Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Foreign Investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Emerging Market stocks may be especially volatile. Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance. High-Yield, Lower-Grade Debt Securities are highly speculative and more volatile. Growth Stocks may be more volatile than value stocks due to their relatively high valuations, and growth investing may fall out of favor with investors. Prices of Value-Oriented Securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions. Other risks of the Fund include but are not limited to: Convertible and Debt Securities Risks; Other Investment Companies Risks; Price Volatility Risks; Inability to Sell Securities Risks; and Securities Lending Risks. Investors should consult the Fund's Prospectus and Statement of Additional Information for a more detailed discussion of the Fund's risks.

On March 25, 2010, the Board of Trustees of ING Mutual Funds approved a change in the sub-adviser for the Fund from Artio Global Management LLC to ING Investment Management Advisors B.V. (“IIMA”) and subsequent changes to the Fund’s principal investment strategies. A proxy statement was mailed to shareholders on or about May 6, 2010 detailing these changes and a shareholder meeting is scheduled to take place on or about June 29, 2010. Upon shareholders approval change in sub-adviser, it is expected that IIMA will begin managing the Fund on or about June 30, 2010. Prior to June 30, 2010, the Fund was named the ING Foreign Fund and subadvised by Artio Global Management LLC.