ING Emerging Markets Local Bond Fund plans stock issue for investing

By Susanna Moon

Chicago, Dec. 16 - ING Emerging Markets Local Bond Fund registered to sell common shares in an N-2 filing with the Securities and Exchange Commission.

The fund said it will invest the proceeds in line with its investment objective and strategies. It expects to invest substantially all of the net proceeds within three weeks after the completion of the offering.

The initial registration is for 50,000 shares at $20 each.

ING Emerging Markets Local Bond Fund invests in a portfolio of fixed-income securities or derivatives with economic characteristics similar to fixed-income securities of sovereign, quasi-sovereign and corporate issuers located in emerging markets and denominated in the local currencies.

The Scottsdale, Ariz.-based fund will also normally seek to secure gains and enhance the stability of returns over a market cycle by writing call options on selected emerging market currency indexes, individual currencies or a subset of currencies of emerging market countries.

ING Investments, LLC is the fund's investment adviser.

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