ING Pilgrim Launches Second Principal Protection Fund

November 5, 2001( - ING Pilgrim Investments now offers the Pilgrim Principal Protection Fund II (PPPF II), designed for investors seeking long-term growth coupled with a period of guaranteed downside protection.

PPPF II is a mutual fund, investing in both fixed income and equities that offers a with a period of guarantee of principal, less sales charges and expenses- backed by MBIA Insurance Corp.

The guarantee period runs from February 1, 2002 to January 31, 2007, at the end of which, shareholder account values are guaranteed to be no less than their account value based on the NAV on the last day of the offering phase, less certain fund expenses, provided investors made no transfers or redemptions, and reinvested all dividends and capital gains distributions during the guarantee period.

The fund’s five-year guarantee period is open to investors only during the three-month offering phase, which ends on January 31, 2002.

At the end of the guarantee period, investors may choose to keep their balances invested in PPPF II, exchange assets into the same share classes of other Pilgrim Funds, or receive their PPPF II account balances in cash.

The new fund follows the first Pilgrim Principal Protection Fund, which drew $566 million in assets during its offering phase from July 5, 2001, to October 11, 2001.