<PAGE> 1
SUPPLEMENT DATED JANUARY 14, 2000
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
CLASS A, B AND C SHARES
This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus.
- - Furman Selz Capital Management LLC became sub-adviser of the ING Small Cap
Growth Fund, effective October 31, 1999. Accordingly, the fourth paragraph
under the sub-section entitled "The Sub-Advisers - Baring Asset
Management, Inc." in the section of the Prospectus entitled "Management of
the Funds" concerning the management of the ING Small Cap Growth Fund
should be deleted and the following paragraph should be inserted as the
second paragraph under the sub-section entitled "The Sub-Advisers - Furman
Selz Capital Management LLC" in the section of the Prospectus entitled
"Management of the Funds":
The ING Small Cap Growth Fund is managed by a team of two investment
professionals led by Mr. George Paoletti. Mr. Paoletti has been
affiliated with FSCM since June 1999 and has over 7 years of
experience.
In addition, the reference to the ING Small Cap Growth Fund in the first
sentence of the first paragraph under the sub-section entitled "The
Sub-Advisers Baring Asset Management, Inc." in the section of the
Prospectus entitled "Management of the Funds" should be deleted and the
first sentence of the first paragraph under the sub-section entitled "The
Sub-Advisers - Furman Selz Capital Management LLC" in the section of the
Prospectus entitled "Management of the Funds" should be amended to read:
The Manager has retained FSCM, located at 230 Park Avenue, New York,
NY 10169, to act as sub-adviser to the ING Small Cap Growth Fund,
ING Mid Cap Growth Fund, ING Balanced Fund and the ING Focus Fund.
Furthermore, the reference to the ING Small Cap Growth Fund in the first
sentence of the second paragraph under the sub-section entitled
"Management of the Funds" in the section of the Prospectus entitled
"Highlights" should be deleted and the second sentence of the paragraph
should be amended to read:
Furman Selz Capital Management LLC ("FSCM") serves as sub-adviser to
the ING Small Cap Growth Fund, ING Mid Cap Growth Fund, ING Balanced
Fund and ING Focus Fund.
<PAGE> 2
Finally, the reference to the ING Small Cap Growth Fund in the fourth
paragraph (formerly the fifth paragraph) under the sub-section entitled
"The Sub-Advisers - Baring Asset Management, Inc." in the section of the
Prospectus entitled "Management of the Funds" should be deleted and the
fifth paragraph (formerly the fourth paragraph) under the sub-section
entitled "The Sub-Advisers - Furman Selz Capital Management LLC" in the
section of the Prospectus entitled "Management of the Funds" should be
amended to read:
Pursuant to the Sub-Advisory Agreement, the Manager (not the Trust)
pays to FSCM a monthly fee based on the average daily net assets of
the applicable Fund at the following annual rates:
<TABLE>
<CAPTION>
FUND INVESTMENT SUB-ADVISORY FEE
---------------------------------- --------------------------------
<S> <C>
ING Small Cap Growth Fund......... 0.50%
ING Mid Cap Growth Fund........... 0.50%
ING Balanced Fund................. 0.40%
ING Focus Fund.................... 0.50%
</TABLE>
- - 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.
<PAGE> 3
- - With regard to the Funds noted below, the Manager of the Funds has reduced
the amount of Management Fees waived. Accordingly, annual fund operating
expenses (as a percentage of average daily net assets) of each Fund are
estimated to be as follows:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
ING LARGE CAP
GROWTH FUND ING GROWTH & INCOME FUND
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Management Fees (after waivers)* 0.38% 0.38% 0.38% 0.38% 0.38% 0.38%
- -----------------------------------------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.10% 0.75% 0.75% 0.10% 0.75% 0.75%
- -----------------------------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
- -----------------------------------------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.56% 0.56% 0.56% 0.59% 0.59% 0.59%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 1.29% 1.94% 1.94% 1.32% 1.97% 1.97%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) would be 0.75% annually of the average daily
net assets for each Fund. Rule 12b-1 Fees (before waivers) would be
0.50% annually of the average daily net assets for each 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, each 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.
ING Fund Services currently waives 0.05% 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 Funds' consent. (See "Management
of the Funds -- Fund Accountant, Transfer Agent and Account
Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) for each Fund would
be 2.11% for Class A shares and 2.36% for Class B and C shares * of
the ING Large Cap Growth Fund and 2.14% for Class A shares and 2.39%
for Class B and C shares of the ING Growth & Income Fund.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
ING MID CAP ING SMALL CAP
GROWTH FUND GROWTH FUND
- ---------------------------------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Management Fees (after waivers)* 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
- ---------------------------------------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.10% 0.75% 0.75% 0.10% 0.75% 0.75%
- ---------------------------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
- ---------------------------------------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.65% 0.65% 0.65% 0.58% 0.58% 0.58%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 1.50% 2.15% 2.15% 1.43% 2.08% 2.08%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) would be 1.00% annually of the average daily
net assets for each Fund. Rule 12b-1 Fees (before waivers) would be
0.50% annually of the average daily net assets for each 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, each 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.
ING Fund Services currently waives 0.05% 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 Funds' consent. (See "Management
of the Funds -- Fund Accountant, Transfer Agent and Account
Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) for each Fund would
be 2.45% for Class A shares and 2.70% for Class B and C shares * of
the ING Mid Cap Growth Fund and 2.38% for Class A shares and 2.63%
for Class B and C shares of the ING Small Cap Growth Fund
<PAGE> 4
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
ING GLOBAL BRAND ING INTERNATIONAL
NAMES FUND EQUITY FUND
- ------------------------------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Management Fees (after waivers)* 0.50% 0.50% 0.50% 0.63% 0.63% 0.63%
- ------------------------------------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.10% 0.75% 0.75% 0.10% 0.75% 0.75%
- ------------------------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
- ------------------------------------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.68% 0.68% 0.68% 0.61% 0.61% 0.61%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 1.53% 2.18% 2.18% 1.59% 2.24% 2.24%
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING Global Brand Names Fund and the
ING International Equity Fund would be 1.00% and 1.25% annually of
the average daily net assets for each Fund, respectively. Rule 12b-1
Fees (before waivers) would be 0.50% annually of the average daily
net assets for each 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, each 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.
ING Fund Services currently waives 0.05% 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 Funds' consent. (See "Management
of the Funds -- Fund Accountant, Transfer Agent and Account
Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 2.48% for
Class A shares and 2.73% for Class B and C shares of the ING *
Global Brand Names Fund and 2.66% for Class A shares and 2.91% for
Class B and C shares of the ING International Equity Fund.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
ING EUROPEAN ING TAX EFFICIENT
EQUITY FUND EQUITY FUND
- -------------------------------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Management Fees (after waivers)* 0.58% 0.58% 0.58% 0.40% 0.40% 0.40%
- -------------------------------------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.10% 0.75% 0.75% 0.10% 0.75% 0.75%
- -------------------------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
- -------------------------------------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.69% 0.69% 0.69% 0.55% 0.55% 0.55%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 1.62% 2.27% 2.27% 1.30% 1.95% 1.95%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING European Equity Fund and the ING
Tax Efficient Equity Fund would be 1.15% and 0.80% annually of the
average daily net assets for each Fund, respectively. Rule 12b-1
Fees (before waivers) would be 0.50% annually of the average daily
net assets for each 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, each 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.
ING Fund Services currently waives 0.05% 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 Funds' consent. (See "Management
of the Funds -- Fund Accountant, Transfer Agent and Account
Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 2.64% for
Class A shares and 2.89% for Class B and C shares of the ING *
European Equity Fund and 2.15% for Class A shares and 2.40% for
Class B and C shares of the ING Tax Efficient Equity Fund.
<PAGE> 5
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
ING GLOBAL INFORMATION
ING FOCUS FUND TECHNOLOGY FUND
- --------------------------------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Management Fees (after waivers)* 0.50% 0.50% 0.50% 0.63% 0.63% 0.63%
- --------------------------------------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.10% 0.75% 0.75% 0.10% 0.75% 0.75%
- --------------------------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
- --------------------------------------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.55% 0.55% 0.55% 0.61% 0.61% 0.61%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 1.40% 2.05% 2.05% 1.59% 2.24% 2.24%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING Focus Fund and the ING Global
Information Technology Fund would be 1.00% and 1.25% annually of the
average daily net assets for each Fund, respectively. Rule 12b-1
Fees (before waivers) would be 0.50% annually of the average daily
net assets for each 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, each 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.
ING Fund Services currently waives 0.05% 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 Funds' consent. (See "Management
of the Funds -- Fund Accountant, Transfer Agent and Account
Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 2.35% for
Class A shares and 2.60% for Class B and C shares of the ING * Focus
Fund and 2.66% for Class A shares and 2.91% for Class B and C shares
of the ING Global Information Technology Fund.
The following table represents the various costs and expenses that you will bear
directly or indirectly as an investor in the Fund(s):
<TABLE>
<CAPTION>
FULL REDEMPTION* NO REDEMPTION**
---------------- ---------------
1 YEAR 3 YEARS 1 YEAR 3 YEARS
------ ------- ------ -------
ING Large Cap Growth Fund
<S> <C> <C> <C> <C>
Class A Shares........................... $70 $ 96 $70 $ 96
Class B Shares........................... $70 $ 101 $20 $ 61
Class C Shares........................... $30 $ 61 $20 $ 61
ING Growth & Income Fund
Class A Shares........................... $70 $ 97 $70 $ 97
Class B Shares........................... $70 $ 102 $20 $ 62
Class C Shares........................... $30 $ 62 $20 $ 62
ING Mid Cap Growth Fund
Class A Shares........................... $72 $ 103 $72 $ 103
Class B Shares........................... $72 $ 108 $22 $ 68
Class C Shares........................... $32 $ 68 $22 $ 68
ING Small Cap Growth Fund
Class A Shares........................... $71 $ 100 $71 $ 100
Class B Shares........................... $71 $ 106 $21 $ 66
Class C Shares........................... $31 $ 66 $21 $ 66
ING Global Brand Names Fund
Class A Shares........................... $72 $ 103 $72 $ 103
Class B Shares........................... $72 $ 109 $22 $ 69
Class C Shares........................... $32 $ 69 $22 $ 69
ING International Equity Fund
Class A Shares........................... $73 $ 105 $73 $ 105
Class B Shares........................... $73 $ 111 $23 $ 71
Class C Shares........................... $33 $ 71 $23 $ 71
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
FULL REDEMPTION* NO REDEMPTION**
------------------------------ -----------------------
1 YEAR 3 YEARS 1 YEAR 3 YEARS
------ ------- ------ -------
ING European Equity Fund
<S> <C> <C> <C> <C>
Class A Shares........................... $73 $106 $73 $106
Class B Shares........................... $73 $111 $23 $ 71
Class C Shares........................... $33 $ 71 $23 $ 71
ING Tax Efficient Equity Fund
Class A Shares........................... $70 $ 97 $70 $97
Class B Shares........................... $70 $102 $20 $62
Class C Shares........................... $30 $ 62 $20 $62
ING Focus Fund
Class A Shares........................... $71 $100 $71 $100
Class B Shares........................... $71 $105 $21 $ 65
Class C Shares........................... $31 $ 65 $21 $ 65
ING Global Information Technology Fund
Class A Shares........................... $73 $105 $73 $105
Class B Shares........................... $73 $111 $23 $ 71
Class C Shares........................... $33 $ 71 $23 $ 71
</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 EACH
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, EACH
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 Large Cap Growth
Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus 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 Large Cap Growth 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 Large Cap Growth
Fund's Class A, Class B and Class C shares. The amounts shown assume redemption
of Fund shares at the end of each period indicated. Included for comparison
purposes are performance figures of the S&P 500 Index, an unmanaged market
index. The performance shown is calculated in accordance with established
Securities and Exchange Commission rules and guidelines.
The composite is made up of unregistered 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 Large Cap Growth 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.
<PAGE> 7
ANNUALIZED RATES OF RETURN FOR PERIODS ENDING SEPTEMBER 30, 1998
LARGE CAP GROWTH COMPOSITE
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
CLASS A* CLASS B CLASS C S&P 500 INDEX
-------- ------- ------- -------------
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Year 7.66% 8.53% 12.53% 9.04%
- -----------------------------------------------------------------------------------------------------
3 Years 23.15% 24.01% 24.87% 22.73%
- -----------------------------------------------------------------------------------------------------
5 Years 17.93% 18.42% 18.62% 19.99%
- -----------------------------------------------------------------------------------------------------
10 Years 17.91% 18.04% 17.90% 17.29%
- -----------------------------------------------------------------------------------------------------
* As described herein, investments in Class A shares equal to or in excess
of $1,000,000 will not be subject to an initial sales charge. The
annualized rate of return, without adjustment for an initial sales charge,
would be 13.23%, 25.61%, 19.34% and 18.61% for the 1, 3, 5, and 10 year
periods, respectively.
- -----------------------------------------------------------------------------------------------------
</TABLE>
The figures following show past performance of the Co-Sub-Advisers in
managing accounts with investment objectives, policies, styles and techniques
substantially similar though not identical to those of the ING International
Equity Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus or any individual of the team. Information
presented is based on performance data provided by the Co-Sub-Advisers. The past
performance does not represent the ING International Equity Fund's performance.
The table shows the total returns for a composite of the actual performance of
accounts managed by the Co-Sub-Advisers for various periods ended September 30,
1998, as adjusted for the projected annual expenses for the ING International
Equity Fund's Class A, Class B and Class C shares. The amounts shown assume
redemption of Fund shares at the end of each period indicated. Included for
comparison purposes are performance figures of the MSCI EAFE Index, an unmanaged
market index. The performance shown is calculated in accordance with established
Securities and Exchange Commission rules and guidelines.
The composite is made up of unregistered 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 International Equity 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
INTERNATIONAL EQUITY COMPOSITE
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
CLASS A* CLASS B CLASS C MSCI EAFE INDEX
-------- ------- ------- ---------------
- -------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
1 Year (10.56)% (10.45)% (6.68)% (8.08)%
- -------------------------------------------------------------------------------------------------------
3 Years 4.65% 4.86% 6.06% 4.05%
- -------------------------------------------------------------------------------------------------------
5 Years 6.84% 7.13% 7.43% 5.65%
- -------------------------------------------------------------------------------------------------------
10 Years 7.91% 8.00% 7.87% 5.41%
- -------------------------------------------------------------------------------------------------------
* As described herein, investments in Class A shares equal to or in excess of
$1,000,000 will not be subject to an initial sales charge. The annualized
rate of return, without adjustment for an initial sales charge, would be
(6.05)%, 6.74%, 8.11% and 8.55% for the 1,
3, 5, and 10 year periods, respectively.
- -------------------------------------------------------------------------------------------------------
</TABLE>
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 European Equity
Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus 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 European Equity 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 European Equity
Fund's Class A, Class B and Class C shares. The amounts shown assume redemption
of Fund shares at the end of each period indicated. Included for comparison
purposes are performance figures
<PAGE> 8
of the FT European Index, an unmanaged market index. The performance shown is
calculated in accordance with established Securities and Exchange Commission
rules and guidelines.
The pooled account is not a registered investment company and is 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 European Equity 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
EUROPEAN EQUITY POOLED ACCOUNT
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
CLASS A* CLASS B CLASS C FT EUROPE INDEX
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Year 3.27% 3.88% 7.88% 7.84%
- -----------------------------------------------------------------------------------------------------------
3 Years 17.37% 18.05% 18.99% 19.28%
- -----------------------------------------------------------------------------------------------------------
Since Inception** 15.63% 16.26% 16.55% 18.41%
- -----------------------------------------------------------------------------------------------------------
* As described herein, investments in Class A shares equal to or in excess
of $1,000,000 will not be subject to an initial sales charge. The
annualized rate of return, without adjustment for an initial sales charge,
would be 8.57%, 19.71%, and 17.26% for the 1, 3 year and since inception
periods, respectively.
- -----------------------------------------------------------------------------------------------------------
** Inception date is July 12, 1994.
- -----------------------------------------------------------------------------------------------------------
</TABLE>
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 Global
Information Technology Fund, adjusted to reflect the reduced waiver of the
Management fees. The performance is not necessarily representative of the past
performance of the team referenced in the Prospectus 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 Global Information
Technology 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 Global Information Technology Fund's Class A, Class B and Class C
shares. The amounts shown assume redemption of Fund shares at the end of each
period indicated. Included for comparison purposes are performance figures of
the Goldman Sachs Technology Industry Composite, an unmanaged market index. The
performance shown is calculated in accordance with established Securities and
Exchange Commission rules and guidelines.
The pooled account is not a registered investment company and is 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 Global Information
Technology 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
GLOBAL INFORMATION TECHNOLOGY POOLED ACCOUNT
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
CLASS A* CLASS B CLASS C GSTC INDEX
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Year 7.04% 7.87% 11.87% 7.23%
- ----------------------------------------------------------------------------------------------------------
Since Inception** 32.98% 35.23% 37.49% 31.56%
- ----------------------------------------------------------------------------------------------------------
* As described herein, investments in Class A shares equal to or in excess
of $1,000,000 will not be subject to an initial sales charge. The
annualized rate of return, without adjustment for an initial sales charge,
would be 12.57%, and 38.28% for the 1 year and since inception periods,
respectively.
- ----------------------------------------------------------------------------------------------------------
** Inception date is March 27, 1997.
- ----------------------------------------------------------------------------------------------------------
</TABLE>
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
<PAGE> 9
Balanced Fund, adjusted to reflect the reduced waiver of the Management fees.
The performance is not necessarily representative of the past performance of the
team referenced in the Prospectus 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 Focus Fund's performance. The table shows
the total returns for a composite of the estimated performance of Focus wrap
accounts managed by the Sub-Adviser for various periods ended September 30,
1998, as adjusted for the projected annual expenses for the ING Focus Fund's
Class A, Class B and Class C shares+. The amounts shown assume redemption of
Fund shares at the end of each period indicated. Included for comparison
purposes are performance figures of the S&P 500 Index, an unmanaged market
index. The performance shown is calculated in accordance with established
Securities and Exchange Commission rules and guidelines.
The composite is made up of unregistered 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 Focus 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
FOCUS WRAP ACCOUNTS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
CLASS A* CLASS B CLASS C S&P 500 INDEX
-------- ------- ------- -------------
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Year (3.51)% (3.29)% 0.71% 9.04%
- -------------------------------------------------------------------------------------------------------
Since Inception** 19.95% 21.02% 22.41% 22.50%
- -------------------------------------------------------------------------------------------------------
* As described herein, investments in Class A shares equal to or in excess
of $1,000,000 will not be subject to an initial sales charge. The
annualized rate of return, without adjustment for an initial sales charge,
would be 1.37% and 23.15% for the 1 year and since inception periods,
respectively.
- -------------------------------------------------------------------------------------------------------
** Inception date is June 30, 1996
- -------------------------------------------------------------------------------------------------------
</TABLE>
+ The wrap account performance was adjusted for estimated transaction costs such
as brokerage and custody cost to obtain estimated gross wrap account
performance.
If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.
ING-EQSUPP5
<PAGE> 10
SUPPLEMENT DATED JANUARY 14, 2000
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
CLASS X SHARES
This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus.
- - Furman Selz Capital Management LLC became sub-adviser of the ING Small Cap
Growth Fund, effective October 31, 1999. Accordingly, the fourth paragraph
under the sub-section entitled "The Sub-Advisers - Baring Asset
Management, Inc." in the section of the Prospectus entitled "Management of
the Funds" concerning the management of the ING Small Cap Growth Fund
should be deleted and the following paragraph should be inserted as the
second paragraph under the sub-section entitled "The Sub-Advisers - Furman
Selz Capital Management LLC" in the section of the Prospectus entitled
"Management of the Funds":
The ING Small Cap Growth Fund is managed by a team of two investment
professionals led by Mr. George Paoletti. Mr. Paoletti has been
affiliated with FSCM since June 1999 and has over 7 years of
experience.
In addition, the reference to the ING Small Cap Growth Fund in the first
sentence of the first paragraph under the sub-section entitled "The
Sub-Advisers - Baring Asset Management, Inc." in the section of the
Prospectus entitled "Management of the Funds" should be deleted and the
first sentence of the first paragraph under the sub-section entitled "The
Sub-Advisers - Furman Selz Capital Management LLC" in the section of the
Prospectus entitled "Management of the Funds" should be amended to read:
The Manager has retained FSCM, located at 230 Park Avenue, New York,
NY 10169, to act as sub-adviser to the ING Small Cap Growth Fund,
ING Mid Cap Growth Fund, ING Balanced Fund and the ING Focus Fund.
Furthermore, the reference to the ING Small Cap Growth Fund in the first
sentence of the second paragraph under the sub-section entitled
"Management of the Funds" in the section of the Prospectus entitled
"Highlights" should be deleted and the second sentence of the paragraph
should be amended to read:
Furman Selz Capital Management LLC ("FSCM") serves as sub-adviser to
the ING Small Cap Growth Fund, ING Mid Cap Growth Fund, ING Balanced
Fund and ING Focus Fund.
<PAGE> 11
Finally, the reference to the ING Small Cap Growth Fund in the fourth
paragraph (formerly the fifth paragraph) under the sub-section entitled
"The Sub-Advisers - Baring Asset Management, Inc." in the section of the
Prospectus entitled "Management of the Funds" should be deleted and the
fifth paragraph (formerly the fourth paragraph) under the sub-section
entitled "The Sub-Advisers - Furman Selz Capital Management LLC" in the
section of the Prospectus entitled "Management of the Funds" should be
amended to read:
Pursuant to the Sub-Advisory Agreement, the Manager (not the Trust)
pays to FSCM a monthly fee based on the average daily net assets of
the applicable Fund at the following annual rates:
<TABLE>
<CAPTION>
FUND INVESTMENT SUB-ADVISORY FEE
------------------------- ----------------------------
<S> <C>
ING Small Cap Growth Fund 0.50%
ING Mid Cap Growth Fund.. 0.50%
ING Balanced Fund........ 0.40%
ING Focus Fund........... 0.50%
</TABLE>
- - 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.
- - 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.
<PAGE> 12
- - With regard to the Funds noted below, the Manager of the Funds has reduced
the amount of Management Fees waived. Accordingly, annual fund operating
expenses (as a percentage of average daily net assets) of each Fund are
estimated to be as follows:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
ING LARGE ING GROWTH ING MID ING SMALL
CAP GROWTH & INCOME CAP GROWTH CAP GROWTH
FUND FUND FUND FUND
- --------------------------------------------------------------------------------------------------------------------
CLASS X CLASS X CLASS X CLASS X
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Management Fees (after waivers)* 0.38% 0.38% 0.50% 0.50%
- --------------------------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.75% 0.75% 0.75% 0.75%
- --------------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25%
- --------------------------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.56% 0.59% 0.65% 0.58%
- --------------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 1.94% 1.97% 2.15% 2.08%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING Large Cap Growth Fund, the ING
Growth & Income Fund, the ING Mid Cap Growth Fund and the ING Small
Cap Growth Fund would be 0.75% , 0.75%, 1.00% and 1.00% annually of
the average daily net assets for each Fund, respectively. 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, each 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.
ING Fund Services currently waives 0.05% 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 Funds' consent. (See "Management
of the Funds -- Fund Accountant, Transfer Agent and Account
Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 2.36% for
Class X shares of the ING Large Cap Growth Fund, 2.39% for Class X
shares of the ING Growth & Income Fund, 2.70% for Class X shares of
the ING Mid Cap Growth Fund and 2.63% for Class X shares of the ING
Small Cap Growth Fund.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
ING GLOBAL ING ING ING TAX
BRAND INTERNATIONAL EUROPEAN EFFICIENT
NAMES FUND EQUITY FUND EQUITY FUND EQUITY FUND
- --------------------------------------------------------------------------------------------------------------------
CLASS X CLASS X CLASS X CLASS X
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Management Fees (after waivers)* 0.50% 0.63% 0.58% 0.40%
- --------------------------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.75% 0.75% 0.75% 0.75%
- --------------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25%
- --------------------------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.68% 0.61% 0.69% 0.55%
- --------------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 2.18% 2.24% 2.27% 1.95%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING Global Brand Names Fund, the ING
International Equity Fund, the ING European Equity Fund and the ING
Tax Efficient Equity Fund would be 1.00%, 1.25%, 1.15% and 0.80%
annually of the average daily net assets for each Fund,
respectively. 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, each 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.
ING Fund Services currently waives 0.05% 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 Funds' consent. (See "Management
of the Funds -- Fund Accountant, Transfer Agent and Account
Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 2.73% for
Class X shares of the ING Global Brand Names Fund, 2.91% for Class X
shares of the ING International Equity Fund, 2.89% for Class X
shares of the ING European Equity Fund and 2.40% for Class X shares
of the ING Tax Efficient Equity Fund.
<PAGE> 13
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
ING GLOBAL
ING FOCUS FUND INFORMATION
TECHNOLOGY FUND
- ------------------------------------------------------------------------------------------------------
CLASS X CLASS X
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
Management Fees (after waivers)* 0.50% 0.63%
- ------------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.75% 0.75%
- ------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25%
- ------------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.55% 0.61%
- ------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 2.05% 2.24%
- ------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING Focus Fund and the ING Global
Information Technology Fund would be 1.00% and 1.25% annually of the
average daily net assets for each Fund, respectively. 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, each 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.
ING Fund Services currently waives 0.05% 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 Funds' consent. (See "Management
of the Funds -- Fund Accountant, Transfer Agent and Account
Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 2.60% for
Class X shares of the ING Focus Fund and 2.91% for Class X shares of
the ING Global Information Technology Fund.
The following table represents the various costs and expenses that you will bear
directly or indirectly as an investor in the Fund(s):
<TABLE>
<CAPTION>
FULL REDEMPTION* NO REDEMPTION**
----------------------- -----------------------
1 YEAR 3 YEARS 1 YEAR 3 YEARS
-------- --------- -------- ---------
<S> <C> <C> <C> <C>
ING Large Cap Growth Fund
Class X Shares***............. $70 $103 $20 $63
ING Growth & Income Fund
Class X Shares***............. $71 $104 $21 $64
ING Mid Cap Growth Fund
Class X Shares***............. $72 $109 $22 $69
ING Small Cap Growth Fund
Class X Shares***............. $72 $107 $22 $67
ING Global Brand Names Fund
Class X Shares***............. $73 $110 $23 $70
ING International Equity Fund
Class X Shares***............. $73 $112 $23 $72
ING European Equity Fund
Class X Shares***............. $74 $113 $24 $73
ING Tax Efficient Equity Fund
Class X Shares***............. $70 $103 $20 $63
ING Focus Fund
Class X Shares***............. $71 $106 $21 $66
ING Global Information Technology Fund
Class X Shares***............. $73 $112 $23 $72
</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.
*** Expense examples of Class X shares of the Funds reflect the
shareholder's receipt of additional "Bonus Shares." For a discussion
of the issuance of bonus shares, see this Prospectus under "Purchase
of Fund Shares."
<PAGE> 14
THE EXAMPLES PROVIDED SHOULD NOT BE CONSIDERED AS A REPRESENTATION OF EACH
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, EACH
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 Large Cap Growth
Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus 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 Large Cap Growth 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 Large Cap Growth
Fund's Class X shares. The amounts shown assume redemption of Fund shares at the
end of each period indicated. Included for comparison purposes are performance
figures of the S&P 500 Index, an unmanaged market index. The performance shown
is calculated in accordance with established Securities and Exchange Commission
rules and guidelines.
The composite is made up of unregistered 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 Large Cap Growth 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
LARGE CAP GROWTH COMPOSITE
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
CLASS X S&P 500 INDEX
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Year 10.80% 9.04%
- ---------------------------------------------------------------------------------------------------
3 Years 24.85% 22.73%
- ---------------------------------------------------------------------------------------------------
5 Years 18.89% 19.99%
- ---------------------------------------------------------------------------------------------------
10 Years 18.27% 17.29%
- ---------------------------------------------------------------------------------------------------
</TABLE>
The figures following show past performance of the Co-Sub-Advisers in
managing accounts with investment objectives, policies, styles and techniques
substantially similar though not identical to those of the ING International
Equity Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus or any individual of the team. Information
presented is based on performance data provided by the Co-Sub-Advisers. The past
performance does not represent the ING International Equity Fund's performance.
The table shows the total returns for a composite of the actual performance of
accounts managed by the Co-Sub-Advisers for various periods ended September 30,
1998, as adjusted for the projected annual expenses for the ING International
Equity Fund's Class X shares. The amounts shown assume redemption of Fund shares
at the end of each period indicated. Included for comparison purposes are
performance figures of the MSCI EAFE Index, an unmanaged market index. The
performance shown is calculated in accordance with established Securities and
Exchange Commission rules and guidelines.
The composite is made up of unregistered 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 International Equity 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.
<PAGE> 15
ANNUALIZED RATES OF RETURN FOR PERIODS ENDING SEPTEMBER 30, 1998
INTERNATIONAL EQUITY COMPOSITE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
CLASS X MSCI EAFE INDEX
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Year (8.66)% (8.08)%
- ------------------------------------------------------------------------------------------------------
3 Years 5.58% 4.05%
- ------------------------------------------------------------------------------------------------------
5 Years 7.56% 5.65%
- ------------------------------------------------------------------------------------------------------
10 Years 8.22% 5.41%
- ------------------------------------------------------------------------------------------------------
</TABLE>
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 European Equity
Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus 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 European Equity 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 European Equity
Fund's Class X shares. The amounts shown assume redemption of Fund shares at the
end of each period indicated. Included for comparison purposes are performance
figures of the FT European Index, an unmanaged market index. The performance
shown is calculated in accordance with established Securities and Exchange
Commission rules and guidelines.
The pooled account is not a registered investment company and is 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 European Equity 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
EUROPEAN EQUITY POOLED ACCOUNT
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
CLASS X FT EUROPE INDEX
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Year 6.06% 7.84%
- ------------------------------------------------------------------------------------------------------
3 Years 18.85% 19.28%
- ------------------------------------------------------------------------------------------------------
Since Inception* 16.81% 18.41%
- ------------------------------------------------------------------------------------------------------
* Inception date is July 12, 1994.
- ------------------------------------------------------------------------------------------------------
</TABLE>
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 Global
Information Technology Fund, adjusted to reflect the reduced waiver of the
Management fees. The performance is not necessarily representative of the past
performance of the team referenced in the Prospectus 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 Global Information
Technology 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 Global Information Technology Fund's Class X shares. The amounts
shown assume redemption of Fund shares at the end of each period indicated.
Included for comparison purposes are performance figures of the Goldman Sachs
Technology Industry Composite, an unmanaged market index. The performance shown
is calculated in accordance with established Securities and Exchange Commission
rules and guidelines.
The pooled account is not a registered investment company and is 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 Global Information
Technology 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.
<PAGE> 16
ANNUALIZED RATES OF RETURN FOR PERIODS ENDING SEPTEMBER 30, 1998
GLOBAL INFORMATION TECHNOLOGY POOLED ACCOUNT
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
CLASS X GSTC INDEX
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Year 10.13% 7.23%
- ------------------------------------------------------------------------------------------------------
Since Inception* 37.06% 31.56%
- ------------------------------------------------------------------------------------------------------
* Inception date is March 27, 1997.
- ------------------------------------------------------------------------------------------------------
</TABLE>
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 Focus Fund,
adjusted to reflect the reduced waiver of the Management fees. The performance
is not necessarily representative of the past performance of the team referenced
in the Prospectus 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 Focus Fund's performance. The table shows the total returns
for a composite of the estimated performance of Focus wrap accounts managed by
the Sub-Adviser for various periods ended September 30, 1998, as adjusted for
the projected annual expenses for the ING Focus Fund's Class X shares+. The
amounts shown assume redemption of Fund shares at the end of each period
indicated. Included for comparison purposes are performance figures of the S&P
500 Index, an unmanaged market index. The performance shown is calculated in
accordance with established Securities and Exchange Commission rules and
guidelines.
The composite is made up of unregistered 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 Focus 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
FOCUS WRAP ACCOUNTS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
CLASS X S&P 500 INDEX
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Year (1.25)% 9.04%
- ------------------------------------------------------------------------------------------------------
Since Inception* 22.14% 22.50%
- ------------------------------------------------------------------------------------------------------
* Inception date is June 30, 1996.
- ------------------------------------------------------------------------------------------------------
</TABLE>
+ The wrap account performance was adjusted for estimated transaction costs such
as brokerage and custody cost to obtain estimated gross wrap account
performance.
If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.
ING-EQSUPP1-X
<PAGE> 17
SUPPLEMENT DATED JANUARY 14, 2000
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.
- - Furman Selz Capital Management LLC became sub-adviser of the ING Small Cap
Growth Fund, effective October 31, 1999. Accordingly, the fourth paragraph
under the sub-section entitled "The Sub-Advisers - Baring Asset
Management, Inc." in the section of the Prospectus entitled "Management of
the Funds" concerning the management of the ING Small Cap Growth Fund
should be deleted and the following paragraph should be inserted as the
second paragraph under the sub-section entitled "The Sub-Advisers - Furman
Selz Capital Management LLC" in the section of the Prospectus entitled
"Management of the Funds":
The ING Small Cap Growth Fund is managed by a team of two investment
professionals led by Mr. George Paoletti. Mr. Paoletti has been
affiliated with FSCM since June 1999 and has over 7 years of
experience.
In addition, the reference to the ING Small Cap Growth Fund in the first
sentence of the first paragraph under the sub-section entitled "The
Sub-Advisers - Baring Asset Management, Inc." in the section of the
Prospectus entitled "Management of the Funds" should be deleted and the
first sentence of the first paragraph under the sub-section entitled "The
Sub-Advisers - Furman Selz Capital Management LLC" in the section of the
Prospectus entitled "Management of the Funds" should be amended to read:
The Manager has retained FSCM, located at 230 Park Avenue, New York,
NY 10169, to act as sub-adviser to the ING Small Cap Growth Fund,
ING Mid Cap Growth Fund, ING Balanced Fund and the ING Focus Fund.
Furthermore, the reference to the ING Small Cap Growth Fund in the first
sentence of the second paragraph under the sub-section entitled
"Management of the Funds" in the section of the Prospectus entitled
"Highlights" should be deleted and the second sentence of the paragraph
should be amended to read:
Furman Selz Capital Management LLC ("FSCM") serves as sub-adviser to
the ING Small Cap Growth Fund, ING Mid Cap Growth Fund, ING Balanced
Fund and ING Focus Fund.
<PAGE> 18
Finally, the reference to the ING Small Cap Growth Fund in the fourth
paragraph (formerly the fifth paragraph) under the sub-section entitled
"The Sub-Advisers - Baring Asset Management, Inc." in the section of the
Prospectus entitled "Management of the Funds" should be deleted and the
fifth paragraph (formerly the fourth paragraph) under the sub-section
entitled "The Sub-Advisers - Furman Selz Capital Management LLC" in the
section of the Prospectus entitled "Management of the Funds" should be
amended to read:
Pursuant to the Sub-Advisory Agreement, the Manager (not the Trust)
pays to FSCM a monthly fee based on the average daily net assets of
the applicable Fund at the following annual rates:
<TABLE>
<CAPTION>
FUND INVESTMENT SUB-ADVISORY FEE
------------------------- ----------------------------
<S> <C>
ING Small Cap Growth Fund 0.50%
ING Mid Cap Growth Fund.. 0.50%
ING Balanced Fund........ 0.40%
ING Focus Fund........... 0.50%
</TABLE>
- - 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.
- - 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.
- - With regard to the Funds noted below, the Manager of the Funds has reduced
the amount of Management Fees waived. Accordingly, annual fund operating
expenses (as a percentage of average daily net assets) of each Fund are
estimated to be as follows:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
ING LARGE ING GROWTH ING MID ING SMALL
CAP GROWTH & INCOME CAP GROWTH CAP GROWTH
FUND FUND FUND FUND
- ---------------------------------------------------------------------------------------------------------------------
CLASS I CLASS I CLASS I CLASS I
<S> <C> <C> <C> <C>
Management Fees (after waivers)* 0.38% 0.38% 0.50% 0.50%
- ---------------------------------------------------------------------------------------------------------------------
12b-1 Fees 0.00% 0.00% 0.00% 0.00%
- ---------------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.00% 0.00% 0.00% 0.00%
- ---------------------------------------------------------------------------------------------------------------------
Other Expenses** 0.36% 0.39% 0.45% 0.38%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 0.74% 0.77% 0.95% 0.88%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING Large Cap Growth Fund, the ING
Growth & Income Fund, the ING Mid Cap Growth Fund and the ING Small
Cap Growth Fund would be 0.75% , 0.75%, 1.00% and 1.00% annually of
the average daily net assets for each Fund, respectively. 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, each Fund may pay ING Fund
Services annually up to $40,000 for fund accounting services plus
out-of-pocket expenses and $17 per an account for transfer agency
services plus out-of-pocket expenses. ING Fund Services may engage
third parties to perform some or all of these services. (See
"Management of the Funds -- Fund Accountant, Transfer Agent and
Account Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 1.11%for
Class I shares of the ING Large Cap Growth Fund, 1.14% for Class I
shares of the ING Growth & Income Fund, 1.45% for Class I shares of
the ING Mid Cap Growth Fund and 1.38% for Class I shares of the ING
Small Cap Growth Fund.
<PAGE> 19
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
ING GLOBAL ING ING ING TAX
BRAND INTERNATIONAL EUROPEAN EFFICIENT
NAMES FUND EQUITY FUND EQUITY FUND EQUITY FUND
- -----------------------------------------------------------------------------------------------------------------------
CLASS I CLASS I CLASS I CLASS I
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Management Fees (after waivers)* 0.50% 0.63% 0.58% 0.40%
- -----------------------------------------------------------------------------------------------------------------------
12b-1 Fees 0.00% 0.00% 0.00% 0.00%
- -----------------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.00% 0.00% 0.00% 0.00%
- -----------------------------------------------------------------------------------------------------------------------
Other Expenses ** 0.48% 0.41% 0.49% 0.35%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 0.98% 1.04% 1.07% 0.75%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING Global Brand Names Fund, the ING
International Equity Fund, the ING European Equity Fund and the ING
Tax Efficient Equity Fund would be 1.00%, 1.25%, 1.15% and 0.80%
annually of the average daily net assets for each Fund,
respectively. 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, each Fund may pay ING Fund
Services annually up to $40,000 for fund accounting services plus
out-of-pocket expenses and $17 per an account for transfer agency
services plus out-of-pocket expenses. ING Fund Services may engage
third parties to perform some or all of these services. (See
"Management of the Funds -- Fund Accountant, Transfer Agent and
Account Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 1.48% for
Class I shares of the ING Global Brand Names Fund, 1.66% for Class I
shares of the ING International Equity Fund, 1.64% for Class I
shares of the ING European Equity Fund and 1.15% for Class I shares
of the ING Tax Efficient Equity Fund.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
ING GLOBAL
ING FOCUS FUND INFORMATION
TECHNOLOGY FUND
- ----------------------------------------------------------------------------------------------------------
CLASS I CLASS I
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Management Fees (after waivers)* 0.50% 0.63%
- ----------------------------------------------------------------------------------------------------------
12b-1 Fees 0.00% 0.00%
- ----------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.00% 0.00%
- ----------------------------------------------------------------------------------------------------------
Other Expenses** 0.35% 0.41%
- ----------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 0.85% 1.04%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING Focus Fund and the ING Global
Information Technology Fund would be 1.00% and 1.25% annually of the
average daily net assets for each Fund, respectively. 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, each Fund may pay ING Fund
Services annually up to $40,000 for fund accounting services plus
out-of-pocket expenses and $17 per an account for transfer agency
services plus out-of-pocket expenses. ING Fund Services may engage
third parties to perform some or all of these services. (See
"Management of the Funds -- Fund Accountant, Transfer Agent and
Account Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 1.35% for
Class I shares of the ING Focus Fund and 1.66% for Class I shares of
the ING Global Information Technology Fund.
The following table represents the various costs and expenses that you will bear
directly or indirectly as an investor in the Fund(s):
<TABLE>
<CAPTION>
1 YEAR 3 YEARS
------ -------
<S> <C> <C>
ING Large Cap Growth Fund
Class I Shares................ $8 $24
ING Growth & Income Fund
Class I Shares................ $8 $25
ING Mid Cap Growth Fund
Class I Shares................ $10 $30
ING Small Cap Growth Fund
Class I Shares................ $9 $28
ING Global Brand Names Fund
Class I Shares................ $10 $31
ING International Equity Fund
Class I Shares................ $11 $33
</TABLE>
<PAGE> 20
<TABLE>
<CAPTION>
1 YEAR 3 YEARS
------ -------
<S> <C> <C>
ING European Equity Fund
Class I Shares................ $11 $34
ING Tax Efficient Equity Fund
Class I Shares................ $8 $24
ING Focus Fund
Class I Shares................ $9 $27
ING Global Information Technology Fund
Class I Shares................ $11 $33
</TABLE>
THE EXAMPLES PROVIDED SHOULD NOT BE CONSIDERED AS A REPRESENTATION OF EACH
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, EACH
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 Large Cap Growth
Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus 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 Large Cap Growth 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 Large Cap Growth
Fund's Class I shares. The amounts shown assume redemption of Fund shares at the
end of each period indicated. Included for comparison purposes are performance
figures of the S&P 500 Index, an unmanaged market index. The performance shown
is calculated in accordance with established Securities and Exchange Commission
rules and guidelines.
The composite is made up of unregistered 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 Large Cap Growth 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
LARGE CAP GROWTH COMPOSITE
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
CLASS I S&P 500 INDEX
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Year 14.82% 9.04%
- --------------------------------------------------------------------------------------------------------
3 Years 26.23% 22.73%
- --------------------------------------------------------------------------------------------------------
5 Years 19.94% 19.99%
- --------------------------------------------------------------------------------------------------------
10 Years 19.22% 17.29%
- --------------------------------------------------------------------------------------------------------
</TABLE>
The figures following show past performance of the Co-Sub-Advisers in
managing accounts with investment objectives, policies, styles and techniques
substantially similar though not identical to those of the ING International
Equity Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus or any individual of the team. Information
presented is based on performance data provided by the Co-Sub-Advisers. The past
performance does not represent the ING International Equity Fund's performance.
The table shows the total returns for a composite of the actual performance of
accounts managed by the Co-Sub-Advisers for various periods ended September 30,
1998, as adjusted for the projected annual expenses for the ING International
Equity Fund's Class I shares. The amounts shown assume redemption of Fund shares
at the end of each period indicated. Included for comparison purposes are
performance figures of the MSCI EAFE Index, an unmanaged market index. The
performance shown is calculated in accordance with established Securities and
Exchange Commission rules and guidelines.
<PAGE> 21
The composite is made up of unregistered 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 International Equity 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
INTERNATIONAL EQUITY COMPOSITE
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
CLASS I MSCI EAFE INDEX
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Year (4.56)% (8.08)%
- --------------------------------------------------------------------------------------------------------
3 Years 7.31% 4.05%
- --------------------------------------------------------------------------------------------------------
5 Years 8.69% 5.65%
- --------------------------------------------------------------------------------------------------------
10 Years 9.13% 5.41%
- --------------------------------------------------------------------------------------------------------
</TABLE>
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 European Equity
Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus 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 European Equity 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 European Equity
Fund's Class I shares. The amounts shown assume redemption of Fund shares at the
end of each period indicated. Included for comparison purposes are performance
figures of the FT European Index, an unmanaged market index. The performance
shown is calculated in accordance with established Securities and Exchange
Commission rules and guidelines.
The pooled account is not a registered investment company and is 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 European Equity 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
EUROPEAN EQUITY POOLED ACCOUNT
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
CLASS I FT EUROPE INDEX
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Year 10.14% 7.84%
- --------------------------------------------------------------------------------------------------------
3 Years 20.31% 19.28%
- --------------------------------------------------------------------------------------------------------
Since Inception* 17.86% 18.41%
- --------------------------------------------------------------------------------------------------------
* Inception date is July 12, 1994.
- --------------------------------------------------------------------------------------------------------
</TABLE>
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 Global
Information Technology Fund, adjusted to reflect the reduced waiver of the
Management fees. The performance is not necessarily representative of the past
performance of the team referenced in the Prospectus 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 Global Information
Technology 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 Global Information Technology Fund's Class I shares. The amounts
shown assume redemption of Fund shares at the end of each period indicated.
Included for comparison purposes are performance figures of the Goldman Sachs
Technology Industry Composite, an unmanaged market
<PAGE> 22
index. The performance shown is calculated in accordance with established
Securities and Exchange Commission rules and guidelines.
The pooled account is not a registered investment company and is 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 Global Information
Technology 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
GLOBAL INFORMATION TECHNOLOGY POOLED ACCOUNT
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
CLASS I GSTC INDEX
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Year 14.16% 7.23%
- --------------------------------------------------------------------------------------------------------
Since Inception* 38.96% 31.56%
- --------------------------------------------------------------------------------------------------------
* Inception date is March 27, 1997.
- --------------------------------------------------------------------------------------------------------
</TABLE>
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 Focus Fund,
adjusted to reflect the reduced waiver of the Management fees. The performance
is not necessarily representative of the past performance of the team referenced
in the Prospectus 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 Focus Fund's performance. The table shows the total returns
for a composite of the estimated performance of Focus wrap accounts managed by
the Sub-Adviser for various periods ended September 30, 1998, as adjusted for
the projected annual expenses for the ING Focus Fund's Class I shares+. The
amounts shown assume redemption of Fund shares at the end of each period
indicated. Included for comparison purposes are performance figures of the S&P
500 Index, an unmanaged market index. The performance shown is calculated in
accordance with established Securities and Exchange Commission rules and
guidelines.
The composite is made up of unregistered 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 Focus 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
FOCUS WRAP ACCOUNTS
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
CLASS I S&P 500 INDEX
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Year 2.96% 9.04%
- --------------------------------------------------------------------------------------------------------
Since Inception* 23.77% 22.50%
- --------------------------------------------------------------------------------------------------------
* Inception date is June 30, 1996.
- --------------------------------------------------------------------------------------------------------
</TABLE>
+ The wrap account performance was adjusted for estimated transaction costs such
as brokerage and custody cost to obtain estimated gross wrap account
performance.
If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.
ING-EQSUPP3-I
<PAGE> 23
SUPPLEMENT DATED JANUARY 14, 2000
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
CLASS A, B AND C 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 four of the five funds listed
in the Prospectus. These funds are: ING Intermediate Bond Fund, ING High
Yield Bond Fund, ING International Bond Fund and ING National Tax-Exempt
Bond Fund. The ING Mortgage Income 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.
- - 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.
- - With regard to the Funds noted below, the Manager of the Funds has reduced
the amount of Management Fees waived. Accordingly, annual fund operating
expenses (as a percentage of average daily net assets) of each Fund are
estimated to be as follows:
<PAGE> 24
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
ING INTERMEDIATE BOND FUND ING HIGH YIELD BOND FUND
- ------------------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Management Fees (after waivers)* 0.25% 0.25% 0.25% 0.33% 0.33% 0.33%
- ------------------------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.00% 0.75% 0.75% 0.00% 0.75% 0.75%
- ------------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
- ------------------------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.49% 0.49% 0.49% 0.46% 0.46% 0.46%
- ------------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES
(AFTER WAIVERS)*** 0.99% 1.74% 1.74% 1.04% 1.79% 1.79%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING Intermediate Bond Fund and the ING
High Yield Bond Fund would be 0.50% and 0.65% annually of the
average daily net assets for each Fund, respectively. Rule 12b-1
Fees (before waivers) would be 0.50% annually of the average daily
net assets for each 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, each 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.
ING Fund Services 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 Funds' consent. (See "Management
of the Funds -- Fund Accountant, Transfer Agent and Account
Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 1.89% for
Class A shares and 2.14% for Class B and C shares of the ING
Intermediate Bond Fund and 2.01% for Class A shares and 2.26% for
Class B and C shares of the ING High Yield Bond Fund.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
ING INTERNATIONAL BOND FUND
- --------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Management Fees (after waivers)* 0.50% 0.50% 0.50%
- --------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.10% 0.75% 0.75%
- --------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25% 0.25%
- --------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.66% 0.66% 0.66%
- --------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES
(AFTER WAIVERS)*** 1.51% 2.16% 2.16%
- --------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING International Bond Fund would be
1.00% 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 Fund's 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.
ING Fund Services 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) would be 2.56% for
Class A shares and 2.81% for Class B and C shares of the ING
International Bond Fund.
<PAGE> 25
The following table represents the various costs and expenses that you will bear
directly or indirectly as an investor in the Fund(s):
<TABLE>
<CAPTION>
FULL REDEMPTION* NO REDEMPTION**
----------------------- ----------------------
1 YEAR 3 YEARS 1 YEAR 3 YEARS
-------- --------- -------- ---------
<S> <C> <C> <C> <C>
ING Intermediate Bond Fund
Class A Shares................ $ 57 $ 78 $ 57 $ 78
Class B Shares................ $ 68 $ 95 $ 18 $ 55
Class C Shares................ $ 28 $ 55 $ 18 $ 55
ING High Yield Bond Fund
Class A Shares................ $ 58 $ 79 $ 58 $ 79
Class B Shares................ $ 68 $ 97 $ 18 $ 57
Class C Shares................ $ 28 $ 57 $ 18 $ 57
ING International Bond Fund
Class A Shares................ $ 62 $ 93 $ 62 $ 93
Class B Shares................ $ 72 $ 108 $ 22 $ 68
Class C Shares................ $ 32 $ 68 $ 22 $ 68
</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 EACH
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, EACH
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 International
Bond Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus 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 International Bond 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 International
Bond Fund's Class A, Class B and Class C shares. The amounts shown assume
redemption of Fund shares at the end of each period indicated. Included for
comparison purposes are performance figures of the Salomon Brothers World
Government Bond Non-U.S. Dollar Index, an unmanaged market index. 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 International Bond 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.
<PAGE> 26
ANNUALIZED RATES OF RETURN FOR PERIODS ENDING SEPTEMBER 30, 1998
INTERNATIONAL BOND COMPOSITE
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
CLASS A* CLASS B CLASS C SWGB EX-U.S.$
-------- ------- ------- --------------
INDEX
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Year 10.68% 10.49% 14.49% 10.35%
- --------------------------------------------------------------------------------------------------------------
3 Years 9.93% 9.94% 11.04% 4.41%
- --------------------------------------------------------------------------------------------------------------
5 Years 9.41% 9.51% 9.79% 7.20%
- --------------------------------------------------------------------------------------------------------------
10 Years 11.04% 10.89% 10.89% 9.13%
- --------------------------------------------------------------------------------------------------------------
* As described herein, investments in Class A shares equal to or in excess of $1,000,000 will not be subject
to an initial sales charge. The annualized rate of return, without adjustment for an initial sales charge,
would be 15.20%, 11.73%, 10.48% and 11.58% for the 1, 3, 5, and 10 year periods, respectively.
- --------------------------------------------------------------------------------------------------------------
</TABLE>
If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.
ING-FFSUPP5
<PAGE> 27
SUPPLEMENT DATED JANUARY 14, 2000
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
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.
- - 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.
<PAGE> 28
- - With regard to the Funds noted below, the Manager of the Funds has reduced
the amount of Management Fees waived. Accordingly, annual fund operating
expenses (as a percentage of average daily net assets) of each Fund are
estimated to be as follows:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
ING ING ING
INTERMEDIATE HIGH YIELD INTERNATIONAL
BOND FUND BOND FUND BOND FUND
- --------------------------------------------------------------------------------------------------------------
CLASS X CLASS X CLASS X
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Management Fees (after waivers)* 0.25% 0.33% 0.50%
- --------------------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.75% 0.75% 0.75%
- --------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25% 0.25%
- --------------------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.49% 0.46% 0.66%
- --------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 1.74% 1.79% 2.16%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING Intermediate Bond Fund, the ING
High Yield Bond Fund, and the ING International Bond Fund would be
0.50% , 0.65%, and 1.00% annually of the average daily net assets
for each Fund, respectively. 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, each 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.
ING Fund Services 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 Funds' consent. (See "Management
of the Funds -- Fund Accountant, Transfer Agent and Account
Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 2.14% for
Class X shares of the ING Intermediate Bond Fund, 2.26% for Class X
shares of the ING High Yield Bond Fund and 2.81% for Class X shares
of the ING International Bond Fund.
The following table represents the various costs and expenses that you will bear
directly or indirectly as an investor in the Fund(s):
<TABLE>
<CAPTION>
FULL REDEMPTION* NO REDEMPTION**
---------------------- ---------------------
1 YEAR 3 YEARS 1 YEAR 3 YEARS
-------- --------- -------- ---------
<S> <C> <C> <C> <C>
ING Intermediate Bond Fund
Class X Shares***............. $ 68 $ 96 $ 18 $ 56
ING High Yield Bond Fund
Class X Shares***............. $ 69 $ 98 $ 19 $ 58
ING International Bond Fund
Class X Shares***............. $ 73 $ 110 $ 23 $ 70
</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.
*** Expense examples for Class X shares of the Funds reflect the
shareholder's receipt of additional "Bonus Shares." For a discussion
of the issuance of the Bonus shares, see this Prospectus under
"Purchase of Fund Shares."
THE EXAMPLES PROVIDED SHOULD NOT BE CONSIDERED AS A REPRESENTATION OF EACH
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, EACH
FUND'S ACTUAL PERFORMANCE WILL VARY AND MAY RESULT IN AN ACTUAL RETURN THAT IS
GREATER OR LESS THAN 5%.
<PAGE> 29
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 International
Bond Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus 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 International Bond 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 International
Bond Fund's Class X shares. The amounts shown assume redemption of Fund shares
at the end of each period indicated. Included for comparison purposes are
performance figures of the Salomon Brothers World Government Bond Non-U.S.
Dollar Index, an unmanaged market index. 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 International Bond 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
INTERNATIONAL BOND COMPOSITE
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
SWGB EX-U.S.$
CLASS X INDEX
- -------------------------------------------------------------------------
<S> <C> <C>
1 Year 12.80% 10.35%
- -------------------------------------------------------------------------
3 Years 10.69% 4.41%
- -------------------------------------------------------------------------
5 Years 9.95% 7.20%
- -------------------------------------------------------------------------
10 Years 11.11% 9.13%
- -------------------------------------------------------------------------
</TABLE>
If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.
ING-FFSUPP4-X
<PAGE> 30
SUPPLEMENT DATED JANUARY 14, 2000
TO PROSPECTUS DATED JULY 1, 1999
OF ING FUNDS TRUST
ING INTERMEDIATE BOND FUND
ING HIGH YIELD BOND FUND
ING INTERNATIONAL BOND FUND
ING MORTGAGE INCOME FUND
CLASS I 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
Fund, although listed in the Prospectus, is 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.
- - With regard to the Funds noted below, the Manager of the Funds has reduced
the amount of Management Fees waived. Accordingly, annual fund operating
expenses (as a percentage of average daily net assets) of each Fund are
estimated to be as follows:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
ING ING ING
INTERMEDIATE HIGH YIELD INTERNATIONAL
BOND FUND BOND FUND BOND FUND
- --------------------------------------------------------------------------------------------------------------
CLASS I CLASS I CLASS I
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Management Fees (after waivers)* 0.25% 0.33% 0.50%
- --------------------------------------------------------------------------------------------------------------
12b-1 Fees 0.00% 0.00% 0.00%
- --------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.00% 0.00% 0.00%
- --------------------------------------------------------------------------------------------------------------
Other Expenses** 0.39% 0.36% 0.56%
- --------------------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 0.64% 0.69% 1.06%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
* Management Fees consisting of investment advisory and administrative
fees (before waivers) for the ING Intermediate Bond Fund, the ING
High Yield Bond Fund, and the ING International Bond Fund would be
0.50% , 0.65%, and 1.00% annually of the average daily net assets
for each Fund, respectively. 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, each Fund may pay ING Fund
Services annually up to $40,000 for fund accounting services plus
out-of-pocket expenses and $17 per an account for transfer agency
services plus out-of-pocket expenses. ING Fund Services may engage
third parties to perform some or all of these services (See
"Management of the Funds -- Fund Accountant, Transfer Agent and
Account Services" in the Prospectus.)
*** Total Fund Operating Expenses (before waivers) would be 0.89% for
Class I shares of the ING Intermediate Bond Fund, 1.01% for Class I
shares of the ING High Yield Bond Fund and 1.56% for Class I shares
of the ING International Bond Fund.
<PAGE> 31
The following table represents the various costs and expenses that you will bear
directly or indirectly as an investor in the Fund(s):
<TABLE>
<CAPTION>
1 YEAR 3 YEARS
------ -------
<S> <C> <C>
ING Intermediate Bond Fund
Class I Shares................ $ 7 $21
ING High Yield Bond Fund
Class I Shares................ $ 7 $22
ING International Bond Fund
Class I Shares................ $ 11 $34
</TABLE>
THE EXAMPLES PROVIDED SHOULD NOT BE CONSIDERED AS A REPRESENTATION OF EACH
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, EACH
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 International
Bond Fund, adjusted to reflect the reduced waiver of the Management fees. The
performance is not necessarily representative of the past performance of the
team referenced in the Prospectus 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 International Bond 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 International
Bond Fund's Class I shares. The amounts shown assume redemption of Fund shares
at the end of each period indicated. Included for comparison purposes are
performance figures of the Salomon Brothers World Government Bond Non-U.S.
Dollar Index, an unmanaged market index. 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 International Bond 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
INTERNATIONAL BOND COMPOSITE
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
SWGB
CLASS I EX-U.S.$ INDEX
- -----------------------------------------------------------------------
<S> <C> <C>
1 Year 16.69% 10.35%
- -----------------------------------------------------------------------
3 Years 12.21% 4.41%
- -----------------------------------------------------------------------
5 Years 10.96% 7.20%
- -----------------------------------------------------------------------
10 Years 12.63% 9.13%
- -----------------------------------------------------------------------
</TABLE>
If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.
ING-FFSUPP2-I
<PAGE> 32
SUPPLEMENT DATED JANUARY 14, 2000
TO PROSPECTUS DATED OCTOBER 30, 1998
OF ING FUNDS TRUST
ING U. S. TREASURY MONEY MARKET FUND
ING MONEY MARKET FUND
CLASS A, B AND C 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 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.
- - The Manager of the ING Money Market Fund has reduced the amount of
Management Fees waived. Accordingly, annual fund operating expenses (as a
percentage of average daily net assets) are estimated to be as follows:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
ING MONEY MARKET FUND
- --------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Management Fees (after waivers)* 0.13% 0.13% 0.13%
- --------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.11% 0.75% 0.75%
- --------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25% 0.25% 0.25%
- --------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.28% 0.28% 0.28%
- --------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 0.77% 1.41% 1.41%
- --------------------------------------------------------------------------------------------------
</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 Fund's
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.
ING Fund Services 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
1.43% for Class A shares and 1.68% for Class B and C shares.
<PAGE> 33
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
Class B Shares................... $64 $85 $14 $45
Class C Shares................... $24 $45 $14 $45
</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 the Management fees and Rule
12b-1 fees. The performance is not necessarily representative of the past
performance of the team referenced in the Prospectus 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, Class B and Class C shares. 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
CLASS A CLASS B CLASS C TIER AVERAGE
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Year 4.96% (0.71)% 3.29% 5.06%
- ------------------------------------------------------------------------------------------------------------
Since Inception* 4.92% 2.47% 4.25% 4.99%
- ------------------------------------------------------------------------------------------------------------
* Inception date is August 1, 1996.
- ------------------------------------------------------------------------------------------------------------
</TABLE>
- - Each of the Funds currently offers under a separate prospectus Class I
shares. These shares may be purchased only by (i) retirement plans
affiliated with ING Group, and (ii) ING Group and its affiliates for
purposes of corporate cash management. 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-MMSUPP4
<PAGE> 34
SUPPLEMENT DATED JANUARY 14, 2000
TO PROSPECTUS DATED OCTOBER 30, 1998
OF ING FUNDS TRUST
ING U. S. TREASURY MONEY MARKET FUND
ING MONEY MARKET 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 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.
- - 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 Manager of the ING Money Market Fund has reduced the amount of
Management Fees waived. Accordingly, annual fund operating expenses (as a
percentage of average daily net assets) are estimated to be as follows:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
ING MONEY MARKET FUND
- --------------------------------------------------------------------------------------------------
CLASS X
- --------------------------------------------------------------------------------------------------
<S> <C>
Management Fees (after waivers)* 0.13%
- --------------------------------------------------------------------------------------------------
12b-1 Fees (after waivers)* 0.75%
- --------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25%
- --------------------------------------------------------------------------------------------------
Other Expenses (after waivers)** 0.28%
- --------------------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (after waivers)*** 1.41%
- --------------------------------------------------------------------------------------------------
</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. The fee waivers reflected in the table are
voluntary and may be modified or terminated at any time without the
Fund's 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.
ING Fund Services 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
1.68% for Class X shares.
<PAGE> 35
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 X Shares***............... $65 $86 $15 $46
</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.
*** Expense examples for Class X shares of the Fund reflect the
shareholder's receipt of additional "Bonus Shares." For a discussion
of Bonus Shares, see this Prospectus under "Purchase of Fund
Shares."
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 the Management fees and Rule
12b-1 fees. The performance is not necessarily representative of the past
performance of the team referenced in the Prospectus 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 X shares. 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 X AVERAGE
- -----------------------------------------------------------------------
<S> <C> <C>
1 Year 1.38% 5.06%
- -----------------------------------------------------------------------
Since Inception* 3.45% 4.99%
- -----------------------------------------------------------------------
* Inception date is August 1, 1996.
- -----------------------------------------------------------------------
</TABLE>
- - Each of the Funds currently offers under a separate prospectus Class I
shares. These shares may be purchased only by (i) retirement plans
affiliated with ING Group, and (ii) ING Group and its affiliates for
purposes of corporate cash management. 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-MMSUPP1-X
<PAGE> 36
SUPPLEMENT DATED JANUARY 14, 2000
TO PROSPECTUS DATED JULY 1, 1999
OF ING FUNDS TRUST
ING U. S. TREASURY MONEY MARKET FUND
ING MONEY MARKET FUND
CLASS I 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 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.
- - 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 Manager of the ING Money Market Fund has reduced the amount of
Management Fees waived. Accordingly, annual fund operating expenses (as a
percentage of average daily net assets) are estimated to be as follows:
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
ING MONEY MARKET FUND
- ----------------------------------------------------------------------------------------
CLASS I
- ----------------------------------------------------------------------------------------
<S> <C>
Management Fees (after waivers)* 0.13%
- ----------------------------------------------------------------------------------------
12b-1 Fees 0.00%
- ----------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.00%
- ----------------------------------------------------------------------------------------
Other Expenses** 0.18%
- ----------------------------------------------------------------------------------------
TOTAL FUND OPERATING EXPENSES (AFTER WAIVERS)*** 0.31%
- ----------------------------------------------------------------------------------------
</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. The fee waivers reflected in the table are
voluntary and may be modified or terminated at any time without the
Fund's 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 and $17 per an account for transfer agency
services plus out-of-pocket expenses. ING Fund Services may engage
third parties to perform some or all of these services. (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
0.43% for Class I shares.
<PAGE> 37
The following table represents the various costs and expenses that you will bear
directly or indirectly as an investor in the Fund:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS
------ -------
<S> <C> <C>
Class I Shares................... $3 $10
</TABLE>
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 Management fees. The performance
is not necessarily representative of the past performance of the team referenced
in the Prospectus 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 I shares. 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 I AVERAGE
- -----------------------------------------------------------------------
<S> <C> <C>
1 Year 5.44% 5.06%
- -----------------------------------------------------------------------
Since Inception* 5.40% 4.99%
- -----------------------------------------------------------------------
* Inception date is August 1, 1996.
- -----------------------------------------------------------------------
</TABLE>
If you would like more information about ING Funds Trust call 877-INFO-ING or
877-463-6464.
ING-MMSUPP2-I
