October 24, 2012
VIA EDGAR
U.S. Securities and Exchange Commission
100 F St. N.E.
Washington, D.C. 20549
| RE: | ING Separate Portfolios Trust |
(File Nos. 333-141111 and 811-22025)
(the Registrant)
Ladies and Gentlemen:
On behalf of ING Separate Portfolios Trust and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in a supplement, dated September 7, 2012, to ING SPorts Core Fixed Income Funds Prospectus dated July 31, 2012.
The purpose of the filing is to submit the 497(e) filing dated September 7, 2012 in XBRL for the ING SPorts Core Fixed Income Fund.
If you have any questions concerning the attached filing, please contact Jay Stamper at (480) 477-2660 or the undersigned at (480) 477-2649.
Regards,
| /s/ Paul A. Caldarelli |
| Paul A. Caldarelli |
| Vice President and Senior Counsel |
| ING Investment Management ING Funds |
| 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, AZ 85258-2034 |
Tel: 480-477-3000 Fax: 480-477-2700 www.ingfunds.com |
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IMPORTANT INFORMATION REGARDING A CHANGE IN PRINCIPAL INVESTMENT STRATEGIES FOR ING SPORTS CORE FIXED INCOME FUND
ING SEPARATE PORTFOLIOS TRUST ING SPorts Core Fixed Income Fund ("Fund")
Supplement dated September 7, 2012 to the Fund's Prospectus ("Prospectus") dated July 31, 2012
On September 6, 2012, the Fund's Board of Trustees approved a proposal changing the Fund's principal investment strategies, and changing the Fund's name to "ING Investment Grade Credit Fund" and re-designating the Fund's current share class to "Class SMA" shares. Effective on or about November 16, 2012, the Fund's Prospectuses are revised as follows:
1. All references to "ING SPorts Core Fixed Income Fund" in the Fund's Prospectuses are hereby deleted and replaced with "ING Investment Grade Credit Fund."
2. All references to the Fund's current share class are restated as "Class SMA" shares.
3. The section entitled "ING SPorts Core Fixed Income Fund – Principal Investment Strategies" in the summary section of the Fund's Prospectuses is hereby deleted in its entirety and replaced with the following:
PRINCIPAL INVESTMENT STRATEGIES
Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in investment-grade fixed-income securities. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. Investment-grade fixed-income securities are securities rated at least BBB- by Standard & Poor's Ratings Services, Baa3 by Moody's Investors Service, Inc., BBB- by Fitch Ratings, or have an equivalent rating by a nationally recognized statistical rating organization, or are deemed by the adviser ("Adviser") to be of comparable quality if unrated.
The securities that the Fund may invest in include, but are not limited to, the following:
● fixed-income securities issued by U.S. and foreign entities that are denominated in U.S. or foreign currencies, including, but not limited to, collateralized debt obligations, collateralized loan obligations, convertible bonds, collateralized mortgage obligations and U.S. and foreign mortgage-backed and asset-backed fixed-income securities; ● debt obligations that are denominated in U.S. or foreign currencies and issued or guaranteed by the U.S. government and foreign governments and their agencies and instrumentalities; ● preferred stocks; ● money market instruments; and ● municipal bonds.
Generally, the Adviser maintains a dollar-weighted average duration between three and ten years for the Fund. Duration is the most commonly used measure of risk in fixed-income investment as it incorporates multiple features of the fixed-income instrument (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a fixed-income instrument to a change in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are received. The weights are the amounts of the payments discounted by the yield-to-maturity of the fixed-income instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest-rate risk or reward for the fixed-income instrument prices. For example, the price of a bond fund with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. Conversely, the price of a bond fund with an average duration of five years would be expected to rise approximately 5% if interest rates drop by one percentage point.
The Fund may also engage in dollar roll transactions, repurchase agreements and reverse repurchase agreements, options, futures and forward contracts involving securities, securities indices, foreign currencies, interest rates, and swap agreements, including credit default swaps. The Fund typically uses derivatives to reduce exposure to other risks, such as interest rate or currency risk, to substitute for taking a position in the underlying asset, and/or to enhance returns in the Fund.
The Adviser believes that relationships between the drivers of fixed income returns change over time and that recognizing this is key to managing fixed-income assets. Therefore, the Adviser employs a dynamic investment process that balances top-down macro economic considerations and fundamental bottom-up analysis during the steps of its investment process – sector allocation, security selection, duration and yield curve management. This includes leveraging proprietary qualitative analysis along with quantitative tools throughout the portfolio construction process.
The Fund may also invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations and exemptive orders thereunder ("1940 Act").
The Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.
The Fund also may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.
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| Label | Element | Value |
|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |
| Registrant Name | dei_EntityRegistrantName | ING Separate Portfolios Trust |
| Prospectus Date | rr_ProspectusDate | Jul. 31, 2012 |
| Supplement [Text Block] | ingspt3_SupplementTextBlock |
IMPORTANT INFORMATION REGARDING A CHANGE IN PRINCIPAL INVESTMENT STRATEGIES FOR ING SPORTS CORE FIXED INCOME FUND
ING SEPARATE PORTFOLIOS TRUST ING SPorts Core Fixed Income Fund ("Fund")
Supplement dated September 7, 2012 to the Fund's Prospectus ("Prospectus") dated July 31, 2012
On September 6, 2012, the Fund's Board of Trustees approved a proposal changing the Fund's principal investment strategies, and changing the Fund's name to "ING Investment Grade Credit Fund" and re-designating the Fund's current share class to "Class SMA" shares. Effective on or about November 16, 2012, the Fund's Prospectuses are revised as follows:
1. All references to "ING SPorts Core Fixed Income Fund" in the Fund's Prospectuses are hereby deleted and replaced with "ING Investment Grade Credit Fund."
2. All references to the Fund's current share class are restated as "Class SMA" shares.
3. The section entitled "ING SPorts Core Fixed Income Fund – Principal Investment Strategies" in the summary section of the Fund's Prospectuses is hereby deleted in its entirety and replaced with the following:
PRINCIPAL INVESTMENT STRATEGIES
Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in investment-grade fixed-income securities. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. Investment-grade fixed-income securities are securities rated at least BBB- by Standard & Poor's Ratings Services, Baa3 by Moody's Investors Service, Inc., BBB- by Fitch Ratings, or have an equivalent rating by a nationally recognized statistical rating organization, or are deemed by the adviser ("Adviser") to be of comparable quality if unrated.
The securities that the Fund may invest in include, but are not limited to, the following:
● fixed-income securities issued by U.S. and foreign entities that are denominated in U.S. or foreign currencies, including, but not limited to, collateralized debt obligations, collateralized loan obligations, convertible bonds, collateralized mortgage obligations and U.S. and foreign mortgage-backed and asset-backed fixed-income securities; ● debt obligations that are denominated in U.S. or foreign currencies and issued or guaranteed by the U.S. government and foreign governments and their agencies and instrumentalities; ● preferred stocks; ● money market instruments; and ● municipal bonds.
Generally, the Adviser maintains a dollar-weighted average duration between three and ten years for the Fund. Duration is the most commonly used measure of risk in fixed-income investment as it incorporates multiple features of the fixed-income instrument (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a fixed-income instrument to a change in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are received. The weights are the amounts of the payments discounted by the yield-to-maturity of the fixed-income instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest-rate risk or reward for the fixed-income instrument prices. For example, the price of a bond fund with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. Conversely, the price of a bond fund with an average duration of five years would be expected to rise approximately 5% if interest rates drop by one percentage point.
The Fund may also engage in dollar roll transactions, repurchase agreements and reverse repurchase agreements, options, futures and forward contracts involving securities, securities indices, foreign currencies, interest rates, and swap agreements, including credit default swaps. The Fund typically uses derivatives to reduce exposure to other risks, such as interest rate or currency risk, to substitute for taking a position in the underlying asset, and/or to enhance returns in the Fund.
The Adviser believes that relationships between the drivers of fixed income returns change over time and that recognizing this is key to managing fixed-income assets. Therefore, the Adviser employs a dynamic investment process that balances top-down macro economic considerations and fundamental bottom-up analysis during the steps of its investment process – sector allocation, security selection, duration and yield curve management. This includes leveraging proprietary qualitative analysis along with quantitative tools throughout the portfolio construction process.
The Fund may also invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations and exemptive orders thereunder ("1940 Act").
The Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.
The Fund also may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.
|
|
ING SPorts Core Fixed Income Fund
|
||
| Risk/Return: | rr_RiskReturnAbstract | |
| Supplement [Text Block] | ingspt3_SupplementTextBlock |
IMPORTANT INFORMATION REGARDING A CHANGE IN PRINCIPAL INVESTMENT STRATEGIES FOR ING SPORTS CORE FIXED INCOME FUND
ING SEPARATE PORTFOLIOS TRUST ING SPorts Core Fixed Income Fund ("Fund")
Supplement dated September 7, 2012 to the Fund's Prospectus ("Prospectus") dated July 31, 2012
On September 6, 2012, the Fund's Board of Trustees approved a proposal changing the Fund's principal investment strategies, and changing the Fund's name to "ING Investment Grade Credit Fund" and re-designating the Fund's current share class to "Class SMA" shares. Effective on or about November 16, 2012, the Fund's Prospectuses are revised as follows:
1. All references to "ING SPorts Core Fixed Income Fund" in the Fund's Prospectuses are hereby deleted and replaced with "ING Investment Grade Credit Fund."
2. All references to the Fund's current share class are restated as "Class SMA" shares.
3. The section entitled "ING SPorts Core Fixed Income Fund – Principal Investment Strategies" in the summary section of the Fund's Prospectuses is hereby deleted in its entirety and replaced with the following:
PRINCIPAL INVESTMENT STRATEGIES
Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in investment-grade fixed-income securities. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. Investment-grade fixed-income securities are securities rated at least BBB- by Standard & Poor's Ratings Services, Baa3 by Moody's Investors Service, Inc., BBB- by Fitch Ratings, or have an equivalent rating by a nationally recognized statistical rating organization, or are deemed by the adviser ("Adviser") to be of comparable quality if unrated.
The securities that the Fund may invest in include, but are not limited to, the following:
● fixed-income securities issued by U.S. and foreign entities that are denominated in U.S. or foreign currencies, including, but not limited to, collateralized debt obligations, collateralized loan obligations, convertible bonds, collateralized mortgage obligations and U.S. and foreign mortgage-backed and asset-backed fixed-income securities; ● debt obligations that are denominated in U.S. or foreign currencies and issued or guaranteed by the U.S. government and foreign governments and their agencies and instrumentalities; ● preferred stocks; ● money market instruments; and ● municipal bonds.
Generally, the Adviser maintains a dollar-weighted average duration between three and ten years for the Fund. Duration is the most commonly used measure of risk in fixed-income investment as it incorporates multiple features of the fixed-income instrument (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a fixed-income instrument to a change in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are received. The weights are the amounts of the payments discounted by the yield-to-maturity of the fixed-income instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest-rate risk or reward for the fixed-income instrument prices. For example, the price of a bond fund with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. Conversely, the price of a bond fund with an average duration of five years would be expected to rise approximately 5% if interest rates drop by one percentage point.
The Fund may also engage in dollar roll transactions, repurchase agreements and reverse repurchase agreements, options, futures and forward contracts involving securities, securities indices, foreign currencies, interest rates, and swap agreements, including credit default swaps. The Fund typically uses derivatives to reduce exposure to other risks, such as interest rate or currency risk, to substitute for taking a position in the underlying asset, and/or to enhance returns in the Fund.
The Adviser believes that relationships between the drivers of fixed income returns change over time and that recognizing this is key to managing fixed-income assets. Therefore, the Adviser employs a dynamic investment process that balances top-down macro economic considerations and fundamental bottom-up analysis during the steps of its investment process – sector allocation, security selection, duration and yield curve management. This includes leveraging proprietary qualitative analysis along with quantitative tools throughout the portfolio construction process.
The Fund may also invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations and exemptive orders thereunder ("1940 Act").
The Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.
The Fund also may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.
|
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|
Document and Entity Information
|
12 Months Ended |
|---|---|
|
Jul. 31, 2012
|
|
| Risk/Return: | |
| Document Type | Other |
| Document Period End Date | Mar. 31, 2012 |
| Registrant Name | ING Separate Portfolios Trust |
| Central Index Key | 0001392116 |
| Amendment Flag | false |
| Document Creation Date | Sep. 07, 2012 |
| Document Effective Date | Sep. 07, 2012 |
| Prospectus Date | Jul. 31, 2012 |
| Label | Element | Value |
|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |
| Registrant Name | dei_EntityRegistrantName | ING Separate Portfolios Trust |
| Prospectus Date | rr_ProspectusDate | Jul. 31, 2012 |
| Document Creation Date | dei_DocumentCreationDate | Sep. 07, 2012 |