The company has recommended a managed wind-up of the funds after a dramatic fall in their value and expectations of continued market volatility.
The Diversified Yield Fund and Regular Income Fund were worth $520 million when they were frozen in March, while their current value is $274 million.
In November alone, unit values slumped by abound 30%.
The 8,000 investors will be asked to vote on the wind-up plan before next March.
As an up-front payment, $100 million will be distributed pro-rata among the 6.6 million units.
The fund assets will then be managed and sold, which ING says could take from one to five years.
Two smaller funds, the $27 million Enhanced Yield Fund and the $8 million Credit Opportunities Fund, have been frozen and will be wound up and sold.