Audited Annual Report Auditovaná Výroční Zpráva

Société d'Investissement à Capital Variable LUXEMBOURG

Audited Annual Repor t Auditov aná Výroční Zpráv a

For the year ended 30 September 2003

Za období do 30. září 2003

Glossary of Symbols Legenda použitých symbolů Countries, Central Governments Státy a ústřední vlády

Petroleum Ropa

Photographics and optics Fotografický a optický průmysl

Miscellaneous services Ostatní služby

Cantons, Provinces, etc... Kantony, provincie

Chemicals Chemický průmysl

Miscellaneous consumer goods Různé spotřební zboží

Conglomerates Konglomerace

Cities, Municipal Authorities Města, obce

Electrical, electronics Elektronika a elektrotechnika

Graphics and publishing Polygrafie a vydavatelství

Various unclassified sectors Ostatní nespecifikované sektory

Public bodies Veřejnoprávní instituce

Aero-astro-nautic industry Letectví a kosmonautika

Packaging industries Průmysl obalů

Biochemistry Biochemie

Private bodies Soukromé společnosti

Internet, software & tech. info. serv. Internet, software a tech.-infor. služby

Retail trade, department store Maloobchod, obchodní domy

Sundry investment goods Různé investiční celky

Supranational Organisations Nadnárodní organizace

Office supplies and computing Kancelářské potřeby a zpracování dat

Miscellaneous trading companies Různé obchodní společnosti

Environment and recycling Životní prostředí a recyklace

Investment Funds Investiční fondy

Watch industry Průmysl hodinářský

Banks & fin. instit. (EU) Banky a finan. instituce (EU)

Public health and social Zdravotnictví a společnost

Reserve Rezerva

Machine, apparatus construction Strojírenství a výroba zařízení

Other banks & fin. instit. Ostatní banky a finan. instituce

Mining, extracting industry Důlní průmysl

Road vehicles Silniční vozidla

Central MTG Hypoteční úvěrové společnosti

Aluminium Aluminium

Rubber and tyres Guma a pneumatiky

Holding and finance companies Holdingové a finanční společnosti

Non-ferrous metals Neželezné kovy

Real estate companies Realitní společnosti

Insurance companies Pojišťovny

Precious metals and stones Drahé kovy a kameny

Food, non alcoholic beverage Potravinářství, nealkoholické nápoje

Transportation Doprava

Building materials, industry Stavebnictví a průmysl stavebních hmot

Tobacco, alcoholic drinks Tabák a alkoholické nápoje

Energy and water supply Dodávky vody a energií

Paper and forest products Papír a výrobky ze dřeva

Pharmaceuticals and cosmetics Farmaceutický a kosmetický průmysl

Communication Telekomunikace

Agriculture and fishery Zemědělství a rybolov

Textiles and garments Látky a oděvy

Hotels and restaurants Hotely a restaurace

European Institutions Instituce Evropské Unie

China Čína

Guernsey Guernesy

Liberia Libérie

European Institutions (L) Instituce Evropské Unie (L)

Colombia Kolumbie

Ghana Ghana

Lithuania Litva

Supranational Institution Nadnárodní instituce

Cuba Kuba

Greece Řecko

Luxembourg Lucembursko

Netherlands Antilles Nizozemské Antily

Czech Republic Česká republika

Hong Kong Hongkong

Latvia Lotyšsko

Argentina Argentina

Germany Německo

Croatia Chorvatsko

Morocco Maroko

Austria Rakousko

Denmark Dánsko

Hungary Maďarsko

Macedonia Makedonie

Australia Austrálie

Dominica Ostrov Sv. Dominiky

Indonesia Indonésie

Mauritius Mauritius

Bosnia and Herzegovina Bosna a Hercegovina

Dominican Republic Dominikánská republika

Ireland Irsko

Mexico Mexiko

Belgium Belgie

Algeria Alžírsko

Israel Izrael

Malaysia Malajsie

Bulgaria Bulharsko

Estonia Estonsko

India Indie

Nicaragua Nikaragua

Bermuda Bermudy

Ecuador Ekvádor

Iraq Irák

Nigeria Nigérie

Brazil Brazílie

Egypt Egypt

Italy Itálie

The Netherlands Nizozemí

Canada Kanada

Spain Španělsko

Jersey Jersey

Norway Norsko

Switzerland Švýcarsko

Finland Finsko

Japan Japonsko

New Zealand Nový Zéland

Ivory Coast Pobřeží slonoviny

France Francie

South Korea Jižní Korea

Panama Panama

Chile Chile

Great Britain Velká Británie

Cayman Islands Kajmanské ostrovy

Peru Peru

HR

Papua New Guinea Papua - Nová Guinea

United States Spojené státy

Philippines Filipíny

Uruguay Uruguay

Pakistan Pákistán

Venezuela Venezuela

Poland Polsko

Virgin Islands (UK) Virginské ostrovy (VB)

Portugal Portugalsko

Yugoslavia Jugoslávie

Romania Rumunsko

South Africa Jihoafrická republika

Russia Rusko

Zimbabwe Zimbabwe

Sudan Súdán

Sweden Švédsko

Singapore Singapur

Slovakia Slovensko

Senegal Senegal

Thailand Thajsko

Turkey Turecko

Taiwan Tchaj-wan

Ukraine Ukrajina

UAE Dirham Dirham Spojených arabských emirátu

Renminbi-Yuan Reinminbi yuan

Greek Drachma Řecká drachma

Kazakh Tenge Kazašská tanga

Afghani Afghání

Colombian Peso Kolumbijské peso

Hong Kong dollar Hongkongský dolar

Lebanese Pound Libanonská libra

Armenian Dram Arménský dram

Cuban Peso Kubánské peso

Croat Kuna Chorvatská kuna

Lithuanian Litas Litevský lit

Argentine Peso Argentinské peso

Cyprus Pound Kyperská libra

Hungarian Forint Madárský forint

Luxembourg Franc Lucemburský frank

Austrian Schilling Rakouský šilink

Czech Koruna Česká koruna

Indonesian Rupiah Indonéská rupie

Latvian Lats Lotyšský lat

Australian Dollar Australský dolar

German Mark Německá marka

Irish Pound Irská libra

Moroccan Dirham Marocký dirham

Azerbaijani Manat Azerbajdžánský manat

Danish Krone Dánská koruna

Israelian new shekel Izraelský nový šekel

Moldovan Leu Moldavský lei

Belgian Franc Belgický frank

Algerian Dinar Alžírský dinár

Indian Rupee Indická rupie

Macau Pataca Macajská pataca

Bulgarian Lev Bulharská leva

Estonian Kroon Estonská koruna

Icelandic Króna Islandská koruna

Maltese Lira Maltská libra

Brunei Dollar Brunejský dolar

Egyptian Pound Egyptská libra

Italian Lira Italská lira

Mexican Peso Mexické peso

Boliviano Boliviano

Spanish Peseta Španělská peseta

Jordanian Dinar Jordánský dinár

Malaysian Ringgit Malajsijský ringgit

Brazilian Real Brazilský real

Euro Euro

Japanese Yen Japonský jen

Nicaraguan Córdoba Nikaragujská córdoba

Belarusian Rouble Běloruský rubl

Finland Mark Finská marka

North Korean Won Severokorejský won

Dutch Guilder Holandský gulden

Canadian Dollar Kanadský dolar

French Franc Francouzský frank

South Korean Won Jihokorejský won

Norwegian Krone Norská koruna

Swiss Franc Švýcarský frank

Pound Sterling Libra šterlinků

Kuwaiti Dinar Kuvajtský dinár

New Zealand Dollar Novozélandský dolar

Chilean Peso Chilské peso

Gibraltar Pound Gibraltarská libra

Cayman Islands Dollar Dolar Kajmanských ostrovů

Omani Rial Ománský rijál

Peruvian New Sol Peruánské nové solo

Tajik Somoni Tadžický somoni

Philippine Peso Filipínské peso

Turkmen Manat Turkmenský manat

Pakistani rupee Pakistánská rupie

Tunisian Dinar Tuniský dinár

Polish Zloty Polský zlotý

Turkish Lira Turecká lira

Portuguese Escudo Portugalské eskudo

New Taiwan Dollar Nový taiwanský dolar

Paraguayan Guaraní Paraguayský guaraní

US Dollar US dolar

Qatari Riyal Katarský rijál

Uruguayan Peso Uruguayské peso

Romanian Leu Rumunská lei

Uzbekistan Sum Uzbekistánský sum

Russian Rouble Ruský rubl

Venezuelan Bolívar Venezuelský bolívar

Saudi Riyal Saudský-arabský rijál

Vietnamese Dong Vietnamský dong

Swedish Krona Švédská koruna

Yemeni Rial Jemenský rijál

Singapore dollar Singapurský dolar

Yugoslav Dinar Jugoslávský dinár

Slovenian Tolar Slovinský tolar

South African Rand Jihoafrický rand

Slovak Koruna Slovenská koruna

Syrian Pound Syrská libra

Thai Baht Thajský baht

Warning Upozornění

No subscription can be received solely on the basis of the financial statements. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest Annual Report and the most recent Semi-Annual Report, if published thereafter. Only the English and German versions of the present Annual Report have been reviewed by the auditors. Consequently, the auditor's report only refers to the English and German versions of the Annual Report; other versions result from a conscientious translation made under the responsibility of the Board of Directors. In case of differences between the English and German versions and the translation, the English and German versions should be retained. The information given in this report is for reference purposes only and is not a guide to future results.

Žádný úpis nelze provést pouze na základě finanční závěrky. Má-li být úpis považován za právoplatný, musí být proveden na základě aktuálně platného prospektu obsahujícího výtisk poslední výroční zprávy a nejnovější pololetní zprávy, pokud byla mezitím publikována. Auditoři oveřili pouze anglickou a němekou verzi této výroční zprávy. Zpráva auditorů se tudiž odvolává pouze na anglickou a němekou verzí předmětné zprávy, s tim, že dalši verze byly přeloženy svědomitě a pod dohledem správni rady. Pokud by došlo k rozdilům mezi anglickou a němekou verzí a příslušnými překlady, plati textace anglická a němeká. Informace obsažené v této zprávě hodnotí vývoj minulých období nepředjímají budoucí výsledky.

ING (L) Invest - 30/09/2003

Table of Contents Obsah

Glossary of Symbols Legenda použitých symbolů Management and Administration Administrativní a správní služby

4

Management's report Vztahy správních středisek

6 8

Notes to the Financial Statements Poznámky k vývoji finanční situace

10 14

Evolution of the Sub-Funds Vývoj finanční situace fondů

18

Statement of Net Assets Výkaz čistého jmění

36

Statement of Operations and Changes in Net Assets Výkaz operací a změn čistého jmění

52

Securities Portfolio Portfolio cenných papírů

74

Auditor's report Zpráva auditora

ING (L) Invest - 30/09/2003

184 185

Management and Administration Administrativní a správní služby

REGISTERED OFFICE

52, route d'Esch, L-1470 Luxembourg

ADRESA SPOLEČNOSTI

BOARD OF DIRECTORS SPRÁVNÍ RADA

CHAIRMAN PŘEDSEDA

DIRECTORS ČLENOVÉ

Eugène Muller, Honorary Director, ING Luxembourg

Elmar Baert, Member of the Board of Directors, ING Luxembourg up to July 31st, 2003

Bruno Colmant, Managing Director, ING Luxembourg from July 31st, 2003

Odilon De Groote, ING Representative

Eric Orlans, Chairman of the Executive Board, ING Investment Management Belgium up to July 31st 2003

Jean Sonneville, General Manager ING Investment Management Belgium from July 31st, 2003

Bruno Springael, Member of the Board of Directors, ING Investment Management Belgium

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Management and Administration Administrativní a správní služby

PORTFOLIO MANAGERS ODPOVŰDNÝ PRACOVNÍK

CUSTODIAN, ADMINISTRATION AGENT DEPOZITNÍ BANKA, ADMINISTRATIVNÍ PRACOVNÍK AUDITORS AUDITOR

ING Investment Management Belgium ING Investment Management Asia Pacific (Singapore) Pte Ltd, Singapore ING Fund Management BV, The Hague Aeltus Investment Management, Inc., Connecticut ING Luxembourg, 52, route d'Esch, Luxembourg

Ernst &Young, Société Anonyme, 7, Parc d'Activité Syrdall L-5365 Munsbach, Luxembourg

FINANCIAL SERVICING FINANŚNÍ SLUŽBA Austria/Rakousko Belgium/Belgie Chili/Cile Czech Republic/Česká republika

ING Bank Wien, Neuer Markt 2, Wien (*) ING Belgium, 24 avenue Marnix/Marnixlaan, Brussels IIM Chile, Av. Suecia 211, Piso 12, Providancia - Santiago

ING Bank N.V., Organizační složka, Nádražni 344/25, Praha 5, 150 00

Finland/Finsko

Den Danske Bank, Pohjoisesplanadi, 25 A, Helsinki

France/Francie

ING Securities Bank (France), Coeur Défense Tour A La Défense 4, 110 Esplanade du Général de Gaulle 92931 Paris La Défense Cedex

Germany/Nemecko

Greece/Řeceko

Hong Kong

Italy/Itálie Luxembourg/Lucembursko Norway/Norsko Slovakia/Slovensko

Spain/Španělsko Switzerland/Švýcarsko The Netherlands/Nizozemí

ING BHF-Bank, Bockenheimer Landstraße. 10, 60323 Frankfurt am Main Piraeus Asset Management Company, 3 Korai Street, Athens 10564 IIM Hong Kong, 39/F One International Finance Centre, 1 Harbour View Street, Central, Hong Kong IIM Italia, Via Tortona 33, 20144 Milano ING Luxembourg, 52, route d'Esch, Luxembourg ING Bank Norway, Statminister Michelsenvei 36 5231 Paradis

ING Bank N.V., Pobočka zahraničnej banky, Kolárska 6, 811 06 Bratislava IIM Spain, Paseo de la Castellana 95 - Planta 14 - 28046 Madrid ING Bank (Switzerland) A.G.1, 30, Avenue de Frontenex, Genève ING Belgium Breda Branch, 4G-4H Prinsenkade (Constantijn Office) 4811 VB Breda

(*) The sub-fund ING (L) Invest European Materials is not registered in Austria. (*) Podřízený fond ING (L) Invest European Materials není zaregistrován v Rakousku.

Formerly/Předtím: ING Banque Bruxelles Lambert (Suisse) S.A.

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ING (L) Invest - 30/09/2003

5

Management’s report Vztahy správních středisek

ENGLISH ECONOMY At the beginning of the reporting period, world economy grew slowly. The United States was no longer in recession, but the recovery appeared somewhat below its estimated potential. The persistence of accounting scandals (Worldcom) and geopolitical troubles led to a collapse of equity prices and to a sharp decline of business and consumer confidence. Industry continued to suffer from strong overcapacity and companies consequently persevered with restructuring. As a result, unemployment rose to 6.4% at the end of June 2003 and business capital spending was frozen. In this environment, the Federal Reserve became particularly anxious about the risk of lower consumer prices (even risk of deflation) and had thus enough reasons to loosen its monetary policy. Consequently, the Fed cut its key rate to its lowest level in more than 40 years, i.e. 1% (reached in June). In 2003, the low interest rate, tax cuts and escalating defense spending (Iraq) gave the US economy an appreciable boost. Activity in industry and the services sector moved up a gear, as illustrated by the growth in gross domestic product - which went up much more than expected in the second quarter and in the third quarter (+7.2%) Without there being any direct trend break, some figures published in September aroused doubts about the sustainability of the recovery. Those doubts were consistent with the figures for the labour market. Despite rising profitability, companies continued to cut jobs. If the labour market does not pick up soon, consumers may well save more and companies may find it even more difficult to step up investment. That could frustrate the progress of the recovery, particularly since the favourable effects of the tax cuts will diminish. One positive point is that the very accommodating monetary policy will stimulate the economy certainly until July 2004 (and possibly longer). The negative developments in the United States did not leave the rest of the world unaffected during the winter. In Europe as well, risks of lower consumer prices were apparently growing. The rebound of the Euro was particularly relevant in this regard. The appreciation of the currency was one of the factors that pushed consumer prices downward. Growth in Europe was disappointing throughout 2002/2003. Consumption declined and governments were not allowed to carry out an expansionary budget policy because of the Maastricht criteria. Amid those poor economic conditions and following the appreciation of the Euro, the European Central Bank decided to cut its key rate to 2% (reached at the end of the reporting period). But, the trend of the macroeconomic figures for Euroland showed that the region had bottomed out in the summer. The ongoing pressure on Euroland inflation, the success of Gerhard Schröder's government with reforms and the favourable reaction of the Germans to these, all gave the economic recovery a further impetus. Although the relatively strong Euro continued to hurt the export sector, the pick-up in world trade provided some support. Despite the still problematic labour market, the figures indicated a gradual further improvement in the economic perspectives, particularly as regards the domestic economy. During the first semester 2003, the Japanese economy, like the rest of Asia, suffered from the regional problems linked to the outbreak of the SARS epidemics. However, Japan's domestic demand stood firmer than expected in the third quarter. The perspectives for the Japanese economy have improved considerably, mainly because of the sharp increase in business investment and consumer spending. At the end of the reporting period, the robust economic growth in China and other Asian countries continue to give the Japanese economy a significant boost. The new president of the central bank looks more willing to take less conventional measures. The Bank of Japan left its key rate unchanged at 0%.

BOND MARKETS During the reporting period, money market rates were volatile. At the beginning of the period, money markets decreased in the United States. This was due to the slower than expected economic recovery, the further loosening of the monetary policy, the war threat in Iraq and the flight to the relative safety of government bonds of investors. Against such a background, government bonds were the biggest winners. In the wake of the decline on equity markets, corporate bonds performed quite adversely. Bond yields only bounced back after the end of the war in Iraq. Indeed, the market could refocus on the economic prospects and the monetary policy of central banks. That policy became prominent again in May 2003 after the Fed clearly showed its concern about the risk of deflation. The Fed made it clear that it would maintain low interest rates in the coming years and that it would be ready to use unconventional monetary weapons in order to fight deflation. Measures could for instance include the purchase of government bonds by the central bank. In the latter half of June, US bond yields, increased due to better-than-expected macroeconomic figures. The reference of Alan Greenspan - the Chairman of the Federal Reserve - to an improvement in the economic perspectives only intensified the upward pressure on ten-year yields. In just a few weeks, the ten-year yield climbed 90 basis points from its June low. When it became evident that the labour market was continuing to give rise to concern and some figures disappointed in September, yields fell back again to appreciably lower levels.

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Money market rates in Europe were once again mainly influenced by the developments in the US though they were less volatile. The downward pressure on interest rates in Euroland was helped by the persistent weakness of economic figures, the decrease of inflation and the strength of the Euro. Moreover, it became clear that the European Central Bank was slowly changing course. The Bank cut its rate (125 basis points during the reporting period), but it also started to loosen its dogmatic anti-inflation policy. In June, bond yields in Euroland were not unaffected by the sharp rise in the US ten-year yield. However, the upward pressure on Euroland yields from their June low was limited to approximately 30 basis points. The expected slowing of the recovery curtailed the upward pressure on yields. In 2002, the Japanese ten-year yield continued to decline to less than 0.5% even though it was already very low during the reporting period. The Japanese economy failed to recover sustainably because of the poor economic performances in the rest of the world. The growth of consumer prices remained negative (deflation). Against such a background, the Japanese Central Bank stuck to its zero interest rate policy. But, during the summer, the Japanese ten-year yield showed a very pronounced zigzag movement, but also a sharp net rise. This was due to much better-than-expected macroeconomic figures plus technical factors. The role played by Japanese institutional investors is difficult to track. They would have sold off positions in August because the volatility on the market was too high.

EQUITY MARKETS The MSCI world index gained 5.8% overall (total return in Euros) during the reporting period, but equity markets were volatile from September 2002 to September 2003. After a strong decrease, global equity markets advanced in the second and third quarter 2003. Better-than expected macroeconomic indicators and encouraging second-quarter figures inspired confidence in global economic recovery. The tide turned in mid September when the economic signals were somewhat less upbeat. Unrest in the oil and forex markets then triggered a wave of profit taking. From October 2002 to March 2003, investors were held back by fear and distrust. Beside the fear of new geopolitical conflicts and terrorist attacks, investors were frightened off by the doubts about the quality of financial reporting in American companies and by the reserves concerning the future earnings growth of Western companies. In mid-March, just before the outbreak of war, the Western equity markets fell to their lowest level in 6 years. The end of war marked a turning point on equity markets. The prolonged geopolitical uncertainty came to an end and companies and consumers started hoping in an economic revival again. Nevertheless, disappointing economic figures also continued to suggest that the underlying trend remained globally soft. Markets worried about the spectre of deflation in the USA and in Europe (Germany) as uncertainties on the labour market remained a problem. As a result, investors anticipated further monetary easing in the USA and in Europe and bond yields reached a very low level. In this uncertain environment, we were sceptic and we decided to lower our GDP growth forecasts in April. Our forecasts have remained below consensus expectations until end June. Nevertheless, the rally continued on stock markets in May-June thanks to better than expected earnings in the USA principally boosted by a weak US Dollar - and better macroeconomic data (ISM, consumer confidence) at the end of the 2nd quarter. In spite of this recent macroeconomic improvement, our fundamental indicators remained neutral.

ING (L) Invest - 30/09/2003

7


ČESKY ECONOMIE Na začátku vykazovaného období rostla světová ekonomika pomalu. Spojené státy americké již neprocházely recesí, avšak zdálo se, že oživování je pod odhadovaným potenciálem. Přetrvávání účetních skandálů (Worldcom) a geopolitické problémy vedly ke kolapsu cen akcií a k prudkému poklesu obchodu a důvěry spotřebitelů. Odvětví bylo i nadále sužováno silnou nadměrnou kapacitou, jejímž důsledkem byly pokračující restrukturalizace společností. Výsledkem byl následný růst nezaměstnanosti dosahující na konci až 6,4% a zmražení kapitálu, který mohly firmy investovat. V tomto prostředí se centrální banka USA (Federal Reserve) začala obávat zejména rizika nižších spotřebitelských cen (dokonce i rizika deflace), a měla proto dostatek důvodů k uvolnění své měnové politiky. To vedlo centrální banku ke snížení klíčové sazby na nejnižší úroveň za více než 40 let, tj. na 1% (této úrovně bylo dosaženo v čer vnu). Nízká úroková míra, snížení daní a stále se zvyšující výdaje na obranu (Irák) podnítily v ekonomice Spojených států zcela zřetelný prudký růst. Aktivita v oblasti průmyslu a sektoru služeb povzbudila finanční sílu, což lze doložit růstem hrubého domácího produktu, který stoupl mnohem více, než se očekávalo ve druhém a třetím čtvrtletí (+7,2%) Aniž by došlo k přímému narušení daného trendu, některá čísla zveřejněná v září vyvolala pochybnosti o možnosti udržet trvalé oživení. Tyto pochybnosti se shodovaly s čísly, která přicházela z pracovního trhu. Bez ohledu na zvyšující se ziskovost firmy i nadále snižovaly počty pracovních míst. Pokud se trh práce brzy nevzpamatuje, spotřebitelé mohou začít více šetřit a firmy mohou zjistit, že bude stále složitější posílit investice. Tím by mohlo dojít k narušení dalšího oživování, zejména proto, že příznivé účinky snižování daní se omezí. Jedním pozitivním momentem je skutečnost, že velmi výhodná monetární politika bude stimulovat ekonomiku určitě až do července 2004 (a možná i déle). Negativní vývoj ve Spojených státech ovlivnil i zbytek světa. Rovněž v Evropě se zcela zřetelně zvyšovala rizika nižších spotřebitelských cen. Vzpamatování se eura bylo z tohoto hlediska zvláště důležité. Zpevnění této měny bylo jedním z faktorů, který stlačil spotřebitelské ceny. Růst v Evropě byl během roku 2002 a 2003 zklamáním. Spotřeba se snížila a vlády nesměly vzhledem k maastrichtským kritériím provádět expanzivní rozpočtovou politiku. Uprostřed těchto špatných ekonomických podmínek a po posílení eura se Evropská centrální banka rozhodla snížit svou klíčovou sazbu na 2 % (této hodnoty bylo dosaženo na konci sledovaného období). Avšak trend vývoje makroekonomických čísel v eurozóně ukázal, že region dosáhl maximálního poklesu v létě. Stále pokračující tlak na inflaci v eurozóně, úspěch reforem vlády Gerharda Schrödera a příznivá reakce Němců na tyto reformy, to vše dále podněcovalo ekonomické oživování. I když relativně silné euro i nadále podrývalo export, posílení celosvětového obchodu představovalo určitou vzpruhu. Bez ohledu na stále problematický trh práce čísla naznačila postupné další zlepšování ekonomických perspektiv, zejména s ohledem na domácí ekonomiku. Během prvního pololetí roku 2003 bylo japonské hospodářství, stejně jako ekonomika zbytku Asie, sužováno regionálními problémy, které souvisely s vypuknutím epidemie SARS. Nicméně tuzemská poptávka si v Japonsku vedla lépe, než se očekávalo ve třetím čtvrtletí. Výhledy japonské ekonomiky se výrazně zlepšily, zejména z důvodu prudkého vzestupu firemních investic a vyšší spotřeby obyvatel. Na konci sledovaného období dodal obrovský ekonomický růst v Číně a dalších asijských zemích japonskému hospodářství významný prorůstový impuls. Nový prezident centrální banky se zdá být příznivě nakloněn přijímání méně konvenčních opatření. Japonská centrální banka ponechala svou klíčovou sazbu nezměněnu, tj. na úrovni 0%.

TRHY S OBLIGACEMI Během vykazovaného období sazby na peněžních trzích kolísaly. Na začátku období se sazby na peněžních trzích ve Spojených státech snížily. Příčinou bylo pomalejší oživování, než bylo očekáváno, další uvolňování měnové politiky, hrozba války v Iráku a přechod k relativně bezpečným investicím do vládních dluhopisů. Na pozadí takovýchto událostí se státní dluhopisy stávaly největším „trhákem". Podnikové obligace si vedly dost špatně, a šly tak ve stopách poklesu na akciových trzích. Výnosy z obligací se na konci války v Iráku pouze vrátily na původní hodnoty. A skutečně trh se mohl opětovně zaměřit na ekonomické vyhlídky a měnovou politiku centrálních bank. Tato politika se znovu dostala do popředí v květnu 2003 po té, co centrální banka USA zřetelně projevila obavy vyplývající z rizika deflace. Centrální banka dala jasně najevo, že bude v nadcházejících letech udržovat nízké úrokové sazby a že bude připravena v boji s deflací využívat nekonvenčních měnových zbraní, kterými by byla schopna s deflací bojovat. Opatření by mohla například zahrnovat nákup státních obligací centrální bankou. Ve druhé polovině června se výnosy z amerických obligací zvýšily vzhledem k lepším makroekonomickým ukazatelům, než se očekávalo. Odkaz Alana Greenspana – prezidenta Federal Reserve – na zlepšování ekonomických perspektiv pouze umocnil tlak na zvyšování výnosů obligací s desetiletou splatností. Během několika týdnů se obligace s desetiletou splatností vyšplhaly z červnového minima o 90 základních bodů. Když již bylo zcela zřejmé, že trh práce i nadále představuje obavy a některá čísla v září zklamala, výnosy opět poklesly na znatelně nižší úrovně.

8

ING (L) Invest - 30/09/2003


Sazby na finančních trzích v Evropě byly opět ovlivněny hlavně vývojem v USA, i když nevykazovaly takovou nestálost. Tlak na snižování úrokových sazeb v eurozóně byl podporován neustálým oslabováním hospodářských ukazatelů, snižováním inflace a posilováním eura. Kromě toho bylo stále zřejmější, že Evropská centrální banka pomalu mění svůj kurz. Banka snížila svou sazbu (o 125 základních bodů během vykazovaného období) a zároveň začala uvolňovat svou dogmatickou antiinflační politiku. V červnu nemohly zůstat výnosy z obligací v eurozóně neovlivněny prudkým růstem výnosů amerických obligací s desetiletou splatností. Nicméně tlak na zvyšování výnosů v eurozóně byl od jejich červnového minima omezen přibližně na 30 základních bodů. Očekávané zpomalení oživování pak tlak na zvyšování výnosů omezilo. Výnos z japonských obligací s desetiletou splatností v roce 2002 i nadále klesal na méně než 0,5%, ačkoliv byl již během vykazovaného období velmi nízký. Japonské hospodářství nedokázalo udržet oživení vzhledem ke špatné ekonomické výkonnosti ve zbytku světa. Růst spotřebitelských cen byl i nadále negativní (deflace). V takovéto situaci japonská centrální banka zůstala u své politiky nulové úrokové sazby. Avšak během léta výnos z japonských obligací s desetiletou splatností vykázal zcela výrazný nerovnoměrný vývoj, ale zároveň i prudký čistý růst. Tento vývoj byl způsoben mnohem lepšími makroekonomickými ukazateli, než se očekávalo, k nimž přistoupily i faktory technického rázu. Je těžké vysledovat roli, kterou sehráli japonští institucionální investoři. Ti své pozice v srpnu odprodali, protože kolísavost na trhu byla příliš velká.

TRHY S AKCIEMI Světový index MSCI se během vykazovaného období celkově zotavil o 5,8% (celková návratnost v eurech), avšak od září 2002 do září 2003. zůstaly akciové trhy nevyrovnané. Po silném poklesu se ve druhém a třetím čtvrtletí roku 2003 globální akciové trhy zaznamenaly určitý pokrok. Makroekonomické ukazatele, které byly lepší, než se očekávalo, a povzbuzující čísla z druhého čtvrtletí podnítily důvěru v celosvětové oživení ekonomiky. Tato tendence se otočila uprostřed září, kdy byly ekonomické signály již méně optimistické. Neklid na trzích s ropou i devizových trzích pak odstartoval realizaci zisků. Od října 2002 do března 2003 se investoři, kteří měli strach a stali se nedůvěřivými, drželi zpět. Kromě strachu z nových geopolitických konfliktů a teroristických útoků byli investoři vylekáni i pochybnostmi o kvalitě finančních výkazů amerických společností a výhradami k budoucímu růstu zisků západních firem. V polovině března, přesně před vypuknutím války, se západní akciové trhy propadly na nejnižší úroveň za posledních šest let. Konec války znamenal pro akciové trhy obrat. Prodlužovaná geopolitická nejistota skončila a společnosti i spotřebitelé začali opět doufat v hospodářské oživení. Nicméně neutěšená ekonomická čísla i nadále napovídala, že základní vývojový trend zůstal na globální úrovni slabý. Trhy projevily obavy o spektrum deflace v USA a v Evropě (v Německu), protože nejistota na trhu práce představovala i nadále problém. V důsledku tohoto vývoje investoři předpokládali další monetární uvolňování v USA a v Evropě a výnosy z obligací dosáhly velmi nízké úrovně. V tomto nejistém prostředí jsme byli skeptičtí a rozhodli jsme se v dubnu snížit naši prognózu týkající se růstu HDP. Naše prognózy zůstali pod hladinou konsensuálních předpokladů až do konce června. Nicméně v květnu a červnu pokračovalo zotavování na akciových trzích díky ziskům z akcií, které byly v USA lepší, než se očekávalo v zásadě byly taženy vzhůru slabým dolarem – a rovněž díky lepším makroekonomickým údajům (ISM, důvěra spotřebitelů) ve druhém čtvrtletí. I přes toto nedávné makroekonomické zlepšení zůstaly naše základní ukazatele neutrální.

ING (L) Invest - 30/09/2003

9


ENGLISH 1- General Remarks ING (L) Invest (the "Company") is a "Société d'Investissement ą Capital Variable" incorporated on September 6th, 1993 for an unlimited period as a société anonyme (public limited company), governed by Part I, Chapter 3 of the Luxembourg law of March 30th, 1988 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 (hereafter "the Mémorial") 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 member of the Luxembourg Register of Companies under number B 44 873. Changes: Liquidation of ING (L) Invest Global Real Estate on November 22nd, 2002. The sub-fund "European Market Leaders" of ING Direct SICAV was taken over by the sub-fund "European Equity" of ING (L) Invest on December 16th, 2002. The following sub-funds were taken over: Date

ING (L) Invest

Taken over by

ING (L) Invest

Top 30 Euro 11 April 2003

Greece

EMU Equity

Portugal Spanish Equity

17 April 2003

9 May 2003

Top 30 World

World

Futuris

Global Brands

Brazil

Latin America

Internet

Computer Technologies

Free Time

Consumer Goods (ex Shopping)

Singapore & Malaysia 16 May 2003

Indonesia

New Asia

Korea Philippines

23 May 2003

Mobile Telecom

Telecom

Metals & Mining

Materials (ex Chemicals)

India

New Asia

The following sub-funds have changed their name: Date 9 May 2003

23 May 2003

10

ING (L) Invest Shopping

Becomes

ING (L) Invest Consumer Goods

Chemicals

Materials

Euro High Yield

Euro High Dividend

European Cyclicals

European Materials

European-Immo

European Real estate

European Shopping

European Consumer Goods

Nasdaq Europe

European IT

North America

US (Enhanced Core Concentrated)

Taiwan

Greater China

ING (L) Invest - 30/09/2003


The following sub-funds of BBL Invest SICAV were taken over by sub-funds of ING (L) Invest: Date

BBL Invest America

22 September 2003

29 September 2003

Taken over by

ING (L) Invest US (Enhanced Core Concentrated)

Asian Growth

New Asia

Emerging Europe

Emerging Europe

Hong Kong & China

Greater China

Japan

Japan

Latin America

Latin America

Netherlands

Dutch Equity

Thailand

New Asia

Italy

EMU Equity

Scandinavia

European Equity

Spain

EMU Equity

Switzerland

European Equity

United Kingdom

European Equity

2- Principal accounting methods Currency conversion The financial statements have been drawn up in the accounting currency of each sub-fund. Bank assets, other net assets as well as the book value of the securities portfolios 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 consolidated statement 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 realisation value. Income Dividends are accounted for on the ex-date. Interest is accrued on a daily basis. Financial instruments Negative evaluations of options or other financial instruments are included in the item "current liabilities".

ING (L) Invest - 30/09/2003

11


3- Management fees As portfolio manager of the following sub-funds, ING Investment Management Belgium is entitled to receive a monthly fee based on the average net asset value of each class of shares on the basis of the following rates:

SUB-FUNDS

Management fees Rate (P-CLASS)

Management fees Rate (X-CLASS)

Australia

1.20% p.a.

1.75% p.a.

Banking & Insurance

1.20% p.a.

1.75% p.a.

Biotechnology

1.20% p.a.

1.75% p.a.

Brazil

1.20% p.a.

1.50% p.a.


1.20% p.a.

1.75% p.a.

Consumer Goods

1.20% p.a.

1.75% p.a.

Energy

1.20% p.a.

1.75% p.a.

European Banking & Insurance

1.20% p.a.

1.75% p.a.


1.20% p.a.

1.75% p.a.

European Food & Beverages

1.20% p.a.

1.75% p.a.

European Health Care

1.20% p.a.

1.75% p.a.

Euro High Dividend

1.20% p.a.

1.75% p.a.

European IT

1.20% p.a.

1.75% p.a.

European Materials

1.20% p.a.

1.75% p.a.

European New Offerings

1.20% p.a.

1.75% p.a.

European Sector Allocation

1.20% p.a.

1.75% p.a.

European Telecom

1.20% p.a.

1.75% p.a.

Food & Beverages

1.20% p.a.

1.75% p.a.

Free Time

1.20% p.a.

1.75% p.a.

Futuris

1.20% p.a.

...

Greece

1.20% p.a.

1.50% p.a.

Health Care

1.20% p.a.

1.75% p.a.

Industrials

1.20% p.a.

1.75% p.a.

Materials

1.20% p.a.

1.75% p.a.

Metals & Mining

1.20% p.a.

1.75% p.a.

Mobile Telecom

1.20% p.a.

1.75% p.a.

Nasdaq

1.20% p.a.

1.75% p.a.

New Technology Leaders

1.20% p.a.

1.75% p.a.

Portugal

1.20% p.a.

1.50% p.a.

Prestige & Luxe

1.20% p.a.

1.75% p.a.

Telecom

1.20% p.a.

1.75% p.a.

Top 30 Euro

1.20% p.a.

1.75% p.a.

Top 30 World

1.20% p.a.

1.75% p.a.

Utilities

1.20% p.a.

1.75% p.a.

As portfolio manager of the following sub-funds, ING Fund Management BV is entitled to receive a monthly fee based on the average net asset value of each class of shares on the basis of the following rates: SUB-FUNDS

12

Management fees Rate



(P-CLASS)

(X-CLASS)

(I-CLASS)

Dutch Equity

1.20% p.a.

1.75% p.a.

…

Emerging Europe

1.20% p.a.

1.75% p.a.

0.35% p.a.

Emerging Markets

1.20% p.a.

1.75% p.a.

0.65% p.a.

ING (L) Invest - 30/09/2003


SUB-FUNDS




(P-CLASS)

(X-CLASS)

(I-CLASS)

EMU Equity

1.20% p.a.

1.75% p.a.

0.36% p.a.

European Equity

1.20% p.a.

1.75% p.a.

…

European Real Estate

1.20% p.a.

1.75% p.a.

…

European Small Caps

1.20% p.a.

1.75% p.a.

…

Global Brands

1.20% p.a.

1.75% p.a.

…

Global High Dividend

1.20% p.a.

1.75% p.a.

…

Global Real Estate

1.20% p.a.

1.75% p.a.

0.35% p.a.

Internet

1.20% p.a.

2.00% p.a.

…

IT

1.20% p.a.

1.75% p.a.

…

Japan

1.20% p.a.

1.75% p.a.

…

Latin America

1.20% p.a.

1.75% p.a.

…

New Asia

1.20% p.a.

1.75% p.a.

…

Spanish Equity

1.20% p.a.

1.75% p.a.

…

Sustainable Growth

1.20% p.a.

1.75% p.a.

…

World

1.20% p.a.

1.75% p.a.

…

As portfolio manager of the following sub-funds, ING Investment Management Asia Pacific (Singapore) Pte Ltd is entitled to receive a monthly fee based on the average net asset value of each class of shares on the basis of the following rates: SUB-FUNDS


Greater China

1.20% p.a.

Management fees Rate (X-CLASS) 1.75% p.a.

India

1.20% p.a.

1.50% p.a.

Indonesia

1.20% p.a.

1.50% p.a.

Japanese Small & Mid Caps

1.20% p.a.

1.75% p.a.

Korea

1.20% p.a.

1.50% p.a.

Philippines

1.20% p.a.

1.50% p.a.

Singapore & Malaysia

1.20% p.a.

1.50% p.a.

As portfolio manager of the following sub-funds, Aeltus Investment Management, Inc is entitled to receive a monthly fee based on the average net asset value of each class of shares on the basis of the following rates: SUB-FUNDS


Management fees Rate (X-CLASS)

1.20% p.a.

1.75% p.a.

US (Enhanced Core Concentrated) 4- 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 net assets held by the Company in other UCIs already subject to that tax in Luxembourg. 5- 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 the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who so requests.

ING (L) Invest - 30/09/2003

13


ČESKY 1- Obecné poznámky Fond ING (L) INVEST (dale jen „Společnost") je „investiční společností s variabilním kapitálem" („Société d’Investissement ą Capital Variable") zapsanou dne 18. září 1998 na dobu neurčitou jako tzv. société anonyme (tj. jako veřejnou společnost s ručením omezeným) podle zákona o společnostech pro hromadné investování , část I, hlava 3 ze dne 30. března 1988. Zakládací listina a stanovy společnosti byly zveřejněny v Úředním věstníku, a zahrnuty do seznamu společností a asociací Lucemburského velkovévodství (dále jen „Věstník" ) uloženého ve spisovně obvodního soudu v Lucemburku. Zde je možné do listin nahlédnout, případně si z nich po zaplacení správního poplatku pořídit kopie. Společnost je zapsána v Obchodním rejstříku v Lucembursku pod číslem B 44 873. Změny: Uzavření fondu ING (L) Invest Global Real Estate z 22. listopadu 2002. Fond "European Market Leaders " SICAVu ING Direct se stal součástí fondu "European Equity" SICAVu ING (L) Invest dne 16. prosince 2002. Byly převzaty dale uvedené podřízené fondy: Den

ING (L) Invest

Převzat (kým)

ING (L) Invest

Top 30 Euro 11. dubna 2003

Greece

EMU Equity

Portugal Spanish Equity

17. dubna 2003

9. května 2003

Top 30 World

World

Futuris

Global Brands

Brazil

Latin America

Internet


Free Time

Consumer Goods (ex Shopping)

Singapore & Malaysia 23. května 2003

Indonesia

New Asia

Korea Philippines

23 květen 2003

Mobile Telecom

Telecom

Metals & Mining

Materials (ex Chemicals)

India

New Asia

Dále uvedené podřízené fondy změnily své názvy: Den 9. května 2003

23 květen 2003

14

ING (L) Invest Shopping

Se stává

ING (L) Invest Consumer Goods

Chemicals

Materials

Euro High Yield

Euro High Dividend

European Cyclicals

European Materials

European-Immo

European Real estate

European Shopping


Nasdaq Europe

European IT

North America

US (Enhanced Core Concentrated)

Taiwan

Greater China

ING (L) Invest - 30/09/2003


Dále uvedené podřízené fondy BBL Invest SICAV byly převzaty podřízenými fondy společnosti ING (L) Invest: Den

BBL Invest

Převzaty (kým)

America

22. září 2003

ING (L) Invest US (Enhanced Core Concentrated)

Asian Growth

New Asia

Emerging Europe

Emerging Europe

Hong Kong & China

Greater China

29. září 2003

Japan

Japan

Latin America

Latin America

Netherlands

Dutch Equity

Thailand

New Asia

Italy

EMU Equity

Scandinavia

European Equity

Spain

EMU Equity

Switzerland

European Equity

United Kingdom

European Equity

2- Hlavní účetní metody Směna deviz Finanční výkazy jsou vedeny vždy v měně příslušného fondu. Bankovní, jiná čistá aktiva a účetní hodnota portfolií cenných papírů vyjádřená v jiné než účetní měně příslušného fondu se směňují na měnu příslušného fondu ke dni závěrky. Různé další položky konsolidované závěrky odpovídají součtu položek finanční závěrky každého fondu případně přepočtených na eura daným směnným kursem. Ocenění cenných papírů v portfoliu Cenné papíry přijaté k oficiální kótaci nebo k obchodování na jiném řízeném trhu se oceňují podle posledniho kursu. Pokud se tyto cenné papíry obchodují na více trzích, provede se jejich ocenění kursem cenných papírů hlavního trhu, na němž jsou cenné papíry kótovány. Nekótované cenné papíry a dále cenné papíry neobchodované na burze či na jiném organizovaném trhu jakož i kótované a obchodované cenné papíry, jejichž poslední kurs však není dostatečně průkazný, se oceňují podle hodnoty, jíž může být podle opatrného odhadu učiněného v dobré víře pravděpodobně dosaženo. Příjmy Dividendy se účtují k datu odtržení kupónu (tzv. ex-date). Úroky jsou na konto připsány prorata temporis. Finanční nástroje Záporné ocenění opcí nebo dalších finančních nástrojů je zahrnuto pod položkou "Jiné – vyžádané".

ING (L) Invest - 30/09/2003

15


3- Provize za správu fondů Jako správce portfolia níže uvedených podřízených fondů je společnost ING Investment Management Belgium oprávněna účtovat si měsíční poplatky vypočítané z průměrné výše čistého jmění každé třídy akcií a uplatnit dále uvedené sazby:

Portfóliový

Sazba provize za správu fondů (TYPU P)

Sazba provize za správu fondů (TYPU X)

Australia

1,20% p.a.

1,75% p.a.

Banking & Insurance

1,20% p.a.

1,75% p.a.

Biotechnology

1,20% p.a.

1,75% p.a.

Brazil

1,20% p.a.

1.50% p.a.


1,20% p.a.

1,75% p.a.

Consumer Goods

1,20% p.a.

1,75% p.a.

Energy

1,20% p.a.

1,75% p.a.

European Banking & Insurance

1,20% p.a.

1,75% p.a.


1,20% p.a.

1,75% p.a.

European Food & Beverages

1,20% p.a.

1,75% p.a.

European Health Care

1,20% p.a.

1,75% p.a.

Euro High Dividend

1,20% p.a.

1,75% p.a.

European IT

1,20% p.a.

1,75% p.a.

European Materials

1,20% p.a.

1,75% p.a.

European New Offerings

1,20% p.a.

1,75% p.a.

European Sector Allocation

1,20% p.a.

1,75% p.a.

European Telecom

1,20% p.a.

1,75% p.a.

Food & Beverages

1,20% p.a.

1,75% p.a.

Free Time

1,20% p.a.

1,75% p.a.

Futuris

1,20% p.a.

...

Greece

1,20% p.a.

1,50% p.a.

Health Care

1,20% p.a.

1,75% p.a.

Industrials

1,20% p.a.

1,75% p.a.

Materials

1,20% p.a.

1,75% p.a.

Metals & Mining

1,20% p.a.

1,75% p.a.

Mobile Telecom

1,20% p.a.

1,75% p.a.

Nasdaq

1,20% p.a.

1,75% p.a.

New Technology Leaders

1,20% p.a.

1,75% p.a.

Portugal

1,20% p.a.

1,50% p.a.

Prestige & Luxe

1,20% p.a.

1,75% p.a.

Telecom

1,20% p.a.

1,75% p.a.

Top 30 Euro

1,20% p.a.

1,75% p.a.

Top 30 World

1,20% p.a.

1,75% p.a.

Utilities

1,20% p.a.

1,75% p.a.

Jako správce portfolia níže uvedených podřízených fondů je společnost ING Fund Management BV oprávněna účtovat si měsíční poplatky vypočítané z průměrné výše čistého jmění každé třídy akcií a aplikovat dále uvedené sazby: Portfóliový

16

Sazba provize za

Sazba provize za

Sazba provize za

správu fondů (TYPU P)

správu fondů (TYPU X)

správu fondů (TYPU I)

Dutch Equity

1,20% p.a.

1,75% p.a.

…

Emerging Europe

1,20% p.a.

1,75% p.a.

0,35% p.a.

Emerging Markets

1,20% p.a.

1,75% p.a.

0,65% p.a.

ING (L) Invest - 30/09/2003


Portfóliový

Sazba provize za

Sazba provize za

Sazba provize za

správu fondů (TYPU P)

správu fondů (TYPU X)

správu fondů (TYPU I)

EMU Equity

1,20% p.a.

1,75% p.a.

0,36% p.a.

European Equity

1,20% p.a.

1,75% p.a.

…

European Real Estate

1,20% p.a.

1,75% p.a.

…

European Small Caps

1,20% p.a.

1,75% p.a.

…

Global Brands

1,20% p.a.

1,75% p.a.

…

Global High Dividend

1,20% p.a.

1,75% p.a.

…

Global Real Estate

1,20% p.a.

1,75% p.a.

0,35% p.a.

Internet

1,20% p.a.

2,00% p.a.

…

IT

1,20% p.a.

1,75% p.a.

…

Japan

1,20% p.a.

1,75% p.a.

…

Latin America

1,20% p.a.

1,75% p.a.

…

New Asia

1,20% p.a.

1,75% p.a.

…

Spanish Equity

1,20% p.a.

1,75% p.a.

…

Sustainable Growth

1,20% p.a.

1,75% p.a.

…

World

1,20% p.a.

1,75% p.a.

…

Jako správce portfolia níže uvedených podřízených fondů je společnost ING Investment Management Asia Pacific (Singapore) Pte Ltd oprávněna účtovat si měsíční poplatky vypočítané z průměrné výše čistého jmění každé třídy akcií a aplikovat dále uvedené sazby: Portfóliový



Greater China

1,20% p.a.

1,75% p.a.

India

1,20% p.a.

1,50% p.a.

Indonesia

1,20% p.a.

1,50% p.a.

Japanese Small & Mid Caps

1,20% p.a.

1,75% p.a.

Korea

1,20% p.a.

1,50% p.a.

Philippines

1,20% p.a.

1,50% p.a.

Singapore & Malaysia

1,20% p.a.

1,50% p.a.

Jako správce portfolia níže uvedených podřízených fondů je společnost Aeltus Investment Management, Inc oprávněna účtovat si měsíční poplatky vypočítané z průměrné výše čistého jmění každé třídy akcií a aplikovat dále uvedené sazby: Portfóliový US (Enhanced Core Concentrated)



1,20% p.a.

1,75% p.a.

4- Úpisová daň Společnost je povinna odvést v Lucembursku upisovací daň (tzv. „Taxe d’abonnement") ve výši 0,01% ročně za všechny akcie vymezené pro institucionální investory a upisovací daň ve výši 0,05% ročně u všech dalších akcií. Upisovací daň je splaná čtvrtletně a vypočítá se z čisté hodnoty jmění, které Společnost vlastní v jiných UCI, které již v Lucembursku tomuto zdanění podléhají. 5- Změny k nimž dochází ve skladbě portfolia cenných papírů Změny jsou k dispozici akcionářům nejen na přepážkách opatrovnické banky a v centrále společnosti, ale i v ústavech poskytujících společnosti finanční služby. Komukoliv lze pak tyto informace zaslat na vyžádání.

ING (L) Invest - 30/09/2003

17


18

ENGLISH

ČESKY

Net Assets

Čisté jmění

Shares

Akcie

Net Asset Value per Share

Čistá hodnota aktiv na akcii

Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Number of Shares

Počet akcií

Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Dividend

Dividendy

ING (L) Invest - 30/09/2003


AUSTRALIA AUD

BANKING & INSURANCE USD

BIOTECHNOLOGY USD

COMPUTER TECHNOLOGIES USD

CONSUMER GOODS USD

30/09/2003 30/09/2002 30/09/2001

7,854,206 7,049,822 6,691,303

147,760,463 106,040,424 22,411,035

98,182,016 61,271,686 104,919,492

116,845,466 74,464,979 48,255,426

71,066,271 27,261,941 17,210,633

30/09/2003 30/09/2002 30/09/2001

605.78 558.75 576.86

512.04 398.69 502.27

846.39 563.11 889.91

515.53 330.79 505.70

740.33 618.78 720.59

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

600.86 556.40 576.13

505.27 395.59 501.12

834.91 558.53 887.56

508.60 328.14 504.42

730.14 613.74 718.67

30/09/2003 30/09/2002 30/09/2001

2,688.71 2,547.76 2,694.08

2,390.46 1,894.10 2,420.66

4,190.05 2,796.61 4,432.90

2,548.49 1,641.04 2,516.51

3,470.10 2,944.53 3,471.41

30/09/2003 30/09/2002 30/09/2001

11,686 11,312 10,436

270,081 257,848 33,680

93,546 90,746 99,182

197,433 207,281 79,753

91,195 40,324 20,265

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

10 10 10

14,236 4,284 6,453

8,100 2,579 1,135

13,627 4,996 1,461

2,112 2,315 1,890

30/09/2003 30/09/2002 30/09/2001

286 284 247

952 815 934

2,922 3,122 3,530

3,191 2,596 2,856

579 302 360

12/12/2003 20/12/2002 14/12/2001

68.00 68.00 68.00

39.00 35.00 35.00

8.00 10.00 15.00

8.00 7.00 10.00

41.00 43.00 45.00

ING (L) Invest - 30/09/2003

19


20

ENGLISH

ČESKY

Net Assets

Čisté jmění

Shares

Akcie



Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Number of Shares

Počet akcií

Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Dividend

Dividendy

ING (L) Invest - 30/09/2003


DUTCH EQUITY EUR

EMERGING EUROPE EUR

EMERGING MARKETS USD

EMU EQUITY EUR

ENERGY USD

30/09/2003 30/09/2002 30/09/2001

41,887,316 13,313,245 -

72,293,066 11,673,420 -

63,057,731 41,649,434 -

370,386,913 187,722,164 -

74,440,023 62,523,721 24,591,709

30/09/2003 30/09/2002 30/09/2001

54.20 51.42 -

24.79 18.22 -

25.25 18.03 -

76.55 69.83 -

543.12 477.34 552.30

30/09/2003 30/09/2002 30/09/2001

-

1,021,823.48 744,466.24 -

-

738,712.49 -

-

30/09/2003 30/09/2002 30/09/2001

54.15 -

24.55 18.11 -

25.11 18.04 -

75.37 69.04 -

535.96 473.65 551.04

30/09/2003 30/09/2002 30/09/2001

46.76 46.05 -

1,819.36 1,345.02 -

-

67.39 63.36 -

2,452.45 2,203.73 2,608.79

30/09/2003 30/09/2002 30/09/2001

661,154 249,679 -

2,305,053 495,812 -

1,737,656 1,399,942 -

3,647,375 2,138,734 -

112,826 109,798 36,611

30/09/2003 30/09/2002 30/09/2001

-

1 1 -

-

3 -

-

30/09/2003 30/09/2002 30/09/2001

10 -

210,343 80,813 -

763,786 909,689 -

874,195 446,150 -

20,184 17,243 3,814

30/09/2003 30/09/2002 30/09/2001

129,421 10,316 -

4,932 321 -

-

375,236 89,819 -

956 883 870

12/12/2003 20/12/2002 14/12/2001

1.45 1.80 -

7.00 8.00 -

-

1.80 2.00 -

53.00 50.00 55.00

ING (L) Invest - 30/09/2003

21


22

ENGLISH

ČESKY

Net Assets

Čisté jmění

Shares

Akcie



Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Number of Shares

Počet akcií

Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Dividend

Dividendy

ING (L) Invest - 30/09/2003


EURO HIGH DIVIDEND EUR

EUROPEAN BANKING & INSURANCE EUR

EUROPEAN CONSUMER GOODS EUR

EUROPEAN EQUITY EUR

EUROPEAN FOOD & BEVERAGES EUR

30/09/2003 30/09/2002 30/09/2001

174,102,753 64,374,086 84,282,437

111,730,840 105,812,654 166,480,704

31,265,966 38,891,971 55,379,179

468,377,039 385,233,209 -

72,400,585 97,772,329 142,608,237

30/09/2003 30/09/2002 30/09/2001

235.23 205.70 259.16

162.77 141.52 213.77

177.31 173.37 221.16

26.91 25.17 -

194.62 218.62 217.39

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

232.29 204.19 258.56

160.57 140.38 213.22

174.95 172.01 220.66

26.47 24.86 -

192.04 216.92 216.88

30/09/2003 30/09/2002 30/09/2001

872.78 783.40 1,005.87

759.51 676.78 1,039.18

838.31 836.15 1,081.58

24.27 23.18 -

910.91 1,038.61 1,047.20

30/09/2003 30/09/2002 30/09/2001

468,224 230,094 239,834

561,020 613,247 629,110

147,593 184,833 205,652

12,873,312 13,873,900 -

311,937 380,185 553,250

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

195,275 10 10

3,485 4,174 293

1,328 4,805 20

2,940,413 674,155 -

4,768 2,490 212

30/09/2003 30/09/2002 30/09/2001

21,314 21,754 21,996

26,141 27,249 30,730

5,803 7,201 9,146

1,816,594 829,243 -

11,831 13,592 21,284

12/12/2003 20/12/2002 14/12/2001

26.00 21.00 20.00

19.00 18.00 18.00

16.00 16.00 16.00

0.50 0.50 -

14.00 14.00 14.00

ING (L) Invest - 30/09/2003

23


24

ENGLISH

ČESKY

Net Assets

Čisté jmění

Shares

Akcie



Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Number of Shares

Počet akcií

Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Dividend

Dividendy

ING (L) Invest - 30/09/2003


EUROPEAN HEALTH CARE EUR

EUROPEAN IT EUR

EUROPEAN MATERIALS EUR

EUROPEAN NEW OFFERINGS EUR

EUROPEAN REAL ESTATE EUR

30/09/2003 30/09/2002 30/09/2001

126,371,783 134,553,825 224,746,886

10,043,369 7,018,249 17,011,714

20,586,627 27,571,671 19,303,155

31,658,447 35,001,863 68,010,147

14,582,917 15,200,134 17,280,885

30/09/2003 30/09/2002 30/09/2001

200.97 202.47 289.46

34.97 24.91 60.77

187.38 177.42 204.12

180.00 165.42 256.03

369.16 321.89 337.72

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

198.22 200.80 288.65

34.51 24.72 60.64

184.69 176.10 203.67

177.63 164.14 255.45

364.12 319.33 336.93

30/09/2003 30/09/2002 30/09/2001

964.03 982.73 1,416.79

172.81 123.10 302.07

713.17 694.18 816.48

695.26 647.32 1,010.81

1,353.21 1,211.17 1,303.49

30/09/2003 30/09/2002 30/09/2001

484,793 533,157 617,310

242,711 233,210 230,908

88,094 112,112 71,782

139,024 167,135 208,297

29,795 33,075 41,014

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

26,480 1,524 55

7,450 6,165 194

46 19,710 10

279 372 475

1,016 4,106 117

30/09/2003 30/09/2002 30/09/2001

24,579 26,762 32,499

7,515 8,584 9,821

5,708 6,065 5,694

9,470 11,266 14,403

2,375 2,677 2,601

12/12/2003 20/12/2002 14/12/2001

12.00 11.00 11.00

2.00

19.00 19.00 21.00

10.00 9.00 9.00

35.00 33.00 33.00

ING (L) Invest - 30/09/2003

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26

ENGLISH

ČESKY

Net Assets

Čisté jmění

Shares

Akcie



Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Number of Shares

Počet akcií

Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Dividend

Dividendy

ING (L) Invest - 30/09/2003


EUROPEAN SECTOR ALLOCATION EUR

EUROPEAN SMALL CAPS EUR

EUROPEAN TELECOM EUR

FOOD & BEVERAGES USD

GLOBAL BRANDS EUR

30/09/2003 30/09/2002 30/09/2001

217,591,845 231,176,822 389,607,068

24,037,654 17,684,426 -

80,859,695 57,663,178 106,898,485

58,343,367 71,235,053 32,553,832

58,044,077 57,506,974 82,110,655

30/09/2003 30/09/2002 30/09/2001

147.66 140.53 198.84

11.83 10.46 -

102.93 74.93 127.76

659.60 622.44 650.33

231.76 219.05 274.50

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

145.68 139.40 198.39

11.66 10.38 -

101.57 74.35 127.47

650.58 617.34 648.56

228.71 217.36 273.87

30/09/2003 30/09/2002 30/09/2001

565.86 548.17 785.16

73.37 64.90 -

397.35 294.08 506.99

3,015.17 2,894.39 3,073.32

1,116.61 1,068.11 1,350.29

30/09/2003 30/09/2002 30/09/2001

1,154,649 1,347,143 1,612,043

1,716,057 1,278,901 -

565,313 634,281 686,232

82,056 100,693 39,655

203,274 221,765 252,575

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

78,929 3,606 33

207,854 283,578 -

104,830 7,788 595

938 7,616 3,072

13,079 1,786 55

30/09/2003 30/09/2002 30/09/2001

62,914 75,454 87,959

17,973 20,982 -

30,265 32,502 37,774

1,197 1,333 1,553

7,113 7,996 9,453

12/12/2003 20/12/2002 14/12/2001

11.00 10.00 10.00

-

7.00 6.00 7.00

48.00 48.00 47.00

10.00 13.00 13.00

ING (L) Invest - 30/09/2003

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28

ENGLISH

ČESKY

Net Assets

Čisté jmění

Shares

Akcie



Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Number of Shares

Počet akcií

Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Dividend

Dividendy

ING (L) Invest - 30/09/2003


GLOBAL HIGH DIVIDEND EUR

GREATER CHINA USD

HEALTH CARE USD

INDUSTRIALS EUR

IT USD

30/09/2003 30/09/2002 30/09/2001

58,883,969 24,095,131 -

54,701,323 9,786,915 11,575,392

141,280,324 132,733,158 133,001,045

52,781,631 35,562,992 -

38,780,467 14,545,561 -

30/09/2003 30/09/2002 30/09/2001

189.44 182.51 -

273.36 225.94 233.81

739.56 672.76 880.23

238.94 226.63 -

39.14 24.61 -

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

188.23 182.33 -

271.23 225.02 233.52

729.76 667.54 878.26

237.60 226.59 -

38.43 24.31 -

30/09/2003 30/09/2002 30/09/2001

757.74 730.04 -

1,305.80 1,097.83 1,153.00

3,497.33 3,217.88 4,249.21

955.79 906.54 -

31.46 19.78 -

30/09/2003 30/09/2002 30/09/2001

182,521 65,076 -

178,339 36,031 41,263

164,746 173,769 119,980

215,891 156,836 -

685,408 521,904 -

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

59,179 1,767 -

8,911 343 10

6,511 1,760 4,095

4,280 10 -

309,895 68,730 -

30/09/2003 30/09/2002 30/09/2001

17,379 16,295 -

2,707 1,429 1,670

4,200 4,554 5,600

188 18 -

1,403 1,628 -

12/12/2003 20/12/2002 14/12/2001

14.00 -

5.00 18.00 24.00

37.00 37.00 37.00

-

-

ING (L) Invest - 30/09/2003

29


30

ENGLISH

ČESKY

Net Assets

Čisté jmění

Shares

Akcie



Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Number of Shares

Počet akcií

Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Dividend

Dividendy

ING (L) Invest - 30/09/2003


JAPANESE SMALL & MID CAPS JPY

JAPAN JPY

LATIN AMERICA USD

MATERIALS USD

NASDAQ USD

30/09/2003 30/09/2002 30/09/2001

14,825,259,489 4,002,209,591 -

1,200,341,742 1,262,956,081 1,997,358,078

60,639,484 18,433,050 -

63,283,802 36,579,514 28,273,654

47,943,275 26,961,199 33,496,330

30/09/2003 30/09/2002 30/09/2001

3,228.00 3,131.00 -

9,652.00 9,451.00 11,082.00

543.73 330.78 -

462.57 372.66 392.37

503.38 327.24 459.21

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

3,161.00 3,080.00 -

9,523.00 9,375.00 11,055.00

540.08 329.62 -

456.19 369.55 391.25

496.68 324.65 458.17

30/09/2003 30/09/2002 30/09/2001

3,090.00 3,031.00 -

38,097.00 37,601.00 44,326.00

434.12 272.36 -

2,089.66 1,723.85 1,856.55

2,482.58 1,618.88 2,280.63

30/09/2003 30/09/2002 30/09/2001

4,247,187 1,224,882 -

81,828 88,511 114,906

106,384 38,512 -

113,129 83,437 50,802

70,951 66,583 65,791

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

81,897 48,757 -

4,133 1,243 10

669 16,695 -

6,010 2,772 6,551

18,551 9,416 787

30/09/2003 30/09/2002 30/09/2001

276,571 5,428 -

9,743 11,032 16,331

5,607 702 -

3,930 2,588 3,112

1,214 1,307 1,282

12/12/2003 20/12/2002 14/12/2001

25.00 30.00 -

200.00 240.00 240.00

10.00 10.00 -

38.00 42.00 44.00

6.00 6.00 12.00

ING (L) Invest - 30/09/2003

31


32

ENGLISH

ČESKY

Net Assets

Čisté jmění

Shares

Akcie



Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Number of Shares

Počet akcií

Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Dividend

Dividendy

ING (L) Invest - 30/09/2003


NEW ASIA USD

NEW TECHNOLOGY LEADERS EUR

PRESTIGE & LUXE EUR

SUSTAINABLE GROWTH EUR

TELECOM USD

30/09/2003 30/09/2002 30/09/2001

194,722,714 21,333,447 -

49,602,297 28,042,257 51,321,026

38,515,344 40,108,879 46,561,459

28,783,537 24,675,095 22,393,203

59,387,779 41,332,166 45,803,042

30/09/2003 30/09/2002 30/09/2001

402.36 298.43 -

26.31 16.74 33.77

281.62 257.06 256.88

127.86 128.56 180.22

384.23 270.52 517.65

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

399.13 297.19 -

25.97 16.61 33.69

277.75 254.93 256.17

126.21 127.61 179.83

379.16 268.42 516.46

30/09/2003 30/09/2002 30/09/2001

348.42 264.11 -

105.23 66.95 135.09

1,359.63 1,252.11 1,260.28

502.22 510.83 720.90

1,783.92 1,274.02 2,463.13

30/09/2003 30/09/2002 30/09/2001

420,215 68,774 -

1,212,592 1,232,620 1,112,717

111,736 127,797 142,356

108,524 104,745 109,307

130,230 139,107 75,396

30/09/2003 30/09/2002 30/09/2001

-

-

-

-

-

30/09/2003 30/09/2002 30/09/2001

12,583 2,533 -

282,401 28,309 3,449

3,690 1,232 5,804

108,309 74,279 10

10,593 2,419 163

30/09/2003 30/09/2002 30/09/2001

59,182 213 -

98,513 103,690 100,868

4,430 5,545 6,749

2,466 3,387 3,735

2,989 2,395 2,716

12/12/2003 20/12/2002 14/12/2001

6.00 6.00 -

-

12.00 11.00 11.00

6.00 6.00 5.00

23.00 23.00 26.00

ING (L) Invest - 30/09/2003

33


34

ENGLISH

ČESKY

Net Assets

Čisté jmění

Shares

Akcie



Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Number of Shares

Počet akcií

Capitalisation

Kapitalizační

Capitalisation I

Kapitalizační I

Capitalisation X

Kapitalizační X

Distribution

Distribuční

Dividend

Dividendy

ING (L) Invest - 30/09/2003


US (ENHANCED CORE CONCENTRATED) USD

UTILITIES USD

WORLD EUR

30/09/2003 30/09/2002 30/09/2001

261,549,227 109,260,779 -

30,171,227 29,771,462 19,816,362

143,909,578 97,676,879 45,368,630

30/09/2003 30/09/2002 30/09/2001

51.93 43.65 -

355.92 306.05 420.41

117.70 116.18 157.65

30/09/2003 30/09/2002 30/09/2001

-

-

-

30/09/2003 30/09/2002 30/09/2001

51.14 43.13 -

351.24 303.70 419.45

116.71 115.68 157.44

30/09/2003 30/09/2002 30/09/2001

47.16 39.65 -

1,611.07 1,433.50 2,022.43

937.52 939.30 1,287.69

30/09/2003 30/09/2002 30/09/2001

4,398,249 2,361,657 -

71,305 84,086 38,771

1,129,941 792,823 246,924

30/09/2003 30/09/2002 30/09/2001

-

-

-

30/09/2003 30/09/2002 30/09/2001

547,505 140,574 -

6,833 6,069 332

48,071 4,266 158

30/09/2003 30/09/2002 30/09/2001

109,118 2,530 -

1,485 1,530 1,670

5,661 5,401 4,982

12/12/2003 20/12/2002 14/12/2001

0.40 -

48.00 48.00 48.00

14.00 14.00 14.00

ING (L) Invest - 30/09/2003

35


36

ENGLISH

ČESKY

Total Securities Portfolio

Celkový objem cenných papírů v portfoliu

Shares

Akcie

Warrants and rights

Opční listy a práva

Investment Funds

Investiční fondy

Bonds

Dluhopisy

Financial Instruments

Finanční nástroje

Options Contracts

Opční smlouvy

Other Financial Instruments

Jiné finanční nástroje

Cash at Bank

Peněžní hotovost v bance

Guarantee Deposits

Účet bankovní záruky

Other Assets

Ostatní jmění

Total Assets

Celkové jmění

Borrowings

Výpůjčky

Current Liabilities

Jiné – vyžádané

Total Liabilities

Celkové závazky

Net Assets at the end of the year

Čisté jmění ke konci roku

ING (L) Invest - 30/09/2003



BIOTECHNOLOGY USD


CONSUMER GOODS USD

DUTCH EQUITY EUR

7,741,690

143,377,476

97,994,099

105,182,855

69,858,644

29,407,677

7,719,490

143,374,062

97,994,099

105,182,855

69,858,644

28,034,265

-

3,414

-

-

-

1,373,412

22,200

-

-

-

-

-

-

-

-

-

-

-

-

-

-

406,000

-

-

-

-

-

406,000

-

-

-

-

-

-

-

-

73,615

3,237,842

776,321

6,438,134

1,224,747

11,771,939

-

-

-

3,193,780

616,560

2,860,000

51,096

2,965,241

766,586

3,581,942

1,012,756

675,363

7,866,401

149,580,559

99,537,006

118,802,711

72,712,707

44,714,979

-

-1,561,568

-1,146,445

-298,245

-3,643

-

-12,195

-258,528

-208,545

-1,659,000

-1,642,793

-2,827,663

-12,195

-1,820,096

-1,354,990

-1,957,245

-1,646,436

-2,827,663

7,854,206

147,760,463

98,182,016

116,845,466

71,066,271

41,887,316

AUSTRALIA AUD

ING (L) Invest - 30/09/2003

37


38

ENGLISH

ČESKY



Shares

Akcie

Warrants and rights


Investment Funds

Investiční fondy

Bonds

Dluhopisy



Options Contracts

Opční smlouvy



Cash at Bank


Guarantee Deposits


Other Assets

Ostatní jmění

Total Assets

Celkové jmění

Borrowings

Výpůjčky

Current Liabilities


Total Liabilities

Celkové závazky



ING (L) Invest - 30/09/2003


EMERGING EUROPE EUR


EMU EQUITY EUR

ENERGY USD



68,880,720

62,192,248

369,770,932

72,997,448

163,827,449

107,705,971

68,880,720

58,837,910

369,770,932

72,997,448

163,827,449

107,266,233

-

3,354,338

-

-

-

39,688

-

-

-

-

-

400,050

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,966,074

321,462

93,393

1,606,039

12,410,576

3,210,920

-

-

-

-

-

96,298

1,344,904

2,395,831

15,080,940

2,384,956

1,658,275

1,060,608

73,191,698

64,909,541

384,945,265

76,988,443

177,896,300

112,073,797

-743,454

-904,529

-12,175,816

-1,382,377

-

-

-155,178

-947,281

-2,382,536

-1,166,043

-3,793,547

-342,957

-898,632

-1,851,810

-14,558,352

-2,548,420

-3,793,547

-342,957

72,293,066

63,057,731

370,386,913

74,440,023

174,102,753

111,730,840

ING (L) Invest - 30/09/2003

39


40

ENGLISH

ČESKY



Shares

Akcie

Warrants and rights


Investment Funds

Investiční fondy

Bonds

Dluhopisy



Options Contracts

Opční smlouvy



Cash at Bank


Guarantee Deposits


Other Assets

Ostatní jmění

Total Assets

Celkové jmění

Borrowings

Výpůjčky

Current Liabilities


Total Liabilities

Celkové závazky



ING (L) Invest - 30/09/2003



EUROPEAN EQUITY EUR



EUROPEAN IT EUR


31,043,554

469,535,301

58,033,468

124,213,877

10,063,899

19,986,881

31,043,554

463,736,596

58,033,468

113,534,076

10,063,899

19,986,881

-

5,798,705

-

10,679,801

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

52,698

21,847

-

98,150

-

-

52,698

21,847

-

98,150

-

-

-

-

-

-

298,990

1,469,182

13,258,530

2,446,560

116,231

480,217

-

-

1,243,484

231,167

-

-

103,007

13,344,262

204,455

213,374

10,371

83,737

31,445,551

484,348,745

72,792,635

127,126,825

10,190,501

20,648,985

-95,632

-14,332,441

-241,477

-551,295

-128,293

-28,900

-83,953

-1,639,265

-150,573

-203,747

-18,839

-33,458

-179,585

-15,971,706

-392,050

-755,042

-147,132

-62,358

31,265,966

468,377,039

72,400,585

126,371,783

10,043,369

20,586,627

ING (L) Invest - 30/09/2003

41


42

ENGLISH

ČESKY



Shares

Akcie

Warrants and rights


Investment Funds

Investiční fondy

Bonds

Dluhopisy



Options Contracts

Opční smlouvy



Cash at Bank


Guarantee Deposits


Other Assets

Ostatní jmění

Total Assets

Celkové jmění

Borrowings

Výpůjčky

Current Liabilities


Total Liabilities

Celkové závazky



ING (L) Invest - 30/09/2003








31,706,970

14,965,565

212,862,494

23,995,592

80,210,435

52,461,887

31,706,970

13,813,088

209,085,164

23,995,592

80,210,435

52,461,887

-

-

3,777,330

-

-

-

-

1,152,477

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

386,003

-

-

-

-

-

-

-

-

-

-

-

386,003

245,247

-

177,134

284,748

1,038,255

5,246,689

-

-

-

-

59,651

1,755,963

253,373

12,822

6,258,676

171,800

501,639

134,973

32,205,590

14,978,387

219,298,304

24,452,140

81,809,980

59,985,515

-471,491

-270,415

-1,209,105

-

-769,622

-

-75,652

-125,055

-497,354

-414,486

-180,663

-1,642,148

-547,143

-395,470

-1,706,459

-414,486

-950,285

-1,642,148

31,658,447

14,582,917

217,591,845

24,037,654

80,859,695

58,343,367

ING (L) Invest - 30/09/2003

43


44

ENGLISH

ČESKY



Shares

Akcie

Warrants and rights


Investment Funds

Investiční fondy

Bonds

Dluhopisy



Options Contracts

Opční smlouvy



Cash at Bank


Guarantee Deposits


Other Assets

Ostatní jmění

Total Assets

Celkové jmění

Borrowings

Výpůjčky

Current Liabilities


Total Liabilities

Celkové závazky



ING (L) Invest - 30/09/2003


GLOBAL BRANDS EUR


GREATER CHINA USD

HEALTH CARE USD

INDUSTRIALS EUR

IT USD

59,314,790

58,753,313

36,366,747

130,707,275

46,004,047

36,909,340

59,314,790

57,043,967

36,366,747

126,146,982

46,004,047

36,909,340

-

1,709,346

-

4,560,293

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

511,455

-

-

-

-

-

173,243

-

-

-

-

-

338,212

-

5,507

434,394

18,957,246

6,504,269

5,013,320

2,178,029

-

-

1,253,635

1,989,920

750,365

-

1,199,908

735,312

636,574

3,846,702

2,270,521

443,309

60,520,205

59,923,019

57,214,202

143,048,166

54,549,708

39,530,678

-1,211,320

-48,505

-2,209,581

-1,455,852

-174,159

-

-1,264,808

-990,545

-303,298

-311,990

-1,593,918

-750,211

-2,476,128

-1,039,050

-2,512,879

-1,767,842

-1,768,077

-750,211

58,044,077

58,883,969

54,701,323

141,280,324

52,781,631

38,780,467

ING (L) Invest - 30/09/2003

45


46

ENGLISH

ČESKY



Shares

Akcie

Warrants and rights


Investment Funds

Investiční fondy

Bonds

Dluhopisy



Options Contracts

Opční smlouvy



Cash at Bank


Guarantee Deposits


Other Assets

Ostatní jmění

Total Assets

Celkové jmění

Borrowings

Výpůjčky

Current Liabilities


Total Liabilities

Celkové závazky



ING (L) Invest - 30/09/2003



JAPAN JPY

LATIN AMERICA USD

MATERIALS USD

NASDAQ USD

NEW ASIA USD

14,861,039,190

1,171,960,005

59,490,440

58,962,935

40,075,411

192,925,363

14,861,039,190

1,171,960,005

58,983,980

58,962,935

40,075,411

172,578,877

-

-

-

-

-

20,346,486

-

-

-

-

-

-

-

-

506,460

-

-

-

-

-

-

-

12,000

-

-

-

-

-

12,000

-

-

-

-

-

-

-

100,619,771

33,886,149

573,897

2,897,273

7,136,113

29,487,878

19,567,500

-

-

1,318,197

959,389

-

461,137,302

1,969,756

1,816,931

349,161

208,416

6,844,489

15,442,363,763

1,207,815,910

61,881,268

63,527,566

48,391,329

229,257,730

-329,639,202

-

-

-8,975

-

-4,967,268

-287,465,072

-7,474,168

-1,241,784

-234,789

-448,054

-29,567,748

-617,104,274

-7,474,168

-1,241,784

-243,764

-448,054

-34,535,016

14,825,259,489

1,200,341,742

60,639,484

63,283,802

47,943,275

194,722,714

ING (L) Invest - 30/09/2003

47


48

ENGLISH

ČESKY



Shares

Akcie

Warrants and rights


Investment Funds

Investiční fondy

Bonds

Dluhopisy



Options Contracts

Opční smlouvy



Cash at Bank


Guarantee Deposits


Other Assets

Ostatní jmění

Total Assets

Celkové jmění

Borrowings

Výpůjčky

Current Liabilities


Total Liabilities

Celkové závazky



ING (L) Invest - 30/09/2003



PRESTIGE & LUXE EUR


TELECOM USD


UTILITIES USD

50,361,487

38,216,796

28,714,250

57,724,044

257,078,588

29,652,339

50,361,487

38,216,796

28,659,173

57,724,044

257,078,588

29,652,106

-

-

55,077

-

-

233

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

404,957

65,122

2,769,558

2,344,454

4,521,632

466,713

-

85,610

-

160,552

165,712

-

1,063,200

1,407,909

436,317

1,065,583

589,628

519,664

51,829,644

39,775,437

31,920,125

61,294,633

262,355,560

30,638,716

-2,114,769

-1,189,665

-3,071,768

-1,589,295

-229,943

-418,528

-112,578

-70,428

-64,820

-317,559

-576,390

-48,961

-2,227,347

-1,260,093

-3,136,588

-1,906,854

-806,333

-467,489

49,602,297

38,515,344

28,783,537

59,387,779

261,549,227

30,171,227

ING (L) Invest - 30/09/2003

49


50

ENGLISH

ČESKY



Shares

Akcie

Warrants and rights


Investment Funds

Investiční fondy

Bonds

Dluhopisy



Options Contracts

Opční smlouvy



Cash at Bank


Guarantee Deposits


Other Assets

Ostatní jmění

Total Assets

Celkové jmění

Borrowings

Výpůjčky

Current Liabilities


Total Liabilities

Celkové závazky



ING (L) Invest - 30/09/2003


CONSOLIDATED KONSOLIDACE EUR

WORLD EUR 136,227,223

3,652,989,510

135,308,043

3,602,365,668

919,180

48,623,514

-

1,565,430

-

434,898

-

1,374,548

-

704,875

-

669,673

757,136

141,442,753

852,078

16,130,019

8,323,219

85,388,925

146,159,656

3,897,325,755

-968,837

-56,221,303

-1,281,241

-56,063,325

-2,250,078

-112,284,628

143,909,578

3,785,041,127

ING (L) Invest - 30/09/2003

51

Statements of Operations and Changes in Net Assets Výkaz operací a změn čistého jmění

52

ENGLISH

ČESKY

Total income

Příjmy celkem

Dividends

Dividendy

Interest on bonds and other debt securities

Úroky z dluhopisů

Bank interest

Úroky z vkladů u bank

Other income

Ostatní příjmy

Total expenses

Výdaje celkem

Management fees

Poplatek za správu

Custodian fees

Poplatky depozitním bankám

Subscription tax

Daň z úpisu

Other taxes

Jiné poplatky

Interest paid

Uhrazené úroky

Other expenses

Ostatní náklady

Net Investment Income

Čisté příjmy z investic

Net realised gains or losses

Čisté realizované kapitálové zisky nebo ztráty

Change in net unrealised gains or losses

Změny v čistém nerealizovaném kapitálovém zisku nebo ztrátě

Result of Operations

Výsledky operací

Subscriptions, Redemptions

Úpisy, odkupy zpětné

Distribution

Distribuce

Net Assets at the beginning of the year

Čisté jmění na začátku roku

Conversion difference

Přepočítavací rozdíl


Čisté jmění na konci roku

ING (L) Invest - 30/09/2003


AUSTRALIA AUD


BIOTECHNOLOGY USD


BRAZIL USD

CONSUMER GOODS USD

286,548

2,841,410

171,734

162,272

444,094

547,621

281,877

2,795,163

14,727

113,575

341,363

492,582

-

-

-

-

-

-

4,671

46,247

142,647

48,697

100,699

55,039

-

-

14,360

-

2,032

-

-113,494

-2,095,990

-1,247,590

-50,272

-1,637,264

-798,902

-87,185

-1,518,718

-980,314

-22,863

-1,238,468

-566,460

-5,058

-84,055

-43,271

-1,609

-63,882

-31,333

-3,632

-64,411

-40,874

-1,080

-50,036

-22,963

-

-

-

-

-

-

-2,409

-100,839

-15,559

-19,514

-38,014

-56,733

-15,210

-327,967

-167,572

-5,206

-246,864

-121,413

173,054

745,420

-1,075,856

112,000

-1,193,170

-251,281

-296,512

3,154,279

-5,178,275

-1,679,639

-3,071,322

-2,004,021

725,420

28,432,351

36,791,742

3,298,139

46,403,945

10,990,168

601,962

32,332,050

30,537,611

1,730,500

42,139,453

8,734,866

221,979

9,416,451

6,403,718

-4,283,816

259,104

35,082,441

-19,557

-28,462

-30,999

-16,588

-18,070

-12,977

7,049,822

106,040,424

61,271,686

2,569,904

74,464,979

27,261,941

7,854,206

147,760,463

98,182,016

-

116,845,466

71,066,271

ING (L) Invest - 30/09/2003

53


54

ENGLISH

ČESKY

Total income

Příjmy celkem

Dividends

Dividendy


Úroky z dluhopisů

Bank interest


Other income

Ostatní příjmy

Total expenses

Výdaje celkem

Management fees

Poplatek za správu

Custodian fees


Subscription tax

Daň z úpisu

Other taxes

Jiné poplatky

Interest paid

Uhrazené úroky

Other expenses

Ostatní náklady








Výsledky operací



Distribution

Distribuce







ING (L) Invest - 30/09/2003


DUTCH EQUITY EUR

EMERGING EUROPE EUR


EMU EQUITY EUR

ENERGY USD


341,715

192,482

1,122,176

6,460,768

1,583,933

3,635,170

234,742

173,307

1,113,411

6,318,945

1,488,575

3,563,063

-

-

-

-

-

-

106,973

11,595

8,761

106,037

95,358

72,107

-

7,580

4

35,786

-

-

-197,322

-258,744

-744,537

-4,320,388

-1,137,830

-1,745,931

-143,526

-198,913

-577,424

-3,350,169

-856,632

-1,387,097

-6,058

-9,265

-41,038

-180,197

-44,567

-69,101

-13,278

-15,623

-23,276

-131,004

-35,089

-57,561

-

-

-

-

-

-

-2,390

-466

-5,100

-101,620

-33,140

-5,812

-32,070

-34,477

-97,699

-557,398

-168,402

-226,360

144,393

-66,262

377,639

2,140,380

446,103

1,889,239

-1,377,667

267,092

595,538

-32,167,931

-601,515

-4,291,250

-1,157,721

3,933,385

16,137,174

52,900,063

8,683,767

17,030,204

-2,390,995

4,134,215

17,110,351

22,872,512

8,528,355

14,628,193

30,983,871

56,487,902

4,297,946

159,970,746

3,433,670

95,561,302

-18,805

-2,471

-

-178,509

-45,723

-460,828

13,313,245

11,673,420

41,649,434

187,722,164

62,523,721

64,374,086

41,887,316

72,293,066

63,057,731

370,386,913

74,440,023

174,102,753

ING (L) Invest - 30/09/2003

55


56

ENGLISH

ČESKY

Total income

Příjmy celkem

Dividends

Dividendy


Úroky z dluhopisů

Bank interest


Other income

Ostatní příjmy

Total expenses

Výdaje celkem

Management fees

Poplatek za správu

Custodian fees


Subscription tax

Daň z úpisu

Other taxes

Jiné poplatky

Interest paid

Uhrazené úroky

Other expenses

Ostatní náklady








Výsledky operací



Distribution

Distribuce







ING (L) Invest - 30/09/2003




EUROPEAN EQUITY EUR



EUROPEAN IT EUR

3,501,263

829,319

9,912,230

1,970,171

2,161,321

65,925

3,382,908

671,654

9,729,266

1,539,899

1,720,481

38,809

-

-

-

-

-

-

118,115

156,882

133,792

430,272

440,840

27,116

240

783

49,172

-

-

-

-1,708,006

-521,117

-6,666,569

-1,219,030

-1,939,900

-132,519

-1,339,268

-404,718

-4,997,850

-964,857

-1,503,069

-102,069

-72,662

-19,834

-273,807

-38,256

-68,334

-4,441

-53,713

-15,895

-199,970

-38,781

-60,517

-4,173

-

-

-

-

-

-

-9,591

-11,151

-346,089

-9,274

-47,635

-3,939

-232,772

-69,519

-848,853

-167,862

-260,345

-17,897

1,793,257

308,202

3,245,661

751,141

221,421

-66,594

-27,197,402

-14,817,612

-72,259,821

-11,841,389

-20,528,685

-42,818,249

40,822,035

14,656,653

90,975,517

386,636

19,057,577

45,786,758

15,417,890

147,243

21,961,357

-10,703,612

-1,249,687

2,901,915

-9,010,157

-7,659,647

61,618,100

-14,481,670

-6,643,514

123,205

-489,547

-113,601

-435,627

-186,462

-288,841

-

105,812,654

38,891,971

385,233,209

97,772,329

134,553,825

7,018,249

111,730,840

31,265,966

468,377,039

72,400,585

126,371,783

10,043,369

ING (L) Invest - 30/09/2003

57


58

ENGLISH

ČESKY

Total income

Příjmy celkem

Dividends

Dividendy


Úroky z dluhopisů

Bank interest


Other income

Ostatní příjmy

Total expenses

Výdaje celkem

Management fees

Poplatek za správu

Custodian fees


Subscription tax

Daň z úpisu

Other taxes

Jiné poplatky

Interest paid

Uhrazené úroky

Other expenses

Ostatní náklady








Výsledky operací



Distribution

Distribuce







ING (L) Invest - 30/09/2003








624,304

691,235

642,988

5,821,365

333,236

1,560,306

612,973

678,936

569,466

5,749,929

312,009

1,253,130

-

1,650

-

-

-

-

9,224

10,624

73,169

71,436

11,619

306,839

2,107

25

353

-

9,608

337

-345,103

-524,753

-264,519

-3,517,272

-273,380

-1,225,568

-266,919

-401,797

-187,132

-2,744,914

-204,923

-934,143

-14,682

-22,419

-8,712

-151,182

-11,292

-48,132

-9,842

-15,970

-7,727

-108,018

-8,517

-37,273

-

-

-

-

-

-

-8,041

-14,926

-29,285

-44,339

-14,388

-48,688

-45,619

-69,641

-31,663

-468,819

-34,260

-157,332

279,201

166,482

378,469

2,304,093

59,856

334,738

-12,076,405

-11,869,193

-378,105

-68,284,486

-4,160,149

-30,666,814

13,218,609

14,492,750

1,993,418

77,114,243

6,075,003

51,098,856

1,421,405

2,790,039

1,993,782

11,133,850

1,974,710

20,766,780

-8,291,328

-6,034,528

-2,525,580

-23,982,766

4,378,518

2,623,112

-115,121

-98,927

-85,419

-736,061

-

-193,375

27,571,671

35,001,863

15,200,134

231,176,822

17,684,426

57,663,178

20,586,627

31,658,447

14,582,917

217,591,845

24,037,654

80,859,695

ING (L) Invest - 30/09/2003

59


60

ENGLISH

ČESKY

Total income

Příjmy celkem

Dividends

Dividendy


Úroky z dluhopisů

Bank interest


Other income

Ostatní příjmy

Total expenses

Výdaje celkem

Management fees

Poplatek za správu

Custodian fees


Subscription tax

Daň z úpisu

Other taxes

Jiné poplatky

Interest paid

Uhrazené úroky

Other expenses

Ostatní náklady








Výsledky operací



Distribution

Distribuce







ING (L) Invest - 30/09/2003



FREE TIME EUR

FUTURIS EUR

GLOBAL BRANDS EUR


GLOBAL REAL ESTATE EUR

1,219,048

172,603

9,285

694,418

2,217,968

26,480

1,100,326

124,053

7,603

650,317

2,187,996

24,094

-

-

-

-

-

-

118,642

48,541

1,674

44,021

24,592

2,367

80

9

8

80

5,380

19

-1,043,689

-227,443

-20,262

-1,019,453

-813,846

-16,266

-771,717

-172,788

-15,515

-706,760

-644,623

-11,073

-36,592

-8,481

-823

-40,450

-35,083

-652

-30,753

-6,772

-609

-28,094

-26,027

-

-

-

-

-

-

-

-41,328

-997

-696

-122,204

-5,173

-2,616

-163,299

-38,405

-2,619

-121,945

-102,940

-1,925

175,359

-54,840

-10,977

-325,035

1,404,122

10,214

-3,096,261

-10,898,544

-1,927,733

-12,590,418

-5,777,882

-1,795,629

6,096,126

9,016,340

1,916,107

15,670,326

6,117,035

1,567,444

3,175,224

-1,937,044

-22,603

2,754,873

1,743,275

-217,971

-16,005,759

-21,945,738

-2,382,661

-2,115,688

33,045,563

-10,704,543

-61,151

-13,099

-

-102,082

-

-

71,235,053

23,895,881

2,405,264

57,506,974

24,095,131

10,922,514

58,343,367

-

-

58,044,077

58,883,969

-

ING (L) Invest - 30/09/2003

61


62

ENGLISH

ČESKY

Total income

Příjmy celkem

Dividends

Dividendy


Úroky z dluhopisů

Bank interest


Other income

Ostatní příjmy

Total expenses

Výdaje celkem

Management fees

Poplatek za správu

Custodian fees


Subscription tax

Daň z úpisu

Other taxes

Jiné poplatky

Interest paid

Uhrazené úroky

Other expenses

Ostatní náklady








Výsledky operací



Distribution

Distribuce







ING (L) Invest - 30/09/2003


GREATER CHINA USD

GREECE EUR

HEALTH CARE USD

INDIA USD

INDONESIA USD

INDUSTRIALS EUR

210,743

30,299

1,877,829

84,674

48,021

609,733

135,196

24,810

1,784,624

67,165

40,514

537,720

-

-

-

-

-

-

19,281

5,314

93,205

17,359

7,242

72,013

56,266

175

-

150

265

-

-214,850

-71,053

-2,395,737

-164,133

-85,093

-636,702

-144,350

-56,158

-1,841,830

-106,662

-61,076

-450,961

-11,853

-3,086

-96,043

-17,485

-9,104

-23,429

-11,448

-2,159

-74,701

-4,393

-2,659

-18,637

-

-

-

-6,501

-

-

-22,756

-169

-32,048

-4,205

-1,846

-39,250

-24,443

-9,481

-351,115

-24,887

-10,408

-104,425

-4,107

-40,754

-517,908

-79,459

-37,072

-26,969

-3,355,287

-8,594,126

-2,748,820

-177,022

429,387

-2,171,069

5,289,328

7,150,880

17,190,032

1,011,449

1,254,336

3,811,193

1,929,934

-1,484,000

13,923,304

754,968

1,646,651

1,613,155

43,009,666

-8,445,677

-5,210,109

-11,319,319

-10,314,347

15,605,484

-25,192

-57,283

-166,029

-22,486

-30,756

-

9,786,915

9,986,960

132,733,158

10,586,837

8,698,452

35,562,992

54,701,323

-

141,280,324

-

-

52,781,631

ING (L) Invest - 30/09/2003

63


64

ENGLISH

ČESKY

Total income

Příjmy celkem

Dividends

Dividendy


Úroky z dluhopisů

Bank interest


Other income

Ostatní příjmy

Total expenses

Výdaje celkem

Management fees

Poplatek za správu

Custodian fees


Subscription tax

Daň z úpisu

Other taxes

Jiné poplatky

Interest paid

Uhrazené úroky

Other expenses

Ostatní náklady








Výsledky operací



Distribution

Distribuce







ING (L) Invest - 30/09/2003


INTERNET USD

IT USD

JAPAN JPY


KOREA USD

LATIN AMERICA USD

11,422

65,406

69,757,828

12,924,184

207,312

550,567

4,524

52,215

69,557,516

12,875,794

193,177

526,165

-

-

-

-

-

7,467

6,492

13,105

246

43,799

13,889

2,463

406

86

200,066

4,591

246

14,472

-117,429

-367,997

-77,828,386

-16,165,274

-123,696

-291,093

-87,536

-282,394

-58,958,578

-12,630,188

-90,185

-212,203

-5,625

-17,836

-3,129,417

-703,113

-10,155

-15,078

-4,137

-13,868

-4,014,876

-541,833

-3,478

-14,879

-

-

-

-

-

-

-3,671

-162

-102,293

-106,850

-4,784

-3,416

-16,460

-53,737

-11,623,222

-2,183,290

-15,094

-45,517

-106,007

-302,591

-8,070,558

-3,241,090

83,616

259,474

-6,335,582

-4,461,470

-426,378,290

-168,672,629

-535,538

-3,675,332

10,491,392

15,621,156

-20,107,554

186,246,898

515,742

10,351,898

4,049,803

10,857,095

-454,556,402

14,333,179

63,820

6,936,040

-13,071,261

13,377,811

11,277,771,208

-74,356,140

-12,268,934

35,276,966

-

-

-164,908

-2,591,378

-14,038

-6,572

9,021,458

14,545,561

4,002,209,591

1,262,956,081

12,219,152

18,433,050

-

38,780,467

14,825,259,489

1,200,341,742

-

60,639,484

ING (L) Invest - 30/09/2003

65


66

ENGLISH

ČESKY

Total income

Příjmy celkem

Dividends

Dividendy


Úroky z dluhopisů

Bank interest


Other income

Ostatní příjmy

Total expenses

Výdaje celkem

Management fees

Poplatek za správu

Custodian fees


Subscription tax

Daň z úpisu

Other taxes

Jiné poplatky

Interest paid

Uhrazené úroky

Other expenses

Ostatní náklady








Výsledky operací



Distribution

Distribuce







ING (L) Invest - 30/09/2003


MATERIALS USD

METALS & MINING USD

MOBILE TELECOM USD

NASDAQ USD

NEW ASIA USD


962,231

262,852

75,149

100,716

1,087,381

79,714

896,813

255,790

45,524

41,666

1,051,796

51,557

-

-

-

-

-

-

63,720

7,025

29,460

59,050

32,724

26,814

1,698

37

165

-

2,861

1,343

-738,168

-183,375

-147,905

-619,670

-853,727

-670,207

-548,610

-137,096

-67,298

-488,918

-611,609

-516,020

-28,837

-7,566

-3,428

-23,696

-50,805

-28,811

-22,998

-5,464

-2,751

-19,803

-38,873

-20,892

-

-

-

-

-

-

-32,576

-8,989

-6,142

-6,139

-33,721

-16,845

-105,147

-24,260

-68,286

-81,114

-118,719

-87,639

224,063

79,477

-72,756

-518,954

233,654

-590,493

-2,664,314

-666,028

-7,174,805

-7,791,752

591,529

-48,061,378

13,281,250

2,346,355

9,471,175

23,308,387

22,225,938

66,027,132

10,840,999

1,759,804

2,223,614

14,997,681

23,051,121

17,375,261

15,971,579

-16,467,228

-10,242,853

5,991,571

150,339,440

4,184,779

-108,290

-81,075

-7,173

-7,176

-1,294

-

36,579,514

14,788,499

8,026,412

26,961,199

21,333,447

28,042,257

63,283,802

-

-

47,943,275

194,722,714

49,602,297

ING (L) Invest - 30/09/2003

67


68

ENGLISH

ČESKY

Total income

Příjmy celkem

Dividends

Dividendy


Úroky z dluhopisů

Bank interest


Other income

Ostatní příjmy

Total expenses

Výdaje celkem

Management fees

Poplatek za správu

Custodian fees


Subscription tax

Daň z úpisu

Other taxes

Jiné poplatky

Interest paid

Uhrazené úroky

Other expenses

Ostatní náklady








Výsledky operací



Distribution

Distribuce







ING (L) Invest - 30/09/2003


PHILIPPINES USD

PORTUGAL EUR

PRESTIGE & LUXE EUR

SINGAPORE & MALAYSIA USD

SPANISH EQUITY EUR


10,709

129,204

518,153

57,343

51,368

548,886

5,629

67,324

344,690

55,027

51,264

497,799

-

-

-

-

-

-

2,125

61,781

173,350

2,293

104

51,085

2,955

99

113

23

-

2

-10,279

-104,712

-568,152

-40,417

-54,173

-577,635

-5,441

-83,545

-446,505

-30,420

-45,200

-402,302

-469

-3,387

-21,019

-1,995

-1,815

-19,100

-167

-3,392

-17,802

-1,218

-1,270

-13,788

-

-

-

-

-

-

-3,179

-249

-5,777

-1,647

-621

-83,727

-1,023

-14,139

-77,049

-5,137

-5,267

-58,718

430

24,492

-49,999

16,926

-2,805

-28,749

-742,765

-7,277,455

-9,600,650

-1,461,954

-693,605

-4,550,205

511,065

8,019,137

12,780,583

1,495,280

1,408,145

4,080,015

-231,270

766,174

3,129,934

50,252

711,735

-498,939

-1,548,075

-13,414,352

-4,664,585

-4,193,312

-5,363,465

4,627,250

-1,993

-40,905

-58,884

-10,864

-

-19,869

1,781,338

12,689,083

40,108,879

4,153,924

4,651,730

24,675,095

-

-

38,515,344

-

-

28,783,537

ING (L) Invest - 30/09/2003

69


70

ENGLISH

ČESKY

Total income

Příjmy celkem

Dividends

Dividendy


Úroky z dluhopisů

Bank interest


Other income

Ostatní příjmy

Total expenses

Výdaje celkem

Management fees

Poplatek za správu

Custodian fees


Subscription tax

Daň z úpisu

Other taxes

Jiné poplatky

Interest paid

Uhrazené úroky

Other expenses

Ostatní náklady








Výsledky operací



Distribution

Distribuce







ING (L) Invest - 30/09/2003


TELECOM USD

TOP 30 EURO EUR

TOP 30 WORLD USD


UTILITIES USD

WORLD EUR

1,049,504

454,440

72,607

1,719,196

1,140,518

2,449,265

994,558

392,292

71,669

1,654,251

1,130,612

2,138,840

-

-

-

-

-

-

52,074

61,508

755

57,024

9,906

239,294

2,872

640

183

7,921

-

71,131

-962,245

-785,031

-62,633

-2,629,032

-547,898

-2,224,720

-684,563

-616,543

-48,036

-1,941,106

-397,993

-1,547,081

-38,277

-34,127

-2,766

-105,702

-22,144

-87,702

-27,710

-23,604

-1,942

-97,079

-15,854

-64,553

-

-

-

-

-

-

-79,204

-7,122

-1,750

-30,426

-31,864

-255,672

-132,491

-103,635

-8,139

-454,719

-80,043

-269,712

87,259

-330,591

9,974

-909,836

592,620

224,545

-14,263,994

-97,276,002

-4,179,909

-3,964,154

-2,341,550

-17,464,111

30,747,418

101,951,558

4,904,038

27,145,473

6,794,917

19,577,186

16,570,683

4,344,965

734,103

22,271,483

5,045,987

2,337,620

1,539,876

-101,003,827

-7,874,617

130,016,965

-4,573,308

43,969,296

-54,946

-384,658

-16,892

-

-72,914

-74,217

41,332,166

97,043,520

7,157,406

109,260,779

29,771,462

97,676,879

59,387,779

-

-

261,549,227

30,171,227

143,909,578

ING (L) Invest - 30/09/2003

71


72

ENGLISH

ČESKY

Total income

Příjmy celkem

Dividends

Dividendy


Úroky z dluhopisů

Bank interest


Other income

Ostatní příjmy

Total expenses

Výdaje celkem

Management fees

Poplatek za správu

Custodian fees


Subscription tax

Daň z úpisu

Other taxes

Jiné poplatky

Interest paid

Uhrazené úroky

Other expenses

Ostatní náklady








Výsledky operací



Distribution

Distribuce







ING (L) Invest - 30/09/2003


CONSOLIDATED KONSOLIDACE EUR 62,725,080 58,587,246 8,062

3,851,258 278,514 -50,020,983 -37,743,908 -2,038,760 -1,585,214 -5,582 -1,773,083 -6,874,436 12,704,097 -654,357,020

1,018,986,413

377,333,490 640,173,960 -4,909,878 2,924,106,569

-151,663,014 3,785,041,127

ING (L) Invest - 30/09/2003

73


AUSTRALIA Quantity/Nominal Počet/ nominální hodnota

Currency Měna

Valuation in AUD Hodnota v AUD

% NAV % COJ

Quantity/Nominal Počet/ nominální hodnota


% NAV % COJ

Transferable Securities listed on an Official Stock Exchange Cenné papíry kotované na řádné burze cenných papírů


Shares - Akcie

Shares - Akcie

22,026 21,000 3,200 23,861 3,000 23,800

2,600

10,285 10,000 8,000 4,000 15,500

ANZ BANKING GROUP COMMONWEALTH BANK OF AUSTRALIA MACQUARIE BANK NATIONAL AUSTRALIA BANK ST. GEORGE BANK WESTPAC BANKING

CSL

BORAL CSR JAMES HARDIE INDUSTRIES LEIGHTON RINKER

AUD AUD

395,367 581,700

5.03 7.41

AUD AUD AUD AUD

110,400 734,919 61,470 385,560

1.41 9.36 0.78 4.91

2,269,416

28.90

AUD

AUD AUD AUD AUD AUD

41,730

0.53

41,730

0.53

53,893 20,000 58,880 40,480 89,745

0.69 0.25 0.75 0.52 1.14

262,998

3.35

10,123

15,000 25,000 36,031 3,000

3,000 104 205 8,874 6,500

7,000 5,440 4,066

161 38,000 484

ORICA LIMITED

TELECOM CORP OF NEW ZEALAND TELSTRA UXC

AUD

NZD AUD AUD

48,792

0.62

48,792

0.62

729 180,120 397

0.01 2.29 0.01

181,246

2.31

76,443

0.97

76,443

0.97

25,000 29,000 25,000 9,459

9,000 7,198

74

Currency Měna

AUSTRALIAN GAS LIGHT

AUD

COCA-COLA AMATIL

JOHN FAIRFAX NEWS CORP NEWS CORPORATION (PREF.) PUBLISHING & BROADCASTING

ANSELL ARGO INVESTMENTS AUSTRALIAN FOUNDATION SUNCORP METWAY WESFARMERS

TAB TABCORP HOLDINGS

AMP AXA ASIA PACIFIC INSURANCE AUSTRALIA QBE INSURANCE GROUP

COMPUTERSHARE

AUD

AUD AUD AUD AUD

AUD AUD AUD AUD AUD

AUD AUD

AUD AUD AUD AUD

AUD

57,904

0.74

57,904

0.74

48,150 300,500 361,031 33,180

0.61 3.83 4.60 0.42

742,861

9.46

20,160 524 687 105,867 176,280

0.26 0.01 0.01 1.35 2.24

303,518

3.87

23,240 62,886

0.30 0.80

86,126

1.10

166,500 75,110 103,750 94,212

2.12 0.96 1.32 1.20

439,572

5.60

23,850

0.30

23,850

0.30

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

16,000 20,000 27,783 22,391 15,304 31,247 411 16,211 1,852 36,000 990

COMMONWEALTH PROPERTY OFFICE AUD GANDEL RETAIL TRUST AUD GENERAL PROPERTY TRUST AUD INVESTA PROPERTY AUD MACQUARIE GOODMAN INDUSTRIAL AUD MACQUARIE INFRASTRUCTURE AUD STOCKLAND NEW (EM03) AUD STOCKLAND TRUST GROUP AUD WESTFIELD AMERICA TRUST AUD (ISSUE 2003) WESTFIELD TRUST AUD WESTFIELD TRUST (ISSUE 2003) AUD

18,240 25,600 76,403 43,439 22,803 101,865 1,866 74,571 3,389

0.23 0.33 0.97 0.55 0.29 1.30 0.02 0.95 0.04

117,720 3,198

1.50 0.04

489,094

6.22

8,000

13,087 8,000 10,000

700

62,000 16,122 17,300

6,422 2,000 15,426 4,000 5,000

17,300 7,000 5,291

14,188

BHP BILLITON BHP STEEL WMC RESOURCES

ARISTOCRAT LEISURE AUSTRALIAN STOCK EXCHANGE BRAMBLES INDUSTRIES SONIC HEALTHCARE TRANSURBAN

ALUMINIA ILUKA RESOURCES RIO TINTO

AMCOR

ING (L) Invest - 30/09/2003

AUD AUD AUD

AUD AUD AUD AUD AUD

AUD AUD AUD

AUD

654,720 80,771 76,466

8.34 1.03 0.97

811,957

10.34

12,330 28,380 72,348 26,840 21,350

0.16 0.36 0.92 0.34 0.27

161,248

2.05

88,230 29,890 173,915

1.12 0.38 2.21

292,035

3.71

123,436

1.57

123,436

1.57

4,000

14,080

6,211 7,294 10,188 7,500

17,715 14,600 17,592

PAPERLINX

ORIGIN ENERGY SANTOS WOODSIDE PETROLEUM

COCHLEAR

NEWCREST MINING

MAYNE GROUP

CENTRO PROPERTIES LEND LEASE MIRVAC GROUP WESTFIELD HOLDINGS

COLES MYER HARVEY NORMAN WOOLWORTHS

AUD

AUD AUD AUD

AUD

AUD

AUD

AUD AUD AUD AUD

AUD AUD AUD

43,360

0.55

43,360

0.55

56,012 45,760 134,000

0.71 0.58 1.71

235,772

3.00

21,966

0.28

21,966

0.28

43,840

0.56

43,840

0.56

46,323

0.59

46,323

0.59

23,043 75,128 42,790 106,500

0.29 0.96 0.54 1.36

247,461

3.15

134,634 42,924 206,178

1.71 0.55 2.63

383,736

4.89

75



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ


Transferable Securities traded on another Regulated Market Cenné papíry obchodované na jiném regulovaném trhu

Shares - Akcie

Shares - Akcie

34,493 7,000 11,950

2,000 4,000

FOSTER'S GROUP LION NATHAN SOUTHCORP

PATRICK CORP TOLL

AUD AUD AUD

AUD AUD

154,184 37,450 36,208

1.96 0.48 0.46

227,842

2.90

26,340 30,320

0.34 0.39

56,660

0.73

7,719,186

98.29

2,310

ONE TEL

AUD

0

0.00

0

0.00

0

0.00

Other Transferable Securities - Jiné cenné papíry Shares - Akcie

500

NEW HOPE CORP

AUD

304

0.00

304

0.00

304

0.00

7,741,690

98.57

Investment Funds - Investiční fondy

TOTAL/CELKEM 20,000

76

DEUTSCHE OFFICE

AUD

22,200

0.28

22,200

0.28

22,200

0.28

ING (L) Invest - 30/09/2003


BANKING & INSURANCE Quantity/Nominal Počet/ nominální hodnota

Currency Měna

Valuation in USD Hodnota v USD

% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

50,880 86,545 57,520 67,000 20,416 15,000 89,000 2,736 90,000

AMP ANZ BANKING GROUP COMMONWEALTH BANK OF AUSTRALIA NATIONAL AUSTRALIA BANK QBE INSURANCE GROUP WESTFIELD HOLDINGS WESTFIELD TRUST WESTFIELD TRUST (ISSUE 2003) WESTPAC BANKING

AUD AUD AUD

229,357 1,051,471 1,078,424

0.16 0.71 0.73

AUD AUD AUD AUD AUD AUD

1,396,743 137,632 144,169 196,983 5,981 986,844

0.95 0.09 0.10 0.13 0.00 0.67

5,227,604

3.54

12,500 15,000 20,000 20,000 4,000 5,000

30,000

35,000 30,000 8,000 4,500

6,000

27,000 25,500 16,000 20,000 8,000 33,000 25,000

16,200 50,000 50,000 6,500

DEXIA FORTIS GROUPE BRUXELLES LAMBERT KBC BANCASSURANCE

ACE

BANK OF MONTREAL BANK OF NOVA SCOTIA CAN.IMPERIAL BK.OF COMMERCE MANULIFE FINANCIAL NATIONAL BANK OF CANADA ROYAL BANK OF CANADA SUN LIFE FINANCIAL

CIE SUISSE REASSURANCE CREDIT SUISSE UBS (REG.) ZURICH FINANCIAL SERVICES

ING (L) Invest - 30/09/2003

EUR EUR EUR EUR

USD

CAD CAD CAD CAD CAD CAD CAD

CHF CHF CHF CHF

510,306 509,724 383,370 171,364

0.35 0.34 0.26 0.12

1,574,764

1.07

198,480

0.13

198,480

0.13

934,182 1,192,376 655,794 578,459 215,970 1,453,816 541,888

0.63 0.81 0.44 0.39 0.15 0.98 0.37

5,572,485

3.77

1,029,184 1,599,605 2,805,460 812,107

0.70 1.08 1.90 0.55

6,246,356

4.23

139,500 8,000 200,000

65,000 35,000 5,000 19,500 13,000 5,000

30,429 57,000 106,729 295,100 54,000 167,773 460,000 31,629 272,699 247,416 11,607 88,682 120,000

ALLIANZ BAYERISCHE HYPOVEREINSBANK COMMERZBANK DEUTSCHE BANK DEUTSCHE BOERSE N MUENCHENER RUECKVERSICH.(REG.)

1,103,411 258,006 291,603 1,216,955 202,632 496,739

0.75 0.17 0.20 0.82 0.14 0.34

3,569,346

2.42

DKK

571,657 571,657

0.39 0.39

BANCO BILBAO VIZCAYA ARGENTARIA EUR BANCO POPULAR ESPANOL EUR BANCO SANTANDER (REG.) EUR

1,439,349 395,668 1,695,585

0.97 0.27 1.15

3,530,602

2.39

1,095,318 1,715,964 227,437 379,917 865,959 393,036

0.74 1.16 0.15 0.26 0.59 0.27

4,677,631

3.17

300,925 431,354 828,076 2,263,848 442,743 1,917,704 6,064,232 442,717 417,947 1,700,736 251,460 605,179 3,050,308

0.20 0.29 0.56 1.53 0.30 1.30 4.10 0.30 0.28 1.15 0.17 0.41 2.06

18,717,229

12.65

DANSKE BANK

AXA-UAP BNP PARIBAS CNP ASSURANCES CREDIT AGRICOLE SOCIETE GENERALE PARIS -AUNIBAIL

3I AMVESCAP AVIVA BARCLAYS BRITISH LAND HBOS HSBC HOLDINGS LAND SECURUTIES LEGAL & GENERAL LLOYDS TSB MAN PRUDENTIAL ROYAL BANK OF SCOTLAND

EUR EUR EUR EUR EUR EUR


GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

77




% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

10,000

103,000 39,000 90,000

43,495 150,000

145,500 156,000 95,000 62,300 15,000 22,000 45,000 25,000 47,500 210,000

3,000 63,000 65 40,000 170 30,000 91,000 255 80,000 3,620 165 2,900 160

78

Currency Měna

NATIONAL BANK OF GREECE

CHEUNG KONG HANG SENG BANK SUN HUNG KAI PROPERTIES

ALLIED IRISH BANKS BANK OF IRELAND

ASSICURAZIONI GENERALI BANCA INTESA BANCA MONTE DEI PASCHI DI SIENA BANCA NAZIONALE DEL LAVORO BANCHE POPOLARI UNITE BANCO POPULARE DI VERONA MEDIOBANCA RIUNIONE ADRIATICA SICURTA SAN PAOLO-IMI UNICREDITO ITALIANO

ACOM DAIWA SECURITIES MILLEA MITSUBISHI ESTATE MITSUBISHI TOKYO FINANCIAL MITSUI FUDOSAN MITSUI SUMITO INSURANCE MIZUHO FINANCIAL NOMURA ORIX SUMITOMO MITSUI FINANCIAL TAKEFUJI UFJ HOLDINGS

EUR

HKD HKD HKD

EUR EUR

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

202,865

0.14

202,865

0.14

814,683 478,447 729,292

0.55 0.32 0.49

2,022,422

1.36

640,749 1,792,242

0.43 1.21

2,432,991

1.64

3,283,786 472,341 261,092 122,975 218,353 309,491 435,483 381,390 473,506 992,895

2.22 0.32 0.18 0.08 0.15 0.21 0.29 0.26 0.32 0.67

6,951,312

4.70

134,539 425,771 733,115 377,747 1,072,819 265,855 661,433 570,648 1,288,994 282,886 664,637 185,606 628,743

0.09 0.29 0.50 0.26 0.73 0.18 0.45 0.39 0.87 0.19 0.45 0.13 0.43

7,292,793

4.96

8,000

72,395 50,000 61,710

183,000

146,000 40,000 25,000 30,800

55,400 49,000 24,500 60,000

24,000 30,000 6,000 45,000 92,000 10,000 60,000 30,000 48,000 38,000 8,000 6,000 7,000

XL CAPITAL -A-

ABN AMRO AEGON ING GROEP

BANCO COMMERCIAL PORTUGUES

NORDEA SKANDIA FOERSAEKRINGS SKANDINAVISKA ENSKILDA BANKEN SVENSKA HANDELSBANKEN -A-

DBS OVERSEA-CHINESE BANKING OVERSEA-CHINESE-G 4,2% (PREF) UNITED OVERSEAS BANK

AFLAC ALLSTATE AMBAC FINANCIAL GROUP AMERICAN EXPRESS AMERICAN INTERNATIONAL AON BANK OF AMERICA BANK OF NEW YORK BANK ONE CHARLES SCHWAB CHARTER ONE FONANCIAL CHUBB CINCINNATI FINANCIAL

USD

EUR EUR EUR

EUR

SEK SEK SEK SEK

SGD SGD SGD SGD

USD USD USD USD USD USD USD USD USD USD USD USD USD

619,520

0.42

619,520

0.42

1,336,275 581,693 1,130,427

0.90 0.39 0.77

3,048,395

2.06

381,472

0.26

381,472

0.26

832,356 126,173 273,095 523,593

0.56 0.09 0.18 0.35

1,755,217

1.18

413,452 317,497 14,316 465,137

0.28 0.21 0.01 0.31

1,210,402

0.81

775,200 1,095,900 384,000 2,027,700 5,308,400 208,500 4,682,400 873,300 1,855,200 452,580 244,800 389,280 279,720

0.52 0.74 0.26 1.37 3.59 0.14 3.17 0.59 1.26 0.31 0.17 0.26 0.19

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Warrants & Rights - Opční listy a práva

210,000 7,000 9,500 20,000 15,000 40,000 20,000 47,500 4,000 2,000 6,000 10,000 9,000 7,500 12,000 85,000 18,000 8,000 7,000 20,000 7,500 50,000 20,000 7,000 34,000 4,000 11,000 40,000 25,000 8,000 8,000 9,000 11,700 8,000 28,000 6,000 10,000 11,000 21,000 15,000 13,000 10,500 105,000 22,000 80,000 55,000 35,000 67,000

CITIGROUP COMERICA COUNTRYWIDE FINANCIAL EQUITY OFFICE PROPERTIES TRUST EQUITY RESIDENTIAL FANNIE MAE FIFTH THIRD BANCORP FLEET BOSTON FINANCIAL FRANKLIN RESOURCES FREDDIE MAC GOLDEN WEST FINANCIAL HARTFORD HUNTINGTON BANCSHARES JEFFERSON-PILOT JOHN HANCOCK FINANCIAL SERVICE JP MORGAN CHASE & CO KEYCORP LEHMAN BROTHERS LINCOLN NATIONAL MARSH & MC LENNAN MBIA INC MBNA MELLON FINANCIAL MERRILL LYNCH METLIFE MGIC INVESTMENT MOODY'S MORGAN STANLEY DEAN WITTER NATIONAL CITY NATIONAL COMMERCE NORTH FORK BANCORPORATION NORTHERN TRUST PNC FINANCIAL SERVICES PROGRESSIVE PRUDENTIAL FINANCE SAFECO SAINT PAUL SIMON PROPERTY SLM SOUTHTRUST STATE STREET SUNTRUST BANKS TRAVELERS PROPERTY -ATRAVELERS PROPERTY -BUS BANCORP WACHOVIA WASHINGTON MUTUAL WELLS FARGO

ING (L) Invest - 30/09/2003

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

9,557,100 326,200 743,660 550,600 439,200 2,808,000 1,109,400 1,432,125 176,840 104,680 537,060 526,300 178,110 332,850 405,600 2,918,050 460,260 552,640 247,660 952,200 412,275 1,140,000 602,800 374,710 953,700 208,280 604,670 2,018,400 736,500 199,040 278,000 381,960 556,686 552,880 1,046,080 211,560 370,300 479,380 818,160 440,850 585,000 633,885 1,667,400 349,360 1,919,200 2,265,450 1,377,950 3,450,500

6.47 0.22 0.50 0.37 0.30 1.90 0.75 0.97 0.12 0.07 0.36 0.36 0.12 0.23 0.27 1.97 0.31 0.37 0.17 0.64 0.28 0.77 0.41 0.25 0.65 0.14 0.41 1.37 0.50 0.13 0.19 0.26 0.38 0.37 0.71 0.14 0.25 0.32 0.55 0.30 0.40 0.43 1.13 0.24 1.30 1.53 0.93 2.34

67,570,491

45.72

143,374,034

97.01

73,300

AXA-UAP (SUBSCR.CERT.03/10/03)

EUR

3,414

0.00

3,414

0.00

3,414

0.00


2,800

WACHOVIA DEPS

USD

TOTAL/CELKEM

28 28

0.00 0.00

28

0.00

143,377,476

97.01

79


BIOTECHNOLOGY Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna

% NAV % COJ



Shares - Akcie

Shares - Akcie

76,100

7,210

167,550

QLT

SERONO-B-

ZELTIA

USD

CHF

EUR

1,215,317

1.24

1,215,317

1.24

4,716,990

4.80

4,716,990

4.80

1,090,723

1.11

1,090,723

1.11

29,900 48,000 57,800 111,700 263,300 33,000 38,000 41,200 98,700 27,000 43,100 16,600 85,400

INTERMUNE INVITROGEN LIGAND PHARMACEUTICALS -BMEDIMMUNE MILLENNIUM PHARM NEUROCRINE BIOSCIENCES NPS PHARMACEUTICALS OSI PHARMACEUTICALS PROTEIN DESIGN LABS TANOX TECHNE TRIMERIS VERTEX PHARMACEUTICALS


TOTAL/CELKEM 306,700 452,500

145,700

88,000 58,900 68,500 126,800 81,700 50,000 70,700 89,900 61,800 93,000 113,500 176,500 131,200 129,200 119,300 119,700 57,800

80


CELLTECH GROUP SHIRE PHARMACEUTICALS

QIAGEN

ABGENIX AFFYMETRIX ALKERMES AMGEN APPLERA-CELERA GENOMICS BIOGEN BIOMARIN PHARMACEUTICAL CELGENE CEPHALON CHIRON GENENTECH GENZYME GILEAD SCIENCES HUMAN GENOME SCIENCES ICOS IDEC PHARMACEUTICAL IMCLONE SYSTEMS

GBP GBP

EUR

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

1,757,940 3,277,752

1.79 3.34

5,035,692

5.13

1,593,248

1.62

1,593,248

1.62

1,275,120 1,236,311 939,820 8,187,476 955,073 1,911,500 541,562 3,895,367 2,837,856 4,807,170 9,095,890 8,163,125 7,338,016 1,764,872 4,571,576 3,968,055 2,238,016

1.30 1.26 0.96 8.34 0.97 1.95 0.55 3.97 2.89 4.90 9.26 8.31 7.47 1.80 4.66 4.04 2.28

570,491 2,783,520 745,042 3,687,217 4,052,187 1,634,160 1,058,300 1,337,764 1,367,982 540,270 1,370,149 417,822 1,050,420

0.58 2.84 0.76 3.76 4.13 1.66 1.08 1.36 1.39 0.55 1.40 0.43 1.07

84,342,129

85.92

97,994,099

99.82

97,994,099

99.82

ING (L) Invest - 30/09/2003


COMPUTER TECHNOLOGIES Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

24,000

500

14,000

14,525 10,500 15,537 4,500 223,170 6,900

COMPUTERSHARE

BARCO

ACCENTURE A

ATI TECHNOLOGIES CELESTICA CGI COGNOS NORTEL NETWORKS ONEX

AUD

EUR

USD

CAD CAD USD CAD CAD CAD

43,048

0.04

43,048

0.04

33,539

0.03

33,539

0.03

312,760

0.27

312,760

0.27

216,780 165,734 89,648 140,291 917,852 74,857

0.19 0.14 0.08 0.12 0.79 0.06

1,605,162

1.38

48,045 65,479 112,613 67,547

0.04 0.06 0.10 0.06

293,684

0.26

278,250 5,000

69,673 3,672 4,600 2,500 34,140 22,000

60,500 22,000 42,306 31,000 67,000

1,600 1,800 2,104 1,202 570

KUDELSKI LOGITECH INTERNATIONAL SAGEM UNAXIS

CHF CHF EUR CHF

80,000 11,000

3,176 24,900 11,840

13,500 7,000

EPCOS INFINEON TECHNOLOGIES SAP

AMADEUS GLOBAL TRAVEL (DIST.) INDRA SISTEMAS

ING (L) Invest - 30/09/2003

EUR EUR EUR

EUR EUR

53,223 325,350 1,446,114

0.05 0.28 1.24

1,824,687

1.57

84,896 81,763

0.07 0.07

166,659

0.14

NOKIA -ATIETOENATOR

ALCATEL BUSINESS OBJECTS CAP GEMINI SOGETI DASSAULT SYSTEMS STMICROELECTRONICS WANADOO

ARM HOLDING ELECTROCOMPONENTS LOGICACMG MISYS SAGE

INTRACOM

TELECOM ITALIA MEDIA SPA TISCALI

EUR EUR


GBP GBP GBP GBP GBP

EUR

EUR EUR

4,283,756 101,025

3.67 0.09

4,384,781

3.76

825,170 93,051 190,707 87,632 824,973 142,704

0.71 0.08 0.16 0.07 0.71 0.12

2,164,237

1.85

98,504 117,510 167,985 145,496 182,832

0.08 0.10 0.14 0.12 0.16

712,327

0.60

11,031

0.01

11,031

0.01

32,607 66,868

0.03 0.06

99,475

0.09

81




% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

3,750 9,000 5,000 48,000 2,000 15,000 3,900 7,000 94,000 2,000 164,000 1,500 6,300 1,500 1,870 5,000 23,500 9,300 1,700 3,900 13,900 1,000 82,000 7 2,200 15,000 5,600 1,000 70 271 30,000 12,000 1,700 37,000 5,900 7,000 11,304 6,000 7,000 8,500 157,000 1,900 5,000 12,500

82

Currency Měna

ADVANTEST ALPS ELECTRIC ANRITSU CANON CAPCOM CITIZEN WATCH CSK DAINIPPON SCREEN FUJITSU HIROSE ELECTRIC HITACHI HITACHI SOFTWARE ENGINEERING HOYA ITOCHU TECHNO-SCIENCE KEYENCE KONAMI CO KONICA KYOCERA MABUCHI MOTOR MITSUMI ELECTRIC MURATA MANUFACTURING NAMCO NEC NET ONE SYSTEMS NIDEC NIKON NINTENDO NOMURA RESEARCH INSTITUTE NTT DATA OBIC CO OKI ELECTRIC OMRON ORACLE JAPAN RICOH ROHM SEGA SOFTBANK TAIYO YUDEN TDK TOKYO ELECTRON TOSHIBA TOYO INFORMATION SYSTEM TREND MICRO YOKOGAWA ELECTRIC

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

248,736 145,979 31,061 2,345,969 24,742 112,384 133,008 41,794 491,393 204,986 910,173 44,981 487,804 45,786 397,049 159,782 310,907 549,434 138,021 43,638 725,390 23,542 616,569 43,611 182,948 208,119 473,204 91,035 293,873 54,265 103,120 247,594 89,021 659,088 740,966 71,056 477,598 75,514 415,432 564,561 660,520 55,275 102,045 119,724

0.21 0.12 0.03 2.01 0.02 0.10 0.11 0.04 0.42 0.18 0.78 0.04 0.42 0.04 0.34 0.14 0.27 0.47 0.12 0.04 0.62 0.02 0.53 0.04 0.16 0.18 0.40 0.08 0.25 0.05 0.09 0.21 0.08 0.56 0.63 0.06 0.41 0.06 0.36 0.48 0.57 0.05 0.09 0.10

13,961,697

11.98

8,000

27,330 5,100 56,000

7,204

834,150 9,500

69,000 1,910 30,000 12,000

48,700 13,670 20,300 54,006 24,240 1,578 30,350 34,960 50 13,610 11,660

ASM PACIFIC TECHNOLOGY

ASM OCE STMICROELECTRONICS

TANDBERG

TELEFON ERICSSON -BWM-DATA

CHARTERED SEMICONDUCTEUR MANUFACTURING CREATIVE TECHNOLOGY FLEXTRONICS INTERNATIONAL VENTURE

ADC COMMUNICATION ADOBE SYSTEMS ADVANCED MICRO DEVICES AGERE SYSTEM B AGILENT TECHNOLOGIES ANALOG DEVICES APPLIED MATERIALS AUTOMATIC DATA PROCESSING BEA SYSTEMS BMC SOFTWARE BROADCOM

HKD

EUR EUR USD

NOK

27,067

0.02

27,067

0.02

358,055 70,320 1,346,800

0.31 0.06 1.15

1,775,175

1.52

42,780

0.04

42,780

0.04

1,218,541 15,843

1.04 0.01

1,234,384

1.05

SGD

59,479

0.05

SGD USD SGD

20,884 425,400 138,847

0.02 0.36 0.12

644,610

0.55

113,471 536,684 225,533 156,077 535,946 59,996 550,549 1,253,316 602 189,587 310,389

0.10 0.46 0.19 0.13 0.46 0.05 0.47 1.07 0.00 0.16 0.27

SEK SEK

USD USD USD USD USD USD USD USD USD USD USD

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

15,690 8,000 3,500 66,350 350,310 10,450 26,401 9,320 22,293 11,380 184,390 10,000 73,490 147,630 4,000 8,253 27,080 126,917 5,240 11,340 168,720 100,529 310,530 9,500 900 320 8,000 217 231,880 54,580 5,087 11,500 32,140 187,820 135,340 17,080 44,430 361,050 4,260 19,610 5,020 46,080 7,500 29,143 9,225 27,700 48,100 186,660 16,220 14,245

CADENCE DESIGN SYS CERIDIAN CERTEGY CIENA CISCO SYSTEMS CITRIX SYSTEMS COMPUTER ASSOCIATES COMPUTER SCIENCE COMPUWARE COMVERSE TECHNOLOGY CONCORD EFS CONVERGYS CORP CORNING DELL DST SYSTEMS ELECTRONIC ARTS ELECTRONIC DATA SYSTEMS EMC FIRST DATA FISERV HEWLETT PACKARD IBM INTEL JABIL CIRCUIT JUNIPER NETWORKS KLA-TENCOR LEXMARK INTERNATIONAL LINEAR TECHNOLOGY LUCENT TECHNOLOGIES MAXIM INTEGRATED MERCURY INTERACTIVE MICROCHIP TECHNOLOGY MICRON TECHNOLOGY MICROSOFT MOTOROLA NETWORK APPLIANCE NOVELLUS SYSTEMS ORACLE PAYCHEX PEOPLESOFT QLOGIC QUALCOMM SABRE GROUP HOLDING (-A-) SANMINA SCIENTIFIC ATLANTA SIEBEL SYSTEMS SOLECTRON SUN MICROSYSTEMS SUNGARD DATA SYMBOL TECH

ING (L) Invest - 30/09/2003

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

210,246 148,960 112,385 392,128 6,845,057 230,736 689,330 350,152 119,490 170,245 2,520,611 183,400 692,276 4,929,366 150,400 761,174 547,016 1,602,962 209,390 410,848 3,266,419 8,879,727 8,542,680 247,475 13,428 16,448 504,080 7,771 500,861 2,155,910 231,001 275,310 431,319 5,219,518 1,620,020 350,652 1,499,512 4,050,981 144,542 356,706 235,990 1,918,771 161,175 282,687 287,359 269,244 281,385 617,845 426,748 170,228

0.18 0.13 0.10 0.34 5.86 0.20 0.59 0.30 0.10 0.15 2.16 0.16 0.59 4.22 0.13 0.65 0.47 1.37 0.18 0.35 2.80 7.60 7.31 0.21 0.01 0.01 0.43 0.01 0.43 1.85 0.20 0.24 0.37 4.47 1.39 0.30 1.28 3.47 0.12 0.31 0.20 1.64 0.14 0.24 0.25 0.23 0.24 0.53 0.37 0.15

8,500 22,200 10,077 100,250 8,690 74,250 19,156 12,490 24,160 7,360 44,070 34,140 27,149

SYNOPSYS TELLABS TERADYNE TEXAS INSTRUMENT THERMO-ELECTRON UNIPHASE UNISYS VERISIGN VERITAS SOFTWARE WATERS CORP XEROX XILINX YAHOO


261,545 150,738 187,432 2,285,700 188,573 267,300 259,181 168,240 758,624 201,885 452,158 973,330 960,532

0.22 0.13 0.16 1.96 0.16 0.23 0.22 0.14 0.65 0.17 0.39 0.83 0.82

75,289,352

64.47

104,626,455

89.63

83



Currency Měna


% NAV % COJ


INTUIT

USD

TOTAL/CELKEM

556,400

0.48

556,400

0.48

556,400

0.48

105,182,855

90.11

Commitments in USD Přímé nákupy v USD

Call Securities - Movitý majetek CALL INTEL 01/2004 20 CALL MICROSOFT 01/2004 27.5

USD USD

Put Securities - Movitý majetek -400 -3,400

84

Currency Měna

Financial Instruments - Finanční nástroje

400 3,400

Shares - Akcie

11,534


PUT INTEL 01/2004 20 PUT MICROSOFT 01/2004 27.5

USD USD

800,000 9,350,000 10,150,000

ING (L) Invest - 30/09/2003


CONSUMER GOODS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

240 563 20,000 36,104 57,107 82,649 3,000 20,000 12,038 307

3,883

20,000

3,315 3,425 1,000 4,412 2,456 3,105 5,215 6,649 8,891

20,056 1,661 100

COLES MYER DAVID JONES HARVEY NORMAN JOHN FAIRFAX NEWS CORP NEWS CORPORATION (PREF.) PUBLISHING & BROADCASTING TAB TABCORP HOLDINGS WOOLWORTHS

AGFA-GEVAERT

YUE YUEN INDUSTRIAL

CDN TIRE CORP A FAIRMONT HOTELS & RESORTS FOUR SEASONS HOTELS MAGNA INTERNATIONAL -AMI DEVELOPMENTS -CL AQUEBECOR WORLD ROGERS COMMUNICATIONS -CL BSHAW COMMUNICATIONS -BTHOMSON

RICHEMONT (UNITS)-ATHE SWATCH -BVALORA HOLDING

ING (L) Invest - 30/09/2003

AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD

EUR

HKD

CAD CAD USD CAD CAD CAD CAD CAD CAD

CHF CHF CHF

1,235 560 39,799 78,442 464,606 560,527 22,459 44,943 94,190 2,435

0.00 0.00 0.06 0.11 0.65 0.79 0.03 0.06 0.13 0.00

1,309,196

1.83

93,604

0.13

93,604

0.13

59,661

0.08

59,661

0.08

88,927 88,300 49,810 318,775 56,420 58,376 79,996 81,052 269,540

0.13 0.12 0.07 0.45 0.08 0.08 0.11 0.11 0.38

1,091,196

1.53

398,648 157,844 21,959

0.56 0.22 0.03

578,451

0.81

1,879 4,690 33,530 2,000 1,000 344 4,433 8,849 3,588

8,511 1,500 5,000

7,250 500 4,764 8,112 4,873 7,000 2,434 3,274 6,525 3,500 4,784 5,951 2,402 36,580

35,418 10,360 3,892 47,878 28,000 6,283 85,374 10,292

ADIDAS-SALOMON CONTINENTAL AG DAIMLERCHRYSLER DOUGLAS HOLDING KARSTADT QUELLE PORSCHE (PREF.) TUI VOLKSWAGEN VOLKSWAGEN (PRIVATE SH.)

INDITEX NH HOTELES PRISA

ACCOR HERMES LAGARDERE LVMH MOET HENNESSY MICHELIN (B) (NOM.) PEUGEOT PINAULT PRINTEMPS REDOUTE PUBLICIS RENAULT SODEXHO ALLIANCE TF1 THOMSON VALEO VIVENDI UNIVERSAL

AEGIS BARRATT DEVELOPMENTS BERKELEY BRITISH SKY BROADCASTING CARLTON COMMUNICATIONS CARNIVAL COMPASS DAILY MAIL & GENERAL TRUST -A-

EUR EUR EUR EUR EUR EUR EUR EUR EUR

EUR EUR EUR

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

GBP GBP GBP GBP GBP GBP GBP GBP

164,005 136,543 1,176,888 56,830 25,527 144,787 73,926 397,674 111,313

0.23 0.19 1.66 0.08 0.04 0.20 0.10 0.56 0.16

2,287,493

3.22

182,371 16,944 53,162

0.26 0.02 0.07

252,477

0.35

266,967 77,326 215,814 503,988 181,198 297,462 199,833 89,904 386,013 95,295 141,676 103,676 87,694 647,508

0.38 0.11 0.30 0.71 0.25 0.42 0.28 0.13 0.54 0.13 0.20 0.15 0.12 0.91

3,294,354

4.63

51,929 87,437 50,791 488,797 75,128 200,419 492,183 91,522

0.07 0.12 0.07 0.69 0.11 0.28 0.69 0.13

85




% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

15,000 9,000 25,378 5,000 31,944 109,678 39,634 58,882 28,000 23,611 85,423 91,724 28,000 35,000 77,843 9,754 29,947 12,000 21,181 49,293 46,449 69,981 28,717 15,722 12,004 19,000 12,399 43,449 20,000

8,000

25,000 51,000 26,000 20,000 15,000

86

Currency Měna

DEBENHAMS EMAP PLC EMI GROUP ENTERPRISE INNS GKN GRANADA GUS HILTON INTERCONTINENTAL HOTEL KESA ELECTRICALS KINGFISHER MARKS & SPENCER (NEW) MFI FURNITURE MITCHELLS & BUTLERS NEW DIXONS NEXT PEARSON PERSIMMON RANK REED ELSEVIER REUTERS SIGNET TAYLOR WOODROW UNITED BUSINESS MEDIA PLC WHITBREAD WILLIAM HILL W/I WIMPEY (GEORGE) WPP YELL GROUP

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

GREEK ORG OF FOOTBALL PROGNO EUR

ESPRIT HOLDINGS LI & FUNG SHANGRI-LA ASIA TECHTRONIC INDUSTRIES TELEVISION BROADCASTS

HKD HKD HKD HKD HKD

117,252 115,882 62,295 77,462 127,504 170,374 431,959 175,842 223,291 87,378 370,413 466,312 86,060 133,451 173,945 182,146 283,720 107,259 93,165 385,521 163,793 122,660 110,449 108,791 138,905 97,856 75,188 366,342 100,348

0.16 0.16 0.09 0.11 0.18 0.24 0.61 0.25 0.31 0.12 0.52 0.66 0.12 0.19 0.24 0.26 0.40 0.15 0.13 0.54 0.23 0.17 0.16 0.15 0.20 0.14 0.11 0.52 0.14

6,693,769

9.42

97,636

0.14

97,636

0.14

76,028 81,007 22,663 48,942 67,409

0.11 0.11 0.03 0.07 0.09

296,049

0.41

15,000

6,000 5,000 13,418 4,941 24,747 6,000 160,531 60,891

9,000 2,000 4,000 23,000 9,000 5,000 3,000 15,000 19,000 2,000 18,000 5 30,000 10,000 12,000 2,000 15,000 80,000 20,000 6,000 95,700 4,000 2,000 5,500 2,000 57,000 15,000 18,000 34,000 2,000

INDEPENDENT NEW & MEDIA

AUTOGRILL BULGARI FIAT LUXOTTICA GROUP MEDIASET MONDADORI EDITORE SEAT PAGINE GIALLE TELECOM ITALIA MEDIA SPA

AEON AOYAMA TRADING BANDAI BRIDGESTONE CASIO COMPUTER DAIMARU DAITO TRUST CONSTRUCT DAIWA HOUSE INDUSTRY DENSO FAST RETAILING FUJI PHOTO FILM FUJI TELEVISION NETWORK HONDA MOTOR ISETAN KONICA MAKITA MARUI MATSUSHITA ELECTRIC INDUSTRIAL MITSUKOSHI NGK SPARK PLUG NISSAN MOTOR ONWARD KASHIYAMA ORIENTAL LAND PIONEER SANKYO CO GUNMA SANYO ELECTRIC SEKISUI CHEMICAL SEKISUI HOUSE SHARP OSAKA SHIMACHU

EUR

EUR EUR EUR EUR EUR EUR EUR EUR

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

29,172

0.04

29,172

0.04

74,415 40,177 106,100 70,372 226,518 44,719 147,688 24,819

0.10 0.06 0.15 0.10 0.32 0.06 0.21 0.03

734,808

1.03

236,853 37,954 102,045 307,792 68,800 28,644 79,891 136,821 375,867 94,168 528,487 24,392 1,200,377 92,199 158,761 18,189 187,978 963,165 65,882 52,097 1,032,257 41,713 107,058 136,128 69,462 238,276 67,672 162,735 497,605 41,176

0.33 0.05 0.14 0.43 0.10 0.04 0.11 0.19 0.53 0.13 0.74 0.03 1.69 0.13 0.22 0.03 0.26 1.36 0.09 0.07 1.45 0.06 0.15 0.19 0.10 0.34 0.10 0.23 0.70 0.06

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

1,000 3,000 3,000 33,500 5,000 12,000 5,000 8,000 7,000 3,000 104,500 1,000 2,000 3,500 5,000 3,000

24,125 51,373 5,000 8,768 11,321

5,000

15,069

10,498 5,500 17,358 2,000

SHIMAMURA SHIMANO SKYLARK SONY STANLEY ELECTRIC TAKASHIMAYA TOHO TOYOBO TOYODA AUTOMATIC LOOM TOYODA GOSEI TOYOTA MOTOR USS TOKAI WORLD CO YAMADA DENKI YAMAHA CORP YAMAHA MOTOR

REED ELSEVIER ROYAL PHILIPS ELECTRONICS VENDEX KBB VNU WOLTERS KLUWER

SKY CITY ENTERTAINMENT

CARNIVAL

ELECTROLUX -BENIRO AB HENNES & MAURITZ -BTRELLEBORG B

ING (L) Invest - 30/09/2003

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

EUR EUR EUR EUR EUR

NZD

USD

SEK SEK SEK SEK

70,268 56,662 48,740 1,169,494 89,513 83,140 60,869 14,895 131,585 64,181 3,068,163 61,764 48,964 103,388 94,660 31,929

0.10 0.08 0.07 1.65 0.13 0.12 0.09 0.02 0.19 0.09 4.32 0.09 0.07 0.15 0.13 0.04

12,352,659

17.39

272,519 1,164,222 55,316 257,005 162,425

0.38 1.64 0.08 0.36 0.23

1,911,487

2.69

25,837

0.04

25,837

0.04

495,619

0.70

495,619

0.70

228,678 43,017 393,817 24,950

0.32 0.06 0.55 0.04

690,462

0.97

14,000

10,640 96,721 2,500 11,429 11,417 3,511 4,306 132 2,649 22,205 3,889 51,694 34,568 8,540 7,500 21,126 11,085 2,069 11,719 8,150 10,000 6,000 7,552 70,911 5,507 11,152 22,973 19,542 28,239 6,614 11,994 4,873 14,764 91,820 18,000 15,812 13,612 10,604 3,378 4,494 3,500 12,029 1,769 99,795

SINGAPORE PRESS

AMAZON.COM AOL TIME WARNER AUTOZONE BED BATH & BEYOND BEST BUY BLACK & DECKER CARMAX CAVCO INDUSTRIES CENTEX CLEAR CHANNEL COACH COMCAST -ACOMCAST -A- (SPECIAL) COX COMMUNICATIONS DARDEN RESTAURANT DELPHI DOLLAR GENERAL DOW JONES & CO EASTMAN KODAK EBAY ECHOSTAR COMMUNICATIONS -AFAMILY DOLLAR STORE FEDERATED DEPARTMENT STORES FORD MOTOR WI FORTUNE BRANDS GANNETT GAP GENERAL MOTORS GENERAL MOTORS-HGENUINE PARTS HARLEY-DAVIDSON HARRAHS HILTON HOTELS HOME DEPOT INTERACTIVECORP INTERPUBLIC GROUP INTL GAME TECHNOLOGY JC PENNEY JOHNSON CONTROLS JONES APPAREL GROUP KNIGHT RIDDER KOHLS LENNAR -ALIBERTY MEDIA

SGD

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

148,219

0.21

148,219

0.21

514,550 1,461,454 223,825 436,359 542,536 142,371 140,634 2,838 206,304 850,452 212,339 1,596,312 1,021,139 270,035 142,500 191,190 221,700 97,967 245,396 436,106 382,700 239,340 316,429 763,711 312,522 864,949 393,298 799,854 404,100 211,516 578,111 205,202 239,472 2,924,468 594,900 223,265 383,178 226,607 319,559 134,505 233,450 643,552 137,611 994,956

0.72 2.06 0.31 0.61 0.76 0.20 0.20 0.00 0.29 1.20 0.30 2.25 1.44 0.38 0.20 0.27 0.31 0.14 0.35 0.61 0.54 0.34 0.45 1.07 0.44 1.22 0.55 1.13 0.57 0.30 0.81 0.29 0.34 4.12 0.84 0.31 0.54 0.32 0.45 0.19 0.33 0.91 0.19 1.40

87



Currency Měna


% NAV % COJ


LIMITED BRANDS LIZ CLAIBORNE LOWE'S MARRIOTT INTERNATIONAL A MATTEL MAY DEPARTMENT STORES MAYTAG MC.DONALD'S MCGRAW HILL NEW YORK TIMES A NEWELL RUBBERMAID NIKE OFFICE DEPOT OMNICOM PARK PLACE RADIOSHACK SEARS ROEBUCK SHERWIN-WILLIAMS STANLEY WORKS STAPLES STARBUCKS STARWOOD HOTELS & RESORTS TARGET TIFFANY & CO TJX TOYS 'R' US TRIBUNE V.F. VIACOM -BWALT DISNEY WENDY'S WHIRLPOOL YUM BRANDS

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

TOTAL/CELKEM

88

262,015 157,481 1,626,651 356,805 342,190 246,300 59,553 1,280,270 462,744 271,060 237,265 397,641 181,203 502,806 100,678 194,381 485,403 148,638 83,542 463,481 487,555 267,821 1,322,169 236,224 405,936 87,374 390,196 147,352 2,379,196 1,644,379 161,500 191,450 351,974

0.37 0.22 2.29 0.50 0.48 0.35 0.08 1.80 0.65 0.38 0.33 0.56 0.25 0.71 0.14 0.27 0.68 0.21 0.12 0.65 0.69 0.38 1.86 0.33 0.57 0.12 0.55 0.21 3.35 2.31 0.23 0.27 0.50

37,416,495

52.66

69,858,644

98.28

69,858,644

98.28

Currency Měna


Financial Instruments - Finanční nástroje Call Securities - Movitý majetek 280 475

Shares - Akcie

17,375 4,625 31,342 8,292 18,048 10,000 2,385 54,387 7,448 6,237 10,949 6,538 12,897 6,998 11,174 6,842 11,100 5,054 2,830 19,515 16,929 7,696 35,136 6,328 20,903 7,263 8,501 3,787 62,120 81,526 5,000 2,825 11,883


CALL AOL TIME WARNER 01/2004 15 CALL AOL TIME WARNER 01/2005 17.5

USD USD

Put Securities - Movitý majetek -280 -475

PUT AOL TIME WARNER 01/2004 15 PUT AOL TIME WARNER 01/2005 17.5

USD USD

420,000 831,250 1,251,250

ING (L) Invest - 30/09/2003


DUTCH EQUITY Quantity/Nominal Počet/ nominální hodnota

Currency Měna

Valuation in EUR Hodnota v EUR

% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

179,587 89,331 2,979 218,127

ABN AMRO FORTIS FORTIS (STRIP) (VVPR) ING GROEP

EUR EUR EUR EUR

2,846,454 1,303,339 60 3,431,138

6.80 3.11 0.00 8.19

7,580,991

18.10

41,400 163,382

5,745 1 41,738 2,337

AKZO NOBEL DSM

EUR EUR

1,117,326 95,256

2.67 0.23

1,212,582

2.90

19,170 255,065 650

KPN (DEMAT.) EUR VERSATEL TELECOM INTERNATIONAL EUR

1,640,068 1,060

3.92 0.00

1,641,128

3.92 5,468

71,807 172,220

ASM ROYAL PHILIPS ELECTRONICS

EUR EUR

807,829 3,351,401

1.93 8.00

4,159,230

9.93 22,259

121 22,700 39,242

105,550 29,468 36,860

CSM NUMICO UNILEVER (Cert.ACTION)

REED ELSEVIER VNU WOLTERS KLUWER

EUR EUR EUR

EUR EUR EUR

2,063 395,434 1,981,721

0.00 0.94 4.73

2,379,218

5.67

1,023,835 741,710 454,115

2.44 1.77 1.08

2,219,660

5.29

73,952

5

127,217 1 186,299

AEGON

ING (L) Invest - 30/09/2003

EUR

1,861,127

4.44

1,861,127

4.44

GETRONICS LOGICACMG

IHC CALAND VEDIOR

HAGEMEYER

VAN DER MOOLEN

BUHRMANN

ROYAL DUTCH PETROLEUM

FUGRO (CVA)

KONINKLIJKE AHOLD LAURUS

EUR GBP

EUR EUR

EUR

EUR

EUR

EUR

EUR

EUR EUR

45,126 557,077

0.11 1.33

602,203

1.44

253,929 10

0.61 0.00

253,939

0.61

75,146

0.18

75,146

0.18

48,829

0.12

48,829

0.12

141,790

0.34

141,790

0.34

2,788,730

6.66

2,788,730

6.66

212

0.00

212

0.00

1,041,907 2

2.49 0.00

1,041,909

2.49

89


DUTCH EQUITY Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


25,206

1 46,346

GUCCI

EUR

HEINEKEN

SMIT INTERNATIONAL TPG

EUR

EUR EUR

489,177

1.17

489,177

1.17

786,174

1.88

786,174

1.88

24 752,196

0.00 1.80

752,220

1.80

28,034,265

66.94

Currency Měna

Commitments in EUR Přímé nákupy v EUR

Financial Instruments - Finanční nástroje Forward Contracts - Futures Stock indices - Indexy 200

Shares - Akcie

6,780


AEX INDEX 31/10/2003

EUR

12,284,000 12,284,000


94,000

650

FORTIS (WT) (26/03/2004)

EUR

VERSATEL TELECOM (WT) (09/10/2004)EUR

TOTAL/CELKEM

90

1,373,340

3.28

1,373,340

3.28

72

0.00

72

0.00

1,373,412

3.28

29,407,677

70.22

ING (L) Invest - 30/09/2003


EMERGING EUROPE Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

23,500 35,000 76,500 14,000 67,800 10,100 8,600 93,600 320,000 52,000

18,000 80,000 8,000 4,300 590,000 40,500 19,500 860,000 17,000 24,700

BANK AUSTRIA CREDITANSTALT BANK PEKAO (GDR) BANK POLSKA KASA OPIEKI BANK PRZEMYSLOWO-HANDLOWY BANK ZACHODNI ERSTE BANK DER OESTERREICH. SPARKASSEN HANSABANK KOMERCNI BANKA (GDR) OTP BANK OTP BANK GDR 2 SHS REG S

CESKY TELECOM CESKY TELECOM EESTI TELEKOM GDR GOLDEN TELECOM MATAV MATAV (ADR) MOBILE TELESYSTEMS TELEKOM POLSKA URALSVYAZINFORM ADR VIMPEL COMMUNICATIONS (ADR)

EUR USD PLN PLN PLN EUR

726,620 861,964 1,878,807 947,453 1,113,053 877,185

1.01 1.19 2.60 1.31 1.54 1.21

EUR USD HUF USD

169,420 2,282,633 3,257,926 1,062,728

0.23 3.16 4.51 1.47

13,177,789

18.23

USD CZK USD USD HUF USD USD USD USD USD

152,248 671,364 163,153 100,951 1,866,979 649,989 1,231,570 2,592,074 77,661 1,290,835

0.21 0.93 0.23 0.14 2.58 0.90 1.70 3.59 0.11 1.79

8,796,824

12.18

85,000

27,700

169,000 95,500 50,000 10,400 288,400 131,500 200,600 34,800 103,900 139,000

5,300 20,000

323,500 206,000

CESKE ENERGETICKE ZAVODY UNIFIED ENERGY SYSTEM (GDR)

CZK USD

1,365,415 5,628,715

1.89 7.79

6,994,130

9.68 330 30,370

26,000

VOSTOK NAFTA INVESTMENT (SDR)

SEK

225,127

0.31

225,127

0.31

JSC MMC NORILSK NICKEL (ADR)

COMPUTERLAND

PLN

GAZPROM OAO (ADR) (REG.) LUKOIL (ADR) MOL MAGYAR OLAJ - ES GAZIPARI MOL MAGYAR OLAJ-ES GZ SP (GDR) POLSKI KONCERN NAFTO (GDR) SIBNEFT (ADR) SURGUT (ORDINARY) (ADR) SURGUT (PREF) (ADR) TATNEFT (ADR) (REG.) YUKOS (ADR)

GEDEON RICHTER (GDR) RICHTER GEDEON

PHILIP MORRIS SUN INTERBREW

USD

USD USD HUF USD USD USD USD USD USD USD

USD HUF

CZK USD

TOTAL/CELKEM

56,700

PROKOM SOTWARE (GDR)

ING (L) Invest - 30/09/2003

USD

1,015,152

1.40

1,015,152

1.40

3,594,736

4.97

3,594,736

4.97

569,638

0.79

569,638

0.79

3,584,475 6,704,804 1,179,268 247,375 2,996,556 3,319,823 3,927,423 821,777 1,929,807 7,430,123

4.96 9.27 1.63 0.34 4.15 4.59 5.43 1.14 2.67 10.28

32,141,431

44.46

446,009 1,663,948

0.62 2.30

2,109,957

2.92

138,582 117,354

0.19 0.16

255,936

0.35

68,880,720

95.29

68,880,720

95.29

91


EMERGING MARKETS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

91,000 120,000,000 122,300 2,197,000 11,600 15,270 475,000 212,600 38,310 241,400 11,294 900,000 211,000

25,600 425,000 1,788,600 46,500

ABSA GROUP LIMITED AKBANK BANGKOK BANK (FOREIGN) BANK MANDIRI BANK PEKAO (GDR) DAISHIN SECURITIES FIRSTRAND LTD KASIKORNBANK PUBLIC KOOKMIN BANK MALAYAN BANKING OTP BANK GDR 2 SHS REG S PUBLIC BANK BHD STANDARD BANK GROUP

CEMEX SPONS (ADR) GAMUDA LAND & HOUSE (FOREIGN) LARSEN AND TOUBRO LTD (GDR R2)

ZAR TRL THB IDR USD KRW ZAR THB KRW MYR USD MYR ZAR

USD MYR THB USD

450,231 478,276 263,406 222,448 332,688 219,063 497,846 260,891 1,255,738 609,858 268,797 615,795 969,417

0.71 0.76 0.42 0.35 0.53 0.35 0.79 0.41 1.99 0.97 0.43 0.98 1.54

6,444,454

10.23

638,720 732,572 613,669 652,395

1.01 1.16 0.97 1.03

2,637,356

4.17

32,500 124,270 12,950 71,400 27,500 8,160 9,590 118,669 307,000 62,444 1,391,495

72,900 398,000 22,720

446,000 2,186 8,010 7,650 69,500

HONAM PETROCHEMICAL LG CHEMICAL RELIANCE INDUSTRIES (GDR)

KRW KRW USD

285,537 304,630 1,419,190

0.45 0.48 2.25

2,009,357

3.18 229,000

41,900 8,700 771,000 326,000 8,100 13,700 2,300 222,000 6,240 41,700 141,000 107,105 590,500 73,100 41,785

92

Currency Měna

AMERICA MOVIL (SERIE L) (ADR) BRASIL TELECOM PARTICIPACOES CHINA TELECOM -HCHINE MOBILE GRUPO TELEVISA (GDR) KT KT CORP (ADR) MTN GROUP SK TELECOM TELE NORTE LESTE (REPR.1000 PR TELEKOM MALAYSIA TELEKOM POLSKA TELEKOMUNIKASI INDONESIA TELESP CELULAR PARTICIPACOES TELMEX

USD USD HKD HKD USD KRW USD ZAR KRW USD MYR USD IDR USD USD

968,309 333,210 199,127 858,802 296,379 539,590 45,839 634,285 998,270 581,298 272,726 375,939 400,935 340,646 1,276,532

1.54 0.53 0.32 1.36 0.47 0.86 0.07 1.01 1.58 0.92 0.43 0.60 0.64 0.54 2.02

8,121,887

12.89

7,900 234,000 105,100 524,100 347,308

HANNSTAR DISPLAY (GDR) HON HAI PRECISION (GDR) LG ELECTRONICS (NEW) MEDIATEK NANYA TECHNOLOGY (GDR) REG. SAMSUNG ELECTRONICS (PREF) SAMSUNG ELECTRONICS CO LTD SYNNEX TECHNOLOGY (GDR) TAIWAN SEMICONDUCTOR TAIWAN SEMICONDUCTOR SP (ADR) UNITED MICROELECTRONICS

ENERSIS HUANENG POWER KOREA ELECTRIC POWER

COFCO INTERNATIONAL NONG SHIM

NEW STRAITS TIMES PRESS

USD USD KRW TWD USD KRW KRW USD TWD USD TWD

USD HKD KRW

HKD KRW

MYR

BANCO ITAU (ADR) USD CITIC PACIFIC HKD FUBON INSURANCE CERT (GDR) USD GRUPO FINANCIERO BBVA MXN BANCOMER -BYUANTA CORE PACIFIC SECURITIES TWD

268,125 1,061,266 624,897 784,638 202,125 1,362,188 3,268,513 712,014 604,724 676,269 1,154,082

0.43 1.68 0.99 1.24 0.32 2.16 5.18 1.13 0.96 1.07 1.83

10,718,841

16.99

421,361 544,797 427,673

0.67 0.86 0.68

1,393,831

2.21

227,498 243,280

0.36 0.39

470,778

0.75

233,822

0.37

233,822

0.37

285,980 478,950 1,051,000 456,337

0.45 0.76 1.67 0.72

191,348

0.31

2,463,615

3.91

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

124,800 101,000

170,000 8,060

15,700

GENTING BERHAD RESORTS WORLD RESORTS

OLD MUTUAL SAMSUNG FIRE & MARINE INS

CHECK POINT SOFTWARE TECHOLOGIES

MYR MYR

GBP KRW

USD

492,636 252,502

0.78 0.40

745,138

1.18

261,959 451,301

0.42 0.72

713,260

1.14

263,760

0.42

263,760

0.42

34,000

910,000 1,136,000 270,000 12,729 14,250 104,650 12,200 18,487

13,000 23,000 121,900 20,992 8,840

ANGLO AMERICAN GERDAU POSCO

GBP USD KRW

2,189,276 302,495 1,014,546

3.47 0.48 1.61

3,506,317

5.56 67,400 29,800 7,400

79,500

BEC WORLD

THB

469,872

0.75

469,872

0.75

387,696 1,083,771

0.61 1.72

1,471,467

2.33

1,834,000 32,800 26,550

106,875 125,750

CIA ENERGETICA DE MINAS GERAIS USD CIA VALE DO RIO DOCE (ADR) USD

ASUSTEK COMPUTERS GDR COMPAL ELECTRONICS (GDR)

ING (L) Invest - 30/09/2003

USD USD

267,188 886,538

0.42 1.41

1,153,726

1.83

213,000 1,550 114,150

SAPPI LTD -SPONSORED (ADR)

CHINA OILFIELD SERVICES CHINA PETROLEUM & CHEMICAL-H CNOOC GAZPROM OAO (ADR) (REG.) LUKOIL (ADR) PETROBRAS (REPR.1 PFD SH) SURGUT (ORDINARY) (ADR) YUKOS (ADR)

USD

HKD HKD HKD USD USD USD USD USD

RANBAXY LABORATORIES USD TEVA PHARMACEUTICAL IND. (ADR) USD

GOLD FIELDS (ADR) HARMONY GOLD (ADR) IMPALA PLATINUM

AYALA LAND

LIANHUA SUPERMARKET SHINSEGAE WALMART DE MEXICO V

USD USD ZAR

PHP

HKD KRW MXN

459,000

0.73

459,000

0.73

235,027 315,400 460,239 314,406 1,165,080 2,223,812 278,160 1,150,816

0.37 0.50 0.73 0.50 1.85 3.53 0.44 1.83

6,142,940

9.75

281,840 1,314,450

0.45 2.08

1,596,290

2.53

955,058 431,802 617,286

1.51 0.68 0.98

2,004,146

3.17

210,555

0.33

210,555

0.33

189,790 274,246 329,718

0.30 0.43 0.52

793,754

1.25

93



Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie


391,692 144,525 65,000

42,000 14,700 213,000 42,300

ASTRA INTERNATIONAL CHINA MOTOR TATA ENG.&LOC. (GDR)

AMBEV CIA DE BEBIDAS DAS AMERICAS FOMENTO ECONOMICO MEXICO-SP (ADR) GUDANG GARAM KT&G CORP-144 A (GDR)

IDR TWD USD

211,126 241,874 430,300

0.33 0.38 0.68

883,300

1.39

USD

909,300

1.44

USD

560,805

0.89

IDR USD

285,438 381,969

0.45 0.61

2,137,512

3.39

77,790

854,600 739,000 23,050 846,000

BANGKOK EXPRESSWAY EVA AIRWAYS KOREAN AIR ZHEJIANG EXPRESSWAY

THB TWD KRW HKD

487,976 283,473 271,554 477,963

0.77 0.45 0.43 0.76

1,520,966

2.41

58,565,944

92.86

512,400 37,300 19,611

MERRILL-CW05 BHARAT HEAVY EL (09/09/05) MERRILL-CW05 CHINATRUST MERRILL-CW06 LARSEN & TOUBR MERRYLL LYNCH (17/01/2006)BAJAJ AUTO

348,266

0.55

348,266

0.55

348,266

0.55

Shares - Akcie

182,000

SHANDONG WEIQIAO

LEE & MAN

HKD

HKD

165,616

0.26

165,616

0.26

106,350

0.17

106,350

0.17

271,966

0.43

295,934 733,754

0.47 1.16



32,000

MERRILL LYNCH WAR 04 ICICI BANK USD

Other Transferable Securities - Jiné cenné papíry

135,000

94

Currency Měna

USD

272,032

0.43

USD USD USD

487,292 262,070 342,428

0.77 0.42 0.54

1,363,822

2.16

1,363,822

2.16

75,900 616,600 6,240

ABN AMRO-CW03 HINDUSTAN LEVE USD ABN NV -CW04 NAN YA PLASTIC USD 10/02/04 ABN NV-03 INFOSYS TECHNOLOGI (WT) USD

TOTAL/CELKEM

612,562

0.97

1,642,250

2.60

1,642,250

2.60

62,192,248

98.60

ING (L) Invest - 30/09/2003


EMU EQUITY Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

268,392 69,790 121,840 643,951 37,201 724,728 252,818 229,665 146,109 84,134 150,404 30,429 402,186 520,626 131,625 299,168 253,980 66,428 1,307,732

77,059 165,472 77,478 53,419

22,865 83,694 94,926 271,470

208,636 689,131 123,096 612,611 431,408 935,914 402,701

ABN AMRO ALPHA CREDIT BANK ANGLO IRISH BANK CORP PLC BANCO BILBAO VIZCAYA ARGENTARIA BANCO POPULAR ESPANOL BANCO SANTANDER (REG.) BANK OF IRELAND BNP PARIBAS COMMERZBANK CREDIT AGRICOLE DEUTSCHE BANK DEXIA FORTIS ING GROEP NATIONAL BANK OF GREECE NORDEA AB SAN PAOLO-IMI SOCIETE GENERALE PARIS -AUNICREDITO ITALIANO

BOUYGUES C.R.H. LAFARGE (SICOVAM CERT.) SAINT-GOBAIN

AIR LIQUIDE AKZO NOBEL BASF BAYER

ALCATEL DEUTSCHE TELEKOM FRANCE TELECOM KPN (DEMAT.) MEDIASET NOKIA -APORTUGAL TELECOM

ING (L) Invest - 30/09/2003

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

EUR EUR EUR EUR

EUR EUR EUR EUR

EUR EUR EUR EUR EUR EUR EUR

4,254,013 1,240,866 1,129,457 5,705,406 1,579,926 5,276,020 2,593,913 9,668,896 1,829,285 1,407,562 7,858,609 380,971 5,867,894 8,189,447 2,292,908 1,468,915 2,174,069 3,799,682 5,309,392

1.15 0.34 0.30 1.54 0.43 1.42 0.70 2.61 0.49 0.38 2.12 0.10 1.58 2.21 0.62 0.40 0.59 1.03 1.43

72,027,231

19.44

1,742,304 2,535,031 4,311,651 1,686,438

0.47 0.68 1.16 0.46

10,275,424

2.77

2,773,524 2,240,488 3,578,710 5,035,768

0.75 0.60 0.97 1.36

13,628,490

3.68

2,121,828 8,572,790 2,431,146 3,939,089 3,390,867 12,372,783 2,734,340

0.57 2.31 0.66 1.06 0.92 3.34 0.74

1,856,658 1,205,889 1,649,594 681,445 202,953

365,399 122,135 189,477 267,645 60,321 201,158 147,385

226,417 368,444 131,821 160,037 312,537 113,618

20,042 107,665

39,419 257,762 14 60,657 95,611

TELECOM ITALIA TELECOM ITALIA MOBILE TELECOM ITALIA RNC TELEFONICA DE ESPANA VIVENDI UNIVERSAL

ALSTOM ASM INFINEON TECHNOLOGIES ROYAL PHILIPS ELECTRONICS SCHNEIDER SIEMENS STMICROELECTRONICS

ENDESA ENEL EON RWE SUEZ VEOLIA ENVIRONNEMENT

GROUPE DANONE UNILEVER (Cert.ACTION)

LAGARDERE REED ELSEVIER SEAT PAGINE GIALLE VNU WOLTERS KLUWER

EUR EUR EUR EUR EUR



EUR EUR

EUR EUR EUR EUR EUR

3,926,832 4,811,497 2,410,057 6,909,852 3,084,886

1.06 1.30 0.65 1.87 0.83

56,705,967

15.31

917,151 1,374,019 2,125,932 5,208,372 2,684,284 10,287,220 3,058,239

0.25 0.37 0.57 1.41 0.72 2.78 0.83

25,655,217

6.93

3,004,554 1,967,490 5,523,300 3,655,245 4,259,879 2,163,287

0.81 0.53 1.49 0.99 1.15 0.58

20,573,755

5.55

2,625,502 5,437,081

0.71 1.47

8,062,583

2.18

1,533,399 2,500,291 11 1,526,737 1,177,928

0.41 0.68 0.00 0.41 0.32

6,738,366

1.82

95



Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

983,498 74,899

42,454

493,541 52,662 240,826 462,006 27,704

BANCA INTESA SODEXHO ALLIANCE

ACCOR

AEGON ALLIANZ ASSICURAZIONI GENERALI AXA-UAP MUENCHENER RUECKVERSICH.(REG.)

EUR EUR

EUR

EUR EUR EUR EUR EUR

2,557,095 1,751,139

0.69 0.47

4,308,234

1.16

1,342,394

0.36

1,342,394

0.36

4,930,475 3,991,780 4,667,208 6,685,227 2,363,428

1.33 1.08 1.26 1.80 0.64

22,638,118

6.11

796,661 110,481 611,393 141,871 1,395

192,553 49,350 59,883 34,406

138,372 259,520 48,188 90,125 724,271 52,862

271,359 254,412

131,980

329,768

96

Currency Měna

CAP GEMINI SOGETI LOGICACMG SAP

ARCELOR THYSSENKRUPP

MLP

STORA ENSO

EUR GBP EUR

EUR EUR

EUR

EUR

3,208,450 2,469,517 5,544,167

0.87 0.67 1.50

11,222,134

3.04

2,832,988 2,930,826

0.76 0.79

5,763,814

1.55

1,728,937

0.47

1,728,937

0.47

3,505,434

0.95

3,505,434

0.95

27,357 273,306 233,443 54,621 45,434 101,580

46,957 52,167

ENI REPSOL ROYAL DUTCH PETROLEUM TOTAL TOTAL FINA (STRIP) (VVPR)

AVENTIS L'OREAL SANOFI SYNTHELABO SCHERING

CARREFOUR KONINKLIJKE AHOLD PINAULT PRINTEMPS REDOUTE

BMW DAIMLERCHRYSLER FIAT PEUGEOT RENAULT VOLKSWAGEN

INDITEX LVMH MOET HENNESSY

EUR EUR EUR EUR EUR

EUR EUR EUR EUR

EUR EUR EUR


EUR EUR

10,452,192 1,558,887 23,055,630 18,386,482 14

2.82 0.42 6.22 4.96 0.00

53,453,205

14.42

8,578,236 2,894,378 3,125,893 1,279,903

2.32 0.78 0.84 0.35

15,878,410

4.29

5,977,670 2,125,469 3,397,254

1.61 0.57 0.92

11,500,393

3.10

887,735 8,237,443 1,585,078 1,993,120 2,308,047 3,919,972

0.24 2.22 0.43 0.54 0.62 1.06

18,931,395

5.11

864,009 2,783,109

0.23 0.75

3,647,118

0.98

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ

Transferable Securities listed on an Official Stock Exchange Cenné papíry kotované na řádné burze cenných papírů Shares - Akcie

53,442

64,185

INTERBREW

TPG

EUR

EUR

TOTAL/CELKEM

ING (L) Invest - 30/09/2003

1,142,590

0.31

1,142,590

0.31

1,041,723

0.28

1,041,723

0.28

369,770,932

99.81

369,770,932

99.81

97


ENERGY Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

67,300

2,500

66,079 70,000 55,000

900

14,500

16,000 59,300 20,000 18,200 16,750 30,000 6,300 11,000 75,000 15,000

SCHLUMBERGER

OMV

ORIGIN ENERGY SANTOS WOODSIDE PETROLEUM

TOTAL FINA (STRIP) (VVPR)

NABORS INDUSTRIES

CANADIAN NATURAL RESSOURCES ENCANA HUSKY ENERGY IMPERIAL OIL NEXEN PETRO CANADA PRECISION DRILL SHELL CANADA SUNCOR ENERGY TALISMAN ENERGY

USD

EUR

AUD AUD AUD

EUR

USD

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

3,257,321

4.38

3,257,321

4.38

299,289

0.40

299,289

0.40

191,425 271,010 498,837

0.26 0.36 0.67

961,272

1.29

10

0.00

10

0.00

540,270

0.73

540,270

0.73

659,115 2,148,856 303,828 685,139 456,159 1,166,921 238,284 434,555 1,385,566 712,513

0.89 2.89 0.41 0.92 0.61 1.57 0.32 0.58 1.86 0.96

8,190,936

11.01

2,500 43,000

599,247 997,277 532,511

10,000

231,500

65,000 160,000 15,000 25,000 36,000

41,418

4,141 149,500 110,000

98

Currency Měna

REPSOL

EUR

1,807,498

2.43

1,807,498

2.43

TECHNIP TOTAL

BG BP SHELL TRANSPORT & TRADING

HELLENIC PETROLEUM

ENI

NIPPON MINING NIPPON OIL CORP SHOWA SHELL SEKIYU TEIKOKU OIL TONENGENERAL SEKIYU

TRANSOCEAN

IHC CALAND ROYAL DUTCH PETROLEUM

EUR EUR

GBP GBP GBP

EUR

EUR

JPY JPY JPY JPY JPY

USD

EUR EUR

244,847 6,489,804

0.33 8.72

6,734,651

9.05

2,518,822 6,842,849 3,286,688

3.38 9.19 4.42

12,648,359

16.99

78,956

0.11

78,956

0.11

3,537,064

4.75

3,537,064

4.75

165,824 704,650 109,699 109,654 272,622

0.22 0.95 0.15 0.15 0.37

1,362,449

1.84

828,360

1.11

828,360

1.11

213,150 6,565,319

0.29 8.82

6,778,469

9.11

ING (L) Invest - 30/09/2003


ENERGY Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ

Transferable Securities listed on an Official Stock Exchange Cenné papíry kotované na řádné burze cenných papírů Shares - Akcie

5,000 10,800 48,500

30,500 19,653 36,500 15,800 19,800 44,941 4,500 25,500 14,000 5,400 176,345 23,000 54,400 12,000 43,000 13,000 34,470 11,000 9,000 31,500 15,100 14,000

FRONTLINE NORSK HYDRO STATOIL

NOK NOK NOK

ANADARKO APACHE BAKER HUGHES BJ SERVICES BURLINGTON RESOURCE CHEVRONTEXACO COOPER CAMERON DEVON ENERGY ENSCO INTERNATIONAL EOG RESOURCES EXXON MOBIL GLOBALSANTAFE HALLIBURTON KERR-MC-GEE CORP MARATHON OIL NOBLE OCCIDENTAL PETROLEUM PIONEER NATURAL RESOURCES SMITH INTERNATIONAL UNOCAL VALERO ENERGY WEARTHERFORD INTERNATIONAL

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

TOTAL/CELKEM

ING (L) Invest - 30/09/2003

83,618 549,501 434,763

0.11 0.74 0.58

1,067,882

1.43

1,273,680 1,362,739 1,080,035 539,886 954,360 3,211,034 207,945 1,228,845 375,480 225,396 6,454,227 550,850 1,319,200 535,680 1,225,500 441,870 1,214,378 280,060 323,820 992,880 577,877 528,920

1.71 1.83 1.45 0.73 1.28 4.31 0.28 1.65 0.50 0.30 8.67 0.74 1.77 0.72 1.65 0.59 1.63 0.38 0.44 1.33 0.78 0.71

24,904,662

33.45

72,997,448

98.08

72,997,448

98.08

99


EURO HIGH DIVIDEND Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

150,000 202,364 190,000 280,000 55,000 210,000 370,000 240,000 80,000 45,000 160,000 30,620 140,000 130,000 36,000 620,000

ABN AMRO ALLIED IRISH BANKS BANCHE POPOLARI UNITE BANCO BILBAO VIZCAYA ARGENTARIA BANCO POPULAR ESPANOL BANCO POPULARE DI VERONA BANCO SANTANDER (REG.) BANK OF IRELAND BNP PARIBAS DEUTSCHE BANK DEXIA DEXIA (STRIP) (VVPR) FORTIS ING GROEP SOCIETE GENERALE PARIS -AUNICREDITO ITALIANO

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

2,377,500 2,559,905 2,375,000 2,480,800 2,335,850 2,536,800 2,693,600 2,462,400 3,368,000 2,351,250 2,003,200 306 2,042,600 2,044,900 2,059,200 2,517,200

1.37 1.47 1.36 1.42 1.34 1.46 1.55 1.41 1.93 1.35 1.15 0.00 1.17 1.17 1.18 1.45

36,208,511

20.78

60,000

14,000 190,000 650,000 125,000 180,000 120,000 820,000

70,000

385,000 42,000 80,000 30,000 43,000

19,000 50,000 45,000 32,000

ITALCEMENTI RNC LAFARGE (SICOVAM CERT.) SAINT-GOBAIN TECHNIP VINCI

AIR LIQUIDE BASF DSM SOLVAY

EUR EUR EUR EUR EUR

EUR EUR EUR EUR

2,306,150 2,337,300 2,525,600 2,523,000 2,659,550

1.32 1.34 1.45 1.45 1.53

12,351,600

7.09

2,304,700 1,885,000 1,834,200 1,960,000

1.32 1.08 1.05 1.13

7,983,900

4.58

380,000

63,000

70,000

1,350,000 900,000 1,782,470 280,000

100

Currency Měna

TELECOM ITALIA TELECOM ITALIA MOBILE TELECOM ITALIA RNC TELEFONICA DE ESPANA

EUR EUR EUR EUR

2,855,250 3,591,000 2,604,188 2,839,200

1.64 2.06 1.50 1.63

11,889,638

6.83

44,000 120,000 65,000 200,000 350,000

SCHNEIDER

ELECTRABEL ENDESA ENEL EON IBERDROLA RWE SNAM RETE GAS

UNILEVER (Cert.ACTION)

MONDADORI EDITORE

GROUPE BRUXELLES LAMBERT

ACCOR

A.G.F. AXA-UAP CNP ASSURANCES RIUNIONE ADRIATICA SICURTA SAMPO OYJ - A SHS

EUR


EUR

EUR

EUR

EUR

EUR EUR EUR EUR EUR

2,670,000

1.53

2,670,000

1.53

3,306,800 2,521,300 3,471,000 5,237,500 2,601,000 2,740,800 2,714,200

1.90 1.45 1.99 3.01 1.49 1.57 1.56

22,592,600

12.97

3,535,000

2.03

3,535,000

2.03

2,432,000

1.40

2,432,000

1.40

2,592,450

1.49

2,592,450

1.49

2,213,400

1.27

2,213,400

1.27

1,771,000 1,736,400 2,538,900 2,620,000 2,432,500

1.02 1.00 1.46 1.50 1.40

11,098,800

6.38

ING (L) Invest - 30/09/2003


EURO HIGH DIVIDEND Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

25,000

50,000 100,000

COFINIMMO

LINDE MAN

EUR

EUR EUR

2,655,000

1.52

2,655,000

1.52

1,768,000 1,833,000

1.02 1.05

3,601,000

2.07

120,000

230,000 540,000

ALTADIS

EUR

ABERTIS INFRAESTRUCTURAS EUR BRISA AUTO-ESTRADAS DE PORTUGAL EUR

TOTAL/CELKEM 210,000 160,000

450,000 360,000 155,000 45,000

70,000

60,000

80,000 80,000

STORA ENSO UPM-KYMMENE

ENI FORTUM ROYAL DUTCH PETROLEUM TOTAL

SCHERING

DELHAIZE

DAIMLERCHRYSLER VOLKSWAGEN (PRIVATE SH.)

ING (L) Invest - 30/09/2003

EUR EUR

EUR EUR EUR EUR

EUR

EUR

EUR EUR

2,232,300 2,302,400

1.28 1.32

4,534,700

2.60

5,904,000 2,674,800 5,845,050 5,832,000

3.39 1.54 3.36 3.35

20,255,850

11.64

2,604,000

1.50

2,604,000

1.50

2,100,000

1.21

2,100,000

1.21

2,411,200 2,131,200

1.38 1.22

4,542,400

2.60

2,538,000

1.46

2,538,000

1.46

2,723,200 2,705,400

1.56 1.55

5,428,600

3.11

163,827,449

94.06

163,827,449

94.06

101


EUROPEAN BANKING & INSURANCE Quantity/Nominal Počet/ nominální hodnota


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

3,500

72,000 82,000 58,917 8,000 10,000

55,000 135,000 135,500 15,000

18,000 40,000 56,000 11,000 12,500

67,000

338,500 15,000 480,000 30,000

102

Currency Měna

ERSTE BANK DER OESTERREICH. SPARKASSEN

DEXIA DEXIA (STRIP) (VVPR) FORTIS GROUPE BRUXELLES LAMBERT KBC BANCASSURANCE

CIE SUISSE REASSURANCE CREDIT SUISSE UBS (REG.) ZURICH FINANCIAL SERVICES

ALLIANZ COMMERZBANK DEUTSCHE BANK DEUTSCHE BOERSE N MUENCHENER RUECKVERSICH.(REG.)

DANSKE BANK

BANCO BILBAO VIZCAYA ARGENTARIA BANCO POPULAR ESPANOL BANCO SANTANDER (REG.) VALLEHERMOSO

EUR

EUR EUR EUR EUR EUR

CHF CHF CHF CHF

EUR EUR EUR EUR EUR

DKK

EUR EUR EUR EUR

303,975

0.27

303,975

0.27

901,440 820 859,598 329,200 327,000

0.81 0.00 0.77 0.29 0.29

2,418,058

2.16

3,000,423 3,708,671 6,528,528 1,609,285

2.69 3.32 5.84 1.44

14,846,907

13.29

1,364,400 500,800 2,926,000 478,500 1,066,375

1.22 0.45 2.62 0.43 0.95

6,336,075

5.67

1,096,305

0.98

1,096,305

0.98

2,999,110 637,050 3,494,400 316,500

2.68 0.57 3.13 0.28

7,447,060

6.66

162,868 90,000 28,000 2,000 50,500 8,000

77,506 84,000 375,672 740,000 85,000 185,000 425,000 965,000 70,140 744,512 50,000 625,000 30,323 27,000 229,757 189,816 350,000 25,000 8,000 8,000

20,000 27,500

112,998 105,000 34,000

AXA-UAP BNP PARIBAS CREDIT AGRICOLE GECINA SOCIETE GENERALE PARIS -AUNIBAIL


3I GBP AMVESCAP GBP AVIVA GBP BARCLAYS GBP BRITISH LAND GBP FRIENDS PROVIDENT GBP HBOS GBP HSBC HOLDINGS GBP LAND SECURUTIES GBP LEGAL & GENERAL GBP LIBERTY INTL GBP LLOYDS TSB GBP MAN GBP PROVIDENT FINANCIAL GBP PRUDENTIAL GBP ROYAL & SUN ALLIANCE INSURANCE GBP ROYAL BANK OF SCOTLAND GBP SCHRODER GBP SLOUGH ESTATES GBP UNITS HAMMERSON GBP

ALPHA CREDIT BANK NATIONAL BANK OF GREECE

ALLIED IRISH BANKS BANK OF IRELAND IRISH LIFE PERMANENT

EUR EUR

EUR EUR EUR

2,356,700 3,789,000 468,440 212,400 2,888,600 540,000

2.11 3.39 0.42 0.19 2.59 0.48

10,255,140

9.18

658,185 545,859 2,502,872 4,874,741 598,438 339,147 4,171,482 10,924,139 843,041 979,831 454,027 3,689,190 564,109 248,449 1,346,353 218,670 7,639,632 239,318 41,487 62,201

0.59 0.49 2.24 4.36 0.54 0.30 3.73 9.78 0.75 0.88 0.41 3.30 0.50 0.22 1.20 0.20 6.84 0.21 0.04 0.06

40,941,171

36.64

355,600 479,050

0.32 0.43

834,650

0.75

1,429,425 1,077,300 383,180

1.28 0.96 0.34

2,889,905

2.58

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie


60,000 108,000 403,802 100,000 150,000 20,000 45,000 46,256 279,000 37,000 30,000 38,004 15,000 630,000

ALLEANZA ASSICURAZIONI ASSICURAZIONI GENERALI BANCA INTESA BANCA MONTE DEI PASCHI DI SIENA BANCA NAZIONALE DEL LAVORO BANCHE POPOLARI UNITE BANCO POPULARE DI VERONA CAPITALIA FINECOGROUP MEDIOBANCA MEDIOLANUM RIUNIONE ADRIATICA SICURTA SAN PAOLO-IMI UNICREDITO ITALIANO

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

496,200 2,093,040 1,049,885 236,000 254,250 250,000 543,600 95,286 154,845 307,470 165,600 497,852 128,400 2,557,800

0.44 1.87 0.94 0.21 0.23 0.22 0.49 0.09 0.14 0.28 0.15 0.45 0.11 2.29

8,830,228

7.91

162,868

189,816


ROYAL SUN & ALLIANCE (RIGHTS 15/10/03)

EUR

GBP

6,515

0.01

6,515

0.01

33,173

0.03

33,173

0.03

39,688

0.04

Investment Funds - Investiční fondy

170,044 154,799 11,000 195,700

ABN AMRO AEGON EURONEXT ING GROEP

EUR EUR EUR EUR

2,695,197 1,546,442 230,010 3,078,361

2.41 1.38 0.21 2.76

7,550,010

6.76

9,000

RODAMCO EUROPE

EUR

TOTAL/CELKEM 50,000

106,068

275,000 97,200 60,000 65,000

DNB

BANCO COMMERCIAL PORTUGUES

NORDEA SKANDIA FOERSAEKRINGS SKANDINAVISKA ENSKILDA BANKEN SVENSKA HANDELSBANKEN -A-

ING (L) Invest - 30/09/2003

NOK

EUR

SEK SEK SEK SEK

205,674

0.18

205,674

0.18

189,861

0.17

189,861

0.17

1,346,266 263,279 562,817 948,852

1.20 0.24 0.50 0.85

3,121,214

2.79

107,266,233

95.99

400,050

0.36

400,050

0.36

400,050

0.36

107,705,971

96.39

103



Currency Měna


Financial Instruments - Finanční nástroje Forward Contracts - Futures Securities - Movitý majetek 300

104

HSBC HOLDINGS 31/12/2003

GBP

3,389,685 3,389,685

ING (L) Invest - 30/09/2003


EUROPEAN CONSUMER GOODS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

9,000 257

279 50 42,993 5,093 2,913 390

3,502 9,000 71,400 1,812 2,829 632 6,775 18,575 8,700

18,467 5,000 7,115 15,000

1,000

AGFA-GEVAERT D'IETEREN

KUONI REISEN HOLDING-B-(NOM.) PUBLIGROUPE RICHEMONT (UNITS)-ATHE SWATCH (REG.) THE SWATCH -BVALORA HOLDING

ADIDAS-SALOMON CONTINENTAL AG DAIMLERCHRYSLER DOUGLAS HOLDING KARSTADT QUELLE PORSCHE (PREF.) PROSIEBEN SAT.1 MEDIA PREF. VOLKSWAGEN VOLKSWAGEN (PRIVATE SH.)

INDITEX NH HOTELES PRISA TELEFONICA PUBLICIDAD E INFO

AMER-A-

ING (L) Invest - 30/09/2003

EUR EUR

CHF CHF CHF CHF CHF CHF


EUR EUR EUR EUR

EUR

186,300 36,134

0.60 0.12

222,434

0.72

67,847 10,566 733,812 83,948 237,707 73,539

0.22 0.03 2.35 0.27 0.76 0.24

1,207,419

3.87

262,475 225,000 2,151,996 44,213 62,012 228,417 66,056 716,809 231,768

0.84 0.72 6.88 0.14 0.20 0.73 0.21 2.29 0.74

3,988,746

12.75

339,793 48,500 64,960 60,750

1.09 0.16 0.21 0.19

514,003

1.65

30,200

0.10

30,200

0.10

16,081 169 750 10,282 18,681 11,514 14,350 5,254 7,000 13,059 2,000 8,900 14,000 6,000 75,345

102,608 22,076 12,529 106,000 59,955 14,049 224,000 28,000 25,000 20,000 73,259 14,500 68,000 232,000 86,975 131,000 60,226 40,816 261,068 132,769 40,000 53,226 165,799 22,179 69,000 25,000 55,000 107,000 113,000

ACCOR CLUB MEDITERRANEE HERMES LAGARDERE LVMH MOET HENNESSY MICHELIN (B) (NOM.) PEUGEOT PINAULT PRINTEMPS REDOUTE PUBLICIS RENAULT SODEXHO ALLIANCE TF1 THOMSON VALEO VIVENDI UNIVERSAL

AEGIS BARRATT DEVELOPMENTS BERKELEY BRITISH SKY BROADCASTING CARLTON COMMUNICATIONS CARNIVAL COMPASS DAILY MAIL & GENERAL TRUST -ADEBENHAMS EMAP PLC EMI GROUP ENTERPRISE INNS GKN GRANADA GUS HILTON INTERCONTINENTAL HOTEL KESA ELECTRICALS KINGFISHER MARKS & SPENCER (NEW) MFI FURNITURE MITCHELLS & BUTLERS NEW DIXONS NEXT PEARSON PERSIMMON RANK REED ELSEVIER REUTERS

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

508,481 5,070 99,600 399,970 996,631 367,642 523,632 370,407 165,060 663,398 46,760 226,327 209,440 188,100 1,145,244

1.63 0.02 0.32 1.28 3.19 1.18 1.67 1.18 0.53 2.12 0.15 0.72 0.67 0.60 3.66

5,915,762

18.92

129,184 159,992 140,403 929,267 138,137 384,822 1,108,895 213,810 167,808 221,128 154,419 192,899 233,069 309,466 813,975 335,933 412,419 129,706 972,091 579,604 105,571 174,269 318,139 355,649 561,342 191,882 207,736 718,600 342,168

0.41 0.51 0.45 2.97 0.44 1.23 3.55 0.68 0.54 0.71 0.49 0.62 0.75 0.99 2.60 1.07 1.32 0.41 3.11 1.85 0.34 0.56 1.02 1.14 1.80 0.61 0.66 2.30 1.09

105


EUROPEAN CONSUMER GOODS Quantity/Nominal Počet/ nominální hodnota


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

131,913 52,674 31,178 27,000 25,000 34,945 99,500 35,000

11,000

30,795 59,995

10,000 5,060 33,600 8,003 12,000 47,867 12,043 280,575 106,425

52,298 108,761 6,740 18,796 20,190

106

Currency Měna

SIGNET TAYLOR WOODROW UNITED BUSINESS MEDIA PLC WHITBREAD WILLIAM HILL W/I WIMPEY (GEORGE) WPP YELL GROUP


GREEK ORG OF FOOTBALL PROGNO EUR

INDEPENDENT NEW & MEDIA WATERFORD WEDGWOOD-UNIT

AUTOGRILL BENETTON FIAT GRUPPO EDITORIALE L'ESPRESSO S LUXOTTICA GROUP MEDIASET MONDADORI EDITORE SEAT PAGINE GIALLE TELECOM ITALIA MEDIA SPA

REED ELSEVIER ROYAL PHILIPS ELECTRONICS VENDEX KBB VNU WOLTERS KLUWER

EUR EUR


EUR EUR EUR EUR EUR

198,542 173,965 185,258 268,286 110,564 181,966 720,397 150,795

0.64 0.56 0.59 0.86 0.35 0.58 2.30 0.48

12,692,156

40.58

115,280

0.37

115,280

0.37

51,428 17,399

0.16 0.06

68,827

0.22

106,500 45,742 228,144 32,412 146,760 376,235 77,075 221,654 37,249

0.34 0.15 0.73 0.10 0.47 1.20 0.25 0.71 0.12

1,271,771

4.07

507,291 2,116,489 64,030 473,095 248,741

1.62 6.77 0.20 1.51 0.80

3,409,646

10.90

4,500

4,000

25,000 15,000 40,000 4,700 7,000

SCHIBSTED

PT MULTIMEDIA

ELECTROLUX -BENIRO AB HENNES & MAURITZ -BMODERN TIMES - BTRELLEBORG B

NOK

EUR

SEK SEK SEK SEK SEK

TOTAL/CELKEM

62,432

0.20

62,432

0.20

57,280

0.18

57,280

0.18

467,627 100,741 779,286 64,957 74,987

1.50 0.32 2.49 0.21 0.24

1,487,598

4.76

31,043,554

99.29

31,043,554

99.29

ING (L) Invest - 30/09/2003


EUROPEAN EQUITY Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

118,142 210,133 86,791 156,358 356,866 43,015 365,582 171,504 803,792 149,436 79,637 223,524 105,762 80,261 151,027 277,448 1,312,848 414,607 389,631 139,891 183,974 25,787 118,582 165,094 857,666

93,029 59,786 64,522

21,689 70,887 37,439 186,068 220,527

ABBEY NATIONAL GBP ABN AMRO EUR ALPHA CREDIT BANK EUR ANGLO IRISH BANK CORP PLC EUR BANCO BILBAO VIZCAYA ARGENTARIA EUR BANCO POPULAR ESPANOL EUR BANCO SANTANDER (REG.) EUR BANK OF IRELAND EUR BARCLAYS GBP BNP PARIBAS EUR CREDIT AGRICOLE EUR CREDIT SUISSE CHF DANSKE BANK DKK DEUTSCHE BANK EUR DEXIA EUR FORTIS EUR HSBC HOLDINGS GBP ING GROEP EUR ROYAL BANK OF SCOTLAND GBP SAN PAOLO-IMI EUR SKANDINAVISKA ENSKILDA BANKEN SEK SOCIETE GENERALE PARIS -AEUR STANDARD CHARTERED GBP UBS (REG.) CHF UNICREDITO ITALIANO EUR

C.R.H. HOLCIM (NOM) LAFARGE (SICOVAM CERT.)

AIR LIQUIDE AKZO NOBEL BASF BAYER CLARIANT

EUR CHF EUR

EUR EUR EUR EUR CHF

832,615 3,330,608 1,543,144 1,449,439 3,161,833 1,826,847 2,661,437 1,759,631 5,294,970 6,291,256 1,332,327 6,140,570 1,730,558 4,193,637 1,890,858 4,047,966 14,861,901 6,521,768 8,504,678 1,197,467 1,725,730 1,475,016 1,421,901 7,954,397 3,482,124

0.18 0.71 0.33 0.31 0.68 0.39 0.57 0.38 1.13 1.34 0.28 1.31 0.37 0.90 0.40 0.86 3.17 1.39 1.82 0.26 0.37 0.31 0.30 1.70 0.74

94,632,678

20.20

1,425,204 2,068,088 3,590,649

0.30 0.44 0.77

7,083,941

1.51

2,630,876 1,897,645 1,411,450 3,451,561 2,487,820

0.56 0.41 0.30 0.74 0.53

11,879,352

2.54

160,826 187,848 481,142 84,036 546,574 222,808 688,460 342,743 1,423,149 884,578 1,134,715 2,285,856 255,592 112,756 9,651,711

399,426 114,936 125,359 186,851 57,213 139,384 121,547

153,464 618,774 140,374 479,150 82,322 225,584 1,111 110,354

15,514 37,987 142,933

ING (L) Invest - 30/09/2003

ALCATEL BRITISH SKY BROADCASTING DEUTSCHE TELEKOM FRANCE TELECOM KPN (DEMAT.) MEDIASET NOKIA -APORTUGAL TELECOM TELECOM ITALIA TELECOM ITALIA MOBILE TELECOM ITALIA RNC TELEFON ERICSSON -BTELEFONICA DE ESPANA VIVENDI UNIVERSAL VODAFONE

ABB (NOM.) ASM INFINEON TECHNOLOGIES ROYAL PHILIPS ELECTRONICS SCHNEIDER SIEMENS STMICROELECTRONICS

ENDESA ENEL EON NATIONAL GRID TRANSCO RWE SUEZ UNITED UTILITIES-AVEOLIA ENVIRONNEMENT

GROUPE DANONE NESTLE (REG.) UNILEVER (Cert.ACTION)

EUR GBP EUR EUR EUR EUR EUR EUR EUR EUR EUR SEK EUR EUR GBP

CHF EUR EUR EUR EUR EUR EUR

EUR EUR EUR GBP EUR EUR GBP EUR

EUR CHF EUR

1,635,600 1,646,802 5,985,406 1,659,711 3,514,471 1,751,271 9,101,441 2,327,225 3,009,960 3,529,466 1,657,819 2,867,391 2,591,703 1,713,892 16,523,366

0.35 0.35 1.28 0.35 0.75 0.37 1.94 0.50 0.64 0.75 0.35 0.61 0.55 0.37 3.53

59,515,524

12.69

1,895,907 1,293,030 1,406,528 3,636,120 2,545,978 7,128,098 2,522,100

0.40 0.28 0.30 0.78 0.54 1.52 0.54

20,427,761

4.36

2,036,467 3,304,253 5,881,671 2,635,171 1,880,234 3,074,710 4,248 2,101,140

0.43 0.71 1.26 0.56 0.40 0.66 0.00 0.45

20,917,894

4.47

2,032,334 7,521,078 7,218,116

0.43 1.61 1.54

16,771,528

3.58

107



Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

326,303 55,500 83,044 253,543

195,115 547,836 77,691 64,919

39,580 461,348

REED ELSEVIER VNU WOLTERS KLUWER WPP

AMVESCAP BANCA INTESA RICHEMONT (UNITS)-ASODEXHO ALLIANCE

ACCOR COMPASS

EUR EUR EUR GBP

GBP EUR CHF EUR

EUR GBP

3,165,139 1,396,935 1,023,102 1,835,695

0.68 0.30 0.22 0.39

7,420,871

1.59

1,267,920 1,424,374 1,326,044 1,517,806

0.27 0.30 0.28 0.32

5,536,144

1.17

1,251,520 2,283,868

0.27 0.49

3,535,388

0.76

3,505,401 2,648,528 2,367,441 1,091,779 4,566,529 3,360,528 1,275,032 1,302,684 2,282,415 1,530,284 2,758,851

0.75 0.57 0.51 0.23 0.97 0.72 0.27 0.28 0.49 0.33 0.59

26,689,472

5.71

2,598,266 2,356,844 1,453,672 4,474,495

0.55 0.50 0.31 0.96

10,883,277

2.32

7,611,965 77,764

246,025 234,501 202,739

81,707 722,482 88,005 166,414

309,631 350,891 34,941 122,159 163,872 315,586 61,601 968,816 15,270 389,497 13,075 25,715

72,985 691,226 620,366 42,663

108

Currency Měna

AEGON ALLIANZ ASSICURAZIONI GENERALI AVIVA AXA-UAP CIE SUISSE REASSURANCE LEGAL & GENERAL MUENCHENER RUECKVERSICH.(REG.) PRUDENTIAL SWISS LIFE ZURICH FINANCIAL SERVICES

CAP GEMINI SOGETI LOGICACMG SAGE SAP

EUR EUR EUR GBP EUR CHF GBP EUR GBP CHF CHF

EUR GBP GBP EUR

491,095 3,286,511 633,864 586,734 92,121

203,706 126,484 889,539 37,661 373,162 22,566

INVENSYS SANDVIK

ANGLO AMERICAN ARCELOR THYSSENKRUPP

ADECCO HBOS MLP SECURITAS- B-

STORA ENSO

BG BP ENI ROYAL DUTCH PETROLEUM TOTAL

ASTRAZENECA AVENTIS GLAXOSMITHKLINE L'OREAL NOVARTIS (NOM.) SANOFI SYNTHELABO

GBP SEK

GBP EUR EUR

CHF GBP EUR SEK

EUR

GBP GBP EUR EUR EUR

GBP EUR GBP EUR CHF EUR

3,094,957 1,830,097

0.66 0.39

4,925,054

1.05

3,794,180 2,448,190 2,335,553

0.81 0.52 0.50

8,577,923

1.83

3,466,551 7,091,342 1,152,866 1,736,510

0.74 1.51 0.25 0.37

13,447,269

2.87

3,291,378

0.70

3,291,378

0.70

1,772,552 19,364,135 8,316,296 22,125,739 11,938,882

0.38 4.13 1.78 4.72 2.55

63,517,604

13.56

7,387,412 5,634,862 15,850,407 2,208,818 12,398,698 1,177,945

1.58 1.20 3.38 0.47 2.65 0.25

44,658,142

9.53

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie


46,865 276,940 193,854 38,794 1,351,063

198,517 58,011 50,186 76,851

65,634 42,800

551,795 190,243 80,806

147,323

CARREFOUR KINGFISHER KONINKLIJKE AHOLD PINAULT PRINTEMPS REDOUTE TESCO

DAIMLERCHRYSLER PEUGEOT RENAULT VOLKSWAGEN


DIAGEO IMPERIAL TOBACCO INTERBREW

EXEL

ING (L) Invest - 30/09/2003

EUR GBP EUR EUR GBP

EUR EUR EUR EUR

EUR EUR

GBP GBP EUR

GBP

2,024,568 1,031,191 1,587,664 2,734,977 4,645,213

0.43 0.22 0.34 0.58 0.99

12,023,613

2.56

5,983,302 2,116,821 2,549,449 2,965,680

1.28 0.45 0.54 0.63

13,615,252

2.90

1,207,666 2,283,380

0.26 0.49

3,491,046

0.75

5,112,930 2,662,506 1,727,632

1.09 0.57 0.37

9,503,068

2.03

1,392,417

0.30

1,392,417

0.30

463,736,596

98.98

81,444

ROCHE HOLDING (GENUSSCHEIN)

CHF

TOTAL/CELKEM

5,798,705

1.24

5,798,705

1.24

5,798,705

1.24

469,535,301

100.22

109


EUROPEAN FOOD & BEVERAGES Quantity/Nominal Počet/ nominální hodnota


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

1,000 51,246

23,940

5,000 11,000 7,000 10,000

4,066 11,068 4,120

54,876 5,510

12,000

110,000 7,000 24,030 64,400 9,998

110

Currency Měna

DELHAIZE INTERBREW

NESTLE (REG.)

BEIERSDORF HENKEL (PREF.) METRO SUEDZUCKER

CARLSBERG -BDANISCO EAST ASIATIC

ALTADIS PULEVA BIOTECH

KESKO B

CARREFOUR CASINO GUICHARD PERRACHON GROUPE DANONE L'OREAL PERNOD-RICARD

EUR EUR

CHF

EUR EUR EUR EUR

DKK DKK DKK

EUR EUR

EUR

EUR EUR EUR EUR EUR

35,000 1,095,639

0.05 1.51

1,130,639

1.56

4,739,902

6.55

4,739,902

6.55

548,700 646,250 218,820 139,700

0.76 0.89 0.30 0.19

1,553,470

2.14

147,299 357,734 123,177

0.20 0.49 0.17

628,210

0.86

1,160,627 17,412

1.60 0.02

1,178,039

1.62

149,640

0.21

149,640

0.21

4,752,001 533,050 3,147,930 3,777,060 812,837

6.56 0.74 4.35 5.22 1.12

13,022,878

17.99

155,000 447,500 277,861 671,018 98,325 112,000 200,000 277,015 40,599 85,000 1,391,481 429,000

15,000

50,000 32,857 25,000

83,733

57,276 125,000 28,041 43,649

40,502

BOOTS GROUP BRITISH AMERICAN TOBACCO CADBURY SCHWEPPES DIAGEO IMPERIAL TOBACCO RECKITT BENCKISER SAFEWAY SAINSBURY SCOTTISH & NEWCASTLE BREWERIES TATE & LYLE TESCO UNILEVER

COCA COLA HELLENIC BOTLING

FYFFES GREENCORE GROUP KERRY GROUP A

PARMALAT FINANZIARIA

HEINEKEN KONINKLIJKE AHOLD NUMICO UNILEVER (Cert.ACTION)

ORKLA ASA -A-

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

EUR

EUR EUR EUR

EUR

EUR EUR EUR EUR

NOK

1,427,384 4,127,381 1,466,703 6,217,650 1,376,087 1,933,376 791,783 1,071,978 204,023 394,108 4,784,178 3,145,816

1.97 5.70 2.03 8.59 1.90 2.67 1.09 1.48 0.28 0.54 6.61 4.35

26,940,467

37.21

248,400

0.34

248,400

0.34

76,500 92,657 362,500

0.11 0.13 0.50

531,657

0.74

225,660

0.31

225,660

0.31

1,786,438 1,023,751 488,474 2,204,274

2.47 1.41 0.67 3.04

5,502,937

7.59

682,682

0.94

682,682

0.94

ING (L) Invest - 30/09/2003


EUROPEAN FOOD & BEVERAGES Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



Call Securities - Movitý majetek

100 5,000 65,230

AXFOOD SWEDISH MATCH

SEK SEK

73,821 427,227

0.10 0.59

501,048

0.69



5,300 650

Shares - Akcie

Currency Měna

CALL NESTLE (REG.) 12/2004 280 CALL UNILEVER (CERT. ACTION) 10/2004 60 CALL UNILEVER 03/2004 5

CHF EUR GBP

Put Securities - Movitý majetek 148,500

SABMILLER

GBP

997,839

1.38

997,839

1.38

58,033,468

80.13

58,033,468

80.13

-5,300 -650 -100

TOTAL/CELKEM

ING (L) Invest - 30/09/2003

PUT NESTLE (REG.) 12/2004 280 PUT UNILEVER (CERT. ACTION) 10/2004 60 PUT UNILEVER 03/2004 5

CHF EUR

9,649,208 3,900,000

GBP

7,133 13,556,341

111


EUROPEAN HEALTH CARE Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

24,000 147,558

23,000 251,000 7,000 8,000

80,000 34,000 30,400 40,200 165,000

OMEGA PHARMA U.C.B.

NOBEL BIOCARE HOLDING NOVARTIS (NOM.) ROCHE HOLDING (BEARER) SERONO-B-

ALTANA CELESIO FRESENIUS MEDICAL FRESENIUS MEDICAL CARE SCHERING

EUR EUR

SEK CHF CHF CHF

EUR EUR EUR EUR EUR

596,160 3,740,595

0.47 2.96

4,336,755

3.43

1,702,994 8,339,737 739,621 4,494,294

1.35 6.60 0.59 3.56

15,276,646

12.10

4,383,200 1,191,700 1,155,200 1,989,498 6,138,000

3.47 0.94 0.91 1.57 4.86

14,857,598

11.75

1,078,730 1,201,390 1,254,478 5,506,773 881,434

0.85 0.95 0.99 4.36 0.70

9,922,805

7.85

128,000 112,000 109,000

280,000 342,000 60,000 625,000 814,000 1,055,000 220,000

404,000

351,100 15,000 252,000 81,000 174,000 35,000

173,500

62,000 43,500

112

Currency Měna

COLOPLAST B GN GREAT NORDIC H. LUNDBECK A/S NOVO NORDISK -BWILLIAM DEMANT

ZELTIA

INSTRUMENTARIUM ORION CORPORATION -B-

DKK DKK DKK DKK DKK

EUR

EUR EUR

969,865

0.77

969,865

0.77

2,201,000 698,175

1.74 0.55

2,899,175

2.29

152,000

205,000 108,100 47,000

5,050

AVENTIS ESSILOR INTERNATIONAL SANOFI SYNTHELABO

ALLIANCE UNICHEM ASTRAZENECA CELLTECH GROUP GLAXOSMITHKLINE NYCOMED AMERSHAM SMITH & NEPHEW SSL INTERNATIONAL

ELAN CORP (cert.ADR)

SNIA

QIAGEN

GAMBRO GAMBRO B GETINGE AB-B SHS

SYNTHES-STRATEC

EUR EUR EUR

GBP GBP GBP GBP GBP GBP GBP

USD

EUR

EUR

SEK SEK SEK

CHF

5,702,400 4,159,680 5,689,800

4.51 3.29 4.50

15,551,880

12.30

2,095,157 12,402,654 295,314 11,136,672 6,015,436 5,960,197 938,441

1.66 9.81 0.23 8.81 4.76 4.72 0.74

38,843,871

30.73

1,835,181

1.45

1,835,181

1.45

591,604

0.47

591,604

0.47

1,427,280

1.13

1,427,280

1.13

1,206,117 630,006 1,343,491

0.95 0.50 1.06

3,179,614

2.51

3,841,802

3.04

3,841,802

3.04

113,534,076

89.82

ING (L) Invest - 30/09/2003


EUROPEAN HEALTH CARE Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



CHF

TOTAL/CELKEM

10,679,801

8.45

10,679,801

8.45

10,679,801

8.45

124,213,877

98.27


Call Securities - Movitý majetek CALL NOVARTIS (NOM.) 06/2004 50

CHF

Put Securities - Movitý majetek -840

ING (L) Invest - 30/09/2003

Currency Měna


840


150,000


PUT NOVARTIS (NOM.) 06/2004 50

CHF

2,730,908 2,730,908

113


EUROPEAN IT Quantity/Nominal Počet/ nominální hodnota


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

47,700 66,100 3,000 691,500

161,900 31,000 3,000 1,600 8,000 36,600 12,500 5,500 13,500 43,700 20,000 1,700

38,000 3,500 10,500 12,000 6,500 20,000 120,300 89,900 195,400 8,400 13,500 29,500 60,600 41,000

70,500

114

Currency Měna

ALCATEL NOKIA -ASAGEM TELEFON ERICSSON -B-

ARM HOLDING ASM ASM INTERNATIONAL BARCO EPCOS INFINEON TECHNOLOGIES INTRACOM KUDELSKI OCE STMICROELECTRONICS TANDBERG UNAXIS

AMADEUS GLOBAL TRAVEL (DIST.) ATOS ORIGIN BUSINESS OBJECTS CAP GEMINI SOGETI DASSAULT SYSTEMS INDRA SISTEMAS LOGICACMG MISYS SAGE SAP TIETOENATOR TISCALI WANADOO WM-DATA

ELECTROCOMPONENTS

EUR EUR EUR SEK

GBP EUR EUR EUR EUR EUR EUR CHF EUR EUR NOK CHF

EUR EUR EUR EUR EUR EUR GBP GBP GBP EUR EUR EUR EUR SEK

GBP

485,109 873,842 241,350 867,421

4.83 8.70 2.40 8.64

2,467,722

24.57

226,353 348,750 38,250 92,160 115,120 410,652 74,000 126,061 159,840 906,775 101,985 172,990

2.25 3.47 0.38 0.92 1.15 4.09 0.74 1.26 1.59 9.03 1.02 1.72

2,772,936

27.62

205,200 173,215 228,480 427,200 195,650 200,600 410,182 362,319 457,870 880,992 234,225 153,990 337,542 58,713

2.04 1.72 2.27 4.25 1.95 2.00 4.08 3.61 4.56 8.77 2.33 1.53 3.36 0.58

4,326,178

43.05

323,358

3.22

323,358

3.22

6,500

LOGITECH INTERNATIONAL

CHF

173,705

1.73

173,705

1.73

10,063,899

100.19


17,200

TELDAFAX

EUR

0

0.00

2,500 67,500

BRICSNET SWAN

EUR EUR

0 0

0.00 0.00

0

0.00

0

0.00

10,063,899

100.19

TOTAL/CELKEM

ING (L) Invest - 30/09/2003


EUROPEAN MATERIALS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

52,000 53,415 17,500 73,300 4,760 14,625 845 8,450 16,160 2,000 28,100 3,000

10,000 27,500 41,000 65,150 48,074 6,525 12,200 8,250 750 120,500 4,000 5,800 6,450 10,900

8,500 1,000

BPB C.R.H. CIMPOR CIMENTOS DE PORTUGAL HANSON HEIDELBERGCEMENT HOLCIM (NOM) IMERYS ITALCEMENTI LAFARGE (SICOVAM CERT.) RHI RMC GROUP TITAN CEMENT

AIR LIQUIDE AKZO NOBEL BASF BAYER BOC CIBA SPECIALITY CHEMICALS CLARIANT DSM GIVAUDAN (REG.) IMPERIAL CHEMICAL INDUSTRIES LONZA (NEW) NOVOZYMES SOLVAY SYNGENTA

LINDE SAPA AB

GBP EUR EUR GBP EUR CHF EUR EUR EUR EUR GBP EUR

EUR EUR EUR EUR GBP CHF CHF EUR CHF GBP CHF DKK EUR CHF

EUR SEK

236,650 818,318 60,375 398,682 149,940 505,901 133,932 83,402 899,304 24,180 238,927 91,320

1.15 3.97 0.29 1.94 0.73 2.46 0.65 0.41 4.37 0.12 1.16 0.44

3,640,931

17.69

1,213,000 736,175 1,545,700 1,208,532 566,504 379,930 137,631 336,270 272,603 284,941 160,994 156,611 395,062 507,455

5.89 3.58 7.51 5.87 2.75 1.85 0.67 1.63 1.32 1.38 0.78 0.76 1.92 2.46

7,901,408

38.37

300,560 19,316

1.46 0.09

319,876

1.55

5,250 35,150 600 2,980 8,850 6,300 2,750 30,950 2,000

950 9,250 7,550 108,504 1,500 10,100

550 42,000

6,000 5,000 11,000 66,050 19,350 49,900

244,450 22,691

ACERINOX ARCELOR BOEHLER-UDDEHOLM HOGANAS B RAUTARUUKKI SSAB A SSAB SWEDISH STEEL B THYSSENKRUPP VOEST-ALPINE

EUR EUR EUR SEK EUR SEK SEK EUR EUR

ALUMINIUM OF GREECE (VOTING) OUTOKUMPU PECHINEY A RIO TINTO (REG.) UMICORE VIOHALCO (Reg.Shs)

MAYR MELNHOF KARTON REXAM

BILLERUD HOLMEN -BNORSKE SKOGINDUSTRIER -ASTORA ENSO SVENSKA CELLULOSA -BUPM-KYMMENE

BHP BILLITON JOHNSON MATTHEY

EUR EUR EUR GBP EUR EUR

EUR GBP

SEK SEK NOK EUR SEK EUR

GBP GBP

TOTAL/CELKEM

ING (L) Invest - 30/09/2003

190,680 366,966 27,600 53,756 44,250 77,979 33,122 356,544 60,900

0.93 1.78 0.13 0.26 0.21 0.38 0.16 1.73 0.30

1,211,797

5.88

15,333 89,632 356,738 1,986,028 75,000 39,794

0.07 0.44 1.73 9.65 0.36 0.19

2,562,525

12.44

43,972 237,877

0.21 1.16

281,849

1.37

66,939 134,876 155,959 702,112 601,449 718,061

0.33 0.66 0.76 3.41 2.92 3.49

2,379,396

11.57

1,393,221 295,878

6.77 1.44

1,689,099

8.21

19,986,881

97.08

19,986,881

97.08

115


EUROPEAN MATERIALS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


Financial Instruments - Finanční nástroje Call Securities - Movitý majetek 130

CALL BASF 06/2004 30

EUR


116

PUT BASF 06/2004 30

EUR

390,000 390,000

ING (L) Invest - 30/09/2003


EUROPEAN NEW OFFERINGS Currency Měna



% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

2,700 3,500

10,000 29,000 5,000 5,100 27,238 110

12,400 1,650 15,000 1,060 6,000 7,300 5,700

3,540 5,000 26,750 34,600

39,000 184,000 9,000 50,000

ERSTE BANK DER OESTERREICH. SPARKASSEN VOEST-ALPINE

FORTIS INTERBREW INTERBREW (STRIP) (VVPR) ROULARTA MEDIA SOLVUS SOLVUS (STRIP) (VVPR)

CIE SUISSE REASSURANCE CONVERNIUM KUDELSKI SERONO-BSEZ SYNGENTA ZURICH FINANCIAL SERVICES

ALLIANZ DEUTSCHE BOERSE N EON INFINEON TECHNOLOGIES

BANCO SABADELL BANCO SANTANDER (REG.) GAS NATURAL SDG INDITEX

ING (L) Invest - 30/09/2003

EUR EUR


CHF CHF CHF CHF CHF CHF CHF

EUR EUR EUR EUR

EUR EUR EUR EUR

234,495

0.74

106,575

0.34

341,070

1.08

145,900 620,020 50 158,100 191,483 1

0.46 1.96 0.00 0.50 0.60 0.00

1,115,554

3.52

676,459 64,908 343,802 595,494 148,639 339,855 611,528

2.14 0.21 1.09 1.88 0.47 1.07 1.93

2,780,685

8.79

268,332 217,500 1,120,825 388,212

0.85 0.69 3.54 1.23

1,994,869

6.31

648,960 1,339,520 148,410 920,000

2.05 4.23 0.47 2.91

3,056,890

9.66

26,500

38,500 11,770 51,980 127,000 19,600 20,500 19,700 18,000

7,000 120,518 70,000 102,213 243,000 60,000 45,000 74,571 113,000 31,254 446,000 75,559 174,800 775,235 19,500

159,800 6,000

FORTUM

CREDIT AGRICOLE FRANCE TELECOM JACQUES BENEDICT ORANGE SANOFI SYNTHELABO STMICROELECTRONICS VEOLIA ENVIRONNEMENT VIVENDI UNIVERSAL

AUTONOMY BHP BILLITON BRITISH SKY BROADCASTING CADBURY SCHWEPPES CENTRICA FRIENDS PROVIDENT GALEN HOLDINGS GLAXOSMITHKLINE MICHAEL PAGE RECKITT BENCKISER RENTOKIL INITIAL ROYAL BANK OF SCOTLAND UNILEVER VODAFONE XSTRATA

ENI TOD'S

EUR

EUR EUR EUR EUR EUR EUR EUR EUR

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

EUR EUR

196,895

0.62

196,895

0.62

644,105 232,458 35,866 1,111,250 1,023,120 425,375 375,088 273,600

2.03 0.73 0.11 3.51 3.23 1.34 1.18 0.86

4,120,862

12.99

20,872 686,881 613,667 539,536 629,210 109,994 443,291 1,328,756 241,009 539,516 1,356,866 1,649,266 1,281,792 1,327,173 129,221

0.07 2.17 1.94 1.70 1.99 0.35 1.40 4.20 0.76 1.70 4.29 5.21 4.05 4.19 0.41

10,897,050

34.43

2,096,576 194,400

6.62 0.61

2,290,976

7.23

117


EUROPEAN NEW OFFERINGS Quantity/Nominal Počet/ nominální hodnota


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Bonds - Dluhopisy

46,938 68,807 61,812 66,500 6,729

197,000

25,000

800

118

Currency Měna

ABN AMRO AEGON KONINKLIJKE AHOLD KPN (DEMAT.) VNU

STATOIL

ALFA LAVAL

SYNTHES-STRATEC

EUR EUR EUR EUR EUR

NOK

SEK

CHF

743,967 687,382 506,240 427,595 169,369

2.35 2.17 1.60 1.35 0.53

2,534,553

8.00

1,516,418

4.79

1,516,418

4.79

252,546

0.80

252,546

0.80

608,602

1.92

608,602

1.92

31,706,970

100.14

161,902

PICOGIGA 01/2006 4% (CONV)

EUR

TOTAL/CELKEM

0

0.00

0

0.00

0

0.00

31,706,970

100.14

ING (L) Invest - 30/09/2003


EUROPEAN REAL ESTATE Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

2,729 3,046

2,287 3,527 3,673 1,306

32,422 72,107

15,660 18,422 16,589

7,905 4,956 5,073 8,375 4,091 8,444 14,409

BEFIMMO COFINIMMO

ALLREAL HOLDING PSP SWISS PROPERTY REG REAL ESTATE GROUP SWISS PRIME SITE

I.V.G. HOLDING WCM BETEILIGUNGS

IMMOBILIARIA COLONIAL METROVACESA URBIS INMOBILIARIA

BAIL INVESTISSEMENT FONCIERE LYONNAISE GECINA KLEPIERRE SILIC SOPHIA UNIBAIL

ING (L) Invest - 30/09/2003

EUR EUR

CHF CHF CHF CHF

EUR EUR

EUR EUR EUR


190,484 323,485

1.31 2.22

513,969

3.53

127,291 373,810 187,238 195,312

0.87 2.56 1.28 1.34

883,651

6.05

274,614 123,303

1.88 0.85

397,917

2.73

256,511 432,733 106,004

1.76 2.97 0.73

795,248

5.46

157,705 161,566 538,753 389,772 190,559 312,006 972,608

1.08 1.11 3.69 2.67 1.31 2.14 6.67

2,722,969

18.67

88,967 56,254 123,215 11,420 3,892 46,977 6,033 81,952 58,612 20,044 96,889 64,824 3,734

27,438 474,909 9,434

23,761 21,756 13,660 8,805 5,829 9,228

20,100 43,000 12,400 56,700 8,700 26,100

BRITISH LAND BRIXTON CANARY WHARF FREEPORT GRAINGER TRUST GREAT PORTLAND ESTATES HELICAL BAR LAND SECURUTIES LIBERTY INTL PILLAR PROPERTY SLOUGH ESTATES UNITS HAMMERSON WORKSPACE GROUP

AEDES BENI STABILI PIRELLI & C REAL ESTATE

AMSTELLAND MDC CORIO NV EUROCOMMERCIAL PROPERTIES VASTNED OFFICES/INDUSTRIAL VASTNED RETAIL WERELDHAVE

CASTELLUM DROTT -BFASTIGHETS TORNET HUFVUDSTADEN KUNGSLEDEN WIHLBORGS FASTIGHETER AB

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

EUR EUR EUR


SEK SEK SEK SEK SEK SEK

626,367 187,393 474,613 53,438 75,791 149,788 64,552 985,013 532,228 122,103 502,449 504,017 63,658

4.30 1.29 3.25 0.37 0.52 1.03 0.44 6.75 3.65 0.84 3.45 3.46 0.44

4,341,410

29.79

85,881 213,234 216,322

0.59 1.46 1.48

515,437

3.53

139,952 630,489 290,958 169,320 237,240 502,465

0.96 4.32 2.00 1.16 1.63 3.45

1,970,424

13.52

304,571 546,555 244,332 195,121 154,042 227,442

2.09 3.75 1.68 1.34 1.06 1.56

1,672,063

11.48

13,813,088

94.76

119


EUROPEAN REAL ESTATE Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ

Transferable Securities listed on an Official Stock Exchange Cenné papíry kotované na řádné burze cenných papírů Investment Funds - Investiční fondy

10,074 22,120

RODAMCO ASIA RODAMCO EUROPE

EUR EUR

TOTAL/CELKEM

120

169,243 983,234

1.16 6.74

1,152,477

7.90

1,152,477

7.90

14,965,565

102.66

ING (L) Invest - 30/09/2003


EUROPEAN SECTOR ALLOCATION Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

276,380

105,000 80,929 215,000 300,000 90,000 430,000 55,000 55,000 55,000 22,000 65,000 85,000 670,000 100,000 390,000 220,000 180,000 110,000 25,000 61,000 320,000

25,000

20,000 5,000 26,688 30,000 10,000

BRITISH AEROSPACE

GBP

ABN AMRO EUR ALLIED IRISH BANKS EUR BANCO BILBAO VIZCAYA ARGENTARIA EUR BANCO SANTANDER (REG.) EUR BANK OF IRELAND EUR BARCLAYS GBP BNP PARIBAS EUR CREDIT SUISSE CHF DANSKE BANK DKK DEUTSCHE BANK EUR DEXIA EUR FORTIS EUR HSBC HOLDINGS GBP ING GROEP EUR LLOYDS TSB GBP NORDEA SEK ROYAL BANK OF SCOTLAND GBP SAN PAOLO-IMI EUR SOCIETE GENERALE PARIS -AEUR UBS (REG.) CHF UNICREDITO ITALIANO EUR

BAYERISCHE HYPOVEREINSBANK

C.R.H. HOLCIM (NOM) LAFARGE (SICOVAM CERT.) SAINT-GOBAIN VINCI

ING (L) Invest - 30/09/2003

EUR

EUR CHF EUR EUR EUR

662,413

0.30

662,413

0.30

1,664,250 1,023,752 1,904,900 2,184,000 923,400 2,832,620 2,315,500 1,510,940 899,952 1,149,500 813,800 1,240,150 7,584,635 1,573,000 2,302,053 1,077,013 3,928,954 941,600 1,430,000 2,939,042 1,299,200

0.76 0.47 0.88 1.00 0.42 1.30 1.06 0.69 0.41 0.53 0.37 0.57 3.49 0.72 1.06 0.49 1.81 0.43 0.66 1.35 0.60

41,538,261

19.07

369,250

0.17

369,250

0.17

306,400 172,958 1,485,187 947,100 618,500

0.14 0.08 0.68 0.44 0.28

3,530,145

1.62

15,000 30,000 40,000 50,000

75,000 140,000 865,973 190,000 90,000 285,000 5,000 980,000 900,000 360,000 90,000 3,483,384

100,000 24,000 58,000 50,000

350,000 3,000 70,000 170,000 45,000 65,000 220,000 35,000 168,394 40,000 70,000 36,000

AIR LIQUIDE AKZO NOBEL BASF BAYER

ALCATEL BRITISH SKY BROADCASTING BT DEUTSCHE TELEKOM FRANCE TELECOM NOKIA -ASWISSCOM TELECOM ITALIA TELEFON ERICSSON -BTELEFONICA DE ESPANA VIVENDI UNIVERSAL VODAFONE

ROYAL PHILIPS ELECTRONICS SCHNEIDER SIEMENS STMICROELECTRONICS

CENTRICA ELECTRABEL ENDESA ENEL EON IBERDROLA NATIONAL GRID TRANSCO RWE SCOTTISH POWER SEVERN TRENT SUEZ VEOLIA ENVIRONNEMENT

EUR EUR EUR EUR

EUR GBP GBP EUR EUR EUR CHF EUR SEK EUR EUR GBP

EUR EUR EUR EUR

GBP EUR EUR EUR EUR EUR GBP EUR GBP GBP EUR EUR

1,819,500 803,100 1,508,000 927,500

0.84 0.37 0.69 0.43

5,058,100

2.33

762,750 1,227,333 2,223,770 2,363,600 1,777,500 3,767,700 1,251,666 2,072,700 1,128,965 3,650,400 1,368,000 5,963,421

0.35 0.56 1.02 1.09 0.82 1.73 0.58 0.95 0.52 1.68 0.63 2.74

27,557,805

12.67

1,946,000 1,068,000 2,966,120 1,037,500

0.89 0.49 1.36 0.48

7,017,620

3.22

906,270 708,600 928,900 907,800 1,885,500 939,250 1,209,929 799,400 843,832 383,194 954,100 685,440

0.42 0.33 0.43 0.42 0.87 0.43 0.56 0.37 0.39 0.18 0.44 0.32

11,152,215

5.16

121



Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

140,000 10,000 25,000 180,000 35,000

CADBURY SCHWEPPES GROUPE DANONE NESTLE (REG.) UNILEVER UNILEVER (Cert.ACTION)

GBP EUR CHF GBP EUR

738,997 1,310,000 4,949,771 1,319,923 1,767,500

0.34 0.60 2.27 0.61 0.81

10,086,191

4.63

70,000

35,000 25,000

110,000 155,000 260,000 140,000

80,000 350,000 50,000

PEARSON REED ELSEVIER REUTERS WPP

AMVESCAP BANCA INTESA RICHEMONT (UNITS)-A-

GBP GBP GBP GBP

GBP EUR CHF

894,893 1,040,962 787,289 1,013,624

0.41 0.48 0.36 0.47

3,736,768

1.72

519,866 910,000 853,409

0.24 0.42 0.39

2,283,275

1.05

1,264,800 1,732,649

0.58 0.80

2,997,449

1.38

250,000

55,515

70,000 40,000 350,000

ACCOR COMPASS

EUR GBP

70,000 55,000 95,000 17,000 65,000 150,000 90,000 21,000 517,069 8,500 140,000 10,000

122

Currency Měna

AEGON ALLIANZ ASSICURAZIONI GENERALI AVIVA AXA-UAP CIE SUISSE REASSURANCE LEGAL & GENERAL MUENCHENER RUECKVERSICH.(REG.) PRUDENTIAL ZURICH FINANCIAL SERVICES

EUR EUR EUR GBP EUR CHF GBP EUR GBP CHF

949,050 1,288,600 1,259,700 999,358 1,302,300 1,145,616 680,500 725,135 820,387 1,072,857

0.44 0.59 0.58 0.46 0.60 0.53 0.31 0.33 0.38 0.49

10,243,503

4.71

260,000 1,327,146 160,000 65,000 127,000 600,000 39,500

SANDVIK

ARCELOR THYSSENKRUPP

HBOS

RECKITT BENCKISER

RIO TINTO (REG.)

STORA ENSO UPM-KYMMENE

BG BP ENI REPSOL ROYAL DUTCH PETROLEUM SHELL TRANSPORT & TRADING TOTAL

SEK

EUR EUR

GBP

GBP

GBP

EUR EUR

GBP GBP EUR EUR EUR GBP EUR

1,647,379

0.76

1,647,379

0.76

365,400 288,000

0.17 0.13

653,400

0.30

2,453,813

1.13

2,453,813

1.13

958,316

0.44

958,316

0.44

1,281,261

0.59

1,281,261

0.59

744,100 791,450

0.34 0.36

1,535,550

0.70

938,441 7,819,548 2,099,200 917,150 4,789,170 3,179,970 5,119,200

0.43 3.59 0.96 0.42 2.20 1.46 2.35

24,862,679

11.41

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

125,000 60,000 400,000 28,500 165,000 20,000 38,000 20,000

212,849

ASTRAZENECA AVENTIS GLAXOSMITHKLINE L'OREAL NOVARTIS (NOM.) NOVO NORDISK -BSANOFI SYNTHELABO SCHERING

BHP BILLITON

GBP EUR GBP EUR CHF DKK EUR EUR

GBP

4,533,134 2,673,000 7,127,470 1,671,525 5,482,298 632,963 1,983,600 744,000

2.08 1.23 3.28 0.77 2.52 0.29 0.91 0.34

24,847,990

11.42

1,213,113

0.56

1,213,113

0.56

45,800 20,000

140,000 250,000 15,000 70,849 30,000

78,624 600,000

143,147

70,000 15,000 67,293 70,000 84,000 180,000 4,000 900,000

RENTOKIL INITIAL

LAND SECURUTIES

CARREFOUR DELHAIZE GUS HENNES & MAURITZ -BKONINKLIJKE AHOLD MARKS & SPENCER (NEW) PINAULT PRINTEMPS REDOUTE TESCO

GBP

GBP

EUR EUR GBP SEK EUR GBP EUR GBP

1,825,380

0.84

1,825,380

0.84

1,720,541

0.79

1,720,541

0.79

3,024,000 525,000 629,777 1,363,750 687,960 785,791 282,000 3,094,372

1.39 0.24 0.29 0.63 0.32 0.36 0.13 1.42

10,392,650

4.78


EUR EUR

BRITISH AMERICAN TOBACCO DIAGEO HEINEKEN IMPERIAL TOBACCO INTERBREW

GBP GBP EUR GBP EUR

BAA

GBP

DAIMLERCHRYSLER VOLKSWAGEN

ING (L) Invest - 30/09/2003

EUR EUR

1,205,600 115,770

0.55 0.05

1,321,370

0.60

0.39 0.49

1,909,720

0.88

1,291,248 2,316,499 467,850 991,552 641,400

0.59 1.06 0.22 0.46 0.29

5,708,549

2.62

520,458

0.24

520,458

0.24

209,085,164

96.09


95,000

53,000



EUR

CHF

TOTAL/CELKEM 40,000 3,000

842,720 1,067,000

3,800

0.00

3,800

0.00

3,773,530

1.73

3,773,530

1.73

3,777,330

1.73

212,862,494

97.82

123


EUROPEAN SMALL CAPS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

48,720 32,061

79,801 1,555 9,300

IAWS GROUP NUTRECO HOLDING

ANGLO IRISH BANK CORP PLC CARNEGIE JYSKE BANK

EUR EUR

EUR SEK DKK

418,992 611,083

1.74 2.54

1,030,075

4.28

739,755 13,551 343,173

3.08 0.06 1.43

1,096,479

4.57

42,500 19,900

16,200

126,400 16,000 31,198 243,790 27,100

HEIJMANS KINGSPAN GROUP PERMASTEELISA

EUR EUR EUR

533,174 806,945 375,877

2.22 3.36 1.56

1,715,996

7.14 59,180 92,350 51,670

10,000

119,900 12,600

21,162 16,420 5,840 26,420 12,500 32,590 970 19,400 26,500

124

Currency Měna

NOVOZYMES

HIT ENTERTAINMENT MOBISTAR

DKK

GBP EUR

ASM INTERNATIONAL EUR ELMOS SEMICONDUCTOR EUR MEDION AG EUR MELEXIS EUR MICRONAS SEMICONDUCTOR-REG CHF NEG MICON DKK SAIA-BURGESS ELECTRONICS (REG) CHF SEZ CHF VESTAS WIND SYSTEMS DKK

270,019

1.12

270,019

1.12

406,252 544,194

1.69 2.26

950,446

3.95

269,816 146,138 196,516 229,854 337,300 348,925 266,790 480,601 380,081

1.12 0.61 0.82 0.96 1.40 1.45 1.11 2.00 1.58

2,656,021

11.05

45,270 16,568

52,866 26,500 46,700 22,600 9,540 14,240

ENAGAS RED ELECTRICIA DE ESPANA

BEFESA MEDIO AMBIENTE

GREENCORE GROUP SR TELEPERFORMANCE

ENIRO AB TAYLOR & FRANCIS GROUP TELE ATLAS

INTRUM JUSTITIA RANDSTAD

ENTERPRISE INNS JURYS DOYLE HOT GP LUMINAR NH HOTELES TRIGANO ZAPF CREATION

EUR EUR

EUR

EUR EUR

SEK GBP EUR

SEK EUR

GBP EUR GBP EUR EUR EUR

319,175 225,865

1.33 0.94

545,040

2.27

210,114

0.87

210,114

0.87

356,448 217,600

1.48 0.91

574,048

2.39

397,457 701,568 140,026

1.65 2.92 0.58

1,239,051

5.15

166,341 203,124

0.69 0.85

369,465

1.54

703,296 257,050 318,795 219,220 325,219 469,778

2.93 1.07 1.33 0.91 1.35 1.95

2,293,358

9.54

ING (L) Invest - 30/09/2003


EUROPEAN SMALL CAPS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

85,390 53,950 110,000 60,190 1,700 13,740 13,000

6,600 25,240

14,140 49,630 23,900 17,300 59,145 29,300 130,300 118,460 44,970

22,590 2,350

GFI INFORMATIQUE ISOFT GROUP LOGICACMG ORDINA SURF CONTROL (ADR) SURFCONTROL UBI SOFT ENTERTAINMENT

KONE -BPINGUELY-HAULOTTE

DIS DEUTSCHER INDUSTRIE SVC GENERALE DE SANTE GROUP 4 FALCK NRJ OBSERVER AB PADDY POWER PHS GROUP PROOFFICE AB-B SHS VEDIOR

NOBIA AB SEB

EUR GBP GBP EUR USD GBP EUR

EUR EUR

EUR EUR DKK EUR SEK EUR GBP SEK EUR

SEK EUR

468,790 250,528 375,062 445,406 56,202 151,425 243,100

1.95 1.04 1.56 1.85 0.23 0.63 1.01

1,990,513

8.27

279,444 118,628

1.16 0.49

398,072

1.65

225,109 495,307 444,178 259,500 175,959 183,125 158,936 282,729 470,386

0.94 2.06 1.85 1.08 0.73 0.76 0.66 1.18 1.96

2,695,229

11.22

156,731 198,575

0.65 0.83

355,306

1.48

22,670

25,000 34,890

5,491

10,760 5,510 173,279

21,050 6,600 37,200

121,870 19,900 171,502 14,641

INTERNATIO-MULLER

EUR

261,927

1.09

261,927

1.09

GRUPO AUXILIAR METALURGICO

MEDIDEP NESTOR HEALTHCARE GROUP

EUR

EUR GBP

FUGRO (CVA)

EUR

CHARLES VOEGELE HOLDING FIELMANN LAURUS

CHF EUR EUR

BARON DE LEY DAVIDE CAMPARI SWEDISH MATCH

EUR EUR SEK

ARRIVA AUTOSTRADA TORINO-MILANO EASYJET

GBP EUR GBP

TOTAL/CELKEM 2,810 5,830 7,900

NOBEL BIOCARE HOLDING OMEGA PHARMA TECAN GROUP

ING (L) Invest - 30/09/2003

SEK EUR CHF

208,062 144,817 228,840

0.87 0.60 0.95

581,719

2.42

464,282

1.93

464,282

1.93

456,250 157,539

1.90 0.66

613,789

2.56

232,873

0.97

232,873

0.97

385,148 163,096 259,918

1.60 0.68 1.08

808,162

3.36

726,225 229,020 243,643

3.02 0.95 1.01

1,198,888

4.98

686,763 220,293 537,664

2.86 0.92 2.24

1,444,720

6.02

23,995,592

99.82

23,995,592

99.82

125


EUROPEAN TELECOM Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

265,950

29,455

14,995

TELEKOM AUSTRIA

MOBISTAR

SWISSCOM

EUR

EUR

CHF

2,420,145

2.99

2,420,145

2.99

1,272,161

1.57

1,272,161

1.57

3,753,747

4.64

3,753,747

4.64

155,840 165,474

1,414,684 2,152,200 4,244,204

335,145 216,770 575,190

135,755

614,344

183,520

DEUTSCHE TELEKOM

TDC -B-

TELEFONICA DE ESPANA

ELISA COMMUNICATIONS

EUR

DKK

EUR

EUR

7,155,364

8.85

7,155,364

8.85

3,583,373

4.43

3,583,373

4.43

6,229,448

7.70

6,229,448

7.70

1,503,029

1.86

1,503,029

1.86

2,387,192 913,790 1,494,679

565,763

836,740

545,170

126

Currency Měna

BOUYGUES FRANCE TELECOM

BT CABLE & WIRELESS VODAFONE

HELLENIC COMMUNICATIONS VODAFONE-PANAFON

TELECOM ITALIA TELECOM ITALIA MOBILE TELECOM ITALIA RNC

KPN (DEMAT.)

TELENOR

PORTUGAL TELECOM

EUR EUR

GBP GBP GBP

EUR EUR

EUR EUR EUR

EUR

NOK

EUR

3,523,542 3,268,112

4.36 4.04

6,791,654

8.40

3,632,829 3,492,585 7,265,918

4.49 4.32 8.98

14,391,332

17.79

3,143,660 1,326,632

3.89 1.64

4,470,292

5.53

5,048,911 3,646,022 2,183,726

6.24 4.51 2.70

10,878,659

13.45

3,637,856

4.50

3,637,856

4.50

3,197,512

3.95

3,197,512

3.95

3,701,704

4.58

3,701,704

4.58

ING (L) Invest - 30/09/2003


EUROPEAN TELECOM Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


TELE2 TELIASONERA

SEK SEK

TOTAL/CELKEM

ING (L) Invest - 30/09/2003

3,612,162 3,611,997

4.47 4.47

7,224,159

8.94

80,210,435

99.18

80,210,435

99.18

Currency Měna



Shares - Akcie

96,270 968,386


VODAFONE 31/12/2003

GBP

623,564 623,564

127


FOOD & BEVERAGES Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

18,183 49,458 90,054 27,691 44,427

3,235 6,574

2,000 4,832 4,373 5,000

16,809

1,087 2,600

1,066 2,329 867

COCA-COLA AMATIL COLES MYER FOSTER'S GROUP SOUTHCORP WOOLWORTHS

DELHAIZE INTERBREW

GEORGE WESTON LOBLAW COMPANIES MOLSON SHOPPERS DRUG MART

NESTLE (REG.)

BEIERSDORF HENKEL (PREF.)

CARLSBERG -BDANISCO EAST ASIATIC

AUD AUD AUD AUD AUD

EUR EUR

CAD CAD CAD CAD

CHF

EUR EUR

DKK DKK DKK

70,397 254,414 272,459 56,790 352,424

0.12 0.44 0.47 0.10 0.60

1,006,484

1.73

131,856 163,680

0.23 0.28

295,536

0.51

149,691 215,739 107,911 99,856

0.26 0.37 0.18 0.17

573,197

0.98

3,875,655

6.64

3,875,655

6.64

138,916 177,885

0.24 0.30

316,801

0.54

44,973 87,664 30,186

0.08 0.15 0.05

162,823

0.28

312,878

0.54

312,878

0.54

2,599

23,079 1,636 5,000 13,797 2,314

34,772 111,603 83,870 146,395 24,659 46,194 66,234 17,935 296,911 121,073

4,144 760

6,998 5,277

17,617 12,703

128

Currency Měna

ALTADIS

EUR

KESKO B

CARREFOUR CASINO GUICHARD PERRACHON GROUPE DANONE L'OREAL PERNOD-RICARD

BOOTS GROUP BRITISH AMERICAN TOBACCO CADBURY SCHWEPPES DIAGEO RECKITT BENCKISER SAFEWAY SAINSBURY TATE & LYLE TESCO UNILEVER

COCA COLA HELLENIC BOTLING PAPASTRATOS CIGARETTE

GREENCORE GROUP KERRY GROUP A

PARMALAT FINANZIARIA

EUR

EUR EUR EUR EUR EUR

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

EUR EUR

EUR EUR

EUR

37,743

0.06

37,743

0.06

1,161,071 145,081 762,780 942,347 219,085

1.99 0.25 1.31 1.62 0.38

3,230,364

5.55

372,904 1,198,714 515,560 1,579,707 495,715 212,970 298,485 96,840 1,188,815 1,033,907

0.64 2.05 0.88 2.71 0.85 0.37 0.51 0.17 2.04 1.77

6,993,617

11.99

79,917 17,188

0.14 0.03

97,105

0.17

22,982 89,107

0.04 0.15

112,089

0.19

55,290

0.09

55,290

0.09

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

10,000 24,341 17,000 3,000 2,000 15,000 31 18,000 22,000 7,000 30,000 3,000 9,000 13,000 11,000 7,000 7,000 4,000 11,000 7,000 16,000 14,000 6,000 7,000 6,000 6,000 6,000

14,579 28,529 6,531 23,520

8,522

1,678

AEON AJINOMOTO ASAHI BREWERIES FAMILYMART HOUSE FOODS ITO-YOKADO JAPAN TOBACCO KANEBO KAO KIKKOMAN KIRIN BREWERY LAWSON MEIJI DAIRIES CORPORATION MEIJI SEIKA KAISHA NICHIREI NIPPON MEAT PACKERS NISSHIN SEIFUN NISSIN FOOD PRODUCTS SAPPORO HOLDINGS SEIYU SEVEN-ELEVEN JAPAN SHISEIDO SNOW BRAND MILK PRODUCTS TAKARA UNY YAKULT HONSHA YAMAZAKI BAKING

HEINEKEN KONINKLIJKE AHOLD NUMICO UNILEVER (Cert.ACTION)

ORKLA ASA -A-

JERONIMO MARTINS SGPS

ING (L) Invest - 30/09/2003

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

EUR EUR EUR EUR

NOK

EUR

263,170 250,350 125,390 65,121 21,877 499,485 202,569 22,074 464,754 45,491 229,602 100,434 32,467 49,107 38,007 77,823 55,390 94,884 24,813 22,871 511,301 159,656 19,335 45,867 64,772 91,196 43,450

0.45 0.43 0.21 0.11 0.04 0.86 0.35 0.04 0.80 0.08 0.39 0.17 0.06 0.08 0.07 0.13 0.09 0.16 0.04 0.04 0.88 0.27 0.03 0.08 0.11 0.16 0.07

3,621,256

6.20

529,543 272,100 132,491 1,383,206

0.91 0.47 0.23 2.37

2,317,340

3.98

167,279

0.29

167,279

0.29

13,210

0.02

13,210

0.02

15,828

8,188

14,267 60,281 33,966 22,479 9,297 8,779 6,223 20,655 22,508 18,452 15,200 5,500 10,182 10,884 39,562 14,368 4,000 10,000 20,515 12,290 29,155 44,000 51,031 17,309 29,424 26,251 41,864 92,500 6,000

SWEDISH MATCH

FRASER & NEAVE

ALBERTSON'S ALTRIA GROUP ANHEUSER-BUSCH ARCHER-DANIELS MIDLAND AVON PRODUCTS CAMPBELL SOUP CLOROX COCA-COLA CONAGRA FOODS COSTCO WHOLESALE CVS DEAN FOODS DEL MONTE FOODS GENERAL MILLS GILLETTE HEINZ HERSHEY FOODS KELLOGG KIMBERLY-CLARK KRAFT FOODS -AKROGER PEPSICO PROCTER & GAMBLE SAFEWAY SARA LEE SYSCO WALGREEN WAL-MART STORES WRIGLEY JR.

SEK

SGD

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

120,725

0.21

120,725

0.21

48,791

0.08

48,791

0.08

293,472 2,640,308 1,675,882 294,700 600,213 232,644 285,449 887,339 478,070 573,488 472,112 170,665 88,685 512,310 1,265,193 492,534 290,720 333,500 1,052,830 362,555 521,000 2,016,520 4,736,697 397,068 540,225 858,670 1,282,713 5,166,125 331,800

0.50 4.53 2.87 0.51 1.03 0.40 0.49 1.52 0.82 0.98 0.81 0.29 0.15 0.88 2.17 0.84 0.50 0.57 1.80 0.62 0.89 3.46 8.12 0.68 0.93 1.47 2.20 8.85 0.57

28,853,487

49.45

129



Currency Měna


% NAV % COJ


SABMILLER

GBP

TOTAL/CELKEM

250,217

0.43

250,217

0.43

52,461,887

89.93

52,461,887

89.93

Currency Měna


Financial Instruments - Finanční nástroje Forward Contracts - Futures Securities - Movitý majetek 250 129 270 250

Shares - Akcie

31,976


ALTRIA GROUP 31/03/2004 COCA-COLA 31/03/2004 PEPSICO 30/06/2004 WAL-MART STORES 30/06/2004

USD USD USD USD

1,068,500 552,378 1,236,330 1,409,250 4,266,458

Call Securities - Movitý majetek 562

CALL COCA-COLA 01/2005 50

USD


130

PUT COCA-COLA 01/2005 50

USD

2,810,000 2,810,000

ING (L) Invest - 30/09/2003


GLOBAL BRANDS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

9,296

25,013 26,759 21,138

128,004

7,425 34,567 34,117

158,757 1,101,577

274,000

NESTLE (REG.)

ADIDAS-SALOMON DAIMLERCHRYSLER VOLKSWAGEN

NOKIA -A-

GROUPE DANONE L'OREAL LVMH MOET HENNESSY

DIAGEO VODAFONE

ESPRIT HOLDINGS

CHF

EUR EUR EUR

EUR

EUR EUR EUR

GBP GBP

HKD

1,840,523

3.17

1,840,523

3.17

1,874,724 806,516 815,715

3.23 1.39 1.41

3,496,955

6.03

1,692,213

2.92

1,692,213

2.92

972,675 2,027,355 1,820,142

1.68 3.49 3.14

4,820,172

8.31

1,471,042 1,885,858

2.53 3.25

3,356,900

5.78

715,532

1.23

715,532

1.23

12,236

53,799 29,234

63,858 106,234 105,692 62,102 45,602 37,486 84,298 11,404 39,863 63,491 97,135 45,262 101,303 53,065 89,691 24,833 20,318 45,970 96,844 38,184

SAMSUNG ELECTRONICS (144A)

HEINEKEN UNILEVER (Cert.ACTION)

USD

EUR EUR

ALTRIA GROUP AOL TIME WARNER CISCO SYSTEMS CITIGROUP COCA-COLA COLGATE-PALMOLIVE DELL ELECTRONIC ARTS ESTEE LAUDER COMPANIES GILLETTE INTEL MC.DONALD'S MICROSOFT PEPSICO PFIZER STARBUCKS STARWOOD HOTELS & RESORTS TEXAS INSTRUMENT WALT DISNEY WRIGLEY JR.

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

TOTAL/CELKEM

35,000 52,000 21,000 48,300

CANON HONDA MOTOR SONY TOYOTA MOTOR

ING (L) Invest - 30/09/2003

JPY JPY JPY JPY

1,468,896 1,786,657 629,527 1,217,730

2.53 3.08 1.08 2.10

5,102,810

8.79

1,775,694

3.06

1,775,694

3.06

1,677,991 1,476,317

2.89 2.54

3,154,308

5.43

2,401,769 1,378,383 1,773,407 2,426,913 1,682,248 1,799,058 2,416,994 903,174 1,167,256 1,743,542 2,294,606 914,918 2,417,423 2,088,334 2,339,799 614,135 607,158 900,018 1,677,338 1,813,210

4.14 2.37 3.06 4.18 2.90 3.10 4.16 1.56 2.01 3.00 3.95 1.58 4.16 3.60 4.03 1.06 1.05 1.55 2.89 3.12

33,359,683

57.47

59,314,790

102.19

59,314,790

102.19

131


GLOBAL HIGH DIVIDEND Quantity/Nominal Počet/ nominální hodnota


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

56,473 235,000 48,681 19,400 279,778 62,600 91,452

37,090

19,300

34,700 37,000

520,000

12,770

23,216

132

Currency Měna

ANZ BANKING GROUP FOSTER'S GROUP TABCORP HOLDINGS WESFARMERS WESTFIELD TRUST WESTPAC BANKING WOODSIDE PETROLEUM

FORTIS

UNIBANCO UNIAO BAMNCOS BRASILE

BCE TRANSCANADA

HUANENG POWER

EON

TDC -B-

AUD AUD AUD AUD AUD AUD AUD

EUR

USD

CAD CAD

HKD

EUR

DKK

589,166 610,532 327,077 305,791 531,733 589,416 712,247

1.00 1.04 0.56 0.52 0.90 1.00 1.21

49,119 62,789

3,665,962

6.23

9,874 15,201 17,185 9,402

541,143

0.92

541,143

0.92

328,144

0.56

328,144

0.56

643,656 590,258

1.09 1.00

1,233,914

2.09

611,219

1.04

611,219

1.04

535,063

0.91

535,063

0.91

612,807

1.04

612,807

1.04

46,738 1 1,324 49,000 65,510 73,447 174,915 394,348 208,000 103,053 150,262 599,500 321,300 79,344 145,900 52,600 165,900

153,000 62,300 2,954,000

ABERTIS INFRAESTRUCTURAS ENDESA

LAFARGE (SICOVAM CERT.) PEUGEOT SAINT-GOBAIN SOCIETE GENERALE PARIS -A-

ALLIANCE & LEICESTER AWG AWG SPECIAL RED BOC DIAGEO GALLAHER GKN HAYS HILTON KELDA GROUP KINGFISHER LEGAL & GENERAL NEW DIXONS PERSIMMON RANK STANDARD CHARTERED TOMKINS

CLP HOLDINGS HANG SENG BANK PETROCHINA

EUR EUR

EUR EUR EUR EUR

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

HKD HKD HKD

581,569 833,210

0.99 1.42

1,414,779

2.41

549,488 554,684 542,530 537,794

0.93 0.94 0.92 0.91

2,184,496

3.70

560,429 7 2 577,416 607,015 593,590 599,520 606,192 533,390 622,258 559,503 788,985 616,518 608,989 551,067 630,721 579,863

0.95 0.00 0.00 0.98 1.03 1.01 1.02 1.03 0.91 1.06 0.95 1.34 1.05 1.03 0.94 1.07 0.98

9,035,465

15.35

576,843 656,295 859,859

0.98 1.11 1.46

2,092,997

3.55

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

66,700 170,562 407,657

59,400

21,500

36,253 22,400 23,057

131,000

225,700

49,523 89,000 23,500 61,200

ENI SNAM RETE GAS TELECOM ITALIA RNC

SHINHAN FINANCIAL GROUP

TELMEX

ABN AMRO AKZO NOBEL ROYAL DUTCH PETROLEUM

DNB

TELECOM CORP OF NEW ZEALAND

FOERENINGSSPARBANKEN INVESTOR -BSANDVIK SKANDINAVISKA ENSKILDA BANKEN

ING (L) Invest - 30/09/2003

EUR EUR EUR

KRW

USD

EUR EUR EUR

NOK

NZD

SEK SEK SEK SEK

875,104 564,560 595,587

1.49 0.96 1.01

2,035,251

3.46

691,828

1.17

691,828

1.17

564,016

0.96

564,016

0.96

574,610 599,648 869,479

0.98 1.02 1.48

2,043,737

3.48

538,865

0.92

538,865

0.92

593,978

1.01

593,978

1.01

629,466 637,249 553,049 574,074

1.07 1.08 0.94 0.97

2,393,838

4.06

36,500 9,369 18,425 15,907 24,780 32,740 8,119 38,396 19,549 31,445 16,760 19,252 18,500 23,380 24,300 36,800 19,694 26,600 14,500 17,500 15,200 18,800 22,815 15,600 17,180 16,609 18,019 29,200 20,305 18,392 18,998 11,382 18,822 24,200 23,500 20,683 20,774 28,427 14,700 12,900 47,406

10,800 10,768 28,171

ALBERTSON'S USD ALLIANCE CAPITAL MGMT USD ALTRIA GROUP USD AMEREN USD AMERICAN CAPITAL STRATEGIES USD ANNALY MORTGAGE USD BANK OF AMERICA USD BRISTOL MYERS SQUIBB USD CINERGY USD CONAGRA FOODS USD DOMINION RESOURCES USD DOW CHEMICAL USD DTE ENERGY USD DUKE REALTY USD EQUITY OFFICE PROPERTIES TRUST USD EQUITY RESIDENTIAL USD FIRSTENERGY USD FLEET BOSTON FINANCIAL USD GATX USD GOODRICH USD HEALTH CARE PPTYS INVEST USD ISTAR FINANCIAL USD JP MORGAN CHASE & CO USD KERR-MC-GEE CORP USD KIMCO REALTY USD KINDER MORGAN ENERGY PARTNERSUSD LINCOLN NATIONAL USD MAY DEPARTMENT STORES USD NATIONAL CITY USD PITNEY BOWES USD REGIONS FINANCIAL USD RJ REYNOLDS TOBACCO USD SAINT PAUL USD SIMON PROPERTY USD SOUTHERN USD UNION PLANTERS USD UST USD VERIZON COMMUNICATION USD VORNADO REALTY TRUST USD WELLS FARGO USD XCEL ENERGY USD

ANGLOGOLD IMPALA PLATINUM NEDCOR

ZAR ZAR ZAR

644,717 269,433 692,984 586,123 528,986 461,630 544,079 846,028 616,073 573,519 890,854 537,942 586,033 586,232 574,453 925,254 539,469 688,669 263,342 364,261 609,540 628,792 672,568 597,985 604,409 610,421 547,432 617,574 513,662 605,196 558,742 386,453 598,496 905,617 591,662 561,942 627,564 791,870 606,404 570,478 629,746

1.09 0.46 1.18 1.00 0.90 0.78 0.92 1.44 1.05 0.97 1.51 0.91 1.00 1.00 0.98 1.57 0.92 1.17 0.45 0.62 1.04 1.07 1.14 1.02 1.03 1.04 0.93 1.05 0.87 1.03 0.95 0.66 1.02 1.54 1.00 0.95 1.07 1.34 1.03 0.97 1.07

24,556,634

41.74

358,176 771,314 240,341

0.61 1.31 0.41

1,369,831

2.33

57,043,967

96.93

133



Currency Měna


% NAV % COJ



Currency Měna


% NAV % COJ

Other Transferable Securities - Jiné cenné papíry Warrants & Rights - Opční listy a práva

Warrants & Rights - Opční listy a práva 550,000

450,000

MERRILL CW06 CHINA STEEL CORP

USD

301,018

0.51

301,018

0.51 308,000

73,100

CITIGROUP-CW06 HINDUSTAN

USD

501,540

0.85

501,540

0.85

802,558

1.36

ABN NV-CW04 ACER INC

ABN NV-CW04 LINK CORP

USD

USD

TOTAL/CELKEM

134

642,308

1.09

642,308

1.09

264,480

0.45

264,480

0.45

906,788

1.54

58,753,313

99.83

ING (L) Invest - 30/09/2003


GREATER CHINA Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

400,000 147,700 662,000 240,000

148,000

1,080,000

BOC HONG KONG HANG SENG BANK HONG KONG EXCHANGES & CLEARING INDUSTRIAL AND COMM. BANK OF CHINA

CHEUNG KONG INFRASTRUCTURE

SINOPEC SHANGHAI PETROCHEMICAL

HKD HKD HKD

578,527 1,811,964 1,410,546

1.06 3.31 2.58

HKD

288,230

0.53

4,089,267

7.48

HKD

HKD

305,793

0.56

305,793

0.56

228,725

0.42

228,725

0.42

207,300 554,000 868,000 1,450,000

CLP HOLDINGS HONG KONG & CHINA GAS HUANENG POWER SHANDONG INTERNATIONAL POWER

HKD HKD HKD HKD

910,173 744,026 1,188,150 430,667 3,273,016

1.66 1.36 2.17 0.79 5.98

90,000 174,270 307,910 8,695,000 322,400 36,000 173,000 334,028

CHINA MERCHANTS HOLDINGS CHINATRUST FINANCIAL HUTCHISON WHAMPOA KWONG HING INTL MEGA FINANCIAL SWIRE PACIFIC -ATAISHIN FINANCIAL WHARF

HKD TWD HKD HKD TWD HKD TWD HKD

103,438 149,183 2,246,559 1,673,020 166,166 212,454 101,976 871,324

0.19 0.28 4.11 3.06 0.30 0.39 0.19 1.59

5,524,120

10.11

263,900

758,000 26,802

CHINE MOBILE I-CABLE COMMUNICATIONS

HKD HKD

1,996,847 6,265

3.65 0.01

2,003,112

3.66 296,000

165,000 289,500 106,000 80,000 7,000 44,000 8,800 2,100 45,600 494,521 664,000 493,189

ADVANCED SEMICONDUCTOR ENGENEE ASM PACIFIC TECHNOLOGY AU OPTRONICS CHI MEI OPTOELECTRONIC FARADAY TECHNOLOGY HON HAI PRECISION INDUSTRY HON HAI PRECISION INDUSTRY MEDIATEK REALTEK SEMICONDUCTOR TAIWAN SEMICONDUCTOR TECHTRONIC INDUSTRIES UNITED MICROELECTRONICS

ING (L) Invest - 30/09/2003

TWD

129,517

0.24

HKD TWD TWD TWD TWD TWD TWD TWD TWD HKD TWD

979,480 135,640 107,109 16,276 190,284 38,057 23,078 96,576 974,100 1,624,885 409,043

1.79 0.25 0.20 0.03 0.35 0.07 0.04 0.18 1.78 2.97 0.75

4,724,045

8.65

46,125 202,400 270,000 112,475

2,346,000 306,500 2,034,000

CHINA STEEL

LI & FUNG

ASUSTEK COMPUTER COMPAL ELECTRONICS LEGEND QUANTA COMPUTER

CHINA PETROLEUM & CHEMICAL-H CNOOC PETROCHINA

TWD

HKD

TWD TWD HKD TWD

HKD HKD HKD

202,459

0.37

202,459

0.37

470,156

0.86

470,156

0.86

116,815 284,775 108,086 274,857

0.21 0.52 0.20 0.50

784,533

1.43

651,346 522,456 689,486

1.19 0.96 1.26

1,863,288

3.41

135


GREATER CHINA Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


1,875 1,800,400

101,520 17,472,000 3,160,000 1,492,000 287,596

2,174,000 922,000 164,220 11,727

CHEUNG KONG HANG LUNG PROPERTIES HENDERSON LAND DEVELPMENT KERRY PROPERTIES SUN HUNG KAI PROPERTIES

CHINA MOTOR DENWAY MOTORS

HKD HKD HKD HKD HKD

TWD HKD

FORMASA CHEMICALS & FIBER LEROI SYMPHONY HOLDINGS VICTORY CITY YUE YUEN INDUSTRIAL

CHINA SHIPPING DEVELOPMENT COSCO PACIFIC EVERGREEN MARINE MTR

TWD HKD HKD HKD HKD

HKD HKD TWD HKD

TOTAL/CELKEM

136

2,285,859 354,348 822,592 41,065 3,032,836

4.18 0.65 1.50 0.08 5.54

6,536,700

11.95

3,138 1,092,729

0.01 2.00

1,095,867

2.01

140,432 523,450 856,943 626,178 857,907

0.26 0.96 1.57 1.14 1.57

3,004,910

5.50

1,066,814 1,047,753 130,364 15,825

1.95 1.92 0.23 0.03

2,260,756

4.13

36,366,747

66.52

36,366,747

66.52

Currency Měna



Shares - Akcie

289,000 280,000 196,000 30,000 374,274


MSCI TAIWAN INDEX 31/10/2003

USD

16,510,280 16,510,280

ING (L) Invest - 30/09/2003


HEALTH CARE Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

15,000

10,000

11,000 15,000 7,000

2,000 184,000 2,500 550

6,000 5,000 5,000 13,700

CSL

U.C.B.

BIOVAIL MDS QLT

NOBEL BIOCARE HOLDING NOVARTIS (NOM.) ROCHE HOLDING (BEARER) SERONO-B-

ALTANA FRESENIUS MEDICAL CARE MERCK KGAA SCHERING

AUD

EUR

USD CAD USD

SEK CHF CHF CHF

EUR EUR EUR EUR

162,951

0.12

162,951

0.12

295,213

0.21

295,213

0.21

408,650 203,305 111,790

0.29 0.14 0.08

723,745

0.51

172,454 7,119,584 307,616 359,826

0.12 5.04 0.22 0.25

7,959,480

5.63

382,834 288,168 161,174 593,501

0.27 0.20 0.11 0.42

1,425,677

1.00

30,000 132,000 786 25,000 200,300 460,000 55,000 77,000

35,000

25,000 20,000 20,000 21,600 30,000 15,000 29,000 25,000 15,000 65,000 15,000 25,000

15,000 5,000 21,000

52,000 10,000 28,000

H. LUNDBECK A/S NOVO NORDISK -B-

AVENTIS ESSILOR INTERNATIONAL SANOFI SYNTHELABO

ING (L) Invest - 30/09/2003

DKK DKK

EUR EUR EUR

90,179 773,972

0.06 0.55

864,151

0.61

2,697,797 432,514 1,702,106

1.91 0.31 1.20

4,832,417

3.42

115,000 11,000 9,000 110,000 11,000 18,000

ALLIANCE UNICHEM ASTRAZENECA BIOCOMPATIBLES INTL CELLTECH GROUP DELTEX MEDICAL GLAXOSMITHKLINE NYCOMED AMERSHAM SMITH & NEPHEW

ELAN CORP (cert.ADR)

CHUGAI PHARMACEUTICAL DAIICHI PHARMACEUTICAL EISAI FUJISAWA PHARMACEUTICAL KYOWA HAKKO KOGYO OLYMPUS OPTICAL SANKYO SHIONOGI TAISHO PHARMACEUTICAL TAKEDA CHEMICAL INDUSTRIES TERUMO YAMANOUCHI PHARMACEUTICAL

QIAGEN

ABBOTT LABORATORIES AETNA AMERISOURCEBERGEN AMGEN ANTHEM APPLERA APPLIED BIOSYSTEMS


USD

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

EUR

USD USD USD USD USD USD

261,419 5,574,688 2,096 143,295 49,084 9,545,339 473,329 506,590

0.19 3.95 0.00 0.10 0.03 6.76 0.34 0.36

16,555,840

11.73

185,150

0.13

185,150

0.13

311,731 324,039 467,260 491,107 175,625 357,159 422,871 434,140 235,913 2,368,079 289,352 689,254

0.22 0.23 0.33 0.35 0.12 0.25 0.30 0.31 0.17 1.68 0.20 0.49

6,566,530

4.65

164,027

0.12

164,027

0.12

4,893,250 671,330 486,450 7,102,700 784,630 401,580

3.46 0.48 0.34 5.03 0.56 0.28

137




% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie


47,000 21,000 11,000 20,000 24,000 95,000 34,000 21,000 9,000 12,000 4,000 78,000 5,000 26,000 17,900 28,000 24,000 37,000 20,000 10,000 12,700 20,000 230,000 12,000 9,000 23,000 23,000 20,600 94,000 173,000 22,000 212,000 7,000 28,000 400 39,000 6,000 41,000 133,000 20,000

138

Currency Měna

BAXTER INTERNATIONAL BECTON DICKINSON BIOGEN BIOMET BOSTON SCIENTIFIC BRISTOL MYERS SQUIBB CARDINAL HEALTH CAREMARK RX CHIRON CIGNA CR BARD ELI LILLY EXPRESS SCRIPTS GENENTECH GENZYME GILEAD SCIENCES GUIDANT HCA HEALTH MANAGEMENT ASSOCIATES HEALTH NET IDEC PHARMACEUTICAL IMS HEALTH JOHNSON & JOHNSON LABORATORY CORP LINCARE HOLDING MCKESSON CORP MEDCO HEALTH SOLUTIONS MEDIMMUNE MEDTRONIC MERCK MILLENNIUM PHARM PFIZER QUEST DIAGNOSTICS ST JUDE MEDICAL SYNTHES-STRATEC TENET HEALTHCARE VARIAN MEDICAL SYSTEMS WELLPOINT HEALTH NETWORKS WYETH ZIMMER

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD CHF USD USD USD USD USD

1,365,820 758,520 420,530 672,200 1,531,200 2,437,700 1,985,260 474,600 465,210 535,800 284,000 4,633,200 305,750 2,083,640 827,875 1,566,040 1,124,400 1,363,820 436,200 316,700 421,005 422,000 11,389,600 344,400 329,850 765,671 596,390 680,006 4,410,480 8,757,260 338,580 6,440,560 424,480 1,505,560 354,374 564,720 344,880 3,160,280 6,131,300 1,102,000

0.97 0.54 0.30 0.48 1.08 1.73 1.41 0.34 0.33 0.38 0.20 3.28 0.22 1.47 0.59 1.11 0.80 0.97 0.31 0.22 0.30 0.30 8.06 0.24 0.23 0.54 0.42 0.48 3.12 6.20 0.24 4.56 0.30 1.07 0.25 0.40 0.24 2.24 4.34 0.78

86,411,801

61.19

126,146,982

89.32

55,000


CHF

TOTAL/CELKEM

4,560,293

3.23

4,560,293

3.23

4,560,293

3.23

130,707,275

92.55

ING (L) Invest - 30/09/2003



Currency Měna


Financial Instruments - Finanční nástroje Forward Contracts - Futures Securities - Movitý majetek 3,300

PFIZER 31/03/2004

ING (L) Invest - 30/09/2003

USD

9,995,700 9,995,700

139


INDUSTRIALS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

45,000 51,110 10,000

8,000

BRAMBLES INDUSTRIES MACQUARIE INFRASTRUCTURE WESFARMERS

EXMAR

AUD AUD AUD

EUR

122,664 96,840 157,624

0.23 0.18 0.30

377,128

0.71

263,920

0.50

263,920

0.50

298,278

0.57

298,278

0.57

4,000 2,000 45 3,000

12,000 1,300 1,800 2,000

6,500

70,000 7,500 6,000

54,000 4,000 210

10,000 21,000 34,000

INGERSOLL-RAND-A

BOMBARDIER B CANADIAN NATIONAL RAILWAY CANADIAN PACIFIC RAILWAY

USD

CAD CAD CAD

ABB (NOM.) CHF ADECCO CHF SGS SOC.GEN.SURVEILLANCE (REG.) CHF

DEUTSCHE POST MAN SIEMENS

EUR EUR EUR

252,561 333,026 122,138

0.48 0.63 0.23

707,725

1.34

256,315 169,706 93,943

0.49 0.32 0.18

519,964

0.99

146,700 384,930 1,738,760

0.28 0.73 3.29

2,270,390

4.30

4,321 4,000

2,400 2,500

7,000 3,000 9,000 14,000 10,000 4,000 3,500

9,000 40,794 20,000 19,000 131,129 24,209 36,000 6,000

140

Currency Měna

GROUP 4 FALCK ISS MOELLER-MAERSK -BVESTAS WIND SYSTEMS

ABERTIS INFRAESTRUCTURAS ACCIONA ACS ACTIVIDADES CONS. Y SERVICIOS FOMENTO DE CONSTRUC. Y CONTRATAS GRUPO DRAGADOS GRUPO FERROVIAL

KCI KONECRANES KONE -B-

ALSTOM AUTOROUTES DU SUD DE LA FRANCE EADS SAINT-GOBAIN SCHNEIDER THALES VINCI

ASSOCIATED BRITISH PORTS BAA BBA GROUP BRAMBLES INDUSTRIES BRITISH AEROSPACE BUNZL CAPITA COBHAM

DKK DKK DKK DKK

74,339 77,841 263,622 43,028

0.14 0.15 0.50 0.08

458,830

0.87

EUR EUR EUR

142,080 57,720 65,466

0.27 0.11 0.12

EUR

53,020

0.10

EUR EUR

75,963 95,240

0.14 0.18

489,489

0.92

60,696 105,850

0.11 0.20

166,546

0.31

17,570 79,800 119,250 441,980 445,000 93,200 216,475

0.03 0.15 0.23 0.84 0.84 0.18 0.41

1,413,275

2.68

52,771 270,039 69,834 46,013 314,283 157,490 126,343 101,220

0.10 0.51 0.13 0.09 0.60 0.30 0.24 0.19

EUR EUR



ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

40,000 18,000 18,000 91,440 15,000 150,000 25,506 103,839 90,000 2,134 100,000 33,000 45,000 26,140

50,000 96,000 75,000

250,000

32,000 25 24,000 8,000 140 6,000 25,000 60,000 9,000 50,000 80,000 16,000 30,000 38,000 50,000 35,000

EASYJET EXEL FIRSTGROUP HAYS IMI INVENSYS PENINSULAR & ORIENTAL STEAM PILKINGTON RENTOKIL INITIAL ROLLS-ROYCE GROUP SECURICOR SMITHS TOMKINS WOLSELEY

CATHAY PACIFIC AIRWAYS HUTCHISON WHAMPOA JOHNSON ELECTRIC

FINMECCANICA

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

HKD HKD HKD

EUR

ASAHI GLASS JPY CENTRAL JAPAN RAILWAY JPY DAI NIPPON PRINTING JPY DAIKIN INDUSTRIES JPY EAST JAPAN RAILWAY JPY FANUC JPY FURUKAWA ELECTRIC JPY ITOCHU JPY JGC CORPORATION JPY KAJIMA CORPORATION FIRST SECTIONJPY KAWASAKI HEAVY INDUSTRIES JPY KEIHIN ELECTRIC EXPRESS RAILWAY JPY KEIO ELECTRIC RAILWAY JPY KINKI NIPPON RAILWAY JPY KOMATSU JPY KUBOTA CORP JPY

ING (L) Invest - 30/09/2003

125,401 170,126 72,673 140,562 69,548 60,989 90,242 123,697 273,807 4,902 119,123 314,958 157,287 261,885

0.24 0.32 0.14 0.27 0.13 0.12 0.17 0.23 0.52 0.01 0.23 0.60 0.30 0.50

3,123,193

5.94

72,632 601,460 98,968

0.14 1.14 0.19

773,060

1.47

144,500

0.27

144,500

0.27

189,150 173,716 282,618 137,435 582,178 312,227 76,097 159,572 67,726 145,275 81,170 74,898 134,437 106,904 223,678 103,576

0.36 0.33 0.54 0.26 1.10 0.59 0.14 0.30 0.13 0.28 0.15 0.14 0.25 0.20 0.42 0.20

24,000 30,000 45,000 80,000 165,000 55,000 40,000 12,000 40,000 40,000 24,000 17,000 30,000 10,000 40,000 2,000 32,000 30,000 40,000 6,000 29,000 25,000 15,000 10,000 6,000 50 25,000

8,000 18,000

60,000

7,200

MATSUSHITA ELECTRIC WORKS MINEBEA MITSUBISHI MITSUBISHI ELECTRIC MITSUBISHI HEAVY INDUSTRIES MITSUI & CO MITSUI O.S.K. LINES NGK INSULATORS NIPPON EXPRESS NIPPON YUSEN KABUSHIKI KAISH NSK NTN OBAYASHI SECOM SHIMIZU CORP SMC CORPORATION SUMITOMO CORP SUMITOMO ELECTRIC INDUSTRIES TAISEI CORP THK TOBU RAILWAY TOKYU CORPORATION TOPPAN PRINTING TOSTEM INAX HOLDING CORP USHIO WEST JAPAN RAILWAYS YAMATO TRANSPORT

HAGEMEYER TPG

TOMRA SYSTEMS

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

EUR EUR

NOK

AUCKLAND INTERNATIONAL AIRPORTNZD

142,969 133,746 331,020 287,169 410,922 320,029 115,913 70,655 143,584 135,590 80,801 72,392 104,921 322,834 128,519 181,095 163,815 214,453 93,776 88,641 79,579 88,395 106,189 153,116 75,266 164,876 286,323

0.27 0.25 0.63 0.54 0.78 0.61 0.22 0.13 0.27 0.26 0.15 0.14 0.20 0.61 0.24 0.34 0.31 0.41 0.18 0.17 0.15 0.17 0.20 0.29 0.14 0.31 0.54

7,347,245

13.90

31,360 292,140

0.06 0.55

323,500

0.61

264,333

0.50

264,333

0.50

24,310

0.05

24,310

0.05

141




% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

18,000

8,000 4,000 6,000 9,000 18,000 15,000 16,000 6,000 10,000

31,000 24,000 60,000

19,000 10,000 2,000 3,000 14,000 16,000 13,000 45,000 6,000 4,500 5,000 8,000 4,500 10,500 8,000 2,500 16,500 8,000 2,500 11,000 2,000

142

Currency Měna

BRISA AUTO-ESTRADAS DE PORTUGAL EUR

ASSA ABLOY -BATLAS COPCO ATLAS COPCO -BSANDVIK SECURITAS- BSKANSKA -BSKF -BVOLVO A VOLVO -B-

KEPPEL CORPORATION SINGAPORE AIRLINES ST ENGINEERING

3M AMERICAN POWER CONVERSION AMERICAN STANDARD AVERY DENNISON CORP BOEING BURLINGTON NOTHERN SANTA FE CATERPILLAR CENDANT CHOICEPOINT CINTAS COOPER INDUSTRIES A CSX DANAHER DEERE & CO DOVER EATON EMERSON ELECTRIC EQUIFAX EXPEDITORS FEDEX FLUOR

SEK SEK SEK SEK SEK SEK SEK SEK SEK

SGD SGD SGD

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

90,180

0.17

90,180

0.17

60,389 100,796 138,873 211,806 187,828 81,925 433,381 112,230 198,707

0.11 0.19 0.26 0.40 0.36 0.16 0.82 0.21 0.38

1,525,935

2.89

80,851 126,382 55,739

0.15 0.24 0.11

262,972

0.50

1,126,899 147,181 144,691 130,222 412,709 396,651 768,469 722,210 172,599 142,355 206,217 200,936 285,406 480,662 242,978 190,245 745,975 152,986 73,870 608,587 64,111

2.14 0.28 0.27 0.25 0.78 0.75 1.46 1.37 0.33 0.27 0.39 0.38 0.54 0.91 0.46 0.36 1.41 0.29 0.14 1.15 0.12

7,000 198,000 6,500 36,000 11,000 3,000 28,000 2,000 21,000 15,000 6,500 4,000 4,500 10,700 17,000 8,000 10,000 4,000 8,000 4,000 18,000 9,000 2,500 5,000 112,000 10,000 21,500 19,000 27,000 2,500

GENERAL DYNAMICS GENERAL ELECTRIC H&R BLOCK HONEYWELL ILLINOIS TOOL WORKS ITT INDUSTRIES LOCKHEED MARTIN MANPOWER MASCO NORFOLK SOUTHERN NORTHROP GRUMMAN PACCAR PARKER HANNIFIN PITNEY BOWES RAYTHEON REPUBLIC SERVICES ROBERT HALF INTERNATIONAL ROCKWELL AUTOMATION ROCKWELL COLLINS RR DONNELLEY & SONS SERVICEMASTER SOUTHWEST AIRLINES SPX TEXTRON TYCO INTERNATIONAL (NEW) UNION PACIFIC UNITED PARCEL UNITED TECHNOLOGIES WASTE MANAGEMENT WW GRAINGER

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

TOTAL/CELKEM

469,211 5,068,378 240,844 814,564 625,873 154,154 1,109,613 63,716 441,441 238,289 481,242 256,545 172,728 352,088 408,742 155,528 167,447 90,164 173,458 85,424 158,585 136,791 97,205 169,379 1,964,845 499,506 1,177,880 1,260,848 606,749 102,078

0.89 9.60 0.46 1.54 1.19 0.29 2.10 0.12 0.84 0.45 0.91 0.49 0.33 0.67 0.77 0.29 0.32 0.17 0.33 0.16 0.30 0.26 0.18 0.32 3.72 0.95 2.23 2.39 1.15 0.19

25,159,274

47.66

46,004,047

87.15

46,004,047

87.15

ING (L) Invest - 30/09/2003



Currency Měna


Financial Instruments - Finanční nástroje Forward Contracts - Futures Securities - Movitý majetek 150 300 1,020

GENERAL ELECTRIC 30/06/2004 GENERAL ELECTRIC 30/09/2004 GENERAL ELECTRIC 31/03/2004

USD USD USD

384,998 763,557 2,589,962 3,738,517

Call Securities - Movitý majetek 200 450

CALL GENERAL ELECTRIC 12/2003 30 CALL GENERAL ELECTRIC 01/2005 25

USD USD


PUT GENERAL ELECTRIC 12/2003 30 PUT GENERAL ELECTRIC 01/2005 25

ING (L) Invest - 30/09/2003

USD USD

515,220 966,038 1,481,258

143


IT Quantity/Nominal Počet/ nominální hodnota


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

67,400 57,800

382,500 47,100 38,200 41,800 31,100 89,873 30,600 13,200 15,200 47,000 34,800 1,800 44,300 33,300 57,500

73,862

236,700

144

Currency Měna

BROCADE COMMUNICATIONS SYSTEMS NOKIA -A-

AGERE SYSTEM B APPLIED MATERIALS ASM BROADCOM INFINEON TECHNOLOGIES INTEL INTERSIL CORP -AINTL RECTIFIER CORP JABIL CIRCUIT LAM RESEARCH RF MICRO DEVICES SAMSUNG ELECTRONICS SANMINA SKYWORKS SOLUTIONS TEXAS INSTRUMENT

AOL TIME WARNER

NORTEL NETWORKS

USD EUR

USD USD EUR USD EUR USD USD USD USD USD USD KRW USD USD USD

USD

CAD

351,828

0.91

889,851

2.29

1,241,679

3.20

1,105,425 854,394 500,465 1,112,716 406,360 2,472,406 728,280 494,208 395,960 1,041,050 323,292 613,485 429,710 303,030 1,311,001

2.85 2.20 1.29 2.87 1.05 6.38 1.88 1.27 1.02 2.68 0.83 1.58 1.11 0.78 3.38

12,091,782

31.17

1,116,055

2.88

1,116,055

2.88

973,498

2.51

973,498

2.51

15,200 85,900 48,800 15,400 15,400 13,400 71,886 23,100 122,580 105,500 20,500

40,200

105,380 34,200 62,700 79,600 27,263 42,600 47,700 163,000

AMAZON.COM BEA SYSTEMS BMC SOFTWARE COMPUTER ASSOCIATES ELECTRONIC ARTS FIRST DATA MICROSOFT NVIDIA ORACLE SIEBEL SYSTEMS YAHOO

ACCENTURE A

CISCO SYSTEMS DELL EMC HEWLETT PACKARD IBM MCDATA -ASEAGATE TECHNOLOGY SUN MICROSYSTEMS


USD

USD USD USD USD USD USD USD USD

TOTAL/CELKEM

735,072 1,035,095 679,784 402,094 1,420,342 535,464 1,997,712 367,544 1,375,348 1,025,460 725,290

1.90 2.67 1.75 1.04 3.66 1.38 5.15 0.95 3.55 2.64 1.87

10,299,205

26.56

898,068

2.32

898,068

2.32

2,059,125 1,141,938 791,901 1,541,056 2,408,141 509,922 1,297,440 539,530

5.31 2.94 2.04 3.97 6.21 1.31 3.35 1.39

10,289,053

26.52

36,909,340

95.16

36,909,340

95.16

ING (L) Invest - 30/09/2003


JAPAN Quantity/Nominal Počet/ nominální hodnota

Currency Měna

Valuation in JPY Hodnota v JPY

% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

19,800 356,000 286,000 32,900 421 162,000 419

88,000 248,000 144,000 59,000

AIFUL BANK OF FUKUOKA BANK OF YOKOHAMA CREDIT SAISON MITSUBISHI TOKYO FINANCIAL SUMITOMO TRUST & BANKING UFJ HOLDINGS

JGC CORPORATION KAJIMA CORPORATION FIRST SECTION SEKISUI HOUSE TOSTEM INAX HOLDING CORP

JPY JPY JPY JPY JPY JPY JPY

JPY JPY JPY JPY

133,452,000 170,880,000 121,836,000 76,657,000 296,805,000 88,128,000 183,941,000

0.90 1.15 0.82 0.52 2.00 0.59 1.24

1,071,699,000

7.22

86,152,000 93,744,000 145,440,000 117,528,000

0.58 0.63 0.98 0.79

442,864,000

2.98

235,620,000 149,776,000

1.59 1.01

385,396,000

2.60

16,100 151,000 78,500 111,000 10,200 24,800

91,900 529,000 90,200 97,501

125,000 56,100 368,000

SHIN-ETSU CHEMICAL SUMITOMO CHEMICAL

JPY JPY

62,000 244 328 2,082

73,000 84,000 29,800 368,000 6,440 12,100 176,000 13,700 8,100 7,600 48,400 51,000

KDDI NIPPON TELEGRAPH & TELEPHONE NTT DOCOMO

ALPS ELECTRIC CANON FANUC HITACHI KEYENCE KYOCERA MATSUSHITA ELECTRIC INDUSTRIAL MURATA MANUFACTURING NIDEC NINTENDO NITTO DENKO RICOH

ING (L) Invest - 30/09/2003

JPY JPY JPY

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

138,104,000 166,069,200 568,386,000

0.93 1.12 3.83

872,559,200

5.88

132,276,000 458,640,000 201,746,000 228,160,000 152,756,800 79,860,000 236,720,000 79,871,000 75,249,000 71,744,000 233,772,000 101,490,000

0.89 3.09 1.36 1.54 1.03 0.54 1.60 0.54 0.51 0.48 1.58 0.68

138,800 263 956 298,000 485

4,700 20,700

ROHM SHARP OSAKA SONY SUMITOMO ELECTRIC INDUSTRIES TDK TOKYO ELECTRON

CHUBU ELECTRIC POWER OSAKA GAS TOHOKU ELECTRIC POWER TOKYO ELECTRIC POWER

AJINOMOTO

DAI NIPPON PRINTING

JFE HOLDINGS MILLEA MIZUHO FINANCIAL NOMURA SUMITOMO MITSUI FINANCIAL

OBIC CO SUMISHO COMPUTER

JPY JPY JPY JPY JPY JPY

JPY JPY JPY JPY

JPY

JPY

JPY JPY JPY JPY JPY

JPY JPY

225,883,000 246,885,000 306,150,000 103,230,000 67,626,000 184,016,000

1.52 1.67 2.07 0.70 0.46 1.24

3,186,074,800

21.50

200,342,000 161,345,000 158,210,800 233,027,390

1.35 1.09 1.07 1.57

752,925,190

5.08

143,625,000

0.97

143,625,000

0.97

94,984,000

0.64

94,984,000

0.64

338,672,000 331,380,000 239,000,000 536,400,000 218,250,000

2.28 2.24 1.61 3.62 1.47

1,663,702,000

11.22

105,139,000 63,963,000

0.71 0.43

169,102,000

1.14

145




% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

596,000 17,400 485,000

581,000

34,400

49,000

498,000

549,000

30,100 32,200 76,000 64,000 52,800 46,400 59,700

146

Currency Měna

MITSUBISHI HEAVY INDUSTRIES SMC CORPORATION SUMITOMO HEAVY INDUSTRIES

KOBE STEEL

SECOM

BANDAI

MITSUI & CO

TOSHIBA

EISAI FUJISAWA PHARMACEUTICAL KAO SHIONOGI TAKEDA CHEMICAL INDUSTRIES TERUMO YAMANOUCHI PHARMACEUTICAL

JPY JPY JPY

JPY

JPY

JPY

JPY

JPY


193,104,000 204,972,000 113,975,000

1.30 1.38 0.77

512,051,000

3.45

73,787,000

0.50

73,787,000

0.50

144,480,000

0.97

144,480,000

0.97

139,650,000

0.94

139,650,000

0.94

376,986,000

2.54

376,986,000

2.54

258,030,000

1.74

258,030,000

1.74

78,561,000 81,788,000 179,360,000 124,160,000 214,896,000 99,992,000 183,876,000

0.53 0.55 1.21 0.84 1.45 0.67 1.24

962,633,000

6.49

67,000 22,000 35,000

133,000 210,000

60,000 70,200 26,000

41,300 56,400 321,000 52,000 90,000 228,000

200,000

529 471,000 53,000

FUJI PHOTO FILM NORITSU KOKI OLYMPUS OPTICAL

JPY JPY JPY

LEOPALACE21 CORP MITSUI FUDOSAN

JPY JPY

ITO-YOKADO MARUI SEVEN-ELEVEN JAPAN

JPY JPY JPY

DENSO HONDA MOTOR NISSAN MOTOR STANLEY ELECTRIC SUZUKI MOTOR TOYOTA MOTOR


KURARAY

JPY

EAST JAPAN RAILWAY NIPPON YUSEN KABUSHIKI KAISH YAMATO TRANSPORT

JPY JPY JPY

TOTAL/CELKEM

219,760,000 88,660,000 93,100,000

1.48 0.60 0.63

401,520,000

2.71

117,705,000 207,900,000

0.79 1.40

325,605,000

2.19

223,200,000 98,280,000 92,820,000

1.51 0.66 0.63

414,300,000

2.80

91,273,000 252,108,000 386,805,000 104,000,000 148,770,000 747,840,000

0.62 1.70 2.61 0.70 1.00 5.04

1,730,796,000

11.67

165,400,000

1.12

165,400,000

1.12

286,189,000 207,711,000 78,970,000

1.93 1.40 0.53

572,870,000

3.86

14,861,039,190

100.21

14,861,039,190

100.21

ING (L) Invest - 30/09/2003



Currency Měna

Commitments in JPY Přímé nákupy v JPY


NIKKEI 225 INDEX 31/12/2003

ING (L) Invest - 30/09/2003

JPY

179,200,000 179,200,000

147


JAPANESE SMALL & MID CAPS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

7,700

400

750 4,000 77

HOKUTO CORPORATION

GEOMATEC

CANON CITIZEN ELECTRONICS SUMIDA CORP

JPY

JPY

JPY JPY JPY

12,450,900

1.04

12,450,900

1.04

1,000,000

0.08

1,000,000

0.08

4,095,000 33,600,000 226,765

0.34 2.80 0.02

37,921,765

3.16

31,360,000 18,210,400 5,600,000 10,290,000 10,894,500

2.61 1.52 0.47 0.86 0.91

76,354,900

6.37

15,000 27,100 6,435 8,800 20,000 67

6,000 5,500 16,000

40 4,000 13,390 4 3,000 135

40 10 100 42 80 42

16,250 8,000 11,000 7,800 1,000 14,700 96

148

Currency Měna

KAPPA-CREATE ORIGIN TOSHU REINS INTERNATIONAL SAINT MARC SHIDAX

ALPHA SYSTEMS CRESCO HITACHI SOFTWARE ENGINEERING SQUARE ENIX SUMISHO COMPUTER YAHOO JAPAN

AEON FANTASY CENTRAL SECURITY PATROLS DAIICHIKOSHO DRAKE BEAM MORIN-JP ICHINEN INTAGE KOEI

JPY JPY JPY JPY JPY



93,400 11,190 335,000 116,760 247,200 66,360,000

0.01 0.00 0.03 0.01 0.02 5.53

67,163,550

5.60

25,025,000 5,432,000 46,640,000 24,960,000 660,000 24,990,000 345,600

2.08 0.45 3.89 2.08 0.05 2.08 0.03

500 24

2,700

11,000 6,400 55 17,500 13,000

KONAMI COMPUTER ENTERTAIN.TOKYO KONAMI COMPUTER ENTERTAINMENT NICHII GAKKAN SOHGO SECURITY TAC THE GOODWILL GROUP

ARRK PAL SALOMON & TAYLOR MADE

PALTEK

NEC SYSTEM TECHNOLOGIES PHOTONICS

FUJI SEAL

FUKUDA DENSHI KOSE MILBON CO NISSIN HEALTHCARE SRL


JPY JPY JPY

JPY

JPY JPY

JPY

JPY JPY JPY JPY JPY

22,800,000 43,902,000 38,610,000 13,252,800 19,800,000 42,076,000

1.90 3.66 3.22 1.10 1.65 3.51

308,493,400

25.70

32,340,000 15,950,000 12,480,000

2.69 1.33 1.04

60,770,000

5.06

31,680

0.00

31,680

0.00

3,240,000 2,448,000

0.27 0.20

5,688,000

0.47

10,260,000

0.85

10,260,000

0.85

29,590,000 23,552,000 151,250 37,975,000 11,375,000

2.47 1.96 0.01 3.16 0.95

102,643,250

8.55

ING (L) Invest - 30/09/2003


JAPANESE SMALL & MID CAPS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



Currency Měna


% NAV % COJ


Shares - Akcie 4,000

40 6,200

13,000

61,000

7,700 6,000 153 5,100 11,000 6,000 6 14,000 7,200 4,900 13,000 19,500 6,000 5,000

4,800 10,000 18,000

MEGANE TOP NORITSU KOKI

NIC

LEOPALACE21 CORP

ASKUL BELLUNA CAN DO CAWACHI CHIYODA DON QUIJOTE KYOTO KIMONO YUZEN NISSEN PLENUS SAZABY INC SEIJO THANKS JAPAN UNITED ARROWS YAMADA DENKI

HOGY MEDICAL NAGAILEBEN ONWARD KASHIYAMA

ING (L) Invest - 30/09/2003

JPY JPY

JPY

JPY

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

JPY JPY JPY

45,560 24,986,000

0.00 2.08

25,031,560

2.08

14,794,000

1.23

14,794,000

1.23

53,985,000

4.50

53,985,000

4.50

38,500,000 26,820,000 37,638,000 42,126,000 12,375,000 34,140,000 1,380,000 28,700,000 19,296,000 11,564,000 16,770,000 9,945,000 23,580,000 16,500,000

3.21 2.23 3.14 3.51 1.03 2.84 0.11 2.39 1.61 0.96 1.40 0.83 1.96 1.37

319,334,000

26.59

21,168,000 31,100,000 20,970,000

1.76 2.59 1.75

73,238,000

6.10

1,169,160,005

97.38

OOTOYA

JPY

TOTAL/CELKEM

2,800,000

0.23

2,800,000

0.23

2,800,000

0.23

1,171,960,005

97.61

149


LATIN AMERICA Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

60,000

66,500 55,000 30,000 132,500 1 21,500

EMBRAER AIRCRAFT (ADR)

BANCO BRADESCO PFD (ADR) BANCOLOMBIA ADR CREDICORP GF BANORTE -OGRUPO FINANCIERO GALICIA (ADR) UNIBANCO UNIAO BAMNCOS BRASILE

USD

USD USD USD MXN USD USD

1,266,000

2.09

1,266,000

2.09

1,341,305 265,650 300,000 398,088 5 425,700

2.21 0.44 0.49 0.66 0.00 0.70

2,730,748

4.50

15,326,405

600 72,500 235,000 3,612,240

215,000 32,000 1,925,000 656 110,000

195,000 798,670 1,188,396 60,000 15,474 20,325 90,000 250,000 50,000 37,500 158,700 30,000 75,000,000 81,030 311,729 185,000 175,000

150

Currency Měna

CEMENTOS LIMA CEMEX SPONS (ADR)

PEN USD

AMERICA MOVIL (SERIE L) (ADR) USD BRASIL TELECOM BRL BRASIL TELECOM PARTICIPACOES BRL BRASIL TELECOM PARTICIPACOES USD CELULAR CRT PARTICIPACOES BRL CIA NAC. TELEFONOS USD DE VENEZUELA / CAN TV CIA TELECOM CHILE - SPONS (ADR) USD GRUPO CARSO GLOBAL TELECO-A1 MXN GRUPO TELEVISA (GDR) USD TELE CELULAR SUL(REPR.10000 p) USD TELE NORTE LESTE (PREF) USD TELE SUDESTE CELULAR (REPR.500 USD TELECOM BRASILEIRAS (PREF.) BRL TELEMIG CELULAR BRL TELEMIG CELULAR (PREF.)-CBRL TELESP CELULAR PARTICIPACOES USD TELMEX USD

13,560 2,744,500

0.02 4.53

2,758,060

4.55

4,506,449 3,465 6,601 2,298,000 1,744 280,892

7.43 0.01 0.01 3.79 0.00 0.46

1,147,500 328,667 1,829,500 352,125 2,212,277 287,700 769 1,107 3,197 862,100 5,346,250

1.89 0.54 3.02 0.58 3.65 0.47 0.00 0.00 0.01 1.42 8.82

19,468,343

32.10

97,500 9,490

190,000 114,500 400,000 46 151,200

30,000

ELECTRICIDADE SERVICOS (PREF.)

ELETROPAULO METROPOLITANA EMPRESA NAC ELEC (ADR) ENERSIS TRACTEBEL ENERGIA B

ALFA BANCO ITAU (ADR) GRUPO FINANCIERO BBVA BANCOMER -B-

GERDAU SIDERAR SAIC-A-

CIA ENERGETICA DE MINAS GERAIS CIA VALE DO RIO DOCE GRUPO MEXICO B VALE DE RIO DOCE (CVRD) VALE RIO DOCE

EMBOTELLADORA ANDINA-ADR B

BRL

BRL USD USD BRL

MXN USD MXN

USD ARS

USD USD MXN BRL BRL

USD

31,412

0.05

31,412

0.05

8 783,000 1,358,300 4,084

0.00 1.29 2.24 0.01

2,145,392

3.54

517,776 1,158,400 1,676,111

0.85 1.91 2.76

3,352,287

5.52

1,404,975 34,702

2.32 0.06

1,439,677

2.38

2,245,800 4,225,050 644,015 1,642 0

3.70 6.97 1.06 0.00 0.00

7,116,507

11.73

251,400

0.41

251,400

0.41

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

17,500

107,500 112,500 55,000

20,000

ARACRUZ CELULOSE

PETROBRAS (REPR.1 PFD SH) PETROLEO BRASILEIRO (PREF.) PETROLEO BRASILEIRO ADR

BUENAVENTURA (ADR)

USD

USD BRL USD

USD

477,750

0.79

477,750

0.79

2,284,375 2,330,714 1,261,150

3.77 3.84 2.08

5,876,239

9.69

791,600

1.31

791,600

1.31

22,500,000 137,199

DURATEX TENARIS

BRL ARS

476,519 372,145

0.79 0.61

848,664

1.40

58,288,530

96.11

Transferable Securities traded on another Regulated Market Cenné papíry obchodované na jiném regulovaném trhu Shares - Akcie

200,000 95,000 25,300

CONSORCIO ARA CORPORACION GEO B IRSA INVERSIONES Y REPRESENTACIONES

MXN MXN USD

469,330 424,173 232,760 1,126,263

22,500 868,700

142,500 165,000 38,500 200,000

COMPANIA BRAS. DE DISTR. (PAO DE ACUCAR) WALMART DE MEXICO V

USD MXN

AMBEV CIA DE BEBIDAS USD DAS AMERICAS FOMENTO ECONOMICO MEXICANO MXN FOMENTO ECONOMICO USD MEXICO-SP (ADR) GRUPO MODELO MXN

ING (L) Invest - 30/09/2003

424,800

0.77 0.70 0.38

74,000

ROSSI RESIDENCIAL

USD

37,917

0.06

37,917

0.06

37,917

0.06

1.85

0.70

2,509,208

4.14

2,934,008

4.84

3,085,124

5.09

625,944 1,468,775

1.03 2.42

494,337

0.82

5,674,180

9.36

151



Currency Měna


% NAV % COJ


80,300

17,500

150,000

SIDERCA

ARS

CONSORCIO ARA (ADR)

USD

MIRGOR SA ADS C ON

USD

165,425

0.27

165,425

0.27

411,250

0.68

411,250

0.68

80,858

0.13

80,858

0.13

657,533

1.08

Bonds - Dluhopisy

300,000

IRSA 02/2007 8% (CONV)

USD

TOTAL/CELKEM

152

506,460

0.84

506,460

0.84

506,460

0.84

59,490,440

98.09

ING (L) Invest - 30/09/2003


MATERIALS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

500 500 2,000 2,000

105,000 78,000 341,000 75,000 54,705 88,000 28,000 38,500 30,000 45,000 26,875 33,600 88,000 29,871 105,000

BOEHLER-UDDEHOLM MAYR MELNHOF KARTON RHI VOEST-ALPINE

ALUMINIA AMCOR BHP BILLITON BHP STEEL BORAL CSR ILUKA RESOURCES JAMES HARDIE INDUSTRIES NEWCREST MINING ONESTEEL ORICA LIMITED PAPERLINX RINKER RIO TINTO WMC RESOURCES

EUR EUR EUR EUR

AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD

26,785 46,553 28,159 70,921

0.04 0.07 0.04 0.11

172,418

0.26

362,452 459,309 2,437,301 254,325 194,021 119,125 80,924 191,792 222,547 65,180 218,283 123,262 344,867 664,569 314,125

0.57 0.73 3.85 0.40 0.31 0.19 0.13 0.30 0.35 0.10 0.34 0.19 0.54 1.05 0.50

6,052,082

9.55

388,741 58,228

0.61 0.09

446,969

0.70

259,928 186,521 152,685 1,093,084 942,237 184,673 153,370 203,016 124,884 198,748 349,217 486,050 302,642

0.41 0.29 0.24 1.73 1.49 0.29 0.24 0.32 0.20 0.31 0.55 0.77 0.48

15,000 14,000 8,000 45,400 4,900 15,000

6,400 14,100 4,500 20,700

47,000 30,500 24,600

5,150 5,450 1,000

SOLVAY UMICORE

EUR EUR

5,600 37,000 15,000 12,000 28,150 50,000 5,300 7,100 18,000 7,500 15,000 25,000 17,500 40,000

ABITIBI AGNICO EAGLE MINES AGRIUM (INC) ALCAN BARRICK GOLD CAMECO DOFASCO DOMTAR FALCONBRIDGE GLAMIS GOLD GOLDCORP INCO KINROSS GOLD

ING (L) Invest - 30/09/2003

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

5,500 8,000 61,800 46,000

MERIDIAN GOLD NORANDA NOVA CHEMICALS PLACER DOME POTASH CORP OF SASKATCHEWAN TECK COMINCO B

CIBA SPECIALITY CHEMICALS HOLCIM (NOM) LONZA (NEW) SYNGENTA

BASF BAYER THYSSENKRUPP

NOVOZYMES

ACERINOX

OUTOKUMPU RAUTARUUKKI STORA ENSO UPM-KYMMENE

CAD CAD CAD CAD CAD CAD

CHF CHF CHF CHF

EUR EUR EUR

DKK

EUR

EUR EUR EUR EUR

177,628 144,207 163,622 624,421 347,389 160,177

0.28 0.23 0.26 0.99 0.55 0.25

6,254,499

9.88

433,972 567,998 210,921 1,122,275

0.69 0.90 0.33 1.77

2,335,166

3.69

2,063,466 658,873 330,024

3.26 1.04 0.52

3,052,363

4.82

161,942

0.26

161,942

0.26

236,860

0.37

236,860

0.37

62,065 46,582 765,032 770,862

0.10 0.07 1.21 1.22

1,644,541

2.60

153




% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

11,180 800 13,000 6,700

214,000 48,866 46,000 68,000 31,035 43,000 93,165 25,000

2,700 10,000

42,000

43,500

7,500

154

Currency Měna

AIR LIQUIDE IMERYS LAFARGE (SICOVAM CERT.) PECHINEY A

BHP BILLITON BOC BPB HANSON JOHNSON MATTHEY REXAM RIO TINTO (REG.) RMC GROUP

TITAN CEMENT VIOHALCO (Reg.Shs)

CHEUNG KONG INFRASTRUCTURE

C.R.H.

ITALCEMENTI

EUR EUR EUR EUR


EUR EUR

HKD

EUR

EUR

1,579,286 147,665 842,494 368,667

2.50 0.23 1.33 0.58

2,938,112

4.64

1,420,370 670,591 243,792 430,715 471,269 283,616 1,985,869 247,547

2.24 1.06 0.39 0.68 0.74 0.45 3.14 0.39

5,753,769

9.09

95,712 45,883

0.15 0.07

141,595

0.22

86,779

0.14

86,779

0.14

776,079

1.23

776,079

1.23

86,206

0.14

86,206

0.14

89,000 23,000 56,000 40,000 25,000 4,000 24,000 40,000 13,000 23,000 33,000 127,000 32,000 85,000 48,000 49,000 49,000 14,000 20,000 14,000 473,000 85 14,000 11,000 75,000 33,000 88,000 14,000 101,000 275,000 51,000 32,000 71,000 75,000 108,000 46,000 13,000 68,000

33,800

ASAHI KASEI DAICEL CHEMICAL INDUSTRIES DAINIPPON INK & CHEMICALS DENKI KAGAKU KOGYO DOWA MINING HITACHI CHEMICAL ISHIHARA SANGYO JFE HOLDINGS JSR KANEKA KURARAY MITSUBISHI CHEMICAL CORP MITSUBISHI GAS CHEMICAL MITSUBISHI MATERIAL MITSUBISHI RAYON MITSUI CHEMICALS MITSUI MINING & SMELTING NIPPON KAYAKU NIPPON SANSO NIPPON SHOKUBAI NIPPON STEEL NIPPON UNIPAC NISSAN CHEMICAL INDUSTRIES NITTO DENKO OJI PAPER SHIN-ETSU CHEMICAL SHOWA DENKO SUMITOMO BAKELITE SUMITOMO CHEMICAL SUMITOMO METAL INDUSTRIES SUMITOMO METAL MINING SUMITOMO OSAKA CEMENT TAIHEIYO CEMENT TEIJIN TORAY INDUSTRIES TOSOH TOYO SEIKAN KAISHA UBE INDUSTRIES

ARCELOR

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

EUR

335,398 93,676 110,782 120,306 105,178 54,424 46,404 873,651 209,229 167,381 244,291 276,248 89,657 121,738 160,265 282,907 173,692 67,923 74,475 86,094 842,563 400,976 104,641 475,585 418,252 1,240,657 166,209 70,179 367,963 241,239 260,216 63,877 154,438 205,433 387,665 125,176 144,528 115,651

0.53 0.15 0.18 0.19 0.17 0.09 0.07 1.38 0.33 0.26 0.39 0.44 0.14 0.19 0.25 0.45 0.27 0.11 0.12 0.14 1.33 0.63 0.17 0.75 0.66 1.96 0.26 0.11 0.58 0.38 0.41 0.10 0.24 0.32 0.61 0.20 0.23 0.18

9,478,967

14.97

410,937

0.65

410,937

0.65

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

25,200 7,000

10,000

82,000 38,000

AKZO NOBEL DSM

NORSKE SKOGINDUSTRIER -A-

CARTER HOLT HARVEY FLETCHER BUILDING

EUR EUR

NOK

NZD NZD

785,610 332,269

1.24 0.53

1,117,879

1.77

165,111

0.26

165,111

0.26

83,283 96,374

0.13 0.15

179,657

0.28

64,283

0.10

64,283

0.10

97,442 55,669 142,934 86,486 35,066 615,353

0.15 0.09 0.23 0.14 0.06 0.97

1,032,950

1.64

958,375 2,014,320 1,524,499 876,219 429,250 533,280 244,792 1,611,526 459,000 248,976 1,553,828

1.51 3.18 2.41 1.38 0.68 0.84 0.39 2.55 0.73 0.39 2.46

7,400 14,350 8,300 15,350 15,200 13,000 7,500 6,350 22,000 5,000 9,500 18,600

NUCOR PACTIV PHELPS DODGE PPG INDUSTRIES PRAXAIR ROHM & HAAS SEALED AIR SIGMA ALDRICH SMURFIT-STONE CONTAINER TEMPLE-INLAND VULCAN MATERIALS WEYERHAEUSER

USD USD USD USD USD USD USD USD USD USD USD USD

339,512 291,018 388,440 801,577 941,640 434,850 354,225 329,819 329,560 242,750 379,145 1,087,170

0.54 0.46 0.61 1.27 1.49 0.69 0.56 0.52 0.52 0.38 0.60 1.72

16,373,771

25.88

58,962,935

93.14

Other Transferable Securities - Jiné cenné papíry 16,000

7,500 2,650 4,550 6,000 2,500 17,000

21,250 77,000 46,850 21,900 17,000 22,000 7,400 41,300 18,000 10,400 39,750

CIMPOR CIMENTOS DE PORTUGAL

BILLERUD HOGANAS B HOLMEN -BSSAB A SSAB SWEDISH STEEL B SVENSKA CELLULOSA -B-

AIR PRODUCTS & CHEMICALS ALCOA DOW CHEMICAL DU PONT DE NEMOURS ECOLAB GEORGIA-PACIFIC INTERN. FLAVORS & FRAGRANCE INTERNATIONAL PAPER MEADWESTVACO MONSANTO (NEW) NEWMONT MINING

ING (L) Invest - 30/09/2003

EUR

SEK SEK SEK SEK SEK SEK


Shares - Akcie

25,133 3,000

AFRICAN MINERALS BRO-X MINERALS

CAD CAD

TOTAL/CELKEM

0 0

0.00 0.00

0

0.00

0

0.00

58,962,935

93.14

155



Currency Měna


Financial Instruments - Finanční nástroje Call Securities - Movitý majetek 150 680

CALL DOW CHEMICAL 01/2005 30 CALL DU PONT DE NEMOURS 01/2005 40

USD USD


PUT DOW CHEMICAL 01/2005 30 PUT DU PONT DE NEMOURS 01/2005 40

USD USD

450,000 2,720,000 3,170,000

156

ING (L) Invest - 30/09/2003


NASDAQ Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

25,100 6,800 2,300 10,200 10,400 7,200 3,900 2,700 6,900 1,900 10,400 12,000

2,700

42,400 10,100 46,800 38,300 8,400 30,300 51,700 7,600 38,380 5,820 10,000 58,000 41,000

7,400 7,500 7,900 10,600 22,500 82,400

AMGEN BIOGEN CEPHALON CHIRON GENZYME GILEAD SCIENCES HUMAN GENOME SCIENCES ICOS IDEC PHARMACEUTICAL INVITROGEN MEDIMMUNE MILLENNIUM PHARM

SIGMA ALDRICH

ADC COMMUNICATION BROCADE COMMUNICATIONS SYSTEMS CIENA COMCAST -ACOMVERSE TECHNOLOGY INTERACTIVECORP NEXTEL COMMUNICATIONS -APANAMSAT QUALCOMM TELEFON ERICSSON -B-(ADR) TELLABS UNIPHASE WORLDCOM

AMERICAN POWER CONVERSION APPLIED MATERIALS BROADCOM ECHOSTAR COMMUNICATIONS -AFLEXTRONICS INTERNATIONAL INTEL

ING (L) Invest - 30/09/2003


USD

1,620,707 259,964 105,616 527,238 481,000 402,696 53,274 103,464 228,735 110,181 343,304 184,680

3.38 0.54 0.22 1.10 1.00 0.84 0.11 0.22 0.48 0.23 0.72 0.39

4,420,859

9.23

140,238

0.29

140,238

0.29

USD USD

98,792 52,722

0.21 0.11


276,588 1,182,704 125,664 1,001,415 1,017,973 110,048 1,598,143 85,438 67,900 208,800 2,624

0.58 2.47 0.26 2.09 2.12 0.23 3.33 0.18 0.14 0.44 0.01

5,828,811

12.17


126,836 136,050 210,298 405,662 319,050 2,266,824

0.26 0.28 0.44 0.85 0.67 4.73

4,300 34,300 6,900 3,900 20,800 3,700 7,300 24,000 24,600 33,500

3,500 4,800 100

7,000

21,400

9,000 10,300 9,000 8,600 8,900 17,500 6,000 9,200 360 3,500 109,900 6,500

KLA-TENCOR MAXIM INTEGRATED MICROCHIP TECHNOLOGY MOLEX NOVELLUS SYSTEMS QLOGIC RF MICRO DEVICES SANMINA STMICROELECTRONICS XILINX

LAMAR ADVERTISING MONSTER WORLDWIDE REUTERS

XO COMMUNICATIONS

STARBUCKS

ADOBE SYSTEMS AMAZON.COM CHECK POINT SOFTWARE TECHOLOGIES CITRIX SYSTEMS COMPUWARE CONCORD EFS ELECTRONIC ARTS FISERV HUDSON HIGHLAND GROUP MERCURY INTERACTIVE MICROSOFT NVIDIA

USD USD USD USD USD USD USD USD USD USD

USD USD GBP

USD

USD

221,020 1,354,850 165,186 111,501 702,000 173,937 67,817 232,800 591,630 955,085

0.46 2.83 0.34 0.23 1.46 0.36 0.14 0.49 1.23 1.99

8,040,546

16.76

102,690 120,864 353

0.21 0.25 0.00

223,907

0.46

518

0.00

518

0.00

616,320

1.29

616,320

1.29

USD USD USD

353,340 498,108 151,200

0.74 1.04 0.32

USD USD USD USD USD USD USD USD USD

189,888 47,704 239,225 553,380 333,316 6,926 158,935 3,054,121 103,422

0.40 0.10 0.50 1.15 0.70 0.01 0.33 6.37 0.22

157



Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

146,300 7,000 17,800 25,000 6,150 5,800 17,300 12,000

ORACLE PAYCHEX PEOPLESOFT SIEBEL SYSTEMS SYMANTEC SYNOPSYS VERITAS SOFTWARE YAHOO


1,641,486 237,510 323,782 243,000 387,573 178,466 543,220 424,560

3.42 0.50 0.68 0.51 0.81 0.37 1.13 0.89

9,669,162

20.19

117,180 410,795

0.24 0.86

527,975

1.10

14,000 3,200 3,000 1,700 4,300 2,500 7,700

4,500 3,100 5,500

7,450 2,200 9,475

72,500 57,200 13,700 57,000

FASTENAL PACCAR

APOLLO A PIXAR VERISIGN

CISCO SYSTEMS DELL NETWORK APPLIANCE SUN MICROSYSTEMS

USD USD

USD USD USD

USD USD USD USD

491,924 146,432 127,628

1.03 0.31 0.27

765,984

1.61

1,416,650 1,909,908 281,261 188,670

2.95 3.98 0.59 0.39

3,796,489

7.91

15,700 9,200 4,200 18,600 5,800 3,200 12,400 2,500

3,400

8,200 9,200

3,500

158

Currency Měna

SMURFIT-STONE CONTAINER

PATTERSON UTI ENERGY

USD

USD

137,816

0.29

137,816

0.29

94,745

0.20

94,745

0.20

3,500 4,300 2,600

BIOMET DENTSPLY EXPRESS SCRIPTS HENRY SCHEIN LINCARE HOLDING PATTERSON DENTAL TEVA PHARMACEUTICAL IND. (ADR)

FIRST HEALTH GROUP

BED BATH & BEYOND COSTCO WHOLESALE DOLLAR TREE STORES EBAY PETSMART ROSS STORES STAPLES WHOLE FOODS MARKET

GENTEX

CINTAS

CH ROBINSON WORLDWIDE EXPEDITORS RYANAIR HOLDINGS ADR

USD USD USD USD USD USD USD

USD


USD

USD

USD USD USD

470,540 143,488 183,450 96,390 157,595 143,950 440,055

0.98 0.30 0.38 0.20 0.33 0.30 0.92

1,635,468

3.41

117,675

0.25

117,675

0.25

599,426 285,936 140,700 995,286 131,660 148,352 294,500 137,950

1.25 0.60 0.29 2.08 0.27 0.31 0.61 0.29

2,733,810

5.70

118,456

0.25

118,456

0.25

302,088

0.63

302,088

0.63

130,235 147,963 105,300

0.27 0.31 0.22

383,498

0.80

39,554,365

82.54

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


ADELPHIA BUSINESS SOLUTIONS

USD

55

0.00

55

0.00

INTUIT

USD

TOTAL/CELKEM

520,991

1.09

520,991

1.09

521,046

1.09

40,075,411

83.63

NASDAQ 100 INDEX 31/12/2003

USD

6,268,800 6,268,800

Call Securities - Movitý majetek CALL MICROSOFT 01/2004 27.5

USD


ING (L) Invest - 30/09/2003


Forward Contracts - Futures Securities - Movitý majetek

400 10,800

Currency Měna


48

Shares - Akcie

4,980


PUT MICROSOFT 01/2004 27.5

USD

1,100,000 1,100,000

159


NEW ASIA Quantity/Nominal Počet/ nominální hodnota


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

846,500 4,142,500 200,000 6,709,500 1,200,000 348,000 34,000 13,000 373,451 338,500 821,000 942,000 469,700 33,550 230,000 376,000 337,000 901,250 325,000 920,100 30,000 419,456

301,000 500,000 390,000 260,000 270,000 2,330,000 7,050,000 45,000 1,196,000 379,500 140,000 280,000 300,000

160

Currency Měna

BANGKOK BANK (FOREIGN) THB BANK MANDIRI IDR BANK OF EAST ASIA HKD BANK PAN INDONESIA IDR BOC HONG KONG HKD COMMERCE ASSET MYR DAISHIN SECURITIES KRW DAISHIN SECURITIES KRW DBS SGD HANG SENG BANK HKD HONG KONG EXCHANGES HKD & CLEARING KASIKORNBANK NVDR THB KASIKORNBANK PUBLIC THB KOOKMIN BANK KRW KORAM BANK KRW MALAYAN BANKING MYR OVERSEA-CHINESE BANKING SGD PUBLIC BANK BHD MYR SIAM COMMERCIAL BANK (FOREIGN) THB SIAM COMMERCIAL BANK THB (PREF.) (FOREIGN) STATE BANK OF INDIA (GDR) USD UNITED OVERSEAS BANK SGD

GAMUDA MYR GLOMAC MYR ITALIAN-THAI DEVELOP (NVDR) THB ITALIAN-THAI DEVELOP-FTHB ITALIAN-THAI DEVELOPMENT PUBLIC THB LAND & HOUSE (FOREIGN) THB LAND & HOUSES (NVDR) THB LARSEN AND TOUBRO LTD (GDR R2) USD ROAD BUILDERS (M) MYR SEMEN GRESIK (PERSERO) IDR SIAM CEMENT (NVDR) THB SIAM CEMENT PUBLIC (FRG REG) THB SP SETIA MYR

1,823,165 419,431 513,959 251,756 1,735,582 337,014 243,290 186,497 2,787,074 4,152,673 1,749,333

0.94 0.22 0.26 0.13 0.89 0.17 0.12 0.10 1.43 2.13 0.90

1,014,425 576,391 1,099,713 2,199,713 949,903 2,183,600 616,650 315,396 887,148

0.52 0.30 0.56 1.13 0.49 1.12 0.32 0.16 0.46

755,400 3,251,744

0.39 1.67

28,049,857

14.41

518,834 292,108 664,162 452,542 459,804 799,424 2,136,363 631,350 1,177,126 427,193 648,635 1,416,478 277,897

0.27 0.15 0.34 0.23 0.24 0.41 1.10 0.32 0.60 0.22 0.33 0.73 0.14

9,901,916

5.08

23,540 24,140 1,293,420 626,240 74,029 918,000 420,200 1,300,000

1,050,000 2,770,000 1,211,000 48,640 20,000 1,982,000 15,980 64,000

71,700 82,500 660,000 30,000 42,000 38,885 378,400 100,000 23,582 158,800 1,000,000 51,000 400,000 46,451 15,000 38,993 2,149,180 112,246

HONAM PETROCHEMICAL LG CHEMICAL NAN YA PLASTIC ORIENTAL UNION CHEMICAL RELIANCE INDUSTRIES (GDR) SINOPEC SHANGHAI PETROCHEMICAL TAIWAN STYRENE MONOMER THAI PETROCHEMICAL INDUSTRY

KRW KRW TWD TWD USD HKD

839,143 961,276 1,532,487 716,020 1,511,672 194,416

0.43 0.49 0.79 0.37 0.78 0.10

TWD THB

353,485 335,337

0.18 0.17

6,443,836

3.31

1,604,056 715,410 3,190,214 1,915,743 105,800

0.82 0.37 1.64 0.98 0.05

1,903,430 2,556,467 123,791

0.98 1.31 0.06

12,114,911

6.21

TWD

56,281

0.03

HKD SGD

279,126 568,925

0.14 0.29

KRW USD USD TWD HKD KRW TWD SGD

283,007 346,500 332,078 1,636,444 153,671 1,137,939 1,745,105 185,129

0.15 0.18 0.17 0.84 0.08 0.58 0.90 0.10

USD TWD KRW KRW USD TWD USD

374,850 681,279 15,831,667 2,504,022 233,958 4,233,422 1,215,624

0.19 0.35 8.13 1.29 0.12 2.17 0.62

ADVANCED INFO SERVICE THB CHINA TELECOM -HHKD CHINE MOBILE HKD KT KRW MAHANAGAR TELEPHONE USD NIGAM (ADR) SINGAPORE TELECOMMUNICATIONS SGD SK TELECOM KRW TELEKOM MALAYSIA MYR

ADVANCED SEMICONDUCTOR ENGENEE ASM PACIFIC TECHNOLOGY CHARTERED SEMICONDUCTEUR MANUFACTURING DAEDUCK ELECTRONICS HANNSTAR DISPLAY (GDR) HON HAI PRECISION (GDR) HON HAI PRECISION INDUSTRY JOHNSON ELECTRIC LG ELECTRONICS (NEW) MEDIATEK MULTIVISION INTELLIGENT SURVEILLANCE NANYA TECHNOLOGY (GDR) REG. PREMIER IMAGE TECHNOLOGY SAMSUNG ELECTRONICS SAMSUNG ELECTRONICS SYNNEX TECHNOLOGY (GDR) TAIWAN SEMICONDUCTOR TAIWAN SEMICONDUCTOR SP (ADR)

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

308,000 2,086,171 100,000

435,700 211,000 532,000 60,000 1,064,000 43,000

TECHTRONIC INDUSTRIES UNITED MICROELECTRONICS VENTURE

CLP HOLDINGS HONGKONG ELECTRIC HOLDING HUANENG POWER KOREA ELECTRIC POWER SHANDONG INTERNATIONAL POWER TENAGA NASIONAL

HKD TWD SGD

HKD HKD HKD KRW HKD MYR

753,712 1,730,235 1,157,058

0.39 0.94 0.59

35,440,032

18.25

1,912,987 813,340 728,221 1,129,418 316,020 102,975

0.98 0.42 0.37 0.58 0.16 0.05

5,002,961

2.56

510,085 1,001,831 1

0.26 0.51 0.00

1,511,917

0.77

623,414 280,000 107,000 427,000 171,000 798,504

167,800 231,000

18,150 1,000,000 9,002 1

COFCO INTERNATIONAL NONG SHIM STANDARD FOODS TAIWAN (GDR)

HKD KRW USD

300,000

75,000 900,000 123,645

935,140 382,000 1,250,000 30,000 719,500 263,620 825,000 1,000 272,475 1,000,000 450,000

NEW STRAITS TIMES PRESS SCMP GROUP SINGAPORE PRESS

CHINATRUST FINANCIAL CITIC PACIFIC FUBON FINANCIAL FUBON INSURANCE CERT (GDR) HUTCHISON WHAMPOA KIATNAKIN FINANCE (FOREIGN) KWONG HING INTL MEGA FINANCIAL MERRILL-CW04 RELIANCE INDUS MIDA ASSETS MIDA ASSETS

ING (L) Invest - 30/09/2003

MYR HKD SGD

TWD HKD TWD USD HKD THB HKD TWD USD THB THB

76,580 496,849 1,309,040

0.04 0.26 0.67

1,882,469

0.97

800,519 781,876 1,221,859 300,000 5,249,583 267,383 158,740 515 2,616,850 763,836 343,726

0.42 0.40 0.63 0.15 2.70 0.14 0.08 0.00 1.34 0.39 0.18

7,815 3,800,000 4,200,000 13,060

62,000 1 827,000

NATIONAL FINANCE (FOREIGN) SIAM PANICHLEASING (FOREIGN) SIME DARBY BERHAD SWIRE PACIFIC -AWHARF YUANTA CORE PACIFIC SECURITIES

GENTING BERHAD RESORTS WORLD RESORTS

SAMSUNG FIRE & MARINE INS

KEPPEL CORPORATION

CHINA STEEL MILLENNIUM STEEL-FMILLENNIUM STELL PUBLIC POSCO

BEC WORLD NONG SHIM HOLDING SINGAPORE POST

THB THB MYR HKD HKD TWD

MYR MYR

KRW

SGD

TWD THB THB KRW

THB KRW SGD

273,222 283,997 145,014 2,519,936 446,060 439,934

0.14 0.15 0.07 1.29 0.23 0.22

16,613,050

8.53

662,374 577,505

0.34 0.30

1,239,879

0.64

1,016,267

0.52

1,016,267

0.52

911,183

0.47

911,183

0.47

5,996 296,919 319,759 1,498,865

0.00 0.15 0.16 0.77

2,121,539

1.08

366,441 27 337,303

0.19 0.00 0.17

703,771

0.36

161



Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

1,196,000

1,600,000 554,000 1,300,000

308,500 1,178,300 55,200

150,000

MOULIN INTERNATIONAL

ANEKA TAMBANG DEMAT LI & FUNG SANSIRI PUBLIC

ASUSTEK COMPUTER COMPAL ELECTRONICS COMPAL ELECTRONICS (GDR)

PHOENIX PULP & PAPER (FOREIGN)

HKD

IDR HKD THB

TWD TWD USD

THB

702,729

0.36

702,729

0.36

200,119 879,955 524,167

0.10 0.45 0.27

1,604,241

0.82

781,301 1,657,855 389,160

0.40 0.85 0.20

2,828,316

1.45

443,276

0.23

443,276

0.23

148,000 150,000

2,017,000 341,000 678,000 232,000 3,000,000 308,000 200,000 197,000 1,800,000 180,000 1,678,000 653,000

560,000 6,540

1,500,000 3,958,000 633,000 1,058,000 805,000 200,000 160,000 55,000

115,000 16,000

162

Currency Měna

CHINA OILFIELD SERVICES HKD CHINA PETROLEUM & CHEMICAL-H HKD CNOOC HKD PETROCHINA HKD PTT (FOREIGN) THB PTT (NVDR) THB PTT EXPLORATION (FOREIGN) THB SSANGYONG OIL KRW

LG CHEMICAL RANBAXY LABORATORIES

KRW USD

387,406 1,098,904 1,079,004 358,641 1,673,303 415,727 665,164 1,047,255

0.20 0.56 0.55 0.18 0.86 0.21 0.34 0.54

6,725,404

3.44

829,892 346,880

0.43 0.18

1,176,772

0.61

148,625 1,387,800 20,000 213,000

276,500 1,294,120 244,000 1,800,000 295,550 136,312

ASIA OPTICAL TELEVISION BROADCASTS

AYALA LAND CAPITALAND CHEUNG KONG CITY DEVELOPMENT FAR EAST CONSORTIUM INTERNATIONAL HENDERSON LAND DEVELPMENT HOPEWELL HOLDINGS KERRY PROPERTIES NOBLE DEVELOPMENT (FOREIGN) ROJANA INDUSTRIAL PARK (FOREIGN) SINO LAND SUN HUNG KAI PROPERTIES

LIANHUA SUPERMARKET SHINSEGAE

CHINA MOTOR DENWAY MOTORS HYUNDAI MOBIS TATA ENG.&LOC. (GDR)

ESPRIT HOLDINGS FORMASA CHEMICALS & FIBER FOUNTAIN SET LEROI POU CHEN YUE YUEN INDUSTRIAL

TWD HKD

942,535 674,087

0.48 0.35

1,616,622

0.83

PHP SGD HKD SGD HKD

231,564 288,026 5,362,674 684,516 430,021

0.12 0.15 2.75 0.35 0.22

HKD HKD HKD THB THB HKD HKD

1,292,646 298,303 269,661 725,770 317,806 910,095 5,291,422

0.66 0.15 0.14 0.37 0.16 0.47 2.72

16,102,504

8.26

498,979 1,157,145

0.26 0.59

1,656,124

0.85

248,735 842,307 643,394 1,410,060

0.13 0.43 0.33 0.72

3,144,496

1.61

840,875 1,790,146 192,205 53,927 309,907 406,623

0.43 0.92 0.10 0.03 0.16 0.21

3,593,683

1.85

HKD KRW

TWD HKD KRW USD

HKD TWD HKD HKD TWD HKD

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie


317,000 383,000 34,600 20,000

GUDANG GARAM HANJAYA MANDALA SAMPOERNA KOREA TOBACCO & GINSENG KT&G CORP-144 A (GDR)

IDR IDR KRW USD

424,806 206,441 619,710 180,600

0.22 0.11 0.32 0.09

1,431,557

0.74

65,000

920,000 873,000 1,036,000 4,470,130 964,620 138,780 40,000 257,000 99,000 1,200,000

300,000

BANGKOK EXPRESSWAY CHINA SHIPPING DEVELOPMENT EVA AIRWAYS EVERGREEN MARINE KOREAN AIR MALAYSIA INTERNATIONAL SHIPPING (FOR) NEPTUNE ORIENT LINES SINGAPORE AIRLINES ZHEJIANG EXPRESSWAY

CIMB

THB HKD TWD TWD KRW MYR

498,482 508,380 1,714,696 765,752 1,634,977 104,211

0.26 0.26 0.88 0.39 0.84 0.05

SGD SGD HKD

289,930 607,108 677,961

0.15 0.31 0.35

6,801,497

3.49

18,333

800,000

MYR

293,687

0.15

293,687

0.15

171,074,496

87.85

500,000

1,015,104 137,000

150,000 150,000 457,000 7,520 235,000 200,000 134,000

ING (L) Invest - 30/09/2003

CHAROEN POKPHAND FOODS (WT 21/07/05)

BANK OF AYUDHYA PUBLIC (WT 03/09/2008) SIAM COMMERCIAL (WT) (22/06/04)

SINO THAI ENGIN. (FOREIGN)(WT) (30/05/07) SINO THAI ENGR & CONSTR (WT 31/05/07)

TELECOMASIA (WT) (03/04/08) TT & T (WT) (29/09/06)

ADKINSON (WT) (05) (NVDR) ADKINSON SECURITIES PUBLIC ( WT 04 ) KIATNAKIN FINANCE FOREIGN CUM WAR 09 MERRILL LYNCH(05/09/2005)-INFOSYS MERRILL-CW05 BHARAT HEAVY EL (09/09/05) MERRILL-CW06 LARSEN & TOUBR MERRYLL LYNCH (17/01/2006) BAJAJ AUTO

THB

THB THB

10,418

0.01

10,418

0.01

112,898

0.06

3,237

0.00

116,135

0.06

THB

246,431

0.13

THB

154,019

0.08

400,450

0.21

25 7,205

0.00 0.00

7,230

0.00

THB THB

29,113 23,479

0.01 0.01

THB THB

THB

334,767

0.17

USD USD

744,931 1,997,735

0.38 1.03

USD USD

1,405,200 2,339,774

0.72 1.20

6,874,999

3.52

163



Currency Měna


% NAV % COJ



Currency Měna


% NAV % COJ


Warrants & Rights - Opční listy a práva 575,000

400,000

VANACHAI (WT) (18/12/07)

THB

108,189

0.06

108,189

0.06 330,000

2,500,000 400,000

EASTERN STAR (WT) (24/12/11) QUALITY HOUSE 2003/08 (WT)

THB THB

310,543 0

0.16 0.00

310,543

0.16

7,827,964

4.02

447,000 650,000


FIRST BANGKOK CITY BK

THB

SHANDONG WEIQIAO

HKD

LEE & MAN THAI AIRWAYS

HKD THB

0

0.00

0

0.00

404,840

0.21

404,840

0.21

261,199 838,342

0.13 0.43

1,099,541

0.56

1,504,381

0.77


Warrants & Rights - Opční listy a práva 265,000 410,000 424,000 211,443

MERRILL LYNCH WAR 04 ICICI BANK USD MERRILL-CW05 FORMOSA CHEMICAL USD

1,898,249 316,107

0.97 0.16

2,214,356

1.13

340,000 7,035 225,000

23,900

MERRILL LYNCH(02/09/2005)-RANBAXY USD

808,752

0.42

808,752

0.42 455,800 400,000

3,023,108

ABN AMRO - CW03 HINDUSTAN PETROLEUM ABN AMRO-CT03 TATA IRON&ST 28/06/04 (WT) ABN AMRO-CW03 HINDUSTAN LEVE ABN NV-03 INFOSYS TECHNOLOGI (WT) ANM NV -CW5 BHARAT EARTH MOV

MERRILL LYNCH - SHIPPING WT 06 MERRILL-CW6 GAIL INDIA

USD

2,114,700

1.09

USD

2,398,500

1.23

USD USD

1,325,660 690,606

0.68 0.35

USD

USD USD

1.55

TOTAL/CELKEM

164

566,168

0.29

7,095,634

3.64

1,102,580 1,297,200

0.57 0.67

2,399,780

1.24

9,495,414

4.88

192,925,363

99.07

ING (L) Invest - 30/09/2003


NEW TECHNOLOGY LEADERS Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

30,000

205,000

35,000

225,000

125,000

20,000

164,000 70,000

AIXTRON

NOKIA -A-

BUSINESS OBJECTS

ARM HOLDING

CHECK POINT SOFTWARE TECHOLOGIES

SOFTBANK

ASM QIAGEN

ING (L) Invest - 30/09/2003

EUR

EUR

EUR

GBP

USD

JPY

EUR EUR

134,700

0.27

134,700

0.27

2,710,100

5.46

2,710,100

5.46

761,600

1.54

761,600

1.54

314,573

0.63

314,573

0.63

1,803,272

3.64

1,803,272

3.64

725,608

1.46

725,608

1.46

1,845,000 657,300

3.72 1.33

2,502,300

5.05

60,000 144,000 170,000 90,000 200,000 210,000 210,000 70,000 160,000 250,000 42,500 100,000 15,000 130,000 50,000 37,500 60,000 47,000 130,000 110,000 40,000 205,000 130,000 325,000 40,000 395,000 100,000 85,000

ABGENIX APPLIED MICRO CIRCUITS BEA SYSTEMS BROADCOM BROCADE COMMUNICATIONS SYSTEMS CIENA CISCO SYSTEMS CITRIX SYSTEMS COMVERSE TECHNOLOGY EMC EMULEX GLOBESPAN VIRATA INVITROGEN JUNIPER NETWORKS MCDATA CORP CL B MERCURY INTERACTIVE MILLENNIUM PHARM NETSCREEN TECHNOLOGIES NETWORK APPLIANCE QUALCOMM RAMBUS SIEBEL SYSTEMS SONUS NETWORKS SUN MICROSYSTEMS SYMANTEC UNIPHASE VERISIGN VERITAS SOFTWARE

USD USD USD USD USD

746,554 602,190 1,759,049 2,057,275 896,484

1.51 1.21 3.55 4.15 1.81

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

1,065,734 3,523,593 1,327,208 2,055,386 2,711,348 929,522 619,982 746,941 1,665,536 506,204 1,462,260 792,924 897,179 2,291,787 3,933,192 576,360 1,711,047 773,604 923,747 2,164,613 1,221,073 1,156,670 2,291,872

2.15 7.10 2.68 4.14 5.47 1.87 1.25 1.51 3.36 1.02 2.95 1.60 1.81 4.62 7.93 1.16 3.45 1.56 1.86 4.36 2.46 2.33 4.62

41,409,334

83.49

50,361,487

101.54

50,361,487

101.54

TOTAL/CELKEM

165


PRESTIGE & LUXE Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna

% NAV % COJ



Shares - Akcie

Shares - Akcie

13,500

15,700

1,500 102,000 15,100 24,900

ORIENT EXPRESS HOTELS A

FOUR SEASONS HOTELS

KUONI REISEN HOLDING-B-(NOM.) RICHEMONT (UNITS)-ATHE SWATCH (REG.) THE SWATCH -B-

USD

USD

CHF CHF CHF CHF

180,842

0.47

180,842

0.47

671,519

1.74

671,519

1.74

364,771 1,740,954 248,893 2,031,893

0.95 4.52 0.65 5.28

4,386,511

11.40

3,024,340 168,750 287,675 235,190 1,445,680

7.85 0.44 0.75 0.61 3.75

5,161,635

13.40

67,963 69,000

179,000 82,000

64,000

20,000 93,200 7,500 18,500 14,500 4,000

10,300 4,700 7,923 65,800 22,500 5,900

495,000

BMW BMW (PREF) HUGO BOSS HUGO BOSS (PREF) PORSCHE (PREF.)

CLARINS HERMES LE TANNEUR LVMH MOET HENNESSY REMY COINTREAU STE DU LOUVRE (NOM.)

SHANGRI-LA ASIA

EUR EUR EUR EUR EUR


HKD

566,500 624,160 27,730 3,510,430 654,750 413,000

1.47 1.62 0.07 9.11 1.70 1.07

5,796,570

15.04

370,507

0.96

370,507

0.96

114,100

38,200 57,700 79,100 15,200 72,500 23,000 59,000 51,300 35,200

BULGARI LUXOTTICA GROUP

EUR EUR

SHISEIDO YAMAHA CORP

JPY JPY

ROYAL CARIBBEAN CRUISES

USD

GUCCI

EUR

CARNIVAL

USD

CALLAWAY GOLF ESTEE LAUDER COMPANIES HARLEY-DAVIDSON POLO RALPH LAUREN A SAKS SOTHEBY'S HOLDINGS A STARWOOD HOTELS & RESORTS TIFFANY & CO TOLL BROTHERS


TOTAL/CELKEM

166


468,945 843,870

1.22 2.19

1,312,815

3.41

1,752,882 1,333,075

4.55 3.46

3,085,957

8.01

1,544,837

4.01

1,544,837

4.01

1,443,000

3.75

1,443,000

3.75

3,222,489

8.37

3,222,489

8.37

468,090 1,689,554 3,273,900 350,061 717,809 213,696 1,763,084 1,644,437 919,483

1.22 4.39 8.50 0.91 1.86 0.55 4.58 4.27 2.39

11,040,114

28.67

38,216,796

99.23

38,216,796

99.23

ING (L) Invest - 30/09/2003


SUSTAINABLE GROWTH Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

287 26,097 14,227 3,535 8,394 24,589 50,501 10,908 7,245 37,671 29,248 35,941

29,000

4,100 7,300

12,084 49,881 52,466 44,907 133 12,727 14,406 169,364

ABN AMRO AMERICAN EXPRESS BANK OF AMERICA BNP PARIBAS FANNIE MAE ING GROEP LLOYDS TSB SOCIETE GENERALE PARIS -AUBS (REG.) UNICREDITO ITALIANO US BANCORP WESTPAC BANKING

KURITA WATER IND

PRAXAIR ROHM & HAAS

BELLSOUTH BT KPN (DEMAT.) NOKIA -ANTT DOCOMO SBC COMMUNICATIONS TELMEX VODAFONE

EUR USD USD EUR USD EUR GBP EUR CHF EUR USD AUD

JPY

USD USD

USD GBP EUR EUR JPY USD USD GBP

4,549 1,009,774 953,394 148,824 505,997 386,785 298,092 623,938 349,071 152,944 602,516 338,406

0.02 3.51 3.31 0.52 1.76 1.34 1.04 2.17 1.21 0.53 2.09 1.18

5,374,290

18.68

298,476

1.04

298,476

1.04

218,106 209,682

0.76 0.73

427,788

1.49

245,716 128,092 337,356 593,671 279,090 243,163 377,917 289,945

0.85 0.45 1.17 2.06 0.97 0.84 1.31 1.01

2,494,950

8.66

10,000 10,516 2,800 11,791 1,700 2,318 13,000 7,870 6,200 19,744 15,715

56,745 50,390 47,016

1,291 14,105 4,654 1,986

17,831 15,248

5,996

ING (L) Invest - 30/09/2003

CANON INTEL KYOCERA NEG MICON ROHM SAMSUNG ELECTRONICS (144A) SONY STMICROELECTRONICS TAIWAN SEMICONDUCTOR SP (ADR) TEXAS INSTRUMENT VESTAS WIND SYSTEMS

SEVERN TRENT SNAM RETE GAS SUNCOR ENERGY

NESTLE (REG.) PEPSICO UNILEVER (Cert.ACTION) WRIGLEY JR.

AOL TIME WARNER MCGRAW HILL

3M

JPY USD JPY DKK JPY USD JPY EUR USD USD DKK

GBP EUR CAD

CHF USD EUR USD

USD USD

USD

419,684 248,418 142,047 126,240 183,331 336,389 389,707 163,302 57,658 386,555 225,395

1.46 0.86 0.49 0.44 0.64 1.17 1.35 0.57 0.20 1.34 0.78

2,678,726

9.30

543,609 166,791 745,854

1.89 0.58 2.59

1,456,254

5.06

255,606 555,092 235,027 94,308

0.89 1.93 0.82 0.33

1,140,033

3.97

231,357 813,497

0.80 2.83

1,044,854

3.63

355,626

1.24

355,626

1.24

167



Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

4,000 17,610 22,904

6,800 5,000 17,000 38,435

MARRIOTT INTERNATIONAL A MC.DONALD'S STARBUCKS

AMERICAN INTERNATIONAL HARTFORD METLIFE PRUDENTIAL

USD USD USD

USD USD USD GBP

147,800 355,965 566,429

0.51 1.24 1.97

1,070,194

3.72

336,920 225,967 409,471 225,225

1.17 0.79 1.42 0.78

1,197,583

4.16

17,903 17,123 9,025 41,000

27,874

143,649 27,577 13,398 3,915

7,300

30,553

PEOPLESOFT SAP

SANDVIK

ARCELOR

USD EUR

SEK

EUR

209,274 410,605

0.73 1.43

619,879

2.16

171,798

0.60

171,798

0.60

318,973

1.11

318,973

1.11

8,639 28,302 27,921 21,248 18,340 11,228 8,200

17,619 9,500 7,307 7,700

ACCENTURE A ADECCO BALLARD POWER SYS

USD CHF USD

182,242 310,011 87,080

0.63 1.08 0.30

579,333

2.01 3,605 5,100 11,400 34,599

10,127

168

Currency Měna

COLGATE-PALMOLIVE

USD

486,023

1.69

486,023

1.69

CISCO SYSTEMS DELL HEWLETT PACKARD TOSHIBA

STORA ENSO

BP ROYAL DUTCH PETROLEUM

AVON PRODUCTS BRISTOL MYERS SQUIBB GLAXOSMITHKLINE JOHNSON & JOHNSON MEDTRONIC NOVARTIS (NOM.) TAKEDA CHEMICAL INDUSTRIES

JOHNSON MATTHEY

CARREFOUR HOME DEPOT OFFICE DEPOT TESCO

USD USD USD JPY

EUR

GBP EUR

USD USD GBP USD USD CHF JPY

GBP

EUR USD USD GBP

300,395 490,951 150,036 148,119

1.04 1.71 0.52 0.51

1,089,501

3.78

296,301

1.03

296,301

1.03

846,380 1,039,929

2.94 3.61

1,886,309

6.55

478,926 623,614 497,515 903,526 738,923 373,062 256,530

1.66 2.17 1.73 3.14 2.57 1.30 0.89

3,872,096

13.46

229,742

0.80

229,742

0.80

155,736 139,483 137,538 118,958

0.54 0.48 0.48 0.41

551,715

1.91

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie


14,000 8,102

TOYOTA MOTOR VOLKSWAGEN

JPY EUR

352,965 312,656

1.23 1.09

665,621

2.32

30,000

MERRILL-CW06 TAIWAN SEMICON (17/01/2006)

USD

TOTAL/CELKEM 39 11,764

EAST JAPAN RAILWAY TPG

ING (L) Invest - 30/09/2003

JPY EUR

162,178 190,930

0.56 0.66

353,108

1.22

28,659,173

99.59

55,077

0.19

55,077

0.19

55,077

0.19

28,714,250

99.78

169


TELECOM Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

24,130

254,751

2,655

5,420 35,310 15,500

3,080

TELEKOM AUSTRIA

TELSTRA

MOBISTAR

ALIANT BCE TELUS NON VOTE

SWISSCOM

EUR

AUD

EUR

CAD CAD CAD

CHF

255,715

0.43

255,715

0.43

817,307

1.38

817,307

1.38

133,538

0.22

133,538

0.22

125,795 762,746 242,933

0.21 1.28 0.41

1,131,474

1.90

897,899

1.51

897,899

1.51

16,650

23,995 90,675

885,872 277,550 2,537,389

29,340 19,670

1,400 940 381,500 34,500 189,555

15,695

297,235

170

Currency Měna

DEUTSCHE TELEKOM

TDC -B-

TELEFONICA DE ESPANA

EUR

DKK

EUR

2,746,084

4.62

2,746,084

4.62

482,454

0.81

482,454

0.81

3,509,910

5.91

3,509,910

5.91

758,616 441,985 474,953

573 1,052

ELISA COMMUNICATIONS

BOUYGUES FRANCE TELECOM

BT CABLE & WIRELESS VODAFONE

HELLENIC COMMUNICATIONS VODAFONE-PANAFON

CHINA UNICOM CHINE MOBILE PCCW NEW SMARTONE TELECOMMUNICATIONS

TELECOM ITALIA TELECOM ITALIA MOBILE TELECOM ITALIA RNC

NIPPON TELEGRAPH & TELEPHONE NTT DOCOMO

EUR

EUR EUR

GBP GBP GBP

EUR EUR

HKD HKD HKD HKD

EUR EUR EUR

JPY JPY

158,802

0.27

158,802

0.27

631,800 2,085,513

1.06 3.51

2,717,313

4.57

2,649,199 524,522 5,058,705

4.46 0.88 8.52

8,232,426

13.86

320,495 140,189

0.54 0.24

460,684

0.78

1,148 2,476 253,716 53,685

0.00 0.00 0.43 0.09

311,025

0.52

1,868,489 2,053,707 808,089

3.15 3.46 1.36

4,730,285

7.97

2,595,335 2,570,791

4.37 4.33

5,166,126

8.70

ING (L) Invest - 30/09/2003


TELECOM Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


83,950

220,923

109,496

10,980 190,540

726,900

91,553 268,417 108,080 48,000 109,740 170,650 240,580 83,460 153,220

KPN (DEMAT.)

EUR

TELENOR

NOK

TELECOM CORP OF NEW ZEALAND

PORTUGAL TELECOM

TELE2 TELIASONERA

NZD

EUR

SEK SEK

SINGAPORE TELECOMMUNICATIONS SGD

AT & T CORP (EX-DISTR.) AT & T WIRELESS SERVICES BELLSOUTH LEVEL 3 COMMUNICATIONS NEXTEL COMMUNICATIONS -AQWEST COMMUNICATIONS SBC COMMUNICATIONS SPRINT PCS GROUP VERIZON COMMUNICATION


TOTAL/CELKEM

ING (L) Invest - 30/09/2003

1,520,323

2.56

1,520,323

2.56

373,595

0.63

373,595

0.63

677,076

1.14

677,076

1.14

865,817

1.46

865,817

1.46

479,774 827,643

0.81 1.39

1,307,417

2.20

698,084

1.18

698,084

1.18

1,972,967 2,195,651 2,559,334 260,160 2,160,780 580,210 5,352,905 478,226 4,970,457

3.32 3.70 4.31 0.44 3.64 0.98 9.01 0.81 8.37

20,530,690

34.58

57,724,044

97.20

57,724,044

97.20

Currency Měna


Financial Instruments - Finanční nástroje Forward Contracts - Futures Securities - Movitý majetek 1,015

Shares - Akcie

203,033


VODAFONE 31/12/2003

GBP

2,019,355 2,019,355

171


US (ENHANCED CORE CONCENTRATED) Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

22,538 40,685 33,222

33,644 69,876 25,800 135,695 25,781 111,467 51,138 80,298

37,155 27,150

HONEYWELL LOCKHEED MARTIN UNITED TECHNOLOGIES

AMERICAN EXPRESS BANK OF AMERICA CAPITAL ONE FINANCIAL CITIGROUP FANNIE MAE JP MORGAN CHASE & CO US BANCORP WACHOVIA

AMGEN CHIRON

USD USD USD


USD USD

593,876 1,877,613 2,567,396

0.23 0.72 0.98

5,038,885

1.93

1,515,999 5,453,123 1,471,632 6,175,479 1,809,826 3,826,662 1,226,802 3,307,475

0.58 2.08 0.56 2.36 0.69 1.46 0.47 1.26

24,786,998

9.46

2,399,098 1,403,384

0.92 0.54

3,802,482

1.46

42,574 265,605 35,395 14,800 22,300 71,150 44,849 52,478

24,550 10,281 55,000 7,136 35,663 30,400

64,449 43,146 92,068 4,783 24,975 27,608 18,350 10,800 37,155

57,050 118,996 18,100 15,888 59,205 23,350 95,752 18,100 98,727 183,100 72,398 46,046

172

Currency Měna

DOW CHEMICAL DU PONT DE NEMOURS ENGELHARD HERCULES MONSANTO (NEW)

AVAYA BELLSOUTH CENTURYTEL CLEAR CHANNEL COMCAST -ACOMVERSE TECHNOLOGY NEXTEL COMMUNICATIONS -ASCIENTIFIC ATLANTA SPRINT UNIPHASE VERIZON COMMUNICATION VIACOM -B-

USD USD USD USD USD


812,686 1,104,596 507,744 122,364 889,491

0.31 0.42 0.19 0.05 0.34

3,436,881

1.31

621,845 2,817,825 613,409 608,510 1,828,250 349,316 1,885,357 563,816 1,490,778 659,160 2,348,591 1,763,562

0.24 1.08 0.23 0.23 0.70 0.13 0.72 0.22 0.57 0.25 0.90 0.67

15,550,419

5.94

118,808 23,291

47,050 13,200 17,600 263,897 17,075 24,410 57,445 28,687 50,687 53,456

APPLIED MATERIALS INTEL MAXIM INTEGRATED PERKINELMER ROCKWELL AUTOMATION SANMINA TEXAS INSTRUMENT TYCO INTERNATIONAL (NEW)

CONSTELLATION ENERGY DOMINION RESOURCES EDISON INTERNATIONAL ENTERGY EXELON SEMPRA ENERGY

COCA-COLA HEINZ PEPSICO UNILEVER

AOL TIME WARNER MCGRAW HILL

3M BEAR STEARNS COUNTRYWIDE FINANCIAL GENERAL ELECTRIC GOLDEN WEST FINANCIAL LEHMAN BROTHERS MERRILL LYNCH MORGAN STANLEY DEAN WITTER PRUDENTIAL FINANCE WALT DISNEY



USD USD USD EUR

USD USD

USD USD USD USD USD USD USD USD USD USD

772,292 7,306,794 1,398,102 226,588 585,375 690,155 1,022,557 1,072,126

0.30 2.79 0.53 0.09 0.22 0.26 0.39 0.41

13,073,989

4.99

878,399 636,394 1,050,500 386,414 2,264,600 892,544

0.34 0.24 0.40 0.15 0.87 0.34

6,108,851

2.34

2,768,729 1,479,045 4,219,476 30,691

1.06 0.57 1.61 0.01

8,497,941

3.25

1,795,189 1,447,070

0.69 0.55

3,242,259

1.24

3,249,744 987,360 1,377,728 7,866,770 1,528,383 1,686,243 3,075,032 1,447,546 1,893,666 1,078,208

1.24 0.38 0.53 3.01 0.58 0.64 1.18 0.55 0.72 0.41

24,190,680

9.24

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

33,644

68,721 40,350 22,563 68,449 42,882 17,400 104,596 17,831

30,500 21,800 60,550 59,600 19,068 393,058 42,200 135,068 61,700 19,500 45,800

9,169 27,585 15,650

33,450 32,400

MC.DONALD'S

AMERICAN INTERNATIONAL AON CHUBB METLIFE PRINCIPAL FINANCIAL SAFECO TRAVELERS PROPERTY -BXL CAPITAL -A-

ADOBE SYSTEMS CITRIX SYSTEMS COMPUTER ASSOCIATES CONCORD EFS FIRST DATA MICROSOFT NOVELL ORACLE SIEBEL SYSTEMS SYMANTEC VERITAS SOFTWARE

CATERPILLAR DEERE & CO PACCAR

AUTONATION INC IMS HEALTH

ING (L) Invest - 30/09/2003

USD



USD USD USD

USD USD

791,980

0.30

791,980

0.30

3,965,202 841,298 1,463,887 1,919,994 1,328,913 613,524 1,660,984 1,380,833

1.52 0.32 0.56 0.73 0.51 0.23 0.64 0.53

13,174,635

5.04

1,197,430 481,344 1,580,960 814,732 761,957 10,923,083 224,926 1,515,463 599,724 1,228,890 1,438,120

0.46 0.18 0.60 0.31 0.29 4.18 0.09 0.58 0.23 0.47 0.55

20,766,629

7.94

631,194 1,470,556 1,168,898

0.24 0.56 0.45

3,270,648

1.25

586,713 683,640

0.22 0.26

1,270,353

0.48

27,300 19,800 60,264 9,050

23,401

44,300 96,651 181,202 129,803 167,435 39,700 79,366 44,685 16,650 56,850 44,450

10,400

12,803

27,852 46,808 254,591 54,100 42,390 9,350

CLOROX HASBRO PROCTER & GAMBLE WHIRLPOOL

ALCOA

APPLE COMPUTER CENDANT CISCO SYSTEMS DELL EMC GATEWAY HEWLETT PACKARD IBM LEXMARK INTERNATIONAL MATTEL NETWORK APPLIANCE

SEALED AIR

INTERNATIONAL PAPER

CHEVRONTEXACO CONOCOPHILLIPS EXXON MOBIL HALLIBURTON OCCIDENTAL PETROLEUM SUNOCO

USD USD USD USD

USD


USD

USD


1,252,251 369,864 5,593,704 613,318

0.48 0.14 2.14 0.23

7,829,137

2.99

612,170

0.23

612,170

0.23

913,909 1,806,407 3,540,688 4,334,122 2,114,704 224,702 1,536,526 3,947,026 1,049,116 1,077,876 912,558

0.35 0.69 1.35 1.66 0.81 0.09 0.59 1.51 0.40 0.41 0.35

21,457,634

8.21

491,192

0.19

491,192

0.19

499,573

0.19

499,573

0.19

1,990,025 2,562,738 9,318,031 1,311,925 1,493,400 376,057

0.76 0.98 3.56 0.50 0.57 0.14

17,052,176

6.51

173



Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

45,345 36,003 32,196 75,361 37,029 64,755 225,168

ABBOTT LABORATORIES BOSTON SCIENTIFIC ELI LILLY GILLETTE GUIDANT MERCK PFIZER

USD USD USD USD USD USD USD

1,929,430 2,296,991 1,912,442 2,410,045 1,734,809 3,277,898 6,840,604

0.74 0.88 0.73 0.92 0.66 1.25 2.62

20,402,219

7.80

79,300 165,491 14,616 32,592

53,707

22,700

FREEPORT MCMORAN COPPER & GOLD

USD

751,370

0.29

751,370

0.29 86,013 61,454

22,750 50,454 19,954

33,000 41,250 46,742 21,200 25,650 89,912 60,784 20,599 21,800 58,350 20,000 76,559 115,105

174

Currency Měna

HUMANA UNITEDHEALTH WELLPOINT HEALTH NETWORKS

BEST BUY DOLLAR GENERAL EBAY FAMILY DOLLAR STORE FEDERATED DEPARTMENT STORES GAP HOME DEPOT LOWE'S RADIOSHACK STAPLES SUPERVALU WALGREEN WAL-MART STORES

USD USD USD


410,638 2,538,845 1,538,054

0.16 0.97 0.59

4,487,537

1.72

1,568,160 825,000 2,501,164 845,668 1,074,735 1,539,294 1,935,970 1,069,088 619,338 1,385,812 477,200 2,345,768 6,428,614

0.60 0.32 0.96 0.32 0.41 0.59 0.74 0.41 0.24 0.53 0.18 0.90 2.46

22,615,811

8.66

19,787

DELPHI FORD MOTOR WI GENERAL MOTORS HARLEY-DAVIDSON

ALTRIA GROUP

SOUTHWEST AIRLINES UNITED PARCEL

ANTHEM

USD USD USD USD

USD

USD USD

USD

TOTAL/CELKEM

717,665 1,782,338 598,233 1,570,934

0.27 0.68 0.23 0.60

4,669,170

1.78

2,352,367

0.90

2,352,367

0.90

1,522,430 3,920,765

0.58 1.50

5,443,195

2.08

1,411,407

0.54

1,411,407

0.54

257,078,588

98.26

257,078,588

98.26

ING (L) Invest - 30/09/2003



Currency Měna



S&P 500 INDEX 31/12/2003

ING (L) Invest - 30/09/2003

USD

745,575 745,575

175


UTILITIES Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ



% NAV % COJ



Shares - Akcie

Shares - Akcie

400

23,103

1,800

8,700 10,000 26,000

31,200 18,400

OESTERREICHISCHE ELEKTRIZITAET EUR

AUSTRALIAN GAS LIGHT

ELECTRABEL

ENBRIDGE TRANSALTA TRANSCANADA

EON RWE

AUD

EUR

CAD CAD CAD

EUR EUR

37,377

0.12

37,377

0.12

166,067

0.55

166,067

0.55

495,120

1.64

495,120

1.64

310,427 135,982 483,027

1.03 0.45 1.60

929,436

3.08

1,522,393 489,409

5.05 1.62

2,011,802

6.67

42,000 13,000

223,000 40,000 26,000 192,000 64,342 109,194 20,000 42,000 16,666

98,000 200,000 80,000

139,600 55,000

3,434 48,000 10,500 46,240 10,500

15,000

176

Currency Měna

AGUAS DE BARCELONA ENDESA GAS NATURAL SDG IBERDROLA UNION FENOSAS

FORTUM

EUR EUR EUR EUR EUR

EUR

45,429 741,773 201,636 778,115 173,634

0.15 2.46 0.67 2.58 0.58

1,940,587

6.44

129,789

0.43

129,789

0.43

35,000 38,000 24,000 108,000 26,000 63,500 135,000

SUEZ VEOLIA ENVIRONNEMENT

CENTRICA INTERNATIONAL POWER KELDA GROUP NATIONAL GRID TRANSCO SCOTTISH AND SOUTHERN ENERGY SCOTTISH POWER SEVERN TRENT UNITED UTILITIES UNITED UTILITIES-A-

CLP HOLDINGS HONG KONG & CHINA GAS HONGKONG ELECTRIC HOLDING

ENEL SNAM RETE GAS

CHUBU ELECTRIC POWER KANSAI ELECTRIC POWER KYUSHU ELECTRIC POWER OSAKA GAS TOHOKU ELECTRIC POWER TOKYO ELECTRIC POWER TOKYO GAS

EUR EUR

GBP GBP GBP GBP GBP GBP GBP GBP GBP

HKD HKD HKD

EUR EUR


666,658 288,249

2.21 0.96

954,907

3.17

672,438 88,552 182,827 1,229,693 649,935 637,215 223,124 320,282 74,206

2.23 0.29 0.61 4.08 2.15 2.11 0.74 1.06 0.25

4,078,272

13.52

430,279 268,602 308,375

1.43 0.89 1.02

1,007,256

3.34

868,130 212,006

2.88 0.70

1,080,136

3.58

682,988 649,008 394,217 294,858 408,217 1,358,501 448,328

2.26 2.15 1.31 0.98 1.35 4.50 1.49

4,236,117

14.04

ING (L) Invest - 30/09/2003


UTILITIES Quantity/Nominal Počet/ nominální hodnota

Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie


100,000

ELECTRICIDADE DE PORTUGAL

EUR

229,416

0.76

229,416

0.76

4,000

VEOLIA ENVIR. C-W 06

EUR

TOTAL/CELKEM 8,500 20,500 5,200 8,500 13,000 7,700 17,000 9,000 47,000 15,500 28,700 11,000 16,800 16,053 9,000 7,700 4,800 13,000 10,000 18,000 9,000 12,700 10,000 6,000 37,000 13,500 24,500 12,000

AMEREN AMERICAN ELECTRIC POWER CENTERPOINT ENERGY CINERGY CONSOLIDATED EDISON CONSTELLATION ENERGY DOMINION RESOURCES DTE ENERGY DUKE ENERGY EDISON INTERNATIONAL EL PASO ENTERGY EXELON FIRSTENERGY FPL KEYSPAN KINDER MORGAN NISOURCE PEPCO HOLDINGS PG & E PPL CORP PROGRESS ENERGY PUBLIC SERVICE ENTERPRISE GROU SEMPRA ENERGY SOUTHERN TXU WILLIAMS COMPANIES XCEL ENERGY

ING (L) Invest - 30/09/2003

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

364,735 615,000 47,684 311,950 529,881 275,506 1,052,300 332,010 837,070 296,050 209,510 595,650 1,066,800 512,092 568,800 270,116 259,248 259,740 172,800 430,200 368,550 564,642 420,000 176,160 1,084,840 318,060 230,790 185,640

1.21 2.04 0.16 1.03 1.76 0.91 3.49 1.10 2.77 0.98 0.69 1.97 3.54 1.70 1.89 0.90 0.86 0.86 0.57 1.43 1.22 1.87 1.39 0.58 3.60 1.05 0.76 0.62

12,355,824

40.95

29,652,106

98.29

233

0.00

233

0.00

233

0.00

29,652,339

98.29

177


WORLD Quantity/Nominal Počet/ nominální hodnota


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

109,280 2,950 132,400 24,900 41,149 30,380 26,495 77,298 32,630 38,533 5,010 9,270 175,330 55,254 11,150 43,380 202 11,980 26,120 277,988 46,368 37,500 17,690

27,290 8,050

38,000 10,790

178

Currency Měna

ABBEY NATIONAL AIFUL BANGKOK BANK (FOREIGN) BANK OF AMERICA BANK OF IRELAND BANK OF NEW YORK BNP PARIBAS CITIGROUP CREDIT AGRICOLE CREDIT SUISSE FANNIE MAE FREDDIE MAC HSBC HOLDINGS ING GROEP KOMERCNI BANKA (GDR) MBNA MITSUBISHI TOKYO FINANCIAL OTP BANK GDR 2 SHS REG S UBS (REG.) UNICREDITO ITALIANO US BANCORP WACHOVIA WELLS FARGO

AMGEN GILEAD SCIENCES

ASAHI GLASS LAFARGE (SICOVAM CERT.)

GBP JPY THB USD EUR USD EUR USD EUR CHF USD USD GBP EUR USD USD JPY USD CHF EUR USD USD USD

USD USD

JPY EUR

770,159 152,831 244,866 1,668,624 422,189 759,402 1,115,440 3,020,766 545,900 1,058,564 302,007 416,635 1,984,797 869,145 271,916 849,310 1,094,638 244,836 1,258,488 1,128,631 955,192 1,326,371 782,306

0.54 0.11 0.17 1.16 0.29 0.53 0.78 2.10 0.38 0.74 0.21 0.29 1.38 0.60 0.19 0.59 0.76 0.17 0.87 0.78 0.66 0.92 0.54

21,243,013

14.76

1,513,130 386,618

1.05 0.27

1,899,748

1.32

224,616 600,464

0.16 0.42

825,080

0.58

8,740 33,920 22,220 7,610 15,400 133,000 7,400

13,150 85,960 14,590 78,123 16,250 29,990 73,760 73,869 330 18,380 52,810 119,725 364,800 23,880 997,018

43,791 18,610 18,490 16,380 78,640 11,040 5,300 42,568 3,110 9,586 19,645 44,800 49,490

AKZO NOBEL BAYER DOW CHEMICAL PPG INDUSTRIES SHIN-ETSU CHEMICAL SUMITOMO CHEMICAL SYNGENTA

ALLTEL AT & T WIRELESS SERVICES CLEAR CHANNEL DEUTSCHE TELEKOM FOX ENTERTAINMENT GROUP FRANCE TELECOM KPN (DEMAT.) NOKIA -ANTT DOCOMO QUALCOMM SBC COMMUNICATIONS TELECOM ITALIA TELEFON ERICSSON -BVIACOM -BVODAFONE

ABB (NOM.) CANON ECHOSTAR COMMUNICATIONS -AEMERSON ELECTRIC INTEL KLA-TENCOR ROHM ROYAL PHILIPS ELECTRONICS SAMSUNG ELECTRONICS SCHNEIDER TAIWAN SEMICONDUCTOR SP (ADR) TEXAS INSTRUMENT TYCO INTERNATIONAL (NEW)

EUR EUR USD USD JPY JPY CHF

USD USD USD EUR USD EUR EUR EUR JPY USD USD EUR SEK USD GBP

CHF JPY USD USD USD USD JPY EUR KRW EUR USD USD USD

233,970 629,216 620,874 341,243 497,165 416,079 344,511

0.16 0.44 0.43 0.24 0.35 0.29 0.24

3,083,058

2.15

523,267 603,798 479,839 971,850 390,569 592,302 474,277 976,548 692,479 657,201 1,008,994 253,218 457,607 785,371 1,706,857

0.36 0.42 0.33 0.68 0.27 0.41 0.33 0.68 0.48 0.46 0.70 0.18 0.32 0.55 1.19

10,574,177

7.36

207,857 781,033 607,627 740,550 1,857,703 487,275 571,563 828,373 910,194 426,577 182,693 877,111 868,216

0.14 0.54 0.42 0.51 1.29 0.34 0.40 0.58 0.63 0.30 0.13 0.61 0.60

9,346,772

6.49

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

11,680 75,470 13,245 10,590 1 40,020 38,900 28,600

11,200 4,950 4,894 25,580 14,162

51,570 6,450 51,560

122,520 9,580 22,630 52,000 118,910 20,720 26,717

33,950 15,790

CINERGY ENEL EON EXELON NATIONAL GRID TRANSCO SUEZ TOKYO ELECTRIC POWER TXU

COCA-COLA GROUPE DANONE NESTLE (REG.) PEPSICO UNILEVER (Cert.ACTION)

AOL TIME WARNER GANNETT WPP

GENERAL ELECTRIC LEHMAN BROTHERS MERRILL LYNCH NOMURA NORTEL NETWORKS RICHEMONT (UNITS)-AWALT DISNEY

HILTON HOTELS ROYAL CARIBBEAN CRUISES

ING (L) Invest - 30/09/2003

USD EUR EUR USD GBP EUR JPY USD

USD EUR CHF USD EUR

USD USD GBP

USD USD USD JPY CAD CHF USD

USD USD

368,087 403,010 554,966 577,446 6 545,473 714,624 578,606

0.26 0.28 0.39 0.40 0.00 0.38 0.50 0.40

3,742,218

2.61

413,166 648,450 968,967 1,006,682 715,181

0.29 0.45 0.67 0.70 0.50

3,752,446

2.61

669,119 429,575 373,303

0.46 0.30 0.26

1,471,997

1.02

3,136,251 568,276 1,040,216 719,459 419,949 353,653 462,738

2.18 0.39 0.72 0.50 0.29 0.25 0.32

6,700,542

4.65

472,860 381,140

0.33 0.26

854,000

0.59

62,381 18,030 34,543 10,970 23,790 40,320 3,420 141,750 59,600

7,630 122,750 133,260 92,480 51,140

36,200

13,670 6,130 12,360 1,066,500 10,170 190,000 15,750 6,500

49,045

AEGON ALLSTATE AMERICAN INTERNATIONAL CIE SUISSE REASSURANCE HARTFORD METLIFE MUENCHENER RUECKVERSICH.(REG.) PRUDENTIAL SOMPO JAPAN INSURANCE

CAP GEMINI SOGETI LOGICACMG MICROSOFT ORACLE SIEBEL SYSTEMS

ISHARES MSCI EMERGING MARKET

DEERE & CO ILLINOIS TOOL WORKS INGERSOLL-RAND-A INVENSYS ITT INDUSTRIES MITSUBISHI HEAVY INDUSTRIES SANDVIK SMC CORPORATION

ARCELOR

EUR USD USD CHF USD USD EUR GBP JPY

EUR GBP USD USD USD

USD

USD USD USD GBP USD JPY SEK JPY

EUR

623,186 565,571 1,711,503 598,448 1,075,152 971,170 291,760 830,641 370,159

0.43 0.39 1.19 0.42 0.75 0.67 0.20 0.58 0.26

7,037,590

4.89

271,628 418,536 3,180,023 891,010 426,844

0.19 0.29 2.21 0.62 0.30

5,188,041

3.61

4,225,380

2.94

4,225,380

2.94

625,776 348,782 567,188 433,629 522,582 473,183 370,660 588,557

0.43 0.24 0.39 0.30 0.36 0.33 0.26 0.41

3,930,357

2.72

512,030

0.36

512,030

0.36

179




% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie

Shares - Akcie

24,390 7,060 90,679

12,420 16,750

16,110

75,325 40,920 52,860 48,800 27,855 119,000

25,300

14,270 52,790

180

Currency Měna

ACCENTURE A ADECCO HBOS

COLGATE-PALMOLIVE PROCTER & GAMBLE

ALCAN

CISCO SYSTEMS DELL EMC HEWLETT PACKARD IBM TOSHIBA

SMURFIT-STONE CONTAINER

INTERNATIONAL PAPER STORA ENSO

USD CHF GBP

USD USD

CAD

USD USD USD USD USD JPY

USD

USD EUR

467,883 299,532 890,037

0.33 0.21 0.62

1,657,452

1.16

596,070 1,335,052

0.41 0.93

1,931,122

1.34

537,171

0.37

537,171

0.37

1,263,879 1,173,259 573,287 811,273 2,112,775 429,908

0.88 0.82 0.40 0.56 1.47 0.30

6,364,381

4.43

325,442

0.23

325,442

0.23

478,138 561,158

0.33 0.39

1,039,296

0.72

331,770 17,020 89,170 53,040 17,130 11,980 31,810 49,054 13,830 16,349 12,750

33,970 12,896 10,840 58,378 24,520 25,030 25,570 46,388 75,532 21,000 7,480 26,380

10,920 8,810

103,643 54,751

BP ENCANA ENI EXXON MOBIL OCCIDENTAL PETROLEUM PETRO CANADA PETROLEO BRASILEIRO ADR ROYAL DUTCH PETROLEUM SCHLUMBERGER TOTAL VALERO ENERGY

ASTRAZENECA AVENTIS ELI LILLY GLAXOSMITHKLINE JOHNSON & JOHNSON MEDTRONIC MERCK NOVARTIS (NOM.) PFIZER SHIONOGI ST JUDE MEDICAL WYETH

HCA WELLPOINT HEALTH NETWORKS

CHEUNG KONG SUN HUNG KAI PROPERTIES

GBP CAD EUR USD USD CAD USD EUR USD EUR USD

GBP EUR USD GBP USD USD USD CHF USD JPY USD USD

USD USD

HKD HKD

1,954,790 529,607 1,169,910 1,666,965 518,217 400,146 626,339 1,849,827 574,790 2,118,830 418,997

1.36 0.37 0.81 1.16 0.36 0.28 0.44 1.29 0.40 1.47 0.29

11,828,418

8.23

1,231,925 574,517 552,914 1,040,219 1,042,661 1,008,465 1,111,462 1,541,290 1,970,428 313,149 345,369 1,044,281

0.86 0.40 0.38 0.72 0.72 0.70 0.77 1.07 1.37 0.22 0.24 0.73

11,776,680

8.18

345,637 583,122

0.24 0.41

928,759

0.65

703,936 380,972

0.49 0.26

1,084,908

0.75

ING (L) Invest - 30/09/2003



Currency Měna


% NAV % COJ


Currency Měna


% NAV % COJ



Shares - Akcie


16,200 20,540 12,650 38,850 31,190 21,140 227,320 38,990

26,950 13,350 29,900 15,240 6,330

13,450

33,540 67,786

35,670 57 143,000 23,593

CARREFOUR CVS FEDERATED DEPARTMENT STORES HOME DEPOT OFFICE DEPOT STAPLES TESCO WAL-MART STORES

DAIMLERCHRYSLER GENERAL MOTORS HONDA MOTOR PEUGEOT VOLKSWAGEN

LVMH MOET HENNESSY

ALTRIA GROUP DIAGEO

DEUTSCHE LUFTHANSA (REG.) EAST JAPAN RAILWAY NIPPON YUSEN KABUSHIKI KAISH TPG

ING (L) Invest - 30/09/2003

EUR USD USD USD USD USD GBP USD

EUR USD JPY EUR EUR

EUR

USD GBP

EUR JPY JPY EUR

699,840 547,827 455,141 1,062,533 376,299 431,132 781,570 1,869,900

0.49 0.38 0.32 0.74 0.26 0.30 0.54 1.30

6,224,242

4.33

812,273 469,207 1,027,328 556,108 244,275

0.56 0.33 0.71 0.39 0.17

3,109,191

2.16

717,558

0.50

717,558

0.50

1,261,476 628,105

0.88 0.44

1,889,581

1.32

402,714 237,029 484,736 382,914

0.28 0.16 0.34 0.27

1,507,393

1.05

135,308,043

94.08

256,735

6,290

MERRILL-CW06 TAIWAN SEMICON (17/01/2006)


USD

CHF

TOTAL/CELKEM

471,340

0.33

471,340

0.33

447,840

0.31

447,840

0.31

919,180

0.64

136,227,223

94.72

181




to receive K výplatě

to pay K úhradě

Date Datum




Forward Contracts - Futures Securities - Movitý majetek

Forward contracts on currencies - Změna termínů

87 112 28

182

Currency Měna

MSCI TAIWAN INDEX 31/10/2003 NIKKEI 225 INDEX 31/12/2003 NIKKEI 225 INDEX 31/12/2003

USD JPY USD

1,863,192 4,407,763 1,224,421 7,495,376

AUD CAD EUR EUR EUR JPY JPY JPY JPY JPY TWD TWD TWD USD USD USD USD

1,016,862 929,877 1,700,000 500,000 500,000 105,632,175 105,928,350 51,436,000 639,844,000 96,276,000 10,193,100 10,221,000 8,507,750 2,293,114 250,000 300,000 300,000

EUR EUR CHF USD USD EUR EUR EUR EUR EUR USD USD USD EUR EUR EUR EUR

600,000 600,000 2,638,570 572,917 572,920 825,000 825,000 400,000 5,000,000 750,000 300,000 300,000 250,000 2,000,000 229,568 275,482 275,735

29/10/2003 29/10/2003 28/10/2003 27/10/2003 27/10/2003 27/10/2003 27/10/2003 27/10/2003 28/10/2003 27/10/2003 02/01/2004 02/12/2003 03/11/2003 28/10/2003 03/11/2003 02/12/2003 02/01/2004

600,000 600,000 1,715,641 491,965 491,967 825,000 825,000 400,000 5,000,000 750,000 257,610 257,610 214,675 2,000,000 229,568 275,482 275,735 15,210,253

ING (L) Invest - 30/09/2003

Auditor’s report Zpráva auditora

We have audited the financial statements, which consist of the Statement of Net Assets, the Statement of Operations and Changes in Net Assets, the securities portfolio and the notes to the financial statements of ING (L) Invest and of each of its sub-funds for the year ended 30th September 2003. These financial statements are the responsibility of the Board of Directors of the SICAV. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the SICAV in preparing the financial statements, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion the attached financial statements described above give, in conformity with the Luxembourg legal and regulatory requirements, a true and fair view of the financial position of ING (L) Invest, and of each of its sub-funds at 30th September 2003 and the results of their operations and changes in their net assets for the year then ended.

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently we express no opinion on such information. We have no observation to make concerning such information in the context of the financial statements taken as a whole.

ERNST & YOUNG Société anonyme Réviseur d'entreprises Daniel MEIS Luxembourg, the 19th November 2003

Only the English and German versions of the present Annual Report have been reviewed by the auditors. Consequently, the auditor's report only refers to the English and German versions of the Annual Report; other versions result from a conscientious translation made under the responsibility of the Board of Directors. In case of differences between the English and German versions and the translation, the English and German versions should be retained.

184

ING (L) Invest - 30/09/2003

Auditor’s report Zpráva auditora

Zkontrolovali jsme financní záverku, zejména stav cistého jmení, transakcí a zmen ve stavu cistého jmení, cenných a portfoliových papíru a komentáre k financní záverce ING (L) Invest Fund a jeho fondu za úcetní období koncící 30 září 2003. Tato financní záverka byla zpracována na žádost správní rady spolecnosti SICAV a na její odpovednost. Naším úkolem bylo provést její kontrolu a vydat konecné stanovisko k predloženým financním výkazum.

Veškeré kontrolní práce jsme provedli podle odpovídajících mezinárodních norem. Tyto normy ukládají, aby jednotlivé kontrolní úkony byly naplánovány a provedeny tak, aby bylo dosaženo přiměřené jistoty v tom, že v kontrolované účetní závěrce nejsou obsaženy podstatné nepřesnosti. Kontrolní činnost spočívala zejména v namátkové prověrce dokladů a dalších dokumentů tvořících součást finanční závěrky. Byly zároveň prověřeny principy a zásadní účetní metody, které použila správní rada SICAV při konečném sestavení finanční závěrky a její prezentaci. Na základě těchto skutečností jsme dospěli k závěru, že rozsah provedených kontrolních prací nám poskytuje přiměřený základ k tomu, abychom vyjádřili svůj názor.

Podle našeho názoru přiložená finanční závěrka poskytuje v souladu s právními a správními předpisy platnými v Lucemburku přesnou informaci o majetku a finanční situaci ING (L) Invest Fund a jednotlivých fondů za účetní období končící 30 září 2003 včetně změn čistého jmění z obchodní činnosti k uvedenému datu.

V rámci prováděné kontroly jsme prověřili i dodatečné informace připojené k výroční zprávě. Při jejich prověrce jsme však nepoužili stejných norem a postupů, jak je uvedeno výše. Ze stejných důvodů je rovněž nevyhodnocujeme, přihlížíme k nim však v celkovém kontextu. Námi uvedené poznámky nicméně nemají zásadní vliv na celkové posouzení finančního stavu společnosti.

ERNST & YOUNG Société anonyme Réviseur d'entreprises Daniel MEIS Luxembourg, le 19 listopad 2003

Auditoři oveřili pouze anglickou a němekou verzi této výroční zprávy. Zpráva auditorů se tudiž odvolává pouze na anglickou a němekou verzí předmětné zprávy, s tim, že dalši verze byly přeloženy svědomitě a pod dohledem správni rady. Pokud by došlo k rozdilům mezi anglickou a němekou verzí a příslušnými překlady, plati textace anglická a němeká.

ING (L) Invest - 30/09/2003

185

A - 87 055

Audited Annual Report Auditovaná Výroční Zpráva

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