PAGES 30 - 37 NOTES TO FINANCIAL STATEMENTS
A description of the significant accounting policies of the Funds, and more detailed information about the
schedules and tables that appear in the report.
INSIDE BACK COVER FUND FAMILY OVERVIEW
A brief summary of the ING Funds, including objectives and primary portfolios.
SHARES OF ING FUNDS ARE NOT DEPOSITS OR OBLIGATIONS OF ANY BANK, ARE NOT
GUARANTEED BY ANY BANK, ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY,
AND INVOLVE INVESTMENT RISKS, INCLUDING THE POSSIBLE LOSS OF THE PRINCIPAL
ING Funds are distributed by ING Funds Distributor, Inc. and ING Pilgrim Securities, Inc. through a sub-
distribution agreement. Member NASD.
[PHOTO OF ROBERT W. STALLINGS]
ROBERT W. STALLINGS
President & CEO
ING Funds Trust
"We continue to believe it's imperative to take a long-term investment approach and to maintain a broadly
A LETTER FROM THE PRESIDENT
DEAR FELLOW SHAREHOLDERS,
We are pleased to present the latest ING Funds Annual Shareholder Report, covering the one-year period
ended October 31, 2000. We include a review of the financial markets, followed by detailed information about
your fund's investment.
A VOLATILE STOCK MARKET During the one-year reporting period, the S&P 500 Index produced a
6.09% return, while the Nasdaq composite rose 13.59% and the MSCI EAFE Index fell 2.66%.
The period began on a positive note for U.S. equities. The bull market continued through February, with the
majority of the gains produced by large-cap growth and technology-related stocks. In March, however, the
markets experienced a widely anticipated correction. Continued strong economic growth, inflationary pressures
and rising interest rates drove the decline. While other types of stocks were dragged down, technology issues
experienced the brunt of the fall. Within a few weeks the technology-heavy Nasdaq composite had fallen 37%
from its peak.
The equity markets then abruptly changed course for a brief period d