XML 14 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
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 Diversified International Fund

(“Fund”)

 

Supplement dated October 4, 2013

 

to the Fund’s Class A, Class B, Class C, Class I,

Class O, Class R and Class W Prospectus dated February 28, 2013

(the “Prospectus”)

 

1.     On April 1, 2013, shareholders of the Fund were sent a proxy statement, which among other things, asked shareholders to approve a new investment advisory fee structure (the “Amended Fee Structure”), which would modify the advisory fees payable to ING Investments, LLC, the Fund’s investment adviser, (“Adviser”).  Under the Amended Fee Structure, the Fund will pay an advisory fee equal to 0.00% of the Fund’s average daily net assets invested in underlying funds in the ING Fund Complex (“Underlying Funds”), and 0.30% of the Fund’s average daily net assets invested in direct investments, which include, but are not limited to a security issued by an investment company that is not a part of the ING Fund Complex, including exchange-traded funds, a security issued by a non-mutual fund issuer, such as an operating company, and derivative instruments (“Direct Investments”).  On October 1, 2013, the Fund’s shareholders approved the Amended Fee Structure which became effective on October 1, 2013.

 

3.     The table and accompanying footnotes in the section entitled “Fees and Expenses of the Fund — Annual Operating Expenses” of the Fund’s Prospectus are hereby deleted and replaced with the following:

 

Annual Fund Operating Expenses(2)

Expenses you pay each year as a % of the value of your investment

 

Class
 
 
 
A
 
B
 
C
 
I
 
O
 
R
 
W
 
Management Fees(3)
 
%
 
0.06
 
0.06
 
0.06
 
0.06
 
0.06
 
0.06
 
0.06
 
Distribution and/or Shareholder Service (12b-1) Fees
 
%
 
0.25
 
1.00
 
1.00
 
None
 
0.25
 
0.50
 
None
 
Administrative Services Fees
 
%
 
0.10
 
0.10
 
0.10
 
0.10
 
0.10
 
0.10
 
0.10
 
Other Expenses
 
%
 
0.38
 
0.38
 
0.38
 
0.38
 
0.38
 
0.38
 
0.38
 
Acquired Fund Fees and Expenses
 
%
 
1.06
 
1.06
 
1.06
 
1.06
 
1.06
 
1.06
 
1.06
 
Total Annual Fund Operating Expenses(4)
 
%
 
1.85
 
2.60
 
2.60
 
1.60
 
1.85
 
2.10
 
1.60
 
Waivers and Reimbursements (5)
 
%
 
(0.27
)
(0.27
)
(0.27
)
(0.27
)
(0.27
)
(0.27
)
(0.27
)
Total Annual Fund Operating Expenses after Waivers and Reimbursements
 
%
 
1.58
 
2.33
 
2.33
 
1.33
 
1.58
 
1.83
 
1.33
 

 

(1)   A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more.

(2)   The expense ratios have been adjusted to reflect current contractual rates.

(3)   Effective October 1, 2013, the Fund’s Management Fee structure was changed to a “bifurcated fee” structure as follows: an annual rate of 0.00% of the Fund’s average daily net assets invested in Underlying Funds within the ING Fund Complex; and 0.30% of the Fund’s average daily net assets invested in direct investments, which include, but are not limited to, a security issued by an investment company that is not part of the ING Fund Complex, including exchange-traded funds, a security issued by a non-mutual fund issuer, such as an operating company, and derivative instruments. The Management Fees reflected in the table are calculated based on an estimated investment of 20% of the Fund’s assets in direct investments.

(4)   Total Annual Fund Operating Expenses may be higher than the Fund’s ratio of expenses to average net assets shown in the Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(5)   The adviser is contractually obligated to limit expenses to 1.58%, 2.33%, 2.33%, 1.33%, 1.58%, 1.83%, and 1.33% for Class A, Class B, Class C, Class I, Class O, Class R, and Class W shares, respectively, through at least March 1, 2018; the obligation does not extend to interest, taxes, brokerage commissions, and extraordinary expenses. The obligation will automatically renew for one-year terms unless: (i) the adviser provides 90 days written notice of its termination; and (ii) such termination is approved by the Fund’s board; or (iii) the management agreement has been terminated.  The obligation is subject to possible recoupment by the adviser within three years.

 

4.   The section entitled “Fees and Expenses of the Fund — Expense Examples” of the Fund’s Prospectus is hereby deleted in its entirety and replaced with the following:

 

Expense Examples $

 

The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

Class
 
Share Status
 
 
 
1 Yr
 
3 Yrs
 
5 Yrs
 
10 Yrs
 
A
 
Sold or Held
 
$
 
726
 
1,045
 
1,415
 
2,528
 
B
 
Sold
 
$
 
736
 
1,027
 
1,475
 
2,662
 
 
 
Held
 
$
 
236
 
727
 
1,275
 
2,662
 
C
 
Sold
 
$
 
336
 
727
 
1,275
 
2,846
 
 
 
Held
 
$
 
236
 
727
 
1,275
 
2,846
 
I
 
Sold or Held
 
$
 
135
 
421
 
760
 
1,800
 
O
 
Sold or Held
 
$
 
161
 
499
 
892
 
2,072
 
R
 
Sold or Held
 
$
 
186
 
576
 
1,021
 
2,337
 
W
 
Sold or Held
 
$
 
135
 
421
 
760
 
1,800
 

 

The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-, three-, and five-year periods and the first five years of the ten-year period.

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

 

ING MUTUAL FUNDS

ING Diversified International Fund

(“Fund”)

 

Supplement dated October 4, 2013

 

to the Fund’s Class A, Class B, Class C, Class I,

Class O, Class R and Class W Prospectus dated February 28, 2013

(the “Prospectus”)

 

1.     On April 1, 2013, shareholders of the Fund were sent a proxy statement, which among other things, asked shareholders to approve a new investment advisory fee structure (the “Amended Fee Structure”), which would modify the advisory fees payable to ING Investments, LLC, the Fund’s investment adviser, (“Adviser”).  Under the Amended Fee Structure, the Fund will pay an advisory fee equal to 0.00% of the Fund’s average daily net assets invested in underlying funds in the ING Fund Complex (“Underlying Funds”), and 0.30% of the Fund’s average daily net assets invested in direct investments, which include, but are not limited to a security issued by an investment company that is not a part of the ING Fund Complex, including exchange-traded funds, a security issued by a non-mutual fund issuer, such as an operating company, and derivative instruments (“Direct Investments”).  On October 1, 2013, the Fund’s shareholders approved the Amended Fee Structure which became effective on October 1, 2013.

 

3.     The table and accompanying footnotes in the section entitled “Fees and Expenses of the Fund — Annual Operating Expenses” of the Fund’s Prospectus are hereby deleted and replaced with the following:

 

Annual Fund Operating Expenses(2)

Expenses you pay each year as a % of the value of your investment

 

Class
 
 
 
A
 
B
 
C
 
I
 
O
 
R
 
W
 
Management Fees(3)
 
%
 
0.06
 
0.06
 
0.06
 
0.06
 
0.06
 
0.06
 
0.06
 
Distribution and/or Shareholder Service (12b-1) Fees
 
%
 
0.25
 
1.00
 
1.00
 
None
 
0.25
 
0.50
 
None
 
Administrative Services Fees
 
%
 
0.10
 
0.10
 
0.10
 
0.10
 
0.10
 
0.10
 
0.10
 
Other Expenses
 
%
 
0.38
 
0.38
 
0.38
 
0.38
 
0.38
 
0.38
 
0.38
 
Acquired Fund Fees and Expenses
 
%
 
1.06
 
1.06
 
1.06
 
1.06
 
1.06
 
1.06
 
1.06
 
Total Annual Fund Operating Expenses(4)
 
%
 
1.85
 
2.60
 
2.60
 
1.60
 
1.85
 
2.10
 
1.60
 
Waivers and Reimbursements (5)
 
%
 
(0.27
)
(0.27
)
(0.27
)
(0.27
)
(0.27
)
(0.27
)
(0.27
)
Total Annual Fund Operating Expenses after Waivers and Reimbursements
 
%
 
1.58
 
2.33
 
2.33
 
1.33
 
1.58
 
1.83
 
1.33
 

 

(1)   A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more.

(2)   The expense ratios have been adjusted to reflect current contractual rates.

(3)   Effective October 1, 2013, the Fund’s Management Fee structure was changed to a “bifurcated fee” structure as follows: an annual rate of 0.00% of the Fund’s average daily net assets invested in Underlying Funds within the ING Fund Complex; and 0.30% of the Fund’s average daily net assets invested in direct investments, which include, but are not limited to, a security issued by an investment company that is not part of the ING Fund Complex, including exchange-traded funds, a security issued by a non-mutual fund issuer, such as an operating company, and derivative instruments. The Management Fees reflected in the table are calculated based on an estimated investment of 20% of the Fund’s assets in direct investments.

(4)   Total Annual Fund Operating Expenses may be higher than the Fund’s ratio of expenses to average net assets shown in the Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(5)   The adviser is contractually obligated to limit expenses to 1.58%, 2.33%, 2.33%, 1.33%, 1.58%, 1.83%, and 1.33% for Class A, Class B, Class C, Class I, Class O, Class R, and Class W shares, respectively, through at least March 1, 2018; the obligation does not extend to interest, taxes, brokerage commissions, and extraordinary expenses. The obligation will automatically renew for one-year terms unless: (i) the adviser provides 90 days written notice of its termination; and (ii) such termination is approved by the Fund’s board; or (iii) the management agreement has been terminated.  The obligation is subject to possible recoupment by the adviser within three years.

 

4.   The section entitled “Fees and Expenses of the Fund — Expense Examples” of the Fund’s Prospectus is hereby deleted in its entirety and replaced with the following:

 

Expense Examples $

 

The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

Class
 
Share Status
 
 
 
1 Yr
 
3 Yrs
 
5 Yrs
 
10 Yrs
 
A
 
Sold or Held
 
$
 
726
 
1,045
 
1,415
 
2,528
 
B
 
Sold
 
$
 
736
 
1,027
 
1,475
 
2,662
 
 
 
Held
 
$
 
236
 
727
 
1,275
 
2,662
 
C
 
Sold
 
$
 
336
 
727
 
1,275
 
2,846
 
 
 
Held
 
$
 
236
 
727
 
1,275
 
2,846
 
I
 
Sold or Held
 
$
 
135
 
421
 
760
 
1,800
 
O
 
Sold or Held
 
$
 
161
 
499
 
892
 
2,072
 
R
 
Sold or Held
 
$
 
186
 
576
 
1,021
 
2,337
 
W
 
Sold or Held
 
$
 
135
 
421
 
760
 
1,800
 

 

The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-, three-, and five-year periods and the first five years of the ten-year period.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
Expenses you pay each year as a % of the value of your investment
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination March 1, 2018
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The expense ratios have been adjusted to reflect current contractual rates.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Fund Operating Expenses may be higher than the Fund’s ratio of expenses to average net assets shown in the Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Examples $
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Closing [Text Block] rr_ExpenseExampleClosingTextBlock The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-, three-, and five-year periods and the first five years of the ten-year period.
ING Diversified International Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.06% [1],[2]
Distribution and/or Shareholder Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25% [1]
Administrative Services Fees rr_Component1OtherExpensesOverAssets 0.10% [1]
Other Expenses rr_OtherExpensesOverAssets 0.38% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.85% [1],[3]
Waivers and Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.27%) [1],[4]
Total Annual Fund Operating Expenses after Waivers and Reimbursements rr_NetExpensesOverAssets 1.58% [1]
1 Yr rr_ExpenseExampleYear01 $ 726
3 Yrs rr_ExpenseExampleYear03 1,045
5 Yrs rr_ExpenseExampleYear05 1,415
10 Yrs rr_ExpenseExampleYear10 2,528
1 Yr rr_ExpenseExampleNoRedemptionYear01 726
3 Yrs rr_ExpenseExampleNoRedemptionYear03 1,045
5 Yrs rr_ExpenseExampleNoRedemptionYear05 1,415
10 Yrs rr_ExpenseExampleNoRedemptionYear10 2,528
ING Diversified International Fund | Class B
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.06% [1],[2]
Distribution and/or Shareholder Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00% [1]
Administrative Services Fees rr_Component1OtherExpensesOverAssets 0.10% [1]
Other Expenses rr_OtherExpensesOverAssets 0.38% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.60% [1],[3]
Waivers and Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.27%) [1],[4]
Total Annual Fund Operating Expenses after Waivers and Reimbursements rr_NetExpensesOverAssets 2.33% [1]
1 Yr rr_ExpenseExampleYear01 736
3 Yrs rr_ExpenseExampleYear03 1,027
5 Yrs rr_ExpenseExampleYear05 1,475
10 Yrs rr_ExpenseExampleYear10 2,662
1 Yr rr_ExpenseExampleNoRedemptionYear01 236
3 Yrs rr_ExpenseExampleNoRedemptionYear03 727
5 Yrs rr_ExpenseExampleNoRedemptionYear05 1,275
10 Yrs rr_ExpenseExampleNoRedemptionYear10 2,662
ING Diversified International Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.06% [1],[2]
Distribution and/or Shareholder Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00% [1]
Administrative Services Fees rr_Component1OtherExpensesOverAssets 0.10% [1]
Other Expenses rr_OtherExpensesOverAssets 0.38% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.60% [1],[3]
Waivers and Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.27%) [1],[4]
Total Annual Fund Operating Expenses after Waivers and Reimbursements rr_NetExpensesOverAssets 2.33% [1]
1 Yr rr_ExpenseExampleYear01 336
3 Yrs rr_ExpenseExampleYear03 727
5 Yrs rr_ExpenseExampleYear05 1,275
10 Yrs rr_ExpenseExampleYear10 2,846
1 Yr rr_ExpenseExampleNoRedemptionYear01 236
3 Yrs rr_ExpenseExampleNoRedemptionYear03 727
5 Yrs rr_ExpenseExampleNoRedemptionYear05 1,275
10 Yrs rr_ExpenseExampleNoRedemptionYear10 2,846
ING Diversified International Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.06% [1],[2]
Distribution and/or Shareholder Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none [1]
Administrative Services Fees rr_Component1OtherExpensesOverAssets 0.10% [1]
Other Expenses rr_OtherExpensesOverAssets 0.38% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.60% [1],[3]
Waivers and Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.27%) [1],[4]
Total Annual Fund Operating Expenses after Waivers and Reimbursements rr_NetExpensesOverAssets 1.33% [1]
1 Yr rr_ExpenseExampleYear01 135
3 Yrs rr_ExpenseExampleYear03 421
5 Yrs rr_ExpenseExampleYear05 760
10 Yrs rr_ExpenseExampleYear10 1,800
1 Yr rr_ExpenseExampleNoRedemptionYear01 135
3 Yrs rr_ExpenseExampleNoRedemptionYear03 421
5 Yrs rr_ExpenseExampleNoRedemptionYear05 760
10 Yrs rr_ExpenseExampleNoRedemptionYear10 1,800
ING Diversified International Fund | Class O
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.06% [1],[2]
Distribution and/or Shareholder Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25% [1]
Administrative Services Fees rr_Component1OtherExpensesOverAssets 0.10% [1]
Other Expenses rr_OtherExpensesOverAssets 0.38% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.85% [1],[3]
Waivers and Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.27%) [1],[4]
Total Annual Fund Operating Expenses after Waivers and Reimbursements rr_NetExpensesOverAssets 1.58% [1]
1 Yr rr_ExpenseExampleYear01 161
3 Yrs rr_ExpenseExampleYear03 499
5 Yrs rr_ExpenseExampleYear05 892
10 Yrs rr_ExpenseExampleYear10 2,072
1 Yr rr_ExpenseExampleNoRedemptionYear01 161
3 Yrs rr_ExpenseExampleNoRedemptionYear03 499
5 Yrs rr_ExpenseExampleNoRedemptionYear05 892
10 Yrs rr_ExpenseExampleNoRedemptionYear10 2,072
ING Diversified International Fund | Class R
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.06% [1],[2]
Distribution and/or Shareholder Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50% [1]
Administrative Services Fees rr_Component1OtherExpensesOverAssets 0.10% [1]
Other Expenses rr_OtherExpensesOverAssets 0.38% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.10% [1],[3]
Waivers and Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.27%) [1],[4]
Total Annual Fund Operating Expenses after Waivers and Reimbursements rr_NetExpensesOverAssets 1.83% [1]
1 Yr rr_ExpenseExampleYear01 186
3 Yrs rr_ExpenseExampleYear03 576
5 Yrs rr_ExpenseExampleYear05 1,021
10 Yrs rr_ExpenseExampleYear10 2,337
1 Yr rr_ExpenseExampleNoRedemptionYear01 186
3 Yrs rr_ExpenseExampleNoRedemptionYear03 576
5 Yrs rr_ExpenseExampleNoRedemptionYear05 1,021
10 Yrs rr_ExpenseExampleNoRedemptionYear10 2,337
ING Diversified International Fund | Class W
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.06% [1],[2]
Distribution and/or Shareholder Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none [1]
Administrative Services Fees rr_Component1OtherExpensesOverAssets 0.10% [1]
Other Expenses rr_OtherExpensesOverAssets 0.38% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.60% [1],[3]
Waivers and Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.27%) [1],[4]
Total Annual Fund Operating Expenses after Waivers and Reimbursements rr_NetExpensesOverAssets 1.33% [1]
1 Yr rr_ExpenseExampleYear01 135
3 Yrs rr_ExpenseExampleYear03 421
5 Yrs rr_ExpenseExampleYear05 760
10 Yrs rr_ExpenseExampleYear10 1,800
1 Yr rr_ExpenseExampleNoRedemptionYear01 135
3 Yrs rr_ExpenseExampleNoRedemptionYear03 421
5 Yrs rr_ExpenseExampleNoRedemptionYear05 760
10 Yrs rr_ExpenseExampleNoRedemptionYear10 $ 1,800
[1] The expense ratios have been adjusted to reflect current contractual rates.
[2] Effective October 1, 2013, the Fund's Management Fee structure was changed to a "bifurcated fee" structure as follows: an annual rate of 0.00% of the Fund's average daily net assets invested in Underlying Funds within the ING Fund Complex; and 0.30% of the Fund's average daily net assets invested in direct investments, which include, but are not limited to, a security issued by an investment company that is not part of the ING Fund Complex, including exchange-traded funds, a security issued by a non-mutual fund issuer, such as an operating company, and derivative instruments. The Management Fees reflected in the table are calculated based on an estimated investment of 20% of the Fund's assets in direct investments.
[3] Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
[4] The adviser is contractually obligated to limit expenses to 1.58%, 2.33%, 2.33%, 1.33%, 1.58%, 1.83%, and 1.33% for Class A, Class B, Class C, Class I, Class O, Class R, and Class W shares, respectively, through at least March 1, 2018; the obligation does not extend to interest, taxes, brokerage commissions, and extraordinary expenses. The obligation will automatically renew for one-year terms unless: (i) the adviser provides 90 days written notice of its termination; and (ii) such termination is approved by the Fund's board; or (iii) the management agreement has been terminated. The obligation is subject to possible recoupment by the adviser within three years.