Fund Description

The fund was incepted in March 1998 and is managed by ING Investment. The fund seeks to provide a high level of current income and capital growth by investing in high yield debt securities. The fund, under normal conditions, invests at least 80% of its total assets in high yield, lower rated debt securities, which are commonly referred to as 'junk bonds', and convertible securities rated below investment grade (i.e., lower than the four highest rating categories), or of comparable quality if unrated. The fund may invest up to 35% of its total assets in equity securities of U.S. and foreign companies, including securities of companies in emerging markets. The fund is not restricted to investments in companies of any particular size, but currently intends to invest principally in companies with market capitalization above $100 million at the time of purchase. Dividends are distributed monthly. Capital gains, if any, are distributed annually.