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 



for the period ended September 30, 2008 

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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





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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 

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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, 


Bruno Springael (from 11/07/2008), 



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

Head of Legal Services, 


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



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, 


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, 


Management Company 

ING Investment Management Luxembourg S.A., 

52, route d’Esch, Luxembourg 

2 ING INVESTMENT MANAGEMENT





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Organisation 

Investment Manager 



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, 


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

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

delegated to 



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., 



INGIM Italy Sim, 

Via Paleocopa 5, Milano 


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Organisation 

Luxembourg 

Singapore 

Slovakia 

Spain and Portugal 

Switzerland 

Taiwan 

The Nederlands 

Finland 

Norway 

Hungary 



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 


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 






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(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 


149.40 


169.00 


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) 



314 

514 

Distribution P (USD) 



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. 


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Financial statements 



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. 








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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 


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 



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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 


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 


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 


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) 







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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





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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. 






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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 : 



- 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. 


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 


LUXEMBOURG 

for the year ended March 31, 2008




for the year ended March 31, 2008 

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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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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. 






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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 


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Organisation 

Registered Office 

52, route d'Esch, Luxembourg 

Board of Directors 

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



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



Jean Sonneville (until 31/05/2007), 

General Manager, 


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

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



Odilon De Groote, 

Companies Director 

Philippe Gusbin, 

Senior General Manager Ops & IT, 


Paul Suttor, 

Senior Manager, 

Head of Fund Administration, 


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



Management Company 

Investment Manager 





delegated to 

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

39/F One International Finance Centre 


Custodian 








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Organisation 

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

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

delegated to 


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 


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., 



ING Bank Rt., 

1068 Budapest,Dózsa György út 84/B, Hungary 

INGIM Italy Sim, 

Via Paleocopa 5, Milano 



INGIM Asia Pacific Singapore Ltd., 

1 raffles Place OUB Centre #40-02, Singapore 


Pobocka zahranicnej banky, Jesenskeho 4/C, Bratislava 


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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 


Amstelveensesteenweg 500, Amsterdam 






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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). 


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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. 






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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 


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

Japan 


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

Source: ING IM March 2008 


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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 






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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. 


9





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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 






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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 




6,237 

4,790 




1,210 

1,948 

Distrtibution P 



324 

73 

Dividend* 

Distrtibution P 25/04/2008 USD 149.40 



*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. 


11





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Financial statements 



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 









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Quantity/ 

Nominal 

Name 

Transferable securities and money market instruments listed on 

an official stock exchange 

Bonds and other debt instruments 

South Korea 


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 


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 



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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 


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 


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) 







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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 I 

Capitalisation S 


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. 






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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. 






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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: 



- 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 : 



- 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. 






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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. 




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 (L) RENTA FUND - Fundsupermart.com

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