ing(l)局(commission de surveillance du secteur financier)」所採取之國際查核標準進行...
TRANSCRIPT
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(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)
年度財務報表中文簡譯版
年度終止日為二○一四年九月三十日
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(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
(節譯文)
獨立查核會計師報告
致 ING(L)之股東
3, rue Jean Piret, L-2350 Luxemburg
承 2014 年 1 月 23 日可變資本投資公司年度股東常會之指派,我方已查核 ING(L)
及其子基金之財務報表,內容包括截至 2014 年 9 月 30 日之淨資產、有價證券投
資組合及衍生性金融工具報表,至該年度底營運及淨資產變動報表,以及重大會
計政策摘要暨其他財務報表之附註。
可變資本投資公司董事會對於財務報表之責任
可變資本投資公司之董事會須依盧森堡法規對於財務報表準備及表達之要求,負
責編制並允當表達該等財務報表,以及可變資本投資公司之董事會所認為必要之
內部控制制度,以使財務報表之準備及表達無重大錯誤,無論係出於詐欺或過
失。
獨立會計師(réviseur d`enterprises agréé)之責任
我方責任係根據對於財務報表之查核出具意見。我方係依盧森堡「金融監督管理
局(Commission de Surveillance du Secteur Financier)」所採取之國際查核標準進行
查核。上述標準要求我方需遵守道德規範,並計畫、執行查核,以合理確保財務
報表免於重大錯誤。
查核需要執行程序以取得與財務報表中金額及揭露事項相關之查核證據。選擇程
序取決於對於「獨立會計師(réviseur d`enterprises agréé)」之判斷,包括評估財務
報表發生重大錯誤之風險,無論該錯誤係基於詐欺或過失。於進行風險評估時,
獨立會計師考量該公司有關編制及允當表達財務報告之內部控制制度,以設計適
合該情況之查核程序,但並非針對該公司內部控制制度之有效性表示意見。查核
尚包括評估所使用之會計政策之適當性、可變資本投資公司董事會會計預測之合
理性,以及評價財務報表之整體表述(overall presentation)。
我方相信我們所獲得之查核證據充分,且適於作為查核意見之基礎。
意見
我方認為,依盧森堡法規對於財務報表準備及表達之要求,本財務報表就 2014
年 9 月 30 日 ING(L)及其子基金之財務狀況,以及至該年度底淨資產之操作和變
動結果,為真實且允當。
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(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
其他事項
我方已於委任範圍內查閱了附加於本年報之補充資訊,但我方並未依據上述之標
準進行特別查核。因此,我方對於該資訊並未表示意見。然而,我方就被視為本
財務報表整體之一部之前開資訊並無保留意見。
ERNST& YOUNG
Société Anonyme
Cabunet de révision agréé
Jean-Marc Cremer
盧森堡,2015 年 1 月 7 日
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
獨立查核會計師報告
致 ING(L)之股東
3, rue Jean Piret, L-2350 Luxemburg
我方已查核 ING(L)(下稱「可變資本投資公司」)之財務報表,內容包括截至 2014
年 9 月 30 日之有價證券投資組合及衍生性金融工具報表,以及至該年度底營運
及淨資產變動之相關報表。本財務報表為基金董事會之責任。我方責任係根據對
於財務報表之查核出具意見。
我方依照美國一般可接受的會計準則進行查核。該等準則要求我方計畫並進行查
核以就財務報表是否不具重大錯誤取得合理確信。我方並未受託就可變資本投資
公司財務報告之內部控制制度進行查核。我方之查核包括考量財務報告之內部控
制制度作為基礎,以設計適合該情況之查核程序,但並非針對可變資本投資公司
關於財務報告之內部控制制度之有效性表示意見之目的。因此,我方並未表達該
等意見。查核尚包括在測試的基礎上檢視佐證在財務報表上之金額及揭露的證據,
評估所使用的會計原則以及管理階層所為之重大預測,並評估財務報表之整體表
述。我方相信我們的查核可作為我方意見之合理基礎。
意見
我方認為,依盧森堡法規之要求,前所提及之財務報表在各方面均允當地表達
ING(L)於 2014 年 9 月 30 日之財務狀況,以及至該年度底淨資產之操作和變動結
果。
ERNST& YOUNG
Société Anonyme
Cabunet de révision agréé
盧森堡,2015 年 1 月 7 日
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
合併報表
(以歐元計價)
西元 2014 年 9 月 30 日止之合併資產報表
備註
證券投資組合總數
股份
集合投資計畫
債券及其他債務工具
貨幣市場工具
貸款
衍生性金融工具總數
信用違約交換
利率交換
總報酬交換
遠期外匯合約
期貨
認股權證與權利
銀行存款
保證金
其他資產
總資產
銀行透支
現有負債
衍生性金融工具總數
商品交換
信用違約交換
利率交換
總報酬交換
遠期外匯合約
選擇權
期貨
總負債
年度底淨資產
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(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
至西元 2014 年 9 月 30 日為止年度底合併營運及淨資產變動報表
備註
總收入
股息
債券及其他債務工具之利息
銀行利息
交換利息
其他收入
總支出
管理費用
績效費用
固定服務費用
申購稅
銀行利息
交換利息
其他支出
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
或損失之變動
營運結果
申購
買回
分派
年初淨資產
轉換差異
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)Renta 投資級公司債基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
債券及其他債務工具
衍生性金融工具總數
期貨
銀行存款
保證金
其他資產
總資產
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
債券及其他債務工具之利息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)Renta 亞洲債券基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
集合投資計畫
債券及其他債務工具
衍生性金融工具總數
期貨
銀行存款
保證金
其他資產
總資產
銀行透支
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
債券及其他債務工具之利息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)Renta 新興市場債券基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
集合投資計畫
債券及其他債務工具
貸款
銀行存款
保證金
其他資產
總資產
銀行透支
現有負債
衍生性金融工具總數
遠期外匯合約
期貨
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
債券及其他債務工具之利息
銀行利息
交換利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
其他支出
淨投資收入
證券投資組合之已實現收益
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)Renta 環球高收益基金
(以歐元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
集合投資計畫
債券及其他債務工具
衍生性金融工具總數
信用違約交換
銀行存款
其他資產
總資產
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
債券及其他債務工具之利息
銀行利息
交換利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
交換利息
其他支出
淨投資收入
證券投資組合之已實現收益
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)大中華投資基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
銀行存款
其他資產
總資產
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
或損失之變動
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)日本投資基金
(以日幣計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
衍生性金融工具總數
遠期外匯合約
銀行存款
其他資產
總資產
現有負債
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
或損失之變動
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)全球機會投資基金
(以歐元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
衍生性金融工具總數
遠期外匯合約
銀行存款
其他資產
總資產
銀行透支
現有負債
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
衍生性金融工具之淨未實現收益
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)亞洲高股息投資基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
衍生性金融工具總數
認股權證與權利
銀行存款
其他資產
總資產
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
或損失之變動
衍生性金融工具之淨未實現收益
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)拉丁美洲投資基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
銀行存款
其他資產
總資產
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
其他支出
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
衍生性金融工具之淨未實現收益
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)科技投資基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
銀行存款
其他資產
總資產
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)美國高股息投資基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
銀行存款
其他資產
總資產
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)食品飲料投資基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
銀行存款
其他資產
總資產
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)原物料投資基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
銀行存款
其他資產
總資產
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
或損失之變動
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)能源投資基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
銀行存款
其他資產
總資產
銀行透支
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
衍生性金融工具之淨未實現收益
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)銀行及保險投資基金
(以美元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
銀行存款
其他資產
總資產
現有負債
衍生性金融工具總數
遠期外匯合約
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
或損失之變動
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)歐元高股息投資基金
(以歐元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
衍生性金融工具總數
遠期外匯合約
銀行存款
其他資產
總資產
現有負債
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)歐洲股票投資基金
(以歐元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
衍生性金融工具總數
遠期外匯合約
銀行存款
其他資產
總資產
現有負債
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)歐洲新興市場投資基金
(以歐元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
集合投資計畫
銀行存款
其他資產
總資產
現有負債
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
或損失之變動
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
ING(L)環球高股息投資基金
(以歐元計價)
財務報表
西元 2014 年 9 月 30 日止之淨資產報表
備註
證券投資組合總數
股份
衍生性金融工具總數
遠期外匯合約
銀行存款
其他資產
總資產
現有負債
總負債
年度底淨資產
至西元 2014 年 9 月 30 日為止年度底營運及淨資產變動報表
備註
總收入
股息
銀行利息
其他收入
總支出
管理費用
固定服務費用
申購稅
銀行利息
淨投資收入
證券投資組合之已實現收益
證券投資組合之已實現損失
衍生性金融工具之已實現收益
衍生性金融工具之已實現損失
貨幣之已實現收益
貨幣之已實現損失
證券投資組合之淨未實現收益
或損失之變動
衍生性金融工具之淨未實現收益
-
(中譯文僅供參考,如有疑義應以英文法定查核會計師報告為準)
或損失之變動
營運結果
申購
買回
分派
年初淨資產
年度底淨資產
-
for the year ended September 30, 2014LUXEMBOURG
Annual report and audited financial statements
Société d'Investissement à Capital Variable
ING (L)R.C.S. Luxembourg N° B 44 873
-
ING (L)Annual report and audited financial statementsfor the year ended September 30, 2014
ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
For additional information please contact:
ING Investment ManagementP.O. Box 904702509 LL The HagueThe NetherlandsTel. +31 70 378 1800e-mail: [email protected] www.ingim.com
-
ING (L) Annual report and audited financial statementsfor the year ended September 30, 2014
ING INVESTMENT MANAGEMENT
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the currentprospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
The prospectus, the statutes, the annual and semi-annual reports are made available to the shareholders at the custodian bank and at the Company'sregistered office as well as at the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who sorequests.
The information given in this report is for reference purposes only. It is not a guide to future results.
Warning
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1ING INVESTMENT MANAGEMENT
ING (L)Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageOrganisation 15
Management's report 21
Independent auditor's report 28
Report of Independent Auditors 30
Combined statements
Combined statement of net assets as at 30/09/2014 31
Combined statement of operations and changes in net assets for the year ended 30/09/2014 31
ING (L) - Invest Absolute Return Bond
Statistics 32
Financial statements 33
Statement of net assets as at 30/09/2014 33
Statement of operations and changes in net assets for the period from 29/08/2014 to30/09/2014
33
Securities portfolio as at 30/09/2014 34
Financial derivative instruments as at 30/09/2014 37
ING (L) - Invest Alternative Beta
Statistics 40
Financial statements 42
Statement of net assets as at 30/09/2014 42
Statement of operations and changes in net assets for the year ended 30/09/2014 42
Securities portfolio as at 30/09/2014 43
Financial derivative instruments as at 30/09/2014 43
ING (L) - Invest Asia ex Japan High Dividend
Statistics 44
Financial statements 46
Statement of net assets as at 30/09/2014 46
Statement of operations and changes in net assets for the year ended 30/09/2014 46
Securities portfolio as at 30/09/2014 47
Financial derivative instruments as at 30/09/2014 48
ING (L) - Invest Banking & Insurance
Statistics 49
Financial statements 51
Statement of net assets as at 30/09/2014 51
Statement of operations and changes in net assets for the year ended 30/09/2014 51
Securities portfolio as at 30/09/2014 52
Financial derivative instruments as at 30/09/2014 53
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ING (L) Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageING (L) - Invest Commodity Enhanced
Statistics 54
Financial statements 55
Statement of net assets as at 30/09/2014 55
Statement of operations and changes in net assets for the year ended 30/09/2014 55
Securities portfolio as at 30/09/2014 56
Financial derivative instruments as at 30/09/2014 56
ING (L) - Invest Consumer Goods
Statistics 57
Financial statements 58
Statement of net assets as at 30/09/2014 58
Statement of operations and changes in net assets for the year ended 30/09/2014 58
Securities portfolio as at 30/09/2014 59
ING (L) - Invest Emerging Europe
Statistics 60
Financial statements 61
Statement of net assets as at 30/09/2014 61
Statement of operations and changes in net assets for the year ended 30/09/2014 61
Securities portfolio as at 30/09/2014 62
ING (L) - Invest Emerging Markets High Dividend
Statistics 63
Financial statements 65
Statement of net assets as at 30/09/2014 65
Statement of operations and changes in net assets for the year ended 30/09/2014 65
Securities portfolio as at 30/09/2014 66
Financial derivative instruments as at 30/09/2014 67
ING (L) - Invest Energy
Statistics 68
Financial statements 70
Statement of net assets as at 30/09/2014 70
Statement of operations and changes in net assets for the year ended 30/09/2014 70
Securities portfolio as at 30/09/2014 71
Financial derivative instruments as at 30/09/2014 71
ING (L) - Invest EURO Equity
Statistics 73
Financial statements 74
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3ING INVESTMENT MANAGEMENT
ING (L)Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageStatement of net assets as at 30/09/2014 74
Statement of operations and changes in net assets for the year ended 30/09/2014 74
Securities portfolio as at 30/09/2014 75
Financial derivative instruments as at 30/09/2014 75
ING (L) - Invest Euro High Dividend
Statistics 76
Financial statements 79
Statement of net assets as at 30/09/2014 79
Statement of operations and changes in net assets for the year ended 30/09/2014 79
Securities portfolio as at 30/09/2014 80
Financial derivative instruments as at 30/09/2014 81
ING (L) - Invest Euro Income
Statistics 82
Financial statements 83
Statement of net assets as at 30/09/2014 83
Statement of operations and changes in net assets for the year ended 30/09/2014 83
Securities portfolio as at 30/09/2014 84
Financial derivative instruments as at 30/09/2014 84
ING (L) - Invest Europe High Dividend
Statistics 86
Financial statements 88
Statement of net assets as at 30/09/2014 88
Statement of operations and changes in net assets for the year ended 30/09/2014 88
Securities portfolio as at 30/09/2014 89
Financial derivative instruments as at 30/09/2014 90
ING (L) - Invest Europe Opportunities
Statistics 91
Financial statements 92
Statement of net assets as at 30/09/2014 92
Statement of operations and changes in net assets for the year ended 30/09/2014 92
Securities portfolio as at 30/09/2014 93
ING (L) - Invest Europe Sustainable Equity
Statistics 94
Financial statements 95
Statement of net assets as at 30/09/2014 95
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4 ING INVESTMENT MANAGEMENT
ING (L) Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageStatement of operations and changes in net assets for the period from 19/12/2013 to30/09/2014
95
Securities portfolio as at 30/09/2014 96
ING (L) - Invest European Equity
Statistics 98
Financial statements 99
Statement of net assets as at 30/09/2014 99
Statement of operations and changes in net assets for the year ended 30/09/2014 99
Securities portfolio as at 30/09/2014 100
Financial derivative instruments as at 30/09/2014 101
ING (L) - Invest European Real Estate
Statistics 102
Financial statements 103
Statement of net assets as at 30/09/2014 103
Statement of operations and changes in net assets for the year ended 30/09/2014 103
Securities portfolio as at 30/09/2014 104
Financial derivative instruments as at 30/09/2014 104
ING (L) - Invest First Class Multi Asset Premium
Statistics 105
Financial statements 106
Statement of net assets as at 30/09/2014 106
Statement of operations and changes in net assets for the period from 19/05/2014 to30/09/2014
106
Securities portfolio as at 30/09/2014 107
Financial derivative instruments as at 30/09/2014 107
ING (L) - Invest First Class Protection
Statistics 109
Financial statements 110
Statement of net assets as at 30/09/2014 110
Statement of operations and changes in net assets for the year ended 30/09/2014 110
Securities portfolio as at 30/09/2014 111
Financial derivative instruments as at 30/09/2014 111
ING (L) - Invest Food & Beverages
Statistics 112
Financial statements 114
Statement of net assets as at 30/09/2014 114
Statement of operations and changes in net assets for the year ended 30/09/2014 114
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5ING INVESTMENT MANAGEMENT
ING (L)Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageSecurities portfolio as at 30/09/2014 115
Financial derivative instruments as at 30/09/2014 115
ING (L) - Invest Global High Dividend
Statistics 116
Financial statements 119
Statement of net assets as at 30/09/2014 119
Statement of operations and changes in net assets for the year ended 30/09/2014 119
Securities portfolio as at 30/09/2014 120
Financial derivative instruments as at 30/09/2014 121
ING (L) - Invest Global Opportunities
Statistics 122
Financial statements 124
Statement of net assets as at 30/09/2014 124
Statement of operations and changes in net assets for the year ended 30/09/2014 124
Securities portfolio as at 30/09/2014 125
Financial derivative instruments as at 30/09/2014 126
ING (L) - Invest Global Real Estate
Statistics 127
Financial statements 129
Statement of net assets as at 30/09/2014 129
Statement of operations and changes in net assets for the year ended 30/09/2014 129
Securities portfolio as at 30/09/2014 130
ING (L) - Invest Greater China
Statistics 131
Financial statements 133
Statement of net assets as at 30/09/2014 133
Statement of operations and changes in net assets for the year ended 30/09/2014 133
Securities portfolio as at 30/09/2014 134
Financial derivative instruments as at 30/09/2014 135
ING (L) - Invest Health Care
Statistics 136
Financial statements 138
Statement of net assets as at 30/09/2014 138
Statement of operations and changes in net assets for the year ended 30/09/2014 138
Securities portfolio as at 30/09/2014 139
Financial derivative instruments as at 30/09/2014 139
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6 ING INVESTMENT MANAGEMENT
ING (L) Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageING (L) - Invest Industrials
Statistics 141
Financial statements 142
Statement of net assets as at 30/09/2014 142
Statement of operations and changes in net assets for the year ended 30/09/2014 142
Securities portfolio as at 30/09/2014 143
Financial derivative instruments as at 30/09/2014 143
ING (L) - Invest Information Technology
Statistics 144
Financial statements 146
Statement of net assets as at 30/09/2014 146
Statement of operations and changes in net assets for the year ended 30/09/2014 146
Securities portfolio as at 30/09/2014 147
Financial derivative instruments as at 30/09/2014 147
ING (L) - Invest Japan
Statistics 149
Financial statements 151
Statement of net assets as at 30/09/2014 151
Statement of operations and changes in net assets for the year ended 30/09/2014 151
Securities portfolio as at 30/09/2014 152
Financial derivative instruments as at 30/09/2014 153
ING (L) - Invest Latin America
Statistics 154
Financial statements 156
Statement of net assets as at 30/09/2014 156
Statement of operations and changes in net assets for the year ended 30/09/2014 156
Securities portfolio as at 30/09/2014 157
Financial derivative instruments as at 30/09/2014 157
ING (L) - Invest Materials
Statistics 158
Financial statements 160
Statement of net assets as at 30/09/2014 160
Statement of operations and changes in net assets for the year ended 30/09/2014 160
Securities portfolio as at 30/09/2014 161
Financial derivative instruments as at 30/09/2014 162
ING (L) - Invest Middle East & North Africa
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7ING INVESTMENT MANAGEMENT
ING (L)Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageStatistics 163
Financial statements 165
Statement of operations and changes in net assets for the period from 01/10/2013 to30/04/2014
165
ING (L) - Invest Prestige & Luxe
Statistics 166
Financial statements 167
Statement of net assets as at 30/09/2014 167
Statement of operations and changes in net assets for the year ended 30/09/2014 167
Securities portfolio as at 30/09/2014 168
ING (L) - Invest Sustainable Equity
Statistics 169
Financial statements 171
Statement of net assets as at 30/09/2014 171
Statement of operations and changes in net assets for the year ended 30/09/2014 171
Securities portfolio as at 30/09/2014 172
ING (L) - Invest Telecom
Statistics 174
Financial statements 175
Statement of net assets as at 30/09/2014 175
Statement of operations and changes in net assets for the year ended 30/09/2014 175
Securities portfolio as at 30/09/2014 176
Financial derivative instruments as at 30/09/2014 176
ING (L) - Invest US (Enhanced Core Concentrated)
Statistics 178
Financial statements 180
Statement of net assets as at 30/09/2014 180
Statement of operations and changes in net assets for the year ended 30/09/2014 180
Securities portfolio as at 30/09/2014 181
Financial derivative instruments as at 30/09/2014 182
ING (L) - Invest US Enhanced Core Large Cap
Statistics 183
Financial statements 184
Statement of net assets as at 30/09/2014 184
Statement of operations and changes in net assets for the year ended 30/09/2014 184
Securities portfolio as at 30/09/2014 185
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8 ING INVESTMENT MANAGEMENT
ING (L) Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageFinancial derivative instruments as at 30/09/2014 186
ING (L) - Invest US Growth
Statistics 187
Financial statements 188
Statement of net assets as at 30/09/2014 188
Statement of operations and changes in net assets for the year ended 30/09/2014 188
Securities portfolio as at 30/09/2014 189
Financial derivative instruments as at 30/09/2014 189
ING (L) - Invest US High Dividend
Statistics 190
Financial statements 194
Statement of net assets as at 30/09/2014 194
Statement of operations and changes in net assets for the year ended 30/09/2014 194
Securities portfolio as at 30/09/2014 195
Financial derivative instruments as at 30/09/2014 195
ING (L) - Invest Utilities
Statistics 197
Financial statements 198
Statement of net assets as at 30/09/2014 198
Statement of operations and changes in net assets for the year ended 30/09/2014 198
Securities portfolio as at 30/09/2014 199
ING (L) - Invest World
Statistics 200
Financial statements 201
Statement of net assets as at 30/09/2014 201
Statement of operations and changes in net assets for the year ended 30/09/2014 201
Securities portfolio as at 30/09/2014 202
Financial derivative instruments as at 30/09/2014 203
ING (L) - Renta Fund AAA ABS
Statistics 204
Financial statements 205
Statement of net assets as at 30/09/2014 205
Statement of operations and changes in net assets for the period from 04/10/2013 to30/09/2014
205
Securities portfolio as at 30/09/2014 206
ING (L) - Renta Fund Asian Debt (Hard Currency)
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9ING INVESTMENT MANAGEMENT
ING (L)Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageStatistics 208
Financial statements 211
Statement of net assets as at 30/09/2014 211
Statement of operations and changes in net assets for the year ended 30/09/2014 211
Securities portfolio as at 30/09/2014 212
Financial derivative instruments as at 30/09/2014 214
ING (L) - Renta Fund Asian Debt (Local Bond)
Statistics 215
Financial statements 216
Statement of net assets as at 30/09/2014 216
Statement of operations and changes in net assets for the year ended 30/09/2014 216
Securities portfolio as at 30/09/2014 217
Financial derivative instruments as at 30/09/2014 218
ING (L) - Renta Fund Asian High Yield
Statistics 219
Financial statements 220
Statement of net assets as at 30/09/2014 220
Statement of operations and changes in net assets for the period from 28/04/2014 to30/09/2014
220
Securities portfolio as at 30/09/2014 221
Financial derivative instruments as at 30/09/2014 222
ING (L) - Renta Fund Belgian Government Euro
Statistics 223
Financial statements 224
Statement of net assets as at 30/09/2014 224
Statement of operations and changes in net assets for the year ended 30/09/2014 224
Securities portfolio as at 30/09/2014 225
Financial derivative instruments as at 30/09/2014 225
ING (L) - Renta Fund Dollar
Statistics 226
Financial statements 227
Statement of net assets as at 30/09/2014 227
Statement of operations and changes in net assets for the year ended 30/09/2014 227
Securities portfolio as at 30/09/2014 228
Financial derivative instruments as at 30/09/2014 229
ING (L) - Renta Fund Emerging Markets Corporate Debt
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10 ING INVESTMENT MANAGEMENT
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Table of contents PageStatistics 230
Financial statements 232
Statement of net assets as at 30/09/2014 232
Statement of operations and changes in net assets for the year ended 30/09/2014 232
Securities portfolio as at 30/09/2014 233
Financial derivative instruments as at 30/09/2014 236
ING (L) - Renta Fund Emerging Markets Debt (Hard Currency)
Statistics 237
Financial statements 243
Statement of net assets as at 30/09/2014 243
Statement of operations and changes in net assets for the year ended 30/09/2014 243
Securities portfolio as at 30/09/2014 244
Financial derivative instruments as at 30/09/2014 249
ING (L) - Renta Fund Emerging Markets Debt (Local Bond)
Statistics 250
Financial statements 252
Statement of net assets as at 30/09/2014 252
Statement of operations and changes in net assets for the year ended 30/09/2014 252
Securities portfolio as at 30/09/2014 253
Financial derivative instruments as at 30/09/2014 255
ING (L) - Renta Fund Emerging Markets Debt (Local Currency)
Statistics 257
Financial statements 260
Statement of net assets as at 30/09/2014 260
Statement of operations and changes in net assets for the year ended 30/09/2014 260
Securities portfolio as at 30/09/2014 261
Financial derivative instruments as at 30/09/2014 261
ING (L) - Renta Fund Euro
Statistics 264
Financial statements 265
Statement of net assets as at 30/09/2014 265
Statement of operations and changes in net assets for the year ended 30/09/2014 265
Securities portfolio as at 30/09/2014 266
Financial derivative instruments as at 30/09/2014 270
ING (L) - Renta Fund Euro Covered Bonds
Statistics 272
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11ING INVESTMENT MANAGEMENT
ING (L)Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageFinancial statements 273
Statement of net assets as at 30/09/2014 273
Statement of operations and changes in net assets for the year ended 30/09/2014 273
Securities portfolio as at 30/09/2014 274
Financial derivative instruments as at 30/09/2014 276
ING (L) - Renta Fund Euro Credit
Statistics 278
Financial statements 279
Statement of net assets as at 30/09/2014 279
Statement of operations and changes in net assets for the year ended 30/09/2014 279
Securities portfolio as at 30/09/2014 280
Financial derivative instruments as at 30/09/2014 283
ING (L) - Renta Fund Euro Credit Sustainable
Statistics 285
Financial statements 286
Statement of net assets as at 30/09/2014 286
Statement of operations and changes in net assets for the year ended 30/09/2014 286
Securities portfolio as at 30/09/2014 287
Financial derivative instruments as at 30/09/2014 289
ING (L) - Renta Fund Euro Liquidity
Statistics 291
Financial statements 292
Statement of net assets as at 30/09/2014 292
Statement of operations and changes in net assets for the year ended 30/09/2014 292
Securities portfolio as at 30/09/2014 293
ING (L) - Renta Fund Euro Long Duration
Statistics 294
Financial statements 295
Statement of net assets as at 30/09/2014 295
Statement of operations and changes in net assets for the year ended 30/09/2014 295
Securities portfolio as at 30/09/2014 296
Financial derivative instruments as at 30/09/2014 298
ING (L) - Renta Fund Euro Short Duration
Statistics 300
Financial statements 301
Statement of net assets as at 30/09/2014 301
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12 ING INVESTMENT MANAGEMENT
ING (L) Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageStatement of operations and changes in net assets for the year ended 30/09/2014 301
Securities portfolio as at 30/09/2014 302
Financial derivative instruments as at 30/09/2014 303
ING (L) - Renta Fund Euromix Bond
Statistics 304
Financial statements 306
Statement of net assets as at 30/09/2014 306
Statement of operations and changes in net assets for the year ended 30/09/2014 306
Securities portfolio as at 30/09/2014 307
Financial derivative instruments as at 30/09/2014 307
ING (L) - Renta Fund Europe High Yield
Statistics 309
Financial statements 312
Statement of net assets as at 30/09/2014 312
Statement of operations and changes in net assets for the year ended 30/09/2014 312
Securities portfolio as at 30/09/2014 313
Financial derivative instruments as at 30/09/2014 314
ING (L) - Renta Fund First Class Yield Opportunities
Statistics 315
Financial statements 316
Statement of net assets as at 30/09/2014 316
Statement of operations and changes in net assets for the year ended 30/09/2014 316
Securities portfolio as at 30/09/2014 317
Financial derivative instruments as at 30/09/2014 320
ING (L) - Renta Fund Frontier Markets Debt (Hard Currency)
Statistics 321
Financial statements 322
Statement of net assets as at 30/09/2014 322
Statement of operations and changes in net assets for the period from 09/12/2013 to30/09/2014
322
Securities portfolio as at 30/09/2014 323
Financial derivative instruments as at 30/09/2014 324
ING (L) - Renta Fund FX Alpha
Statistics 325
Financial statements 326
Statement of operations and changes in net assets for the period from 01/10/2013 to28/11/2013
326
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13ING INVESTMENT MANAGEMENT
ING (L)Annual report and audited financial statementsfor the year ended September 30, 2014
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Table of contents PageING (L) - Renta Fund Global High Yield
Statistics 327
Financial statements 333
Statement of net assets as at 30/09/2014 333
Statement of operations and changes in net assets for the year ended 30/09/2014 333
Securities portfolio as at 30/09/2014 334
Financial derivative instruments as at 30/09/2014 340
ING (L) - Renta Fund Global Inflation Linked
Statistics 341
Financial statements 342
Statement of net assets as at 30/09/2014 342
Statement of operations and changes in net assets for the year ended 30/09/2014 342
Securities portfolio as at 30/09/2014 343
Financial derivative instruments as at 30/09/2014 344
ING (L) - Renta Fund Global Investment Grade Credits
Statistics 346
Financial statements 347
Statement of net assets as at 30/09/2014 347
Statement of operations and changes in net assets for the year ended 30/09/2014 347
Securities portfolio as at 30/09/2014 348
Financial derivative instruments as at 30/09/2014 350
ING (L) - Renta Fund US Credit
Statistics 351
Financial statements 354
Statement of net assets as at 30/09/2014 354
Statement of operations and changes in net assets for the year ended 30/09/2014 354
Securities portfolio as at 30/09/2014 355
Financial derivative instruments as at 30/09/2014 357
ING (L) - Renta Fund World
Statistics 358
Financial statements 360
Statement of net assets as at 30/09/2014 360
Statement of operations and changes in net assets for the year ended 30/09/2014 360
Securities portfolio as at 30/09/2014 361
Financial derivative instruments as at 30/09/2014 362
Notes to the financial statements 365
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14 ING INVESTMENT MANAGEMENT
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Table of contents PageOther information to shareholders 387
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Annual report and audited financial statements ING (L) for the year ended September 30, 2014
ING INVESTMENT MANAGEMENT 15
Organisation
Registered Office 3, rue Jean Piret, L-2350 Luxembourg
Board of Directors
Chairman Gerard Roelofs (since 01/04/2014), Head of Client Group International, ING Investment Management (Europe) B.V.
Dirk Buggenhout (from 01/03/2014 to 31/03/2014), Chief Operating Officer, ING Investment Management (Europe) B.V. André van den Heuvel (until 01/03/2014), Chief Marketing and Sales Officer, ING Investment Management (Europe) B.V. Directors Benoît De Belder, Head of Fund Risk and Risk Engineering, ING Investment Management (Europe) B.V. Dirk Buggenhout (until 28/02/2014 then from 01/04/2014), Chief Operating Officer, ING Investment Management (Europe) B.V.
Hans Stoter, Chief Investment Officer, ING Investment Management (Europe) B.V. Management Company ING Investment Management Luxembourg S.A.,
3, rue Jean Piret, Luxembourg
Investment Manager ING Investment Management Luxembourg S.A., 3, rue Jean Piret, Luxembourg delegated to CBRE Clarion Securities L.L.C. (until 31/03/2014), 201, King of Prussia Road, Suite 600, Radnor ING Asset Management B.V., 65, Schenkkade, The Hague
ING Investment Management Co. L.L.C., renamed Voya Investment Management Co L.L.C. as of May 1, 2014, 230, Park Avenue, New York
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ING (L) Annual report and audited financial statements for the year ended September 30, 2014
ING INVESTMENT MANAGEMENT 16
Organisation
ING Investment Management International LLC., (since 01/12/2013), 230 Park Avenue, Suite 1800, New York, NY 10169, United States ING Investment Management Advisors B.V., 65 Schenkkade, 2595 AS, The Hague, The Netherlands Nomura Asset Management Co. Ltd., 1-12-1 Nihonbashi, Chuo-Ku, Tokyo 103-8260, Japan UBS Global Asset Management (Hong Kong) Ltd., 52/F Two International Finance Centre 8 Finance Street, Central, Hong Kong
ING Mutual Funds Management Company (Japan) Ltd., New Otani Garden Court 21F, 4-1 Kioi-cho, Chiyoda-Ku, Tokyo
ING Investment Management Asia Pacific (Singapore) Ltd.,
10 Marina Boulevard, Marina Bay Financial Center, Tower 2 #31-01, Singapore
ING Investment Management (Middle East) Ltd., 20, Al Attar Business Tower, Sheikh Zayed Road Dubai UAE Centre
Custodian Brown Brothers Harriman (Luxembourg) S.C.A., 2-8, avenue Charles de Gaulle, Luxembourg
Securities Lending Agent Goldman Sachs Europe, Peterborough Court, 133 Fleet Street, London
Hedging Agent State Street Bank Europe Limited, 20 Churchill Place, Canary Wharf, London E14 5HJ
Administrative, Registrar and Transfer Agent
ING Investment Management Luxembourg S.A., 3, rue Jean Piret, Luxembourg
delegated to
Brown Brothers Harriman (Luxembourg) S.C.A., 2-8, avenue Charles de Gaulle, Luxembourg
Independent Auditor Ernst & Young S.A., 7, rue Gabriel Lippmann, Parc d'Activité Syrdall 2, Munsbach
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Annual report and audited financial statements ING (L) for the year ended September 30, 2014
ING INVESTMENT MANAGEMENT 17
Organisation
Financial Servicing Institutions Austria ING Bank N.V.-Vienna branch, Ungargasse 64-66/305, Wien Belgium ING Belgium S.A., 24, avenue Marnix/Marnixlaan, Brussels Czech Republic ING IM (C.R.), Bozděchova 2/344, Praha Finland Danske Capital Finland Oy,
Aleksanterinkatu 44, 7 krs, Helsinki
France CACEIS Bank, 1/3, Place Valhubert, Paris Germany BHF-BANK Aktiengesellschaft, Bockenheimer Landstraße 10, Frankfurt am Main Greece ING Mutual Fund Management Company S.A., 25-29 Karneadou Str. GR 106 75 Athens Hungary ING Bank Rt., Dózsa György út 84/B, Budapest Italy ING Investment Management BV Milan Branch,
Santa Maria Segreta, 7/9 - 20123 Milano, Italia
Luxembourg ING Luxembourg S.A., 52, route d'Esch, Luxembourg
Norway ING Bank Norway, Statsminister Michelsenvei 36, Paradis, Bergen
Singapore ING Investment Management Asia Pacific (Singapore) Ltd.,
10 Marina Boulevard, Marina Bay Financial Center, Tower 2 #31-01, Singapore Slovakia ING IM (C.R.), Bozděchova 2/344, Praha Spain and Portugal ING Investment Management Spain, Génova 27 - 4a Planta, Madrid
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ING (L) Annual report and audited financial statements for the year ended September 30, 2014
ING INVESTMENT MANAGEMENT 18
Organisation
Sweden Skandinaviska Enskilda Banken AB (publ) through its entity Transaction Banking, SEB Merchant Banking,
Kungsträdgardsgatan 8, SE-106 40 Stockholm, Sweden
Switzerland ING Investment Management (Switzerland) Ltd., (Swiss Representative)
Schneckenmannstrasse 25, Zurich New Private Bank Ltd. (Swiss Paying Agent), Limmatquai 1/am Bellevue, Zurich Taiwan Nomura Asset Management Taiwan Ltd., 101 Tower, 30F Taipei 110, Taiwan The Netherlands ING Bank N.V., Amstelveenseweg 500, Amsterdam
Counterparties to over-the-counter financial derivative instruments
Swap counterparties Bank of America Merrill Lynch, 2 King Edward Street, London EC1A 1HQ Barclays Bank PLC, 5 The North Colannade, Canary Wharf, London E14 4BB BNP Paribas, 787 Seventh Avenue, New York, NY 10019 Citibank N.A.,
Citigroup Centre, 25 Canada Square, Canary Wharf, London E14 5LB Citigroup Global Markets,
Citigroup Centre, 33 Canada Square, Canary Wharf, London E14 5LB Crédit Suisse, 1 Cabot Square, Canary Wharf, London E14 4QJ Deutsche Bank AG, Winchester House, 1 Great Winchester Street, London EC2N 2DB Goldman Sachs International, Peterborough Court, 133 Fleet Street, London EC4A 2BB HSBC Bank Plc, 8 Canada Square, London E14 5HQ
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Annual report and audited financial statements ING (L) for the year ended September 30, 2014
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Organisation
ING ING House, Amstelveenseweg 500 1081 KL Amsterdam JPMorgan Chase Bank, 25 Bank Street, Canary Wharf, London E14 5JP Morgan Stanley, 25 Cabot Square, Canary Wharf, London E14 4QA Société Générale, 29, Boulevard Haussmann, Paris 75009 Paris UBS AG London Branch, 1 Finsbury Avenue, London EC2M 2PP
Forward foreign exchange contracts counterparties
Bank of America Merrill Lynch, 2 King Edward Street, London EC1A 1HQ
Barclays Bank PLC, 5 The North Colannade, Canary Wharf, London E14 4BB BNP Paribas, 787 Seventh Avenue, New York, NY 10019 Citibank N.A.,
Citigroup Centre, 25 Canada Square, Canary Wharf, London E14 5LB Citigroup Global Markets,
Citigroup Centre, 33 Canada Square, Canary Wharf, London E14 5LB Crédit Suisse, 1 Cabot Square, Canary Wharf, London E14 4QJ Deutsche Bank AG, Winchester House, 1 Great Winchester Street, London EC2N 2DB Goldman Sachs International, Peterborough Court, 133 Fleet Street, London EC4A 2BB HSBC Bank Plc, 8 Canada Square, London E14 5HQ
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ING (L) Annual report and audited financial statements for the year ended September 30, 2014
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Organisation
JPMorgan Chase Bank, 25 Bank Street, Canary Wharf, London E14 5JP Morgan Stanley, 25 Cabot Square, Canary Wharf, London E14 4QA Nomura International PLC, 1 Angel Lane, London, EC4R 3AB The Royal Bank Of Scotland PLC, 36 St Andrew Square, Edinburgh EH2 2YB Société Générale, 29, Boulevard Haussmann, Paris 75009 Paris UBS AG London Branch, 1 Finsbury Avenue, London EC2M 2PP Options counterparties Bank of America Merrill Lynch, 2 King Edward Street, London EC1A 1HQ Goldman Sachs International, Peterborough Court, 133 Fleet Street, London EC4A 2BB Morgan Stanley, 25 Cabot Square, Canary Wharf, London E14 4QA Société Générale, 29, Boulevard Haussmann, Paris 75009 Paris
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Annual report and audited financial statements ING (L) for the year ended September 30, 2014
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Management's report Economic context The global recovery proceeded in the last three months of 2013, even though it remained subdued and diverse across regions. The recovery was most apparent in the US, Japan and the United Kingdom. In the Eurozone, as well as in the emerging world, the recovery continued to lag. In the United States, the economic recovery continued at a steady pace, driven by reasonable job growth, wage growth, a rise in house prices and improving financial conditions. In line with this, the increase in consumer expenditure in particular gave a significant boost to economic activity. Inflation remained under control as it amounted to 1.2% in November compared with the same month a year earlier. Republican and the White House argued over the budget in October but finally reached a compromise to delay such vote until early 2014. In mid-December, the US Congress reached a 2 year deal on the US budget, reducing the risk of a new US federal shutdown. In the Eurozone, the economic recovery continued in the fourth quarter, albeit slowly. A positive factor was that businesses seemed to find it somewhat easier to obtain credit. The recovery was also supported by fewer government cutbacks and by export growth on the back of the recovery in the global economy. Inflation fell to 0.7% in the 12-month period to October. The considerable overcapacity and the pressure on wages continued to depress inflation. In Japan, underlying activity remained robust, supported by expansionary fiscal and monetary policies. Japan’s inflation accelerated to 1.5% in the 12-month period to November, the fastest pace since 2008. In the emerging economies, the economic recovery in the US and Europe bolstered growth in some countries. For others, this positive effect was negligible because their export sector was too small or too geared to China. Global economic activity expanded in the first quarter of 2014, albeit at a moderate pace, mirroring changes in growth dynamics across regions. While growth is picking up in most advanced economies, momentum has slowed in major emerging market economies. More specifically, improvements in private sector balance sheets and accommodative policies continue to support economic activity in advanced economies, while structural hurdles and tightened financial conditions have resulted in a slowdown in emerging market economies. Global inflation remained contained on the back of ample spare capacity and lower energy prices. In the United States, economic indicators in January and February were weaker than expected due to the bad weather and inventory corrections but consumer spending proved resilient. The Eurozone continued its slow recovery with gauges of industrial activity pointing to a growth rate of 0.3%-0.4% in the quarter. Fears of deflation in the area continued to hang over as inflation declined to 0.5% in March. Japanese economic data for the first quarter of 2014 were also distorted by cold weather. Nevertheless, the momentum in the domestic economy and the labour market remained positive ahead of a sale-tax hike. The outlook for emerging markets deteriorated in the quarter, partly because of the lack of structural reforms and the increased political instability in several countries, including Venezuela, Thailand, Ukraine and Turkey. Capital continued to flow out of the emerging region, with local currencies depreciating as a result. Various central banks hiked their interest rates as a consequence. Finally, China’s recent economic data pointed to a gradual weakening in the growth momentum. The transition from an economic model based on investments and exports to a model based on household consumption held back activity as did authorities’ efforts to lower the economy’s reliance on credit growth. Global economic activity recovered in the second quarter of 2014 after being depressed in the first quarter by temporary factors, notably the unusually cold winter in the United States and the shutdown of heavy-industry plants in China to limit air pollution. The economic momentum firmed up in advanced economies on the back of increased confidence, improved private sector balance sheets and accommodative policies. In the US, activity was mainly driven by household consumption, which benefited from a reduction in austerity policies, falling commodity prices, a slow upturn in the labour market and a wealth effect linked to the strong stock market performance. Company restocking also contributed to the better momentum. Economic recovery in the Eurozone remained fragile and of variable speed. While activity was supported by the reduction in the intensity of austerity policies and an improvement in the confidence of businesses and households, it nevertheless remained hampered by high unemployment and low inflation, which reached 0.5% in May and June. In the United Kingdom, economic activity strengthened on the back of robust domestic demand and a booming housing market. Japanese data indicate that the economy absorbed the negative impact of the sales tax hike on 1 April, thanks to a robust job market. Signs of stabilization in the growth momentum have appeared in the emerging world, driven by growing exports to the mature economies and improved financial conditions. In China, the improvement was supported by small, focused stimulants by the government, targeting infrastructure projects. The property sector however contracted, cancelling out a large part of the effect of the government incentives. Geopolitical tensions between Russia and Ukraine on one hand and between sectarian groups in Iraq on the other raised concerns about spillovers to the world economy should these tensions escalate. Global inflation remained low compared with historical averages, reflecting muted commodity price developments and abundant global spare capacity.
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ING (L) Annual report and audited financial statements for the year ended September 30, 2014
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Management's report The global economy strengthened in the third quarter of 2014. The global purchasing managers' index, a benchmark of global activity, reached 55.1 in August, a historically high level, supported by a rise in orders, which heralds a continued rise in activity in the coming months. This positive outlook was also confirmed in recent months by the historically low level of stocks, the rise in corporate investments and the beneficial effect for households of lower energy and food prices. This improvement primarily reflected the strong rebound in the United States, the largest economy in the world, where the factors that had held back activity at the start of the year quickly disappeared. In the United Kingdom, activity retained its strong momentum of growth in the third quarter of 2014, supported by rising consumer confidence and property prices. In Japan, the economy recovered in the summer from a contraction in the previous quarter caused by a sales tax hike on April 1. The euro area remained the weak link in the global economy. It was penalized by a high unemployment rate, budgetary austerity policies and direct exposure to political tensions in Ukraine. Finally, growth in the emerging world weakened again in the summer. Disappointing growth in world trade, flattening demand from China and tighter financial conditions have all slowed the growth momentum in the emerging world. In China, the high credit growth that has built up over recent years and the overcapacity in the real estate sector undermined domestic demand. An increase in exports however helped to mitigate these impacts. Monetary policy The monetary policies of the major central banks remained very easy in the last quarter of 2013. The Federal Reserve (the "Fed")’s decision in September to defer tapering had a stabilizing effect on the markets. In the last months of 2013, investors gradually understood that the Fed made a strict distinction between tapering and interest rate policy. In December 2013, the Fed said it would cut its monthly purchases of financial assets by 10 billion USD to 75 billion USD from January 2014 and that it would cut them further in 2014 if the economic recovery continued at a sustainable pace. The central bank also added that key interest rates were likely to stay close to zero for an extended period. In Europe, the European Central Bank ("ECB") underscored once more that it intended to support the economic recovery for a long time. In light of the weak economic recovery and the risk of deflation, the central bank cut in November its key Refinance interest rate ("Refi") to 0.25% from 0.5% and committed to keep interest rates low for an extended period of time. The Bank of England ("BoE") also held its key interest rate at a record low 0.5% in the fourth quarter and maintained its program of asset purchases even as it found that the economy was strengthening. In Japan, the Bank of Japan ("BoJ") maintained during the last quarter of 2013 its record easing, pledging to expand the monetary base by an annual 60 trillion to 70 trillion yen. In the emerging world as a whole, financial conditions remained fairly tight owing to capital outflow and the need to fight inflation. The countries most affected were those depending on foreign capital to fund their current account deficits (Brazil, Turkey, South Africa and India). In several countries, the central banks had to hike official rates to prevent capital outflows and fight inflationary pressures. Central banks of advanced economies pursued very accommodative monetary policies in the first quarter of 2014. At the same time, financial conditions tightened in several emerging countries. The Fed kept short term interest rates close to 0% to support the continuity of the economic recovery. In line with the improvement seen in the economy and the fall in the jobless rate, the US central bank reduced its program of monthly asset purchases by 10 billion USD-a-month in January, February and March. The tapering was coupled with a commitment to keep interest rates low for a long period. The ECB kept its key Refi unchanged at 0.25% in the first quarter of 2014 as the central bank appeared content with the slow, but gradual recovery of the Eurozone economy. Deflation risks were played down but the ECB said it had tools to deal with such development, if needed. The BoJ also continued its extremely easy monetary policy. The fears regarding the strength of the economic recovery ahead of the sale-tax hike have prompted the central bank to keep its program of asset purchases with the aim of stimulating the economy. Emerging economies remained vulnerable to the outflow of capital as a consequence of the lack of structural reforms in the region and political tensions. Countries that are dependent on foreign capital to finance their current account deficits (Brazil, Indonesia, Turkey, South Africa and India) had to increase the level of interest rates to combat the outflow of capital. China’s central bank faced a difficult balancing act as it sought to reduce the amount of loans granted by non-banking institutions without crushing the fragile economic growth.
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Annual report and audited financial statements ING (L) for the year ended September 30, 2014
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Management's report In the second quarter of 2014, weak global nominal economic growth and subdued inflation pressures supported accommodative monetary policies in developed economies. In the US, the Fed reduced its monthly bond purchases by 10 billion USD after each Federal Open Market Committee Meeting. The Chairwoman of the US Fed, Janet Yellen, confirmed that the programme, down to 35 billion USD in July, would in principle be ended by the end of this year. The ECB lowered its inflation expectations to 0.7% this year, clearly below its target of an annual rate around 2%. On June 5, the ECB announced major initiatives to fight deflation. It cut its benchmark refinancing rate by 10 basis points to 0.15% and its deposit rate to minus 0.1% from zero. In a bid to get credit flowing to the economy, the ECB also opened a 400-billion-euro lending facility to banks. Finally it pledged to start working on an asset-purchase plan. The BoE held its key interest rate at a record-low 0.5% despite a strengthening economic recovery and a surge in house price. BoE’s officials said an interest-rate increase this year may be more likely than investors anticipate. Japan’s core consumer prices rose 3.4% in May from a year earlier, the fastest pace in 32 years, boosted by higher utility charges and a sales-tax increase. The BoJ kept its monetary policy unchanged during the quarter, confident that inflation will reach 2% in 2015. The fall in long-term interest rates in the mature economies revived investors’ interest in the opportunities in the emerging world. But the situation in the region remains vulnerable. Central banks in several countries raised their official interest rates during the quarter with the purpose of stemming the outgoing flow of capital. In the third quarter of 2014, low inflation rates and large output gaps supported the implementation of very accommodative monetary policies in developed economies. Divergences however became clear between the US and the UK on one hand and the euro area and Japan on the other. In a context of sustained economic growth, falling unemployment and limited inflation, the Fed kept its prime rate unchanged between 0% and 0.25% in the summer. Moreover, it reduced its bond purchases by 10 billion USD after each Federal Open Market Committee Meeting. The Fed said it will wind up this program at the end of October. The Fed maintained its commitment to keep its prime rate at the current level for an extended period and forecasted rates of between 1.25% and 1.5% at the end of 2015. In the Eurozone, faced with a faltering economic recovery and a low inflation rate, the ECB lowered its prime rate by 10 basis points to 0.05% and its deposit rate to -0.2% in September. The ECB also granted commercial banks a first tranche of loans for the financing of the private sector. The bank finally pledged to purchase financial assets from October onward involving covered bonds and structured products comprising loans to the private sector. In Japan, the BoJ remained confident that inflation will reach the targeted 2% by the end of 2015. To achieve this, it kept its policy to expand the monetary base by 60,000 to 70,000 billion yen a year through the purchase of financial assets. Finally, in the emerging economies, the central banks of some countries kept their monetary policy tight, perhaps tighter than would be possible by reason of the weak growth and lower-than-expected inflation. In these countries, the vulnerability to capital outflow justified a tight monetary policy in an environment where speculation grew about a first interest rate hike by the Fed. Fixed Income Markets During the last three months of 2013, yields on the safest Treasuries traded sideways. Yields on ten-year US Treasuries moved within a range of approximately 50 basis points between 2.5% and 3% while those of German Bunds hovered between 1.65% and 2%. Yields ended the quarter at the high side of the ranges, but remained low compared with past historical levels. Yields initially declined to 2.5% (US) and 1.65% (Germany) in October as a result of the Fed’s decision not to start tapering in September. In Europe, a weak economic recovery, very low inflation numbers and a cut in a key short-term interest rate also created initially an environment where yields on Eurozone Treasuries had limited upside. In December however, yields in US and German Treasuries rose driven by strong economic data in the US and Germany and by the Fed’s announcement in December that it would taper its bond-buying program as from January 2014. Even though the demand for German Treasuries began to ease in December, the demand for the government bonds of countries like Spain, Italy, Portugal and Ireland persisted. Investment grade corporate credits in the Eurozone outperformed German Bunds during the quarter with spreads narrowing from 134 basis points to 115 basis points. In particular, investment grade credits issued by companies based in the peripheral countries of the Eurozone did well in the quarter. The environment for high yield credits also remained supportive with market sentiment buoyed by increasing signals indicating that the global economic recovery was spreading. Finally, the environment for emerging market debt in hard and local currencies remained volatile and challenging owing to the on-going capital outflows from the category, the weaker economic growth, the drop of domestic currencies and the tight monetary policies implemented in several emerging countries.
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ING (L) Annual report and audited financial statements for the year ended September 30, 2014
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Management's report Yields on 10-year Treasuries in the US and Germany declined in the first quarter of 2014. In the United States, the yield on ten-year US Treasuries fell from 3% to 2.7% as a result of the increase in risk aversion due to the deteriorated outlook for emerging markets and China and the escalation of tensions in Ukraine. Some disappointing economic figures also contributed to the fall in the yield. In the Eurozone, the yield on ten-year German government bonds also contracted in the first quarter of 2014 (from 1.9% to 1.6%). German government bonds were popular due to their safe haven status. Also the lower than expected inflation data in the euro area contributed to the downward pressure on bond yields. The government bonds of peripheral Eurozone countries, e.g. Spain and Italy, were among the best performing asset classes as better economic data and good market liquidity (compared with other spread categories) contributed to a pick-up in investment flows to this category. Other fixed income categories performed relatively well in the first quarter of 2014. Corporate bonds benefited from the on-going upward economic momentum and favorable investment flows. High yield credits also had a strong first quarter. In both the US and Europe, high yield investors chased after new issues, which were in short supply. Emerging market sovereign debt got off to a weak start to the year, since sentiment towards emerging markets deteriorated in January as a result of a considerable run of bad news. Sentiment improved afterwards as investors turned mo