0001193125-13-258963.txt : 20130614 0001193125-13-258963.hdr.sgml : 20130614 20130614104145 ACCESSION NUMBER: 0001193125-13-258963 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20130614 DATE AS OF CHANGE: 20130614 EFFECTIVENESS DATE: 20130614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ING MUTUAL FUNDS CENTRAL INDEX KEY: 0000895430 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-56094 FILM NUMBER: 13913117 BUSINESS ADDRESS: STREET 1: 7337 E DOUBLETREE RANCH ROAD, STE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 BUSINESS PHONE: 18009920180 MAIL ADDRESS: STREET 1: 7337 E DOUBLETREE RANCH ROAD, STE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 FORMER COMPANY: FORMER CONFORMED NAME: PILGRIM MUTUAL FUNDS DATE OF NAME CHANGE: 19990526 FORMER COMPANY: FORMER CONFORMED NAME: NICHOLAS APPLEGATE MUTUAL FUNDS DATE OF NAME CHANGE: 19930328 0000895430 S000008531 ING International Small Cap Fund C000023423 Class A NTKLX C000023424 Class B NAPBX C000023425 Class C NARCX C000023426 Class I NAPIX C000059862 Class W ISCWX C000067063 Class O NAPOX 497 1 d548695d497.htm ING MUTUAL FUNDS ING MUTUAL FUNDS

LOGO

June 14, 2013

VIA EDGAR

U.S. Securities and Exchange Commission

100 F St. N.E.

Washington, D.C. 20549

 

RE:

   ING Mutual Funds
   (File Nos. 33-56094; 811-7428)

Ladies and Gentlemen:

On behalf of ING Mutual Funds 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 June 5, 2013, to the Class A, Class B, Class C, Class I, Class O, and Class W Prospectuses for ING International Small Cap Fund.

The purpose of the filing is to submit the 497(e) filing dated June 5, 2013 in XBRL for the ING International Small Cap 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

  
EX-101.INS 2 ingmf-20130605.xml XBRL INSTANCE DOCUMENT 0000895430 2012-02-29 2013-02-28 0000895430 ingmf:S000008531Member 2012-02-29 2013-02-28 false <div><p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center"><b>ING Mutual Funds</b></p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">ING International Small Cap Fund ("Fund")</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">&nbsp;</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">Supplement dated June&nbsp;5, 2013</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">&nbsp;</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">to the Fund's Class&nbsp;A, Class&nbsp;B, Class&nbsp;C, Class&nbsp;I, Class&nbsp;O, and Class&nbsp;W</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">Prospectus dated February&nbsp;28, 2013; and</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">&nbsp;</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">to the Fund's Class&nbsp;A, Class&nbsp;B, Class&nbsp;C, Class&nbsp;I, Class&nbsp;O and Class&nbsp;W</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">Summary Prospectus dated February&nbsp;28, 2013, as supplemented May&nbsp;1, 2013</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">&nbsp;</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">(each a "Prospectus" and collectively "Prospectuses")</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">&nbsp;</p> <p style="margin: 0in 0in 0pt">On May&nbsp;22, 2013, the Fund's Board of Trustees ("Board") approved a change to the Fund's principal investment strategies to allow the Fund to invest up to 25% of its assets in real estate investment trusts.&nbsp; Effective on or about June&nbsp;15, 2013, the Fund's Prospectuses are hereby revised as follows:</p> <p style="margin: 0in 0in 0pt">&nbsp;</p> <p style="TEXT-INDENT: -0.5in; margin: 0in 0in 0pt 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled "Principal Investment Strategies" of the Fund's Prospectuses is hereby deleted in its entirety and replaced with the following:</p> <p style="TEXT-INDENT: -0.5in; margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of small market capitalization companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund currently considers small-capitalization companies to be those that have a market capitalization, at the time of purchase, of up to $5 billion. At least 65% of the Fund's assets will normally be invested in companies located outside the United States, including companies located in countries with emerging securities markets. The Fund may invest up to 35% of its assets in U.S. issuers. The Fund may hold both growth and value stocks and at times may favor one over the other based on available opportunities.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund invests primarily in common stocks or securities convertible into common stocks of international issuers, but may invest from time to time in such instruments as forward currency contracts, futures contracts, rights, and depositary receipts. The Fund may invest in forward currency contracts or futures contracts to hedge currency and for implementation of a currency model within the portfolio. The Fund may invest in futures contracts to allow market exposure in a cost efficient way, maintain exposure to an asset class in the case of large cash flows, and to have access to a particular market in which the Fund wishes to invest.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund may invest up to 25% of its assets in real estate investment trusts.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund may 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").</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Acadian Asset Management LLC ("Acadian") and Wellington Management Company, LLP ("Wellington Management") (each a "Sub-Adviser" and collectively "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. ING Investments, LLC, the Fund's investment adviser, will determine the amount of Fund assets allocated to Acadian and Wellington Management.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p></div><div> <p style="margin: 0in 0in 0pt 0.5in">Each Sub-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.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Acadian Asset Management LLC</b></p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Acadian employs a quantitative investment process which is driven by proprietary valuation models that combine a bottom-up view of the attractiveness of individual securities within each market with a top-down view of the attractiveness of each region/industry group, thereby capturing value-added at both the stock and the region/industry levels.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Wellington Management Company, LLP</b></p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Wellington Management uses its proprietary global research capabilities to identify stocks for the portfolio. Wellington Management takes a local-regional approach to research and stock selection using a number of different sources to identify purchase candidates, including the firm's proprietary research, local brokers, and company and local referrals. The sources used depend greatly on the issuer's region and industry. Long-term investment themes based on general economic factors, along with cost of capital and liquidity forecasts, are important in targeting research efforts.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">A candidate for purchase in the portfolio is subjected to extensive fundamental analysis. Wellington Management seeks candidates that exhibit some combination of: a well-articulated business plan; experienced management; a sustainable competitive advantage; and strong financial characteristics.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">In addition, valuation analysis, including relevant industry valuations, is used to compare the results to a global and local peer group of companies. Companies that compare favorably with the fundamentals, growth, and valuation characteristics of peers are strong candidates for the portfolio. In implementing purchase decisions, consideration is given to size, liquidity and volatility. Sell decisions are based on changing fundamentals or valuations, or on finding better opportunities for the portfolio. Industry weights are likely to favor sectors in which smaller companies have long-term competitive advantages or are expected to benefit from extended growth opportunities.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="TEXT-INDENT: -0.5in; margin: 0in 0in 0pt 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled "Principal Risks" of the Fund's Prospectuses is hereby deleted in its entirety and replaced with the following:</p> <p style="TEXT-INDENT: -0.5in; margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>PRINCIPAL RISKS</b></p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Company.</b>&nbsp; The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Convertible Securities.</b>&nbsp; Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition,&nbsp;because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.</p></div><div> <p style="margin: 0in 0in 0pt">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Credit.</b>&nbsp; Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Currency.</b>&nbsp; To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Derivative Instruments.</b>&nbsp; Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Foreign Investments/Developing and Emerging Markets.&nbsp; </b>Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Foreign investment risks may be greater in developing and emerging markets than in developed markets.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Interest Rate.</b>&nbsp; With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed decreases.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Investment Model.</b>&nbsp; The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Liquidity.</b>&nbsp; If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in&nbsp;response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.</p></div><div> <p style="margin: 0in 0in 0pt">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Market.</b>&nbsp; Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Fund invests. Rather, the market could favor securities to which the Fund is not exposed or may not favor equities at all.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Other Investment Companies.</b>&nbsp; The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Real Estate Companies and Real Estate Investment Trusts ("REITs").</b>&nbsp; Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Securities Lending.</b>&nbsp; Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Small-Capitalization Company.</b>&nbsp; Investments in small-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of small size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. The securities of smaller companies are often traded over-the-counter and may not be traded in volume typical on a national securities exchange.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> </div> 2013-02-28 ING MUTUAL FUNDS 0000895430 2013-06-05 2013-06-05 Other 2012-10-31 <div><p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center"><b>ING Mutual Funds</b></p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">ING International Small Cap Fund ("Fund")</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">&nbsp;</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">Supplement dated June&nbsp;5, 2013</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">&nbsp;</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">to the Fund's Class&nbsp;A, Class&nbsp;B, Class&nbsp;C, Class&nbsp;I, Class&nbsp;O, and Class&nbsp;W</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">Prospectus dated February&nbsp;28, 2013; and</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">&nbsp;</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">to the Fund's Class&nbsp;A, Class&nbsp;B, Class&nbsp;C, Class&nbsp;I, Class&nbsp;O and Class&nbsp;W</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">Summary Prospectus dated February&nbsp;28, 2013, as supplemented May&nbsp;1, 2013</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">&nbsp;</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">(each a "Prospectus" and collectively "Prospectuses")</p> <p style="TEXT-ALIGN: center; margin: 0in 0in 0pt" align="center">&nbsp;</p> <p style="margin: 0in 0in 0pt">On May&nbsp;22, 2013, the Fund's Board of Trustees ("Board") approved a change to the Fund's principal investment strategies to allow the Fund to invest up to 25% of its assets in real estate investment trusts.&nbsp; Effective on or about June&nbsp;15, 2013, the Fund's Prospectuses are hereby revised as follows:</p> <p style="margin: 0in 0in 0pt">&nbsp;</p> <p style="TEXT-INDENT: -0.5in; margin: 0in 0in 0pt 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled "Principal Investment Strategies" of the Fund's Prospectuses is hereby deleted in its entirety and replaced with the following:</p> <p style="TEXT-INDENT: -0.5in; margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of small market capitalization companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund currently considers small-capitalization companies to be those that have a market capitalization, at the time of purchase, of up to $5 billion. At least 65% of the Fund's assets will normally be invested in companies located outside the United States, including companies located in countries with emerging securities markets. The Fund may invest up to 35% of its assets in U.S. issuers. The Fund may hold both growth and value stocks and at times may favor one over the other based on available opportunities.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund invests primarily in common stocks or securities convertible into common stocks of international issuers, but may invest from time to time in such instruments as forward currency contracts, futures contracts, rights, and depositary receipts. The Fund may invest in forward currency contracts or futures contracts to hedge currency and for implementation of a currency model within the portfolio. The Fund may invest in futures contracts to allow market exposure in a cost efficient way, maintain exposure to an asset class in the case of large cash flows, and to have access to a particular market in which the Fund wishes to invest.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund may invest up to 25% of its assets in real estate investment trusts.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund may 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").</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Acadian Asset Management LLC ("Acadian") and Wellington Management Company, LLP ("Wellington Management") (each a "Sub-Adviser" and collectively "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. ING Investments, LLC, the Fund's investment adviser, will determine the amount of Fund assets allocated to Acadian and Wellington Management.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p></div><div> <p style="margin: 0in 0in 0pt 0.5in">Each Sub-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.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Acadian Asset Management LLC</b></p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Acadian employs a quantitative investment process which is driven by proprietary valuation models that combine a bottom-up view of the attractiveness of individual securities within each market with a top-down view of the attractiveness of each region/industry group, thereby capturing value-added at both the stock and the region/industry levels.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Wellington Management Company, LLP</b></p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Wellington Management uses its proprietary global research capabilities to identify stocks for the portfolio. Wellington Management takes a local-regional approach to research and stock selection using a number of different sources to identify purchase candidates, including the firm's proprietary research, local brokers, and company and local referrals. The sources used depend greatly on the issuer's region and industry. Long-term investment themes based on general economic factors, along with cost of capital and liquidity forecasts, are important in targeting research efforts.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">A candidate for purchase in the portfolio is subjected to extensive fundamental analysis. Wellington Management seeks candidates that exhibit some combination of: a well-articulated business plan; experienced management; a sustainable competitive advantage; and strong financial characteristics.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">In addition, valuation analysis, including relevant industry valuations, is used to compare the results to a global and local peer group of companies. Companies that compare favorably with the fundamentals, growth, and valuation characteristics of peers are strong candidates for the portfolio. In implementing purchase decisions, consideration is given to size, liquidity and volatility. Sell decisions are based on changing fundamentals or valuations, or on finding better opportunities for the portfolio. Industry weights are likely to favor sectors in which smaller companies have long-term competitive advantages or are expected to benefit from extended growth opportunities.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="TEXT-INDENT: -0.5in; margin: 0in 0in 0pt 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled "Principal Risks" of the Fund's Prospectuses is hereby deleted in its entirety and replaced with the following:</p> <p style="TEXT-INDENT: -0.5in; margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>PRINCIPAL RISKS</b></p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Company.</b>&nbsp; The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Convertible Securities.</b>&nbsp; Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition,&nbsp;because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.</p></div><div> <p style="margin: 0in 0in 0pt">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Credit.</b>&nbsp; Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Currency.</b>&nbsp; To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Derivative Instruments.</b>&nbsp; Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Foreign Investments/Developing and Emerging Markets.&nbsp; </b>Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Foreign investment risks may be greater in developing and emerging markets than in developed markets.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Interest Rate.</b>&nbsp; With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed decreases.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Investment Model.</b>&nbsp; The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Liquidity.</b>&nbsp; If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in&nbsp;response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.</p></div><div> <p style="margin: 0in 0in 0pt">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Market.</b>&nbsp; Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Fund invests. Rather, the market could favor securities to which the Fund is not exposed or may not favor equities at all.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Other Investment Companies.</b>&nbsp; The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Real Estate Companies and Real Estate Investment Trusts ("REITs").</b>&nbsp; Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Securities Lending.</b>&nbsp; Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Small-Capitalization Company.</b>&nbsp; Investments in small-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of small size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. The securities of smaller companies are often traded over-the-counter and may not be traded in volume typical on a national securities exchange.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> </div> <b>PRINCIPAL INVESTMENT STRATEGIES</b> <p style="margin: 0in 0in 0pt 0.5in">Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of small market capitalization companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund currently considers small-capitalization companies to be those that have a market capitalization, at the time of purchase, of up to $5 billion. At least 65% of the Fund's assets will normally be invested in companies located outside the United States, including companies located in countries with emerging securities markets. The Fund may invest up to 35% of its assets in U.S. issuers. The Fund may hold both growth and value stocks and at times may favor one over the other based on available opportunities.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund invests primarily in common stocks or securities convertible into common stocks of international issuers, but may invest from time to time in such instruments as forward currency contracts, futures contracts, rights, and depositary receipts. The Fund may invest in forward currency contracts or futures contracts to hedge currency and for implementation of a currency model within the portfolio. The Fund may invest in futures contracts to allow market exposure in a cost efficient way, maintain exposure to an asset class in the case of large cash flows, and to have access to a particular market in which the Fund wishes to invest.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund may invest up to 25% of its assets in real estate investment trusts.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund may 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").</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Acadian Asset Management LLC ("Acadian") and Wellington Management Company, LLP ("Wellington Management") (each a "Sub-Adviser" and collectively "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. ING Investments, LLC, the Fund's investment adviser, will determine the amount of Fund assets allocated to Acadian and Wellington Management.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Each Sub-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.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">The Fund may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Acadian Asset Management LLC</b></p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Acadian employs a quantitative investment process which is driven by proprietary valuation models that combine a bottom-up view of the attractiveness of individual securities within each market with a top-down view of the attractiveness of each region/industry group, thereby capturing value-added at both the stock and the region/industry levels.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Wellington Management Company, LLP</b></p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">Wellington Management uses its proprietary global research capabilities to identify stocks for the portfolio. Wellington Management takes a local-regional approach to research and stock selection using a number of different sources to identify purchase candidates, including the firm's proprietary research, local brokers, and company and local referrals. The sources used depend greatly on the issuer's region and industry. Long-term investment themes based on general economic factors, along with cost of capital and liquidity forecasts, are important in targeting research efforts.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">A candidate for purchase in the portfolio is subjected to extensive fundamental analysis. Wellington Management seeks candidates that exhibit some combination of: a well-articulated business plan; experienced management; a sustainable competitive advantage; and strong financial characteristics.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">In addition, valuation analysis, including relevant industry valuations, is used to compare the results to a global and local peer group of companies. Companies that compare favorably with the fundamentals, growth, and valuation characteristics of peers are strong candidates for the portfolio. In implementing purchase decisions, consideration is given to size, liquidity and volatility. Sell decisions are based on changing fundamentals or valuations, or on finding better opportunities for the portfolio. Industry weights are likely to favor sectors in which smaller companies have long-term competitive advantages or are expected to benefit from extended growth opportunities.</p> <b>PRINCIPAL RISKS</b> <p style="margin: 0in 0in 0pt 0.5in">You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Company.</b>&nbsp; The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Convertible Securities.</b>&nbsp; Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition,&nbsp;because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.</p> <p style="margin: 0in 0in 0pt">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Credit.</b>&nbsp; Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Currency.</b>&nbsp; To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Derivative Instruments.</b>&nbsp; Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Foreign Investments/Developing and Emerging Markets.&nbsp; </b>Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Foreign investment risks may be greater in developing and emerging markets than in developed markets.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Interest Rate.</b>&nbsp; With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed decreases.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Investment Model.</b>&nbsp; The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Liquidity.</b>&nbsp; If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in&nbsp;response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.</p> <p style="margin: 0in 0in 0pt">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Market.</b>&nbsp; Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Fund invests. Rather, the market could favor securities to which the Fund is not exposed or may not favor equities at all.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Other Investment Companies.</b>&nbsp; The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Real Estate Companies and Real Estate Investment Trusts ("REITs").</b>&nbsp; Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Securities Lending.</b>&nbsp; Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in"><b>Small-Capitalization Company.</b>&nbsp; Investments in small-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of small size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. The securities of smaller companies are often traded over-the-counter and may not be traded in volume typical on a national securities exchange.</p> <p style="margin: 0in 0in 0pt 0.5in">&nbsp;</p> <p style="margin: 0in 0in 0pt 0.5in">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</p> You could lose money on an investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 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Risk/Return: rr_RiskReturnAbstract  
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName ING MUTUAL FUNDS
Prospectus Date rr_ProspectusDate Feb. 28, 2013
Supplement [Text Block] ingmf_SupplementTextBlock

ING Mutual Funds

ING International Small Cap Fund ("Fund")

 

Supplement dated June 5, 2013

 

to the Fund's Class A, Class B, Class C, Class I, Class O, and Class W

Prospectus dated February 28, 2013; and

 

to the Fund's Class A, Class B, Class C, Class I, Class O and Class W

Summary Prospectus dated February 28, 2013, as supplemented May 1, 2013

 

(each a "Prospectus" and collectively "Prospectuses")

 

On May 22, 2013, the Fund's Board of Trustees ("Board") approved a change to the Fund's principal investment strategies to allow the Fund to invest up to 25% of its assets in real estate investment trusts.  Effective on or about June 15, 2013, the Fund's Prospectuses are hereby revised as follows:

 

1.            The section entitled "Principal Investment Strategies" 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 securities of small market capitalization companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund currently considers small-capitalization companies to be those that have a market capitalization, at the time of purchase, of up to $5 billion. At least 65% of the Fund's assets will normally be invested in companies located outside the United States, including companies located in countries with emerging securities markets. The Fund may invest up to 35% of its assets in U.S. issuers. The Fund may hold both growth and value stocks and at times may favor one over the other based on available opportunities.

 

The Fund invests primarily in common stocks or securities convertible into common stocks of international issuers, but may invest from time to time in such instruments as forward currency contracts, futures contracts, rights, and depositary receipts. The Fund may invest in forward currency contracts or futures contracts to hedge currency and for implementation of a currency model within the portfolio. The Fund may invest in futures contracts to allow market exposure in a cost efficient way, maintain exposure to an asset class in the case of large cash flows, and to have access to a particular market in which the Fund wishes to invest.

 

The Fund may invest up to 25% of its assets in real estate investment trusts.

 

The Fund may 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").

 

Acadian Asset Management LLC ("Acadian") and Wellington Management Company, LLP ("Wellington Management") (each a "Sub-Adviser" and collectively "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. ING Investments, LLC, the Fund's investment adviser, will determine the amount of Fund assets allocated to Acadian and Wellington Management.

 

Each Sub-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 may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets.

 

Acadian Asset Management LLC

 

Acadian employs a quantitative investment process which is driven by proprietary valuation models that combine a bottom-up view of the attractiveness of individual securities within each market with a top-down view of the attractiveness of each region/industry group, thereby capturing value-added at both the stock and the region/industry levels.

 

Wellington Management Company, LLP

 

Wellington Management uses its proprietary global research capabilities to identify stocks for the portfolio. Wellington Management takes a local-regional approach to research and stock selection using a number of different sources to identify purchase candidates, including the firm's proprietary research, local brokers, and company and local referrals. The sources used depend greatly on the issuer's region and industry. Long-term investment themes based on general economic factors, along with cost of capital and liquidity forecasts, are important in targeting research efforts.

 

A candidate for purchase in the portfolio is subjected to extensive fundamental analysis. Wellington Management seeks candidates that exhibit some combination of: a well-articulated business plan; experienced management; a sustainable competitive advantage; and strong financial characteristics.

 

In addition, valuation analysis, including relevant industry valuations, is used to compare the results to a global and local peer group of companies. Companies that compare favorably with the fundamentals, growth, and valuation characteristics of peers are strong candidates for the portfolio. In implementing purchase decisions, consideration is given to size, liquidity and volatility. Sell decisions are based on changing fundamentals or valuations, or on finding better opportunities for the portfolio. Industry weights are likely to favor sectors in which smaller companies have long-term competitive advantages or are expected to benefit from extended growth opportunities.

 

2.            The section entitled "Principal Risks" of the Fund's Prospectuses is hereby deleted in its entirety and replaced with the following:

 

PRINCIPAL RISKS

 

You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds.

 

Company.  The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.

 

Convertible Securities.  Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.

 

Credit.  Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.

 

Currency.  To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.

 

Derivative Instruments.  Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns.

 

Foreign Investments/Developing and Emerging Markets.  Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Foreign investment risks may be greater in developing and emerging markets than in developed markets.

 

Interest Rate.  With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed decreases.

 

Investment Model.  The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.

 

Liquidity.  If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.

 

Market.  Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Fund invests. Rather, the market could favor securities to which the Fund is not exposed or may not favor equities at all.

 

Other Investment Companies.  The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund.

 

Real Estate Companies and Real Estate Investment Trusts ("REITs").  Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.

 

Securities Lending.  Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.

 

Small-Capitalization Company.  Investments in small-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of small size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. The securities of smaller companies are often traded over-the-counter and may not be traded in volume typical on a national securities exchange.

 

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

 

ING International Small Cap Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] ingmf_SupplementTextBlock

ING Mutual Funds

ING International Small Cap Fund ("Fund")

 

Supplement dated June 5, 2013

 

to the Fund's Class A, Class B, Class C, Class I, Class O, and Class W

Prospectus dated February 28, 2013; and

 

to the Fund's Class A, Class B, Class C, Class I, Class O and Class W

Summary Prospectus dated February 28, 2013, as supplemented May 1, 2013

 

(each a "Prospectus" and collectively "Prospectuses")

 

On May 22, 2013, the Fund's Board of Trustees ("Board") approved a change to the Fund's principal investment strategies to allow the Fund to invest up to 25% of its assets in real estate investment trusts.  Effective on or about June 15, 2013, the Fund's Prospectuses are hereby revised as follows:

 

1.            The section entitled "Principal Investment Strategies" 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 securities of small market capitalization companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund currently considers small-capitalization companies to be those that have a market capitalization, at the time of purchase, of up to $5 billion. At least 65% of the Fund's assets will normally be invested in companies located outside the United States, including companies located in countries with emerging securities markets. The Fund may invest up to 35% of its assets in U.S. issuers. The Fund may hold both growth and value stocks and at times may favor one over the other based on available opportunities.

 

The Fund invests primarily in common stocks or securities convertible into common stocks of international issuers, but may invest from time to time in such instruments as forward currency contracts, futures contracts, rights, and depositary receipts. The Fund may invest in forward currency contracts or futures contracts to hedge currency and for implementation of a currency model within the portfolio. The Fund may invest in futures contracts to allow market exposure in a cost efficient way, maintain exposure to an asset class in the case of large cash flows, and to have access to a particular market in which the Fund wishes to invest.

 

The Fund may invest up to 25% of its assets in real estate investment trusts.

 

The Fund may 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").

 

Acadian Asset Management LLC ("Acadian") and Wellington Management Company, LLP ("Wellington Management") (each a "Sub-Adviser" and collectively "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. ING Investments, LLC, the Fund's investment adviser, will determine the amount of Fund assets allocated to Acadian and Wellington Management.

 

Each Sub-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 may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets.

 

Acadian Asset Management LLC

 

Acadian employs a quantitative investment process which is driven by proprietary valuation models that combine a bottom-up view of the attractiveness of individual securities within each market with a top-down view of the attractiveness of each region/industry group, thereby capturing value-added at both the stock and the region/industry levels.

 

Wellington Management Company, LLP

 

Wellington Management uses its proprietary global research capabilities to identify stocks for the portfolio. Wellington Management takes a local-regional approach to research and stock selection using a number of different sources to identify purchase candidates, including the firm's proprietary research, local brokers, and company and local referrals. The sources used depend greatly on the issuer's region and industry. Long-term investment themes based on general economic factors, along with cost of capital and liquidity forecasts, are important in targeting research efforts.

 

A candidate for purchase in the portfolio is subjected to extensive fundamental analysis. Wellington Management seeks candidates that exhibit some combination of: a well-articulated business plan; experienced management; a sustainable competitive advantage; and strong financial characteristics.

 

In addition, valuation analysis, including relevant industry valuations, is used to compare the results to a global and local peer group of companies. Companies that compare favorably with the fundamentals, growth, and valuation characteristics of peers are strong candidates for the portfolio. In implementing purchase decisions, consideration is given to size, liquidity and volatility. Sell decisions are based on changing fundamentals or valuations, or on finding better opportunities for the portfolio. Industry weights are likely to favor sectors in which smaller companies have long-term competitive advantages or are expected to benefit from extended growth opportunities.

 

2.            The section entitled "Principal Risks" of the Fund's Prospectuses is hereby deleted in its entirety and replaced with the following:

 

PRINCIPAL RISKS

 

You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds.

 

Company.  The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.

 

Convertible Securities.  Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.

 

Credit.  Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.

 

Currency.  To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.

 

Derivative Instruments.  Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns.

 

Foreign Investments/Developing and Emerging Markets.  Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Foreign investment risks may be greater in developing and emerging markets than in developed markets.

 

Interest Rate.  With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed decreases.

 

Investment Model.  The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.

 

Liquidity.  If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.

 

Market.  Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Fund invests. Rather, the market could favor securities to which the Fund is not exposed or may not favor equities at all.

 

Other Investment Companies.  The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund.

 

Real Estate Companies and Real Estate Investment Trusts ("REITs").  Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.

 

Securities Lending.  Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.

 

Small-Capitalization Company.  Investments in small-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of small size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. The securities of smaller companies are often traded over-the-counter and may not be traded in volume typical on a national securities exchange.

 

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

 

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of small market capitalization companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund currently considers small-capitalization companies to be those that have a market capitalization, at the time of purchase, of up to $5 billion. At least 65% of the Fund's assets will normally be invested in companies located outside the United States, including companies located in countries with emerging securities markets. The Fund may invest up to 35% of its assets in U.S. issuers. The Fund may hold both growth and value stocks and at times may favor one over the other based on available opportunities.

 

The Fund invests primarily in common stocks or securities convertible into common stocks of international issuers, but may invest from time to time in such instruments as forward currency contracts, futures contracts, rights, and depositary receipts. The Fund may invest in forward currency contracts or futures contracts to hedge currency and for implementation of a currency model within the portfolio. The Fund may invest in futures contracts to allow market exposure in a cost efficient way, maintain exposure to an asset class in the case of large cash flows, and to have access to a particular market in which the Fund wishes to invest.

 

The Fund may invest up to 25% of its assets in real estate investment trusts.

 

The Fund may 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").

 

Acadian Asset Management LLC ("Acadian") and Wellington Management Company, LLP ("Wellington Management") (each a "Sub-Adviser" and collectively "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. ING Investments, LLC, the Fund's investment adviser, will determine the amount of Fund assets allocated to Acadian and Wellington Management.

 

Each Sub-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 may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets.

 

Acadian Asset Management LLC

 

Acadian employs a quantitative investment process which is driven by proprietary valuation models that combine a bottom-up view of the attractiveness of individual securities within each market with a top-down view of the attractiveness of each region/industry group, thereby capturing value-added at both the stock and the region/industry levels.

 

Wellington Management Company, LLP

 

Wellington Management uses its proprietary global research capabilities to identify stocks for the portfolio. Wellington Management takes a local-regional approach to research and stock selection using a number of different sources to identify purchase candidates, including the firm's proprietary research, local brokers, and company and local referrals. The sources used depend greatly on the issuer's region and industry. Long-term investment themes based on general economic factors, along with cost of capital and liquidity forecasts, are important in targeting research efforts.

 

A candidate for purchase in the portfolio is subjected to extensive fundamental analysis. Wellington Management seeks candidates that exhibit some combination of: a well-articulated business plan; experienced management; a sustainable competitive advantage; and strong financial characteristics.

 

In addition, valuation analysis, including relevant industry valuations, is used to compare the results to a global and local peer group of companies. Companies that compare favorably with the fundamentals, growth, and valuation characteristics of peers are strong candidates for the portfolio. In implementing purchase decisions, consideration is given to size, liquidity and volatility. Sell decisions are based on changing fundamentals or valuations, or on finding better opportunities for the portfolio. Industry weights are likely to favor sectors in which smaller companies have long-term competitive advantages or are expected to benefit from extended growth opportunities.

Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds.

 

Company.  The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.

 

Convertible Securities.  Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.

 

Credit.  Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.

 

Currency.  To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.

 

Derivative Instruments.  Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns.

 

Foreign Investments/Developing and Emerging Markets.  Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Foreign investment risks may be greater in developing and emerging markets than in developed markets.

 

Interest Rate.  With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed decreases.

 

Investment Model.  The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.

 

Liquidity.  If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.

 

Market.  Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Fund invests. Rather, the market could favor securities to which the Fund is not exposed or may not favor equities at all.

 

Other Investment Companies.  The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund.

 

Real Estate Companies and Real Estate Investment Trusts ("REITs").  Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.

 

Securities Lending.  Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.

 

Small-Capitalization Company.  Investments in small-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of small size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. The securities of smaller companies are often traded over-the-counter and may not be traded in volume typical on a national securities exchange.

 

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

Risk Lose Money [Text] rr_RiskLoseMoney You could lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.
XML 14 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6

ING Mutual Funds

ING International Small Cap Fund ("Fund")

 

Supplement dated June 5, 2013

 

to the Fund's Class A, Class B, Class C, Class I, Class O, and Class W

Prospectus dated February 28, 2013; and

 

to the Fund's Class A, Class B, Class C, Class I, Class O and Class W

Summary Prospectus dated February 28, 2013, as supplemented May 1, 2013

 

(each a "Prospectus" and collectively "Prospectuses")

 

On May 22, 2013, the Fund's Board of Trustees ("Board") approved a change to the Fund's principal investment strategies to allow the Fund to invest up to 25% of its assets in real estate investment trusts.  Effective on or about June 15, 2013, the Fund's Prospectuses are hereby revised as follows:

 

1.            The section entitled "Principal Investment Strategies" 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 securities of small market capitalization companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund currently considers small-capitalization companies to be those that have a market capitalization, at the time of purchase, of up to $5 billion. At least 65% of the Fund's assets will normally be invested in companies located outside the United States, including companies located in countries with emerging securities markets. The Fund may invest up to 35% of its assets in U.S. issuers. The Fund may hold both growth and value stocks and at times may favor one over the other based on available opportunities.

 

The Fund invests primarily in common stocks or securities convertible into common stocks of international issuers, but may invest from time to time in such instruments as forward currency contracts, futures contracts, rights, and depositary receipts. The Fund may invest in forward currency contracts or futures contracts to hedge currency and for implementation of a currency model within the portfolio. The Fund may invest in futures contracts to allow market exposure in a cost efficient way, maintain exposure to an asset class in the case of large cash flows, and to have access to a particular market in which the Fund wishes to invest.

 

The Fund may invest up to 25% of its assets in real estate investment trusts.

 

The Fund may 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").

 

Acadian Asset Management LLC ("Acadian") and Wellington Management Company, LLP ("Wellington Management") (each a "Sub-Adviser" and collectively "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. ING Investments, LLC, the Fund's investment adviser, will determine the amount of Fund assets allocated to Acadian and Wellington Management.

 

Each Sub-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 may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets.

 

Acadian Asset Management LLC

 

Acadian employs a quantitative investment process which is driven by proprietary valuation models that combine a bottom-up view of the attractiveness of individual securities within each market with a top-down view of the attractiveness of each region/industry group, thereby capturing value-added at both the stock and the region/industry levels.

 

Wellington Management Company, LLP

 

Wellington Management uses its proprietary global research capabilities to identify stocks for the portfolio. Wellington Management takes a local-regional approach to research and stock selection using a number of different sources to identify purchase candidates, including the firm's proprietary research, local brokers, and company and local referrals. The sources used depend greatly on the issuer's region and industry. Long-term investment themes based on general economic factors, along with cost of capital and liquidity forecasts, are important in targeting research efforts.

 

A candidate for purchase in the portfolio is subjected to extensive fundamental analysis. Wellington Management seeks candidates that exhibit some combination of: a well-articulated business plan; experienced management; a sustainable competitive advantage; and strong financial characteristics.

 

In addition, valuation analysis, including relevant industry valuations, is used to compare the results to a global and local peer group of companies. Companies that compare favorably with the fundamentals, growth, and valuation characteristics of peers are strong candidates for the portfolio. In implementing purchase decisions, consideration is given to size, liquidity and volatility. Sell decisions are based on changing fundamentals or valuations, or on finding better opportunities for the portfolio. Industry weights are likely to favor sectors in which smaller companies have long-term competitive advantages or are expected to benefit from extended growth opportunities.

 

2.            The section entitled "Principal Risks" of the Fund's Prospectuses is hereby deleted in its entirety and replaced with the following:

 

PRINCIPAL RISKS

 

You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds.

 

Company.  The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.

 

Convertible Securities.  Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.

 

Credit.  Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.

 

Currency.  To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.

 

Derivative Instruments.  Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns.

 

Foreign Investments/Developing and Emerging Markets.  Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Foreign investment risks may be greater in developing and emerging markets than in developed markets.

 

Interest Rate.  With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed decreases.

 

Investment Model.  The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.

 

Liquidity.  If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.

 

Market.  Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Fund invests. Rather, the market could favor securities to which the Fund is not exposed or may not favor equities at all.

 

Other Investment Companies.  The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund.

 

Real Estate Companies and Real Estate Investment Trusts ("REITs").  Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.

 

Securities Lending.  Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.

 

Small-Capitalization Company.  Investments in small-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of small size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. The securities of smaller companies are often traded over-the-counter and may not be traded in volume typical on a national securities exchange.

 

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

 

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Document and Entity Information
12 Months Ended
Feb. 28, 2013
Risk/Return:  
Document Type Other
Document Period End Date Oct. 31, 2012
Registrant Name ING MUTUAL FUNDS
Central Index Key 0000895430
Amendment Flag false
Document Creation Date Jun. 05, 2013
Document Effective Date Jun. 05, 2013
Prospectus Date Feb. 28, 2013