NU Online News Service, July 6, 12:23 p.m. – ING Pilgrim Investments L.L.C., Scottsdale, Ariz., a subsidiary of the ING Groep N.V., Amsterdam, has introduced the Pilgrim Principal Protection Fund, a mutual fund that will invest in a mix of stocks and bonds and guarantee return of principal for five years.
The guarantee is backed by MBIA Insurance Corp., Armonk, N.Y., ING Pilgrim says.
To take advantage of the principal guarantee, investors must invest in the fund by Oct. 3, ING Pilgrim says.
Shareholders who keep their shares until Oct. 3, 2006, reinvest all dividends and capital gains distributions, and refrain from making transfers or redemptions, can get back at least as much as they had in the account Oct. 4, 2001, minus some fund expenses, ING Pilgrim says.
The fund is designed for investors who are seeking long-term growth plus some protection against downturns in the market, ING Pilgrim says.
ING Pilgrim has hired Aeltus Investment Management Inc., another ING Groep subsidiary, to serve as the fund investment sub-advisor.
The minimum investment is $1,000.