NOTE 1 -- ORGANIZATION
ORGANIZATION. ING Funds Trust ("Trust") is a Delaware business trust registered as an open-end
management investment company. The Trust was organized on July 30, 1998. It consists of nine separately
managed series: ING GNMA Income Fund ("GNMA Fund"), ING High Yield Bond Fund ("High Yield Bond
Fund"), ING High Yield Opportunity Fund ("High Yield Opportunity Fund"), ING Intermediate Bond Fund
("Intermediate Bond Fund"), ING National Tax-Exempt Bond Fund ("National Tax-Exempt Bond Fund"), ING
Strategic Bond Fund ("Strategic Bond Fund"), ING Lexington Money Market Trust ("Money Market Trust"),
ING Classic Money Market Fund and ING Money Market Fund.
The investment objective of each Fund is described in each Fund's prospectus.
Each Fund offers at least three of the following classes of shares: Class A, Class B, Class C, Class I, Class M,
Class Q and Class R, except for Money Market Trust which only offers Class A Shares. The separate classes of
shares differ principally in the applicable sales charges (if any), transfer agent fees, distribution fees and
shareholder servicing fees. Shareholders of each class also bear certain expenses that pertain to that particular
class. All shareholders bear the common expenses of the Fund and earn income from the portfolio pro rata based
on the average daily net assets of each class, without distinction between share classes. Dividends and
distributions are determined separately for each class based on income and expenses allocable to each class.
Realized gains are allocated to each class pro rata based on the net assets of each class on the date of
distribution. No class has preferential dividend rights. Differences in per share dividend rates generally result from
the relative weighting of pro rata income and realized gain allocations and from differences in separate class
expenses, including distribution, and shareholder servicing fees. Class B shares, along with their pro rata
reinvested dividend shares, automatically convert to Cla