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ING VARIABLE PRODUCTS TRUST

ING International Value Portfolio

(“Portfolio”)

 

Supplement dated March 7, 2014

to the Portfolio’s Adviser Class (“Class ADV”) Prospectus,

Class ADV Summary Prospectus, Initial Class (“Class I”) Prospectus, Class I Summary Prospectus, Service Class (“Class S”) Prospectus, and Class S Summary Prospectus

each dated April 30, 2013

(each a “Prospectus” and collectively “Prospectuses”)

 

On January 23, 2014, the Portfolio’s Board of Trustees (“Board”) approved a change with respect to the Portfolio’s expense structure, retroactively effective January 1, 2014.

 

The Portfolio’s Prospectuses are hereby revised as follows:

 

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

 

Annual Portfolio Operating Expenses(1)

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

 

Class
 
ADV
 
Management Fee
 
0.80
%
Distribution and/or Shareholder Service (12b-1) Fees
 
0.50
%
Administrative Services Fee
 
0.10
%
Other Expenses
 
0.06
%
Total Annual Portfolio Operating Expenses
 
1.46
%
Waivers and Reimbursements (2)
 
(0.01
)%
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements
 
1.45
%

 

(1)
The expense ratio has been adjusted to reflect current contractual rates.
(2)
The adviser is contractually obligated to limit expenses to 1.50% through May 1, 2014. This obligation will automatically renew for one-year terms unless: (i) the adviser provides 90 days written notice of its termination and such termination is approved by the Portfolio’s board; or (ii) the management agreement has been terminated. The obligation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In addition, the adviser is contractually obligated to further limit expenses to 1.45% through May 1, 2015. The obligation will renew if the adviser elects to renew it. Notwithstanding the foregoing, termination or modification of this obligation requires approval by the Portfolio’s board. Any fees waived pursuant to this obligation shall not be eligible for recoupment. These obligations do not extend to interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses.

 

2.             The table in the section entitled “Fees and Expenses of the Portfolio — Expense Example” of the Portfolio’s Class ADV Prospectus is hereby deleted and replaced with the following:

 

Class
 
 
 
1 Yr
 
3 Yrs
 
5 Yrs
 
10 Yrs
 
ADV
 
$
 
 
148
 
461
 
796
 
1,745
 

 

 

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

 

Annual Portfolio Operating Expenses(1)

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

 

Class
 
I
 
Management Fee
 
0.80
%
Distribution and/or Shareholder Service (12b-1) Fees
 
None
 
Administrative Services Fee
 
0.10
%
Other Expenses
 
0.06
%
Total Annual Portfolio Operating Expenses
 
0.96
%
Waivers and Reimbursements (2)
 
(0.01
)%
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements
 
0.95
%

 

(1)
The expense ratio has been adjusted to reflect current contractual rates.
(2)
The adviser is contractually obligated to limit expenses to 1.00% through May 1, 2014. This obligation will automatically renew for one-year terms unless: (i) the adviser provides 90 days written notice of its termination and such termination is approved by the Portfolio’s board; or (ii) the management agreement has been terminated. The obligation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In addition, the adviser is contractually obligated to further limit expenses to 0.95% through May 1, 2015. The obligation will renew if the adviser elects to renew it. Notwithstanding the foregoing, termination or modification of this obligation requires approval by the Portfolio’s board. Any fees waived pursuant to this obligation shall not be eligible for recoupment. These obligations do not extend to interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses.

 

4.             The table in the section entitled “Fees and Expenses of the Portfolio — Expense Example” of the Portfolio’s Class I Prospectus is hereby deleted and replaced with the following:

 

Class
 
 
 
1 Yr
 
3 Yrs
 
5 Yrs
 
10 Yrs
 
I
 
$
 
 
97
 
305
 
530
 
1,177
 

 

5.             The table and accompanying footnotes in the section entitled “Fees and Expenses of the Portfolio — Annual Portfolio Operating Expenses” of the Portfolio’s Class S Prospectus is hereby deleted and replaced with the following:

 

Annual Portfolio Operating Expenses(1)

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

 

Class
 
S
 
Management Fee
 
0.80
%
Distribution and/or Shareholder Service (12b-1) Fees
 
0.25
%
Administrative Services Fee
 
0.10
%
Other Expenses
 
0.06
%
Total Annual Portfolio Operating Expenses
 
1.21
%
Waivers and Reimbursements (2)
 
(0.06
)%
Total Annual Portfolio Operating Expenses after Waivers and Reimbursements
 
1.15
%

 

(1)
The expense ratio has been adjusted to reflect current contractual rates.
(2)
The adviser is contractually obligated to limit expenses to 1.20% through May 1, 2014. This obligation will automatically renew for one-year terms unless: (i) the adviser provides 90 days written notice of its termination and such termination is approved by the Portfolio’s board; or (ii) the management agreement has been terminated. The obligation is subject to possible recoupment by the adviser within 36 months from the waiver or reimbursement. In addition, the adviser is contractually obligated to further limit expenses to 1.15% through May 1, 2015. The obligation will renew if the adviser elects to renew it. Any fees waived pursuant to this obligation shall not be eligible for recoupment. These obligations do not extend to interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses. The distributor is also contractually obligated to waive 0.05% of the 0.25% shareholder services fee through May 1, 2014. There is no guarantee that the shareholder services fee waiver will continue after May 1, 2014. The shareholder services fee waiver will only renew if the distributor elects to renew it.  Notwithstanding the foregoing, termination or modification of this obligation requires approval by the Portfolio’s board.

 

6.             The table in the section entitled “Fees and Expenses of the Portfolio — Expense Example” of the Portfolio’s Class S Prospectus is hereby deleted and replaced with the following:

 

Class
 
 
 
1 Yr
 
3 Yrs
 
5 Yrs
 
10 Yrs
 
S
 
$
 
 
117
 
378
 
659
 
1,461