ING Equity Trust

Immediately upon filing pursuant to paragraph (b)

on September 28, 2012 pursuant to paragraph (b)

60 days after filing pursuant to paragraph (a)(1)

on (date), pursuant to paragraph (a)(1)

75 days after filing pursuant to paragraph (a)(2)

on (date) pursuant to paragraph (a)(2) of Rule 485

0001193125-12-422256.txt : 20121015 0001193125-12-422256.hdr.sgml : 20121015 20121012180704 ACCESSION NUMBER: 0001193125-12-422256 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121015 DATE AS OF CHANGE: 20121012 EFFECTIVENESS DATE: 20121015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ING EQUITY TRUST CENTRAL INDEX KEY: 0001063946 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-56881 FILM NUMBER: 121142575 BUSINESS ADDRESS: STREET 1: ING FUNDS STREET 2: 7337 E. DOUBLETREE RANCH ROAD, STE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 BUSINESS PHONE: 800-992-0180 MAIL ADDRESS: STREET 1: ING FUNDS STREET 2: 7337 E. DOUBLETREE RANCH ROAD, STE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 FORMER COMPANY: FORMER CONFORMED NAME: PILGRIM EQUITY TRUST DATE OF NAME CHANGE: 19991029 FORMER COMPANY: FORMER CONFORMED NAME: NORTHSTAR EQUITY TRUST DATE OF NAME CHANGE: 19980612 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ING EQUITY TRUST CENTRAL INDEX KEY: 0001063946 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08817 FILM NUMBER: 121142576 BUSINESS ADDRESS: STREET 1: ING FUNDS STREET 2: 7337 E. DOUBLETREE RANCH ROAD, STE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 BUSINESS PHONE: 800-992-0180 MAIL ADDRESS: STREET 1: ING FUNDS STREET 2: 7337 E. DOUBLETREE RANCH ROAD, STE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 FORMER COMPANY: FORMER CONFORMED NAME: PILGRIM EQUITY TRUST DATE OF NAME CHANGE: 19991029 FORMER COMPANY: FORMER CONFORMED NAME: NORTHSTAR EQUITY TRUST DATE OF NAME CHANGE: 19980612

0001063946 S000008381 ING Real Estate Fund

C000022948 Class A CLARX

C000022949 Class B CRBCX

C000022950 Class C CRCRX

C000022951 Class I CRARX

C000028635 Class O IDROX

C000057293 Class W IREWX

C000103063 Class R CRWRX

0001063946 S000008382 ING SmallCap Opportunities Fund

C000022952 Class A NSPAX

C000022953 Class B NSPBX

C000022954 Class C NSPCX

C000022955 Class I NSPIX

C000057294 Class W ISOWX

C000103064 Class R ISORX

0001063946 S000008383 ING Growth Opportunities Fund

C000022956 Class A NLCAX

C000022957 Class B NLCBX

C000022958 Class C NLCCX

C000022959 Class I PLCIX

C000081603 Class W IGOWX

0001063946 S000008385 ING MidCap Opportunities Fund

C000022966 Class A NMCAX

C000022967 Class B NMCBX

C000022968 Class C NMCCX

C000022969 Class I NMCIX

C000067076 Class O NMCOX

C000078998 Class W IMOWX

C000103065 Class R IMORX

0001063946 S000008387 ING Value Choice Fund

C000022975 Class A PAVAX

C000022976 Class B PAVBX

C000022977 Class C PAVCX

C000022978 Class I PAVIX

C000057295 Class W IVCWX

C000067077 Class O PAVOX

0001063946 S000019684 ING Large Cap Value Fund

C000055103 Class A IEDAX

C000055104 Class B IBEDX

C000055105 Class C IEDCX

C000055106 Class I IEDIX

C000078999 Class W IWEDX

C000103066 Class R IEDRX

0001063946 S000034091 ING Mid Cap Value Fund

C000105101 Class I IMCVX

485BPOS 1 d385238d485bpos.htm ING EQUITY TRUST ING Equity Trust

As filed with the Securities and Exchange Commission on October 15, 2012

Securities Act File No. 333-56881

Investment Company Act File No. 811-8817

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A


Registration Statement Under The Securities Act Of 1933		x

Pre-Effective Amendment No.		¨

Post-Effective Amendment No. 115		x

and/or

Registration Statement Under The Investment Company Act Of 1940		x

Amendment No. 122 (Check appropriate box or boxes)		x

ING EQUITY TRUST

(Exact Name of Registrant Specified in Charter)

7337 E. Doubletree Ranch Road, Suite 100

Scottsdale, AZ 85258

(Address of Principal Executive Offices)

Registrant’s Telephone Number, Including Area Code: (800) 992-0180

Huey P. Falgout, Jr.

ING Investments, LLC

7337 E. Doubletree Ranch Road

Scottsdale, AZ 85258

(Name and Address of Agent for Service)

With copies to:

Jeffrey S. Puretz, Esq.

Dechert LLP

1775 I Street, N.W.

Washington, DC 20006

It is proposed that this filing will become effective (check appropriate box):

If appropriate, check the following box:

¨	This post-effective amendment designated a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (the “1933 Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it has duly caused this Post-Effective Amendment No. 115 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Scottsdale and State of Arizona on the 15th day of October, 2012.

Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.


Signature	Title	Date
	Interested Trustee and President and Chief Executive Officer	October 15, 2012
Shaun P. Mathews*
	Senior Vice President Chief/Principal Financial Officer and Assistant Secretary	October 15, 2012
Todd Modic*
	Trustee	October 15, 2012
John V. Boyer*
	Trustee	October 15, 2012
Patricia W. Chadwick*
	Trustee	October 15, 2012
J. Michael Earley*
	Trustee	October 15, 2012
Colleen D. Baldwin*
	Trustee	October 15, 2012
Patrick W. Kenny *
	Interested Trustee	October 15, 2012
Robert W. Crispin*
	Trustee	October 15, 2012
Sheryl K. Pressler*
	Trustee	October 15, 2012
Peter S. Drotch*
	Trustee	October 15, 2012
Roger B. Vincent*

* By: /s/ Huey P. Falgout, Jr.
Huey P. Falgout, Jr.
Attorney-in-Fact**

** Powers of Attorney for Todd Modic and each Trustee were filed as attachments to Post Effective Amendment No. 113 to the Registrant’s Registration Statement on Form N1-A on July 27, 2012 and are incorporated herein by reference.

EXHIBIT INDEX

ING Equity Trust


EXHIBIT NUMBER		EXHIBIT DESCRIPTION
EX-101.INS		XBRL INSTANCE DOCUMENT
EX-101.SCH		XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
EX-101.CAL		XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
EX-101.DEF		XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
EX-101.LAB		XBRL TAXONOMY EXTENSION LABELS LINKBASE
EX-101.PRE		XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

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Examples $ Expense Examples $ 2012-06-30 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleShareholderFeesTransposedINGRealEstateFund column period compact * ~</div> 2012-06-30 Expense Examples $ <div style="display:none">~ http://www.ingfunds.com/role/ScheduleShareholderFeesTransposedINGSmallCapOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.ingfunds.com/role/ScheduleShareholderFeesTransposedINGValueChoiceFund column period compact * ~</div> 2012-06-30 ING Growth Opportunities Fund The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 151% of the average value of its portfolio. www.INGFunds.com/literature The index returns do not reflect deductions for fees, expenses, or taxes. 0.125 693 0.3402 1207 1262 1062 481 798 536 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 84% of the average value of its portfolio. www.INGFunds.com/literature The index returns do not reflect deductions for fees, expenses, or taxes. 1280 1337 1137 548 879 615 748 0.3785 507 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 89% of the average value of its portfolio. www.INGFunds.com/literature The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance. During the most recent fiscal period, the Fund's portfolio turnover rate was 88% of the average value of its portfolio. 0.0832 The index returns do not reflect deductions for fees, expenses, or taxes 1392 1451 1251 708 997 735 0.396 1197 1252 1052 660 498 792 525 0.0617 0.3658 1346 1405 1205 819 673 686 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 36% of the average value of its portfolio. www.INGFunds.com/literature The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72% of the average value of its portfolio. 0.1383 www.INGFunds.com/literature 0.0895 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance. During the most recent fiscal period, the Fund's portfolio turnover rate was 69% of the average value of its portfolio. www.INGFunds.com/literature The index returns do not reflect deductions for fees, expenses, or taxes. -0.065 The index returns do not reflect deductions for fees, expenses, or taxes. Shareholder Fees Fees paid directly from your investment Annual Fund Operating Expenses Expenses you pay each year as a % of the value of your investment You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. 50000 The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 0.0575 0 0 0 0 705 703 303 102 102 1997-07-21 1997-07-21 1997-07-21 2002-01-08 1997-07-21 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualFundOperatingExpensesINGGrowthOpportunitiesFund column period compact * ~</div> 0.0575 0 0 0 0 0 692 700 300 83 145 99 2007-12-18 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualFundOperatingExpensesINGLargeCapValueFund column period compact * ~</div> ING Large Cap Value Fund (formerly, ING Equity Dividend Fund) Shareholder Fees Fees paid directly from your investment Annual Fund Operating Expenses Expenses you pay each year as a % of the value of your investment directly from your investment You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. 50000 The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 0.0575 0 0 0 0 0 0 705 713 313 93 137 163 112 0 92 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualFundOperatingExpensesINGMidCapValueFund column period compact * ~</div> 0.0575 0 0 0 0 0 ING MidCap Opportunities Fund Shareholder Fees Fees paid directly from your investment Annual Fund Operating Expenses Expenses you pay each year as a % of the value of your investment You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. 50000 The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. ING Mid Cap Value Fund Shareholder Fees Fees paid directly from your investment Annual Fund Operating Expenses Expenses you pay each year as a % of the value of your investment 720 729 329 113 179 128 0.0575 0 0 0 0 0 0 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualFundOperatingExpensesINGMidCapOpportunitiesFund column period compact * ~</div> 690 698 298 92 122 148 97 Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 0.0575 0 0 0 0 0 710 719 319 118 144 118 ING Real Estate Fund Shareholder Fees Fees paid directly from your investment Annual Fund Operating Expenses Expenses you pay each year as a % of the value of your investment You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. 50000 The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. ING SmallCap Opportunities Fund Shareholder Fees Fees paid directly from your investment Annual Fund Operating Expenses Expenses you pay each year as a % of the value of your investment You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. 50000 The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. ING Value Choice Fund Shareholder Fees Fees paid directly from your investment Annual Fund Operating Expenses Expenses you pay each year as a % of the value of your investment <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualFundOperatingExpensesINGSmallCapOpportunitiesFund column period compact * ~</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. 50000 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualFundOperatingExpensesINGValueChoiceFund column period compact * ~</div> <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualFundOperatingExpensesINGRealEstateFund column period compact * ~</div> Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. ING EQUITY TRUST 485BPOS 2012-09-27 These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 47) or the Statement of Additional Information (page 166). The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PRINCIPAL INVESTMENT STRATEGIES Average Annual Total Returns% (for the periods ended December 31, 2011) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. Best quarter: 2nd, 2003, 17.63% and Worst quarter: 4th, 2008, (21.12)% The Fund's Class A shares' year-to-date total return as of June 30, 2012: 12.50% The 5 Year and 10 year performance shown below for Class W shares of the Fund is the performance of Class Q shares of the Fund prior to their conversion to Class W shares. 1-800-992-0180 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. -0.0032 -0.0032 -0.0032 -0.0005 -0.0032 1042 994 694 329 387 705 203 203 102 102 2412 2469 2631 1278 1562 -0.3641 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualTotalReturnsINGGrowthOpportunitiesFundBarChart column period compact * ~</div> 0 0 0 -0.0007 -0.0005 0 940 618 918 274 460 309 692 200 200 83 145 99 1967 2102 2296 1078 1753 1190 2008-02-20 2008-02-19 2010-03-31 2009-06-01 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualTotalReturnsINGLargeCapValueFundBarChart column period compact * ~</div> These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 47) or the Statement of Additional Information (page 166). The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PRINCIPAL INVESTMENT STRATEGIES Best quarter: 3rd, 2009, 18.23% and Worst quarter: 4th, 2008, (16.78)% The Fund's Class A shares' year-to-date total return as of June 30, 2012: 6.17% Average Annual Total Returns% (for the periods ended December 31, 2011) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. 1-800-992-0180 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0 0.05 0.01 0 0 0 0 -0.0002 -0.0002 -0.0002 -0.001 -0.0002 -0.0002 -0.0002 982 962 662 312 432 509 354 705 213 213 93 163 137 112 2125 2259 2450 1227 1920 1361 1645 -0.28 -0.0002 1998-08-20 1998-08-20 1998-08-20 1998-08-20 2008-06-04 2009-06-01 291 92 1129 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualTotalReturnsINGMidCapOpportunitiesFundBarChart column period compact * ~</div> These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 47) or the Statement of Additional Information (page 166). The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PRINCIPAL INVESTMENT STRATEGIES Average Annual Total Returns% (for the periods ended December 31, 2011) -0.001 -0.001 -0.001 -0.0022 -0.001 -0.001 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. 1-800-992-0180 Best quarter: 2nd, 2003, 17.67% and Worst quarter: 4th, 2008, (23.42)% The Fund's Class A shares' year-to-date total return as of June 30, 2012: 8.32% PRINCIPAL INVESTMENT STRATEGIES These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. The Example is intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assumes that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 1045 1027 727 400 421 720 229 229 113 128 179 2368 2502 2689 1582 2172 1626 -0.4545 1995-06-05 1995-06-05 1995-06-05 1999-04-01 2007-12-17 0.05 0.01 0 0 0 0 0 0 0 0 0 0 0 0 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. -0.0011 -0.0011 -0.0011 -0.0008 -0.0011 -0.0011 690 198 198 92 122 148 97 1946 2080 2275 1108 1455 1735 1166 0.0433 2002-12-20 2002-11-20 2003-01-17 1996-12-31 2004-09-15 2007-12-17 710 219 219 118 144 118 2274 2408 2597 1493 1803 1524 These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 47) or the Statement of Additional Information (page 166). The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PRINCIPAL INVESTMENT STRATEGIES Best quarter: 3rd, 2009, 36.19% and Worst quarter: 4th, 2008, (37.46)% The Fund's Class I shares' year-to-date total return as of June 30, 2012: 13.83% Average Annual Total Returns% (for the periods ended December 31, 2011) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. 2005-02-01 2005-02-01 2005-02-07 2005-09-15 2008-06-04 2007-12-17 1-800-992-0180 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 47) or the Statement of Additional Information (page 166). The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PRINCIPAL INVESTMENT STRATEGIES Best quarter: 2nd, 2009, 23.05% and Worst quarter: 4th, 2008, (25.37)% The Fund's Class A shares' year-to-date total return as of June 30, 2012: 8.95% Average Annual Total Returns% (for the periods ended December 31, 2011) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 1-800-992-0180 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualTotalReturnsINGRealEstateFundBarChart column period compact * ~</div> These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in ING Funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 47) or the Statement of Additional Information (page 166). The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PRINCIPAL INVESTMENT STRATEGIES Average Annual Total Returns% (for the periods ended December 31, 2011) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. 1-800-992-0180 Best quarter: 2nd, 2009, 22.91% and Worst quarter: 4th, 2008, (19.32)% The Fund's Class A shares' year-to-date total return as of June 30, 2012: (6.50)% Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualTotalReturnsINGSmallCapOpportunitiesFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAnnualTotalReturnsINGValueChoiceFundBarChart column period compact * ~</div> A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. 0001063946 2012-09-28 false 2012-05-31 INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. Portfolio Turnover % of average value of portfolio Under normal market conditions, the Fund invests primarily in equity securities of companies with varying market capitalizations of any size. The Fund primarily invests in the equity securities of large-, mid-, and small-capitalization U.S. companies that the sub-adviser ("Sub-Adviser") believes have above average prospects for growth. The Fund may invest up to 15% of its assets in securities of foreign companies. The Fund may also invest in non-U.S. dollar-denominated securities and initial public offerings. The Fund may invest in derivative instruments including, but not limited to, put options, call options, and futures. The Fund may use derivatives to substitute for taking a position in the underlying asset, and/or to seek to enhance returns in the Fund. The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act"). The Fund's investment strategy uses a stock selection process that combines the discipline of quantitative screens with rigorous fundamental security analysis. The quantitative screens focus the fundamental analysis by identifying the stocks of companies with strong business momentum that demonstrate relative price strength, and have a perceived value not reflected in the current price. The objective of the fundamental analysis is to confirm the persistence of the company's revenue and earnings growth, and validate the expectations for earnings estimate revisions, particularly relative to consensus estimates. A determination of reasonable valuation for individual securities is based on the judgment of the Sub-Adviser. The Sub-Adviser may sell securities for a variety of reasons, such as limited upside potential left in the stock, deteriorating fundamentals, or to redeploy assets into opportunities believed to be more promising, among others. The Fund may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets. You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds. Company   The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. Currency   To the extent that the Fund invests directly in foreign currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Derivative Instruments   Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Foreign Investments   Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Growth Investing   Prices of growth stocks typically reflect high expectations for future company growth, and may fall quickly and significantly if investors suspect that actual growth may be less than expected. Growth companies typically lack any dividends that might cushion price declines. Growth stocks tend to be more volatile than value stocks, and may underperform the market as a whole over any given time period. Initial Public Offerings   Initial Public Offerings ("IPOs") and companies that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the Fund will have access to profitable IPOs or that IPOs in which the Fund invests will rise in value. Furthermore, the value of securities of newly public companies may decline in value shortly after the IPO. When the Fund's asset base is small, the impact of such investments on the Fund's return will be magnified. If the Fund's assets grow, it is likely that the effect of the Fund's investment in IPOs on the Fund's return will decline. Investment Model   The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. Liquidity   If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund. Market   Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Market Capitalization   Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns. Other Investment Companies   The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund. Securities Lending   Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Calendar Year Total Returns Class A (as of December 31 of each year) October 1, 2013 You could lose money on an investment in the Fund. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 2003-06-30 0.1763 Worst quarter: 2008-12-31 0 0.05 0.01 0 0 0.0035 0.01 0.01 0 0 0.001 0.001 0.001 0.001 0.001 0.0167 0.0232 0.0232 0.0105 0.0132 1042 694 694 329 387 0.0402 -0.4217 0.0369 -0.0229 -0.023 -0.0147 0.0218 -0.0201 0.0218 0.0195 0.0218 0.0403 0.0218 0.0406 0.0218 0 0.05 0.01 0 0 0 0.0025 0.01 0.01 0 0.005 0 0.001 0.001 0.001 0.001 0.001 0.001 0.0122 0.0197 0.0197 0.0088 0.0147 0.0097 940 618 618 274 460 309 -0.29 0.0289 -0.0304 -0.0383 -0.0146 0.0039 -0.0288 0.0039 0.011 0.0039 0.0329 0.0039 0.0304 0.0039 0.0058 -0.0095 -0.0052 -0.0324 0.0241 -0.0125 0.0341 -0.0125 0.0818 0.0482 0.1594 0.1449 INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND Portfolio Turnover % of average value of portfolio The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of dividend-paying, large-capitalization issuers. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. Equity securities include common and preferred stocks, warrants, and convertible securities. The sub-adviser ("Sub-Adviser") defines large-capitalization companies as companies with market capitalizations that fall within the collective range of companies within the Russell 1000® Value Index ("Index") at the time of purchase. The market capitalization range will change with market conditions as the market capitalization range of the companies in the Index changes. The market capitalization of companies in the Index as of June 29, 2012 ranged from $670.9 million to $400.1 billion. The Fund may invest in foreign securities, including companies located in countries with emerging securities markets, when the Sub-Adviser believes they present attractive investment opportunities. The Sub-Adviser seeks to construct a portfolio of securities with a dividend yield that exceeds the average dividend yield of the companies included in the Russell 1000® Value Index. The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act"). The Sub-Adviser uses a valuation-based screening process to assist in the selection of companies according to criteria which include the following: <ul type="square"><li style="margin-left:20px">an above-average dividend yield, and stability and growth of the dividend;</li></ul> <ul type="square"><li style="margin-left:20px">market capitalization that is usually above $1 billion (although the Fund may also invest up to 20% of its assets in small- and mid-capitalization companies); and</li></ul> <ul type="square"><li style="margin-left:20px">the potential for growth of the dividend yield over several years.</li></ul> The Sub-Adviser may from time to time select securities that do not meet all of these criteria. The Sub-Adviser then conducts intensive fundamental research on each company to evaluate its growth, profitability, and valuation characteristics. The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. The Fund may lend portfolio securities on a short-term or long-term basis, up to 331 / 3 % of its total assets. You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds. Company   The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. Convertible Securities   Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk. Credit   Prices of bonds and other debt securities can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether. Currency   To the extent that the Fund invests directly in foreign currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Dividend   Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. Foreign Investments/Developing and Emerging Markets   Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Foreign investment risks may be greater in developing and emerging markets than in developed markets. Interest Rate   With bonds and other fixed rate debt securities, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the security, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. Investment Model   The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. Liquidity   If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund. Market   Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Market Capitalization   Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns. Other Investment Companies   The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund. Securities Lending   Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner. Value Investing   Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in interest rates, corporate earnings and industrial production. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Calendar Year Total Returns Class A (as of December 31 of each year) October 1, 2013 You could lose money on an investment in the Fund. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 2009-09-30 0.1823 Worst quarter: 2008-12-31 0.0025 0.01 0.01 0 0.0025 0.005 0 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.0137 0.0212 0.0212 0.0101 0.0137 0.0162 0.0112 982 662 662 312 432 509 354 0.1018 -0.3802 -0.0088 0 0 0.001 0.0092 -0.0702 -0.0369 -0.0155 -0.0637 -0.0165 -0.0165 -0.0155 -0.0165 -0.0155 -0.0047 -0.0165 -0.0155 -0.0089 -0.0165 -0.0155 -0.0063 -0.0165 -0.0155 0.0393 0.0019 0.0031 0.2006 0.1898 0.1948 0.0562 0.0527 0.0483 0.0529 0.0699 0.0546 0.0529 0.0699 0.0529 0.0699 0.0667 0.0529 0.0699 291 -0.0252 0.0546 -0.0657 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedINGMidCapOpportunitiesFund column period compact * ~</div> Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of mid-sized U.S. companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund normally invests in companies that the sub-adviser ("Sub-Adviser") believes have above average prospects for growth. For this Fund, mid-sized companies are those companies with market capitalizations that fall within the range of companies in the Russell Midcap® Growth Index at the time of purchase. Capitalization of companies in the Russell Midcap® Growth Index will change with market conditions. The market capitalization of companies in the Russell Midcap® Growth Index as of June 29, 2012, ranged from $1.1 billion to $19.1 billion. The Fund may also invest in derivative instruments including futures or index futures that have a similar profile to the benchmark of the Fund. The Fund typically uses derivatives for the purpose of maintaining equity market exposure on its cash balance. The Fund may also invest in foreign securities. The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act"). In managing the Fund, the Sub-Adviser uses a stock selection process that combines the discipline of quantitative screens with rigorous fundamental security analysis. The quantitative screens focus the fundamental analysis by identifying the stocks of companies with strong business momentum that demonstrate relative price strength, and have a perceived value not reflected in the current price. The objective of the fundamental analysis is to confirm the persistence of the company's revenue and earnings growth and validate the Sub-Adviser's expectations for earnings estimate revisions, particularly relative to consensus. A determination of reasonable valuation for individual securities is based on the judgment of the Sub-Adviser. The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. The Fund may lend portfolio securities on a short-term or long-term basis, up to 331 / 3 % of its total assets. You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds. Company   The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. Currency   To the extent that the Fund invests directly in foreign currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Derivative Instruments   Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Foreign Investments   Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Investment Model   The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. Liquidity   If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund. Market   Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth-oriented securities in which the Fund invests. Rather, the market could favor value-oriented securities or may not favor equities at all. Mid-Capitalization Company    Investments in mid-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. Consequently, the securities of smaller companies may have limited market stability and may be subject to more abrupt or erratic market movements than securities of larger, more established growth companies or the market averages in general. Other Investment Companies   The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund. Securities Lending   Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 0 0.05 0.01 0 0 0 INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND Portfolio Turnover % of average value of portfolio 0.0025 0.01 0.01 0 0.005 0 0.001 0.001 0.001 0.001 0.001 0.001 The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. Calendar Year Total Returns Class A (as of December 31 of each year) 0.0161 0.0236 0.0236 0.0133 0.0186 0.0136 October 1, 2013 You could lose money on an investment in the Fund. INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND Portfolio Turnover % of average value of portfolio Worst quarter: 2008-12-31 0.1767 The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of mid-capitalization companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The sub-advisers define mid-capitalization companies as those companies with market capitalizations that fall within the collective range of companies within the Russell Midcap® Index and the S&P MidCap 400 Index at the time of purchase. Capitalization of companies in these indices will change with market conditions. As of June 29, 2012, this range was approximately $38.2 million to $19.1 billion. The Fund focuses on securities that the sub-advisers believe are undervalued in the marketplace. The Fund expects to invest primarily in securities of U.S.-based companies, but may also invest in securities of non-U.S. companies, including companies located in countries with emerging securities markets. The Fund may also invest up to 20% of its net assets in real estate investment trusts ("REITs"). The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act"). RBC Global Asset Management (U.S.) Inc. ("RBC GAM (US)") and Wellington Management Company, LLP ("Wellington Management") (each a "Sub-Adviser" and collectively "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. ING Investments, LLC, the Fund's investment adviser, will determine the amount of Fund assets allocated to RBC GAM (US) and Wellington Management. RBC GAM (US) RBC GAM (US) uses a disciplined, bottom-up approach to select stocks for the Fund's portfolio with a focus on fundamental research and qualitative analysis. This analysis considers factors such as attractive and sustainable business fundamentals, financial strength, management strength, and low valuation. Wellington Management Wellington Management employs a contrarian approach to stock selection. The approach demands an emphasis on extensive research to identify stocks of companies that Wellington Management believes possess fundamentals that are not adequately reflected in the market price of their securities. Valuation techniques are a key component of the Wellington Management's investment approach. Wellington Management's determination of a stock's value is based on three primary criteria: its issuer's earnings power, growth potential, and price-to-earnings ratio. Wellington Management then selects the stocks whose issuers, in its opinion, have the most compelling blend of attractive valuation, a strong management team, and strong industry position. Each Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. The Fund may lend portfolio securities on a short-term or long-term basis, up to 331 / 3 % of its total assets. 2003-06-30 You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds. Company   The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. Currency    To the extent that the Fund invests directly in foreign currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign Investments/Developing and Emerging Markets    Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Foreign investment risks may be greater in developing and emerging markets than in developed markets. Investment Model   The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. Liquidity   If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund. Market   Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Mid-Capitalization Company   Investments in mid-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. Consequently, the securities of smaller companies may have limited market stability and may be subject to more abrupt or erratic market movements than securities of larger, more established growth companies or the market averages in general. Other Investment Companies   The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund. Real Estate Companies and Real Estate Investment Trusts ("REITs")    Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property. Securities Lending    Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner. Value Investing   Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in interest rates, corporate earnings and industrial production. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. October 1, 2013 You could lose money on an investment in the Fund. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 575 1045 727 727 400 421 575 0.0838 -0.3475 0.0026 -0.0551 -0.0551 -0.0358 -0.0418 -0.0291 -0.0545 -0.0291 -0.0418 -0.0147 -0.0291 -0.0418 0.0068 -0.0291 -0.0418 0.0053 -0.0291 -0.0418 0.0447 0.0088 0.0058 0.018 0.018 0.0154 0.0448 0.0562 0.0165 0.0448 0.0562 0.0165 0.0448 0.0562 0.0562 0.0448 0.0287 0 0.005 0.0025 0 0.01 0.01 0.0025 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.012 0.0195 0.0195 0.009 0.012 0.0145 0.0095 934 612 287 381 459 303 0 0.05 0.01 0 0 0 0.0025 0.01 0.01 0 0.0025 0 0.001 0.001 0.001 0.001 0.001 0.001 0.0152 0.0227 0.0227 0.0124 0.0152 0.0127 912 612 612 934 287 459 381 303 0.1261 -0.3489 0.0976 0.0301 0.0748 0.0352 0.0753 0.0748 0.0748 0.0894 0.0976 0.0632 0.0932 0.0748 0.0748 0.0964 0.0748 0.0506 0.0123 0.1099 0.1091 0.1138 0.1125 0.1137 0.094 0.1016 0.0897 0.0837 0.0685 1018 999 699 386 469 392 1018 699 699 386 469 392 -0.3608 -0.0651 INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND Portfolio Turnover % of average value of portfolio Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common and preferred stocks of U.S. real estate investment trusts ("REITs") and real estate companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The sub-adviser ("Sub-Adviser") defines a real estate company as a company that: (i) derives at least 50% of its total revenue or earnings from owning, operating, developing, managing, and/or selling real estate; or (ii) has at least 50% of its assets invested in real estate. Companies principally engaged in the real estate industry may include REITs, master limited partnerships, real estate owners, real estate managers, real estate brokers, real estate dealers, and companies with substantial real estate holdings. The Sub-Adviser may invest in companies with any market capitalization. However, the Sub-Adviser will generally not invest in companies with a market capitalization of less than $100 million at the time of purchase. The Fund may also invest in convertible securities, initial public offerings, and Rule 144A securities. The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act"). The Sub-Adviser focuses on investments that generally provide income and also have the potential for long-term capital appreciation. The Sub-Adviser uses systematic, top-down research to evaluate property market conditions and trends to judge which market sectors offer potentially attractive returns. The Sub-Adviser uses proprietary analytical techniques to identify the securities which it believes will provide above-average cash flow yield and growth. Companies are evaluated for purchase and sale using several different qualitative and quantitative factors such as valuation, capital structure, management, and strategy. The Sub-Adviser will sell a security when it no longer meets these criteria. The Sub-Adviser's investment approach, with its emphasis on investments in companies primarily engaged in the real estate industry, is expected to produce a total return that is closely tied to the performance of the market for publicly traded real estate companies, including real estate investment trusts, which is a narrow segment of the overall U.S. stock market. The Fund is non-diversified, which means it may invest a significant portion of its assets in a single issuer. The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. The Fund may lend portfolio securities on a short-term or long-term basis, up to 331 / 3 % of its total assets. You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds. Company   The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. Concentration    As a result of the Fund "concentrating," as that term is defined in the 1940 Act, its assets in the securities of a particular industry or group of industries or single country or region, the Fund may be subject to greater market fluctuations than a fund that has securities representing a broader range of investment alternatives. If securities in which the Fund concentrates fall out of favor, the Fund could underperform funds that have greater diversification. Credit    Prices of bonds and other debt securities can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether. Convertible Securities   Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk. Initial Public Offerings    Initial Public Offerings ("IPOs") and companies that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the Fund will have access to profitable IPOs or that IPOs in which the Fund invests will rise in value. Furthermore, the value of securities of newly public companies may decline in value shortly after the IPO. When the Fund's asset base is small, the impact of such investments on the Fund's return will be magnified. If the Fund's assets grow, it is likely that the effect of the Fund's investment in IPOs on the Fund's return will decline. Interest Rate    With bonds and other fixed rate debt securities, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the security, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. Investment Model    The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. Issuer Non-Diversification    The Fund is classified as a "non-diversified" investment company and, therefore, is subject to the risks of focusing investments in a small number of issuers, industries or foreign currencies, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Liquidity    If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund. Market    Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Market Capitalization    Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns. Other Investment Companies    The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund. Real Estate Companies and Real Estate Investment Trusts ("REITs")    Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property. Securities Lending    Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. -0.0155 -0.001 -0.0589 -0.0155 -0.001 -0.0611 -0.0155 -0.001 -0.0591 -0.0155 -0.001 -0.077 -0.0155 -0.111 -0.0155 -0.001 -0.0568 -0.1292 Calendar Year Total Returns Class I (as of December 31 of each year) October 1, 2013 The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. 0.0488 -0.0217 0.0031 You could lose money on an investment in the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND Portfolio Turnover % of average value of portfolio 2009-09-30 The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. 0.3619 Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of smaller, lesser-known U.S. companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund normally invests in companies that the sub-adviser ("Sub-Adviser") believes have above average prospects for growth. For this Fund, smaller companies are those with market capitalizations that fall within the range of companies in the Russell 2000® Growth Index at the time of purchase. The Russell 2000® Growth Index is an index that measures the performance of small growth companies. Capitalization of companies in the Russell 2000® Growth Index will change with market conditions. The market capitalization of companies in the Russell 2000® Growth Index as of June 29, 2012, ranged from $53.3 million to $3.8 billion. The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act"). The Sub-Adviser uses a disciplined combination of quantitative screens and bottom-up fundamental security analysis to build a broadly diversified portfolio of companies that the Sub-Adviser believes will have improving bottom lines with reasonable valuation, and whose stocks demonstrate relative strength. The focus of company analysis is upon the prospects for continuing bottom-line growth, balance sheet strength, and cash flow characteristics. A determination of reasonable valuation for individual securities is based on the judgment of the Sub-Adviser. The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. The Fund may lend portfolio securities on a short-term or long-term basis, up to 331 / 3 % of its total assets. You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds. Company   The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. Investment Model   The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. Liquidity   If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund. Market   Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth-oriented securities in which the Fund invests. Rather, the market could favor value-oriented securities or may not favor equities at all. Other Investment Companies   The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund. Securities Lending   Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner. Small-Capitalization Company   Investments in small-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of small size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. The securities of smaller companies are often traded over-the-counter and may not be traded in volume typical on a national securities exchange. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Calendar Year Total Returns Class A (as of December 31 of each year) Worst quarter: 2008-12-31 -0.001 -0.1154 October 1, 2013 You could lose money on an investment in the Fund. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 2009-06-30 0.2305 Worst quarter: 2008-12-31 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedINGRealEstateFund column period compact * ~</div> INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. Portfolio Turnover % of average value of portfolio Under normal market conditions, the Fund invests primarily in equity securities of companies with varying market capitalizations of any size. The equity securities in which the Fund may invest include common and preferred stocks, depositary receipts, and convertible securities. The Fund may also invest in derivatives which include, but are not limited to, rights and warrants. The Fund typically uses derivatives to seek to enhance returns in the Fund. Portfolio risk controls include: maximum of 35% in foreign companies; and maximum of 15% in securities of emerging markets (defined as any country not classified as developed by the MSCI World IndexSM ). The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act"). The Fund invests in equities that appear undervalued by applying a bottom-up process that considers absolute valuation and security pricing in the context of industry and market conditions. The sub-adviser ("Sub-Adviser") applies a rigorous approach to identify undervalued securities that are believed to be mispriced, misperceived, under-followed, and that have strong or improving business fundamentals. The research team performs extensive bottom-up research on companies and industries, focusing on qualitative factors such as management strength, shareholder orientation, barriers-to-entry, competitive advantage, and catalysts for growth. A broad range of quantitative metrics are applied, including price-to-discounted cash flow, price-to-book value, price-to-sales, and price-to-free cash flow. The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. The Fund may lend portfolio securities on a short-term or long-term basis, up to 331 / 3 % of its total assets. You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds. Company   The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. Convertible Securities   Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk. Credit   Prices of bonds and other debt securities can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether. Currency     To the extent that the Fund invests directly in foreign currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Derivative Instruments    Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Foreign Investments/Developing and Emerging Markets   Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Foreign investment risks may be greater in developing and emerging markets than in developed markets. Interest Rate     With bonds and other fixed rate debt securities, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the security, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. Investment Model   The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. Liquidity    If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund. Market    Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Market Capitalization   Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns. Other Investment Companies   The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund. Securities Lending   Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner. Value Investing   Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in interest rates, corporate earnings and industrial production. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedINGGrowthOpportunitiesFund column period compact * ~</div> Calendar Year Total Returns Class A (as of December 31 of each year) October 1, 2013 You could lose money on an investment in the Fund. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0068 0.0059 0.0053 0.0274 0.0062 0.0274 0.0062 0.0274 0.0154 0.0274 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedINGSmallCapOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedINGValueChoiceFund column period compact * ~</div> 2009-06-30 0.2291 Worst quarter: 2008-12-31 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedINGLargeCapValueFund column period compact * ~</div> 2012-09-28 The Fund seeks long-term capital appreciation. PRINCIPAL RISKS PERFORMANCE INFORMATION The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.INGFunds.com/literature or call 1-800-992-0180. 1.51 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund's past performance (before and after taxes) is no guarantee of future results. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. year-to-date total return Best quarter: -0.2112 0.0075 0.0075 0.0075 0.0075 0.0075 0.0047 0.0047 0.0047 0.002 0.0047 0.0135 0.02 0.02 0.01 0.01 2412 2469 2631 1278 1562 0.1216 0.0402 0.1642 0.3139 0.1964 0.0067 0.0067 0.0057 0.0246 0.0081 0.0246 0.012 0.0246 0.0225 0.0246 0.0212 0.0246 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleTransposedINGGrowthOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedINGGrowthOpportunitiesFund column period compact * ~</div> 0.0065 0.0065 0.0065 0.0065 0.0065 0.0065 0.0021 0.0021 0.0021 0.0012 0.0021 0.0021 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0081 0.0197 0.0197 0.0122 0.0142 0.0097 1967 2102 2296 1753 1078 1190 0.2381 0.1994 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleTransposedINGLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedINGLargeCapValueFund column period compact * ~</div> The Fund seeks long-term growth of capital and current income. PRINCIPAL RISKS PERFORMANCE INFORMATION The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.INGFunds.com/literature or call 1-800-992-0180. Because Class R shares of the Fund did not have a full calendar year of operations as of December 31, 2011, no performance information for Class R shares is provided below. 0.84 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund's past performance (before and after taxes) is no guarantee of future results. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. Best quarter: -0.1678 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0027 0.0027 0.0027 0.0016 0.0027 0.0027 0.0027 0.011 0.016 0.0135 0.0091 0.021 0.0135 0.021 2125 2259 2450 1227 1645 1920 1361 0.105 0.0753 0.2532 0.4099 0.2997 0.007 0.0012 0.009 0.0585 0.0517 0.0486 0.0244 0.0141 0.0601 0.0244 0.0141 0.0244 0.0141 0.0758 0.0244 0.0141 1129 0.0633 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleTransposedINGMidCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedINGMidCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleTransposedINGMidCapOpportunitiesFund column period compact * ~</div> The Fund seeks long-term capital appreciation. 0.009 0.009 0.009 0.009 0.009 0.009 0.0035 0.0035 0.0035 0.0032 0.0035 0.0035 PRINCIPAL RISKS PERFORMANCE INFORMATION The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.INGFunds.com/literature or call 1-800-992-0180. Because Class R shares of the Fund did not have a full calendar year of operations as of December 31, 2011, no performance information for Class R shares is provided below. 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0126 0.0176 0.0111 0.0226 0.0226 0.0151 0.89 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund's past performance (before and after taxes) is no guarantee of future results. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. PRINCIPAL RISKS PERFORMANCE INFORMATION The Fund seeks long-term capital appreciation. year-to-date total return Best quarter: -0.2342 Because the Fund did not have a full calendar year of operations as of December 31, 2011, there is no annual performance information included. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Because the Fund did not have a full calendar year of operations as of December 31, 2011, there is no annual performance information included. 2368 2502 2689 1582 2172 1626 0.0957 0.1233 0.0932 0.31 0.3322 0.033 0.033 0.0283 0.0209 0.0015 0.0209 0.0015 0.0375 0.0209 0.0015 0.0501 0.0209 0.0015 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedINGMidCapOpportunitiesFund column period compact * ~</div> 0.0339 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.0015 0.0015 0.0015 0.001 0.0015 0.0015 0.0015 0.012 0.0195 0.0195 0.009 0.012 0.0145 0.0095 1946 2080 2275 1108 1455 1735 1166 year-to-date total return 0.009 0.009 0.009 0.009 0.009 0.009 0.0026 0.0026 0.0026 0.0023 0.0026 0.0026 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0141 0.0216 0.0216 0.0116 0.0141 0.0116 0.336 0.3634 -0.1628 0.3 0.2783 -0.0163 -0.0291 -0.0153 -0.0291 -0.012 -0.0291 -0.0012 -0.0132 -0.0071 -0.0291 -0.0047 -0.0291 2274 2408 2597 1493 1803 1524 0.2631 0.1141 0.5521 0.2428 The Fund seeks total return consisting of long-term capital appreciation and current income. PRINCIPAL RISKS PERFORMANCE INFORMATION The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class I shares. Other class shares' performance would be lower than Class I shares' performance because of lower expenses paid by Class I shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.INGFunds.com/literature or call 1-800-992-0180. Because Class R shares of the Fund did not have a full calendar year of operations as of December 31, 2011, no performance information for Class R shares is provided below. 0.0398 0.0312 0.0312 -0.0258 0.0141 0.0408 0.0443 -0.0258 0.0141 0.055 -0.0258 0.0141 0.36 0.047 -0.0297 0.004 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund's past performance (before and after taxes) is no guarantee of future results. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. The Fund seeks capital appreciation. Best quarter: PRINCIPAL RISKS PERFORMANCE INFORMATION The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.INGFunds.com/literature or call 1-800-992-0180. Because Class R shares of the Fund did not have a full calendar year of operations as of December 31, 2011, no performance information for Class R shares is provided below. -0.3746 year-to-date total return -0.0258 0.0141 After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. 0.72 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund's past performance (before and after taxes) is no guarantee of future results. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedINGRealEstateFund column period compact * ~</div> year-to-date total return Best quarter: -0.2537 The Fund seeks long-term capital appreciation. PRINCIPAL RISKS PERFORMANCE INFORMATION The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.INGFunds.com/literature or call 1-800-992-0180. 0.69 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund's past performance (before and after taxes) is no guarantee of future results. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleTransposedINGSmallCapOpportunitiesFund column period compact * ~</div> After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedINGSmallCapOpportunitiesFund column period compact * ~</div> 0.0131 0.0274 0.0932 0.085 0.0795 0.023 0.0529 0.0945 0.023 0.0529 0.0957 0.023 0.0529 0.0966 0.0152 0.04 <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleTransposedINGRealEstateFund column period compact * ~</div> <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleTransposedINGValueChoiceFund column period compact * ~</div> <div style="display:none">~ http://www.ingfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedINGValueChoiceFund column period compact * ~</div> year-to-date total return Best quarter: -0.1932 0.88 0.1091 0.1116 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. The adviser is contractually obligated to limit expenses to 1.40%, 2.05%, 2.05%, 1.05%, and 1.05% for Class A, Class B, Class C, Class I, and Class W shares, respectively, through October 1, 2013. The obligation will automatically renew for one-year terms unless it is terminated by the Fund or the adviser upon written notice within 90 days of the end of the current term or upon termination of the management agreement and is subject to possible recoupment by the adviser within three years. In addition, the adviser is contractually obligated to further limit expenses to 1.35%, 2.00%, 2.00%, 1.00%, and 1.00% for Class A, Class B, Class C, Class I, and Class W shares, respectively, through October 1, 2013. There is no guarantee that this obligation will continue after October 1, 2013. The obligation will only renew if the adviser elects to renew it and is subject to possible recoupment by the adviser within three years. These obligations do not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. The index returns do not reflect deductions for fees, expenses, or taxes. Reflects index performance since the date closest to the Class' inception for which data is available. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. Gross index returns are presented for the index for the 10 year or since inception returns. These returns do not include the deduction of withholding taxes. Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 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