ING INTERNATIONAL. Société d'investissement à Capital Variable. Semi-annual report and unaudited financial statements. R.C.S. Luxembourg N B

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1 ING INTERNATIONAL Société d'investissement à Capital Variable R.C.S. Luxembourg N B Semiannual report and unaudited financial statements LUXEMBOURG

2 Semiannual report and unaudited financial statements For additional information please contact: ING Investment Management P.O. Box LL The Hague The Netherlands Tel or

3 Semiannual report and unaudited 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.

4 Semiannual report and unaudited financial statements Table of contents Page Organisation 3 Combined statement Combined statement of net assets as at 31/12/ ING International Converging Europe Equity Statistics 6 Financial statements 7 Statement of net assets as at 31/12/ Securities portfolio as at 31/12/ ING International Czech Bond Statistics 9 Financial statements 10 Statement of net assets as at 31/12/ Securities portfolio as at 31/12/ Financial derivative instruments as at 31/12/ ING International Czech Equity Statistics 12 Financial statements 13 Statement of net assets as at 31/12/ Securities portfolio as at 31/12/ Financial derivative instruments as at 31/12/ ING International Czech Money Market Statistics 16 Financial statements 17 Statement of net assets as at 31/12/ Securities portfolio as at 31/12/ ING International Hungarian Bond Statistics 19 Financial statements 20 Statement of net assets as at 31/12/ Securities portfolio as at 31/12/ ING International Hungarian Short Term Government Bond Statistics 22 Financial statements 23 Statement of net assets as at 31/12/ Securities portfolio as at 31/12/ ING International Romanian Bond 1

5 Semiannual report and unaudited financial statements Table of contents Page Statistics 25 Financial statements 26 Statement of net assets as at 31/12/ Securities portfolio as at 31/12/ ING International Romanian Equity Statistics 28 Financial statements 29 Statement of net assets as at 31/12/ Securities portfolio as at 31/12/ ING International Slovak Bond Statistics 31 Financial statements 32 Statement of net assets as at 31/12/ Securities portfolio as at 31/12/ Notes to the financial statements 34 Other information to shareholders 39 2

6 Semiannual report and unaudited financial statements Organisation Registered Office Board of Directors 3, rue Jean Piret, L2350 Luxembourg Chairman Gerard Roelofs, Head of Client Group International, ING Investment Management (Europe) B.V. Directors Dirk Buggenhout, Chief Operating Officer, ING Investment Management (Europe) B.V. Hans Stoter, Chief Investment Officer, ING Investment Management (Europe) B.V. Benoît De Belder, Head of Fund Risk and Risk Engineering, ING Investment Management (Europe) B.V. Management Company ING Investment Management Luxembourg S.A., 3, rue Jean Piret, Luxembourg Investment Manager ING Investment Management Luxembourg S.A., 3, rue Jean Piret, Luxembourg delegated to ING Asset Management B.V., 65, Schenkkade, The Hague ING Asset Management B.V., acting through its branch in Bucharest, Romania Costache Negri 15, Bucharest ING Investment Management (C.R.) a.s., Bozděchova 2/344, Praha Administrative, Registrar and Transfer Agent ING Investment Management Luxembourg S.A., 3, rue Jean Piret, Luxembourg delegated to Brown Brothers Harriman (Luxembourg) S.C.A., 28, avenue Charles de Gaulle, Luxembourg 3

7 Semiannual report and unaudited financial statements Organisation Custodian Brown Brothers Harriman (Luxembourg) S.C.A., 28, avenue Charles de Gaulle, Luxembourg Securities Lending Agent Goldman Sachs Europe, Peterborough Court, 133 Fleet Street, London Independent Auditor Ernst & Young S.A., 7, rue Gabriel Lippmann, Parc d'activité Syrdall 2, Munsbach Financial Servicing Institutions Belgium ING Belgium S.A., 24, avenue Marnix/Marnixlaan, Brussels Czech Republic Greece ING Investment Management (C.R.) a.s., Bozděchova 2/344, Praha Piraeus Bank SA, 4, Amerikis, Athens Luxembourg ING Luxembourg S.A., 52, route d'esch, Luxembourg Slovakia The Netherlands ING Investment Management (C.R.) a.s., Bozděchova 2/344, Praha ING Bank N.V., Amstelveenseweg 500, Amsterdam Counterparty to overthecounter financial derivative instruments Forward foreign exchange contracts counterparties Barclays Bank PLC, 5 The North Colonnade, Canary Wharf, London E14 4BB Brown Brothers Harriman, 28, avenue Charles de Gaulle, Luxembourg Chase Manhattan Bank, 25 Bank Street, Canary Wharf, London E14 5JP CitiGroup Global Markets, Citigroup Centre, 25 Canada Square, Canary Wharf, London E14 5LB 4

8 Semiannual report and unaudited financial statements Combined statement (Denominated in EUR) Combined statement of net assets as at 31/12/2014 Notes Total securities portfolio 1,003,644, Shares 325,526, Undertakings for collective investment 22,292, Bonds and other debt instruments 633,393, Money market instruments 22,433, Total financial derivative instruments 3, Forward foreign exchange contracts 3, Cash at bank 18,927, Other assets 4 22,523, Total assets 1,045,099, Bank overdrafts (2,081,585.47) Current liabilities 4 (1,561,089.40) Total liabilities (3,642,674.88) Net assets at the end of the period 1,041,456, The accompanying notes form an integral part of these financial statements. 5

9 Semiannual report and unaudited financial statements Statistics ING International Converging Europe Equity (Denominated in EUR) Capitalisation X (HUF) 31/12/ % Net assets 31/12/2014 EUR 7,334, /06/2014 EUR 8,651, /06/2013 EUR 100,807, Portfolio turnover in %* 31/12/2014 (78.10%) Net asset value per share Capitalisation I (EUR) 31/12/2014 EUR 4, /06/2014 EUR 30/06/2013 EUR 4, Capitalisation P (EUR) 31/12/2014 EUR /06/2014 EUR /06/2013 EUR Capitalisation S (EUR) 31/12/2014 EUR 30/06/2014 EUR 30/06/2013 EUR 3, Capitalisation X (EUR) 31/12/2014 EUR /06/2014 EUR /06/2013 EUR Capitalisation X (HUF) 31/12/2014 HUF 67, /06/2014 HUF 71, /06/2013 HUF 59, Number of shares Capitalisation I (EUR) 31/12/ /06/ /06/ Capitalisation P (EUR) 31/12/ /06/ ,438 30/06/ ,139 Capitalisation S (EUR) 31/12/ /06/ /06/2013 1,951 Capitalisation X (EUR) 31/12/ ,731 30/06/ ,435 30/06/ ,028 Capitalisation X (HUF) 31/12/ /06/ /06/ Ongoing charges in %* Capitalisation I (EUR) 31/12/ % Capitalisation P (EUR) 31/12/ % Capitalisation X (EUR) 31/12/ % * The portfolio turnover rate is calculated in accordance with the CSSF Circular 2003/122 issued on December 19, The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. 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 the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. 6

10 Semiannual report and unaudited financial statements ING International Converging Europe Equity (Denominated in EUR) Financial statements Statement of net assets as at 31/12/2014 Notes Total securities portfolio 7,212, Shares 6,912, Undertakings for collective investment 299, Cash at bank 106, Other assets 4 126, Total assets 7,445, Current liabilities 4 (111,050.72) Total liabilities (111,050.72) Net assets at the end of the period 7,334, The accompanying notes form an integral part of these financial statements. 7

11 Semiannual report and unaudited financial statements ING International Converging Europe Equity (Denominated in EUR) Securities portfolio as at 31/12/2014 Quantity/ Nominal Name Currency Market value % in EUR NAV Quantity/ Nominal Name Currency Market value % in EUR NAV Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market Poland Shares 2,000 ALIOR BANK SA PLN 36, ,950 BANK PEKAO SA PLN 497, ,550 BANK ZACHODNI WBK SA PLN 222, ,700 KGHM POLSKA MIEDZ SA PLN 296, ,587 ORANGE POLSKA SA PLN 80, ,300 PGE SA PLN 252, ,201 POLSKI KONCERN NAFTOWY ORLEN S.A. PLN 184, ,210 POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA PLN 104, ,250 POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA PLN 668, ,606 POWSZECHNY ZAKLAD UBEZPIECZEN SA PLN 635, ,000 TAURON POLSKA ENERGIA SA PLN 11, ,992, Austria 6,872 ANDRITZ AG EUR 313, ,000 AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK EUR 35, AG 7,200 CA IMMOBILIEN ANLAGEN AG EUR 111, ,850 ERSTE GROUP BANK AG EUR 670, ,660 OMV AG EUR 278, ,300 RAIFFEISEN BANK INTERNATIONAL AG EUR 141, ,100 VIENNA INSURANCE GROUP AG WIENER EUR 263, VERSICHERUNG GRUPPE 10,200 VOESTALPINE AG EUR 334, ,200 WIENERBERGER AG EUR 128, ,277, Czech Republic 21,137 CEZ AS CZK 450, ,680 KOMERCNI BANKA AS CZK 287, ,208 PIVOVARY LOBKOWICZ GROUP AS CZK 57, , Hungary 3,850 MOL HUNGARIAN OIL AND GAS PLC HUF 141, ,502 OTP BANK PLC HUF 187, ,805 RICHTER GEDEON NYRT HUF 98, , Romania 25,000 ELECTRICA SA RON 63, ,000 SOCIETATEA NATIONALA DE GAZE NATURALE RON 47, ROMGAZ SA 14,000 TRANSELECTRICA SA RON 91, ,000 TRANSGAZ SA MEDIAS RON 58, , Slovenia 2,014 KRKA DD NOVO MESTO EUR 120, , Netherlands 9,000 FORTUNA ENTERTAINMENT GROUP NV CZK 39, , Romania Closed ended funds 6,912, ,502,250 SC FONDUL PROPRIETATEA SA RON 299, , , Total securities portfolio 7,212, Summary of net assets as at 31/12/2014 % NAV Total securities portfolio 7,212, Cash at bank 106, Other assets and liabilities 15, Total net assets 7,334, The accompanying notes form an integral part of these financial statements. 8

12 Semiannual report and unaudited financial statements Statistics ING International Czech Bond (Denominated in CZK) Ongoing charges in %* Net assets 31/12/2014 CZK 6,377,026, /06/2014 CZK 6,515,256, /06/2013 CZK 6,756,429, Net asset value per share Capitalisation P (CZK) 31/12/2014 CZK 2, /06/2014 CZK 2, /06/2013 CZK 2, Capitalisation P (CZK) 31/12/ % Capitalisation X (CZK) 31/12/ % Distribution P (CZK) 31/12/ % Distribution X (CZK) 31/12/ % Portfolio turnover in %* 31/12/ % Capitalisation X (CZK) 31/12/2014 CZK 19, /06/2014 CZK 18, /06/2013 CZK 17, Distribution P (CZK) 31/12/2014 CZK 1, /06/2014 CZK 1, /06/2013 CZK 1, Distribution X (CZK) 31/12/2014 CZK 57, /06/2014 CZK 56, /06/2013 CZK 53, Number of shares Capitalisation P (CZK) 31/12/2014 2,228,037 30/06/2014 2,367,265 30/06/2013 2,420,438 Capitalisation X (CZK) 31/12/ /06/ /06/ Distribution P (CZK) 31/12/ ,754 30/06/ ,587 30/06/ ,081 Distribution X (CZK) 31/12/ /06/ /06/ Dividend Distribution P (CZK) 30/07/2014 CZK 1.30 Distribution P (CZK) 30/01/2014 CZK Distribution P (CZK) 30/07/2013 CZK Distribution P (CZK) 31/01/2013 CZK Distribution P (CZK) 30/07/2012 CZK Distribution X (CZK) 16/10/2014 CZK Distribution X (CZK) 16/10/2013 CZK Distribution X (CZK) 17/10/2012 CZK * The portfolio turnover rate is calculated in accordance with the CSSF Circular 2003/122 issued on December 19, The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. 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 the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. 9

13 Semiannual report and unaudited financial statements ING International Czech Bond (Denominated in CZK) Financial statements Statement of net assets as at 31/12/2014 Notes Total securities portfolio 6,143,850, Bonds and other debt instruments 6,143,850, Total financial derivative instruments 98, Forward foreign exchange contracts 98, Cash at bank 183,531, Other assets 4 58,477, Total assets 6,385,957, Current liabilities 4 (8,931,028.51) Total liabilities (8,931,028.51) Net assets at the end of the period 6,377,026, The accompanying notes form an integral part of these financial statements. 10

14 Semiannual report and unaudited financial statements ING International Czech Bond (Denominated in CZK) Securities portfolio as at 31/12/2014 Financial derivative instruments as at 31/12/2014 Quantity/ Nominal Name Currency Market value % in CZK NAV To receive To pay Maturity date Commitment in CZK Unrealised profit or (loss) in CZK Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds and other debt instruments Czech Republic 100,000,000 CESKE DRAHY AS 25/07/2018 FRN CZK 99,566, ,000,000 CETELEM CR AS 08/10/2019 FRN CZK 150,720, ,500,000 CZECH REPUBLIC GOVERNMENT BOND CZK 451,611, % 17/03/ ,000,000 CZECH REPUBLIC GOVERNMENT BOND CZK 629,158, % 29/10/ ,000,000 CZECH REPUBLIC GOVERNMENT BOND CZK 351,114, % 17/09/ ,000,000 CZECH REPUBLIC GOVERNMENT BOND CZK 290,925, % 25/08/ ,000,000 CZECH REPUBLIC GOVERNMENT BOND CZK 559,979, % 12/09/ ,860,000 CZECH REPUBLIC GOVERNMENT BOND CZK 719,370, % 29/09/ ,000,000 CZECH REPUBLIC GOVERNMENT BOND CZK 263,688, % 04/12/ ,000,000 CZECH REPUBLIC GOVERNMENT BOND CZK 685,438, % 12/09/ ,000,000 CZECH REPUBLIC GOVERNMENT BOND CZK 372,961, % 11/04/ ,000,000 CZECH REPUBLIC GOVERNMENT BOND CZK 812,900, % 25/05/ ,000,000 NET4GAS SRO 2.250% 28/01/2021 EMTN CZK 81,440, ,468,874, Romania 8,000,000 ROMANIAN GOVERNMENT INTERNATIONAL EUR 262,183, BOND 6.500% 18/06/ ,183, Slovakia 200,000,000 SLOVAKIA GOVERNMENT BOND 02/09/2015 CZK 202,033, FRN 202,033, Spain 100,000,000 TELEFONICA EMISIONES SAU 3.934% CZK 106,750, /03/2017 EMTN 106,750, France 100,000,000 CREDIT AGRICOLE CORPORATE & INVESTMENT CZK 104,010, BANK SA 3.810% 04/05/2016 EMTN 104,010, Forward foreign exchange contract 270,316, CZK 9,750, EUR 05/01/ ,316, , ,316, , Total financial derivative instruments 98, Summary of net assets as at 31/12/2014 % NAV Total securities portfolio 6,143,850, Total financial derivative instruments 98, Cash at bank 183,531, Other assets and liabilities 49,546, Total net assets 6,377,026, ,143,850, Total securities portfolio 6,143,850, The accompanying notes form an integral part of these financial statements. 11

15 Semiannual report and unaudited financial statements Statistics ING International Czech Equity (Denominated in CZK) Ongoing charges in %* Net assets 31/12/2014 CZK 7,002,301, /06/2014 CZK 7,700,971, /06/2013 CZK 7,122,099, Net asset value per share Capitalisation I (USD) 31/12/2014 USD 4, /06/2014 USD 30/06/2013 USD Capitalisation I (USD) 31/12/ % Capitalisation P (CR) (CZK) 31/12/ % Capitalisation P (SR) (EUR) 31/12/ % Distribution P (CR) (CZK) 31/12/ % Portfolio turnover in %* 31/12/ % Capitalisation P (CR) (CZK) 31/12/2014 CZK 2, /06/2014 CZK 2, /06/2013 CZK 2, Capitalisation P (SR) (EUR) 31/12/2014 EUR /06/2014 EUR /06/2013 EUR Distribution P (CR) (CZK) 31/12/2014 CZK /06/2014 CZK /06/2013 CZK Number of shares Capitalisation I (USD) 31/12/ /06/ /06/2013 Capitalisation P (CR) (CZK) 31/12/2014 1,758,047 30/06/2014 1,876,982 30/06/2013 2,007,605 Capitalisation P (SR) (EUR) 31/12/ ,840 30/06/ ,020 30/06/ ,003 Distribution P (CR) (CZK) 31/12/ ,428 30/06/ ,686 30/06/ ,295 Dividend Distribution P (CR) (CZK) 30/07/2014 CZK 3.60 Distribution P (CR) (CZK) 30/01/2014 CZK 1.00 Distribution P (CR) (CZK) 30/07/2013 CZK 9.75 Distribution P (CR) (CZK) 31/01/2013 CZK 1.55 Distribution P (CR) (CZK) 30/07/2012 CZK 8.93 * The portfolio turnover rate is calculated in accordance with the CSSF Circular 2003/122 issued on December 19, The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. 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 the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. 12

16 Semiannual report and unaudited financial statements ING International Czech Equity (Denominated in CZK) Financial statements Statement of net assets as at 31/12/2014 Notes Total securities portfolio 6,899,350, Shares 6,668,204, Undertakings for collective investment 231,145, Total financial derivative instruments Forward foreign exchange contracts Cash at bank 71,359, Other assets 4 48,393, Total assets 7,019,103, Current liabilities 4 (16,802,142.65) Total liabilities (16,802,142.65) Net assets at the end of the period 7,002,301, The accompanying notes form an integral part of these financial statements. 13

17 Semiannual report and unaudited financial statements ING International Czech Equity (Denominated in CZK) Securities portfolio as at 31/12/2014 Quantity/ Nominal Name Currency Market value % in CZK NAV Quantity/ Nominal Name Currency Market value % in CZK NAV Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market Czech Republic Shares 1,183,540 CEZ AS CZK 699,472, ,053 KOMERCNI BANKA AS CZK 687,551, ,989 PHILIP MORRIS CR AS CZK 227,100, ,659 PIVOVARY LOBKOWICZ GROUP AS CZK 51,417, ,647 UNIPETROL AS CZK 52,675, ,718,218, Poland 85,000 ALIOR BANK SA PLN 42,865, ,000 ASSECO POLAND SA PLN 36,280, ,388 BANK HANDLOWY W WARSZAWIE SA PLN 32,775, ,294 BANK PEKAO SA PLN 238,406, ,360 BANK ZACHODNI WBK SA PLN 110,004, ,593 CCC SA PLN 18,642, ,000 CYFROWY POLSAT SA PLN 30,699, ,800 ENEA SA PLN 14,430, ,045 EUROCASH SA PLN 10,086, ,804 GRUPA AZOTY SA PLN 17,931, ,550 GRUPA LOTOS SA PLN 13,283, ,771 KGHM POLSKA MIEDZ SA PLN 175,823, KRUK SA PLN 436, LPP SA PLN 33,967, ,541 MBANK PLN 69,374, ,131 NETIA SA PLN 1,628, ,000 ORANGE POLSKA SA PLN 8,070, ,321 PGE SA PLN 93,737, ,016 POLSKI KONCERN NAFTOWY ORLEN S.A. PLN 82,260, ,796,570 POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA PLN 51,702, ,115 POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA PLN 226,200, ,031 POWSZECHNY ZAKLAD UBEZPIECZEN SA PLN 251,536, ,761 SYNTHOS SA PLN 18,280, ,122,630 TAURON POLSKA ENERGIA SA PLN 36,663, ,965 TVN SA PLN 25,140, ,640,229, Austria 285,359 ERSTE GROUP BANK AG EUR 152,272, ,418 ERSTE GROUP BANK AG CZK 495,241, ,144 VIENNA INSURANCE GROUP AG WIENER EUR 340,639, VERSICHERUNG GRUPPE 348,107 VIENNA INSURANCE GROUP AG WIENER CZK 359,246, VERSICHERUNG GRUPPE 1,347,400, Romania 15,789,580 BANCA TRANSILVANIA RON 186,247, ,000,000 BRDGROUPE SOCIETE GENERALE RON 108,188, ,061,383 ELECTRICA SA RON 74,606, ,657,695 OMV PETROM SA RON 97,507, ,403 SOCIETATEA NATIONALA DE GAZE NATURALE RON 198,797, ROMGAZ SA 686,058 TRANSELECTRICA SA RON 124,143, ,405 TRANSGAZ SA MEDIAS RON 99,801, ,290, Hungary 638,031 MAGYAR TELEKOM TELECOMMUNICATIONS PLC HUF 18,995, ,429 MOL HUNGARIAN OIL AND GAS PLC HUF 157,043, ,253 OTP BANK PLC HUF 163,564, ,806 RICHTER GEDEON NYRT HUF 128,538, ,142, Luxembourg 91,042 KERNEL HOLDING SA PLN 16,756, ,068 PEGAS NONWOVENS SA CZK 257,323, ,080, United Kingdom 193,040 STOCK SPIRITS GROUP PLC CZK 15,385, ,235,872 STOCK SPIRITS GROUP PLC GBP 174,160, ,545, Netherlands 1,173,085 FORTUNA ENTERTAINMENT GROUP NV CZK 141,298, ,298, Romania Closed ended funds 6,668,204, ,728,920 SC FONDUL PROPRIETATEA SA RON 231,145, ,145, ,145, Total securities portfolio 6,899,350, Financial derivative instruments as at 31/12/2014 To receive To pay Maturity date Commitment in CZK Forward foreign exchange contracts 9, EUR 263, CZK 05/01/ , , CZK EUR 05/01/2015 1, (0.90) 264, Unrealised profit or (loss) in CZK Total financial derivative instruments The accompanying notes form an integral part of these financial statements. 14

18 Semiannual report and unaudited financial statements Summary of net assets as at 31/12/2014 % NAV Total securities portfolio 6,899,350, Total financial derivative instruments Cash at bank 71,359, Other assets and liabilities 31,591, Total net assets 7,002,301, ING International Czech Equity (Denominated in CZK) The accompanying notes form an integral part of these financial statements. 15

19 Semiannual report and unaudited financial statements ING International Czech Money Market (Denominated in CZK) Statistics Net assets 31/12/2014 CZK 567,878, /06/2014 CZK 30/06/2013 CZK Net asset value per share Capitalisation P (CZK) 31/12/2014 CZK 1, /06/2014 CZK 30/06/2013 CZK Number of shares Capitalisation P (CZK) 31/12/ ,452 30/06/ /06/2013 Ongoing charges in %* Capitalisation P (CZK) 31/12/ % * The portfolio turnover rate is calculated in accordance with the CSSF Circular 2003/122 issued on December 19, The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. 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 the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. 16

20 Semiannual report and unaudited financial statements ING International Czech Money Market (Denominated in CZK) Financial statements Statement of net assets as at 31/12/2014 Notes Total securities portfolio 545,129, Bonds and other debt instruments 30,304, Money market instruments 514,824, Cash at bank 22,757, Other assets 4 193, Total assets 568,080, Current liabilities 4 (202,109.50) Total liabilities (202,109.50) Net assets at the end of the period 567,878, The accompanying notes form an integral part of these financial statements. 17

21 Semiannual report and unaudited financial statements ING International Czech Money Market (Denominated in CZK) Securities portfolio as at 31/12/2014 Quantity/ Nominal Name Currency Market value % in CZK NAV Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market 30,000,000 Bonds and other debt instruments Slovakia SLOVAKIA GOVERNMENT BOND 02/09/2015 FRN CZK 30,304, ,304, ,304, Other transferable securities and money market instruments Money market instruments Czech Republic 50,000,000 CZECH REPUBLIC MINISTRY OF FINANCE BILL ZCP 10/07/ ,000,000 CZECH REPUBLIC MINISTRY OF FINANCE BILL ZCP 12/06/ ,000,000 CZECH REPUBLIC MINISTRY OF FINANCE BILL ZCP 15/05/ ,000,000 CZECH REPUBLIC MINISTRY OF FINANCE BILL ZCP 16/01/ ,000,000 CZECH REPUBLIC MINISTRY OF FINANCE BILL ZCP 20/02/ ,000,000 CZECH REPUBLIC MINISTRY OF FINANCE BILL ZCP 24/04/ ,000,000 CZECH REPUBLIC MINISTRY OF FINANCE BILL ZCP 27/03/ ,000,000 CZECH REPUBLIC MINISTRY OF FINANCE BILL ZCP 04/09/ ,000,000 CZECH REPUBLIC MINISTRY OF FINANCE BILL ZCP 30/01/ ,000,000 CZECH REPUBLIC MINISTRY OF FINANCE BILL 16/10/ ,000,000 CZECH REPUBLIC MINISTRY OF FINANCE BILL 30/10/2015 CZK 49,975, CZK 39,983, CZK 49,983, CZK 59,997, CZK 59,992, CZK 59,983, CZK 39,991, CZK 34,976, CZK 49,996, CZK 39,968, CZK 29,974, ,824, ,824, Total securities portfolio 545,129, Summary of net assets as at 31/12/2014 % NAV Total securities portfolio 545,129, Cash at bank 22,757, Other assets and liabilities (8,509.50) (0.00) Total net assets 567,878, The accompanying notes form an integral part of these financial statements. 18

22 Semiannual report and unaudited financial statements ING International Hungarian Bond (Denominated in HUF) Statistics Net assets 31/12/2014 HUF 9,909,881, /06/2014 HUF 7,200,198, /06/2013 HUF Net asset value per share Capitalisation I (HUF) 31/12/2014 HUF 555, /06/2014 HUF 532, /06/2013 HUF Number of shares Capitalisation I (HUF) 31/12/ ,854 30/06/ ,533 30/06/2013 Ongoing charges in %* Capitalisation I (HUF) 31/12/ % Portfolio turnover in %* 31/12/ % * The portfolio turnover rate is calculated in accordance with the CSSF Circular 2003/122 issued on December 19, The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. 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 the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. 19

23 Semiannual report and unaudited financial statements ING International Hungarian Bond (Denominated in HUF) Financial statements Statement of net assets as at 31/12/2014 Notes Total securities portfolio 9,557,364, Bonds and other debt instruments 9,557,364, Cash at bank 159,373, Other assets 4 198,057, Total assets 9,914,795, Current liabilities 4 (4,914,148.82) Total liabilities (4,914,148.82) Net assets at the end of the period 9,909,881, The accompanying notes form an integral part of these financial statements. 20

24 Semiannual report and unaudited financial statements ING International Hungarian Bond (Denominated in HUF) Securities portfolio as at 31/12/2014 Quantity/ Nominal Name Currency Market value % in HUF NAV Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds and other debt instruments Hungary 425,000,000 HUNGARY GOVERNMENT BOND 3.500% 24/06/ ,000,000 HUNGARY GOVERNMENT BOND 4.000% 25/04/ ,920,000 HUNGARY GOVERNMENT BOND 5.500% 20/12/ ,950,000 HUNGARY GOVERNMENT BOND 5.500% 22/12/ ,000,000 HUNGARY GOVERNMENT BOND 5.500% 24/06/ ,580,000 HUNGARY GOVERNMENT BOND 6.000% 24/11/2023 1,361,000,000 HUNGARY GOVERNMENT BOND 6.500% 24/06/ ,480,000 HUNGARY GOVERNMENT BOND 6.750% 22/10/ ,020,000 HUNGARY GOVERNMENT BOND 6.750% 24/02/ ,560,000 HUNGARY GOVERNMENT BOND 6.750% 24/11/ ,880,000 HUNGARY GOVERNMENT BOND 7.000% 24/06/ ,130,000 HUNGARY GOVERNMENT BOND 7.500% 12/11/2020 1,410,000 HUNGARY GOVERNMENT INTERNATIONAL BOND 4.125% 19/02/ ,000 HUNGARY GOVERNMENT INTERNATIONAL BOND 5.375% 25/03/2024 HUF 430,461, HUF 847,921, HUF 851,472, HUF 358,730, HUF 288,150, HUF 898,917, HUF 1,554,942, HUF 207,403, HUF 707,904, HUF 998,151, HUF 1,009,104, HUF 867,281, USD 381,567, USD 155,356, ,557,364, ,557,364, Total securities portfolio 9,557,364, Summary of net assets as at 31/12/2014 % NAV Total securities portfolio 9,557,364, Cash at bank 159,373, Other assets and liabilities 193,143, Total net assets 9,909,881, The accompanying notes form an integral part of these financial statements. 21

25 Semiannual report and unaudited financial statements ING International Hungarian Short Term Government Bond (Denominated in HUF) Statistics Net assets 31/12/2014 HUF 1,580,992, /06/2014 HUF 1,521,391, /06/2013 HUF Net asset value per share Capitalisation I (HUF) 31/12/2014 HUF 514, /06/2014 HUF 508, /06/2013 HUF Number of shares Capitalisation I (HUF) 31/12/2014 3,070 30/06/2014 2,991 30/06/2013 Ongoing charges in %* Capitalisation I (HUF) 31/12/ % Portfolio turnover in %* 31/12/ % * The portfolio turnover rate is calculated in accordance with the CSSF Circular 2003/122 issued on December 19, The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. 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 the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. 22

26 Semiannual report and unaudited financial statements ING International Hungarian Short Term Government Bond (Denominated in HUF) Financial statements Statement of net assets as at 31/12/2014 Notes Total securities portfolio 1,515,182, Bonds and other debt instruments 294,598, Money market instruments 1,220,584, Cash at bank 53,332, Other assets 4 13,065, Total assets 1,581,580, Current liabilities 4 (587,469.84) Total liabilities (587,469.84) Net assets at the end of the period 1,580,992, The accompanying notes form an integral part of these financial statements. 23

27 Semiannual report and unaudited financial statements ING International Hungarian Short Term Government Bond (Denominated in HUF) Securities portfolio as at 31/12/2014 Quantity/ Nominal Name Currency Market value % in HUF NAV Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds and other debt instruments Hungary 71,500,000 HUNGARY GOVERNMENT BOND 20/05/2019 FRN 80,000,000 HUNGARY GOVERNMENT BOND 20/12/2017 FRN 140,000,000 HUNGARY GOVERNMENT BOND 7.750% 24/08/2015 HUF 69,527, HUF 79,456, HUF 145,614, ,598, ,598, Money market instruments Hungary 333,870,000 HUNGARY TREASURY BILLS ZCP 01/04/2015 HUF 332,768, ,840,000 HUNGARY TREASURY BILLS ZCP 21/01/2015 HUF 181,703, ,000,000 HUNGARY TREASURY BILLS ZCP 27/05/2015 HUF 183,910, ,000,000 HUNGARY TREASURY BILLS 11/11/2015 HUF 98,539, ,000,000 HUNGARY TREASURY BILLS 16/09/2015 HUF 217,478, ,000,000 HUNGARY TREASURY BILLS 22/07/2015 HUF 206,184, ,220,584, ,220,584, Total securities portfolio 1,515,182, Summary of net assets as at 31/12/2014 % NAV Total securities portfolio 1,515,182, Cash at bank 53,332, Other assets and liabilities 12,477, Total net assets 1,580,992, The accompanying notes form an integral part of these financial statements. 24

28 Semiannual report and unaudited financial statements ING International Romanian Bond (Denominated in RON) Statistics Net assets 31/12/2014 RON 1,208,176, /06/2014 RON 1,094,143, /06/2013 RON 977,506, Net asset value per share Capitalisation I (RON) 31/12/2014 RON 23, /06/2014 RON 22, /06/2013 RON Capitalisation X (RON) 31/12/2014 RON 1, /06/2014 RON 1, /06/2013 RON 1, Number of shares Capitalisation I (RON) 31/12/ ,846 30/06/ ,846 30/06/2013 Capitalisation X (RON) 31/12/ ,378 30/06/ ,437 30/06/ ,371 Ongoing charges in %* Capitalisation I (RON) 31/12/ % Capitalisation X (RON) 31/12/ % Portfolio turnover in %* 31/12/ % * The portfolio turnover rate is calculated in accordance with the CSSF Circular 2003/122 issued on December 19, The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. 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 the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. 25

29 Semiannual report and unaudited financial statements ING International Romanian Bond (Denominated in RON) Financial statements Statement of net assets as at 31/12/2014 Notes Total securities portfolio 1,148,946, Bonds and other debt instruments 1,148,946, Other assets 4 69,566, Total assets 1,218,512, Bank overdrafts (9,340,955.77) Current liabilities 4 (995,564.29) Total liabilities (10,336,520.06) Net assets at the end of the period 1,208,176, The accompanying notes form an integral part of these financial statements. 26

30 Semiannual report and unaudited financial statements ING International Romanian Bond (Denominated in RON) Securities portfolio as at 31/12/2014 Quantity/ Nominal Name Currency Market value % in RON NAV Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market Summary of net assets as at 31/12/2014 % NAV Total securities portfolio 1,148,946, Other assets and liabilities 59,229, Total net assets 1,208,176, Bonds and other debt instruments Romania 5,000,000 BANCA COMERCIALA ROMANA SA % 22/12/2019 EMTN RON 5,960, ,000,000 GARANTI BANK SA 5.470% 15/05/2019 RON 10,576, ,890,000 GDF SUEZ ENERGY ROMANIA SA 7.400% RON 16,244, /10/2017 8,910,000 RAIFFEISEN BANK SA 5.350% 15/05/2019 RON 9,489, ,000,000 ROMANIA GOVERNMENT BOND 3.250% RON 5,131, /01/ ,000,000 ROMANIA GOVERNMENT BOND 4.750% RON 38,118, /02/ ,800,000 ROMANIA GOVERNMENT BOND 4.750% RON 18,176, /06/ ,500,000 ROMANIA GOVERNMENT BOND 4.750% RON 112,232, /08/ ,470,000 ROMANIA GOVERNMENT BOND 5.600% RON 71,847, /11/ ,500,000 ROMANIA GOVERNMENT BOND 5.750% RON 118,267, /01/ ,000 ROMANIA GOVERNMENT BOND 5.750% RON 113, /04/ ,280,000 ROMANIA GOVERNMENT BOND 5.800% RON 56,453, /07/ ,560,000 ROMANIA GOVERNMENT BOND 5.800% RON 21,229, /10/ ,800,000 ROMANIA GOVERNMENT BOND 5.850% RON 133,124, /04/ ,400,000 ROMANIA GOVERNMENT BOND 5.900% RON 101,622, /07/ ,840,000 ROMANIA GOVERNMENT BOND 5.950% RON 146,238, /06/ ,000,000 ROMANIA GOVERNMENT BOND 6.000% RON 40,538, /04/ ,950,000 ROMANIA GOVERNMENT BOND 6.000% RON 110,480, /04/ ,060,000 ROMANIA GOVERNMENT BOND 6.750% RON 101,683, /06/ ,000,000 UNICREDIT TIRIAC BANK SA 6.350% RON 10,945, /06/2018 1,128,476, Supranational Multinational 13,000,000 EUROPEAN INVESTMENT BANK % RON 14,608, /03/2016 EMTN 14,608, United States 5,000,000 CITIGROUP FUNDING INC ZCP 20/11/2017 RON 4,170, EMTN 4,170, United Kingdom 1,500,000 LLOYDS TSB BANK PLC 9.050% 03/02/2020 RON 1,691, EMTN 1,691, ,148,946, Total securities portfolio 1,148,946, The accompanying notes form an integral part of these financial statements. 27

31 Semiannual report and unaudited financial statements ING International Romanian Equity (Denominated in RON) Statistics Net assets 31/12/2014 RON 427,165, /06/2014 RON 410,329, /06/2013 RON 322,340, Net asset value per share Capitalisation I (RON) 31/12/2014 RON 23, /06/2014 RON 22, /06/2013 RON Capitalisation X (RON) 31/12/2014 RON /06/2014 RON /06/2013 RON Number of shares Capitalisation I (RON) 31/12/ ,972 30/06/ ,491 30/06/2013 Capitalisation X (RON) 31/12/ ,256 30/06/ ,007 30/06/ ,438 Ongoing charges in %* Capitalisation I (RON) 31/12/ % Capitalisation X (RON) 31/12/ % Portfolio turnover in %* 31/12/2014 (152.99%) * The portfolio turnover rate is calculated in accordance with the CSSF Circular 2003/122 issued on December 19, The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. 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 the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. 28

32 Semiannual report and unaudited financial statements ING International Romanian Equity (Denominated in RON) Financial statements Statement of net assets as at 31/12/2014 Notes Total securities portfolio 412,433, Shares 351,134, Undertakings for collective investment 61,298, Cash at bank 13,864, Other assets 4 1,335, Total assets 427,633, Current liabilities 4 (467,686.16) Total liabilities (467,686.16) Net assets at the end of the period 427,165, The accompanying notes form an integral part of these financial statements. 29

33 Semiannual report and unaudited financial statements ING International Romanian Equity (Denominated in RON) Securities portfolio as at 31/12/2014 Quantity/ Nominal Name Currency Market value % in RON NAV Quantity/ Nominal Name Currency Market value % in RON NAV Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market Romania Shares 22,300,412 BANCA TRANSILVANIA RON 42,549, ,360,993 BRDGROUPE SOCIETE GENERALE RON 20,658, ,583,434 COMPASIBIU RON 3,116, ,000,000 CONCEFA SA SIBIU RON 173, ,574,420 ELECTRICA SA RON 17,901, ,223,350 OMV PETROM SA RON 33,547, ,815,200 ROPHARMA SA BRASOV RON 1,334, ,130,139 SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA RON 39,961, ,894 SOCIETATEA NATIONALA NUCLEARELECTRICA SA RON 3,907, ,359 TRANSELECTRICA SA RON 20,236, ,015 TRANSGAZ SA MEDIAS RON 20,510, ,896, Poland 33,874 ALIOR BANK SA PLN 2,763, ,546 ASSECO POLAND SA PLN 1,202, ,268 BANK HANDLOWY W WARSZAWIE SA PLN 1,820, ,482 BANK PEKAO SA PLN 12,614, ,100 BANK ZACHODNI WBK SA PLN 6,315, ,000 ENERGA SA PLN 1,204, ,516 EUROCASH SA PLN 736, ,864 GETIN NOBLE BANK SA PLN 1,051, ,182 KGHM POLSKA MIEDZ SA PLN 8,332, ,386 KRUK SA PLN 964, LPP SA PLN 605, ,596 LUBELSKI WEGIEL BOGDANKA SA PLN 1,170, ,998 MBANK PLN 3,645, ,254 NETIA SA PLN 199, ,000 ORANGE POLSKA SA PLN 1,523, ,700 PGE SA PLN 6,633, ,800 POLSKI KONCERN NAFTOWY ORLEN S.A. PLN 2,906, ,713 POLSKIE GORNICTWO NAFTOWE I PLN 2,265, GAZOWNICTWO SA 342,251 POWSZECHNA KASA OSZCZEDNOSCI BANK PLN 12,802, POLSKI SA 28,000 POWSZECHNY ZAKLAD UBEZPIECZEN SA PLN 14,235, ,000 SYNTHOS SA PLN 524, ,624 TAURON POLSKA ENERGIA SA PLN 2,634, ,152, Czech Republic 94,000 CEZ AS CZK 8,986, ,450 KOMERCNI BANKA AS CZK 10,312, PHILIP MORRIS CR AS CZK 875, ,081 PIVOVARY LOBKOWICZ GROUP AS CZK 2,599, ,772, Austria 136,060 ERSTE GROUP BANK AG EUR 11,744, ,056 VIENNA INSURANCE GROUP AG WIENER EUR 8,828, VERSICHERUNG GRUPPE 20,572, Hungary 27,582 MOL HUNGARIAN OIL AND GAS PLC HUF 4,537, ,380 OTP BANK PLC HUF 4,418, ,736 RICHTER GEDEON NYRT HUF 2,857, ,813, Luxembourg 36,737 KERNEL HOLDING SA PLN 1,093, ,178 PEGAS NONWOVENS SA CZK 2,088, ,182, Netherlands 80,000 FORTUNA ENTERTAINMENT GROUP NV CZK 1,558, ,558, United Kingdom 94,081 STOCK SPIRITS GROUP PLC GBP 1,185, ,185, Romania Closed ended funds 351,134, ,835,597 SC FONDUL PROPRIETATEA SA RON 39,276, ,853,600 SIF 1 BANAT CRISANA ARAD RON 5,021, ,917,100 SIF 2 MOLDOVA BACAU RON 7,823, ,330,200 SIF 4 MUNTENIA BUCARESTI RON 5,576, ,156,310 SIF 5 OLTENIA CRAIOVA RON 3,601, ,298, ,298, Total securities portfolio 412,433, Summary of net assets as at 31/12/2014 % NAV Total securities portfolio 412,433, Cash at bank 13,864, Other assets and liabilities 867, Total net assets 427,165, The accompanying notes form an integral part of these financial statements. 30

34 Semiannual report and unaudited financial statements ING International Slovak Bond (Denominated in EUR) Statistics Net assets 31/12/2014 EUR 130,463, /06/2014 EUR 30/06/2013 EUR Net asset value per share Capitalisation P (EUR) 31/12/2014 EUR /06/2014 EUR 30/06/2013 EUR Number of shares Capitalisation P (EUR) 31/12/2014 2,467,050 30/06/ /06/2013 Ongoing charges in %* Capitalisation P (EUR) 31/12/ % * The portfolio turnover rate is calculated in accordance with the CSSF Circular 2003/122 issued on December 19, The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. 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 the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. 31

35 Semiannual report and unaudited financial statements ING International Slovak Bond (Denominated in EUR) Financial statements Statement of net assets as at 31/12/2014 Notes Total securities portfolio 123,519, Bonds and other debt instruments 123,519, Cash at bank 5,048, Other assets 4 2,067, Total assets 130,634, Current liabilities 4 (171,620.08) Total liabilities (171,620.08) Net assets at the end of the period 130,463, The accompanying notes form an integral part of these financial statements. 32

36 Semiannual report and unaudited financial statements ING International Slovak Bond (Denominated in EUR) Securities portfolio as at 31/12/2014 Quantity/ Nominal Name Currency Market value % in EUR NAV Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market Summary of net assets as at 31/12/2014 % NAV Total securities portfolio 123,519, Cash at bank 5,048, Other assets and liabilities 1,896, Total net assets 130,463, Bonds and other debt instruments Slovakia 15,000,000 SLOVAKIA GOVERNMENT BOND 1.500% 28/11/ ,200,000 SLOVAKIA GOVERNMENT BOND 3.000% 28/02/2023 5,100,000 SLOVAKIA GOVERNMENT BOND 3.375% 15/11/ ,000 SLOVAKIA GOVERNMENT BOND 3.500% 24/02/2016 4,290,000 SLOVAKIA GOVERNMENT BOND 3.625% 16/01/2029 3,000,000 SLOVAKIA GOVERNMENT BOND 3.875% 08/02/2033 5,000,000 SLOVAKIA GOVERNMENT BOND 4.000% 27/04/2020 3,000,000 SLOVAKIA GOVERNMENT BOND 4.300% 09/08/ ,050,000 SLOVAKIA GOVERNMENT BOND 4.350% 14/10/ ,100,000 SLOVAKIA GOVERNMENT BOND 4.625% 19/01/2017 2,000,000 ZAPADOSLOVENSKA ENERGETIKA AS 2.875% 14/10/2018 EMTN Romania 5,000,000 ROMANIAN GOVERNMENT INTERNATIONAL BOND 3.625% 24/04/2024 EMTN 4,000,000 ROMANIAN GOVERNMENT INTERNATIONAL BOND 6.500% 18/06/2018 Poland 4,000,000 POLAND GOVERNMENT INTERNATIONAL BOND 4.500% 18/01/2022 EMTN Czech Republic EUR 15,686, EUR 14,166, EUR 6,186, EUR 1,012, EUR 5,245, EUR 3,841, EUR 5,913, EUR 4,040, EUR 31,215, EUR 11,028, EUR 2,147, ,482, EUR 5,476, EUR 4,730, ,206, EUR 4,985, ,985, ,000,000 CESKE DRAHY AS 4.125% 23/07/2019 EMTN EUR 2,198, ,267,000 NET4GAS SRO 2.500% 28/07/2021 EMTN EUR 2,354, ,553, United States 35,000,000 BEAR STEARNS COS LLC 4.100% 24/02/2015 SKK 1,166, EMTN 930,000 GOLDMAN SACHS GROUP INC/THE 2.125% EUR 969, /09/2024 EMTN 2,135, France 1,120,000 MFINANCE FRANCE SA 2.375% 01/04/2019 EUR 1,155, EMTN 1,155, ,519, Total securities portfolio 123,519, The accompanying notes form an integral part of these financial statements. 33

37 Semiannual report and unaudited financial statements Notes to the financial statements 1 GENERAL INFORMATION (the "Fund" or the "Company" or the "SICAV") is a "Société d Investissement à Capital Variable" ("SICAV") incorporated on May 18, 1994 for an unlimited period as a société anonyme (public limited company), governed by Part I of the Luxembourg law of December 17, 2010 on undertakings for collective investment, as amended. The Memorandum and Articles of Association of the Company were published in the "Mémorial, Recueil Spécial des Sociétés et Associations" of the Grand Duchy of 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 Fund is registered with the Luxembourg Register of Companies under number B The Fund currently offers the following share classes to the investors: Share class name Capitalisation I Capitalisation P Capitalisation P (CR) Capitalisation P (SR) Capitalisation X Distribution P Distribution P (CR) Distribution X Description Capitalisation shares dedicated to institutional investors with a minimum initial subscription amount of EUR 250,000 Capitalisation shares intended for individual investors Capitalisation shares intended for individual investors in Czech Republic Capitalisation shares intended for individual investors in Slovak Republic and commercialised under the name "Viségrad Equity" Capitalisation shares intended for individual investors yet differing from class "P" in that they attract a higher management fee and are distributed in certain countries where market conditions require a higher fee structure Distribution shares intended for individual investors Distribution shares intended for individual investors in Czech Republic Distribution shares intended for individual investors yet differing from class "P" in that they attract a higher management fee and are distributed in certain countries where market conditions require a higher fee structure Changes ING International ING Index Linked Fund II ING Polish Continuous Click Fund Euro has been liquidated on July 10, Following the decision of the Board of Directors of the SICAV the following absorbed subfunds have merged into ING International Slovak Bond and ING International Czech Money Market on December 30, The merger took place as follows: Absorbed ING (L) Flex subfunds ING (L) Flex Slovak Bond ING (L) Flex Czech Money Market Absorbing newly created ING International subfunds ING International Slovak Bond ING International Czech Money Market The exchange ratio was equal to one, as one share of the different classes of shares of the absorbed subfunds of ING (L) Flex gave right to one share of the different respective classes of shares of the newly created absorbing subfunds of ING International. Investment policies Shareholders are advised that detailed investment policies of each subfund are described in the prospectus, which is 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. The prospectus will also be sent free of charge to anyone who so requests. 34