GBP 252,146.92 0.3885,470


5,561,955.38 8.48

BOUYGUES EUR 3,308,475.74 5.0474,185

France

FRANCE TELECOM SA EUR 338,250.40 0.5212,162

VIVENDI EUR 680,468.65 1.0422,000

4,327,194.79 6.60

KDDI CORPORATION JPY 1,403,635.54 2.14253

Japan

NTT DOCOMO INC JPY 681,626.56 1.04431

NTT-NIPPON TELEGRAPH & TELEPHONE JPY 543,371.05 0.83123

SOFTBANK CORP JPY 384,563.57 0.5930,400

3,013,196.72 4.60

TELENOR ASA NOK 2,925,044.58 4.46240,861

Norway

2,925,044.58 4.46


Italy


Market valuein USD

Currency %NAV

TELECOM ITALIA SPA EUR 1,593,151.25 2.431,078,135

2,324,863.45 3.55

SINGAPORE TELECOMMUNICATIONS SGD 1,970,505.55 3.01866,850

Singapore

1,970,505.55 3.01

BELGACOM SA EUR 260,415.09 0.407,000

Belgium

MOBISTAR SA EUR 1,667,550.52 2.5423,865

1,927,965.61 2.94

CHINA MOBILE HKD 9,309.98 0.01940

Hong Kong

CHINA UNICOM LTD HKD 2,088.00 0.001,400

HUTCHISON TELECOMMUNICATIONS INTL HKD 1,561,945.76 2.391,375,000

PCCW LIMITED HKD 191,480.19 0.30464,600

SMARTONE TELECOMUNICATIONS HKD 28,540.04 0.0439,500

1,793,363.97 2.74

TELE2 AB -B- SEK 433,088.41 0.6638,840

Sweden

TELIASONERA AB SEK 1,327,207.80 2.02236,682

1,760,296.21 2.68

CHUNGHWA TELECOM -ADR- USD 1,569,321.00 2.3966,300

Taiwan

1,569,321.00 2.39

TELSTRA CORPORATION LTD AUD 1,551,328.78 2.37470,503

Australia

1,551,328.78 2.37


Greece

591,326.69 0.90

MILLICOM INTL CELLULAR SA USD 576,828.00 0.888,400

Luxembourg

576,828.00 0.88

DEUTSCHE TELEKOM AG EUR 559,738.98 0.8537,000

Germany

559,738.98 0.85

PORTUGAL TELECOM SGPS SA-REG EUR 254,271.41 0.3925,478

Portugal

ZON MULTIMEDIA SERVICOS DE TELECOM EUR 107,281.60 0.1614,716

361,553.01 0.55

ELISA CORPORATION EUR 299,437.81 0.4615,515

Finland

299,437.81 0.46

SWISSCOM AG-REG CHF 269,037.30 0.41910

Switzerland

269,037.30 0.41

TELEKOM AUSTRIA AG EUR 231,085.18 0.3513,278

Austria

231,085.18 0.35


Market valuein USD

Currency %NAV

ING (L) Invest - Telecom(Denominated in USD)






TELEKOMUNIKASI INDONESIA PT-B- IDR 758.22 0.001,000

Indonesia

758.22 0.00

SK TELECOM ADR USD 752.80 0.0040

South Korea

752.80 0.00

62,361,042.51 95.12



Market valuein USD

Currency %NAV


NAV


Cash at bank 6,678,508.21 10.19


Total net assets 65,563,762.50 100.00







Statistics



-30/09/2006 EUR





Capitalisation S (USD) 60.9930/09/2008 USD81.4930/09/2007 USD

-30/09/2006 USD


Distribution P (USD) 50.9330/09/2008 USD69.4130/09/2007 USD62.3430/09/2006 USD



-30/09/2006



Capitalisation P (USD) 1,647,09430/09/20082,796,13730/09/20074,797,17630/09/2006

Number of shares


173,30930/09/2006

Capitalisation S (USD) 143,84730/09/200847,10230/09/2007

-30/09/2006



Number of shares


Dividend





















Shares 129,201,350.04


Margin deposits 433,075.00





Total financial derivative instruments (97,025.00)Futures (97,025.00)



Notes














(701,733.36)



(30,280,774.75)


(148,475.00)



Redemptions (233,425,978.84)




Notes


ING (L) Invest - US (Enhanced Core Concentrated)(Denominated in USD)






AES CORPORATION USD 880,841.49 0.6975,350


Shares

United States

AETNA INC USD 321,379.00 0.258,900

AFFILIATED COMPUTER SERVICES CL A USD 559,461.50 0.4411,050

AFLAC INC USD 869,500.00 0.6814,800

AGILENT TECHNOLOGIES INC USD 1,210,128.00 0.9440,800

AK STEEL HOLDING CORP USD 336,960.00 0.2613,000

ALLIED WASTE INDUSTRIES INC USD 48,884.00 0.044,400

ALTRIA GROUP USD 549,568.00 0.4327,700

AMERICAN ELECTRIC POWER USD 269,615.43 0.217,281

AMERIPRISE FINANCIAL INC USD 519,520.00 0.4013,600

AMGEN INC USD 1,988,508.50 1.5533,550

ANADARKO PETROLEUM CORP USD 274,081.50 0.215,650

ANHEUSER BUSCH COS INC USD 596,896.00 0.469,200

APACHE CORP USD 552,684.00 0.435,300

APOLLO GROUP INC CL A USD 859,850.00 0.6714,500

APPLIED BIOSYSTEMS INC USD 73,637.50 0.062,150

ASSURANT INC USD 588,500.00 0.4610,700

AT&T INC USD 1,750,360.64 1.3662,692

AUTOZONE INC USD 592,032.00 0.464,800

BAKER HUGHES INC USD 1,495,338.00 1.1624,700

BALL CORP USD 456,109.50 0.3511,550


BANK OF NEW YORK MELLON CORP USD 742,824.00 0.5822,800

BB&T CORPORATION USD 909,090.00 0.7124,050

BEST BUY COMPANY INC USD 808,125.00 0.6321,550

BIG LOTS INC USD 293,606.50 0.2310,550

BIOGEN IDEC INC USD 862,473.50 0.6717,150

BLOCK H & R INC USD 853,125.00 0.6637,500

BOEING CO USD 2,609,425.00 2.0345,500

CA INC USD 95,808.00 0.074,800

CATERPILLAR INC USD 1,978,720.00 1.5433,200

CENTERPOINT ENERGY INC USD 530,348.00 0.4136,400

CENTURYTEL INC USD 472,785.00 0.3712,900

CF INDUSTRIES HLDNG INC USD 68,595.00 0.05750

CHEVRON USD 3,519,339.12 2.7442,669

CHUBB CORP USD 774,090.00 0.6014,100

CIGNA CORPORATION USD 830,811.00 0.6524,450


CITIGROUP INC USD 888,083.00 0.6943,300

CLOROX COMPANY USD 846,315.00 0.6613,500

CME GROUP INC CL A USD 352,934.50 0.27950

COCA-COLA CO USD 2,361,092.00 1.8444,650

CONOCOPHILLIPS USD 3,318,225.00 2.5845,300

COOPER INDUSTRIES CL A USD 673,157.50 0.5216,850

DELL INC USD 1,928,984.00 1.50117,050

DEVON ENERGY CORPORATION USD 533,520.00 0.415,850

DIRECTV GROUP INC USD 778,855.00 0.6129,750

DISCOVER FINANCIAL SERVICES USD 505,812.00 0.3936,600

DOMINION RESOURCES INC USD 699,453.00 0.5416,350

DOVER CORP USD 865,742.50 0.6721,350

DTE ENERGY COMPANY USD 730,184.00 0.5718,200

EATON CORP USD 1,067,420.00 0.8319,000

EDISON INTERNATIONAL USD 782,040.00 0.6119,600

EMBARQ USD 671,102.50 0.5216,550

EMC CORP USD 824,044.00 0.6468,900

EXPEDIA INC USD 315,043.50 0.2520,850


Market valuein USD

Currency %NAV



FAMILY DOLLAR STORES INC USD 380,385.00 0.3016,050

FISERV INC USD 899,080.00 0.7019,000

FLUOR CORP USD 186,595.00 0.153,350

FOREST LABORATORIES INC USD 991,214.00 0.7735,050

GAMESTOP CORP CL A USD 639,727.00 0.5018,700

GAP INC USD 856,107.00 0.6748,150


GOLDMAN SACHS GROUP INC USD 1,190,400.00 0.939,300

GOODRICH CORPORATION USD 603,200.00 0.4714,500

HARTFORD FINANCIAL SG INC USD 516,474.00 0.4012,600

HASBRO INC USD 553,784.00 0.4315,950

HESS CORP USD 1,637,496.00 1.2719,950


HONEYWELL INTERNATIONAL INC USD 1,304,670.00 1.0131,400

HUDSON CITY BANCORP INC USD 1,074,712.50 0.8458,250

IBM CORP USD 3,883,072.00 3.0333,200

ILLINOIS TOOL WORKS INC USD 68,897.50 0.051,550

IMS HEALTH INC USD 218,410.50 0.1711,550

INTERCONTINENTALEXCHANGE INC USD 100,850.00 0.081,250

INTERPUB GROUP COS INC USD 423,925.00 0.3354,700

INVESCO LTD USD 100,704.00 0.084,800

JABIL CIRCUIT INC USD 231,345.00 0.1824,250

JANUS CAPITAL GROUP INC USD 437,040.00 0.3418,000

JOHNSON & JOHNSON USD 644,304.00 0.509,300

JOHNSON CONTROLS INC USD 724,887.00 0.5623,900


LEGGET & PLATT INC USD 407,473.00 0.3218,700

LENNAR CORP USD 93,418.50 0.076,150

LEXMARK INTERNATIONAL INC CL A USD 376,183.50 0.2911,550

LINCOLN NATIONAL CORP USD 513,720.00 0.4012,000

M & T BANK CORPORATION USD 178,500.00 0.142,000



METLIFE INC USD 456,400.00 0.358,150


MOLEX INC USD 360,322.50 0.2816,050

MURPHY OIL CORP USD 150,729.00 0.122,350

NATIONAL OILWELL INC USD 256,173.00 0.205,100

NATIONAL SEMICONDUCTOR CORP USD 451,762.50 0.3526,250

NORTHERN TRUST CORP USD 765,320.00 0.6010,600

NUCOR CORP USD 1,113,900.00 0.8728,200

NYSE EURONEXT INC USD 483,873.00 0.3812,350



ORACLE CORP USD 894,655.50 0.7044,050


PEPSI BOTTLING GROUP INC USD 482,763.50 0.3816,550


PITNEY BOWES INC USD 771,632.00 0.6023,200

PNC FINANCIAL SERVICES GROUP USD 160,605.00 0.122,150

PPG INDUSTRIES INC USD 1,073,088.00 0.8318,400


Q LOGIC CORP USD 255,744.00 0.2016,650

QUEST DIAGNOSTICS INC USD 532,201.00 0.4110,300

RADIOSHACK CORP USD 261,792.00 0.2015,150

REGIONS FINANCIAL CORP USD 84,000.00 0.078,750

REYNOLDS AMERICAN INC USD 950,521.00 0.7419,550

ROHM & HAAS CO USD 108,500.00 0.081,550

RR DONNELLEY & SONS CO USD 583,814.00 0.4523,800

RYDER SYSTEM INC USD 424,700.00 0.336,850

SAINT JUDE MEDICAL INC USD 1,119,867.50 0.8725,750


Market valuein USD

Currency %NAV

ING (L) Invest - US (Enhanced Core Concentrated)(Denominated in USD)






SARA LEE CORP USD 1,027,450.50 0.8081,350

SCHERING PLOUGH CORP USD 2,355,848.50 1.83127,550

SCHWAB (CHARLES) CORP USD 185,900.00 0.147,150

SNAP-ON INC USD 350,189.00 0.276,650

SOUTHWEST AIRLINES USD 1,219,565.50 0.9584,050

SPECTRA ENERGY CORP USD 67,830.00 0.052,850

STATE STREET CORP USD 309,996.00 0.245,450

SUNTRUST BANKS INC USD 42,740.50 0.03950

SUPERVALU INC USD 333,095.00 0.2615,350

SYMANTEC CORP USD 630,476.00 0.4932,200

TEREX CORP USD 361,662.00 0.2811,850

TEXAS INSTRUMENTS INC USD 2,173,650.00 1.69101,100

TJX COS INC USD 1,290,996.00 1.0042,300

TRAVELERS COMPANIES INC USD 779,700.00 0.6117,250

UNITED STATES STEEL CORP USD 31,044.00 0.02400

UNUMPROVIDENT CORP USD 627,500.00 0.4925,000

US BANCORP USD 1,249,894.00 0.9734,700

VERIZON COMMUNICATIONS INC USD 866,430.00 0.6727,000


WATERS CORP USD 436,175.46 0.347,497

WELLS FARGO & CO USD 1,598,778.00 1.2442,600

WINDSTREAM USD 556,846.00 0.4350,900

WM WRIGLEY JR CO USD 202,470.00 0.162,550

WYETH USD 1,023,238.00 0.8027,700

XEROX CORP USD 801,335.00 0.6269,500

ZIONS BANCORP USD 25,155.00 0.02650

128,602,508.04 100.03

TYCO ELECTRONICS LTD USD 517,242.00 0.4018,700

Bermuda

517,242.00 0.40

129,119,750.04 100.43

CC MEDIA HOLDINGS INC CL A USD 81,600.00 0.066,000


SharesUnited States

81,600.00 0.06

81,600.00 0.06



Market valuein USD

Currency %NAV

S&P 500 - FUTURE 18/12/2008 USD 3,214,750.0011 (97,025.00)


(97,025.00)3,214,750.00

NameQuantity Commitmentin USD


in USD




NAV



Cash at bank 149,559.15 0.12


Total net assets 128,577,571.77 100.00







Statistics

30/09/2008Net assets 37,541,076.76USD30/09/2007 47,930,375.33USD30/09/2006 -USD

Capitalisation P (USD) 227.7630/09/2008 USD278.3630/09/2007 USD

-30/09/2006 USD

Capitalisation X (USD) 41.7430/09/2008 USD-30/09/2007 USD-30/09/2006 USD

Capitalisation I (USD) 4,925.6130/09/2008 USD5,963.5130/09/2007 USD

-30/09/2006 USD



-30/09/2006

Capitalisation X (USD) 61430/09/2008-30/09/2007-30/09/2006


-30/09/2006

Number of shares














Shares 35,993,002.15







Notes













Net realised gains or (losses) on currency (27.33)


(7,702,142.32)






Notes


ING (L) Invest - US Growth(Denominated in USD)








Shares

United States

ACTIVISION BLIZZARD INC USD 698,824.70 1.8645,290



ALTERA CORPORATION USD 630,946.80 1.6830,510

ALTRIA GROUP USD 562,464.00 1.5028,350

APOLLO GROUP INC CL A USD 664,753.00 1.7711,210


BANK OF NEW YORK MELLON CORP USD 369,783.00 0.9911,350

BAXTER INTL INC USD 501,413.20 1.347,640

BJ SERVICES CO USD 481,502.10 1.2825,170

BMC SOFTWARE INC USD 444,910.20 1.1915,540

COCA-COLA CO USD 1,155,956.80 3.0821,860

CVS CAREMARK CORP USD 783,268.20 2.0923,270

DANAHER CORP USD 585,736.00 1.568,440

FISERV INC USD 496,386.80 1.3210,490

FREEPORT-MCMORAN COPPER CL B USD 651,501.00 1.7411,460

GAMESTOP CORP CL A USD 502,202.80 1.3414,680

GILEAD SCIENCES INC USD 817,233.30 2.1817,910

GOLDMAN SACHS GROUP INC USD 296,960.00 0.792,320

HESS CORP USD 706,708.80 1.888,610


IBM CORP USD 1,673,697.60 4.4514,310

INTEL CORP USD 1,219,884.90 3.2565,130

INTUIT INC USD 680,563.30 1.8121,530

INVESCO LTD USD 565,635.53 1.5127,022

JOHNSON & JOHNSON USD 606,892.80 1.628,760


LIBERTY ENTERTAINMENT - A W/I USD 873,450.60 2.3334,980

MCAFEE USD 660,522.00 1.7619,450



MONSANTO CO USD 1,225,372.40 3.2512,380

NIKE INC CL B USD 1,150,011.00 3.0617,190

OCCIDENTAL PETROLEUM CORP USD 746,065.50 1.9910,590

PATTERSON ENERGY INC USD 718,918.20 1.9235,910

QUALCOMM INC USD 1,117,220.00 2.9826,000

ROPER INDUSTRIES INC USD 419,795.20 1.127,370

ROSS STORES INC USD 593,745.30 1.5816,130

SPX CORP USD 352,660.00 0.944,580

TJX COS INC USD 779,786.00 2.0825,550

UNION PACIFIC CORP USD 572,838.00 1.538,050


XTO ENERGY INC USD 603,364.40 1.6112,970

33,898,907.83 90.30

COVIDIEN LTD USD 897,469.44 2.3916,694

Bermuda

897,469.44 2.39

TEVA PHARMACEUTICAL IND.LTD-ADR USD 635,198.88 1.6913,872

Israel

635,198.88 1.69


Market valuein USD

Currency %NAV

RESEARCH IN MOTION LIMITED USD 561,426.00 1.508,220

Canada

561,426.00 1.50

35,993,002.15 95.88



Market valuein USD

Currency %NAV


NAV


Cash at bank 764,711.11 2.04


Total net assets 37,541,076.76 100.00







Statistics



-30/09/2006 EUR





Distribution P (USD) 969.7230/09/2008 USD1,242.5430/09/2007 USD1,172.9230/09/2006 USD


Capitalisation P (EUR) 98730/09/200816930/09/2007

-30/09/2006




Capitalisation X (USD) 14,17230/09/200877,16930/09/2007

156,42630/09/2006


Number of shares


Dividend



















Shares 110,843,786.88








Notes















(53,201.33)



(20,489,484.75)



Redemptions (137,232,409.91)




Notes


ING (L) Invest - US High Dividend(Denominated in USD)








Shares

United States

AGL RESOURCES USD 1,192,440.00 1.0538,000


ALCOA INC USD 722,560.00 0.6432,000

ALLIANCE HOLDINGS - PARTNERSHIP UNITS USD 608,912.00 0.5430,400

ALLIANCE PARTNERSHIP UNITS USD 583,120.00 0.5218,500

ALLIANCEBERNSTEIN HOLDING UNITS USD 1,073,290.00 0.9529,000

ALLIANT ENERGY CORP USD 1,385,030.00 1.2243,000

ALTRIA GROUP USD 1,150,720.00 1.0258,000

ANHEUSER BUSCH COS INC USD 843,440.00 0.7513,000

ANNALY MORTGAGE MANAGEMENT USD 807,000.00 0.7160,000

ARCHER DANIELS MIDLAND CO USD 1,796,620.00 1.5982,000

ASHLAND INC USD 1,374,280.00 1.2147,000

AT&T INC USD 1,507,680.00 1.3354,000

BIOMED REALTY TRUST INC USD 687,700.00 0.6126,000

BOYD GAMING CORP USD 725,400.00 0.6477,500

BREITBURN ENERGY PARTNERS LP USD 564,680.00 0.5038,000

BRISTOL MYERS SQUIBB CO USD 1,501,200.00 1.3372,000

CARLISLE COMPANIES INC USD 554,445.00 0.4918,500

CHEMTURA CORP USD 843,600.00 0.75185,000

CHEVRON USD 2,144,480.00 1.9026,000


CNA FINANCIAL CORP USD 1,154,560.00 1.0244,000

COCA-COLA CO USD 1,956,560.00 1.7337,000

DEL MONTE FOODS CO USD 842,400.00 0.74108,000

DOMINION RESOURCES INC USD 855,600.00 0.7620,000

DPL USD 1,116,000.00 0.9945,000

DU PONT DE NEMOURS USD 523,900.00 0.4613,000

EATON CORP USD 1,123,600.00 0.9920,000

ENTERPRISE PRODUCTS PARTNERS LP USD 721,560.00 0.6428,000

FIDELITY NATIONAL FINANCIAL INC USD 705,600.00 0.6248,000

FIRSTENERGY CORP USD 1,172,325.00 1.0417,500

FOOT LOCKER INC USD 614,080.00 0.5438,000

GATX CORP USD 553,980.00 0.4914,000


GREAT PLAINS ENERGY USD 577,720.00 0.5126,000

HJ HEINZ CO USD 949,430.00 0.8419,000


INTEL CORP USD 1,517,130.00 1.3481,000



KB HOME USD 590,400.00 0.5230,000

KEYCORP USD 597,000.00 0.5350,000

KRAFT FOODS INC - A USD 1,670,250.00 1.4851,000

LEGG MASON INC USD 570,900.00 0.5015,000

LORILLARD INC USD 711,500.00 0.6310,000

LUBRIZOL CORP COM NP USD 690,240.00 0.6116,000

MACQUARIE INFRASTRUCTURE COMPANY USD 660,500.00 0.5850,000


MATTEL INC USD 1,010,240.00 0.8956,000


MCGRAW HILL CO INC USD 1,517,280.00 1.3448,000

MDU RESOURCES GROUP INC USD 609,000.00 0.5421,000

MEADWESTVACO CORP USD 780,885.00 0.6933,500


MOTOROLA INC USD 742,560.00 0.66104,000


Market valuein USD

Currency %NAV

NEWELL RUBBERMAID INC USD 1,380,800.00 1.2280,000

NORTHEAST UTILITIES USD 1,154,250.00 1.0245,000

NTELOS HOLDINGS CORP USD 887,370.00 0.7833,000

NU SKIN ENTERPRISES USD 778,560.00 0.6948,000

NUCOR CORP USD 474,000.00 0.4212,000

NUSTAR ENERGY LP USD 1,027,774.00 0.9124,200

OSHKOSH TRUCK CORP USD 908,040.00 0.8069,000

PENN VIRGINIA RESOURCES PARTN USD 643,110.00 0.5739,000

PEOPLES UNITED FIN INC USD 1,232,000.00 1.0964,000

PEPSIAMERICAS INC USD 828,800.00 0.7340,000

PEPSICO INC USD 1,461,035.00 1.2920,500

PFIZER INC USD 590,080.00 0.5232,000

PHILIP MORRIS INTERNATIONAL USD 865,800.00 0.7718,000

PNM RESOURCES INC USD 1,249,280.00 1.10122,000

QUALITY SYSTEMS INC USD 1,622,784.00 1.4338,400

QWEST COMMUNICATIONS INTL USD 1,111,120.00 0.98344,000

RAYONIER INC USD 1,751,950.00 1.5537,000

REGAL ENTERTAINMENT GROUP-A USD 2,004,060.00 1.77127,000

REPUBLIC SERVICES INC USD 872,418.00 0.7729,100

REYNOLDS AMERICAN INC USD 777,920.00 0.6916,000

ROCKWELL AUTOMATION INC USD 1,176,210.00 1.0431,500

SARA LEE CORP USD 2,904,900.00 2.58230,000

SENSIENT TECHNOLOGIES USD 1,125,200.00 0.9940,000

SL GREEN REALTY CORPORATION USD 712,800.00 0.6311,000

SNAP-ON INC USD 921,550.00 0.8117,500

SOTHEBYS USD 1,163,480.00 1.0358,000

SOUTHWEST GAS CORP USD 665,720.00 0.5922,000

STANLEY WORKS USD 793,060.00 0.7019,000

STARWOOD HOTELS & RESORTS WORLDWIDE USD 506,520.00 0.4518,000

STEELCASE INC-CL A USD 612,750.00 0.5457,000

SUPERVALU INC USD 1,736,000.00 1.5380,000

TEMPUR-PEDIC INTERNATIONAL USD 576,240.00 0.5149,000

THE COLONIAL BANCGROUP INC USD 400,860.00 0.3551,000

TIMKEN CO USD 737,100.00 0.6526,000

TUPPERWARE BRANDS USD 828,900.00 0.7330,000

UNITED PARCEL SERVICE INC CL B USD 566,010.00 0.509,000

UNITED TECHNOLOGIES CORP USD 666,666.00 0.5911,100

UNIVERSAL USD 1,079,980.00 0.9522,000

UST INC USD 1,064,640.00 0.9416,000

VF CORP USD 456,129.00 0.405,900

WASTE MANAGEMENT INC USD 566,820.00 0.5018,000

WEYERHAEUSER CO USD 848,120.00 0.7514,000

WYETH USD 1,551,480.00 1.3742,000

101,869,911.00 90.02

ENCANA CORP USD 920,220.00 0.8114,000

Canada

ENERPLUS RESOURCES FUND TRUST UNITS CAD 475,158.09 0.4213,000

ENERPLUS RESOURCES FUND TRUST UNITS USD 74,380.00 0.072,000

IGM FINANCIAL CAD 758,674.50 0.6721,000

LABRADOR IRON ORE ROYALTY INCOME FD CAD 446,395.40 0.3910,500

NATIONAL BK OF CANADA CAD 846,538.18 0.7518,500

NORBORD INC CAD 437,742.14 0.39130,000

TMX GROUP INC CAD 490,978.51 0.4318,000

TRANSCANADA CORP CAD 861,639.06 0.7624,000

5,311,725.88 4.69

ASPEN INSURANCE HOLDING USD 935,000.00 0.8334,000

Bermuda

SHIP FINANCE INTERNATIONAL LTD USD 668,360.00 0.5931,000

1,603,360.00 1.42


Market valuein USD

Currency %NAV

ING (L) Invest - US High Dividend(Denominated in USD)






WILLIS GROUP HOLDING INC USD 903,280.00 0.8028,000

United Kingdom

903,280.00 0.80

SEAGATE TECHNOLOGY USD 581,760.00 0.5148,000

Cayman Islands

581,760.00 0.51

AUTOLIV INC USD 573,750.00 0.5117,000

Sweden

573,750.00 0.51

110,843,786.88 97.95



Market valuein USD

Currency %NAV


NAV


Cash at bank 942,512.96 0.83


Total net assets 113,164,165.60 100.00







Statistics





-30/09/2006 EUR

Capitalisation S (USD) 4,847.4730/09/2008 USD-30/09/2007 USD-30/09/2006 USD

Capitalisation I (USD) 4,848.0630/09/2008 USD6,168.2730/09/2007 USD5,073.8930/09/2006 USD

Capitalisation X (USD) 235.4430/09/2008 USD303.7930/09/2007 USD

-30/09/2006 USD



66030/09/2006


Capitalisation X (EUR) 6,68930/09/200810930/09/2007

-30/09/2006

Capitalisation S (USD) 65730/09/2008-30/09/2007-30/09/2006


99830/09/2006

Capitalisation X (USD) 15230/09/200814,44530/09/2007

-30/09/2006

Number of shares

















Shares 189,072,865.50









Notes














52,793.67



(22,047,502.05)






Notes


ING (L) Invest - US Opportunistic Equity(Denominated in USD)








Shares

United States

AES CORPORATION USD 763,357.00 0.4065,300

AFFILIATED COMPUTER SERVICES CL A USD 4,819,976.00 2.5295,200

ALLIED WASTE INDUSTRIES INC USD 2,485,862.50 1.30223,750

AMERIPRISE FINANCIAL INC USD 909,160.00 0.4823,800

AMERITRADE HOLDING CORP USD 1,285,257.00 0.6777,100

AMGEN INC USD 3,947,382.00 2.0766,600

ASSURANT INC USD 1,958,000.00 1.0235,600

BAKER HUGHES INC USD 1,710,255.00 0.8928,250

BEST BUY COMPANY INC USD 1,342,500.00 0.7035,800

CATERPILLAR INC USD 5,322,280.00 2.7889,300

CENTERPOINT ENERGY INC USD 2,959,167.00 1.55203,100

CF INDUSTRIES HLDNG INC USD 356,694.00 0.193,900

CHEVRON USD 7,765,492.00 4.0794,150

CIGNA CORPORATION USD 1,284,444.00 0.6737,800

CONOCOPHILLIPS USD 3,516,000.00 1.8448,000

COOPER INDUSTRIES CL A USD 1,855,677.50 0.9746,450

CROWN HOLDINGS USD 1,791,236.50 0.9480,650

DELL INC USD 2,926,848.00 1.53177,600

DISCOVER FINANCIAL SERVICES USD 881,716.00 0.4663,800

DISH NETWORK CORP-A USD 3,118,500.00 1.63148,500

DOVER CORP USD 1,824,750.00 0.9545,000

DTE ENERGY COMPANY USD 1,007,012.00 0.5325,100

EMBARQ USD 961,035.00 0.5023,700



FLOWSERVE CORP USD 1,202,833.50 0.6313,550

FOREST LABORATORIES INC USD 3,163,118.00 1.65111,850

GAP INC USD 1,843,786.00 0.96103,700


HASBRO INC USD 2,432,136.00 1.2770,050

HESS CORP USD 1,863,216.00 0.9722,700


IBM CORP USD 4,976,648.00 2.6042,550

IMS HEALTH INC USD 2,274,873.00 1.19120,300

INTEL CORP USD 2,818,865.00 1.47150,500

KROGER CO USD 2,596,860.00 1.3694,500

LEXMARK INTERNATIONAL INC CL A USD 1,908,602.00 1.0058,600


MOSAIC CO USD 3,401.00 0.0050

NASDAQ STOCK MARKET INC USD 1,806,687.00 0.9559,100

NATIONAL OILWELL INC USD 823,772.00 0.4316,400

NATIONAL SEMICONDUCTOR CORP USD 984,412.00 0.5157,200

NORTHERN TRUST CORP USD 1,981,890.00 1.0427,450


PEPSI BOTTLING GROUP INC USD 2,914,083.00 1.5299,900

PFIZER INC USD 5,576,256.00 2.93302,400



RAYMOND JAMES FINANCIAL INC USD 1,627,563.00 0.8549,350

REYNOLDS AMERICAN INC USD 2,698,410.00 1.4155,500

RYDER SYSTEM INC USD 2,129,700.00 1.1134,350

SCHWAB (CHARLES) CORP USD 1,264,900.00 0.6648,650

SUPERVALU INC USD 2,619,190.00 1.37120,700

SYMANTEC CORP USD 4,067,745.00 2.13207,750

TERRA INDUSTRIES USD 1,431,780.00 0.7548,700


Market valuein USD

Currency %NAV

TEXAS INSTRUMENTS INC USD 2,431,650.00 1.27113,100

TJX COS INC USD 5,052,586.00 2.64165,550

TRAVELERS COMPANIES INC USD 4,479,320.00 2.3499,100

UNIVERSAL HEALTH SERVICES -B- USD 1,871,402.00 0.9833,400


WATERS CORP USD 1,975,211.00 1.0333,950

WESTERN DIGITAL CORP USD 1,183,260.00 0.6255,500

WINDSTREAM USD 3,184,634.00 1.67291,100

WYETH USD 1,946,738.00 1.0252,700

XILINX INC USD 1,545,355.00 0.8165,900

174,276,584.50 91.17

ACE LTD USD 2,403,372.00 1.2644,400

Switzerland

NOVARTIS ADR SPONSORED USD 3,294,574.00 1.7262,350

5,697,946.00 2.98

NIPPON TELEGRAPH TELEPHONE ADR USD 2,248,749.00 1.1899,900

Japan

2,248,749.00 1.18


Brazil

1,897,296.00 0.99

BANCO SANTANDER CENTR HISP-ADR- USD 1,833,191.00 0.96122,050

Spain

1,833,191.00 0.96

HSBC HOLD. ADR USD 1,640,849.00 0.8620,300

United Kingdom

1,640,849.00 0.86

FAIRFAX FINANCIAL HLDGS LTD USD 1,478,250.00 0.774,500

Canada

1,478,250.00 0.77

189,072,865.50 98.91

SPDR TRUST SERIES 1 USD 985,915.00 0.528,500

Undertakings for collective investmentUnited States

985,915.00 0.52

985,915.00 0.52



Market valuein USD

Currency %NAV


NAV


Cash at bank 8,296,652.10 4.34


Total net assets 191,154,945.09 100.00







Statistics













Number of shares


Dividend


















Shares 121,207,691.62







Notes















(44,169.84)



(50,873,488.56)



Redemptions (348,062,033.71)




Notes


ING (L) Invest - Utilities(Denominated in USD)






ALLEGHENY ENERGY INC USD 2,768,229.44 2.0375,285


Shares

United States

AMERICAN ELECTRIC POWER USD 5,339,800.06 3.91144,202

CONSTELLATION ENERGY GROUP INC USD 478,807.20 0.3519,704

EXELON CORP USD 9,218,540.68 6.77147,214

FIRSTENERGY CORP USD 5,889,626.82 4.3287,918

FPL GROUP INC USD 5,413,688.40 3.97107,628

ITC HOLDINGS CORP USD 2,284,299.48 1.6744,124

MIRANT CORP USD 739,921.95 0.5440,455

NORTHEAST UTILITIES USD 1,434,399.30 1.0555,922

NRG ENERGY INC USD 999,454.50 0.7340,382

PG&E CORP USD 5,658,133.25 4.15151,085

PPL CORPORATION USD 5,772,121.38 4.23155,919

QUESTAR CORP USD 1,148,869.92 0.8428,076

47,145,892.38 34.56

EDF ENERGIES NOUVELLES SA EUR 2,468,230.36 1.8150,234

France

GDF SUEZ EUR 9,318,990.29 6.84181,764

SUEZ ENVIRONNEMENT SA EUR 1,203,651.69 0.8848,994


13,977,325.00 10.25

CHUBU ELECTRIC POWER CO INC JPY 4,353,693.76 3.19186,000

Japan

TOKYO ELECTRIC POWER CO JPY 5,598,877.87 4.10229,500

TOKYO GAS CO LTD JPY 3,638,750.20 2.67884,000

13,591,321.83 9.96

E.ON AG EUR 11,785,381.69 8.64235,814

Germany

11,785,381.69 8.64

IBERDROLA SA EUR 7,815,264.91 5.73779,251

Spain

RED ELECTRICA DE ESPANA EUR 2,698,766.76 1.9853,593

10,514,031.67 7.71

ENEL SPA EUR 7,027,250.72 5.15849,380

Italy

7,027,250.72 5.15


United Kingdom


6,164,273.55 4.52

FORTUM OYJ EUR 5,650,751.71 4.14170,606

Finland

5,650,751.71 4.14

OSTER ELEKTRIZATSWITS-CL A EUR 1,688,855.08 1.2427,864

Austria

1,688,855.08 1.24


Market valuein USD

Currency %NAV


Czech Republic

1,217,567.22 0.89

XINAO GAS HOLDINGS HKD 931,172.78 0.68695,188

China

931,172.78 0.68

CEMIG ADR SPONSORED REPR1000 NONVTG.PFD

USD 803,635.14 0.5940,711

Brazil

803,635.14 0.59

120,497,458.77 88.33

RUSHYDRO CLS USD 580,732.85 0.4316,930,987


SharesRussia

UNIFIED ENERGY SYSTEM GDR-S USD 129,500.00 0.091,295

710,232.85 0.52

710,232.85 0.52



Market valuein USD

Currency %NAV


NAV


Cash at bank 8,590,775.84 6.30


Total net assets 136,424,912.57 100.00







Statistics













Number of shares


Dividend


















Shares 104,944,724.23







Notes















(169,108.96)



(28,060,775.81)


227,422.42







Notes


ING (L) Invest - World(Denominated in EUR)






ADOBE SYSTEMS INC USD 491,797.91 0.4517,502


Shares

United States


ALTRIA GROUP USD 1,345,218.81 1.2395,240

AMERICAN ELECTRIC POWER USD 973,301.25 0.8936,920

AMERICAN EXPRESS CO USD 704,791.27 0.6527,942

AT&T INC USD 1,947,274.15 1.7997,967


BUNGE LIMITED USD 535,926.89 0.4911,915




COLGATE PALMOLIVE CO USD 843,325.63 0.7715,721

CVS CAREMARK CORP USD 1,640,525.11 1.5168,460

CYTEC INDUSTRIES INC USD 500,831.38 0.4618,080

DIAMOND OFFSHORE DRILLING INC USD 1,114,499.27 1.0215,190

EMC CORP USD 739,806.02 0.6886,887


EXELON CORP USD 1,023,389.97 0.9422,956

FREEPORT-MCMORAN COPPER CL B USD 620,284.84 0.5715,326

GOLDMAN SACHS GROUP INC USD 854,396.47 0.789,376


GRAFTECH INTERNATIONAL LTD USD 610,596.11 0.5656,762

HARTFORD FINANCIAL SG INC USD 630,848.84 0.5821,618

HESS CORP USD 1,199,543.12 1.1020,528


INTERNATIONAL GAME TECHNOLOGY USD 655,681.22 0.6053,609

ITC HOLDINGS CORP USD 859,006.44 0.7923,307


KELLOGG CO USD 1,091,566.65 1.0027,331


MCAFEE USD 501,185.92 0.4620,730



MERRILL LYNCH AND CO INC USD 1,234,335.24 1.1368,530

MIRANT CORP USD 498,666.66 0.4638,297

MYLAN LABORATORIES INC USD 467,515.52 0.4357,504

NETAPP INC USD 391,153.65 0.3630,139

NIKE INC CL B USD 1,362,432.92 1.2528,606



ORACLE CORP USD 1,310,053.92 1.2090,604

PFIZER INC USD 1,007,416.20 0.9276,739


PPL CORPORATION USD 1,009,593.24 0.9338,307


QUALCOMM INC USD 840,555.79 0.7727,477

SCHERING PLOUGH CORP USD 930,331.00 0.8570,752

TARGET CORP USD 1,087,365.50 1.0031,139

UNION PACIFIC CORP USD 1,129,066.26 1.0422,287

UNITED PARCEL SERVICE INC CL B USD 640,205.11 0.5914,299

UNITEDHEALTH GROUP INC USD 622,942.06 0.5734,463

WALT DISNEY Co USD 811,969.15 0.7537,163

WASTE MANAGEMENT INC USD 1,148,584.10 1.0551,234

WEATHERFORD INTERNATIONAL LTD USD 910,026.30 0.8450,846

WILLIAMS COMPANIES INC USD 774,818.89 0.7146,019


Market valuein EUR

Currency %NAV

WYETH USD 856,458.89 0.7932,567

56,575,979.65 51.92

CHIYODA CORP JPY 583,002.01 0.54115,000

Japan

HOYA CORP JPY 433,757.79 0.4031,400

ITOCHU CORP JPY 659,018.93 0.60158,000

JAPAN TOBACCO INC JPY 665,805.20 0.61252

KEYENCE CORP JPY 719,719.81 0.665,160

MILLEA HOLDINGS INC JPY 504,101.60 0.4620,100

MIZUHO FINANCIAL GROUP INC JPY 441,630.39 0.41149

NITORI CO LTD JPY 407,562.26 0.379,740

SUMITOMO MITSUI FINANCIAL GR JPY 553,429.45 0.51131

TOKYO ELECTRIC POWER CO JPY 430,726.77 0.4024,800

TOYOTA MOTOR CORPORATION JPY 1,072,055.80 0.9736,500

YAMADA DENKI CO LTD JPY 834,894.55 0.7715,740

7,305,704.56 6.70

ACERGY SA NOK 339,298.29 0.3149,005

United Kingdom

BARCLAYS PLC GBP 447,072.97 0.41107,900

BG GROUP PLC GBP 1,217,322.61 1.1294,694

CENTRICA PLC GBP 836,993.30 0.77210,048

PRUDENTIAL PLC GBP 499,108.22 0.4677,497


STANDARD CHARTERED PLC GBP 637,850.89 0.5937,370

STANDARD LIFE INVESTMENTS GBP 429,770.56 0.39141,108

VODAFONE GROUP GBP 960,376.64 0.88616,770

WPP GROUP PLC GBP 589,392.89 0.54103,670

7,207,098.76 6.61


Switzerland

MEYER BURGER TECHNOLOGY AG CHF 459,043.17 0.422,995

NESTLE SA CHF 1,804,669.21 1.6558,970

NOVARTIS AG CHF 1,240,851.08 1.1433,379


UBS AG CHF 597,564.85 0.5550,984

5,834,298.21 5.35

AXA EUR 1,182,847.28 1.0951,664

France

STE GENERALE EUR 772,024.00 0.7112,452

TOTAL SA EUR 1,640,522.24 1.5138,528

VALLOUREC EUR 559,979.42 0.513,707


VINCI EUR 549,347.86 0.5016,657

5,209,454.19 4.78


Germany


K&S AG EUR 692,682.24 0.6414,241

LINDE AG EUR 672,526.80 0.628,910

Q-CELLS AG EUR 309,120.84 0.285,276

SIEMENS AG EUR 1,154,044.00 1.0617,552

STADA ARZNEIMITTEL AG EUR 602,448.84 0.5521,303

4,968,430.17 4.56


Spain


Market valuein EUR

Currency %NAV

ING (L) Invest - World(Denominated in EUR)







2,062,669.92 1.89

EMPRESA BRASILEIRA DE AERONAUTICA ADR USD 364,850.85 0.3318,974

Brazil

PETROLEO BRASILEIRO SA ADR USD 686,541.77 0.6321,942

REDECARD SA BRL 125,855.43 0.1213,706

UNIBANCO SPONSORED GDR USD 590,798.53 0.548,223

1,768,046.58 1.62

ENEL SPA EUR 693,553.39 0.64117,751

Italy

SAIPEM SPA EUR 409,202.08 0.3819,523


1,597,461.43 1.47

DBS GROUP HLDG LTD SGD 685,153.74 0.6382,000

Singapore

OLAM INTERNATIONAL SGD 296,138.43 0.27330,400

WILMAR INTERNATIONAL LTD SGD 507,436.82 0.47406,000

1,488,728.99 1.37

COCA COLA HELLENIC BOTTLING EUR 279,044.40 0.2618,310

Greece



1,283,382.00 1.18


Israel

MAKHTESHIM-AGAN INDUSTRIES ILS 313,680.96 0.2967,753

NICE SYSTEMS LTD -CERT ADR- USD 397,163.14 0.3620,480

1,211,222.11 1.11

DOOSAN HEAVY INDUSTRIES &CONSTRUCTION

KRW 448,046.91 0.418,741

South Korea


SAMSUNG ELECTRONICS CO LTD KRW 644,125.95 0.592,026

1,155,499.30 1.06

CHINA SHENHUA ENERGY CO - H HKD 165,586.04 0.1597,617

China

GUANGZHOU R&F PROPERTIES-H HKD 195,614.12 0.18306,965

SHANGHAI ELECTRIC GROUP CORP -H- HKD 238,070.09 0.221,124,000

SUNTECH POWER HOLDING-ADR USD 534,660.02 0.4920,937

1,133,930.27 1.04

TELENOR ASA NOK 622,685.98 0.5772,023

Norway

YARA INTERNATIONAL ASA NOK 354,166.83 0.3314,489

976,852.81 0.90

ACCENTURE LTD-CL A USD 702,999.29 0.6525,986

Bermuda

702,999.29 0.65

INTERGROUP FINANCIAL SERVICES CORP USD 141,080.87 0.1311,831

Peru

MINAS BUENAVENTURA ADR SPONS. USD 530,964.10 0.4931,764

672,044.97 0.62


Market valuein EUR

Currency %NAV

ERICSSON LM-B SHS SEK 579,553.11 0.5388,692

Sweden

579,553.11 0.53

ENERGY RESOURCES OF AUST AUD 551,551.31 0.5157,775

Australia

551,551.31 0.51


Netherlands

550,561.41 0.51

GAZPROM OAO-SPONS. ADR REG.S USD 447,399.53 0.4120,305

Russia

447,399.53 0.41

AKBANK TRY 435,768.17 0.40118,775

Turkey

435,768.17 0.40

GRUPO FINANCIERO BANORTE SA MXN 355,423.33 0.33157,085

Mexico

355,423.33 0.33

RYANAIR HOLDINGS PLC EUR 349,199.38 0.32154,513

Ireland

349,199.38 0.32

ORASCOM TELECOM GDR USD 277,774.18 0.2511,050

Egypt

277,774.18 0.25

GULF FINANCE HOUSE USD 243,690.60 0.2214,000

Bahrain

243,690.60 0.22

104,944,724.23 96.31



Market valuein EUR

Currency %NAV


NAV


Cash at bank 1,351,996.22 1.24


Total net assets 108,963,796.01 100.00

ING (L) INVEST Annual report and audited financial statements for the year ended September 30, 2008


Notes to the financial statements

1- GENERAL

ING (L) INVEST (the "Company" or the "SICAV") is a "Société d'Investissement à Capital Variable" ("SICAV") incorporated on September 6, 1993 for an unlimited period as a société anonyme (public limited company), governed by Part I of the Luxembourg law of December 20, 2002 on undertakings for collective investment. The Memorandum and Articles of Association of the Company were published in the Mémorial, Recueil Spécial des Sociétés et Associations du Grand-Duché de Luxembourg and filed with the Registry of the Luxembourg District Court where they may be consulted and copies may be obtained upon payment of Registry fees. The Company is registered with the Luxembourg Register of Companies under number B 44 873. The Company incorporated a subsidiary in Mauritius (ING Invest India Focus Fund Limited) (the "Mauritian Subsidiary") to make investments in Indian securities for the sub-fund "ING (L) Invest - India Focus", in accordance with the investment objectives and policies of this sub-fund. The Mauritian Subsidiary is at all time endeavour to hold Category C1 Global Business License and to operate as a collective investment scheme as per The Securities Act 2005, and as such as per The Securities Act 2005, the Mauritian Subsidiary’s sole purpose is the collective investment of funds in a portfolio of securities, or other financial assets, real property or non-financial assets, subject to any approval or rejection by the Financial Services Commission. The Mauritian Subsidiary has obtained a certificate of Mauritian tax residence from the Commissioner of Income Tax in Mauritius. The results of the Mauritian subsidiary are included in the financial statements of the sub-fund ING (L) Invest - India Focus. The Company currently offers the following share classes to the investors:

Shares Name Description

Capitalisation P Capitalisation shares

Capitalisation I Capitalisation shares dedicated to institutional investors

Capitalisation X Capitalisation shares dedicated to some countries

Capitalisation S Capitalisation shares with a minimum subscription amount of EUR 1,000,000 or equivalent

Capitalisation D Capitalisation shares for the dutch market

Capitalisation V Capitalisation shares reserved for institutional investors, issued in registered form only yet differing from class "I" in that it attracts a higher management fees

Distribution P Distribution shares

Distribution P (quarter divid) Distribution shares - Quarterly dividend

Distribution I Distribution shares dedicated to institutional investors

Distribution X Distribution shares dedicated to some countries

Distribution A(C) Distribution shares - Quarterly dividend

Distribution A(S) Distribution shares - Quarterly dividend in kind

The investors must be aware that every share class is not offered by every sub-fund of the Company. Changes The sub-fund ING (L) Invest - Climate Focus has been launched on September 24, 2007 (with an initial subscription period from September 24, 2007 to October 26, 2007 and an initial valuation date on October 29, 2007). The sub-fund ING (L) Invest - China Access has been launched on October 2, 2007. The sub-fund ING (L) Invest - Balkan has been launched on January 21, 2008. The sub-fund ING (L) Invest - Africa & Middle East has been launched on April 1, 2008. The sub-fund ING (L) Invest - Alternative Beta has been launched on June 9, 2008. The sub-fund ING (L) Invest - India Focus has been launched on July 14, 2008.

Annual report and audited financial statements ING (L) INVEST for the year ended September 30, 2008

ING INVESTMENT MANAGEMENT 215


2- PRINCIPAL ACCOUNTING METHODS

The financial statements are prepared and presented in accordance with generally accepted accounting principles and regulations in force in Luxembourg. Currency conversion The financial statements have been drawn up in the accounting currency of each sub-fund. Assets and liabilities expressed in currencies other than the accounting currency of the sub-fund are converted into that currency at the exchange rate prevailing on the closing date. The various items in the combined statements correspond to the sum of the corresponding items in the financial statements of each sub-fund, converted if necessary into EUR at the exchange rate prevailing on the closing date.

Securities valuation The securities admitted to an official listing or to any other regulated market are valued at the last known prices. If these securities are traded on several markets, the valuation is made on the basis of the last known price on the main market on which the securities are listed. Securities not listed or not traded on a stock exchange or on any other regulated market and securities listed or traded on such a market but whose last known price is not representative, are valued with prudence and in good faith on the basis of their probable realization value as determined by or under the direction of the Board of Directors. Investments in open-ended investment funds, either listed or not, are valued on the basis of their last available net asset value per share. Financial derivative instruments valuation Financial derivative instruments listed on a regulated market are valued at the last available published price applicable at the closing date. Financial derivative instruments not listed on a regulated market are valued by means of an actuarial method recognised in the market. Income Dividends are accounted for on the ex-date. Interest is accrued on a daily basis.

3- OTHER ASSETS AND CURRENT LIABILITIES Other assets account includes mainly accrued interest and receivables. Current liabilities account includes mainly fee accruals and payables.

4- MANAGEMENT FEES

In accordance with the terms and conditions of the nomination of ING Investment Management Luxembourg S.A. as Management Company by the SICAV, the sub-funds will pay ING Investment Management Luxembourg S.A. an annual management fee calculated on the average net assets of each sub-fund as described in the table below. This fee is payable monthly in arrears. ING Investment Management Luxembourg S.A. has entrusted, at its own expense, management of the different sub-funds to the investment managers listed below:




Until March 31, 2008, the management fees rates were:

Sub-funds Management fees rate (p.a.) Investment Manager

Class P (in %)

Class X (in %)

Class I (in %)

Class S (in %)

Class A(C) (in %)

Class A(S) (in %)

Class D (in %)

ING (L) Invest - Asia Pacific High Dividend 1.20 1.75 - - 1.50 1.50 - ING Investment Management

Asia Pacific (Hong Kong) Ltd.

ING (L) Invest - Balkan 1.50 - - - - - - ING Mutual Funds Management Company S.A.

ING (L) Invest - Banking & Insurance 1.20 1.75 0.48 - - - - ING Asset Management B.V.

ING (L) Invest - Biotechnology 1.20 1.75 - - - - - ING Investment Management Belgium

ING (L) Invest - China Access 1.20 1.75 - 0.60 1.50 1.50 - ING Investment Management Asia Pacific (Hong Kong) Ltd.

ING (L) Invest - Climate Focus 1.50 2.00 - - - - 1.40 ING Asset Management B.V.

ING (L) Invest - Computer Technologies 1.20 1.75 0.48 - - - - ING Investment Management

Belgium

ING (L) Invest - Consumer Goods 1.20 1.75 0.48 - - - - ING Asset Management B.V.

ING (L) Invest - Dutch Equity 1.20 1.75 0.48 - - - - ING Asset Management B.V.

ING (L) Invest - Emerging Europe 1.20 1.75 - - - - - ING Asset Management B.V.

ING (L) Invest - Emerging Markets 1.20 1.75 0.65 - - - - ING Asset Management B.V.

ING (L) Invest - EMU Equity 1.20 1.75 0.48 - - - - ING Asset Management B.V.

ING (L) Invest - Energy 1.20 1.75 0.48 - - - - ING Asset Management B.V.

ING (L) Invest - Euro High Dividend 1.20 1.75 0.60 - - - - ING Investment Management

Belgium

ING (L) Invest - Euro Income 1.40 1.75 - - - - - ING Asset Management B.V.

ING (L) Invest - Europe Growth Fund 1.20 1.75 0.60 - - - - ING Asset Management B.V.

ING (L) Invest - Europe High Dividend 1.20 1.75 0.60 0.60 - - - ING Investment Management

Belgium ING (L) Invest - Europe Opportunities 1.40 1.75 0.60 - - - - ING Asset Management B.V.

ING (L) Invest - European Banking & Insurance 1.20 1.75 - - - - - ING Asset Management B.V.

ING (L) Invest - European Consumer Goods 1.20 1.75 - - - - - ING Asset Management B.V.

ING (L) Invest - European Equity 1.20 1.75 0.48 - - - - ING Asset Management B.V.

ING (L) Invest - European Food & Beverages 1.20 1.75 - - - - - ING Asset Management B.V.

ING (L) Invest - European Health Care 1.20 1.75 0.60 - - - - ING Investment Management

Belgium

ING (L) Invest - European IT 1.20 1.75 - - - - - ING Investment Management Belgium

ING (L) Invest - European Materials 1.20 1.75 0.60 - - - - ING Asset Management B.V.

ING (L) Invest - European New Offerings 1.20 1.75 - - - - - ING Asset Management B.V.

ING (L) Invest - European Real Estate 1.20 1.75 0.60 - - - - ING Asset Management B.V.

ING (L) Invest - European Sector Allocation 1.20 1.75 - - - - - ING Asset Management B.V.





Class P (in %)

Class X (in %)

Class I (in %)

Class S (in %)

Class A(C) (in %)

Class A(S) (in %)

Class D (in %)

ING (L) Invest - European Small Caps 1.20 1.75 0.72 - - - - ING Asset Management B.V.

ING (L) Invest - European Telecom 1.20 1.75 - - - - - ING Investment Management

Belgium

ING (L) Invest - Food & Beverages 1.20 1.75 0.48 - - - - ING Asset Management B.V.

ING (L) Invest - Global Brands 1.20 1.75 - - - - - ING Asset Management B.V.

ING (L) Invest - Global Growth 1.20 1.75 0.60 - - - - ING Asset Management B.V.

ING (L) Invest - Global High Dividend 1.20 1.75 0.60 0.60 - - - ING Investment Management

Belgium

ING (L) Invest - Global Real Estate 1.40 1.75 0.60 0.60 - - - ING Clarion Real Estate Securities L.P.

ING (L) Invest - Greater China 1.20 1.75 - - - - - ING Investment Management Asia Pacific (Hong Kong) Ltd.

ING (L) Invest - Health Care 1.20 1.75 0.48 - - - - ING Investment Management Belgium

ING (L) Invest - Industrials 1.20 1.75 0.48 - - - - ING Asset Management B.V.

ING (L) Invest - Japan 1.20 1.75 0.60 0.60 - - - ING Mutual Funds Management Company (Japan) Ltd.

ING (L) Invest - Japanese Small & Mid Caps 1.20 1.75 - - - - -

ING Mutual Funds Management Company (Japan) Ltd.

ING (L) Invest - Latin America 1.20 1.75 0.60 - - - - ING Asset Management B.V.

ING (L) Invest - Materials 1.20 1.75 0.48 - - - - ING Asset Management B.V.

ING (L) Invest - New Asia 1.20 1.75 - 0.60 - - 1.40 ING Investment Management Asia Pacific (Hong Kong) Ltd.

ING (L) Invest - New Technology Leaders 1.20 1.75 - - - - - ING Investment Management

Belgium

ING (L) Invest - Prestige & Luxe 1.20 1.75 - - - - - ING Asset Management B.V.

ING (L) Invest - Sustainable Growth 1.20 1.75 0.72 0.72 - - - ING Asset Management B.V.

ING (L) Invest - Telecom 1.20 1.75 0.48 - - - - ING Investment Management Belgium

ING (L) Invest - US (Enhanced Core Concentrated) 1.20 1.75 0.48 0.48 - - - ING Investment Management

Co.

ING (L) Invest - US Growth 1.20 - 0.60 - - - - ING Investment Management Co.

ING (L) Invest - US High Dividend 1.20 1.75 0.60 - - - - ING Investment Management Belgium

ING (L) Invest - US Opportunistic Equity 1.20 1.75 0.60 - - - - ING Investment Management

Co.

ING (L) Invest - Utilities 1.20 1.75 0.48 - - - - ING Asset Management B.V.

ING (L) Invest - World 1.20 1.75 - - - - - ING Asset Management B.V.




Since April 1, 2008, the management fees rates are:


Class P (in %)

Class X (in %)

Class I (in %)

Class S (in %)

Class A(C) (in %)

Class A(S) (in %)

Class D (in %)

Class V (in %)

ING (L) Invest - Africa & Middle East 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - Alternative Beta 1.00 1.30 0.50 - - - - - ING Asset Management B.V.

ING (L) Invest - Asia Pacific High Dividend 1.50 2.00 - - 1.50 1.50 - - ING Investment Management

Asia Pacific (Hong Kong) Ltd.

ING (L) Invest - Balkan 1.50 2.00 - - - - - - ING Mutual Funds Management Company S.A.

ING (L) Invest - Banking & Insurance 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - Biotechnology 1.50 2.00 0.60 - - - - - ING Investment Management

Belgium ING (L) Invest - China Access 1.50 2.00 - 0.60 1.50 1.50 - - ING Investment Management

Asia Pacific (Hong Kong) Ltd. ING (L) Invest - Climate Focus 1.50 2.00 - - - - 1.40 - ING Asset Management B.V.

ING (L) Invest - Computer Technologies 1.50 2.00 0.60 - - - - - ING Investment Management

Belgium ING (L) Invest - Consumer Goods 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - Dutch Equity 1.30 1.80 0.48 - - - - - ING Asset Management B.V.

ING (L) Invest - Emerging Europe 1.50 2.00 0.65 - - - - - ING Asset Management B.V.

ING (L) Invest - Emerging Markets 1.50 2.00 0.65 0.65 - - - - ING Asset Management B.V.

ING (L) Invest - EMU Equity 1.30 1.80 0.48 - - - - - ING Asset Management B.V.

ING (L) Invest - Energy 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - Euro High Dividend 1.50 2.00 0.60 - - - - - ING Investment Management

Belgium ING (L) Invest - Euro Income 1.50 2.00 - - - - - - ING Asset Management B.V.

ING (L) Invest - Europe Growth Fund 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - Europe High Dividend 1.50 2.00 0.60 0.60 - - - 1.50 ING Investment Management

Belgium ING (L) Invest - Europe Opportunities 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - European Banking & Insurance 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - European Consumer Goods 1.50 2.00 - - - - - - ING Asset Management B.V.

ING (L) Invest - European Equity 1.30 1.80 0.48 - - - - - ING Asset Management B.V.

ING (L) Invest - European Food & Beverages 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - European Health Care 1.50 2.00 0.60 - - - - - ING Investment Management

Belgium ING (L) Invest - European IT 1.50 2.00 - - - - - - ING Investment Management

Belgium ING (L) Invest - European Materials 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - European New Offerings 1.30 1.80 - - - - - - ING Asset Management B.V.





Class P (in %)

Class X (in %)

Class I (in %)

Class S (in %)

Class A(C) (in %)

Class A(S) (in %)

Class D (in %)

Class V (in %)

ING (L) Invest - European Real Estate 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - European Sector Allocation 1.30 1.80 - - - - - - ING Asset Management B.V.

ING (L) Invest - European Small Caps 1.50 2.00 0.72 - - - - - ING Asset Management B.V.

ING (L) Invest - European Telecom 1.50 2.00 0.60 - - - - - ING Investment Management

Belgium ING (L) Invest - Food & Beverages 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - Global Brands 1.50 2.00 - - - - - - ING Asset Management B.V.

ING (L) Invest - Global Growth 1.50 2.00 0.60 0.60 - - - - ING Asset Management B.V.

ING (L) Invest - Global High Dividend 1.50 2.00 0.60 0.60 - - - - ING Investment Management

Belgium ING (L) Invest - Global Real Estate 1.50 2.00 0.60 0.60 - - - - ING Clarion Real Estate Securities

L.P. ING (L) Invest - Greater China 1.50 2.00 - - - - - - ING Investment Management Asia

Pacific (Hong Kong) Ltd. ING (L) Invest - Health Care 1.50 2.00 0.60 - - - - ING Investment Management

Belgium ING (L) Invest - India Focus 1.50 2.00 0.60 - - - - - ING Investment Management Asia

Pacific (Singapore) Limited ING (L) Invest - Industrials 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - Japan 1.30 1.80 0.60 0.60 - - - 1.30 ING Mutual Funds Management Company (Japan) Ltd.

ING (L) Invest - Japanese Small & Mid Caps 1.50 2.00 - - - - - - ING Mutual Funds Management

Company (Japan) Ltd. ING (L) Invest - Latin America 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - Materials 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - New Asia 1.50 2.00 0.60 0.60 - - 1.40 - ING Investment Management Asia Pacific (Hong Kong) Ltd.

ING (L) Invest - New Technology Leaders 1.50 2.00 0.60 - - - - - ING Investment Management

Belgium ING (L) Invest - Prestige & Luxe 1.50 2.00 - - - - - - ING Asset Management B.V.

ING (L) Invest - Sustainable Growth 1.50 2.00 0.72 0.72 - - - - ING Asset Management B.V.


1.50 2.00 0.60 - - - - - ING Investment Management Belgium


1.30 1.80 0.48 0.48 - - - 1.30 ING Investment Management Co.

ING (L) Invest - US Growth 1.50 2.00 0.60 - - - - - ING Investment Management Co.

ING (L) Invest - US High Dividend 1.50 2.00 0.60 - - - - - ING Investment Management

Belgium ING (L) Invest - US Opportunistic Equity 1.50 2.00 0.60 0.60 - - - - ING Investment Management Co.

ING (L) Invest - Utilities 1.50 2.00 0.60 - - - - - ING Asset Management B.V.

ING (L) Invest - World 1.30 1.80 0.48 - - - - 1.30 ING Asset Management B.V.




5- CUSTODIAN FEES

The depositary bank is remunerated in accordance with the agreement between ING Luxembourg, acting as the custodian, and the SICAV.

6- SUBSCRIPTION TAX

The Company is liable in Luxembourg to a subscription tax ("Taxe d'abonnement") of 0.01% per annum for all shares restricted to institutional investors and a subscription tax of 0.05% per annum for all the other shares. The subscription tax is paid quarterly and calculated on the net asset value at the end of the relevant calendar quarter. No subscription tax is paid on the assets held by the Company in other UCIs already subject to that tax in Luxembourg.

7- OTHER EXPENSES

This account includes mainly audit fees, administration fees and the belgian tax.

8- SECURITIES LENDING Under an agreement dated February 26, 2008 and amended on June 14, 2008, the SICAV has appointed Goldman Sachs Europe to act as securities lending agent for the SICAV. As at September 30, 2008, the sub-funds of the SICAV mentioned below were engaged into securities lending transactions. The value of securities lent and market value of collateral received for each sub-fund is detailed in the following table:

Sub-funds Currency Market value of securities lent

Market value of collateral received

ING (L) Invest - Banking & Insurance USD 2,206,491.94 2,146,771.87

ING (L) Invest - Climate Focus EUR 47,200.00 49,635.85

ING (L) Invest - Computer Technologies USD 4,638,250.43 4,786,655.92

ING (L) Invest - Consumer Goods USD 1,165,062.18 1,213,155.96

ING (L) Invest - Emerging Europe EUR 800,129.43 770,060.36

ING (L) Invest - Emerging Markets USD 762,764.69 741,706.23

ING (L) Invest - EMU Equity EUR 7,621,183.00 7,853,470.63

ING (L) Invest - Energy USD 1,658,261.02 1,594,125.71

ING (L) Invest - Euro High Dividend EUR 21,977,651.35 23,464,729.33

ING (L) Invest - Euro Income EUR 14,224,605.12 14,637,163.90

ING (L) Invest - Europe Growth Fund EUR 2,484,810.98 2,470,227.61

ING (L) Invest - Europe High Dividend EUR 5,243,694.40 7,874,826.80

ING (L) Invest - Europe Opportunities EUR 614,785.17 635,960.38

ING (L) Invest - European Consumer Goods EUR 282,606.84 541,185.97

ING (L) Invest - European Equity EUR 508,898.00 527,489.70

ING (L) Invest - European Food & Beverages EUR 11,378,160.22 11,442,608.96

ING (L) Invest - European Health Care EUR 8,040,627.40 8,417,015.87

ING (L) Invest - European IT EUR 60,151.40 63,914.12

ING (L) Invest - European New Offerings EUR 329,702.82 316,250.77

ING (L) Invest - European Real Estate EUR 950,475.00 1,019,262.05

ING (L) Invest - European Sector Allocation EUR 2,599,721.60 2,702,966.12

ING (L) Invest - European Small Caps EUR 722,483.60 752,496.78

ING (L) Invest - European Telecom EUR 5,469,582.64 5,614,121.42




Revenues from securities lending transactions are included in the caption "Other Income".

9- CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO These changes are made available to the shareholders at the custodian bank and at the Company's registered office as well as at the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who so requests. 10- INFORMATION FOR SHAREHOLDERS Under the Belgian Finance act of December 22, 2003, that came into effect on January 1, 2004, a 0.06% yearly tax was applied on all money originating from Belgium included in the Company at December 31 of the prior year. This tax rate has been increased to 0.07% in 2005 and to 0.08% from 2007 onwards. The Company has lodged a complaint with the European Commission against the Belgian State for this tax to be recognized as contravening the Community law. 11- SUBSEQUENT EVENTS On December 5, 2008 the net assets of the sub-fund ING (L) Invest - European IT have been brought to the assets of the sub-fund ING (L) Invest - Computer Technologies. The exchange ratios were as follow: • 1 Capitalisation P (EUR) share of the ING (L) Invest - European IT sub-fund gave right to 0.084581 Capitalisation P (EUR) share of the ING (L) Invest - Computer Technologies sub-fund, • 1 Distribution P (EUR) share of the ING (L) Invest - European IT sub-fund gave right to 0.069954 Distribution P (USD) share of the ING (L) Invest - Computer Technologies sub-fund, • 1 Capitalisation X (EUR) share of the ING (L) Invest - European IT sub-fund gave right to 0.020445 Capitalisation X (EUR) share of the ING (L) Invest - Computer Technologies sub-fund. On December 5, 2008 the net assets of the sub-fund ING (L) Invest - European Consumer Goods have been brought to the assets of the sub-fund ING (L) Invest - Consumer Goods.

ING (L) Invest - Food & Beverages USD 1,456,242.79 1,428,934.65

ING (L) Invest - Global Brands EUR 2,043,933.87 2,127,102.49

ING (L) Invest - Global Growth EUR 1,945,600.00 1,976,726.39

ING (L) Invest - Global High Dividend EUR 20,337,475.40 17,751,840.79

ING (L) Invest - Industrials EUR 2,036,262.73 2,086,357.28

ING (L) Invest - Materials USD 3,378,205.88 3,572,572.70

ING (L) Invest - New Technology Leaders EUR 2,406,952.00 2,456,165.91

ING (L) Invest - Prestige & luxe EUR 3,406,589.49 3,556,631.54

ING (L) Invest - Sustainable Growth EUR 2,029,261.26 2,091,846.58

ING (L) Invest - Telecom USD 2,591,988.15 2,625,870.53

ING (L) Invest - US High Dividend USD 589,971.44 599,357.61

ING (L) Invest - Utilities USD 2,849,810.11 3,011,448.69

ING (L) Invest - World EUR 263,872.90 275,699.06

Sub-funds Currency Market value of securities lent

Market value of collateral received



Notes to the financial statements The exchange ratios were as follow: • 1 Capitalisation P (EUR) share of the ING (L) Invest - European Consumer Goods sub-fund gave right to 0.611269 Capitalisation P (EUR) share of the ING (L) Invest - Consumer Goods sub-fund, • 1 Distribution P (EUR) share of the ING (L) Invest - European Consumer Goods sub-fund gave right to 0.349193 Distribution P (USD) share of the ING (L) Invest - Consumer Goods sub-fund, • 1 Capitalisation X (EUR) share of the ING (L) Invest - European Consumer Goods sub-fund gave right to 0.146928 Capitalisation X (EUR) share of the ING (L) Invest - Consumer Goods sub-fund. On December 5, 2008 the net assets of the sub-fund ING (L) Invest - European New Offerings have been brought to the assets of the sub-fund ING (L) Invest - European Equity. The exchange ratios were as follow: • 1 Capitalisation P (EUR) share of the ING (L) Invest - European New Offerings sub-fund gave right to 6.342040 Capitalisation P (EUR) share of the ING (L) Invest - European Equity sub-fund, • 1 Distribution P (EUR) share of the ING (L) Invest - European New Offerings sub-fund gave right to 28.196332 Distribution P (EUR) share of the ING (L) Invest - European Equity sub-fund, • 1 Capitalisation X (EUR) share of the ING (L) Invest - European New Offerings sub-fund gave right to 6.371466 Capitalisation X (EUR) share of the ING (L) Invest - European Equity sub-fund. With effect on December 15, 2008, the Board of Directors has decided to transfer the assets of the share class Capitalisation X (SKK) of the sub-fund ING (L) Invest - European Real Estate to the share class Capitalisation X (EUR) of the sub-fund ING (L) Invest - European Real Estate and to transfer the assets of the share class Capitalisation X (SKK) of the sub-fund ING (L) Invest - Global High Dividend to the share class Capitalisation P (EUR) of the sub-fund ING (L) Invest - Global High Dividend. These decisions were taken owing to the deletion as of January 1, 2009 of the Slovak Crown. With effect on December 19, 2008, the Board of Directors has decided to liquidate the sub-fund ING (L) Invest - Africa and Middle East.

For additional information please contact:

ING Investment Management BelgiumFundinfo Helpdesk (MA 2.01.02)Avenue Marnix 24B-1000 BrusselsTel. +32 2 547 87 88e-mail: [email protected] www.ingim.com

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