ING INTERNATIONAL II

Annual report and audited f inancial s tatements

For the year ended 31 March 2007

Société d'Investissement à Capital Variable

LUXEMBOURG

IINNGG IINNTTEERRNNAATTIIOONNAALL ((IIII))

Glossary of Symbols

Countries, Central Governments

Cantons, Provinces, etc...

Cities, Municipal Authorities

Public bodies

Private bodies

Supranational Organisations

Investment Funds

Reserve

Mining, extracting industry

Aluminium

Non-ferrous metals

Precious metals and stones

Building materials, industry

Paper and forest products

Agriculture and fishery

Petroleum

Chemicals

Electrical, electronics

Aero-astro-nautic industry

Internet, software & tech. info. serv.

Office supplies and computing

Watch industry

Machine, apparatus construction

Road vehicles

Rubber and tyres

Real estate companies

Food, non alcoholic beverages

Tobacco, alcoholic drinks

Pharmaceuticals and cosmetics

Textiles and garments

Photographics and optics

Miscellaneous consumer goods

Graphics and publishing

Packaging industries

Retail trade, department store

Miscellaneous trading companies

Banks & fin. instit. (EU)

Other banks & fin. instit.

Central MTG

Holding and finance companies

Insurance companies

Transportation

Energy and water supply

Communication

Hotels and restaurants

Miscellaneous services

Conglomerates

Various unclassified sectors

Biochemistry

Sundry investment goods

Environment and recycling

Public health and social

Chile

China

Colombia

Costa Rica

Cuba

Czech Republic

Germany

Denmark

Dominica

Dominican Republic

Algeria

Estonia

Ecuador

Egypt

Spain

Finland

France

Great Britain

Guernsey

Ghana

Gibraltar

Greece

Hong Kong

Croatia

Hungary

Indonesia

Ireland

Israel

India

Iraq

Iceland

Italy

Jersey

Japan

South Korea

Cayman Islands

Kazakhstan

Lebanon

Liberia

Lithuania

Luxembourg

Latvia

Morocco

Marshall Islands

Macedonia

Mauritius

Mexico

Malaysia

European Institutions

European Institutions (L)

Supranational Institutions

United Arab Emirates

Netherlands Antilles

Argentina

Austria

Australia

Bosnia and Herzegovina

Belgium

Bulgaria

Bermuda

Brazil

Canada

Switzerland

Ivory Coast

HR

Singapore

Slovakia

San Marino

Senegal

El Salvador

Thailand

Turkey

Taiwan

Ukraine

United States

Uruguay

Venezuela

Virgin Islands (UK)

Vietnam

Yugoslavia

South Africa

ZimbabweNicaragua

Nigeria

The Netherlands

Norway

New Zealand

Panama

Peru

Papua New Guinea

Philippines

Pakistan

Poland

Portugal

Romania

Russia

Sudan

Sweden

Cuban Peso

Cyprus Pound

Czech Koruna

German Mark

Danish Krone

Algerian Dinar

Estonian Kroon

Egyptian Pound

Spanish Peseta

Euro

Finland Mark

French Franc

Pound Sterling

Gibraltar Pound

Greek Drachma

Hong Kong Dollar

Croat Kuna

Hungarian Forint

Indonesian Rupiah

Irish Pound

Israelian new shekel

Indian Rupee

Icelandic Króna

Italian Lira

Jordanian Dinar

Japanese Yen

North Korean Won

South Korean Won

Kuwaiti Dinar

Cayman Islands Dollar

Kazakh Tenge

Lebanese Pound

Lithuanian Litas

Luxembourg Franc

Latvian Lats

Moroccan Dirham

Moldovan Leu

Macau Pataca

Maltese Lira

Mexican Peso

Malaysian Ringgit

Nicaraguan Córdoba

Dutch Guilder

Norwegian Krone

New Zealand Dollar

Omani Rial

Peruvian New Sol

Philippines Peso

UAE Dirham

Armenian Dram

Argentine Peso

Austrian Schilling

Australian Dollar

Azerbaijani Manat

Belgian Franc

Bulgarian Lev

Brunei Dollar

Brazilian Real

Belarusian Rouble

Canadian Dollar

Swiss Franc

Chilean Peso

Renminbi-Yuan

Colombian Peso

Tunisian Dinar

Turkish Lira

New Taiwan Dollar

US Dollar

Uruguayan Peso

Uzbekistan Sum

Venezuelan Bolívar

Vietnamese Dong

Yemeni Rial

Yugoslav Dinar

South African Rand

Pakistani Rupee

Polish Zloty

Portuguese Escudo

Paraguayan Guaraní

Qatari Riyal

New Romanian Leu

Russian Rouble

Saudi Riyal

Swedish Krona

Singapore Dollar

Slovenian Tolar

Slovak Koruna

Syrian Pound

Thai Baht

Tajik Somoni

Turkmen Manat

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

The prospectus, the statutes, the annual and semi-annual reports are made available to the shareholders at the custodian bankand at the Company's registered office as well as at the financial servicing institutions identified in this report. They will also besent free of charge to anyone who so requests.

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

WARNING

ING International (II) - 31/03/2007


TABLE OF CONTENTS

GLOSSARY OF SYMBOLS

ORGANISATION

MANAGEMENT'S REPORT

INDEPENDENT AUDITOR'S REPORT

EVOLUTION OF THE SUB-FUNDS

STATEMENT OF NET ASSETS

AS AT MARCH 31, 2007

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEAR ENDED MARCH 31, 2007

SECURITIES PORTFOLIO

AND FINANCIAL DERIVATIVE INSTRUMENTS

NOTES TO THE FINANCIAL STATEMENTS

3

5

8

9

16

19

22

48

ING International (II) - 31/03/2007 3

ORGANISATION

REGISTERED OFFICE

BOARD OF DIRECTORS

CHAIRMAN

DIRECTORS

52, route d'Esch, L-1470 Luxembourg

Jean Sonneville,

General Manager,

ING Investment Management Belgium

Philippe Gusbin,

Senior General Manager Ops & IT,

ING Luxembourg

Alexandre Deveen,

Managing Director,


Marc Van de Walle,

Head of Private Banking,

ING Luxembourg

Christiaan de Haan,

Managing Director,


4ING International (II) - 31/03/2007

ORGANISATION

MANAGEMENT COMPANY

INVESTMENT MANAGERS

CUSTODIAN

ADMINISTRATION AGENT,

REGISTRAR AND TRANSFER AGENT

INDEPENDENT AUDITORS

FINANCIAL SERVICING

CZECH REPUBLIC

LUXEMBOURG

SLOVAKIA

THE NETHERLANDS

ING Investment Management Luxembourg S.A., Luxembourg


delegated to

ING Investment Management Co, New York

ING Investment Management Belgium, Brussels

ING Asset Management BV, The Hague

ING Investment Management (C.R.), Praha

ING Luxembourg,

52, route d'Esch, Luxembourg


delegated to

ING Luxembourg,

52, route d'Esch, Luxembourg

Ernst &Young, Société Anonyme,

7, Parc d'Activité Syrdall,

L-5365 Munsbach, Luxembourg

ING Luxembourg, 52, route d'Esch, Luxembourg

ING Bank N.V., Amstelveensesteenweg 500, 1081 KL Amsterdam

4

ECONOMIC DEVELOPMENTS

During the reporting period, the global economy continued to grow at a strong and healthy pace. Growth has started to

become more balanced across regions as US growth has slowed down while the Eurozone and the Emerging markets are

displaying increased domestic demand strength.

After two years of at-or-above potential growth, Goldilocks have left the party in the US. After a very strong first quarter of

2006 (+5.6% yoy), GDP expanded only 2.6% in the second quarter of 2006 and grew slightly higher than 2% during the

second semester of 2006. US consumption (the traditional engine of the US economy) started to slow, as high oil prices,

rising bond yields and a cooling housing market affected consumer confidence. In the first quarter of 2007, economic

growth decreased further to 1.3%, as the trade deficit continued to widen and the housing activity remained weak.

Furthermore, higher than expected inflation data surprised financial markets during the second quarter of 2006. But, as the

latest inflation numbers looked a bit less alarming, the focus in markets has decidedly shifted from concerns over inflation

towards the degree of slowing in growth. During the first four months of the reporting period, the Fed made several gradual

adjustments of the Fed funds towards more 'neutral' levels. Early August, the Fed installed a wait-and-see mode and kept

the US base rate unchanged at 5.25%.

The Eurozone economy grew well above potential in 2006 and continued to outperform everyone's expectations in the first

quarter of 2007. Whereas Euroland only managed to achieve an average yoy growth rate of 1.2% in 2002-2005, it more

than doubled this figure in 2006. The reason for this shift is surprisingly simple. In 2002-2005 nobody was willing to spend:

the corporate sector was busy rebuilding balance sheets and competitiveness which, in turn, depressed household

spending both via sluggish real disposable income growth and increased unemployment fears. Governments, in turn, were

restricted because of the Stability and Growth Pact, while the big euro appreciation of 2002-2003 quenched the rest of the

world's appetite to spend on European goods and services. Since the middle of 2005, however, the corporate sector's

behaviour changed fundamentally as the appetite to invest and hire picked up markedly, thus also igniting households'

willingness to spend. The European Central Bank raised the official repo rate moderately to 3.75%, as it faces an economy

which is running close to full capacity, while growth still remains above potential.

In Japan, GDP slowed in the second quarter of 2006 and the third quarter of 2006, but rebounded again in the second half

of the reporting period. Although manufacturing sector is digesting an inventory correction and household consumption has

been disappointing, the Japanese economy continues to grow above its potential. Furthermore, conditions in the domestic

economy continue to improve as willingness to hire and invest continues to improve in corporate Japan. Especially, the

more domestically orientated firms turn increasingly positive in this perspective. Given the upturn in the economy, the Bank

of Japan raised the overnight call rate to 0.50% in February 2007. However, with inflation failing to turn decisively

positive and tighter labour markets failing to accelerate household income growth, some doubts about the pace of the

secular reflation process have emerged. Nevertheless, the Bank of Japan still seems likely to gradually hike up interest rates

further over the coming 2 years towards a 'neutral' level in the 2.5-3% range.

Economic forecasts 2006 2007E 2008E

United States

Gross growth domestic product (%) 3.3 2.5 3.1

Inflation rate (%) 3.4 1.9 2.4

Eurozone



Japan



Source: ING IM /April 2007

E: Estimation

5

MANAGEMENT’S REPORT


DEVELOPMENTS ON FIXED INCOME MARKETS

Global bond yields moved higher during the first quarter of the reporting period, in a context of healthy economic growth,

rising inflation and mounting Fed Funds. In July, the trend reversed and bond yields started to decrease, as markets

anticipated the pause in the monetary tightening in the US and worried about the economic slowdown in the US.

After US soft landing data in December, bond markets ended the year on a bearish note again. After the sharp flight-to-quality

driven rally at the end of February, bond markets sold off and more or less corrected that temporary rally.

In the US, the yield of the 10-year government bond started April 2006 at 4.85%, peaked at 5.23% in July, fell back to

4.42% at the start of December and ended at 4.65%. At the end of the reporting period the yield curve was inverted by

4 bps (difference between 10y and 2y).

Eurozone 10y-bond yields followed a similar pattern last year. The yield of the German 10-year government bond started

at 3.76%, peaked at 4.13%, fell back toward 3.65% and at 4.07% in March 2007.

The Japanese 10y government bond started the reporting period at a yield of 1.75%, reached 1.97% on the fifth of July and

ended at 1.64%.

OUTLOOK MACRO-ECONOMICS AND FIXED INCOME MARKETS

From a fundamental point of view, the global economy should be able to show decent growth in 2007. As the US economy

represents 30% of the global economy, it is obvious that the situation in the US will also impact the economies in the Europe,

Japan and the emerging markets. These regions will no longer be boosted by a buoyant US consumption. Fortunately,

domestic consumption remained strong in the rest of the world. This demand should offer some compensation for the soft

landing of the US economy.

Mixed data releases and unusual weather patterns have increased uncertainty over the underlying momentum in the

US business cycle. Ongoing concern over the housing market, deteriorating trends in investment spending and a renewed

rise in energy prices have created some downside risks to the outlook. At the same time, however, solid household income

growth, resilient external demand and the stimulative stance of financial conditions seem to keep the economy on track for

a 'soft landing'. Meanwhile, the Fed has moved a step closer to a neutral stance as the emergence of downside risks to the

growth outlook has increased the desire of the central bank to have more flexibility in case one of the risk scenarios

materialises. Nevertheless, inflationary pressures remain the "predominant' concern of the Fed and therefore we still do not

expect them to start cutting rates in 2007 and see Fed funds at 5.25% at year-end.

In the Eurozone, the corporate sector is currently clearly in an expansionary mode as investment and hiring have recovered

substantially. This coupled with the expectation that global growth will remain robust in 2007 should keep EMU growth at

or somewhat above potential this year. Meanwhile, the decline in oil prices has pushed headline inflation below 2% in the

fourth quarter of 2006. Due to the German VAT hike it is expected to rise somewhat above 2% again in the first quarter but

fall again later in the year. Nevertheless, given that the degree of slack is probably already fairly limited while growth

momentum remains above potential, we should see some upward pressure on inflation going into 2008. This coupled with

the unabated high money and credit growth rates should induce the ECB to continue tightening their monetary policy.

Therefore, we expect the refi rate to be at 4% by the end of the first semester of 2007 and 4.25% at the end of 2007.

In Japan, the return to an environment of (limited) inflation is taking longer than expected. Assuming though, that this

process will remain intact, we expect the Bank of Japan to continue its policy of very gradual tightening (to 2.5-3% in about

two years' time).

On a 6- to 12-month horizon, we expect long-term bond yields to rise modestly in the Eurozone and in the US, while we

anticipate a marked increase of long-term bond yields in Japan.

6



Outlook 10-year bond yields (in %)

31/03/2007 3m E 1) 12m E 1)

United States 4.6 slightly higher slightly higher

Eurozone 4.1 slightly higher higher

Japan 1.7 slightly higher higher

1) as compared to 30 March 2007 Source: ING IM /April 2007

E: Estimation

DEVELOPMENTS ON EQUITY MARKETS

Over the reporting period, global equity markets rose 5.5% in euro, on the back of healthy global economic growth, low

inflation and strong earnings. The month of May marked a sudden shift of market sentiment and brought the prolonged

period of rising stock prices and low volatility to a standstill. A cocktail of disappointing US inflation data and uncertainties

regarding the Fed's interest-rate policy have diminished the extreme risk appetite and triggered a sell-off on the global

equity markets. Since the summer, investors concluded that the sharp correction in May-June had been overdone. The Fed-pause,

subdued inflation data, ongoing M&A activity and strong earnings supported this view. During the first quarter of 2007, surging

volatility was a notable feature on the equity markets. Initially, markets continued the upward path of 2006, but at the end

of February, investors found excuses to take profits, which brought an end to one of the longest post-war booms. Several

factors caused the spike in volatility, in particular the big sell-off on the Chinese stock market and distress on the US

mortgage market. However, in the final weeks of the first quarter of 2007 the markets were able to recover again.

European equities, Asia Pacific and Emerging Markets outperformed during the last 12 months. The MSCI Europe rose

13.7%, especially because of strong M&A momentum. Asia pacific (ex Japan) won 17.4% (in euro), while Emerging

markets rose +10.8% (in euro). The MSCI Japan (-6.5%) and the MSCI USA (+1.5%) underperformed in Euro.

The best performing sectors over the period were: the Material sector positively influenced by soaring commodity prices,

Utilities (strong M&A in Europe) and Telecom (attractive valuations and strong M&A activity). Underperformers were IT,

Energy and Healthcare.

OUTLOOK EQUITY MARKETS

Stock market volatility has surged in the first quarter, and we expect volatility to remain elevated. The environment for

equities will remain favourable as long as the economy grows at a decent pace, inflation is subdued and long-term bond

yields are relatively low. We envisage a limited slowdown of US economic growth. The development of economic data in

the US should continue to dominate the stock markets. Especially in Europe, (rumours about) mergers and acquisitions

should remain a key feature.

The year 2007 is expected to be the first year since 2002 to bring slower economic growth and earnings growth on worldwide

scale. In such a period of transition, the uncertainties are bigger than usual. In the past few years, earnings growth has

accelerated to record levels and as a consequence, it has become more and more difficult for companies to surprise

investors. In addition, companies are expected to face late-cycle headwinds, such as rising wage costs.

We anticipate 5-8% earnings growth in 2007 and expect global equity markets to produce a similar total return. In a

period of slower earnings growth, we expect quality companies with above average earnings growth to stand out.

7



8

INDEPENDENT

AUDITOR'S REPORT


Following our appointment by the Annual General Meeting of the Shareholders of July 5, 2006, we have audited the

accompanying financial statements of ING International (II), SICAV and of each of its sub-funds, which comprise the Statement

of Net Assets and the Securities Portfolio and Financial Derivative Instruments as at March 31, 2007 and the Statement of

Operations and Changes in Net Assets for the year then ended, and a summary of significant accounting policies and other

explanatory notes to the financial statements.

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

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in

accordance with Luxembourg legal and regulatory requirements relating to the preparation 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 "Réviseur d'Entreprises"

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 as adopted by the "Institut des Réviseurs d'Entreprises".

Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable

assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial

statements. The procedures selected depend on the judgement of the "Réviseur d'Entreprises", including the assessment of

the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, the "Réviseur d'Entreprises" considers internal control relevant to the entity'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 entity's internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting

estimates made by the Board of Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of ING International (II), SICAV

and of each of its sub-funds as of March 31, 2007 and of the results of their operations and changes in their

Net Assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the

preparation of the financial statements.

Without qualifying our opinion, we draw attention to the fact that, as indicated in Note 2 to the financial statements, senior

bank loans included in the investment portfolio of the sub-funds "Senior Bank Loans EURO" and "Senior Bank Loans USD"

are valued using prices sourced from various brokers in the absence of readily available prices from a regulated market.

Accordingly, prices used for the valuation of such investments might have been different had a readily regulated market

existed for such investments and the differences could be material.

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. However, 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, June 20, 2007

To the Shareholders of ING International (II), SICAV

52, route d'Esch, L-1470 Luxembourg


EVOLUTION OF

THE SUB-FUNDS

9

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

Net Assets

Shares

Net Asset Valueper Share

Capitalisation B

Capitalisation G

Capitalisation P

Capitalisation I

Capitalisation X

Capitalisation Danske I

Capitalisation Danske G

Distribution A

Distribution P

Distribution I

Distribution J

Distribution Danske G

Number of Shares

Capitalisation B

Capitalisation G

Capitalisation P

Capitalisation I

Capitalisation X

ALPHA 3EUR

90,789,939--

---

---

251.11--

---

---

---

---

---

1,004.45--

---

---

---

---

---

159,206--

---

---

CZECH MONEY MARKETCZK

1,133,106,8371,014,065,0981,091,121,197

---

---

1,494.491,472.791,458.04

---

-1,475.311,459.07

---

---

---

1,305.761,302.881,307.01

---

---

---

---

---

687,731668,745641,515

---

-8,543

51,238

EMERGING MARKET DEBT (US DOLLAR)

USD

356,719,380325,966,657180,349,663

6,650.045,994.865,017.63

---

---

13,416.4412,011.51

-

---

---

---

1,949.591,961.291,836.19

---

---

---

---

35,28831,82123,561

---

---

3,9565,357

-

---

EVOLUTION OF

THE SUB-FUNDS

10ING International (II) - 31/03/2007 10

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007



Distribution A

Distribution P

Distribution I

Distribution J


Dividend

Total Expense Ratio (TER) in %*

Capitalisation B

Capitalisation G

Capitalisation P

Capitalisation I

Capitalisation X



Distribution A

Distribution P

Distribution I

Distribution J


Portfolio Turnover in %*

---

---

---

50,586--

---

---

---

------

-

-

1.16*

-

-

-

-

-

1.16*

-

-

-

2.24

ALPHA 3EUR

---

---

---

80,64012,69661,980

---

---

---

11.37 (31/01/2007)4.66 (31/07/2006)6.73 (31/01/2006)

10.36 (29/07/2005)11.37 (31/01/2005)10.33 (30/07/2004)

-

-

0.89

-

-

-

-

-

0.89

-

-

-

19.51


---

---

35,38436,13133,835

---

---

---

---

---

198 (20/07/2006)207 (20/07/2005)229 (20/07/2004)

1.52

-

-

0.83

-

-

-

1.52

-

-

-

-

41.40


USD

* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.

Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.

TER includes the proportional TER of the underlying funds and the sub-funds’ TER.

The TER is annualized for periods less than one year.

Portfolio Turnover rate is not annualized for periods less than one year.

The TER and the Portfolio Turnover are calculated for the last twelve months.


EVOLUTION OF

THE SUB-FUNDS

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

Net Assets

Shares


Capitalisation B

Capitalisation G

Capitalisation P

Capitalisation I

Capitalisation X



Distribution A

Distribution P

Distribution I

Distribution J


Number of Shares

Capitalisation B

Capitalisation G

Capitalisation P

Capitalisation I

Capitalisation X

OBLIRENTE EUR

31,770,03542,702,39947,638,818

67.5667.0166.10

---

---

---

---

---

---

---

---

---

---

---

470,274637,240720,709

---

---

---

---

SENIOR BANK LOANS EURO

EUR

1,788,053,230264,205,445

-

---

53,396.31--

---

53,427.3951,243.33

-

---

53,427.3851,243.32

-

53,392.61--

---

---

51,248.8950,876.92

-

---

52,050.68--

---

255--

---

11,9681,363

-

---

SENIOR BANK LOANS USD

USD

228,493,6669,349,653

-

---

54,866.47--

---

54,905.25--

---

---

---

---

---

53,029.7651,095.47

-

53,035.6851,095.47

-

---

---

23--

---

2,120--

---


EVOLUTION OF

THE SUB-FUNDS

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007



Distribution A

Distribution P

Distribution I

Distribution J


Dividend (page 13)


Capitalisation B

Capitalisation G

Capitalisation P

Capitalisation I

Capitalisation X



Distribution A

Distribution P

Distribution I

Distribution J



---

---

---

---

---

---

---

-----

0.84

-

-

-

-

-

-

-

-

-

-

-

-7.50

OBLIRENTE EUR

15,8291,632

-

1,763--

---

---

3,7052,177

-

---

101.50--

-----

-

1.41

-

0.83

-

0.83

0.87

-

-

0.83

-

0.87

63.94


EUR

---

---

---

---

4875-

1,603178

-

---

-----

-

1.40

-

0.83

-

-

-

-

-

0.83

0.87

-

136.91


USD






EVOLUTION OF

THE SUB-FUNDS


Dividend

Distribution I


Distribution J


EUR


USD

16/05/200723/04/200711/01/200718/10/200613/07/200619/04/200603/02/2006

16/05/200723/04/200711/01/200718/10/200613/07/2006

16/05/200723/04/200711/01/200718/10/200613/07/2006

211.23628.06530.23433.03335.61452.85358.46

204.94452.96530.23433.03335.61

-----

299.89866.8

796.09462.37545.05

--

-----

300.05874.84796.09462.37545.05

OBLIRENTEEUR

-------

-----

-----


EVOLUTION OF

THE SUB-FUNDS

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

Net Assets

Shares


Capitalisation B

Capitalisation G

Capitalisation P

Capitalisation I

Capitalisation X



Distribution A

Distribution P

Distribution I

Distribution J


Number of Shares

Capitalisation B

Capitalisation G

Capitalisation P

Capitalisation I

Capitalisation X

SLOVAK BONDSKK

3,330,495,5423,494,462,4653,315,131,340

1,157.551,120.561,126.66

---

---

---

---

---

---

---

---

---

---

---

2,877,1843,118,4912,942,450

---

---

---

---

SLOVAK MONEY MARKET

SKK

118,556,660168,527,183151,738,274

1,122.261,084.851,065.21

---

---

---

---

---

---

---

---

---

---

---

105,641155,346142,449

---

---

---

---


EVOLUTION OF

THE SUB-FUNDS

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/200731/03/200631/03/2005

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007

31/03/2007



Distribution A

Distribution P

Distribution I

Distribution J


Dividend


Capitalisation B

Capitalisation G

Capitalisation P

Capitalisation I

Capitalisation X



Distribution A

Distribution P

Distribution I

Distribution J



---

---

---

---

---

---

---

-----

1.33

-

-

-

-

-

-

-

-

-

-

-

8.14

SLOVAK BONDSKK

---

---

---

---

---

---

---

-----

1.02

-

-

-

-

-

-

-

-

-

-

-

-250.48

SLOVAK MONEY MARKET

SKK






16The accompanying notes form an integral part of these financial statements. ING International (II) - 31/03/2007

Total Securities Portfolio

Shares

Undertakings for Collective Investment

Bonds

Money Market Instruments

Financial Derivative Instruments

Cash at Bank

Margin Deposits

Other Assets (note 3)

Total Assets

Bank overdrafts

Current Liabilities (note 3)

Total Liabilities

Net Assets at the end of the year

ALPHA 3EUR

77,525,238

-

77,525,238

-

-

87,233

12,863,432

378,531

129,900

90,984,334

-

-194,395

-194,395

90,789,939


1,104,462,798

-

-

968,010,431

136,452,367

-

17,685,000

-

12,122,236

1,134,270,034

-170,276

-992,921

-1,163,197

1,133,106,837


USD

333,517,585

-

-

333,517,585

-

281,563

21,456,244

162,261

5,599,102

361,016,755

-

-4,297,375

-4,297,375

356,719,380

OBLIRENTE EUR

31,298,255

-

1,146,008

30,152,247

-

3,760

-

4,721

832,712

32,139,448

-341,758

-27,655

-369,413

31,770,035

STATEMENT OF

NET ASSETS


16


Shares


Bonds



Cash at Bank

Margin Deposits


Total Assets

Bank overdrafts


Total Liabilities


STATEMENT OF

NET ASSETS




EUR

1,478,951,669

80,371

-

1,478,871,298

-

16,402,289

289,445,720

-

182,589,359

1,967,389,037

-

-179,335,807

-179,335,807

1,788,053,230


USD

240,353,364

-

-

240,353,364

-

-

2,095,984

1,971,905

7,634,620

252,055,873

-

-23,562,207

-23,562,207

228,493,666

SLOVAK BONDSKK

3,146,915,258

-

-

3,146,915,258

-

-

104,454,678

-

83,245,129

3,334,615,065

-

-4,119,523

-4,119,523

3,330,495,542

SLOVAK MONEY MARKET

SKK

87,770,427

-

-

87,770,427

-

-

29,572,892

-

1,334,893

118,678,212

-

-121,552

-121,552

118,556,660

17



Shares


Bonds



Cash at Bank

Margin Deposits


Total Assets

Bank overdrafts


Total Liabilities


STATEMENT OF

NET ASSETS


COMBINEDEUR

2,155,714,310

80,371

78,671,246

2,072,093,915

4,868,778

16,704,801

324,669,927

1,986,502

196,473,438

2,695,548,978

-347,834

-200,649,975

-200,997,809

2,494,551,169


STATEMENT OF

OPERATIONS AND

CHANGES IN NET ASSETS

FOR THE YEAR ENDED

MARCH 31, 2007

Total income

Interest on bonds and other debt securities

Bank interest

Other income

Total expenses

Management fees (note 4)

Custodian fees (note 5)

Subscription tax (note 6)

Bank interest paid

Other expenses (note 7)

Net Investment Income

Net realised gains or losses

Changes in net unrealised gains or losses

Result of Operations

Subscriptions

Redemptions

Distribution

Net Assets at the beginning of the year

Conversion difference


ALPHA 3EUR*

130,582

-

130,582

-

-113,240

-66,068

-8,821

-11,193

-467

-26,691

17,342

45,145

286,179

348,666

91,569,052

-1,127,779

-

-

90,789,939


25,571,545

23,925,348

1,646,197

-

-9,087,871

-5,601,449

-1,831,103

-519,981

-24,752

-1,110,586

16,483,674

-2,435,811

841,031

14,888,894

449,031,506

-344,614,451

-264,210

1,014,065,098

1,133,106,837


USD

22,217,923

21,552,188

665,735

-

-4,583,199

-3,728,677

-150,589

-139,032

-4,982

-559,919

17,634,724

12,434,888

2,375,607

32,445,219

135,953,656

-130,497,530

-7,148,622

325,966,657

356,719,380

OBLIRENTE EUR

1,682,074

1,636,828

45,246

-

-317,903

-220,168

-17,563

-17,538

-2,549

-60,085

1,364,171

-107,263

-909,713

347,195

46,154

-11,325,713

-

42,702,399

31,770,035

* For the period from January 5, 2007 to March 31, 2007


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

MARCH 31, 2007

Total income


Bank interest

Other income

Total expenses




Bank interest paid






Subscriptions

Redemptions

Distribution





EUR

64,706,987

60,411,376

3,962,170

333,441

-7,725,573

-6,611,842

-268,995

-138,457

-76,390

-629,889

56,981,414

24,184,365

-38,903,354

42,262,425

1,505,750,371

-18,873,237

-5,291,774

264,205,445

1,788,053,230


USD

7,756,751

7,216,293

499,051

41,407

-902,384

-754,886

-31,976

-13,436

-3,112

-98,974

6,854,367

118,442

696,336

7,669,145

217,844,333

-3,420,907

-2,948,558

9,349,653

228,493,666

SLOVAK BONDSKK

169,470,771

164,087,868

5,382,903

-

-43,562,415

-29,342,552

-6,935,705

-1,656,004

-461,179

-5,166,975

125,908,356

-24,661,041

3,809,573

105,056,888

357,064,876

-626,088,687

-

3,494,462,465

3,330,495,542

SLOVAK MONEY MARKET

SKK

5,735,639

3,617,212

2,118,427

-

-1,388,847

-888,953

-199,286

-70,066

-12,194

-218,348

4,346,792

101,002

28,782

4,476,576

172,735,015

-227,182,114

-

168,527,183

118,556,660


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

MARCH 31, 2007

Total income


Bank interest

Other income

Total expenses




Bank interest paid






Subscriptions

Redemptions

Distribution




COMBINEDEUR

95,226,768

89,564,539

5,297,682

364,547

-13,955,748

-11,376,637

-712,753

-352,265

-100,627

-1,413,466

81,271,020

32,726,081

-37,073,540

76,923,561

1,895,127,638

-169,925,142

-12,886,507

717,155,750

-11,844,131

2,494,551,169


AND FINANCIAL

DERIVATIVE INSTRUMENTS

ALPHA 3

Quantity/Nominal Currency Valuation in EUR % NAV

TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE

Undertakings for collective investment

6,178 ING (L) INV EURO HIGH EUR 2,952,652 3.25DIVIDEND P CAP

822 ING (L) RENTA FD EMD EUR 2,426,610 2.67(HARD CCY) P CAP

95,425 ING (L) RENTA FD EMD USD 3,521,940 3.88(LOCAL CCY) P CAP

8,901,202 9.80

8,901,202 9.80

OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS


1,032 ING (L) INV US OPPORT USD 4,412,470 4.86EQ I CAP USD

15,511 ING (L) LIQUID EUR A CAP EUR 17,423,506 19.19

17,384 ING (L) LIQUID EURO PREMIUM EUR 17,571,920 19.35A CAP

14,000 ING (L) RENTA FD II OBLI-CASH EUR 5,003,460 5.51EURO CAP

3,823 ING INTL CMF EURO B CAP EUR 15,022,593 16.55

325 ING INTL CMF EURO SHORT TERM EUR 9,190,087 10.12INV B CAP

68,624,036 75.58

68,624,036 75.58

TOTAL 77,525,238 85.38


FINANCIAL DERIVATIVE INSTRUMENTS

Quantity/Nominal Currency Commitments in EUR

Forward Contracts

Rate

-43 EUREURO SCHATZ 2 YR 06/2007 4,442,115

4,442,115

-3

-13

-3

-12

-2

-6

EUR

EUR

EUR

EUR

EUR

USD

AEX INDEX 04/2007

CAC 40 INDEX 04/2007

DAX INDEX 06/2007

DJ EURO STOXX 50 INDEX 06/2007

IBEX-35 INDEX 04/2007

S&P 500 INDEX 06/2007

306,750

733,980

522,675

493,200

293,280

1,549,086

3,898,971

Stock indices


to receive to pay Date Commitments in EUR

Forward contracts on currencies

EUR 1,298,522

EUR 1,519,127

EUR 1,809,945

EUR 2,173,180

EUR 526,395

EUR 815,127

USD 1,691,000

USD 2,001,100

USD 2,385,680

USD 2,900,000

USD 700,000

USD 1,058,055

30/04/2007

30/04/2007

30/04/2007

30/04/2007

30/04/2007

30/04/2007

1,270,330

1,503,287

1,792,195

2,178,567

525,861

794,843

8,065,083


AND FINANCIAL


CZECH MONEY MARKET

Quantity/Nominal Currency Valuation in CZK % NAV


Bonds

20,000,000 E.I.B 02/2007 3 1/4% CZK 20,042,000 1.77

20,042,000 1.77

30,000,000 AUST & NZ BANKING 05/2010 (FRN) CZK 30,000,000 2.65

30,000,000 2.65

30,000,000 GEN ELECT CAP CANADA CZK 29,984,250 2.6502/2007 (FRN)

29,984,250 2.65

120,000,000 CZECH REPUBLIC 05/2010 2.55% CZK 116,742,487 10.30

120,000,000 CZECH REPUBLIC 06/2009 3 1/4% CZK 120,022,546 10.59

236,765,033 20.89

30,000,000 DEPFA PFANDBRIEFBANK CZK 30,000,000 2.6505/2008 (FRN)

15,000,000 IKB DEUTSCHE INDUSTRIEBANK CZK 14,984,738 1.3204/2007 (FRN)

30,375,000 LB RHEINLAND-PFALZ 03/2008 (FRN) CZK 30,325,641 2.68

15,000,000 RWE 02/2007 (FRN) CZK 14,995,500 1.32

90,305,879 7.97

25,000,000 FINGRID 05/2010 (FRN) CZK 24,997,500 2.21

24,997,500 2.21

15,000,000 ANGLO AMER CAPITAL 05/2010 (FRN) CZK 15,000,000 1.32

30,000,000 BARCLAYS BANK 05/2010 (FRN) CZK 29,955,000 2.64

25,000,000 HBOS TREASURY 05/2010 (FRN) CZK 24,962,500 2.20

16,000,000 NATIONAL GRID 05/2010 (FRN) CZK 15,976,000 1.41

6,000,000 NATIONAL GRID 05/2010 2.83% CZK 5,853,000 0.52

30,000,000 TESCO 05/2007 2 1/4% CZK 29,964,000 2.64

121,710,500 10.73

20,000,000 ANGLO IRISH BANK 06/2011 3.13% CZK 19,760,000 1.74

19,760,000 1.74



Bonds

10,000,000 ISLANDSBANKI FBA 04/2007 (FRN) CZK 9,958,650 0.88

10,000,000 LANDSBANKI ISLANDS 04/2009 4.4% CZK 10,224,474 0.90

25,000,000 LANDSBANKI ISLANDS 05/2010 (FRN) CZK 24,500,000 2.16

44,683,124 3.94

20,000,000 UNICREDITO ITALIANO 05/2010 (FRN) CZK 20,000,000 1.77

20,000,000 1.77

30,000,000 AIG SUNAMERICA 02/2008 (FRN) CZK 29,760,000 2.63

30,000,000 JACKSON NAT FUND 02/2007 (FRN) CZK 29,848,500 2.63

59,608,500 5.26

20,000,000 ABN AMRO BANK 05/2007 0% CZK 18,989,551 1.68

30,000,000 ING VERZEKERINGEN 04/2009 (FRN) CZK 29,954,999 2.64

15,000,000 ING VERZEKERINGEN 05/2010 (FRN) CZK 14,985,000 1.32

20,000,000 SNS BANK NEDERLAND 04/2009 (FRN) CZK 20,000,000 1.77

10,000,000 SNS BANK NEDERLAND CZK 9,822,112 0.8705/2010 2.95%

93,751,662 8.28

20,000,000 DNB NOR BANK ASA 05/2007 0% CZK 18,563,207 1.64

18,563,207 1.64

20,000,000 BEAR STEARNS 05/2010 (FRN) CZK 19,996,001 1.76

25,000,000 GENERAL ELECTRIC CAP 04/2009 (FRN) CZK 25,008,475 2.21

25,000,000 GOLDMAN SACHS 05/2010 (FRN) CZK 24,962,500 2.20

30,000,000 HSBC FINANCE 05/2010 (FRN) CZK 29,955,000 2.64

38,000,000 MERRILL LYNCH 05/2010 (FRN) CZK 37,946,800 3.35

20,000,000 MORGAN STANLEY 03/2008 (FRN) CZK 19,970,000 1.76

157,838,776 13.92

968,010,431 85.42



AND FINANCIAL


CZECH MONEY MARKET




20,000,000 MOF CZECH T-BILL 01/06/2007 0% CZK 19,534,443 1.72




136,452,367 12.04

136,452,367 12.04

TOTAL 1,104,462,798 97.46



AND FINANCIAL



Quantity/Nominal Currency Valuation in USD % NAV


Bonds

4,305,000 ARGENTINA 02/2012 (FRN) USD 3,098,524 0.87

4,140,000 ARGENTINA 04/2014 (VAR) ARS 1,496,800 0.42

950,000 ARGENTINA 05/2033 7.82% (PIK) EUR 1,477,015 0.41

4,500,000 ARGENTINA 05/2033 8.28% (PIK) USD 5,942,602 1.67

764,185 ARGENTINA 05/2035 (VAR) EUR 133,768 0.04

18,605,000 ARGENTINA 05/2035 (VAR) USD 2,567,490 0.72

764,185 ARGENTINA 05/2038 (STEP) EUR 461,321 0.13

1,905,000 ARGENTINE 05/2035 (VAR) USD 243,840 0.07

1,036,498 BUENOS AIRES PROV 05/2017 9 1/4% USD 1,046,863 0.29

3,430,000 BUENOS AIRES PROV 05/2035 (VAR) EUR 2,345,703 0.66

8,884,425 BUENOS AIRES PROV 05/2035 (VAR) USD 4,357,810 1.22

1,515,000 BUENOS AIRES PROV 06/2018 9 3/8% USD 1,524,469 0.43

825,000 PROVINCE DEL NEUQUEN USD 855,525 0.2406/2014 8.656%

381,572 PROVINCE OF MENDOZA USD 324,336 0.0904/2018 5 1/2%

1,155,000 TRANSENER 06/2016 8 7/8% USD 1,155,000 0.32

435,827 TRANSPORTE GAS NORTE USD 422,752 0.1206/2012 (STEP UP)

27,453,818 7.70

211,622 BOSNIA & HERZEGOVINA DEM 123,147 0.0397/2017 (VAR)

7,417,400 BOSNIA & HERZEGOVINA DEM 3,275,750 0.9297/2017 0%

3,398,897 0.95

7,850,000 BRAZIL 00/2040 11% USD 10,589,650 2.97

5,910,000 BRAZIL 04/2019 8 7/8% USD 7,464,330 2.09

4,300,000 BRAZIL 04/2034 8 1/4% USD 5,396,500 1.51

6,600,000 BRAZIL 05/2025 8 3/4% USD 8,481,000 2.38

900,000 BRAZIL 97/2027 10 1/8% USD 1,307,250 0.37

33,238,730 9.32

6,256,700 REPUBLIC OF IVORY COAST USD 1,670,539 0.4798/2018 (STEP UP)

1,670,539 0.47

6,655,000 COLOMBIA 04/2024 8 1/8% USD 7,753,075 2.17

5,900,000 COLOMBIA 06/2017 7 3/8% USD 6,426,604 1.80

500,000 COLOMBIA 06/2037 7 3/8% USD 544,250 0.15

14,723,929 4.12



Bonds

3,545,000 DOMINICAN REPUBLIC 05/2018 9.04% USD 4,486,803 1.26

990,000 DOMINICAN REPUBLIC 06/2027 8 5/8% USD 1,146,420 0.32

5,633,223 1.58

2,655,000 ECUADOR 00/2030 4% (STEP UP) USD 2,376,225 0.67

600,000 ECUADOR 05/2015 9 3/8% USD 576,600 0.16

2,952,825 0.83

1,500,000 CITY OF KIEV 05/2015 8% USD 1,603,695 0.45

300,000 COLVIS FINANCE 04/2009 8% USD 307,885 0.09

1,480,000 CSFB (EXIM UKRAINE) 06/2011 7.65% USD 1,519,879 0.43

960,000 HSBC BANK 06/2011 7 3/4% USD 971,457 0.27

2,900,000 PRIVATBANK 07/2012 8% USD 2,890,430 0.81

7,293,346 2.05

204,000 BANGKOK BANK 98/2029 9.025% USD 256,636 0.07

256,636 0.07

1,456,000 INDONESIA 05/2015 7 1/4% USD 1,572,480 0.44

1,440,000 INDONESIA 05/2016 7 1/2% USD 1,579,340 0.44

3,400,000 INDONESIA 05/2035 8 1/2% USD 4,177,750 1.17

3,500,000 INDONESIA 06/2017 6 7/8% USD 3,691,236 1.03

2,405,000 INDONESIA 07/2037 6 5/8% USD 2,371,595 0.66

13,392,401 3.74

7,173,000 IRAQ 06/2028 5.8% USD 4,698,315 1.32

4,698,315 1.32

1,454,465 EARLS EIGHT 06/2012 (STEP UP) USD 1,403,559 0.39

1,823,000 PERU ENHANCED PASS-TH A-1 USD 1,219,131 0.3406/2018 0%

260,000 VALE OVERSEAS 06/2017 6 1/4% USD 264,929 0.07

620,000 VALE OVERSEAS 06/2036 6 7/8% USD 640,266 0.18

3,527,885 0.98





Bonds

3,630,000 LEBANESE REPUBLIC 06/2021 8 1/4% USD 3,531,504 0.99

3,531,504 0.99

1,472,500 ALFA DIVERS PAYMT RGTS FIN USD 1,479,862 0.4106/2011 (FRN)

1,750,000 KUZNETSKI 05/2015 (STEP UP) USD 1,809,150 0.51

2,000,000 MERRILL LYNCH 06/2011 (FRN) USD 2,063,000 0.58

1,130,000 RUSSIAN AGRICOLE BK 06/2016 (VAR) USD 1,161,473 0.33

1,000,000 SINEK CAPITAL 05/2015 7.7% USD 1,019,600 0.29

1,650,000 UBS (VIMPELCOM) 06/2016 8 1/4% USD 1,761,375 0.49

9,294,460 2.61

9,883,000 MEXICAN UTD 04/2034 6 3/4% USD 10,777,411 3.02

600,000 MEXICO 01/2031 8.3% USD 773,100 0.22

10,500,000 MEXICO 06/2017 5 5/8% USD 10,584,000 2.97

22,134,511 6.21

4,500,000 NIGERIA P NOTES 88/2010 5.092% USD 990,000 0.28

990,000 0.28

3,102,000 EXCELCOMINDO FINANCE USD 3,148,530 0.8806/2013 7 1/8%

545,000 KAZKOMMERTS INTL 07/2017 6 7/8% EUR 719,321 0.20

2,200,000 KAZOMMERTS INTL 06/2016 7 1/2% USD 2,138,620 0.60

930,000 MAJAPAHIT 06/2016 7 3/4% USD 972,167 0.27

780,000 TURANALEM FINANCE EUR 1,026,332 0.2906/2011 6 1/4%

8,004,970 2.24

3,035,000 PANAMA 06/2036 6.7% USD 3,150,330 0.88

3,150,330 0.88

870,000 PERU 03/2033 8 3/4% USD 1,144,050 0.32

1,000,000 PERU 04/2014 7 1/2% EUR 1,538,809 0.43

4,630,000 PERU 05/2025 7.35% USD 5,268,940 1.48

7,951,799 2.23



Bonds

3,000,000 NATIONAL POWER 02/2028 9 5/8% USD 3,783,750 1.06

6,420,000 PHILIPPINES 00/2025 10 5/8% USD 9,124,425 2.56

2,400,000 PHILIPPINES 02/2017 9 3/8% USD 2,958,000 0.83

3,200,000 PHILIPPINES 03/2014 8 1/4% USD 3,588,000 1.01

2,040,000 PHILIPPINES 05/2030 9 1/2% USD 2,708,100 0.76

2,000,000 PHILIPPINES 06/2031 7 3/4% USD 2,255,000 0.63

1,750,000 PHILIPPINES 99/2019 9 7/8% USD 2,255,312 0.63

26,672,587 7.48

820,000 PAKISTAN 06/2036 7 7/8% USD 873,152 0.24

873,152 0.24

1,185,000 ALPHA BANK 07/2017 (VAR) USD 1,181,504 0.33

7,100,000 GAZPROM 03/2013 9 5/8% USD 8,431,960 2.36

6,600,000 RUSSIAN FEDERATION USD 7,506,332 2.1000/2030 (STEP UP)

7,750,000 RUSSIAN FEDERATION USD 14,085,113 3.9598/2028 12 3/4%

31,204,909 8.74

3,700,000 EL SALVADOR 02/2032 8 1/4% USD 4,486,250 1.26

3,015,000 EL SALVADOR 05/2035 7.65% USD 3,459,712 0.97

7,945,962 2.23

9,900,000 TURKEY 04/2034 8% USD 10,778,625 3.02

1,500,000 TURKEY 05/2020 7% USD 1,509,375 0.42

5,500,000 TURKEY 05/2025 7 3/8% USD 5,651,250 1.58

2,000,000 TURKEY 06/2016 7% USD 2,035,000 0.57

2,200,000 TURKEY 07/2019 5 7/8% EUR 2,871,570 0.80

22,845,820 6.39

200,000 NAFTOGAZ UKRAINY 04/2009 8 1/8% USD 202,136 0.06

4,450,000 UKRAINE 03/2013 7.65% USD 4,832,700 1.35

6,465,000 UKRAINE 06/2016 6.58% USD 6,551,340 1.84

11,586,176 3.25


AND FINANCIAL




AND FINANCIAL





Bonds

5,350,000 URUGUAY 05/2017 9 1/4% USD 6,553,750 1.84

4,925,000 URUGUAY 05/2022 8% USD 5,589,875 1.57

3,849,734 URUGUAY 06/2036 7 5/8% USD 4,244,332 1.19

16,387,957 4.60

2,100,000 VENEZUELA 03/2018 7% USD 2,143,050 0.60

4,120,000 VENEZUELA 04/2014 8 1/2% USD 4,587,620 1.29

7,400,000 VENEZUELA 05/2025 7.65% USD 7,866,200 2.21

8,750,000 VENEZUELA 97/2027 9 1/4% USD 11,003,125 3.08

1,300,000 VENEZUELA 98/2018 13 5/8 % USD 1,924,000 0.54

27,523,995 7.72

318,338,676 89.22


Bonds

49,842,430 ARGENTINA 05/2035 (VAR) ARS 1,920,561 0.54

126,400 TRANSPORTADORA GAS NORTE USD 119,448 0.0306/2012 (STEP)

260,700 TRANSPORTADORA GAS NORTE USD 247,665 0.0706/2012 (STEP)

260,700 TRANSPORTADORA GAS NORTE USD 247,013 0.0706/2012 (VAR)

650,607 TRANSPORTE GAS NORTE USD 631,089 0.1806/2012 (STEP UP)

3,165,776 0.89

869,837 BANCO NACIONAL DE CUBA DEM 69,562 0.02(SHORT TERM) 31/12/2049

69,562 0.02

1,082,258 INDONESIA STAND BY L/AGMT 1995 USD 984,855 0.28

984,855 0.28

420,000,000 IQ IRAQ PC 2028 (VAR) JPY 1,920,813 0.54

1,920,813 0.54




Bonds

473,578 CDR 05/2025 0% TR A EUR 82,499 0.02

1,638,141 CDR 05/2025 0% TR D EUR 356,239 0.10

440,000,000 CUBA TR G 05/2025 (DEFAULT) 0% JPY 268,151 0.08

706,889 0.20

2,690,000 LIBERIA LOANS 02/2049 USD 161,400 0.05

161,400 0.05

60,000,000 MOROCCO R & CA 90/2009 (FRN) JPY 507,491 0.14

507,491 0.14

1,262,400 NICARAGUAN USD 824,393 0.2396/2011 (VAR) (DEFAULT)

824,393 0.23

16,000,000 SUDAN TRANCE A/B 02/2049 L/AGMT CHF 1,441,649 0.40

1,441,649 0.40

4,754,045 CITIGROUP FUNDING USD 5,396,081 1.5106/2010 (VAR)

5,396,081 1.51

15,178,909 4.26

TOTAL 333,517,585 93.48


AND FINANCIAL





Quantity/Nominal Currency Commitments in USD

Forward Contracts

Rate

-212 USDUS LONG BOND 20 YR 06/2007 23,585,000

23,585,000


to receive to pay Date Commitments in USD


USD 10,400,113

ARS 9,000,000

ARS 9,000,000

USD 6,189,555

USD 2,899,018

USD 1,222,893

USD 1,952,891

USD 791,246

EUR 7,900,000

USD 2,899,018

USD 2,899,018

ARS 19,200,000

ARS 9,000,000

CHF 1,500,000

JPY 226,800,000

JPY 94,000,000

05/04/2007

09/05/2007

09/05/2007

09/05/2007

09/05/2007

22/05/2007

22/05/2007

22/05/2007

10,516,085

2,899,018

2,899,018

6,191,020

2,902,041

1,228,678

1,920,813

796,104

29,352,777


AND FINANCIAL


OBLIRENTE



Bonds

700,000 AUSTRIA 02/2012 5% EUR 731,150 2.30

731,150 2.30

1,350,000 BELGIUM OLO 93/2008 7 1/2% EUR 1,408,123 4.43

1,408,123 4.43

2,000,000 GERMANY 00/2010 5 1/4% EUR 2,073,000 6.53

1,300,000 GERMANY 03/2034 4 3/4% EUR 1,399,606 4.41

3,000,000 GERMANY 04/2015 3 3/4% EUR 2,943,000 9.26

1,700,000 GERMANY 98/2008 4 3/4% EUR 1,714,110 5.40

4,500,000 GERMANY 99/2010 5 3/8% EUR 4,655,700 14.65

12,785,416 40.25

4,100,000 FRANCE OAT 00/2016 5% EUR 4,388,230 13.81

3,700,000 FRANCE OAT 97/2029 5 1/2% EUR 4,330,850 13.63

8,719,080 27.44

820,000 BTPS 02/2033 5 3/4% EUR 969,978 3.05

969,978 3.05

5,300,000 NETHERLANDS 02/2012 5% EUR 5,538,500 17.43

5,538,500 17.43

30,152,247 94.90




1,020 ING (L) LIQUID EUR A CAP EUR 1,146,008 3.61

1,146,008 3.61

1,146,008 3.61

TOTAL 31,298,255 98.51



OBLIRENTE


AND FINANCIAL



Quantity/Nominal Currency Commitments in EUR

Forward Contracts

Rate

22

-74

EUR

EUR

EURO BOBL 5 YR 06/2007

EURO SCHATZ 2 YR 06/2007

2,379,960

7,644,570

10,024,530


AND FINANCIAL





Shares

5,032 SAFELITE AUTO GLASS USD 76,057 0.00

340 SAFELITE REALTY USD 4,314 0.00

80,371 0.00

80,371 0.00

Loans

1,979,950 ALPHA NATURAL RESOURCES TL B USD 1,492,976 0.0826/10/2012

1,911,538 EXCEL MINING SYSTEMS 2 SEC TL USD 1,448,570 0.0818/10/2013

31,000,000 FREEPORT-MCMORAN C & G 7.5B TLB USD 23,378,283 1.3116/03/2014

4,949,814 LONGYEAR GLOBAL 1 TL (6 YEAR) USD 3,737,042 0.2116/10/2012

518,770 LONGYEAR GLOBAL ACQ FAC DD USD 391,664 0.0216/10/2012

481,715 LONGYEAR GLOBAL CAN BORROW TL USD 363,688 0.0216/10/2012

1,150,714 OGLEBAY NORTON C. TERM LOAN B USD 873,096 0.0530/07/2012

31,685,319 1.77

2,992,500 GEORGIA PACIFIC TERM LOAN B USD 2,261,756 0.1323/12/2012

162,162 TUBE CITY IMS LOAN 25/01/2014 USD 122,849 0.01

1,337,838 TUBE CITY IMS LOAN 25/01/2014 USD 1,013,504 0.06

3,398,109 0.20

1,500,000 BRICKMAN GROUP LOAN 22/01/2014 USD 1,130,719 0.06

850,000 FR BRAND ACQUISITION 2 ND TL USD 644,133 0.0407/02/2015

2,900,000 FR BRAND ACQUISITION IST TL B USD 2,194,227 0.1207/02/2014

3,969,079 0.22

25,280,882 GEORGIA-PACIFIC TERM LOAN B USD 19,111,864 1.0730/01/2013

19,111,864 1.07



Loans

673,313 MOSAIC NEW TL B 30/11/2013 USD 510,555 0.03

510,555 0.03

193,472 ALON USA EDGINGTON TL USD 146,341 0.0126/05/2013

1,543,889 ALON USA PARAMOUNT TL USD 1,167,790 0.0726/05/2013

3,000,000 COFFEYVILLE RESOURCES TL D USD 2,283,739 0.1327/12/2013

666,667 CONCHO RESOURCE 2ND USD 503,011 0.03CREDIT FAC 03/2012

774,426 CR GAS STORAGE AS TL 20/04/2011 USD 583,954 0.03

224,657 CR GAS STORAGE DELAY DRAW TLB USD 169,402 0.0120/04/2013

4,326,392 CR GAS STORAGE TLB 20/04/2013 USD 3,261,290 0.18

947,105 CR GAS STORAGE US TLB 20/04/2013 USD 713,940 0.04

5,500,000 EL PASO CORP TERM LOAN USD 4,156,622 0.2331/07/2011

6,000,000 ENERGY TRANSFER EQUITY TL USD 4,538,770 0.2501/11/2012

5,425,504 EPCO TERM LOAN C 05/08/2010 USD 4,131,115 0.23

5,472,335 HELIX ENERGY SOLUTIONS TL B USD 4,133,252 0.2315/05/2013

500,000 IFM HOLDCO TL B 20/02/2013 USD 378,902 0.02

2,000,000 J RAY MC DERMOTT SYNTH LC USD 1,517,485 0.0815/06/2012

2,934,241 KEY ENERGY DELAYED DRAW TL B USD 2,221,513 0.1225/07/2012

5,735,625 MCJUNKIN FIRST LIEN TERM LOAN USD 4,347,148 0.2430/01/2014

1,485,000 MEG ENERGY TERM LOAN 23/03/2013 USD 1,126,646 0.06

3,000,000 OPTI CANADA TL 15/05/2013 USD 2,269,466 0.13

795,455 PINE PRAIRIE TL B 31/12/2013 USD 600,557 0.03

2,300,000 SG RESOURCES MISSISSIPPI TL B USD 1,732,149 0.1031/03/2014

2,643,689 TARGA RESOURCES SYNTH LC FAC USD 2,003,242 0.1131/10/2012

11,454,927 TARGA RESOURCES TERM LOAN USD 8,679,911 0.4931/10/2012

3,000,000 VENOCO TL 01/05/2011 USD 2,276,227 0.13

6,389,000 VOLNAY ACQUISITION 1 BN TL B USD 4,844,606 0.2709/01/2014

6,998,000 W&T OFFSHORE TL B 15/05/2010 USD 5,300,916 0.30

4,821,429 WESTERN REFINING TL 28/02/2014 USD 3,636,719 0.20

945,819 WOLF HOLLOW FIRST TERM LOAN USD 699,870 0.0430/06/2012

200,000 WOLF HOLLOW REVOLVER LOAN USD 147,992 0.0131/12/2010

800,000 WOLF HOLLOW SYNTH TERM LOAN USD 591,969 0.0330/06/2012

68,164,544 3.80



AND FINANCIAL





Loans

1,290,100 ASTER ZWEITE BETEIL. USD 983,169 0.0531/12/2015.T LOAN C7

936,821 ASTER ZWEITE BETEIL. USD 710,751 0.0431/12/2014 TL B7 AEB

353,279 ASTER ZWEITE BETEIL USD 268,027 0.0131/12/2014 T.L.B7(AFB)

759,590 AZ CHEM US 1 ST TL 28/02/2013 EUR 767,186 0.04

333,333 AZ CHEM US 2 ND TL 28/02/2014 USD 254,166 0.01

858,079 BASELL TERM LOAN B2 13/10/2014 USD 652,975 0.04

171,616 BASELL TERM LOAN B4 13/10/2014 USD 130,595 0.01

859,145 BASELL TERM LOAN C2 13/10/2013 USD 653,786 0.04

171,829 BASELL TERM LOAN C4 13/10/2013 USD 130,757 0.01

500,000 BRENNTAG HLG GMBH & CO TL B4 EUR 506,458 0.0315/06/2014

1,000,000 BRENNTAG HOLDING TERM LOAN B USD 762,029 0.0431/12/2013

6,624,183 CELANESE AG TL 06/04/2011 USD 4,995,290 0.28

2,367,320 GENTEK TL 28/02/2011 USD 1,784,516 0.10

714,775 GEORGIA GULF TERM LOAN B USD 539,453 0.0315/09/2013

2,487,500 HAWKEYE RENEWABLES USD 1,814,260 0.1030/06/2012 1STL TL

15,604,443 HEXION SPECIAL CHEMICAL TL C1 USD 11,816,965 0.6631/05/2013


4,822,027 HUNTSMAN INTL TERM LOAN B USD 3,636,942 0.2015/08/2012

900,000 INEOS US FINANCE TERM LOAN A USD 681,093 0.0421/02/2013

2,227,500 INEOS US FINANCE TERM LOAN B USD 1,694,456 0.0921/02/2014

420,644 INEOS US FINANCE TERM LOAN B1 EUR 425,946 0.0221/02/2014

2,227,500 INEOS US FINANCE TERM LOAN C USD 1,694,456 0.0921/02/2015

420,644 INEOS US FINANCE TERM LOAN C1 EUR 425,946 0.0221/02/2015

74,356 INEOS US FINANCE TL B3 21/02/2014 EUR 75,293 0.00

74,356 INEOS US FINANCE TL C3 21/02/2015 EUR 75,293 0.00

1,349,282 INNOPHOS TERM LOAN 30/08/2010 USD 1,018,900 0.06

2,351,281 INVISTA TL TR B-1 30/04/2011 USD 1,772,977 0.10

1,246,352 INVISTA TL TR B-2 30/04/2011 USD 939,809 0.05

2,987,475 ISP CHEMCO TERM LOAN B USD 2,263,117 0.1315/02/2013

2,161,455 JOHNSONDIVERSEY DELAYED DRAW USD 1,647,091 0.0915/12/2010

660,161 JOHNSONDIVERSEY TERM LOAN B USD 502,339 0.0315/12/2011

3,231,518 KRATON POLYMERS TERM LOAN USD 2,445,821 0.1415/05/2013

2,947,226 LUCITE INTERNATIONAL TL B3 EUR 2,978,540 0.1721/07/2013

5,477,487 LYONDELL CHEMICAL TL B 01/10/2013 USD 4,130,000 0.23

1,500,000 NORTHEAST BIOFUELS TL 30/06/2013 USD 1,125,437 0.06

3,454,698 ROCKWOOD SPEC TERM LOAN D USD 2,618,955 0.1530/07/2012

551,922 SUPRESTA TERM LOAN 30/07/2012 USD 415,139 0.02

5,210,625 VERTELLUS SPECIALTIES TL B USD 3,948,629 0.2229/06/2013

63,848,626 3.54



Loans

3,723,590 ACTIVANT SOLUTIONS TL 02/05/2013 USD 2,802,518 0.16

14,511,346 ADVANCED MICRO DEVICES TLB USD 10,976,928 0.6130/09/2013

1,000,000 AUDIO VISUAL SERVICES 1ST TL USD 754,517 0.0428/02/2014

10,473,750 FREESCALE SEMICONDUCTOR TL B USD 7,900,574 0.4428/11/2013

341,998 INFOR ENTERPRISE SOLUT USD 259,809 0.01DELAY DRAW 2012

158,333 INFOR ENTERPRISE SOLUTION USD 121,770 0.012ND TL 02/2014

748,125 INFOR ENTERPRISE SOLUTIONS TL EUR 754,110 0.0428/07/2012

3,121,128 INFOR ENTERPRISE SOLUTIONS TL USD 2,363,443 0.1328/07/2012

2,100,000 PGS TL B 14/02/2013 USD 1,591,387 0.09

1,750,000 SANMINA OCT2006 SEN UNSEC TL USD 1,320,953 0.0731/01/2008

2,000,000 SEMICONDUCTOR COMPONENT USD 1,506,216 0.08IND TL B 06/2013

2,977,507 SENSATA TECHNOLOGIES TL B EUR 2,993,722 0.1727/04/2013

3,152,917 SERENA SOFTWARE TL B 15/03/2013 USD 2,383,073 0.13

839,595 SI INTERNATIONAL TL 09/02/2011 USD 631,517 0.04

1,000,000 WORLDSPAN 2nd TL 21/12/2014 USD 758,978 0.04

6,000,000 NXP SECURED FRN NOTES 7 EUR 6,114,000 0.3415/10/2013

43,233,515 2.40

500,000 DECRANE AIRCRAFT 1ST TL 22/02/2013 USD 378,902 0.02

1,000,000 DELTA DIP TERM LOAN B 30/03/2008 USD 756,512 0.04

2,220,549 DYNCORP INTERNATIONAL TL B USD 1,682,044 0.0931/03/2011

658,345 HAWKER BEECHCRAFT ACQ USD 496,335 0.03110MM SYN LC 26/03/2014

6,273,512 HAWKER BEECHCRAFT ACQ TL USD 4,729,681 0.2626/03/2014

1,977,475 IAP WORLWIDE TERM LOAN USD 1,493,431 0.0831/12/2012

3,379,391 K&F INDUSTRIES TR C TL 18/11/2012 USD 2,546,238 0.14

1,697,796 MIDWESTERN AIRCRAFT TLB USD 1,286,064 0.0731/12/2011

2,500,000 TRANSDIGM TL 23/06/2013 USD 1,893,100 0.11

3,000,000 UNITED AIRLINES TL 20/20/2014 USD 2,257,565 0.13

5,800,000 US AIRWAYS TL 21/03/2014 USD 4,378,014 0.24

3,467,917 WESCO AIRCRAFT HARDW FIRST TL USD 2,626,777 0.1530/09/2013

24,524,663 1.36



AND FINANCIAL





Loans

284,889 CASEMA BIDCO LT B2 EUR 31/10/2014 EUR 288,836 0.02

901,111 CCC INFORMATION SERVICES TL B USD 680,962 0.0420/12/2012

5,000,000 CLIENTLOGIC NEWCO LLC USD 3,789,017 0.21(DB-01/2007)

22,899,267 SUNGARD DATA SYS TERM LOAN B USD 17,367,472 0.9708/02/2013

558,913 VERTAFORE TERM LOAN 26/01/2012 USD 421,053 0.02

22,547,340 1.26

4,638,375 ALIXPARTNERS TL B 12/10/2013 USD 3,514,976 0.20

4,488,750 INTERGRAPH 1ST LIEN TL 28/05/2014 USD 3,393,160 0.19

1,965,075 NATIONAL BEDDING TERM LOAN USD 1,479,730 0.0815/08/2011

24,250,000 WEST TL 25/10/2013 USD 18,357,386 1.03

26,745,252 1.50

2,379,611 AMERICAN ACHIEVEMENT CORP TL B USD 1,800,671 0.10

1,800,671 0.10

944,681 ALLIANCE LAUNDRY SYTEMS TLB USD 714,995 0.0427/01/2012

13,090,000 BALDOR ELECTRIC TL B 31/01/2014 USD 9,886,360 0.55

5,000,000 BROCK TL B 23/02/2014 USD 3,773,760 0.21

5,770,701 DRESSER REFI SEN SEC TL 31/10/2013 USD 4,377,574 0.24

2,607,545 ENERSYS NEW TL 17/03/2011 ECP USD 1,971,110 0.11

2,618,645 MAXIM CRANE WORKS TL C USD 1,970,894 0.1128/01/2010

3,980,000 NACCO MATERIALS HANDLING TL USD 3,012,320 0.1722/03/2013

1,480,901 NORCROSS SAFETY TERM LOAN USD 1,116,670 0.0619/07/2012

2,760,870 OHMSTEDE FIRST LIEN TL 09/08/2013 USD 2,087,011 0.12

1,200,000 PRYSMIAN TL B3K 31/08/2014 EUR 1,205,160 0.07

300,000 PRYSMIAN TL C5K 31/08/2015 EUR 302,602 0.02

3,627,049 REXNORD CORP/RBS GLOBAL TL B USD 2,746,462 0.1530/06/2013

1,745,625 STOLLE MACHINERY FIRST TL USD 1,321,612 0.0729/09/2012

497,500 TEXTRON FASTENING SYSTEMS TL USD 376,540 0.0205/08/2013

1,743,192 UNITED RENTALS DELAYED USD 1,323,043 0.07DRAW TL B 03/2011

281,930 UNITED RENTALS TERM LOAN USD 213,978 0.0131/03/2011

36,400,091 2.02



Loans

1,133,333 NAVISTAR INTL CORP 400 USD 864,591 0.05MM$ SY LC 2012

3,116,667 NAVISTAR INTL CORP TL 15/01/2012 USD 2,377,625 0.13

20,957,500 OSHKOSH TRUCK TL B 06/12/2013 USD 15,822,625 0.88

912,043 SAF-HOLLAND FACILITY B1 EUR 916,604 0.0507/01/2015

728,927 SAF-HOLLAND FACILITY B2 (USD) USD 554,437 0.03

876,115 SAF-HOLLAND FACILITY C1 EUR 880,496 0.0507/01/2016

667,047 SAF-HOLLAND FACILITY C2 (USD) USD 507,370 0.03

4,230,000 VANGUARD CAR RENTAL USD 3,214,587 0.18TERM LOAN 30/06/2013

25,138,335 1.40

4,824,000 GOODYEAR TIRE TERM LOAN USD 3,658,662 0.2030/04/2010

3,658,662 0.20

1,745,625 ARMSTRONG WORLD INDUS TL B USD 1,317,103 0.0717/10/2013

1,752,248 ATRIUM COMPANIES TLB 09/06/2012 USD 1,318,536 0.07

908,155 CAPITAL AUTOMOTIVE TERM LOAN USD 689,226 0.0415/12/2010

988,056 CONTECH CONS PDCT TERM LOAN B USD 746,896 0.0431/01/2013

1,818,023 HEADWATERS TERM LOAN 30/04/2011 USD 1,372,582 0.08

694,118 HEARTHSTONE HOUSING REVOLVER USD 520,138 0.0301/12/2007

6,000,000 HOTEL DEL CORONADO MEZZ USD 4,507,381 0.251B TL 09/01/2008

4,713,035 JOHN MANEELY 30/11/2013 TL USD 3,556,432 0.20

4,732 JOHN MANEELY TERM LOAN USD 3,571 0.0024/03/2013

1,969,697 NORTEK TERM LOAN B 04/08/2011 USD 1,488,204 0.08

1,727,530 PANOLAM INDUST INTL TL B USD 1,301,828 0.0730/09/2012

2,055,555 TISHMAN SPEYER TL 01/12/2012 USD 1,552,237 0.09

18,374,134 1.02



AND FINANCIAL





Loans

490,909 ALLIED SECURITY TL D 30/06/2010 USD 372,935 0.02

6,590,311 ARBY'S RETAURANTTERM LOAN B USD 4,995,710 0.2820/07/2012

369,140 BURGER KING TERM LOAN B-1 USD 278,349 0.0230/06/2012

2,221,407 CBRL 20/04/2013 TL B USD 1,673,307 0.09

1,990,917 COINMACH REFI TERM LOAN USD 1,509,192 0.0812/12/2012

3,124,635 DENNYS TL B 06/12/2012 USD 2,372,261 0.13

210,629 DENNY'S LOAN 12/06/2012 USD 159,912 0.01

2,500,000 FSB HOLDINGS FLTL 21/09/2013 USD 1,901,551 0.11

381,754 GATE GOURMET BORROWER USD 290,370 0.02T. L. B 01/03/2012

3,308,632 MICHAEL FOODS TERM LOAN B USD 2,496,418 0.1421/11/2010

2,414,634 NEW CUSTOM SERV FIRST LIEN TL USD 1,826,417 0.1018/08/2013

1,666,667 NPC INTL TL B 03/05/2013 USD 1,256,355 0.07

6,774,921 NUTRO PRODUCTS TL B 20/04/2013 USD 5,108,610 0.29

5,645,827 QCE QUIZNOS FL TL 05/05/2014 USD 4,262,522 0.24

2,000,000 REDDY ICE TL 29/04/2012 USD 1,508,094 0.08

3,960,000 SAGITTARIUS BRANDS TLB 21/03/2013 USD 2,997,183 0.17

3,500,000 SBARRO INC (DB-01/2007) USD 2,655,599 0.15

2,350,000 SHRE SENIOR SEC FRN 28/02/2014 USD 1,800,699 0.10

37,465,484 2.10

722,222 ADVANCE FOOD TL 08/03/2014 USD 543,233 0.03

1,658,259 ARAMARK TR A (SYNTH LC) USD 1,250,759 0.0726/01/2014

24,135,084 ARAMARK CORP TR B 26/01/2014 USD 18,204,143 1.02

3,000,000 ARAMARK TC TL 26/01/2014 USD 2,262,782 0.13

750,000 B&G FOODS TL C 23/03/2013 ECP USD 567,648 0.03

1,000,000 BIRDS EYE FOODS TL B 19/03/2013 USD 753,891 0.04

2,181,410 BOLTHOUSE FARMS TERM LOAN USD 1,648,472 0.0909/12/2012

1,000,000 BUMBLE BEE FOODS TERM LOAN B USD 752,169 0.0431/03/2012

8,596,019 COMMONWEALTH BRANDS USD 6,501,985 0.36TERM LOAN 22/12/2012

416,667 CONSTELLATION BRANDS TLB USD 314,724 0.0201/06/2013

2,009,679 CULLIGAN INTL TL B 30/09/2011 USD 1,514,922 0.08

4,104,343 PIERRE FOODS TL B 30/06/2010 USD 3,100,650 0.17

8,940,000 REYNOLDS AMERICAN USD 6,778,362 0.3830/05/2012 TR B TL FAC

5,000,000 STURM FOODS 1ST TL 31/01/2014 USD 3,762,022 0.21

47,955,762 2.67

3,933,002 MD BEAUTY INC TERM LOAN USD 2,976,749 0.1718/02/2012

982,998 RADIATION THERAPY TERM LOAN USD 738,458 0.0415/12/2012

3,715,207 0.21



Loans

5,898,839 HANESBRANDS FIRST TLB 05/09/2013 USD 4,464,874 0.25

1,481,250 POLYMER TERM LOAN B 18/11/2012 USD 1,115,890 0.06

965,433 PROPEX FABRICS TERM LOAN USD 727,982 0.0407/08/2012

740,625 SPRINGS WINDOW FASH TL B USD 560,205 0.0319/12/2012

1,470,592 TARGUS TERM LOAN B 15/11/2012 USD 1,112,118 0.06

3,416,667 TOTES ISOTONER LIEN TL 31/01/2013 USD 2,588,361 0.14

10,569,430 0.58

8,027,725 EASTMAN KODAK DELAYED USD 6,047,899 0.34DR TL B 26/09/2012

6,194,975 EASTMAN KODAK TERM LOAN B USD 4,668,809 0.2626/09/2012

10,716,708 0.60

3,960,000 ADVANTAGE SALES & MARKET. TL USD 2,977,349 0.1724/03/2013

744,375 AMSCAN HOLDINGS TERM LOAN B USD 564,614 0.0316/12/2012

1,995,000 BUHRMANN US NEW TERM LOAN D USD 1,506,198 0.0831/12/2010

967,638 BUHRMANN US TERM LOAN D-1 USD 730,553 0.0431/12/2010

1,750,000 CHATTEM TL 21/12/2012 USD 1,326,156 0.07

702,483 FENDER MUSICAL INSTRUMENT TL USD 535,642 0.0331/03/2012

500,000 GIBSON GUITAR TL B 26/02/2014 USD 380,310 0.02

8,543,592 JARDEN CORP TERM LOAN USD 6,441,380 0.3624/01/2010

1,441,961 JARDEN LOAN 24/01/2012 USD 1,086,065 0.06

5,666,666 NATURAL PRODUCTS TL B USD 4,266,285 0.2405/03/2014

5,853,683 SIMMONS TERM LOAN TR D USD 4,429,530 0.2519/12/2011

24,244,082 1.35



AND FINANCIAL





Loans

2,000,000 AMERICAN MEDIA OPERATIONS TLB USD 1,513,416 0.0827/01/2013

3,686,989 AMERICAN REPROGRAPHICS T. LOAN USD 2,772,375 0.1618/06/2009

2,012,111 BLACK PRESS TERM LOAN B 28/07/2013 USD 1,522,895 0.09

1,221,639 BLACK PRESS TLB2 28/07/2013 USD 924,615 0.05

2,745,242 CARIBE INFORMATION INVEST TLB USD 2,067,464 0.1224/03/2013

1,764,828 CENVEO TL C 21/06/2013 USD 1,327,864 0.07

7,211,289 CMP SUSQUEHANNA TLB 05/05/2013 USD 5,450,519 0.30

4,000,000 DEX MEDIA EAST TL B 08/05/2009 USD 3,016,189 0.17

990,937 DEX MEDIA WEST TERM LOAN B-1 USD 744,608 0.0409/03/2010

7,349,552 DEX MEDIA WEST TL B2 09/03/2010 USD 5,522,586 0.31

1,926,589 FSC ACQUISITION TERM LOAN USD 1,447,613 0.0801/08/2012

33,322,500 IDEARC TLB 17/11/2014 USD 25,214,356 1.41

1,500,000 LAMAR MEDIA TL B 22/03/2014 USD 1,129,662 0.06

992,500 MEDIANEWS TL C 27/06/2013 USD 747,537 0.04

3,980,000 MEDIMEDIA TL B 01/11/2013 USD 3,006,714 0.17

4,935,632 MERRILL COM TERM LOAN B USD 3,726,913 0.2130/07/2009

825,000 PAGES JAUNES MHSA TL B2 EUR 837,777 0.0528/02/2015

825,000 PAGES JAUNES MHSA TL C 28/02/2016 EUR 841,902 0.05

11,100,000 PAGES JAUNES PJ TL A 28/02/2014 EUR 11,200,211 0.63

2,124,958 PRIMEDIA TERM LOAN B 30/09/2013 USD 1,597,247 0.09

8,600,000 PRISM BUSIN MEDIA/PENTON 1 TL USD 6,495,576 0.3601/02/2013

757,232 READERS DIGEST ASS EURO TLB EUR 760,071 0.0423/02/2014

10,750,000 READERS DIGEST ASS TL B 23/02/2014 USD 8,102,406 0.45

10,790,236 RH DONNELLEY TERM LOAN D-2 USD 8,118,336 0.4530/06/2011

5,293,333 THOMAS NELSON PUBLISHERS TL B USD 3,991,423 0.2221/06/2012

786,667 VALASSIS COMMUNICATIONS TL B USD 593,184 0.0301/03/2014

6,954,538 VISANT TLC 04/10/2011 USD 5,256,024 0.29

859,500 WENNER MEDIA TL B01/10/2013 USD 650,121 0.04

1,500,000 YELL GROUP TERM LOAN B EUR 1,518,789 0.0831/01/2013

5,500,000 YELL GROUP TERM LOAN B USD 4,161,849 0.2331/01/2013

114,260,242 6.37



Loans

995,000 BLUEGRASS CONTAINER TL USD 757,084 0.0430/06/2013

1,438,759 GRAHAM PACKAGING TERM LOAN B USD 1,086,919 0.0604/10/2011

9,090,614 GRAPHIC PACKAGING INTL TLC USD 6,907,569 0.3908/08/2010

1,466,250 OWENS-ILLINOIS TL B 23/05/2013 EUR 1,461,057 0.08

990,000 PRO MACH TL 14/12/2011 USD 749,296 0.04

1,500,000 SCA PACKAGING 1 ST TL 02/03/2014 USD 1,133,888 0.06

500,000 SCA PACKAGING 2 ND TL 02/03/2015 USD 379,841 0.02

660,057 SMURFIT-STONE CON REVOLVER TL USD 500,757 0.0329/10/2011

2,615,350 SMURFIT-STONE CON TERM LOAN B USD 1,984,153 0.1129/10/2011

1,419,006 SMURFIT-STONE CON TERM LOAN C USD 1,076,539 0.0629/10/2011

7,836,564 TUPPERWARE TERM LOAN B USD 5,893,809 0.3307/11/2012

2,331,378 XERIUM TECHNOLOGIES TERM LOAN USD 1,755,780 0.1012/04/2012

23,686,692 1.32

6,388,719 BURLINGTON COAT FACTORY TL USD 4,774,201 0.2725/05/2013

3,639,167 DOLLARAMA TERM LOAN 06/12/2011 USD 2,756,064 0.15

3,600,000 GENERAL NUTRITION CENTERS TLB USD 2,704,767 0.1516/09/2013

4,086,542 HARBOR FREIGHT TOOL TERM LOAN USD 3,095,515 0.1731/07/2010

3,000,000 HARBOR FREIGHT TOOLS USA TL USD 2,272,470 0.1331/07/2010

1,685,861 JEAN COUTU TERM LOAN B USD 1,269,514 0.0731/07/2011

889,171 MAPCO EXPRESS TL 29/04/2011 USD 670,895 0.04

3,000,000 MATTRESS TL 09/02/2014 USD 2,264,959 0.13

20,022,500 MICHAELS STORES TL B 31/10/2013 USD 15,199,607 0.85

992,499 NEBRASKA BOOK INCREMENTAL TL USD 752,119 0.0404/03/2011

16,595,781 NEIMAN MARCUS TERM LOAN USD 12,592,409 0.7006/04/2013

5,984,987 ORIENTAL TRADING FL TERM LOAN USD 4,521,394 0.2531/07/2013

2,582,288 PEP BOYS TERM LOAN B 27/01/2011 USD 1,955,654 0.11

14,463,750 PETCO ANIMAL SUPPLIES TLB USD 10,957,767 0.6125/10/2013

7,969,900 RENT-A-CENTER TL B 30/06/2012 USD 6,009,058 0.34

4,221,231 ROUNDYS SUPERMARKET TERM LOAN USD 3,199,656 0.1827/10/2011

8,206,256 SALLY BEAUTY SUPPLY TL B 13/11/2013 USD 6,217,015 0.35

1,745,625 SAMSONITE TL B 20/12/2013 USD 1,322,636 0.07

227,855 SAVERS CANADIAN TL 11/08/2012 USD 172,884 0.01

258,204 SAVERS TL 11/08/2012 USD 195,911 0.01

4,962,500 SPORTS AUTHORITY TL B 03/05/2013 USD 3,743,708 0.21

5,469,981 SUPERVALU TLB 01/06/2012 USD 4,126,724 0.23

2,062,309 TIRE RACK TERM LOAN B 22/06/2012 USD 1,558,952 0.09

1,750,000 TOYS 'R' US TLB 14/07/2012 USD 1,350,641 0.08

8,000,000 YANKEE CANDLE TL 06/02/2014 USD 6,044,398 0.34

99,728,918 5.58



AND FINANCIAL





Loans

4,480,016 LPL HOLDINGS TERM LOAN B USD 3,411,799 0.1903/07/2013

2,126,069 NASDAQ STOCK MARKET DELAY TLC USD 1,604,155 0.0918/04/2012

2,942,581 NASDAQ STOCK MARKET TLB USD 2,220,227 0.1218/04/2012

7,236,181 0.40

5,489,122 AFFINION GROUP TERM LOAN B USD 4,159,675 0.2307/10/2012

5,360,912 DAVITA TL 05/10/2012 USD 4,045,055 0.23

4,987,500 FORD MOTOR TL B 15/12/2013 USD 3,764,194 0.21

5,592,523 LSP GEN FINANCE TERM LOAN USD 4,214,401 0.2431/03/2013

89,944 LSP GEN FINANCE TL 31/03/2013 USD 67,780 0.00

1,248,355 MAGELLAN MIDSTREAM TERM LOAN USD 943,663 0.0530/06/2012

2,487,500 NASDAQ STOCK MARKET USD 1,876,860 0.10INCREMEN TL B 18/04/2012

2,300,000 RISKMETRICS TL B 22/12/2013 USD 1,742,948 0.10

5,528,923 TD AMERITRADE TERM LOAN B USD 4,164,093 0.2331/01/2013

2,516,596 WALTER INDUSTRIES TERM LOAN B USD 1,898,105 0.1103/10/2012

26,876,774 1.50

3,980,000 APPLIED SYSTEMS TL 21/09/2013 USD 3,007,650 0.17

750,000 CONCORD RE TL 15/02/2012 USD 569,761 0.03

5,477,487 CONSECO NEW TL 06/10/2013 USD 4,131,572 0.23

2,849,643 CRAWFORD & COMPAGNY SENIO TLB USD 2,151,441 0.1231/10/2013

3,451,353 HMSC CORPORATION TERM LOAN USD 2,605,725 0.1507/11/2011

130,593 VERTAFORE DELAYED DRAW TL USD 98,381 0.0126/01/2012

12,564,530 0.71

4,426,106 ACCELLENT TERM LOAN B 22/11/2012 USD 3,320,868 0.19

4,580,523 AGA MEDICAL TL B 24/04/2013 USD 3,451,780 0.19

3,960,000 AMERIPATH TERM LOAN 10/10/2012 USD 2,980,077 0.17

721,360 AMN HEALTHCARE TERM LOAN B USD 543,601 0.0302/11/2011

992,405 AMR HOLDCO TERM LOAN USD 748,554 0.0402/02/2012

3,477,481 CAPELLA HEALTHCARE TERM LOAN B USD 2,638,513 0.158/11/2012

987,500 CCS MEDICAL TERM LOAN B USD 739,174 0.0407/10/2012

4,600,000 CHG MEDICAL STAFF 1ST TL USD 3,503,174 0.2005/01/2012

400,000 CHG MEDICAL STAFF OFF B/S SYN L/C USD 304,624 0.022012



Loans

10,733,414 COMMUNITY HEALTH SYSTEMS TL USD 8,102,322 0.4528/12/2012

1,451,146 COMPSYCH INV. TERM LOAN B USD 1,098,321 0.0605/04/2012

2,407,691 CONCENTRA OPERATING TERM LOAN USD 1,813,818 0.10 30/09/2011

6,278,403 CRC HEALTH TERM LOAN B USD 4,763,691 0.2706/02/2013

910,024 DJ ORTHOPEDICS TERM LOAN USD 683,638 0.0430/03/2013

17,447,475 EDUCATION MANAGEMENT TL B USD 13,210,838 0.7430/05/2013

3,468,071 EMDEON BUS.SERV. I ST TLB USD 2,619,975 0.1530/11/2013

3,482,522 ENCORE MEDICAL FINANCE TL B USD 2,627,621 0.1530/11/2013

4,641,797 GENTIVA HEALTH SERVICES TL B USD 3,499,046 0.2028/02/2013

4,583,161 GOLDEN GATE NAT TL B 10/04/2011 USD 3,468,115 0.19

2,466,667 HARRINGTON 1 ST LIEN TL 31/12/2013 USD 1,862,300 0.10

13,965,000 HCA TL B 31/12/2013 USD 10,592,565 0.59

30,000,000 HEALTH MANAGEMENT ASSOCIAT TL USD 22,631,987 1.2701/03/2014

1,687,250 HEALTHSOUTH CORP T/L 31/03/2013 USD 1,275,580 0.07

989,822 IASIS HEALTHCARE TERM LOAN B USD 750,927 0.0422/06/2011

2,000,000 LIFEPOINT HOSPITAL TL B 15/04/2012 USD 1,500,348 0.08

4,036,774 MULTIPLAN TL 13/04/2013 USD 3,060,976 0.17

76,667 NATIONAL MENTOR REVOLVER L/C USD 57,900 0.0029/06/2013

1,247,242 NATIONAL MENTOR TLB 29/06/2013 USD 941,944 0.05

4,477,500 NATIONAL RENAL INSTITUTE TL B USD 3,369,940 0.1924/03/2012

326,172 NYCOMED TL B1 I 10/12/2014 EUR 327,339 0.02

851,277 NYCOMED TL B1 II 10/12/2014 EUR 854,325 0.05

52,523 NYCOMED TL B1 III 10/12/2014 EUR 52,711 0.00

33,457 NYCOMED TL B1 IV 10/12/2014 EUR 33,577 0.00

236,571 NYCOMED TL B1 V 10/12/2014 EUR 237,418 0.01

326,172 NYCOMED TL C1 I 10/12/2015 EUR 327,339 0.02

851,277 NYCOMED TL C1 II 10/12/2015 EUR 854,325 0.05

52,523 NYCOMED TL C1 III 10/12/2015 EUR 52,711 0.00

33,457 NYCOMED TL C1 IV 10/12/2015 EUR 33,577 0.00

236,571 NYCOMED TL C1 V 10/12/2015 EUR 237,418 0.01

1,880,909 ORTHOFIX HOLDINGS USD 1,419,620 0.0830/09/2013 TERM LOAN B

4,950,000 QUINTILES TRANSNATIONAL FTL USD 3,727,886 0.2131/03/2013

1,500,000 RADNET MANAGEMENT 1ST LIEN TL USD 1,135,297 0.0601/10/2012

2,312,353 RENAL ADVANTAGE TERM LOAN B USD 1,754,480 0.1030/09/2012

561,350 RURAL/METRO CORP REVOLVER TL USD 424,866 0.0204/03/2011

547,059 RURAL/METRO CORP TERM LOAN B USD 414,049 0.0204/03/2011

5,258,178 SHERIDAN HEALTHCARE TL C USD 3,992,072 0.2209/11/2011

6,483,750 STERIGENICS INTERNATIONAL TL USD 4,892,098 0.2701/11/2013

2,058,587 STIEFEL LABORATORIE DELAY DRA USD 1,558,072 0.0928/12/2013



AND FINANCIAL





Loans

2,691,413 STIEFEL LABORATORIES 1 ST TL USD 2,037,034 0.1128/12/2013

3,783,772 TEAM HEALTH TERM LOAN B USD 2,859,064 0.1623/11/2012

1,044,303 US ONCOLOGY TL C 20/08/2011 USD 790,641 0.04

1,436,138 US ONCOLOGY TR B TL 20/08/2011 USD 1,087,300 0.06

2,970,112 VANGUARD HEALTH TERM LOAN USD 2,251,225 0.1323/09/2011

296,767 WARNER CHILCOTT DD DOVONEX TL USD 224,055 0.0118/01/2012

3,521,095 WARNER CHILCOTT TERM LOAN B USD 2,661,450 0.1518/01/2012

966,716 WARNER CHILCOTT TERM LOAN C USD 730,700 0.0418/01/2012

141,132,866 7.87

3,476,199 BAKER TANKS TERM LOAN B USD 2,629,379 0.1522/11/2011

1,990,000 GAINEY TERM LOAN 15/03/2011 USD 1,499,620 0.08

2,992,500 GREATWIDE LOGISTIC SERVICES USD 2,263,979 0.131 ST TL 2013

1,965,595 HELM HOLDING CORP TERM LOAN USD 1,481,229 0.0806/07/2011

1,211,356 HERTZ SYNTH TERM LOAN 20/12/2012 USD 918,076 0.05

7,898,665 HERTZ TERM LOAN 20/12/2012 USD 5,986,329 0.33

3,147,121 HORIZON LINES TL C 30/06/2011 USD 2,378,251 0.13

1,982,471 KENAN ADVANTAGE TERM LOAN USD 1,503,254 0.0816/12/2011

263,700 TNT LOGISTICS AUSTRALIAN TL EUR 266,777 0.0104/11/2013

447,793 TNT LOGISTICS CANADIAN TL EUR 453,017 0.0304/11/2013

550,341 TNT LOGISTICS DUTCH TL 04/11/2013 EUR 556,761 0.03

450,885 TNT LOGISTICS LETTER OF CREDIT EUR 456,520 0.0304/2013

335,274 US SHIPPING PARTNERS DELAY TL USD 254,938 0.0104/08/2012

1,492,500 US SHIPPING PARTNERS TL 04/08/2012 USD 1,134,876 0.06

21,783,006 1.20

8,774,147 ALLIED WASTE NORTH US REVOLVER USD 6,621,362 0.3715/01/2012

19,664,196 ALLIED WASTE NORTH US TERM LOAN USD 14,825,429 0.8315/01/2012

1,250,000 SYNAGRO TECHNOLOGIES 1ST TL USD 951,363 0.0528/02/2014

4,655,000 WASTEQUIP 1ST TL 29/01/2013 USD 3,531,946 0.20

25,930,100 1.45



Loans

337,931 BOSTON GENERATING REVOLVER USD 255,813 0.0122/12/2011

1,400,696 COLETO CREEK POWER LOC USD 1,057,507 0.0630/06/2013

8,045,435 COLETO CREEK WLE 1ST TLF USD 6,074,193 0.34

5,445,000 GENERAC POWER SYSTEMS 1ST TL USD 4,116,013 0.2306/11/2013

500,000 GENERAC POWER SYSTEMS 2ND TL USD 378,432 0.0206/05/2014

7,071,545 NE ENERGY 1ST TL 01/11/2013 USD 5,362,825 0.30

1,000,000 NE ENERGY 2ND LIEN TL 01/05/2014 USD 757,412 0.04

528,455 NE ENERGY LC FACILITY TL USD 400,763 0.0201/11/2013

5,266,071 NRG ENERGY 1.5B SYNTH LC USD 3,986,524 0.2201/02/2013

26,005,036 NRG ENERGY TERM LOAN 30/01/2013 USD 19,690,138 1.10

42,079,620 2.34

1,823,333 ACXIOM TL B 15/09/2012 USD 1,381,728 0.08

4,650,000 AMERICAN CELLULAR TL B 15/03/2014 USD 3,509,813 0.20

4,697,761 ASURION CORP FIRST LIEN TL USD 3,575,419 0.2015/08/2012

1,750,000 ATLANTIC BROADBAND TL B USD 1,328,894 0.0714/08/2011

500,000 AUDATEX TERM LOAN 30/09/2013 EUR 510,312 0.03

1,492,500 AUDATEX TERM LOAN 31/03/2013 EUR 1,504,004 0.08

1,492,500 AUDATEX TERM LOAN 31/03/2013 USD 1,132,423 0.06

5,002,687 BCM IRELAND TL B 30/09/2014 EUR 5,020,107 0.28

5,002,687 BCM IRELAND TL C 30/09/2015 EUR 5,067,077 0.28

492,513 BLOCK COMMUNICATION USD 370,684 0.02TERM LOAN 21/12/2012

3,475,629 BRAGG COMMUNICATIONS TL B USD 2,622,420 0.1531/08/2011

548,444 CASEMA BIDCO TL B1 EUR 31/10/2014 EUR 556,056 0.03

833,333 CASEMA BIDCO TL C EUR 31/10/2015 EUR 848,819 0.05

3,745,821 CAVALIER TELEPHONE TLB 02/03/2012 USD 2,863,218 0.16

4,143,283 CENTENNIAL CELLULLAR OPER TL USD 3,140,442 0.1809/02/2011

4,000,000 CEQUEL COMM II 1 LIEN BRID LO USD 3,008,677 0.1730/10/2007

25,900,000 CEQUEL COMM. 1ST LIEN TL USD 19,510,912 1.09

500,000 CEQUEL COMM. 2ND LIEN TL USD 385,299 0.0230/06/2014

30,000,000 CHARTER COMM OPT TL B 27/04/2013 USD 22,529,174 1.26

2,000,000 CHOICE ONE COMMUNICATIONS TL USD 1,524,997 0.0930/06/2012

490,594 CMP KC TL B 05/05/2011 USD 371,313 0.02

1,000,000 CONSOLIDATED COMM TL D USD 754,752 0.0414/10/2011

5,461,237 CRICKET COM TERM LOAN B USD 4,130,852 0.2310/01/2011

2,000,000 CROWN CASTLE TL 06/03/2014 USD 1,507,289 0.08

29,911,112 CSC HOLDINGS TLB 28/03/2013 USD 22,575,469 1.26

4,501,594 CUMULUS MEDIA TERM LOAN USD 3,405,889 0.1907/06/2013

3,979,747 DIRECTV TL B 19/04/2013 USD 3,000,409 0.17

1,000,000 EMMIS COMMUNICATIONS TL B USD 757,073 0.0402/11/2013



AND FINANCIAL






Loans

694,875 ENO FRANCE 30/07/2014 TL C (ACQ) EUR 702,969 0.04

1,305,125 ENO FRANCE 30/07/2014 TL C (RECAP) EUR 1,320,327 0.07

1,148,808 ENO FRANCE TR ACQUISITION B1 EUR 1,154,356 0.06

1,874,365 ENO FRANCE TR ACQUISITION B2 EUR 1,883,418 0.11

2,976,822 ENO FRANCE TRANCH RECAP B1 EUR 2,991,200 0.17

1,674,500 ENTRAVISION COMM TERM LOAN B USD 1,263,700 0.0728/03/2013

1,500,000 FAIRPOINT COMMUNICATIONS TL USD 1,132,304 0.0608/02/2012

1,486,486 GRAY TELEVISION TLB DD#1 31/12/2014 USD 1,118,089 0.06

216,216 GRAY TELEVISION TLB DD#2 31/12/2014 USD 162,631 0.01

3,297,297 GRAY TELEVISION TLB FUND USD 2,480,125 0.14AT CLOSE 31/12/2014

3,201,250 HIT ENTERTAINMENT TERM LOAN B USD 2,420,659 0.1424/08/2012

17,500,000 INSIGHT MIDWEST HOLDINGS TLB USD 13,260,192 0.7430/09/2013

4,750,000 INTELSAT /PANAMSAT SENIOR USD 3,580,133 0.20UNSEC TL 2014

1,995,000 INTELSAT SUBSIDIARY HLDG TL B USD 1,512,754 0.0826/06/2013

1,596,000 INTERMEDIA OUTDOOR LIEN TL USD 1,210,953 0.0729/01/2013

6,435,000 IPAYMENT TL 08/05/2013 USD 4,849,273 0.27

583,333 KABLECOM B CASEMA BIDCO TL B EUR 591,429 0.03

583,333 KABLECOM C CASEMA BIDCO TL C EUR 594,157 0.03

2,916,667 KENTUCKY DATA LINK TL B 16/02/2014 USD 2,197,935 0.12

500,000 KRISPY DOUGHNUT TL 15/02/2014 USD 380,310 0.02

2,493,750 MCC IOWA TL D 31/01/2015 USD 1,876,747 0.10

748,125 MCC IOWA TL D2 31/01/2015 USD 563,024 0.03

1,323,663 MEDIACOM ILLINOIS TR CTL 31/01/2015 USD 997,094 0.06

958,363 MISSION BROADCASTING TL B USD 719,502 0.0401/10/2012

3,054,079 MONTECITO BROADCASTING TL USD 2,310,090 0.1330/01/2013

907,961 NEXSTAR BROADCASTING TL B NEX USD 681,661 0.0401/10/2012

1,451,067 NEXTMEDIA OPERAT TERM LOAN B USD 1,091,720 0.0608/11/2012

644,919 NEXTMEDIA OPERATING TERM LOAN B USD 485,209 0.0308/11/2012

4,903,177 NTELOS TL 25/08/2011 USD 3,706,436 0.21

500,000 NTL INCORPORATED TLB4 31/12/2012 USD 377,745 0.02

3,482,500 OPEN TEXT 22/09/2013 TLB USD 2,632,510 0.15

500,000 PAETEC 1ST TL 30/01/2013 USD 380,874 0.02

750,000 PAETEC COMMUN FL TERM LOAN USD 571,311 0.0308/06/2012

4,987,500 PANAMSAT CORP 26/12/2013 TL USD 3,784,932 0.21

2,108,844 PATRIOT MEDIA & COM TERM LOAN USD 1,595,779 0.0904/04/2013

1,000,000 PAXSON COMMUNICATIONS TL USD 769,072 0.0416/01/2012

1,980,000 QUEBECOR MEDIA TERM LOAN B USD 1,500,141 0.0817/01/2013

1,250,000 REGENT COMMUNICATION TL B USD 943,440 0.0513/11/2013

17,910,000 REYNOLDS & REYNOLDS 1 ST TL USD 13,532,623 0.7623/10/2012

3,545,919 SAN JUAN CABLE TERM LOAN B USD 2,672,959 0.1528/10/2012

4,969,184 SORENSON COM FIRST TL 31/08/2013 USD 3,755,556 0.21



Loans

3,488,608 SPANISH BROADCST FL USD 2,628,119 0.15TERM LOAN 30/05/2012

1,408,929 TELEPACIFIC FL TERM LOAN USD 1,074,306 0.0631/08/2011

5,985,000 TIME WARNER TELECOM NEW TL B USD 4,524,213 0.2507/01/2013

870,625 TRANSFIRST HOLDINGS TERM L B USD 658,127 0.0407/08/2012

1,900,000 UNIVISION COM 2ND ASSET USD 1,428,229 0.08SALE BRIDGE 0609

17,894,576 UNIVISION COM TL B 26/09/2014 USD 13,449,061 0.75

1,500,000 UPC FINANCING PART TL J 12/03/2013 USD 1,131,776 0.06

6,544,512 UPC FINANCING PART TL J 12/03/2013 EUR 6,591,180 0.37

1,500,000 UPC FINANCING PART TL K 31/12/2013 USD 1,131,705 0.06

7,408,881 UPC FINANCING PART TL K 31/12/2013 EUR 7,462,143 0.42

67,500 US TELEPACIFIC ADD ON 2ND TL USD 51,912 0.0004/08/2012

1,995,000 VERIFONE TL B 30/10/2013 USD 1,511,818 0.08

6,000,000 WIDEOPENWEST FINANCE 1 ST TL USD 4,544,472 0.2528/04/2013

2,142,857 WINDSTREAM TL B 17/07/2013 USD 1,623,026 0.09

3,491,250 WORLDSPAN 1st LTL 21/12/2013 USD 2,642,075 0.15

257,101,022 14.34

1,474,972 CCM MERGER TERM LOAN B USD 1,117,912 0.0625/07/2012

10,890,163 CEDAR FAIR TERM LOAN 10/07/2012 USD 8,268,457 0.46

4,477,500 CINEMARK TLB 20/09/2013 USD 3,382,553 0.19

1,990,000 CINRAM INTERNATIONAL TLB USD 1,491,055 0.0802/05/2011

835,388 DELUXE INC TERM LOAN 30/01/2011 USD 632,537 0.04

491,259 EASTON-BELL SPORT TERM LOAN B USD 369,972 0.0217/03/2012

1,000,000 GREAT CANADIAN GAMING TL B USD 755,691 0.0413/02/2014

500,000 GREEN VALLEY RANCH GAMING 2TL USD 380,592 0.0208/08/2014

963,636 GREEN VALLEY RANCH GAMING TLB USD 727,629 0.0408/02/2014

997,500 GREENWOOD RACING TL 13/11/2011 USD 754,972 0.04

6,500,000 HALLMARK ENTERTAINMENT TL B USD 4,907,411 0.2702/01/2012

1,496,250 HERBST GAMING TL B 01/01/2014 USD 1,132,341 0.06

1,745,625 KERASOTES SHOWPLACE THEAT TLB USD 1,320,109 0.0731/10/2011

495,000 LONDON ARENA & WATERFRONT TL USD 375,113 0.0210/03/2012

9,529,754 METRO-GOLDWYN-MAYER TLB-1 USD 7,173,020 0.4008/04/2012

9,917,393 MGM TERM LOAN B 09/04/2012 USD 7,464,795 0.42

1,350,000 NATIONAL CINEMEDIA TL B USD 1,017,330 0.0612/02/2015

2,995,000 NEP II TL B 02/05/2014 USD 2,263,645 0.13

1,492,502 PANAVISION TERM LOAN 06/04/2011 USD 1,129,621 0.06

2,743,038 PENN NATIONAL GAMING TL B USD 2,077,138 0.1231/07/2012

1,311,741 SEMINOLE TRIBE OF FLORIDA USD 987,577 0.06TL B2 02/2014


AND FINANCIAL





Loans

557,637 TRAVELPORT LETTER OF CREDIT USD 423,317 0.02

5,663,901 TRAVELPORT TL USD 4,299,616 0.24

985,000 TRUMP ENTERTAINMENT TL B-1 USD 746,529 0.0405/05/2012

3,000,000 VENETIAN MACAO TERM LAON USD 2,279,186 0.1301/02/2012

20,904,975 VNU DIVERS CONGLO SERV TL USD 15,855,775 0.89B (NIELSEN)

2,250,000 WIMAR LANDCO SEC BRIDGE LOAN USD 1,700,078 0.1030/05/2008

5,227,390 WIMAR OPCO TL 03/01/2012 USD 3,973,606 0.22

3,940,818 WMG ACQUISITION TERM LOAN USD 2,974,340 0.1701/05/2012

1,995,000 YONKERS RACING TERM LOAN USD 1,513,691 0.0805/08/2011

81,495,608 4.55

4,000,000 BRESNAN COMM. TERM LOAN B USD 3,018,067 0.1723/09/2013

4,333,333 CARLSON WAGONLIT TERM L B USD 3,268,046 0.1801/07/2014

4,658,409 INFRASTRUX SENIOR TL 01/11/2012 USD 3,525,784 0.20

3,304,382 LSP KENDALL ENERGY TERM LOAN USD 2,482,351 0.1430/09/2013

474,549 SOURCE MEDIA LOAN 31/12/2011 USD 360,284 0.02

1,000,000 TYROL ACQUISITION 2 SAS LOAN EUR 1,014,568 0.0631/01/2015

1,000,000 TYROL ACQUISITION 2 SAS LOAN EUR 1,019,087 0.0631/01/2015

3,603,712 US SECURITY TL B 30/04/2011 USD 2,734,289 0.15

1,600,000 VALLEY NATIONAL GASES 1ST TL USD 1,211,734 0.0728/02/2014

500,000 VALLEY NATIONAL GASES 2ND TL USD 379,371 0.0228/08/2014

2,500,000 WEIGHT WATCHERS INTL LOAN USD 1,887,466 0.1102/02/2014

20,901,047 1.18

7,767,430 MUELLER GROUP TERM LOAN B USD 5,888,618 0.3305/10/2012

5,888,618 0.33



Loans

5,730,000 ACOSTA INC TL 02/12/2012 USD 4,341,318 0.24

4,080,384 AEARO TECHNOLOGIES TERM LOAN USD 3,099,792 0.1724/03/2013

6,314,829 ASTORIA GENERATING ACQUI TL B USD 4,774,725 0.2701/03/2013

987,500 AXIA INC TRANCHE B TERM LOAN USD 723,294 0.0420/12/2012

4,000,000 BABCOCK & WILCOX TERM LOAN USD 3,034,970 0.1731/12/2011

10,766,121 BOSTON GENERATING 1ST TL USD 8,149,941 0.4622/12/2013

500,000 BOSTON GENERATING 2ND TL USD 385,099 0.0222/12/2013

2,868,966 BOSTON GENERATING SYN L USD 2,171,804 0.1222/12/2013

2,799,707 CELLNET 1 ST TL B 09/08/2011 USD 2,115,492 0.12

333,333 CELLNET 2 ST TL 09/11/2011 USD 252,653 0.01

3,988,505 CHART INDUSTRIES TERM LOAN B USD 3,013,140 0.17 10/10/2012

899,485 COVANTA ENERGY $320MM SYN LC USD 676,987 0.0409/02/2014

1,550,515 COVANTA ENERGY TL B 09/02/2014 USD 1,166,978 0.07

1,250,000 GAMBRO TL B1 EUR 31/12/2014 EUR 1,265,820 0.07

1,250,000 GAMBRO TL C1 EUR 31/12/2015 EUR 1,271,289 0.07

416,667 GENTEK ADD ON TL B 28/02/2011 USD 314,089 0.02

9,748,125 HCP ACQUISITION NEW 1 ST TL USD 7,414,624 0.4112/02/2014

1,750,000 HCP ACQUISITION NEW 2 ND TL USD 1,347,519 0.0812/02/2015

566,667 LONGVIEW POWER SYNTHETIC TL USD 429,156 0.0228/02/2014

1,700,000 LONGVIEW POWER TL 28/02/2014 USD 1,287,468 0.07

5,277,018 MACH GEN 1 TLB 21/02/2014 USD 3,961,777 0.22

546,875 MACH GEN SYNTH LC 21/02/2013 USD 411,343 0.02

489,796 NSG $32.5MM SYNTHETIC USD 369,789 0.0207/03/2014

4,310,204 NSG TL 07/03/2014 USD 3,254,145 0.18

3,004,729 SENSUS METERING SYSTEMS TL B1 USD 2,269,940 0.1319/12/2010

325,512 SENSUS METERING SYSTEMS TL B2 USD 245,910 0.0119/12/2010

5,500,000 THERMAL NORTH AMERICA TL B USD 4,157,589 0.2315/10/2013

1,000,000 TPF GENERATION 1st L/C 15/12/2013 USD 756,864 0.04

4,987,500 TPF GENERATION 1st TL 15/12/2013 USD 3,774,861 0.21

1,500,000 TPF GENERATION 2nd TL 15/12/2014 USD 1,151,495 0.06

3,750,000 WEST CORP TERM LOAN 25/10/2013 USD 2,838,771 0.16

70,428,642 3.92

1,478,871,298 82.46

TOTAL 1,478,951,669 82.46



AND FINANCIAL





to receive to pay Date Commitments in EUR


EUR 11,400,775

EUR 10,771,468

EUR 11,743,800

EUR 113,425,838

EUR 12,004,171

EUR 12,031,296

EUR 12,072,114

EUR 12,113,962

EUR 12,452,266

EUR 126,794,537

EUR 17,985,342

EUR 18,026,206

EUR 19,025,875

EUR 20,145,197

EUR 20,780,595

EUR 226,304,077

EUR 331,153,846

EUR 4,833,983

EUR 413,100,140

EUR 459,874

EUR 506,042,946

EUR 6,008,464

EUR 6,930,007

EUR 605,539

EUR 7,259,254

EUR 7,591,862

EUR 8,038,774

EUR 8,069,381

EUR 8,291,561

EUR 9,002,352

EUR 9,186,603

EUR 9,250,694

USD 845,000,000

USD 15,000,000

USD 14,000,000

USD 15,200,000

USD 150,000,000

USD 16,000,000

USD 16,000,000

USD 15,900,000

USD 16,000,000

USD 16,500,000

USD 169,000,000

USD 24,000,000

USD 24,000,000

USD 25,000,000

USD 26,500,000

USD 27,500,000

USD 300,000,000

USD 430,500,000

USD 6,400,000

USD 546,800,000

GBP 306,000

USD 676,000,000

USD 8,000,000

USD 9,000,000

GBP 408,000

USD 9,600,000

USD 10,000,000

USD 10,600,000

USD 10,500,000

USD 11,000,000

USD 12,000,000

USD 12,000,000

USD 12,000,000

EUR 634,813,312

15/05/2007

13/04/2007

13/04/2007

13/04/2007

16/07/2007

15/05/2007

15/05/2007

13/04/2007

15/05/2007

15/05/2007

16/07/2007

15/05/2007

13/04/2007

13/04/2007

13/04/2007

15/06/2007

15/05/2007

15/06/2007

13/04/2007

15/05/2007

16/07/2007

15/06/2007

15/05/2007

13/04/2007

15/05/2007

15/06/2007

15/06/2007

15/05/2007

15/06/2007

15/06/2007

13/04/2007

13/04/2007

13/04/2007

11,268,452

10,517,222

11,418,698

112,684,521

12,019,682

12,019,682

11,944,559

12,019,682

12,395,297

126,957,894

18,029,523

18,029,523

18,780,753

19,907,599

20,658,829

225,369,042

323,404,575

4,807,873

410,772,640

450,862

507,831,574

6,009,841

6,761,071

601,149

7,211,809

7,512,301

7,963,039

7,887,916

8,263,532

9,014,762

9,014,762

9,014,762

634,813,312

2,615,356,738


AND FINANCIAL





Loans

5,000,000 FREEPORT-MCMORAN C & G USD 5,019,356 2.207.5B TLB 16/03/2014

412,484 LONGYEAR GLOBAL 1 TL (6 YEAR) USD 414,547 0.1816/10/2012

43,231 LONGYEAR GLOBAL ACQ FAC DD USD 43,447 0.0216/10/2012

40,143 LONGYEAR GLOBAL CAN BORROW TL USD 40,344 0.0216/10/2012

383,571 OGLEBAY NORTON C. TERM LOAN B USD 387,407 0.1730/07/2012

5,905,101 2.59

1,000,000 BRICKMAN GROUP LOAN 22/01/2014 USD 1,003,438 0.44

700,000 FR BRAND ACQUISITION IST TL B USD 705,032 0.3107/02/2014

1,708,470 0.75

1,487,450 GEORGIA-PACIFIC TERM LOAN B USD 1,496,856 0.6630/01/2013

1,496,856 0.66

498,750 MOSAIC NEW TL B 30/11/2013 USD 503,426 0.22

503,426 0.22

500,000 COFFEYVILLE RESOURCES TL D USD 506,666 0.2227/12/2013

175,834 CR GAS STORAGE AS TL 20/04/2011 USD 176,493 0.08

37,443 CR GAS STORAGE DELAY DRAW TLB USD 37,583 0.0220/04/2013

1,001,917 CR GAS STORAGE TLB 20/04/2013 USD 1,005,361 0.44

179,709 CR GAS STORAGE US TLB 20/04/2013 USD 180,326 0.08

1,500,000 EL PASO CORP TERM LOAN USD 1,509,024 0.6631/07/2011

1,000,000 ENERGY TRANSFER EQUITY TL USD 1,006,964 0.4401/11/2012

1,492,455 HELIX ENERGY SOLUTIONS TL B USD 1,500,541 0.6615/05/2013

496,231 KEY ENERGY DELAYED DRAW TL B USD 500,108 0.2225/07/2012

997,500 MCJUNKIN FIRST LIEN TERM LOAN USD 1,006,384 0.4430/01/14

495,000 MEG ENERGY TERM LOAN 23/03/213 USD 499,911 0.22

500,000 PINE PRAIRIE TL B 31/12/2013 USD 502,500 0.22

500,000 SG RESOURCES MISSISSIPPI TL B USD 501,250 0.2231/03/2014

97,166 TARGA RESOURCES SYNTH LC FAC USD 98,009 0.0431/10/2012

398,785 TARGA RESOURCES TERM LOAN USD 402,244 0.1831/10/2012

498,750 VOLNAY ACQUISITION 1 BN TL B USD 503,426 0.2209/01/2014

500,000 W&T OFFSHORE TL B 15/05/2010 USD 504,166 0.22

803,571 WESTERN REFINING TL 28/02/2014 USD 806,836 0.35

11,247,792 4.93



Loans

750,000 AZ CHEM US 1 ST TL 28/02/2013 USD 754,219 0.33

2,994,927 CELANESE AG TL 06/04/2011 USD 3,006,366 1.32

496,203 GENTEK TL 28/02/2011 USD 497,908 0.22

408,442 GEORGIA GULF TERM LOAN B USD 410,339 0.1815/09/2013


354,246 HEXION SPECIAL CHEMICAL TL C2 USD 357,100 0.1615/05/2013

742,500 INEOS US FINANCE TERM LOAN B USD 751,858 0.3321/02/2014

742,500 INEOS US FINANCE TERM LOAN C USD 751,858 0.3321/02/2015

495,000 KRATON POLYMERS TERM LOAN USD 498,712 0.2215/05/2013

496,250 LUCITE INTERNATIONAL US TL B2 USD 501,523 0.2221/07/2013

995,000 LYONDELL CHEMICAL TL B 01/10/2013 USD 998,663 0.44

158,537 NORTHEAST BIOFUELS SYNTH LC USD 158,338 0.0730/06/2013

341,463 NORTHEAST BIOFUELS TL 30/06/2013 USD 341,037 0.15

992,500 VERTELLUS SPECIALTIES TL B 29/06/2013 USD 1,001,184 0.44

11,677,137 5.13

932,064 ACTIVANT SOLUTIONS TL 02/05/2013 USD 933,812 0.41

1,983,382 ADVANCED MICRO DEVICES TLB USD 1,997,132 0.8730/09/2013

500,000 AUDIO VISUAL SERVICES 1ST TL USD 502,188 0.2228/02/2014

997,500 FREESCALE SEMICONDUCTOR TL B USD 1,001,605 0.4428/11/2013

170,999 INFOR ENTERPRISE SOLUT USD 172,923 0.08DELAY DRAW 2012

633,333 INFOR ENTERPRISE SOLUTION USD 648,375 0.282ND TL 02/2014

328,421 INFOR ENTERPRISE SOLUTIONS TL USD 331,048 0.1428/07/2012

500,000 PGS TL B 14/02/2013 USD 504,375 0.22

500,000 SEMICONDUCTOR COMPONENT USD 501,250 0.22IND TL B 06/2013

496,250 SENSATA TECHNOLOGIES TL B USD 496,532 0.2227/04/2013

546,734 SI INTERNATIONAL TL 09/02/2011 USD 547,417 0.24

1,000,000 NXP SECURED FRN NOTES 7 USD 1,028,750 0.4515/10/2013

8,665,407 3.79



AND FINANCIAL





Loans

500,000 DECRANE AIRCRAFT 1ST TL USD 504,375 0.2222/02/2013

78,014 HAWKER BEECHCRAFT ACQ USD 78,293 0.03110MM SYN LC 26/03/2014

921,986 HAWKER BEECHCRAFT ACQ TL USD 925,278 0.4026/03/2014

436,073 K&F INDUSTRIES TR C TL 18/11/2012 USD 437,368 0.19

500,000 TRANSDIGM TL 23/06/2013 USD 504,000 0.22

1,000,000 UNITED AIRLINES TL 20/20/2014 USD 1,001,719 0.44

2,000,000 US AIRWAYS TERM LOAN 07/04/2011 USD 2,009,585 0.88

990,833 WESCO AIRCRAFT HARDW FIRST TL USD 999,038 0.4430/09/2013

6,459,656 2.82

1,000,000 CLIENTLOGIC NEWCO LLC USD 1,008,750 0.44(DB-01/2007)

2,494,950 SUNGARD DATA SYS TERM LOAN B USD 2,518,859 1.1008/02/2013

352,791 VERTAFORE TERM LOAN 26/01/2012 USD 353,783 0.15

3,881,392 1.69

997,500 ALIXPARTNERS TL B 12/10/2013 USD 1,006,229 0.44

498,750 INTERGRAPH 1ST LIEN TL 28/05/2014 USD 501,867 0.22

1,508,096 0.66

475,000 BALDOR ELECTRIC TL B 31/01/2014 USD 477,548 0.21

1,705,000 BROCK TL B 23/02/2014 USD 1,712,993 0.75

961,783 DRESSER REFI SEN SEC TL 31/10/2013 USD 971,201 0.43

497,500 NACCO MATERIALS HANDLING TL USD 501,231 0.2222/03/2013

1,456,522 OHMSTEDE FIRST LIEN TL 09/08/2013 USD 1,465,625 0.64

967,213 REXNORD CORP/RBS GLOBAL TL B USD 974,921 0.4330/06/2013

498,750 STOLLE MACHINERY FIRST TL USD 502,647 0.2229/09/2012

224,758 UNITED RENTALS DELAYED DRAW USD 227,076 0.10TL B 03/2011

6,833,242 3.00

200,000 NAVISTAR INTL CORP 400 MM$ USD 203,100 0.09SY LC 2012

550,000 NAVISTAR INTL CORP TL 15/01/2012 USD 558,525 0.24

2,493,750 OSHKOSH TRUCK TL B 06/12/2013 USD 2,506,219 1.10

352,500 VANGUARD CAR RENTAL TERM LOAN USD 356,591 0.1630/06/2013

3,624,435 1.59



Loans

500,000 GOODYEAR TIRE TERM LOAN USD 504,792 0.2230/04/2010

504,792 0.22

992,218 JOHN MANEELY 30/11/2013 TL USD 996,662 0.44

996,662 0.44

444,281 CBRL 20/04/2013 TL B USD 445,485 0.19

1,000,000 FSB HOLDINGS FLTL 21/09/2013 USD 1,012,500 0.44

1,190,574 MICHAEL FOODS TERM LOAN B USD 1,195,783 0.5221/11/2010

1,097,561 NEW CUSTOM SERV FIRST LIEN TL USD 1,105,107 0.4818/08/2013

416,667 NPC INTL TL B 03/05/2013 USD 418,099 0.18

1,928,925 NUTRO PRODUCTS TL B 20/04/2013 USD 1,936,158 0.85

2,497,500 QCE QUIZNOS FL TL 05/05/2014 USD 2,509,989 1.10

495,000 SAGITTARIUS BRANDS TLB 21/03/2013 USD 498,712 0.22

500,000 SBARRO INC (DB-01/2007) USD 505,000 0.22

1,000,000 SHRE SENIOR SEC FRN 28/02/2014 USD 1,020,000 0.45

10,646,833 4.65

583,333 ADVANCE FOOD TL 08/03/2014 USD 584,062 0.26

65,841 ARAMARK TR A (SYNTH LC) USD 66,107 0.0326/01/2014

1,907,511 ARAMARK CORP TR B 26/01/2014 USD 1,915,207 0.84

500,000 B&G FOODS TL C 23/03/2013 ECP USD 503,750 0.22

246,241 BOLTHOUSE FARMS TERM LOAN USD 247,703 0.1109/12/2012

490,369 COMMONWEALTH BRANDS USD 493,741 0.22TERM LOAN 22/12/2012

401,936 CULLIGAN INTL TL B 30/09/2011 USD 403,318 0.18

1,500,000 STURM FOODS 1ST TL 31/01/2014 USD 1,502,344 0.66

5,716,232 2.52

1,889,107 HANESBRANDS FIRST TLB 05/09/2013 USD 1,903,383 0.83

416,667 TOTES ISOTONER LIEN TL 31/01/2013 USD 420,182 0.18

2,323,565 1.01

1,488,778 EASTMAN KODAK DELAYED DR TL B USD 1,493,032 0.6526/09/2012

271,656 EASTMAN KODAK TERM LOAN B USD 272,529 0.1226/09/2012

1,765,561 0.77



AND FINANCIAL





Loans

495,000 ADVANTAGE SALES & MARKET. TL USD 495,412 0.2224/03/2013

250,000 GIBSON GUITAR TL B 26/02/2014 USD 253,125 0.11

405,033 JARDEN CORP TERM LOAN 24/01/2010 USD 406,496 0.18

1,150,000 NATURAL PRODUCTS TL B 05/03/2014 USD 1,152,516 0.50

2,307,549 1.01

1,000,000 AMERICAN REPROGRAPHICS TL USD 1,000,938 0.4418/06/2009

309,556 BLACK PRESS TERM LOAN B USD 311,877 0.1428/07/2013

187,944 BLACK PRESS TLB2 28/07/2013 USD 189,354 0.08

457,540 CARIBE INFORMATION INVEST TLB USD 458,684 0.2024/03/2013

1,954,827 CMP SUSQUEHANNA TLB 05/05/2013 USD 1,966,800 0.86

500,000 FSC ACQUISITION TERM LOAN USD 500,104 0.2201/08/2012

4,987,500 IDEARC TLB 17/11/2014 USD 5,023,659 2.20

994,975 MERRILL COMMUNICATIONS TLB USD 1,000,105 0.4422/12/2012

500,000 PRISM BUSIN MEDIA/PENTON 1 TL USD 502,708 0.2201/02/2013

750,000 READERS DIGEST ASS TL B 23/02/2014 USD 752,478 0.33

11,507 RH DONNELLEY TERM LOAN D-2 USD 11,525 0.0130/06/2011

992,500 THOMAS NELSON PUBLISHERS TL B USD 996,222 0.4421/06/2012

786,667 VALASSIS COMMUNICATIONS TL B USD 789,617 0.3501/03/2014

500,000 VISANT TLC 04/10/2011 USD 503,021 0.22

477,500 WENNER MEDIA TL B01/10/2013 USD 480,783 0.21

1,500,000 YELL GROUP TERM LOAN B USD 1,510,922 0.6631/01/2013

15,998,797 7.02

951,307 GRAPHIC PACKAGING INTL TLC USD 962,232 0.4208/08/2010

500,000 SCA PACKAGING 1 ST TL 02/03/2014 USD 503,125 0.22

116,225 SMURFIT-STONE CON REVOLVER TL USD 117,374 0.0529/10/2011

459,669 SMURFIT-STONE CON TERM LOAN B USD 464,213 0.2029/10/2011

280,242 SMURFIT-STONE CON TERM LOAN C USD 283,012 0.1229/10/2011

2,329,956 1.01



Loans

987,437 BURLINGTON COAT FACTORY TL USD 982,253 0.4325/05/2013

496,250 HARBOR FREIGHT TOOL TERM LOAN USD 500,385 0.2231/07/2010

1,000,000 HARBOR FREIGHT TOOLS USA TL USD 1,008,333 0.4431/07/2010

500,000 MATTRESS TL 09/02/2014 USD 502,500 0.22

3,530,156 MICHAELS STORES TL B 31/10/2013 USD 3,567,263 1.56

453,333 NEIMAN MARCUS TERM LOAN USD 457,884 0.2006/04/2013

995,000 ORIENTAL TRADING FL TERM LOAN USD 1,000,597 0.4431/07/2013

997,500 PEP BOYS TERM LOAN B 27/01/2011 USD 1,005,605 0.44

498,750 PETCO ANIMAL SUPPLIES TLB USD 502,980 0.2225/10/2013

2,992,462 RENT-A-CENTER TL B 30/06/2012 USD 3,003,373 1.31

500,000 ROUNDYS SUPERMARKET TERM LOAN USD 504,500 0.2227/10/2011

997,494 SALLY HOLDINGS LOAN 13/11/2013 USD 1,005,944 0.44

227,855 SAVERS CANADIAN TL 11/08/2012 USD 230,134 0.10

258,204 SAVERS TL 11/08/2012 USD 260,786 0.11

2,000,000 SUPERVALU TLB 01/06/2012 USD 2,008,522 0.88

1,000,000 YANKEE CANDLE TL 06/02/2014 USD 1,005,750 0.44

17,546,809 7.67

497,497 LPL HOLDINGS TERM LOAN B USD 504,337 0.2203/07/2013

504,337 0.22

935,897 AFFINION GROUP TERM LOAN B USD 944,087 0.4107/10/2012

463,158 LSP GEN FINANCE TERM LOAN USD 464,605 0.2031/03/2013

500,000 RISKMETRICS TL B 22/12/2013 USD 504,375 0.22

1,913,067 0.83

995,000 APPLIED SYSTEMS TL 21/09/2013 USD 1,000,908 0.44

500,000 CONCORD RE TL 15/02/2012 USD 505,625 0.22

474,940 CRAWFORD & COMPAGNY SENIO USD 477,315 0.21TLB 31/10/2013

496,241 HMSC CORPORATION TERM LOAN USD 498,722 0.2207/11/2011

56,635 VERTAFORE DELAYED DRAW TL USD 56,794 0.0226/01/2012

2,539,364 1.11



AND FINANCIAL





Loans

917,253 AGA MEDICAL TL B 24/04/2013 USD 920,119 0.40

495,000 AMERIPATH TERM LOAN 10/10/2012 USD 495,866 0.22

1,000,000 CAPELLA HEALTHCARE TERM LOAN B USD 1,010,000 0.448/11/2012

486,146 COMPSYCH INV. TERM LOAN B USD 489,792 0.2105/04/2012

636,365 CONCENTRA OPERATING TERM LOAN USD 638,156 0.2830/09/2011

497,500 CRC HEALTH ADD-ON TL B USD 502,475 0.2206/02/2013

497,500 CRC HEALTH TERM LOAN B USD 502,475 0.2206/02/2013

3,741,250 EDUCATION MANAGEMENT TL B USD 3,770,869 1.6530/05/2013

1,734,036 EMDEON BUS.SERV. I ST TLB USD 1,743,790 0.7630/11/2013

997,500 HCA TL B 31/12/2013 USD 1,007,164 0.44

5,000,000 HEALTH MANAGEMENT ASSOCIAT TL USD 5,021,096 2.2001/03/2014

1,000,000 LIFEPOINT HOSPITAL TL B 15/04/2012 USD 998,594 0.44

990,000 QUINTILES TRANSNATIONAL FTL USD 992,475 0.4331/03/2013

500,000 RADNET MANAGEMENT 1ST LIEN TL USD 503,750 0.2201/10/2012

595,093 RENAL ADVANTAGE TERM LOAN B USD 601,043 0.2630/09/2012

216,693 STIEFEL LABORATORIE DELAY DRA USD 218,319 0.1028/12/2013

283,307 STIEFEL LABORATORIES 1 ST TL USD 285,431 0.1228/12/2013

609,786 US ONCOLOGY TR B TL 20/08/2011 USD 614,550 0.27

20,315,964 8.88

500,000 AVIS BUDGET CAR RENTAL UNSEC USD 510,000 0.2210/04/2014

748,125 GREATWIDE LOGISTIC SERVICES 1 USD 753,424 0.33ST TL 2013

111,544 HERTZ SYNTH TERM LOAN 20/12/2012 USD 112,533 0.05

624,648 HERTZ TERM LOAN 20/12/2012 USD 630,186 0.28

773,012 HORIZON LINES TL C 30/06/2011 USD 777,602 0.34

446,610 KENAN ADVANTAGE TERM LOAN USD 450,797 0.2016/12/2011

481,452 US SHIPPING PARTNERS TL 04/08/2012 USD 487,320 0.21

3,721,862 1.63

415,262 ALLIED WASTE NORTH US REVOLVER USD 417,149 0.1815/01/2012

936,431 ALLIED WASTE NORTH US TERM LOAN USD 939,796 0.4115/01/2012

950,000 WASTEQUIP 1ST TL 29/01/2013 USD 959,500 0.42

2,316,445 1.01




Loans

144,828 BOSTON GENERATING REVOLVER USD 145,940 0.0622/12/2011

31,847 COLETO CREEK POWER LOC 30/06/2013 USD 32,006 0.01

1,209,017 COLETO CREEK WLE 1ST TLF USD 1,215,062 0.53

1,500,000 NRG ENERGY 1.5B SYNTH LC USD 1,511,562 0.6601/02/2013

3,314,791 NRG ENERGY TERM LOAN 30/01/2013 USD 3,340,985 1.46

6,245,555 2.72

1,435,370 ASURION CORP FIRST LIEN TL USD 1,454,209 0.6415/08/2012

497,500 AUDATEX TERM LOAN 31/03/2013 USD 502,475 0.22

994,898 BRAGG COMMUNICATIONS TL B USD 999,251 0.4431/08/2011

998,886 CAVALIER TELEPHONE TLB 02/03/2012 USD 1,016,366 0.44

500,000 CEQUEL COMM II 1 LIEN BRID LO USD 500,625 0.2230/10/2007

1,500,000 CEQUEL COMM. 1ST LIEN TL USD 1,504,167 0.66

500,000 CEQUEL COMM. 2ND LIEN TL USD 512,890 0.2230/06/2014

3,000,000 CHARTER COMM OPT TL B 27/04/2013 USD 2,998,971 1.31

1,000,000 CONSOLIDATED COMM TL D USD 1,004,688 0.4414/10/2011

496,250 CRICKET COM TERM LOAN B USD 499,662 0.2210/01/2011

1,000,000 CROWN CASTLE TL 06/03/2014 USD 1,003,214 0.44

3,500,000 CSC HOLDINGS TLB 28/03/2013 USD 3,516,408 1.54

1,000,000 FAIRPOINT COMMUNICATIONS TL USD 1,004,844 0.4408/02/2012

2,200,000 INSIGHT MIDWEST HOLDINGS TLB USD 2,219,021 0.9730/09/2013

500,000 INTELSAT /PANAMSAT SENIOR USD 501,652 0.22UNSEC TL 2014

748,125 INTERMEDIA OUTDOOR LIEN TL USD 755,606 0.3329/01/2013

495,000 IPAYMENT TL 08/05/2013 USD 496,547 0.22

500,000 KENTUCKY DATA LINK TL B 16/02/2014 USD 501,562 0.22

250,000 KRISPY DOUGHNUT TL 15/02/2014 USD 253,125 0.11

336,063 NEXTMEDIA OPERAT TERM LOAN B USD 336,567 0.1508/11/2012

149,361 NEXTMEDIA OPERATING TERM LOAN B USD 149,585 0.0708/11/2012

1,472,686 NTELOS TL 25/08/2011 USD 1,481,891 0.65

2,000,000 NTL INCORPORATED TLB4 31/12/2012 USD 2,011,340 0.88

497,500 OPEN TEXT 22/09/2013 TLB USD 500,609 0.22

1,000,000 PAETEC 1ST TL 30/01/2013 USD 1,014,000 0.44

1,496,250 PANAMSAT CORP 26/12/2013 TL USD 1,511,494 0.66

1,741,250 REYNOLDS & REYNOLDS 1 ST TL USD 1,751,356 0.7723/10/2012

750,000 REYNOLDS & REYNOLDS 2 ND TL USD 769,922 0.3423/10/2013

997,503 SAN JUAN CABLE TERM LOAN B USD 1,000,932 0.4428/10/2012

994,086 SORENSON COM FIRST TL 31/08/2013 USD 1,000,092 0.44

497,500 TRANSFIRST HOLDINGS TERM L B USD 500,609 0.2207/08/2012

1,000,000 UNIVISION COM 2ND ASSET USD 1,000,625 0.44SALE BRIDGE 0609

4,697,987 UNIVISION COM TL B 26/09/2014 USD 4,700,124 2.06

250,000 UPC FINANCING PART TL J 12/03/2013 USD 251,094 0.11

250,000 UPC FINANCING PART TL K 31/12/2013 USD 251,078 0.11

500,000 WIDEOPENWEST FINANCE 1 ST TL USD 504,114 0.2228/04/2013

39,980,715 17.52


AND FINANCIAL





Loans

2,486,237 CEDAR FAIR TERM LOAN 10/07/2012 USD 2,512,810 1.10

995,000 CINEMARK TLB 20/09/2013 USD 1,000,597 0.44

497,500 CINRAM INTERNATIONAL TLB USD 496,204 0.2202/05/2011

722,727 GREEN VALLEY RANCH GAMING TLB USD 726,438 0.3208/02/2014

500,000 HALLMARK ENTERTAINMENT TL B USD 502,500 0.2202/01/2012

997,500 KERASOTES SHOWPLACE THEAT TLB USD 1,004,150 0.4431/10/2011

463,996 METRO-GOLDWYN-MAYER TLB-1 USD 464,902 0.2008/04/2012

1,488,722 MGM TERM LOAN B 09/04/2012 USD 1,491,629 0.65

500,000 NATIONAL CINEMEDIA TL B USD 501,562 0.2212/02/2015

1,745,570 PENN NATIONAL GAMING TL B USD 1,759,534 0.7731/07/2012

259,109 SEMINOLE TRIBE OF FLORIDA TL B1 USD 259,677 0.1102/2014



89,222 TRAVELPORT LETTER OF CREDIT USD 90,160 0.04

906,224 TRAVELPORT TL USD 915,749 0.40

1,000,000 VENETIAN MACAO TERM LAON USD 1,011,313 0.4401/02/2012

2,487,500 VNU DIVERS CONGLO SERV USD 2,511,470 1.10TL B (NIELSEN)

500,000 WIMAR LANDCO SEC BRIDGE LOAN USD 502,902 0.2230/05/2008

1,393,971 WIMAR OPCO TL 03/01/2012 USD 1,410,524 0.62

18,906,824 8.27

500,000 BRESNAN COMM. TERM LOAN B USD 502,188 0.2223/09/2013

500,000 CARLSON WAGONLIT TERM L B USD 501,953 0.2201/07/2014

931,682 INFRASTRUX SENIOR TL 01/11/2012 USD 938,669 0.41

478,748 LSP KENDALL ENERGY TERM LOAN USD 478,748 0.2130/09/2013

495,000 US SECURITY TL B 30/04/2011 USD 499,950 0.22

750,000 VALLEY NATIONAL GASES 1ST TL USD 756,094 0.3328/02/2014

250,000 VALLEY NATIONAL GASES 2ND TL USD 252,500 0.1128/08/2014

498,750 VALLEYCREST FIRST TL 29/09/2013 USD 502,023 0.22

500,000 WEIGHT WATCHERS INTL LOAN USD 502,500 0.2202/02/2014

4,934,625 2.16

992,443 MUELLER GROUP TERM LOAN B USD 1,001,541 0.4405/10/2012

1,001,541 0.44



Loans

747,500 ACOSTA INC TL 02/12/2012 USD 753,885 0.33

495,000 AEARO TECHNOLOGIES USD 500,569 0.22TERM LOAN 24/03/2013

2,332,086 BOSTON GENERATING 1ST TL USD 2,349,994 1.0322/12/2013

517,241 BOSTON GENERATING SYN L USD 521,213 0.2322/12/2013

499,853 CELLNET 1 ST TL B 09/08/2011 USD 502,769 0.22

250,000 COVANTA ENERGY $320MM SYN LC USD 250,469 0.1109/02/2014

600,000 COVANTA ENERGY TL B 09/02/2014 USD 601,125 0.26

498,750 HCP ACQUISITION NEW 1 ST TL USD 504,984 0.2212/02/2014

500,000 HCP ACQUISITION NEW 2 ND TL USD 512,500 0.2212/02/2015

200,000 LONGVIEW POWER SYNTHETIC TL USD 201,625 0.0928/02/2014

600,000 LONGVIEW POWER TL 28/02/2014 USD 604,875 0.26

2,259,961 MACH GEN 1 TLB 21/02/2014 USD 2,258,548 0.99

234,375 MACH GEN SYNTH LC 21/02/2013 USD 234,668 0.10

1,020,955 SENSUS METERING SYSTEMS TL B1 USD 1,026,698 0.4519/12/2010

110,603 SENSUS METERING SYSTEMS TL B2 USD 111,226 0.0519/12/2010

864,286 WEST CORP TERM LOAN 25/10/2013 USD 870,931 0.38

2,500,000 WEST TL 25/10/2013 USD 2,519,220 1.10

14,325,299 6.26

240,353,364 105.20

TOTAL 240,353,364 105.20



AND FINANCIAL


SLOVAK BOND

Quantity/Nominal Currency Valuation in SKK % NAV


Bonds

60,000,000 E.I.B. 03/2023 0% SKK 23,627,388 0.71

23,627,388 0.71

20,000,000 BA CREDITANSTALT BACA SKK 18,982,302 0.5706/2026 4.03%

60,000,000 BANK AUSTRIA CREDITANSTALT SKK 61,844,794 1.8603/2013 5%

90,000,000 HYPO ALPE-ADRIA 02/2012 7 3/4% SKK 102,418,909 3.08

183,246,005 5.51

70,000,000 LANDESBANK RHEINLAND SKK 80,696,000 2.4201/2011 8 1/4%

100,000,000 WESTLB 05/2012 3.4% SKK 96,260,000 2.89

176,956,000 5.31

60,000,000 TESCO 05/2008 2 3/4% SKK 59,208,000 1.78

59,208,000 1.78

60,000,000 HYPO REAL ESTATE BANK SKK 59,703,000 1.7904/2011 (FRN)

59,703,000 1.79

70,000,000 LANDSBANKI ISLANDS 05/2010 3.2% SKK 67,305,000 2.02

67,305,000 2.02

50,000,000 UNICREDITO ITALIANO 06/2026 4.03% SKK 46,972,375 1.41

46,972,375 1.41

40,000,000 LINDE FINANCE 02/2008 7 3/4% SKK 41,121,240 1.23

30,000,000 VOLKSWAGEN INTL FIN SKK 30,160,498 0.9103/2008 4.85%

71,281,738 2.14



Bonds

54,000,000 CESKO OBCH BANKA 04/2009 4.9% SKK 55,142,594 1.66

109,000,000 SLOVAKIA 00/2010 8 1/2% SKK 124,023,518 3.72

108,000,000 SLOVAKIA 01/2011 8 3/10% SKK 126,204,318 3.79

55,000,000 SLOVAKIA 02/2012 7 1/2% SKK 63,453,098 1.91

110,000,000 SLOVAKIA 03/2008 4.95% SKK 110,942,892 3.33

110,000,000 SLOVAKIA 03/2010 4 9/10% SKK 112,598,420 3.38

150,000,000 SLOVAKIA 03/2013 4 3/4% SKK 154,511,757 4.64

45,000,000 SLOVAKIA 03/2013 5% SKK 46,976,571 1.41

140,000,000 SLOVAKIA 03/2013 5.1% SKK 146,486,173 4.40

135,000,000 SLOVAKIA 04/2009 4 8/10% SKK 136,620,000 4.10

244,000,000 SLOVAKIA 04/2014 4 9/10% SKK 254,142,869 7.63

500,000,000 SLOVAKIA 04/2019 5 3/10% SKK 548,050,500 16.46

250,000,000 SLOVAKIA 05/2012 0% SKK 201,561,828 6.05

130,000,000 SLOVAKIA 06/2026 4 1/2% SKK 132,638,545 3.98

48,000,000 ZELEZNICE SLOVENSKEJ SKK 60,108,672 1.8002/2014 8 6/10%

2,273,461,755 68.26

45,000,000 BEAR STEARNS 05/2015 4.1% SKK 43,830,001 1.32

50,000,000 GOLDMAN SACHS 05/2010 (FRN) SKK 49,884,998 1.50

30,000,000 GOLDMAN SACHS 05/2015 4.27% SKK 29,625,000 0.89

62,000,000 MERRILL LYNCH 05/2010 (FRN) SKK 61,813,998 1.86

185,153,997 5.57

3,146,915,258 94.50

TOTAL 3,146,915,258 94.50


SLOVAK MONEY MARKET



Bonds

8,000,000 KOMMUNALKREDIT 05/2010 (FRN) SKK 7,998,400 6.75

7,998,400 6.75

3,300,000 LANDESBANK SACHSEN GIRO SKK 3,321,537 2.8002/2007 6 1/2%

3,321,537 2.80

1,300,000 TESCO 05/2008 2 3/4% SKK 1,282,840 1.08

4,000,000 TESCO 07/2009 4 1/4% SKK 4,012,000 3.38

5,294,840 4.46

5,000,000 VOLKSWAGEN INTL FIN SKK 5,026,750 4.2403/2008 4.85%

5,026,750 4.24

25,000,000 SLOVAKIA 04/2009 (FRN) SKK 25,062,500 21.14

10,000,000 SLOVAKIA 04/2009 4 8/10% SKK 10,120,000 8.54

35,182,500 29.68

4,000,000 GENERAL ELECTRIC CAP 06/2011 (FRN) SKK 3,995,200 3.37

4,000,000 GOLDMAN SACHS 05/2010 (FRN) SKK 3,990,800 3.37

4,000,000 LEHMAN BROTHERS 07/2012 (FRN) SKK 3,990,400 3.37

4,000,000 MERRILL LYNCH 05/2010 (FRN) SKK 3,988,000 3.36

15,964,400 13.47

72,788,427 61.40


TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTSTRADED ON ANOTHER REGULATED MARKET

Bonds

5,000,000 OTP BANK SLOVENSKO 05/2009 (FRN) SKK 5,000,000 4.22

10,000,000 VSEOBECNA UVEROVA BANKA SKK 9,982,000 8.4206/2011 (FRN)

14,982,000 12.64

14,982,000 12.64

TOTAL 87,770,427 74.04


AND FINANCIAL




1- GENERAL

ING INTERNATIONAL (II) (the "Company" or the "SICAV") is a "Société d'Investissement à Capital Variable" ("SICAV")

incorporated on November 20, 1992 for an unlimited period as a société anonyme (public limited company), governed by

Part II of the Luxembourg law of December 20, 2002 on undertakings for collective investment.

The Memorandum and Articles of Association of the Company were published in the Mémorial, Recueil Spécial des Sociétés et

Associations du Grand-Duché de Luxembourg and filed with the Registry of the Luxembourg District Court where they may be

consulted and copies may be obtained upon payment of Registry fees.

The Company is registered with the Luxembourg Register of Companies under number B 41 873.

The Company currently offers the following share classes to the investors:

Shares Name Description

Capitalisation B Capitalisation shares

Capitalisation G Capitalisation shares**

Capitalisation I Capitalisation shares dedicated to institutional investors

Capitalisation P Capitalisation shares*

Capitalisation X Capitalisation shares dedicated to some countries*

Capitalisation Danske I Capitalisation shares reserved for institutional clients of "Danske Bank A/S

and/or its subsidiaries"

Capitalisation Danske G Capitalisation shares reserved for clients of "Danske Bank A/S


Distribution A Distribution shares

Distribution I Distribution shares dedicated to institutional investors

Distribution J Distribution shares reserved to investors which are undertakings for

collective investments whose objective is to invest exclusively in the

sub-fund Senior Bank Loans USD

Distribution P Distribution shares*

Distribution Danske G Distribution shares reserved for clients of "Danske Bank A/S


* for the Czech Money Market sub-fund.

** for the Senior Bank Loans EURO and Senior Bank Loans USD sub-funds.

Changes

The Alpha 3 sub-fund has been launched on January 5, 2007.

The Board of Directors of the SICAV has decided to appoint ING Investment Management Luxembourg S.A. as

Management Company of the SICAV as from November 23, 2006. This appointment includes the management of the assets

of the sub-funds of the SICAV as well as the administration and marketing of its shares.

On November 23, 2006, the Management Company of the SICAV has delegated the management of the assets of the

sub-funds to the investment managers as described in Note 4.

48

NOTES TO THE

FINANCIAL STATEMENTS

2- PRINCIPAL ACCOUNTING METHODS

The financial statements are prepared in accordance with generally accepted accounting principles and regulations in force in

Luxembourg.

Currency conversion

The financial statements have been drawn up in the accounting currency of each sub-fund. Assets and liabilities expressed in

currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rate prevailing

on the closing date.

The various items in the combined 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.

Money market instruments and other short-term securities are valued using the straight-line amortisation method provided these

instruments or securities have an initial or residual maturity at the time of their purchase by the Company of less than 12 months

and if it appears that the last known price on the main market for the security in question cannot be considered as

representative of the price of that security. These instruments and securities are shown at acquisition cost in the securities

portfolio, accrued interest calculated through the straight-line amortisation method being included in the item "Other Assets" in

the statement of net assets and in the item "Interest on bonds and other debt securities" in the statement of operations and

changes in net assets.

In the absence of readily available prices from a regulated market, senior bank loans included in the investment portfolio of the

sub-funds "Senior Bank Loans EURO" and "Senior Bank Loans USD" are valued using prices sourced from various brokers.

Investments in open-ended investment funds, either listed or not, are valued on the basis of their last available Net Asset Value

per share.

Financial derivative instruments valuation

Financial derivative instruments listed on a regulated market are valued at the last available published price applicable at the

closing date.

Financial derivative instruments not listed on a regulated market are valued by means of an actuarial method recognised in the

market.

Positive fair values of other financial derivative instruments are included in the item "Financial Derivative Instruments".

Negative fair values of other financial derivative instruments are included in the item "Current Liabilities".

NOTES TO THE


49ING International (II) - 31/03/2007 49

Income

Dividends are accounted for on the ex-date.

Interest is accrued on a daily basis.

3- OTHER ASSETS AND CURRENT LIABILITIES

Other assets account includes mainly accrued interest and receivables.

Current liabilities account includes mainly fee accruals, payables and negative fair values of financial derivative

instruments.

4- MANAGEMENT FEES

In accordance with the terms and conditions of the nomination of ING Investment Management Luxembourg S.A. by the

SICAV, the sub-funds will pay ING Investment Management Luxembourg S.A. an annual management fee calculated on the

average Net Assets of each sub-fund as described in the table below. This fee is payable monthly in arrears.

ING Investment Management Luxembourg S.A. has entrusted, at its own expense, management of the different sub-funds to the

investment managers listed below.

Sub-Fund Investment Manager Rate

Alpha 3 ING Investment Management Belgium 0.50%***

Oblirente* ING Investment Management Belgium 0.60%

Emerging Market Debt (US Dollar) B shares ING Fund Management B.V. 1.25%

Emerging Market Debt (US Dollar) I shares ING Fund Management B.V. 0.72%

Czech Money Market P Shares ING Investment Management (C.R.) 0.55%

Czech Money Market X Shares ING Investment Management (C.R.) 0.45%

Slovak Bond ING Investment Management (C.R.) 0.90%

Slovak Money Market ING Investment Management (C.R.) 0.65%

Senior Bank Loans EURO ING Investment Management Co. 0.72%**

Senior Bank Loans USD ING Investment Management Co. 0.72%**

* with a minimum of 45,378.02 EUR

** 1.25% for the Capitalisation G share class

*** The part of net assets invested in open-ended investment funds promoted or managed by ING Group is not subject to

this management fee.

5- CUSTODIAN FEES

The depositary bank is remunerated in accordance with the agreement between ING Luxembourg, acting as the custodian,

and the SICAV.

50

NOTES TO THE



6- SUBSCRIPTION TAX

The Company is liable in Luxembourg to a subscription tax (taxe d'abonnement) of 0.01% per annum of its net assets for all

shares restricted to institutional investors and a subscription tax of 0.05% per annum of its net assets for all the other shares.

The subscription tax is paid quarterly and calculated on the Net Asset Value at the end of the relevant calendar quarter.

No subscription tax is paid on the assets held by the Company in other UCIs already subject to that tax in Luxembourg.

7- OTHER EXPENSES

This account includes mainly Administration fees and Audit fees.

8- CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO

These changes are made available to the shareholders at the custodian bank and at the Company's registered office as well

as at the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who so

requests.

51

NOTES TO THE



Documents

ING INTERNATIONAL II