ING FUNDS TRUST
497, 1999-10-04
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<PAGE>   1

                        SUPPLEMENT DATED OCTOBER 1, 1999
                      TO PROSPECTUS DATED OCTOBER 30, 1998
                               OF ING FUNDS TRUST

                           ING LARGE CAP GROWTH FUND
                            ING GROWTH & INCOME FUND
                            ING MID CAP GROWTH FUND
                           ING SMALL CAP GROWTH FUND
                               ING BALANCED FUND
                          ING GLOBAL BRAND NAMES FUND
                         ING INTERNATIONAL EQUITY FUND
                        ING EMERGING MARKETS EQUITY FUND
                            ING EUROPEAN EQUITY FUND
                         ING TAX EFFICIENT EQUITY FUND
                                 ING FOCUS FUND
                     ING GLOBAL INFORMATION TECHNOLOGY FUND
                          ING GLOBAL REAL ESTATE FUND

This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus.

- - On September 30, 1999, the Board of Trustees of the ING Funds Trust approved
  the filing of a preliminary proxy statement with the Securities and Exchange
  Commission that recommends to the shareholders of the ING Small Cap Growth
  Fund that Furman Selz Capital Management LLC replace Baring Asset Management,
  Inc. as sub-adviser to the Fund. This change, if approved by shareholders of
  the Fund, will be effective October 31, 1999.

- - ING Funds Trust is currently offering only ten of the thirteen funds listed in
  the Prospectus. These funds are: ING Large Cap Growth Fund, ING Growth &
  Income Fund, ING Mid Cap Growth Fund, ING Small Cap Growth Fund, ING Global
  Brand Names Fund, ING International Equity Fund, ING European Equity Fund, ING
  Tax Efficient Equity Fund, ING Focus Fund and ING Global Information
  Technology Fund. The ING Balanced Fund, ING Emerging Markets Equity Fund and
  ING Global Real Estate Fund, although listed in the Prospectus, are not being
  offered as of the date of this supplement.

- - A statement of additional information, dated July 1, 1999, as amended or
  supplemented from time to time, containing additional and more detailed
  information about the Funds, has been filed with the Securities and Exchange
  Commission and is hereby incorporated by reference into the Prospectus.

- - The address for ING Mutual Funds Management Co. LLC and ING Funds Distributor,
  Inc. has changed to 1475 Dunwoody Drive, West Chester, PA 19380.

- - Baring International Investment (Far East) Limited has transferred all of its
  assets, liabilities and operations to Baring Asset Management (Asia) Limited.
  This transfer did not result in a change of actual control or management of
  the applicable Funds. All relevant disclosure in the Prospectus applicable to
  Baring International Investment (Far East) Limited should be applied to Baring
  Asset Management (Asia) Limited.

- - The Funds will accept third party checks from qualified financial
  institutions, such as broker-dealers and investment advisers that are
  registered with the Securities and Exchange Commission, as well as insurance
  companies, banks, credit unions and thrift companies.

- - The annual amount withdrawn pursuant to the Systematic Withdrawal Plan, as it
  pertains to the Class A, B and C waiver of the CDSC, must be equal to 10% of
  the initial account balance, and the minimum initial account balance must be
  at least equal to $20,000.

- - Each of the Funds currently offers under a separate prospectus Class I shares.
  These shares may be purchased only by retirement plans affiliated with ING
  Group. Class I shares are sold without an initial sales charge and also are
  not subject to any Rule 12b-1 fees, shareholder servicing fees or account
  servicing fees.

If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.
                                  ING-EQSUPP3
<PAGE>   2

                        SUPPLEMENT DATED OCTOBER 1, 1999
                        TO PROSPECTUS DATED JULY 1, 1999
                               OF ING FUNDS TRUST

                           ING LARGE CAP GROWTH FUND
                            ING GROWTH & INCOME FUND
                            ING MID CAP GROWTH FUND
                           ING SMALL CAP GROWTH FUND
                               ING BALANCED FUND
                          ING GLOBAL BRAND NAMES FUND
                         ING INTERNATIONAL EQUITY FUND
                        ING EMERGING MARKETS EQUITY FUND
                            ING EUROPEAN EQUITY FUND
                         ING TAX EFFICIENT EQUITY FUND
                                 ING FOCUS FUND
                     ING GLOBAL INFORMATION TECHNOLOGY FUND
                          ING GLOBAL REAL ESTATE FUND

                                 CLASS I SHARES

This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus.

- - On September 30, 1999, the Board of Trustees of the ING Funds Trust approved
  the filing of a preliminary proxy statement with the Securities and Exchange
  Commission that recommends to the shareholders of the ING Small Cap Growth
  Fund that Furman Selz Capital Management LLC replace Baring Asset Management,
  Inc. as sub-adviser to the Fund. This change, if approved by shareholders of
  the Fund, will be effective October 31, 1999.

- - ING Funds Trust (the "Trust") is currently offering only ten of the thirteen
  funds listed in the Prospectus. These funds are: ING Large Cap Growth Fund,
  ING Growth & Income Fund, ING Mid Cap Growth Fund, ING Small Cap Growth Fund,
  ING Global Brand Names Fund, ING International Equity Fund, ING European
  Equity Fund, ING Tax Efficient Equity Fund, ING Focus Fund and ING Global
  Information Technology Fund. The ING Balanced Fund, ING Emerging Markets
  Equity Fund and ING Global Real Estate Fund, although listed in the
  Prospectus, are not being offered as of the date of this supplement.

- - Baring International Investment (Far East) Limited has transferred all of its
  assets, liabilities and operations to Baring Asset Management (Asia) Limited.
  This transfer did not result in a change of actual control or management of
  the applicable Funds. All relevant disclosure in the Prospectus applicable to
  Baring International Investment (Far East) Limited should be applied to Baring
  Asset Management (Asia) Limited.

- - The Funds will accept third party checks from qualified financial
  institutions, such as broker-dealers and investment advisers that are
  registered with the Securities and Exchange Commission, as well as insurance
  companies, banks, credit unions and thrift companies.

If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.

                                 ING-EQSUPP2-I
<PAGE>   3

                        SUPPLEMENT DATED OCTOBER 1, 1999
                      TO PROSPECTUS DATED OCTOBER 30, 1998
                               OF ING FUNDS TRUST

                           ING INTERMEDIATE BOND FUND
                            ING HIGH YIELD BOND FUND
                          ING INTERNATIONAL BOND FUND
                            ING MORTGAGE INCOME FUND
                       ING NATIONAL TAX-EXEMPT BOND FUND

This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus.

- - ING Funds Trust is currently offering only three of the five funds listed in
  the Prospectus. These funds are: ING Intermediate Bond Fund, ING High Yield
  Bond Fund and ING International Bond Fund. The ING Mortgage Income and ING
  National Tax-Exempt Bond Fund, although listed in the Prospectus, are not
  being offered as of the date of this supplement.

- - A statement of additional information, dated July 1, 1999, as amended or
  supplemented from time to time, containing additional and more detailed
  information about the Funds, has been filed with the Securities and Exchange
  Commission and is hereby incorporated by reference into the Prospectus.

- - The address for ING Mutual Funds Management Co. LLC and ING Funds Distributor,
  Inc. has changed to 1475 Dunwoody Drive, West Chester, PA 19380.

- - Baring International Investment (Far East) Limited has transferred all of its
  assets, liabilities and operations to Baring Asset Management (Asia) Limited.
  This transfer did not result in a change of actual control or management of
  the applicable Funds. All relevant disclosure in the Prospectus applicable to
  Baring International Investment (Far East) Limited should be applied to Baring
  Asset Management (Asia) Limited.

- - The Funds will accept third party checks from qualified financial
  institutions, such as broker-dealers and investment advisers that are
  registered with the Securities and Exchange Commission, as well as insurance
  companies, banks, credit unions and thrift companies.

- - The annual amount withdrawn pursuant to the Systematic Withdrawal Plan, as it
  pertains to the Class A, B and C waiver of the CDSC, must be equal to 10% of
  the initial account balance, and the minimum initial account balance must be
  at least equal to $20,000.

- - Each of the Funds, except the ING National Tax-Exempt Bond Fund, currently
  offers under a separate prospectus Class I shares. These shares may be
  purchased only by retirement plans affiliated with ING Group. Class I shares
  are sold without an initial sales charge and also are not subject to any Rule
  12b-1 fees, shareholder servicing fees or account servicing fees.

If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.

                                  ING-FFSUPP3
<PAGE>   4

                        SUPPLEMENT DATED OCTOBER 1, 1999
                      TO PROSPECTUS DATED OCTOBER 30, 1998
                               OF ING FUNDS TRUST

                           ING INTERMEDIATE BOND FUND
                            ING HIGH YIELD BOND FUND
                          ING INTERNATIONAL BOND FUND
                            ING MORTGAGE INCOME FUND

                                 CLASS X SHARES

This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus.

- - ING Funds Trust is currently offering only three of the four funds listed in
  the Prospectus. These funds are: ING Intermediate Bond Fund, ING High Yield
  Bond Fund and ING International Bond Fund. The ING Mortgage Income, although
  listed in the Prospectus, is not being offered as of the date of this
  supplement.

- - A statement of additional information, dated July 1, 1999, as amended or
  supplemented from time to time, containing additional and more detailed
  information about the Funds, has been filed with the Securities and Exchange
  Commission and is hereby incorporated by reference into the Prospectus.

- - The address for ING Mutual Funds Management Co. LLC and ING Funds Distributor,
  Inc. has changed to 1475 Dunwoody Drive, West Chester, PA 19380.

- - Baring International Investment (Far East) Limited has transferred all of its
  assets, liabilities and operations to Baring Asset Management (Asia) Limited.
  This transfer did not result in a change of actual control or management of
  the applicable Funds. All relevant disclosure in the Prospectus applicable to
  Baring International Investment (Far East) Limited should be applied to Baring
  Asset Management (Asia) Limited.

- - The Funds will accept third party checks from qualified financial
  institutions, such as broker-dealers and investment advisers that are
  registered with the Securities and Exchange Commission, as well as insurance
  companies, banks, credit unions and thrift companies.

- - Each of the Funds currently offers under a separate prospectus Class I shares.
  These shares may be purchased only by retirement plans affiliated with ING
  Group. Class I shares are sold without an initial sales charge and also are
  not subject to any Rule 12b-1 fees, shareholder servicing fees or account
  servicing fees.

If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.

                                 ING-FFSUPP3-X
<PAGE>   5

                        SUPPLEMENT DATED OCTOBER 1, 1999
                      TO PROSPECTUS DATED OCTOBER 30, 1998
                               OF ING FUNDS TRUST

                      ING U. S. TREASURY MONEY MARKET FUND
                             ING MONEY MARKET FUND

This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus.

- - ING Funds Trust is currently offering only one of the two Funds listed in the
  Prospectus. The fund being offered is the ING Money Market Fund. The ING U.S.
  Treasury Money Market Fund, although listed in the Prospectus, is not being
  offered as of the date of this Supplement.

- - A statement of additional information, dated July 1, 1999, as amended or
  supplemented from time to time, containing additional and more detailed
  information about the Funds, has been filed with the Securities and Exchange
  Commission and is hereby incorporated by reference into the Prospectus.

- - Investors who purchase Class A shares of the Funds may exchange their shares
  for Class A shares or shares of any other class of the other funds within the
  ING Family of Funds.

- - The address for ING Mutual Funds Management Co. LLC and ING Funds Distributor,
  Inc. has changed to 1475 Dunwoody Drive, West Chester, PA 19380.

- - The Funds will accept third party checks from qualified financial
  institutions, such as broker-dealers and investment advisers that are
  registered with the Securities and Exchange Commission, as well as insurance
  companies, banks, credit unions and thrift companies.

- - The annual amount withdrawn pursuant to the Systematic Withdrawal Plan, as it
  pertains to the Class A, B and C waiver of the CDSC, must be equal to 10% of
  the initial account balance, and the minimum initial account balance must be
  at least equal to $20,000.

- - Commencing on July 6, 1999, the Class A shares of the ING Money Market Fund
  will reduce the waiver of Rule 12b-1 fees to .39%. Accordingly, annual fund
  operating expenses (as a percentage of average daily net assets) will be as
  follows:

<TABLE>
<CAPTION>
                                       ING MONEY MARKET FUND
                                       Class A Shares
                                       ---------------------
<S>                                    <C>
Management Fees*                       .06%
12b-1 Fees*                            .11%
Shareholder Servicing Fees             .25%
Other Expenses**                       .35%
                                       --
     TOTAL FUND OPERATING EXPENSES***  .77%
</TABLE>

  * Management Fees consisting of investment advisory and administrative fees
    (before waivers) would be 0.25% annually of the average daily net assets for
    the Fund. Rule 12b-1 Fees (before waivers) would be 0.50% annually of the
    average daily net assets for the Fund's Class A shares. The fee waivers
    reflected in the table are voluntary and may be modified or terminated at
    any time without the Funds' consent.

 ** Under the Fund Services Agreement, the Fund may pay ING Fund Services
    annually up to $40,000 for fund accounting services plus out-of-pocket
    expenses, $17 per an account for transfer agency services plus out-of-pocket
    expenses and up to 0.25% of the Fund's average daily net assets annually for
    account servicing activities. The Fund currently waives 0.15% of such fees.
    ING Fund Services may engage third parties to perform some or all of these
    services. The fee waivers are voluntary and may be modified or terminated at
    any time without the Fund's consent. (See "Management of the Funds -- Fund
    Accountant, Transfer Agent and Account Services" in the Prospectus.)

*** Total Fund Operating Expenses (before waivers) for the Fund would be 1.50%
    for Class A shares.
<PAGE>   6

The following table represents the various costs and expenses that you will bear
directly or indirectly as an investor in the Fund:

<TABLE>
<CAPTION>
                                          FULL REDEMPTION*      NO REDEMPTION**
                                          -----------------    -----------------
                                          1 YEAR    3 YEARS    1 YEAR    3 YEARS
                                          ------    -------    ------    -------
<S>                                       <C>       <C>        <C>       <C>
Class A Shares..........................    $8        $25        $8        $25
</TABLE>

 * Full Redemption.  You would have paid the above expenses on a $1,000
   investment, assuming a hypothetical 5% annual return and full redemption of
   your shares at the end of each period shown.

** No Redemption.  You would have paid the above expenses on a $1,000
   investment, assuming a hypothetical 5% annual return and no redemption of
   your shares at the end of each period shown.

     THE EXAMPLES PROVIDED SHOULD NOT BE CONSIDERED AS A REPRESENTATION OF THE
FUND'S PAST OR FUTURE EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN
THOSE SHOWN. IN ADDITION, WHILE THE EXAMPLES ASSUME A 5% ANNUAL RETURN, THE
FUND'S ACTUAL PERFORMANCE WILL VARY AND MAY RESULT IN AN ACTUAL RETURN THAT IS
GREATER OR LESS THAN 5%.

     The figures following show past performance of the Sub-Adviser in managing
accounts with investment objectives, policies, styles and techniques
substantially similar though not identical to those of the ING Money Market
Fund, adjusted to reflect the reduced waiver of Rule 12b-1 fees. The performance
is not necessarily representative of the past performance of the
above-referenced team or any individual of the team. Information presented is
based on performance data provided by the Sub-Adviser. The past performance does
not represent the ING Money Market Fund's performance. The table shows the total
returns for a composite of the actual performance of accounts managed by the
Sub-Adviser for various periods ended September 30, 1998, as adjusted for the
projected annual expenses for the ING Money Market Fund's Class A shares during
its initial fiscal period as set forth above. The amounts shown assume
redemption of Fund shares at the end of each period indicated. Included for
comparison purposes are performance figures of the IBC's Money Fund Report First
Tier Average, a weekly report tracking the performance of over 1300 taxable and
tax-free money funds. The performance shown is calculated in accordance with
established Securities and Exchange Commission rules and guidelines.

     The composite is made up of accounts that are not subject to
diversification and other requirements that apply to mutual funds indicated
under applicable securities, tax and other laws that, if applicable, may have
adversely affected performance. As a result, portfolio management strategies
used on the composite and those used on the ING Money Market Fund may vary in
some respects. The information should not be considered a prediction of the
future performance of the Fund. The actual performance may be higher or lower
than that shown.

ANNUALIZED RATES OF RETURN FOR
PERIODS ENDING SEPTEMBER 30, 1998

MONEY MARKET COMPOSITE ACCOUNT

<TABLE>
<CAPTION>
                                                                        IBC
                                                                     FIRST TIER
                                                          CLASS A     AVERAGE
                                                          -------    ----------
<S>                                                       <C>        <C>
1 Year..................................................   4.96%       5.06%
Since Inception*........................................   4.92%       4.99%
</TABLE>

       * Inception date is August 1, 1996.

- - Each of the Funds currently offers under a separate prospectus Class I shares.
  These shares may be purchased only by retirement plans affiliated with ING
  Group. Class I shares are sold without an initial sales charge and also are
  not subject to any Rule 12b-1 fees, shareholder servicing fees or account
  servicing fees.

If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.

                                  ING-MMSUPP3
<PAGE>   7

                        SUPPLEMENT DATED OCTOBER 1, 1999
                        TO PROSPECTUS DATED JULY 1, 1999
                               OF ING FUNDS TRUST

                               ING INTERNET FUND

This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus.

- - The ING Internet Fund will be closed to new investors upon reaching $500
  million of assets under management. At such point, however, existing investors
  will be permitted to continue to make additional investments in the Fund.

- - The Fund will accept third party checks from qualified financial institutions,
  such as broker-dealers and investment advisers that are registered with the
  Securities and Exchange Commission, as well as insurance companies, banks,
  credit unions and thrift companies.

- - The annual amount withdrawn pursuant to the Systematic Withdrawal Plan, as it
  pertains to the Class A, B and C waiver of the CDSC, must be equal to 10% of
  the initial account balance, and the minimum initial account balance must be
  at least equal to $20,000.

- - Each of the Funds currently offers under a separate prospectus Class I shares.
  These shares may be purchased only by retirement plans affiliated with ING
  Group. Class I shares are sold without an initial sales charge and also are
  not subject to any Rule 12b-1 fees, shareholder servicing fees or account
  servicing fees.

If you would like more information about the ING Internet Fund call 877-INFO-ING
or 877-463-6464.

                                  ING-INTSUPP2


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