The board of the ING High Yield Opportunity Fund unanimously voted to fold the fund into ING's High Yield Bond Fund in a meeting on June 3.

"The reorganizations are designed to reduce the substantial overlap in funds offered in the ING Funds complex, thereby eliminating inefficiencies and potential confusion about overlapping funds. ING Investments also believes that the reorganizations may benefit Fund shareholders by resulting in surviving funds with a greater asset base," officials stated in a July 2 SEC filing.

Shareholders will vote on the proposal on October 7.

Both funds are managed by Greg Jacobs and Kurt Kringelis of ING Investment Management.

High Yield Opportunity fund had $270.8 million in assets at the end of March, while the High Yield Bond fund had $73.5 million in assets on March 31. 

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