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ING (L) RENTA FUND - Fundsupermart.com

ING (L) RENTA

FUND

Société d'Investissement à Capital Variable

Semi-annual report and unaudited financial statements

(Sub-funds offered on the Hong Kong market)

LUXEMBOURG

for the period ended September 30, 2008


ING (L) RENTA FUND

Semi-annual report and unaudited financial statements

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Warning

No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current

prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

The prospectus, the statutes, the annual and semi-annual reports are made available to the shareholders at the custodian bank and at the Company's

registered office as well as at the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who so

requests.

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

ING INVESTMENT MANAGEMENT


Semi-annual report and unaudited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Table of contents

Page

Organisation 2

ING (L) Renta Fund - Asian Debt

Statistics 5

Financial statements 6

Statement of net assets as at 30/09/2008 6

Securities portfolio as at 30/09/2008 7

Financial derivative instruments as at 30/09/2008 8

Notes to the financial statements 9

ING INVESTMENT MANAGEMENT

1


ING (L) RENTA FUND

Semi-annual report and unaudited financial statements

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Organisation

Registered Office

52, route d'Esch,

L-1470, Luxembourg

Board of Directors

Chairman Michel Van Elk (from 11/07/2008),

Director and Head of Marketing and Sales,

ING Investment Management (Europe) B.V., The Hague

Alexandre Deveen (until 10/07/2008),

Managing Director,

Mutual Funds Brussels,

ING Investment Management Belgium

Directors Jonathan Atack (from 11/07/2008),

Chief Financial and Risk Officer,

ING Investment Management (Europe) B.V., The Hague

Bruno Springael (from 11/07/2008),

Managing Director,

ING Investment Management Belgium

Maaike van Meer (from 11/07/2008),

Head of Legal Services,

ING Investment Management (Europe) B.V., The Hague

Christiaan De Haan (until 01/04/2008),

Managing Director,

ING Investment Management Belgium

Odilon De Groote (until 10/07/2008),

Companies Director

Philippe Gusbin (until 10/07/2008),

Senior General Manager Ops & IT,

ING Luxembourg

Paul Suttor (until 10/07/2008),

Senior Manager,

Head of Fund Administration,

ING Luxembourg

Nicolas Schulz (from 11/07/2008 to 31/08/2008),

Head of Legal, Compliance & Domiciliation,

ING Investment Management Luxembourg S.A.

Michael van Diemen (from 11/07/2008 to 31/08/2008),

Chief Operating Officer,

ING Investment Management (Europe) B.V., The Hague

Management Company

ING Investment Management Luxembourg S.A.,

52, route d’Esch, Luxembourg

2 ING INVESTMENT MANAGEMENT


Semi-annual report and unaudited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Organisation

Investment Manager

ING Investment Management Luxembourg S.A.,

52, route d’Esch, Luxembourg

delegated to

ING Investment Management Asia Pacific (Hong Kong) Ltd.,

39/F One International Finance Centre,

1 Harbour View Street, Central, Hong Kong

Custodian

ING Luxembourg,

52, route d’Esch, Luxembourg

Administration Agent, ING Investment Management Luxembourg S.A.,

Registrar and Transfer Agent 52, route d’Esch, Luxembourg

delegated to

ING Luxembourg,

52, route d’Esch, Luxembourg

Independent Auditors

Ernst & Young S.A.,

7, Parc d’Activité Syrdall, Munsbach

Financial Servicing

Austria

Belgium

Czech Republic

France

Germany

Greece

Hong Kong

Italy

ING Bank NV-Vienna branch,

Ungargasse 64-66/305, Wien, PO Box 152

ING Belgium S.A.,

24, Avenue Marnix/Marnixlaan, Brussels

ING Bank Prague,

Nadražni 344/25, Praha 5

CACEIS Bank,

1/3, Place Valhubert, Paris

BHF-Bank,

Bockenheimer Landstraße 10, Frankfurt am Main

ING Piraeus Asset Management Company,

3 Korai Street, Athens

INGIM Asia Pacific (Hong Kong) Ltd.,

39/F One International Finance Centre,

1 Harbour View Street, Central, Hong Kong

INGIM Italy Sim,

Via Paleocopa 5, Milano

ING INVESTMENT MANAGEMENT

3


ING (L) RENTA FUND

Semi-annual report and unaudited financial statements

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Organisation

Luxembourg

Singapore

Slovakia

Spain and Portugal

Switzerland

Taiwan

The Nederlands

Finland

Norway

Hungary

ING Luxembourg,

52, route d’Esch, Luxembourg

INGIM Asia Pacific Singapore Ltd.,

1 raffles Place OUB Centre #40-02, Singapore

ING Bank N.V.,

Poboèka zahraniènej banky, Jesenskeho 4/C, Bratislava

ING Belgium SA, Sucursal en Espana (ING Investment Management),

Génova, 27 - 3a Planta, Madrid

ING Bank (Suisse) S.A.,

30, avenue de Frontenex, Geneva

ING CHB Securities Investment & Trust Co., Ltd.,

13 FI, No. 210, Keelung Road, Section 1, Taipei

ING Bank N.V.,

Amstelveensesteenweg 500, Amsterdam

Danske Capital Finland Oy,

Aleksanterinkatu 44,7 krs, Helsinki

ING Bank Norway,

Statsminister Michelsenvei 36, Paradis, Bergen

ING Bank Rt.,

Dózsa György út 84/B, Budapest

4 ING INVESTMENT MANAGEMENT


Semi-annual report and unaudited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

ING (L) Renta Fund - Asian Debt

(Denominated in USD)

Statistics

Net assets 30/09/2008 USD 34,081,862.13

31/03/2008 USD 18,796,150.05

31/03/2007 USD 17,071,571.69

Net asset value per share

Capitalisation P (USD) 30/09/2008 USD

1,009.76

31/03/2008 USD

1,047.12

31/03/2007 USD

1,032.94

Capitalisation X (USD) 30/09/2008 USD

974.36

31/03/2008 USD

1,012.77

31/03/2007 USD

1,003.89

Distribution P (USD) 30/09/2008 USD

2,924.69

31/03/2008 USD

3,183.10

31/03/2007 USD

3,309.69

Dividend

Distribution P (USD) 25/04/2008 USD

149.40

Distribution P (USD) 26/04/2007 USD

169.00

Distribution P (USD) 26/04/2006 USD

160.00

Total expense ratio (TER) in %*

Capitalisation P (USD) 30/09/2008

1.31%

Capitalisation X (USD) 30/09/2008

1.79%

Distribution P (USD) 30/09/2008

1.31%

Portfolio turnover in %* 30/09/2008 79.54%

Number of shares

Capitalisation P (USD) 30/09/2008

27,700

31/03/2008

14,483

31/03/2007

13,036

Capitalisation X (USD) 30/09/2008

1,409

31/03/2008

1,609

31/03/2007

2,347

Distribution P (USD) 30/09/2008

1,620

31/03/2008

629

31/03/2007

378

Change in number of shares

Capitalisation P (USD)

Number of shares subscribed 30/09/2008

Number of shares redeemed 30/09/2008

23,329

10,112

Capitalisation X (USD)

Number of shares subscribed 30/09/2008

Number of shares redeemed 30/09/2008

314

514

Distribution P (USD)

Number of shares subscribed 30/09/2008

Number of shares redeemed 30/09/2008

1,085

94

* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the formula generally accepted by the supervisory authority of

Hong Kong.

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

calculation of the TER.

The TER and the portfolio turnover rates are calculated for the last twelve months.

The TER is annualized for periods less than one year. Portfolio turnover is not annualized for periods less than one year.

ING INVESTMENT MANAGEMENT

5


ING (L) RENTA FUND

Semi-annual report and unaudited financial statements

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Financial statements

ING (L) Renta Fund - Asian Debt

(Denominated in USD)

Statement of net assets as at 30/09/2008

Notes

Total securities portfolio 31,056,029.56

Bonds and other debt instruments 31,056,029.56

Cash at bank 1,417,300.48

Margin deposits 164,630.63

Other assets 3 3,372,143.56

Total assets 36,010,104.23

Current liabilities 3 (1,900,000.32)

Total financial derivative instruments (28,241.78)

Futures (24,752.92)

Forward foreign exchange contracts (3,488.86)

Total liabilities (1,928,242.10)

Net assets at the end of the period 34,081,862.13

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

6 ING INVESTMENT MANAGEMENT


Semi-annual report and unaudited financial statements

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

ING (L) Renta Fund - Asian Debt

(Denominated in USD)

ING (L) RENTA FUND

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Securities portfolio as at 30/09/2008

Quantity/

Nominal

Name

Transferable securities and money market instruments listed on

an official stock exchange

Bonds and other debt instruments

South Korea

1,000,000 EXP-IMP BK KOREA 5.5% 07-17/10/2012 USD 966,426.06 2.83

200,000 GS CALTEX CORP 5.5% 07-24/04/17 USD 176,674.28 0.52

550,000 GS CALTEX CORP 7.25% 08-02/07/2013 USD 541,713.43 1.59

650,000 IND BK OF KOREA 04-19/05/2014 SR USD 641,047.35 1.88

150,000 KOREA DEV BANK 5.3% 08-17/01/2013 USD 139,485.00 0.41

330,000 KOREA HIGHWAY 5.125% 05-20/05/2015 USD 299,991.53 0.88

600,000 KOREA MIDLAND PW 5.5% 06-14/03/2016 USD 551,503.20 1.62

400,000 KOREA SOUTH PWR 5.375% 08-18/04/2013 USD 388,665.05 1.14

250,000 NACF 04-18/06/2014 FRN USD 251,223.08 0.74

250,000 NACF 05-26/05/2015 SR USD 241,303.50 0.71

200,000 NACF 07-26/04/2017 FRN USD 191,320.02 0.56

450,000 PUSAN BANK 07-30/10/2017 FRN USD 408,555.00 1.20

500,000 SHINHAN BANK 05-02/03/2035 SR USD 382,907.72 1.12

550,000 SHINHAN BANK 06-28/02/2016 SR USD 541,200.00 1.59

400,000 SK ENERGY CO LTD 7% 08-19/06/2013 USD 387,643.00 1.14

500,000 WOORI BANK 06-03/05/2016 SR USD 457,136.97 1.34

200,000 WOORI BANK 07-02/05/2037 FRN USD 128,465.00 0.38

6,695,260.19 19.65

Cayman Islands

Currency Market value %

in USD NAV

250,000 AGILE PROPERTY 9% 06-22/09/2013 USD 161,745.75 0.47

100,000 CHINA MILK PRODU 0% 07-05/01/2012 CV USD 94,115.00 0.28

400,000 HK LAND FINANCE 5.5% 04-28/04/2014 USD 384,986.32 1.13

400,000 HUT WHA INT 0333 6.25% 03-24/01/2014 USD 391,094.48 1.15

450,000 HUTCH WHAM FIN 7.45% 97-01/08/2017 USD 454,860.09 1.33

325,000 HUTCHINSON WHAMPOA FIN 7.5% 97-

01/08/2027

USD 313,093.63 0.92

75,000 HUTCHINSON WHAMPOA INTL 5.45% 03-

24/11/2010

USD 75,298.28 0.22

525,000 HUTCHINSON WHAMPOA INTL 7.45% 03-

24/11/2033

USD 493,005.98 1.45

1,300,000 HUTCHINSON WHAMPOA INTL 6.5% 03-

13/02/2013

USD 1,284,459.23 3.78

100,000 MTR CORP 4.75% 04-21/01/2014 USD 99,336.89 0.29

400,000 PARKSON RETAIL GROUP 7.875% 06-

14/11/11

USD 406,000.00 1.19

300,000 SUN HUNG KAI PRO 5.375% 07-08/03/2017 USD 271,542.00 0.80

100,000 UOB CAYMAN LTD 5.796% 05-29/12/2049

FRN

USD 86,277.18 0.25

4,515,814.83 13.26

Indonesia

550,000 BANK INTL INDO 05-28/04/2015 SR USD 539,865.70 1.58

300,000 CILIANDRA 10.75% 06-08/12/2011 USD 298,890.00 0.88

600,000 INDONESIA REP 08 7.75% 17/01/2038 USD 542,095.20 1.59

600,000 INDONESIA (REP) 6.875% 08-17/01/2018 USD 551,862.60 1.62

1,000,000 INDONESIA (REP) 8.5% 05-12/10/2035 USD 992,829.00 2.91

700,000 PT BANK DANAMON 04-30/03/2014 SR USD 705,265.32 2.07

3,630,807.82 10.65

Malaysia

900,000 IOI RESOURCES 0% 08-15/01/2013 CV USD 687,474.00 2.03

100,000 MISC CAPITAL LTD 6.125%04-01/07/2014 USD 99,676.58 0.29

600,000 PETRONAS CAP LTD 7% 02-22/05/2012 USD 652,090.50 1.91

500,000 PRIME HOLDINGS 5.375% 04-22/09/2014 USD 456,206.13 1.34

200,000 PUBLIC BANK BERH 05-20/06/2017 SR USD 184,745.00 0.54

100,000 PUBLIC BANK BERH 06-22/08/2036 SR USD 93,658.75 0.27

600,000 SARAWAK CORP 04-22/12/2009 FRN USD 594,334.05 1.74

Quantity/

Nominal

Name

Currency Market value %

in USD NAV

625,000 TM GLOBAL INC 5.25% 04-22/09/2014 USD 634,119.10 1.86

3,402,304.11 9.98

Singapore

800,000 DBS BANK LTD 06-15/07/2021 FRN USD 630,681.60 1.85

400,000 DBS BANK LTS/SP 07-16/05/2017 FRN USD 361,509.80 1.06

100,000 DEV BK SINGAPORE 04-15/11/2019 SR USD 89,509.80 0.26

100,000 ICICI BANK SING 5.75% 05-16/11/2010 USD 98,492.68 0.29

430,000 SINGTEL 6.375% 01-01/12/2011 USD 449,309.85 1.32

200,000 UNITED OVERSEAS 04-03/09/2019 SR USD 184,142.49 0.54

350,000 UNITED OVERSEAS 4.5% 03-02/07/2013 USD 327,074.65 0.96

2,140,720.87 6.28

Virgin Islands

800,000 CITIC RESOURCES 6.75% 07-15/05/2014 USD 608,000.00 1.79

100,000 CMHI FINANCE 6.125% 08-18/06/2013 USD 98,687.39 0.29

500,000 CMHI FINANCE 7.125% 08-18/06/2018 USD 475,819.85 1.40

150,000 CNOOC FINANCE 03/2033 5 1/2% USD 127,614.38 0.37

400,000 PCCW-HKT CAP NO3 5.25% 05-20/07/2015 USD 325,157.20 0.95

300,000 PCCW-HKT CAPITAL 7.75% 01-15/11/2011 USD 308,324.25 0.90

1,943,603.07 5.70

Hong Kong

675,000 BANGKOK BANK 9.025% 99-15/03/2029 USD 653,269.73 1.92

500,000 CHINA TRUST COMM BANK 05-29/03/2049 USD 413,342.50 1.21

FRN

750,000 HKCG FIN LTD 6.25% 08-07//08/2018 USD 717,650.44 2.10

100,000 WING HANG BK LTD 9.375% 08-11/09/2013 USD 98,746.75 0.29

1,883,009.42 5.52

Bermuda

100,000 ASIA ALUMINUM 8% 04-23/12/2011 USD 88,120.00 0.26

400,000 BW GROUP LTD 6.625% 07-28/06/2017 USD 327,686.80 0.96

400,000 HANG FUNG GOLD 9.25% 07-17/10/2014 USD 280,000.00 0.82

DFLT

400,000 NINE DRAGONS 7.875% 08-29/04/2013 USD 387,480.00 1.14

100,000 NOBLE GROUP LTD 6.625% 05-17/03/2015 USD 76,151.20 0.22

200,000 NOBLE GROUP LTD 8.5% 08-30/05/2013 USD 170,000.00 0.50

1,329,438.00 3.90

Netherlands

100,000 INDOSAT FIN CO 7.75% 03-05/11/2010 USD 100,742.40 0.30

300,000 MAJAPAHIT HOLD 7.25% 07-28/06/2017 USD 264,237.00 0.78

300,000 MAJAPAHIT HOLD 7.75% 06-17/10/2016 USD 266,181.30 0.78

600,000 NIBC BANK NV FRN 07-22/04/2012 USD 582,924.00 1.70

1,214,084.70 3.56

Philippines

500,000 NATL POWER CORP 05-23/08/2011 FRN USD 508,802.13 1.49

500,000 NATL POWER CORP 6.875% 06-02/11/2016 USD 458,708.00 1.35

200,000 PHILIP LONG DIST 8.35% 97-06/03/2017 USD 215,842.40 0.63

1,183,352.53 3.47

Thailand

275,000 TFBTB-REG S 8.25% 96-21/08/2016 USD 247,022.88 0.72

275,000 THAI OIL CO LTD 5.1% 05-09/06/2015 USD 258,691.81 0.76

200,000 TRUE MOVE CO LTD 10.375% 07-01/08/14 USD 138,212.80 0.41

643,927.49 1.89

Canada

400,000 SINO-FOREST CORP 9.125% 04-17/08/2011 USD 396,000.00 1.16

396,000.00 1.16

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

ING INVESTMENT MANAGEMENT

7


ING (L) RENTA FUND

ING (L) Renta Fund - Asian Debt

(Denominated in USD)

Semi-annual report and unaudited financial statements

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Securities portfolio as at 30/09/2008

Quantity/

Nominal

Australia

450,000 LEIGHTON FIN 7.875% 06-16/05/2011 USD 395,757.90 1.16

395,757.90 1.16

Peru

400,000 CFG INVEST SAC 9.25% 06-19/12/2013 USD 376,000.00 1.10

376,000.00 1.10

India

100,000 ICICI BANK LTD 5.75% 07-12/01/2012 USD 92,143.99 0.27

300,000 ICICI BANK LTD 6.625% 07-03/10/2012 USD 278,124.60 0.82

370,268.59 1.09

China

300,000 CHINA DEV BANK 4.75% 04-08/10/2014 USD 289,148.33 0.85

289,148.33 0.85

United Kingdom

300,000 VEDANTA RESOURCE 8.75% 08-15/01/2014 USD 256,250.01 0.75

256,250.01 0.75

Pakistan

Name

Currency Market value %

in USD NAV

300,000 REP OF PAKISTAN 6.875% 07-01/06/2017 USD 141,750.00 0.42

141,750.00 0.42

To receive

To pay

Total financial derivative instruments (28,241.78)

Summary of net assets

Maturity

Date

Commitment

in USD

Unrealized

profit or (loss)

in USD

%

NAV

Total securities portfolio 31,056,029.56 91.12

Total financial derivative instruments (28,241.78) (0.08)

Cash at bank 1,417,300.48 4.16

Other assets and liabilities 1,636,773.87 4.80

Total net assets 34,081,862.13 100.00

30,807,497.86 90.39

Mortgage backed securities

Netherlands

255,357 MEDIA NUSANTARA 10.75% 06-12/09/2011 USD 248,531.70 0.73

248,531.70 0.73

248,531.70 0.73

Total securities portfolio 31,056,029.56 91.12

Financial derivative instruments as at 30/09/2008

Quantity

Name

Currency

Futures on interest rates

Commitment

in USD

Unrealized

profit or (loss)

in USD

42 KOREA T-BILL 3 YR 8% 16/12/2008 KRW 3,684,808.75

1,043.95

32 US 5YR NOTE FUTURE (CBT) USD 3,591,500.01

(25,796.87)

31/12/2008

7,276,308.76

(24,752.92)

To receive

To pay

Maturity

Date

Commitment

in USD

Unrealized

profit or (loss)

in USD

Forward foreign exchange contracts

5,471,200.00 CNY 800,000.00 USD 13/11/08 800,000.00

137.35

4,605,000,000.00 IDR 500,000.00 USD 29/10/08 500,000.00 (22,397.52)

495,961.23 USD 4,605,000,000.00 IDR 29/10/08 495,961.23 18,771.31

(3,488.86)

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

8 ING INVESTMENT MANAGEMENT


Semi-annual report and unaudited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Notes to the financial statements

1- GENERAL

ING (L) RENTA FUND (the "Company" or the "SICAV") is a "Société d’Investissement à Capital Variable" ("SICAV") incorporated on

January 25, 1989 for an unlimited period as a société anonyme (public limited company), governed by Part I of the Luxembourg law of

December 20, 2002 on undertakings for collective investment.

The Memorandum and Articles of Association of the Company were published in the Mémorial, Recueil Spécial des Sociétés et

Associations du Grand-Duché de Luxembourg and filed with the Registry of the Luxembourg District Court where they may be

consulted and copies may be obtained upon payment of Registry fees.

The Company is registered with the Luxembourg Register of Companies under number B 29 732.

The Company currently offers the following share classes to the investors :

Shares Name

Capitalisation P

Capitalisation X

Distribution P

Description

Capitalisation shares

Capitalisation shares dedicated to certain countries

Distribution shares

The investor must be aware that every share class is not offered by every sub-fund of the Company.

2- PRINCIPAL ACCOUNTING METHODS

The financial statements are prepared in accordance with generally accepted accounting principles and regulations in force in

Luxembourg.

Currency conversion

The financial statements have been drawn up in the accounting currency of each sub-fund. Assets and liabilities expressed in currencies

other than the accounting currency of each sub-fund are converted into that currency at the exchange rate prevailing as at the closing

date.

Securities valuation

The securities admitted to an official listing or to any other regulated market are valued at the last known prices. If these securities are

traded on several markets, the valuation is made on the basis of the last known price on the main market on which the securities are

listed.

Securities not listed or not traded on a stock exchange or on any other regulated market and securities listed or traded on such a market

but whose last known price is not representative, are valued with prudence and in good faith on the basis of their probable realisation

value.

Money market instruments and other short-term securities are valued using the straight-line amortization method provided these

instruments or securities have an initial or residual maturity at the time of their purchase by the Company of less than 12 months and if

it appears that the last known price on the main market for the security in question cannot be considered as representative of the price

of that security.

These instruments and securities are shown at acquisition cost in the securities portfolio, accrued interest calculated through the

straight-line amortization method being included in the item "Other assets" in the statement of net assets and in the item "Interest on

bonds and other debt instruments" in the statement of operations and changes in net Assets.

Investments in open-ended investment funds, either listed or not, are valued on the basis of their last available net asset value per share.

ING INVESTMENT MANAGEMENT 9


ING (L) RENTA FUND

Semi-annual report and unaudited financial statements

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Notes to the financial statements

Financial derivative instruments valuation

Financial derivative instruments listed on a regulated market are valued at the last available published price applicable at the closing

date.

Financial derivative instruments not listed on a regulated market are valued by means of an actuarial method recognized in the market.

More specifically, swaps are valued under the responsibility of the Board of Directors on the basis of their market value, which

depends on several parameters (level and volatility of the index, market interest rate, remaining life of the swap).

Positive fair values of financial derivative instruments are disclosed as assets and negative fair values as liabilities in the statement of

net assets, under the item "Total financial derivative instruments".

Interest to be received on swaps are included in the item "Other Assets".

Interest to be paid on swaps are included in the item "Current Liabilities".

Income

Dividends are accounted for on the ex-date.

Interest is accrued on a daily basis.

3- OTHER ASSETS AND CURRENT LIABILITIES

Other assets account includes mainly accrued interest and receivables.

Current liabilities account includes mainly fee accruals and payables.

4- TRANSACTIONS WITH CONNECTED PERSONS

The following is a summary of transactions with connected persons for the period ended September 30, 2008. All such

transactions were entered into in the ordinary course of business and on normal commercial terms.

The total aggregate value of the transactions of the Company effected through related parties is EUR 23,130,095 such

transactions represent 0.76% of total transactions. The brokerage fees paid for these transactions represent an amount of EUR

2,101 and an average rate of 0.009% of the concerned transactions.

In accordance with the terms and conditions of the "Collective Portfolio Management Agreement" between ING Investment

Management Luxembourg S.A. and the SICAV, the sub-funds will pay ING Investment Management Luxembourg S.A. an

annual management fee calculated on the average net assets of each class of shares as described in the table below. This fee is

payable monthly in arrears.

Sub-Fund

Management Fees Rate

Manager

(P-CLASS)

% p.a.

(X-CLASS)

% p.a.

(I-CLASS)

% p.a.

(S-CLASS)

% p.a.

ING (L) Renta Fund Asian Debt 1.00 1.50 N/A N/A ING Investment

Management Asia

Pacific (Hong Kong) Ltd

ING Investment Management Luxembourg S.A. has entrusted, at its own expense, management of the sub-fund to ING

Investment Management Asia Pacific (Hong Kong) Ltd.. In the case where the SICAV invests in the units of other UCITS and/or

other UCIs that are managed directly or by delegation by the Management Company or by any other company with which the

Management Company is linked by common management or control or by a substantial direct or indirect holding, the

management fees paid by the UCITS and/or UCIs will be deducted from the management fees paid to the Management Company.

10 ING INVESTMENT MANAGEMENT


Semi-annual report and unaudited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the period ended September 30, 2008

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Notes to the financial statements

As administration agent, ING Investment Management Luxembourg S.A. is entitled to receive the following commissions :

0.15% p.a. based on the average net asset value of each class.

As custodian bank, ING Luxembourg is entitled to receive the following commissions :

The following percentages are applicable to the value of the portfolio holdings attributable to each class of shares (on a pro rata

basis) at the end of each month:

- Equities: 0.07%

- Bonds and assimilated debt instruments : 0.05%

- Investment funds : 0.05%

- Securities in Emerging Markets : 0.04% plus charge of sub-custody at real cost.

ING Luxembourg also receives a paying agent fee of 1.27% calculated on the gross dividends distributed, if any, and transaction

fees based on the gross amount (quantity * gross price excluding accrued interest) of each transaction, as described bellow :

- Equities: 0.02%

- Bonds and assimilated debt instruments : 0.02%

- Investment funds : 0.02%.

ING Investment Management Luxembourg also charges, each sub-fund, the cost of the Transfer Agent Services. These costs shall

be invoiced by the Transfer Agent on a pro rata basis on the Net Assets of each sub-fund and on a yearly basis.

5- SOFT COMMISSIONS

During the year ended September 30, 2008, no connected persons entered into soft commissions arrangements.

6- SUBSCRIPTION TAX

The Company is liable in Luxembourg to a subscription tax ("Taxe d'abonnement") of 0.01% per annum for all shares restricted to

institutional investors and a subscription tax of 0.05% per annum for all other shares.

The subscription tax is paid quarterly and calculated on the net asset value at the end of the relevant calendar quarter.

No subscription tax is paid on the assets held by the Company in other UCIs already subject to that tax in Luxembourg.

7- CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO

These changes are made available to the shareholders at the custodian bank and at the Company’s registered office as well as at

the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who so requests.

8- INFORMATION FOR SHAREHOLDERS

Under the Belgian Finance Act of December 22, 2003, that came into effect on January 1, 2004, a 0.06% yearly tax was applied

on all money originating from Belgium included in the Company at December 31 of the prior year. This tax rate has been increased

to 0.07% in 2005 and to 0.08% from 2007 onwards.

The company has lodged a complaint with the European Commission against the Belgian State for this tax to be recognized as

contravening the Community law.

ING INVESTMENT MANAGEMENT 11


For additional information please contact:

ING Investment Management

Asia Pacific (Hong Kong) Limited

39/F One International Finance Centre

1 Harbour View Street

Central

Hong Kong

Tel: +852 3762 8888

Fax: +852 2295 1553


ING (L) RENTA

FUND

Société d'investissement à capital variable

Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

LUXEMBOURG

for the year ended March 31, 2008


Annual report and audited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

For additional information please contact:

ING Investment Management Belgium

Fundinfo Helpdesk (MA 2.01.02)

Avenue Marnix 24

B-1000 Brussels

Tel. +32 2 547 87 88

e-mail: fundinfo@ingim.com

or www.ingim.com

ING INVESTMENT MANAGEMENT


ING (L) RENTA FUND

Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Warning

No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current

prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

The prospectus, the statutes, the annual and semi-annual reports are made available to the shareholders at the custodian bank and at the Company's

registered office as well as at the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who so

requests.

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

ING INVESTMENT MANAGEMENT


Annual report and audited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Table of contents

Page

Organisation 2

Management's report 5

Independent auditor's report 9

ING (L) Renta Fund Asian Debt

Statistics 11

Financial statements 12

Statement of net assets as at 31/03/2008 12

Statement of operations and changes in net assets for the year ended 31/03/2008 12

Securities portfolio as at 31/03/2008 13

Financial derivative instruments as at 31/03/2008 14

Notes to the financial statements 15

ING INVESTMENT MANAGEMENT

1


ING (L) RENTA FUND

Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Organisation

Registered Office

52, route d'Esch, Luxembourg

Board of Directors

Chairman Alexandre Deveen (since 20/07/2007),

Managing Director,

ING Investment Management Belgium

Christiaan de Haan (from 01/06/2007 to 19/07/2007),

Managing Director,

ING Investment Management Belgium

Jean Sonneville (until 31/05/2007),

General Manager,

ING Investment Management Belgium

Directors Christiaan de Haan (from 01/04/2007 to 31/05/2007

and from 20/07/2007 to 31/03/2008),

Managing Director,

ING Investment Management Belgium

Odilon De Groote,

Companies Director

Philippe Gusbin,

Senior General Manager Ops & IT,

ING Luxembourg

Paul Suttor,

Senior Manager,

Head of Fund Administration,

ING Luxembourg

Alexandre Deveen (from 12/07/2007 to 19/07/2007),

Managing Director,

ING Investment Management Belgium

Management Company

Investment Manager

ING Investment Management Luxembourg S.A.,

52, route d’Esch, Luxembourg

ING Investment Management Luxembourg S.A.,

52, route d’Esch, Luxembourg

delegated to

ING Investment Management Asia Pacific (Hong Kong) Ltd.,

39/F One International Finance Centre

1 Harbour View Street, Central, Hong Kong

Custodian

ING Luxembourg,

52, route d’Esch, Luxembourg

2 ING INVESTMENT MANAGEMENT


Annual report and audited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Organisation

Administration Agent, ING Investment Management Luxembourg S.A.,

Registrar and Transfer Agent 52, route d’Esch , Luxembourg

delegated to

ING Luxembourg,

52, route d’Esch , Luxembourg

Independent Auditors

Ernst & Young S.A.,

7, Parc d’Activité Syrdall, Munsbach

Financial Servicing

Austria

Belgium

Czech Republic

France

Germany

Greece

Hong Kong

Hungary

Italy

Luxembourg

Singapore

Slovakia

ING Bank NV-Vienna branch,

Ungargasse 64-66/305, Wien, PO Box 152

ING Belgium S.A.,

24, Avenue Marnix/Marnixlaan, Brussels

ING Bank N.V.,

Organizacní složka, Nádražni 344/25, Praha

CACEIS Bank (France),

1/3, Place Valhubert, Paris

BHF-Bank,

Bockenheimer Landstrasse 10, Frankfurt am Main

ING Piraeus Asset Management Company,

3 Korai Street, Athens

INGIM Asia Pacific (Hong Kong) Ltd.,

39/F One International Finance Centre,

1 Harbour View Street, Central, Hong Kong

ING Bank Rt.,

1068 Budapest,Dózsa György út 84/B, Hungary

INGIM Italy Sim,

Via Paleocopa 5, Milano

ING Luxembourg,

52, route d’Esch, Luxembourg

INGIM Asia Pacific Singapore Ltd.,

1 raffles Place OUB Centre #40-02, Singapore

ING Bank N.V.,

Pobocka zahranicnej banky, Jesenskeho 4/C, Bratislava

ING INVESTMENT MANAGEMENT

3


ING (L) RENTA FUND

Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Organisation

Spain

Switzerland

Taiwan

The Nederlands

ING Belgium SA, Sucursal en Espana

(ING Investment Management),

Génova, 27 - 3a Planta, Madrid

ING Bank (Suisse) S.A.,

30, avenue de Frontenex, Geneva

ING CHB Securities Investment &

Trust Co., Ltd.,

13 FI, No. 210, Keelung Road, Section 1, Taipei

ING Bank N.V.,

Amstelveensesteenweg 500, Amsterdam

4 ING INVESTMENT MANAGEMENT


Annual report and audited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Management's report

Economic developments

In the US, for most of 2007, the cyclical horizon has been clouded by the housing market correction and its increasingly painful

consequences for the financial system. Until recently, however, hard evidence that the shadows of these credit crunch clouds had

become dark enough to stop the resilient US cycle from shining completely had been difficult to find. GDP growth had slowed, but

remained likely to average about 2% over the second half of 2007. Other indicators made clear that the underlying dynamic clearly

weakened towards year-end, but both business and consumer spending seemed to be holding on to modest positive growth rates.

Housing investment continued to plunge, but was increasingly compensated for by a strong positive contribution from net exports to

overall GDP growth. Furthermore, important cyclical indicators of the labour market or industrial activity remained well above

recession levels, despite clear signs of softening. During the first quarter of 2008, many macroeconomic data indicated that there was

a growing chance of a recession. Activity indicators for the industrial and services sectors, for instance, showed a faltering activity. In

addition, the unemployment rate was rising and employment opportunities were declining. Higher energy prices, falling housing

prices and less job security clearly weighted on consumer confidence in February. This indicator, as measured by the Conference

Board, fell back to its lowest level since late 1993. The leading indicators, which predict the economic activity for the coming six to

nine months, declined in February for the fifth consecutive month. The last time that these indicators declined during five months in

succession was early 2001, marking the start of the previous recession.

The Eurozone economy grew at a solid pace during the half of 2007. During the summer, the EMU economy has been hit by a

combination of tighter financial conditions and lending standards, higher energy and food prices and an appreciating exchange rate.

Nevertheless, economic momentum was very robust heading into the credit crisis, the balance sheets of corporates and households

were pretty healthy while real interest rates remained historically low. At the end of the year, economic growth also weakened in the

Eurozone. GDP expanded by 0.4% (quarter-on-quarter) during the fourth quarter, against 0.7% in the third quarter. But contrary to

the US, macroeconomic data in the Eurozone showed only a moderate weakening. The confidence indicators, for instance, remained

quite robust. The Ifo Index, Germany’s business climate indicator, edged up in January and February. In addition, a European

Commission survey revealed that employment was still growing at an annual pace of 2%. Moreover, tighter credit conditions have

not triggered any serious decline in credit growth so far: M3 money supply growth was unchanged at 11.1% in December. However,

taking the turbulence on the credit markets, the stronger euro and the rise of the inflation into account, the ECB remained in a “wait

and see” mode and maintained the refi rate at 4% since June.

In Japan, GDP growth hovered around its long-term average during the second quarter of 2007. In the third and the fourth quarter,

the Japanese economy showed surprisingly strong growth. Corporate investments made the largest positive contribution to growth.

This was quite remarkable, because business confidence data and profit margin data had not predicted any such development. This

makes the growth number susceptible to a downward revision, which is not that unusual in Japan. As a result of continuing weak

domestic demand, Japan to a large extent relies on exports. Net exports contributed 0.4 percentage points to GDP growth.

Developments on fixed income markets

Central banks took advantage of the good performance of equity markets during the first half of 2007 to raise their refirates during

the first months of the reporting period. The Fed made several gradual adjustments of the Fed funds towards more "neutral" levels

(5.25%) while the ECB raised its own refi rate to 4% in June 2007.

Bond yields surged in the second quarter of 2007 in response to monetary tightening and a better-than-expected development of the

US economy.

Mid-July, investors became again extremely cautious to take risks as they were unnerved by the news that several market participants,

including some hedge funds, had run into financial trouble due to the slump on the US housing market. The market feared that more

parties would get into financial distress or, would already face difficulties without the market being aware of it. The suspicion was

heightened by a lack of transparency in several, relatively new financial products (asset backed securities, structured products).

ING INVESTMENT MANAGEMENT

5


ING (L) RENTA FUND

Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Management's report

The money markets were paralysed as investors were uncertain which banks had incurred losses on the US subprime mortgage

market. A growing risk aversion drove down fixed income prices, in particular those of the more risky categories, while government

bonds from the developed markets clearly benefited from the market turbulence and also benefited from rate cuts.

In order to restore the confidence on financial markets, the Federal Reserve, the ECB and other central banks injected huge sums of

liquidity into the money markets in August and September. In addition, the Fed lowered its discount rate (the rate at which the central

bank is prepared to lend funds to commercial banks) on 17 August by 50 bp. Afterwards, the US monetary authorities cut the refirate

three times (September, October, December) by 25 basis points and the federal funds rate finished the year at 4.25%. During the first

quarter of 2008, the Fed went to great lengths to calm down the markets, providing massive liquidity support and aggressively

lowering interest rates (by no less than 200 basis points to 2.25%). She also orchestrated the emergency rescue of Bear Stearns, the

fifth investment bank in the US, by JP Morgan.

In the Eurozone, the key interest rate currently stands at 4%. Taking the turbulence on the credit markets and the stronger euro into

account, we expect that the ECB will remain in a “wait and see” mode and maintain the refirate at the current level for the coming

months.

As the Japanese economy was surrounded by many uncertainties, causing domestic growth to weaken and the reflation process to

fail to ignite, the Bank of Japan remained on hold during the whole reporting period.

In the US, the yield of the 10-year government bond started March 2007 at 4.558%, climbed to 5.03% at the end of June then fell

back to 4.034% at the end of the year and ended the reporting period at 3.431%.

Eurozone 10y-bond yields followed a similar pattern. The yield of the German 10-year government bond started at 3.95% in March,

climbed to 4.57% at the end of June then fell back toward 4.11% at the end of the year and ended the reporting period at 3.897%.

The Japanese 10y government bond started the reporting period at a yield of 1.65%, climbed to 1.86% at the end of June then fell

back toward 1.49% in December and ended March 2008 at 1.281%.

The turn from indiscriminate risk-taking to indiscriminate risk aversion pushed down government bond yields, particularly in the US. At

the same time, demand for the more risky fixed income categories declined strongly (these had been very popular during the first half

of 2007). As a consequence, the spread (the extra reward demanded over government bonds) widened markedly for corporate

credits, high yield and emerging markets debt as of July.

Developments on equity markets

The first months of the reporting period saw a continuation of the positive trends from previous years: low interest rates, low inflation

and a historically high risk appetite amongst investors. In July, however, investors’ elevated risk appetite suddenly turned into risk

aversion.

All this was caused by the aggravating slump on the US housing and mortgage markets. The problems here had surfaced early in the

year, but really became investors’ nightmare as of July. Huge write-downs had to be taken by well-established banks in the US, but

also in other regions, notably Europe. Several Asian sovereign wealth funds came "to the rescue" and injected capital in some of the

troubled Western banks. Another striking feature was the fact that a relatively small part of the US economy, the housing market, was

able to cause such turmoil on a worldwide scale.

This turmoil arrived in an environment of robust global growth (around 4%) thanks to strong growth in the emerging markets and

decent growth in Europe and Japan. The US economy had been quite resilient during the larger part of the year. During the fourth

quarter, however, economic growth clearly came under pressure from the growing uncertainties due to the housing and mortgage

market slumps.

6 ING INVESTMENT MANAGEMENT


Annual report and audited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Management's report

Not a single financial market was unaffected by the slump on the US housing market, due to various factors. First of all, banks had

been extremely "flexible" in previous years, granting mortgage loans even to home owners who were not creditworthy (the subprime

segment). Their flexible policy was based on the assumption that US house prices would continue to rise. When house prices started

to decline, a growing number of home owners ran into financial trouble.

The widespread fallout of declining property prices was also connected to the emergence of new financial products and innovative

structures. In previous years, investors had massively taken advantage of enhanced opportunities to spread risk: by collecting

mortgage portfolios, splitting them up into tranches and selling them again. There was a snag, however. Nobody knew exactly how

big the risks involved really were and where the transferred risks had ended up.

In July and subsequent months, investors’ risk aversion did not subside. As a consequence, the more defensive sectors outperformed

the cyclical sectors on the whole. A notable exception was the basic materials sector which was able to consolidate most of its earlier

gains. The energy sector also showed an excellent performance, boosted by substantially higher oil prices.

The fourth quarter largely saw a continuation of the developments of the previous quarter. The credit crisis persisted and the financial

markets continued to face huge uncertainties. As a consequence, the price fluctuations were again very substantial and financial

stocks remained under severe pressure. Global equities lost around 5% during the quarter.

During the first quarter of 2008, equity prices declined sharply worldwide, while volatility remained high. The financial sector saw the

downward trend of last year continue, and once again produced sharply negative returns (-18%). Sectors which declined by more

than 20% were telecom services and information technology. In these two sectors, a number of American companies announced

disappointing results. Sectors which held up relatively well were the segment consumer staples (-11%) and the cyclical segment

Industrials (-13%). The cyclical basic materials sector also outperformed (-6%), as commodity prices continued to surge. This price

trend could be attributed to ongoing shortages and sharply higher demand, in particular from Asia. On balance, global equities lost

16% this quarter (in euro terms).

Over the whole reporting period, Emerging Markets (especially Latin America) outperformed the rest of the world. In euro terms,

MSCI Latin America won 18.7% and MSCI Emerging markets won 3.1% while MSCI World lost 16%.

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

Energy sector which benefited from the rising oil prices. Underperformers were Healthcare, Financials and Consumer Discretionary.

Outlook macro-economics and markets

Economic forecasts

2007 2008E 2009E

United States

Growth gross domestic product (%) 2.2% 0.9% 2.1%

Rate of inflation (%) 2.8% 3.0% 2.1%

Eurozone

Growth gross domestic product (%) 2.6% 1.6% 1.9%

Rate of inflation (%) 2.2% 2.7% 2.0%

Japan

Growth gross domestic product (%) 1.8% 1.2% 1.8%

Rate of inflation (%) -0.1% 0.5% 0.4%

Source: ING IM March 2008

ING INVESTMENT MANAGEMENT

7


ING (L) RENTA FUND

Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Management's report

Our central scenario assumes that the US economy will be hit by a short and mild recession. This means, modestly negative economic

growth during the first two quarters of 2008. Thanks to the monetary and fiscal measures already taken, we expect that the current

economic cycle will reach its trough during the summer months. Subsequently, we foresee a U-shaped (in other words, gradual)

recovery during the second half of the year. In our scenario, the growth pace will rise only gradually to its trend level (approximately

2.5%). We do not envisage any above-trend growth before 2010.

We expect that the Federal Reserve will continue to lower interest rates (to 1% during the third quarter of 2008) to prevent that the

negative sentiment on the financial markets and the extreme risk aversion amongst investors will trigger a prolonged downward spiral

in the real economy. In addition, we expect that extra fiscal incentives will be announced in order to support certain parts of the

mortgage market. We are still convinced that the US policymakers will be successful in their attempts to fend off a deep and/or

prolonged recession. In this respect, the US economy will not only be supported by aggressive policy steps, but also by ongoing

healthy growth of the global economy and strong corporate balance sheets (outside the financial sector).

Strong export growth will support the recovery of the economy. US exports should benefit from a weaker dollar, healthy economic

growth in Europe and strong growth in the emerging markets.

The Eurozone economy is supported by strong domestic demand. Income growth is still accelerating, boosting consumers’ willingness

to spend. In addition, business confidence and consumer confidence are still positive. We therefore expect that economic growth in

the Eurozone will show a limited slowdown to its long-term average growth rate of around 1.7% in 2008.

The ECB is still in a "wait-and-see" mode and although growth is likely to slow in the Eurozone, the ECB is still more concerned about

upward inflation risks. We expect that the European Central bank will maintain its refirate at 4% in the coming months.

In Japan, although external demand is still growing, corporate investments are still subdued, in part because domestic demand

remains still weak. In recent months, the trends on the labour market have also deteriorated, and we therefore no longer expect a

structural improvement in income growth in the coming months. Taking this into consideration, above-trend growth (1.5-2%) seems

less likely for now. The policymakers of the central bank have also expressed more caution regarding the economic outlook for Japan.

Rate hikes seem out of the question at the moment. It could take another three years before a neutral interest rate level of 2.5-3% is

reached (current level: 0.5%).

The bond markets clearly discount a bigger economic recession in the US than the equity markets. In our opinion, fixed-income

markets are currently driven too much by sentiment, among other things driven by forced selling, and too little by the underlying

fundamentals for the more risky asset classes in the longer term.

Outlook 10-year bond yields (in %)

31/03/2008 3m E 1) 12m E 1)

United States 3.4% stable slightly higher

Eurozone 3.9% stable slightly higher

Japan 1.3% stable slightly higher

1) as compared to 31 March 2008

Source: ING IM March 2008

8 ING INVESTMENT MANAGEMENT


Annual report and audited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Independent auditor's report

To the Shareholders of

ING (L) RENTA FUND, SICAV

52, route d'Esch, L-1470 Luxembourg

We have audited the accompanying financial statements of the below listed sub-fund of ING (L) RENTA FUND SICAV, which

comprise the statement of net assets, the securities portfolio and the financial derivative instruments as at March 31, 2008

and the statement of operations and changes in net assets for the year then ended, and a summary of significant

accounting policies and other explanatory notes to the financial statements.

This report relates to the following sub-fund of ING (L) RENTA FUND, SICAV:

- ING (L) Renta Fund Asian Debt.

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

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

accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. This

responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair

presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and

applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.

Responsibility of the "Réviseur d'Entreprises"

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in

accordance with International Standards on Auditing as adopted by the "Institut des Réviseurs d'Entreprises". Those

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

whether the financial statements are free from material misstatement.

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

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

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

assessments, the "Réviseur d'Entreprises" considers internal control relevant to the entity's preparation and fair

presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but

not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.

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

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

statements.

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

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of the sub-fund of ING (L) RENTA

FUND, SICAV referred to above as at March 31, 2008, and of the results of its operations and changes in its net assets for

the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation and

presentation of the financial statements.

ING INVESTMENT MANAGEMENT

9


ING (L) RENTA FUND

Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Independent auditor's report

Other matter

Supplementary information included in the report has been reviewed in the context of our mandate but has not been

subject to specific audit procedures carried out in accordance with the Standards described above. Consequently, we

express no opinion on such information. However, we have no observation to make concerning such information in the

context of the financial statements of the sub-fund of ING (L) RENTA FUND, SICAV referred to above taken as a whole.

ERNST & YOUNG

Société Anonyme

Réviseur d'Entreprises

Sylvie TESTA

June 18, 2008

10 ING INVESTMENT MANAGEMENT


Annual report and audited financial statements

ING (L) RENTA FUND

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

ING (L) Renta Fund Asian Debt

(Denominated in USD)

Statistics

Net assets 31/03/2008 USD 18,796,150

31/03/2007 USD 17,071,572

31/03/2006 USD 20,250,082

Net asset value per share

Total expense ratio (TER) in %**

Capitalisation P 31/03/2008

1.29%

Capitalisation X 31/03/2008

1.78%

Distrtibution P 31/03/2008

1.29%

Capitalisation P 31/03/2008 USD 1,047.12

31/03/2007 USD 1,032.94

31/03/2006 USD 946.50

Portfolio turnover in %** 31/03/2008 95.41%

Capitalisation X 31/03/2008 USD 1,012.77

31/03/2007 USD 1,003.89

31/03/2006 USD 924.06

Distrtibution P 31/03/2008 USD 3,183.10

31/03/2007 USD 3,309.69

31/03/2006 USD 3,194.59

Number of shares

Capitalisation P 31/03/2008

14,483

31/03/2007

13,036

31/03/2006

4,925

Capitalisation X 31/03/2008

1,609

31/03/2007

2,347

31/03/2006

15,830

Distrtibution P 31/03/2008

629

31/03/2007

378

31/03/2006

301

Change in number of shares

Capitalisation P

Number of shares subscribed 31/03/2008

Number of shares redeemed 31/03/2008

6,237

4,790

Capitalisation X

Number of shares subscribed 31/03/2008

Number of shares redeemed 31/03/2008

1,210

1,948

Distrtibution P

Number of shares subscribed 31/03/2008

Number of shares redeemed 31/03/2008

324

73

Dividend*

Distrtibution P 25/04/2008 USD 149.40

Distrtibution P 26/04/2007 USD 169.00

Distrtibution P 26/04/2006 USD 160.00

*The dividends distributed after March 31, 2008, where applicable, will be approved at the next annual general meeting of shareholders.

** The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the formula generally accepted by the supervisory authority

of Hong Kong.

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

calculation of the TER.

The TER and the portfolio turnover rates are calculated for the last twelve months.

The TER is annualized for periods less than one year. Portfolio turnover is not annualized for periods less than one year.

ING INVESTMENT MANAGEMENT

11


ING (L) RENTA FUND

Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Financial statements

ING (L) Renta Fund Asian Debt

(Denominated in USD)

Statement of net assets as at 31/03/2008

Notes

Total securities portfolio 18,281,290

Bonds and other debt instruments 17,939,681

Money market instruments 341,609

Cash at bank 358,763

Margin deposits 90,085

Other assets 3 903,062

Total assets 19,633,200

Current liabilities 3 (803,073)

Total financial derivative instruments (33,977)

Futures (2,684)

Forward foreign exchange contracts (31,293)

Total liabilities (837,050)

Net assets at the end of the year 18,796,150

Statement of operations and changes in net assets for

the year ended 31/03/2008

Notes

Total income 1,225,468

Interest on bonds and other debt instruments 1,197,879

Bank interest 27,589

Total expenses (253,168)

Management fees 4 (198,323)

Custodian fees 4

(9,891)

Subscription tax 6

(9,536)

Bank interest (950)

Other expenses 4, 7 (34,468)

Net investment income 972,300

Net realised gains or (losses) on securities portfolio 101,441

Net realised gains or (losses) on financial derivative

163,840

instruments

Net realised gains or (losses) on currency (16,564)

Changes in net unrealised gains or (losses) on securities

(962,732)

portfolio

Changes in net unrealised gains or (losses) on financial

(39,259)

derivative instruments

Result of operations 219,026

Subscriptions 8,761,243

Redemptions (7,198,791)

Distribution (56,900)

Net assets at the beginning of the year 17,071,572

Net assets at the end of the year 18,796,150

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

12 ING INVESTMENT MANAGEMENT


Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

ING (L) Renta Fund Asian Debt

(Denominated in USD)

ING (L) RENTA FUND

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Securities portfolio as at 31/03/2008

Quantity/

Nominal

Name

Transferable securities and money market instruments listed on

an official stock exchange

Bonds and other debt instruments

South Korea

Currency Market value %

in USD NAV

450,000 GS CALTEX CORP 5.5% 07-24/04/17 USD 386,516 2.06

300,000,000 KOREA TREAS BOND 5.5% 07- KRW 307,987 1.64

10/09/2017

250,000 NACF 05-26/05/2015 SR USD 248,117 1.32

250,000 PUSAN BANK 07-30/10/2017 FRN USD 239,106 1.27

500,000 SHINHAN BANK 05-02/03/2035 SR USD 406,108 2.15

150,000 SHINHAN BANK 06-28/02/2016 SR USD 148,306 0.79

300,000 WOORI BANK 06-03/05/2016 SR USD 293,366 1.56

400,000 WOORI BANK 07-02/05/2037 FRN USD 318,328 1.69

2,347,834 12.48

Cayman Islands

350,000 AGILE PROPERTY 9% 06-22/09/2013 USD 269,436 1.43

250,000 C&M FINANCE LTD 06-01/02/2011 USD 251,750 1.34

FRN

350,000 HUTCH WHAM FIN 7.45% 97- USD 376,953 2.01

01/08/2017

325,000 HUTCHINSON WHAMPOA FIN 7.5% USD 331,006 1.76

97-01/08/2027

75,000 HUTCHINSON WHAMPOA INTL USD 76,647 0.41

5.45% 03-24/11/2010

425,000 HUTCHINSON WHAMPOA INTL USD 439,228 2.35

7.45% 03-24/11/2033

100,000 MTR CORP 4.75% 04-21/01/2014 USD 102,401 0.54

200,000 PARKSON RETAIL GROUP 7.875% 06- USD 196,000 1.04

14/11/11

100,000 UOB CAYMAN LTD 5.796% 05- USD 94,786 0.50

29/12/2049 FRN

2,138,207 11.38

Netherlands

100,000 INDOSAT FIN CO 7.75% 03- USD 101,439 0.54

05/11/2010

300,000 MAJAPAHIT HOLD 7.25% 07- USD 285,057 1.52

28/06/2017

700,000 MAJAPAHIT HOLD 7.75% 06- USD 687,563 3.66

17/10/2016

600,000 NIBC BANK NV FRN 07-22/04/2012 USD 567,840 3.02

200,000 SUN SAGE BV 8.25% 04-26/03/2009 USD 199,628 1.06

1,841,527 9.80

Philippines

150,000 EQUITABLE PCI 03-01/07/2013 SR USD 151,272 0.80

500,000 NATL POWER CORP 6.875% 06- USD 508,373 2.71

02/11/2016

200,000 PHILIP LONG DIST 8.35% 97- USD 223,753 1.19

06/03/2017

300,000 PHILIPPINES(REP) 9.5% 05-

USD 391,500 2.08

02/02/2030

1,274,898 6.78

Malaysia

700,000 MALAYSIAN GOVT 7% 89-

MYR 226,091 1.20

15/03/2009

100,000 MISC CAPITAL LTD 6.125%04- USD 106,174 0.56

01/07/2014

300,000 PRIME HOLDINGS 5.375% 04- USD 282,955 1.51

22/09/2014

100,000 PUBLIC BANK BERH 06-22/08/2036 USD 97,778 0.52

SR

500,000 RANTAU ABANG CAPITAL 06/2011 MYR 158,839 0.85

4.39%

Quantity/

Nominal

Name

Currency Market value %

in USD NAV

1,000,000 YTL POWER GEN 4.55% 06-

28/01/2009

MYR 314,181 1.67

1,186,018 6.31

Thailand

12,000,000 BANK OF THAILAND 5.5% 06-

10/08/2008

THB 384,573 2.04

250,000 PTT CHEMICAL 5.5% 05-24/06/2015 USD 243,932 1.30

275,000 TFBTB-REG S 8.25% 96-21/08/2016 USD 303,562 1.62

200,000 TRUE MOVE CO LTD 10.375% 07-

01/08/14

USD 186,919 0.99

1,118,986 5.95

Virgin Islands

400,000 CITIC RESOURCES 6.75% 07-

15/05/2014

USD 360,000 1.92

150,000 CNOOC FINANCE 03/2033 5 1/2% USD 130,488 0.69

300,000 PCCW-HKT CAPITAL 7.75% 01-

15/11/2011

USD 325,347 1.73

300,000 WHARF FINANCE 6.125% 07-

06/11/2017

USD 299,807 1.60

1,115,642 5.94

United Kingdom

20,000,000 BARCLAYS BK PLC 07-17/01/2017

FRN FLAT

INR 511,515 2.72

500,000 BARCLAYS BK PLC 07-17/12/2012

FRN

USD 572,500 3.05

1,084,015 5.77

Taiwan

17,000,000 TAIWAN GB 5.125% 98-25/09/2008 TWD 565,359 3.01

10,000,000 TAIWAN GB 6.875% 98-20/02/2013 TWD 396,963 2.11

962,322 5.12

Singapore

100,000 DEV BK SINGAPORE 04-15/11/2019

SR

USD 93,200 0.50

100,000 ICICI BANK SING 5.75% 05-

16/11/2010

USD 99,834 0.53

300,000 SINGAPORE 4.375% 99-15/01/2009 SGD 223,501 1.19

200,000 UNITED OVERSEAS 04-03/09/2019 SR USD 190,879 1.02

350,000 UNITED OVERSEAS 4.5% 03-

02/07/2013

USD 335,710 1.78

943,124 5.02

Indonesia

350,000 BANK INTL INDO 05-28/04/2015 SR USD 362,208 1.92

200,000 CILIANDRA 10.75% 06-08/12/2011 USD 194,000 1.03

350,000 PT BANK DANAMON 04-30/03/2014

SR

USD 352,433 1.88

908,641 4.83

Pakistan

125,000 PAKISTAN INT 05-27/01/2010 FRN USD 120,883 0.64

200,000 PAKISTAN MOBILE 8.625% 06-

13/11/2013

USD 178,250 0.95

400,000 REP OF PAKISTAN 6.875% 07-

01/06/2017

USD 340,000 1.81

639,133 3.40

Japan

50,000,000 JAPAN GOVT 0.8% 06-15/11/2008 JPY 503,140 2.68

503,140 2.68

Hong Kong

225,000 BANGKOK BANK 9.025% 99-

15/03/2029

USD 237,189 1.26

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

ING INVESTMENT MANAGEMENT

13


ING (L) RENTA FUND

ING (L) Renta Fund Asian Debt

(Denominated in USD)

Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Securities portfolio as at 31/03/2008

Quantity/

Nominal

Name

250,000 CHINA TRUST COMM BANK 05-

29/03/2049 FRN

USD 227,117 1.21

464,306 2.47

India

100,000 ICICI BANK LTD 5.75% 07-

12/01/2012

USD 97,509 0.52

300,000 ICICI BANK LTD 6.625% 07-

03/10/2012

USD 297,671 1.58

395,180 2.10

Australia

350,000 LEIGHTON FIN 7.875% 06-

16/05/2011

USD 336,800 1.79

336,800 1.79

China

300,000 CHINA DEV BANK 4.75% 04-

08/10/2014

USD 301,908 1.61

301,908 1.61

Canada

300,000 SINO-FOREST CORP 9.125% 04-

17/08/2011

USD 288,000 1.53

288,000 1.53

Bermuda

100,000 ASIA ALUMINUM 8% 04-23/12/2011 USD 90,000 0.48

90,000 0.48

Other financial instruments

Currency Market value %

in USD NAV

17,939,681 95.44

Money market instruments

Singapore

500,000 SINGAPORE T-BILL 0% 07-

30/04/2008

SGD 341,609 1.82

341,609 1.82

To receive

To pay

Maturity

Date

Commitment

in USD

Unrealized

profit or (loss)

in USD

Forward foreign exchange contracts

8,046,000 INR 200,000 USD 07/04/08 200,000 359

636,600 MYR 200,000 USD 19/06/08 200,000 (1,242)

635,500 MYR 200,000 USD 22/04/08 200,000 (1,343)

958,950 MYR 300,000 USD 27/06/08 300,000 (619)

280,000 USD 268,268,000 KRW 12/06/08 280,000 8,987

380,000 USD 1,215,240 MYR 14/04/08 380,000 95

350,000 USD 3,337,250,000 IDR 23/04/08 350,000 (10,929)

550,000 USD 16,588,000 TWD 10/06/08 550,000 (3,805)

500,000 USD 1,632,000 MYR 22/04/08 500,000 (10,164)

500,000 USD 20,585,000 INR 19/06/08 500,000 (12,631)

(31,293)

Total financial derivative instruments (33,977)

Summary of net assets

%

NAV

Total securities portfolio 18,281,290 97.26

Total financial derivative instruments (33,977) (0.18)

Cash at bank 358,763 1.91

Other assets and liabilities 190,074 1.01

Total net assets 18,796,150 100.00

341,609 1.82

Total securities portfolio 18,281,290 97.26

Financial derivative instruments as at 31/03/2008

Quantity

Name

Currency Commitment Unrealized

in USD profit or (loss)

in USD

Futures on interest rates

3 KOREA T-BILL 3 YR 8%

KRW 326,552 1,878

17/06/2008

4 US 10YR NOTE FUT (CBT) USD 475,813 (2,125)

19/06/2008

18 US 5YR NOTE FUTURE (CBT) USD 2,056,219 (2,438)

30/06/2008

2,858,583

(2,684)

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

14 ING INVESTMENT MANAGEMENT


Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

ING (L) RENTA FUND

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Notes to the financial statements

1- GENERAL

ING (L) Renta Fund (the "Company" or the "SICAV") is a "Société d’Investissement à Capital Variable" ("SICAV") incorporated on

January 25, 1989 for an unlimited period as a société anonyme (public limited company), governed by Part I of the Luxembourg law of

December 20, 2002 on undertakings for collective investment.

The Memorandum and Articles of Association of the Company were published in the Mémorial, Recueil Spécial des Sociétés et

Associations du Grand-Duché de Luxembourg and filed with the Registry of the Luxembourg District Court where they may be

consulted and copies may be obtained upon payment of Registry fees.

The Company is registered with the Luxembourg Register of Companies under number B 29 732.

The Company currently offers the following share classes to the investors :

Shares Name

Capitalisation P

Capitalisation I

Capitalisation S

Capitalisation X

Distribution P

Distribution I

Capitalisation P Hedged

Capitalisation I Hedged

Description

Capitalisation shares

Capitalisation shares dedicated to institutional investors

Capitalisation shares with a minimum subscription amount of

EUR 1,000,000 or equivalent

Capitalisation shares dedicated to certain countries

Distribution shares

Distribution shares dedicated to institutional investors

Hedged capitalisation shares

Hedged capitalisation shares dedicated to institutional investors

The investor must be aware that every share class is not offered by every sub-fund of the Company.

2- PRINCIPAL ACCOUNTING METHODS

The financial statements are prepared in accordance with generally accepted accounting principles and regulations in force in

Luxembourg.

Currency conversion

The financial statements have been drawn up in the accounting currency of each sub-fund. Assets and liabilities expressed in currencies

other than the accounting currency of each sub-fund are converted into that currency at the exchange rate prevailing as at the closing

date.

Securities valuation

The securities admitted to an official listing or to any other regulated market are valued at the last known prices. If these securities are

traded on several markets, the valuation is made on the basis of the last known price on the main market on which the securities are

listed.

Securities not listed or not traded on a stock exchange or on any other regulated market and securities listed or traded on such a market

but whose last known price is not representative, are valued with prudence and in good faith on the basis of their probable realisation

value.

ING INVESTMENT MANAGEMENT 15


ING (L) RENTA FUND

Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

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Notes to the financial statements

Money market instruments and other short-term securities are valued using the straight-line amortization method provided these

instruments or securities have an initial or residual maturity at the time of their purchase by the Company of less than 12 months and if

it appears that the last known price on the main market for the security in question cannot be considered as representative of the price

of that security. These instruments and securities are shown at acquisition cost in the securities portfolio, accrued interest calculated

through the straight-line amortization method being included in the item "Other assets" in the statement of net assets and in the item

"Interest on bonds and other debt instruments" in the statement of operations and changes in net Assets.

Investments in open-ended investment funds, either listed or not, are valued on the basis of their last available net asset value per share.

Financial derivative instruments valuation

Financial derivative instruments listed on a regulated market are valued at the last available published price applicable at the closing

date.

Financial derivative instruments not listed on a regulated market are valued by means of an actuarial method recognized in the market.

More specifically, swaps are valued under the responsibility of the Board of Directors on the basis of their market value, which

depends on several parameters (level and volatility of the index, market interest rate, remaining life of the swap).

Positive fair values of financial derivative instruments are disclosed as assets and negative fair values as liabilities in the statement of

net assets, under the item "Total financial derivative instruments".

Interest to be received on swaps are included in the item "Other Assets".

Interest to be paid on swaps are included in the item "Current Liabilities".

Income

Dividends are accounted for on the ex-date.

Interest is accrued on a daily basis.

3- OTHER ASSETS AND CURRENT LIABILITIES

Other assets account includes mainly accrued interest and receivables.

Current liabilities account includes mainly fee accruals and payables.

4- TRANSACTIONS WITH CONNECTED PERSONS

The following is a summary of transactions with connected persons for the year ended March 31, 2008. All such transactions were

entered into in the ordinary course of business and on normal commercial terms.

For the year ended March 31, 2008 no transaction on securities occurred with connected persons.

16 ING INVESTMENT MANAGEMENT


Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

ING (L) RENTA FUND

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Notes to the financial statements

In accordance with the terms and conditions of the "Collective Portfolio Management Agreement" between ING Investment

Management Luxembourg S.A. and the SICAV, the sub-funds will pay ING Investment Management Luxembourg S.A. an

annual management fee calculated on the average net assets of each class of shares as described in the table below. This fee is

payable monthly in arrears.

Sub-Fund

Management Fees Rate

Manager

(P-CLASS)

% p.a.

(X-CLASS)

% p.a.

(I-CLASS)

% p.a.

(S-CLASS)

% p.a.

ING (L) Renta Fund Asian Debt 1.00 1.50 N/A N/A ING Investment

Management Asia

Pacific (Hong Kong) Ltd

ING Investment Management Luxembourg S.A. has entrusted, at its own expense, management of the sub-fund to ING

Investment Management Asia Pacific (Hong Kong) Ltd.. In the case where the SICAV invests in the units of other UCITS and/or

other UCIs that are managed directly or by delegation by the Management Company or by any other company with which the

Management Company is linked by common management or control or by a substantial direct or indirect holding, the

management fees paid by the UCITS and/or UCIs will be deducted from the management fees paid to the Management Company.

As administration agent, ING Investment Management Luxembourg S.A. is entitled to receive the following commissions :

- 0.15% p.a. based on the average net asset value of each class.

As custodian bank, ING Luxembourg is entitled to receive the following commissions :

The following percentages are applicable to the value of the portfolio holdings attributable to each class of shares (on a pro rata

basis) at the end of each month:

- Equities: 0.07%

- Bonds and assimilated debt instruments : 0.05%

- Investment funds : 0.05%

- Securities in Emerging Markets : 0.04% plus charge of sub-custody at real cost.

ING Luxembourg also receives a paying agent fee of 1.27% calculated on the gross dividends distributed, if any, and transaction

fees based on the gross amount (quantity * gross price excluding accrued interest) of each transaction, as described bellow :

- Equities: 0.02%

- Bonds and assimilated debt instruments : 0.02%

- Investment funds : 0.02%.

ING Investment Management Luxembourg also charges, each sub-fund, the cost of the Transfer Agent Services. These costs shall

be invoiced by the Transfer Agent on a pro rata basis on the Net Assets of each sub-fund and on a yearly basis.

5- SOFT COMMISSIONS

During the year ended March 31, 2008, no connected persons entered into soft commissions arrangements.

6- SUBSCRIPTION TAX

The Company is liable in Luxembourg to a subscription tax ("Taxe d'abonnement") of 0.01% per annum for all shares restricted to

institutional investors and a subscription tax of 0.05% per annum for all other shares.

The subscription tax is paid quarterly and calculated on the net asset value at the end of the relevant calendar quarter.

No subscription tax is paid on the assets held by the Company in other UCIs already subject to that tax in Luxembourg.

ING INVESTMENT MANAGEMENT 17


ING (L) RENTA FUND

Annual report and audited financial statements

(Sub-funds offered on the Hong Kong market)

for the year ended March 31, 2008

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Notes to the financial statements

7- OTHER EXPENSES

This account includes mainly audit fees, administration fees and the Belgian tax.

8- CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO

These changes are made available to the shareholders at the custodian bank and at the Company’s registered office as well as at

the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who so requests.

9- INFORMATION FOR SHAREHOLDERS

Under the Belgian Finance Act of December 22, 2003, that came into effect on January 1, 2004, a 0.06% yearly tax was applied

on all money originating from Belgium included in the Company at December 31 of the prior year. This tax rate has been increased

to 0.07% in 2005 and to 0.08% from 2007 onwards.

The company has lodged a complaint with the European Commission against the Belgian State for this tax to be recognized as

contravening the Community law.

18 ING INVESTMENT MANAGEMENT


For additional information please contact:

ING Investment Management Belgium

Fundinfo Helpdesk (MA 2.01.02)

Avenue Marnix 24

B-1000 Brussels

Tel. +32 2 547 87 88

e-mail: fundinfo@ingim.com

or www.ingim.com

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