Investment Management

Becoming Voya™ Investment Management in May 2014


Class A: XSIAX

Class C: XSICX

Class I: XSIIX

Class W: XSIWX

An Income Alternative to Fixed Rate Bonds

ING Senior Income Fund

Unlike fixed income securities, floating-rate loans adjust to changing interest rates, so they tend to hold their value and pay competitive income whether rates rise, fall or stay stable.

Morningstar Overall rating
Class I as of 12/31
For more information call 1 (800) 334-3444

The ING Senior Income Fund Offers


Senior Loans have outperformed in rising rate environments

Cumulative Performance June 2004-June 2006

Floating Rate vs. Fixed Rate when rates last rose

Source: Morningstar, Inc., as of 12/31/13 Past Performance is no guarantee of future results. Performance shown is historical and not indicative of any ING Fund’s performance and does not account for fees and expenses associated with investing in funds. An investor cannot invest directly in an index.

The ING Difference

Natural hedge against rising interest rates

Senior loan’s floating rates of interest react to changes in interest rates in the opposite way as bonds, thru helping investors diversify

One of the world's largest dedicated and most tenured senior loan teams

ING has one of the largest dedicated teams, which focuses on diversification, liquidity and prudent risk-taking at all points in the investment cycle

Typically 100% invested in senior secured bank loans

The Fund’s cash position actively managed through leverage to stay 100% invested in senior secured bank loans at all times

Meet the Manager

Dan Norman

Dan Norman, CFA

Group Head, Managed Fund since 2000

Jeff Bakalar

Jeff Bakalar, CFA

Group Head, Managed Fund since 2000

Insights you can use

In the enclosed video Jeff Bakalar provides insights on how you can use the Senior Loan asset class

The Overall Morningstar risk-adjusted return rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Morningstar Ratings are for the A and I share classes only; other classes may have different performance characteristics.

*Ratings and other statistics for load-waived Class A shares of the mutual fund reflect the investor experience for those investors who do not pay the funds’ front-end sales load. Load waived shares are typically only available through advisory accounts and may not be available to all investors. Rankings for other share classes may be lower due to inclusion of fees in performance rankings. For additional share class information, please visit Past performance is not indicative of future results.

The S&P/LSTA Leveraged Loan Index is an unmanaged total return index that captures accrued interest, repayments, and market value changes. The Index does not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an index.

"Investment Risks: The Fund invests primarily in below investment grade, floating rate senior loans that carry a higher than normal risk that borrowers may default the timely payment of principal and interest on their loans, which may likely cause the value of the Fund’s Common Shares to decrease. Changes in short-term market interest rates will directly affect the yield on the Fund’s Common Shares. If such rates fall, the Fund’s yield will also fall. If interest rate spreads on Fund’s loans decline in general, the yield on the Fund’s loans will fall and the value of the Fund’s loans may decrease. When short-term market interest rates rise, because of the lag between changes in such short term rates and the resetting of the floating rates on loans in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. Because of the limited secondary market for floating rate senior bank loans, the Fund’s ability to sell its loans in a timely fashion and/or at a favorable price may be limited. An increase in the demand for loans may adversely affect the rate of interest payable on new loans acquired by the Fund, and it may also increase the price of loans purchased by the Fund in the secondary market. A decrease in the demand for loans may adversely affect the price of loans in the Fund’s portfolio, which would cause the Fund’s NAV to decrease. The Fund’s use of leverage through borrowings can adversely affect the yield on the Fund’s Common Shares. Due to Limited Liquidity for Investors the Fund does not repurchase its shares on a daily basis and no market for the Fund’s Common Shares is expected to exist. If more than 5% of Common Shares are tender ed in any month, investors may not be able to completely liquidate their holdings in that month. The Fund may invest up to 20% of its assets in loans to borrowers in countries outside of the U.S. and Canada. Investment in foreign borrowers involves special risks, including potentially less rigorous accounting requirements, differing legal systems and potential political, social and economic adversity. The Fund may invest up to 15% of its assets in loans that are denominated in certain foreign currencies, however, the Fund will engage in currency exchange transactions to seek to hedge, as closely as practicable, 100% of the economic impact to the Fund arising from foreign currency fluctuations. Other risks of the Fund include but are not limited to: Borrowings; Preferred Shares; Diversification Risks; and Concentration Risks. Investors should consult the Fund’s Prospectus and Statement of Additional Information for a more detailed discussion of the Fund’s risks."

Past performance does not guarantee future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Class A Load Waived: 3 Yrs. 5 Stars (13/147 absolute ranking vs. no. of funds); 5 Yrs. 5 Stars (8/124); 10 Yrs. 3 Stars (10/45). Class I: 3 Yrs. 5 Stars (10/147); 5 Yrs. 5 Stars (1/124); 10 Yrs. - Stars (-).