ING Multi-Strategy Balanced

This fund is a fund of funds and invests primarily in a diversified portfolio of funds which invest in equities, real estate stocks, fixed income securities and/or money market instruments). From time to time other financial instruments like currency, cash, etc. may form part of the portfolio. The fund may also get exposure to commodities indirectly via UCITS or other eligible financial instruments. The fund strives to add value via three different approaches: (1) Selection within and between the different asset classes (stocks, bonds,...). (2) Selection of in-house and best-in-class third party investment funds and (3) Decide on portfolio diversification and risk management. The fund is actively managed against an investment profile of 45% bonds denominated in Euro, 45% global stocks, 5% global real estate stocks and 5% cash denominated in Euro. Unhedged we would aim to beat the performance of the (net total return) benchmark which is composed of the MSCI Europe (Net) (22.5%), MSCI North America (Net) (13.5%), MSCI Japan (Net) (2.25%), MSCI Emerging Markets (Net) (6.75%), JPMorgan EMU (45%), S and P Developed Property (Net) (5%) and Euribor 1M (5%). There is no benchmark for this specific hedged share class as we apply a currency hedging strategy. By hedging our currencies we aim to avoid currency risks for Euro (EUR) investors. We hedge all currency risks in the benchmark of the sub-fund to the reference currency of this share class (EUR). The risks of exchange rate fluctuations against the EUR, related to over- and underweight positions in the portfolio versus the benchmark of the sub-fund, remain in this share class. A currency hedge consists of taking an offsetting position in another currency. You can sell your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund does not aim to provide you with a dividend. It will reinvest all earnings.