ING ARIA · ING ARIA – ING Global Index Portfolio Very Defensive (launched on 3 April 2019) The...

as at 31/12/2019

Société d'investissement à capital variable

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

Annual report including audited financial statements

ING ARIA

RCS Luxembourg N B152.325

ING ARIA

Table of Contents

Page General Information 3

Organisation 4 Management Report 6 Report of the Réviseur d’Entreprises Agréé 24 Combined Statements 27

ING ARIA – Corporate+ 29 ING ARIA – Euro Short Duration Enhanced Return Bond Fund

33

ING ARIA – Flexible Strategic Allocation 37

ING ARIA – ING Global Index Portfolio Aggressive (launched on 3 April 2019) 42 ING ARIA – ING Global Index Portfolio Balanced 45

ING ARIA – ING Global Index Portfolio Defensive 48

ING ARIA – ING Global Index Portfolio Dynamic 51 ING ARIA – ING Global Index Portfolio Very Defensive (launched on 3 April 2019) 54 ING ARIA – ING Sustainable Bonds 57

ING ARIA – Lion Aggressive 61

ING ARIA – Lion Balanced 64 ING ARIA – Lion Conservative 67 ING ARIA – Lion Dynamic 70 ING ARIA – Lion Moderate 73 ING ARIA – Millésimé Dynamique 76 ING ARIA – Moderate Invest 81 ING ARIA – Navido Patrimonial Dynamic 85 Notes to the financial statements - Schedule of derivative instruments 90 Other notes to the financial statements 92 Unaudited information 99

ING ARIA

General Information

The information given in this report relates to the year ended 31 December 2019. It should not be taken as an indication of the future results of ING ARIA (the “Company”). The Board of Directors of the Company may establish different portfolios of assets in one or more sub-funds of the Company at any time to meet, in its opinion, the needs of different shareholders. At the closing date, the Company comprised seventeen sub-funds, namely:

ING ARIA – Corporate+ ING ARIA – Euro Short Duration Enhanced Return Bond Fund ING ARIA – Flexible Strategic Allocation ING ARIA – ING Global Index Portfolio Aggressive (launched on 3 April 2019) ING ARIA – ING Global Index Portfolio Balanced ING ARIA – ING Global Index Portfolio Defensive ING ARIA – ING Global Index Portfolio Dynamic ING ARIA – ING Global Index Portfolio Very Defensive (launched on 3 April 2019) ING ARIA – ING Sustainable Bonds ING ARIA – Lion Aggressive ING ARIA – Lion Balanced ING ARIA – Lion Conservative ING ARIA – Lion Dynamic ING ARIA – Lion Moderate ING ARIA – Millésimé Dynamique ING ARIA – Moderate Invest ING ARIA – Navido Patrimonial Dynamic

The report does not constitute an offer or an invitation to purchase shares of the sub-funds referred to herein. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the relevant Key Investor Information Document (KIID) supplemented by the latest annual report including audited financial statements. Should the reference date of the annual report including audited financial statements date back more than nine months, the subscriber must also be supplied with a semi-annual report and unaudited financial statements.

ING ARIA

Organisation

Registered Office 5, allée Scheffer L-2520 Luxembourg

Board of Directors of the Company Chairman Sandrine De Vuyst

Head of Private Banking, ING Luxembourg S.A.

Directors Alain Cordenier Non-executive Director

Bernard Lhermitte General Manager of the Operations, ING Luxembourg S.A.

Katleen Van Gheel (until 5 August 2019) Chief Risk Officer ING Luxembourg S.A. Management Company

ING Solutions Investment Management S.A. 26, place de la Gare L-1616 Luxembourg

Supervisory Board of the Management Company Thierry Masset

Chief Investment Officer ING Belgium S.A. Eric Chinchon Independent Director Wouter Gesquière Head of Private Banking Clients ING Luxembourg S.A.

Management Board of the Management Company Sebastien de Villenfagne

Conducting Officer ING Solutions Investment Management S.A. Sandrine Jankowski Conducting Officer ING Solutions Investment Management S.A.

Gaëtan De Weerdt

Conducting Officer ING Solutions Investment Management S.A.

Investment Manager ING Luxembourg S.A. 26, place de la Gare

L-1616 Luxembourg

ING ARIA

Organisation (continued)

Investment Advisor for the sub-funds : ING ARIA – ING Global Index Portfolio Defensive, ING ARIA – ING Global Index Portfolio Balanced, ING ARIA – ING Global Index Portfolio Dynamic, ING ARIA – ING Global Index Portfolio Aggressive, ING ARIA – ING Global Index Portfolio Very Defensive

ING Bank N.V. Bijlmerplein 888 NL-1102 MG Amsterdam

Depositary Agent CACEIS Bank, Luxembourg Branch 5, allée Scheffer L-2520 Luxembourg

Administration Agent and Domiciliation Agent, Registrar & Transfer Agent and Paying Agent

CACEIS Bank, Luxembourg Branch 5, allée Scheffer L-2520 Luxembourg

Global Distributor ING Solutions Investment Management S.A. 26, place de la Gare

L-1616 Luxembourg

Cabinet de Révision Agréé Deloitte Audit Société à responsabilité limitée 20, boulevard de Kockelscheuer L-1821 Luxembourg

ING ARIA

Management Report

2019 Annual report – Macro comments Economy

On the economic front, 2019 was generally a year of deceleration, with most of the economic indicators pointing downward. For a while, there was even some concerns that the downturn would lead to a recession.

On the financial markets, 2019 was ultimately a very good year. Who would have thought that most financial assets posted such impressive performances at the start of the year. The MSCI World index was up 28% in 2019, driven by American equities (+ 31%), European equities (+ 27%) being just behind. Despite those returns from equities, government and corporate bonds also delivered good returns.

From the start of the year to September 2019, government bonds reacted to a weakening of economic data, bond yields generally following downward surveys of the manufacturing sector. The surprise was not the good performance of government bonds, but the strong rebound in equities in this context of deteriorating economic data.

After the sharp drop in stocks in the fourth quarter of 2018, the first four months of 2019 caused a strong rebound, with central banks signaling that instead of raising interest rates, they would do whatever was necessary to try to keep the economic expansion intact.

Then, from the end of April to the end of September, global equities stagnated, while investors were digesting the vagaries of trade negotiations between the United States and China, and the continued deterioration of macroeconomic indicators.

Remarkably, at the end of September, 20-year US government bonds were up 20% since the start of 2019, while the MSCI World was up 18%. Such high returns simultaneously for defensive and risky assets are unusual. The bull or bear investors were all thrilled at the end of October.

However, the fourth quarter tipped the scales in the “bull” camp. Global stocks rose 9% in the last three months of the year, while developed market government bonds gave up some of their gains.

Several factors contributed to boost stocks and bond yields in the last quarter. Surveys of American and euro area businesses and services recovered slightly from September. More importantly, overall employment held up well and in the United States, more than 200,000 jobs were created in November. The recovery in the services PMI and the resilience of the job market faced with the weakness of the manufacturing sector have helped to restore confidence in the market. A recession was not imminent.

The fourth quarter also helped avoid two significant political risks. US tariffs on China were set to rise on December 15, but a trade deal avoided that outcome and eased the stock markets considerably. The fact that the United States also did not impose tariffs on EU auto exports also helped support equities.

In the United Kingdom, a greater majority for the Conservative Party in the British elections in December removed the threat of nationalization for certain public service companies. In addition, the election allowed the UK to pass a European Union withdrawal bill, setting off a transitional period during which little will change until the end of 2020. The combination of these facts helped push stocks and the pound up in the fourth quarter. However, the initial rally of the pound sterling after the election results quickly waned when it was announced that the transition period would surely not go beyond 2020. This gives the British government a very short period of time to agree on a free trade agreement that would avoid a hard Brexit.

In Europe, all sectors of the STOXX600 closed the year in positive territory. Cyclical sectors like CONSTRUCTION (+ 37.3%), TECHNOLOGY (+ 35.1%), INDUSTRY (+ 32.1%) outperformed the SXXP index and even more sectors like TELECOMS (+ 0.1%), OIL & GAS (+ 5.8%) ), RAW MATERIALS (+ 16.7%), benefiting from a substantial reduction in the two main macro-economic risks facing the world economy.

The best performing sectors benefited from the calming of the trade war and the alleviation of fears linked to the world economy. UTILITIES (+ 24.6%) and HEALTH (+ 28.4%) sectors rebounded well during the year and played their defensive role well. The TELECOMS sector (+ 0.1%) strongly underperformed the STOXX 600. This was due to the negative performances of VODAFONE, TELEFONICA and BT following deteriorating business trends.

The trade war and the suspension of trade relations between Huawei and the United States weighed also heavily on the sector.

ING ARIA

ING ARIA - Corporate +

I) Portfolio Characteristics

II) Portfolio Breakdown (Direct Lines)

FIXED 81,0%VARIABLE 18,5%FLOATING 0,6%

AAA 0,0%AA 1,0%A 8,0%BBB 74,6%BB 5,4%B 0,0%NR 10,9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

AAA AA A BBB BB B NR

0,0% 1,0%8,0%

74,6%

5,4%0,0%

10,9%

ING ARIA

Management Report (continued)

Investment Strategy

At the end of the review period, the yield to maturity at the compartment level was 0.84% with a duration of 3.99. The sub-fund kept an underweight duration positioning vs. its benchmark (duration tilt at 77%) and has removed its underweight positioning in financials (now slightly overweight). It is mainly invested in BBB-rated bond instruments (roughly 75% of the total allocation) with fixed coupons (81%) denominated in EUR (100%). The 1-5Y maturity bucket represents around 50% of the portfolio. Over the year, the fund has benefited from both spread compression and yield decline.

Main Operations

During the period, we have realized around 150 operations. We have basically sold bonds with a yield to maturity considered as too low and with insufficient remuneration compared to the risk taken. In return, we have bought bonds with greater potential for spread tightening and have been particularly active on primary markets in order to capture the new issue premia.

ING ARIA - Euro Short Duration Enhanced Return Bond Fund


INGESRA LX Equity QW5C Index HE00 Index

AUM : 80 819 759 € Short DurationLast NAV (C-shares): 101,61 € 2019 2,82Average Number of Years to Maturity: 1,97 2018 -2,30Average Rating (WARF)*: BBB-/Baa3 2017 0,97Holdings: 67Inception Date 01/11/2016*WARF excludes non-rated bonds and investment funds

PortfolioYield to Maturity: 0,34Yield to Worst: -0,06Mod.Duration: 1,05Average coupon: 1,53

Portfolio Characteristics

Performance (net of fees)

Key Indicators

99,5

100,0

100,5

101,0

101,5

102,0

102,5

103,0

2019 performance (Net of fees)

Aria Short Durat ion

ING ARIA


FIXED 61,6%VARIABLE 4,1%FLOATING 32,1%

Strategy

The sub-fund ended the year with a yield of 0.34% and a very modest duration of 1.05. We continue to invest in a mix of floating-rate and fixed-rate notes in order to capture some yield while keeping the overall interest rate risk at low levels.

Main Operations

Around 100 operations have been realized during the review period. We mainly invested in fixed-rate notes with good yield to maturity and defensive credit profiles. We have also reduced our exposure to longer-dated floating-rate notes.

ING ARIA - Flexible Strategic Allocation

I) Investment Style

Investment style

The fund is oriented to a flexible allocation between mainly equity, bonds and cash. The fund can invest in several currencies with a main exposure to the EURO. Benchmark 75% equity and 25% bonds.

Regularly the fund looks at opportunities in the equity market.

Investment strategy

The fund invests in good quality names, well diversified investments and looks for income via dividend. Currencies mainly in the dollar zone are a diversification for the EURO.

ING ARIA


Main operations 01/01 – 31/12/2019

We did sell net 5% in equity. The market was positive for cyclical shares , and we did take profit of this. This represents a total turnover of 7% in the quarter. The fund still has a underweight in shares.

II) Performance, Strategy & Transactions

Aria Flexible Strategic Allocation75%Equities/25%Bonds

YTDFonds 14,09%

Benchmark 20,16%Différences -6,06%

MTDFonds 0,72%


III) Asset Allocation

ING ARIA - Global Index Portfolio as of 31/12/2019

Performance (%) 1M YTD 2019 2018 Since

Inception Vol. 1Y

Global Index Portfolio VERY DEFENSIVE 0,29 0,43 - - - -

Global Index Portfolio DEFENSIVE 0,83 0,89 10,81 -3,15 8,60 3,4

Global Index Portfolio BALANCED 1,51 1,81 16,14 -4,06 14,21 5,1

Global Index Portfolio DYNAMIC 1,98 1,76 21,34 -4,83 18,73 6,9

Global Index Portfolio AGGRESSIVE 2,74 2,17 - - - -

ING ARIA

Assets Under Management

ING Global Index Portfolio - Asset Allocation

ING ARIA


Geographical Allocation (Balanced Profile)

ING ARIA - Sustainable Bonds


INGEBRC Index LBEATREU Index

AUM : 41 039 830 € SustainableLast NAV (C-shares): 593,68 € 2019 3,75Average Number of Years to Maturity: 6,73 2018 -0,69Average Rating (WARF)*: A-/A3 2017 -0,24Holdings: 67 2016 0,83Inception Date 08/08/2011 2015 0,67*WARF excludes non-rated bonds and investment funds 2014 5,02

Portfolio

Current YTM: 0,15Mod. Duration: 6,43Average coupon: 0,97

Government 58%Corporate 41%Cash 1%

Portfolio Characteristics

Performance (net of fees)

Key Indicators

99100101102103104105106107

2019 Performance (net of fees)

Aria Sustainable Bonds

ING ARIA


REGULAR 6,0%GREEN 65,4%SOCIAL 11,1%SUSTAINABILITY 16,4%CASH 1,0%

AAA 15,9%AA 19,3%A 22,7%BBB 42,1%BB 0,0%B 0,0%NR 0,0%

Strategy

At the end of the review period, the yield to maturity of the compartment was 0.15% with a duration of 6.43 (duration tilt of 88%). In December 2018, ING ARIA - European Bonds has been renamed ING ARIA - Sustainable Bonds. The repositioned fund has re-directed the investments towards securities whose issuers comply with our Sustainability standards (generally recognized environmental, social and governance-related - “ESG” - sustainability criteria). For this purpose, it is now predominantly invest in Investment-Grade green, social and/or sustainable bonds issued by both public or private issuers. At the end of the year, 100% of the sub-fund’s assets are in line with this new strategy. Our new investment process has been awarded the ESG label from LUXFLAG, certifying that 100% of the assets are screened using ESG criteria. Over the year, the fund has benefited from both spread compression and yield decline.

Main Operations Around 150 operations have been realized during the reviewed period. We have sold bonds not in line with our new investment strategy and bought ESG bonds. The repositioned portfolio is now invested as follows: Green bonds 65%, Sustainable Bonds 16%, Social Bonds 11%, rest = sovereign bonds from mainly peripheral countries (Italy and Spain).

ING ARIA


ING ARIA Lion - Dashboard as of 31/12/2019

Performance (%) 2019 2018 2017 2016 2015 Since

Inception Vol. 1Y

LION CONSERVATIVE 4,9 -2,5 0,6 2,4 -0,4 6,1 2,0

LION MODERATE 9,5 -4,0 3,4 1,5 3,2 18,5 2,8

LION BALANCED 14,1 -5,5 5,8 0,4 6,6 30,0 4,8

LION DYNAMIC 19,1 -6,8 8,3 -1,3 9,8 41,7 7,0

LION AGGRESSIVE 24,8 -8,8 9,6 -2,0 10,9 50,3 9,6

Assets under management (in millions €)

ING ARIA


ING ARIA Lion Asset Allocation

Country Allocation

ING ARIA


Equity and Fixed Income Allocation

ING ARIA Lion – Performance analysis

I) Impact of Asset Allocation

- With a positive performance of bonds, underweighting this asset class slightly impacted the overall fund performance of 2019, but it was a safer construction.

- Underweighting the high yield category was a safer approach too, but it limited the value creation.

- Overweighting the theme approach also reduced the performance in 2019, as it produced lower results than other categories.

- As a consequence of the equity cut implemented early 2019, the underweighting this asset class slightly impacted the overall fund performance.

+ Overweighting Europe and North America positively impacted the overall performance given the strong performance of these economies.

II) Impact of instruments selection

- Relative performances in the bond spectrum are mostly driven by duration, resulting in an underperformance of “short-duration” instruments.

+ The corporate bonds selection performed relatively better than its benchmark.

+ The emerging market debt selection significantly outperformed its benchmark.

+ Good contribution of the Japanese equity selection, which strongly outperformed the benchmark.

- Relative underperformance of the funds exposed to value stocks in the European and US markets.

+/- No significant impact of emerging markets equity selection.

ING ARIA


Europe & North America Sector Allocation

I) Europe

II) North America

ING ARIA


ING ARIA - Millésime Dynamique

I) Investment Style

Investment style

The fund is looking for income via high quality shares with dividend and quality bonds, with a balanced approach between equity , cash and bonds. The benchmark is 50% Equity and 50% Bonds.


The fund has a balanced investment approach and is looking for opportunities in the stock market and bond market while maintaining a high level of diversification.

We did sell 1% in equity and did invest 2% in a Ford Euro Corporate bond. The equity market was still very strong. There was overall a modest turnover in the quarter. The fund still has an underweight in equity for the moment.


Aria Millesime Dynamic50%Equities/50%Bonds

YTDFonds 13,32%


MTDFonds 0,54%



ING ARIA


ING ARIA - Moderate Invest

I) Investment Style

Investment style

25% Equities / 75% Bonds

Main characteristics

Diversified portfolio managed on a conservative approach with a mix of bonds and equities.

Neutral allocation: 75% bonds/25% equities.


TOP 5 Performers Currency Return (%) Net Contribution (%)LVMH EUR 63,15 0,48MICROSOFT EUR 59,76 0,26ALIBABA EUR 57,66 0,22CREDIT AGRICOLE EUR 46,36 0,15VISA EUR 45,74 0,21

TOP 5 Laggers Currency Return (%) Net Contribution (%)UNILEVER NV EUR -5,61 -0,033M CO EUR -3,51 -0,01BP PLC EUR -1,02 0,00EDP FINANCE BV 0.375% 16/09/26 EUR -0,84 -0,02PHILIP MORRIS 2.125% 30/05/19 EUR -0,73 -0,01

ING ARIA


Investment strategy over the period

For the bond part of the portfolio, we maintained our underweight on bonds as yields remained very low throughout the year in Europe. In that space though, we started the year with an overweight exposure to corporate bonds vs government bonds as the risk/return ratio was higher but it is something we reduced over time as spreads started to widen.

For equities, after the strong rally that we witnessed since the low of December 2018, we thought that a lot of good news were already priced in. The Fed pause, possible trade deal between China and the US and more Chinese stimulus triggered a strong rally but we did not exclude dark clouds on the horizon as: - The world economy was still slowing down (IMF has revised down world growth for 2019 at 3.3% in 2019 vs 3.5% previously). - Political tensions between the US and Europe were not to be excluded (US auto tariffs). - Political risk still around in Europe (Brexit, Italian populism). - Earnings revisions were revised down to that a consolidation might happen at some point. As a consequence, we decided to cut the equity exposure below 25% to reflect these threats.

ING ARIA


Main transactions

Transaction Date DesignationPurchase 23/01/2019 UBISOFT ENTERTAINME 1.289% 2018-23 30JANPurchase 23/01/2019 NORDEA BANK ABP 0.875% 2018-23 26JUNPurchase 23/01/2019 OMV AG 2.875% 2018-99 19JUNPurchase 23/01/2019 APPLE INC 2.3% 2017-22 11MAY

Sale 23/01/2019 THREADNEEDLE (LUX) - AMERICAN SMALL COMPPurchase 23/01/2019 ROCHE HOLDING LTD (CHF)Purchase 23/01/2019 NOVARTIS SA (CHF)Purchase 25/01/2019 ORANGE SAPurchase 25/01/2019 BP PLCPurchase 05/02/2019 SSGA SPDR EUROPE-SPDR S&P500 (EUR)

Sale 06/02/2019 JPMORGAN - US SMALLER COMPANIES FUNDSale 01/03/2019 ASM INTERNATIONAL NVSale 13/03/2019 AMERICAN TOWER CORPSale 13/03/2019 LYXOR IF - MSCI EMU VALUE (DR) UCITS ETF

Redempt ion 15/03/2019 TELEFONICA EUROPE BV 4.2% 2014-99 07MAYRedempt ion 20/03/2019 CNH INDUSTRIAL FI 2.75% 2014-19 18MAR

Purchase 21/03/2019 TELEFONICA EUROPE B 4.375% 2019-99 14MARSale 25/03/2019 ENI SPASale 25/03/2019 ISHARES VII - MSCI JAPAN (EUR)

Purchase 25/03/2019 EUROFINS SCIENTIFIC 2.25% 2015-22 27JANSale 25/03/2019 WENDEL SESale 25/03/2019 BERKSHIRE HATHAWAY INC -B-

Purchase 25/03/2019 ING ARIA-EURO SHORT DUR RET BD I CAPPurchase 25/03/2019 BOLLORE 2% 2017-22 27JAN

Sale 26/03/2019 THREADNEEDLE (LUX)-US CONTRARIAN CORE EQSale 28/03/2019 ISHARES V-S&P 500 FINANCIALS SECTORSale 03/05/2019 ALCON INC. (CHF)

Purchase 08/05/2019 GLENCORE FINANCE (EUR 1.5% 2019-26 15OCTSale 08/05/2019 GLENCORE FINANCE EUR 1.25% 2015-21 17MAR

Redempt ion 15/05/2019 FNAC DARTY SA 3.25% 2016-23 15NOVPurchase 22/05/2019 WALT DISNEY CO (HOLDING ) -DISNEY SERIE-

Redempt ion 30/05/2019 PHILIP MORRIS INTER 2.125% 2012-19 30MAYPurchase 18/06/2019 SCHINDLER HOLDING SA

Sale 20/06/2019 MCDONALD'S CORP 1% 2016-23 15NOVPurchase 20/06/2019 HEIDELBERGCEMENT FI 1.125% 2019-27 01DECPurchase 27/06/2019 HERA S.P.A. 0.875% 2019-27 05JUL

Sale 23/08/2019 NESTLE SA (CHF)Sale 23/08/2019 CONTINENTAL AG

Purchase 23/08/2019 MICHELIN SA ORDPurchase 23/08/2019 UNILEVER NVPurchase 26/09/2019 BERKSHIRE HATHAWAY INC -B-Purchase 15/10/2019 EDP FINANCE BV 0.375% 2019-26 16SEP

Sale 15/10/2019 FORTUM CORPORATION 2.25% 2012-22 06SEPSale 22/10/2019 JPMORGAN CHASE & CO 1.5% 2015-22 26OCT

Redempt ion 07/11/2019 CARNIVAL CORPORATIO 1.125% 2015-19 06NOVRedempt ion 22/11/2019 JPMORGAN CHASE & CO 1.875% 2012-19 21NOV

Purchase 04/12/2019 FORD MOTOR CREDIT C 1.514% 2019-23 17FEBSale 04/12/2019 RYANAIR DAC 1.875% 2014-21 17JUNSale 11/12/2019 ROBECO CGF-EMERGING CONSERVATIVE EQUIT.

ING ARIA


ING ARIA - Navido Patrimonial Dynamic

I) Investment Style

Investment strategy

The fund has a long term view on his investments and wants to invest with a low turnover.

For bonds , high quality corporate issuers are favored while maintaining a relatively short duration.

For shares the fund looks for diversification via different funds and stays with a sectorial structural overweight in healthcare and financials.


We did sell net 1 % in equity. The market was very positive for equity , but there was only a very modest turnover in the quarter. The fund still has a slight underweight in equity, with an overweight in financials, healthcare and in consumer staples sectors.


Aria Navido Dynamic80%Equities/20%Bonds

YTDFonds 17,09%


MTDFonds 0,97%



ING ARIA


Outlook 2020 With a presidential election in the US in 2020, inevitably political news will continue to dominate the headlines. However, from a market standpoint, investors will be much more focused on corporate earnings and interest rates. On this front, there is some room for optimism. Normally at this stage of the cycle, and we are at the late stages of economic expansion in the US, we would be worried about recession risk. But we think the risk of recession has come down. The imbalances that usually cause a recession are absent. At the same time the easing of trade tensions and the very loose monetary policy are both supportive of corporate activity and equities globally. However, global growth is still anaemic, trade has to recover much more strongly to be cyclically exposed and there is a risk that higher wage costs could eat into US profit margins. So, government bonds could be a nice hedge against global growth disappointment. All in all, we are positive on equities but with some stabilisers. What’s the economic impact of COVID-19? Over the past few weeks, the economic outlook has rapidly darkened. This is primarily attributed to the spread of the coronavirus pandemic. But the resulting shock increasingly outweighs the direct impact of the virus. A triple threat to the global economy: 1. The threat of the pandemic: In addition to creating a supply shock, there is also a demand shock. The inability to produce/sell

and the reaction of lower consumption have (short-term) consequences on the value-added created by companies, and thus on GDP, but this can also have a financial impact, for example a lack of liquidity for companies. No one knows how long these economic disruptions will last.

2. The financial threat: the uncertainty created by the pandemic and its economic consequences initially sparked a correction in the stock markets. This is normal, since earnings expectations have at best become uncertain, and in an increasing number of cases already need to be revised. This in turn raises fears that corrections in financial markets will affect the economy.

3. The threat of oil: the correction in the price of oil (including a 30% drop in 24 hours) is partly a panic movement from fears of a price war launched by Saudi Arabia. The dizzying drop in the oil price can have serious financial consequences for companies active in this sector or on financial operators. In turn, this could further exacerbate financial problems.

For the global economy as a whole, a shock is expected in the first half of the year. However, this can change based on how each of the above-mentioned threats develop. What’s the impact of COVID-19 on ING funds? Given the sharp increase in economic and financial uncertainty, volatility (as measured by the VSTOXX index) has risen to levels not seen since the 2009 crisis. In view of the price contraction (global equities have lost more than 35% in euro since the beginning of the year) the stock market has already priced in the fact that companies are unlikely to be able to escape a recession. Nevertheless, the performance of the funds is in line with internal benchmarks. The diversification displayed by our strategies combined with a solid strategic allocation allows to deliver consistent performance without dislocations within asset classes. Despite a massive sell-off, no liquidity problem has been detected in the underlyings used so far and the funds continue to be managed normally on a day-to-day basis. None of the funds invested have closed or limited their liquidity. Loan-to-funds ratios are being closely monitored during this period of high volatility.

19 March 2020

ING Solutions Investment Management S.A.

Société à responsabilité limitée au capital de 35.000 EUR RCS Luxembourg B 67.895 Autorisation d’établissement 10022179

To the shareholders of ING ARIA 5, allée Scheffer L - 2520 Luxembourg Grand Duchy of Luxembourg

REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ

Opinion

We have audited the financial statements of ING ARIA (the “Company”) and of each of its sub-funds, which comprise the statement of net assets and the securities portfolio as at 31 December 2019 and the statement of operations and changes in net assets for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company and of each of its sub-funds as at 31 December 2019, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

Basis for Opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the Réviseur d’Entreprises Agréé for the Audit of the Financial Statements” section of our report. We are also independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The Board of Directors of the Company is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our report of the Réviseur d'Entreprises Agréé thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Deloitte Audit Société à responsabilité limitée 20, boulevard de Kockelscheuer L-1821 Luxembourg BP 1173 L-1011 Luxembourg

Tel: +352 451 451 www.deloitte.lu

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Company for the Financial Statements

The Board of Directors of the Company is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Company is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Company either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the Réviseur d’Entreprises Agréé for the Audit of the Financial Statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the Réviseur d’Entreprises Agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law dated 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law dated 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit.

We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud

or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Board of Directors of the Company.

• Conclude on the appropriateness of the Board of Directors of the Company’s use of the going concernbasis of accounting and, based on the audit evidence obtained, whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Company’s ability to continue asa going concern. If we conclude that a material uncertainty exists, we are required to draw attention inour report of the Réviseur d’Entreprises Agréé to the related disclosures in the financial statements or,if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our report of the Réviseur d’Entreprises Agréé. However, futureevents or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events in amanner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

For Deloitte Audit, Cabinet de Révision Agréé

Elisabeth Layer, Réviseur d’Entreprises Agréé Partner

Luxembourg, 23 March 2020

The accompanying notes form an integral part of these financial statements.

27Page

1,257,622,297.29Assets1,225,152,995.07Securities portfolio at market value 3Note1,137,173,381.46Cost price

87,979,613.61Unrealised profit on the securities portfolio28,066,060.15Cash at bank 10Note1,899,398.80Interest receivable

182,667.75Receivable on sale of securities1,885,601.21Subscriptions receivable

33,048.29Dividends receivable400,811.72Net unrealised appreciation on forward foreign exchange contracts 3Note

1,714.30Other assets

11,962,964.27Liabilities240,860.68Bank overdrafts849,009.62Payable on purchase of securities

9,559,505.63Redemptions payable1,313,588.34Other liabilities 4Note

1,245,659,333.02Net asset value

ING ARIA

Financial Statements as at 31/12/2019

Expressed in EUR

Statement of net assets as at 31/12/2019

Combined Statements


28Page

8,485,289.11Income4,594,286.85Net dividends 3Note3,824,053.57Net interest on bonds and other debt instruments 3Note

66,612.90Bank interest 3Note335.79Other financial income

13,873,281.21Expenses12,681,773.15Management fees 5Note

252,437.93Depositary fees 6Note185,227.73Subscription tax 9Note

1,828.25Domiciliation fees57,196.22Professional fees

108,593.21Bank interest91,695.74Legal fees

233,860.26Transaction fees 13Note260,668.72Other expenses 8Note

(5,387,992.10)Net loss from investments

Net realised gain / (loss) on :29,717,052.26- securities portfolio 3Note2,831,934.31- forward foreign exchange contracts 3Note

(77,780.00)- financial futures 3Note588,337.09- currency conversion 3Note

27,671,551.56Net realised gain

Change in net unrealised gain / (loss) on:98,341,119.33- securities portfolio

48,949.73- forward foreign exchange contracts 3Note23,520.00- financial futures 3Note

126,085,140.62Increase in net assets as a result of operations

(107,813.04)Dividend distributions 12Note333,576,837.07Subscription capitalisation shares

6,124,434.59Subscription distribution shares(224,789,354.66)Redemption capitalisation shares

(1,930,537.32)Redemption distribution shares

238,958,707.26Increase in net assets

1,006,700,625.76Net assets at the beginning of the year

1,245,659,333.02Net assets at the end of the year

EUR

Statement of operations and changes in net assets from 01/01/2019 to 31/12/2019

ING ARIACombined Statements

Expressed in


29Page

89,485,348.90Assets87,892,212.75Securities portfolio at market value 3Note85,838,023.73Cost price2,054,189.02Unrealised profit on the securities portfolio

826,745.05Cash at bank 10Note765,546.17Interest receivable

844.93Subscriptions receivable

67,746.09Liabilities67,746.09Other liabilities 4Note

89,417,602.81Net asset value


Expressed in EUR


ING ARIA – Corporate+

Key figures

Total Net Assets 89,417,602.81 92,810,919.26 113,362,325.57

31/12/201731/12/201831/12/2019Year ended as at:

EURClass I - Capitalisation shares

103.50481,150.02 515,422.69

98.350.000.00

Number of sharesNet asset value per share EUR

Class R - Capitalisation shares

711.9436,533.51 40,632.76

677.15124,385.91

693.25Number of sharesNet asset value per share EUR

Class R - Distribution shares

516.664.00

4,511.83 5,121.65495.295.01

18,219.15512.095.64

Number of sharesNet asset value per shareDividend per share (Note 12)

EUR

Class Z - Capitalisation shares

104.76107,660.03 122,046.38

98.86177,246.09



30Page

XX refers to perpetual securities

BELFIUS BANQUE SA/NV 1.00 17-24 26/10A1,000,000 1,030,465.00 1.15EUR 994,070.00

Transferable securities and money market instruments admitted to official stockexchange listing and/or dealt in on another regulated market 85,111,746.75 95.1883,481,839.45

Bonds 70,013,929.25 78.3068,733,472.12

Belgium 1,030,465.00 1.15994,070.00

ACCOR SA 1.25 17-24 25/01A1,500,000 1,563,195.00 1.75EUR 1,507,219.00France 22,049,300.50 24.6621,503,003.47

ACCOR SA 2.625 19-XX 31/12A500,000 509,485.00 0.57EUR 500,215.00ALSTOM SA 0.25 19-26 14/10A500,000 491,130.00 0.55EUR 497,070.00BFCM SUB 1.875 16-26 04/11A1,000,000 1,066,890.00 1.19EUR 996,531.00BNP PARIBAS SA 1.00 17-24 27/06A1,700,000 1,751,323.00 1.96EUR 1,699,003.00BOLLORE 2.00 17-22 25/01A1,500,000 1,542,180.00 1.72EUR 1,543,349.00BPCE 0.625 19-24 26/09A1,000,000 1,012,440.00 1.13EUR 998,250.00BPCE S.A 1.0 19-25 01/04A1,000,000 1,029,970.00 1.15EUR 1,000,820.00CARREFOUR 0.875 18-23 12/06A800,000 818,196.00 0.92EUR 796,128.00COMPAGNIE PLASTIC- 1.25 17-24 26/06A1,000,000 1,011,740.00 1.13EUR 962,627.27EDENRED SA 1.375 15-25 10/03A1,000,000 1,055,075.00 1.18EUR 993,530.00EUTELSAT SA 2.0000 18-25 02/10A1,000,000 1,044,090.00 1.17EUR 1,006,770.00EUTELSAT SA 2.2500 19-27 13/07A500,000 521,167.50 0.58EUR 501,898.20ILIAD SA 0.6250 18-21 25/11A1,500,000 1,503,907.50 1.68EUR 1,492,520.00INGENICO 1.625 17-24 13/09A1,000,000 1,013,435.00 1.13EUR 939,500.00LAGARDERE SCA 2.75 16-23 13/04A1,000,000 1,051,430.00 1.18EUR 1,075,700.00LAGARDERE SCA 2.1250 19-26 16/10A800,000 795,128.00 0.89EUR 797,137.00PSA BANQUE FRAN 0.6250 19-24 21/06A700,000 705,796.00 0.79EUR 700,338.00RENAULT SA 1.2500 19-25 24/06A1,000,000 998,610.00 1.12EUR 992,175.50SOCIETE GENERALE SA 1.25 19-24 15/02A1,000,000 1,034,615.00 1.16EUR 997,130.00UBISOFT ENTERTAINMT 1.289 18-23 30/01A1,500,000 1,529,497.50 1.71EUR 1,505,092.50

ADLER REAL ESTATE 1.50 17-21 06/12A1,250,000 1,276,543.75 1.43EUR 1,263,342.50Germany 5,670,712.50 6.345,718,550.00

COMMERZBANK AG 7.75 11-21 16/03A1,000,000 1,092,275.00 1.22EUR 1,220,400.00FRESENIUS MEDICAL 0.625 19-26 30/11A1,000,000 995,580.00 1.11EUR 998,210.00SIXT LEASING SE 1.5000 18-22 02/05A750,000 763,661.25 0.85EUR 754,516.50VOLKSWAGEN BANK 1.2500 18-24 10/06A1,500,000 1,542,652.50 1.73EUR 1,482,081.00

FCA BANK SPA IR 0.5000 19-24 13/09A1,000,000 997,480.00 1.12EUR 1,000,480.00Ireland 2,016,590.00 2.261,989,401.33

FCA BANK SPA IR 1.0000 18-22 21/02A1,000,000 1,019,110.00 1.14EUR 988,921.33

INTESA SANPAOLO 1.0000 19-24 04/07A1,500,000 1,523,497.50 1.71EUR 1,501,892.00Italy 4,547,842.50 5.094,482,609.00

INTESA SANPAOLO 1.0000 19-26 19/11A1,000,000 998,385.00 1.12EUR 998,222.00RADIOTELEVISIONE ITAL 1.375 19-24 04/12A1,000,000 1,003,965.00 1.12EUR 1,001,765.00SNAM 0.875 16-26 25/10A1,000,000 1,021,995.00 1.14EUR 980,730.00

TAKEDA PHARMACE 1.1250 18-22 21/11A1,000,000 1,030,545.00 1.15EUR 996,378.00Japan 1,030,545.00 1.15996,378.00

ATRIUM EUROPEAN REAL 3.0 18-25 11/09A1,000,000 1,068,895.00 1.20EUR 1,001,674.00Jersey Island 2,594,980.00 2.902,501,519.00

GLENCORE FINANCE 1.5 19-26 15/10A1,500,000 1,526,085.00 1.70EUR 1,499,845.00

ALLERGAN FUNDING SCS 1.50 18-23 15/11A1,000,000 1,053,050.00 1.18EUR 1,000,712.00Luxembourg 3,803,868.50 4.253,707,687.45

ARCELORMITTAL 1.0000 19-23 19/05A500,000 504,222.50 0.56EUR 500,069.55BECTON DICKINSO 1.2080 19-26 04/06A1,000,000 1,025,740.00 1.15EUR 999,375.00HEIDELBERGCEMEN 1.1250 19-27 01/12A1,200,000 1,220,856.00 1.36EUR 1,207,530.90

BANCO DE SABADELL SA 0.875 19-25 22/07A1,000,000 1,008,020.00 1.13EUR 998,260.00Spain 9,232,552.50 10.338,967,720.00

BANCO DE SABADELL SA 1.125 19-25 27/03A1,000,000 1,000,460.00 1.12EUR 995,916.00BANCO SANTANDER 1.125 18-25 17/01A1,000,000 1,034,735.00 1.16EUR 987,037.00CAIXABANK SA 1.125 17-23 12/01A1,500,000 1,534,342.50 1.71EUR 1,495,934.00CAIXABANK SA 1.3750 19-26 19/06A1,000,000 1,030,190.00 1.15EUR 994,480.00PROSEGUR CIA 1.00 18-23 08/02A1,500,000 1,529,910.00 1.71EUR 1,503,518.00SANTAN CONSUMER 1.1250 18-23 09/10A1,000,000 1,033,255.00 1.16EUR 993,980.00TELEFONICA EMISIONES 1.495 18-25 11/09A1,000,000 1,061,640.00 1.19EUR 998,595.00

AB SAGAX 2 18-24 17/01A1,200,000 1,252,842.00 1.40EUR 1,204,261.00Sweden 1,252,842.00 1.401,204,261.00

BMW FINANCE NV 0.75 19-26 13/07A1,000,000 1,026,975.00 1.15EUR 998,477.20The Netherlands 6,031,259.00 6.755,892,413.20

ENEL FINANCE INTL 1.966 15-25 27/01A1,000,000 1,085,670.00 1.22EUR 1,061,640.00

Securities portfolio as at 31/12/2019EURExpressed in


Quantity/Nominal Name Currency % NAVMarket valueCost price


31Page


LEASEPLAN CORPO 0.1250 19-23 13/09A1,000,000 985,945.00 1.10EUR 993,910.00POSNL NV REGS 1.00 17-24 21/01A1,000,000 1,029,165.00 1.15EUR 996,341.00SHELL INTL FINANCE 1.625 14-27 10/01A800,000 881,644.00 0.99EUR 846,784.00VONOVIA 0.875 18-23 03/07A1,000,000 1,021,860.00 1.14EUR 995,261.00

BARCLAYS BANK PLC 6.00 10-21 14/01A1,250,000 1,326,843.75 1.49EUR 1,461,265.00United Kingdom 7,389,523.75 8.267,461,611.00

BARCLAYS PLC 0.625 17-23 14/11A1,000,000 1,010,140.00 1.13EUR 994,025.00EASYJET PLC 0.8750 19-25 11/06A1,000,000 1,014,635.00 1.13EUR 992,658.00G4S INTL FINANCE PLC 1.50 16-23 09/01A1,000,000 1,021,720.00 1.14EUR 1,002,370.00ITV PLC 1.375 19-20 26/09A1,000,000 1,004,260.00 1.12EUR 1,008,304.00ROYAL MAIL PLC 1.2500 19-26 08/10A1,000,000 1,008,100.00 1.13EUR 1,004,787.00TESCO CORP TREA 0.8750 19-26 29/05A1,000,000 1,003,825.00 1.12EUR 998,202.00

BECTON DICKINSON A 1.00 16-22 15/12A500,000 511,497.50 0.57EUR 503,098.67United States of America 3,363,448.00 3.763,314,248.67

EXPEDIA 2.50 15-22 03/06A1,100,000 1,151,887.00 1.28EUR 1,110,295.00GOLDMAN SACHS G 0.1250 19-24 19/08A700,000 693,843.50 0.78EUR 697,995.00JEFFERIES GROUP 1.0000 19-24 19/07A1,000,000 1,006,220.00 1.13EUR 1,002,860.00

OMV AG FL.R 18-XX 19/06A1,000,000 1,077,840.00 1.21EUR 1,006,172.00

Floating rate bonds 15,097,817.50 16.8814,748,367.33

Austria 1,077,840.00 1.211,006,172.00

KBC GROUP NV FL.R 17-29 18/09A1,300,000 1,352,468.00 1.51EUR 1,301,710.00Belgium 1,352,468.00 1.511,301,710.00

DANSKE BANK A/S FL.R 19-25 27/08A1,000,000 989,340.00 1.11EUR 994,400.00Denmark 989,340.00 1.11994,400.00

DANONE SA EMTN FL.R 17-XX 23/06A700,000 721,518.00 0.81EUR 698,180.00France 3,533,417.00 3.943,483,796.00

ORANGE SA FL.R 19-XX 15/04A1,000,000 1,056,520.00 1.17EUR 996,071.00SOCIETE GENERALE FL.R 17-24 22/05Q1,000,000 1,008,570.00 1.12EUR 1,008,670.00SOLVAY FINANCE SUB FL.R 15-XX 02/06A700,000 746,809.00 0.84EUR 780,875.00

ENBW ENERGIE FL.R 14-76 02/04A650,000 676,968.50 0.76EUR 692,542.50Germany 2,230,923.50 2.492,224,184.79

MERCK KGAA FL.R 14-74 12/12A1,500,000 1,553,955.00 1.73EUR 1,531,642.29

ENEL S.P.A FL.R 19-80 24/05A600,000 653,736.00 0.73EUR 599,437.00Italy 2,186,646.00 2.452,105,209.00

UNICREDIT SPA FL.R 19-25 25/06A1,500,000 1,532,910.00 1.72EUR 1,505,772.00

SES FL.R 16-XX 02/01A500,000 532,980.00 0.60EUR 510,366.67Luxembourg 532,980.00 0.60510,366.67

REPSOL INTL FINANCE FL.R 15-49 29/12A500,000 521,770.00 0.58EUR 500,250.00The Netherlands 2,176,933.00 2.432,115,592.00

VOLKSWAGEN INTL FIN FL.R 15-XX 20/03A900,000 927,009.00 1.04EUR 903,114.00VW INTL FIN SUB FL.R 14-XX 24/03A700,000 728,154.00 0.81EUR 712,228.00

BARCLAYS FL.R 17-28 07/02A1,000,000 1,017,270.00 1.14EUR 1,006,936.87United Kingdom 1,017,270.00 1.141,006,936.87

THREADNEEDLE (LUX) EUROPEAN HY BD FD-8E260,000 2,780,466.00 3.11EUR 2,356,184.28

Shares/Units of UCITS/UCIS 2,780,466.00 3.112,356,184.28

Shares/Units in investment funds 2,780,466.00 3.112,356,184.28

Luxembourg 2,780,466.00 3.112,356,184.28

Total securities portfolio 87,892,212.75 98.2985,838,023.73

Cash at bank/(bank liabilities) 826,745.05 0.92

Other net assets/(liabilities) 698,645.01 0.79

Total net assets 89,417,602.81 100.00





32Page

Statement of operations and changes in net assets from 01/01/2019 to 31/12/2019Expressed in EUR


1,486,746.66Income1,486,716.78Net interest on bonds and other debt instruments 3Note

29.88Other financial income

768,217.30Expenses698,859.73Management fees 5Note19,683.80Depositary fees 6Note19,933.74Subscription tax 9Note4,346.70Professional fees4,852.99Bank interest6,567.53Legal fees2,323.72Transaction fees 13Note

11,649.09Other expenses 8Note

718,529.36Net gain from investmentsNet realised gain / (loss) on :

501,198.43- securities portfolio 3Note(38,010.00)- financial futures 3Note

1,181,717.79Net realised gainChange in net unrealised gain / (loss) on:

3,520,893.50- securities portfolio11,760.00- financial futures 3Note

4,714,371.29Increase in net assets as a result of operations(19,612.67)Dividend distributions 12Note

3,849,277.13Subscription capitalisation shares76,095.53Subscription distribution shares

(11,624,661.34)Redemption capitalisation shares(388,786.39)Redemption distribution shares

(3,393,316.45)Decrease in net assets

92,810,919.26Net assets at the beginning of the year

89,417,602.81Net assets at the end of the year


33Page

80,522,706.48Assets77,097,460.10Securities portfolio at market value 3Note78,088,413.74Cost price

(990,953.64)Unrealised loss on the securities portfolio2,696,123.44Cash at bank 10Note

728,761.95Interest receivable360.99Subscriptions receivable

46,938.77Liabilities15,051.21Redemptions payable31,887.56Other liabilities 4Note



Expressed in EUR


ING ARIA – Euro Short Duration Enhanced Return Bond Fund

Key figures

Total Net Assets 80,475,767.71 77,438,301.02 72,521,204.30

31/12/201731/12/201831/12/2019Year ended as at:


101.64384,440.89 363,912.03

98.85242,009.99



101.51383,048.90 404,262.80

98.76465,780.91



96.651.85

26,055.41 16,080.3195.852.54

9,446.76100.660.44


EUR


34Page


RAIFFEISEN BANK INTL 6.625 11-21 18/05A1,500,000 1,637,745.00 2.04EUR 1,773,453.00


Bonds 47,595,968.42 59.1548,461,342.47

Austria 1,637,745.00 2.041,773,453.00

UCB SA 4.125 13-21 04/01A1,000,000 1,040,210.00 1.29EUR 1,112,661.00Belgium 1,040,210.00 1.291,112,661.00

DANSKE BANK A/S 1.375 19-22 24/05A1,500,000 1,538,940.00 1.91EUR 1,517,485.55Denmark 1,538,940.00 1.911,517,485.55

BOLLORE 2.875 15-21 29/07A1,500,000 1,549,942.50 1.93EUR 1,596,588.00France 7,168,035.00 8.927,236,511.00

GEMALTO NV 2.125 14-21 23/09A1,000,000 1,032,900.00 1.28EUR 1,034,104.00ILIAD SA 0.6250 18-21 25/11A1,500,000 1,503,907.50 1.87EUR 1,467,030.00INGENICO 2.50 14-21 20/05A1,500,000 1,551,352.50 1.94EUR 1,598,409.00QUADIENT 2.50 14-21 23/06A1,500,000 1,529,932.50 1.90EUR 1,540,380.00

ADLER REAL ESTATE AG 1.50 19-22 17/04A1,500,000 1,523,197.50 1.89EUR 1,506,785.00Germany 8,029,293.00 9.998,229,347.08

COMMERZBANK AG 7.75 11-21 16/03A1,400,000 1,529,185.00 1.91EUR 1,678,868.80PROSIEBEN MEDIA AG 2.625 14-21 15/04A1,500,000 1,536,727.50 1.92EUR 1,590,219.28SCHAEFFLER AG 1.1250 19-22 26/03A1,200,000 1,226,838.00 1.52EUR 1,210,634.00SIXT REGS 2.00 14-20 18/06A1,000,000 1,007,675.00 1.25EUR 1,037,334.00TLG IMMOBILEN AG 0.375 19-22 23/09A1,200,000 1,205,670.00 1.50EUR 1,205,506.00

FCA BANK SPA IR 1.0000 18-22 21/02A1,300,000 1,324,843.00 1.64EUR 1,319,541.00Ireland 2,128,515.00 2.642,128,276.46

FCA CAPITAL IRELAND 1.375 15-20 17/04A800,000 803,672.00 1.00EUR 808,735.46

INTESA SAN PAOLO 5.15 10-20 16/07A1,500,000 1,539,697.50 1.92EUR 1,677,839.50Italy 4,716,745.97 5.864,842,289.25

ITAL BUON ORDI DEL ZCP 14-02-20750,000 748,595.15 0.93EUR 747,965.75ITAL BUON ORDI DEL ZCP 14-05-201,000,000 1,000,313.32 1.24EUR 998,780.00ITALY 0.90 17-22 01/08S1,400,000 1,428,140.00 1.77EUR 1,417,704.00

TAKEDA PHARMACE 0.3750 18-20 21/11A1,500,000 1,507,455.00 1.87EUR 1,501,785.00Japan 1,507,455.00 1.871,501,785.00

GLENCORE FINANCE EURO 1.25 15-21 17/03A1,500,000 1,516,920.00 1.88EUR 1,520,112.50Jersey Island 1,516,920.00 1.881,520,112.50

ARCELORMITTAL 1.0000 19-23 19/05A1,250,000 1,260,556.25 1.57EUR 1,254,592.00Luxembourg 5,368,291.25 6.675,513,553.63

BECTON DICKINSO 0.1740 19-21 04/06A1,000,000 1,003,110.00 1.25EUR 1,000,725.00FIAT FINANCE REGS 4.75 14-21 22/03A1,400,000 1,483,055.00 1.84EUR 1,566,444.13GAZPROM 3.389 13-20 20/03A1,000,000 1,008,370.00 1.25EUR 1,060,600.00GESTAMP REGS 3.50 16-23 31/12S600,000 613,200.00 0.76EUR 631,192.50

SANTANDER CONSUMER 1.00 16-21 26/05A1,000,000 1,016,830.00 1.26EUR 1,027,140.00Spain 1,016,830.00 1.261,027,140.00

FERRARI 0.25 17-21 16/01A556,000 557,570.70 0.69EUR 554,498.80The Netherlands 6,061,241.70 7.536,019,141.50

ING BANK NV 0.3750 18-21 26/11A1,000,000 1,010,085.00 1.26EUR 1,002,060.00LEASEPLAN CORPORATION 1.0 19-22 25/02A1,200,000 1,222,506.00 1.51EUR 1,204,248.00MYLAN 1.25 16-20 23/11A1,200,000 1,212,150.00 1.51EUR 1,226,585.00SAIPEM SPA 3.00 16-21 08/03A1,000,000 1,036,145.00 1.29EUR 1,036,707.50ZF EUROPE FINANCE BV 1.250 16-23 23/10A1,000,000 1,022,785.00 1.27EUR 995,042.20

BARCLAYS BANK PLC 6.00 10-21 14/01A1,500,000 1,592,212.50 1.99EUR 1,739,623.00United Kingdom 3,120,444.00 3.883,296,259.00

BARCLAYS PLC 1.875 16-21 23/03A900,000 921,028.50 1.14EUR 948,935.00FCE BANK PLC 1.528 15-20 09/11600,000 607,203.00 0.75EUR 607,701.00

GENERAL ELECTRIC CO 0.375 17-22 17/05A1,500,000 1,502,415.00 1.87EUR 1,497,160.00United States of America 2,745,302.50 3.412,743,327.50

GENERAL MOTORS FINAN0.2 19-20 02/09A1,250,000 1,242,887.50 1.54EUR 1,246,167.50

KBC GROUP NV FL.R 17-22 24/11Q1,000,000 1,007,430.00 1.25EUR 996,700.83


Belgium 1,007,430.00 1.25996,700.83

ALD SA FL.R 18-21 16/07Q1,500,000 1,506,975.00 1.87EUR 1,503,202.00France 10,368,726.99 12.8910,479,135.04

BNP PARIBAS FL.R 17-24 07/06Q1,000,000 1,011,420.00 1.26EUR 1,021,525.00RCI BANQUE EMTN FL.R 17-24 04/11Q1,300,000 1,267,552.00 1.58EUR 1,304,213.00RCI BANQUE SA FL.R 18-23 12/01Q1,500,000 1,481,535.00 1.84EUR 1,499,075.04





35Page


SOCIETE GENERALE FL.R 17-24 22/05Q1,500,000 1,512,855.00 1.88EUR 1,503,194.00SOCIETE GENERALE FL.R 18-23 06/03Q1,500,000 1,497,449.99 1.86EUR 1,490,001.00SOLVAY FINANCE SUB FL.R 15-XX 02/06A1,000,000 1,066,870.00 1.33EUR 1,111,750.00TOTAL SA FL.R 15-XX 26/02A1,000,000 1,024,070.00 1.27EUR 1,046,175.00

VOLKSWAGEN BANK FL.R 18-21 08/12Q1,500,000 1,508,070.00 1.87EUR 1,501,632.00Germany 1,508,070.00 1.871,501,632.00

BANCO BILBAO VIZC.ARG. FL.R 18-23 03/09Q1,500,000 1,499,175.00 1.86EUR 1,496,504.00Spain 2,712,135.00 3.372,702,480.00

BANCO SANTANDER SA FL.R 17-22 21/031,200,000 1,212,960.00 1.51EUR 1,205,976.00

VW INTL FIN SUB FL.R 14-XX 24/03A1,000,000 1,040,220.00 1.29EUR 1,064,171.00The Netherlands 1,040,220.00 1.291,064,171.00

CREDIT AGRICOLE LONDON FL.R 18-23 06/03Q1,500,000 1,508,265.00 1.87EUR 1,507,577.20United Kingdom 4,816,270.00 5.984,796,545.00

FCE BANK FL.R 17-20 26/08Q1,000,000 998,890.00 1.24EUR 985,485.00NATWEST MARKETS PLC FL.R 19-21 18/06Q1,500,000 1,505,955.00 1.87EUR 1,500,758.00SANTANDER UK GROUP FL.R 18-24 27/03Q800,000 803,160.00 1.00EUR 802,724.80

AT&T INC FL.R 18-23 05/09Q1,000,000 1,014,890.00 1.26EUR 1,015,850.00United States of America 6,950,340.00 8.647,030,707.50

BANK OF AMERICA FL.R 17-23 04/05Q1,000,000 1,009,070.00 1.25EUR 1,014,860.00FORD MOTOR CREDIT FL.R 17-24 01/12Q500,000 463,160.00 0.58EUR 501,484.00FORD MOTOR CREDIT CO FL.R 18-22 07/12Q1,500,000 1,451,055.00 1.80EUR 1,494,257.00GOLDMAN SACHS GROUP FL.R 17-22 09/09Q1,500,000 1,506,570.00 1.88EUR 1,502,764.00GOLDMAN SACHS GROUP FL.R 17-23 26/09Q1,500,000 1,505,595.00 1.87EUR 1,501,492.50

M&G LUX GLOBAL FLOATING RATE HY-CH ACC80,000 813,699.69 1.01EUR 778,978.49



Luxembourg 1,098,299.69 1.361,055,699.90

PET L EUR HY ST -F- CAP2,000 284,600.00 0.35EUR 276,721.41


Cash at bank/(bank liabilities) 2,696,123.44 3.35


Total net assets 80,475,767.71 100.00





36Page



1,441,261.18Income1,440,990.28Net interest on bonds and other debt instruments 3Note


288,486.36Expenses215,111.10Management fees 5Note18,602.53Depositary fees 6Note24,598.53Subscription tax 9Note4,155.47Professional fees5,792.29Bank interest7,744.09Legal fees1,887.71Transaction fees 13Note

10,594.64Other expenses 8Note

1,152,774.82Net gain from investmentsNet realised gain / (loss) on :

(816,937.97)- securities portfolio 3Note

335,836.85Net realised gainChange in net unrealised gain / (loss) on:

1,926,115.15- securities portfolio


15,998,072.08Subscription capitalisation shares1,173,771.62Subscription distribution shares






37Page


196,016.73Unrealised profit on the securities portfolio1,711,488.21Cash at bank 10Note

18,907.36Interest receivable3,335.89Dividends receivable




Expressed in EUR


ING ARIA – Flexible Strategic Allocation

Key figures

Total Net Assets 11,137,235.47 9,761,541.76 10,572,284.38

31/12/201731/12/201831/12/2019Year ended as at:

EURCapitalisation shares

1,502.167,414.13 7,414.13

1,316.617,414.131,425.97



38Page

AB INBEV700 50,897.00 0.46EUR 63,954.80


Shares 4,613,568.92 41.424,575,855.86

Belgium 600,350.00 5.39596,164.88

AGEAS NOM1,000 52,680.00 0.47EUR 40,260.00BPOST SA6,000 61,800.00 0.55EUR 83,326.20COFINIMMO SA723 94,713.00 0.85EUR 78,239.13GROUPE BRUXELLES LAMBERT GBL900 84,564.00 0.76EUR 79,980.00KBC ANCORA CVA2,100 93,996.00 0.84EUR 101,104.00RECTICEL PART.SOC.12,000 99,720.00 0.90EUR 89,870.00SOLVAY600 61,980.00 0.56EUR 59,430.75

BARRICK GOLD5,100 84,509.48 0.76CAD 68,553.34Canada 84,509.48 0.7668,553.34

ALIBABA GR ADR400 75,581.29 0.68USD 59,917.04Cayman Islands 75,581.29 0.6859,917.04

AXA SA3,500 87,885.00 0.79EUR 80,957.52France 766,109.60 6.87742,558.73

BOUYGUES1,200 45,456.00 0.41EUR 45,872.00DANONE1,226 90,601.40 0.81EUR 79,445.03ENGIE8,000 115,200.00 1.03EUR 108,331.25LVMH100 41,420.00 0.37EUR 24,844.00ORANGE6,000 78,720.00 0.71EUR 80,817.14TOTAL SA2,221 109,273.20 0.98EUR 103,093.79UNIBAIL RODAMCO1,000 140,650.00 1.26EUR 171,510.00VEOLIA ENVIRONNEMENT SA2,400 56,904.00 0.51EUR 47,688.00

ALLIANZ SE REG SHS280 61,152.00 0.55EUR 54,880.00Germany 549,573.66 4.93594,282.89

BAYER AG REG SHS1,086 79,071.66 0.71EUR 93,461.63BMW AG900 65,826.00 0.59EUR 78,926.02COVESTRO AG1,200 49,740.00 0.45EUR 76,289.84DAIMLER NAMEN-AKT800 39,496.00 0.35EUR 54,440.00DEUTSCHE POST AG REG SHS1,400 47,614.00 0.43EUR 40,656.00DEUTSCHE TELEKOM AG REG SHS6,000 87,420.00 0.78EUR 85,530.00E.ON AG REG SHS7,000 66,668.00 0.60EUR 66,396.60SIEMENS AG REG300 34,962.00 0.31EUR 28,425.00VOLKSWAGEN VORZ.AKT100 17,624.00 0.16EUR 15,277.80

ALLERGAN400 68,122.94 0.61USD 53,510.88Ireland 68,122.94 0.6153,510.88

ENI SPA4,600 63,691.60 0.57EUR 63,664.00Italy 63,691.60 0.5763,664.00

ARCELORMITTAL - REGISTERED3,000 46,926.00 0.42EUR 47,763.42Luxembourg 91,686.00 0.8277,865.42

BREDERODE SA600 44,760.00 0.40EUR 30,102.00

TELEFONICA SA8,000 49,816.00 0.45EUR 67,020.00Spain 49,816.00 0.4567,020.00

INVESTOR -B- FREE2,600 126,489.50 1.14SEK 103,966.48Sweden 126,489.50 1.14103,966.48

CIE FINANCIERE RICHEMONT NAMEN AKT1,100 76,969.64 0.69CHF 71,780.88Switzerland 534,671.29 4.80450,862.24

LAFARGEHOLCIM N NAMEN-AKT.731 36,112.88 0.32CHF 36,071.72NESTLE SA REG SHS1,200 115,672.49 1.04CHF 83,608.47NOVARTIS AG REG SHS800 67,635.69 0.61CHF 58,232.89ROCHE HOLDING AG GENUSSSCHEIN350 101,103.96 0.91CHF 72,822.46UBS GROUP NAMEN-AKT7,000 78,725.85 0.71CHF 87,281.05ZURICH INSURANCE GROUP NAMEN AKT160 58,450.78 0.52CHF 41,064.77

ABN AMRO GROUP DEP RECEIPT5,100 82,722.00 0.74EUR 108,011.92The Netherlands 475,478.26 4.27569,828.24

AEGON NV14,200 57,751.40 0.52EUR 59,823.28ING GROEP7,500 80,160.00 0.72EUR 104,956.00POST NL27,932 56,199.18 0.50EUR 60,752.28SBM OFFSHORE NV2,000 33,180.00 0.30EUR 30,000.00UNILEVER NV1,816 93,033.68 0.84EUR 89,234.52WERELDHAVE NV3,600 72,432.00 0.65EUR 117,050.24





39Page

BP PLC10,486 58,360.75 0.52GBP 63,265.85United Kingdom 450,846.45 4.05446,795.81

GLAXOSMITHKLINE PLC4,510 94,686.85 0.85GBP 75,158.22RECKITT BENCKISER GROUP PLC1,543 111,607.33 1.01GBP 109,353.86ROYAL DUTCH SHELL PLC3,747 98,040.26 0.88EUR 95,108.41VODAFONE GROUP50,896 88,151.26 0.79GBP 103,909.47

AMAZON.COM INC15 24,692.74 0.22USD 17,375.71United States of America 676,642.85 6.08680,865.91

BANK OF AMERICA CORP1,200 37,651.67 0.34USD 25,712.48BERKSHIRE HATHAWAY -B-200 40,356.35 0.36USD 37,554.38CHEVRON CORP600 64,415.14 0.58USD 60,108.86COLGATE-PALMOLIVE CO1,300 79,725.61 0.72USD 75,244.42GENERAL ELECTRIC CO5,500 54,681.51 0.49USD 83,565.49GILEAD SCIENCES INC1,300 75,255.23 0.68USD 81,699.97HALLIBURTON3,000 65,398.66 0.59USD 91,175.39IBM CORP600 71,647.22 0.64USD 69,850.57MICROSOFT CORP200 28,098.00 0.25USD 13,108.02PFIZER INC1,800 62,827.62 0.56USD 57,001.20WELLS FARGO AND CO1,500 71,893.10 0.65USD 68,469.42

UBS AG AUSTRALI 3.2500 18-23 08/03S300,000 196,170.21 1.76AUD 189,906.15

Bonds 1,058,772.29 9.511,098,192.27

Australia 196,170.21 1.76189,906.15

DELHAIZE GROUP 3.125 12-20 27/02A200,000 201,005.00 1.81EUR 203,000.00Belgium 201,005.00 1.81203,000.00

ROYAL BANK OF CANADA 2.36 17-22 05/12S160,000 110,501.79 0.99CAD 107,183.27Canada 110,501.79 0.99107,183.27

NYKREDIT 2.50 14-37 01/10Q150,735 21,244.51 0.19DKK 20,829.24Denmark 21,244.51 0.1920,829.24

RALLYE EMTN 4.00 14-21 02/04A100,000 31,500.00 0.28EUR 104,000.00France 31,500.00 0.28104,000.00

GERMANY 2.25 10-20 04/09A150,000 152,972.25 1.37EUR 142,998.75Germany 152,972.25 1.37142,998.75

COOPERATIEVE RA 24.0000 18-21 07/09210,000 36,755.03 0.33TRY 28,923.81The Netherlands 345,378.53 3.11330,274.86

HEINEKEN 2.00 13-21 06/04A300,000 308,623.50 2.78EUR 301,351.05

PETROLEOS MEXICANOS FL.R 18-23 24/08Q200,000 200,436.00 1.80EUR 202,948.00

Floating rate bonds 361,927.51 3.25358,029.93

Mexico 200,436.00 1.80202,948.00

GENERAL ELECTRIC C FL.R 13-23 15/03Q180,000 161,491.51 1.45USD 155,081.93United States of America 161,491.51 1.45155,081.93

ISHARES STOXX EUROPE 600 BANKS (DE)4,000 57,448.00 0.52EUR 74,020.00



Germany 93,160.00 0.84114,100.00

ISHARES STOXX EUROPE 600 TELECOM (DE)1,600 35,712.00 0.32EUR 40,080.00

COMGEST GRW EMRG MR ACC CLASS -I- USD3,500 134,325.17 1.21USD 131,419.13Ireland 389,585.67 3.50353,480.37

ISHARES CORE S&P 500 UCITS ETF170 48,508.69 0.44USD 35,941.45ISHARES V PLC OIL GAS EXPLORATION3,000 42,213.81 0.38USD 42,659.79ISHS EUROPEAN PROPERTY YIELD UCITS ETF3,600 164,538.00 1.47EUR 143,460.00

BGF EURO SHORT DURATION BD FD -A2- CAP20,000 316,400.00 2.83EUR 314,100.00Luxembourg 2,598,326.48 23.322,478,647.43

BRGF WORLD GOLD FUND -D2- CAP2,500 83,073.50 0.75USD 69,203.09ELEVA EURO SEL -R- (EUR)- CAP300 42,885.00 0.39EUR 38,130.00FID EM -Y-USD-7,933 98,586.92 0.89USD 89,139.98FIDELITY FUNDS ASIA PACIFIC DVD-Y-USD3,606 45,678.44 0.41USD 41,202.74ING ARIA – EURO SHORT DURATION ENHANCED RETURN BOND FUND CL. ICAP (see note 11)

6,700 680,988.00 6.10EUR 673,060.00

INVESCO ASIA OPPORTUNITIES EQ FD-Z-4,251 45,782.70 0.41USD 44,206.35INVESCO ASIAN EQUITY FUND-Z EUR CAP6,500 130,650.00 1.17EUR 118,235.00JPMF EU EQ PI JPM -C- PERF CAP200 47,412.00 0.43EUR 43,834.00JPMF JAP EQ JP MORGAN C EUR H CAP800 82,456.00 0.74EUR 73,548.00JPMIF GL CAP APPREC. -C (ACC) EUR-CAP250 40,820.00 0.37EUR 41,180.00LYXOR INVMT FDS LYXOR EURO 6M300 299,555.49 2.69EUR 299,614.17





40Page

M&G LUX DYNAMIC ALLOCATION FD CC4,204 41,650.79 0.37EUR 40,840.41NORDEA 1 - EMERGING MARKET BD FD HBC EUR2,000 207,020.00 1.86EUR 195,340.00SELECTED ABS STRAT DIV -B- CAP8,039 10,610.93 0.10EUR 13,763.69THREADNEEDLE-GLOBAL EQUITY INCOME 3E EUR5,079 59,800.71 0.54EUR 51,801.00UBS L EQ EO UNC -Q-ACC- CAP300 55,020.00 0.49EUR 44,649.00UBS LUX BD CONVERT GLOBAL-Q- EUR HEDGED1,600 309,936.00 2.78EUR 286,800.00

ROBECO SUSTAINABLE GLOBAL STARS EQ FUND3,118 142,586.14 1.28EUR 112,704.01The Netherlands 296,226.94 2.66237,245.22

ROLINCO NV3,240 153,640.80 1.38EUR 124,541.21




Total net assets 11,137,235.47 100.00





41Page



236,587.75Income179,667.89Net dividends 3Note51,761.05Net interest on bonds and other debt instruments 3Note5,158.81Bank interest 3Note

91,300.99Expenses60,247.72Management fees 5Note2,387.93Depositary fees 6Note3,977.30Subscription tax 9Note

546.36Professional fees4,217.29Bank interest

293.34Legal fees17,613.21Transaction fees 13Note2,017.84Other expenses 8Note


147,434.15- securities portfolio 3Note33,928.05- currency conversion 3Note



1,375,693.71Increase in net assets as a result of operations





42Page


844,142.85Cash at bank 10Note75,988.55Subscriptions receivable




Expressed in EUR


ING ARIA – ING Global Index Portfolio Aggressive (launched on 3 April 2019)

Key figures

Total Net Assets 33,072,406.13

31/12/2019Period ended as at:

EURClass A - Capitalisation shares

109.1121,477.81Number of shares

Net asset value per share EURClass B - Capitalisation shares


Net asset value per share EUR


43Page

AMUNDI ETF GOV BD EUROMTS BROAD 1-32,333 393,367.13 1.19EUR 393,384.29



France 393,367.13 1.19393,384.29

ISHARES II-ISH JPM ESG USD EM BD UCITS D72,893 355,471.07 1.07USD 343,590.47Ireland 740,936.14 2.24716,804.86

SPDR BA EUR GOV ETF5,848 385,465.07 1.17EUR 373,214.39

AIF AMUNDI INDEX MSCI EUROPE SRIDR A1,145 68,195.06 0.21EUR 66,551.57Luxembourg 14,383,804.31 43.4912,919,902.34

AMUNDI INDEX EURO AGG CORPORATE SRI-IEC218 252,637.53 0.76EUR 246,351.71AMUNDI INDEX MSCI EURO S UCITS ETF DR A43,002 2,560,425.08 7.74EUR 2,281,364.99AMUNDI INDEX MSCI USA SRI UCITS ETF DR94,983 5,731,274.22 17.32EUR 5,085,434.37DB X-TRCK2 IBOXX SOV EUR TTL RET -1C-1,562 385,517.22 1.17EUR 371,887.40UBS ETF M PA SR SHS -A- DIS ETF35,541 2,384,445.69 7.21EUR 2,146,274.93UBS ETF-BLOOMBERG BARCLAYS MSCI EURO ARE11,785 177,623.52 0.54EUR 172,405.52UBS MSCI USA SOC RESP-A-EUR21,864 2,570,331.84 7.77EUR 2,300,776.65XTRACKERS II ESG EUR CORPORATE BOND1,603 253,354.15 0.77EUR 248,855.20

ACTIAM DUURZAAM ENH IND EUR91,477 2,578,736.63 7.80EUR 2,348,047.21The Netherlands 16,670,446.59 50.4115,384,514.67

ACTIAM DUURZAAM ENH IND NA87,934 2,546,568.64 7.70EUR 2,250,908.02NN GLOBAL EMERG MKTS P67,087 3,091,368.96 9.35EUR 2,971,164.08NORTHERN TRUST DEV RL ESTT ESG249,674 2,832,874.45 8.57EUR 2,737,275.01NORTHERN TRUST N AMER EQ IDX-A-382,314 5,620,897.91 16.99EUR 5,077,120.35




Total net assets 33,072,406.13 100.00





44Page



261,645.72Income261,645.72Net dividends 3Note

121,346.34Expenses78,859.28Management fees 5Note4,930.92Depositary fees 6Note6,356.55Subscription tax 9Note

257.32Domiciliation fees1,195.10Professional fees3,235.30Bank interest1,845.74Legal fees






2,990,078.99Increase in net assets as a result of operations33,645,059.31Subscription capitalisation shares(3,562,732.17)Redemption capitalisation shares


0.00Net assets at the beginning of the period

33,072,406.13Net assets at the end of the period


45Page



301,211.44Liabilities245,068.51Payable on purchase of securities18,604.08Redemptions payable37,538.85Other liabilities 4Note



Expressed in EUR


ING ARIA – ING Global Index Portfolio Balanced

Key figures

Total Net Assets 47,365,993.65 17,969,316.86 6,762,606.04

31/12/201731/12/201831/12/2019Year ended as at:


112.18342,412.42 180,740.52

96.5946,119.86


Class B - Capitalisation shares

107.7174,239.00 0.00

0.000.000.00


Class J - Capitalisation shares

0.000.00 0.00

0.0021,024.00



110.648,653.26 5,371.70

95.270.000.00



46Page

AMUNDI ETF GOV BD EUROMTS BROAD 1-323,612 3,981,219.32 8.41EUR 3,985,091.19



France 3,981,219.32 8.413,985,091.19

ISHARES II-ISH JPM ESG USD EM BD UCITS D726,304 3,541,904.77 7.48USD 3,444,513.94Ireland 7,338,419.34 15.497,131,330.26

SPDR BA EUR GOV ETF57,598 3,796,514.57 8.01EUR 3,686,816.32


AMUNDI INDEX EURO AGG CORPORATE SRI-IEC2,148 2,493,948.11 5.27EUR 2,448,036.98AMUNDI INDEX MSCI EURO S UCITS ETF DR A34,062 2,028,119.60 4.28EUR 1,809,419.95AMUNDI INDEX MSCI USA SRI UCITS ETF DR77,941 4,702,959.94 9.92EUR 4,156,413.09DB X-TRCK2 IBOXX SOV EUR TTL RET -1C-15,363 3,791,742.03 8.01EUR 3,664,158.18UBS ETF M PA SR SHS -A- DIS ETF29,919 2,007,265.71 4.24EUR 1,807,277.82UBS ETF-BLOOMBERG BARCLAYS MSCI EURO ARE115,406 1,739,399.23 3.67EUR 1,701,345.58UBS MSCI USA SOC RESP-A-EUR17,628 2,072,347.68 4.38EUR 1,861,384.57XTRACKERS II ESG EUR CORPORATE BOND15,720 2,484,546.00 5.25EUR 2,450,032.94






Total net assets 47,365,993.65 100.00





47Page




318,111.56Expenses244,798.53Management fees 5Note




(3,323.80)Net loss from investmentsNet realised gain / (loss) on :









48Page


793,157.47Unrealised profit on the securities portfolio398,994.23Cash at bank 10Note274,142.29Subscriptions receivable

241,371.55Liabilities216,958.57Payable on purchase of securities

6,609.06Redemptions payable17,803.92Other liabilities 4Note



Expressed in EUR


ING ARIA – ING Global Index Portfolio Defensive

Key figures

Total Net Assets 19,596,145.42 8,648,949.96 5,393,526.12

31/12/201731/12/201831/12/2019Year ended as at:


107.64170,428.41 84,872.75

97.1420,663.98



105.952,474.00 0.00

0.000.000.00



0.000.00 0.00

0.0033,063.00



107.209,221.75 4,184.46

96.740.000.00



49Page




France 2,346,208.15 11.972,349,414.96



AIF AMUNDI INDEX MSCI EUROPE SRIDR A290 17,272.11 0.09EUR 16,646.00Luxembourg 9,006,712.43 45.978,587,613.15

AMUNDI INDEX EURO AGG CORPORATE SRI-IEC1,280 1,485,693.09 7.58EUR 1,463,916.73AMUNDI INDEX MSCI EURO S UCITS ETF DR A8,776 522,540.59 2.67EUR 466,856.14AMUNDI INDEX MSCI USA SRI UCITS ETF DR20,137 1,215,066.58 6.20EUR 1,082,501.32DB X-TRCK2 IBOXX SOV EUR TTL RET -1C-9,021 2,226,473.01 11.36EUR 2,156,952.72UBS ETF M PA SR SHS -A- DIS ETF7,730 518,605.70 2.65EUR 466,756.80UBS ETF-BLOOMBERG BARCLAYS MSCI EURO ARE68,900 1,038,460.80 5.30EUR 1,020,129.08UBS MSCI USA SOC RESP-A-EUR4,465 524,905.40 2.68EUR 473,421.58XTRACKERS II ESG EUR CORPORATE BOND9,223 1,457,695.15 7.44EUR 1,440,432.78

ACTIAM DUURZAAM ENH IND EUR19,091 538,175.29 2.75EUR 490,431.44The Netherlands 3,493,780.55 17.833,222,792.15

ACTIAM DUURZAAM ENH IND NA19,009 550,500.64 2.81EUR 496,814.84NN GLOBAL EMERG MKTS P13,853 638,346.24 3.26EUR 603,507.67NORTHERN TRUST DEV RL ESTT ESG50,597 574,089.88 2.93EUR 555,043.01NORTHERN TRUST N AMER EQ IDX-A-81,121 1,192,668.50 6.08EUR 1,076,995.19




Total net assets 19,596,145.42 100.00





50Page




84.98Bank interest 3Note



437.87Domiciliation fees651.85Professional fees




237,873.45- securities portfolio 3Note655.28- currency conversion 3Note


982,191.57- securities portfolio






51Page






Expressed in EUR


ING ARIA – ING Global Index Portfolio Dynamic

Key figures

Total Net Assets 61,474,182.62 15,975,326.41 5,798,370.85

31/12/201731/12/201831/12/2019Year ended as at:


116.68290,457.91 159,852.61

96.1636,043.77



109.20242,987.00 0.00

0.000.000.00



0.000.00 0.00

0.0021,319.00



114.629,162.21 6,400.85

94.470.000.00



52Page




France 2,951,180.83 4.802,953,083.77




AMUNDI INDEX EURO AGG CORPORATE SRI-IEC1,613 1,872,455.20 3.05EUR 1,834,837.41AMUNDI INDEX MSCI EURO S UCITS ETF DR A62,572 3,725,662.02 6.06EUR 3,312,298.01AMUNDI INDEX MSCI USA SRI UCITS ETF DR139,204 8,399,569.36 13.67EUR 7,396,397.99DB X-TRCK2 IBOXX SOV EUR TTL RET -1C-11,509 2,840,536.29 4.62EUR 2,744,038.68UBS ETF M PA SR SHS -A- DIS ETF53,435 3,584,954.15 5.83EUR 3,217,813.00UBS ETF-BLOOMBERG BARCLAYS MSCI EURO ARE86,647 1,305,943.58 2.12EUR 1,274,066.60UBS MSCI USA SOC RESP-A-EUR31,954 3,756,512.24 6.12EUR 3,362,729.99XTRACKERS II ESG EUR CORPORATE BOND11,803 1,865,464.15 3.03EUR 1,837,439.90





Other net assets/(liabilities) (1,012.85) 0.00

Total net assets 61,474,182.62 100.00





53Page









1,000,625.06- securities portfolio 3Note2,235.04- currency conversion 3Note








54Page


12,447.54Unrealised profit on the securities portfolio80,823.83Cash at bank 10Note

105,499.84Subscriptions receivable1,714.30Other assets

53,084.07Liabilities53,063.15Payable on purchase of securities

20.92Other liabilities 4Note



Expressed in EUR


ING ARIA – ING Global Index Portfolio Very Defensive (launched on 3 April 2019)

Key figures

Total Net Assets 1,533,278.37

31/12/2019Period ended as at:



Net asset value per share EURClass B - Capitalisation shares


Net asset value per share EUR


55Page

AMUNDI ETF GOV BD EUROMTS BROAD 1-31,367 230,489.87 15.03EUR 230,972.52



France 230,489.87 15.03230,972.52

ISHARES II-ISH JPM ESG USD EM BD UCITS D42,037 204,998.25 13.37USD 203,318.00Ireland 411,968.21 26.87410,911.06

SPDR BA EUR GOV ETF3,140 206,969.96 13.50EUR 207,593.06

AIF AMUNDI INDEX MSCI EUROPE SRIDR A44 2,620.60 0.17EUR 2,629.79Luxembourg 663,539.78 43.28657,711.45

AMUNDI INDEX EURO AGG CORPORATE SRI-IEC126 145,918.07 9.52EUR 145,466.96AMUNDI INDEX MSCI EURO S UCITS ETF DR A205 12,206.11 0.80EUR 11,169.34AMUNDI INDEX MSCI USA S UCITS ETF DR AH44 2,663.54 0.17EUR 2,369.70AMUNDI INDEX MSCI USA SRI UCITS ETF DR486 29,325.24 1.91EUR 27,449.38DB X-TRCK2 IBOXX SOV EUR TTL RET -1C-838 206,826.78 13.49EUR 207,034.73UBS ETF M PA SR SHS -A- DIS ETF198 13,283.82 0.87EUR 12,447.62UBS ETF-BLOOMBERG BARCLAYS MSCI EURO ARE6,786 102,278.59 6.67EUR 101,974.73UBS MSCI USA SOC RESP-A-EUR113 13,284.28 0.87EUR 12,363.99XTRACKERS II ESG EUR CORPORATE BOND855 135,132.75 8.81EUR 134,805.21

ACTIAM DUURZAAM ENH IND EUR523 14,743.37 0.96EUR 13,757.71The Netherlands 92,326.61 6.0286,281.90

ACTIAM DUURZAAM ENH IND NA508 14,711.68 0.96EUR 13,681.34NN GLOBAL EMERG MKTS P376 17,326.08 1.13EUR 16,096.14NORTHERN TRUST DEV RL ESTT ESG1,169 13,263.77 0.87EUR 12,796.60NORTHERN TRUST N AMER EQ IDX-A-2,196 32,281.71 2.10EUR 29,950.11




Total net assets 1,533,278.37 100.00





56Page




69.23Bank interest 3Note


122.65Depositary fees 6Note211.64Subscription tax 9Note257.32Domiciliation fees43.69Professional fees

191.24Bank interest99.71Legal fees

4,518.36Transaction fees 13Note954.62Other expenses 8Note


7,011.94- securities portfolio 3Note660.89- currency conversion 3Note



15,482.00Increase in net assets as a result of operations2,263,458.83Subscription capitalisation shares(745,662.46)Redemption capitalisation shares


0.00Net assets at the beginning of the period

1,533,278.37Net assets at the end of the period


57Page


405,463.49Cash at bank 10Note186,500.89Interest receivable




Expressed in EUR


ING ARIA – ING Sustainable Bonds

Key figures

Total Net Assets 40,730,357.19 36,847,271.57 41,629,494.05

31/12/201731/12/201831/12/2019Year ended as at:


593.4946,154.56 47,728.61

572.0252,428.58



589.0722,055.82 16,514.38

568.2919,413.32



526.573.87

656.00 313.61511.805.51

662.22520.906.45


EUR


58Page

RAIFFEISEN BANK INTL 0.25 18-21 05/07A500,000 502,772.50 1.23EUR 500,980.00


Bonds 40,181,807.75 98.6539,135,910.61

Austria 502,772.50 1.23500,980.00

BELGIUM 1.25 18-33 22/04A400,000 448,214.00 1.10EUR 424,752.00Belgium 2,310,299.00 5.672,249,505.00

COMMUNAUTE FLAMANDE 1.375 18-33 21/11A300,000 333,697.50 0.82EUR 314,769.00KBC GROUPE SA 0.875 18-23 27/06A500,000 513,922.50 1.26EUR 513,754.00REGION WALLONNE 0.25 19-26 03/05A1,000,000 1,014,465.00 2.49EUR 996,230.00

ROYAL BANK OF C 0.2500 19-24 02/05A500,000 500,660.00 1.23EUR 498,960.00Canada 500,660.00 1.23498,960.00

KOMMUNEKREDIT 0.75 17-27 18/05A700,000 736,862.00 1.81EUR 726,566.75Denmark 736,862.00 1.81726,566.75

AGENCE FRANCAISE D 5.55 16-24 30/04A300,000 306,955.50 0.75EUR 301,908.00France 8,611,132.50 21.148,360,408.24

ALD SA 1.2500 18-22 11/10A500,000 516,097.50 1.27EUR 501,910.00BPCE SA 0.6250 18-23 26/09A700,000 713,958.00 1.75EUR 710,882.00CAISSE DES DEPOT 0.00 19-24 19/06A500,000 506,612.50 1.24EUR 506,625.00COUNCIL OF EURO 0.0000 19-26 10/04A800,000 806,352.00 1.98EUR 794,032.00DANONE 1.00 18-25 26/03A200,000 209,390.00 0.51EUR 202,384.00FONC DES REGIONS 1.875 16-26 20/05A1,000,000 1,078,400.00 2.65EUR 1,038,440.00FRANCE 1.75 17-39 25/06A200,000 242,122.00 0.59EUR 229,132.00ICADE 1.50 17-27 13/09A800,000 847,384.00 2.08EUR 817,304.00LA BANQUE POSTALE 1.375 19-29 24/04A800,000 845,504.00 2.08EUR 801,466.24LA POSTE SA 1.45 18-28 30/11A700,000 752,594.50 1.85EUR 704,815.00REGIE AUTONOME 0.3500 19-29 20/06A400,000 401,922.00 0.99EUR 401,134.00REGION ILE DE FRANCE 0.625 15-27 23/04A400,000 414,472.00 1.02EUR 412,308.00SOCIETE DU GRAND PAR 1.125 18-28 22/10A500,000 539,702.50 1.33EUR 530,770.00SOCIETE DU GRAND PARI 1.125 19-34 25/05A400,000 429,666.00 1.05EUR 407,298.00

KFW 0.25 17-25 30/06A1,000,000 1,026,970.00 2.52EUR 997,317.10Germany 4,691,586.00 11.524,592,846.10

KFW 0.0100 19-27 05/05A500,000 503,042.50 1.24EUR 499,125.00LDBK BADEN WUERTT 0.375 19-26 29/07A500,000 496,627.50 1.22EUR 498,415.00NRW.BANK 0.625 19-29 02/02A400,000 419,008.00 1.03EUR 396,388.00NRW.BANK 0.7500 18-28 30/06A1,000,000 1,058,005.00 2.60EUR 1,035,535.00STATE OF NORTH RHINE 1.1 19-34 13/03A300,000 327,717.00 0.80EUR 316,522.00STATE OF NORTH RW 0.95 18-28 13/03A800,000 860,216.00 2.11EUR 849,544.00

IRELAND 1.35 18-31 18/03A400,000 448,248.00 1.10EUR 429,480.00Ireland 448,248.00 1.10429,480.00

CASSA DEPOSITI 2.125 19.26 21/03A800,000 853,924.00 2.10EUR 796,290.00Italy 6,377,883.50 15.666,252,487.55

CASSA DEPOSITI PRESTI 0.75 17-22 21/11A500,000 506,850.00 1.24EUR 490,100.00CDP 2.125 18-23 27/09A200,000 211,679.00 0.52EUR 203,514.00FERROVIE DELLO ST 19-26 09/07A500,000 512,770.00 1.26EUR 518,064.00FERROVIE DELLO STATO 0.875 17-23 07/12A600,000 613,173.00 1.51EUR 604,158.00HERA SPA 0.8750 19-27 05/07A500,000 510,227.50 1.25EUR 495,509.45ITALY 0.95 18-23 01/03S500,000 510,907.50 1.25EUR 504,674.29ITALY 0.90 17-22 01/08S500,000 510,050.00 1.25EUR 506,708.00ITALY 2.50 14-24 01/12S500,000 544,917.50 1.34EUR 555,535.00ITALY 5.50 12-22 01/09S500,000 571,580.00 1.40EUR 574,484.81TERNA SPA 1.0000 19-26 10/04A1,000,000 1,031,805.00 2.54EUR 1,003,450.00

POLOGNE 1.125 18-26 07/08A700,000 751,187.50 1.84EUR 738,997.00Poland 1,506,435.00 3.701,436,110.20

REPUBLIC OF POLAND 1.0 19-29 07/03A700,000 755,247.50 1.86EUR 697,113.20

ADIF 0.95 19-27 30/04A500,000 519,377.50 1.28EUR 499,807.50Spain 5,257,760.25 12.915,059,063.40

ADIF ALTA VELOCIDAD 1.25 18-26 04/05A1,000,000 1,059,300.00 2.60EUR 998,540.00CAIXABANK SA 0.625 19-24 01/10A400,000 399,868.00 0.98EUR 397,932.00COMMUNITY OF MADRID 1.571 19-29 30/04A650,000 708,782.75 1.74EUR 650,039.00INSTITUTO DE CREDITO 0.20 19-24 31/01A1,000,000 1,012,455.00 2.49EUR 999,898.90KINGDOM OF SPAIN 1.773 18-28 30/04A650,000 718,653.00 1.76EUR 696,150.00SPAIN 1.60 15-25 30/04A200,000 217,115.00 0.53EUR 199,056.00TEEFONICA EMISIONES 1.069 19-24 05/02A600,000 622,209.00 1.53EUR 617,640.00





59Page

EUROFIMA 0.1500 19-34 10/10A500,000 470,495.00 1.16EUR 489,385.00Switzerland 470,495.00 1.16489,385.00

ABN AMRO BANK NV 0.5 19-26 15/04A800,000 811,508.00 1.99EUR 797,936.00The Netherlands 6,285,083.00 15.436,107,977.87

BNG BANK N.V 0.5 18-25 26/11A600,000 620,892.00 1.52EUR 599,586.00EDP FINANCE 1.875 18-25 12/10A1,000,000 1,082,435.00 2.66EUR 1,023,758.00EDP FINANCE 0.3750 19-26 16/09A300,000 296,592.00 0.73EUR 298,912.50KONINKIJKE AHOL 0.2500 19-25 26/06A500,000 500,020.00 1.23EUR 497,001.45KONINKLIJKE PHI 0.5000 19-26 22/05A700,000 710,325.00 1.74EUR 697,393.20LEASEPLAN CORPO 1.3750 19-24 07/03A800,000 828,928.00 2.04EUR 799,710.72NEDER WATERSCHA 0.1250 19-27 28/05A400,000 403,878.00 0.99EUR 398,196.00NEDER WATERSCHA 0.6250 19-29 06/02A600,000 627,948.00 1.54EUR 596,442.00NETHERLANDS 0.50 19-40 15/01A100,000 103,926.50 0.26EUR 99,946.00POSTNL N.V. 0.625 19-26 23/09A300,000 298,630.50 0.73EUR 299,096.00

VODAFONE GROUP 0.9000 19-26 24/11A500,000 515,220.00 1.26EUR 497,831.50United Kingdom 515,220.00 1.26497,831.50

CITIGROUP INC 0.5000 19-22 29/01A500,000 505,800.00 1.24EUR 501,960.00United States of America 1,967,371.00 4.831,934,309.00

INTL BK FOR RECONS 0.625 18-27 22/11A1,000,000 1,053,945.00 2.59EUR 1,033,170.00INTL BK RECON & 0.2500 19-29 21/05A400,000 407,626.00 1.00EUR 399,179.00




Total net assets 40,730,357.19 100.00





60Page



433,181.53Income433,167.56Net interest on bonds and other debt instruments 3Note



8,594.44Depositary fees 6Note8,759.09Subscription tax 9Note1,677.08Professional fees3,101.23Bank interest8,049.04Legal fees2,312.82Transaction fees 13Note5,840.70Other expenses 8Note


516,014.74- securities portfolio 3Note(39,770.00)- financial futures 3Note

0.29- currency conversion 3Note


840,615.20- securities portfolio11,760.00- financial futures 3Note








61Page


484,167.01Cash at bank 10Note182,667.75Receivable on sale of securities133,903.79Subscriptions receivable60,879.91Net unrealised appreciation on forward foreign exchange contracts 3Note




Expressed in EUR


ING ARIA – Lion Aggressive

Key figures

Total Net Assets 79,592,769.84 70,443,575.20 72,967,415.71

31/12/201731/12/201831/12/2019Year ended as at:

EURClass C Hedged - Capitalisation shares

1,286.03210,791.96 259,312.97

1,013.36158,669.871,113.38

Number of sharesNet asset value per share CZK

Class I - Capitalisation shares

147.51116,891.38 143,466.37

118.28142,403.43


Class I - Distribution shares

113.761.37

7,075.98 9,030.0092.390.00

0.000.000.00


EUR


146.4038,774.66 42,369.68

117.2743,053.04


Class K - Capitalisation shares

12,002.992,564.28 2,564.28

9,552.532,506.4010,410.41



139.13103,304.97 114,840.58

112.14128,664.07



108.211.61

464.00 1,000.0088.590.00

0.000.000.00


EUR


62Page

R-CO CREDIT HORIZON 12M IC EUR11 1,125,690.76 1.41EUR 1,127,682.14



France 1,125,690.76 1.411,127,682.14

DBX SP EW DR ETF 1C USD80,821 4,218,172.20 5.30USD 3,452,881.32Ireland 15,614,348.31 19.6213,237,099.51

ISHS MSCI C EU EUR-AC ACCUM SHS EUR ETF102,190 5,740,012.30 7.21EUR 4,885,008.58ISHS MSCI JAPAN UCITS ETF12,546 1,786,424.94 2.24EUR 1,594,123.59RUSSELL INV CO PLC ACADIAN EUROP EQ-B-104,859 1,326,466.35 1.67EUR 1,222,819.24SPDR SP US DI ETF USD48,061 2,543,272.52 3.20USD 2,082,266.78

BNPP E LC 100E -UCITS ETF- CAP16,471 3,110,054.22 3.91EUR 3,051,098.94Luxembourg 58,865,917.91 73.9650,997,018.18

ELEVA EURO SEL -I2 (EUR) CAP4,833 6,788,721.78 8.53EUR 6,010,709.31FFG - EUROPEAN EQUITIES-SUSTAINABLE I AC39,311 4,671,295.95 5.87EUR 4,508,277.72JPM EMERGING MARKET OPPORTUNITIES I USD22,554 2,972,282.44 3.73USD 2,732,911.86JPMF JAP EQ -JPMORGAN C (ACC) EUR CAP12,193 1,968,047.60 2.47EUR 1,491,327.46LIF MSCI EMUU VAL (DR)-C-EUR- CAP11,600 1,300,592.00 1.63EUR 1,376,155.42MFS MERIDIAN EUROPEAN VALUE -I1- CAP18,839 6,712,311.92 8.43EUR 5,172,969.98MORGAN STANLEY INV US ADVANTAGE FD -Z-45,793 4,285,552.42 5.38USD 3,804,912.93MULTI UNITS LUX - LYXOR ETF SP500326,089 9,536,832.30 11.99USD 7,698,327.85OL SH BC USSVTR -UCITS ETF 1C(USD)- CAP7,428 5,171,542.34 6.50USD 3,951,714.85R CAP QI ECONEQ -I USD- CAP24,019 2,978,354.01 3.74USD 2,673,204.75ROBECO SUSTAINABLE EUROPEAN STARS EQ-Z C30,391 3,667,281.97 4.61EUR 3,362,970.96UBS ETF MSCI EM -A DIS30,966 4,020,006.12 5.05EUR 3,551,654.77UBS ETF MSCI EM -A DIS1,286 166,588.44 0.21EUR 149,107.17UBS ETF MSCI EM -A DIS (DE)11,615 1,516,454.40 1.91EUR 1,461,674.21


ACTIAM DUURZAAM ENH IND NA61,154 1,771,019.84 2.23EUR 1,555,757.76



Other net assets/(liabilities) (48,459.73) (0.06)

Total net assets 79,592,769.84 100.00





63Page




7,668.76Bank interest 3Note


17,272.58Depositary fees 6Note6,039.11Subscription tax 9Note3,639.06Professional fees4,478.37Bank interest7,528.76Legal fees



2,918,920.35- securities portfolio 3Note462,177.24- forward foreign exchange contracts 3Note132,609.39- currency conversion 3Note


14,350,226.14- securities portfolio2,381.85- forward foreign exchange contracts 3Note








64Page

279,424,081.88Assets276,272,222.32Securities portfolio at market value 3Note251,292,559.14Cost price24,979,663.18Unrealised profit on the securities portfolio2,802,170.35Cash at bank 10Note

196,254.01Subscriptions receivable153,435.20Net unrealised appreciation on forward foreign exchange contracts 3Note




Expressed in EUR


ING ARIA – Lion Balanced

Key figures

Total Net Assets 278,762,099.36 254,404,820.70 241,828,556.28

31/12/201731/12/201831/12/2019Year ended as at:


1,151.83595,883.65 571,389.33

993.72385,969.281,054.15



128.021,033,540.26 1,027,227.53

112.39913,480.00



107.761.00

18,081.33 17,523.0495.510.00

0.000.000.00


EUR


128.02172,050.25 252,124.38

112.16301,986.14



11,039.29894.31 1,005.77

9,623.72500.00

10,136.62Number of sharesNet asset value per share EUR


123.64687,375.29 706,280.13

109.10653,585.40



104.081.40

5,841.85 2,213.4493.120.00

518.0099.280.00


EUR


65Page

NATIXIS SOUVERAINS EURO SN 4DEC10,439 11,287,343.53 4.05EUR 10,549,860.02



France 42,349,453.93 15.1941,570,561.90

OST SOUVERAINS EURO 3-5 4 DEC CAP1,724 5,417,509.56 1.94EUR 5,368,908.94R-CO CREDIT HORIZON 12M IC EUR249 25,644,600.84 9.20EUR 25,651,792.94

BNY MELLON GLB EUROLAND BD -C- CAP4,854,341 10,397,513.98 3.74EUR 9,965,262.85Ireland 37,264,364.79 13.3732,675,486.41

DBX SP EW DR ETF 1C USD139,131 7,261,460.70 2.60USD 6,024,707.08ISHS MSCI C EU EUR-AC ACCUM SHS EUR ETF176,804 9,931,080.68 3.56EUR 8,419,262.38ISHS MSCI JAPAN UCITS ETF21,363 3,041,877.57 1.09EUR 2,704,345.64RUSSELL INV CO PLC ACADIAN EUROP EQ-B-181,422 2,294,988.30 0.82EUR 2,103,679.07SPDR SP US DI ETF USD81,966 4,337,443.56 1.56USD 3,458,229.39

AIS INDEX JPM EMU GOV I14E CAP10,525 11,284,139.66 4.05EUR 10,869,918.87Luxembourg 190,558,987.50 68.36171,600,505.53

AMUNDI PRIME EURO CORPORATES UCITS ETFDR192,635 3,985,213.62 1.43EUR 4,084,324.32AXA WORLD EURO AGGREGATE SHORT DURAT IC23,370 3,369,048.46 1.21EUR 3,356,310.95BGF EUR BD -X2- CAP142,301 4,831,118.27 1.73EUR 4,533,272.57BNPP E LC 100E -UCITS ETF- CAP28,497 5,380,803.54 1.93EUR 5,279,290.78BSFS BLACKROCK ESG EURO BOND FUND X2C51,881 5,518,105.70 1.98EUR 5,545,602.85DNCA INVEST - ALPHA BONDS CLASS I - EUR73,781 7,698,288.05 2.76EUR 7,477,740.57ELEVA EURO SEL -I2 (EUR) CAP8,164 11,467,644.24 4.11EUR 10,153,800.51FFG - EUROPEAN EQUITIES-SUSTAINABLE I AC68,013 8,082,028.76 2.90EUR 7,801,253.57JPM EMERGING MARKET OPPORTUNITIES I USD37,408 4,929,805.93 1.77USD 4,526,704.28JPMF JAP EQ -JPMORGAN C (ACC) EUR CAP20,492 3,307,575.30 1.19EUR 2,430,273.30KEMPEN LUX EURO SUSTAINABLE CREDIT FUND9,977 10,210,374.83 3.66EUR 9,987,431.46LIF MSCI EMUU VAL (DR)-C-EUR- CAP19,810 2,221,097.20 0.80EUR 2,303,655.03MFS MERIDIAN EUROPEAN VALUE -I1- CAP32,269 11,497,117.38 4.11EUR 8,157,616.45MORGAN STANLEY INV US ADVANTAGE FD -Z-77,424 7,245,770.64 2.60USD 6,416,560.26MUL LY EUHRMWGB -C-EUR- CAP54,828 8,164,985.76 2.93EUR 7,872,014.88MULTI UNITS LUX - LYXOR ETF SP500564,990 16,523,755.42 5.92USD 13,432,301.00NN L EURO CREDIT-Z-1,321 9,952,636.08 3.57EUR 9,007,078.81NORDEA 1 EMERG MKT BD-BI-BASE30,216 4,247,743.34 1.52USD 3,794,398.97N1 GL FIX IN -BI-BASE CURRENCY- CAP66,443 7,542,604.93 2.71EUR 7,219,500.26OL SH BC USSVTR -UCITS ETF 1C(USD)- CAP12,796 8,908,865.89 3.20USD 6,797,344.80R CAP QI ECONEQ -I USD- CAP41,483 5,143,860.51 1.85USD 4,368,834.37ROBECO K GROWTH FD HIGH YIELD BD -I EUR-17,561 4,206,680.51 1.51EUR 3,795,859.91ROBECO SUSTAINABLE EUROPEAN STARS EQ-Z C52,581 6,344,949.27 2.28EUR 5,823,948.60SCHRODER INT SEL EURO CORP BOND -C- CAP334,520 8,628,414.87 3.10EUR 7,652,107.86UBS ETF MSCI EM -A DIS55,664 7,226,300.48 2.59EUR 6,394,287.61UBS ETF MSCI EM -A DIS1,403 181,744.62 0.07EUR 173,860.18UBS ETF MSCI EM -A DIS (DE)18,829 2,458,314.24 0.88EUR 2,345,212.51






Total net assets 278,762,099.36 100.00





66Page



883,796.85Income868,399.79Net dividends 3Note15,397.06Bank interest 3Note



(3,350,699.60)Net loss from investmentsNet realised gain / (loss) on :

9,454,368.25- securities portfolio 3Note1,071,022.36- forward foreign exchange contracts 3Note

(40,984.85)- currency conversion 3Note










67Page



49,752.05Liabilities7,435.47Redemptions payable

42,316.58Other liabilities 4Note



Expressed in EUR


ING ARIA – Lion Conservative

Key figures

Total Net Assets 40,431,754.66 35,084,886.73 48,049,231.81

31/12/201731/12/201831/12/2019Year ended as at:


105.18219,801.94 235,586.46

100.35300,145.51



105.7413,565.60 13,979.93

100.7831,132.30


Class R - Capitalisation

102.88126,152.43 101,704.86

98.66136,819.69


Class SI - Capitalisation

99.9429,000.00 0.00

0.000.000.00



68Page




France 7,356,424.40 18.197,152,501.48

OST SOUVERAINS EURO 3-5 4 DEC CAP450 1,413,327.02 3.50EUR 1,404,891.65R-CO CREDIT HORIZON 12M IC EUR20 2,022,701.46 5.00EUR 2,024,190.74



AMUNDI PRIME EURO CORPORATES UCITS ETFDR63,452 1,312,688.63 3.25EUR 1,342,813.91AXA WORLD EURO AGGREGATE SHORT DURAT IC7,884 1,136,611.79 2.81EUR 1,134,057.55BGF EUR BD -X2- CAP41,628 1,413,261.43 3.50EUR 1,328,188.47BSFS BLACKROCK ESG EURO BOND FUND X2C16,695 1,775,650.42 4.39EUR 1,784,498.62DNCA INVEST - ALPHA BONDS CLASS I - EUR19,612 2,046,298.34 5.06EUR 1,998,032.03KEMPEN LUX EURO SUSTAINABLE CREDIT FUND3,550 3,632,999.00 8.99EUR 3,555,766.30MUL LY EUHRMWGB -C-EUR- CAP17,423 2,594,633.16 6.42EUR 2,512,550.67NN L EURO CREDIT-Z-483 3,638,040.26 9.00EUR 3,368,494.66NORDEA 1 EMERG MKT BD-BI-BASE8,698 1,222,793.67 3.02USD 1,124,228.73N1 GL FIX IN -BI-BASE CURRENCY- CAP17,813 2,022,175.81 5.00EUR 1,947,522.39ROBECO K GROWTH FD HIGH YIELD BD -I EUR-5,963 1,428,343.24 3.53EUR 1,283,011.46SCHRODER INT SEL EURO CORP BOND -C- CAP125,744 3,243,352.91 8.02EUR 2,922,183.99




Total net assets 40,431,754.66 100.00





69Page




86.05Bank interest 3Note14.28Other financial income





548,858.75- securities portfolio 3Note(554.78)- currency conversion 3Note








70Page



251,543.18Liabilities45,885.47Bank overdrafts97,110.43Redemptions payable




Expressed in EUR


ING ARIA – Lion Dynamic

Key figures

Total Net Assets 73,915,374.30 65,816,506.12 53,593,942.25

31/12/201731/12/201831/12/2019Year ended as at:


1,222.93420,715.38 441,660.14

1,011.36277,729.221,088.08



137.62246,960.60 249,738.13

115.82172,529.03



138.7025,824.96 25,404.63

116.5031,777.66



12,662.3246.47 46.47

10,577.0346.47

11,290.90Number of sharesNet asset value per share EUR


132.56117,027.03 143,432.78

112.14130,120.23



71Page

NATIXIS SOUVERAINS EURO SN 4DEC952 1,028,926.15 1.39EUR 981,629.83



France 8,820,661.62 11.938,770,224.76

OST SOUVERAINS EURO 3-5 4 DEC CAP167 524,322.04 0.71EUR 520,456.77R-CO CREDIT HORIZON 12M IC EUR71 7,267,413.43 9.83EUR 7,268,138.16

BNY MELLON GLB EUROLAND BD -C- CAP436,802 935,585.71 1.27EUR 903,304.39Ireland 11,413,477.01 15.449,776,732.90

DBX SP EW DR ETF 1C USD55,559 2,899,709.59 3.92USD 2,373,230.58ISHS MSCI C EU EUR-AC ACCUM SHS EUR ETF67,804 3,808,550.68 5.15EUR 3,234,092.56ISHS MSCI JAPAN UCITS ETF8,260 1,176,141.40 1.59EUR 1,046,313.92RUSSELL INV CO PLC ACADIAN EUROP EQ-B-69,575 880,123.75 1.19EUR 811,559.28SPDR SP US DI ETF USD32,378 1,713,365.88 2.32USD 1,408,232.17

AIS INDEX JPM EMU GOV I14E CAP961 1,030,861.50 1.39EUR 993,963.21Luxembourg 49,944,742.93 67.5844,228,770.13

AMUNDI PRIME EURO CORPORATES UCITS ETFDR18,441 381,505.56 0.52EUR 390,993.46AXA WORLD EURO AGGREGATE SHORT DURAT IC2,167 312,353.92 0.42EUR 309,680.21BGF EUR BD -X2- CAP13,371 453,940.36 0.61EUR 433,250.93BNPP E LC 100E -UCITS ETF- CAP10,928 2,063,424.96 2.79EUR 2,024,563.44BSFS BLACKROCK ESG EURO BOND FUND X2C4,875 518,491.17 0.70EUR 521,074.85DNCA INVEST - ALPHA BONDS CLASS I - EUR15,055 1,570,836.93 2.13EUR 1,525,542.36ELEVA EURO SEL -I2 (EUR) CAP3,199 4,493,507.34 6.09EUR 3,993,569.64FFG - EUROPEAN EQUITIES-SUSTAINABLE I AC26,083 3,099,437.30 4.19EUR 2,991,403.57JPM EMERGING MARKET OPPORTUNITIES I USD14,643 1,929,788.43 2.61USD 1,771,779.85JPMF JAP EQ -JPMORGAN C (ACC) EUR CAP7,752 1,251,298.10 1.69EUR 928,374.86KEMPEN LUX EURO SUSTAINABLE CREDIT FUND900 921,246.68 1.25EUR 900,742.81LIF MSCI EMUU VAL (DR)-C-EUR- CAP7,670 859,960.40 1.16EUR 900,128.16MFS MERIDIAN EUROPEAN VALUE -I1- CAP12,485 4,448,221.51 6.03EUR 3,357,114.08MORGAN STANLEY INV US ADVANTAGE FD -Z-30,031 2,810,505.55 3.80USD 2,512,960.38MUL LY EUHRMWGB -C-EUR- CAP12,067 1,797,017.64 2.43EUR 1,734,550.77MULTI UNITS LUX - LYXOR ETF SP500216,119 6,320,638.41 8.56USD 5,139,190.46NN L EURO CREDIT-Z-121 913,822.29 1.24EUR 866,888.47NORDEA 1 EMERG MKT BD-BI-BASE2,736 384,690.82 0.52USD 354,717.40N1 GL FIX IN -BI-BASE CURRENCY- CAP13,829 1,569,900.77 2.12EUR 1,502,658.52OL SH BC USSVTR -UCITS ETF 1C(USD)- CAP4,959 3,452,568.45 4.67USD 2,682,691.11R CAP QI ECONEQ -I USD- CAP15,938 1,976,276.41 2.67USD 1,689,255.19ROBECO K GROWTH FD HIGH YIELD BD -I EUR-1,591 381,052.81 0.52EUR 356,414.62ROBECO SUSTAINABLE EUROPEAN STARS EQ-Z C20,165 2,433,310.55 3.29EUR 2,235,720.69SCHRODER INT SEL EURO CORP BOND -C- CAP30,663 790,899.67 1.07EUR 737,696.40UBS ETF MSCI EM -A DIS25,550 3,316,901.00 4.49EUR 2,934,924.38UBS ETF MSCI EM -A DIS1,948 252,343.92 0.34EUR 238,687.65UBS ETF MSCI EM -A DIS (DE)1,608 209,940.48 0.28EUR 200,232.66






Total net assets 73,915,374.30 100.00





72Page









2,932,295.46- securities portfolio 3Note824,349.98- forward foreign exchange contracts 3Note(64,108.70)- currency conversion 3Note



12,442,683.68Increase in net assets as a result of operations14,852,830.27Subscription capitalisation shares

(19,196,645.77)Redemption capitalisation shares





73Page



9,398,776.03Liabilities194,970.64Bank overdrafts

8,813,132.51Redemptions payable390,672.88Other liabilities 4Note



Expressed in EUR


ING ARIA – Lion Moderate

Key figures

Total Net Assets 292,868,302.13 237,500,885.00 227,157,196.31

31/12/201731/12/201831/12/2019Year ended as at:


1,089.64292,218.93 286,968.58

978.53241,182.141,021.33



117.231,152,972.45 1,066,488.77

107.13885,661.78



100.540.00

14,500.00 0.000.000.00

0.000.000.00


EUR


117.42126,025.17 152,065.82

107.19186,471.16



114.151,069,036.67 914,499.87

104.85889,535.37



104.140.76

18,640.79 1,650.0096.390.00

0.000.000.00


EUR

Class SI - Capitalisation shares

105.7246,779.34 0.00

0.000.000.00



74Page




France 53,839,275.74 18.3852,480,383.41

OST SOUVERAINS EURO 3-5 4 DEC CAP3,317 10,419,863.82 3.56EUR 10,340,107.57R-CO CREDIT HORIZON 12M IC EUR215 22,124,410.46 7.55EUR 22,133,003.44


DBX SP EW DR ETF 1C USD67,152 3,504,766.08 1.20USD 2,907,316.22ISHS MSCI C EU EUR-AC ACCUM SHS EUR ETF84,228 4,731,086.76 1.61EUR 3,987,583.48ISHS MSCI JAPAN UCITS ETF10,294 1,465,762.66 0.50EUR 1,300,288.54RUSSELL INV CO PLC ACADIAN EUROP EQ-B-91,707 1,160,093.55 0.40EUR 1,063,596.65SPDR SP US DI ETF USD42,345 2,240,795.55 0.77USD 1,823,629.73


AMUNDI PRIME EURO CORPORATES UCITS ETFDR376,685 7,792,821.61 2.66EUR 7,979,170.17AXA WORLD EURO AGGREGATE SHORT DURAT IC45,474 6,555,540.92 2.24EUR 6,508,009.69BGF EUR BD -X2- CAP272,942 9,266,374.11 3.16EUR 8,750,644.11BNPP E LC 100E -UCITS ETF- CAP13,564 2,561,154.48 0.87EUR 2,512,657.34BSFS BLACKROCK ESG EURO BOND FUND X2C99,512 10,584,056.97 3.61EUR 10,636,798.13DNCA INVEST - ALPHA BONDS CLASS I - EUR89,284 9,315,942.75 3.18EUR 9,048,317.78ELEVA EURO SEL -I2 (EUR) CAP3,973 5,580,714.18 1.91EUR 4,950,595.42FFG - EUROPEAN EQUITIES-SUSTAINABLE I AC34,380 4,085,358.41 1.39EUR 3,943,175.80JPM EMERGING MARKET OPPORTUNITIES I USD19,682 2,593,857.73 0.89USD 2,381,185.65JPMF JAP EQ -JPMORGAN C (ACC) EUR CAP9,754 1,574,465.13 0.54EUR 1,102,589.15KEMPEN LUX EURO SUSTAINABLE CREDIT FUND19,164 19,612,340.87 6.70EUR 19,222,458.64LIF MSCI EMUU VAL (DR)-C-EUR- CAP10,071 1,129,160.52 0.39EUR 1,171,788.53MFS MERIDIAN EUROPEAN VALUE -I1- CAP15,690 5,590,246.75 1.91EUR 4,175,827.50MORGAN STANLEY INV US ADVANTAGE FD -Z-40,302 3,771,721.47 1.29USD 3,385,659.97MUL LY EUHRMWGB -C-EUR- CAP69,035 10,280,692.20 3.51EUR 9,976,553.83MULTI UNITS LUX - LYXOR ETF SP500272,688 7,975,061.18 2.72USD 6,584,735.50NN L EURO CREDIT-Z-2,485 18,729,197.32 6.40EUR 17,198,503.75NORDEA 1 EMERG MKT BD-BI-BASE59,409 8,351,648.15 2.85USD 7,499,347.55N1 GL FIX IN -BI-BASE CURRENCY- CAP83,423 9,470,219.03 3.23EUR 9,118,758.56OL SH BC USSVTR -UCITS ETF 1C(USD)- CAP6,204 4,319,365.74 1.47USD 3,335,949.26R CAP QI ECONEQ -I USD- CAP21,656 2,685,359.50 0.92USD 2,275,043.66ROBECO K GROWTH FD HIGH YIELD BD -I EUR-33,216 7,956,477.04 2.72EUR 7,203,906.76ROBECO SUSTAINABLE EUROPEAN STARS EQ-Z C26,579 3,207,287.93 1.10EUR 2,938,533.39SCHRODER INT SEL EURO CORP BOND -C- CAP638,483 16,468,641.48 5.62EUR 14,824,461.91UBS ETF MSCI EM -A DIS32,322 4,196,042.04 1.43EUR 3,727,122.56UBS ETF MSCI EM -A DIS2,888 374,111.52 0.13EUR 342,468.35UBS ETF MSCI EM -A DIS (DE)1,285 167,769.60 0.06EUR 156,664.13





Other net assets/(liabilities) (9,063,829.42) (3.10)

Total net assets 292,868,302.13 100.00





75Page







(3,464,439.47)Net loss from investmentsNet realised gain / (loss) on :

7,383,704.73- securities portfolio 3Note474,384.73- forward foreign exchange contracts 3Note(30,922.15)- currency conversion 3Note




84,167,460.52Subscription capitalisation shares3,978,087.02Subscription distribution shares






76Page






Expressed in EUR


ING ARIA – Millésimé Dynamique

Key figures

Total Net Assets 23,357,019.49 20,884,040.07 26,970,964.02

31/12/201731/12/201831/12/2019Year ended as at:


154.37151,302.95 153,302.95

136.23186,057.95



77Page

AB INBEV1,600 116,336.00 0.50EUR 163,228.00


Shares 5,249,684.17 22.474,149,025.27

Belgium 733,145.20 3.14535,547.19

AGEAS NOM800 42,144.00 0.18EUR 15,741.10BEFIMMO SCA576 31,161.60 0.13EUR 31,014.62COFINIMMO SA1,494 195,714.00 0.85EUR 144,419.06GIMV SA1,372 75,185.60 0.32EUR 51,202.42GROUPE BRUXELLES LAMBERT GBL1,400 131,544.00 0.56EUR 79,977.76KBC ANCORA CVA1,000 44,760.00 0.19EUR 14,426.30SOFINA SA500 96,300.00 0.41EUR 35,537.93

ALIBABA GR ADR500 94,476.61 0.40USD 32,754.83Cayman Islands 94,476.61 0.4032,754.83

AXA SA2,579 65,106.86 0.28EUR 37,350.97France 1,349,970.87 5.781,085,426.27

AXA SA2,500 62,775.00 0.27EUR 57,741.67BNP PARIBAS SA1,000 52,830.00 0.23EUR 47,000.00BOUYGUES2,000 75,760.00 0.32EUR 58,997.99CREDIT AGRICOLE SA7,000 90,475.00 0.39EUR 85,683.02DANONE1,344 99,778.56 0.43EUR 60,243.19ENGIE6,000 86,400.00 0.37EUR 108,585.59LVMH300 124,260.00 0.53EUR 41,835.00ORANGE6,000 79,020.00 0.34EUR 76,947.74SANOFI200 17,924.00 0.08EUR 12,817.03SANOFI-AVENTIS1,000 90,310.00 0.39EUR 64,417.73SUEZ ACT.3,000 40,455.00 0.17EUR 36,194.08TOTAL SA3,018 149,466.45 0.64EUR 114,624.63UNIBAIL RODAMCO1,600 225,040.00 0.95EUR 225,707.30VIVENDI SA3,500 90,370.00 0.39EUR 57,280.33


E.ON AG REG SHS6,000 57,144.00 0.24EUR 36,865.75SIEMENS AG REG800 93,232.00 0.40EUR 81,533.01VOLKSWAGEN VORZ.AKT800 140,992.00 0.61EUR 122,071.26

ALLERGAN800 136,245.88 0.58USD 108,850.10Ireland 136,245.88 0.58108,850.10

BREDERODE SA2,000 149,200.00 0.64EUR 30,000.00Luxembourg 149,200.00 0.6430,000.00

TELEFONICA SA10,000 62,270.00 0.27EUR 84,269.00Spain 62,270.00 0.2784,269.00

ALCON --- REGISTERED SHS300 15,124.20 0.06CHF 16,651.04Switzerland 675,832.58 2.89533,376.50

NESTLE SA REG SHS2,000 192,787.49 0.83CHF 115,939.07NOVARTIS AG REG SHS1,500 126,816.93 0.54CHF 107,872.65ROCHE HOLDING AG GENUSSSCHEIN400 115,547.38 0.49CHF 76,653.01SCHINDLER HOLDING SA400 90,597.98 0.39CHF 78,681.42UBS GROUP NAMEN-AKT12,000 134,958.60 0.58CHF 137,579.31

ING GROEP10,000 106,880.00 0.45EUR 89,189.18The Netherlands 425,626.92 1.82376,563.41

KONINKLIJKE AHOLD NV3,000 66,885.00 0.29EUR 34,828.12ROYAL PHILIPS ELECTRONIC2,046 89,041.92 0.38EUR 47,981.26UNILEVER NV2,000 102,460.00 0.44EUR 84,360.15WERELDHAVE NV3,000 60,360.00 0.26EUR 120,204.70

ROYAL DUTCH SHELL PLC4,072 106,543.88 0.46EUR 102,248.64United Kingdom 341,110.52 1.46368,768.04

ROYAL DUTCH SHELL PLC -B-4,010 105,982.12 0.45GBP 125,222.35VODAFONE GROUP74,241 128,584.52 0.55GBP 141,297.05

ALPHABET -C-80 95,288.73 0.41USD 32,262.92United States of America 903,077.59 3.87706,407.91

AMAZON.COM INC50 82,309.13 0.35USD 59,001.10CHEVRON CORP700 75,151.00 0.32USD 58,729.01CISCO SYSTEMS INC2,000 85,452.12 0.37USD 30,266.25CITIGROUP1,400 99,640.09 0.43USD 42,369.90GENERAL ELECTRIC CO8,000 79,536.75 0.34USD 131,440.29





78Page

HALLIBURTON3,000 65,398.66 0.28USD 112,155.66IBM CORP900 107,470.82 0.46USD 125,076.07NIKE INC800 72,203.12 0.31USD 40,047.54PFIZER INC2,500 87,260.58 0.37USD 39,859.63UNITED TECHNOLOGIES CORP400 53,366.59 0.23USD 35,199.54

COCA-COLA AMATI 3.3750 17-22 10/03A160,000 104,434.31 0.45AUD 104,305.61

Bonds 3,823,342.73 16.373,754,495.44

Australia 104,434.31 0.45104,305.61

FRANCE 0.10 15-25 01/03A500,000 554,501.11 2.37EUR 538,375.18France 554,501.11 2.37538,375.18

FRESENIUS FIN REGS 0.875 17-22 31/01A400,000 406,034.00 1.74EUR 402,600.00Ireland 406,034.00 1.74402,600.00

VOLKSWAGEN FIN SERV 1.75 15-20 17/04A250,000 295,590.66 1.27GBP 292,653.82The Netherlands 295,590.66 1.27292,653.82

FORD MOTOR CREDIT CO 1.514 19-23 17/02A400,000 404,522.00 1.73EUR 400,332.00United States of America 2,462,782.65 10.542,416,560.83

GENERAL ELECTRIC CAP 3.45 14-24 15/05S500,000 462,828.50 1.98USD 434,016.30KRAFT FOODS 5.375 12-20 10/02S450,000 402,153.08 1.72USD 411,537.61NVIDIA CORP 2.20 16-21 16/09S500,000 447,788.42 1.92USD 440,937.30TOYOTA MOTOR CREDIT 3.40 11-21 15/09S500,000 457,351.89 1.96USD 455,835.76USA T NOTES INDEX 0.125 16-26 15/07S300,000 288,138.76 1.23USD 273,901.86

BARCLAYS PLC FL.R 17-23 10/01Q600,000 541,715.81 2.32USD 520,715.47

Floating rate bonds 541,715.81 2.32520,715.47

United Kingdom 541,715.81 2.32520,715.47




Germany 255,220.00 1.09353,522.59

ISHARES STOXX EUROPE 600 TELECOM (DE)5,000 111,600.00 0.48EUR 151,126.35

GAM - STAR CREDIT OPPS EUR R ACC50,000 505,080.00 2.17EUR 459,525.00Ireland 1,034,680.44 4.43869,694.90

ISHARES CORE S&P 500 UCITS ETF1,255 358,108.24 1.53USD 283,827.84POLAR K FUNDS PLC GLB TECH -I- USD3,500 171,492.20 0.73USD 126,342.06


BRGF WORLD GOLD FUND -D2- CAP7,100 236,004.00 1.01EUR 175,157.00BRGF WORLD MINING FUND -D2- CAP5,400 216,972.00 0.93EUR 183,330.00ELEVA EURO SEL -R- (EUR)- CAP2,000 285,900.00 1.22EUR 233,800.00FIDELITY GLOBAL HEALTH CARE Y6,000 141,480.00 0.61EUR 112,020.00FRANK-BIOTECH DISC-W ACC USD7,000 105,763.92 0.45USD 85,744.07GAM LOCAL EMERG BD-USD R4,500 433,242.76 1.85USD 390,539.48ING ARIA – EURO SHORT DURATION ENHANCED RETURN BOND FUND CL. ICAP (see note 11)

20,000 2,032,800.00 8.71EUR 1,995,080.00

ING ARIA - ING SUSTAINABLE BONDS Cl. I CAP (see note 11)3,000 1,780,470.00 7.63EUR 1,715,540.00JPMF EU EQ PI JPM -C- PERF CAP1,000 237,060.00 1.01EUR 195,760.00JPMIF GL MO -C (ACC) USD (HEDGED) CAP4,000 414,574.61 1.77USD 390,159.18JPMORGAN FD EME MKTS OPP -JPM C- CAP300 124,735.86 0.53USD 101,469.90LYXOR INVMT FDS LYXOR EURO 6M1,500 1,497,777.45 6.42EUR 1,498,070.85MAINFIRST TOP EUROPEAN IDEAS R2,000 309,640.00 1.33EUR 254,680.00MFS MERIDIAN EU VAL W112,000 237,480.00 1.02EUR 188,520.00MULTIPARTNER SICAV ROBECOSAM SMART MATER600 187,734.00 0.80EUR 172,200.00NN L EM EUR EQ PC -P- CAP2,500 200,675.00 0.86EUR 132,161.76NORDEA 1 - EMERGING MARKET BD FD HBC EUR8,000 828,080.00 3.55EUR 756,960.00NORDEA 1 NORDIC EQUITY BC EUR10,000 173,100.00 0.74EUR 149,200.00PARVEST ENVIRONMENTAL OPP -PRIV- CAP110 213,331.80 0.91EUR 181,969.70PICTET SICAV PREMIUM BRANDS -I-CAP1,800 385,956.00 1.65EUR 292,266.00PICTET VAR WATER -P- CAPITALISATION500 184,170.00 0.79EUR 93,210.64R CAP QI EMER CONS EQ F EUR CAP2,000 299,120.00 1.28EUR 261,080.00SCHRODER INTL JAPANESE EQUITY Z ACC EUR2,200 280,085.74 1.20EUR 247,160.10SELECTED ABS STRAT DIV -B- CAP26,842 35,431.57 0.15EUR 60,666.45TEMPLETON ASIAN SMALLER CIES W CAP USD8,000 100,418.71 0.43USD 93,598.92






79Page



Total net assets 23,357,019.49 100.00





80Page



313,048.75Income233,126.53Net dividends 3Note74,005.23Net interest on bonds and other debt instruments 3Note5,916.99Bank interest 3Note

128,198.85Expenses86,191.75Management fees 5Note5,133.15Depositary fees 6Note6,049.16Subscription tax 9Note1,166.45Professional fees8,810.10Bank interest






2,780,619.42Increase in net assets as a result of operations(307,640.00)Redemption capitalisation shares





81Page


118,728.50Interest receivable730.67Dividends receivable




Expressed in EUR


ING ARIA – Moderate Invest

Key figures

Total Net Assets 21,877,624.27 20,191,612.97 22,755,489.99

31/12/201731/12/201831/12/2019Year ended as at:


142.86153,139.00 153,426.65

131.60166,803.65



82Page


ALIBABA GR ADR650 122,819.60 0.56USD 55,991.55


Shares 4,014,305.82 18.352,559,453.96

Cayman Islands 122,819.60 0.5655,991.55

ACCOR SA1,500 62,625.00 0.29EUR 51,824.55France 1,145,465.98 5.24785,411.62

AIR LIQUIDE SA1,149 145,003.80 0.66EUR 107,731.90CREDIT AGRICOLE SA7,250 93,706.25 0.43EUR 101,448.10ENGIE2,850 41,040.00 0.19EUR 52,442.85ESSILORLUXOTTICA SA460 62,468.00 0.29EUR 35,753.24LVMH600 248,520.00 1.14EUR 90,359.40MICHELIN SA REG SHS750 81,825.00 0.37EUR 69,590.06ORANGE4,625 60,680.00 0.28EUR 61,913.49SANOFI-AVENTIS1,000 90,310.00 0.41EUR 51,328.45SODEXO SA680 71,842.00 0.33EUR 53,533.20TOTAL SA1,777 88,005.93 0.40EUR 72,681.61VINCI1,000 99,440.00 0.45EUR 36,804.77


SIEMENS AG REG600 69,924.00 0.32EUR 42,220.55

NESTLE SA REG SHS1,000 96,393.74 0.44CHF 65,576.11Switzerland 399,885.92 1.83328,746.42

NOVARTIS AG REG SHS1,040 87,926.40 0.40CHF 79,307.98ROCHE HOLDING AG GENUSSSCHEIN315 90,993.56 0.42CHF 76,680.99SCHINDLER HOLDING SA550 124,572.22 0.57CHF 107,181.34

KONINKLIJKE AHOLD NV2,178 48,558.51 0.22EUR 24,237.18The Netherlands 139,491.76 0.64121,198.33

UNILEVER NV1,775 90,933.25 0.42EUR 96,961.15

BP PLC10,700 59,551.78 0.27GBP 63,374.17United Kingdom 307,195.88 1.40258,006.15

RECKITT BENCKISER GROUP PLC660 47,738.71 0.22GBP 52,895.79RIO TINTO PLC2,100 111,598.51 0.51GBP 70,741.10ROYAL DUTCH SHELL PLC3,375 88,306.88 0.40EUR 70,995.09

ALPHABET -C-80 95,288.73 0.44USD 23,672.17United States of America 1,742,162.68 7.96914,878.54

AMAZON.COM INC50 82,309.13 0.38USD 38,076.11BERKSHIRE HATHAWAY -B-1,460 294,601.34 1.34USD 150,086.21CHEVRON CORP750 80,518.93 0.37USD 45,945.55COCA-COLA CO2,250 110,946.55 0.51USD 66,208.63COLGATE-PALMOLIVE CO1,800 110,389.31 0.50USD 111,708.12IBM CORP458 54,690.71 0.25USD 62,399.82JOHNSON AND JOHNSON1,250 162,438.75 0.74USD 62,183.86MICROSOFT CORP1,000 140,489.98 0.64USD 44,657.20NIKE INC1,600 144,406.24 0.66USD 49,022.79ORACLE CORP1,500 70,797.33 0.32USD 25,997.34UNITED TECHNOLOGIES CORP750 100,062.36 0.46USD 45,062.95VISA INC -A-800 133,915.37 0.61USD 54,487.70WALT DISNEY CO886 114,157.84 0.52USD 106,446.143M CO300 47,150.11 0.22USD 28,923.95

ANHEUSER-BU INB REGS 0.80 15-23 20/04A300,000 308,296.50 1.41EUR 286,755.00

Bonds 9,067,316.04 41.448,865,440.42

Belgium 308,296.50 1.41286,755.00

NORDEA BK 0.875 18-23 26/06A400,000 409,638.00 1.87EUR 398,116.00Finland 409,638.00 1.87398,116.00

ACCOR SA 1.25 17-24 25/01A400,000 416,852.00 1.91EUR 403,132.00France 2,565,695.00 11.732,511,661.24

BOLLORE 2.00 17-22 25/01A300,000 308,436.00 1.41EUR 303,900.00GEMALTO NV 2.125 14-21 23/09A400,000 413,160.00 1.89EUR 406,202.00RENAULT SA 1.00 17-23 08/03A400,000 405,824.00 1.85EUR 397,320.00UBISOFT ENTERTAINMT 1.289 18-23 30/01A700,000 713,765.50 3.26EUR 700,732.24VRANKEN-POMMERY 3.40 16-22 19/07A300,000 307,657.50 1.41EUR 300,375.00

ADLER REAL ESTATE 1.50 17-21 06/12A400,000 408,494.00 1.87EUR 400,568.00Germany 623,707.00 2.85599,988.00





83Page


HEIDELBERGCEMENT 2.25 16-24 03/06A200,000 215,213.00 0.98EUR 199,420.00

FCA BANK SPA IR 1.0000 18-22 21/02A400,000 407,644.00 1.86EUR 399,192.00Ireland 407,644.00 1.86399,192.00

HERA SPA 0.8750 19-27 05/07A400,000 408,182.00 1.86EUR 396,407.56Italy 1,110,240.50 5.071,096,717.56

INTESA SANPAOLO 1.125 15-20 14/01A400,000 400,290.00 1.83EUR 399,080.00RADIOTELEVISIONE ITA 1.50 15-20 28/05A300,000 301,768.50 1.38EUR 301,230.00

GLENCORE FINANCE 1.5 19-26 15/10A400,000 406,956.00 1.86EUR 396,452.00Jersey Island 406,956.00 1.86396,452.00

EUROFINS SCIENTIFIC 2.25 15-22 27/01A400,000 409,570.00 1.87EUR 407,000.00Luxembourg 714,784.00 3.27706,448.87

HEIDELBERGCEMEN 1.1250 19-27 01/12A300,000 305,214.00 1.40EUR 299,448.87

BANCO DE SABADELL SA 0.875 17-23 05/03A200,000 202,498.00 0.93EUR 199,188.00Spain 202,498.00 0.93199,188.00

EDP FINANCE 0.3750 19-26 16/09A400,000 395,456.00 1.80EUR 398,960.00The Netherlands 602,582.00 2.75597,460.00

FERRARI NV 1.50 16-23 16/03A200,000 207,126.00 0.95EUR 198,500.00

APPLE 2.3 17-22 11/05S200,000 180,367.04 0.82USD 172,807.80United States of America 1,715,275.04 7.841,673,461.75

EXPEDIA 2.50 15-22 03/06A400,000 418,868.00 1.92EUR 399,655.71FORD MOTOR CREDIT CO 1.514 19-23 17/02A400,000 404,522.00 1.85EUR 400,036.00GENERAL MILLS INC 1.00 15-23 27/04A300,000 309,030.00 1.41EUR 300,918.00JEFFERIES GROUP 1.0000 19-24 19/07A400,000 402,488.00 1.84EUR 400,044.24

OMV AG FL.R 18-XX 19/06A300,000 323,352.00 1.48EUR 298,284.00


Austria 323,352.00 1.48298,284.00

TOTAL SA FL.R 15-XX 26/02A200,000 204,814.00 0.94EUR 203,150.00France 204,814.00 0.94203,150.00

MERCK KGAA FL.R 14-74 12/12A400,000 414,388.00 1.89EUR 398,000.00Germany 414,388.00 1.89398,000.00

ZUERCHER KANTONALB FL.R 15-27 15/06A300,000 315,711.00 1.44EUR 298,948.20Switzerland 315,711.00 1.44298,948.20

REPSOL INTL FINANCE FL.R 15-49 29/12A300,000 313,062.00 1.43EUR 298,410.00The Netherlands 760,526.00 3.48703,742.00

TELEFONICA EURO FL.R 19-XX 14/03A400,000 447,464.00 2.05EUR 405,332.00

CREDIT SUISSE NASS 2.45 16-23 20/06A200,000 211,980.00 0.97EUR 200,000.00

Other transferable securities and money market instruments 211,980.00 0.97200,000.00

Bonds 211,980.00 0.97200,000.00

Bahamas 211,980.00 0.97200,000.00

SSGA SPDR ETF S&P 500 USD1,400 402,002.67 1.84USD 325,282.62



Ireland 402,002.67 1.84325,282.62

ELEVA EURO SEL -R- (EUR)- CAP1,040 148,668.00 0.68EUR 128,648.00Luxembourg 2,882,431.08 13.172,783,841.69

ING ARIA – EURO SHORT DURATION ENHANCED RETURN BOND FUND CL. ICAP (see note 11)

11,500 1,168,860.00 5.34EUR 1,154,000.00

JPMF JAP EQ -JPMORGAN C (ACC) EUR CAP2,300 371,243.00 1.70EUR 327,957.00MULTIUNIT LUX LYXOR EURO STOXX BANKS ACC2,800 253,708.00 1.16EUR 305,748.58R CAP QI EMER CONS EQ F EUR CAP1,000 149,560.00 0.68EUR 133,550.00THREADNEEDLE-EUROPEAN HIGH BOND 3E EUR73,799 790,392.08 3.61EUR 733,938.11




Total net assets 21,877,624.27 100.00





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209,594.48Net interest on bonds and other debt instruments 3Note8,627.60Bank interest 3Note



4,578.15Depositary fees 6Note1,781.37Subscription tax 9Note1,098.75Professional fees9,742.70Bank interest






1,726,489.83Increase in net assets as a result of operations(40,478.53)Redemption capitalisation shares





85Page



14,221.35Liabilities4.57Bank overdrafts




Expressed in EUR


ING ARIA – Navido Patrimonial Dynamic

Key figures

Total Net Assets 50,051,419.60 42,922,672.13 47,193,556.29

31/12/201731/12/201831/12/2019Year ended as at:


154.57323,815.45 325,142.70

132.01326,433.44



86Page


AB INBEV5,000 363,550.00 0.73EUR 360,175.02


Shares 25,267,399.88 50.4820,579,087.91

Belgium 3,581,842.10 7.162,766,444.52

AGEAS NOM2,000 105,360.00 0.21EUR 45,155.96BARCO NV1,500 328,500.00 0.66EUR 83,277.28BEKAERT SA12,000 318,000.00 0.64EUR 342,018.42COLRUYT3,100 144,088.00 0.29EUR 99,999.91FINANCIERE DE TUBIZE8,600 546,100.00 1.09EUR 308,695.44GROUPE BRUXELLES LAMBERT GBL2,835 266,376.60 0.53EUR 166,328.50ION BEAM APPLICATIONS5,500 71,720.00 0.14EUR 48,768.82KBC ANCORA CVA3,000 134,280.00 0.27EUR 97,292.46KBC GROUPE SA8,000 536,480.00 1.07EUR 578,584.00ORANGE BELGIUM3,000 62,100.00 0.12EUR 71,428.08SOFINA SA350 67,410.00 0.13EUR 20,741.00SOLVAY6,175 637,877.50 1.28EUR 543,979.63

ORACLE ENERGY CORP100 0.69 0.00CAD 10.16Canada 0.69 0.0010.16

ALIBABA GR ADR1,500 283,429.84 0.57USD 199,182.93Cayman Islands 283,429.84 0.57199,182.93

NOKIA OYJ86,941 286,557.54 0.57EUR 356,493.08Finland 286,557.54 0.57356,493.08

ACCOR SA8,495 354,666.25 0.71EUR 282,960.29France 6,814,241.77 13.606,038,971.35

AXA SA6,600 165,726.00 0.33EUR 130,066.92BOLLORE INVESTISSEMENT37,561 146,112.29 0.29EUR 86,951.97BOLLORE NV W/I 01.2020219 830.89 0.00EUR 753.36BOUYGUES8,500 321,980.00 0.64EUR 204,310.30CARREFOUR SA23,449 350,562.55 0.70EUR 486,764.08CIE DE SAINT-GOBAIN14,200 518,300.00 1.04EUR 518,549.18CREDIT AGRICOLE SA15,002 193,900.85 0.39EUR 129,539.49DANONE3,834 283,332.60 0.57EUR 204,838.32ENGIE23,000 331,200.00 0.66EUR 350,403.94KLEPIERRE SA4,000 135,400.00 0.27EUR 152,467.23LVMH1,300 538,460.00 1.07EUR 205,636.34ORANGE24,000 314,880.00 0.63EUR 335,578.62ORANGE14,000 184,380.00 0.37EUR 132,964.43RENAULT SA7,700 324,786.00 0.65EUR 526,597.22RENAULT SA1,200 51,444.00 0.10EUR 41,927.00SANOFI3,700 331,594.00 0.66EUR 267,106.86SUEZ ACT.29,300 395,110.50 0.79EUR 385,499.07T.F.1 SA40,000 296,000.00 0.59EUR 351,666.50TOTAL SA11,483 564,963.60 1.12EUR 477,892.51UNIBAIL RODAMCO2,500 351,625.00 0.70EUR 397,202.81VINCI SA5,005 495,495.00 0.99EUR 277,366.50VIVENDI SA6,332 163,492.24 0.33EUR 91,928.41

ALLIANZ SE REG SHS2,200 480,480.00 0.96EUR 247,694.46Germany 3,089,012.35 6.172,505,297.62

BAYER AG REG SHS1,752 127,563.12 0.25EUR 140,374.40BMW AG6,000 438,840.00 0.88EUR 414,927.51DAIMLER NAMEN-AKT4,300 212,291.00 0.42EUR 244,789.03DEUTSCHE POST AG REG SHS9,000 306,090.00 0.61EUR 196,935.00DEUTSCHE TELEKOM AG REG SHS11,000 160,270.00 0.32EUR 114,147.26E.ON AG REG SHS35,718 340,178.23 0.68EUR 310,240.72SIEMENS AG REG5,000 582,700.00 1.17EUR 473,184.94VOLKSWAGEN VORZ.AKT2,500 440,600.00 0.88EUR 363,004.30

ALLERGAN2,500 425,768.37 0.85USD 308,615.62Ireland 425,768.37 0.85308,615.62

TELECOM ITALIA SPA180,000 100,152.00 0.20EUR 138,289.29Italy 100,152.00 0.20138,289.29

ARCELORMITTAL - REGISTERED18,467 288,860.81 0.58EUR 297,941.82Luxembourg 288,860.81 0.58297,941.82

REPSOL SA17,369 241,950.17 0.49EUR 247,502.39Spain 389,405.53 0.78439,649.02





87Page


TELEFONICA SA23,680 147,455.36 0.29EUR 192,146.63

INVESTOR -B- FREE2,500 121,624.52 0.24SEK 90,518.68Sweden 121,624.52 0.2490,518.68

CIE FINANCIERE RICHEMONT NAMEN AKT3,000 209,917.20 0.42CHF 186,638.53Switzerland 2,410,901.39 4.821,520,054.66

NESTLE SA REG SHS8,919 859,735.80 1.72CHF 478,527.20NOVARTIS AG REG SHS6,730 568,985.28 1.14CHF 273,281.60ROCHE HOLDING AG GENUSSSCHEIN1,500 433,302.67 0.87CHF 282,642.61SCHINDLER HOLDING SA1,000 226,494.94 0.45CHF 196,978.46UBS GROUP NAMEN-AKT10,000 112,465.50 0.22CHF 101,986.26

ABN AMRO GROUP DEP RECEIPT14,700 238,434.00 0.48EUR 276,940.00The Netherlands 2,710,367.34 5.422,076,948.19

AEGON NV61,673 250,824.09 0.50EUR 274,489.34AIRBUS GROUP5,000 652,400.00 1.31EUR 234,143.75ING GROEP36,500 390,112.00 0.78EUR 350,384.96KONINKLIJKE AHOLD NV17,000 379,015.00 0.76EUR 250,080.78NN GROUP NV5,639 190,710.98 0.38EUR 190,103.00ROYAL PHILIPS ELECTRONIC7,491 326,008.32 0.65EUR 148,528.86UNILEVER NV3,165 162,142.95 0.32EUR 83,602.94WERELDHAVE NV6,000 120,720.00 0.24EUR 268,674.56

BP PLC35,308 196,509.74 0.39GBP 192,842.74United Kingdom 2,013,148.94 4.021,880,140.79

GLAXOSMITHKLINE PLC33,563 704,650.70 1.41GBP 580,516.81ROYAL DUTCH SHELL PLC21,925 573,667.63 1.15EUR 502,187.55UNILEVER PLC2,172 111,515.74 0.22GBP 81,895.97VODAFONE GROUP246,425 426,805.13 0.85GBP 522,697.72

ALPHABET -C-301 358,523.85 0.72USD 106,972.10United States of America 2,752,086.69 5.501,960,530.18

CATERPILLAR - REGISTERED600 78,938.08 0.16USD 48,624.40GENERAL ELECTRIC CO20,000 198,841.87 0.40USD 331,255.86HALLIBURTON7,000 152,596.88 0.30USD 278,356.83IBM CORP3,100 370,177.28 0.74USD 413,982.75JOHNSON AND JOHNSON1,352 175,693.76 0.35USD 92,862.17MICROSOFT CORP3,000 421,469.93 0.84USD 86,245.77NIKE INC5,000 451,269.49 0.91USD 264,411.03ORACLE CORP4,500 212,391.98 0.42USD 135,009.30PFIZER INC9,517 332,183.57 0.66USD 202,809.97

UBS AG AUSTRALI 3.2500 18-23 08/03S450,000 295,020.04 0.59AUD 288,433.42

Bonds 2,583,256.91 5.162,499,982.24

Australia 295,020.04 0.59288,433.42

TOTAL CAPITAL CANADA 2.125 14-20 31/01A400,000 274,873.59 0.55CAD 293,118.09Canada 274,873.59 0.55293,118.09

NYKREDIT 3.50 12-44 01/10Q232,284 34,626.31 0.07DKK 31,401.81Denmark 34,626.31 0.0731,401.81

COOPERATIEVE RABOBANK 1.25 16-21 16/09A2,000,000 201,399.06 0.40NOK 219,609.15The Netherlands 201,399.06 0.40219,609.15

AT&T INC 2.45 15-20 30/06S200,000 178,543.43 0.36USD 180,269.06United States of America 1,777,337.91 3.551,667,419.77

BIRD 1.125 15-20 11/03S300,000 205,841.93 0.41CAD 220,850.13GENERAL ELECTRIC CAP 3.45 14-24 15/05S800,000 740,525.61 1.47USD 678,633.34UNITED STATES 1.750 13-23 15/05S300,000 268,241.93 0.54USD 214,692.80USA T NOTES INDEX 0.125 16-26 15/07S400,000 384,185.01 0.77USD 372,974.44

SOLVAY FINANCE SUB FL.R 15-XX 03/06A300,000 355,563.00 0.71EUR 306,375.00


France 355,563.00 0.71306,375.00

ENBW ENERGIE FL.R 14-76 02/04A300,000 312,447.00 0.62EUR 311,625.00Germany 312,447.00 0.62311,625.00

ING GROUP NV FL.R 18-23 20/09Q800,000 811,864.00 1.63EUR 809,984.00The Netherlands 1,130,014.00 2.271,115,159.00

VW INTL FINANCE SUB FL.R 15-XX 20/03A300,000 318,150.00 0.64EUR 305,175.00

BARCLAYS PLC FL.R 17-23 10/01Q700,000 632,001.78 1.26USD 609,801.01United Kingdom 632,001.78 1.26609,801.01





88Page


REPSOL SA 07.01.2020 RIGHT17,369 7,347.09 0.01EUR 0.00

Warrants, Rights 7,347.09 0.010.00

Spain 7,347.09 0.010.00




Germany 287,240.00 0.57389,564.25

DBX SP EW DR ETF 1C USD21,250 1,109,070.16 2.22USD 712,363.41Ireland 4,531,493.86 9.052,981,671.86

GAM - STAR CREDIT OPPS EUR R ACC50,000 505,080.00 1.01EUR 460,825.00GAM STAR FD PLC CHN EQ -INS- USD CAP40,000 623,632.96 1.25USD 505,607.34SPDR SP 400 US MID CAP ETF4,500 241,376.39 0.48USD 194,511.70SSGA SPDR EUROP ACC ETF7,809 1,733,090.42 3.45EUR 897,254.10VANGUARD INV EMERGING MKT STK INV USD1,773 319,243.93 0.64USD 211,110.31


BRGF WORLD GOLD FUND -D2- CAP23,000 764,520.00 1.53EUR 569,480.00BRGF WORLD MINING FUND -D2- CAP13,000 522,340.00 1.04EUR 451,100.00ECP FLAG EU VAL -I-EUR-MH- CAP15,200 1,341,704.00 2.69EUR 1,498,653.35ECP FLAGSHIP EUROP VALUE HDG I EUR CAP4,384 436,202.09 0.87EUR 438,350.00ELEVA EURO SEL -R- (EUR)- CAP6,000 857,700.00 1.71EUR 726,480.00GAM LOCAL EMERG BD-USD R3,000 288,828.51 0.58USD 265,994.03GOLDMAN SACHS BRICS PORTFOLIO -BASE- CAP10,000 194,209.35 0.39USD 118,546.24ING ARIA – EURO SHORT DURATION ENHANCED RETURN BOND FUND CL. ICAP (see note 11)

10,000 1,016,400.00 2.03EUR 995,800.00

JPMF EU EQ PI JPM -C- PERF CAP5,000 1,185,300.00 2.37EUR 1,035,665.00JPMORGAN FD EME MKTS OPP -JPM C- CAP2,000 831,572.38 1.66USD 712,667.99LYXOR INVMT FDS LYXOR EURO 6M1,500 1,497,777.45 3.00EUR 1,497,852.00MAINFIRST TOP EUROPEAN IDEAS R3,000 464,460.00 0.93EUR 395,430.00NORDEA 1 - EMERGING MARKET BD FD HBC EUR5,000 517,550.00 1.03EUR 484,250.00NORDEA 1 NORDIC EQUITY BC EUR20,000 346,200.00 0.69EUR 303,000.00R CAP QI EMER CONS EQ F EUR CAP2,600 388,856.00 0.78EUR 354,614.00ROBECO SUSTAINABLE EUROPEAN STARS EQ-F C2,500 428,475.00 0.86EUR 364,750.00SCHRODER INTL JAPANESE EQUITY Z ACC EUR3,000 381,935.10 0.76EUR 342,074.10TEMPLETON ASIAN SMALLER CIES W CAP USD40,000 502,093.54 1.00USD 477,033.51




Total net assets 50,051,419.60 100.00





89Page



942,269.16Income806,271.34Net dividends 3Note127,818.19Net interest on bonds and other debt instruments 3Note


164,778.00Expenses53,083.80Management fees 5Note11,102.02Depositary fees 6Note18,490.53Subscription tax 9Note2,443.38Professional fees







7,327,571.59Increase in net assets as a result of operations280,021.36Subscription capitalisation shares

(478,845.48)Redemption capitalisation shares




90Page

Notes to the financial statements - Schedule of derivativeinstruments

ING ARIA

91Page

CZK 262,000,000.00 EUR 10,245,981.78 06/01/2020 60,879.91 * CACEIS Bank, Luxembourg Branch60,879.91


Currencypurchased

Maturitydate

Unrealised(in EUR) Counterparty

Quantitypurchased

Currencysale

Quantitysale

CZK 658,000,000.00 EUR 25,732,274.84 06/01/2020 152,896.89 * CACEIS Bank, Luxembourg Branch


Currencypurchased

Maturitydate


Quantitypurchased

Currencysale

Quantitysale

CZK 23,000,000.00 EUR 902,668.76 05/02/2020 538.31 * CACEIS Bank, Luxembourg Branch153,435.20



Currencypurchased

Maturitydate


Quantitypurchased

Currencysale

Quantitysale




Currencypurchased

Maturitydate


Quantitypurchased

Currencysale

Quantitysale


The contracts that are followed by * relate specifically to foreign exchange risk hedging of shares.

ING ARIA

As at 31/12/2019, the following forward foreign exchange contracts were outstanding:

FORWARD FOREIGN EXCHANGE CONTRACTS

ING ARIA

Other notes to the financial statements

1- GENERAL INFORMATION ING ARIA (the “Company”) is a “SICAV” incorporated on 31 March 2010 for an unlimited period as a société anonyme (public limited company). It qualifies as an undertakings for collective investment in transferable securities under the form of a société d’investissement à capital variable (SICAV) with multiple compartments, which aims to offer a choice between several sub-funds (the “sub-funds”).

The Company was registered under part II of the amended Luxembourg law of 17 December 2010 on undertakings for collective investment and the amended Luxembourg law of 12 July 2013 on Alternative Investment Fund Managers (the “AIFM Law”) until 16 March 2016. Following the decision of the Board of Directors of the Company of 30 June 2015 and the Extraordinary General Meeting of shareholders of 4 March 2016, the Company is now registered under part I of the amended law of 17 December 2010. The articles of incorporation of the Company (the “Articles”) were published in the Mémorial C, Recueil des Sociétés et Associations (the “Mémorial”) on 22 April 2010, last amended on 4 April 2016 and published on 13 April 2016. The Articles are filed with the Registre de Commerce et des Sociétés (the “RCS”) of Luxembourg where they are available for consultation and where copies thereof may be obtained upon request. Copies may also be obtained at the registered office of the Company. The Company is registered with the Registre de Commerce et des Sociétés of Luxembourg under n° B 152.325. As at 31 December 2019, seventeen sub-funds are active:

ING ARIA – Corporate+ ING ARIA – Euro Short Duration Enhanced Return Bond Fund ING ARIA – Flexible Strategic Allocation ING ARIA – ING Global Index Portfolio Aggressive (launched on 3 April 2019) ING ARIA – ING Global Index Portfolio Balanced ING ARIA – ING Global Index Portfolio Defensive ING ARIA – ING Global Index Portfolio Dynamic ING ARIA – ING Global Index Portfolio Very Defensive (launched on 3 April 2019) ING ARIA – ING Sustainable Bonds ING ARIA – Lion Aggressive ING ARIA – Lion Balanced ING ARIA – Lion Conservative ING ARIA – Lion Dynamic ING ARIA – Lion Moderate ING ARIA – Millésimé Dynamique ING ARIA – Moderate Invest ING ARIA – Navido Patrimonial Dynamic The net asset value (NAV) per share of the following sub-funds is calculated every business day:

ING ARIA – Corporate+, ING ARIA – Euro Short Duration Enhanced Return Bond Fund, ING ARIA – ING Global Index Portfolio Aggressive (launched on 3 April 2019) ING ARIA – ING Global Index Portfolio Balanced, ING ARIA – ING Global Index Portfolio Defensive, ING ARIA – ING Global Index Portfolio Dynamic, ING ARIA – ING Global Index Portfolio Very Defensive (launched on 3 April 2019) ING ARIA – ING Sustainable Bonds, ING ARIA – Lion Aggressive, ING ARIA – Lion Balanced, ING ARIA – Lion Conservative, ING ARIA – Lion Dynamic, ING ARIA – Lion Moderate. The net asset value of the remaining sub-funds is calculated on the 15th business working day and the last business working day of each month.

ING ARIA

Other notes to the financial statements (continued)

1- GENERAL INFORMATION (continued)

Classes of shares

Each sub-fund is denominated in Euro (EUR) and the available classes of shares are detailed as follows:

ING ARIA – Corporate+: Class R shares are available in registered capitalisation and distribution form. Class I shares (reserved to institutional investors) are available in registered capitalization and distribution form.

Class Z shares are available in registered capitalisation form to institutional investors who are clients of certain distributors.

ING ARIA – Euro Short Duration Enhanced Return Bond Fund: Class R shares are available in registered capitalisation and distribution form. Class I shares (reserved to institutional investors) are available in registered capitalization and distribution form. ING ARIA – ING Global Index Portfolio Aggressive (launched on 3 April 2019) ING ARIA – ING Global Index Portfolio Balanced ING ARIA – ING Global Index Portfolio Defensive ING ARIA – ING Global Index Portfolio Dynamic ING ARIA – ING Global Index Portfolio Very Defensive (launched on 3 April 2019): Class A shares are available in registered capitalisation and distribution form to retail investors. Class B shares are available in registered capitalisation form to retail investors who are clients of certain distributors. Class C Hedged shares are available in registered capitalisation and distribution form to retail investors. Class R shares are available in registered capitalization form to retail investors who are clients of certain distributors. Class J shares (reserved to institutional investors) are available in registered capitalisation form. ING ARIA – ING Sustainable Bonds: Class R shares are available in registered capitalisation and distribution form. Class I shares (reserved to institutional investors) are available in registered capitalisation and distribution form. Class PB shares are available in registered capitalisation and distribution form to retail investors. Class S shares are available in registered capitalisation and distribution form to retail investors. Class T shares are available in registered capitalisation and distribution form to retail investors. ING ARIA – Lion Aggressive ING ARIA – Lion Balanced ING ARIA – Lion Conservative ING ARIA – Lion Dynamic ING ARIA – Lion Moderate: Class R shares are available in registered capitalisation and distribution form to retail investors. Class C Hedged shares (CZK hedged, denominated in CZK) are available to retail investors in registered capitalisation form. Class I shares are available in registered capitalisation and distribution form (reserved to institutional investors). Class J, Class K, Class L and Class SI shares are available in registered capitalisation form (reserved to institutional investors). ING ARIA – Moderate Invest: Class I shares (reserved to institutional investors) are available in registered capitalisation form.

The remaining sub-funds propose capitalisation shares only.

The Company has appointed ING Solutions Investment Management S.A., a "société anonyme" as its Management Company (the “Management Company”), pursuant to a management company agreement dated 17 March 2016.

2- CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO

Any changes in the composition of the securities portfolio of each sub-fund during the year are available upon request at the registered office of the Company.

ING ARIA


3- PRINCIPAL ACCOUNTING METHODS

The financial statements are prepared and presented in accordance with the Luxembourg generally accepted accounting principles regulations relating to undertakings for collective investment in transferable securities.

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 the sub-fund are converted into that currency at the exchange rate prevailing at the closing date.

Income and expenses expressed in currencies other than the accounting currency of the sub-fund are converted into that currency at the exchange rate prevailing on the transaction date.

The various items in the combined statements correspond to the sum of the corresponding items in the financial statements of each sub-fund.

The transaction and acquisition costs denominated in foreign currencies are converted into the accounting currency of each sub-fund based on the exchange rate in force on the date of the transaction or acquisition. Securities valuation

Units or shares of investment funds, except exchange traded funds, are valued at their last determined and available net asset value per unit/share.

Securities, exchange traded funds or money market instruments listed on an official stock exchange or on any other regulated market are valued at the last closing price. If these securities, exchange traded funds or money market instruments are traded on several markets, the valuation is made on the basis of the last closing price on the main market on which the securities, exchange traded funds or money market instruments are listed.

Securities, exchange traded funds or money market instruments not listed or not traded on a stock exchange or on any other regulated market and securities, exchange traded funds or money market instruments listed or traded on such a market but whose last closing price is not representative, are valued with prudence and in good faith on the basis of their probable realisation value as determined by or under the direction of the Board of Directors of the Company and the Management Company.

Money market instruments and short term transferable securities may also be valued using the straight-line amortisation method.

Net realised gains or losses on sales of securities portfolio

Net realised gain or loss on sales of securities portfolio is determined on the basis of the average cost of investments sold and are presented in the statement of operation and changes in net assets.

Financial futures

Open financial futures listed on an official stock exchange or on any other regulated market are valued at their last closing price on the valuation date at the closing date. The net realised gain or loss on financial futures is disclosed in the statement of operations and changes in net assets.

Forward foreign exchange contracts

Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contract. The net unrealised appreciation/depreciation on forward foreign exchange contracts is disclosed in the financial statements in the statement of net assets and the change in net unrealised gain or loss in the statement of operations and changes in net assets. The net realised gain or loss on forward foreign exchange contracts is disclosed in the statement of operations and changes in net assets.

Income

Dividends are accounted net for on the ex-date. Interest is accrued net on a NAV calculation basis. 4- OTHER LIABILITIES

Other liabilities account includes mainly accruals and payables on expenses.

ING ARIA


5- MANAGEMENT FEES

The Management Company is entitled to receive out of the assets of each sub-fund a management fee at an annual rate expressed as a percentage of the net asset value (subject to a yearly minimum fee) of any class of shares of any sub-fund and as determined in the relevant sub-fund’s Appendix of the Prospectus. The management fee is payable monthly in arrears.

The Investment Manager, the Investment Advisor, the Distributors, the Administration Agent, the Registrar, Transfer Agent and Paying Agent are remunerated by the Management Company out of the management fees that it receives from the Company for all sub-funds except for the sub-funds ING ARIA – ING Global Index Portfolio Very Defensive, ING ARIA – ING Global Index Portfolio Defensive, ING ARIA – ING Global Index Portfolio Balanced, ING ARIA – ING Global Index Portfolio Dynamic, ING ARIA – ING Global Index Portfolio Aggressive. For the just above mentioned sub-funds, the Investment Manager and the Global Distributor shall be remunerated by the Management Company out of the Management Fees that it receives from the Company while the Administration, Transfer and Registrar and Paying Agent shall be paid directly by the Company.

ING ARIA – Corporate+ is subject to a maximum management fee of 2% p.a. for Class R and I shares, and a maximum of 0.30% p.a. for Class Z shares.

The following sub-funds are subject to a maximum management fee of 2% p.a.: ING ARIA – ING Sustainable Bonds ING ARIA – Millésimé Dynamique ING ARIA – Moderate Invest

The following sub-funds are subject to a maximum management fee of 1.50% p.a.: ING ARIA – Flexible Strategic Allocation ING ARIA – Navido Patrimonial Dynamic

ING ARIA – ING Global Index Portfolio Aggressive (launched on 3 April 2019), ING ARIA – ING Global Index Portfolio Balanced, ING ARIA – ING Global Index Portfolio Defensive, ING ARIA – ING Global Index Portfolio Dynamic and ING ARIA – ING Global Index Portfolio Very Defensive (launched on 3 April 2019) are subject to a maximum management fee of 1.30% p.a. for Class A shares and Class J shares, 0.60% p.a. for Class B shares, and 1.50% p.a. for Class R shares and Class C Hedged shares.

ING ARIA – Euro Short Duration Enhanced Return Bond Fund is subject to a maximum management fee of 1.00% p.a..

ING ARIA – Lion Aggressive is subject to a maximum management fee of 1.80% p.a. for Class I shares, 1.40% p.a. for Class SI shares, 1.60% p.a. for Class J shares, 1.00% p.a. for Class K shares, 0.80% p.a. for Class L shares and 2.50% p.a. for Class R shares and Class C Hedged shares.

ING ARIA – Lion Balanced is subject to a maximum management fee of 1.80% p.a. for Class I shares, 1.40% p.a. for Class SI shares, 1.60% p.a. for Class J shares, 0.80% p.a. for Class K and Class L shares and 2.00% p.a. for Class R shares and Class C Hedged shares.

ING ARIA – Lion Dynamic is subject to a maximum management fee of 1.80% p.a. for Class I shares and Class J shares, 1.60% p.a. for Class SI shares, 0.90% p.a. for Class K shares, 0.80% p.a. for Class L shares and 2.00% p.a. for Class R shares and Class C Hedged shares.

ING ARIA – Lion Conservative is subject to a maximum management fee of 2.00% p.a. for Class C Hedged shares, 1.60% p.a. for Class I shares, 1.20% p.a. for Class SI shares, 1.40% p.a. for Class J shares, 0.70% p.a. for Class K shares, 0.80% p.a. for Class L shares, and 1.80% p.a. for Class R shares.

ING ARIA – Lion Moderate is subject to a maximum management fee of 1.80% p.a. for Class I shares, 1.40% p.a. for Class SI shares, 1.60% p.a. for Class J shares, 0.80% p.a. for Class K and Class L shares and 2.00% p.a. for Class R shares and Class C Hedged shares.

The maximum level of the management fees that may be charged both to a sub-fund and to the other UCITS and/or other UCIs in which it intends to invest will not exceed 5% p.a. of the related invested net assets of the Company. Concerning the securities portfolio, the maximum proportion of management fee charged to the UCITS and/or other UCIs in portfolio may be obtained free of charge at the registered office of the Company.

ING ARIA


6- DEPOSITARY FEES

The Company has appointed CACEIS Bank, Luxembourg Branch as Depositary Agent. The Depositary Agent is remunerated in accordance with the agreement between the Company and CACEIS Bank, Luxembourg Branch. 7- ADMINISTRATION FEES

The Administration Agent is remunerated in accordance with the agreement between CACEIS Bank, Luxembourg Branch and the Management Company. The Administration Agent is remunerated by the Management Company out of the management fees that it receives from the Company for all sub-funds except for the sub-funds ING ARIA – ING Global Index Portfolio Very Defensive (launched on 3 April 2019), ING ARIA – ING Global Index Portfolio Defensive, ING ARIA – ING Global Index Portfolio Balanced, ING ARIA – ING Global Index Portfolio Dynamic, and ING ARIA – ING Global Index Portfolio Aggressive (launched on 3 April 2019). For the just above mentioned sub-funds, the Administration Agent shall be paid directly by the Company.

8- OTHER EXPENSES

This account includes mainly general ongoing expenses (for example correspondent and consultant fees, translation, publishing and printing fees, KIID fees, distribution expenses and other charges). 9- SUBSCRIPTION TAX

The Company is liable in Luxembourg to a subscription tax (“taxe d’abonnement”) of 0.01% per annum for all classes of shares restricted to institutional investors and 0.05% per annum for all the other classes of shares. Such tax is payable quarterly and calculated on the net asset value of the Company at the end of the relevant calendar quarter. No subscription tax is paid on the assets held by the Company in other undertakings for collective investment already subject to that tax in Luxembourg. 10- CASH AT BANK

In accordance with the investment strategies of the sub-funds, each sub-fund maintains appropriate cash levels in various currencies in its portfolio.

11- CROSS INVESTMENTS

As at 31 December 2019: - the sub-fund ING ARIA - Flexible Strategic Allocation held 6,700 shares of the sub-fund ING ARIA – Euro

Short Duration Enhanced Return Bond Fund Cl. I Cap for an amount of EUR 680,988.00; - the sub-fund ING ARIA - Millésimé Dynamique held 3,000 shares of the sub-fund ING ARIA – ING

Sustainable Bonds Cl. R Cap for an amount of EUR 1,780,470.00 and 20,000 shares of the sub-fund ING ARIA – Euro Short Duration Enhanced Return Bond Fund Cl. I Cap for an amount of EUR 2,032,800.00;

- the sub-fund ING ARIA - Moderate Invest held 11,500 shares of the sub-fund ING ARIA – Euro Short Duration Enhanced Return Bond Fund Cl. I Cap for an amount of EUR 1,168,860.00.

- the sub-fund ING ARIA - Navido Patrimonial Dynamic held 10,000 shares of the sub-fund ING ARIA – Euro Short Duration Enhanced Return Bond Fund Cl. I Cap for an amount of EUR 1,016,400.00.

The total combined net asset value of the Company at the end of the year without cross investments would amount to EUR 1,238,979,815.02.

ING ARIA


12- DIVIDEND DISTRIBUTIONS

Following the Circular Resolution of the Board of Directors of the Company dated 8 April 2019, it has been decided to pay dividends with an ex-dividend date on 24 April 2019 and a payment date on 29 April 2019. The amounts of unitary dividends are as follows:

ING ARIA Share Class Currency Unitary

dividend ING ARIA – Euro Short Duration Enhanced Return Bond Fund Class R EUR 1.852 ING ARIA – Corporate+ Class R EUR 4.004 ING ARIA – ING Sustainable Bonds Class R EUR 3.869 ING ARIA – Lion Moderate Class R EUR 0.763 ING ARIA – Lion Balanced Class I EUR 0.995 ING ARIA – Lion Balanced Class R EUR 1.397 ING ARIA – Lion Agressive Class I EUR 1.374 ING ARIA – Lion Agressive Class R EUR 1.608

13- TRANSACTION FEES

The transaction fees presented in the statement of operations and changes in net assets mainly include fees linked to transactions on securities and derivative instruments as accounted for by CACEIS Bank, Luxembourg Branch. 14- EXCHANGE RATES AS AT 31 DECEMBER 2019

As at 31 December 2019, the exchange rates used were as follows : 1 EUR = 1.59685 AUD 1 EUR = 330.71 HUF

1.4556 CAD 135.8113 ISK 1.087 CHF 121.9877 JPY 25.414 CZK 9.86375 NOK 7.4725 DKK 1.1225 USD 0.84735 GBP 10.50775 SEK 8.7463 HKD 6.68 TRY

15- SUBSEQUENT EVENT

What’s the economic impact of COVID-19? Over the past few weeks, the economic outlook has rapidly darkened. This is primarily attributed to the spread of the coronavirus pandemic. But the resulting shock increasingly outweighs the direct impact of the virus. A triple threat to the global economy:

1. The threat of the pandemic: In addition to creating a supply shock, there is also a demand shock. The inability to produce/sell and the reaction of lower consumption have (short-term) consequences on the value-added created by companies, and thus on GDP, but this can also have a financial impact, for example a lack of liquidity for companies. No one knows how long these economic disruptions will last.

2. The financial threat: the uncertainty created by the pandemic and its economic consequences initially sparked a correction in the stock markets. This is normal, since earnings expectations have at best become uncertain, and in an increasing number of cases already need to be revised. This in turn raises fears that corrections in financial markets will affect the economy.

3. The threat of oil: the correction in the price of oil (including a 30% drop in 24 hours) is partly a panic movement from fears of a price war launched by Saudi Arabia. The dizzying drop in the oil price can have serious financial consequences for companies active in this sector or on financial operators. In turn, this could further exacerbate financial problems. For the global economy as a whole, a shock is expected in the first half of the year. However, this can change based on how each of the above-mentioned threats develop.

ING ARIA


15- SUBSEQUENT EVENT (continued)

What’s the impact of COVID-19 on ING funds? Given the sharp increase in economic and financial uncertainty, volatility (as measured by the VSTOXX index) has risen to levels not seen since the 2009 crisis. In view of the price contraction (global equities have lost more than 35% in euro since the beginning of the year) the stock market has already priced in the fact that companies are unlikely to be able to escape a recession. Nevertheless, the performance of the funds is in line with internal benchmarks. The diversification displayed by our strategies combined with a solid strategic allocation allows to deliver consistent performance without dislocations within asset classes. Despite a massive sell-off, no liquidity problem has been detected in the underlyings used so far and the funds continue to be managed normally on a day-to-day basis. None of the funds invested have closed or limited their liquidity. Loan-to-funds ratios are being closely monitored during this period of high volatility.

ING ARIA

Unaudited information

1 - GLOBAL EXPOSURE CALCULATION METHOD All the sub-funds of the Company use the commitment approach in order to monitor and measure the global exposure, in accordance with the methodology described in the ESMA's guidelines 10-788. 2 - REMUNERATION

Art 151 3) a) of the amended 2010 Law The total amount of remuneration for the financial year, split into fixed and variable remuneration, paid by the Management Company and the Investment Company to its staff, and number of beneficiaries, and where relevant, any amount paid directly by the UCITS itself, including any performance fees

For the calendar year 2019 : Fixed remuneration: EUR 1,006,101.42 Variable remuneration: EUR 73,234.67 Number of beneficiaries: 11

Art 151 3) b) of the amended 2010 Law The aggregate amount of remuneration broken down by categories of employees or other members of staff of the Management Company whose actions have a material impact on the risk profile of the UCITS

For the calendar year 2019 : Fixed remuneration: EUR 425,598.70 Variable remuneration: EUR 44,424.25 Number of beneficiaries: 4

Art 151 3) c) of the amended 2010 Law A description of how the remuneration and benefits have been calculated

The remuneration of the staff of the Management Company was based on long-term employment contracts. No extra benefits in the respective year. The remuneration policy is available for shareholders free of charge on simple request at the registered office of the Management Company (www.ing-isim.lu)

Art 151 3) d) of the amended 2010 Law The outcome of the review of the remuneration policy including any irregularities that have occurred

The outcome of reviews is available for shareholders free of charge on simple request at the registered office of the Management Company (www.ing-isim.lu)

Art 151 3) e) of the amended 2010 Law Material changes to remuneration policy

The material changes to the adopted remuneration policy are available for shareholders free of charge on simple request at the registered office of the Management Company (www.ing-isim.lu)

Amounts disclosed above concern all funds managed by ING Solutions Investment Management S.A. Remuneration for ING Luxembourg S.A., the Investment Manager, and ING Bank N.V., the Investment Advisor is not included. All information concerning the remuneration, including the remuneration policy of the Management Company, is available on the Management Company’s web-site www.ing-isim.lu. 3 - SECURITIES FINANCING TRANSACTIONS AND OF REUSE REGULATION (“SFTR”) The Company does not use any instruments falling into the scope of the Regulation (EU) 2015/2365 of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (“SFTR”).

ING ARIA · ING ARIA – ING Global Index Portfolio Very Defensive (launched on 3 April 2019) The...

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