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 4- OTHER ASSETS AND CURRENT LIABILITIES Other assets account includes mainly accrued interest and receivables. Current liabilities account includes mainly fee accruals and payables. 5- MANAGEMENT FEES In accordance with the terms and conditions of the "Collective Portfolio Management Agreement" between of 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) (X-CLASS) (I-CLASS) (S-CLASS) (V-CLASS) % p.a. % p.a. % p.a. % p.a. % p.a. ING (L) Renta Fund - Asian Debt 1.00 1.50 0.72 N/A N/A ING Investment Management Asia Pacific (Hong Kong) Ltd. ING (L) Renta Fund - Corporate USD 0.75 1.00 0.36 N/A N/A ING Investment Management Co. *** ING (L) Renta Fund - Dollar 0.65 0.75 0.36 N/A N/A ING Investment Management Belgium ING (L) Renta Fund - Emerging Markets Debt (Hard Currency) 1.20 1.50 0.72 N/A N/A ING Asset Management B.V. ING (L) Renta Fund - Emerging Markets Debt (Local Currency) ING (L) Renta Fund - Emerging Markets Debt (Local Bond) ING INVESTMENT MANAGEMENT 95 1.00* 1.50 0.72** N/A N/A ING Asset Management B.V. 1.00 1.50 0.72 N/A N/A ING Asset Management B.V. ING (L) Renta Fund - Euro 0.65 0.75 0.36 0.36 0.65 ING Investment Management Belgium ING (L) Renta Fund - Euro Inflation 0.65 0.75 0.36 N/A N/A ING Investment Management Linked Belgium ING (L) Renta Fund - Euro Liquidity 0.40 0.60 N/A 0.20 N/A ING Investment Management Belgium ING (L) Renta Fund - Euro Long 0.65 0.75 N/A N/A N/A ING Investment Management Duration Belgium ING (L) Renta Fund - Eurocredit 0.75 1.00 0.36 0.36 0.75 ING Asset Management B.V. ING (L) Renta Fund - Euromix Bond 0.65 0.75 0.36 N/A N/A ING Investment Management Belgium ING (L) Renta Fund - Global High Yield 1.20 1.50 0.72 N/A N/A ING Asset Management B.V. ING (L) Renta Fund - International 0.65 0.75 0.36 N/A N/A ING Investment Management Belgium ING (L) Renta Fund - Sustainable 0.65 0.75 0.36 N/A N/A ING Investment Management Fixed Income Belgium ING (L) Renta Fund - World 0.65 0.75 0.36 N/A 0.65 ING Investment Management Belgium ING (L) Renta Fund - Yen 0.65 0.75 0.36 N/A N/A ING Investment Management Belgium *: Also applicable for "P Hedged Class". **: Also applicable for "I Hedged Class". ***: ING Asset Management B.V. until September 14, 2009. ING Investment Management Co. since September 15, 2009.
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 ING Investment Management Luxembourg has entrusted, at its own expense, management of the different sub-funds to ING Investment Management Belgium, ING Investment Management Asia Pacific (Hong Kong) Ltd., ING Investment Management Co. and ING Asset Management BV.. 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. 6- CUSTODIAN FEES The depositary bank is remunerated in accordance with the agreement between ING Luxembourg, acting as the custodian, and the SICAV. 7- 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. 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. 10- SUBSEQUENT EVENT The Board of Directors of the Company has decided that Brown Brothers Harriman (Luxembourg) S.C.A. will take over the functions of Administrative and Compliance Monitoring Agent from BNP Paribas Securities Services, the sub-contractor of the Central Administration (as of October 15, 2010), Registrar and Transfer Agent from ING Luxembourg, following a delegation (as of November 2, 2010) and Custodian from ING Luxembourg (as of October 18, 2010) by virtue of new service provider agreements which will replace the existing service provider agreements. 96 ING INVESTMENT MANAGEMENT
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ING (L) RENTA FUND - ING Investment Management, Asia Pacific

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