June 19, 2003

Navellier Replaced on ING Fund

June 18, 2003 -- ING Funds has replaced Louis Navellier as manager of the ING Growth Plus Value Fund/A (NSGVX) with a pair of its own portfolio managers.

Matthew Price and David Campbell, who run three other ING funds, took over Growth Plus Value on Monday. A spokesman for the fund company said it made the switch primarily to take advantage of in-house talent.

"The opportunity to tap into that expertise when it's in-house is always preferred," the spokesman, Dana Ripley, said.

Price and Campbell have more than 50 years of experience in money management between them and have worked with each other for ten years, Ripley said. The two men also run ING Growth Opportunities Fund/A (NGRAX), ING Mid Cap Opportunities Fund/A (NMCAX) and ING Small Cap Opportunities Fund/A (NSPAX).

The Growth Plus Value fund suffered losses in each of the last three years, but has been up recently. Asked if the change in portfolio managers was related to the fund's performance, Ripley said the performance was "difficult to evaluate" in light of the stock market's losses from 2000 to 2002.

Navellier, who had run the ING fund since its inception in 1996, and who also manages his own funds under the Navellier name, could not immediately be reached for comment.

The ING Growth Plus Value fund returned 11.3% this year through last month, while its mid-cap growth fund peers were up 13.6%. The ING fund lost 27.5% on average for the three years ended in May, compared to a 14.3% loss by similar funds.

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