ING (L) INVEST. Société d'investissement à Capital Variable. Annual report and audited financial statements - PDF

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ING (L) INVEST Société d'investissement à Capital Variable Annual report and audited financial statements LUXEMBOURG Annual report and audited financial statements ING (L) INVEST For additional information

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ING (L) INVEST Société d'investissement à Capital Variable Annual report and audited financial statements LUXEMBOURG Annual report and audited financial statements ING (L) INVEST For additional information please contact: ING Investment Management Belgium Fundinfo Helpdesk (MA ) Avenue Marnix 24 B1000 Brussels Tel or ING INVESTMENT MANAGEMENT ING (L) INVEST Annual report and audited financial statements Warning No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semiannual report, if published thereafter. The prospectus, the statutes, the annual and semiannual reports 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. The information given in this report is for reference purposes only. It is not a guide to future results. ING INVESTMENT MANAGEMENT Annual report and audited financial statements ING (L) INVEST 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/ Combined statement of operations and changes in net assets for the year ended 30/09/ ING (L) Invest Africa & Middle East Statistics 21 Financial statements 22 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the period from 01/04/2008 to 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Alternative Beta Statistics 24 Financial statements 25 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the period from 09/06/2008 to 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Asia Pacific High Dividend Statistics 27 Financial statements 28 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Balkan Statistics 31 Financial statements 32 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the period from 21/01/2008 to 30/09/ Securities portfolio as at 30/09/ ING INVESTMENT MANAGEMENT 1 ING (L) INVEST Annual report and audited financial statements Table of contents Page Financial derivative instruments as at 30/09/ ING (L) Invest Banking & Insurance Statistics 35 Financial statements 36 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Biotechnology Statistics 39 Financial statements 40 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest China Access Statistics 42 Financial statements 43 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the period from 02/10/2007 to 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Climate Focus Statistics 45 Financial statements 46 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Computer Technologies Statistics 49 Financial statements 50 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING INVESTMENT MANAGEMENT Annual report and audited financial statements ING (L) INVEST Table of contents Page ING (L) Invest Consumer Goods Statistics 53 Financial statements 54 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Dutch Equity Statistics 56 Financial statements 57 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Emerging Europe Statistics 59 Financial statements 60 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Emerging Markets Statistics 62 Financial statements 63 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest EMU Equity Statistics 66 Financial statements 67 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Energy Statistics 69 ING INVESTMENT MANAGEMENT 3 ING (L) INVEST Annual report and audited financial statements Table of contents Page Financial statements 70 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Euro High Dividend Statistics 72 Financial statements 73 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Euro Income Statistics 75 Financial statements 76 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Europe Growth Fund Statistics 79 Financial statements 80 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Europe High Dividend Statistics 83 Financial statements 84 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Europe Opportunities Statistics 87 Financial statements 88 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ ING INVESTMENT MANAGEMENT Annual report and audited financial statements ING (L) INVEST Table of contents Page Securities portfolio as at 30/09/ ING (L) Invest European Banking & Insurance Statistics 90 Financial statements 91 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest European Consumer Goods Statistics 93 Financial statements 94 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest European Equity Statistics 96 Financial statements 97 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest European Food & Beverages Statistics 100 Financial statements 101 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest European Health Care Statistics 103 Financial statements 104 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest European IT Statistics 107 ING INVESTMENT MANAGEMENT 5 ING (L) INVEST Annual report and audited financial statements Table of contents Page Financial statements 108 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest European Materials Statistics 110 Financial statements 111 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest European New Offerings Statistics 113 Financial statements 114 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest European Real Estate Statistics 117 Financial statements 118 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest European Sector Allocation Statistics 120 Financial statements 121 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest European Small Caps Statistics 123 Financial statements 124 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ ING INVESTMENT MANAGEMENT Annual report and audited financial statements ING (L) INVEST Table of contents Page Securities portfolio as at 30/09/ ING (L) Invest European Telecom Statistics 126 Financial statements 127 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Food & Beverages Statistics 129 Financial statements 130 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Global Brands Statistics 132 Financial statements 133 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Global Growth Statistics 135 Financial statements 136 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Global High Dividend Statistics 139 Financial statements 141 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Global Real Estate Statistics 144 ING INVESTMENT MANAGEMENT 7 ING (L) INVEST Annual report and audited financial statements Table of contents Page Financial statements 145 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Greater China Statistics 148 Financial statements 149 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Health Care Statistics 151 Financial statements 152 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest India Focus Statistics 155 Financial statements 156 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the period from 14/07/2008 to 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Industrials Statistics 158 Financial statements 159 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Japan Statistics 161 Financial statements ING INVESTMENT MANAGEMENT Annual report and audited financial statements ING (L) INVEST Table of contents Page Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Japanese Small & Mid Caps Statistics 164 Financial statements 165 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Latin America Statistics 168 Financial statements 169 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest Materials Statistics 172 Financial statements 173 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest New Asia Statistics 175 Financial statements 176 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest New Technology Leaders Statistics 179 Financial statements 180 ING INVESTMENT MANAGEMENT 9 ING (L) INVEST Annual report and audited financial statements Table of contents Page Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Prestige & Luxe Statistics 182 Financial statements 183 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Sustainable Growth Statistics 185 Financial statements 186 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Telecom Statistics 189 Financial statements 190 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest US (Enhanced Core Concentrated) Statistics 193 Financial statements 194 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ Financial derivative instruments as at 30/09/ ING (L) Invest US Growth Statistics 197 Financial statements 198 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING INVESTMENT MANAGEMENT Annual report and audited financial statements ING (L) INVEST Table of contents Page ING (L) Invest US High Dividend Statistics 200 Financial statements 201 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest US Opportunistic Equity Statistics 204 Financial statements 205 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest Utilities Statistics 207 Financial statements 208 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ ING (L) Invest World Statistics 210 Financial statements 211 Statement of net assets as at 30/09/ Statement of operations and changes in net assets for the year ended 30/09/ Securities portfolio as at 30/09/ to the financial statements 214 ING INVESTMENT MANAGEMENT 11 ING (L) INVEST Annual report and audited financial statements Organisation Registered Office 52, route d'esch, L1470 Luxembourg Board of Directors Chairman Directors Alexandre Deveen, Managing Director, Mutual Funds Brussels, ING Investment Management Belgium 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 Investment Managers ING Investment Management Luxembourg S.A., 52, route d Esch, Luxembourg 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 12 ING INVESTMENT MANAGEMENT Annual report and audited financial statements ING (L) INVEST 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., 41 Kioicho, ChiyodaKu, Tokyo ING Mutual Funds Management Company S.A., 38, Vassileos Konstantinou Avenue, Athens ING Investment Management Asia Pacific (Singapore) Ltd., 9, raffles Place #2308 Republic Plaza, Singapore Administration Agent, Registrar and Transfer Agent ING Investment Management Luxembourg S.A., 52, route d Esch, Luxembourg delegated to ING Luxembourg, 52, route d Esch, Luxembourg Custodian Securities Lending Agent Independent Auditors ING Luxembourg, 52, route d Esch, Luxembourg Goldman Sachs Europe, Peterborough Court, 133 Fleet Street, London Ernst & Young S.A., 7, Parc d Activité Syrdall, Munsbach Financial Servicing Austria ING Bank N.V.Vienna branch (*), Ungargasse 6466/305, Wien Belgium Czech Republic Finland France ING Belgium, 24, avenue Marnix/Marnixlaan, Brussels ING N.V., Organizaèni složka, Nádražni 344/25, Praha Danske Capital Finland Oy, Aleksanterinkatu, 44, 7 krs, Helsinki CACEIS Bank, 1/3, Place Valhubert, Paris Germany BHFBank, Bockenheimer Landstraße 10, Frankfurt am Main (*) The subfunds 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. ING INVESTMENT MANAGEMENT 13 ING (L) INVEST Annual report and audited financial statements Organisation Greece Hong Kong Hungary Italy Luxembourg Norway Singapore Slovakia Spain and Portugal Switzerland Taiwan The Netherlands ING Mutual Funds Management Company S.A., 38, Vasillos Konstantinou Ave, Athens ING Investment Management Asia Pacific (Hong Kong) Ltd., 39/F One International Finance Centre, 1 Harbour View Street, Central, Hong Kong ING Bank Rt., Dózsa György út 84/B, Budapest INGIM Italy Sim, Via Paleocapa 5, Milano ING Luxembourg, 52, route d'esch, Luxembourg ING Bank Norway, Statminister Michelsenvei 36, Paradis, Bergen ING Investment Management Asia Pacific (Singapore) Ltd., 9, raffles Place #2308 Republic Plaza, Singapore ING Bank N.V., Póboèka zahraniènej banky, Jesenskeho 4/C, Bratislava ING Belgium S.A., Sucursal en España (ING Investment Management), Génova, 27 3a Planta Madrid ING Bank (Suisse) S.A., 30, avenue de Frontenex, Geneva ING Securities Investment Management Taiwan Limited, 30F NO7 SEC 5, Xinyi Road, Taipei ING Bank N.V., Amstelveensesteenweg 500, Amsterdam 14 ING INVESTMENT MANAGEMENT Annual report and audited financial statements ING (L) INVEST 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 house prices 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, pa
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