Supplement dated November 15, 2000
to Prospectus dated April 28, 2000
of ING Variable Insurance Trust
ING Global Brand Names Fund
This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus.
* On November 1, 2000, ING Pilgrim Securities, Inc. ("ING Pilgrim Securities")
became the named distributor of ING Variable Insurance Trust. ING Pilgrim
Securities is located at 7337 East Doubletree Ranch Road, Scottsdale, Arizona
85258. All references to the Distributor should be read to mean ING Pilgrim
Securities, Inc.
* On November 1, 2000, Brown Brothers Harriman & Co., 40 Water Street, Boston,
MA 02109 became the custodian to the ING Global Brand Names Funds.
* The first sentence in the second paragraph in the section of the Statement of
Additional Information entitled "Obtaining Additional Information" should be
deleted and the following sentence should be inserted:
If you wish to obtain fee copies of the Fund's current SAI, please call
the ING Variable Annuities' Customer Service Desk at 1-800-366-0066.
* The names and addresses for the Distributor, Custodian, and Transfer Agent
as reflected on the back cover page of the prospectus should now read as
follows:
Distributor
ING Pilgrim Securities, Inc.
7337 East Doubletree Ranch Road
Scottsdale,AZ 85258
Global & International Custodian
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
Transfer Agent
DST Systems, Inc.
P.O. Box 219368
Kansas City, MO 64121-9368
If you would like more information about ING Variable Insurance Trust call the
ING Variable Annuities' Customer Service Desk at 1-800-366-0066.
INGV-PROSSUPP-00-1
<PAGE>
Supplement dated November 15, 2000
to the Statement of Additional Information
dated April 28, 2000
of ING Variable Insurance Trust
This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Statement of Additional Information.
* The phone number 1-877-INFO-ING (1-877-469-6464) throughout this Statement of
Additional Information should be deleted and replaced with 1-800-366-0066.
* All references to ING Funds Distributor, Inc. ("IFD" or the "Distributor")
should be replaced with ING Pilgrim Securities, Inc. ("IPS" or the
"Distributor").
* Beginning on page 30, the "Management" section, should be deleted in its
entirety and replaced with the following:
"MANAGEMENT
Trustees and Officers
The business and affairs of the Funds are managed under the direction of the
Board of Trustees. The principal occupations of the Trustees and executive
officers of the Funds for the past five years are listed below. The address
of each, unless otherwise indicated, is 1475 Dunwoody Drive, West Chester, PA
19380. Trustees deemed to be "interested persons" of the Funds for purposes
of the 1940 Act are indicated by an asterisk.
Robert W. Stallings, Chief Executive Officer and President - Age 51, 7337 East
Doubletree Ranch Road, Scottsdale, AZ 85258. Chairman, Chief Executive
Officer and President of Pilgrim Group, Inc. ("Pilgrim Group") (since
December 1994); Chairman (since December 1994), President and Chief
Investment Officer (since August 2000) Pilgrim Investments, Inc.;
Chairman, Pilgrim Securities, Inc. ("Pilgrim Securities") (since December
1994); President and Chief Executive Officer of Pilgrim Funding, Inc.
(since November 1999); and Chairman, President and Chief Executive Officer of
Pilgrim Capital Corporation (since August 1991). Mr. Stallings is also a
Director, Trustee, or a member of the Advisory Board of each of the Funds
managed by the Investment Manager.
Joseph N. Hankin, Trustee - Age 60, Four Merion Drive, Purchase, NY
10577-1302. President, Westchester Community College (since 1971); Adjunct
Professor of Columbia University Teachers College (since 1976). Dr. Hankin is
also a Trustee of the First Choice Funds and Stagecoach Funds.
Jack D. Rehm, Trustee - Age 67, 3131 Fleur Drive, Des Moines, IA 50321.
Chairman of the Board (Retired) of Meredith Corp. (1992-1997); President and
Chief Executive Officer of Meredith Corp. (1989-1996). Mr. Rehm is also a
Director of Meredith Corp., International Multifoods Corp. and Star Tek, Inc.
Blaine E. Rieke, Trustee - Age 66, 6111 North Berkeley Blvd., Milwaukee, WI
53217. General Partner of Huntington Partners (1997-present); Chairman and
Chief Executive Officer of Firstar Trust Company (1973-1996). Mr. Rieke is
also a Director of Morgan Chase Trust Company.
Richard A. Wedemeyer, Trustee - Age 63, 78 Summit Road, Riverside, CT 06878.
Vice President, The Channel Corporation (1996-present); Vice President of
<PAGE>
Performance Advantage, Inc. (1992-1996); Vice President, Operations and
Administration of Jim Henson Productions (1979-1997). Mr. Wedemeyer is also
a Trustee of the First Choice Funds.
James M. Hennessy, Senior Executive Vice President, Chief Operating Officer
and Secretary - Age 51, 7337 East Doubletree Ranch Road, Scottsdale, AZ
85258. Senior Executive Vice President and Chief Operating Officer (since
June 2000) and Secretary (since April 1995), Pilgrim Capital (formerly
Express America Holdings Corporation), Pilgrim Group, Pilgrim Securities and
Pilgrim Investments; Senior Executive Vice President and Secretary of each of
the other Pilgrim Funds. Formerly Executive Vice President , Pilgrim Capital
Corporation and its affiliates (May 1998 - June 2000) and Senior Vice
President, Pilgrim Capital and its affiliates (April 1995 - April 1998).
Stanley D. Vyner, Executive Vice President - Age 50, 7337 East Doubletree
Ranch Road, Scottsdale, AZ 85258. Executive Vice President of most of the
other Pilgrim Funds (since July 1996). Formerly President and Chief
Executive Officer (August 1996 - August 2000), Pilgrim Investments; Chief
Executive Officer (November 1993 - December 1995) HSBC Asset Management
(Americas), Inc.
Mary Lisanti, Executive Vice President - Age 44, 7337 East Doubletree Ranch
Road, Scottsdale, AZ 85258. Executive Vice President of most of the
Pilgrim Funds (since May 1998). Formerly Portfolio Manager, Strong Capital
Management; Managing Director and Head of Small- and Mid-Capitalization
Equity Strategies at Bankers Trust Corp. (1993 - 1996).
Michael J. Roland, Senior Vice-President - Age 42, 7337 East Doubletree Ranch
Road, Scottsdale, AZ 85258. Senior Vice President and Chief Financial
Officer, Pilgrim Group, Pilgrim Investments and Pilgrim Securities (since
June 1998); Senior Vice President and Principal Financial Officer of each
of the other Pilgrim Funds. He served in same capacity from January, 1995 -
April, 1997. Formerly, Chief Financial Officer of Endeaver Group (April 1997
to June 1998).
Robert S. Naka, Senior Vice President and Assistant Secretary - Age 37, 7337
East Doubletree Ranch Road, Scottsdale, AZ 85258. Senior Vice President,
Pilgrim Investments (since November 1999) and Pilgrim Group, Inc. (since
August 1999). Senior Vice President and Assistant Secretary of each of the
other Pilgrim Funds. Formerly Vice President, Pilgrim Investments (April 1997
- October 1999), Pilgrim Group, Inc. (February 1997 - August 1999). Formerly
Assistant Vice President, Pilgrim Group, Inc. (August 1995 - February
1997). Formerly Operations Manager, Pilgrim Group, Inc. (April 1992 -
April 1995).
Robyn L. Ichilov, Vice President - Age 33, 7337 East Doubletree Ranch Road,
Scottsdale, AZ 85258. Vice President, Pilgrim Investments (since August
1997), Accounting Manager (since November 1995). Vice President and
Treasurer of most of the other Pilgrim Funds. Formerly Assistant Vice
President and Accounting Supervisor for PaineWebber (June 1993 - April 1995).
Donald Brostrom, Treasurer - Age 41. Executive Vice President and Chief
Financial Officer, ING Mutual Funds Management Co. LLC (1998-present);
Director, Treasurer and Chief Operating Officer, ING Funds Distributor, Inc.
(1999-present); Managing Director, Furman Selz LLC (1984-1998).
Louis S. Citron, Vice President - Age 35. Senior Vice President and General
Counsel, ING Mutual Funds Management Co. LLC (1998-present); Attorney at
Kramer, Levin, Naftalis & Frankel (1994-1998).
Charles Eng, Assistant Treasurer - Age 36. Fund Accounting Manager, ING
Mutual Funds Management Co. LLC (1998-present); Assistant Treasurer, Chase
Manhattan Bank (1997-1998); Assistant Manager, BISYS Fund Services
(1996-1997); Associate Director, Furman Selz LLC (1992-1996).
<PAGE>
Amy Lau, Assistant Treasurer - Age 34. Fund Administration Manager, ING
Mutual Funds Management Co. LLC (1998-present); Assistant Vice President,
Smith Barney Asset Management (1996-1998); Associate Director, Furman Selz LLC
(1992-1995).
Trustees of the Funds not affiliated with IMFC or IPS receive from the Funds
an annual retainer of $2,500.00 and a fee of $417.00 for Board of Trustees
meetings and Board committee meeting of the Funds attended and are
reimbursed for all out-of-pocket expenses relating to attendance at such
meetings. Trustees who are affiliated with IMFC or IPS do not receive
compensation from the Funds."
The sub-section entitled "Distribution of Fund Shares" in the section of the
Statement of Additional Information entitled "Management" should be deleted
and the following section should be inserted:
Distribution of Fund Shares
ING Pilgrim Securities, Inc., located at 7337 East Doubletree Ranch Road,
Scottsdale, Arizona 85258, serves as distributor and principal underwriter
of the Funds. As distributor, IPS is obligated to sell shares of each Fund
on a best efforts basis only against purchase orders for the shares. Shares
of each Fund are offered to the public on a continuous basis. IPS is
affiliated with the Manager and the Sub-Advisers by reason of common
ownership.
The sub-section entitled "Transfer Agent, Fund Accountant and Account
Services" in the section of the Statement of Additional Information entitled
"Management" should be deleted and the following section should be inserted:
Account Services
ING Fund Services Co. LLC ("ING Fund Services") has entered into a Fund
Services Agreement with the Trust pursuant to which ING Fund Services will
perform or engage third parties to perform account services and other
services. ING Fund Services is an affiliate of the Manager and the
Distributor by reason of common ownership. Under the Fund Services
Agreement, the Fund may pay ING Fund Services annually up to 0.25% of the
Fund's average daily net assets annually for account servicing activities.
ING Fund Services may engage third parties to perform some or all of
these services. Account servicing may include, but is not limited to, (i)
maintaining shareholder accounts; (ii) preparing shareholder statements,
confirmations and shareholder lists; (iii) mailing shareholder statements,
confirmations, prospectuses, statements of additional information, annual and
semi-annual reports and proxy statements; (iv) tabulating proxies; (v)
disbursement of dividends and other distributions; (vi) withholding taxes on
U.S. residents and non-resident accounts where applicable; (vii)
preparation and filing of U.S. Treasury Department Forms 1099 and other
appropriate forms required by applicable statutes, rules and regulations; and
(viii) providing such other similar services directly to shareholder accounts.
INGV-SAISUPP-00-1
