Having accumulated $2 billion in three previous ING Principal Protection Funds, ING today is launching the Principal Protection Fund IV.
ING is making the fund available to investors through Sept. 30, at which time it will close to new investments. The fund will then go through a one-week quiet period ending Oct. 8. Whatever the NAV of the fund on that date, ING will guarantee investors at least that value through a five-year investment period ending Oct. 8, 2007 as long as they make no redemptions and reinvest all dividends and capital gains.
"With all the pressure on the market today, the value of investment guarantees cannot be underestimated," said Jim Hennessy, president and CEO of ING Funds. "ING Principal Protection Fund IV offers a high degree of safety in an investment vehicle for investors who have assets on the sidelines. For the five-year guarantee period, there is the potential to enjoy upside gain without the concerns of the initial investment eroding due to sluggish market conditions."