Having accumulated $2 billion in three previous ING Principal Protection Funds, ING recently launched 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.
MBIA Insurance Corp. is insuring that value and Aeltus Investment Management, an ING subsidiary, is acting as investment sub-advisor.
"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. "The ING Principal Protection Fund IV offers a high degree of safety."