ING (L) RENTA FUND - ING Investment Management, Asia Pacific

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Semi-annual report and unaudited financial statements ING (L) RENTA FUND (Report dedicated to the Singapore market) for the period ended September 30, 2010 �� 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 shares to the investors: Shares Name Description Capitalisation P Capitalisation shares. Capitalisation I Capitalisation shares dedicated to institutional investors. Capitalisation S Capitalisation shares with a minimum subscription amount of EUR 1,000,000 or equivalent. Capitalisation X Capitalisation shares dedicated to certain countries. Capitalisation V Capitalisation shares reserved for institutional investors, issued in registered form only yet differing from class "I" in that it attracts a higher management fees. Capitalisation P Hedged Capitalisation shares dedicated to retail investors and denominated in a currency other than the reference currency of the sub-fund. This share class is covered partially against the exchange risk of the reference currency of the sub-fund (USD) against the EUR. Capitalisation I Hedged Capitalisation shares dedicated to institutional investors and denominated in a currency other than the reference currency of the sub-fund. This share class is covered partially against the exchange risk of the reference currency of the sub-fund (USD) against the EUR. Capitalisation X Hedged Capitalisation shares dedicated to retail investors and denominated in a currency other than the reference currency of the sub-fund. This share class is covered partially against the exchange risk of the reference currency of the sub-fund (USD) against the EUR. Distribution P Distribution shares. Distribution I Distribution shares dedicated to institutional investors. Distribution X Distribution shares dedicated to some countries. Distribution P Hedged Distribution shares denominated in a currency other than the reference currency of the sub- fund. This share class is covered partially against the exchange risk of the reference currency of the sub-fund against the reference currency of the share class. Distribution I Hedged Distribution shares reserved for institutional investors and denominated in a currency other than the reference currency of the sub- fund. This share class is covered partially against the exchange risk of the reference currency of the sub-fund against the reference currency of the share class. Distribution shares reserved for retail investors and denominated in a currency other than the reference Distribution X Hedged currency of the sub- fund. This share class is covered partially against the exchange risk of the reference currency of the sub-fund against the reference currency of the share class. 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. The various items in the combined statements correspond to the sum of the corresponding items in the financial statements of each sub-fund, converted if necessary into EUR at the exchange rate prevailing on 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. The loans are not quoted and are valued by means of a recognized actuarial market method. ING INVESTMENT MANAGEMENT 93
ING (L) RENTA FUND Semi-annual report and unaudited financial statements (Report dedicated to the Singapore market) for the period ended September 30, 2010 �� 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 at their fair 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- SWINGING SINGLE PRICING Large transactions in or out of a sub-fund can create "dilution" of a sub-fund’s assets because the price at which an investor buys or sells shares in a sub-fund may not entirely reflect the dealing and other costs that arise when the portfolio manager has to trade in securities to accommodate large cash inflows and outflows. In order to counter this and enhance the protection of existing shareholders, the mechanism known as "Swinging Single Pricing" (SSP) may be applied if the net capital movement is greater than a threshold determined by the Board of Directors. Existing investors will no longer have to indirectly bear these transactions costs because with SSP the charge of the transaction costs is directly integrated into the calculation of the net asset value, with these costs borne by incoming and outgoing investors. By using SSP, the net asset value of the relevant sub-fund is adjusted when the threshold is reached by an amount, called the "swing factor", to compensate transactions costs resulting from the net capital flows (difference between in and outflows). Where there are net capital inflows, the swing factor is added to the net asset value to take account of subscriptions of sub-fund shares, where there are net outflows, the swing factor is deducted from the net asset value to take account of shares redemptions. In both cases, the same net asset value applies to all incoming and outgoing investors on a particular date. All sub-funds of the Company may be included in the Swinging Single Pricing. As at September, 30, 2010, Swinging Single Pricing was applied on the sub-fund ING Renta Fund - World as follows: Net assets Net asset value per share swung unsung swung unsung Capitalisation P (EUR) 27,738,184.79 27,779,891.57 737.01 738.12 Capitalisation V (EUR) 2,891,440.60 2,895,788.13 133.08 133.28 Capitalisation I (EUR) 57,272.52 57,358.63 14,818.25 14,840.51 Capitalisation X (EUR) 1,606,110.46 1,608,525.39 729.93 731.03 Distribution P (EUR) 10,780,902.66 10,797,112.39 224.89 225.23 Total 43,073,911.03 43,138,676.41 94 ING INVESTMENT MANAGEMENT
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ING (L) RENTA FUND - ING Investment Management, Asia Pacific

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