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					                                                                                                                      ING MUTUAL FUND
                                                UNAUDITED HALF YEARLY FINANCIAL RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2009                                                                                                                                                                                                (Rs. in Crores)
                                                                                                                                                                                                      SCHEME NAMES
 Sl.    Particulars                                                                     ING              ING             ING             ING            ING           ING         ING                ING             ING             ING            ING              ING            ING           ING             ING               ING
 No.                                                                                   Liquid        High Yield       Treasury        Treasury        Income       Short Term  Domestic            Midcap         Dividend         Contra           Core           C.U.B.        Dynamic          Tax           Dynamic             MIP
                                                                                       Fund           Liquidity      Advantage       Management        Fund         Income    Opportunities         Fund            Yield           Fund           Equity       (Competetive      Asset         Savings         Duration           Fund
                                                                                                        Fund            Fund            Fund                         Fund        Fund                               Fund                           Fund           Upcoming      Allocation       Fund            Fund
                                                                                                                                                                                                                                                                  Business)        Fund
                                                                                                                                                                                                                                                                    Fund
 1.1    Unit Capital at the beginning of the half-year period                             197.39          423.72          388.38           17.59          50.93         26.76           62.37           14.25          18.86            8.11          30.67           29.49           34.55          37.97             1.33             2.74
 1.2    Unit Capital at the end of the period                                             224.05          240.82          366.46               -          51.96         47.81           54.85           14.76          16.85           13.67          27.16           29.48           28.86          35.84                -             2.92
 2      Reserves and surplus                                                               29.87           22.56           14.08                 -        10.64         14.48           44.51            8.21          10.60            5.28          34.17           12.94            0.68          12.16                 -            0.67
 3.1    Total Net Assets at the beginning of the half-year period                         231.00          437.62          423.88           22.76          69.30         34.86           67.17           12.73          16.24            6.31          39.85           19.70           34.96          26.86             1.60             3.15
 3.2    Total Net Assets at the end of the period                                         253.92          263.38          380.54               -          62.60         62.29           99.36           22.97          27.45           18.95          61.33           42.42           29.54          48.00                -             3.59
 4.1    Nav at the beginning of the half-year period (Rs.) (per unit)
             Regular / Retail Growth option                                             18.5343                 *       11.8475          13.6467        22.9919       16.2925           18.66            9.35           9.14            7.78          19.08            6.68        10.1173           12.77         13.2410          12.7856
             Regular / Retail / Retail Regular Dividend option                                 -                -              -                -              -      11.9576            7.04            8.55           8.31            7.78          10.10            6.68        10.1173            6.30               -                -
             Regular / Retail Monthly Dividend option                                         -                 *       10.3104                -              -             -               -               -              -               -              -               -              -               -         10.3829           9.9522
             Regular / Retail Quarterly Dividend option                                       -                 *       10.2874          10.4053        11.0857             -               -               -              -               -              -               -              -               -         10.3527          10.3567
             Regular Half Yearly Dividend option                                              -                 -             -          10.3399        10.4438             -               -               -              -               -              -               -              -               -         10.3134          10.4318
             Regular Annual Dividend option                                                   -                 -             -          10.3365        10.4041             -               -               -              -               -              -               -              -               -         10.3799          10.2555
             Regular / Retail Bonus option                                                    -                 *             -                -        14.0181             -           18.66            9.35           9.14            7.78              -            6.68        10.1173           12.79         13.2410          12.7856
             Regular / Retail Weekly Dividend option                                    10.8264                 *       10.0379          10.7779              -             -               -               -              -               -              -               -              -               -               -                -
             Regular / Retail Daily Dividend option                                     10.7873                 *       10.0026          10.3588              -             -               -               -              -               -              -               -              -               -               -                -
             Institutional Growth option                                                13.8518                 *       11.8289                -        24.2751             -               -               -              -               -              -               -              -               -               -                -
             Institutional Monthly Dividend option                                            -                 *       10.0000                -              -             -               -               -              -               -              -               -              -               -               -                -
             Institutional Quarterly Dividend option                                          -                 *       10.0000                -        10.6995             -               -               -              -               -              -               -              -               -               -                -
             Institutional Half Yearly Dividend option                                        -                 -             -                -        10.0000             -               -               -              -               -              -               -              -               -               -                -
             Institutional Annual Dividend option                                             -                 -             -                -        10.3512             -               -               -              -               -              -               -              -               -               -                -
             Institutional Bonus option                                                       -                 *             -                -        14.5315             -               -               -              -               -              -               -              -               -               -                -
             Institutional Weekly Dividend option                                       10.0559                 *       10.0362                -              -             -               -               -              -               -              -               -              -               -               -                -
             Institutional Daily Dividend option                                        10.0121                 *       10.0033                -              -             -               -               -              -               -              -               -              -               -               -                -
             Institutional / Institutional Regular Dividend Option                            -                 -             -                -              -             -               -               -              -               -              -               -              -               -               -                -
             Super Institutional Growth option                                          13.1502                 -             -                -              -             -               -               -              -               -              -               -              -               -               -                -
             Super Institutional Weekly Dividend option                                 10.0000                 -             -                -              -             -               -               -              -               -              -               -              -               -               -                -
             Super Institutional Daily Dividend option                                  10.0048                 -             -                -              -             -               -               -              -               -              -               -              -               -               -                -
             Growth Auto Income Payout option                                                 -                 -             -                -              -             -               -               -              -               -              -               -              -               -               -                -
             Cyclical Series option 2009                                                      -                 -             -                -              -             -               -               -              -               -              -               -              -               -               -                -
             Regular Growth option ‘A’                                                        -                 -             -                -              -             -               -               -              -               -              -               -              -               -               -                -
             Regular Dividend option ‘A                                                       -                 -             -                -              -             -               -               -              -               -              -               -              -               -               -                -
             Regular Growth option ‘B’                                                        -                 -             -                -              -             -               -               -              -               -              -               -              -               -               -                -
 4.2    Nav at the end of the period (Rs.) (per unit)
             Regular / Retail Growth option                                             18.9339                 *     12.1274 &                 **    23.9399 &     16.8029 &           32.55           17.78          17.28           15.32          32.79           14.39      10.2331 &           24.11               ***        14.0572
             Regular / Retail / Retail Regular Dividend option                                -                 -              -                 -             -    11.9972 &           12.29           14.12          15.71           13.07          17.35           14.39      10.2331 &           11.89                 -              -
             Regular / Retail Monthly Dividend option                                         -                 *     10.3486 &                  -             -            -               -               -              -               -              -               -               -              -               ***        10.4435
             Regular / Retail Quarterly Dividend option                                       -                 *     10.4023 &                 **    11.2306 &             -               -               -              -               -              -               -               -              -               ***        11.1850
             Regular Half Yearly Dividend option                                              -                 -              -                **    10.8743 &             -               -               -              -               -              -               -               -              -               ***        10.6828
             Regular Annual Dividend option                                                   -                 -              -                **    10.8331 &             -               -               -              -               -              -               -               -              -               ***        11.2757
             Regular / Retail Bonus option                                                    -                 *              -                 -            -             -               -               -              -           15.32              -           14.39      10.2331 &           24.14               ***              -
             Regular / Retail Weekly Dividend option                                    10.8252                 *     10.0428 &                 **             -            -               -               -              -               -              -               -               -              -                 -              -
             Regular / Retail Daily Dividend option                                     10.7873                 *     10.0026 &                 **             -            -               -               -              -               -              -               -               -              -                 -              -
             Institutional Growth option                                                14.1683                 *     12.1177 &                  -     9.9730 &             -               -               -              -               -              -               -               -              -                 -              -
             Institutional Monthly Dividend option                                            -                 *     10.0000 &                  -            -             -               -               -              -               -              -               -              -               -                 -              -
             Institutional Quarterly Dividend option                                          -                 *     10.0000 &                  -    10.8324 &             -               -               -              -               -              -               -              -               -                 -              -
             Institutional Half Yearly Dividend option                                        -                 -             -                  -    10.0000 &             -               -               -              -               -              -               -               -              -                 -              -
             Institutional Annual Dividend option                                             -                 -              -                 -    10.0000 &             -               -               -              -               -              -               -               -              -                 -              -
             Institutional Bonus option                                                       -                 *              -                 -            -             -               -               -              -               -              -               -              -               -                 -              -
             Institutional Weekly Dividend option                                       10.0548                 *     10.0413 &                  -             -            -               -               -              -               -              -               -               -              -                 -              -
             Institutional Daily Dividend option                                        10.0121                 *     10.0033 &                  -             -            -               -               -              -               -              -               -               -              -                 -              -
             Institutional / Institutional Regular Dividend Option                            -                 -              -                 -             -            -               -               -              -               -              -               -               -              -                 -              -
             Super Institutional Growth option                                          13.4611                 -              -                 -            -             -               -               -              -               -              -               -              -               -                 -              -
             Super Institutional Weekly Dividend option                                 10.0000                 -              -                 -             -            -               -               -              -               -              -               -               -              -                 -              -
             Super Institutional Daily Dividend option                                  10.0048                 -              -                 -             -            -               -               -              -               -              -               -               -              -                 -              -
             Growth Auto Income Payout option                                                 -                 -              -                 -             -            -               -               -              -               -              -               -               -              -                 -              -
             Cyclical Series option 2009                                                      -                 -              -                 -             -            -               -               -              -               -              -               -               -              -                 -              -
             Regular Growth option ‘A’                                                        -                 -              -                 -             -            -               -               -              -               -              -               -               -              -                 -              -
             Regular Dividend option ‘A                                                       -                 -              -                 -             -            -               -               -              -               -              -               -               -              -                 -              -
             Regular Growth option ‘B’                                                        -                 -              -                 -             -            -               -               -              -               -              -               -               -              -                 -              -
 4.3    Dividend paid per unit during the half-year (total) (gross) Rs.
             Regular / Retail / Retail Regular Dividend option                                  -                -              -               -              -       0.3312                -         2.0000                -        2.0000                -               -               -             -              -                -
             Regular Daily Dividend option                                                0.2301                 -        0.2347          0.2116              -             -                -              -                -             -                -               -               -             -              -                -
             Regular Weekly Dividend option                                               0.2320                 -        0.2368          0.2187              -             -                -              -                -             -                -               -               -             -              -                -
             Regular / Retail Monthly Dividend option                                           -                -        0.2033               -              -             -                -              -                -             -                -               -               -             -         0.1919           0.4821
             Regular Quarterly Dividend option                                                 -                 -        0.2278          0.1289         0.3129             -                -              -                -             -                -               -               -             -         0.1149           0.2019
             Regular Half Yearly Dividend option                                               -                 -             -               -         0.4793             -                -              -                -             -                -               -               -             -              -           0.7866
             Institutional / Institutional Regular Dividend option                             -                 -             -               -              -             -                -              -                -             -                -               -               -             -              -                -
             Institutional Daily Dividend option                                          0.2261                 -        0.2423               -              -             -                -              -                -             -                -               -               -             -              -                -
             Institutional Weekly Dividend option                                         0.2283                 -        0.2442               -              -             -                -              -                -             -                -               -               -             -              -                -
             Institutional Quarterly Dividend option                                           -                 -             -               -         0.3438             -                -              -                -             -                -               -               -             -              -                -
             Super Institutional Daily Dividend option                                    0.2338                 -             -               -              -             -                -              -                -             -                -               -               -             -              -                -
        Income
 5.1    Dividend                                                                                -              -               -                -             -              -           0.71            0.21           0.42            0.13            0.52           0.34               -           0.44                -             0.01
 5.2    Interest                                                                             8.16          22.41           14.60             0.27          2.16           2.00           0.03            0.01           0.01            0.01            0.01           0.02            0.74           0.01             0.02             0.04
 5.3    Profit/(Loss) on sale/redemption of investments
        (other than inter scheme transfer/sale)                                              0.27          (2.00)           0.04                -           1.28        (0.17)            9.30           5.91           1.31            3.36            6.47           2.06               -          11.90           (0.02)             0.05
 5.4    Profit/(Loss) on inter scheme transfer/sale of investments                           0.00               -              -                -         (0.00)        (0.09)          (1.09)              -           0.12               -               -              -            0.06              -                -                -
 5.5    Other income (excluding appreciation in value of investments)                           -               -              -                -              -             -               -              -              -               -               -              -               -              -                -                -
 5.6    Total income (5.1 to 5.5)                                                            8.43          20.41           14.64             0.27           3.44          1.74            8.95           6.13           1.86            3.50            7.00           2.42            0.80          12.35             0.00             0.10
        Expenses
 6.1    Management fees ~                                                                    0.35               -            0.84               -          0.35           0.13           0.59            0.10           0.12            0.04            0.29           0.21            0.04           0.27                -                -
 6.2    Trustee fees                                                                         0.00            0.00            0.00            0.00          0.00           0.00           0.00            0.00           0.00            0.00            0.00           0.00            0.00              -             0.00             0.00
 6.3    Total Recurring Expenses (including 6.1 and 6.2)                                     0.66            1.00            1.28            0.01          0.52           0.27           1.16            0.24           0.29            0.16            0.69           0.41            0.16           0.50             0.01             0.03
 6.4    Percentage of Management Fees to daily/
        weekly average net assets (on annualised basis) ~                                  0.21%           0.00%           0.30%           0.00%          1.04%         0.43%          1.27%           1.04%           1.09%          0.62%           1.04%          1.28%           0.27%          1.36%            0.00%            0.00%
 6.5    Total Recurring expenses as a percentage of daily/
        weekly average net assets (on annualised basis)
              Regular / Retail option                                                     0.70%             N.A.          0.60%            0.20%         1.76%          0.90%          2.50%           2.50%           2.50%          2.50%           2.50%          2.50%           1.00%          2.50%            0.80%            1.90%
              Institutional option                                                        0.45%           0.56%           0.45%              N.A.        1.21%            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.            N.A.           N.A.             N.A.             N.A.
              Super Institutional option                                                  0.29%             N.A.            N.A.             N.A.          N.A.           N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.            N.A.           N.A.             N.A.             N.A.
 7.1    Returns during the half-year ^
              Regular / Retail option $                                                   2.16%              N.A.         2.36%              N.A.         4.12%         3.13%         74.44%          90.16%         89.06%          96.92%          71.86%        115.42%           1.14%         88.80%              N.A.           9.95%
              Regular option B $                                                            N.A.             N.A.           N.A.             N.A.           N.A.          N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.             N.A.
              Institutional option $                                                      2.28%              N.A.         2.44%              N.A.           N.A.          N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.             N.A.
              Super Institutional option $                                                2.36%              N.A.           N.A.             N.A.           N.A.          N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.             N.A.
 7.2    Compounded Annualised yield in case of schemes in
        existence for more than 1 year ^
        (i) Last 1 year
              Regular / Retail option                                                     6.31%              N.A.         6.66%              N.A.       13.03%         10.70%         30.62%          28.93%         42.22%          45.21%         29.40%          30.34%           4.08%         26.43%              N.A.         10.42%
              Regular option B                                                              N.A.             N.A.           N.A.             N.A.          N.A.           N.A.           N.A.            N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.             N.A.            N.A.
              Institutional option                                                        6.60%              N.A.         6.87%              N.A.          N.A.           N.A.           N.A.            N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.             N.A.            N.A.
              Super Institutional option                                                  6.79%              N.A.           N.A.             N.A.          N.A.           N.A.           N.A.            N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.             N.A.            N.A.
        (ii) Last 3 years
              Regular / Retail option                                                     7.32%              N.A.            N.A.            N.A.       10.30%          9.45%         10.24%           3.25%         16.46%          15.52%           9.52%         12.43%             N.A.         1.01%              N.A.           6.16%
              Institutional option                                                        7.69%              N.A.            N.A.            N.A.          N.A.           N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.             N.A.
              Super Institutional option                                                  7.84%              N.A.            N.A.            N.A.          N.A.           N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.             N.A.
        (iii) Last 5 years
              Regular / Retail option                                                     6.58%              N.A.            N.A.            N.A.        7.57%          8.08%         25.69%             N.A.           N.A.            N.A.         25.61%             N.A.           N.A.        19.67%              N.A.           6.70%
              Institutional option                                                        6.91%              N.A.            N.A.            N.A.          N.A.           N.A.           N.A.            N.A.           N.A.            N.A.            N.A.            N.A.           N.A.           N.A.             N.A.             N.A.
        (iv) Since launch of the scheme (%) ^^
              Regular / Retail option                                                     6.77%              N.A.         7.91%              N.A.         8.75%         7.56%         26.31%          14.18%         14.90%          12.72%          12.08%         12.65%           0.79%         17.31%              N.A.           6.26%
              Regular option B                                                              N.A.             N.A.           N.A.             N.A.           N.A.          N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.             N.A.
              Institutional option                                                        6.77%              N.A.         7.87%              N.A.           N.A.          N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.             N.A.
              Super Institutional option                                                  7.40%              N.A.           N.A.             N.A.           N.A.          N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.             N.A.
        Date of launch of the scheme
              Regular / Retail option                                                28-12-1999      07-11-2007      20-03-2007       27-09-2004     30-03-1999    12-08-2002     30-07-2004      19-04-2005      09-09-2005     27-01-2006      30-03-1999      25-07-2006     27-09-2006      12-02-2004     12-01-2004       12-01-2004
              Regular option B                                                              N.A.            N.A.            N.A.             N.A.           N.A.          N.A.           N.A.            N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.
              Institutional option                                                   08-06-2004      07-11-2007      20-03-2007              N.A.    10-03-2003           N.A.           N.A.            N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.
              Super Institutional option                                             02-08-2005             N.A.            N.A.             N.A.           N.A.          N.A.           N.A.            N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.
        Date of allotment/roll over of the scheme
              Regular / Retail option                                                06-01-2000      08-11-2007      20-03-2007       10-10-2004     06-05-1999    19-08-2002     12-09-2004      30-05-2005      24-10-2005     10-03-2006      06-05-1999      11-09-2006     31-10-2006      28-03-2004     23-02-2004       23-02-2004
              Regular option B                                                              N.A.            N.A.            N.A.             N.A.           N.A.          N.A.           N.A.            N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.
              Institutional option                                                   08-06-2004      08-11-2007      20-03-2007              N.A.    10-03-2003           N.A.           N.A.            N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.
              Super Institutional option                                             02-08-2005             N.A.            N.A.             N.A.           N.A.          N.A.           N.A.            N.A.            N.A.           N.A.            N.A.            N.A.           N.A.            N.A.           N.A.             N.A.
 8      Performance of the benchmark indices                                                Crisil          Crisil          Crisil          Crisil        Crisil         Crisil      BSE-100            CNX         BSE-100         BSE-100        BSE-100              Nifty          Crisil         CNX             Crisil           Crisil
                                                                                     Liquid Fund     Liquid Fund     Liquid Fund     Liquid Fund     Composite     Short Term                         Midcap                                                          Junior      Balanced          Midcap    MIP Blended      MIP Blended
                                                                                           Index           Index           Index           Index     Bond Fund     Bond Fund                           Index                                                           Index           Fund          Index           Index            Index
                                                                                                                                                         Index          Index                                                                                                         Index
 8.1    During the half year (%) $                                                        2.06%              N.A.          2.06%             N.A.        2.55%          3.25%         80.68%          97.02%         80.68%          80.68%         80.68%         115.86%          42.64%         97.02%              N.A.         10.96%
 8.2    Compounded Annualised yield in case of schemes in
        existence for more than 1 year (%)
        (i) Last 1 year                                                                   6.82%              N.A.          6.82%             N.A.       10.02%         10.44%         33.46%          37.27%         33.46%          33.46%         33.46%          54.90%          25.75%         37.27%              N.A.         14.28%
        (ii) Last 3 years                                                                 7.22%              N.A.            N.A.            N.A.        6.34%          7.96%         12.14%          12.66%         12.14%          12.14%         12.14%          12.84%             N.A.        12.66%              N.A.          8.09%
        (iii) Last 5 years                                                                6.36%              N.A.            N.A.            N.A.        5.43%          6.71%         24.38%             N.A.           N.A.            N.A.        24.38%             N.A.            N.A.        23.52%              N.A.          8.61%
        (iv) Since launch of the scheme ^^                                                  N.A.             N.A.          7.38%             N.A.          N.A.         6.20%         25.14%          20.15%         21.21%          13.74%         17.94%          15.72%          10.99%         23.52%              N.A.          7.53%
              - Regular Option B                                                            N.A.             N.A.            N.A.            N.A.          N.A.           N.A.           N.A.            N.A.           N.A.            N.A.           N.A.            N.A.            N.A.           N.A.             N.A.            N.A.
 9      Provision for Doubtful Income/Debts                                                      -               -               -               -             -              -              -              -                -              -               -               -               -             -                -                -
 10     Payments to associate/group companies (if applicable)                                0.02                -           0.03            0.00          0.09           0.02           0.05            0.01           0.01            0.04            0.02           0.02            0.00           0.00             0.00             0.01
 11     Investments made in associate/group companies (as on September 30, 2009)                 -               -               -               -             -              -          2.02            0.88                -          0.24            2.15            0.78                -         1.83                 -            0.02
(^) Based on the Growth option of the respective Schemes. ($) Absolute returns. (~) Including Service Tax.(^^) Compounded annualised yield for schemes less than 1 year are absolute returns. (*) Scheme ING High Yield Liquidity Fund is in the process of Winding up and no NAVs are declared from 26th February 2009. (**) Scheme merged
with ING Liquid Fund w.e.f September 19, 2009. (***)Scheme merged with ING Income Fund w.e.f September 19, 2009. (&) Nav’s as of 29/09/09 (last business day of the scheme). “0.00” represents amount less than Rs. 50,000.                                                                                           Continued on Next Page
                                                                                                                     ING MUTUAL FUND
                                                UNAUDITED HALF YEARLY FINANCIAL RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2009                                                                                                                                                                                                       (Rs. in Crores)
                                                                                                                                                                                                          SCHEME NAMES
 Sl.    Particulars                                                                    ING            ING             ING            ING             ING           ING                ING              ING              ING              ING             ING             ING             ING            ING             ING               ING
 No.                                                                                Nifty Plus      Balanced           Gilt       Gilt Fund         Fixed         Fixed              Fixed            Fixed            Fixed            Fixed         Long Term       Long Term         Yearly         Yearly          Yearly           Interval
                                                                                      Fund            Fund            Fund        Provident        Maturity      Maturity           Maturity         Maturity         Maturity        Maturity          Fixed           Fixed         FMP 366 -       FMP 366 -       FMP 366 -          Fund -
                                                                                                                                  Fund Plan         Fund           Fund               Fund             Fund             Fund            Fund           Maturity        Maturity        Series A       Series A1       Series A2         (Annual
                                                                                                                                   Dynamic       Series XXXII Series XXXVIII        Series 40        Series 47        Series 48       Series 53         Fund            Fund                                                            Interval
                                                                                                                                     Plan                                                                                                              Series I        Series II                                                       Fund - A)
 1.1    Unit Capital at the beginning of the half-year period                              5.57            3.79           3.49           6.70             9.87             3.66            16.28            54.33           43.21           51.53           26.32           18.94          102.71           34.71           18.18            11.28
 1.2    Unit Capital at the end of the period                                              6.44            3.54              -           9.58                -                -                -                -               -               -               -               -               -               -           18.11                -
 2      Reserves and surplus                                                               7.58            2.89               -          3.55                  -                -                -                -               -               -               -               -               -               -           1.81                 -
 3.1    Total Net Assets at the beginning of the half-year period                          7.46            4.53           5.19           8.65            11.07             4.12            17.76            57.84           46.07           54.96           29.17           20.81          108.66           37.08           19.07            12.08
 3.2    Total Net Assets at the end of the period                                         14.02            6.43              -          13.13                -                -                -                -               -               -               -               -               -               -           19.92                -
 4.1    Nav at the beginning of the half-year period (Rs.) (per unit)
             Regular / Retail Growth option                                               15.21          14.88        14.8612         14.2312         11.4879          11.2453          10.9141          10.6930          10.7122         10.6465         11.0819        10.9902         10.5793         10.6851         10.4915          10.7151
             Regular / Retail / Retail Regular Dividend option                            10.13          10.41        14.8612               -         10.1663          11.2455          10.9141          10.1923          10.2115         10.6465         11.0819        10.9902         10.5793         10.6851         10.4915                -
             Regular / Retail Monthly Dividend option                                         -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Regular / Retail Quarterly Dividend option                                       -              -              -               -               -                -                -                -                -               -               -              -               -               -               -          10.4752
             Regular Half Yearly Dividend option                                              -              -              -         10.5716               -                -                -                -                -               -               -              -               -               -               -                -
             Regular Annual Dividend option                                                   -              -              -         10.6258               -                -                -                -                -               -               -              -               -               -               -                -
             Regular / Retail Bonus option                                                15.21              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Regular / Retail Weekly Dividend option                                          -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Regular / Retail Daily Dividend option                                           -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Institutional Growth option                                                      -              -              -               -         11.5821          11.3064          10.9141          10.6930          10.7121         10.6702         11.0819        10.9902         10.5793         10.6851         10.4915          10.7151
             Institutional Monthly Dividend option                                            -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Institutional Quarterly Dividend option                                          -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Institutional Half Yearly Dividend option                                        -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Institutional Annual Dividend option                                             -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Institutional Bonus option                                                       -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Institutional Weekly Dividend option                                             -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Institutional Daily Dividend option                                              -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Institutional / Institutional Regular Dividend Option                            -              -              -               -         10.2100                -          10.9141          10.1923          10.2115         10.6702               -              -         10.5793         10.6851         10.4915                -
             Super Institutional Growth option                                                -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Super Institutional Weekly Dividend option                                       -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Super Institutional Daily Dividend option                                        -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Growth Auto Income Payout option                                                 -              -              -         14.2312               -                -                -                -                -               -               -              -               -               -               -                -
             Cyclical Series option 2009                                                      -              -              -          9.9699               -                -                -                -                -               -               -              -               -               -               -                -
             Regular Growth option ‘A’                                                        -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Regular Dividend option ‘A                                                       -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
             Regular Growth option ‘B’                                                        -              -              -               -               -                -                -                -                -               -               -              -               -               -               -                -
 4.2    Nav at the end of the period (Rs.) (per unit)
             Regular / Retail Growth option                                               25.22          22.56             ****     14.7416 &             *****               $$             $$$             $$$$           $$$$$                +              ++            +++            ++++          +++++       11.0016 &              @@
             Regular / Retail / Retail Regular Dividend option                            16.81          15.78             ****              -            *****               $$             $$$             $$$$           $$$$$                +              ++            +++            ++++          +++++       11.0016 &                -
             Regular / Retail Monthly Dividend option                                         -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
             Regular / Retail Quarterly Dividend option                                       -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -              @@
             Regular Half Yearly Dividend option                                              -              -                -     10.9508 &                 -                -               -                -               -                -               -              -               -              -                -               -
             Regular Annual Dividend option                                                   -              -                -     11.0069 &                 -                -               -                -               -                -               -              -               -              -               -                -
             Regular / Retail Bonus option                                                    -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
             Regular / Retail Weekly Dividend option                                          -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
             Regular / Retail Daily Dividend option                                           -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
             Institutional Growth option                                                      -              -                -             -             *****               $$             $$$             $$$$           $$$$$                +              ++            +++            ++++          +++++       11.0016 &              @@
             Institutional Monthly Dividend option                                            -              -                -             -                 -                -               -                -               -                -               -              -               -              -                -               -
             Institutional Quarterly Dividend option                                          -              -                -              -                -                -               -                -               -                -               -              -               -              -                -               -
             Institutional Half Yearly Dividend option                                        -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
             Institutional Annual Dividend option                                             -              -                -              -                -                -               -                -               -                -               -              -               -              -                -               -
             Institutional Bonus option                                                       -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
             Institutional Weekly Dividend option                                             -              -                -             -                 -                -               -                -               -                -               -              -               -              -                -               -
             Institutional Daily Dividend option                                              -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
             Institutional / Institutional Regular Dividend Option                            -              -                -              -            *****                -             $$$             $$$$           $$$$$                +               -              -            ++++          +++++       11.0016 &                -
             Super Institutional Growth option                                                -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
             Super Institutional Weekly Dividend option                                       -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
             Super Institutional Daily Dividend option                                        -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
             Growth Auto Income Payout option                                                 -              -                -     14.7416 &                 -                -               -                -               -                -               -              -               -              -               -                -
             Cyclical Series option 2009                                                      -              -                -     10.3275 &                 -                -               -                -               -                -               -              -               -              -               -                -
             Regular Growth option ‘A’                                                        -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
             Regular Dividend option ‘A                                                       -              -                -             -                 -                -               -                -               -                -               -              -               -              -                -               -
             Regular Growth option ‘B’                                                        -              -                -             -                 -                -               -                -               -                -               -              -               -              -               -                -
 4.3    Dividend paid per unit during the half-year (total) (gross) Rs.
             Regular / Retail / Retail Regular Dividend option                                -                -              -             -          0.7547           1.2626           0.9584           0.4464           0.4363          1.1048          1.1013          1.0793          1.1581          1.1672                 -             -
             Regular Daily Dividend option                                                    -                -              -             -               -                -                -                -                -               -               -               -               -               -                 -             -
             Regular Weekly Dividend option                                                   -                -              -             -               -                -                -                -                -               -               -               -               -               -                 -             -
             Regular / Retail Monthly Dividend option                                         -                -              -             -               -                -                -                -                -               -               -               -               -               -                 -             -
             Regular Quarterly Dividend option                                                -                -              -             -               -                -                -                -                -               -               -               -               -               -                 -        0.7803
             Regular Half Yearly Dividend option                                              -                -              -        0.4414               -                -                -                -                -               -               -               -               -               -                 -             -
             Institutional / Institutional Regular Dividend option                            -                -              -             -          0.8010                -           0.9584           0.4464           0.4363          1.1295               -               -          1.1581          1.1672                 -             -
             Institutional Daily Dividend option                                              -                -              -             -               -                -                -                -                -               -               -               -               -               -                 -             -
             Institutional Weekly Dividend option                                             -                -              -             -               -                -                -                -                -               -               -               -               -               -                 -             -
             Institutional Quarterly Dividend option                                          -                -              -             -               -                -                -                -                -               -               -               -               -               -                 -             -
             Super Institutional Daily Dividend option                                        -                -              -             -               -                -                -                -                -               -               -               -               -               -                 -             -
        Income
 5.1    Dividend                                                                           0.10            0.04              -              -                -                -                -                -                -               -               -               -               -               -               -               -
 5.2    Interest                                                                           0.00            0.03           0.04           0.30             0.54             0.01             0.07             0.64             0.80            2.15            0.05            0.03            5.19            1.96            0.93            0.20
 5.3    Profit/(Loss) on sale/redemption of investments
        (other than inter scheme transfer/sale)                                            0.48            0.59           0.10           0.20                -                -                -             1.05                -               -               -               -               -               -               -               -
 5.4    Profit/(Loss) on inter scheme transfer/sale of investments                            -          (0.00)           0.00              -             0.01                -                -                -                -               -               -               -            0.01            0.00               -            0.04
 5.5    Other income (excluding appreciation in value of investments)                         -                -              -          0.00                -                -                -             0.39             0.10            0.11               -               -               -               -               -            0.01
 5.6    Total income (5.1 to 5.5)                                                          0.58            0.66           0.15           0.50             0.55             0.01             0.07             2.08             0.90            2.26            0.05            0.03            5.20            1.96            0.93            0.25
        Expenses
 6.1    Management fees ~                                                                  0.07            0.03              -           0.05                -                -                  -           0.12             0.09            0.04               -                -              -            0.11                -           0.03
 6.2    Trustee fees                                                                       0.00            0.00           0.00           0.00                -                -                  -              -                -               -               -                -              -               -                -              -
 6.3    Total Recurring Expenses (including 6.1 and 6.2)                                   0.14            0.07           0.01           0.08             0.01             0.00                  -           0.20             0.14            0.09            0.00                -           0.00            0.23                -           0.05
 6.4    Percentage of Management Fees to daily/
        weekly average net assets (on annualised basis) ~                                1.27%           1.00%          0.00%          0.88%            0.00%            0.00%            0.00%            1.37%            1.04%           0.21%           0.00%           0.00%           0.00%           0.62%          0.00%            1.34%
 6.5    Total Recurring expenses as a percentage of daily/
        weekly average net assets (on annualised basis)
              Regular / Retail option                                                    2.50%           2.50%          1.50%          1.50%            0.10%            2.25%            0.00%            2.25%            1.51%          0.43%            0.05%           0.00%           0.00%          1.25%           0.00%            2.25%
              Institutional option                                                         N.A.            N.A.           N.A.           N.A.           0.10%            2.25%              N.A.             N.A.             N.A.         0.43%              N.A.            N.A.            N.A.           N.A.            N.A.             N.A.
              Super Institutional option                                                   N.A.            N.A.           N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.           N.A.             N.A.            N.A.            N.A.           N.A.            N.A.             N.A.
 7.1    Returns during the half-year ^
              Regular / Retail option $                                                 65.81%         51.61%             N.A          3.59%              N.A              N.A              N.A              N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.         4.86%              N.A.
              Regular option B $                                                           N.A.           N.A.            N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.           N.A.             N.A.
              Institutional option $                                                       N.A.           N.A.            N.A.           N.A.             N.A              N.A              N.A              N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.         4.86%              N.A.
              Super Institutional option $                                                 N.A.           N.A.            N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.           N.A.             N.A.
 7.2    Compounded Annualised yield in case of schemes in
        existence for more than 1 year ^
        (i) Last 1 year
              Regular / Retail option                                                   28.02%         24.43%             N.A.        13.89%              N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
              Regular option B                                                             N.A.           N.A.            N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
              Institutional option                                                         N.A.           N.A.            N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
              Super Institutional option                                                   N.A.           N.A.            N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
        (ii) Last 3 years
              Regular / Retail option                                                   10.92%         10.02%             N.A.         9.34%              N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
              Institutional option                                                         N.A.           N.A.            N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
              Super Institutional option                                                   N.A.           N.A.            N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
        (iii) Last 5 years
              Regular / Retail option                                                   21.99%         18.14%             N.A.         7.33%              N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
              Institutional option                                                         N.A.           N.A.            N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
        (iv) Since launch of the scheme (%) ^^
              Regular / Retail option                                                   17.94%           9.00%            N.A.         7.31%              N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.        10.22%              N.A.
              Regular option B                                                             N.A.            N.A.           N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.           N.A.             N.A.
              Institutional option                                                         N.A.            N.A.           N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.        10.22%              N.A.
              Super Institutional option                                                   N.A.            N.A.           N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.           N.A.             N.A.
        Date of launch of the scheme
              Regular / Retail option                                               12-01-2004      15-03-2000     24-01-2002     15-03-2004      30-08-2007       26-10-2007       10-04-2008       20-05-2008       02-06-2008      01-08-2008      05-03-2008      18-03-2008      27-08-2008      12-09-2008      26-09-2008       19-06-2008
              Regular option B                                                             N.A.            N.A.           N.A.           N.A.            N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.             N.A.
              Institutional option                                                         N.A.            N.A.           N.A.           N.A.     30-08-2007       26-10-2007       10-04-2008       20-05-2008       02-06-2008      01-08-2008      05-03-2008      18-03-2008      27-08-2008      12-09-2008      26-09-2008       19-06-2008
              Super Institutional option                                                   N.A.            N.A.           N.A.           N.A.            N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.             N.A.
        Date of allotment/roll over of the scheme
              Regular / Retail option                                               23-02-2004      25-04-2000     07-02-2002     31-03-2004     11-09-2007;       30-10-2007       16-04-2008       27-05-2008       10-06-2008      12-08-2008      11-03-2008      25-03-2008      09-09-2008      23-09-2008      07-10-2008       25-06-2008
                                                                                                                                                 13-09-2008
             Regular option B                                                              N.A.            N.A.           N.A.           N.A.           N.A.              N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.             N.A.
             Institutional option                                                          N.A.            N.A.           N.A.           N.A.    11-09-2007;       30-10-2007       16-04-2008       27-05-2008       10-06-2008      12-08-2008      11-03-2008      25-03-2008      09-09-2008      23-09-2008      07-10-2008       25-06-2008
                                                                                                                                                 13-09-2008
        Super Institutional option                                                         N.A.            N.A.           N.A.           N.A.           N.A.               N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
 8      Performance of the benchmark indices                                              S&P             Crisil           ISEC          ISEC             Crisil           Crisil           Crisil           Crisil          Crisil          Crisil          Crisil          Crisil          Crisil          Crisil          Crisil          Crisil
                                                                                      CNX Nifty      Balanced       Composite      Composite      Liquid Fund      Liquid Fund      Liquid Fund      Liquid Fund      Liquid Fund     Liquid Fund     Liquid Fund     Liquid Fund     Liquid Fund     Liquid Fund     Liquid Fund     Liquid Fund
                                                                                         Index      Fund Index       Gilt Index     Gilt Index           Index            Index            Index            Index           Index           Index           Index           Index           Index           Index           Index           Index
 8.1    During the half year (%) $                                                      68.29%         42.64%             N.A.         1.60%              N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.         2.06%              N.A.
 8.2    Compounded Annualised yield in case of schemes in
        existence for more than 1 year (%)
        (i) Last 1 year                                                                 29.65%         25.75%             N.A.        15.51%              N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
        (ii) Last 3 years                                                               12.29%         11.69%             N.A.         8.62%              N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
        (iii) Last 5 years                                                              23.82%         17.29%             N.A.         7.16%              N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
        (iv) Since launch of the scheme ^^                                              20.25%            N.A.            N.A.         5.98%              N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.          6.80%             N.A.
              - Regular Option B                                                           N.A.           N.A.            N.A.           N.A.             N.A.             N.A.             N.A.             N.A.             N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.            N.A.
 9      Provision for Doubtful Income/Debts                                                   -                -              -              -                 -                -                -                -               -               -               -               -               -               -               -                -
 10     Payments to associate/group companies (if applicable)                              0.00            0.00           0.00           0.00                  -                -                -           0.00             0.00            0.00                -               -               -               -               -           0.06
 11     Investments made in associate/group companies (as on September 30, 2009)           0.10            0.15               -              -                 -                -                -                -               -               -               -               -               -               -               -                -
(^) Based on the Growth option of the respective Schemes. ($) Absolute returns. (~) Including Service Tax.(^^) Compounded annualised yield for schemes less than 1 year are absolute returns. (****)Scheme merged with ING Gilt Fund Provident Fund Plan Dynamic Plan w.e.f September 19, 2009. (*****) Scheme Matured on 15th September
2009. ($$) Scheme Matured on 8th April, 2009. ($$$) Scheme Matured on 16th April, 2009. ($$$$) Scheme Matured on 27th May, 2009. ($$$$$) Scheme Matured on 10th June, 2009. (+) Scheme Matured on 12th August, 2009. (++) Scheme Matured on 8th April, 2009. (+++) Scheme Matured on 8th April, 2009. (++++) Scheme Matured
on 9th September, 2009. (+++++) Scheme Matured on 23rd September, 2009. (@@) The Scheme was wound-up on 2nd July, 2009. (&) Nav’s as of 29th September, 2009 (last business day of the scheme). “0.00” represents amount less than Rs. 50,000.                                                                     Continued on Next Page
                                                                                                                        ING MUTUAL FUND
                                                UNAUDITED HALF YEARLY FINANCIAL RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2009                                                                                                                                                                                                   (Rs. in Crores)
                                                                                                                                                                                                             SCHEME NAMES
 Sl.    Particulars                                                                     ING            ING             ING         ING OptiMix    ING OptiMix ING OptiMix ING OptiMix ING OptiMix ING OptiMix ING OptiMix ING OptiMix ING OptiMix ING OptiMix ING OptiMix ING OptiMix                              ING OptiMix   ING OptiMix
 No.                                                                                  Interval        Global           Latin          Income        Income       Asset      Dynamic      Equity     Dynamic      5Star     Active Debt  Dynamic     Dynamic      Equity   RetireInvest                                 Multi       Global
 No.                                                                                   Fund -          Real          America       Growth Multi   Growth Multi Allocator     Multi        Multi      Multi       Multi        Multi      Multi        Multi       Multi      Fund                                    Manager     Commodities
                                                                                      (Annual         Estate          Equity       Manager FOF    Manager FOF    Multi    Manager FOF Manager FOF Manager FOF Manager FOF Manager FOF Manager FoF Manager FOF Manager FOF   Series I                                  Equity        Fund
                                                                                      Interval        Fund            Fund         Scheme-15%     Scheme-30% Manager FOF Scheme         Scheme     Scheme -     Scheme      Scheme     Scheme -    Scheme -    Scheme -                                               Fund
                                                                                     Fund - B)                                      Equity Plan    Equity Plan  Scheme                              Series II                           Series III  Series IV   Series II
 1.1    Unit Capital at the beginning of the half-year period                               0.94        176.22          105.14            3.02           5.20         14.34          32.02          23.46          55.00           2.32         11.56         19.11          12.42          34.83          8.90        114.99           10.89
 1.2    Unit Capital at the end of the period                                               0.55        163.18           84.14            1.93           4.41          9.96          26.15          13.83          45.23           2.49          6.34         18.39          11.05          31.56          8.90         90.17           10.29
 2      Reserves and surplus                                                                0.05        (11.76)         (2.79)            0.29           0.80           5.20           0.15          2.47            0.53          0.47          0.76         (0.09)         (0.81)         (3.91)         1.03         (1.05)            1.06
 3.1    Total Net Assets at the beginning of the half-year period                           1.01        106.96           63.11            3.18           5.26         15.49          31.73          16.89          54.90           1.65         12.43         15.94           9.69          18.67          6.17         70.75             9.02
 3.2    Total Net Assets at the end of the period                                           0.60        151.42           81.35            2.23           5.22         15.16          26.30          16.30          45.76           2.96          7.10         18.30          10.24          27.64          9.93         89.12            11.35
 4.1    Nav at the beginning of the half-year period (Rs.) (per unit)
             Regular / Retail Growth option                                            10.7822            6.08            6.00        10.7114        10.2676        11.2370         9.9086         7.1989         9.9825         7.4919       12.2056        8.3410         7.8017         5.3616          6.93             -          8.2900
             Regular / Retail / Retail Regular Dividend option                               -            6.08            6.00        10.3585         9.9262        10.3516         9.9085         7.1989         9.9824         6.4838       10.0397        8.3410         7.8017         5.3616          6.93             -          8.2899
             Regular / Retail Monthly Dividend option                                        -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Regular / Retail Quarterly Dividend option                                10.1047               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Regular Half Yearly Dividend option                                             -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Regular Annual Dividend option                                                  -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Regular / Retail Bonus option                                                   -            6.08            6.00              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Regular / Retail Weekly Dividend option                                         -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Regular / Retail Daily Dividend option                                    10.7822               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Institutional Growth option                                                     -            5.31               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Institutional Monthly Dividend option                                           -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Institutional Quarterly Dividend option                                         -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Institutional Half Yearly Dividend option                                       -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Institutional Annual Dividend option                                            -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Institutional Bonus option                                                      -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Institutional Weekly Dividend option                                            -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Institutional Daily Dividend option                                             -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Institutional / Institutional Regular Dividend Option                           -            5.43               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Super Institutional Growth option                                               -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Super Institutional Weekly Dividend option                                      -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Super Institutional Daily Dividend option                                       -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Growth Auto Income Payout option                                                -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Cyclical Series option 2009                                                     -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Regular Growth option ‘A’                                                       -               -               -              -              -              -              -              -              -              -             -             -              -              -             -          6.15               -
             Regular Dividend option ‘A                                                      -               -               -              -              -              -              -              -              -              -             -             -              -              -             -          6.15               -
             Regular Growth option ‘B’                                                       -               -               -              -              -              -              -              -              -              -             -             -              -              -             -          5.72               -
 4.2    Nav at the end of the period (Rs.) (per unit)
             Regular / Retail Growth option                                          11.1735 &            9.30            9.67      11.6989 &      12.0220 &      15.8250 &      10.0577 &      11.7861 &      10.1187 &      12.4198 &     12.5082 &      9.9489 &       9.2649 &       8.7611 &         11.16             -       11.0292 &
             Regular / Retail / Retail Regular Dividend option                       10.0558 &            9.30            9.67      11.3135 &      11.6223 &      14.5781 &      10.0577 &      11.7861 &      10.1187 &      10.7424 &     10.0847 &      9.9489 &       9.2649 &       8.7611 &         11.16             -       11.0291 &
             Regular / Retail Monthly Dividend option                                        -               -               -              -              -              -               -              -             -              -             -             -              -              -             -             -               -
             Regular / Retail Quarterly Dividend option                              10.0558 &               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Regular Half Yearly Dividend option                                              -              -               -              -               -              -              -              -             -              -              -             -              -             -             -             -                -
             Regular Annual Dividend option                                                  -               -               -              -              -              -               -              -             -              -             -             -               -             -             -             -               -
             Regular / Retail Bonus option                                                   -               -               -              -              -              -               -              -             -              -             -             -              -              -             -             -               -
             Regular / Retail Weekly Dividend option                                         -               -               -              -              -              -               -              -             -              -             -             -               -             -             -             -               -
             Regular / Retail Daily Dividend option                                          -               -               -              -              -              -               -              -             -              -             -             -               -             -             -             -               -
             Institutional Growth option                                                      -           8.11               -              -               -              -              -              -              -              -             -             -              -              -            -             -                -
             Institutional Monthly Dividend option                                            -              -               -              -              -               -              -              -             -              -              -            -               -             -             -             -               -
             Institutional Quarterly Dividend option                                          -              -               -              -               -              -              -              -              -              -             -             -              -              -            -             -                -
             Institutional Half Yearly Dividend option                                       -               -               -              -              -              -              -               -             -              -             -             -              -              -             -             -               -
             Institutional Annual Dividend option                                             -              -               -              -               -              -              -              -             -              -              -             -              -             -             -             -               -
             Institutional Bonus option                                                      -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Institutional Weekly Dividend option                                             -              -               -              -              -               -              -              -             -              -             -             -               -             -             -             -               -
             Institutional Daily Dividend option                                             -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Institutional / Institutional Regular Dividend Option                            -           8.30               -              -               -              -              -              -              -              -             -             -              -              -            -             -                -
             Super Institutional Growth option                                               -               -               -              -              -              -               -              -             -              -             -             -              -              -             -             -               -
             Super Institutional Weekly Dividend option                                      -               -               -              -              -              -               -              -             -              -             -             -              -              -             -             -               -
             Super Institutional Daily Dividend option                                       -               -               -              -              -              -              -              -              -              -             -             -              -              -             -             -               -
             Growth Auto Income Payout option                                                 -              -               -              -              -               -              -              -             -              -             -             -               -             -             -             -               -
             Cyclical Series option 2009                                                      -              -               -              -              -               -              -              -             -              -              -            -               -             -             -             -               -
             Regular Growth option ‘A’                                                        -              -               -               -              -              -              -              -              -              -             -             -              -              -            -          9.88               -
             Regular Dividend option ‘A                                                       -              -               -               -              -              -              -              -              -              -             -             -              -              -            -          9.88                -
             Regular Growth option ‘B’                                                       -               -               -              -              -              -               -              -             -              -             -             -               -             -             -         10.09               -
 4.3    Dividend paid per unit during the half-year (total) (gross) Rs.
             Regular / Retail / Retail Regular Dividend option                           1.1116                -               -              -              -              -              -             -               -             -       0.2364               -              -             -             -             -               -
             Regular Daily Dividend option                                                    -                -               -              -              -              -              -             -               -             -            -               -              -             -             -             -               -
             Regular Weekly Dividend option                                                   -                -               -              -              -              -              -             -               -             -            -               -              -             -             -             -               -
             Regular / Retail Monthly Dividend option                                         -                -               -              -              -              -              -             -               -             -            -               -              -             -             -             -               -
             Regular Quarterly Dividend option                                           0.4588                -               -              -              -              -              -             -               -             -            -               -              -             -             -             -               -
             Regular Half Yearly Dividend option                                              -                -               -              -              -              -              -             -               -             -            -               -              -             -             -             -               -
             Institutional / Institutional Regular Dividend option                            -                -               -              -              -              -              -             -               -             -            -               -              -             -             -             -               -
             Institutional Daily Dividend option                                              -                -               -              -              -              -              -             -               -             -            -               -              -             -             -             -               -
             Institutional Weekly Dividend option                                             -                -               -              -              -              -              -             -               -             -            -               -              -             -             -             -               -
             Institutional Quarterly Dividend option                                          -                -               -              -              -              -              -             -               -             -            -               -              -             -             -             -               -
             Super Institutional Daily Dividend option                                        -                -               -              -              -              -              -             -               -             -            -               -              -             -             -             -               -
        Income
 5.1    Dividend                                                                               -          1.43               -                -              -              -              -             -               -             -             -              -              -             -         0.07          0.60             0.01
 5.2    Interest                                                                            0.03          0.02            0.01                -              -              -              -             -               -             -             -              -              -             -         0.00          0.08                -
 5.3    Profit/(Loss) on sale/redemption of investments
        (other than inter scheme transfer/sale)                                                -         (3.31)           5.43            0.13           0.26           5.56           0.41          2.13            0.74          0.23          0.18           0.77           0.45          1.93          0.89         11.37           (0.15)
 5.4    Profit/(Loss) on inter scheme transfer/sale of investments                             -              -              -               -              -              -              -             -               -             -             -              -              -             -             -             -                -
 5.5    Other income (excluding appreciation in value of investments)                       0.00              -              -            0.00              -              -              -             -               -          0.00             -              -              -             -             -          0.00             0.00
 5.6    Total income (5.1 to 5.5)                                                           0.03         (1.86)           5.44            0.14           0.26           5.56           0.41          2.13            0.74          0.23          0.18           0.77           0.45          1.93          0.96         12.06           (0.14)
        Expenses
 6.1    Management fees ~                                                                       -         0.09            0.04            0.00           0.00           0.04           0.07          0.04            0.13          0.00          0.01           0.04           0.02          0.06          0.05          0.57             0.01
 6.2    Trustee fees                                                                            -            -               -               -              -              -              -             -               -             -             -              -              -             -             -             -                -
 6.3    Total Recurring Expenses (including 6.1 and 6.2)                                        -         0.50            0.28            0.01           0.02           0.06           0.11          0.07            0.19          0.01          0.02           0.06           0.04          0.09          0.10          1.03             0.04
 6.4    Percentage of Management Fees to daily/
        weekly average net assets (on annualised basis) ~                                 0.00%          0.14%          0.10%           0.07%          0.03%          0.47%          0.52%          0.49%          0.52%         0.00%         0.15%          0.52%          0.41%         0.46%         1.31%         1.35%            0.22%
 6.5    Total Recurring expenses as a percentage of daily/
        weekly average net assets (on annualised basis)
              Regular / Retail option                                                     0.00%          0.75%          0.75%           0.66%          0.70%          0.75%          0.75%         0.74%           0.74%         0.75%         0.50%          0.74%          0.74%         0.73%         2.38%         2.45%            0.75%
              Institutional option                                                          N.A.           N.A.           N.A.            N.A.           N.A.           N.A.           N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.          N.A.             N.A.
              Super Institutional option                                                    N.A.           N.A.           N.A.            N.A.           N.A.           N.A.           N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.          N.A.             N.A.
 7.1    Returns during the half-year ^
              Regular / Retail option $                                                     N.A.       52.96%          61.17%           9.22%         17.09%        40.83%           1.50%        63.72%           1.36%        65.78%          2.48%       19.28%         18.75%         63.40%        61.04%        60.65%          33.04%
              Regular option B $                                                            N.A.          N.A.            N.A.            N.A.           N.A.          N.A.            N.A.          N.A.            N.A.          N.A.           N.A.         N.A.           N.A.           N.A.          N.A.       76.40%             N.A.
              Institutional option $                                                        N.A.       52.73%             N.A.            N.A.           N.A.          N.A.            N.A.          N.A.            N.A.          N.A.           N.A.         N.A.           N.A.           N.A.          N.A.          N.A.            N.A.
              Super Institutional option $                                                  N.A.          N.A.            N.A.            N.A.           N.A.          N.A.            N.A.          N.A.            N.A.          N.A.           N.A.         N.A.           N.A.           N.A.          N.A.          N.A.            N.A.
 7.2    Compounded Annualised yield in case of schemes in
        existence for more than 1 year ^
        (i) Last 1 year
              Regular / Retail option                                                       N.A.        -9.44%         19.83%           5.01%         11.47%        28.74%           3.10%        29.44%           4.42%        32.89%         9.55%          3.96%          3.20%        30.42%        30.07%        21.67%          12.69%
              Regular option B                                                              N.A.           N.A.           N.A.            N.A.           N.A.          N.A.            N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.       33.64%             N.A.
              Institutional option                                                          N.A.        -9.49%            N.A.            N.A.           N.A.          N.A.            N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.          N.A.            N.A.
              Super Institutional option                                                    N.A.           N.A.           N.A.            N.A.           N.A.          N.A.            N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.          N.A.            N.A.
        (ii) Last 3 years
              Regular / Retail option                                                       N.A.          N.A.            N.A.          4.49%          6.09%        11.81%             N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.          N.A.             N.A.
              Institutional option                                                          N.A.          N.A.            N.A.            N.A.           N.A.          N.A.            N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.          N.A.             N.A.
              Super Institutional option                                                    N.A.          N.A.            N.A.            N.A.           N.A.          N.A.            N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.          N.A.             N.A.
        (iii) Last 5 years
              Regular / Retail option                                                       N.A.          N.A.            N.A.            N.A.           N.A.           N.A.           N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.          N.A.             N.A.
              Institutional option                                                          N.A.          N.A.            N.A.            N.A.           N.A.           N.A.           N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.          N.A.             N.A.
        (iv) Since launch of the scheme (%) ^^
              Regular / Retail option                                                     0.55%         -4.06%         -2.88%           4.70%          5.54%        15.85%           0.20%          6.11%          0.44%         8.34%         8.46%         -0.24%         -3.90%         -6.88%        4.46%         -0.50%           9.95%
              Regular option B                                                              N.A.           N.A.           N.A.            N.A.           N.A.          N.A.            N.A.           N.A.           N.A.          N.A.          N.A.           N.A.           N.A.           N.A.         N.A.         0.43%             N.A.
              Institutional option                                                          N.A.       -12.76%            N.A.            N.A.           N.A.          N.A.            N.A.           N.A.           N.A.          N.A.          N.A.           N.A.           N.A.           N.A.         N.A.           N.A.            N.A.
              Super Institutional option                                                    N.A.           N.A.           N.A.            N.A.           N.A.          N.A.            N.A.           N.A.           N.A.          N.A.          N.A.           N.A.           N.A.           N.A.         N.A.           N.A.            N.A.
        Date of launch of the scheme
              Regular / Retail option                                               09-07-2008      20-11-2007     19-06-2008      09-03-2006     09-03-2006     10-07-2006     30-08-2006     26-10-2006     10-11-2006     24-11-2006    08-12-2006    18-06-2007     03-09-2007     12-09-2007    07-12-2006    07-03-2007      29-07-2008
              Regular option B                                                             N.A.            N.A.           N.A.            N.A.           N.A.           N.A.           N.A.           N.A.           N.A.           N.A.          N.A.          N.A.           N.A.           N.A.          N.A.   27-08-2007             N.A.
              Institutional option                                                         N.A.     19-03-2008            N.A.            N.A.           N.A.           N.A.           N.A.           N.A.           N.A.           N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.            N.A.
              Super Institutional option                                                   N.A.            N.A.           N.A.            N.A.           N.A.           N.A.           N.A.           N.A.           N.A.           N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.            N.A.
        Date of allotment/roll over of the scheme
              Regular / Retail option                                               15.07.2008;     31-12-2007     07-08-2008      02-05-2006     02-05-2006     17-08-2006     26-10-2006     22-12-2006     18-01-2007     16-01-2007    28-12-2006    14-08-2007     29-10-2007     22-11-2007    26-03-2007    30-04-2007      17-09-2008
                                                                                    20.07.2009
             Regular option B                                                              N.A.            N.A.           N.A.            N.A.           N.A.           N.A.           N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.    27-08-2007             N.A.
             Institutional option                                                          N.A.     19-03-2008            N.A.            N.A.           N.A.           N.A.           N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.           N.A.            N.A.
             Super Institutional option                                                    N.A.            N.A.           N.A.            N.A.           N.A.           N.A.           N.A.          N.A.            N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.           N.A.            N.A.
 8      Performance of the benchmark indices                                               Crisil     Citigroup      MSCI EM        15% S & P      30% S & P           Crisil         Crisil        S&P             Crisil        S&P           Crisil         Crisil         Crisil        S&P           S&P           S & P 40% Dow Jones
                                                                                    Liquid Fund           World           Latin     CNX Nifty+     CNX Nifty+      Balanced       Balanced           CNX        Balanced           CNX     Composite       Balanced       Balanced           CNX          CNX            CNX       World Basic
                                                                                          Index       Property        America        85% Crisil     70% Crisil         Fund           Fund           Nifty          Fund           Nifty   Bond Fund           Fund           Fund           Nifty         Nifty         Nifty Materials Index+
                                                                                                          Index    10/40 Index      Composite      Composite          Index          Index                         Index                       Index          Index          Index                                             40% Dow Jones
                                                                                                                                    Bond Fund      Bond Fund                                                                                                                                                                     World Oil and
                                                                                                                                        Index          Index                                                                                                                                                                      Gas Index +
                                                                                                                                                                                                                                                                                                                                20% MSCI AC
 8.1    During the half year (%) $                                                          N.A.       61.45%          65.97%          19.74%         32.95%        42.64%         42.64%         68.29%         42.64%         68.29%          2.55%       42.64%         42.64%         68.29%        68.29%        68.29%          25.46%
 8.2    Compounded Annualised yield in case of schemes in
        existence for more than 1 year (%)
        (i) Last 1 year                                                                     N.A.        -7.10%         23.54%          16.50%         20.72%        25.75%         25.75%         29.65%         25.75%         29.65%        10.02%        25.75%         25.75%         29.65%        29.65%        29.65%            3.90%
        (ii) Last 3 years                                                                   N.A.           N.A.           N.A.         12.30%         12.30%        11.32%            N.A.           N.A.           N.A.           N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.             N.A.
        (iii) Last 5 years                                                                  N.A.           N.A.           N.A.            N.A.           N.A.          N.A.           N.A.           N.A.           N.A.           N.A.          N.A.          N.A.           N.A.           N.A.          N.A.          N.A.             N.A.
        (iv) Since launch of the scheme ^^                                                0.54%         -9.06%          5.43%           7.68%          8.64%        12.81%         11.36%         10.32%          9.48%          8.46%         6.48%         9.34%         -0.82%         -4.33%        12.02%         9.42%           -2.59%
              - Regular Option B                                                            N.A.           N.A.           N.A.            N.A.           N.A.          N.A.           N.A.           N.A.           N.A.           N.A.          N.A.          N.A.           N.A.           N.A.          N.A.        7.63%              N.A.
 9      Provision for Doubtful Income/Debts                                                     -              -               -              -              -              -              -             -               -             -             -              -              -             -             -             -               -
 10     Payments to associate/group companies (if applicable)                               0.00          0.07            0.04                -              -              -              -             -               -         0.00              -              -              -             -         0.00          0.04             0.00
 11     Investments made in associate/group companies (as on September 30, 2009)                -              -               -              -              -              -              -             -               -             -             -              -              -             -         0.37          1.55                -
(^) Based on the Growth option of the respective Schemes. ($) Absolute returns. (~) Including Service Tax. (^^) Compounded annualised yield for schemes less than 1 year are absolute returns. (&) Nav’s as of 29/09/09 (last business day of the scheme). “0.00” represents amount less than Rs. 50,000.
                                                                                                                                                                                                                                                                                                                          Continued on Next Page
                                                                                                                        ING MUTUAL FUND
                                             UNAUDITED HALF YEARLY FINANCIAL RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2009
                                                                                                                         NOTES FORMING PART OF THE ACCOUNTS
1. No changes have been carried out in the accounting policies during the half-year ended September 30, 2009.                                                                                      Aggregate                                                                                                         Aggregate
                                                                                                                                                                                                     cost of                                                                                                           cost of
2. Details of investment made by any Scheme of ING Mutual Fund in companies which have invested more than
                                                                                                                                                                                                   acquisition Outstanding                                                                                           acquisition Outstanding
   5% of the NAV of a scheme (in terms of Regulation 25 (11)):                                                                                                                                       during       cost                                                                                                 during       cost
                                                                                  Aggregate                                                                                                       01-04-2008 to   as at                                                                                             01-04-2008 to   as at
                                                                                    cost of                        Company which         Scheme invested in          Scheme which has              30-09-2009 30-09-2009            Company which         Scheme invested in           Scheme which has              30-09-2009 30-09-2009
                                                                                  acquisition Outstanding           has invested          by the Company                 invested                 (Rs. in crores) (Rs. in crores)    has invested          by the Company                  invested                 (Rs. in crores) (Rs. in crores)
                                                                                    during       cost
                                                                                                                   Bombay             ING OptiMix Dynamic     ING OptiMix Retire Invest                                                                                         ING OptiMix Multimanager
                                                                                 01-04-2008 to   as at
                                                                                                                   Dyeing &           Multi-Manager FoF       Fund - Series I                             0.08                -                                                 Equity Fund                                 7.81            1.91
 Company which          Scheme invested in          Scheme which has              30-09-2009 30-09-2009
                                                                                                                   Manufacturing      Scheme - Series IV                                                                                                                        ING OptiMix Retire Invest
  has invested           by the Company                 invested                 (Rs. in crores) (Rs. in crores)
                                                                                                                   Company Ltd.                                                                                                                                                 Fund - Series I                             0.39            0.12
 Allahabad Bank       ING Liquid Fund        ING Fixed Maturity Fund                                                                                                                                                                Hero Honda          ING OptiMix Active      ING Balanced Fund                           0.08               -
                                                                                                                   Central Bank       ING Liquid Fund         ING Treasury Advantage Fund                24.95                -
                                             Series XXII                               40.31                 -                                                                                                                      Motors Ltd.         Debt FoF Scheme         ING Domestic Opportunities Fund             3.83               -
                                                                                                                   of India
                                             ING Income Fund                            7.73                 -                                                                                                                                          ING OptiMix Active      ING Midcap Fund                             1.26               -
                                             ING Liquid Fund                          241.69                 -     Cholamandalam ING Liquid Fund              ING Fixed Maturity Fund
                                                                                                                                                                                                                                                        Short Term FoF Scheme   ING Nifty Plus                              0.09            0.06
                                             ING Dynamic Duration Fund                 46.17                 -     DBS Finance Ltd.                           Series XXXV                               24.46                 -
                                                                                                                                                                                                                                                        ING OptiMix Dynamic     ING Tax Savings Fund                        2.29               -
                                             ING Short Term Income Fund                 6.08                 -                                                ING Income Fund                            3.64                 -
                                                                                                                                                                                                                                                        Multi-Manager FoF       ING Core Equity Fund                        0.95               -
                                             ING Treasury Advantage Fund              177.68                 -                                                ING Liquid Fund                          576.10                 -
                                                                                                                                                                                                                                                        Scheme - Series III     ING MIP Fund                                0.01               -
                                             ING Treasury Management Fund              40.92                 -                                                ING Dynamic Duration Fund                  0.91                 -
                                                                                                                                                                                                                                                        ING OptiMix Dynamic     ING OptiMix Multimanager
                                             ING Yearly FMP 366 Series A 2             14.29                 -                                                ING Short Term Income Fund                18.19                 -
                                                                                                                                                                                                                                                        Multi-Manager FoF       Equity Fund                                 3.96            0.78
                                                                                                                                                              ING Treasury Advantage Fund              446.04                 -
 AIA Engineering      ING Fixed Maturity     ING Midcap Fund                             0.20                -                                                                                                                                          Scheme - Series IV      ING OptiMix Retire Invest
                                                                                                                                                              ING Treasury Management Fund             151.86                 -
 Ltd.                 Fund Series 41         ING Tax Savings Fund                        1.46                -                                                                                                                                          ING OptiMix Multi-      Fund - Series I                             0.40            0.18
                      ING Quarterly FMP 91   ING Contra Fund                             0.29                -     Cipla Ltd.         ING Liquid Fund         ING Balanced Fund                           0.03               -                          Manager Equity Fund
                      Series A 1                                                                                                                              ING Nifty Plus                              0.06            0.06      Hindalco            ING Fixed Maturity      ING Domestic Opportunities Fund             3.90            1.83
                                                                                                                                                              ING Core Equity Fund                        0.35               -      Industries Ltd.     Fund Series 45          ING Liquid Fund                            10.59               -
 Asian Paints Ltd.    ING Fixed Maturity     ING Midcap Fund                             1.00                -                                                ING MIP Fund                                0.00               -                          ING Fixed Maturity      ING Midcap Fund                             0.65            0.52
                      Fund Series 42         ING Tax Savings Fund                        2.41                -                                                ING OptiMix Multimanager                                                                  Fund Series 46          ING Nifty Plus                              0.35            0.29
                      ING Fixed Maturity     ING Contra Fund                             0.28                -                                                Equity Fund                                 0.97            0.97                          ING Fixed Maturity      ING Tax Savings Fund                        0.99            0.83
                      Fund Series XXXIV      ING OptiMix Multimanager                                                                                         ING OptiMix Retire Invest                                                                 Fund Series 47          ING Contra Fund                             0.38            0.29
                                             Equity Fund                                 0.36                -                                                Fund - Series I                             0.10            0.10                          ING Fixed Maturity      ING OptiMix Multimanager
                                             ING OptiMix RetireInvest
                                                                                                                   CMC Ltd.           ING Long Term FMP - 2 ING Domestic Opportunities Fund               0.52                -                         Fund Series 49          Equity Fund                                 2.57                -
                                             Fund - Series I                             0.10                -
                                                                                                                                                                                                                                                        ING Fixed Maturity      ING OptiMix Retire Invest
                                                                                                                   Corporation Bank ING Liquid Fund           ING Balanced Fund                           0.06                -
 ACC Ltd.             ING Liquid Fund        ING Nifty Plus                              0.44            0.44                                                                                                                                           Fund - Series 47        Fund - Series I                             0.16                -
                                                                                                                                                              ING C.U.B (Competitive
                                             ING Contra Fund                             0.10               -                                                                                                                                           ING Quarterly FMP 91
                                                                                                                                                              Upcoming Businesses) Fund                   0.41            0.41
                                             ING OptiMix RetireInvest                                                                                                                                                                                   Series A
                                                                                                                                                              ING Dividend Yield Fund                     0.54            0.31
                                             Fund - Series I                             0.11                -                                                                                                                      ICICI Bank Ltd.     ING Liquid Fund         ING Balanced Fund                           0.12            0.15
                                                                                                                                                              ING Liquid Fund                             9.91               -
 Axis Bank Ltd.    ING Liquid Fund           ING Balanced Fund                           0.18                -                                                ING Midcap Fund                             0.73               -                          ING Treasury            ING Dividend Yield Fund                     0.78               -
 (Formerly known                             ING C.U.B (Competitive                                                                                           ING Tax Savings Fund                        1.36               -      (ICICI Home         Advantage Fund          ING Domestic Opportunities Fund             3.28            2.93
 as UTI Bank Ltd.)                           Upcoming Businesses) Fund                   0.21            0.85                                                 ING Contra Fund                             0.35               -      Finance                                     ING Dynamic Asset Allocation Fund           0.07               -
                                             ING Dividend Yield Fund                     0.16               -                                                 ING Core Equity Fund                        0.63               -      Company Ltd)                                ING Fixed Maturity Fund Series 40          19.16               -
                                             ING Domestic Opportunities Fund             2.38               -                                                 ING MIP Fund                                0.01               -                                                  ING Fixed Maturity Fund Series 49          69.47               -
                                             ING Dynamic Asset Allocation Fund           0.30               -                                                 ING Treasury Advantage Fund                29.04               -      (ICICI Sec                                  ING Fixed Maturity Fund Series 50          43.43               -
                                             ING Fixed Maturity Fund Series 49          24.00               -                                                                                                                       Primary                                     ING Fixed Maturity Fund Series 52          18.33               -
                                                                                                                   Dabur India Ltd.   ING Fixed Maturity      ING Balanced Fund                           0.09                -     Dealership Ltd.)                            ING Fixed Maturity Fund
                                             ING Fixed Maturity Fund                                                                  Fund Series XXXVII      ING Dynamic Asset Allocation Fund           0.10                -
                                             Series XXXV                                 4.00               -                                                                                                                                                                   Series XXXII                               0.10                -
                                                                                                                                      ING Treasury            ING Core Equity Fund                        1.17                -     (ICICI Securities                           ING Income Fund                           24.24                -
                                             ING L.I.O.N Fund                            1.27               -                         Management Fund         ING MIP Fund                                0.01                -
                                             ING Liquid Fund                            92.39           14.44                                                                                                                       Ltd.)                                       ING L.I.O.N Fund                           0.24                -
                                                                                                                                                              ING OptiMix Multimanager                                                                                          ING Liquid Fund                        4,551.29                -
                                             ING Nifty Plus                              0.14            0.08                                                 Equity Fund                                 0.51                -
                                             ING Contra Fund                             0.22               -                                                                                                                                                                   ING Midcap Fund                            0.55                -
                                             ING Core Equity Fund                        2.29               -      DSP Merrill        ING Liquid Fund         ING Fixed Maturity Fund Series 45          24.47                -                                                 ING Nifty Plus                             0.70             0.89
                                             ING MIP Fund                                0.02               -      Lynch Capital Ltd.                         ING Liquid Fund                            49.33                -                                                 ING Tax Savings Fund                       1.10                -
                                                                                                                                                              ING Yearly FMP 366 Series A1                1.79                -                                                 ING Contra Fund                            1.29             0.63
                                             ING Quarterly Interval Fund B              10.00               -
                                                                                                                                                                                                                                                                                ING Core Equity Fund                       4.53             1.74
                                             ING Quarterly Interval Fund C              18.00               -      ECL Finance Ltd. ING Liquid Fund           ING Liquid Fund                          200.00                 -                                                 ING Dynamic Duration Fund                 95.14                -
                                             ING Treasury Advantage Fund               211.04           35.78
                                                                                                                   Exide              ING Liquid Fund         ING Balanced Fund                           0.09            0.05                                                  ING MIP Fund                               1.64             0.02
                                             ING Yearly FMP 366 Series A 2              36.51            5.43
                                                                                                                   Industries Ltd.    ING Treasury            ING Domestic Opportunities Fund             0.84               -                                                  ING Quarterly FMP 91 Series A 3           65.06                -
                                             ING Short Term Income Fund                  4.95            7.09
                                                                                                                                      Advantage Fund          ING Midcap Fund                             1.02            0.39                                                  ING Short Term Income Fund                50.75                -
                                             ING OptiMix Multimanager
                                                                                                                                                              ING Tax Savings Fund                        1.91            0.79                                                  ING Treasury Advantage Fund            2,639.78                -
                                             Equity Fund                                 7.14            1.29
                                                                                                                                                              ING Contra Fund                             0.17               -                                                  ING Treasury Management Fund             169.30                -
                                             ING OptiMix RetireInvest
                                                                                                                                                              ING Core Equity Fund                        1.22            0.74                                                  ING Yearly FMP 366 Series A               44.29                -
                                             Fund - Series I                             0.23            0.12
                                                                                                                                                              ING MIP Fund                                0.01            0.01                                                  ING Yearly FMP 366 Series A1              14.62                -
 Bajaj Auto Ltd.      ING Treasury           ING Balanced Fund                           0.08            0.02                                                                                                                                                                   ING OptiMix Multimanager
                                                                                                                   EXIM Bank Ltd.     ING Liquid Fund         ING Income Fund                             9.62               -
                      Management Fund        ING Dividend Yield Fund                     0.71            0.28                                                                                                                                                                   Equity Fund                                 8.32            2.56
                                                                                                                                      ING Treasury            ING Liquid Fund                            44.69            9.91
 Bajaj Auto                                  ING Domestic Opportunities Fund             3.02            2.20                                                                                                                                                                   ING OptiMix Retire Invest
                                                                                                                                      Advantage Fund          ING Short Term Income Fund                  1.09               -
 Finance Ltd.                                ING Liquid Fund                             0.54               -                                                                                                                                                                   Fund - Series I                             0.61            0.33
                                                                                                                                                              ING Treasury Advantage Fund                61.78           14.87
                                             ING Contra Fund                             0.15               -                                                                                                                       India Infoline Ltd. ING Treasury            ING C.U.B (Competitive
 Bajaj Holdings                              ING Core Equity Fund                        0.60            0.41      Financial          ING Fixed Maturity      ING C.U.B (Competitive                                                                    Advantage Fund          Upcoming Businesses) Fund                   0.04            1.32
 and Investment                              ING MIP Fund                                0.01            0.00      Technologies       Fund Series XXXVI       Upcoming Businesses) Fund                   1.44               -      (India Infoline     ING Treasury            ING Domestic Opportunities Fund             1.26            0.89
 Ltd.                                        ING Treasury Advantage Fund                 1.53               -      (India) Ltd.                               ING Dividend Yield Fund                     0.34               -      Investment          Management Fund         ING Midcap Fund                             1.27            0.55
                                             ING Yearly FMP 366 Series A                22.37               -                                                 ING Midcap Fund                             1.39            0.21      Services Ltd)                               ING Tax Savings Fund                        2.23            0.61
                                             ING OptiMix Multimanager                                                                                         ING Tax Savings Fund                        2.48            0.47                                                  ING Contra Fund                             0.48            0.48
                                             Equity Fund                                 1.11            1.11                                                 ING Contra Fund                             0.28            0.25                                                  ING OptiMix Multimanager
                                             ING OptiMix Retire Invest                                             IL&FS Financial    ING Liquid Fund         ING Liquid Fund                          311.60                 -                                                 Equity Fund                                 0.17                -
                                             Fund - Series I                             0.14            0.14      Services Ltd.                              ING Quarterly FMP 92 Series A             13.01                 -     Idea Cellular Ltd. ING Liquid Fund          ING Nifty Plus                              0.11            0.08
 Bank of India        ING Liquid Fund        ING Balanced Fund                           0.07               -                                                 ING Treasury Advantage Fund              190.09                 -                                                 ING OptiMix Multimanager
                                             ING Dividend Yield Fund                     0.73               -                                                 ING Treasury Management Fund              13.00                 -                                                 Equity Fund                                 2.94            0.98
                                             ING Domestic Opportunities Fund             2.43               -                                                 ING Annual Interval Fund - B               0.99                 -                                                 ING OptiMix Retire Invest
                                             ING Dynamic Asset Allocation Fund           0.07               -      GMR                 ING Fixed Maturity     ING C.U.B (Competitive                                                                                            Fund-Series I                               0.09            0.09
                                             ING Liquid Fund                            10.00           10.00      Infrastructure Ltd. Fund Series 42         Upcoming Businesses) Fund                   2.82                -     IDBI Bank Ltd.     ING Liquid Fund          ING Balanced Fund                           0.08            0.08
                                             ING Midcap Fund                             0.26               -                          ING Fixed Maturity     ING Domestic Opportunities Fund             1.05                -     (Industrial                                 ING Fixed Maturity Fund Series 49          49.11               -
                                             ING Tax Savings Fund                        0.40               -                          Fund Series 46         ING OptiMix Multimanager                                              Development                                 ING Fixed Maturity Fund
                                             ING Core Equity Fund                        1.89               -                          ING Fixed Maturity     Equity Fund                                 0.53                -     Bank of India Ltd)                          Series XXXII                               0.13                -
                                             ING MIP Fund                                0.01               -                          Fund Series 47                                                                                                                           ING Income Fund                            2.50                -
                                             ING Treasury Advantage Fund                15.00           15.00                          ING Liquid Fund                                                                                                                          ING Liquid Fund                          604.51            24.83
                                             ING OptiMix RetireInvest                                                                  ING Treasury                                                                                                                             ING Midcap Fund                            0.54             0.54
                                             Fund - Series I                             0.28                -                         Advantage Fund                                                                                                                           ING Core Equity Fund                       1.16             1.16
                                             ING OptiMix Multimanager
                                                                                                                   Gujarat Gas        ING Fixed Maturity      ING OptiMix Multimanager                                                                                          ING Dynamic Duration Fund                 94.54                -
                                             Equity Fund                                 1.93                -
                                                                                                                   Company Ltd.       Fund Series 49          Equity Fund                                 1.12                -                                                 ING MIP Fund                               0.01             0.01
 Bank of Baroda       ING Liquid Fund        ING Balanced Fund                           0.14                -                        ING Quarterly FMP 91    ING OptiMix Retire Invest                                                                                         ING Quarterly Interval Fund C             64.05                -
                                             ING Dividend Yield Fund                     0.34                -                        Series A 1              Fund - Series I                             0.05                -                                                 ING Short Term Income Fund                46.46                -
                                             ING Domestic Opportunities Fund             3.35                -                                                                                                                                                                  ING Treasury Advantage Fund              534.46                -
                                                                                                                   Global Trade       ING Liquid Fund         ING Fixed Maturity Fund                                                                                           ING Treasury Management Fund              45.21                -
                                             ING Fixed Maturity Fund Series 53           9.99                -
                                                                                                                   Finance Ltd.                               Series XXII                               10.00                 -                                                 ING Yearly FMP 366 Series A               96.15                -
                                             ING Liquid Fund                            55.19                -
                                                                                                                                                              ING Income Fund                           25.00                 -
                                             ING Midcap Fund                             0.67                -                                                                                                                      Infrastructure      ING Liquid Fund         ING Balanced Fund                           0.09                -
                                                                                                                                                              ING Liquid Fund                        1,841.00                 -
                                             ING Tax Savings Fund                        1.60                -                                                                                                                      Development         ING OptiMix Dynamic     ING C.U.B (Competitive
                                                                                                                                                              ING Short Term Income Fund                25.00                 -
                                             ING Contra Fund                             0.43                -                                                                                                                      Finance             Multi-Manager FoF       Upcoming Businesses) Fund                   0.53                -
                                                                                                                                                              ING Dynamic Duration Fund                 15.00                 -
                                             ING Core Equity Fund                        1.70                -                                                                                                                      Company Ltd.        Scheme - Series III     ING Domestic Opportunities Fund             5.20                -
                                                                                                                                                              ING Treasury Advantage Fund            1,367.00                 -
                                             ING MIP Fund                                0.02                -                                                                                                                                                                  ING Dynamic Asset Allocation Fund           5.37                -
                                                                                                                                                              ING Treasury Management Fund               5.00                 -
                                             ING Short Term Income Fund                  4.90                -                                                                                                                                                                  ING Income Fund                             0.19                -
                                             ING Treasury Advantage Fund                52.51                -     GVK Power &         ING Fixed Maturity     ING Midcap Fund                             0.48               -                                                  ING Liquid Fund                            15.86                -
                                             ING Treasury Management Fund               16.06                -     Infrastructure Ltd. Fund Series XXXIV      ING Tax Savings Fund                        0.94               -                                                  ING Midcap Fund                             1.09                -
                                             ING OptiMix Multimanager                                                                  ING Fixed Maturity     ING Contra Fund                             0.53            0.53                                                  ING Tax Savings Fund                        2.30                -
                                             Equity Fund                                 1.41            0.79                          Fund Series XXXV                                                                                                                         ING Contra Fund                             0.10                -
 Bharti Airtel Ltd.   ING Fixed Maturity     ING Balanced Fund                           0.12            0.17      HDFC Bank Ltd.     ING Liquid Fund         ING Balanced Fund                          0.17             0.10                                                  ING Core Equity Fund                        1.24                -
                      Fund Series 50         ING Domestic Opportunities Fund             3.04            5.37                                                 ING Domestic Opportunities Fund            2.61                -                                                  ING MIP Fund                                0.01                -
                      ING Treasury           ING Dynamic Asset Allocation Fund           0.18               -                                                 ING Dynamic Asset Allocation Fund          0.16                -                                                  ING Short Term Income Fund                  5.20                -
                      Management Fund        ING L.I.O.N Fund                            3.52               -                                                 ING Fixed Maturity Fund Series 43          4.91                -                                                  ING Treasury Advantage Fund                50.16                -
                                             ING Nifty Plus                              0.38            0.30                                                 ING L.I.O.N Fund                           0.17                -                                                  ING OptiMix Multimanager
                                             ING Tax Savings Fund                        1.45            1.45                                                 ING Liquid Fund                          115.68                -                                                  Equity Fund                                 0.51                -
                                             ING Contra Fund                             1.06            0.49                                                 ING Midcap Fund                            0.90                -                                                  ING OptiMix Retire Invest
                                             ING Core Equity Fund                        4.19            2.46                                                 ING Nifty Plus                             0.51             0.31                                                  Fund -Series I                              0.11                -
                                             ING MIP Fund                                0.02            0.03                                                 ING Tax Savings Fund                       1.78                -      ING Vysya           ING High Yield          ING Domestic Opportunities Fund             2.02            1.29
                                             ING OptiMix Multimanager                                                                                         ING Contra Fund                            0.38                -      Bank Ltd.           Liquidity Fund          ING Dynamic Asset Allocation Fund           0.21               -
                                             Equity Fund                                10.07            2.99                                                 ING Core Equity Fund                       1.96             1.44                                                  ING Midcap Fund                             0.89            0.21
                                             ING OptiMix Retire Invest                                                                                        ING MIP Fund                               0.03             0.01                                                  ING Tax Savings Fund                        1.90            0.47
                                             Fund - Series I                             0.49            0.26                                                 ING Treasury Advantage Fund              244.74                -                                                  ING Contra Fund                             0.80            0.18
                                                                                                                                                              ING OptiMix Multimanager                                                                                          ING Core Equity Fund                        1.32               -
 Bennett,             ING Liquid Fund        ING Liquid Fund                             1.11                -                                                Equity Fund                                 7.16            2.00
 Coleman &            ING Treasury           ING Treasury Advantage Fund                25.91                -                                                                                                                                                                  ING MIP Fund                                0.02               -
                                                                                                                                                              ING OptiMix Retire Invest                                                                                         ING Treasury Advantage Fund                 6.00               -
 Company Ltd.         Advantage Fund         ING Yearly FMP 366 Series A                22.42                -                                                Fund - Series I                             0.47            0.17
                      ING Treasury                                                                                                                                                                                                                                              ING C.U.B (Competitive
                      Management Fund                                                                              Housing            ING OptiMix Dynamic     ING Balanced Fund                          0.06             0.11                                                  Upcoming Businesses) Fund                   0.16            0.56
                                                                                                                   Development        Multi-Manager FoF       ING Domestic Opportunities Fund            3.10             3.45      Indian Hotels       ING Treasury            ING Balanced Fund                           0.10               -
 Biocon Ltd.          ING Fixed Maturity     ING Balanced Fund                           0.05               -      Finance            Scheme - Series III     ING Dynamic Asset Allocation Fund          0.01                -      Company Ltd.        Management Fund         ING Domestic Opportunities Fund             0.33               -
                      Fund Series 42         ING Midcap Fund                             0.71            0.31      Corporation Ltd.   ING OptiMix Dynamic     ING Income Fund                            5.18             2.58                                                  ING Dynamic Asset Allocation Fund           0.25               -
                                             ING Tax Savings Fund                        1.58            0.70                         Multi-Manager FoF       ING L.I.O.N Fund                           2.44                -                                                  ING Income Fund                             2.94               -
                                             ING Contra Fund                             0.09               -                         Scheme - Series IV      ING Liquid Fund                          206.18            25.00                                                  ING L.I.O.N Fund                            0.91               -
                                             ING Core Equity Fund                        1.08               -                         ING OptiMix Dynamic     ING Midcap Fund                            0.95                -                                                  ING Midcap Fund                             0.72            0.50
                                             ING MIP Fund                                0.01               -                         Multi-Manager FoF -     ING Nifty Plus                             0.44             0.36                                                  ING Tax Savings Fund                        1.61            1.23
                                             ING C.U.B (Competitive                                                                   Series 3 - Gro          ING Tax Savings Fund                       1.76                -                                                  ING Contra Fund                             0.48            0.26
                                             Upcoming Businesses) Fund                       -           1.14                         ING OptiMix Dynamic     ING Contra Fund                            0.43             0.28
                                                                                                                                                                                                                                                                                ING Core Equity Fund                        0.59               -
                                             ING OptiMix RetireInvest                                                                 Multi-Manager FoF -     ING Core Equity Fund                       2.86             1.64
                                                                                                                                                                                                                                                                                ING Short Term Income Fund                 15.17               -
                                             Fund - Series I                             0.08            0.08                         Series 4 - Gro          ING MIP Fund                               0.01             0.02
                                             ING OptiMix Multimanager                                                                                         ING Short Term Income Fund                10.60             2.54      I T C Ltd.          ING Fixed Maturity      ING Balanced Fund                           0.09            0.13
                                             Equity Fund                                 0.67            0.67                                                 ING Treasury Advantage Fund              166.82            47.65                          Fund Series XXXI        ING Domestic Opportunities Fund             3.68            3.25
“0.00” represents amount less than Rs. 50,000.                                                                                                                                                                                                                                                                          Continued on Next Page
                                                                                                                       ING MUTUAL FUND
                                            UNAUDITED HALF YEARLY FINANCIAL RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2009
                                                                                                                        NOTES FORMING PART OF THE ACCOUNTS
                                                                                 Aggregate                                                                                                        Aggregate                                                                                                           Aggregate
                                                                                   cost of                                                                                                          cost of                                                                                                             cost of
                                                                                 acquisition Outstanding                                                                                          acquisition Outstanding                                                                                             acquisition Outstanding
                                                                                   during       cost                                                                                                during       cost                                                                                                   during       cost
                                                                                01-04-2008 to   as at                                                                                            01-04-2008 to   as at                                                                                               01-04-2008 to   as at
 Company which         Scheme invested in          Scheme which has              30-09-2009 30-09-2009            Company which         Scheme invested in          Scheme which has              30-09-2009 30-09-2009             Company which        Scheme invested in             Scheme which has              30-09-2009 30-09-2009
  has invested          by the Company                 invested                 (Rs. in crores) (Rs. in crores)    has invested          by the Company                 invested                 (Rs. in crores) (Rs. in crores)     has invested         by the Company                    invested                 (Rs. in crores) (Rs. in crores)

                    ING Fixed Maturity      ING Dynamic Asset Allocation Fund           0.12               -      Sesa Goa Ltd.       ING Fixed Maturity     ING Balanced Fund                           0.07                -      Tata Power         ING Liquid Fund           ING Balanced Fund                           0.16            0.10
                    Fund Series XXXII       ING L.I.O.N Fund                            1.92               -                          Fund Series 41         ING Dynamic Asset Allocation Fund           0.10                -      Company Ltd.                                 ING Dividend Yield Fund                     1.53               -
                    ING Liquid Fund         ING Midcap Fund                             1.42            0.37                          ING Fixed Maturity     ING Midcap Fund                             0.26                -                                                   ING Midcap Fund                             0.24               -
                    ING Treasury            ING Nifty Plus                              0.48            0.32                          Fund Series 49         ING Tax Savings Fund                        0.53                -                                                   ING Nifty Plus                              0.15            0.11
                    Advantage Fund          ING Tax Savings Fund                        2.62            0.96                          ING Fixed Maturity     ING Core Equity Fund                        0.94                -                                                   ING Tax Savings Fund                        0.47               -
                                            ING Contra Fund                             0.23               -                          Fund Series XXXIV      ING MIP Fund                                0.01                -                                                   ING Contra Fund                             0.27               -
                                            ING Core Equity Fund                        3.30            1.87                                                 ING OptiMix Multimanager                                                                                            ING Core Equity Fund                        1.84            1.08
                                            ING MIP Fund                                0.01            0.02                                                 Equity Fund                                 3.12                -                                                   ING MIP Fund                                0.02            0.02
                                            ING OptiMix Multimanager                                                                                                                                                                                                             ING OptiMix Multimanager
                                            Equity Fund                                 5.99            2.14      Shree Cement        ING Fixed Maturity     ING Midcap Fund                             0.28                -                                                   Equity Fund                                 3.30            0.61
                                                                                                                  Ltd.                Fund Series XXVIII     ING Tax Savings Fund                        0.50                -
                                            ING OptiMix Retire Invest                                                                                                                                                                                                            ING OptiMix Retire Invest
                                            Fund - Series I                             0.39            0.19                                                 ING OptiMix Retire Invest                                                                                           Fund - Series I                             0.11                -
                                                                                                                                                             Fund - Series I                             0.12            0.04
 Jagran             ING Fixed Maturity      ING Domestic Opportunities Fund             0.78                -                                                ING OptiMix Multimanager                                               Telco Construction ING Fixed Maturity        ING Liquid Fund                            26.63                -
 Prakashan Ltd.     Fund Series 45          ING OptiMix Multimanager                                                                                         Equity Fund                                 0.38            0.22       Equipment          Fund Series 41            ING Treasury Advantage Fund                 2.99                -
                    ING Fixed Maturity      Equity Fund                                 0.04                -                                                                                                                       Company Ltd                                  ING Quarterly Interval Fund C              67.28                -
                    Fund Series 46                                                                                Shriram             ING Liquid Fund        ING Fixed Maturity Fund                                                                                             ING Treasury Management Fund                5.92                -
                    ING Fixed Maturity                                                                            Transport                                  Series XXXI                                9.99                 -
                    Fund Series XXII                                                                              Finance             ING Treasury           ING Liquid Fund                          869.99                 -      Tata               ING Liquid Fund           ING Balanced Fund                           0.10               -
                    ING Fixed Maturity                                                                            Company Ltd.        Advantage Fund         ING Dynamic Duration Fund                 33.88                 -      Chemicals Ltd.     ING Treasury              ING Dividend Yield Fund                     0.31            0.37
                    Fund Series XXXV                                                                                                                         ING Treasury Advantage Fund              134.83                 -                         Advantage Fund            ING Domestic Opportunities Fund             0.73               -
                    ING Short Term                                                                                                                           ING Treasury Management Fund              65.00                 -                                                   ING Dynamic Asset Allocation Fund           0.07               -
                    Income Fund                                                                                                                                                                                                                                                  ING Midcap Fund                             0.94            0.31
                                                                                                                  Sintex              ING Fixed Maturity     ING Balanced Fund                           0.09            0.06                                                    ING Tax Savings Fund                        2.20            0.96
 Jindal Steel &     ING Liquid Fund         ING Balanced Fund                           0.17            0.02      Industries Ltd.     Fund Series XXII       ING C.U.B (Competitive                                                                                              ING Contra Fund                             0.36            0.24
 Power Ltd.                                 ING C.U.B (Competitive                                                                    ING Short Term         Upcoming Businesses) Fund                   0.14               -
                                            Upcoming Businesses) Fund                   1.12            0.26                                                                                                                                                                     ING Core Equity Fund                        1.32               -
                                                                                                                                      Income Fund            ING Domestic Opportunities Fund             0.66               -                                                    ING MIP Fund                                0.01               -
                                            ING Domestic Opportunities Fund             1.72            0.49                                                 ING L.I.O.N Fund                            0.20               -
                                            ING Dynamic Asset Allocation Fund           0.16               -                                                                                                                                                                     ING OptiMix Multimanager
                                                                                                                                                             ING Midcap Fund                             0.72            0.36                                                    Equity Fund                                 0.67                -
                                            ING Midcap Fund                             0.54               -                                                 ING Tax Savings Fund                        1.18               -
                                            ING Nifty Plus                              0.20            0.11                                                 ING Contra Fund                             0.44            0.34       Television         ING OptiMix Active        ING C.U.B (Competitive
                                            ING Tax Savings Fund                        1.14               -                                                 ING Core Equity Fund                        2.06            0.57       Eighteen           Debt FoF Scheme           Upcoming Businesses) Fund                   0.34                -
                                            ING Contra Fund                             0.14               -                                                                                                                        India Ltd.                                   ING OptiMix Retire Invest
                                                                                                                                                             ING MIP Fund                                0.01            0.01
                                            ING Core Equity Fund                        2.68            0.27                                                                                                                                                                     Fund - Series I                             0.20                -
                                                                                                                                                             ING OptiMix Retire Invest
                                            ING MIP Fund                                0.02            0.00
                                                                                                                                                             Fund - Series I                             0.04                -
                                            ING OptiMix Multimanager                                                                                                                                                                Thermax Ltd.       ING Fixed Maturity        ING Balanced Fund                           0.29                -
                                                                                                                                                             ING OptiMix Multimanager
                                            Equity Fund                                 1.30            0.24                                                                                                                                           Fund Series 42            ING Dividend Yield Fund                     0.72                -
                                                                                                                                                             Equity Fund                                 0.40                -
                                            ING OptiMix Retire Invest                                                                                                                                                                                                            ING Domestic Opportunities Fund             0.89                -
                                            Fund - Series I                             0.06                -     Spice Jet Ltd.      ING Liquid Fund        ING OptiMix RetireInvest                                                                                            ING Dynamic Asset Allocation Fund           0.30                -
 Larsen &           ING Fixed Maturity      ING Balanced Fund                           0.02            0.05                                                 Fund-Series I                               0.15            0.15                                                    ING L.I.O.N Fund                            1.20                -
 Toubro Ltd.        Fund Series XXXI        ING Domestic Opportunities Fund             2.13            3.16                                                 ING OptiMix Multimanager                                                                                            ING Midcap Fund                             1.00                -
                    ING Liquid Fund         ING Fixed Maturity Fund Series 50           9.15               -                                                 Equity Fund                                 0.73            0.73                                                    ING Tax Savings Fund                        1.60                -
 (L&T Finance       ING Short Term          ING Fixed Maturity Fund                                                                                                                                                                                                              ING Contra Fund                             0.38                -
                                                                                                                  Siemens Ltd.        ING Liquid Fund        ING Nifty Plus                              0.06            0.03                                                    ING Core Equity Fund                        2.76                -
 Ltd.)              Income Fund             Series XXVIII                             24.93                -
                                                                                                                                                             ING Contra Fund                             0.60               -                                                    ING MIP Fund                                0.04                -
                                            ING Income Fund                           30.00             5.00
                                                                                                                                                             ING OptiMix Retire Invest                                                                                           ING OptiMix Retire Invest
                                            ING L.I.O.N Fund                           1.84                -
                                                                                                                                                             Fund - Series I                             0.09                -                                                   Fund - Series I                             0.11                -
                                            ING Liquid Fund                          567.25            15.00
                                            ING Nifty Plus                             0.74             0.53      Sterlite          ING Fixed Maturity       ING Balanced Fund                           0.09            0.05       UCO Bank           ING Domestic              ING Fixed Maturity Fund Series 49          14.01                -
                                            ING Contra Fund                            0.23                -      Industries        Fund Series 41           ING Midcap Fund                             1.08            0.44                          Opportunities Fund        ING Income Fund                             3.71                -
                                            ING Core Equity Fund                       2.57             0.89      (India) Ltd.      ING Fixed Maturity       ING Nifty Plus                              0.15            0.11                                                    ING Liquid Fund                           188.87                -
                                            ING MIP Fund                               0.00             0.01                        Fund Series 49           ING Tax Savings Fund                        2.36            1.12                                                    ING Dynamic Duration Fund                  46.02                -
                                            ING Quarterly FMP 91 Series A 2           19.89                -      (Hindustan        ING Fixed Maturity       ING Core Equity Fund                        1.42            0.67                                                    ING Short Term Income Fund                 24.96                -
                                            ING Treasury Advantage Fund              314.10                -      Zinc Ltd)         Fund Series XXXI         ING MIP Fund                                0.01            0.01                                                    ING Treasury Advantage Fund               141.59                -
                                            ING Short Term Income Fund                20.00             5.00      (Sterlite Optical ING Fixed Maturity       ING OptiMix Retire Invest                                                                                           ING Treasury Management Fund                6.98                -
                                            ING OptiMix Multimanager                                              Technologies Ltd) Fund Series XXXII        Fund - Series I                             0.48            0.16
                                            Equity Fund                                 6.91            2.12                        ING Liquid Fund          ING OptiMix Multimanager                                               United Bank of     ING Liquid Fund           ING Treasury Advantage Fund                24.78           24.78
                                            ING OptiMix Retire Invest                                                               ING Quarterly FMP 91     Equity Fund                                 5.08            1.50       India              ING Treasury
                                            Fund - Series I                             0.43            0.18                        Series A                                                                                                           Advantage Fund                                                            -               -
 Maruti Suzuki      ING Fixed Maturity      ING Balanced Fund                           0.06               -                        ING Treasury                                                                                    Vijaya Bank        ING Core Equity Fund      ING Treasury Advantage Fund                13.66                -
 India Ltd.         Fund Series XXXII       ING Dynamic Asset Allocation Fund           0.06               -                        Advantage Fund
 (Formerly known    ING Liquid Fund         ING L.I.O.N Fund                            0.38               -                                                                                                                        Voltamp           ING Fixed Maturity         ING Balanced Fund                           0.09               -
 as Maruti          ING Treasury            ING Nifty Plus                              0.06            0.07      State Bank of       ING Liquid Fund        ING Balanced Fund                          0.15             0.09       Transformers Ltd. Fund Series 40             ING Dynamic Asset Allocation Fund           0.12               -
 Udyog Ltd)         Advantage Fund          ING Core Equity Fund                        1.39               -      India                                      ING Domestic Opportunities Fund            2.07             2.05                         ING Fixed Maturity         ING Contra Fund                             0.22            0.46
                                            ING MIP Fund                                0.01               -                                                 ING Dynamic Asset Allocation Fund          0.33                -                         Fund Series 49             ING Core Equity Fund                        1.31               -
                                            ING OptiMix Multimanager                                                                                         ING Income Fund                           10.23                -                         ING Fixed Maturity         ING MIP Fund                                0.01               -
                                            Equity Fund                                 4.29            1.27                                                 ING L.I.O.N Fund                           1.05                -                         Fund Series XXXII
                                            ING OptiMix Retire Invest                                                                                        ING Liquid Fund                          364.69                -                         ING Income Fund
                                            Fund - Series I                             0.41            0.19                                                 ING Midcap Fund                            0.34                -                         ING Long Term FMP - 2
                                                                                                                                                             ING Nifty Plus                             0.43             0.61                         ING Annual Interval
 Mundra Port &      ING Treasury            ING C.U.B (Competitive                                                                                           ING Tax Savings Fund                       0.67                -
 SEZ Ltd.           Management Fund         Upcoming Businesses) Fund                   2.82            1.39                                                                                                                                          Fund - A
                                                                                                                                                             ING Core Equity Fund                       3.11             1.20                         ING Fixed Maturity
                                            ING Domestic Opportunities Fund             1.06               -
                                                                                                                                                             ING MIP Fund                               0.03             0.01                         Fund - Series 32
                                            ING Contra Fund                             0.56            0.42
                                                                                                                                                             ING Short Term Income Fund                36.22                -                         ING Short Term
 National Bank for ING Liquid Fund          ING Dynamic Asset Allocation Fund           9.72                -                                                ING Treasury Advantage Fund              432.41                -                         Income Fund
 Agricultural &                             ING Income Fund                             8.84                -                                                ING Treasury Management Fund              20.72                -
 Rural                                      ING Liquid Fund                            46.86                -                                                ING OptiMix Retire Invest                                              Wipro Ltd.         ING Fixed Maturity        ING Nifty Plus                              0.14            0.08
 Development                                ING Dynamic Duration Fund                  26.85                -                                                Fund - Series I                             0.71            0.27                          Fund Series 46            ING Core Equity Fund                        1.07               -
                                            ING Short Term Income Fund                  7.74                -                                                ING OptiMix Multimanager                                                                  ING Fixed Maturity        ING OptiMix Retire Invest
                                            ING Treasury Advantage Fund                37.90                -                                                Equity Fund                                 8.87            2.44                          Fund Series 49            Fund - Series I                             0.10            0.10
                                            ING Treasury Management Fund               14.92                -                                                                                                                                          ING Fixed Maturity        ING OptiMix Multimanager
                                            ING Yearly FMP 366 Series A1                0.89                -     State Bank of       ING Liquid Fund        ING Liquid Fund                          338.00                 -                         Fund Series 50            Equity Fund                                 0.74            0.74
                                                                                                                  Mysore                                     ING Quarterly Interval Fund B             74.51                 -                         ING Fixed Maturity
 Oriental Bank of   ING Liquid Fund         ING C.U.B (Competitive
                                                                                                                                                             ING Treasury Advantage Fund              338.99                 -                         Fund Series 53
 Commerce                                   Upcoming Businesses) Fund                  1.24             0.75
                                                                                                                                                             ING Treasury Management Fund               4.96                 -                         ING Fixed Maturity
                                            ING Dividend Yield Fund                    0.87             0.87
                                            ING Domestic Opportunities Fund            2.09             1.67      Sundaram BNP        ING Liquid Fund        ING Short Term Income Fund                  4.93                -                         Fund Series XXII
                                            ING Liquid Fund                          384.08             0.99      Paribas Home                               ING Treasury Advantage Fund                23.68                -                         ING Fixed Maturity
                                            ING Midcap Fund                            1.00             0.68      Finance Ltd.                               ING Yearly FMP 366 Series A1               25.62                -                         Fund Series XXVIII
                                            ING Tax Savings Fund                       1.41             0.79                                                                                                                                           ING Fixed Maturity
                                            ING Contra Fund                            0.73             0.44      Sundaram            ING Liquid Fund        ING Fixed Maturity Fund Series 52          5.00                -                          Fund Series XXXI
                                            ING Short Term Income Fund                 0.99             0.99      Finance Ltd.                               ING Liquid Fund                          792.47            14.86                          ING Fixed Maturity
                                            ING Treasury Advantage Fund              333.16             0.99                                                 ING Short Term Income Fund                 4.96                -                          Fund Series XXXIV
                                            ING Treasury Management Fund              24.20                -                                                 ING Treasury Advantage Fund              366.81             9.94                          ING Fixed Maturity
                                                                                                                                                             ING Treasury Management Fund              10.00                -                          Fund Series XXXVI
 Praj Industries Ltd. ING Fixed Maturity    ING C.U.B (Competitive
                      Fund Series XXVIII    Upcoming Businesses) Fund                   0.24                -                                                                                                                                          ING Annual Interval
                                                                                                                  Syndicate Bank      ING Liquid Fund        ING Liquid Fund                            24.94                -
                                            ING OptiMix Retire Invest                                                                                                                                                                                  Fund - A
                                            Fund-Series I                               0.01                -     Tata Capital Ltd.   ING Liquid Fund        ING Fixed Maturity Fund Series 45         44.44                -                          ING Fixed Maturity
                                                                                                                                      ING Treasury           ING Liquid Fund                          626.79            14.85                          Fund - Series 53
 Punjab             ING Liquid Fund         ING Dynamic Asset Allocation Fund          7.69                -                          Management Fund        ING Dynamic Duration Fund                 21.06                -                          ING Quarterly FMP 90
 National Bank                              ING Fixed Maturity Fund Series 49         74.84                -                                                                                                                                           Series A
                                                                                                                                                             ING Quarterly FMP 92 Series A 1           48.66                -
                                            ING Fixed Maturity Fund Series 52         17.58                -                                                                                                                                           ING Quarterly FMP 91
                                                                                                                                                             ING Short Term Income Fund                 5.00                -
                                            ING Income Fund                            0.95                -
                                                                                                                                                             ING Treasury Advantage Fund              336.03             9.90                          Series A 2
                                            ING Liquid Fund                          320.17                -
                                                                                                                                                             ING Treasury Management Fund              59.51                -                          ING Quarterly FMP 92
                                            ING Nifty Plus                             0.44             0.40
                                                                                                                                                                                                                                                       Series A 1
                                            ING Contra Fund                            0.14                -      Tata Communi-       ING Fixed Maturity     ING Nifty Plus                              0.03            0.02                          ING Yearly FMP 366
                                            ING Dynamic Duration Fund                 46.18                -      cations Ltd.        Fund Series XXVIII                                                                                               Series A
                                            ING Quarterly Interval Fund C             24.67                -
                                            ING Short Term Income Fund                38.21                -      Tata Consultancy ING Fixed Maturity        ING Balanced Fund                           0.35               -       Yes Bank Ltd.      ING Liquid Fund           ING Balanced Fund                           0.09                -
                                            ING Treasury Advantage Fund              447.28            24.78      Services Ltd.    Fund Series 41            ING Domestic Opportunities Fund             3.75               -                                                    ING C.U.B (Competitive
                                            ING OptiMix Multimanager                                                               ING Fixed Maturity        ING Dynamic Asset Allocation Fund           0.52               -                                                    Upcoming Businesses) Fund                   0.65                -
                                            Equity Fund                                 1.45            0.18                       Fund Series 49            ING Midcap Fund                             1.27               -                                                    ING Domestic Opportunities Fund             1.77                -
                                            ING OptiMix RetireInvest                                                               ING Fixed Maturity        ING Nifty Plus                              0.12            0.13
                                                                                                                                                                                                                                                                                 ING Fixed Maturity Fund Series 49         147.14                -
                                            Fund - Series I                             0.22            0.07                       Fund Series XXXVI         ING Tax Savings Fund                        2.33            0.68
                                                                                                                                                                                                                                                                                 ING Liquid Fund                           102.33                -
                                                                                                                                   ING Liquid Fund           ING Contra Fund                             0.32               -
 Ranbaxy Holding ING Treasury               ING Liquid Fund                            37.88                -                                                                                                                                                                    ING Midcap Fund                             0.33                -
                                                                                                                                   ING Quarterly FMP 91      ING Core Equity Fund                        3.02               -
 Company         Management Fund            ING Treasury Advantage Fund                10.00                -                                                                                                                                                                    ING Tax Savings Fund                        0.66                -
                                                                                                                                   Series A                  ING MIP Fund                                0.03               -
                                            ING Treasury Management Fund                5.00                -                                                                                                                                                                    ING Contra Fund                             0.26                -
                                                                                                                                   ING Treasury              ING OptiMix Multimanager
 Reliance           ING Fixed Maturity      ING Balanced Fund                           0.32            0.24                                                                                                                                                                     ING Core Equity Fund                        0.69                -
                                                                                                                                   Management Fund           Equity Fund                                 8.41            0.84
 Industries Ltd.    Fund Series XXXI        ING Domestic Opportunities Fund             1.20            6.49                                                                                                                                                                     ING MIP Fund                                0.01                -
                                                                                                                                                             ING OptiMix Retire Invest
 (Reliance          ING Fixed Maturity      ING Dynamic Asset Allocation Fund           0.31               -                                                                                                                                                                     ING Quarterly FMP 91 Series A 2            39.72                -
                                                                                                                                                             Fund - Series I                             0.35                -
 Petroleum Ltd.)    Fund Series XXXII       ING Income Fund                            28.37               -                                                                                                                                                                     ING Quarterly FMP 92 Series A 1            49.38                -
                    ING Fixed Maturity      ING L.I.O.N Fund                            5.44               -      Tata Steel Ltd.     ING Liquid Fund        ING Balanced Fund                           0.27            0.05                                                    ING Quarterly Interval Fund B              98.84                -
                    Fund Series XXXVI       ING Liquid Fund                           118.18           24.76                          ING Treasury           ING Dividend Yield Fund                     1.38            0.26                                                    ING Quarterly Interval Fund C              48.71                -
                    ING Liquid Fund         ING Midcap Fund                             1.43            0.34                          Advantage Fund         ING Domestic Opportunities Fund             0.63               -                                                    ING Short Term Income Fund                 29.17                -
                                            ING Nifty Plus                              0.65            0.93                                                 ING Dynamic Asset Allocation Fund           0.26               -                                                    ING Treasury Advantage Fund               285.69                -
                                            ING Tax Savings Fund                        3.01            0.97                                                 ING L.I.O.N Fund                            1.16               -                                                    ING Treasury Management Fund                9.95                -
                                            ING Contra Fund                             1.52            0.95                                                 ING Midcap Fund                             0.92               -                                                    ING Yearly FMP 366 Series A1               19.87                -
                                            ING Core Equity Fund                        6.08            4.42                                                 ING Nifty Plus                              0.59            0.50                                                    ING OptiMix Retire Invest
                                            ING MIP Fund                                0.04            0.04                                                 ING Tax Savings Fund                        2.01               -                                                    Fund - Series I                             0.00                -
                                            ING Short Term Income Fund                 32.37               -                                                 ING Core Equity Fund                        3.82            0.70                                                    ING OptiMix Multimanager
                                            ING Treasury Advantage Fund                68.71               -                                                 ING MIP Fund                                0.04            0.01                                                    Equity Fund                                 0.33            0.33
                                            ING OptiMix RetireInvest                                                                                         ING OptiMix Multimanager
                                            Fund - Series I                             1.20            0.41                                                 Equity Fund                                 5.64            0.88      These investments were made on account of their high credit quality and competitive yield for the investments in
                                            ING OptiMix Multimanager                                                                                         ING OptiMix Retire Invest                                             fixed income/money market instruments and in case of equity shares because of attractive valuations of these
                                            Equity Fund                                16.12            4.75                                                 Fund - Series I                             0.11            0.03      companies and were in line with the investments objectives of the relevant schemes.
“0.00” represents amount less than Rs. 50,000.                                                                                                                                                                                                                                                                            Continued on Next Page
                                                                                                                               ING MUTUAL FUND
                                                  UNAUDITED HALF YEARLY FINANCIAL RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2009
                                                                                                                               NOTES FORMING PART OF THE ACCOUNTS
3.     The Fund has bought and/or sold securities from/to ING Vysya Bank Ltd., at a market driven price.                                                                            opportunities amongst the general investment universe. ING Midcap Fund is an open ended equity Scheme which seeks to provide long-term growth of
       The AMC has utilized the services of associates/ group companies for the purpose of distribution and sale of mutual fund units and the payments made in this respect are     capital at controlled level of risk by investing primarily in Mid-Cap stocks. The level of risk is somewhat higher than a fund focused on large and liquid stocks.
       given under point no 10 of the condensed financials.                                                                                                                         Concomitantly, the aim is to generate higher returns than a fund focused on large and liquid stocks, ING Dividend Yield Fund is an open ended equity
                                                                                                                                                                                    Scheme which seeks to provide medium to long term capital appreciation and / or dividend distribution by investing predominantly in equity and equity related
4.     None of the schemes have any underwriting obligation or devolvement.                                                                                                         instruments, which offer high dividend yield, ING Contra Fund is an open ended diversified Equity Scheme which seeks to generate capital appreciation from
5.     There was no subscription by the schemes in the issues lead managed by associate companies during the half year.                                                             a diversified portfolio of equity and equity related instruments by investing in stocks of companies, which are fundamentally sound but are undervalued, ING
                                                                                                                                                                                    C.U.B. (Competitive Upcoming Businesses) Fund is a 3 year close ended diversified equity Scheme which seeks to provide long-term capital appreciation
6.     There was no subscription to any issue of equity or debt on private placement basis where the sponsor or its associate companies have acted as arranger or manager           by investing pre-dominantly in a diversified portfolio of equity and equity-related securities of Companies of small market capitalization (The Scheme will
       during the half year.                                                                                                                                                        automatically be converted into an open ended Scheme at the end of the third year.) ING Dynamic Asset Allocation Fund is a 3 year close ended Scheme
7.     None of the schemes had exposure of more than 10 per cent in derivatives during the half year.                                                                               which seeks to generate capital appreciation by actively investing in equity/equity related securities. The Scheme may invest in debt, money market
                                                                                                                                                                                    instruments, to the extent permitted under the Regulations. Exposure to debt securities would be in line with the fund managers caution on the equity
8.     None of the schemes have declared any bonus during the half-year
                                                                                                                                                                                    markets. In case of a negative view on equity markets the fund managers may choose to have 100% allocation to debt securities. The AMC will have the
9.     Following schemes have made investments in ADRs /GDRs /Foreign Securities and Overseas ETFs during the half year.                                                            discretion to completely or partially invest in any of the type of securities stated above so as to maximise the returns, ING Income Fund & ING Short Term
                                                                                                                                                                                    Income Fund are open ended income Schemes which seek to generate attractive income by investing in a diversified portfolio of debt and money-market
            Scheme Name                                                   Investment made in Overseas Mutual Fund                              Market Value as on                   instruments of varying maturities, and at the same time provide continuous liquidity along with adequate safety, ING Liquid Fund is an open ended Liquid
                                                                                                                                         September 30, 2009 (Rs. in crores)         Income Scheme which seeks to provide reasonable returns while providing a high level of liquidity and low risk by investing primarily in money market and
            ING Global Real Estate Fund                            ING Global Real Estate Securities Fund                                                149.39                     debt securities. The aim is to optimize returns while providing liquidity, ING Treasury Advantage Fund is an open ended Income Scheme which seeks to
            ING Latin America Equity Fund                          ING (L) Invest Latin America Fund                                                     78.77                      provide an investment avenue for investors preferring good liquidity and an investment horizon of 2 – 6 months. The scheme would be able to achieve its
                                                                                                                                                                                    objectives by investing in a portfolio of money market and debt instruments, ING Gilt Fund – Regular & ING Gilt Fund- Provident Fund- Dynamic Plan
            ING OptiMix Global Commodities Fund                    First State Global Resources Fund I                                                    3.79                      are open ended gilt Schemes which seek to generate a relatively risk free return by investing in sovereign instruments issued by the Central / State
                                                                   Credit Suisse Global Resources B                                                       3.39                      Governments as defined under Section 2 of the Public Debt Act, 1944. The Schemes will not make investment in any other type of security such as shares,
                                                                   SGAM Fund Equities Global Resources Fund                                               2.08                      debentures, etc., ING Treasury Management Fund is an open ended liquid Scheme which seeks to provide income consistent with the prudent risk from a
                                                                                                                                                                                    portfolio comprising substantially of floating rate instruments, fixed rate instruments swapped for floating rate returns, and also fixed rate instruments, short
                                                                   JPM Funds - Global Natural Resources Fund - A                                          1.59                      term bonds and money market instruments, ING MIP Fund is an open ended fund which seeks to generate regular income by investing in a diversified
                                                                                                                                                                                    portfolio of debt and money-market instruments of varying maturities and at the same time provide continuous liquidity along with adequate safety. The
10. Details of investors who have large holdings over 25% of the NAV of the Schemes as on September 30, 2009:
                                                                                                                                                                                    scheme will also seek to generate capital appreciation by investing a smaller portion of its corpus in equity and equity related securities. (Monthly income is
            Scheme Name                                                                                 Number of investors                         Total holdings                  not assured and is subject to the availability of distributable surplus), ING Dynamic Duration Fund is an open ended income Scheme which seeks to
                                                                                                                                                                                    generate in the form of interest, income and capital gains through active management of the portfolio by investing in debt securities and money market
            ING High Yield Liquidity Fund                                                                           1                                    85.60%
                                                                                                                                                                                    securities/instruments, ING Fixed Maturity Fund – Series XXXII (368 days), XXXVIII (526 days), 40 (366 days), 47(366 days), 48 (366 days), 53(366 days)
            ING Treasury Advantage Fund                                                                             1                                    26.65%                     ING Long Term Fixed Maturity Fund Plan – I (393 days investment plan maturing on 7th April, 2009) & ING Long Term Fixed Maturity Fund Plan – II
            ING OptiMix Active Debt FoF Scheme                                                                      1                                    27.12%                     (380 days investment plan maturing on 8th April, 2009), ING Yearly FMP 366 -Series A, A1, A2 (366 days) are close-ended Schemes offering an investment
                                                                                                                                                                                    plan of varying maturity (please refer bracket for maturity days of each series), investing in a portfolio of government securities or highly rated corporate
            ING OptiMix Dynamic Multi-Manager FoF Scheme - Series III                                               1                                    27.18%
                                                                                                                                                                                    bonds maturing close to the maturity of the scheme so as to generate returns comparable with alternative fixed-income instruments of similar maturity. The
            ING OptiMix Dynamic Multi-Manager FoF Scheme - Series IV                                                1                                    45.23%                     scheme will invest in debt securities with maturity coinciding closely with the maturity of the scheme, so as to minimise the impact of price fluctuation of such
                                                                                                                                                                                    securities and the value at maturity. ING Interval Fund - Annual Interval Fund - B (370 days) are interval income Schemes which seek to generate regular
11. Details of deferred revenue expenditure –                                                                                                                                       returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and Other fixed income/debt securities
            Scheme Name                                                                                                              Outstanding amount as on                       normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility, ING Global Real Estate Fund is an open
                                                                                                                                  September 30, 2009 (Rs. in crores)                ended Fund of Fund Scheme which seeks to provide capital appreciation by investing predominantly in ING Global Real Estate Securities Fund The Scheme
            ING Dynamic Asset Allocation Fund                                                                                                     0.03                              may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant
                                                                                                                                                                                    part of its corpus. The Scheme may also invest a certain portion of its corpus in money market securities, in order to meet liquidity requirements from time to
            ING Optimix Income Growth Multi Manager FOF Scheme - 15% Equity Plan                                                                  0.27                              time, ING Latin America Equity Fund is an open ended Fund of Fund Scheme which seeks to generate capital appreciation by investing predominantly in
            ING Optimix Income Growth Multi Manager FOF Scheme - 30% Equity Plan                                                                  0.29                              ING (L) Invest Latin America Fund. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual
            ING Optimix Dynamic Multi-Manager FOF Scheme                                                                                          0.03                              fund schemes, which may constitute a significant part of its corpus. The Scheme may also invest a certain portion of its corpus in money market securities,
                                                                                                                                                                                    in order to meet liquidity requirements from time to time, ING OptiMix Income Growth Multi Manager FoF Scheme -15% Equity Plan & 30% Equity Plan
            ING Optimix Equity Multi-Manager FOF Scheme                                                                                           0.06                              are open Fund of Fund Schemes which seek to generate returns by investing primarily in a portfolio of debt funds, liquid funds, money market funds and
            ING Optimix Dynamic Multi-Manager FOF Scheme - Series II                                                                              0.26                              equity funds accessed through the diversified investment styles of underlying scheme selected in accordance with the ING OptiMix Multi Manager Investment
            ING Optimix RetireInvest Fund Series I                                                                                                0.38                              process, ING OptiMix Asset Allocator Multi Manager FoF Scheme is an open Fund of Fund Scheme which seeks to generate capital appreciation primarily
                                                                                                                                                                                    from a portfolio of equity and debt funds accessed through the diversified investment styles of underlying schemes selected in accordance with the ING
            ING Optimix Dynamic Multi-Manager FoF Scheme - Series III                                                                             0.13                              OptiMix Multi Manager Investment process, ING OptiMix Active Debt Multi Manager FoF Scheme is an open ended Fund of Fund Scheme which seek to
            ING Optimix Dynamic Multi-Manager FOF Scheme Series IV                                                                                0.09                              generate returns from a portfolio of pure debt oriented funds accessed through the diverse investment styles of underlying schemes selected in accordance
            ING Optimix Equity Multi-Manager FOF Scheme - Series II                                                                               0.48                              with the ING OptiMix Multi Manager Investment process, ING OptiMix 5 Star Multi Manager FoF Scheme is an open Fund of Fund Scheme which seeks to
                                                                                                                                                                                    generate long term capital appreciation primarily from a portfolio of equity funds accessed through the diversified investment styles of underlying schemes
12. There were no borrowings during the half year ended September 30, 2009.                                                                                                         selected in accordance with the ING OptiMix Multi Manager investment process, ING OptiMix Dynamic Multi Manager FoF Scheme, ING OptiMix
                                                                                                                                                                                    Dynamic Multi Manager FoF Scheme-Series II, ING OptiMix Dynamic Multi Manager FoF Scheme- Series III, ING OptiMix Dynamic Multi Manager
                                       For and on behalf of Board of Directors of                                       For and on behalf of Board of Trustees of                   FoF Scheme- Series IV are 3 year close ended Fund of Fund Schemes which seek to generate capital appreciation primarily from a portfolio of equity and
                                       ING Investment Management (India) Private Limited                                ING Mutual Fund                                             debt funds accessed through the diversified investment styles of underlying schemes selected in accordance with the ING OptiMix Multi Manager investment
                                                                                                                                                                                    process, ING OptiMix Multi Manager Equity Fund is an open ended diversified equity Scheme which seeks to provide long-term capital appreciation by
                                                                                                                                                                                    investing predominantly in equity and equity-related securities accessed on the basis of advice from a panel of third party investment advisors selected in
Place : Mumbai,                        Sd/-                        Sd/-                                                 Sd/-                     Sd/-                               accordance with the ING OptiMix Multi Manager investment process, ING OptiMix RetireInvest Fund-Series I is a 10 year Close- ended ELSS Scheme
Date : October 29, 2009                Director                    Director                                             Trustee                  Trustee                            which seeks to provide long-term capital appreciation by investing predominantly in equity and equity-related securities accessed on the basis of advice from
                                                                                                                                                                                    a panel of third party investment advisors selected in accordance with the ING OptiMix Multi Manager investment process, ING OptiMix Equity Multi
                                                                                                                                                                                    Manager FoF Scheme, ING OptiMix Equity Multi Manager FoF Scheme- Series II are 3 year close ended Fund of Fund Schemes which seek to generate
                                                                                                                                                                                    long term capital appreciation primarily from a portfolio of equity funds accessed through the diversified investment styles of underlying schemes selected in
                                                                                                                                                                                    accordance with the ING OptiMix Multi Manager investment process, ING OptiMix Global Commodities Fund is an open ended Fund of Fund Scheme
                                                                                                                                                                                    which seek to achieve long-term capital growth by investing primarily in units of global mutual funds which invest in commodity related securities. Statutory
                                                                                                                                                                                    Details: Sponsor: ING Group, Trustee: Board of Trustees of ING Mutual Fund, Investment Manager: ING Investment Management (India) Private Limited.
                                                                                                                                                                                    Risk Factors: Mutual Funds and securities investment are subject to the market risks, and there is no assurance or guarantee that the objectives of the
Investment Objective: ING Core Equity Fund is an open ended growth Scheme which seeks to provide long-term capital appreciation from a portfolio that                               Scheme will be achieved. As with any investment in securities, the NAV of the units issued under the Scheme can go up or down depending on the factors
is invested predominantly in equity and equity-related securities, ING Balanced Fund is an open ended Balanced Scheme which seeks to generate long                                  and the forces affecting the capital markets. Past performance of the Sponsors / Mutual Fund or their affiliates does not indicate the future performance of
term growth of capital and current income from a portfolio of equity and fixed-income securities. The Scheme will, under normal market conditions, invest                           the Scheme. The Sponsors and associates are not responsible or liable for any loss resulting from the operation of the Scheme beyond the initial
approximately 65% of its net assets in equity and equity related instruments, with the balance 35% being invested in fixed income securities, money market                          contribution of Rs. 1 lakh made by them towards setting of the Mutual Fund. The name of the Scheme does not in any manner indicate either the quality of
instruments, cash and cash equivalents, though these percentages may vary, ING Nifty Plus Fund is an open ended Index Linked equity Scheme which                                    the Scheme or its future prospects and returns. The Scheme does not guarantee or assure returns. Please read the Scheme Information Document /
seeks to invest in companies whose securities are included in the S & P CNX Nifty Index, ING Tax Savings Fund is an open ended equity Linked Savings                                Statement of Additional Information / Key Information Memorandum carefully before investing.
Scheme which seeks to provide medium to long term growth of capital along with income tax rebate. The Scheme has a lock-in period of 3 years, ING                                                                                                  ING Investment Management (India) Pvt. Ltd.
Domestic Opportunities Fund is an open ended equity Scheme which seeks to provide long-term capital appreciation from a portfolio that is primarily                                                                                              601 - 602, 6th Floor, “Windsor”, Off. C.S.T. Road,
invested in companies which derive a significant proportion of their revenues from the domestic Indian market place / economy. In case adequate investment                                                                                 Vidyanagari Marg, Kalina, Santacruz (East), Mumbai - 400 098.
opportunities are not available due to valuation considerations etc., amongst the primary investment universe, the fund will then seek investment                                                                                                   Tel.: (022) 40827999 • Fax: (022) 26500244



                                                                                                  PORTFOLIO STATEMENT AS ON SEPTEMBER 30, 2009
                          Name of the Scheme : ING Liquid Fund                                                                           Name of the Scheme : ING Liquid Fund (contd....)                                                                       Name of the Scheme : ING Treasury Advantage Fund
                      Name of the Instrument                        Rating      Quantity /     Market        % to                      Super Institutional Growth Option                                              13.1502                                         Name of the Instrument                   Rating   Quantity /    Market         % to
                                                                                  F.V.         Value         NAV                                                                                                                                                                                                          F.V.        Value          NAV
                                                                                             (Rs.in lakhs)                             Super Institutional Daily Dividend Option                                      10.0048                                                                                                        (Rs.in lakhs)
                                                                                                                                       Super Institutional Weekly Dividend Option                                     10.0000
        Debt Instruments                                                                                                                                                                                                                                Debt Instruments
 (a)    Listed/awaiting listing on stock exchanges                                                                       -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)                                                         (a)   Listed/awaiting listing on stock exchanges
 1      HDFC Ltd. NCD M+196 Bps MD - 12/12/2010**                     AAA             250      2,500.00      9.85%                  Regular Growth Option                                                             18.9339                     1     HDFC 1YR INBMK+70BPS MAT-23/06/2011**                   AAA          450       4,653.43      12.23%
 2      Axis Bank Ltd. 1YR INBMK+65BPS MAT-25/07/2012**                AA+             50        531.89      2.09%                  Regular Daily Dividend Option                                                     10.7873
                                                                                                                                                                                                                                                  2     Axis Bank Ltd. 1YR INBMK+65BPS MAT-25/07/2012**          AA+         280       2,978.57       7.83%
 3      8.80% IDFC Ltd. NCD MD-12/10/2009**                           LAAA              3         30.04      0.12%                  Regular Weekly Dividend Option                                                    10.8252
                                                                                                                                                                                                                                                  3     Axis Bank Ltd. 1YR INBMK+85BPS MAT-04/06/2010**          AA+          50         502.63       1.32%
                                                                                                                                    Institutional Growth Option                                                       14.1683
        Total                                                                                  3,061.93      12.06%                                                                                                                               4     8.80% IDFC Ltd. NCD MD-12/10/2009**                     LAAA          32         320.43       0.84%
                                                                                                                                    Institutional Daily Dividend Option                                               10.0121
 (b)    Privately Placed/Unlisted                                                                                                   Institutional Weekly Dividend Option                                              10.0548                           Total                                                                          8,455.06      22.22%
 1      Tata Sons Ltd. M+195bps Mat - 27/07/2010**                    AAA             250      2,500.00      9.85%                  Super Institutional Growth Option                                                 13.4611                     (b)   Privately Placed/Unlisted
 2      SBI Factors & Commercial Services Pvt. Ltd.                                                                                 Super Institutional Daily Dividend Option                                         10.0048                     1     Tata Sons Ltd. M+195bps Mat - 27/07/2010**              AAA          250       2,500.00      6.57%
        M + 100 Bps Mat-24/12/09**                                     A1+             20      2,000.00      7.88%                  Super Institutional Weekly Dividend Option                                        10.0000                     2     Tata Sons Ltd. M+2.45 % Mat - 20/05/11**                AAA          250       2,500.00      6.57%
 3      L& T Finance Ltd. MBR+100Bps MD-24/12/09**                    PR1+             15      1,500.00      5.91%                                                                                                                                3     4.54% Kesoram Industries Ltd. NCD Mat-27/11/09**        PR1+          25       2,500.00      6.57%
                                                                                                                         -     Total Dividend declared per unit (Face Value Rs 10/-) (gross)
        Total                                                                                  6,000.00      23.64%            {April 1, 2009 to September 30, 2009} Rs.                                                                          4     SBI Factors & Commercial Services Pvt. Ltd.
        Money Market Instruments                                                                                                      Regular Daily Dividend Option                                                    0.2301                           M + 100 Bps Mat-24/12/09**                               A1+           5         500.00      1.31%
 (a)    Commercial Papers                                                                                                             Regular Weekly Dividend Option                                                   0.2320                           Total                                                                          8,000.00      21.02%
 1      Reliance Petroleum Ltd. CP Mat- 10/12/09**                     P1+            500      2,481.48      9.77%                    Institutional Daily Dividend Option                                              0.2261                     (c)   Securitised Debt
 2      Sundaram Finance Ltd. CP Mat-20/10/09**                        P1+            300      1,496.83      5.89%                    Institutional Weekly Dividend Option                                             0.2283                     1     Shriram Transport Finance Company PTC
 3      Tata Capital Ltd. CP Mat- 16/11/09**                           A1+            300      1,491.76      5.87%                    Super Institutional Daily Dividend Option                                        0.2338                           Series B MD-11/12/09**                                 AA(SO)        220       2,200.14      5.78%
 4      Blue Star Ltd. CP Mat-26/10/09**                              PR1+            240      1,197.07      4.71%       (d)   Total outstanding exposure in derivative instruments at the end of the half-year             Nil                         Total                                                                          2,200.14      5.78%
 5      EXIM Bank Ltd. CP Mat-01/12/09**                               P1+            200        993.95      3.91%       (e)   Total investments in foreign securities/ADRs/GDRs at the end of the half-year                Nil
                                                                                                                                                                                                                                                        Money Market Instruments
        Total                                                                                  7,661.09      30.15%      (f)   Average Maturity period (years)                                                            0.35
                                                                                                                                                                                                                                                  (a)   Commercial Papers
 (b)    Certificate of Deposits                                                                                                                                                                                                                   1     Coromandel International Ltd. CP Mat-27/10/09**          P1+         800       3,989.27      10.48%
 1      IDBI Bank CD Mat-08/12/09**                                    A1+          2,500      2,484.31      9.78%                                                                                                                                2     Reliance Communications Ltd. CP Mat-27/10/09**           A1+         500       2,492.46       6.55%
                                                                                                                                       Name of the Scheme : ING High Yield Liquidity Fund
 2      Andhra Bank CD Mat- 29/12/09**                                PR1+          2,500      2,477.17      9.76%                                                                                                                                3     EXIM Bank Ltd. CP Mat-01/12/09**                         P1+         300       1,490.93       3.92%
 3      State Bank of Travancore CD Mat- 24/11/09**                    P1+          1,000        994.73      3.92%                             Name of the Instrument                     Rating      Quantity /     Market        % to
                                                                                                                                                                                                        F.V.         Value         NAV            4     Blue Star Ltd. CP Mat-26/10/09**                        PR1+         260       1,296.82       3.41%
 4      Axis Bank Ltd. CD Mat- 08/10/09**                              P1+            905        903.26      3.56%                                                                                                 (Rs.in lakhs)                  5     Sundaram Finance Ltd. CP Mat-20/10/09**                  P1+         200         997.89       2.62%
        Total                                                                                  6,859.47      27.02%                                                                                                                               6     Tata Capital Ltd. CP Mat- 16/11/09**                     A1+         200         994.51       2.61%
                                                                                                                               Debt Instruments
 (c)    Fixed Deposits                                                                                                                                                                                                                                  Total                                                                         11,261.88      29.59%
                                                                                                                         (a)   Privately Placed/Unlisted
 1      Bank of India FD @ 3.50% MD - 13/10/09                                                 1,000.00      3.94%                                                                                                                                (b)   Certificate of Deposits
                                                                                                                         1     14 Unitech Ltd. NCD- Mat-31/05/10 (CALL-Daily )**                      25,000,000   22,500.00       85.43%
 2      Oriental Bank of Commerce FD @4.75 Mat 241209                                             99.00      0.39%                                                                                                                                1     Punjab National Bank CD Mat - 05/11/09**                PR1+       2,500       2,491.09      6.55%
 3      State Bank of Hyderabad FD@ 5.25% MD-24/12/09                                             99.00      0.39%       2     Unitech Ltd. NCD- Mat-17/04/10 (C-Dly P-171009)**                           1,534    1,027.78        3.90%
                                                                                                                                                                                                                                                  2     United Bank of India CD Mat - 02/12/2009**               A1+       2,500       2,484.47      6.53%
 4      State Bank of Hyderabad FD@ 5.25% MD-29/12/09                                             99.00      0.39%             Total                                                                               23,527.78       89.33%         3     State Bank of Travancore CD Mat- 24/11/09**              P1+       1,500       1,492.09      3.92%
        Total                                                                                  1,297.00       5.11%            Money Market Instruments                                                                                                 Total                                                                          6,467.65      17.00%
 (d)    CBLO/Reverse Repo                                                                        457.33      1.80%       (a)   CBLO/Reverse Repo                                                                         68.70     0.26%          (c)   Fixed Deposits
        Others                                                                                                                 Others                                                                                                             1     Bank of India FD @ 3.50% MD - 13/10/09                                         1,500.00      3.94%
        Net Receivables/(Payables) including Bank balances                                         55.46      0.22%            Net Receivables/(Payables) including Bank balances                                    2,741.75      10.41%         2     Oriental Bank of Commerce FD @4.75 Mat 241209                                     99.00      0.26%
        Total Net Assets as on September 30, 2009                                            25,392.28 100.00%                                                                                                                                    3     State Bank of Hyderabad FD@ 5.25% MD-24/12/09                                     99.00      0.26%
                                                                                                                               Total Net Assets as on September 30, 2009                                           26,338.23 100.00%
 ** Thinly traded / Non traded / Illiquid Securities                                                                                                                                                                                              4     State Bank of Hyderabad FD@ 5.25% MD-29/12/09                                     99.00      0.26%
                                                                                                                         ** Thinly traded/ Non traded/ Illiquid Securities
                                                                                                                                                                                                                                                        Total                                                                          1,797.00      4.72%
 (a)    Total NPAs provided for and its percentage to NAV                                           Nil
                                                                                                                         (a)   Total NPAs provided for and its percentage to NAV                                           Nil
 (b)    Total value and percentage of illiquid equity shares                            Not Applicable                                                                                                                                            (d)   CBLO/Reverse Repo                                                                361.42      0.95%
                                                                                                                         (b)   Total value and percentage of illiquid equity shares                            Not Applicable
 (c)    NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year                                                                                                                                       Others
                                                                                                                         (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year
 -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                                                                                                                                                          Net Receivables/(Payables) including Bank balances                             (489.48)      -1.28%
                                                                                                                         -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)##
             Regular Growth Option                                                              18.5343                  -     NAV per unit as on September 29, 2009 (Face Value Rs 10/-)##                                                             Total Net Assets as on September 30, 2009                                    38,053.67 100.00%
             Regular Daily Dividend Option                                                      10.7873
                                                                                                                         (d) Total outstanding exposure in derivative instruments at the end of the half-year   Nil                               ** Thinly traded / Non traded / Illiquid Securities
             Regular Weekly Dividend Option                                                     10.8264
                                                                                                                         (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year      Nil                               (a)   Total NPAs provided for and its percentage to NAV                                  Nil
             Institutional Growth Option                                                        13.8518
                                                                                                                         (f) Average Maturity period (years)                                                  0.33                                (b)   Total value and percentage of illiquid equity shares                    Not Applicable
             Institutional Daily Dividend Option                                                10.0121
                                                                                                                         ## This scheme has been wound up and no NAVs are declared from 26th February 2009
             Institutional Weekly Dividend Option                                               10.0559
                                                                                                                            ING MUTUAL FUND
......Contd.
                                                                                                             PORTFOLIO STATEMENT AS ON SEPTEMBER 30, 2009
     Name of the Scheme : ING Treasury Advantage Fund (contd....)                                                         Name of the Scheme : ING Short Term Income Fund (contd....)                                                                    Name of the Scheme : ING Midcap Fund (contd....)
 (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year                           Name of the Instrument                      Rating      Quantity /      Market        % to                   Name of the Instrument                     Industry              Quantity      Market         % to
                                                                                                                                                                                                     F.V.          Value         NAV                                                                                                   Value          NAV
 -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                                                                                                                    (Rs.in lakhs)                                                                                                        (Rs.in lakhs)
            Regular Growth Option                                                               11.8475
                                                                                                                      (b)   Certificate of Deposits                                                                                       22    Aditya Birla Nuvo Ltd.                   Diversified                        5,100           48.58     2.12%
            Regular Daily Dividend Option                                                       10.0026
                                                                                                                      1     Axis Bank Ltd. CD Mat- 08/10/09**                             P1+              500       499.04      8.01%    23    Reliance Industries Ltd.                 Petroleum Products                 2,200           48.44     2.11%
            Regular Weekly Dividend Option                                                      10.0379
                                                                                                                      2     State Bank Of Travancore CD Mat- 16/08/10**                   P1+              500       476.87      7.66%    24    Infosys Technologies Ltd.                Software                           2,100           48.43     2.11%
            Regular Monthly Dividend Option                                                     10.3104
                                                                                                                            Total                                                                                    975.91      15.67%   25    Shree Renuka Sugars Ltd.                 Consumer Non Durables             24,000           47.39     2.06%
            Regular Quarterly Dividend Option                                                   10.2874
                                                                                                                                                                                                                                          26    Navneet Publications (India) Ltd.        Consumer Non Durables            120,000           46.92     2.04%
            Institutional Growth Option                                                         11.8289               (c)   Fixed Deposits
                                                                                                                                                                                                                                          27    Marico Ltd.                              Consumer Non Durables             51,000           45.65     1.99%
            Institutional Daily Dividend Option                                                 10.0033               1     Oriental Bank of Commerce FD @4.75 Mat 241209                                              99.00      1.59%
                                                                                                                                                                                                                                          28    Ranbaxy Laboratories Ltd.                Pharmaceuticals                   11,000           44.39     1.93%
            Institutional Weekly Dividend Option                                                10.0362               2     State Bank of Hyderabad FD@ 5.25% MD-24/12/09                                              99.00      1.59%
                                                                                                                                                                                                                                          29    Financial Technologies (India) Ltd.      Software                           3,000           41.47     1.81%
            Institutional Monthly Dividend Option                                               10.0000               3     State Bank of Hyderabad FD@ 5.25% MD-29/12/09                                              99.00      1.59%
                                                                                                                                                                                                                                          30    The Great Eastern Shipping Co. Ltd.      Transportation                    15,000           41.29     1.80%
            Institutional Quarterly Dividend Option                                             10.0000                     Total                                                                                    297.00      4.77%    31    Indian Oil Corporation Ltd.              Petroleum Products                 6,000           40.83     1.78%
 -     NAV per unit as on September 29, 2009 # (Face Value Rs 10/-)                                                   (d)   CBLO/Reverse Repo                                                                      1,017.48      16.33%   32    Welspun Gujarat Stahl Rohren Ltd.        Ferrous Metals                    15,000           39.01     1.70%
            Regular Growth Option                                                               12.1274                     Others                                                                                                        33    Housing Development &
            Regular Daily Dividend Option                                                       10.0026                     Net Receivables/(Payables) including Bank balances                                       (87.05)     -1.42%         Infrastructure Ltd.                      Construction                       12,000          38.66     1.68%
            Regular Weekly Dividend Option                                                      10.0428                                                                                                                                   34    Elecon Engineering Company Ltd.          Industrial Capital Goods           42,000          38.07     1.66%
            Regular Monthly Dividend Option                                                     10.3486                     Total Net Assets as on September 30, 2009                                              6,228.99 100.00%
                                                                                                                                                                                                                                          35    Divi’s Laboratories Ltd.                 Pharmaceuticals                     6,641          37.60     1.64%
            Regular Quarterly Dividend Option                                                   10.4023               ** Thinly traded / Non traded / Illiquid Securities                                                                 36    Lupin Ltd.                               Pharmaceuticals                     3,300          37.46     1.63%
            Institutional Growth Option                                                         12.1177               (a)   Total NPAs provided for and its percentage to NAV                                           Nil               37    Mahindra Satyam                          Software                           30,000          35.73     1.56%
            Institutional Daily Dividend Option                                                 10.0033               (b)   Total value and percentage of illiquid equity shares                            Not Applicable                38    Unitech Ltd.                             Construction                       33,000          35.44     1.54%
            Institutional Weekly Dividend Option                                                10.0413               (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year     39    Tata Chemicals Ltd.                      Fertilisers                        12,000          33.76     1.47%
            Institutional Monthly Dividend Option                                               10.0000                                                                                                                                   40    NIIT Technologies Ltd.                   Software                           27,000          33.24     1.45%
                                                                                                                      -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
            Institutional Quarterly Dividend Option                                             10.0000                                                                                                                                   41    ING Vysya Bank Ltd.                      Banks                              12,000          32.35     1.41%
                                                                                                                                 Growth Option                                                                      16.2925
 -     Total Dividend declared per unit (Face Value Rs 10/-) (gross)                                                             Dividend Option                                                                    11.9576               42    Indraprastha Gas Ltd.                    Gas                                18,000          29.39     1.28%
       {April 1, 2009 to September 30, 2009} Rs.                                                                                                                                                                                          43    Oil & Natural Gas Corporation Ltd.       Oil                                 2,400          28.13     1.22%
                                                                                                                      -     NAV per unit as on September 29, 2009 #(Face Value Rs 10/-)
              Regular Daily Dividend Option                                                      0.2347                                                                                                                                   44    Pantaloon Retail (India) Ltd.            Retailing                           1,500           3.58     0.16%
                                                                                                                                 Growth Option                                                                      16.8029
              Regular Weekly Dividend Option                                                     0.2368                                                                                                                                         Total                                                                                   2,174.18      94.66%
                                                                                                                                 Dividend Option                                                                    11.9972
              Regular Monthly Dividend Option                                                    0.2033
                                                                                                                      -     Total Dividend declared per unit (Face Value Rs 10/-) (gross)                                                       Money Market Instruments
              Regular Quarterly Dividend Option                                                  0.2278
                                                                                                                            {April 1, 2009 to September 30, 2009} Rs.                                                                     (a)   CBLO/Reverse Repo                                                                           40.51     1.76%
              Institutional Daily Dividend Option                                                0.2423
              Institutional Weekly Dividend Option                                               0.2442                            Dividend Option                                                                   0.3312                     Total                                                                                       40.51     1.76%
 (d) Total outstanding exposure in derivative instruments at the end of the half-year                 Nil             (d) Total outstanding exposure in derivative instruments at the end of the half-year                Nil                   Others
 (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year                    Nil             (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year                   Nil                   Net Receivables/(Payables) including Bank balances                                          82.35      3.58%
 (f) Average Maturity period (years)                                                                0.67              (f) Average Maturity period (years)                                                               0.86
                                                                                                                                                                                                                                                Total Net Assets as on September 30, 2009                                               2,297.04 100.00%
 # Last business day of the half-year                                                                                 # Last business day of the half-year
                                                                                                                                                                                                                                          (a)   Total NPAs provided for and its percentage to NAV                                           Nil
                                                                                                                                                                                                                                          (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                         Nil
                       Name of the Scheme : ING Income Fund                                                                  Name of the Scheme : ING Domestic Opportunities Fund                                                         (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year
                                                                                                                                    Name of the Instrument                     Industry              Quantity      Market        % to     -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
                     Name of the Instrument                       Rating     Quantity /        Market        % to                                                                                                  Value         NAV
                                                                               F.V.            Value         NAV
                                                                                                                                                                                                                                                        Growth Option                                                                        9.35
                                                                                                                                                                                                                 (Rs.in lakhs)                          Dividend Option                                                                      8.55
                                                                                             (Rs.in lakhs)
                                                                                                                            Equity & Equity related                                                                                                     Bonus Option                                                                         9.35
       Debt Instruments
                                                                                                                            Listed                                                                                                        -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)
 (a)   Listed/awaiting listing on stock exchanges
                                                                                                                      1     Reliance Industries Ltd.                 Petroleum Products                35,050        771.68      7.77%                  Growth Option                                                                       17.78
 1     11.50% Rural Electrification Corporation Ltd.
                                                                                                                      2     Bharti Airtel Ltd.                       Telecom - Services               130,464        546.32      5.50%                  Dividend Option                                                                     14.12
       NCD 26/11/13**                                              AAA                  50       552.72      8.83%
                                                                                                                      3     Housing Development Finance
 2     8.46% Indian Railway Finance Corporation Ltd.                                                                                                                                                                                      -     Total Dividend declared per unit (Face Value Rs 10/-) (gross)
                                                                                                                            Corporation Ltd.                         Finance                           15,020        418.99      4.22%
       NCD 15/01/14**                                             AAA                   40       402.43      6.43%                                                                                                                              {April 1, 2009 to September 30, 2009} Rs.                                                    2.00
                                                                                                                      4     ITC Ltd.                                 Consumer Non Durables            173,962        405.42      4.08%
 3     9.20% Power Grid Corporation NCD Mat-12/03/2013**           AAA                  24       309.33      4.94%                                                                                                                        (d)   Total outstanding exposure in derivative instruments at the end of the half-year              Nil
                                                                                                                      5     ICICI Bank Ltd.                          Banks                             40,754        369.88      3.72%
 4     11.65% HDFC Ltd. NCD Mat-09/09/2010**                       AAA                  25       262.60      4.19%                                                                                                                        (e)   Total investments in foreign securities/ADRs/GDRs at the end of the half-year                 Nil
                                                                                                                      6     Oil & Natural Gas Corporation Ltd.       Oil                               29,505        345.80      3.48%
 5     8.80% IDFC Ltd. NCD MD-12/10/2009**                        LAAA                   2        20.03      0.32%                                                                                                                        (f)   Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                               115.68%
                                                                                                                      7     Larsen & Toubro Ltd.                     Construction Project              19,452        328.58      3.31%
       Total                                                                                   1,547.11      24.71%   8     Aditya Birla Nuvo Ltd.                   Diversified                       33,596        320.04      3.22%
 (b)   Privately Placed/Unlisted                                                                                      9     Cadila Healthcare Ltd.                   Pharmaceuticals                   52,440        273.58      2.75%
 1     L& T Finance Ltd. MBR+100Bps MD-24/12/09**                 PR1+                   5       500.00      7.99%    10    Hindalco Industries Ltd.                 Non - Ferrous Metals             206,000        265.84      2.68%                     Name of the Scheme : ING Dividend Yield Fund
       Total                                                                                     500.00      7.99%    11    Bharat Petroleum Corporation Ltd.        Petroleum Products                45,835        263.12      2.65%                  Name of the Instrument                     Industry              Quantity      Market         % to
                                                                                                                      12    Glaxosmithkline Pharmaceuticals Ltd.     Pharmaceuticals                   16,776        260.37      2.62%                                                                                                 Value          NAV
       Government Securities                                                                                                                                                                                                                                                                                                          (Rs.in lakhs)
                                                                                                                      13    State Bank of India                      Banks                             11,716        257.16      2.59%
 1     6.90% GOI 2019                                           Sovereign 85,000,000             832.58      13.30%
                                                                                                                      14    Oriental Bank of Commerce                Banks                            100,000        238.50      2.40%          Equity & Equity related
 2     7.02% GOI 2016                                           Sovereign 40,000,000             395.28       6.31%
                                                                                                                      15    Bharat Heavy Electricals Ltd.            Industrial Capital Goods          10,120        235.68      2.37%          Listed
       Total                                                                                   1,227.86      19.61%   16    Gail (India) Ltd.                        Gas                               63,909        229.53      2.31%    1     Andhra Bank                          Banks                                120,000         127.26      4.64%
       Money Market Instruments                                                                                       17    Infrastructure Development Finance                                                                            2     Oriental Bank of Commerce            Banks                                 50,000         119.25      4.34%
 (a)   Commercial Papers                                                                                                    Company Ltd.                             Finance                          156,150        228.06      2.30%    3     Indian Oil Corporation Ltd.          Petroleum Products                    17,500         119.09      4.34%
 1     Kotak Mahindra Prime Ltd. CP Mat-20/08/10**                 P1+              100          469.89      7.51%    18    Cummins India Ltd.                       Industrial Products               65,167        227.79      2.29%    4     Coromandel International Ltd.        Fertilisers                           47,399          98.99      3.61%
       Total                                                                                     469.89      7.51%    19    3i Infotech Ltd.                         Software                         254,736        224.68      2.26%    5     Castrol India Ltd.                   Petroleum Products                    19,700          98.66      3.59%
                                                                                                                      20    Bajaj Auto Ltd.                          Auto                              15,000        224.21      2.26%    6     Oil & Natural Gas Corporation Ltd.   Oil                                    8,387          98.30      3.58%
 (b)   Certificate of Deposits                                                                                        21    Max India Ltd.                           Industrial Products              121,275        223.87      2.25%    7     Godrej Consumer Products Ltd.        Consumer Non Durables                 40,000          97.48      3.55%
 1     State Bank Of Travancore CD Mat- 16/08/10**                 P1+              500          476.87      7.62%    22    Sadbhav Engineering Ltd.                 Construction                      23,948        208.66      2.10%    8     Gail (India) Ltd.                    Gas                                   27,113          97.38      3.55%
       Total                                                                                     476.87      7.62%    23    Coromandel International Ltd.            Fertilisers                       99,097        206.96      2.08%    9     Container Corporation of India Ltd.  Transportation                         7,500          89.75      3.27%
 (c)   CBLO/Reverse Repo                                                                         782.34      12.50%   24    ING Vysya Bank Ltd.                      Banks                             75,050        202.30      2.04%    10    Bharati Shipyard Ltd.                Industrial Capital Goods              41,642          85.47      3.11%
       Others                                                                                                         25    India Infoline Ltd.                      Finance                          135,625        202.01      2.03%    11    Glaxosmithkline Pharmaceuticals Ltd. Pharmaceuticals                        5,500          85.36      3.11%
       Net Receivables/(Payables) including Bank balances                                      1,256.26      20.06%   26    Reliance Infrastructure Ltd.             Power                             16,480        201.26      2.03%    12    Indraprastha Gas Ltd.                Gas                                   50,000          81.65      2.97%
                                                                                                                      27    Tulip Telecom Ltd.                       Telecom - Services                20,661        192.19      1.93%    13    Deepak Fertilizers & Petrochemicals
       Total Net Assets as on September 30, 2009                                               6,260.33 100.00%
                                                                                                                      28    Titan Industries Ltd.                    Consumer Non Durables             15,000        187.67      1.89%          Corporation Ltd.                     Fertilisers                           85,000           79.86     2.91%
 ** Thinly traded / Non traded / Illiquid Securities                                                                  29    Marico Ltd.                              Consumer Non Durables            205,250        183.70      1.85%    14    Chennai Petroleum Corporation Ltd.   Petroleum Products                    30,000           78.96     2.88%
 (a)   Total NPAs provided for and its percentage to NAV                                           Nil                30    NTPC Ltd.                                Power                             82,959        177.32      1.78%    15    The Great Eastern Shipping Co. Ltd. Transportation                         27,866           76.70     2.79%
 (b)   Total value and percentage of illiquid equity shares                            Not Applicable                 31    Zee Entertainment Enterprises Ltd.       Media & Entertainment             68,300        163.07      1.64%    16    NIIT Technologies Ltd.               Software                              61,578           75.80     2.76%
 (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year      32    Godrej Consumer Products Ltd.            Consumer Non Durables             65,000        158.41      1.59%    17    Corporation Bank                     Banks                                 17,500           74.04     2.70%
                                                                                                                      33    Patel Engineering Ltd.                   Construction                      29,749        147.00      1.48%    18    Navneet Publications (India) Ltd.    Consumer Non Durables                168,750           65.98     2.40%
 -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                         34    Navneet Publications (India) Ltd.        Consumer Non Durables            375,000        146.63      1.48%    19    Hindustan Unilever Ltd.              Diversified                           24,980           65.60     2.39%
            Regular Growth Option                                                               22.9919               35    Jindal Steel & Power Ltd.                Ferrous Metals                    23,826        139.86      1.41%    20    HEG Ltd.                             Industrial Products                   25,000           64.63     2.35%
            Regular Quarterly Dividend Option                                                   11.0857               36    Apollo Tyres Ltd.                        Auto Ancillaries                 305,000        136.95      1.38%    21    Tata Chemicals Ltd.                  Fertilisers                           22,755           64.02     2.33%
            Regular Half Yearly Dividend Option                                                 10.4438               37    Housing Development &                                                                                         22    Micro Inks Ltd.                      Chemicals                             16,330           63.84     2.33%
            Regular Annual Dividend Option                                                      10.4041                     Infrastructure Ltd.                      Construction                      40,000        128.88      1.30%    23    Ranbaxy Laboratories Ltd.            Pharmaceuticals                       15,500           62.54     2.28%
            Regular Bonus Option                                                                14.0181               38    Elecon Engineering Company Ltd.          Industrial Capital Goods         125,000        113.31      1.14%    24    Bajaj Auto Ltd.                      Auto                                   4,000           59.79     2.18%
            Institutional Growth Option                                                         24.2751               39    Oil India Ltd.                           Oil                                2,530         28.87      0.29%    25    SKF India Ltd.                       Industrial Products                   20,000           58.80     2.14%
            Institutional Quarterly Dividend Option                                             10.6995
                                                                                                                            Total                                                                                  9,584.14      96.47%   26    NTPC Ltd.                            Power                                 27,500           58.78     2.14%
            Institutional Half Yearly Dividend Option                                           10.0000
                                                                                                                            Money Market Instruments                                                                                      27    Bharat Petroleum Corporation Ltd.    Petroleum Products                    10,000           57.41     2.09%
            Institutional Annual Dividend Option                                                10.3512
                                                                                                                      (a)   CBLO/Reverse Repo                                                                        228.19      2.30%    28    Power Finance Corporation Ltd.       Finance                               23,510           53.84     1.96%
            Institutional Bonus Option                                                          14.5315
                                                                                                                                                                                                                                          29    Cummins India Ltd.                   Industrial Products                   15,000           52.43     1.91%
 -     NAV per unit as on September 29, 2009 #(Face Value Rs 10/-)                                                          Total                                                                                    228.19      2.30%
                                                                                                                                                                                                                                          30    Colgate Palmolive (India) Ltd.       Consumer Non Durables                  8,000           50.62     1.84%
            Regular Growth Option                                                               23.9399                     Others                                                                                                        31    SRF Ltd.                             Auto Ancillaries                      27,000           48.25     1.76%
            Regular Quarterly Dividend Option                                                   11.2306                     Net Receivables/(Payables) including Bank balances                                       123.97       1.23%   32    Bajaj Electricals Ltd.               Consumer Durables                      6,765           43.31     1.58%
            Regular Half Yearly Dividend Option                                                 10.8743                                                                                                                                   33    Greaves Cotton Ltd.                  Industrial Products                   22,129           42.85     1.56%
                                                                                                                            Total Net Assets as on September 30, 2009                                              9,936.30 100.00%
            Regular Annual Dividend Option                                                      10.8331                                                                                                                                   34    HCL Technologies Ltd.                Software                              10,500           35.78     1.30%
            Institutional Growth Option                                                          9.9730               (a)   Total NPAs provided for and its percentage to NAV                                           Nil
                                                                                                                                                                                                                                          35    Tata Steel Ltd.                      Ferrous Metals                         5,500           28.02     1.02%
            Institutional Quarterly Dividend Option                                             10.8324               (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                         Nil
                                                                                                                      (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year           Total                                                                                   2,560.49      93.26%
            Institutional Half Yearly Dividend Option                                           10.0000
            Institutional Annual Dividend Option                                                10.0000               -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                              Money Market Instruments
                                                                                                                                    Growth Option                                                                      18.66              (a)   CBLO/Reverse Repo                                                                           92.50     3.37%
 -     Total Dividend declared per unit (Face Value Rs 10/-) (gross)
       {April 1, 2009 to September 30, 2009} Rs.                                                                                    Dividend Option                                                                     7.04                    Total                                                                                       92.50     3.37%
              Regular Quarterly Dividend Option                                                  0.3129                             Bonus Option                                                                       18.66                    Others
              Regular Half Yearly Dividend Option                                                0.4793               -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)                                                          Net Receivables/(Payables) including Bank balances                                          92.43      3.37%
              Institutional Quarterly Dividend Option                                            0.3438                             Growth Option                                                                      32.55                    Total Net Assets as on September 30, 2009                                               2,745.42 100.00%
 (d) Total outstanding exposure in derivative instruments at the end of the half-year                 Nil                           Dividend Option                                                                    12.29
                                                                                                                                                                                                                                          (a)   Total NPAs provided for and its percentage to NAV                                           Nil
 (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year                    Nil             (d)   Total outstanding exposure in derivative instruments at the end of the half-year             Nil              (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                         Nil
 (f) Average Maturity period (years)                                                                2.03              (e)   Total investments in foreign securities/ADRs/GDRs at the end of the half-year                Nil              (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year
 # Last business day of the half-year                                                                                 (f)   Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                               80.02%
                                                                                                                                                                                                                                          -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
                                                                                                                                                                                                                                                        Growth Option                                                                        9.14
               Name of the Scheme : ING Short Term Income Fund                                                                               Name of the Scheme : ING Midcap Fund                                                                       Dividend Option                                                                      8.31
                                                                                                                                                                                                                                                        Bonus Option                                                                         9.14
                     Name of the Instrument                       Rating     Quantity /        Market        % to                   Name of the Instrument                     Industry              Quantity      Market        % to
                                                                               F.V.            Value         NAV                                                                                                   Value         NAV      -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)
                                                                                             (Rs.in lakhs)                                                                                                       (Rs.in lakhs)                          Growth Option                                                                       17.28
       Debt Instruments                                                                                                     Equity & Equity related                                                                                                     Dividend Option                                                                     15.71
 (a)   Listed/awaiting listing on stock exchanges                                                                           Listed                                                                                                        (d)   Total outstanding exposure in derivative instruments at the end of the half-year              Nil
 1     9.47% Power Grid Corporation NCD Mat-31/03/2013**          AAA                   40       524.45      8.42%    1     Oriental Bank of Commerce                Banks                              39,900         95.16     4.14%    (e)   Total investments in foreign securities/ADRs/GDRs at the end of the half-year                 Nil
 2     10.20% IDFC Ltd. NCD MD-08/05/10**                         LAAA                  50       510.67      8.20%    2     Everest Kanto Cylinder Ltd.              Auto Ancillaries                   39,000         81.94     3.57%    (f)   Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                                49.84%
 3     11.65% HDFC Ltd. NCD Mat-09/09/2010**                      AAA                   25       262.60      4.22%    3     Max India Ltd.                           Industrial Products                42,000         77.53     3.38%
 4     Axis Bank Ltd. 1YR INBMK+65BPS MAT-25/07/2012**             AA+                  20       212.75      3.42%    4     CESC Ltd.                                Power                              18,000         70.08     3.05%
 5     9.20% Power Grid Corporation NCD Mat-12/03/2013**          AAA                   16       206.22      3.31%    5     Hindalco Industries Ltd.                 Non - Ferrous Metals               54,000         69.69     3.03%                           Name of the Scheme : ING Contra Fund
 6     8.46% Indian Railway Finance Corporation Ltd.                                                                  6     Koutons Retail India Ltd.                Textile Products                   21,000         69.31     3.02%                  Name of the Instrument                     Industry              Quantity      Market         % to
       NCD 15/01/14**                                              AAA                  10       100.61      1.62%    7     India Infoline Ltd.                      Finance                            42,000         62.56     2.72%                                                                                                 Value          NAV
       Total                                                                                   1,817.30      29.19%   8     Hindustan Petroleum Corporation Ltd.     Petroleum Products                 15,000         60.29     2.62%                                                                                                (Rs.in lakhs)

 (b)   Privately Placed/Unlisted                                                                                      9     Indian Hotels Co. Ltd.                   Hotels                             75,000         58.05     2.53%          Equity & Equity related
 1     L&T Finance Ltd. MBR+100Bps MD-24/12/09**                  PR1+                   5       500.00       8.03%   10    IDBI Bank Ltd.                           Banks                              45,000         57.35     2.50%          Listed
                                                                                                                      11    Glenmark Pharmaceuticals Ltd.            Pharmaceuticals                    24,000         57.14     2.49%    1     Reliance Industries Ltd.                 Petroleum Products                 5,400         118.89      6.27%
       Total                                                                                     500.00      8.03%
                                                                                                                      12    Sintex Industries Ltd.                   Industrial Products                22,000         56.13     2.44%    2     ICICI Bank Ltd.                          Banks                              9,000          81.68      4.31%
 (c)   Securitised Debt                                                                                               13    Sterlite Industries (India) Ltd.         Non - Ferrous Metals                7,200         55.88     2.43%    3     Hindustan Unilever Ltd.                  Diversified                       30,000          78.78      4.16%
 1     Shriram Transport Finance Company PTC                                                                          14    Reliance Communications Ltd.             Telecom - Services                 18,000         55.68     2.42%    4     3i Infotech Ltd.                         Software                          75,000          66.15      3.49%
       Series B MD-11/12/09**                                    AA(SO)                 30       300.01       4.82%   15    Chennai Petroleum Corporation Ltd.       Petroleum Products                 21,000         55.27     2.41%    5     Oriental Bank of Commerce                Banks                             25,750          61.41      3.24%
       Total                                                                                     300.01      4.82%    16    Chambal Fertilisers & Chemicals Ltd.     Fertilisers                        99,000         55.24     2.40%    6     GVK Power & Infrastructure Ltd.          Power                            120,000          55.74      2.94%
       Money Market Instruments                                                                                       17    Exide Industries Ltd.                    Auto Ancillaries                   60,000         55.17     2.40%    7     India Infoline Ltd.                      Finance                           35,999          53.62      2.83%
 (a)   Commercial Papers                                                                                              18    Biocon Ltd.                              Pharmaceuticals                    21,000         54.45     2.37%    8     Reliance Communications Ltd.             Telecom - Services                16,977          52.52      2.77%
 1     Reliance Capital Ltd. CP MD- 23/08/10**                     A1+              200          938.45      15.07%   19    Cummins India Ltd.                       Industrial Products                15,000         52.43     2.28%    9     Aditya Birla Nuvo Ltd.                   Diversified                        5,400          51.44      2.71%
 2     Kotak Mahindra Prime Ltd. CP Mat-20/08/10**                 P1+              100          469.89       7.54%   20    Castrol India Ltd.                       Petroleum Products                 10,000         50.08     2.18%    10    Bharti Airtel Ltd.                       Telecom - Services                12,000          50.25      2.65%
                                                                                                                      21    ITC Ltd.                                 Consumer Non Durables              21,000         48.94     2.13%
       Total                                                                                   1,408.34      22.61%
                                                                                                                                                                                                                                                                                                                                     Continued on Next Page
                                                                                                                           ING MUTUAL FUND
......Contd.
                                                                                                            PORTFOLIO STATEMENT AS ON SEPTEMBER 30, 2009
                Name of the Scheme : ING Contra Fund (contd....)                                                                           Name of the Scheme :                                                                                     Name of the Scheme : ING Tax Savings Fund (contd....)
               Name of the Instrument                     Industry              Quantity     Market         % to           ING C.U.B. (Competitive Upcoming Businesses) Fund                                                                              Name of the Instrument                     Industry              Quantity      Market         % to
                                                                                             Value          NAV                    Name of the Instrument                     Industry              Quantity         Market        % to                                                                                                  Value          NAV
                                                                                            (Rs.in lakhs)                                                                                                            Value         NAV                                                                                                  (Rs.in lakhs)
                                                                                                                                                                                                                   (Rs.in lakhs)
 11    Chambal Fertilisers & Chemicals Ltd.     Fertilisers                        90,000         50.22      2.65%                                                                                                                          24    Koutons Retail India Ltd.                Textile Products                  30,000           99.02     2.06%
 12    Max India Ltd.                           Industrial Products                27,000         49.84      2.63%         Equity & Equity related                                                                                          25    Micro Inks Ltd.                          Chemicals                         24,000           93.83     1.95%
 13    Chennai Petroleum Corporation Ltd.       Petroleum Products                 18,000         47.38      2.50%         Listed                                                                                                           26    Tata Consultancy Services Ltd.           Software                          15,000           93.15     1.94%
 14    Hindalco Industries Ltd.                 Non - Ferrous Metals               36,000         46.46      2.45%   1     Infrastructure Development Finance                                                                               27    The Great Eastern Shipping Co. Ltd.      Transportation                    33,000           90.83     1.89%
 15    Dishman Pharmaceuticals &                                                                                           Company Ltd.                             Finance                          107,500           157.00      3.70%    28    Elecon Engineering Company Ltd.          Industrial Capital Goods         100,000           90.65     1.89%
       Chemicals Ltd.                           Pharmaceuticals                    18,000         46.05     2.43%    2     Godrej Consumer Products Ltd.            Consumer Non Durables             60,000           146.22      3.45%    29    Castrol India Ltd.                       Petroleum Products                18,000           90.14     1.88%
 16    Sintex Industries Ltd.                   Industrial Products                18,000         45.93     2.42%    3     Axis Bank Ltd.                           Banks                             14,000           137.92      3.25%    30    Everest Kanto Cylinder Ltd.              Auto Ancillaries                  42,000           88.24     1.84%
 17    Voltamp Transformers Ltd.                Industrial Capital Goods            5,400         44.91     2.37%    4     Elecon Engineering Company Ltd.          Industrial Capital Goods         143,502           130.08      3.07%    31    Cairn India Ltd.                         Oil                               33,000           86.41     1.80%
 18    Everest Kanto Cylinder Ltd.              Auto Ancillaries                   21,000         44.12     2.33%    5     Mundra Port & Special Economic                                                                                   32    Sun Pharmaceutical Industries Ltd.       Pharmaceuticals                    6,000           84.46     1.76%
 19    Sun Pharmaceutical Industries Ltd.       Pharmaceuticals                     3,000         42.23     2.23%          Zone Ltd.                                Transportation                    25,000           129.96      3.06%    33    Mahindra Satyam                          Software                          70,000           83.37     1.74%
 20    The Great Eastern Shipping Co. Ltd.      Transportation                     15,000         41.29     2.18%    6     Micro Inks Ltd.                          Chemicals                         32,918           128.69      3.03%    34    Shree Renuka Sugars Ltd.                 Consumer Non Durables             42,000           82.93     1.73%
 21    Koutons Retail India Ltd.                Textile Products                   12,000         39.61     2.09%    7     Dr Reddy’s Laboratories Ltd.             Pharmaceuticals                   12,102           120.14      2.83%    35    Marico Ltd.                              Consumer Non Durables             90,000           80.55     1.68%
 22    Cairn India Ltd.                         Oil                                15,000         39.28     2.07%    8     3i Infotech Ltd.                         Software                         135,000           119.07      2.81%    36    Welspun Gujarat Stahl Rohren Ltd.        Ferrous Metals                    30,000           78.02     1.63%
 23    Mundra Port & Special Economic                                                                                9     Castrol India Ltd.                       Petroleum Products                23,575           118.06      2.78%    37    Housing Development &
       Zone Ltd.                                Transportation                      7,500         38.99     2.06%    10    Jindal Steel & Power Ltd.                Ferrous Metals                    20,000           117.40      2.77%          Infrastructure Ltd.                      Construction                      24,000           77.33     1.61%
 24    Housing Development &                                                                                         11    Coromandel International Ltd.            Fertilisers                       55,970           116.89      2.76%    38    Chambal Fertilisers & Chemicals Ltd.     Fertilisers                      135,000           75.33     1.57%
       Infrastructure Ltd.                      Construction                       12,000         38.66     2.04%    12    Oriental Bank of Commerce                Banks                             48,500           115.67      2.73%    39    ING Vysya Bank Ltd.                      Banks                             27,000           72.78     1.52%
 25    Divi’s Laboratories Ltd.                 Pharmaceuticals                     6,600         37.37     1.97%    13    Dishman Pharmaceuticals &                                                                                        40    India Infoline Ltd.                      Finance                           48,000           71.50     1.49%
 26    Financial Technologies (India) Ltd.      Software                            2,700         37.32     1.97%          Chemicals Ltd.                           Pharmaceuticals                   45,172           115.57      2.72%    41    Unitech Ltd.                             Construction                      66,000           70.88     1.48%
 27    Unitech Ltd.                             Construction                       34,000         36.52     1.93%    14    Bharati Shipyard Ltd.                    Industrial Capital Goods          56,111           115.17      2.72%    42    Indraprastha Gas Ltd.                    Gas                               42,000           68.59     1.43%
 28    Hindustan Petroleum Corporation Ltd.     Petroleum Products                  9,000         36.17     1.91%    15    Biocon Ltd.                              Pharmaceuticals                   43,500           112.80      2.66%    43    Lupin Ltd.                               Pharmaceuticals                    6,000           68.10     1.42%
 29    Mahindra Satyam                          Software                           30,000         35.73     1.89%    16    Jetking Infotrain Ltd.                   Software                          50,409           111.76      2.63%    44    Pantaloon Retail (India) Ltd.            Retailing                          2,400            5.72     0.12%
 30    CESC Ltd.                                Power                               9,000         35.04     1.85%    17    Max India Ltd.                           Industrial Products               60,000           110.76      2.61%
                                                                                                                                                                                                                                                  Total                                                                                   4,430.24      92.29%
 31    Housing Development Finance                                                                                   18    Tulip Telecom Ltd.                       Telecom - Services                11,569           107.61      2.54%
                                                                                                                     19    Navneet Publications (India) Ltd.        Consumer Non Durables            275,000           107.53      2.53%          Money Market Instruments
       Corporation Ltd.                         Finance                             1,200         33.47     1.77%
                                                                                                                     20    Everest Kanto Cylinder Ltd.              Auto Ancillaries                  50,000           105.05      2.48%    (a)   CBLO/Reverse Repo                                                                         161.43      3.36%
 32    Jetking Infotrain Ltd.                   Software                           15,000         33.26     1.76%
 33    Ranbaxy Laboratories Ltd.                Pharmaceuticals                     8,000         32.28     1.70%    21    IVRCL Infrastructures & Projects Ltd.    Construction                      25,500           100.20      2.36%          Total                                                                                     161.43      3.36%
 34    Cummins India Ltd.                       Industrial Products                 9,000         31.46     1.66%    22    Texmaco Ltd.                             Industrial Capital Goods          70,960            97.43      2.30%          Others
 35    Indian Hotels Co. Ltd.                   Hotels                             39,000         30.19     1.59%    23    Corporation Bank                         Banks                             22,500            95.20      2.24%          Net Receivables/(Payables) including Bank balances                                        208.02      4.35%
 36    Glenmark Pharmaceuticals Ltd.            Pharmaceuticals                    12,000         28.57     1.51%    24    NIIT Technologies Ltd.                   Software                          75,000            92.33      2.18%
                                                                                                                     25    Numeric Power Systems Ltd.               Industrial Capital Goods          17,440            92.20      2.17%          Total Net Assets as on September 30, 2009                                               4,799.69 100.00%
 37    Elecon Engineering Company Ltd.          Industrial Capital Goods           30,000         27.20     1.44%
 38    Tata Chemicals Ltd.                      Fertilisers                         9,000         25.32     1.34%    26    PTC India Ltd.                           Power                            100,000            88.00      2.07%    (a)   Total NPAs provided for and its percentage to NAV                                           Nil
 39    ING Vysya Bank Ltd.                      Banks                               9,000         24.26     1.28%    27    Marico Ltd.                              Consumer Non Durables             98,203            87.89      2.07%    (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                         Nil
 40    HEG Ltd.                                 Industrial Products                 9,000         23.27     1.23%    28    India Infoline Ltd.                      Finance                           57,500            85.65      2.02%    (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year
                                                                                                                     29    Divi’s Laboratories Ltd.                 Pharmaceuticals                   15,000            84.92      2.00%    -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
       Total                                                                                  1,792.86      94.62%
                                                                                                                     30    Gujarat State Petronet Ltd.              Gas                              100,000            83.65      1.97%                  Growth Option                                                                       12.77
       Money Market Instruments                                                                                      31    Shriram City Union Finance Ltd.          Finance                           21,505            81.93      1.93%                  Dividend Option                                                                      6.30
 (a)   CBLO/Reverse Repo                                                                          69.20     3.65%    32    Jaiprakash Associates Ltd.               Cement                            33,000            78.38      1.85%                  Bonus Option                                                                        12.79
       Total                                                                                      69.20     3.65%    33    ING Vysya Bank Ltd.                      Banks                             28,767            77.54      1.83%
                                                                                                                     34    Entertainment Network (India) Ltd.       Media & Entertainment             35,000            72.08      1.70%    -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)
       Others                                                                                                                                                                                                                                             Growth Option                                                                       24.11
       Net Receivables/(Payables) including Bank balances                                         32.74      1.73%   35    Jain Irrigation Systems Ltd.             Industrial Products                8,402            66.38      1.57%
                                                                                                                     36    Deepak Fertilizers & Petrochemicals                                                                                            Dividend Option                                                                     11.89
       Total Net Assets as on September 30, 2009                                              1,894.80 100.00%             Corporation Ltd.                         Fertilisers                        50,000            46.98      1.11%                 Bonus Option                                                                        24.14
 (a)   Total NPAs provided for and its percentage to NAV                                           Nil               37    Chambal Fertilisers & Chemicals Ltd.     Fertilisers                        75,000            41.85      0.99%   (d)   Total outstanding exposure in derivative instruments at the end of the half-year              Nil
 (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                         Nil                     Total                                                                                     3,795.97      89.49%   (e)   Total investments in foreign securities/ADRs/GDRs at the end of the half-year                 Nil
 (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year                                                                                                                            (f)   Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                               101.86%
                                                                                                                           Money Market Instruments
 -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                        (a)   CBLO/Reverse Repo                                                                           244.94      5.77%
               Growth Option                                                                       7.78
                                                                                                                           Total                                                                                       244.94      5.77%                              Name of the Scheme : ING MIP Fund
               Dividend Option                                                                     7.78
               Bonus Option                                                                        7.78                    Others                                                                                                                         Name of the Instrument                     Industry              Quantity      Market         % to
                                                                                                                           Net Receivables/(Payables) including Bank balances                                          200.71       4.74%                                                                                                Value          NAV
 -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)                                                                                                                                                                                                                                                                       (Rs.in lakhs)
               Growth Option                                                                      15.32                    Total Net Assets as on September 30, 2009                                                 4,241.62 100.00%
               Dividend Option                                                                    13.07              (a)   Total NPAs provided for and its percentage to NAV                                           Nil                        Equity & Equity related
               Bonus Option                                                                       15.32              (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                         Nil                        Listed
 -     Total Dividend declared per unit (Face Value Rs 10/-) (gross)                                                 (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year        1     Reliance Industries Ltd.                 Petroleum Products                    215           4.73      1.32%
       {April 1, 2009 to September 30, 2009} Rs.                                                   2.00                                                                                                                                     2     Infosys Technologies Ltd.                Software                              157           3.62      1.01%
                                                                                                                     -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
                                                                                                                                   Growth Option                                                                          6.68              3     Bharti Airtel Ltd.                       Telecom - Services                    625           2.62      0.73%
 (d)   Total outstanding exposure in derivative instruments at the end of the half-year             Nil
                                                                                                                                   Dividend Option                                                                        6.68              4     ICICI Bank Ltd.                          Banks                                 277           2.51      0.70%
 (e)   Total investments in foreign securities/ADRs/GDRs at the end of the half-year                Nil
 (f)   Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                              118.66%                              Bonus Option                                                                           6.68              5     Housing Development Finance
                                                                                                                                                                                                                                                  Corporation Ltd.                         Finance                                85           2.37     0.66%
                                                                                                                     -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)
                                                                                                                                   Growth Option                                                                         14.39              6     ITC Ltd.                                 Consumer Non Durables               1,001           2.33     0.65%
                    Name of the Scheme : ING Core Equity Fund                                                                      Dividend Option                                                                       14.39              7     HDFC Bank Ltd.                           Banks                                 135           2.23     0.62%
                                                                                                                                   Bonus Option                                                                          14.39              8     Oil & Natural Gas Corporation Ltd.       Oil                                   183           2.14     0.60%
               Name of the Instrument                     Industry              Quantity     Market         % to
                                                                                             Value          NAV                                                                                                                             9     Bharat Heavy Electricals Ltd.            Industrial Capital Goods               87           2.03     0.56%
                                                                                                                     (d)   Total outstanding exposure in derivative instruments at the end of the half-year                Nil
                                                                                            (Rs.in lakhs)
                                                                                                                     (e)   Total investments in foreign securities/ADRs/GDRs at the end of the half-year                   Nil              10    State Bank of India                      Banks                                  91           2.00     0.56%
       Equity & Equity related                                                                                       (f)   Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                                  70.90%                11    Indian Oil Corporation Ltd.              Petroleum Products                    290           1.97     0.55%
       Listed                                                                                                                                                                                                                               12    Tata Power Co. Ltd.                      Power                                 137           1.81     0.50%
 1     Reliance Industries Ltd.                 Petroleum Products                 20,893       459.99      7.50%                                                                                                                           13    Bajaj Auto Ltd.                          Auto                                  104           1.55     0.43%
 2     Infosys Technologies Ltd.                Software                           15,576       359.24      5.86%          Name of the Scheme : ING Dynamic Asset Allocation Fund                                                           14    Ranbaxy Laboratories Ltd.                Pharmaceuticals                       368           1.48     0.41%
 3     Bharti Airtel Ltd.                       Telecom - Services                 61,926       259.32      4.23%                         Name of the Instrument                      Rating      Quantity /         Market        % to
                                                                                                                                                                                                                                            15    Castrol India Ltd.                       Petroleum Products                    293           1.47     0.41%
 4     ICICI Bank Ltd.                          Banks                              27,443       249.07      4.06%                                                                                   F.V.             Value         NAV      16    Lupin Ltd.                               Pharmaceuticals                       126           1.43     0.40%
                                                                                                                                                                                                                   (Rs.in lakhs)            17    Sterlite Industries (India) Ltd.         Non - Ferrous Metals                  182           1.41     0.39%
 5     ITC Ltd.                                 Consumer Non Durables              99,209       231.21      3.77%
 6     Housing Development Finance                                                                                         Debt Instruments                                                                                                 18    Exide Industries Ltd.                    Auto Ancillaries                    1,493           1.37     0.38%
       Corporation Ltd.                         Finance                            8,043        224.36      3.66%    (a)   Listed/awaiting listing on stock exchanges                                                                       19    IDBI Bank Ltd.                           Banks                               1,009           1.29     0.36%
 7     HDFC Bank Ltd.                           Banks                             13,385        220.92      3.60%    1     Infrastructure Development Finance Company Ltd.**           LAAA                   13       130.17       4.41%   20    Sun Pharmaceutical Industries Ltd.       Pharmaceuticals                        85           1.20     0.33%
 8     Oil & Natural Gas Corporation Ltd.       Oil                               17,722        207.70      3.39%          Total                                                                                       130.17      4.41%    21    Sintex Industries Ltd.                   Industrial Products                   463           1.18     0.33%
 9     State Bank of India                      Banks                              8,995        197.44      3.22%                                                                                                                           22    Larsen & Toubro Ltd.                     Construction Project                   69           1.17     0.32%
                                                                                                                           Money Market Instruments
 10    Bharat Heavy Electricals Ltd.            Industrial Capital Goods           8,395        195.51      3.19%    (a)   CBLO/Reverse Repo                                                                         2,566.89      86.90%   23    Reliance Capital Ltd.                    Finance                               126           1.16     0.32%
 11    Indian Oil Corporation Ltd.              Petroleum Products                28,325        192.75      3.14%                                                                                                                           24    The Great Eastern Shipping Co. Ltd.      Transportation                        409           1.13     0.31%
                                                                                                                           Total                                                                                     2,566.89      86.90%
 12    Bajaj Auto Ltd.                          Auto                              10,300        153.96      2.51%                                                                                                                           25    Hindustan Unilever Ltd.                  Diversified                           422           1.11     0.31%
                                                                                                                           Others                                                                                                           26    HEG Ltd.                                 Industrial Products                   404           1.04     0.29%
 13    Ranbaxy Laboratories Ltd.                Pharmaceuticals                   35,750        144.25      2.35%
                                                                                                                           Net Receivables/(Payables) including Bank balances                                          256.70       8.69%
 14    Castrol India Ltd.                       Petroleum Products                28,382        142.14      2.32%                                                                                                                           27    Jindal Steel & Power Ltd.                Ferrous Metals                        156           0.92     0.26%
 15    Tata Power Co. Ltd.                      Power                             10,667        140.60      2.29%          Total Net Assets as on September 30, 2009                                                 2,953.76 100.00%       28    Jaiprakash Associates Ltd.               Cement                                372           0.88     0.25%
 16    Exide Industries Ltd.                    Auto Ancillaries                 147,946        136.04      2.22%    ** Thinly traded / Non traded / Illiquid Securities                                                                    29    NTPC Ltd.                                Power                                 406           0.87     0.24%
 17    IDBI Bank Ltd.                           Banks                            100,000        127.45      2.08%    (a)   Total NPAs provided for and its percentage to NAV                                           Nil                  30    Power Finance Corporation Ltd.           Finance                               356           0.82     0.23%
 18    Micro Inks Ltd.                          Chemicals                         31,600        123.54      2.01%    (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                         Nil                  31    MindTree Ltd.                            Software                              131           0.81     0.23%
 19    Sterlite Industries (India) Ltd.         Non - Ferrous Metals              15,525        120.49      1.96%    (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year        32    Suzlon Energy Ltd.                       Industrial Capital Goods              883           0.81     0.23%
 20    Sun Pharmaceutical Industries Ltd.       Pharmaceuticals                    8,271        116.43      1.90%                                                                                                                           33    Tech Mahindra Ltd.                       Software                               85           0.80     0.22%
                                                                                                                     -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
 21    Reliance Capital Ltd.                    Finance                           12,360        113.46      1.85%               Growth Option                                                                         10.1173               34    Indraprastha Gas Ltd.                    Gas                                   479           0.78     0.22%
 22    Larsen & Toubro Ltd.                     Construction Project               6,695        113.09      1.84%               Dividend Option                                                                       10.1173               35    Tata Steel Ltd.                          Ferrous Metals                        153           0.78     0.22%
 23    The Great Eastern Shipping Co. Ltd.      Transportation                    40,500        111.48      1.82%               Bonus Option                                                                          10.1173               36    Micro Inks Ltd.                          Chemicals                             185           0.72     0.20%
 24    Lupin Ltd.                               Pharmaceuticals                    9,800        111.23      1.81%                                                                                                                           37    Max India Ltd.                           Industrial Products                   387           0.71     0.20%
                                                                                                                     -     NAV per unit as on September 29, 2009 #(Face Value Rs 10/-)
 25    Hindustan Unilever Ltd.                  Diversified                       41,200        108.19      1.76%               Growth Option                                                                         10.2331               38    Reliance Communications Ltd.             Telecom - Services                    225           0.70     0.19%
 26    HEG Ltd.                                 Industrial Products               40,000        103.40      1.69%               Dividend Option                                                                       10.2331               39    Vardhman Textiles Ltd.                   Textiles - Cotton                     357           0.60     0.17%
 27    NIIT Technologies Ltd.                   Software                          75,000         92.33      1.51%               Bonus Option                                                                          10.2331               40    Chambal Fertilisers & Chemicals Ltd.     Fertilisers                         1,053           0.59     0.16%
 28    Sintex Industries Ltd.                   Industrial Products               35,886         91.56      1.49%                                                                                                                                 Total                                                                                       59.14     16.47%
                                                                                                                     (d) Total outstanding exposure in derivative instruments at the end of the half-year                   Nil
 29    Reliance Communications Ltd.             Telecom - Services                29,329         90.73      1.48%    (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year                      Nil                   Money Market Instruments
 30    Jaiprakash Associates Ltd.               Cement                            36,100         85.74      1.40%    (f) Average Maturity period (years)                                                                  0.03              (a)   CBLO/Reverse Repo                                                                         302.40      84.31%
 31    Jindal Steel & Power Ltd.                Ferrous Metals                    14,442         84.77      1.38%    # Last business day of the half-year
 32    NTPC Ltd.                                Power                             39,513         84.46      1.38%                                                                                                                                 Total                                                                                     302.40      84.31%
 33    Power Finance Corporation Ltd.           Finance                           35,000         80.15      1.31%                                                                                                                                 Others
 34    Suzlon Energy Ltd.                       Industrial Capital Goods          87,500         80.15      1.31%                       Name of the Scheme : ING Tax Savings Fund                                                                 Net Receivables/(Payables) including Bank balances                                          -2.87     -0.78%
 35    Tech Mahindra Ltd.                       Software                           8,435         78.96      1.29%                                                                                                                                 Total Net Assets as on September 30, 2009                                                 358.67 100.00%
                                                                                                                                   Name of the Instrument                     Industry              Quantity         Market        % to
 36    Tata Steel Ltd.                          Ferrous Metals                    15,000         76.42      1.25%                                                                                                    Value         NAV
                                                                                                                                                                                                                                            (a)   Total NPAs provided for and its percentage to NAV                                           Nil
 37    Indraprastha Gas Ltd.                    Gas                               46,496         75.93      1.24%                                                                                                  (Rs.in lakhs)
                                                                                                                                                                                                                                            (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                         Nil
 38    Max India Ltd.                           Industrial Products               37,750         69.69      1.14%          Equity & Equity related
                                                                                                                                                                                                                                            (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year
 39    Vardhman Textiles Ltd.                   Textiles - Cotton                 35,403         59.90      0.98%          Listed
 40    Chambal Fertilisers & Chemicals Ltd.     Fertilisers                      103,000         57.47      0.94%    1     Bharti Airtel Ltd.                       Telecom - Services                36,000           150.75      3.14%    -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
 41    Oil India Ltd.                           Oil                                1,505         17.18      0.28%    2     Hindustan Petroleum Corporation Ltd.     Petroleum Products                36,000           144.68      3.01%                  Growth Option                                                                    12.7856
       Total                                                                                  5,788.68      94.41%   3     Sterlite Industries (India) Ltd.         Non - Ferrous Metals              18,000           139.70      2.91%                  Monthly Dividend Option                                                           9.9522
                                                                                                                     4     Indian Hotels Co. Ltd.                   Hotels                           180,000           139.32      2.90%                  Quarterly Dividend Option                                                        10.3567
       Money Market Instruments
                                                                                                                     5     Infosys Technologies Ltd.                Software                           6,000           138.38      2.88%                  Half Yearly Dividend Option                                                      10.4318
 (a)   CBLO/Reverse Repo                                                                          97.90     1.60%    6     Hindustan Unilever Ltd.                  Diversified                       51,000           133.93      2.79%                  Annual Dividend Option                                                           10.2555
       Total                                                                                      97.90     1.60%    7     Reliance Industries Ltd.                 Petroleum Products                 6,000           132.10      2.75%                  Bonus Option                                                                     12.7856
       Others                                                                                                        8     ITC Ltd.                                 Consumer Non Durables             54,000           125.85      2.62%
                                                                                                                     9     Divi’s Laboratories Ltd.                 Pharmaceuticals                   21,600           122.29      2.55%    -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)
       Net Receivables/(Payables) including Bank balances                                       246.32      3.99%                                                                                                                                         Growth Option                                                                    14.0572
                                                                                                                     10    Ranbaxy Laboratories Ltd.                Pharmaceuticals                   30,000           121.05      2.52%
       Total Net Assets as on September 30, 2009                                              6,132.90 100.00%       11    Oriental Bank of Commerce                Banks                             49,400           117.82      2.45%                  Monthly Dividend Option                                                          10.4435
 (a)   Total NPAs provided for and its percentage to NAV                                           Nil               12    CESC Ltd.                                Power                             30,000           116.81      2.43%                  Quarterly Dividend Option                                                        11.1850
 (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                         Nil               13    Biocon Ltd.                              Pharmaceuticals                   45,000           116.69      2.43%                  Half Yearly Dividend Option                                                      10.6828
 (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year     14    Hindalco Industries Ltd.                 Non - Ferrous Metals              90,000           116.15      2.42%                  Annual Dividend Option                                                           11.2757
 -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                        15    Cummins India Ltd.                       Industrial Products               33,000           115.35      2.40%    -     Total Dividend declared per unit (Face Value Rs 10/-) (gross)
               Growth Option                                                                      19.08              16    Reliance Communications Ltd.             Telecom - Services                36,000           111.37      2.32%          {April 1, 2009 to September 30, 2009} Rs.
               Dividend Option                                                                    10.10              17    Max India Ltd.                           Industrial Products               60,000           110.76      2.31%
                                                                                                                                                                                                                                                             Monthly Dividend option                                                        0.4821
                                                                                                                     18    Chennai Petroleum Corporation Ltd.       Petroleum Products                42,000           110.54      2.30%
 -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)                                                                                                                                                                                            Quarterly Dividend option                                                      0.2019
                                                                                                                     19    Exide Industries Ltd.                    Auto Ancillaries                 120,000           110.34      2.30%
               Growth Option                                                                      32.79                                                                                                                                                      Half Yearly Dividend option                                                    0.7866
                                                                                                                     20    Indian Oil Corporation Ltd.              Petroleum Products                15,000           102.08      2.13%
               Dividend Option                                                                    17.35              21    Dishman Pharmaceuticals &                                                                                        (d)   Total outstanding exposure in derivative instruments at the end of the half-year              Nil
 (d)   Total outstanding exposure in derivative instruments at the end of the half-year             Nil                    Chemicals Ltd.                           Pharmaceuticals                    39,739          101.67      2.12%    (e)   Total investments in foreign securities/ADRs/GDRs at the end of the half-year                 Nil
 (e)   Total investments in foreign securities/ADRs/GDRs at the end of the half-year                Nil              22    Tata Chemicals Ltd.                      Fertilisers                        36,000          101.29      2.11%    (f)   Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                               674.31%
 (f)   Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                               56.55%                23    Financial Technologies (India) Ltd.      Software                            7,200           99.53      2.07%
                                                                                                                                                                                                                                                                                                                                       Continued on Next Page
                                                                                                                           ING MUTUAL FUND
......Contd.
                                                                                                            PORTFOLIO STATEMENT AS ON SEPTEMBER 30, 2009
                      Name of the Scheme : ING Nifty Plus Fund                                                                     Name of the Scheme : ING Balanced Fund (contd....)                                                          Name of the Scheme : ING Global Real Estate Fund (contd....)
               Name of the Instrument                      Industry             Quantity     Market         % to     (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year     (c)    NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year
                                                                                             Value          NAV
                                                                                            (Rs.in lakhs)            -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                        -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
                                                                                                                                   Growth Option                                                                      14.88                          Retail Growth Option                                                                    6.08
       Equity & Equity related
                                                                                                                                   Dividend Option                                                                    10.41                          Retail Dividend Option                                                                  6.08
       Listed
                                                                                                                     -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)                                                                Retail Bonus Option                                                                     6.08
 1     Reliance Industries Ltd.                  Petroleum Products                 5,450       119.99      8.56%
                                                                                                                                   Growth Option                                                                      22.56                          Institutional Growth Option                                                             5.31
 2     ICICI Bank Ltd.                           Banks                             12,043       109.30      7.79%
                                                                                                                                   Dividend Option                                                                    15.78                          Institutional Dividend Option                                                           5.43
 3     State Bank of India                       Banks                              3,676        80.69      5.75%
 4     Infosys Technologies Ltd.                 Software                           3,111        71.75      5.12%    (d)   Total outstanding exposure in derivative instruments at the end of the half-year             Nil              -      NAV per unit as on September 30, 2009 (Face Value Rs 10/-)
 5     Oil & Natural Gas Corporation Ltd.        Oil                                5,614        65.80      4.69%    (e)   Total investments in foreign securities/ADRs/GDRs at the end of the half-year                Nil                          Retail Growth Option                                                                    9.30
 6     Larsen & Toubro Ltd.                      Construction Project               3,833        64.75      4.62%    (f)   Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                              288.74%                            Retail Dividend Option                                                                  9.30
 7     Tata Steel Ltd.                           Ferrous Metals                    12,161        61.95      4.42%                                                                                                                                    Institutional Growth Option                                                             8.11
 8     Punjab National Bank                      Banks                              6,100        48.66      3.47%                                                                                                                                    Institutional Dividend Option                                                           8.30
 9     ACC Ltd.                                  Cement                             5,701        46.76      3.33%                             Name of the Scheme :                                                                       (d)    Total outstanding exposure in derivative instruments at the end of the half-year               Nil
 10    Bharat Petroleum Corporation Ltd.         Petroleum Products                 8,070        46.33      3.30%             ING Gilt Fund Provident Fund Plan - Dynamic Plan                                                           (e)    Total investments in foreign securities/ADRs/GDRs
 11    Housing Development Finance                                                                                                                                                                                                              at the end of the half-year (Market Value Rs. in lakhs)                               14,938.98
                                                                                                                                         Name of the Instrument                        Rating     Quantity /      Market        % to
       Corporation Ltd.                          Finance                            1,607         44.83     3.20%                                                                                   F.V.          Value         NAV      (f)    Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                                0.00%
 12    Gail (India) Ltd.                         Gas                               10,736         38.56     2.75%                                                                                               (Rs.in lakhs)
 13    ITC Ltd.                                  Consumer Non Durables             16,471         38.39     2.74%
                                                                                                                           Government Securities
 14    HDFC Bank Ltd.                            Banks                              2,246         37.07     2.64%                                                                                                                                   Name of the Scheme : ING Latin America Equity Fund
                                                                                                                     1     6.90% GOI 2019                                             Sovereign 15,000,000          146.93      11.19%
 15    Ambuja Cements Ltd.                       Cement                            36,944         36.81     2.63%
                                                                                                                     2     7.02% GOI 2016                                             Sovereign 10,000,000           98.82       7.53%                        Name of the Instrument                    Industry      Quantity /        Market        % to
 16    Hindalco Industries Ltd.                  Non - Ferrous Metals              27,655         35.69     2.54%
                                                                                                                           Total                                                                                    245.75      18.72%                                                                                  F.V.            Value         NAV
 17    Bharti Airtel Ltd.                        Telecom - Services                 7,927         33.19     2.37%                                                                                                                                                                                                                     (Rs.in lakhs)
 18    Reliance Communications Ltd.              Telecom - Services                 9,161         28.34     2.02%          Money Market Instruments
 19    NTPC Ltd.                                 Power                             12,273         26.23     1.87%    (a)   CBLO/Reverse Repo                                                                        777.93      59.26%          Mutual Fund Units
 20    Bharat Heavy Electricals Ltd.             Industrial Capital Goods           1,027         23.92     1.71%          Others                                                                                                        1      ING (L) Invest Latin America Fund                      Mutual Fund        7,022.44      7,877.34      96.84%
 21    Tata Consultancy Services Ltd.            Software                           3,130         19.44     1.39%          Net Receivables/(Payables) including Bank balances                                       289.17      22.02%          Total                                                                                   7,877.34      96.84%
 22    Hindustan Unilever Ltd.                   Diversified                        6,677         17.53     1.25%                                                                                                                               Money Market Instruments
                                                                                                                           Total Net Assets as on September 30, 2009                                              1,312.85 100.00%
 23    Sterlite Industries (India) Ltd.          Non - Ferrous Metals               2,076         16.11     1.15%                                                                                                                        (a)    CBLO/Reverse Repos                                                                        100.07      1.23%
 24    Steel Authority of India Ltd.             Ferrous Metals                     8,776         15.00     1.07%    (a)   Total NPAs provided for and its percentage to NAV                                           Nil
                                                                                                                     (b)   Total value and percentage of illiquid equity shares                            Not Applicable                       Total                                                                                     100.07      1.23%
 25    Jindal Steel & Power Ltd.                 Ferrous Metals                     2,459         14.43     1.03%
 26    Maruti Suzuki India Ltd.                  Auto                                 837         14.24     1.02%    (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year            Net Receivables/(Payables) including Bank balances                                        157.36      1.93%
 27    Tata Power Co. Ltd.                       Power                              1,043         13.75     0.98%    -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                               Total Net Assets as on September 30, 2009                                               8,134.77 100.00%
 28    Axis Bank Ltd.                            Banks                              1,334         13.14     0.94%                 Growth Option                                                                    14.2312               (a)    Total NPAs provided for and its percentage to NAV                                           Nil
 29    Grasim Industries Ltd.                    Cement                               441         12.23     0.87%                 Growth Auto Income Payout Option                                                 14.2312               (b)    Total value and percentage of illiquid equity shares (Rs. in lakhs)                         Nil
 30    Wipro Ltd.                                Software                           1,959         11.80     0.84%                 Half Yearly Dividend Option                                                      10.5716               (c)    NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year
 31    Mahindra & Mahindra Ltd.                  Auto                               1,278         11.29     0.80%                 Annual Dividend Option                                                           10.6258
 32    Reliance Infrastructure Ltd.              Power                                885         10.81     0.77%                 Cyclical Series Option 2009                                                       9.9699               -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
 33    DLF Ltd.                                  Construction                       2,297         10.06     0.72%                                                                                                                                    Growth Option                                                                           6.00
                                                                                                                     -     NAV per unit as on September 29, 2009 #(Face Value Rs 10/-)
 34    Hero Honda Motors Ltd.                    Auto                                 571          9.55     0.68%                                                                                                                                    Dividend Option                                                                         6.00
                                                                                                                                  Growth Option                                                                    14.7416
 35    Unitech Ltd.                              Construction                       8,427          9.05     0.65%                                                                                                                                    Bonus Option                                                                            6.00
                                                                                                                                  Growth Auto Income Payout Option                                                 14.7416
 36    Tata Motors Ltd.                          Auto                               1,481          8.75     0.62%                 Half Yearly Dividend Option                                                      10.9508               -      NAV per unit as on September 30, 2009 (Face Value Rs 10/-)
 37    Cipla Ltd.                                Pharmaceuticals                    2,927          8.19     0.58%                 Annual Dividend Option                                                           11.0069                           Growth Option                                                                           9.67
 38    Idea Cellular Ltd.                        Telecom - Services                 9,798          7.37     0.53%                 Cyclical Series Option 2009                                                      10.3275                           Dividend Option                                                                         9.67
 39    Cairn India Ltd.                          Oil                                2,697          7.06     0.50%    -     Total Dividend declared per unit (Face Value Rs 10/-) (gross)                                                 (d)    Total outstanding exposure in derivative instruments at the end of the half-year               Nil
 40    Sun Pharmaceutical Industries Ltd.        Pharmaceuticals                      473          6.66     0.47%          {April 1, 2009 to September 30, 2009} Rs.                                                                     (e)    Total investments in foreign securities/ADRs/GDRs
 41    Reliance Capital Ltd.                     Finance                              713          6.54     0.47%                 Half Yearly Dividend Option                                                       0.4414                      at the end of the half-year (Market Value Rs. in lakhs)                                 7,877.34
 42    Siemens Ltd.                              Industrial Capital Goods             928          5.17     0.37%                                                                                                                        (f)    Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                                 0.00%
 43    ABB Ltd.                                  Industrial Capital Goods             617          4.84     0.35%    (d) Total outstanding exposure in derivative instruments at the end of the half-year                Nil
 44    HCL Technologies Ltd.                     Software                           1,310          4.46     0.32%    (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year                   Nil
 45    Power Grid Corporation of India Ltd.      Power                              3,457          3.80     0.27%     (f) Average Maturity period (years)                                                              1.14                                      Name of the Scheme :
                                                                                                                     # Last business day of the half-year
 46    Ranbaxy Laboratories Ltd.                 Pharmaceuticals                      916          3.70     0.26%                                                                                                                              ING OptiMix Income Growth Multi-Manager FOF Scheme -
 47    Reliance Power Ltd.                       Power                              2,200          3.69     0.26%                                                                                                                                                 15% Equity Plan
 48    Suzlon Energy Ltd.                        Industrial Capital Goods           3,731          3.42     0.24%
 49    Tata Communications Ltd.                  Telecom - Services                   382          1.85     0.13%              Name of the Scheme : ING Yearly FMP 366 - Series A2                                                                            Name of the Instrument                    Industry      Quantity /        Market        % to
                                                                                                                                                                                                                                                                                                                        F.V.            Value         NAV
 50    National Aluminium Company Ltd.           Non - Ferrous Metals                 458          1.59     0.11%                        Name of the Instrument                        Rating     Quantity /      Market        % to                                                                                                  (Rs.in lakhs)
                                                                                                                                                                                                    F.V.          Value         NAV
       Total                                                                                  1,334.55      95.16%                                                                                                                              Mutual Fund Units
                                                                                                                                                                                                                (Rs.in lakhs)
       Money Market Instruments                                                                                                                                                                                                          1      Birla Sun Life Savings Fund - Retail Growth            Mutual Fund    313,265.560           52.51     23.57%
                                                                                                                           Money Market Instruments
 (a)   CBLO/Reverse Repo                                                                          82.60     5.89%                                                                                                                        2      ICICI Prudential Flexible Income
                                                                                                                     (a)   Certificate of Deposits                                                                                              Plan Premium - Growth                                  Mutual Fund    302,573.689           50.63     22.73%
       Total                                                                                      82.60     5.89%    1     Axis Bank Ltd. CD Mat- 08/10/09**                               P1+            595       593.85      29.81%   3      Reliance Money Manager Fund -
       Others                                                                                                              Total                                                                                    593.85      29.81%          Retail Plan Growth Option                              Mutual Fund      3,821.665           46.56     20.90%
       Net Receivables/(Payables) including Bank balances                                        -14.79     -1.05%                                                                                                                       4      DSP BlackRock Equity Fund - Regular Plan - Growth      Mutual Fund     84,565.702           11.31      5.08%
                                                                                                                     (b)   CBLO/Reverse Repo                                                                      1,398.25      70.18%
       Total Net Assets as on September 30, 2009                                              1,402.36 100.00%             Others                                                                                                        5      Birla Sun Life Frontline Equity Fund-Plan A (Growth)   Mutual Fund     15,236.891           11.26      5.05%
                                                                                                                           Net Receivables/(Payables) including Bank balances                                          0.22      0.01%   6      IDFC Premier Equity Fund - Plan A - Growth             Mutual Fund     38,589.119            9.13      4.10%
 (a)   Total NPAs provided for and its percentage to NAV                                           Nil
                                                                                                                                                                                                                                         7      HDFC Top 200 Fund - Growth Option                      Mutual Fund      5,347.320            9.07      4.07%
 (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                         Nil                     Total Net Assets as on September 30, 2009                                              1,992.32 100.00%       8      Sundaram BNP Paribas S.M.I.L.E. Fund-Growth            Mutual Fund     15,535.966            4.49      2.00%
 (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year
                                                                                                                     ** Thinly traded / Non traded / Illiquid Securities                                                                        Total                                                                                     194.96      87.50%
 -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
                                                                                                                     (a)   Total NPAs provided for and its percentage to NAV                                           Nil                      Others
               Growth Option                                                                      15.21
                                                                                                                     (b)   Total value and percentage of illiquid equity shares                            Not Applicable                       Net Receivables/(Payables) including Bank balances                                          27.84     12.50%
               Dividend Option                                                                    10.13
                                                                                                                     (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year
               Bonus Option                                                                       15.21                                                                                                                                         Total Net Assets as on September 30, 2009                                                 222.80 100.00%
                                                                                                                     -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
 -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)                                                                                                                                                                        (a)    Total NPAs provided for and its percentage to NAV.                                       Nil
                                                                                                                                Retail Growth Option                                                               10.4915
               Growth Option                                                                      25.22                                                                                                                                  (b)    Total value and percentage of illiquid equity shares .                       Not Applicable
                                                                                                                                Retail Dividend Option                                                             10.4915               (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the
               Dividend Option                                                                    16.81
                                                                                                                                Institutional Growth Option                                                        10.4915                      half-year period
 (d)   Total outstanding exposure in derivative instruments at the end of the half-year             Nil                         Institutional Dividend Option                                                      10.4915
 (e)   Total investments in foreign securities/ADRs/GDRs at the end of the half-year                Nil                                                                                                                                  -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
                                                                                                                     -     NAV per unit as on September 29, 2009 #(Face Value Rs 10/-)                                                               Growth Option                                                                       10.7114
 (f)   Portfolio Turnover Ratio {April 01, 2009 to Sep 30, 2009}                               71.99%
                                                                                                                                Retail Growth Option                                                               11.0016                           Dividend Option                                                                     10.3585
                                                                                                                                Retail Dividend Option                                                             11.0016
                                                                                                                                                                                                                                         -      NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*
                                                                                                                                Institutional Growth Option                                                        11.0016
                      Name of the Scheme : ING Balanced Fund                                                                    Institutional Dividend Option                                                      11.0016
                                                                                                                                                                                                                                                     Growth Option                                                                       11.6989
                                                                                                                                                                                                                                                     Dividend Option                                                                     11.3135
               Name of the Instrument                      Industry             Quantity     Market         % to     (d) Total outstanding exposure in derivative instruments at the end of the half-year                Nil
                                                                                             Value          NAV                                                                                                                          (d) Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil
                                                                                            (Rs.in lakhs)            (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year                   Nil             (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.          Nil
                                                                                                                     (f) Average Maturity period (years)                                                               0.01              (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.
       Equity & Equity related                                                                                       # Last business day of the half-year
       Listed                                                                                                                                                                                                                            * Last Business Day of the Half Year.
 1     Reliance Industries Ltd.                  Petroleum Products                 1,491         32.83     5.10%
 2     Infosys Technologies Ltd.                 Software                           1,111         25.62     3.98%                                                                                                                                                Name of the Scheme :
 3     Bharti Airtel Ltd.                        Telecom - Services                 4,419         18.50     2.88%
                                                                                                                         Name of the Scheme : ING Interval Fund (Annual Interval Fund - B)
 4     ICICI Bank Ltd.                           Banks                              1,958         17.77     2.76%                        Name of the Instrument                        Rating     Quantity /      Market        % to           ING OptiMix Income Growth Multi-Manager FOF Scheme -
 5     ITC Ltd.                                  Consumer Non Durables              7,079         16.50     2.56%                                                                                   F.V.          Value         NAV                               30% Equity Plan
                                                                                                                                                                                                                (Rs.in lakhs)
 6     Housing Development Finance                                                                                                                                                                                                                            Name of the Instrument                    Industry      Quantity /        Market        % to
       Corporation Ltd.                          Finance                              586         16.35     2.54%          Money Market Instruments                                                                                                                                                                     F.V.            Value         NAV
                                                                                                                                                                                                                                                                                                                                      (Rs.in lakhs)
 7     HDFC Bank Ltd.                            Banks                                955         15.76     2.45%    (a)   CBLO/Reverse Repo                                                                          59.68 100.30%
 8     Oil & Natural Gas Corporation Ltd.        Oil                                1,265         14.83     2.30%          Others                                                                                                               Mutual Fund Units
 9     State Bank of India                       Banks                                642         14.09     2.19%          Net Receivables/(Payables) including Bank balances                                        (0.18)     -0.30%   1      Birla Sun Life Savings Fund - Institutional Growth     Mutual Fund    750,745.777         128.21      24.58%
 10    Bharat Heavy Electricals Ltd.             Industrial Capital Goods             599         13.95     2.17%                                                                                                                        2      Reliance Money Manager Fund -
                                                                                                                           Total Net Assets as on September 30, 2009                                                  59.50 100.00%             Institutional Plan Growth Option                       Mutual Fund      9,261.974         113.55      21.77%
 11    Indian Oil Corporation Ltd.               Petroleum Products                 2,021         13.75     2.14%
 12    Tata Power Co. Ltd.                       Power                                904         11.92     1.85%    ** Thinly traded / Non traded / Illiquid Securities                                                                 3      ICICI Prudential Flexible Income
 13    Bajaj Auto Ltd.                           Auto                                 735         10.99     1.71%    (a)   Total NPAs provided for and its percentage to NAV                                           Nil                      Plan Premium-Growth                                    Mutual Fund    537,527.473           89.95     17.24%
 14    Ranbaxy Laboratories Ltd.                 Pharmaceuticals                    2,551         10.29     1.60%    (b)   Total value and percentage of illiquid equity shares                            Not Applicable                4      DSP BlackRock Equity Fund-Regular Plan - Growth        Mutual Fund    298,103.806           39.87      7.64%
 15    Castrol India Ltd.                        Petroleum Products                 2,025         10.14     1.58%    (c)   NAV at the beginning and end of the half-year and any dividend, bonus, etc. declared during the half-year     5      Birla Sun Life Frontline Equity Fund-Plan A (Growth)   Mutual Fund     53,649.673           39.64      7.60%
 16    Sterlite Industries (India) Ltd.          Non - Ferrous Metals               1,286          9.98     1.55%                                                                                                                        6      IDFC Premier Equity Fund - Plan A - Growth             Mutual Fund    137,458.531           32.53      6.24%
                                                                                                                     -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                        7      HDFC Top 200 Fund - Growth Option                      Mutual Fund     18,810.070           31.90      6.11%
 17    Lupin Ltd.                                Pharmaceuticals                      878          9.97     1.55%               Retail Growth Option                                                               10.7822
 18    Exide Industries Ltd.                     Auto Ancillaries                  10,557          9.71     1.51%                                                                                                                        8      Sundaram BNP Paribas S.M.I.L.E. Fund-Growth            Mutual Fund     54,369.169           15.70      3.01%
                                                                                                                                Retail Regular Dividend Option                                                     10.7822
 19    IDBI Bank Ltd.                            Banks                              7,136          9.09     1.41%                                                                                                                               Total                                                                                     491.35      94.19%
                                                                                                                                Retail Quarterly Dividend Option                                                   10.1047
 20    Sintex Industries Ltd.                    Industrial Products                3,274          8.35     1.30%                                                                                                                               Others
 21    Sun Pharmaceutical Industries Ltd.        Pharmaceuticals                      590          8.31     1.29%    -     NAV per unit as on September 29, 2009 # (Face Value Rs 10/-)                                                         Net Receivables/(Payables) including Bank balances                                          30.28      5.81%
 22    Larsen & Toubro Ltd.                      Construction Project                 488          8.24     1.28%               Retail Growth Option                                                               11.1735
                                                                                                                                Retail Regular Dividend Option                                                     10.0558                      Total Net Assets as on September 30, 2009                                                 521.63 100.00%
 23    Reliance Capital Ltd.                     Finance                              882          8.10     1.26%
 24    The Great Eastern Shipping Co. Ltd.       Transportation                     2,890          7.95     1.24%               Retail Quarterly Dividend Option                                                   10.0558               (a)    Total NPAs provided for and its percentage to NAV.                                       Nil
 25    Hindustan Unilever Ltd.                   Diversified                        3,007          7.90     1.23%    -     Total Dividend declared per unit (Face Value Rs 10/-) (gross)                                                 (b)    Total value and percentage of illiquid equity shares.                        Not Applicable
 26    HEG Ltd.                                  Industrial Products                2,854          7.38     1.15%          {April 1, 2009 to September 30, 2009} Rs.                                                                     (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the
 27    Jindal Steel & Power Ltd.                 Ferrous Metals                     1,050          6.16     0.96%                 Retail Regular Dividend Option                                                    1.1116                      half-year period
 28    Jaiprakash Associates Ltd.                Cement                             2,576          6.12     0.95%                 Retail Quarterly Dividend Option                                                  0.4588               -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
 29    NTPC Ltd.                                 Power                              2,820          6.03     0.94%                                                                                                                                    Growth Option                                                                       10.2676
                                                                                                                     (d) Total outstanding exposure in derivative instruments at the end of the half-year                Nil
 30    Power Finance Corporation Ltd.            Finance                            2,556          5.85     0.91%                                                                                                                                    Dividend Option                                                                      9.9262
                                                                                                                     (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year                   Nil
 31    MindTree Ltd.                             Software                             928          5.76     0.90%                                                                                                                        -      NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*
                                                                                                                     (f) Average Maturity period (years)                                                               0.01
 32    Tech Mahindra Ltd.                        Software                             602          5.64     0.88%                                                                                                                                    Growth Option                                                                       12.0220
                                                                                                                     # Last business day of the half-year
 33    Tata Steel Ltd.                           Ferrous Metals                     1,070          5.45     0.85%                                                                                                                                    Dividend Option                                                                     11.6223
 34    Indraprastha Gas Ltd.                     Gas                                3,318          5.42     0.84%
                                                                                                                                                                                                                                         (d) Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil
 35    Micro Inks Ltd.                           Chemicals                          1,307          5.11     0.79%
 36    Max India Ltd.                            Industrial Products                2,694          4.97     0.77%
                                                                                                                                   Name of the Scheme : ING Global Real Estate Fund                                                      (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.          Nil
                                                                                                                                         Name of the Instrument                     Industry     Quantity /       Market        % to     (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.
 37    Reliance Communications Ltd.              Telecom - Services                 1,558          4.82     0.75%
                                                                                                                                                                                                   F.V.           Value         NAV      * Last Business Day of the Half Year.
 38    Vardhman Textiles Ltd.                    Textiles - Cotton                  2,526          4.27     0.66%
                                                                                                                                                                                                                (Rs.in lakhs)
 39    Chambal Fertilisers & Chemicals Ltd.      Fertilisers                        7,350          4.10     0.64%
 40    Suzlon Energy Ltd.                        Industrial Capital Goods           4,376          4.01     0.62%          Mutual Fund Units                                                                                                                       Name of the Scheme :
                                                                                                                     1     ING Global Real Estate Securities Fund                 Mutual Fund 3,632,823.33      14,938.98       98.66%
       Total                                                                                    411.98      64.04%                                                                                                                               ING OptiMix Asset Allocator Multi-Manager FOF Scheme
       Money Market Instruments                                                                                            Total                                                                                14,938.98       98.66%
                                                                                                                                                                                                                                                              Name of the Instrument                    Industry      Quantity /        Market        % to
 (a)   CBLO/Reverse Repo                                                                        251.99      39.16%         Money Market Instruments                                                                                                                                                                     F.V.            Value         NAV
                                                                                                                     (a)   CBLO/Reverse Repos                                                                       268.67      1.77%                                                                                                 (Rs.in lakhs)
       Total                                                                                    251.99      39.16%
                                                                                                                           Total                                                                                    268.67      1.77%           Mutual Fund Units
       Others
                                                                                                                           Net Receivables/(Payables) including Bank balances                                        -65.22     -0.43%   1      Nifty Exchange Traded Scheme - Nifty Bees              Mutual Fund    300,000.000       1,490.94      98.33%
       Net Receivables/(Payables) including Bank balances                                        -20.50     -3.20%
                                                                                                                                                                                                                                         2      ICICI Prudential Flexible Income
       Total Net Assets as on September 30, 2009                                                643.47 100.00%             Total Net Assets as on September 30, 2009                                            15,142.43 100.00%               Plan Premium - Growth                                  Mutual Fund    213,701.795           35.76     2.36%
 (a)   Total NPAs provided for and its percentage to NAV                                             Nil             (a)   Total NPAs provided for and its percentage to NAV                                             Nil                    Total                                                                                   1,526.70 100.69%
 (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                           Nil             (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs)                           Nil
                                                                                                                                                                                                                                                                                                                                     Continued on Next Page
                                                                                                                            ING MUTUAL FUND
......Contd.
                                                                                                            PORTFOLIO STATEMENT AS ON SEPTEMBER 30, 2009
                        Name of the Scheme :                                                                                                   Name of the Scheme :                                                                                             Name of the Scheme :
 ING OptiMix Asset Allocator Multi- Manager FOF Scheme (contd....)                                                          ING OptiMix 5 Star Multi- Manager FOF Scheme (contd....)                                                       ING OptiMix Dynamic Multi-Manager FOF Scheme - Series IV (contd....
                      Name of the Instrument                  Industry       Quantity /       Market        % to                          Name of the Instrument                     Industry     Quantity /        Market        % to     (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the
                                                                               F.V.           Value         NAV                                                                                     F.V.            Value         NAV
                                                                                            (Rs.in lakhs)                                                                                                         (Rs.in lakhs)                   half-year period

        Others                                                                                                       3      IDFC Premier Equity Fund - Plan A - Growth              Mutual Fund   250,169.704           59.21     20.00%   -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
        Net Receivables/(Payables) including Bank balances                                      (10.41)     -0.69%   4      HDFC Top 200 Fund - Growth Option                       Mutual Fund    34,714.185           58.86     19.88%               Growth Option                                                                       7.8017
                                                                                                                     5      Sundaram BNP Paribas S.M.I.L.E. Fund-Growth             Mutual Fund   101,263.524           29.24      9.88%               Dividend Option                                                                     7.8017
        Total Net Assets as on September 30, 2009                                             1,516.29 100.00%
                                                                                                                     6      Birla Sun Life Savings Fund-Retail Growth               Mutual Fund    11,122.596            1.86      0.63%   -      NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*
 (a)    Total NPAs provided for and its percentage to NAV.                                       Nil                                                                                                                                                   Growth Option                                                                       9.2649
                                                                                                                            Total                                                                                     295.82      99.93%
 (b)    Total value and percentage of illiquid equity shares.                        Not Applicable
                                                                                                                            Others                                                                                                                     Dividend Option                                                                     9.2649
 (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the
        half-year period                                                                                                    Net Receivables/(Payables) including Bank balances                                           0.22      0.07%   (d) Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil
                                                                                                                            Total Net Assets as on September 30, 2009                                                 296.04 100.00%       (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.          Nil
 -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
                                                                                                                                                                                                                                           (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.
             Growth Option                                                                     11.2370               (a)    Total NPAs provided for and its percentage to NAV.                                       Nil
                                                                                                                     (b)    Total value and percentage of illiquid equity shares .                       Not Applicable                    * Last Business Day of the Half Year.
             Dividend Option                                                                   10.3516
 -      NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*                                                  (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the
             Growth Option                                                                     15.8250                      half-year period
                                                                                                                                                                                                                                                                     Name of the Scheme :
             Dividend Option                                                                   14.5781               -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
                                                                                                                                                                                                                                                  ING OptiMix Equity Multi - Manager FOF Scheme - Series II
 (d) Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil                          Growth Option                                                                        7.4919
                                                                                                                                 Dividend Option                                                                      6.4838                                     Name of the Instrument                   Industry     Quantity /         Market      % to
 (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.          Nil                                                                                                                                                                                                                  F.V.             Value       NAV
 (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.        -      NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*                                                                                                                                               (Rs.in lakhs)
 * Last Business Day of the Half Year.                                                                                           Growth Option                                                                       12.4198
                                                                                                                                                                                                                                                  Mutual Fund Units
                                                                                                                                 Dividend Option                                                                     10.7424
                                                                                                                                                                                                                                           1      DSP BlackRock Equity Fund -
                                                                                                                     (d) Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil
                              Name of the Scheme :                                                                                                                                                                                                Regular Plan - Growth                                 Mutual Fund 5,102,289.349          682.38     24.68%
                                                                                                                     (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.          Nil
                ING OptiMix Dynamic Multi - Manager FOF Scheme                                                                                                                                                                             2      Birla Sun Life Frontline Equity Fund-
                                                                                                                     (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.
                                                                                                                     * Last Business Day of the Half Year.                                                                                        Plan A (Growth)                                       Mutual Fund 918,261.175            678.41     24.54%
                      Name of the Instrument                  Industry       Quantity /       Market        % to
                                                                               F.V.           Value         NAV                                                                                                                            3      HDFC Top 200 Fund - Growth Option                     Mutual Fund 321,889.579            545.81     19.74%
                                                                                            (Rs.in lakhs)                                                                                                                                  4      IDFC Premier Equity Fund - Plan A - Growth            Mutual Fund 2,287,684.106          541.47     19.59%
        Mutual Fund Units                                                                                                                      Name of the Scheme :                                                                        5      Sundaram BNP Paribas S.M.I.L.E. Fund-Growth           Mutual Fund 930,397.650            268.66      9.72%
 1      Reliance Money Manager Fund -                                                                                          ING OptiMix Active Debt Multi- Manager FOF Scheme                                                           6      Birla Sun Life Savings Fund-Retail Growth             Mutual Fund     8,162.774            1.37      0.05%
        Institutional Plan Growth Option                     Mutual Fund    72,800.178          892.53      33.94%                                                                                                                                Total                                                                                   2,718.10    98.32%
                                                                                                                                          Name of the Instrument                     Industry     Quantity /        Market        % to
 2      Birla Sun Life Savings Fund - Institutional Growth   Mutual Fund 5,225,238.266          892.38      33.94%                                                                                  F.V.            Value         NAV
 3      ICICI Prudential Flexible Income                                                                                                                                                                          (Rs.in lakhs)
                                                                                                                                                                                                                                                  Others
        Plan Premium - Growth                                Mutual Fund 5,062,975.683          847.24      32.22%                                                                                                                                Net Receivables/(Payables) including Bank balances                                        46.36      1.68%
                                                                                                                            Mutual Fund Units
        Total                                                                                 2,632.15 100.10%       1      ICICI Prudential Flexible Income Plan                                                                                 Total Net Assets as on September 30, 2009                                               2,764.46 100.00%
        Others                                                                                                              Premium - Growth                                        Mutual Fund 1,504,333.446         251.74      35.43%   (a)    Total NPAs provided for and its percentage to NAV.                                       Nil
        Net Receivables/(Payables) including Bank balances                                        -2.49     -0.10%   2      Birla Sun Life Savings Fund - Institutional Growth      Mutual Fund 1,399,078.526         238.94      33.63%   (b)    Total value and percentage of illiquid equity shares.                        Not Applicable
        Total Net Assets as on September 30, 2009                                             2,629.66 100.00%       3      Reliance Money Manager Fund -                                                                                  (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the
                                                                                                                            Institutional Plan Growth Option                        Mutual Fund    17,846.885         218.80      30.80%          half-year period
 (a)    Total NPAs provided for and its percentage to NAV.                                       Nil
 (b)    Total value and percentage of illiquid equity shares.                        Not Applicable                         Total                                                                                     709.48      99.86%   -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
 (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the                                                                                                                                         Growth Option                                                                       5.3616
                                                                                                                            Others
        half-year period                                                                                                                                                                                                                               Dividend Option                                                                     5.3616
                                                                                                                            Net Receivables/(Payables) including Bank balances                                           1.00      0.14%
 -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                                                                                                                                             -      NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*
             Growth Option                                                                      9.9086                      Total Net Assets as on September 30, 2009                                                 710.48 100.00%                   Growth Option                                                                       8.7611
             Dividend Option                                                                    9.9085               (a)    Total NPAs provided for and its percentage to NAV.                                       Nil                               Dividend Option                                                                     8.7611
 -      NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*                                                  (b)    Total value and percentage of illiquid equity shares.                        Not Applicable                    (d) Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil
             Growth Option                                                                     10.0577               (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the         (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.          Nil
             Dividend Option                                                                   10.0577                      half-year period                                                                                               (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.
 (d) Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil              -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                         * Last Business Day of the Half Year.
 (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.          Nil                          Growth Option                                                                       12.2056
 (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.                    Dividend Option                                                                     10.0397
 * Last Business Day of the Half Year.                                                                               -      NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*                                                          Name of the Scheme : ING OptiMix RetireInvest Fund Series I
                                                                                                                                 Growth Option                                                                       12.5082                              Name of the Instrument                     Industry             Quantity        Market      % to
                                                                                                                                 Dividend Option                                                                     10.0847                                                                                                              Value       NAV
                               Name of the Scheme :                                                                                                                                                                                                                                                                                   (Rs.in lakhs)
                                                                                                                     -      Total Dividend declared Per Unit (Face Value Rs 10/-)
                 ING OptiMix Equity Multi - Manager FOF Scheme                                                              (April 1st, 09 to September 30th, 09)                                                                                 Equity & Equity related
                      Name of the Instrument                  Industry       Quantity /       Market        % to                   Dividend Option                                                                    0.2364                      Listed
                                                                               F.V.           Value         NAV
                                                                                            (Rs.in lakhs)            (d) Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil                1      ICICI Bank Ltd.                           Banks                            6,506          59.05     5.95%
                                                                                                                     (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.          Nil                2      Reliance Industries Ltd.                  Petroleum Products               2,386          52.53     5.29%
        Mutual Fund Units
                                                                                                                     (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.          3      State Bank of India                       Banks                            2,062          45.26     4.56%
 1      DSP BlackRock Equity Fund -
                                                                                                                     * Last Business Day of the Half Year.                                                                                 4      Maruti Suzuki India Ltd.                  Auto                             2,418          41.14     4.14%
        Regular Plan - Growth                                Mutual Fund 3,035,939.735          406.03      24.91%
 2      Birla Sun Life Frontline Equity Fund -                                                                                                                                                                                             5      Sterlite Industries (India) Ltd.          Non - Ferrous Metals             4,861          37.73     3.80%
        Plan A (Growth)                                      Mutual Fund 546,580.377            403.81      24.77%                                                                                                                         6      Infosys Technologies Ltd.                 Software                         1,617          37.29     3.75%
                                                                                                                                             Name of the Scheme :
 3      IDFC Premier Equity Fund - Plan A - Growth           Mutual Fund 1,399,984.883          331.36      20.33%                                                                                                                         7      Hero Honda Motors Ltd.                    Auto                             2,187          36.58     3.68%
 4      HDFC Top 200 Fund - Growth Option                    Mutual Fund 191,573.778            324.84      19.93%
                                                                                                                           ING OptiMix Dynamic Multi-Manager FOF Scheme - Series III
                                                                                                                                                                                                                                           8      GAIL (India) Ltd.                         Gas                              9,105          32.70     3.29%
 5      Sundaram BNP Paribas S.M.I.L.E. Fund - Growth        Mutual Fund 553,617.705            159.86       9.81%                        Name of the Instrument                     Industry     Quantity /        Market        % to
                                                                                                                                                                                                    F.V.            Value         NAV      9      Bharti Airtel Ltd.                        Telecom - Services               7,271          30.45     3.07%
 6      Birla Sun Life Savings Fund-Retail Growth            Mutual Fund     7,293.129            1.22       0.08%
                                                                                                                                                                                                                  (Rs.in lakhs)            10     HDFC Bank Ltd.                            Banks                            1,625          26.82     2.70%
        Total                                                                                 1,627.12      99.83%                                                                                                                         11     Oil & Natural Gas Corporation Ltd.        Oil                              2,127          24.93     2.51%
                                                                                                                            Mutual Fund Units
        Others                                                                                                                                                                                                                             12     Bharat Heavy Electricals Ltd.             Industrial Capital Goods         1,041          24.24     2.44%
                                                                                                                     1      Birla Sun Life Savings Fund - Institutional Growth      Mutual Fund 1,793,990.227         306.38      16.74%
        Net Receivables/(Payables) including Bank balances                                         2.97      0.17%                                                                                                                         13     ITC Ltd.                                  Consumer Non Durables           10,264          23.92     2.41%
                                                                                                                     2      Birla Sun Life Frontline Equity Fund -
        Total Net Assets as on September 30, 2009                                             1,630.09 100.00%              Plan A (Growth)                                         Mutual Fund   405,588.298         299.65      16.38%   14     Larsen & Toubro Ltd.                      Construction Project             1,340          22.64     2.28%
 (a)    Total NPAs provided for and its percentage to NAV.                                       Nil                 3      DSP BlackRock Equity Fund -                                                                                    15     Oracle Financial Services Software Ltd.   Software                         1,190          21.90     2.21%
 (b)    Total value and percentage of illiquid equity shares .                       Not Applicable                         Regular Plan - Growth                                   Mutual Fund 2,214,656.974         296.19      16.19%   16     Cairn India Ltd.                          Oil                              7,962          20.85     2.10%
 (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the       4      ICICI Prudential Flexible Income Plan                                                                          17     Bharat Petroleum Corporation Ltd.         Petroleum Products               3,611          20.73     2.09%
        half-year period                                                                                                                                                                                                                   18     Rural Electrification Corporation Ltd.    Finance                         10,200          20.54     2.07%
                                                                                                                            Premium - Growth                                        Mutual Fund 1,603,161.944         268.27      14.66%
 -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                       5      IDFC Premier Equity Fund - Plan A - Growth              Mutual Fund 1,005,120.696         237.90      13.00%   19     Steel Authority of India Ltd.             Ferrous Metals                  11,954          20.43     2.06%
             Growth Option                                                                      7.1989               6      HDFC Top 200 Fund - Growth Option                       Mutual Fund 138,979.154           235.66      12.88%   20     Indian Oil Corporation Ltd.               Petroleum Products               2,999          20.41     2.05%
             Dividend Option                                                                    7.1989                                                                                                                                     21     Ranbaxy Laboratories Ltd.                 Pharmaceuticals                  5,000          20.18     2.03%
                                                                                                                     7      Sundaram BNP Paribas S.M.I.L.E. Fund-Growth             Mutual Fund 424,303.646           122.52       6.70%
 -      NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*                                                  8      Reliance Money Manager Fund -                                                                                  22     Wipro Ltd.                                Software                         3,200          19.27     1.94%
             Growth Option                                                                     11.7861                                                                                                                                     23     Axis Bank Ltd.                            Banks                            1,613          15.89     1.60%
                                                                                                                            Institutional Plan Growth Option                        Mutual Fund     4,725.148           57.93      3.17%
             Dividend Option                                                                   11.7861                                                                                                                                     24     Spice Jet Ltd.                            Transportation                  43,500          15.51     1.56%
                                                                                                                            Total                                                                                   1,824.50      99.72%
 (d) Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil                                                                                                                                    25     Hindustan Petroleum Corporation Ltd.      Petroleum Products               3,794          15.25     1.54%
 (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.          Nil                     Others
                                                                                                                                                                                                                                           26     Housing Development Finance
 (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.               Net Receivables/(Payables) including Bank balances                                           5.29      0.28%
                                                                                                                                                                                                                                                  Corporation Ltd.                          Finance                            537          14.98     1.51%
 * Last Business Day of the Half Year.                                                                                      Total Net Assets as on September 30, 2009                                               1,829.79 100.00%       27     Bajaj Auto Ltd.                           Auto                               995          14.87     1.50%
                                                                                                                     (a)    Total NPAs provided for and its percentage to NAV.                                       Nil                   28     Crompton Greaves Ltd.                     Industrial Capital Goods         3,865          12.12     1.22%
                         Name of the Scheme :                                                                        (b)    Total value and percentage of illiquid equity shares .                       Not Applicable                    29     Hindustan Construction Co. Ltd.           Construction Project             9,018          11.83     1.19%
       ING OptiMix Dynamic Multi-Manager FOF Scheme - Series II                                                      (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the         30     Infrastructure Development
                                                                                                                            half-year period
                      Name of the Instrument                  Industry       Quantity /       Market        % to                                                                                                                                  Finance Co. Ltd.                          Finance                          7,950          11.61     1.17%
                                                                               F.V.           Value         NAV      -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                         31     Shree Cement Ltd.                         Cement                             683          11.29     1.14%
                                                                                            (Rs.in lakhs)                        Growth Option                                                                        8.3410               32     Cipla Ltd.                                Pharmaceuticals                  3,962          11.09     1.12%
        Mutual Fund Units                                                                                                        Dividend Option                                                                      8.3410
                                                                                                                                                                                                                                           33     Glaxosmithkline Pharmaceuticals Ltd.      Pharmaceuticals                    660          10.24     1.03%
 1      Reliance Money Manager Fund - Institutional                                                                  -      NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*                                                    34     Idea Cellular Ltd.                        Telecom - Services              13,400          10.08     1.02%
        Plan Growth Option                                   Mutual Fund 126,805.923          1,554.65      33.97%               Growth Option                                                                        9.9489
                                                                                                                                                                                                                                           35     Bharat Electronics Ltd.                   Industrial Capital Goods           652          10.00     1.01%
 2      Birla Sun Life Savings Fund - Institutional Growth   Mutual Fund 9,100,302.445        1,554.17      33.96%               Dividend Option                                                                      9.9489
                                                                                                                                                                                                                                           36     LIC Housing Finance Ltd.                  Finance                          1,287           9.94     1.00%
 3      ICICI Prudential Flexible Income                                                                             (d) Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil
        Plan Premium - Growth                                Mutual Fund 8,733,441.314        1,461.46      31.93%                                                                                                                         37     Reliance Infrastructure Ltd.              Power                              811           9.90     1.00%
                                                                                                                     (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.          Nil
                                                                                                                                                                                                                                           38     Biocon Ltd.                               Pharmaceuticals                  3,750           9.72     0.98%
        Total                                                                                 4,570.28      99.86%   (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.
                                                                                                                     * Last Business Day of the Half Year.                                                                                 39     Power Grid Corporation of India Ltd.      Power                            8,600           9.46     0.95%
        Others
                                                                                                                                                                                                                                           40     Union Bank of India                       Banks                            3,900           9.35     0.94%
        Net Receivables/(Payables) including Bank balances                                         6.09      0.14%
                                                                                                                                                                                                                                           41     Satyam Computer Services Ltd.             Software                         7,800           9.29     0.94%
        Total Net Assets as on September 30, 2009                                             4,576.37 100.00%                              Name of the Scheme :                                                                           42     Ambuja Cements Ltd.                       Cement                           9,214           9.18     0.92%
 (a)    Total NPAs provided for and its percentage to NAV.                                          Nil                  ING OptiMix Dynamic Multi- Manager FOF Scheme - Series IV                                                         43     Punjab National Bank                      Banks                              958           7.64     0.77%
 (b)    Total value and percentage of illiquid equity shares.                           Not Applicable                                                                                                                                     44     Reliance Communications Ltd.              Telecom - Services               2,360           7.30     0.74%
                                                                                                                                          Name of the Instrument                     Industry     Quantity /        Market        % to
 (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the                                                                                      F.V.            Value         NAV      45     Tata Steel Ltd.                           Ferrous Metals                   1,048           5.34     0.54%
        half-year period                                                                                                                                                                                          (Rs.in lakhs)
                                                                                                                                                                                                                                                  Total                                                                                    911.47     91.77%
 -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                              Mutual Fund Units
             Growth Option                                                                      9.9825                                                                                                                                            Money Market Instruments
                                                                                                                     1      DSP BlackRock Equity Fund -
             Dividend Option                                                                    9.9824                                                                                                                                     (a)    CBLO                                                                                      43.00     4.33%
                                                                                                                            Regular Plan - Growth                                   Mutual Fund 1,237,119.494         165.45      16.16%
 -      NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*                                                                                                                                                                               Others
                                                                                                                     2      Birla Sun Life Frontline Equity Fund-
             Growth Option                                                                     10.1187                                                                                                                                            Net Receivables/(Payables) including Bank balances                                        38.74      3.90%
                                                                                                                            Plan A (Growth)                                         Mutual Fund   223,561.870         165.17      16.13%
             Dividend Option                                                                   10.1187                                                                                                                                            Total Net Assets as on September 30, 2009                                                993.21 100.00%
                                                                                                                     3      Birla Sun Life Savings Fund - Institutional Growth      Mutual Fund   848,316.168         144.88      14.15%
 (d) Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil                                                                                                                                    (a)    Total NPAs provided for and its percentage to NAV.                                       Nil
                                                                                                                     4      IDFC Premier Equity Fund - Plan A - Growth              Mutual Fund   568,089.425         134.46      13.13%
 (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.          Nil                                                                                                                                    (b)    Total value and percentage of illiquid equity shares (Rs. in lakhs).                     Nil
                                                                                                                     5      HDFC Top 200 Fund - Growth Option                       Mutual Fund    78,088.912         132.41      12.93%
 (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.                                                                                                                              (c)    NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the
 * Last Business Day of the Half Year.                                                                               6      ICICI Prudential Flexible Income
                                                                                                                                                                                                                                                  half-year period
                                                                                                                            Plan Premium - Growth                                   Mutual Fund   760,647.497         127.29      12.43%
                                                                                                                     7      Reliance Money Manager Fund - Institutional                                                                    -      NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
                               Name of the Scheme :                                                                         Plan Growth Option                                      Mutual Fund     6,331.562           77.63     7.58%
                                                                                                                                                                                                                                                          Growth Option                                                                       6.93
                 ING OptiMix 5 Star Multi- Manager FOF Scheme                                                                                                                                                                                             Dividend Option                                                                     6.93
                                                                                                                     8      Sundaram BNP Paribas S.M.I.L.E. Fund-Growth             Mutual Fund   236,223.466           68.21     6.66%
                      Name of the Instrument                  Industry       Quantity /       Market        % to                                                                                                                           -      NAV per unit as on September 30, 2009 (Face Value Rs 10/-)*
                                                                                                                            Total                                                                                   1,015.50      99.17%
                                                                               F.V.           Value         NAV                                                                                                                                           Growth Option                                                                      11.16
                                                                                            (Rs.in lakhs)                   Others                                                                                                                        Dividend Option                                                                    11.16
        Mutual Fund Units                                                                                                   Net Receivables/(Payables) including Bank balances                                           8.61      0.83%   (d) Total outstanding exposure in derivative instruments at the end of the half-year period.         Nil
 1      DSP BlackRock Equity Fund -                                                                                         Total Net Assets as on September 30, 2009                                               1,024.11 100.00%       (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.            Nil
        Regular Plan - Growth                                Mutual Fund    549,781.359           73.53     24.84%                                                                                                                         (f) Portfolio Turnover ratio (April 01,2009 to September 30, 2009)                                 0.44
 2      Birla Sun Life Frontline Equity Fund-                                                                        (a)    Total NPAs provided for and its percentage to NAV.                                            Nil              * Last Business Day of the Half Year.
        Plan A (Growth)                                      Mutual Fund     98,975.493           73.12     24.70%   (b)    Total value and percentage of illiquid equity shares.                              Not Applicable
                                                                                                                                                                                                                                                                                                                                     Continued on Next Page
                                                                                                                    ING MUTUAL FUND
......Contd.
                                                                                                      PORTFOLIO STATEMENT AS ON SEPTEMBER 30, 2009
  Name of the Scheme : ING OptiMix Multi Manager Equity Fund                                                  Name of the Scheme : ING OptiMix Multi Manager Equity Fund (contd....)                                                                             Name of the Scheme :
               Name of the Instrument                    Industry          Quantity    Market         % to                  Name of the Instrument                    Industry              Quantity         Market      % to                           ING OptiMix Global Commodities Fund
                                                                                       Value          NAV                                                                                                    Value       NAV                            Name of the Instrument                     Industry       Quantity /        Market        % to
                                                                                      (Rs.in lakhs)                                                                                                     (Rs.in lakhs)                                                                                               F.V.            Value         NAV
                                                                                                                                                                                                                                                                                                                                  (Rs.in lakhs)
      Equity & Equity related                                                                                 44    Infrastructure Development
      Listed                                                                                                        Finance Co. Ltd.                        Finance                           38,600           56.38     0.63%           Mutual Fund Units
 1    Reliance Industries Ltd.                  Petroleum Products          26,120        575.07      6.45%   45    IRB Infrastructure Developers Ltd.      Transportation                    26,500           56.09     0.63%     1     First State Global Resources Fund I                     Mutual Fund      74,374.154          379.09      33.41%
                                                                                                                                                                                                                                   2     Credit Suisse Global Resources B                        Mutual Fund       2,828.412          338.93      29.87%
 2    Infosys Technologies Ltd.                 Software                    19,053        439.44      4.93%   46    Lupin Ltd.                              Pharmaceuticals                    4,904           55.66     0.62%
                                                                                                                                                                                                                                   3     SGAM Fund Equities Global Resources Fund                Mutual Fund       4,415.408          208.24      18.35%
 3    State Bank of India                       Banks                       18,722        410.94      4.61%   47    Shree Cement Ltd.                       Cement                             3,363           55.60     0.62%
                                                                                                                                                                                                                                   4     JPM Funds-Global Natural Resources Fund-A               Mutual Fund      24,500.389          159.25      14.03%
 4    ICICI Bank Ltd.                           Banks                       43,336        393.32      4.41%   48    Crompton Greaves Ltd.                   Industrial Capital Goods          17,568           55.10     0.62%
                                                                                                                                                                                                                                   5     ICICI Prudential Flexible Income
 5    Bharti Airtel Ltd.                        Telecom - Services          77,728        325.49      3.65%   49    Power Finance Corporation Ltd.          Finance                           23,933           54.81     0.61%           Plan Premium - Growth                                   Mutual Fund     205,414.396            34.37     3.03%
 6    Oil & Natural Gas Corporation Ltd.        Oil                         26,330        308.59      3.46%   50    DLF Ltd.                                Construction                      12,500           54.75     0.61%     6     ICICI Prudential Liquid Plan-Growth                     Mutual Fund      13,177.262             2.89     0.25%
 7    HDFC Bank Ltd.                            Banks                       18,374        303.26      3.40%   51    Union Bank of India                     Banks                             22,035           52.81     0.59%
                                                                                                                                                                                                                                         Total                                                                                      1,122.77      98.94%
 8    Sterlite Industries (India) Ltd.          Non - Ferrous Metals        35,740        277.38      3.11%   52    Bharat Electronics Ltd.                 Industrial Capital Goods           3,246           49.79     0.56%
 9    Larsen & Toubro Ltd.                      Construction Project        15,823        267.28      3.00%   53    Bharat Petroleum Corporation Ltd.       Petroleum Products                 8,560           49.14     0.55%           Others
 10   GAIL (India) Ltd.                         Gas                         72,769        261.35      2.93%   54    LIC Housing Finance Ltd.                Finance                            6,187           47.77     0.54%           Net Receivables/(Payables) including Bank balances                                             11.94      1.06%
 11   Hindustan Petroleum Corporation Ltd.      Petroleum Products          62,709        252.03      2.83%   55    Yes Bank Ltd.                           Banks                             21,900           44.91     0.50%           Total Net Assets as on September 30, 2009                                                  1,134.71 100.00%
 12   Bharat Heavy Electricals Ltd.             Industrial Capital Goods    10,674        248.58      2.79%   56    Satyam Computer Services Ltd.           Software                          37,480           44.64     0.50%     (a)   Total NPAs provided for and its percentage to NAV.                                       Nil
 13   Maruti Suzuki India Ltd.                  Auto                        14,205        241.68      2.71%   57    Jaiprakash Associates Ltd.              Cement                            17,100           40.61     0.46%     (b)   Total value and percentage of illiquid equity shares.                        Not Applicable
 14   I T C Ltd.                                Consumer Non Durables      103,450        241.09      2.71%   58    Nestle India Ltd.                       Consumer Non Durables              1,700           38.59     0.43%     (c)   NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the
 15   Housing Development Finance                                                                             59    Aditya Birla Nuvo Ltd.                  Diversified                        3,904           37.19     0.42%           half-year period
      Corporation Ltd.                          Finance                      7,799        217.56      2.44%   60    Punjab National Bank                    Banks                              4,617           36.83     0.41%
                                                                                                                                                                                                                                   -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)
 16   Bajaj Auto Ltd.                           Auto                        13,698        204.75      2.30%         Total                                                                                    8,560.31    96.05%               Growth Option                                                                           8.2900
 17   Axis Bank Ltd.                            Banks                       16,776        165.27      1.85%                                                                                                                                   Dividend Option                                                                         8.2899
                                                                                                                    Money Market Instruments
 18   Hero Honda Motors Ltd.                    Auto                         9,290        155.37      1.74%
                                                                                                              (a)   CBLO                                                                                      207.00     2.32%     -     NAV per unit as on September 29, 2009 (Face Value Rs 10/-)*
 19   Wipro Ltd.                                Software                    24,500        147.51      1.66%
                                                                                                              (b)   Fixed Deposits                                                                                                            Growth Option                                                                          11.0292
 20   Reliance Infrastructure Ltd.              Power                       11,771        143.75      1.61%
                                                                                                                    (Margin Money for                                                                                                         Dividend Option                                                                        11.0291
 21   Oracle Financial Services Software Ltd.   Software                     7,560        139.15      1.56%
 22   Tata Consultancy Services Ltd.            Software                    22,300        138.48      1.55%         Derivative Trades)                                                                                             (d)  Total outstanding exposure in derivative instruments at the end of the half-year period.       Nil
 23   Mahindra & Mahindra Ltd.                  Auto                        15,150        133.80      1.50%   1     2.95% HSBC Bank Ltd. 28-Oct-09                                                            200.00     2.24%     (e)  Total investments in foreign securities/ADRs/GDRs
 24   Mphasis Ltd.                              Software                    19,640        130.98      1.47%         Others                                                                                                              at the end of the half-year period. (Rs. In lakhs)                                       1,085.51
                                                                                                                    Net Receivables/(Payables) including Bank balances                                        (55.32)    -0.61%    (f) Since all Investments are in mutual funds, the average maturity of the portfolio is not been calculated.
 25   Bank of Baroda                            Banks                       25,000        120.43      1.35%
                                                                                                                                                                                                                                   * Last Business Day of the Half Year.
 26   Glaxosmithkline Pharmaceuticals Ltd.      Pharmaceuticals              7,384        114.60      1.29%         Total Net Assets as on September 30, 2009                                                8,911.99 100.00%
 27   Idea Cellular Ltd.                        Telecom - Services         143,700        108.13      1.21%
                                                                                                              (a)   Total NPAs provided for and its percentage to NAV.                                       Nil
 28   Tata Steel Ltd.                           Ferrous Metals              20,769        105.81      1.19%
                                                                                                              (b)   Total value and percentage of illiquid equity shares (Rs. in lakhs).                     Nil
 29   Cipla Ltd.                                Pharmaceuticals             37,340        104.51      1.17%
                                                                                                              (c)   NAV at the beginning and end of the half-year period and any dividend, bonus, etc. declared during the
 30   Ranbaxy Laboratories Ltd.                 Pharmaceuticals             24,200         97.65      1.10%
                                                                                                                    half-year period
 31   Cairn India Ltd.                          Oil                         34,145         89.41      1.00%
 32   Shree Renuka Sugars Ltd.                  Consumer Non Durables       44,206         87.28      0.98%   -     NAV per unit as on March 31, 2009 (Face Value Rs 10/-)                                                        Statutory Details: Sponsor: ING Group, Trustee: Board of Trustees of ING Mutual Fund, Investment Manager: ING
 33   Reliance Communications Ltd.              Telecom - Services          27,040         83.65      0.94%                 Growth (Option A)                                                                    6.15             Investment Management (India) Private Limited. Risk Factors: Mutual Funds and securities investment are subject to
                                                                                                                            Dividend (Option A)                                                                  6.15             the market risks, and there is no assurance or guarantee that the objectives of the Scheme will be achieved. As with any
 34   Tata Power Co. Ltd.                       Power                        6,300         83.04      0.93%
                                                                                                                            Growth (Option B)                                                                    5.72             investment in securities, the NAV of the units issued under the Scheme can go up or down depending on the factors and
 35   Spice Jet Ltd.                            Transportation             215,000         76.65      0.86%                                                                                                                       the forces affecting the capital markets. Past performance of the Sponsors / Mutual Fund or their affiliates does not
 36   Biocon Ltd.                               Pharmaceuticals             29,500         76.49      0.86%   -     NAV per unit as on September 30, 2009 (Face Value Rs 10/-)*                                                   indicate the future performance of the Scheme. The Sponsors and associates are not responsible or liable for any loss
 37   Steel Authority of India Ltd.             Ferrous Metals              44,640         76.29      0.86%                 Growth (Option A)                                                                   9.88              resulting from the operation of the Scheme beyond the initial contribution of Rs. 1 lakh made by them towards setting of
 38   Hindustan Construction Co. Ltd.           Construction Project        55,364         72.64      0.82%                 Dividend (Option A)                                                                 9.88              the Mutual Fund. The name of the Scheme does not in any manner indicate either the quality of the Scheme or its future
 39   UltraTech Cement Ltd.                     Cement                       8,540         68.29      0.77%                 Growth (Option B)                                                                  10.09              prospects and returns. The Scheme does not guarantee or assure returns. Please read the Scheme Information Document
 40   Jindal Steel & Power Ltd.                 Ferrous Metals              11,200         65.74      0.74%                                                                                                                       / Statement of Additional Information / Key Information Memorandum carefully before investing.
                                                                                                              (d) Total outstanding exposure in derivative instruments at the end of the half-year period.         Nil
 41   Dr. Reddy’s Laboratories Ltd.             Pharmaceuticals              6,100         60.56      0.68%                                                                                                                                                        ING Investment Management (India) Pvt. Ltd.
                                                                                                              (e) Total investments in foreign securities/ADRs/GDRs at the end of the half-year period.            Nil
 42   Punj Lloyd Ltd.                           Construction Project        21,800         58.34      0.65%                                                                                                                                                      601 - 602, 6th Floor, “Windsor”, Off. C.S.T. Road,
                                                                                                              (f) Portfolio Turnover ratio (April 01,2009 to September 30, 2009)                                 1.04
 43   Hindustan Unilever Ltd.                   Diversified                 22,100         58.03      0.65%                                                                                                                                                Vidyanagari Marg, Kalina, Santacruz (East), Mumbai - 400 098.
                                                                                                              * Last Business Day of the Half Year.
                                                                                                                                                                                                                                                                    Tel.: (022) 40827999 • Fax: (022) 26500244

				
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