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ING (L) Renta Fund

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  • 1. ING (L) Renta Fund Open-ended Investment Company with Variable Capital (SICAV) FULL PROSPECTUS LU LUXEMBOURG – SEPTEMBER 2009 VISA 2009/53139-6-0-PC L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le 09/09/2009 Commission de Surveillance du Secteur Financier INVESTMENT MANAGEMENT
  • 2. For additional information please contact: ING Investment Management P.O. Box 90470 2509 LL The Hague The Netherlands Tel. +31 70 378 1800 e-mail: fundinfo@ingim.com or www.ingim.com This prospectus has been produced using the 'Publication Management System' developed for the Investment Fund Industry by Imprimerie Centrale S.A. - Financial Services in Luxembourg.
  • 3. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Table of contents Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 PART I: ESSENTIAL INFORMATION REGARDING THE COMPANY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 I. Information on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 II. Subscriptions, redemptions and conversions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 III. Fees, expenses and taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 IV. Risk factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 V. Information and documents available to the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 PART II: SUB-FUND FACTSHEETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 ING (L) Renta Fund Asian Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 ING (L) Renta Fund Corporate USD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 ING (L) Renta Fund Dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 ING (L) Renta Fund Emerging Markets Debt (Hard Currency) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 ING (L) Renta Fund Emerging Markets Debt (Local Currency) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 ING (L) Renta Fund Emerging Markets Debt (Local Bond) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 ING (L) Renta Fund Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 ING (L) Renta Fund Euro Inflation Linked. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 ING (L) Renta Fund Euro Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 ING (L) Renta Fund Euro Long Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 ING (L) Renta Fund Eurocredit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 ING (L) Renta Fund Euromix Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 ING (L) Renta Fund Global High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 ING (L) Renta Fund International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 ING (L) Renta Fund Sustainable Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 ING (L) Renta Fund World . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 ING (L) Renta Fund Yen. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 PART III: ADDITIONAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 I. The Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 II. Risks linked to the investment universe: detailed description. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 III. Investment restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 IV. Techniques and instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 V. Management of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 VI. Portfolio Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 VII. Custodian, Paying Agent, Registrar Transfer Agent and Administrative Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 VIII. Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 IX. Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 X. Suspension of the calculation of the net asset value and/or the issue, redemption and conversion of shares. . . . . . . . . 106 XI. Periodic reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 XII. General meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 XIII. Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 XIV. Liquidations, mergers and contributions of sub-funds or share classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 XV. Dissolution of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 XVI. Stopped securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 XVII. Prevention of money laundering and the financing of terrorism. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 XVIII. Conflicts of Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 ING INVESTMENT MANAGEMENT 3
  • 4. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll XIX. Nominees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 4 ING INVESTMENT MANAGEMENT
  • 5. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Note Subscriptions to the Company’s shares are only valid if they are made Directors therefore warns that, under normal circumstances and taking in accordance with the provisions of the current prospectus (simplified or into consideration the fluctuation in the prices of the securities held in full prospectus) accompanied by the most recent annual report available the portfolio, the redemption price of shares may be higher or lower than and, in addition, by the most recent semi-annual report if this was the subscription price. published after the most recent annual report. No parties are authorised The official language of this prospectus is English. It may be translated to provide information other than that which appears in the full into other languages. In the event of a discrepancy between the English prospectus, simplified prospectus or in the documents referred to in version of the prospectus and versions written in other languages, the either prospectus as being available to the public for consultation. English version will take precedence, except in the event (and in this This prospectus details the general framework applicable to all the event alone) that the law of a jurisdiction where the shares are available sub-funds and should be read in conjunction with the factsheets to the public stipulates otherwise. In this case, the prospectus will for each sub-fund. These factsheets are inserted each time a new nevertheless be interpreted according to Luxembourg law. Any sub-fund is created and form an integral part of both the simplified settlement of disputes or disagreements with regard to investments in and full prospectuses. Potential investors are requested to refer to the Company shall also be subject to Luxembourg law. these factsheets prior to making any investment. THIS PROSPECTUS IN NO WAY CONSTITUTES AN OFFER OR The prospectus (simplified and full) will be regularly updated to include SOLICITATION TO THE PUBLIC IN JURISDICTIONS IN WHICH SUCH any significant modifications. Investors are advised to confirm with the AN OFFER OR SOLICITATION TO THE PUBLIC IS ILLEGAL. THIS Company that they are in possession of the most recent prospectus. In PROSPECTUS IN NO WAY CONSTITUTES AN OFFER OR addition, the Company will provide, free of charge, the most recent SOLICITATION TO A PERSON TO WHOM IT WOULD BE ILLEGAL TO version of the simplified prospectus to any shareholder or potential MAKE SUCH AN OFFER OR SOLICITATION. investor. The Company is established in Luxembourg and has obtained the approval of the competent Luxembourg authority. This approval should in no way be interpreted as an approval by the competent Luxembourg authority of either the contents of the prospectus or the quality of the shares of the Company or the quality of the investments that it holds. The Company's operations are subject to the prudential supervision of the competent Luxembourg authority. Furthermore, the Company has not been registered under the United States Investment Company Act of 1940, as amended, or any similar regulation in any other jurisdiction except as described herein. Moreover, the shares of the Company have not been registered under the United States Securities Act of 1933, as amended, or any similar regulation in any other jurisdiction except as described herein. The shares of the Company may not be offered for sale or sold, transferred or delivered in the United States of America, its territories or possessions or to any “US Person", as defined in Regulation S under the US Act of 1933 (a definition which may change from time to time by virtue of legislation, rules, regulations or administrative interpretations), except in a transaction which does not breach US laws on transferable securities. Investors may be required to declare that they are not a “US Person” and that they are not subscribing in the name of or on behalf of a “US Person”. It is recommended that investors obtain information on the laws and regulations (in particular, those relating to taxation and exchange controls) applicable in their country of origin, residence or domicile as regards an investment in the Company and that they consult their own financial or legal advisor or accountant on any issue relating to the contents of this prospectus. The Company confirms that it fulfils all the legal and regulatory requirements applicable to Luxembourg regarding the prevention of money laundering and the financing of terrorism. The Board of Directors is responsible for the information contained in this prospectus on the date of its publication. Insofar as it can reasonably be aware, the Board of Directors certifies that the information contained in the prospectus has been correctly and accurately represented and that no information has been omitted which, if it had been included, would have altered the significance of this document. The value of the Company’s shares is subject to fluctuations in a large number of elements. Any return estimates given or indications of past performance are provided for information purposes only and in no way constitute a guarantee of future performance. The Board of ING INVESTMENT MANAGEMENT 5
  • 6. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll PART I: ESSENTIAL INFORMATION REGARDING THE COMPANY Brief overview of the Company ING Investment Management Asia Pacific (Hong Kong) Ltd 39/F One International Finance Centre, Place, form and date of establishment 1 Harbour View Street, Central, Hong Kong Established in Luxembourg, Grand Duchy of Luxembourg, as an open- ING Investment Management Belgium 24 avenue Marnix, Brussels 1050, Belgium ended investment company with variable share capital (Société d’investissement à capital variable (“SICAV”)) with multiple sub-funds, ING Investment Management Co. on 25 January 1989. 230 Park Avenue, New York, NY 10169, United States Registered office Custodian 52, route d’Esch – L-1470 Luxembourg ING Luxembourg S.A., société anonyme (public limited company) 52 route d’Esch, L-1470 Luxembourg Trade and Companies Register No. B 29.732 Central administration ING Investment Management Luxembourg S.A., société anonyme Luxembourg supervisory authority (public limited company) 52 route d'Esch, L-1470 Luxembourg Commission de Surveillance du Secteur Financier (CSSF) Transfer agent and registrar Board of Directors ING Luxembourg S.A., société anonyme (public limited company) Chairman: 52 route d’Esch, L-1470 Luxembourg - Mr Michel van Elk Chairman Promoter Director and Head of Marketing and Sales ING Investment Management (Europe) B.V. ING Investment Management (Europe) B.V. 15 Prinses Beatrixlaan, The Hague 2595 AK, The Netherlands 15 Prinses Beatrixlaan, The Hague 2595 AK, The Netherlands Directors: Subscriptions, redemptions, conversions, financial - Mr Jonathan Atack services Chief Financial and Risk Officer ING Luxembourg S.A. or any other establishment whose name appears ING Investment Management (Europe) B.V. in the annual or semi-annual reports. 15 Prinses Beatrixlaan, The Hague 2595 AK, The Netherlands - Mr David Eckert Financial year Chief Operating Officer ING Investment Management (Europe) B.V. From 1 April to 31 March of the following year 15 Prinses Beatrixlaan, The Hague 2595 AK, The Netherlands Date of the ordinary general meeting - Mr Bruno Springael Managing Director The second Thursday of July at 10:40 (Luxembourg time) ING Investment Management Belgium (if this is not a bank business day in Luxembourg, the first following 24 avenue Marnix, Brussels 1050, Belgium bank business day) - Mrs Maaike van Meer Head of Legal Services ING Investment Management (Europe) B.V. 15 Prinses Beatrixlaan, The Hague 2595 AK, The Netherlands Independent Auditors Ernst & Young S.A., société anonyme (public limited company) 7 Parc d'activité Syrdall, L-5365 Munsbach (BP 780 - L-2017 Luxembourg) Management Company ING Investment Management Luxembourg S.A. 52 route d'Esch, L-1470 Luxembourg Portfolio Managers ING Asset Management B.V. 15 Prinses Beatrixlaan, The Hague 2595 AK, The Netherlands 6 ING INVESTMENT MANAGEMENT
  • 7. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll I. Information on investments Subscriptions The Company accepts subscription requests on each bank business General day in Luxembourg unless otherwise stated in the sub-fund factsheets. The Company's sole object is to invest funds available to it in Investors whose requests have been accepted will receive shares which transferable securities and/or other liquid financial assets listed in Article will be issued on the basis of the applicable net asset value set out in 41 (1) of the Law of 20 December 2002, with a view to enabling its the sub-fund factsheets. shareholders to benefit from the results of its portfolio management. The The amount due may be subject to a subscription fee payable to the Company must comply with the investment limits as laid out in part I of relevant sub-fund and/or the distributor as more described in the sub- the Law of 20 December 2002. fund factsheets. Under no circumstances will the rate exceed the limits In the context of its objectives, the Company may offer a choice of stated in each of the sub-fund factsheets. several sub-funds, which are managed and administered separately. The subscription amount is payable in the reference currency of the The investment policies specific to each sub-fund are set out in the relevant share class. Shareholders requesting to make the payment in factsheets relating to each sub-fund. In the context of its investments, another currency must bear the cost of any foreign exchange charges. the assets of any given sub-fund are only liable for the debts, liabilities This amount is payable within the stated time limit for each sub-fund in and obligations concerning this sub-fund. In relations between the sub-fund factsheets. shareholders, each sub-fund is treated as a separate entity. Shares are delivered within ten days of the date of the calculation of the The Board of Directors may issue one or more share classes for each net asset value applicable to the subscription. sub-fund. The fee structures, the minimum set out for the initial investment, the currency in which the net asset value is expressed and The Board of Directors of the Company will be entitled at any time to the eligible investor categories may differ depending on the different stop the issuance of shares. It may limit this measure to certain share classes. The various share classes may also be differentiated countries, sub-funds or share classes. according to other objective elements as determined by the Board of The Company may limit or prohibit the acquisition of its shares by any Directors. natural or legal person. Information particular to each sub-fund Redemptions The investment objectives and policies to be followed for each sub-fund Each shareholder has the right to request the redemption of its shares. are described in the factsheet for each sub-fund. The redemption request is irrevocable. The Company accepts redemption requests on each bank business day II. Subscriptions, redemptions and conversions in Luxembourg. The redemption amount will be set on the basis of the applicable net asset value specified in each sub-fund factsheet. Shares may be subscribed, redeemed and converted through ING The amount due may be subject to a redemption fee payable to the Luxembourg S.A. and financial services companies. Fees and expenses relating to subscriptions, redemptions and conversions are indicated in relevant sub-fund and/or the distributor as more described in the sub- fund factsheets. Under no circumstances will the rate exceed the limits each sub-fund factsheet. stated in each sub-fund factsheet. Bearer shares and/or registered shares may be issued, as stipulated in When applying for the redemption of shares, shareholders must supply, each sub-fund factsheet. The Board of Directors may decide to create where applicable, (i) the bearer shares (physical certificates) or (ii) the fractions of shares. registered share certificates, together with (iii) all unmatured coupons in The subscription, redemption or conversion price is subject to any taxes, the case of distribution (bearer or registered) shares. levies and stamp duty payable by virtue of the subscription, redemption or conversion. The usual taxes, fees and administrative costs will be borne by the shareholder. If in any country in which the Shares are offered, local law or practice requires subscription, redemption and/or conversion orders and relevant The redemption amount is payable in the reference currency of the relevant share class. Shareholders requesting payment in another money flows to be transmitted via local paying agents, additional transaction charges for any individual order, as well as for additional currency must bear the cost of any foreign exchange charges. administrative services and for Share Certificates delivery, may be Neither the Board of Directors nor the custodian may be responsible for charged to the investors by such local paying agents. any lack of payment resulting from the application of any exchange control or other circumstances beyond their control which may limit or In certain countries in which the Shares are offered, Saving plans could prevent the transfer abroad of the proceeds of the redemption of the be allowed. The characteristics (minimum amount, duration, etc.) and cost details about that Saving plans are available nearby the company shares. upon request or in the legal offering documentation valid for the specific The Company may proceed with the compulsory redemption of all the country in which the Saving plan is offered. shares if it appears that a person who is not authorised to hold shares in the Company (e.g. a US person), either alone or together with other In the event of the suspension of the net asset value calculation and/or the suspension of subscription, redemption and conversion requests, persons, is the owner of shares in the Company, or proceed with the the requests received will be executed at the first applicable net asset compulsory redemption of part of the shares, if it emerges that one or several persons own(s) a proportion of the shares in the Company to value upon the expiry of the suspension period. the extent that the Company may be subject to the tax laws of a The Company does not authorise practices associated with Market jurisdiction other than Luxembourg. Timing and reserves the right to reject subscription and conversion requests from an investor that it suspects of employing such practices Conversions and, where applicable, to take the measures necessary to protect the interests of the Company and other investors. Shareholders may apply for any shares of any sub-fund to be converted into shares of another sub-fund, provided that the conditions for accessing the target class of shares, type or sub-type are fulfilled with respect to this sub-fund, on the basis of their respective net asset values calculated on the Valuation Day following receipt of the conversion request . Nevertheless, in the case of conversion requests in ING INVESTMENT MANAGEMENT 7
  • 8. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll a sub-fund for which the limit for receiving requests differs from that subject to the provision that the sums thus paid will be deducted applicable to a subscription to the target sub-fund, the conversion from the remuneration allocated to the management company application will be treated as a redemption request followed by a appointed by the Company. subscription request for the target sub-fund, without any additional costs 2. The Company will pay the custodian a custodian fee as charged to the shareholder. remuneration, together with transaction fees, in accordance with the Fractions of physical shares remaining following the conversion are terms and conditions of the custodian agreement. This remuneration bought back by the Company. This part is reimbursed to the shareholder and the fees are payable monthly and are paid to the custodian by at the applicable net asset value. the relevant sub-funds in arrears. The remuneration stipulated for custodian services will be a maximum of 0.07% per year, calculated The redemption and subscription costs connected with the conversion on the basis of the value of the portfolio at the end of each month, may be charged to the shareholder as indicated in each sub-fund's with the exception of potential positions held on the emerging factsheet. markets, for which the custodian is entitled to charge the sub-funds When applying for a conversion, shareholders must supply, where sub-custody and/or correspondent bank costs in addition. applicable, the bearer shares (physical certificates) together with all 3. In remuneration for its asset management services provided, the unmatured coupons, in the case of distribution shares, or the registered appointed management company, ING Investment Management share certificates. Luxembourg S.A., will receive a management fee as stipulated in each sub-fund factsheet and in the collective portfolio management Subscriptions and redemptions in kind agreement concluded between the Company and ING Investment The Company may, should a shareholder so request, agree to issue Management Luxembourg S.A. For administrative management shares of the Company in exchange for a contribution in kind of eligible services provided to the Company, ING Investment Management assets, subject to compliance with Luxembourg law and in particular the Luxembourg S.A. will receive a fee calculated on the basis of the obligation to produce an independent auditor's evaluation report. The average net assets of each sub-fund, as stipulated in the collective nature and type of eligible assets will be determined by the Board of portfolio management agreement concluded between the Company Directors on a case by case basis, provided that the securities comply and ING Investment Management Luxembourg S.A. This with the investment policy and objectives of the relevant sub-fund. Costs remuneration will not exceed 0.15% per year. These fees are arising from such subscriptions in kind will be borne by the shareholders payable monthly in arrears. ING Investment Management who apply to subscribe in this way. Luxembourg S.A. is moreover entitled to pass on transfer agent fees to each sub-fund at cost. Should the central administrative agent or The Company may, following a decision taken by the Board of Directors, any other service provider appointed by the management company make redemption payments in kind by allocating investments from the receive remuneration charged directly to the assets of the relevant pool of assets with respect to the share class or classes concerned up sub-fund(s) of the Company, such payments will be deducted from to the limit of the value calculated on the Valuation Day on which the the remuneration payable to ING Investment Management redemption price is calculated. Redemptions other than those made in Luxembourg S.A.. cash will be the subject of a report drawn up by the Company’s independent auditor. A redemption in kind is only possible provided that 4. The assets of a given sub-fund will be liable only for the debts, (i) equal treatment is afforded to shareholders, (ii) the shareholders liabilities and obligations of that sub-fund. In relations between concerned have so agreed and (iii) the nature and type of assets to be shareholders, each sub-fund is treated as a separate entity. transferred are determined on a fair and reasonable basis and without harming the interests of the other shareholders of the relevant share B. FEES AND EXPENSES PAYABLE BY INVESTORS class or classes. In this case, the costs arising from these redemptions Where applicable, depending on the particular information stipulated in in kind will be borne by the pool of assets with respect to the share the sub-fund factsheets, investors may be required to bear fees and class or classes concerned. expenses arising from subscriptions, redemptions or conversions. C. TAXATION III. Fees, expenses and taxation 1. Taxation of the Company in Luxembourg A. FEES PAYABLE BY THE COMPANY No fee or tax is payable in Luxembourg on the issue of Company 1. The Company shall bear the expenses relating to its formation and shares, with the exception of the fixed fee payable on the operation and it may also cover promotional expenses. These Company's incorporation, which covers the raising of capital. This expenses may, in particular and without being limited to the fee amounted to EUR 1,250 at the time of incorporation. following, include the remuneration of the custodian, the Company’s The Company is, in principle, subject to a taxe d'abonnement designated management company and the auditor, the costs of (subscription tax), at the annual rate of 0.05% per year on the net printing, distributing and translating prospectuses and periodic assets. However, this tax is reduced to 0.01% per year on the net reports, brokerage, fees, taxes and expenses connected with the assets of money market sub-funds and on the net assets of sub- movement of securities or cash, the Luxembourg “taxe funds and/or share classes reserved for institutional investors as d'abonnement” (subscription tax) and any other taxes relating to the prescribed by Article 129 of the Law of 20 December 2002. The tax Company's business, the costs of printing share certificates, is not applied to the portion of assets invested in other Luxembourg translations and legal publications in the press, the financial services undertakings for collective investment. Under certain conditions, costs of its securities and coupons, the costs, where applicable, of some sub-funds and/or share classes reserved for institutional obtaining a listing on the stock exchange or of publishing the price investors may be totally exempt from the taxe d'abonnement where of its shares, the costs of official deeds, legal costs and legal advice these sub-funds invest in money market instruments and in deposits costs relating thereto and any directors’ fees. In certain cases, the with credit institutions. Company may also cover sums due to the authorities of countries where its shares are available to the public, as well as any costs However, certain types of dividend and interest income on the incurred in registering abroad. The Company may bear the cost of Company's portfolio may be subject to withholding taxes at varying the remuneration of portfolio managers, investment advisors, the rates in the country of origin. administrative agent and other service providers, where applicable, 8 ING INVESTMENT MANAGEMENT
  • 9. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll 2. Taxation of investors asset value using all the means that it deems appropriate, at least twice a month and at the same frequency as its calculation, in the Investors are encouraged to seek advice from professionals on the countries where the shares are offered to the public. laws and regulations (in particular those relating to taxation and exchange controls) applicable to the subscription, purchase, 2. Documents ownership and sale of shares in their country of origin, residence or On request, before or after a subscription of shares of the Company, domicile the prospectus, the simplified prospectus, the annual and semi- Under the current tax system, corporate shareholders (with the annual report may be obtained free of charge at the office of the exception of legal entities domiciled in Luxembourg for tax purposes custodian bank and other establishments designated by it as well as or which are permanently established there) are not subject to any at the Company’s registered office. taxation or withholding tax in Luxembourg on their income, realised or unrealised capital gains, the transfer of shares or the distribution of income in the event of dissolution. Under the current system, shareholders who are natural persons domiciled in Luxembourg for tax purposes are not subject to withholding tax on income distributed by the Company. However, resident investors are taxable on distributions effected by the Company. They may be taxable in the event of capital gains realised through the sale, reimbursement or redemption of shares where the holding period has not exceeded 6 months and/or they hold over 10% of the shares issued by the Company. The description of the current Luxembourg tax system does not presume any possible future modifications whatsoever. In the context of the system set up by the Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments, non- resident natural persons may, from 1 July 2005, be subject to withholding tax on income from interest payments, regardless of whether this income comes from the distribution of Company dividends or from income realised through the sale, reimbursement or redemption of Company shares. IV. Risk factors Potential investors must be aware that the investments of each sub-fund are subject to normal and exceptional market fluctuations as well as other risks inherent in the investments described in the factsheet for each sub-fund. The value of investments and the income generated thereof may fall as well as rise and there is a possibility that investors may not recover their initial investment. In particular, investors’ attention is drawn to the fact that if the objective of the sub-fund is long-term capital growth, depending on the investment universe, elements such as exchange rates, investments in the emerging markets, the yield curve trend, changes in issuers' credit ratings, the use of derivatives, investments in companies or the investment sector may influence volatility in such a way that the overall risk may increase significantly and/or trigger a rise or fall in the value of the investments. A detailed description of the risks referred to in each sub-fund factsheet can be found in the full prospectus. It should also be noted that the investment manager may, in compliance with the applicable investment limits and restrictions imposed, temporarily adopt a more defensive attitude by holding more cash in the portfolio when he believes that the markets or the economy in countries in which the sub-fund invests are experiencing excessive volatility, a persistent general decline or other negative conditions. In such circumstances, the sub-fund concerned may prove to be incapable of pursuing its investment objective, which may affect its performance. V. Information and documents available to the public 1. Information The net asset value of the shares of each class is made available to the public at the Company's registered office, the custodian and other establishments responsible for financial services as of the first bank business day following the calculation of the aforementioned net asset values. The Board of Directors will also publish the net ING INVESTMENT MANAGEMENT 9
  • 10. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll PART II: SUB-FUND FACTSHEETS Share classes: on the basis of variations in the monthly returns of the net asset value over the past 5 years or for a shorter period in case the sub-fund does not yet exist for 5 years. For sub-funds of less than one year, the risk is ''P'': Ordinary share class intended for individual investors. calculated on the basis of variations in the monthly returns of the ''X'': Ordinary share class intended for individual investors benchmark index in the past 5 years. yet differing from class “P” in that it attracts a higher For fixed-term sub-funds with capital protection, the risk is calculated on management fee and is distributed in certain countries where market conditions require a higher fee structure. the basis of variations in monthly returns, in cases where a history of two and a half years or over is available, and bi-monthly returns where a “I”: Share class reserved for institutional investors and, in minimum 1-year history is available. For new sub-funds or sub-funds principle, issued in registered form only. "I" share class with a history of under a year, the risk is calculated on the basis of will only be issued to subscribers who have completed similar products in the absence of sufficient information for the relevant their subscription form in compliance with the sub-fund. obligations, representations and guarantees to be provided regarding their status as an institutional The investment horizon of each sub-fund is defined as the duration in investor, as provided for under Article 129 of the Law of time (expressed in an entire number of years) during which the 20 December 2002. Any subscription application for investment should last (from 1 year to more than 5 years) in order not to class “I” will be deferred until such time as the required historically encounter any negative returns. For sub-funds denominated documents and supporting information have been duly in a currency other than the euro, the risk and horizon are also completed and provided. calculated in the investment currency. “S”: Share class intended for corporate beneficial owners Classification of sub-funds on the basis of their risk with a minimum subscription amount of EUR 1,000,000 subject to subscription tax of 0.05% per year on net profile. assets. The Company is authorised to adapt the method of calculation of the “P Hedged”: Share class offered to retail investors and denominated global exposure of each of its sub-funds to the risk profile resulting from in a currency other than the reference currency of the the sub-funds’ investment policy and to the risk management’s level of sub-fund. This class of shares differs from the other sophistication. classes in that it uses hedging techniques against the More specifically, the Company has conducted a self-assessment of the exposure on the reference currency of the sub-fund. The sub-funds’ risk profile and has classified each of them, on the basis of investment manager may then use any type of financial this analysis, either as a non-sophisticated sub-fund or as a derivative instruments linked to currency fluctuations, sophisticated sub-fund. such as currency forward contracts, call or put option on currencies, currency swaps, forward foreign exchange For that purpose, the following elements have been taken into account: transactions and the technique whereby the investment - A sophisticated sub-fund is a sub-fund using, for an important part, manager effects a hedge of the currency of the class derivative financial instruments and/or making use of more complex against exposure on the reference currency of the sub- strategies or instruments. fund by selling or purchasing another currency closely related to it ("proxy hedging"). - A non-sophisticated sub-fund is a sub-fund with less and less complex positions on derivative financial instruments or with “I Hedged”: Share class offered to institutional investors and derivative financial instruments used solely for hedging purposes. denominated in a currency other than the reference currency of the sub-fund. This class of shares differs The risk profile of each sub-fund is mentioned in the sub-funds’ from the other classes in that it uses hedging techniques factsheet. In the case where the Company wants to change the risk against the exposure on the reference currency of the profile of one or several sub-funds, this prospectus must be adapted sub-fund. The investment manager may then use any accordingly. type of financial derivative instruments linked to currency fluctuations, such as currency forward contracts, call or Determination of the global exposure: non- put option on currencies, currency swaps, forward sophisticated sub-funds foreign exchange transactions and the technique whereby the investment manager effects a hedge of the In the case of non-sophisticated sub-funds, the global exposure related currency of the class against exposure on the reference solely to positions on derivative financial instruments (including those currency of the sub-fund by selling or purchasing embedded in transferable securities or money market instruments) another currency closely related to it ("proxy hedging”). must, in principle, be determined on the basis of the commitment approach. “V”: Share class reserved for institutional investors and, in principle, issued in registered form only yet differing from On the basis of this approach, the positions on derivative financial class “I” in that it attracts a higher management fee. instruments must be converted into equivalent positions on the underlying assets. Caption for diagram under “Investor risk profile” in The sub-fund’s total commitment to derivative financial instruments, each factsheet. limited to 100% of the portfolio’s total net value, is then quantified as the sum, as an absolute value, of the individual commitments, after ING uses a methodology named Risk Rating (EVAL©) that is based on consideration of the possible effects of netting and coverage. the historical observation of fluctuations in returns expressed in euro, especially their volatility (statistical standard deviation) with respect to the average. There are 7 different risk classes (from 0, the lowest risk, to 6, the highest risk) identified by increasing volatility brackets. For sub- funds with no fixed term and no capital protection, the risk is calculated 10 ING INVESTMENT MANAGEMENT
  • 11. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Determination of the global exposure: sophisticated sub-funds All sub-funds pursuing a sophisticated investment strategy are required to use an approach based on a model of the Value-at-Risk («VaR») type, taking into consideration all the sources of global exposure, which might lead to a significant change in the portfolio’s value. The purpose of a VaR model is the quantification of the maximum potential loss which might be generated by the sub-fund in normal market conditions. This loss is estimated on the basis of a given time period and a certain confidence interval as more described in the relevant sub-funds’ factsheets. ING INVESTMENT MANAGEMENT 11
  • 12. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Asian Debt Introduction risk associated with the financial derivative instruments is detailed in the full prospectus Part III, Chapter II: Risk linked to the investment This sub-fund was launched on 18 November 1996. universe: detailed description. Investment objective and policy The Company has classified this sub-fund as a non-sophisticated sub- fund. This sub-fund aims to generate returns by actively managing a portfolio comprised primarily (minimum 2/3) of bonds and money market Typical investor profile: instruments issued by Asian issuers (e.g. Singapore, Malaysia, Thailand, Indonesia, South Korea, Taiwan, the Philippines, India, Hong Eval® listing (based on P shares) Kong and China) and denominated mainly in US dollars (minimum 2/3). Other countries in the same geographical area may be taken into consideration as long as their bond and money markets have reached Risk Low High Minimum horizon maturity. Euro 0 1 2 3 4 5 6 5 years It is stipulated that any liquid assets held on an ancillary basis will not Fund currency 0 1 2 3 4 5 6 5 years be taken into account when calculating the above-mentioned limit of two thirds. The sub-fund may also invest, on an ancillary basis, in other Fund type transferable securities (including warrants on transferable securities up Investments in fixed income instruments to 10% of the sub-fund’s net assets), money market instruments, Rule 144 A securities, units of UCITS and other UCIs and deposits as Reference currency described in Chapter III “Investment restrictions”, section A “Eligible investments” of Part III of the full prospectus. However, investments in American dollar (USD) UCITS and UCIs may not exceed a total of 10% of the net assets. Where the sub-fund invests in warrants on transferable securities, Manager of the sub-fund please note that the net asset value may fluctuate more than if the sub- fund were invested in the underlying assets because of the higher ING Investment Management Asia Pacific (Hong Kong) Ltd volatility of the value of the warrant. With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: - options and futures on transferable securities or money market instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. This sub-fund is intended for well-informed investors seeking to invest part of their portfolio in growing Asian markets offering attractive long- term investment opportunities. However, these markets involve an above-average degree of risk. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as high. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in emerging market bonds are higher than investments in corporate issues located in developed market. The sub-fund’s liquidity risk is set to medium. Moreover, the currency exposure may impact the sub-fund’s performance. No guarantee is provided as to the recovery of the initial investment. The 12 ING INVESTMENT MANAGEMENT
  • 13. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Asian Debt Class P - Capitalisation (USD) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class USD Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 two bank business days prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.00% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (USD) % 1998 -11.96 15 1999 12.96 10 2000 9.19 5 2001 10.07 0 2002 14.96 -5 2003 10.91 -10 2004 11.97 -15 2005 2.67 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 7.07 2007 9.13 2008 1.37 Class P - Distribution (USD) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5 shares Currency of the share class USD Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within 2 months following the ordinary general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 two bank business days prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests ING INVESTMENT MANAGEMENT 13
  • 14. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Asian Debt Management fee Maximum 1.00% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (USD) % 1998 -12.99 10 1999 6.73 2000 3.42 5 2001 3.84 0 2002 8.16 -5 2003 5.08 -10 2004 7.48 -15 2005 -0.18 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 4.13 2007 3.60 2008 -3.82 Class X - Capitalisation (USD) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 two bank business days prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.50% per year Subscription tax 0.05% per year 14 ING INVESTMENT MANAGEMENT
  • 15. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Asian Debt Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (USD) % 1998 -12.40 15 1999 12.40 10 2000 8.64 5 2001 9.52 0 2002 14.39 -5 2003 10.34 -10 2004 11.42 -15 2005 2.18 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 6.60 2007 8.64 2008 0.88 Class I (reserved for institutional investors) - Capitalisation (USD) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Initial subscription period When first subscriptions received. Initial subscription price USD 5000 Minimum subscription amount Equivalent in USD of EUR 250,000; no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 two bank business days prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee 0.72% per year Subscription tax 0.01% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 15
  • 16. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Corporate USD Introduction Typical investor profile: This sub-fund was launched on 4 May 1998. Eval® listing (based on P shares) Investment objective and policy Risk Low High Minimum horizon This sub-fund aims to generate returns via the active asset management of a portfolio of debt securities and money market Euro 0 1 2 3 4 5 6 More than 5 years instruments issued mainly by financial institutions and companies and Fund currency 0 1 2 3 4 5 6 5 years denominated primarily (minimum 2/3) in US dollars. It is stipulated that any liquid assets held on an ancillary basis will not be taken into account when calculating the above-mentioned limit of two Fund type thirds. Investments in fixed income instruments The sub-fund may also invest, on an ancillary basis, in other transferable securities (including warrants on transferable securities up Reference currency to 10% of the sub-fund’s net assets), money market instruments, Rule American dollar (USD) 144 A securities, units of UCITS and other UCIs and deposits as described in Chapter III “Investment restrictions”, section A “Eligible investments” of Part III of the full prospectus. However, investments in Manager of the sub-fund UCITS and UCIs may not exceed a total of 10% of the net assets. ING Asset Management B.V. until September 14, 2009 Where the sub-fund invests in warrants on transferable securities, please note that the net asset value may fluctuate more than if the sub- ING Investment Management Co. as of September 15, 2009 fund were invested in the underlying assets because of the higher volatility of the value of the warrant. With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: - options and futures on transferable securities or money market instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. Potential investors should note that the type of investments carried out in this sub-fund involve a relatively higher level of risk than investments in similar sub-funds investing in government bonds. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as medium. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in corporate issues is higher than investments in government issues from Euro zone. No guarantee is provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus Part III, Chapter II: Risk linked to the investment universe: details. The Company has classified this sub-fund as a non-sophisticated sub- fund. 16 ING INVESTMENT MANAGEMENT
  • 17. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Corporate USD Class P - Capitalisation (USD) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class USD Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (USD) % 2000 -0.21 15 2001 12.01 2002 4.03 10 2003 11.58 5 2004 6.62 0 2005 0.30 2006 0.40 -5 2007 5.80 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008 3.06 % Class P - Distribution (USD) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5 shares Currency of the share class USD Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within 2 months following the ordinary general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests ING INVESTMENT MANAGEMENT 17
  • 18. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Corporate USD Management fee Maximum 0.75% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (USD) % 2000 -4.60 10 2001 5.96 2002 -1.35 5 2003 5.82 2004 2.00 0 2005 -3.64 2006 -2.28 -5 2007 0.40 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008 -2.13 % Class X - Capitalisation (USD) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.00% per year Subscription tax 0.01% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (USD) % 2000 -0.46 15 2001 11.74 2002 3.62 10 2003 11.17 5 2004 6.35 0 2005 0.07 2006 0.19 -5 2007 5.56 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008 2.85 % 18 ING INVESTMENT MANAGEMENT
  • 19. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Corporate USD Class I (reserved for institutional investors) - Capitalisation (USD) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Initial subscription period When first subscriptions received. Initial subscription price USD 5000 Minimum subscription amount Equivalent in USD of EUR 250,000; no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee 0.36% par year Subscription tax 0.01% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 19
  • 20. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Dollar Introduction Typical investor profile The sub-fund was launched on 25 January 1989. Eval® listing (based on P shares) Investment objective and policy Risk Low High Minimum horizon This sub-fund aims to generate returns via the active management of a portfolio of bonds and money market instruments by investing primarily Euro 0 1 2 3 4 5 6 5 years (minimum 2/3) in bonds and money market instruments denominated in Fund currency 0 1 2 3 4 5 6 2 years US dollars. It is stipulated that any liquid assets held on an ancillary basis will not be taken into account when calculating the above-mentioned limit of two Fund type thirds. Investments in fixed income instruments The sub-fund may also invest, on an ancillary basis, in other transferable securities (including warrants on transferable securities up Reference currency to 10% of the sub-fund’s net assets), money market instruments, Rule American dollar (USD) 144 A securities, units of UCITS and other UCIs and deposits as described in Chapter III “Investment restrictions”, section A “Eligible investments” of Part III of the full prospectus. However, investments in Manager of the sub-fund UCITS and UCIs may not exceed a total of 10% of the net assets. ING Investment Management Belgium Where the sub-fund invests in warrants on transferable securities, please note that the net asset value may fluctuate more than if the sub- fund were invested in the underlying assets because of the higher volatility of the value of the warrant. With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: - options and futures on transferable securities or money market instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as medium. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in corporate issues is higher than investments in government issues from Euro zone. No guarantee is provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus Part III, Chapter II: Risk linked to the investment universe: details. The Company has classified this sub-fund as a non-sophisticated sub- fund. 20 ING INVESTMENT MANAGEMENT
  • 21. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Dollar Class P - Capitalisation (USD) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class USD Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (USD) % 1998 9.64 15 1999 6.31 2000 0.93 10 2001 13.03 2002 3.35 5 2003 7.08 2004 3.81 0 2005 0.22 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 1.13 % 2007 5.21 2008 9.77 Class P - Distribution (USD) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5 shares Currency of the share class USD Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the annual general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests ING INVESTMENT MANAGEMENT 21
  • 22. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Dollar Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (USD) % 1998 2.21 10 1999 0.40 2000 -3.94 5 2001 7.12 2002 -1.77 0 2003 1.79 2004 -0.37 -5 2005 -3.25 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 -1.67 % 2007 1.07 2008 5.92 Class X - Capitalisation (USD) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.05% per year 22 ING INVESTMENT MANAGEMENT
  • 23. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Dollar Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (USD) % 1998 9.57 15 1999 6.21 2000 0.83 10 2001 12.92 2002 3.20 5 2003 6.93 2004 3.71 0 2005 0.13 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 1.09 % 2007 5.16 2008 9.77 Class I (reserved for institutional investors) - Capitalisation (USD) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class I - Capitalisation (USD) will be the net asset value per share of Class P - Capitalisation (USD) applicable to the first subscription, multiplied by 20 Minimum subscription amount Equivalent in USD of EUR 250,000 (which may be spread over all SICAV's sub-funds at the investor's request); no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.01% per year Historical performance Historical performance not available Class S - Capitalisation (USD) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class S - Capitalisation (USD) will be the net asset value per share of Class P - Capitalisation (USD) applicable to the first subscription, multiplied by 20 Minimum subscription amount Equivalent in USD of EUR 1,000,000; no minimum required for additional subscriptions ING INVESTMENT MANAGEMENT 23
  • 24. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Dollar Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.05% per year Historical performance Historical performance not available 24 ING INVESTMENT MANAGEMENT
  • 25. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Hard Currency) Introduction These factors may also result in the positions held by the sub-fund becoming less liquid, or even illiquid. The sub-fund was launched following a contribution of assets of the ING International (II) Emerging Markets Debt (Hard Currency) sub-fund Only investors capable of assessing the risks should consider investing (launched on 12 February 1993) with effect on 28 March 2003. in this sub-fund. Investment objective and policy Risk profile of the sub-fund The aim of this sub-fund is to make diversified investments, mainly The market risk associated to the bonds used to reach investment (minimum 2/3 of the portfolio) in transferable securities and fixed income objectives is considered as high. Those instruments are impacted by money market instruments issued by public or private issuers in low or various factors, of which, without being exhaustive, the development of middle-income developing countries. These countries are often referred the financial market, as well as the economic development of issuers to as the "emerging markets". The majority of investments are to be who are themselves affected by the general world economic situation, carried out in South and Central America (including the Caribbean), as well as economic and political conditions prevailing in each country. Central Europe, Eastern Europe, Asia, Africa and the Middle East. More Expected credit risk underlying investments in emerging market bonds specifically, investments will be made in countries where the manager is is higher than investments in corporate issues located in developed able to assess the specific political and economic risks and in countries market. The sub-fund’s liquidity risk is set to medium. Moreover, the that have undertaken certain economic reforms and which have reached currency exposure may impact highly the sub-fund’s performance. certain growth objectives. It is stipulated that any liquid assets held on Investments in specific theme area are more concentrated than an ancillary basis will not be taken into account when calculating the investments in various themes. No guarantee is provided as to the above-mentioned limit of two thirds. recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus Part III, Chapter Transferable securities, issued by the public and/or private sector, II: Risk linked to the investment universe: details. primarily include fixed rate bonds, floating rate bonds, bonds with warrants and convertible bonds, bonds resulting from the restructuring The Company has classified this sub-fund as a sophisticated sub-fund. of syndicated loans or bank loans (e.g. "Brady" bonds) and subordinated bonds. The term “money market instruments” mainly, but Typical investor profile not exclusively, includes investments in deposits, commercial papers, short-term bonds, treasury certificates and securitised bonds. This list is Eval® listing (based on P shares) not exhaustive. The sub-fund will not invest in Russian shares, bonds or money market Risk Low High Minimum horizon instruments whose settlement/delivery can only be carried out via a Russian system. However, the sub-fund may invest in Russian bonds Euro 0 1 2 3 4 5 6 5 years and money market instruments whose settlement/delivery can be Fund currency 0 1 2 3 4 5 6 5 years carried out via Clearstream or Euroclear. Investments shall only be made in the currencies of OECD member Fund type countries. However, the manager shall, in principle, hedge the currency risk inherent in these investments in relation to the sub-fund's reference Investments in fixed income instruments currency (the euro). This may be carried out by hedging the currency risk in relation to the euro of assets denominated in currencies other Reference currency than the euro, through the use of the techniques and financial instruments described in Part III, Chapter IV of the full prospectus. Euro (EUR) "Hard Currency" refers to the sub-fund's investment currencies. The Manager of the sub-fund assets in which the sub-fund invests are denominated in the currencies of economically developed and politically stable countries which are ING Asset Management B.V. members of the OECD. The sub-fund may also invest, on an ancillary basis, in other transferable securities (including warrants on transferable securities up to a maximum of 10% of the sub-fund’s net assets), money market instruments, Rule 144A transferable securities, units of UCITS and other UCIs and deposits as described in Chapter III “Investment Restrictions”, A) “Eligible investments” of Part III of the full prospectus. However, investments in UCITS and UCIs may not exceed a total of 10% of the net assets. Where the sub-fund invests in warrants on transferable securities, note that the net asset value may fluctuate more than if the sub-fund were invested in the underlying assets because of the higher volatility of the value of the warrant. As these investments are subject to specific factors, they cannot be compared to investments made in the major industrialised countries. In the past, some developing countries have suspended or halted the payment of their external debt, including both the interest and the capital, with respect to issuers from the public and private sectors. ING INVESTMENT MANAGEMENT 25
  • 26. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Hard Currency) Class P - Capitalisation (EUR) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 50 shares Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elswhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.20% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (EUR) % 1998 13.05 40 1999 -25.07 30 2000 38.01 20 2001 3.03 10 18.88 0 2002 -10 2003 12.10 -20 2004 26.81 -30 2005 7.02 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 17.28 % 2007 7.82 2008 -2.04 Class P - Distribution (EUR) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 50 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the annual general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests 26 ING INVESTMENT MANAGEMENT
  • 27. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Hard Currency) Management fee Maximum 1.20% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (EUR) % 1998 4.53 20 1999 -31.60 10 2000 22.90 0 2001 -4.17 -10 2002 13.14 -20 2003 4.82 -30 2004 18.81 -40 2005 1.49 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 12.72 % 2007 2.16 2008 -7.01 Class X - Capitalisation (EUR) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.50% per year Subscription tax 0.05% per year ING INVESTMENT MANAGEMENT 27
  • 28. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Hard Currency) Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (EUR) % 1998 12.71 40 1999 -25.30 30 2000 37.61 20 2001 2.72 10 19.33 0 2002 -10 2003 11.01 -20 2004 26.44 -30 2005 6.69 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 16.96 % 2007 7.52 2008 -2.30 Class I (reserved for institutional investors) - Capitalisation (EUR) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Minimum subscription amount EUR 250,000 (which may be spread over all SICAV's sub-funds at the investor's request); no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.01% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class I - Capitalisation (EUR) % 2006 18.08 20 2007 8.53 2008 -1.37 15 10 5 0 -5 2006 2007 2008 % 28 ING INVESTMENT MANAGEMENT
  • 29. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Hard Currency) Class I (reserved for institutional investors) - Distribution (EUR) Share class Class I (reserved for institutional investors) Type of shares Distribution Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the annual general meeting Minimum subscription amount EUR 250,000 (which may be spread over all SICAV's sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.01% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class I - Distribution (EUR) % 2008 -2.62 3 2 1 0 -1 -2 -3 2008 % Class S - Capitalisation (EUR) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class S - Capitalisation (EUR) will be the net asset value per share of Class I - Capitalisation (EUR) applicable to the first subscription Minimum subscription amount EUR 1,000,000 ; no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests ING INVESTMENT MANAGEMENT 29
  • 30. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Hard Currency) Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.05% per year Historical performance Historical performance not available 30 ING INVESTMENT MANAGEMENT
  • 31. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Currency) Introduction - Derivative financial instruments linked to market fluctuations such as call and put options, swaps and securities futures contracts, indices, This sub-fund was launched following a contribution of the assets of the baskets of securities or any other financial instruments, and Total ING International Emerging Markets Debt (Local Currency) sub-fund Return Swaps that are derivative financial instruments linked to a (launched on 6 October 2000) of the ING International SICAV, with swap agreement in which one party makes payments based on a effect from 26 November 2001. set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which Investment objective and policy includes both the income it generates and any capital gains. The aim of this sub-fund is to make diversified investments in fixed - Derivative financial instruments linked to exchange rate or currency income transferable securities, money market instruments, derivatives fluctuations of all types, such as currency futures contracts or and deposits , mainly denominated in or having exposure (minimum 2/3) currency call and put options, currency swaps, currency futures to the currencies of low or middle-income developing countries transactions and false risk cover through which the sub-fund carries ("emerging markets") in Latin America, Asia, Central Europe, Eastern out a cover transaction in its reference currency (index or reference Europe and Africa. currency) against exposure in a single currency by selling or buying another currency closely linked to its reference currency. The sub-fund may be exposed to various exchange rate risks linked to investments in securities denominated in currencies other than that of - Derivative financial instruments linked to interest rate risks, such as the sub-fund or in derivative instruments with underlying exchange rates call and put options on interest rates, interest rate swaps, future rate or currencies. agreements, interest rate futures transactions, swaptions whereby a counterparty receives a fee in exchange for processing a future Furthermore, a maximum of 1/3 of the net assets of the sub-fund may be invested in fixed income transferable securities, money market swap at a rate previously agreed should a certain contingent event arise, for example where future rates are set according to a instruments, derivatives and deposits denominated in or having an reference index, caps and floors and for which the seller, in exposure to hard currencies (e.g. Euro, US dollar). exchange for a premium paid in advance agrees to compensate the It is stipulated that any liquid assets held on an ancillary basis will not buyer if interest rates go above or below a strike price at certain pre- be taken into account when calculating the above-mentioned limit of two defined dates during the lifetime of the agreement. thirds. Investments in emerging markets are subject to specific factors, they The sub-fund may invest directly, up to 25% of its net assets, in cannot be compared to investments made in the major industrialised securities traded on the Russian markets – the “Russian Trading countries. In the past, some developing countries have suspended or System Stock Exchange” (RTS Stock Exchange) and the “Moscow halted the payment of their external debt, including both the interest and Interbank Currency Exchange” (MICEX) as well as indirectly in Russian the capital, with respect to issuers from the public and private sectors. securities and Eurobonds traded on Regulated Markets as defined in These factors may also result in the positions held by the sub-fund the Part III, Chapter III of the full prospectus. becoming less liquid, or even illiquid. The term "fixed income transferable securities" mainly, but not Only investors capable of assessing the risks should consider investing exclusively, includes fixed interest bonds, variable interest bonds, bonds with warrants, convertible bonds and subordinated bonds. The term in this sub-fund. “money market instruments” mainly, but not exclusively, includes commercial papers, short-term bonds, treasury certificates and Securities lending and repurchase agreements securitised bonds. Furthermore, the fund may invest in structured (opérations à réméré) products, i.e. transferable securities as defined in Article 41 (1) of the The sub-fund may also engage in securities lending and repurchase Law of 20 December 2002, in order to access certain specific markets agreements. and to overcome problems linked to taxation and custody which arise when investing in the markets of developing countries. Risk profile of the sub-fund The fund may hold cash and similar assets on an ancillary basis. The market risk associated to the bonds used to reach investment The sub-fund may also invest, on an ancillary basis, in other objectives is considered as high. Those instruments are impacted by transferable securities (including warrants on transferable securities up various factors, of which, without being exhaustive, the development of to a maximum of 10% of the sub-fund’s net assets), , asset back the financial market, as well as the economic development of issuers securities up to a maximum of 20% of the sub-fund’s nets assets, Rule who are themselves affected by the general world economic situation, 144A transferable securities, units of UCITS and other UCIs and as well as economic and political conditions prevailing in each country. deposits as described in Chapter III “Investment Restrictions”, A) Expected credit risk underlying investments in emerging market bonds “Eligible investments” of Part III of the full prospectus. However, is higher than investments in corporate issues located in developed investments in UCITS and UCIs may not exceed a total of 10% of the market. The sub-fund’s liquidity risk is set to medium. Moreover, the net assets. Where the sub-fund invests in warrants on transferable currency exposure may impact highly the sub-fund’s performance. securities, note that the net asset value may fluctuate more than if the Investments in specific theme area are more concentrated than sub-fund were invested in the underlying assets because of the higher investments in various themes. No guarantee is provided as to the volatility of the value of the warrant. recovery of the initial investment. The risk associated with the financial The sub-fund may have recourse to financial derivative instruments for derivative instruments is detailed in the full prospectus Part III, Chapter hedging purposes, for efficient portfolio management and/or as part of II: Risk linked to the investment universe: details. the investment strategy of the sub-fund. The sub-fund may therefore The Company has classified this sub-fund as a sophisticated sub-fund. invest in all derivative financial instruments authorised by Luxembourg law, including (not exclusively): ING INVESTMENT MANAGEMENT 31
  • 32. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Typical investor profile Eval® listing (based on P shares) Risk Low High Minimum horizon Euro 0 1 2 3 4 5 6 4 years Fund currency 0 1 2 3 4 5 6 3 years Fund type Investments in fixed income instruments Reference currency American dollar (USD) Manager of the sub-fund ING Asset Management B.V. 32 ING INVESTMENT MANAGEMENT
  • 33. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Currency) Class P - Capitalisation (USD) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 10, 100 shares Currency of the share class USD Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.00% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (USD) % 2002 12.24 20 2003 12.06 2004 17.38 15 2005 11.50 10 2006 6.75 5 2007 9.55 2008 16.70 0 2002 2003 2004 2005 2006 2007 2008 % Class P - Distribution (USD) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 10, 100 shares Currency of the share class USD Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the annual general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests ING INVESTMENT MANAGEMENT 33
  • 34. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Currency) Management fee Maximum 1.00% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (USD) % 2005 11.51 15 2006 6.57 2007 4.70 10 2008 10.36 5 0 2005 2006 2007 2008 % Class X - Capitalisation (USD) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.50% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (USD) % 2002 11.83 20 2003 11.49 2004 16.81 15 2005 10.95 10 2006 6.21 5 2007 9.02 2008 16.17 0 2002 2003 2004 2005 2006 2007 2008 % 34 ING INVESTMENT MANAGEMENT
  • 35. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Currency) Class I (reserved for institutional investors) - Capitalisation (USD) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Minimum subscription amount Equivalent in USD of EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.01% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class I - Capitalisation (USD) % 2006 7.20 20 2007 10.01 2008 17.25 15 10 5 0 2006 2007 2008 % Class I (reserved for institutional investors) - Distribution (USD) Share class Class I (reserved for institutional investors) Type of shares Distribution Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the annual general meeting Initial subscription price The initial price of Class I - Distribution (USD) will be the net asset value per share of Class I - Capitalisation (USD) applicable to the first subscription Minimum subscription amount Equivalent in USD of EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests ING INVESTMENT MANAGEMENT 35
  • 36. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Currency) Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.01% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class I - Distribution (USD) % 2008 15.56 20 15 10 5 0 2008 % Class P hedged - Capitalisation (EUR) Share class Class P hedged Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period Upon decision of the Board of Directors Initial subscription price EUR 250 Subscriptions can only be in amount of money Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.00% per year Subscription tax 0.05% per year Additional information The costs and expenses incurred in connection with any currency transactions entered into the hedge currency exchange risks associated with hedged share class, will be borne exclusively by the hedged share class. Historical performance Historical performance not available 36 ING INVESTMENT MANAGEMENT
  • 37. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Currency) Class I hedged - Capitalisation (EUR) Share class Class I hedged Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period Upon decision of the Board of Directors Initial subscription price EUR 5000 Subscriptions can only be in amount of money Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.01% per year Additional information The costs and expenses incurred in connection with any currency transactions entered into the hedge currency exchange risks associated with hedged share class, will be borne exclusively by the hedged share class Historical performance Historical performance not available Class S - Capitalisation (USD) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class S - Capitalisation (USD) will be the net asset value per share of Class I - Capitalisation (USD) applicable to the first subscription Minimum subscription amount Equivalent in USD of EUR 1,000,000; no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.05% per year ING INVESTMENT MANAGEMENT 37
  • 38. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Currency) Historical performance Historical performance not available 38 ING INVESTMENT MANAGEMENT
  • 39. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Bond) Introduction set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which The sub-fund will be launched upon decision of the board of directors. includes both the income it generates and any capital gains. Investment objective and policy - Derivative financial instruments linked to exchange rate or currency fluctuations of all types, such as currency futures contracts or The aim of this sub-fund is to invest in a diversified portfolio (minimum currency call and put options, currency swaps, currency futures 2/3) of fixed income securities, money market instruments, derivatives transactions and false risk cover through which the sub-fund carries and deposits, with strategic emphasis on emerging market interest rate out a cover transaction in its reference currency (index or reference duration exposure and/or emerging market currency risk exposure. currency) against exposure in a single currency by selling or buying Fixed income securities and money market instruments will be mainly another currency closely linked to its reference currency. issued by and/or denominated or having exposure in the currencies of - Derivative financial instruments linked to interest rate risks, such as developing countries (“emerging markets”) in Latin America, Asia, Central Europe, Eastern Europe and Africa. call and put options on interest rates, interest rate swaps, future rate agreements, interest rate futures transactions, swaptions whereby a The sub-fund may be exposed to various exchange rate risks linked to counterparty receives a fee in exchange for processing a future investments in securities denominated in currencies other than that of swap at a rate previously agreed should a certain contingent event the sub-fund or in derivative instruments with underlying exchange rates arise, for example where future rates are set according to a or currencies. reference index, caps and floors and for which the seller, in It is stipulated that any liquid assets held on an ancillary basis will not exchange for a premium paid in advance agrees to compensate the buyer if interest rates go above or below a strike price at certain pre- be taken into account when calculating the above-mentioned limit of two thirds. defined dates during the lifetime of the agreement. Furthermore, a maximum of 1/3 of the net assets of the sub-fund may Securities lending and repurchase agreements be invested in fixed income transferable securities, derivatives and (opérations à réméré) money market instruments issued by other countries, including OECD member states. These investments will be denominated and have The sub-fund may also engage in securities lending and repurchase exposure to hard currencies (e.g. Euro, US dollar). agreements. The sub-fund may invest directly, up to 25% of its net assets, in securities traded on the Russian markets – the “Russian Trading Risk profile of the sub-fund System Stock Exchange” (RTS Stock Exchange) and the “Moscow The market risk associated with the bonds used to reach investment Interbank Currency Exchange” (MICEX) as well as indirectly in Russian objectives is considered high. These instruments are impacted by securities and Eurobonds traded on Regulated Markets as defined in various factors, including, but not limited to, the development of the the Part III, Chapter III of the full prospectus. financial market, the economic development of issuers who are Furthermore, the fund may invest in structured products, i.e. transferable themselves affected by the general world economic situation and the securities as defined in Article 41 (1) of the Law of 20 December 2002, economic and political conditions prevailing in each country. The in order to access certain specific markets and to overcome problems expected credit risk of underlying investments in emerging markets linked to taxation and custody which arise when investing in the markets bonds is higher than that of investments in corporate issues located in of developing countries. developed markets. The sub-fund’s liquidity risk is set to medium. Moreover, currency exposure may impact highly the sub-fund’s The sub-fund may also invest, on an ancillary basis, in other performance. Investments in specific theme are more concentrated than transferable securities (including warrants on transferable securities up investments in various themes. No guarantee is provided as to the to a maximum of 10% of the sub-fund’s net assets) and asset-back recovery of the initial investment. The risk associated with financial securities up to a maximum of 20% of the sub-fund’s net assets, Rule derivative instruments is detailed in the complete prospectus Part III, 144A transferable securities, units of UCITS and other UCIs and Chapter II: “Risks linked to the investment universe”. deposits as described in Chapter III “Investment Restrictions” of Part III of the full prospectus. However, investments in UCITS and UCIs may The Company has classified this sub-fund as a sophisticated sub-fund. not exceed a total of 10% of the net assets. Where the sub-fund invests in warrants on transferable securities, note that the net asset value may Typical investor profile fluctuate more than if the sub-fund were invested in the underlying assets because of the higher volatility of the value of the warrant. Eval® listing (based on P shares) The sub-fund may have recourse to financial derivative instruments for hedging purposes, for efficient portfolio management and/or as part of Risk Low High Minimum horizon the investment strategy of the sub-fund. The sub-fund may therefore Euro 0 1 2 3 4 5 6 2 years invest in all derivative financial instruments authorised by Luxembourg law, including (not exclusively): Fund currency 0 1 2 3 4 5 6 3 years - Derivative financial instruments linked to market fluctuations such as call and put options, swaps and securities futures contracts, indices, Fund type baskets of securities or any other financial instruments, and Total Return Swaps that are derivative financial instruments linked to a Investments in fixed income instruments swap agreement in which one party makes payments based on a Reference currency American dollar (USD) ING INVESTMENT MANAGEMENT 39
  • 40. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Manager of the sub-fund ING Asset Management B.V. 40 ING INVESTMENT MANAGEMENT
  • 41. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Bond) Class P - Capitalisation (USD) Share class Class P Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Initial subscription period Upon decision of the board of directors Initial subscription price USD 250 Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.00% per year Subscription tax 0.05% per year Historical performance Historical performance not available Class P - Distribution (USD) Share class Class P Type of shares Distribution Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the ordinary general meeting Initial subscription period Upon decision of the board of directors Initial subscription price USD 1000 Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.00% per year Subscription tax 0.05% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 41
  • 42. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Bond) Class X - Capitalisation (USD) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Initial subscription period Upon decision of the board of directors Initial subscription price USD 250 Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.50% per year Subscription tax 0.05% per year Historical performance Historical performance not available Class I (reserved for institutional investors) - Capitalisation (USD) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Initial subscription period Upon decision of the board of directors Initial subscription price USD 5000 Minimum subscription amount Equivalent in USD of EUR 250,000; no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.01% per year Historical performance Historical performance not available 42 ING INVESTMENT MANAGEMENT
  • 43. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Bond) Class P hedged - Capitalisation (EUR) Share class Class P hedged Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period Open for subscription as from March 23, 2009 Initial subscription price EUR 250 Subscriptions can only be in amount of money Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.00% per year Subscription tax 0.05% per year Additional information The costs and expenses incurred in connection with any currency transactions entered into the hedge currency exchange risks associated with hedged share class, will be borne exclusively by the hedged share class. Historical performance Historical performance not available Class I hedged - Capitalisation (EUR) Share class Class I hedged Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period Open for subscription as from March 23, 2009 Initial subscription price EUR 5000 Subscriptions can only be in amount of money. Minimum subscription amount EUR 250,000; no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year ING INVESTMENT MANAGEMENT 43
  • 44. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Emerging Markets Debt (Local Bond) Subscription tax 0.01% per year Additional information The costs and expenses incurred in connection with any currency transactions entered into the hedge currency exchange risks associated with hedged share class, will be borne exclusively by the hedged share class Historical performance Historical performance not available Class S - Capitalisation (USD) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class USD Valuation day Each bank business day in Luxembourg Initial subscription period Upon decision of the board of directors Initial subscription price USD 5000 Minimum subscription amount Equivalent in USD of EUR 1,000,000; no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% per year tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.05% per year Historical performance Historical performance not available 44 ING INVESTMENT MANAGEMENT
  • 45. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Introduction Typical investor profile Initially launched on 10 March 1997, the sub-fund merged with the "EMU Bond" and "EMU Money" sub-funds of the ING International Eval® listing (based on P shares) SICAV (launched on 4 January 1999 and 2 October 2000 respectively) on 19 November 2001. Risk Low High Minimum horizon Euro 0 1 2 3 4 5 6 4 years Investment objective and policy Fund currency 0 1 2 3 4 5 6 4 years This sub-fund aims to generate returns via the active management of a portfolio of bonds and money market instruments by investing primarily (minimum 2/3) in bonds and money market instruments denominated in Fund type euro. Investments in fixed income instruments It is stipulated that any liquid assets held on an ancillary basis will not be taken into account when calculating the above-mentioned limit of two Reference currency thirds. Euro (EUR) The sub-fund may also invest, on an ancillary basis, in other transferable securities (including warrants on transferable securities up to 10% of the sub-fund’s net assets), money market instruments, Rule Manager of the sub-fund 144 A securities, units of UCITS and other UCIs and deposits as ING Investment Management Belgium described in Chapter III “Investment restrictions”, section A “Eligible investments” of Part III of the full prospectus. However, investments in UCITS and UCIs may not exceed a total of 10% of the net assets. Where the sub-fund invests in warrants on transferable securities, note that the net asset value may fluctuate more than if the sub-fund were invested in the underlying assets because of the higher volatility of the value of the warrant. With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: - options and futures on transferable securities or money market instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as medium. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in corporate issues is higher than investments in government issues from Euro zone. No guarantee is provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus Part III, Chapter II: Risk linked to the investment universe: details. The Company has classified this sub-fund as a non-sophisticated sub- fund. ING INVESTMENT MANAGEMENT 45
  • 46. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Class P - Capitalisation (EUR) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (EUR) % 1998 4.48 10 1999 9.22 2000 -1.95 5 2001 6.71 2002 2.63 0 2003 9.35 2004 4.77 -5 2005 4.34 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 1.21 % 2007 0.99 2008 0.45 Class P - Distribution (EUR) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the annual general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests 46 ING INVESTMENT MANAGEMENT
  • 47. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (EUR) % 1998 4.48 10 1999 3.65 2000 -6.20 5 2001 1.60 0 2002 -2.29 -5 2003 4.18 2004 1.05 -10 2005 1.23 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 -1.06 % 2007 -2.20 2008 -2.81 Class X - Capitalisation (EUR) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.05% per year ING INVESTMENT MANAGEMENT 47
  • 48. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (EUR) % 1998 4.39 10 1999 9.11 2000 -2.04 5 2001 6.61 2002 2.48 0 2003 9.20 2004 4.66 -5 2005 4.24 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 1.15 % 2007 0.93 2008 0.38 Class I (reserved for institutional investors) - Capitalisation (EUR) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.01% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class I - Capitalisation (EUR) % 2006 1.71 2 2007 1.48 2008 0.93 1 0 2006 2007 2008 % 48 ING INVESTMENT MANAGEMENT
  • 49. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Class S - Capitalisation (EUR) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class S - Capitalisation (EUR) will be the net asset value per share of Class I - Capitalisation (EUR) applicable to the first subscription Minimum subscription amount EUR 1,000,000 ; no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.05% per year Historical performance Historical performance not available Class V - Capitalisation (EUR) Share class Class V Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period When first subscription received Initial subscription price EUR 100 Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.01% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 49
  • 50. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Inflation Linked Introduction provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus This sub-fund was launched on 21 February 2005. Part III, Chapter II: Risk linked to the investment universe: details. Investment objective and policy The Company has classified this sub-fund as a non-sophisticated sub- fund. This sub-fund aims to generate returns via the active management of a portfolio of inflation-linked bonds and money market instruments Typical investor profile denominated in euro by investing primarily (minimum 2/3 of the net assets) in government bonds and money market instruments as well as Eval® listing (based on P shares) bonds and money market instruments issued by the local public authorities of OECD countries, or by international public bodies to which one or more EU Member States belong, or by companies and financial Risk Low High Minimum horizon institutions established in one or more OECD Member States. Euro 0 1 2 3 4 5 6 4 years These are generally bonds and money market instruments which pay a Fund currency 0 1 2 3 4 5 6 4 years rate of interest, but whose nominal value adjusts according to the rate of inflation encountered. These instruments therefore offer protection against movements linked to inflation. Fund type Bonds and money market instruments issued by governments, local Investments in fixed income instruments public authorities of countries in the OECD or international public bodies to which one or more EU Member States belong may represent over Reference currency 35% of the sub-fund's net assets. Euro (EUR) The sub-fund may also invest, on an ancillary basis, in other transferable securities (including warrants on transferable securities up to 10% of the sub-fund’s net assets), money market instruments, Rule Manager of the sub-fund 144 A securities, units of UCITS and other UCIs and deposits as ING Investment Management Belgium described in Chapter 3 “Investment restrictions”, section A “Eligible investments” of Part III of the full prospectus. However, investments in UCITS and UCIs may not exceed a total of 10% of the net assets. Where the sub-fund invests in warrants on transferable securities, note that the net asset value may fluctuate more than if the sub-fund were invested in the underlying assets because of the higher volatility of the value of the warrant. With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: - options and futures on transferable securities or money market instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as medium. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in corporate issues is higher than investments in government issues from Euro zone. No guarantee is 50 ING INVESTMENT MANAGEMENT
  • 51. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Inflation Linked Class P - Capitalisation (EUR) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) – – Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (EUR) % 2006 1.10 5 2007 -0.29 4 2008 4.79 3 2 1 0 -1 2006 2007 2008 % Class P - Distribution (EUR) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) – – Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the ordinary general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year ING INVESTMENT MANAGEMENT 51
  • 52. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Inflation Linked Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (EUR) % 2006 1.10 4 2007 -1.40 3 2008 3.40 2 1 0 -1 -2 2006 2007 2008 % Class X - Capitalisation (EUR) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) – Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (EUR) % 2007 -0.32 5 2008 4.76 4 3 2 1 0 -1 2007 2008 % Class I (reserved for institutional investors) - Capitalisation (EUR) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) 52 ING INVESTMENT MANAGEMENT
  • 53. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Inflation Linked Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.01% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class I - Capitalisation (EUR) % 2006 1.69 6 2007 0.23 5 2008 5.35 4 3 2 1 0 2006 2007 2008 % Class S - Capitalisation (EUR) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class S - Capitalisation (EUR) will be the net asset value per share of Class I - Capitalisation (EUR) applicable to the first subscription Minimum subscription amount EUR 1,000,000 ; no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.05% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 53
  • 54. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Liquidity Introduction The Company has classified this sub-fund as a non-sophisticated sub- fund. This sub-fund is launched on 15 November 2007. Typical Investor Profile Investment objective and policy The investment objective of this sub-fund is to achieve an attractive Eval® listing (based on P shares) return in relation to the euro money market rate by investing in money market instruments and deposits with credit institutions, as set out Risk Low High Minimum horizon below. The recommended investment horizon is at least two months, with the intention of maintaining liquidity and protecting the capital Euro 0 1 2 3 4 5 6 1 year invested. In order to achieve this objective, the sub-fund may invest in: Fund currency 0 1 2 3 4 5 6 1 year - all types of money market instruments, whether or not they are classified as transferable securities, including floating rate notes, short-term bonds and money market instruments rated investment Fund type grade by S&P or Moody’s at the time of purchase, issued in euro Investments in money market instruments and/or one or more other currencies and whose initial or residual maturity does not exceed twelve months at the time of purchase, Reference currency taking into account all the underlying financial instruments, or whose interest rate, by virtue of the issuing conditions governing these Euro (EUR) securities, is subject to at least one adjustment per year depending on the market conditions; Manager of the sub-fund - deposits denominated in euro and/or in one or more other ING Investment Management Belgium currencies, in accordance with the specifications stated in Part III of the full prospectus, Chapter III “Investment restrictions”, point A, 1, g; - regulated asset backed securities (ABS) having a residual maturity of up to and including 397 days and asset backed commercial papers (ABCP) up to a maximum of 20% of the net assets; - UCITS and other Luxembourg UCIs investing in the assets listed above (i.e. money market instruments and deposits), up to a maximum of 10% of the net assets; - derivative financial instruments, in order to efficiently manage currency risk as well as interest rate risk and the fluctuation of this risk on the yield curve. This sub-fund may also hold cash on an ancillary basis. Shareholders’ attention is drawn to the risks linked to these investments and, more particularly, the risks linked to investments in bonds, money market instruments, deposits, UCITS and other UCIs, derivatives and cash. A description of the risks incurred is set out in Part III, Chapter II “Risks linked to the investment universe: detailed description” of the full prospectus. This sub-fund is intended for investors seeking an investment with a low risk profile. However, the “marked to market” valuation of the sub-fund means that the net asset value will fluctuate in line with the movements of the money market curve and any changes in issuers’ credit quality. There is therefore no capital guarantee and investors may not necessarily recover the amount initially invested. Risk profile of the sub-fund The market risk associated to the money market instruments used to reach investment objectives is considered as low. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. The sub-fund’s liquidity risk is set to medium. No guarantee is provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus Part III, Chapter II: Risk linked to the investment universe: details. 54 ING INVESTMENT MANAGEMENT
  • 55. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Liquidity Class P - Capitalisation (EUR) Share class Class P Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period 15/11/2007 – 21/11/2007 Initial subscription price EUR 250 Payment date of the initial subscription 23/11/2007 Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.40% per year Subscription tax 0.01% per year Historical performance Historical performance not available Class P - Distribution (EUR) Share class Class P Type of shares Distribution Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the ordinary general meeting Initial subscription period when first subscription received Initial subscription price The initial price of Class P - Distribution (EUR) will be the net asset value per share of Class P - Capitalisation (EUR) multiplied by 4, applicable to the first subscription Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.40% per year Subscription tax 0.01% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 55
  • 56. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Liquidity Class X - Capitalisation (EUR) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period when first subscription received Initial subscription price The initial price of Class X - Capitalisation (EUR) will be the net asset value per share of Class P - Capitalisation (EUR), applicable to the first subscription Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.60% per year Subscription tax 0.01% per year Historical performance Historical performance not available Class I (reserved for institutional investors) - Capitalisation (EUR) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period when first subscription received Initial subscription price The initial price of Class I - Capitalisation (EUR) will be the net asset value per share of Class P - Capitalisation (EUR) multiplied by 20, applicable to the first subscription Minimum subscription amount EUR 2,500,000; no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.20% per year Subscription tax 0.01% per year Historical performance Historical performance not available 56 ING INVESTMENT MANAGEMENT
  • 57. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Liquidity Class S - Capitalisation (EUR) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period 15/11/2007 – 21/11/2007 Initial subscription price EUR 5000 Payment date of the initial subscription 23/11/2007 Minimum subscription amount EUR 1,000,000 ; no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.20% per year Subscription tax 0.01% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 57
  • 58. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Long Duration Introduction Typical investor profile The sub-fund has been launched on 15 August 2007. Eval® listing (based on P shares) Investment objective and policy Risk Low High Minimum horizon This sub-fund aims to generate returns by actively managing a portfolio invested primarily (minimum 2/3) in long-duration debt securities Euro 0 1 2 3 4 5 6 2 years denominated in euro. Fund currency 0 1 2 3 4 5 6 2 years It is stipulated that any liquid assets held on an ancillary basis will not be taken into account when calculating the above-mentioned limit of two thirds. Fund type The sub-fund may also invest in other transferable securities (including Investments in fixed income instruments warrants on transferable securities up to 10% of the sub-fund’s net assets), money market instruments, Rule 144 A securities and shares/ Reference currency units of UCITS and other UCIs as described in Chapter III “Investment Euro (EUR) restrictions”, section A “Eligible investments” of Part III of the full prospectus. However, investments in UCITS and UCIs may not exceed a total of 10% of the net assets. Where the sub-fund invests in warrants Manager of the sub-fund on transferable securities, note that the net asset value may fluctuate ING Investment Management Belgium more than if the sub-fund were invested in the underlying assets because of the higher volatility of the value of the warrant. With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: - options and futures on transferable securities or money market instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as medium. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in corporate issues is higher than investments in government issues from Euro zone. No guarantee is provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus Part III, Chapter II: Risk linked to the investment universe: details. The Company has classified this sub-fund as a non-sophisticated sub- fund. 58 ING INVESTMENT MANAGEMENT
  • 59. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Long Duration Class P - Capitalisation (EUR) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period 15/08/2007 – 10/09/2007 Initial subscription price EUR 250 Payment date of the initial subscription 12/09/2007 Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Historical performance not available Class P - Distribution (EUR) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the ordinary general meeting Initial subscription period 15/08/2007 – 10/09/2007 Initial subscription price EUR 1000 Payment date of the initial subscription 12/09/2007 Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 59
  • 60. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Long Duration Class X - Capitalisation (EUR) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period 15/08/2007 – 10/09/2007 Initial subscription price EUR 250 Payment date of the initial subscription 12/09/2007 Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.05% per year Historical performance Historical performance not available Class I (reserved for institutional investors) - Capitalisation (EUR) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period 15/08/2007 – 10/09/2007 Initial subscription price EUR 5000 Payment date of the initial subscription 12/09/2007 Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.01% per year Historical performance Historical performance not available 60 ING INVESTMENT MANAGEMENT
  • 61. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euro Long Duration Class S - Capitalisation (EUR) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period 15/08/2007 – 10/09/2007 Initial subscription price EUR 5000 Payment date of the initial subscription 12/09/2007 Minimum subscription amount EUR 1,000,000 ; no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.05% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 61
  • 62. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Eurocredit Introduction provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus The sub-fund has been launched on 26 November 2001. Part III, Chapter II: Risk linked to the investment universe: details. Investment objective and policy The Company has classified this sub-fund as a non-sophisticated sub- fund. This sub-fund aims to generate returns via the active management of a portfolio of bonds and money market instruments issued mainly by Typical investor profile financial institutions and companies by investing a minimum of 2/3 in bonds and money market instruments denominated in euro. Eval® listing (based on P shares) When selecting investments, and on the basis of assessments carried out by the ING Group, the portfolio manager shall analyse, maintain and Risk Low High Minimum horizon update the credit rating of future investments and shall ensure that an implicit average percentage of the portfolio is invested in A-rated bonds. Euro 0 1 2 3 4 5 6 More than 5 years The manager will always take the quality and diversity of issuers and Fund currency 0 1 2 3 4 5 6 More than 5 years sectors, along with the maturity date, into consideration. It is stipulated that any liquid assets held on an ancillary basis will not be taken into account when calculating the above-mentioned limit of two Fund type thirds. Investments in fixed income instruments The sub-fund may also invest, on an ancillary basis, in other transferable securities (including warrants on transferable securities up Reference currency to 10% of the sub-fund’s net assets), money market instruments, Rule Euro (EUR) 144 A securities, units of UCITS and other UCIs and deposits as described in Chapter III “Investment restrictions”, section A “Eligible investments” of Part III of the full prospectus. However, investments in Manager of the sub-fund UCITS and UCIs may not exceed a total of 10% of the net assets. ING Asset Management B.V. Where the sub-fund invests in warrants on transferable securities, note that the net asset value may fluctuate more than if the sub-fund were invested in the underlying assets because of the higher volatility of the value of the warrant. With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: - options and futures on transferable securities or money market instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. Potential investors should note that the type of investments carried out in this sub-fund involve a relatively higher level of risk than investments in similar sub-funds investing in government bonds and money-market instruments. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as medium. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in corporate issues is higher than investments in government issues from Euro zone. No guarantee is 62 ING INVESTMENT MANAGEMENT
  • 63. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Eurocredit Class P - Capitalisation (EUR) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 10, 25, 100 shares Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (EUR) % 1998 17.78 20 1999 8.24 15 2000 -2.16 10 2001 6.55 5 2002 3.19 0 2003 8.55 -5 2004 6.99 -10 2005 4.70 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 0.73 % 2007 1.36 2008 -5.41 Class P - Distribution (EUR) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 10, 100 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the ordinary general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests ING INVESTMENT MANAGEMENT 63
  • 64. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Eurocredit Management fee Maximum 0.75% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (EUR) % 1998 9.36 10 1999 3.11 2000 -6.86 5 2001 1.87 0 2002 -1.13 -5 2003 3.29 2004 3.14 -10 2005 1.32 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 -1.50 % 2007 -2.81 2008 -9.15 Class X - Capitalisation (EUR) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.00% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (EUR) % 2000 -2.40 10 2001 6.47 2002 2.90 5 2003 8.15 0 2004 6.74 -5 2005 4.44 2006 0.53 -10 2007 1.14 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008 -5.59 % 64 ING INVESTMENT MANAGEMENT
  • 65. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Eurocredit Class I (reserved for institutional investors) - Capitalisation (EUR) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.01% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class I - Capitaliation (EUR) % 2000 -2.16 10 2001 6.62 2002 3.81 5 2003 8.98 2004 7.63 0 2005 5.27 2006 1.38 -5 2007 1.95 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008 -4.83 % Class I (reserved for institutional investors) - Distribution (EUR) Share class Class I (reserved for institutional investors) Type of shares Distribution Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests ING INVESTMENT MANAGEMENT 65
  • 66. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Eurocredit Management fee Maximum 0.36% per year Subscription tax 0.01% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class I - Distribution (EUR) % 2000 -2.16 10 2001 6.62 2002 0.25 5 2003 3.78 0 2004 3.15 -5 2005 1.24 2006 -1.48 -10 2007 -2.89 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008 -9.12 % Class S - Capitalisation (EUR) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class S - Capitalisation (EUR) will be the net asset value per share of Class P - Capitalisation (EUR) applicable to the initial subscription, multiplied by 20 Minimum subscription amount EUR 1,000,000 ; no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.05% per year Historical performance Historical performance not available Class V - Capitalisation (EUR) Share class Class V Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period When first subscription received Initial subscription price EUR 100 66 ING INVESTMENT MANAGEMENT
  • 67. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Eurocredit Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.01% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 67
  • 68. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euromix Bond Introduction The Company has classified this sub-fund as a non-sophisticated sub- fund. This sub-fund was launched following a contribution of the assets of the ING International Euromix Bond sub-fund (launched on 4 January 1999) Typical investor profile of the ING International SICAV, with effect from 19 November 2001. Eval® listing (based on P shares) Investment objective and policy This sub-fund aims to generate returns via the active management of a Risk Low High Minimum horizon portfolio of bonds and money market instruments by investing primarily (minimum 2/3) in bonds and money market instruments issued by Euro 0 1 2 3 4 5 6 4 years issuers established in European States and denominated in their Fund currency 0 1 2 3 4 5 6 4 years currency or in euro. These countries include Member States of the European Union (EU) as well as those considered European as regards their geographical location. Fund type It is stipulated that any liquid assets held on an ancillary basis will not Investments in fixed income instruments be taken into account when calculating the above-mentioned limit of two thirds. Reference currency The sub-fund may also invest, on an ancillary basis, in other Euro (EUR) transferable securities (including warrants on transferable securities up to 10% of the sub-fund’s net assets), money market instruments, Rule 144 A securities, units of UCITS and other UCIs and deposits as Manager of the sub-fund described in Chapter III “Investment restrictions”, section A “Eligible ING Investment Management Belgium investments” of Part III of the full prospectus. However, investments in UCITS and UCIs may not exceed a total of 10% of the net assets. Where the sub-fund invests in warrants on transferable securities, note that the net asset value may fluctuate more than if the sub-fund were invested in the underlying assets because of the higher volatility of the value of the warrant. With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: - options and futures on transferable securities or money market instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as medium. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in corporate issues is higher than investments in government issues from Euro zone. Moreover, the currency exposure may impact the sub-fund’s performance. No guarantee is provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus Part III, Chapter II: Risk linked to the investment universe: details. 68 ING INVESTMENT MANAGEMENT
  • 69. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euromix Bond Class P - Capitalisation (EUR) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 10, 100 shares Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (EUR) % 2000 0.14 12 2001 7.35 10 2002 2.90 8 2003 9.47 6 2004 3.81 4 2005 4.85 2 2006 1.42 0 2007 1.08 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008 1.03 % Class P - Distribution (EUR) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 10, 100 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the ordinary general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests ING INVESTMENT MANAGEMENT 69
  • 70. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euromix Bond Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (EUR) % 2000 -7.36 10 2001 3.41 2002 -0.62 5 2003 4.99 0 2004 0.11 -5 2005 1.87 2006 -1.16 -10 2007 -2.51 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008 -3.05 % Class X - Capitalisation (EUR) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) – Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (EUR) % 1998 13.67 15 1999 6.38 2000 -0.44 10 2001 7.31 5 2002 2.80 0 2003 9.34 2004 3.70 -5 2005 4.76 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 1.37 % 2007 1.01 2008 0.98 70 ING INVESTMENT MANAGEMENT
  • 71. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Euromix Bond Class I (reserved for institutional investors) - Capitalisation (EUR) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class I - Capitalisation (EUR) will be the net asset value per share of Class P - Capitalisation (EUR) applicable to first subscription, multiplied by 20 Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.01% per year Historical performance Historical performance not available Class S - Capitalisation (EUR) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class S - Capitalisation (EUR) will be the net asset value per share of Class P - Capitalisation (EUR) applicable to first subscription, multiplied by 20 Minimum subscription amount EUR 1,000,000 ; no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.05% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 71
  • 72. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Global High Yield Introduction sub-fund’s liquidity risk is set to medium. Investments in specific theme are more concentrated than investments in various themes. No The sub-fund was launched on 23 April 2001. guarantee is provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the Investment objective and policy complete prospectus Part III, Chapter II: Risk linked to the investment This sub-fund shall invest primarily (minimum 2/3) in high yield bonds universe: detailed description. issued anywhere in the world. These bonds are different from traditional The Company has classified this sub-fund as a non-sophisticated sub- “Investment Grade” bonds in that they are issued by companies fund. presenting a risk in terms of their ability to fully honour their commitments, which explains why they offer a higher return. Typical investor profile It is stipulated that any liquid assets held on an ancillary basis will not be taken into account when calculating the above-mentioned limit of two Eval® listing (based on P shares) thirds. The sub-fund may also invest, on an ancillary basis, in other Risk Low High Minimum horizon transferable securities (including warrants on transferable securities up Euro 0 1 2 3 4 5 6 More than 5 years to 10% of the sub-fund’s net assets), money market instruments, Rule 144 A securities, units of UCITS and other UCIs and deposits as Fund currency 0 1 2 3 4 5 6 More than 5 years described in Chapter III “Investment restrictions”, section A “Eligible investments” of Part III of the full prospectus. However, investments in UCITS and UCIs may not exceed a total of 10% of the net assets. Fund type Where the sub-fund invests in warrants on transferable securities, note Investments in fixed income instruments that the net asset value may fluctuate more than if the sub-fund were invested in the underlying assets because of the higher volatility of the Reference currency value of the warrant. Euro (EUR) With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: Manager of the sub-fund - options and futures on transferable securities or money market ING Asset Management B.V. instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. Note: ratings are awarded by reputable credit rating agencies to fixed income instruments that can be traded on the markets. These ratings give a fair idea of the credit risk associated with the issuing entities: the lower the rating, the higher the credit risk. To compensate for this risk, however, a company with such a rating will offer high-yield bonds. Ratings awarded by ratings agencies range from AAA (almost no risk) to CCC (very high risk of defaulting). The rating varies from BB+ to CCC for the high yield markets. With this in mind, this sub-fund is intended for well-informed investors who are aware of the degree of risk linked to their chosen investments. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as high. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in high yield bonds is higher than investments in corporate issues located in developed market. The 72 ING INVESTMENT MANAGEMENT
  • 73. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Global High Yield Class P - Capitalisation (EUR) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.20% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (EUR) % 2003 3.22 20 2004 16.42 15 2005 5.99 10 2006 6.06 5 7.70 0 2007 -5 2008 -10.22 -10 -15 2003 2004 2005 2006 2007 2008 Class P - Distribution (EUR) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash in principle payable within two months following the ordinary general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.20% per year Subscription tax 0.05% per year ING INVESTMENT MANAGEMENT 73
  • 74. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Global High Yield Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (EUR) % 2003 -1.89 15 2004 11.27 10 2005 1.86 5 2006 3.62 0 1.05 -5 2007 -10 2008 -15.43 -15 -20 2003 2004 2005 2006 2007 2008 % Class X - Capitalisation (EUR) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 1.50% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (EUR) % 2003 2.92 20 2004 16.07 15 2005 5.67 10 2006 5.80 5 7.43 0 2007 -5 2008 -10.44 -10 -15 2003 2004 2005 2006 2007 2008 % 74 ING INVESTMENT MANAGEMENT
  • 75. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Global High Yield Class X - Distribution (EUR) Share class Class X Type of shares Distribution Form of shares Bearer share with certificate Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg ; First valuation day: after the first subscription is received. Dividend payment (distribution shares Monthly. only) In principle, dividends are payable in July. The Board of Directors can decide interin dividend to be paid on a monthly basis. Initial subscription period No initial period. Initial subscription price 1000 EUR Payment date of the initial subscription Maximum five bank business days following the applicable valuation date. Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere. tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Management fee Maximum 1,50% Historical performance % Index % 25 1997 0.00 0.00 0.00 0.00 20 1998 1999 0.00 0.00 15 2000 0.00 0.00 10 2001 0.00 0.00 5 2002 0.00 0.00 0 2003 0.00 0.00 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2004 0.00 0.00 2005 0.00 0.00 2006 0.00 0.00 Class I (reserved for institutional investors) - Capitalisation (EUR) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class I - Capitalisation (EUR) will be the net asset value per share of Class P - Capitalisation (EUR) applicable to the first subscription Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests ING INVESTMENT MANAGEMENT 75
  • 76. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Global High Yield Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.01% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class I - Capitalisation (EUR) % 2008 -9.60 5 0 -5 -10 2008 % Class I (reserved for institutional investors) - Distribution (EUR) Share class Class I (reserved for institutional investors) Type of shares Distribution Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the ordinary general meeting Initial subscription price The initial price of Class I - Distribution (EUR) will be the net asset value per share of Class I - Capitalisation (EUR) applicable to the first subscription Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.01% per year Historical performance Historical performance not available Class S - Capitalisation (EUR) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) 76 ING INVESTMENT MANAGEMENT
  • 77. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Global High Yield Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class S - Capitalisation (EUR) will be the net asset value per share of Class I - Capitalisation (EUR) applicable to first subscription Minimum subscription amount EUR 1,000,000 ; no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.72% per year Subscription tax 0.05% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 77
  • 78. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund International Introduction Typical investor profile The sub-fund was launched on 25 January 1989. Eval® listing (based on P shares) Investment objective and policy Risk Low High Minimum horizon This sub-fund aims to generate returns through a diversification of its investments in international bonds and money market instruments from Euro 0 1 2 3 4 5 6 4 years across the globe, denominated in various currencies, yet clearly geared Fund currency 0 1 2 3 4 5 6 4 years toward the eurozone, by investing primarily (minimum 2/3) in bonds and money market instruments. It is stipulated that any liquid assets held on an ancillary basis will not Fund type be taken into account when calculating the above-mentioned limit of two Investments in fixed income instruments thirds. The sub-fund may also invest, on an ancillary basis, in other Reference currency transferable securities (including warrants on transferable securities up Euro (EUR) to 10% of the sub-fund’s net assets), money market instruments, Rule 144 A securities, units of UCITS and other UCIs and deposits as described in Chapter III “Investment restrictions”, section A “Eligible Manager of the sub-fund investments” of Part III of the full prospectus. However, investments in ING Investment Management Belgium UCITS and UCIs may not exceed a total of 10% of the net assets. Where the sub-fund invests in warrants on transferable securities, note that the net asset value may fluctuate more than if the sub-fund were invested in the underlying assets because of the higher volatility of the value of the warrant. With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: - options and futures on transferable securities or money market instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as medium. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in corporate issues is higher than investments in government issues from Euro zone. Moreover, the currency exposure may impact highly the sub-fund’s performance. No guarantee is provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus Part III, Chapter II: Risk linked to the investment universe: detailed description. The Company has classified this sub-fund as a sophisticated sub-fund. 78 ING INVESTMENT MANAGEMENT
  • 79. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund International Class P - Capitalisation (EUR) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25, 100 shares Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (EUR) % 1998 14.88 15 1999 6.08 2000 7.30 10 2001 5.79 5 2002 3.22 0 2003 1.11 2004 1.44 -5 2005 1.44 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 3.36 % 2007 -1.40 2008 -0.99 Class P - Distribution (EUR) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 20, 50 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the ordinary general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests ING INVESTMENT MANAGEMENT 79
  • 80. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund International Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (EUR) % 1998 7.62 10 1999 0.37 2000 2.43 5 2001 0.85 0 2002 -1.64 -5 2003 -3.69 2004 -1.78 -10 2005 -1.20 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 1.01 % 2007 -5.28 2008 -4.40 Class X - Capitalisation (EUR) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.05% per year 80 ING INVESTMENT MANAGEMENT
  • 81. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund International Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (EUR) % 1998 14.79 15 1999 5.97 2000 7.19 10 2001 5.69 5 2002 3.05 0 2003 0.97 2004 1.33 -5 2005 1.33 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 3.32 % 2007 -1.44 2008 -1.03 Class I (reserved for institutional investors) - Capitalisation (EUR) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class I - Capitalisation (EUR) will be the net asset value per share of Class P - Capitalisation (EUR) applicable to first subscription, muliplied by 20 Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.01% per year Historical performance Historical performance not available Class S - Capitalisation (EUR) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The inital price of Class S - Capitalisation (EUR) will be the net asset value per share of Class P - Capitalisation (EUR) applicable to first subscription, multiplied by 20 Minimum subscription amount EUR 1,000,000 ; no minimum required for additional subscription ING INVESTMENT MANAGEMENT 81
  • 82. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund International Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.05% per year Historical performance Historical performance not available 82 ING INVESTMENT MANAGEMENT
  • 83. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Sustainable Fixed Income Introduction Typical investor profile This sub-fund has been launched on 23 May 2007. Eval® listing (based on P shares) Investment objective and policy Risk Low High Minimum horizon This sub-fund aims to generate returns by actively managing a portfolio of debt securities and money market instruments. It will invest primarily Euro 0 1 2 3 4 5 6 1 years (minimum 2/3) in euro-denominated debt securities and money market Fund currency 0 1 2 3 4 5 6 1 years instruments from issuers (considered to be investment grade) pursuing policies of sustainable development that combine the observance of social and environmental principles with sound financial performance. Fund type It is stipulated that any liquid assets held on an ancillary basis will not Investments in fixed income instruments be taken into account when calculating the above-mentioned limit of two thirds. Reference currency The sub-fund may also invest in other transferable securities (including Euro (EUR) warrants on transferable securities up to 10% of the sub-fund’s net assets), Rule 144 A securities and shares/units of UCITS and other UCIs as described in Chapter III “Investment restrictions”, section A Manager of the sub-fund “Eligible investments” of Part III of the full prospectus. However, ING Investment Management Belgium investments in UCITS and UCIs may not exceed a total of 10% of the net assets. Where the sub-fund invests in warrants on transferable securities, note that the net asset value may fluctuate more than if the sub-fund were invested in the underlying assets because of the higher volatility of the value of the warrant. With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: - options and futures on transferable securities or money market instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as medium. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in corporate issues is higher than investments in government issues from Euro zone. No guarantee is provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus Part III, Chapter II: Risk linked to the investment universe: detailed description. The Company has classified this sub-fund as a non-sophisticated sub- fund. ING INVESTMENT MANAGEMENT 83
  • 84. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Sustainable Fixed Income Class P - Capitalisation (EUR) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period 23/05/2007 – 06/06/2007 Initial subscription price EUR 250 Payment date of the initial subscription 07/06/2007 Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Historical performance not available Class P - Distribution (EUR) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the ordinary general meeting Initial subscription period 23/05/2007 – 06/06/2007 Initial subscription price EUR 1000 Payment date of the initial subscription 07/06/2007 Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Historical performance not available 84 ING INVESTMENT MANAGEMENT
  • 85. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Sustainable Fixed Income Class X - Capitalisation (EUR) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period 23/05/2007 – 06/06/2007 Initial subscription price EUR 250 Payment date of the initial subscription 07/06/2007 Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.05% per year Historical performance Historical performance not available Class I (reserved for institutional investors) - Capitalisation (EUR) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period 23/05/2007 – 06/06/2007 Initial subscription price EUR 5,000 Payment date of the initial subscription 07/06/2007 Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.01% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 85
  • 86. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Sustainable Fixed Income Class S - Capitalisation (EUR) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period 23/05/2007 – 06/06/2007 Initial subscription price EUR 5000 Payment date of the initial subscription 07/06/2007 Minimum subscription amount EUR 1,000,000 ; no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.05% per year Historical performance Historical performance not available 86 ING INVESTMENT MANAGEMENT
  • 87. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund World Introduction guarantee is provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the The sub-fund has been launched on 25 January 1989. full prospectus Part III, Chapter II: Risk linked to the investment universe: detailed description. Investment objective and policy The Company has classified this sub-fund as a sophisticated sub-fund. This sub-fund aims to generate returns through a diversification of its investments in international bonds and money market instruments from Typical investor profile across the globe, denominated in various currencies. The aim is to offer significant monetary diversification at an international level. Eval® listing (based on P shares) The sub-fund may also invest, on an ancillary basis, in other transferable securities (including warrants on transferable securities up Risk Low High Minimum horizon to 10% of the sub-fund’s net assets), money market instruments, Rule 144 A securities, units of UCITS and other UCIs and deposits as Euro 0 1 2 3 4 5 6 5 years described in Chapter III “Investment restrictions”, section A “Eligible Fund currency 0 1 2 3 4 5 6 5 years investments” of Part III of the full prospectus. However, investments in UCITS and UCIs may not exceed a total of 10% of the net assets. Where the sub-fund invests in warrants on transferable securities, note Fund type that the net asset value may fluctuate more than if the sub-fund were invested in the underlying assets because of the higher volatility of the Investments in fixed income instruments value of the warrant. Reference currency With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited Euro (EUR) to, the following: - options and futures on transferable securities or money market Manager of the sub-fund instruments ING Investment Management Belgium - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. This sub-fund may invest directly or indirectly in transferable securities or instruments issued by low or middle-income developing countries, known as the "emerging markets". As these investments are subject to specific factors, they cannot be compared to investments made in the major industrialised countries. In the past, some developing countries have suspended or halted the payment of their external debt, including both the interest and the capital, with respect to issuers from the public and private sectors. These factors may also result in the positions held by the sub-fund becoming less liquid, or even illiquid. Only investors capable of assessing the risks should consider investing in this sub-fund. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as medium. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in corporate issues is higher than investments in government issues from Euro zone. Moreover, the currency exposure may impact highly the sub-fund’s performance. No ING INVESTMENT MANAGEMENT 87
  • 88. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund World Class P - Capitalisation (EUR) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (EUR) % 1998 15.74 15 1999 5.65 2000 3.76 10 2001 6.70 5 2002 2.06 0 2003 -9.65 -5 2004 -1.46 -10 2005 -2.06 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 4.28 % 2007 -2.31 2008 -3.15 Class P - Capitalisation (USD) Share class Class P Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class USD Valuation day Each bank business day in Luxembourg Initial subscription period When first subscription received Initial subscription price USD 100 Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests 88 ING INVESTMENT MANAGEMENT
  • 89. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund World Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Historical performance not available Class P - Distribution (EUR) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class EUR Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle two months following the ordinary general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (EUR) % 1998 8.16 10 1999 -0.29 2000 -1.22 5 2001 1.40 0 2002 -3.01 -5 2003 -14.25 -10 2004 -4.15 -15 2005 -4.38 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 2.22 % 2007 -4.83 2008 -5.69 Class P - Distribution (USD) Share class Class P Type of shares Distribution Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class USD ING INVESTMENT MANAGEMENT 89
  • 90. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund World Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Quarterly only) In cash. Dividends will be calculated at the end of March, June, September and December. Initial subscription period When first subscription received Initial subscription price USD 100 Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Historical performance not available Class X - Capitalisation (EUR) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (EUR) % 1998 15.67 20 1999 5.54 15 2000 3.65 10 2001 6.60 5 1.91 0 2002 -5 2003 -10.10 -10 2004 -1.57 -15 2005 -2.15 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 4.21 % 2007 -2.38 2008 -3.21 90 ING INVESTMENT MANAGEMENT
  • 91. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund World Class I (reserved for institutional investors) - Capitalisation (EUR) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class I - Capitalisation (EUR) will be the net asset value per share of Class P - Capitalisation (EUR) applicable to the first subscription, multiplied by 20 Minimum subscription amount EUR 250,000 (which may be spread over all Company sub-funds at the investor's request); no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.01% per year Historical performance Historical performance not available Class S - Capitalisation (EUR) Share class Class S Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription price The initial price of Class S - Capitalisation (EUR) will be the net asset value per share of Class P - Capitalisation (EUR) applicable to the first subscription, multiplied by 20 Minimum subscription amount EUR 1,000,000 ; no minimum required for additional subscription Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.36% per year Subscription tax 0.05% per year Historical performance Historical performance not available ING INVESTMENT MANAGEMENT 91
  • 92. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund World Class V - Capitalisation (EUR) Share class Class V Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class EUR Valuation day Each bank business day in Luxembourg Initial subscription period When first subscription received Initial subscription price EUR 100 Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 each bank business day in Luxembourg prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.01% per year Historical performance Historical performance not available 92 ING INVESTMENT MANAGEMENT
  • 93. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Yen Introduction Typical investor profile The sub-fund has been launched on 25 January 1989. Eval® listing (based on P shares) Investment objective and policy Risk Low High Minimum horizon This sub-fund aims to generate returns via the active management of a portfolio of bonds and money market instruments by investing primarily Euro 0 1 2 3 4 5 6 5 years (minimum 2/3) in bonds and money market instruments denominated in Fund currency 0 1 2 3 4 5 6 5 years Japanese yen. It is stipulated that any liquid assets held on an ancillary basis will not be taken into account when calculating the above-mentioned limit of two Fund type thirds. Investments in fixed income instruments The sub-fund may also invest, on an ancillary basis, in other transferable securities (including warrants on transferable securities up Reference currency to 10% of the sub-fund’s net assets), money market instruments, Rule Japan Yen (JPY) 144 A securities, units of UCITS and other UCIs and deposits as described in Chapter 3 “Investment restrictions”, section A “Eligible investments” of Part III of the full prospectus. However, investments in Manager of the sub-fund UCITS and UCIs may not exceed a total of 10% of the net assets. ING Investment Management Belgium Where the sub-fund invests in warrants on transferable securities, note that the net asset value may fluctuate more than if the sub-fund were invested in the underlying assets because of the higher volatility of the value of the warrant. With a view to achieving the investment objectives, the sub-fund may also use derivative financial instruments including, but not limited to, the following: - options and futures on transferable securities or money market instruments - futures and options on stock exchange indices - futures, options and interest rate swaps - performance swaps - forward currency contracts and currency options. Securities lending and repurchase agreements (opérations à réméré) The sub-fund may also engage in securities lending and repurchase agreements. Risk profile of the sub-fund The market risk associated to the bonds used to reach investment objectives is considered as medium. Those instruments are impacted by various factors, of which, without being exhaustive, the development of the financial market, as well as the economic development of issuers who are themselves affected by the general world economic situation, as well as economic and political conditions prevailing in each country. Expected credit risk underlying investments in corporate issues is higher than investments in government issues from Euro zone. No guarantee is provided as to the recovery of the initial investment. The risk associated with the financial derivative instruments is detailed in the full prospectus Part III, Chapter II: Risk linked to the investment universe: detailed description. The Company has classified this sub-fund as a non-sophisticated sub- fund. ING INVESTMENT MANAGEMENT 93
  • 94. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Yen Class P - Capitalisation (JPY) Share class Class P Type of shares Capitalisation Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class JPY Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Minimum subscription amount 3% in Belgium, maximum 3% elsewhere Cut-off time for receipt of subscription, Before 15:30 two bank business days prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Capitalisation (JPY) % 1998 3.00 10 1999 -0.26 2000 2.65 5 2001 6.37 2002 -0.12 0 2003 2.12 2004 -2.11 -5 2005 1.01 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 -1.71 % 2007 0.51 2008 1.65 Class P - Distribution (JPY) Share class Class P Type of shares Distribution Form of shares – Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination 1, 5, 25 shares Currency of the share class JPY Valuation day Each bank business day in Luxembourg Dividend payment (distribution shares Annually only) In cash, in principle payable within two months following the ordinary general meeting Subscription fee payable to the dis- 3% in Belgium, maximum 3% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 two bank business days prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests 94 ING INVESTMENT MANAGEMENT
  • 95. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Yen Management fee Maximum 0.65% per year Subscription tax 0.05% per year Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class P - Distribution (JPY) % 1998 -0.90 4 1999 -3.25 2000 -0.35 2 2001 3.72 0 2002 -2.03 -2 2003 0.73 2004 -2.11 -4 2005 1.01 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 -1.72 % 2007 0.44 2008 1.29 Class X - Capitalisation (JPY) Share class Class X Type of shares Capitalisation Form of shares Bearer share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class JPY Stock exchange listing Luxembourg Stock Exchange Valuation day Each bank business day in Luxembourg Subscription fee payable to the dis- 5% in Belgium, maximum 5% elsewhere tributor(s) Cut-off time for receipt of subscription, Before 15:30 two bank business days prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee Maximum 0.75% per year Subscription tax 0.05% per year ING INVESTMENT MANAGEMENT 95
  • 96. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll ING (L) Renta Fund Yen Historical performance Past performance is not an indication of future results. Past performances are calculated on the basis of the fiscal year. Year % Class X - Capitalisation (JPY) % 1998 2.93 6 1999 -0.36 2000 2.54 4 2001 6.27 2 2002 -0.26 0 2003 1.99 -2 2004 -2.20 -4 2005 0.91 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 -1.76 % 2007 0.39 2008 1.56 Class I (reserved for institutional investors) - Capitalisation (JPY) Share class Class I (reserved for institutional investors) Type of shares Capitalisation Form of shares Registered share without certificate (book entry) Fraction of shares Up to three decimal places (only for shares issued in book entry form) Denomination Share certificates will not be issued Currency of the share class JPY Valuation day Each bank business day in Luxembourg Initial subscription period When first subscriptions received. Initial subscription price JPY 500,000 Minimum subscription amount Equivalent in JPY of EUR 250,000; no minimum required for additional subscriptions Subscription fee payable to the dis- Maximum 2% tributor(s) Cut-off time for receipt of subscription, Before 15:30 two bank business days prior to the applicable valuation day redemption and conversion requests Payment date of subsequent subscrip- Maximum five bank business days following the applicable valuation date tion, redemption and conversion requests Management fee 0.36% per year Subscription tax 0.01% per year Historical performance Historical performance not available 96 ING INVESTMENT MANAGEMENT
  • 97. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll PART III: ADDITIONAL INFORMATION I. The Company themselves affected by the overall situation of the global economy and by the economic and political conditions prevailing in each relevant The Company was set up on 25 January 1989 under the Law of 30 country (market risk). March 1988 on undertakings for collective investment. The Articles of Association (the “Articles”) of the Company were amended for the last Interest rate time on 15 September 2005, in order to bring the Company into compliance with the Law of 20 December 2002 on undertakings for Investors must be aware that an investment in the shares of the collective investment and the coordinated Articles were registered in the Company may be exposed to interest rate risks. These risks occur when Luxembourg Trade and Companies Register, where they can be there are fluctuations in the interest rates of the main currencies of each consulted and where copies can be obtained against payment of the transferable security or of the Company. relevant fees. The share capital of the Company will, at all times, be equal to the value Currency risk of the net assets of the sub-funds. It is represented by bearer or The value of investments may be affected by exchange rate fluctuations registered shares, all fully paid up, without par value. in the sub-funds where investments are allowed in a currency other than Share capital variations are fully legal and there are no provisions the sub-fund’s reference currency. requiring publication and entry in the Trade and Companies Register as prescribed for increases and decreases in the share capital of public Credit risk limited companies (sociétés anonymes). Investors must be fully aware that any such investment may involve The Company may issue additional shares at any time at a price set in credit risks. Bonds and debt securities effectively involve issuer credit compliance with the contents of Chapter VIII “Shares”, without any risk, which can be calculated using the issuer’s solvency rating. Bonds preference right being reserved for existing shareholders. and debt securities issued by entities with a low rating are generally considered to have higher credit risk and issuer default probability than The minimum capital is laid down in the Luxembourg Law of 20 those issued by issuers with a higher rating. If the issuer of bonds or December 2002. debt securities runs into financial or economic difficulty, the value of the The consolidation currency of the Company is the euro. bonds or debt securities (which may become null and void) and the payments made on account of these bonds or debt securities (which may become null and void) may be affected. Risk of issuer default II. Risks linked to the investment universe: detailed description In parallel to the general trends prevailing on the financial markets, developments particular to each issuer can affect the value of an investment. Even a careful selection of transferable securities cannot, General remarks regarding risks for example, eliminate the risk of losses caused by a decline in the Investments in the Company’s shares are exposed to risks, which may assets of an issuer. include or be linked to equity, bond, currency, interest rate, credit, volatility and political risks. Each of these risks may also occur in Liquidity risk conjunction with other risks. Some of these risk factors are described briefly below. Potential investors must have experience in investing in Liquidity risks arise when a particular security is difficult to sell. In instruments used in the context of the investment policy described. principle, only securities that can be sold at any time are added to a fund. Similarly, some transferable securities may be difficult to sell at the Investors must also be fully aware of the risks linked to investments in desired moment during particular periods or on particular segments of the Company’s shares and ensure that they consult their legal, tax and the stock exchange. Finally, there is a risk that securities traded in a financial adviser, auditor or other adviser in order to obtain complete narrow market segment are subject to high price volatility. information on (i) the appropriate nature of an investment in shares, depending on their personal financial and tax situation and on their Risk of flexibility particular circumstances, (ii) the information contained herein and (iii) the investment policy of the sub-fund (as described in the relevant Lack of flexibility of investment product and restrictions which may limit factsheet for each sub-fund), before making any investment decision. the possibility to change the counterparts/providers. Difficulties may in particular exist to find another counterparty with similar conditions for Apart from potential stock exchange profit, it is important to note that an over-the-counter (OTC) derivatives. investment in the Company also involves the risk of incurring stock exchange losses. Company shares are securities whose value is determined on the basis of fluctuations in the price of the transferable Counterparty risk securities held by the Company. The value of shares may therefore go When OTC contracts are entered into, the Company may find itself up or down in relation to their initial value. exposed to risks arising from the solvency of its counterparts and from their ability to respect the conditions of these contracts. The Company There is no guarantee that the aims of the investment policy will be achieved. may thus enter into futures, options and swap contracts, or use other derivative techniques, each of which involves the risk that the counterpart will fail to respect its commitments under the terms of each Market Risk contract. This is a general risk which affects all types of investment. Price trends for transferable securities are determined mainly by financial market trends and by the economic development of the issuers, who are ING INVESTMENT MANAGEMENT 97
  • 98. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Risk arising from 144A securities parallel with an increase in the leverage effect. Finally, there is no guarantee that the objective sought through the use of these derivative Rule 144A securities are not registered with the US Securities and financial instruments will be achieved. Exchange Commission (SEC) in accordance with the stipulations of the Code of Federal Regulations, Title 177, Par. 230, 144A. Please refer to the factsheet of the relevant sub-fund for more information on the risk(s) relating to investments in a particular sub-fund. These Rule 144A securities are considered as newly issued transferable securities (see Part III, Chapter III, Section A, point 1, letter e of the The above list shows the most commonly encountered risks and is not prospectus) and may only be purchased by qualified professional an exhaustive list of all potential risks. investors. Risk arising from investments in the emerging III. Investment restrictions markets In the interests of shareholders and in order to ensure a wide Suspension of payments from the developing countries can be due to diversification of the risks, the Company undertakes to comply with the various factors, such as political instability, poor economic management, following rules: a lack of currency reserves, capital flight, internal conflicts or a lack of political willingness to continue servicing the previously contracted debt. A. Eligible investments The capacity of private sector issuers to meet their obligations may also 1. The Company may invest the assets of each sub-fund in: be affected by these factors. Moreover, these issuers are subject to a. transferable securities and money market instruments listed or decrees, laws and regulations enacted by government authorities. traded on a regulated market within the meaning of Article 1 Examples include modification of exchange controls and amendments (13) of the Council Directive 93/22/EEC of 10 May 1993 on to the legal and regulatory system, expropriations and nationalisations investment services in the securities field; and the introduction of, or increase in, taxes, such as withholding tax. b. transferable securities and money market instruments traded on Uncertainty with regard to an unclear legal environment or incapacity to another market of a Member State of the European Union (a establish definitive and legal ownership rights are another determining “Member State”) which is regulated, operates regularly, is factor. Added to this are the lack of reliable sources of information in recognised and open to the public; these countries, the non-compliance of accounting methods with international standards and the lack of financial or commercial controls. c. transferable securities and money market instruments admitted to official listing on a stock exchange in a country which is not a Investors’ attention is drawn to the fact that, at present, investments in member of the EU or traded on another market of a country Russia are subject to increased risk as regards the ownership and which is not a Member State and that is regulated, operates custody of transferable securities: market practice for the custody of regularly, is recognised and open to the public, insofar as the bonds is such that these bonds are deposited with Russian institutions stock exchange or market is located in a member state of the that do not always have adequate insurance to cover the risk of loss Organisation for Economic Cooperation and Development arising from the theft, destruction or disappearance of instruments on (OECD) or in any other country in Europe, North America, deposit. South America, Africa, Asia and Oceania; Derivatives d. newly issued transferable securities and money market instruments, provided that: The Company may use derivative financial instruments within the framework of the investment policy outlined in each sub-fund factsheet. i. the issue conditions include an undertaking that an In addition to being used for hedging purposes, these instruments may application will be made for official listing on a stock also form an integral part of the investment strategy in order to optimise exchange or another regulated market that operates returns. Recourse to financial derivatives may be restricted by market regularly, is recognised and open to the public and provided conditions and applicable regulations and may involve risks and costs that it is located in a member state of the Organisation for for the sub-fund to which it would not otherwise be exposed. Risks Economic Cooperation and Development (OECD) or in any inherent in the use of options, foreign currency contracts, swaps, futures other country in Europe, North America, South America, contracts and options on these contracts include: a) the fact that Africa, Asia and Oceania; success depends on the ability of the portfolio manager(s) to accurately ii. the listing is secured within one year of issue at the latest; predict trends in interest rates, prices of transferable securities and/or money market instruments and currency markets; (b) the imperfect e. Rule 144A transferable securities, as described in the provisions correlation between the price of options and futures contracts and of the US Code of Federal Regulations, Title 17, Par 230, 144A, options on these contracts and movements in the prices of the provided that: securities, money market instruments or currencies being hedged; (c) i. the Rule 144A transferable securities are traded before the the fact that the skills needed to use these instruments are different from exchange on the US OTC fixed income market; those needed to select portfolio securities; (d) the possibility of a non- liquid secondary market for a particular instrument at a given time; and ii. the securities include an exchange contract registered (e) the risk that a sub-fund may not be able to purchase or sell a under the Securities Act of 1933 that foresees a right to portfolio security during a favourable period, or the risk that a sub-fund exchange the 144A for similar registered securities that are may have to sell a portfolio security during an unfavourable period. traded on the US OTC fixed income market; When a sub-fund enters into a swap transaction, it is exposed to iii. where the exchange contract has not been asserted within counterpart risk. The use of derivative financial instruments also one year after the acquisition of the securities, the securities involves leverage risk. Leverage occurs when a modest capital sum is will be subject to the limit described in point 2 (a) hereunder; invested in the purchase of derivatives in comparison with the cost of directly acquiring the underlying assets. The higher the leverage, the greater the variation in the price of the derivative in the event of a fluctuation in the price of the underlying asset (in comparison with the subscription price determined according to the conditions of the derivative). The potential and risks of derivatives thus increase in 98 ING INVESTMENT MANAGEMENT
  • 99. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll f. units of UCITS authorised according to the Directive 85/611/ iii. issued or guaranteed by an institution subject to prudential EEC and/or other UCIs within the meaning of the first and supervision, in accordance with criteria defined by European second indent of Article 1 Par (2) of Directive 85/611/EEC Community law, or by an institution which is subject to and whether located in a Member State or otherwise, provided that: complies with prudential rules which the CSSF considers to be at least as stringent as those prescribed by EU i. these UCIs are authorised in accordance with the legislation legislation, or requiring that such undertakings are subject to supervision which the Luxembourg Financial Supervisory Authority iv. issued by other entities belonging to categories approved by (Commission de Surveillance du Secteur Financier – CSSF) the CSSF, provided that investments in such instruments considers equivalent to that prescribed under EU legislation, are subject to rules for protecting investors which are and that cooperation between the authorities is sufficiently equivalent to those stipulated above in bullets ( i, ii, iii) and guaranteed; provided that the issuer is a company whose capital and reserves amount to at least ten million euro (EUR ii. the level of protection for unitholders of these other UCIs is 10,000,000) and which presents and publishes its annual equivalent to that provided for unitholders of a UCITS and, accounts in accordance with the Fourth Directive 78/660/ in particular, that the rules on the segregation of assets, EEC, or is an entity which, within a group of companies that borrowing, lending and short sales of transferable securities includes one or more listed companies, is dedicated to and money market instruments are equivalent to the financing the group, or is an entity which is dedicated to requirements of the Directive 85/611/EEC; financing securitisation vehicles backed by bank financing. iii. the business of the other UCIs is reported in semi-annual 2. In addition, the Company: and annual reports to enable an assessment to be made of the assets and liabilities, income and operations over the a. may invest up to a maximum of 10% of its net assets in reporting period; transferable securities and money market instruments other than those referred to under point 1 above; iv. the proportion of assets of these UCITS or other UCIs in which units are to be acquired, which, in accordance with b. may acquire movable and immovable assets which are their Articles can be globally invested in units of other essential for the direct exercise of its activities; UCITS or UCIs, does not exceed 10%;. c. may not acquire precious metals or certificates representing g. deposits with credit institutions which are repayable on demand precious metals; or which may be withdrawn, and maturing in no more than 12 3. The Company may, on an ancillary basis, hold cash for each sub- months, provided that the credit institution has its registered fund. office in a Member State of the European Union or, if the registered office of the credit institution is located in another country, provided that it is subject to prudential rules considered B. Investment limits by the CSSF as equivalent to those laid down in European 1. The Company may not invest: Community law; a. more than 10% of the net assets of each sub-fund in h. derivative financial instruments, including equivalent instruments transferable securities or money market instruments issued by involving cash settlements, traded on a regulated market the same entity; referred to in (a), (b) and (c) above and/or derivative financial instruments traded over-the-counter (“OTC derivatives”), b. more than 20% of the net assets of each sub-fund in deposits provided that: placed with the same entity. i. the underlying consists of instruments covered by this point 2. The Company’s counterparty risk in an OTC derivative transaction 1, or financial indices, interest rates, foreign exchange rates may not exceed 10% of the net assets of each sub-fund when the or currencies, in which the UCITS may invest according to counterparty is a credit institution referred to in point 1 (g) of Section its investment objectives; A “Eligible Investments” above, or 5% of the net assets of the relevant sub-fund in other cases. ii. the counterparties to OTC derivative transactions are first- class financial institutions specialised in these types of 3. transactions provided that they are also subject to prudential a. The total value of transferable securities and money market supervision; and instruments of each issuer in which more than 5% of the net iii. the OTC derivatives are subject to reliable and verifiable assets of a given sub-fund is invested may not exceed 40% of valuation on a daily basis and can be sold, liquidated or the value of these net assets; this restriction does not apply to closed by an offsetting transaction at any time at their fair deposits with credit institutions subject to prudential supervision value at the Company's initiative. and to OTC derivative transactions with these institutions; i. money market instruments other than those traded on a b. Notwithstanding the individual limits laid down in points 1 and 2 regulated market, which are liquid and have a value that can be above, the Company may not combine: accurately determined at any time, provided that the issue or i. investments in transferable securities or money market issuer of these instruments is subject to regulations intended to instruments issued by a single entity, protect investors and their savings, and provided that these instruments are: ii. deposits made with a single entity, and/or i. issued or guaranteed by a central, regional or local iii. risks arising from OTC derivative transactions undertaken government authority, by a central bank of an EU Member with a single entity, State, the European Central Bank, the European Union or that amount to more than 20% of the net assets of each sub- the European Investment Bank, a non-member State of the fund. EU or, in the case of a Federal State, by a member of the federation, or by an international public body to which one c. The limit of 10% laid down in point 1 (a) above may be or more EU Member States belong, or increased to a maximum of 35% if the transferable securities or money market instruments are issued or guaranteed by a ii. issued by a company whose securities are traded on the regulated markets referred to in (a), (b) and (c) above, or ING INVESTMENT MANAGEMENT 99
  • 100. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Member State of the European Union, by its local public transferable securities and money market instruments of any authorities, by a non-member State or by an international public such single issue do not exceed 30% of the net assets of the body to which one or more Member States belong. relevant sub-fund. d. The limit of 10% laid down in point 1 (a) above may be 8. increased to a maximum of 25% for certain bonds if they are a. The Company may, for each sub-fund, acquire the units of issued by a credit institution which has its registered office in a UCITS and/or other UCIs referred to in Section A “Eligible Member State of the European Union and is subject by law to Investments” above, point 1 (f), provided that no more than 20% special public supervision designed to protect bondholders. In of its net assets are invested in a single UCITS or other UCI. particular, the proceeds resulting from the issue of these bonds For the purposes of applying this investment limit, each sub- must be invested, in accordance with the Law, in assets which, fund of a UCI with multiple sub-funds is to be regarded as a during the entire validity of the bonds, sufficiently cover the separate issuer, provided that the principle of segregation of the liabilities arising there from and that in the event of the issuer's liabilities of the different sub-funds in relation to third parties is default are assigned with priority to the repayment of capital and ensured. the payment of accrued interest. Where the Company invests more than 5% of the net assets of a sub-fund in the bonds b. Investments made in units of UCIs other than UCITS may not in referred to in this paragraph and issued by a single issuer, the aggregate exceed 30% of the net assets of each sub-fund. total value of said investments may not exceed 80% of the Where the Company has acquired units of UCITS and/or other value of the net assets of the relevant Company sub-fund. UCIs, the assets of the respective UCITS or other UCIs are not combined for the purposes of the limits laid down in points 1, 2, e. The transferable securities and money market instruments 3, 4 and 5 above. covered by point 3 (c) and (d) above are not taken into account in the 40% limit mentioned in point 3 (a); c. Where the Company invests in the units of other UCITS and/or other UCIs which are managed, directly or by delegation, by the f. The limits stipulated in points 1, 2 and 3 (a), (b), (c) and (d) same management company or by any other company to which above may not be combined; consequently, investments in the management company is linked through common transferable securities or money market instruments issued by a management or control, or through a substantial direct or single entity, in deposits or derivative instruments with this entity indirect holding, the said management company or other in compliance with points 1, 2 and 3 (a), (b), (c) and (d) above company may not charge subscription or redemption fees on may not in aggregate exceed 35% of the net assets of the the Company’s investment in the units of such other UCITS relevant Company sub-fund. and/or UCIs. 4. Companies grouped for the purpose of consolidating their accounts, 9. For all the sub-funds, the Company may not acquire: within the meaning of Directive 83/349/EEC of 13 June 1983 or in accordance with recognised international accounting rules, are a. shares with voting rights that would enable it to exert a treated as a single entity when calculating the limits specified above. significant influence on the management of an issuer; 5. The Company is authorised for each of its sub-funds to make b. moreover, the Company may not acquire more than: cumulative investments in transferable securities and money market i. 10% of the non-voting shares of a single issuer; instruments within the same group up to a limit of 20% of its net assets. ii. 10% of the bonds of a single issuer; 6. iii. 25% of the units of a single UCITS and/or other UCI; a. By derogation to the above limits , and without prejudice to the iv. 10% of the money market instruments of any single issuer. limits laid down in point 9 below, the limits set out in points 1 to The limits laid down above in bullets ( ii, iii, iv) may be 5 above are raised to a maximum of 20% for investments in disregarded at the time of acquisition if, at that time, the equities and/or bonds issued by a single entity when the aim of gross amount of the bonds or money market instruments, or the sub-fund’s investment policy is to replicate the composition the net amount of the securities issued, cannot be of a certain equity or bond index which is recognised by the calculated. CSSF on the following basis: The restrictions set out under letters a and b above do not apply i. the composition of the index is sufficiently diversified; to: ii. the index constitutes a representative benchmark of the i. transferable securities and money market instruments market to which it refers; issued or guaranteed by a Member State of the European iii. it is published in an appropriate manner. Union or its local public authorities; b. The limit set out above is raised to 35% when it proves to be ii. transferable securities and money market instruments justified by exceptional market conditions, particularly in issued or guaranteed by a State that is not a member of the regulated markets where certain transferable securities or European Union; money market instruments are highly dominant. The investment iii. transferable securities and money market instruments up to this limit is only permitted for a single issuer. issued by international public bodies of which one or more 7. as an exception to the limits set out in points 1 to 5 above, the EU Member States are members; Company is authorised to invest, following the principle of risk iv. shares held by the Company in the capital of a company of diversification, up to 100% of the net assets of each sub-fund in a non-member State of the EU that primarily invests its transferable securities and money market instruments issued assets in the securities of issuers of that State where, under or guaranteed by a Member State of the European Union or the the legislation of that State, such an investment constitutes Organisation for Economic Cooperation and Development the only way in which the Company can invest in the (OECD), by local public authorities of an EU Member State, or securities of issuers of that state. This derogation only by international public bodies to which one or more EU applies, however, on condition that the investment policy of Member States belong, provided that the transferable securities the company of the non-member EU State complies with and money market instruments foreseen hereunder are the limits laid down in the provisions contained in Section B, comprised of at least six different issues and that the with the exception of points 6 and 7. Should the limits set 100 ING INVESTMENT MANAGEMENT
  • 101. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll out in Section B be exceeded, with the exception of the 1. for each sub-fund, the Company may only invest in derivatives limits set out in points 6, 7 and 9, Article 49 of the Law of 20 insofar as the overall exposure to the underlying assets does not December 2002 will apply by analogy; exceed the investment limits specified in points 1, 2, 3 and 5 of Section B Chapter III; where the Company invests in index-based v. shares held by one or more investment companies in the derivative financial instruments, these investments will not capital of subsidiary companies carrying out, exclusively on necessarily be combined with these limits; their behalf, management, advisory and marketing activities in the country in which the subsidiary is located, in regard to 2. the counterparty risk in an OTC derivative transaction may not the redemption of units at unitholders' request. exceed 10% of the relevant sub-fund’s net assets when the counterparty is a credit institution referred to in point 1 letter g 10. Regarding derivative transactions, the Company will comply with the Section A Chapter III, or 5% of its net assets in other cases; limits and restrictions set out in Chapter IV “Techniques and instruments” hereafter. 3. the Company will ensure that the overall risk to which each sub-fund is exposed arising from derivatives does not exceed the net value of The Company need not comply with the investment limits set out the portfolios of the relevant sub-fund; above when exercising subscription rights attached to transferable securities or money market instruments which form part of the 4. where a transferable security or money market instrument includes assets of its sub-funds. a derivative, this must be taken into account when complying with the provisions relating to derivative products. If the limits are exceeded for reasons beyond the Company's control or as a result of the exercise of subscription rights, the Company The Company will ensure that the overall risk arising from derivatives must, through its sales transactions, have as its priority objective the does not exceed the total net value of its assets. regularisation of that situation, bearing shareholders’ interests in The risks are calculated taking into account the current value of the mind. underlying assets, the counterparty risk, future market movements and Insofar as an issuer is a legal entity with multiple sub-funds in which the time available to liquidate the positions. the assets of a sub-fund are exclusively liable for the rights of Under no circumstances will the use of transactions with respect investors in relation to this sub-fund and for those of creditors to derivative instruments or other techniques and financial whose financial claim arises from the creation, operation or instruments cause the Company to deviate from the investment liquidation of this sub-fund, each sub-fund is to be considered as a policy set forth for each sub-fund. separate issuing entity for the purposes of the application of the rules of risk spreading specified in this title B, with the exception of points 7 and 9. B. Securities lending and borrowing transactions The above investment limits generally apply insofar as the sub- The Company, the management company or the portfolio manager, as fund factsheets do not stipulate more stringent rules. the case may be and with respect to the assets of each sub-fund, may engage in securities lending provided that these transactions comply with the regulations set forth in Circular 08/356 issued by the C. Borrowings, loans and guarantees Commission de Surveillance du Secteur Financier (the “CSSF”) 1. The Company is not authorised to borrow. As an exception, the concerning the rules applicable to undertakings for collective investment Company may borrow: when they use certain techniques and instruments relating to transferable securities and money market instruments, as amended a. up to 10% of its net assets provided that such borrowings are of from time to time. a temporary nature. Each sub-fund may lend the securities included in its portfolio to a b. up to 10% of its net assets provided that the purpose of such borrower either directly or through a standardised lending system borrowings is to acquire real-estate assets required for the organised by a recognised clearing institution or through a lending direct exercise of its activities; in this case the total of such system organised by a financial institution subject to prudential borrowings and those referred to under (a) above may not under supervision rules considered by the CSSF as equivalent to those any circumstances exceed 15% of the net assets. prescribed by Community law and specialised in this type of 2. However, the Company may acquire foreign currency by means of a transactions. In all cases, the counterparty to the securities lending back-to-back loan for each sub-fund. agreement (i.e. the borrower) must be subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by 3. The Company may not enter into short sales of transferable Community law. In case the aforementioned financial institution acts on securities, money market instruments or other financial instruments its own account, it is to be considered as counterparty in the securities mentioned in Section A “Eligible Investments” point 1 (f), (g) and (h). lending agreement. 4. The Company may not grant credit or provide guarantees to third For each securities lending transaction, each sub-fund must receive, in parties. This restriction will not prevent the relevant undertakings principle, a guarantee the value of which is, during the lifetime of the from acquiring transferable securities, money market instruments or lending agreement, at least equivalent to 90% of the global valuation other financial instruments as referred to in Section A “Eligible (interests, dividends and other eventual rights included) of the securities Investments” point 1 (f), (h) and (i) and which are not fully paid up. lent. The Company must proceed on a daily basis to the valuation of the IV. Techniques and instruments guarantee received. The guarantee must normally take the form of: A. General provisions 1. liquid assets which include not only cash and short term bank For the purpose of efficient portfolio management and/or in order to certificates, but also money market instruments such as defined protect the assets and undertakings of each sub-fund, the Company within Directive 2007/16/EC of 19 March 2007 implementing Council may, for each sub-fund, use techniques and instruments related to Directive 85/611/EEC on the coordination of laws, regulations and transferable securities and money market instruments. Where these administrative provisions relating to certain UCITS as regards the transactions involve the use of derivatives, in the meaning provided clarification of certain definitions. A letter of credit or a guarantee at under letter h of point 1 Section A Chapter III, the Company must first-demand given by a first class credit institution not affiliated to comply with the following limits and conditions: the counterparty are considered as equivalent to liquid assets; ING INVESTMENT MANAGEMENT 101
  • 102. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll 2. bonds issued or guaranteed by a Member State of the OECD or by D. Use of collateral their local public authorities or by supranational institutions and undertakings with EU, regional or world-wide scope; In order to reduce counterparty risk faced by the Company’s sub-funds, a guarantee ("collateral") system may be put in place for certain assets 3. shares or units issued by money market UCIs calculating a daily net with the counterparty. The Company will ensure that the following asset value and being assigned a rating of AAA or its equivalent; conditions are met: 4. shares or units issued by UCITS investing mainly in bonds/shares 1. assets offered as collateral will be valued daily at the market price mentioned in 5. and 6. below; and will exceed the value of the amount exposed; 5. bonds issued or guaranteed by first class issuers offering an 2. assets offered as collateral will be liquid and will involve minimum adequate liquidity, or risk (e.g. first-class government bonds or cash); 6. shares admitted to or dealt in on a regulated market of a Member 3. assets offered as collateral will be kept by a third-party custodian (i. State of the OECD, on the condition that these shares are included e. a legal entity distinct from the counterparty or entity granting the in a main index. collateral) that is legally protected from the consequences of the Such guarantee is not required in case of a standardised securities default of an associated party; lending system organised by a recognised clearing institution or in case 4. assets offered as collateral may be wholly mobilised by the of a lending system organised by a financial institution subject to Company at any time. prudential supervision rules considered by the CSSF as equivalent to those prescribed by Community law and specialised in this type of transactions if the intermediary assures to the lender, through a V. Management of the Company guarantee or otherwise, the reimbursement of the value of the securities lent. A. Designation of a management company Each sub-fund must ensure that the volume of the securities lending The Company designated ING Investment Management Luxembourg S. transactions is kept at an appropriate level or that it is entitled to request A. as its management company, within the meaning of the Law of 20 the return of the securities lent in a manner that enables it, at all times, December 2002 on undertakings for collective investment. to meet its redemption obligations and that these transactions do not jeopardise the management of the sub-fund’s assets in accordance with ING Investment Management Luxembourg S.A. has been incorporated its investment policy. in the form of a public limited company (société anonyme) in compliance with the Law of 10 August 1915 on commercial companies and the Law Each sub-fund must make sure that it is able to claim its rights on the of 20 December 2002 on undertakings for collective investment. ING guarantee in case of the occurrence of an event requiring the execution Investment Management Luxembourg S.A. was established for an thereof. Therefore, the guarantee must be available at all times, either indefinite period by deed dated 4 February 2004 and published in the directly or through the intermediary of a first class financial institution or Mémorial C on 25 February 2004. Its registered office is situated at 52 a wholly-owned subsidiary of this institution, in such a manner that the route d’Esch, Luxembourg. The Company was registered under number sub-fund is able to appropriate or realise the assets given as guarantee, B 98 977 in the Trade and Companies Register of the District Court of without delay, if the counterparty does not comply with its obligation to Luxembourg. return the securities. The Board of Directors of the management company is composed as During the duration of the agreement, the guarantee cannot be sold or follows: given as a security or pledged, except when the sub-fund has other means of coverage. - Mr Michel van Elk Chairman C. Repurchase transactions (opérations à réméré) Director and Head of Marketing and Sales ING Investment Management (Europe) B.V. The Company may participate in repurchase agreements (opérations à 15 Prinses Beatrixlaan, The Hague 2595 AK, The Netherlands réméré) which consist of the purchase and sale of securities, whereby the clauses of the agreement entitle the seller to repurchase the - Mr Jonathan Atack securities sold from the buyer at a price and date agreed between the Chief Financial and Risk Officer two parties upon the conclusion of the agreement. ING Investment Management (Europe) B.V. 15 Prinses Beatrixlaan, The Hague 2595 AK, The Netherlands The Company may act either as buyer or seller in repurchase transactions. Their participation in such transactions is, however, subject - Mr David Eckert to the following rules: Chief Operating Officer ING Investment Management (Europe) B.V. 1. The Company may only purchase or sell securities under a 15 Prinses Beatrixlaan, The Hague 2595 AK, The Netherlands repurchase agreement if the counterparties in these transactions are first-rate financial institutions specialising in such transactions. - Mr Bruno Springael Managing Director 2. During the term of a repurchase agreement the Company may not ING Investment Management Belgium sell the securities covered by the agreement before the counterparty 24 avenue Marnix, Brussels 1050, Belgium has exercised its right to repurchase the securities or before the repurchase term has expired. - Mrs Maaike van Meer Head of Legal Services 3. Where the Company is open to redemptions, it shall limit the ING Investment Management (Europe) B.V. number of repurchase agreements in which it participates in order to 15 Prinses Beatrixlaan, The Hague 2595 AK, The Netherlands ensure it can meet its redemption obligations at all times. The Board of Directors of the management company has appointed the The Company may engage in repurchase agreements on a regular following persons as managers of the company: basis. - Mr Johannes Boltjes Manager Account and Implementation Management ING Investment Management (Europe) B.V. 15 Prinses Beatrixlaan, The Hague 2595 AK, The Netherlands 102 ING INVESTMENT MANAGEMENT
  • 103. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll - Mr Maurice Hannon - ING Investment Management Asia Pacific (Hong Kong) Ltd is a Head of Legal, Compliance & Domiciliation company that belongs to the ING Group which has its registered ING Investment Management Luxembourg S.A. office at 39/F One International Finance Centre, 1 Harbour View 52 route d'Esch, L-1470 Luxembourg Street, Central, Hong Kong. This company is a recognised investment adviser and dealer. The corporate object of ING Investment Management Luxembourg S.A. is the collective portfolio management of Luxembourg and/or foreign - ING Investment Management Belgium , which has its registered UCITS approved in accordance with Directive 85/611/EEC, as office at 24 Avenue Marnix, 1000 Brussels, is a Belgian public amended, as well as other Luxembourg or foreign UCIs which do not fall limited company (société anonyme). ING Investment Management within the scope of this directive, with the management of its own assets Belgium is the new name, since 30 January 2003, of the asset remaining an ancillary activity. The activities of collective portfolio management company of ING Belgique SA, formerly Caisse Privée management of UCITS and UCIs include in particular: Banque (ING Investment Management (Brussels)). It is a recognised asset manager. 1. Portfolio management: in this respect, ING Investment Management Luxembourg S.A. may, on behalf of the UCITS and/or other UCIs - ING Investment Management Co. (formerly called "Aeltus under management, provide advice and recommendations regarding Investment Management, Inc.") is a company that belongs to the the investments to be made, enter into contracts, purchase, sell, ING Group which has its registered office at 230, Park Avenue, New exchange and deliver any transferable securities and any other York, NY 10169. This company provides analysis of the US capital assets, and may exercise the voting rights attached to the market, investment advice and the management of portfolios which transferable securities constituting the assets of such UCITS and/or invest primarily in securities issued by US companies. other UCIs on their behalf. This list is not exhaustive but rather indicative. 2. Central administration of UCITS and UCIs: this consists in carrying VII. Custodian, Paying Agent, Registrar Transfer out the tasks listed in annex II of the Law of 20 December 2002 on Agent and Administrative Agent undertakings for collective investment, in particular, valuating the portfolio and determining the value of shares and/or units of UCITS A. Custodian and Paying Agent and UCIs, the issue and redemption of shares and/or units of UCITS On 1 June 2002, the Company entered into an agreement with ING and UCIs, maintaining the register of UCITS and UCIs and keeping records of transactions. This list is not exhaustive but rather Luxembourg S.A. for an unlimited period of time, under the terms of which the latter was appointed as the custodian and main paying agent indicative. of the Company. Either party may terminate the agreement at any time 3. Marketing shares/units of UCITS and UCIs in Luxembourg or subject to prior written notice of 180 days. abroad. Pursuant to the custodian agreement, ING Luxembourg S.A. will receive In compliance with the legislation and regulations currently in force and a fee payable by each of the Company sub-funds as indicated in with the approval of the Board of Directors of the Company, ING Chapter III “Fees, expenses and taxation” of Part I of this prospectus, Investment Management Luxembourg S.A. is authorised to delegate all under Section A “Fees payable by the Company”. or part of its duties to other companies that it deems appropriate, on As the custodian, ING Luxembourg S.A. fulfils the customary obligations condition that ING Investment Management Luxembourg S.A. remains responsible for the acts and omissions of these delegates as regards and duties regarding the deposit of cash, transferable securities and other Company assets. It also performs the tasks provided for in Article the tasks entrusted to it, as if these acts and omissions had been 34 of the Law of 20 December 2002 on undertakings for collective carried out by ING Investment Management Luxembourg S.A. itself. The present prospectus will be updated in the event of any such delegation. investment. The custodian may, under its own responsibility, entrust all or part of the assets held on deposit to other banking institutions or In the event of special delegation that is not specified in the simplified prospectus or in the current Part III of the full prospectus, the sub-funds’ financial intermediaries. factsheets will make specific reference to it. In particular, the custodian must ensure that: 1. the sale, issue, redemption and cancellation of shares effected by or B. Management fee on behalf of the Company are executed in compliance with the law In accordance with the terms and conditions of the nomination of ING and with its Articles; Investment Management Luxembourg S.A. by the SICAV, the latter will 2. in transactions involving the Company’s assets, the proceeds are pay ING Investment Management Luxembourg S.A. an annual remitted within the customary deadlines; and management fee calculated on the average net assets of the sub-fund, as described in the factsheet relating to each sub-fund. This fee is 3. Company profits are allocated in accordance with the Articles. payable monthly in arrears. All assets and cash belonging to the Company are entrusted to the custodian. VI. Portfolio Managers In accordance with normal banking practice, the custodian may, under its responsibility, entrust part of the Company’s assets to ING Investment Management Luxembourg S.A. may entrust, at its own correspondents. expense, the management of the different Company sub-funds’ assets to one or more of the portfolio managers listed below. The portfolio Any actions relating to the sale of the Company’s assets will be managers are listed in each sub-fund factsheet. performed by the custodian on the instructions of the Company. These may include: As the main paying agent, ING Luxembourg S.A. is responsible for the distribution of income and dividends to the shareholders. - ING Asset Management B.V. , with registered office at Princes Beatrixlaan 15, The Hague, has as its main object the management ING Luxembourg S.A. is a credit institution incorporated on 15 of assets of undertakings for collective investment. September 1960 for an indefinite period in the form of a public limited company (société anonyme), whose registered office is located at 52 route d'Esch, Luxembourg. ING INVESTMENT MANAGEMENT 103
  • 104. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll B. Registrar and transfer agent Registered shares may be converted into bearer shares and vice versa, at the request and cost of the shareholder, with the exception of the ING Luxembourg S.A., as registrar and transfer agent, is, in particular, registered shares of classes reserved for institutional investors, which responsible for the issue and sale of Company shares, maintaining the may not, in principle, be converted into bearer form. register of shareholders and the transfer of the Company’s shares to shareholders, agents and third parties. Physical bearer shares may be issued in certificates of different denominations. If a holder of bearer shares wishes to obtain C. Administrative agent denominations different from those already held, they may be required to pay the exchange cost. ING Investment Management Luxembourg S.A. has been entrusted with the administration of the Company. ING Investment Management Luxembourg S.A., in its capacity as IX. Net asset value administrative agent, is responsible for ensuring the correct calculation The net asset value of the shares of each share class for each sub-fund of the net asset value in accordance with the prospectus and the of the Company will be expressed in the currency decided upon by the Articles and for the execution of all the legal and administrative Board of Directors. In principle, this net asset value will be determined formalities required by Luxembourg law and regulations. at least twice a month. The Board of Directors will decide the valuation days (hereinafter called VIII. Shares the “Valuation Day”) and the methods used to publish the net asset value, in accordance with the legislation in force. The share capital of the Company is at all times equal to the assets represented by the outstanding shares of the different Company sub- Valuation Day: for each sub-fund, is the day on which the net asset funds. value per share of such sub-fund is determined. Any natural person or legal entity may acquire Company shares in A Valuation Day is a bank business day as more particularly described accordance with the provisions of Chapter II “Subscriptions, in each sub-fund’s factsheet, for which the preceding bank business day redemptions and conversions” of Part I of the prospectus. is not a day on which any exchange or market on which a substantial portion of the relevant sub-fund’s investments is traded, is closed or The shares are issued without nominal value and must be fully paid up while dealings on any such exchange or market are restricted or upon subscription. When new shares are issued, existing shareholders suspended. Requests for issue, redemption and conversion of shares of do not benefit from any preferential subscription rights. any class are accepted by the Company on any bank business day in The Board of Directors may issue one or more share classes for each Luxembourg. A list of non Valuation Days will be available from the sub-fund. These may be reserved for a particular group of investors, e. Management Company on request. g. investors from a specific country or region or institutional investors. Details of the frequency of calculation of the net asset value are given in The share classes may differ from another one with regard to their cost each sub-fund factsheet. structure, the initial investment amount, the currency in which the net 1. The Company's assets include: asset value is expressed or any other feature. The Board of Directors may impose initial investment obligations with regard to investments in a a. all cash in hand or on deposit, including any interest accrued certain share class, a specific sub-fund or in the Company. and outstanding; Capitalisation and distribution shares may exist within each class. b. all bills and promissory notes receivable and receivables, Details can be found in the sub-fund factsheets. including any outstanding proceeds of sales of securities; Other classes may be created by the Board of Directors which decides c. all securities, equities, bonds, term bills, preferred shares, on their names and features. These other classes are specified in each options or subscription rights, warrants, money market of the sub-fund factsheets containing these new classes. instruments and any other investments and transferable securities held by the Company; Whenever dividends on distribution shares are distributed, the portion of net assets of the share class to be allocated to distribution shares will d. all dividends and distributions payable to the Company either in subsequently be reduced by an amount equal to the amounts of the cash or in the form of stocks and shares (the Company may, dividends distributed, thus leading to a decrease in the percentage of however, make adjustments to take account of any fluctuations net assets allocated to distribution shares, whereas the portion of the in the market value of transferable securities caused by net assets allocated to capitalisation shares will remain the same. practices such as ex-dividend or ex-right trading); Any payment of dividends results in an increase in the ratio between the e. all interest accrued and to be received on any interest-bearing value of capitalisation shares and the value of distribution shares of the securities belonging to the Company, unless this interest is share class and sub-fund concerned. This ratio is known as parity. included in the principal amount of such securities; Within a single sub-fund, all the shares have equal rights with regard to f. the Company's formation costs, to the extent that these have dividends as well as liquidation and redemption proceeds (subject to the not yet been amortised; respective rights of distribution and capitalisation shares, taking the g. all other assets of whatever nature, including the proceeds of parity at the time into account). swap transactions and advance payments. The Company may decide to issue fractional shares. These fractional 2. The Company's liabilities include: shares do not confer any voting rights upon their holders, but do enable them to participate pro rata in the net assets of the Company. Only full a. all borrowings, bills due and accounts payable; shares, regardless of their value, carry a voting right. In the event that b. all known liabilities, whether due or not, including all matured bearer shares are issued, only certificates representing whole shares contractual liabilities payable either in cash or in the form of may be issued. assets, including the amount of any dividends declared by the Shares are issued in registered or bearer form (physical or in book-entry Company but not yet paid; form), depending on the choice of the shareholder, unless otherwise c. all provisions for capital gains tax and income tax up to the stated in the sub-fund factsheets and with the exception of share Valuation Day and any other provisions authorised or approved classes reserved for institutional investors, which are in principle issued by the Board of Directors; in registered form only. 104 ING INVESTMENT MANAGEMENT
  • 105. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll d. all of the Company’s other liabilities regardless of their nature which the valuation of an investment fund was calculated does with the exception of those represented by shares of the not coincide with the valuation day of the sub-fund in question, Company. In order to determine the amount of such liabilities and such valuation is determined to have changed substantially the Company will take into account all expenses payable by the since its calculation, the net asset value may be adjusted to Company which will include formation costs, fees payable to the reflect these changes as determined in good faith by the Board management company, fees payable to portfolio managers or of Directors. advisors, accountants, the custodian and correspondents, the f. the valuation of swaps is based on their market value, which administrative agent, registrar, transfer agent and paying itself depends on various factors such as the level and volatility agents, distributors and permanent representatives based in the of the underlying indices, market interest rates or the residual countries in which the Company is registered and any other duration of the swap. Any adjustments required as a result of agent employed by the Company, costs related to legal issues and redemptions will be carried out by means of an assistance and auditing services, promotion, printing, reporting increase or decrease in the swaps, traded at their market value. and publishing expenses, including the cost of advertising, preparing and printing prospectuses, explanatory memoranda, g. the valuation of derivatives traded over-the-counter (OTC), such registration statements, annual and semi-annual reports, taxes as futures, forwards or options not traded on a stock exchange or other levies, and all other operating expenses, including fees or another regulated market, will be based on their net for buying and selling assets, interest, bank and brokerage liquidation value determined in accordance with the policies charges, postage, telephone and telex charges. The Company established by the Board of Directors, in a manner consistently may calculate administrative fees and other expenses of a applied for each type of contract. The net liquidation value of a regular or recurring nature in advance on the basis of an derivative position corresponds to the unrealised profit/loss with estimated figure for one year or other periods and may fix, in respect to the relevant position. This valuation is based on or advance, proportional fees for any such periods. controlled by the use of a model recognised and commonly practiced on the market. 3. The value of assets will be determined as follows: h. the value of other assets will be determined prudently and in a. any cash in hand or on deposit, lists of bills for discount, bills good faith by the Board of Directors in accordance with and sight bills, receivables, prepaid expenses, cash dividends generally accepted valuation principles and procedures. and interest declared or accrued as aforesaid and not yet received will be valued taking their full value into account, The Board of Directors may, at its complete discretion, authorise an unless it is unlikely that such amount will be paid or received in alternative valuation method to be used if it considers that such a full, in which case the value thereof will be determined by valuation better reflects the fair value of any asset of the Company. applying a discount that the Board of Directors deems The valuation of the Company's assets and liabilities expressed in appropriate in order to reflect the true value of the asset; foreign currencies will be converted into the currency of the sub-fund b. the valuation of Company assets will, for transferable securities concerned, based on the last known exchange rate. and money market instruments or derivatives admitted to an All regulations will be interpreted and valuations carried out in official stock exchange or traded on any other regulated market, accordance with generally accepted accounting principles. be based on the last available price on the principal market on which these securities, money market instruments or derivatives Adequate provisions will be established for each sub-fund for the are traded, as provided by a recognised listing service approved expenses incurred by each sub-fund of the Company and any off- by the Board of Directors. If such prices are not representative balance sheet liabilities shall be taken into account in accordance with of the fair value, these securities, money market instruments or fair and prudent criteria. derivatives as well as other authorised assets will be valued on For each sub-fund and for each share class, the net asset value per the basis of their foreseeable sale prices, as determined in good share will be determined in the calculation currency of the net asset faith by the Board of Directors; value of the relevant class, by a figure obtained by dividing, on the c. securities and money market instruments which are not listed or Valuation Day, the net assets of the share class concerned, comprising traded on any regulated market will be valued based on the last the assets of this share class less any liabilities attributable to it, by the available price, unless such price is not representative of their number of shares issued and outstanding for the share class true value; in this case, the valuation will be based on the concerned. foreseeable sale price of the security, as determined in good If both distribution and capitalisation shares are available for a share faith by the Board of Directors; class, the net asset value of a distribution share of a given share class d. the amortised cost valuation method may be used for short-term will at all times be equal to the amount obtained by dividing the portion transferable securities of certain sub-funds of the Company. of net assets of this share class attributable to all the distribution shares This method involves valuing a security at its cost and thereafter by the total number of distribution shares of this class issued and assuming a constant amortisation to maturity of any discount or outstanding. premium regardless of the impact of fluctuating interest rates on Similarly, the net asset value of an capitalisation share of a given share the market value of the security. While this method provides a class will at all times be equal to the amount obtained by dividing the fair valuation, the value determined by amortised cost may portion of net assets of this share class attributable to all the sometimes be higher or lower than the price the sub-fund would capitalisation shares by the total number of capitalisation shares of this receive if it were to sell the securities. For some short-term class issued and outstanding. transferable securities, the return for a shareholder may differ somewhat from the return that could be obtained from a similar Any share that is in the process of being redeemed pursuant to Chapter sub-fund which values its portfolio securities at their market II “Subscriptions, redemptions and conversions” of Part I of the value. prospectus (“Essential information regarding the Company”) will be treated as an issued and existing share until the close of the Valuation e. the value of investments in investment funds is calculated on Day applicable to the redemption of this share and, until such time as the last available valuation. Generally, investments in the redemption is settled, it will be deemed a Company liability. investment funds will be valued in accordance with the methods laid down for such investment funds. These valuations are usually provided by the fund administrator or the agent in charge of valuations of this investment fund. To ensure consistency in the valuation of each sub-fund, if the time at ING INVESTMENT MANAGEMENT 105
  • 106. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Any shares to be issued by the Company in accordance with 4. where factors relating inter alia to the political, economic, military or subscription requests received shall be treated as being issued with monetary situation, and which are beyond the control, responsibility effect from the close of the Valuation Day on which their issue price was and operational ability of the Company, prevent it from disposing of determined, and this price will be treated as an amount payable to the its assets and determining their net asset value in a normal or Company until such time as it is received by the latter. reasonable way; Insofar as possible, any purchases or sales of transferable securities 5. following any decision to dissolve one, several or all sub-funds of contracted by the Company will be processed on the Valuation Day. the Company; Large transactions in or out of a sub-fund can create “dilution” of a 6. where the market of a currency in which a significant portion of the fund’s assets because the price at which an investor buys or sells assets of one or more sub-funds is expressed is closed for periods shares in a sub-fund may not entirely reflect the dealing and other costs other than normal holidays, or where trading on such a market is that arise when the portfolio manager has to trade in securities to either suspended or subject to restrictions; accommodate large cash inflows and outflows. In order to counter this 7. to establish exchange parities in the context of a merger, and enhance the protection of existing shareholders, the mechanism contribution of assets, split or any restructuring operation, within or known as “Swinging Single Pricing” (SSP) may be applied as of net by one or more sub-funds. capital movement is greater than a threshold determined by the board of directors. Existing investors will no longer have to indirectly bear these Furthermore, in order to prevent Market Timing opportunities arising transactions costs because with SSP the charge of the transaction costs when a net asset value is calculated on the basis of market prices which is directly integrated into the calculation of the net asset value, with are no longer up-to-date, the Board of Directors is authorised to these costs borne by incoming and outgoing investors. By using SSP, temporarily suspend the issue, redemption and conversion of shares of the net asset value of the relevant sub-fund is adjusted when the one or several sub-funds when the stock exchanges or regulated threshold is reached by an amount, called the “swing factor”, to markets that provide the prices for a significant portion of the assets of compensate transactions costs resulting from the net capital flows one or several sub-funds are closed. (difference between in and outflows). Where there are net capital In all the above cases, the requests received will be executed at the first inflows, the swing factor is added to the net asset value to take account net asset value applicable upon the expiry of the suspension period. of subscriptions of fund shares, where there are net outflows, the swing factor is deducted from the net asset value to take account of shares In exceptional circumstances which may have an adverse effect on the redemptions. In both cases, the same net asset value applies to all interests of shareholders, in the event of large volumes of subscription, incoming and outgoing investors on a particular date. redemption or conversion requests or in the event of a lack of liquidity on the markets, the Board of Directors reserves the right to set the net All sub-funds of the Company may be included in the Swinging Single asset value of the Company shares only after carrying out the required Pricing. purchases and sales of securities on behalf of the Company. In this The Company's net assets will be equal to the sum of the net assets of case, any subscriptions, redemptions and conversions simultaneously all the sub-funds, where applicable converted into the Company’s pending will be executed on the basis of a single net asset value. consolidation currency, on the basis of the last known exchange rates. The suspension of the calculation of the net asset value and/or the In the absence of bad faith, gross negligence or manifest error, any issue, redemption or conversion of shares of one or more sub-funds will decision regarding the calculation of the net asset value taken by the be announced by any appropriate means and more specifically by Board of Directors, or by any bank, company or other organisation publication in the press, unless the Board of Directors feels that such a appointed by the Board of Directors for the purpose of calculating the publication is not useful in view of the short duration of the suspension. net asset value, shall be final and bind the Company and present, Such a suspension decision will be notified to any shareholders former or future shareholders. requesting the subscription, redemption or conversion of shares. X. Suspension of the calculation of the net asset XI. Periodic reports value and/or the issue, redemption and conversion of shares. Annual reports, including accounting data, will be certified by the Auditor and semi-annual reports will be made available to shareholders at the The Board of Directors is authorised to temporarily suspend the registered offices of the custodian and other establishments responsible calculation of the value of the assets and of the net asset value per for financial services, as well as at the Company’s registered office. share of one or several sub-funds and/or the issue, redemption and The annual reports will be published within four months of the end of the conversion of shares in the following cases: financial year. 1. in the event of the closure, for periods other than normal holidays, of Semi-annual reports will be published within two months of the end of a stock exchange or other regulated market that operates regularly, is recognised and open to the public and provides the listings for a the half year. significant portion of the assets of one or more sub-funds, or in the These periodic reports contain all the financial information relating to event that transactions on such markets are suspended, subject to each of the Company sub-funds, the composition and evolution of their restrictions or impossible to execute in the required quantities; assets and the consolidated situation of all the sub-funds, expressed in euro. 2. where there is a breakdown in the methods of communication normally used to determine the value of investments of the Company or the current value on any investment exchange or when, for any reason whatsoever, the value of investments cannot XII. General meetings be promptly and accurately ascertained; The annual general meeting of shareholders will be held in Luxembourg, 3. where exchange or capital transfer restrictions prevent the execution either at the Company's registered office or at any other location in of transactions on behalf of one or more sub-funds or where Luxembourg specified in the convening notice, at the date and time purchases and sales made on its behalf cannot be executed at indicated in Part I: Essential information regarding the Company. normal exchange rates; Other general meetings, for one or several sub-funds, may be held at the place and date specified in the convening notice. 106 ING INVESTMENT MANAGEMENT
  • 107. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Convening notices of ordinary and extraordinary general meetings will the share class or classes concerned may continue to request the be published in the countries in which the shares are available to the redemption of their shares free of charge (but taking into account the public and are required by the legislation of these countries. In sale prices of investments and expenses relating thereto) prior the Luxembourg, in the case of ordinary meetings, the convening notices effective date of the compulsory redemption. will be published in the Mémorial and in a Luxembourg newspaper and, Notwithstanding the powers conferred on the Board of Directors by the in the case of extraordinary meetings, in the Mémorial and in a preceding paragraph, the general meeting of shareholders of the class Luxembourg newspaper (first meeting) or in two Luxembourg or classes of shares issued in any sub-fund may, under all newspapers (if the first meeting is not competent to pass resolutions). circumstances and upon proposal by the Board of Directors, redeem all Letters will be sent to registered shareholders at least eight days before the shares of the relevant class or classes issued in this sub-fund and the meeting, without having to prove that this formality has been fulfilled. refund to the shareholders the net asset value of their shares (taking When all the shares are registered shares, the meetings may be into account the sale prices of investments and expenses relating convened by registered letter alone. thereto) calculated on the Valuation Day on which such decision takes Notices to attend any general meeting will contain the agenda. effect. There will be no quorum requirements for such general meetings of shareholders and resolutions may be passed by a simple majority Each share, regardless of its value, confers the right to one vote. vote of those present or represented and voting at such meetings. Fractional shares do not carry voting rights, but do entitle their holder to distribution and liquidation proceeds. Assets which could not be distributed to their beneficiaries at the time of the redemption will be deposited with the custodian for a period of six The participation, quorum and majority required for any general meeting months following the redemption; after such period, the assets will be are those stipulated by Articles 67 and 67-1 of the Luxembourg Law of deposited with the Caisse de Consignation on behalf of the 10 August 1915 and in the Company’s Articles. beneficiaries. The meeting may be held abroad if the Board of Directors considers that Under the same circumstances as those described in the first paragraph exceptional circumstances require it. of this Chapter, the Board of Directors may decide to allocate the assets of a given sub-fund to another sub-fund within the Company or to another Luxembourg undertaking for collective investment created XIII. Dividends according to the provisions of Council Directive 85/611/EEC, as For distribution shares, the payment of a dividend will be made in amended, or a sub-fund of such other undertaking for collective compliance with the stipulations of each of the sub-fund factsheets. investment (the "new sub-fund") and to re-designate the shares of the class or classes concerned as shares of the new sub-fund (following a The general meeting will set the amount of the dividend on the split or consolidation, if necessary, and the payment of any amounts recommendation of the Board of Directors, within the framework of the corresponding to fractional shares to shareholders). Such decision will legal limits and those of the Articles in this regard, it being understood be published in the same manner as described in the first paragraph of that the Board of Directors may distribute interim dividends. this chapter one month before the effective date (and, in addition, the A dividend may be distributed regardless of any realised or unrealised publication will contain the characteristics of the new sub-fund), in order capital gains or losses. to allow shareholders to request the redemption of their shares free of charge during such period. Shareholders who have not requested the However, no distribution may have the effect of reducing the capital of redemption of their shares will be legally transferred to the new sub- all the sub-funds of the Company to an amount below the minimum fund. capital specified by the Law of 20 December 2002. Notwithstanding the powers conferred on the Board of Directors by the In accordance with the Law, the Board of Directors will determine the preceding paragraph, the general meeting of shareholders of a sub-fund dates and places where the dividends will be paid and the manner in may decide to contribute the assets and liabilities attributable to said which their payment will be announced to shareholders. sub-fund to another sub-fund within the Company. There will be no No interest will be paid to the shareholder on the dividend amounts to quorum requirements for such general meetings and resolutions may be be paid. passed by a simple majority vote of those present or represented and voting at such meetings. Dividends not claimed within five years of the payment date shall be forfeited and will revert to the relevant sub-fund of the Company. Furthermore, in circumstances other than those described in the first paragraph of this Chapter, the contribution of the assets and liabilities attributable to a given sub-fund to another undertaking for collective XIV. Liquidations, mergers and contributions of sub- investment referred to in the fourth paragraph of this Chapter or to another sub-fund within such other undertaking for collective investment funds or share classes must be approved by a decision taken by the shareholders of the class If the value of the assets of a sub-fund or any share class within a sub- or classes of shares issued in the relevant sub-fund. There will be no fund has decreased to, or has not reached, an amount determined by quorum requirements for such general meetings of shareholders and the Board of Directors to be the minimum level needed for such a sub- resolutions may be passed by a simple majority vote of those present or fund or class to operate in an economically efficient manner, or in the represented and voting at such meetings. event of a substantial change in the political, economic or monetary In the event that this merger is carried out with a contractual situation, or in the framework of an economic restructuring, the Board of Luxembourg undertaking for collective investment (fonds commun de Directors may decide to redeem all the shares of the relevant class or placement) or with a foreign-based undertaking for collective classes at the net asset value per share (taking into account the sale investment, the resolutions passed by the meeting shall only bind the prices of investments and expenses relating thereto) calculated on the shareholders who voted in favour of the merger. Valuation Day on which such decision takes effect. The Company will send a notice to the shareholders of the relevant share class or classes prior to the effective date of the compulsory redemption. This notice will indicate the reasons for this redemption and the procedures to be XV. Dissolution of the Company followed. Registered shareholders will be notified in writing. The The Company may be dissolved by a decision taken at the general Company will inform holders of bearer shares by publishing a notice in meeting ruling in the same manner as for the amendment of the the newspapers to be determined by the Board of Directors. Unless Articles, as provided for under the law. otherwise decided in the interests of, or in order to ensure equal treatment between shareholders, the shareholders of the sub-fund or ING INVESTMENT MANAGEMENT 107
  • 108. FULL PROSPECTUS LUXEMBOURG - SEPTEMBER 2009 ING (L) RENTA FUND llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Any decision to dissolve the Company, together with the liquidation Furthermore, the Company must identify the source of the funds in the procedures, will be published in the Mémorial and in three newspapers event that the sources are financial establishments that are not subject with sufficiently wide distribution, at least one of which will be a to identification requirements equivalent to those required under Luxembourg newspaper. Luxembourg law. Subscriptions may be temporarily blocked until the source of the funds has been identified. As soon as the general meeting of shareholders has decided to dissolve the Company, the issue, redemption and conversion of shares will be It is generally accepted that financial sector professionals residing in prohibited, any such transactions being rendered void. countries that have adhered to the conclusions of the GAFI report (Groupe d'Action Financière sur le blanchiment de capitaux – Financial If the share capital falls to below two-thirds of the minimum capital Action Task Force on Money Laundering) are deemed to have required by law, a general meeting convened by the Board of Directors, identification requirements equivalent to those required by Luxembourg which will propose the dissolution of the Company, will be held within law. forty days of this fact coming to light. The meeting for which no quorum shall be required shall decide by simple majority of the votes of the shares represented. XVIII. Conflicts of Interests If the share capital of the Company falls to below one fourth of the minimum capital, the Directors must propose the Company’s dissolution The management company, portfolio managers and any investment to a general meeting within the same timeframe; in such an event the advisers, the custodian, the paying agent, the administrative agent, the general meeting shall deliberate without any quorum requirement and registrar and the transfer agent, together with their subsidiaries, the dissolution may be decided upon by the shareholders holding one- directors, managers or shareholders (collectively the “Parties”) are, or fourth of the votes of the shares represented at the meeting. may be, involved in other professional and financial activities that are liable to create a conflict of interests with the management and In the event of the dissolution of the Company, the liquidation shall be administration of the Company. This includes the management of other carried out by one or more liquidators, who may be natural persons or funds, the purchase and sale of securities, brokerage services, custody legal entities and who shall be appointed by the general meeting of of securities and the fact of acting as a director, manager, advisor or shareholders. The latter will determine their powers and compensation. representative of other funds or companies in which the Company may The liquidation will take place in accordance with the Law of 20 invest. December 2002 on undertakings for collective investment, specifying Each Party respectively undertakes to ensure that the execution of their the distribution amongst the shareholders of the net liquidation proceeds obligations vis-à-vis the Company is not compromised by such after deduction of liquidation costs; the liquidation proceeds shall be involvement. In the event that a conflict of interests becomes apparent, distributed to shareholders in proportion to their rights, taking parities the Directors and the Party concerned undertake to resolve this in an into due consideration. equitable manner within a reasonable period of time and in the interests On completion of the liquidation of the Company, the sums that have not of the shareholders. been claimed by the shareholders will be paid into the Caisse des Consignations, which will hold said sums at their disposal for the period contemplated by the law. After the expiry of this period, the balance will XIX. Nominees revert to the State of Luxembourg. ING Investment Management Luxembourg S.A. may decide to appoint Nominees within the framework of the distribution of Company shares in countries where they will be marketed. Certain Nominees may not offer XVI. Stopped securities their clients all the sub-funds or share classes or the option to make The system is that provided for under the Luxembourg Law of 3 subscriptions or redemptions in all currencies. For more information on September 1996 concerning the involuntary dispossession of bearer this, the clients concerned are invited to consult their Nominee. securities. This Law provides for the issue, under certain conditions, of Where the issue of registered shares is available and where the duplicates of stopped securities. intervention of a Nominee is an integral part of the marketing mechanism, relations between the Company, ING Investment Management Luxembourg S.A., the Nominee, ING Luxembourg and the XVII. Prevention of money laundering and the investors must be stipulated in a contract that specifies the respective financing of terrorism obligations of the parties involved. The Company and ING Investment Management Luxembourg S.A. will ensure that the Nominees they have Within the context of the fight against money laundering and the chosen are sufficiently guaranteed to duly carry out their obligations with financing of terrorism, the Company and/or ING Investment regard to investors using their services. Management Luxembourg S.A. will ensure that the relevant Luxembourg legislation is complied with and that the identification of Furthermore, the intervention of a Nominee is subject to compliance subscribers will be carried out in Luxembourg in accordance with the with the following conditions: regulations currently in force in the following cases: 1. investors must have the possibility of investing directly in the sub- 1. in the event of direct subscription to the Company; fund of their choice without using the Nominee as an intermediary; 2. in the event of subscription through a financial sector professional 2. contracts between the Nominee and investors must contain a residing in a country that is not subject to identification requirements termination clause that confers on the investor the right to claim, at equivalent to Luxembourg standards with regard to the fight against any time, direct ownership of the securities subscribed through a money laundering and the financing of terrorism; Nominee. 3. in the event of subscription through a subsidiary or branch whose It is understood that the conditions laid down in 1 and 2 above will not parent company is subject to identification requirements equivalent be applicable in the event that the use of the services of a Nominee is to those under Luxembourg law, if the law applicable to the parent essential, and even mandatory, for legal, regulatory or restrictive company does not oblige it to ensure compliance with these practice reasons. provisions for its subsidiaries and branches. In the event that a Nominee is appointed, it must apply the procedures for fighting money laundering and the financing of terrorism as laid out in Chapter XVII above. 108 ING INVESTMENT MANAGEMENT
  • 109. ING (L) RENTA FUND LUXEMBOURG - SEPTEMBER 2009 FULL PROSPECTUS llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Nominees are not authorised to delegate all or part of their duties and powers. ING INVESTMENT MANAGEMENT 109
  • 110. For additional information please contact: ING Investment Management P.O. Box 90470 2509 LL The Hague The Netherlands Tel. +31 70 378 1800 e-mail: fundinfo@ingim.com or www.ingim.com