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ING to Close International Value Fund by End of Ju

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June 14, 2002 — ING Funds said that its ING International Value Fund/A (NIVAX) will be closed to new investors on June 30 “or sooner if the total assets of the fund increase to a level of 110% of the level of assets as of April 30 (which totaled $3.28 billion). According to ING, the fund had $3.445-billion in net assets at close of business on June 13.

ING explained that the decision to close the fund arose from a determination by its sub-adviser, Brandes International Partners LP, “that there are capacity restraints on the international value discipline that will affect the firm’s ability to effectively and efficiently manage significantly larger assets without a potential negative impact on the performance of the fund.”

ING indicated that the closure “is entirely related to asset investment capacity and is in no way a reflection of the comfort level we have in Brandes’ ability to manage money.”

Year-to-date through June 13, the fund has edged up 0.23%, after dropping 13.33% on calendar 2001.