ING (B) INVEST · Manager of companies c/o Company Head Office 24, Avenue Marnix - B 1000 Brussels Gustaaf Van den Bergh, Manager ING Belgium Pension Funds ING Investment Management

ANNUAL REPORT

as at September 30, 2007

ING (B) INVESTING (B) INVEST

SICAVOpen-end Capital Investment Company incorporated under Belgian law with multiple sub-

funds

Investment Category UCITS

No susbcription can be accepted on the basis of the present report. Subscriptions are only valid if they are done after the free delivery of thesummary prospectus or the prospectus.

1

SUMMARY

5GENERAL INFORMATION ABOUT THE SICAV1.

20INFORMATION CONCERNING THE SUB-FUND ING (B) INVEST SOLIDARITY MIXED EURO 12.

30INFORMATION CONCERNING THE SUB-FUND ING (B) INVEST BELGIUM3.

40INFORMATION CONCERNING THE SUB-FUND ING (B) INVEST BELGIAN HIGH DIVIDEND4.

51INFORMATION CONCERNING THE SUB-FUND ING (B) INVEST GERMANY5.

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CONTENTS

5GENERAL INFORMATION ABOUT THE SICAV1.

ORGANISATION OF THE SICAV1.1. 5

MANAGER'S REPORT1.2. 8

Information to the shareholders 81.2.1.

Market's overview 81.2.2.

REPORT OF THE STATUTORY AUDITOR ON THE ANNUAL ACCOUNTS ENDING AT SEPTEMBER 30, 20071.3. 12

GLOBAL BALANCE SHEET1.4. 14

GLOBAL INCOME STATEMENT1.5. 15

APPROPRIATIONS AND DRAWINGS1.6. 16

VALUATION RULES1.7. 17

Overview of the rules 171.7.1.

Foreign exchange rates 191.7.2.

20INFORMATION CONCERNING THE SUB-FUND ING (B) INVEST SOLIDARITY MIXED EURO 12.


Date of implementation of the sub-fund 202.1.1.

Investment policy 202.1.2.

Investment policy followed during the exercice 202.1.3.

Future investment policy 202.1.4.

Class of risk 202.1.5.

BALANCE SHEET2.2. 21

INCOME STATEMENT2.3. 22


INVESTMENT PORTFOLIO AND KEY FIGURES2.5. 24

Investment portfolio as at September 30, 2007 242.5.1.

Asset allocation (in % of the securities portfolio) 252.5.2.

Statement of changes in the securities portfolio (in EUR) 262.5.3.

Asset value or nominal value 262.5.4.

Evolution of the subscriptions and redemptions and of the net asset value 272.5.5.

Returns 282.5.6.

Fees 282.5.7.

Notes to the financial statements 282.5.8.

30INFORMATION CONCERNING THE SUB-FUND ING (B) INVEST BELGIUM3.

3















Returns 383.5.5.

Fees 383.5.6.


40INFORMATION CONCERNING THE SUB-FUND ING (B) INVEST BELGIAN HIGH DIVIDEND4.















Returns 494.5.5.

Fees 494.5.6.


51INFORMATION CONCERNING THE SUB-FUND ING (B) INVEST GERMANY5.


4














Returns 595.5.5.

Fees 595.5.6.


5

1. GENERAL INFORMATION ABOUT THE SICAV

ORGANISATION OF THE SICAV1.1.

Registered office of the company Brussels Company Register 0466.252.472Sicav under Belgian lauw (UCITS)24, Avenue Marnix - B 1000 Brussels

Incorporation date of the company – June 10, 1999

Board of directors of the investment companyChairman Jean Sonneville (until May 31, 2007),

ING Investment Management Belgium S.A. 24, Avenue Marnix - B 1000 Brussels

Alexandre Deveen (since June 12, 2007),Chairman of the Board of directorsING Investment Management Belgium S.A. 24, Avenue Marnix - B 1000 Brussels

Directors Odilon De Groote, Manager of companies c/o Company Head Office 24, Avenue Marnix - B 1000 Brussels

Gustaaf Van den Bergh,Manager ING Belgium Pension FundsING Investment Management Belgium S.A. 24, Avenue Marnix - B 1000 Brussels

ING Investment Management Belgium S.A. represented by Christian Bellin,Head of Financial Management and Operations24, Avenue Marnix, B 1000 Brussels

Effective directors Alexandre Deveen and Gustaaf Van den Bergh

Management type Management Company ING Investment Management Belgium S.A.

24, Avenue Marnix - B 1000 Brussels

Board of directors of the management company Chairman Jean Sonneville (until May 31, 2007),

Chairman of the Board of Directors and Director

Gilbert Van Hassel (since Augustus 1, 2007)Chief Executive OfficerING Investment Management Europe15, Prinses Beatrixlaan, 2595 AK Den Haag

Directors Luciano Almeida De Jesus, Head of Risk Management Europe ING Investment Management Belgium S.A.

ING (B) INVEST

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Christian Bellin, Head of Financial Management and OperationsING Investment Management Belgium S.A.

Guy Beniada (since February 1, 2007)Managing DirectorING Belgique S.A.24, Avenue Marnix, B 1000 Brussels

Bruno Colmant (until November 23, 2006)Managing DirectorING Belgique S.A.

Eric Dralans (until June 30, 2007)Director Committee Coordination Western EuropeING EC Europe500, Amstelveenseweg, 1081 KL Amsterdam

Gerben De Haan, Head of Fixed Income InvestmentsING Investment Management Belgium S.A.

Alexandre Deveen, Head of Mutual Funds BrusselsING Investment Management Belgium S.A.

Charles-Henri Geuzaine, Head of Legal & ComplianceING Investment Management Belgium S.A.

Bruno Springael, Head of Equity InvestmentsING Investment Management Belgium S.A.

Karl Van Borm (since June 1, 2007)Managing DirectorING Investment Management Belgium S.A.

Gustaaf Van den Bergh,Director ING Belgium Pension FundsING Investment Management Belgium S.A.

Peter Vanneste (since April 12, 2007)Head of Institutional Clients BelgiumING Investment Management Belgium S.A.

Auditor Ernst & Young, Réviseurs d’entreprises, S.C.C. represented by Philippe Pire, 38, Boulevard d'Avroy, 4000 Liège

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AuditorErnst & Young, Réviseurs d’entreprises, S.C.C. represented by Philippe Pire, 38, Boulevard d'Avroy, 4000 Liège

Financial group promoting the investment companyING Belgique S.A.24, Avenue Marnix - B 1000 Brussels

DepositaryING Belgique S.A. 24, Avenue Marnix - B 1000 Brussels

SubdepositaryThe Bank of New York Brussels35, Avenue des Arts, 1040 Brussels

Portfolio management

ING Investment Management Belgium S.A. 24, Avenue Marnix - B 1000 Brussels

Administrative and portfolio managementING Investment Management Belgium S.A. 24, Avenue Marnix - B 1000 Brussels

Delegated administrative agent BNP Paribas Securities Services – Belgium Branch489, Avenue Louise, 1050 Brussels

Financial serviceING Belgique S.A. 24, Avenue Marnix - B 1000 Brussels

DistributorsING Belgique S.A.24, Avenue Marnix - B 1000 Brussels

RECORD16, Avenue Henri Matisse, 1140 Evere

DEUTSCHE BANK S.A.13-15, Avenue Marnix, 1000 Brussels

BANK DELEN N.V.184, Jan Van Rijswijcklaan, 2020 Antwerpen

DIERICKX, LEYS & Cie44-46, Kasteelpleinstraat, 2000 Antwerpen

List of sub-funds and share classes of ING (B) INVEST

Solidarity Mixed Euro 1 (distribution shares), Belgium (capitalization and distribution shares), Belgian HighDividend (capitalization and distribution shares), Germany (capitalization and distribution shares).

8

MANAGER'S REPORT1.2.

ING (B) INVEST

Economic developments

Review

- Hefty price swings were a distinct feature on the financial markets this quarter. But it would be premature tofear that global economic growth (currently 4%) is at stake; - The emerging markets economies expanded vigorously, while the European economies demonstrated decentgrowth. In Japan, the rate of expansion fell back to 1-1.5% per annum, in response to slower domesticspending;- US economic activity grew by around 2.5% year-on-year in the third quarter. The downside risks to growthincreased markedly, however; the housing market slump aggravated;- All this culminated in a confidence crisis in August, which was particularly visible on the markets for assetbacked securities (ABS) and structured products. In addition, banks and other financial parties became riskaverse, and this triggered a liquidity crunch on the money markets;- Investors sought safe havens, causing government bond yields to fall strongly in the US, Europe and Japan;- Global equities produced a negative total return of almost 3% (in euros). The euro rose more than 5% againstthe US dollar and lost around 2% versus the yen;- Central banks injected huge amounts of liquidity into the money markets, lowered their key interest rate (inthe US), or remained on hold (Eurozone and Japan).

Outlook

- We maintained our overweight in Emerging Markets Debt local currency and Emerging Markets Debt hardcurrency; - We held on to our overweight in Asset Backed Securities and to our neutral stance in corporate credits;- Early August, we raised High Yield from neutral to overweight, based on our risk assessment of the (widened)spreads; - ING Equity Fund: we maintained our overweight in Japan and our underweight in Europe. In August, welowered the US from overweight to neutral. The emerging markets asset class is not included in thebenchmark;- ING Global Equity: we continue to prefer large caps in defensive sectors;- In your balanced portfolio, we held on to our overweight in equities versus bonds.

Information to the shareholders1.2.1.

Overiew financial markets

US economic growth shifted into lower gear, albeit from an elevated activity level (Q2 growth 3.8% year-on-year).Most economic indicators retreated somewhat, including consumer confidence, retail sales and corporateinvestments. Investors were very disappointed that the number of new jobs fell back in August, marking the firstdecline in four years' time. So far, however, the major uncertainties surrounding the financial markets have hadonly a limited impact on the economic data. But indeed, the downside risks to the economic development havegrown markedly.

The Eurozone economy continued to expand at a solid pace (around 2.5% year-on-year). Given the inflation risks, amodest decline of the (historically high) activity was not unwelcome.

Investors have become more uncertain about the sustainability of Japanese growth. Domestic activity weakened:consumption slowed, income growth was disappointing and, recently, corporate investments also declined. In anuncertain political environment where the reforms agenda has practically been brought to a standstill, economicgrowth is now at a below potential rate of 1-1.5% per annum.

Market's overview1.2.2.

9

Inflation

US inflation is under control for the moment.

The Eurozone still faces the risk of higher inflation in the medium term, as the manufacturing industry is operatingalmost at full capacity and the labour market is tight.

In Japan, it became even more apparent than in previous quarters that the economy has not overcome the phaseof structural price declines (deflation) yet. A key contributing factor was Japan's very weak household incomegrowth. But inflation could be boosted in 2008 by the recent upward trend in food and oil prices. Core inflation(excluding food and energy), however, should continue to hover around 0%, particularly as long as householdincome growth remains depressed. Monetary Policy

The Federal Reserve, the ECB and other central banks injected huge sums of liquidity into the money markets inAugust and September. The central banks' actions were aimed at restoring confidence between banks again, at atime when a lack of confidence hindered the proper functioning of the money markets.

On 18 September, the US monetary authorities lowered the key interest rate to 4.75%. Accordingly, the FederalReserve continued its policy pursued since mid August when the liquidity problems on the money markets becameapparent. On 17 August, the Fed lowered the discount rate, the rate at which the central bank is prepared to lendfunds to commercial banks. The Fed's policy is aimed at restoring confidence on the financial markets.

In the Eurozone, the key interest rate currently stands at 4%. Taking the turbulence on the credit markets and thestronger euro into account, we expect that the ECB will maintain the refi rate at the current level for the comingmonths.

Fixed income markets

Review

Government Bond Yields Declined Strongly

The financial markets had enjoyed a historically high investor risk appetite in 2006 (and preceding years). However,the opposite was the case from mid-July: investors were extremely cautious to take risks. As a consequence,defensive investments were in huge demand, which caused government bond yields to decline in the US, theEurozone and Japan.A number of developments triggered this extremely risk averse behaviour by investors and financial parties.

More Uncertainties

Investors were unnerved by the news that several market participants, including some hedge funds, had run intofinancial trouble due to the slump on the US housing market. The market feared that more parties would get intofinancial distress or, would already face difficulties without the market being aware of it. The suspicion washeightened by a lack of transparency in several, relatively new financial products (asset backed securities,structured products). Investors were particularly unnerved by the manner in which several investors had dealt withthese products. German bank IKB, for example, turned out to have set up an off-balance-sheet subsidiary in orderto invest in US subprime mortgages (the lower credit quality end of the mortgage market).

The financial system clearly turned out to be vulnerable to these uncertainties: it was unclear which parties wereaffected by the subprime 'fallout'. All this caused the spreads on higher risk debt such as high yield bonds to widenstrongly. Investors' fears even spread to the money markets, the markets where financial parties provide fundingto each other; due to a general distrust these markets could no longer function properly.

Following the negative news in the financial sector and the turbulence on the markets, investors started to wonderwhat would be the impact of these events on the economic cycle in the US. Investors concluded that theuncertainties had risen strongly.

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The Price of Risk Rose Strongly

While government bond yields declined in response to the above-mentioned uncertainties, the Federal Reserve'sshift in monetary stance and fears for contagion, the opposite was the case for higher risk debt. Higher yieldingdebt was confronted with wider spreads (the extra reward demanded over government bonds). This wasparticularly negative for the price development in corporate credits, ABS and high yield. Emerging markets debtlocal currency did relatively well in this environment. Emerging markets debt hard currency achieved also a betterperformance than the different credit categories.

If we take a closer look at the spread development in various, more risky fixed income categories, we see thatthese spreads peaked at the end of July, and subsequently declined again. This trend was set into motion by thecentral banks' measures, with the Federal Reserve lowering its key interest rate to 4.75% in September (-50 basispoints). Nevertheless, the spreads on these asset classes are still higher than seems justified given our fundamentalvision on the global economy and the corporate sector. In this respect, we refer to the healthy growth of theglobal economy and the strong financial position of companies worldwide. Indeed, many companies buy backshares for huge amounts of money. This not only emphasises their high profitability in recent years, but it alsoillustrates how much cash companies have at their disposal. In addition, the fundamental situation in the emergingmarkets is still favourable, boosted by huge current account surpluses in a growing number of countries, surgingcurrency reserves and high commodity prices (Latin America).

Outlook

Outlook Economies and Fixed Income Markets

Due to fierce turbulence on the financial markets, the downside risks have risen markedly for the US economy. Wehave lowered our growth forecast for the remainder of 2007 and for 2008 to around 2% per annum (from 3%).We assume that the situation on the credit markets will be normalised again within a couple of months. If that isnot the case, however, growth will be more depressed (ranging between 1% and 2%). Even if US growth falls backto around 1% the year-on-year the in 2008, we can still expect a decent expansion of the global economy (as otherregions offer compensation). But a stronger growth slowdown in the US (<1%, probability 30%) would indeeddepress global growth.

Supporting our central scenario (a limited slowdown of US growth) are the vigilant measures taken by the centralbanks in August and September when a confidence crisis put the functioning of the money markets to the test. On18 September, the Federal Reserve lowered its key interest rate by 50 basis points. This also demonstrated that themonetary authorities in the US will take any measure in order to minimise the risk of a recession.

Due to the recent market turbulence and the appreciation of the euro, growth in the euro zone is no longerexpected to surpass the trend level (around 2.5%) in 2008. We now forecast that GDP growth will approximate thetrend level (2-2.25%). In view of the negative market sentiment, the ECB refrained from raising the key interestrate (by 25 basis points). Taking into account the market turbulence and the lowered growth forecast, we expectthat the ECB will remain on hold until the end of 2007. In view of the tight labour market (and possible wageincreases in 2008), the ECB will remain vigilant with respect to a possible rise in inflation.

Equity markets

Review

Hefty Price Swings on the Equity Markets

The third quarter of 2007 showed the highest equity market volatility in years.

During the first half of July, the positive mood of the previous months was continued, boosted by solid corporateresults and strong macroeconomic data. Many stock market indices touched new (year-) highs. But marketsentiment suddenly turned during the second half of July. Weak data on the US housing market, worries aboutsubprime mortgages and deteriorating credit markets triggered a sharp sell-off on the major equity markets.

Not surprisingly, the financial sector was hit hard (as was also the case with the sector cyclical consumer goods /services). Banks with large subprime mortgage portfolios ran into trouble, and this caused sentiment to sour.Because it was unclear which banks had the biggest indirect exposure to the subprime mortgage market, bankswere ultimately unwilling to lend each other money. As the credit markets dried up, private equity parties and

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hedge funds also ran into trouble. It became far more difficult to attract funding, and as a consequence, thefinancing of already concluded takeovers became problematic.

The central banks intervened, and subsequently the financial markets calmed down somewhat again. Banks indistress were helped with massive liquidity injections into the financial system. The stock markets particularlywelcomed the Fed's rate cut of mid-September. Global equities lost almost 3% (in euros).

At a regional level, the emerging markets (almost +9%) achieved a very good performance. The Chinese market inparticular continued to rise as if nothing had happened. For unclear reasons, Japan (-6%) was the main laggard.The US did well in local currency (+2%), but lost 3% in euros. Europe lost more than 3% (in euros).

Outlook

In our opinion, there is a real chance that the equity markets will rise in the coming 12 months. It is difficult to bepessimistic in a situation where the Fed will not hesitate to lower interest rates, where earnings growth - thoughslowing - is still positive, valuations are decent and where corporate balance sheets are strong.

Nevertheless, stock market prices are likely to remain very volatile and markets are likely to remain nervous. Thehousing market and credit markets are still fragile and could lead to problems in the financial sector. In turn, theseproblems could have a negative impact on stock market sentiment. The biggest risk is that these problems willcause banks to impose stricter credit conditions. That would be negative for the real economy. However, this is notour central scenario.

With the help of the central banks, the money markets are expected to gradually open up again. In that case, themerger and takeover activity is likely to surge again on behalf in of companies and private equity funds. This, withextra support from share buyback programs, should have a positive impact on the equity markets. We thereforemaintain our forecast for the global equity markets of a 5-8% total return over 2007. On a 12 month horizon, wealso foresee a 5-8% return from current levels.

We maintain our defensive positioning. The key reason is that cyclical stocks are relatively expensive. We prefer bigcap companies of good quality. In our opinion, defensive companies with decent growth prospects are bestpositioned to outperform the market.

The Executive Board proposes to the General Meeting of shareholders to pay out the following dividends :

for coupon nr. 8 - ING (B) Invest SOLIDARITY MIXED EURO 1 : 8.60 EUR gross (7.31 net) for coupon nr. 12 - ING (B) Invest BELGIUM : 80.00 EUR gross (68.00 net) for coupon nr. 12 - ING (B) Invest BELGIAN HIGH DIVIDEND : 160.00 EUR gross (136.00 net)for coupon nr. 12 - ING (B) Invest GERMANY : 50.00 EUR gross (42.50 net)

payable on December 20, 2007.

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1.3. REPORT OF THE STATUTORY AUDITOR ON THE ANNUAL ACCOUNT ENDING AT SEPTEMBER 30, 2007 ING (B) INVEST

STATUTORY AUDITOR’S REPORT TO THE GENERAL MEETING OF SHAREHOLDERS OF ING (B)

INVEST UCI ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2007 In accordance with the legal and statutory requirements, we report to you on the performance of our mandate of statutory auditor. This report contains our opinion on the financial statements as well as the required additional comments. Unqualified opinion on the financial statements We have audited the financial statements for the year ended 30 September 2007, prepared in accordance with the financial reporting framework applicable in Belgium, of the following active sub funds: Sub fund Currency Total Equity Result of the year

(+ = Profit / - = Loss)

ING (B) Invest Solidarity Mixed Euro 1 EUR 2.279.537,64 + 78.312,77ING (B) Invest Belgium EUR 231.873.386,47 + 19.839.768,25ING (B) Invest Belgian High Dividend EUR 264.867.918,89 + 20.806.374,83ING (B) Invest Germany EUR 72.475.783,12 + 13.711.384,66

Responsibility of the board of directors for the preparation and fair presentation of the financial statements The board of directors is responsible for the preparation and fair presentation of the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Responsibility of the statutory auditor Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the legal requirements and the auditing standards applicable in Belgium, as issued by the Institute of Registered Auditors (Institut des Réviseurs d’Entreprises/Instituut van de Bedrijfsrevisoren). Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. In accordance with these standards, we have performed procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we have considered internal control relevant to the company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. We have evaluated the appropriateness of accounting policies used, the reasonableness of significant accounting estimates made by the

13

company and the presentation of the financial statements, taken as a whole. Finally, we have obtained from the board of directors and the company's officials the explanations and information necessary for executing our audit procedures. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion, the financial statements for the year ended 30 September 2007 give a true and fair view of the company’s financial position and the results of its operations in accordance with the financial reporting framework applicable in Belgium. Additional comments The preparation and the assessment of the information that should be included in the directors’ report and the company’s compliance with the requirements of the Company Code (Wetboek van vennootschappen/Code des sociétés) and its articles of association are the responsibility of the board of directors. Our responsibility is to include in our report the following additional comments, which do not modify the scope of our opinion on the financial statements: The directors’ report deals with the information required by law and is consistent with the

financial statements. We are, however, unable to comment on the description of the principal risks and uncertainties which the company is facing, and on its financial situation, its foreseeable evolution or the significant influence of certain facts on its future development. We can nevertheless confirm that the matters disclosed do not present any obvious inconsistencies with the information that we became aware of during the performance of our mandate.

Without prejudice to formal aspects of minor importance, the accounting records were

maintained in accordance with the legal and regulatory requirements applicable in Belgium. We do not have to report any transactions undertaken or decisions taken in violation of the

company's articles of association or the Company Code. The appropriation of the results proposed to the shareholders’ meeting complies with the legal and statutory provisions.

Liège, 3 December 2007

ERNST & YOUNG REVISEURS D’ENTREPRISES SCC Statutory auditor represented by Philippe PIRE Partner

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GLOBAL BALANCE SHEET1.4.

TOTAL NET ASSET 571.496.626,12

Securities, negotiable securities, UCI and other financial instrumentsII. 547.001.256,69Bonds and other debt instrumentsA.

Bondsa. 1.549.883,36Money market instrumentsB. 634.807,89Shares and other securities assimilable to sharesC.

Sharesa. 537.961.422,94Other transferable securitiesD. 6.853.512,50DerivativesF.

On Bondsa.Forward contracts (+/-)ii. -470,00

On financial indexesm.Forward contracts (+/-)ii. 2.100,00

Receivables and payables over one yearIII. 3.402.096,76ReceivablesA. 3.402.096,76

Receivables and payables within one yearIV. -38.956,74ReceivablesA.

Amounts to be receiveda. 2.378.816,97Tax assetsb. 157.029,06

PayablesB.Amounts to be paid (-)a. -2.553.400,87Collateral (-)d. -1.630,00Other (-)e. -19.771,90

Deposits and LiquiditiesV. 22.092.408,56Cash at sightA. 22.092.408,56

Deferrals and accrualsVI. -960.179,15Accrued incomeB. 29.208,04Accrued charges (-)C. -989.387,19

TOTAL SHAREHOLDERS' EQUITY 571.496.626,12CapitalA. 513.699.153,60Participation in the resultB. -2.808.480,66Result brought forwardC. 6.170.112,67Result of the year (semester)D. 54.435.840,51

OFF BALANCE SHEET ITEMSAssets encumbered by real collateral (+/-)I. 43.870,00Collateral (+/-)A.

Liquidities/depositsb. 43.870,00

Notional amounts of forward contracts (+)III. 728.590,00Forward exchange contracts boughtA. 728.590,00

BALANCE SHEET

As at September30, 2007(in EUR)

ING (B) INVEST

15

GLOBAL INCOME STATEMENT1.5.

ING (B) INVEST

Write-downs, capital losses and gainsI. 43.954.776,39Bonds and other debt instrumentsA.

Bondsa. -66.915,55Money market instrumentsB. 1.630,30Shares and other securities assimilable to sharesC.

Sharesa. 43.706.669,55Other transferable securitiesD. 263.147,81DerivativesF.

On Bondsa.Forward exchange contractsii. 224,58

On sharese.Forward exchange contractsii. -1.811,05

On financial indexesl.Forward exchange contractsii. 67.070,00

Change positions and transactionsH.Other change positions and transactionsb. -15.239,25

Investment income and chargesII. 18.973.297,70DividendsA. 18.834.391,81Interests (+/-)B.

Transferable securities and money market instrumentsa. 83.100,80Deposits and liquiditiesb. 701.906,42

Interest on loans (-)C. -3.663,37Recoverable tax (-)E.

Of foreign originb. -642.437,96

Other incomeIII. 779,05Charging to cover the costs of transactions and deliveryA. 779,05

Operating chargesIV. -8.492.951,76Transaction and delivery charges inherent to investments (-)A. -696.690,93Financial costs (-)B. -6.616,31Custody fee (-)C. -158.434,79Management fee (-)D.

Financial managementa. -6.537.145,12Administrative and accounting managementb. -593.513,42

Services and other goods (-)H. -47.292,68TaxesJ. -416.502,94Other charges (-)K. -36.755,57

Income and charges of the year (semester) 10.481.124,99Subtotal II+III+IV

Profit for the period before taxationV. 54.435.901,38

TaxationVI. -60,87

Result of the year (semester)VII. 54.435.840,51

INCOME STATEMENT


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APPROPRIATIONS AND DRAWINGS1.6.

Profit (Loss) to be allocatedI. 57.797.472,52Profit (Loss) brought forward from the previous accounting perioda. 6.170.112,67Profit (Loss) for the period to be allottedb. 54.435.840,51Participations in the resultc. -2.808.480,66

(Appropriation) Deduction to capitalII. -47.654.500,06

(Profit to be carried forward) Loss to be carried forwardIII. -8.391.746,72

(Dividend distribution)IV. -1.751.225,74

APPROPRIATIONS AND DRAWINGS


ING (B) INVEST

17

VALUATION RULES1.7.

ING (B) INVEST

Overview of the rules1.7.1. GeneralA continuous inventory of all assets, rights, current transactions, obligations and debts is taken every day on whichshares are subscribed or redeemed and for which the asset value is calculated.

Formation expensesFormation expenses are written off on a straight-line basis in annual tranches of at least twenty per cent of theamounts actually spent.

Securities, negotiable stock and other financial instruments

Valuation of the securities portfolioSecurities that are officially listed on a stock exchange or traded on any other regulated market are valued at theclosing price on the last trading day on the market in question. If such securities are traded on more than onemarket, they are valued on the basis of the closing price on the main market on which they are traded. In the caseof assets traded on an active market operated by financial institutions continuously quoting buy and sell prices, thecurrent buy and sell prices offered on those markets will be used to value long and short positions, respectively.Securities that are not listed or traded on any stock exchange or other regulated market and securities quoted ortraded on such markets but whose most recent prices are not representative are valued using a "fair value"method based on all the market data available. Fixed-income securitiesFixed-income securities are recorded according to the FIFO (First In First Out) principle and are valued in a way thattakes account of the problems of determining the actuarial return. An unrealised capital gain or loss is thereforebroken down into an "Interest" and a "Market" component. OptionsOption contracts are recorded at their market value. Margin cover is shown in item "V. Deposits and cash - A.Funds held in bank current accounts" (balance sheet) and the item "I. Collateral (+/-)" (off balance sheet). Interestreceived from such margin cover is included in item "II. Investment income and expenses - B. Interest (+/-) - b.Deposits and cash" (profit and loss account). Earnings from options are included in the items "I. Writedowns,capital losses and capital gains - F. Derivatives". FutureFutures are recorded according to the FIFO (First In First Out) principle at their market value. Margin cover is shownin item "V. Deposits and cash - A. Funds held in bank current accounts" (balance sheet) and the item "I. Collateral(+/-)" (off balance sheet). Interest received from such margin cover is included in item "II. Investment income andexpenses - B. Interest (+/-) - b. Deposits and cash" (profit and loss account). Earnings from futures are included inthe items "I. Writedowns, capital losses and capital gains - F. Derivatives". Money market instruments(Very) short-term money market instruments (commercial paper) are recorded and held in the financial statementsat their acquisition cost. Purchases and sales of securitiesPurchases and sales of securities are included in the statements at their acquisition cost. Sundry costs are directlyallocated to the profit and loss account.

Cash and commercial paperFunds held in bank current accounts are recorded at their nominal value. Commercial paper futures are recorded attheir market value if they are an important part of investment policy. Otherwise they are recorded at their nominalvalue. Accrued interest not yet payable is recorded separately in item "VI. Accrued charges and deferred income -B. Deferred income" (balance sheet).

Accrued charges and deferred incomeThis includes income and charges or parts thereof that are allocated either to the current or following financialyear.

Accrued interest and charges are calculated up to the cut-off date, the working day immediately preceding thedate as at which the asset value is calculated.

18

Foreign currency translationFinancial statements are prepared in the reference currencies of each sub-fund. Assets held at banks, other netassets and the value of securities in the portfolio expressed in currencies other than the reference currency of thesub-fund are translated into that currency at the average of the buy and sell spot rates and translation gains andlosses are recorded in the profit and loss account.

19

1 EUR 0,698050 GBP1,422150 USD

30/09/07

Foreign exchange rates1.7.2.

20

2. INFORMATION CONCERNING THE SUB-FUNDING (B) INVEST SOLIDARITY MIXED EURO 1


ING (B) INVEST SOLIDARITY MIXED EURO 1

Date of implementation of the sub-fund2.1.1. June 21, 1999Initial subscription price of the distribution shares in euro : 250.00

Investment policy2.1.2. The sub-fund SOLIDARITY MIXED EURO 1 was created in aid of Child Focus, the Centre for Missing and SexuallyExploited Children.The sub-fund may invest in transferable securities, money market instruments, UCITS and UCI shares and deposits.

Over the past few months, financial markets have shown their biggest price swings in years. The money marketwas paralysed by the uncertainty concerning the impact of the subprime crisis on banks. The growing risk aversionsent prices down, especially risky bond prices. On the other hand, government bonds from mature economiesbenefited from the market turbulence. If the crisis continues, global economic growth will be at risk as companiesand households will have (more) difficulties in financing their plans. Against such a backdrop, central banks tookrepeated steps in order to ensure the proper functioning of money markets and credit markets and to restoreinvestor confidence. On balance, global equities lagged global bonds this quarter.

The Eurozone economy continued to expand at a solid pace (around 2.5%). The slight drop of (historically high)activity was not unwelcome as inflation risks remain present in the medium term. Indeed, manufacturing industryis operating almost at full capacity and the labour market is tight. The key rate was maintained at 4%.

Investment policy followed during the exercice2.1.3.

Given the euro appreciation and the subprime crisis, we no longer expect above-potential growth (around 2.5%) in2008. We now expect the economy to grow around trend (2-2.25%). The ECB did not raise the refi rate (by 25 basispoints) because of the negative market sentiment. We think that the ECB will remain on hold until the end of 2007and that it will remain vigilant on inflation given the tight labour market (and possible wage increases in 2008).

Future investment policy2.1.4.

The synthetic risk indicator gives an indication of the risk incurred when investing in an undertaking for collectiveinvestment or a sub-fund. The risk is calculated on a scale of 0 (lowest risk) to 6 (highest risk).

This sub-fund is now in the class 1.

Class of risk2.1.5.

21

BALANCE SHEET2.2.





Bondsa. 1.478.195,86Money market instrumentsB. 634.807,89DerivativesF.

On Bondsa.Forward contracts (+/-)ii. -470,00

On financial indexesm.Forward contracts (+/-)ii. 2.100,00


Amounts to be receiveda. 200,42PayablesB.

Amounts to be paid (-)a. 0,01Collateral (-)d. -1.630,00

Deposits and LiquiditiesV. 142.780,19Cash at sightA. 142.780,19

Deferrals and accrualsVI. 23.553,27Accrued incomeB. 26.614,44Accrued charges (-)C. -3.061,17

TOTAL SHAREHOLDERS' EQUITY 2.279.537,64CapitalA. 2.204.931,49Participation in the resultB. -3.706,62Result of the year (semester)D. 78.312,77

OFF BALANCE SHEET ITEMSAssets encumbered by real collateral (+/-)I. 43.870,00Collateral (+/-)A.

Liquidities/depositsb. 43.870,00

Notional amounts of forward contracts (+)III. 728.590,00Forward exchange contracts boughtA. 728.590,00

BALANCE SHEET

22

INCOME STATEMENT2.3.



Write-downs, capital losses and gainsI. 2.397,28Bonds and other debt instrumentsA.

Bondsa. -64.716,55Money market instrumentsB. 1.630,30DerivativesF.

On Bondsa.Forward exchange contractsii. 224,58

On sharese.Forward exchange contractsii. -1.811,05

On financial indexesl.Forward exchange contractsii. 67.070,00

Investment income and chargesII. 89.159,53Interests (+/-)B.


Other incomeIII. 779,05Charging to cover the costs of transactions and deliveryA. 779,05

Operating chargesIV. -14.022,84Transaction and delivery charges inherent to investments (-)A. -1.335,26Financial costs (-)B. -1,80Custody fee (-)C. -1.020,41Management fee (-)D.

Financial managementa. -5.836,06Services and other goods (-)H. -3.975,54TaxesJ. -1.715,06Other charges (-)K. -138,71

Income and charges of the year (semester) 75.915,74Subtotal II+III+IV

Profit for the period before taxationV. 78.313,02

TaxationVI. -0,25

Result of the year (semester)VII. 78.312,77

INCOME STATEMENT

23



Profit (Loss) to be allocatedI. 74.606,15Profit (Loss) for the period to be allottedb. 78.312,77Participations in the resultc. -3.706,62

(Appropriation) Deduction to capitalII. -1.729,75

(Dividend distribution)IV. -72.876,40



24

INVESTMENT PORTFOLIO AND KEY FIGURES2.5.


BELGIUM OLO31 5.5% 98-28/03/2028 167.000,00 8,74EUR 8,11110,64 184.775,92

A. Bonds and other debt instruments

a. Bonds

Transferable securities admitted to an officialexchange listing

Issued by a state

EUR

BELGIUM OLO32 3.75% 99-28/03/2009 195.000,00 9,17EUR 8,5199,45 193.924,75BELGIUM OLO35 5.75% 00-28/09/2010 378.000,00 18,64EUR 17,29104,30 394.249,52BELGIUM OLO40 5.5% 02-28/09/2017 106.000,00 5,41EUR 5,02108,00 114.481,60BELGIUM OLO41 4.25% 03-28/09/2013 220.000,00 10,38EUR 9,6299,73 219.409,32BELGIUM OLO43 4.25% 04-28/09/2014 160.000,00 7,52EUR 6,9899,44 159.101,75BELGIUM OLO44 5% 04-28/03/2035 109.000,00 5,38EUR 4,99104,33 113.717,01BELGIUM OLO47 3.25% 06-28/09/2016 108.000,00 4,66EUR 4,3291,24 98.535,99

EUR 69,90 64,841.478.195,86

Total Issued by a state 69,90 64,841.478.195,86

Total transferable securities admitted to an officialexchange listing

69,90 64,841.478.195,86

Total a. Bonds

Total A. Bonds and other debt instruments

69,90 64,841.478.195,86

BELGIUM OLO16 7.5% 93-29/07/2008 521.000,00 25,29EUR 23,46102,64 534.775,70

B. Money Market Instruments


Belgium

BELGIUM OLO9 8.5% 92-01/10/2007 100.000,00 4,73EUR 4,39100,03 100.032,19

Total Belgium 30,02 27,85634.807,89


30,02 27,85634.807,89

Total B. Money Market Instruments 30,02 27,85634.807,89

Investment portfolio as at September 30, 20072.5.1.

Quantity ornominal amountas at 30/09/2007

Curr. Currencymarketvalue

Market value(in EUR)

%of portf.

%Nav

% heldby the

UCI

Denomination

F. Derivatives

ii. Forward contracts

EURO BUND (EUREX) - FUTURE 06/12/2007 1,00 -0,02EUR -0,02 -470,00

a. On bonds


Total a. transferable securities admitted to an officialexchange listing

-0,02 -0,02-470,00

Total a. On bonds -0,02 -0,02-470,00

EURO STOXX 50 DOW - FUTURE 21.12.07 14,00 0,10EUR 0,09 2.100,00

m. On financial indexes



0,10 0,092.100,00

Total m. On financial indexes 0,10 0,092.100,00

25

Total ii. Forward contracts 0,08 0,071.630,00




%of portf.

%Nav

% heldby the

UCI

Denomination

Total F. Derivatives 0,08 0,071.630,00

TOTAL PORTFOLIO 100,00 92,772.114.633,75

ING Belgique EUR 4,26 97.280,19ING Belgique - Compte géré futures EUR 2,00 45.500,00

Current accounts 6,26142.780,19

TOTAL DEPOSITS AND LIQUIDITIES 6,26142.780,19

LIQUID ASSETS

OTHER PAYABLES AND RECEIVABLES -0,06-1.429,57

OTHER 1,0323.553,27

TOTAL NET ASSETS 100,002.279.537,64

Asset allocation (in % of the securities portfolio)2.5.2.

Per sector

Government 99,92

TOTAL 100,000,08Miscellaneous

26

PurchasesSales

Total 1

SubscriptionsRedemptions

Total 2

Monthly average of the total net assets

Rotation

Semester 1

632.898,55442.649,37

1.075.547,92

113.984,4884.355,67

198.340,15

2.362.259,61

37,13%

Semester 2

536.130,76161.533,10

697.663,86

29.126,05157.195,43

186.321,48

2.306.584,49

22,17%

1.169.029,31604.182,47

1.773.211,78

143.110,53241.551,10

384.661,63

2.334.262,03

59,49%

Total

A figure close to 0% shows that the transactions on, according to the case, transferable securities or assets, with the exceptionof deposits and cash, were performed, during a determined period, only in function of the subscriptions and redemptions. Anegative percentage indicates that the subscriptions and redemptions only entailed a limited amount of transactions or, if needbe, no transaction at all in the portfolio.The detailed list of transactions performed during the financial year can be consulted freely at ING Investment Management SA- Management Company, registered office: avenue Marnix 24, 1000 Brussels.

Purchases 632.898,55Sales 442.649,37 161.533,10

Total 1


Total 2

Corrected monthly average of the total net assets 2.091.216,70 2.057.538,02

Corrected Rotation

Semester 1

536.130,76

1.075.547,92

113.984,4884.355,67

198.340,15

43,04%

Semester 2

697.663,86

29.126,05157.195,43

186.321,48

25,83%

1.773.211,78

143.110,53241.551,10

384.661,63

68,97%

Total

Statement of changes in the securities portfolio (in EUR)2.5.3.

In securities Curr. In foreign currency In EUR Lot-size

EURO BUND (EUREX) - FUTURE 06/12/2007 EUR 112.680,00 112.680,00 100.000,00EURO STOXX 50 DOW - FUTURE 21.12.07 EUR 6.175,40 617.540,00 10,00

Forward contracts value

Asset value or nominal value2.5.4.

1.169.029,31

604.182,47

2.075.175,70

27

Evolution of the subscriptions and redemptions and of the net asset value2.5.5.

Period Evolution of the number of shares in circulationAmount paid and received by the UCI

(EUR)Net assets

At the end of the period (in EUR)

YearSubscriptions Redemptions At the end of the period

Capitalisation Distribution TotalSubscriptions Redemptions

of the sub-fundby share

Capitalisation Distribution Capitalisation Distribution Capitalisation Distribution Capitalisation Distribution Capitalisation Distribution

2005 2.386.576,36 262,67313,0000 502,0000 77.881,71 125.024,939.086,00009.086,0000

2006 2.369.273,44 268,20159,0000 411,0000 41.385,49 106.861,368.834,00008.834,0000

2007 2.279.537,64 269,00542,0000 902,0000 143.110,53 241.551,108.474,00008.474,0000

28

Returns2.5.6.

ING (B) INVEST SOLIDARITY MIXED EURO 1 DIS

1 year 3 years 5 years 10 yearsSince the end of the

initial subscription period

3,34(in %)

6,81(in %)

6,98(in %)

-(in %)

3,63(in %)

The chart shows the trend of the annualized net asset value without (subscription and redemption) fees. Pastreturns are no guarantee for future returns and do not take possible fusions into account.

Fees2.5.7.

The TFE amounts to 0,54% on a yearly basis; it includes all fees with the exception of transaction fee and interestson loans mentioned respectively under the headings IV. A. and B. of the income statement.

Notes to the financial statements2.5.8.

Note 1- Operating Charges

The income statement item "IV. Operating charges - K. Other charges" mainly represents the contributions to theCBFA's operating costs.

Information 1- Articles of Association and Management Rules

SICAVs : the coordinated text of the Articles of Association is filed at the clerk's office of the commercial court.UCIs : the official text of the management rules has been sent to the CBFA.

29

Information 2 - Defence Policy

The Company applies the ING Group Defence Policy and shall not invest in companies directly involved in themanufacturing, maintaining and/or trading of weapons (anti-personal mines, cluster bombs, depleted uraniumammunition, biological, chemical or nuclear weapons...). The Defence Policy can be found on www.ing.com.

Information 3 - Latest Report

Given the coming into force of the Royal Decree of 10/11/2006 involving changes in the presentation of thebalance sheet and the income statement, the comparison with the previous fiscal year is not required in accordancewith article 28, §3, alinea 2. However the latest annual or half year report related to the previous fiscal year or thefirst half of the previous fiscal year is available free of charge from the ING Investment Management SA whichprovides the financial service, avenue Marnix 24 in 1000 Brussels or via an E-mail to [email protected].

30

3. INFORMATION CONCERNING THE SUB-FUNDING (B) INVEST BELGIUM


ING (B) INVEST BELGIUM

Date of implementation of the sub-fund3.1.1. The sub-fund was initially launched on February 28, 1991 within the former Belgian Sicav 'BBL Invest', under thename of 'BBL Invest Belgium'. After its liquidation within 'BBL Invest', its assets and liabilities were transferred intothe new sub-fund of 'ING (B) Invest', named 'ING (B) Invest Belgium' on April 30, 2003 (based on the positions onApril 24, 2003 at midnight, the results at this date were capitalised).Initial subscription price of the capitalization shares in euro: 228.73Initial subscription price of the distribution shares in euro : 1 280.10

Investment policy3.1.2. Aims at capital growth through investments in Belgian equities. Tracks the benchmark index of the Belgian StockExchange.

From the end of September 2006 until the end of February 2007, equity markets continued to rise as they had donealmost steadily since March 2003. Two factors were decisive: the improvement of corporate profitability and thestill accommodative monetary policy (despite rate hikes). This environment boosted M&A activity (especially inEurope), bringing equity markets to new highs. In late February/early March, the trend reversed and equitymarkets dropped significantly for a few days. But this correction was short-lived and equity markets picked upagain from mid-March 2007 until the end of May. Then markets became more erratic.

The growing problems on the US subprime market and their worldwide impact through financial instruments ledto a liquidity crisis which is likely to have a huge impact, including on the real economy. Hence central banks, bothin the United States and in Europe, did not hesitate to pump cash into the financial system in order to restoreconfidence, leading to a rebound of equity markets in mid-August.

Against such a backdrop, we decided to take a cautious stance and favoured stocks offering investors a relativeprotection thanks to their defensive characteristics (not very cyclical, moderate growth expectations, highdividends... ).


The corrections in February and especially in the summer of 2007 proved that stocks were vulnerable to profit-warnings, bringing the volatility of equity markets closer to its historical average. Hence we will remain cautiouswithin the next few months and we will grab at any opportunity arising.



This sub-fund is now in the class 3 in comparison with the class 4 for the previous publication, following the fall inmarket volatility.

Class of risk3.1.5.

31

BALANCE SHEET3.2.




Securities, negotiable securities, UCI and other financial instrumentsII. 220.240.934,05Shares and other securities assimilable to sharesC.

Sharesa. 217.078.934,05Other transferable securitiesD. 3.162.000,00


Receivables and payables within one yearIV. 586.213,07ReceivablesA.

Amounts to be receiveda. 969.924,32Tax assetsb. 43.346,00

PayablesB.

Amounts to be paid (-)a. -424.840,95Other (-)e. -2.216,30


Deferrals and accrualsVI. -390.458,24Accrued charges (-)C. -390.458,24

TOTAL SHAREHOLDERS' EQUITY 231.873.386,47CapitalA. 214.417.750,35Participation in the resultB. -3.375.244,80Result brought forwardC. 991.112,67Result of the year (semester)D. 19.839.768,25

BALANCE SHEET

32




Write-downs, capital losses and gainsI. 15.396.881,68Shares and other securities assimilable to sharesC.

Sharesa. 15.321.279,88Other transferable securitiesD. 90.841,02Change positions and transactionsH.

Other change positions and transactionsb. -15.239,22


Deposits and liquiditiesb. 314.676,32Recoverable tax (-)E.


Operating chargesIV. -3.587.246,75Transaction and delivery charges inherent to investments (-)A. -274.487,99Financial costs (-)B. -53,45Custody fee (-)C. -60.289,19Management fee (-)D.





TaxationVI. -26,89


INCOME STATEMENT

33



Profit (Loss) to be allocatedI. 17.455.636,12Profit (Loss) brought forward from the previous accounting perioda. 991.112,67Profit (Loss) for the period to be allottedb. 19.839.768,25Participations in the resultc. -3.375.244,80


(Profit to be carried forward) Loss to be carried forwardIII. -1.239.796,72




34



ACKERMANS & VAN HAAREN 52.800,00 1,71EUR 1,6371,50 3.775.200,00

C. Shares and other securities assimilable to shares

a. Shares


Belgium

ACKERMANS & VAN HAAREN (STRIP) (VVPR) 83.734,00 0,05EUR 0,051,27 106.342,18AGFA GEVAERT 70.000,00 0,43EUR 0,4113,50 945.000,00BARCO 45.000,00 1,23EUR 1,1760,41 2.718.450,00BARCO (STRIP) (VVPR) 32.560,00 0,00EUR 0,000,11 3.581,60BEFIMMO 20.000,00 0,66EUR 0,6372,93 1.458.600,00BEKAERT 20.000,00 0,85EUR 0,8194,01 1.880.200,00BEKAERT (STRIP) (VVPR) 56.722,00 0,01EUR 0,010,54 30.629,88BELGACOM 355.000,00 5,26EUR 4,9832,54 11.551.700,00BREDERODE 66.000,00 0,93EUR 0,8931,19 2.058.540,00BREDERODE (STRIP) (VVPR) 140.542,00 0,00EUR 0,000,07 9.837,94CIE MOBILIERE BOIS SAUVAGE (STRIP) (VVPR) 80,00 0,00EUR 0,000,20 16,00CNP-CIE NATIONALE A PORTEFEUILLE 175.000,00 3,89EUR 3,6948,92 8.561.000,00COFINIMMO 11.000,00 0,62EUR 0,59124,06 1.364.660,00COLRUYT 35.000,00 2,35EUR 2,24148,15 5.185.250,00COMPAGNIE MARITIME BELGE - CMB 30.000,00 0,71EUR 0,6752,00 1.560.000,00CUMERIO 20.000,00 0,26EUR 0,2528,50 570.000,00CUMERIO (VVPR) (STRIP) 24.583,00 0,00EUR 0,000,01 245,83DECEUNINCK 60.000,00 0,48EUR 0,4617,75 1.065.000,00DELHAIZE 88.000,00 2,69EUR 2,5567,20 5.913.600,00DEXIA 890.000,00 8,59EUR 8,1621,24 18.903.600,00D'IETEREN 6.000,00 0,85EUR 0,81312,99 1.877.940,00D'IETEREN (STRIP) (VVPR) 8.774,00 0,00EUR 0,000,30 2.632,20DISTRIGAZ (D) 572,00 1,19EUR 1,134.600,00 2.631.200,00ECONOCOM 28.300,00 0,10EUR 0,097,57 214.231,00ELECTRABEL (STRIP) (VVPR) 70.140,00 0,00EUR 0,000,01 701,40ELIA SYSTEM OPERATOR 89.000,00 1,15EUR 1,0928,40 2.527.600,00EURONAV 60.000,00 0,60EUR 0,5722,05 1.323.000,00EXMAR 38.000,00 0,37EUR 0,3521,50 817.000,00FINANCIERE DE TUBIZE 72.700,00 1,35EUR 1,2941,00 2.980.700,00FLUXYS -D- 285,00 0,32EUR 0,302.480,00 706.800,00FORTIS 890.000,00 8,35EUR 7,9320,65 18.378.500,00FORTIS (STRIP) (VVPR) 1.687.656,00 0,02EUR 0,020,03 50.629,68GIMV 60.000,00 1,31EUR 1,2448,01 2.880.600,00GROUPE BRUXELLES LAMBERT 130.000,00 5,02EUR 4,7785,06 11.057.800,00GROUPE BRUXELLES LAMBERT (STRIP) (VVPR) 227.064,00 0,00EUR 0,000,02 4.541,28IMMOBILIERE DE BELGIQUE 16.435,00 0,28EUR 0,2737,85 622.064,75INBEV 180.000,00 5,19EUR 4,9363,56 11.440.800,00INBEV (STRIP) (VVPR) 389.000,00 0,00EUR 0,000,02 7.780,00ION BEAM APPLICATIONS 23.466,00 0,21EUR 0,2019,94 467.912,04ION BEAM APPLICATIONS (STRIP) (VVPR) 33.066,00 0,00EUR 0,000,01 330,66KBC ANCORA CVA 100.000,00 3,57EUR 3,3978,54 7.854.000,00KBC GROUP 240.000,00 10,52EUR 10,0096,48 23.155.200,00KBC GROUP (STRIP) (VVPR) 225.235,00 0,01EUR 0,010,08 18.018,80MELEXIS NV 40.000,00 0,23EUR 0,2212,93 517.200,00MOBISTAR 75.000,00 2,09EUR 1,9861,35 4.601.250,00MOURY CONSTRUCT (STRIP) (VVPR) 610,00 0,00EUR 0,000,71 433,10REAL SOFTWARE (STRIP) (VVPR) 20.686,00 0,00EUR 0,000,03 620,58RECTICEL 40.000,00 0,19EUR 0,1810,60 424.000,00RESILUX 4.605,00 0,09EUR 0,0944,01 202.666,05ROULARTA MEDIA GROUP 12.000,00 0,32EUR 0,3058,87 706.440,00ROULARTA MEDIA GROUP (STRIP) (VVPR) 13.600,00 0,00EUR 0,000,01 136,00SIOEN INDUSTRIES 80.000,00 0,37EUR 0,3510,05 804.000,00SOFINA 60.000,00 2,26EUR 2,1583,11 4.986.600,00SOLVAY 100.000,00 4,62EUR 4,39101,77 10.177.000,00





%of portf.

%Nav

% heldby the

UCI

Denomination

35

TELENET GROUP HOLDING 120.000,00 1,33EUR 1,2624,40 2.928.000,00TELENET GROUP HOLDING (STRIP) (VVPR) 370.000,00 0,00EUR 0,000,01 3.700,00TESSENDERLO CHEMIE (P.S.) 35.000,00 0,65EUR 0,6140,64 1.422.400,00TESSENDERLO CHEMIE (STRIP) (VVPR) 86.230,00 0,01EUR 0,010,18 15.521,40U.C.B. 150.000,00 2,82EUR 2,6841,38 6.207.000,00UMICORE 19.000,00 1,45EUR 1,37167,60 3.184.400,00UMICORE (STRIP) (VVPR) 8.583,00 0,00EUR 0,000,07 600,81VAN DE VELDE 35.000,00 0,58EUR 0,5536,25 1.268.750,00

Total Belgium 88,14 83,72194.132.153,18

SUEZ 555.000,00 10,41EUR 9,8941,30 22.921.500,00France

SUEZ (STRIP) (VVPR) 1.982.380,00 0,01EUR 0,010,01 19.823,80TOTAL FINA (STRIP) (VVPR) 525.708,00 0,00EUR 0,000,01 5.257,08

Total France 10,42 9,9022.946.580,88


98,56 93,62217.078.734,06

HEIDELBERGCEMENT (STRIP) (VVPR) 20.000,00 0,00EUR 0,000,01 200,00

Other transferable securities

Germany

Total Germany 0,00 0,00200,00

Total other transferable securities 0,00 0,00200,00

Total a. Shares

Total C. Shares and other securities assimilable to shares

98,56 93,62217.078.934,06

FORTIS RTS 09/10/2007 850.000,00 1,44EUR 1,363,72 3.162.000,00

D. Other transferable and negotiable securities


Belgium

Total Belgium 1,44 1,363.162.000,00


1,44 1,363.162.000,00

Total D. Other securities and negotiable instruments 1,44 1,363.162.000,00




%of portf.

%Nav

% heldby the

UCI

Denomination

TOTAL PORTFOLIO 100,00 94,98220.240.934,06

ING Belgique EUR 4,20 9.733.164,51ING Belgique USD 0,05 126.666,30ING Belgique EUR 0,00 1.234,56

Current accounts 4,259.861.065,37

TOTAL DEPOSITS AND LIQUIDITIES 4,259.861.065,37

LIQUID ASSETS

OTHER PAYABLES AND RECEIVABLES 0,932.161.845,29

OTHER -0,17-390.458,24

TOTAL NET ASSETS 100,00231.873.386,47

36


Per sector

Financial services 28,04Banks 20,30Energy 13,08Telecommunication 8,67Chemical 8,28Tobacco & Alcohol 5,20Distribution & Wholesale 5,04Textile 2,29Other 9,10TOTAL 100,00

PurchasesSales

Total 1


Total 2


Rotation

Semester 1

6.127.573,7135.434.343,80

41.561.917,51

4.199.738,8831.279.736,49

35.479.475,37

258.034.596,06

2,36%

Semester 2

21.806.961,7634.290.168,36

56.097.130,12

3.623.723,7921.467.010,70

25.090.734,49

249.422.347,93

12,43%

27.934.535,4769.724.512,16

97.659.047,63

7.823.462,6752.746.747,19

60.570.209,86

253.719.610,97

14,62%

Total


Purchases 6.127.573,71 21.806.961,76 1 Sales 35.434.343,80

Total 1


Total 2


Corrected Rotation

Semester 1

34.290.168,36

41.561.917,51

4.199.738,8831.279.736,49

35.479.475,37

2,92%

Semester 2

56.097.130,12

3.623.723,7921.467.010,70

25.090.734,49

13,40%

97.659.047,63

7.823.462,6752.746.747,19

60.570.209,86

16,11%

Total


27.934.535,47

69.724.512.16

244.222.430,22

37



(EUR)Net assets






2005 258.473.117,35 1.394,84 3.471,185.991,3230 39.995,5780299,9500 1.638,5060 7.396.379,97 48.977.406,67926.775,64 4.979.259,36177.974,3455173.048,7527 4.925,5928

2006 257.195.454,21 1.677,24 4.103,262.922,4290 31.952,6310393,0000 1.506,6210 4.415.570,41 48.532.460,801.455.306,13 5.607.699,73147.830,5225144.018,5507 3.811,9718

2007 231.873.386,47 1.805,35 4.350,523.532,8570 26.583,5830312,0000 1.024,4800 6.452.611,45 48.247.426,371.370.851,22 4.499.320,82124.067,3165120.967,8247 3.099,4918

38

Returns3.5.5.

ING (B) INVEST BELGIUM CAP



7,64(in %)

19,81(in %)

23,06(in %)

11,23(in %)

13,26(in %)


Fees3.5.6.



Note 1- Long-Term Receivables and Debts

The balance item "III. Long-term receivables and debts - A. Receivables" represents the current income tax assetsfrom Belgium and abroad.

Note 2 - Operating Charges


39







40

4. INFORMATION CONCERNING THE SUB-FUNDING (B) INVEST BELGIAN HIGH DIVIDEND


ING (B) INVEST BELGIAN HIGH DIVIDEND

Date of implementation of the sub-fund4.1.1. The sub-fund was initially launched on February 28, 1991 within the former Belgian Sicav 'BBL Invest', under thename of 'BBL Invest High Yield'. After its liquidation within 'BBL Invest', its assets and liabilities were transferredinto the new sub-fund of 'ING (B) Invest', named 'ING (B) Invest Belgian High Dividend' on April 30, 2003 (based onthe positions on April 24, 2003 at midnight, the results at this date were capitalised).Initial subscription price of the capitalization shares in euro : 247.89Initial subscription price of the distribution shares in euro : 1 517.78

Investment policy4.1.2. Aims at capital growth through investments in Belgian equities, with focus on high yield stocks.

From the end of September 2006 until the end of February 2007, equity markets continued to rise as they had donealmost steadily since March 2003. Two factors were decisive: the improvement of corporate profitability and thestill accommodative monetary policy (despite rate hikes). This environment boosted M&A activity (especially inEurope), bringing equity markets to new highs. In late February/early March, the trend reversed and equitymarkets dropped significantly for a few days. But this correction was short-lived and equity markets picked upagain from mid-March 2007 until the end of May. Then markets became more erratic.

The growing problems on the US subprime market and their worldwide impact through financial instruments ledto a liquidity crisis which is likely to have a huge impact, including on the real economy. Hence central banks, bothin the United States and in Europe, did not hesitate to pump cash into the financial system in order to restoreconfidence, leading to a rebound of equity markets in mid-August.

Against such a backdrop, we decided to take a cautious stance and favoured stocks offering investors a relativeprotection thanks to their high dividend.


The corrections in February and especially in the summer of 2007 proved that stocks were vulnerable to profit-warnings, bringing the volatility of equity markets closer to its historical average. Hence we will remain cautiouswithin the next few months. We will grab at any opportunity while favouring high-yield stocks.



This sub-fund is now in the class 3.

Class of risk4.1.5.

41

BALANCE SHEET4.2.





Bondsa. 71.687,50Shares and other securities assimilable to sharesC.

Sharesa. 248.603.758,89Other transferable securitiesD. 3.691.512,50



Amounts to be receiveda. 143.619,26Tax assetsb. 51.644,42

PayablesB.

Amounts to be paid (-)a. -727.093,07Other (-)e. -17.222,04


Deferrals and accrualsVI. -461.000,69Accrued incomeB. 2.593,60Accrued charges (-)C. -463.594,29

TOTAL SHAREHOLDERS' EQUITY 264.867.918,89CapitalA. 241.016.486,34Participation in the resultB. -1.390.542,28Result brought forwardC. 4.435.600,00Result of the year (semester)D. 20.806.374,83

BALANCE SHEET

42




Write-downs, capital losses and gainsI. 15.375.577,74Bonds and other debt instrumentsA.

Bondsa. -2.199,00Shares and other securities assimilable to sharesC.

Sharesa. 15.205.469,94Other transferable securitiesD. 172.306,79Change positions and transactionsH.

Other change positions and transactionsb. 0,01



Recoverable tax (-)E.Of foreign originb. -243.940,81

Operating chargesIV. -3.911.032,78Transaction and delivery charges inherent to investments (-)A. -279.492,42Financial costs (-)B. -2.012,65Custody fee (-)C. -66.416,48Management fee (-)D.





TaxationVI. -28,21


INCOME STATEMENT

43



Profit (Loss) to be allocatedI. 23.851.432,55Profit (Loss) brought forward from the previous accounting perioda. 4.435.600,00Profit (Loss) for the period to be allottedb. 20.806.374,83Participations in the resultc. -1.390.542,28


Profit to be carried forward (Loss to be carried forward)III. -6.243.200,00

(Dividend distribution)IV. -1.248.640,00



44



CIE BOIS SAUVAGE 3.5% 05-16/10/2012 77.500,00 0,03EUR 0,0392,50 71.687,50

A. Bonds and other debt instruments

a. Bonds


Belgium

Total Belgium 0,03 0,0371.687,50


0,03 0,0371.687,50

Total a. Bonds

Total A. Bonds and other debt instruments

0,03 0,0371.687,50

ACKERMANS & VAN HAAREN 50.300,00 1,43EUR 1,3671,50 3.596.450,00


a. Shares


Belgium

ACKERMANS & VAN HAAREN (STRIP) (VVPR) 20.700,00 0,01EUR 0,011,27 26.289,00AGFA GEVAERT 50.000,00 0,27EUR 0,2513,50 675.000,00ATENOR 37.000,00 0,64EUR 0,6143,81 1.620.970,00BANQUE NATIONALE DE BELGIQUE 580,00 0,78EUR 0,743.385,00 1.963.300,00BARCO 50.000,00 1,20EUR 1,1460,41 3.020.500,00BEFIMMO 31.000,00 0,90EUR 0,8572,93 2.260.830,00BEKAERT 20.000,00 0,75EUR 0,7194,01 1.880.200,00BEKAERT (STRIP) (VVPR) 19.696,00 0,00EUR 0,000,54 10.635,84BELGACOM 380.000,00 4,90EUR 4,6732,54 12.365.200,00BREDERODE 65.000,00 0,80EUR 0,7731,19 2.027.350,00BREDERODE (STRIP) (VVPR) 94.199,00 0,00EUR 0,000,07 6.593,93CIE MOBILIERE BOIS SAUVAGE 3.288,00 0,48EUR 0,46370,10 1.216.888,80CIE MOBILIERE BOIS SAUVAGE (STRIP) (VVPR) 160,00 0,00EUR 0,000,20 32,00CNP-CIE NATIONALE A PORTEFEUILLE 185.000,00 3,59EUR 3,4248,92 9.050.200,00COFINIMMO 5.000,00 0,25EUR 0,23124,06 620.300,00COLRUYT 35.000,00 2,05EUR 1,96148,15 5.185.250,00COMPAGNIE MARITIME BELGE - CMB 33.900,00 0,70EUR 0,6752,00 1.762.800,00CUMERIO 20.000,00 0,23EUR 0,2228,50 570.000,00CUMERIO (VVPR) (STRIP) 67.074,00 0,00EUR 0,000,01 670,74DELHAIZE 100.000,00 2,66EUR 2,5467,20 6.720.000,00DEXIA 980.000,00 8,25EUR 7,8621,24 20.815.200,00DISTRIGAZ (D) 605,00 1,10EUR 1,054.600,00 2.783.000,00ELECTRABEL (STRIP) (VVPR) 16.745,00 0,00EUR 0,000,01 167,45ELIA SYSTEM OPERATOR 112.000,00 1,26EUR 1,2028,40 3.180.800,00EURONAV 60.000,00 0,52EUR 0,5022,05 1.323.000,00EXMAR 100.000,00 0,85EUR 0,8121,50 2.150.000,00FINANCIERE DE TUBIZE 44.700,00 0,73EUR 0,6941,00 1.832.700,00FLUXYS -D- 430,00 0,42EUR 0,402.480,00 1.066.400,00FORTIS 1.010.000,00 8,26EUR 7,8720,65 20.856.500,00FORTIS (STRIP) (VVPR) 904.000,00 0,01EUR 0,010,03 27.120,00GIMV 65.000,00 1,24EUR 1,1848,01 3.120.650,00GROUPE BRUXELLES LAMBERT 143.000,00 4,82EUR 4,5985,06 12.163.580,00GROUPE BRUXELLES LAMBERT (STRIP) (VVPR) 164.145,00 0,00EUR 0,000,02 3.282,90IMMOBILIERE DE BELGIQUE 19.851,00 0,30EUR 0,2837,85 751.360,35INBEV 195.000,00 4,91EUR 4,6863,56 12.394.200,00INBEV (STRIP) (VVPR) 160.000,00 0,00EUR 0,000,02 3.200,00KBC ANCORA CVA 113.000,00 3,52EUR 3,3578,54 8.875.020,00KBC GROUP 275.000,00 10,51EUR 10,0396,48 26.532.000,00KBC GROUP (STRIP) (VVPR) 269.607,00 0,01EUR 0,010,08 21.568,56





%of portf.

%Nav

% heldby the

UCI

Denomination

45

MELEXIS NV 40.000,00 0,20EUR 0,2012,93 517.200,00MOBISTAR 95.000,00 2,31EUR 2,2061,35 5.828.250,00RECTICEL 30.000,00 0,13EUR 0,1210,60 318.000,00SOFINA 53.000,00 1,75EUR 1,6683,11 4.404.830,00SOLVAY 115.000,00 4,64EUR 4,42101,77 11.703.550,00TELENET GROUP HOLDING 120.000,00 1,16EUR 1,1124,40 2.928.000,00TELENET GROUP HOLDING (STRIP) (VVPR) 330.000,00 0,00EUR 0,000,01 3.300,00TESSENDERLO CHEMIE (P.S.) 40.000,00 0,64EUR 0,6140,64 1.625.600,00TESSENDERLO CHEMIE (STRIP) (VVPR) 17.130,00 0,00EUR 0,000,18 3.083,40U.C.B. 150.000,00 2,46EUR 2,3441,38 6.207.000,00UMICORE 16.000,00 1,06EUR 1,01167,60 2.681.600,00UMICORE (STRIP) (VVPR) 6.588,00 0,00EUR 0,000,07 461,16VAN DE VELDE 35.000,00 0,50EUR 0,4836,25 1.268.750,00

Total Belgium 83,20 79,27209.968.834,13

BNP PARIBAS 20.000,00 0,61EUR 0,5876,74 1.534.800,00France

SUEZ 635.000,00 10,39EUR 9,9141,30 26.225.500,00SUEZ (STRIP) (VVPR) 717.350,00 0,00EUR 0,000,01 7.173,50TOTAL FINA 35.000,00 0,79EUR 0,7557,02 1.995.700,00TOTAL FINA (STRIP) (VVPR) 229.860,00 0,00EUR 0,000,01 2.298,60

Total France 11,79 11,2429.765.472,10

ALLEANZA ASSICURAZIONI 140.000,00 0,52EUR 0,499,33 1.305.500,00Italy

ENI 75.000,00 0,78EUR 0,7425,99 1.949.250,00TELECOM ITALIA RNC 675.000,00 0,45EUR 0,431,69 1.141.425,00TERNA (IPO) 587.000,00 0,60EUR 0,572,59 1.522.091,00UNICREDITO ITALIANO 211.000,00 0,50EUR 0,486,00 1.266.000,00

Total Italy 2,85 2,717.184.266,00

EDP-ENERGIAS DE PORTUGAL 411.000,00 0,67EUR 0,644,10 1.685.100,00Portugal

Total Portugal 0,67 0,641.685.100,00


98,51 93,86248.603.672,23

HEIDELBERGCEMENT (STRIP) (VVPR) 8.666,00 0,00EUR 0,000,01 86,66

Other transferable securities

Germany

Total Germany 0,00 0,0086,66

Total other transferable securities 0,00 0,0086,66

Total a. Shares


98,51 93,86248.603.758,89

CIE MOBILIERE BOIS SAUVAGE 250,00 0,01EUR 0,01130,00 32.500,00

D. Other transferable and negotiable securities


Belgium

CIE MOBILIERE BOIS SAUVAGE 250,00 0,01EUR 0,01128,05 32.012,50FORTIS RTS 09/10/2007 975.000,00 1,44EUR 1,373,72 3.627.000,00

Total Belgium 1,46 1,393.691.512,50


1,46 1,393.691.512,50

Total D. Other securities and negotiable instruments 1,46 1,393.691.512,50




%of portf.

%Nav

% heldby the

UCI

Denomination

TOTAL PORTFOLIO 100,00 95,28252.366.958,89

46




%of portf.

%Nav

% heldby the

UCI

Denomination

ING Belgique EUR 4,43 11.746.479,12

Current accounts 4,4311.746.479,12

TOTAL DEPOSITS AND LIQUIDITIES 4,4311.746.479,12

LIQUID ASSETS

OTHER PAYABLES AND RECEIVABLES 0,461.215.481,57

OTHER -0,17-461.000,69

TOTAL NET ASSETS 100,00264.867.918,89


Per sector

Financial services 26,46Banks 22,11Energy 14,45Telecommunication 8,82Chemical 7,87Tobacco & Alcohol 4,91Distribution & Wholesale 4,72Other 10,66TOTAL 100,00

47

PurchasesSales

Total 1


Total 2


Rotation

Semester 1

14.008.904,6432.921.673,68

46.930.578,32

29.635.704,3744.756.267,17

74.391.971,54

276.495.828,76

-9,93%

Semester 2

24.005.883,0128.391.365,57

52.397.248,58

30.388.415,1439.936.539,02

70.324.954,16

280.378.276,30

-6,39%

38.014.787,6561.313.039,25

99.327.826,90

60.024.119,5184.692.806,19

144.716.925,70

278.442.971,68

-16,30%

Total


Purchases 14.008.904,64 24.005.883,01 Sales 32.921.673,68

Total 1


Total 2


Corrected Rotation

Semester 1

28.391.365,57

46.930.578,32

29.635.704,3744.756.267,17

74.391.971,54

-9,32%

Semester 2

52.397.248,58

30.388.415,1439.936.539,02

70.324.954,16

-5,61%

99.327.826,90

60.024.119,5184.692.806,19

144.716.925,70

-14,91%

Total


38.014.787,65

61.313.039,25

267.990.746,22

48



(EUR)Net assets






2005 231.981.593,80 1.931,05 4.671,8144.475,4250 37.953,10004.416,0000 2.850,0000 75.301.927,23 64.552.923,1018.409.757,46 11.638.940,05108.670,0566100.594,0566 8.076,0000

2006 269.804.420,74 2.342,29 5.548,5622.959,9020 28.571,90602.986,0000 2.532,0000 48.604.912,32 60.534.689,7714.913.102,63 12.779.713,27103.512,052694.982,0526 8.530,0000

2007 264.867.918,89 2.527,00 5.853,5019.131,8180 27.375,70901.817,0000 2.543,0000 49.228.000,91 69.635.449,9010.796.118,60 15.057.356,2994.542,161686.738,1616 7.804,0000

49

Returns4.5.5.

ING (B) INVEST BELGIAN HIGH DIVIDEND CAP



7,89(in %)

20,59(in %)

22,80(in %)

13,04(in %)

15,02(in %)


Fees4.5.6.







50







51

5. INFORMATION CONCERNING THE SUB-FUNDING (B) INVEST GERMANY


ING (B) INVEST GERMANY

Date of implementation of the sub-fund5.1.1. The sub-fund was initially launched on April 30, 1995 within the former Belgian Sicav 'BBL Invest', under the nameof 'BBL Invest Germany'. After its liquidation within 'BBL Invest', its assets and liabilities were transferred into thenew sub-fund of 'ING (B) Invest', named 'ING (B) Invest Germany' on April 30, 2003 (based on the positions on April24, 2003 at midnight, the results at this date were capitalised).Initial subscription price of the capitalization shares in euro: 255.65Initial subscription price of the distribution shares in euro : 1 570.83

Investment policy5.1.2. Aims at capital growth through investments in German equities. Tracks the benchmark index of the German StockExchange.

During the reporting period, the Xetra DAX index outperformed international markets by more than 10% thanksto restructuring and M&A activity. Volkswagen played a central role in the consolidation binge. With a return of135%, the share was boosted by the struggle for its subsidiary Scania. VW also bought 30% of Man AG, whoseprice soared by 53% (Man Ag had made a bid on Scania, which had finally been rejected). And to crown it all,Porsche increased its stake in VW to more than 30%.Also in the car industry, Daimler considered all options including selling Chrysler. Daimler rose 79%.Industrial stocks performed handsomely again: steel producer Thyssengroup (68%), BASF (53.6%) and Bayer (39%)had the wind in their sails.Financial stocks were affected by the subprime crisis. Reinsurance company Munichere Re lagged behind and alsoHypo Real Estate had a negative return of -19%. Commerzbank (7%) sold its British asset manager, Jupiter Asset management, but could not reverse the trendanyway.SAP and Deutsche Telekom lagged behind once again. Both had limited returns because of disappointing results orprospects.The more prices increased the more defensive we got. We sold our position in the technology sector (especiallySAP) and added to our positions in health care (Fresenius Ag, Merck, GPC, Qiagen). GPC suffered after itsblockbuster drug hit FDA approval delay. Positions in MAN, VW and Porsche yielded maximum returns.


Growth will be affected by growing pressures on margins, rising commodity prices as well as the crisis on thehousing market and the consumption slowdown in the United States. However, strong industrial growth increasesthe chance of higher interest rates in the medium term. Even though it was compensated by a moderate inflation(1.6%) and stabilised oil prices, we have adopted a more cautious strategy.



This sub-fund is now in the class 4 in comparison with the class 5 for the previous publication, following the fall inmarket volatility.

Class of risk5.1.5.

52

BALANCE SHEET5.2.




Securities, negotiable securities, UCI and other financial instrumentsII. 72.278.730,00Shares and other securities assimilable to sharesC.

Sharesa. 72.278.730,00

Receivables and payables over one yearIII. 61.931,54ReceivablesA. 61.931,54


Amounts to be receiveda. 1.265.072,97Tax assetsb. 62.038,64

PayablesB.

Amounts to be paid (-)a. -1.401.466,86Other (-)e. -333,56

Deposits and LiquiditiesV. 342.083,88Cash at sightA. 342.083,88

Deferrals and accrualsVI. -132.273,49Accrued charges (-)C. -132.273,49

TOTAL SHAREHOLDERS' EQUITY 72.475.783,12CapitalA. 56.059.985,42Participation in the resultB. 1.961.013,04Result brought forwardC. 743.400,00Result of the year (semester)D. 13.711.384,66

BALANCE SHEET

53




Write-downs, capital losses and gainsI. 13.179.919,69Shares and other securities assimilable to sharesC.

Sharesa. 13.179.919,73Change positions and transactionsH.

Other change positions and transactionsb. -0,04


Deposits and liquiditiesb. 32.910,40Interest on loans (-)C. -3.663,37Recoverable tax (-)E.


Operating chargesIV. -980.649,39Transaction and delivery charges inherent to investments (-)A. -141.375,26Financial costs (-)B. -4.548,41Custody fee (-)C. -30.708,71Management fee (-)D.

Financial managementa. -676.453,21Administrative and accounting managementb. -61.510,71


Income and charges of the year (semester) 531.470,49Subtotal II+III+IV


TaxationVI. -5,52


INCOME STATEMENT

54



Profit (Loss) to be allocatedI. 16.415.797,70Profit (Loss) brought forward from the previous accounting perioda. 743.400,00Profit (Loss) for the period to be allottedb. 13.711.384,66Participations in the resultc. 1.961.013,04


(Profit to be carried forward) Loss to be carried forwardIII. -908.750,00




55



ADIDAS-SALOMON 20.000,00 1,27EUR 1,2746,00 920.000,00


a. Shares


Germany

ALLIANZ 37.300,00 8,47EUR 8,43163,85 6.111.605,00BASF 36.000,00 4,83EUR 4,8297,00 3.492.000,00BAYER 60.000,00 4,63EUR 4,6255,82 3.349.200,00BEIERSDORF 14.000,00 1,02EUR 1,0152,52 735.280,00BMW 28.000,00 1,75EUR 1,7545,23 1.266.440,00COMMERZBANK 52.000,00 2,04EUR 2,0428,39 1.476.280,00CONTINENTAL 10.000,00 1,34EUR 1,3496,98 969.800,00DAIMLER-CHRYSLER 85.000,00 8,31EUR 8,2870,64 6.004.400,00DEUTSCHE BANK 40.000,00 5,00EUR 4,9990,38 3.615.200,00DEUTSCHE BOERSE 21.800,00 2,88EUR 2,8795,50 2.081.900,00DEUTSCHE LUFTHANSA (REG.) 70.000,00 1,95EUR 1,9520,17 1.411.900,00DEUTSCHE POST 40.000,00 1,13EUR 1,1320,40 816.000,00DEUTSCHE TELEKOM 160.000,00 3,05EUR 3,0413,78 2.204.800,00EON 55.000,00 9,88EUR 9,85129,66 7.131.300,00FRESENIUS 20.000,00 1,46EUR 1,4652,92 1.058.400,00FRESENIUS MEDICAL CARE AG & CO 20.000,00 1,03EUR 1,0337,27 745.400,00HEIDELBERGCEMENT 7.000,00 1,00EUR 1,00103,53 724.710,00HENKEL (PREF) 15.000,00 0,75EUR 0,7536,09 541.350,00HOCHTIEF 11.000,00 1,29EUR 1,2985,07 935.770,00INFINEON TECHNOLOGIES 65.000,00 1,09EUR 1,0812,09 785.850,00LINDE 15.000,00 1,81EUR 1,8087,09 1.306.350,00MAN 16.600,00 2,34EUR 2,34102,05 1.694.030,00MERCK KGAA 10.000,00 1,17EUR 1,1784,60 846.000,00METRO 14.000,00 1,23EUR 1,2263,34 886.760,00MUENCHENER RUECKVERSICH (REG.) 19.700,00 3,67EUR 3,66134,77 2.654.969,00PORSCHE (PREF.) 1.000,00 2,06EUR 2,061.489,73 1.489.730,00PROSIEBEN SAT.1 MEDIA AG-PFD 30.000,00 0,91EUR 0,9122,04 661.200,00RWE 42.000,00 5,13EUR 5,1188,20 3.704.400,00SAP 37.400,00 2,12EUR 2,1241,05 1.535.270,00SIEMENS 50.000,00 6,67EUR 6,6596,42 4.821.000,00THYSSENKRUPP 44.600,00 2,76EUR 2,7544,66 1.991.836,00VOLKSWAGEN 15.600,00 3,42EUR 3,41158,50 2.472.600,00WINCOR NIXDORF 20.000,00 1,60EUR 1,6058,00 1.160.000,00

Total Germany 99,06 98,8071.601.730,00

QIAGEN NV 50.000,00 0,94EUR 0,9313,54 677.000,00The Netherlands

Total The Netherlands 0,94 0,93677.000,00


100,00 99,7372.278.730,00

Total a. Shares


100,00 99,7372.278.730,00





%of portf.

%Nav

% heldby the

UCI

Denomination

TOTAL PORTFOLIO 100,00 99,7372.278.730,00

ING Belgique EUR 0,47 342.081,46ING Belgique GBP 0,00 2,42

Current accounts 0,47342.083,88

TOTAL DEPOSITS AND LIQUIDITIES 0,47342.083,88

LIQUID ASSETS

56

OTHER PAYABLES AND RECEIVABLES -0,02-12.757,27

OTHER -0,18-132.273,49

TOTAL NET ASSETS 100,0072.475.783,12




%of portf.

%Nav

% heldby the

UCI

Denomination


Per sector

Car Parts & Equipment 17,21Insurance 12,13Electric & Electronic 11,49Chemical 10,21Energy 9,87Banks 7,04Transportation 6,90Cosmetics 5,62EN-Energy Supply 5,13Telecommunication 3,05Diversified services 2,88Metal 2,76Building materials 2,30Other 3,41TOTAL 100,00

57

PurchasesSales

Total 1


Total 2


Rotation

Semester 1

14.334.309,2220.010.465,84

34.344.775,06

8.463.083,4711.488.988,68

19.952.072,15

54.023.388,72

26,64%

Semester 2

20.640.123,298.234.896,40

28.875.019,69

19.779.233,1810.652.685,26

30.431.918,44

68.965.836,55

-2,26%

34.974.432,5128.245.362,24

63.219.794,75

28.242.316,6522.141.673,94

50.383.990,59

61.525.736,74

20,86%

Total


Purchases 14.334.309,22 20.640.123,29Sales 20.010.465,84 8.234,896,40

Total 1


Total 2


Corrected Rotation

Semester 1

34.344.775,06

8.463.083,4711.488.988,68

19.952.072,15

27,23%

Semester 2

28.875.019,69

19.779.233,1810.652.685,26

30.431.918,44

-1,28%

63.219.794,75

28.242.316,6522.141.673,94

50.383.990,59

22,52%

Total


34.974.432,51 28.245.362,24

60.548.493,12

58



(EUR)Net assets






2005 36.423.293,10 603,68 2.587,775.183,8540 12.948,397084,0000 652,0000 2.871.137,99 6.784.970,00203.353,93 1.438.850,2951.615,555148.962,5551 2.653,0000

2006 52.836.195,76 709,71 2.999,5419.986,8970 11.956,77602.069,0000 592,0000 13.578.176,89 8.066.711,375.966.486,54 1.672.769,5861.122,676156.992,6761 4.130,0000

2007 72.475.783,12 905,30 3.773,6827.766,4840 19.854,02901.153,0000 1.648,0000 24.096.840,96 16.404.815,544.145.475,69 5.736.858,4068.540,131164.905,1311 3.635,0000

59

Returns5.5.5.

ING (B) INVEST GERMANY CAP



27,56(in %)

24,71(in %)

21,47(in %)

6,27(in %)

10,72(in %)


Fees5.5.6.







60







61

Accountable Editor Christian Bellin

Av. Marnix, 24 - 1000 Brussels [email protected]

Documents

ING (B) INVEST · Manager of companies c/o Company Head Office 24, Avenue Marnix - B 1000 Brussels Gustaaf Van den Bergh, Manager ING Belgium Pension Funds ING Investment Management