0001193125-12-428313.txt : 20121019 0001193125-12-428313.hdr.sgml : 20121019 20121019123647 ACCESSION NUMBER: 0001193125-12-428313 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121019 DATE AS OF CHANGE: 20121019 EFFECTIVENESS DATE: 20121019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ING SERIES FUND INC CENTRAL INDEX KEY: 0000877233 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0830 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-41694 FILM NUMBER: 121151921 BUSINESS ADDRESS: STREET 1: ING FUNDS SERVICES STREET 2: 7337 E. DOUBLETREE RANCH ROAD, STE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 BUSINESS PHONE: 4804773000 MAIL ADDRESS: STREET 1: 7337 E. DOUBLETREE RANCH ROAD STREET 2: STE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 FORMER COMPANY: FORMER CONFORMED NAME: AETNA SERIES FUND INC DATE OF NAME CHANGE: 19920717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ING VARIABLE PORTFOLIOS INC CENTRAL INDEX KEY: 0001015965 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-05173 FILM NUMBER: 121151920 BUSINESS ADDRESS: STREET 1: ING FUNDS SERVICES STREET 2: 7337 E. DOUBLETREE RANCH ROAD, STE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 BUSINESS PHONE: 480-477-3000 MAIL ADDRESS: STREET 1: ING FUNDS SERVICES STREET 2: 7337 E. DOUBLETREE RANCH ROAD, STE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85258 FORMER COMPANY: FORMER CONFORMED NAME: AETNA VARIABLE PORTFOLIOS INC DATE OF NAME CHANGE: 20020322 FORMER COMPANY: FORMER CONFORMED NAME: ING VARIABLE PORTFOLIOS INC DATE OF NAME CHANGE: 20020320 FORMER COMPANY: FORMER CONFORMED NAME: AETNA VARIABLE PORTFOLIOS INC DATE OF NAME CHANGE: 19960604 0000877233 S000023646 ING Alternative Beta Fund C000069647 Class A IABAX C000069648 Class B IABBX C000069649 Class C IABCX C000069650 Class I IIABX C000069651 Class W IABWX 0001015965 S000025438 ING RussellTM Large Cap Growth Index Portfolio C000076102 Adviser Class IRLAX C000076103 Class I IRLNX C000076104 Class S IRLSX 0001015965 S000025439 ING RussellTM Large Cap Value Index Portfolio C000076106 Class I IRVIX C000076107 Class S IRVSX C000076109 Class ADV IRVAX 0001015965 S000025440 ING Russell Mid Cap Growth Index Portfolio C000076110 Class ADV IRGAX C000076111 Class I IRGJX C000076112 Class S IRGUX C000076113 Class S2 IRGVX 0001015965 S000026220 ING Euro STOXX 50 Index Portfolio C000078746 Class ADV IDJAX C000078747 Class I IDJIX 0001015965 S000026222 ING Japan TOPIX Index Portfolio C000078750 Class ADV IJIAX C000078751 Class I IJIIX 497 1 d421554d497.htm ING ING

 

LOGO

October 19, 2012

VIA EDGAR

U.S. Securities and Exchange Commission

100 F St. N.E.

Washington, D.C. 20549

 

RE: ING Series Fund, Inc.

(File Nos. 33-41694; 811-06352)

ING Variable Portfolios, Inc.

(File Nos. 333-05173; 811-7651)

Ladies and Gentlemen:

On behalf of ING Series Fund, Inc. and ING Variable Portfolios, Inc., and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in a supplement, dated October 3, 2012, to the current prospectuses for ING Alternative Beta Fund, ING Euro STOXX 50® Index Portfolio, ING Japan TOPIX Index® Portfolio, ING Russell™ Large Cap Growth Index Portfolio, ING Russell™ Large Cap Value Index Portfolio, and ING Russell™ Mid Cap Growth Index Portfolio.

The purpose of the filing is to submit the 497(e) filing dated October 3, 2012 in XBRL for the above-referenced Fund and Portfolios.

If you have any questions concerning the attached filing, please contact Jay Stamper at (480) 477-2660 or the undersigned at (480) 477-2649.

Regards,

 

/s/ Paul A Calderelli

Paul A. Caldarelli

Vice President and Senior Counsel

ING Investment Management – ING Funds

 

7337 E. Doubletree Ranch Rd. Suite 100

Scottsdale, AZ 85258-2034

 

Tel: 480-477-3000

Fax: 480-477-2700

www.ingfunds.com

 
EX-101.INS 2 ivpi1-20121003.xml XBRL INSTANCE DOCUMENT 0000877233 2011-03-01 2012-02-29 0000877233 ivpi1:S000023646Member ivpi1:IngSeriesFundMember 2011-03-01 2012-02-29 0000877233 ivpi1:S000026220Member ivpi1:IngVariablePortfoliosIncMember 2011-03-01 2012-02-29 0000877233 ivpi1:S000026222Member ivpi1:IngVariablePortfoliosIncMember 2011-03-01 2012-02-29 0000877233 ivpi1:S000025438Member ivpi1:IngVariablePortfoliosIncMember 2011-03-01 2012-02-29 0000877233 ivpi1:S000025439Member ivpi1:IngVariablePortfoliosIncMember 2011-03-01 2012-02-29 0000877233 ivpi1:S000025440Member ivpi1:IngVariablePortfoliosIncMember 2011-03-01 2012-02-29 ING SERIES FUND INC Other <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b> <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b> <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b> <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b> <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b> <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b> 2012-10-03 2011-10-31 <font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Fund.</font> <font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio.</font> <font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio.</font> <font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio.</font> <font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio.</font> <font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio.</font> 0000877233 <p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Commodities </font></b><font style="font-family: Times New Roman;" size="2">The operations and financial performance of companies in natural resources industries may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the underlying commodity.</font></p> <p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Credit </font></b><font style="font-family: Times New Roman;" size="2">Prices of bonds and other debt securities can fall if the issuer&#146;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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Currency </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Foreign Investments/Developing and Emerging Markets </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Interest Rate </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Investment Model </font></b><font style="font-family: Times New Roman;" size="2">The manager&#146;s proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Leverage </font></b><font style="font-family: Times New Roman;" size="2">Certain transactions and investment strategies may give rise to leverage. Such transactions and investment strategies, include, but are not limited to: borrowing, dollar rolls, reverse repurchase agreements, loans of portfolio securities and the use of when-issued, delayed-delivery or forward-commitment transactions. The use of leverage may increase the Fund&#146;s expenses and increase the impact of the Fund&#146;s other risks.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund&#146;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.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Market Capitalization </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Over-the-Counter Investments </font></b><font style="font-family: Times New Roman;" size="2">Investments purchased over-the-counter (&#147;OTC&#148;), including securities and derivatives, can involve greater risks than securities traded on recognized stock exchanges. OTC securities are generally securities of smaller or newer companies that may have limited product lines and markets compared to larger companies. They also can have less management depth, more reliance on key personnel, and less access to capital and credit. OTC securities tend to trade less frequently and in lower volume, and as a result have greater liquidity risk. Many of the protections afforded to participants on some organized exchanges, such as the performance guarantee of an exchange clearing house, are not available in connection with OTC derivatives transactions. Additionally, OTC investments are generally purchased either directly from a dealer or in negotiated transactions with the issuer and as such may expose the Fund to counterparty risk.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Proprietary Hedge Fund Beta Strategy </font></b><font style="font-family: Times New Roman;" size="2">The Sub-Adviser&#146;s process for approximating the beta component of hedge fund performance is complex, is based on historical data (which may not reflect future results), and does not seek to replicate the alpha component of the HFRI Index. Assumptions and calculations used in portfolio management&#146;s process could be flawed. Also, hedge funds tend to change investments more frequently than the Fund does, making it harder for the Fund to match hedge fund performance. In addition, hedge fund returns are unpredictable and the Fund could underperform, or be more volatile than, a fund that invests more broadly.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Short Exposures </font></b><font style="font-family: Times New Roman;" size="2">The Fund takes short exposure on market indices by investing in an instrument or derivative that rises in value with a fall in the related index. If the price of the index rises while the Fund has a short exposure to it, the Fund may have to cover its short exposure at a loss. Short exposures are subject to credit risks related to the counterparty&#146;s ability to perform its obligations and, further, that any deterioration in the counterparty&#146;s creditworthiness could adversely affect the value of the instrument or derivative. The potential loss on a short exposure is unlimited because the loss increases as the price of the instrument sold short increases.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><i><font style="font-family: Times New Roman;" size="2">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.</font></i></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Currency </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio 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&#160; the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio and reduce its returns.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Foreign Investments </font></b><font style="font-family: Times New Roman;" size="2">Investing in foreign (non-U.S.) securities may result in the Portfolio 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy </font></b><font style="font-family: Times New Roman;" size="2">The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market Capitalization </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending </font></b><font style="font-family: Times New Roman;" size="2">Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money fromthe investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Currency </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio 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&#160; the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio and reduce its returns.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Foreign Investments </font></b><font style="font-family: Times New Roman;" size="2">Investing in foreign (non-U.S.) securities may result in the Portfolio 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy </font></b><font style="font-family: Times New Roman;" size="2">The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market Capitalization </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending </font></b><font style="font-family: Times New Roman;" size="2">Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Concentration&#160; </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio&#146;s index &#147;concentrates,&#148; as that term is defined in the 1940 Act, in the securities of a particular industry or group of industries or a single country or region, the Portfolio will concentrate its investments to approximately the same extent as the Index. As a result, the Portfolio may be subject to greater market fluctuation than a fund which has securities representing a broader range of investment alternatives. If securities in which the Portfolio concentrates fall out of favor, the Portfolio could underperform funds that have greater diversification.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio and reduce its returns.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Growth Investing&#160; </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy </font></b><font style="font-family: Times New Roman;" size="2">The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending </font></b><font style="font-family: Times New Roman;" size="2">Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money fromthe investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio and reduce its returns.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy </font></b><font style="font-family: Times New Roman;" size="2">The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending </font></b><font style="font-family: Times New Roman;" size="2">Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Value Investing </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio and reduce its returns.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Growth Investing&#160; </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy </font></b><font style="font-family: Times New Roman;" size="2">The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Mid-Capitalization</font></b><font style="font-family: Times New Roman;" size="2"> <b>Company</b> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending </font></b><font style="font-family: Times New Roman;" size="2">Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p> <p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">The Fund seeks to achieve investment results that approximate the performance of the beta component of the returns of the universe of hedge funds as a broad asset class as represented by the HFRI Index. The beta component to the return of the Fund is generally considered to be that portion of the Fund&#146;s returns that can be explained by the market exposures held in the Fund and that is not attributable to the skill of the sub-adviser (&#147;Sub-Adviser&#148;). The Fund uses a quantitative returns regression methodology (the &#147;Methodology&#148;) to identify the beta component of the returns of the HFRI Index by analyzing the historical monthly performance of the HFRI Index relative to a group of market indices (each an &#147;Index&#148; and collectively, the &#147;Indices&#148;). The HFRI Index is a non-investible index comprised of a broad range of hedge fund strategies through an equally-weighted composite universe of approximately two thousand hedge funds.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">The Fund does not invest in hedge funds, but rather, invests in financial instruments that provide long or short exposure to the Indices, including among others, futures contracts, exchange-traded funds to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;), swaps, structured notes, exchange-traded notes, forward contracts, and cash represented by money market funds or high quality debt securities (&#147;Financial Instruments&#148;). The Fund currently invests in Indices representing the performance of the following investment categories, together with U.S. dollar money market investments: U.S. large cap equities, U.S. small cap equities, non-U.S. equities, emerging markets equities, commodities, currencies, and U.S. large cap equity volatility. Each month the Methodology is used to recalculate the positions in the Fund for the following month. Total exposure (long and/or short) to Indices taken by the Fund will vary from month to month and could be up to 150% of the value of the Fund as measured by the absolute value of both long and short positions taken by the Fund. The Fund obtains long exposure with respect to an Index by investing in Financial Instruments that rise or fall in value with a rise or fall in the value of the underlying Index, and obtains short exposure with respect to an Index by investing in Financial Instruments that rise in value with a fall in the value of the underlying Index and decline in value with a rise in the value of the underlying Index.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">The Fund&#146;s net asset value per share may decline from month to month even if the value of any or all of the Indices used in the Methodology increase during that time. Moreover, neither the Fund nor hedge funds provide a guarantee of &#147;absolute returns,&#148; that is, returns independent of the overall direction of equity and fixed-income markets; accordingly there can be no assurance that either hedge funds in general, or the Fund in particular, will be successful at producing positive returns. The use of specific market exposures in the Fund, their weights and their long or short exposures is based entirely on the Methodology. To the extent that the Methodology or its underlying data is not predictive of future events, the return of the Fund may deviate from the returns of the beta component of hedge fund returns.</font></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is Europe&#146;s leading blue chip index for the Eurozone, which provides a blue chip representation of supersector leaders in the Eurozone. The Index includes 50 stocks from 12 Eurozone countries: Austria, Belgium, Finland, France, Germany, Greece,&nbsp;Ireland,&nbsp;Italy, Luxembourg, the Netherlands, Portugal, and Spain.&#160; As of February&nbsp;29, 2012, a portion of the Index was focused in the financial services sector.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index measures stock prices on the Tokyo Stock Exchange. This weighted Index lists all firms that are considered to be under the &#147;first section&#148; on the Tokyo Stock Exchange which groups all of the large firms on the exchange into one pool. The &#147;second section&#148; is the remaining smaller firms. As of February&nbsp;29, 2012, a portion of the Index was focused in the consumer discretionary sector, financial services sector, and industrials sector.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is an unmanaged index that measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit growth characteristics. The Index includes Russell Top 200</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Index companies with higher price-to-book ratios and higher forecasted growth values. As of December&nbsp;31, 2011, the smallest company in the Index had a market capitalization of $9.6 billion and the largest company had a market capitalization of $406.3 billion. As of February&nbsp;29, 2012, the Index was concentrated in the information technology sector.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is an unmanaged index that measures the performance of the especially large cap segment of the U.S. equities universe represented by stocks in the largest 200 by market cap that exhibit value characteristics. The Index includes those Russell Top 200</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">&nbsp;Index companies with lower price-to-book ratios and lower forecasted growth values. As of December&nbsp;31, 2011, the smallest company in the Index had a market capitalization of $3.6 billion and the largest company had a market capitalization of $406.3 billion. As of February&nbsp;29, 2012, a portion of the Index was focused in the financial services sector.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is an unmanaged index that measures the performance of the mid-cap growth segment of the U.S. equity universe. The Index includes those Russell Midcap</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Index companies with higher price-to-book ratios and higher forecasted growth values. As of December&nbsp;31, 2011, the smallest company in the Index had a market capitalization of $117.3 million and the largest company had a market capitalization of $20.5 billion. As of February&nbsp;29, 2012, a portion of the Index was focused in the consumer discretionary sector, the industrials sector, and the information technology sector.</font></p><p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p> false 2012-10-03 2012-02-29 <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b> <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b> <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b> <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b> <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b> <b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b> <i><font style="font-family: Times New Roman;" size="2">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.</font></i> <i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i> <i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i> <i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i> <i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i> <i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font> <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING SERIES FUND,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Alternative Beta Fund</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(the &#147;Fund&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING VARIABLE PORTFOLIOS,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING EuroSTOXX 50</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Japan TOPIX Index</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Value Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Mid Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&#160;(each a &#147;Portfolio&#148; and collectively the &#147;Portfolios&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">Supplement dated October&nbsp;3, 2012</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">to the Fund&#146;s Class&nbsp;A, Class&nbsp;B, Class&nbsp;C, Class&nbsp;I, and Class&nbsp;W Prospectus and the Portfolios&#146; Adviser Class&nbsp;(&#147;Class&nbsp;ADV&#148;) Prospectus, Class&nbsp;I Prospectus, Class&nbsp;S Prospectus, and Service 2 Class&nbsp;(&#147;Class&nbsp;S2&#148;) Prospectus</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(each a &#147;Prospectus&#148; and collectively &#147;Prospectuses&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Pursuant to guidance from the U.S. Securities and Exchange Commission, as the Fund and Portfolios were originally classified as non-diversified but have been managed as diversified for a period of at least three years, the Fund&#146;s and Portfolios&#146; classifications have each changed from that of non-diversified to that of diversified effective October&nbsp;3, 2012. As a result of this classification change, the Fund and Portfolios are limited in the portion of their assets that may be invested in the securities of a single issuer. Further, the classification change to diversified may cause the Fund and Portfolios to benefit less from appreciation in a single issuer than if they had greater exposure to that issuer.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Effective immediately, the Fund&#146;s and Portfolios&#146; Prospectuses are hereby revised as follows:</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING Russell</font></b><b><sup><font size="1">TM</font></sup></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&#160;Mid Cap Growth Index Portfolio</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Portfolio&#146;s Class&nbsp;ADV Prospectus, Class&nbsp;I Prospectus, Class&nbsp;S Prospectus, and Class&nbsp;S2 Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is an unmanaged index that measures the performance of the mid-cap growth segment of the U.S. equity universe. The Index includes those Russell Midcap</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Index companies with higher price-to-book ratios and higher forecasted growth values. As of December&nbsp;31, 2011, the smallest company in the Index had a market capitalization of $117.3 million and the largest company had a market capitalization of $20.5 billion. As of February&nbsp;29, 2012, a portion of the Index was focused in the consumer discretionary sector, the industrials sector, and the information technology sector.</font></p><p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Portfolio&#146;s Class&nbsp;ADV Prospectus, Class&nbsp;I Prospectus, Class&nbsp;S Prospectus, and Class&nbsp;S2 Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company</font></b><font style="font-family: Times New Roman;" size="2"> The price of a given company&#146;s stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. 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In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments</font></b><font style="font-family: Times New Roman;" size="2"> 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 Portfolio and reduce its returns.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing</font></b><font style="font-family: Times New Roman;" size="2"> To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Growth Investing&#160;</font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy</font></b><font style="font-family: Times New Roman;" size="2"> The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity</font></b><font style="font-family: Times New Roman;" size="2"> If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Mid-Capitalization</font></b><font style="font-family: Times New Roman;" size="2"> <b>Company</b> 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. 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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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending</font></b><font style="font-family: Times New Roman;" size="2"> Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p> <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING SERIES FUND,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Alternative Beta Fund</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(the &#147;Fund&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING VARIABLE PORTFOLIOS,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING EuroSTOXX 50</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Japan TOPIX Index</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Value Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Mid Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&#160;(each a &#147;Portfolio&#148; and collectively the &#147;Portfolios&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">Supplement dated October&nbsp;3, 2012</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">to the Fund&#146;s Class&nbsp;A, Class&nbsp;B, Class&nbsp;C, Class&nbsp;I, and Class&nbsp;W Prospectus and the Portfolios&#146; Adviser Class&nbsp;(&#147;Class&nbsp;ADV&#148;) Prospectus, Class&nbsp;I Prospectus, Class&nbsp;S Prospectus, and Service 2 Class&nbsp;(&#147;Class&nbsp;S2&#148;) Prospectus</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(each a &#147;Prospectus&#148; and collectively &#147;Prospectuses&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Pursuant to guidance from the U.S. Securities and Exchange Commission, as the Fund and Portfolios were originally classified as non-diversified but have been managed as diversified for a period of at least three years, the Fund&#146;s and Portfolios&#146; classifications have each changed from that of non-diversified to that of diversified effective October&nbsp;3, 2012. As a result of this classification change, the Fund and Portfolios are limited in the portion of their assets that may be invested in the securities of a single issuer. Further, the classification change to diversified may cause the Fund and Portfolios to benefit less from appreciation in a single issuer than if they had greater exposure to that issuer.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Effective immediately, the Fund&#146;s and Portfolios&#146; Prospectuses are hereby revised as follows:</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING Russell</font></b><b><sup><font size="1">TM</font></sup></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&#160;Large Cap Value Index Portfolio</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Portfolio&#146;s Class&nbsp;ADV Prospectus, Class&nbsp;I Prospectus and Class&nbsp;S Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is an unmanaged index that measures the performance of the especially large cap segment of the U.S. equities universe represented by stocks in the largest 200 by market cap that exhibit value characteristics. The Index includes those Russell Top 200</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Index companies with lower price-to-book ratios and lower forecasted growth values. As of December&nbsp;31, 2011, the smallest company in the Index had a market capitalization of $3.6 billion and the largest company had a market capitalization of $406.3 billion. As of February&nbsp;29, 2012, a portion of the Index was focused in the financial services sector.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Portfolio&#146;s Class&nbsp;ADV Prospectus, Class&nbsp;I Prospectus and Class&nbsp;S Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company</font></b><font style="font-family: Times New Roman;" size="2"> The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments</font></b><font style="font-family: Times New Roman;" size="2"> 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 Portfolio and reduce its returns.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing</font></b><font style="font-family: Times New Roman;" size="2"> To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy</font></b><font style="font-family: Times New Roman;" size="2"> The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity</font></b><font style="font-family: Times New Roman;" size="2"> If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending</font></b><font style="font-family: Times New Roman;" size="2"> Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Value Investing</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p> <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING SERIES FUND,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Alternative Beta Fund</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(the &#147;Fund&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING VARIABLE PORTFOLIOS,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING EuroSTOXX 50</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Japan TOPIX Index</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Value Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Mid Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&#160;(each a &#147;Portfolio&#148; and collectively the &#147;Portfolios&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">Supplement dated October&nbsp;3, 2012</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">to the Fund&#146;s Class&nbsp;A, Class&nbsp;B, Class&nbsp;C, Class&nbsp;I, and Class&nbsp;W Prospectus and the Portfolios&#146; Adviser Class&nbsp;(&#147;Class&nbsp;ADV&#148;) Prospectus, Class&nbsp;I Prospectus, Class&nbsp;S Prospectus, and Service 2 Class&nbsp;(&#147;Class&nbsp;S2&#148;) Prospectus</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(each a &#147;Prospectus&#148; and collectively &#147;Prospectuses&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Pursuant to guidance from the U.S. Securities and Exchange Commission, as the Fund and Portfolios were originally classified as non-diversified but have been managed as diversified for a period of at least three years, the Fund&#146;s and Portfolios&#146; classifications have each changed from that of non-diversified to that of diversified effective October&nbsp;3, 2012. As a result of this classification change, the Fund and Portfolios are limited in the portion of their assets that may be invested in the securities of a single issuer. Further, the classification change to diversified may cause the Fund and Portfolios to benefit less from appreciation in a single issuer than if they had greater exposure to that issuer.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Effective immediately, the Fund&#146;s and Portfolios&#146; Prospectuses are hereby revised as follows:</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING Russell</font></b><b><sup><font size="1">TM</font></sup></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&#160;Large Cap Growth Index Portfolio</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Portfolio&#146;s Class&nbsp;ADV Prospectus, Class&nbsp;I Prospectus, and Class&nbsp;S Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is an unmanaged index that measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit growth characteristics. The Index includes Russell Top 200</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Index companies with higher price-to-book ratios and higher forecasted growth values. As of December&nbsp;31, 2011, the smallest company in the Index had a market capitalization of $9.6 billion and the largest company had a market capitalization of $406.3 billion. As of February&nbsp;29, 2012, the Index was concentrated in the information technology sector.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Portfolio&#146;s Class&nbsp;ADV Prospectus,&#160; Class&nbsp;I Prospectus, and Class&nbsp;S Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company</font></b><font style="font-family: Times New Roman;" size="2"> The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Concentration&#160; </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio&#146;s index &#147;concentrates,&#148; as that term is defined in the 1940 Act, in the securities of a particular industry or group of industries or a single country or region, the Portfolio will concentrate its investments to approximately the same extent as the Index. As a result, the Portfolio may be subject to greater market fluctuation than a fund which has securities representing a broader range of investment alternatives. If securities in which the Portfolio concentrates fall out of favor, the Portfolio could underperform funds that have greater diversification.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments</font></b><font style="font-family: Times New Roman;" size="2"> 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 Portfolio and reduce its returns.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Growth Investing&#160; </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy</font></b><font style="font-family: Times New Roman;" size="2"> The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity</font></b><font style="font-family: Times New Roman;" size="2"> If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending</font></b><font style="font-family: Times New Roman;" size="2"> Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money fromthe investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p> <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING SERIES FUND,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Alternative Beta Fund</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(the &#147;Fund&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING VARIABLE PORTFOLIOS,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING EuroSTOXX 50</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Japan TOPIX Index</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Value Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Mid Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&#160;(each a &#147;Portfolio&#148; and collectively the &#147;Portfolios&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">Supplement dated October&nbsp;3, 2012</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">to the Fund&#146;s Class&nbsp;A, Class&nbsp;B, Class&nbsp;C, Class&nbsp;I, and Class&nbsp;W Prospectus and the Portfolios&#146; Adviser Class&nbsp;(&#147;Class&nbsp;ADV&#148;) Prospectus, Class&nbsp;I Prospectus, Class&nbsp;S Prospectus, and Service 2 Class&nbsp;(&#147;Class&nbsp;S2&#148;) Prospectus</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(each a &#147;Prospectus&#148; and collectively &#147;Prospectuses&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Pursuant to guidance from the U.S. Securities and Exchange Commission, as the Fund and Portfolios were originally classified as non-diversified but have been managed as diversified for a period of at least three years, the Fund&#146;s and Portfolios&#146; classifications have each changed from that of non-diversified to that of diversified effective October&nbsp;3, 2012. As a result of this classification change, the Fund and Portfolios are limited in the portion of their assets that may be invested in the securities of a single issuer. Further, the classification change to diversified may cause the Fund and Portfolios to benefit less from appreciation in a single issuer than if they had greater exposure to that issuer.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Effective immediately, the Fund&#146;s and Portfolios&#146; Prospectuses are hereby revised as follows:</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING Japan TOPIX</font></b><b><sup><font size="1">&#174;</font></sup></b><b><font style="font-family: Times New Roman;" size="2">&#160;Index Portfolio</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Portfolio&#146;s Class&nbsp;ADV Prospectus and Class&nbsp;I Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index measures stock prices on the Tokyo Stock Exchange. This weighted Index lists all firms that are considered to be under the &#147;first section&#148; on the Tokyo Stock Exchange which groups all of the large firms on the exchange into one pool. The &#147;second section&#148; is the remaining smaller firms. As of February&nbsp;29, 2012, a portion of the Index was focused in the consumer discretionary sector, financial services sector, and industrials sector.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Portfolio&#146;s Class&nbsp;ADV Prospectus and Class&nbsp;I Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company</font></b><font style="font-family: Times New Roman;" size="2"> The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Currency</font></b><font style="font-family: Times New Roman;" size="2"> To the extent that the Portfolio 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&#160; the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments</font></b><font style="font-family: Times New Roman;" size="2"> 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 Portfolio and reduce its returns.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing</font></b><font style="font-family: Times New Roman;" size="2"> To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Foreign Investments</font></b><font style="font-family: Times New Roman;" size="2"> Investing in foreign (non-U.S.) securities may result in the Portfolio 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy</font></b><font style="font-family: Times New Roman;" size="2"> The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity</font></b><font style="font-family: Times New Roman;" size="2"> If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market Capitalization</font></b><font style="font-family: Times New Roman;" size="2"> 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 Portfolio 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending</font></b><font style="font-family: Times New Roman;" size="2"> Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p> <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING SERIES FUND,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Alternative Beta Fund</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(the &#147;Fund&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING VARIABLE PORTFOLIOS,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING EuroSTOXX 50</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Japan TOPIX Index</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Value Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Mid Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&#160;(each a &#147;Portfolio&#148; and collectively the &#147;Portfolios&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">Supplement dated October&nbsp;3, 2012</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">to the Fund&#146;s Class&nbsp;A, Class&nbsp;B, Class&nbsp;C, Class&nbsp;I, and Class&nbsp;W Prospectus and the Portfolios&#146; Adviser Class&nbsp;(&#147;Class&nbsp;ADV&#148;) Prospectus, Class&nbsp;I Prospectus, Class&nbsp;S Prospectus, and Service 2 Class&nbsp;(&#147;Class&nbsp;S2&#148;) Prospectus</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(each a &#147;Prospectus&#148; and collectively &#147;Prospectuses&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Pursuant to guidance from the U.S. Securities and Exchange Commission, as the Fund and Portfolios were originally classified as non-diversified but have been managed as diversified for a period of at least three years, the Fund&#146;s and Portfolios&#146; classifications have each changed from that of non-diversified to that of diversified effective October&nbsp;3, 2012. As a result of this classification change, the Fund and Portfolios are limited in the portion of their assets that may be invested in the securities of a single issuer. Further, the classification change to diversified may cause the Fund and Portfolios to benefit less from appreciation in a single issuer than if they had greater exposure to that issuer.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Effective immediately, the Fund&#146;s and Portfolios&#146; Prospectuses are hereby revised as follows:</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING Alternative Beta Fund</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Fund&#146;s Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">The Fund seeks to achieve investment results that approximate the performance of the beta component of the returns of the universe of hedge funds as a broad asset class as represented by the HFRI Index. The beta component to the return of the Fund is generally considered to be that portion of the Fund&#146;s returns that can be explained by the market exposures held in the Fund and that is not attributable to the skill of the sub-adviser (&#147;Sub-Adviser&#148;). The Fund uses a quantitative returns regression methodology (the &#147;Methodology&#148;) to identify the beta component of the returns of the HFRI Index by analyzing the historical monthly performance of the HFRI Index relative to a group of market indices (each an &#147;Index&#148; and collectively, the &#147;Indices&#148;). The HFRI Index is a non-investible index comprised of a broad range of hedge fund strategies through an equally-weighted composite universe of approximately two thousand hedge funds.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">The Fund does not invest in hedge funds, but rather, invests in financial instruments that provide long or short exposure to the Indices, including among others, futures contracts, exchange-traded funds to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;), swaps, structured notes, exchange-traded notes, forward contracts, and cash represented by money market funds or high quality debt securities (&#147;Financial Instruments&#148;). The Fund currently invests in Indices representing the performance of the following investment categories, together with U.S. dollar money market investments: U.S. large cap equities, U.S. small cap equities, non-U.S. equities, emerging markets equities, commodities, currencies, and U.S. large cap equity volatility. Each month the Methodology is used to recalculate the positions in the Fund for the following month. Total exposure (long and/or short) to Indices taken by the Fund will vary from month to month and could be up to 150% of the value of the Fund as measured by the absolute value of both long and short positions taken by the Fund. The Fund obtains long exposure with respect to an Index by investing in Financial Instruments that rise or fall in value with a rise or fall in the value of the underlying Index, and obtains short exposure with respect to an Index by investing in Financial Instruments that rise in value with a fall in the value of the underlying Index and decline in value with a rise in the value of the underlying Index.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">The Fund&#146;s net asset value per share may decline from month to month even if the value of any or all of the Indices used in the Methodology increase during that time. Moreover, neither the Fund nor hedge funds provide a guarantee of &#147;absolute returns,&#148; that is, returns independent of the overall direction of equity and fixed-income markets; accordingly there can be no assurance that either hedge funds in general, or the Fund in particular, will be successful at producing positive returns. The use of specific market exposures in the Fund, their weights and their long or short exposures is based entirely on the Methodology. To the extent that the Methodology or its underlying data is not predictive of future events, the return of the Fund may deviate from the returns of the beta component of hedge fund returns.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Fund&#146;s Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Commodities</font></b><font style="font-family: Times New Roman;" size="2"> The operations and financial performance of companies in natural resources industries may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the underlying commodity.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Company</font></b><font style="font-family: Times New Roman;" size="2"> The price of a given company&#146;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.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Credit</font></b><font style="font-family: Times New Roman;" size="2"> Prices of bonds and other debt securities can fall if the issuer&#146;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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Currency</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Foreign Investments/Developing and Emerging Markets</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Interest Rate</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Investment Model</font></b><font style="font-family: Times New Roman;" size="2"> The manager&#146;s proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Leverage</font></b><font style="font-family: Times New Roman;" size="2"> Certain transactions and investment strategies may give rise to leverage. Such transactions and investment strategies, include, but are not limited to: borrowing, dollar rolls, reverse repurchase agreements, loans of portfolio securities and the use of when-issued, delayed-delivery or forward-commitment transactions. The use of leverage may increase the Fund&#146;s expenses and increase the impact of the Fund&#146;s other risks.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity</font></b><font style="font-family: Times New Roman;" size="2"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund&#146;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.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Market</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Market Capitalization</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Over-the-Counter Investments</font></b><font style="font-family: Times New Roman;" size="2"> Investments purchased over-the-counter (&#147;OTC&#148;), including securities and derivatives, can involve greater risks than securities traded on recognized stock exchanges. OTC securities are generally securities of smaller or newer companies that may have limited product lines and markets compared to larger companies. They also can have less management depth, more reliance on key personnel, and less access to capital and credit. OTC securities tend to trade less frequently and in lower volume, and as a result have greater liquidity risk. Many of the protections afforded to participants on some organized exchanges, such as the performance guarantee of an exchange clearing house, are not available in connection with OTC derivatives transactions. Additionally, OTC investments are generally purchased either directly from a dealer or in negotiated transactions with the issuer and as such may expose the Fund to counterparty risk.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Proprietary Hedge Fund Beta Strategy</font></b><font style="font-family: Times New Roman;" size="2"> The Sub-Adviser&#146;s process for approximating the beta component of hedge fund performance is complex, is based on historical data (which may not reflect future results), and does not seek to replicate the alpha component of the HFRI Index. Assumptions and calculations used in portfolio management&#146;s process could be flawed. Also, hedge funds tend to change investments more frequently than the Fund does, making it harder for the Fund to match hedge fund performance. In addition, hedge fund returns are unpredictable and the Fund could underperform, or be more volatile than, a fund that invests more broadly.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Short Exposures</font></b><font style="font-family: Times New Roman;" size="2"> The Fund takes short exposure on market indices by investing in an instrument or derivative that rises in value with a fall in the related index. If the price of the index rises while the Fund has a short exposure to it, the Fund may have to cover its short exposure at a loss. Short exposures are subject to credit risks related to the counterparty&#146;s ability to perform its obligations and, further, that any deterioration in the counterparty&#146;s creditworthiness could adversely affect the value of the instrument or derivative. The potential loss on a short exposure is unlimited because the loss increases as the price of the instrument sold short increases.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><i><font style="font-family: Times New Roman;" size="2">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.</font></i></p> <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING SERIES FUND,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Alternative Beta Fund</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(the &#147;Fund&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING VARIABLE PORTFOLIOS,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING EuroSTOXX 50</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Japan TOPIX Index</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Value Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Mid Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&#160;(each a &#147;Portfolio&#148; and collectively the &#147;Portfolios&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">Supplement dated October&nbsp;3, 2012</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">to the Fund&#146;s Class&nbsp;A, Class&nbsp;B, Class&nbsp;C, Class&nbsp;I, and Class&nbsp;W Prospectus and the Portfolios&#146; Adviser Class&nbsp;(&#147;Class&nbsp;ADV&#148;) Prospectus, Class&nbsp;I Prospectus, Class&nbsp;S Prospectus, and Service 2 Class&nbsp;(&#147;Class&nbsp;S2&#148;) Prospectus</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(each a &#147;Prospectus&#148; and collectively &#147;Prospectuses&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Pursuant to guidance from the U.S. Securities and Exchange Commission, as the Fund and Portfolios were originally classified as non-diversified but have been managed as diversified for a period of at least three years, the Fund&#146;s and Portfolios&#146; classifications have each changed from that of non-diversified to that of diversified effective October&nbsp;3, 2012. As a result of this classification change, the Fund and Portfolios are limited in the portion of their assets that may be invested in the securities of a single issuer. Further, the classification change to diversified may cause the Fund and Portfolios to benefit less from appreciation in a single issuer than if they had greater exposure to that issuer.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Effective immediately, the Fund&#146;s and Portfolios&#146; Prospectuses are hereby revised as follows:</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING EuroSTOXX 50</font></b><b><sup><font size="1">&#174;</font></sup></b><b><font style="font-family: Times New Roman;" size="2">&#160;Index Portfolio</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Portfolio&#146;s Class&nbsp;ADV Prospectus and Class&nbsp;I Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is Europe&#146;s leading blue chip index for the Eurozone, which provides a blue chip representation of supersector leaders in the Eurozone. The Index includes 50 stocks from 12 Eurozone countries: Austria, Belgium, Finland, France, Germany, Greece,&nbsp;Ireland,&nbsp;Italy, Luxembourg, the Netherlands, Portugal, and Spain.&#160; As of February&nbsp;29, 2012, a portion of the Index was focused in the financial services sector.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Portfolio&#146;s Class&nbsp;ADV Prospectus and Class&nbsp;I Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company</font></b><font style="font-family: Times New Roman;" size="2"> The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Currency</font></b><font style="font-family: Times New Roman;" size="2"> To the extent that the Portfolio 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&#160; the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments</font></b><font style="font-family: Times New Roman;" size="2"> 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 Portfolio and reduce its returns.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing</font></b><font style="font-family: Times New Roman;" size="2"> To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Foreign Investments</font></b><font style="font-family: Times New Roman;" size="2"> Investing in foreign (non-U.S.) securities may result in the Portfolio 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy</font></b><font style="font-family: Times New Roman;" size="2"> The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity</font></b><font style="font-family: Times New Roman;" size="2"> If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market Capitalization</font></b><font style="font-family: Times New Roman;" size="2"> 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 Portfolio that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies</font></b><font style="font-family: Times New Roman;" size="2"> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending</font></b><font style="font-family: Times New Roman;" size="2"> Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money fromthe investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p> <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING SERIES FUND,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Alternative Beta Fund</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(the &#147;Fund&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-family: Times New Roman;" size="2">ING VARIABLE PORTFOLIOS,&nbsp;INC.</font></b></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING EuroSTOXX 50</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Japan TOPIX Index</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Value Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">ING Russell</font><sup><font size="1">TM</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Mid Cap Growth Index Portfolio</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&#160;(each a &#147;Portfolio&#148; and collectively the &#147;Portfolios&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">Supplement dated October&nbsp;3, 2012</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">to the Fund&#146;s Class&nbsp;A, Class&nbsp;B, Class&nbsp;C, Class&nbsp;I, and Class&nbsp;W Prospectus and the Portfolios&#146; Adviser Class&nbsp;(&#147;Class&nbsp;ADV&#148;) Prospectus, Class&nbsp;I Prospectus, Class&nbsp;S Prospectus, and Service 2 Class&nbsp;(&#147;Class&nbsp;S2&#148;) Prospectus</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">(each a &#147;Prospectus&#148; and collectively &#147;Prospectuses&#148;)</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Pursuant to guidance from the U.S. Securities and Exchange Commission, as the Fund and Portfolios were originally classified as non-diversified but have been managed as diversified for a period of at least three years, the Fund&#146;s and Portfolios&#146; classifications have each changed from that of non-diversified to that of diversified effective October&nbsp;3, 2012. As a result of this classification change, the Fund and Portfolios are limited in the portion of their assets that may be invested in the securities of a single issuer. Further, the classification change to diversified may cause the Fund and Portfolios to benefit less from appreciation in a single issuer than if they had greater exposure to that issuer. </font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">Effective immediately, the Fund&#146;s and Portfolios&#146; Prospectuses are hereby revised as follows:</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING Alternative Beta Fund</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Fund&#146;s Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">The Fund seeks to achieve investment results that approximate the performance of the beta component of the returns of the universe of hedge funds as a broad asset class as represented by the HFRI Index. The beta component to the return of the Fund is generally considered to be that portion of the Fund&#146;s returns that can be explained by the market exposures held in the Fund and that is not attributable to the skill of the sub-adviser (&#147;Sub-Adviser&#148;). The Fund uses a quantitative returns regression methodology (the &#147;Methodology&#148;) to identify the beta component of the returns of the HFRI Index by analyzing the historical monthly performance of the HFRI Index relative to a group of market indices (each an &#147;Index&#148; and collectively, the &#147;Indices&#148;). The HFRI Index is a non-investible index comprised of a broad range of hedge fund strategies through an equally-weighted composite universe of approximately two thousand hedge funds.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">The Fund does not invest in hedge funds, but rather, invests in financial instruments that provide long or short exposure to the Indices, including among others, futures contracts, exchange-traded funds to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;), swaps, structured notes, exchange-traded notes, forward contracts, and cash represented by money market funds or high quality debt securities (&#147;Financial Instruments&#148;). The Fund currently invests in Indices representing the performance of the following investment categories, together with U.S. dollar money market investments: U.S. large cap equities, U.S. small cap equities, non-U.S. equities, emerging markets equities, commodities, currencies, and U.S. large cap equity volatility. Each month the Methodology is used to recalculate the positions in the Fund for the following month. Total exposure (long and/or short) to Indices taken by the Fund will vary from month to month and could be up to 150% of the value of the Fund as measured by the absolute value of both long and short positions taken by the Fund. The Fund obtains long exposure with respect to an Index by investing in Financial Instruments that rise or fall in value with a rise or fall in the value of the underlying Index, and obtains short exposure with respect to an Index by investing in Financial Instruments that rise in value with a fall in the value of the underlying Index and decline in value with a rise in the value of the underlying Index.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">The Fund&#146;s net asset value per share may decline from month to month even if the value of any or all of the Indices used in the Methodology increase during that time. Moreover, neither the Fund nor hedge funds provide a guarantee of &#147;absolute returns,&#148; that is, returns independent of the overall direction of equity and fixed-income markets; accordingly there can be no assurance that either hedge funds in general, or the Fund in particular, will be successful at producing positive returns. The use of specific market exposures in the Fund, their weights and their long or short exposures is based entirely on the Methodology. To the extent that the Methodology or its underlying data is not predictive of future events, the return of the Fund may deviate from the returns of the beta component of hedge fund returns.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Fund&#146;s Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Commodities </font></b><font style="font-family: Times New Roman;" size="2">The operations and financial performance of companies in natural resources industries may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the underlying commodity.</font></p> <p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Credit </font></b><font style="font-family: Times New Roman;" size="2">Prices of bonds and other debt securities can fall if the issuer&#146;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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Currency </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Foreign Investments/Developing and Emerging Markets </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Interest Rate </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Investment Model </font></b><font style="font-family: Times New Roman;" size="2">The manager&#146;s proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Leverage </font></b><font style="font-family: Times New Roman;" size="2">Certain transactions and investment strategies may give rise to leverage. Such transactions and investment strategies, include, but are not limited to: borrowing, dollar rolls, reverse repurchase agreements, loans of portfolio securities and the use of when-issued, delayed-delivery or forward-commitment transactions. The use of leverage may increase the Fund&#146;s expenses and increase the impact of the Fund&#146;s other risks.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund&#146;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.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Market Capitalization </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Over-the-Counter Investments </font></b><font style="font-family: Times New Roman;" size="2">Investments purchased over-the-counter (&#147;OTC&#148;), including securities and derivatives, can involve greater risks than securities traded on recognized stock exchanges. OTC securities are generally securities of smaller or newer companies that may have limited product lines and markets compared to larger companies. They also can have less management depth, more reliance on key personnel, and less access to capital and credit. OTC securities tend to trade less frequently and in lower volume, and as a result have greater liquidity risk. Many of the protections afforded to participants on some organized exchanges, such as the performance guarantee of an exchange clearing house, are not available in connection with OTC derivatives transactions. Additionally, OTC investments are generally purchased either directly from a dealer or in negotiated transactions with the issuer and as such may expose the Fund to counterparty risk.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Proprietary Hedge Fund Beta Strategy </font></b><font style="font-family: Times New Roman;" size="2">The Sub-Adviser&#146;s process for approximating the beta component of hedge fund performance is complex, is based on historical data (which may not reflect future results), and does not seek to replicate the alpha component of the HFRI Index. Assumptions and calculations used in portfolio management&#146;s process could be flawed. Also, hedge funds tend to change investments more frequently than the Fund does, making it harder for the Fund to match hedge fund performance. In addition, hedge fund returns are unpredictable and the Fund could underperform, or be more volatile than, a fund that invests more broadly.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><b><font style="font-family: Times New Roman;" size="2">Short Exposures </font></b><font style="font-family: Times New Roman;" size="2">The Fund takes short exposure on market indices by investing in an instrument or derivative that rises in value with a fall in the related index. If the price of the index rises while the Fund has a short exposure to it, the Fund may have to cover its short exposure at a loss. Short exposures are subject to credit risks related to the counterparty&#146;s ability to perform its obligations and, further, that any deterioration in the counterparty&#146;s creditworthiness could adversely affect the value of the instrument or derivative. The potential loss on a short exposure is unlimited because the loss increases as the price of the instrument sold short increases.</font></p><p style="margin:0in 0in .0001pt .75in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .75in;"><i><font style="font-family: Times New Roman;" size="2">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.</font></i></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING EuroSTOXX 50</font></b><b><sup><font size="1">&#174;</font></sup></b><b><font style="font-family: Times New Roman;" size="2">&#160;Index Portfolio</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Portfolio&#146;s Class&nbsp;ADV Prospectus and Class&nbsp;I Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is Europe&#146;s leading blue chip index for the Eurozone, which provides a blue chip representation of supersector leaders in the Eurozone. The Index includes 50 stocks from 12 Eurozone countries: Austria, Belgium, Finland, France, Germany, Greece,&nbsp;Ireland,&nbsp;Italy, Luxembourg, the Netherlands, Portugal, and Spain.&#160; As of February&nbsp;29, 2012, a portion of the Index was focused in the financial services sector.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Portfolio&#146;s Class&nbsp;ADV Prospectus and Class&nbsp;I Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Currency </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio 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&#160; the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio and reduce its returns.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Foreign Investments </font></b><font style="font-family: Times New Roman;" size="2">Investing in foreign (non-U.S.) securities may result in the Portfolio 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy </font></b><font style="font-family: Times New Roman;" size="2">The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market Capitalization </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending </font></b><font style="font-family: Times New Roman;" size="2">Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money fromthe investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING Japan TOPIX</font></b><b><sup><font size="1">&#174;</font></sup></b><b><font style="font-family: Times New Roman;" size="2">&#160;Index Portfolio</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Portfolio&#146;s Class&nbsp;ADV Prospectus and Class&nbsp;I Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index measures stock prices on the Tokyo Stock Exchange. This weighted Index lists all firms that are considered to be under the &#147;first section&#148; on the Tokyo Stock Exchange which groups all of the large firms on the exchange into one pool. The &#147;second section&#148; is the remaining smaller firms. As of February&nbsp;29, 2012, a portion of the Index was focused in the consumer discretionary sector, financial services sector, and industrials sector.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Portfolio&#146;s Class&nbsp;ADV Prospectus and Class&nbsp;I Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Currency </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio 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&#160; the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio and reduce its returns.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Foreign Investments </font></b><font style="font-family: Times New Roman;" size="2">Investing in foreign (non-U.S.) securities may result in the Portfolio 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy </font></b><font style="font-family: Times New Roman;" size="2">The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market Capitalization </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending </font></b><font style="font-family: Times New Roman;" size="2">Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING Russell</font></b><b><sup><font size="1">TM</font></sup></b><b><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Growth Index Portfolio</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Portfolio&#146;s Class&nbsp;ADV Prospectus, Class&nbsp;I Prospectus, and Class&nbsp;S Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p> <p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is an unmanaged index that measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit growth characteristics. The Index includes Russell Top 200</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Index companies with higher price-to-book ratios and higher forecasted growth values. As of December&nbsp;31, 2011, the smallest company in the Index had a market capitalization of $9.6 billion and the largest company had a market capitalization of $406.3 billion. As of February&nbsp;29, 2012, the Index was concentrated in the information technology sector.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Portfolio&#146;s Class&nbsp;ADV Prospectus,&#160; Class&nbsp;I Prospectus, and Class&nbsp;S Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Concentration&#160; </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio&#146;s index &#147;concentrates,&#148; as that term is defined in the 1940 Act, in the securities of a particular industry or group of industries or a single country or region, the Portfolio will concentrate its investments to approximately the same extent as the Index. As a result, the Portfolio may be subject to greater market fluctuation than a fund which has securities representing a broader range of investment alternatives. If securities in which the Portfolio concentrates fall out of favor, the Portfolio could underperform funds that have greater diversification.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio and reduce its returns.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Growth Investing&#160; </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy </font></b><font style="font-family: Times New Roman;" size="2">The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending </font></b><font style="font-family: Times New Roman;" size="2">Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money fromthe investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING Russell</font></b><b><sup><font size="1">TM</font></sup></b><b><font style="font-family: Times New Roman;" size="2">&#160;Large Cap Value Index Portfolio</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Portfolio&#146;s Class&nbsp;ADV Prospectus, Class&nbsp;I Prospectus and Class&nbsp;S Prospectus is hereby deleted in its entirety and replaced with the following:</font></p> <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is an unmanaged index that measures the performance of the especially large cap segment of the U.S. equities universe represented by stocks in the largest 200 by market cap that exhibit value characteristics. The Index includes those Russell Top 200</font><sup><font size="1">&#174; </font></sup><font style="font-family: Times New Roman;" size="2">Index companies with lower price-to-book ratios and lower forecasted growth values. As of December&nbsp;31, 2011, the smallest company in the Index had a market capitalization of $3.6 billion and the largest company had a market capitalization of $406.3 billion. As of February&nbsp;29, 2012, a portion of the Index was focused in the financial services sector.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Portfolio&#146;s Class&nbsp;ADV Prospectus, Class&nbsp;I Prospectus and Class&nbsp;S Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Derivative Instruments </font></b><font style="font-family: Times New Roman;" size="2">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 Portfolio and reduce its returns.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy </font></b><font style="font-family: Times New Roman;" size="2">The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending </font></b><font style="font-family: Times New Roman;" size="2">Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Value Investing </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><i><font style="font-family: Times New Roman;" size="2">An investment in the Portfolio 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.</font></i></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><b><font style="font-family: Times New Roman;" size="2">ING Russell</font></b><b><sup><font size="1">TM</font></sup></b><b><font style="font-family: Times New Roman;" size="2">&#160;Mid Cap Growth Index Portfolio</font></b></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Investment Strategies&#148; of the summary section of the&#160; Portfolio&#146;s Class&nbsp;ADV Prospectus, Class&nbsp;I Prospectus, Class&nbsp;S Prospectus, and Class&nbsp;S2 Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL INVESTMENT STRATEGIES</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are convertible into stocks included in the Index; other derivatives whose economic returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds. The Portfolio will provide shareholders with at least 60 days&#146; prior notice of any change in this investment policy. Under normal market conditions, the Portfolio invests all, or substantially all of its assets in these securities.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#147;1940 Act&#148;).</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio currently invests principally in common stocks and employs a &#147;passive management&#148; approach designed to track the performance of the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Index is an unmanaged index that measures the performance of the mid-cap growth segment of the U.S. equity universe. The Index includes those Russell Midcap</font><sup><font size="1">&#174;</font></sup><font style="font-family: Times New Roman;" size="2">&#160;Index companies with higher price-to-book ratios and higher forecasted growth values. As of December&nbsp;31, 2011, the smallest company in the Index had a market capitalization of $117.3 million and the largest company had a market capitalization of $20.5 billion. As of February&nbsp;29, 2012, a portion of the Index was focused in the consumer discretionary sector, the industrials sector, and the information technology sector.</font></p><p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio&#146;s cash position. Although the Portfolio attempts to track, as closely as possible, the performance of the Index, the Portfolio does not always perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The sub-adviser (&#147;Sub-Adviser&#148;) may sell a security when the security&#146;s percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 331/3% of its total assets.</font></p><p style="margin:0in 0in .0001pt;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman;" size="2">The section entitled &#147;Principal Risks&#148; of the summary section of the Portfolio&#146;s Class&nbsp;ADV Prospectus, Class&nbsp;I Prospectus, Class&nbsp;S Prospectus, and Class&nbsp;S2 Prospectus is hereby deleted in its entirety and replaced with the following:</font></p><p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">PRINCIPAL RISKS</font></b></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Company </font></b><font style="font-family: Times New Roman;" size="2">The price of a given company&#146;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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Convertible Securities </font></b><font style="font-family: Times New Roman;" size="2">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. 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The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Portfolio and reduce its returns.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Focused Investing </font></b><font style="font-family: Times New Roman;" size="2">To the extent that the Portfolio invests a substantial portion of its assets in a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Portfolio assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or be more volatile than, other funds that invest more broadly.</font></p><p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Growth Investing&#160; </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Index Strategy </font></b><font style="font-family: Times New Roman;" size="2">The index selected may underperform the overall market and the Portfolio might fail to track its target index. The correlation between the Portfolio and index performance may be affected by the Portfolio&#146;s expenses and the timing of purchases and redemptions of the Portfolio&#146;s shares. The Portfolio&#146;s actual holdings might not match the Index and the Portfolio&#146;s effective exposure to index securities at any given time may not equal 100%.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Liquidity </font></b><font style="font-family: Times New Roman;" size="2">If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio&#146;s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio&#146;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 Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Market </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Mid-Capitalization</font></b><font style="font-family: Times New Roman;" size="2"> <b>Company</b> 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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Other Investment Companies </font></b><font style="font-family: Times New Roman;" size="2">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.</font></p><p style="margin:0in 0in .0001pt .5in;"><font style="font-family: Times New Roman;" size="2">&nbsp;</font></p><p style="margin:0in 0in .0001pt .5in;"><b><font style="font-family: Times New Roman;" size="2">Securities Lending </font></b><font style="font-family: Times New Roman;" size="2">Securities lending involves two primary risks: &#147;investment risk&#148; and &#147;borrower default risk.&#148; Investment risk is the risk that the Portfolio will lose money from the investment of the cash collateral received from the borrower. 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